CORAZON MINING LIMITED - Annual Report 2024

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ANNUAL REPORT for the financial year ended 30 June 2024

CORAZON MINING LIMITED AND ITS CONTROLLED ENTITIES (ABN 87 112 898 825)

Annual Financial Report

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CONTENTS Corporate Directory .................................................................................................................... 1 Interim Chairperson’s Letter ....................................................................................................... 2 Directors' Report ......................................................................................................................... 3 Auditor’s Independence Declaration ........................................................................................ 22 Consolidated Statement of Profit or Loss and Other Comprehensive Income ......................... 23 Consolidated Statement of Financial Position .......................................................................... 24 Consolidated Statement of Changes in Equity ......................................................................... 25 Consolidated Statement of Cashflows ...................................................................................... 26 Notes to the Financial Statements ........................................................................................... 27 Directors’ Declaration ............................................................................................................... 56 Independent Auditor’s Report .................................................................................................. 57 Additional Information for Listed Companies .......................................................................... 62 Corporate Governance ............................................................................................................. 67

Annual Financial Report

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CORPORATE DIRECTORY

NON-EXECUTIVE CHAIRPERSON

Terry Streeter (passed away 17 July 2024)

NON-EXECUTIVE INTERIM CHAIRPERSON Kristie Young (appointed 1 September 2023)

EXECUTIVE MANAGING DIRECTOR

Brett S. Smith

NON-EXECUTIVE DIRECTORS

Mark Qiu Andrew Strickland (appointed 1 September 2023)

COMPANY SECRETARY

Robert Orr

PRINCIPAL & REGISTERED OFFICE

Level 3, 33 Ord Street WEST PERTH WA 6005 Australia Telephone: (08) 6166 6361

AUDITORS

PKF Perth Level 8, 905 Hay Street Street PERTH WA 6000 Telephone: (08) 9322 2798

SHARE REGISTRY

Automic Group Level 5, 126 Philip Street SYDNEY NSW 2000 Telephone: 1300 288 664

SECURITIES EXCHANGE LISTINGS

Australian Securities Exchange (Home Exchange: Perth, Western Australia) Code: CZN

BANKERS

National Australia Bank Limited 50 St Georges Terrace PERTH WA 6000

WEBSITE

www.corazon.com.au

Annual Financial Report

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INTERIM CHAIRPERSON’S LETTER

Dear Shareholders,

On behalf of the Corazon Board, I am pleased to present Corazon Mining Limited’s Annual Report for the year ending June 2024 (FY24).

Before I delve into the past year’s growth opportunities and challenges for the Company, I wish to take a moment to pay the Company’s respects to our late Chairperson, Mr Terry Streeter, who passed in July of this year. Terry was very well known and esteemed in the mining sector, with over 30 years’ experience and deep success in the nickel industry. Terry’s contributions to our Company were extremely impactful and the Board looks forward to continuing to advance towards achieving our shared goals for Corazon. Terry will be sorely missed.

FY24 saw the Company continue to progress its critical minerals projects in both Australia and Canada, albeit in a challenging market. The Company’s complementary portfolio of assets are in various stages of project development, with the focus on exploration and discovery of key commodities essential to the global renewables race - nickel, cobalt, copper and lithium.

Corazon’s Lynn Lake Nickel-Copper-Cobalt Sulphide Project (Lynn Lake) in Manitoba Province, Canada, remains one of Corazon’s primary focus projects. Efforts throughout FY24 have been predominantly focused on advancing Lynn Lake as a potentially significant North American development opportunity.

The goal of current mining and metallurgical studies is to define the value of the Lynn Lake opportunity and set a pathway through to production. Study results to date have been positive, leading to an extension of the metallurgical testwork program. Following metallurgical work, an optimised and scheduled mine plan will be generated for assessment.

The second component of our work at Lynn Lake is the exploration for new nickel sulphide discoveries within the wider project area. We have furthered this pursuit, entering into an agreement for the strategic multi-commodity acquisition of three drill-defined zinc-copper-gold deposits adjacent to Lynn Lake, with the potential to transform Lynn Lake into a regional polymetallic hub.

Lynn Lake’s proximity to growing battery markets in North America and Europe underpins our commitment to pursuing its potential redevelopment, and we are expecting the focused efforts of recent years to be met with success at Lynn Lake.

The Company also has two projects in Australia - The Miriam Project (Miriam) and Mt Gilmore Project (Mt Gilmore) - with promising nickel, lithium, cobalt, and copper exploration potential.

Located in the Eastern Goldfields region of Western Australia, Miriam is historically known to be prospective for nickel, and Corazon’s more recent exploration efforts have exposed the project’s potential to host multiple lithium-rich pegmatites. Corazon recently completed a transaction to divest 85% of Miriam’s lithium rights to Future Battery Minerals Ltd (FBM), in exchange for A$1m in cash plus FBM shares and performance rights. Corazon will be free carried on Li exploration and development costs until the completion of a DFS, and maintains 100% of the base and precious metal rights.

At Mt Gilmore, NSW, the Company is pursuing potential large porphyry-copper-gold deposits. Drilling is now underway, followed by assays, in order to test the May Queen Cu-Au porphyry target, which was discovered from two phases of advanced alteration mineral chemistry studies. The identification of May Queen as a distinct high priority target,, provides a great opportunity for Corazon and will be a good initial test of the advanced mineral vectoring targeting methodologies as provided by CODES and the University of Tasmania.

On behalf of Corazon’s Board and team, I thank you for your on-going support. We look forward to sharing our advancements throughout FY25 and delivering value to shareholders across the coming year.

Sincerely,

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Kristie Young Interim Chairperson

Annual Financial Report

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DIRECTORS' REPORT

The Directors present their report, together with the financial statements, on the Consolidated Entity (referred to hereafter as the ‘Consolidated Entity’) consisting of Corazon Mining Limited (referred to hereafter as the ‘Company’ or ‘Parent Entity’) and the entities it controlled as at the end of the financial year ended 30 June 2024.

1. Directors

The names of Directors in office at any time during or since the end of the year are:

Terry Streeter Non-Executive Chairperson (passed away 17 July 2024) Brett S. Smith Executive Managing Director Jonathan Downes Non-Executive Director (retired 1 September 2023) Mark Qiu Non-Executive Director Kristie Young Non-Executive Director (appointed 1 September 2023) Interim Chairperson Andrew Strickland Non-Executive Director (appointed 1 September 2023)

Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.

2. Company Secretary

Mr Robert Orr, CA holds the position of Company Secretary. Mr Orr is a Chartered Accountant who has acted as Chief Financial Officer and Company Secretary for a number of ASX listed companies. He has over 30 years’ experience in public practice and commerce, during which he has worked extensively in the resource industry and has experience in capital markets, project development, contract negotiation and mining operations.

3. Operating Results

The consolidated loss of the Consolidated Entity after providing for income tax and eliminating intercompany interests amounted to $2,675,177 (2023: $672,903)

4. Principal Activities and Significant Changes in Nature of Activities

The principal activity of the Consolidated Entity during the financial year has been exploration for nickel, cobalt, copper and gold and development of mining activities. There were no significant changes in the nature of the Consolidated Entity’s principal activities during the financial year.

5. Dividends Paid or Recommended

The Directors do not recommend the payment of a dividend and no amount has been paid or declared by way of a dividend to the date of this report.

6. Likely Developments and Expected Results of Operations

The Consolidated Entity intends to continue its exploration, development and production activities on its existing projects and to acquire further suitable projects for exploration as opportunities arise.

7. Review of Operations

Corazon Mining Limited (ASX: CZN) (Corazon or the Company) is an Australian mineral exploration company with a portfolio of critical minerals projects in Australia and Canada. The Company’s focus on nickel, copper and cobalt positions it to take advantage of the massive demand for these metals, which are essential inputs for the booming global renewable energy sector, which includes rechargeable batteries.

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DIRECTORS’ REPORT (cont.)

Corazon’s core asset is the Lynn Lake Nickel-Copper-Cobalt-Project (Lynn Lake) in Manitoba Province, Canada. The Company has sole ownership of mineral rights to the entire historical mining centre and surrounding exploration ground, and is the first company to consolidate this major nickel-producing district since mine closure in 1976. Lynn Lake hosts a large JORC compliant nickel-copper-cobalt resource and presents Corazon with a major development opportunity.

In Australia, Corazon is exploring the Miriam Nickel Sulphide and Lithium Project (Miriam) in Western Australia and the Mt Gilmore Copper-Gold-Cobalt Project (Mt Gilmore ) in New South Wales.

Miriam is a highly prospective nickel sulphide project and a strategic addition to Corazon’s nickel sulphide asset portfolio. Exploration by Corazon identified lithium (spodumene) bearing pegmatites (ASX announcement 29 March 2023), leading to the recent divestment of the lithium mineral rights for Miriam and the formation of a lithium joint venture with Future Battery Minerals Limited (ASX:FBM) (ASX announcement 24 May 2024). Corazon and FBM are currently working on securing drilling permits for the first-phase drilling for both priority nickel sulphide and lithium targets. Corazon retains 15% of the lithium rights at Miriam, and shall be free carried on lithium exploration and development costs until the completion of a Definitive Feasibility Study. Corazon retains 100% of the base and precious metal rights at Miriam.

Mt Gilmore is centred on a regionally substantive hydrothermal system with extensive copper, cobalt, silver and gold anomalism, including high-grade rock chip samples over a strike of more than 20 kilometres. Recent exploration at Mt Gilmore located a target with the mineral chemistry characteristics typical of “large to giant porphyry copper deposits”. Drilling of this target commenced in August 2024.

EXPLORATION ACTIVITIES

Lynn Lake Nickel-Copper-Cobalt Sulphide Project, Canada

Corazon owns 100% of the Lynn Lake Nickel-Copper-Cobalt Sulphide Project (Lynn Lake) in Manitoba, Canada (Figure 1) - a prolific historical nickel production centre that was mined for 24 years before closure in 1976. Corazon is the first company to have control of the entire Lynn Lake nickel camp since mine closure. Highlights of the Lynn Lake Project include:

100% ownership of nickel sulphide district
Large JORC resources
Exciting and proven exploration upside
Beneficial infrastructure that would reduce start-up capital requirements:
Township originally built for the historical mining operation;
Hydro-Power – an important component for any future sustainable and environmentally compliant mining operation; and
Nearby to the emerging North American and European rechargeable battery industries.

Corazon’s focus at Lynn Lake is on development and exploration. Mining Centre studies are seeking cost and performance efficiencies in mining and processing practices, progressing the possible development of a significant, low-cost mining operation. Exploration in the area is looking to expand the near-surface resources as potential start- up feed to complement existing resources at depth. Combined, this work will enable the determination of value for the Lynn Lake project at a time when there is an expectation of future increased demand for metals.

Mining and Processing Studies – Lynn Lake Mining Centre

Studies for the Potential Re-establishment of Mining at Lynn Lake Project Nearing Completion

Corazon’s detailed knowledge and understanding of Lynn Lake’s mineralisation is being used to investigate modern best-practice mining and processing options for the exploitation of the large JORC resources defined within the historical mining centre.

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DIRECTORS’ REPORT (cont.)

Current mining studies seek to establish the benefit of bulk mining and materials handling efficiencies to push the mining cut-off grades lower and exploit the substantial mineralisation defined at low-tomedium grades. It is the Company’s belief that a mining operation at Lynn Lake has the potential for operating costs that would be competitive in the current nickel market.

The metallurgical testwork program has been focused on utilising innovative processing technologies to upgrade the mineralisation pre-flotation, thus improving materials handling and processing efficiencies (ASX announcements: 13 July 2022, 3 April 2023, 23 August 2023).

The positive results returned to date, utilising a number of processing technologies, led to the extension of the initial metallurgical testwork program. This work has been reported in detail in previous Company announcements and quarterly reports. The current phase of testwork, initially scheduled for completion in Q1 2024 is now scheduled for completion in Q4 2024. Results from the metallurgical testwork program shall provide valuable input data to assist toward Lynn Lake mine design, scheduling and modelling.

Strategic Multi-Commodity Acquisition

New high-grade zinc-copper-gold deposits provide potential to transform Lynn Lake into a regional poly-metallic processing hub.

Corazon recently announced it has entered into an agreement for the acquisition of three drill-defined zinc-copper-gold deposits, adjacent to its 100% owned Lynn Lake Project (ASX announcement 13[th] June 2024).

A core component of Corazon’s work at Lynn Lake is establishing a pathway for the redevelopment of the historical Lynn Lake Nickel Sulphide Mining Centre, with initial mining and metallurgical studies in the final stages of completion. The flotation processing techniques for magmatic nickel- copper sulphide mineralisation is similar to the flotation of zinc-copper VMS mineralisation. The opportunity to mine high- grade zinc-copper-gold deposits (as part of a future mining operation at Lynn Lake) may provide benefits to the projects’ economics.

Corazon has completed initial due diligence of the project areas to be acquired, and has commenced the digital capture of all available historical exploration data, including mapping, surface sampling, geophysics and drilling.

Summary of Project Areas to be Acquired

MacBride Zinc-Copper Deposit: 65 kilometres east of Lynn Lake, mineralisation has been categorised as volcanogenic massive sulphide (VMS) deposit and consists of coarse pyrite in a matrix of pyrrhotite, sphalerite and blebby chalcopyrite.
Wellmet Zinc-Copper Deposit: 6 kilometres northwest of MacBride; surface copper mineralisation discovered in 1948, limited historical information available.
Barrington Copper Deposit: 43 kilometres east of Lynn Lake; exploration including drilling in the early 1990s defined copper mineralisation in structures, along with numerous geophysical anomalies that are yet to be followed up with drilling.

Project Acquisition Agreement Terms

Corazon, via its wholly owned Canadian subsidiary 5918139 Manitoba Inc, will acquire 100% of the mineral tenure (ASX announcement 13th June 2024) for C$153,600, prior to mid-December 2024. The vendor, Mr PC Dunlop, will retain a 2% Net Smelter Royalty (NSR) over the ground, with the Company retaining a right to purchase up to 1% of the NSR for C$500k per 0.5%.

