MOHO RESOURCES LIMITED — Interim / Quarterly Report 2018

Nov 4, 2018

Moho Resources NL

ABN 81 156 217 971

Half Year Report – 31 December 2017

Moho Resources NL Directors' report 31 December 2017

The directors present their report, together with the financial statements, of Moho Resources NL (referred to hereafter as the 'company'), for the half year to 31 December 2017.

Directors

The following persons were directors of Moho Resources NL during the half year, unless otherwise stated:

Adrian Larking Shane Sadleir Ralph Winter (Director and Company Secretary)

Principal activities

During the half year the principal continuing activities of the company consisted of mineral exploration.

Dividends

No dividends were paid or declared during the half year. The directors do not recommend the payment of a dividend.

Review of operations

The loss for the company after providing for income tax amounted to $272,845 for the half year to 31 December 2017 (30 June 2017: $424,696).

Significant changes in the state of affairs

There were no significant changes in the state of affairs of the company during the half year.

Issue	of	Securities	Date	Number	Price per share ($)	Value ($)
Issue	of	Shares – Conversion of Creditors/Loans	12-Jan-18	1,688,658	0.05	84,433
Issue	of	Shares – Conversion of Creditors/Loans	13-Jan-18	123,248	0.05	6,162

No other matter or circumstance has arisen since 31 December 2017 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.

Shares under option

There are no unissued ordinary shares of Moho Resources NL under option as at the date of this report.

Likely developments and expected results of operations

Information on likely developments in the operations of the entity and the expected results of operations have not been included in this report because the directors believe it would be likely to result in unreasonable prejudice to the entity.

Environmental regulation

The company is not subject to any significant environmental regulation under Australian Commonwealth or State law.

Indemnity and insurance of officers

The company is in the process of obtaining insurance 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.

Indemnity and insurance of auditor

The company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the company or any related entity against a liability incurred by the auditor.

During the financial year, the company has not paid a premium in respect of a contract to insure the auditor of the company or any related entity.

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Moho Resources NL Directors' report 31 December 2017

Proceedings on behalf of the company

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the company, or to intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or part of those proceedings.

Auditor's independence declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.

Auditor

RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001.

This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.

On behalf of the directors

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_________ Shane Sadleir Managing Director

21 June 2018

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RSM Australia Partners

Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844

T +61 (0) 8 9261 9100 F +61 (0) 8 9261 9111

www.rsm.com.au

AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the review of the financial report of Moho Resources NL for the half-year ended 31 December 2017, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

• (i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

• (ii) any applicable code of professional conduct in relation to the audit.

RSM AUSTRALIA PARTNERS

Perth, WA Dated: 21 June 2018

ALASDAIR WHYTE Partner

THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036

Liability limited by a scheme approved under Professional Standards Legislation

Moho Resources NL Contents 31 December 2017

Statement of profit or loss and other comprehensive income 5 Statement of financial position 6 Statement of changes in equity 7 Statement of cash flows 8 Notes to the financial statements 9 Directors' declaration 13 Independent auditor's report to the members of Moho Resources NL 14

General information

The financial statements cover Moho Resources NL for half year ended 31 December 2017. The financial statements are presented in Australian dollars, which is Moho Resources NL's functional and presentation currency.

Moho Resources NL is an unlisted public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are:

Registered office Principal place of business 22 Railway Rd 22 Railway Rd Subiaco Subiaco Perth WA 6000 Perth WA 6000

A description of the nature of the entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 21 June 2018. The directors have the power to amend and reissue the financial statements.

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Moho Resources NL Statement of profit or loss and other comprehensive income For the half year ended 31 December 2017

Note Expenses Consultants expense Initial public offering related costs Other expenses Exploration and evaluation expenditure Rental expense (Loss) before income tax expense Income tax expense (Loss) after income tax expense for the year Other comprehensive income Other comprehensive income for the year, net of tax Total comprehensive income for the year attributable to the owners of Moho Resources NL

31-Dec 2017 $ (14,000) (10,000) (8,866) (230,529) (9,450) (272,845) -

(272,845) - (272,845)

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

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Moho Resources NL Statement of financial position As at 31 December 2017

Note Assets Current assets Cash and cash equivalents 2 Other current assets Total current assets Total assets Liabilities Current liabilities Trade and other payables 3 Borrowings 4 Total current liabilities Total liabilities Net liabilities Equity Issued capital 5 Accumulated losses 6 Total equity	31-Dec 2017 $ 693 37,745		30 June 2017 $ 806 12,000 12,806 12,806 261,501 21,965 283,466 283,466 (270,660) 417,449 (688,109)
	38,438
	38,438
	387,841 22,091
	409,932
	409,932
	(371,494)
	589,460 (960,954)
	(371,494)		(270,660)

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

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Moho Resources NL Statement of changes in equity For the half year ended 31 December 2017

Balance at 1 July 2017 Loss after income tax expense for the year Other comprehensive income for the year, net of tax Total comprehensive income for the year Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs Balance at 31 December 2017 Balance at 1 July 2016 Loss after income tax expense for the year Other comprehensive income for the year, net of tax Total comprehensive income for the year Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs Balance at 30 June 2017	Issued capital $ 417,449 - - - 172,011 589,460 Issued capital $ 130,253 - - - 287,196 417,449	Accumulated losses $ (688,109) (272,845) - (272,845) - (960,954) Accumulated losses $ (263,413) (424,696) - (424,696) - (688,109)	Total equity $ (270,660) (272,845) -
			(272,845) 172,011
			(371,494)
			Total equity $ (133,160) (424,696) -
			(424,696) 287,196
			(270,660)

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

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Moho Resources NL Statement of cash flows For the half year ended 31 December 2017

Note Cash flows from operating activities Payments to suppliers and employees (inclusive of GST) Payments related to exploration expenditure Net cash from operating activities Cash flows from financing activities Proceeds from issue of shares Proceeds from borrowings Net cash from financing activities Net movement in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Cash and cash equivalents at the end of the financial year	31 Dec 2017 $ (113) - (113)	30 Jun 2017 $ (1,568) (10,025) (11,593)
	- -	7,500 4,504
	-	12,004
	(113) 806	411 395
	693	806

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

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Moho Resources NL Notes to the financial statements 31 December 2017

Note 1. Significant accounting policies

These financial statements for the interim half-year reporting period ended 31 December 2017 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities.

These financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the financial report for the year ended 30 June 2017.

The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted

The company has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Going Concern

The financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business. As disclosed in the financial statements, the Company incurred a loss of $272,845 and had net cash outflows from operating activities of $113 for the half year ended 31 December 2017. As at that date the Company had net current liabilities of $371,494 and net liabilities of $371,494

The Directors believe there are reasonable grounds to believe the Company can continue as a going concern, after consideration of the following:

• The Company plans to lodge a Prospectus with the ASIC to facilitate the listing of the Company’s securities on the Australia Securities Exchange (ASX) and seeks to raise up to $6 million through the issue of new shares. The target completion of the public offer is 21 July 2018.

• In the past, Directors and other creditors have agreed to deferred settlement or alternatively accept equity in lieu of cash settlement, for example Note 8. There is no reason to believe this will not continue in the event the public offer is delayed.

Accordingly, the Directors believe that the Company will be able to continue to operate as a going concern and that it is appropriate to adopt the going concern basis in the preparation of the financial report.

Should the Company not achieve the factors set out above, there is a material uncertainty which may cast significant doubt as to whether the Company will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report.

The financial report does not include any adjustments relating to the amounts or classification of recorded assets or liabilities that might be necessary if the Company is not able to continue as a going concern.

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Moho Resources NL Notes to the financial statements 31 December 2017

Note 2. Current assets – cash and cash equivalents

Cash on hand Note 3. Current liabilities - trade and other payables Trade payables	31 Dec 2017 30 June 2017 $ $ 693 806 693 806
	31 Dec 2017 30 June 2017 $ $ 387,841 261,501 387,841 261,501

Note 3. Current liabilities - trade and other payables

Trade payables are non-interest bearing and are normally settled on 30-day terms. The above amounts do not bear interest and their carrying amount is equivalent to their fair value.

