LEGEND MINING LIMITED — Interim / Quarterly Report 2023

Aug 29, 2023

==> picture [231 x 87] intentionally omitted <==

HALF YEAR REPORT 30 JUNE 2023 ASX : LEG ACN: 060 966 145

==> picture [596 x 332] intentionally omitted <==

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

Diamond drilling at Octagonal
----- End of picture text -----

CONTENTS

COMPANY DIRECTORY

Directors

Mark William Wilson (Executive Chair) Oliver Charles Kiddie (Managing Director) Hilary Fare Macdonald (Non-Executive Director)

	Page
Company Directory	1
Directors’ Report	2
Consolidated Statement of Comprehensive Income 3
Consolidated Statement of Financial Position	4
Consolidated Statement of Cash Flows	5
Consolidated Statement of Changes in Equity	6
Notes to the Financial Statements	7
Directors’ Declaration	14
Auditor’s Independence Declaration	15
Auditor’s Review Report	16

Company Secretary

Anthony Michael Walsh

Registered Office

Level 1 8 Kings Park Road WEST PERTH WA 6005

Telephone: (08) 9212 0600

Bankers

Australian and New Zealand Banking Group Ltd

Auditors

Hall Chadwick 283 Rokeby Road SUBIACO WA 6008

Home Exchange

Australian Securities Exchange Ltd Level 40, Central Park 152-158 St George’s Terrace PERTH WA 6000

Share Registry

Website:

www.legendmining.com.au

Email:

Advanced Share Registry Services 110 Stirling Highway NEDLANDS WA 6009

Telephone: (08) 9389 8033 Facsimile: (08) 9389 7871

legend@legendmining.com.au

Lawyers

ASX Code:

LEG – ordinary shares

Thomson Geer Level 27, Exchange Tower 2 The Esplanade PERTH WA 6000

Legend Mining Limited Half-Year Report 2023

1

DIRECTORS’ REPORT

The Directors submit their report for the half-year ended 30 June 2023.

DIRECTORS

The names and details of the Company’s directors during the financial period and until the date of this report are as below. Directors were in office for this entire period unless otherwise stated.

• Mark Wilson (Executive Chair)

• Oliver Kiddie (Managing Director)

• Hilary Macdonald (Non-Executive Director)

Michael Atkins was a non-executive director from 1 January 2023 until he retired as a director of the Company at the conclusion of the Annual General Meeting held on 5 May 2023.

NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES

The principal activities during the period of the entities within the consolidated entity were exploration for nickel and copper deposits in Western Australia.

RESULTS OF OPERATIONS

The loss of the consolidated entity for the half-year after tax was $1,056,943 (2022: $147,700 loss)

REVIEW OF OPERATIONS

Legend continued with exploration activities on the Rockford Project tenements in the Fraser Range District of Western Australia, which included ongoing testing and development of innovative geophysical exploration techniques some of which the Company expects to claim in its R&D Tax Incentive application, and comprised:

• 3D Seismic survey at Octagonal

• Diamond drill testing of seismic targets, DHTEM testing, and petrophysical property measurements at Octagonal

• Regional MLTEM

EVENTS AFTER THE BALANCE SHEET DATE

No other matters or circumstances have arisen since the end of the half-year to the date of this report which have significantly affected, or may significantly affect, the operations of the consolidated entity, the results of those operations or the state of affairs of the consolidated entity.

AUDITOR’S INDEPENDENCE

The Auditor’s Independence Declaration under S307C of the Corporations Act 2001 has been received from Hall Chadwick, the Company’s auditor, and is available for review on page 15.

SIGNED in accordance with a Resolution of the Directors on behalf of the Board

==> picture [82 x 42] intentionally omitted <==

_______ Oliver Kiddie Managing Director

Dated this 30th day of August 2023

Legend Mining Limited Half-Year Report 2023

2

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 30 JUNE 2023

Notes Finance revenue 3(a) Other Income 3(b) Employee benefits expense 3(c) Financial expenses 3(d) Corporate expenses Share-based payments expense 13 Net profit/(loss) before income tax expense Income tax benefit Profit/(loss) for the period attributable to Owners of Legend Mining Limited Other comprehensive income Total comprehensive income/(loss) for the period attributable to Owners of Legend Mining Limited PROFIT/(LOSS) PER SHARE (cents per share) Basic profit/(loss) for the period attributable to ordinary equity holders of the parent 4 Diluted profit/(loss) for the period attributable to ordinary equity holders of the parent 4	CONSOLIDATED 30 Jun 2023 $ 30 Jun 2022 $ 263,902 46,397 7,155 503,824 (182,574) (134,744) (49,758) (41,071) (321,215) (373,144) (896,052) (192,859)
	(1,178,542) (191,597) 121,599 43,897
	(1,056,943) (147,700)
	- -
	(1,056,943) (147,700)
	(0.0324) (0.0054) (0.0324) (0.0054)

