Announcement PDF BANNERMAN ENERGY LTD AND CONTROLLED ENTITIES FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2024 Bannerman Energy Ltd Suite 7, 245 Churchill Avenue, Subiaco, Western Australia 600 PO Box 1973, Subiaco, Western Australia 6008 W bannermanenergy.com T +61 8 9381 1436 E info@bmnenergy.com FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2024 CONTENTS Corporate Directory ................................................................................................................................................ 1 Directors’ Report ..................................................................................................................................................... 2 Auditor’s Independence Declaration ...................................................................................................................... 9 Consolidated Statement of Comprehensive Income ............................................................................................ 10 Consolidated Statement of Financial Position ...................................................................................................... 11 Consolidated Cash Flow Statement ...................................................................................................................... 12 Consolidated Statement of Changes in Equity ...................................................................................................... 13 Notes to the Financial Statements ........................................................................................................................ 14 Directors’ Declaration ........................................................................................................................................... 27 Auditor’s Review Report ....................................................................................................................................... 28 ABOUT BANNERMAN ENERGY LTD About Bannerman - Bannerman Energy Ltd is a uranium development business listed on the Australian and Namibian stock exchanges and traded on the OTCQX Market in the US. Its flagship asset is the advanced Etango Uranium Project located in the Erongo Region of Namibia. Etango has benefited from extensive exploration and feasibility activity over the past 15 years. The Etango tenement possesses a globally large-scale uranium mineral resource1. In December 2022, a Definitive Feasibility Study (DFS)2 was completed on the Etango-8 Project, confirming to a definitive-level the strong technical and economic viability of conventional open pit mining and heap leach processing of the Etango deposit at 8Mtpa throughput (for average annual output of 3.5 Mlbs U3O8). In March 2024, a scoping study3 demonstrated the capacity to expand annual production to 6.7 Mlbs U3O8. Etango’s advanced credentials are further highlighted by the construction and multi-year operation of the Etango Heap Leach Demonstration Plant, which comprehensively de-risked the conventional acid heap leach process to be utilised on the Etango ore. All environmental approvals have been received for the proposed Etango mine and external mine infrastructure, based on a 12-year environmental baseline. Bannerman was awarded the Mining Licence for Etango in December 2023 and is progressing all key project workstreams towards a targeted positive Final Investment Decision (FID) in parallel with strengthening uranium market fundamentals. Namibia is a premier uranium investment jurisdiction, with a 45-year history of uranium production and export, excellent infrastructure and support for uranium mining from both government and community. As the world’s third largest producer of uranium, Namibia is an ideal development jurisdiction boasting political stability, security, a strong rule of law and an assertive development agenda. The Bannerman team has ample direct experience in the development, construction and operation of uranium projects in Namibia, as well as extensive links into the downstream nuclear power industry. Bannerman has long established itself as an Environmental, Social and Governance (ESG) leader in the uranium and nuclear energy sector. It is also a leader within Namibia on social development and community engagement and exercises best-practice governance in all aspects of its business. This was recently recognised with receipt of the 2023 African Mining Indaba’s ESG Award for Community Engagement. More information is available on Bannerman’s website at www.bannermanenergy.com. 1 and 2 Refer to Bannerman’s ASX release dated 6 December 2022, Etango-8 Definitive Feasibility Study. Bannerman confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning the estimates in that ASX release continue to apply and have not materially changed. 