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Conico Ltd ABN 49 119 057 457

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and Controlled Entities

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Interim Financial Report for the Half-Year Ended 31 December 2022

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CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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Highlights	3
Corporate Directory	6
Review of Operations	7
Directors’ Report	21
Auditor’s Independence Declaration	23
Consolidated Statement of Profit or Loss and Other Comprehensive Income	24
Consolidated Statement of Financial Position	25
Consolidated Statement of Changes in Equity	26
Consolidated Statement of Cash Flows	27
Notes to the Financial Statements	28
Directors’ Declaration	32
Independent Auditor’s Review Report	33
Interests in Mining Tenements	35

CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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HIGHLIGHTS:

Mt Thirsty PGE, Ni-Cu-Co and Ni-Co Project, Western Australia (50% owned)

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A total of 3,756metres were drilled at the MTJV in the first Quarter adjacent to Galileo Mining Ltd’s (ASX: GAL ) Callisto discovery only 200 metres from northern tenement boundary held by the MTJV.

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In the December’22 quarter, assays resulting from 8 holes were returned confirming the presence of highly anomalous PGE, Ni and Cu assays.

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Mapping was completed of LCT pegmatite targets striking for over 1km on the MTJV tenements ahead of RC program planned for the December 2022 Quarter which was subsequently completed on 26 October 2022 for a total of 1,630 metres.

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Outstanding cobalt, nickel, manganese, and scandium results received subsequent to the end of December.

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MTRC011DA returned the sixth (6th) best cobalt intercept in Australia for 2022.

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Three discrete zones identified, including upper Ni-Co-Mn-Sc horizon; Middle PGE Zone & Lower Ni Zone.

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Upper Zone of high-grade nickel, cobalt & scandium mineralisation intercepted in recent drilling, including: MTRC011DA: 15.0 metres @ 0.45% Co, 0.91% Ni, 5.42% Mn & 40.9g/t Sc from 45.0 metres Lower Zone of thick and continuous nickel mineralisation intercepted in recent drilling, including: MTRC009D: 21.8 metres @ 0.28% Ni & 49.8g/t Sc from 268.2 metres

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Middle Zone of highly anomalous PGE mineralisation intercepted in recent drilling, including: MTRC006D: 9.0 metres @ 0.14g/t 3E, 0.09% Ni & 0.02% Cu from 223.0 metres

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Scandium is a critical mineral currently selling for US$930,930/t (oxide), essential for hydrogen fuel cells.

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Assays still pending on 17 holes for Upper Zone, 4 holes for the Middle Zone and 5 holes for the Lower Zone.

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Options to consolidate the MTJV ownership structure to support an IPO are currently under review.

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Progressing the Mt Thirsty Project will be the primary focus of the Company for the time being.

Ryberg Polymetallic and Mestersvig Zn-Pb-Cu-Ag Projects, Greenland (100% owned)

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Diamond drilling at the 100% owned Ryberg and Mestersvig projects in Greenland concluded in early September 2022.

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At Ryberg a total of 11 holes were completed, including six at the Miki Prospect, five of which intersected weakly disseminated and/or disseminated sulphide mineralisation.

ASX Code: CNJ

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Three holes were completed at Sortekap of which two intersected weakly disseminated and/or disseminated sulphide mineralisation within a mafic dyke, including
One scout hole was completed at each of the Cascata and Pyramid prospects.
A total of 10 holes completed of which eight intercepted disseminated, heavily disseminated and/or matrix sulphides.

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Zn, Pb & Cu sulphides were logged in the core and were consistent with mineralisation at the historic Blyklippen Mine (within the licence area) and Sortebjerg Prospect.

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The prospective horizon at Mestersvig remains open, with a further 9 km of un-drilled strike on the Blyklippen-hosted vein, and a further 14 km of untested mineralised quartz vein-bearing faults throughout the project area.

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Nuldal reconnaissance exploration identified additional lead mineralisation at surface hosted in veins, with a massive galena outcrop up to 1 m thick.

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High-grade Pb-Zn-Cu-Ag assays for the 2022 drill program were received subsequent to the end of December.

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The results confirm extension to the mineralisation witnessed at the historic Blyklippen mine, extending south by approximately 13km to the Sortebjerg prospect.

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Significant drill intercepts include:

Blyklippen drilling:
BKDD003: 5.60 m @ 9.2g/t Ag, 2.7% Pb and 2.2% Zn from 203.95 m
BKDD004: 8.60 m @ 0.4% Pb and 2.2% Zn from 218.4 m
Sortebjerg drilling:
SBDD001: 2.70 m @ 6.0% Zn from 86.0 m
SBDD003: 4.50 m @ 7.7 g/t Ag and 23.8% Zn from 134.0 m
SBDD005: 1.42 m @ 6.7% Zn from 120.45 m

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The Company has prepared an Information Memorandum for the Ryberg Project (and plans to also prepare one for the Mestersvig Project) and intends to investigate possible third-party interest in collaboration, in some form, for its Greenland tenements.

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With its current focus on the Mt Thirsty project, the Company is not planning to undertake any field work in Greenland during the forthcoming 2023 field season.

ASX Code: CNJ

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Corporate

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Aug’22 Placement completed, raising a total of $3,000,000 (before expenses).
Feb’23 Announced a Pro-rata Non-renounceable Rights Issue of one share for every seven Ordinary Share to raise up to $2,151,383. Attaching options at the rate of 1 for every two shares subscribed will also be issued to subscribers. The Rights issue is scheduled to close on 12 April 2023.
Mar’23 Placement completed, raising a total of $499,999 (before expenses). Attaching options and Lead Manager options to be issued subject to shareholder approval.

