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GREENWING RESOURCES LTD Interim / Quarterly Report 2024

Mar 11, 2024

65029_rns_2024-03-11_755819a6-fe03-4e3b-a848-628a1d8a2aa9.pdf

Interim / Quarterly Report

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GREENWING RESOURCES LTD

ABN 31 109 933 995

Half-Year Report For the period ended 31 December 2023

HALF-YEAR REPORT For the period ended 31 December 2023

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TABLE OF CONTENTS

TABLE OF CONTENTS
FINANCIAL STATEMENTS
DIRECTORS’ REPORT 2
AUDITOR’S INDEPENDENCE DECLARATION 5
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
6
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 7
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 8
CONSOLIDATED STATEMENT OF CASH FLOWS 9
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 10
DIRECTORS’ DECLARATION 22
INDEPENDENT AUDITOR’S REVIEW REPORT 23
CORPORATE DIRECTORY 25

1

HALF-YEAR REPORT For the period ended 31 December 2023

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DIRECTORS’ REPORT

The Directors of Greenwing Resources Ltd (the Company or Greenwing ) present their report together with the financial statements of the consolidated entity, being the Company and its Controlled Entities (the Group ) for the half-year ended 31 December 2023.

Directors

The following persons were Directors of the Company during or since the end of the financial halfyear. Directors were in place for the whole period unless otherwise stated.

Richard Anthon – Non-Executive Chairman

Jeffrey Marvin – Non-Executive Director Peter Wright - Executive Director James Brown - Non-Executive Director Alan Zeng – Non-Executive Director

Company overview

The Company is seeking to become a diversified producer and developer of critical mineral concentrates to capitalise on the compelling market fundamentals for lithium and graphite.

The Group has interests in two lithium projects, currently holding the Millie’s Reward spodumene project in Madagascar and has the right to earn up to 100% of the San Jorge Lithium Brine project in Argentina, a greenfields project in the prolific Lithium Triangle which accounts for over half of the world’s annual lithium production.

The Group is also a producer of industrial mineral concentrates from its 100% owned Graphmada Large Flake Graphite Mine. The Graphmada Mine Complex, which is in Madagascar, has 40-year mining permits and 20-year landholder agreements in place. With all associated mining infrastructure and logistics in place, the mine produced and sold a range of graphite concentrates into multiple market segments during the 2020 financial year. Major markets for the Company included Europe under an offtake agreement, India, China and the United States.

Principal activities

The Company is a critical minerals business. It is developing the Graphmada Mining Complex in Eastern Madagascar, and it is exploring for lithium at Millie’s Reward, also in Madagascar, and at the San Jorge Lithium Brine Project in Argentina.

The principal activities of the Group during the year focused on the continued exploration and development of both lithium and graphite projects, and care and maintenance activities relating to its graphite mine.

Significant change in state of affairs

Changes to the Company’s state of affairs are described in the Review of Operations which follows.

REVIEW OF OPERATIONS

Exploration and development

Lithium

In September 2021, the Company acquired Andes Litio SA, an entity which has the option to acquire up to 100% of the San Jorge Lithium Brine Project located in Catamarca, Argentina. The San Jorge

2

HALF-YEAR REPORT For the period ended 31 December 2023

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Project consists of 15 granted Exploration Licenses covering some 36,000 hectares inclusive of the San Francisco Salar.

Exploration undertaken to date has been compelling, with extensive lithium mineralisation being encountered via surface sampling and an impressive basin depth identified using geophysics.

The maiden drilling program commenced in June 2023. Three initial diamond holes to the bedrock depth were planned, with the objective of confirming the lithium concentration and obtaining information about different types of host lithologies.

This initial three-hole program targeting the peripheries of the salar was completed during the period with all three holes returning consistent values of 200mg/L lithium noting that the drill hole locations are at the edges of the salar.

Positive results from the initial holes has led to the Company immediately extending the drilling program to six holes which are due to be completed during the first quarter of calendar 2024. Hole 4 was being drilled at the end of the period, and was completed subsequent to period end. .

The Maiden Mineral Resource Estimate for the San Jorge Project in targeted for completion in April/May 2024.

Concurrently to undertaking the drilling program the Company will has also extracted larger brine samples for processing evaluation. Evaluation of multiple Direct Lithium Extraction (DLE) technologies is underway.

For further detailed information regarding the exploration undertaken and results to date, refer to ASX announcements dated: 16 August 2023; 22 November 2023; 15 January 2024 and 8 February 2024.

The Company also reviewed its Millie’s Reward lithium-in-spodumene project, with the intention to recommence field activities in the near term.

Graphite

The Company continues to explore and develop Graphmada for large-scale mining and processing operations along with progressing feasibility studies for the expansion of operations, with a key focus on reducing operating costs and growing production to meet market demand at the lowest possible capital intensity.

The Company’s Mineral Resource Estimate (as per JORC Code 2012) for the Graphmada Mining Complex consists of 61.9 million tonnes (Mt) of large flake graphite at 4.5% Total Graphitic Carbon as outlined in the Mineral Resource update released on 12 July 2022.

The Company has continued with an auger drilling program during the period. The aim of this drilling program is to assist in planning for a further diamond drilling program in the future and provide additional information for input into the Concept Study currently underway.

The Company is also actively looking for partners to advance the project.

Corporate

In July 2023, the Company announced an update on its funding arrangements which saw the Company emerge with no secured debt and security released over its assets. The overhaul consisted of an equity placement of $2,375,000, a loan facility of $1,000,000 provided by Chairman Rick Anthon and the conversion of approximately 68% of its $4,172,883 convertible notes into equity, and repayment of the balance of the convertible notes in cash.

