Announcement PDF ASX Announcement | 27 September 2024 Variscan Mines Limited (ASX:VAR) FINANCIAL REPORT – YEAR ENDED 30 JUNE 2024 Variscan Mines Limited (“Variscan” or the “Company”) encloses its full year financial report for the year ended 30 June 2024. 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 Financial Report For the year ended 30 June 2024 Variscan Mines Limited (ASX:VAR) ABN: 16 003 254 395 Contents Page Corporate Directory 2 Directors’ Report 3 Auditor’s Independence Declaration 16 Consolidated Statement of Profit or Loss and Other Comprehensive Income 17 Consolidated Statement of Financial Position 18 Consolidated Statement of Cash Flows 19 Consolidated Statement of Changes in Equity 20 Notes to the Consolidated Financial Statements 21 Consolidated Entity Disclosure Statement 43 Directors’ Declaration 44 Independent Auditor’s Report 45 Page | 1 Corporate Directory Directors Mr Anthony Wehby Non-Executive Chairman Mr Stewart Dickson Managing Director & CEO Mr Nicholas Farr-Jones AM Non-Executive Director Dr Frank Bierlein Non-Executive Director Company secretary Mr Mark Pitts Registered office 5/191 St Georges Terrace Perth, Western Australia Australia P: +61 8 9316 9100 E: info@variscan.com.au W: www.variscan.com.au Share register Boardroom Pty Ltd GPO Box 3993 Sydney NSW 2001 Australia P: +61 2 9290 9600 Auditors HLB Mann Judd 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) Page | 2 Directors’ Report Your directors submit their report for the year ended 30 June 2024. Directors The names and details of the Company’s directors in office during the financial year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated. Anthony (‘Tony’) Wehby, MAICD Non-Executive Chairman (appointed 20 October 2022) Tony is a former Partner of PriceWaterhouseCoopers and Corporate Finance Specialist. Tony is an experienced listed company director with over 50 years of executive and non-executive experience. Having operated in the mining industry for a considerable time, he is currently a non-executive director on the Board of Kingston Resources Ltd a listed Asia Pacific gold producer. He has previously been Chairman of Tellus Resources Limited, Non-executive Chairman of Aurelia Metals Limited and a Director of Ensurance Ltd and Harmony Gold (Aust) Pty Ltd. Tony has a financial consulting practice focused on strategic advice and he is a member of the Australian Institute of Company Directors. Stewart Dickson BA (Hons), MBA Managing Director (appointed 1 May 2017) Stewart is an experienced corporate financier with a decade of investment banking experience. Most recently, he was Managing Director and Head of Metals & Mining at Cantor Fitzgerald Europe, based in London. He had responsibility for client coverage of public and private mining companies across precious metals and base metals, bulks, fertilizers and specialty metals. He has a broad range of international financial advisory, equity capital markets and corporate broking transaction experience including initial public offerings, financings and M&A. Prior to investment banking, Mr Dickson served in the British Army as a commissioned officer and saw operational service overseas. Stewart is a graduate of University College London and holds an MBA from Henley Business School. Nicholas Farr-Jones AM LLB Non-executive Director (appointed 1 July 2022) Nick has over 25 years of experience in the global mining sector as a specialist in natural resources investment and corporate governance. Additionally, he is an experienced public company director. Nick qualified as a lawyer before pursuing a career in investment banking. Notably he was responsible for the metal derivative business of Societe Generale in Europe and Africa before leading its commodity finance business in Australia. He is currently a Director of Taurus Funds Management, headquartered in Sydney, which specialises in bespoke financing solutions for global mid-tier and junior mining companies. Nick also holds a number of charitable appointments and is a highly regarded speaker on leadership. He was awarded the Order of Australia in 1992 for services to rugby union, having captained the Australian rugby team to World Cup success in 1991. Page | 3 Directors’ Report Dr Frank Bierlein PhD, FAIG, MSED, MSGA Non-Executive Director (appointed 20 October 2022) Frank is a geologist with 30 years of experience as a consultant, researcher and lecturer and industry professional. Additionally, he is an experienced public company director. Frank has held exploration and generative geology