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ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021

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Corporate Directory................................................................................................................................................2 Chairman’s Letter ...................................................................................................................................................3 Directors’ Report ....................................................................................................................................................4 Auditor’s Independence Declaration....................................................................................................................22 Consolidated Statement of Profit or Loss and Other Comprehensive Income.....................................................23 Consolidated Statement of Financial Position......................................................................................................24 Consolidated Statement of Changes in Equity .....................................................................................................25 Consolidated Statement of Cashflows..................................................................................................................26 Notes to the Financial Statements .......................................................................................................................27 Directors’ Declaration...........................................................................................................................................66 Independent Auditors’ Report..............................................................................................................................67 ASX Additional Information ..................................................................................................................................73 Schedule of Interests in Mining Tenements .........................................................................................................74 Mineral Resources and Reserves (MROR) Statement ..........................................................................................75

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Corporate Directory

Non-Executive Chairman	Adrian Byass
CEO and Managing Director	Ryan Parkin
Executive Directors	Remy Welschinger Jon Starink
Company Secretary	Jonathan Whyte
Principal & Registered Office	Units 32/33, Level 3, 22 Railway Road Subiaco WA 6008 Telephone: +61 8 6146 5325 Email: [email protected]
Auditors	Pitcher Partners BA&A Pty Ltd Level 11, 12-14 The Esplanade Perth WA 6000
Share Registry	Advanced Share Registry Services 110 Stirling Highway Nedlands WA 6009 Telephone: +61 8 9389 8033 Facsimile: +61 8 6370 4203
Stock Exchange	Australian Securities Exchange (ASX) Code: INF Frankfurt Stock Exchange (FRA) Code: 3PM
Website	www.infinitylithium.com

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Chairman’s Letter

Dear Fellow Shareholder

The reporting period ended 30 June 2021 has seen another year against the backdrop of global uncertainty of the pandemic and the reinforcement of deglobalisation as a major driving force in the European Union (EU). The economic recovery of the EU’s 27 member states is now unequivocally aligned to a greener future that will be underpinned by the rapid adoption of electric vehicles.

The uptake of electric vehicles in Europe has outpaced all prior projections and automakers have moved aggressively to electrification and to develop their own European lithium-ion battery supply chains. This has focused the attention of the EU and federal governments on the need to ensure supply certainty of the critical ingredient for lithium-ion batteries – lithium chemicals, for battery production capacity that will underpin the ability to move to electrification.

Both Spain and Europe are moving forward to secure supply chains that are essential to a greener future. Unprecedented funding initiatives have been announced including the €4.3 billion PERTE application of COVID recovery and resilience funding by Prime Minister Sanchez to kick start investment in the entire lithium-ion battery value chain.

There have already been significant investment commitments from both automakers and battery makers alike in the EU for battery plants, the next phase of investment in the supply chain of which Infinity is ready to be part of. To be in the best position to do so we have made sure the Company is well capitalised and has attracted high calibre technical and corporate people.

Since becoming involved in the project and earning our current 75% we have had to adapt to several adverse changes in the permitting situation at San José. Infinity remains focused on the development of the strategically essential and world class San José Lithium Project in Spain. In order to ensure San José has the best chance and the benefits flow to the region of Extremadura and the town of Caceres accordingly, Infinity and our Spanish partners are ensuring we work closely with all stakeholders and adjust our proposals as required. We are confident that we present a project which meets the requirements of stakeholders and secures a strong future for the town of Caceres, the region, Spain and the EU as a whole.

Yours faithfully

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Adrian Byass Non-Executive Chairman 30 September 2021

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Directors’ Report

Your Directors present their report on Infinity Lithium Corporation Limited (‘ Infinity ’, or ‘ the Company ’) and its controlled entities (together the ‘ Consolidated Entity ’) for the financial year ended 30 June 2021.

Directors

The names of Directors in office at any time during or since the end of the year are:

Mr Adrian Byass Non-Executive Chairman
� Mr Ryan Parkin CEO and Managing Director � Mr Remy Welschinger Executive Director (Appointed 22 July 2020, transitioned to Executive Director on 18 January 2021)
� Mr Jon Starink Executive Director (Appointed 8 October 2020)
Mr Vincent Ledoux-Pedailles Executive Director (Resigned 26 August 2020)
� Mr Felipe Benjumea Llorente Non-Executive Director (Resigned 31 July 2020)

Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.

Principal Activities and Significant Changes in Nature of Activities

The principal activities of the Consolidated Entity during the financial year was the exploration and evaluation of the Consolidated Entity’s lithium assets and progression of the integrated lithium chemicals conversion plant. There were no significant changes in the nature of the Consolidated Entity’s principal activities during the financial year.

Operating Results

The consolidated profit of the Consolidated Entity after providing for income tax amounted to $2,457,082 (2020: loss of $1,890,149).

Review of Operations

Business Activities

San José Lithium Project

Investigation Permit Valdeflórez Cancellation and Appeal

The Company announced a trading halt on 9 April 2021 and was subsequently suspended from official quotation on 13 April 2021. Infinity provided an update on 23 April 2021 which advised that it had received notification from the Junta de Extremadura (the regional government of Extremadura) (‘ Junta ’) which informed the Company of the cancellation of Investigation Permit Valdeflórez (‘ PIV ’) research permit at the San José Lithium Project (‘ San José ’, or ‘ the Project ’). The decision was unexpected and followed the resolution of the Junta which granted the Investigation Permit Ampliación Valdeflórez (‘ PIAV ’), as announced on 23 December 2020.

The Company resumed trading on 17 May 2021 following the release of a detailed ASX announcement on the decision, the Company’s legal position and avenues of recourse. The Company strongly disputes the validity of the decision to cancel the PIV application and following legal advice the Company lodged an administrative appeal of this resolution as filed by the Project Joint Venture (‘ JV ’) entity Tecnología Extremeña Del Lito S.L. (‘ TEL ’), which was subsequently rejected, as announced on 19 July 2021.

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Directors’ Report (continued)

The Company considered the Junta’s resolution to cancel the PIV in direct breach of the law and in contradiction of previous rulings by the Junta on the environmental and urban legality and viability of the PIV. Furthermore, Infinity reserved all rights relating to the multiple administrative decisions and errors of the Junta including the legal status of the mining area under the Junta’s original call for tender, and the actions that facilitated the PIV reverting to application status (ASX announcement 5 June 2019). This reversion from granted status to application (which was subsequently rejected by the Junta) resulted directly from the administrative failures by the Junta. The administrative faults saw the omission by the Junta to lodge the Project restoration plan in the public exposure period, and the Junta’s fault in not providing adequate notice in the public exposure period.

The Company has assembled a high calibre and experienced legal team, led by Madrid founded and national leading legal firm Pérez-Llorca, to advise and represent TEL throughout the administrative contentious appeal process which is ongoing.

The Company’s Managing Director, Ryan Parkin, and Executive Director, Remy Welschinger, spent considerable time incountry after the original notification from the Junta, assisting with the Company’s action plan to see the PIV resolved, and to meet with key stakeholders in Spain, and to facilitate the appointment of in-country consultants to assist in these matters. For further details please refer to the ASX announcements on 17 May 2021 and 19 July 2021.

The Project area comprises the PIV and PIAV (refer to Figure 1). The Company announced the granting of the PIAV to TEL on 23 December 2020. The location of the beneficiation plant and downstream lithium chemical conversion facilities have been identified in the PIAV area, utilising feedstock from the lithium mica ore contained within PIV (refer to PFS announcement 22 August 2019). The Company received notice that the PIAV remained granted and in good standing with an appeal by an NGO rejected after the 30 June 2021 year end.

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----- Start of picture text -----

Investigation Permit
Ampliación a Valdeflórez
(‘PIAV’):
PI 10C10359-00
Status: Granted
Investigation Permit
Valdeflórez(‘PIV’):
PI 10C10343-00
Status: Cancelled – Under
Appeal
----- End of picture text -----

Figure 1: Summary of Investigation Permit Areas

Progression of Test Work

Test work continued during the financial year with the Company’s technical partners Dorfner Anzaplan in Germany under phase one of the Project Agreement. The laboratory-scale (‘ Lab-Scale ’) feasibility level test work progressed to the crystallisation stage after successfully progressing through roast, leach and solution purification stages. Lab-Scale test work was at the kilogram scale, with major process steps highlighted per Figure 2.

Larger-scale feasibility level test work began in the Q1 2021 and progressed to provide sufficient flotation concentrate to undertake upscaled roasting test work. This program of work followed the advancement and successful Lab-Scale work.

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Directors’ Report (continued)

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Figure 2: Summary of process flow sheet stages and current feasibility test work progress.

Test work remained on schedule and consistent with the schedules previously advised, with first Lab-Scale production of lithium hydroxide forecast no later than the beginning of Q4 2021. The programme continued to be managed by leading German consultancy and engineering company Dorfner Anzaplan in line with project deliverables under the agreement. The Company announced the progression of test work and production of battery grade lithium hydroxide and lithium carbonate subsequent to year end.

Offtake MoU signed with LG Energy Solution

In June 2021 the Company announced that it had entered into a non-binding Memorandum of Understanding (‘ MoU ’) for the long-term supply of battery grade lithium hydroxide (‘ LiOH ’, or ‘ Product ’) from the Project with major South Korean lithium-ion battery producer LG Energy Solution (‘ LGES ’).

The key terms of the MOU are as follows:
The MoU referred to the potential supply of LiOH for an initial 5-year period with the potential to continue for a further 5 years;
First right to 10,000tpa of Product with additional volumes under the MoU subject to negotiations and agreement between Infinity and LGES; and
The purchase price for the Product will be based on the market prices for lithium hydroxide, subject to agreement by the parties and to be finalised under the terms of a binding offtake agreement.

The Company and LGES have agreed to consult in good faith towards finalising the binding offtake agreement within 12 months of signing the MoU. Any formal agreement is likely to be subject to standard conditions precedent for an offtake agreement of this nature, including Infinity successfully entering commercial production and producing a product that meets the product specification requirements of LGES. Any formal agreement with LGES will be subject to Infinity resolving the permitting matters outlined above.

Competent Person’s Statement

The information in this report related to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr A Byass, B.Sc. Hons (Geol), B.Econ, FSEG, MAIG, the Non-Executive Chairman of Infinity Lithium Corporation Limited. Mr Byass has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves. Mr Byass consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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Directors’ Report (continued)

Corporate Activities

$4.5 million Placement and Entitlement Offer (September/October 2020)

In September 2020, Infinity successfully completed a A$2.2 million (before costs) placement (‘ September 2020 Placement ’) followed by a A$2.4 million (before costs) Entitlement Offer in October 2020 (‘ Entitlement Offer ’). Shares issued under both the September 2020 Placement and the Entitlement Offer were issued at A$0.07 per Share, with one (1) attaching unlisted option for every two (2) shares subscribed at an exercise price of A$0.12 with a 24-month term. The funds raised under the September 2020 Placement and Entitlement Offer are being used to continue activities at San José and for general working capital.

$15 million Placement (February 2021)

In February 2021, the Company announced the successful completion of a A$15.1 million (before costs) placement at $0.19 per share to raise $15.1 million (before costs) (‘ February 2021 Placement ’).

Funds from the February 2021 Placement are being used to advance the San José Feasibility Study which will incorporate the outcomes from the test work program and facilitate the future submission of mining licence applications and environmental impact assessments. The timing and quantum of funds to be deployed will be subject to developments on the status of the PIV as outlined earlier in this report.

Canaccord Genuity (Australia) Limited (‘ Canaccord Genuity ’) acted as the Lead Manager to the February 2021 Placement, September 2020 Placement and the Entitlement Offer.

Board Changes

On 22 July 2020, the Company appointed experienced finance and European commodities executive Mr Remy Welschinger as Non-Executive Director, replacing Mr Felipe Benjumea Llorente who resigned from the Board effective 31 July 2020. On 18 January 2021, Mr Welschinger transitioned to an Executive Director role as Head of Corporate Development.

On 26 August 2020, Mr Vincent Ledoux-Pedailles resigned from his position as Executive Director.

On 8 October 2020, highly credentialled technical expert, Jon Starink, joined the Board as an Executive Director.

Discussion and Analysis of Operations and the Financial Position

The Consolidated Entity’s cash position as at 30 June 2021 was $19,134,704 (2020: $627,953). The net assets of the Consolidated Entity have increased from $2,436,329 in 2020 to $27,220,500 in 2021, largely due to the successful capital raising activities during the year. The Consolidated Entity’s net working capital, being current assets less current liabilities, has increased from a deficit of $533,826 in 2020 to a surplus of $18,025,832 in 2021. Accordingly, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

Significant Changes in State of Affairs

There have been no significant changes in the state of affairs of the Consolidated Entity other than those disclosed in the Review of Operations.

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Directors’ Report (continued)

Dividends Paid or Recommended

The Directors do not recommend the payment of a dividend and no amount has been paid or declared by way of a dividend to the date of this report.

Coronavirus (COVID-19) Pandemic

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

Events After Reporting Date

On 19 July 2021 the Company announced a further deferral of current payment obligations by the Consolidated Entity to Valoriza Mineria aligned to the resolution of the PIV cancellation (detailed further in Note 14 and the Directors’ Report). The deferred consideration of €600,000 is now payable within thirty (30) calendar days following notification of the resolution that favourably resolves the PIV appeal or, if applicable, from the agreement to restart the processing of the PIV, provided that the PIAV remains granted in its status. However, the Consolidated Entity may make the pending payment at any time prior to the granting of the PIV or the resumption of its processing. Extremadura Mining S.L. (‘ Extremadura Mining ’) maintains 75% project ownership interest in JV entity TEL, the project vehicle that contains the rights to San José. Further details are available in the ASX announcement on 19 July 2021.

In July 2021, the Company announced that the Spanish Government had approved a historical €4.3 billion funding package with the aim of turning Spain into a European electromobility hub and to kick start the production of electric vehicles and lithium-ion batteries through an initiative funded predominantly by EU Next Generation recovery and resilience funding. The government will stimulate private investment aligned to commitments for Strategic Projects for Economic Recovery and Transformation (‘ PERTE ’) which will include the whole production chain from extracting lithium to assembling battery cells and manufacturing electric vehicles. The EU Next Generation mechanism has been earmarked to enable the mobilisation of another €19 billion in private investment, bringing the total amount to approximately €24 billion between 2021 and 2023. Further details are available in the ASX announcement on 14 July 2021.

On 10 August 2021, the Company issued 8,000,000 unlisted options in two equal tranches to Canaccord Genuity in consideration for capital raising services in the February 2021 Placement, which were subject to shareholder approval at the General Meeting held on 5 August 2021. Both tranches consist of 4,000,000 options with an expiry date of 31 December 2024, with exercise prices of $0.266 and $0.304 per tranche, based on a 40% and 60% premium to the February 2021 Placement Offer Price respectively.

On 10 August 2021, the company issued 40,000,0000 unlisted options in two equal tranches to Promotora de Minas de Carbon, S.A. (‘ PMC ’) in lieu of cash for success-based consultancy services provided after receiving approval from shareholders at the General Meeting held on 5 August 2021. The options have an exercise price of $0.11 and an expiry date of 10 August 2022, with vesting conditions for each tranche based on successful resolution of the PIV permitting situation. Full vesting conditions are detailed in the Notice of Meeting lodged on the ASX on 5 July 2021.

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Directors’ Report (continued)

On 20 September 2021, the Company announced that metallurgical test work had produced battery grade lithium hydroxide monohydrate and lithium carbonate at bench-scale from the San José Lithium Project. The Company noted advancements to pilot scale test work and the progression of alternative processing test work. Refer to the ASX announcement released on 20 September 2021 for further details.

Since the end of the financial year, the Company issued 250,000 ordinary shares as a result of the exercise of options exercisable at $0.07 each to raise $17,500. There were no amounts unpaid on these shares issued.

No further matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Consolidated Entity, the results of those operations, or the state of affairs of the Consolidated Entity in future financial years.

Likely Developments and Expected Results of the Operations

The Consolidated Entity intends to continue its exploration, development and production activities on its existing projects and to acquire further suitable projects for exploration as opportunities arise.

Environmental Regulations

The Consolidated Entity carries out mineral exploration activities at its various projects which are subject to environmental regulations under Spanish legislation. During the financial year, there has been no breach of these regulations.

