UNITY METALS LIMITED — Regulatory Filings 2026

Jan 7, 2026

Directors’ Statement and Audited Consolidated Financial Statements

UNITY ENERGY & RESOURCES

(SINGAPORE) LIMITED

Company Registration No.: 201416545M

AND ITS SUBSIDIARIES

30 September 2024

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 (Appointed on 1 March 2025) Lee Teck Heok @ Lee Junior (Resigned on 1 March 2025) Wang Lin (Resigned on 15 January 2024)

SECRETARIES

Neoh Hooi Ming (Appointed on 19 September 2024) Hoo Sow Lan (Appointed on 4 April 2024)

REGISTERED OFFICE

8 Cross Street #20-01 Manulife Tower Singapore 048424

AUDITOR

Jayce & Co

Public Accountants and Chartered Accountants Singapore

PRINCIPAL BANKER

Oversea-Chinese Banking Corporation Limited

INDEX

Directors’ Statement	PAGE 1 - 3
Independent Auditor’s Report	4 - 6
Consolidated and Separate Statements of Financial Position	7
Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income	8
Consolidated and Separate Statements of Changes in Equity	9 - 10
Consolidated Statement of Cash Flows	11
Notes to the Financial Statements	12 - 41

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

DIRECTORS’ STATEMENT FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

The directors hereby present their statement to the members together with the audited consolidated financial statements of Unity Energy & Resources (Singapore) Limited (the “Company”) and its subsidiaries (collectively, the “Group”) and the statement of financial position of the Company for the financial year ended 30 September 2024.

1. Opinion of the directors

In the opinion of the directors,

• (i) the consolidated financial statements of the Group and the statement of financial position 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 2024 and the financial performance, changes in equity and cash flows of the Group for the year ended on that date; and

• (ii) at the date of this statement, there are reasonable grounds to believe that the Company, with the financial support of the shareholders, 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:

Gilbert Christopher Rodgers Craig Ross Mackay Andrew Michael Wright Anthony Mark Ashall Heng Kai Yin, Kentie Mrs. Kentie Douglas Danapal Naidu (Appointed on 01 March 2025)

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.

1

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

DIRECTORS’ STATEMENT FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

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 no interests in the shares or debentures of the Company and its related corporations except as stated below:

Name of directors The Company Gilbert Christopher Rodgers Craig Ross Mackay Andrew Michael Wright Anthony Mark Ashall 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 543,639 753,056 3,000,000 3,000,000 423,638 423,638 4,666,666 4,666,666 2,978,827 2,978,827 200,000 200,000 4,230,000 4,430,000 483,333 670,833 400 400 200 200 - - 600 600

By virtue of Section 7 of the Companies Act 1967, Gilbert Christopher Rodgers, Craig Ross Mackay, Andrew Michael Wright and Anthony Mark Ashall 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.

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.

2

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

DIRECTORS’ STATEMENT FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

6. Auditor

The auditor, Jayce & Co , Public Accountants and Chartered Accountants of Singapore, has expressed its willingness to accept re-appointment as auditor.

On behalf of the Board of Directors,

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……......................................................... Gilbert Christopher Rodgers Director

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……......................................................... Craig Ross Mackay Director

Date: 14 August 2025

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

INDEPENDENT AUDITOR’S REPORT FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

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

Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the financial statements of Unity Energy & Resources (Singapore) Limited (the Company), and its subsidiaries (collectively, the Group), which comprise the consolidated statement of financial position of the Group and the statement of financial position of the Company as at 30 September 2024, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows of the Group for the year then ended, and notes to the financial statements, including material accounting policy information.

In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position of the Company are properly drawn up in accordance with the provision of the Singapore Companies Act 1967 (the Act) and Financial Reporting Standards in Singapore (FRSs) so as to give a true and fair view of the consolidated financial position of the Group and the financial position of the Company as at 30 September 2024 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 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 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 financial statements, the Group incurred a net loss of US$1,887,243 for the financial year ended 30 September 2024 and as at that date, its current liabilities exceeded its current assets by US$99,380. Notwithstanding this, management believes that it is appropriate to prepare the financial statements on a going concern basis as the Group has been able to obtain financial support from shareholders. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that may be necessary if the Group are unable to continue as a going concern. Our opinion is not modified in respect of this matter.

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

4

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

INDEPENDENT AUDITOR’S REPORT FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (CONTINUED)

Other information (Continued)

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

Management is responsible for the preparation of 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 financial statements and to maintain accountability of assets.

In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless 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.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with 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 financial statements.

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

• Identify and assess the risks of material misstatement of the 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.

5

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

INDEPENDENT AUDITOR’S REPORT FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF UNITY ENERGY & RESOURCES (SINGAPORE) LIMITED (CONTINUED)

Auditor’s Responsibilities for the Audit of the Financial Statements (Continued)

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

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

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the 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.

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 by those subsidiary corporations incorporated in Singapore of which we are the auditor have been properly kept in accordance with the provisions of the Act.

