UNITY METALS LIMITED — Annual Report 2023

Jan 7, 2026

Directors’ Statement and Revised Audited Consolidated Financial Statements

UNITY ENERGY & RESOURCES

(SINGAPORE) LIMITED

Company Registration No.: 201416545M AND ITS SUBSIDIARIES

30 September 2023

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

GENERAL INFORMATION

DIRECTORS

Gilbert Christopher Rodgers Craig Ross Mackay Andrew Michael Wright Anthony Mark Ashall Heng Kai Yin, Kentie Mrs. Kentie Douglas Danapal Naidu Lee Teck Heok @ Lee Junior

(Appointed on 1 March 2025) (Resigned on 1 March 2025)

SECRETARIES

Neoh Hooi Ming (Appointed on 19 September 2024) Hoo Sow Lan (Appointed on 04 April 2024)

REGISTERED OFFICE

8 Cross Street #20-01 Manulife Tower Singapore 048424

AUDITORS

Jayce & Co

Public Accountants and Chartered Accountants Singapore

PRINCIPAL BANKER

Oversea-Chinese Banking Corporation Limited

INDEX

INDEX
Directors’ Statement	PAGE 1 – 3
**Independent Auditors’ Report **	4 – 7
Consolidated and Separate Statements of Financial Position	8
Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income	9
Consolidated and Separate Statements of Changes in Equity 10 – 12
Consolidated Statement of Cash Flows 13
Notes to the Financial Statements 14 – 39

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

DIRECTORS’ STATEMENT FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

The directors are pleased to present their statement to the members together with the audited revised consolidated financial statements of Unity Energy & Resources (Singapore) Limited (the “Company”) and its subsidiaries (collectively, the “Group”) and the statement of financial position, statement of profit or loss and other comprehensive income and statement of changes in equity of the Company and Group for the financial year ended 30 September 2023.

This new directors’ statement replaces the original directors’ statement signed on 28 February 2025. This new directors’ statement and the revised financial statements have been prepared in accordance with Companies (Revision of Defective Financial Statements, or Consolidated Financial Statements or BalanceSheet) Regulations 2018 (the “Regulations”).

The bases for revisions are explained in Note 27 to the financial statements. This new directors’ statement is taken as having been prepared on the date of the original directors’ statement and accordingly, does not consider those events occurring between 28 February 2025 and 13 August 2025.

1. OPINION OF THE DIRECTORS

In the opinion of the directors,

• (i) the revised consolidated financial statements of the Group and the statement of financial position, statement of profit or loss and other comprehensive income, and statement of changes in equity of the Company are drawn up so as to give a true and fair view of the financial position of the Group and the Company as at 30 September 2023 and the financial performance, changes in equity and cash flows of the Company and Group for the year ended on that date; and

• (ii) as at the date of the original directors’ statement (28 February 2025), there were reasonable grounds to believe that the Company will be able to pay their debts as and when they fall due.

2. DIRECTORS

The directors of the Company in office at the date of this statement are:

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Directors in office at Movements during the period from 28 Directors in office at 13
28 February 2025 February 2025 and 13 August 2025 August 2025
Appointment Resignation
Gilbert Christopher - - Gilbert Christopher
Rodgers Rodgers
Craig Ross Mackay - - Craig Ross Mackay
Andrew Michael Wright - - Andrew Michael Wright
Anthony Mark Ashall - - Anthony Mark Ashall
-
Heng Kai Yin, Kentie Appointed on 1 Heng Kai Yin, Kentie
Mrs. Kentie Douglas March 2025 Mrs. Kentie Douglas
Danapal Naidu Danapal Naidu
Lee Teck Heok @ Lee - Resigned on 1 -
Junior March 2025
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1

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

DIRECTORS’ STATEMENT FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

3. ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE SHARES OR DEBENTURES

Neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisitions of shares in, or debentures of the Company or any other body corporate.

4. DIRECTORS' INTEREST IN SHARES AND DEBENTURES

According to the register of directors’ shareholding kept by the Company under section 164 of the Singapore Companies Act 1967 (the “Act”), the directors of the Company who held office at the end of the financial year had the following interest in the shares of the Company and its related corporations:

Name of director The Company Gilbert Christopher Rodgers Craig Ross Mackay Corporate shareholder– Unity Energy & Resources Pty Ltd Gilbert Christopher Rodgers Craig Ross Mackay	Number of ordinary shares Direct interest Deemed interest At beginning of financial year At end of financial year At beginning of financial year At end of financial year 753,056 873,056 - - 423,638 423,638 - - 400 400 200 200 - - 600 600

By virtue of Section 7 of the Companies Act 1967, Gilbert Christopher Rodgers and Craig Ross Mackay are deemed to have an interest in the Company and in all the related corporations of the Company.

5. SHARE OPTIONS

Unity Energy & Resources (Singapore) Limited has an Employee Share Option Plan (the “Plan”) for key management personnel and employees adopted on 15 October 2018. The Plan is designed to attract, retain and motivate eligible participants by providing them with the opportunity to acquire an equity interest in the Company and aligning their interests with the long-term interests of all shareholders.

The Plan gives authority to the Board of Directors to grant share options to participants. The Board determines the quantity of share options and the vesting period for each grant, subject to certain limitations specified in the Plan. The exercise price of the options is determined at 50% premium on the last share issue price. Options automatically terminate, whether exercised or not, upon the 5 years anniversary of the offering date. The Company has no legal or constructive obligation to repurchase or settle the options in cash.

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

5. SHARE OPTIONS (C )

There were no shares issued during the financial year by virtue of the exercise of options to take up unissued shares of the Company or its subsidiaries.

There were no unissued shares of the Company or its subsidiaries under options at the end of the financial year.

6. AUDITORS

The auditors, Jayce & Co , Public Accountants and Chartered Accountants of Singapore, have expressed their willingness to accept re-appointment as auditors.

On behalf of the Board of Directors,

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Gilbert Christopher Rodgers Director

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Craig Ross Mackay Director

Date: 13 August 2025

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

INDEPENDENT AUDITORS’ REPORT FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED

Report on the Audit of the Revised Consolidated Financial Statements

Opinion

We have audited the revised financial statements of Unity Energy & Resources (Singapore) Limited (the “Company”) and its subsidiaries (collectively, the “Group”), which comprise the consolidated and separate statements of financial position as at 30 September 2023, the consolidated and separate statements of profit or loss and other comprehensive income, consolidated and separate statements of changes in equity and consolidated statement of cash flows for the financial year then ended, and notes to the revised financial statements, including a summary of significant accounting policies. The revised financial statements replace the original financial statements approved by the directors on 28 February 2025.

