CONICO LTD — Interim / Quarterly Report 2022

Mar 14, 2022

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Conico Ltd ABN 49 119 057 457

and Controlled Entities

Interim Financial Report for the Half-Year Ended 31 December 2021

CONTENTS

Highlights	3
Corporate Directory	4
Review of Operations	5
Directors’ Report	15
Auditor’s Independence Declaration	16
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income	17
Condensed Consolidated Statement of Financial Position	18
Condensed Consolidated Statement of Changes in Equity	19
Condensed Consolidated Statement of Cash Flows	20
Notes to the Condensed Consolidated Interim Financial Report	21
Directors’ Declaration	25
Independent Auditor’s Review Report	26
Interests in Mining Tenements	28

CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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HIGHLIGHTS

Ryberg Polymetallic Project, Greenland (CNJ: 100%)

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• Drill programme completed at the Miki, Sortekap and Cascata Prospects with samples despatched for assay.

• Regional magnetic-radiometric geophysical survey completed. Data is of high quality and has been sent to a contractor for interpretation.

• New discovery made at the Cascata Prospect that contains volcanicsedimentary hosted massive sulphide (VHMS) and a layered mafic intrusion.

• All drill-core from the 2021 season has been transported to Portugal for additional data gathering and sampling.

• Drill equipment and fuel stored on site in preparation for continued activities in 2022, for which planning is already underway.

Mestersvig Zn-Pb-Cu-Ag Project, Greenland (CNJ: 100%)

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• Re-interpretation of historic electromagnetic (EM) data reveals 8 targets to evaluate.

• Zinc price at a 5 year high has prompted a review of the Project and planning underway for drilling zinc targets in 2022.

• Fuel delivered to site in preparation for the 2022 field season.

Corporate

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Placement completed, raising a total of $4,020,000 (before expenses).

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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CORPORATE DIRECTORY

DIRECTORS:

Gregory H Solomon LLB (Chairman) Douglas H Solomon BJuris LLB (Hons) (Non-Executive) Guy T Le Page B.A., B.Sc., B.App.Sc. (Hons), M.B.A., MFinPlan, FFIN, MAusIMM (NonExecutive) James B Richardson Dip, Fin Plan (Non-Executive)

COMPANY SECRETARY:

Aaron P Gates B.Com, CA, AGIA

REGISTERED OFFICE:

Level 15 197 St Georges Terrace Perth Western Australia 6000 Tel +61 8 9282 5889 Email: mailroom@conico.com.au Website: www.conico.com.au

SOLICITORS:

Solomon Brothers Level 15 197 St Georges Terrace Perth WA 6000

AUDITORS:

Nexia Perth Audit Services Pty Ltd Level 3 88 William Street Perth WA 6000

SHARE REGISTRY:

Advanced Share Registry Services 110 Stirling Highway Nedlands WA 6009

STOCK EXCHANGE LISTING:

ASX Code: CNJ (ordinary shares)

Quotation has been granted for all the ordinary shares of the company on all Member Exchanges of the Australian Securities Exchange Limited.

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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REVIEW OF OPERATIONS

OVERVIEW

The Company has two projects on the underexplored east coast of Greenland (Figure 1), held by its wholly owned subsidiary Longland Resources Ltd. The Ryberg Project is greenfields exploration for precious and base metal occurrences in a large igneous province, and Mestersvig which is a brownfields exploration project containing the historic Blyklippen zinc-lead mine and surrounding prospective geology.

Focus is on the east coast of Greenland due to its underexplored nature (relative to the south and west coasts) and it being Europefacing. Longland personnel have a combined 35 years’ Greenland experience and reside in Europe.

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Figure 1 : Conico’s East Greenland Projects.

Activities in the period focused on drilling geophysical and geological targets at Ryberg, representing the first time drilling has occurred in the Project area. Additionally, a regional magnetic-radiometric survey was completed which is the first of its kind to be acquired at Ryberg.

