Announcement PDF IMPACT MINERALS LIMITED (and Controlled Entities) ABN 52 119 062 261 HALF-YEAR FINANCIAL REPORT 31 December 2024 CONTENTS DIRECTORS’ REPORT ........................................................................................................................................................... 2 AUDITOR’S INDEPENDENCE DECLARATION ............................................................................................................. 6 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 .......................................... 7 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 ............................................................................................................................................................. 8 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 ............................................................................................................................................. 9 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 ........................................................................................................................................................... 10 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 ........................................................................................................................................... 11 DIRECTORS’ DECLARATION............................................................................................................................................ 18 INDEPENDENT AUDITOR’S REVIEW REPORT ........................................................................................................... 19 HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2024 Page 1 of 20 DIRECTORS’ REPORT Your Directors submit the financial report of the consolidated entity for the half-year ended 31 December 2024. DIRECTORS The names of directors who held office during or since the end of the half-year and until the date of this report are as below. Directors were in office for this entire period unless otherwise stated. • • • • Peter Unsworth – Non-Executive Chairman Michael Jones – Managing Director Paul Ingram – Non-Executive Director Frank Bierlein – Non-Executive Director PRINCIPAL ACTIVITIES The principal activity of the Group during the financial year was to continue works to progress the right to earn an 80% interest in the Lake Hope High Purity Alumina Project and exploration for deposits of nickel, gold, copper and platinum group elements mostly within Western Australia. REVIEW OF OPERATIONS Lake Hope HPA Project, WA (IPT 80%) • The Mine at Lake Hope: o A maiden Measured Resource of 730,000 tonnes at 25.8% alumina (Al₂O₃) defined, underpinning an initial 15-year mine life. o Ongoing work towards declaring a maiden Proven Reserve, with mining and economic studies advancing. o Funding secured to accelerate development of the pilot plant through a Federal Government grant of $2.87 million in collaboration with CPC Engineering and Edith Cowan University. o A negotiation protocol for Land Access and Cultural Heritage agreements with the Ngadju peoples reviewed and signed. o Applications for a Mining Lease and associated Miscellaneous licence lodged. o Mining studies underway to provide mining schedules, proposed equipment, site logistics and costs of mining and transport of ore to Kwinana. o Further flora fauna and heritage surveys are being planned for the mine haul road. • The Process Plant: o CPC Engineering selected to provide a design and engineering studies for the 10,000 tpa HPA plant, incorporating design improvements for acid regeneration. o Test work progressing, with a 20 kg sample of intermediate material prepared for acid leaching under the Low-Temperature Leach process. o Kwinana selected as the location for process plant to produce a benchmark HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2024 Page 2 of 20 DIRECTORS’ REPORT 10,000 tonnes per annum of HPA due to access to providers of the required input chemical reagents, buyers of the fertiliser and acid by-products and access to suitable land. Combined, these provide substantial strategic advantages for the project with savings on capex and opex. o The Low-Temperature Leach process selected as the most straightforward processing method to produce HPA at scale. • Product development, offtake and marketing o Joseph Casella appointed as Marketing Manager to lead engagement with potential off-take partners and customers. o Market studies align with strong global demand, positioning Impact for successful market entry. o Further test work on HPA and fertiliser by-products continues. o Experimental work has produced a hydrated alumina product that may have major applications in the catalyst and flame retardant industries. o Early-stage discussions are underway for potential synergies with existing alumina businesses in Europe and the USA. Arkun Nickel-Copper-PGM Project, WA (IPT 100%) • • • • • • Further landholder liaison has unlocked new areas to sample 311 new soil samples were collected which included infill sampling at the Caligula target and over new mobile MT anomalies Drill targeting and planning for Q2 2025 413 soil samples were re-assayed to refine drill targets at Beau and Caligula prospects Land access agreements and statutory approvals are being finalised