ORBMINCO LIMITED — Interim / Quarterly Report 2023

Mar 13, 2023

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WOOMERA MINING LIMITED

ACN 073 155 781

FINANCIAL REPORT

FOR THE HALF YEAR ENDED 31 DECEMBER 2022

Important Notes

Competent Person’s Statement

The exploration results reported herein, insofar as they relate to mineralisation, are based on information compiled by Mr Jason Livingstone. Mr Livingstone is a full-time employee of Woomera Mining Limited and is a Member of the Australasian Institute of Mining and Metallurgy with over twenty years of experience in the field of activity being reported. Mr Livingstone has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ relating to the reporting of Exploration Results. Mr Livingstone consents to the inclusion in the report of matters based on his information in the form and context in which it appears.

The information contained in this condensed report is to be read in conjunction with Woomera Mining Limited’s 2022 annual report and announcements to the market made by Woomera Mining Limited.

TABLE OF CONTENTS

DIRECTORS’ REPORT	3
PRINCIPAL ACTIVITIES	3
OPERATING RESULTS	3
DIVIDENDS	3
REVIEW OF OPERATIONS	4
SIGNIFICANT CHANGES IN STATE OF AFFAIRS	12
SUBSEQUENT EVENTS	12
AUDIT INDEPENDENCE AND NON-AUDIT SERVICES	12
AUDITORS INDEPENDENCE DECLARATION	13
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME14
CONSOLIDATED STATEMENT OF FINANCIAL POSITION	15
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	16
CONSOLIDATED STATEMENT OF CASH FLOWS	17
CONDENSED NOTES TO THE FINANCIAL STATEMENTS	18
DIRECTORS’ DECLARATION	22

Woomera Mining Limited

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ACN 073 155 781

WOOMERA MINING LIMITED AND CONTROLLED ENTITIES REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

DIRECTORS’ REPORT

The Board of Woomera Mining Limited (Woomera) submit herewith the interim financial report of the consolidated entity (Woomera Mining Limited and its controlled entities) for the half-year ended 31 December 2022.

DIRECTORS

The Directors of the Company in office during or since the end of the financial period are;

Ian Gordon - Non Executive Chairman David Richards - Non Executive Director David Lindh - Non Executive Director Jason LivingstoneManaging Director (appointed 16 August 2022)

All directors held office from the start of the financial period to the date of this report unless otherwise stated.

PRINCIPAL ACTIVITIES

The principal activity of the Group is exploration for economic mineral resources.

Woomera Mining Limited is an ASX listed exploration company based in Adelaide, South Australia with an extensive mineral tenement portfolio prospective for precious metals (gold and PGE’s), base metals (nickel + copper) and lithium.

During the Financial Half-Year the Company released the following ASX announcements:

• 14 July 2022 - Successful application of JDEI and ADI Grants.

• 18 July 2022 – Exploration Update discussing Musgrave, Wyloo and lithium projects.

• 28 July 2022 – Quarterly Report.

• 12 August 2022 – Appointment of Jason Livingstone as Managing Director.

• 22 August 2022 – Discussion of the VTEM results over the Wyloo Gold Project.

• 2 September 2022 – South Australian Exploration Update.

• 12 September 2022 – Investor Presentation.

• 30 September 2022 – Annual Report.

• 6 October – Lake Dundas Lithium Drilling Commenced.

• 17 October – Investor Presentation.

• 31 October 2022 - Quarterly Report.

• 7 November 2022 - Lake Dundas Lithium Drilling Finalised.

• 10 November 2022 – Investor Webinar Presentation.

• 2 December 2022 – SAEMC Conference Presentation.

OPERATING RESULTS

The consolidated loss after tax for the reporting period was $699,932, (half-year ended 31 December 2021: loss of $818,363).

DIVIDENDS

No dividends have been declared in relation to the half year ended 31 December 2022. (31 December 2021: $NIL).

Woomera Mining Limited

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ACN 073 155 781

REVIEW OF OPERATIONS

Mt Cattlin Lithium (100% WML)

A number of field reconnaissance trips were completed over the Mt Cattlin Lithium Project during the half year. Access to the majority of the tenement was limited due to the presence of crops. Post half year end, an auger soil sampling program was completed over the tenement to identify lithium anomalism. Please refer to Figure 1 for details.