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

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Jayce & Co Public Accountants and Chartered Accountants Singapore

Date: 14 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 2024

	Note	Group		Company	Company
			2023		2023
			(Restated		(Restated
		2024	Note 26)	2024	Note 26)
		US$	US$	US$	US$
ASSETS
Non-current assets
Property, plant and
equipment	4	56,905	1,291	31,222	258
Investment in subsidiaries	5	-	-	-	-
		56,905	1,291	31,222	258
Current assets
Prepayments		6,023	2,675	2,344	-
Amount due from shareholders	6	11,200	6,434	11,200	6,434
Amount due from a director	7	20,779	39,718	20,779	39,718
Amount due from subsidiaries	8	-	-	-	-
Other receivables	9	128,285	91,911	9,695	7,350
Cash and cash equivalents	10	51,776	5,598	40,065	2,073
		218,063	146,336	84,083	55,575
Total assets		274,968	147,627	115,305	55,833
LIABILITIES AND EQUITY
Current liabilities
Accruals and other payables	11	312,176	318,829	275,272	292,576
Amount due to corporate
shareholders	12	56	13,466	56	13,466
Amount due to a director	13	5,211	5,182	5,211	5,182
		317,443	337,477	280,539	311,224
Equity
Attributable to the equity
holders of the Company
Share capital	14	4,542,090	3,944,302	4,542,090	3,944,302
Share application monies	15	1,574,586	177,941	1,574,586	177,941
Other reserves	16	1,066,770	1,026,585	1,066,770	1,026,585
Accumulated losses		(7,083,645)	(5,287,645)	(7,348,680)	(5,404,219)
		99,801	(138,817)	(165,234)	(255,391)
Non-controlling interest		(142,276)	(51,033)	-	-
Total equity		(42,475)	(189,850)	(165,234)	(255,391)
Total liabilities and equity		274,968	147,627	115,305	55,833

The accompanying notes form an integral part of these 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 2024

		Note	Group		Company	Company
				2023		2023
				(Restated		(Restated
			2024	Note 26)	2024	Note 26)
			US$	US$	US$	US$
Revenue			-	-	-	-
Other income		17	12,711	11,558	12,690	-
Total income			12,711	11,558	12,690	-
Expenses
Administrative and	other
expenses		18	(841,985)	(613,507)	(1,406,125)	(945,977)
Exploration and evaluation
expenses		18	(1,057,969)	(590,156)	(551,026)	(249,619)
Loss before income tax			(1,887,243)	(1,192,105)	(1,944,461)	(1,195,596)
Income tax expense		20	-	-	-	-
Loss for the year			(1,887,243)	(1,192,105)	(1,944,461)	(1,195,596)
Other comprehensive
income			-	-	-	-
Total comprehensive loss
for the year			(1,887,243)	(1,192,105)	(1,944,461)	(1,195,596)
Loss for the	year
attributable to:
Equity holders of	the
Company			(1,796,000)	(1,133,572)
Non-controlling interests			(91,243)	(58,533)
			(1,887,243)	(1,192,105)
Total comprehensive loss
for the year attributable to:
Equity holders of	the
Company			(1,796,000)	(1,133,572)
Non-controlling interests			(91,243)	(58,533)
			(1,887,243)	(1,192,105)

The accompanying notes form an integral part of these financial statements

8

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 2024

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 employee share options scheme Total comprehensive loss for the year At 30 September 2023 At 1 October 2023 Issuance of ordinary shares Share application monies allotted during the year Share application monies pending allotment Expiration of share-based payment reserves Issuance of broker option Total comprehensive loss for the year At 30 September 2024	Note 14 15 15 16 16 14 15 15 16 16	<…………….….. Attributable to equity holders of the Company ……………......>	<…………….….. 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$ 3,170,971 213,129 141,249 (3,419,487) 105,862 773,331 - - - 773,331 - (166,686) - - (166,686) - 131,498 - - 131,498 - - - - - - - 734,586 (734,586) - - - 150,750 150,750 - - - (1,133,572) (1,133,572)	US$ US$ - 105,862 - 773,331 - (166,686) - 131,498 7,500 7,500 - - - 150,750 (58,533) (1,192,105)
		3,944,302 177,941 1,026,585 (5,287,645) (138,817)	(51,033) (189,850)
		3,944,302 177,941 1,026,585 (5,287,645) (138,817) 597,788 - - - 597,788 - (68,070) - - (68,070) - 1,464,715 - - 1,464,715 - - (12,690) - (12,690) - - 52,875 - 52,875 - - - (1,796,000) (1,796,000)	(51,033) (189,850) - 597,788 - (68,070) - 1,464,715 - (12,690) - 52,875 (91,243) (1,887,243)
		4,542,090 1,574,586 1,066,770 (7,083,645) 99,801	(142,276) (42,475)

The accompanying notes form an integral part of these financial statements

9

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 2024

Company 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 employee share options scheme Loss for the year, representing total comprehensive loss for the year At 30 September 2023 At 1 October 2023 Issuance of ordinary shares Share application monies allotted during the year Share application monies pending allotment Expiration of share-based payment reserves Issuance of broker option Loss for the year, representing total comprehensive loss for the year At 30 September 2024	Note 14 15 15 16 16 14 15 15 16 16	Share capital Share application monies Other reserve	Accumulated losses Total
		US$ US$ US$ 3,170,971 213,129 141,249 773,331 - - - (166,686) - - 131,498 - - - 734,586 - - 150,750 - - -	US$ US$ (3,474,037) 51,312 - 773,331 - (166,686) - 131,498 (734,586) - - 150,750 (1,195,596) (1,195,596)
		3,944,302 177,941 1,026,585	(5,404,219) (255,391)
		3,944,302 177,941 1,026,585 597,788 - - - (68,070) - - 1,464,715 - - - (12,690) - - 52,875 - - -	(5,404,219) (255,391) - 597,788 - (68,070) - 1,464,715 - (12,690) - 52,875 (1,944,461) (1,944,461)
		4,542,090 1,574,586 1,066,770	(7,348,680) (165,234)