3

HALF-YEAR REPORT For the period ended 31 December 2023

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During the period the Company:

  • issued 572,346 ordinary shares at an average issue price of $0.228 to noteholders in lieu of payment of interest payable on convertible notes;

  • issued 11,301,635 ordinary shares at an issue price of $0.25 on the conversion of convertible notes with a face value totalling $2,825,409;

  • issued 282,541 ordinary shares at an issue price of $0.25 to noteholders as an incentive to convert their note holdings to equity with a face value totalling $70,635;

  • repaid the face value of the balance of convertible notes not converted totalling $1,278,546;

  • issued 185,185 ordinary shares at a price of $0.27 as payment to consultants for services provided to the Company with a face value totalling $50,000;

  • issued 5,650,818 unlisted options with a fair value of $395,557 to remaining convertible note holders as in incentive to convert their note holdings to equity; and

  • issued 12,000,000 ordinary shares via a placement at an issue price of $0.225 raising $2,700,000:

  • 10,555,556 ordinary shares were issued raising $2,375,000; and

  • 1,444,444 ordinary shares were issued to directors following shareholder approval raising $325,000.

Result for the period

Consolidated net loss after tax for the Group for the six months to 31 December 2023 was $1,328,274 (2022: $3,030,969 loss).

Dividends

No dividends have been paid during the period and no dividends have been recommended by the Directors (2022: nil).

Events arising since the end of the reporting period

Since the end of the reporting period, the Company has:

  • announced an $8,000,000 million At-the-Market Facility (ATM) Agreement with Alpha Investment Partners which provides up to $8,000,000 million of standby equity capital over the next four years, and issued 7,000,000 ordinary shares as collateral for the ATM facility;

  • drawn down $200,000 of the $1,000,000 loan facility provided by Rick Anthon; and

  • paid the next scheduled investment tranche in relation to the San Jorge project of USD $500,000 taking the Company’s interest in the project to 45%.

Auditor’s independence declaration

Section 307C of the Corporations Act 2001 requires the Company’s auditors, BDO Audit Pty Ltd, to provide the directors with a written Independence Declaration in relation to the review of the half year report for the period ended 31 December 2022. This written Auditor’s Independence Declaration and is located on the following page and forms part of this Directors’ report.

Signed in accordance with a resolution of directors.

Rick Anthon Chairman Brisbane, Queensland 12 March 2024

4

HALF-YEAR REPORT For the period ended 31 December 2023

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AUDITOR'S INDEPENDENCE DECLARATION

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Tel: +61 7 3237 5999 Fax: +61 7 3221 9227 www.bdo.com.au

Level 10, 12 Creek Street Brisbane QLD 4000 GPO Box 457 Brisbane QLD 4001 Australia

DECLARATION OF INDEPENDENCE BY K L COLYER TO THE DIRECTORS OF GREENWING RESOURCES LTD

As lead auditor for the review of Greenwing Resources Ltd for the half-year ended 31 December 2023, 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 Greenwing Resources Ltd and the entities it controlled during the period.

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K L Colyer Director

BDO Audit Pty Ltd

Brisbane, 12 March 2024

BDO Audit Pty Ltd ABN 33 134 022 870 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 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.

5

HALF-YEAR REPORT For the period ended 31 December 2023

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Note
Other income
6
Administration expenses
7(a)
Finance costs
7(b)
Foreign currency (loss) / gain
Loss on write down of plant and equipment
Research and development expenditure
Share of net loss of investment in joint venture accounted for
using the equity method
12
Write back / (unwinding) of provision for rehabilitation
17
Loss before income tax from continuing operations
Income tax expense
Loss for the year from continuing operations
Loss after tax from discontinued operations
8
Loss for the year
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations
Total comprehensive loss for the period, net of tax
Loss attributed to:
Continuing operations
Discontinued operations
Total comprehensive loss attributed to:
Equity holders of the parent entity
Earnings per share
Basic and diluted loss per share from operations (cents)
9
Basic and diluted loss per share from continuing operations
(cents)
9
6 months to
31 Dec 2023
$
6 months to
31 Dec 2022
$
89,207
12,289
(773,807)
(2,106,990)
(516,619)
(481,137)
(488)
6,660
(142,867)
-
-
(143,573)
(50,688)
-
158,206
(171,998)
(1,237,056)
(2,884,749)
-
-
(1,237,056)
(2,884,749)
(91,218)
(146,220)
(1,328,274)
(3,030,969)
(277,113)
122,409
(1,605,387)
(2,908,560)
(1,514,169)
(2,762,340)
(91,218)
(146,220)
(1,605,387)
(2,908,560)
(0.78)
(2.43)
(0.75)
(2.21)

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

6

HALF-YEAR REPORT For the period ended 31 December 2023

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023

Note
CURRENT ASSETS
Cash and cash equivalents
Inventories
Other assets
Trade and other receivables
Assets held for sale
8
Total Current Assets
NON-CURRENT ASSETS
Development assets
10
Exploration and evaluation assets
11
Investment in joint venture
12
Plant and equipment
13
Total Non-Current Assets
TOTAL ASSETS
CURRENT LIABILITIES
Borrowings
14
Financial derivative liability
15
Liabilities directly associated with assets classified as held for sale
8
Trade and other payables
16
Total Current Liabilities
NON-CURRENT LIABILITIES
Provisions
17
Total Non-Current Liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
18
Reserves
19
Accumulated losses
TOTAL EQUITY
31 Dec 2023
$
30 Jun 2023
$
5,162,678
8,050,623
819,550
823,782
81,896
86,926
6,375
86,362
500,000
500,000
6,570,499
9,547,693
2,234,157
2,234,157
5,724,508
5,189,336
7,413,637
5,286,786
2,674,413
2,910,362
18,046,715
15,620,641
24,617,214
25,168,334
-
4,297,727
6,000,000
6,000,000
500,000
500,000
667,830
1,122,600
7,167,830
11,920,327
251,058
409,264
251,058
409,264
7,418,888
12,329,591
17,198,326
12,838,743
118,186,716
112,030,250
1,157,855
7,180,704
(102,146,245)
(106,372,211)
17,198,326
12,838,743

