ADAVALE RESOURCES LIMITED AND ITS CONTROLLED ENTITIES TABLE OF CONTENTS FOR THE YEAR ENDED 30 JUNE 2023 CORPORATE DIRECTORY................................................................................................................................ 4 CHAIRMAN’S LETTER ....................................................................................................................................... 5 REVIEW OF OPERATIONS ................................................................................................................................ 6 DIRECTORS’ REPORT .....................................................................................................................................15 AUDITOR INDEPENDENCE DECLARATION ...............................................................................................24 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ..25 CONSOLIDATED STATEMENT OF FINANCIAL POSITION .....................................................................26 CONSOLIDATED STATEMENT OF CASH FLOWS ....................................................................................27 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ......................................................................28 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ................................................................29 DIRECTORS’ DECLARATION .........................................................................................................................50 INDEPENDENT AUDIT REPORT ....................................................................................................................51 ADDITIONAL SHAREHOLDER INFORMATION ..........................................................................................55 ADAVALE RESOURCES LIMITED AND ITS CONTROLLED ENTITIES CORPORATE DIRECTORY Directors & Management Grant Pierce (Chairman) David Riekie (Executive Director) John Hicks (Non-executive Director) Allan Ritchie (Chief Executive Officer) Leonard Math (Chief Financial Officer & Company Secretary) Registered Office Level 2, 49 Oxford Close, West Leederville WA 6007 Telephone: (61) 02 8003 6733 Email: investor@adavaleresources.com Share Registry Computershare Investor Services Pty Limited Level 4, 60 Carrington Street Sydney NSW 2000 Telephone: 1300 850 505 Auditor HLB Mann Judd (WA Partnership) Level 4, 130 Stirling Street Perth WA 6000 Stock Exchange Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000 ASX Code ADD, ADDOA 4 CHAIRMAN’S LETTER Dear Fellow Shareholders, It is a great pleasure for me to present Adavale’s activities and milestones achieved during the 2023 financial year. The year saw the emerging success of our exploration program being undertaken at our flagship Kabanga Jirani and Luhuma Nickel Projects in Tanzania. Completion of the initial gravity survey programs in July 2022 led to the identification of 32 individual targets across the Kabanga Jirani and Luhuma Nickel Projects. The plethora of quality targets is testament to the Company’s selection of its tenements. Adavale also expanded its footprint with the granting of a several new prospecting licences, one of which was “Luhuma Central”. It was a breakthrough year for Adavale as it commenced truly targeted drilling for economically significant nickel sulphide mineralisation. The initial drill program was an exciting time as the results confirmed the intersection of nickel sulphide bearing rocks. During the financial year the Company received the results of the first three holes and all holes intersected thick sections of nickel sulphides. Subsequent to the end of the financial year the results of a further two holes continued the 100% strike rate of intersecting nickel sulphides. In total over 380m of nickel sulphides were intersected from all five holes of what is an ongoing diamond drilling campaign. The Company believes that with this string of positive drill intersections we are now starting to build some real momentum towards a discovery. The Board looks forward to updating our shareholders as we continue to receive results from our exploration work. In relation to our Lake Surprise Uranium Project in South Australia, the Company received a major boost with a new tenement covering 714 sq km being granted and sitting southwest of the Lake Surprise area. A low-cost reconnaissance drilling program was completed in March 2023 with results confirming uranium mineralisation. I am also pleased to continue our association with VAKA Health Foundation (VAKA). VAKA uses scalable mobile technology to deliver education and technical training as it aims to upskill 450,000 frontline nurses and midwives across East and Southern Africa, which will lead to better health outcomes for up to 220 million people. We are honoured to be a part of this wonderful initiative. Adavale’s community focus also continued as a