In our opinion, the accompanying revised consolidated financial statements are properly drawn up in accordance with the provision of the Companies Act, Chapter 50 (the “Act”) as they have effect under the Companies (Revision of Defective Financial Statements, or Consolidated Financial Statements or Balance Sheet) Regulations 2018 (the “Regulations”) and Financial Reporting Standards in Singapore (FRSs) so as to give a true and fair view, seen as at the date of original financial statements, of the consolidated financial position of the Group and the financial position of the Company as at 30 September 2023 and of the consolidated financial performance, consolidated changes in equity and consolidated cash flows of the Group for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with Singapore Standards on Auditing (SSAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Revised Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (ACRA) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code) together with the ethical requirements that are relevant to our audit of the revised financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty Relating to Going Concern

We draw attention to Note 2.1a to the revised financial statements, the Group incurred a net loss of US$1,192,105 for the financial year ended 30 September 2023 and as at that date, its current liabilities exceeded its current assets by US$191,141. The validity of the going concern assumption on which the revised financial statements are prepared depends on the continuing financial support from shareholders and investors. These events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern.

Other Matter - Revisions Made Under the Regulations

We draw attention to Note 2.1 and Note 27 to these revised financial statements which describes the reasons and the impacts arising from the revision to the original financial statements.

The original financial statements for the financial year ended 30 September 2023 were audited by another auditor who expressed an adverse opinion on those statements on 28 February 2025.

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

INDEPENDENT AUDITORS’ REPORT FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (CONT’D)

Other Matter - Revisions Made Under the Regulations (Cont’d)

The revised financial statements have been prepared in accordance with the Regulations and accordingly do not deal with events which have taken place after the date on which the original financial statements were approved. Consequently, our procedures on subsequent events are restricted solely to the revisions described in Note 27 to these revised financial statements and we have not performed procedures in relation to events occurring between the date of the original auditors’ report and the date of this report.

Other Information

Management is responsible for the other information. The other information comprises the Directors’ Statement set out on pages 1 to 3.

Our opinion on the revised financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the revised financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the revised financial statements 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 Management and Directors for the Revised Financial Statements

Management is responsible for the preparation of revised financial statements that give a true and fair view in accordance with the provisions of the Act and FRSs, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair revised financial statements and to maintain accountability of assets.

In preparing the revised financial statements, management is responsible for assessing the Group’s ability to continue as a going concern as made up to the date of the original financial statements, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The directors’ responsibilities include overseeing the Group’s financial reporting process.

Auditors’ Responsibilities for the Audit of the Revised Financial Statements

Our objectives are to obtain reasonable assurance about whether the revised financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ 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 SSAs 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 these revised financial statements.

As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

INDEPENDENT AUDITORS’ REPORT FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (CONT’D)

Auditors’ Responsibilities for the Audit of the Revised Financial Statements (Cont’d)

• Identify and assess the risks of material misstatement of the revised financial statements, 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 Group’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s 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 Group’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 revised financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusion is based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the revised financial statements, including the disclosures, and whether the revised financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence about whether the revisions made under the Regulations are appropriately reflected in these revised financial statements.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the revised consolidated financial statements. We are responsible for the direction, supervision and performance of the Group 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.

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

INDEPENDENT AUDITORS’ REPORT FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (CONT’D)

Report on Other Legal and Regulatory Requirements

In our opinion, the accounting and other records required by the Act to be kept by the Company and the subsidiary corporations incorporated in Singapore have been properly kept in accordance with the provisions of the Act.

The engagement partner on the audit resulting in this independent auditors’ report is Lim Sue Ann.

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Jayce & Co

Public Accountants and Chartered Accountants Singapore

Date: 13 August 2025

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2023

		Note	Group	Group	Company	Company
			2023	2022	2023	2022
			US$	US$	US$	US$
ASSETS
Non-current assets
Property, plant	and
equipment		4	1,291	1,694	258	1,694
Investment in subsidiaries		5	-	-	-	-
			1,291	1,694	258	1,694
Current assets
Prepayments			2,675	58,921	-	275
Amount due from corporate
shareholders		6	6,434	23,550	6,434	23,550
Amount due from directors		7	39,718	110,077	39,718	109,077
Amount due from subsidiary		8	-	-	-	-
Other receivables		9	91,911	7,807	7,350	6,986
Cash and cash equivalents		10	5,598	13,486	2,073	10,338
			146,336	213,841	55,575	150,226
Total assets			147,627	215,535	55,833	151,920
LIABILITIES AND EQUITY
Current liabilities
Accruals and other payables		11	318,829	109,673	292,576	100,608
Amount due to corporate
shareholders		12	13,466	-	13,466	-
Amount due to directors		13	5,182	-	5,182	-
			337,477	109,673	311,224	100,608
Equity
Attributable to the equity
holders of the Company
Share capital		14	3,944,302	3,170,971	3,944,302	3,170,971
Share application monies		15	177,941	213,129	177,941	213,129
Other reserves		16	1,026,585	141,249	1,026,585	141,249
Accumulated (losses)			(5,287,645)	(3,419,487)	(5,404,219)	(3,474,037)
			(138,817)	105,862	(255,391)	51,312
Non-controlling interest			(51,033)	-	-	-
Total equity			(189,850)	105,862	(255,391)	51,312
Total liabilities and equity			147,627	215,535	55,833	151,920

See accompanying notes to the financial statements

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

	Note	Group			Company
		2023	2022	2023		2022
		US$	US$	US$		US$
Revenue		-	-		-	-
Other income	17	11,558	37,284		-	5,644
Total income		11,558	37,284		-	5,644
Expenses
Administrative and other
expenses	18	(613,507)	(340,542)	(945,977)		(249,874)
Exploration and evaluation
expenses	18	(590,156)	(28,349)	(249,619)		(28,349)
(Loss) before income tax		(1,192,105)	(331,607)	(1,195,596)		(272,579)
Income tax expense	20	-	-		-	-
(Loss) for the year		(1,192,105)	(331,607)	(1,195,596)		(272,579)
Other comprehensive
income, net of tax		-	-		-	-
Total comprehensive (loss)
for the year		(1,192,105)	(331,607)	(1,195,596)		(272,579)
(Loss) for the year
attributable to:
Equity holders of the
Company		(1,133,572)	(331,607)
Non-controlling interests		(58,533)	-
		(1,192,105)	(331,607)
Total comprehensive (loss)
for the year attributable to:
Equity holders of the
Company		(1,133,572)	(331,607)
Non-controlling interests		(58,533)	-
		(1,192,105)	(331,607)

See accompanying notes to the financial statements

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

CONSOLIDATED AND SEPARATE STATEMENTS OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

Group At 1 October 2021 Issuance of ordinary shares Share application monies allotted during the year Share application monies pending allotment Grant of equity-settled share options to employees Total comprehensive (loss) for the year At 30 September 2022	Note 14 15 15	<…………….….. Attributable to equity holders of the Company ……………......>
		Share capital Share application monies Other reserves Accumulated (losses) Total Non – controlling interest Total
		US$ US$ US$ US$ US$ US$ US$ 2,925,957 403,129 141,249 (3,087,880) 382,455 - 382,455 245,014 - - - 245,014 - 245,014 - - - - - - - - (190,000) - - (190,000) - (190,000) - - - - - - - - - - (331,607) (331,607) - (331,607) 3,170,971 213,129 141,249 (3,419,487) 105,862 - 105,862

See accompanying notes to the financial statements

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

CONSOLIDATED AND SEPARATE STATEMENTS OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

