Announcement PDF Far East Gold Ltd ACN 639 887 219 Interim Financial Report - 31 December 2024 FAR EAST GOLD LTD CONTENTS 31 December 2024 Directors' report ........................................................................................................................................................................ 2 Auditor's independence declaration ......................................................................................................................................... 4 Condensed consolidated statement of profit or loss and other comprehensive income ......................................................... 5 Condensed consolidated statement of financial position ......................................................................................................... 6 Condensed consolidated statement of changes in equity ........................................................................................................ 7 Condensed consolidated statement of cash flows .................................................................................................................... 8 Notes to the condensed consolidated interim financial statements ........................................................................................ 9 Directors' declaration .............................................................................................................................................................. 19 Independent auditor's review report to the members of Far East Gold Ltd ........................................................................... 20 General information The financial statements cover Far East Gold Ltd as a Group consisting of Far East Gold Ltd and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Far East Gold Ltd's functional and presentation currency. Far East Gold Ltd is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office is: Registered Office Level 18/324 Queen Street Brisbane QLD 4000 A description of the nature of the Group's operations and its principal activities are included in the directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of directors, on 10 March 2025. 1 FAR EAST GOLD LTD DIRECTORS' REPORT 31 December 2024 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Far East Gold Ltd (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2024. Directors The following persons were directors of Far East Gold Ltd during the whole of the financial half-year and up to the date of this report, unless otherwise stated: Justin Werner Shane Menere Michael Thirnbeck Dr Christopher Atkinson Paul Walker Marc Denovan transitioned to Non-Executive Chairman from Non-Executive Director on 15 July 2024. Managing Director Non-Executive Director Non-Executive Director transitioned from Executive Chairman to Non-Executive Director on 15 July 2024 resigned as Executive Director on 11 July 2024 Principal activities During the period, the principal activities of the Group consisted of concluding asset acquisition agreements, the commencement and continuation of permitting activities and mineral exploration and evaluation. There were no significant changes in the Group's nature of activities during the reporting period. Operating and Financial Review The loss for the Group after providing for income tax and non-controlling interest amounted to $3,788,435 (31 December 2023: $831,842). The increase from current period amounted to the recognition of non-cash share-based payments and transaction costs associated with the Idenburg, further information is contained in the Profit or Loss. In September 2024, the Company entered into a Placement Agreement with Hsing Yip Gold (Hong Kong) Mine Company Limited (which has since changed its name to Xingye (Hong Kong) Mining Company Limited (Xingye). Under the terms of the agreement, Xingye can subscribe for up to 19.9% of the shares in FEG over 3 tranches at A$0.20 per share. Shareholder approval for the transaction was obtained at General Meeting of shareholders held on 29 November 2024. A total of 49,451,540 fully paid ordinary shares were issued during the period in accordance with Tranches 1 and 2 of the Placement Agreement raising a total of $9,890,308. Tranche 3 funds were received subsequent to the period in February 2025. In October 2024, the Company entered into a Conditional Share Purchase Plan (CSPA) with PT Iriana Mutiara Idenburg (IMI) for the acquisition of up to 100% of the advanced high grade highly prospective Idenburg gold project, a 95,280 Ha Contract of Work (CoW) located in Papua province of Indonesia (Idenburg). Subject to satisfaction of conditions precedent, the CSPA enable the Company to take up to 100% ownership of Idenburg. During the period the Company announced a Maiden JORC inferred Resource Estimate (MRE) for Idenburg of 4.1 million tons at an average grade of 4.1 g/t gold and 3.6g/t silver representing a total of 540,000 ounces of gold and 468,000 ounces of silver. An independent evaluation of the historical exploration results suggested the potential for an upper range exploration target of 7.2 million ounces at an upper grade range of 6.1g/t Au. (a lower range exploration target