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 BA, BSc, B.App.Sc. (Hons), MBA, MFinPlan, GradDIpAppFin&Inv, FFin, MAusIMM (Executive)

COMPANY SECRETARY:

Jamie M Scoringe B.Comm CPA, ACIS

REGISTERED OFFICE:

Level 15 197 St Georges Terrace Perth Western Australia 6000 Tel +61 8 9282 5889 Email: [email protected] 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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REVIEW OF OPERATIONS

AUSTRALIA

Mt Thirsty PGE-Ni-Co-Mn-Sc Project, Western Australia

(50% Conico Ltd: 50% Greenstone Resources Ltd (operator) – Joint Venture)

The Mt Thirsty Joint Venture (MTJV) is located 16 kilometres northwest of Norseman, Western Australia (below).

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Figure 1: Location of the Mt Thirsty project

PGE-Ni-Cu-Co-Sc EXPLORATION

During the second quarter the Company, in conjunction with its joint venture partner Greenstone Resources Limited (ASX: GSR), continued Phase-I exploration activities at Mt Thirsty. The current Phase I drill campaign is principally focussed on testing the deeper ultramafic sill horizons at Mt Thirsty, including any potential extensions to the recent palladium-platinum-gold-copper-nickel Callisto discovery by Galileo Mining Ltd (ASX: GAL) (Galileo), located less than 200 metres from the MTJV’s northern tenement boundary.

Subsequent to the end of the Quarter, assays were reported for an additional 22 drill holes targeting Ni-Co-ScPGE (11 holes) and LCT mineralisation (11 holes), including MTRC011DA returning the sixth (6th) best cobalt intercept in Australia for 2022 (Table 1).

ASX Code: CNJ

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Table 1 Best cobalt intercepts of 2022[1 ]

Three distinct zones of horizontal mineralisation were intersected across the eastern licence area, namely:

1. Upper Zone: Nickel-Cobalt-Manganese-Scandium (Ni-Co-Mn-Sc)

The Upper Zone consists of a weathered ultramafic peridotite rock hosting nickel-cobalt-manganese-scandium mineralisation. Importantly, the most recent drilling has confirmed the presence of a lower, and potentially higher-grade, Ni-Co-Mn-Sc zone, which is currently outside of the existing resource and supported by historical drilling (Figure 1), most recent intercepts include:

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MTRC011DA: 78.0 metres @ 0.11% Co, 0.50% Ni, 1.38% Mn & 46.4g/t Sc from 3.0 metres, including: o 15.0 metres @ 0.45% Co, 0.91% Ni, 5.42% Mn & 40.9g/t Sc from 45.0 metres
MTRC065D: 45.0 metres @ 0.03% Co, 0.33% Ni, 0.23% Mn & 35.9g/t Sc from 5.0 metres, including: o 8.0 metres @ 0.08% Co, 0.54% Ni, 0.43% Mn & 40.3g/t Sc from 19.0 metres

The most recent drill campaign utilised a combination of both reverse circulation and diamond drilling methods which allowed holes to be extended to an average depth of ~350 metres below surface, significantly deeper than the air-core methods typically utilised at Mt Thirsty in the past. As a result of this shallow air-core drilling, large areas beneath the existing resource still remain untested. Additionally, the 2022 drill campaign employed a comprehensive multi-element assay suite, serving to identify the presence of scandium which had not previously been assayed for, and is not included within the existing resource estimate. The potential addition of scandium to the existing Co-Ni Mt Thirsty Project (see PFS released ASX: CNJ 20/02/2020) may provide a valuable by-product revenue stream.

At 31 December 2022, the price of scandium oxide was US$930,930/t; cobalt approximately US$51,000/t; nickel is US$27,560/t and manganese is US$2,290/t[2] .

Assays are still pending on 17 holes modelled to potentially intercept the Upper Zone.

2. Lower Zone: Nickel (Ni)

The Lower Zone consists of a chromium rich basalt hosting a thick horizon of continuous nickel mineralisation. Importantly, nickel mineralisation has been intersected in 8 out of 14 holes for which assays have been received, with the most recent results including:

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MTRC009D: 21.8 metres @ 0.28% Ni & 49.8g/t Sc from 268.2 metres, including:
7.8 metres @ 0.34% Ni & 57.2g/t Sc from 268.2 metres

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MTRC007D: 33.5 metres @ 0.26% Ni & 35.8g/t Sc from 237.5 metres, including:
11.0 metres @ 0.37% Ni & 49.7g/t Sc from 238.0 metres

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MTRC012D: 19.8 metres @ 0.28% Ni & 49.7g/t Sc from 313.2 metres, including:
8.0 metres @ 0.38% Ni & 49.3g/t Sc from 316.0 metres

The 2022 drilling has defined a continuous nickel horizon with a strike extent of 1,000 metres, across strike of 400 metres and an average thickness of ~15.0 metres.

Assays are still pending on five holes modelled to potentially intercept the Lower Zone.

ASX Code: CNJ

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Figure 2 Cross-section showing MTRC011DA, including 15.0 metres @ 0.45% Co, 0.91% Ni, 5.42% Mn & 40.9g/t Sc from 45.0 metres which is outside of the current resource.

1 Source: ASX:AML 09 November 2022; ASX:AML 09 November 2022; ASX:AML 28 January 2022; ASX:ACB 23 November 2022; ASX:ARL 11 February 2022; ASX:AZY 03 February 2022; ASX:AML 28 January 2022; ASX:ERM 17 August 2022; ASX:AZY 10 November 2022.

2 Shanghai Metals Market (SMM).

3. Middle Zone: Palladium-Platinum-Gold-Copper-Nickel

The Middle Zone consists of an intrusive gabbro sill hosting anomalous palladium-platinum-gold-copper-nickel mineralisation (Callisto style). Importantly, highly anomalous mineralisation has been intersected in all 15 holes for which assays have been received, with the most recent results including:

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MTRC006D: 9.0 metres @ 0.14g/t 3E*, 0.09% Ni & 0.02% Cu from 223.0 metres

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MTRC005D: 6.5 metres @ 0.12g/t 3E, 0.09% Ni & 0.02% Cu from 292.0 metres

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MTRC012D: 3.0 metres @ 0.10g/t 3E, 0.06% Ni & 0.01% Cu from 247.0 metres

*3E = Au+Pd+Pt (g/t)

Having intersected both the target horizon and anomalous platinum group element (PGE) mineralisation in all holes for which results have been received, it is likely that secondary structural controls are influencing the spatial distribution of high-grade Callisto style mineralisation in the region.