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Figure 1: Mt Cattlin Lithium Project – Lithium trend, interpreted 1:500,000 geology (GSWA) & tenements.

Woomera believes the lithium-caesium-tantalum (LCT) system at Mt Cattlin may be more extensive than has been identified on Allkem’s surrounding licences. The Company’s hypothesis is that the pegmatites may extend into its landholding based on the potential for multiple causative granite intrusions and relative timing of the LCT pegmatite intrusions into known breaks/faults throughout the greenstone belt.

Work will continue during the year with geological reconnaissance planned for the areas of the project not subject to cropping.

Woomera Mining Limited

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ACN 073 155 781

Wyloo Dome JV (WML 60%)

During the half year, a VTEMTM MAX airborne electromagnetic heli-survey was completed at the project. The geology of the Wyloo Dome JV Project comprises Duck Creek Dolomite with lesser exposures of the Mt McGraths Formation which hosts the gold mineralisation at the Mt Olympus deposit. Please refer to Figure 2 for the Project location.

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Figure 2: Wyloo Dome JV tenement locations

At the Golden Marra Mamba Prospect (Figure 3) significant rock chip anomalism up to 11.7 g/t Au is coincident with a strong VTEMTM Max conductor. The VTEMTM Max has confirmed an earlier AEM anomaly and adds further prospectivity to the Golden Marra Mamba Prospect.

At the New Morning prospect (Figure 4), an untested blind AEM conductor coincident with a recently defined, large amplitude VTEMTM MAX anomaly, lies adjacent to the historical drilling which returned encouraging intersections of up to 16m at 0.68 g/t Au, suggesting a near-miss scenario whereby this intersection is proximal to the main mineralisation lode/s.

Woomera Mining Limited

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ACN 073 155 781

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Figure 3: Golden Marra Mamba Prospect highlighting the coincident untested VTEM[TM] MAX anomaly (CH48_BZ_anomaly _SE shade, WGS84 UTM Zone 50S)

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Figure 4: New Morning Prospect highlighting the coincident untested VTEM[TM ] MAX anomaly (CH48_BZ_anomaly _SE shade, WGS84 UTM Zone 50S)

Woomera has refined these targets with the VTEMTM MAX survey and is looking to ground truth in anticipation of drill testing the higher order targets as soon as possible. Heritage surveys have been requested and will be completed prior to drilling.

Woomera Mining Limited

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ACN 073 155 781

Labyrinth Project (100% WML)

During the half year, a program of infill auger sampling was undertaken at the Labyrinth Project in South Australia’s Gawler Craton. The program identified gold and rare earth anomalism that will be followed up with drilling once approvals are received and heritage surveys completed.

The local geology at Labyrinth is dominated by the Hiltaba Granites, a co-magmatic event with the Gawler Range Volcanics. These are host units to the iron oxide copper gold (IOCG) deposits in South Australia such as Olympic Dam and Prominent Hill. Labyrinth also lies along strike from rare earth discoveries made by Indiana Resources (ASX:IDA) at its Minos and Ariadne prospects. Refer to Figure 5.

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Figure 5: Labyrinth Gold-Rare Earth Project displaying gold (ppb) in calcrete results over regional magnetics.

Field observations coincident with rare earth and gold anomalism showed out cropping, altered and brecciated felsic rocks (assumed to be the Hiltaba Granite). Several generations of veining were also observed, with vein mineralogy varying from quartz to quartz-calcite to calcite of varying orientations. This material can be seen in Image 1 below.

Woomera Mining Limited

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ACN 073 155 781

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Image 1: Labyrinth Gold-Rare Earth Project rock chip sample material.

The Company is currently performing a Heritage Survey with planned commencement of drilling to start once clearance is received, expected in March 2023.

Musgrave Project (100% WML)

The Company was successful in its application for co-funding under the South Australian Government’s Accelerated Discovery Initiative (ADI), to be allocated towards the Musgrave Project in South Australia.

Woomera has also committed to completing an airborne EM survey over the prospective areas of the Musgrave Project in the March quarter 2023. Once the survey is completed the Company may utilise its ADI grant to test any targets.

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Figure 6: Musgrave Province Location Map.

