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DART MINING NL Interim / Quarterly Report 2026

Mar 15, 2026

64792_rns_2026-03-15_37b1e05e-f24b-42f7-997d-403fcbe6014c.pdf

Interim / Quarterly Report

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DART MINING NL

ABN: 84 119 904 880

Financial Report For the Half Year Ended 31 December 2025

Corporate Directory

Directors Mr James Chirnside, Managing Director / Chairman
Mr Richard Udovenya, Non-Executive Director
Mr Dean Turnbull, Non-Executive Director
Mr Terrence Bates, Non-Executive Director
Company Secretary Ms Julie Edwards
Registered Office in Australia Level 6
412 Collins Street
Melbourne Victoria 3000
Principal Office in Australia Unit 10, 204 Melbourne Road
Wodonga Victoria 3690
Share Registry Automic Registry Services
Level 5
126 Phillip Street
Sydney New South Wales 2000
Phone: 1300 288 664
Overseas Callers: 61 8 9324 2099
Facsimile: 61 8 9321 2337
Auditor Morrows Audit
Level 13 Freshwater Place
2 Southbank Boulevard
Southbank Victoria 3006
Stock Exchange Listing Australian Securities Exchange Ltd
DTM – Listed Ordinary Shares
Website Address www.dartmining.com.au

DART MINING NL

FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

CONTENTS Page
Directors' Report 4
Auditor's Independence Declaration 5
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 6
Consolidated Statement of Financial Position 7
Consolidated Statement of Changes in Equity 8
Consolidated Statement Cash Flows 9
Consolidated Entity Disclosure Statement 10
Notes to the Consolidated Financial Statements 11
Directors' Declaration 16
Independent Auditor's Report 17

This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2025 and any public pronouncements made by Dart Mining NL during the interim reporting period in accordance with the continuous disclosure requirements of the Australian Securities Exchange.

DIRECTORS' REPORT

Your directors present their report on the consolidated entity consisting of Dart Mining NL ("Dart"" or the "Group") and the entities it controlled at the end of or during the half-year ended 31 December 2025.

Directors

The directors and officers of Dart Mining NL at any time during or since the end of the half-year ended 31 December 2025 were:

James Chirnside (Chairman / Managing Director) Richard Udovenya (Non-Executive Director) Dean Turnbull (Non-Executive Director) Terrence Bates (Non-Executive Director) Julie Edwards (Company Secretary)

Operating Results

The operating loss after tax of the consolidated entity for the half-year ended 31 December 2025 is \$792,562 (2024: \$430,020).

Review of Operations

The half year ending 31 December 2025 was very active on the operational and corporate fronts. Field activities focussed on drilling at the Great Divide Mining Ltd (GDM) Joint Venture Project at Coonambula in Central Queensland. Dart is drilling towards a 51% ownership of the project after the completion of 4,000m of drilling and declaration of a JORC resource. Metres drilled from the end of October though to Christmas were excellent with approximately 2,000m completed. Coonambula is an antimony / gold project that was mined historically for its remarkably high-grade antimony. Production, although modest was shipped as Direct Shipping Ore (DSO) due to its high purity. What has excited and surprised us most, is the excellent grades of gold. We hope to have drilling completed by the end of March 2026.

More surface sampling at the Triumph gold project in Central Queensland occurred during the November and December apparently expanding what has been identified as new potential zones of mineralisation. Triumph remains a top priority for Dart, and we will begin new drilling campaigns around mid 2026. The expanding scale and grades of Triumph, as reflected in our Exploration Target declaration, is very exciting, and we have much more work to do there.

As shareholders may know Dart is in the process of divesting several of our projects in Victoria. Progress has been made on that front, and we expect to have divested most of those we are seeking to sell by the end of 2026. The Rushworth project is one that we will likely keep in one form or another given its prospectivity and positioning in Central Victoria.

A big effort has been made to reduce the company's annual burn rate, and we are set to reduce that even more after earning our 51% share in the Coonambula gold / antimony project. At that point, expenditures will be shared proportionally with our partners at GDM.

A copy of the auditor's Independence Declaration as required under Section 307C of the Corporation Act 2001 is set out on page 4 of the half-year Financial Report.

Signed in accordance with the resolution of Directors.

