Corporate Directory

Directors and Company Secretary

John Hannaford - Non-Executive Chairman (Appointed - 13 November 2020) Lachlan Reynolds – Managing Director (Appointed - 13 November 2020) David Izzard – Non-Executive Director (Appointed - 13 November 2020)

Simon Adams - Company Secretary (Appointed - 13 November 2020)

Registered and Principal Office

Suite 2, 38 Colin Street West Perth 6005 Western Australia Telephone: +61 8 6444 1788 Internet: www.mtmongerresources.com.au

Share Register

Automic Group Level 2, 267 St Georges Terrace Perth WA 6000 Phone: 1300 288 664 Web: www.automicgroup.com.au

Securities Exchange Listing

Australian Securities Exchange Limited Home Branch – Perth Level 40, Central Park 152-158 St George's Terrace Perth WA 6000

ASX Code

MTM - Fully paid ordinary shares

Solicitors

HWL Ebsworth Level 20, 240 St George's Terrace Perth WA 6000

Auditor

Hall Chadwick WA Audit Pty Ltd 283 Rokeby Road Subiaco WA 6008

Mt Monger Resources ("Mt Monger" or the "Company") is actively exploring for minerals in two project areas located in Eastern Goldfields region of Western Australia. The Company has no reported mineral resources or reserves.

Figure 1: Location of the Mt Monger Resources Ltd exploration projects in the Eastern Goldfields of Western Australia.

The Mt Monger Gold Project is centred approximately 45km east-northeast of Kambalda and 70km to the southeast of Kalgoorlie-Boulder. The project comprises six granted Exploration Licences, two pending Exploration License applications and three granted Prospecting Licences, covering an area of approximately 100km² .

The Mt Monger Gold Project is positioned in a prospective location in terms of regional geological and mineralisation setting, located within the southern part of the Kurnalpi Terrane, in the Eastern Goldfields Superterrane; straddling the boundary between the Bulong Anticline and the Mount Belches Formation.

The Mt Monger region has proven potential for hosting gold, with gold mining commencing in the area during the late 1890s and continuing to the present day. The Mt Monger Gold Project is within close proximity to Gold Fields Limited's (JSE: GFI) St Ives gold camp which contains the Invincible Gold Mine located in Lake Lefroy and immediately south of Silver Lake Resources Ltd's (ASX: SLR) Daisy Milano gold operation and their currently operating 1.2Mtpa Randalls gold processing facility. Lefroy Exploration Limited (ASX: LEX, Lefroy) has experienced recent success at their Burns Prospect, located a few kilometres to the southwest of the Mt Monger Gold Project.

Early exploration within the project area focused on nickel sulphide mineralisation with the focus shifting to gold exploration during the 1980s. Exploration to date has outlined a number of advanced gold prospects; including the Duchess of York, Hickman's Find and Kiaki Soaks prospects. Drilling outside the more advanced prospect areas has been mainly limited to shallow Rotary Air Blast (RAB) and aircore drilling (<60m depth) in the immediate vicinity of and along strike from known mineralised structures, with only intermittent relatively deep Reverse Circulation (RC) percussion drilling completed to assess the depth potential to the shallow supergene gold mineralisation.

Figure 2: Tenement status map of the Mt Monger Gold Project showing historical prospect areas and nearby gold mining operations and processing plant.

Exploration within the Mt Monger Gold Project is focused on targeting extensions to existing well-defined mineralised structures and applying the understanding from known structures to regional targets.

Subsequent to the reporting period a program of RC percussion drilling was completed at the Duchess of York Prospect to evaluate the economic potential of the prospect and to test targets along strike of the mineralised structure (refer to the Company's ASX announcements dated 22 July, 25 August 2021 and 28 September 2021).

The East Laverton Gold Project is centred 70km south-east of the town of Laverton and is comprised of a four granted Exploration Licences and eight pending Exploration Licence applications. The project licences cover an area of 2,792km2 and are considered prospective for gold, rare earth elements (REE), nickel, base metals and lithium.

Figure 3: Tenement status map of the East Laverton Gold Project showing nearby mining operations.

The East Laverton Gold Project is located within the poorly understood Burtville Terrane on the eastern edge of the Eastern Goldfields Superterrane. The project area contains limited outcrop, with the bedrock geology predominantly concealed by transported cover. Due to the area's extensive sedimentary cover, there has been little geological work in the area either by exploration companies or government geological surveys, hampering the geological understanding of the area.

Earliest exploration within the region focused on the presence of kimberlite and uranium mineralisation within paleochannels, with only a limited number of drillholes targeting the underlying greenstone terrain for gold mineralisation. Subsequent exploration at the Seahorse Prospect encountered gneissic rocks similar to those from the Tropicana Gold Mine (AngloGold Ashanti Ltd and Regis Resources Ltd Joint Venture). The most popular model for Tropicana is that of reworked Archean gold, reported to be hosted by Archaean garnetiferous gneiss and quartzofeldpathic gneiss. The presence of the favourable gneissic rocks at the Seahorse Prospect was recognised at a later date and gold and pathfinder element analysis were completed, with encouraging gold and base metal results returned.

The eastern portion of the project is enhanced by a favourable structural setting, the presence of known anomalous soils and a proximity to known mineralisation. The Dexter Shear trends through the area; soil geochemistry will be evaluated, lines of aircore will be completed across anomalous zones, followed by RC drilling if encouragement is found to define gold mineralisation. Previous work has outlined the Sandshoes and Dexter West Prospects within this area which require further evaluation and exploration.

At the date of this report the Company has commenced evaluation of the potential for REE in the granted northern tenement areas, focusing on an area where anomalous REE have been recognised in historical drilling (refer to the Company's ASX announcement dated 20 August 2021) and surface geochemical sampling. No fieldwork has been completed at the date of this report.

Figure 4: Key prospect areas at the East Laverton Gold Project showing area of interpreted REE exploration potential.

Project	Location	Tenement	Equity at 30 June 2021	Changes During Period
Mt Monger	Kalgoorlie-Boulder	E 25/525	100%
Mt Monger	Kalgoorlie-Boulder	E 25/531	100%
Mt Monger	Kalgoorlie-Boulder	E 25/532	100%
Mt Monger	Kalgoorlie-Boulder	E 25/536	100%
Mt Monger	Kalgoorlie-Boulder	E25/562	80%
Mt Monger	Kalgoorlie-Boulder	E 25/565	100%
Mt Monger	Kalgoorlie-Boulder	E25/597	-	Application
Mt Monger	Kalgoorlie-Boulder	E 25/603	-	Application
Mt Monger	Kalgoorlie-Boulder	P 25/2489	100%
Mt Monger	Kalgoorlie-Boulder	P 25/2490	100%
Mt Monger	Kalgoorlie-Boulder	P 25/2568	80%
East Laverton	Laverton	E 38/3302	100%
East Laverton	Laverton	E 38/3462	0%	Granted
East Laverton	Laverton	E 38/3466	0%	Granted
East Laverton	Laverton	E 38/3499	0%	Granted
East Laverton	Laverton	E 38/3506	-	Application
East Laverton	Laverton	E 38/3507	-	Application
East Laverton	Laverton	E 38/3509	-	Application
East Laverton	Laverton	E 38/3510	-	Application
East Laverton	Laverton	E 38/3511	-	Application
East Laverton	Laverton	E 38/3519	-	Application
East Laverton	Laverton	E 39/2218	-	Application
East Laverton	Laverton	E 39/2219	-	Application

Tenement Schedule

Accelerate Resources Ltd ("Accelerate") is the registered holder of E25/525 and E25/565; Mt Monger has entered into an agreement with Accelerate to acquire a 100% interest in the tenements.

Andrew James Todd ("Todd") is the registered holder of E25/531 and E25/532; Mt Monger has entered into an agreement with Todd to acquire a 100% interest in the tenements.

Roy Thomas Wilson ("Wilson") is the registered holder of E25/536; Mt Monger has entered into an agreement with Wilson to acquire a 100% interest in the tenement.

Jindalee Resources Ltd ("Jindalee") is the registered holder of E25/562, E25/597 and P25/2568; Mt Monger has entered into a binding option agreement with Jindalee to acquire a 80% interest in the tenements.

Peter Andrew Wiltshire ("Wiltshire") is the registered holder of P25/2489 and P25/2490; Mt Monger has entered into an agreement with Wiltshire to acquire a 100% interest in the tenements.

Tevel Pty Ltd ("Tevel") is the registered holder of E38/3462, E38/3466 and E38/3499; Mt Monger has entered into an agreement with Tevel to acquire a 75% interest in the tenements.

K2O Minerals Pty Ltd ("K2O") is the registered holder of E38/3302; Mt Monger has entered into a deed with K2O and Trigg Mining Limited to acquire a 100% interest in the tenements.

Competent Person's Statement

The information in this report that relates to Exploration Results is based on and fairly represents information compiled by Mr Lachlan Reynolds. Mr Reynolds is the Managing Director of Mt Monger Resources Limited and is a member of both the Australasian Institute of Mining and Metallurgy and the Australasian Institute of Geoscientists. Mr Reynolds has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee ("JORC") Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Reynolds consents to the inclusion in this report of the matters based on information in the form and context in which they appear.

Previous Disclosure

The information in this report is based on the Mt Monger Resources Limited Prospectus and the following ASX announcements, all of which are available from the Mt Monger Resources website www.mtmongerresources.com.au and the ASX website www.asx.com.au.