RYBERG PROJECT

(100% Longland Resources Ltd – MEL2017/06 & MEL-S2019/38)

The Ryberg Polymetallic Project covers 4,521km[2] on the east coast of Greenland (Figure 1), located ~350km NW of Iceland. It contains magmatic sulphide mineralisation (Miki & Sortekap Prospects), orogenic gold (Sortekap Prospect), a layered mafic intrusion (Cascata Prospect) and volcanicsedimentary hosted massive sulphide (Cascata Prospect).

The project area is located within the North Atlantic Igneous Province (NAIP), a Tertiary volcanic centre that covered an area of approximately 1.3 million km[2] with continental flood basalts (6.6 million km[3] in volume), making it one of the largest volcanic events in history. Volcanism is associated with the opening of the North Atlantic, and presence of a mantle plume (what is now

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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the Icelandic hotspot). The project area represents an erosional interface where flood basalts have been mostly removed, revealing the basement geology beneath. The project area is adjacent to a triple junction (failed rift) and consists mostly of Archaean orthogneiss, Tertiary gabbro/flood basalt, and Cretaceous-Tertiary sediments (rift valley basin).

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Figure 2 : The charter vessel used for accommodation and core processing.

ACCESS

There are two ways to access the project area which are via vessel, or aircraft that can land within the licence area at an airstrip that is serviced by an Icelandic aviation company. The project is not located within a National Park, nor is it nearby to a population centre, with the nearest town of Ittoqqortoormiit being 350km to the North East.

PROSPECTS

Miki Prospect (Cu-Ni-Co-Pd-Au)

• Lithologies : Numerous mafic/ultramafic intrusions hosted in sediments/basement gneiss.

• Visible Mineralisation : Visible globular magmatic sulphide mineralisation at surface.

• Geochemical Anomalies Surface rock-chip samples grading up to 2.2% Cu, 0.8% Ni, 0.1% Co, 3.3g/t Pd & 0.2g/t Au.

• Targets : Electromagnetic, magnetic, geochemical and structural.

Sortekap Prospect (Ni-Co-Au)

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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• Lithologies : Archaean greenstones containing abundant quartz veins and ultramafic intrusions.

• Visible Mineralisation : Sulphide-bearing veins containing gold, and nickel-bearing sulphides at surface.

• Geochemical anomalies : Surface rock-chip sampling grades up to 2.7g/t Au & 0.3% Ni.

• Targets : Induced Polarisation (IP) and magnetic targets.

Cascata Prospect

• Lithologies : Layered mafic intrusion and volcano-sedimentary sequences.

• Visible Mineralisation : Copper sulphides in the layered mafic and iron sulphides in the volcano-sediments

• Geochemical anomalies : Assays awaited.

• Targets : Geochemical analysis to determine presence of a mineralised reef in the layered mafic intrusion.

ACTIVITIES

2021 field season

Field personnel were on site at Ryberg in July-September 2021, consisting of Longland personnel, drillers, geophysical technicians, field assistants, ship’s crew and pilots. A regional magneticradiometric survey was flown over the majority of the project area with the data sent to a specialist geophysicist company in Perth for interpretation. Simultaneously, diamond drilling was conducted at the Miki (9 x drill-holes) and Sortekap (3 x drill-holes) Prospects. A new discovery was also made at what has been the Cascata Prospect which was also drilled (2 x drill-holes). Drilling was targeting geophysical targets at Miki and Sortekap, while stratigraphic holes were tested at Cascata. Field activities were based out of a vessel moored within the project area (Figure 2) and a helicopter used for internal transportation. The drill rigs and fuel were left on site in preparation for continuing activities, with planning for the 2022 field season already underway. All drill-core was exported from Greenland to a core shed in Portugal where data gathering, and sampling is ongoing.

