OLYMPIO METALS LIMITED — Annual Report 2017

Sep 7, 2017

Professional Ag Services, Inc.

Financial Report – 31 March 2017

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RSM Australia Partners

8 St Georges Terrace 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 audit of the financial report of Professional Ag Services, Inc. for the year ended 31 March 2017, I declare that, to the best of my knowledge and belief, there have been no contraventions of any applicable code of professional conduct in relation to the audit.

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RSM AUSTRALIA PARTNERS

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Perth, WA Dated: 3 July 2017

TUTU PHONG 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

Professional Ag Services, Inc. Contents 31 March 2017

Contents

Statement of profit or loss and other comprehensive income	4
Statement of financial position	5
Statement of changes in equity	6
Statement of cash flows	7
Notes to the financial statements	8
Directors' declaration	11
Independent auditor's report to the members of Professional Ag Services, Inc.	12

General information

The financial statements cover Professional Ag Services, Inc. as an individual entity. The financial statements are presented in US dollars, which is Professional Ag Services, Inc.'s functional and presentation currency.

Professional Ag Services, Inc. is a company limited by shares, incorporated and domiciled in Washington, North America. Its registered office and principal place of business are:

Registered office Principal place of business PO Box 69-250 1102 North California Avenue Lincoln, New Zealand Pasco, WA, USA 99301

The financial statements were authorised for issue, in accordance with a resolution of directors, on 3 July 2017. The directors have the power to amend and reissue the financial statements.

3

Professional Ag Services, Inc. Statement of profit or loss and other comprehensive income For the year ended 31 March 2017

Revenue Services revenue Other income Expenses Salaries and wages Finance costs Operating and motor vehicle costs Profit before income tax expense Income tax expense (Loss)/profit after income tax expense for the year attributable to the owners of Professional Ag Services, Inc. Other comprehensive income for the year, net of tax Total comprehensive (loss)/profit for the year attributable to the owners of Professional Ag Services, Inc.	2017 $ 1,556,279 26,908
	1,583,187 (1,047,416) (6,671) (518,335)
	(1,572,422) 10,765
	(29,307)
	(18,542)
	-
	(18,542)

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

4

Professional Ag Services, Inc. Statement of financial position As at 31 March 2017

Note Assets Current assets Cash and cash equivalents 3 Trade and other receivables Total current assets Non-current assets Plant and equipment Total non-current assets Total assets Liabilities Current liabilities Trade and other payables Borrowings 4 Total current liabilities Total liabilities Net assets Equity Issued capital 5 Retained profits Total equity	2017 $ 66,826 5,669	2016 $ 127,350 4,243
	72,495 301,934	131,593 324,355
	301,934 374,429	324,355 455,948
	20,473 257,018	15,924 324,544
	277,491 277,491	340,468 340,468
	96,938	115,480
	10,000 86,938	10,000 105,480
	96,938	115,480

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

5

Professional Ag Services, Inc. Statement of changes in equity For the year ended 31 March 2017

Balance at 1 April 2015 Shares issued during the year Dividends Total comprehensive profit for the year after tax Balance at 31 March 2016 Balance at 1 April 2016 Shares issued during the year Total comprehensive loss for the year after tax Balance at 31 March 2017	Issued capital $ 10,000 - - -	Retained profits $ 42,227 - (40,000) 103,253	Total equity $ 52,227 - (40,000) 103,253
	10,000	105,480	115,480
	10,000 - -	105,480 - (18,542)	115,480 - (18,542)
	10,000	86,938	96,938

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

6

Professional Ag Services, Inc. Statement of cash flows For the year ended 31 March 2017

Note Cash flows from operating activities Receipts from customers Payments to suppliers and employees Borrowing costs Income tax paid Net cash from operating activities Cash flows from financing activities Proceeds from borrowings Repayment of borrowings Finance lease payments Dividends paid 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 3 Cash flows from investing activities Net cash from investing activities	2017 $ 1,581,761 (1,488,438) (6,671) (29,271)	2016 $ 1,645,332 (1,487,735) (8,493) (35,967)
	57,381	113,137
	-	-
	236,511 (286,766) (67,650) -	276,400 (252,771) (83,546) (40,000)
	(117,905)	(99,917)
	(60,524) 127,350	13,220 114,130
	66,826	127,350

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

7

Professional Ag Services, Inc. Notes to the financial statements 31 March 2017

Note 1. Significant accounting policies

The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation

In the directors' opinion, the company is not a reporting entity because there are no users dependent on general purpose financial statements.

