GREEN TECHNOLOGY METALS LIMITED — Annual Report 2021

Nov 7, 2021

Green Technology Metals Limited ABN 99 648 657 649

Annual Report – for the period ended 30 June 2021

Green Technology Metals Limited Directors' report 30 June 2021

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Green Technology Metals Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the period of 12 March 2021 (incorporation) to 30 June 2021.

Directors

The following persons were directors of Green Technology Metals Limited during the whole of the financial period and up to the date of this report, unless otherwise stated:

John Young (appointed 25 May 2021) Jeremy Robinson (appointed 12 March 2021 and resigned on 20 July 2021) Cameron Henry (appointed 12 March 2021) Joel Ives (appointed 20 July 2021)

Principal activities

During the financial period the principal continuing activities of the consolidated entity consisted of mineral exploration.

Dividends

No dividends were paid or declared during the financial period.

Review of operations

The loss for the consolidated entity after providing for income tax amounted to $127,429 for the period ended 30 June 2021.

Company is a mineral exploration and development company focused on the discovery and delineation of Lithium mineral reserves in Canada.

On 3 May 2021, the Company entered into an option agreement to purchase 80% of the lithium assets from Ardiden Limited (“ADV”) (“Acquisition”). On 27 July 2021, the Company signed a variation deed with ADV to amend the terms of the Acquisition.

In consideration for the Acquisition, the Company will pay:

• $1,500,000 cash at Completion;

• A total value of $4,000,000 ( Tranche 1 Consideration ) comprised of:

• $1,750,000 in cash; and,

• $2,250,000 comprising (at the election of the Company):

  • 9,000,000 Shares (at a deemed issue price of $0.25 per Share); or

  • cash; or

  • a combination of cash and Shares; and,

• $3,500,000 in cash, or Shares, at the election of the Company, with a total value (on a VWAP basis) of $3,500,000 12 months after Admission ( Tranche 2 Consideration ).

If the Company is unable the Tranche 2 Consideration within 12 months Admission, the option to acquire a further 21% interest in the Projects will lapse and the Company will retain a 51% interest in the Project.

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Green Technology Metals Limited Directors' report 30 June 2021

On 11 May 2021 the Company paid the A$200,000 option fee to ADV.

On 23 June 2021, the Company exercised the option to acquire the Projects. The Company now awaits completion of certain conditions precedent upon which, the Company will acquire a 51% interest in the Projects through the payment of a further $5,500,000 in cash and shares at or prior to admission to the ASX Official List (Admission).

Completion is subject to and conditional on various conditions including shareholder approvals required by the ASX Listing Rules for the Acquisition; all consents and approvals, required by any government authorities including Canada Revenue Agency or the ASX necessary for the Acquisition. Issue of shares is subject to IPO, any ASX required shareholder approvals and any ASX required escrow. If the Company is unable to deliver shares or cash with a value of $3,500,000 within 12 months of Admission (defined above as the Tranche 2 Consideration), the Company’s right to acquire a further 29% interest in the Projects will lapse.

On 21 June 2021 the Company employed Luke Cox as Chief Executive Officer.

Significant changes in the state of affairs

Company was incorporated as Great Northern Lithium Pty Ltd on 12 March 2021.

On 25 May 2021 the Company passed a circular resolution to change the company name to Green Technology Metals Limited and to convert to a public company. The change of name and company type was completed on 1 July 2021.

On 4 June 2021 the Company incorporated a wholly owned Australian subsidiary, Lithium Triangle Pty Ltd.

On 17 June 2021, Lithium Triangle Pty Ltd incorporated a wholly owned Canadian subsidiary (Ontario), Lithium Triangle Resources Ltd. This wholly owned subsidiary will hold the 80% rights to the mineral titles to be acquired from ADV.

On 9 June 2021, the Company issued 50,000,000 shares to Seed investors at a price of $0.01 per share to raise a total of $500,000.

On 30 June 2021, the Company issued 13 Convertible Notes of face value $125,000 per note and issued 18,281,250 shares to the convertible note subscribers to settle prepaid interest on the convertible note.

There were no other significant changes in the state of affairs of the consolidated entity during the financial period.

Matters subsequent to the end of the financial year

On 1 July 2021, the company converted to a public company and changed its name from Great Northern Lithium Pty Ltd to Green Technology Metals Limited.