The accompanying notes form an integral part of these financial statements

10

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

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Cash flows from operating activities Loss before income tax Adjustments for: Depreciation of property, plant and equipment Issuance of employee share options scheme Issuance of broker option Expiration of share-based payment reserves during the year Operating cash flows before changes in working capital Changes in working capital: Increase in prepayments (Increase)/decrease in amount due from corporate shareholders Decrease in amount due from directors Increase in other receivables (Decrease)/increase in amount due to corporate shareholders Increase in amount due to directors (Decrease)/increase in accruals and other payables Net cash used in operating activities Cash flows from investing activity Purchase of property, plant and equipment Net cash used in investing activity Cash flows from financing activities Issuance of ordinary shares Increase in non-controlling interest from acquisition of subsidiary Share application monies pending allotment Share application allotted during the year Net cash generated from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at end of the year	Note 4 16 16 16 4 14 15 15 10	Group 2024 2023 US$ US$ (1,887,243) (1,192,105) 21,043 1,579 - 150,750 52,875 - (12,690) - (1,826,015) (1,039,776) (3,348) (51) (4,766) 17,116 18,939 70,359 (36,374) (84,104) (13,410) 13,466 29 5,182 (6,653) 265,453 (1,871,598) (752,355) (76,657) (1,176) (76,657) (1,176) 597,788 773,331 - 7,500 1,464,715 131,498 (68,070) (166,686) 1,994,433 745,643 46,178 (7,888) 5,598 13,486 51,776 5,598	Group 2024 2023 US$ US$ (1,887,243) (1,192,105) 21,043 1,579 - 150,750 52,875 - (12,690) - (1,826,015) (1,039,776) (3,348) (51) (4,766) 17,116 18,939 70,359 (36,374) (84,104) (13,410) 13,466 29 5,182 (6,653) 265,453 (1,871,598) (752,355) (76,657) (1,176) (76,657) (1,176) 597,788 773,331 - 7,500 1,464,715 131,498 (68,070) (166,686) 1,994,433 745,643 46,178 (7,888) 5,598 13,486 51,776 5,598
			(1,039,776) (51) 17,116 70,359 (84,104) 13,466 5,182 265,453
			(752,355)
			(1,176)
			(1,176)
			773,331 7,500 131,498 (166,686)
			745,643
			(7,888) 13,486
			5,598

The accompanying notes form an integral part of these 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 2024

These notes form an integral part of and should be read in conjunction with the accompanying 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 and other details of the subsidiaries are set out in Note 5 to the financial statements.

2. Material accounting policy information

2.1) Basis of preparation

The consolidated financial statements of the Group and the statement of financial position of the Company have been drawn up in accordance with Financial Reporting Standards in Singapore (“FRSs”). The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below.

The financial statements are presented in United States dollar (“US$”), which is the Company’s functional currency.

2.1a) Going concern

The financial statements of the Group have been prepared on a going concern basis notwithstanding the Group incurred a net loss of US$1,887,243 (2023: US$1,135,808) for the financial year ended 30 September 2024 and as at that date, its current liabilities exceeded the current assets by US$99,380 (2023: US$191,141) 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 to provide continuing financial support to enable the Group to meet its liabilities as and when they fall due.

If the Group and the Company is unable to continue in operational existence for the foreseeable future, the Group and the Company may be unable to discharge its liabilities in the normal course of business and adjustments may have to be made to reflect the situation that assets may need to be realised other than in the normal course of business and at amounts which could differ significantly from the amounts at which they are currently recorded in the statement of financial position. In addition, the Group and the Company may have to reclassify non-current assets and liabilities as current assets and liabilities. No such adjustments have been made to these 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 2024

2. Material accounting policy information (Continued)

• 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 are effective for annual financial period beginning on 1 January 2024. The adoption of these standards did not have any material effect on the financial statements of the Group.

• 2.3) Standards issued but not yet effective

A number of new standards and amendments to standards that have been issued are not yet effective and have not been applied in preparing these financial statements.

The directors expect that the adoption of these new and amended standards will have no material impact on the financial statements in the year of initial application.

The following are new / revised / amendments to FRSs issued by the Accounting Standards Council of Singapore up to 31 December 2024 which are effective for annual reporting periods beginning after 1 October 2024:

beginning after 1 October 2024:
	Effective for annual
	periods beginning on or
Description	after
Amendments to FRS 21_The Effects of Changes in Foreign_	1 January 2025
_Exchange Rates:_Lack of Exchangeability
Amendments to FRS 109_Financial Instruments_and FRS	1 January 2026
107_Financial Instruments: Disclosures:_Amendments to
the Classification and Measurement of Financial
Instruments
Annual Improvement to FRSs Volume 11	1 January 2026
FRS 118_Presentation and Disclosure in Financial_	1 January 2027
Statements:
FRS 119_Subsidiaries without Public Accountability:_	1 January 2027
Disclosures
Amendments to FRS 110 Consolidated Financial	Date to be determined
Statements_and FRS 28_Investments in Associates and
Joint Ventures: Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture

2.4) Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at the end of the reporting year. The financial statements of the subsidiaries used in the preparation of the 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.