Woomera Mining Limited

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ACN 073 155 781

Lake Dundas Lithium Project (100% WML)

Woomera undertook an air core drilling program at the Lake Dundas lithium project during the half year, completing 27 holes for 987 metres.

No significant results were returned and the tenement will be relinquished.

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Figure 7: Location of Lake Dundas

Pilbara Lithium (100% WML)

A comprehensive geochemical sampling campaign was completed for the Pilbara North tenement (Figure 8) during the half year. No anomalism was recorded and the tenement will be relinquished.

The southern tenement is progressing through the grant process with the Western Australian Department of Mines, Industry Regulation and Safety (DMIRS). The Company expects DMIRS to grant this tenement in 2023.

Woomera Mining Limited

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ACN 073 155 781

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Figure 8: Pilbara lithium tenement locations

Mt Venn Gold & PGE/Ni-Cu JV Project (80% WML : 20% CAZ)

No work was completed on the Mt Venn Project during the half year except for a review into the Mt Cumming Sill.

An external, independent review into the Mt Cumming Sill has identified a number prospective nickel-copper targets that warrant testing and planning for a follow up drill program is underway.

Woomera Mining Limited

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ACN 073 155 781

Tenement Status

The status of the Company’s tenement holding as of 31 December 2022 is set out below.

South Australian Granted Tenements

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Project Name Number Location Area Expiry/next Holder
renewal date
Labyrinth EL 6134 Gawler Craton 266 km² 27 November 2022 WEX
(renewal submitted
–
decision pending)
Musgrave EL 6342 Musgrave Province 760 km² 2 May 2023 WML
Musgrave EL 6343 Musgrave Province 854 km² 2 May 2023 WML
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Western Australian Granted Tenements

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Project Name Number Location Area Expiry/next Holder
renewal date
Bald Hill West - E63/1804 Norseman 20 BL 30 Apr 2027 Liquid
Li (Lake Lithium Pty
Dundas) Ltd
Pilbara Lithium E45/4796 Central Pilbara 9 BL 4 Jul 2027 Liquid
(Magpie Range Lithium Pty
West) Ltd
Ravensthorpe – E74/632 Ravensthorpe 13 BL 11 Mar 2024 Liquid
Li (Mt. Cattlin Lithium Pty
Central) Ltd
Mt Venn JV E38/3111 NE Goldfields 41 BL 23 Nov 2026 Yamarna
West Pty Ltd
(80%
Mt Venn JV E38/3150 NE Goldfields 63 BL 28 Feb 2027 Yamarna
West Pty Ltd
(80%)
Mt Venn JV E38/3581 NE Goldfields 60 BL 3 Feb 2028 Yamarna
West Pty Ltd
(80%)
Wyloo Dome E08/2867 Ashburton 13 BL 19 Oct 2027 Nanjilgardy
JV Resources
Pty Ltd
Wyloo Dome E08/2959 Ashburton 2 BL 24 Mar 2024 Nanjilgardy
JV Resources Pty
Ltd
Wyloo Dome E08/3064 Ashburton 18 BL 22 Sep 2024 Nanjilgardy
JV Resources Pty
Ltd
Wyloo Dome E08/2833 Ashburton 19 BL 27 Sep 2027 Nanjilgardy
JV Resources Pty
Ltd
Wyloo Dome E08/2812 Ashburton 7 BL 22 Nov 2026 Nanjilgardy
JV Resources
Pty Ltd
Wyloo Dome E08/3065 Ashburton 22 BL 22 Sep 2024 Nanjilgardy
JV Resources
Pty Ltd
Pilbara Lithium E45/4790 Central Pilbara 20 BL 6 Jun 2027 Liquid Lithium
(Magpie Range) Pty Ltd
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Woomera Mining Limited

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ACN 073 155 781

Western Australian Applications for New Tenements

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Project Name Number Location Area Status Holder
Pilbara Lithium E45/4789 Central Pilbara 18 BL Application Volt Lithium
(Turner Siding)
Wyloo E08/3336 Ashburton 34 BL Application Nanjilgardy
Dome JV Resources Pty Ltd
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SIGNIFICANT CHANGES IN STATE OF AFFAIRS

To the best of the knowledge of the Board, no significant changes in the nature of the Company’s activities have occurred during the year beyond those detailed in this report.