On 27 July 2021, the Company signed a variation agreement with Ardiden Limited as disclosed in Note 13.

The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has been financially positive for the consolidated entity up to 30 June 2021, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided.

Other than the above, there were no other significant changes in the state of affairs of the consolidated entity during the financial period.

Likely developments and expected results of operations

Information on likely developments in the operations of the consolidated entity and the expected results of operations have not been included in this report because the directors believe it would be likely to result in unreasonable prejudice to the consolidated entity.

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Green Technology Metals Limited Directors' report 30 June 2021

Environmental regulation

The consolidated entity is not subject to any significant environmental regulation under Australian Commonwealth or State law.

Information on directors

Name: John Young Title: Non-Executive Chairman Qualifications: BAppSc Geology, Grad Dip Tech Mgmt Experience and expertise: Mr Young has a Bachelor of Applied Science (Geology) and is a member of AusIMM. Mr Young is a highly experienced geologist who has worked on exploration and production projects encompassing gold, uranium and specialty metals, including tungsten, molybdenum, tantalum and lithium. Mr Young’s corporate experience includes appointments as Chief Executive Officer of Marenica Energy Limited (no Elevate Uranium Limited) and CEO and Director of Thor Mining PLC. Mr Young was Exploration Manager of Pilbara Minerals Ltd (ASX: PLS) from June 2014 until August 2015, appointed Technical Director in September 2015 and transitioned to NonExecutive Director in July 2017 until his resignation on 20 April 2018. Mr Young was also the Managing Director of Bardoc Gold Limited (ASX: BDC) from May 2017 to April 2019 and remains a Non-Executive Director. Mr Young is also a Non-Executive Director of AIM listed Mosman Oil and Gas Ltd and an Executive Director of Trek Metals Ltd (ASX: TKM). Mr Young is currently Chairman of Rarex Limited, a Rare Earths company focusing on developing the Cummins Range Project in Western Australia. Special responsibilities: None Name: Cameron Henry Title: Non-Executive Director Qualifications: Master in Project Management (MPM) and ADip Mech Eng, Member of AICD Experience and expertise: Mr Henry is the founding Managing Director of ASX-listed engineering firm, Primero Group Limited (ASX: PGX), where he has led the Company’s strategic and operational direction resulting in its successful listing on the ASX in 2018 and rapid growth globally. Mr Henry has over 20 years of industry experience in the development and delivery of minerals processing, energy and infrastructure projects across Australia, Indonesia, North and South America. Mr Henry has been a member of the Australian Institute of Company Directors since 2013 and was previously non-executive director of Titan Minerals Limited (ASX: TTM) until 15 July 2019. Special responsibilities: None Name: Jeremy Robinson Title: Non-Executive Director Qualifications: B.Comm Experience and expertise: Mr Robinson has worked in both the capital markets and in-house for junior and midcap mining companies for the past 15 years. Mr Robinson is an experienced mining executive having held senior roles at Mungana Goldmines Limited and Apex Minerals Limited. Mr Robinson holds a Bachelor of Commerce from the University of Western Australia majoring in Corporate Finance, Investment Finance and Marketing. Mr Robinson is current Managing Director of RareX Limited (ASX:REE). Special responsibilities: None Name: Joel Ives Title: Non-Executive Director Qualifications: BSc, B.Com, CA Experience and expertise: Mr Ives is a Chartered Accountant (CAANZ) that provides CFO, Accounting, and Company Secretarial services for ASX listed and private companies across various industries. Mr Ives currently acts as Company Secretary to Harvest Technology Ltd (ASX:HTG), Green Technology Metals Limited, and Kuniko Limited. Special responsibilities: None

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Green Technology Metals Limited Directors' report 30 June 2021

Company secretary

Joel Ives has held the role of Company Secretary since May 2021. He is currently the Company Secretary of Harvest Technology Group Ltd (ASX:HTG), DigitalX Limited (ASX:DCC) and Kuniko Limited.

Meetings of directors

There were no meetings of the company's Board of Directors ('the Board') or each Board committee held during the period ended 30 June 2021, there were four circular resolutions passed by the Board during the period of 12 March 2021 (incorporation) to 30 June 2021.