Platinum Sponsor of Bridge2Aid Australia’s Infant Oral Mutilation Prevention Training Program in the Kagera Region, Tanzania. Bridge2Aid Australia provided training that helps stop a practice called Infant Oral Mutilation in rural Tanzania including the Kagera region, where Adavale is actively exploring. On behalf of the Board, I wish to thank you for your continuous support and we look forward to continuing to unlock the value of our projects for shareholders. I hope you share my genuine excitement for the year ahead. Yours faithfully, Grant Pierce Chairman 5 ADAVALE RESOURCES LIMITED AND ITS CONTROLLED ENTITIES REVIEW OF OPERATIONS NATURE OF OPERATIONS The principal activity of the Group during the year was mineral exploration in Tanzania and Australia. The following sets out the major changes to the Company from both a corporate and operational perspective during the reporting period and up to the date of the Directors’ report. Nickel Exploration – Tanzania Kabanga Jirani Nickel Project The Kabanga Jirani Nickel Project (“Kabanga Jirani” or “the Project”) is located along the Kabanga-Musongati maficultramafic alignment and is prospective for high-grade Ni-Cu-Co-Cr-PGE sulphide deposits similar to Lifezone Metal’s Kabanga Nickel sulphide deposit. The project lies adjacent and along strike from the deposit, the world’s largest high-grade Ni-sulphide resource of 58Mt @ 2.62% Ni in pre-development. The project’s licences are located within the provincial scale East African Nickel Belt which is known to host layered Mesoproterozoic (1.6-1Ga) mafic ultramafic intrusions which have intruded into sulphide rich sediments facilitating the process of sulphide saturation which is partly what enables nickel sulphide deposits to form (See Figure 1). Figure 1: Adavale’s nickel licences in Tanzania. 6 In July 2022, the Company identified 32 nickel sulphide targets with the completion of its ground-based survey across its Kabanga Jirani Nickel Project and Luhuma Nickel Project in Tanzania. The survey included 24,000 gravity readings over approximately 1,000 square kilometres covering the Company’s southern licence portfolio. Following on from the survey, Adavale then conducted a Helicopter-borne Electromagnetic Survey (HEM) across 9 highpriority areas covering 18 anomalies in order to identify drill targets. The HEM survey covered 2,100-line kilometres across a ten-day period. In September, Adavale mobilised a drill rig for a “Priority Target Testing” program. The program used reverse circulation (RC) to test multiple target areas from the earlier surveys. The results of this program confirmed the intersection of nickel sulphide bearing rocks. Figure 2: Map of Adavale’s tenure proximal to the Kabanga Nickel Deposit As part of its drilling program, Adavale also completed down hole electromagnetic (DHEM) surveys on all completed diamond drill holes to explain the source of the individual conductors and identify potential new drill target areas. The start of 2023 saw the Company expand its ground with the addition of the prospecting licence known as “The Southeast Wedge”, which covers an additional 44.83 square kilometres. At the same time, Adavale exercised its option to acquire 65 per cent of the Luhuma Nickel Project. Also in January, the Company launched a series of geochemical soil surveys to assist with the differentiation of thickened dolerite units and mafic-ultramafic intrusions. A total of approximately 10,000 samples were collected during the campaign. 7 The program confirmed a coherent copper anomaly with a strike length of 15km which the Company considers to be important given the association of copper and cobalt with nickel mineralisation at the Kabanga deposit. In May, the Company once again mobilised both diamond drilling and reverse circulation drill rigs as it ignited exploration at an area known as the “Luhuma Trend”. The zone sits along a narrow strike zone in Adavale’s Kabanga Northeast licence and the Company commenced 5,000m of RC and diamond drilling. Later that month, the Company was granted a new prospecting licence, which was named “Luhuma Central.” The new zone had historical intercepts of 1.14 per cent Nickel over 8.4m of massive sulphides. 