HIGH-TECH METALS LTD — Interim / Quarterly Report 2024

Mar 10, 2024

==> picture [439 x 232] intentionally omitted <==

ACN 657 249 995

Interim Financial Statements - 31 December 2023

Corporate Directory

Directors Charles Thomas Sonu Cheema Quinton Meyers Company secretary Quinton Meyers Registered office 22 Townshend Road Subiaco WA 6009 Phone: (08) 6489 1600 Share register Automic Group Level 5 191 St Georges Terrace Perth WA 6000 Auditor HLB Mann Judd (WA Partnership) Level 4 130 Stirling Street Perth WA 6000 Solicitors Nova Legal Level 2, 50 Kings Park Road West Perth WA 6005 Stock exchange listing High-Tech Metals Limited shares are listed on the Australian Stock Exchange (ASX) (ASX Code: HTM) Website https://hightechmetals.com.au/

2

Contents

Directors’ Report ................................................................................................................................................................... 4 Auditors Independence Declaration ................................................................................................................................. 6 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income ........................................ 7 Condensed Consolidated Statement of Financial position ............................................................................................. 8 Condensed Consolidated Statement of Changes in Equity ............................................................................................ 9 Condensed Consolidated Statement of Cash Flows ...................................................................................................... 10 Notes to the Financial Statements .................................................................................................................................... 11 Directors’ Declaration ........................................................................................................................................................ 19 Independent Auditor’s Review Report ............................................................................................................................. 20

3

High-Tech Metals Limited Directors’ Report For the half year ended 31 December 2023

The Directors present their report, together with the financial statements, of High-Tech Metals Limited and the entities it controlled, (' Group ') for the half year ended 31 December 2023.

Directors

The following persons were Directors of High-Tech Metals Limited from 1 July 2023 until the end of the half year and up to the date of this report, unless otherwise stated:

Charles Thomas Non-executive Chairman Sonu Cheema Executive Director Quinton Meyers Non-executive and Company Secretary (Appointed 30 October 2023) Mitchell Smith Non-executive Director (Resigned 30 October 2023)

Principal Activities

During the financial period the activities of the Group included the exploration of the Group’s wholly owned Werner Lake Cobalt Project in Ontario, Canada, the acquisition of the Norpax in Ontario, Canada, and the staking of the Ketele Project in Ethiopia.

Operating Results

The net loss after income tax for the period was $338,759 (2022: $367,744).

Dividends

No dividends were paid during the period and no dividend has been declared for the half year ended 31 December 2023.

Securities on issue

As at the date of this report, the securities on issue by the Group were:

Security Number Ordinary Shares fully paid 32,840,010 Unlisted Options exercisable at $0.25 each on or before 19 January 2026. 26,016,159

Significant Changes in the State of Affairs

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

Matters Subsequent to the End of the Half Year

On 10 January 2024, the Group announced the pending commencement of its first exploration program of the Group’s Ketele LCT Project in Ethiopia.

4

High-Tech Metals Limited Director’s Report For the half year ended 31 December 2023

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.

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

_________ Sonu Cheema Executive Director 11 March 2024

5

==> picture [165 x 49] intentionally omitted <==

AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the review of the consolidated financial report of High-Tech Metals for the halfyear ended 31 December 2023, I declare that to the best of my knowledge and belief, there have been no contraventions of:

• a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• b) any applicable code of professional conduct in relation to the review.

