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ANNUAL REPORT For year ended 31 March 2024

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Gold Nickel Copper Lithium Rare Earth Elements

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1.	CORPORATE DIRECTORY	3
2.	REPORT ON OPERATIONS	6
3.		22
4.	FINANCIAL REPORT	36
5.	CORPORATE GOVERNANCE	72
6.	ADDITIONAL ASX INFORMATION	73

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CORPORAT E DIRECTORY

DIRECTORS

Alan Joseph (Joe) Phillips (Executive Chairman) Josephus (Joe) Antonio Groot (Director and GM Operations) (resigned as CEO 27 November 2023) Cameron McCall (Non-Executive Director) Dr Michael Kale (Non-Executive Director) Harley Groot (Non-Executive Director) (resigned 27 November 2023)

COMPANY SECRETARY

Mima Wirakara

REGISTERED OFFICE & PRINCIPAL PLACE OF BUSINESS

Suite 1G, Building 1 Kings Row Office Park 40 McDougall Street MILTON QLD 4064 Website: www.infinitymining.com.au E-mail: [email protected]

SHARE REGISTRY*

Link Market Services Limited Level 21, 10 Eagle Street BRISBANE QLD 4000

Telephone: +61 7 3320 2200 Website: linkmarketservices.com.au

LEGAL ADVISER

Holding Redlich Lawyers Level 1, 300 Queen Street BRISBANE QLD 4000

Telephone: +61 7 3135 0500 Website: www.holdingredlich.com

AUDITORS

Vincents Audit Pty Ltd Santos Place Level 34/32 Turbot Street BRISBANE QLD 4000

HOME EXCHANGE

Australian Securities Exchange Limited Level 40, Central Park, 152-158 St Georges Terrace PERTH WA

ASX CODE

Share Code: IMI

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2. REPORT ON OPERATIONS

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3. DIRECTORS REPORT

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2. REPORT ON OPERATIONS

The Annual Period to 31 March 2024 has delivered very positive results for Infinity Mining Limited, at several of its projects in the Pilbara and Central Goldfields regions of Western Australia (see Figure 1 ).

In the Pilbara, exploration work was conducted on a range of projects, primarily for Lithium, Copper and Nickel. Surface sampling and RC drilling at the Woody Lithium Project (formerly Tambourah South) led to several new Lithium-bearing pegmatite discoveries, with promising grades up to 3.7 % LiO2 (see details below).

After completion of the 2023 RC drilling program in the Central Goldfields, Infinity released its maiden JORC (2012) Inferred Mineral Resource estimate in early 2024, of 63,000 oz gold, plus a potential exploration target of up to 592,000 oz gold (see details below).

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2.1 PILBARA ASSETS

The Pilbara Assets now containing 20 Exploration Licences covering an area of ~747.06 km[2] in the East Pilbara region includes an extensive portfolio of lithium, gold, copper, and nickel exploration tenements. The expansion of the Pilbara tenure, through the acquisition of several new exploration licenses during 2023, has contributed an additional 98.83 square km to our growing portfolio.

The package includes the Woody (formerly Tambourah South), Hillside, Panorama, Strelley Gorge, Tambourah North, plus new projects Coolyia, Cookes Creek, Cleland and De Grey (see Table 1 ). current focus in the Pilbara is Lithium as many of the tenements lie in a similar geological setting as the nearby Pilgangoora Lithium Mine operated by Pilbara Minerals Ltd (see Figure 2 ). The Infinity Pilbara tenements are shown in Table 1 . During the Annual Period, extension of key tenures, namely E45/4708, E45/4824, E45/4848, and E45/4779, has further solidified our future in the highly prospective East Pilbara Region.

Table 1: Infinity Pilbara Tenement Details

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Tenement Project Holder Area (km [2] ) Blocks Expiry Date
E45/4685 Hillside Infinity Mining Ltd 19.08 6 11/01/2027
E45/4708 Hillside Infinity Mining Ltd 50.91 27 20/11/2027
E45/4709 Hillside Infinity Mining Ltd 41.41 22 20/11/2027
E45/4824 Hillside Infinity Mining Ltd 124.16 65 4/12/2027
E45/4732 Panorama Infinity Mining Ltd 82.99 43 20//11/2027
E45/4764 Panorama Infinity Mining Ltd 12.76 4 9/08/2027
E45/4779 Panorama Infinity Mining Ltd 63.43 33 15/01/2028
E45/6281 Panorama Infinity Mining Ltd 111.75 35 3/08/2028
E45/5847 Coolyia Infinity Mining Ltd 35.06 11 30/06/2027
E45/4848 Woody (Tambourah Infinity Mining Ltd 3.18 1 13/12/2027
South)
E45/5720 Woody (Tambourah Infinity Mining Ltd 9.55 3 26/10/2027
South)
E46/1373 Cookes Creek Infinity Mining Ltd 54.13 17 28/09/2026
E45/4735 Strelley Gorge Macarthur Iron Ore Pty Ltd 11.17 5 20/11/2027
E45/5324 Tambourah North Macarthur Iron Ore Pty Ltd 12.74 4 04/04/2024
E45/6237 Cleland TasEx Geological Services 51.08 16 NA
(pending) Pty Ltd
E45/6471 De Grey Hawker Geological 15.91 5 19/09/2028
Services Pty Ltd
E45/6493 De Grey Infinity Mining Ltd 6.37 2 NA
(pending
E45/6494 De Grey Infinity Mining Ltd 9.55 3 NA
(pending)
E45/6495 De Grey Infinity Mining Ltd 25.46 8 NA
(pending)
E46/1492 De Grey Infinity Mining Ltd 6.37 2 6/09/2028
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Infinity acquired tenements under a Sale Purchase Agreement (SPA) with TasEx Geological Services Pty Ltd dated 22 November 2022, which includes 100% interest in tenements E45/5847, E46/1373, E45/5720 and tenement applications E45/6237 and E45/6281

Infinity acquired tenements under a Sale Purchase Agreement (SPA) with Hawker Geological Services Pty Ltd dated 26 October 2023, which includes 100% interest in tenement E45/6471.

*Tenements owned by a third-party Macarthur Iron Ore Pty Ltd ACN 081 705 651 (MIO). Infinity Mining holds rights to explore for, extract and sell all minerals, including gold, lithium and nickel, from the MIO Tenements other than iron ore (Non Iron Ore Rights) pursuant to a Tenement Sale and NonIron Ore Rights Agreement dated 11 August 2021

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WOODY LITHIUM PROJECT (TAMBOURAH SOUTH)

The Woody Lithium Project (formerly Tambourah South) The project lies just 65 km SE of the Pilgangoora Lithium mine operated by Pilbara Minerals Ltd (see Figure 2 ). After the initial discovery of lithium pegmatites at Woody in 2022, Infinity has continued to discover more lithium-bearing pegmatite bodies during 2023. Tenement E45/5720 was acquired in 2023, which lies directly NE of the Woody tenement E45/4848, increasing the over this exciting Lithium project.

A significant amount of exploration was completed by Infinity during the annual period to 31 March 2024 at the Woody Project, including:

Infinity completed its maiden Lithium drilling
program at Woody in late 2022, with a total advance of 1,812 m RC drilling in 21 holes. Over 50 assays of 1m RC samples returned between 0.20% Li2O and a maximum of 0.994% Li2O (see ASX Announcement 20 April 2023).
A second RC drilling program of 8 holes for a total advance of 834 metres drilling, intersected additional lithiumbearing pegmatites. A total of 23 pegmatite intervals varying in width from 1m up to 25m were logged in the RC drill holes, with each hole logging at least 1m pegmatite. The highest lithium assay was 1 m @ 2.1% Li2O, 1,060 ppm Rb, 119 ppm Cs and 80 ppm Ta, in hole TM23RC026 from 31 m depth. The thickest high-grade intersection of tantalum returned 8 m @ 118 ppm Ta, within RC Drillhole TM23RC2023 (see Figure 3 ). Details are included in ASX Announcements 17 October 2023, 22 November 2023 and 8 February 2024.
Mapping of newly discovered pegmatite bodies at surface shows a combined strike length of over 5.7km, with many of these pegmatites yet to be tested by drilling (see Figure 4 ). Rock chip sampling of newly discovered pegmatite units returned anomalous assays up to 3.7% Li2O (see Figure 4 ). Details are provided in ASX Announcements 17 October 2023, 28 November 2023, 13 December 2023 and 8 February 2024.

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An Ambient Noise Tomography (ANT) survey was completed in 2023 with the goal of delineating pegmatite bodies below surface, down to a depth of several hundred metres. The preliminary ANT results are very positive and assisted with the successful granting of co-funding from the Western Australian Govt of $149,675 under the Exploration Incentive Scheme (EIS). These funds will be used to drill two (2) inclined diamond drill holes, to test the deeper parts of the Li-bearing pegmatite swarm at Woody (see Figure 5 ). Details are included in ASX Announcements 18 May 2023 and 8 February 2024.

Further exploration work is planned at Woody during 2024, including implementation of the Government co-funded (EIS) diamond drilling program.

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Figure 3: Woody Project map showing RC drill hole results, mapped pegmatites and key rock chip sample results.

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Figure 4: Woody Project geological mapping and surface rock chip sampling showing Li2O assays >1%.

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Figure 5: Woody Project proposed drill holes and ANT passive seismic 3D model

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HILLSIDE

The Hillside Project encompasses Exploration Licenses E45/4685, E45/4824, E45/4708 and E45/4709. Infinity also acquired a new tenement E 45/6471 in 2023

position in the Pilbara region. This group of tenements is located approximately 185 km southeast of Port Hedland and 50 km Southwest of Marble Bar in Western Australia (see Figure 2 ).

During the annual period to 31 March 2024, Infinity completed a number of exploration programs at Hillside including:

Selection of targets from a helicopter-borne EM survey (SkyTEM) flown by Infinity in 2018 (see ASX Announcements 18 May 2023).
Maiden nine-hole (9) RC drilling program for a total of 2,278m, targeting the 2018 SkyTEM anomalies (see Figure 6 ). The RC drilling intersected 24 intervals returning assays greater than 1,000ppm Nickel, for example HS23RC003 reported a 135m interval (64m -199m) at 2,189ppm (0.22%) Ni and a further 95 meters interval (254m-349m) at 2,197ppm (0.22%) Ni (see ASX Announcement 8 November 2023).
Two new LCT pegmatite outcrops have been identified at the Hillside Project (Buzz and Lightyear). The Hillside pegmatites were identified during a helicopter survey of the region (see Figure 7 ). A total of 7 separate pegmatite outcrops were sampled, with assays indicating anomalous LCT enrichment. Assays up to 590 ppm LiO2 were reported (see ASX Announcement 8 February 2024).

Further exploration work is planned at Hillside including a more detailed investigation of the newly discovered pegmatite bodies.

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Figure 6: Hillside Tenement map showing drill hole locations for the 9 new RC hole collars over 500K GSWA Geology and greyscale RTP1VD Magnetics

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Figure 7: Hillside Project showing location of 2 new pegmatite discoveries and rock chip assays for Li ppm.

PANORAMA

The Panorama Project encompasses Exploration Licenses E45/4732, E454764 and E45/4779 held by the Company, covering a total of approximately 252 km[2] . During the annual period, Infinity successfully concluded the the Panorama Project, marking another significant addition to its expanding portfolio in the Pilbara region (see ASX Announcement 16 November 2023).

The Panorama Project is located 135 km SE of Port Headland in the Pilbara Region of Western Australia (see Figure 2). The main prospect of interest at Panorama is the Brisbane Nickel Prospect.

Over the annual period to 31 March 2024, Infinity completed a number of exploration programs at Panorama including:

Selecting high-priority targets from a helicopter-borne EM survey (VTEM Max) flown by Infinity in late 2022 for further work. This EM survey defined a prominent conductive target (700 x 400 m) located just 350 m east of the Brisbane Nickel Prospect (see ASX Announcement 10 May 2023). Rock chip sampling at the Brisbane Nickel Prospect in 2022 returned up to 7,636ppm (0.764%) Nickel (Ni) and 8,918ppm (0.892%) Chromium (Cr) (see Figure 8 ) (see ASX Announcement 15 December 2022).