13

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

2. Material accounting policy information (Continued)

2.4) Basis of consolidation (Continued)

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.

2.5) Subsidiaries

Subsidiaries are entities controlled by the Group. Control is achieved when the Group has power over the investee, is exposed, or has rights, to variable returns from its involvement with the investee, and has the ability to use its power to affect its returns. Details of the Group’s significant subsidiaries and composition of the Group are disclosed in Note 5.

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

2.6) 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.

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

Plant and equipment Motor Vehicles	Useful lives
	3-5 years 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.

14

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

2. Material accounting policy information (Continued)

• 2.7) Financial instruments

Financial assets

Initial recognition and measurement

Financial assets are recognised when, and only when the entity becomes 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.

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.

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 2024

2. Material accounting policy information (Continued)

2.7) Financial instruments (Continued)

Financial liabilities (Continued)

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.

2.8) 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, (or, where applicable, 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) 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 12-month 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 considers a financial asset in default when contractual payments are 60 days past due. However, in certain cases, the Group may also 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.

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 2024

2. Material accounting policy information (Continued)

2.10) 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.

2.11) 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.

2.12) 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.

2.13) Foreign currency

(a) Functional and presentation currency

Items included in the 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 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 financial statements and transferred to the income statement as part of gain or loss on disposal of the foreign operation.

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 2024

2. Material accounting policy information (Continued)

• 2.13) Foreign currency (Continued)

• (b) Transactions and balances (Continued)

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.

• 2.14) 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.

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.

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 2024

2. Material accounting policy information (Continued)

• 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 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.

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 people having the authority and responsibility for planning, directing and controlling the activities of the Group.

• 2.16) Mineral exploration, evaluation and development expenditure

Pre-mining rights costs

Costs incurred prior to obtaining mining rights are expensed in the period in which they are incurred.

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 2024

2. Material accounting policy information (Continued)

• 2.16) Mineral exploration, evaluation and development expenditure (Continued)

Exploration and evaluation costs

Once the legal right to explore has been acquired, exploration and evaluation expenditure is charged to profit or loss as incurred, unless the Group conclude that a future economic benefit is more likely than not to be realised. These costs include materials and fuel used, surveying costs, drilling costs and payments made to contractors.

In evaluating if expenditures meet the criteria to be capitalised, several different sources of information are utilised. The information that is used to determine the probability of future benefits depends on the extent of exploration and evaluation that has been performed.

Drilling and related costs incurred on sites without an existing mine and on areas outside the boundary of a known mineral deposit which contains proven and probable reserves are exploration and evaluation expenditures, and are expensed as incurred to the date of establishing that costs incurred are economically recoverable. Further exploration and evaluation expenditures, subsequent to the establishment of economic recoverability, are capitalised and included in the carrying amount of the mineral assets.

Management evaluates the following criteria in its assessments of economic recoverability and probability of future economic benefit:

• Geology - whether or not there is sufficient geologic and economic certainty of being able to convert a residual mineral deposit into a proven and probable reserve at a development.

• • Scoping - there is a scoping study or preliminary feasibility study that demonstrates the additional resources will generate a positive commercial outcome. Known metallurgy provides a basis for concluding there is a significant likelihood of being able to recoup the incremental costs of extraction and production.

• Accessible facilities - mining property can be processed economically at accessible mining and processing facilities where applicable.

• Life of mine plans - an overall life of mine plan and economic model to support the mine and the economic extraction of reserves and resources exists. A long-term life of mine plan, and supporting geological model identifies the drilling and related development work required to expand or further define the existing ore body.

• Authorisations - operating permits and feasible environmental programs exist or are obtainable.

Prior to capitalising exploration drilling and related costs, management will determine that the following conditions have been met that will contribute to future cash flows:

• There is a probable future benefit that will contribute to future cash inflows;

• The Group can obtain the benefit and controls access to it;

• The transaction or event giving rise to the future benefit has already occurred; and

• Costs incurred can be measured reliably.

If after expenditure is capitalised, information becomes available suggesting that the recovery of expenditure is unlikely, the amount is written off in profit or loss in the period when the new information becomes available.

Once reserves are established and development is sanctioned, exploration and evaluation assets are tested for impairment and transferred to “Mines under construction”. No amortisation is charged during the exploration and evaluation phase.