Group At 1 October 2022 Issuance of ordinary shares Share application monies allotted during the year Share application monies pending allotment Acquisition of subsidiary Issuance of bonus warrants Issuance of ESOP Total comprehensive (loss) for the year At 30 September 2023	Note 14 15 15 16 16	<…………….….. Attributable to equity holders of the Company ……………......>
		Share capital Share application monies Other reserves Accumulated (losses) Total Non – controlling interest Total
		US$ US$ US$ US$ US$ US$ US$ 3,170,971 213,129 141,249 (3,419,487) 105,862 - 105,862 773,331 - - - 773,331 - 773,331 - (166,686) - - (166,686) - (166,686) - 131,498 - - 131,498 - 131,498 - - - - - 7,500 7,500 - - 734,586 (734,586) - - - - - 150,750 - 150,750 - 150,750 - - - (1,133,572) (1,133,572) (58,533) (1,192,105) 3,944,302 177,941 1,026,585 (5,287,645) (138,817) (51,033) (189,850)

See accompanying notes to the financial statements

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

CONSOLIDATED AND SEPARATE STATEMENTS OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

Company At 1 October 2021 Issuance of ordinary shares Share application monies allotted during the year (Loss) for the year, representing total comprehensive (loss) for the year At 30 September 2022 At 1 October 2022 Issuance of ordinary shares Share application monies allotted during the year Share application monies pending allotment Issuance of bonus warrants Issuance of ESOP (Loss) for the year, representing total comprehensive (loss) for the year At 30 September 2023	Note 14 15 14 15 15	Share capital Share application monies Warrants Share option reserve Translation reserve Accumulated (losses) Total
		US$ US$ US$ US$ US$ US$ US$ 2,925,957 403,129 - 141,249 - (3,201,458) 268,877 245,014 - - - - - 245,014 - (190,000) - - - - (190,000) - - - - - (272,579) (272,579)
		3,170,971 213,129 - 141,249 - (3,474,037) 51,312
		3,170,971 213,129 - 141,249 - (3,474,037) 51,312 773,331 - - - - - 773,331 - (166,686) - - - - (166,686) - 131,498 - - - - 131,498 - - - 734,586 - (734,586) - - - - 150,750 - 150,750 - - - - - (1,195,596) (1,195,596) 3,944,302 177,941 - 1,026,585 - (5,404,219) (255,391)

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

				Group	Group
	Note		2023			2022
			US$			US$
Cash flows from operating activities
(Loss) before income tax		(1,192,105)				(331,607) 1,471 -
Adjustments for:
Depreciation of property, plant and equipment	4	1,579
Issuance of ESOP	16	150,750
Operating cash flows before changes in working capital		(1,039,776)				(330,136) 59,135 (22,543) (38,456) (421) - - 40,793
Changes in working capital:
(Increase)/decrease in prepayments		(51)
Decrease/(increase) in amount due from corporate shareholders		17,116
Decrease/(increase) in amount due from directors		70,359
(Increase) in other receivables		(84,104)
Increase in amount due to corporate shareholders		13,466
Increase in amount due to directors		5,182
Increase in accruals and other payables		265,453
Net cash (used in) operating activities		(752,355)				(291,628)
						(773)
Cash flows from investing activity
Purchase of property, plant and equipment	4	(1,176)
Net cash (used in) investing activity		(1,176)				(773)
						245,014 - - (190,000)
Cash flows from financing activities
Issuance of ordinary shares	14	773,331
Increase in non-controlling interest from acquisition of subsidiary		7,500
Share application monies pending allotment	15	131,498
Share application allotted during the year	15	(166,686)
Net cash generated from financing activities		745,643				55,014
						(237,387) 250,873 13,486
Net (decrease) in cash and cash equivalents		(7,888)
Cash and cash equivalents at the beginning of the year		13,486
Cash and cash equivalents at end of the year	10	5,598

See accompanying notes to the financial statements

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

These notes form an integral part of and should be read in conjunction with the accompanying revised financial statements.

1. CORPORATE INFORMATION

Unity Energy & Resources (Singapore) Limited (the “Company”) is a public limited company which is incorporated and domiciled in Singapore.

The registered office of the Company is located at 8 Cross Street, #20-01, Manulife Tower, Singapore 048424.

The principal place of business of the Company is located at 4A Street 36R, Khan Russey Keo, Phnom Penh 120703, Cambodia.

The Company is an investment holding company. There has been no significant change in the nature of these activities during the financial year.

The principal activities of the subsidiaries are set out in Note 5 to the financial statements.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1) BASIS OF PREPARATION

These revised financial statements were prepared in accordance with the Companies (Revision of Defective Financial Statements, or Consolidated Financial Statements or Balance-Sheet) Regulations 2018 (the “Regulations”), as the directors have voluntarily revised these Financial Statements in accordance with section 202A of the Companies Act.

These revised financial statements replace the original financial statements that were approved by the board of directors on 28 February 2025. These revised financial statements were approved by the directors on 13 August 2025.

These revised financial statements are taken as having been prepared on the date of the original financial statements on 28 February 2025 and accordingly, do not consider any events which occurred between 1 March 2025 and 13 August 2025.

These revised financial statements have been revised to reflect adjustments made following the inclusion of the Myanmar sub-subsidiaries’ financial results as explained in Note 27.

These revised financial statements are presented in United States dollars (“US$”), which is also the functional currency of the Company.

2.1a) GOING CONCERN

The revised financial statements of the Group have been prepared on a going concern basis notwithstanding the Group incurred a net loss of US$1,192,105 (2022: US$331,607) for the financial year ended 30 September 2023 and as at that date, its current liabilities exceeded the current assets by US$191,141 (2022: nil) respectively. These factors indicate the existence of a material uncertainty which may cast significant doubt over the Group’s ability to continue as a going concern.

The ability of the Group to continue as a going concern is dependent on its shareholders and investors to provide continuing financial support to enable the Group to meet its liabilities as and when they fall due.

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.2) ADOPTION OF NEW AND AMENDED STANDARDS AND INTERPRETATIONS

The accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Group has adopted all the new and amended standards which are relevant to the Group and are effective as per the dates stated in the FRS. The adoption of these standards did not have any material effect on the financial performance or position of the Group.

2.3) BASIS OF CONSOLIDATION

The revised consolidated financial statements comprise the revised financial statements of the Company and its subsidiaries as at the end of the reporting year. The revised financial statements of the subsidiaries used in the preparation of the revised consolidated financial statements are prepared for the same reporting date as the Company. Consistent accounting policies are applied to like transactions and events in similar circumstances.

All intra-group balances, income and expenses and unrealised gains and losses resulting from intra-group transactions are eliminated in full.

Business combinations are accounted for under the purchase method. The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition.

Any excess of the cost of the business combination over the Group’s interest in the net fair value of the acquired subsidiaries’ identifiable assets, liabilities and contingent liabilities is recorded as goodwill on the statement of financial position. The goodwill is accounted for in accordance with the accounting policy of goodwill.

Any excess of the Group’s interest in the net fair value of the acquired subsidiaries’ identifiable assets, liabilities and contingent liabilities over the cost of business combination is credited to the profit or loss in the year of the acquisition.

2.4) SUBSIDIARIES

A subsidiary is an investee that is controlled by the Group. The Group controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and the ability to affect those returns through its power over the investee.

