Announcement PDF INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 ABN 96 008 719 015 Contents Page Review of Operations 2 Directors’ Report 6 Auditor’s Independence Declaration 8 Condensed Consolidated Statement of 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 Consolidated Financial Statements 13 Directors' Declaration 19 Auditor’s Review Report to the Members 20 1 |P a g e Adavale Resources Limited Review of Operations For the half year ended 31 December 2024 “Adavale Resources has made significant progress over this first half of the 2025 Financial Year, culminating in a transformational acquisition of a gold and copper project “(Parkes Project”) in the prolific Lachlan Fold Belt region of New South Wales. The successful acquisition of the Parkes Gold and Copper Project establishes a foothold in a highly prospective region and tier-one mining jurisdiction. Meanwhile, Adavale’s South Australian uranium portfolio continues to develop, as the Company has achieved key advancements for heritage clearance, as well as planning for future drilling at MacDonnell Creek. The Company remains fully focused on executing exploration programs, backed by both strategy and its strengthened financial support borne of a successful capital raise, all putting us in good stead for establishing a presence in a new region with such significant potential.” Allan Ritchie, Executive Chairman & CEO 2 |P a g e Adavale Resources Limited Review of Operations For the half year ended 31 December 2024 Gold and Copper Project Acquisition – The Parkes Project (NSW, Australia) In November of 2024, Adavale Resources initiated the acquisition of a 72.5% interest in the Parkes Gold and Copper Project1, establishing a significant presence in the Macquarie Arc region of the Lachlan Fold Belt of New South Wales. The Project comprises four Exploration Licences that cover an area of 354.15km² in the region, adjacent to the nearby Northparkes (5.2Moz Au & 4.4Mt Cu) and Cadia-Ridgeway (35.1Moz Au & 7.9Mt Cu) mines – two world-class copper-gold mining operations. Transformational Project Acquisition and Exploration Potential The acquisition of the Parkes Project this period aligns with Adavale’s strategy, aiming to target highly prospective (yet underexplored) mineralised belts that show the potential for rapid resource growth and eventual development. The primary focus for this strategy is the London-Victoria Gold Mine, which boasts a promising historical resource estimate, and had a potential 12m down-dip extension to mineralisation confirmed in November 2024. Multiple prospects in the region, such as the Ashes, Myalls, and Corner Prospects, all contain high-grade rock chip results and have demonstrated potential polymetallic mineralisation. Adavale’s decision to acquire this interest, and approach exploration in the region with modern exploration methodologies, reflects the Company’s strategy to target underexplored mineralised belts with significant upside potential. Strategic Capital Raise In order to facilitate the acquisition of the Parkes Project, Adavale Resources conducted a successful capital raise, via a placement to professional and sophisticated investors. The Company successfully raised $1.675M through the placement, which took place in two tranches and was completed in January 2025, and Directors also invested over $100,000 as a further reflection of confidence in the Parkes Project’s potential as a new focus for exploration activity2. The funds that were raised through the placement, were announced to be allocated toward the anticipated drilling campaigns for resource definition, as well as conversion of the historical London Victoria resource estimate to a JORC-compliant status. Post-Acquisition Activity at the Parkes Project Though taking place after the half-year period, it should be noted that the Adavale Executive Team and Consultant Geological Team were able to conduct an initial site visit to the Parkes Project in January 2025. The visit consisted of meeting with local landholders, inspecting existing core samples, and other fieldwork required to identify high-priority exploration targets in the area (with a focus on LondonVictoria) that were announced3, followed by a proposed geochemical program at the Ashes and Myalls Prospects announced in February 2025, moving into the current period. 