Shares under option

There are no unissued ordinary shares of Green Technology Metals Limited under option at the date of this report.

Shares issued on the exercise of options

No ordinary shares of Green Technology Metals Limited were issued during the year ended 30 June 2021 and up to the date of this report on the exercise of options granted.

Indemnity and insurance of officers

The company has not indemnified the Directors of the company for costs incurred, in their capacity as a Director, for which the Director may be held personally liable, except where there is a lack of good faith.

During the financial year, the company has not paid a premium in respect of a contract to insure the Directors of the company.

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 period, the company has not paid a premium in respect of a contract to insure the auditor of the company or any related entity.

Proceedings on behalf of the company

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the company, or to 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 part of those proceedings.

Rounding of amounts

The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.

Auditor's independence declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.

Auditor

RSM Australia Partners was appointed as auditor on 19 May 2021 and remains in office in accordance with section 327 of the Corporations Act 2001.

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Green Technology Metals Limited Directors' report 30 June 2021

This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.

On behalf of the directors

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_________ John Young Director

12 August 2021 Perth

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RSM Australia Partners

Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844

T +61 (0) 8 9261 9100 F +61 (0) 8 9261 9111 www.rsm.com.au

AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the audit of the financial report of Green Technology Metals Limited for the period 12 March 2021 to 30 June 2021, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

• (i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

• (ii) any applicable code of professional conduct in relation to the audit.

RSM AUSTRALIA PARTNERS

Perth, WA Dated: 12 August 2021

ALASDAIR WHYTE Partner

THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.

RSM Australia Partners ABN 36 965 185 036

Liability limited by a scheme approved under Professional Standards Legislation

Green Technology Metals Limited Contents 30 June 2021

Consolidated statement of profit or loss and other comprehensive income	8
Consolidated statement of financial position	9
Consolidated statement of changes in equity	10
Consolidated statement of cash flows	11
Notes to the financial statements	12
Directors’ declaration	27
Independent auditor’s report to the members of Green Technology Metals Limited	28

General information

The financial statements cover Green Technology Metals Limited as a consolidated entity. The financial statements are presented in Australian dollars, which is Green Technology Metals Limited's functional and presentation currency.

Green Technology Metals Limited is an unlisted public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are:

Registered office Principal place of business Unit 6, 94 Rokeby Road Unit 6, 94 Rokeby Road Subiaco Subiaco WA 6008 WA 6008

A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 12 August 2021. The directors have the power to amend and reissue the financial statements.

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Green Technology Metals Limited Consolidated statement of profit or loss and other comprehensive income For the financial period 30 June 2021

Notes Expenses Accounting and consulting expenditure 3 Audit fees General administration expenditure Legal fees Salaries and wages Loss before income tax expense Income tax expense Loss after income tax expense Other comprehensive income for the period, net of tax Total comprehensive loss for the period	12 March 2021 to 30 June 2021 $ (63,208) (5,000) (1,008) (50,000) (8,213)
	(127,429) -
	(127,429) -
	(127,429)

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

8

Green Technology Metals Limited Consolidated statement of financial position As at 30 June 2021

Notes Assets Current assets Cash and cash equivalents 4 Other current assets Total current assets Non-current assets Exploration and evaluation expenditure 5 Total non-current assets Total assets Liabilities Current liabilities Trade and other payables 6 Borrowings 7 Total current liabilities Total liabilities Net assets Equity Issued capital 8 Reserve 9 Accumulated losses Total equity	30 June 2021 $ 1,918,980 6,371
	1,925,351
	200,000
	200,000
	2,125,351
	127,780 1,384,529
	1,512,309
	1,512,309
	613,042
	682,813 57,658 (127,429)
	613,042

The above consolidated statement of financial position should be read in conjunction with the accompanying notes

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Green Technology Metals Limited Consolidated statement of changes in equity For the period ended 30 June 2021

Balance at 12 March 2021 Loss for the period Other comprehensive income for the period Total comprehensive loss for the period Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs Convertible note issue Issue of interest shares to convertible note holders Balance at 30 June 2021	Issued capital $ - - - - 500,000 - 182,813 682,813	ccumulated Reserves losses $ $ - - - (127,429) - - - (127,429) - - 57,658 - - - 57,658 (127,429)	Total equity $ - (127,429) -
			(127,429) 500,000 57,658 182,813
			613,042

