Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

CAVALIER RESOURCES LIMITED Interim / Quarterly Report 2024

Mar 6, 2024

64731_rns_2024-03-06_6b0e3cfe-6292-428f-8c7e-b0a259ae4c41.pdf

Interim / Quarterly Report

Open in viewer

Opens in your device viewer

==> picture [393 x 108] intentionally omitted <==

ACN: 635 842 143

ASX: CVR

Interim Report for the Half Year Ended 31 December 2023

Contents

Corporate Directory 3
Directors' Report 4
Auditor's Independence Declaration 9
Condensed Statement of Profit or Loss and Other Comprehensive Income 10
Condensed Statement of Financial Position 11
Condensed Statement of Changes in Equity 12
Condensed Statement of Cash Flows 13
Notes to the Financial Statements 14
Directors' Declaration 17
Independent Auditor's Review Report 18

2

Corporate Directory

Directors Ranko Matic Daniel Tuffin Anthony Keers

Executive Chairman Executive Technical Director Non-executive Director

Company Secretary Damon Cox

Registered Office Level 2, 22 Mount Street Perth WA 6000 Telephone: +61 8 6188 8181

Auditors

HLB Mann Judd (WA Partnership) Level 4, 130 Stirling Street Perth WA 6000

Share Registry Automic Pty Ltd Level 5, 191 St Georges Terrace Perth WA 6000 Telephone: 1300 288 664

Stock Listing Exchange Australian Securities Exchange (ASX) Code: CVR

3

Cavalier Resources Limited Directors’ Report 31 December 2023

The directors present their report, together with the financial statements, on Cavalier Resources Limited (referred to hereafter as the 'Company') for the financial half-year ended 31 December 2023 (the ‘period’ or ‘half-year’).

Directors

The following persons were directors of Cavalier Resources Limited during the period up to the date of this report, unless otherwise stated:

Ranko Matic Daniel Tuffin Anthony Keers

Principal activities

During the period, the Company’s principal activities included mineral exploration.

Dividends

No dividends were paid or declared during the period. No dividend has been recommended.

Review of operations

The loss for the Company after providing for income tax for the period was $326,854 (31 December 2022: $475,000).

Summary

During the period, the Company reported the results of the heap leach metallurgical test work undertaken on the Crawford Gold Project oxides (see ASX release on 9 October 2023). The metallurgical test work returning outstanding results with high gold recoveries, peaking at 92.5%. In addition, the extraction rates were rapid compared to industry standard heap leach metrics.

With low consumption rates and minimal crushing requirements, the Company also anticipates comparatively low heap leach operating costs. The natural pH of the oxide material not only further reduces costs due to minimising lime requirements; it also mitigates any potential acid mine drainage issues.

As a consequence of these test work results, the Company decided to restart the previously paused PreFeasibility Study (PFS) using onsite heap leaching as the processing method (see ASX release on 11 October 2023).

Ella’s Rock saw the continuation of the investigation into Lithium-Caesium-Tantalum (LCT) anomalies following the conducting of Deep Ground Penetrating Radar (DGPR) surveys. These surveys identified 277 untested anomalies with two geological units returning dyke-like signals that may represent pegmatitic intrusions of the LCT type (see ASX release on 28 September 2023).

During the December quarter, the Company has been preparing for a future round of drilling. The previously announced further environmental surveys have now been completed, however a new Programme of Works (PoW) has been lodged with the Department of Energy, Mines, Industry Regulation and Safety to enable drilling to be conducted on the new untested anomalies.

4

Cavalier Resources Limited Directors’ Report 31 December 2023

Crawford Gold Project, Leonora

Following on from the results of initial intermittent bottle roll testing on coarse oxide RC drill chips sourced from the Crawford Gold Resource, the Company proceeded to the next phase of heap leach focused metallurgical studies that included column leach, agglomeration, and percolation test work.

These results of this test work were announced to the ASX on 9 October 2023. As noted previously, the metallurgical test work results delivered high gold recoveries, ranging from 77.4% to 92.5%.

The Company announced on 11 October 2023 that following a review of the positive heap leach results, it would restart the PFS using onsite heap leaching as the processing method.

The Company had previously decided to pause the PFS so that it could examine the potential of processing ore on site, therefore mitigating the need to rely on third party mills in the greater Leonora area to process the ore on behalf of Cavalier.