15 July 2021 "Mt Monger Resources Commences Trading on ASX"
22 July 2021 "Drilling Contractor Appointed for Mt Monger Project RC Drilling Program"
20 August 2021 "Enhanced Rare Earth Element Potential of East Laverton Project"
25 August 2021 "Drilling Completed at Mt Monger Gold Project"
28 September 2021 "Drilling confirms significant extension of mineralized zone at Mt Monger"

The Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus or original ASX announcements and that all material assumptions and technical parameters underpinning the Prospectus and relevant ASX announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are represented have not been materially modified from the original ASX announcements.

Cautionary Statement Regarding Values & Forward-Looking Information

The figures, valuations, forecasts, estimates, opinions and projections contained herein involve elements of subjective judgment and analysis and assumption. Mt Monger Resources does not accept any liability in relation to any such matters, or to inform the Recipient of any matter arising or coming to the company's notice after the date of this document which may affect any matter referred to herein. Any opinions expressed in this material are subject to change without notice, including as a result of using different assumptions and criteria. This document may contain forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "expect", and "intend" and statements than an event or result "may", "will", "should", "could", or "might" occur or be achieved and other similar expressions. Forward-looking information is subject to business, legal and economic risks and uncertainties and other factors that could cause actual results to differ materially from those contained in forward-looking statements. Such factors include, among other things, risks relating to property interests, the global economic climate, commodity prices, sovereign and legal risks, and environmental risks. Forward-looking statements are based upon estimates and opinions at the date the statements are made. Mt Monger Resources undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates or to update or keep current any of the information contained herein. The Recipient should not place undue reliance upon forward-looking statements. Any estimates or projections as to events that may occur in the future (including projections of revenue,

expense, net income and performance) are based upon the best judgment of Mt Monger Resources from information available as of the date of this document. There is no guarantee that any of these estimates or projections will be achieved. Actual results will vary from the projections and such variations may be material. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. Mt Monger Resources, its affiliates, directors, employees and/or agents expressly disclaim any and all liability relating or resulting from the use of all or any part of this document or any of the information contained herein.

The Directors of Mt Monger Resources Limited (the "Company" or "Mt Monger") present their report on the consolidated entity (the "Group") consisting of Mt Monger Resources Limited and its subsidiaries for the period ended 30 June 2021.

Directors

Qualifications, Experience and Special Responsibilities of Directors

John Hannaford – Non-Executive Chairman

Appointed 13 November 2020

Mr Hannaford is an experienced company director and executive with extensive experience as a director of ASX listed companies, including Chairman. A qualified Chartered Accountant and Fellow of the Securities Institute of Australia, he has founded and listed several companies on the ASX. He has also advised numerous companies through the ASX listing process in his corporate advisory career. He has established an extensive corporate network and gained a highly distinguished reputation over the last twenty years of corporate life in Australia.

Mr Hannaford is a substantial shareholder of Mt Monger Resources Ltd.

Other current directorships Special responsibilities Forrestania Resources Ltd (Chairman) Eon NRG Ltd Kula Gold Ltd Chairman Risk & Audit Committee Member Former directorships in the last three years Interests in shares and options Hardey Resources Ltd (Retired 27 September 2019) 3,223,352 Shares 2,650,000 options

Lachlan Reynolds - Managing Director Appointed 13 November 2020

Mr Reynolds is a professional geologist with over 30 years experience in mineral exploration, project development and mining, in both Australia and internationally. He has broad resource industry expertise, across a range of commodities including copper, gold, nickel and uranium. Over the past decade Lachlan has served as a senior executive and manager for a number of ASX-listed companies and has managed the advancement of a diverse suite of mineral projects.

Mr Reynolds commenced his career at WMC Resources Ltd working on gold and nickel opportunities in Western Australia, later being involved in the Tampakan copper project in the Philippines and multi-commodity Olympic Dam mine in South Australia. After 12 years with WMC, Mr Reynolds accepted a position with OceanaGold Ltd in New Zealand where he was involved with teams that successfully defined additional gold resources and brought a number of open pit and underground mining developments into production. Lachlan has subsequently held Managing Director positions for Energy Ventures Ltd where he oversaw development of the Aurora uranium deposit in the USA and Golden Mile Resources Limited (ASX: G88), a junior exploration company that holds gold projects in the Eastern Goldfields of Western Australia. He has recently consulted to Caravel Minerals Ltd (ASX: CVV) as General Manager Exploration, supervising geological activities at their Caravel Copper Project and an active exploration program in the southwest of Western Australia.

Mr Reynolds holds a BSc (Honours) in Geology from the University of Melbourne.

Other current directorships Nil	Special responsibilities Managing Director
Former directorships in the last three years	Interests in shares and options
None	250,000 shares
	3,250,000 options
David Izzard – Non-Executive Director

Appointed 13 November 2020 Mr Izzard is an experienced finance executive and director with over 15 years' experience in the mining industry. He has a strong knowledge of mining operations, financing and project management. Over the last three years he has been involved in identifying economical mining projects and executive teams to execute and operate projects.

David is a qualified accountant and has an MBA and a Master of Mineral Economics from Curtin University.

Mr Izzard is a substantial shareholder of Mt Monger Resources Ltd.

Other current directorships	Special responsibilities
Forrestania Resources Ltd	Risk & Audit Committee Member
Former directorships in the last three years Hardey Resources Ltd (Retired 14 August 2019)	Interests in shares and options 4,345,000 shares 2,650,000 options

Simon Adams – Company Secretary Appointed 13 November 2020

Mr Adams has over 25 years of experience with listed (ASX and NASDAQ) and private companies in Australia where he has filled various executive roles as Company secretary, CFO and Managing Director across a range of sectors including mining, aquaculture, finance and in the upstream energy industry. He has experience in the areas of corporate and financial management, corporate compliance and business development. Simon is a member of the Governance Institute of Australia.

Simon is the company secretary of ASX‐listed Forrestania Resources Ltd and Eon NRG Ltd and is a non-executive director of Eon NRG Ltd and Kula Gold Ltd.

Principal Activities

The Company was established in November 2020 and the principal activities of the group during the financial year were the exploration of mineral tenements in Western Australia ("WA").

Dividends

No dividends have been declared, provided for or paid in respect of the period ended 30 June 2021.

Corporate and Financial Position

The Group's net loss from operations for the period was \$881,619.

At 30 June 2021, the Group had net current liabilities of \$628,733. Subsequent to period end, the Company completed a \$5.0 million capital raising (before costs) by the issue of 25 million shares at 20 cents per share. The Directors believe there are sufficient funds to meet the Group's working capital requirements and as at the date of this report the Group believes it can meet all liabilities as and when they fall due.

This report is prepared on the going concern basis which assumes the continuity of normal business activity and the realisation of assets and settlement of liabilities in the normal course of business (refer Note 1.6).

The Directors have reviewed the business outlook and the assets and liabilities of the Group and are of the opinion that the going concern basis of accounting is appropriate as they believe the Group will continue to be successful in securing additional funds through equity issues as and when the need to raise funds arises.

Business Strategies and Prospects

The group currently has the following business strategies and prospects over the medium to long term:

(i) Seek to maximise the value of the group through successful exploration activities;
(ii) Selectively expand the Group's portfolio of exploration assets; and
(iii) Examine other new business development opportunities in the mining and resources sector.

Significant Changes in the State of Affairs

Nil

Matters subsequent to the end of the financial year

The Company completed a \$5 million capital raising (before costs) by the issue of 25 million shares at 20 cents per share and commenced trading on the ASX on the 15th of July 2021.

The Company exercised all Option agreements with independent vendor parties to acquire various tenements and completed the agreements with the issue of 1,250,000 fully paid ordinary shares together with cash payments of \$415,000.

The Company repaid related party loans to a total of \$373,870.

The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has not significantly impacted the entity up to 30 June 2021, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided.

No other matter or circumstance has arisen since 30 June 2021 that has significantly affected, or may significantly affect the entity's operations, the results of those operations, or the entity's state of affairs in future financial years.

Environmental and Social Regulation and Performance

The Group's operations are subject to various environmental laws and regulations under the relevant government's legislation. Full compliance with these laws and regulations is regarded as a minimum standard for all operations to achieve.

Instances of environmental non-compliance by an operation are identified either by external compliance audits or inspections by relevant government authorities. There have been no significant known breaches by the group during the financial period.

The Company is developing a framework of stewardship of our environment and are focussed on providing social benefits and mutually rewarding outcomes for the communities in which it operates.

Likely Developments and Expected Results

It is the Board's current intention that the Group will seek to progress exploration on existing projects. The Group will also continue to examine new opportunities in the mineral exploration and resources sector where appropriate.

These activities are inherently risky and there can be no certainty that the Group will be able to successfully achieve the objectives.

Greenhouse Gas and Energy Data Reporting Requirements

The Directors have considered compliance with the National Greenhouse and Energy Reporting Act 2007 which requires entities to report annual greenhouse gas emissions and energy use. The Directors have assessed that there are no current reporting requirements, but may be required to do so in the future.

Meetings of Directors

The following table sets out the number of meetings of the Company's directors held during the period ended 30 June 2021, and the number of meetings attended by each director.

	Board Meetings Number Eligible to attend	Board Meetings Number attended
John Hannaford	5	5
Lachlan Reynolds	5	5
David Izzard	5	5

No Audit and Risk Committee meetings were convened during the period, however the Board underwent a comprehensive risk review process during the Prospectus due diligence review period.

