LIVIUM LTD — Interim / Quarterly Report 2021

Mar 10, 2021

==> picture [202 x 89] intentionally omitted <==

LITHIUM AUSTRALIA NL ACN 126 129 413

FINANCIAL REPORT

==> picture [457 x 10] intentionally omitted <==

==> picture [457 x 9] intentionally omitted <==

FOR THE HALF- YEAR ENDED 31 DECEMBER 2020

CONTENTS PAGE

CORPORATE DIRECTORY .......................................................................................... 1 DIRECTORS’ REPORT ................................................................................................ 2 AUDITORS INDEPENDENCE DECLARATION ............................................................... 5 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ...................................................................................... 7 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ......................... 8 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .......................... 9 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ................................... 10 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS .................. 11 DIRECTORS’ DECLARATION .................................................................................... 22 INDEPENDENT AUDITOR’S REPORT ........................................................................ 23

CORPORATE DIRECTORY

DIRECTORS

Adrian Griffin Managing Director

George Bauk Non-Executive Chairman

AUDITORS

Bentleys Audit & Corporate (WA) Pty Ltd Level 3 216 St Georges Terrace Perth WA 6000

SHARE REGISTRY

Kristie Young

Non-Executive Director Appointed 21 December 2020

Advanced Share Registry 110 Stirling Highway Nedlands WA 6009

Bryan Dixon

Non-Executive Director Resigned 27 January 2021

COMPANY SECRETARY

Barry Woodhouse

REGISTERED OFFICE

T: +61 8 9389 8033 F: +61 8 9262 3723

STOCK EXCHANGE LISTING

The Company is listed on Australian Securities Exchange Limited Home Exchange – Perth ASX Codes: LIT, LITCF and LITO

Level 1 677 Murray Street West Perth WA 6005

T: +61 8 6145 0288 F: +61 8 9475 0847 E: info@lithium-au.com W: www.lithium-au.com

Page 1

DIRECTORS’ REPORT

The Directors present their report on Lithium Australia NL (“LIT” or the “Company”) and its controlled entities (the “Consolidated entity”) for the year half-year ended 31 December 2020.

BOARD OF DIRECTORS

The names and details of the Consolidated entity’s directors in office during the year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated.

Adrian Griffin Managing Director George Bauk Non-Executive Chairman Kristie Young Non-Executive Director Appointed 21 December 2020 Bryan Dixon Non-Executive Director Resigned 27 January 2021

COMPANY SECRETARY

Barry Woodhouse

RESULTS OF OPERATIONS

The operating loss after income tax of the Consolidated entity for the half-year ended 31 December 2020 was $10,485,056. (31 December 2019: loss of $3,079,217).

No dividend has been paid during or is recommended for the financial period ended 31 December 2020.

FINANCIAL POSITION

The Consolidated entity’s working capital surplus, being current assets less current liabilities was $8,102,666 at 31 December 2020 (30 June 2020: working capital surplus of $2,568,004).

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

REVIEW OF OPERATIONS

The Battery Circular Economy

LIT plans to establish integrated processing operations for battery materials within Australia, paving the way for a cost-effective and genuinely renewable circular battery economy.

The LIT Group’s production cycle (i.e. lithium from recycled batteries → lithium phosphate (‘LP’) → lithiumferro-phosphate (‘LFP’) cathode material → new lithium-ion batteries ('LIBs')) reveals the potential to improve efficiency and reduce manufacturing costs in the battery industry, and in so doing meet the ethical, social and governance standards the community has come to expect. Indeed, these technologies could enhance global efforts to deal with climate change by improving resource sustainability and reducing the environmental footprint of portable power.

During the period under review, LIT continued with its plans to establish integrated processing operations for battery materials within Australia. However, these plans were interrupted due to CoVID-19 including an extended lockdown period in Melbourne. The major events reported during the period are listed below and are described in more detail in the various release made during the period.

Page 2

• First sales and installations for Soluna Australia battery systems following Clean Energy Council approvals.

• Review and then sale or joint venture of exploration assets.

• VSPC advances process technology for LFP cathode material.

• Continuation of intellectual property requirements for proprietary SiLeach®, LieNA and recycling processes.

• Capital raising via a placement, share purchase plan, full payment of partly paid shares and exercise of options which enabled the Company to repay its debt.

• Conversion of waste material into high performance lithium-ion battery cathodes.

• Envirostream commenced recycling of spent electric vehicle batteries.

• Envirostream completed a micronutrient field trial.

• The ACCC authorized the Battery Stewardship Council to establish and operate a national stewardship scheme for managing end-of-life batteries.

• Envirostream continues to work closely with various regulatory bodies to ensure its operations are appropriately licensed.

• VSPC patent application for manufacture of LFP cathode has been accepted.

By way of summary, Lithium Australia continues to develop strategic relationships, intellectual property and investments as listed below.

Strategic Relationships

• ANSTO

• Curtin University

• Murdoch University

• University of Queensland

• University of Newcastle

• CSIRO

Investments

• VSPC Ltd (wholly owned subsidiary)

• Resource Conservation and Recycling Corporation Pty Ltd (wholly owned subsidiary)

• Envirostream Australia Pty Ltd (90% owned subsidiary)

• Soluna Australia Pty Ltd (50% owned subsidiary)

• BlackEarth Minerals NL – 13.7m shares (8% interest and largest shareholder)

• Galan Lithium Ltd - 1.221m shares

• Infinite Ore Corp. (formerly Infinite Lithium Corp.) – 0.5m shares

• Charger Metals NL option

Intellectual Property

• VSPC Proprietary Processes and patents

• Recycling processes and patents

• SiLeach® & Sileach® PCT applications and patents

• LieNa® and LieNa® PCT Applications and patents

• Phosphate PCT Application

• VSPC patent application for making lithium metal phosphates

Page 3

SUBSEQUENT EVENTS

• (a) On 04 January 2021, the Company issued 500,000 fully paid ordinary shares upon the receipt of consideration for the full payment of 500,000 partly paid shares (at $0.05 fully paid).

