Announcement PDF Flynn Gold Limited ABN 82 644 122 216 Half Year Financial Report 31 December 2024 Table of contents Corporate Directory 3 Directors’ Report 4 Auditor’s Independence Declaration 8 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 9 Condensed Consolidated Statement of Financial Position 10 Condensed Consolidated Statement of Changes in Equity 11 Condensed Consolidated Statement of Cash Flows 12 Notes to the Condensed Consolidated Financial Statements 13 Directors’ Declaration 19 Independent Auditor’s Review Report 20 Half Year Report 31 December 2024 | Page 2 Corporate Directory Flynn Gold Limited Auditors ABN 82 644 122 216 William Buck Level 20, 181 William Street Melbourne, Victoria 3000 Directors Clive Duncan, Non-Executive Chairperson Neil Marston, Managing Director & CEO Samuel Garrett, Technical Director John Forwood, Non-Executive Director Company Secretary Mathew Watkins Registered Office Level 4 96-100 Albert Road South Melbourne Victoria 3205 Stock Exchange Listing Australian Securities Exchange ASX code: FG1 Corporate Governance Statement Corporate governance statements are available on the Company's website. Contact W: www.flynngold.com.au E: info@flynngold.com.au T: +61 3 9692 7222 Share Register Computershare Investor Services Pty. Ltd. Yarra Falls 452 Johnston Street Abbotsford Victoria 3067 Telephone: 1300 850 505 Half Year Report 31 December 2024 | Page 3 Directors’ Report (continued) The Directors of Flynn Gold Limited (Company) present their report on the Company and its subsidiaries (Group) for the half-year ended 31 December 2024. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows: Directors The names of the directors of Flynn Gold Limited during the whole of the half-year and up to the date of this report are: Mr Clive Duncan (Non-Executive Chairperson) Mr Neil Marston (Managing Director & CEO) Mr Samuel Garrett (Technical Director) Mr John Forwood (Non-Executive Director) Principal activities The principal activities of the Group during the half-year were mineral exploration in Tasmania and Western Australia. Review of operations Exploration – Tasmania Golden Ridge Project Throughout the first half of the year, Flynn’s exploration efforts in Tasmania were primarily focused on the Golden Ridge Project, where the Company announced a maiden JORC compliant Exploration Target for the Trafalgar, Brilliant and Link Zone prospects. Table 1 below provides a summary of the Exploration Targets* for each prospect: Prospect Tonnes Range (Mt) Grade Range (g/t Au) Contained Au (oz) Low High Low High Low High Trafalgar 1.6 2.2 4.5 6.0 303,000 322,000 Brilliant 1.4 2.2 1.6 1.9 82,000 115,000 Link Zone 0.6 0.9 2.8 3.5 64,000 83,000 Total 3.5 5.4 3.0 4.0 449,000 520,000 Table 1 - Exploration Targets for Trafalgar, Brilliant and Link Zone prospects at the Golden Ridge project. *The size and grade of the Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code. Half Year Report 31 December 2024 | Page 4 Directors’ Report (continued) Refer to FG1 ASX announcement dated 14 November 2024 for detailed explanation of the basis for the statement. The Exploration Target is open in all directions and represents less than 30% of the known strike of the 9km gold anomaly that defines the gold mineralised system at Golden Ridge. During the reporting period, diamond drilling was completed at the Link Zone testing for extensions of known gold-vein mineralisation along strike and down-dip of the historical Golden Ridge Adit in the under-explored zone between the Brilliant and Trafalgar prospects. Follow-up soil sampling and trenching at the Grenadier Prospect increased the size of the gold anomaly and revealed in-situ quartz-sulphide veining under a relatively shallow regolith cover, enhancing this area’s prospectivity. Soil sampling was also undertaken at the Adelphi, Big Penny and Trafalgar targets. Henty Silver-Lead-Zinc Project During the reporting period, Flynn Gold commenced a review of all available geophysical data covering silver-lead-zinc prospects at its Henty Project, located near Zeehan in NW Tasmania. The results of this on-going review will guide follow-up exploration and drill planning. Exploration - Western Australia Flynn Gold has five projects in Western Australia, strategically located in districts that host large gold and lithium deposits or in districts that the Company considers relatively under-explored for lithium. During the reporting period, Flynn completed a limited field reconnaissance program at its Yarrie Project. The Company also completed a review of its