Announcement PDF ABN 24 610 035 535 Financial Report For the half year ended 31 December 2024 Half Year Financial Report - 31 December 2024 Corporate Directory Directors Evan Cranston - Non-executive Chairperson Peter Allen - Managing Director Ashley Pattison - Non-executive Director Wei Li - Finance Director Brett Grosvenor - Non-executive Director Company secretary Oonagh Malone Registered office Unit 38, 460 Stirling Highway Peppermint Grove WA 6011 Share registry Automic Registry Pty Ltd Level 5, 191 St Georges Terrace Perth WA 6000 Auditor Grant Thornton Audit Pty Ltd Level 43, 152-158 St Georges Terrace Perth WA 6000 Solicitors Steinepreis Paganin Lawyers & Consultants Level 14, QV1 Building 250 St Georges Terrace Perth WA 6000 Bankers National Australia Bank Level 4 (UB4440), 800 Bourke Street Docklands VIC 3008 Australia Stock exchange listing Firebird Metals Limited securities are listed on the Australian Securities Exchange (ASX code: FRB) Corporate Governance Statement is available on the Company's website at www.firebirdmetals.com.au/corporate-governance/ Website www.firebirdmetals.com.au 2 Half Year Financial Report - 31 December 2024 Table of Contents Directors' report Auditor's independence declaration Condensed consolidated statement of profit or loss and other comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements Directors' declaration Independent auditor's report to the members of Firebird Metals Limited 3 4 5 6 7 8 9 10 16 17 Half Year Financial Report - 31 December 2024 Director’s report The Directors present their report, together with the interim financial statements, on the consolidated entity (referred to hereafter as the “consolidated entity”) consisting of Firebird Metals Limited (referred to hereafter as the “Company” or “parent entity”) and the subsidiary it controlled for the half year ended 31 December 2024. Directors The following persons were directors of Firebird Metals Limited throughout the half year and up to the date of this report: Evan Cranston - Non-executive Chairperson Peter Allen - Managing Director Ashley Pattison - Non-executive Director Wei Li - Finance Director Brett Grosvenor - Non-executive Director Company Secretary Oonagh Malone Principal activities During the half year the principal activities of the consolidated entity consisted of: • Exploration and development of Oakover Manganese Project; and • Exploration of other manganese projects in the East Pilbara Manganese Province. • Development of High Purity Manganese Sulphate (MnSO4) project in Hunan China. Dividends There were no dividends paid or declared during the half year. Operating results The loss after income tax incurred by the consolidated entity for the six months ended 31 December 2024 was $1,066,223 (31 December 2023: $3,312,937). Cash and cash equivalents at 31 December 2024 totalled $3,076,186 (30 June 2024: $5,067,332). Significant changes in the state of Affairs There have been no changes in the state of affairs of the consolidated entity other than those outlined in the Review of Operations Significant events after the balance date No matter or circumstance has arisen since 31 December 2024 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report. This report is signed in accordance with a resolution of the Board of Directors. On behalf of the Directors _______________________ Peter Allen Managing Director 13 March 2025 4 Grant Thornton Audit Pty Ltd Level 43 Central Park 152-158 St Georges Terrace Perth WA 6000 PO Box 7757 Cloisters Square Perth WA 6850 T +61 8 9480 2000 Auditor’s Independence Declaration To the Directors of Firebird Metals Limited In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Firebird Metals Limited for the half-year ended 31 December 2024. I declare that, to the best of my knowledge and belief, there have been: a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b no contraventions of any applicable code of professional conduct in relation to the review. GRANT THORNTON AUDIT PTY LTD Chartered Accountants L A Stella Partner – Audit & Assurance Perth, 13 March 2025 www.grantthornton.com.au ACN-130 913 594 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation. 