Based on currently available information, it is believed that regional folding has created structural traps serving to create localised zones of sulphide accumulation. Initial results from the Phase 1 campaign have been instrumental in refining this exploration model, and have been utilised to further constrain the later phases of the Phase I drill campaign to areas which exhibit a similar structural signature as Callisto.

Assays are still pending on four holes modelled to potentially intercept the Middle Zone.

ASX Code: CNJ

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LITHIUM PEGMATITE UPDATE

Assay results from the maiden Lithium-Caesium-Tantalum (LCT) reverse-circulation drill campaign were reported subsequent to the end of the second quarter. The initial 11-hole geochemical program was principally aimed at assessing the western margin of the Mt Thirsty licences for LCT potential, with historical drilling and mapping previously documenting pegmatites within the MTJV licence area. Importantly, 150 metres to the west of licences held by the MTJV is the Mt Thirsty pegmatite where Galileo previously reported a series of steeply dipping, north-south trending pegmatites. Six grab samples of micaceous (lepidolite) pegmatite were sampled by Galileo returning an average assay grade of 2.3% Li2O, 1.87% Rb and 476 ppm Ta205[3] .

Preliminary geological mapping in the area had identified eight pegmatite outcrops on the western most margin of the Mt Thirsty licences over a strike extent of 1,000 metres, however many of the historically documented pegmatites are undercover and, as such, the initial LCT program was focused on gathering important geochemical data to support future targeting.

No significant intercepts were received as part of the initial LCT drill campaign, however a more detailed geochemical review of these results is ongoing given the known regional prospectivity for high fractionated and mineralised pegmatites.

GREENLAND

RYBERG & MESTERSVIG PROJECTS (100% Owned)

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 green field 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.

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

A total of 10 diamond drill holes were completed, and 20 rock chip samples taken during 2022 field work. Drilling targeted vein-hosted Zn-Pb-Cu-Ag mineralisation adjacent to the Blyklippen Mine, along previously undrilled segments of a fault structure linking the Blyklippen and Sortebjerg prospects.

Eight holes intersected base-metal sulphide minerals hosted by massive quartz veins with assay results received

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

Figure 3 : Conico’s East Greenland Projects.
----- End of picture text -----

subsequent to the Quarter confirming the presence of high-grade lead and zinc mineralisation. Rock chip samples were taken as part of regional reconnaissance on the BlyklippenSortebjerg, Holberg and Nuldal veins. Seven rock chip samples returned high-grade Pb, Zn, Cu, or Ag with grades up to 22.5% lead, 3.6% zinc, 3.1% copper and 226 g/t silver.

Mineralisation in drill core and rock chips is analogous to that at the Blyklippen Mine, consisting of quartz vein-hosted galena and/or sphalerite (Figure 4). Hole BKDD005 intersected mineralisation grading 7.6% Pb over 0.67 m approximately 1.7 km south of the mine area. High-grade mineralisation grading 23.75% Zn over 4.5 m was intercepted 9 km south of Blyklippen, on a previously undrilled section of the BlyklippenSortebjerg fault in hole SBDD003 (Figure 4). Further to this, many of the high-grade rock chip samples we on sections of veins, or vein systems that have been untested by drilling.

Despite the challenging drilling circumstances (see announcement ASX:CNJ 25/11/2022), the company regards the 2022 drill season to have

been a success. Drilling was limited to a small extent of the known vein-bearing fault structures and confirmed

ASX Code: CNJ

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that Pb-Zn-Cu-Ag mineralisation is present not just adjacent to the historic Blyklippen Mine but also throughout a wider part of the project area. High-grade mineralisation intersected down dip from the historic Blyklippen mine, along strike from previous drilling at the Sortebjerg prospect, and high-grade galena-bearing rock chips located on the Nuldal and Holberg veins, confirms the Company’s geological model and shows the exploration potential of the project area.

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Figure 4 SBDD003, showing quartz vein-hosted sphalerite mineralisation with assay samples highlighted in red and annotated. The overall grade of the interval is 4.5 m @ 7.67 g/t Ag and 23.75% Zn from 134 m.

ASX Code: CNJ

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Figure 5 Plan map of 2022 and historic drilling at the Blyklippen historic mine, showing significant intercepts (non-verified historical intercepts in grey boxes).

ASX Code: CNJ

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Figure 6 Map of the Sortebjerg prospect showing drill holes, with significant intercepts (non-verified historical intercepts in grey boxes).

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The Nuldal and Holberg fault systems host mineralised veins and are located on the eastern side of the local graben (Figure 5). They are situated outside the main area of historical exploration which has been previously focused on the Blyklippen-Sortebjerg fault on the western boundary of the graben. No previous drilling is known on the Holberg fault and only limited drilling took place in the1950s on the Nuldal fault, approximately 1 km to the south and 500 m lower in elevation from the new high-grade rock chip samples. The Holberg fault has 9 km of un-drilled strike length, which remains open along strike to the north and south. The Nuldal fault has 3 km of un-drilled strike length and is also open along strike to the north and south. The Blyklippen-Sortebjerg, Holberg, and Nuldal faults have all been shown to host high-grade Pb±Zn±Ag mineralisation.

In addition, a recent archive discovery of historical high-grade rock samples from Pingo Dal, 38 km to the south of the Blyklippen mine (Figure 6) adds another prospect and new target to the Mestersvig project. Similarities in metals, grades, and geology of the Pingo Dal prospect to the known Blyklippen mineralisation suggest a much broader extent to the Mestersvig ore-district than was previously known.