1 ASX Announcement (29 November 2024) – “Transformational Gold and Copper Project Acquisition” 2 ASX Announcement (28 January 2025) – “Completion of Placement, Parkes Acquisition and Site Visit” 3 ASX Announcement (18 February 2025) – “Geochemical Program Proposed at Ashes and Myalls Prospects” 3 |P a g e Adavale Resources Limited Review of Operations For the half year ended 31 December 2024 Uranium Exploration Activity (SA, Australia) Adavale has significantly expanded its uranium exploration footprint in South Australia to approximately 4,959km², consolidating a strong position in key uranium-bearing regions of the state. With its focus on MacDonnell Creek and George Creek within the Marree Embayment, the Company has established itself as one of the largest publicly listed licence holders in the region. The Company’s activity for the Half-Year Period, and notable portfolio developments, have included: Completed Heritage Surveys Following the acquisition of the Exploration Licence (“EL”) EL6553 from Kilonova Metals Limited earlier in the calendar year4, in October of 2024, Adavale announced the completion of its heritage surveys at MacDonnell Creek and George Creek5. The focus of these surveys took place in consultation with the Dieri Traditional Owners over three priority areas – clearing 17 line kilometres for a future 2,000m aircore drilling program to take place (see below), whilst maintaining the Company’s cultural heritage and preservation commitments. Drilling Approvals Following the lodging of Adavale’s Program for Environment Protection and Rehabilitation (“PEPR”) with the South Australian Department for Energy and Mining earlier in the calendar year 6, the Company has looked to commence the first drilling program at the MacDonnell Creek area in over a decade. Stage one of the drill program consists of up to an expected 20 drill holes, and will trace, extend, and test uranium redox boundaries that were previously intersected in historical drilling efforts, targeting paleochannel-hosted uranium mineralisation within the Eyre Formation. Final approval for the 2,000m air core drilling plans is expected early in the 2025 calendar year, and the Company will be using more modern methodologies for identifying uranium-bearing zones (e.g., pXRF and wireline logging in real-time for efficiency). Strategic Expansion and Significant Uranium Portfolio In addition to the acquisition of EL6553 from Kilonova Metals Ltd, the Company applied for a large project EL east of nearby Ceduna earlier in the calendar year 7, which were then granted during the Half-Year Period. The Company also applied for licences in the prospective Tolmer, Narlaby, and Wirrulla Projects, but made the decision not to proceed with the Wirrulla acquisition following the Parkes Project acquisition in November (see below). The Company’s focus in South Australia therefore has primarily been on the MacDonnell Creek and George Creek Prospects, which are positioned near the Mount Babbage and Mount Painter Inliers – both rich in uranium and proven source rocks for some of the most significant deposits in the state. In addition to the aforementioned aircore drilling program, Adavale’s next steps in South Australia will simply involve further field exploration across the broader Marree Embayment Project, in order to identify additional uranium targets. Nickel Exploration (Tanzania) Adavale’s Kabanga Jirani and Luhuma Nickel Projects in Tanzania remain long-term exploration assets as part of the Company’s broader portfolio. Whilst the Company is monitoring the nickel market and broader economic conditions with these assets in mind, there was no significant activity during the half-year period. 4 ASX Announcement (26 March 2024) – “Strategic Acquisition of Expanded Uranium Portfolio in SA” 5 ASX Announcement (1 October 2024) – “Heritage Survey completed for Uranium Drilling in South Australia” 6 ASX Announcement (2 September 2024) – “Key Milestones Achieved for Upcoming Drilling at MacDonnell and George Creek” 7 ASX Announcement (17 June 2024) – “New Uranium Exploration Licences Expand Uranium Footprint” 4 |P a g e Adavale Resources Limited Review of Operations For the half year ended 31 December 2024 Corporate Following the resignation of Mr David Riekie as Executive Director and Mr Grant Pierce as Chairman during the half year, Mr Allan Ritchie was appointed to the role of Executive Chairman (in addition to the existing role as Chief Executive Officer). Mr Maurice Dominic (Nic) Matich was appointed as Non-Executive Director in July 2024. Competent Person Statement The information in this report that relates to Exploration Results and Historical Estimates on the Parkes Copper and Gold Project is based on information compiled or reviewed by Stephen Burke, a Competent Person who is a Member of the Australian Institute of Geoscientists. Stephen is employed by Burke Geoscience Pty. Ltd. as a consultant to Adavale Resources Limited. He has sufficient experience that is relevant to the styles of mineralisation and types of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the ‘JORC Code’). Stephen consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this release that relates to “exploration results” for the Uranium Projects 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 undertaken 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. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements as referred above. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. 5 |P a g e Adavale Resources Limited Directors’ Report For the half year ended 31 December 2024 Your directors submit their interim report on the consolidated financial statements of Adavale Resources Limited (“Adavale” or the “Company”) and the entities it controlled (the “Group”) at the end of, or during, the half-year ended 31 December 2024. DIRECTORS The following persons were directors of the Company during the whole of the financial period and up to the date of this interim report unless otherwise indicated: Board of Directors Allan Ritchie – Chairman (Appointed 30 September 2024) and Chief Executive Officer John Hicks – Non-Executive Director Maurice Dominic Matich – Non-Executive Director (Appointed 31 July 2024) Grant Pierce – Non-Executive Chairman (Resigned 30 September 2024) David Riekie – Executive Director (Resigned 31 October 2024) Chief Financial Officer and Company Secretary Leonard Math PRINCIPAL ACTIVITIES The Company is in the business of mineral exploration for Gold in NSW, Nickel in Tanzania and Uranium in South Australia. The Company’s primary aim in the near-term is to explore for, discover and develop gold, nickel and uranium deposits on the mineral exploration projects in New South Wales, Tanzania and South Australia. The Group has also been actively reviewing additional projects or mineral resources investment opportunities that would create wealth for the Group and its shareholders. FINANCIAL REVIEW The Group result for the financial period ended 31 December 2024 was a loss after tax of $1,274,841 (December 2023: Loss after tax of $2,970,215). EARNINGS PER SHARE The basic loss per share for the half year ended 31 December 2024 was 0.10 cents (December 2023: 0.43 cents). SUBSEQUENT EVENTS Following receipt of shareholder approval on 16 January 2025, the Company completed the acquisition of a 72.5% interest in the Parkes Gold-Copper Project (Parkes Project). The Company issued 383,333,333 shares, 300,000,000 options exercisable at $0.006 each expiring 15 October 2029 and 300,000,000 options exercisable at $0.012 each expiring 15 October 2029 to Agricultural Equity Investments Pty Ltd as part of the consideration. In addition, the Company issued 57,500,000 shares and 40,000,000 options exercisable at $0.005 expiring 31 December 2027 to GBA Capital Pty Ltd as part of the facilitation services relating to the Parkes Project acquisition. Subsequent to period end, the Company completed the Tranche 2 placement totalling $687,035 via the issue of 274,813,856 shares at 0.25 cents per share. The Company also issued 580,713,856 options exercisable at $0.005 expiring 31 December 2027 as part of the free attaching options to the placement as announced on 29 November 2024. 6 |P a g e Adavale Resources Limited Directors’ Report For the half year ended 31 December 2024 GBA Capital was issued 52,250,000 options exercisable at $0.005 expiring 31 December 2027 as part of the Lead Manager services relating to the placement. GBA also received 16,800,000 shares and 16,800,000 options exercisable at $0.005 expiring 31 December 2027 in lieu of advisory services provided. On 24 January 2025, the Company issued 135,000,000 performance rights to Directors and officer with various vesting conditions expiring 23 January 2028. Other than as disclosed above, no matter or circumstance has arisen which has significantly affected, or may significantly affect, the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial periods. AUDITOR’S INDEPENDENCE DECLARATION The lead auditor’s independence declaration for the half year ended 31 December 2024 has been received and forms part of the Directors’ report and can be found on page 8 of the interim financial report. Signed in accordance with a resolution of the directors made pursuant to s 298(2) of the Corporations Act 2001. On behalf of the Directors. Allan Ritchie Chairman and CEO 14 March 2025 Perth, Western Australia 7 |P a g e AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the review of the consolidated financial report of Adavale Resources 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: a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b) any applicable code of professional conduct in relation to the review. Perth, Western Australia 14 March 2025 L Di Giallonardo Partner 8 |P a g e Adavale Resources Limited Condensed Consolidated Statement of Comprehensive Income For the half year ended 31 December 2024 Note Other Income Revenue from services provided Net gain on fair value of embedded derivative Expenditure Insurance Share registry fees Administration, corporate, consultant fees and salaries Share based payments Legal expenses Finance and Interest expense Exploration and evaluation expenditure Depreciation Effective interest of convertible notes Loss from write-off of fixed assets Loss from foreign exchange 3(c) 2 Loss before income tax Income tax expense Loss after income tax Other comprehensive income Total comprehensive loss for the period Basic and diluted loss per share attributable to the ordinary security holders of the Company (cents per share) 5 31 Dec 2024 $ 31 Dec 2023 $ 43,796 - 541,890 (21,780) (37,472) (391,776) 11,732 (39,695) (13,127) (813,334) (10,795) (969) (1,421) (27,025) (64,152) (615,386) (9,476) (40,073) (76,041) (2,184,613) (11,981) (468,972) (14,386) (1,274,841) (2,970,215) - - (1,274,841) (2,970,215) - - (1,274,841) (2,970,215) (0.10) (0.43) The accompanying notes form part of these consolidated financial statements 9 |P a g e Adavale Resources Limited Condensed Consolidated Statement of Financial Position As at 31 December 2024 Note 31 Dec 2024 $ 30 Jun 2024 $ 355,680 30,000 72,248 457,928 280,295 55,911 336,206 12,723 12,723 24,487 24,487 Total assets 470,651 360,693 LIABILITIES Current liabilities Trade and other creditors Total current liabilities 146,576 146,576 72,520 72,520 Total liabilities 146,576 72,520 Net liabilities 324,075 288,173 20,717,251 1,320,401 (21,713,577) 324,075 19,477,276 1,249,633 (20,438,736) 288,173 ASSETS Current assets Cash and cash equivalents Other receivables Other assets Total current assets Non-current assets Property, plant & equipment Total non-current assets Equity Issued capital Reserves Accumulated losses Total deficiency in equity 2 3(a) 3(b) The accompanying notes form part of these consolidated financial statements 10 |P a g e Adavale Resources Limited Condensed Consolidated Statement of Changes in Equity For the half year ended 31 December 2024 2024 $ Sharebased Payments Reserve $ 19,477,276 1,249,633 (20,438,736) 288,173 - - (1,274,841) (1,274,841) (1,274,841) (1,274,841) Issue of shares to vendor Issue of shares (net of costs) Share based payments (net) 125,000 1,114,975 - 82,500 (11,732) - 125,000 1,197,475 (11,732) Balance as at 31 Dec 2024 20,717,251 1,320,401 (21,713,577) 324,075 Issued Capital Opening Balance – 1 July 2024 Loss for the period Total comprehensive loss for the period 2023 Sharebased Payments Reserve $ Issued Capital $ Opening Balance – 1 July 2023 Accumulated Losses Total $ $ Accumulated Losses Total $ $ 13,615,292 1,061,548 (15,738,110) (1,061,270) - - (2,970,215) (2,970,215) (2,970,215) (2,970,215) Issue of shares (net of costs) 4,010,274 - - 4,010,274 Share based payments (72,000) 81,476 - 9,476 17,553,566 1,143,024 (18,708,325) (11,735) Loss for the period Total comprehensive loss for the period Balance as at 31 Dec 2023 The accompanying notes form part of these consolidated financial statements 11 |P a g e Adavale Resources Limited Condensed Consolidated Statement of Cash Flows For the half year ended 31 December 2024 31 Dec 2024 $ 31 Dec 2023 $ 43,796 (354,109) (737,479) (777,674) (2,145,655) (1,047,792) (2,923,329) Cash flows from investing activities - - Net cash outflows from investing activities - - 1,137,725 3,062,673 110,000 (110,000) (13,127) (74,992) 1,124,598 2,987,681 Net increase in cash and cash equivalents held 76,806 64,352 Cash and cash equivalents at the beginning of the period Foreign exchange differences 280,295 893,473 (1,421) (14,386) Cash and cash equivalents at the end of the period 355,680 943,439 Cash flows from operating activities Receipts from customers Payments to suppliers and employees Payments for exploration and evaluation expenditure Net cash outflows from operating activities Cash flows from financing activities Proceeds from share issues and exercise of options (net of costs) Proceeds from loan Repayment of loan Finance and interest payments Net cash inflows from financing activities The accompanying notes form part of these consolidated financial statements 12 |P a g e Adavale Resources Limited Notes to the Consolidated Financial Statements For the half year ended 31 December 2024 1. SUMMARY OF MATERIAL ACCOUNTING POLICIES Statement