Should the outcomes of the PFS deliver a positive result and given that the Crawford Project is located on a granted mining lease, the Company would be well-positioned to transition through to production within a shorter than usually expected timeframe.

Table 1: 2022 Crawford Mineral Resource Estimate

Indicated Indicated Indicated Inferred Inferred TOTAL
Grade Grade Grade
Tonnes Ounces Tonnes Ounces Tonnes Ounces
(Au) (Au) (Au)
0.5g/t Au cut-off 1,154,000
1.0g/t
37,300 2,591,000 1.0g/t 80,600 3,745,000 1.0g/t 117,800
1.0g/t Au cut-off 412,000 1.5g/t 19,600 613,000 1.8g/t 36,300 1,025,000 1.7g/t 55,900

Some errors may occur in sums due to rounding. For further information, please see the ASX release on 5 December 2022.

==> picture [452 x 296] intentionally omitted <==

Figure 1: Leonora Project Area

5

Cavalier Resources Limited Directors’ Report 31 December 2023

Ella’s Rock Lithium Project, Forrestania

The Company has previously discovered multiple LCT bearing geochemical anomalies through the taking of 1,810 surficial soil samples over an area of 8,000 hectares (see ASX release on 28 June 2023).

The Company continued its exploration of these LCT anomalies in the September quarter with DPGR surveys carried out by Ultramag. The surveys identified over 277 untested anomalies, with two geological units returning dyke-like signals (see ASX release on 28 September 2023).

The dyke-like anomalies are similar to those previously surveyed by Ultramag for Galaxy Resources (now Allkem) 90km south at the Mt Cattlin Lithium Project in Ravensthorpe which are coarse grained lithium bearing pegmatites.

None of the interpreted DGPR anomalies, nor the greater geochemical anomaly areas, have been drill tested to date.

Deep Ground Penetrating Radar is utilised in exploration to allow the interpretation of sub-surface geology, including lithology and structural features, using radar (radio waves) to obtain images. DGPR is particularly useful when there are limited outcropping indicators, such as the case with Ella’s Rock. DGPR can be used to determine lithologies and structural features based on grain sizes and trends in the data, but cannot specifically identify mineralisation.

The survey resulted in 277 sub-vertical, dyke and/or dyke-like anomalies being interpreted. The correlation, highest in the undeformed areas, of these anomalies with the existing lithium anomalies from soil sampling indicates high prospectivity for the presence of LCT bearing pegmatites.

The main geological target types primarily identified from the Ella’s Rock DGPR data interpretation are:

  • 1) Thick quartz and/or likely pegmatite units

  • 2) Pegmatite like anomalies

  • 3) Quartz float

During the period, the previously announced further environmental surveys were completed. A new PoW was lodged with the Department of Energy, Mines, Industry Regulation and Safety.

6

Cavalier Resources Limited Directors’ Report 31 December 2023

==> picture [417 x 505] intentionally omitted <==

Figure 2: Ella’s Rock Lithium Project and surrounding area

ASX Announcements referred to throughout Directors’ Report

5[th] December 2022 – “Resource Update – Crawford Gold Project (Corrected)”

28[th] June 2023 – “Anomalous Lithium-Caesium-Tantalum Targets at Ella’s Rock”

28[th] September 2023 – “DGPR Defines 277 Untested Dyke-Like Anomalies at Ella’s Rock”

9[th] October 2023 – “Outstanding Heal Leach Study Results for Crawford Gold Oxide”

11[th] October 2023 – “Crawford PFS Restart TO Use Onsite Heap Leaching Process”

7

Cavalier Resources Limited Directors’ Report 31 December 2023

Competent Persons’ Statements

The information in this announcement relating to geology and Exploration Results is based on information compiled, reviewed and assessed by Mr. Paddy Reidy, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Reidy is a consultant to the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code).

The scientific or technical information in this report that relates to metallurgical testwork and mineral processing for oxide mineralisation is based on information compiled or approved by Randall Pyper. Randall Pyper is an employee of Kappes, Cassiday & Associates Australia Pty Ltd and is considered to be independent of Cavalier Resources Limited. Randall Pyper is a Fellow of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the commodity, style of mineralisation under consideration and activity which he is undertaking to qualify as a Qualified Person under National Instrument 43-101.