management positions with QMSD Mining Co Ltd, Qatar Mining, Afmeco Australia and Aveva NC, and consulted for among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport McMoRan, and the International Atomic Energy Agency. He was a non-executive director of Gold Australia Pty Ltd from 2015 to 2019 and chaired the Advisory Board of a Luxembourg based private equity fund between 2014 and 2022. He is currently a Non-executive Director on the Boards of Blackstone Minerals Limited and Impact Minerals Limited. Frank has worked on six continents spanning multiple commodities and over the course of his career has published and co-authored more than 130 articles in peer reviewed scientific journals. Frank obtained a PhD (Geology) from the University of Melbourne, is a Fellow of the Australian Institute of Geoscientists (AIG) and a member of both the Society of Economic Geologists (SEG) and the Society of Geology Applied to Mineral Deposits. Mark Pitts BBus, FCA, GAICD Company Secretary (appointed 2 March 2018) Mark is a Fellow of Chartered Accountants Australia and New Zealand and a graduate member of the Australian Institute of Company Directors. He has more than 30 years’ experience in statutory reporting and business administration. Mark has been directly involved with and consulted to a number of public companies holding senior financial management positions. He is a Principal in the Company Secretarial and CFO advisory divisions of the Automic Group providing secretarial support and corporate and compliance advice, pursuant to a contract with the Company. He has no fixed term with the option of termination by either party with two months’ written notice. Mr Pitts is not entitled to any termination payments other than for services rendered at time of termination. Directorships of other listed companies Directorships of other ASX listed companies held by Directors in the 3 years immediately before the end of the financial year are as follows: Director Mr Tony Wehby Company Ensurance Ltd (3 May 2018 – 17 November 2023) Kingston Resources Ltd (4 July 2016 – Current) Mr Stewart Dickson None Mr Nicholas Farr-Jones None Mr Frank Bierlein Impact Minerals Ltd (13 October 2021 – Current) PNX Metals Ltd (18 June 2021 – April 2023) Blackstone Minerals Ltd (12 November 2021 – Current) Firetail Resources Ltd (10 November 2022 – September 2023) Directors' interests in shares and options As at the date of this report, the interests of the Directors in the shares, options and performance rights of Variscan Mines Limited were: Page | 4 Directors’ Report Number of securities held directly and indirectly Director Ordinary Shares Options Performance Rights Mr Tony Wehby 1,164,461 1,500,000 - Mr Stewart Dickson 13,824,450 3,000,000 - Mr Nicholas Farr-Jones 1,523,955 1,500,000 - 388,411 1,500,000 - Mr Frank Bierlein Principal activities The principal continuing activity of the Group is the exploration for economic metal and mineral deposits. Results The net result of operations of the Group after applicable income tax was a loss of $650,271 (2023: $886,240). Dividends No dividends were paid or proposed during the year. Review of operations Group Overview During the financial year, the Group’s operations have been focused on the exploration of its wholly owned Zinc projects in Spain. Board & Management Changes During the year, there have been no board or management changes. Risk Management The Company takes a proactive approach to risk management. The Board is responsible for ensuring that risks, including emerging risks, and also opportunities, are identified on a timely basis and the Company’s objectives and activities are aligned with the risks and opportunities identified by the Board. Given the size of the Company and its stage of development all Board members are involved and have responsibility for management of risk. Material business risks There are inherent risks associated with the exploration for minerals. The Group faces the usual risks encountered by companies engaged in the exploration, evaluation and development of minerals. The material business risks for the Group include: Page | 5 Directors’ Report External Risks Environmental risks The Company’s operations and projects are subject to the laws and regulations of the jurisdictions in which it has interests and carries on business (Spain and Chile) regarding environmental compliance and relevant hazards. There is also a risk that the environmental laws and regulations may become more onerous, making the Group’s operations more expensive which may