Perth, Western Australia 11 March 2024

N G Neill Partner

==> picture [440 x 83] intentionally omitted <==

6

High-Tech Metals Limited

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the half year ended 31 December 2023

High-Tech Metals Limited Condensed Consolidated Statement of Profit or Loss and ncome or the half year ended 31 December 2023	Other Comprehensive
Notes Revenue from continuing operations Expenses Other income 9 Accounting and Audit fees Administration expense 9 Director fees Superannuation Exploration Expenses Finance Costs Legal fees Insurance Share-based payments expense 8b Interest Expense Depreciation 4 Loss before income tax expense from continuing operations Income tax expense Loss from continuing operations for the period Foreign currency translation Total comprehensive income for the year Earnings/(loss) per share Basic loss per share 10	Consolidated Company 31 December 2023 $ 31 December 2022 $ 52,735 - (72,849) (13,360) (127,137) (72,475) (59,652) (43,501) (3,300) (4,885) (11,339) - (1,297) (3) (34,757) (231,400) (35,316) (2,120) (7,069) - (6,294) - (32,484) -
	(338,759) (367,744) - -
	(338,759) (367,744)
	21,133 -
	(317,626) (367,744)
	Cents per Share Cents per Share
	(1.03) (12.70)

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

7

High-Tech Metals Limited Condensed Consolidated Statement of Financial position As at 31 December 2023

Notes Current Assets Cash and cash equivalents 2 Trade and other receivable 3 Total current assets Non-current assets Right-of-use asset 4 Deferred exploration and evaluation expenditure 5 Total non-current assets Total assets Liabilities Current Liabilities Trade and other payables 6 Accruals Current lease liability 7 Total current liabilities Non-current Liabilities Non-current lease liability 7 Total non-current liabilities Total liabilities Net Assets Equity Issued capital 8 Reserves 8b Accumulated Losses Total Equity	Consolidated Consolidated 31 December 2023 $ 30 June 2023 $ 439,248 1,358,020 1,964,411 2,165,816
	2,403,659 3,523,836
	135,351 167,835 1,961,481 1,159,850
	2,096,832 1,327,685
	4,500,491 4,851,521
	422,688 395,722 36,271 73,212 64,284 62,080
	523,243 531,013 81,034 113,737
	81,034 113,737
	604,277 644,750
	3,896,214 4,206,771
	5,269,580 5,269,580 651,279 623,287 (2,024,645) (1,686,096)
	3,896,214 4,206,771

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

8

High-Tech Metals Limited Condensed Consolidated Statement of Changes in Equity For the half year ended 31 December 2023

Notes Balance at 1 July 2023 Loss for the Period Other Comprehensive Income Total Comprehensive Loss Issue of options for Reynar Lake Options 8b Transfer within equity 8b Balance as at 31 December 2023 Notes Balance at 1 July 2022 Loss for the Period Other Comprehensive Loss Total Comprehensive Loss Proceeds from Shares Issued 8 Proceeds from unissued shares 8a Payments for share issue costs 8 Balance as at 31 December 2022	Issued Capital $ Reserves $ Accumulated Losses $ Total $ 5,269,580 623,287 (1,686,096) 4,206,771 - - (338,759) (338,759) - 21,133 - 21,133
	- 21,133 (338,759) (317,626)
	- 7,069 - 7,069
	- (210) 210 -
	5,269,580 651,279 (2,024,645) 3,896,214
	Issued Capital $ Reserves $ Accumulated Losses $ Total $ 150,250 - (195,973) (45,723) - - (367,744) (367,744) - - - -
	150,250 - (367,744) (367,744)
	50,000 - - 50,000
	2,362,333 - - 2,362,333
	(18,070) - - (18,070)
	2,544,513 - (563,717) 1,980,796

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

9

High-Tech Metals Limited Condensed Consolidated Statement of Cash Flows For the half year ended 31 December 2023

Notes Cash flows from operating activities Payment to suppliers and employees Interest expense Interest received Net cashflows used in operating activities Cash flows from investing activities Deferred exploration expenditure Net cashflows used in investing activities Cash flows from financing activities Proceeds from Shares issued Proceeds from Unissued Shares Proceeds from borrowings Cost of shares issued Repayment of lease liabilities Net cashflows (used in)/from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of financial period Exchange differences on cash and cash equivalents Cash and cash equivalents at end of financial period 2	Consolidated Company 31 December 2023 $ 31 December 2022 $ (180,990) (110,868) (6,294) - 51,684 -
	(135,600) (110,868)
	(778,718) (50,000)
	(778,718) (50,000)
	- 50,000 - 2,362,333 - 76,420 - (18,070) (29,501) -
	(29,501) 2,470,683
	(943,818) 2,309,815
	1,358,020 103,452 25,046 -
	439,248 2,413,267