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes

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Green Technology Metals Limited Consolidated statement of cash flows For the period ended 30 June 2021

Notes Cash flows from operating activities Payments to suppliers and employees Net cash used in operating activities 20 Cash flows from investing activities Payment for option fee on exploration assets Net cash used in investing activities Cash flows from financing activities Proceeds from issue of shares Proceeds from convertible notes Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period	12 March 2021 to 30 June 2021 $ (6,020)
	(6,020)
	(200,000)
	(200,000)
	500,000 1,625,000
	2,125,000
	1,918,980 -
	1,918,980

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes

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Green Technology Metals Limited Notes to the financial statements 30 June 2021

Note 1. Significant accounting policies

The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Basis of preparation

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB').

Historical cost convention

The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other comprehensive income, investment properties, certain classes of property, plant and equipment and derivative financial instruments.

Critical accounting estimates

The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the consolidated entity's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.

Going concern

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

As disclosed in the financial statements, the consolidated entity had incurred a loss of $127,429, net cash outflows from operating activities of $6,020 and net cash outflows from investing activities of $200,000 for the period ended 30 June 2021. As at that date, the consolidated entity had net current assets of $413,042.

The consolidated entity has not generated significant revenues from operations and the directors have prepared cash flow forecasts, which indicate that the current cash reserves will not be sufficient to fund planned exploration expenditure, other principal activities and working capital requirements without raising additional funds through capital raising.

The consolidated entity is currently in the process of undertaking an Initial Public Offering (IPO) to raise $20 million (before cost) at the time of signing these financial statements. Based on the consolidated entity’s cash flow forecasts and achieving the capital raising referred to above, the directors are confident that the consolidated entity will be able to continue as a going concern. Further, the convertible notes as disclosed at Note 7 will automatically convert to ordinary shares upon the consolidated entity receiving a conditional admission letter from ASX. The directors are also confident that they are able to manage discretionary spending to ensure that cash reserves are available to pay its debts as and when they become due and payable.

Should the consolidated entity is not successful in IPO process and raise the required funds, there is a material uncertainty whether the consolidated entity will be able to continue as a going concern and therefore, whether it will be able to realise its assets and discharge its liabilities in the normal course of business.

The financial statements do not include any adjustments relating 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 a going concern.

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Green Technology Metals Limited Notes to the financial statements 30 June 2021

Note 1. Significant accounting policies (continued)

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 17.

Principles of consolidation

The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Green Technology Metals Limited ('company' or 'parent entity') as at 30 June 2021 and the results of all subsidiaries for the year then ended. Green Technology Metals Limited and its subsidiaries together are referred to in these financial statements as the 'consolidated entity'.

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. They are de-consolidated from the date that control ceases.

Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity 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 consolidated entity.

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 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.

Foreign currency translation

The financial statements are presented in Australian dollars, which is Green Technology Metals Limited's functional and presentation currency.

Foreign currency transactions

Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign operations

The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity.

The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.

Revenue recognition

The consolidated entity recognises revenue as follows:

Interest

Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.

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Green Technology Metals Limited Notes to the financial statements 30 June 2021

Note 1. Significant accounting policies (continued)

Other revenue Other revenue is recognised when it is received or when the right to receive payment is established.

Income tax

The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable.

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:

• When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or

• When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.

Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.

Green Technology Metals Limited (the 'head entity') and its wholly-owned Australian subsidiaries have formed an income tax consolidated group under the tax consolidation regime. The head entity and each subsidiary in the tax consolidated group continue to account for their own current and deferred tax amounts. The tax consolidated group has applied the 'separate taxpayer within group' approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group.

In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from each subsidiary in the tax consolidated group.

Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts receivable from or payable to other entities in the tax consolidated group. The tax funding arrangement ensures that the intercompany charge equals the current tax liability or benefit of each tax consolidated group member, resulting in neither a contribution by the head entity to the subsidiaries nor a distribution by the subsidiaries to the head entity.

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 classified as current when: it is either expected to be realised or intended to be sold or consumed in the consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 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 12 months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when: it is either expected to be settled in the consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.