1 After gaining the Luhuma Central licence, the Company immediately commenced a diamond drilling program to follow up on the historical intercepts. From this initial exploration drill hole, DDLUHC001, which intersected 4.15m of massive nickel sulphide associated with a mafic-ultramafic intrusion between 223.35m and 227.5m downhole, the program has intersected nickel sulphide in all subsequent drillholes. A summary of the drill intercepts and assay results received is shown in Table 1. Drillhole ID Nature of Mineralisation From (m) To (m) Thickness (m) Ni % Pt + Pd + Au g/t Cu % Co % DDLUHC001 Massive Sulphide 223.35 227.48 4.13 1.03 0.04 0.14 0.17 DDLUHC001 Semi-Massive Sulphide 249.00 250.00 1 0.63 0.01 0.09 0.02 DDLUHC002 Blebby Sulphide 200.55 205.55 5 0.41 0.19 0.08 0.02 DDLUHC003 Massive Sulphide 261.7 269.25 7.55 0.96 pending 0.12 0.18 DDLUHC004 Semi-Massive 250.20 252.2 2 0.47 pending 0.08 0.06 DDLUHC004 Semi-Massive 255.2 256.42 2.34 0.40 pending 0.43 0.05 DDLUHC004 Massive Sulphide 256.42 257.54 1.12 1.34 pending 0.15 0.14 DDLUHC004 Disseminated Sulphide 286.70 294.20 7.5 0.42 pending 0.11 0.06 DDLUHC004 Alternating semi and massive sulphide 316.26 323.00 6.74 0.41 pending 0.25 0.03 80.3 408.0 327.7 pending pending pending pending 408.0 423.6 15.6 pending pending pending pending DDLUHC005 DDLUHC005 5-7% Medium to CoarseGrained Disseminated Sulphides Semi-Massive to heavily Disseminated Sulphide Historical Drillholes LUHD001 Massive Sulphide 255.40 260.85 5.45 0.80 0.15 0.14 LUHD002 Massive Sulphide 233.83 237.76 3.93 0.57 0.10 0.09 LUH006 Massive Sulphide 235.30 244.30 9 1.14 Table 1: Assay results for drillholes in section (DDLUHC001, DDLUHC002, DDLUHC003 and DDLUHC004 have current assay results from ALS and SGS laboratories, LUHD001, LUHD002 and LUH006 have historically reported assay values). 1 Evans, D. M., Hunt, J. P. P. M. and Simmonds, J. R., 2016. An overview of nickel mineralisation in Africa with emphasis on the Mesoproterozoic East African Nickel belt (EANB). Episodes, 39/2, 319- 333. DOI: 10.18814/epiiugs/2016/v39i2/95780; see also ASX:ADD release 16 December 2021 “Adavale Discovers Significant Mafic-Ultramafic Intrusion”. 8 The successful drilling campaign has outlined the potential strike extension at Luhuma Central, (see Figure 3) together with the long section Figure 4. RC drilling is underway on a high priority target area to the south of Luhuma Central known as HEM 4 (see Figure 5). Figure 3: Plan view of current and proposed drill hole locations (yellow dots) at Luhuma Central plus historical holes (red dot massive sulphides intersected, black dots indicate ultramafic rocks intersected) together with location of the AMT lines L1 to L3 that have been surveyed by Adavale. Blue outline reflects the magnetic low interpreted to be the host mafic-ultramafic intrusion and the red corridor is the AMT anomaly projected to surface and interpreted as the mineralised trend. The yellow stippled lines show where the ground EM will be conducted. The background Colour image represents gridded C25 (db/dt) from the NRG Xcite airborne EM survey. Section line A-B shown in plan view and long-section in Figure 2. 9 Figure 4: Long section at Luhuma Central indicating a thickening to the south-west. Figure 5: Planned HEM 4 drillholes overlying magnetic image and including EM targets (yellow stippled outlines) and Ni and Cu anomalies. 10 For the remainder of calendar year 2023, the Company plans to utilise two drill rigs on site at its Kabanga Jirani Nickel Project. One rig is targeting Luhuma Central, whilst the other is drilling other high priority targets including HEM 2E and HEM 4. The Company resumed DHEM and ground-based EM surveys to provide a boost to drill planning with exploration using both RC and diamond drill rigs to continue for the remainder of the year with regular reporting to come from both visual and assay results. (Refer to Company ASX announcements dated 7 July 2022, 13 July 2022, 27 September 2022, 28 October 2022, 24 January 2023, 1 May 2023, 22 May 2023, 19 June 2023, 11 July 2023, 17 July 2023, 24 July 2023, 17 August 2023, 9 September 2023 and 21 September 2023 for full detail and JORC Tables on the exploration results) Uranium Exploration – South Australia, Australia Lake Surprise Uranium Project The Lake Surprise Uranium Project consists of four tenements within part of the highly prospective sedimentary uranium province in the northern part of the Lake Frome Embayment. The Company’s assets combine for a total area of 1,078 square kilometres and lie within a flat, semi-arid landscape located just to the north of the Flinders Ranges in South Australia. In September, the Company’s landholding received a major boost with a new tenement (Mundowdna, EL 6821) covering 714 sq km being granted and sitting south-west of the Lake Surprise area. In November, the Company received an approval from the South Australian Government’s Department of Energy and Mining for an aircore drilling program. This led to a low-cost reconnaissance drilling program being completed in March and confirming uranium mineralisation with a complex braided stream environment. The program was completed for 56 holes for 742 metres and the results indicated further potential, particularly towards the south of the project. The program confirmed the need to isolate the braided channel geometry to target higher grade mineralised zones. Geophysics including magnetics and resistivity was then flagged to cover the drilled area in addition to the Canegrass, Jubilee and Mookwarinna prospects to calibrate the drill results achieved. As part of an