Note 4. Current liabilities - borrowings

Loans from related parties Loans are unsecured, have no interest rate and are repayable Note 5. Equity - issued capital Ordinary shares - fully paid	31 Dec 2017 30 June 2017 $ $ 22,091 21,965 22,091 21,965 on demand. 31 Dec 2017 30 June 2017 31 Dec 2017 30 June 2017 Shares Shares Shares $ $ 21,343,212 17,889,901 589,460 417,449

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Moho Resources NL Notes to the financial statements 31 December 2017

Movements in ordinary share capital

Details Date Balance 1 July 2016 Issue of Shares – Conversion of Creditors/Loans 8 September 2016 Issue of Shares – Conversion of Creditors/Loans 10 September 2016 Issue of shares – Conversion of Creditors 10 September 2016 Issue of shares – Conversion of Creditors 22 August 2016 Issue of shares – Placement 14 June 2017 Balance 30 June 2017 Issue of Shares – Conversion of Creditors 13 July 2017 Issue of Shares – Conversion of Creditors 22 August 2017 Issue of Shares – Conversion of Creditors 31 August 2017 Issue of Shares – Conversion of Creditors 20 September 2017 Balance 31 December 2017	Shares Issue price ($) 11,035,003 5,004,898 0.04 550,000 0.04 350,000 0.05 800,000 0.05 150,000 0.05 17,889,901 480,000 0.05 2,473,311 0.05 300,000 0.05 200,000 0.05 21,343,212	$
		130,253
		200,196 22,000 17,500 40,000 7,500
		417,449
		24,000 123,011 15,000 10,000
		589,460

Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital.

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

Note 6. Equity - Accumulated losses

Accumulated losses at the beginning of the financial year Loss after income tax expense for the year Accumulated losses at the end of the financial year	31 Dec 2017 30 June 2017 $ $ 688,109 263,413 272,845 424,696
	960,954 688,109

Note 7. Contingent assets and liabilities

The directors are not aware of any contingent assets or liabilities that may arise from the entity’s operations as at 31 December 2017.

Note 8. Events after the reporting period

A list of all securities issued after balance date to the date of this report is below.

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Moho Resources NL Notes to the financial statements 31 December 2017

Issue	of	Securities	Date	Number	Price per share($)	Value ($)
Issue	of	Shares – Conversion of Creditors/Loans	12-Jan-18	1,688,658	0.05	84,433
Issue	of	Shares – Conversion of Creditors/Loans	13-Jan-18	123,248	0.05	6,162

No other matters or circumstance has arisen since 31 December 2017 that has significantly affected, or may significantly affect the company's operations, the results of those operations, or the company's state of affairs in future financial years.

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Moho Resources NL Directors' Declaration 31 December 2017

In the directors' opinion:

• the company is not a reporting entity because there are no users dependent on general purpose financial statements. Accordingly, as described in note 1 to the financial statements, the attached special purpose financial statements have been prepared for the purposes of complying with the Corporations Act 2001 requirements to prepare and distribute financial statements to the owners of Moho Resources NL;

• the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards as described in note 1 to the financial statements, the Corporations Regulations 2001 and other mandatory professional reporting requirements;

• the attached financial statements and notes give a true and fair view of the company's financial position as at 31 December 2017 and of its performance for the half year ended 31 December 2017; and

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

Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.

On behalf of the directors

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_________ Shane Sadleir Managing Director

21 June 2018 Perth

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RSM Australia Partners

Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844

T +61 (0) 8 9261 9100 F +61 (0) 8 9261 9111

www.rsm.com.au

INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF MOHO RESOURCES NL

We have reviewed the accompanying half-year financial report of Moho Resources NL, which comprises the statement of financial position as at 31 December 2017, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

Directors’ Responsibility for the Half-Year Financial Report

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

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Company’s financial position as at 31 December 2017 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of Moho Resources NL, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

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

THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.

RSM Australia Partners ABN 36 965 185 036

Liability limited by a scheme approved under Professional Standards Legislation

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Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 . We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of Moho Resources NL, would be in the same terms if given to the directors as at the time of this auditor’s report.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Moho Resources NL is not in accordance with the Corporations Act 2001 including:

• (a) giving a true and fair view of the Company’s financial position as at 31 December 2017 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001 .

Material Uncertainty Related to Going Concern

We draw attention to Note 1 in the financial report, which indicates that the Company incurred a loss of $272,845 and had net cash outflows from operating activities of $113 for the half-year ended 31 December 2017 and, as of that date, the Company's had net current liabilities of $371,494 and net liabilities of $371,494. As stated in Note 1, these events or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our conclusion is not modified in respect of this matter.

RSM AUSTRALIA PARTNERS

Perth, WA Dated: 21 June 2018

ALASDAIR WHYTE Partner