NOVIQTECH LIMITED — Interim / Quarterly Report 2023

Oct 30, 2023

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NoviqAI Product Announcement

31[st] October 2023

Highlights

• Company Name Change

• Completion of Equity Raise

• Launch of Carbon Central

• Launch of NoviqAI

• TROEF Phase 1 Completion

• Cost Reduction Measure

NoviqTech Limited (“NoviqTech”), is excited to release our quarterly report for the first full quarter under the operation of our new CEO and Board of Directors. Over this time, NoviqTech has transformed its operations as we expand our offering across new markets and streamline our business operations.

NoviqTech is hosting an investor webinar on Wednesday 15[th] November at 11am AEDT/10am AEST, hosted virtually. All shareholders are encouraged to register to attend using the following link:

https://forms.office.com/e/eUtXsXsZBh

Company Name Change

Post August 30

Following shareholder approval at our recent EGM, TYMLEZ Group Limited was successfully renamed as NoviqTech Limited, signalling a major strategic shift for the business under the new Board and Management team.

NoviqTech, a name that encapsulates the essence of "novel and innovative technologies." This reflects our unwavering dedication to pioneering advancements in supply chain traceability, carbon reporting, and guarantee of origin. NoviqTech stands as a beacon of our commitment to providing sustainable, transformative, and data-powered solutions that address the

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evolving landscape of the digital economy. In alignment with our guiding principle, "Delivering Sustainable Transformational and Data-driven Solutions," we are resolute in elevating originality and distinctiveness within the realm of digital ledger technology. NoviqTech will continue to serve as the parent company for its subsidiaries, TYMLEZ and NoviqAI, each distinguished by their specialized expertise in various facets of distributed ledger technology (DLT). This ensures a diverse and inventive approach in tackling the contemporary challenges of the digital era.

Completion of Equity Raise

In July, NoviqTech completed an equity raise, securing firm commitments for $850,000 via a two-tranch placement of ordinary shares issued at a price of $0.004 including an attaching option with an exercise price of $0.01 with a three-year expiry. The equity raise is an important foundational milestone in executing the strategic vision set by the Company in early July as it positions itself for future growth through onboarding new clients across the globe.

Since the completion of the raise, NoviqTech has expanded its offerings into supply chain traceability utilising artificial intelligence and distributed ledger technology along with transforming TYMLEZ’s core offering with Carbon Central, a new software-as-a-service approach for onboarding customers.

Launch of Carbon Central

During the period, NoviqTech announced the launch of our innovative project onboarding product, Carbon Central, under our TYMLEZ brand. This new product has been designed to enable projects to be seamlessly onboarded onto the TYMLEZ Platform from the beginning of their lifecycle. The transformation of the TYMLEZ Platform and the launch of Carbon Central will significantly increase the speed for project onboarding, provide a secure customermanaged onboarding process, and decrease infrastructure and development costs. This new solution enhances TYMLEZ’s capability in the field of carbon certification and tokenisation.

TYMLEZ has partnered with industry leaders such as Lloyds Register and Aerospace Malaysia Innovation Centre to create a state-of-the-art digital measurement, reporting, and verification (dMRV) platform that utilises distributed ledger technology. This platform guarantees trust and transparency in reporting carbon emissions, whether for carbon offsets or verifying the origin of green fuels or resources. TYMLEZ's solution supports various green initiatives and is a world-leader in its approach.

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Homepage mock-up (subject to change)

TYMLEZ recognised the importance of establishing a central project repository; establishing a central "Carbon Central" for project developers. Carbon Central enables developers to upload their projects to the TYMLEZ Platform before their plants and facilities enter production.

TYMLEZ's initial dMRV solution was created to assist clients once their operations were up and running. TYMLEZ observed many client projects were still in the design and construction phase and consequently, TYMLEZ noted delays in getting clients onboarded to its current platform.

TYMLEZ’s new Carbon Central product will allow customers to onboard themselves from the earliest stages of project establishment, allowing them to leverage the capabilities of TYMLEZ’s dMRV tokenisation technology easily and not experience delays while their operations enter production.

NoviqTech will offer Carbon Central by TYMLEZ to the public through a subscription model for the initial project management workflow followed by a unit price for each token (e.g., REC, ACCU, etc.) created once connected to an operational powerplant or production facility.

Launch of NoviqAI

NoviqTech is thrilled to introduce NoviqAI, our revolutionary innovation that will transform how industries manage their supply chains. NoviqAI is designed to provide end-to-end transparency, traceability, and sustainability while also integrating advanced project management, carbon tokenisation, guarantee of origin, and digital twins. With NoviqAI, industries can streamline their processes and make informed decisions that positively impact their business and the environment.

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NoviqAI offers exceptional end-to-end transparency and confirmation of product authenticity and processes throughout the entire value chain. Leveraging the sustainability emphasis of our established technology and Carbon Central by TYMLEZ, NoviqAI is more than just a traceability tool; it serves as a guiding light for sustainable business practices.

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NoviqAI Fishing Supply Chain Use-Case Example

Key Functions, Features, and Advanced Capabilities:

1. Advanced Project Management:

2. Automated Task Allocation : Our AI engine optimises resource utilisation by intelligently allocating project tasks based on project needs and team capabilities.