internal desktop using satellite imagery, regolith landform and topographic data, post the end of the reporting period, the Company applied for a new 591km2 Mundowdna South Uranium Exploration Licence (ELA 2023/00043), contiguous with the large EL 6821 (see Figure 6). This new Licence area importantly includes an alluvial sedimentary outwash from the central part of the Flinders Ranges, considered to be the parental source of the numerous localised uranium occurrences (see Figure 7). The contiguous licence footprint now provides the Company the opportunity to explore the alluvial outwash fan in a systematic manner and encompasses the majority of system from the interpreted source to its termination at Mundowdna. The Company will commence preparations for the exploration programs of larger scale and cost-effective field assessments and access to the priority areas within the system for local heritage clearances, pending the approval of the new licence. (Refer to ASX announcement dated 25 September 2023 and 3 March 2023) 11 Figure 6: Location plan showing Adavale’s uranium tenure in South Australia. Figure 7: The alluvial fan can be seen in the regolith data. Indications on the image show the approximate extent of the fan in magenta and the direction of outwash is indicated in the SE of the map. 12 Competent Persons Statement The information in this release that relates to “exploration results” for the Project is based on information compiled or reviewed by Mr David Dodd of MSA, South Africa. Mr Dodd is a consultant for Adavale Resources Limited and is a member of the SACNASP. Mr Dodd has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaking to qualify as a Competent Person under the ASX Listing Rules. Mr Dodd consents to this release in the form and context in which it appears. The information in this release that relates to “exploration results” for the Lake Surprise Uranium Project is based on information compiled or reviewed by Mr Patrick Harvey MAppSci, Australia. Mr Harvey is a consultant for Adavale Resources Limited and is a member of the AIG. Mr Harvey has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaking to qualify as a Competent Person under the ASX Listing Rules. Mr Harvey consents to this release in the form and context in which it appears. Corporate Capital Raising In August 2022, the company raised $1.8m (before costs) through a strongly supported placement to new sophisticated investors through the issue of 80,045,411 new fully paid Ordinary shares at 2.0c per share. In addition to the placement, Adavale launched a one for six non-renounceable Entitlement Offer to raise a total of around $1.2m (before costs) through the issue of up to 59.5 million new shares (Entitlement Shares) at 2.0c per share. The offer closed oversubscribed with strong support from existing shareholders including directors and management. The Company also issued a Prospectus to undertake a loyalty option issue of one (1) option for every ten (10) shares held to all shareholders registered on the record date of 31 October 2022. The Loyalty Options had the same exercise price and expiry date as the Attaching Options. During the March 2023 quarter, the Company raised A$2 million via Convertible Notes to progress nickel exploration and drilling at its Kabanga Jirani project. The Convertible Notes were issued to both new and existing groups of sophisticated and professional investors and were issued in two tranches. Tranche 1 comprised $990,000 (99 Convertible Notes at $10,000 each) and Tranche 2, $1,010,000 (101 Convertible Notes at $10,000 each) and these were issued after receiving shareholder approval at a General Meeting held on 3 May 2023. Subsequent to balance date, Adavale received binding commitments to raise $2.47 million (before costs) to new and existing sophisticated and professional investors. The placement comprised the issue of 130 million new fully paid Ordinary shares at an issue price of $0.019 per share and a 1:1 attaching listed option (ADDOA) exercisable at $0.03 per share expiring 31 December 2025. The placement was completed on 1 August 2023. The Company also launched a 1 for 5 Entitlement Offer on the same terms as the Placement Offer to raise up to $2.1 million. The directors and management subscribed for rights entitlements in the Offer. Funds raised will be used to progress and accelerate the nickel exploration at the Company’s Kabanga Jirani nickel project in Tanzania, including Downhole EM (DHEM), RC & diamond drilling, general working capital and costs associated with the Placement and Entitlement Offer. RISK MANAGEMENT Risk management is a key part of improving our business and our aim is to ensure that all business operations are performed within Board approved risk tolerance levels. To achieve this aim, Risk Management standards will be created, maintained and continually improved. This will involve risk identification and risk evaluation linked to practical and cost-effective risk control measures commensurate with our business. Risk Management is a continuous process demanding awareness and proactive action from all Company employees and contractors to reduce the possibility and impact of accidents and losses, whether caused by the Company (and its subsidiaries, collectively “The Group”) or externally. 