DEVELOP GLOBAL LIMITED — Interim / Quarterly Report 2018

Mar 13, 2018

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VENTUREX RESOURCES LIMITED ABN 28 122 180 205

Consolidated Interim Financial Report

For the Half Year Ended 31 December 2017

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 2017 and any public announcements made by Venturex Resources Limited during the half year to 31 December 2017 in accordance with the continuous disclosure of the Corporations Act 2001.

Venturex Resources Limited 28 122 180 205

Interim Financial Report Period Ended 31 December 2017

Corporate Directory

DIRECTORS

WEBSITE

Anthony Kiernan Non-Executive Chairman Anthony Reilly Executive Director Darren Stralow Non-Executive Director QUOTED SECURITIES

www.venturexresources.com

ASX Code: VXR

COMPANY SECRETARY Trevor Hart

REGISTERED OFFICE / PRINCIPAL PLACE OF BUSINESS

Level 2, 91 Havelock Street West Perth, WA, 6005, Australia

Tel: (61 8) 6389 7400 Fax: (61 8) 9463 7836

ABN

28 122 180 205

AUDITORS

BDO Audit (WA) Pty Ltd 38 Station Street Subiaco WA 6008, Australia

SHARE REGISTRY

Advanced Share Registry 110 Stirling Highway Nedlands WA 6009, Australia

Tel: (61 8) 9389 8033 Fax: (61 8) 9262 3723

Table of Contents

Directors’ Report ................................................................................................................................................ 1 Auditor’s Independence Declaration ......................................................................................................... 4 Consolidated Statement of Profit or Loss and Other Comprehensive Income ............................... 5 Consolidated Statement of Financial Position .......................................................................................... 6 Consolidated Statement of Changes in Equity ........................................................................................ 7 Consolidated Statement of Cash Flow ....................................................................................................... 8 Notes to the Financial Statements ................................................................................................................ 9 Directors’ Declaration .................................................................................................................................... 13 Independent Auditor’s Review Report ...................................................................................................... 14

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Venturex Resources Limited 28 122 180 205

Interim Financial Report Period Ended 31 December 2017

Directors’ Report

Your Directors present their report on the Group consisting of Venturex Resources Limited (Venturex) and the entities it controlled at the end of, or during, the half year ended 31 December 2017.

Directors

The following persons were Directors of Venturex during the whole of the half year and up to the date of this report. Directors were in office for the entire period unless otherwise stated.

Mr Anthony Kiernan Non-Executive Chairman Mr Anthony Reilly Executive Director Appointed 1 July 2017 Non-Executive Director Mr Darren Stralow Non-Executive Director Mr John Nitschke Managing Director Resigned 1 July 2017

Financial Results

The consolidated loss before and after income tax of the Group during the half year ended 31 December 2017 was $1,028,901 (31 December 2016: $1,101,895).

Dividend

No dividends were paid or proposed during the half-year.

Review of Operations

During the six months ended 31 December 2017, the Company’s principal continuing activity was the strategy of aggressively advancing the Sulphur Springs Copper-Zinc Project. During the half-year Venturex Resources Limited continued to explore its tenements which are located in the Pilbara, Western Australia.

- Sulphur Springs Copper Zinc Project

During the six months ended 31 December 2017, Venturex continued with strong progress with its strategy of aggressively advancing the Sulphur Springs Copper-Zinc Project towards a development decision.

Critical tasks completed included:

• Completion of a highly successful Resource infill drill programme;

• Positive results from Heliborne Electromagnetic (EM) survey were received resulting in 11 identified geophysical targets for follow up;

• Notification received from the Western Australia Environmental Protection Authority (EPA) confirming permitting pathway for the Sulphur Springs Project at “Environmental Review – No public review”;

• Development of the environmental review document, required by the Environmental Protection Authority (EPA) for the Sulphur Springs project environmental approvals process, progressed with a number of site based environmental surveys being completed;

• Geotechnical drilling program over the proposed Sulphur Springs Tailings Storage Facility (TSF) footprint to support the facilities detailed design was completed.