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-funded drilling program at the Brisbane Nickel Prospect was awarded Exploration Incentive Scheme (EIS). Infinity has been granted $117,810 to undertake this proposed drilling program at the Brisbane Nickel Prospect (see ASX Announcement 27 April 2023). The proposed drilling program has been designed to drill test both the surface geochemistry and VTEM anomaly with 10 RC Holes. Six (6) of the holes are to be drilled at an incline under existing rock chip geochemistry and anomalous gossan to test down dip extensions of the peridotite. Four (4) holes will be drilled as inclined scissor holes to test the offset VTEM anomaly. Drilling has been planned for 2024

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Figure 8: Panorama Project, grided 25 Hz VTEM image showing the prominent VTEM target adjacent to the anomalous Ni in rock chip samples at the Brisbane Nickel Prospect

STRELLEY GORGE

The Strelley Gorge Project encompasses Exploration License E45/4735. The Strelley Gorge project lies in close proximity to the Sulphur Springs and Kangaroo Caves Copper-Zinc Deposits (see Figure 2 ). This project is highly prospective for Copper-Zinc Volcanic-Hosted Massive Sulphide (VHMS) mineralisation similar to that at Sulphur Springs and Kangaroo Caves.

During 2023, Newexco Exploration Geophysical consultants completed interpretation of the October 2022 helicopter-borne electromagnetic (VTEM Max) surveys completed over the Stelley Gorge project. A number of EM anomalies were identified at Strelley Gorge (see Figure 9 ). Two EM anomalies stand out as higher-priority targets and will be followed up in the future (see ASX Announcement 10 May 2023). The Southeast corner of the tenement is of greatest interest due to the proximity to the Sulphur Springs VHMS deposit currently owned by Develop Global Limited (ASX: DVP, formerly Venturex Resources Limited).

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Figure 9: Stelley Gorge VTEM anomalies over a grid of Bz at Ch30, proximity to Sulphur Springs Resource

TAMBOURAH NORTH

The Tambourah North Project (E45/5324.) is located 8 km north of the Woody Project (formerly Tambourah South). The project covers a structural deformed section of a greenstone belt containing mafic and ultramafic rocks of the Euro Basalt. In 2023, several potential pegmatites were identified in satellite imagery for ground-checking. Further exploration work is planned at Tambourah North in 2024.

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2.2 CENTRAL GOLDFIELDS ASSETS

The Central Goldfields Assets include six Prospecting Licenses (five currently under conversion to Mining Leases), two granted Mining Leases and one Exploration Licence, located in the Leonora region, some ~220 km north of Kalgoorlie. The Central Goldfields tenements are prospective for orogenic gold systems, copper-rich VMS systems and Rare Earth Elements (REE).

The Central Goldfields tenements are listed below in Table 2 . A location map is included as Figure 10 .

Table 2: Central Goldfields Tenement Details

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Tenement Project Holder Area Blocks Expiry Date
(km [2] )
E37/1442 Rest Infinity Mining Ltd 2.65 1 Block 19/10/2026
M37/1349 Victor Bore Infinity Mining Ltd 0.15 15.37155 Ha 10/03/2042
P37/8278^ Gully Infinity Mining Ltd 2.00 200 Ha 27/03/2021
M37/1359 [#] Gully Infinity Mining Ltd 2.00 200 Ha Under application
M37/983 Chicago Infinity Mining Ltd 0.38 38 Ha 19/02/2029
P37/8310^ Great Northern Infinity Mining Ltd 1.34 134 Ha 14/05/2021
M37/1360 [#] Great Northern Infinity Mining Ltd 1.34 134 Ha Under application
P37/8325^ Camel Infinity Mining Ltd 1.90 191 Ha 29/01/2022
M37/1367 [#] Camel Infinity Mining Ltd 1.90 191 Ha Under application
P37/8376^ Victor Bore Infinity Mining Ltd 1.81 180 Ha 27/01/2022
M37/1368 [#] Victor Bore Infinity Mining Ltd 1.81 180 Ha Under application
P37/8468^ Rest Infinity Mining Ltd 1.38 138 Ha 19/11/2022
M37/1377 [#] Infinity Mining Ltd 1.38 138 Ha Under application
P37/8571 Specking Patch Infinity Mining Ltd 0 0 Expired
06/12/2023
P37/9162 Coppermine Infinity Mining Ltd 1.11 111 Ha 21/02/2027
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^ Application submitted for conversion to Mining Lease([#] )

Infinity is actively undertaking negotiations with third parties regarding the sale or partnership of the Central Goldfields Project. Any resultant transactions, if they occur, may provide the Company with further funds to expedite lithium-related activities. The Company remains committed to transparency, and in accordance with its continuous disclosure obligations, will promptly inform the market of any agreements reached.

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Figure 10

OVERVIEW OF EXPLORATION WORK

During the annual period to 31 March 2024, Infinity completed a number of exploration programs at the Central Goldfields including:

RC drilling campaign in the Central Goldfields, consisting of 37 holes
for a total advance of 3851 m of drilling. This program Bore, Camel and Great Northern Projects in early 2023.
Gold assay results from 16 RC holes drilled at Victor Bore returned several significant intercepts such as: 8 m @ 3.46 g/t Au, from 56 m depth in hole VB23RC0010, including 1 m @ 21.86 g/t Au, from 57 m depth (see ASX Announcements 4 April 2023 and 1 June 2023). A drill hole map is included as Figure 11 . Two cross-sections (A-B and C-D) across the main NE-trending mineralised zone on M37/1349 are included as Figures 12 and 13 , which highlight the steeply SE-dipping interpreted zones of gold mineralisation at Victor Bore.
Gold assay results from 5 RC holes drilled at the Great Northern Project returned several significant gold intercepts such as 3 m @ 2.9 g/t Au, from 64 m depth in hole GN23RC112, including 1 m @ 7.49 g/t Au, from 65 m depth (see ASX Announcements 4 April 2023 and 1 June 2023). A drill hole map showing the location of all drill holes at Great Northern is shown below on Figure 14 . A SW-NE cross-section through the central part of the Great Northern gold mineralisation is included in Figure 15 , which shows that the NE-dipping gold-bearing zone of mineralisation is open at depth.
Infinity released its maiden JORC (2012) Inferred Mineral Resource Estimate (MRE) of 63,000 oz gold for the Central Goldfields, plus a potential exploration target of up to 592,000 oz gold (see below).
Anomalous Rare Earth Element (REE) assays were received from Victor Bore RC drill hole samples highlighting the potential for REE mineralisation at Victor Bore (see below).

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Figure 11: Victor Bore RC Drill Hole Location Map

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Figure 12: Victor Bore Cross-Section A-B

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Figure 13: Victor Bore Cross-Section C-D

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Figure 14: Great Northern RC Drill Hole Location Map

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Figure 15: Great Northern Cross-Section A-B

CENTRAL GOLDFIELDS MAIDEN JORC (2012) MINERAL RESOURCE ESTIMATE

In early 2024, Infinity released its maiden JORC (2012) Inferred Mineral Resource Estimate (MRE) at its Central Goldfields Project for a total of 63,000 oz gold. The MRE has been compiled from RC drilling completed by Infinity in 2022 and 2023, plus historical drilling at the Craig's Rest, Victor Bore and Great Northern Gold Prospects. The MRE details are shown below using a cut-off at 0.5 g/t Au (see Table 3 ). Details of the MRE are outlined in ASX Announcements dated 19 January 2024, 8 February 2024 and 29 February 2024.

Table 3: Central Goldfields JORC (2012) Inferred Mineral Resource Estimates

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Cutoff Au
Tonnes Ounces
(g/t) (g/t)
Great Northern 0.5 57,000 1.47 2,700
Craigs Rest 0.5 1,096,000 1.38 48,600
Victor Bore 0.5 234,000 1.56 11,700
Total 1,387,000 63,000
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Infinity considers the inferred resources defined to date to have future mining potential in that:

the mineralisation is exposed on the surface,

is of sufficient width and grade for open pit mining, and

having a probable free dig component from near surface weathering

To assist with planning and provide an understanding of potential gold mineralisation across the Central Goldfields Project, Infinity also commissioned an Exploration Target Estimate (see Table 4 ). The results are very encouraging with up to 592,000 oz @ 3.7 g/t Au potentially discoverable across the project. Details are outlined in ASX Announcements dated 19 January 2024 and 8 February 2024.

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Table 4: Central Goldfields Exploration Target Estimate

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Min Range Max Range
Million Thousand Million Thousand
Au (g/t) Au (g/t)
Tonnes Ounces Tonnes Ounces
Surface Extensions 1.35 1.2 49.5 4.07 2.1 264.0
Below current resources 0.38 5.7 67.1 1.08 9.8 328.0
Total 1.73 2.2 116.6 5.15 3.7 592.0
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RARE EARTH ELEMENT (REE) POTENTIAL

Anomalous Rare Earth Element (REE) assays were received from two Victor Bore RC drill hole samples highlighting the potential for REE mineralisation at Victor Bore and the greater Central Goldfields Project.

The RC assay results from Victor Bore show anomalous REE concentrations of up to 266.7 ppm Ce, 44.61 ppm Dy, 373.6 ppm La, 389.13 ppm Nd and 157.86 ppm Y. Two of the RC samples returned assays of >1000 ppm total rare earth oxides (TREO).

VB23RC008, 20 to 21 m depth, returned 1018 ppm (0.102 %) TREO (saprolite); - VB23RC011, 53 to 54 m depth, returned 1582 ppm (0.158 %) TREO (felsic intrusion).

The anomalous REE assay in VB23RC011, 53-54m depth, (1582 ppm TREO), was logged as a felsic intrusive rock (interpreted as a sub-volcanic dyke). The true composition of this igneous intrusive rock and its full extent at Victor Bore is unknown at this stage and warrants further exploration.

A number of other REE projects occur in the Leonora area including the world-class Mt Weld Rare Earth Mine owned by Lynas Rare Earths (ASX: LYC). Mt Weld is one of the highest grades REE deposits in the world, indicating that the Goldfields region is highly prospective for REEs.

Caution Regarding Forward Looking Statements

Certain of the statements made and information contained in this press release may constitute forward-looking information and forwardapplicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding exploration results and Mineral Resource estimates or the eventual mining of any of the projects, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in copper, nickel or gold demand or substitution by other metals or materials; the discovery of new large low cost deposits of copper, nickel or gold; the general level of global economic activity; failure to proceed with exploration programmes or determination of Mineral resources; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forwardlooking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Competent Persons Statement

The information contained in this report that relates to the Exploration Results, Mineral Resource Estimate and Exploration Target Estimate is based on information compiled by Mr Andrew Hawker, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Hawker is a Geological Consultant for Infinity Mining and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he has undertaken to qualify as Competent Person as defined in the 2012 Edition of the Australasian JORC Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hawker consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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3. DIRECTORS REPORT

The Directors present their report together with the financial statements of the consolidated entity (referred to hereafter as the Group) consisting of Infinity Mining Limited ACN 609 482 180 and Infinity Mining Civil Pty Ltd which was incorporated on 8 November 2022, the entity it controlled at the end of, or during the financial year ended 31 March 2024.

3.1 DIRECTORS

The following persons were directors of Infinity Mining Limited during the financial year and up to the date of this report, unless otherwise stated:

ALAN (JOE) PHILLIPS, EXECUTIVE CHAIRMAN

Mr Phillips was educated at the University of Queensland and combines strong project management skills with a discipline in economics and a detailed understanding of the operation of public administrations and the elected governments in Australia. Mr Phillips was the General Manager for Economic Development for the City of Brisbane for eight years before joining the executive of ENERGEX Retail Pty Ltd for three years and completing his Public Service career with the Queensland Lottery where he was involved in the privatisation of this government asset to Tattersalls (now Tabcorp).

Independence

Mr Phillips is currently the Executive Chairman of Infinity Mining and was Managing Director of Macarthur Minerals Limited until 31 August 2022 (substantial shareholder of Infinity Mining) and is not considered to be independent.