13 FACTORS AND BUSINESS RISKS AFFECTING FUTURE BUSINESS PERFORMANCE The following factors and business risks could have a material impact on the Company’s success in delivering its strategy: Funding The Group is likely to need to raise capital to explore and develop its projects. There is no guarantee that the Group will be able to secure any additional funding or will be able to secure funding on terms that are favourable or acceptable to the Group. Health and Safety The Group is exposed to potential safety hazards within its operations in Australia and Tanzania. Political Risks (Tanzania) The Group’s flagship projects - Kabanga Jirani Nickel Project and Luhuma Nickel Project, both are in Tanzania and will be subject to the various political, economic and other risks and uncertainties associated with operating in that country. These risks and uncertainties include, but are not limited to, economic, social or political instability or change, hyperinflation, currency non-convertibility or instability and changes of law affecting government participation, taxation, working conditions, rates of exchange, exchange control, exploration licensing, export duties, environmental protection, mine safety, labour relations as well as government control over mineral properties or government regulations that require the employment of local staff or contractors or require other benefits to be provided to local residents. The Group may also be hindered or prevented from enforcing its rights with respect to a governmental instrumentality because of the doctrine of sovereign immunity. Any future material adverse changes in government policies or legislation in Tanzania that affect foreign ownership, mineral exploration, development or mining activities, may affect the viability and profitability of the Company. Aboriginal title and consultation issues Native title claims as well as related consultation issues may impact the ability to pursue exploration, development and mining at its Lake Surprise Uranium Project. Managing relations with traditional owners is a matter of paramount importance to the Group. However, there may be no assurance that title claims as well as related consultation issues will not arise on or with respect to the Group’s exploration Licences. Public Perception Unique political, technological and environmental factors affect the nuclear industry, exposing it to the risk of public opinion, which could have a negative effect on the demand for nuclear power and increase the regulation of the nuclear power industry. An accident at a nuclear reactor anywhere in the world could affect acceptance of nuclear energy and the prospects for nuclear generation. Debate on the relative dangers and benefits of uranium as an energy source will continue into the foreseeable future. Commodity Prices, Services and Exchange Rates Commodity prices (specifically nickel and uranium) and the cost of services fluctuate according to changes in demand and supply. Changes in commodity prices can significantly impact exploration activities and investment decisions. As the Group operates in USD in Tanzania, significant unfavourable movements between AUD and USD impacts the exploration and operational costs in Tanzania. Key Person and Workforce The Group’s success is to a large extent dependent upon the retention of key personnel and the competencies of its directors, senior management, and personnel. The inability to attract and retain a suitably skilled and diverse leaders and workforce is a risk to Group performance in the conduct of its business especially in Tanzania and within the Uranium industry. Tenure and Access risk While the Group does not anticipate there to be any issues with the grant or renewals of its tenements, there can be no assurance that the application (or future applications) will be granted. Mining and exploration tenements are subject to periodic renewal and reviews. The renewal of the term of granted tenure may be subject to the discretion of the relevant authorities and may include increased expenditure or obligations on the Group or compulsory relinquishment of areas of the tenements. 