5 Half Year Financial Report - 31 December 2024 Condensed consolidated statement of profit or loss and other comprehensive income For the half year ended 31 December 2024 Notes 31 December 2024 $ 31 December 2023 $ 9 69,097 15,431 (133,377) (447,585) (71,689) (425,562) (72,538) (1,066,223) (1,066,223) 406,816 (110,038) (480,760) (2,162) (385,618) (2,623,360) (37,468) (80,347) (3,312,937) (3,312,937) 117,398 (948,825) (23,160) (3,336,097) (0.7) (0.7) (3.8) (3.8) Other revenue Interest income Exploration expenditure Administration costs Depreciation and amortisation expenses Director's fees Share based payments Employee expenses Loss of the sale of tenement Loss before income tax Income tax expense Loss after income tax for the period Other comprehensive income Exchange differences on translation of foreign operations Total other comprehensive loss for the period Basic loss per share (cents) Diluted loss per share (cents) 10 10 The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 6 Half Year Financial Report - 31 December 2024 Condensed consolidated statement of financial position As at 31 December 2024 Notes Current assets Cash and cash equivalents Trade and other receivables Total current assets Non-current assets Fixed assets Exploration and evaluation assets Intangible assets Total non-current assets Total assets 4 5 6 Current liabilities Trade and other payables Total current liabilities Total liabilities Net assets Equity Issued capital Reserves Accumulated losses Total equity 7 8 31 December 2024 $ 3,076,186 296,737 3,372,923 5,067,332 354,982 5,422,314 974,268 6,256,333 1,369,307 8,599,908 11,972,831 72,675 6,082,626 1,306,329 7,461,630 12,883,944 283,301 283,301 283,301 245,589 245,589 245,589 11,689,530 12,638,355 21,117,294 5,750,260 (15,178,024) 11,689,530 21,117,294 5,632,862 (14,111,801) 12,638,355 The above statement of financial position should be read in conjunction with the accompanying notes 7 30 June 2024 $ Half Year Financial Report - 31 December 2024 Condensed consolidated statement of changes in equity As at 31 December 2024 Issued capital $ Share based payment reserve $ 12,802,654 3,043,528 - Foreign currency reserves $ Accumulated losses $ Total equity $ - (9,456,713) 6,389,469 - - (3,312,937) (3,312,937) - - - (23,160) (3,336,097) (23,160) (3,336,097) Transactions with owners in their capacity as owners: Issue of share capital Capital raising cost Revaluation of directors’ options Balance at 31 December 2023 8,621,600 (320,203) 21,104,051 2,623,360 5,666,888 - (12,792,810) 8,621,600 (320,203) 2,623,360 13,978,129 Balance at 1 July 2024 21,117,294 5,671,291 (38,429) (14,111,801) 12,638,355 - - - (1,066,223) (1,066,223) 21,117,294 5,671,291 117,398 117,398 78,969 (1,066,223) (15,178,024) 117,398 (948,825) 11,689,530 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 Loss after income tax expense for the period Other comprehensive income for the period, net of tax Total comprehensive loss for the period Balance at 31 December 2024 The above statement of changes in equity should be read in conjunction with the accompanying notes 8 Half Year Financial Report - 31 December 2024 Condensed consolidated statement of cash flows For the half year ended 31 December 2024 Notes 31 December 2024 $ 31 December 2023 $ 62,324 15,431 (968,230) (890,475) 55,641 241,175 (943,971) (647,155) (126,866) (173,707) (800,098) (10,209) (100,000) (401,697) (462,465) Net cash used in investing activities (1,100,671) (974,371) Cash flows from financing activities Proceeds from capital raising Cost of capital raising Net cash from financing activities - 8,000,000 (320,203) 7,679,797 (1,991,146) 5,067,332 3,076,186 6,058,270 1,303,165 7,361,435 Cash flows from operating activities Receipts from customers relating to rental income Research and development tax refund Interest received Payments to suppliers and employees Net cash used in operating activities Cash flows from investing activities Payment for plant & equipment Acquisition of projects Exploration and evaluation expenditure capitalised Payments for intangible assets Net change in cash and cash equivalents held Cash and cash equivalents at beginning of the period Cash and cash equivalents at end of the period The above statement of cash flows should be read in conjunction with the accompanying notes 9 Half year Financial Report - 31 December 2024 1. Corporate information Firebird Metals Limited (Firebird Metals or the Company) is a for-profit entity for the purpose of preparing the financial statements. Principal activities include exploration and evaluation of mineral resources and pursuing various investment opportunities in the resources sector designed to add shareholder value by acquiring, exploring, evaluating and exploiting mineral resource project opportunities in Australia. Firebird Metals is domiciled in Australia whose shares are publicly traded and listed on the 18 March 2021 on Australian Securities Exchange (ASX:FRB). The address of its registered office and its principal place of business Unit 38, 460 Stirling Highway, Peppermint Grove, WA 6011. The consolidated financial statements were approved and authorised for issue by the Board of Directors on 13 March 2024. 