The information in this announcement that relates to the Mineral Resources estimate is based on information compiled by Richard Maddocks, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Richard Maddocks is employed by Auranmore Consulting, an independent consultant to Cavalier Resources Limited. Richard Maddocks has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Significant changes in the state of affairs

There were no significant changes in the state of affairs of the Company during the period.

Matters subsequent to the end of the period

There have been no matters or circumstances that have arisen since 31 December 2023 that have 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.

Auditor's independence declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001 .

On behalf of the directors

==> picture [89 x 38] intentionally omitted <==

Ranko Matic Executive Chairman 7 March 2024 Perth

8

==> picture [165 x 50] intentionally omitted <==

AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the review of the financial report of Cavalier Resources Ltd for the half-year ended 31 December 2023, I declare that to the best of my knowledge and belief, there have been no contraventions of:

  • a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

  • b) any applicable code of professional conduct in relation to the review.

==> picture [320 x 71] intentionally omitted <==

----- Start of picture text -----

Perth, Western Australia N G Neill
7 March 2024 Partner
----- End of picture text -----

==> picture [433 x 81] intentionally omitted <==

9

Cavalier Resources Limited Condensed Statement of Profit or Loss and Other Comprehensive Income For the half-year ended 31 December 2023

Notes
Interest income
Other income
Administration expenses
Audit fees
Director fees
Insurance expenses
Legal expenses
Pre-tenure exploration expenditure
Share-based payments expenses
6
Loss before income tax
Income tax expense
Loss after income tax expense for the period
Other comprehensive income
Total comprehensive loss for the period
Basic and diluted loss per share (cents per share)
7
31 December
2023
31 December
2022
$ $ 28,945
10,412
90
5,570
(144,185)
(246,584)
(10,788)
(11,648)
(84,630)
(80,343)
(10,227)
(10,977)
(16,741)
(2,750)
(4,651)
(54,012)
(84,667)
(84,668)
(326,854)
(475,000)
-
-
(326,854)
(475,000)
-
-
(326,854)
(475,000)
(0.75)
(1.10)

The above condensed statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

10

Cavalier Resources Limited Condensed Statement of Financial Position As at 31 December 2023

Notes
Assets
Current assets
Cash and cash equivalents
Prepayments
3
Trade and other receivables
Total current assets
Non-current assets
Exploration and evaluation expenditure
4
Prepayments
3
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Total current liabilities
Total liabilities
Net assets
Equity
Issued capital
5
Reserves
Accumulated losses
Total equity
31 December
2023
30 June
2023
$ $ 1,061,961
1,943,637
23,102
18,511
10,319
14,191
1,095,382
1,976,339
3,265,157
2,911,639
200,000
100,000
3,465,157
3,011,639
4,560,539
4,987,978
90,473
275,725
90,473
275,725
90,473
275,725
4,470,066
4,712,253
5,153,077
5,153,077
747,707
663,040
(1,430,718)
(1,103,864)
4,470,066
4,712,253

The above condensed statement of financial position should be read in conjunction with the accompanying notes

11

Cavalier Resources Limited Condensed Statement of Changes in Equity For the half-year ended 31 December 2023

Notes
Balance at 1 July 2022
Loss after income tax expense for the
period
Other comprehensive income for the
period, net of tax
Total comprehensive loss for the period
Transactions with owners in their capacity
as owners:
Share issue costs refunded
5
Share based payments
6
Balance at 31 December 2022
Balance at 1 July 2023
Loss after income tax expense for the
period
Other comprehensive income for the
period, net of tax
Total comprehensive loss for the period
Transactions with owners in their capacity
as owners:
Share based payments
6
Balance at 31 December 2023
Issued capital
Reserves
Accumulated
losses
Total equity
$ $ $ $ 5,074,822
495,085
(340,158)
5,229,749
-
-
(475,000)
(475,000)
-
-
-
-
-
-
(475,000)
(475,000)
30,524
-
-
30,524
-
84,668
-
84,668
5,105,346
579,753
(815,158)
4,869,941
5,153,077
663,040
(1,103,864)
4,712,253
-
-
(326,854)
(326,854)
-
-
-
-
-
-
(326,854)
(326,854)
-
84,667
-
84,667
5,153,077
747,707
(1,430,718)
4,470,066