James Chirnside Chairman / Managing Director

Melbourne 16 March 2026

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Consolidated
Note December 2025 December 2024
Interest revenue 3 1,083 1,184
Other income 3 409,098 213,431
Total revenue 3 410,181 214,615
Total expenses 3 (1,202,743) (644,635)
Profit (loss) before income tax (792,562) (430,020)
Income tax (expense)/benefit
Profit (loss) for the period (792,562) (430,020)
Basic and diluted (loss) per share (cents per share) (0.58) (0.11)

The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025

Consolidated
Note December
2025
June
2025
Current Assets
Cash and cash equivalents 402,638 525,569
Trade and other receivables 44,191 106,826
Other assets 74,630 113,479
Total Current Assets 521,459 745,874
Non-Current Assets
Property, plant and equipment 2,140,152 2,069,794
Other non-current assets 113,460 133,460
Deposits 4 50,000 -
Deferred exploration and evaluation assets 5 15,581,356 13,536,414
Total Non-Current Assets 17,884,967 15,739,668
TOTAL ASSETS 18,406,427 16,485,542
Current Liabilities
Trade and other payables 434,315 638,183
Provisions 284,623 281,207
Total Current Liabilities 718,938 919,390
Non-Current Liabilities
Provisions 778 3,374
Total Non-Current Liabilities 778 3,374
TOTAL LIABILITIES 719,716 922,764
NET ASSETS 17,686,711 15,562,778
Equity
Issued capital 6 44,892,105 44,983,704
Reserves 3,565,061 614,562
Accumulated losses (30,770,455) (30,035,488)
TOTAL EQUITY 17,686,711 15,562,778

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT 31 DECEMBER 2025

Ordinary
Share
Capital
Share-Based
Payment
Reserves
Accumulated
losses
Total
\$ \$ \$ \$
Consolidated Group
Balance at 1 July 2025 44,983,704 614,562 (30,035,488) 15,562,778
Comprehensive income
Loss for the period - - (792,562) (792,562)
Other comprehensive income for the year
Total comprehensive income/(loss) for
the year
- - (792,562) (792.562)
Transactions with owners, in their
capacity as owners, and other
transfers
Options issued - 3,008,094 - 3,008,094
Options lapsed - (57,595) 57,595 -
Issue of fully paid shares 3,312,194 - - 3,312,194
Capital raising costs during the period (3,403,793) - - (3,403,793)
Total transactions with owners and
other transfers
(91,599) 2,950,499 57,595 2,865,562
Balance at 31 December 2025 44,892,105 3,565,061 (30,770,455) 17,686,711
Balance at 1 July 2024 38,516,448 305,187 (18,453,022) 20,368,613
Comprehensive income
Loss for the period - - (430,020) (430,020)
Other comprehensive income for the year
Total comprehensive income/(loss) for
the year
- - (430,020) (430,020)
Transactions with owners, in their
capacity as owners, and other
transfers
Options issued - 93,000 - 93,000
Issue of fully paid shares 4,075,473 - - 4,075,473
Capital raising costs during the period (203,275) - - (203,275)
Total transactions with owners and
other transfers
3,872,198 93,000 - 3,965,198
Balance at 31 December 2024 42,388,646 398,187 (18,883,042) 23,903,791

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Consolidated
December
2025
\$
December
2024
\$
Cash flows from operating activities
Sale of vegetation credits 370,232 198,773
Other receipts 15,716 9,899
Payments to suppliers and employees (997,949) (677,194)
Interest received 1,676 1,946
Interest paid (5,410) (5,679)
Net cash inflow/ (outflow) from operating activities (615,735) (472,256)
Cash flows from investing activities
Payment for exploration expenditure (1,804,779) (1,011,491)
Payment for tenements (57,175) (1,000,000)
Payment for option on tenements (25,000) -
Purchase of property, plant and equipment (261,992) (194,036)
Proceeds from sales of property, plant and equipment 9,090 33,311
Proceeds from insurance of property, plant and equipment 26,533
Payment of security bonds - (15,000)
Refund of security bonds 20,000 10,000
Payment of land and improvements - -
Net cash inflow/ (outflow) from investing activities (2,093,323) (2,177,216)
Cash flows from financing activities
Repayment of Insurance Funding Loan (112,677) (45,073)
Proceeds from borrowings - 60,000
Repayment of borrowings - (60,000)
Proceeds from issue of shares 3,312,195 3,075,474
Share issue costs (613,391) (203,275)
Net cash inflow/ (outflow) from financing activities 2,586,127 2,827,126
Net cash inflow/ (outflow) for the reporting period (122,931) 177,654
Cash and cash equivalents at the beginning of the period 525,569 230,894
Cash and cash equivalents at the end of the period 402,638 408,548