20

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

3. Significant accounting judgements and estimates

The preparation of the Group’s consolidated financial statements requires the use of certain significant accounting estimates, assumptions and judgements in applying the accounting policies. 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 operates. 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 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 amount 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 2024

3. Significant accounting judgements and estimates (Continued)

• 3.2) Key sources of estimation uncertainty (Continued)

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 asset 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 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 2.6 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 value 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 2024

4. Property, plant and equipment

Group Cost At 1 October 2023 Additions Disposal At 30 September 2024 Accumulated depreciation At 1 October 2023 Depreciation for the year Disposal At 30 September 2024 Carrying amount At 30 September 2024 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		Plant and equipment US$ 5,590 51,419 (1,066)	Motor Vehicles US$ - 25,238 -	Total US$ 5,590 76,657 (1,066)
		55,943	25,238	81,181
		4,299 16,588 (1,066)	- 4,455 -	4,299 21,043 (1,066)
		19,821	4,455	24,276
		36,122	20,783	56,905
		4,414 1,176	- -	4,414 1,176
		5,590		5,590
		2,720 1,579	- -	2,720 1,579
		4,299	-	4,299
		1,291	-	1,291

23

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

4. Property, plant and equipment (Continued)

5.	Company Cost At 1 October 2023 Additions Disposal At 30 September 2024 Accumulated depreciation At 1 October 2023 Depreciation for the year Disposal At 30 September 2024 Carrying amount At 30 September 2024 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 Investment in subsidiaries		Plant and equipment US$ 4,414 46,316 (1,066)	Total US$ 4,414 46,316 (1,066)
			49,664	49,664
			4,156 15,352 (1,066)	4,156 15,352 (1,066)
			18,442	18,442
			31,222	31,222
			4,414	4,414
			4,414	4,414
			2,720 1,436	2,720 1,436
			4,156	4,156
			258	258

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 2024 US$ 110,241 (110,241) - 110,241 - 110,241	Company 2024 US$ 110,241 (110,241) - 110,241 - 110,241	2023 US$ 110,241 (110,241)
				-
				110,241 -
				110,241

24

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

5. Investment in subsidiaries (Continued)

Details of the subsidiaries are as follow:

Name of companies and country of incorporation Principal activities Unity E&M Pte. Ltd. (Singapore)1 Investment holding Unity Vulcan Pte. Ltd. (Singapore)1 Investment holding Name of companies and country of incorporation Principal activities Held through Unity E&M Pte. Ltd. Unity E and R Coal Company Limited (Myanmar)3 Mineral exploration Unity Metals (Cambodia) Co, Ltd2 Mineral exploration Held through Unity Vulcan Pte. Ltd. Unity E and R Metals Company Limited (Myanmar)3 Mineral exploration Highland Hopang Resources Company Ltd (Myanmar)3 Investment holding Bawsaing Resources Company Limited (Myanmar)3 Mineral exploration and mining

Percentage of paid-up capital held 2024 2023 % % 100 100 100 100 Proportion of ownership interest 2024 2023 % % 100 100 85 85 100 100 100 100 100 100

2024 % 100 85 100 100 100

1 Unaudited as not mandatory in the country of origin

2 Audited by BDO Cambodia

3 Unaudited and in liquidation process

6. Amount due from shareholders

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

Amount due from shareholders is denominated in United States dollar.

25

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

7. Amount due from a director

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

The amount due from a director is denominated in the following currencies:

Australian dollar British pound Myanmar kyat Singapore dollar United States dollar		Group 2024 US$ 61,054 (12,636) (17,857) (15,328) 5,546 20,779	Group 2024 US$ 61,054 (12,636) (17,857) (15,328) 5,546 20,779	2023 US$ 31,378 (11,491) (17,865) (14,388) 52,084 39,718		Company 2024 US$ 61,054 (12,636) (17,857) (15,328) 5,546 20,779	Company 2024 US$ 61,054 (12,636) (17,857) (15,328) 5,546 20,779	2023 US$ 31,378 (11,491) (17,865) (14,388) 52,084
								39,718

8. Amount due from subsidiaries

Amount due from subsidiaries 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 2024 US$ 1,183,847 (1,183,847) - 476,545 707,302 1,183,847	Company 2024 US$ 1,183,847 (1,183,847) - 476,545 707,302 1,183,847	2023 US$ 476,545 (476,545)
			-
			- 476,545
			476,545

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

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

9. Other receivables

Deposits Others		Group 2024 US$ 67,800 60,485 128,285	Group 2024 US$ 67,800 60,485 128,285	2023 US$ 67,322 24,589 91,911		Company 2024 US$ 7,800 1,895 9,695	Company 2024 US$ 7,800 1,895 9,695	2023 US$ 7,322 28
								7,350

Other receivables are denominated in the following currencies:

Singapore dollar United States dollar		Group 2024 US$ 9,695 118,590 128,285	Group 2024 US$ 9,695 118,590 128,285	2023 US$ 7,350 84,561 91,911		Company 2024 US$ 9,695 - 9,695	Company 2024 US$ 9,695 - 9,695	2023 US$ 7,350 -
								7,350

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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 2024

10. Cash and cash equivalents

Cash at banks Cash on hand		Group 2024 US$ 46,072 5,704 51,776	Group 2024 US$ 46,072 5,704 51,776	2023 US$ 1,639 3,959 5,598		Company 2024 US$ 39,824 241 40,065	Company 2024 US$ 39,824 241 40,065	2023 US$ 1,832 241
								2,073

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

11. Accruals and other payables

Accrued expenses and other payables Withholding tax payables		Group 2024 US$ 236,518 75,658 312,176	Group 2024 US$ 236,518 75,658 312,176	2023 US$ 252,521 66,308 318,829		Company 2024 US$ 199,803 75,469 275,272	Company 2024 US$ 199,803 75,469 275,272	2023 US$ 226,412 66,164
								292,576