• (b) On 06 January 2021, the Company issued 100,000 fully paid ordinary shares upon the receipt of consideration for the full payment of 100,000 partly paid shares (at $0.05 fully paid).

• (c) On 07 January 2021, the Company issued 1,000,000 fully paid ordinary shares upon the receipt of consideration for the full payment of 1,000,000 partly paid shares (at $0.05 fully paid).

• (d) On 11 January 2021, the Company issued 1,100,000 fully paid ordinary shares upon the receipt of consideration for the full payment of 1,100,000 partly paid shares (at $0.05 fully paid).

• (e) On 12 January 2021, the Company issued 1,500,000 fully paid ordinary shares upon the receipt of consideration for the full payment of 1,500,000 partly paid shares (at $0.05 fully paid).

• (f) On 13 January 2021, the Company issued 100,000 fully paid ordinary shares upon the receipt of consideration for the full payment of 100,000 partly paid shares (at $0.05 fully paid).

• (g) On 15 January 2021, the Company issued 1,600,000 fully paid ordinary shares upon the receipt of consideration for the full payment of 1,600,000 partly paid shares (at $0.05 fully paid).

• (h) On 18 January 2021, the Company issued 4,419,082 fully paid ordinary shares upon the receipt of consideration for the full payment of 4,419,082 partly paid shares (at $0.05 fully paid).

• (i) On 19 January 2021, the Company issued 711,592 fully paid ordinary shares upon the receipt of consideration for the full payment of 711,592 partly paid shares (at $0.05 fully paid).

• (j) On 21 January 2021, the Company issued 15,000,000 fully paid ordinary shares upon the conversion of 15,000,000 $0.055 options issued to Lind Global Macro Fund, LP.

• (k) On 21 January 2021, the Company issued a total of 2,392,083 fully paid ordinary shares under Lithium Australia Fee and Remuneration Sacrifice Share Plan and to various suppliers as approved by shareholders.

• (l) On 21 January 2021, the Company issued a total of 186,807 fully paid ordinary shares upon the conversion of 186,807 $0.12 options.

• (m) On 21 January 2021, the Company issued a total of 15,000,000 fully paid ordinary shares upon the conversion of 15,000,000 $0.1584 options.

• (n) On 21 January 2021, the Company issued 9,702,061 fully paid ordinary shares upon the receipt of consideration for the full payment of 9,702,061 partly paid shares (at $0.05 fully paid).

• (o) On 27 January 2021, the Company issued a total of 405,216 fully paid ordinary shares upon the conversion 405,216 $0.12 options.

• (p) On 27 January 2021, the Company issued 10,000,000 fully paid ordinary shares upon the conversion of 10,000,000 $0.055 options issued to Lind Global Macro Fund, LP.

• (q) On 27 January 2021, the Company issued 5,655,580 fully paid ordinary shares upon the receipt of consideration for the full payment of 5,655,580 partly paid shares (at $0.05 fully paid).

• (r) On 27 January 2021, the Company issued 5,875,000 fully paid ordinary shares upon exercise of 5,875,000 performance rights issued to directors.

• (s) On 03 February 2021, the Company issued a total of 696,344 fully paid ordinary shares upon the conversion of 696,344 $0.12 options.

• (t) On 03 February 2021, the Company issued 3,702,774 fully paid ordinary shares upon the receipt of consideration for the full payment of 3,702,774 partly paid shares (at $0.05 fully paid).

• (u) On 09 February 2021, the Company issued 2,625,000 fully paid ordinary shares upon exercise of 2,625,000 performance rights issued to directors.

• (v) On 09 February 2021, the Company issued a total of 3,565 fully paid ordinary shares upon the conversion of 3,565 $0.12 options.

• (w) On 09 February 2021, the Company issued 2,663,280 fully paid ordinary shares upon the receipt of consideration for the full payment of 2,663,280 partly paid shares (at $0.05 fully paid).

• (x) On 17 February 2021, the Company issued a total of 69,070 fully paid ordinary shares upon the conversion of 69,070 $0.12 options.

• (y) On 17 February 2021, the Company issued 3,579,070 fully paid ordinary shares upon the receipt of consideration for the full payment of 3,579,070 partly paid shares (at $0.05 fully paid).

• (z) On 23 February 2021, the Company received $675,000 for the consideration of 15,000,000 collateral shares issued to Lind Global Macro Fund, LP. Refer to note 8(v).

• (aa) On 24 February 2021, the Company issued a total of 16,616 fully paid ordinary shares upon the conversion of 16,616 $0.12 options.

• (bb) On 24 February 2021, the Company issued 1,664,583 fully paid ordinary shares upon the receipt of consideration for the full payment of 1,664,583 partly paid shares (at $0.05 fully paid).

Page 4

AUDITOR’S INDEPENDENCE DECLARATION

Section 307C of the Corporations Act 2001 requires our auditors, Bentleys, to provide the directors of the Consolidated Entity with an Independence Declaration in relation to the review of the interim financial report. This Independence Declaration is set out on page 6 and forms part of this directors’ report for the half-year ended 31 December 2020.