The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

CONSOLIDATED ENTITY DISCLOSURE STATEMENT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

Tax residency
Name of entity Principal
place of
business
Country of
incorporation
%
owned
current
year
%
owned
prior
year
Type of
entity
Trustee,
partner or
participant
in joint
venture
Australian or
foreign
resident
(for tax
purposes)
If foreign
tax resident
(state the
jurisdiction)
Dart Mining NL Australia Australia 100% 100% Body
corporate
n/a Australian n/a
Dart Resources Pty Ltd Australia Australia 100% 100% Body
corporate
n/a Australian n/a
Mt Unicorn Holdings Pty
Ltd
Australia Australia 100% 100% Body
corporate
n/a Australian n/a
Mt View Holdings
Pty Ltd
Australia Australia 100% 100% Body
corporate
n/a Australian n/a
Dart Exploration (QLD)
Pty Ltd
Australia Australia 100% 100% Body
corporate
n/a Australian n/a
Dart Drilling Pty Ltd Australia Australia 100% 100% Body
corporate
n/a Australian n/a
Queensland Metal
Holdings Pty Ltd
Australia Australia 100% 0% Body
corporate
n/a Australian n/a
Queensland Metal
Holdings No. 2 Pty Ltd
Australia Australia 100% 0% Body
corporate
n/a Australian n/a

Basis of Preparation

This Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act 2001. It includes certain information for each entity that was part of the consolidated entity at the end of the financial year.

Determination of Tax Residency

Section 295 (3A) of the Corporation Acts 2001 defines tax residency as having the meaning in the Income Tax Assessment Act 1997. The determination of tax residency involves judgment as 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 consolidated entity has applied the following interpretations:

Australian tax residency

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

Foreign tax residency

Where necessary and if required, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in determining tax residency and ensure compliance

Partnerships and Trusts

Australian tax law does not contain specific residency tests for partnerships and trusts. Generally, these entities are taxed on a flow-through basis, so there is no need for a general residence test. Some provisions treat trusts as residents for certain purposes, but this does not mean the trust itself is an entity that is subject to tax. Additional disclosures on the tax status of partnerships and trusts have been provided where relevant.

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

1. CORPORATE INFORMATION

Dart Mining NL ("the Group") is a for profit Company limited by shares incorporated in Australia whose shares are publicly traded on the Australian Securities Exchange. The half-year report for the six months ended 31 December 2025 of the Group is a general-purpose report that has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001. This report was authorised for issue in accordance with a directors' resolution dated 13 March 2026.

2. BASIS FOR PREPARATION

The consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian Dollars unless otherwise noted.

a) Accounting Policies

The same accounting policies and methods of computation have been followed in this interim financial report as were used in the Group's last reported annual financial statements at 30 June 2025, unless otherwise stated.

b) Critical Accounting Estimates and Judgements

The critical estimates and judgements are consistent with those applied and disclosed in the June 2025 annual report.

Key Judgements

i. Exploration and Evaluation Expenditure

Exploration expenditures incurred are capitalised in respect of each identifiable area of interest. These costs are only capitalised to the extent that they are expected to be recovered through the successful development of the area or where activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves.

Accumulated costs in relation to a relinquished area are written off in full against the profit or loss in the year in which the decision to abandon the area is made.

When production commences, the accumulated costs for the relevant area of interest will be amortised over the life of the area according to the rate of depletion of the economically recoverable reserves.

ii. Government Grants/Rebates

Government grants and/or rebates are not recognised until there is reasonable assurance that the Group will be eligible and receive such incentives.

Dart Mining NL

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

iii. Going Concern Basis

The Group is involved in the exploration and evaluation of mineral tenements and as such expects to be cash absorbing until these tenements demonstrate that they contain economically recoverable reserves.

