INFINI RESOURCES LIMITED — Interim / Quarterly Report 2025

Mar 11, 2025

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INFINI RESOURCES LIMITED ACN 656 098 583

CONSOLIDATED HALF YEAR FINANCIAL REPORT For the half year ended 31 December 2024

CORPORATE INFORMATION

DIRECTORS

Mr Robert Martin Non-Executive Chairman

AUSTRALIAN SOLICITORS

Hamilton Locke Pty Ltd Level 48, 152-158 St Georges Terrace Perth WA 6000

Dr David Pevcic Executive Director

CANADIAN SOLICITORS

Mr Andrew Wilde Non-Executive Director

Mr Charles Armstrong Managing Director and Chief Executive Officer

OFFICERS

Mr Paul Hughes Chief Financial Officer

Mr Harry Spindler Company Secretary

Osler, Hoskin & Harcourt LLP 1055 West Hastings Street Suite 1700 Vancouver BC V6E 2E9

REGISTERED OFFICE

Level 50 108 St Georges Terrace Perth WA 6000

PRINCIPAL PLACE OF BUSINESS

Level 50 108 St Georges Terrace Perth WA 6000

AUDITORS

HLB Mann Judd Level 4 130 Stirling Street Perth WA 6000

SHARE REGISTRY

Automic Registry Services Level 5 126 Phillips Street Sydney NSW 2000 Tel: (02) 9698 5414

SECURITIES EXCHANGE LISTING

ASX Limited 20 Bridge Street Sydney NSW 2000

ASX Code – I88

CONTACT US

T: +61 8 6166 6361

E: info@infiniresources.com.au W: infiniresources.com.au

CONTENTS

CONTENTS
	Page
Directors’ Report	2
Auditors’ Independence Declaration	7
Consolidated Statement of Comprehensive Income	8
Consolidated Statement of Financial Position	9
Consolidated Statement of Cash Flow	10
Consolidated Statement of Changes in Equity	11
Notes to the Consolidated Financial Statements	12
Director’s Declaration	21
Independent Auditor's Review Report	22

1

DIRECTORS’ REPORT

The Directors present their report together with the financial report of Infini Resources Limited (ASX: I88, “Infini” or the “Company”) and its controlled entities (collectively referred as “Consolidated Entity”) for the half year ended 31 December 2024.

All amounts are presented in Australian Dollars (AUD$), unless noted otherwise.

In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows:

Directors

The following persons were Directors of the Company during the half year and up to the date of this report:

eport:
	Appointed	Resigned
David Pevcic	16 December 2021	-
Robert Martin	24 February 2023	-
Andrew Wilde	29 January 2024	-
Charles Armstrong	10 July 2024	-

Dividends Paid or Recommended

No dividend was paid or declared for the half year.

Principal Activities

The Company’s is focused on identification of geological opportunities and exploration for uranium and lithium, and other minerals.

During the half year, Infini was primarily focused on the exploration and evaluation of mineral projects in Western Australia and Canada.

Significant Changes in State of Affairs

There were no other significant changes in the state of affairs of the Company during the financial period, other than as set out in this report.

Review of Operations & Financial Results

The Company has incurred a total comprehensive loss of $1,038,057 (2023: $700,733) for the half year ended 31 December 2024 and as at 31 December 2024, held cash and cash equivalents of $2,644,335 (30 June 2024: $2,017,483).

The principal activity of the Company during the period was to engage in mineral exploration activity primarily focused on energy (i.e. Uranium and Lithium) and critical minerals in Canada and Australia, including the identification of and review of potential complementary mineral projects. This culminated in the Company subsequently entering into the Reynolds and Boulders uranium projects acquisition agreement located in the Athabasca Basin, Saskatchewan, Canada.

The Company’s Uranium Interests include:

• 100% interest in Portland Creek located in Newfoundland, Canada. The Project covers an area of 149 km[2] and is situated in the Precambrian Long-Range Complex of the Humber Tectonic – Stratigraphic zone. These members include metaquartzite and a suite of paragneisses, intruded by leucocratic pink granite, which have likely been thrust westwards over Palaeozoic carbonatedominant sediments. The project tare situated over a large regional uranium anomaly that was identified in the 1970’s by a Newfoundland government stream sediment sampling program (the Talus prospect). There was initially one uranium showing on the property as listed in the Newfoundland Mineral Deposit Index inventory with 2,180 ppm U3O8 (refer Prospectus dated 30 November 2023). Since listing, the Company has now verified and defined a high-grade soil anomaly at the Talus prospect measuring ~800m x 100m with a peak result of 74,997ppm U3O8.