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

7

HALF-YEAR REPORT For the period ended 31 December 2023

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Share capital
Share
based
payments
reserve
Convertible
notes
reserve
Foreign
currency
translation
reserve
Accumulated
losses
Total
equity
$
$
$
$
$
$
Balance at 1 July 2023 112,030,250
1,495,950
6,141,293
(456,539)
(106,372,211)
12,838,743
Loss for the period -
-
-
-
(1,328,274)
(1,328,274)

Other comprehensive
income


-
-
-
(277,113)
-
(277,113)
Total comprehensive loss for
the year
-
-
-
(277,113)
(1,328,274)
(1,605,387)
Transactions with owners,
recorded directly in equity
Contributions of equity –
Note 18
2,951,322
-
-
-
-
2,951,322
Shares issued relating to
convertible notes
converted to shares
3,412,462
-
(587,053)
-
-
2,825,409
Options issued(1) -
-
395,557
-
395,557

Shares issued for services
rendered – Note 18
375,000
-
-
-
-
375,000
Transfer reserve to
accumulated losses
-
-
(5,554,240)
-
5,554,240
-
Cost of shares issued – Note
18
(207,318)
-
-
-
(207,318)
Balance at 31 December
2023
118,186,716
1,495,950
395,557
(733,652)
(102,146,245)
17,198,326
Balance at 1 July 2022
Loss for the period
Other comprehensive
income
Total comprehensive loss for
the year
Transactions with owners,
recorded directly in equity
Shares issued during the
period
Placement - residual value
of call option(2)
Options issued
Options expired
Cost of shares issued for
placement
Balance at 31 December
2022
105,160,821
1,416,238
6,166,389
(1,359,642)
(101,855,485)
9,528,321
-
-
-
-
(3,030,969)
(3,030,969)
-
-
-
122,409
-
122,409
-
-
-
122,409
(3,030,969)
(2,908,560)
848,201
(500,000)
-
-
-
348,201
6,000,000
-
-
-
-
6,000,000
-
664,250
-
-
-
664,250
-
(75,738)
-
-
-
(75,738)

(405,981)
-
-
-
-
(405,981)
111,603,041
1,504,750
6,166,389
(1,237,233)
(104,886,454)
13,150,493

(1) Options issued to convertible noteholders as an incentive to convert their noteholdings to equity. Refer to Note 19.

(2) This amount represents NIO’s subscription amount receivable for shares to be issued in accordance with the strategic funding transaction. Shares were issued to NIO when proceeds were received subsequent to year end. Refer to note 19.

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

8

HALF-YEAR REPORT For the period ended 31 December 2023

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CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

Note
Cash flows from operating activities
Sundry income
Payments to suppliers and employees
Net cash used in operating activities
Cash flows from investing activities
Payment for exploration and evaluation - Graphmada
Payment for exploration and evaluation – San Jorge
Payment for exploration and evaluation – San Jorge investment
Purchase of property, plant and equipment
Interest received
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issue of shares
18
Proceeds from loan
Repayment of convertible notes
14
Transaction costs on issue of shares
Interest paid
Net cash from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Exchange differences on cash and cash equivalents
Cash and cash equivalents at the end of the period
6 months to
31 Dec 2023
$
6 months to
31 Dec 2022
$
106,109
132,103
(1,059,349)
(915,426)
(953,240)
(783,323)
(414,929)
(574,858)
(2,418,198)
(652,514)
-
(635,968)
(3,522)
(1,487)
63,086
40
(2,773,563)
(1,864,787)
2,261,382
-
-
1,000,000
(1,278,546)
-
(96,314)
(269,212)
(46,619)
(2,235)
839,903
728,553
(2,886,900)
(1,919,557)
8,050,623
1,895,910
(1,045)
128,360
5,162,678
104,713

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

9

HALF-YEAR REPORT For the period ended 31 December 2023

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Notes to the consolidated financial statements

1. General information and statement of compliance

The interim consolidated financial statements (the interim financial statements) of the Group are for the six months ended 31 December 2023 and are presented in Australian Dollars ($AUD), which is the functional currency of the Parent Company. These interim financial statements have been prepared in accordance with the requirements of the Corporations Act 2001 and AASB 134 Interim Financial Reporting. They do not include all the information required in annual financial statements in accordance with Australian Accounting Standards and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 June 2023 and any public announcements made by the Group during the half-year in accordance with continuous disclosure requirements arising under the Australian Securities Exchange Listing Rules and Corporations Act 2001.

The interim financial statements have been approved by the Board of Directors on 12 March 2024.

Except for cash flow information, the financial statements have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.

2. Estimates

When preparing the interim financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results.

The judgements, estimates and assumptions applied in the interim financial statements, including the key sources of estimation uncertainty were the same as those applied in the Group’s last annual financial statements for the year ended 30 June 2023.

3. Significant events and transactions

In July 2023, the Company announced an update on its funding arrangements which saw the Company emerge with no secured debt and security released over its assets. The new funding arrangements consisted of an equity placement of $2,700,000 (note 18), a loan facility of $1,000,000 provided by Chairman Rick Anthon and the conversion of approximately 68% of its convertible notes into equity, and repayment of the balance of the convertible notes in cash. The Group’s convertible notes were settled as follows:

  • 353,176,098 notes valued at $2,825,409 were converted into equity at the noteholders’ request;

  • 158,818,289 notes valued at $1,278,546 were redeemed as cash at the noteholders’ request; and

  • 8,615,978 notes valued at $68,928 were applied by the directors in the placement subscription.