adversely affect the financial position and /or performance of the Group. The Directors are not aware of any Breaches of environmental law by the Company. Government regulations and tenement risks Changes in laws and regulations or government policies may adversely affect the Group’s operations. There is no guarantee that current or future exploration claim applications or existing tenancy renewals will be granted, that they will be granted without undue delay, or that the Company can economically comply with any conditions imposed on any granted exploration tenements. Loss of tenements may adversely affect the financial position and /or performance of the Group. Operating Risks Exploration and development risk The exploration for and development of mineral deposits involves significant risks that even a combination of careful evaluation, experience and knowledge may not eliminate. While the discovery of an ore body may result in substantial rewards, not all exploration activity will lead to the discovery of economic deposits. Major expenditure may be required to locate and establish Ore Reserves, to establish rights to mine, to receive all necessary operating permits, to develop metallurgical processes and to construct mining and processing facilities at a particular site. In addition to the risks described above, the Group’s ability to successfully develop projects is contingent on the Group’s ability to fund those projects through debt or equity raisings. Significant changes in the state of affairs The Directors are not aware of any significant changes in the state of affairs of the Group occurring during the financial period, other than as disclosed in this report. Significant events after the reporting date On 22 July 2024 the Company announced the issue of 49,000,000 fully paid ordinary shares at an issue price of $0.006, raising $294,000, to further progress the Novales-Udias Zinc project. This share placement includes a free-attaching option on the basis of 1 option for every 2 shares subscribed, subject to shareholder approval. The options are exercisable at $0.01 each, with an expiry period of 2 years from the date of issue. On 13 August 2024 the Company announced the signing of an exclusive Marketing Agreement with Square Trading Singapore Pte Ltd, for the exclusive marketing rights to all zinc concentrate from the Novales-Udias and Guajaraz projects in Spain. The term of the agreement will end 5 years from the date of the first invoice issued to a customer relating to the delivery of zinc concentrate products. On 23 August 2024 the Company announced the issue of 15,000,000 fully paid ordinary shares at an issue price of $0.006, raising $90,000, as an addition to the placement announced on 22 July 2024. This placement to the Company’s largest shareholder, Zinc GroupCo Pty Ltd also includes the free-attaching options on the basis of 1 option for every 2 shares subscribed, subject to shareholder approval. The options are exercisable at $0.01 each, with an expiry period of 2 years from the date of issue. On 20 September 2024 the Company announced that Mr. Nicholas Farr-Jones had also provided the Group with a working capital loan of $32,000 on the same basis as Messrs Wehby and Dickson, as detailed in Notes 10 and 16. On 26 September 2024 the Company announced a fully underwritten 2 for 3 renounceable entitlement issue to raise approximately $2.067 million before costs of the offer. Other than noted above, there were, at the date of this report, no matters or circumstances which have arisen since 30 June 2024 that have 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 years. Page | 6 Directors’ Report Indemnification and insurance of directors and officers The Company has not, during or since the end of the financial period, in respect of any person who is or has been an officer of the Company or a related body corporate, indemnified or made any relevant agreement for indemnifying against a liability incurred as an officer, including costs and expenses in successfully defending legal proceedings. The Company maintains adequate Directors and Officers insurance coverage. Insurance premiums During the financial period the Company has paid premiums to insure each of the directors and officers against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of director or officer of the Company, other than conduct involving a wilful breach of duty in relation to the Company. The premiums paid are not disclosed as such disclosure is prohibited under the terms of the contract. Likely developments