3 Refer to Bannerman’s ASX release dated 18 March 2024, Etango-XP and Etango-XT Scoping Study. CORPORATE DIRECTORY EXECUTIVE CHAIRMAN & MANAGING DIRECTOR Brandon Munro CHIEF EXECUTIVE OFFICER Gavin Chamberlain CHIEF FINANCIAL OFFICER & COMPANY SECRETARY Stephen Herlihy NON-EXECUTIVE DIRECTORS Alison Terry (Lead Independent Director) Felicity Gooding Clive Jones Mike Leech Bruce McFadzean PRINCIPAL & REGISTERED OFFICE Suite 7, 245 Churchill Avenue SUBIACO WA 6008 Australia Telephone: +61 (8) 9381 1436 AUDITORS Ernst & Young 11 Mounts Bay Road PERTH WA 6000 Telephone: +61 (8) 9429 2222 Facsimile: +61 (8) 9429 2432 SHARE REGISTRAR Computershare (Australia) Level 17 221 St George’s Terrace PERTH WA 6000 Telephone from within Australia: Telephone from outside Australia: Facsimile: 1300 850 505 +61 (3) 9415 4000 +61 (8) 9323 2033 STOCK EXCHANGE LISTINGS Australian Securities Exchange (ASX Code: BMN) Namibian Stock Exchange (NSX Code: BMN) OTC Markets (OTCQX Code: BNNLF) 1 DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2024 The directors submit the consolidated financial report of Bannerman Energy Ltd (“Bannerman” or the “Company”) and its controlled entities (the “Group”) for the half year ended 31 December 2024. Amounts are expressed in Australian dollars unless otherwise noted. DIRECTORS The names of the Company’s directors in office during the half year and until the date of this report are set out below. Directors were in office for this entire period unless otherwise stated. Brandon Munro Alison Terry Ian Burvill Felicity Gooding Clive Jones Mike Leech Bruce McFadzean Executive Chairman/Managing Director Lead Independent Director Non-executive Director (retired 15 November 2024) Non-executive Director (appointed 22 January 2025) Non-executive Director Non-executive Director Non-executive Director (appointed 18 November 2024) COMPANY SECRETARY Stephen Herlihy REVIEW AND RESULTS OF OPERATIONS Principal activities Bannerman is an exploration and development company with uranium interests in Namibia, a southern African country which is a premier uranium mining jurisdiction. Bannerman’s principal asset is its 95%-owned Etango Project situated southwest of CNNC’s Rössing uranium mine and CGNPC’s Husab Mine and to the northwest of Paladin Energy’s Langer-Heinrich mine. Etango is one of the world’s largest undeveloped uranium deposits. Bannerman is focused on the development of a large open pit uranium operation at Etango. The principal activities of the Group during the reporting period were execution of site early works for the project and continuation of detailed design of the project. Operating Result The Group’s net loss before tax of $2,703,243 for the half year ended 31 December 2024 (31 December 2023: Net loss before tax of $6,175,188) was attributable primarily to corporate and administrative expenses and non-cash share-based compensation expenses, a share of losses in an equity-accounted investment of $99,532 (31 December 2023: $897,396 loss) and an impairment of equity-accounted investments being $1,420,618 (31 December 2023: $3,568,253). Interest income for the half year ended 31 December 2024 was $2,257,291 (31 December 2023: $871,132). Cash Position Cash and cash equivalents were $81,111,170 as at 31 December 2024 compared with $24,046,438 as at 30 June 2024. 2 DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2024 ETANGO URANIUM PROJECT (BANNERMAN 95%) Figure 1 – The Etango Project (ML 250) is close to infrastructure and the towns of Swakopmund and Walvis Bay Overview The Etango Project is one of the world’s largest undeveloped uranium deposits, located in the Erongo uranium mining region of Namibia, which hosts the Rössing, Husab and Langer-Heinrich mines. Etango is 73km by road from Walvis Bay, one of southern Africa’s busiest deep-water ports through which uranium has been exported for over 45 years. Road, rail, electricity and water networks are all located nearby. Regulatory Approvals On 14 December 2023, Bannerman was granted Mining Licence (ML 250) for the Etango Project. The Company had already obtained all necessary environmental and heritage approvals based on environmental baseline monitoring and studies commenced 12-years ago. This achievement, together with positive uranium market trends, is enabling the Company's progress on crucial project activities. Early Works and Long Lead Construction Activities Bannerman’s strong cash position and flexible approach to project development enables the Company to exercise a gated approach to Etango development, with phased green lighting of various construction works in line with advancement across broader project workstreams and financial capacity. Following completion of the