Announcement PDF AuKing Mining Limited ABN 29 070 859 522 ASX Code: AKN, AKNO INTERIM FINANCIAL REPORT For the half-year ended 30 June 2025 AuKing Mining Limited Interim Financial Report for the Half-Year Ended 30 June 2025 CORPORATE DIRECTORY AuKing Mining Limited ABN 29 070 859 522 Directors Mr Peter Tighe (Non-Executive Chair) Mr Paul Williams (Managing Director) Mr Mark Fisher (Non-Executive Director) Dr Kylie Prendergast (Non-Executive Director) Mr Nick Harding (Non-Executive Director) Mr Lincoln Ho (Non-Executive Director) Company Secretary Mr Paul Marshall Head Office Suite 34, Level 10 320 Adelaide Street Brisbane QLD 4000 Telephone: Email: Website: 07 3535 1208 admin@aukingmining.com www.aukingmining.com ASX Code: AKN Auditors Share Registry BDO Audit Pty Ltd Level 10, 12 Creek Street Brisbane QLD 4000 MUFG Corporate Markets Level 21 10 Eagle Street Brisbane QLD 4000 Telephone: Website: 07 3237 5999 www.bdo.com.au Telephone: Facsimile: Website: 1300 554 474 02 9287 0303 www.linkmarketservices.com.au Page 2 of 28 AuKing Mining Limited Interim Financial Report for the Half-Year Ended 30 June 2025 DIRECTORS' REPORT Your Directors present their report on the Consolidated Entity consisting of AuKing Mining Limited (“AKN” or “Company”) and the entities it controlled (together referred to as the “Consolidated Entity” or “Group”) at the end of, or during, the halfyear ended 30 June 2025. DIRECTORS The following persons were directors of AuKing Mining Limited during the whole of the period and up to the date of this report, unless otherwise stated: Name Position Period of Directorship Mr Peter Tighe Non-Executive Chairman Appointed 9 June 2021 Mr Paul Williams Managing Director Appointed 3 June 2024 Mr Mark Fisher Non-Executive Director Appointed 19 December 2024 Dr Kylie Prendergast Non-Executive Director Appointed 19 December 2024 Mr Nick Harding Non-Executive Director Appointed 19 December 2024 Mr Lincoln Ho Non-Executive Director Appointed 14 April 2025 REVIEW OF OPERATIONS For the half-year ended 30 June 2025 the Consolidated Entity incurred a loss of $1,597,049 (30 June 2024: loss of $2,537,113). Orion Resources – Cloncurry Gold Project In March 2025, the Company advised it had increased the proposed acquisition rights to secure a 50% shareholding interest in Orion Resources Pty Ltd (“Orion”). Orion previously entered into an asset sale agreement (“ASA”) to acquire the Cloncurry Gold Project licence package which spans approximately 447 km2 of granted mining and exploration tenures in the Cloncurry region, centred on the historical Mt Freda and Golden Mile deposits and the nearby Lorena processing facility. In addition to defined JORC-compliant resources, the district-scale landholding contains multiple unexplored targets with strong potential for new discoveries along proven mineralized corridors. Sitting within a wellestablished mining province in north-western Queensland, the Project benefits from sealed road access, grid-connected power and proximity (~ 15 km) to the 250-300k tpa Lorena gold/copper processing plant. Historical drilling and JORCcompliant resource estimates underpin a robust exploration and development pipeline targeting quartz-carbonatesulphide lodes. On 19 May 2025, the Company announced an A$8M non-binding indicative project financing with US-based Nebari Natural Resources Credit Fund II, LP (“Nebari”) for a credit facility that will make a significant contribution to complete the acquisition of the Cloncurry Gold Project assets. One of the critical conditions to Nebari moving forward with the proposed financing was the conduct of a legal and technical due diligence in relation to the Cloncurry Gold Project and planned future development activities. On 3 September 2025 Nebari formally advised of its satisfaction in relation to that due diligence exercise – thereby removing a substantial hurdle to AuKing and Orion securing the necessary funding to complete the project acquisition. Preparation of formal legal documentation will now likely commence with a view to settle the outstanding conditions precedent in advance of the intended financial close. Tanzanian Projects Mkuju Uranium Based on results announced in early 2024, the Company established its planned 11,000m drilling program