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

==> picture [99 x 44] intentionally omitted <==

Adrian Griffin Managing Director

Dated at Perth this 11th day of March 2021

Page 5

To the Board of Directors

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

As lead audit partner for the review of the financial statements of Lithium Australia NL for the period ended 31 December 2020, 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 BENTLEYS Chartered Accountants

==> picture [108 x 21] intentionally omitted <==

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

MARK DELAURENTIS CA
Partner
----- End of picture text -----

Dated at Perth this 11[th] day of March 2021

Page 6

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the Half-Year Ended 31 December 2020

Note Continuing Operations Sales Cost of Sales Gross Profit/(Loss) Revenue Other Revenue 2 Unrealised gain/(loss) on embedded derivative at fair value Occupancy costs Professional fees Corporate fees Laboratory/Plant/R&D expenses Warehouse expenses Employee benefits expense Administration costs Depreciation and amortisation Exploration and evaluation costs Finance Costs Impairment of goodwill Profit/(Loss) before income tax Income tax expense Profit/(Loss) from continuing operations Other comprehensive income Items that may be reclassified subsequently to profit or loss: Translation of foreign currency Net other comprehensive income that may be reclassified subsequently to profit or loss: Items that will not be reclassified subsequently to profit or loss: Net gain/(loss) on equity instruments at fair value through other comprehensive income Net other comprehensive income that will not be reclassified subsequently to profit or loss: Other comprehensive income/(loss), net of tax Total comprehensive income for the year Profit/(Loss) for the year attributable to: Members of the controlling entity Non controlling interest Total comprehensive income attributable to: Members of the controlling entity Non controlling interest Basic Loss per share (cents per share)	31 December 2020 31 December 2019 $ $ 516,253 32,464 (706,071) (9,963)
	(189,818) 22,501 17,477 7,250 2,444,403 2,375,590 - 130,373 (142,452) (138,851) (332,157) (535,705) (177,151) (171,055) (545,129) (153,389) (2,909) (39,492) (3,392,513) (1,965,074) (422,895) (514,924) (1,122,870) (1,022,323) (4,801,307) (1,042,450) (1,534,370) (31,668) (283,365) -
	(10,485,056) (3,079,217) - -
	(10,485,056) (3,079,217)
	86,428 299
	86,248 299 110,437 (767,534)
	110,437 (767,235)
	196,865 (767,235)
	(10,288,191) (3,846,452)
	(10,310,145) (3,041,422) (174,911) (37,795)
	(10,485,056) (3,079,217)
	(10,113,280) (3,808,657) (174,911) (37,795)
	(10,288,191) (3,846,452)
	(1.41) (0.5691)

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

Page 7

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 December 2020

Note Current Assets Cash and cash equivalents Trade and other receivables 3 Inventory 4 Financial assets 5 Total Current Assets Non Current Assets Financial assets 5 Capitalised exploration expenditure 6 Intangible assets 7 Right of Use asset 17 Property, plant and equipment Total Non Current Assets TOTAL ASSETS Current Liabilities Trade and other payables Current portion of long-term debt Lease liability 17 Provisions 16 Unearned revenue Convertible note Total Current Liabilities Non Current Liabilities Convertible note 11 Long-term debt Lease liability 17 Total Non Current Liabilities TOTAL LIABILITIES NET ASSETS Equity Issued capital 8 Reserves 9 Accumulated losses Controlling entity interest Non-controlling interest TOTAL EQUITY	31 December 2020 30 June 2020 $ $ 8,251,351 3,739,382 1,839,191 1,070,793 665,415 281,674 311,209 506,607
	11,067,166 5,598,456
	575,346 464,909 832,500 5,519,371 14,717,302 15,510,125 940,109 - 1,022,226 831,142
	18,087,483 22,325,547
	29,154,649 27,924,003
	1,035,719 1,768,991 97,241 - 398,312 - 582,861 530,140 850,367 - - 731,321
	2,964,500 3,030,452
	- 310,257 43,903 - 581,804 -
	625,707 310,257
	3,590,207 3,340,709
	25,564,442 24,583,294
	72,522,559 62,225,017 4,162,750 2,710,721 (50,546,876) (40,236,731)
	26,138,433 24,699,007
	(573,991) (115,713)
	25,564,442 24,583,294

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

Page 8

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the Half-Year Ended 31 December 2020

	Issued	Share Based	Foreign	Investment	Accumulated	Non-	Total
	Capital	Payment	Currency	Revaluation	Losses	Controlling
		Reserve	Translation	Reserve		Interest
			Reserve
	$	$	$	$	$	$	$
Balance at 1 July 2019	56,050,985	3,409,412	60,979	52,882	(32,160,804)	-	27,413,454
Loss for the period	-	-	-	-	(3,041,422)	(37,795)	(3,079,217)
Other comprehensive income
Translation of foreign currency	-	-	299	-	-	-	299
Net gain/(loss) on equity instruments at fair value	-	-	-	(767,534)	-	-	(767,534)
Total comprehensive loss for the period	-	-	299	(767,534)	(3,041,422)	(37,795)	(3,846,452)
Transaction with owner, directly recorded	in equity:
Issue of shares	3,526,396	-	-	-	-	-	3,526,396
Capital raising costs	(336,956)	-	-	-	-	-	(336,956)
Shares to be issued	100,000	-	-	-	-	-	100,000
Exercise of performance rights	192,325	(192,325)	-	-	-	-	-
Movement in performance rights	-	111,576	-	-	-	-	111,576
Transfer from investment revaluation reserve on disposal	-	-	-	177,060	(177,060)	-	-
Acquisition of shares in controlled entity	-	-	-	(5,179)	-	21,651	16,472
Convertible notes options issued	-	1,112,257	-	-	-	-	1,112,257
Issue of options	-	72,000	-	-	-	-	72,000
Performance rights relinquished	-	(448,056)	-	-	-	-	(448,056)
Expiry of options	-	(634,382)	-	-	634,382	-	-
Balance at 31 December 2019	59,532,750	3,430,482	61,278	(542,771)	(34,744,904)	(16,144)	27,720,691
	Issued	Share Based	Foreign	Other	Accumulated	Non-	Total
	Capital	Payment	Currency	Reserves(a)	Losses	Controlling
		Reserve	Translation			Interest
			Reserve
	$	$	$	$	$	$	$
Balance at 1 July 2020	62,225,017	2,194,879	63,308	452,534	(40,236,731)	(115,713)	24,583,294
Loss for the period	-	-	-	-	(10,310,145)	(174,911)	(10,485,056)
Other comprehensive income
Translation of foreign currency	-	-	86,428	-	-	-	86,428
Net gain/(loss) on equity instruments at fair value	-	-	-	110,437	-	-	110,437
Total comprehensive loss for the period	-	-	86,428	110,437	(10,310,145)	(174,911)	(10,288,191)
Transaction with owner, directly recorded	in equity
Issue of shares	10,687,409	-	-	-	-	-	10,687,409
Capital raising costs	(408,667)	-	-	-	-	-	(408,667)
Exercise of performance rights	18,800	(18,800)	-	-	-	-	-
Movement in performance rights	-	124,574	-	-	-	-	124,574
Issue of performance rights	-	1,149,390	-	-	-	-	1,149,390
Acquisition of shares in controlled entity	-	-	-	-	-	(283,367)	(283,367)
Balance at 31 December 2020	72,522,559	3,450,043	149,736	562,971	(50,546,876)	(573,991)	25,564,442