2

DIRECTORS’ REPORT (Cont’d)

• Tinco – Uranium-Niobium located in Saskatchewan, Canada (75% Tinco north, 100% Tinco South). This project area lies to the south-southwest of the Athabasca Basin. It is underlain by the Mudjatik Domain which is composed mainly of granitoid felsic gneisses of probable Archean age, which are considered basement to narrow, arcuate to closed belts of supracrustal rocks of sedimentary and volcanic origins. Previous geological mapping has identified lenses of radioactive pegmatite up to 1.5 m in width. Historical outcropping grab samples on the property grade up to 600ppm U3O8 and 0.5% Nb. This interest has never been drill tested, and is located in the prouranium state of Saskatchewan.

• 100% interest in Des Herbiers Uranium Deposit located in Quebec, Canada. This project consists of 66 non-contiguous claims totalling 36.25 km[2] , situated in the Grenville Province of the Canadian Shield. The rocks underlying the immediate area are comprised of biotite rich granitic rocks, quartzites and quartzo-feldspathic gneisses that are derived from strongly metamorphosed sandstones and arkoses, amphibole rich gabbros and gneisses. Regional structures trend north to northwest and display large-scale curvilinear folding. Historical exploration and drilling have revealed an abundance of low grade, near surface, bulk tonnage uranium that contains a combined JORC 2012 Inferred Mineral Resource of 162Mt @123ppm U3O8, 17 priority targets have been identified and currently remain untested – this site has a significant scope of valuation creation if the Quebec’s sentiment for Uranium changes in the near future.

• 100% interest in Yeelirrie North – located in Western Australia. This Project currently covers an area of ~208km², located approximately 70km southwest of Wiluna. If successfully granted, new exploration license applications will see the Company’s Project size increase by an additional ~550km2. The Yeelirrie Project is located near the northern extremity of the Archaean Norseman Wiluna greenstone belt of the Yilgarn Craton, and is prospective for hosting high-grade Uranium mineralised calcrete, located adjacent to the Cameco’s state approved Yeelirrie Uranium Project.

• 100% Interest in Bellah Bore East – located in Western Australia adjacent. The Bellah Bore East project covers an area of 92.67 hectares situated within the western edge of the Yeelirrie North Uranium project. Mineralisation is reported as open in the northeast. Carnotite is identified as the primary ore mineral in historical drilling.

The Company’s Lithium Interests include:

• 100% interest in Paterson Lake – located in Ontario, Canada. This project is located within the highly prospective Archean Separation Lake Greenstone Belt of the Superior Province containing a large distribution of lithium bearing pegmatites. High grade outcrop grab samples have obtained up to 4.43% Li2O2.

• 50% interest in Valor – located in Quebec, Canada. This project covers an area of ~125km[2] over the Archean Preissac Lacorne batholith, a syn-to post-tectonic intrusion that was emplaced in the Southern Volcanic Zone of the Abitibi Greenstone Belt of the Superior Province of Québec and is a prospect of spodumene and molybdenum bearing pegmatites.

• 100% interest in Pegasus – located in Western Australia. This interest is a prospect for spodumene bearing pegmatites. The location has excellent access in existing infrastructure only 15km from Allkems’ operating Mt Cattlin lithium mine.

• 100% interest in Parna – Located in Western Australia. This interest has been historically underexplored and is a prospect of Lithium and precious metals mineralisation.

Summary of activities during the half year FY2025

Portland Creek Uranium Project (Newfoundland, Canada)

• Identified a high-grade soil anomaly at Talus prospect: ~800m x 100m, peak result of 74,997 ppm U3O8.

• Completed phase one geochemical sampling: 75 soil, biogeochemical, and rock samples Phase two soil sampling identified additional high-grade samples and new drill targets.

• Conducted a high-resolution UAV magnetic survey to image bedrock structure.

3

DIRECTORS’ REPORT (Cont’d)

• Engaged Dr. Martin Ross for glacial geology study to assess risks related to soil anomaly.

• Completed phase two soil sampling program, collecting 1,138 soil samples

• Expanded UAV magnetic survey improved geological understanding and confirmed structural settings.

• Two further geochemical anomalies defined: one ~500m north (500m x 250m, peak 230 ppm U3O8 and one ~1.5km south (600m x 250m, peak 1116 ppm U3O8).

Des Herbiers Uranium Deposit (Québec, Canada)

• Historical resources: 162Mt @ 123 ppm U3O8.

• Significant trench and drilling results reported, but no new work completed during the reporting period.