3. Predictive Analytics : AI-driven insights enable accurate project timeline predictions, identification of delays, and effective risk mitigation strategies.

4. Resource Optimisation : NoviqAI engine recommends the most efficient procurement strategies and optimal resource allocation based on historical data and current demand.

5. Carbon Central Integration:

6. Continuous Emissions Tracking : NoviqAI seamlessly integrates with Carbon Central by TYMLEZ to constantly track emissions data collected by IoT sensors and compute carbon footprints in real-time.

7. Emission Reduction Strategies : The NoviqAI Engine provides data-driven recommendations for reducing carbon emissions based on industry best practices.

8. Guarantee of Origin:

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• Blockchain Verification : Our unique combination of Blockchain and AI ensures the authenticity and traceability of renewable energy certificates and other origin guarantees.

• Real-time Validation : Real-time AI verification ensures a trustworthy Guarantee of Origins with regulatory compliance and fraud prevention.

• Marketplace Integration : Seamless integration with digital marketplaces enables the buying and selling of Guarantee of Origin, promoting the adoption of renewable energy.

• Digital Twins:

• Simulation and Modelling : NoviqAI and Carbon Central integrate to create accurate digital replicas of physical assets for simulation, maintenance, planning, and optimisation.

• Real-time Monitoring : Digital twins offer real-time updates on physical asset status and health, enabling proactive maintenance and reduced downtime. Further details are to be announced soon.

• AI-Driven Insights : NoviqAI algorithms analyse data from digital twins to identify patterns, anomalies, and optimisation opportunities.

NoviqAI and TYMLEZ

NoviqAI and TYMLEZ's Carbon Central share the same technical architecture at their core. However, each platform has unique features tailored to their respective target markets. The shared code base enables efficient and streamlined development (significantly reducing upfront capital investment) while allowing the timely implementation of market-specific features.

Carbon Central is already being used by several TYMLEZ clients, including the TROEF project in the Netherlands, and the Queensland Government in Australia. For clients who require value chain traceability and sustainability reporting, NoviqAI and Carbon Central can seamlessly integrate to provide 360-degree reporting from one central location. This is the power of the NoviqTech approach.

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Value Chain Traceability and Guarantee of Origin Carbon Reporting and Guarantee of Origin (location) (sustainability)

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The Power of AI and Blockchain in Supply Chain

NoviqAI's integration of AI and Blockchain is not just a technological advancement; it's a paradigm shift. By utilising blockchain technology, every piece of information is tamper-proof and verifiable. Additionally, AI analyses this data to provide businesses with previously unimaginable insights. This powerful combination enables businesses to track their products, predict and adapt to real-time changes, increasing efficiency and reducing wastage. Furthermore, this integration promotes sustainable practices that are beneficial for the environment.

NoviqAI will work with customers across their value chains, offering end-to-end traceability with a flexible commercial offering that can adapt and scale to meet the most demanding of industrial supply chains. NoviqAI will follow the same pricing model as Carbon Central, with customers paying a subscription fee for access to the project management platform and a perunit cost for each item tracked using the platform. NoviqAI is expected to launch with pilot customers in early 2024, followed by public availability in mid-2024.

NoviqAI represents a future where businesses operate transparently, products are trusted, and sustainability is ingrained in our way of life. With its advanced features, NoviqAI symbolises our commitment to a brighter, more sustainable future.

TROEF Phase 1 Completion

TYMLEZ successfully completed the initial phase of the TROEF integration, a significant step in the consortium's mission towards a sustainable energy future. During this phase, focus was put on developing a specialized TROEF infrastructure for precise CO2 emission calculations and tracking by successfully integrating the TYMLEZ’s Carbon Central platform with the TROEF infrastructure.

A key aspect of this achievement involved the integration of building meter readings into Carbon Central. This data, crucial for accurate CO2 calculations and the creation of certificates, was sourced from BAM’s office campus through the BAM Skyspark platform. TYMLEZ, in collaboration with BAM, ensured the smooth flow of meter data from the buildings, laying the groundwork for robust CO2 emission calculations.

In the upcoming second phase, TYMLEZ is set to implement the creation of green energy certificates. This initiative involves rewarding clients of buildings that generate surplus green energy with these certificates, acknowledging their contribution to sustainable energy production. These certificates, representing excess green energy, can be traded within the TROEF ecosystem or external markets, establishing a valuable revenue stream from surplus green energy. This pragmatic approach not only promotes renewable energy production but also incentivizes energy efficiency, aligning with TROEF’s commitment to environmental sustainability and economic viability.

TROEF is a collaborative endeavour among key players in the Dutch energy sector that is dedicated to forging a cutting-edge platform, granting users entry into the realm of the

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‘Internet of Energy’. Serving as the nucleus of an audacious energy ecosystem, it empowers participants not just to procure energy, but also to actively steer the Netherlands towards a net zero energy transition.

The consortium is continuing to work towards commerciality with the TROEF platform, with active business development already underway with potential customers across the Netherlands.