(a) Other reserves consist of investment revaluation reserve, equity reserve and convertible note reserve The above statement of changes in equity should be read in conjunction with the accompanying notes.

Page 9

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the Half-Year Ended 31 December 2020

Note Cash Flows from Operating Activities Receipts from customers Payments to suppliers and employees Payments for exploration and evaluation Proceeds from JobKeeper, apprentice subsidy and cashflow boost Proceeds from Government grants and tax incentives Interest received Interest expense Net cash used in operating activities Cash Flows from Investing Activities Purchase of property, plant and equipment Payment for intangible assets Proceeds from the sale of other financial assets Payment for other financial assets Payments for exploration assets Proceeds from disposal of tenements Cash acquired from business combination Cash flows from loans to other entities Net cash used in investing activities Cash Flows from Financing Activities Proceeds from issue of shares Payment for capital raising costs Lease Payments Transaction costs related to loans and borrowings Proceeds from borrowings Payment of convertible note Loans advanced Net cash generated by financing activities Net increase/(decrease) in cash held Cash and cash equivalents at the beginning of the period Effects of exchange rates on consolidation Cash and cash equivalents at the end of the period	31 December 2020 31 December 2019 $ $ 445,508 - (4,190,296) (3,467,731) (41,520) (753,425) 569,000 - 824,656 2,135,175 17,160 6,102 (4,920) -
	(2,380,412) (2,079,879)
	(384,276) (15,323) (118,066) (396,311) 605 95,607 (119,980) (400,001) - (30,746) 72,700 - 10,606 137,655 178,416 -
	(359,995) (609,119)
	9,649,871 3,235,056 (413,668) (264,956) (152,096) - (203,958) - - 2,788,000 (1,703,835) - - (235,951)
	7,176,314 5,522,149
	4,435,907 2,833,151 3,739,382 2,705,722 76,062 (20,874)
	8,251,351 5,517,999

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

Page 10

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the half‐year ended 31 December 2020

These consolidated financial statements and notes represent those of Lithium Australia NL and its controlled entity (the “Consolidated entity”). Lithium Australia NL is a no liability company, incorporated and domiciled in Australia.

The Consolidated entity is a for‐profit entity for financial reporting purposes under Australian Accounting Standards. The financial statements for the period ended 31 December 2020 were approved and authorised for issue by the Board of Directors on 11 March 2021.

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the material accounting policies adopted by the Consolidated entity in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.

Basis of Preparation

The half‐year financial report is a general‐purpose financial statement, which has been prepared in accordance with the requirements of the Corporations Act 2001, applicable Accounting Standards including AASB 134 “Interim Financial Reporting” and other mandatory professional reporting requirements. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards.

The half‐year financial report has been prepared on a historical cost basis, except where applicable for financial assets that have been measured at fair value. Cost is based on the fair value of the consideration given in exchange for assets. The company is domiciled in Australia and all amounts are presented in Australian dollars, unless otherwise noted. For the purpose of preparing the half‐year financial report, the half‐year has been treated as a discrete reporting period.

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.

It is recommended that this financial report be read in conjunction with the annual financial report of Lithium Australia NL as at 30 June 2020 and any public announcements made by the Consolidated Entity during the half‐year in accordance with continuous disclosure requirements arising under the Corporations Act 2001 and the ASX Listing Rules.

The half‐year financial statements have been prepared in accordance with the accounting policies adopted in the consolidated entity’s last annual financial statements for the year ended 30 June 2020.

Going Concern

The financial report has been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business.

The Group incurred a loss of $10,485,056 (31 Dec 2019: $3,079,217), net cash outflows from operating and investment activities of $2,740,407 (31 Dec 2019 outflows: $2,688,998) during the half year ended 31 December 2020. As at balance date the Group had a working capital surplus of $8,102,666 (30 June 2020: $2,568,004).

The directors have prepared a cash flow forecast, which indicates that the Company will have sufficient cash flows to meet all commitments and working capital requirements for the 12 month period from the date of signing this financial report.

Based on the cash flow forecasts and other factors referred to above, the directors are satisfied that the going concern basis of preparation is appropriate. The financial report has therefore been prepared on a going concern basis, which assumes continuity of normal business activities and realisation of assets and settlement of liabilities in the ordinary course of busines.