Key outcomes of the Resource infill drill programme:

• Confirmation of the presence and continuity of the previously identified copper mineralisation;

• Identification of a previously unrecognised zinc rich lens (in this part of the orebody) that overlies copper mineralisation;

• Increased confidence and ability to classify ore type domains (i.e. Supergene, Transitional and Primary ore types). This will be reflected in the pending Resource update. It is anticipated that the pending Resource update will see material being reallocated between the previously identified ore types;

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Venturex Resources Limited 28 122 180 205

Interim Financial Report Period Ended 31 December 2017

Directors’ Report

Review of Operations continued

• Potential for mineralisation to extend further to the west beyond the currently interpreted boundary of the orebody;

• Provided a sample for pending metallurgical test work.

• Whim Creek Copper Zinc Project

During the six months ended 31 December 2017, Venturex continued reviewing and assessing of the Conglomerate hosted gold potential on the Company’s Whim Creek project.

The Company was successful in its application for co-funded drilling assistance that is available under the Western Australian Governments – Royalty for Regions Exploration Incentive Scheme, to test the Mons Cupri South West area.

Whim Creek Access Agreement with BlackRock Metals

During the six months ended 31 December 2017, production of copper cathode was 436 tonnes (2016 half-year: 464 tonnes).

During the half year Blackrock continued turning and restacking the existing heap leach dumps using an excavator. Approximately 50% of the dump has been turned over and is progressively being put back under irrigation. Turning and restacking of the residual ore will continue in 2018 and be ongoing as a means of sustaining production from the heap leach dumps.

Blackrock completed transporting 50,000 tonnes of stockpile copper oxide from the Whundo Copper Mine for processing through the Whim Creek Heap Leach and as at SX-EW.

Further information on the Company’s activities during the half-year financial period can be found in the Company’s quarterly activity reports, released to the ASX and on the company website.

Corporate

During the period, the following changes occurred to the Company’s capital structure:

• Expiry of 8,431,958 performance rights on 03 July 2017

• Conversion of 14,465,040 performance rights into ordinary shares on 7 July 2017

• Expiry of 41,666,671 unlisted options on 03 August 2017

• Issue of 750,269,425 ordinary shares on 08 August 2017

• Expiry of 174,518,142 unlisted options on 31 August 2017

• Issue of 222,222,222 ordinary shares on 17 November 2017

The Company’s current capital on issue stands at:

• 3,598,434,633 ordinary shares

• 19,866,800 unlisted performance rights

• 216,293,663 unlisted options

Events Subsequent to Reporting Date

No other events or circumstances have arisen since 31 December 2017 that would require disclosure in this financial report.

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Venturex Resources Limited 28 122 180 205

Interim Financial Report Period Ended 31 December 2017

Directors’ Report

Auditors’ Independence Declaration

A copy of the auditors' independence declaration as required under section 307C of the Corporations Act 2001 is set out on Page 4.

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

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ANTHONY REILLY Executive Director

Dated: 14 March 2018

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Tel: +61 8 6382 4600 38 Station Street Fax: +61 8 6382 4601 Subiaco, WA 6008 www.bdo.com.au PO Box 700 West Perth WA 6872 Australia

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DECLARATION OF INDEPENDENCE BY JARRAD PRUE TO THE DIRECTORS OF VENTUREX RESOURCES LIMITED

As lead auditor for the review of Venturex Resources Limited for the half-year ended 31 December 2017, I declare that, to the best of my knowledge and belief, there have been:

1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

2. No contraventions of any applicable code of professional conduct in relation to the review.

This declaration is in respect of Venturex Resources Limited and the entities it controlled during the period.