land-holdings in Western Australia, which resulted in the surrender of E45/5732 (Yarrie) and E63/2229 and E63/2230 (Lake Johnston). Corporate On 2 August 2024, the Company issued 371,772 fully paid ordinary shares, 326,850 in relation to the exercise of Vested Performance Rights, in accordance with the terms of the Company’s Equity Incentive Plan and 44,922 in relation to the exercise of options, in accordance with the terms of the free attaching options issued as part of the Renounceable Rights issue on 7 May 2024. On 15 October 2024, the Company entered into an At-The-Market Subscription Agreement with Dolphin Corporate Investments Pty Ltd which provides the Company with up to $2,000,000 of standby equity capital over the next 3 years should it be required. Dolphin was issued 6,400,000 fully paid ordinary shares in the Company, as security, in accordance with the terms of the Agreement. In October Flynn Gold was also advised that it was successful with two applications in Round 10 of the Tasmanian State Government’s Exploration Drilling Grant Initiative (EDGI). The successful applications will support exploration drilling targeting new zones of gold mineralisation at the Link Zone prospect within the Golden Ridge Project. Both applications were successful for the full amount of up to $70,000 each ($140,000 in total) to cover half of the direct drilling costs. Half Year Report 31 December 2024 | Page 5 Directors’ Report (continued) On 19 November 2024, Flynn Gold was granted Exploration Licence EL13/2024, located within the Beaconsfield-Salisbury goldfield approximately 35km north-west of Launceston in North-East Tasmania. The 40km2 Exploration Licence surrounds the Mining Lease covering the high-grade Beaconsfield Gold Mine and covers a highly prospective 12km corridor that contains numerous historical gold workings and prospects. Financial Review The Group’s consolidated net loss for the half-year ended 31 December 2024 after providing for income tax amounted to $2,045,200 (2023: $2,745,523). The loss for the period is primarily driven by: • • • • Exploration and evaluation expenditure of $1,412,629 (2023: $2,014,643) Employee benefits expenses of $279,724 (2023: $445,707) Corporate and administrative expenses of $384,281 (2023: $335,534), offset by Interest income of $31,433 (2023: $50,360) Cash and cash equivalents at 31 December 2024 was $752,697 (30 June 2024: $2,958,799). The Group held net assets of $433,491 as at 31 December 2024 (30 June 2024: $2,503,232) with working capital of $198,659 (30 June 2024: $2,262,266). Significant Changes in the State of Affairs The significant changes in the state of affairs of the Group during the financial period and to the date of this report are set out in the review of operations section. There were no other significant changes in the state of affairs of the consolidated entity during the financial half-year. Events occurring after the balance sheet date On 27 February 2025, the Company announced that it has received firm commitments from institutional and sophisticated investors to raise gross proceeds of $2.6 million via a placement. The placement comprises the issue of 130,000,000 new fully paid ordinary shares at an issue price of A$0.02 per share to be conducted across two tranches: (i) Tranche 1 consists of a total of 59,904,800 shares issued pursuant to the Company’s existing placement capacity under Listing Rules 7.1 and 7.1A; and (ii) Tranche 2 will consist of 70,095,200 shares, subject to shareholder approval at a general meeting expected to be held in April 2025. Subject to shareholder approval under Tranche 2, the Company will also issue one (1) free attaching unlisted option for every two (2) new shares issued under the placement. The placement options are exercisable at A$0.04 with an expiry date of 3 years from the date of issue. This will result in the issue of 65,000,000 options to the placement participants. There have been no other events of a material nature or transaction, that have arisen since halfyear end and the date of this report that has significantly affected, or may significantly affect, the Group’s operations, the results of those operations, or its state of affairs. Half Year Report 31 December 2024 | Page 6 Directors’ Report (continued) Dividends No dividends have been paid or declared by the Company for the current financial period. No dividends were paid for the previous financial period. Auditor's independence declaration The auditor’s independence declaration, as required under section 307C of the Corporations Act 2001 for the