Corazon has a long association with Mr Dunlop, who from previous transactions also retains a royalty over areas within the Lynn Lake Project.

The completion of this transaction will occur on the Company’s payment of C$153,600 to Mr Dunlop, subject to the relevant government agencies recording the transfer of Mineral Claim title (ownership) to 5918139 Manitoba Inc.

Annual Financial Report

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DIRECTORS’ REPORT (cont.)

Exploration Agreement Signed with First Nation of Lynn Lake

First Nation group supportive of further exploration activity and potential nickel sulphide mining at Lynn Lake.

Corazon signed a new Exploration Agreement (Agreement) with the Marcel Colomb First Nation (MCFN) of the Lynn Lake area (ASX announcement 18 August 2023). The new Agreement replaces an existing exploration agreement established in 2018 in respect of the Lynn Lake Project, and provides more structure on how the parties will work together to progress the exploration and development activities at Lynn Lake and, additionally, the Fraser Lake Complex. The Agreement outlines a framework for collaboration on proposed exploration and re-development activities, and elevates the MCFN as important stakeholders in Lynn Lake’s success, and in Corazon as shareholders.

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Figure 1: Lynn Lake Project location map

Mt Gilmore Cobalt -Copper-Gold Project

The Mt Gilmore Cobalt-Copper-Gold Project (Mt Gilmore) is located 35 kilometres from the city of Grafton in north-eastern New South Wales (Figure 2). Corazon owns an 80% interest in Mt Gilmore and is managing and sole funding exploration until any future decision to mine is made.

Corazon’s exploration of the prospective “Mt Gilmore trend” has uncovered a major copper–cobalt– silver-gold geochemical trend, potentially representing a district-scale exploration play for large intrusive related copper-cobalt-gold deposits.

The surface anomalism for metals at Mt Gilmore covers a large area. The recognition of the surface expression of a large hydrothermal system of more than 20 kilometres in strike (ASX announcement 5[th] February 2019), possibly associated with mineralised intrusive rocks (ASX announcement 9[th] October 2020), presents an exciting exploration undertaking for Corazon.

Drilling Commences at Priority Copper-Gold Target

Drilling underway at the priority May Queen copper-gold porphyry target .

Post Year-end, Corazon announced the commencement of drilling at the May Queen copper-gold porphyry target within the Mt Gilmore Project An initial two-hole diamond core program (for approximately 1,000 metres in total drilling) is testing the priority May Queen target, which has been

Annual Financial Report

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DIRECTORS’ REPORT (cont.)

identified from two phases of advanced alteration mineral chemistry studies (ASX announcement 2[nd] April 2024 and 5[th] April 2024).

The May Queen prospect has a signature of porphyry systems, notably in the “giant” porphyry copper deposit category, with some samples demonstrating strong skarn signature. Encouragingly, the mineral chemistry and fertility studies of samples from May Queen have mineral and geochemical characteristics comparable to representative samples from the large Northparkes Copper Gold Deposit in NSW (ASX announcement 5[th] April 2024).

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Figure 2: Mt Gilmore Project location map

Miriam Nickel Sulphide & Lithium Project

The Miriam Nickel Sulphide and Lithium Project (Miriam) is located within the Goldfields region of Western Australia, approximately 10 kilometres south-southwest of Coolgardie on a trend of ultramafics best identified by the Miriam and Nepean nickel deposits (Figure 3).

The Miriam Nickel Sulphide Deposit (within the Miriam project) was discovered in 1969, with ‘high nickel tenor’ massive and disseminated sulphides intersected in drilling. Miriam has not been extensively explored and there is extensive untested opportunity for nickel sulphide mineralisation at depth and along strike from previous drilling. The existence of the defined target trend will allow Corazon to undertake focused and detailed exploration programs, utilising modern higher-powered electromagnetic (EM) geophysics.

The Miriam Project offers a highly prospective, drill-ready opportunity following Corazon’s identification of outcropping spodumene lithium-bearing pegmatites within a large geochemical soil anomaly (ASX announcements 17 January 2023 and 29 March 2023).

Completion of Miriam Lithium Rights Divestment Transaction

Corazon has received cash and shares from the divestment of 85% of the lithium rights at the Miriam Project to Future Battery Minerals Limited (ASX: FBM)

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DIRECTORS’ REPORT (cont.)

Corazon has completed a transaction for the divestment of 85% of the lithium and industrial mineral rights over the Miriam Project in Western Australia to Future Battery Metals (ASX: FBM) (FBM) (ASX announcement 24[th] May 2024).

FBM (through its wholly owned subsidiary Eastern Coolgardie Goldfields Pty Ltd (Eastern Coolgardie)) has acquired 85% of Coolgardie Nickel Pty Ltd (Coolgardie Nickel), a wholly owned subsidiary of Corazon, which holds the lithium and industrial minerals rights and tenement title for the Miriam Project (Divestment). Eastern Coolgardie will manage lithium exploration and development activities at the Miriam Project, and will sole fund these activities until completion of a Definitive Feasibility Study (DFS).

This transaction has delivered initial cash (A$1m) and FBM shares to Corazon, with performance rights allowing the Company to participate in any future upside from FBM’s exploration or development success at the Miriam Project. Under the Divestment, 100% of the base and precious metals rights are retained by Corazon (held by wholly owned subsidiary Coolgardie Mineral Rights Pty Ltd (Coolgardie Mineral Rights), and the lithium and industrial minerals rights held by Coolgardie Nickel will be owned by both Eastern Coolgardie (85%) and Corazon (15%).

A summary of the material terms of the Sale Agreement were provided within Corazon’s ASX announcement dated 25[th] March 2024.

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Figure 3: Miriam Project location map

Competent Persons Statement

The information in this report that relates to Exploration Results and Targets is based on information compiled by Mr Brett S. Smith, B.Sc Hons (Geol), Member AusIMM, Member AIG and an employee of Corazon Mining Limited. Mr Smith has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Smith consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to the Mt Gilmore Project’s Exploration Results and Targets is based on information compiled by Dr Ben Li, Member AIG and an employee of Corazon Mining

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DIRECTORS’ REPORT (cont.)

Limited. Dr Li has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Li consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

CORPORATE ACTIVITIES

Annual/General Meeting Results

On 17 November 2023, the Company held its Annual General Meeting of Shareholders (AGM). All resolutions put to shareholders in both meetings were passed by a poll.

Equities securities movements

On 24 August 2023, the Company issued 5,267,338 ordinary shares and 5,267,338 unlisted options exercise price $0.014 expiry 18 August 2026, as consideration for entering an Exploration Agreement with traditional owners MCFN.

On 21 December 2023, the Company announced that 500,000 conditional performance rights had lapsed.

On 20 May 2024, the Company announced that 19,540,000 unlisted options with an exercise price of $0.10 had expired unexercised.

On 25 June 2024, the Company issued 52,307,694 ordinary shares as a placement at $.0065 per share raising $340,000.

No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Consolidated Entity, the results of those operations, or the state of affairs of the Consolidated Entity in future financial years.

8. Discussion and Analysis of Operations and the Financial Position

The net assets of the Consolidated Entity decreased from $17,239,445 at 30 June 2023 to $15,359,101 at 30 June 2024.

As at 30 June 2024, the Consolidated Entity had $1,197,309 (2023: $2,490,927) cash on hand. The Consolidated Entity may require further funding during the 2023 financial year in order to meet both day-to-day obligations as they fall due and progress its exploration projects. The Directors anticipate that future financing for exploration and mining activities will be secured in a reasonable timeframe and accordingly the Directors consider it appropriate to prepare the financial statements on a going concern basis.

The Consolidated Entity continues to ensure that administration and overhead costs are kept to a minimum through sharing office, administration and accounting costs. The Consolidated Entity continually reviews the overhead associated with fees, consultants, corporate compliance and maintaining the listed entity and seeks to keep these costs to a minimum without compromising the entities commitment to appropriate corporate governance principles.

Exploration

The Consolidated Entity has three exploration projects, being the consolidated Lynn Lake Project, in Manitoba, Canada (inclusive of the Lynn Lake and Victory projects), the Mt Gilmore Project in NSW,

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DIRECTORS’ REPORT (cont.)

Australia and the Miriam Project in WA, Australia. In the consolidated financial statements these projects are accounted for as Exploration assets due to the Company’s ownership of each.

Exploration and evaluation costs are capitalised as exploration and evaluation assets on an area of interest basis. Exploration and evaluation assets are only recognised if:

The Company has continuance of the rights to tenure of the areas of interest;
− The results of future exploration; and
The recoupment of costs through successful development and exploitation of the areas of interest or alternatively by their sale.

A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. All exploration projects have been impairment tested at 30 June 2024, and, where appropriate, costs have been carried forward. Each project is individually discussed below:

Lynn Lake Project

Corazon owns 100% of the Lynn Lake Nickel-Copper-Cobalt Sulphide Project. Corazon’s consolidation of the entire historical Lynn Lake Mining Centre (inclusive of the Victory Nickel-Copper Project and the Dunlop Project areas, and collectively known as Lynn Lake) in the province of Manitoba is the first time Lynn Lake has been under the control of one company since mine closure in 1976.

The Dunlop Project area represents a critical component of the wider Lynn Lake Project, covering the high-grade EL Mine and the Fraser Lake Complex, located five kilometres from the Lynn Lake Mining Centre, which has been the subject of the Company’s recent, targeted drilling programs.

During the financial year, the Company assessed the $11,963,887 carrying value of its exploration expenditure on the Lynn Lake Project and considered it appropriate to impair the value by $3,249,022 resulting in $8,714,865 carrying value which is considered it to be a reflection of fair value on the basis of the facts and circumstances, notably the continued exploration expenditure and activities and the Company’s 100% interest in the project.

Mt Gilmore Project

The Mt Gilmore Cobalt-Copper-Gold Sulphide Project is an advanced, high-grade cobalt-copper-gold sulphide deposit located 35 kilometres from Grafton in north-eastern New South Wales.

During the financial year, the Company assessed the $4,348,841 carrying value of its exploration expenditure on the Mt Gilmore Project and considered it to be a reflection of fair value on the basis of the facts and circumstances notably the continued exploration expenditure and activities and the Company’s 80% interest in the project.

Miriam Project

The Miriam Nickel-Copper Sulphide and Lithium Project is an early stage nickel-copper sulphide and lithium, located in Western Australia’s Goldfields region.

On 24 May 2024 the Company announced the completion of the Lithium Rights Divestment Transaction

Future Battery Minerals Limited (FBM) acquired an 85% interest in Corazon’s wholly owned subsidiary Coolgardie Nickel Pty Ltd, which holds the lithium and industrial minerals rights for the Miriam Project in Western Australia.
Corazon received a total consideration of $1,000,000 in cash, 16,129,033 fully paid FBM ordinary shares and 120,967,744 FBM performance rights.

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DIRECTORS’ REPORT (cont.)

Corazon is free carried on lithium exploration and development costs until the completion of a Definitive Feasibility Study.
Corazon maintains 100% of the base and precious metals rights.

9. Significant Changes in State of Affairs

There have been no significant changes in the state of affairs of the Consolidated Entity other than those disclosed in the Review of Operations.

10. After Reporting Date Events

On 17 July 2024 the Company announced Non-Executive Chairperson Mr Terry Streeter had passed away.

On 26 July 2024 the Company announced it had withdrawn the share purchase plan offer first announced to the ASX on 18 June 2024.

Corazon obtained shareholder approval at the General Meeting held on 8 August 2024 and subsequently issued 52,307,694 (New Options) being one (1) free attaching option for every one (1) Share issued to participants in the Placement announced to the ASX on 18 June 2024. The New Options are exercisable at A$0.01 each on or before 30 June 2027.

11. Future Developments, Prospects and Business Strategies

The Consolidated Entity will continue its mineral exploration activity at and around its exploration projects with the object of identifying commercial resources.

12. Environmental Issues

The Consolidated Entity is aware of its environmental obligations with regards to its exploration activities and ensures that it complies with all regulations when carrying out any exploration work.

13. Information on Directors

Information on Directors
Mr Terry Streeter	—	*Non-Executive Chairperson*
Qualifications		None
Experience	—	Mr. Streeter had extensive experience in funding, listing
		and overseeing junior explorers in all exploration and
		economic cycles and has served in various roles in the
		nickel-sulphide industry for over 30 years. He was a
		Director of West Australian nickel explorer and miner
		Jubilee Mines NL from 1993 to May 2004 and was a
		founding shareholder of Western Areas NL (ASX: WSA) in
		1999, which discovered and developed two high-grade
		nickel sulphide mines in the Forrestania region of Western
		Australia. He served as a Non-Executive Director of
		Western Areas from 1999, and Non-Executive Chairman
		from 2007 to November 2013.
Interest in Shares and Options	—	6,000,000 fully paid ordinary shares
Length of Service	—	From 18 September 2019 to 17 July 2024 (passed away)
Directorships held in other	—	Fox Resources Ltd since June 2005 to 17 July 2024
listed entities in the last three		Alto Metals Ltd from March 2018 to November 2018

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DIRECTORS’ REPORT (cont.)

years

Moho Resources Ltd from August 2018 to 29 November 2023 Emu Resource NL from November 2018 to 17 July 2024

Mr Brett S. Smith — Executive Managing Director Qualifications — BSc Hons, MAusIMM, MAIG, MAICD Experience — Mr. Smith has been involved in the mining and exploration industry for over 30 years; he has developed his broad industry experience in exploration and development as a geologist, manager, and director of publicly listed companies. Interest in Shares and Options — 1,718,707 fully paid ordinary shares Length of Service — From 1 July 2010 to present Directorships held in other — TG Metals Limited 26 May 2021 to present listed entities in the last three Aruma Resources Limited 1 August 2022 to present years Mr Jonathan Downes — Non-Executive Director Qualifications — B Sc Geol, MAIG Experience — Mr. Downes has over 25 years of experience in the minerals industry and has worked in various geological and corporate capacities. Mr. Downes has experience in nickel, gold and base metals and has been intimately involved with numerous private and public capital raisings. Interest in Shares and Options — 2,537,042 fully paid ordinary shares (on resignation) Length of Service — From 10 April 2006 to 1 September 2023 Directorships held in other — Kaiser Reef Limited from 2 September 2019 to present listed entities in the last three Brightstar Resources Limited from 26 November 2019 to years present Cazaly Resources Limited 19 November 2021 to present Ironbark Zinc Ltd from 18 April 2006 to 30 November 2019 Galena Mining Limited from 7 September 2017 to 29 October 2021

Dr. Mark Qiu — Non-Executive Director Qualifications — PhD Economic Geology Experience — Dr Qiu has a PhD in Economic Geology from the University of Western Australia and has a strong track record in project generation and development in the resources industry. Dr Qiu was previously General Manager, Project Generation and Acquisition and Head of Exploration and Business Development at Sino Gold. In this role Dr Qiu played a key role in the development of the business, from its formation to its $100 million IPO on the ASX in 2002 and its $2.5 billion sale to Eldorado Gold Corporation in 2009. At Sino Gold, he led the team that discovered the White Mountain gold deposit and brought it into production within four years. Most recently in 2013, Dr Qiu led the acquisition of the Southern Cross Operations at Marvel Loch in WA. After its successful exploration and development into production in 2015, the project was sold for $330 million in February 2017.