In the Company’s statement of financial position, investment in subsidiaries is accounted for at cost less impairment losses.

2.5) PROPERTY, PLANT AND EQUIPMENT

All items of property, plant and equipment are initially recorded at cost. Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of property, plant and equipment includes its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Dismantlement, removal or restoration costs are included as part of the cost of property, plant and equipment if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the property, plant and equipment.

15

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.5) PROPERTY, PLANT AND EQUIPMENT (CONT’D)

Depreciation is calculated using the straight-line method to allocate depreciable amounts over their estimated useful lives. The estimated useful lives are as follows:

Useful lives Office equipment 3-5 years

The residual value, useful lives and depreciation method are reviewed at the end of each reporting period, and adjusted prospectively, if appropriate.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on de-recognition of the asset is included in profit or loss in the year the asset is derecognised.

2.6) FINANCIAL INSTRUMENTS

Financial assets

Initial recognition and measurement

Financial assets are recognised when, and only when the entity becomes a party to the contractual provisions of the instruments.

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.

Subsequent measurement

Investment in debt instruments

Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the contractual cash flow characteristics of the asset. The three measurement categories for classification of debt instruments are amortised cost, fair value through other comprehensive income (FVOCI) and FVPL. The Group only has debt instruments at amortised cost.

Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains or losses are recognised in profit or loss when the assets are derecognised or impaired and through the amortisation process.

Derecognition

A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognised in other comprehensive income for debt instruments is recognised in profit or loss.

16

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.6) FINANCIAL INSTRUMENTS (CONT’D)

Financial liabilities

Initial recognition and measurement

Financial liabilities are recognised when, and only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group determines the classification of its financial liabilities at initial recognition.

All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at FVPL, directly attributable transaction costs.

Subsequent measurement

After initial recognition, financial liabilities that are not carried at FVPL are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process.

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. On derecognition the difference between the carrying amounts and the consideration paid is recognised in profit or loss.

2.7) IMPAIRMENT OF FINANCIAL ASSETS

The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognised for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL).

The Group may consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

17

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.8) IMPAIRMENT OF NON-FINANCIAL ASSETS

The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, when an annual impairment testing for an asset is required the Group makes an estimate of the asset’s recoverable amount.

An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s fair value less costs of disposal and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. Where the carrying amount of an asset or cash generating unit exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

Impairment losses are recognised in profit or loss.

A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised previously. Such reversal is recognised in profit or loss.

2.9) CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash on hand and bank balances and are subject to an insignificant risk of changes in value.

2.10) SHARE CAPITAL

Proceeds from issuance of ordinary shares are recognised as share capital in equity. Incremental costs directly attributable to the issuance of ordinary shares are deducted against the share capital.

2.11) EMPLOYEE BENEFITS

Short-term employee benefits

Short-term employee benefits obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

Share-based payments

The Group issues equity-settled share option plan to certain employees.

Equity-settled share-based payments are measured at fair value of the equity instruments at the date of grant. Details regarding the determination of the fair value of equity-settled sharebased transactions are set out in Note 16. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the number of equity instruments that will eventually vest. The Group revises their estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the share option reserve.

18

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.12) FOREIGN CURRENCY

• (a) Functional and presentation currency

Items included in the revised financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the Group operates (“functional currency”). The revised financial statements of the Group are presented in United States dollar.

(b) Transactions and balances

Transactions in a currency other than the functional currency (“foreign currency”) are translated into the functional currency using the exchange rates at the dates of the transactions. Currency translation differences from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the end of the financial year are recognised in the income statement, unless they arise from borrowings in foreign currencies, other currency instruments designated and qualifying as net investment hedges and net investment in foreign operations. Those currency translation differences are recognised in the currency translation reserve in the revised financial statements and transferred to the income statement as part of gain or loss on disposal of the foreign operation.

Non-monetary items that are measured in terms of historical cost in foreign currency are translated using the exchange rates as at the dates of the initial transactions. Nonmonetary items measured at fair values in foreign currencies are translated using the exchange rates at the date when the fair values are determined.

2.13) REVENUE

Revenue is measured based on the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.

Revenue is recognised when the Group satisfies a performance obligation by transferring a promised good or service to the customer, which is when the customer obtains control of the good or service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation.

2.14) TAXES

Current income tax

Current income tax assets and liabilities for the current and prior years are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the end of the reporting period.

Current income taxes are recognised in profit or loss except to the extent that the tax relates to items recognised outside profit or loss, either in other comprehensive income or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

19

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

• 2.14) TAXES (CONT’D)

Deferred tax

Deferred tax is provided using the liability method on temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at the end of each reporting period and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the end of each reporting period.

2.15) RELATED PARTIES

A related party is a person or entity that is related to the Group and includes:

• (a) A person or a close member of that person’s family which is related to reporting entity if that person:

• (i) has control or joint control over the reporting entity;

• (ii) has significant influence over the reporting entity; or

• (iii) is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.

• (b) An entity which is related to a reporting entity if any of the following conditions applies:

• (i) The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).

• (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of the group of which the other entity is a member).

• (iii) Both entities are joint ventures of the same third party.

• (iv) One entity is a joint venture of a third party and the other entity is an associate of the third party.

• (v) The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or any related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity.

• (vi) The entity is controlled or jointly controlled by a person identified in (a). (vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key personnel of the entity (or of a parent of the entity).

• (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the reporting entity or the parent of the reporting entity.

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.15) RELATED PARTIES (CONT’D)

The following are not necessarily related parties:

• (a) Two entities simply because they have a director or other member of key management personnel in common.

• (b) Two ventures simply because they share joint control over a joint venture.

Key management personnel are those persons having the authority and responsibility for planning, directing and controlling the activities of the Group.

3. CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS

The preparation of the Group’s revised consolidated financial statements requires management to exercise judgements and requires the use of estimates and assumptions. These judgements affect the application of the Group’s accounting policies. The use of estimates and assumptions affect the reported amounts of assets, liabilities, income and expenses and disclosures made. They are assessed on an on-going basis and are based on experience and other relevant factors, including expectations of future events that are believed to be reasonable under the circumstances.

3.1) JUDGEMENTS MADE IN APPLYING ACCOUNTING POLICIES

Determination of functional currency

In determining the functional currency of the Company, judgement is used by the Company to determine the currency of the primary economic environment in which the Company operate. Consideration factors include the currency of the country whose competitive forces and regulations mainly determines the sales prices of its goods and services.

3.2) KEY SOURCES OF ESTIMATION UNCERTAINTY

The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period are discussed below. The Group based its assumptions and estimates on parameters available when the revised financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur.

Impairment of financial assets measured at amortised cost

The Group assesses at the end of each reporting date whether there is any objective evidence that a financial asset is impaired. To determine whether there is objective evidence of impairment, the Group considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments.

Where there is objective evidence of impairment, the amount and timing of future cash flows are estimated based on historical loss experience for assets with similar credit risk characteristics. The carrying amounts of the Group and the Company’s financial assets measured at amortised cost at the end of the financial year are disclosed in Note 6, 7, 8 and 9 to the financial statements.