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

10

High-Tech Metals Limited Notes to the Financial Statements For the half year ended 31 December 2023

Note 1. Significant Accounting Policies

Statement of compliance

These interim financial statements are general purpose financial statements prepared in accordance with the requirements of the Corporations Act 2001, applicable accounting standards including AASB 134 ‘Interim Financial Reporting’, Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board ( AASB ). Compliance with AASB 134 ensures compliance with IAS 34 ‘Interim Financial Reporting’.

The financial statements comprise the condensed interim financial statements for the Group. For the purposes of preparing the financial statements, the Group is a for-profit entity.

The interim financial report does not include full disclosures of the type normally included in an annual financial report. Therefore, it cannot be expected to provide as full an understanding of the financial performance, financial position and cash flows of the Group as in the full financial report.

It is recommended that this interim financial report be read in conjunction with the annual financial report 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 Corporations Act 2001 and the ASX Listing Rules.

Basis of preparation

The interim financial report has been prepared on a historical cost basis. Cost is based on the fair value of the consideration given in exchange for assets.

The Group is domiciled in Australia and all amounts are presented in Australian dollars, unless otherwise noted. For the purpose of preparing the interim financial report, the half-year has been treated as a discrete reporting period.

Accounting policies and methods of computation

The accounting policies and methods of computation adopted are consistent with those of the previous financial year and corresponding interim reporting period except for the impact of the new Standards and Interpretations effective 1 July 2023 as described below. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards.

Adoption of new and revised standards

New Standards and Interpretations applicable for the half year ended 31 December 2023

In the half-year ended 31 December 2023, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to the Group and effective for the current reporting period.

The Directors have determined that there is no material impact of the new and revised Standards and Interpretations on the Group.

Standards and interpretations in issue not yet adopted

The Directors have also reviewed all of the new and revised Standards and Interpretations in issue not yet adopted for the period ended 31 December 2023. As a result of this review the Directors have determined that there is no material impact of the Standards and Interpretations in issue not yet adopted on the Group and, therefore, no change is necessary to Group accounting policies.

11

High-Tech Metals Limited Notes to the Financial Statements (cont’d) For the half year ended 31 December 2023

Significant accounting judgments and key estimates

The preparation of interim financial reports requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

In preparing this interim report, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial report for the year ended 30 June 2023.

Statement of compliance

The interim financial statements were authorised for issue on 11 March 2024.

The interim financial statements comply with Australian Accounting Standards, which include Australian equivalents to International Financial Reporting Standards ( AIFRS ). Compliance with AIFRS ensures that the financial report, comprising the interim financial statements and notes thereto, complies with International Financial Reporting Standards ( IFRS ).

Going concern

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

Note 2. Cash and cash equivalents

Cash at bank Total cash and cash equivalents	Consolidated Consolidated 31 December 2023 $ 30 June 2023 $
	439,248 1,358,020
	439,248 1,358,020

Note 3. Trade and other receivables

GST receivable Insurance - prepayments Term Deposits – 6 Months Term Deposits – 12 months Withholding Tax Total trade and other receivables	Consolidated Consolidated 31 December 2023 $ 30 June 2023 $
	34,001 105,250 38,932 50,566 1,882,616 2,000,000 - 10,000 8,862 -
	1,964,411 2,165,816

12

High-Tech Metals Limited Notes to the Financial Statements (cont’d) For the half year ended 31 December 2023

Note 4. Right of use asset

The following revenue and expense items are relevant in explaining the financial performance for the half year.