RESULTS

Regional Geophysics

This survey represents the first regional geophysical survey to ever occur at the Ryberg Project. It was conducted by New Resolution Geophysics (NRG) using their Xcite system that was mounted to a helicopter. The survey collected magnetic, radiometric and elevation data and was conducted at 200m line spacing in an E-W orientation (with N-S tie lines every 2,000m), except at the Miki and Sortekap Prospects where spacing was tightened to 100m (with N-S tie lines every 1,000m). Flight height was a nominal 25m and a total distance of 24,315 km was flown.

The data acquired was of high quality and sent to ExploreGeo Pty Ltd in Perth for interpretation. The interpretation process was ongoing during this reporting period with the report awaited.

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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Figure 3 : Total Magnetic Intensity received from the geophysics contractor.

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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Miki Prospect

Located in the South West of the licence area (Figure 4), the focus of activities was on drilling electromagnetic (EM) targets located adjacent to the Miki Dyke, where surface sampling had identified magmatic sulphides. Diamond drilling was conducted by Cartwright Drilling Inc of Canada, who imported 3 x heli-portable rigs and a team of 10 staff. All drill core was transported to the charter vessel where it was logged and sampled.

The majority of drill-holes were designed to pierce the EM modelled plates and then pass beyond the target depth by 20m. A total of 9 drill-holes were complete at Miki, with all reaching target depth except for MIDD004 that was abandoned due to ground conditions. The host geology was dominated by basement gneiss and the EM anomalies explained by the presence of pyrrhotite at target depth. Assays had not been received within the reporting period.

The regional magnetic-radiometric geophysical survey was completed over the entirety of the Miki Prospect at tighter line spacing of 100m (elsewhere spacing was 200m). The survey was completed successfully and data sent to ExploreGeo Pty Ltd in Perth for interpretation.

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Figure 4 : Geological map for the Ryberg Project, showing the locations of the Miki, Sortekap and Cascata Prospects.

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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Sortekap Prospect

Three drill-holes were completed at Sortekap (Figure 5), two of which were targeting an induced polarisation (IP) chargeable anomaly, and the third drill-hole was targeting quartz veins that are known to host gold at surface. Geophysical interpretation suggested that the linear IP feature represents a fault/shear or intrusion containing chargeable sulphides.

The first two drill-holes (SODD001 & SODD002) targeting the IP chargeable anomaly intersected ultramafic lithologies where trace and vein sulphide minerals were encountered. Alteration of ultramafic rocks to serpentinite and magnetite was frequent. The third drill-hole (SODD003) passed through the targeted amphibolite containing abundant quartz veining, before transitioning to the underlying ultramafic lithologies. Assays had not been received within the reporting period.

The regional magnetic-radiometric geophysical survey was completed over the entirety of the Sortekap Prospect at tighter line spacing of 100m (elsewhere spacing was 200m). The survey was completed successfully and data sent to ExploreGeo Pty Ltd in Perth for interpretation.

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Figure 5 : Drilling SODD001 at the Sortekap Prospect.

Cascata Prospect

A new prospect discovered during the 2021 field season while conducting regional reconnaissance. Attention was drawn to this location due to significant rust being observed from afar, which upon closer inspection was sulphides hosted in a volcanic-sedimentary sequence that is interpreted as a likely volcanic-sedimentary hosted massive sulphide (VHMS) occurrence. The geology is dominated by black shales, interspersed with felsic and mafic volcanics.

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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Two drill-holes were completed at Cascata, both collared high in the volcanic-sedimentary sequence in order to gain an appreciation of the stratigraphy. Sulphides were encountered mostly in black shale, with coarse sulphide mineralisation pervasively replacing black shale.

Unexpectedly, rhythmically layered gabbro was encountered at ~274m drilled depth beneath the volcano-sedimentary units in CADD001, persisting to end of hole at 404m drill depth. The gabbro is coarse grained with disseminated chalcopyrite evident in the upper series. Using copper versus palladium plots, it is possible to determine whether the layered mafic intrusion has the potential to host reed-style mineralisation (akin to Skaergaard and the Stillwater Complex) and this analysis is underway. Assays had not been received within the reporting period.