21

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

3. CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS (CONT’D)

3.2) KEY SOURCES OF ESTIMATION UNCERTAINTY (CONT’D)

Impairment of non-financial assets

The Group assesses whether there are any indications of impairment for all non-financial assets at each reporting date. Non-financial assets are tested for impairment annually and at other times when such indicators exist.

When value in use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order to calculate the present value of those cash flows.

The carrying amount of non-financial assets at the reporting date is disclosed in Note 4 and 5 to the financial statements.

Depreciation of property, plant and equipment

The cost of property, plant and equipment is depreciated on a straight-line basis over their useful lives. Management estimates the useful lives of these property, plant and equipment as outlined in Note 2.5 to the financial statements.

Changes in the expected level of usage and technological developments could impact the economic useful lives and the residual values of these assets, therefore future depreciation charges could be revised.

The carrying amounts of the Group and the Company’s property, plant and equipment are disclosed in Note 4 to the financial statements.

22

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

4. PROPERTY, PLANT AND EQUIPMENT

Group Cost At 1 October 2022 Additions At 30 September 2023 Accumulated depreciation At 1 October 2022 Depreciation for the year At 30 September 2023 Carrying amount At 30 September 2023 Cost At 1 October 2021 Additions At 30 September 2022 Accumulated depreciation At 1 October 2021 Depreciation for the year At 30 September 2022 Carrying amount At 30 September 2022		Office equipment US$ 4,414 1,176	Total US$ 4,414 1,176
		5,590	5,590
		2,720 1,579	2,720 1,579
		4,299	4,299
		1,291	1,291
		3,641 773	3,641 773
		4,414	4,414
		1,249 1,471	1,249 1,471
		2,720	2,720
		1,694	1,694

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

1. PROPERTY, PLANT AND EQUIPMENT (CONT’D)

Company Cost At 1 October 2022 At 30 September 2023 Accumulated depreciation At 1 October 2022 Depreciation for the year At 30 September 2023 Carrying amount At 30 September 2023 Cost At 1 October 2021 Additions At 30 September 2022 Accumulated depreciation At 1 October 2021 Depreciation for the year At 30 September 2022 Carrying amount At 30 September 2022		Office equipment US$ 4,414	Total US$ 4,414
		4,414	4,414
		2,720 1,436	2,720 1,436
		4,156	4,156
		258	258
		3,641 773	3,641 773
		4,414	4,414
		1,249 1,471	1,249 1,471
		2,720	2,720
		1,694	1,694

5. INVESTMENT IN SUBSIDIARIES

Unquoted shares, at cost Less: impairment loss Movement in impairment loss: At beginning of the financial year Impairment during the year At end of the financial year	Company 2023 2022 US$ US$ 110,241 110,241 (110,241) (110,241) - - 110,241 110,240 - 1 110,241 110,241	Company 2023 2022 US$ US$ 110,241 110,241 (110,241) (110,241) - - 110,241 110,240 - 1 110,241 110,241
		110,241

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

5. INVESTMENT IN SUBSIDIARIES (CONT’D)

Details of the subsidiaries are as follow:

Name of companies and country of incorporation Principal activities #Unity E&M Pte. Ltd. (Singapore) Other mining and quarrying #Unity Vulcan Pte. Ltd. (Singapore) Other mining and quarrying #Unity Minerals Pte. Ltd. (Singapore)(a) Other mining and quarrying Name of companies and country of incorporation Principal activities Held through Unity E&M Pte. Ltd. Unity E and R Coal Company Limited (Myanmar) Mineral exploration Unity Metals (Cambodia) Co, Ltd Mineral exploration Held through Unity Vulcan Pte. Ltd. Unity E and R Metals Company Limited (Myanmar) Mineral exploration Highland Hopang Resources Company Ltd (Myanmar) Investment holding Bawsaing Resources Company Limited (Myanmar) Mineral exploration and mining

Percentage of paid-up capital held 2023 2022 % % 100 100 100 100 - 100 Proportion of ownership interest 2023 2022 % % 100 100 85 - 100 100 100 100 100 100

2023 % 100 85 100 100 100

# Unaudited as not mandatory in the country of origin

• (a) The company was officially struck off on 4th September 2023

Investment in subsidiaries is accounted for at cost less impairment loss, if any.

6. AMOUNT DUE FROM CORPORATE SHAREHOLDERS

Amount due from corporate shareholders is trade-related in nature, unsecured, interest-free and repayable on demand.

Amount due from corporate shareholders is denominated in the following currencies:

Australian dollar United States dollar		Group 2023 US$ - 6,434 6,434	2022 US$ 3,550 20,000 23,550		Company 2023 US$ - 6,434 6,434	2022 US$ 3,550 20,000 23,550

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

7. AMOUNT DUE FROM DIRECTORS

Amount due from directors is trade-related in nature, unsecured, interest-free and repayable on demand.

The amount due from directors are denominated in the following currencies:

Australian dollar British pound Myanmar kyat Singapore dollar United States dollar		Group 2023 US$ 31,378 (11,491) (17,865) (14,388) 52,084 39,718	2022 US$ 31,216 (10,298) (19,185) (13,671) 122,015 110,077		Company 2023 US$ 31,378 (11,491) (17,865) (14,388) 52,084 39,718	2022 US$ 31,216 (10,298) (19,185) (13,671) 121,015 109,077

8. AMOUNT DUE FROM SUBSIDIARY

Amount due from subsidiary Less: Allowance for expected credit losses Movement in impairment loss: At beginning of the financial year Impairment during the year At end of the financial year	Company 2023 US$ 476,545 (476,545) - - 476,545 476,545	2022 US$ - - - - - -

Amount due from subsidiary is trade-related in nature, unsecured, interest-free and repayable on demand.

The amount due from subsidiary is denominated in United States dollar.

9. OTHER RECEIVABLES

Deposits		Group 2023 US$ 91,911	2022 US$ 7,807		Company 2023 US$ 7,350	2022 US$ 6,986

Other receivables are denominated in the following currencies:

Singapore dollar United States dollar		Group 2023 US$ 7,350 84,561 91,911	2022 US$ 7,807 - 7,807		Company 2023 US$ 7,350 - 7,350	2022 US$ 6,986 - 6,986

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

10. CASH AND CASH EQUIVALENTS

Cash at banks Cash on hand		Group 2023 US$ 1,639 3,959 5,598	2022 US$ 13,125 361 13,486		Company 2023 US$ 1,832 241 2,073	2022 US$ 10,097 241 10,338

Cash and cash equivalents are denominated in the United States dollar.

11. ACCRUALS AND OTHER PAYABLES

Accrued expenses Withholding tax payables		Group 2023 US$ 252,521 66,308 318,829	2022 US$ 53,895 55,778 109,673		Company 2023 US$ 226,412 66,164 292,576	2022 US$ 44,830 55,778 100,608

The accruals and other payables are denominated in the following currencies:

Australian dollar Singapore dollar United States dollar		Group 2023 US$ 25,100 172,917 120,812 318,829	2022 US$ - 50,004 59,669 109,673		Company 2023 US$ 25,100 150,793 116,683 292,576	2022 US$ - 40,939 59,669 100,608

12. AMOUNT DUE TO CORPORATE SHAREHOLDERS

Amount due to corporate shareholders is trade-related in nature, unsecured, interest-free and repayable on demand.

