MOUNT HOPE MINING LIMITED — Annual Report 2023

Dec 17, 2024

Fisher Resources Pty Ltd ABN 94 148 160 954

Annual Report - 30 June 2023

Fisher Resources Pty Ltd
Contents
30 June 2023
Corporate directory	2
Directors' report	3
Auditor's independence declaration	4
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	15
Independent auditor's report to the members of Fisher Resources Pty Ltd	16

1

Fisher Resources Pty Ltd Corporate directory 30 June 2023

Directors

Mr Todd Williams (Managing Director) Ms Melanie Leydin (Non-Executive Director)

Company secretary Mr Rajeev Chandra Registered office Level 4 100 Albert Road South Melbourne VIC 3205 Phone: 03 9692 7222 Fax: 03 9077 9233 Auditor Hall Chadwick 283 Rokeby Road Subiaco, WA 6008

2

Fisher Resources Pty Ltd Directors' report 30 June 2023

The Directors present their report, together with the financial statements, of the Company for the year ended 30 June 2023.

Directors

The following persons were Directors of Fisher Resources Pty Ltd during the whole of the financial year and up to the date of this report, unless otherwise stated:

Mr Todd Williams (Managing Director)

Ms Melanie Leydin (Non-Executive Director)

Principal activities

The principal continuing activities of the Company consisted of exploration and evaluation of mineral deposits in Australia together with reviewing other asset opportunities.

Significant changes in the state of affairs

There are no significant changes in the state of affairs of the Company during the financial year.

Matters subsequent to the end of the financial year

No matter or circumstance has arisen since 30 June 2023 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.

Likely developments and expected results of operations

The likely developments of the Company will be to exploit its current exploration areas of interest in Australia.

Environmental regulation

The Company holds participating interests in a number of exploration tenements. The various authorities granting such tenements require the tenement holder to comply with the terms of the grant of the tenement and all directions given to it under those terms of the tenement. To the best of the Directors' knowledge, the Company has adequate systems in place to ensure compliance with the requirements of all environmental legislation described above and are not aware of any breach of those requirements during the financial year and up to the date of the Directors' report.

Indemnity and insurance of officers

During the financial year, the Company paid a premium in respect of a contract to insure the Directors and executives of the Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.

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.

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.

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

==> picture [165 x 32] intentionally omitted <==

_________ Todd Williams Managing Director

27 September 2024

3

==> picture [596 x 62] intentionally omitted <==

To the Board of Directors

AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001

As lead audit director for the audit of the financial statements of Fisher Resources Pty Ltd for the financial year ended 30 June 2023, I declare that to the best of my knowledge and belief, there have been no contraventions of:

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

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

Yours Faithfully,

HALL CHADWICK WA AUDIT PTY LTD MICHAEL HILLGROVE CA Director

Dated this 27[th] day of September 2024

==> picture [591 x 69] intentionally omitted <==

Fisher Resources Pty Ltd Statement of profit or loss and other comprehensive income For the year ended 30 June 2023

Note Expenses Corporate and administrative charges 4 Loss before income tax expense Income tax expense Loss after income tax expense for the year attributable to the owners of Fisher Resources Pty Ltd Other comprehensive income for the year, net of tax Total comprehensive loss for the year attributable to the owners of Fisher Resources Pty Ltd	30 June 2023 $ (8,773)	30 June 2022 $ (11,914) (11,914) - (11,914) - (11,914)
	(8,773) -
	(8,773) -
	(8,773)