The regional magnetic-radiometric geophysical survey was completed over the entirety of the Cascata Prospect at 200m line spacing. The survey was completed successfully, and data sent to ExploreGeo Pty Ltd in Perth for interpretation.

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Figure 6 : View to the south of Cascata.

MESTERSVIG PROJECT

(100% Longland Resources Ltd – MEL2020/64 & MEL-S2021/24)

Overview

The Mestersvig Project is located on the east coast of Greenland, approximately 620km North West of Iceland. The licence covers an area of 1,447km[2] . Adjacent to the licence area is Greenland Resources’ Malmbjerg molybdenum project, and to the south is IGO’s Frontier copper project. There is existing camp infrastructure and the Mestersvig Danish military base is nearby, complete with airstrip and harbour. Within the licence area is the historic Blyklippen Mine that produced 545,000 tons of ore at 9.3% lead and 9.9% zinc between 1956-1962 (and importantly operated year-round).

The Project area includes the Werner Bjerge Complex (WBC), a series of igneous felsic, mafic and ultramafic intrusions covering a diameter of ~17km, that are the likely source of mineralising fluids

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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for vein-hosted lead-zinc-silver-copper sulphides at the historic Blyklippen Mine. Additionally, the Project area is prospective for (1) strata-bound (hosted in a laterally continuous sedimentary horizon) lead-zinc-copper-barium mineralisation with a target area of ~225km[2] , (2) primary magmatic sulphide mineralisation within the WBC, and (3) sediment-hosted copper in black shales and red bed formations.

Activities

Interpretation of historic electromagnetic (EM) data obtained over the Werner Bjerge Complex (in the southern half of the licence area) was conducted by an independent geophysicist and received in the reporting period. Eight areas of interest have been identified that warrant field investigation. The survey was flown by Fugro in 2012 at 100m line spacing, for a total of 9,030-line kilometres flown and received at no cost to the Company.

There has been renewed interest in the Mestersvig Project since the price of zinc reached a 5-year high in December 2021. In the reporting period the Company has been reviewing all data and conducting logistical planning for the 2022 field season. Priority targets are

• (1) Sortebjerg: located along strike and 13km south of historic Blyklippen Mine and exhibits similar mineralisation at surface, and

• (2) Nuldal identified by the Company in 2021 and is a vein system parallel to Blyklippen with surface samples grading up to 69.5% lead, 0.9% copper and 282g/t silver. The Company is well placed to conduct activities at Mestersvig in 2022, with planning at an advanced stage. There is fuel and accommodation already on site, a road to the drill locations, a harbour, and an airstrip less than 5km away.

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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Figure 7 : Mestersvig licence map and areas of interest.

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Figure 8 : The Mestersvig Project area.

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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MT THIRSTY COBALT PROJECT

(50% Conico Ltd: 50% (operator) Barra Resources Ltd – Joint Venture, MTJV)

Discussions continued during the Quarter with respect to various development and optimisation options for the Mt Thirsty Joint Venture (“MTJV”) including the potential simplification of the ownership structure to support the next development phase of the project. Given the increase in both cobalt (over US$70,000/tonne) and nickel prices (over US$22,000/tonne) over the half, the project economics have been significantly enhanced and the Company believes that Mt Thirsty has the potential to add significant shareholder value over 2022.

CORPORATE

Capital Raising

During the period Conico completed a placement raising $4,020,000 through the issue of 67,000,000 new shares at 6 cents each with one new free option exercisable at $0.07 and expiring 20 January 2024 for every 2 new shares issued.

Disclaimer

The interpretations and conclusions reached in this report are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken based on interpretations or conclusions contained in this report will therefore carry an element of risk.