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

Australian dollar Singapore dollar British pound United States dollar		Group 2024 US$ 132,328 164,017 7,043 8,788 312,176	Group 2024 US$ 132,328 164,017 7,043 8,788 312,176	2023 US$ 25,100 172,917 - 120,812 318,829		Company 2024 US$ 132,328 130,651 7,043 5,250 275,272	Company 2024 US$ 132,328 130,651 7,043 5,250 275,272	2023 US$ 25,100 150,793 - 116,683
								292,576

12. Amount due to corporate shareholders

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

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

Australian dollar United States dollar		Group 2024 US$ 56 - 56	Group 2024 US$ 56 - 56	2023 US$ 366 13,100 13,466		2024 US$	Company 56 - 56	Company 56 - 56	2023 US$ 366 13,100
							56 - 56
									13,466

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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 2024

13. Amount due to a director

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

The amount due to a director is denominated in the following currencies:

Australian dollar Myanmar kyat Singapore dollar United States dollar		Group 2024 US$ 416 1,094 (4) 3,705 5,211	Group 2024 US$ 416 1,094 (4) 3,705 5,211	2023 US$ 386 1,095 (4) 3,705 5,182		Company 2024 US$ 416 1,094 (4) 3,705 5,211	Company 2024 US$ 416 1,094 (4) 3,705 5,211	2023 US$ 386 1,095 (4) 3,705
								5,182

14. Share capital

Issued and fully paid	2024 No. of shares 53,884,560 12,071,375 65,955,935	Group and 2023 No. of shares 32,461,291 21,423,269 53,884,560	Group and	Company 2024 US$ 3,944,302 597,788 4,542,090	2023 US$ 3,170,971 773,331
ordinary share: At beginning of the financial year Issuance of ordinary shares At end of the financial year
					3,944,302

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 was no issuance of Class A Ordinary shares during the year.

The Company issued 12,071,375 (2023: 21,423,269) numbers of Class B Ordinary shares during the year.

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 2024 2023 US$ US$ 177,941 213,129 (68,070) (166,686) 1,464,715 131,498 1,574,586 177,941	Group and Company 2024 2023 US$ US$ 177,941 213,129 (68,070) (166,686) 1,464,715 131,498 1,574,586 177,941	Group and Company 2024 2023 US$ US$ 177,941 213,129 (68,070) (166,686) 1,464,715 131,498 1,574,586 177,941
				177,941

28

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

15. Share application monies (Continued)

During the financial year, the number of share application monies pending allotment are 23,852,136 (2023: 3,326,983) for ordinary shares in the Company.

16. Other reserves

Bonus warrants reserve Equity-settled share options plan Broker option Bonus warrants reserve		Group and Company 2024 2023 US$ US$ 734,586 734,586 279,309 291,999 52,875 - 1,066,770 1,026,585	Group and Company 2024 2023 US$ US$ 734,586 734,586 279,309 291,999 52,875 - 1,066,770 1,026,585	Group and Company 2024 2023 US$ US$ 734,586 734,586 279,309 291,999 52,875 - 1,066,770 1,026,585
				1,026,585

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 2024 2023 US$ US$ 734,586 - - 734,586 734,586 734,586	Group and Company 2024 2023 US$ US$ 734,586 - - 734,586 734,586 734,586	Group and Company 2024 2023 US$ US$ 734,586 - - 734,586 734,586 734,586
				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$0.05. Options are vested on the grant date. Options are not transferable within one year from the issue date. If the options remain unexercised after a period of 3 years from the date of grant, the options expire. During the year, the Group recognised a share-based payment expense of Nil (2023: US$ 150,750) in relation to these options.

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 2024 2023 US$ US$ 291,999 141,249 - 150,750 (12,690) - 279,309 291,999	Group and Company 2024 2023 US$ US$ 291,999 141,249 - 150,750 (12,690) - 279,309 291,999	Group and Company 2024 2023 US$ US$ 291,999 141,249 - 150,750 (12,690) - 279,309 291,999
				291,999

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 2024

16. Other reserves (Continued)

• Equity settled share options plan (Continued)

Movements in the number of unissued ordinary shares under the Employee Share Options Scheme and their exercise prices are as follows:

Date options granted 3 January 2019 31 May 2020 31 May 2020 18 August 2020 11 May 2023		Balance at 1 October 2023 2,150,000 200,000 3,635,570 4,275,000 4,500,000	Granted / during the financial year - - - - -	Forfeited during the financial year (2,150,000) (200,000) - - -	Exercised during the financial year - - - - -	Balance at 30 September 2024 - - 3,635,570 4,275,000 4,500,000 12,410,570	Exercise price per share Period exercisable US$0.20 20 December 2018 to 20 December 2023 US$0.20 20 December 2018 to 20 December 2023 US$0.20 31 May 2020 to 31 May 2025 US$0.25 18 August 2020 to 31 August 2025 US$0.05 7 November 2024 to 31 May 2025
		14,760,570	-	(2,350,000)	-

The fair value of the share options granted during the financial year was determined using the Black-Scholes option pricing model. Significant inputs used in the valuation included the share price at the time of recent capital raisings, the exercise price of the options as disclosed above, an expected volatility of 25%, and a dividend yield of Nil. A risk-free interest rate of 3.645% was applied to all share options expected to expire within the next two years, based on the 2 years Australia Government bond yield. For share options expected to expire within two to three years, a risk-free interest rate of 3.575% was applied, based on the 3 years Australia Government bond yield. The expected life of the share options was estimated with reference to the respective vesting periods and the Group’s historical experience with similar grants.