and expected results As the Group’s mineral projects are at an early stage of exploration, it is not appropriate to speculate on likely future developments or results. Shares under option or issued on exercise of options Details of unissued shares or interests under option for Variscan Mines Limited as at the date of this report are: Exercise Price of Option Expiry Date of Options Class of Share received upon exercise Number of Shares under option $0.12 30 September 2024 ORD 2,500,000 $0.045 30 November 2024 ORD 4,000,000 $0.055 30 November 2024 ORD 4,000,000 $0.065 30 November 2024 ORD 4,000,000 $0.0275 15 March 2025 ORD 51,388,890 65,388,890 The holders of these options and performance rights do not have the right, by virtue of the option or performance rights, to participate in any share issue of the Company or of any other body corporate or registered scheme. Refer to the Remuneration Report and Notes 11 & 12 to the financial statements for further details of the options and rights outstanding. During the period, no options were issued or exercised, and 16,500,000 options lapsed. From 1 July 2024 to the date of this report, no options have been issued, exercised, cancelled or have lapsed. During the period, no performance rights were issued or cancelled, and 2,500,000 performance rights were exercised. From 1 July 2024 to the date of this report, no performance rights have been issued, exercised, cancelled or have lapsed. Page | 7 Directors’ Report Remuneration report (audited) This remuneration report for the year ended 30 June 2024 outlines the remuneration arrangements of the Group in accordance with the requirements of the Corporations Act 2001 (the Act) and its regulations. This information has been audited as required by section 308(3C) of the Act. The remuneration report details the remuneration arrangements for key management personnel (KMP) who are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Company and the Group, directly or indirectly, including any director (whether executive or otherwise) of the parent company. Details of key management personnel Details of KMP of the Group are set out below. Directors Mr Anthony Wehby Non-Executive Chairman Stewart Dickson Managing Director & CEO Nicholas Farr-Jones Non-Executive Director Dr Frank Bierlein Non-Executive Director Mark Pitts Company Secretary Remuneration philosophy The objective of the Company’s remuneration framework is to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with achievement of strategic objectives and the creation of value for shareholders. The Board believes that executive remuneration satisfies the following key criteria: • Competitiveness and reasonableness; • Acceptability to shareholders; • Performance linkage/alignment of executive compensation; • Transparency; and • Capital management. These criteria result in a framework which can be used to provide a mix of fixed and variable remuneration, and a blend of short- and long-term incentives in line with the Company’s limited financial resources. Fees and payments to the Company’s Non-Executive Directors and Senior Executives reflect the demands which are made on, and the responsibilities of, the Directors and the senior management. Such fees and payments are reviewed annually by the Board. The Company’s Executive and Non-Executive Directors, Senior Executives and Officers are entitled to receive options under the Company’s Employee Share Option Plan (“ESOP”), subject to Shareholder approval. Page | 8 Directors’ Report Non-Executive Directors remuneration arrangements Directors are entitled to remuneration out of the funds of the Company, but the remuneration of the Non-Executive Directors (NED) may not exceed in any year the amount fixed by the Company in general meeting for that purpose. The aggregate remuneration of the NEDs has been fixed at a maximum of $250,000 per annum to be apportioned among the NEDs in such a manner as the Board determines. Directors are also entitled to be paid reasonable travelling, accommodation and other expenses incurred in consequence of their attendance at Board meetings and otherwise in the execution of their duties as Directors. The Chairman’s fee is set at $50,000 p.a. and NED fees at $36,000 p.a. which are consistent with industry average fees. At present, no Committee fees are paid to Directors. Use of remuneration consultants No remuneration consultants were engaged during the years ended 30 June 2023 or 30 June 2024. Profit and Share Price Performance In considering remuneration the Board has had