2. Basis of preparation and statement of compliance The consolidated interim financial statements for the half year have been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001. Compliance with Australian Accounting Standards results in full compliance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Board (IASB). The consolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the annual financial statements of the consolidated entity for the year ended 30 June 2024 and any public announcements made by the consolidated entity in accordance with the continuous disclosure requirements of the Corporations Act 2001 and the ASX Listing Rules. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the consolidated entity since the last annual financial statements. Going concern The consolidated 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 entity incurred a net loss after tax of $1,066,223 during the half year ended 31 December 2024, and an operating cash outflow of $890,475 and investing cash outflow of $1,100,671. New, revised or amending accounting standards and interpretations not yet adopted The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 30 June 2024, except for the adoption of new standards effective as of 1 January 2025. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments apply for the first time in 2024, but do not have an impact on the interim condensed consolidated financial statements of the Group. The Group intends to adopt new and amended standards and interpretations, if applicable, when they become effective. The Group does not expect a material impact on the financial statements when these standards become effective. Other standards and interpretations that are issued, but not yet effective, which are not expected to impact the Group have not been listed. The below standards will apply to the Group and have a mandatory effective date post 31 December 2024: • • • • • AASB 2014-10 - Sale of Contribution of Assets between an Investor and its Associate or Joint Venture AASB 2023-5 - Amendments to Australian Accounting Standards – Lack of Exchangeability 1 January 2025 AASB 2024-2 - Amendments to Australian Accounting Standards – Classification and Measurements of Financial Instruments AASB 2024-3 - Amendments to Australian Accounting Standards – Annual Improvements Volume 11 AASB 18 - Presentation and Disclosure in Financial Statements 1 January 2027 When preparing the interim condensed consolidated financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results. 10 Half year Financial Report - 31 December 2024 The judgements, estimates and assumptions applied in the interim condensed consolidated financial statements including the key sources of estimation uncertainty, were the same as those applied in the Group’s last annual financial statements for the year ended 30 June 2024 3. Segment reporting AASB 8 Operating Segments requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker in order to allocate resources to the segment and to assess its performance. The Group’s operating segments have been determined with reference to the monthly management accounts used by the Chief Operating Decision maker to make decisions regarding the Group’s operations and allocation of working capital. Due to the size and nature of the Group, the Board as a whole has been determined as the Chief Operating Decision Maker. Identification of reportable operating segments Based on the quantitative thresholds included in AASB 8, the consolidated entity is organised into two operating segments, representing the Group’s two main projects in distinct geographical locations: the exploration and development of the Manganese project in East Pilbara, Australia, and the MnSO4 project in Hunan, China. Intersegment transactions There were no intersegment transactions Intersegment receivables, payables and loans Intersegment loans are initially recognised at the consideration received. Intersegment loans receivable and loans payable that earn or incur non-market interest are not adjusted to fair value based on market interest rates. Intersegment loans are eliminated on consolidation. Segment information for the reporting period is as follows: Corporate Hunan China Australia Total $ $ $ $ Profit or Loss Sundry income Exploration and evaluation expenditure Segment expenses Loss before income tax expense Income tax expense Loss after income tax 76,969 (916,429) (839,460) (839,460) 7,559 (100,945) (93,386) (93,386) (133,377) (133,377) (133,377) 84,528 (133,377) (1,017,374) (1,066,223) (1,066,223) Assets & Liabilities Segment assets Segment liabilities Net assets 1,589,814 (259,181) 1,330,633 4,122,914 (24,120) 4,098,794 6,260,103 6,260,103 11,972,831 (283,301) 11,689,530 31 December 2024 $ 72,238 22,957 928,171 (49,098) 974,268 30 June 2024 $ 68,692 21,478 (17,495) 72,675 4. Fixed assets Motor vehicles - at cost Office equipment - at cost Plant & equipment - at cost Less: Accumulated depreciation Net value 11 Half year Financial Report - 31 December 2024 Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous half year are set out below: Motor vehicles Consolidated