The accompanying notes form part of these financial statements

Legend Mining Limited Half-Year Report 2023

3

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2023

Notes ASSETS Current Assets Cash and cash equivalents 6 Receivables 7 Other financial assets 8 Total Current Assets Non-Current Assets Other financial assets 8 Property, plant and equipment 9 Right-of-use asset Deferred exploration assets 10 Total Non-Current Assets TOTAL ASSETS LIABILITIES Current Liabilities Trade and other payables 11 Provisions Lease liability 11 Total Current Liabilities Non-Current Liabilities Provisions Lease liability 11 Deferred tax liability Total Non-Current Liabilities TOTAL LIABILITIES NET ASSETS EQUITY Equity attributable to equity holders of the parent Contributed equity 12 Share option premium reserve Accumulated losses TOTAL EQUITY	CONSOLIDATED As at 30 Jun 2023 $ As at 31 Dec 2022 $ 15,435,893 12,710,577 145,872 160,773 100,000 100,000
	15,681,765 12,971,350
	5,775 5,775 511,959 572,204 156,278 62,822 42,866,616 40,175,915
	43,540,628 40,816,716
	59,222,393 53,788,066
	522,214 710,692 190,272 173,671 96,132 43,821
	808,618 928,184
	159,135 153,302 61,460 19,918 435,567 529,841
	656,162 703,061
	1,464,780 1,631,245
	57,757,613 52,156,821
	107,213,187 101,451,503 25,590,379 24,624,327 (74,975,953) (73,919,009)
	57,757,613 52,156,821

The accompanying notes form part of these financial statements

Legend Mining Limited Half-Year Report 2023

4

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 30 JUNE 2023

CASH FLOWS FROM OPERATING ACTIVITIES Payments to suppliers and employees Interest received Other Income Payment for financial assets Proceeds from Jindal Receivables Net cash flows used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES Payments for property, plant and equipment Payments for exploration and evaluation Receipt of research & development tax incentive grant Net cash flows used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from Issue of shares Payment for capital raising costs Principal elements of lease payments Net cash flows from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of period Cash and cash equivalents at end of period	CONSOLIDATED 30 Jun 2023 $ 30 Jun 2022 $ (888,900) (581,934) 233,817 30,378 7,155 - (2,533) (1,821) - 500,000
	(650,461) (53,377) (32,234) - (2,333,039) (3,324,546) - -
	(2,365,273) (3,324,546) 6,000,000 - (210,990) - (47,961) (46,341)
	5,741,049 (46,341) 2,725,316 (3,424,264) 12,710,577 18,258,467
	15,435,893 14,834,203

The accompanying notes form part of these financial statements

Legend Mining Limited Half-Year Report 2023

5

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 30 JUNE 2023

Consolidated At 1 January 2023 Loss for the period Total comprehensive income for the period Issued capital Capital raising costs Capital raising costs – Tax Effect Employee and director options At 30 June 2023 At 1 January 2022 Profit for the period Total comprehensive income for the period Issued capital Capital raising costs Employee options At 30 June 2022		Issued Capital Share Option Premium Reserve Accumulated Losses Total Equity $ $ $ $ 101,451,503 24,624,327 (73,919,010) 52,156,820 - - (1,056,943) (1,056,943) - - (1,056,943) (1,056,943) 6,000,000 - - 6,000,000 (210,991) - - (210,991) (27,325) - - (27,325) - 896,052 - 896,052 107,213,187 25,520,379 (74,975,953) 57,757,613 101,451,503 24,398,437 (72,427,958) 53,421,982
		- - (147,700) (147,700)
		- - (147,700) (147,700)
		- - - -
		(25,988) - - (25,988)
		- 192,859 - 192,859
		101,425,515 24,591,296 (72,575,658) 53,441,153

The accompanying notes form part of these financial statements

Legend Mining Limited Half-Year Report 2023

6

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2023

NOTE 1: CORPORATE INFORMATION

The financial report of Legend Mining Limited (the Company) for the half-year ended 30 June 2023 was authorised for issue in accordance with a resolution of the Directors on 30 August 2023.

Legend Mining Limited is a company 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 Group are exploration for nickel and copper deposits in Australia.

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The half-year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report.

The half-year financial report should be read in conjunction with the annual financial report of Legend Mining Limited for the year ended 31 December 2022.

It is also recommended that the half-year financial report be considered together with any public announcements made by Legend Mining Limited and its controlled entities during the half-year ended 30 June 2023 in accordance with the continuance disclosure obligations arising under the Corporations Act 2001.

(a) Basis of preparation

The half-year financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001 and AASB 134 Interim Financial Reporting. The halfyear financial report has been prepared on a historical cost basis except for certain financial instruments, which have been measured at fair value.

The half-year financial report is presented in Australian dollars and all values are expressed as whole dollars. For the purpose of preparing the half-year financial report, the half-year has been treated as a discreet reporting period.

(b) New Standards, interpretations and amendments adopted by the Group

The accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2022, except for the adoption of new standards effective as of 1 January 2023. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

(c) Estimates

The preparation of the half-year financial report requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

Legend Mining Limited Half-Year Report 2023

7

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2023

NOTE 3: REVENUE AND EXPENSES Revenues and expenses from continuing operations (a) Finance Revenue Bank interest received and receivable (b) Other Income Impairment loss recovery (refer note 7 (a)) Other (c) Employee Benefits Expense Salaries, on-costs and other employee benefits (d) Other Expenses Depreciation - office Financial expenses - office Depreciation – Office rent Impairment of exploration expenditure Other NOTE 4: EARNINGS/(LOSS) PER SHARE (a) Earnings used in the calculation of basic earnings/(loss) per share Net profit/(loss) attributable to ordinary equity holders of Legend Mining Limited (b) Weighted average number of shares on issue during the financial period used in the calculation of basic earnings/(loss) per share Weighted average number of ordinary shares on issue used in the calculation of diluted earnings/(loss) per share		CONSOLIDATED 30 Jun 2023 $ 30 Jun 2022 $ 263,902 46,394 263,902 46,394 - 500,000 7,155 3,824 7,155 503,824 182,574 134,744 182,574 134,744 2,648 4,106 1,590 1,571 35,478 35,503 10,042 - - (110) 49,758 41,070 CONSOLIDATED 30 Jun 2023 $ 30 Jun 2022 $ (1,056,943) (147,700)
		3,257,968,566 2,755,135,721
		3,257,968,566 2,755,135,721

(c) Information on the classification of options

For the half year ended 30 June 2023, all options on issue were anti-dilutive as the Group made a loss. This has resulted in diluted earnings per share being the same as the basic earnings per share. These options could potentially dilute basic earnings per share in the future. The number of dilutive potentially issuable ordinary shares at 30 June 2023 is 91,000,000 (30 June 2022: 155,211,111).

.

Legend Mining Limited Half-Year Report 2023

8

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2023

NOTE 5: SEGMENT INFORMATION

AASB 8 requires operating segments to be identified on the basis of internal reports that are used by the chief operating decision maker (“CODM”) in order to allocate resources to the segment and to assess its performance. The CODM of the Group is the Board of Directors.

The Group has identified its operating segments based on the internal reports that are provided to the CODM on a regular basis. The Group has one reportable segment being exploration and evaluation activities in Australia.

NOTE 6: CASH AND CASH EQUIVALENTS Cash at bank and in hand Term deposits Total cash and cash equivalents NOTE 7: TRADE AND OTHER RECEIVABLES Current Trade receivables and accruals Other receivables interest accruals on Term Deposits NOTE 8: OTHER FINANCIAL ASSETS Details of the above financial instruments: Current Security Bond (a) Non-current Rental property bond (b)	CONSOLIDATED 30 Jun 2023 $ 31 Dec 2022 $ 1,435,893 410,577 14,000,000 12,300,000 15,435,893 12,710,577 CONSOLIDATED 30 Jun 2023 $ 31 Dec 2022 $ 57,098 102,084 88,774 58,689 145,872 160,773 CONSOLIDATED 30 Jun 2023 $ 31 Dec 2022 $ 100,000 100,000 100,000 100,000 5,775 5,775

a) Security Bond - bank deposit held as security for credit cards. At the 30 June 2023, this deposit is held on term deposit for one year with an interest rate of 4% per annum which matured on 11 August 2023.

b) Rental Property Bond – this bond relates to a rental property in Kalgoorlie WA. No interest is received on this bond.