at Mkuju. The conduct of this drilling program at Mkuju remains a priority for the Company as and when funding capacity permits. On 5 February 2025, the Company announced the sale of two non-core Prospecting Licences in the Mkuju region to Gage Capital for a total purchase price of $300,000, less tenement rental costs incurred by Gage Capital of $144,992. The sale proceeds of $155,008 are expected to be received by the end of September 2025. Page 3 of 28 AuKing Mining Limited Interim Financial Report for the Half-Year Ended 30 June 2025 Manyoni Uranium The Company announced on 16 October 2024 that it had reached an agreement with ASX-listed Moab Minerals Limited (“MOM”) (and its Tanzanian subsidiary Katika Resources Limited (“Katika”)) to sell its remaining non-core Prospecting Licences at Manyoni and to relinquish its rights to claim compensation as against MOM and Katika. The total purchase price payable by MOM/Katika to the Company is $175,000. As at the date of this Report, the final Tanzanian statutory approvals for this transaction remain pending. Koongie Park On 18 February 2025, the Company announced that it had entered into a joint venture earn-in agreement with ASX-listed Cobalt Blue Holdings Limited (“COB”) in relation to the Koongie Park project. A summary of the key terms of the agreement that has been reached with COB includes the following: Stage 1 • Subject to satisfaction of certain conditions precedent including deeds of assignment and assumption being executed by relevant third parties, COB will acquire a 51% beneficial interest in the Project by issuing AuKing with COB shares (at an issue price of $0.072 – set at the same level as the recent COB rights issue) which are to be held in voluntary escrow by AuKing for a six month period; • To retain the 51% beneficial interest COB must meet a minimum expenditure of A$500k by 30 June 2027; • If COB does not meet this Stage 1 expenditure, AuKing can buy back a 2% interest (and return to a 51% interest) by reimbursing COB 2% of the amount of expenditure incurred by COB on the Project. Stage 2 • COB will then have the right (but not the obligation) to earn up to a 75% interest (an additional 24%) in the Project by incurring an additional A$1.5M expenditure on the tenements by 30 June 2028; • If COB does not meet this Stage 2 expenditure, AuKing can buy back a 2% interest (and return to a 51% interest) by reimbursing COB 2% of the amount of expenditure incurred by COB on the Project; and Should AuKing’s future JV interest dilute below 10% the interest shall revert to a 1% Net Smelter Royalty (‘NSR’). COB has made excellent progress with its project activities since commencement of the joint venture occurred, with details of a new Scoping Study released in early June 2025 and plans for significant additional drilling and study work identified as being necessary in the Scoping Study. Canada – Myoff Creek Acquisition No work was conducted on this project during the first six months of 2025, although the Company has engaged a local service provider to carry out an airborne radiometric and aeromagnetic survey across the entire Myoff Creek tenure holding. This activity will be conducted as soon as the service provider can do so. The results of the airborne survey across the Myoff Creek tenure holding will be made available as soon as possible after completion of the program. Canada – Grand Codroy Acquisition No exploration fieldwork was conducted on this project during the first six months of 2025. Saudi Arabia On 21 August 2025 Resource Mining Corporation Limited (ASX:RMI) announced that it had exercised its option to acquire all of the Company’s interests in this Saudi JV, with all final arrangements expected to be settled shortly. Corporate Matters Board Changes On 14 April 2025, Mr Lincoln Ho was appointed as a director. At the Company’s AGM on 29 May 2025, the appointments of Messrs Fisher, Harding and Ho and Dr Prendergast were re-affirmed by shareholders. Page 4 of 28 AuKing Mining Limited Interim Financial Report for the Half-Year Ended 30 June 2025 Gage Strategic Transaction On 5 February 2025 the Company announced that Gage Resources Pty Ltd, an Australian subsidiary of Beijing-based Gage Capital Management Co., Ltd (“Gage Capital”), had