Page 11

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 31 December 2020 (continued)

2. OTHER REVENUE Government grants and tax incentives JobKeeper, PAYG cashflow boost and apprentice subsidies Tenement option fees Reversal of loan impaired Profit on asset disposal Costs recovered Administration fee 3. TRADE AND OTHER RECEIVABLES Other debtors GST receivable Government grants and tax incentives Prepayments 4. INVENTORY Finished goods Work in progress Unprocessed Infrastructure 5. FINANCIAL ASSETS Current Fixed term deposits Loans to other entities Non-current Australian listed shares – Level 1 fair value Canadian listed shares – Level 1 fair value		31-Dec-20 31-Dec-19 $ $ 1,402,456 2,301,164 479,000 - 105,700 - 377,877 - 484 - 67,731 - 11,155 74,426 2,444,403 2,375,590
		31-Dec-20 30-Jun-20 $ $ 292,304 203,895 130,216 111,840 803,972 - 612,699 755,058 1,839,191 1,070,793
		31-Dec-20 30-Jun-20 $ $ 466,693 71,811 115,068 197,216 - 2,235 83,654 10,412
		665,415 281,674
		31-Dec-20 30-Jun-20 $ $ 311,209 128,729 - 377,878 311,209 506,607 544,796 411,624 30,550 53,285 575,346 464,909

Page 12

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 31 December 2020 (continued)

6. CAPITALISED EXPLORATION EXPENDITURE

Opening balance Additions: Acquisition of P63/2063 exploration licence Impairments/Revaluations: Tin International/Sadisdorf Greenbushes E27/562 Lake Johnstonrights Mt Deans Interest in Youanmi lithium project Moolyella exploration licence Ravensthorpe option Lithophile Electra Closing balance	31-Dec-20 30-Jun-20 $ $ 5,519,371 6,322,191 105,746 (3,609,851) (102,090) (36,684) (832,500) (105,746) - (210,390) - (50,950) - (22,000) - (194,167) - (431,059)
	832,500 5,519,371

7. INTANGIBLE ASSETS

Opening balance Expenditure during the period (i) Less: Amortisation of intangible asset Closing balance	31-Dec-20 Patents Development Costs Intellectual Property Total $ $ $ $ 238,224 9,251,745 6,020,156 15,510,125 7,485 124,154 - 131,639 (10,060) - (914,402) (924,462)
	235,649 9,375,899 5,105,754 14,717,302

(i) During the period, the company spent $131,639 on development and patent costs relating to the new lithium technology, cathode technology and battery recycling.

Opening balance Acquisition Goodwill Expenditure during the period Less: impairment of intangible asset Less: Amortisation of intangible asset Closing balance	30-Jun-20 Patents Development Costs Intellectual Property Total $ $ $ $ 334,936 8,714,223 7,772,414 16,821,573 - - - - - - 66,606 66,606 12,521 537,522 - 550,043 (85,535) - - (85,535) (23,698) - (1,818,864) (1,842,562)
	238,224 9,251,745 6,020,156 15,510,125

8. ISSUED CAPITAL

Fully Paid Ordinary Shares Opening Balance Issue of shares to directors and staff (i) Issue of shares in lieu of payment (ii) Issue of shares (iii) Issue of shares on conversion of performance rights (iv) Issue of shares Issue of shares on conversion of performance rights Issue of shares on conversion of options Issue of shares on redemption of LITCE/LITCF Issue of shares (v) Transaction costs Closing Balance

31-Dec-20 30-Jun-20 Number $ Number $ 605,437,066 60,641,065 481,805,941 55,156,996 5,737,112 289,514 3,277,043 241,990 2,593,707 134,792 7,366,189 445,715 160,704,842 8,517,349 - - 200,000 18,800 1,200,000 129,200 - - 54,176,416 3,133,067 - - 375,000 63,125 - - 333 40 14,679,750 733,988 3,127 187 17,540,059 1,013,234 57,233,017 1,850,000 - (408,667) - (379,255)

806,892,536 70,940,075 605,437,066 60,641,065

Page 13

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 31 December 2020 (continued)

8. ISSUED CAPITAL (continued)

• (i) 3,378,414 shares were issued to key management personnel and 2,358,698 shares were issued to staff.

• (ii) 2,593,707 shares were issued to suppliers and consultants. Share based payments are determined with reference to the fair value of goods or services provided by consultants and settled based on the preceding 5-day VWAP.

• (iii) On 19 August 2020 and 10 September 2020, the Company issued 75,471,706 and 85,233,136 fully paid ordinary shares pursuant to terms of the share purchase plan.

• (iv) On 03 September 2020, the Company issued 200,000 fully paid ordinary shares upon conversion of performance rights relating to Hurdle 2 – VSPC.

• (v) On 16 December 2019, the Company executed an agreement with Lind Global Macro Fund, LP for an investment of up to $6.3 million. The investment consisted of $2,900,000 (face value $3,300,000) convertible note and up to $3,400,000 ordinary shares. Pursuant to the agreement, the company issued the following shares:

• 17 December 2019 15,000,000 collateral shares;

• 17 January 2020 1,769,912 fully paid ordinary shares;

• 14 February 2020 4,444,445 fully paid ordinary shares;

• 14 February 2020 9,191,177 fully paid ordinary shares;

• 28 February 2020 5,730,660 fully paid ordinary shares;

• 03 April 2020 2,840,910 fully paid ordinary shares;

• 05 May 2020 4,615,385 fully paid ordinary shares;

• 18 May 2020 3,537,736 fully paid ordinary shares;

• 28 May 2020 3,537,736 fully paid ordinary shares;

• 18 June 2020 3,253,797 fully paid ordinary shares;

• 30 June 2020 3,311,259 fully paid ordinary shares;

• 16 July 2020 3,456,222 fully paid ordinary shares;

• 08 August 2020 3,529,412 fully paid ordinary shares;

• 10 September 2020 4,444,445 fully paid ordinary shares;

• 17 September 2020 6,109,980 fully paid ordinary shares.