Balance at 1 July 2023 Additions Depreciation expense Balance at 30 June 2024 Additions Depreciation expense Depreciation capitalised to R&D Exchange differences Balance at 31 December 2024 $ 10,238 51,492 (8,591) 53,139 (9,047) 3,250 47,342 5. Exploration and evaluation Carrying amount at the beginning of the period Exploration expenditures Carrying amount at the end of the period Office equipment $ 21,478 (1,942) 19,536 (2,858) 1,345 18,023 Plant & equipment $ Total $ 928,171 (19,268) 908,903 10,238 72,970 (10,533) 72,675 928,171 (11,905) (19,268) 4,595 974,268 31 December 2024 $ 6,082,626 173,707 6,256,333 30 June 2024 $ 5,285,546 797,080 6,082,626 The company signed a farm-out agreement with Macro Metals Ltd on 22 July 2024 for the development of its Wandanya and Disraeli tenements, which was later amended on 10 October 2024. Under this agreement, Macro will invest a minimum aggregate expenditure of A$112,500 across the two projects within 12 months at the Wandanya Project (Tenements E46/1456 and E46/1457) and the Disraeli Project (Tenement E46/1389), and complete at least 10 Reverse Circulation (RC) drill holes, with a total minimum drilling depth of 100 metres on each project, to earn an 80% interest. The company will retain a free-carried 20% interest in the projects until a decision to mine is made. This agreement allows the company to focus on the development of the Oakover Project and its Chinese manganese sulphate plant. The recoupment of costs carried forward in relation to areas of interest in the exploration and evaluation phases is dependent on the successful development and commercial exploitation or sale of the respective areas. 6. Intangible assets Carrying amount at the beginning of the period License acquisition Lab construction completed and transferred to fixed assets Development cost additions Amortisation – License Carrying amount at the end of the period 12 31 December 2024 $ 1,306,329 (806,329) 929,471 (60,164) 1,369,307 30 June 2024 $ 600,000 706,329 1,306,329 Half year Financial Report - 31 December 2024 7. Share capital Share capital at 1 July 2023 Performance rights exercised on 18/10/2023 at $0.01613 per share Share issues Tranche 1 on 07/10/2023 at $0.125 per share Share issues Tranche 2 on 06/12/2023 at $0.125 per share Share issues to suppliers on 06/12/2023 at $0.125 per share Share issues China investment 06/12/2023 at $0.156 per share Share issues Final issue on 28/12/2023 at $0.125 per share Less cost of shares issues Share capital at 31 December 2023 No. of shares 73,075,000 1,100,000 18,040,000 42,760,000 972,800 3,213,601 3,200,000 142,361,401 $ 12,802,654 17,743 2,255,000 5,345,000 121,600 500,000 400,000 (324,703) 21,117,294 Share capital at 1 July 2024 Movement Share capital at 31 December 2024 142,361,401 142,361,401 21,117,294 21,117,294 The share capital of the Company consists only of fully paid ordinary shares. The shares do not have a par value. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the shareholders’ meeting. 8. Reserves Balance at 1 July 2023 Placement 12,500,000 Director’s Options on 06/12/2023 Placement 12,500,000 Director’s Options on 06/12/2023 Balance at 31 December 2023 Balance at 1 July 2024 Foreign currency exchange differences Balance at 31 December 2024 8.1 Options Sharebased payments reserve $ 273,229 273,229 Option payments reserve $ 2,770,299 1,354,828 1,268,532 5,393,659 Foreign currency reserve $ - $ 3,043,528 1,354,828 1,268,532 5,666,888 273,229 273,229 5,398,062 5,398,062 (38,429) 117,398 78,969 5,632,862 117,398 5,750,260 Total reserves No. of options $ Options at 1 July 2023 Opening balance Placement 12,500,000 Director’s Options on 06/12/2023 Placement 12,500,000 Director’s Options on 06/12/2023 Options at 31 December 2023 29,250,000 12,500,000 12,500,000 54,250,000 2,770,299 1,354,828 1,268,532 5,393,659 Options at 1 July 2024 Opening balance Free-attaching options expired on 03/12/2024 Options at 31 December 2024 46,250,000 *(9,250,000) 37,000,000 5,398,062 5,398,062 * On 2 December 2022 the Company issued 9,250,000 free-attaching options as part of the capital raise during the year with one free attaching option for every two shares issued. There was no value ascribed due to them being free attaching. 