Insurance of Officers and Auditors

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

The Company has paid premiums to insure each of the Directors against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of Director of the Company, other than conduct involving a wilful breach of duty in relation to the Company. The amount of the premium is \$17,836 exclusive of GST.

Share Options on Issue at the Date of this Report

Unissued shares

At the date of this report, the unissued ordinary shares of Mt Monger Resources Limited under option are as follows:

Unquoted (exercise price \$0.30 and expiry date 16 December 2024)	8,000,000
Unquoted (exercise price \$0.30 and expiry date 9 May 2024)	750,000
Unquoted (exercise price \$0.35 and expiry date 9 November 2024)	750,000
Unquoted (exercise price \$0.40 and expiry date 9 May 2025)	750,000
Total existing Options	10,250,000

Option holders do not have any right, by virtue of the option, to participate in any share issue of the Company or any related body corporate.

Shares issued as a result of the exercise of options

During the financial year, employees and executives did not exercise any options to acquire ordinary shares.

Non-Audit Services

There was \$500 of non-audit services provided during the period by the auditor, Hall Chadwick WA Audit Pty Ltd.

Auditor's Independence Declaration

The auditor's independence declaration is on page 14 of the Annual Report.

Remuneration Report

(Audited)

This Remuneration Report outlines the director and executive remuneration arrangements of the Company in accordance with the requirements of the Corporations Act 2001 and its Regulations. For the purposes of this report Key Management Personnel (KMP) of the Group are defined as those persons having the authority and responsibility for planning, directing and controlling the major activities of the Group, directly or indirectly, including any Director (whether executive or otherwise) of the Group. Based on this definition the KMP of Mt Monger Resources Limited are the directors of the Company. No performance reviews of Directors or executives remuneration were undertaken in the period.

Details of Key Management Personnel

Directors

Non-Executive Chairman
Managing Director
Non-Executive Director

There were no changes in KMP after the reporting date and before the date the annual financial report was authorised for issue.

Remuneration Philosophy

The performance of the Company depends upon the quality of its Directors and Executives. To prosper, the Company must attract, motivate and retain highly skilled Directors and Executives.

To this end, the Company embodies the following principles in its remuneration framework:

Provide competitive rewards to attract high calibre executives; and
Link executive rewards to shareholder value.

Due to the early stage of development which the Company is in, shareholder wealth is directly affected by the Company share price, as the Company is not in a position to pay dividends. By remunerating Directors and Executives in part by share based payments, the Company aims to align the interests of Directors and Executives with Shareholder wealth, thus providing individual incentive to perform and thereby improving overall Company performance and associated value.

As the Company has been incorporated since 13 November 2020 and remains in the development stage of an inherently risky industry, the remuneration policy does not currently take into account current or prior year earnings. Other than share based payments made to the directors from time to time, there is no specific link to the Company's performance and directors' remuneration.

Remuneration structure

In accordance with best practice corporate governance, the structure of non-executive director and executive remuneration is separate and distinct.

Non-executive director remuneration

Objective

The Board seeks to set aggregate remuneration at a level which provides the Company with the ability to attract and retain directors to the highest calibre, whilst incurring a cost which is acceptable to shareholders.

Structure

The Constitution and the ASX Listing Rules specify that the aggregate directors' fees payable to non-executive directors shall be determined from time to time by a general meeting. An amount not exceeding the amount determined is then divided between the directors as agreed. Aggregate maximum directors' fees payable of \$300,000 per year has been set by the Board and will be ratified by shareholders at the first AGM.

The Board determines payments to the non-executive directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when required. Cash fees for non-executive directors are not linked to the performance of the Company or shareholder wealth.

All remuneration paid to Non-Executive Directors is valued at cost to the Company and expensed.

The remuneration of Non-Executive Directors for the years ended 30 June 2021 is detailed below, within this section.

Executive remuneration

Objective

The Company aims to reward executives (both directors and company executives) with a level and mix of remuneration commensurate with their position and responsibilities within the Company and so as to:

Reward executives for Company performance;
Align the interest of executives with those of shareholders; and
Ensure total remuneration is competitive by market standards.

Structure

The remuneration policy for executives is to provide a fixed remuneration component and a specific equity related component. The board believes that this remuneration policy is appropriate given the stage of development of the Company and the activities which it undertakes and is appropriate in aligning director objectives with shareholder and business objectives.

The remuneration policy going forward in regard to setting the terms and conditions for the executive directors has been developed by the board taking into account market conditions and comparable salary levels for companies of a similar size and operating in similar sectors.

Fixed Remuneration

Objective

The level of fixed remuneration is set so as to provide a base level of remuneration.

Fixed remuneration is to be reviewed annually and the process consists of a review of company and individual performance, relevant comparative remuneration in the market and internal policies and practices.

Structure

Executives are given the opportunity to receive their fixed remuneration in a variety of forms including cash and fringe benefits. It is intended that the manner of payment chosen will be optimal for the recipient without creating undue cost for the Company.

The remuneration of executives for the period ended 30 June 2021 is detailed below, within this section.

Variable Remuneration

Objective

The objective of variable remuneration provided is to reward executives in a manner which aligns this element of remuneration with the creation of shareholder wealth.

Structure

Variable remuneration may be delivered in the form of options, shares or cash bonus. No cash bonuses were granted or paid during the period ended 30 June 2021.

Executives receive a superannuation guarantee contribution required by the government, which is currently 10% and do not receive any other retirement benefit. Some individuals, however, may choose to sacrifice part of their salary to increase payments towards superannuation.

Options Granted

All Directors were awarded options during the period. All options were granted over unissued fully paid ordinary shares in the Company. The number of options granted was determined having regard to the factors described above. Options vest based on the provision of service over the vesting period whereby the director becomes beneficially entitled to the

option on vesting date. Options are exercisable by the holder as from the vesting date. There has not been any alteration to the terms or conditions of the grant since the grant date. There are no amounts paid or payable by the recipient in relation to the granting of such options other than.

Date of issue	30/11/2020 Founder	10/05/2021	10/05/2021	10/05/2021	30/11/2020 Founder
	options (Share Based	Employee incentive	Employee incentive	Employee incentive	options (Attached to
Category of options	Payment)	options	options	options	shares)1
Number of options	4,500,000	500,0002	500,0002	500,0002	2,250,000
Dividend yield (%)	-	-	-	-
Expected volatility (%)	100%	100%	100%	100%
Risk free interest rate (%)	0.79%	0.79%	0.79%	0.79%
Expected life of the option (years)	4.00	3.0	3.5	4.0
Option exercise price (\$)	0.30	0.30	0.35	0.40
Share price at grant date (\$)	0.10	0.20	0.20	0.20
Expected Vesting Date	-	01/01/22	01/07/22	1/01/23
Fair value per option (\$)	0.0498	0.1075	0.1106	0.1142
Total value at grant date (\$)	248,840	53,764	55,307	55,076
Awarded to
John Hannaford	1,500,000	-	-	-	1,000,000
Lachlan Reynolds	1,500,000	500,000	500,000	500,000	250,000
David Izzard	1,500,000	-	-	-	1,000,000

No compensation options were exercised during the period.

1. Founder shares were issued with free attaching options on a 1:1 basis. These were not recognised as share based payments because cash was paid for the Founder Shares and free attached options.
1. Unvested employee incentive options have been expensed from issue date to 30 June 2021 based on their value at grant date. The total value at grant date is fully amortized over the vesting term of each option category.

Employment Contracts

Executive Directors

Prior to the listing of the Company's shares on ASX (15 July 2021), all Directors were engaged as consultants in relation to the performance of their roles. Consultancy fees were charged based on time worked at a rate of \$1,200 per day for Lachlan Reynolds and \$1,250 per day for John Hannaford and David Izzard. Details of remuneration charged to the Company up to 30 June 2021 are provided below.

The employment conditions of the Managing Director, Mr Lachlan Reynolds, are formalised in a contract of employment which was signed with effect from 15 July 2021 following listing of the Company's shares on ASX. The total remuneration package of the Managing Director after 15 July 2021 is \$220,000 plus statutory superannuation with an additional allocation of performance related options as detailed below. Notice of three months is required for either party to terminate the contract.

The employment conditions of the Non-Executive Chairman, Mr John Hannaford, and the Non-Executive Director, David Izzard, were formalised in a contract of employment that were effective from 15 July 2021 after the Company's listing on ASX. The total remuneration packages of Mr Hannaford and Mr Izzard from 15 July 2021 are \$50,000 per annum and \$36,000 per annum respectively plus statutory superannuation.

Key Management Personnel Remuneration

Key Management Personnel remuneration - 2021	Short term employee benefits	Post employment benefits	Share based payments	% Performance based	Total
	Cash salary/ consultancy	Superannuation	Options
Non-Executive Directors
John Hannaford	51,000	-	74,652	59%	125,652
David Izzard	47,000	-	74,652	61%	121,652
Executive Directors
Lachlan Reynolds	73,800	-	97,868	57%	171,668
Total	171,800	-	247,172	58%	418,972

	Purchases	Vendor Consideration	Balance at 30/06/20211	Daianuc at Reporting Date
Non-Executive Directors John Hannaford David Izzard Executive Directors	1,150,000 1.150.000	1,700,000 2.900.000	2,850,000 4,050,000	3,223,352 4.345.000
Lachlan Reynolds	250,000		250,000	250,000
Total	2,550,000	4,600,000	7,150,000	7,818,352

	Balance at 13/11/2020	Purchased ¹	Issued as remuneration	Balance at 30/06/2021	Vested and exercisable ²
Non-Executive Directors
John Hannaford	۰	1,150,000	1,500,000	2,650,000	2,650,000
David Izzard	۰.	1.150.000	1.500.000	2.650.000	2,650,000
Executive Directors
Lachlan Reynolds	$\overline{\phantom{a}}$	250,000	3,000,000 ³	3,250,000	1,750,000
Total		2,550,000	6,000,000	8,550,000	7,050,000

To the Board of Directors

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

As lead audit Partner for the audit of the financial statements of Mt Monger Resources Limited for the financial year ended 30 June 2021, 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 audit; and
any applicable code of professional conduct in relation to the audit.