first two early works contracts in July 2024 – the construction water supply and site access road – development of Etango seamlessly transitioned into the next phase of early construction and long-lead order activities at Etango, thereby maintaining critical path timelines. All early works contracts are fully funded from Bannerman’s existing cash reserves. The bulk earthworks contract for the Etango Project was awarded in August 2024. Execution of this key 24-month contract is proceeding well and is on schedule. A critical enabler for uninterrupted delivery of the bulk earthworks activities is continuity of water supply on-site during the early works and full-scale construction phases. Build of the Etango construction water storage dam, which is designed to ensure such continuity, was successfully completed and filled with water in mid-November 2024 (refer Figure 2). Importantly, this occurred on schedule and prior to the next planned maintenance shutdown by water utility provider, NamWater (which took place over 18 - 24 November 2024). 3 DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2024 Figure 2: Completed construction water storage dam Similarly, the contract for build of the construction power facilities was awarded in October 2024, in-line with the project schedule. The key elements of these works include construction of all the permanent 33kV overhead powerlines on the Etango site and the temporary connection to the local electrical distributor in the Erongo Region. Work on this contract is currently advancing ahead of schedule. The first blast of the box cut for the primary crusher site was achieved safely and successfully on 11 November 2024 (refer Figure 3). Two further blasts have been completed, and excavation of the box cut was commenced in line with schedule. Figure 3: First blast being set off by Bannerman Mining Resources (Namibia) Managing Director, Mr Werner Ewald 4 DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2024 The contract for the blasting, crushing, and placement of the drainage layer on the Etango heap leach pad has been adjudicated. The civil concrete tender closed in January 2025. Manufacture of the High-Pressure Grinding Rolls (HPGR) tertiary crusher, a key identified long lead item for the Etango process plant, commenced in May 2024 and is currently ahead of schedule. Off-site Infrastructure and Utilities Supply Supply contracts are already in place to cover construction water and power requirements throughout the entire Etango build schedule. Negotiations on final supply contracts for life-of-mine operational water and power supply have progressed in line with requirements and are now at an advanced stage. a) Water Operational water for Etango is to be sourced from NamWater and supplied from desalinated sources to the Base Reservoir in Swakopmund. From there, the planned permanent Etango water supply infrastructure consists of a pipeline and pumping system to transport the water to the Etango site, and a terminal water storage system on site. Bannerman has been in commercial discussions with NamWater since 2021 regarding supply of operational water for the Etango Project. With the benefit of greater clarity on Etango development timing, these discussions have now advanced to the signing of a letter of intent with NamWater on 15 October 2024, which covers full water supply requirements for the operation of the Etango mine and process facility over its initial expected life of 15 years. To ensure that NamWater can provide desalinated water for Etango from the existing Erongo Desalination Plant, NamWater also now has a back-to-back signed letter of intent in place with the operator of that plant. The next step in this commercial process is the execution of a take-or-pay agreement between NamWater and Bannerman, which is planned to be signed upon the taking of a positive Final Investment Decision on Etango. b) Power Permanent operational power for the Etango site is set to be sourced from the 220 kV national grid through NamPower’s Kuiseb substation. Negotiations with power utility provider, NamPower, have now advanced to the confirmation of a definitive supply method between the parties. An offer in this regard was received from NamPower in December 2024 and accepted by Bannerman. A final commercial proposal based on this definitive supply method is expected to be received from NamPower in coming weeks. c) Acid Acid supply for the Etango operation is to be sourced locally and/or via import through the Walvis Bay port. Bannerman has an existing Memorandum of Understanding in place with a local acid supplier whereby the acid will be railed to a planned storage facility within the Walvis Bay port and then trucked to site. The facility in the port will also be able to receive sulphuric acid from international markets. Bannerman’s proposal to lease a site at the Walvis Bay port for the planned acid storage and import/export facility has now been approved by Namport, and the Environmental and Social Impact Assessment (ESIA) process for this facility has been completed and the application for an Environmental Clearance Certificate submitted to the Ministry of Environment, Forestry & Tourism. Project Funding The Etango financing process continues to progress, with Bannerman evaluating diverse funding options to support the development of the project. These options range from conventional debt facilities to strategic joint ventures, designed to align with Bannerman’s disciplined approach to optimising its funding mix. Azure Capital and Vermilion Partners (both global affiliates of French financial services institution, Natixis) are advising on and assisting with the execution of the optimal funding mix for Etango. 5 DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2024 Confidential discussions with multiple counterparties progressed during the half year, informed by Bannerman’s commitment to establishing a robust financial framework for the project. The process considers various factors to optimise shareholder return and risk, such as the cost of various alternatives weighed against respective requisite levels of offtake coverage (and key terms), covenants and security, counterparty strength and alignment with project development milestones. Bannerman’s favourable financial position, underpinned by a strong cash balance, enables the Company to retain maximum flexibility in securing favourable terms and timing while advancing project development. Technical Disclosures Certain disclosures in this report, including management's assessment of Bannerman’s plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Bannerman’s operation as a mineral development company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Full descriptions of these risks can be found in Bannerman’s various statutory reports and announcements. Readers are cautioned not to place undue reliance on forward-looking statements. Bannerman expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. The information in this report as it relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr Marthinus Prinsloo. Mr Prinsloo is a full time employee of the Company and is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Prinsloo has sufficient experience which is relevant to the style of mineralisation and the type of deposit under consideration, and to the activities, which he is undertaking. This qualifies Mr Prinsloo as a “Competent Person” as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and a “Qualified Person” as defined by Canadian National Instrument 43-101. Mr Prinsloo consents to the inclusion in this announcement in the form and context in which it appears. Mr Prinsloo holds shares and performance rights in Bannerman Energy Ltd. The Etango Project is based on a resource estimate compiled or reviewed by Mr Ian Glacken, Principal Consultant at Snowden Optiro Pty Ltd and a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Glacken has sufficient experience that 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 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”, is an independent consultant to Bannerman. The Ore Reserves of the Etango Project is based on information compiled or reviewed by Mr Werner K Moeller, a Director since 2016 of Qubeka Mining Consultants CC based in Klein Windhoek, Namibia. Prior to 2016 Mr. Moeller was a Director of VBKom Consulting Engineers (Pty) Ltd based in Centurion, South Africa from 2008. Mr Moeller is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM nr. 329888), a Member of the South African Institute of Mining and Metallurgy (MSAIMM nr. 704793) and a Member of the Canadian Institute of Mining, Metallurgy and Petroleum (MCIM nr. 708163). He graduated from the University of Pretoria, South Africa and holds a Bachelor degree, majoring in Mine Engineering (2001) and an Honours degree, majoring in Industrial Engineering (2002). Mr Moeller is a practising mining engineer, having practiced his profession continuously since 2002, and has sufficient experience relevant to the style of mineralisation and types of deposits under consideration and to the activity which is being undertaken to qualify him as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. 6 DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2024 CORPORATE Issued Securities At the date of this report, Bannerman has 178,784,496 ordinary shares on issue. The Company completed an equity raising of $85,000,657 in a two-tranche placement to new and existing institutional and sophisticated investors. These two tranches were ratified (first tranche) and approved (second tranche) at the Company’s 12 August 2024 general meeting. Details of each tranche of securities are included below: 1. 2. First tranche - On 4 July 2024 the Company issued 22,927,010, fully paid ordinary shares at an issue price of $3.30, raising $75,659,133 (before fees). Second tranche - On 15 August 2024 following shareholder approval the company released a second tranche of 2,830,765 fully paid ordinary shares with the same issue price of $3.30, raising a further $9,341,524 (before fees). The proceeds of the funding will be utilised in the continuing development of the Etango Project and will fund the detailed engineering design, early works program and provide general working capital. As at 31 December 2024, Bannerman had on issue 2,076,732 performance share rights and 2,091,403 unlisted zero exercise price options issued under the shareholder-approved Employee Incentive Plan (“EIP”) and 134,570 unlisted zero exercise price options issued under the Non-Executive Director Share Incentive Plan (“NEDSIP”). The EIP incentives are subject to various performance targets and continuous employment periods. The NEDSIP incentives are subject to continuous employment periods. Cancellation and Issue of Securities The Company advised during the period that the following securities in Bannerman were cancelled or issued:  106,202 unlisted options were exercised, and a corresponding number of shares were issued.  138,780 unlisted options with an exercise price of A$4.50 expired.  65,864 unlisted employee options have, pursuant to the terms of the Employee Incentive Plan (EIP), been forfeited and cancelled following non-satisfaction of the relevant performance criteria.  73,783 fully paid ordinary shares were issued upon vesting of unlisted employee performance rights in accordance with the terms of the EIP and Non-Executive Director Share Incentive Plan (NEDSIP).  551,655 unlisted options were granted (with 491,655 being issued) in accordance with the EIP and NEDSIP as approved by shareholders on 16 November 2022. Namibia Critical Metals Inc additional investment On 28 November 2024, the Company acquired a further 7,342,857 shares in Namibia Critical Metals Inc (NMI) with a share price of C$0.035 (Canadian dollar) per share due to the Company’s participation in an NMI Private Placement (capital raising). The acquisition takes the Company’s interest in NMI to 43.0%. The shares were issued with 3,671,428 free-attaching warrants which are exercisable at C$0.05 on or before 28 November 2025. Annual General Meeting Bannerman held its Annual General Meeting on 15 November 2024. As previously announced, the proposed Resolution 4, the Replacement of Constitution, being a special resolution, did not pass, as it failed to achieve the required 75% shareholder approval. Consequently, Resolution 5 (Amendment to the Constitution for Virtual Only General Meetings) and Resolution 6 (Approval of Proportional Takeover Provisions) were no longer applicable and did not proceed further, as their consideration was contingent upon the successful passage of Resolution 4. All other resolutions put to the meeting were passed by poll. 7 DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2024 SUBSEQUENT EVENTS On 14 January 2025 the Company issued 60,000 zero exercise price options (ZEPOs) under the Company Employee Incentive share price. The options have an expiry of 15 Nov 2031. On 15 January 2025 the Company announced that 4,200 zero exercise price options (ZEPOs) with an expiry of 15 Nov 2031 lapsed. On 22 January 2025 the Company announced the appointments of: Felicity Gooding to the position of Non-Executive Director (effective immediately) and; Matthew Horgan to the position of Vice President, Corporate Development (effective 28 January 2025) Other than the events noted above there are no other matters or circumstances that have arisen since the end of the period which significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group. AUDITOR’S INDEPENDENCE DECLARATION Section 307C of the Corporations Act 2001 requires the Company’s auditors to provide the directors of Bannerman with an Independence Declaration in relation to the half year ended 31 December 2024. The Independence Declaration is attached to and forms part of this Directors’ Report. This report is made in accordance with a resolution of the Directors. ROUNDING Amounts in this report and the accompanying financial report have been rounded to the nearest thousand dollars (A$’000) unless otherwise stated under the option available to the Company under ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191. The Company is an entity to which the class