SUBSEQUENT EVENTS

On 12 January 2023, the Company issued 5,000,000 unlisted options exercisable at $0.04 each on or before 25 October 2025 as settlement of corporate advisory fees relating to raising capital through a share placement to the Company as per mandate dated 10 October 2022. The capital raising was completed on 22 November 2022 and approved by the shareholders in the Annual General Meeting held on 24 November 2022. The Company recognised $40,931 as share issue costs on 24 November 2022.

Auger Geochemical Sampling has commenced at the Mt Cattlin Lithium Project in February 2023.

AUDIT INDEPENDENCE AND NON-AUDIT SERVICES

Auditor’s Independent Declaration

The lead auditor’s independence declaration under section 307C of the Corporation Act 2001 is set out on page 13 for the period ended 31 December 2022 which forms part of this report.

This report is made in accordance with a resolution of the Board of Directors’ and is signed for and on behalf of the Directors by:

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Ian Gordon Chairman & Non-Executive Director 14 March 2023

Woomera Mining Limited

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ACN 073 155 781

Tel: +61 8 7324 6000 BDO Centre Fax: +61 8 7324 6111 Level 7, 420 King William Street www.bdo.com.au Adelaide SA 5000 GPO Box 2018 Adelaide SA 5001 Australia

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DECLARATION OF INDEPENDENCE BY ANDREW TICKLE

TO THE DIRECTORS OF WOOMERA MINING LIMITED

As lead auditor for the review of Woomera Mining Limited for the half-year ended 31 December 2022, I declare that, to the best of my knowledge and belief, there have been:

1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

2. No contraventions of any applicable code of professional conduct in relation to the review.

This declaration is in respect of Woomera Mining Limited and the entities it controlled during the period.

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Andrew Tickle Director

BDO Audit Pty Ltd

Adelaide, 14 March 2023

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

NOTE CONTINUING OPERATIONS Other income Total revenue and other income Exploration and evaluation expenditure Employee and director fees and benefits Share-based payment expense Finance expenses Administration expenses Depreciation and amortisation of assets Impairment of exploration assets 7 LOSS BEFORE INCOME TAX Income tax expense LOSS FOR THE PERIOD OTHER COMPREHENSIVE INCOME TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO MEMBERS OF WOOMERA MINING LTD LOSS PER SHARE: Basic loss per share (cents per share) Diluted loss per share (cents per share)	CONSOLIDATED ENTITY 31 DECEMBER 2022 $ 31 DECEMBER 2021 $
	671 2,944
	671 2,944
	(4,671) (54,782) (215,028) (170,236) - (170,376) (2,306) (1,753) (329,139) (368,378) (26,055) (23,472) (28,355) (32,310)
	(604,883) (818,363) (95,049) -
	(699,932) (818,363)
	(699,932) (818,363)
	(0.092) (0.151)
	(0.092) (0.151)

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

Woomera Mining Limited

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ACN 073 155 781

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

NOTE CURRENT ASSETS Cash and cash equivalents Trade and other receivables TOTAL CURRENT ASSETS NON-CURRENT ASSETS Property, plant and equipment Right-of-use assets Exploration and evaluation expenditure 7 TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Trade and other payables Short-term refinancing Provisions Lease liabilities TOTAL CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS / (LIABILITIES) EQUITY Issued capital 8 Reserves Accumulated losses TOTAL EQUITY	CONSOLIDATED 31 DECEMBER 2022 $ 30 JUNE 2022 $
	3,148,670 1,599,012 78,450 103,501
	3,227,120 1,702,513
	123,403 58,859 1,884 13,164 9,095,063 8,044,830
	9,220,350 8,114,853
	12,447,470 9,817,366
	259,703 190,869 12,642 33,713 23,210 8,689 1,990 13,724
	297,545 246,995
	297,545 246,995
	12,149,925 9,570,371
	20,962,177 17,682,691 703,054 957,348 (9,515,306) (9,069,668)
	12,149,925 9,570,371