Lease Asset Cost Accumulated depreciation Opening balance Charge for the year Carrying amount	Consolidated Consolidated
	31 December 2023 $ 30 June 2023 $
	200,319 200,319 (32,484) - (32,484) (32,484)
	(64,968) (32,484)
	135,351 167,835

The Group leases its registered head office premises. The remaining lease is 1 year and 11 months.

Note 5. Exploration and evaluation expenditure

Cost brought forward in respect of areas of interest in the exploration evaluation stage Expenditure capitalised during the period Acquisition of the Werner Lake Cobalt Project Acquisition of the Norpax Project Staking of Ketele Exploration License	Consolidated Consolidated 6 Months to 31 December 2023 $ 12 months to 30 June 2023 $
	1,159,850 - 532,524 459,850 - 700,000 198,341 - 70,766 -
	1,961,481 1,159,850

The ultimate recoupment of exploration and evaluation expenditure carried forward to dependent on successful development and commercial exploitation or, alternatively, sale of the respective areas.

Note 6. Trade and other payables

Accrued expenses Accounts Payable Loan – Attvest PAYG Withholdings Payable Superannuation payable	Consolidated Consolidated 31 December 2023 $ 30 June 2023 $
	- - 420,933 375,891 - 12,630 1,755 2,826 - 4,375
	422,688 395,722

13

High-Tech Metals Limited Notes to the Financial Statements (cont’d) For the half year ended 31 December 2023

Note 7. Lease liability

Consolidated Consolidated Lease liabilities 31 December 2023 $ 30 June 2023 $ Current 64,284 62,080 Non-current 81,034 113,737 145,318 175,817 The Group does not face a significant liquidity risk with regard to its lease liabilities. Consolidated Consolidated Reconciliation of lease liabilities 6 months to 31 December 2023 $ 12 months to 30 June 2023 $ Opening Balance 175,817 - Additions - 200,319 Principal repayments (30,499) (24,502) Closing balance 145,318 175,817 Note 8. Issued Capital No. of Shares 31 December 2023 $ No. of Shares 30 June 2023 $ Ordinary Shares fully paid 32,800,010 5,269,580 32,840,010 5,269,580 Movement in Shares on Issue No. of Shares 31 December 2023 $ No. of Shares 30 June 2023 $ Opening balance 32,840,010 5,269,580 5,500,010 150,250 Issue of 500,000 seed shares at $0.10 - - 500,000 50,000 Issue of 23,590,000 shares under the Initial Public Offer - - 23,590,000 4,718,000 Issue of Vendor Consideration - - 3,250,000 650,000 Share issue costs - - - (298,670) Closing balance 32,840,010 5,269,580 32,840,010 5,269,580 Note 8a. Reserves Consolidated Consolidated 31 December 2023 $ 30 June 2023 $ Share-based payments reserve (a) 575,895 575,895 Option reserve (b) 23,535 16,466 Foreign currency translation reserve (c) 51,849 30,926 651,279 623,287	Consolidated Consolidated Lease liabilities 31 December 2023 $ 30 June 2023 $ Current 64,284 62,080 Non-current 81,034 113,737 145,318 175,817 The Group does not face a significant liquidity risk with regard to its lease liabilities. Consolidated Consolidated Reconciliation of lease liabilities 6 months to 31 December 2023 $ 12 months to 30 June 2023 $ Opening Balance 175,817 - Additions - 200,319 Principal repayments (30,499) (24,502) Closing balance 145,318 175,817 Note 8. Issued Capital No. of Shares 31 December 2023 $ No. of Shares 30 June 2023 $ Ordinary Shares fully paid 32,800,010 5,269,580 32,840,010 5,269,580 Movement in Shares on Issue No. of Shares 31 December 2023 $ No. of Shares 30 June 2023 $ Opening balance 32,840,010 5,269,580 5,500,010 150,250 Issue of 500,000 seed shares at $0.10 - - 500,000 50,000 Issue of 23,590,000 shares under the Initial Public Offer - - 23,590,000 4,718,000 Issue of Vendor Consideration - - 3,250,000 650,000 Share issue costs - - - (298,670) Closing balance 32,840,010 5,269,580 32,840,010 5,269,580 Note 8a. Reserves Consolidated Consolidated 31 December 2023 $ 30 June 2023 $ Share-based payments reserve (a) 575,895 575,895 Option reserve (b) 23,535 16,466 Foreign currency translation reserve (c) 51,849 30,926 651,279 623,287	Consolidated Consolidated 31 December 2023 $ 30 June 2023 $ 64,284 62,080 81,034 113,737
		145,318 175,817
	No. of Shares 31 December 2023 $ No. of Shares 30 June 2023 $ 32,840,010 5,269,580 5,500,010 150,250 - - 500,000 50,000 - - 23,590,000 4,718,000 - - 3,250,000 650,000 - - - (298,670)
	32,840,010 5,269,580 32,840,010 5,269,580
		Consolidated Consolidated 31 December 2023 $ 30 June 2023 $ 575,895 575,895 23,535 16,466 51,849 30,926
		651,279 623,287