of 189 thousand ounces at 1 g/t Au were also determined)1. The Company continued to test epithermal quartz vein targets within the Woyla Copper Gold Project’s 24,260ha Contract of Work (COW) tenement. Initial diamond drilling was completed within the Aloe Rek prospect area testing several gold-bearing quartz veins. Detailed geological mapping continued within the interpreted structural corridor extending southwest from Rek Rinti to south of the Aloe Rek prospect along the western margin of the Beurieung prospect area. At the Trenggalek project in Java the Company continued to prepare for the planned drill program that will test defined porphyry and epithermal Cu-Au targets. At the Mount Clark West property in Queensland, Australia the Company is working with landowners to prepare for an initial 3-hole drill program to test for porphyry-type copper mineralisation within defined geophysical targets. 2 FAR EAST GOLD LTD DIRECTORS' REPORT 31 December 2024 Idenburg Mineral Resource The Company confirms that it is not aware of any new information or data that materially affects the information included in the Idenburg Mineral Resource estimate and all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed when referring to its resource announcement made on 16 December 2024. The Company confirms that the Competent Persons’s findings are presented and have not been materially modified from the original market announcement. Table 1: Mineral Resource table as estimated by SMGC based on historical exploration data using a cut-off grade of 0.1 g/t Au with no grade capping applied to the IMI historical assays. 1 1 Refer to ASX Announcement 16 December 2024 “Amended Idenburg Announcement and JORC Resource Report” Significant changes in the state of affairs Refer to review of operations for details of significant changes in the half-year. There were no other significant changes in the state of affairs of the Group during the financial half-year. Matters subsequent to the end of the financial half-year On 19 February 2025, the Company issued 23,971,248 fully paid ordinary share at an issue price of $0.20 per share to Xingye Gold Hong Kong Mining Company limited following the receipt of the tranche 3 subscription amount of $4,783,450. No other matter or circumstance has arisen since 31 December 2024 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group'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 made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Shane Menere Managing Director 10 March 2025 3 Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 To the Directors of Far East Gold Ltd I declare that, to the best of my knowledge and belief, in relation to the review of Far East Gold Ltd for the half-year ended 31 December 2024, there have been: i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and ii. no contraventions of any applicable code of professional conduct in relation to the review. KPMG M J Jeffery Partner Brisbane 10 March 2025 KPM_INI_01 PAR_SIG_01 PAR_NAM_01 PAR_POS_01 PAR_DAT_01 PAR_CIT_01 4 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation. FAR EAST GOLD LTD CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the half-year ended 31 December 2024 PERIOD ENDED 31 December 2024 $ PERIOD ENDED 31 December 2023 $ 11,843 4,437 (1,413,482) (271,071) (44,750) (25,988) (3,253) (229,053) (118,868) (218,791) (1,278,465) (47,923) (160,014) (12,845) (76,625) (40,809) (46,910) (1,054) (164,564) (277,051) (55,211) (7,712) (181,224) (3,799,815) (859,568) - - (3,799,815) (859,568) Items that may be reclassified subsequently to profit or loss Foreign currency translation 1,798,026 (1,469,830) Other comprehensive income for the half-year, net of tax 1,798,026 (1,469,830) Total comprehensive income for the half-year (2,001,789) (2,329,398) Loss for the half-year is attributable to: Non-controlling interest Owners of Far East Gold Ltd (11,380) (3,788,435) (27,726) (831,842) (3,799,815) (859,568) 78,026 (2,079,815) (93,873) (2,235,525) (2,001,789) (2,329,398) Cents Cents Note Revenue Other income Expenses Share based payments expense Employee benefits expense Depreciation and amortisation expense Foreign exchange loss Finance costs Professional fees Consulting costs Marketing and investor relations Project acquisition cost Listing and share registry expenses Other expenses 8 Loss before income tax expense Income tax expense Loss after income tax expense for the half-year Other comprehensive income Total comprehensive income for the half-year is attributable to: Non-controlling interest Owners of Far East Gold Ltd Basic earnings per share Diluted earnings per share (1.31) (1.31) (0.33) (0.33) The above condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 5 FAR EAST GOLD LTD CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 December 2024 Note 31 December 2024 30 June 2024 $ $ Assets Current assets Cash and cash equivalents Trade and other receivables Other assets Total current assets 10,445,515 184,184 364,227 10,993,926 1,090,974 261,118 422,701 1,774,793 Non-current assets Property, plant and equipment Right-of-use assets Exploration and evaluation assets Other assets Total non-current assets 78,845 