13 Half year Financial Report - 31 December 2024 8.2 Share-based payments There was no option and performance rights issued to directors during the half year. Set out below is a summary of unlisted options and performance rights outstanding at 31 December 2024: Unlisted directors’ & management options Performance rights (tranche 1) Performance rights (tranche 2) Unlisted directors’ & management options Directors’ & management options Directors’ & management options Share price at grant date Exercise price Fair value per unit Total fair value Vested Unvested Grant date Issue date Expiry date Cents Cents Cents $ 10,000,000 - 23/11/2021 23/11/2021 30/11/2026 53 100 24.4 2,439,333 - 1,100,000 27/1/21 18/3/21 18/3/26 20 N/A 20 220,000 - 1,100,000 27/1/21 18/3/21 18/3/26 20 N/A - - 2,000,000 - 1/3/22 2/12/22 30/11/26 19 100 10.99 153,366 12,500,000 - 29/11/23 6/12/23 6/12/28 30 30 10.86 1,356,971 12,500,000 - 29/11/23 6/12/23 6/12/28 40 40 10.17 1,270,792 9. Other revenue Warehouse rent income Research and development tax refund Tenement sold Total Other revenue 10. Loss per share Net loss attributable to ordinary equity holders of the Company Weighted average number of ordinary shares* Loss per share (cents per share) 31 December 2024 $ 69,097 69,097 31 December 2023 $ 55,641 241,175 110,000 406,816 31 December 2024 $ (1,066,223) 142,361,401 (0.7) 31 December 2023 $ (3,312,937) 86,697,536 (3.8) *Weighted average number of ordinary shares Date 01/07/2024 Total Number of shares 142,364,401 142,361,401 Days 184 14 Weight 1.0000 Weighted average number of ordinary shares 142,364,401 142,361,401 Half year Financial Report - 31 December 2024 11. Contingencies There has been no change in contingent liabilities since the last annual reporting date (30 June 2024: $nil). 12. Subsequent events There have not been any events that have arisen between 31 December 2024 and the date of this report or any other item, transaction or event of a material and unusual nature likely, in the opinion of the Directors, to materially affect the operations of the consolidated entity, the results of those operations or the state of affairs of the consolidated entity, in subsequent financial years. 15 Half year Financial Report - 31 December 2024 Directors' declaration In accordance with a resolution of the directors of Firebird Metals Ltd, I state that: 1. In the opinion of the Directors of Firebird Metals Ltd: a) The consolidated financial statements and notes of the Group are in accordance with the Corporations Act 2001, including: (i) Giving a true and fair view of its financial position as at 31 December 2024, and of its performance for the financial year ended on that date; and (ii) Complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; b) There are reasonable grounds to believe that Firebird Metals Ltd will be able to pay its debts as and when they become due and payable. 2. The consolidated entity disclosure statement is true and correct. 3. The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the Chief Executive Officer and Chief Financial Officer equivalent for the half year ended 31 December 2024. 4. Note 2 confirms that the condensed consolidated financial statements also comply with International Financial Reporting Standards. Signed in accordance with a resolution of the Directors: On behalf of the board ___________________________ Peter Allen Managing Director 13 March 2025 16 Grant Thornton Audit Pty Ltd Level 43 Central Park 152-158 St Georges Terrace Perth WA 6000 PO Box 7757 Cloisters Square Perth WA 6850 T +61 8 9480 2000 Independent Auditor’s Review Report To the Members of Firebird Metals Limited Report on the half year financial report Conclusion We have reviewed the accompanying half year financial report of Firebird Metals Limited (the Company) and its subsidiaries (the Group), which comprises the condensed consolidated statement of financial position as at 31 December 2024, and the condensed consolidated statement of profit or loss and other comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the half year ended on that date, including material accounting policy information, other selected explanatory notes, and the directors’ declaration. Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of Firebird Metals Limited does not comply with the Corporations Act 2001 including: a giving a true and fair view of the Group’s financial position as at 31 December 2024 and of its performance for the half year ended on that date; and b complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. Basis for Conclusion We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. www.grantthornton.com.au ACN-130 913 594 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation. 17 Material uncertainty related to going concern We draw attention to Note 2 in the financial report, which indicates that the Group incurred a net loss after tax of $1,066,223 during the half year ended 31 December 2024 and, as of that date, the Group's cash outflows from operating and investing activities amounting to $890,475 and $1,100,671 respectively. As stated in Note 2, these events or conditions, along with other matters as set forth in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our conclusion is not modified in respect of this matter. Directors’ responsibility for the half-year financial report The Directors of the Group are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors