Announcement PDF ASX Announcement | 15 March 2024 Variscan Mines Limited (ASX:VAR) FINANCIAL REPORT – HALF-YEAR ENDED 31 December 2023 Variscan Mines Limited (“Variscan” or the “Company”) encloses its half-year financial report for the period ended 31 December 2023. Yours faithfully Mark Pitts Company Secretary This announcement has been approved for release by Mr Mark Pitts, Company Secretary, Variscan Mines Limited. For further information, please contact: Variscan Mines Limited (ASX:VAR) Stewart Dickson Managing Director & CEO E: stewart.dickson@variscan.com.au T: +44 (0) 7799 694195 Media & Investor Enquiries The Capital Network Julia Maguire E: julia@thecapitalnetwork.com.au P: +61 2 8999 3699 About Variscan Mines Limited (ASX:VAR) Variscan Mines Limited (ASX:VAR) is a growth oriented, natural resources company focused on the acquisition, exploration and development of high-quality strategic mineral projects. The Company has compiled a portfolio of highimpact base-metal interests in Spain, Chile and Australia. Its primary focus is the development of its advanced zinc projects in Spain. The Company’s name is derived from the Variscan orogeny, which was a geologic mountain building event caused by Late Paleozoic continental collision between Euramerica (Laurussia) and Gondwana to form the supercontinent of Pangea. To learn more, please visit: www.variscan.com.au For more information Follow us on LinkedIn Follow us on Twitter Visit our investor website: www.variscan.com.au Interim Financial Report for the half-year ended 31 December 2023 Contents Corporate Information 3 Directors’ Report 4 Auditor’s Independence Declaration 11 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 12 Condensed Consolidated Statement of Financial Position 13 Condensed Consolidated Statement of Changes in Equity 14 Condensed Consolidated Statement of Cash Flows 15 Notes to the Condensed Interim Financial Statements 16 Directors’ Declaration 28 Independent Auditor’s Review Report 29 Corporate Information Directors Mr Anthony Wehby Non-executive Chairman Mr Stewart Dickson Managing Director & CEO Mr Nick Farr-Jones Non-executive Director Dr Frank Bierlein Non-executive Director Company Secretary Mr Mark Pitts Registered Office Level 5/191 St Georges Terrace Perth WA 6000 Australia P: +61 8 9316 9100 E: info@variscan.com.au Share Registry Boardroom Pty Ltd GPO Box 3993 Sydney NSW 2001 Australia P: +61 2 9290 9600 Auditors HLB Mann Judd (WA Partnership) Level 4, 130 Stirling Street Perth WA 6000 Australia +61 8 9227 7500 Securities Exchange Listing Variscan Mines Limited’s shares are listed on the Australian Securities Exchange (ASX: VAR) Competent Persons Statements The information in this document that relates to the Exploration Target, Exploration results and technical information about the NovalesUdias project is based on, and fairly represents information and supporting documentation reviewed by by Dr. Mike Mlynarczyk, Principal of Redstone Exploration Services, a geological consultancy acting as an external consultant for Variscan Mines. Dr. Mlynarczyk is a Professional Geologist (PGeo) of the Institute of Geologists of Ireland, and European Geologist (EurGeol) of the European Federation of Geologists, as well as Fellow of the Society of Economic Geologists (SEG). With over 10 years of full-time exploration experience in MVTstyle zinc-lead systems in several of the world’s leading MVT provinces, Dr. Mlynarczyk has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (‘JORC Code’). Dr. Mlynarczyk consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. Where Company refers to exploration results, historical data and mineral resource estimates previously advised to the ASX it confirms that it is not aware of any new information or data that materially affects the information included in previous announcements and all material assumptions and technical parameters disclosed in those announcements continue to apply and have not materially changed. Variscan Mines Limited Page 3 Directors’ Report Your Directors of Variscan Mines Limited (the “Company”) submit the Interim Financial Report of the Group, being the Company and its controlled entities (“Variscan” or the “Group”), for the half year ended 31 December 2023. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows: Directors The names of Directors who held office during or since the end of the interim period and until the date of this report are noted below. Directors were in office for the entire period unless otherwise stated. Mr Anthony Wehby Non-executive Chairman Mr Stewart Dickson Managing Director & CEO Mr Nicholas (Nick) Farr-Jones Non-executive Director Dr Frank Bierlein Non-executive Director Review of operations Spain – Novales-Udias Zinc Project Project summary and strategy The Novales-Udias Project is located in the Basque-Cantabrian Basin, some 30km southwest from the regional capital, Santander. The project is centred around the former producing San Jose underground mine with a large surrounding area of exploration opportunities over the 9km Novales Trend, which includes a number of satellite underground and surface workings. This project, which is highly prospective across multiple fronts and located in close proximity to both major infrastructure requirements and zinc consumers, continued to be the major focus of Variscan’s exploration and development activities over the six months to 31 December 2023. Figure 1: Novales-Udias Project Opportunities Variscan Mines Limited Page 4 Directors’ Report Over the past six months, Variscan has made rapid progress towards a mine restart. Initial, maiden JORC-compliant Mineral Resource Estimate for San Jose In late November 2023, Variscan released an initial, maiden JORC (2012) compliant Mineral Resource Estimate (“MRE”) for the San Jose Mine, near Novales, located in Cantabria, northern Spain. (see ASX announcement dated 28 November 2023). CSA Global (“CSA Global”), a member of the ERM Group of Companies, was engaged by Variscan to report a MRE for the San Jose deposit and the adjacent north-eastern part of the Udías deposit. The MRE is 1.1Mt @ 9.0% Zn and 1.2%Pb at a cut-off grade of 2% Zn. Table 1. JORC Mineral Resource Estimate for San Jose Mine and north-eastern Udías by deposit and classification reported above a 2% Zn cut-off Deposit Classification Tonnes (Kt) Zn % Pb % Zn + Pb % Indicated 490 10.0 1.7 11.7 Inferred 250 12.3 1.6 14.0 Sub-total 740 10.8 1.7 12.5 San Jose (NE) Inferred 260 4.7 0.1 4.8 Udías (NE) Inferred 90 6.5 0.4 6.8 Total Indicated 490 10.0 1.7 11.7 Inferred 590 8.2 0.8 8.9 Total 1,080 9.0 1.2 10.2 San Jose Notes: • • • • Due to effects of rounding, the total may not represent the sum of all components. Mineral Resource is reported from all blocks, classified as either Indicated or Inferred, where interpolated block grade is ≥2.0% Zn. Block model is coded where blocks have been depleted by historical underground mining activities. A density value of 3 t/m 3 is applied to all blocks. The MRE has been estimated for the San Jose deposit as well as the adjacent north-eastern part of the Udías deposits, both of which were previously mined for zinc during the 20th century. The Project is centred around the historically mined San Jose underground zinc-lead project with a large surrounding area of exploration opportunities over the 9km Novales Trend, which includes a number of satellite underground and surface workings. The MRE incorporates outcomes from extensive drilling campaigns undertaken in and around the Project. Underground and surface drilling has been carried out since the 1960s, with a drill hole database now comprising 1,105 drill-holes covering approximately 94,808m. Variscan itself carried out surface and underground drilling programs in 2022 and 2023, targeting extensions to the known zones of mineralisation as well as targeting new zones of mineralisation. The mineralisation is classified as Mississippi Valley-type (“MVT”), hosted within a stratiform dolomitic unit. The MRE is classified as a combination of Indicated and Inferred categories and has been reported in accordance with the JORC Code (2012) 1, with geological and sampling evidence sufficient to assume geological and grade continuity within the volumes classified as Indicated. The MRE classification levels were based upon an assessment of geological understanding of the deposit, geological and grade continuity, drillhole spacing, quality control results, search and interpolation parameters, and an analysis of available density information. The deposit is considered to be of sufficient grade, quantity, and continuity to have reasonable prospects for eventual economic extraction. 