order applies. Signed in accordance with a resolution of the Board of Directors. _______________________ Brandon Munro Executive Chairman and Managing Director Perth 5 March 2025 8 AUDITOR’S INDEPENDENCE DECLARATION 9 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 31 DECEMBER 2024 Note 6 Months Ended 31 December 2024 2023 $'000 $'000 Other revenue 2 2,257 871 Administration and corporate expense Depreciation expense Exploration and evaluation expense (write-down) Finance expense Foreign exchange currency gains/(losses) Impairment of equity-accounted investments Share of profit/(losses) from equity-accounted investments Staff expense Realised gain/(loss) on disposal of plant and equipment Unrealised fair value losses on financial assets 3(a) (1,720) (57) (9) 40 (1,421) (100) (1,654) 5 (44) (961) (21) (5) (3,568) (896) (1,593) (1) (1) Loss before income tax Income tax benefit (2,703) - (6,175) - Net loss for the half year (2,703) (6,175) Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation 3,603 (922) Other comprehensive (loss)/income for the half year, net of tax 3,603 (922) 900 (7,097) (2,658) (45) (5,965) (210) (2,703) (6,175) 938 (38) (6,853) (244) 900 (7,097) 161,119 150,606 (1.68) (4.10) Total comprehensive (loss)/income, net of tax Net loss is attributable to: Equity holders of Bannerman Energy Ltd Non-controlling interest Total comprehensive (loss)/income attributable to: Equity holders of Bannerman Energy Ltd Non-controlling interest Weighted average number of shares ('000) Basic and dilutive loss pert attributable share to the ordinary equity holders of the Company (cents per share) 8 11 11 3(b) The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. 10 CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE HALF YEAR ENDED 31 DECEMBER 2024 Note 31 December 2024 $’000 30 June 2024 $’000 4 5 6 7 81,111 7 1,711 1,185 24,046 38 685 234 84,014 25,003 92,443 2,629 13,270 49 27 78,825 3,782 92 65 22 TOTAL NON-CURRENT ASSETS 108,418 82,786 TOTAL ASSETS 192,432 107,789 3,622 49 247 1,082 63 241 3,918 1,386 739 692 739 692 4,657 2,078 187,775 105,711 292,391 30,569 (133,016) 211,925 25,134 (130,358) TOTAL PARENT ENTITY INTEREST 189,944 106,701 Non-controlling interest (2,169) (990) TOTAL EQUITY 187,775 105,711 CURRENT ASSETS Cash and cash equivalents Financial assets Other receivables Other current assets TOTAL CURRENT ASSETS NON-CURRENT ASSETS Exploration and evaluation expenditure Investments accounted for using the equity method Property, plant and equipment Right of use assets Other non-currents assets CURRENT LIABILITIES Trade and other payables Lease liabilities Provisions 8 11 9 10 7 12 10 13 TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Provisions 13 TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITES NET ASSETS EQUITY Contributed equity Reserves Accumulated losses 14 15 The above statement of financial position should be read in conjunction with the accompanying notes. 11 CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 31 DECEMBER 2024 6 Months Ended 31 December 2024 2023 $’000 $’000 CASHFLOWS FROM OPERATING ACTIVITIES Payments for staff costs Payments for administration and corporate costs Interest received Interest and other costs of finance paid (914) (2,056) 1,593 (4) (871) (1,000) 794 (3) Net cash utilised in operating activities (1,381) (1,080) Payments for exploration and evaluation Payments to acquire investments in associates Payments to acquire financial assets Payments to acquire property, plant and equipment Proceeds from the disposal of property, plant and equipment Loans provided to related parties Payments for deposits and bonds (other non-current assets) (9,505) (270) (13) (12,283) 9 (78) (4) (5,716) (227) (40) (295) - Net cash utilised in investing activities (22,144) (6,278) Proceeds from issue of shares Transaction costs related to issue of shares Repayment of lease liabilities/borrowings Payments for bank security deposits Payment for other receivables and deposits 85,001 (4,535) (22) - 4 (20) (40) Net cash provided by financing activities 80,444 (56) Net decrease in cash and cash equivalents 56,919 (7,414) Cash and cash equivalents at beginning of period 24,046 42,589 146 (31) 81,111 35,144 CASHFLOWS FROM INVESTING ACTIVITIES CASHFLOWS FROM FINANCING ACTIVITIES Effects of exchange rate changes on the balance of cash held in foreign currencies Cash and cash equivalents at end of period The above cash flow statement should be read in conjunction with the accompanying notes. 12 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2024 Issued Share Based Payment Reserve Foreign Currency Reserve Equity Reserve $’000 $’000 $’000 $’000 211,925 62,700 (36,740) (826) (130,358) (990) 105,711 Loss for the period - - - - (2,658) (45) (2,703)