JOSEPHUS (JOE) GROOT, DIRECTOR AND GM OPERATIONS

Mr Groot has had his own civil earthmoving company for 39 years. The majority of this time has been spent as Company Director, completing major civil projects for local and state government. For the past ten years he has spent time in the West Australian Goldfields (Leonora) region prospecting, acquiring leases and contracting to ASX listed companies, as well as in NSW.

Independence

Mr Groot was the CEO until 27 November 2023.and currently a Director of Infinity Mining and is not considered to be independent.

CAMERON MCCALL, NON-EXECUTIVE DIRECTOR

Mr McCall has a wealth of experience across the financial services and commercial property industries within Australia and internationally. He has been providing investment advice, equity capital raising and share trading for over 17 years to corporate ent Macquarie Bank Limited.

During his 40-year career, Mr McCall has built an extensive network of international and Australian based high net worth individuals and corporate entities. Mr McCall is currently running a corporate advisory business providing advice on asset acquisition and capital raising to international and Australian based organisations.

Independence

Mr McCall is currently a Non-Executive Director of Infinity Mining and Executive Chairman and CEO of Macarthur Minerals Limited (substantial shareholder of Infinity Mining) and is not considered to be independent.

DR MICHAEL KALE, NON-EXECUTIVE DIRECTOR

Dr Michael Kale MBBS (Sydney), BMedRadSc, MTrauma (Ortho), MPH, MClinEpid, MAICD is a company director with extensive management and leadership experience spanning both business and the not-for-profit sector. As a member of the Australian Institute of Company Directors, he brings valuable expertise to his role, complimented by his background as a medical doctor in the field of surgery. Michael's unique skill set includes analytical thinking, risk management, and interpersonal skills which he effectively applies to assess, manage and optimise complex systems.

Independence

Dr Kale is currently a Non-Executive Director of Infinity Mining and is considered to be independent.

HARLEY GROOT, NON-EXECUTIVE DIRECTOR

Harley has a Bachelor of Science from Macquarie University majoring in Geology. He is a professional with extensive experience of logistics, safety, communications and customer service. Harley has 16 years maritime experience specialising in the safe transport and operations of all Sydney Ferries passengers and assets.

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Independence

Mr Groot was a Non-Executive Director of Infinity Mining and was not considered to be independent. He resigned on 27 November 2023.

3.2 COMPANY SECRETARY

MIMA WIRAKARA, COMPANY SECRETARY

Ms Wirakara is a professional with 15 years-experience in administrative, governance and company secretarial support services for several ASX, TSX and POMSox listed resource companies, having also assisted a number of corporate governance and compliance processes and adds considerable value to the management team. Ms Wirakara is currently the Company Secretary at Macarthur Minerals Limited (ASX: MIO, TSXV: MMS, OTCQB: MMSDF).

3.3 PRINCIPAL ACTIVITIES

Infinity Mining Limited holds 100% interest in over 700 km[2] of tenements in the East Pilbara as well as 22 km[2] in the Central Goldfields regions of Western Australia. The Company also has several pending applications in the East Pilbara totalling ~211km[2] . These tenements are located in highly prospective Lithium, Nickel, Copper and Gold Pilbara tenements.

The nature of the Group principal activities during the financial year was mineral exploration and evaluation.

3.4 DIRECTORS MEETINGS

3, and the

number of meetings attended by each director were:

	Number
	of Board	Number
	Meetings	Eligible
	Attended
J Phillips	3	3
J Groot	3	3
C McCall	3	3
M Kale	3	3
H Groot	1	1

and the number of meetings attended by each member were:

	Number of
	Audit and
	Risk	Number
	Committee	Eligible
	Meetings
	Attended
M Kale, Chairman of Audit and Risk Committee	3	3
C McCall	3	3
H Groot	1	1

3.5 OPERATING AND FINANCIAL REVIEW

The Directors present the Operating and Financial Review for the year ended 31 March 2024. The information provided in this review forms part of operations, financial position and business strategies of the Company.

OPERATING PERFORMANCE

During the reporting period the contracts entered into by the Company which are material to its operations are as follows:

(1) PRIVATE PLACEMENT

On 18 December 2023, the Company completed a Private Placement for $650,000 from professional and sophisticated investors, resulting in the issuance of 5,200,000 fully paid ordinary shares at an issue price of A$0.125 per share and 5,200,000 options exercisable at A$0.20 per option, expiring 18 December 2025. Proceeds from the Private Placement are being used towards general working capital.

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The securities issued fall within the existing placement capacity as permitted under ASX Listing Rule 7.1.

(2) BOARD AND EXECUTIVE CHANGES

Effective 27 November 2023, Harley Groot resigned from the Board of Directors and continues in the role of Senior Exploration Geologist. Joe Groot also resigned as CEO of the Company and continues as Director and General Manager of Operations.

(3) CO-FUNDED DIAMOND DRILLING PROGRAM E45/4848

The Company was granted a co-funded drilling program of $149,675 to complete two inclined NG diamond holes at Regulation, and Safety under the Exploration Incentive Scheme (EIS), with the Company funding the balance of $299,350 for the program budget.

(4) SHARE PURCHASE AGREEMENT WITH HAWKER GEOLOGICAL SERVICES PTY LTD

On 25 October 2023, the Company entered into a Sale Purchase Agreement (SPA) with Hawker Geological Services Pty Ltd (Seller) to acquire a 100% interest in tenement E45/6471 for a total purchase price of $25,000 in 208,333 shares issued on 27 October 2023. Consideration shares were issued at a deemed price equal to the Volume Weighted Average Price (VWAP) for the five ASX trading days preceding the execution of the SPA.

negligence in pursuing the application, the purchase price will not be refunded to the Company by the Seller.

The following conditions precedent must be satisfied or waived in accordance with the agreement by 30 October 2025, or such other date as mutually agreed upon by the parties:

(a) Applications being granted;
(b) All necessary Ministerial Consents for the transfer of the granted Tenements being given under the Act;
(c) All necessary thirdhave been obtained; and
(d) The Seller and the Purchaser have received all necessary shareholder (if required) and board approvals for the signing of this document and the issue of the Shares as applicable.
(5) PRO RATA NON-RENOUNCEABLE BONUS ISSUE

A pro-rata non-renounceable bonus issue of 28,060,287 Bonus Options to Shareholders in the Company with an as of the Record date of 12 September 2023, with no consideration, was completed on 20 September 2023. These Options were quoted on the ASX under security code IMIO, expiring on 19 September 2024 with an exercise price of A$0.20 per Option.

The Bonus Options were issued as part of the capital management initiative as a reward to shareholders for their continued long-

(6) STANDY EQUITY FACILTY WITH SBC GLOBAL INVESTMENT FUND

On 20 July 2023, the Company entered into an Equity Placement Agreement with SBC Global Investment Fund to issue of those shares on the following key terms:

(a) Term: 36 months
(b) Purchase Price: Placement Shares are priced at the greater of 95% of:
and
the Minimum Acceptable Price nominated by the Company (provided that the discounted Minimum Acceptable Price cannot be lower than any minimum price required under the ASX Listing Rules.
(c) Provisional Placement Shares: The number of Shares which is equal to 120% of the Requested Placement Amount divided by 95% of the Minimum Acceptable Price, and (where the resulting number is not a whole number) rounded up to the nearest whole number. Following the end of the Commitment Period the Investor will purchase any such shares remaining at the applicable Purchase Price.
(d) Placement Shares: The maximum number of Shares that can issued equal to the Placement Amount divided by the Purchase Price, and (where the resulting number is not a whole number) rounded up to the nearest whole number but will be capped at the relevant number of Provisional Placement Shares in any event.

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(e) Completion: Completion of each Placement is the date which is the Trading Day immediately after the end of the Pricing Period.
(f) Options: On the Closing Date, subject to ASX Listing Rules, the Company shall grant the Investor Options to purchase 5,000,000 shares. The options will have a term of 3 years and a strike price equal to 150% of the average of the 5 daily VWAPs preceding Closing. An additional 2,000,000 Options will be issued for each of the first 3 Placements. Each Option will be exercisable for 3 years from Issuance and an exercise price equal to 150% of the average of the 5 daily VWAPs preceding the applicable Placement.
(g) Fees: Infinity will pay SBC reasonable legal costs up to a maximum of A$20,000 and an Investor Fee of A$100,000 at the Closing Date and 3% of any Placements.

Pursuant to the Placement Agent Agreement between EAS Advisors, LLC, through Odeon Capital Group LLC ("Odeon") and the Company dated 8 June 2023, subject to successful completion of establishment of the Equity Placement Agreement, Odeon will receive the following remuneration:

A$100,000 (one hundred thousand Australian dollars) in ordinary common shares in the Company. Such shares will be issued at a price equal to the thirty (30) day VWAP immediately prior to the date of any announcement of the Capital Raising Transaction.
(7) CO-FUNDED DIAMOND DRILLING PROGRAM E45/4779

The Company was granted a co-funded drilling program of $117,810 to undertake a maiden nickel drilling program Regulation, and Safety under the Exploration Incentive Scheme (EIS), with the Company funding the balance of $268,720 for the program budget.

FINANCIAL PERFORMANCE

Operating Results

The Group consolidated comprehensive loss of the year ended 31 March 2024 amounted to $8,728,256 after income tax. As an exploration and evaluation company, the Company expects to continue to report losses until such time as profit is earned from potential production activities.

	Year ended 31 March 2024	Year ended 31 March 2023
	$	$
OperatingExpenses	(8,728,256)	(2,299,861)
Total comprehensiveprofit(loss)for theyear	(8,728,256)	(2,164,410)

Financial Position

==> picture [462 x 253] intentionally omitted <==

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

Year ended 31 March Restated Year ended
2024 31 March 2023
$ $
Cash and cash equivalents 250,787 3,323,785
Exploration and Evaluation assets 8,000,000 12,804,140
Property, Plant and Equipment 136,707 184,495
Total Assets 8,473,920 16,574,998
Accounts payable and accrued liabilities 281,984 535,627
Non-current Liabilities 322,600 -
Total Liabilities 604,584 535,627
Net Assets 7,869,336 16,039,371
Net Working Capital [ (deficit)] (267,367) 3,050,776
----- End of picture text -----*

* Refer Note 20 Prior Period Correction

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At 31 March 2024 the Group had net assets of $7,869,336 compared to a $16,039,371 at 31 March 2023. The

The Group cash and cash equivalents balance was $250,787 at 31 March 2024 which was a decrease of $3,072,998 from 31 March 2023. The decrease is due largely to the current periods drilling expenses and exploration activities.

The Group net working capital deficit at 31 March 2024 was $ 267,367 compared with net working capital of $3,050,776 at 31 March 2023.

As disclosed in the financial report, the Group recorded an operating loss of $8,728,256 (2023: Loss of $2,164,410) and a cash outflow from operating activities of $3,072,998 for the year ended 31 March 2024 (2023: $2,258,623). As at 31 March 2024 the Group had cash of $250,787. The ability of the Group to continue as a going concern is principally dependent upon the ability of the Group to continue to secure funds by raising capital from equity markets, monetizing non-core assets and managing cash flows in line with available funds.

During the year ended 31 March 2024, a total of 38,260,287 options were issued. Among these, 5,000,000 options were issued to SBC Global Investment Fund for a standby equity facility under an equity placement agreement, 28,060,287 options were issued under a pro-rata non-renounceable bonus issue, and 5,200,000 options were issued under the Private Placement. Additionally, 22,502,500 options issued pursuant to the offer under the prospectus dated 28 October 2021, expired on 10 June 2023.

The ability of the Group to continue as a going concern is principally dependent upon the ability of the Group to continue to secure funds by raising capital from equity markets, monetizing non-core assets, and managing cash flows in line with available funds.

The Company has prepared a business plan to manage operations and expenditures over the future twelve months, in order to ensure that the Company has sufficient funds to meet its obligations as and when they become due.