Partly-paid contributing shares -25 cents Opening Balance Issue of shares Proceeds from partly paid share Redemption of LITCE/LITCF Closing Balance (i)	31-Dec-20 30-Jun-20 Number $ Number $ 171,913,791 1,583,952 169,916,918 893,989 - - 2,000,000 14,000 - - - 675,963 (14,679,750) (1,468) (3,127) -
	157,234,041 1,582,484 171,913,791 1,583,952

(i) Closing balance is made up of 114,234,041 LITCF shares and 43,000,000 LITCE forfeited shares. The forfeited shares are available for the directors to use as they see fit.

9. RESERVES

Option reserve Investment revaluation reserve Foreign currency translation reserve Performance rights reserve Equity reserve Option Reserve Opening Balance Expiry of options Issue of options Closing Balance	31-Dec-20 30-Jun-20 $ $ 3,054,758 3,054,758 (552,347) (662,784) 149,736 63,308 1,507,542 252,378 3,061 3,061
	4,162,750 2,710,721
	3,054,758 2,504,883 - (634,382) - 1,184,257
	3,054,758 3,054,758

Page 14

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 31 December 2020 (continued)

9. RESERVES (continued)

Investment Revaluation Reserve Opening Balance Net gain/(loss) arising on revaluation of financial assets Closing Balance	(662,784) 52,882 110,437 (715,666)
	(552,347) (662,784)

Upon disposal of financial assets, the Group transfers all accumulated gains or losses in the financial asset reserve pertaining to the financial asset to retained earnings.

Foreign Currency Translation Reserve Opening Balance Exchange differences arising on translating foreign subsidiary Closing Balance Performance Rights Reserve Opening Balance Amortisation/Issue of performance rights Performance option rights achieved/exercised Performance rights issued Performance rights relinquished Closing Balance Equity Reserve Opening Balance Acquisition of shares in controlled entity Closing Balance	63,308 60,979 86,428 2,329
	149,736 63,308
	252,378 904,529 124,574 (11,770) (18,800) (192,325) 1,149,390 - - (448,056)
	1,507,542 252,378
	3,061 - - 3,061
	3,061 3,061

10. SEGMENT INFORMATION

Segment performance

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

Lithium Australia is managed primarily on the basis of mining exploration and as a subset of mining, processing technology. Operating segments are considered to have similar economic characteristics.

Types of reportable segments:

• (i) Tenement exploration and evaluation The exploration of current projects and the evaluation of new ones are reported in this segment. Segment assets, including acquisition costs of exploration licences and all expenses related to the tenements are reported in this segment.

• (ii) Processing technology The development of processing technology for lithium extraction and battery material research & development is reported in this segment.

Basis of accounting for purposes of reporting by operating segments

Unless stated otherwise, all amounts reported to the Board of Directors as the chief decision maker with respect to operating segments are determined in accordance with accounting policies that are consistent to those adopted in Lithium Australia’s annual financial report.

Segment assets

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

Unless indicated otherwise in the segment asset notes, investments in financial assets, deferred tax assets and intangible assets have not been allocated to operating segments.

Page 15

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 31 December 2020 (continued)

10. SEGMENT INFORMATION (continued)

Segment liabilities

Liabilities are allocated to segments where there is a direct nexus between the incurrence of the liability and the operations of the segment. Borrowings and tax liabilities are generally considered to relate to the Group as a whole and are not allocated.

Unallocated items

The following items of revenue, expense assets and liabilities are not allocated to operating segments, as they are not considered part of the core operations of any segment:

• Net gains on disposal of available-for-sale investments;

• Impairment of assets excluding exploration assets and other non-recurring items of revenue or expense;

• Income tax expense;

• Deferred tax assets and liabilities;

• Trade payable and other payables;

• Intangible assets.

(i) Segment revenues and results 31 December 2020

Revenue Expenses Total segment loss	Processing Technology Exploration Total $ $ $ - - - (1,469,591) (4,801,307) (6,270,898) (1,469,591) (4,801,307) (6,270,898)

Reconciliation of segment result to Consolidated entity net loss

Unallocated items - Interest revenue - Other revenue - Other expenses Net loss from continuing operations	17,477 2,444,403 (6,676,038)
	(10,485,056)

31 December 2019 Processing Technology Exploration $ $ Revenue - - Loss (929,214) (1,042,450) Total segment loss (929,214) (1,042,450) Reconciliation of segment result to Consolidated entity net loss Unallocated items - Interest revenue - Other revenue - Other expenses Net loss from continuing operations	Processing Technology Exploration $ $ - - (929,214) (1,042,450)	Total $ - (1,971,664)
	(929,214) (1,042,450)	(1,971,664)
		7,250 2,528,464 (3,643,267)
		(3,079,217)

Page 16

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 31 December 2020 (continued)

10. SEGMENTS INFORMATION (continued)

(ii) Segment Assets 31 December 2020 Processing Technology Exploration $ $ Segment Assets 15,406,596 832,500 Unallocated assets - Cash and cash equivalents - Trade and other receivables - Other Total company assets 30 June 2020 Processing Technology Exploration $ $ Segment Assets 16,106,944 5,519,371 Unallocated assets - Cash and cash equivalents - Trade and other receivables - Other Total company assets (iii) Segment Liabilities 31 December 2020 Processing Technology Exploration $ $ Segment Liabilities 13,171 36,337 Unallocated liabilities - Trade and other payables Total company liabilities 30 June 2020 Processing Technology Exploration $ $ Segment liabilities 95,781 76,071 Unallocated liabilities - Trade and other payables - Convertible note Total company liabilities		Total $ 16,239,096 8,251,351 2,815,815 1,848,387
		29,154,649
		Total $ 21,626,315 3,739,382 1,859,073 699,233
		27,924,003
		Total $ 49,508 3,540,699
		3,590,207
		Total $ 171,852 2,127,279 1,041,578
		3,340,709