In addition, the Group also issued 282,541 shares valued at $70,635 and issued 5,650,818 share options valued at $395,557 to convertible noteholders as an incentive to convert their remaining note holdings to equity. This was a modification that came into effect in July 2023,

The loan facility provided by Chairman Rick Anthon has been extended from 31 December 2023 to 30 June 2024. The terms of the facility include an interest rate payable of 14% p.a. on funds drawn. The loan facility has not been utilised during the period.

During the period the Company also continued with its maiden drilling program at the San Jorge Project with three holes completed during the period, with encouraging results leading to the immediate expansion of the program to six holes which are expected to be completed by the end of April 2024.

The economic environments of Madagascar and Argentina have changed during the period, primarily through inflation and currency movements against the Australian dollar. Balances that have been materially affected are the equity accounted investment, trade and other payables and provision for rehabilitation. Refer to notes 12, 16 and 17 respectively.

10

HALF-YEAR REPORT For the period ended 31 December 2023

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4. Going concern

The financial report for the half year ended 31 December 2023 has been prepared based on going concern, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.

During the period, the Group reported a loss after tax of $1,328,274 (2022 loss for the period: $3,030,969). Net cash operating cash outflows of $953,240 (2022: $783,323) and a net current asset deficiency of $597,331 (2023: $2,372,634). In addition, cash and cash equivalents includes $4,966,245, which is restricted for expenditure on the San Jorge Lithium Project only. Prima facie these factors indicate the existence of a material uncertainty relating to going concern.

The ability of the Group to continue as a going concern is principally dependent upon one or more of the following:

  • the ability of the Group to raise sufficient additional capital in the future. Refer to note 18 for capital raises completed during the year;

  • included in current liabilities is financial derivative liability of $6,000,000 which represents NIO’s call option over the San Jorge project (refer to note 15). The financial derivative liability will not be required to be settled in cash and excluding this balance, the net current asset position is $5,402,669;

  • access to a director related loan facility of $1,000,000 (which has an expiry date of 30 June 2024), of which $200,000 has been drawn down subsequent to year-end (refer to note 21).

  • its ability to achieve a financial return from its mining and exploration projects;

  • reducing its level of expenditure through farm outs or joint ventures; and

  • disposing of assets.

As a result of the items noted above the directors believe the going concern basis of preparation is appropriate, and accordingly have prepared the financial report on this basis. The going concern basis presumes that funds will be available to finance future operations and that the realisation of assets and liabilities will occur in the normal course of business.

If the Group is unable to continue as a going concern, it may be required to realise its assets and or settle its liabilities other than in the ordinary course of business and at amounts different from those stated in the financial report. The Directors will continue to monitor the capital requirements of the Group on a go forward basis and will include additional capital raisings in future periods as required.

5. Segment reporting

Management currently identifies three service lines as the Group’s operating segments. These operating segments are monitored by the Group’s chief operating decision maker and strategic decisions are made based on adjusted segment operating results. All inter-segment transfers are carried out at arm’s length prices.

The measurement policies the Group uses for segment reporting under the Accounting Standards are the same as those used in its financial statements, except expenses relating to discontinuing operations are not included in arriving at the operating loss of the operating segments. There have been no other changes from prior periods in the measurement methods used to determine reported segment profit or loss.

11

HALF-YEAR REPORT For the period ended 31 December 2023

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5. Segment reporting (continued)

The operating profit/(loss) generated by each of the Group’s operating segments and segment assets and liabilities are summarised as follows:


liabilities are summarised as follows:
Six months to 31 December 2023
Advanced
materials
Graphite
mining
Lithium
**exploration **
Total
Revenue
From external customers - - - -
Fromothersegments - - - -
Segment revenues - - - -
Segmentoperating profit/(loss) (1,236) **114,202 ** (58,289) 54,677
Segmentassets 1,590 14,125,844 7,532,913 21,660,097
Otherassetsnotallocated 2,956,867
Total assets 24,617,214
**Six months to 31 ** December 2022
Advanced
materials
Graphite
mining
Lithium
**exploration **
Total
Revenue
From external customers - - - -
Fromothersegments 12,146 - - 12,146
Segment revenues 12,146 - - 12,146
Segmentoperating profit (104,676) (2,166,045) 49,779 (2,220,942)
Segmentassets 136,499 13,684,049 947,442 14,767,990
Otherassetsnotallocated 11,234,953
Total assets 26,002,943

The Group’s operating profit reconciles to the Group’s profit before tax as presented in its financial statements as follows:

6 months to 6 months to
31 Dec 2023 31 Dec 2022
$ $
Profit or Loss
Total reportable segment operating profit / (loss) 54,677 (2,220,942)
Finance charges on unlisted options (508,573) -
Share of net loss of investment in joint venture (50,688) -
Corporate costs, head office costs, or similar (732,472) (663,807)
Discontinued operations,refer Note 8 (91,218) (146,220)
Group operating loss (1,328,274) (3,030,969)
**Group loss before tax ** (1,328,274) (3,030,969)
6. Other income
Interest received
Sundry income
Total other income
6 months to
31 Dec 2023
$
6 months to
31 Dec 2022
$
63,086
40
26,121
12,249
89,207
12,289

Interest received for the period has increased when compared to the same period last year due to the funds deposited by NIO Inc.