Business Risk

(a) Reliance on Key Personnel

The ability of the Company to achieve its objectives depends on the access to key personnel and external contractors who constitute its technical panel and provide technical expertise. If the Company cannot secure technical expertise (for example to carry out drilling) or if the services of the present technical panel cease to become available to the Company, this may affect the Company's ability to achieve its objectives either fully or within the timeframes and the budget the Company has decided upon. Whilst the ability of the Company to achieve its objectives may be affected by the matters mentioned above, the Directors believe that appropriately skilled and experienced professionals would be available to provide services to the Company at market levels of remuneration in the event key external contractors cease to be available.

(b) Insurance

The Company intends to ensure that insurance is maintained within ranges of coverage that the Company believes to be consistent with industry practice and having regard to the nature of activities being conducted. No assurance, however, can be given that the Company will be able to obtain such insurance coverage at reasonable rates or that any coverage it arranges will be adequate and available to cover any such claims.

Moreover, insurance against risks such as environmental pollution or other hazards as a result of exploration, development and production activities is not generally available to the Company or to other companies in the oil and gas industry on acceptable terms. The Company might also become subject to liability for pollution or other hazards that may not be insured against or which the Company may elect not to insure against because of premium costs or other reasons. Losses from these events may cause the Company to incur significant costs that could have a material adverse effect upon its financial performance and results of operations.

(c) Commodity price volatility and exchange rate

If the Company achieves success leading to mineral production, the revenue it will derive through the sale of product exposes the potential income of the Company to commodity price and exchange rate risks. Commodity prices fluctuate and are affected by many factors beyond the control of the Company. Such factors include supply and demand fluctuations for precious and base metals, technological advancements, forward selling activities and other macro-economic factors.

Furthermore, international prices of various commodities are denominated in United States dollars, whereas the income and expenditure of the Company will be taken into account in Australian currency, exposing the Company to the fluctuations and volatility of the rate of exchange between the United States dollar and the Australian dollar as determined in international markets.

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(d) Financing Risk

The Company has finite financial resources and no cash flow from producing assets and therefore will likely require additional financing in order to carry out its exploration and development activities.

raise additional funds. There can be no assurance that any such equity or debt funding will be available to the Company on favourable terms or at all. Failure to obtain appropriate financing on a timely basis could cause Infinity Mining to have an impaired ability to expend the capital necessary to undertake or complete drilling programs, forfeit its interests in certain properties, and reduce or terminate its operations entirely. If Infinity Mining raises additional funds through the issue of equity securities, this may result in dilution to the existing shareholders and/or a change of control at the Company.

(e) Exploration and Evaluation Risk

factors, will only proceed upon obtaining satisfactory exploration results and positive outcomes in future project studies. Mineral exploration and development involve a high degree of risk and few properties which are explored are ultimately developed into producing mines.

There is no assurance that mineral exploration and development activities will result in the discovery and between the discovery of a deposit and its exploitation. Most exploration projects do not result in the discovery of commercially mineralised deposits.

Accordingly, if the exploration activities undertaken by the Company do not result in additional reserves or identified performance. There is no guarantee that it will be economic to extract any resource or that there will be commercial opportunities to monetise these resources. The circumstances in which a deposit becomes or remains commercially viable depends on a number of factors, including the attributes of the deposit, such as size, grade and proximity to infrastructure as well as external factors such as supply and demand. In addition, the exploitation of successful discoveries involves obtaining the necessary licences or clearances from relevant authorities that may require conditions to be satisfied and the exercise of discretions by such authorities. This, along with factors such as successful design construction, commissioning and operating of projects and processing facilities, operational and technical difficulties, mechanical failure or breakdown, unanticipated metallurgical problems which may affect extraction costs, adverse weather conditions and industrial and environmental issues, may result in projects not being developed, or operations becoming unprofitable. Further, the decision to proceed to further exploitation may require the participation of other companies whose interest and objectives may not be the same as those of the Company.

(f) Resources and Reserve Estimates

Resource and reserve estimates are expressions of judgment based on drilling results, past experience, industry practice and many other factors. Estimates which are valid when made may change substantially when new information becomes available. Determining resource and reserve estimates is an interpretive process based on available data and interpretations and thus estimations may prove to be inaccurate.

The actual quality and characteristics of mineral deposits cannot be known until mining takes place and will almost always differ from the assumptions used to analyse them. Further, reserves are valued based on future costs and future prices and, consequently, the actual reserves and resources may differ from those estimated, which may result in either a positive or negative effect on operations and/or financial performance.

(g) Grant of Future Authorisations to Explore and Mine

If the company discovers an economically viable mineral deposit that it then intends to develop, it will, among other things, require various approvals, licences and permits before it will be able to mine the deposit. There is no guarantee that the Company will be able to obtain all required approvals, licences and permits. To the extent that be materially adversely affected.

(h) Tenure, Access, and Grant of Applications

Failure to satisfy expenditure commitments and licence conditions

Interests in tenements in Western Australia are governed by the Mining Act and related regulations that are current in Western Australia and are evidenced by the granting of licences or leases. Each licence or lease is for a specific term and carries with it annual expenditure and reporting commitments, as well as other conditions requiring compliance and responsibilities in respect of the environment, community and safety.

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Failure to observe these conditions could result in penalties or government or third-party action to forfeit a tenement or tenements. In particular, if a breach of the minimum expenditure commitment occurs and the breach is of sufficient gravity to justify forfeiture, a tenement or tenements may be forfeited.

Consequently, the Company could lose title to or its interest in the Tenements if licence conditions are not met or if insufficient funds are available to meet minimum expenditure conditions on the Tenements. The Company considers the likelihood of tenure forfeiture to be low given the laws and regulations governing exploration and mining leases in Western Australia and the ongoing expenditure budgeted for by the Company. However, the consequence of forfeiture or involuntary surrender of a granted tenement could be significant.

Applications

The Pilbara Tenement E45/6237 which is the subject of the conditional TasEx Sale Purchase Agreement, is under application. The native title right to negotiate procedure is in process for this application. The good faith negotiations required to be undertaken with the native title party are within the control of the Company and while the Company does not anticipate there to be any issue with the grant of this application there is no assurance that the application will be granted or that there will be no delays in grant. There can also be no assurance that if the relevant tenement is granted, it will be granted in its entirety. Additionally, some of the tenement areas applied for may be excluded.

Consent for transfer

Ministerial consent to the transfer of Tenement application to Infinity from TasEx will be required as follows:

Application being granted;
All necessary Ministerial consents for the transfer of the granted tenement being given under the Act; All necessary third-
have been obtained; and
The seller and purchaser have received all necessary shareholder and Board approvals for the signing of this document and the issue of the shares as applicable.

There can be no assurance that the consents will be granted or the timing for the Ministerial consent. If Ministerial consent is not obtained for the relevant granted Tenement application, then the conditions precedent under the TasEx Sale Purchase Agreement may not be satisfied.

General Renewal

Mining and exploration tenements are granted for a specific term and are subject to periodic renewal (up to a maximum term) subject to the Mining Act and regulations. Permitted renewal of the term of granted tenements is subject to compliance with the Mining Act and regulations and the discretion of the Minister for Mines. The imposition of new conditions, or the inability to meet those conditions, may adversely affect the operations, financial position and/or performance of the Company. There is no assurance that such renewals will be given as a matter of course and there is no assurance that new conditions will not be imposed.

Access

Several of the Tenements overlap certain thirdability to conduct exploration and mining activities. Third party interests which could restrict, limit, delay or prevent access to the Tenements include:

third party tenements (primarily miscellaneous licences which may be for infrastructure or water) which overlap the Tenements;
land which is subject to a Crown reserve (noting that Ministerial or other third-party consents may be required prior to any activities being conducted in reserve areas);
pastoral leases (which impose restrictions on access within buffer zones of certain pastoral infrastructure); rights and requirements arising from Native Title legislation; and
requirements arising from the Aboriginal heritage legislation relating to Aboriginal heritage sites, culture and objects.

Under State and Commonwealth legislation, the Company may be required to consult with, obtain the consent of and pay compensation to such third-party interest holders or seek consents from Government bodies prior to accessing or commencing any exploration or mining activities on the affected areas within the Tenements. Entry into such agreements is not guaranteed and may restrict, limit, delay or prevent the undertaking of activities in certain areas. The Company will formulate its plans and activities to accommodate and work within all applicable conditions, restrictions and limitations on access, however these requirements can be complex and sometimes require approvals, consent or negotiations involving government and / or third parties. As such, there is a risk one or more of these access issues may prevent or delay the Company from implementing its intended activities which may

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(i) Climate Change

The operations and activities of the Company are subject to changes to local or international compliance regulations related to climate change mitigation efforts, specific taxation or penalties for carbon emissions or environmental damage and other possible restraints on industry that may further impact the Company. While the Company will endeavour to manage these risks and limit any consequential impacts, there can be no guarantee that Company will not be impacted by these occurrences. Climate change may also cause certain physical and environmental risks that cannot be predicted by the Company, including events such as increased severity of weather patterns, incidence of extreme weather events and longer-term physical risks such as shifting climate patterns. All these risks associated with climate change may significantly change the industry in which the Company operates.

(j) Environmental Impact Constraints

The

Development of any mineral resources will be dependent on the Company being able to obtain environmental approvals to carry out its planned activities, and then being able to meet all environmental conditions placed on such activities.

(k) Native Title

In relation to tenements which the Company has an interest in, or will in the future acquire such an interest, there may be areas over which legitimate common law native title rights of Aboriginal Australians exist. Where native title rights do exist, the ability of the Company to gain access to Tenements, or to progress from the exploration phase to the development and mining phases of operations may be adversely affected. In particular, native title claims and determinations enliven procedural rights under the Native Title Act 1993 (Cth) which can affect the grant of new tenements which may be required to expand the project footprint or convert to development / production tenure. The Directors will closely monitor the potential effect of native title claims or Aboriginal heritage matters involving Tenements in which the Company has or may have an interest.

(l) Heritage

There are a number of registered Aboriginal heritage sites in the area of some of the Tenements and there may also be unregistered Aboriginal heritage sites and objects in the area of the Tenements. The Company must comply with Aboriginal heritage legislation requirements with respect to such sites. Importantly, the absence of registered Aboriginal sites does not preclude the existence of Aboriginal sites located within the boundaries of the Tenements and the Company has reporting obligations in relation to any potential Aboriginal heritage sites that it discovers. Aboriginal sites may exist in the area of the Tenements that have not been recorded in the register but remain fully protected under the relevant State and/or Commonwealth legislation.

Consent from the Minister for Aboriginal Affairs will be required to alter, damage or destroy a site under the relevant legislation. If such consent is not obtained, the Company may be exposed to fines and other penalties. The Company must comply with its obligations under the heritage agreements to which it is a party, which provide for an agreed those activities, or such surveys are delayed. There is also a risk that Aboriginal sites and objects on the land the subject of the Tenements may delay, preclude or limit any exploration and mining activities in certain areas of the or disturb a site is not obtained.

(m) Regulatory Compliance

including resource licence consent, environmental compliance and rehabilitation, taxation, employee relations, health and worker safety, waste disposal, protection of the environment, native title and heritage matters, protection of endangered and protected species and other matters.

relate to exploration, development, production and rehabilitation activities. While the Company believes that it is in substantial compliance with all material current laws and regulations, agreements or changes in their enforcement or regulatory interpretation could result in changes in legal requirements or in the terms of existing permits and agreements applicable to the Company or its properties, which could have a material adverse impact on the

Obtaining necessary permits can be a time-consuming process and there is a risk that Company will not obtain these permits on acceptable terms, in a timely manner or at all. The costs and delays associated with obtaining necessary permits and complying with these permits and applicable laws and regulations could materially delay or restrict the Company from proceeding with the development of a project or the operation or development of a mine. Any failure to comply with applicable laws and regulations or permits, even if inadvertent, could result in material fines, penalties or more of the Tenements.

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3.6 DIVIDENDS

No dividends were declared or paid during the period and the Directors recommend that no dividend be paid.

3.7 EVENTS SUBSEQUENT TO REPORTING DATE

(1) DEED OF VARIATION AND SPECIFIC SECURITY DEED - SHARES

On 14 June 2024, Macarthur Minerals Limited (the Borrower) executed a Deed of Variation to amend an existing Unsecured Loan Agreement with Alexander John Peden and Mary Louisa Peden (the Lender), modifying previously agreed terms. Additionally, Macarthur Minerals Limited and Macarthur Australia Limited (jointly and severally the Grantor) entered into a Specific Security Deed Shares with Alexander John Peden and Mary Louisa Peden (the Secured Party). This deed secures financial accommodations provided by the Secured Party against a specific security agreement, referred to as "Security" in the agreement. The Security encompasses 23,419,337 shares held by the Grantor and Secured Party in Infinity Mining Limited.

There have been no other subsequent events to the Company occurred during the year.

3.8 LIKELY DEVELOPMENTS

There are no additional matters or likely developments in the operations of the Group and the expected results of those associated projects.

3.9 INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS

During the financial year, the Company paid a premium under a contract insuring all the Directors and Officers of the Company and its based controlled entity against liability incurred in that capacity. Disclosure on the nature of liabilities insured and the premium is subject to a confidentiality clause under the contract of insurance.

The Company has provided an indemnity for each director to the maximum extent permitted by law, against any liability for legal costs incurred in respect of a liability incurred by them, by virtue of their holding office as and acting in the capacity of, an officer of the Company, except where the liability arises out of conduct involving lack of good faith. Pursuant to an indemnity within the constitution and Deeds of Indemnity entered into with the directors and officers of the Company, the Company is indemnifying the respondent directors and officers for the reasonable legal costs of defending an action against them (subject to certain restrictions, including restrictions contained in the Corporations Act 2001 (Cth).

3.10 PROCEEDINGS ON BEHALF OF 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 part of those proceedings.

3.11 ENVIRONMENTAL REGULATIONS

The Group is subject to significant environmental regulation in respect to its exploration activities.

The Company conducts mining and exploration activities on mineral tenements. The right to conduct these activities is granted, subject to environmental conditions and requirements and as such is governed by a range of environment legislation. As the Company is in the early exploration phase of its exploration projects, the Company is not yet subject to the public reporting requirements of the environmental legislation. The Company aims to ensure a high standard of environmental care is achieved and, as a minimum, to comply with relevant environmental regulations. To the best of the Directors knowledge, the Company has adequate systems in place to ensure compliance with the requirements of the applicable legislation and is not aware of any material breach of those requirements during the financial year and up to the date of the Directors Report.

The Group aims to ensure the appropriate standard of environmental care is achieved, and in doing so, that it is aware of an is in compliance with all environmental legislation. The directors of the Group are not aware of any breach of environmental legislation for the year under review.

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3.12 OPTIONS OVER UNISSUED SHARES

Unissued ordinary shares of the Company under option as at the date of this report are as follows:

Date Options Granted Expiry Date Issue Price of Shares 10 Dec 2021 10 Jun 2024 $0.25 21 Jul 2023 21 Jul 2026 $0.163 20 Sept 2023 19 Sept 2024 $0.20 18 Dec 2023 18 Dec 2025 $0.20	Number under options 5,000,000 5,000,000 28,060,287 5,200,000 43,260,287

3.13 REMUNERATION REPORT

(1) INTRODUCTION

This Remuneration Report outlines the remuneration arrangements in place for Key Management Personnel in accordance with the requirements of the Corporations Act 2001 (Cth ) and its Regulations.

For the purposes of this report Key Management Personnel of the Group are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Group, directly or indirectly, including any directors of the Company.

Role of Remuneration and Nomination Committee

The Remuneration and Nomination Committee is responsible for (or in its absence the Board) overseeing performance evaluations of senior executives on an annual basis. As at 31 March 2024, the Remuneration and Nomination Committee was comprised of Michael Kale (Chairman), Cameron McCall and Harley Groot (until 27 November 2023) who have direct experience that is relevant to their responsibilities in executive compensation.

(2) REMUNERATION POLICY

The Remuneration Policy of the Group is in place to ensure that:

-term interests of shareholders within an
appropriate control framework;
The Policy is appropriate and effective in its ability to attract and retain the best key management personnel to run and manage the Group.

wwww.infinitymining.com.au.

(3) REMUNERATION STRUCTURE

In accordance with best practice corporate governance, the structure of Director and Management remuneration is separate.

(4) PERFORMANCE BASED REMUNERATION

At present, remuneration is linked to general market levels with short-term performance components. Remuneration policy and practices are reassessed when required in order to align director and executive 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 Group financial results.

(5) RELATIONSHIP BETWEEN REMUNERATION POLICY AND GROUP PERFORMANCE

The remuneration policy has been tailored to maximise goal congruence between shareholders, directors and executives. Fees for all directors and executives is not linked to Company performance. In order to align directors and shareholders interest, the directors are encouraged to hold shares in the Company.

(6) EMPLOYMENT DETAIL OF MEMBERS OF KEY MANAGEMENT PERSONNEL (KMP)

The following table provides employment details of persons who are and were, during the financial year and, as at the date of this report, members of KMP of the Consolidated Group. The table also illustrates the proportion of remuneration that was performance and non-performance based.

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Name	Position held	Contract details	Non-salary	Shares	Fixed
			cash-based		salary/
			incentives		fees
*Executive Directors*
J Phillips	Executive Chairman	No fixed duration, 12	-	-	125,000 *
J Groot(1)	CEO and Director	No fixed duration, 12	-	-	125,000 **
*Non-executive Directors*
C McCall	Non-executive Director	No fixed duration, 3	-	-	60,000
M Kale	Non-executive Director	No fixed duration, 3	-	-	70,000
H Groot (2)	Non-executive Director	No fixed duration, 3	-	-	60,000

(1) Resigned as CEO on 27 November 2023

(2) Resigned as Non-Executive Director on 27 November 2023

*Effective from 1 January 2023, fee was increased to $250,000 pa. As of 1 June 2023, Joe Phillips has elected to reduce the fee by 50% to $125,000 and accrue the remaining amount for future payments.

** Effective from 1 January 2023, fee was increased to $250,000 pa. As of 1 June 2023, Joe Groot has elected to reduce the fee by 50% to $125,000 and accrue the remaining amount for future payments.

(7) REMUNERATION REPORT

Details of the remuneration paid to each key management personnel of the Company are set out in the following tables.

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

2024 Short Term Employee Post-Employment Share Based
Benefits Benefits Payments
Cash Accrued Cash Non- Super- Retireme Options/RSUs Total
Executive Salary & Salaries Bonus monetary annuation nt
Directors: Fees benefits Benefits
$ $ $ $ $ $ $ $
- - - - -
J Phillips 137,040 137,960 275,000
J Groot 113,124 136,876 - - - - - 250,000
Non-Executive Directors:
C McCall 55,000 5,000 - - - - - 60,000
M Kale 64,167 5,833 - - - - - 70,000
H Groot 40,000 - - - - 40,000
Total 409,330 285,670 - - - - - 695,000
----- End of picture text -----

Remuneration accrued and payable to key management personnel as at 31 March 2024 was $322,600

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

2023 Short Term Employee Post-Employment Share Based
Benefits Benefits Payments
Cash Accrued Cash Non- Super- Retireme Options/RSUs Total
Executive Salary & Salaries Bonus monetary annuation nt
Directors: Fees benefits Benefits
$ $ $ $ $ $ $ $
- - - - - -
J Phillips 107,500 107,500
J Groot 175,000 - - - - - - 175,000
Non-Executive Directors:
C McCall 41,250 - - - - - - 41,250
M Kale 43,750 - - - - - 43,750
H Groot 41,250 - - - - 41,250
Total 408,750 - - - - - - 408,750
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Remuneration accrued and payable to key management personnel as at 31 March 2023 was $ 157,500.

a) Ordinary Shares

The number of shares in the Company held during the financial year by each key management personnel or close members of their family, or an entity over which any of these persons control, jointly control or have significant influence over, for the purposes of relevant Australian accounting standards and IFRS, are set out below.

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J Phillips J Groot C McCall M Kale H Groot	Balance at Beginning of the Year Granted as Remuneration Issued on Exercise of Options Other Changes During the Year Balance at End of the Year
	952,546 - - 650,000 1,602,546 13,225,748 - - 720,038 13,945,786 - - - - - 751,511 - - 48,187 799,698 1,300,000 - - - 1,300,000 16,229,805 - - 1,418,225 17,648,030

b) Options

The number of options in the Company held during the financial year by each key management personnel or close members of their family, or an entity over which any of these persons control, jointly control or have significant influence over, for the purposes of relevant Australian accounting standards and IFRS, are set out below.

J Phillips J Groot C McCall M Kale H Groot	Balance at Beginning of the Year Granted as remuneration Number Exercised Other Changes During the Year Balance at End of the Year - - - 400,636 400,636 - - - 3,457,048 3,457,048 - - - - - 85,000 - - 187,877 187,877 - - - 325,000 325,000 85,000 - - 4,370,561 4,370,561

Equity instruments held by KMP

Particulars of directors' interests in shares and options of the Company, since year end and up to the date of this report:

Director Phillips Groot C McCall M Kale H Groot	Ordinary Shares Options 1,602,546 400,636 13,945,786 3,457,048 - - 799,698 187,877 1,300,000 325,000 17,648,030 4,370,561

There are no other transactions with KMP. End of Remuneration Report

3.14 NON-AUDIT SERVICES

The Directors, in accordance with advice from the Audit and Risk committee, is satisfied that the provision of nonaudit services during the year is comparable with the general standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that the services disclosed in Note 3 to the financial

3.15 AUDITORS INDEPENDENCE DECLARATION

A copy of independence declaration is required under section 307C of the Corporations Act 2001(Cth) and is set out on page 42.

Signed in accordance with a resolution of the Directors.

Alan Joseph Phillips Executive Chairman 26 June 2024

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4.FINANCIAL REPORT

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INFINITY MINING LIMITED AND CONTROLLED ENTITY ABN 73 609 482 180

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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Financial Statements For the Year Ended 31 March 2024

Contents Page
38
Auditor's Independence Declaration under Section 307C of the Corporations Act 2001 42
Consolidated Statement of Profit or Loss and Other Comprehensive Income 43
Consolidated Statement of Financial Position 44
Consolidated Statement of Changes in Equity 45
Consolidated Statement of Cash Flows 46
Notes to the Financial Statements 47
Directors' Declaration 69

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Independent Auditor’s Report

To the members of Infinity Mining Limited

Opinion

We have audited the financial report of Infinity Mining Limited (the Company) and its subsidiary (the Group), which comprises the consolidated statement of financial position as at 31 March 2024, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the financial report, including material accounting policy information, and the directors' declaration.

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

(i) giving a true and fair view of the Group’s financial position as at 31 March 2024 and of its financial performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001 .

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional & 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.

Material Uncertainty Related to Going Concern

We draw attention to note 2.2 of the financial report, which indicates the Group incurred a loss of $8,728,256 during the year ended 31 March 2024. As stated in note 2.2, these events or conditions, along with other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt over the Group’s ability to continue as a going concern. 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.

	on these matters.

	Key audit matter	How our audit addressed the key audit matter
	*Going concern*	In assessing the appropriateness of the going concern
	The financial statements have been prepared on a going concern basis using	assumption used in preparing the financial statements, our procedures included, but were not limited to:
	managements critical accounting	considering the cashflow requirements of the Group
	estimates and judgements as outlined in	over 15 months from 31 March 2024 based on
	Note 2.2. The Group has in the current	budgets and forecasts.
	financial year recorded a total comprehensive loss of $8.73m (2023: $2.16m loss) in the statement of profit or loss and other comprehensive income.	gaining an understanding of what budgeted expenditures are committed and what could be considered discretionary.