Yours Faithfully,

HALL CHADWICK WA AUDIT PTY LTD MARK DELAURENTIS CA

Partner

Dated this 30th day of September 2021

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

	Note	2021 \$
Expenses
Administration services	3.1	520,573
Interest expense	3.1	19,781
Employee expenses	3.1	69,210
Share based payments expense	7.7	272,055
Loss before income tax expense		881,619
Income tax expense	3.3	-
Loss for the year		881,619
Other comprehensive income/(loss) for the year		-
Total comprehensive loss attributable to Equity Holders of Mt Monger Resources Limited		881,619
Loss for the year attributable to:
Owners of the Company		880,946
Non-controlling interests		673
		881,619

Total Comprehensive Income/(Loss) for the year attributable to:
Owners of the Company		880,946
Non-controlling interests		673
		881,619

Loss per Share for Loss attributable to the Ordinary Equity Holders of the Company
		Cents
Basic and diluted loss per share (cents per share) for continuing
operations attributable to the shareholders of the Company Basic and diluted loss per share (cents per share) attributable to the	3.4	16.40
shareholders of the Company	3.4	16.40

The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.

Consolidated Statement of Financial Position As at 30 June 2021

	2021
Note	\$
Assets
Current assets
Cash and cash equivalents 4.1	85,684
Trade and other receivables 4.3	72,677
Prepayments	125,725
Total current assets	284,086
Non-current assets
Exploration and evaluation expenditure 2.1	1,314,474
Property, plant and equipment 2.2	6,546
Total non-current assets	1,321,020
Total assets	1,605,106
Liabilities
Current liabilities
Trade & other payables 4.4	538,949
Loans 7.3	373,870
Total current liabilities	912,819
Total liabilities	912,819
Net assets	692,287
Equity
Share capital 5.1	1,268,518
Reserves	272,055
Accumulated loss	(880,946)
Total equity attributable to shareholders of the Company	659,627
Non-Controlling interest	32,660
	692,287

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

Consolidated Statement of Changes in Equity For the Period Ended 30 June 2021

		Contributed equity	Accumulated losses	Share Based Payments Reserve	Non controlling Interest	Total equity
	Note	\$	\$	\$	\$	\$
At 13 November 2020		-	-	-	-	-
Loss for the year Other Comprehensive		-	(880,946)	-	(673)	(881,619)
Income		-	-	-	-	-
Total comprehensive loss for the year		-	(880,946)	-	(673)	(881,619)
Transactions with owners in their capacity as owners and other transfers: Issue of new shares net of
cost Recognition of non controlling interest in Golden	5.1	1,268,518	-	-	-	1,268,518
Wheelbarrow No. 2		-	-	-	33,333	33,333
Share-based payments	7.7	-	-	272,055	-	272,055
		1,268,518	-	272,055	33,333	1,573,906
At 30 June 2021		1,268,518	(880,946)	272,055	32,660	692,287

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

Consolidated Statement of Cash Flows For the Period Ended 30 June 2021

		2021
	Note	\$
Cash flows from operating activities
Interest received		-
Payments to suppliers and employees		(241,634)
Net cash (outflow) from operating activities	4.2	(241,634)
Cash flows from investing activities
(Payments)/proceeds for property, plant and equipment		(6,788)
Payments for exploration and evaluation activities		(553,484)
Net cash (outflow) from investing activities		(560,272)
Cash flows from financing activities
Proceeds from issue of shares	5.2	550,000
Share issue costs	5.2	(16,500)
Proceeds from Loans		354,090
Net cash inflow from financing activities		887,590
Net increase/ (decrease) in cash and cash equivalents		85,684
Cash and cash equivalents at the beginning of the year		-
Cash and cash equivalents at the end of the year	4.1	85,684

The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

1. Basis of preparation

The annual report of Mt Monger Resources Limited for the period ended 30 June 2021 was authorised for issue in accordance with a resolution of the directors on 30 September 2021.

1.1. Statement of Compliance

These financial statements are general purpose financial statements which have 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.

Mt Monger Resources Limited is a for-profit entity for the purpose of preparing the financial statements.

1.2. Basis of Measurement

The financial report has been prepared on a historical cost basis.

1.3. Functional and Presentation Currency

The financial report is presented in Australian dollars.

1.4. Compliance with IFRS

These financial statements comply with Australian Accounting Standards as issued by the Australian Accounting Standards Board and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.

1.5. Principles of consolidation

The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Mt Monger Resources Limited ('company' or 'parent entity') as at 30 June 2021 and the results of all subsidiaries for the period then ended. Mt Monger Resources Limited and its subsidiaries together are referred to in this financial report as the group or the consolidated entity.

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

A list of controlled entities is contained in note 6.1.1 to the financial statements.

Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the 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 consolidated entity. Losses incurred by the consolidated entity are attributed to the non-controlling interest in full, even if that results in a deficit balance.

Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The consolidated entity 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.

1.6. Going Concern

For the year ended 30 June 2021, the Company incurred a loss from operations of \$881,619 and recorded cash outflows from operating activities of \$241,634. As at 30 June 2021, the Company had net working capital deficiency of \$628,733 with cash of \$85,684 available.

1.6. Going Concern (Cont)

As at 30 June 2021, the Company was in the process of completing an initial public offer (IPO) to raise \$5 million (before costs) through the issue of 25 million shares at 20 cents each. The IPO was closed in early July 2021 fully subscribed and the Company was successfully listed on ASX on 15 July 2021.

The Company's ability to continue as a going concern is dependent upon it maintaining sufficient funds for its operations and commitments. The Board believes that it has sufficient funding in place to meet its operating objectives. The Directors consider the basis of going concern to be appropriate for the following reasons:

the cash balance of the Company relative to its fixed and discretionary expenditure commitments;
given the Company's market capitalisation and the underlying prospects for the Company to raise further funds from the capital markets; and
the fact that future exploration and evaluation expenditure is generally discretionary in nature (i.e. at the discretion of the Directors having regard to an assessment of the Company's eligible expenditure to date and the timing and quantum of its remaining earn-in expenditure requirements). Subject to meeting certain minimum expenditure commitments, further exploration activities may be slowed or suspended as part of the management of the Company's working capital.

The Directors are confident that the Company can continue as a going concern and as such are of the opinion that the financial report has been appropriately prepared on a going concern basis. However, should the Company be unable to raise further required financing from its major lender or other sources, there is uncertainty which may cast doubt as to whether or not the Company will be able to continue as a going concern and whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial statements.

1.7. Significant Accounting Judgements, Estimates and Assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements and estimates on historical experience and on other various factors it believes to be reasonable under the circumstances, the results of which form the basis of the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions.

Management has identified the following critical accounting policies for which significant judgements, estimates and assumptions are made. Actual results may differ from these estimates under different assumptions and conditions and may materially affect financial results or the financial position reported in future periods.

Further details of the nature of these assumptions and conditions may be found in the relevant notes to the financial statements.

Significant accounting judgements

The determination of mineral resources impacts the accounting for asset carrying values. Mt Monger Resources Limited estimates its mineral resources in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (the 'JORC' Code). The information on mineral resources was prepared by or under the supervision of Competent Persons as defined in the JORC Code. The amounts presented are based on the mineral resources determined under the JORC Code.

There are numerous uncertainties inherent in estimating mineral resources, and assumptions that are valid at the time of estimation may change significantly when new information becomes available.

Significant accounting estimates and assumptions

Exploration and evaluation expenditure

Exploration and evaluation expenditure is assessed for impairment if sufficient data exists to determine technical feasibility and commercial viability or facts and circumstances suggest that the carrying amount exceeds the recoverable amount.

Exploration and evaluation expenditure is assessed for indicators of impairment in accordance with AASB 6 Exploration for and Evaluation of Mineral Resources when any of the following facts and circumstances exist:

The term of exploration licence in the specific area of interest has expired during the reporting period or will expire in the near future, and is not expected to be renewed;
Substantive expenditure on further exploration and/ or evaluation of mineral resources in the specific area are not budgeted nor planned;

1.7. Significant Accounting Judgements, Estimates and Assumptions (Cont)

Exploration and evaluation expenditure (Cont)

Exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the decision was made to discontinue such activities in the specified area; or
Sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale.

Where a potential impairment is indicated, an assessment is performed for each cash generating unit that is no larger than the area of interest. The Group performs impairment testing in accordance with accounting policy note 2.3.

Judgement is applied when considering whether fact and circumstances as per above indicate that the exploration and evaluation asset should be tested for impairment and no impairment indicators were noted during the period.

Share based payments

The consolidated entity measures the cost of equity-settled transactions with employees (including directors) by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial or Black-Scholes model 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 would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity.