agreed to subscribe for 60 million new shares in the Company at an issue price of A$0.005, raising an additional $300,000 for the Company’s working capital purposes. Short Term Loan Facilities: Tighe Loan On 19 April 2024, the Company announced details of a short-term loan agreement with Evolution Capital Pty Ltd (Evolution), which was subsequently assigned to the Company’s Chairman, Peter Tighe, in August 2024. The current status of that loan is summarized as follows: Lender: Mr Peter Tighe (having purchased these rights from Evolution Capital Pty Ltd) Facility Limit: $650,000 Term: 31 March 2026 or when the Company is able to repay Interest: 15% per annum payable monthly in arrears GAM Loan On 31 March 2025 the Company entered into a short-term $420,000 loan with GAM Company Pty Ltd that was subsequently extended to a total loan of $657,000 which was intended to be repayable from a capital raising proposed at the time that GBA Capital Pty Ltd was arranging in April 2025. Subsequent to period end, the loan principal has since been reduced to $256,000 and bears interest at 1% per month. The GAM loan and accrued interest was due to be repaid on or before 30 September 2025. The GAM loan was repaid in full on 10 September 2025. EVENTS AFTER BALANCE SHEET DATE The following events since 30 June 2025 that impact upon the financial report are as follows: Share Placement The Company completed a two-tranche placement to professional and sophisticated investors comprising 196,217,709 new fully paid ordinary shares at an issue price of $0.006 per share (“Placement Shares”) together with free attaching options to raise $1,177,306 before issue costs. Tranche 1 Placement The Company issued 113,337,550 new shares at an issue price of $0.006 per share, raising a total of $680,025 before costs. These Placement Shares were issued on 2 July 2025. Tranche 2 Placement Following shareholder approval at the 15 August 2025 EGM, the Company issued 82,880,159 new shares at an issue price of $0.006 per share, raising an additional $497,280 before costs. The Placement also included: • One option for every one Placement Shares issued (being a total of 196,217,709 options) with an exercise price of $0.006 and expiring on 31 December 2026 (“$0.006); and • One option for every two Placement Share issued (being a total of 98,108,858 options) with an exercise price of $0.03 and expiring on 30 April 2027 (“0.03 Options”). GAM Loan The GAM loan was repaid in full on 10 September 2025. Page 5 of 28 AuKing Mining Limited Interim Financial Report for the Half-Year Ended 30 June 2025 Nebari Project Financing On 3 September 2025 Nebari formally advised of its satisfaction in relation to that due diligence exercise – thereby removing a substantial hurdle to AuKing and Orion securing the necessary funding to complete the project acquisition. Preparation of formal legal documentation will now likely commence with a view to settle the outstanding conditions precedent in advance of the intended financial close. RiverFort Loan Facility On 8 September 2025, the Company entered into a $5,000,000 loan facility with RiverFort Global Capital Ltd. Key Terms RiverFort Loan Total available loan facility $5,000,000 Interest rate 10.00% per annum $500,000 is immediately available for the first drawdown. The remaining facility will be available in two tranches. Drawdowns The second trance of $2,500,000 will be available to fund the Orion project and the third tranche of $2,000,000 at a later time to further fund development of the Orion project. The second and third tranches are subject to mutual agreement between RiverFort Global Capital Ltd and the Company. At the discretion of the Company, either: Drawdown Fee Facility term and repayments • 4.5% of each relevant Drawdown paid in cash and deducted from gross proceeds of each Drawdown, or; • 5.5% paid in shares at the 5 day VWAP preceding the relevant drawdown. • Overall facility term of 3 years • Each drawdown is to be repaid 12 months from the drawdown date Security First Ranking Security over Auking Mining Limited but subject to being subordinated to the proposed Nebari senior secured facility. RiverFort Shares AKN shall issue A$100,000 of Pre-Issued Shares to RiverFort Global Capital Ltd on the date of the First