The above condensed statement of changes in equity should be read in conjunction with the accompanying notes

12

Cavalier Resources Limited Condensed Statement of Cash Flows For the half-year ended 31 December 2023

Cash flow from operating activities
Payments to suppliers and employees
Payments for exploration expenditure
Interest received
Net cash used in operating activities
Cash flow from investing activities
Payments for exploration and evaluation expenditure
Net cash used in investing activities
Cash flow from financing activities
Proceeds from issue of shares, net of costs
Net cash received from financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
31 December
2023
31 December
2022
$ $ (281,554)
(384,965)
(4,647)
(54,012)
32,025
10,412
(254,176)
(428,565)
(627,500)
(1,173,376)
(627,500)
(1,173,376)
-
-
-
-
(881,676)
(1,601,941)
1,943,637
4,404,078
1,061,961
2,802,137

The above condensed statement of cash flows should be read in conjunction with the accompanying notes

13

Cavalier Resources Limited Notes to the Financial Statements For the half-year ended 31 December 2023

Note 1. Basis of preparation

These financial statements for the interim half-year reporting period ended 31 December 2023 have been prepared in accordance with Australian Accounting Standard 134 ‘Interim Financial Reporting’ and the Corporations Act 2001 , as appropriate for for-profit oriented entities.

These half-year financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these half-year financial statements are to be read in conjunction with the annual financial statements for the year ended 30 June 2023.

Accounting policies

The same accounting policies and methods of computation have been followed in these half-year financial statements as were applied in the most recent annual financial statements.

New or amended Accounting Standards and Interpretations adopted

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.

The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Company.

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.

These half-year financial statements were authorised for issue on 7 March 2024.

Note 2. Going concern

The financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activities and the realisation of assets and the discharge of liabilities in the normal course of business.

As disclosed in the financial statements, the Company incurred a loss after income tax of $326,854 and had net cash outflows from operating activities of $254,176 for the period ended 31 December 2023. As at that date, the Company had net current assets of $1,004,909.

The ability of the Company to pay its debts as and when they fall due and to continue its exploration and evaluation activities, hence the continued adoption of the going concern assumption, is dependent on the Company raising additional funding as and when required, full or partial divestment of assets, or containing expenditure in line with available funding. The Company is working towards capital raising initiatives and the Directors are confident that it will receive sufficient additional funding from shareholders or other parties.

The Company has the ability to scale back exploration costs and reduce other discretionary expenditure to preserve cash reserves. The cash flow forecast indicates that the Company will have sufficient cash flows to meet all commitments and working capital requirements for the 12-month period from the date of signing this financial report.

In the event that the Company is unable to achieve the actions noted above, there is a material uncertainty that may cast significant doubt as to the Company’s ability to continue as a going concern.

14

Cavalier Resources Limited Notes to the Financial Statements For the half-year ended 31 December 2023

Note 3. Prepayments

Current
Prepayments
Non-Current
Prepayments
(a)
Dec 2023
June 2023
$ $ 23,102
18,511
200,000
100,000

a) Crawford Project

On 22 July 2020, the Company executed a tenement sale agreement with Roman Kings Pty Ltd (‘Roman Kings’). Consideration included advance royalty payments of $100,000 payable on 21 July 2022 and 21 July 2023, if Mining Operations have not commenced before those dates. These payments have now both been made and will be deducted from any future royalty payments.

Note 4. Exploration and evaluation expenditure

Note 4. Exploration and evaluation expenditure
Exploration and evaluation expenditure – at cost
Carrying amount at beginning of the period
Capitalised mineral exploration and evaluation expenditure
Carrying amount at the end of the period
Dec 2023
June 2023
$ $ 3,265,157
2,911,639
6 months to
Dec 2023
12 months to
June 2023
$ $ 2,911,639
1,103,600
353,518
1,808,039
3,265,157
2,911,639

The ultimate recoupment of exploration and evaluation expenditure carried forward is dependent on successful development and commercial exploitation or, alternatively, sale of the respective areas.