regard to the following data in respect of the current and previous four financial years: 2024 Loss per share (cents) Net loss ($) Share Price at 30 June 2023 2022 2021 2020 (0.18) (0.31) (0.31) (0.32) (0.76) (650,271) (886,240) (827,051) (684,613) (1,125,142) $0.005 $0.012 $0.025 $0.075 $0.016 Service agreements Remuneration and other terms of engagement for key management personnel are formalised in contractor agreements. Details of these arrangements are set out below: Managing Director – Stewart Dickson • • • Contract term: No fixed term. Either party may terminate the letter of employment with six months’ notice. Remuneration: £132,500 p.a. plus VAT as applicable (2023: £132,500 p.a. plus VAT as applicable) as at 30 June 2024. Termination payments: Nil. Page | 9 Directors’ Report Directors and KMP remuneration for the year ended 30 June 2024 Short-term benefits Long-term benefits Postemployment Share-based payments (a) Salary & fees Consulting fees Other shortterm benefits Long service leave Superannuation Options Performance Rights Total Performance based $ $ $ $ $ $ $ $ % Directors A Wehby 50,000 - - - - - - 50,000 - S Dickson - 274,110 - - - - - 274,110 - N Farr-Jones 36,000 - - - - - - 36,000 - F Bierlein 36,000 - - - - - - 36,000 - Sub-total 122,000 274,110 - - - - - 396,110 - M Pitts 63,875 - - - - - - 63,875 - Sub-total 63,875 - - - - - - 63,875 - Total Remuneration 185,875 274,110 - - - - - 459,985 - Other KMP Page | 10 Directors’ Report Directors and KMP remuneration for the year ended 30 June 2023 Short-term benefits Long-term benefits Postemployment Share-based payments (a) Salary & fees Consulting fees Other shortterm benefits Long service leave Superannuation Options Performance Rights Total Performance based $ $ $ $ $ $ $ $ % Directors A Wehby (b) 33,252 - - - - 10,600 - 43,852 - - 257,076 - - - 21,200 7,296 285,572 2.6% N Farr-Jones 36,000 - - - - 10,600 - 46,600 - F Bierlein (b) 25,085 - - - - 10,600 - 35,685 - F K Foo (c) 20,788 - - - - - - 20,788 - M Moore (d) 27,000 - - - - 10,600 - 37,600 - Sub-total 142,125 257,076 - - - 63,600 7,296 470,097 1.6% M Pitts 60,000 - - - - 10,600 - 70,600 - Sub-total 60,000 - - - - 10,600 - 70,600 - Total Remuneration 202,125 257,076 - - - 74,200 7,296 540,697 1.3% S Dickson Other KMP (a) Includes a portion of options and rights issued during previous years, which continue to vest in accordance with their vesting conditions. (b) Appointed 20 October 2023 (c) Resigned 30 November 2023 (d) Resigned 31 March 2024 Page | 11 Directors’ Report Share holdings and transactions of Key Management Personnel Balance at 1 July 2023 / upon appointment Shares issued on exercise of options / performance rights Shares granted in lieu of fees Net change other Balance at 30 June 2024 / upon resignation A Wehby 837,260 - 327,201 - 1,164,461 S Dickson 9,737,192 2,500,000 1,587,258 - 13,824,450 N Farr-Jones 1,288,371 - 235,584 - 1,523,955 152,827 - 235,584 - 388,411 - - - - - F Bierlein M Pitts Option holdings and transactions of Key Management Personnel Balance at 1 July 2023 / upon appointment Granted as remuneration Lapsed/Expired Balance at 30 June 2024 / upon resignation Vested and exercisable at 30 June 2024 A Wehby 1,500,000 - - 1,500,000 1,500,000 S Dickson 7,500,000 - (4,500,000) 3,000,000 3,000,000 N Farr-Jones 2,250,000 - (750,000) 1,500,000 1,500,000 F Bierlein 1,500,000 - - 1,500,000 1,500,000 M Pitts 4,500,000 - (3,000,000) 1,500,000 1,500,000 Page | 12 Directors’ Report Performance Rights holdings of Key Management Personnel Balance at 1 July 2023 / upon appointment Granted as remuneration Exercised Balance at 30 June 2024 / upon resignation Vested and exercisable at 30 June 2024 A Wehby - - - - - S Dickson 2,500,000 - (2,500,000) - - N Farr-Jones - - - - - F Bierlein - - - - - M Pitts - - - - - Compensation options and performance rights Options and Rights granted during the year No Options or Rights were granted during the year. Options and Rights granted during the previous year 12,000,000 unquoted options were granted as compensation during the previous period to directors and key management personnel, the details of which are as follows: Options - Tranche 7 Number of securities granted Options – Tranche 8 Options – Tranche 9 4,000,000 4,000,000 4,000,000 Grant date 30 November 2022 30 November 2022 30 November 2022 Expiration date 30 November 2024 30 November 2024 30 November 2024 Exercise price $0.045 $0.055 $0.065 The fair value of the options issued as compensation as set out above was determined by reference to the Black-Scholes option