14

High-Tech Metals Limited Notes to the Financial Statements (cont’d) For the half year ended 31 December 2023

Note 8a. Reserves (cont’d)

(a) Share-based payments reserve

The share-based payments reserve represents the value of options and performances rights issued to parties for services rendered.

Share-based payments reserve Opening balance Fair value of options issued to directors and consultants Balance at end of year	Consolidated Consolidated 31 December 2023 $ 30 June 2023 $ 575,895 - - 575,895
	575,895 575,895

(b) Option reserve

The option reserve represents the value of options issued.

Option reserve Opening balance Loyalty options issued for cash Issue of options for Reynar Lake Options Balance at end of year	Consolidated Consolidated 31 December 2023 $ 30 June 2023 $ 16,466 - - 16,466 7,069 -
	23,535 16,466

(c) Foreign currency translation reserve

The foreign currency translation reserve represents the movement in foreign currency rates on translation to presentation currency

Foreign currency translation reserve Opening balance Movement during the year Transfer of historical reserves to RE Balance at end of year	Consolidated Consolidated 31 December 2023 $ 30 June 2023 $ 30,926 - 21,133 30,926 (210) -
	51,849 30,926

15

High-Tech Metals Limited Notes to the Financial Statements (cont’d) For the half year ended 31 December 2023

Note 9. Loss before income tax expense

The following revenue and expense items are relevant in explaining the financial performance for the half year.

Interest income Expenses Included in administration expenses are the following material items: - ASIC - ASX fees - Company secretary fees - Share registry - General office expense - Subscription - Marketing - Travel Note 10. Loss Per Share Basic loss per share Diluted loss per share Earnings/(loss) used in calculation of basic and diluted loss per share Weighted average number of ordinary shares on issue used in the calculation of basic loss per share	Consolidated Company 31 December 2023 $ 31 December 2022 $ 52,735 -
	9 3,002 22,804 69,473 60,000 - 6,286 - 814 - 1,244 - 14,003 - 21,977 -
	127,137 72,475
	Consolidated Company 31 December 2023 Cents Per Share 31 December 2022 Cents Per Share (1.03) (12.70) (1.03) (12.70) $ $
	(338,759) (367,744)
	32,840,010 2,895,895

Note 11. Events After Balance Date

On 10 January 2024, the Group announced the pending commencement of its first exploration program of the Group’s Ketele LCT Project in Ethiopia.

Note 12. Financial Instruments

Fair value of financial assets and liabilities

The carrying amount of financial assets and financial liabilities recorded in the financial statements represents their respective net fair values, determined in accordance with the accounting policies disclosed in Note 1. The Directors consider that the carrying amounts of current receivables and current payables are considered to be a reasonable approximation of their fair values.