Note 5. Issued capital

Ordinary shares – fully paid
Movements in ordinary share capital
As at 1 July 2022
16 May 2023 – shares issued (a)
Refund of share issue costs
As at 30 June 2023
As at 1 July 2023
As at 31 December 2023
Dec 2023
Dec 2023
June 2023
Shares
$ Shares
43,381,666
5,153,077
43,381,666
Dec 2023
Dec 2023
June 2023
Shares
$ Shares
43,381,666
5,153,077
43,381,666
June 2023
$ 5,153,077
No. of
shares
Issue price
43,031,800
349,866
0.14
43,381,666
43,381,666
-
43,381,666
$ 5,074,822
48,981
29,274
5,153,077
5,153,077
-
5,153,077
  • a) On 16 May 2023, the Company issued 349,866 ordinary shares at a deemed issue price of $0.14 per share to a supplier as part consideration for drilling services rendered.

15

Cavalier Resources Limited Notes to the Financial Statements For the half-year ended 31 December 2023

Note 6. Share-based payments

Below are details of share-based payments expensed during the period. There were no additional sharebased payments made during the period.

a) Performance rights issued to Directors as an incentive

On 10 January 2022, 4,000,000 performance rights were granted to Directors as an incentive for services provided and will be expensed in the Statement of Profit or Loss and Other Comprehensive Income over the vesting period. The fair value of the services could not be reliably measured and therefore, a Hoadleys Hybrid ESO model was used to determine the value of the performance rights ('PRs') issued. Refer to the 30 June 2023 Annual Report for detailed inputs.

The performance rights will vest on achieving a volume-weighted average share price of $0.30 or more over 20 consecutive trading days.

The share-based payment expense recognised for the period ended 31 December 2023 in respect of these performance rights was $84,667 (2022: $84,668).

Note 7. Loss per share

a) Reconciliation of earnings to profit or loss:
Loss used to calculate basic and diluted EPS
b) Weighted average number of ordinary shares used as the denominator
in calculating basic EPS
Weighted average number of dilutive options outstanding
Weighted average number of ordinary shares outstanding during
the half-year used in calculating dilutive EPS
c) Basic and diluted loss per share
Dec 2023
$ Dec 2022
$ (326,854)
(475,000)
Number
Number
43,381,666
43,031,800
-
-
43,381,666
43,031,800
cents
cents
(0.75)
(1.10)

Note 8. Contingent liabilities

There were no contingent liabilities as at 31 December 2023.

Note 9. Events after the reporting period

No matters or circumstances have arisen since 31 December 2023 that have 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.

Note 10. Financial assets and liabilities

The directors consider that the carrying values of financial assets and financial liabilities recognised in the condensed statement of financial position to be approximate to their fair values.

16

Cavalier Resources Limited Directors’ Declaration 31 December 2023

In the directors’ opinion:

  • the attached financial statements and notes comply with the Corporations Act 2001 , the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;

  • the attached financial statements and notes give a true and fair view of the Company’s financial position as at 31 December 2023 and of its performance for half-year ended on that date; and

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

Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001 .

On behalf of the directors

==> picture [89 x 38] intentionally omitted <==

Ranko Matic Executive Chairman 7 March 2024 Perth

17

==> picture [165 x 50] intentionally omitted <==

INDEPENDENT AUDITOR’S REVIEW REPORT

To the Members of Cavalier Resources Ltd

Report on the Condensed Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of Cavalier Resources Ltd (“the Company”), which comprises the condensed statement of financial position as at 31 December 2023, the condensed statement of profit or loss and other comprehensive income, the condensed statement of changes in equity and the condensed statement of cash flows for the half-year ended on that date, selected explanatory notes, and the directors’ declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of Cavalier Resources Ltd does not comply with the Corporations Act 2001 including:

  • (a) giving a true and fair view of the Company’s financial position as at 31 December 2023 and of its performance for the half-year ended on that date; and

  • (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review 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 (including Independence Standards ) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

Material Uncertainty Related to Going Concern

We draw attention to Note 2 in the financial report, which indicates that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our conclusion is not modified in respect of this matter.

Responsibility of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the half-year 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 half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

==> picture [440 x 83] intentionally omitted <==

18

==> picture [165 x 50] intentionally omitted <==

Auditor’s Responsibility for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Company’s financial position as at 31 December 2023 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001.

==> picture [217 x 55] intentionally omitted <==

HLB Mann Judd Chartered Accountants

N G Neill Partner

Perth, Western Australia 7 March 2024

19