ahead of planned drill programme in Q1 2025 Previous geochemical and MME survey data at Caligula support the project potential, with $180,000 co funding awarded under the WA Government’ EIS scheme for drilling. Commonwealth Gold-Silver-Zinc-Lead-Copper Project, NSW (IPT 100%) • • Burrendong Minerals Limited has released its prospectus for an IPO, offering 25 million shares at $0.20 per share, with a one-for-two free attaching option exercisable at $0.25 within 36 months. Impact shareholders have a priority entitlement of $2 million in the IPO. FINANCIAL PERFORMANCE AND FINANCIAL POSITION During the half-year the Group reported an operating loss after tax of $2,724,516 (half-year to 31 December 2023: $4,610,291). As at 31 December 2024 the Group had net assets of $12,540,904 (30 June 2024: $14,984,501) including $1,198,379 of cash and cash equivalents (30 June 2024: $3,422,215). HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2024 Page 3 of 20 DIRECTORS’ REPORT EVENTS SUBSEQUENT TO THE REPORTING DATE No matters or circumstances have arisen since the end of the half year which significantly affect or may significantly affect the operations of the Group, the results of those operations, or the state of affairs in future years, except for: On 28 February 2025 the Company announced a renounceable pro-rata offer to Eligible Shareholders of up to 874,123,919 New Shares on the basis of two New Shares for every seven Shares held on the Record Date (with one free attaching New Option for every two New Shares issued) at an issue price of $0.006 per New Share to raise up to approximately $5,244,744 (before costs). The Offer is underwritten to $1,000,000 by Mahe Capital Pty Ltd ACN 634 087 684. On 5 March 2025 the company’s largest shareholder and long-term supporter, who holds 17% of the company, will subscribe for their entire entitlement as part of the current renounceable rights issue and Mahe Capital Pty Ltd (ACN 634 087 684) (AFSL 517246), the Lead Manager and Underwriter to the issue has agreed to increase their underwriting from $1 million to $2 million. On 7 March 2025 the Company entered into an agreement to purchase from New Frontier Metals Ltd (ASX:NFM) its wholly owned subsidiary BHA No. 1 Pty Ltd (“BHA”), which holds the Broken Hill East Project comprising tenements EL8434 and EL8435. Under the terms of the agreement, in consideration for NFM transferring all of the shares in BHA to the Company, NFM will receive $275,000 worth of the Company’s shares (totalling 37,774,040 shares based on a 14-day VWAP as at March 7th 2025), of which the shares are subject to voluntary escrow arrangements for up to 6 months. This transaction was completed on 10 March 2025. Auditor’s Declaration Section 307C of the Corporations Act 2001 requires our auditors, Hall Chadwick WA Audit Pty Ltd, to provide the directors of the company with an Independence Declaration in relation to the review of the half-year financial report. This Independence Declaration is set out on the following page and forms part of this directors’ report for the half-year ended 31 December 2024. This report is signed in accordance with a resolution of the Board of Directors. Peter Unsworth Chairman Perth, 13 March 2025 Competent Person’s Statement The review of exploration activities and results contained in this report is based on information compiled by Dr Mike Jones, a Member of the Australian Institute of Geoscientists. He is a director of the Company and works for Impact Minerals Limited. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2024 Page 4 of 20 DIRECTORS’ REPORT for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Dr Jones has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears. Forward Looking Statements This document may contain certain forward-looking statements. Forward-looking statements include but are not limited to statements concerning Impact Minerals Limited’s (Impact’s) current expectations, estimates and projections about the industry in which Impact operates, and beliefs and assumptions regarding Impact’s future performance. When used in this document, words such as “anticipate”, “could”, “plan”, “estimate”, “expects”, “seeks”, “intends”, “may”, “potential”, “should”, and similar expressions are forward-looking statements. Although Impact believes that its expectations reflected in these forward-looking statements are reasonable, such statements are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Impact and no assurance can be given that actual results will be consistent with these forwardlooking statements. HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2024 Page 5 of 20 To the Board of Directors AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 As lead audit Director for the review of the financial statements of Impact Minerals Limited for the half-year ended 31 December 2024, I declare that to the best of my knowledge and belief, there have been no contraventions of: • the auditor independence requirements of the Corporations Act 2001 in relation to the review; and • any applicable code of professional conduct in relation to the review. Yours faithfully, HALL CHADWICK WA AUDIT PTY LTD Dated this 13th day of March 2025 Perth, Western Australia MARK DELAURENTIS CA Director CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 CONSOLIDATED 31 Dec 2024 $ 31 Dec 2023 $ 562,850 