Bellah Bore East Uranium Deposit (Western Australia)

• Historical inferred resource reported, but no new work completed during the reporting period.

• Amalgamated historical drill hole data from WAMEX

Yeelirrie North Uranium Project (Western Australia)

• Potential to increase project size to ~762 km² with new license applications still pending.

• Ongoing progress on access and heritage agreements.

Tinco Uranium-Niobium Project (Saskatchewan, Canada)

• Underlain by granitoid gneisses; historical samples up to 600 ppm U3O8.

• Heliborne survey completed to aid future exploration; increased interest in Tinco North Claim.

Paterson Lake Lithium Project (Ontario, Canada)

• Completed microgravity surveying and received permit for diamond drilling

Valor Lithium Project (Québec, Canada)

• Identified large-scale LCT MMI geochemical anomalies; negotiations extended option period to December 2025.

Pegasus Lithium Project (Western Australia)

• Completed UF+ soil sampling program; identified two priority lithium targets.

Parna Lithium Project (Western Australia)

• First pass soil sampling showed peak values of 119 ppm Li; no new work completed during the reporting period.

Corporate

• $3.4 million capital raising (before costs) via the issue of 5.67 million ordinary shares at an offer price of $0.60 per share (“New Shares”), together with a 1 for 1 free attaching option exercisable at $1.00 each and three years expiry (“New Options”) (“the Placement”).

• Chief Executive Officer, Mr. Charles Armstrong, accepted the role of Managing Director (“MD”) of Infini, effective from 10 July 2024.

4

DIRECTORS’ REPORT (Cont’d)

Significant Events After Balance Date

Subsequent to the half year end the following key events have occurred:

• 6 February 2025: Infini raises $3.4m at a 27.8% premium to the last close price to advance the Portland Creek Uranium project. The company utilised Canadian ‘Flow through shares’ under the Canadian tax law

• 25 February 2025: Infini has entered into a binding share purchase agreement to acquire 100% interest in the Reynolds and Boulding Lake Uranium projects

• 11 March 2025: Mr Nicholas Mitchell was appointed as an Exploration Manager based in Canada. Managing Director and CEO – Mr Charles Armstrong has resigned from his position within the Company. At this time, it is anticipated that Mr Armstrong will remain in his position until 6 June 2025, following the expiry of the required notice period.

Other than those matters noted above and in this report, no other material matters or circumstances have arisen since the end of the half year which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs in future financial periods.

Likely Future Developments

The Company intends to undertake appropriate exploration and evaluation activities sufficient to maintain tenure of its exploration licences, as well as determine the technical prospectivity of the projects, until such time that informed decisions can be made in order to commercially exploit or relinquish them.

Compliance Statement

This report contains information on the Company’s Portland Creek Project extracted from the Company’s Prospectus dated 30 November 2023 and released to the ASX market announcements platform on 10 January 2024, and announcements dated 15 January 2024, 29 January 2024, 19 February 2024, 3 May 2024, 28 May 2024, 3 June 2024, 13 June 2024, 1 July 2024, 10 July 2024, 22 July 2024, 25 September 2024, 14 October 2024 and 23 December 2024 reported in accordance with the 2012 edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). The original market announcements are available to view on www.infiniresources.com.au and www.asx.com.au. The Company is not aware of any new information or data that materially affects the information included in the original market announcement.

This report contains information on the Reynolds and Bouldings Lake Projects extracted from the Company’s released to the ASX market announcements platform on 25 February 2025 reported in accordance with the 2012 edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). The original market announcements are available to view on www.infiniresources.com.au and www.asx.com.au. The Company is not aware of any new information or data that materially affects the information included in the original market announcement.

This report contains information on the Des Herbiers Project extracted from the Company’s Prospectus dated 30 November 2023 and released to the ASX market announcements platform on 10 January 2024, and announcements dated 15 January 2024, 29 January 2024, 19 February 2024, 29 February 2024 and 13 June 2024 reported in accordance with the 2012 edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). The original market announcements are available to view on www.infiniresources.com.au and www.asx.com.au. The Company is not aware of any new information or data that materially affects the information included in the original market announcement. This report contains information regarding the Des Herbiers Mineral Resources Estimate extracted from the Company’s Prospectus dated 30 November 2023 and released to the ASX market announcements platform on 10 January 2024, reported in accordance with the 2012 edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). The Company confirms that it is not aware of any new information or data that materially affects the information included in any original announcement and that all material assumptions and technical parameters underpinning the estimates in the original market announcement continue to apply and have not materially changed. The original market announcements are available to view on www.infiniresources.com.au and www.asx.com.au.