period ended 31 December 2024 is set out immediately after this directors’ report. Rounding of amounts The Company is a type of Company that is referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 and therefore the amounts contained in this report and in the financial report have been rounded to the nearest dollar. This report is made in accordance with a resolution of directors. Clive Duncan Non-Executive Chairperson Melbourne 12 March 2025 Half Year Report 31 December 2024 | Page 7 Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 To the directors of Flynn Gold Limited As lead auditor for the review of Flynn Gold 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 as set out in the Corporations Act 2001 in relation to the review; and — no contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of Flynn Gold Limited and the entities it controlled during the period. William Buck Audit (Vic) Pty Ltd ABN 59 116 151 136 J. C. Luckins Director Melbourne, 12 March 2025 Level 20, 181 William Street, Melbourne VIC 3000 +61 3 9824 8555 William Buck is an association of firms, each trading under the name of William Buck across Australia and New Zealand with affiliated offices worldwide. Liability limited by a scheme approved under Professional Standards Legislation. vic.info@williambuck.com williambuck.com.au Condensed consolidated statement of profit or loss & other comprehensive income For the half year ended 31 December 2024 Note 31 Dec 2024 31 Dec 2023 $ $ 31,433 50,360 (1,412,629) (2,014,643) Employee benefits (279,724) (445,707) Compliance and listing (39,650) (37,320) Consultants & Contractors (186,036) (166,173) General and administrative (139,008) (107,312) Depreciation (19,066) (23,643) Finance costs (520) (1,085) (2,045,200) (2,745,523) - - (2,045,200) (2,745,523) - - (2,045,200) (2,745,523) (0.80) (2.00) Income Interest income Expenses Exploration and evaluation expenditure 6 Loss before income tax expense Income tax expense Loss for the period after income tax Other comprehensive income for the period, net of tax Total comprehensive loss for the period after income tax Loss per share attributable to equity holders of the Company: Basic and diluted loss per share (cents per share) 9 The above condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes. Half Year Report 31 December 2024 | Page 9 Condensed consolidated statement of financial Position As at 31 December 2024 Note 31 Dec 2024 30 Jun 2024 $ $ 752,697 2,958,799 Goods and services tax receivable 68,528 73,388 Prepayments 25,645 116,030 Total current assets 846,870 3,148,217 Security deposits 163,800 155,320 Plant and equipment 52,988 54,417 Right of Use assets 38,895 49,643 Total non-current assets 255,683 259,380 1,102,553 3,407,597 Trade and other payables 500,574 747,813 Lease liabilities 15,312 22,612 Employee benefits 132,325 115,526 Total current liabilities 648,211 885,951 20,851 14,524 Assets Current assets Cash and cash equivalents 7 Non-current assets Total assets Liabilities Current liabilities Non-current liabilities Employee benefits - 3,890 Total non-current liabilities 20,851 18,414 Total liabilities 669,062 904,365 Net assets 433,491 2,503,232 20,749,148 20,734,509 248,933 288,113 (20,564,590) (18,519,390) 433,491 2,503,232 Lease liabilities Equity Issued capital 8 Reserves Accumulated losses Total equity The above Condensed consolidated statement of financial position should be read in conjunction with the accompanying notes. Half Year Report 31 December 2024 | Page 10 Condensed Consolidated Statement of Changes in Equity For the half year ended 31 December 2024 Note Balance at 1 July 2023 Loss after income tax expense for the period Other comprehensive income for the period, net of tax Total comprehensive loss for the period Transactions with owners in their capacity as owners Shares issued for placement, net of transaction costs Exercise of performance rights Vesting of share-based payments Balance at 31 December 2023 Balance at 1 July 2024 Loss after income tax expense for the period Other comprehensive income for the period, net of tax Total comprehensive loss for the period Transactions with owners in their capacity as owners Exercise of options Exercise of performance rights Transaction costs of equity Balance at 31 December 2024 8 8 8 Issued Capital $ 16,754,455 - Share based payment reserve $ 786,729 - Accumulated losses $ (14,103,734) (2,745,523) (2,745,523) Total equity $ 3,437,450 (2,745,523) (2,745,523) 497,819 67,180 17,319,454 (67,180) 10,092 729,641 (16,849,257) 497,819 10,092 1,199,838 20,734,509 - 288,113 - (18,519,390) (2,045,200) (2,045,200) 2,503,232 (2,045,200) (2,045,200) 3,369 39,180 (27,910) 20,749,148 (39,180) 248,933 (20,564,590) 3,369 (27,910) 433,491 The above Condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes. Half Year Report 31 December 2024 | Page 11 Condensed Consolidated Statement of Cash Flows For the half year ended 31 December 2024 Note 31 Dec 2024 31 Dec 2023 $ $ (2,045,200) (2,745,523) Depreciation expense 19,066 23,643 Share based payments - 10,092 Operating activities Loss after income tax expense for the period Adjustments for: Change in operating assets and liabilities: Decrease/(increase) in GST receivables 4,860 (8,229) Decrease/(increase) in prepayments 90,385 (40,276) Increase/(decrease) in trade and other payables (247,239) 78,474 Increase/(decrease) in employee benefits Net cash flows used in operating activities 23,126 33,710 (2,155,002) (2,648,109) Investing activities Payments for plant and equipment (6,889) (1,862) Payments for security deposits Net cash used in investing activities (8,480) (16,700) (15,369) (18,562) Financing activities Proceeds from issue of shares from placement, net of transaction costs 8 (27,910) 497,819 Proceeds from exercise of options 8 3,369 - Repayment of lease liabilities (11,190) (26,263) Net cash from financing activities (35,731) 471,556 Net decrease in cash and cash equivalents (2,206,102) (2,195,115) Cash and cash equivalents, beginning of period 2,958,799 3,759,611 Cash and cash equivalents, end of the period 752,697 1,564,496 The above Condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes. Half Year Report 31 December 2024 | Page 12 Notes to the Condensed Consolidated Financial Statements For the half year ended 31 December 2024 1. General Information These financial statements are consolidated financial statements for the group consisting of Flynn Gold Limited (the 'Company') and its subsidiaries. The financial statements are presented in the Australian currency which is the Company’s functional and presentation currency. Flynn Gold Limited is a public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Flynn Gold Limited Level 4 96-100 Albert Road South Melbourne VIC 3205 The financial statements were authorised for issue, in accordance with a resolution of directors, on 12 March 2025. 2. Material accounting policy information This condensed consolidated interim financial report for the half-year reporting period ended 31 December 2024 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001. The half-year report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by Flynn Gold Limited during the half-year reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the adoption of new and amended standards as set out below. 3. New or amended Accounting Standards and Interpretations adopted The Company has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. The adoption or amendment during the period did not have a material impact on the financial statements of the Company. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Half Year Report 31 December 2024 | Page 13 Notes to the Condensed Consolidated Financial Statements For the half year ended 31 December 2024 4. Going concern The half year financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. The Group incurred a net loss after tax of $2,045,200 for the half year ended 31 December 2024 (31 December 2023: $2,745,523) and had net cash outflows from operations of $2,155,002 (31 December 2023: $2,648,109). As at 31 December 2024, the Group had a cash balance of $752,697 (30 June 2024: $2,958,799). As the Group is in the exploration stage and does not generate operating cash inflows, the Group is dependent on further capital raises or external financing to maintain operations. This results in a material uncertainty which may cast significant doubt on whether the Group can continue as a going concern and therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business and at the amounts shown in the financial statements. The Directors have reviewed the business outlook and cash flow forecasts and have reasonable grounds to believe that the Group is and will remain a going concern based on the following factors: • • • • • • On 27 February 2025, the Company announced that it has received firm commitments from institutional and sophisticated investors to raise gross proceeds of $2.6 million via a placement. The placement comprises the issue of 130,000,000 new fully paid ordinary shares at an issue price of A$0.02 per share. Subject to shareholder approval, the