16

High-Tech Metals Limited Notes to the Financial Statements (cont’d) For the half year ended 31 December 2023

Note 13. Segment Reporting

The Group undertakes mineral exploration and evaluation work on a number of mining claims located in Ontario, Canada, and Ethiopia. Management currently identifies the Group’s assets as multiple operating segment. The accounting policies adopted for internal reporting are consistent with those adopted for the financial statements.

This operating segment are monitored by the Group’s Executive Chairman and based on internal reports that are reviewed and used by the Board of Directors in making strategic decisions on the basis of available cash reserves and exploration results.

The items which are not capitalised to exploration and evaluation expenditure and included in the statement of profit or loss and other comprehensive income, relate to the Corporate Segment.

31 December 2023 Business segments Revenue Other external revenue Total segment revenue Results Operating loss before income tax Net Loss Assets Segment assets Liabilities Segment liabilities 31 December 2022 Business segments Revenue Other external revenue Total segment revenue Results Operating loss before income tax Net Loss Assets Segment assets Liabilities Segment liabilities	Corporate Australia $ Mineral Exploration Canada $ Mineral Exploration Ethiopia $ Total $ 52,735 - - 52,735
	52,735 - - 52,735
	(254,453) (84,306) - (338,759)
	(254,453) (84,306) - (338,759) 2,468,244 1,961,481 70,766 4,500,491 239,583 364,694 - 604,277 Corporate Australia $ Mineral Exploration Canada $ Mineral Exploration Ethiopia $ Total $ - - - -
	- - - -
	(367,744) - - (367,744)
	(367,744) - - (367,744) 2,536,731 - - 2,536,731 555,935 - - 555,935

17

High-Tech Metals Limited Notes to the Financial Statements (cont’d) For the half year ended 31 December 2023

Note 14. Commitments and contingent liabilities

a) Exploration Expenditure Commitments

The Group has certain obligations to perform exploration work and expend minimum amounts of money on such works on mineral exploration tenements. These obligations will vary from time to time, subject to statutory approval and capital management. The terms of the granted licenses and those subject to relinquishment will alter the expenditure commitments of the Group as will any change to areas subject to licence.

b) Lease Commitments

The Group leases its head office premises. Under AASB16, these have been recognised as a right of use asset and a lease liability.

18

High-Tech Metals Limited Directors’ Declaration For the half year ended 31 December 2023

Director’s Declaration

In the opinion of the directors of High-Tech Metals Limited:

1. The attached financial statements and notes thereto are in accordance with the Corporations Act 2001 including:

2. a. complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

3. b. giving a true and fair view of the Group’s financial position as at 31 December 2023 and of its performance for the half-year then ended; and

4. There are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable.

This declaration is signed in accordance with a resolution of the Board of Directors made pursuant to s.303(5) of the Corporations Act 2001.

On behalf of the Directors

_________ Sonu Cheema Executive Director 11 March 2024

19

==> picture [165 x 49] intentionally omitted <==

INDEPENDENT AUDITOR’S REVIEW REPORT

To the Members of High-Tech Metals

Report on the Condensed Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of High-Tech Metals Limited (“the Company”) and its controlled entities (“the Group”), which comprises the condensed consolidated statement of financial position as at 31 December 2023, the condensed consolidated statement of profit or loss and other comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the half-year ended on that date, selected explanatory notes, and the directors’ declaration, for the Group comprising the Company and the entities it controlled at the half-year end or from time to time during the half-year.

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 High-Tech Metals Limited does not comply with the Corporations Act 2001 including:

• (a) giving a true and fair view of the Group’s financial position as at 31 December 2023 and of its performance for the half-year ended on that date; and

• (b) 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 our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

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.

==> picture [440 x 83] intentionally omitted <==

20

==> picture [165 x 50] intentionally omitted <==

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 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.

Independence

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

==> picture [217 x 56] intentionally omitted <==

HLB Mann Judd N G Neill Chartered Accountants Partner

Perth, Western Australia 11 March 2024

21