This report contains forward-looking statements that involve a number of risks and uncertainties. These forwardlooking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this report. No obligation is assumed to update forward-looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

Competent Persons Statements

The information contained in this report relating to exploration results for the Greenland projects is based on information compiled or reviewed by Thomas Abraham-James, a full-time employee of Longland Resources Ltd. Mr. Abraham-James has a B.Sc. Hons (Geol) and is a Chartered Professional (CPGeo) and Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr. Abraham-James has sufficient experience of relevance to the styles of mineralisation and the types of deposit under consideration, and to the activities undertaken to qualify as a Competent Person as defined in the 2012 edition of the Joint Ore Reserve Committee (JORC) “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Abraham-James consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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DIRECTORS’ REPORT

Your directors submit the interim financial report of Conico Ltd and its controlled entities (Group) for the halfyear ended 31 December 2021.

Directors

The names of directors who held office during or since the end of the half-year:

Mr Gregory H Solomon

Mr Douglas H Solomon

Mr Guy T Le Page

Mr James B Richardson

Review of Operations

The net loss after income tax for the half-year was $445,943 (2020: $391,737).

A review of the operations of the Group during the half-year ended 31 December 2021 is set out in the Review of Operations on Page 6.

Events subsequent to reporting date

No matters or circumstances have arisen since the end of the period which significantly affected or may significantly affect the operations of the economic entity, the results of those operations, or the state of affairs of the economic entity in future financial years.

The impact of the Coronavirus (COVID-19) pandemic is ongoing and whilst it has had no financial impact for the Group up to 31 December 2021, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is still 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.

Auditor’s Declaration

The lead auditor’s independence declaration under section 307C of the Corporations Act 2001 is set out on page 16 for the half-year ended 31 December 2021.

This report is signed in accordance with a resolution of the Board of Directors.

Chairman

Gregory H Solomon

Dated this 13[th] day of March 2022

ASX Code: CNJ

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Auditor’s independence declaration under section 307C of the Corporations Act 2001

To the directors of Conico Ltd

I declare that, to the best of my knowledge and belief, in relation to the review for the half-year ended 31 December 2021 there have been:

• (i) no contraventions of the auditor’s independence requirements as set out in the Corporations Act 2001 in relation to the review; and

• (ii) no contraventions of any applicable code of professional conduct in relation to the review.

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Nexia Perth Audit Services Pty Ltd

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M. Janse van Nieuwenhuizen

Director

Perth

13 March 2022

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

Notes Other income Accounting and audit expense Depreciation and amortisation expense Employee benefits expense Finance expense Foreign exchange gain/(loss) Insurance expense Legal and other consultants expense Management fees Media and marketing Rent Other expenses Loss before income tax Income tax (expense)/benefit Loss for the period Other Comprehensive Income Items that may be reclassified to profit or loss Other comprehensive income, after tax Total Comprehensive Loss attributable to members of the parent Basic and diluted loss per share (cents per share)	Consolidated Group 31 Dec 2021 31 Dec 2020 $ $ 1,358 751 (18,792) (11,475) (17,183) (1,570) (98,795) (108,665) - (5,710) 24 140 (40,950) (31,405) (21,718) (89,778) (72,000) (72,000) (97,942) (15,911) (1,289) (9,159) (78,656) (46,955)
	(445,943) (391,737) - -
	(445,943) (391,737)
	10,267 (107,125)
	10,267 (107,125)
	(435,676) (498,862)
	(0.0463) (0.0725)

The accompanying notes form part of these financial statements.

ASX Code: CNJ

Page 17 of 28

CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021

ASSETS CURRENT ASSETS Cash and cash equivalents Other assets TOTAL CURRENT ASSETS NON-CURRENT ASSETS Property, plant and equipment Exploration and evaluation expenditure 2 TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Trade and other payables TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Provisions TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued capital 3 Reserves Accumulated losses TOTAL EQUITY	Consolidated Group 31 Dec 2021 30 June 2021 $ $ 2,636,204 3,918,252 353,458 311,652
	2,989,662 4,229,904
	61,801 54,920 27,345,005 22,272,897
	27,406,806 22,327,817
	30,396,468 26,557,721
	231,160 412,978
	231,160 412,978
	262,500 262,500
	262,500 262,500
	493,660 675,478
	29,902,808 25,882,243
	35,881,492 31,425,251 1,418,038 1,407,771 (7,396,722) (6,950,779)
	29,902,808 25,882,243

The accompanying notes form part of these financial statements.