Key audit matter	How our audit addressed the key audit matter
We considered the going concern assumption a key audit matter as there is inherent uncertainty associated with estimates and judgements associated with the Group’s stage in operations and the going concern assumption relies on existing working capital, planned operations and uncertain future events generating sufficient cashflows to cover necessary expenditures. considering the liquidity of existing assets on the balance sheet and their capacity to increase working capital. considering potential downside scenarios of management assumptions and the resultant impact on available funds. considering whether the disclosures in the financial statements were in compliance with accounting standards.
*Exploration and evaluation* *expenditure* As at 31 March 2024 the carrying value of exploration, evaluation and development assets is $8m (2023: $12.8m). The Group’s accounting policy in respect of exploration, evaluation and development assets is outlined in Note 2. The carrying value of exploration, evaluation and development assets is a key audit matter as it is the significant asset of the Group, it is material to the Group’s financial statements, and significant judgement is applied in determining whether the capitalised exploration and evaluation assets meet the recognition criteria set out in AASB 6 Exploration for and Evaluation of Mineral Resources. Our procedures included, but were not limited to: obtaining evidence as to whether the rights to tenure of the areas of interest remained current at balance date and that rights to tenure are expected to be renewed for tenements that will expire in the near future. obtaining evidence of the future intentions for the areas of interest, planned expenditure and related exploration programmes. obtaining an understanding of the status of ongoing exploration programmes, for the areas of interest. reviewing a sample of capitalised costs to supporting documentation to ensure they had been capitalised in accordance with AASB 6_Exploration_ for and Evaluation of Mineral Resources. evaluating the Group’s assessment that there had been no indicators of impairment for its capitalised exploration and evaluation assets, including inquiries with management and directors to develop an understanding of the current status and future intentions for the Group’s exploration projects. considering the adequacy of disclosures included within Note 8 of the financial report.

Key audit matter

How our audit addressed the key audit matter

We considered the going concern
assumption a key audit matter as there
is inherent uncertainty associated with
estimates and judgements associated
with the Group’s stage in operations and
the going concern assumption relies on
existing working capital, planned
operations and uncertain future events
generating sufficient cashflows to cover
necessary expenditures.
considering the liquidity of existing assets on the
balance sheet and their capacity to increase
working capital.
considering potential downside scenarios of
management assumptions and the resultant impact
on available funds.
considering whether the disclosures in the financial
statements were in compliance with accounting
standards.

Exploration and evaluation
expenditure
As at 31 March 2024 the carrying value
of exploration, evaluation and
development assets is $8m (2023:
$12.8m). The Group’s accounting policy
in respect of exploration, evaluation and
development assets is outlined in Note
2. The carrying value of exploration,
evaluation and development assets is a
key audit matter as it is the significant
asset of the Group, it is material to the
Group’s financial statements, and
significant judgement is applied in
determining whether the capitalised
exploration and evaluation assets meet
the recognition criteria set out in AASB 6
Exploration for and Evaluation of Mineral
Resources.
Our procedures included, but were not limited to:
obtaining evidence as to whether the rights to
tenure of the areas of interest remained current at
balance date and that rights to tenure are expected
to be renewed for tenements that will expire in the
near future.
obtaining evidence of the future intentions for the
areas of interest, planned expenditure and related
exploration programmes.
obtaining an understanding of the status of ongoing
exploration programmes, for the areas of interest.
reviewing a sample of capitalised costs to
supporting documentation to ensure they had been
capitalised in accordance with AASB 6_Exploration_
for and Evaluation of Mineral Resources.
evaluating the Group’s assessment that there had
been no indicators of impairment for its capitalised
exploration and evaluation assets, including
inquiries with management and directors to develop
an understanding of the current status and future
intentions for the Group’s exploration projects.
considering the adequacy of disclosures included
within Note 8 of the financial report.

Other Information

The directors are responsible for the other information. The other information comprises the information included in the Group’s annual report for the year ended 31 March 2024, but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and, accordingly, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, we consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as management determines is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report.

As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the financial report. We are responsible for the direction, supervision, and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial report of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on the Remuneration Report

Opinion on the Remuneration Report

We have audited the remuneration report included in pages 31 to 33 of the directors’ report for the year ended 31 March 2024.

In our opinion, the remuneration report of Infinity Mining Limited, for the year ended 31 March 2024, complies with section 300A of the Corporations Act 2001 .

Responsibilities

The directors of the Company are responsible for the preparation and presentation of the remuneration report in accordance with section 300A of the Corporations Act 2001 . Our responsibility is to express an opinion on the remuneration report, based on our audit conducted in accordance with Australian Auditing Standards.

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Victor Uson Director Vincents Assurance & Risk Advisory

Brisbane QLD 26 June 2024

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Auditor’s Independence Declaration

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As lead auditor for the audit of Infinity Mining Limited for the year ended 31 March 2024, I declare that, to the best of my knowledge and belief, there have been:

(i) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

(ii) no contraventions of any applicable code of professional conduct in relation to the audit.

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This declaration is in respect of Infinity Mining Limited and the entity it controlled during the period.

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Brisbane QLD 26 June 2024

Victor Uson Director Vincents Assurance & Risk Advisory

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2024

NOTE Other income 2 Marketing expenses Finance costs Corporate expenses 3 (b) Depreciation, amortisation 3 (c) Employee expenses 3 (d) Administration expenses 3 (e) Tenement expenses 3 (f) Legal & professional support 3 (g) Directors fees Share based payments Impairment loss 8 Loss before income tax 3 Income tax expense 4 Loss for the year attributable to members of the parent entity Other comprehensive income Total comprehensive income for the year attributable to members of the parent entity Basic loss per ordinary share from operations attributable to the owners Basic and diluted weighted average number of ordinary shares outstanding	2024 2023 $ $ 95,636 135,451 (150,430) (143,737) (45,974) (1,143) (191,278) (400,805) (47,788) (27,976) (721,425) (520,739) (295,422) (385,363) (99,622) (251,910) (127,916) (159,438) (664,998) (408,750) (64,134) - (6,414,902) -
	(8,728,256) (2,164,410) - -
	(8,728,256) (2,164,410)
	- -
	(8,728,256) (2,164,410)
	(0.070) (0.652)
	118,753,390 112,621,991

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024

NOTE ASSETS CURRENT ASSETS Cash and cash equivalents 5 Trade and other receivables 6 Prepayments 7 TOTAL CURRENT ASSETS NON-CURRENT ASSETS Property, plant and equipment 9 Exploration, evaluation and development assets 8 & 20 TOTAL NON-CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and other payables 10 & 20 Provisions 11 TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Other liabilities 11 TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued capital 13 Reserves 13 Retained earnings TOTAL EQUITY	2024 Restated 2023 $ $ 250,787 3,323,785 85,198 213,922 1,232 48,656
	337,217 3,586,363
	136,707 184,495 8,000,000 12,804,140
	8,136,707 12,988,635
	8,473,920 16,574,998
	281,984 521,940 - 13,687
	281,984 535,627
	322,600 -
	322,600 -
	604,584 535,627
	7,869,336 16,039,371
	20,945,560 20,351,470 226,641 262,508 (13,302,865) (4,574,607)
	7,869,336 16,039,371

The 2023 figures have been restated during the current period, refer note 1(q) and note 20 for a breakdown of the prior period adjustment.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024

Note Balance at 1 April 2022 Comprehensive income Loss for the year 3 Other comprehensive income for the year Share based payment transactions Shares issued during the year Total comprehensive income/(loss) for the year attributable to members of the entity Balance at 31 March 2023 Balance at 1 April 2023 Comprehensive income Loss for the year 3 Other comprehensive income for the year Share based payment transactions Shares issued during the year Transaction costs Total comprehensive income/(loss) for the year attributable to members of the entity Balance at 31 March 2024	Issued Capital Reserves Retained Earnings Total $ $ $ $ 19,614,908 690,000 (2,837,689) 17,467,219
	- - (2,164,410) (2,164,410) - - - - - (427,492) 427,492 - 1,543,624 - - 1,543,624 (807,562) - - (807,562)
	736,062 (427,492) (1,736,918) (1,428,348)
	20,351,470 262,508 (4,574,607) 16,039,371
	20,351,470 262,508 (4,574,607) 16,039,371
	- - (8,728,256) (8,728,256) - - - - - (35,867) - (35,867) 775,000 - - 775,000 (180,910) - - (180,910)
	594,090 (35,867) (8,728,256) (8,170,033)
	20,945,560 226,641 (13,302,865) (7,869,336)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

NOTE CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest received Finance costs NET CASH USED IN OPERATING ACTIVITIES 14 CASH FLOWS FROM INVESTING ACTIVITIES Payments for acquisition of property, plant, and equipment Payment for exploration and evaluation assets NET CASH USED IN INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from / (repayment of) loans Proceeds from share issue Dividends paid NET CASH FROM FINANCING ACTIVITIES Net increase/(decrease) in cash held Cash at the beginning of the year CASH AT THE END OF THE YEAR 5	2024 2023 $ $ - (134,827) (2,546,204) (2,258,104) 95,636 135,451 (45,974) (1,143)
	(2,496,542) (2,258,623)
	- (31,048) (1,493,146) (3,452,148)
	(1,493,146) (3,483,196)
	322,600 - 594,090 840,460 - -
	916,690 840,460
	(3,072,998) (4,912,007) 3,323,785 8,235,792
	250,787 3,323,785

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

1. CORPORATE INFORMATION

The consolidated financial reports for Infinity Mining Limited (the "Company" or the "Parent") and its subsidiaries (together referred to as the "Group" and individually as "Group entities") for the year ended 31 March 2024 were authorised for issue in accordance with a resolution of the Board of Directors on 26 June 2024. The Directors have the power to amend and re-issue the financial report.

The Company is a for profit company limited by shares incorporated and domiciled in Australia whose shares are publicly traded on the Australian Securities Exchange. The nature of the operations and principal activities of the Company are described in the Directors' Report.

The presentation currency of the Group is Australian dollar ($).

The nature of the operations and principal activities of the Group are described in the Directors' Report.

2. BASIS OF PREPARATION

The financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards, and other authoritative pronouncements of the Australian Accounting Standards Board. The financial report also complies with IFRS as issued by the International Accounting Standards Board.

The financial report has been prepared on a historical cost basis, except for financial assets that have been measured at fair value.

The accounting policies adopted are consistent with those of the previous financial year, except for the adoption of the new and amended accounting standards and interpretations which became mandatory for the first time this reporting period commencing 1 April 2023.

2.1. New, revised or amending Accounting Standards and Interpretations adopted

The Group has adopted all Australian Accounting Standards and Interpretations effective from 1 April 2023.

In the year ended 31 March 2024, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to the Group and effective for the current financial year. None of these had a material impact on the Group.

2.2 Going Concern

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

As disclosed in the financial report, the Group recorded an operating loss of $8,728,256 (2023: Loss of $2,164,410) and a cash outflow from operating activities of $2,496,542 for the year ended 31 March 2024 (2023: $2,258,623). As at 31 March 2024 the Group had cash of $250,787. The ability of the Group to continue as a going concern is principally dependent upon the ability of the Group to continue to secure funds by raising capital from equity markets, monetizing non-core assets and managing cash flows in line with available funds.

The ability of the Group to continue as a going concern is principally dependent upon the ability of the Group to continue to secure funds by raising capital from equity markets, monetizing non-core assets and managing cash flows in line with available funds.

Should the Group be unsuccessful in securing additional funds or monetizing non-core assets, there is a material uncertainty that may cast significant doubt about the Group's ability to continue as a going concern, however, notwithstanding this, the accounts have been prepared on a going concern basis.

The directors are satisfied that at the date of signing of the financial report, there are reasonable grounds to believe that the Group will be able to continue to meet its debts as and when they fall due and that it is appropriate for the financial statements to be prepared on a going concern basis. The directors have based this on the following pertinent matters:

Going Concern (continued)

The Directors believe that future funding will be available to meet the Group's objectives and debts as and when they fall due, including through raising additional capital through equity placements to existing or new investors.
The Group has approved capacity to issue additional equity under the Corporation Act 2001 and ASX Listing Rule 7.1 or otherwise;
The Company's commitment to exploration expenditure is discretionary and expenditure requirements are minimal;
The Group has the capacity, if necessary, to reduce its operating cost structure in order to minimise its working capital requirements; and
Subject to successful capital raising and/or monetization of non-core assets, the cash flow forecast for the period to 31 March 2024 indicates sufficient cash available for planned activities and operations.

Should the Group be unable to continue as a going concern, it may be required to realise its assets and extinguish its liabilities other than in the normal course of business and at the amounts stated in the financial report.

The financial report does not include adjustments relating to the recoverability or classification of the recorded assets nor to the amounts or classification of liabilities that might be necessary should the Group not be able to continue as a going concern.

2.3 Principles of Consolidation

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 March each year.

Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and can 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 Group. They are de-consolidated from the date that control ceases.

lntercompany transactions, balances, and unrealised gains on transactions between entities in the Group 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 Group.

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 Group. Losses incurred by the Group are attributed to the non-controlling interest in full, even if that results in a deficit balance.

Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities, and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The Group recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.

a) Income Tax

The corporate tax rate for eligible companies will reduce from 30% to 25% by 31 March 2024 providing certain turnover thresholds and other criteria are met. Deferred tax assets and liabilities are required to be measured at the tax rate that is expected to apply in the future income year when the asset is realised, or the liability is settled.

The Directors have determined that the deferred tax balances be measured at the tax rates stated. Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance date.

Deferred income tax is provided on all temporary differences at the statement of financial position date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilised, except;

When the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or

When the deductible temporary difference is associated with investments in subsidiaries, associates, or interests in joint ventures, in which case a deferred tax asset is only recognised to the extent that it is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilised.

The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.

Unrecognised deferred income tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.

Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority.

Tax consolidation

Infinity Mining Limited and its wholly owned Australian subsidiary have formed an income tax consolidated Group under tax consolidation legislation. Each entity in the Group recognises its own current and deferred tax assets and liabilities. Such -

liabilities (assets) and deferred tax assets arising from unused tax losses and tax credits in the subsidiary are immediately transferred to the head entity. The tax consolidated Group has entered a tax-funding arrangement whereby each Group in the Group contributes to the income tax payable by the Group in proportion to their contribution to the

b) Goods and Services Taxes (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).

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

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customers or payments to suppliers.

c) Property, Plant and Equipment

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

Plant and equipment

Plant and equipment are measured on the cost basis.

The carrying amount of plant and equipment is reviewed annually by directors 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 fro

been discounted to their present values in determining recoverable amounts

Depreciation

The depreciable amount of all fixed assets, excluding freehold land, is depreciated on a straight-line basis over the The depreciation rates used for each class of depreciable assets are:

Class of Fixed Asset Depreciation rate Plant and equipment 5% to 33.3% Motor Vehicles 20% to 25%

end of each reporting

period.

For an asset that does not generate largely independent cash inflows, recoverable amount is determined for the cashgenerating unit to which the asset belongs, unless the asset's value in use can be estimated to be close to its fair value.

An impairment exists when the carrying value of an asset or cash-generating units exceeds its estimated recoverable amount. The asset or cash-generating unit is then written down to its recoverable amount with the impairment loss recognised in the statement of profit or loss and other comprehensive income.

Derecognition and disposal

An item of plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal.

Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognised.

d) Impairment of Assets

At the end of each reporting period, the Group assesses whether there is any indication that an asset may be impaired. The assessment will include considering external sources of information and internal sources of information including dividends received from subsidiaries, associates or jointly controlled entities deemed to be out of pre-acquisition profits. If such an indication exists, an impairment test is carried out on the asset by comparing the recoverable amount of the asset, being the higher of the

the asset is carried at a revalued amount. Any impairment loss of a revalued asset is treated as a revaluation decrease.

Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Impairment testing is performed annually for goodwill and intangible assets with indefinite lives.

e) Financial Instruments

Initial recognition and measurement

Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions of the instrument. For financial assets, this is equivalent to the date that the Group commits itself to either purchase or sell the asset (ie trade date accounting is adopted).

Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is classified

Classification and subsequent measurement

Financial instruments are subsequently measured at fair value, amortised cost using the effective interest method, or cost. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted.

Amortised cost is calculated as the amount at which the financial asset or financial liability is measured at initial recognition less principal repayments and any reduction for impairment, and adjusted for any cumulative amortisation of the difference between that initial amount and the maturity amount calculated using the effective interest method .

The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying amount with a consequential recognition of an income or expense item in profit or loss.

The Group does not designate any interests in subsidiaries, associates or joint venture entities as being subject to the requirements of Accounting Standards specifically applicable to financial instruments.

I. Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial asset is derecognised.

II. Financial liabilities

Non-derivative financial liabilities other than financial guarantees are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial liability is derecognised.

Impairment

At the end of each reporting period, the Group assesses whether there is objective evidence that a financial asset has been impaired. A financial asset (or a Group of financial assets) is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of o estimated future cash flows of the financial asset(s).

In the case of financial assets carried at amortised cost, loss events may include: indications that the debtors (or a Group of debtors) are experiencing significant financial difficulty, default or delinquency in interest or principal payments; indications that they will enter bankruptcy or other financial reorganisation; and changes in arrears or economic conditions that correlate with defaults.

For financial assets carried at amortised cost (including loans and receivables), a separate allowance account is used to reduce the carrying amount of financial assets impaired by credit losses. After having taken all possible measures of recovery, if management establishes that the carrying amount cannot be recovered by any means, at that point the written-off amounts are charged to the allowance account, or the carrying amount of impaired financial assets is reduced directly if no impairment amount was previously recognised in the allowance account.

When the terms of financial assets that would otherwise have been past due or impaired have been renegotiated, the Group recognises the impairment for such financial assets by taking into account the original terms as if the terms have not been renegotiated so that the loss events that have occurred are duly considered.

Derecognition

Financial assets are derecognised when the contractual rights to receipt of cash flows expire or the asset is transferred to another party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated with the asset. Financial liabilities are derecognised when the related obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability extinguished or transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed, is recognised in profit or loss.

f) Employee Benefits

Short-term employee benefits

-term employee benefits. Short-term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service, including wages, salaries and sick leave. Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation is settled.

-term employee benefits such as wages, salaries and sick leave are recognised as a part of current trade and other payables in the statement of financial position.

- Other long term employee benefits

within 12 months after the end of the annual reporting period in which the employees render the related service. Other long-term employee benefits are measured at the present value of the expected future payments to be made to employees. Expected future payments incorporate anticipated future wage and salary levels, durations of service and employee departures and are discounted at rates determined by reference to market yields at the end of the reporting period on government bonds that have maturity dates that approximate the terms of the obligations. Upon the remeasurement of obligations for other long-term employee benefits, the net change in the obligation is recognised in profit or loss as a part of employee benefits expense.

- Other long term employee benefits (continued)

long-term employee benefits are presented as non-current provisions in its statement of financial position, except where the Group does not have an unconditional right to defer settlement for at least 12 months after the end of the reporting period, in which case the obligations are presented as current provisions.

g) Provisions

Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions are measured at the best estimate of the amounts required to settle the obligation at the end of the reporting period.

h) Issued Capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options which vest immediately are recognised as a deduction from equity, net of any tax effects.

i) Share Based Payments

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

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

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

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

All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the cash paid to settle the liability. Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied.

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

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

If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a modification.

j) Exploration and Evaluation Expenditure

The recoupment of exploration and evaluation carried forward is dependent on the successful development and commercial exploitation or sale of the respective areas.

Exploration and evaluation expenditures in relation to each separate area of interest are recognised as an exploration and evaluation asset in the year in which they are incurred where the rights of tenure are current, and the following conditions are satisfied:

the exploration and evaluation expenditures are expected to be recouped through successful development and exploitation of the area of interest, or alternatively, by its sale; or
exploration and evaluation activities in the area of interest have not reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in, or in relation to, the area of interest are continuing.

Costs include acquisition of rights to explore, studies, exploratory drilling, trenching, assaying, sampling and associated activities and an allocation of depreciation and amortised of assets used in exploration and evaluation activities. General and administrative costs are only included in the measurement of exploration and evaluation costs where they are related directly to exploration activities in a particular area of interest.

A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Where carried forward expenditure does not satisfy the policy stated above it is written off to the statement of profit or loss and other comprehensive income in the period in which the decision is made to write off. Accumulated costs in relation to an abandoned area are written off to the statement of profit or loss and other comprehensive income in the period in which the decision to abandon the area is made.

Where a decision has been made to proceed with development in respect of a particular area of interest, the relevant exploration and evaluation asset is tested for impairment and the balance is then reclassified to development. Refer note 8 for recognition of impairment on exploration and evaluation expenditure for the period. k) Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position.

l) Revenue and Other Income

Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts and volume rebates allowed. Any consideration deferred is treated as the provision of finance and is discounted at a rate of interest that is generally accepted in the market for similar arrangements. The difference between the amount initially recognised and the amount ultimately received is interest revenue.

Revenue from the sale of goods is recognised at the point of delivery as this corresponds to the transfer of significant risks and rewards of ownership of the goods and the cessation of all involvement in those goods.

Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive a dividend has been established.

Revenue recognition relating to the provision of services is determined with reference to the stage of completion of the transaction at the end of the reporting period and where outcome of the contract can be estimated reliably. Stage of completion is determined with reference to the services performed to date as a percentage of total anticipated services to be performed. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent that related expenditure is recoverable.

All revenue is stated net of the amount of goods and services tax (GST).

m) Trade and Other Receivables

Trade and other receivables include amounts due from customers for goods sold and services performed in the ordinary course of business. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as non-current assets.

Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Refer above for further discussion on the determination of impairment losses.

n) Trade and Other Payables

Trade and other payables represent the liabilities for goods and services received by the entity that remain unpaid at the end of the reporting period. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.

o) Foreign currency transactions and balances

Functional and presentation currency

The functional currency of each Group entity 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 parent d presentation currency.

p) Segment Reporting

The Group has identified its operating segments based on the internal reports that are reviewed and used by the chief operating decision maker in assessing performance and determining the allocation of resources. The Group is managed on the basis it is a mineral exploration company operating in the geographical region of Western Australia.

The mineral assets targeted are gold and lithium, and each asset is considered a separate business segment. This is the basis on which internal reports are provided to the Directors for assessing performance and determining the allocation of resources within the Group.

q) Comparative Figures

Where required by Accounting Standards comparative figures have been adjusted to conform with changes in presentation for the current financial year. Refer note 20 for changes to prior period balance sheet.

r) Critical Accounting Estimates and Judgments

The preparation of the Group's consolidated financial statement requires management to make judgments in the process of applying the Group's accounting policies and estimates that effect the reported amounts of revenue, expenses, assets, and liabilities. Judgements and estimates which are material to the financial report are as follows:

I. Share-based Payment Transactions

The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined taking into account the terms and conditions upon which the instruments were granted.

The accounting estimates and assumptions relating to equity-settled share-based payments transactions would have no impact on the carrying amounts of assets or liabilities within the next annual reporting period but may impact profit or loss or equity.

Refer to Note 17 for further details.

II. Carrying Value of Exploration and Evaluation Costs

The ultimate recoupment of the value of exploration and evaluation assets is dependent on the successful development and commercial exploitation, or alternatively, sale, of the exploration and evaluation assets.

Impairment tests are carried out on a regular basis to identify whether the asset carrying values exceed their recoverable amounts. There is significant estimation and judgement in determining the inputs and assumptions used in determining the recoverable amounts.

The key areas of judgement and estimation include:

Recent exploration and evaluation results and resource estimates; Environmental issues that may impact on the underlying tenements;
Environmental issues that may impact on the underlying tenements;
Fundamental economic factors that have an impact on the operations and carrying values of assets and liabilities.

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ASSETS CURRENT ASSETS Cash and cash equivalents Trade and other receivables TOTAL CURRENT ASSETS NON-CURRENT ASSETS Property, plant and equipment Exploration,evaluation and development assets nvestment in subsidiary TOTAL NON-CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and other payables Provisions TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Other liabilities TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY ssued Capital Reserves Retained earnings TOTAL EQUITY	250,787 3,323,785 86,426 262,577
	337,213 3,586,362
	136,707 184,495 8,000,000 12,804,140 100 100
	8,136,807 12,988,735
	8,474,020 16,575,097
	281,982 521,938 - 13,688
	281,982 535,626
	322,600 -
	322,600 -
	604,582 535,626
	7,869,438 16,039,471
	20,945,560 20,351,470 226,641 262,508 (13,302,763) (4,574,507)
	7,869,438 16,039,471

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Correction of Prior Period Error

On the 19 May 2023, the Company received invoices from Zanil Pty Ltd for exploration and geological services incurred during the November and December 2022 field trip.

Invoices totalling $163,990 had not been recorded in the books of the Company at 31 March 2023. As this error was made during the current reporting period, the balance sheet as at 31 March 2024 reflects the restatement of comparative figures as follows:

Exploration, evaluation & development assets increased by $163,990

2.Trade & other payables, increased by $163,990

No changes to net assets, equity and operating results for the period.

31 March 2024 Comparatives

Balance Sheet (extract)

Financial Statement line item Note Non-Current Assets Exploration, evaluation, and development assets 8 Total Non-Current Assets Total Assets Current Liabilities Trade and other payables 10 Total Current Liabilities Total Liabilities Net Assets	Actual 2023 Correction of Error Restated Actual 2023 12,640,150 163,990 12,804,140
	12,824,645 163,990 12,988,635

	16,411,008 163,990 16,574,998
	357,950 163,990 521,940
	357,950 163,990 521,940

	371,637 163,990 535,627

	16,039,371 - 16,039,371

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The Directors of the Company declare that:

the financial statements and notes for the year ended 31 March 2024 are in accordance with the Corporations Act 2001 and:
a. comply with Accounting Standards, which, as stated in basis of preparation Note to the financial statements, constitutes explicit and unreserved compliance with International Financial Reporting Standards (IFRS); and
b. give a true and fair view of the financial position and performance of the Company;
the Chief Executive Officer and Chief Finance Officer have given the declarations required by Section 295A 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 Accounting Standards; 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.

Alan Joseph Phillips______ Executive Chairman

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5. CORPORATE GOVERNANCE

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6.ADDITIONAL ASX INFORMATION

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5. CORPORATE GOVERNANCE

The Infinity Mining Board is committed of corporate governance. In determining those standards, the Company supports the intent of the ASX Corporate Governance Council Principles and Recommendations 4th Edition (Principles and Recommendations) and meets the specific requirements of the Principles and Recommendations during the reporting period, unless otherwise disclosed. The Company will continue to adapt its governance practices and make changes as appropriate, having regard to the nature and scale of

A full copy of the Corporate Governance Statement is available on the Company's website at www.infinitymining.com.au. The as at 26 June 2024.

6. ADDITIONAL ASX INFORMATION

Additional information required by the Australian Stock Exchange Ltd and not shown elsewhere in this report is current as at 21 June 2024.

a) Distribution of equity securities

Analysis of numbers of equity security holders by size of holding:

	Ordinary Shares
	Number of shares	Number of holders
1 - 1,000	2,202		22
1,001 - 5,000	347,394		102
5,001 - 10,000	959,061		116
10,001 - 100,000	16,859,672		381
100,001 Over	100,412,647		134
Total	118,580,976		755

b) Twenty largest shareholders

The names of the twenty largest holders of quoted ordinary shares are:

	Name Number of ordinary shares % of issued capital
1 MACARTHUR AUSTRALIA LIMITED 22,562,422 19.00 2 ZANIL PTY LTD 10,000,000 8.42 3 ALEC CHARLES POINTON 10,000,000 8.42 4 J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 3,324,173 2.80 5 MR TROY BOWEN 3,192,453 2.69 6 CELTIC FINANCE CORP PTY LTD 2,235,000 1.88 7 MR JOSEPHUS GROOT & MRS CHRISTINE GROOT 2,180,990 1.84 8 H & K SUPER MANAGEMENT PTY LTD SUPER FUND A/C> 1,878,323 1.58 9 ORBIT DRILLING PTY LTD 1,850,000 1.56 10 ONE MANAGED INVESTMENT FUNDS LIMITED 1,460,000 1.23 11 BNP PARIBAS NOMS PTY LTD 1,238,000 1.04 12 BUTTONWOOD NOMINEES PTY LTD 1,115,915 0.94 13 MRS LY THI NINH 1,115,708 0.94 14 MR JOSEPHUS ANTONIO GROOT 1,059,708 0.89 15 SUNSET CAPITAL MANAGEMENT PTY LTD 1,042,500 0.88 16 DR ROSAMUND JULIAN BANYARD & MR PHILLIP STANLEY HOLTEN A/C> 1,019,001 0.86 17 AMAL TRUSTEES PTY LTD FUND 1 A/C> 1,000,000 0.84 18 FIRST APOLLO CAPITAL LIMITED 952,546 0.80 19 SPO EQUITIES PTY LIMITED EQUITY A/C> 900,000 0.76 20 MR SIMON WILLIAM TRITTON A/C> 788,719 0.66 Top 20 holders 69,657,792 58.66 Total Remaining Holders Balance 49,095,598 41.34	MACARTHUR AUSTRALIA LIMITED 22,562,422 19.00
	ZANIL PTY LTD 10,000,000 8.42
	ALEC CHARLES POINTON 10,000,000 8.42
	J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 3,324,173 2.80
	MR TROY BOWEN 3,192,453 2.69
	CELTIC FINANCE CORP PTY LTD 2,235,000 1.88
	MR JOSEPHUS GROOT & MRS CHRISTINE GROOT 2,180,990 1.84
	H & K SUPER MANAGEMENT PTY LTD SUPER FUND A/C> 1,878,323 1.58
	ORBIT DRILLING PTY LTD 1,850,000 1.56
	ONE MANAGED INVESTMENT FUNDS LIMITED 1,460,000 1.23
	BNP PARIBAS NOMS PTY LTD 1,238,000 1.04
	BUTTONWOOD NOMINEES PTY LTD 1,115,915 0.94
	MRS LY THI NINH 1,115,708 0.94
	MR JOSEPHUS ANTONIO GROOT 1,059,708 0.89
	SUNSET CAPITAL MANAGEMENT PTY LTD 1,042,500 0.88
	DR ROSAMUND JULIAN BANYARD & MR PHILLIP STANLEY HOLTEN A/C> 1,019,001 0.86
	AMAL TRUSTEES PTY LTD FUND 1 A/C> 1,000,000 0.84
	FIRST APOLLO CAPITAL LIMITED 952,546 0.80
	SPO EQUITIES PTY LIMITED EQUITY A/C> 900,000 0.76
	MR SIMON WILLIAM TRITTON A/C> 788,719 0.66

c) Voting rights

All ordinary shares issued by the Company carry one vote per share without restriction.

d) Schedule of Tenements

The Company holds or has interests in the following properties:

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Tenement Number Area [(] km [2)] Application/Grant Date Expiry Date Holder Project
E45/4685 19.10 12/01/2017 11/01/2027 IMI Hillside
E45/4708 85.99 21/11/2017 20/11/2027 IMI Hillside
E45/4709 70.15 21/11/2017 20/11/2027 IMI Hillside
E45/4824 206.30 21/11/2017 20/11/2027 IMI Hillside
E45/4732 137 21/11/2017 20/11/2027 IMI Panorama
E45/4764 12.77 10/08/2017 09/08/2027 IMI Panorama
E45/4779 102.57 16/01/2018 15/01/2028 IMI Panorama
E45/5847 35.09 01/07/2022 30/06/2027 IMI Coolyia
E45/4848 3.18 14/12/2017 13/12/2027 IMI Tambourah
E45/5720 9.56 27/10/2022 26/10/2027 IMI Tambourah
E46/1373 54.18 29/09/2021 28/09/2026 IMI Cookes Creek
E37/1442 2.65 20/10/2021 19/10/2026 IMI
M37/1349 0.154 11/03/2021 10/03/2042 IMI Victor Bore
P37/8278^ 2.00 28/03/2013 27/03/2021 IMI
M37/1359 Under application IMI
M37/983 0.378 20/02/2008 19/02/2029 IMI Chicago
P37/8310^ 1.340 15/05/2013 14/05/2021 IMI Great Northern
Workings
M37/1360 Under application IMI Great Northern
Workings
P37/8325^ 1.910 30/01/2014 29/01/2022 IMI Camel
M37/1367 Under application IMI Camel
P37/8376^ 1.800 28/01/2014 27/01/2022 IMI Victor Bore
M37/1368 Under application IMI Victor Bore
P37/8468 1.380 20/11/2014 19/11/2022 IMI
P37/9162 1.110 22/02/2019 21/02/2027 IMI Coppermine
Subject to MIO and IMI
E45/5324 12.77 non-iron ore rights MIO Tambourah
agreement
Subject to MIO and IMI
E45/4735 11.17 non-iron ore rights MIO Strelley Gorge
agreement
----- End of picture text -----

^ Application submitted for conversion to Mining Lease

Tenements expired during the period.

P37/8571	1.087	07/12/2015	06/12/2023	IMI	Specking Patch
E46/1210	44.47	02/07/2018	01/07/2023	IMI	Noreena Downs

AI assistant

INFINITY MINING LIMITED — Annual Report 2024

65121_rns_2024-06-25_1008c9ed-7065-47e4-acc5-0be445da418a.pdf

TABLE OF CONTENTS

CORPORAT E DIRECTORY

DIRECTORS

COMPANY SECRETARY

REGISTERED OFFICE & PRINCIPAL PLACE OF BUSINESS

SHARE REGISTRY*

LEGAL ADVISER

AUDITORS

HOME EXCHANGE

ASX CODE

2. REPORT ON OPERATIONS

3. DIRECTORS REPORT

2. REPORT ON OPERATIONS

2.1 PILBARA ASSETS

WOODY LITHIUM PROJECT (TAMBOURAH SOUTH)

HILLSIDE

PANORAMA

STRELLEY GORGE

TAMBOURAH NORTH

2.2 CENTRAL GOLDFIELDS ASSETS

OVERVIEW OF EXPLORATION WORK

CENTRAL GOLDFIELDS MAIDEN JORC (2012) MINERAL RESOURCE ESTIMATE

RARE EARTH ELEMENT (REE) POTENTIAL

Caution Regarding Forward Looking Statements

Competent Persons Statement

3. DIRECTORS REPORT

3.1 DIRECTORS

ALAN (JOE) PHILLIPS, EXECUTIVE CHAIRMAN

Independence

JOSEPHUS (JOE) GROOT, DIRECTOR AND GM OPERATIONS

Independence

CAMERON MCCALL, NON-EXECUTIVE DIRECTOR

Independence

DR MICHAEL KALE, NON-EXECUTIVE DIRECTOR

Independence

HARLEY GROOT, NON-EXECUTIVE DIRECTOR

3.2 COMPANY SECRETARY

MIMA WIRAKARA, COMPANY SECRETARY

3.3 PRINCIPAL ACTIVITIES

3.4 DIRECTORS MEETINGS

3.5 OPERATING AND FINANCIAL REVIEW

OPERATING PERFORMANCE

(1) PRIVATE PLACEMENT

FINANCIAL PERFORMANCE

Operating Results

Financial Position

Business Risk

(a) Reliance on Key Personnel

(b) Insurance

(c) Commodity price volatility and exchange rate

(d) Financing Risk

(e) Exploration and Evaluation Risk

(f) Resources and Reserve Estimates

(g) Grant of Future Authorisations to Explore and Mine

(h) Tenure, Access, and Grant of Applications

Failure to satisfy expenditure commitments and licence conditions

Applications

Consent for transfer

General Renewal

Access

(i) Climate Change

(j) Environmental Impact Constraints

(k) Native Title

(l) Heritage

(m) Regulatory Compliance

3.6 DIVIDENDS

3.7 EVENTS SUBSEQUENT TO REPORTING DATE

(1) DEED OF VARIATION AND SPECIFIC SECURITY DEED - SHARES

3.8 LIKELY DEVELOPMENTS

3.9 INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS

3.10 PROCEEDINGS ON BEHALF OF COMPANY

3.11 ENVIRONMENTAL REGULATIONS

3.12 OPTIONS OVER UNISSUED SHARES

3.13 REMUNERATION REPORT

(1) INTRODUCTION

Role of Remuneration and Nomination Committee

(2) REMUNERATION POLICY

INFINITY MINING LIMITED Annual Report 2024