12

HALF-YEAR REPORT For the period ended 31 December 2023

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7. Loss for the period

The loss for the period is stated after taking into account the following:
7 (a) Administration expenses
Corporate administration:
ASIC, ASX and registry fees
Contracting & consulting expenses
Director fees
Employee benefits expense
Share based payments
Impairment losses
Investor relations
Legal expenses
Other administration expenses
Transactional levies – penalties and fines
Travel expenses
Total corporate administration expenses
7(b) Finance costs
Convertible notes - finance charges(1)
-
Incentive shares issued
-
Incentive options issued
-
Fee
Interest expense
Interest on convertible notes
Total finance costs
6 months to
31 Dec 2023
$
6 months to
31 Dec 2022
$
44,143
46,609
216,399
201,701
149,596
162,030
117,282
99,191
-
664,250
10,314
14,283
19,856
33,658
1,163
3,479
184,542
227,069
-
609,765
30,512
44,955
773,807
2,106,990
6 months to
31 Dec 2023
$
6 months to
31 Dec 2022
$
70,635
-
395,557
-
42,381
-
2,204
2,235
5,842
478,912
516,619
481,147

(1) Finance charges represents the cost of issuing noteholders shares and options as an incentive to convert their noteholdings to equity. Refer to notes 14, 18 and 19.

8 Discontinued operations

The Company has signed an agreement to sell its Tasmanian exploration assets which is subject to a number of customary conditions for an agreement of this type. The disposal group was fully impaired during 2017 and is, therefore, carried at nil value having been recognised as Capitalised Exploration and Evaluation Assets Held for Sale in the Statement of Financial Position. During the current and prior periods, care and maintenance expenses relating to the disposal group have been eliminated from profit or loss from the Group’s continuing operations and are shown as a single line item on the face of the statement of profit or loss and other comprehensive income (see loss after tax from discontinued operations ). The Company is currently in negotiations with an external party to dispose of the assets.

Financial performance information
Que River remediation contribution
Que River operating infrastructure – care & maintenance
Loss before income tax
Income tax expense
Loss after income tax from discontinued operations
6 months to
31 Dec 2023
$
6 months to
31 Dec 2022
$
-
120,000
(91,218)
(266,220)
(91,218)
(146,220)
(91,218)
(146,220)
-
-
(91,218)
(146,220)

13

HALF-YEAR REPORT For the period ended 31 December 2023

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8 Discontinued operations (continued)

The following assets and liabilities are included in the disposal group and recognised on the statement of financial position.

Non-current assets held for sale - Security deposits and guarantees
Liabilities directly associated with assets classified as held for sale
. Earnings per share
Loss for the period
Loss for the period – continuing operations
Weighted average number of ordinary shares used in the calculation of
basic earnings per share
Loss per shares (cents)
Loss per shares (cents) – continuing operations
31 Dec 2023
$
30 Jun 2023
$
500,000
500,000
500,000
500,000
6 months to
31 Dec 2023
$
6 months to
31 Dec 2022
$
(1,328,274)
(3,030,969)
(1,514,169)
(2,762,340)
170,548,790
124,748,364
(0.78)
(2.43)
(0.75)
(2.21)

9. Earnings per share

There is no dilutive potential for ordinary shares as the exercise of options to ordinary shares or conversion of convertible notes into ordinary shares would have the effect of decreasing the loss per ordinary share and would therefore be non-dilutive.

10. Development assets


Development assets
Accumulated impairment
Accumulated amortisation
31 Dec 2023
$
30 Jun 2023
$
6,895,990
6,895,990
(4,296,000)
(4,296,000)
(365,833)
(365,833)
2,234,157
2,234,157

There have not been any significant indicators of impairment during the period which required management to perform an impairment assessment and which would have affected the value of development assets at reporting date.

11. Exploration and evaluation assets

11. Exploration and evaluation assets

Exploration and evaluation expenditure consist of:
Graphmada and Limada exploration
San Jorge exploration
Transfer San Jorge exploration to investment in a joint venture
12. Equity accounted investments
Non-current assets
Investment in a joint venture
31 Dec 2023
$
30 Jun 2023
$
5,724,508
5,189,336
-
2,477,114
-
(2,477,114)
5,724,508
5,189,336
31 Dec 2023
$
30 Jun 2023
$
7,413,637
5,286,786
7,413,637
5,286,786

14

HALF-YEAR REPORT For the period ended 31 December 2023

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12. Equity accounted investments (continued)

Movements during the period

Investment in a joint venture – Andes Litio SA


Opening balance – 1 July
Investment - loss of control of subsidiary on 26 September 2022
Investment – deferred consideration
Investment – exploration and evaluation costs
Investment – operating costs
Share of foreign currency translation reserve
Share of losses
Closing balance
6 months to
31 Dec 2023
$ 12 months to
30 June 2023
5,286,786
-
-
2,477,114
-
692,597
2,477,724
1,324,761
-
347,516
(300,185)
452,044
(50,688)
(7,246)
7,413,637
5,286,786

Set out below are the joint ventures of the group as at 31 December 2023 which, in the opinion of the directors, are material to the group. The entities listed below have share capital consisting solely of ordinary shares, which are held by the Group.


are held by the Group.
Principal place of Nature of relationship Ownership
Name of entity business / country of interest
incorporation
Andes Litio SA Argentina Joint venture(1) 100%

(1) As part of the strategic funding transaction with NIO Inc. through its wholly owned subsidiary Blue Northstar Limited, the Company lost sole control of the relevant activities of Andes Litio SA on signing the subscription agreement in September 2022. Even though the Group retains 100% of the shares and voting rights, joint control exists as decisions about the relevant activities of the San Jorge Project require unanimous consent of the parties. The Company has deconsolidated its interest in Andes Litio SA from the date of signing the subscription agreement and recognise its interest in Andes Litio SA as an interest in a jointly controlled entity.

Andes Litio SA

Summarised financial information of the Group’s investment in Andes Litio SA:

Current assets
Cash and cash equivalents
Other assets
Non-current assets
Exploration evaluation assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Greenwing’s share of net assets (100%)
Premium and exploration costs
Carrying value
31 Dec 2023
$
30 Jun 2023
$
913,640
828,742
420,315
55,818
5,519,323
3,981,554
6,853,278
4,866,113
948,783
78,557
-
-
948,783
78,557
5,904,495
4,787,556
1,509,142
499,230
7,413,637
5,286,786

15

HALF-YEAR REPORT For the period ended 31 December 2023

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12. Equity accounted investments (continued)

. Equity accounted investments (continued)
Revenue
Expenses
Loss before tax
Income tax
Loss after tax
Total comprehensive income
Greenwing’s share of losses (100%)
1 Jul 2023
to 31 Dec 2023
$
26 Sep 2022
to 31 Dec 2022
$
-
-
(50,688)
-
(50,688)
-
-
-
(50,688)
-
-
-
(50,688)
-

Andes Litio SA requires a board resolution to distribute its profits. No dividends were paid or declared for the financial period ending 31 December 2023.

Andes Litio SA had no contingent liabilities or capital commitments at 31 December 2023 apart from investment commitments totalling USD $500,000 and exploration expenditure commitments totalling USD $500,000 within the next twelve months, and investment commitments totalling USD $3,500,000 and exploration expenditure commitments totalling USD $1,750,000 between twelve months and five years.

13. Plant and equipment

Details of the Group’s property, plant and equipment and their carrying amount are as follows:

Gross carrying amount
Balance 1 July 2023
Additions
Disposals
Balance 31 December 2023
Depreciation and impairment
Balance 1 July 2023
Depreciation
Disposals
Balance 31 December 2023
Carrying amount 31 December 2023
14. Borrowings
Current liabilities
Accrued interest on convertible notes
Convertible notes
Plant &
equipment
Motor
vehicles
Motor
vehicles


Buildings &
infrastructure


Total
$ $ $ $
3,980,170
150,701

1,137,107

5,267,978
3,522
-

-

3,522
(416,415) (115,507) -
(531,922)
3,567,277
35,194

1,137,107

4,739,578
(1,788,837) (134,661) (434,116) (2,357,614)
(84,803) (1,268) (34,172) (120,243)
297,185
115,507

-

412,692
(1,576,455) (20,422) (468,288) (2,065,165)
1,990,822 14,772
668,819

2,674,413

The Group’s convertible notes were repaid as follows:

  • 353,176,098 notes valued at $2,825,409 were converted into equity at the noteholders’ request;

  • 158,818,289 notes valued at $1,278,546 were redeemed as cash at the noteholders’ request; and

  • 8,615,978 notes valued at $68,928 were applied by the directors to the next placement subscription.

In addition, the Group also issued 282,541 shares valued at $70,635 and issued 5,650,818 options valued at $395,557 to convertible noteholders as an incentive to convert their remaining note holdings to equity. The cost of issue, along with corporate advisory fees related to the issues, has been reflected as a finance charge to the group. Refer to notes 7, 18 and 19.

16

HALF-YEAR REPORT For the period ended 31 December 2023

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15. Financial derivative liability

15. Financial derivative liability
Call option – Andes Litio SA – at fair value
As at 1 July
Derivative liability – call option recognised at inception
Re-measurement to fair value through profit or loss
As at reporting date
6 months to
31 Dec 2023
$ 12 months to
30 June 2023
$
6,000,000
-
-
6,000,000
-
-
6,000,000
6,000,000

As part of the strategic funding transaction with NIO Inc., the Company received $12 million in subscription proceeds. The Subscription comprises of two components, namely:

  • An equity interest in Greenwing; and

  • A call option to acquire up to a 40% stake in Andes Litio SA (together with the offtake rights on the equity interest acquired in Andes Litio SA)

The call option issued by the Company to NIO to acquire up to a 40% stake in Andes Litio SA represents a derivative liability to the Company. At inception, the fair value of the derivative liability – call option was assessed to be $6,000,000 and represented the premium agreed to be paid by NIO for the right to acquire up to a 40% stake in Andes Litio SA (and associated offtake rights). The residual amount to be paid by NIO of $6,000,000 has been recorded as equity (refer Note 18).

Fair value hierarchy

The following tables detail the consolidated entity's assets and liabilities, measured or disclosed at fair value, using a three-level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:

  • Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

  • Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

  • Level 3: Unobservable inputs for the asset or liability.

Level 1
Level 2
Level 3
Total
31 December 2023 $
$
$
$
Total Assets -
-
-
-
Liabilities
Derivative Liability– Call Option -
-
6,000,000
6,000,000
Total liabilities -
-
6,000,000
6,000,000

There were no movements between levels during the period.

Valuation techniques for fair value measurements categorised within level 2 and level 3

Derivative liability – call option fair value at reporting date

The cost to NIO to exercise their call option for a 40% stake in Andes Litio SA would be USD $80 million, valuing 100% of Andes Litio SA and the San Jorge project to be USD $200 million. The fair value of the call option is calculated using the probability weighted excess value discounted to the valuation date, being 26 September 2022 when then the Company entered into the subscription agreement with NIO.

The fair value of the call option is reasonably approximated by calculating the probability-weighted potential excess value of Andes Litio SA (and its sole asset the San Jorge Project) above the USD $200 million and discounting the value to the valuation dates.