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

Balance at 1 July 2020 Issue of shares, net of costs Issue of options Net loss for the period Other comprehensive income / (loss) Total comprehensive income / (loss) Balance at 31 December 2020 Balance at 1 July 2021 Issue of shares, net of costs Net loss for the period Other comprehensive income / (loss) Total comprehensive income / (loss) Balance at 31 December 2021

Share Capital Ordinary Foreign Currency Translation Reserve Option Reserve Accumulated Losses Total $ $ $ $ $ 20,394,350 - 788,650 (5,955,639) 15,227,361 6,805,905 - - - 6,805,905 - - 176,843 - 176,843 - - - (391,737) (391,737) - (107,125) - - (107,125) - (107,125) - (391,737) (498,862) 27,200,255 (107,125) 965,493 (6,347,376) 21,711,247 31,425,251 (21,279) 1,429,050 (6,950,779) 25,882,243 4,456,241 - - - 4,456,241 - - - (445,943) (445,943) - 10,267 - - 10,267 - 10,267 - (445,943) (435,676) 35,881,492 (11,012) 1,429,050 (7,396,722) 29,902,808

The accompanying notes form part of these financial statements.

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest received Interest paid Net cash provided by (used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of subsidiary (net of cash acquired) Exploration and evaluation expenditure Cash advanced for exploration spent Payments for property, plant & equipment Net cash provided by (used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Net proceeds from share issues Repayment of loans Net cash provided by (used in) financing activities Net increase/(decrease) in cash held Net increase/(decrease) due to foreign exchange movements Cash at beginning of period Cash at end of period	Consolidated Group 31 Dec 2021 31 Dec 2020 $ $ 341 - (462,995) (292,903) 110 49 - (14,041)
	(462,544) (306,895)
	- (6,605) (5,238,310) (106,749) - (1,206,240) (23,852) (11,410)
	(5,262,162) (1,331,004)
	4,456,042 3,621,147 - (393,050)
	4,456,042 3,228,097
	(1,268,664) 1,590,197 (13,384) (72,861) 3,918,252 171,401
	2,636,204 1,688,737

The accompanying notes form part of these financial statements.

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

NOTE 1: BASIS OF PREPARATION

The half-year consolidated financial statements are a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001 , Australian Accounting Standard AASB 134: Interim Financial Reporting, Australian Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board. Compliance with AASB 134: Interim Financial Reporting ensures compliance with IAS 34: Interim Financial Reporting.

It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2021 and any public announcements made by Conico Ltd and its controlled entities during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001 and the ASX Listing Rules . The half-year report does not include full disclosures of the type normally included in an annual financial report.

Accounting Policies

The accounting policies have been consistently applied by the entities in the consolidated group and are consistent with those in the June 2021 financial report except for the adoption of new and revised Accounting Standards.

The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to their operations and effective for the current halfyear. No new or revised Standards had a material impact on the financial report for the half-year.

Going Concern

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

The Group has reported a net loss for the half-year of $445,943 (2020: $391,737) and a cash outflow from operating activities of $462,544 (2020: $306,895). The directors carefully manage expenditure and, subject to being able to raise further finance are of the view, based on cash flow forecasts, that the Group will be able to continue its operations as a going concern. The continuing applicability of the going concern basis of accounting is dependent upon the Group’s ability to source additional finance. The directors are confident that the Group will be successful in securing additional funds, should the need arise.

Based on these facts, the directors consider the going concern basis of preparation to be appropriate for this financial report. Should the Company be unsuccessful in securing additional finance, there is a material uncertainty which may cast significant doubt on whether the Group will be able to continue as a going concern and therefore, whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report.