5

DIRECTORS’ REPORT (Cont’d)

Compliance Statement (continued)

This report contains information on the Yeelirrie North and Bella Bore Projects extracted from the Company’s Prospectus dated 30 November 2023 and released to the ASX market announcements platform on 8 April 2024, 22 April 2024 and 3 June 2024 reported in accordance with the 2012 edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). The original market announcements are available to view on www.infiniresources.com.au and www.asx.com.au. The Company is not aware of any new information or data that materially affects the information included in the original market announcement.

This report contains information on the Company’s Valor, Paterson Lake, Tinco, Parna, Pegasus Projects extracted from the Company’s Prospectus dated 30 November 2023 and released to the ASX market announcements platform on 10 January 2024, and announcements dated 15 January 2024, 29 January 2024, 6 February 2024, 26 February 2024, 3 May 2024 and 20 January 2025, reported in accordance with the 2012 edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). The original market announcements are available to view on www.infiniresources.com.au and www.asx.com.au. The Company is not aware of any new information or data that materially affects the information included in the original market announcement.

Auditor Independence and Audit Services

Section 307C of the Corporations Act 2001 requires our auditors, HLB Mann Judd, to provide the Directors of the Company with an Independence Declaration in relation to the review of the financial report. This Independence Declaration (Page 6) is set out in the part of this Directors’ Report for the half year ended 31 December 2024.

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

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Executive Director

Dr David Pevcic Dated: 12 March 2025

6

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AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the review of the consolidated financial report of Infini Resources Limited for the half-year ended 31 December 2024, 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 N G Neill 12 March 2025 Partner

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7

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE HALF YEAR ENDED 31 DECEMBER 2024

	31 Dec 2024 31 Dec 2023
	$ $
Note Other Income Exploration expenditure Compliance and regulatory expenses Consulting and professional fees 2 Other expenses Employees benefits expense 2 Share Based Payments 9 Depreciation expense Realised Foreign Currency Gain / (Loss) Interest Income Interest Expense Loss before income tax expense Income tax expense Loss for the half year Other comprehensive income Exchange differences on translating foreign operations Total Comprehensive loss for the period Cents per share Basic and diluted loss per share (cents) 3	- - (34,636) (558) (132,830) (70,175) (121,306) (65,000) (204,730) (22,208) (395,384) (8,864) (285,358) (489,585) (34,541) (468) (558) 9,838 39,882 - (5,804) -
	(1,175,265) (647,020) - -
	(1,175,265) (647,020)
	137,208 (53,713)
	(1,038,057) (700,733)
	(1.84) (3.30)

The consolidated statement of comprehensive income is to be read in conjunction with the notes forming part of the financial report.

8

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

Note	31 Dec 2024 30 Jun 2024
	$ $
Current Assets Cash and cash equivalents 4 Trade and other receivables Other current assets Total Current Assets Non-Current Assets Exploration and evaluation assets 5 Plant and equipment Other non-current assets Right of use asset 13 Total Non-Current Assets Total Assets Current Liabilities Trade and other payables 6 Provisions Borrowings 7 Lease liabilities 13 Total Current Liabilities Non-Current Liabilities Lease liabilities 13 Total Non-Current Liabilities Total Liabilities Net Assets Equity Issued capital 8 Reserves 10 Accumulated losses 11 Total Equity	2,644,335 2,017,483 82,134 94,210 28,742 84,275
	2,755,211 2,195,968
	7,483,017 5,885,945 41,450 43,648 47,130 47,130 94,681 123,086
	7,666,278 6,099,809
	10,421,489 8,295,777
	111,472 386,569 19,869 11,038 - 24,519 57,998 54,931
	189,339 477,057
	41,499 71,370
	41,499 71,370
	230,838 548,427
	10,190,651 7,747,350
	12,204,718 8,988,108 857,344 455,388 (2,871,411) (1,696,146)
	10,190,651 7,747,350

The consolidated statement of financial position is to be read in conjunction with the notes forming part of the financial report.

9

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE HALF YEAR ENDED 31 DECEMBER 2024

Note	31 Dec 2024 31 Dec 2023
	$ $
Cash Flows from Operating Activities Payments to suppliers & employees Payment for exploration activities Net interest received Net cash (used in) operating activities Cash Flows from investing activities Payments for exploration and evaluation Net cash (used in) investing activities Cash Flows from Financing Activities Proceeds from issue of shares Proceeds/(repayment) of borrowings Share issue costs Lease payments Net cash provided by financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the financial period Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the financial period 4	(846,143) (179,713) (34,636) - 37,974 -
	(842,805) (179,713)
	(1,670,698) (655,004)
	(1,670,698) (655,004)
	3,400,000 5,850,000 (24,519) 95,500 (204,000) (86,791) (30,700)
	3,140,781 5,858,709
	627,278 5,023,992
	2,017,483 186 (426) (1,230)
	2,644,335 5,022,948

The consolidated statement of cash flows is to be read in conjunction with the notes forming part of the financial report.