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

5

Fisher Resources Pty Ltd Statement of financial position As at 30 June 2023

30 June 2023 30 June 2022 $ $ Assets Note Current assets Cash and cash equivalents 24,324 24,324 Security deposits 40,000 40,000 Total current assets 64,324 64,324 Total assets 64,324 64,324 Liabilities Current liabilities Payables to related parties 5 1,836,089 1,827,316 Total current liabilities 1,836,089 1,827,316 Total liabilities 1,836,089 1,827,316 Net liabilities (1,771,765) (1,762,992) Equity Issued capital 2 2 Accumulated losses (1,771,767) (1,762,994) Total deficiency in equity (1,771,765) (1,762,992)	30 June 2023 30 June 2022 $ $ Assets Note Current assets Cash and cash equivalents 24,324 24,324 Security deposits 40,000 40,000 Total current assets 64,324 64,324 Total assets 64,324 64,324 Liabilities Current liabilities Payables to related parties 5 1,836,089 1,827,316 Total current liabilities 1,836,089 1,827,316 Total liabilities 1,836,089 1,827,316 Net liabilities (1,771,765) (1,762,992) Equity Issued capital 2 2 Accumulated losses (1,771,767) (1,762,994) Total deficiency in equity (1,771,765) (1,762,992)	30 June 2023 30 June 2022 $ $ Assets Note Current assets Cash and cash equivalents 24,324 24,324 Security deposits 40,000 40,000 Total current assets 64,324 64,324 Total assets 64,324 64,324 Liabilities Current liabilities Payables to related parties 5 1,836,089 1,827,316 Total current liabilities 1,836,089 1,827,316 Total liabilities 1,836,089 1,827,316 Net liabilities (1,771,765) (1,762,992) Equity Issued capital 2 2 Accumulated losses (1,771,767) (1,762,994) Total deficiency in equity (1,771,765) (1,762,992)
	64,324	64,324
	64,324	64,324
	1,836,089	1,827,316
	1,836,089	1,827,316
	1,836,089	1,827,316
	(1,771,765)	(1,762,992)
	2 (1,771,767)	2 (1,762,994)
	(1,771,765)	(1,762,992)

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

6

Fisher Resources Pty Ltd Statement of changes in equity For the year ended 30 June 2023

Balance at 1 July 2021 Loss after income tax expense for the year Other comprehensive income for the year, net of tax Total comprehensive loss for the year Balance at 30 June 2022 Balance at 1 July 2022 Loss after income tax expense for the year Other comprehensive income for the year, net of tax Total comprehensive loss for the year Balance at 30 June 2023	Issued capital $ 2 - -	Accumulated losses $ (1,751,080) (11,914) -	Total equity $ (1,751,078) (11,914) - (11,914) (1,762,992) Total equity $ (1,762,992) (8,773) - (8,773) (1,771,765)
	-	(11,914)
	2	(1,762,994)
	Issued capital $ 2 - -	Accumulated losses $ (1,762,994) (8,773) -
	-	(8,773)
	2	(1,771,767)

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

7

Fisher Resources Pty Ltd Statement of cash flows For the year ended 30 June 2023

Note Cash flows from operating activities Payments to suppliers Net cash used in operating activities 8 Net cash from investing activities Net cash from financing activities Net decrease 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	30 June 2023 $ -	30 June 2022 $ (90) (90) - - (90) 24,414 24,324
	-
	-
	-
	- 24,324
	24,324

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

8

Fisher Resources Pty Ltd Notes to the financial statements 30 June 2023

Note 1. General information

The financial statements cover Fisher Resources Pty Ltd as an individual entity. The financial statements are presented in Australian dollars, which is Fisher Resources Pty Ltd's functional and presentation currency.

Fisher Resources Pty Ltd is a Company limited by shares, incorporated and domiciled in Australia. Its registered office is:

Level 4, 100 Albert Road South Melbourne, VIC 3205 Telephone: +613 9692 7222 Facsimile: +613 9077 9233

A description of the nature of the Company’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 27 September 2024. The Directors have the power to amend and reissue the financial statements.

Note 2. Significant accounting policies

The principal accounting policies adopted in the preparation of the financial statements are set out either in the respective notes or below. These policies have been consistently applied to all the years presented, 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 ('AASB') that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Company.

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

Basis of preparation

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB').

Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about the transactions, events and conditions to which they apply. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards. Material accounting policies adopted in the preparation of this financial report are presented below. They have been consistently applied unless otherwise stated.

Critical accounting estimates

The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 3.

Revenue recognition

Other income

Other income is recognised when it is received or when the right to receive payment is established.

Interest income

Interest income is recognised on a proportional basis taking into account the interest rates applicable to the financial assets. All interest revenue is stated net of the amount of goods and services tax (GST).

9

Fisher Resources Pty Ltd Notes to the financial statements 30 June 2023

Note 2. Significant accounting policies (continued)

Current and non-current classification

Assets and liabilities are presented in the statement of financial position based on current and non-current classification.

An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Company’s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when: it is either expected to be settled in the Company's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.

Deferred tax assets and liabilities are always classified as non-current.

Income tax

The income tax expense (income) for the year comprises current income tax expense (income) and deferred tax expense (income). Current income tax expense (income) charged to the profit or loss is the tax payable on taxable income calculated using applicable income tax rates enacted, or substantially enacted, as at reporting date. Current tax liabilities (assets) are measured at the amounts expected to be paid to (recovered from) the relevant taxation authority.

Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well unused tax losses.

Current and deferred income tax expense (income) is charged or credited directly to equity instead of the profit or loss when the tax relates to items that are credited or charged directly to equity.

Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where amounts have been fully expensed but future tax deductions are available. No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss.

Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates enacted or substantively enacted at reporting date. Their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability. Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised.

Exploration and evaluation expenditure

Exploration and evaluation costs are expensed in the statement of profit or loss, except for the costs of acquiring licenses, which are capitalized.

Once technical feasibility and commercial viability of the area of interest are demonstrable, exploration and evaluation assets attributable to that area are first tested for impairment and then reclassified from exploration and evaluation assets to property and development assets within property, plant, and equipment.

Statement of compliance

The financial statements is a general purpose financial statements that has been prepared in accordance with the Australian Accounting Standards, including Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. The Company is a for-profit entity for financial reporting purposes under Australian Accounting Standards.

Except for cash flow information, the financial report has been prepared on an accruals basis, based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.

The financial statements was authorised for issue on 27 September 2024.

10

Fisher Resources Pty Ltd Notes to the financial statements 30 June 2023

Note 2. Significant accounting policies (continued)

Going Concern

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

The Company incurred a loss for the year ended 30 June 2023 of $8,773 (2022: $11,914), net cash outflows from operating activities of $nil (2022: $90), The Company is at Net liabilities position of $1,771,765 (2022: $1,762,992).

The ability of the Company to continue as a going concern is principally dependent upon the continued ongoing support from its parent Company Unico Silver Limited and not to seek repayment for the Company’s payables in the next 12 months. These conditions indicate a material uncertainty that may cast significant doubt about the ability of the Company to continue as a going concern.

Should the Company be unable to continue as a going concern it may be required to realise its assets and extinguish its liabilities other than in the normal course of business and at amounts different to those stated in the financial statements. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts to or to the amount and classification of liabilities that might result should the Company be unable to continue as a going concern and meet its debts as when they fall due.

Accordingly, no adjustments have been made relating to the recoverability and classification of the recorded assets amounts and classification of liabilities that might be necessary should the Company not continue as a going concern.

Note 3. Critical 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, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. There are no critical accounting judgements, estimates and assumptions that are likely to affect the current or future financial years.

Note 4. Corporate and administrative costs

Title Costs Corporate and administrative charges Note 5. Payables to related parties Loan due to Land and Minerals Ltd. Loan due to Unico Silver Limited	30 June 2023 $ 8,483 290	30 June 2022 $ 9,035 2,879 11,914 30 June 2022 $ 1,226,485 600,831 1,827,316
	8,773
	30 June 2023 $ 1,226,485 609,604
	1,836,089

11

Fisher Resources Pty Ltd Notes to the financial statements 30 June 2023

Note 6. Key management personnel disclosures

Directors

The following persons were Directors of Fisher Resources Pty Ltd during the financial year:

Mr Todd Williams (Managing Director) Ms Melanie Leydin (Non-Executive Director)

Compensation

There were no compensation paid to the related parties during the year.

Note 7. Reconciliation of loss after income tax to net cash used in operating activities

Loss after income tax expense for the year Change in operating assets and liabilities: Increase in payables to related parties Net cash used in operating activities	Company 30 June 2023 30 June 2022 $ $ (8,773) (11,914) 8,773 11,824	Company 30 June 2023 30 June 2022 $ $ (8,773) (11,914) 8,773 11,824
	-	(90)

Note 8. Financial instruments

Financial risk management objectives

The company's activities may expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The company's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the company. The company uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate and foreign exchange and ageing analysis for credit risks

Market risk

Foreign currency risk

The company has no foreign currency risk as the company's transactions are in Australian dollar with its parent entity Land and Mineral Pty Ltd and its ultimate holding company Unico Silver Ltd.

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the company. The company has no credit risk from trade receivables due to no trading activity during the year.

Liquidity risk

Vigilant liquidity risk management requires the company to maintain sufficient liquid assets (mainly cash and cash equivalents) to be able to pay debts as and when they become due and payable. The company manages liquidity risk through fundings from its ultimate holding company Unico Silver Ltd.

Remaining contractual maturities

The following tables detail the company's remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows based on the earliest date on which the financial liabilities are required to be paid.