96,758 34,288,894 836,919 35,301,416 94,288 119,160 30,525,379 742,941 31,481,768 46,295,342 33,256,561 1,155,645 43,679 7,143 1,206,467 1,571,050 25,846 1,219 1,598,115 53,226 34,285 87,511 91,106 31,670 122,776 Total liabilities 1,293,978 1,720,891 Net assets 45,001,364 31,535,670 56,246,248 1,422,037 (15,331,169) 42,337,116 2,664,248 41,742,795 (648,489) (12,144,858) 28,949,448 2,586,222 45,001,364 31,535,670 4 Total assets Liabilities Current liabilities Trade and other payables Lease liabilities Provisions Total current liabilities 5 Non-current liabilities Lease liabilities Provisions Total non-current liabilities Equity Issued capital Reserves Accumulated losses Equity attributable to the owners of Far East Gold Ltd Non-controlling interest 6 7 Total equity The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes 6 FAR EAST GOLD LTD CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the half-year ended 31 December 2024 Reserves $ Accumulated losses $ Noncontrolling interest $ Total equity $ 35,345,315 1,109,438 (10,480,660) 2,626,590 28,600,683 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - - (831,842) (27,726) (859,568) - (1,403,683) - (66,147) (1,469,830) Total comprehensive income for the half-year - (1,403,683) (831,842) (93,873) (2,329,398) Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs Share-based payments (note 8) Issue of options 6,397,480 - 12,845 113,257 - - 6,397,480 12,845 113,257 Balance at 31 December 2023 41,742,795 (168,143) (11,312,502) 2,532,717 32,794,867 Accumulated losses $ Noncontrolling interest $ Total equity $ Balance at 1 July 2023 Issued capital $ Issued capital $ Balance at 1 July 2024 Reserves $ 41,742,795 (648,489) (12,144,858) 2,586,222 31,535,670 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - - (3,788,435) (11,380) (3,799,815) - 1,708,620 - 89,406 1,798,026 Total comprehensive income for the half-year - 1,708,620 (3,788,435) 78,026 (2,001,789) 13,579,001 219,550 229,902 1,193,932 (602,124) (229,902) 602,124 - - 13,579,001 1,413,482 - 475,000 - - - 475,000 56,246,248 1,422,037 (15,331,169) 2,664,248 45,001,364 Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs (note 6) Share-based payments (note 8) Options and rights lapsed (note 8) Exercised of options and rights (note 6) Issue of shares - acquisition of the Idenburg Gold Project as per BSA (note 6) Balance at 31 December 2024 The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes 7 FAR EAST GOLD LTD CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the half-year ended 31 December 2024 PERIOD ENDED 31 December 2024 $ PERIOD ENDED 31 December 2023 $ Cash flows from operating activities Payments to suppliers and employees Receipts from other operating activities Interest received Payments for acquisition transaction cost (1,441,835) 11,842 (803,465) (1,302,430) 15,480 749 - Net cash used in operating activities (2,233,458) (1,286,201) Cash flows from investing activities Payments for property, plant and equipment Exploration and evaluation expenditure (2,016,898) (5,496) (4,324,205) Net cash used in investing activities (2,016,898) (4,329,701) 13,941,251 (327,624) (23,299) 6,889,500 (378,763) (24,145) Net cash from financing activities 13,590,328 6,486,592 Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year Effects of exchange rate changes on cash and cash equivalents 9,339,972 1,090,974 14,569 870,690 3,933,048 (17,404) Cash and cash equivalents at the end of the financial half-year 10,445,515 4,786,334 Note Cash flows from financing activities Proceeds from issue of share capital Share issue transaction costs Repayment of lease liabilities 6 The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes 8 FAR EAST GOLD LTD NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 31 December 2024 Note 1. Reporting Entity Far East Gold Ltd (the 'Company') is a company domiciled in Australia. These condensed consolidated interim financial statements ('interim financial statements') as at and for the six months ended 31 December 2024 comprise the Company and its subsidiaries (together referred to as the 'Group'). Note 2. Basis of preparation Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. These general-purpose financial statements for the interim half-year reporting period ended 31 December 2024 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'. Going concern The consolidated interim financial statements have been prepared on a going concern basis, which contemplates the realisation of assets and settlement of liabilities in the ordinary course of business. The Group recognised a loss for the half-year period ended 31 December 2024 of $3,799,815 (December 2023: Loss of $ 859,568). The net current assets of the Group at 31 December 2024 were $9,787,459 (30 June 2024: $176,678) and total net assets of $45,001,364 (30 June 2024: $31,535,670), including cash of $10,445,515 (30 June 2024: $1,090,974). During the period, the Group had net cash outflows from operating and investing activities of $4,250,356 (31 December 2023: $5,615,902). The financial information is intended to provide users with an update on the latest annual financial statements of Far East Gold Ltd and its controlled entities. As