Deferred tax assets and liabilities are always classified as non-current.

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Green Technology Metals Limited Notes to the financial statements 30 June 2021

Note 1. Significant accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. For the statement of cash flows presentation purposes, cash and cash equivalents also includes bank overdrafts, which are shown within borrowings in current liabilities on the statement of financial position.

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.

Exploration and evaluation expenditure

Acquisition, exploration and evaluation costs associated with mining tenements are accumulated in respect of each identifiable area of interest. These costs are only carried forward to the extent that the rights of tenure to that area of interest are current and that the costs are expected to be recouped through the successful commercial development or sale 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.

Costs in relation to an abandoned area are written off in full against profit in the period in which the decision to abandon the area is made.

Each area of interest is also reviewed annually, and acquisition costs written off to the extent that they will not be recoverable in the future.

Impairment of non-financial assets

Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other nonfinancial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.

Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.

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.

Borrowings

Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method.

Finance costs

Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are expensed in the period in which they are incurred.

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Green Technology Metals Limited Notes to the financial statements 30 June 2021

Note 1. Significant accounting policies (continued)

Provisions

Provisions are recognised when the consolidated entity has a present (legal or constructive) obligation as a result of a past event, it is probable the consolidated entity will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a finance cost.

Employee benefits

Short-term employee benefits

Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled.

Other long-term employee benefits

The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

Defined contribution superannuation expense

Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred.

Share-based payments

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

Equity-settled transactions are awards of shares, or options over shares, that 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 either the Binomial or 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, 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.

The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying either the Binomial or Black-Scholes option pricing model, taking into consideration the terms and conditions on which the award was granted. The cumulative charge to profit or loss until settlement of the liability is calculated as follows:

• during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by the expired portion of the vesting period.

• from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the reporting date.

All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the cash paid to settle the liability.

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Green Technology Metals Limited Notes to the financial statements 30 June 2021

Note 1. Significant accounting policies (continued)

Employee benefits (continued)

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.

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 principal 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 interests. For non-financial 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 at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of 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.

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.

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Green Technology Metals Limited Notes to the financial statements 30 June 2021

Note 1. Significant accounting policies (continued)

Goods and Services Tax ('GST') and other similar taxes

Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.

Rounding of amounts

The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.

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 2021. The consolidated entity's assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the consolidated entity, are set out below.

Conceptual Framework for Financial Reporting (Conceptual Framework)

The revised Conceptual Framework is applicable to annual reporting periods beginning on or after 1 July 2021 and early adoption is permitted. The Conceptual Framework contains new definition and recognition criteria as well as new guidance on measurement that affects several Accounting Standards. Where the consolidated entity has relied on the existing framework in determining its accounting policies for transactions, events or conditions that are not otherwise dealt with under the Australian Accounting Standards, the consolidated entity may need to review such policies under the revised framework. At this time, the application of the Conceptual Framework is not expected to have a material impact on the consolidated entity's financial statements.

Note 2. Critical accounting judgements, estimates and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.

Coronavirus (COVID-19) pandemic

Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had, or may have, on the consolidated entity based on known information. This consideration extends to the nature of the products and services offered, customers, supply chain, staffing and geographic regions in which the consolidated entity operates. Other than as addressed in specific notes, there does not currently appear to be either any significant impact upon the financial statements or any significant uncertainties with respect to events or conditions which may impact the consolidated entity unfavourably as at the reporting date or subsequently as a result of the Coronavirus (COVID-19) pandemic.

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Green Technology Metals Limited Notes to the financial statements 30 June 2021

Note 3. Expenses

Loss before income tax includes the following specific expenses: Consulting and Accounting Expense Expense for IPO management Expense for Accounting and Company Secretary Expense for advisory services Expense relating to the provision of reports for IPO Total Consulting and Accounting Expense Note 4. Cash and cash equivalents Cash at bank Note 5. Exploration and evaluation expenditure Opening balance Expenditure capitalised during the period(1) Impairment of exploration expenditure Closing balance

2021 $ 10,000 2,500 7,500 43,208 63,208 2021 $ 1,918,980 2021 $ - 200,000 - 200,000

Note 4. Cash and cash equivalents

Note 5. Exploration and evaluation expenditure

(1) On 11 May 2021 the Company paid the $200,000 option fee to Ardiden Limited (ADV) under the Binding Terms sheet Option Agreement.