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Jarrad Prue

Director

BDO Audit (WA) Pty Ltd

Perth, 14 March 2018

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BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation other than for the acts or omissions of financial services licensees

Venturex Resources Limited 28 122 180 205

Interim Financial Report Period Ended 31 December 2017

Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Half Year Ended 31 December 2017

Notes Revenue Revenue 3 Other Income 3 Expenses Administrative expenses Corporate expenses Directors, employees, and consultants fees Exploration and evaluation expenses Finance costs Loss before income tax Loss after income tax attributable to the owners of the Company Total comprehensive loss for the period attributable to owners of the Company Loss per share for the half year attributable to the owners of the Company Basic and Diluted loss per share (cents)	31 December 2017 $ 31 December 2016 $ 109,552 28,850 5,888 - (286,755) (334,516) (42,423) (71,736) (616,207) (538,349) (68,575) (47,497) (130,381) (138,647) (1,028,901) (1,101,895) (1,028,901) (1,101,895) (1,028,901) (1,101,895) (0.03) (0.05)	31 December 2016 $
		28,850 - (334,516) (71,736) (538,349) (47,497) (138,647)
		(1,101,895)
		(1,101,895)
		(1,101,895)

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

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Venturex Resources Limited 28 122 180 205

Interim Financial Report Period Ended 31 December 2017

Consolidated Statement of Financial Position as at 31 December 2017

Notes Assets Current assets Cash and cash equivalents Trade and other receivables Other assets Total current assets Non-current assets Property, plant and equipment Exploration and evaluation expenditure 4 Total non-current assets Total assets Liabilities Current liabilities Trade and other payables Employee benefits Total current liabilities Non-current liabilities Provisions Employee benefits Total non-current liabilities Total liabilities Net assets Equity Issued capital 5 Reserves Accumulated Losses Total equity	31 December 2017 $ 5,004,672 371,125 89,379 5,465,176 1,182,868 28,415,922 29,598,790 35,063,966 747,995 12,629 760,624 12,432,074 14,535 12,446,609 13,207,233 21,856,733 100,388,232 71,211 (78,602,710) 21,856,733	30 June 2017 $
		960,630 134,630 73,442
		1,168,702
		1,247,413 26,045,258
		27,292,671
		28,461,373
		694,185 17,945
		712,130
		12,303,037 13,661
		12,316,698
		13,028,828
		15,432,545
		92,884,245 122,109 (77,573,809)
		15,432,545

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

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Venturex Resources Limited 28 122 180 205

Interim Financial Report Period Ended 31 December 2017

Consolidated Statement of Changes in Equity for the Half Year Ended 31 December 2017

Balance at 30 June 2016 Loss for the period Total comprehensive loss for the period Transactions with owners in their capacity as owners: Issue of securities Security issue costs Options exercised net of costs Share based payments issued Share based payments expired Balance at 31 Dec 2016 Balance at 30 June 2017 Loss for the period Total comprehensive loss for the period Transactions with owners in their capacity as owners: Issue of securities Security issue costs Conversion of performance rights Share based payments issued Balance at 31 Dec 2017	Issued Capital $ Share Based Compensation Reserve $ Accumulated Losses $ Total Equity $ 87,881,501 54,418 (75,040,769) 12,895,150
	- - (1,101,895) (1,101,895)
	- - (1,101,895) (1,101,895)
	5,191,047 - - 5,191,047 (189,936) - - (189,936) 1,633 - - 1,633 - 22,627 - 22,627 - (34,496) - (34,496)
	5,002,744 (11,869) - 4,990,875
	92,884,245 42,549 (76,142,664) 16,784,130
	92,884,245 122,109 (77,573,809) 15,432,545
	- - (1,028,901) (1,028,901)
	- - (1,028,901) (1,028,901)
	7,751,348 - - 7,751,348 (372,083) - - (372,083) 124,722 (124,722) - - - 73,824 - 73,824
	7,503,987 (50,898) - 7,453,089
	100,388,232 71,211 (78,602,710) 21,856,733