17

HALF-YEAR REPORT For the period ended 31 December 2023

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15. Financial derivative liability (continued)

Level 3 – Liabilities

Movements in level 3 Liabilities during the current and previous financial year are set out below:

Liabilities
Balance at beginning of the year
Initial recognition of financial derivative
Transfers out from level 3
(Gain)/loss recognised in profit or loss
As at 31 December 2023
6 months to
31 Dec 2023
$ 12 months to
30 June
2023
$
6,000,000
-
-
6,000,000
-
-
-
-
6,000,000
6,000,000

Unobservable inputs

The level 3 liabilities unobservable inputs are as follows:

Unobservable inputs Unobservable Inputs Unobservable Inputs Sensitivity
31 Dec 2023 30 Jun 2023
Potential project value The estimated fair value would
outcome at end of the call USD $200m USD $200m increase/(decrease) if project value
option term was higher/(lower)
Estimated probability of The estimated fair value would
project value at end of the call
option term
20.0% 20.0% increase/(decrease) if probabilities
were higher/(lower) – refer below for
sensitivity analysis
The estimated fair value would
Discount rate 9.92% 10.28% increase/(decrease) if discount rate
was lower/(higher)
The estimated fair value would
AUD/USD exchange rate $0.6840 $0.6656 decrease/(increase) if exchange rate
was higher/(lower) – refer below for
sensitivity analysis

Sensitivity analysis

Reasonably possible changes in the unobservable inputs included below, holding other assumptions constant, would have affected the fair value of the financial derivative liability at balance date by the amounts shown in the following table:


the following table:
31 Dec 31 Dec 30 Jun 30 Jun
2023 2023 2023 2023
Increase Decrease Increase Decrease
Derivative Liability – Call Option $ $ $ $
Potential project value outcome at end of the call
option term: changes to step value by + 5%
4,000,000 - 4,000,000 -
Potential project value outcome at end of the call
option term: changes to step value by - 5%
- (3,000,000) (3,000,000)
Changes to probability of tiers ‘in-the-money’ of
project value at end of the call option term: + 5%
2,000,000 - 2,000,000 -
Changes to probability of tiers ‘in-the-money’ of
project value at end of the call option term: - 5%
- (1,000,000) - (1,000,000)
Discount rate: increase by 5% - - - -
Discount rate: decrease by 5% 1,000,000 - 1,000,000 -
AUD/USD exchange rate: + 5% - - - -
AUD/USD exchange rate: - 5% 1,000,000 - 1,000,000 -

18

HALF-YEAR REPORT For the period ended 31 December 2023

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16. Trade and other payables

Current liabilities
Unsecured liabilities:
Trade payables
Other payables
31 Dec 2023
$
30 Jun 2023
$
172,924
471,583
494,906
651,017
667,830
1,122,600

Other payables are recognised when the Group has identified a present obligation from the result of past events. These amounts include employee payment obligations, professional fees and statutory obligations.

The movement in trade and other payables for the period is a combination of the settlement of one-off liabilities along with foreign currency movement in the valuation of foreign payables.

17. Provisions

. Provisions
Provision for rehabilitation 31 Dec 2023
$
30 Jun 2023
$
251,058
409,264
251,058
409,264

The movement in provision for rehabilitation for the period is a combination of changes in forecast inflation for Madagascar along with a higher discount rate being applied reflecting an increase in the country’s risk premium.

18. Issued capital

Ordinary shares

Ordinary shares

174,251,482 (30 June 2023: 149,909,775) fully paid ordinary shares
31 Dec 2023
$
30 Jun 2023
$
118,186,716
112,030,250

Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Group in proportion to the number of fully paid ordinary shares. On a show of hands every holder of ordinary shares present at a meeting, in person or by proxy, is entitled to one vote and upon a poll each share is entitled to one vote. The Group has no authorised share capital and the shares have no par value.

The movement in ordinary shares during the financial period are as follows:

Balance at the beginning of the period
Issued during the period
Share placement (1)
Shares issued for acquisition of subsidiary
Shares issued on conversion of convertible notes
Shares issued in lieu of convertible note interest
Shares issued for payment of consulting fees
Shares issued to noteholders (2)
Shares issued for CEO incentives arrangement
Capital raising costs (options expired)
Capital raising costs
Balance at the end of the period
6 months movement
12 months movement
31 Dec 2023
Number of
shares
31 Dec 2023
$
30 Jun 2023
Number of
shares
30 Jun 2023
$
149,909,775
112,030,250
123,247,349
105,160,821
12,000,000
2,700,000
21,818,182
6,000,000
-
-
2,000,000
500,000
11,301,635
3,412,462
483,138
142,135
572,346
130,687
1,912,125
515,611
185,185
50,000
248,981
83,659
282,541
70,635
-
-
-
-
200,000
60,000
-
-
-
75,738
-
(207,318)
-
(507,714)
174,251,482
118,186,716
149,909,775
112,030,250

(1) Share placement comprised of 10,555,556 ordinary shares issued raising $2,375,000 less transactions costs of $113,618 equalling $2,261,382; and 1,444,444 ordinary shares issued with a value of $325,000 issued to directors as part of the placement

(2) Shares issued to convertible noteholders as an incentive to convert their noteholdings to equity. Refer to notes 7 and 14.

19

HALF-YEAR REPORT For the period ended 31 December 2023

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19. Reserves

Foreign Convertible Share
Total $
currency notes reserve based
translation $ payments
reserve $ reserve $
Balance 1 July 2023 (456,539) 6,141,293 1,495,950
7,180,704
Exchange differences on translating foreign
operations
(277,113) - -
(277,113)
Convertible notes converted to shares - (587,053) -
(587,053)
Options issued(1) - 395,557 -
395,557
Redemptionofconvertiblenotes - (5,554,240) (5,554,240)
Before tax (277,113) (6,141,293) -
(6,022,849)
Taxbenefit/(expense) - - -
-
Net of tax (277,113) (6,141,293) -
(6,022,849)
Balance 31 December 2023 (733,652) 395,557 1,495,950 1,157,855

(1) Options issued to convertible noteholders as an incentive to convert their noteholdings to equity. Refer to notes 7 and 14.