Note 6. Trade and other payables

Trade payables Accruals	2021 $ 64,567 63,213 127,780

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Green Technology Metals Limited Notes to the financial statements 30 June 2021

Note 7. Borrowings

Convertible note Opening balance Proceeds from issue Equity component at inception Interest shares issued Closing balance	2021 $ 1,384,529
	- 1,625,000 (57,658) (182,813)
	1,384,529

Convertible Note

On 30 June 2021, the Company issued $1,625,000 in unsecured convertible notes with a repayment date of 9 months from the date of issue. The Company prepaid the interest at a fixed amount of 18,281,250 shares issued upon receipt of the subscription amount. The convertible notes will automatically convert into ordinary shares at $0.10 per shares upon the Company receiving a conditional admission letter from the ASX. In the event that the Conversion Event does not occur before the repayment date, the convertible notes shall, at the election of the noteholder, convert into a debt payable by the Company to the noteholder within 90 days of the repayment date or convert into ordinary shares at the conversion price.

Note 8. Issued capital

Ordinary shares - fully paid Movements in ordinary share capital Details Date Balance 12 March 2021 Issue of shares – Seed 12 June 2021 Issue of shares – Convertible notes 30 June 2021 Balance 30 June 2021	Shares 1,000 49,900,000 18,281,250 68,281,250	Consolidated 2021 2021 Shares $ 68,281,250 682,813	Consolidated 2021 2021 Shares $ 68,281,250 682,813
		Issue price $1.00 $0.01 $0.01	$ 1,000 499,000 182,813 682,813

Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital.

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

Capital risk management

The consolidated entity's objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital.

Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated as total borrowings less cash and cash equivalents.

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Green Technology Metals Limited Notes to the financial statements 30 June 2021

Note 8. Issued capital (continued)

The consolidated entity is subject to certain financing arrangements covenants and meeting these is given priority in all capital risk management decisions. There have been no events of default on the financing arrangements during the financial year.

Note 9. Reserve

Convertible note reserve(1)	2021 $ 57,658
	57,658

(1) The convertible note reserve records the equity residual component of the convertible note on fair value adjustment at acquisition. Refer note 7.

Note 10. Key management personnel disclosures

Compensation

The aggregate compensation made to directors and other members of key management personnel of the consolidated entity is set out below:

Short-term employee benefits Consulting fees(1)	2021 $ 8,213 15,000
	23,213

(1) Churchill Strategic Investments Group Pty Ltd (Churchill), a Company of which Jeremy Robinson and Cameron Henry are equal shareholders and directors of, provided consulting, bookkeeping, financial controller and company secretary services. For the period ended 30 June 2021 a total of $15,000 was billed by Churchill and remained outstanding as at 30 June 2021.

Note 11. Remuneration of auditors

During the financial year the following fees were paid or payable for services provided by RSM Australia Partners, the auditor of the company, its network firms and unrelated firms:

Audit services - RSM Australia Partners Audit and review of the financial statements	2021 $ 5,000

Note 12. Contingent assets

The company had no contingent assets as at 30 June 2021.

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Green Technology Metals Limited Notes to the financial statements 30 June 2021

Note 13. Contingent liabilities

On 3 May 2021, the Company entered into an option agreement to purchase 80% of the lithium assets from Ardiden Limited (“ADV”) (“Acquisition”). On 27 July 2021, the Company signed a variation deed with ADV to amend the terms of the Acquisition.

In consideration for the Acquisition, the Company will pay:

• $1,500,000 cash at Completion;

• A total value of $4,000,000 ( Tranche 1 Consideration ) comprised of:

• $1,750,000 in cash; and,

• $2,250,000 comprising (at the election of the Company):

  • 9,000,000 Shares (at a deemed issue price of $0.25 per Share); or

  • cash; or

  • a combination of cash and Shares; and,

• $3,500,000 in cash, or Shares, at the election of the Company, with a total value (on a VWAP basis) of $3,500,000 12 months after Admission ( Tranche 2 Consideration ).

If the Company is unable the Tranche 2 Consideration within 12 months Admission, the option to acquire a further 21% interest in the Projects will lapse and the Company will retain a 51% interest in the Project.

Note 14. Commitments

The company had no commitments as at 30 June 2021.

Note 15. Related party transactions

Parent entity

Green Technology Metals Limited is the parent entity.

Subsidiaries

Interests in subsidiaries are set out in note 18.

Key management personnel

Disclosures relating to key management personnel are set out in note 10.

Transactions with related parties

The following transactions occurred with related parties:

	Consolidated
	2021
	$
Payment for goods and services:
Payment for consulting, CFO, and company secretary services (director-related entity of
Jeremy Robinson and Cameron Henry)	15,000

Receivable from and payable to related parties

There are no amounts receivable from related parties as at 30 June 2021. The Company has a payable to Churchill Strategic Investments Group Pty Ltd of $15,000 as at 30 June 2021.

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Green Technology Metals Limited Notes to the financial statements 30 June 2021

Note 15. Related party transactions (continued)

Loans to/from related parties

The following balances are loans outstanding at the reporting date in relation to transactions with related parties:

	Consolidated
	2021
	$
Convertible notes
John Young	125,000
Cameron Henry	250,000

Terms and conditions

All transactions were made on normal commercial terms and conditions and at market rates.

Note 16. Financial Risk Management Objectives and Policies

The main risks arising from the consolidated entity’s financial instruments are interest rate risk, liquidity risk and credit risk.

This note presents information about the consolidated entity’s exposure to each of the above risks, their objectives, policies and processes for measuring and managing risk, and the management of capital.

The Board has overall responsibility for the establishment and oversight of the risk management framework. The Board reviews and agrees policies for managing each of these risks and they are summarised below.

The consolidated entity’s principal financial instruments comprise receivables, payables and cash which arise directly from its operations.

(a) Interest Rate Risk

The table below reflects the undiscounted contractual settlement terms for financial instruments of a fixed period of maturity, as well as management’s expectations of the settlement period for all other financial instruments. As such, the amounts might not reconcile to the statement of financial position.

30 June 2021 FINANCIAL ASSETS Non-interest bearing Variable interest rate instruments Fixed interest rate instruments FINANCIAL LIABILITIES Borrowings NET FINANCIAL ASSETS	Weighted Average Effective Interest Rate %	Less than 1 month 1 to 3 month s 3 months to 1 year 1 to 5 years Total $ $ $ $ $
	15%	1,918,980 - - - 1,918,980 - - - - - - - - - -
		1,918,980 - - - 1,918,980
		- - (1,625,000) - (1,625,000)
		1,918,980 - (1,625,000) - 293,980

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Green Technology Metals Limited Notes to the financial statements 30 June 2021

Note 16. Financial Risk Management Objectives and Policies (continued)

Net fair value of financial assets and liabilities

The carrying amount of cash and cash equivalents approximates fair value because of their short-term maturity.

(b) Interest Rate Sensitivity Analysis At 30 June 2021, the effect on loss and equity as a result of changes in the interest rate, with all other variable remaining constant would have an immaterial effect.

(c) Credit Risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the consolidated entity. The consolidated entity has adopted the policy of only dealing with creditworthy counterparties and obtaining sufficient collateral or other security where appropriate, as a means of mitigating the risk of financial loss from defaults.

The consolidated entity operates in the mining exploration sector; it therefore does not supply products and have trade receivables and is not exposed to credit risk in relation to trade receivables. The consolidated entity does not have any significant credit risk exposure to any single counterparty or any Company of counterparties having similar characteristics.

The consolidated entity’s maximum exposure to credit risk at each balance date in relation to each class of recognised financial assets is the carrying amount, net of any allowance for doubtful debts, of those assets as indicated in the statement of financial position. The maximum credit risk exposure of the consolidated entity at 30 June 2021 is nil.

(d) 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 manages liquidity risk by monitoring forecast cash flows on a rolling monthly basis and entering into supply contracts which can be cancelled within a short timeframe. The consolidated entity does not have any significant liquidity risk as the consolidated entity does not have any collateral debts.

(e) Capital Management The consolidated entity’s objectives when managing capital are to safeguard its ability to continue as a going concern, so it may continue to provide returns for shareholders and benefits for other stakeholders.