NULDAL PROSPECT ROCK CHIPS

The Nuldal prospect (Figures 7 & 8) contains a N-S trending fault, 6 km to the east of and sub-parallel to the Blyklippen-Sortebjerg fault. The prospect was known from historical records and rock samples returned from initial field visits by Conico in 2020 when two rock chip samples returned 60.7% Pb, 0.9% Cu & 236 g/t silver, and 69.5% lead, 0.8% copper & 282 g/t silver (see announcement ASX:CNJ 08/12/2020). Reconnaissance field mapping and sampling was conducted during the 2022 field season with several rock chips from fault-hosted quartz veins containing base-metal sulphides returning significant assay results of up to 22.2% Pb and 184g/t Ag. This area received only minor exploration in the 1950s leading to a small number of drill holes on flatter ground, 1 km south and 500 m vertically below the area of high-grade rock chips. The fault remains untested by drilling along most of its 3 km exposed length. Several high-grade lead, silver, and copper-bearing mineralised outcrops have now been identified along the Nuldal structure.

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Figure 7 Massive galena outcropping at the Nuldal Prospect, the location of sample 9959 containing 183 g/t Ag and 21.6% Pb. (The white marker is 12 cm long).

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HOLBERG PROSPECT ROCK CHIPS

The Holberg prospect contain a N-S trending fault, 4 km to the east of and sub-parallel to the BlyklippenSortebjerg fault (Figure 6). Reconnaissance mapping and sampling conducted during 2022 located multiple galena-bearing outcrops, with rock chips returning significant assay results of up to 19.0% Pb, 17g/t Ag and 0.44% Cu. The Holberg vein system has never been drilled, and mineralised quartz vein outcrops are known to extend along the structure’s strike for over 9 km.

SORTEBJERG PROSPECT ROCK CHIPS

The Sortebjerg prospect contains the southern continuation of the Blyklippen-Sortebjerg fault, from 9 to 13 km south of the historic Blyklippen mine (Figure 6). Reconnaissance field mapping and sampling was conducted during the 2022 field season along with limited drilling. The surface fieldwork confirmed the location of historic mapped veins and outcrops with sample 9970 returning grades of 22.5% Pb and 226g/t Ag from an area of historical drilling. Conico’s drilling took place along strike to the north of the historical drilling, including an intercept of 4.5 m @ 7.7 g/t Ag and 23.75% Zn in hole SBDD003.

PINGO DAL PROSPECT

During archival research in 2022 a region of anomalous high-grade rock chip samples reported in historical exploration work from the 1960s and 70s was identified in the southern part of the tenement licence (Figure 6), near the Pingo Dal valley. Anomalous samples are spread over 2.6 km and, as at Blyklippen, are hosted in Permian sandstones which appear to be heavily faulted by normal faults superimposing different units of sandstone against each other.

Sixty-four out of 145 samples are reported as having >1%Pb, with thirteen out of 145 samples reported as having >50% Pb, with a further 18 samples having >200 g/t Ag, the highest grades being 76.9% and 380 g/t respectively. Mineralisation is reported to be quartz vein hosted and fault controlled, with some mineralisation also occurring in strata-bound limestones. To the Company’s knowledge no exploration work has been carried out at the location since the 1980s, and only four short drill holes took place in 1957.

ASX Code: CNJ

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Figure 8 Prospects within the Ryberg Project area with reduced-to-pole magnetic intensity data from the 2021 geophysical survey.

ASX Code: CNJ

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Ryberg Polymetallic Project, Greenland (100% owned)

A total of 11 diamond drill holes were completed across four prospects during the Greenland field season, targeting Cu-Ni-Au- PGE mineralisation at the Sortekap, Miki, Cascata and Pyramid prospects. Assay results were returned in the Quarter for nine of the eleven holes and confirm the presence of Cu-Ni-PGE mineralisation in dykes at the Miki and Sortekap prospects, and Au mineralisation in a previously unknown zone of quartz veins in the Sortekap prospect.

While the mineralisation intercepted from the 2022 drilling is generally low grade, Conico considers the season and new data collected to be a very successful outcome. Intercepting magmatic sulphide-hosted Cu-Ni-PGE mineralisation, as well as identifying previously unknown quartz vein-hosted gold mineralisation is a positive result for the season and provides building blocks for further work. The Company is now seeking a joint venture (JV) partner to move the Ryberg Project forward.

MIKI PROSPECT DETAIL AND DRILL ASSAYS

The Miki Dyke (figure 8) is an NNE trending body of dolerite and gabbro intruded into units of local basement gneiss. Six drill holes were completed along a 3,700 m length of the dyke where the surface width of the dyke varies between approximately 160 m and 400 m. Mineralisation consisting of chalcopyrite variably associated with bornite, pyrrhotite/pyrite, and magnetite was encountered within the footwall of the dyke and the contact zone with the underlying gneiss.

Drill core samples were collected on-site for five of the six holes and shipped for preparation and assay at an accredited laboratory in Ireland. Assay results from the 2022 Miki drilling include the following:

MIDD011:	6.00 m @ 0.27% Cu, 0.06% Ni, and 0.31 g/t 3E from 191 metres
MIDD012:	1.00m @ 0.55% Cu, 0.11% Ni, and 0.78g/t 3E from 77 metres &
	1.00 m @ 0.02% Cu, 0.04% Ni, and 0.15 g/t 3E from 85 metres &
	4.68 m @ 0.11% Cu, 0.03% Ni, and 0.19 g/t 3E from 205 metres
MIDD013:	1.00m @ 0.11% Cu, 0.04% Ni, and 0.21 g/t 3E from 37 metres &
	2.00 m @ 0.12% Cu, 0.11% Ni, and 0.16 g/t 3E from 60 metres &
	2.00 m @ 0.02% Cu, 0.05% Ni, and 0.14 g/t 3E from 65 metres &
	2.00 m @ 0.10% Cu, 0.03% Ni, and 0.14 g/t 3E from 82 metres &
	2.00 m @ 0.24% Cu, 0.05% Ni, and 0.20 g/t 3E from 102 metres &
	1.00 m @ 0.06% Cu, 0.10% Ni, and 0.17 g/t 3E from 106 metres &
	2.00 m @ 0.11% Cu, 0.03% Ni, and 0.13 g/t 3E from 119 metres &
	2.00 m @ 0.10% Cu, 0.06% Ni, and 0.15 g/t 3E from 128 metres &
	2.00 m @ 0.05% Cu, 0.04% Ni, and 0.12 g/t 3E from 131 metres &
	8.00 m @ 0.22% Cu, 0.04% Ni, and 0.22 g/t 3E from 134 metres &
	1.00 m @ 0.87% Cu, 0.08% Ni, and 0.17 g/t 3E from 145 metres
MIDD014:	9.72 m @ 0.17% Cu, 0.07% Ni, and 0.20 g/t 3E from 55 metres

Mineralisation intercepted in the footwall contact of the Miki dyke albeit low grade, is encouraging as it confirms the targeted mineralisation style of Ni-Cu-PGE-bearing magmatic sulphides coalescing due to gravity within a magma intrusion. The sulphide mineral types intercepted provide good evidence that the dyke is fertile in Cu, Ni and PGE, and given the right structural environment and orientation of the dyke, has the potential to further concentrate these economic sulphides into an area of pooling. Future work will focus on identifying structural changes in the dyke that could accommodate sulphide aggregation to higher grades and thicknesses.

SORTEKAP PROSPECT DETAIL AND DRILL ASSAYS

Drilling at Sortekap (figure 9) targeted induced polarisation (IP) chargeability and magnetic anomalies from 3D inversions of geophysical data collected in 2020 and 2021. Drill-hole SODD004 intersected a zone of mineralisation (see Figure 9) in the footwall of a mafic dyke and the contact zone with the underlying gneiss, coincidental with an IP chargeability anomaly. Mineralisation included weakly disseminated and/or disseminated chalcopyrite with minor pentlandite. The presence of blebby textured sulphides, as well as chalcopyrite and pentlandite is very encouraging as this indicates the sulphides are magmatic and the magma system has the potential to further concentrate a dense metal-bearing sulphide liquid within the

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magma system. Hole SODD005 intersected the same mineralised zone along strike but assay results indicate weaker mineralisation.

The style of dyke and mineralisation seen in SODD004 (figure 9) and SODD005 resemble that seen in drilling at the Miki Dyke prospect and on surface at the undrilled Togeda Prospect, approximately 11 km south of Sortekap. This suggests either a continuation of dyke structures between Togeda and Sortekap prospects or the presence of additional mineralised dykes within the Ryberg Project.

Hole SODD006 intersected a new zone of quartz veins hosted in dolerite and amphibolite within an anomaly from a 3D inversion model of the aeromagnetic data; assay results indicate the zone to be associated with low-grade gold mineralisation.

Assay results from the 2022 Sortekap drilling include the following:

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SODD004: 3.28 m @ 0.41% Cu, 0.07% Ni, and 1.12 g/t 3E from 105.5 m (Including 1.00 m @ 0.83% Cu, 0.11% Ni and 2.49 g/t 3E from 105.5 m) & 1.40 m @ 0.07% Cu, 0.01% Ni, and 0.11 g/t 3E from 109.2 m & 1.00 m @ 0.17% Cu, 0.04% Ni, and 0.33 g/t 3E from 112.8 m & 1.10 m @ 0.06% Cu, 0.02% Ni, and 0.14 g/t 3E from 117.1 m SODD006: 5.57 m @ 0.15g/t Au from 344.43 m & 2.00 m @ 0.11 g/t Au from 354 m & 1.94 m @ 0.26 g/t Au from 383.2 m & 2.00 m @ 0.33 g/t Au from 387 m & 7.00 m @ 0.23 g/t Au from 395 m.

CASCATA AND PYRAMID RECONNAISSANCE DRILLING

Drill hole CADD003 of 416.5 m length, was drilled at Cascata (Figure 9) in 2022. The hole was located approximately 1,600 m SW from the two holes drilled by Conico in 2021 to further investigate the volcanosedimentary sequence and the proposed layered gabbroic intrusive intersected by previous drilling. The hole drilled through a sequence of dykes and volcaniclastic units containing weakly disseminated pyrite and pyrrhotite before encountering a gabbroic body from 369 m to the end of the hole at 416.5 m. Forty-eight samples to test the gabbroic intrusion and establish geochemical backgrounds were assayed but did not return any significant mineralisation. Further geochemical interpretation of the results will be carried out to assess potential affinity with key examples of intrusions hosting known Ni-PGE mineralisation prior to deciding on future additional work at the prospect.

At Pyramid (Figure 9) drill hole PYDD001 was drilled to test under a ridge containing magnetite-altered float rocks within an area of a significant anomaly from the 2021 aeromagnetic survey. The hole drilled through a sequence of micaceous shales and calcareous sandstones but was abandoned due to poor ground conditions before reaching the planned target depth. No samples from this drill core were sent for analysis.

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Figure 9 Prospects within the Ryberg Project area with reduced-to-pole magnetic intensity data from the 2021 geophysical survey.

CORPORATE

Capital Raising

Between 5 July 2022 and 1 September 2022 2,949,237 shares were issued pursuant to options being exercised, raising $111,680.

On 16 August 2022 93,750,000 shares were issued at $0.032 pursuant to a placement raising $3,000,000 before the costs of the offer. On 30 August 2022, 15,000,000 options exercisable at 7 cents expiring on 20 January 2024 were issued in part consideration of placement fees.