1 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The JORC Code, 2012 Edition. Prepared by: The Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC) Variscan Mines Limited Page 5 Directors’ Report Figure 1. Mineral Resource Estimate categories in 3D View Additional JORC Exploration Target indicates the potential scale and grade of the San Jose Mine The abovementioned reported MRE sits within a larger JORC Exploration Target of 3Mt - 6Mt, with grade ranges of 7 - 11% Zn and 0.3 - 1.6% Pb 2. Table 2. JORC Exploration Target Tonnage and Grade Estimate Ranges Range Tonnes (Mt) Zn % Pb % Lower Estimate 3.0 7.0 0.3 Upper Estimate 6.0 11.0 1.6 2 The potential quantity and grade of this exploration target is conceptual in nature, there is currently insufficient exploration completed to support a mineral resource of this size and it is uncertain whether continued exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared in accordance with the JORC Code (2012). Variscan Mines Limited Page 6 Directors’ Report Figure 2. JORC Exploration Target indicates scope for Mineral Resource to grow Phase 3 Underground Drilling at San Jose Mine defines a new thick lower lens of high-grade zinc with up to 25% zinc intersected In early October 2023, Variscan Mines released high grade zinc assay results from the Phase 3 underground diamond drilling campaign at the San Jose Mine (see ASX announcement dated 5 October 2023). This drilling programme has been focussed on prospective zones identified from the development of the Company’s 3D model and is targeting an expansion of zones of mineralisation. These drill results achieve both objectives by defining a new lower lens beneath the La Catedral in the Central Zone and expanding the mineralisation footprint with continuity as the new lens links up with the La Caseta trend. The La Catedral lower lens is immediately accessible from main gallery level of the mine. Selected drilling results: • • • • • • NDDT007B 21.85m @ 8.50% Zn, 0.38% Pb o including 18.05m @ 10.22% Zn, 0.46% Pb NDDT007 23.35m @ 7.09% Zn, 1.72% Pb o including 11.0m @ 11.58% Zn, 3.35% Pb NDDT014 14.55m @ 5.81% Zn, 0.90% Pb NDDT012 10.30m @ 5.09% Zn, 0.19% Pb NDDT010 3.80m @ 24.58% Zn, 3.13% Pb NDDT008 9.30m @ 5.18% Zn, 0.13% Pb Variscan Mines Limited Page 7 Directors’ Report Figure 3. Cross-section of newly defined La Catedral Lower Lens, Central Zone, San Jose Mine Figure 4. 3D model illustrating newly defined La Catedral Lower Lens, Central Zone, San Jose Mine Variscan Mines Limited Page 8 Directors’ Report Figure 5: Diamond Drill Core from NDDT014 (14.55m @ 5.81% Zn, 0.90% Pb) illustrating massive sphalerite hosted in dolostone Further critical milestones in development of San Jose are currently a work-in-progress With delineation of a maiden Mineral Resource Estimate for San Jose now complete, Variscan’s next focus is the delivery of other milestones critical to San Jose again becoming a producing mine. San Jose-related tasks that Variscan plans to deliver over the first half of Calendar Year 2024 include: • • • • • Preparation of a mine-restart concept study for the San Jose Mine. A Phase 4 underground drilling campaign A potential surface drilling campaign at San Jose along strike A potential MRE upgrade The potential actioning of recommendations coming out of the now-being-prepared mine re-start study Spain – Guajaraz Zinc Project The Guajaraz Project is a prospective brown-field zinc-rich polymetallic opportunity with known mineral occurrences. The project is located in the highly mineralised Central Zone of the Iberian Massif, which ranks as one of the most mineralised geological units globally and represents the internal zone of the prolific European Variscan Orogenic belt. The project area lies within a primary igneous and metamorphic crystalline plateau that hosts abundant hydrothermal vein networks that have a long history of exploration. Brittle-fault related vein and silicified breccia ore deposits are of the BPGC type (zinc-galena-pyritechalcopyrite). While the main focus over the half-year was again the exploration and eventual development of the Novales-Udias project, Guajaraz remains a core asset in Variscan’s portfolio. Three-year extension of Guajaraz exploration license delivered In late October 2023, Variscan announced that the Consejería de Desarrollo Sostenible (Department of Sustainable Development) of the Junta de Comunidades de CastillaLa Mancha (the regional Government of Castile-La Mancha) had approved a 3-year extension of the “Guajaraz” Permiso de Investigación (Exploration License), located in central Spain (see ASX announcement dated 26 October 2023). A long-term exploration program for Guajaraz is now taking shape The design of a future long-term work program for the Guajaraz Project, which will extend across the 2023 through 2026 