Annual Financial Report

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DIRECTORS’ REPORT (cont.)

Interest in Shares and Options	—	1,291,554 fully paid ordinary shares
Length of Service	—	18 August 2017 to present
Directorships held in other	—	Primary Gold Limited from 31 March 2014 to 8 May 2018
listed entities in the last three		China Hanking Holdings Limited (HKSX: 03788) from February
years		2012 to present
Ms Kristie Young	—	*Non-Executive Director, Interim Chairperson*
Qualifications	—	BEng (Mining) Hons, Post Grad Dip (Education), GAICD,
		FAusIMM
Experience	—	Ms Young has a unique background developed over +25 years
		across mining engineering, business development, project
		evaluation, marketing, strategy, growth, corporate
		governance and ESG.
		Prior to her Non-Executive Director portfolio career, she held
		senior growth and Business Development Director roles with
		leading professional services firms PwC and EY. As a mining
		engineer she worked with Mt Isa Mines, Plutonic Gold,
		Hammersley Iron, Gunpowder Copper, New Hampton
		Goldfields and Surpac.
		Ms Young holds a Bachelor of Engineering (Mining) Hons UQ
		1995, Post Graduate Diploma of Education (Maths, IT) UWA
		2001, Cert IV Human Resources 2014, Graduate of the AICD
		2015 and is a Fellow of the AusIMM.
Interest in Shares and Options	—	979,000 fully paid ordinary shares
Length of Service	—	1 September 2023 to present
Directorships held in other	—	Lithium Australia Ltd from 22 December 2020 to present
listed entities in the last three		Tasmea Ltd from 21 September 2023 to present
years		Brazilian Rare Earths Ltd from 1 March 2023 to present
		Tesoro Gold Ltd from 14 December 2021 to 5 October 2023
		ChemX Materials Ltd 26 May 2020 to 6 February 2023
		Primero Group Ltd 18 August 2020 to 24 February 2021
Mr Andrew Strickland	—	*Non-Executive Director*
Qualifications	—	BEng (Chemical), BSci(Extractive Metallurgy), MBA, FAusIMM
Experience	—	Mr Strickland is an experienced senior executive with
		experience in project development and management
		across a diverse range of commodities including base
		metals, precious metals, industrial minerals and iron
		ore, in Australia and in international jurisdictions.
		Mr Strickland was previously part of the executive
		leadership team at Blackstone Minerals Ltd, a
		substantial shareholder in Corazon, where he was
		responsible for project development, mergers and
		acquisitions and partnership development. Through this
		role he developed strong relationships throughout the
		battery metals supply chain sector in Australia, Canada
		and Southeast Asia.
		Previously, Mr Strickland was a Senior Study Manager
		for GR Engineering Services, and also held a variety of
		business development and project development roles
		with South32 Ltd, Straits Resources Ltd, Perseus Mining
		Ltd and Tiger Resources Ltd.
		Mr Strickland is a Fellow of the AusIMM, University of

Annual Financial Report

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DIRECTORS’ REPORT (cont.)

WA MBA graduate, with undergraduate degrees in Chemical Engineering and Extractive Metallurgy from Curtin and WASM.

Interest in Shares and Options — Nil Length of Service — 1 September 2023 to present Directorships held in other — Nil listed entities in the last three years

14. Remuneration Report (audited)

This report details the nature and amount of remuneration for each of Corazon Mining Limited’s key management personnel.

Names and positions held by Consolidated and Parent Entity key management personnel in office at any time during the financial year are:

Key Management Personnel Position Terry Streeter Non-Executive Chairperson Brett S. Smith Executive Managing Director Jonathan Downes Non-Executive Director Mark Qiu Non-Executive Director Kristie Young Non-Executive Director, Interim Chairperson Andrew Strickland Non-Executive Director Robert Orr Company Secretary

This remuneration report, which forms part of the Directors’ Report, sets out information about the remuneration of Corazon Mining Limited’s key management personnel, comprising the directors of the Company, for the financial year ended 30 June 2024. Disclosures required under AASB 124 Related Party Disclosures have been transferred from the financial report and have been audited. The additional disclosures required by the Corporations Act 2001 and the Corporations Regulations 2001 have not been audited.

Remuneration Policy

The Board’s policy for determining the nature and amount of remuneration for key management personnel of the Consolidated Entity is as follows:

The remuneration policy, setting the terms and conditions for the key management personnel, was developed and approved by the Board.
All key management personnel receive a base salary (which is based on factors such as length of service and experience) and their package may include superannuation, fringe benefits, options and performance incentives.
The Board reviews key management personnel packages annually by reference to the Consolidated Entity’s performance, executive performance and comparable information from industry sectors.

The Board’s remuneration policy is designed to attract the highest calibre of executives and reward them for performance that results in long-term growth in shareholder wealth.

Key management personnel are also invited to participate in employee option arrangements.

The key management personnel receive a superannuation guarantee contribution as required by the government, which is currently 10%, and do not receive any other retirement benefits.

Annual Financial Report

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DIRECTORS’ REPORT (cont.)

Shares given to key management personnel are valued as the difference between the market price of those shares and the amount paid by the key management personnel. Options are valued using the Black-Scholes option-pricing model.

The Board policy is to remunerate Non-Executive Directors at market rates for time, commitment and responsibilities. The Board determines payments to the Non-Executive Directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when required. The maximum aggregate amount of fees that can be paid to NonExecutive Directors is subject to approval by shareholders at the Annual General Meeting. Fees for Non-Executive Directors are not linked to the performance of the Consolidated Entity. However, to align directors’ interests with shareholder interests, the directors are encouraged to hold shares in the Company and are able to participate in the Employee Incentive Scheme (‘EIS’).

Performance-based remuneration

The Company is an exploration entity and therefore speculative in terms of performance. Consistent with attracting and retaining talented executives, directors and senior executives are paid market rates associated with individuals in similar positions, within the same industry. The Board does not endorse the use of bonus payments for directors and senior executives at this point in time. Performance incentives will be issued in the event that the entity moves from an exploration to a producing entity, and key performance indicators such as growth and profits will be used as measurements for assessing Board performance.

Company performance, shareholder wealth and Director and Executive remuneration

The remuneration policy has been tailored to increase goal congruence between shareholders, directors and executives by the issue of options to some directors and key executives to encourage the alignment of personal and shareholder interests.

Key terms of employment contracts

The contracts for service between the Company and its directors are on a continuing basis, the terms of which are not expected to change in the immediate future. Upon retirement, key management personnel are paid employee benefit entitlements accrued to date of retirement.
The employment contract states a three-month resignation notice period. The Company may terminate an employment contract without cause by providing three months’ written notice or making payment in lieu of notice based on the individual’s annual salary component.

Names and positions held of Consolidated and Parent Entity key management personnel in office at any time during the financial year are:

Annual Financial Report

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DIRECTORS’ REPORT (cont.)

2024

2024
Company Key Management Personnel	Position held as at 30 June 2024 and any change during the year	Contract details	Proportion of elements of remuneration related to performance			Proportion of elements of remuneration not related to performance (Salary/fees/ superannuation)		Total
			Non-Salary cash-based incentives	Shares/ Units	Options/ Rights	Cash- based	Shares/ Units
			%	%	%	%	%	%
Terry Streeter	Non- Executive Chairperson	No fixed term.	-	-	-	100	-	100
Brett S. Smith	Executive Managing Director	No fixed term. Terminatio n requires 3 months’ notice.	-	-	-	100	-	100
Mark Qiu	Non- Executive Director	No fixed term.	-	-	-	100	-	100
Kristie Young	Non- Executive Director	No fixed term.	-	-	-	100	-	100
Andrew Strickland	Non- Executive Director	No fixed term.	-	-	-	100	-	100
Robert Orr	Company Secretary	No fixed term.	-	-	-	100	-	100

2023

2023
Company Key Management Personnel	Position held as at 30 June 2023 and any change during the year	Contract details	Proportion of elements of remuneration related to performance			Proportion of elements of remuneration not related to performance (Salary/fees/ superannuation)		Total
			Non-Salary cash-based incentives	Shares/ Units	Options/ Rights	Cash- based	Shares/ Units
			%	%	%	%	%	%
Terry Streeter	Non- Executive Chairperson	No fixed term.	-	-	-	100	-	100
Brett S. Smith	Executive Managing Director	Terminatio n requires 3 months’ notice.	-	-	-	100	-	100

Annual Financial Report

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DIRECTORS’ REPORT (cont.)

Company Key Management Personnel	Position held as at 30 June 2023 and any change during the year	Contract details	Proportion of elements of remuneration related to performance	Proportion of elements of remuneration related to performance	Proportion of elements of remuneration related to performance	Proportion of elements of remuneration not related to performance (Salary/fees/ superannuation)	Proportion of elements of remuneration not related to performance (Salary/fees/ superannuation)	Total
Jonathan Downes	Non- Executive Director	No fixed term.	-	-	-	100	-	100
Mark Qiu	Non- Executive Director	No fixed term.	-	-	-	100	-	100
Robert Orr	Company Secretary	No fixed term.	-	-	-	100	-	100

This report details the nature and amount of remuneration for each key management person of Corazon Mining Limited, and for the executives receiving the highest remuneration.

Annual Financial Report

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DIRECTORS’ REPORT (cont.)

Key management personnel remuneration

Key Management Personnel 2024 Terry Streeter Brett S. Smith Jonathan Downes Mark Qiu Kristie Young Andrew Strickland Robert Orr 2023 Terry Streeter Brett S. Smith Jonathan Downes Mark Qiu Robert Orr	Short Term Employee Benefits Post- Employment Benefits Share Based Payments Share Based Payments Total Cash and salary Superannuation Non- Performance Performance $ $ $ $ $ 80,007 - - - 80,007 240,000 - - - 240,000 6,849 753 - - 7,602 45,000 - - - 45,000 34,247 3,767 - - 38,013 34,247 3,767 - - 38,013 96,972 - - - 96,972
	537,322 8,287 - - 545,609
	80,007 - - - 80,007 240,000 - - - 240,000 41,096 4,315 - - 45,411 45,000 - - - 45,000 71,160 - - - 71,160
	477,263 4,315 - - 481,578

No bonuses were paid to Executive or Non-Executive Directors during the year.

Key management equity holdings

Option Holdings

The number of options over ordinary shares in the Company held during the financial year by each director and other members of key management personnel of the Consolidated Entity, including the personally related parties, is set out below.

Terry Streeter Brett S. Smith Jonathan Downes Mark Qiu Robert Orr	Balance 1.7.2023 Net Change Other Granted as Compensation Options Expired Balance 30.06.2024 Total Vested and Exercisable 1,000,000 - - (1,000,000) - - 4,500,000 - - (4,500,000) - - 500,000 - - (500,000) - - 500,000 - - (500,000) - - 1,500,000 - - (1,500,000) - -
	8,000,000 - - (8,000,000) - -

Annual Financial Report

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DIRECTORS’ REPORT (cont.)

Share holdings

The number of shares in the Company held during the financial year by each director and other member of key management personnel of the Consolidated Entity including their personally related parties is set out below:

Terry Streeter Brett S. Smith Jonathan Downes Mark Qiu Kristie Young Andrew Strickland Robert Orr	Balance 1.7.2023 Net Change (a) Balance 30.6.2024 1,200,000 4,800,000 6,000,000 1,718,707 - 1,718,707 2,537,042 (2,537,042) - 1,291,554 - 1,291,554 - 979,000 979,000 - - - 75,000 - 75,000
	6,822,303 3,241,958 10,064,261

a) Net change other reflect balance on resignation and on-market purchases.

Performance rights

The number of performance rights in the Company held during the financial year by each director and other member of key management personnel of the Consolidated Entity including their personally related parties is set out below:

Terry Streeter Brett S. Smith Jonathan Downes Mark Qiu Robert Orr	Balance 01.07.2023 Conversion into shares Cancelation Balance on Resignation / Appointment Balance 30.6.2024 500,000 - (500,000) - - - - - - - - - - - - - - - - - - - - - -
	500,000 - (500,000) - -

End of Remuneration Report

Annual Financial Report

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DIRECTORS’ REPORT (cont.)

15. Directors’ Meetings

During the financial year, 13 meetings of directors were held. Attendances by each director during the year was as follows:

Directors’ Meetings
	Number Eligible to	Number attended
	Attend
Terry Streeter	13	13
Brett S. Smith	13	13
Jonathan Downes	1	1
Mark Qiu	13	13
Kristie Young	12	12
Andrew Strickland	12	12

16. Indemnifying Officers

During or since the end of the financial year the Company has given an indemnity or entered into an agreement to indemnify, or paid or agreed to pay insurance premiums as follows:

The Company has paid premiums to insure each of its directors and officers against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of Director of the Company, other than conduct involving a wilful breach of duty in relation to the Company. The amount of the premium was $17,405 (2023: $16,575) and extends to cover the following Directors and officers:

Terry Streeter
Brett S. Smith
Jonathan Downes
Mark Qiu
Kristie Young
Andrew Strickland
Robert Orr

17. Indemnity and Insurance of Auditor

The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor. During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company or any related entity.