of Compliance These interim consolidated financial statements are general purpose financial statements prepared in accordance with the requirements of the Corporations Act 2001, applicable accounting standards including AASB 134: Interim Financial Reporting, Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board (‘AASB’). Compliance with AASB 134 ensures compliance with IAS 34 ‘Interim Financial Reporting’. This condensed interim report does not include full disclosures of the type normally included in an annual financial report. Therefore, it cannot be expected to provide as full an understanding of the financial performance, financial position and cash flows of the Group as in the full financial report. It is recommended that this interim financial report be read in conjunction with the annual financial report for the year ended 30 June 2024 and any public announcements made by Adavale Resources Limited and its subsidiaries during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001 and the ASX Listing Rules. Basis of preparation The interim report has been prepared on a historical cost basis. Cost is based on the fair value of the consideration given in exchange for assets. The Company is domiciled in Australia and all amounts are presented in Australian dollars, unless otherwise noted. For the purpose of preparing the interim report, the half-year has been treated as a discrete reporting period. Significant accounting judgements and key estimates The preparation of interim financial reports requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. In preparing this interim report, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial report for the year ended 30 June 2024. Accounting policies and methods of computation The accounting policies and methods of computation adopted are consistent with those of the previous financial year and corresponding interim reporting period. Standards and Interpretations applicable to 31 December 2024 In the half-year ended 31 December 2024, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to the Company and effective for the half-year reporting period beginning on or after 1 July 2024. As a result of this review, the Directors have determined that there is no material impact of the new and revised Standards and Interpretations on the Company and therefore no material change is necessary to Group accounting policies. 13 |P a g e Adavale Resources Limited Notes to the Consolidated Financial Statements For the half year ended 31 December 2024 Standards and Interpretations in issue not yet adopted The Directors have also reviewed all of the new and revised Standards and Interpretations on issue but not mandatory yet that are relevant to the Company and effective for the interim reporting periods beginning on or after 1 January 2025. As a result of this review, the Directors have determined that there is no material impact of these new and revised Standards and Interpretations on the Company and therefore no material change is necessary to Group accounting policies. Going Concern Basis of Accounting The Group is at the exploration and evaluation phase in relation to each of its mining tenements. The Group has incurred a loss from continuing operations for the period of $1,274,841. The Group had a cash outflow from operating activities of $1,047,792, while over the same period raised a cash amount of $1,137,725 (net of cash costs) from placement of shares. At period end, the Group’s cash reserves were $355,680 and it has an undrawn Share Subscription Agreement facility of $175,000. Current assets exceeded current liabilities by $311,352. The Group is committed to payments to maintain rights to perform its continuing exploration and evaluation activity in the Parkes Project in New South Wales and the South Australian Uranium Projects. The Company’s Kabanga Jirani Nickel Project and the Luhuma Nickel Project in Tanzania have been put into care and maintenance due to the current nickel price and market. The Company is continuing its objective as an exploration Company which entails continued cash outflows from operating activities in future. Funding will come from the utilisation of existing cash facilities, the existing Share Subscription Agreement from LKC Technology Pty Limited and future capital raisings when required. Subsequent to period end, the Company raised a further $687,035 via placements to sophisticated and professional investors. The Company currently does not have any debts. On the basis of the above, the Directors consider it is appropriate to prepare the financial statements on a going concern basis. The directors recognise that this represents a material uncertainty as to the Group’s ability to continue as a going concern, however they are confident that the Group will be able to continue its operations into the foreseeable future. Should the Group not be successful in obtaining adequate funding, there is a material uncertainty that may cast significant doubt as to the ability of the Group to continue as a going concern and whether it will be able to realise its assets and extinguish its liabilities in the ordinary course of business. 