lifespan of the now renewed Exploration License, includes: • • • Soil geochemistry. Geophysical survey. Initial drilling campaign. Variscan Mines Limited Page 9 Directors’ Report A geophysical campaign will be carried out, covering the same areas included in the already undertaken geochemical prospecting campaign with assay results pending. The main objective will be to discover polymetallic (Zn-Pb-Ag-Cu), deposits by recording anomalous chargeability and resistivity values utilising Direct Current Induced Polarization (DCIP). Initial planning anticipates the acquisition of chargeability and resistivity data along six profiles between 1.3-1.7km in length. The total length of the campaign will be approximately 8,500 metres. Depending on the results obtained in the proposed geochemical and geophysical surveys, capital allocation and permitting, a surface drilling campaign is anticipated be conducted to drill-test targets identified. The objective of the drilling would be to seek extensions of (ZnPb-Ag-Cu) mineralization stepping out from the La Unión Mine. Initial drill hole planning has been conducted based on the geological knowledge acquired to date. The final location of drill-holes will be refined by the results of the preceding geochemical and geophysical surveys. Figure 7. Guajaraz Project location Significant events after balance date On 19 January 2024, the Company issued 14,555,556 shares at $0.018 each pursuant to a placement originally announced on 9 March 2023. The Company also issued 7,277,778 unlisted free attaching options exercisable at 2.75 cents ($0.0275) each on or before 15 March 2025. Other than the above, there has been no additional matter or circumstance that has arisen after balance date that 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 future financial periods. Auditor Independence and Non-Audit Services Section 307C of the Corporations Act 2001 requires our auditors, HLB Mann Judd, to provide the Directors of the Company with an Independence Declaration in relation to the review of the half-year report. This Independence Declaration is set out on page 11 and forms part of this Directors’ Report for the half year ended 31 December 2023. Signed in accordance with a resolution of the Directors. Stewart Dickson Managing Director Dated this 15th day of March 2024 Variscan Mines Limited Page 10 AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the review of the consolidated financial report of Variscan Mines Limited for the half-year ended 31 December 2023, 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 15 March 2024 D B Healy Partner Page 11 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the half-year ended 31 December 2023 Consolidated Notes Six months to Six months to 31 December 31 December 2023 2022 $ $ Continuing operations Interest income 6,726 3,829 Other income 1,078 - Total income 7,804 3,829 Compliance expenses (34,483) (40,495) Professional services expenses (114,511) (143,439) (156) (31) Directors’ expenses (121,000) (150,520) Travel and accommodation expenses (23,181) - - (108,744) Other expenses (46,136) (47,281) Total expenses (339,467) (490,510) Realised gain/(loss) on foreign exchange (1,509) 1,619 Unrealised gain/(loss) on foreign exchange 2,032 46 523 1,665 (331,140) (485,016) - - (331,140) (485,016) Exchange differences on translation of foreign operations (53,795) 20,183 Other comprehensive (loss) / income for the period, net of tax (53,795) 20,183 Total comprehensive loss for the period (384,935) (464,833) (0.09) (0.18) Finance expenses Share based payments 6 Total foreign exchange gain/(loss) Loss before income tax Income tax expense Loss for the period after income tax Other comprehensive income, net of income tax Items that may be reclassified subsequently to profit or loss Loss per share Basic and diluted loss per share (cents per share) 3 The accompanying notes form part of these financial statements Variscan Mines Limited Page 12 Condensed Consolidated Statement of Financial Position As at 31 December 2023 Consolidated Notes 31 December 30 June 2023 2023 $ $ Assets Current assets Cash and cash equivalents 778,915 1,017,571 Trade and other receivables 140,446 375,680 Total current assets 919,361 1,393,251 66,851 71,158 8,702,779 8,097,650 Other non-current assets 66,899 67,798 Total non-current assets 8,836,529 8,236,606 Total assets 9,755,890 9,629,857 Trade and other payables 386,519 254,179 Total current liabilities 386,519 254,179 Total liabilities 386,519 254,179 9,369,371 