18. Options

At the date of this report, the unissued ordinary shares of Corazon Mining Limited under option or rights entitlement are as follows:

Share options
Grant Date	Date of Expiry	Exercise Price	Number under Option
18/08/2023	10/08/2026	$0.014	5,267,338
27/08/2024	30/06/2027	$.01	52,307,694

Annual Financial Report

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DIRECTORS’ REPORT (cont.)

19. Proceedings on Behalf of Company

No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings.

The Company was not a party to any such proceedings during the year.

20. Non-Audit Services

The Board of Directors is satisfied that the provision of non-audit services during the year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that the services disclosed below did not compromise the external auditor’s independence for the following reasons:

all non-audit services are reviewed and approved by the audit committee prior to commencement to ensure they do not adversely affect the integrity and the objectivity of the auditor; and
the nature of the services provided to not compromise the general principles relating to auditor independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting Professional and Ethical Standards Board.

The following fees were paid to PKF Perth for non-audit services provided during the year ended 30 June 2024:

Taxation compliance service $4,350 (2023: $7,800)

21. Officers of the Company who are Former Partners of PKF Perth

There are no officers of the Company who are former partners of PKF Perth.

22. Auditor’s Independence Declaration

The lead auditor’s independence declaration for the year ended 30 June 2024 has been received and can be found on page 22 of the Directors’ Report.

Signed in accordance with a resolution of the Board of Directors.

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______ Brett S. Smith Executive Managing Director Dated this 10[th] day of September 2024

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AUDITOR’S INDEPENDENCE DECLARATION

TO THE DIRECTORS OF CORAZON MINING LIMITED

In relation to our audit of the financial report of Corazon Mining Limited for the year ended 30 June 2024, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.

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PKF PERTH

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SIMON FERMANIS PARTNER

10 September 2024 PERTH, WESTERN AUSTRALIA

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Annual Financial Report

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Note Gain on disposal of interest in subsidiary 2 Other income 3 Administrative expense Compliance and regulatory expense Consultancy expense Exploration expenditure 12 Fair value movement on financial asset 10 Finance costs Insurance expense Occupancy expense Staff expenses 4 Travel expenses Unrealised movements on financial assets Profit/(loss) for the year from continuing operations Income tax expenses 5 Profit/(loss) for the year Other comprehensive income/(loss),net of income tax Items that may be reclassified subsequently to profit and loss Net changes in fair value of financial assets Other comprehensive profit/(loss) (net of tax) Total comprehensive profit/(loss) for the year Basic and diluted profit/(loss) per share for continuing and discontinuing operations (cents per share) 6	2024 $ 1,414,945 236,225 (58,390) (358,782) (174,059) (3,249,022) (113,155) (1,248) (50,400) (29,880) (278,872) (12,539) - (2,675,177) - (2,675,177) 338,000 338,000 (2,337,177) (0.43)	2023 $ - 215,943 (53,226) (245,677) (248,112) (38,905) - (14,366) (32,472) (31,755) (222,274) (1,209) (850)
		(672,903) -
		(672,903)
		-
		-
		(672,903)
		(0.11)

The accompanying notes form part of these financial statements.

Annual Financial Report

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2024

Note CURRENT ASSETS Cash and cash equivalents 7 Trade and other receivables 8 Other assets 9 TOTAL CURRENT ASSETS NON-CURRENT ASSETS Other assets 9 Financial assets 10 Exploration and evaluation expenditure 12 TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Trade and other payables 13 Provisions 14 TOTAL CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued capital 15 Reserves 16 Accumulated losses TOTAL EQUITY	2024 $ 1,197,308 41,242 45,631 1,284,181 59,000 1,139,764 13,093,467 14,292,231 15,576,412 182,876 34,435 217,311 217,311 15,359,101 57,506,791 413,588 (42,561,278) 15,359,101	2023 $ 2,490,927 226,638 61,628
		2,779,193
		59,000 403 15,071,331
		15,130,734
		17,909,927
		631,288 39,194
		670,482
		670,482
		17,239,445
		57,125,546 302,921 (40,189,022)
		17,239,445

The accompanying notes form part of these financial statements.

Annual Financial Report

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

	Issued	Share Based	Share Based	Revaluation	Revaluation	Accumulated	Accumulated	Total
	Capital	Payments			Reserve		Losses
			Reserve
	$		$		$		$	$
Balance at 1 July 2022	57,149,809		326,104			-	(39,539,302)	17,936,611
Profit/(loss) for the year		-		-		-	(672,903)	(672,903)
Other comprehensive income		-		-		-	-	-
Total other comprehensive loss		-		-		-	(672,903)	(672,903)
*Transactions with owners, recorded*
*directly in equity*
Issue of share capital		-		-		-	-	-
Transaction costs on share issue	(24,263)			-		-	-	(24,263)
Share-based payments		-	(23,183)			-	23,183	-
Total transactions with owners	(24,263)		(23,183)			-	23,183	(24,263)
Balance at 30 June 2023	57,125,546		302,921			-	(40,189,022)	17,239,445

Profit/(loss) for the year
Other comprehensive income		-		-	338,000		(2,675,177)	(2,337,177)
Total other comprehensive loss		-		-	338,000		(2,675,177)	(2,337,177)
Transactions with owners, recorded
directly in equity
Issue of share capital	340,000			-		-	-	340,000
Transaction costs on share issue	(37,765)			-		-	-	(37,765)
Recognition of financial asset at fair value		-		-		-	-	-
Expiry of options		-	(302,921)			-	302,921	-
Share-based payments	79,010		75,588			-	-	154,598
Total transactions with owners	381,245		(227,332)			-	302,921	456,833
Balance at 30 June 2024	57,506,791		75,588		338,000		(42,561,278)	15,539,101

The accompanying notes form part of these financial statements.

Annual Financial Report

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CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Note CASH FLOWS FROM OPERATING ACTIVITIES Payments for exploration and evaluation Payments for staff costs Payment for administration and corporate costs Interest received Proceeds from government grants and tax incentives Payments for finance costs Proceeds from sale of geological data Net cash generated from/(used in) operating activities 20 CASH FLOWS FROM INVESTING ACTIVITIES Payments for capitalised exploration and evaluation Proceeds from disposal of exploration tenements Net cash generated from/(used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares Payment for costs of capital raising Net cash generated from financing activities Net increase/(decrease) in cash and cash equivalents held Effect of movement in exchange rates on cash held Cash and cash equivalents at beginning of financial year Cash and cash equivalents at end of financial year 7	2024 $ - (268,446) (621,800) 15,427 393,675 (1,248) - (482,392) (2,128,926) 1,000,000 (1,128,926) 340,000 (20,400) 319,600 (1,291,718) (1,900) 2,490,927 1,197,309	2023 $ (38,905) (225,086) (670,876) 40,117 - (18,200) -
		(912,950)
		(4,494,263) -
		(4,494,263)
		- (24,263)
		(24,263)
		(5,431,476) 523 7,921,880
		2,490,927

The accompanying notes form part of these financial statements.

Annual Financial Report

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The financial report of Corazon Mining Limited for the year ended 30 June 2024 was authorised for issue in accordance with a resolution of Directors on 10 September 2024. The Directors have the power to amend and reissue the financial statements.

This financial report includes the consolidated financial statements and notes of Corazon Mining Limited (‘the Company’) and controlled entities (‘Consolidated Entity’ or ‘Group’).

Corazon Mining Limited is a listed public company, trading on the Australian Securities Exchange, limited by shares, incorporated and domiciled in Australia.

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

The Group has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. There was no significant impact in the adoption of these standards.

New Accounting Standards and Interpretations not yet mandatory or early adopted

Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2024. The consolidated entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.

Basis of Preparation

The accounting policies set out below have been consistently applied to all years presented.

Statement of Compliance

The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards (AASBs) (including Australian Interpretations) issued by the Australian Accounting Standard Board (AASB) and the Corporations Act 2001 as appropriate for for-profit oriented entities. The consolidated financial report of the Group complies with International Financial Reporting Standards (IFRSs) and Interpretations as issued by the International Accounting Standards Board (IASB).

Going concern basis of accounting

The financial report has been prepared on a going concern basis, which contemplates the continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.

As of 30 June 2024, the net assets of the Consolidated Entity were $15,359,101 (2023: $17,239,445), the cash & cash equivalents were $1,197,309 (2023: $2,490,927). For the year ended 30 June 2024, the Consolidated Entity incurred a loss of $2,675,177 (2023: $672,903) and experienced cash outflows on operations and investment activities of $1,293,618 (2023: $5,407,213).

The Consolidated Entity’s ability to continue as a going concern and meet its debt obligations and commitments as and when they fall due is depended on the Consolidated Entity’s ability to raise sufficient working capital to ensure the continued implementation of the Consolidated Entity’s exploration plan.

The Directors are of the opinion that the Consolidated Entity has, or will have access to sufficient cash through future equity raising to fund its administrative and other committed expenditure for a period

Annual Financial Report

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

of at least 12 months from the date of this financial report. Accordingly, this financial report has been prepared on a going concern basis.

In the event that the Consolidated Entity does not achieve the above actions, there exists a material uncertainty as to whether the Consolidated Entity will be able to continue as a going concern and realise its assets and extinguish its liabilities in the normal course of business.

Basis of Measurement

The financial report has been prepared on an accruals basis and is based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.

a. Significant accounting estimates, judgments and assumptions

The preparation of financial statements requires management to make judgments and estimates relating to the carrying amounts of certain assets and liabilities. Actual results may differ from the estimates made. Estimates and assumptions are reviewed on an on-going basis.

The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities within the next accounting period are:

(i) Share based payment transactions

The Consolidated Entity measures the cost of equity settled transactions by reference to the fair value of the equity instruments at the date at which they are granted when the fair value of the goods and services acquired cannot be readily estimated. The fair value of share options is determined using an appropriate valuation model. Refer to Note 19 for further details.

(ii) Impairment of exploration and evaluation assets and investments in and loans to subsidiaries

The ultimate recoupment of the value of exploration and evaluation assets, the Company’s investment in subsidiaries, and loans to subsidiaries is dependent on the successful development and commercial exploitation, or alternatively, sale, of the exploration and evaluation assets.

A review of the impairment indicators is carried out on a regular basis to identify whether the asset carrying values exceed their recoverable amounts. There is significant estimation and judgement in determining the inputs and assumptions used in determining the recoverable amounts.

The key areas of judgement and estimation include:

Recent exploration and evaluation results and resource estimates;
Environmental issues that may impact on the underlying tenements;
Fundamental economic factors that have an impact on the planned operations and carrying values of assets and liabilities. Refer to Note 12 for further details.

(iii) Income tax expenses Judgement is required in assessing whether deferred tax assets and liabilities are recognised on the statement of financial position. Deferred tax assets, including

Annual Financial Report

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

those arising from temporary differences, are recognised only when it is considered more likely than not that they will be recovered, which is dependent on the generation of future assessable income of a nature and of an amount sufficient to enable the benefits to be utilised. Refer to Note 5 for further details.

(iv) Employee benefits provision

The liability for employee benefits expected to be settled more than 12 months from the reporting date are recognised and measured at the present value of the estimated future cash flows to be made in respect of all employees at the reporting date. In determining the present value of the liability, estimates of attrition rates and pay increases through promotion and inflation have been taken into account.

(v) Fair value measurement hierarchy

The consolidated entity is required to classify all assets and liabilities, measured at fair value, using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3: Unobservable inputs for the asset or liability. Considerable judgement is required to determine what is significant to fair value and therefore which category the asset or liability is placed in can be subjective. The fair value of assets and liabilities classified as level 3 is determined by the use of valuation models. These include discounted cash flow analysis or the use of observable inputs that require significant adjustments based on unobservable inputs.

b. Principles of Consolidation

The consolidated financial statements incorporate the assets and liabilities of all entities controlled by Corazon Mining Limited as at 30 June 2024 and the results of all controlled entities for the year then ended. Corazon Mining Limited and its controlled entities together are referred to in this financial report as the “Consolidated Entity” or “Group”.

Subsidiaries are all those entities over which the Consolidated Entity has control. The Consolidated Entity controls an entity when the Consolidated Entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Consolidated Entity, and are de-consolidated from the date that control ceases.

Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. All controlled entities have a June financial year.

The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the Parent.

Where the Consolidated Entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling interest in the subsidiary together with any

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

cumulative translation differences recognised in equity. The Consolidated Entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.

A list of controlled entities is contained in Note 11 to the financial statements.

c.

Exploration and Evaluation Assets

Exploration and evaluation expenditure and earn-in expenditure, including the costs of acquiring licences, are capitalised as exploration and evaluation assets on an area of interest basis. Costs incurred before the Consolidated Entity has obtained the legal rights to explore an area are recognised in the statement of profit or loss and other comprehensive income.

Exploration and evaluation assets are only recognised if the rights of interest are current and either:

The expenditures are expected to be recouped through successful development and exploitation of the area of interest; or
Activities in the area of interest have not, at the reporting date, reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves and active and significant operations in, or in relation to, the area of interest are continuing.

A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

Impairment exists when the carrying amount of capitalised exploration and evaluation expenditure relating to an area of interest exceeds its recoverable amount. The asset is then written down to its recoverable amount. Any impairment losses are recognised in the statement of profit and loss and other comprehensive income.

Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified from exploration and evaluation expenditure to mining property and development assets within property, plant and equipment and depreciated over the life of the mine.

Costs of site restoration are provided over the life of the facility from when exploration commences and are included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant, equipment and building structures, waste removal, and rehabilitation of the site in accordance with clauses of the mining permits. Where applicable, such costs are determined using estimates of future costs, current legal requirements and technology on an undiscounted basis.

d. Impairment

(i) Financial Assets

The consolidated entity recognises a loss allowance for expected credit losses on financial assets that are either measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the consolidated entity's assessment at the end of each reporting period as to whether the financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate.