Cost Reduction Measures

A major focus of the new Board and Management team has been more efficient use of capital in the operations of NoviqTech globally. During the third quarter, we have expanded our development capabilities while significantly reducing overall business expenditure, one of the key focuses of the 30, 60, 90 day plan released via the ASX on July 6 2023. During the first six months of 2023, average monthly expenditure of the Group was approx. $430k, since then average expenditure has decreased by 28% to $306k, with forecasts for the remainder of the year of approx. $198k per month, a 53% decrease from the first six months of the year.

The cost reductions have coincided with the period of most significant development activities which we have ever undertaken and during the same period we have further expanded the offerings of the business. The Board and Management team are committed to the efficient and effective use of shareholder capital and are focused on maximising shareholder value.

Summary of Expenditure Incurred on Business Activities

The operating expenditures of NoviqTech for the September 2023 quarter can be summarised as follows (A$’000):

Item	Value(A$’000)
Advertsingand marketngcosts	1
Leased assets	17
Staf costs	632
Administraton and corporate costs	148
Total cash outlow	798

Additional Information

Payments to related parties and their associates included in operating activities during the quarter was A$69,000, which relates to the remuneration of directors and key management personnel. Additional staff costs were incurred during the period owing to final payments for a number of employees as part of cost efficiency measures.

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Authorised by the NoviqTech Board of Directors.

//End

For any queries relating to this announcement, please contact:

investors@noviqtech.com

About NoviqTech

NoviqTech (ASX: NVQ) harnesses the power of artificial intelligence and distributed ledger technology to provide trusted and transparent reporting across supply chains, carbon emissions reporting, and guarantee of origin. The NoviqTech brands – NoviqAI and TYMLEZ deliver novel and innovative technologies to organisations across the globe in sectors from maritime to regenerative agriculture, empowering them to make more informed decisions, track their carbon emissions with precision, and validate the authenticity of their products' origins all in real-time.

Visit noviqtech.com

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Rule 4.7B

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Name of entity

Name of entity	Name of entity
NoviqTech Limited
ABN 37 622 817 421	Quarter ended (“current quarter”)
37 622 817 421	30 September 2023

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) research and development (b) product manufacturing and operating costs (c) advertising and marketing (d) leased assets (e) staff costs (f) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes/GST received/(paid) 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- - - (1) (17) (632) (148) - 1 (3) 87 -	13 - - (15) (58) (1,936) (1,044) - 10 - 17 337 -
	(713)	(2,676)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) other non-current assets	- - - - - -	- - - - - -

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 1

Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
2.2 Proceeds from disposal of: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities		- - - - - - - - -	- - - - - - - - -
		-	-
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other 3.10 Net cash from / (used in) financing activities		584 - - (36) - (114) - - -	584 - - (37) - (374) - - -
		434	173
4. 4.1 4.2 4.3	Net increase / (decrease) in cash and cash equivalents for the period Cash and cash equivalents at beginning of period Net cash from / (used in) operating activities (item 1.9 above) Net cash from / (used in) investing activities (item 2.6 above)	468 (713) -	2,703 (2,676) -

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
4.4 4.5 4.6	Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Cash and cash equivalents at end of period	434 (2)	173 (13)
		187	187
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts		Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)		187 - - -	468 - - -
		187	468
6. Payments to related parties of the entity and their associates			Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 * 69 6.2 Aggregate amount of payments to related parties and their associates included in item 2 NIL Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.			69
			NIL

*Amount included in 6.1 above relates to remuneration (inclusive of share-based payments) paid to directors and key management personnel.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities NIL NIL Credit standby arrangements NIL NIL Other (please specify) NIL NIL Total financing facilities NIL NIL Unused financing facilities available at quarter end NIL Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		NIL	NIL
		NIL	NIL
		NIL	NIL
		NIL	NIL
	N/A

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6	Net cash from / (used in) operating activities (item 1.9) (713) Cash and cash equivalents at quarter end (item 4.6) 187 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.2 + item 8.3) 187 Estimated quarters of funding available (item 8.4 divided by item 8.1) 0.26 Note: if the entity has reported positive net operating cash flows in item 1.9, answer item8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. If item 8.5 is less than 2 quarters, please provide answers to the following questions: 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(713) 187 -
		187
		0.26
	Answer: No. Cost cutting measures continue to be put in place. In particular, operating costs from consultants, contractors and staff costs are expected to decrease substantially. This can be seen in a significant reduction of net cash used in operating activities by $242K from $955K in Q2 2023 to $713K in Q3 2023.
	8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: Yes, the Group has recently raised $710,000 before costs to professional and sophisticated investors on 21 July 2023. The board is currently evaluating options for capital raising in late 2023/early 2024 to fund its operations and continued growth

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

• 8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: Yes, the Group has recently raised $7 10 ,000 before costs to professional and sophisticated investors on 21 July 2023. The proceeds of the placement will be used to drive platform integration using AI for supply chain traceability and working capital purposes. The board is currently evaluating options for capital raising in late 2023/early 2024 to fund its operations and continued growth.

Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Authorised by the Board of Directors on 31 October 2023

On behalf of the Board,

Jonathan Hart

Company Secretary

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ] ”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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