The amount due to corporate shareholders are denominated in the following currencies:

Australian dollar United States dollar		Group 2023 US$ 366 13,100 13,466	2022 US$ - - -		Company 2023 US$ 366 13,100 13,466	2022 US$ - - -

27

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

13. AMOUNT DUE TO DIRECTORS

Amount due to directors is non-trade in nature, unsecured, interest-free and repayable on demand.

The amount due to directors are denominated in the following currencies:

Australian dollar Myanmar kyat Singapore dollar United States dollar		Group 2023 US$ 386 1,095 (4) 3,705 5,182	2022 US$ - - - - -		Company 2023 US$ 386 1,095 (4) 3,705 5,182	2022 US$ - - - - -

14. SHARE CAPITAL

Issued and fully paid	2023 No. of shares 32,461,291 21,423,269 53,884,560	Group and 2022 No. of shares 29,677,511 2,783,780 32,461,291	Company 2023 US$ 3,170,971 773,331 3,944,302	2022 US$ 2,925,957 245,014 3,170,971
ordinary share: At beginning of the financial year Issuance of ordinary shares At end of the financial year

All issued shares are fully paid. There is no par value for these shares.

Class A and B shares have equal voting and dividends rights and are entitled to receive notices and attend general meetings of the Company. Class A and B shareholders have the right to attend and vote at their respective meetings of that particular share class with one vote for every share held. Class B ordinary shares shall be entitled to warrants and the right to exchange for shares. The fully paid Class B ordinary shares issued on conversion of warrants shall rank pari passu with existing issued fully paid Class B ordinary shares.

There were no issuance of Class A Ordinary shares during the year.

The Company issued 21,423,269 (2022: 2,783,780) numbers of Class B Ordinary shares during the year.

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

15. SHARE APPLICATION MONIES

At beginning of the financial year Shares allotted during the year Share application monies pending allotment At end of the financial year		Group and Company 2023 2022 US$ US$ 213,129 403,129 (166,686) (190,000) 131,498 - 177,941 213,129

During the financial year, the number of share application monies pending allotment are 3,326,983 (2022: Nil) for ordinary shares in the Company.

16. OTHER RESERVES

Bonus warrants reserve Equity-settled share options plan		Group and Company 2023 2022 US$ US$ 734,586 - 291,999 141,249 1,026,585 141,249

Bonus warrants reserve

In 2023, the Group issued non-renounceable free bonus warrants of 20,988,174 with an expiry date of 28 February 2026. The exercise price of these options is US$0.05.

At beginning of the financial year Issuance of bonus warrants At end of the financial year		Group and Company 2023 2022 US$ US$ - - 734,586 - 734,586 -

• Equity settled share options plan

The Group has a share option plan for key management personnel and employees of the Group. The plan is administered by the Board of Directors. Options are exercisable at 50% premium on last share issue price. Options are vested on the grant date. Options are not transferable within one year from the issue date. If the options remain unexercised after a period of 5 years from the date of grant, the options expire.

On 11 May 2023, 4,500,000 share options were granted under the plan at an exercise price of US$0.05. Options are vested on the grant date. Options are not transferable within one year from the issue date. If the options remain unexercised after a period of 3 years from the date of grant, the options expire. During the year, the Group recognised a share-based payment expense of US$150,750 (2022: Nil) in relation to these options.

29

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

16. OTHER RESERVES (CONT’D)

At beginning of the financial year Issued during the year Expired share-based payment during the year At end of the financial year		Group and Company 2023 2022 US$ US$ 141,249 141,249 150,750 - - - 291,999 141,249

17. OTHER INCOME

Group 2023 2022 US$ US$ Foreign exchange gain 316 4,070 Other income 11,242 33,214 Waiver of loan - - 11,558 37,284 ADMINISTRATIVE AND OTHER EXPENSES Group 2023 2022 US$ US$ Consultancy fee 16,268 164,056 Depreciation of property, plant and equipment 1,579 1,471 Exploration and evaluation expenses 590,156 28,349 Foreign exchange loss 8,118 2,128 Impairment loss on amount due from subsidiary - - Legal and professional fee 80,051 35,473 Employee benefits expense (Note 19) 125,168 91,000 Equity-settled share options plan related expenses 150,750 - Travelling expenses 20,967 8,055 Other operating expenses 210,606 38,359 1,203,663 368,891 EMPLOYEE BENEFITS EXPENSE Group 2023 2022 US$ US$ Directors’ fee 125,168 91,000		Company 2023 US$ - - - - Company 2023 US$ 6,068 1,436 249,619 8,030 476,545 60,920 125,168 150,750 17,295 99,765 1,195,596 Company 2023 US$ 125,168	2023	Company	2022 US$ - - 5,644 5,644 2022 US$ 71,346 1,471 28,349 2,037 1 25,366 91,000 - 8,055 50,598 278,223 2022 US$ 91,000

18. ADMINISTRATIVE AND OTHER EXPENSES

19. EMPLOYEE BENEFITS EXPENSE

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UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

20. INCOME TAX EXPENSE

Current income tax - Current year		Group and Company 2023 2022 US$ US$ - -

Relationship between tax expense and accounting (loss)

A reconciliation between tax expense and the product of accounting (loss) multiplied by the applicable corporate tax rate for the financial years ended 30 September 2023 and 30 September 2022 were as follows:

(Loss) before income tax Tax calculated at statutory tax rate of 17% (2022: 17%) Effects of: - income not taxable - expenses not deductible for tax purposes - deferred tax assets not recognised during the period - loss disregarded - effect of different tax rates in different countries	Group 2023 2022 US$ US$ (1,192,105) (331,607) (202,658) (56,373) (3,157) (6,338) 98,529 19,943 5,142 - 99,803 42,768 2,341 - - -	Company 2023 2022 US$ US$ (1,195,596) (272,579) (203,251) (46,338) - (959) 106,884 596 - - 96,367 46,701 - - - -	Company 2023 2022 US$ US$ (1,195,596) (272,579) (203,251) (46,338) - (959) 106,884 596 - - 96,367 46,701 - - - -
			(46,338) (959) 596 - 46,701 - -

21. SIGNIFICANT RELATED PARTY TRANSACTIONS

In addition to the related party information disclosed elsewhere in the revised financial statements, the following significant related party transactions between the related parties took place at terms agreed between the parties during the financial year:

Payments on behalf by corporate shareholder Advances to corporate shareholder Payments on behalf of subsidiaries Receipts on behalf of subsidiaries Loan to subsidiaries Advances to directors		Group 2023 US$ (56,272) 49,800 - - - -	2022 US$ (32,457) 55,000 21,490 (44,394) - 127,513		2023

31

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

22. FINANCIAL RISK MANAGEMENT

The Group’s activities expose it to a variety of financial risks from its operation. The key financial risks include credit risk, liquidity risk and foreign currency risk.

The directors review and agree policies and procedures for the management of these risks, which are executed by the management team. It is, and has been throughout the current and previous financial year, the Group’s policy that no trading in derivatives for speculative purposes shall be undertaken.