Company will also issue one (1) free attaching unlisted option for every two (2) new shares issued under the placement. The placement options are exercisable at A$0.04 with an expiry date of 3 years from the date of issue. The Group has the ability to raise additional funds as and when required through equity placements. It has a proven track record of being able to raise capital when required, having raised $1,551,000 via private placements in December 2023 and January 2024, $114,500 through a share purchase plan in February 2024, and a well-supported, oversubscribed renounceable rights issue raising $2,712,114 in May 2024. The Group has an At-the-market Subscription Agreement with Dolphin Corporate Investments Pty Ltd, providing access to up to $2,000,000 of standby equity capital until 15 October 2027. The Group has been awarded up to $140,000 from the Tasmania Government’s Exploration Drilling Grant Initiative (EDGI) to support drilling at the Group’s Golden Ridge Project. The Group has the ability to scale back or defer discretionary exploration and operating expenditures if required; and/or The Group can enter into joint ventures or an outright sale of the Group’s exploration assets. Accordingly, the Directors believe at the date of signing that the Group will be able to continue as a going concern and that it is appropriate to adopt the going concern basis in the preparation of the financial statements. Half Year Report 31 December 2024 | Page 14 Notes to the Condensed Consolidated Financial Statements For the half year ended 31 December 2024 The half-year financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or to the amounts and classification of liabilities that might be necessarily incurred should the Company not continue as a going concern. 5. Operating segments The Group has identified the board of directors as the chief operating decision maker (“CODM”). The Group operates in one segment, being an explorer of gold and other minerals, which is also the basis on which the board reviews the company’s financial information. AASB 8 requires operating segments to be identified on the basis of internal reports about the components of the Group that are regularly reviewed by the CODM in order to allocate resources to the segment and to assess its performance. In the current year the board reviews the Group as one operating segment being mineral exploration within Australia. All assets, liabilities and operations are based in Australia. 6. Exploration and evaluation expenditure 31 Dec 2024 31 Dec 2023 $ $ Drilling costs 386,909 526,125 Geology 229,587 517,059 Employee benefits 531,603 578,633 - 25,000 Tenement rental and management 89,471 166,075 Overheads and others 175,058 201,750 1,412,629 2,014,642 31 Dec 2024 30 Jun 2024 $ $ Cash at bank 252,697 308,799 Short term deposits 500,000 2,650,000 Cash and cash equivalents 752,697 2,958,799 Tenement acquisitions Exploration and evaluation 7. Cash and cash equivalents Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made and have original maturities of less than 3 months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates. Half Year Report 31 December 2024 | Page 15 Notes to the Condensed Consolidated Financial Statements For the half year ended 31 December 2024 8. Issued capital Ordinary shares - fully paid 31 Dec 2024 30 Jun 2024 31 Dec 2024 30 Jun 2024 No. of shares No. of shares $ $ 261,316,470 254,544,698 20,749,148 20,734,509 No. of shares Issue price $ $ (a) Movements in ordinary share capital Date Opening balance 1 Jul 2024 254,544,698 Share issue - exercise of performance rights (1) 02-Aug-24 20,734,509 326,850 0.12 39,180 Share issue - exercise of options 02-Aug-24 44,922 0.07 3,369 Share issue - security for ATM facility (2) 15-Oct-24 6,400,000 - - - (27,910) 261,316,470 20,749,148 Share issue costs (ATM Facility) Closing balance 31 December 2024 (1) On 2 August 2024, the Company issued 326,850 fully paid ordinary shares in relation to the exercise of vested Performance Rights, in accordance with the terms of the Company’s Equity Incentive Plan along with 44,922 fully paid ordinary shares following exercise of options issued under the Renounceable Rights issue announced on 4 April 2024. (2) 6,400,000 shares issued as security for the Company’s At The Market (ATM) Facility with Dolphin Corporate Investments Pty Ltd for nil consideration. The Company may at any time cancel the ATM as well as buy back (and cancel) those shares for no cash consideration (subject to shareholder approval). The ATM provides the Company with up to $2,000,000 of standby equity capital until 15 October 2027. (b) Movements in performance rights Granted during the period Exercised during the period Expired during the period Balance at the end of the period Vested and exercisable at the end of the period Grant date Expiry date Exercise price Balance at start of period 10-Jun-22 27-Jul-26 $- 120,000 - (120,000) - - - 15-Jun-22 27-Jul-26 $- 59,850 - (59,850) - - - 16-Jun-22 27-Jul-26 $- 75,600 - (75,600) - - - 11-Jul-22 27-Jul-26 $- 35,700 - (35,700) - - - 11-Jul-22 27-Jul-26 $- 35,700 - (35,700) - - - 22-Aug-22 9-Sep-25 $0.15 800,000 - - - 800,000 - 22-Aug-22 9-Sep-25 $0.25 800,000 - - - 800,000 - 22-Aug-22 9-Sep-25 $0.35 800,000 - - - 800,000 - 2,726,850 - (326,850) - 2,400,000 - Half Year Report 31 December 2024 | Page 16 Notes to the Condensed Consolidated Financial Statements For the half year ended 31 December 2024 9. Issued capital (continued) (c) Movements in share options Grant date Expiry date Exercise price Balance at start of period Granted during the period Exercised during the period Balance at the end of the period Vested and exercisable at the end of the period 3-Aug-22 2-Aug-25 $0.20 400,000 - - 400,000 400,000 7-May-24 7-Nov-26 $0.075 5,424,227 - - 5,424,227 5,424,227 7-May-24 7-Nov-26 $0.075 45,201,921 - (44,922) 45,156,999 45,156,999 51,026,148 - (44,922) 50,981,226 50,981,226 10. Loss per share Net loss attributable to ordinary equity holders of the Company Weighted average number of ordinary shares outstanding during the period used in calculating basic and diluted loss per share Basic and diluted loss per share (cents per share) 31 Dec 2024 31 Dec 2023 $ (2,045,200) $ (2,745,523) 254,846,513 137,222,358 (0.80) (2.00) Both the basic and diluted loss per share have been calculated using the loss attributable to shareholders of the Company as the numerator (i.e. no adjustments to loss were necessary in either 2024 or 2023). The performance rights and options have not been included in the weighted average number of ordinary shares for the purposes of calculating diluted loss per share as they do not meet the requirements for inclusion in AASB 133 “Earnings per Share”. The performance rights are nondilutive as the Group has generated a loss for the period. Half Year Report 31 December 2024 | Page 17 Notes to the Condensed Consolidated Financial Statements For the half year ended 31 December 2024 11. Commitments and contingent assets and liabilities (a) Minimum exploration commitments Due to the nature of the Group’s operations in exploring and evaluating areas of interest, it is difficult to accurately forecast the nature or amount of future expenditure, although it will be necessary to incur expenditure in order to retain present interests in mineral tenements. The minimum exploration commitments are shown below. 31 Dec 2024 30 Jun 2024 $ $ Within one year 1,791,800 1,539,000 One to five years 5,891,000 6,148,900 Total exploration commitments 7,682,800 7,687,900 For the Group’s Tasmanian tenements, the minimum expenditure and program are set by negotiation between the licensee and Mineral Resources Tasmania. In the case of not meeting the commitments, the Group will seek approval for extension from the relevant authority to maintain current rights to tenure to exploration and mining tenements. For the Group’s Western Australian tenements, the minimum annual expenditure commitment for each tenement is prescribed under the Mining Act (WA) 1978. 12. Events after the reporting period On 27 February 2025, the Company announced that it has received firm commitments from institutional and sophisticated investors to raise gross proceeds of $2.6 million via a placement. The placement comprises the issue of 130,000,000 new fully paid ordinary shares at an issue price of A$0.02 per share to be conducted across two tranches: (i) Tranche 1 consists of a total of 59,904,800 shares issued pursuant to the Company’s existing placement capacity under Listing Rules 7.1 and 7.1A; and (ii) Tranche 2 will consist of 70,095,200 shares, subject to shareholder approval at a general meeting expected to be held in April 2025. Subject to shareholder approval under Tranche 2, the Company will also issue one (1) free attaching unlisted option for every two (2) new shares issued under the placement. The placement options are exercisable at A$0.04 with an expiry date of 3 years from the date of issue. This will result in the issue of 65,000,000 options to the placement participants. No other matter or circumstance has arisen since 31 December 2024 that has significantly