Information on Directors

The names and details of the Directors of Infinity Lithium in office as at the date of this report and anytime during the financial year are:

Mr Adrian Byass

Non-Executive Chairman | Appointed 27 November 2019 (Previously Non-Executive Director Appointed 17 June 2011)

Mr Byass has over 20 years’ experience in the mining and minerals industry. This experience has principally been gained through mining, resource estimation, and mine development roles for several gold and nickel mining and exploration companies. Due to his experience in resource estimation and professional association membership, Mr Byass is a competent person for reporting to the ASX for certain minerals. Mr Byass has also gained experience in corporate finance and financial modelling during his employment with publicly listed mining companies. Mr Byass is a Non-Executive Director of Kingwest Resource Limited, Non-Executive Chairman of Kaiser Reef Limited and Galena Mining Limited on the ASX and am a Non-Executive Director of TSX-V Sarama Resources Limited. Mr Byass ceased to be a Non-Executive Director of Fertoz Limited in June of 2019. Mr Byass has the following interest in shares, options and rights in the Company as at the date of this report – 9,568,805 ordinary shares, 715,000 options exercisable at $0.07 on or before 24 October 2021, 182,744 options exercisable at $0.12 on or before 30 November 2022 and 1,000,000 Share Appreciation Rights exercisable at $0.082 expiring on 5 October 2025.

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Directors’ Report (continued)

Mr Ryan Parkin

CEO and Managing Director | Appointed 4 August 2018

Mr Parkin is a Chartered Accountant with over 15 years’ experience, with a background in auditing and assurance services, risk management, mergers and acquisitions, financing and corporate development, in both the public and private corporate sectors. Having become a Member of Chartered Accountants Australia and New Zealand whilst at Ernst & Young in 2004, a move to corporate development and finance roles included 4 years with an ASX 200 company. Mr Parkin has extensive experience in working closely with public and private company boards with participation in transactions across a range of industry sectors including infrastructure, technology, resources, agribusiness and property. Mr Parkin has the following interest in shares, options and rights in the Company as at the date of this report – 2,791,219 ordinary shares, 1,000,000 options exercisable at $0.088 on or before 16 September 2022, 71,430 options exercisable at $0.12 on or before 30 November 2022, 5,000,000 Share Appreciation Rights exercisable at $0.072 expiring on 13 September 2024 and 2,400,000 Share Appreciation Rights exercisable at $0.082 expiring on 5 October 2025.

Mr Remy Welschinger

Executive Director | Appointed 22 July 2020 (Transitioned to Executive Director on 18 January 2021)

Mr Welschinger has over 13 years’ experience with major London based institutions, including the position of Head of Commodities Sales in Europe for Deutsche Bank and Executive Director in the Fixed Income and Commodities division of Morgan Stanley. Mr Welschinger is the Founder and Managing Director of Limehouse Capital, an investment holding company specialising in natural resources projects and also currently serves as the Finance Director and Board member on AIM-listed Arc Minerals Limited as well as Director of Scandinavian platinum group metals company Element-46 Limited. Mr Welschinger has the following interest in shares, options and rights in the Company as at the date of this report – 668,425 ordinary shares, nil options and 2,400,000 Share Appreciation Rights exercisable at $0.082 expiring on 5 October 2025.

Mr Jon Starink

Executive Director | Appointed 8 October 2020

Mr Starink has extensive credentials in providing engineering, process design and process audit consultancy services in the delivery of leading hard-rock lithium mining and downstream integration of lithium chemicals projects. Mr Starink is currently serving as the CEO and Managing Director of project financier Oryx Management Ltd, and as Managing Director of engineering consultancy Mining Management Services Pty Ltd. Mr Starink has the following interest in shares, options and rights in the Company as at the date of this report – nil ordinary shares, nil options and 2,400,000 Share Appreciation Rights exercisable at $0.082 expiring on 5 October 2025.

Mr Vincent Ledoux-Pedailles

Executive Director | Resigned 26 August 2020

Mr Ledoux-Pedailles has been involved in the lithium industry since 2011, initially with Talison Lithium Limited in Australia. He has held roles monitoring various metals and industrial minerals markets at international metals and minerals research and consulting company Roskill.

Mr Felipe Benjumea Llorente

Non-Executive Director | Resigned 31 July 2020

Mr Llorente has extensive corporate experience through more than 30 years on the Board of listed Spanish Company Abengoa, and he has been instrumental in the development of major projects with a presence in more than 60 countries.

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Directors’ Report (continued)

Company Secretary

The following person held the position of Company Secretary during the financial year:

Jonathan Whyte | Appointed 28 April 2020

Mr Whyte is a Chartered Accountant with extensive corporate, company secretarial and financial accounting experience, predominantly for listed resource sector companies. Mr Whyte is currently Company Secretary of AIM-listed Empyrean Energy Plc as well as ASX-listed companies Ironbark Zinc Ltd, Charger Metals NL and Peninsula Energy Ltd. Mr Whyte has the following interest in shares, options and rights in the Company as at the date of this report – 308,214 ordinary shares, 149,107 options exercisable at $0.12 on or before 30 November 2022 and 166,667 Share Appreciation Rights exercisable at $0.082 expiring on 5 October 2025.

Meetings of Directors

At this time the Board does not consider it appropriate to establish any Committees. The Board considers that due to the relative small size of the Company that the interests of the Company are best served by the full Board completing the functions normally delegated to Committees. This will be reviewed as the Company grows in size.

During the financial year, 10 meetings of Directors were held. Attendances by each Director during the year were as follows:

Directors	Directors’ Meetings
	Number Eligible to Attend Number Attended
Adrian Byass	10 10
Ryan Parkin	10 10
RemyWelschinger	8 8
Jon Starink	6 6
Vincent Ledoux-Pedailles	2 2
Felipe Benjumea Llorente	2 1

Options and Rights

As at the date of this report, the unissued ordinary shares of Infinity Lithium under option are as follows:

Details	Grant Date	Number	Exercise Price($)	Date of Expiry
Unlisted Options	Various	9,919,643	$0.07	24/10/2021
Unlisted Options	17/09/2019	1,000,000	$0.09	16/09/2022
Unlisted Options	Various	22,762,137	$0.12	30/11/2022
Unlisted Options	27/11/2020	10,000,000	$0.09	30/11/2022
Unlisted Options	04/12/2020	500,000	$0.20	30/11/2022
Unlisted Options	10/08/2021	4,000,000	$0.27	31/12/2024
Unlisted Options	10/08/2021	4,000,000	$0.30	31/12/2024
Unlisted Options	10/08/2021	40,000,000	$0.11	10/08/2022
Total Unlisted Options		92,181,780

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Directors’ Report (continued)

As at the date of this report, the warrants and Share Appreciation Rights of Infinity on issue are as follows:

Details	Grant Date	Number	Exercise Price($)	Date of Expiry
Zero Exercise Price Warrants	28/07/2020	13,182,938	Nil	28/07/2025
Share Appreciation Rights	27/11/2019	5,000,000	$0.072	13/09/2024
Share Appreciation Rights	04/12/2020	9,700,000	$0.082	05/10/2025
Share Appreciation Rights	04/12/2020	500,000	$0.144	02/12/2025
Share Appreciation Rights	03/02/2021	2,000,000	$0.170	05/01/2026

Option-holders do not have any rights to participate in any issue of shares or other interest in the Company or any other entity.

For details of options and rights issued to Directors and Executives as remuneration, refer to the Remuneration Report.

Shares Issued on Exercise of Options

Indemnifying Directors and Officers

During or since the end of the financial year the Company has given an indemnity or entered into an agreement to indemnify, or paid or agreed to pay insurance premiums as follows:

The Company has paid premiums to insure each of the following Directors and key personnel against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of Director and Officer of the Company, other than conduct involving a wilful breach of duty in relation to the Company. The amount of the premium was $20,369 to insure Directors and Officers of the Company.

Corporate Governance Statement

The Company’s 2021 Corporate Governance Statement has been released as a separate document and is located on the Company’s website at: https://www.infinitylithium.com/company-overview

Proceedings on Behalf of the Company

No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings.

Auditor’s Independence Declaration

The lead auditor’s independence declaration under section 307C of the Corporations Act 2001 for the year ended 30 June 2021 has been received and can be found on page 22 of the Financial Report.

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Directors’ Report (continued)

Rounding of Amounts

The Company is an entity to which ASIC Corporations Instrument 2016/191 applies and, accordingly, amounts in the financial statements and Directors’ Report have been rounded to the nearest dollar.

– Remuneration Report Audited

This report details the nature and amount of remuneration for each key management person of Infinity, and for the executives receiving the highest remuneration.

Remuneration Policy

The Board’s policy for determining the nature and amount of remuneration for key management personnel of the Consolidated Entity is as follows:

The Company’s remuneration policy has been designed to align key management personnel objectives with shareholder and business objectives by providing a fixed remuneration component and offering specific long-term incentives based on key performance areas affecting the Consolidated Entity’s financial results. The Board of Infinity believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best key management personnel to run and manage the Consolidated Entity, as well as create goal congruence between Directors, Executives and Shareholders.
The remuneration policy, setting the terms and conditions for the key management personnel, was developed by the Board.
All key management personnel receive a base salary (which is based on factors such as length of service and experience), superannuation and fringe benefits.
The Board reviews key management personnel packages annually by reference to the Consolidated Entity’s performance, executive performance and comparable information from industry sectors.

The Company is an exploration entity, and therefore speculative in terms of performance. Consistent with attracting and retaining talented executives, Directors and Senior Executives are paid market rates associated with individuals in similar positions, within the same industry.

Options, Performance Rights and Share Appreciation Rights (‘ SARS ’) have previously been issued to Directors to provide a mechanism to participate in the future development of the Company and an incentive for their future involvement with and commitment to the Company.

Further options and performance incentives may be issued, with key performance indicators such as project milestones, profits, share price appreciation and growth used as measurements for assessing Board performance and in determining the award of further performance incentives.

Mr Ryan Parkin, Mr Adrian Byass and Mr Jon Starink receive a superannuation guarantee contribution required by the government, which is currently 10%. All key management personnel do not receive any other retirement benefits.

All remuneration paid to key management personnel is valued at the cost to the Company and expensed. Shares given to key management personnel are valued as the difference between the market price of those shares and the amount paid by the key management personnel. Options, Performance Rights and SARS are valued using the Black-Scholes methodology.

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Directors’ Report (continued)

The Board policy is to remunerate Non-Executive Directors at market rates for time, commitment and responsibilities. The Board determines payments to the Non-Executive Directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when required. The maximum aggregate amount of fees that can be paid to Non-Executive Directors was approved by shareholders at the 2019 Annual General Meeting. Fees for Non-Executive Directors are not linked to the performance of the Consolidated Entity. However, to align Directors’ interests with shareholder interests, the Directors are encouraged to hold shares in the Company and are able to participate in the employee option plan.

Non-Executive Director fees are set based on fees paid to other Non-Executive Directors of comparable companies. The aggregate cash remuneration for Non-Executive Directors has been set by the Board and approved by Shareholders at an amount not to exceed $400,000 per annum.

Relationship Between Remuneration and Company Performance

The Directors assess performance of the Group with regards to the achievement of both operational and financial targets with a current focus on subscriber numbers, sales revenues and share price. Directors and Executives are issued Options and, in some cases, SARS or Performance Rights, to encourage the alignment of personal and shareholder interests.

Options, Performance Rights and SARS issued to Directors and Executives may be subject to market-based price hurdles and vesting conditions and the exercise price of options is set at a level that encourages the Directors to focus on share price appreciation. The Board believes this policy will be effective in increasing shareholder wealth. Key management personnel are also entitled to participate in the employee share and option arrangements.

On the resignation of Directors and Executives, any vested options, SARS issued as remuneration are retained by the relevant party.

SARS vest on the achievement of operational and financial milestones, providing those Directors and Executives holding SARS an incentive to meet the operational and financial milestones prior to the expiry date of the SARS.

The Board may exercise discretion in relation to approving incentives such as Options. The policy is designed to reward key management personnel for performance that results in long-term growth in shareholder value.

The following table shows the Group’s net profit/(loss) for the last five financial years, as well as the Company’s share prices at the end of the respective financial years.

	2021	2020	2019	2018	2017
	$	$	$	$	$
Net profit/(loss)	2,457,082	(1,890,149)	(2,727,681)	(9,040,990)	(7,951,532)
Shareprice atyear-end	0.089	0.079	0.076	0.078	0.209

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Directors’ Report (continued)

Employment Details of Directors and Members of Key Management Personnel

The employment terms and conditions of Key Management Personnel are formalised in contracts of employment.

Mr Adrian Byass

Chairman (Non-Executive)

Terms of agreement – no fixed term;
Base Chairman fee of $75,000 per annum, exclusive of superannuation; and
No termination benefit is specified in the agreement.

Mr Ryan Parkin

CEO and Managing Director

Terms of agreement – no fixed term;
Base salary of $260,000 per annum, exclusive of superannuation;
Notice period – 6 months; and
6-month termination payment under certain circumstances.

Mr Remy Welschinger

Director (Non-Executive) – Appointed 22 July 2020, transitioned to Executive Director on 18 January 2021

Terms of agreement – no fixed term;
Director’s fee of £3,000 per month; and
No termination benefit is specified in the agreement.

Director (Executive) – Appointed 18 January 2021

Terms of agreement – no fixed term;
Director’s fee of £5,000 per month;
Notice period – 3 months; and
3-month termination payment under certain circumstances.

Mr Jon Starink

Director (Executive) – Appointed 8 October 2020

Terms of agreement – no fixed term;
Director’s fee of $6,000 per month;
Notice period – 3 months; and
3-month termination payment under certain circumstances.

Mr Jonathan Whyte

Company Secretary/CFO – Appointed 28 April 2020

Consultancy services agreement – no fixed term;
Consultancy fee of $5,750 per month, exclusive of GST;
Notice period – 1 month; and
No termination benefit is specified in the agreement.

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Directors’ Report (continued)

Table of Benefits and Payments for the Year Ended 30 June 2021

The following table provides employment details of persons who were, during the financial year, members of Key Management Personnel of the Consolidated Entity. The table also illustrates the proportion of remuneration that was performance based and the proportion of remuneration received in the form of ordinary shares, options or SARS for the year ended 30 June 2021.

Key Management Personnel	Year	Short-Term Post- Employment Share-Based Payments6,7,8 Total Proportion of Remuneration Related to Performance Salary Other Fees Cash-Based Incentives1 Super- annuation
		$ $ $ $ $ $ %
Adrian Byass	2021	68,750 - - 6,531 49,608 124,889 39.72%
	2020	93,333 - - 8,867 - 102,200 -
Ryan Parkin	2021	242,500 - 50,000 23,037 60,504 376,041 29.39%
	2020	190,000 - 15,000 18,050 322,831 545,881 61.89%
Remy Welschinger2	2021	77,340 - - - 119,060 196,400 60.62%
	2020	- - - - - - -
Jon Starink3	2021	52,645 - - 5,001 119,060 176,706 67.38%
	2020	- - - - - - -
Jonathan Whyte4,9	2021	65,250 - - - 9,851 75,101 13.12%
	2020	9,000 - - - - 9,000 -
Vincent Ledoux- Pedailles5	2021	2,036 35,777 - - (214,849) (177,036) -
	2020	10,000 136,415 - - 305,349 451,764 67.59%
Felipe Benjumea Llorente10	2021	5,162 - - - - 5,162 -
	2020	44,897 - - - - 44,897 -
Kevin Tomlinson11	2021	- - - - - - -
	2020	50,000 - - - - 50,000 -
Robert Orr12	2021	- - - - - - -
	2020	87,680 - 3,412 - 91,092 -
Total	2021	513,683 35,777 50,000 34,569 143,234 777,263 -
	2020	484,910 136,415 15,000 30,329 628,180 1,294,834 -

Notes:

1) Mr Parkin received a cash bonus of $50,000 upon satisfaction of the 2021 Performance Bonus stipulated within Mr Parkin’s executive agreement. This has been accrued for as at 30 June 2021 and was paid subsequent to year end.
2) Mr Welschinger was appointed as Non-Executive Director effective 22 July 2020 and transitioned to Executive Director effective 18 January 2021.
3) Mr Starink was appointed as Executive Director effective 8 October 2020.
4) Services provided by Keyport Investments Pty Ltd, of which Mr Whyte is a Director.
5) Services provided by Brooklys, of which Mr Ledoux-Pedailles is a Director. Mr Ledoux-Pedailles’ remuneration includes Director fees of $2,036 and consulting fees of $35,777. Mr Ledoux-Pedailles resigned as Executive Director effective 26 August 2020; his Performance Rights and SARS lapsed upon his resignation.
6) On 28 July 2020, 3,700,000 fully paid ordinary shares were each issued to Mr Parkin and Mr Ledoux-Pedailles as approved by shareholders at the General Meeting held on 27 July 2020. The 2019 Performance Bonus Shares were issued at a deemed price of $0.05 per share. The 2020 Performance Bonus Shares were issued at a deemed price of $0.0405 per share, being the price equal to the 15-day VWAP at the close of business on 27 May 2020. The 2019 and 2020 Performance Bonus Shares related to prior year performance. The expense associated with these shares was accrued for as at 30 June 2020, ahead of their issue on 28 July 2020.
7) All Performance Rights on issue lapsed during the reporting period. As a result, a reversal of $356,515 was recognised within the Statement of Profit or Loss, reflecting that no Performance Rights on issue have vested as the relevant milestones associated with their vesting were not met.