The following sections provide details regarding the Group’s exposure to the above-mentioned financial risks and the objectives, policies and processes for the management of these risks. There has been no change to the Group’s exposure to these financial risks or the manner in which it manages and measures the risks.

Credit risk

Credit risk is the risk of loss that may arise on outstanding financial instruments should a counterparty defaults on its obligations. The Group’s exposure to credit risks arises primarily from trade and other receivables. For other financial assets, the Group minimises credit risks by dealing exclusively with counterparties of high credit rating.

The Group has adopted a policy of only dealing with creditworthy counterparties. The Group performs ongoing credit evaluation of its counterparties’ financial condition and generally do not require a collateral. The Group considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period.

The Group have determined the default event on a financial asset to be when internal and/or external information indicates that the financial asset is unlikely to be received, which could include default of contractual payments due for more than 60 days, default of interest due for more than 30 days or there is significant difficulty of the counterparty.

To minimise credit risk, the Group has developed and maintained the Group’s credit risk gradings to categorise exposures according to their degree of risk of default. The credit rating information is supplied by publicly available financial information and the Group’s own trading records to rate its major customers and other debtors. The Group considers available reasonable and supportive forward-looking information which includes the following indicators:

• Internal credit rating

• External credit rating

• Actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the debtor’s ability to meet its obligations

• Actual or expected significant changes in the operating results of the debtor

• Significant increases in credit risk on other financial instruments of the same debtor

• Significant changes in the expected performance and behaviour of the debtor, including changes in the payment status of debtors in the group and changes in the operating results of the debtor

Regardless of the analysis above, a significant increase in credit risk is presumed if a debtor is more than 30 days past due in making contractual payment.

The Group determined that its financial assets are credit-impaired when:

• There is significant difficulty of the debtor

• A breach of contract, such as a default or past due event

• It is becoming probable that the debtor will enter bankruptcy or other financial reorganisation

• There is a disappearance of an active market for that financial asset because of financial difficulty

32

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

22. FINANCIAL RISK MANAGEMENT (CONT’D)

Credit risk (Cont’d)

The Group categorises a receivable for potential write-off when a debtor fails to make contractual payments more than 120 days past due. Financial assets are written off when there is evidence indicating that the debtor is in severe financial difficulty and the debtor has no realistic prospect of recovery.

The Group’s current credit risk grading framework comprises the following categories:

Category	Definition of category	Basis for recognising expected credit loss (ECL)
I	Counterparty has a low risk of default and does not have any past-due amounts.	12-month ECL
II	Amount is >30 days past due or there has been a significant increase in credit risk since initial recognition.	Lifetime ECL – not credit impaired
III	Amount is >60 days past due or there is evidence indicating the asset is credit-impaired (in default).	Lifetime ECL – credit impaired
IV	There is evidence indicating that the debtor is in severe financial difficulty and the debtor has no realistic prospect of recovery.	Amount is written off

The table below details the credit quality of the Group and the Company’s financial assets, as well as the maximum exposure to credit risk by credit risk rating categories:

Group 30 September 2023 Amount due from corporate shareholders Amount due from directors Other receivables 30 September 2022 Amount due from corporate shareholders Amount due from directors Other receivables	Note Category 12-month or lifetime ECL	Gross carrying amount Loss allowance Net carrying amount US$ US$ US$
	6 I 12-month ECL 7 I 12-month ECL 9 I 12-month ECL 6 I 12-month ECL 7 I 12-month ECL 9 I 12-month ECL	6,434 - 6,434 39,718 - 39,718 91,911 - 91,911
		23,550 - 23,550 110,077 - 110,077 7,807 - 7,807

33

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

22. FINANCIAL RISK MANAGEMENT (CONT’D)

Credit risk (Cont’d)

Company 30 September 2023 Amount due from corporate shareholders Amount due from directors Amount due from subsidiary Other receivables 30 September 2022 Amount due from corporate shareholders Amount due from directors Other receivables	Note Category 12-month or lifetime ECL	Gross carrying amount Loss allowance Net carrying amount US$ US$ US$
	6 I 12-month ECL 7 I 12-month ECL 8 I 12-month ECL 9 I 12-month ECL 6 I 12-month ECL 7 I 12-month ECL 9 I 12-month ECL	6,434 - 6,434 39,718 - 39,718 476,545 (476,545) - 7,350 - 7,350
		23,550 - 23,550 109,077 - 109,077 6,986 - 6,986

Amount due from corporate shareholders, amount due from subsidiary, amount due from directors and other receivables

The Group assessed the latest performance and financial position of the counterparties, adjusted for the future outlook of the industry in which the counterparties operate in, and concluded that there has been no significant increase in the credit risk since the initial recognition of the financial assets. Accordingly, the Group measured the impairment loss allowance using 12-month ECL and determined that the ECL to be US$476,545 (2022: nil).

Liquidity risk

Liquidity risk refers to the risk that the Group will encounter difficulties in meeting its short term obligations due to shortage of funds. The Group’s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. It is managed by matching the payment and receipt cycles. The Group’s operations are financed mainly through equity. Additional finance is obtained from the directors when required. The directors are satisfied that funds are available to finance the operations of the Group.

34

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

22. FINANCIAL RISK MANAGEMENT (CONT’D)

Liquidity risk (Cont’d)

Analysis of financial instruments by remaining contractual maturities

The table below summarises the maturity profile of the Group and the Company’s financial assets and liabilities at the reporting date based on contractual undiscounted repayment obligations.

Group 30 September 2023 Financial assets Amount due from corporate shareholders Amount due from directors Other receivables Cash and cash equivalents Total undiscounted financial assets Financial liabilities Accruals and other payables Amount due to corporate shareholders Amount due to directors Total undiscounted financial (liabilities) Total net undiscounted financial liabilities 30 September 2022 Financial assets Amount due from corporate shareholders Amount due from related parties Other receivables Cash and cash equivalents Total undiscounted financial assets Financial liabilities Accruals and other payables Total undiscounted financial (liabilities) Total net undiscounted financial assets	Carrying amount Contractual cash flows Within 1 year 1 to 5 years US$ US$ US$ US$ 6,434 6,434 6,434 - 39,718 39,718 39,718 - 91,911 91,911 91,911 - 5,598 5,598 5,598 -
	143,661 143,661 143,661 -
	318,829 318,829 318,829 - 13,466 13,466 13,466 - 5,182 5,182 5,182 -
	(337,477) (337,477) (337,477) -
	(193,816) (193,816) (193,816) -
	Carrying amount Contractual cash flows Within 1 year 1 to 5 years US$ US$ US$ US$ 23,550 23,550 23,550 - 110,077 110,077 110,077 - 7,807 7,807 7,807 - 13,486 13,486 13,486 -
	154,920 154,920 154,920 -
	109,673 109,673 109,673 -
	(109,673) (109,673) (109,673) -
	45,247 45,247 45,247 -

35

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

22. FINANCIAL RISK MANAGEMENT (CONT’D)

Liquidity risk (Cont’d)