As at 31 December 2025, the Group had a net current assets over current liabilities deficit of \$197,479 (30 June 2025: \$173,516) with cash reserves of \$402,638 (30 June 2025: \$525,569).

The financial statements have 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. The ability of the Group to continue as a going concern for the twelve months from the date of this report is dependent on its ability to generate additional funds from activities including:

  • other future equity or debt fund raisings; and
  • successful development of existing tenements.

3. LOSS FOR PERIOD

The following revenue and expense items are relevant in explaining the financial performance for the interim period.

Consolidated
December
2025
\$
December
2024
\$
Revenue
Interest received 1,083 1,184
Vegetation offset sales 370,232 198,773
Other Income 9,347 14,658
Insurance proceeds 26,533 -
Profit on sale of assets 2,986 -
TOTAL REVENUE 410,181 214,615
Expenses
Cost of vegetation offset sales 2,235 13,543
Administration expenses 318,121 187,317
Consultancy fees 166,003 13,650
Depreciation 2,629 12,659
Employee costs 316,874 163,640
Share based payments 181,231 93,000
Professional fees 146,358 110,882
Travel 45,186 30,853
Exploration costs 17,969 1,240
Other expenses from ordinary activities 6,137 10,346
Loss on asset sales - 7,505
TOTAL EXPENSES 1,202,743 644,635

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025

4. DEPOSITS

Consolidated Group
December 2025 June 2025
\$ \$
Balance at the beginning of the period - -
Exclusive option to purchase tenement 50,000 -
Balance at the end of the period 50,000 -
5.
EXPLORATION AND EVALUATION ASSETS
\$ \$
Balance at the beginning of the period 13,536,414 18,497,585
Costs for the period 2,062,911 5,190,120
Exploration costs written-off (17,969) (10,151,291)
Balance at the end of the period 15,581,356 13,536,414

Ultimate recovery of deferred exploration and evaluation costs is dependent upon the success of the exploration and evaluation or sale or farm-out of the exploration interests. A percentage of the Managing Director's salary and associated costs are capitalised in line with the Group's policy for capitalising costs directly relating to Prefeasibility and exploration. Namely, the Group has four cost centres, Corporate, Pre-feasibility Study, Research and Development and Exploration. Where identifiable, costs associated with the Pre-feasibility Study and Exploration cost centres are capitalised. These costs are annually reviewed for impairment and a charge is made directly to the Income Statement of the Group when an impairment is identified.

6. ISSUED CAPITAL

Consolidated Group
December 2025 June 2025
\$ \$
Issued Capital 44,892,105 44,983,704
No. \$
Movements in ordinary shares on issue
At 1 July 2024 258,432,872 38,516,448
Share issue transaction costs net of capital raising costs - 1,945,678
At 30 June 2025 1,198,055,578 44,983,704
Private placement Tranch 1 176,470,586 300,000
Options exercised 30,500 610
Private placement Tranch 2 1,505,882,353 2,560,000
15 for 1 share consolidation (2,688,408,509) -
Shares issued on loan conversion 17,647,059 450,000
Options exercised 31,056 1,583
Capital raise costs - (3,403,792)
At 31 December 2025 209,708,623 )
44,892,105

Listed and Unlisted Options

Securities Expiry date Number Exercise price
(\$)
Escrow period
Unlisted 11 January 2026 50,000 1.95 -
Unlisted 18 December 2028 1,378,299 0.90 -
Unlisted 13 November 2026 2,000,000 0.30 -
Unlisted 30 November 2028 137,096 0.90 -
Unlisted 30 November 2028 137,097 0.90 30 November 2026
Unlisted 29 May 2028 2,566,668 0.15 -
Unlisted 29 May 2028 1,283,334 0.15 9 July 2026
Unlisted 29 May 2028 1,283,334 0.15 9 October 2026
Unlisted 9 October 2028 3,083,334 0.15 -
Unlisted 31 October 2028 4,000,001 0.051 -
Listed 7 May 2028 29,333,380 0.15 -
Listed 31 October 2028 143,730,989 0.051 -

At the end of the half year, there were 188,983,532 (30 June 2025: 702,361,636) unlisted options on issue

7. COMMITMENTS AND CONTINGENCIES

In addition to the commitments disclosed in the June 2025 Financial Report, the Group notes the changes to the following expenditure commitments during the six months ended 31 December 2025.