30

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

16. Other reserves (Continued)

Broker option

On 30 September 2024, the Group issued 2 tranches of 1,150,000 options each expiring on 30 June 2027 at at an exercise price of A$ 0.12 and A$ 0.14 respectively to an independent party in accordance with the Mandate to Act as Lead Manager to Proposed Pre-IPO and IPO Capital Raisings letter dated 11 August 2023. These options were granted as part of the consideration for corporate advisory and capital raising services related to the Group’s planned Pre-IPO and IPO activities. The options were issued under the Company’s Employee Share Option Plan (ESOP), and are equity-settled. During the year, the Group recognised a share-based payment expense of US$ 52,875 (2023: Nil) in relation to these options.

17. Other income

Foreign exchange gain Expired ESOP Other income		Group 2024 US$ - 12,690 21 12,711	Group 2024 US$ - 12,690 21 12,711	2023 US$ 316 - 11,242 11,558		2024	Company	Company	2023 US$ - - -
									-

18. Administrative and other expenses

Consultancy fee Depreciation of property, plant and equipment Exploration and evaluation expenses Foreign exchange loss Impairment loss on amount due from subsidiaries Legal and professional fee Employee benefits expense (Note 19) Equity-settled share options plan related expenses Travelling expenses Other operating expenses	Group 2024 2023 US$ US$ 76,857 16,268 21,043 1,579 1,057,969 590,156 10,117 8,118 7,939 - 127,133 80,051 161,147 125,168 52,875 150,750 58,454 20,967 326,420 210,606 1,899,954 1,203,663

19. Employee benefits expense

Directors’ fee	Group 2024 US$ 161,147	2023 US$ 125,168	Company 2024 US$ 161,147	2023 US$ 125,168

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 2024

20. Income tax expense

Current income tax - Current year		Group and Company 2024 2023 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 2024 and 30 September 2023 were as follows:

Loss before income tax Tax calculated at statutory tax rate of 17% (2023: 17%) Effects of: - income not taxable - expenses not deductible for tax purposes - deferred tax assets not recognised during the period - tax incentive and allowances - loss disregarded - effect of different tax rates in different countries	Group 2024 2023 US$ US$ (1,887,243) (1,192,105) (320,831) (202,658) - (3,157) 234,277 98,529 19,643 5,142 (423) - 198,718 99,803 (131,384) 2,341 - -	Company 2024 2023 US$ US$ (1,944,461) (1,195,596) (330,558) (203,251) - - 131,840 106,884 - - - - 198,718 96,367 - - - -	Company 2024 2023 US$ US$ (1,944,461) (1,195,596) (330,558) (203,251) - - 131,840 106,884 - - - - 198,718 96,367 - - - -
			(203,251) - 106,884 - - 96,367 -
			-

21. Significant related party transactions

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

Shareholders Payment on behalf by shareholder Advances to shareholders Loan to shareholder Loan from shareholder Subsidiaries Loan to subsidiaries Payment on behalf of subsidiaries Directors Repayment of advances to director Directors’ fee	32 Group 2024 US$ (161,860) 174,700 (6,434) (13,100) - - (20,000) 161,147	32 Group 2024 US$ (161,860) 174,700 (6,434) (13,100) - - (20,000) 161,147	2023 US$ (56,272) 49,800 6,434 13,000 - - - 125,168	Company 2024 US$ (161,860) 174,700 (6,434) (13,100) 675,500 20,721 (20,000) 161,147	2024	Company	2023 US$ (67,858) 49,800 6,434 13,000 467,310 11,586 - 125,168

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

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

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 2024

22. Financial risk management (Continued)

Credit risk (Continued)

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 2024 Amount due from shareholders Amount due from a director Other receivables 30 September 2023 Amount due from shareholders Amount due from a director 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	11,200 - 11,200 20,779 - 20,779 128,285 - 128,285
		6,434 - 6,434 39,718 - 39,718 91,911 - 91,911

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 2024

22. Financial risk management (Continued)

Credit risk (Continued)

Company 30 September 2024 Amount due shareholders Amount due from a director Amount due from subsidiaries Other receivables 30 September 2023 Amount due from shareholders Amount due from a director Amount due from subsidiaries 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 8 I 12-month ECL 9 I 12-month ECL	11,200 - 11,200 20,779 - 20,779 1,183,847 (1,183,847) - 9,695 - 9,695
		6,434 - 6,434 39,718 - 39,718 476,545 (476,545) - 7,350 - 7,350

Amount due from shareholders, amount due from subsidiaries, amount due from a director 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$707,302 (2023: US$476,545).

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.