Legend Mining Limited Half-Year Report 2023

9

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2023

NOTE 9: PROPERTY, PLANT AND EQUIPMENT

Cost Accumulated depreciation Net carrying amount Movement Opening net carrying amount Additions Disposals - Exploration Depreciation expense - Admin Depreciation expense - Exploration Closing net carrying amount NOTE 10: DEFERRED EXPLORATION ASSETS Deferred exploration costs (a) Deferred exploration and evaluation assets At 1 January, at cost Expenditure incurred during the period Impairment of exploration expenditure At 30 June, at cost (i)		CONSOLIDATED 30 Jun 2023 $ 31 Dec 2022 $ 1,209,102 1,225,046 (697,143) (652,841) 511,959 572,204 6 Months Ended 30 Jun 2023 $ 6 Months Ended 30 Jun 2022 $ 572,204 762,719 32,234 - (20,887) - (2,648) (4,106) (68,944) (92,649) 511,959 665,964 CONSOLIDATED 30 Jun 2023 $ 31 Dec 2022 $
		42,866,616 40,175,914
		6 Months Ended 30 Jun 2023 $ 6 Months Ended 30 Jun 2022 $ 40,175,914 34,929,556 2,700,744 3,852,286 (10,042) -
		42,866,616 38,781,842

Note:

(i) The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number of factors, including whether the Group decides to exploit the related lease itself or, if not, whether it successfully recovers the related exploration and evaluation asset through sale.

Legend Mining Limited Half-Year Report 2023

10

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2023

NOTE 11: TRADE AND OTHER PAYABLES

Current – unsecured Trade payables (i) Other payables and accruals (ii) Lease liabilities Current Lease liability Non-Current Lease liability	30 Jun 2023 $ 31 Dec 2022 $ 486,604 655,714 35,610 54,978
	522,214 710,692
	96,132 43,821
	96,132 43,821
	61,460 19,918
	61,460 19,918

Terms and conditions relating to the above financial instruments.

(i) Trade payables are non-interest bearing and normally settled on 30-day terms.

(ii) Other payables are non-interest bearing and normally settled as they fall due.

NOTE 12: CONTRIBUTED EQUITY Ordinary shares Issued and fully paid Issue costs Movement in ordinary shares on issue At 1 January 2023 Share Placement – Euroz Hartleys Limited Conversion of Options Costs of Placement At 30 June 2023	CONSOLIDATED AND COMPANY 30 Jun 2023 $ 31 Dec 2022 $ 111,460,173 105,460,173 (4,246,986) (4,008,670)
	107,213,187 101,451,503
	30 June 2023 30 June 2023 No. of Shares $ 2,755,135,721 101,451,503 146,341,464 6,000,000 - - - (238,316)
	2,901,477,185 107,213,187

Fully paid ordinary shares carry one vote per share and carry the right to dividends.

Legend Mining Limited Half-Year Report 2023

11

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2023

NOTE 13: SHARE-BASED PAYMENTS

During the 2023 half-year there were two new share-based payments transactions:

• (i) 18.5 million zero exercise price options were granted to employees for Nil consideration as part of employee remuneration on 20 March 2023 pursuant to the Company's ESOP approved at the Annual General Meeting in May 2020.

Milestone A : 5,000,000 unlisted ZEPOs issued for nil consideration, each convertible into one ordinary share at any time between meeting the vesting condition (12 months of continuous service from the date of grant) and the expiry date.

Milestone B: 5,000,000 unlisted ZEPOs issued for nil consideration, each convertible into one ordinary share at any time between meeting the vesting condition (24 months of continuous service from the date of grant) and the expiry date.

Milestone C: 8,500,000 unlisted ZEPOs issued for nil consideration, each convertible into one ordinary share at any time between meeting the vesting condition (The 20-day volume weighted average price (“VWAP”) of Legend shares being greater than $0.10) and the expiry date.

Employee Unlisted Share ESOP Options

Employee Unlisted Share ESOP Options
Methodology	Milestone A Black Scholes	Milestone B Black Scholes	Milestone C Monte Carlo
Iterations	-	-	100,000
Grant Date	17 March 2023	17 March 2023	17 March 2023
Expiry Date	17 March 2028	17 March 2028	17 March 2028
Share price at Grant date ($)	0.040	0.040	0.040
VWAP hurdle	-	-	.100
Exercise price ($)	Nil	Nil	Nil
Risk free rate (%)	3.067	3.067	3.067
Volatility (%)	75	75	75
Vesting period	12 months	24 months	60 months
Value per ZEPO ($)	0.0400	0.0400	0.0326
Number of options	5,000,000	5,000,000	8,500,000
Total value of options ($)	200,000	200,000	277,446
Value recognised during the period ($)	72,877	36,389	20,194

• (ii) Pursuant to shareholder approval at the Annual General Meeting on 5 May 2023(2023 AGM), 65 million three-year options with an exercise price of 9.6 cents were granted to the Directors for Nil consideration on 8 May 2023. Further details on these options are set out in the Notice of 2023 AGM released on ASX on 16 March 2023.