December 2025 June 2025
Minimum exploration commitments 23,753,545 24,542,980

The exploration commitment can decrease owing to time reduction of permits maintained by the Group.

8. OPERATING SEGMENTS

The Group's activities consist of base metal and gold exploration in Australia. There are no other significant classes of assets, either singularly or in aggregate. Internal monthly management reports are provided to the Group's managing director that consolidate operations into one segment. Therefore, the Group's activities are as one business segment and therefore operating results and financial information are not separately disclosed in this note.

9. FAIR VALUE

In the absence of an active market for an identical asset or liability, the Group selects and uses one or more valuation techniques to measure the fair value of the asset or liability. The Group selects a valuation technique that is appropriate in the circumstances and for which sufficient data is available to measure fair value. The availability of sufficient and relevant data primarily depends on the specific characteristics of the asset or liability being measured. The market approach is the valuation technique selected by the Group. This valuation technique uses prices and other relevant information generated by market transactions for identical or similar assets or liabilities. The carrying value in the Statement of Financial Position is the same as fair value for all monetary assets and liabilities.

10. EVENTS AFTER THE END OF THE INTERIM PERIOD

On 11 February 2026, the Company announced that the Group had acquired Skarn Ridge Copper-Gold and Mt Bauple Graphite (Skarn Ridge Project), located in south-eastern Queensland, including two Exploration Permits/Minerals (EPM's), for \$25,000 (paid in December 2025). As part of the Skarn Ridge Project acquisition, the Group wholly acquired the shares of Queensland Metal Holdings Pty Ltd and Queensland Metal Holdings No.2 Pty Ltd in December 2025, being the companies holding the aforementioned EPMs.

In the opinion of the Directors, there has been no other events that have arisen in the interval between the end of the financial period and the date of the report any other matter or circumstance that has significantly affected, or may significantly affect the Group's operations, results or the state of affairs in future financial years.

11. CONTROLLED ENTITIES

Country of
incorporation
Percentage owned (%)
2025 2024
Dart Resources Pty Ltd Australia 100% 100%
Mt Unicorn Holdings Pty Ltd Australia 100% 100%
Mt View Holdings Pty Ltd Australia 100% 100%
Dart Exploration (QLD) Pty Ltd Australia 100% 100%
Dart Drilling Pty Ltd Australia 100% 100%
Queensland Metal Holdings Pty Ltd Australia 100% 0%
Queensland Metal Holdings No. 2 Pty Ltd Australia 100% 0%

For each of the controlled entities that the place of business is the same as the place of incorporation. The activities of these entities are not material to the Group. There are no significant restrictions on the Group's or its controlled entities ability to access or use the assets and settle the liabilities of the Group nor are there restrictions on ownership changes to these entities.

DIRECTORS' DECLARATION

In accordance with a resolution of the Directors of Dart Mining NL, the directors of the Company declare that:

    1. The financial statements and notes, as set out on pages 6 to 15 are in accordance with the Corporations Act 2001, and
  • a. comply with Australian Accounting Standard AASB 134: Interim Financial Reporting; and
  • b. give a true and fair view of the financial position as at 31 December 2025 and of the performance for the half-year ended on that date.
    1. In the Directors' opinion 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

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

James Chirnside Chairman / Managing Director

Melbourne 16 March 2026

INDEPENDENT AUDITOR'S REVIEW REPORT TO THE MEMBERS OF DART MINING NL

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Dart Mining NL (the Entity), which comprises the consolidated statement of financial position as at 31 December 2025, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the Directors' declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of the Entity is not in accordance with the Corporations Act 2001 including:

  • i. giving a true and fair view of the Entity's financial position as at 31 December 2025 and of its performance for the half-year ended on that date; and
  • ii. complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001.

Directors' Responsibility for the Half-Year Financial Report

The Directors of the Entity are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001 and for such internal control as the Directors' determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Entity's financial position as at 31 December 2025 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of the Entity, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

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

Independence

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

MORROWS AUDIT PTY LTD

A.M. FONG

Director Melbourne: 16 March 2026