The financial statements do not include any adjustments relative to the recoverability and classification of recorded asset amounts or, to the amounts and classification of liabilities that might be necessary should the entity not continue as a going concern.

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

NOTE 2: EXPLORATION AND EVALUATION ASSETS

NOTE 2: EXPLORATION AND EVALUATION ASSETS			Consolidated Group
			31 Dec 2021		30 June 2021
			$		$
Balance at the beginning of the financial year			22,272,897		15,930,182
Acquired through purchase of subsidiary			-		4,405,983
Expenditure incurred during the half-year			5,074,124		1,892,319
Net exchange differences			(2,016)		44,413
Balance at the end on the half-year			27,345,005		22,272,897
NOTE 3: ISSUED CAPITAL			31 Dec 2021		30 June 2021
			$		$
Ordinary shares			35,881,492		31,425,251
	31 Dec 2021	30 June 2021	31 Dec 2021	30 June 2021
	No.	No.	$		$
a. Ordinary shares
At the beginning of reporting period	916,367,041	384,398,221	31,425,251		20,394,350
Shares issued during the year net of costs	83,847,833	531,968,820	4,456,241		11,030,901
At reporting date	1,000,214,874	916,367,041	35,881,492		31,425,251

Ordinary shares participate in dividends and in the proceeds of winding up in proportion to the number of shares held. At the 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. The Company has no authorised share capital or par value. All issued shares are fully paid.

NOTE 4: SEGMENT INFORMATION

The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors (chief operating decision maker) in assessing performance and determining the allocation of resources. The following have been identified as individual segments:

Greenland

Conico holds a 100% interest in both the Ryberg and Mestersvig Projects in Greenland. The Ryberg Project that covers an area of 4,521km² containing the Sortekap gold prospect and the Miki Fjord & Togeda Cu-Ni-CoPGE-Au magmatic sulphide prospects. The Mestersvig Project containing the historic Blyklippen Pb-Zn mine and Sortebjerg Pb-Zn prospect.

Mt thirsty JV

Conico holds a 50% interest in the Mt Thirsty Cobalt Project, located 16km north-northwest of Norseman, Western Australia. The Project contains the Mt Thirsty Cobalt-Nickel (Co-Ni) Oxide Deposit that has the potential to emerge as a significant cobalt producer. In addition to the Co-Ni Oxide Deposit, the Project also hosts nickel sulphide (Ni-S) mineralisation.

Unallocated

Unallocated items comprise items that cannot be directly attributed to the Greenland Exploration or the Mt thirsty JV segments and corporate costs which includes those expenditures supporting the business during the half-year.

The segment information for the reportable segments for the six months ended 31 December 2021 is as follows:

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT

FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

6 months ended 31 December 2021	Greenland	Mt Thirsty JV	Unallocated	Total
	$	$	$	$
Segment loss before tax	-	-	(445,943)	(445,943)
Impairment of assets	-	-	-	-
Capital expenditure additions	5,085,517	12,621	-	5,098,138
Segment assets	11,767,570	15,956,342	2,672,556	30,396,468
Segment liabilities	(180,420)	(262,500)	(50,740)	(493,660)
6 months ended 31 December 2020	Greenland	Mt Thirsty JV	Unallocated	Total
	$	$	$	$
Segment loss before tax	-	-	(391,707)	(391,707)
Impairment of assets	-	-	-	-
Capital expenditure additions	4,583,549	5,079	-	4,588,628
Segment assets	4,583,549	15,935,260	1,748,455	22,267,266
Segment liabilities	-	(262,500)	(293,519)	(556,019)

NOTE 5: CONTINGENT LIABILITIES AND CONTINGENT ASSETS

The directors are not aware of any contingent liabilities or contingent assets as at 31 December 2021.