2. Capital Expenditure

2.1. Exploration & Evaluation Expenditure

Exploration and evaluation costs are expensed as incurred as an operating cost of the Group. Costs related to the acquisition of properties that contain mineral resources are capitalised and allocated separately to specific areas of interest. These costs are capitalised until the viability of the area of interest is determined.

The recoverability of the carrying amount of the exploration and evaluation assets is dependent on the successful development and commercial exploitation, or alternatively the sale, of the respective areas of interest.

	2021
Exploration and evaluation	1,314,474

Movement:
Expenditure incurred	236,141
Acquisition of tenements	1,045,000
Outside Equity Interest	33,333
Closing balance	1,314,474

2.2. Property Plant and equipment

Plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of profit or loss and other comprehensive income during the financial period in which they are incurred.

Depreciation is calculated on either the straight-line basis or diminishing value basis over their useful lives to the Group commencing from the time the asset is held ready for use. The depreciation rates used are as follows:

2.2. Property Plant and equipment (Cont)

30%
25%
30%
25%
40%- 100%
2.5%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the Statement of profit or loss and other comprehensive income.

	2021
Computer Equipment - Cost	6,788
Accumulated depreciation	(242)
Net carrying amount	6,546

2.3. Impairment of assets

Mt Monger Resources Limited conducts an annual internal review of asset values, which is used as a source of information to assess for any indicators of impairment. External factors, such as changes in expected future processes, technology and economic conditions, are also monitored to assess for indicators of impairment. If any indication of impairment exists, an estimate of the asset's recoverable amount is calculated.

An impairment loss is recognised for the amount by which the asset's carrying value exceeds its recoverable amount. Recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are tested for possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed.

No impairment indicators were noted for the period ended 30 June 2021.

3. Financial Performance

3.1. Expenses

	2021
	\$
Administration services
Compliance	111,654
Consulting	226,344
Insurance	12,059
Legal fees	105,563
Marketing	24,431
Occupancy	8,743
Depreciation	242
Travel	6,366
Exploration and evaluation expenses (not capitalised)	20,076
Other	5,095
	520,573

Interest expense	19,781

3.1. Expenses (Cont)

	2021 \$
Employee expenses
Salaries and wages	65,296
Superannuation	3,574
Payroll Tax & Fringe Benefits Tax	340
	69,210

3.2. Segment Information

Management has determined the operating segments based on the reports reviewed by the Board of Directors that are used to make strategic decisions. The Group does not have any material operating segments with discrete financial information. The Group does not have any customers and all its' assets and liabilities are primarily related to the mining industry and are located within Western Australia. The Board of Directors review internal management reports on a regular basis that is consistent with the information provided in the statement of profit or loss and other comprehensive income, statement of financial position and statement of cash flows. As a result, no reconciliation is required because the information as presented is what is used by the Board to make strategic decisions.

3.3. Income Tax

The income tax expense for the period is the tax payable on the current period's taxable income based on the national income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses.

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively enacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is made for certain temporary differences arising from the initial recognition of an asset or a liability. No deferred tax asset or liability is recognised in relation to these temporary differences if they arose on goodwill or in a transaction, other than a business combination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss.

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

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.

Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity.

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

Mt Monger Resources Limited and its wholly-owned Australian controlled entities have not implemented the tax consolidation legislation as of 13 November 2020. As a consequence, these entities are taxed as separate entities and the deferred tax assets and liabilities of these entities are set off in the consolidated financial statements.

3.3.1. The major components of income tax are:

	2021
	\$
Current income tax	-
Deferred income tax	-

3.3.2. A reconciliation between tax expense and the product of accounting loss

	2021 \$
Accounting loss before tax from continuing operations	(881,619)
Loss before income tax from discontinued operations	-
Accounting loss before income tax	(881,619)
At the Company's statutory income tax rate of 26%	(229,221)
Non-deductible expenses	145
Share based payments	70,734
Non-assessable amounts	-
DTA not brought to account as their realisation is not probable	158,342
	-
Income tax expense reported in the consolidated income statement	-
Income tax attributable to discontinued operations	-
	-

3.3.3. Deferred tax liabilities @ 26% have not been recognised in respect of

	2021
	\$
Exploration & Evaluation Expenditure	333,097
Prepayments	32,689
	365,786

3.3.4. Deferred tax assets have not been recognised in respect of

	2021
	\$
Provisions and accruals	3,900
Business related costs	14,092
Carry forward revenue losses	-
	17,992

3.4. Loss Per Share

Basic earnings per share is calculated by dividing the profit/loss attributable to equity holders of the Group, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the period, adjusted for bonus elements in ordinary shares issued during the period.

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

3.4. Loss Per Share (Cont)

The following reflects the income and share data used in the calculations of basic and diluted loss per share:

	2021
	\$
Gain/(Loss) attributable to ordinary shareholders	(881,619)

Issued number of ordinary shares at 13 November 2020	-
Effect of shares issued during the period	15,700,000
Weighted average number of shares for period to 30 June 2021	5,375,342

	Cents
Basic loss per share (cents per share)	16.40

As at reporting date, 9,500,000 unlisted options (which represent potential ordinary shares) were not dilutive as they would decrease the loss per share.

The Company completed a \$550,000 capital raising (before costs) by the issue of 3 million shares at 1 cent per share, and 5,200,000 shares at 10 cents per share. In addition to the capital raisings, the Company issued 7,500,000 shares to acquire the subsidiaries. There have been no other conversions to, calls of, or subscriptions for ordinary shares or issues of potential ordinary shares since the reporting date and before the completion of this financial report.

4. Working Capital Management

4.1. Cash and Cash Equivalents

"Cash and cash equivalents" includes cash on hand, deposits held at call with financial institutions and other short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. For the purposes of the statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of any bank overdrafts.

	2021
	\$

Cash at bank and in hand	85,684

4.2. Reconciliation of Net Loss After Income Tax Expense to Net Cash Used In Operating Activities

	2021
Cash flows from operating activities	\$
(Loss) for the period	(881,619)
Adjustments for:
Capitalisation of interest on loans	19,781
Equity-settled share-based payment expenses	272,055
Exploration expenses settled by issue of Shares	33,333
Depreciation and amortisation expense	242
Change in operating assets & liabilities
(Increase) / decrease in receivables	(76,266)
Increase / (decrease) in payables	390,840
Net cash used in operating activities	(241,634)

4.3. Trade and Other Receivables

Trade receivables are initially recognised and carried at original invoice amount less allowance for expected credit loss. Trade receivables are due for settlement no more than 30 days from the date of recognition. A provision for impairment is made based on a forward-looking expected credit loss model in line the requirements of AASB 9. Bad debts are written off when identified.

4.3. Trade and Other Receivables (Cont)

	2021
	\$
Loans	12,944
GST receivable	59,733
Total trade and other receivables	72,677

The Group's management considers that all of the above financial assets that are not impaired or past due for each of the 30 June reporting dates under review are of good credit quality (refer to 5.5.1).

4.4. Trade and Other Payables

Trade and other payables are carried at amortised cost and represent liabilities for the goods and services provided to the Group prior to the end of the financial period that are unpaid and arise when the Group becomes obliged to make future payments in respect of the purchase of these goods and services. The amounts are unsecured and are usually paid within 30 days.

	2021
	\$
Trade payables	469,747
Accrued expenses	15,000
Other payables	54,202
Total trade and other payables	538,949

5. Funding and risk management

The Group's objectives when managing capital are to safeguard their ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in the proportion to the number and amount paid on the shares held. Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options for the acquisition of a business are not included in the cost of the acquisition as part of the purchase consideration.

5.1. Contributed Equity

Ordinary shares are classified as equity. Issued and paid up capital is recognised at the fair value of the consideration received by the Company.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

	2021
	\$
Contributed equity	1,300,000
Cost of share issue	(31,482)
Total contributed equity	1,268,518

5.2. Movement in shares on issue

Ordinary shares have the right to receive dividends as declared and, in the event of the winding up of the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.

5.2.1. Ordinary Shares

	Date	Number of shares	Issue price cents	\$
Balance 13 November 2020		-		-
Issue of Shares - Founders	30-Nov-20	3,000,000	0.01	30,000
Issue of Shares - Acquisitions	28-Feb-21	7,500,000	0.10	750,000
Issue of Shares - Seed capital	17-Mar-21	2,700,000	0.10	270,000
Issue of Shares - Seed capital	10-May-21	2,500,000	0.10	250,000
Less Transaction costs				(31,482)
Balance 30 June 2021		15,700,000		1,268,518

5.3. Unlisted options

	2021
	Number
Outstanding at 13 November 2020	-
Issued during the period	9,500,000
Expired or lapsed during the period	-
Outstanding at the end of the period	9,500,000

Exercisable at the end of the period	8,000,000

The weighted average exercise price for the unlisted options that are exercisable at the end of the period is \$0.30 each.

5.4. Capital risk management

When managing capital, management's objective is to ensure the entity continues as a going concern as well as to maintain optimal returns to shareholders and benefits for other stakeholders.

Being at an exploration stage, the Company does not generate cash inflows from its operations to fund its exploration and working capital requirements, therefore, the Company may issue shares to either generate cash for operations or to acquire assets in order to maintain adequate levels of cash reserves.

During the financial period ended 30 June 2021, the Company issued 15,700,000 ordinary shares. In July 2021, the Company complete a capital raise which resulted in a further 25,000,000 ordinary shares being issued.