For financial assets measured at fair value through other comprehensive income, the loss allowance is recognised within other comprehensive income. In all other cases, the loss allowance is recognised in profit or loss.

(ii) Exploration and Evaluation Assets

Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying amount of the asset may exceed its recoverable amount at the reporting date.

Exploration and evaluation assets are assessed for impairment in respect of cash generating units, which are no larger than the area of interest to which the assets relate.

(iii) Non-financial Assets other than Exploration and Evaluation Assets

The carrying amounts of the Consolidated Entity’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists then the asset’s recoverable amount is estimated. For goodwill and intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date.

The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

An impairment loss is recognised if the carrying amount of an asset or its cashgenerating unit exceeds its recoverable amount. Impairment losses are recognised in the statement of profit or loss and other comprehensive income. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units, then to reduce the carrying amount of the other assets in the unit on a pro rata basis.

An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exits. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss has been recognised.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

e. Income Tax

The charge for current income tax expense is based on the profit or loss for the year adjusted for any non-assessable or disallowed items. It is calculated using tax rates that have been enacted or are substantively enacted by the reporting date.

Deferred tax is accounted for using the liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on either accounting profit or taxable profit or loss.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or liability is settled. Deferred tax is credited in the statement of comprehensive income except where it relates to items that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity.

Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available against which deductible temporary differences can be utilised.

The amount of benefits brought to account or which may be realised in the future is based on the assumption that no adverse change will occur in income taxation legislation and the anticipation that the Consolidated Entity will derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law.

Tax Consolidation

Corazon Mining Limited and its wholly owned Australian subsidiaries have not formed an income tax consolidated group under tax consolidation legislation.

f. Leases

Post adoption of AASB 16 on 1 July 2019, when a contract is entered into, the Group assesses whether the contract contains a lease. A lease arises when the Group has the right to direct the use of an identified asset that is not substitutable and to obtain substantially all economic benefits from the use of the asset throughout the period of use.

The Group separates the lease and non-lease components of the contract and accounts for these separately. The Group allocates the consideration in the contract to each component on the basis of their relative stand-alone prices.

Lease assets and lease liabilities are recognised at the lease commencement date, which is when the assets are available for use. The assets are initially measured at cost, which is the present value of future lease payments adjusted for any lease payments made at or before the commencement date, plus any make-good obligations and initial direct costs incurred.

Lease assets (right of use) are depreciated using the straight-line method over the lease term. Periodic adjustments are made for any re-measurements of the lease liabilities and impairment losses, assessed in accordance with the Group’s impairment policies.

Lease liabilities are initially measured at the present value of future minimum lease payments, discounted using the Group’s incremental borrowing rate if the rate implicit in the lease cannot be readily determined, and are subsequently measured at amortised cost using the effective interest rate. Minimum lease payments are fixed payments.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

The lease liability is remeasured when there are changes in future lease payments arising from a change in rates, index or lease terms from exercising an extension or termination option. A corresponding adjustment is made to the carrying amount of the lease assets, with any excess recognised in the consolidated profit or loss and other comprehensive income statement.

Short term leases (lease term of 12 months or less) and leases of low value assets are recognised as incurred as an expense in the consolidated profit or loss and other comprehensive income statement. Low value assets comprise plant and equipment.

g.

Investments and other financial assets

Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortised cost or fair value depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless, an accounting mismatch is being avoided.

Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the consolidated entity has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, it's carrying value is written off.

Financial assets at fair value through profit or loss

Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified as financial assets at fair value through profit or loss. Typically, such financial assets will be either: (i) held for trading, where they are acquired for the purpose of selling in the short-term with an intention of making a profit, or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value movements are recognised in profit or loss.

Financial assets at fair value through other comprehensive income

Financial assets at fair value through other comprehensive income include equity investments that the consolidated entity intends to hold for the foreseeable future, and has irrevocably elected to classify them as such upon initial recognition.

Impairment of financial assets

The consolidated entity recognises a loss allowance for expected credit losses on financial assets that are either measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the Consolidated Entity's assessment at the end of each reporting period as to whether the financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate.

h. Fair value measurement

When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principle market; or in the absence of a principal market, in the most advantageous market.

Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interest. For nonfinancial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances, and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

Assets and liabilities measured at fair value are classified, into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed each reporting date and transfers between levels are determined based on a reassessment of the lowest level input that is significant to the fair value measurement.

For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data.

i. Foreign Currency Transactions and Balances

Functional and presentation currency

The functional currency of each of the Group’s entities is measured using the currency of the primary economic environment in which that entity operates. The consolidated financial statements are presented in Australian dollars which is the Parent entity’s functional and presentation currency.

Transactions and balances

Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.

Exchange differences arising on the translation of monetary items are recognised in the statement of profit or loss and other comprehensive income, except where deferred in equity as a qualifying cash flow or net investment hedge.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

Exchange differences arising on the translation of non-monetary items are recognised directly in equity to the extent that the gain or loss is directly recognised in equity, otherwise the exchange difference is recognised in the statement of profit or loss and other comprehensive income.

Group companies

The financial results and position of foreign operations whose functional currency is different from the Group’s presentation currency are translated as follows:

Assets and liabilities are translated at year-end exchange rates prevailing at that reporting date;
Income and expenses are translated at average exchange rates for the period; and
− Retained earnings are translated at the exchange rates prevailing at the date of the transaction.

Exchange differences arising on translation of foreign operations are transferred directly to the Group’s foreign currency translation reserve in the statement of financial position. These differences are recognised in the statement of profit or loss and other comprehensive income in the period in which the operation is disposed.

j. Employee Benefits

a. Wages, salaries and annual leave

Liabilities for wages, salaries and annual leave expected to be settled within one year of the reporting date are recognised in respect of employees’ services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.

b. Employee benefits payable later than one year

Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.

c. Superannuation

Contributions are made by the Consolidated Entity to superannuation funds as stipulated by statutory requirements and are charged as expenses when incurred.

d. Employee benefit on costs

Employee benefit on costs, including payroll tax, are recognised and included in employee benefits liabilities and costs when the employee benefits to which they relate are recognised as liabilities.

e. Equity settled compensation

Equity-settled and cash-settled share-based compensation benefits are at times provided to employees.

Equity-settled transactions are awards of shares, or options over shares, which are provided to employees in exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash is determined by reference to the share price.

The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using the Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option,

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

together with non-vesting conditions that do not determine whether the Consolidated Entity receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied.

If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification.

If the non-vesting condition is within the control of the Consolidated Entity or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the Consolidated Entity or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited.

If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a modification.

k. Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks, other shortterm highly liquid investments with original maturities of three (3) months or less, and bank overdrafts that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

l. Revenue and Other Income

Other income revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured.

Interest revenue is recognised as the interest accrues (using the effective interest method, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument) to the net carrying amount of the financial asset.

m. Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

an item of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST.

Cash flows are presented in the statement of cash flow on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.

n.

Trade and Other Receivables

Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days.

The Consolidated Entity has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue.

Other receivables are recognised at amortised cost, less any allowance for expected credit losses.

o.

Trade and Other Payables

These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.

p.

Earnings per share (EPS)

Basic earnings per share

Basic earnings per share is determined by dividing the net profit after income tax attributable to members of the Consolidated Entity, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.

q.

Issued capital

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options, or for the acquisition of a business, are included in the cost of the acquisition as part of the purchase consideration.

r. Investments

Interests in listed and unlisted securities are initially brought to account at cost.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

Controlled entities are accounted for in the consolidated financial statements as set out in Note 1(b).

Other securities are included at fair value at reporting date. Unrealised gains/losses on securities held for short term and long term investment are accounted for as set out in Note 1 (i).

s.

Current and non-current classification

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

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

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

t.

Acquisition of Assets

The purchase method of accounting is used for all acquisitions of assets regardless of whether equity instruments or other assets are acquired. Cost is determined as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition plus incidental costs directly attributable to the acquisition.

u.

Parent entity information

In accordance with the Corporations Act 2001, these financial statements present the results of the Consolidated Entity only. Supplementary information about the Parent entity is disclosed in Note 29.

v.

Operating segments

Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal reports provided to the managing director. The managing director is responsible for the allocation of resources to operating segments and assessing their performance.

w.

Comparative Figures

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

GAIN ON DISPOSAL OF INTEREST IN SUBSIDIARY Gain on disposal of interest in subsidiary	2024 $ 1,414,945 1,414,945	2023 $ -
		-

2. GAIN ON DISPOSAL OF INTEREST IN SUBSIDIARY

On 24 May 2024 the Company announced the completion of the Lithium Rights Divestment Transaction

Corazon disposed of an 85% interest in wholly owned subsidiary Coolgardie Nickel Pty Ltd, which holds the lithium and industrial minerals rights for the Miriam Project in Western Australia to FBM.
Corazon received a total consideration of $1,000,000 in cash, 16,129,033 fully paid FBM ordinary shares and 120,967,744 FBM performance rights. Corazon recognised a gain on the disposal of the interest in subsidiary of $1,414,945 determined by the value of the consideration received less the costs of the interest in the subsidiary.

3. OTHER INCOME Operating activities Interest received Government grants and other tax incentives	2024 $ 16,350 219,875 236,225	2023 $ 40,937 175,006
		215,943

4. EXPENSES Profit / (losses) for the year are arrived at after charging the following expenses: Staff expenses Director salary and fees Employee salaries Share based payments Superannuation Other staff expenses (Less staff expenses classified as exploration and evaluation expense)	2024 $ 440,350 190,075 - 29,196 (4,759) (375,990) 278,872	2023 $ 406,103 160,000 - 21,115 3,855 (368,799)
		222,274

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

5. INCOME TAX EXPENSE 2024 $ a. The components of tax expense comprise: Current tax - Deferred tax - - b. The prima facie tax on profit/(loss) from ordinary activities before income tax is reconciled to the income tax as follows: Prima facie tax payable on profit/(loss) from ordinary activities before income tax at 25% (2023: 25%) (668,794) Add/(less): Tax effect of: — Non-deductible tax expenses 7,148 — Non-assessable amounts (54,667) — Deferred tax asset not brought to account 716,314 Income tax expense/(benefit) - The applicable average weighted tax rates are as follows: 0% c. The following deferred tax balances have not been recognised: Deferred Tax Assets at 25% (2023: 25%): Carry forward revenue losses 6,060,015 Foreign tax losses 3,799,015 Impairment of investments 16,973 Capital raising costs 33,650 Capital losses - Provisions and accruals 24,090 9,933,743	2023 $ - -
	-
	(168,226) 8,095 - 384,339

	0% 5,904,139 3,574,120 138,948 63,615 152,286 20,423
	9,853,531

The tax benefits of the above Deferred Tax Assets will only be obtained if:

The Company derives future assessable income of a nature and an amount sufficient to enable the benefits to be utilised; and

The Company continues to comply with the conditions for deductibility conditions imposed by the law; and

No change in income tax legislation adversely affects the Company in utilising the benefits. Deferred tax liabilities at 25% (2023: 25%):

Exploration expenditure Prepayment Accrued income	2,401,880 11,408 436 2,413,724	2,730,902 15,407 205
		2,746,514

The above Deferred Tax Liabilities have not been recognised as they have given rise to the carry forward revenue losses for which the Deferred Tax Assets have not been recognised.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

6. PROFIT/(LOSS) PER SHARE a. Profit/(loss) from continuing operations used in the calculation of basic and diluted EPS b. Weighted average number of ordinary shares outstanding during the year used in calculating the basic and dilutive EPS	2024 $ (2,675,177) 615,636,179	2023 $ (672,903)
		610,330,557

There are 5,267,338 share options excluded from the calculation of diluted earnings per share (that could potentially dilute basic earnings per share in the future) because they are anti-dilutive for each of the years presented.

7. CASH AND CASH EQUIVALENTS

Cash at bank and in hand Reconciliation of cash Cash at the end of the financial year as shown in the statement of cash flow is reconciled to items in the statement of financial position as follows: Cash and cash equivalents 8. TRADE AND OTHER RECEIVABLES CURRENT GST receivable Government grant receivable Interest receivable Refer to Note 23 Financial Risk Management for further details. 9. OTHER ASSETS CURRENT Prepayments NON-CURRENT Environmental bonds Term deposit for credit card	2024 $ 1,197,309 1,197,309 1,197,309 39,499 - 1,743 41,242 2024 $ 45,631 45,631 24,000 35,000 59,000	2023 $ 2,490,927
		2,490,927
		2,490,927
		50,812 175,006 820
		226,638
		2023 $ 61,628
		61,628
		24,000 35,000
		59,000

The effective interest rate on the credit card term deposit was 5.3% (2023: 0.25%). This term deposit has a maturity of a year.

Refer to Note 23 Financial Risk Management for further details.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

10. FINANCIAL ASSETS

NON-CURRENT Financial assets Reconciliation Reconciliation of the fair values at the beginning and end of the current and previous financial year are set out below: Opening fair value Additions Disposals Revaluation increments/(decrements) Closing fair value	2024 $ 1,139,764 1,139,764 403 1,252,516 (113,155) 1,139,764	2023 $ 403
		403
		1,253 - - (850)
		403

Financial assets comprise of investments in the ordinary issued capital of various entities. There are no fixed returns or fixed maturity dates attached to these investments.

The Consolidated Entity’s exposure to credit, market and liquidity risk related to financial assets is disclosed in Note 23.