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On 27 February 2023, the Group announced a Placement and Pro-Rata Non-Renounceable Rights Issue. The Placement would issue 50,000,000 ordinary shares and 25,000,000 attaching options (the options being subject to shareholder approval), raising up to $500,000 (less costs of the issue) to sophisticated investors. Peleton Capital Pty Ltd (“Peleton”) (AFSL 406040) are lead managers for both issues, with 1% Lead Manager Fee, and a placement fee of 5%, and 15,000,000 options (subject to shareholder approval). The Pro-Rata NonRenounceable Rights Issue will be offered as one share for every seven ordinary shares, if fully subscribed would raise up to $2,151,383. Subscribers would also be issued one free attaching option for every two shares subscribed. Peleton Capital Pty Ltd (“Peleton”) (AFSL 406040) are lead managers for both issues, with 1% Lead Manager Fee, and a placement fee of 5% on the shortfall placed as lead manager to the offer. Options issued on all the above will be exercisable at 2.6 cents each on or before 31 December 2026,

On 7 March 2023, the Group announced the closure of the above placement of 49,999,934 shares, raising $499,999 before issue costs.

Management Changes

On 14 October 2022, Mr James Richardson retired from the board after a period of 13 years. On 9 January 2023, Mr Jamie Scoringe was appointed as Company Secretary following the resignation of Mr Aaron Gates after a period of 15 years with the Company.

On 31 January 2023, Mr Thomas Abraham-James retired from the board.

Dispute with Drilling Contractor

On 25 November 2022, Cartwright Drilling Inc (“Cartwright”) a drilling company incorporated in Newfoundland (Canada) that was engaged by Conico to undertake diamond drilling at the Ryberg and Mestersvig Projects over the 2022 Greenland field season, had commenced an arbitration in Newfoundland to resolve a dispute in respect to invoices received by Conico from Cartwright, which Conico has refused to pay. It is the opinion of the board of Conico that the performance of Cartwright was materially deficient in a number of key areas and not up to best practice and has caused loss to Conico through scheduled drilling not having been completed. The total amount of the invoices in dispute is CAD$1,419,203 (approximately AUD$1,575,315). Cartwright currently hold a bond of CAD$300,000 on behalf of Conico. In the arbitration, Conico will also seek to recover substantial damages from Cartwright.

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 Guy Le Page, a director of Conico Ltd. Mr. Guy Le Page has a B.A., B.Sc. B.App.Sc. (Hons), MBA, M.Fin.Plan, GradDIpAppFin&Inv, MAusIMM, FFIN, Mr. Le Page 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. Le Page 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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DIRECTORS’ REPORT

Your directors submit the financial report of Conico Ltd and its controlled entities (Group) for the half-year ended 31 December 2022.

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 Richardson (retired 14 October 2022)

Mr Thomas Abraham-James (retired 31 January 2023)

Review of Operations

The net loss after income tax for the half year was $414,930 (2021: $445,943).

A review of the operations of the Group during the half-year ended 31 December 2022 is set out in the Review of Operations on Page 7.

Events subsequent to reporting date

On 17 January 2023, the Company released results of the 2022 Mestersvig drill results and High-grade Rock Chip Assays.

On 23 January 2023, the Company released results of the Mt Thirsty Joint Venture assay results with Outstanding Cobalt, Nickel & Scandium results.

On 31 January 2023, Mr Thomas Abraham-James retired as a Director of the Company

On 27 February 2023, the Group announced a Placement and Pro-Rata Non Renounceable Rights Issue. The Placement would issue 50,000,000 ordinary shares and 25,000,000 attaching options (the options being subject to shareholder approval), raising up to $500,000 (less costs of the issue) to sophisticated investors. Peleton Capital Pty Ltd (“Peleton”) (AFSL 406040) are lead managers for both issues, with 1% Lead Manager Fee, and a placement fee of 5%, and 15,000,000 options (subject to shareholder approval). The Pro-Rata Non Renounceable Rights Issue will be offered as one share for every seven ordinary shares, if fully subscribed would raise up to $2,151,383. Subscribers would also be issued one free attaching option for every two shares subscribed. Peleton Capital Pty Ltd (“Peleton”) (AFSL 406040) are lead managers for both issues, with 1% Lead Manager Fee, and a placement fee of 5% on the shortfall placed as lead manager to the offer. Options issued on all the above will be exercisable at 2.6 cents each on or before 31 December 2026,

On 7 March 2023, the Group announced the closure of the above placement of 49,999,934 shares, raising $499,999 before issue costs.

No matters or circumstances have arisen since the end of the half-year 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.

Going Concern

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

The Group has reported a net loss for the period of $414,930 (2021: $445,943), a cash outflow from operating activities of $535,650 (2021: $462,995) and a net working capital surplus of $490,274. The directors are confident that the Group, subject to being able to raise further capital by way of further equity raising and/or the sale or part thereof, the Group’s projects, will be able to continue its operations as a going concern.

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Without such capital or additional funding, the net loss for the year and the cash outflow from operating activities (or additional funding from other resources) indicate the existence of a material uncertainty which may cast significant doubt about the Group’s ability to continue 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. Unless additional finance is received the Group may need to realise assets and settle liabilities other than in the normal course of business and at amounts which could differ from the amounts at which they are stated in these financial statements.

The Consolidated Financial Statements do not include any adjustment relative to the recoverability and classification of recorded asset amounts, or the amounts of classification of liabilities that might be necessary should the Group not continue as a going concern.

Auditor’s Declaration

The lead auditor’s independence declaration under section 307C of the Corporations Act 2001 is set out on page 23 for the half-year ended 31 December 2022.

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

Chairman

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Gregory H Solomon

Dated this 14[th] day of March 2023

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 2022 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.

Nexia Perth Audit Services Pty Ltd

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M. Janse van Nieuwenhuizen

Director

Perth 14 March 2023

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

Notes Other income Accounting and audit fees 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 Foreign Exchange Translation Differences 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 2022 31 Dec 2021 $ $ 66,371 1,358 (24,918) (18,792) (1,042) (17,183) (111,450) (98,795) (8) - 4,779 24 (11,810) (40,950) (55,782) (21,718) (70,000) (72,000) (92,936) (97,942) (1,250) (1,289) (116,884) (78,656)
	(414,930) (445,943) - -
	(414,930) (445,943)
	173,461 10,267
	173,461 10,267
	(241,469) (435,676)
	(0.0169) (0.0463)

The accompanying notes form part of these financial statements.

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022

Notes 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 2022 30 Jun 2022 $ $ 750,269 4,916,710 105,558 398,863
	855,827 5,315,573
	540,397 64,870 35,118,300 28,939,207
	35,658,697 29,004,077
	36,514,524 34,319,650
	365,553 847,234
	365,553 847,234
	262,500 262,500
	262,500 262,500
	628,053 1,109,734
	35,886,471 33,209,916
	42,518,534 39,980,010 1,673,812 1,120,851 (8,305,875) (7,890,945)
	35,886,471 33,209,916

The accompanying notes form part of these financial statements.

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

		Foreign
	Share	Currency
	Capital	Translation	Option	Retained
	Ordinary	Reserve	Reserve	Earnings	Total
	$	$	$	$	$
Balance at 1 July 2021	31,425,251	(21,279)	1,429,050	(6,950,779)	25,882,243
Issue of shares, net of costs	4,456,241	-	-	-	4,456,241
Net loss for the period	-	-	-	(445,943)	(445,943)
Other comprehensive income / (loss)	-	10,267	-	-	10,267
Total comprehensive income / (loss)	-	10,267	-	(445,943)	(435,676)
Balance at 31 December 2021	35,881,492	(11,012)	1,429,050	(7,396,722)	29,902,808
Balance at 1 July 2022	39,980,010	(518,299)	1,639,150	(7,890,945)	33,209,916
Issue of shares, net of costs	2,538,524	-	-	-	2,538,524
Issue of options	-	-	379,500	-	379,500
Net loss for the period	-	-	-	(414,930)	(414,930)
Other comprehensive income / (loss)	-	173,461	-	-	173,461
Total comprehensive income / (loss)	-	173,461	-	(414,930)	(241,469)
Balance at 31 December 2022	42,518,534	(344,838)	2,018,650	(8,305,875)	35,886,471

The accompanying notes form part of these financial statements.

ASX Code: CNJ

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CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

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 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 2022 31 Dec 2021 $ $ - 341 (540,208) (462,995) 4,558 110 - -
	(535,650) (462,544)
	- - (5,990,262) (5,238,310) (567,647) (23,852)
	(6,557,909) (5,262,162)
	2,918,025 4,456,042 - -
	2,918,025 4,456,042
	(4,175,534) (1,268,664) 9,083 (13,384) 4,916,720 3,918,252
	750,269 2,636,204

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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NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

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 2022 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 2022 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 half-year.

Going Concern

NOTE 2: EXPLORATION AND EVALUATION ASSETS


NOTE 2: EXPLORATION AND EVALUATION ASSETS Balance at the beginning of the period Expenditure incurred during the period Net exchange differences Balance at the end of the period	Consolidated Group 31 Dec 2022 $ 30 June 2022 $ 28,939,207 22,272,897 6,677,984 6,456,342 (498,891) 209,968
	35,118,300 28,939,207

ASX Code: CNJ

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NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

NOTE 3: ISSUED CAPITAL

NOTE 3: ISSUED CAPITAL Ordinary shares a. Ordinary shares At the beginning of reporting period Shares issued during the year net of costs At reporting date	31 Dec 2022 No. 30 June 2022 No. 1,358,268,874 916,367,041 96,699,237 441,901,833	31 Dec 2022 $ 30 June 2022 $
		42,518,534 39,980,010
		31 Dec 2022 $ 30 June 2022 $ 39,980,010 31,425,251 2,538,524 8,554,759
	1,454,968,111 1,358,268,874	42,518,534 39,980,010

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% 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-Co-PGE-Au magmatic sulphide prospects. The Mestersvig Project containing the historic Blyklippen Pb-Zn mine and Sortebjerg Pb-Zn prospect.

Mt Thirsty Joint Venture

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-Scandium (Co-Ni-Sc) Oxide Deposit that has the potential to emerge as a significant cobalt producer. In addition to the Co-Ni-Sc 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 period.

The segment information for the reportable segments for the six months ended 31 December 2022 is as follows

SEGMENT PERFORMANCE

6 months ended 31 December 2022	Greenland		Mt Thirsty JV		Unallocated	Total
	$		$		$	$
Segment loss before tax		-		-	(414,930)	(414,930)
Impairment of assets		-		-	-	-
6 months ended 31 December 2021
Segment loss before tax		-		-	(445,943)	(445,943)
Impairment of assets		-		-	-	-

ASX Code: CNJ

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NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

NOTE 4: SEGMENT INFORMATION CONTINUED

SEGMENT FINANCIAL POSITION
At 31 December 2022	Greenland	Mt Thirsty JV	Unallocated	Total
	$	$	$	$
Capital expenditure additions	6,000,790	1,196,607	-	7,197,397
Segment assets	17,900,584	17,217,716	1,396,224	36,514,524
Segment liabilities	(352,393)	(208,379)	(67,281)	(628,053)
At 30 June 2022
Capital expenditure additions	6,426,443	79,426	-	6,505,869
Segment assets	13,337,359	16,022,428	4,959,863	34,319,650
Segment liabilities	(658,249)	(332,246)	(119,239)	(1,109,734)

NOTE 5: CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Conico’s wholly-owned subsidiary, Longland Resources, withheld payment for drilling services in Greenland in the 2022 drilling season claimed by the drilling contractor, Cartwright Drilling, for the reason that the amount claimed was not payable because of failure to provide those services with due care, skill and diligence. The drilling contractor has commenced an arbitration in Canada claiming the withheld fees. Longland will be counterclaiming in the arbitration for damages being the anticipated amount required to be paid for future drilling in Greenland which should have been done during the 2022 drilling season. No liability or asset in consideration of the above litigation has been included in the company’s accounts as at 31 December 2022.