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 2024

22. Financial risk management (Continued)

Liquidity risk (Continued)

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 2024 Financial assets Amount due from shareholders Amount due from a director Other receivables Cash and cash equivalents Total undiscounted financial assets Financial liabilities Accruals and other payables Amount due to corporate shareholders Amount due to a director Total undiscounted financial (liabilities) Total net undiscounted financial liabilities 30 September 2023 Financial assets Amount due from shareholder Amount due from a director Other receivables Cash and cash equivalents Total undiscounted financial assets Financial liabilities Accruals and other payables Amount due to corporate shareholders Amount due to a director Total undiscounted financial liabilities Total net undiscounted financial liabilities	Carrying amount Contractual cash flows Within 1 year 1 to 5 years US$ US$ US$ US$ 11,200 11,200 11,200 - 20,779 20,779 20,779 - 128,285 128,285 128,285 - 51,776 51,776 51,776 -
	212,040 212,040 212,040 -
	236,518 236,518 236,518 - 56 56 56 - 5,211 5,211 5,211 -
	(241,785) (241,785) (241,785) -
	(29,745) (29,745) (29,745) -
	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 -
	252,521 252,521 252,521 - 13,466 13,466 13,466 - 5,182 5,182 5,182 -
	(271,169) (271,169) (271,169) -
	(127,508) (127,508) (127,508) -

* Exclude non-financial instruments

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 2024

22. Financial risk management (Continued)

Liquidity risk (Continued)

Analysis of financial instruments by remaining contractual maturities (Cont’d)

Company 30 September 2024 Financial assets Amount due from shareholders Amount due from a director Other receivables Cash and cash equivalents Total undiscounted financial assets Financial liabilities Accruals and other payables Amount due to corporate shareholders Amount due to a director Total undiscounted financial liabilities Total net undiscounted financial liabilities 30 September 2023 Financial assets Amount due from shareholders Amount due from a director Other receivables Cash and cash equivalents Total undiscounted financial assets Financial liabilities Accruals and other payables Amount due to corporate shareholders Amount due to a director Total undiscounted financial (liabilities) Total net undiscounted financial liabilities	Carrying amount Contractual cash flows Within 1 year 1 to 5 years US$ US$ US$ US$ 11,200 11,200 11,200 - 20,779 20,779 20,779 - 9,695 9,695 9,695 - 40,065 40,065 40,065 -
	81,739 81,739 81,739 -
	199,803 199,803 199,803 - 56 56 56 - 5,211 5,211 5,211 -
	(205,070) (205,070) (205,070) -
	(123,331) (123,331) (123,331) -
	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 - 7,350 7,350 7,350 - 2,073 2,073 2,073 -
	55,575 55,575 55,575 -
	226,412 226,412 226,412 - 13,466 13,466 13,466 - 5,182 5,182 5,182 -
	(245,060) (245,060) (245,060) -
	(189,485) (189,485) (189,485) -

• Exclude non-financial instruments

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 2024

22. Financial risk management (Continued)

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 2024 and 30 September 2023.

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 shareholders, amount due from subsidiaries, amount due from a director, other receivables, cash and cash equivalents, accruals and other payables, amount due to corporate shareholders and amount due to a director

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

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 2024

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 shareholders Amount due from a director Other receivables Cash and cash equivalents		Group 2024 US$ 11,200 20,779 128,285 51,776 212,040	Group 2024 US$ 11,200 20,779 128,285 51,776 212,040	2023 US$ 6,434 39,718 91,911 5,598 143,661		2024	Company	Company	2023 US$ 6,434 39,718 7,350 2,073
									55,575

Financial liabilities measured at amortised cost

Accruals and other payables* Amount due to corporate shareholders Amount due to a director		Group 2024 US$ 236,518 56 5,211 241,785	Group 2024 US$ 236,518 56 5,211 241,785	2023 US$ 252,521 13,466 5,182 271,169		2024	Company	Company	2023 US$ 226,412 13,466 5,182
									245,060

* Exclude non-financial instruments

26. Restatement of prior year’s financial statements

Group Statement of financial position As at 30 September 2023 Other reserve Accumulated losses Statement of profit or loss and other comprehensive income For the financial year ended 30 September 2023 Administrative and other expenses	As previously reported US$ (141,249) 4,402,309 406,460	Adjustments US$ (885,336) 734,586 207,047	As restated US$ (1,026,585) 5,287,645 613,507

39

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

26. Restatement of prior year’s financial statements

Company Statement of financial position As at 30 September 2023 Other reserve Accumulated losses Statement of profit or loss and other comprehensive income For the financial year ended 30 September 2023 Administrative and other expenses	As previously reported US$ (141,249) 4,518,883 795,227	Adjustments US$ (885,336) 734,586 150,750	As restated US$ (1,026,585) 5,404,219 945,977

27. Event occurring after the reporting period

On 19 November 2024, the Group has incorporated Unity Minerals (Thailand) Co., Ltd., a wholly owned subsidiary held by Unity Vulcan Pte. Ltd.

In October 2024, the Group undertook a capital raise of A$1.5mil, for the issuance of 15,000,000 new ordinary shares price at A$0.10 each.

In May 2025, the Group undertook a capital raise of A$1.1mil, for the issuance of 7,333,333 Class B shares price at A$0.15 each.

28. Authorisation of financial statements for issue

The consolidated financial statements of the Group and the statement of financial position of the Company for the financial year ended 30 September 2024 were authorised for issue in accordance with a resolution of the Board of Directors at the date of the Directors’ statement.

40