14 ADAVALE RESOURCES LIMITED AND ITS CONTROLLED ENTITIES DIRECTORS’ REPORT The Directors present their report on the Company and its controlled entities for the financial year ended 30 June 2023. Directors The Directors of the Company at any time during or since the end of the financial year are: Mr Grant Pierce Non-Executive Chairman 5,904,306 Fully Paid Ordinary Shares 952,573 Listed Options exercisable at $0.03 each expiring 31 December 2025 2,000,000 Unlisted Options exercisable at $0.15 each expiring 13 January 2025 2,200,000 Performance Rights expiring 31 December 2023 Grant is a qualified mining engineer with 30 years of operating experience in both Australia and Africa. He has managed both open-pit and underground mines across a range of mineral commodities. In addition, he has held numerous senior development roles, taking green and brown field projects to either shovel ready status or into production. Grant was a member of the development team that built Tanzania’s first modern gold mine, Resolute’s Golden Pride Project (ASX:RSG) and was Operations Manager of the mine for its first 6 years. Other senior roles include Executive General Manager (Tanzania) for Barrick Gold Corporation (NYSE:GOLD), during which time the Tulawaka Gold Mine was built and subsequently General Manager Operations for Perseus Mining, taking the Edikan Gold Project from the environmental permitting stage to its first gold pour. Most recently Grant was an Executive Director of EcoGraf Limited (ASX:EGR) and played a pivotal role in the development of the Company, leading to the Company receiving the Epanko Graphite Projects’ Environmental Certificate, Mining Licence, delivering the Bankable Feasibility Study and subsequent completion of banking independent due diligence. Grant has been publicly recognised within Australia and internationally for his philanthropic work with remote communities in developing nations. Directorships in the last 3 years - nil. Mr David Riekie Executive Director 7,482,283 Fully Paid Ordinary Shares 1,808,160 Listed Options exercisable at $0.03 each expiring 31 December 2025 2,000,000 Unlisted Options exercisable at $0.15 each expiring 13 January 2025 2,200,000 Performance Rights expiring 31 December 2023 David is an experienced listed company director, in both executive and non-executive roles. His career spans multiple continents including within Africa Namibia, Tanzania, Eritrea, South Africa, DRC and Mozambique. He holds a Bachelor of Economics and a Graduate Diploma of Accounting from Flinders University and has been a member of Chartered Accountants Australia and New Zealand since 1986. David has most recently served on the Boards of Zenith Energy Limited, Paladin Energy Limited and also served as interim CEO to Poseidon Nickel Limited. David holds a Bachelor of Economics and a Graduate Diploma of Accounting from Flinders University and has been a member of the Australian Institute of Chartered Accountants since 1986. Directorships in last 3 years: Zenith Energy Limited (April 2019 – August 2020) 15 Mr John Hicks Non-Executive Director (Appointed on 7 July 2021) 5,425,760 Fully Paid Ordinary Shares 789,473 Listed Options exercisable at $0.03 each expiring 31 December 2025 2,000,000 Unlisted Options exercisable at $0.15 each expiring 13 January 2025 2,200,000 Performance Rights expiring 31 December 2023 John is a geologist and nickel sulphide specialist with over 40 years’ experience in the exploration and mining sector, including a 15 year tenure as the General Manager of Exploration for Panoramic Resources Limited (ASX: PAN) Prior to Panoramic, John held various roles with several notable mining companies including Australian Consolidated Minerals Limited, and WMC Limited. John’s nickel career highlights include senior exploration and development roles for the Mount Keith, Silver Swan, Lanfranchi and Savannah nickel projects. During his tenure at Panoramic Resources, John was instrumental in discovering the komatiite hosted Deacon orebody at Lanfranchi and the intrusive hosted Savannah North nickel orebodies, in Western Australia. Directorships in last 3 years – nil. Management Mr Allan Ritchie – Chief Executive Officer Allan graduated from the University of Technology in Sydney in 1986 with a Bachelor of Business and subsequently attained a post graduate Diploma in Applied Finance from the Financial Services Institute of Australia. Allan’s distinguished career spans 30 years in both the energy and resources sectors, in investment banking and leadership roles in both private and publicly listed companies. Allan has served as Non-Executive Director of ASX listed Hydrocarbon Dynamics Limited (HCD:ASX) and previously as Executive Director and Deputy CEO of HK Listed energy group EPI Holdings Limited (0689.HKEX). Allan’s investment banking background includes structuring commercial transactions in the energy and resources sector. Senior roles include positions within Westpac, ANZ Bank, HSBC and BNP Paribas in Australia, London, New York and Asia Pacific. Allan’s career achievements have been recognised several times in BRW’s annual poll of bankers. Mr Leonard Math – Chief Financial Officer & Company Secretary Leonard was appointed as Chief Financial Officer and Company Secretary on 1 October 2022.