Analysis of financial instruments by	Analysis of financial instruments by	remaining contractual maturities	remaining contractual maturities	(Cont’d)
		Carrying	Contractual	Within 1
		amount	cash flows	year	1 to 5 years
		US$	US$	US$	US$
Company
30 September 2023
Financial assets
Amount due from corporate
shareholders		6,434	6,434	6,434	-
Amount due from directors		39,718	39,718	39,718	-
Other receivables		7,350	7,350	7,350	-
Cash and cash equivalents		2,073	2,073	2,073	-
Total undiscounted financial assets		55,575	55,575	55,575	-
Financial liabilities
Accruals and other payables		292,576	292,576	292,576	-
Amount due to	corporate
shareholders		13,466	13,466	13,466	-
Amount due to directors		5,182	5,182	5,182	-
Total undiscounted	financial
(liabilities)		(311,224)	(311,224)	(311,224)	-
Total net undiscounted	financial
liabilities		(255,649)	(255,649)	(255,649)	-
		Carrying	Contractual	Within 1
		amount	cash flows	year	1 to 5 years
		US$	US$	US$	US$
30 September 2022
Financial assets
Amount due from corporate
shareholders		23,550	23,550	23,550	-
Amount due from directors		109,077	109,077	109,077	-
Other receivables		6,986	6,986	6,986	-
Cash and cash equivalents		10,338	10,338	10,338	-
Total undiscounted financial assets		149,951	149,951	149,951	-
Financial liabilities
Accruals and other payables		100,608	100,608	100,608	-
Total undiscounted	financial
(liabilities)		(100,608)	(100,608)	(100,608)	-
Total net undiscounted	financial
assets		49,343	49,343	49,343	-

36

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

22. FINANCIAL RISK MANAGEMENT (CONT’D)

Foreign currency risk

The Group has a certain degree of foreign currency risk arising from transactions denominated in Australian dollar (“AUD”), British pound (“GBP”), Myanmar kyat (“MMK”) and Singapore dollar (“SGD”). However, the Group does not use any hedging instruments to protect against the volatility associated with foreign currency.

No sensitivity analysis was performed as the impact on the Group and Company’s loss after tax was not material.

23. CAPITAL MANAGEMENT

The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and net current asset position in order to support its business and maximise shareholder value.

The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group is not subject to any externally imposed capital requirements. No changes were made in the objectives, policies or processes during the financial years ended 30 September 2023 and 30 September 2022.

24. FAIR VALUE OF FINANCIAL INSTRUMENTS

• (a) Fair value hierarchy

The Group categorises fair value measurements using a fair value hierarchy that is dependent on the valuation inputs used as follows:

• Level 1 – Quoted prices (unadjusted) in active market for identical assets or liabilities that the Group can access at the measurement date,

• Level 2 – Inputs other that quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, and

• Level 3 – Unobservable inputs for the asset or liability.

Fair value measurements that use inputs of different hierarchy levels are categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

• (b) Assets and liabilities not measured at fair value

Amount due from corporate shareholders, amount due from subsidiary, amount due from directors, other receivables, cash and cash equivalents, accruals and other payables, amount due to corporate shareholders and amount due to directors

The carrying amounts approximate their fair values due to the short-term nature of these balances.

37

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

25. CLASSIFICATION OF FINANCIAL INSTRUMENTS

At the reporting date, the aggregate carrying amounts of financial assets at amortised cost and financial liabilities at amortised cost were as follows:

Financial assets measured at amortised cost

Amount due from corporate shareholders Amount due from directors Other receivables Cash and cash equivalents		Group 2023 US$ 6,434 39,718 91,911 5,598 143,661	2022 US$ 23,550 110,077 7,807 13,486 154,920		2023	Company	Company	2022 US$ 23,550 109,077 6,986 10,338 149,951

Financial liabilities measured at amortised cost

Accruals and other payables Amount due to corporate shareholders Amount due to directors		Group 2023 US$ 318,829 13,466 5,182 337,477	2022 US$ 109,673 - - 109,673		2023	Company	Company	2022 US$ 100,608 - - 100,608

26. NEW OR REVISED ACCOUNTING STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVE

The Group has not adopted the following standards that have been issued but not yet effective:

	Effective for annual
	periods beginning
	on or after
Amendments to FRS 1_Presentation of Financial Statements_: Classification
of Liabilities as Current or Non-current	1 January 2024
Amendments to FRS 116_Leases_: Lease Liability in a Sale and Leaseback	1 January 2024
Amendments to FRS 1_Presentation of Financial Statements_: Non-current
Liabilities with Covenants	1 January 2024
Amendments to FRS 7 and FRS 117_Presentation of Financial_
Statements:Supplier Finance Arrangements	1 January 2024
Amendments to FRS 21_Presentation of Financial Statements_: Lack of
Exchangeability	1 January 2025
Amendments to FRS 109_Financial Instruments_and FRS 107_Financial_
Instruments: Disclosures: Amendments to the Classification and
Measurement of Financial Instruments	1 January 2026
Annual Improvement to FRSs Volume 11	1 January 2026
FRS 118_Presentation and Disclosure in Financial Statements_	1 January 2027
FRS 119_Subsidiaries without Public Accountability: Disclosures_	1 January 2027

The directors expect that the adoption of the standards above will have no material impact on the revised financial statements in the year of initial application.

38

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

27. BASIS FOR REVISION

Revising and re-filing of financial statements for FY 2023

The consolidated financial statements of the Group and the statement of financial position of the Company for the financial year ended 30 September 2023, were audited and expressed an adverse opinion on those statements on 28 February 2025. The opinions were as follows:

The consolidated financial statements excluded the Myanmar subsidiaries’ financial performance and results. Hence, we are not able to ascertain the accuracy, valuation, completeness and disclosures of the Group results. Thus, we were unable to verify the adjustments made to the consolidated and separate statements of financial position, consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the financial year ended 30 September 2023. Consequently, we were unable to determine whether any adjustments might have been necessary in respect of the Group’s assets, liabilities, income, expenses, and disclosures in the consolidated financial statements.

Material revisions to Original Financial Statements: These revised financial statements have been revised to reflect adjustments made following the inclusion of the Myanmar sub-subsidiaries’ financial results.

28. AUTHORISATION OF FINANCIAL STATEMENTS FOR ISSUE

The revised financial statements for the year ended 30 September 2023 were authorised for issue in accordance with a resolution of the directors as at the date of the Directors’ statement.

39

THE FOLLOWING SCHEDULES DO NOT FORM PART OF THE STATUTORY FINANCIAL STATEMENTS

UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (Company Registration No.: 201416545M) AND ITS SUBSIDIARIES

DETAILED STATEMENT OF PROFIT OR LOSS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

Revenue Other income Waiver of loan to subsidiary Expenses Administrative and other expenses Accounting fee Bank charges Cambodia expenses Consultancy fee Depreciation of property, plant and equipment Director’s fee Entertainment Foreign exchange loss Fund raising expenses General expenses Impairment loss on amount due from subsidiary Internet IT expense Legal and professional fee Myanmar expenses Postage Printing and stationery Subscriptions Telephone Transportation Travelling expenses Web hosting Withholding tax expenses Employee share option plan expenses (Loss) before income tax

This statement is for management information only and does not form part of the financial statements of the Company.