The Company is not subject to any externally imposed capital requirements.

5.5. Financial risk management

The Group's principal financial instruments comprise cash and short-term on-call deposits.

The main purpose of these financial instruments is to fund capital expenditure on the Group's operations. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations. It is, and has been throughout the period under review, the Group's policy that no trading in financial instruments shall be undertaken. Being at an exploration stage, the Group has limited exposure to risks arising from its financial instruments.

Currently the Group does not have any exposure to commodity price risk or foreign currency risk. As the Group moves into development and production phases, exposure to commodity price risk, foreign currency risk and credit risk are expected to increase. The Board will set appropriate policies to manage these risks dependent on market conditions and requirements at that time.

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset and financial liability are disclosed in Note 1.

5.5.1. Credit risk

Credit risk represents the loss that would be recognised if counterparties fail to perform as contracted. The Group's maximum exposure to credit risk at reporting date in relation to each class of financial asset is the carrying amount of those assets as indicated in the statement of financial position. The majority of cash and cash equivalents is held with one Australian Bank which has an AA- long-term credit rating from Standard and Poor's.

Wherever possible, the Group trades only with recognised, credit worthy third parties. There are no significant concentrations of credit risk within the Group. Since the Group trades only with recognised third parties, there is no requirement for collateral.

5.5.2. Liquidity risk

Liquidity risk is the risk that the Group does not have sufficient funds to pay its debts as and when they become due and payable. The Group currently does not have major funding in place. However, the Group continuously monitors forecast and actual cash flows and the maturity profiles of financial assets and financial liabilities to manage its liquidity risk.

The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans if and when required.

Cash at bank and on hand, as set out in Note 4.1, is available for use by the Group without restrictions.

Financial liabilities of the Group at 30 June 2021 are expected to be settled within 6 months of year-end.

5.5.3. Market risk

(A) Price risk

The group is not exposed to equity securities price risk. The group is not exposed to commodity price risk. The sensitivity of movements in the price has not been disclosed as it is not material to the Group.

(B) Foreign currency risk

The group do not have any foreign currency balances and therefore is not exposed to any foreign currency risk.

(C) Interest rate risk

The following tables summarise the sensitivity of the Group's financial assets and liabilities to interest rate risk. Had the relevant variables, as illustrated in the tables, moved, with all other variables held constant, post tax loss and equity would have been affected as shown. The analysis represents management's judgement of a reasonably possible movement.

	Carrying	Interest Rate Risk -1%			Interest Rate Risk +1%
	Amount	Net Loss	Equity	Net Gain	Equity
30 June 2021	\$	\$	\$	\$	\$
Cash and cash equivalents	84,684	(847)	(847)	847	847
Other current assets	12,944	(129)	(129)	129	129

Some of the Group's financial liabilities are interest bearing. Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.

	Carrying	Interest Rate Risk -1% Net Loss Equity			Interest Rate Risk +1%
	Amount			Net Gain	Equity
30 June 2021	\$	\$	\$	\$	\$
Loans	373,870	3,739	3,739	(3,739)	(3,739)

6. Group Structure

6.1. Basis of consolidation

6.1.1. Subsidiaries

Subsidiaries are all entities (including structured 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 has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

Investments in subsidiaries are carried at their cost of acquisition in the Company's financial statements.

The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 1:

Name of entity	Country of incorporation	Equity holding %	Date of incorporation
Mt Monger Minerals Pty Ltd	Australia	100	04/05/2020
Tigers Paw Prospecting Pty Ltd	Australia	100	09/07/2020
Golden Wheelbarrow No 1 Pty Ltd	Australia	100	10/06/2020
Golden Wheelbarrow No 2 Pty Ltd	Australia	75	17/06/2020

6.1.2. Transactions eliminated on consolidation

Intragroup balances, and any unrealised gains and losses or income and expenses arising from intragroup transactions, are eliminated in preparing the consolidated financial statements.

6.1.3. Comparatives

The company acquired the subsidiaries on 28 February 2021, and as a result there are no comparatives.

6.2. Parent Entity Information

The following information relates to the parent entity, Mt Monger Resources Limited. The information presented has been prepared using accounting policies that are consistent with those presented in the Notes to the Financial Statements.

	2021
	\$
Current Assets	281,256
Non-Current Assets	876,546
Total Assets	1,157,802

Current Liabilities	481,829
Total Liabilities	481,829

Contributed equity	1,268,518
Accumulated losses	(841,385)
Reserves	248,840
Total Equity	675,973

Gain (loss) for the period	(841,385)
Other comprehensive income / (loss) for the period	-
Total comprehensive income / (loss) for the period	(841,385)

Mt Monger Resources Limited has not issued any guarantees on behalf of subsidiaries.

7. Related Parties

7.1. Related Parties

Details relating to key management personnel, including remuneration paid, are included in the audited remuneration report section of the directors' report. The aggregate compensation made to directors and other members of key management personnel of the consolidated entity is set out below:

	2021
	\$
Short term employee benefits	155,650
Post-employment benefits	-
Share based payments	247,172
Total compensation	402,822

7.2. Transactions with Other Related Parties

David Izzard charged corporate advisory fees of \$47,000 and office rent and administrative services of \$36,070 to Mt Monger Resources Limited through Bowman Gate Pty Ltd, a company that he controls.

John Hannaford charged corporate advisory fees of \$51,000 to Mt Monger Resources Limited through Riverview Corporate Pty Ltd, a company that he controls.

Lachlan Reynolds charged corporate advisory fees of \$57,650 and geological consulting fees of \$16,150 to Mt Monger Resources Limited through Sianora Pty Ltd, a company that he controls.

All consulting and rental fees have been charged at arms' length commercial rates.

7.3. Related Party Loans

The Company has unsecured loans payable to the following entities. These loans are repayable within 12 months and have an interest rate of 6% per annum.

	2021
	\$
Bowman Gate Pty Ltd	78,543
Golden Wheelbarrow Pty Ltd	138,079
Hop Valley Holdings Ltd	70,648
John Hannaford	191
Rockford Partners Pty Ltd	86,409
Total Loans Payable	373,870

Mt Monger Resources has provided loans to the following entities. These loans were issued at 6% interest and will be repayable within 12 months.

	2021
	\$
Golden Wheelbarrow Prospecting No 3	11,444
Tigers Paw Pty Ltd	1,500
Total Loans Receivable	12,944

7.4. Share Based Payments

The Group provides benefits to Directors, employees, consultants and other advisors of the Group in the form of share-based payments, whereby the Directors, employees, consultants and other advisors render services in exchange for shares or rights over shares (equity-settled transactions).

The cost of these equity-settled transactions is measured by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined using a Black-Scholes model or fair value of services.

7.4. Share Based Payments (Cont)

In valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions linked to the market price of the shares of the Company if applicable.

The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant recipient becomes fully entitled to the award (the vesting period).

The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects

(i) the extent to which the vesting period has expired; and
(ii) the Company's best estimate of the number of equity instruments that will ultimately vest.

No adjustment is made for the likelihood of market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant date. The statement of profit or loss and other comprehensive income charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.

No expense is recognised for awards that do not ultimately vest, except for awards where vesting is only conditional upon a market condition.

If the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification that increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the recipient, as measured at the date of modification.

If an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award and designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were a modification of the original award, as described in the previous paragraph.

The dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation of loss per share (see Note 3.4).

The effect of such an arrangement is equivalent to an option with a strike price per share equal to the share price on grant date.

7.5. Employee Incentive Plan

The Mt Monger Resources Limited Employee Securities Incentive Plan (Plan) was adopted by the Board on 7 December 2020.

The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options granted as consideration for services provided to the Company during the period:

	2021 Number	2021 WAEP
Outstanding at the beginning of the period	-
Granted during the period	6,000,000
Expired or lapsed during the period	-
Outstanding at the end of the period	6,000,000	\$0.31
Exercisable at the end of the period	4,500,000	\$0.30

Weighted average remaining contractual life of options at 30 June 2021: 41 months

Option pricing model:

Options granted during the period have been valued using the Black-Scholes Option Valuation model, which takes account of factors including the option exercise price, the current level and volatility of the underlying share price, the risk-free interest rate, expected dividends on the underlying share, current market price of the underlying share and the expected life of the option. See below for the assumptions used for grants made during the period ended 30 June 2021.

7.5. Employee Incentive Plan (Cont)

Date of issue	23/11/2020	10/05/2021	10/05/2021	10/05/2021
Number of options	5,000,000	500,000	500,000	500,000
Dividend yield (%)	-	-	-	-
Expected volatility (%)	100%	100%	100%	100%
Risk free interest rate (%)	0.79%	0.79%	0.79%	0.79%
Expected life of the option (months)	48	36	42	48
Option exercise price (\$)	\$0.30	\$0.30	\$0.35	\$0.40
Share price at grant date (\$)	\$0.10	\$0.20	\$0.20	\$0.20
Vested	On Issue	1/01/2022	1/07/2022	1/01/2023
Fair value per option (\$)	0.0498	0.1075	0.1106	0.1142
Total value at grant date (\$)	248,840	53,764	55,307	57,076
Total value included as Share
based payments (\$)	248,840	7,512	7,728	7,976
Related party issues
John Hannaford	1,500,000	-	-	-
David Izzard	1,500,000	-	-	-
Lachlan Reynolds	1,500,000	500,000	500,000	500,000

Non-related party issue	500,000	-	-	-
	5,000,000	500,000	500,000	500,000

The dividend yield reflects the assumption that the current dividend payout will remain unchanged. The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may also not necessarily be the actual outcome.