14 |P a g e Adavale Resources Limited Notes to the Consolidated Financial Statements For the half year ended 31 December 2024 2. PROPERTY, PLANT & EQUIPMENT 31 December 2024 $ Non-current Property, plant and equipment – carrying amount 12,723 24,487 Half Year to 31 Dec 2024 Year to 30 June 2024 106,091 (2,479) 103,612 106,091 106,091 Accumulated Depreciation Movement for the period Beginning of financial period Depreciation Disposal End of financial period 81,604 10,795 (1,510) 90,889 57,773 23,831 81,604 Carrying amount at the end of the financial period 12,723 24,487 Cost Movement for the period Beginning of financial period Disposal End of the financial period 3. 30 June 2024 $ CONTRIBUTED EQUITY (a) Issued capital 1,540,832,033 ordinary fully paid shares (June 2024: 1,040,265,367) 31 December 2024 $ 20,717,251 30 June 2024 $ 19,477,276 31 December 2024 Number of $ shares Movements in share capital for the financial period Balance at beginning of the financial period Issued during the period: Acquisition of EL6553 Placement at 0.3 cents per share Placement at 0.25 cents per share Share issue costs Balance at end of the financial period 1,040,265,367 19,477,276 25,000,000 169,666,666 305,900,000 1,540,832,033 125,000 509,000 764,750 (158,775) 20,717,251 15 |P a g e Adavale Resources Limited Notes to the Consolidated Financial Statements For the half year ended 31 December 2024 (b) Reserves Share based payments reserve Movement for the period Beginning of financial period Share based payments (options – cost of share issue) Share based payments (options – consultancy) Share based payments (performance rights) Share based payments (lapsing of performance rights) Issue of options to acquire EL6890 End of financial period (c) 31 December 2024 $ 1,320,401 30 June 2024 $ 1,249,633 Half Year to 31 Dec 2024 1,249,633 82,500 46,918 (58,650) 1,320,401 Year to 30 June 2024 1,061,548 102,000 20,000 56,085 10,000 1,249,633 Performance rights issued during the half-year During the half year, no Performance Rights were issued. However, the Company has continued to bring to account the value of rights issued in 2023 over their vesting periods. During the half year, 17,250,000 Performance Rights have lapsed due to expiry. As these rights contained a service condition, the expense brought to account up to the expiry date has been reversed against the current period loss. The current period credit of $11,732 is comprised of the following: Expensing of performance rights to 31 December 2024 Less: Revesal of expense relating to rights that expired at 31 December 2024 31 December 2024 $ 46,918 (58,650) (11,732) (d) Options issued during the half-year During the half year, the Company issued 169,666,666 options exercisable at $0.005 each expiring 31 December 2027 as part of the free attaching options to the placement conducted in July 2024. The Company also issued 41,250,000 options exercisable at $0.005 each expiring 31 December 2027 to GBA Capital as Lead Manager Options for the placement. These options were valued at $82,500 utilising a Black & Scholes option pricing model with the following inputs: Grant date: 29 October 2024 Expiry date: 31 December 2027 Share price at grant date: 0.3 cents Exercise price: 0.5 cents Risk-free rate: 4.35% Volatility: 100% 16 |P a g e Adavale Resources Limited Notes to the Consolidated Financial Statements For the half year ended 31 December 2024 4. SEGMENT INFORMATION The Company has identified its operating segments based on internal reports that are reviewed by the Board and management. The Company operated in one operating segment during the half year, being mineral exploration and in two geographical areas, being Australia and Africa. Expenditure, assets and liabilities not directly related to either is referred to as other. The segment reporting is detailed below: Mineral Exploration Australia $ For the half year ended 31 Dec 2024 Income Other Total Segment Income Mineral Exploration Africa $ Corporate $ Total $ - 43,796 43,796 - 43,796 43,796 599,475 599,475 219,895 219,895 455,471 455,471 1,274,841 1,274,841 Total Segment Assets - 8,747 461,904 4