These are special purpose financial statements that have been prepared for the purposes of distributing financial statements to the owners of Professional Ag Services, Inc. The directors have determined that the accounting policies adopted are appropriate to meet the needs of the owners of Professional Ag Services, Inc.

These financial statements have been prepared in accordance with the recognition and measurement requirements specified by the International Financial Reporting Standards.

Historical cost convention

The financial statements have been prepared under the historical cost convention.

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 2.

Revenue recognition

Revenue is recognised when it is probable that the economic benefit will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable.

Service revenue

Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.

Interest

Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.

Other revenue

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

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 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 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.

Cash and cash equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Trade and other receivables

Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Trade receivables are generally due for settlement within 30 days.

8

Professional Ag Services, Inc. Notes to the financial statements 31 March 2017

Note 1. Significant accounting policies (continued)

Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectable are written off by reducing the carrying amount directly. A provision for impairment of trade receivables is raised when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the impairment allowance is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short-term receivables are not discounted if the effect of discounting is immaterial.

Other receivables are recognised at amortised cost, less any provision for impairment.

Trade and other payables

These amounts represent liabilities for goods and services provided to the company prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured.

Borrowings

Loans and borrowings received are initially recognised at the fair value of the consideration received, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method.

Issued capital

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.

New Accounting Standards and Interpretations not yet mandatory or early adopted

Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the company for the annual reporting period ended 31 March 2017. The company has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.

Note 2. 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. The resulting accounting judgements and estimates will seldom equal the related actual results. There are no judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

9

Professional Ag Services, Inc. Notes to the financial statements 31 March 2017

Note 3. Current assets - cash and cash equivalents

Cash at bank	2017 $ 66,826	2016 $ 127,350
	66,826	127,350

Note 4. Current liabilities - borrowings

Motor vehicle financing Operating line loan *	2017 $ 106,643 150,375	2016 $ 123,914 200,630
	257,018	324,544

• The operating line loan is secured by the company’s assets.

Note 5. Equity - issued capital

Ordinary shares - fully paid	2017 2017 Shares $ 10,000 10,000

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. Contingent liabilities

The company had no contingent liabilities as at 31 March 2017.

Note 7. Commitments

The company had no commitments for expenditure as at 31 March 2017.

Note 8. Events after the reporting period

On the 28 April 2017, CropLogic Limited acquired Professional Ag Services, Inc.

No other matter or circumstance has arisen since 31 March 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.

10

Professional Ag Services, Inc. Directors’ declaration For the year ended 31 March 2017

In the directors' opinion:

• the company is not a reporting entity because there are no users dependent on general purpose financial statements. Accordingly, the attached special purpose financial statements have been prepared in accordance with the accounting policies described in Note 1;

• the attached financial statements and notes give a true and fair view of the company's financial position as at 31 March 2017 and of its performance for the year ended on that date in accordance with the accounting policies as described in Note 1; 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.

On behalf of the directors

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03 July 2017

11

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RSM Australia Partners

8 St Georges Terrace 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 REPORT TO THE MEMBERS OF PROFESSIONAL AG SERVICES, INC.

Opinion

We have audited the financial report of Professional Ag Services, Inc. (the “Company”), which comprises the statement of financial position as at 31 March 2017, 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.

In our opinion, the accompanying financial report of the Company:

• (i) gives a true and fair view of the Company's financial position as at 31 March 2017 and of its financial performance for the year then ended; and

• (ii) complies with International Financial Reporting Standards to the extent described in Note 1.

Basis for Opinion

We conducted our audit in accordance with International Standards of Auditing. 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 any applicable code of professional conduct in relation to the audit. We have also fulfilled our other ethical responsibilities in accordance with any Code.

We confirm that the independence declaration which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter – Basis of Accounting

We draw attention to Note 1, which describes the basis of accounting. The financial report has been prepared for the purpose of fulfilling the directors’ financial reporting requirements. As a result, the financial report may not be suitable for another purpose. Our opinion is not modified in respect of this matter.

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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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 and have determined that the basis of preparation described in Note 1 is appropriate to meet the needs of the members. The directors’ responsibility also includes 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 preparing the financial report, the directors are responsible for assessing the ability of the Company 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 have 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 International Standards of Auditing 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 International Standards of Auditing, 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.

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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.

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RSM AUSTRALIA PARTNERS

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Perth, WA Dated: 3 July 2017

TUTU PHONG Partner