77,974 562,850 77,974 Employee benefits expense (439,596) (252,102) Corporate and administration expenditure (762,969) (736,752) Depreciation and amortisation expense (54,867) (54,307) Occupancy expense (3,135) (26,613) Financing expense (19,287) (22,493) (2,007,512) (3,595,998) (2,724,516) (4,610,291) - - (2,724,516) (4,610,291) 18,000 53,000 Other comprehensive income (net of tax) 18,000 53,000 Total comprehensive loss for the period (2,706,516) (4,557,291) Total comprehensive loss attributable to the owners of Impact Minerals Limited (2,706,516) (4,557,291) Cents per share Cents per share (0.09) (0.16) Notes Interest and other income Impairment of exploration expenditure 3 7 Loss before income tax expense Income tax expense Net Loss from continuing operations Other comprehensive income / (loss) Items that will not be reclassified to profit or loss Change in the fair value of financial assets 6 Loss attributable to the owners of Impact Minerals Limited Basic Profit/(Loss) per share 13 The Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes. HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2024 Page 7 of 20 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 CONSOLIDATED 31 Dec 2024 $ 30 Jun 2024 $ 1,198,379 3,422,215 Trade and other receivables 186,860 89,463 Other current assets 92,617 90,413 1,782,037 1,782,037 3,259,893 5,384,128 46,750 78,750 24,614 22,783 9,647,132 9,813,877 Right of Use Assets 307,213 352,171 Other non-current assets 234,055 234,055 Total Non-Current Assets 10,259,763 10,501,636 TOTAL ASSETS 13,519,656 15,885,764 Trade and other payables 464,561 350,285 Short-term provisions 150,902 149,476 Lease Liabilities 84,931 78,377 700,394 578,138 Lease Liabilities 278,358 323,125 Total Non-Current Liabilities 278,358 323,125 TOTAL LIABILITIES 978,752 901,263 12,540,904 14,984,501 Notes Current Assets Cash and cash equivalents Assets held for sale 4 5 Total Current Assets Non-Current Assets Financial assets at fair value through other comprehensive income 6 Property, plant and equipment Exploration expenditure 7 Current Liabilities Total Current Liabilities Non-Current Liabilities NET ASSETS EQUITY Issued capital 8 66,426,693 66,432,353 Option reserve 8 1,925,509 1,656,930 Financial asset reserve 9 (53,250) (71,250) Transactions with non-controlling interest (1,161,069) (1,161,069) Accumulated losses (54,596,979) (51,872,463) TOTAL EQUITY 12,540,904 14,984,501 The Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes. HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2024 Page 8 of 20 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 Balance at 1 July 2023 Issued capital Option reserve $ $ Transactions with nonFinancial asset controlling reserve interest $ $ Accumulated losses Total equity $ $ 62,742,519 1,711,433 (23,750) (1,161,069) (45,852,025) 17,417,108 Loss for the period - - - - (4,610,291) (4,610,291) Other comprehensive income - - 53,000 - - 53,000 Total comprehensive loss for the half-year - - 53,000 - (4,610,291) (4,557,291) Shares issued 240,000 - - - - 240,000 Share issue costs Transactions with owners in their capacity as owners (1,986) - - - - (1,986) Fair value of options issued - 201,851 - - - 201,851 Fair value of performance rights issued - 17,516 - - - 17,516 Fair value of options expired - (629,610) - - 629,610 - Balance at 31 December 2023 62,980,533 1,301,190 29,250 (1,161,069) (49,832,706) 13,317,198 Balance at 1 July 2024 66,432,353 1,656,930 (71,250) (1,161,069) (51,872,463) 14,984,501 Loss for the period - - - - (2,724,516) (2,724,516) Other comprehensive income - - 18,000 - - 18,000 Total comprehensive loss for the half-year - - 18,000 (2,724,516) (2,706,516) - - - - - - (5,660) - - - - (5,660) Fair value of performance rights issued - 268,579 - - - 268,579 Balance at 31 December 2024 66,426,693 1,925,509 (53,250) (1,161,069) (54,596,979) 12,540,904 - Transactions with owners in their capacity as owners Shares issued Share issue costs The Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes. HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2024 Page 9 of 20 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 CONSOLIDATED 31 Dec 2024 $ 31 Dec 2023 $ (958,434) (1,069,724) Interest received 52,212 79,546 Interest paid (19,287) (11,493) R&D Tax Incentive Refund 512,427 - (413,082) (1,001,671) (11,740) (10,904) (1,805,142) (1,575,810) 50,000 - (1,766,882) (1,586,714) Share issue costs (5,659) (1,986) Repayment of Lease Liabilities (38,213) - NET CASH FLOWS FROM FINANCING ACTIVITIES (43,872) (1,986) Net increase/(decrease) in cash and cash equivalents (2,223,836) (2,590,371) Cash and cash equivalents at beginning of the period 3,422,215 4,688,824 1,198,379 2,098,453 Notes CASH FLOWS FROM OPERATING ACTIVITIES Payments to suppliers and employees NET CASH FLOWS USED IN OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Payments for property, plant and equipment Payments for exploration activities Proceeds from the sale of financial assets at fair value through other comprehensive income NET CASH FLOWS USED IN INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 4 The Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes. HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2024 Page 10 of 20 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 NOTE 1: STATEMENT OF MATERIAL ACCOUNTING POLICIES a) Basis of Preparation These