Page 17

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the half‐year ended 31 December 2020 (continued)

11 . FINANCIAL LIABILITIES

Current financial liabilities Convertible note Embedded derivative Non‐current financial liabilities Convertible note Embedded derivative Proceeds from convertible note Embedded derivative Options granted Transaction costs Finance costs unwound Issued capital Convertible note liability Embedded derivative Fair value adjustment Embedded derivative liability	31‐Dec‐20 30‐Jun‐20 $ $ ‐ 496,196 ‐ 235,125
	‐ 731,321
	‐ 210,507 ‐ 99,750
	‐ 310,257
	31‐Dec‐20 30‐Jun‐20 $ $ ‐ 2,900,000 ‐ (1,489,521) ‐ (1,112,257) ‐ (112,000) ‐ 1,470,481 ‐ (950,000)
	‐ 706,703
	31‐Dec‐20 30‐Jun‐20 $ $ ‐ 1,489,521 ‐ (1,154,646)
	‐ 334,875

On 9 September 2020, Lithium Australia NL issued an ASX announcement regarding the repayment of its LIND Convertible Note. $1.9 million in cash was repaid to LIND as part of the buy‐back notice that was settled on the 23 September 2020.

12 . SUBSEQUENT EVENTS

• (a) On 04 January 2021, the Company issued 500,000 fully paid ordinary shares upon the receipt of consideration for the full payment of 500,000 partly paid shares (at $0.05 fully paid).

• (b) On 06 January 2021, the Company issued 100,000 fully paid ordinary shares upon the receipt of consideration for the full payment of 100,000 partly paid shares (at $0.05 fully paid).

• (c) On 07 January 2021, the Company issued 1,000,000 fully paid ordinary shares upon the receipt of consideration for the full payment of 1,000,000 partly paid shares (at $0.05 fully paid).

• (d) On 11 January 2021, the Company issued 1,100,000 fully paid ordinary shares upon the receipt of consideration for the full payment of 1,100,000 partly paid shares (at $0.05 fully paid).

• (e) On 12 January 2021, the Company issued 1,500,000 fully paid ordinary shares upon the receipt of consideration for the full payment of 1,500,000 partly paid shares (at $0.05 fully paid).

• (f) On 13 January 2021, the Company issued 100,000 fully paid ordinary shares upon the receipt of consideration for the full payment of 100,000 partly paid shares (at $0.05 fully paid).

• (g) On 15 January 2021, the Company issued 1,600,000 fully paid ordinary shares upon the receipt of consideration for the full payment of 1,600,000 partly paid shares (at $0.05 fully paid).

• (h) On 18 January 2021, the Company issued 4,419,082 fully paid ordinary shares upon the receipt of consideration for the full payment of 4,419,082 partly paid shares (at $0.05 fully paid).

• (i) On 19 January 2021, the Company issued 711,592 fully paid ordinary shares upon the receipt of consideration for the full payment of 711,592 partly paid shares (at $0.05 fully paid).

• (j) On 21 January 2021, the Company issued 15,000,000 fully paid ordinary shares upon the conversion of 15,000,000 $0.055 options issued to Lind Global Macro Fund, LP.

• (k) On 21 January 2021, the Company issued a total of 2,392,083 fully paid ordinary shares under Lithium Australia Fee and Remuneration Sacrifice Share Plan and to various suppliers as approved by shareholders.

Page 18

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 31 December 2020 (continued)

12 . SUBSEQUENT EVENTS (continued)

• (l) On 21 January 2021, the Company issued a total of 186,807 fully paid ordinary shares upon the conversion of 186,807 $0.12 options.

• (m) On 21 January 2021, the Company issued a total of 15,000,000 fully paid ordinary shares upon the conversion of 15,000,000 $0.1584 options.

• (n) On 21 January 2021, the Company issued 9,702,061 fully paid ordinary shares upon the receipt of consideration for the full payment of 9,702,061 partly paid shares (at $0.05 fully paid).

• (o) On 27 January 2021, the Company issued a total of 405,216 fully paid ordinary shares upon the conversion 405,216 $0.12 options.

• (p) On 27 January 2021, the Company issued 10,000,000 fully paid ordinary shares upon the conversion of 10,000,000 $0.055 options issued to Lind Global Macro Fund, LP.

• (q) On 27 January 2021, the Company issued 5,655,580 fully paid ordinary shares upon the receipt of consideration for the full payment of 5,655,580 partly paid shares (at $0.05 fully paid).

• (r) On 27 January 2021, the Company issued 5,875,000 fully paid ordinary shares upon exercise of 5,875,000 performance rights issued to directors.

• (s) On 03 February 2021, the Company issued a total of 696,344 fully paid ordinary shares upon the conversion of 696,344 $0.12 options.

• (t) On 03 February 2021, the Company issued 3,702,774 fully paid ordinary shares upon the receipt of consideration for the full payment of 3,702,774 partly paid shares (at $0.05 fully paid).

• (u) On 09 February 2021, the Company issued 2,625,000 fully paid ordinary shares upon exercise of 2,625,000 performance rights issued to directors.

• (v) On 09 February 2021, the Company issued a total of 3,565 fully paid ordinary shares upon the conversion of 3,565 $0.12 options.