10

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE HALF YEAR ENDED 31 DECEMBER 2024

Note	Issued Capital Reserves Accumulated losses Total
	$ $ $ $
Balance at 1 July 2024 Loss for the period Other comprehensive income Total comprehensive loss for the period Issue of shares – Placement with investors 8 Issue of Shares – Performance Rights Share Issue Costs 8 Share based payments 9 Balance at 31 December 2024	8,988,108 455,388 (1,696,146) 7,747,350 - - (1,175,265) (1,175,265) - 137,208 - 137,208
	- 137,208 (1,175,265) (1,038,057)
	3,400,000 - - 3,400,000 20,610 (20,610) - (204,000) - - (204,000) - 285,358 - 285,358
	12,204,718 857,344 (2,871,411) 10,190,651
Note	Issued Capital Reserves Accumulated losses Total
	$ $ $ $
Balance at 1 July 2023 Loss for the period Other comprehensive income Total comprehensive loss for the period Issue of shares – Placement with investors 8 Proposed Issues of Shares – Initial Public Offering 8 Proposed Issues of Shares – Vendor 8 Share Issue Costs 8 Share based payments 9 Balance at 31 December 2023	1,225,395 37,090 (165,625) 1,096,860 - - (647,020) (647,020) - (53,713) - (53,713)
	- (53,713) (647,020) (700,733)
	550,000 - - 550,000 5,300,000 - - 5,300,000 2,874,485 - - 2,874,485 (961,772) - - (961,772) - 489,585 - 489,585
	8,988,108 472,962 (812,645) 8,648,425

The consolidated statement of changes in equity is to be read in conjunction with the notes forming part of the financial report.

11

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 1: Summary of Material Accounting Policies

The financial report covers the consolidated entity of Infini Resources Ltd (“Infini” or the “Company”) and controlled entities (the “Group”). Infini is a listed public company, incorporated and domiciled in Australia. The company is a for-profit entity for the purpose of preparing financial statements. These financial statements relate to the Group for the half year ended 31 December 2024 and comparatives cover the period from 1 July 2024 to 31 December 2024. The financial statements are approved by the Board of Directors on the date of Director’s declaration. The Directors have the power to amend and reissue the financial statements.

Basis of Preparation

These general purpose financial statements for the interim half-year reporting period ended 31 December 2024 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'.

These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

New, revised or amended standards and interpretations adopted by the Group

The Group has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. There was no significant impact in the adoption of these standards.

Reporting Basis and Conventions

The financial report has been prepared on an accruals basis and is based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The reporting currency is Australian Dollars.

Note 2: Expenses

a) Consulting and professional fees	31 Dec 2024 31 Dec 2023
	$ $
Geological consultancy Other professional fees	116,275 65,000 5,031 -
	121,306 65,000
b) Employee benefits expense	31 Dec 2024 31 Dec 2023
	$ $
Employee salary & fees Directors salary & fees Contributions to accumulation superannuation funds Provision for employee entitlements	232,051 8,864 138,000 - 16,502 - 8,831 -
	395,384 8,864

12

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

Note 3: Loss per Share

	31 Dec 2024 31 Dec 2023
	$ $
Basic loss per share Loss after Income Tax Basic loss per share Weighted average number of ordinary shares used in calculating basic earnings per share Note 4: Cash and Cash Equivalents	(1,175,265) (647,020) Cents Cents (1.84) (3.30) Number Number 63,975,778 19,599,469
	31 Dec 2024 30 Jun 2024
	$ $
Cash at bank and in hand	2,644,335 2,017,483
Total Cash and Cash Equivalents	2,644,335 2,017,483

Note 5: Exploration and Evaluation Assets

	6 Months to 31 Dec 2024 12 months to 30 June 2024
	$ $
Exploration and evaluation - movement	5,885,945 1,184,727 47,500 - 40,000 2,921,195 1,509,572 1,780,023
Opening balance
Effect of exchange rate on opening balance
Exploration and evaluation acquired
Exploration expenditure capitalised during the period.
Closing balance	7,483,017 5,885,945

During the financial period, the Consolidated Entity has been engaged in exploration and evaluation activities which included:

a) Tinco North Claim

The Company has exercised the option to acquire an additional 25% interest in the Tinco North claim in consideration of: AUD$40,000 Cash payment made to the original vendor in December 2024.