such, it does not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. On 19 February 2025 the Group received a further $4,473,450 through the issue of share capital to Xingye Gold Hong Kong Mining Company limited as disclosed in note 11. These interim financial statements were approved by Directors on 10 March 2025. The Directors have prepared cash flow projections that support the ability of the Group to continue its planned exploration activities for the next 12 months. As a result, the Directors believe that the Group will continue as a going concern and that it is appropriate to adopt the going concern basis in the preparation of the interim financial statements. Accounting policies The same accounting policies and methods of computation have been followed in this interim financial report as were applied in the most recent annual financial statements. New or amended Accounting Standards and Interpretations adopted The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Note 3. Operating segments Identification of reportable operating segments The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the allocation of resources. The consolidated entity is managed primarily on a geographic basis that is the location of the respective area of interest (tenements) in Australia and Indonesia. Operating segments are determined on the basis of financial information reported to the Board which is at the consolidated entity level as well as the geographic level. The consolidated entity does not have any products/services it derives revenue from. Management currently identifies the consolidated entity as having two operating segments, being exploration and development of mine projects in Australia and exploration and development of mine projects in Indonesia. All significant operating decisions are based upon analysis of the consolidated entity as two segments. 9 FAR EAST GOLD LTD NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 31 December 2024 Note 3. Operating segments (continued) Operating segment information Australia $ PERIOD ENDED 31 December 2024 Indonesia $ Corporate $ - 127 127 11,716 11,716 11,843 11,843 (1,403,289) (1,403,289) (1,170,082) (44,750) (3,253) (1,218,085) (1,178,441) (1,178,441) (3,751,812) (44,750) (3,253) (3,799,815) (3,799,815) 2,180,313 33,669,514 10,445,515 46,295,342 46,295,342 755 1,095,750 197,473 1,293,978 1,293,978 Indonesia $ Corporate $ Revenue Other income Total revenue EBITDA Depreciation and amortisation Finance costs Loss before income tax expense Income tax expense Loss after income tax expense Assets Segment assets Total assets Liabilities Segment liabilities Total liabilities Australia $ PERIOD ENDED 31 December 2023 Revenue Other income Total revenue EBITDA Depreciation and amortisation Finance costs Loss before income tax expense Income tax expense Loss after income tax expense Total $ Total $ - - 4,437 4,437 4,437 4,437 (124,408) (196) (124,604) (476,774) (40,613) (1,054) (518,441) (216,523) (216,523) (817,705) (40,809) (1,054) (859,568) (859,568) 1,877,522 30,288,065 1,090,974 33,256,561 33,256,561 440 1,542,843 177,608 1,720,891 1,720,891 30 June 2024 Assets Segment assets Total assets Liabilities Segment liabilities Total liabilities 10 FAR EAST GOLD LTD NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 31 December 2024 Note 4. Exploration and evaluation assets 31 December 2024 $ Exploration and evaluation - at cost 34,288,894 30 June 2024 $ 30,525,379 Reconciliations Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below: 31 December 2024 $ Opening balance Additions Impairment 30 June 2024 $ 30,525,379 3,763,515 - 25,442,999 5,082,380 - 34,288,894 30,525,379 The ultimate recoupment of costs carried forward for exploration and evaluation phases is dependent upon successful development and commercial exploitation or sale of the respective area of interest. Note 5. Trade and other payables Trade payables Other payables Accrued expenses 11 31 December 2024 $ 30 June 2024 $ 998,859 53,613 103,173 1,321,173 98,590 151,287 1,155,645 1,571,050 FAR EAST GOLD LTD NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 31 December 2024 Note 6. Issued capital Ordinary shares - fully paid Capital raising cost 31 December 2024 Shares 30 June 2024 Shares 31 December 2024 $ 30 June 2024 $ 343,110,205 - 257,586,835 - 57,100,521 (854,273) 42,234,815 (492,020) 343,110,205 257,586,835 56,246,248 41,742,795 Shares Issue price $ Movements in ordinary share capital Details Date Opening Balance Issue of placement shares Issue of shares under Share Purchase Plan Issue of shares - conversion of Performance Rights (expiring 31 Dec 2024) Issue of shares1 - acquisition of the Idenburg Gold Project as per BSA Issue of placement shares (Tranche 1) Issue of placement shares - Director participation Issue of placement shares (Tranche 2) Issue of shares under Employee Incentive Plan Issue of shares in lieu of Directors' fees Issue of shares - conversion of Performance Rights (expiring 31 Dec 2024) Issue of shares - conversion of Performance Rights (expiring 31 Dec 2026) Issue of shares - conversion of Performance Rights (expiring 31 Dec 2024) Capital raising costs 1 July 2024 8 Aug 2024 27 Aug 2024 257,586,835 14,263,795 12,874,508 $0.136 $0.136 41,742,795 1,939,879 1,750,947 04 Sep 2024 400,000 $0.085 34,402 11 Oct 2024 11 Nov 2024 5 Dec 2024 12 Dec 2024 12 Dec 2024 12 Dec 2024 2,500,000 31,958,348 2,647,940 17,493,192 1,115,000 220,587 $0.190 $0.200 $0.136 $0.200 $0.170 $0.136 475,000 6,391,670 360,120 3,498,638 189,550 30,000 12 Dec 2024 1,500,000 $0.085 127,500 12 Dec 2024 250,000 $0.170 42,500 31 Dec 2024 31 Dec 2024 300,000 $0.085 25,500 (362,253) Closing Balance 31 December 2024 1 343,110,205 56,246,248 Fair value of the Company's closing share price on 11 October 2024. Ordinary shares Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital. On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. 