11. CONTROLLED ENTITIES

CONTROLLED ENTITIES
	Country of	Percentage
	Incorporation	Owned (%)*
		2024	2023
Subsidiaries of Corazon Mining Ltd:
Resource Investment Group Pty Ltd	Australia	100	100
Manitoba Nickel Pty Ltd	Australia	100	100
Manitoba Nickel Inc.	Canada	100	100
Mt Gilmore Resources Pty Ltd	Australia	100	100
Coolgardie Nickel Pty Ltd	Australia	15	100
Coolgardie Mineral Rights Pty Ltd**	Australia	100	N/A
* Percentage of voting power is in proportion to ownership

**Incorporated 14 March 2024

12. EXPLORATION AND EVALUATION EXPENDITURE

EXPLORATION AND EVALUATION EXPENDITURE
Exploration and evaluation expenditure Movement in carrying value: Brought forward Exploration project expenditure Disposal of Miriam Lithium Project Impairment of exploration expenditure At reporting date	2024 $ 13,093,467 15,071,331 1,770,728 (499,570) (3,249,022) 13,093,467	2023 $ 15,071,331
		10,612,032 4,498,204 - (38,905)
		15,071,331

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

Lynn Lake Project

The Company holds 100% exploration interest in the Lynn Lake Nickel-Copper-Cobalt Sulphide Project, which contains the main nickel resources in that area. Corazon has consolidated the entire historical Lynn Lake Nickel Copper Cobalt Mining Centre (collectively known as Lynn Lake) in the province of Manitoba. It is the first time Lynn Lake has been under the control of one company since mine closure in 1976. At year end it was decided to impair the area of interest within Lynn Lake known as Fraser Lake. It was determined that the results of drilling in this area would not add commercially viable grades of mineral resource and no further exploration activities have been proposed at this time in this area.

Mt Gilmore Project

The Company holds 80% exploration interest in the Mt Gilmore Cobalt-Copper-Gold Sulphide Project is an advanced, high-grade copper-cobalt-gold sulphide deposit, located 35km from the major centre of Grafton in north-eastern New South Wales.

Miriam Project

Miriam is located approximately 10 kilometres south-southwest of Coolgardie, and is a highly prospective nickel exploration project. 85 % of the Lithium rights have been divested 100% of the base and precious metals rights retained.

The value of the exploration expenditure is dependent upon:

The continuance of the rights to tenure of the areas of interest;
The results of future exploration; and
The recoupment of costs through successful development and exploitation of the areas of interest or alternatively by their sale.

13. TRADE AND OTHER PAYABLES CURRENT Trade payables Sundry payables and accrued expenses	2024 $ 78,862 104,014 182,876	2023 $ 550,729 80,559 631,288

Refer to Note 23 Financial Risk Management for further details.

14. PROVISIONS

PROVISIONS
Employee benefits Annual leave	2024 $ 34,435 34,435	2023 $ 39,194
		39,194

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

15. ISSUED CAPITAL 667,905,589 (2023: 610,330,557) fully paid ordinary shares Less: Capital raising costs a. Ordinary shares At the beginning of reporting year Shares issued during the year — Share purchase plan (non-renounceable entitlement) — Placements — Consideration for traditional owner agreement At reporting date At the beginning of reporting year Shares issued during the year - Share purchase plan (non-renounceable entitlement) - Placements - Consideration for acquisition of projects - Consideration for traditional owner agreement Less: capital raising costs At reporting date		2024 $ 61,058,847 (3,552,056)	- - - -	2023 $ 60,639,837 (3,514,291)
		57,506,791		57,125,546
		2024 No. 610,330,557 - 52,307,694 5,267,338		2023 No. 610,330,557 - - -
		667,905,589		610,330,557
		2024 $ 57, 125,546 - 340,000 - 79,010 (37,765)		2023 $ 57,149,809 - - - - (24,263)
		57,506,791		57,125,546

a) Ordinary shares

Ordinary shares participate in dividends and the proceeds on winding up of the Company in proportion to the number of shares held. These fully paid ordinary have no par value.

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.

There is no current on-market share buy-back.

There were no issues of shares, options, performance rights or any other security during the financial year.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

b) Options over ordinary shares

The following options over ordinary shares exists at reporting date:

Unlisted options – expiring on 30/06/2027, exercise price $0.01 Unlisted options – expiring on 18/08/2026, exercise price $0.014 Unlisted options – expiring on 20/05/2024, exercise price $0.10 At reporting date	2024 $ 52,307,694 5,267,338 - 57,575,032	2023 $ - - 19,540,000
		19,540,000

c) Capital Management

The Directors’ primary objective is to maintain a capital structure that ensures the lowest cost of capital to the Group. At reporting date the Group has no external borrowings. The Directors are confident that the Company will raise capital through the issue of additional shares when and as required. The Group is not subject to any externally imposed capital requirements.

16. RESERVES

Revaluation reserve Opening balance Recognition of financial asset at fair value Closing balance The revaluation reserve records financial assets revalued to recognised at fair value Share based payment reserve Opening balance Lapse of performance rights on expiry Share based payment to traditional owners Lapse of options on expiry Closing balance	2024 - 338,000 338,000 2024 302,921 (302,921) 75,588 - 75,588	2023 - -
		-
		2023 326,104 - - (23,183)
		302,921

The share based payment reserve records items recognised as expenses on valuation of employee and traditional owner equity securities.

17. CAPITAL COMMITMENTS

The Company has no current commitment.

In order to maintain current rights of tenure to exploration tenements the Company is required to perform minimum exploration work to meet the minimum expenditure requirements specified by various Governments. These obligations can be reduced by selective relinquishment of exploration tenure or renegotiation. Currently there are no obligations as the Group has met all minimum commitments.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

18. OPERATING SEGMENTS

Identification of reportable segments

The Consolidated Entity has identified its operating segments based on the internal reports that are reviewed and used by the managing directors to make decisions about resources to be allocated to the segments and assess their performance.

Operating segments are identified by Management based on the mineral resource and exploration activities in Australia and Canada. Discrete financial information about each project is reported to the managing director maker on a regular basis.

The reportable segments are based on aggregated operating segments determined by the similarity of the economic characteristics, the nature of the activities and the regulatory environment in which those segments operate.

The Consolidated Entity has two reportable segments based on the geographical areas of the mineral resource and exploration activities in Australia and Canada. Unallocated results, assets and liabilities represent corporate amounts that are not core to the reportable segments.

Canada Australia Unallocated Total $ $ $ $ - 174,901 41,042 215,943	Canada Australia Unallocated Total $ $ $ $ - 174,901 41,042 215,943	Canada Australia Unallocated Total $ $ $ $ - 174,901 41,042 215,943
- 174,901 41,042 215,943
- 135,996 (808,899) (672,903)
- (38,905) - (38,905) 10,466,571 4,628,760 2,814,596 17,909,927
(547,152) (5,478) (117,852) (670,482)
Canada Australia Unallocated Total $ $ $ $ - 1,633,614 17,557 1,651,171
- 1,633,614	17,557 1,651,171
(3,249,022) 1,633,614	(1,059,769) (2,675,177)
(3,249,022) - 8,714,865 5,542,365	- (3,249,022) 1,319,182 15,576,412
(26,877) (8,902)	(181,532) (217,311)
	Non-current assets 2024 2023 8,714,866 10,466,571 5,577,365 4,664,163 14,292,231 15,130,734
		15,130,734

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

19. SHARE BASED PAYMENTS

SHARE OPTIONS ISSUED

Options are issued to key management personnel as part of their compensation under the Company’s Employee Share Option Plan. The options issued may be subject to performance criteria and are issued to key management personnel of Corazon Mining Limited to increase goal congruence between key management personnel and shareholders.

Number and weighted average exercise prices of share options

The following table illustrates the number and weighted average exercise prices (WAEP) of and movements in share options issued under Share Based Payment Scheme during the year:

Issue to employees and key personnel Outstanding at the beginning of the year Granted Exercised Expired Outstanding at year-end Exercisable at year-end Issues to other Outstanding at beginning of year Consolidation 1:20 Granted Exercised Expired Outstanding at year-end Exercisable at year-end	2024 2023 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price 11,540,000 $0.10 11,790,000 $0.11 - - - - (11,540,000) $0.10 (250,000) $0.14
	- - 11,540,000 $0.10
	- - 11,540,000 $0.10
	8,000,000 $0.10 9,000,000 $0.11 - - - - 5,267,338 $.014 - - - - - - (8,000,000) $0.10 (1,000,000) $0.14
	5,267,338 $0.014 8,000,000 $0.10
	5,267,338 $0.014 8,000,000 $0.10

The following share-based payment arrangements were in existence during the current and prior reporting periods:

Options	series	Number	Grant	Expiry	Exercise	Fair value at
			date	date	Price	grant date
					$	$
iii)	Staff and key personnel	250,000	20/12/2019	10/07/2022	0.14	0.0127
iv)	Consultants	1,000,000	21/04/2020	10/07/2022	0.14	0.02
v)	Staff and key personnel	11,540,000	20/05/2021	20/05/2024	0.10	0.0172
vi)	Consultants	4,000,000	20/05/2021	20/05/2024	0.10	0.0172
vii)	Consultants	4,000,000	15/11/2021	20/05/2024	0.10	0.009
viii)	MCFN	5,267,338	24/08/2023	18/08/2026	0.014	0.009

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

The options outstanding at 30 June 2024 had a weighted average exercise price of $0.014 (2023: $0.10) and a weighted average remaining contractual life of 2.5 years (2023: 0.89 years). The options were valued using a Black and Scholes option pricing model. Inputs used in valuations are listed below:

Inputs into the models	Series (iii)	Series (iv)	Series (v)	Series (vi)	Series (vii)	Series (viii)
Grant date share price	$0.04	$0.04	0.04	$0.04	0.04	0.014
Exercise price	$0.14	$0.14	0.10	$0.10	0.10	0.014
Expected volatility	100%	100%	100%	100%	80%	80%
Option life	3.5 years	3 years	3 years	3 years	2.5 years	3 years
Risk-free interest rate	0.075%	0.075%	0.075%	0.075%	0.095%	0.095%

PERFORMANCE RIGHTS ISSUED

Issue to employees and key personnel Outstanding at the beginning of the year Granted Consolidation reduction 1:20 Converted Forfeited/cancelled Outstanding at year-end Exercisable at year-end	2024 2023 Nos. Fair value at grant date $ Total Fair value of rights $ Nos. Fair value at grant date Total Value of rights $ 500,000 200 500,000 0.0004 200 - - - - - - - - - (500,000) - - - - - 500,000 0.0004 200 - - 500,000 0.0004 200

The performance rights will be considered vested and convertible if during the period of issue, the Company’s share price on the ASX trades with a share price of $0.20 or greater for a period of 20 consecutive trading days or more. The performance rights were issued for nil consideration, with nil consideration required on conversion. The rights expired on 20 December 2023.

ORDINARY SHARES ISSUED

On 24 August 2023, the Company issued 5,267,338 ordinary shares, as consideration for entering an Exploration Agreement with traditional owners MCFN.

On 25 June 2024, the Company issued 52,307,694 ordinary shares as a placement at $.0065 per share raising $340,000.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

		2024	2023
		$	$
20.	CASH FLOW INFORMATION
	Reconciliation of Cash Flow from Operations with Net Profit/(Loss)
	Profit/(Loss) after income tax	(2,675,177)	(672,903)
	Non-cash flows in profit
	Other income		-
	Gain on disposal of subsidiary	(1,414,945)	-
	Unrealised gain on foreign exchange	844	(3,308)
	Unrealised movements on financial assets	113,155	(850)
	Exploration expenditure written off	3,249,022	-
	Changes in assets and liabilities, net of the effects of purchase and disposal of subsidiaries
	(Increase)/decrease in receivables and prepayments	(15,996)	33,415
	Increase/(decrease) in trade and other payables	255,948	(267,148)
	Increase/(decrease) in provisions	4,759	(3,856)
	Cash flow from operations	(482,932)	(912,950)

Please refer to Note 19 Share based payments for information relating to non-cash investing and finance activities.

21. KEY MANAGEMENT PERSONNEL COMPENSATION

The names of Directors and officers in office at any time during the year are:

Terry Streeter Non-Executive Chairperson Brett S. Smith Executive Managing Director Jonathan Downes Non-Executive Director Mark Qiu Non-Executive Director Kristie Young Non-Executive Director, Interim Chairperson Andrew Strickland Non-Executive Director Robert Orr Company Secretary

Key management personnel compensation


Key management personnel compensation The key management personnel compensation comprised: Short term employment benefits Post-employment benefits Share based payments – short term employment benefits Share based payments – performance based remuneration	2024 $ 537,322 8,287 - - 545,609	2023 $ 477,263 4,315 - -
		481,578

Key management personnel remuneration has been included in the Remuneration Report section of the Directors’ Report.

22. AUDITORS’ REMUNERATION During the financial year the following fees were paid or payable for services provided by PKF Perth, the auditor of the Group: Audit or review of financial statements Preparation of tax return Total remuneration	2024 $ 70,500 4,350 74,850	2023 $ 60,770 7,800
		68,570

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

23. FINANCIAL RISK MANAGEMENT

Financial Risk Management Policies

The Consolidated Entity’s financial instruments consist mainly of deposits with banks, local money market instruments, equity investments, and accounts receivable and payable.

i. Capital Management

The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Board of Directors monitors the return on capital, which the Consolidated Entity defines as net operating income divided by total shareholders’ equity.

ii. Treasury Risk Management

The Board of Directors meet on a regular basis to analyse financial risk exposure and to evaluate treasury management strategies in the context of the most recent economic conditions and forecasts.

The Board’s overall risk management strategy seeks to assist the Consolidated Entity in meeting its financial targets, whilst minimising potential adverse effects on financial performance.

Risk management policies are approved and reviewed by the Board on a regular basis. These include the use of credit risk policies and future cash flow requirements.

iii. Financial Risk Exposures and Management

The main risks the Consolidated Entity is exposed to through its financial instruments are liquidity risk, market risk, credit risk and price risk.

(a) Liquidity risk

Liquidity risk is the risk that the Consolidated Entity will not be able to meet its financial obligations as they fall due. The Consolidated Entity’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Consolidated Entity’s reputation.

The Consolidated Entity currently does not have borrowing facilities in place. However, the Consolidated Entity continuously monitors forecasts and actual cash flows and the maturity profiles of financial assets and liabilities to manage its liquidity risk. Surplus funds are generally only invested in short term bank deposits.

Typically the Consolidated Entity ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 90 days; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. The Directors are confident that the Company will raise capital through the issue of additional shares when and as required.

The decision on how the Consolidated Entity will raise future capital will depend on market conditions existing at that time.