7.6. Shares

No shares were issued to suppliers in exchange for services in the period ended 30 June 2021.

7.7. Recognised share-based payment expense in profit or loss

	2021 \$
Expense arising from employee and consultant options issued	272,055
Total share-based payments expensed in profit or loss	272,055

8. Other

8.1. Events occurring after the reporting period

The Company completed an IPO capital raising of \$5 million (before costs) by the issue of 25 million shares at 20 cents per share and gained admission to the ASX on the 15th of July 2021.

The Company repaid related party loans to a total of \$373,870.

8.2. Commitments

The Company has certain obligations to perform minimum exploration work on the tenements in which it has an interest. These obligations vary from time to time. The aggregate of the prescribed expenditure conditions applicable to the granted tenements for the next twelve months amounts to \$439,000.

8.2. Commitments (Cont)

1 Year or less	1 – 5 years	Greater than 5 years
\$439,000	-	-

8.3. Contingent assets and liabilities

Mt Monger Resources has entered into purchase option agreements with various counterparties to acquire a number of granted and applied-for mining tenements in the Mt Monger and East Laverton regions of WA. The terms of the option agreements that were in place as at 30 June 2021 are summarised below.

Tenement Holder (Roy Wilson); Tenement: (E 25/536)

Agreement execution date: 28 May 2020
Option Fees: \$10,000 option fee expiring 6months from execution date payable to Tenement Holder, and a further \$10,000 fee to extend the notice by 6 months
Consideration: the following consideration was agreed upon exercising of the option:
o \$20,000 cash payment to Roy Wilson within 7 days of exercising of option
o \$75,000 of ordinary shares in the capital of Mt Monger Resources Ltd upon listing on the ASX
o 1% gross revenue royalty to Tenement Vendor

Tenement Holder (Peter Wiltshire); Tenements: (P 25/2489, P 25/2490)

Agreement execution date: 08 June 2020
Option Fees: \$10,000 option fee expiring 6months from execution date payable to Tenement Holder, and further \$10,000 option fee on each six-month anniversary of the execution date
Consideration: the following consideration was agreed upon exercising of the option:
o \$15,000 cash payment to Peter Wiltshire upon exercising of option
o \$75,000 of ordinary shares in the capital of Mt Monger Resources Ltd upon listing on the ASX
o 1.25% net smelter royalty in respect of any future production from the Tenement, capped at 10,000 oz.

Tenement Holder (Andrew Todd); Tenements: (E 25/531, E 25/532)

Agreement execution date: 26 April 2020
Option Fees: \$15,000 option fee expiring 12months from execution date payable to Tenement Holder
Consideration: the following consideration was agreed upon exercising of the option:
o \$35,000 of ordinary shares in the capital of Mt Monger Resources Ltd upon listing on the ASX, or a \$35,000 for full and final settlement if not listed on ASX by 30 April 2021
o Upon delineation of a JORC resources > 50,000oz at > 1.5g/t, the Vendor will receive additional \$50,000 in shares based on a 5 day VWAP
o Royalty of \$1 / tonne of ore mined and produced from the tenement in respect of gold mineralisation

Tenement Holder (Accelerate Resources Ltd); Tenements: (E 25/525, E 25/565)

Agreement execution date: 16 November 2020
Option Fees: \$33,000 option fee expiring 6months from 20 August 2020 (option fee date) payable to Tenement Holder
Consideration: the following consideration was agreed upon exercising of the option:
o \$120,000 cash payment to Accelerate Resources
o Upon delineation of a JORC resources > 20,000oz at > 1.5g/t, the Vendor will receive additional \$50,000 in cash
o Pre-existing obligation to pay a 1% net smelter royalty over gold produced in favour of Gibb River Diamonds Ltd.

Tenement Holder (Jindalee Resources Ltd); Tenements: (E 25/562, E 25/597, P 25/2568)

Agreement execution date: 5 November 2020
Option Fees: \$10,000 option fee expiring 6months from 22 September 2020 payable to Tenement Holder, and a further \$10,000 fee to extend the notice by 6 months
Consideration: the following consideration was agreed upon exercising of the option:
o \$100,000 of ordinary shares in the capital of Mt Monger Resources Ltd upon listing on the ASX

8.3. Contingent assets and liabilities (Cont)

Tenement Holder (K20 Minerals Pty Ltd); Tenements: (E 38 /3302)

Agreement date: 14 September 2020

Option Fees: \$20,000 option fee expiring 6 months from 14 September 2020 payable to Tenement Holder, and a further \$20,000 fee to extend the notice by 6 months
Consideration: the following consideration was agreed upon exercising of the option:
o \$100,000 of ordinary shares in the capital of Mt Monger Resources Ltd upon listing on the ASX
o Upon delineation of a JORC resources > 200,000oz at > 0.5g/t, the Vendor will receive additional \$200,000 in ordinary shares in Mt Monger Resources Ltd
o Upon delineation of a JORC resources > 500,000oz at > 0.5g/t, the Vendor will receive additional \$500,000 in ordinary shares in Mt Monger Resources Ltd

Farm-In Agreement with Tevel Pty Ltd - Tenements (E38 /3462, E38 / 3466, E38 /3499)

Mt Monger Resources Limited has entered into a farm-in agreement with Tevel Pty Ltd in relation to 3 applications held by Tevel. Under the agreement Mount Monger Resources Limited has agreed, subject to listing on ASX to carry our exploration of \$700,000 to earn a 51% interest in the Tevel ground. Mt Monger Resources Limited may then elect to carry out further exploration of up to \$1m to earn a further 24% (i.e. total 75%), at which point Tevel may contribute, sell or dilute subject to normal dilution provisions.

8.4. Remuneration of Auditors

	2021
	\$
Amount received or due and receivable by the auditor for:
Auditing the financial statements, including audit review - current period
audits	21,000
Non-Audit services	500
Total remuneration of auditors	21,500

8.5. New and revised accounting standards

Accounting Standards that are mandatorily effective for the current reporting period

The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are relevant to its operations and effective for an accounting period that begins on or after 1 January 2020. New and revised Standards and amendments thereof and Interpretations effective for the current period that are relevant to the Group include:

AASB 2018-6 Amendments to Australian Accounting Standards Definition of a Business
AASB 2018-7 Amendments to Australian Accounting Standards Definition of Material
AASB 2019-1 Amendments to Australian Accounting Standards References to the Conceptual Framework
AASB 2019-3 Amendments to Australian Accounting Standards Interest Rate Benchmark Reform
AASB 2019-5 Amendments to Australian Accounting Standards Disclosure of the Effect of New IFRS Standards Not yet issued in Australia.

The Directors have determined that there is no material impact of the new and revised Standards and Interpretations on the Group and, therefore, no material change is necessary to Group accounting policies.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MT MONGER RESOURCES LIMITED

Report on the Audit of the Financial Report

Opinion

We have audited the financial report of Mt Monger Resources Limited ("the Company") and its Controlled Entities ("the Consolidated Entity"), which comprises the consolidated statement of financial position as at 30 June 2021, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the period then ended, and notes to the financial statements, including a summary of significant accounting policies, and the directors' declaration.

In our opinion:

a. the accompanying financial report of the Consolidated Entity is 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 2021 and of its financial performance for the period then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
b. the financial report also complies with International Financial Reporting Standards as disclosed in Note 1.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Consolidated Entity in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (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.

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.

Key Audit Matter	How our audit addressed the Key Audit Matter
Accounting for share based payments As disclosed in note 7.7 to the financial statements, during the period ended 30 June 2021 the Company incurred share based payments of \$272,055 Share based payments are considered to be a key audit matter due to • the value of the transactions;	Our procedures amongst others included: • Analysing agreements to identify the key terms and conditions of share based payments issued and relevant vesting conditions in accordance with AASB 2 Share Based Payments; • Evaluating management's Black-Scholes Valuation Models and assessing the assumptions and inputs used;
• the complexities involved in the recognition and measurement of these instruments; and • the judgement involved in determining the inputs used in the valuations.	• Assessing the amount recognised during the period in accordance with the vesting conditions of the agreements; and • Assessing the adequacy of the disclosures included in Note 7.7 to the financial statements.
Management used the Black-Scholes option valuation model to determine the fair value of the options granted. This process involved significant estimation and judgement required to determine the fair value of the equity instruments granted.

Key Audit Matter How our audit addressed the Key Audit Matter

Capitalised Exploration and Evaluation Costs

As disclosed in note 2.1 to the financial statements, the Group has incurred significant exploration and evaluation expenditures which have been capitalised in accordance with the requirement of Exploration for and Evaluation of Mineral Resources (AASB 6). As at 30 June 2021, the Group's capitalised exploration and evaluation costs are carried at \$1,314,474.

The recognition and recoverability of the capitalised exploration and evaluation costs was considered a key audit matter due to:

The carrying value of capitalised exploration and evaluation costs represents a significant asset of the Group, we considered it necessary to assess whether facts and circumstances existed to suggest the carrying amount of this asset may exceed the recoverable amount; and
Determining whether impairment indicators exist involves significant judgement by management.

Note 2.1 to the financial statements contain the accounting policy and disclosures in relation to exploration and evaluation expenditures.

Our audit procedures included but were not limited to:

Assessing management's determination of its areas of interest for consistency with the definition in AASB 6 Exploration and Evaluation of Mineral Resources ("AASB 6");
Confirming rights to tenure for a sample of tenements held and confirming rights to tenure on tenements nearing expiry will be renewed;
Testing the Group's additions to capitalised exploration costs for the period by evaluating a sample of recorded expenditure for consistency to underlying records, the capitalisation requirements of the Group's accounting policy and the requirements of AASB 6;
By testing the status of the Group's tenure and planned future activities, reading board minutes and discussions with management we assessed each area of interest for one or more of the following circumstances that may indicate impairment of the capitalised exploration costs:
o The licenses for the rights to explore expiring in the near future or are not expected to be renewed;
o Substantive expenditure for further exploration in the area of interest is not budgeted or planned;
o Decision or intent by the Group to discontinue activities in the specific area of interest due to lack of commercially viable quantities of resources;
o Data indicating that, although a development in the specific area is likely to proceed, the carrying amount of the exploration asset is unlikely to be recorded in full from successful development or sale; and
Assessing the appropriateness of the related disclosures in the financial statements.

Other Information

The directors are responsible for the other information. The other information comprises the information included in the Consolidated Entity's annual report for the period ended 30 June 2021 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, 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 the directors determine 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 Note 1, the directors also state in accordance with Australian Accounting Standard AASB 101 Presentation of Financial Statements, that the financial report complies with International Financial Reporting Standards.

In preparing the financial report, the directors are responsible for assessing the Consolidated Entity's ability 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 intend to liquidate the Consolidated Entity 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 the 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 this financial report.

As part of an audit in accordance with the 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 Consolidated Entity's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' 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 Consolidated Entity'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 Consolidated Entity 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 Consolidated Entity to express an opinion on the financial report. We are responsible for the direction, supervision and performance of the Consolidated Entity 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, related safeguards.

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

We have audited the Remuneration Report included in the directors' report for the period ended 30 June 2021. The directors of the Company are responsible for the preparation and presentation of the remuneration report in accordance with s 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.

Auditor's Opinion

In our opinion, the Remuneration Report of Mt Monger Resources Limited, for the period ended 30 June 2021, complies with section 300A of the Corporations Act 2001.

HALL CHADWICK WA AUDIT PTY LTD MARK DELAURENTIS CA

Partner

Dated this 30th day of September 2021

1. TWENTY LARGEST SHAREHOLDERS

The names of the twenty largest holders of each class of listed securities are listed below:

ORDINARY SHARES

Rank	Holder Name	Securities	%
1	CITICORP NOMINEES PTY LIMITED	2,791,073	6.50%
2	JAEK HOLDINGS PTY LTD	2,700,000	6.29%
3	BOWMAN GATE PTY LTD	3,000,000	6.98%
4	MS SABINA MARIE SCHLINK	1,437,500	3.35%
5	DRAGON TREE CAPITAL PTY LTD	1,425,000	3.32%
6	CCGF HOLDING PTY LIMITED	830,000	1.93%
7	MR MATTHEW CHARLES NEWHAM	818,960	1.91%
8	GOLDEN WHEELBARROW PTY LTD	800,000	1.86%
9	MR CHRISTOPHER REINDLER	675,000	1.57%
10	TK7 HOLDINGS PTY LTD	615,000	1.43%
11	MR PAUL BURLEY	557,424	1.30%
12	LAZARUS SECURITIES PTY LTD	550,000	1.28%
13	MR ANTONY JUSTIN ZEBISCH	505,549	1.18%
14	LAZARUS CORPORATE FINANCE PTY LTD <facilitation TRADING A/C></facilitation	500,000	1.16%
14	JINDALEE RESOURCES LIMITED	500,000	1.16%
14	SCINTILLA STRATEGIC INVESTMENTS LIMITED	500,000	1.16%
14	RIVER TOWER INVESTMENTS PTY LTD <river towerINVEST A/C>	500,000	1.16%
15	CCGF HOLDING PTY LIMITED	458,543	1.07%
16	BNP PARIBAS NOMINEES PTY LTD	415,000	0.97%
17	MANDRAGONA HOLDINGS PTY LTD <mandragona familyA/C>	410,000	0.95%
18	MS NOLEEN ROWE	400,000	0.93%
18	TIGERS PAW PTY LTD	400,000	0.93%
19	ROY THOMAS WILSON	375,000	0.87%
19	PETER ANDREW WILTSHIRE	375,000	0.87%
20	6466 INVESTMENTS PTY LTD	320,000	0.75%
	Top 20 Total	21,859,049	50.89%
	Total Remaining Holdr Balance	21,090,951	49.11%
	Total Shares on Issue	42,950,000	100.00%

2. DISTRIBUTION OF EQUITY SECURITIES

Analysis of security by size holding:

Range	Securities	%	No. of holders	%
100,001 and Over	30,529,190	71.08%	76	14.70%
10,001 to 100,000	11,246,710	26.19%	263	50.87%
5,001 to 10,000	915,965	2.13%	101	19.54%
1,001 to 5,000	255,442	0.59%	69	13.35%
1 to 1,000	2,693	0.01%	8	1.55%
Total	42,950,000	100.00%	517	100.00%
Unmarketable Parcels	36,090	0.08%	23

3. SUBSTANTIAL SHAREHOLDERS

The names of the substantial shareholders listed in the company's register are:

Name	Number of Shares Held
BOWMAN GATE PTY LTD	3,000,000
JAEK HOLDINGS PTY LTD	2,700,000

4. UNQUOTED SECURITIES

The following unquoted securities are on issue:

Unquoted Securities	Number on Issue	Number of Holders
\$0.30 Options expiring 16/12/2024	8,000,000	6
\$0.30 Options expiring 9/5/2024 (Vesting 10/01/2022)	500,000	1
\$0.35 Options expiring 9/11/2024 (Vesting 10/07/2022)	500,000	1
\$0.40 Options expiring 9/5/2025 (Vesting 10/01/2023)	500,000	1
Total unquoted securities	9,500,000

5. VOTING RIGHTS

The voting rights of the ordinary shares are as follows:

Subject to any rights or restrictions for the time being attached to any shares or class of shares of the Company, each member of the Company is entitled to receive notice of, attend and vote at a general meeting. Resolutions of members will be decided by a show of hands unless a poll is demanded. On a show of hands each eligible voter present has one vote. However, where a person present at a general meeting represents personally or by proxy, attorney or representation more than one member, on a show of hands the person is entitled to one vote only despite the number of members the person represents.

On a poll each eligible member has one vote for each fully paid share held.

There are no voting rights attached to any of the options that the Company currently has on issue. Upon exercise of these options, the shares issued will have the same voting rights as existing ordinary shares.

6. ON-MARKET BUY BACK

There is currently no on-market buy-back program for any of Mt Monger Resources Limited's listed securities.

7. MINERAL RESOURCES

The Company has not announced any mineral resources at any of its projects as at the date of this report.

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METALLIUM LIMITED — Management Reports 2021

65382_rns_2021-09-29_309ef476-a7e8-4db9-b5f7-53ab76be1c35.pdf

Corporate Directory

Directors and Company Secretary

Registered and Principal Office

Share Register

Securities Exchange Listing

ASX Code

Solicitors

Auditor

Tenement Schedule

Competent Person's Statement

Previous Disclosure

Cautionary Statement Regarding Values & Forward-Looking Information

Directors

Qualifications, Experience and Special Responsibilities of Directors

John Hannaford – Non-Executive Chairman

Appointed 13 November 2020

Lachlan Reynolds - Managing Director Appointed 13 November 2020

Simon Adams – Company Secretary Appointed 13 November 2020

Principal Activities

Dividends

Corporate and Financial Position

Business Strategies and Prospects

Significant Changes in the State of Affairs

Nil

Matters subsequent to the end of the financial year

Environmental and Social Regulation and Performance

Likely Developments and Expected Results

Greenhouse Gas and Energy Data Reporting Requirements

Meetings of Directors

Insurance of Officers and Auditors

Share Options on Issue at the Date of this Report

Unissued shares

Shares issued as a result of the exercise of options

Non-Audit Services

Auditor's Independence Declaration

Remuneration Report

(Audited)

Details of Key Management Personnel

Directors

Remuneration Philosophy

Remuneration structure

Non-executive director remuneration

Objective

Structure

Executive remuneration

Objective

Structure

Fixed Remuneration

Objective

Structure

Variable Remuneration

Objective

Structure

Options Granted

Employment Contracts

Executive Directors

Key Management Personnel Remuneration

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

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

Consolidated Statement of Financial Position As at 30 June 2021

Consolidated Statement of Changes in Equity For the Period Ended 30 June 2021

Consolidated Statement of Cash Flows For the Period Ended 30 June 2021

1. Basis of preparation

1.1. Statement of Compliance

1.2. Basis of Measurement

1.3. Functional and Presentation Currency

1.4. Compliance with IFRS

1.5. Principles of consolidation

1.6. Going Concern

1.6. Going Concern (Cont)

1.7. Significant Accounting Judgements, Estimates and Assumptions

Significant accounting judgements

Significant accounting estimates and assumptions

Exploration and evaluation expenditure

1.7. Significant Accounting Judgements, Estimates and Assumptions (Cont)

Exploration and evaluation expenditure (Cont)

Share based payments

METALLIUM LIMITED Management Reports 2021