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

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Venturex Resources Limited 28 122 180 205

Interim Financial Report Period Ended 31 December 2017

Consolidated Statement of Cash Flow for the Half Year Ended 31 December 2017

Cash flows related to operating activities Payments to suppliers and employees Interest received Interest paid Net cash used in operating cash flows Cash flows related to investing activities Payments for purchases of property, plant and equipment Payments for sale of property, plant and equipment Payment for exploration and evaluation expenditure Increase in bank guarantee Net cash used in investing cash flows Cash flows related to financing activities Proceeds from issue of securities Proceeds from issue of options into shares Capital raising costs Repayment of insurance premium funding Net cash provided in financing cash flows Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the half year Cash and cash equivalents at the end of the half year	31 December 2017 $ (1,000,904) 19,063 (1,344) (983,185) - 636 (2,302,348) (18,800) (2,320,512) 7,751,348 - (372,083) (31,526) 7,347,739 4,044,042 960,630 5,004,672	31 December 2016 $
		(965,732) 26,065 (1,349)
		(941,016)
		(17,225) - (2,008,176) (5,000)
		(2,030,401)
		5,191,047 1,633 (189,936) (26,731)
		4,976,013
		2,004,596
		728,231
		2,732,827

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

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Venturex Resources Limited 28 122 180 205

Interim Financial Report Period Ended 31 December 2017

Notes to the Financial Statements

Note 1. Basis of Preparation

Reporting Entity

The consolidated interim financial statements comprise Venturex Resources Limited (the “Company”) and its subsidiaries, Venturex Pilbara Pty Ltd, Venturex Sulphur Springs Pty Ltd, Jutt Resources Pty Ltd, Juranium Pty Ltd, and CMG Gold Ltd, (collectively the “Group Entity” or the “Group”). Venturex Resources Limited is a listed public company domiciled in Australia.

Statement of Compliance

The consolidated financial statements for the interim half year reporting period ended 31 December 2017 are general purpose financial statement, which have been prepared in accordance with Australian Accounting Standards (AASBs) adopted by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001 . The consolidated financial statements comply with International Financial Reporting Standards (IFRSs ) adopted by the International Accounting Standards Board (IASB).

This consolidated interim financial report is intended to provide users with an update on the latest annual financial statements of Venturex Resources Limited and its controlled entities. As such, it does not contain information that represents relatively insignificant changes occurring during the half year within the Group. It is therefore recommended that this interim financial report be read in conjunction with the annual financial statements of the Group for the year ended 30 June 2017, together with any public announcements made during the half year.

Significant Accounting Policies

The accounting policies and methods of computation adopted in the preparation of the half year consolidated financial report are consistent with those adopted and disclosed in the Company’s 2017 annual financial report for the financial year ended 30 June 2017. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards.

Significant Accounting Estimates and Assumptions

The significant accounting estimates and assumptions adopted in the preparation of the half year consolidated financial report are consistent with those adopted and disclosed in the Company’s 2017 annual financial report for the financial year ended 30 June 2017.

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Venturex Resources Limited 28 122 180 205

Interim Financial Report Period Ended 31 December 2017

Notes to the Financial Statements continued

Note 2. Segment Reporting

The Board of Directors, who are the chief operating decision makers, has identified one reportable segment from a geographical prospective with the mineral exploration segments being the Australian segments.

Management assesses the performance of the operating segment based on a measure of exploration and evaluation expenditure for each geographical area. The measure excludes items such as the effects of share based payments expenses, interest income and corporate expenses as these activities are centralised.