(b) Market Risk

Market risk is the risk that changes in market prices, such as interest rates and equity prices

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

will affect the Consolidated Entity’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

(c)

Credit risk

Credit risk arises from the financial assets of the Consolidated Entity, which comprise cash and cash equivalents, other receivables and financial assets. Receivable balances are monitored on an on-going basis with the result that the Consolidated Entity’s exposure to bad debts is not significant. The Consolidated Entity has adopted the policy of only dealing with credit worthy counterparties.

The Group's exposure to credit risk arises from potential default of the counter party, with a maximum exposure equal to the carrying amount of these instruments.

The Consolidated Entity does not have any material credit risk exposure to any single receivable or group of receivables under financial instruments entered into by the Consolidated Entity.

(d)

Equity Price risk

The Group is exposed to equity securities price risk from investments held that are classified on the statement of financial position as financial assets. Material investments are managed on an individual basis and all buy and sell decisions are approved by the Board.

The Consolidated Entity holds the following financial instruments:

The Consolidated Entity holds the following financial instruments:
Financial Assets: 2024 $ Cash and cash equivalents 1,197,308 Receivables 41,242 Other assets 59,000 Investments 1,139,764 Total Financial Assets 2,437,314 Financial Liabilities: Trade and sundry payables 182,876 Total Financial Liabilities 182,876 Trade and sundry payables are expected to be paid as followed: Less than 1 month 182,876 Greater than 1 year - 182,876	2023 $ 2,490,927 226,638 59,000 403
	2,776,968
	631,288
	631,288
	631,288 -
	631,288

iv. Fair value of financial instruments

The following tables detail the Group’s fair values of financial instruments categorized by the following level:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities
- Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices)
Level 3: Inputs for asset or liability that are not based on observable market data (Unobservable inputs).

Annual Financial Report

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

2024 Assets Ordinary and Performance shares Total assets 2023 Assets Ordinary shares Total assets	Level 1 $ 1,139,764 1,139,764 Level 1 $ 403 403	Level 2 $ - - Level 2 $ - -	Level 3 $ - - Level 3 $ - -	Total $ 1,139,764
				1,139,764
				Total $ 403
				403

There were no transfers between levels during the financial year.

Shares held in listed entities are held at ASX closing price at year end. Shares held in unlisted entities are held at a value determined by Company based on the transaction value. Performance rights held in listed entity are held at a value determined by an independent valuation at time of transaction.

Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.

v.

Fair value of receivables

The carrying amounts of trade and other receivables and trade and other payables are assumed to approximate their fair values due to their short-term nature.

vi. Sensitivity Analysis

Interest Rate Risk and Price Risk

The Group has performed sensitivity analysis relating to its exposure to interest rate risk and price risk at reporting date. This sensitivity analysis demonstrates the effect on the current year results and equity, which could result from a change in these risks.

Interest Rate Sensitivity Analysis

	2024	2023
Monetary items exposed to interest rate fluctuations at	$	$
reporting date
Cash and cash equivalents	1,197,308	2,490,927
Other assets	59,000	59,000
	1,256,308	2,549,927
The effect on profit and equity as a result of changes in the interest rate,		with all other
variables remaining constant would be as follows:
Change in loss
Increase in interest rate by 1% (100 basis points)	5,025	10,200
Decrease in interest rate by 1% (100 basis points)	(5,025)	(10,200)
Change in equity
Increase in interest rate by 1% (100 basis points)	5,025	10,200
Decrease in interest rate by 1% (100 basis points)	(5,025)	(10,200)

The effect on profit and equity as a result of changes in the interest rate, with all other variables remaining constant would be as follows:

Annual Financial Report

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

Price Risk Sensitivity Analysis

The majority of the Group’s investments are publicly traded and are included in the ASX. The table below summarises the impact of increases/decreases of this index on the Group’s post tax profit for the year and on equity. The analysis is based on the assumption that equity indexes had increased/decreased by 10% (2023: 10%) with all other variables held constant and all the Group’s equity instruments moved according to the historical correlation with the index.

index.
	2024	2023
	$	$
Change in profit
Increase in All Ordinaries Index by 10%	84,343	30
Decrease in All Ordinaries Index by 10%	(84,343)	(30)
Change in equity
Increase in All Ordinaries Index 10%	84,343	30
Decrease in All Ordinaries Index by 10%	(84,343)	(30)

24. RELATED PARTY DISCLOSURES

i. The ultimate Parent entity in the Group is Corazon Mining Limited.

ii. No amounts in addition to those disclosed in the Remuneration Report in the Directors’ Report were paid or payable to Directors of the Company at the end of the year.

iii. There were no loans to key management personnel at the end of the year.

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

25. CONTINGENT ASSETS AND LIABILITIES

The Consolidated Entity is unaware of any contingent assets or liabilities that may have a material impact on the Company’s financial position.

26. EVENTS AFTER THE REPORTING DATE

On 17 July 2024 the Company announced Non-Executive Chairperson Mr Terry Streeter had passed away.

On 26 July 2024 the Company announced it had withdrawn the share purchase plan offer first announced to the ASX on 18 June 2024.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (cont.)

27. DIVIDENDS

There were no dividends paid or declared during the financial year.

28. SIGNIFICANT NON CASH TRANSACTIONS

There were no significant non-cash transactions during the financial year, besides the Share Based Payments disclosed in this financial report.

PARENT ENTITY DISCLOSURES Financial position Assets Current assets Non-current assets Total assets Liabilities Current liabilities Non-current liabilities Total liabilities Net assets Equity Issued capital Option reserves Revaluation reserves Accumulated losses Total equity Financial performance Profit/(loss) for the year Other comprehensive income/(loss) Total comprehensive income/(loss)	2024 $ 1,232,641 14,329,973 15,562,614 203,409 - 203,409 15,539,205 57,506,791 75,588 338,000 (42,561,174) 15,539,205 (2,675,174) (2,675,174)	2023 $ 2,725,670 15,155,853
		17,881,523
		641,978 -
		641,978
		17,239,546
		57,125,546 302,921 - (40,188,921)
		17,239,546
		(672,435)
		(672,435)

29. PARENT ENTITY DISCLOSURES

Commitments

The commitments of the Parent Entity are consistent with that of the Consolidated Entity (refer to Note 17).

Contingent assets, contingent liabilities and guarantees

The contingent assets, contingent liabilities and guarantees of the Parent Entity are consistent with that of the Consolidated Entity (refer to Note 25).

Significant accounting policies

The accounting policies of the Parent entity are consistent with those of the consolidated entity, as disclosed in note 1, except for the following: Investment in subsidiaries are accounted for at cost, less any impairment in the Parent entity.

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CONSOLIDATED ENTITY DISCLOSURE STATEMENT AS AT 30 JUNE 2024

			Ownership
		Place formed /	interest
Entity name	Entity type	Country of incorporation%		Tax residency
Corazon Mining Limited	Body corporate	Australia	N/A	Australia
Resource Investment Group
Pty Ltd	Body corporate	Australia	100%	Australia
Manitoba Nickel Pty Ltd	Body corporate	Australia	100%	Australia
Manitoba Nickel Inc	Body corporate	Canada	100%	Canada
Mt Gilmore Resources Pty Ltd	Body corporate	Australia	100%	Australia
Coolgardie Mineral Rights	Body corporate	Australia
Pty Ltd			100%	Australia

Basis of preparation

The consolidated entity disclosure statement (CEDS) has been prepared in accordance with subsection Section 295 (3A) of the Corporations Act 2001. The entities listed in the statement are Corazon Mining Limited and all the entities it controls in accordance with AASB 10 Consolidated Financial Statements.

Key assumptions and judgements

Determination of tax residency

Section 295 (3A) Corporations Act requires that the tax residency of each entity which is included in the Consolidated Entity Disclosure Statement (CEDS) be disclosed. In the context of an entity which was an Australian resident, "Australian resident" has the meaning provided in the Income Tax Assessment Act 1997 (Cth). The determination of tax residency involves judgment as the determination of tax residency is highly fact dependent and there are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on residency.

In determining tax residency, the Group has applied the following interpretations:

Australian tax residency

The Group has applied current legislation and judicial precedent, including having regard to the Commissioner of Taxation's public guidance in Tax Ruling TR 2018/5.

Foreign tax residency

The Group has applied current legislation and where available judicial precedent in the determination of foreign tax residency. Where necessary, the Group has used independent tax advisers in foreign jurisdictions to assist in its determination of tax residency to ensure applicable foreign tax legislation has been complied with.

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DIRECTORS’ DECLARATION

In the directors' opinion:

the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in note 1 to the financial statements;
the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 30 June 2024 and of its performance for the financial year ended on that date;
there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable; and
the information disclosed in the attached consolidated entity disclosure statement is true and correct.

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

Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.

On behalf of the directors

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Brett S. Smith Executive Managing Director

Dated this 10[th] day of September 2024

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INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF CORAZON MINING LIMITED

Report on the Financial Report

Opinion

We have audited the financial report of Corazon Mining Limited(the “Company”), which comprises the consolidated statement of financial position as at 30 June 2024, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement, and the directors’ declaration of the Company and the consolidated entity comprising the Company and the entities it controlled at the year’s end or from time to time during the financial year.

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

i) Giving a true and fair view of the consolidated entity’s financial position as at 30 June 2024 and of its performance for the year ended on that date; and
ii) Complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report.

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

Material Uncertainty Related to Going Concern

Without modifying our opinion, we draw attention to Note 1 in the financial report, which indicates that the consolidated entity had cash on hand at 30 June 2024 of $1,197,308 (2023: $2,490,927) and experienced cash outflows from operations and investment activities of $1,611,318 (2023: $5,407,213) for the year ended 30 June 2024. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the consolidated entity’s ability to continue as a going concern and therefore, the consolidated entity may be unable to realise its assets and discharge its liabilities in the normal course of business.

The financial report of the consolidated entity does not include any adjustments in relation to the recoverability and classification of recorded asset amounts or to the amounts and classification of liabilities that might be necessary should the consolidated entity not continue as going concern.

Independence

We are independent of the consolidated entity in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code

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Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report for the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have determined the matter described below to be the key audit matter to be communicated in our report.

Recognition and carrying amount of exploration and evaluation assets

Why significant

How our audit addressed the key audit matter

As at 30 June 2024 the carrying value of exploration and evaluation assets was $13,093,467 (2023: $15,071,331), as disclosed in Note 11. Exploration and Evaluation assets written off during the year amounted to $3,748,592 (2023: 38,905).

The consolidated entity’s accounting policy in respect of exploration and evaluation expenditure is outlined in Note 1.

Significant judgement is required:

➢ in determining whether facts and circumstances indicate that the exploration and evaluation assets should be tested for impairment in accordance with Australian Accounting Standard AASB 6 Exploration for and Evaluation of Mineral Resources (“AASB 6”); and
➢ in determining the treatment of exploration and evaluation expenditure in accordance with AASB 6, and the consolidated entity’s accounting policy. In particular:
whether the particular areas of interest meet the recognition conditions for an asset; and
which elements of exploration and evaluation expenditures qualify for capitalisation for each area of interest.

Our work included, but was not limited to, the following procedures:

➢ Conducting a detailed review of management’s assessment of impairment trigger events prepared in accordance with AASB 6 including:
assessing whether the rights of tenure to tenements and exploration licenses in the various areas of interest remained current at reporting date as well as confirming that rights to tenure are expected to be renewed for tenements and exploration licenses that will expire in the near future;
holding discussions with the Directors and management as to the status of ongoing exploration programmes for the areas of interest, as well as assessing if there was evidence that a decision had been made to discontinue activities in in any specific areas of interest; and
obtaining and assessing evidence of the consolidated entity’s future exploration for the areas of interest, including reviewing future budgeted expenditure and related work programmes.
➢ considering whether exploration activities for the areas of interest had reached a stage where a reasonable assessment of economically recoverable reserves existed;
➢ testing, on a sample basis, exploration and evaluation expenditure incurred during the year for compliance with AASB 6 and the consolidated entity’s accounting policy; and
➢ assessing the appropriateness of the related disclosures in Note 1 and 11.

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Other Information

Those charged with governance are responsible for the other information. The other information comprises the information included in the consolidated entity’s annual report for the year ended 30 June 2024, but does not include the financial report and our auditor’s report thereon.

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

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Directors’ for the Financial Report

The Directors of the Company are responsible for the preparation of:-

a) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
b) the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act2001; and

for such internal control as the Directors determine is necessary to enable the preparation of:-

i) the financial report (other than the consolidated entity disclosure statements) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and
ii) the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error.

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

Auditor’s Responsibilities for the Audit of the Financial Report

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

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As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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

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

We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with the Directors, we determine those matters that were of most significance in the audit of the financial report of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

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Report on the Remuneration Report

Opinion

We have audited the Remuneration Report included in the Directors’ Report for the year ended 30 June 2024.

In our opinion, the Remuneration Report of Corazon Mining Limited for the year ended 30 June 2024, complies with section 300A of the Corporations Act 2001.

Responsibilities

The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.

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PKF PERTH

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SIMON FERMANIS PARTNER

10 September 2024

PERTH, WESTERN AUSTRALIA

Annual Financial Report

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ADDITIONAL INFORMATION FOR LISTED COMPANIES

The following additional information is required by the Australian Securities Exchange Ltd in respect of listed public companies only.

Ordinary share capital

667,905,589 fully paid shares are held by 2,392 individual shareholders.

Each ordinary share is entitled to one vote when a poll is called, otherwise each member present at a meeting or by proxy has one vote on a show of hands.

Options

57,575,032 unquoted options are held by 13 individual option holders. Options do not carry a right to vote.