The value of the exploration expenditure is dependent upon:

• The continuance of the rights to tenure of the areas of interest

• The results of future exploration; and

• The recoupment of costs through successful development and exploitation of the areas of interest or alternatively by their sale.

13

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

Note 6: Trade and Other Payables

	31 Dec 2024 30 Jun 2024
	$ $
Accrued expenses	15,000 40,961
Other payables	96,472 345,608
	111,472 386,569

All amounts are short-term and the carrying values are considered to approximate fair value.

Note 7: Borrowings

	31 Dec 2024 30 Jun 2024
	$ $
Carrying amount at the beginning of the period	24,519 115,550
Advances from non-related party	- 95,500
Repayment of working capital loan	- (211,050)
Insurance Premium Funding	- 61,357
Repayment Insurance Premium Funding	(24,519) (36,838)
	- 24,519

Note 8: Issued Capital

	No. of Shares 31 Dec 2024 No. of Shares 30 Jun 2024 $ $
Issued Capital
Ordinary shares fully paid	66,881,668 12,204,718 61,065,002 8,988,108
	No. of Shares 31 Dec 2024 No. of Shares 30 Jun 2024
	$ $
Movement in Shares on Issue
Opening balance	61,065,002 8,988,108 16,755,075 1,225,395
Shares issued Pre IPO	- - 3,437,500 550,000
Shares issued IPO	- - 26,500,000 5,300,000
Share issued to vendors	- - 12,372,427 2,474,485
Shares issued to Lead Manager	- - 2,000,000 400,000
Shares Issued - Placement	5,666,666 3,400,000
Shares Issued – Performance Rights	150,000 20,610
Share issue costs	(204,000) - (961,772)
Closing balance	66,881,668 12,204,718 61,065,002 8,988,108

During the half year 4,000,000 New Shares and 4,000,000 attaching New Options were issued to sophisticated investors pursuant to the Company’s placement capacity under ASX Listing Rule 7.1 at a price of $0.60 per share. Infini’s Directors Charles Armstrong, Dr David Pevcic, Robert Martin and Dr Andy Wilde, who have collectively subscribed for an additional 1,666,666 New Shares and 1,666,666 attaching New Options at $0.60 per share which approval was completed at the AGM on 29 November 2024.

14

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

Note 9: Share Based Payments

During the half year the below options were issued following shareholder approval at the Annual General Meeting held on 29 November 2024

• 350,000 Options with an exercise price of $0.55 – Charles Armstrong

• 250,000 Options with an exercise price of $0.80 – Charles Armstrong

• 500,000 Options with an exercise price of $0.35 – Andrew Wilde

During the half year the below performance rights were issued on shareholder approval at the Annual General Meeting held on 29 November 2024

• Issued Tranche 7: 250,000 Performance rights vesting upon completion of 5,000 metres drilling on the Portland Creek Uranium project.

• Issued: Tranche 8: 200,000 Performance rights vesting upon completion of 12 months continual service.

The performance rights below vested on 18 July 2024.

• Tranche 1: 150,000 Performance right with a VWAP hurdle of $0.60

Options Issued

Share based payments recognised in the current half year end are set out below. The fair valuation of the options granted was calculated as at the date of grant using the Black Scholes model taking into account the terms and conditions on which the options were granted and factors such as the share price at grant date, volatility of the share price and risk-free rate. As there were no vesting conditions attached, the expense of $241,195 was recognised in full as a share-based payment.

	31 Dec 2024 31 Dec 2023
	$ $
Director Options	241,195 488,420
	241,195 488,420

A summary of the key assumptions used in applying the Black Scholes model to the share-based payment recognised in the half year is as follows:

	Mr C.	Mr C.	Mr A. Wilde
	Armstrong	Armstrong
Number of options	350,000	250,000	500,000
Date of grant	29/11/2024	29/11/2024	29/11/2024
Share price at grant date	$0.46	$0.46	$0.46
Volatility factor	85%	85%	85%
Risk free rate	3.91%	3.91%	3.91%
Expected life of option (years)	3	3	3
Valuation per option	$0.24	$0.20	$0.26
Exercise price per option	$0.55	$0.80	$0.35
Vesting conditions	None	None	None
Fair Value	$85,023	$50,715	$128,013

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d )

Performance Rights

Performance rights issued for the year, were subject to non-market-based performance milestones The share-based payment in relation to performance rights recognised in the current half year end is set out below.