Half-year ended 31 December 2017 Segment revenue and other income Segment loss Total segment loss Inter-segment loss Net segment loss Total segment assets Total segment liabilities	31 Dec 2017 31 Dec 2016 $ $ - - (433,699) (581,487) - -
	(433,699) (581,487) 35,063,966 29,184,040 (13,207,233) (12,399,910)

Reconciliation of segment result to Group net loss before tax is provided as follows:

31 Dec 2017 31 Dec 2016 $ $ Net segment loss (433,699) (581,487) Corporate items: Interest revenue 22,552 28,850 Administrative expense (1,547) (10,909) Employee and Directors; benefits expense (616,207) (538,349) Net loss before tax from continuing operations (1,028,901) (1,101,895) Note 3. Revenue 31 Dec 2017 31 Dec 2016 $ $ Revenue Interest revenue on bank deposits 21,679 28,850 SX-EW Profit Share 87,873 - 109,552 28,850 Other Income Other income 5,888 - 5,888 - Note 4. Exploration and Evaluation Expenditure 31 Dec 2017 31 Dec 2016 $ $ Exploration and Evaluation Expenditure carrying value 28,415,922 24,939,564 Movements in Carrying Amounts of Exploration and Evaluation Expenditure Balance at the beginning of period 26,045,258 23,055,563 Additions during the period 2,370,664 1,884,001 Written off / Impairment during the period - - Closing carrying value at the end of period 28,415,922 24,939,564		31 Dec 2017 31 Dec 2016 $ $ (433,699) (581,487) 22,552 28,850 (1,547) (10,909) (616,207) (538,349)
		(1,028,901) (1,101,895)
		31 Dec 2017 31 Dec 2016 $ $ 21,679 28,850 87,873 -
		109,552 28,850
		5,888 -
		5,888 -
		31 Dec 2017 31 Dec 2016 $ $
		28,415,922 24,939,564
	28,415,922 24,939,564

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Venturex Resources Limited 28 122 180 205

Interim Financial Report Period Ended 31 December 2017

Notes to the Financial Statements continued

Note 5. Issued Capital

Note 5. Issued Capital
	31 December 2017		30 June 2017
	No.	$	No.	$
Fully Paid Ordinary Shares	3,598,434,633	100,388,232	2,611,477,946	92,884,245
Total		100,388,232		92,884,245

During the half year ended 31 December 2017, the following movements in equity occurred:

Shares Issue Price $ Balance as at 1 July 2017 07/07/2017 Conversion of performance rights into shares - 08/08/2017 Issue of shares under entitlement issue 0.005 17/11/2017 Issue of shares under institutional placement 0.018 Transaction costs relating to shares issued	No. $ 2,611,477,946 92,884,245 14,465,040 124,722 750,269,425 3,751,348 222,222,222 4,000,000 (372,083)
	3,598,434,633 100,388,232

The weighted average number of ordinary shares outstanding during the year used in calculating the basic and diluted loss per share is 3,269,777,709.

Options (unlisted)

Date Class Details Expiry Date Exercise Price $ Balance as at 1 July 2017 03/08/2017 A Expiry of options to cornerstone investors 03/08/2017 0.015 31/08/2017 A Expiry of options under entitlement issue 31/08/2017 0.015	Number 432,478,476 (41,666,671) (174,518,142)
	216,293,663

Performance Rights (unlisted)

Date Tranche Details Fair Value per performance right $ Balance as at 1 July 2017 Issue of performance rights Performance rights expensed over vesting 31/12/2017 1 2015 LTI 0.0054 31/12/2017 1 2016 LTI 0.0024 31/12/2017 1 2016 MD LTI 0.0054 31/12/2017 2 2016 MD LTI 0.0079 31/12/2017 1 2017 GM 0.0079 31/12/2017 2 2017 GM 0.0010 31/12/2017 1 2017 LTI 0.0050 Performance rights expired 3/7/2017 1 2016 MD - 3/7/2017 2 2016 MD - Performance rights converted to shares 3/7/2017 2015 LTI - 3/7/2017 2016 MD -	Number Value at Grant Date $ 42,763,798 - 52,289 - 16,800 - 41,666 - 61,534 - 44,438 - 56,250 - 32,602 (4,215,979) - (4,215,979) - (7,465,040) - (7,000,000) - 19,866,800	To Expense in future periods $ - 746 - - 25,567 32,363 20,204 - - - -	Expensed for the half year $
			122,109
			5,584 4,430 24,148 4,895 11,201 14,178 9,388 - - (52,289) (72,433)
		78,880	71,211