Foreign currency translation reserve

The foreign currency translation reserve is used to recognise exchange differences arising from translation of the financial statements of foreign operations to Australian dollars.

Convertible notes

Relates to the equity portion of convertible notes issued by the Company as well as the finance costs relating to incentives offered to noteholders. Refer below for valuation of incentives.

Share based payments reserve

The share-based payments reserve records the fair value of equity instruments granted for goods and services received.

31 December 2023

31 December 2023
Grant date
Expiry date
Exercise
price
Balance at
the start of
the period
Granted
Exercised
Expired/
forfeited/
other
Balance at
the end of
the period
31 July 2021
30 June 2025
$0.60
14 October 2021
30 June 2025
$0.60
14 July 2022
31 December
2025
$0.725
6 October 2022
30 June 2025
$0.60
6 October 2022
31 December
2025
$0.725
24 July 2023
30 June 2025
$0.60
Weighted average exercise price
Weighted averageremaining contractual life
2,300,000
-
-
-
2,300,000
2,100,000
-
-
-
2,100,000
3,650,000
-
-
-
3,650,000
600,000
-
-
-
600,000
750,000
-
-
-
750,000
-
5,650,818
-
-
5,650,818
9,400,000
5,650,818
-
-
15,050,818
$0.65
$0.60
$0.00
$0.00
$0.642
26months
18months
-
-
20months

Share Options issued during the year – Finance Costs

For the options granted during the current financial period the valuation model inputs used to determine the fair value at the grant date, are as follows:

Valuation model inputs – Black-Scholes method

Grant date Expiry date Share
price at
grant
date
Exercise
price
Expected
volatility
Dividend
yield
Risk-free
interest
rate
Fair value
at grant
date
24 July 2023 30 June 2025 $0.23 $0.60 100% 0% 4.063% $0.07

The expected volatility is based on historical share price movements.

20

HALF-YEAR REPORT For the period ended 31 December 2023

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20.Contingencies

Contingent Liabilities

There has been no changes to the contingent liabilities that were reported for the year ended 30 June 2023.

Contingent Assets

No contingent assets exist at reporting date.

21. Post-reporting date events

Since the end of the reporting period, the Company has:

  • entered into an $8,000,000 At-the-Market Facility (ATM) Agreement with Alpha Investment Partners which provides up to $8,000,000 million of standby equity capital over the next four years, and issued 7,000,000 ordinary shares as collateral for the ATM facility;

  • drawn down $200,000 of the $1,000,000 loan facility provided by Rick Anthon; and

  • paid the next scheduled investment tranche in relation to the San Jorge project of USD $500,000 taking the Company’s interest in the project to 45%.

21

HALF-YEAR REPORT For the period ended 31 December 2023

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DIRECTORS’ DECLARATION

In accordance with a resolution of the Directors of Greenwing Resources Limited, in the Directors’ opinion:

The consolidated interim financial statements and notes set out on pages 10 to 21 are in accordance with the Corporations Act 2001, including:

  1. Giving a true and fair view of Group’s financial position as at 31 December 2023 and of its performance, for the half year period ended on that date;

  2. Complying with Accounting Standard AASB 134 Interim Financial Reporting, the Corporations Regulations 2001; and

  3. There are reasonable grounds to believe that Greenwing Resources Limited will be able to pay its debts as and when they become due and payable.

The declaration is made in accordance with a resolution of the directors:

==> picture [91 x 33] intentionally omitted <==

Rick Anthon Chairman

Brisbane, Queensland 12 March 2024

22

Tel: +61 7 3237 5999 Level 10, 12 Creek Street Fax: +61 7 3221 9227 Brisbane QLD 4000 www.bdo.com.au GPO Box 457 Brisbane QLD 4001 Australia

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INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of Greenwing Resources Ltd

Report on the Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of Greenwing Resources Ltd and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 December 2023, 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 half-year ended on that date, a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

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

  • (i) Giving a true and fair view of the Group’s financial position as at 31 December 2023 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.

Basis for conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to the audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

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

Material uncertainty relating to going concern

We draw attention to Note 4 in the financial report which describes the events and/or conditions which give rise to the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern and therefore the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. Our conclusion is not modified in respect of this matter.

BDO Audit Pty Ltd ABN 33 134 022 870 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 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.

23

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Responsibility of the directors for the 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 gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility for the review of the financial report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2023 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 .

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.

BDO Audit Pty Ltd

==> picture [88 x 82] intentionally omitted <==

K L Colyer Director

Brisbane, 12 March 2024

BDO Audit Pty Ltd ABN 33 134 022 870 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 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.

24

HALF-YEAR REPORT For the period ended 31 December 2023

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CORPORATE DIRECTORY

DIRECTORS

Richard Anthon - Non-Executive Chairman James Brown – Non-Executive Director Jeffrey Marvin – Non-Executive Director Peter Wright – Executive Director Alan Zeng – Non-Executive Director

COMPANY SECRETARY

Angus Craig

REGISTERED OFFICE

Level 21, Matisse Tower 110 Mary Street Brisbane, QLD, 4000

PO Box 15048 Brisbane, QLD, 4000

Website: www.greenwingresources.com Email: [email protected]

SHARE REGISTRY

Computershare Investor Services Pty Ltd Level 1, 200 Mary Street Brisbane QLD 4000 Telephone: 1300 552 270

AUDITOR

BDO Audit Pty Ltd Level 10 12 Creek Street Brisbane City Qld 4000

STOCK EXCHANGE LISTING

ASX Ltd (Code: GW1)

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