	31 Dec 2024 31 Dec 2023
	$ $
Performance Rights–Mr Charles Armstrong	44,163 1,165
	44,163 1,165

Issue of 450,000 Performance Rights

The Performance rights will vest subject to the satisfaction of the following performance milestones by 27 December 2027 (Milestone) and the relevant holder being an employee or otherwise engaged by the Company and not serving a period of notice.

Tranche	No. of Performance Rights	Vesting Condition
Tranche 7	250,000	The Company completing 5,000 meters drilling on the Portland Creek Uranium Project
Tranche 8	200,000	Mr Chales Armstong achieving continuous employment for 12 months from date of Performance rights issue date
Total	450,000

A summary of the key assumptions used in calculating the share-based payment recognised in the half year is as follows:

	Tranche 7	Tranche 8
Number of instruments	250,000	200,000
Date of grant	29-Nov-2024	29-Nov-2024
Share price at grant date	$0.46	$0.46
Expected life of instrument (years)	3	3
Valuation per instrument	$0.10	$0.46
Vesting conditions	As above	As above
Number of instruments exercisable
as at 31 December 2024	Nil	Nil

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d )

Vesting of 150,000 Performance Rights

Tranche 1 vested on the 18 July 2024 achieving the $0.60 VWAP for 20 consecutive days. The performance rights expense was accelerated and converted to ordinary shares on a 1:1 basis at a cost of $20,610 on 16 August 2024 upon exercise of this tranche of performance rights.

Tranche	No. of Performance Rights	Vesting Condition
Tranche 1	150,000	The Company achieving a $0.60 VWAP over 20 consecutive days
Total	150,000

Note 10: Reserves

	6 Months to 31 Dec 2024 12 months to 30 Jun 2024
	$ $
Balance at the beginning of the period	455,388 37,090
Movement during the period
Share based payments reserve (performance rights) (Note 9)	44,163 35,800
Performance Rights Tranche 1 vesting (Note 8)	(20,610) -
Options reserve (Note 9)	241,195 510,977
Foreign currency translation reserve	137,208 (128,479)
Balance at the end of the period	857,344 455,388

The foreign currency translation reserve records exchange differences arising on translation of a foreign controlled subsidiary.

Note 11: Accumulated Losses

	6 Months to 31 Dec 2024 12 months to 30 Jun 2024
	$ $
Accumulated losses at the beginning of the period	(1,696,146) (165,625)
Loss for the period	(1,175,265) (1,530,521)
Accumulated losses for the period ended	(2,871,411) (1,696,146)

Note 12: Segment Information

The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors (the chief operating decision makers) in assessing performance and in determining the allocation of resources.

The Group’s sole operating segment is consistent with the presentation of these consolidated financial statements. The geographical segments are Australia and Canada.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

Half Year – December 2024	Australia Canada Total
	$ $ $
Segment Performance
Exploration expenses	27,253 7,383 34,636
Compliance and regulatory expenses	111,840 3,315 115,155
Consulting and professional fees	134,825 4,156 138,981
Employee benefits expense	395,384 - 395,384
Depreciation	34,541 - 34,541
Share based payments	285,358 - 285,358
Realised Foreign Currency (Gain/Loss)	558 - 558
Other expenses	199,900 4,830 204,730
Net Interest Received	(34,078) - (34,078)
Segment results before tax and foreign currency translation	1,155,581 19,684 1,175,265
Half Year – December 2024	Australia Canada Total
	$ $ $
Total Assets	5,358,579 5,062,909 10,421,488
Total Liabilities	(181,809) (49,029) (230,838)
Other disclosures
Exploration and Evaluation Movement	83,721 1,465,851 1,549,572
Half Year – December 2023	Australia Canada Total
	$ $ $
Segment Performance
Exploration expenses	11 547 558
Compliance and regulatory expenses	70,175 - 70,175
Consulting and professional fees	65,000 - 65,000
Employee benefits expense	8,864 8,864
Depreciation	468 - 468
Share based payments	489,585 - 489,585
Realised Foreign Currency (Gain/Loss)	(9,838) - (9,838)
Other expenses	22,208 - 22,208
Segment results before tax and foreign currency translation	646,473 547 647,020
Half Year – December 2023	Australia Canada Total
	$ $ $
Total Assets	7,517,890 2,492,670 10,010,560
Total Liabilities	(1,044,682) 547 (1,044,135)
Other disclosures
Exploration and Evaluation Movement	2,141,086 2,736,963 4,878,049