Value of Director Options – assumptions used as at date of issue (8 May 2023)

Details	Input
Shareprice(20 dayVWAP)	$0.048
ExercisePrice (100% premiumabovethe20 dayVWAP)	$0.096
Risk Free Rate(RBA Cash Rate)	3.08%
Volatility*	65.70%
Start Date	8 May2023
ExpiryDate	8 May2026
Valueper Director Option	$0.0118

Source: Bloomberg historical volatility graph calculation using average from 31/08/2022 to 28/02/2023

Legend Mining Limited Half-Year Report 2023

12

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2023

NOTE 14: COMMITMENTS

Exploration expenditure commitments

In order to maintain current rights of tenure to exploration tenements, the Group will be required to outlay approximately $2,390,000 (2022: $2,373,000) in the following twelve months in respect of tenement lease rentals and to meet minimum expenditure requirements of the Department of Mines, Industry Regulation and Safety. These obligations are expected to be fulfilled in the normal course of operations and have not been provided for in the financial report.

NOTE 15: CONTINGENT LIABILITIES

There are no contingent liabilities at the reporting date.

NOTE 16: EVENTS AFTER THE BALANCE SHEET DATE

No other matters or circumstances have arisen since the end of the half-year to the date of this report which have significantly affected, or may significantly affect, the operations of the consolidated entity, the results of those operations or the state of affairs of the consolidated entity.

NOTE 17: DIVIDENDS PAID AND PROPOSED

No dividends were paid or proposed this financial period.

NOTE 18: FAIR VALUES

The carrying amounts of the Group’s financial assets and financial liabilities at 30 June 2023 and 31 December 2022 are reasonable approximations of their fair values at those dates.

Management assessed that cash and cash equivalents, trade and other receivables, and trade and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.

There have been no transfers between Level 1 and Level 2 during the period.

The fair value of the financial assets is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

Legend Mining Limited Half-Year Report 2023

13

DIRECTORS’ DECLARATION

In accordance with a resolution of the directors of Legend Mining Limited, I state that:

In the opinion of the Directors:

• a) the financial statements and notes, of the consolidated entity, are in accordance with the Corporations Act 2001, including;

• i. Giving a true and fair view of the consolidated entity’s financial position as at 30 June 2023 and its performance for the period ended on that date; and

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

• b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

On behalf of the Board.

==> picture [81 x 42] intentionally omitted <==

---

Oliver Kiddie Managing Director

Dated this 30[th] day of August 2023

Legend Mining Limited Half-Year Report 2023

14

==> picture [594 x 62] intentionally omitted <==

To the Board of Directors

Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001

As lead audit Director for the review of the financial statements of Legend Mining Limited for the half year ended 30 June 2023, I declare that to the best of my knowledge and belief, there have been no contraventions of:

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

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

Yours Faithfully,

==> picture [168 x 52] intentionally omitted <==

HALL CHADWICK WA AUDIT PTY LTD

==> picture [176 x 64] intentionally omitted <==

MARK DELAURENTIS CA Director

Dated 30[th] day of August 2023 Perth, Western Australia

15

==> picture [595 x 63] intentionally omitted <==

INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF LEGEND MINING LIMITED

Conclusion

We have reviewed the accompanying half-year financial report of Legend Mining Limited (“the Company”) and Controlled Entities (“the Consolidated Entity”) which comprises the consolidated statement of financial position as at 30 June 2023, 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 half-year ended on that date, a summary of significant accounting policies and other selected explanatory notes, and the directors’ declaration.

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

• a. Giving a true and fair view of the Consolidated Entity’s financial position as at 30 June 2023 and of its performance for the half-year ended on that date; and

• b. Complying with Accounting Standard AASB 134: Interim Financial Reporting and Corporations Regulations 2001 .

Basis for Conclusion

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

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

16

==> picture [595 x 62] intentionally omitted <==

Responsibility of the Directors for the Financial Report

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

Auditor’s Responsibility for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Consolidated Entity’s financial position as at 30 June 2023 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

==> picture [169 x 52] intentionally omitted <==

HALL CHADWICK WA AUDIT PTY LTD

==> picture [159 x 58] intentionally omitted <==

MARK DELAURENTIS CA Director

Dated 30[th] day of August 2023 Perth, Western Australia

17