12

Fisher Resources Pty Ltd Notes to the financial statements 30 June 2023

Note 8. Financial instruments (continued)

Weighted average interest rate Company - 30 June 2023 % Non-derivatives Non-interest bearing Payables to related parties - Total non-derivatives Weighted average interest rate Company - 30 June 2022 % Non-derivatives Non-interest bearing Payables to related parties - Total non-derivatives	1 year or less $ 1,836,089	Between 1 and 2 years $ -	Between 2 and 5 years $ -	Over 5 years $ -	Remaining contractual maturities $ 1,836,089
	1,836,089	-	-	-	1,836,089
	1 year or less $ 1,827,316	Between 1 and 2 years $ -	Between 2 and 5 years $ -	Over 5 years $ -	Remaining contractual maturities $ 1,827,316
	1,827,316	-	-	-	1,827,316

The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above.

Fair value of financial instruments

Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.

Note 9. Contingent assets

There were no contingent assets at 30 June 2023 (2022: nil).

Note 10. Contingent liabilities

There were no contingent liabilities at 30 June 2023 (2022: nil).

Note 11. Commitments

Exploration Expenditure Commitments

Under the terms of mineral tenement licences held by the Group in New South Wales, there are no minimum annual expenditure obligations required to be expended during the forthcoming financial year in order for the tenements to maintain a status of good standing. Work programs are submitted on application and renewal which may be subject to variation from time to time in accordance with the relevant state department’s regulations. The company may at any time relinquish tenements, and avoid expenditure required on work programs, or may seek exemptions from the relevant authority. The company's only commitments in relation to these tenements are the payment of annual tenement rents.

Note 12. Related party transactions

Parent entity

Land and Minerals Pty Ltd is the parent entity.

Ultimate holding company

Unico Silver Limited is the ultimate holding company.

Key management personnel

Disclosures relating to key management personnel are set out in note 5 and the remuneration report included in the Directors' report.

There were no transactions with related parties during the current and previous financial year.

13

Fisher Resources Pty Ltd Notes to the financial statements 30 June 2023

Note 12. Related party transactions (continued)

Receivable from and payable to related parties

The following balances are outstanding at the reporting date in relation to transactions with related parties:

		Company
	30 June	2023 30 June 2022
	$	$
Current payables:
Payables from related parties	1,836,089 1,827,316

All related party transactions occurred on commercial arms-length terms. These payables are interest free, Both companies have provided a letter of support to the Company advising that they will not call on their payables for the next 12 months from the signing of the financial statement.

Note 13. Interests in subsidiaries

The company do not hold interest in any subsidiaries.

Note 14. Events after the reporting period

No matter or circumstance has arisen since 30 June 2023 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.

14

Fisher Resources Pty Ltd Directors' declaration 30 June 2023

In the Directors' opinion:

• the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;

• the attached financial statements and notes comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in note 2 to the financial statements;

• the attached financial statements and notes give a true and fair view of the company's financial position as at 30 June 2023 and of its performance for the financial year ended on that date; 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.

The Directors have been given the declarations required by section 295A of the Corporations Act 2001.

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

==> picture [165 x 32] intentionally omitted <==

_________ Todd Williams Managing Director

27[th] September 2024

15

==> picture [596 x 63] intentionally omitted <==

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS of FISHER RESOURCES PTY LTD

Report on the Audit of the Financial Report

Opinion

We have audited the financial report of Fisher Resources Pty Ltd (“the Company”), which comprises the statement of financial position as at 30 June 2023, the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year 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 Company is in accordance with the Corporations Act 2001, including:

• (i) giving a true and fair view of the Company’s financial position as at 30 June 2023 and of its financial performance for the year 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 2.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial report is free from material misstatement. 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 Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (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.

==> picture [591 x 66] intentionally omitted <==

==> picture [596 x 63] intentionally omitted <==

Material Uncertainty Related to Going Concern

We draw attention to Note 2 in the financial report which indicates that the Company incurred a net loss of $8,773 during the year ended 30 June 2023, net cash outflow from operating activities of $nil. As stated in Note 2, these events or conditions, along with other matters as set forth in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in this respect of this matter.

Other Information

The directors are responsible for the other information. The other information comprises the information included in the Company’s annual report for the year ended 30 June 2023, 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 3, 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 Company’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 Company or to cease operations, or has no realistic alternative but to do so.

==> picture [596 x 63] intentionally omitted <==

Auditor’s Responsibilities for the Audit of the Financial Report

Our responsibility is to express an opinion on the financial report based on our audit. 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 Company’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 Company’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 Company 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 Company to express an opinion on the financial report. We are responsible for the direction, supervision and performance of the Company 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.

==> picture [596 x 63] intentionally omitted <==

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.

HALL CHADWICK WA AUDIT PTY LTD

MICHAEL HILLGROVE CA Director

Dated this 27[th ] day of September 2024 Perth, Western Australia