9,375,678 Non-current assets Property, plant and equipment Deferred exploration and evaluation expenditure 4 Liabilities Current liabilities Net assets Equity Issued capital 5 35,792,871 35,344,243 Reserves 5 302,697 875,774 (26,726,197) (26,844,339) 9,369,371 9,375,678 Accumulated losses Total equity The accompanying notes form part of these financial statements Variscan Mines Limited Page 13 Condensed Consolidated Statement of Changes in Equity For the half-year ended 31 December 2023 Consolidated Share-based payment reserve Issued capital 1 July 2022 Foreign currency translation reserve Accumulated losses Total 34,018,303 636,838 85,649 (25,977,099) 8,763,691 Loss for the period - - - (485,016) (485,016) Other comprehensive income for the period, net of income tax - - 20,183 - 20,183 Total comprehensive loss for the period - - 20,183 (485,016) (464,833) Share based payments - 108,744 - - 108,744 Lapse of options - (19,000) - 19,000 - 31 December 2022 34,018,303 726,582 105,832 (26,443,115) 8,407,602 1 July 2023 35,344,243 726,582 149,192 (26,844,339) 9,375,678 Loss for the period - - - (331,140) (331,140) Other comprehensive loss for the period, net of income tax - - (53,795) - (53,795) Total comprehensive loss for the period - - (53,795) (331,140) (384,935) Issue of shares for cash 333,000 - - - 333,000 Issue of shares in lieu of fees 45,628 - - - 45,628 Exercise of performance rights 70,000 (70,000) - - - - (449,282) - 449,282 - 35,792,871 207,300 95,397 (26,726,197) 9,369,371 Lapse of options 31 December 2023 The accompanying notes form part of these financial statements Variscan Mines Limited Page 14 Condensed Consolidated Statement of Cash Flows For the half-year ended 31 December 2023 Consolidated Six months to Six months to 31 December 31 December 2023 2022 $ $ (384,639) (361,349) Interest received 6,726 3,829 Finance costs (156) (31) (378,069) (357,551) (191,925) (933,320) Purchase of property, plant and equipment (640) (2,997) Net cash outflow from investing activities (192,565) (936,317) 333,000 - Net cash inflow from financing activities 333,000 - Net (decrease) in cash and cash equivalents (237,634) (1,293,868) Cash and cash equivalents at the beginning of the period 1,017,571 1,945,935 Effect of foreign exchange rate fluctuations on cash held (1,022) 9,763 Cash and cash equivalents at the end of the period 778,915 661,830 Notes Cash flows from operating activities Payments to suppliers and employees Net cash outflow from operating activities Cash flows from investing activities Exploration and evaluation expenditure Cash flows from financing activities Proceeds from issue of shares 5 The accompanying notes form part of these financial statements Variscan Mines Limited Page 15 Notes to the Condensed Interim Financial Statements For the half-year ended 31 December 2023 Note 1: Basis of Preparation These condensed interim financial statements are general purpose financial statements, which have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards including AASB 134 Interim Financial Reporting, Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board. The financial statements comprise the consolidated condensed interim financial statements for the Group. For the purposes of preparing the consolidated financial statements, the Group is a for-profit entity. The interim financial statements do not include full disclosures of the type normally included in the 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 the annual financial report. It is recommended these interim financial statements be read in conjunction with the annual financial report for the year ended 30 June 2023 and any public announcements made by Variscan Mines 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. The accounting policies and methods of computation adopted are consistent with those of the previous financial year and corresponding half year. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards. The financial statements have been prepared on a historical cost basis, except for financial assets carried at fair value. Historical cost is based on the fair values of the consideration given in exchange for assets, goods and services. The company is domiciled in Australia and all amounts are presented in Australian dollars, unless otherwise noted. For the purpose of preparing the interim financial statements, the half year has been treated as a discrete reporting period. (a) Statement of compliance The financial report was authorised for issue on 15 March 2024. The interim financial statements comply with Australian Accounting Standards, which include Australian equivalents to International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial report, comprising the interim financial statements and notes thereto, complies with International Financial Reporting Standards (IFRS). New Standards and Interpretations applicable for the half year ended 31 December 2023 In the period ended 31 December 2023, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to the Group and effective for the current reporting period. 