Distribution of holders of equity securities Category (size of holding) 1 – 1,000 1,001 – 5,000 5,001 – 10,000 10,001 – 100,000 100,001 – and over	Number Fully paid ordinary shares Unlisted Options 388 - 447 - 227 - 798 - 532 13
	2,392 13

20 Largest Shareholders — Ordinary Shares	20 Largest Shareholders — Ordinary Shares	Number of	% Held of
A record of the 20 largest shareholders as at 4 September 2024 is as follows:-		Ordinary	Issued
		Fully Paid	Ordinary
Ordinary shareholders		Shares Held	Capital
1	DELPHI UNTERNEHMENSBERATUNG AKTIENGESELLSCHAFT	103,000,000	15.42
2	BLACKSTONE MINERALS LIMITED	102,033,556	15.28
3	BNP PARIBAS NOMINEES PTY LTD	20,441,558	3.06
4	DELPHI UNTERNEHMENSBERATUNG AKTIENGESELLSCHAFT	19,044,000	2.85
5	HANKING AUSTRALIA INVESTMENT PTY LTD	16,270,000	2.44
	NORTHMEAD HOLDINGS PTY LTD	12,500,000	1.87
6
	WIP FUNDS MANAGEMENT PTY LTD	10,000,000	1.50
7
8	ESM LIMITED	9,000,000	1.35
	SABA NOMINEES PTY LTD	8,250,000	1.24
9
	MR JAMES OWEN MOSES &	7,692,307	1.15
	MS MARSHA ANNETTE JACOBS
10
		7,372,860	1.10
11	WILLOWOOD CORPORATE PTY LTD
12	MRS YULIAN LIU	6,400,000	0.96
13	URBAN LAND NOMINEES PTY LTD	6,187,500	0.93
	N & J MITCHELL HOLDINGS PTY LTD	6,153,846	0.92
14
15	TERRY STREETER	6,100,000	0.91
	N & J MITCHELL HOLDINGS PTY LTD	5,304,269	0.79
16
17	KOSISIMINAWAK DEVELOPMENT CORPORATION	5,267,338	0.79
18	MR ZHONGLI LI	5,208,000	0.78
19	CITICORP NOMINEES PTY LIMITED	5,102,779	0.76
20	KELANCO PTY LTD	5,000,000	0.75

Annual Financial Report

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ADDITIONAL INFORMATION FOR LISTED COMPANIES (CONT.) Schedule of Interests in Mining Tenements

Project	Mining tenements held	Location of tenements	Beneficial % interest at the end of the year
	LYNN LAKE PROJECT
LYNN LAKE	M2228	Canada	100%
LYNN LAKE	M2229	Canada	100%
LYNN LAKE	M2230	Canada	100%
LYNN LAKE	M2232	Canada	100%
LYNN LAKE	M2233	Canada	100%
LYNN LAKE	M2234	Canada	100%
LYNN LAKE	M2248	Canada	100%
LYNN LAKE	M2249	Canada	100%
LYNN LAKE	M2251	Canada	100%
LYNN LAKE	M2252	Canada	100%
LYNN LAKE	M2253	Canada	100%
LYNN LAKE	M2254	Canada	100%
LYNN LAKE	M2255	Canada	100%
LYNN LAKE	M2256	Canada	100%
LYNN LAKE	MB10070	Canada	100%
LYNN LAKE	MB10071	Canada	100%
LYNN LAKE	MB10085	Canada	100%
LYNN LAKE	MB10086	Canada	100%
LYNN LAKE	MB10087	Canada	100%
LYNN LAKE	MB10088	Canada	100%
LYNN LAKE	MB10382	Canada	100%
LYNN LAKE	MB10383	Canada	100%
LYNN LAKE	MB10384	Canada	100%
LYNN LAKE	MB10387	Canada	100%
LYNN LAKE	MB10388	Canada	100%
LYNN LAKE	MB11328	Canada	100%
LYNN LAKE	MB11388	Canada	100%
LYNN LAKE	MB11389	Canada	100%
LYNN LAKE	MB11390	Canada	100%
LYNN LAKE	MB11838	Canada	100%
LYNN LAKE	MB11839	Canada	100%
LYNN LAKE	MB11840	Canada	100%
LYNN LAKE	MB11841	Canada	100%
LYNN LAKE	MB11842	Canada	100%
LYNN LAKE	MB11843	Canada	100%
LYNN LAKE	MB11844	Canada	100%
LYNN LAKE	MB12171	Canada	100%
LYNN LAKE	MB12172	Canada	100%
LYNN LAKE	MB12173	Canada	100%
LYNN LAKE	MB12174	Canada	100%
LYNN LAKE	MB12556	Canada	100%

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Annual Financial Report

ADDITIONAL INFORMATION FOR LISTED COMPANIES (CONT.)

LYNN LAKE	MB12557	Canada	100%
LYNN LAKE	MB2482	Canada	100%
LYNN LAKE	MB3566	Canada	100%
LYNN LAKE	MB3567	Canada	100%
LYNN LAKE	MB3580	Canada	100%
LYNN LAKE	MB3581	Canada	100%
LYNN LAKE	MB5175	Canada	100%
LYNN LAKE	MB5399	Canada	100%
LYNN LAKE	MB5669	Canada	100%
LYNN LAKE	MB5672	Canada	100%
LYNN LAKE	MB5701	Canada	100%
LYNN LAKE	MB6360	Canada	100%
LYNN LAKE	MB6361	Canada	100%
LYNN LAKE	MB6362	Canada	100%
LYNN LAKE	MB6363	Canada	100%
LYNN LAKE	MB6364	Canada	100%
LYNN LAKE	MB7025	Canada	100%
LYNN LAKE	MB7348	Canada	100%
LYNN LAKE	MB7349	Canada	100%
LYNN LAKE	MB7350	Canada	100%
LYNN LAKE	MB7361	Canada	100%
LYNN LAKE	MB7362	Canada	100%
LYNN LAKE	MB8734	Canada	100%
LYNN LAKE	MB8735	Canada	100%
LYNN LAKE	MB9218	Canada	100%
LYNN LAKE	MB9453	Canada	100%
LYNN LAKE	ML77	Canada	100%
LYNN LAKE	ML90	Canada	100%
LYNN LAKE	P1045F	Canada	100%
LYNN LAKE	P2291F	Canada	100%
LYNN LAKE	P3163F	Canada	100%
LYNN LAKE	P3164F	Canada	100%
LYNN LAKE	P3165F	Canada	100%
LYNN LAKE	P3534F	Canada	100%
LYNN LAKE	P7698E	Canada	100%
LYNN LAKE	P7699E	Canada	100%
LYNN LAKE	P7700E	Canada	100%
LYNN LAKE	P7702E	Canada	100%
LYNN LAKE	P8370E	Canada	100%
MT GILMORE PROJECT
MT GILMORE	EL 8379	New South Wales	80%

Annual Financial Report

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ADDITIONAL INFORMATION FOR LISTED COMPANIES (CONT.)

	MIRIAM PROJECT	MIRIAM PROJECT
MIRIAM MIRIAM MIRIAM MIRIAM MIRIAM	P15/6135 P15/6136 P15/6137 P15/6138 P15/6139	W.A. W.A. W.A. W.A. W.A.	Application 15% 15% 15% 15% 15%	(85%) (85%) (85%) (85%) (85%)

Annual Financial Report

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ADDITIONAL INFORMATION FOR LISTED COMPANIES (CONT.)

RESOURCE STATEMENT

Corazon released a JORC 2012 compliant Resource Estimate (Resource) for the Lynn Lake Nickel-Copper Project (Project) to the Australian Stock Exchange (ASX) on 27 November 2019. This estimation is an upgrade of the resources previously reported on 16 April 2015. There has been no variation to this resource since the 27 November 2019 publication .

Corazon engaged independent resource consultants HGMC to provide an updated Mineral Resource estimation incorporating several deposits within the Lynn Lake Mining Centre. This estimation is summarised in the table below.

The Mineral Resource Estimate was completed in accordance with the guidelines of the JORC Code (2012 edition). The estimation is of a very high quality and is well supported by drilling and historical mining data. It is anticipated that little additional verification drilling and sampling will be required to upgrade the majority of the defined tonnages in the Resource to the higher Measured category.

Lynn Lake was mined continuously for 24 years before its closure in 1976 and remains one of Canada’s most prolific nickel sulphide mining centres. This resource estimation has focused on the EL, N, O, P, Disco and Golf deposits within the Mining Centre. The nickel sulphide deposits are proximal to each other, with the EL, N and O deposits subjected to historical mining and development. The Golf Deposit was drilled out just prior to mine closure and the Disco deposit was discovered in 2008, well after mine closure in 1976.

Mineral Resource for the Lynn Lake Project – 27 November 2019

Category	Base Cut Ni %	Tonnes	Ni %	Cu %	Co %	Tonnes	Tonnes	Tonnes
						Ni	Cu	Co
Indicated	0.5	12,899,000	0.70	0.33	0.034	89,800	42,900	4,400
Inferred	0.5	3,422,000	0.79	0.33	0.027	27,000	11,400	900
Total	0.5	16,321,000	0.72	0.33	0.033	116,800	54,300	5,300

Category	Base Cut Ni%	Tonnes	Ni %	Cu %	Co %		Tonnes
						Ni	Cu	Co
Indicated	0.7	4,279,000	0.93	0.40	0.044	39,700	17,200	1,900
Inferred	0.7	1,110,000	1.25	0.45	0.039	13,900	5,000	400
Total	0.7	5,389,000	0.99	0.41	0.043	53,600	22,200	2,300

More detailed information regarding this Resource Estimation, including a summary of “Additional Information Required in Accordance with ASX Listing Rule 5.8.1”, can be found in the Company’s ASX announcement dated 27 November 2019.

A review of factors was conducted which may affect the Resource Statement. These examined included;

Sovereign risk
Commodity prices
Processing or metallurgical understanding
Environmental or mineability setting
Standing of consultants/contractors/technology used in estimation process.
Any new information or data that materially affects the information included in this report

Summary of governance and controls: The mineral resource for the Lynn Lake Project is reported in accordance with the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Corazon Mining Limited published this Resource in an announcement to the ASX dated 27 November 2019. In accordance with requirements determined by the Australian Securities Exchange

Annual Financial Report

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ADDITIONAL INFORMATION FOR LISTED COMPANIES (CONT.)

and the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”, a checklist for Assessment and Reporting Criteria is presented in that announcement.

The Company is not aware of any new information or data that materially affects the information included in this report, and the Company confirms that, to the best of its knowledge, all material assumptions and technical parameters underpinning the resource estimates in this report continue to apply and have not materially changed.

DISCLOSURE STATEMENTS

Competent Persons Statement :

The information in this report that relates to Mineral Resources for the EL, Disco, ‘N’, ‘O.‘P’ and Golf deposits contained within the Lynn Lake Nickel Project is based on information compiled by Mr Stephen Hyland who is a Fellow of the Australasian Institute of Mining and Metallurgy and who has provided expert guidance on resource modelling and resource estimation. Mr Hyland is a Principal Consultant Geologist at HGMC consultants and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hyland consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Company secretary

Mr. Robert Orr

Principal registered office

Level 3 33 Ord Street West Perth WA 6005 Telephone +61 (0) 8 6142 6366

Share registry

Automic Group Level 5, 126 Philip Street SYDNEY NSW 2000 Telephone 1300 288 664

CORPORATE GOVERNANCE

Corazon Mining Limited and its controlled entities (“the Consolidated Entity”) are committed to high standards of corporate governance. Policies and procedures which follow the “Principles of Good Corporate Governance and Best Practice Recommendations” 4[th] Edition issued by the Australian Securities Exchange (“ASX”) Corporate Governance Council, to the extent they are applicable to the Consolidated Entity, have been adopted. The Companies corporate governance policies and procedures are disclosed on the Company web site at: http://corazon.com.au/corporate-governance/

AI assistant

CORAZON MINING LIMITED — Annual Report 2024

64747_rns_2024-09-09_9053507e-44bf-4a5a-a28d-13bcf63e64d1.pdf

CORPORATE DIRECTORY

NON-EXECUTIVE CHAIRPERSON

EXECUTIVE MANAGING DIRECTOR

NON-EXECUTIVE DIRECTORS

COMPANY SECRETARY

AUDITORS

SHARE REGISTRY

SECURITIES EXCHANGE LISTINGS

INTERIM CHAIRPERSON’S LETTER

DIRECTORS' REPORT

1. Directors

2. Company Secretary

3.

Operating Results

4.

Principal Activities and Significant Changes in Nature of Activities

5.

Dividends Paid or Recommended

6.

Likely Developments and Expected Results of Operations

7.

Review of Operations

DIRECTORS’ REPORT (cont.)

EXPLORATION ACTIVITIES

Lynn Lake Nickel-Copper-Cobalt Sulphide Project, Canada

Mining and Processing Studies – Lynn Lake Mining Centre

DIRECTORS’ REPORT (cont.)

Strategic Multi-Commodity Acquisition

Summary of Project Areas to be Acquired

Project Acquisition Agreement Terms

DIRECTORS’ REPORT (cont.)

Exploration Agreement Signed with First Nation of Lynn Lake

Mt Gilmore Cobalt -Copper-Gold Project

Drilling Commences at Priority Copper-Gold Target

DIRECTORS’ REPORT (cont.)

Miriam Nickel Sulphide & Lithium Project

Completion of Miriam Lithium Rights Divestment Transaction

DIRECTORS’ REPORT (cont.)

Competent Persons Statement

DIRECTORS’ REPORT (cont.)

CORPORATE ACTIVITIES

Annual/General Meeting Results

Equities securities movements

8. Discussion and Analysis of Operations and the Financial Position

Exploration

DIRECTORS’ REPORT (cont.)

Lynn Lake Project

Mt Gilmore Project

Miriam Project

DIRECTORS’ REPORT (cont.)

9.

Significant Changes in State of Affairs

10. After Reporting Date Events

11.

Future Developments, Prospects and Business Strategies

12. Environmental Issues

13. Information on Directors

DIRECTORS’ REPORT (cont.)

DIRECTORS’ REPORT (cont.)

DIRECTORS’ REPORT (cont.)

14. Remuneration Report (audited)

Remuneration Policy

DIRECTORS’ REPORT (cont.)

Performance-based remuneration

Company performance, shareholder wealth and Director and Executive remuneration

Key terms of employment contracts

DIRECTORS’ REPORT (cont.)

2024

DIRECTORS’ REPORT (cont.)

DIRECTORS’ REPORT (cont.)

Key management personnel remuneration

Key management equity holdings

Option Holdings

DIRECTORS’ REPORT (cont.)

Share holdings

Performance rights

End of Remuneration Report

CORAZON MINING LIMITED Annual Report 2024