NOTE 6: EVENTS SUBSEQUENT TO REPORTING DATE

No matters or circumstances have arisen since the end of the period which significantly affected or may significantly affect the operations of the economic entity, the results of those operations, or the state of affairs of the economic entity in future financial years.

The impact of the Coronavirus (COVID-19) pandemic is ongoing and whilst it has had no financial impact for the Group up to 31 December 2021, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is still 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.

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

NOTE 7: RELATED PARTY TRANSACTIONS

Consolidated Group 31 Dec 2021 31 Dec 2020 $ $

Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.

Transactions with related parties during the period:

Key Management Personnel

Key Management Personnel
Management fees and administration fees are paid/payable to Princebrook Pty Ltd,	72,000	72,000
a company in which Mr G Solomon and Mr D Solomon have an interest.
Corporate advisory fees paid/payable to RM Corporate Finance Pty Ltd, a	21,000	21,000
company in which Mr G Le Page and Mr J Richardson have an interest.
Legal fees are paid/payable to a legal firm in which Mr G Solomon and Mr D	17,852	23,158
Solomon have an interest.
Website development, media and marketing fees paid/payable to RM Corporate	4,170	9,360
Finance Pty Ltd, a company in which Mr G Le Page and Mr J Richardson have an
interest.
Placement fees paid/payable to RM Corporate Finance Pty Ltd, a company in	241,200	48,434
which Mr G Le Page and Mr J Richardson have an interest.
Underwriting fee paid/payable to RM Corporate Finance Pty Ltd (including	-	251,505
$140,000, being the fair value of 20,000,000 underwriter options), a company in
which Mr G Le Page and Mr J Richardson have an interest.

ASX Code: CNJ

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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DIRECTORS’ DECLARATION

The directors of the company declare that:

1. The consolidated financial statements and notes, as set out on pages 17 to 24:

2. a. comply with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001; and

3. b. give a true and fair view of the Group’s financial position as at 31 December 2021 and of its performance for the half-year ended on that date.

4. In the directors’ opinion there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

Chairman Gregory H Solomon

Dated this 13[th] day of March 2022

ASX Code: CNJ

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INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of Conico Ltd

Report on the Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of Conico Ltd (“the Company”) and its subsidiaries (“the Group”), which comprises the condensed consolidated statement of financial position as at 31 December 2021, the condensed consolidated statement of comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the half-year ended on that date, a summary of significant accounting policies and other explanatory information, 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 the Group does not comply with the Corporations Act 2001 including:

• (a) giving a true and fair view of the Group’s financial position as at 31 December 2021 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 Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional & 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.

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 review report.

Material Uncertainty Related to Going Concern

We draw attention to Note 1 in the financial report, which indicates that the Company incurred a net loss of $445,943 and cash outflows from operating activities of $462,544 during the half-year ended 31 December 2021. As stated in Note 1, these events or conditions, along with other matters as set forth in Note 1, indicate 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.

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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.

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 Group’s financial position as at 31 December 2021 and its performance for the halfyear 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.

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Nexia Perth Audit Services Pty Ltd

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Muranda Janse Van Nieuwenhuizen

Director

13 March 2022 Perth, Western Australia

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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Interests in Mining Tenements

Tenements	Location	Interest held at end of period	Acquired during the period	Disposed during the period
E63/1267	WA	50%	-	-
R63/4	WA	50%	-	-
E63/1790	WA	50%	-	-
P63/2045	WA	50%	-	-
M(A) 63/669*	WA	50%	-	-
M(A) 63/670#	WA	50%	-	-
G(A) 63/93^	WA	50%	-	-
L63/80	WA	50%	-	-
L63/81	WA	50%	-	-
L63/91	WA	50%	-	-
MEL 2017/06	Greenland	100%	-	-
MEL-S 2019/38	Greenland	100%	-	-
MPL 2019/9	Greenland	100%	-	-

Notes:

*MLA over E63/1267, #MLA over R63/4, ^GLA over E63/1790 & P63/2045

ASX Code: CNJ

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