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Venturex Resources Limited 28 122 180 205

Interim Financial Report Period Ended 31 December 2017

Notes to the Financial Statements continued

Note 5. Issued Capital continued

Performance Rights Plan

Each performance right will vest as an entitlement to one fully paid ordinary share provided that certain performance milestones are met. If the performance milestones are not met, the performance rights will lapse and the eligible participant will have no entitlement to any shares.

Performance rights are not listed and carry no dividend or voting rights. Upon exercise each performance right is convertible into one ordinary share to rank pari passu in all respects with the Company’s existing fully paid ordinary shares.

Tranche 1

Tranche 1 Performance Rights will need to satisfy the performance milestone based on the relative rating of the Total shareholder Return (TSR) for the Company against the TSR’s of a comparator group of resources companies to be determined by the Board in conjunction with an independent advisor.

Tranche 2

Tranche 2 Performance Rights will need to satisfy the performance milestone on achievement of an agreed “material” transaction on a specific date. They have been valued using the Volume Weighted Average Price as at issue date. The expense has been recognised on the basis that all conditions will be met over the vesting period.

Note 6. Fair Value of Financial Instruments

• (a) Recurring fair value measurements

The Group does not have any financial instruments that are subject to recurring or non-recurring fair value measurements.

• (b) Fair values of financial instruments not measured at fair value

• Due to their short-term nature, the carrying amounts of current receivables and current trade and other payables is assumed to equal their fair value.

Note 7. Events Subsequent to Reporting Date

No other events or circumstances have arisen since 31 December 2017 that would require disclosure in this financial report.

Note 8. Related Party Changes

During the half-year ended 31 December 2017, 8,431,958 Long Term Incentive Rights that were issued to Mr John Nitschke, expired as Mr Nitshke stepped down from the position of Managing Director.

The details of the rights issued and expired can be found within Note 5.

There have been no other changes to related party transactions.

Note 9. Contingent Liabilities and Commitments

There have been no changes in contingent liabilities and commitments since the last annual reporting period.

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Venturex Resources Limited 28 122 180 205

Interim Financial Report Period Ended 31 December 2017

Directors’ Declaration

The Directors' of the Company declare that:

1. The financial statements and notes, as set out on pages 5 to 12 are in accordance with the Corporations Act 2001, including:

2. (a) complying with Accounting Standard AASB 134: Interim Financial Reporting; and

3. (b) giving a true and fair view of the Group's financial position as at 31 December 2017 and of its performance for the half year ended on that date.

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

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

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ANTHONY REILLY Executive Director

Dated: 14 March 2018

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Tel: +61 8 6382 4600 38 Station Street Fax: +61 8 6382 4601 Subiaco, WA 6008 www.bdo.com.au PO Box 700 West Perth WA 6872 Australia

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INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of Venturex Resources Limited

Report on the Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of Venturex Resources Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 December 2017, 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 halfyear then ended, and notes comprising a statement of 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 Group is not in accordance with the Corporations Act 2001 including:

• (i) Giving a true and fair view of the Group’s financial position as at 31 December 2017 and of its financial performance for the half-year ended on that date; and

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

Directors’ responsibility for the Half-Year Financial Report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that 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 half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2017 and its financial 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 Group, 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.

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BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation other than for the acts or omissions of financial services licensees

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Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 . We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Group, would be in the same terms if given to the directors as at the time of this auditor’s review report.

BDO Audit (WA) Pty Ltd

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Jarrad Prue

Director

Perth, 14 March 2018

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