The directors are not aware of any contingent liabilities or contingent assets as at 31 December 2022.

NOTE 6: EVENTS SUBSEQUENT TO REPORTING DATE

On 17 January 2023, the Company released results of the 2022 Mestersvig drill results and High-grade Rock Chip Assays.

On 23 January 2023, the Company released results of the Mt Thirsty Joint Venture assay results with Outstanding Cobalt, Nickel & Scandium results.

On 31 January 2023, Mr Thomas Abraham-James retired as a Director of the Company

On 7 March 2023, the Group announced the closure of the above placement of 49,999,934 shares, raising $499,999 before issue costs.

No other 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.

ASX Code: CNJ

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NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

NOTE 7: RELATED PARTY TRANSACTIONS	Consolidated Group	Consolidated Group	Consolidated Group
	31 Dec 2022	31 Dec	2021
	$	$
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
Management fees and administration fees are paid/payable to Princebrook	70,000	72,000
Pty Ltd, 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 Richardson1have an interest.
Legal fees are paid/payable to a legal firm in which Mr G Solomon and Mr D	572	17,852
Solomon have an interest.
Website development, media and marketing fees paid/payable to RM	1,800		4,170
Corporate Finance Pty Ltd, a company in which Mr G Le Page and Mr J
Richardson1have an interest.
Placement fees paid/payable to RM Corporate Finance Pty Ltd, a company	60,000	241,200
in which Mr G Le Page and Mr J Richardson1have an interest.

1 Mr J Richardson retired as a Director on 14 October 2022.

ASX Code: CNJ

Page 31 of 35

CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

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DIRECTORS’ DECLARATION

The directors of the company declare that:

The consolidated financial statements and notes, as set out on pages 24 to 31:
a. comply with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001; and
b. give a true and fair view of the Group’s financial position as at 31 December 2022 and of its performance for the half-year ended on that date.
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

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Gregory H Solomon

Dated this 14[th] day of March 2023

ASX Code: CNJ

Page 32 of 35

Independent Auditor’s Review Report to the members of Conico Ltd

Report on the Interim Financial Report

Conclusion

We have reviewed the accompanying Interim 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 2022, 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 2022 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 of the financial report, which indicates that the Group will require further funding in the next twelve months from the date of this report to fund its planned operating costs. These conditions, along with other matters as set forth in Note 1, indicate the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern and therefore the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. 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 interim 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 interim financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Page 33 of 35

Auditor’s Responsibility for the Review of the Financial Report

Our responsibility is to express a conclusion on the interim 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 at 31 December 2022 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 interim 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

14 March 2023 Perth, Western Australia

Page 34 of 35

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

Page 35 of 35

AI assistant

CONICO LTD — Interim / Quarterly Report 2023

64678_rns_2023-03-14_e46ce29b-209a-45b1-83db-9cc3f10d0c59.pdf

Conico Ltd ABN 49 119 057 457

and Controlled Entities

CONTENTS

HIGHLIGHTS:

Mt Thirsty PGE, Ni-Cu-Co and Ni-Co Project, Western Australia (50% owned)

Ryberg Polymetallic and Mestersvig Zn-Pb-Cu-Ag Projects, Greenland (100% owned)

CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

Corporate

CORPORATE DIRECTORY

DIRECTORS:

COMPANY SECRETARY:

REGISTERED OFFICE:

SOLICITORS:

AUDITORS:

SHARE REGISTRY:

STOCK EXCHANGE LISTING:

REVIEW OF OPERATIONS

AUSTRALIA

Mt Thirsty PGE-Ni-Co-Mn-Sc Project, Western Australia

PGE-Ni-Cu-Co-Sc EXPLORATION

1. Upper Zone: Nickel-Cobalt-Manganese-Scandium (Ni-Co-Mn-Sc)

2. Lower Zone: Nickel (Ni)

3. Middle Zone: Palladium-Platinum-Gold-Copper-Nickel

LITHIUM PEGMATITE UPDATE

GREENLAND

RYBERG & MESTERSVIG PROJECTS (100% Owned)

CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

NULDAL PROSPECT ROCK CHIPS

HOLBERG PROSPECT ROCK CHIPS

SORTEBJERG PROSPECT ROCK CHIPS

PINGO DAL PROSPECT

MIKI PROSPECT DETAIL AND DRILL ASSAYS

SORTEKAP PROSPECT DETAIL AND DRILL ASSAYS

CASCATA AND PYRAMID RECONNAISSANCE DRILLING

CORPORATE

Capital Raising

CONICO LTD ABN 49 119 057 457 AND CONTROLLED ENTITIES

Management Changes

Dispute with Drilling Contractor

Disclaimer

Competent Persons Statements

DIRECTORS’ REPORT

Directors

Review of Operations

Events subsequent to reporting date

Going Concern

Auditor’s Declaration

Nexia Perth Audit Services Pty Ltd

M. Janse van Nieuwenhuizen

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

NOTE 1: BASIS OF PREPARATION

Accounting Policies

Going Concern

NOTE 2: EXPLORATION AND EVALUATION ASSETS

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

NOTE 3: ISSUED CAPITAL

NOTE 4: SEGMENT INFORMATION

Greenland

Mt Thirsty Joint Venture

Unallocated

SEGMENT PERFORMANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

NOTE 4: SEGMENT INFORMATION CONTINUED

NOTE 5: CONTINGENT LIABILITIES AND CONTINGENT ASSETS

NOTE 6: EVENTS SUBSEQUENT TO REPORTING DATE

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

DIRECTORS’ DECLARATION

Independent Auditor’s Review Report to the members of Conico Ltd

Report on the Interim Financial Report

Conclusion

Basis for Conclusion

Material Uncertainty Related to Going Concern

Responsibility of the Directors for the Financial Report

CONICO LTD Interim / Quarterly Report 2023