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

Woomera Mining Limited

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ACN 073 155 781

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

CONSOLIDATED ENTITY Balance at 1 July 2021 Loss for the period Other comprehensive income Total comprehensive income Transactions with owners in their capacity as owners: Shares issued during the period net of transaction costs Options issued during the period Balance at 31 December 2021 Balance at 1 July 2022 Loss for the period Other comprehensive income Total comprehensive income Transactions with owners in their capacity as owners: Shares issued during the period net of transaction costs Expired options Balance at 31 December 2022	SHARE CAPITAL OPTIONS RESERVE ACCUMULATED LOSSES TOTAL
	14,243,420 784,972 (7,673,630) 7,354,762
	- - (818,363) (818,363) - - - -
	- - (818,363) (818,363)
	2,170,005 - - 2,170,005 - 172,376 - 172,376
	16,413,425 957,348 (8,491,993) 8,878,780
	17,682,691 957,348 (9,069,668) 9,570,371
	- - (699,932) (699,932) - - - -
	- - (699,932) (699,932)
	3,279,486 - - 3,279,486 - (254,294) 254,294 -
	20,962,177 703,054 (9,515,306) 12,149,925

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

Woomera Mining Limited

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ACN 073 155 781

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

		CONSOLIDATED	CONSOLIDATED
		31 DECEMBER	31 DECEMBER
	NOTE	2022	2021
		$	$
CASH FLOWS FROM OPERATING
ACTIVITIES
Payments to suppliers and employees		(431,210)	(588,404)
Interest and other finance costs		(396)	(176)
Net cash (used in) operating activities		(431,606)	(588,580)
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for property, plant, and equipment		(81,319)	(59,002)
Payment for expenditure on exploration assets		(1,129,714)	(2,040,288)
Net cash (used in) investing activities		(1,211,033)	(2,099,290)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares and other equity securities		3,501,265	2,262,682
Share issue transaction costs		(275,897)	(92,677)
Repayment of short-term loans		(21,071)	(26,989)
Repayment of lease liabilities		(12,000)	(18,500)
Net cash provided by financing activities		3,192,297	2,124,516
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS		1,549,658	(563,354)
Cash and cash and cash equivalents at the beginning of the period		1,599,012	2,503,618
Cash and cash equivalents at the end of the period		3,148,670	1,940,264

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

Woomera Mining Limited

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ACN 073 155 781

CONDENSED NOTES TO THE FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

1. Basis of Preparation and Statement of Compliance

The Financial Report is a general purpose Financial Report for half-year reporting period 31 December 2022, which has been prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standard 134 Interim Financial Reporting . This interim financial report is intended to provide users with an update on the latest annual financial statements of Woomera Mining Limited and its controlled entities (referred to as the "consolidated group" or "group"). As such, it does not contain information that represents relatively insignificant changes occurring during the halfyear within the Group. It is therefore recommended that this financial report be read in conjunction with the annual financial statements of the Group for the year ended 30 June 2022, together with any public announcements made during the following half-year.

The Group is a for-profit entity for financial reporting purposes under Australian Accounting Standards. The presentation currency of the Group is Australian dollars.

The same accounting policies and methods of computation have been followed in this interim financial report as were applied in the most recent annual financial statements with the exception of those outlined in note 3.

2. Going Concern

The financial statements have been compiled on a going concern basis, which contemplates the continuation of normal business activities and the realisation of assets and the settlement of liabilities in the normal course of business. This includes the realisation of capitalised expenditure of $9,095,063.

The Group incurred a net loss after income tax of $699,932 for the half-year ended 31 December 2022 (half-year ended 31 December 2021: net loss after income tax of $818,363) and net operating cash outflows of $431,606 (half-year ended 31 December 2021: $588,580).

The Group’s ability to continue as a going concern is reliant on raising additional capital and/or the successful exploration and subsequent exploitation of its areas of interest through sale or development. The matters set out above indicate the existence of a material uncertainty that may cast significant doubt about the entity’s ability to continue as a going concern and therefore the entity may be unable to realise its assets and discharge its liabilities in the normal course of business.

The Directors believe there are sufficient funds to meet the Group’s working capital requirements at the date of this report.

3. New, Revised or amending Accounting Standards and Interpretations adopted

The Group 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 group. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. The Group does not expect these new standards and interpretations to have a material impact on initial adoption.

4. Dividends

There have been no dividends paid or declared in the period or in the previous reporting period.

5. Operating Segments

Segment Information

Management has determined that the Group is organised in one operating segment, being exploration in Australia. This is based on the internal reports that are being reviewed by the Board of Directors (who are identified as the Chief Operating Decisions Makers) in assessing performance and determining the allocation of resources.