pricing model, the key inputs into which and resulting valuation are summarised as follows: Options - Tranche 7 Options - Tranche 8 Options – Tranche 9 Underlying security spot price on date of grant $0.022 $0.022 $0.022 Exercise price $0.045 $0.055 $0.065 Grant date 30 November 2022 30 November 2022 30 November 2022 Expiration date 30 November 2024 30 November 2024 30 November 2024 Total life (years) 2 2 2 Expected volatility 100% 100% 100% Risk-free rate 3.11% 3.11% 3.11% - - - Value per security $0.008 $0.007 $0.0062 Number of securities 4,000,000 4,000,000 4,000,000 Remaining life (years) 0.42 0.42 0.42 $32,000 $28,000 $24,800 Expected dividend yield Total value Page | 13 Directors’ Report Options and Rights lapsed during the year 8,250,000 unquoted options held by Key Management Personnel exercisable at various prices expired unexercised on 30 November 2023. Options and Rights lapsed during the prior year 500,000 unquoted options held by Key Management Personnel exercisable at $1.00 each expired unexercised on 20 November 2022. Options and Rights exercised during the year A total of 2,500,000 performance rights were exercised during the year and, as a result, 2,500,000 new ordinary shares were issued. Options and Rights exercised during the prior year No Options or Rights were exercised during the prior year. Transactions with directors and key management personnel During the current year, amounts totalling $48,000 were paid to Endeavour Corporate Pty Ltd, a Company Associated with Mr Mark Pitts, for accounting and administration services (2023: $48,000). These amounts are separate from the fees paid to Mr Pitts through his role as Company Secretary and are not included in the Key Management Personnel remuneration table on page 10. At 30 June 2024, a total of $4,000 (exclusive of GST) was payable to Endeavour Corporate (2023: $8,000). At the end of the financial year, Messrs Wehby and Dickson provided the Company with working capital loans totalling $50,000 each ($100,000 total). These loans mature on 31 July 2025 and contain a mechanism by which the loans may be converted to shares upon receipt of approval by the Company’s shareholders. If the loans are not converted, they are subject to an interest rate of 1% per month. Directors' Benefits, Emoluments and Share Options During its annual budget review, the Board reviews the Directors' Emoluments. Remuneration levels, including participation in the Company's ESOP, are set to provide reasonable compensation in line with the Company's limited financial resources. During the year no Director of the Company has received or become entitled to receive any additional benefits to their ordinary directors’ fees by reason of a contract made by the Company or a related corporation with the Director or with a firm of which he is a member, or with a company in which he has a substantial financial interest. Due to the difficulty in the measurement of performance using quantitative indicators in the mineral exploration industry, there is no formal link between financial performance of the group and remuneration levels. There is no retirement scheme for Non-Executive Directors. End of Audited Remuneration report. Page | 14 Directors’ Report Meetings of directors The following table sets out the number of Directors’ meetings held during the financial year and the number of meetings attended by each Director for which they were entitled to attend. Due to the size and composition of the board, the roles of the Audit and Risk and Remuneration Committees are fulfilled by the board as a whole. Number of Meetings Held whilst a director Number Attended Mr Anthony Wehby 6 6 Mr Stewart Dickson 6 6 Mr Nicholas Farr-Jones 6 5 Dr Frank Bierlein 6 6 Total Number of Meetings Held 6 Director Non-audit services The Company’s auditor did not provide any non-audit services during the year ended 30 June 2024 (2023: Nil). Signed this 27th day of September 2024 in accordance with a resolution of the Directors. Stewart Dickson Managing Director Page | 15 AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the audit of the consolidated financial report of Variscan Mines Limited for the year ended 30 June 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 audit; and b) any applicable code of professional conduct in relation to the audit. Perth, Western Australia 27 September 2024 Page | 16 D B Healy Partner Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 June 2024 Consolidated Notes 2024 2023 $ $ Continuing operations Interest income 3 9,464 9,530 Other income 3 1