12 FAR EAST GOLD LTD NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 31 December 2024 Note 7. Reserves Foreign currency reserve Share-based payments reserve 31 December 2024 $ 30 June 2024 $ (35,298) 1,457,335 (1,743,919) 1,095,430 1,422,037 (648,489) 31 December 2024 $ 30 June 2024 $ (1,743,919) 1,708,621 152,815 (1,896,734) (35,298) (1,743,919) Foreign currency reserve Opening balance Foreign currency translation Closing balance The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign operations to Australian dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign operations. Share-based payments reserve 31 December 2024 $ 30 June 2024 $ Opening balance Performance rights (exercised)/issued Options expired Share based payment expense1 Performance rights lapsed 1,095,430 (229,902) (539,657) 1,193,931 (62,467) 956,623 113,257 25,550 - Closing balance 1,457,335 1,095,430 1 During the half year period, the Group has recognised a share-based payment expense of $1,413,482 in the profit or loss, of this amount $219,550 was issued in ordinary shares and recognised in issued capital rather than share-based payment reserve. The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration, and other parties as part of their compensation for services. Note 8. Share-based payments A total of $ 1,413,482 has been recognised as share-based payment expense in profit or loss. Of this amount, $12,845 pertains to share-based payment from options issued in previous periods. The following share-based payment arrangements were entered into during the six-month period ended 31 December 2024: A share option plan has been established by the Group and approved by shareholders at a general meeting, whereby the Group may, at the discretion of the Nomination and Remuneration Committee, grant options over ordinary shares in the Company to certain key management personnel of the Group. The options are issued for nil consideration and are granted in accordance with performance guidelines established by the Nomination and Remuneration Committee. 13 FAR EAST GOLD LTD NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 31 December 2024 Note 8. Share-based payments (continued) Set out below are summaries of options granted under the plan: 31 December 2024 Grant date Expiry date 08/11/2021 21/08/2023 29/11/2024 04/09/2024 31/12/2024 31/12/2026 24/12/2027 31/12/2026 * ** Exercise price $0.250 $0.400 $0.250 $0.250 Balance at the start of the half-year Granted 12,000,000 1,000,000 13,000,000 14,000,000 1,000,000 15,000,000 Exercised - Expired/ forfeited/ other Balance at the end of the half-year (12,000,000) (12,000,000) 1,000,000 14,000,000 1,000,000 16,000,000 On 29 November 2024, 14,000,000 Options were granted to KMP and a consultant under the Company's Incentive Entitlement Plan with exercise price of $0.25 and expiry date of 24 December 2027. The fair value of the options granted, amounting $1,017,550 was fully expensed and was determined by using the Black-Scholes option pricing model utilising the key inputs including the Group's risk-free borrowing rate, and volatility of the Group's shares. On 4 September 2024, 1,000,000 Options were granted to a consultant under the Company's Incentive Entitlement Plan with exercise price of $0.25 and expiry date of 31 December 2026. The fair value of the granted options, amounting $63,190 was fully expensed and was determined by using the Black-Scholes option pricing model utilising the key inputs including the Group's risk-free borrowing rate, and volatility of the Group's shares. The options above vested immediately and are exercisable at any time on or prior to the expiry date. For the options granted during the current financial half-year, the valuation model inputs used to determine the fair value at the grant date, are as follows: Grant date Expiry date Share price at grant date 04/09/2024 29/11/2024 31/12/2026 24/12/2027 $0.165 $0.165 Exercise price Expected volatility $0.250 $0.250 82.51% 80.34% Dividend yield Risk-free Fair value interest rate at grant date - 3.56% 3.91% $0.063 $0.073 Expired/ forfeited/ other Balance at the end of the half-year Set out below are summaries of performance rights granted under the plan: 31 December 2024 Grant date Expiry date 08/11/2021 04/09/2024 29/11/2024 31/12/2024 31/12/2026 24/12/2027 Exercise price $0.000 $0.000 $0.000 Balance at the start of the half-year Granted Exercised 2,800,000 2,800,000 500,000 8,750,000 9,250,000 (2,200,000) (25