As a result, the operating segment information is disclosed in the statements and notes to the financial statements throughout the report.

Woomera Mining Limited

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ACN 073 155 781

CONDENSED NOTES TO THE FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

6. Contingent Liabilities

There are no contingent liabilities to be declared in the period or in the previous reporting period.

7. Exploration Assets

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CONSOLIDATED
31 DECEMBER 2022 30 JUNE 2022
$ $
Exploration and evaluation expenditure:
Balance at 1 July 8,044,830 5,493,650
Acquisitions - 90,000
Impairment of exploration expenditure (28,355) (80,535)
Additions through normal activities 1,078,588 2,541,715
Balance at 31 December / 30 June 9,095,063 8,044,830
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8. Issued Capital

Ordinary Shares- Fully Paid Balance at beginning of financial period Issue of shares to public Issue of shares on Wyloo Dome Farm-in and Joint Venture Exercise of options Share issue costs Tax effect on issue costs Ordinary fully paid shares at end of period	CONSOLIDATED AND COMPANY 31 DECEMBER 2022 NUMBER 31 DECEMBER 2022 $ 30 JUNE 2022 NUMBER 30 JUNE 2022 $ 686,833,066 17,682,691 499,745,540 14,243,420 269,328,151 3,501,265 182,054,379 3,459,028 - - 5,000,000 90,000 - - 33,147 1,164 - (316,828) - (158,458) - 95,049 - 47,537 956,161,217 20,962,177 686,833,066 17,682,691

Fully paid ordinary shares carry one vote per share and carry the right to dividends.

Listed and Unlisted Options

Listed Options (ASX: WMLOA, ASX: WMLOB and ASX: WMLOC) outstanding as at 31 December 2022 and movements during the financial half-year.

ASX			Exercise	Outstanding at	Issued during	Exercised during	Exercised during	Lapsed during	Lapsed during		Outstanding at
Code	Expiry Date		Price	30 Jun 2022	the period		the period		the period		31 Dec 2022
WMLOB		30/06/2023	$0.030	88,466,171	-		-		-		88,466,171
WMLOC		31/05/2024	$0.035	79,779,478	-		-		-		79,779,478
				168,245,649	-		-		-		168,245,649
All outstanding listed options above were exercisable					as at 31 December 2022.
Unlisted Options outstanding as at 31 December 2022 and movements during the financial half-year.
			Exercise	Outstanding at	Issued during		Exercised during		Lapsed during		Outstanding at
Grant Date		Expiry Date	Price	30 Jun 2022	the period		the period		the period		31 Dec 2022
26/11/2020		31/12/2022	$0.050	20,000,000		-	-		(20,000,000)		-
15/12/2021		15/12/2024	$0.050	17,000,000		-	-			-	17,000,000
				37,000,000		-	-			-	17,000,000

All outstanding listed options above were exercisable as at 31 December 2022.

Unlisted Options outstanding as at 31 December 2022 and movements during the financial half-year.

All outstanding unlisted options above were exercisable as at 31 December 2022.

Woomera Mining Limited

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ACN 073 155 781

CONDENSED NOTES TO THE FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

9. Share-based payments

On 10 October 2022, the Company and third party entered into a Corporate Advisory Mandate Agreement for corporate advisory for services relating to raising capital through a share placement to the Company. The Company will issue 5,000,000 options to the third party following the completion of the mandate and approval of the shareholders. The options has a term of three years from issue date at a an exercise price of $0.04.

The capital raising was completed in November 2022 and the mandate agreement was ratified by the shareholders on 24 November 2022. Accordingly, the Company recognised a liability to be settled by issuance of options and the related share issue cost equivalent to the fair value of the options at grant date amounting to $40,931.

The options were subsequently issued on 12 January 2023 (refer to Note 10). The fair value of options at grant date were measured using the Black Scholes option valuation methodology. The inputs used in the valuation are as follows:

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Risk-free
Share Price at Grant Exercise Expected Interest air Value at
Grant Date Expiry Date Date Price Volatility Rate Grant Date
25 Oct 2025 3.24% $0.0082
24 Nov 2022 $0.014 $0.04 129%
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Historical volatility of a group of comparable companies has been the basis of determining expected share price volatility, as it is assumed that this is indicative of future movements. No adjustment has been made to the life of the option based on no past history regarding expected exercise or any variation of the expiry date. Accordingly, the expected life of the options has been taken to the full period of time from grant date to expiry date, which may fail to eventuate in the future.