• (w) On 09 February 2021, the Company issued 2,663,280 fully paid ordinary shares upon the receipt of consideration for the full payment of 2,663,280 partly paid shares (at $0.05 fully paid).

• (x) On 17 February 2021, the Company issued a total of 69,070 fully paid ordinary shares upon the conversion of 69,070 $0.12 options.

• (y) On 17 February 2021, the Company issued 3,579,070 fully paid ordinary shares upon the receipt of consideration for the full payment of 3,579,070 partly paid shares (at $0.05 fully paid).

• (z) On 23 February 2021, the Company received $675,000 for the consideration of 15,000,000 collateral shares issued to Lind Global Macro Fund, LP. Refer to note 8(v).

• (aa) On 24 February 2021, the Company issued a total of 16,616 fully paid ordinary shares upon the conversion of 16,616 $0.12 options.

• (bb) On 24 February 2021, the Company issued 1,664,583 fully paid ordinary shares upon the receipt of consideration for the full payment of 1,664,583 partly paid shares (at $0.05 fully paid).

13. COMMITMENTS

(a) Exploration Expenditure

The Consolidated entity has certain obligations with respect to tenements and minimum expenditure requirements in Australia, as follows:

as follows:
Within 12 months 12 Months or longer and not longer than 5 years Longer than 5 years Total	2021 $ 2020 $ 288,783 675,120 288,783 675,120 - -
	577,566 1,350,240

14. CONTINGENT ASSETS AND CONTINGENT LIABILITIES

The Consolidated Group has no contingent assets or contingent liabilities as at 31 December 2021.

Page 19

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 31 December 2020 (continued)

15. FINANCIAL INSTRUMENTS

The Group’s financial instruments consist of trade and other receivable and trade and other payables. These financial instruments are measured at amortised cost, less any provision for non-recovery. The carrying amount of the financial assets and liabilities approximate their fair value.

Financial assets

The Group’s Held for trading financial assets are level-1 financial instruments and valued using the quoted bid prices from the Australian Securities Exchange as at the reporting date.

16. PROVISIONS

Employees annual leave and long service leave provisions Make good provision Rehabilitation provision (i)	31-Dec-20 30-Jun-20 $ $ 557,861 432,640 - 47,500 25,000 50,000
	582,861 530,140

(i) The Company’s rehabilitation programs are ongoing on two areas at its Ravensthorpe Project. As at 31 December 2020, the Company estimated the cost of the rehabilitation programs at $25,000 which has been recognised as a provision.

17. LEASES

Leasing arrangements

Operating leases relate to the lease of the	Operating leases relate to the lease of the	following commercial premises:	following commercial premises:
Location	Commencement	Term (months)	Option (months)		Expiry
	date
West Perth, WA	01/10/2020	36	24		30/09/2025
Wacol, QLD	01/01/2020	36	-		31/12/2022
Campbellfield, VIC	01/07/2020	23	-		31/05/2022
Campbellfield, VIC	01/04/2020	24	24		31/03/2024
Right-of-use assets
				31-Dec-20	30-Jun-20
Buildings				$	$
Cost				1,077,925	-
Accumulated Depreciation				(137,816)	-
Carrying Amount				940,109	-
Amounts recognised in profit and loss
				31-Dec-20	30-Jun-20
Buildings				$	$
Depreciation expense on right-of-use asset				137,816	-
Interest expense on	lease liabilities			7,793	-
				145,609	-

Page 20

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 31 December 2020 (continued)

18. BUSINESS COMBINATION

On 06 October 2020, due to a board restructure, the Company obtained control of Soluna Australia Pty Ltd (“Soluna”). As at 30 June 2020 the Company had a 50% interest in Soluna with a fair value of $1.

The fair value of identifiable assets and liabilities of Soluna as at the date the Company obtained control was:

The fair value of identifiable assets and liabilities of Soluna as at the date the Company obtained control was:
Cash Current assets Property plant and equipment Trade and other payables Net assets Goodwill impaired	$ 10,606 254,998 4,770 (837,105)
	(566,731)
	283,365

The contribution of Soluna to the consolidated entity’s loss was $160,185

Page 21

DIRECTORS’ DECLARATION

The directors of Lithium Australia NL declare that:

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

2. (a) comply with Accounting Standards AASB 134: Interim Financial Reporting ; and

3. (b) give a true and fair view of the Consolidated entity’s financial position as at 31 December 2020 and of its performance as represented by the results of its operations, changes in equity and its cash flows for the period ended on that date; and

4. At the date of this statement there are reasonable grounds to believe that the Consolidated entity 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.

==> picture [99 x 45] intentionally omitted <==

Adrian Griffin Managing Director

Dated at Perth this 11[th] day of March 2021

Page 22

Independent Auditor’s Review Report

To the Members of Lithium Australia NL

Conclusion

We have reviewed the accompanying half-year financial report of Lithium Australia NL (“the Company”) and Controlled Entities (“the Consolidated Entity”) which comprises the consolidated statement of financial position as at 31 December 2020, 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 Lithium Australia NL and Controlled Entities does not comply with the Corporations Act 2001 including:

• a. Giving a true and fair view of the Lithium Australia NL financial position as at 31 December 2020 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.

Page 23

Independent Auditor’s Review Report To the Members of Lithium Australia NL (Continued)

==> picture [73 x 36] intentionally omitted <==

Responsibility of the Directors for the Financial Report

The directors of the Lithium Australia NL 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 halfyear 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 31 December 2020 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 [91 x 38] intentionally omitted <==

==> picture [132 x 31] intentionally omitted <==

BENTLEYS MARK DELAURENTIS CA Chartered Accountants Partner

Dated at Perth this 11[th] day of March 2021

Page 24