Due to the nature of the consolidated entity’s activities, being mineral exploration, it does not have ready access to credit facilities and therefore is not subject to any externally imposed capital requirements, with the primary sources of project funding to date being raising funds from equity markets. Accordingly, the objective of the consolidated entity’s capital risk management is to balance the current working capital position against the requirements to meet progressing exploration and evaluation work, project related costs and corporate overheads. Going forward, operations budget and cashflow forecasts are monitored to ensure sufficient funding to meet expenditure.

The directors consider that the carrying value of the financial assets and financial liabilities recognised in the consolidated financial statements approximate their fair value.

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Green Technology Metals Limited Notes to the financial statements 30 June 2021

Note 17. Parent entity information

Set out below is the supplementary information about the parent entity.

Statement of profit or loss and other comprehensive income

Loss after income tax Total comprehensive loss Statement of financial position Total current assets Total assets Total current liabilities Total liabilities Equity Issued capital Reserve Accumulated losses Total equity	Parent 2021 $ (127,429) (127,429) Parent 2021 $ 1,925,351 2,125,351 1,512,309 1,512,309 682,813 57,658 (127,429) 613,042

Contingent liabilities Refer to note 13.

Capital commitments - Property, plant and equipment

The parent entity had no capital commitments for property, plant and equipment as at 30 June 2021.

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:

• Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.

• Investments in associates are accounted for at cost, less any impairment, in the parent entity.

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Green Technology Metals Limited Notes to the financial statements 30 June 2021

Note 18. Interests in subsidiaries

The consolidated financial statements incorporate the assets, liabilities and results of the following wholly-owned subsidiaries in accordance with the accounting policy described in note 1:

		Ownership interest
	Principal place of business /	2021
Name	Country of incorporation	%
Lithium Triangle Pty Ltd	Australia	100%
Lithium Triangle Resources Ltd	Canada	100%

Note 19. Events after the reporting period

On 1 July 2021, the company converted to a public company and changed its name from Great Northern Lithium Pty Ltd to Green Technology Metals Limited.

On 27 July 2021, the Company signed a variation agreement with Ardiden Limited as disclosed in Note 13.

The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has been financially positive for the consolidated entity up to 30 June 2021, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided.

Other than the above, there were no other significant changes in the state of affairs of the consolidated entity during the financial period.

Note 20. Reconciliation of loss for the period to net cash from operating activities

Loss for the period Adjustments for: Change in operating assets and liabilities: Other current assets Trade and other payables Net cash used in operating activities	2021 $ (127,429) (6,371) 127,780
	(6,020)

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Green Technology Metals Limited Directors' declaration 30 June 2021

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 2021 and of its performance for the financial year ended on that date; and

• there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

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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_________ John Young Director

12 August 2021 Perth

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RSM Australia Partners

Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844

T +61 (0) 8 9261 9100 F +61 (0) 8 9261 9111

www.rsm.com.au

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GREEN TECHNOLOGY METALS LIMITED

Opinion

We have audited the financial report of Green Technology Metals Limited (the Company) and its subsidiary (the Group), which comprises the consolidated statement of financial position as at 30 June 2021, 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 period 12 March 2021 to 30 June 2021, and notes to the financial statements, including a summary of significant accounting policies, and the directors' declaration.

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

• (i) Giving a true and fair view of the Group's financial position as at 30 June 2021 and of its financial performance for the period 12 March 2021 to 30 June 2021; 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 are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (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.

We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's 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

We draw attention to Note 1, which indicates that the Group had incurred a loss of $127,429, net cash outflows from operating activities of $6,020 and net cash outflows from investing activities of $200,000 for the period ended 30 June 2021. As at that date, the Group had net current assets of $413,042. As stated in Note 1, these events or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.

RSM Australia Partners ABN 36 965 185 036

Liability limited by a scheme approved under Professional Standards Legislation

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Other Information

The directors are responsible for the other information. The other information comprises the information included in the Group's annual report for the period 12 March 2021 to 30 June 2021, but does not include the financial report and the 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.

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 the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the 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 financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the ability of the Group 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 Group 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 the 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/auditors_responsibilities/ar4.pdf. This description forms part of our auditor's report.

Perth, WA Dated: 12 August 2021

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RSM AUSTRALIA PARTNERS

ALASDAIR WHYTE Partner