10. Events after Balance Date

On 12 January 2023, the Company issued 5,000,000 unlisted options exercisable at $0.04 each on or before 25 October 2025 as settlement of corporate advisory fees relating to raising capital through a share placement to the Company as per mandate dated 10 October 2022. The capital raising was completed on 22 November 2022 and approved by the shareholders in the Annual General Meeting held on 24 November 2022. The Company recognised $40,931 as share issue costs on 24 November 2022.

11. Interests in Subsidiaries

The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries:

		Ownership	Interest
Name	Country of incorporation	31 December	30 June
		2022	2022
Woomera Exploration Limited	Australia	100%	100%
Norsa Exploration Pty Ltd	Australia	100%	100%
Volt Lithium Pty Ltd	Australia	100%	100%
Liquid Lithium Ltd	Australia	100%	100%
Yamarna West Pty Ltd	Australia	100%	100%

Woomera Mining Limited

20

ACN 073 155 781

CONDENSED NOTES TO THE FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

12. Joint Arrangements and Farm-ins

Woomera Exploration Ltd (WEX) entered into a Farm-in and Joint Venture Agreement (Wyloo Dome Project) in February 2022 with Nanjilgardy Resources Pty Ltd (Nanjilgardy), to explore for minerals in the Wyloo Dome tenements. Nanjilgardy has granted WEX the right to earn up to a 60% interest in the Wyloo Dome tenements. Nanjilgardy received 5,000,000 shares in Woomera Mining Limited and WEX is required incur a minimum $300,000 expenditure within one year of commencement. WEX can then earn the 60% interest by sole funding a further $3,700,000 within 3 years of commencement. Nanjilgardy may then either contribute to the ongoing expenditure or elect to reduce its interest to a free carried 20% up to a Positive Decision to Mine.

Yamarna West Pty Ltd (Yamarna) entered into an Exploration Joint Venture Agreement (Mt Venn Joint Venture) in October 2019 with Cazaly Resources Limited (Cazaly; ASX: CAZ), to explore for minerals in the Mt Venn tenements. Yamarna with 80% is the manager of the Mt Venn Joint Venture. Cazaly (20%) is free carried through to the completion of a Pre-Feasibility Study by Yamarna.

Woomera Mining Limited

21

ACN 073 155 781

DIRECTORS’ DECLARATION

The Directors’ of Woomera Mining Limited, the directors of the company declare that:

1) The financial statements and notes thereto are in accordance with the Corporations Act 2001 including:

(i) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2022 and of its performance for the half-year ended on that date; and

(ii) complying with Australian Accounting Standard AASB 134 Interim Financial Reporting .

2) In the directors’ opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors by:

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Signed by Ian Gordon as Chairman and Non-Executive Director of the Company:

Ian Gordon Chairman

14 March 2023

Woomera Mining Limited

22

ACN 073 155 781

Tel: +61 8 7324 6000 BDO Centre Fax: +61 8 7324 6111 Level 7, 420 King William Street www.bdo.com.au Adelaide SA 5000 GPO Box 2018 Adelaide SA 5001 Australia

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INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF WOOMERA MINING LIMITED

Report on the Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of Woomera Mining Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 December 2022, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the halfyear ended on that date, a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of the Group does not comply with the Corporations Act 2001 including:

• (i) Giving a true and fair view of the Group’s financial position as at 31 December 2022 and of its financial performance for the half-year ended on that date; and

• (ii) Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

Basis for conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review 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 (including Independence Standards) (the Code) that are relevant to the audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 which has been given to the directors of the Company, would be the same terms if given to the directors as at the time of this auditor’s review report.

Material uncertainty relating to going concern

We draw attention to Note 2 in the financial report which describes the events and/or conditions which give rise to the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern and therefore the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. Our conclusion is not modified in respect of this matter.

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.

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Responsibility of the directors for the 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 for the review of the financial report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether 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 Group’s financial position as at 31 December 2022 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.

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.

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BDO Audit Pty Ltd

Andrew Tickle Director

Adelaide, 14 March 2023