general-purpose financial statements for the interim half-year reporting period ended 31 December 2024 have been prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standards including AASB 134: Interim Financial Reporting. This interim report is intended to provide users with an update on the latest annual financial statements of Impact Minerals Limited and its controlled entities (the consolidated entity). As such, it does not contain information that represents relatively insignificant changes occurring during the half-year within the consolidated entity. It is therefore recommended that this financial report be read in conjunction with the annual financial statements of the consolidated entity for the year ended 30 June 2024, together with any public announcements made during the half-year. Except for Note 1(b) the accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period. The half-year financial statements have been prepared on the historical cost basis, except where stated. For the purpose of preparing the half-year financial statements, the half-year has been treated as a discrete reporting period. b) New accounting standards and interpretations The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are relevant to its operations and effective for an annual accounting period that begins on or after 1 July 2024. The adoption of the new and revised Standards and Interpretations have not had a material impact on this half-year financial report. c) Going Concern The interim financial report has been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. The Consolidated Group generated a loss for the period of $2,724,516 (2023: loss of $4,610,291) and net cash outflows from operating activities of $413,082 (2023: $1,001,671). As at 31 December 2024 the Consolidated Group had a cash balance of $1,198,379 (30 June 2024: $3,422,215). The ability of the Consolidated Group to continue as a going concern is principally dependent upon the ability of the Company to secure funds by raising capital from equity markets and managing cashflow in line with available funds. These conditions indicate a material uncertainty that may cast significant doubt about the ability of the Company to continue as a going concern. In the event the above matters are not achieved, the Company will be required to raise funds for working capital from debt or equity sources. The directors have prepared a cash flow forecast which indicates that the Consolidated Group will have sufficient cash flows to meet all commitments and working capital requirements for the 12-month period from the date of signing this financial report. HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2024 Page 11 of 20 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 Based on the cash flow forecasts and other factors referred to above, the directors are satisfied that the going concern basis of preparation is appropriate. In particular, given the Company’s history of raising capital to date, the directors are confident of the Company’s ability to raise additional funds as and when they are required. Should the Consolidated Group be unable to continue as a going concern it may be required to realise its assets and extinguish its liabilities other than in the normal course of business and at amounts different to those stated in the financial statements. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or to the amount and classification of liabilities that might result should the Company be unable to continue as a going concern and meet its debts as and when they fall due. NOTE 2: SEGMENT REPORTING Management has determined that the Group has one material reportable segment, being mineral exploration in Australia. The Board has considered the requirements of AASB 8 Operating Segments and the internal reports that are reviewed by the chief operating decision maker (the Managing Director) in allocating resources and have concluded at this time that there are no separately identifiable segments. NOTE 3: INTEREST AND OTHER INCOME 31 Dec 2024 $ 31 Dec 2023 $ Interest income 46,046 77,974 R&D Tax Incentive Refund Other income 512,426 4378 - 562,850 77,974 31 Dec 2024 $ 30 Jun 2024 $ 1,143,129 55,250 1,366,965 2,055,250 1,198,379 3,422,215 NOTE 4: CASH AND CASH EQUIVALENTS Cash at bank and on hand Short-term deposits HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2024 Page 12 of 20 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 NOTE 5: ASSETS HELD FOR SALE Tenements held for sale 31 Dec 2024 $ 30 Jun 2024 $ 1,782,037 1,782,037 1,782,037 1,782,037 In April 2022, the Company announced that it had sold Mining Lease ML 2386 to Peter Campbell FT Pty Ltd (“PCFT”) an unrelated Company for $30,000. The Company also granted PCFT an option (“Option”) to buy all of the shares in Blackridge Exploration Pty Ltd (“Blackridge” a wholly owned subsidiary of Impact). The assets of Blackridge are three exploration licences EPM26806, EPM27410 and EPM27571. PCFT paid the non-refundable Option Fee of $50,000 in August 2022 and has two years to exercise the Option. Upon exercise of the Option, PCFT will pay $350,000 for the shares in Blackridge and the Company will retain a 1% gross gold royalty after the first 5,000 ounces have been recovered from any of the tenements. At 30 June 2023 the Blackridge tenements were held at their fair value ($342,942). In February 2024 the Company executed a shareholders sale agreement that subject to final CP’s, completes the sale of 51% of the Commonwealth Project to Burrendong Minerals Limited with an earn in right to acquire a further 24% interest by meeting certain expenditure targets. Therefore, the Company has included that 51% at fair value for assets held for sale. NOTE 6: FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Opening balance Disposals Change in fair value Closing balance 31 Dec 2024 $ 30 Jun 2024 $ 78,750 126,250 (50,000) - 18,000 (47,500) 46,750 78,750 The fair value of listed financial assets at fair value through other comprehensive income has been determined directly by reference to published price quotations in an active market, with movement in fair value recognised in other comprehensive income. HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2024 Page 13 of 20 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 NOTE 7: EXPLORATION EXPENDITURE 31 Dec 2024 $ 30 Jun 2024 $ Opening balance Exploration expenditure incurred during the year Commonwealth Project Lake Hope Project acquisition costs Impairment of Arkun Project Impairment of Broken Hill Project Impairment of Doonia Project Impairment of Dinningup Project Impairment of other Projects 9,813,877 1,721,048 (1,649,205) (89,987) (148,601) 9,568,039 3,383,261 404,469 261,000 (1,570,179) (891,129) (601,344) (740,240) Closing balance 9,647,132 9,813,877 Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves. NOTE 8: ISSUED CAPITAL Ordinary shares fully paid 31 Dec 2024 $ 30 Jun 2024 $ 66,426,693 66,432,353 a) Movements in ordinary shares on issue HALF-YEAR ENDED 31 DEC 2024 No. $ YEAR ENDED 30 JUN 2024 No. $ 3,059,433,718 66,432,353 2,844,703,889 62,742,520 - Playa One Tranche 1 share issue (a) - - 20,000,000 240,000 - IPTOB option conversion - - 9,655,621 193,112 - Employee staff cashless option conversion - - 8,480,017 42,400 - Placement (b) - - 150,000,000 3,000,000 - IPTOB option conversion - - 7,983,918 159,678 - IPTOB option conversion - - 18,610,273 372,205 - Transaction costs - (5,660) - (317,562) 3,059,433,718 66,426,693 3,059,433,718 66,432,353 At the beginning of the period At the end of the period (a) In August 2023 the Company issued 20,000,000 new shares as the Company exercised its option to earn an 80% interest in the Lake Hope Project. (b) In May 2024, the Company raised $3,000,000 (before costs) via a placement of 150,000,000 new shares at an issue price of 2 cents each. HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2024 Page 14 of 20 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 b) Movements in options and performance rights on issue HALF-YEAR ENDED 31 DEC 2024 No. $ YEAR ENDED 30 JUN 2024 No. $ At the beginning of the reporting period 186,000,000 1,656,930 426,254,389 1,711,433 Options issued - unlisted - - 30,000,000 394,452 65,000,000 64,063 - - Options expired - - (215,004,577) (732,129) Options exercised - - (44,729,829) - Options cancelled - - (10,519,983) - Performance rights granted unlisted - 268,579 137,000,000 283,175 251,000,000 1,925,509 186,000,000 1,656,930 31 Dec 2024 $ 30 Jun 2024 $ Opening balance Financial assets at fair value through other comprehensive income (Note 6) (71,250) (23,750) 18,000 (47,500) Closing balance (53,250) (71,250) Options issued - listed At the end of the reporting period NOTE 9: FINANCIAL ASSET RESERVE Financial asset reserve NOTE 10: SHARE BASED PAYMENTS There were no new issues of share based payments during the half year. The share-based payment expense for the half-year was $268,579 (2023: $219,367). NOTE 11: CONTINGENCIES There has been no change in contingent liabilities or assets since the annual reporting date. HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2024 Page 15 of 20 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 NOTE 12: COMMITMENTS In order to maintain an interest in the exploration tenements in which the Group is involved, the Group is committed to meet the conditions under which the tenements were granted. The timing and amount of exploration expenditure commitments and obligations of the Group are subject to the minimum expenditure commitments required as per the Mining Act 1978 (Western Australia), the Mining Act 1992 (New South Wales) and the Mineral Resources Act 1989 (Queensland) and may vary significantly from the forecast based upon the results of the work performed which will determine the prospectivity of the relevant area of interest. As at the reporting date, there has been no material change in the commitments since 30 June 2024. NOTE 13: EARNINGS PER SHARE Basic profit/(loss) per share Half-year ended 31 Dec 2024 Cents Half-year ended 31 Dec 2023 Cents (0.09) (0.16) The following reflects the income and share data used in the calculations of basic profit/(loss) per share: Profit / (Loss) used in calculating basic earnings per share Weighted average number of ordinary shares used in calculating basic loss per share Half-year ended 31 Dec 2023 $ Half-year ended 31 Dec 2022 $ (2,724,516) (4,610,291) Half-year ended 31 Dec 2024 Number Half-year ended 31 Dec 2023 Number 3,059,433,718 2,852,155,944 Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares. HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2024 Page 16 of 20 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other fin