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

Note 13: Leases

	31 Dec 2024 30 Jun 2024
	$ $
Right of use Assets recognised and movements during the year Opening Balance Additions Depreciation expenses Net Carrying Amount Lease Liabilities and movements during the year Opening Balance Additions Interest Expense Payments Closing Net Carrying Amount Current Non Current Total Lease Liability	123,086 - - 151,491 (28,405) (28,405)
	94,681 123,086
	126,301 - - 151,491 3,896 4,810 (30,700) (30,000)
	99,497 126,301
	57,998 54,931 41,499 71,370
	99,497 126,301

Right of use Asset and Lease Liability during the year were taken up in accordance with AASB 16. These transactions are in relations to rented office space at 108 St Georges Terrace which has a commencement date of 1 January 2024 and a 32-month term.

Note 14: Commitments and Contingencies

As at the date of this report there are no commitments, claims or contingent liabilities that are expected to materially impact, either individually or in aggregate the company’s financial position or results from operations.

Note 15: Subsequent Events

Subsequent to the half year end the following key events have occurred:

• 6 February 2025: Infini raises $3.4m at a 27.8% premium to the last close price to advance the Portland Creek Uranium project. The company utilised Canadian ‘Flow through shares’ under the Canadian tax law

• 25 February 2025: Infini has entered into a binding share purchase agreement to acquire 100% interest in the Reynolds and Boulding Lake Uranium projects

• 11 March 2025: Mr Nicholas Mitchell was appointed as an Exploration Manager based in Canada. Managing Director and CEO – Mr Charles Armstrong has resigned from his position within the Company. At this time, it is anticipated that Mr Armstrong will remain in his position until 6 June 2025, following the expiry of the required notice period.

Other than those matters noted above and in this report, no other material matters or circumstances have arisen since the end of the half year which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs in future financial periods.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

Note 16: Financial Risk Management

The Group’s principal financial instruments comprise mainly of deposits with banks, receivable, payables and borrowings.

The Group manages its exposure to key financial risks, including interest rate and currency risk in accordance with the Group's financial risk management policy. The objective of the policy is to support the delivery of the Group's financial targets whilst protecting future financial security.

Primary responsibility for identification and control of financial risks rests with the Board. The Board reviews and agrees policies for managing each of the risks identified below.

a. Financial Risk Exposures and Management

The Group’s activities expose it to financial risks, market risk (including currency risk, fair value interest rate risk), credit risk and, liquidity risk. The level of activity during the half year did not warrant using derivative financial instruments such as foreign exchange contracts and interest rate swaps to hedge certain risk exposures. Where relevant and appropriate, the Company will avail itself of appropriate hedging instruments in future financial periods.

b. Foreign Exchange Risk

Foreign exchange risk arises when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the entity’s functional currency.

As a result of operations in Canada, the Group’s statement of financial position is affected by movements in the CAD/AUD exchange rates. The Group also has transaction currency exposure. Such exposure arises from purchases by an operating entity in currencies other than the functional currency.

c. Credit Risk

The maximum exposure to credit risk, excluding the value of any collateral or other security, at reporting date to recognised financial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the financial statements. The group did not have any material credit risk exposure to any single debtor or group of debtors at reporting date.

d. Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash to fund the group’s activities. The Directors regularly monitor the Company’s cash position and on an on-going basis using budgets and forecasts to ensure that adequate funding continues to be available.

All trade payables are due and settled between 30 to 90 days from the date of invoice.

e. Net Fair Values

Due to short-term nature of the receivables and payables the carrying value approximates the fair value

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DIRECTOR’S DECLARATION

In the Director’s opinion:

1. The financial statements and notes set out on pages 8 to 20 are in accordance with the Corporations Act 2001, including:

2. a) complying with Australian Accounting Standard AASB 134 “Interim Financial Reporting”, Corporations Regulations 2001 and Australian Accounting Interpretations;

3. b) giving a true and fair view of the Group’s financial position as at 31 December 2024 and of its performance for the period ended on that date; and

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

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

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Executive Director Dr David Pevcic Dated: 12 March 2025

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INDEPENDENT AUDITOR’S REVIEW REPORT

To the Members of Infini Resources Limited

Report on the Condensed Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of Infini Resources Limited (the “Company”) and its controlled entities (the “Group”), which comprises the consolidated statement of financial position as at 31 December 2024, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the 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 Infini Resources 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 2024 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 responsibility is further described in the Auditor’s Responsibility 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.

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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 2024 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.

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HLB Mann Judd N G Neill Chartered Accountants Partner

Perth, Western Australia 12 March 2025

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