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 Group and, therefore, no material change is necessary to Group accounting policies. Standards and Interpretations in issue not yet adopted The Directors have also reviewed all of the new and revised Standards and Interpretations on issue not yet adopted for the period ended 31 December 2023. As a result of this review the Directors have determined that there is no material impact of the Standards and Interpretations in issue not yet adopted on the Group and, therefore, no change is necessary to Group accounting policies. (b) Going concern The financial report has been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlements of liabilities in the ordinary course of business. For the half-year ended 31 December 2023, the Group recorded a net loss after tax of $331,140 (2022: $485,016), and net cash outflows from operating and investment activities of $570,634 (2022: $1,293,868). At 31 December 2023, the Group had $778,915 in cash and cash equivalents (30 June 2023: $1,017,571) and net working capital of $532,842 (30 June 2023: $1,139,072). Furthermore, as noted in Note 9, subsequent to the end of the year the Company issued 14,555,556 shares at $0.018 each pursuant to a placement originally announced on 9 March 2023. Notwithstanding the above, and whilst not immediately required, the Group will need to raise further funds into the future to meet its budgeted and planned exploration expenditure as well as corporate overheads. The Group’s ability to raise additional funds into the future will be impacted by the success of exploration activities and market conditions. The Directors have reviewed the Group’s overall financial position and are of the opinion that the use of the going concern basis of accounting is appropriate as they believe the Group will have sufficient funds available for at least 12 months to achieve its objectives and noting that it will be able to raise further funding or reduce or delay expenditures. Should these planned activities to raise or conserve capital not be successful, there exists a material uncertainty that may cast significant doubt upon the Group’s ability to continue as a going concern and, therefore, to realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report. Variscan Mines Limited Page 16 Notes to the Condensed Interim Financial Statements For the half-year ended 31 December 2023 Note 2: 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. Based on the quantitative thresholds included in AASB 8, there are currently two geographical segments, being Australia and Spain, which are considered for management purposes to form part of the single reportable segment of mineral exploration. Segment information The following tables present revenue and profit information and certain asset and liability information regarding geographical segments: As at Segment assets Segment liabilities Segment loss before income tax expense Variscan Mines Limited Spain Total $ $ $ 31 December 2023 797,735 8,958,155 9,755,890 30 June 2023 974,554 8,655,303 9,629,857 31 December 2023 (330,683) (55,836) (386,519) 30 June 2023 (206,655) (47,524) (254,179) For the half year ended Segment income Australia Australia Spain Total $ $ $ 31 December 2023 7,804 - 7,804 31 December 2022 3,829 - 3,829 31 December 2023 (332,218) 1,078 (331,140) 31 December 2022 (495,356) 10,340 (485,016) Page 17 Notes to the Condensed Interim Financial Statements For the half-year ended 31 December 2023 Note 3: Loss Per Share Basic and diluted loss per share Consolidated Six months to Six months to 31 December 31 December 2023 2022 Basic and Diluted loss per share (cents per share) (0.09) (0.18) Gain/(Loss) The Gain or (Loss) used in the calculation of basic and diluted gain/(loss) per share is as follows: Consolidated Loss used in the calculation of basic loss per share Six months to Six months to 31 December 31 December 2023 2022 $