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Directors’ Report (continued)

8) On 4 December 2020, the Company issued 8,200,000 SARS to the Directors of the Company subsequent to shareholder approval being obtained at the Annual General Meeting of the Company held on 25 November 2020. The SARS will vest in equal tranches over a 3-year period with an expiry date of 5 October 2025 and an exercise price of $0.082. Each SAR entitles the holder to one Company share. The SARS were valued using a Black Scholes option pricing model and are being expensed over the vesting period of the SARS.
9) On 4 December 2020 166,667 SARS were issued to Mr Whyte, as approved by the Board on 3 December 2020. The SARS will vest in equal tranches over a 2-year period, exercisable at $0.144 on or before 2 December 2025. Each SAR entitles the holder to one Company share. The SARS were valued using a Black Scholes option pricing model and are being expensed over the vesting period of the SARS.
10) Mr Llorente resigned as Non-Executive Director effective 31 July 2020.
11) Mr Tomlinson resigned as Non-Executive Chairman effective 27 November 2019.
12) Mr Orr resigned as Company Secretary effective 28 April 2020.

Number of Shares Held by Key Management Personnel for the Year Ended 30 June 2021

The number of shares in the Company held during the financial year by each Director and other member of Key Management Personnel of the Consolidated Entity including their personally related parties is set out below:

Key Management	Held at	Granted as	On-market	Shares issued for	Other6	Held at
Personnel	1 July 2020	remuneration2	trades	cash subscription3		30 June 2021
Adrian Byass	7,223,318	-	550,000	1,795,487	-	9,568,805
Ryan Parkin	794,611	1,700,000	153,750	42,858	-	2,791,219
RemyWelschinger1	18,425	-	650,000	-	-	668,425
Jon Starink	-	-	-	-	-	-
Jonathan Whyte	-	-	10,000	298,214	-	308,214
Vincent Ledoux-	282,000	2,000,000	-	-	(2,282,000)	-
Pedailles4
Felipe Benjumea	-	-	-	-	-	-
Llorente5
Total	8,318,354	3,700,000	1,363,750	2,236,559	(2,282,000)	13,336,663

Notes:

1) Mr Welschinger was appointed as Non-Executive Director effective 22 July 2020 and transitioned to Executive Director effective 18 January 2021. Mr Welschinger held 18,425 fully paid ordinary shares as at the date of appointment.
2) On 28 July 2020, 3,700,000 fully paid ordinary shares were issued to Mr Parkin and Mr Ledoux-Pedailles as approved by shareholders at the General Meeting held on 27 July 2020. The 2019 Performance Bonus Shares were issued at a deemed price of $0.05 per share. The 2020 Performance Bonus Shares were issued at a deemed price of $0.0405 per share, being the price equal to the 15-day VWAP at the close of business on 27 May 2020. The 2019 and 2020 Performance Bonus Shares related to prior year performance. The expense associated with these shares was accrued for as at 30 June 2020, ahead of their issue on 28 July 2020.
3) On 28 July 2020, 1,430,000 fully paid ordinary shares were issued to Mr Byass relating to Mr Byass’ participation in the April 2020 Placement, once shareholder approval was obtained at a General Meeting of the Company held on 27 July 2020. On 14 September 2020 the Company issued shares to Mr Whyte in relation to his participation in the September 2020 Placement. On 19 October 2020, the Company issued shares to Mr Byass, Mr Parkin and Mr Whyte relating to their participation in the Company’s October 2020 Entitlement Offer.
4) Mr Ledoux-Pedailles resigned as Executive Director effective 26 August 2020.
5) Mr Llorente resigned as Non-Executive Director effective 31 July 2020.
6) Number of shares held on resignation.

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Directors’ Report (continued)

Number of Options Held by Key Management Personnel for the Year Ended 30 June 2021

The number of options over ordinary shares in the Company held during the financial year by each Director and other members of Key Management Personnel of the Consolidated Entity, including the personally related parties, is set out below:

Key Management	Held at	Granted as	Expired	Net Change	Held at	Total Vested
Personnel	1 July 2020	remuneration		Other1	30 June 2021
Adrian Byass	-	-	-	897,744	897,744	897,744
Ryan Parkin	2,000,000	-	(1,000,000)	71,430	1,071,430	1,071,430
RemyWelschinger	-	-	-	-	-	-
Jon Starink	-	-	-	-	-	-
Jonathan Whyte	-	-	-	149,107	149,107	149,107
Vincent Ledoux-Pedailles2	500,000	-	-	(500,000)	-	-
Felipe Benjumea Llorente3	-	-	-	-	-	-
Total	2,500,000	-	(1,000,000)	618,281	2,118,281	2,118,281

Notes:

1) On 28 July 2020, 715,000 free-attaching unlisted options exercisable at $0.07 on or before 24 October 2021 were issued to Mr Byass relating to Mr Byass’ participation in the April 2020 Placement, once shareholder approval was obtained at a General Meeting of the Company held on 27 July 2020. On 19 October 2020, free-attaching unlisted options exercisable at $0.12 on or before 30 November 2022 were issued to Mr Byass, Mr Parkin and Mr Whyte relating to their participation in the Company’s October 2020 Entitlement Offer. On 27 November 2020, free-attaching unlisted options exercisable at $0.12 on or before 30 November 2022 were issued to Mr Whyte relating to his participation in the September 2020 Placement.
2) Mr Ledoux-Pedailles resigned as Executive Director effective 26 August 2020.
3) Mr Llorente resigned as Non-Executive Director effective 31 July 2020.

Number of Rights Held by Key Management Personnel for the Year Ended 30 June 2021

(a) Performance Rights

Key Management	Held at	Granted as	Expired/	Held at	Total Vested
Personnel	1 July 2020	remuneration	Lapsed1	30 June 2021
Adrian Byass	-	-	-	-	-
Ryan Parkin	3,140,312	-	(3,140,312)	-	-
RemyWelschinger	-	-	-	-	-
Jon Starink	-	-	-	-	-
Jonathan Whyte	-	-	-	-	-
Vincent Ledoux-Pedailles	3,140,312	-	(3,140,312)	-	-
Felipe Benjumea Llorente	-	-	-	-	-
Total	6,280,624	-	(6,280,624)	-	-

Notes:

1) Performance Rights expiring on 31 December 2020

On 11 December 2019, the Group issued two tranches of Performance Rights (tranche A and tranche B). Both tranches consist of 3,140,312 rights with an expiry date of 31 December 2020. The Performance Rights were issued to Directors, Mr Ryan Parkin and Mr Vincent Ledoux-Pedailles, with each receiving 1,570,156 tranche A and tranche B Performance Rights.

The Performance Rights had the following milestones attached to them:

Tranche A rights vest based on the Group executing a non-binding offtake agreement with a third party for the purchase of a minimum 5,000 tonnes of lithium chemicals including lithium hydroxide or lithium carbonate produced from the San José Lithium Project; and

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Directors’ Report (continued)

Tranche B rights vest upon the Group completing a capital raising for a minimum of $1,000,000 from a recognised lithium industry participant or investor.

The Performance Rights were valued using a Black Scholes option pricing model and were expensed over the vesting period of the Performance Rights.

Valuation and Assumptions of Performance Rights:
	Tranche A	Tranche B
Grant date	27 November 2019	27 November 2019
Number	3,140,312	3,140,312
Share price	$0.066	$0.066
Exercise price	$0.00	$0.00
Expiry date	31 December 2020	31 December 2020
Volatility	70.51%	70.51%
Risk-free interest rate	0.77%	0.77%
Value per right	$0.066	$0.066
Total fair value	$207,261	$207,261
Expensed during the year (net of reversal for lapsed	($123,211)	($123,211)
performance rights)

Mr Ledoux-Pedailles’ Performance Rights, representing 50% of Performance Rights included in tranche A and tranche B, lapsed 3 months after his resignation on 26 August 2020. All remaining Performance Rights on issue expired on 31 December 2020 and did not vest. As a result, a reversal of $356,515 was recognised within the Statement of Profit or Loss, reflecting that no Performance Rights on issue have vested as the relevant milestones associated with their vesting were not met.

(b) Share Appreciation Rights

Key Management	Held at	Granted as	Expired/	Held at	Total Vested
Personnel	1 July 2020	remuneration2	Lapsed	30 June 2021
Adrian Byass	-	1,000,000	-	1,000,000	-
Ryan Parkin1	5,000,000	2,400,000	-	7,400,000	3,750,000
RemyWelschinger	-	2,400,000	-	2,400,000	-
Jon Starink	-	2,400,000	-	2,400,000	-
Jonathan Whyte3	-	166,667	-	166,667	-
Vincent Ledoux-Pedailles1	5,000,000	-	(5,000,000)	-	-
Felipe Benjumea Llorente	-	-	-	-	-
Total	10,000,000	8,366,667	(5,000,000)	13,366,667	3,750,000

Notes:

1) Share Appreciation Rights expiring on 13 September 2024

On 11 December 2019, the Company issued 10,000,000 Share Appreciation Rights (‘ SARS ’) to Mr Ryan Parkin and Mr Vincent Ledoux-Pedailles (5,000,000 each respectively). The SARS have an expiry date of 13 September 2024 and an exercise price of $0.072. Each SAR entitles the holder to one Company share.

Mr Ledoux-Pedailles’ SARS lapsed upon his resignation on 26 August 2020, as a result $47,466 of the previously recognised expense was reversed in the current period.

The SARS vesting profile is as follows:

Tranche 1 - 50% (2,500,000 total remaining) vested on 13 September 2020
Tranche 2 - 25% (1,250,000 total remaining) vested on 13 September 2021
Tranche 3 - 25% (1,250,000 total remaining) will vest on 13 September 2022

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Directors’ Report (continued)

The SARS were valued using a Black Scholes option pricing model and are being expensed over the vesting period of the SARS.

Valuation and Assumptions of Share
Appreciation Rights:	Tranche 1	Tranche 2	Tranche 3
Grant date	27 November 2019	27 November 2019	27 November 2019
Number issued	5,000,000	2,500,000	2,500,000
Number lapsed on resignation	(2,500,000)	(1,250,000)	(1,250,000)
Shareprice	$0.066	$0.066	$0.066
Exerciseprice	$0.072	$0.072	$0.072
Vesting date	13 September 2020	13 September 2021	13 September 2022
Expiry date	13 September 2024	13 September 2024	13 September 2024
Volatility	70.51%	70.51%	70.51%
Risk-free interest rate	0.73%	0.73%	0.73%
Value per right	$0.036	$0.036	$0.036
Total fair value	$90,481	$45,241	$45,241
Expensed during the year (net of reversal of lapsed rights)	($9,724)	($10,496)	($6,744)

2) Share Appreciation Rights expiring on 5 October 2025

On 4 December 2020, 8,200,000 SARS were issued to Directors of the Company under the Incentive Performance and Share Appreciation Rights Plan. Approval was received at the Annual General Meeting of shareholders on 25 November 2020 to issue 8,200,000 SARS to Mr Ryan Parkin, Mr Adrian Byass, Mr Remy Welschinger and Mr Jon Starink. The SARS will vest in equal tranches over a 3-year period, exercisable at $0.082 on or before 5 October 2025. Each SAR entitles the holder to one Company share.

Key Management Personnel	Number of SARS
Adrian Byass	1,000,000
Ryan Parkin	2,400,000
RemyWelschinger	2,400,000
Jon Starink	2,400,000
Total	8,200,000

The SARS vesting profile is as follows:

o Tranche 1 - 33.33% (2,733,333) will vest on 5 October 2021 o Tranche 2 - 33.33% (2,733,333) will vest on 5 October 2022

o Tranche 3 - 33.33% (2,733,333) will vest on 5 October 2023

The SARS were valued using a Black Scholes option pricing model and are being expensed over the vesting period of the SARS.

Valuation and Assumptions of Share
Appreciation Rights:	Tranche 1	Tranche 2	Tranche 3
Grant date	25 November 2020	25 November 2020	25 November 2020
Number	2,733,333	2,733,333	2,733,333
Shareprice	$0.135	$0.135	$0.135
Exerciseprice	$0.082	$0.082	$0.082
Vesting date	5 October 2021	5 October 2022	5 October 2023
Expiry date	5 October 2025	5 October 2025	5 October 2025
Volatility	139.43%	139.43%	139.43%
Risk-free interest rate	0.29%	0.29%	0.29%
Value per right	$0.122	$0.122	$0.122

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Directors’ Report (continued)

Valuation and Assumptions of Share
Appreciation Rights:	Tranche 1	Tranche 2	Tranche 3
Total fair value	$333,837	$333,837	$333,837
Expense vested during the year	$230,709	$106,690	$69,389

3) Share Appreciation Rights expiring on 2 December 2025

On 4 December 2020 166,667 SARS were issued to Mr Whyte, as approved by the Board on 3 December 2020. The SARS will vest in equal tranches over a 2-year period, exercisable at $0.144 on or before 2 December 2025. Each SAR entitles the holder to one Company share. The SARS were valued using a Black Scholes option pricing model and are being expensed over the vesting period of the SARS.

The SARS vesting profile is as follows:

Tranche 1 - 50% (83,333) will vest on 2 December 2021
o Tranche 2 - 50% (83,334) will vest on 2 December 2022

Valuation and Assumptions of Share Appreciation
Rights:	Tranche 1	Tranche 2
Grant date	3 December 2020	3 December 2020
Number	83,333	83,334
Shareprice	$0.155	$0.155
Exerciseprice	$0.144	$0.144
Vesting date	2 December 2021	2 December 2022
Expiry date	2 December 2025	2 December 2025
Volatility	139.39%	139.39%
Risk-free interest rate	0.29%	0.29%
Value per right	$0.137	$0.137
Total fair value	$11,443	$11,443
Expense vested during the period	$6,571	$3,280

Key Management Personnel Loans

No loans were provided to, made, guaranteed or secured directly or indirectly to any key management personnel or their related entities during the financial year (2020: Nil). No other related party transactions occurred during the financial year or existed at year end (2020: Nil).

End of Audited Remuneration Report

This Report of the Directors, incorporating the Remuneration Report, is signed in accordance with a resolution of the Board of Directors.

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Ryan Parkin CEO and Managing Director 30 September 2021

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Consolidated Statement of Profit or Loss and Other Comprehensive Income For the Year Ended 30 June 2021

Notes Continuing Operations Other revenue 3 Corporate and compliance expenses Consulting expenses Employee and director benefits expenses Share-based payments 22 Impairment reversal of equity accounted investment 14 Depreciation expense 13 Finance expense Foreign exchange loss Expected credit loss Profit/(loss) before income tax from continuing operations Income tax expense 5 Profit/(loss) for the year from continuing operations Loss for the year from discontinued operations 2 Profit/(loss) for the year Other comprehensive income/(loss): Items that may be subsequently reclassified to profit or loss in subsequent periods Exchange differences arising on translation of foreign operations Total comprehensive income/(loss) for the year Profit/(loss) for the year attributable to: Equity holders of the Parent Non-controlling interests Total comprehensive income/(loss) for the year attributable to: Equity holders of the Parent Non-controlling interests Profit/(loss) per share attributable to the ordinary shareholders of the Parent for the year: Basic and diluted (cents per share) 8 Basic and diluted (cents per share) from continuing operations 8 Basic and diluted (cents per share) from discontinued operations	2021 2020
	$ $
	266,173 154,569 (626,711) (492,250) (68,368) (50,655) (581,444) (542,131) (1,419,540) (628,180) 4,887,998 - (263) - (505) - (258) - - (95,430)
	2,457,082 (1,654,077) - -
	2,457,082 (1,654,077)
	- (236,072)
	2,457,082 (1,890,149)
	(148,346) 89,603
	2,308,736 (1,800,546)
	2,457,082 (2,199,108) - 308,959
	2,457,082 (1,890,149)
	2,308,736 (2,104,034) - 303,488
	2,308,736 (1,800,546)
	0.75 (1.01) 0.63 (0.76) - (0.25)

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

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Consolidated Statement of Financial Position As at 30 June 2021 Notes Current Assets Cash and cash equivalents 9 Trade and other receivables 10 Total Current Assets Non-Current Assets Other assets 12 Property, plant and equipment 13 Equity accounted investments 14 Total Non-Current Assets Total Assets Current Liabilities Trade and other payables 15 Deferred consideration payable 16 Provisions 17 Total Current Liabilities Total Liabilities Net Assets Equity Issued capital 18 Reserves 19 Accumulated losses Equity attributable to equity holders of the Parent Non-controlling interest Total Equity
	2021 2020
	$ $
	19,134,704 627,953 101,620 180,370
	19,236,324 808,323
	40,734 41,120 7,063 - 9,146,871 2,929,035
	9,194,668 2,970,155
	28,430,992 3,778,478
	201,295 332,799 948,372 982,500 60,825 26,850
	1,210,492 1,342,149
	1,210,492 1,342,149
	27,220,500 2,436,329
	46,259,358 26,562,671 3,361,892 907,600 (22,400,750) (25,033,942)
	27,220,500 2,436,329 - -
	27,220,500 2,436,329

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

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Consolidated Statement of Changes in Equity

For the Year Ended 30 June 2021

Balance as at 30 June 2019 Loss for the year *Other comprehensive income* Exchange differences arising on translation of foreign operations Total comprehensive income for the year *Transactions with owners,* *recorded directly in equity* Issue of share capital Share-based payments Costs of raising capital Lapse of options and Performance Milestone Shares on expiry Total transactions with owners Balance as at 30 June 2020 Loss for the year *Other comprehensive income* Exchange differences arising on translation of foreign operations Total comprehensive income for the year *Transactions with owners,* *recorded directly in equity* Issue of share capital Share-based payments Costs of raising capital Exercise of options Lapse of options on expiry Total transactions with owners Balance as at 30 June 2021		Attributable to equity holders of the Parent
	Notes	Issued Capital Share-Based Payment Reserve Foreign Translation Reserve Accumulated Losses Non- Controlling Interest Total
		$ $ $ $ $ $
	18 18,22 18 18,19 18 22 18 18 18,19	24,250,588 1,244,246 174,237 (23,952,971) (303,488) 1,412,612
		- - - (2,199,108) 308,959 (1,890,149) - - 95,074 - (5,471) 89,603
		- - 95,074 (2,199,108) 303,488 (1,800,546) 2,384,950 - - - - 2,384,950 129,008 462,180 - - - 591,188 (151,875) - - - - (151,875) (50,000) (1,068,137) - 1,118,137 - -
		2,312,083 (605,957) - 1,118,137 - 2,824,263
		26,562,671 638,289 269,311 (25,033,942) - 2,436,329
		- - - 2,457,082 - 2,457,082 - - (148,346) - - (148,346)
		- - (148,346) 2,457,082 - 2,308,736 19,763,096 - - - - 19,763,096 166,000 2,778,748 - - - 2,944,748 (1,678,505) - - - - (1,678,505) 1,446,096 - - - - 1,446,096 - (176,110) - 176,110 - -
		19,696,687 2,602,638 - 176,110 - 22,475,435
		46,259,358 3,240,927 120,965 (22,400,750) - 27,220,500

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

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Consolidated Statement of Cashflows

For the Year Ended 30 June 2021

Notes Cash Flows from Operating Activities Payments to suppliers and employees Interest received Interest paid Government grants received Net cash flows used in operating activities 21 Cash Flows from Investing Activities Payments for equity accounted investments Refund of security deposit Proceeds from disposal of tenements Payments for property, plant and equipment Net cash flows used in investing activities Cash Flows from Financing Activities Proceeds from issue of shares Payments for share issue costs Proceeds from exercise of options Net cash flows provided by financing activities Net increase/(decrease) in cash and cash equivalents Effect of exchange rates on cash Cash and cash equivalents at beginning of financial year Cash and cash equivalents at the end of the financial year 9	2021 2020
	$ $
	(1,218,123) (1,629,385) 240 906 (505) - 278,527 -
	(939,861) (1,628,479)
	(781,850) (1,307,634) - 5,988 - 58,233 (7,326) -
	(789,176) (1,243,413)
	19,763,095 2,384,950 (978,443) (151,875) 1,451,136 -
	20,235,788 2,233,075
	18,506,751 (638,817) - - 627,953 1,266,770
	19,134,704 627,953

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

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Notes to the Financial Statements

For the Year Ended 30 June 2021

Note 1. Statement of Significant Accounting Policies

The financial report of Infinity for the year ended 30 June 2021 was authorised for issue in accordance with a resolution of Directors on 30 September 2021. The Directors have the power to amend and reissue the financial statements.

This financial report includes the consolidated financial statements and notes of Infinity and controlled entities (‘ Consolidated Entity ’ or ‘ Group ’).

Infinity is a listed public company, trading on the Australian Securities Exchange, limited by shares, incorporated and domiciled in Australia.

Basis of Preparation

The accounting policies set out below have been consistently applied to all years presented.

Statement of Compliance

The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards (including Australian Interpretations) issued by the Australian Accounting Standards Board (‘ AASB ’) and the Corporations Act 2001 as appropriate for profit oriented entities. The consolidated financial report of the Group complies with International Financial Reporting Standards (‘ IFRS ’) and Interpretations as issued by the International Accounting Standards Board (‘ IASB ’).

Basis of Measurement

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

Going Concern

As at 30 June 2020, the directors assessed that there was a material uncertainty which may cast significant doubt over the Group’s ability to continue as a going concern. This related to the Group’s ability to raise capital as and when required, to continue the exploitation of the Group’s areas of interest.

During the year the Group successfully raised sufficient capital to continue the exploitation of the areas of interest.

These financial statements have been prepared on a going concern basis which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business. The Group made a profit of $2,457,082 for the year ended 30 June 2021 (2020: loss of $1,890,149). As at 30 June 2021 the Group had net current assets of $18,025,832 (2020: net current liabilities of $533,826) and continues to incur expenditure on its equity accounted investment comprising of the San José Project, drawing on its cash balances. As at 30 June 2021, the Group had $19,134,704 (2020: $627,953) in cash and cash equivalents.

These financial statements have been prepared on the basis that the Consolidated Entity can meet its commitments as and when they fall due and can therefore continue normal business activities, and the realisation of its assets and settlement of its liabilities can occur in the ordinary course of business.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

New, Revised or Amending Accounting Standards and Interpretations Adopted

The Consolidated Entity has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any material impact on the financial performance or position of the Consolidated Entity.

Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. These Standards are not expected to significantly impact the Consolidated Entity’s financial statements.

AASB 2020-1: Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Noncurrent

AASB 2020-1 amends AASB 101 Presentation of Financial Statements to clarify requirements for the presentation of liabilities in the statement of financial position as current or non-current.

AASB 2020-1 mandatorily applies to annual reporting periods commencing on or after 1 January 2023 and will be first applied by the Group in the financial year commencing 1 July 2023.

AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018 – 2020 and Other Amendments

AASB 2020-3 amends AASB 1 First-time Adoption of Australian Accounting Standards, AASB 3 Business Combinations, AASB 9 Financial Instruments, AASB 116 Property, Plant and Equipment, AASB 137 Provisions, Contingent Liabilities and Contingent Assets and AASB 141 Agriculture as a consequence of the recent issuance by IASB of the following IFRS: Annual Improvements to IFRS Standards 2018-2020, Reference to the Conceptual Framework, Property, Plant and Equipment: Proceeds before Intended Use and Onerous Contracts – Cost of Fulfilling a Contract.

AASB 2020-3 mandatorily applies to annual reporting periods commencing on or after 1 January 2022 and will be first applied by the Group in the financial year commencing 1 July 2022.

Principles of Consolidation

The consolidated financial statements incorporate the assets and liabilities of all entities controlled by Infinity as at 30 June 2021 and the results of all controlled entities for the year then ended. Infinity and its controlled entities together are referred to in this financial report as the Consolidated Entity.

Subsidiaries are all those entities over which the Consolidated Entity has control. The Consolidated Entity controls an entity when the Consolidated Entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Consolidated Entity. They are de-consolidated from the date that control ceases.

Inter-company transactions, balances and unrealised gains on transactions between Consolidated Entity companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Consolidated Entity. All controlled entities have a June

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

financial year with exception being the Company’s Spanish subsidiaries Extremadura Mining S.L., Castilla Mining S.L. and Morille Mining S.L., which have a 31 March year end for local statutory purposes, however the results of these subsidiaries that are consolidated are for the year ended 30 June 2021.

The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.

Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss and other comprehensive income, statement of financial position and statement of changes in equity of the consolidated entity. Losses incurred by the consolidated entity are attributed to the non-controlling interest in full, even if that results in a deficit balance. Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity.

Discontinued operations

A discontinued operation is a component of the consolidated entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately on the face of the statement of profit or loss and other comprehensive income.

Rounding of Amounts

The Company is an entity to which ASIC Corporations Instrument 2016/191 applies and, accordingly, amounts in the financial statements and Directors’ Report have been rounded to the dollar.

Comparative Figures

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

Key Estimates, Judgments and Assumptions

The preparation of financial statements requires management to make judgments and estimates relating to the carrying amounts of certain assets and liabilities. Actual results may differ from the estimates made. Estimates and assumptions are reviewed on an ongoing basis. The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities within the next annual reporting period are disclosed in the relevant notes.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Note 2. Discontinued Operations

On 25 February 2020, the Consolidated Entity announced that it entered into a binding sale agreement to sell 100% of the issued capital of the Company’s wholly owned subsidiary, Equatorial Potash Pty Ltd. The holder of its Gabonese potash assets (Mayumba Potasse) to Meridian Drilling Inc. for a nominal amount of $1, in order to streamline the Consolidated Entity’s activities and focus on the Spanish San José Lithium Project. The sale was completed on 12 March 2020.

The Consolidated Entity’s Morille Tungsten Project is currently in the process of being relinquished, given the decision to focus resources on the San José Lithium Project.

a) Results of discontinued operations Expenses Expenses incurred in relation to the disposal of Mayumba Expenses incurred to date of disposal for Mayumba Gain associated with Morille liabilities written back Loss from operating activities Income tax (Loss)/Profit for the year attributable to: Equity holders of the Parent Non-controlling interests Loss from discontinued operations b) Cash flows from (used in) discontinued operations Net cash used in operating activities - Mayumba Net cash used in operating activities - Morille Net cash flows for the year c) Effect of disposal on the financial position of the Group Cash and cash equivalents - Mayumba Cash and cash equivalents - Morille Trade and other receivables - Mayumba Trade and other receivables - Morille Trade and other payables - Mayumba Trade and other payables - Morille Net assets Consideration received, satisfied in cash Cash and cash equivalents disposed of Net cash outflows	2020
	$
	(82,937) (209,180) 56,045
	(236,072)
	- (545,031) 308,959
	(236,072) (188,834) -
	(188,834)

	2020
	$
	4,587 - 27,549 - - -
	32,136
	- 4,587
	4,587

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Note 3. Other Revenue

Note 3. Other Revenue
Operating Activities Interest received Other income Tax grants (Research and Development & Cash Flow Boost) Total Other Revenue	2021 2020
	$ $
	240 906 - 153,663 265,933 -
	266,173 154,569

Accounting Policy

Revenue and other revenue is recognised when it is probable that the economic benefit will flow to the Consolidated Entity and the revenue can be reliably measured.

Interest revenue is recognised as it accrues. Dividend revenue is recognised when the right to receive a dividend has been established.

Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset.

Note 4. Profit/(Loss) Before Income Tax

Profit/(loss) before income tax includes the following specific expenses: Employee and Director benefits expense: Employee benefits expense Director fees Other employee and director benefits (consulting fees paid) Superannuation expenses	2021 2020
	$ $
	409,836 202,024 101,261 170,230 35,777 136,415 34,570 33,462
	581,444 542,131

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Note 5. Income Tax Benefit/(Expense) a) Reconciliation of income tax to prima facie tax payable Accounting profit/(loss) before tax Income tax (benefit)/expense @ 26% (2020: 27.5%) Add tax effect of: � Non-deductible expenses � Current year tax losses not recognised � Impact of reduction in future corporate tax rate Less: � Movement in unrecognised temporary differences Income tax attributable to the Company b) Unused tax losses and temporary differences for which no deferred tax asset has been recognised at 25% (2020: 25%) Deferred tax assets have not been recognised in respect of the following: � Deductible temporary differences � Carried forward losses � Business Related Costs c) Reconciliation of deferred taxes The following deferred tax balances have not been recognised: Deferred Tax Liabilities @ 25% (2020: 25%) Unrealised foreign exchange gain Prepayments
	2021 2020
	$ $
	2,457,082 (1,890,149)
	638,841 (519,791) 323,356 287,418 318,912 217,906 - 121,239
	(1,281,109) (106,772)
	- -
	53,928 35,070 4,477,490 1,706,617 108,648 -
	4,640,067 1,741,687
	201 - 5,162 4,781
	5,363 4,781

As at 30 June 2021, the Consolidated Entity had carry forward revenue and capital losses of $17,909,960 (2020: $6,826,468). These losses remain available indefinitely for offset against future taxable profits of the Consolidated Entity provided certain test criteria for their deductibility are met.

Potential deferred tax assets attributable to tax losses and exploration expenditure carried forward have not been brought to account at 30 June 2021 because the Directors do not believe it is appropriate to regard realisation of the deferred tax assets as probable at this point in time.

These benefits will only be obtained if:

the Company derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the loss and exploration expenditure to be realised; and
no changes in tax legislation adversely affect the Company in realising the benefit from the deductions for the loss and exploration expenditure.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Accounting Policy

The charge for current income tax expense is based on the profit for the year adjusted for any non-assessable or disallowed items. It is calculated using tax rates that have been enacted or are substantively enacted by the reporting date.

Deferred tax is accounted for using the liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on either accounting profit or taxable profit or loss.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or liability is settled. Deferred tax is credited in the statement of profit or loss and other comprehensive income except where it relates to items that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity.

Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available against which deductible temporary differences can be utilised.

The amount of benefits brought to account or which may be realised in the future is based on the assumption that no adverse change will occur in income taxation legislation and the anticipation that the Group will derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law.

Tax Consolidation

The Company and its wholly-owned Australian subsidiaries have not formed an income tax consolidated group under tax consolidation legislation.

Change in Future Corporate Tax Rate

There has been a legislated change in the corporate tax rate that will apply to future income years. The impact of this reduction in the corporate tax rate has been reflected in the unrecognised deferred tax positions and the prima face income tax reconciliation above.

Key Estimates, Judgments and Assumptions

Judgement is required in assessing whether deferred tax assets and liabilities are recognised on the statement of financial position and the deductibility of expenditure incurred within relevant tax jurisdictions. Deferred tax assets, including those arising from temporary differences, are recognised only when it is considered more likely than not that they will be recovered, which is dependent on the generation of future assessable income of a nature and of an amount sufficient to enable the benefits to be utilised.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Note 6. Key Management Personnel Compensation

Names and positions held of Consolidated Entity key management personnel in office at any time during the financial year are:

Key Management Personnel	Position
Adrian Byass	Non-Executive Chairman
Ryan Parkin	CEO and ManagingDirector
Remy Welschinger	Executive Director (Appointed 22 July 2020, transitioned to Executive
	Director on 18 January2021)
Jon Starink	Executive Director(Appointed 8 October 2020)
Jonathan Whyte	CompanySecretary
Vincent Ledoux-Pedailles	Executive Director(Resigned 26 August 2020)
Felipe Benjumea Llorente	Non-Executive Director(Resigned 31 July2020)

The totals of remuneration paid to key management personnel of the Company and the consolidated group during the year are as follows:

Key Management Personnel Compensation Short term employment benefits Post-employment benefits Cash-based incentives Share-based payments Total Key Management Personnel Compensation	2021 2020
	$ $
	549,460 621,325 34,569 30,329 50,000 15,000 143,234 628,180
	777,263 1,294,834

Key management personnel remuneration has been included in the Remuneration Report section of the Directors’ Report.

Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated:

No amounts in addition to those disclosed in the Remuneration Report in the Directors’ Report were paid or payable to Directors of the Company at the end of the year; and
There were no loans to key management personnel at the end of the year.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Note 7. Auditor’s Remuneration

Amounts paid or due and payable to: Pitcher Partners BA&A Pty Ltd - Audit or review of financial statements Note 8. Profit/(Loss) Per Share	2021 2020
	$ $
	44,472 44,579
	44,472 44,579

The following reflects the income and share data used in the calculations of basic and diluted earnings per share (EPS) attributable to the ordinary shareholders of the Parent:

		2021	2020
		$	$
a)	Reconciliation of earnings to profit/(loss)
	Profit/(loss) for the year
	Profit/(loss) used to calculate basic and diluted EPS	2,457,082	(2,199,108)
	Profit/(loss) for the year from continuing operations
	Profit/(loss) used to calculate basic and diluted EPS	2,457,082	(1,654,077)
	Profit/(loss) for the year from discontinued operations
	Profit/(loss) used to calculate basic and diluted EPS	-	(545,031)
		2021	2020
		No.	No.
b)	Weighted average number of shares outstanding during the
	year
	Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS	326,139,376	216,905,140
	Weighted average number of ordinary shares outstanding during the year used in calculating dilutive EPS	391,408,359	216,905,140

Accounting Policy

Basic earnings per share

Basic earnings per share is determined by dividing the net profit after income tax attributable to members of the Company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.

Note 9. Cash and Cash Equivalents

Note 9. Cash and Cash Equivalents
Cash at bank and in hand Total Cash and Cash Equivalents	2021 2020
	$ $
	19,134,704 627,953
	19,134,704 627,953

Accounting Policy

Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of 3 months or less, and bank overdrafts that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Note 10. Trade and Other Receivables

Current GST/VAT receivable Prepayments Other receivables Total Trade and Other Receivables	2021 2020
	$ $
	80,970 149,039 20,650 19,123 - 12,208
	101,620 180,370

Accounting Policy

Other receivables are recognised at amortised cost, less any provision for impairment.

The Consolidated Entity applies a simplified approach in calculating expected credit losses. Therefore, the Consolidated Entity does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. In determining the provision required, the Consolidated Entity utilises its historical credit loss experience, adjusted only where appropriate for forward-looking factors specific to the debtors and economic environment.

Current trade and term receivables are non-interest bearing loans and generally on 30-day terms. Non-current trade and term receivables are assessed for recoverability based on the underlying terms of the contract.

There are no balances within trade and other receivables that contain assets that are past due as at 30 June 2021. It is expected these balances will be received when due. In the prior year, the Consolidated Entity recognised an expected credit loss of $95,430 in relation to the costs incurred which were not reimbursed by the purchaser during the Option term for the sale of its Gabonese Potash Project.

Refer to Note 25 Financial Risk Management for further details regarding the Consolidated Entity’s policies for impairment of financial assets and expected credit losses.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Note 11. Controlled Entities

a) Controlled Entities Consolidated

a) Controlled Entities Consolidated
	Country of Incorporation	Percentage Owned (%)
		2021	2020
Parent Entity
Infinity Lithium Corporation Limited	Australia	100%	100%
Subsidiaries of Infinity Lithium:
Tonsley Mining Pty Ltd1	Australia	100%	100%
Castilla Mining S.L.	Spain	100%	100%
Morille Mining S.L.	Spain	80%	80%
Extremadura Mining S.L.	Spain	100%	100%
b) Other Entities – Jointly Controlled
	Country of Incorporation	Percentage Owned (%)
Other jointly controlled entities:		2021	2020
Tecnología Extremeña Del Lito S.L. (Note 14)	Spain	75%	75%

c) Non-Controlling Interests

Morille Mining S.L.

Aurum Mining P.L.C has a 20% non-controlling interest in the Company’s subsidiary Morille Mining S.L.

Summarised financial information of Morille Mining S.L that is material to the Consolidated Entity is set out below. This information is based on amounts before intercompany eliminations.

Summarised Statement of Financial Position Assets Current assets Non-current assets Total Assets Liabilities Current liabilities Non-current liabilities Total Liabilities Net Liabilities Summarised Statement of Comprehensive Income Profit/(loss) attributable to equity holders of the Parent Profit/(loss) attributable to non-controlling interests Profit/(loss) for the year	2021 2020
	$ $
	- - - -
	- -
	- - - -
	- -
	- -
	- 1,235,836 - 308,959
	- 1,544,795

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Other comprehensive income/(loss) attributable to: Equity holders of the Parent Non-controlling interests Total other comprehensive income/(loss) Summarised Statement of Cash Flows Net cash from/(used in) operating activities Net cash from investing activities Net cash from/(used in) financing activities Effect of foreign exchange rates on cash Net increase/(decrease) in cash and cash equivalents Other Financial Information Accumulated non-controlling interests at the end of reporting period	2021 $ 2020 $
	- (25,544) - (7,136)
	- (35,680)
	- - - - - - - -
	- -

	- -

During the 2020 financial year, the Company forgave a loan of $1,482,088 owing from Morille Mining S.L. which comprises the majority of the profit for the prior year outlined above.

Key Estimates, Judgments and Assumptions

In determining whether the consolidated group has control over subsidiaries that are not wholly owned, judgement is applied to assess the ability of the consolidated group to control the day to day activities of the partly owned subsidiary and its economic outcomes. In exercising this judgement, the commercial and legal relationships that the consolidated group has with other owners of partly owned subsidiaries are taken into consideration. Whilst the consolidated group is not able to control all activities of a partly owned subsidiary, the partly owned subsidiary is consolidated within the consolidated group where it is determined that the consolidated group controls the day to day activities and economic outcomes of a partly owned subsidiary. Changes in agreements with other owners of partly owned subsidiaries could result in a loss of control and subsequently de-consolidation.

Note 12. Other Assets Non-Current Security deposits Total Non-Current Other Assets
	2021 2020
	$ $
	40,734 41,120
	40,734 41,120

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Note 13. Property, Plant and Equipment

Note 13. Property, Plant and Equipment
Property, Plant and Equipment At cost Accumulated depreciation Total Property, Plant and Equipment	2021 2020
	$ $
	7,326 - (263) -
	7,063 -

Accounting Policy

Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment losses.

Plant and Equipment

Plant and equipment are measured on a cost basis.

The carrying amount of plant and equipment is reviewed to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts.

The cost of fixed assets constructed within the consolidated group includes the cost of materials, direct labour, borrowing costs and an appropriate proportion of fixed and variable overheads.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the consolidated group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of profit or loss and other comprehensive income during the financial period in which they are incurred.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the statement of profit or loss and other comprehensive income. When revalued assets are sold, amounts included in the revaluation surplus relating to that asset are transferred to retained earnings.

Depreciation

The carrying amounts of mineral interests, property, plant and equipment are depreciated to their estimated residual value over the estimated economic life of the specific assets to which they relate, or using the straightline method over their estimated useful lives indicated below.

Estimates of residual values and useful lives are reassessed annually and any change in estimate is taken into account in the determination of remaining depreciation charges. Depreciation commences on the date when the asset is available for use.

Property, plant and equipment – 5 years straight-line

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Note 14. Equity Accounted Investments

Note 14. Equity Accounted Investments
At cost Equity contributions in TEL Premium Paid for Equity Accounted Investment _Less:_Provision for impairment Total Equity Accounted Investments	2021 2020
	$ $
	3,051,565 3,161,678 6,094,306 4,748,415
	9,146,871 7,910,093 - (4,981,058)
	9,146,871 2,929,035

Interest in joint ventures are accounted for using the equity method of accounting recognised at cost (2020: fair value less cost to sell).

a) Reconciliation of the Consolidated Entity’s carrying amount for Equity Accounted Investments:

Opening balance Additions Reversal of impairment Foreign exchange impact Closing balance	2021 2020
	$ $
	2,929,035 1,620,483 1,527,484 1,402,320 4,887,998 - (197,646) (93,768)
	9,146,871 2,929,035

The Company had an interest in a joint venture held through a 50% interest in TEL which is a special purpose vehicle established for the purpose of holding the San José tenements in Spain. On 13 March 2019 the Consolidated Entity acquired, by way of a Novation to the terms of the JV Agreement, a further 25% interest in TEL, increasing the Consolidated Entity’s aggregate interest to 75%.

During the financial year, the Board considered that the prior factors relating to the impairment recognised no longer existed, following promising test work, funding options and an improving horizon for the Lithium Market and COVID-19 conditions. The Board considered that the fair value of the San José Lithium Project was at least equal to, or above, cost. Accordingly, the Board resolved to reverse the previous impairment amounts recognised.

In April 2021 the Company received notification from the Junta which informed the Company of the cancellation of PIV research permit application at San José. The decision was unexpected and followed the resolution of the Junta which granted the PIAV, as announced on 23 December 2020. The Company strongly disputes the validity of the decision to cancel the PIV application and following legal advice the Company lodged an administrative appeal of this resolution as filed by TEL which was subsequently rejected in July 2021.

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Notes to the Financial Statements (continued) For the Year Ended 30 June 2021

The Company considered the Junta’s resolution to cancel the PIV in direct breach of the law and in contradiction of previous rulings by the Junta on the environmental and urban legality and viability of the PIV. Furthermore, Infinity reserved all rights relating to the multiple administrative decisions and errors of the Junta including the legal status of the mining area under the Junta’s original call for tender, and the actions that facilitated the PIV reverting to application status. This reversion from granted status to application (which was subsequently rejected by the Junta) resulted directly from the administrative failures by the Junta. The administrative faults saw the omission by the Junta to lodge the Project restoration plan in the public exposure period, and the Junta’s fault in not providing adequate notice in the public exposure period.

The Company has assembled a high calibre and experienced legal team led by Madrid founded and national leading legal firm Pérez-Llorca to advise and represent TEL throughout the administrative contentious appeal process.

In the event that the above matters are not resolved, there is a material uncertainty that the carrying value of the Consolidated Entity’s interest in the TEL may not be recoverable at the amount stated in the Consolidated Statement of Financial Position.

The Project comprises the PIV and PIAV. The Company announced the granting of the PIAV to TEL on 23 December 2020. The location of the beneficiation plant and downstream lithium chemical conversion facilities have been identified in the PIAV area, utilising feedstock from the lithium mica ore contained within PIV. The Company received notice that the PIAV remained granted and in good standing with an appeal by an NGO rejected after the 30 June 2021 year end. Accordingly, the Board considers that the fair value of the San José Lithium Project remains at least equal to, or above, cost.

Summarised financial information of TEL that is material to the Consolidated Entity is set out below. This information is based on amounts before intercompany eliminations and Consolidated Entity level impairment recognised.

ecognised.
Summarised Statement of Financial Position Assets Current assets Non-current assets Total Assets Liabilities Current liabilities Non-current liabilities – payable to Extremadura Mining S.L. Total Liabilities Net Assets Summarised Statement of Comprehensive Income Profit attributable to equity holders of the Parent Profit attributable to non-controlling interests Profit for the Year	2021 2020
	$ $
	4,994 24,911 3,070,503 3,161,678
	3,075,497 3,186,589
	- - 779,432 832,392
	779,432 832,392

	2,296,065 2,354,197
	58,133 - - -
	58,133 -

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Other comprehensive income/(loss) attributable to: Equity holders of the Parent Non-controlling interests Total other comprehensive income/(loss) Summarised Statement of Cash Flows Net cash from/(used in) operating activities Net cash from investing activities Net cash from/(used in) financing activities Effect of foreign exchange rates on cash Net increase/(decrease) in cash and cash equivalents Other Financial Information Accumulated non-controlling interests at the end of reporting period	2021 2020
	$ $
	- - - -
	- -
	(19,917) 24,911 - - - - - -
	(19,917) 24,911

	- -

Accounting Policy

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Investments in joint ventures are accounted for using the equity method. Under the equity method, the share of the profits or losses of the joint venture is recognised in profit or loss and the share of the movements in equity is recognised in other comprehensive income. Investments in joint ventures are carried in the statement of financial position at cost plus post-acquisition changes in the consolidated entity's share of net assets of the joint venture. Goodwill relating to the joint venture is included in the carrying amount of the investment and is neither amortised nor individually tested for impairment. Income earned from joint venture entities reduce the carrying amount of the investment.

Key Estimates, Judgments and Assumptions

AASB 11 Joint Arrangements requires an investor to have contractually agreed the sharing of control when making decisions about the relevant activities (in other words requiring the unanimous consent of the parties sharing control). However, what these activities are is a matter of judgement.

Joint control exists for all joint arrangements where the Consolidated Entity has purchased its rights, or met its earn-in requirements, with each being classified as joint operations under AASB 11 Joint Arrangements on the basis that the binding arrangements signed between the participants establish a contractually agreed sharing of control with decisions about the relevant activities require the unanimous consent of the parties sharing control.

It is the Company’s view that it jointly controls TEL with Valoriza Mineria as at 30 June 2020 and 30 June 2021 until such time that the Consolidated Entity make the outstanding deferred consideration payment of €600,000. This is primarily as a result of an 80% (and therefore unanimous) majority required for all company and management body decisions until such time that the €600,000 is paid. This includes decisions over the relevant activities that affect the returns of the joint arrangement.

Commitments

TEL does not have any material financial commitments in relation to the Project.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Note 15. Trade and Other Payables

Note 15. Trade and Other Payables
Current Trade payables Accrued expenses Sundry payables Total Trade and Other Payables	2021 2020
	$ $
	65,814 90,877 77,624 199,084 57,857 42,838
	201,295 332,799

Accounting Policy

Trade and other payables represent the liability outstanding at the end of the reporting period for good and services received by the consolidated group during the reporting period which remains unpaid. The balance is recognised as a current liability with the amount being normally paid within 30 days of recognition of the liability.

Note 16. Deferred Consideration

Current Total Deferred Consideration	2021 2020
	$ $
	948,372 982,500
	948,372 982,500

On 13 March 2019, the Consolidated Entity, through its 100% owned subsidiary, Extremadura Mining, S.L.U, sought to amend the terms of the Joint Venture Agreement and signed the “Novacion Al Contrato De Participacion en lan Investigacion Minera Y Ocuerdo De Valuntad Asociativa Entre Valoriza Mineria, S.L.U., Y Extremadura Mining, S.L.U (‘Novation’), with the following impact:

i. The removal of the prior obligation by the Consolidated Entity to spend €2.5 million in TEL;
ii. The requirement to pay VM €1 million, with €250,000 upfront, a further €150,000 within three months (paid September 2019) and the remaining €600,000 payable in six equal payments made each month (conditional on the tenement application reverting back to granted status); and
iii. Consequently, as a result of i) and ii) above, the immediate transfer of a further 25% of the shares in TEL to give INF a 75% equity interest.

The first instalment of €150,000 was paid on 6 September 2019 following the upfront amount, with €600,000 remaining due and payable as at 30 June 2021. On 28 July 2020 the Consolidated Entity and Valoriza Mineria executed an agreement to extend the payment term of the deferred consideration outstanding. It was agreed that the Consolidated Entity would pay €100,000 on or before 29 July 2021, with a further 5 equal successive and monthly instalments of €100,000 to then be made.

The Consolidated Entity’s accounting policy for deferred consideration is set out in Note 25 Financial Risk Management.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Note 17. Provisions

Note 17. Provisions
Current Employee Entitlements: Annual leave Total Current Provisions	2021 2020
	$ $
	60,825 26,850
	60,825 26,850

Accounting Policy

Wages, salaries and annual leave

Liabilities for wages, salaries and annual leave expected to be settled within one year of the reporting date are recognised in respect of employees’ services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.

Employee benefits payable later than one year

Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.

Superannuation

Contributions are made by the Consolidated Entity to superannuation funds as stipulated by statutory requirements and are charged as expenses when incurred.

Note 18. Issued Capital

A reconciliation of the movement in capital and reserves for the consolidated group can be found in the Statement of Changes in Equity. 402,654,556 fully paid ordinary shares (2020: 238,767,292) Less: capital raising costs a) Fully Paid Ordinary Shares – Number of Shares At the beginning of the reporting year Shares issued during the year: � Placements1,2,3 � Shares issued to Directors4,5 � Exercise of options6 � Shares issued under service agreement Total at the end of the reporting year	2021 $ 2020 $
	50,137,223 28,762,031 (3,177,803) (2,199,360)
	46,259,358 26,562,671

	2021 No. 2020 No.
	238,767,292 190,171,104 145,378,338 45,570,000 5,130,000 1,142,858 13,378,926 - - 1,883,330
	402,654,556 238,767,292

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

b) Fully Paid Ordinary Shares – Value of Shares At the beginning of the reporting year Shares issued during the year: � Placements1,2,3 � Shares issued to Directors4,5 � Exercise of options6 � Shares issued under service agreement Less: � Lapsed milestone performance shares � Capital raising costs Total at the end of the reporting year	2021 $ 2020 $
	26,562,671 24,250,588 19,713,046 2,304,950 216,050 80,000 1,446,096 - - 129,008 - (50,000) (1,678,505) (151,875)
	46,259,358 26,562,671

Notes:

1) On 11 September 2020, the Group placed 31,428,571 fully paid ordinary shares with an issue price of $0.07 per share with sophisticated investors raising $2,200,000 before costs.
2) On 19 October 2020, the Group placed 34,478,412 fully paid ordinary shares with an issue price of $0.07 per share with sophisticated investors raising $2,413,488 before costs.
3) On 22 February 2021, the Group placed 79,471,355 fully paid ordinary shares with an issue price of $0.19 per share with international and domestic institutions and sophisticated investors raising $15,099,557 before costs.
4) On 28 July 2020, 1,430,000 fully paid ordinary shares with an issue price of $0.035 to raise $50,050. These were issued to Key Management Personnel as part of the April 2020 Placement, following the required shareholder approval at the General Meeting held on 27 July 2020.
5) On 28 July 2020, 3,700,000 fully paid ordinary shares were issued to Key Management Personnel as approved by shareholders at the General Meeting held on 27 July 2020. The 2019 Performance Bonus Shares were issued at a deemed price of $0.05 per share. The 2020 Performance Bonus Shares were issued at a deemed price of $0.0405 per share, being the price equal to the 15-day VWAP at the close of business on 27 May 2020. The 2019 and 2020 Performance Bonus Shares related to prior year performance. The expense associated with these shares was accrued for as at 30 June 2020, ahead of their issue on 28 July 2020. Refer to Note 22 Share-Based Payments for further information.
6) 3,187,500 fully paid ordinary shares issued on exercise of options at an exercise price of $0.07 per option, and 10,191,426 fully paid ordinary shares issued on the exercise of options at an exercise price of $0.12 per option.

Fully Paid Ordinary Shares

Ordinary shares participate in dividends and the proceeds on winding up of the company in proportion to the number of shares held. The fully paid ordinary shares have no par value.

At the shareholders’ meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands.

c) Options

The total number of options on issue at 30 June 2021 was 44,431,780. The weighted average exercise price of options on issue at year end was $0.102 per option and the weighted average remaining contractual life of options on issue at year end was 1.16 years.

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Notes to the Financial Statements (continued) For the Year Ended 30 June 2021

The unissued ordinary shares of Infinity under option at 30 June 2021 are as follows:

Date of Expiry	Exercise Price($)	Number under Option
24 October 2021	$0.07	10,169,643
16 September 2022	$0.088	1,000,000
30 November 2022	$0.12	22,762,137
30 November 2022	$0.09	10,000,000
30 November 2022	$0.20	500,000
Total		44,431,780

A reconciliation of the total options on issue as at 30 June 2021 is as follows:

At the beginning of the reporting year Issued during the year1 Expired during the year2 Exercised during the year3 Total at the end of the reporting year	2021 2020
	No. No.
	17,142,143 24,375,000 44,168,563 13,642,143 (3,500,000) (20,875,000) (13,378,926) -
	44,431,780 17,142,143

Notes:

1) On 28 July 2020, 715,000 attaching unlisted options were issued to Key Management Personnel as part of their participation in the April 2020 Placement, following the required shareholder approval at the General Meeting held on 27 July 2020. The options are exercisable at $0.07 on or before 24 October 2021.

On 19 October 2020, the Company issued 17,239,268 attaching unlisted options as part of the October 2020 Entitlement Offer. The options are exercisable at $0.12 on or before 30 November 2022.

On 30 November 2020, the Company issued 15,714,295 attaching unlisted options as part of the September 2020 Placement, following the required shareholder approval at the Annual General Meeting held on 25 November 2020. The options are exercisable at $0.12 on or before 30 November 2022.

On 27 November 2020, the Company issued 10,000,000 unlisted options in lieu of cash to Zenix Nominees Pty Ltd for corporate advisory services, following the required shareholder approval at the Annual General Meeting held on 25 November 2020. The options are exercisable at $0.09 on or before 30 November 2022. Refer to Note 22 Share-Based Payments for further details.

On 7 December 2020, the Company issued 500,000 unlisted options to a corporate advisor for services provided relating to the September 2020 Placement and Entitlement issue, these options were approved by the Board on 3 December 2020. The options are exercisable at $0.20 on or before 30 November 2022. Refer to Note 22 ShareBased Payments for further details.

2) During the year, 3,500,000 options (2,000,000 exercisable at $0.32 each, 1,000,000 exercisable at $0.15 each and 500,000 exercisable at $0.12 each) lapsed unvested. The corresponding amount recognised within the share-based payment reserve in relation to these options ($176,110) was transferred to accumulated losses.
3) 3,187,500 fully paid ordinary shares issued on exercise of options at an exercise price of $0.07 per option, and 10,191,426 fully paid ordinary shares issued on the exercise of options at an exercise price of $0.12 per option.

d) Warrants

On 28 July 2020, 13,182,938 zero exercise price warrants were issued to EIT InnoEnergy, following the required shareholder approval at the General Meeting held on 27 July 2020. The warrants are exercisable at $0.00 on or before 28 July 2025. Refer to Note 22 Share-Based Payments for further details.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

e) Performance Rights

The unissued ordinary shares of Infinity under Performance Rights at 30 June 2021 are as follows:

At the beginning of the reporting year Issued during the year Expired during the year1 Exercised during the year Total at the end of the reporting year	2021 2020
	No. No.
	6,280,624 - - 6,280,624 (6,280,624) - - -
	- 6,280,624

Notes:

1) Performance rights issued in the prior year to Key Management Personnel lapsed during the period and did not vest. Refer to Note 22 Share-Based Payments for further details.

f) Share Appreciation Rights (‘SARS’)

The unissued ordinary shares of Infinity under SARS at 30 June 2021 are as follows:

At the beginning of the reporting year Issued during the year1 Lapsed/expired during the year1 Exercised during the year Total at the end of the reporting year	2021 2020
	No. No.
	10,000,000 - 12,200,000 10,000,000 (5,000,000) - - -
	17,200,000 10,000,000

Notes:

1) On 7 December 2020, 8,200,000 Share Appreciation Rights were issued to Directors and 1,500,000 were issued to employees of the Company under the Incentive Performance and Share Appreciation Rights Plan. Approval was received at the Annual General Meeting of shareholders on 25 November 2020 to issue 8,200,000 Share Appreciation Rights to Mr Ryan Parkin, Mr Adrian Byass, Mr Remy Welschinger and Mr Jon Starink. The 9,700,000 SARS will vest in equal tranches over a 3-year period, exercisable at $0.082 on or before 5 October 2025. Each Share Appreciation Right entitles the holder to one Company share.

500,000 Share Appreciation Rights were also issued to Consultants of the Company, as approved by the Board on 3 December 2020. The SARS will vest in equal tranches over a 2-year period, exercisable at $0.144 on or before 2 December 2025. Each SAR entitles the holder to one Company share.

On 3 February 2021 2,000,000 Share Appreciation Rights were issued to an employee of the Company under the Incentive Performance and Share Appreciation Rights Plan. The SARS will vest in equal tranches over a 2-year period, exercisable at $0.17 on or before 5 January 2026. Each SAR entitles the holder to one Company share.

SARS issued to Mr Vincent Ledoux-Pedailles lapsed upon his resignation on 26 August 2020 and were subsequently cancelled. Refer to Note 22 Share-Based Payments for further details.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

g) Capital Management

The Directors’ primary objective is to maintain a capital structure that ensures the lowest cost of capital to the Company. At reporting date the Company has no external borrowings.

Accounting Policy

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options, or for the acquisition of a business, are included in the cost of the acquisition as part of the purchase consideration.

Key Estimates, Judgments and Assumptions

The Consolidated Entity measures the cost of equity settled transactions by reference to the fair value of the equity instruments at the date at which they are granted. The fair value of share options is determined by an external valuer using an appropriate valuation model.

Note 19. Reserves

Share-Based Payment Reservea) Foreign Currency Translation Reserveb)	2021 2020
	$ $
	3,240,927 638,289 120,965 269,311
	3,361,892 907,600

a) Share-Based Payments Reserve

The share-based payments reserve records items recognised as expenses on valuation of employee share and consultants’ options.

A reconciliation of the movement in the share-based payments reserve as at 30 June 2021 is as follows:

At the beginning of the reporting year Share-based payments (Note 22) Lapse of options Total at the end of the reporting year	2021 2020
	$ $
	638,289 1,244,246 2,778,748 462,180 (176,110) (1,068,137)
	3,240,927 638,289

b) Foreign Currency Reserve

The foreign currency translation reserve records exchange differences arising on translation of foreign operations.

At the beginning of the reporting year Exchange differences arising on translation of foreign operations Total at the end of the reporting year	2021 2020
	$ $
	269,311 174,237 (148,346) 95,074
	120,965 269,311

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Notes to the Financial Statements (continued) For the Year Ended 30 June 2021

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Accounting Policy – Share-Based Payments

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

Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash is determined by reference to the share price.

The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using the Black-Scholes option valuation model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with nonvesting conditions that do not determine whether the consolidated entity received the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

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

During the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by the expired portion of the vesting period;
From the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the reporting date.

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

Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied.

If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification.

If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the consolidated entity or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited.

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Notes to the Financial Statements (continued) For the Year Ended 30 June 2021

Accounting Policy - Foreign Currency Transactions and Balances

Functional and presentation currency

The functional currency of each of the Group’s entities is measured using the currency of the primary economic environment in which that entity operates. The consolidated financial statements are presented in Australian dollars which is the Company’s functional and presentation currency.

Transactions and balances

Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Nonmonetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.

Exchange differences arising on the translation of monetary items are recognised in the statement of profit or loss and other comprehensive income, except where deferred in equity as a qualifying cash flow or net investment hedge.

Exchange differences arising on the translation of non-monetary items are recognised directly in equity to the extent that the gain or loss is directly recognised in equity, otherwise the exchange difference is recognised in the statement of profit or loss and other comprehensive income.

Group companies

The financial results and position of foreign operations whose functional currency is different from the Group’s presentation currency are translated as follows:

assets and liabilities are translated at year-end exchange rates prevailing at that reporting date;
income and expenses are translated at average exchange rates for the period; and
retained earnings are translated at the exchange rates prevailing at the date of the transaction.

Exchange differences arising on translation of foreign operations are transferred directly to the Group’s foreign currency translation reserve in the statement of financial position. These differences are recognised in the statement of profit or loss and other comprehensive income in the period in which the Board makes a decision that such amounts are no longer recoverable.

Note 20. Operating Segments

The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors and Managing Director (chief operating decision makers) to make decisions about resources to be allocated to the segments and assess their performance. Operating segments are identified by Management based on the mineral resource and exploration activities in Australia and Spain. Discrete financial information about each project is reported to the chief operating decision maker on a regular basis.

The reportable segments are based on aggregated operating segments determined by the similarity of the economic characteristics, the nature of the activities and the regulatory environment in which those segments operate. The Consolidated Entity has two reportable segments based on the geographical areas of the mineral resource and exploration activities, Gabon and Spain. Unallocated results, assets and liabilities represent corporate amounts that are not core to the reportable segments.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Basis of accounting for purposes of reporting by operating segments

(a) Accounting policies adopted

Unless otherwise stated, all amounts reported to the Board of Directors and Managing Director, being the chief decision makers with respect to operating segments, are determined in accordance with accounting policies that are consistent to those adopted in the annual financial statements of the consolidated group.

(b) Segment assets

Where an asset is used across multiple segments, the asset is allocated to that segment that receives the majority asset economic value from that asset. In the majority of instances, segment assets are clearly identifiable on the basis of their nature and physical location.

(c) Segment liabilities

Liabilities are allocated to segments where there is a direct nexus between the incurrence of the liability and the operations of that segment. Borrowings and tax liabilities are generally considered to relate to the consolidated group as a whole and are not allocated. Segment liabilities include trade and other payables.

(d) Unallocated items

Unallocated results, assets and liabilities represent corporate amounts that are not core to the reportable segments.

30 June 2021 Revenue Other revenue Interest revenue Total Gross Revenue Expenses Corporate and compliance expenses Consulting expenses Employee and director benefits expense Share-based payments Impairment reversal of equity accounted investment Depreciation expense Finance expense Foreign exchange loss Income tax expense Profit/(loss) for the year from continuing operations Segment Assets Cash and cash equivalents Trade and other receivables Equity accounted investments Other assets Property, plant and equipment Total Assets	Spain Unallocated Total
	$ $ $
	- 265,933 265,933 - 240 240
	- 266,173 266,173
	(65,285) (561,426) (626,711) - (68,368) (68,368) (35,091) (546,353) (581,444) - (1,419,540) (1,419,540) 4,887,998 - 4,887,998 - (263) (263) - (505) (505) - (258) (258) - - -
	4,787,622 (2,330,539) 2,457,082
	43,872 19,090,832 19,134,704 79,948 21,672 101,620 9,146,871 - 9,146,871 10,734 30,000 40,734 - 7,063 7,063
	9,281,425 19,149,567 28,430,992

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

30 June 2021 Segment Liabilities Trade and other payables Provisions Deferred consideration payable Total Liabilities 30 June 2020 Revenue Other revenue Interest revenue Total Gross Revenue Expenses Corporate and compliance expenses Consulting expenses Employee and director benefits expense Share-based payments Expected credit loss Income tax expense Profit/(loss) for the year from continuing operations Profit/(loss) for the year from discontinued operations Profit/(loss) for the year Segment Assets Cash and cash equivalents Trade and other receivables Equity accounted investments Other assets Total Assets Segment Liabilities Trade and other payables Provisions Deferred consideration payable Total Liabilities		Spain Unallocated Total
		$ $ $
		71,118 130,177 201,295 - 60,825 60,825 948,372 - 948,372
		1,019,490 191,002 1,210,492

	Spain
		Gabon Unallocated Total
	$
		$ $ $
	- -	153,663 - 153,663 - 906 906
	-	153,663 906 154,569
	- - - - - -	- (492,250) (492,250) - (50,655) (50,655) - (542,131) (542,131) - (628,180) (628,180) (95,430) - (95,430) - - -
	-	58,233 (1,712,310) (1,654,077)
	56,045	(292,117) - (236,072)
	56,045	(233,884) (1,712,310) (1,890,149)
	35,726 134,171 2,929,035 11,120	- 592,227 627,953 - 46,198 180,369 - - 2,929,035 - 30,000 41,120
	3,110,052	- 668,425 3,778,477
	32,521 - 982,500	- 300,278 332,799 - 26,850 26,850 - - 982,500
	1,015,021	- 327,128 1,342,149

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Note 21. Cash Flow Information

Reconciliation of cash flow from operations with profit/(loss) after income tax:

Net profit/(loss) for the year
Non-cash flows in loss
Share-based payments
Impairment reversal of equity accounted investment
Unrealised foreign exchange movements
Depreciation
Expected credit loss
Gain recognised by non-controlling interest on discontinued
operations
Changes in assets and liabilities, net of the effects of purchase and
disposal of subsidiaries
Decrease in trade and other receivables
Decrease in trade payables relating to operating activities
Increase/(decrease) in provisions
Net cash outflows from operating activities

2021
2020
$
$
2,457,082
(1,890,149)
1,419,540
628,180
(4,887,998)
-
258
-
263
-
-
95,430
-
(308,959)
78,750
16,335
(41,730)
(132,163)
33,974
(37,153)
(939,861)
(1,628,479)

Non-cash financing and investing activities

During the year the Consolidated Entity issued equity securities as payment for services to the value of nil (2020: $129,008). These issue costs are not reflected in the Statement of Cashflows.

Note 22. Share-Based Payments

(a) Reserves (Note 19) Options issued to Corporate Advisors1 Options issued to Director Performance Rights expired2 Performance and Share Appreciation Rights issued3,4,5,6 Accrual of Performance bonus Total Share-Based Payments – P&L Accrual of Lead Manager options7 Warrants issued8 Total Share-Based Payments – Reserves (b) Issued Capital (Note 18) Shares issued under service agreement Shares issued to Directors9 Total Share-Based Payments – Equity	2021 2020
	$ $
	1,074,385 - - 32,482 (246,441) - 591,596 429,698 - 166,000
	1,419,540 628,180 700,062 - 659,146 -
	2,778,748 628,180
	- 129,008 166,000 -
	166,000 129,008

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Notes to the Financial Statements (continued) For the Year Ended 30 June 2021

Notes:

1) On 27 November 2020, the Company issued 10,000,000 unlisted options in lieu of cash to Zenix Nominees Pty Ltd for corporate advisory services received. The options are exercisable at $0.09 on or before 30 November 2022.

These options were valued using a Black-Scholes option pricing model, utilising the following inputs:

Measurement of Fair Value
Fair value atgrant date	$0.102
Grant date shareprice	$0.135
Exerciseprice	$0.09
Expected volatility	146.17%
Option life	2years
Risk-free interest rate	0.09%
Fair valueper optiongranted	$0.1023
Expensed during the year	$1,023,369

On 7 December 2020, the Company issued 500,000 unlisted options to a corporate advisor for services provided relating to the September 2020 Placement and Entitlement issue. The options are exercisable at $0.20 on or before 30 November 2022.

These options were valued using a Black-Scholes option pricing model, utilising the following inputs:

Measurement of Fair Value
Fair value atgrant date	$0.102
Grant date shareprice	$0.155
Exerciseprice	$0.200
Expected volatility	146.17%
Option life	2years
Risk-free interest rate	0.09%
Fair valueper optiongranted	$0.1020
Expensed during theyear	$51,016

The life of the options is based on the historical exercise patterns, which may not eventuate in the future.

2) Performance Rights expiring on 31 December 2020

The Performance Rights had the following milestones attached to them:

Tranche A rights vest based on the Group executing a non-binding offtake agreement with a third party for the purchase of a minimum 5,000 tonnes of lithium chemicals including lithium hydroxide or lithium carbonate produced from the San José Lithium Project; and
Tranche B rights vest upon the Group completing a capital raising for a minimum of $1,000,000 from a recognised lithium industry participant or investor.

The Performance Rights were valued using a Black-Scholes option pricing model and were expensed over the vesting period of the Performance Rights.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Valuation and Assumptions of Performance Rights:
	Tranche A	Tranche B
Grant date	27 November 2019	27 November 2019
Number	3,140,312	3,140,312
Share price	$0.066	$0.066
Exercise price	$0.00	$0.00
Expiry date	31 December 2020	31 December 2020
Volatility	70.51%	70.51%
Risk-free interest rate	0.77%	0.77%
Value per right	$0.066	$0.066
Total fair value	$207,261	$207,261
Expensed during the year (net of reversal of lapsed	($123,221)	($123,221)
Performance Rights)

Mr Ledoux-Pedailles’ Performance Rights, representing 50% of Performance Rights included in tranche A and tranche B, lapsed 3 months after his resignation on 26 August 2020. All remaining Performance Rights on issue expired on 31 December 2020 and did not vest. As a result, a reversal of $356,615 was recognised within the Statement of Profit or Loss, reflecting that no Performance Rights on issue have vested as the relevant milestones associated with their vesting were not met.

3) Share Appreciation Rights expiring on 13 September 2024

On 11 December 2019, the Company issued 10,000,000 Share Appreciation Rights (‘SARS’) to Mr Ryan Parkin and Mr Vincent Ledoux-Pedailles (5,000,000 each respectively). The SARS have an expiry date of 13 September 2024 and an exercise price of $0.072. Each SAR entitles the holder to one Company share.

Mr Ledoux-Pedailles’ SARS lapsed upon his resignation on 26 August 2020, as a result $47,466 of the previously recognised expense was reversed in the current period.

The SARS vesting profile is as follows:

Tranche 1 - 50% (2,500,000 total remaining) vested on 13 September 2020
o Tranche 2 - 25% (1,250,000 total remaining) will vest on 13 September 2021 o Tranche 3 - 25% (1,250,000 total remaining) will vest on 13 September 2022

The SARS were valued using a Black-Scholes option pricing model and are being expensed over the vesting period of the SARS.

Valuation and Assumptions of Share
Appreciation Rights:	Tranche 1	Tranche 2	Tranche 3
Grant date	27 November 2019	27 November 2019	27 November 2019
Number issued	5,000,000	2,500,000	2,500,000
Number lapsed on resignation	(2,500,000)	(1,250,000)	(1,250,000)
Shareprice	$0.066	$0.066	$0.066
Exerciseprice	$0.072	$0.072	$0.072
Vesting date	13 September 2020	13 September 2021	13 September 2022
Expiry date	13 September 2024	13 September 2024	13 September 2024
Volatility	70.51%	70.51%	70.51%
Risk-free interest rate	0.73%	0.73%	0.73%
Value per right	$0.036	$0.036	$0.036

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Valuation and Assumptions of Share
Appreciation Rights:	Tranche 1	Tranche 2	Tranche 3
Total fair value	$90,481	$45,241	$45,241
Expensed during the year (net of reversal of lapsed rights)	($9,724)	($10,496)	($6,744)

4) Share Appreciation Rights expiring on 5 October 2025

On 4 December 2020, 9,700,000 SARS were issued to Directors and employees of the Company under the Incentive Performance and Share Appreciation Rights Plan. Approval was received at the Annual General Meeting of shareholders on 25 November 2020 to issue 8,200,000 SARS to Mr Ryan Parkin, Mr Adrian Byass, Mr Remy Welschinger and Mr Jon Starink. The SARS will vest in equal tranches over a 3-year period, exercisable at $0.082 on or before 5 October 2025. Each SAR entitles the holder to one Company share.

The SARS vesting profile is as follows:

o Tranche 1 - 33.33% (3,233,333) will vest on 5 October 2021

Tranche 2 - 33.33% (3,233,333) will vest on 5 October 2022
Tranche 3 - 33.33% (3,233,333) will vest on 5 October 2023

The SARS were valued using a Black-Scholes option pricing model and are being expensed over the vesting period of the SARS.

Valuation and Assumptions of Share
Appreciation Rights:	Tranche 1	Tranche 2	Tranche 3
Grant date	25 November 2020	25 November 2020	25 November 2020
Number	3,233,333	3,233,333	3,233,333
Shareprice	$0.135	$0.135	$0.135
Exerciseprice	$0.082	$0.082	$0.082
Vesting date	5 October 2021	5 October 2022	5 October 2023
Expiry date	5 October 2025	5 October 2025	5 October 2025
Volatility	139.43%	139.43%	139.43%
Risk-free interest rate	0.29%	0.29%	0.29%
Value per right	$0.122	$0.122	$0.122
Total fair value	$394,905	$394,905	$394,905
Expense vested during the year	$272,912	$126,207	$82,083

5) Share Appreciation Rights expiring on 2 December 2025

On 4 December 2020 500,000 SARS were issued to Consultants of the Company, as approved by the Board on 3 December 2020. The SARS will vest in equal tranches over a 2-year period, exercisable at $0.144 on or before 2 December 2025. Each SAR entitles the holder to one Company share.

The SARS vesting profile is as follows:

Tranche 1 - 50% (250,000) will vest on 2 December 2021
o Tranche 2 - 50% (250,000) will vest on 2 December 2022

The SARS were valued using a Black-Scholes option pricing model and are being expensed over the vesting period of the SARS.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Valuation and Assumptions of Share
Appreciation Rights:	Tranche 1	Tranche 2
Grant date	3 December 2020	3 December 2020
Number	250,000	250,000
Shareprice	$0.155	$0.155
Exerciseprice	$0.144	$0.144
Vesting date	2 December 2021	2 December 2022
Expiry date	2 December 2025	2 December 2025
Volatility	139.39%	139.39%
Risk-free interest rate	0.29%	0.29%
Value per right	$0.137	$0.137
Total fair value	$34,330	$34,330
Expense vested during the year	$19,712	$9,842

�� Share Appreciation Rights expiring on 5 January 2026

On 3 February 2021 2,000,000 SARS were issued to an employee of the Company under the Incentive Performance

and Share Appreciation Rights Plan. The SARS will vest in equal tranches over a 2-year period, exercisable at $0.17

on or before 5 January 2026. Each SAR entitles the holder to one Company share.

The SARS vesting profile is as follows:

Tranche 1 - 50% (1,000,000) will vest on 5 January 2022
Tranche 2 - 50% (1,000,000) will vest on 5 January 2023

The SARS were valued using a Black-Scholes option pricing model and are being expensed over the vesting period of the SARS.

Valuation and Assumptions of Share
Appreciation Rights:	Tranche 1	Tranche 2
Grant date	5 January2021	5 January2021
Number	1,000,000	1,000,000
Shareprice	$0.175	$0.175
Exerciseprice	$0.17	$0.17
Vesting date	5 January2022	5 January2023
Expiry date	5 January2026	5 January2026
Volatility	128.16%	128.16%
Risk-free interest rate	0.37%	0.37%
Value per right	$0.149	$0.149
Total fair value	$149,046	$149,046
Expense vested during the year	$71,869	$35,934

7) On 10 August 2021 the Company issued 8,000,000 unlisted options in two equal tranches to Canaccord Genuity in consideration for capital raising services in the February 2021 Placement, which were subject to shareholder approval at the General Meeting held on 5 August 2021. Both tranches consist of 4,000,000 options with an expiry date of 31 December 2024, with exercise prices of $0.266 and $0.304 per tranche, based on a 40% and 60% premium to the February 2021 Placement Offer Price respectively. The options have been accrued for at 30 June 2021.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

These options were valued using a Black-Scholes option pricing model, utilising the following inputs:

Measurement of Fair Value
Valuation date shareprice	$0.089
Exerciseprice	$0.266
Expected volatility	191.87%
Option life	3.41years
Risk-free interest rate	0.15%
Fair valueper optiongranted	$0.088
Expensed during theyear	$351,503

Measurement of Fair Value
Valuation date shareprice	$0.089
Exerciseprice	$0.304
Expected volatility	191.87%
Option life	3.41years
Risk-free interest rate	0.15%
Fair valueper optiongranted	$0.087
Expensed during theyear	$348,559

8) On 28 July 2020, 13,182,938 zero exercise price warrants were issued to EIT InnoEnergy, following the required shareholder approval at the General Meeting held on 27 July 2020. The zero price exercise warrants were in relation to Tranche 1 (refer below) and are exercisable at $0.00 on or before 28 July 2025.

Direct Financial Investment: €800,000 Phase One Investment

The first phase of feasibility study test work at San José will be funded by EIT InnoEnergy with an amount of up to €800,000 (approximately A$1.35 million) committed to Infinity through the issue of unlisted warrants priced at the higher of the 30-day VWAP or A$0.05 per share. The funding comprises of 3 tranches as follows:

Tranche 1: €400,000 in zero exercise price warrants calculated at the higher of A$0.05 per share, or the 30-day VWAP prior to their issue date. Payable after the execution of Project Agreement and subject to shareholder approval. On 27 July 2020 the Company received shareholder approval to issue 13,182,938 warrants to EIT InnoEnergy, which were duly issued on 28 July 2020 and these tranche 1 funds are being directly used for the current test work;
Tranche 2: €200,000 in zero exercise price warrants calculated at the higher of the 30-day VWAP or A$0.05 per share payable upon completion of test work milestone; and
Tranche 3: Up to €200,000 in zero exercise price warrants calculated at the higher of the 30-day VWAP or A$0.05 per share payable upon completion of phase one.

The zero exercise price warrants were issued to EIT InnoEnergy for Tranche 1 and remain payable for each of the subsequent tranches. This is structured to meet EIT InnoEnergy requirements. Funds are allocated directly to test work activities that have commenced at laboratories in the EU.

9) On 28 July 2020, 3,700,000 fully paid ordinary shares were issued to Key Management Personnel as approved by shareholders at the General Meeting held on 27 July 2020. The 2019 Performance Bonus Shares were issued at a deemed price of $0.05 per share. The 2020 Performance Bonus Shares were issued at a deemed price of $0.0405 per share, being the price equal to the 15-day VWAP at the close of business on 27 May 2020. The 2019 and 2020 Performance Bonus Shares related to prior year performance. The expense associated with these shares was accrued for as at 30 June 2020, ahead of their issue on 28 July 2020.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Note 23. Parent Entity Disclosures

Current assets Non-current assets Total assets Current liabilities Total liabilities Net assets Issued capital Reserves Accumulated losses Total equity Loss of parent entity Total comprehensive loss of the parent entity	2021 2020
	$ $
	19,112,504 638,425 37,063 30,000
	19,149,567 668,425 191,002 327,128
	191,002 327,128
	18,958,565 341,297
	46,259,358 26,562,671 3,240,928 638,290 (30,541,721) (26,859,664)
	18,958,565 341,297
	(2,330,540) (1,324,736)
	(2,330,540) (1,324,736)

Commitments

The commitments of the Parent Entity are consistent with that of the Consolidated Entity (refer to Note 26).

Note 24. Non-Controlling Interests

Balance at the beginning of the period Share of loss for the year Share of other comprehensive income Balance at the end of period	2021 2020
	$ $
	- (303,488) - 308,959 - (5,471)
	- -

The Consolidated Entity has one non-controlling minority interest:

Aurum Mining P.L.C has a 20% non-controlling interest in the Company’s subsidiary Morille Mining S.L.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Note 25. Financial Risk Management

The Group’s financial instruments consist mainly of deposits with banks, local money market instruments, shortterm investments, accounts receivable and payable.

Financial Risk Management Policies

a) Treasury Risk Management
The Board meets on a regular basis to analyse financial risk exposure and to evaluate treasury management strategies in the context of the most recent economic conditions and forecasts. The Board’s overall risk management strategy seeks to assist the Group in meeting its financial targets, whilst minimising potential adverse effects on financial performance.

Risk management policies are approved and reviewed by the Board on a regular basis. These include the use of credit risk policies and future cash flow requirements.

b) Financial Risk Exposures and Management

The main risks the Group is exposed to through its financial instruments are foreign currency risk, liquidity risk, credit risk and price risk.

i. Foreign currency risk
The Group is exposed to fluctuations in foreign currencies arising from the sale and purchase of goods and services in currencies other than the Group’s measurement currency. The currencies in which these transactions primarily are denominated are AUD and EURO.

The carrying amount of the Consolidated Entity's foreign currency denominated financial assets and financial liabilities at the reporting date was as follows:

Assets	Assets	Liabilities	Liabilities
2021	2020	2021	2020
€	€	€	€
5,878,806 1,884,056 644,994 619,860

The effect of a 10% strengthening of EUR against the AUD at the reporting date on the EURdenominated assets and liabilities carried within the AUD functional currency entity would, all other variables held constant, have resulted in a decrease in post-tax profit for the year and decrease of net assets of A$827,267 (2020: increase in post-tax loss for the year and decrease of net assets of A$209,503).

ii. Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. Typically the Group ensures that it has sufficient cash on demand to meet expected operational expenses; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Financial Asset & Financial Liability Maturity Analysis	Financial Asset & Financial Liability Maturity Analysis	Financial Asset & Financial Liability Maturity Analysis	Financial Asset & Financial Liability Maturity Analysis	Financial Asset & Financial Liability Maturity Analysis	Financial Asset & Financial Liability Maturity Analysis	Financial Asset & Financial Liability Maturity Analysis	Financial Asset & Financial Liability Maturity Analysis
Within 1 Year		1-5 Years		Over 5 Years		Totals
2021	2020	2021	2020	2021	2020	2021	2020
$	$	$	$	$	$	$	$
19,134,704 627,953 - - - - 19,134,704 627,953 80,970 149,039 - - - - 80,970 149,039 - - 40,734 41,120 - - 40,734 41,120
19,215,674 776,992 40,734 41,120 - - 19,256,408 818,112
123,671 133,715 - - - - 123,671 133,715 948,372 982,500 - - - - 948,372 982,500
1,072,043 1,116,215 - - - - 1,072,043 1,116,215
18,143,631 (339,223) - - - - 18,184,365 (298,103)

iii. Credit risk

Credit risk is the risk of financial loss to the Consolidated Entity if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Consolidated Entity’s receivables from customers and investment securities. 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 Consolidated Entity does not have any material credit risk exposure to any single receivable or Consolidated Entity of receivables under financial instruments entered into by the Consolidated Entity.

Credit risk related to balances with banks and other financial institutions are managed in accordance with approved Board policy. The Consolidated Entity’s current investment policy is aimed at maximising the return on surplus cash, with the aim of outperforming the benchmark within acceptable levels of risk return exposure and to mitigate the credit and liquidity risks that the consolidated group is exposed to through investment activities.

The following table provides information regarding the credit risk relating to cash and money market securities based on Standard and Poor’s counterparty credit ratings.

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Notes to the Financial Statements (continued) For the Year Ended 30 June 2021

	2021	2020
	$	$
Cash and cash equivalents
A-Rated	19,134,704	627,953

iv. Commodity price risk

The Consolidated Entity is not directly exposed to commodity price risk. However, there is a risk that the changes in prevailing market conditions and commodity prices could affect the viability of the project.

v. Interest rate risk exposure analysis

Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting period whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments. The Consolidated Entity does not use derivatives to mitigate these exposures.

Weighted Average	Weighted Average
Effective Interest		Floating Interest		Non-Interest
Rate		Rate		Bearing
2021	2020	2021	2020	2021	2020
%	%	$	$	$	$
- - - - 0.62% 1.00% - - - -		- - 19,134,704 627,953 - - 80,970 149,039 30,000 30,000 10,734 11,120
		30,000 30,000 19,226,408 788,112
		- - 123,671 133,715 - - 948,372 982,500
		- - 1,072,043 1,116,215

Fair Value

Fair values are those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. Fair values may be based on information that is estimated or subject to judgement, where changes in assumptions may have a material impact on the amounts estimated. Areas of judgement and the assumptions have been detailed below. Where possible, valuation information used to calculate fair value is extracted from the market, with more reliable information available from markets that are actively traded. In this regard, fair values for listed securities are obtained from quoted market prices. Where securities are unlisted and no market quotes are available, fair value is obtained using discounted cash flow analysis and other valuation techniques commonly used by market participants.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

The following methods and assumptions are used to determine the net fair values of financial assets and liabilities:

a) Cash and short-term investments – the carrying amount approximates fair value because of their short term to maturity;
b) Trade receivables and trade creditors – the carrying amount approximates fair value; and
c) Other assets and liabilities approximate their carrying value.

No financial assets and financial liabilities are readily traded on organised markets in standardised form other than listed investments.

Financial Instruments

Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortised cost or fair value depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless, an accounting mismatch is being avoided.

Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the Consolidated Entity has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off.

Financial assets at fair value through profit or loss

Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified as financial assets at fair value through profit or loss. Typically, such financial assets will be either: (i) held for trading, where they are acquired for the purpose of selling in the short-term with an intention of making a profit, or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value movements are recognised in profit or loss.

Financial assets at fair value through other comprehensive income

Financial assets at fair value through other comprehensive income include equity investments which the consolidated entity intends to hold for the foreseeable future and has irrevocably elected to classify them as such upon initial recognition.

Impairment of financial assets

The Consolidated Entity recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the consolidated entity's assessment at the end of each reporting period as to whether the financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain.

Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate.

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Notes to the Financial Statements (continued)

For the Year Ended 30 June 2021

Financial liabilities

Financial liabilities of the group consist of namely of Trade and other payables and are classified and subsequently measured at fair value and deferred consideration which is initially measured at fair value and subsequently measured at amortised cost using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest expense in profit or loss over the relevant period. The effective interest rate is the internal rate of return of the financial liability. That is, it is the rate that exactly discounts the estimated future cash flows through the expected life of the instrument to the net carrying amount at initial recognition.

For financial assets measured at fair value through other comprehensive income, the loss allowance is recognised within other comprehensive income. In all other cases, the loss allowance is recognised in profit or loss.

Note 26. Capital Commitments

In order to maintain current rights of tenure to exploration tenements the Consolidated Entity is required to perform minimum exploration work to meet the minimum expenditure requirements specified by various State Governments and overseas government bodies.

The Consolidated Entity ceased exploration activities for the Morille, Banio and Mamana projects in the prior year order to focus on the San José Lithium Project (accounted for as part of equity holding in TEL). As such, the Consolidated Entity does not have any further material financial commitments in relation to these projects.

Note 27. Events After Reporting Date

On 19 July 2021 the Company announced a further deferral of current payment obligations by the Consolidated Entity to Valoriza Mineria aligned to the resolution of the PIV cancellation (detailed further in Note 14 and the Directors’ Report). The deferred consideration of €600,000 is now payable within thirty (30) calendar days following notification of the resolution that favourably resolves the PIV appeal or, if applicable, from the agreement to restart the processing of the PIV, provided that the PIAV remains granted in its status. However, the Consolidated Entity may make the pending payment at any time prior to the granting of the PIV or the resumption of its processing. Extremadura Mining maintains 75% project ownership interest in JV entity TEL, the project vehicle that contains the rights to San José. Further details are available in the ASX announcement on 19 July 2021.

In July 2021 the Company announced that the Spanish Government had approved a historical €4.3 billion funding package with the aim of turning Spain into a European electromobility hub and to kick start the production of electric vehicles and lithium-ion batteries through an initiative funded predominantly by EU Next Generation recovery and resilience funding. The government will stimulate private investment aligned to commitments for Strategic Projects for Economic Recovery and Transformation (‘ PERTE’ ) which will include the whole production chain from extracting lithium to assembling battery cells and manufacturing electric vehicles. The EU Next Generation mechanism has been earmarked to enable the mobilisation of another €19 billion in private investment, bringing the total amount to approximately €24 billion between 2021 and 2023. Further details are available in the ASX announcement on 14 July 2021.

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Notes to the Financial Statements (continued) For the Year Ended 30 June 2021

On 10 August 2021 the Company issued 8,000,000 unlisted options in two equal tranches to Canaccord Genuity in consideration for capital raising services in the February 2021 Placement, which were subject to shareholder approval at the General Meeting held on 5 August 2021. Both tranches consist of 4,000,000 options with an expiry date of 31 December 2024, with exercise prices of $0.266 and $0.304 per tranche, based on a 40% and 60% premium to the February 2021 Placement Offer Price respectively.

On 10 August 2021 the Company issued 40,000,0000 unlisted options in two equal tranches to Promotora de Minas de Carbon, S.A. (‘ PMC’ ) in lieu of cash for success-based consultancy services provided after receiving approval from shareholders at the General Meeting held on 5 August 2021. The options have an exercise price of $0.11 and an expiry date of 10 August 2022, with vesting conditions for each tranche based on successful resolution of the PIV permitting situation. Full vesting conditions are detailed in the Notice of Meeting lodged on the ASX on 5 July 2021.

On 20 September 2021, the Company announced that metallurgical test work had produced battery grade lithium hydroxide monohydrate and lithium carbonate at bench-scale from San José. The Company noted advancements to pilot scale test work and the progression of alternative processing test work. Refer to the ASX announcement released on 20 September 2021 for further details.

Note 28. Contingent Assets and Liabilities

The Company is unaware of any contingent assets or liabilities that may have a material impact on the Company’s financial position.

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Directors’ Declaration

For the Year Ended 30 June 2021

The Directors of the Company declare that:

The financial statements, notes and additional disclosures included in the Directors’ report and designated as audited, are in accordance with the Corporations Act 2001 and:

a) comply with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
b) give a true and fair view of the financial position as at 30 June 2021 and of the performance for the year ended on that date of the Consolidated Entity and Company; and
c) the financial statements are in compliance with International Financial Reporting Standards, as stated in Note 1 to the financial statements.

The Managing Director and Chief Financial Officer have each declared that:

a) the financial records of the Company for the financial year have been properly maintained in accordance with section 286 of the Corporations Act 2001;
b) the financial statements and notes for the financial year comply with the Australian Accounting Standards and Interpretations; and
c) the financial statements and notes for the financial year give a true and fair view.

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

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

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Ryan Parkin CEO and Managing Director 30 September 2021

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INFINITY LITHIUM CORPORATION LIMITED ABN 52 147 413 956 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF INFINITY LITHIUM CORPORATION LIMITED

Report on the Audit of the Financial Report

Opinion

We have audited the financial report of Infinity Lithium Corporation Limited (“the Company”) and its controlled entities (“the Consolidated Entity”), which comprises the consolidated statement of financial position as at 30 June 2021, the consolidated statement of profit and loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the directors’ declaration.

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

giving a true and fair view of the Consolidated Entity’s financial position as at 30 June 2021 and of its financial performance for the year then ended; and
complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Consolidated Entity 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 financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter – material uncertainty related to the carrying value of Equity Accounted Investment

We draw attention to Note 14 to the financial report, which indicates a material uncertainty in relation to the status of the Investigation Permit Valdeflórez (“PIV”) research permit at the San José Lithium Project, held by the Equity Accounting Investment at 30 June 2021. Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Adelaide Brisbane Melbourne Newcastle Perth Sydney

Pitcher Partners BA&A Pty Ltd

Pitcher Partners is an association of independent firms.

An independent Western Australian Company ABN 76 601 361 095. Level 11, 12-14 The Esplanade, Perth WA 6000 Registered Audit Company Number 467435. Liability limited by a scheme under Professional Standards Legislation.

Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities.

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ASX Additional Information

a) Distribution of Shareholders as at 29 September 2021

Spread of Holdings	Number of Ordinary	Number of Shares
	Shareholders
1 – 1,000	64	8,910
1,001 – 5,000	464	1,749,056
5,001 – 10,000	722	5,868,215
10,001 – 100,000	1636	62,268,389
100,001 – and over	493	333,019,986
Total	3,379	402,914,556

b) Top 20 Shareholders as at 29 September 2021

Rank	Name	Number of Ordinary	%
		Shares Held
1	BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM	14,466,335	3.59
2	WOMBAT SUPER INVESTMENTS PTY LTD	11,950,000	2.97
3	MR DOUGLAS MCDONALD BENNETT	10,025,000	2.49
4	ADRIAN BYASS	9,568,805	2.37
	� VALIANT EQUITY MANAGEMENT PTY LTD <THE BYASS FAMILY
	A/C>	75,000	0.02
	� TEUTONIC INVESTMENTS PTY LTD	562,500	0.14
	� VALIANT EQUITY MANAGEMENT PTY LTD	2,000,000	0.50
	� VALIANT EQUITY MANAGEMENT PTY LTD <THE BYASS FAMILY
	A/C>	3,026,876	0.75
	� MR ADRIAN BYASS + MRS MEGAN RUTH BYASS <OAKWOOD
	SUPER FUND A/C>	3,904,429	0.97
5	CITICORP NOMINEES PTY LIMITED	9,535,230	2.37
6	TWYNAM INVESTMENTS PTY LTD	8,306,316	2.06
7	MR BRIAN HENRY MCCUBBING + MRS ADRIANA MARIA
	MCCUBBING	7,256,250	1.80
8	INVICTUS CAPITAL PTY LTD	7,250,000	1.80
9	DENKEY PTY LTD	6,750,000	1.68
10	LARARNAS RIKSFORBUND	5,789,473	1.44
11	UBS NOMINEES PTY LTD	5,292,159	1.31
12	AURORA VENTURES PTY LTD	5,250,000	1.30
13	MRS ALISON CLAIRE GALLAGHER	5,250,000	1.30
14	HSBC CUSTODY NOMINEES(AUSTRALIA)LIMITED	5,128,333	1.27
	� HSBC CUSTODY NOMINEES(AUSTRALIA) LIMITED - A/C 2	2,024,771	0.50
	� HSBC CUSTODY NOMINEES(AUSTRALIA) LIMITED	3,103,562	0.77
15	NOTRE DAME INVESTMENT LIMITED	5,000,000	1.24
16	MR NICHOLAS SIMON DRAPER + MRS MELINDA JANE DRAPER
		4,500,000	1.12
17	MR MARCIN JACEK MATUSIAK	4,160,000	1.03
18	MR CRAIG MICHAEL LAKE + MRS JUDITH MAY LAKE	4,125,000	1.02
19	WIGWAM SUPER PTY LTD	4,000,000	0.99
20	MS STACEY THOMAS	3,770,000	0.94
	Total Top 20	137,372,901	34.09
	Balance of Register	265,541,655	65.91
	Total Ordinary Shares on Issue	402,914,556	100.0

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ASX Additional Information (continued)

c) Ordinary Share Capital as at 29 September 2021

The number of shareholders holding less than a marketable parcel of shares is 333, totalling 829,848 shares; and
Each ordinary share is entitled to one vote when a poll is called, otherwise each member present at a meeting or by proxy has one vote on a show of hands.

d) Options and Rights as at 29 September 2021

As at 29 September 2021, the unissued ordinary shares of Infinity Lithium under option are as follows:

Details	Grant Date	Number	Exercise Price($)	Date of Expiry
Unlisted Options	Various	9,919,643	$0.07	24/10/2021
Unlisted Options	17/09/2019	1,000,000	$0.09	16/09/2022
Unlisted Options	Various	22,762,137	$0.12	30/11/2022
Unlisted Options	27/11/2020	10,000,000	$0.09	30/11/2022
Unlisted Options	04/12/2020	500,000	$0.20	30/11/2022
Unlisted Options	10/08/2021	4,000,000	$0.27	31/12/2024
Unlisted Options	10/08/2021	4,000,000	$0.30	31/12/2024
Unlisted Options	10/08/2021	40,000,000	$0.11	10/08/2022
Total Unlisted Options		92,181,780

As at 29 September 2021, the warrants and rights of Infinity Lithium on issue are as follows:

Details	Grant Date	Number	Exercise Price($)	Date of Expiry
Zero Exercise Price Warrants	28/07/2020	13,182,938	Nil	28/07/2025
Share Appreciation Rights	27/11/2019	5,000,000	$0.072	13/09/2024
Share Appreciation Rights	04/12/2020	9,700,000	$0.082	05/10/2025
Share Appreciation Rights	04/12/2020	500,000	$0.144	02/12/2025
Share Appreciation Rights	03/02/2021	2,000,000	$0.170	05/01/2026

Option-holders do not have any rights to participate in any issue of shares or other interest in the Company or any other entity.

Schedule of Interests in Mining Tenements

Lithium Project Spain

Infinity has a 75% beneficial interest in the San José Lithium Project (Applications) from Valoriza Mineria and Castilla Mining S.L. All tenure is held under the current Joint Venture.

The San José tenements:

Valdeflórez: 10C 10343-00 Cancelled – subject to administrative contentious appeal
Ampliación a Valdeflórez: 10C 10359-00 Granted

Other applications:

Extremadura S.E. 10C10386-00 Castilla Mining S.L. Exploration Permit Application
San José 10C10368-00 Valoriza Mineria S.L.U Investigation Permit Application

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Mineral Resources and Reserves (MROR) Statement

Infinity announced to the ASX on 23 May 2018 information pertaining to the exploration and mineral resource estimates of the San José Project in accordance with ASX Listing Rule 5.8 and compliance with the 2012 JORC Code.

The resource estimate for San José is shown below in Table 1 below:

Classification	Tonnes (Mt)	Li (%)	Li2O (%)	Sn ppm
Indicated	59.0	0.29	0.63	217
Inferred	52.2	0.27	0.59	193
TOTAL	111.2	0.28	0.61	206

Table 1: San José Mineral Resource, reported above 0.1% Li cut-off

*Estimated using Ordinary Kriging methodology. Note: Small discrepancies may occur due to rounding

Snowden Mining (2017) and Cube Consulting estimated the total Mineral Resource for the San José lithium deposit using Ordinary Kriging interpolation methods and reported above a 0.1% Li cut-off grade. Full details of block modelling and estimation are contained in the ASX announcement dated 5 December 2017 and updated 23 May 2018.

Lithium (Li) mineralisation is commonly expressed as either lithium oxide (Li2O) or lithium carbonate (Li2CO3) or Lithium Carbonate Equivalent (LCE).

Lithium Conversion: 1.0% Li = 2.153% Li2O, 1.0%Li = 5.32% Li2CO3

The Resource was announced to the ASX on 5 December 2017 and updated 23 May 2018. Infinity is not aware of any new information or data that materially affects the information included in this ASX release, and Infinity confirms that, to the best of its knowledge, all material assumptions and technical parameters underpinning the resource estimates in this release continue to apply and have not materially changed.

Table 2 summarises the San José Maiden Ore Reserve estimate:

Classification	Tonnes (Mt)	Li (%)	Li2O (%)	Sn ppm
Proven	-	-	-	-
Probable	37.2	0.29	0.63	217.0
TOTAL	37.2	0.29	0.63	217.0

Competent Persons Statement

Summary of Governance and Controls

The mineral resource for the San José Project is reported in accordance with the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. This resource was published by Infinity in an announcement to the Australian Securities Exchange dated 23 May 2018. In accordance with requirements determined by the Australian Securities Exchange and the “Australasian Code for

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Reporting of Exploration Results, Mineral Resources and Ore Reserves”, a checklist for Assessment and Reporting Criteria is presented in that announcement.

A review of factors was conducted which may affect the MROR. These examined included:
Sovereign risk
Commodity prices
Processing or metallurgical understanding
Environmental or mineability setting
Standing of consultants/contractors/technology used in estimation process.

Infinity is not aware of any new information or data that materially affects the information included in this report, and Infinity confirms that, to the best of its knowledge, all material assumptions and technical parameters underpinning the resource estimates in this release continue to apply and have not materially changed.

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AI assistant

INFINITY METALS LIMITED — Annual Report 2021

65127_rns_2021-09-29_cfba93b2-2bfe-44a8-8979-5948af3986eb.pdf

Contents

Corporate Directory

Chairman’s Letter

Directors’ Report

Directors

Principal Activities and Significant Changes in Nature of Activities

Operating Results

Review of Operations

Business Activities

San José Lithium Project

Investigation Permit Valdeflórez Cancellation and Appeal

Directors’ Report (continued)

Progression of Test Work

Directors’ Report (continued)

Offtake MoU signed with LG Energy Solution

Competent Person’s Statement

Directors’ Report (continued)

Corporate Activities

$15 million Placement (February 2021)

Board Changes

Discussion and Analysis of Operations and the Financial Position

Significant Changes in State of Affairs

Directors’ Report (continued)

Dividends Paid or Recommended

Coronavirus (COVID-19) Pandemic

Events After Reporting Date

Directors’ Report (continued)

Likely Developments and Expected Results of the Operations

Environmental Regulations

Information on Directors

Mr Adrian Byass

Non-Executive Chairman | Appointed 27 November 2019 (Previously Non-Executive Director Appointed 17 June 2011)

Directors’ Report (continued)

Mr Ryan Parkin

CEO and Managing Director | Appointed 4 August 2018

Mr Remy Welschinger

Executive Director | Appointed 22 July 2020 (Transitioned to Executive Director on 18 January 2021)

Mr Jon Starink

Executive Director | Appointed 8 October 2020

Mr Vincent Ledoux-Pedailles

Executive Director | Resigned 26 August 2020

Mr Felipe Benjumea Llorente

Non-Executive Director | Resigned 31 July 2020

Directors’ Report (continued)

Company Secretary

Jonathan Whyte | Appointed 28 April 2020

Meetings of Directors

Options and Rights

Directors’ Report (continued)

Shares Issued on Exercise of Options

Indemnifying Directors and Officers

Corporate Governance Statement

Proceedings on Behalf of the Company

Auditor’s Independence Declaration

Directors’ Report (continued)

Rounding of Amounts

– Remuneration Report Audited

Remuneration Policy

Directors’ Report (continued)

Relationship Between Remuneration and Company Performance

Directors’ Report (continued)

Employment Details of Directors and Members of Key Management Personnel

Mr Adrian Byass

Mr Ryan Parkin

CEO and Managing Director

Mr Remy Welschinger

Director (Executive) – Appointed 18 January 2021

Mr Jon Starink

Mr Jonathan Whyte

Directors’ Report (continued)

Table of Benefits and Payments for the Year Ended 30 June 2021

Directors’ Report (continued)

Number of Shares Held by Key Management Personnel for the Year Ended 30 June 2021

Notes:

Directors’ Report (continued)

Number of Options Held by Key Management Personnel for the Year Ended 30 June 2021

Number of Rights Held by Key Management Personnel for the Year Ended 30 June 2021

INFINITY METALS LIMITED Annual Report 2021

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