Drawdown. RiverFort Options RiverFort Global Capital Ltd shall receive Options (in the Investor’s standard form) equal to 40% (or a 2:5 ratio) of each Drawdown divided by the Reference Price, exercisable at a 50% premium to the relevant Reference Price. Each issuance of Options will have a 36-month term from the date of issuance. The Options associated with the First Drawdown will have an exercise price at a 50% premium to the Equity Placing share price. The RiverFort Global Capital Ltd may from time to time and in varying amounts convert outstanding Principal and Interest at a 50% premium to the Reference Price of each Drawdown at any time during the Term. Fixed Placing Price For the First Drawdown, the Fixed Placing Price will be at a 50% premium to the Equity Placing price. If there is any issuance of equity at a share price which is below the Fixed Placing Price during the Term, the Fixed Placing Price will be revised to be the same as the relevant placing price of the issuance of equity. The first tranche of $500,000 was drawdown on 10 September 2025. Page 6 of 28 AuKing Mining Limited Interim Financial Report for the Half-Year Ended 30 June 2025 Mkuju Uranium Tenement Sale In early September 2025, the Company was advised that the sale of two non-core Prospecting Licences in the Mkuju region to Gage Capital has been approved by the Tanzanian authorities. The sale proceeds of $155,008 are expected to be received by the end of September 2025. Saudi Arabia On 21 August 2025 Resource Mining Corporation Limited (ASX:RMI) announced that it had exercised its option to acquire all of the Company’s interests in this Saudi JV, with all final arrangements expected to be settled shortly. AUDITOR’S INDEPENDENCE DECLARATION The auditor’s independence declaration under section 307C of the Corporations Act 2001 is set out on page 8 and forms part of the Director’s report for the half-year ended 30 June 2025. Signed in accordance with a resolution of the directors. Paul Williams Managing Director 12 September 2025 Page 7 of 28 AuKing Mining Limited Interim Financial Report for the Half-Year Ended 30 June 2025 Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 Tel: +61 7 3237 5999 Fax: +61 7 3221 9227 www.bdo.com.au Level 10, 12 Creek Street Brisbane QLD 4000 GPO Box 457 Brisbane QLD 4001 Australia DECLARATION OF INDEPENDENCE BY R J LIDDELL TO THE DIRECTORS OF AUKING MINING LIMITED As lead auditor for the review of AuKing Mining Limited for the half-year ended 30 June 2025, I declare that, to the best of my knowledge and belief, there have been: 1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and 2. No contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of AuKing Mining Limited and the entities it controlled during the period. R J Liddell Director BDO Audit Pty Ltd Brisbane, 12 September 2025 BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of A.C.N. 050 110 275 Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and A.C.N. 050 110 275 Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation. Page 8 of 28 AuKing Mining Limited Interim Financial Report for the Half-Year Ended 30 June 2025 Consolidated Statement of Comprehensive Income For the half-year ended 30 June 2025 6 months ended June 2025 $ 6 months ended June 2024 $ Employment and consultancy expenses (359,641) (450,783) Depreciation expense (12,895) (23,957) Note Orion Project expenditure Exploration expenditure - Tanzania 6 Exploration expenditure - Canada Impairment – exploration and evaluation assets Finance costs Fair value gain on financial assets (357,120) - (16,127) (330,013) (554) - - (922,890) (331,321) (277,159) 8,333 - (527,724) (532,311) (1,597,049) (2,537,113) Income tax expense - - Loss for the period (1,597,049) (2,537,113) 13,171 7,737 - - 13,171 7,737 (1,583,878) (2,529,376) Cents Cents (0.29) (1.06) Other expenses Loss before income tax 3 Other comprehensive income/(loss) Foreign currency translation differences for foreign operations Income tax Other comprehensive income for the period, net of tax Total comprehensive loss Earnings per share Basic and diluted loss per share The Consolidated Statement of Comprehensive Income should be read in conjunction with the Notes to the Consolidated Financial Statements. Page 9 of 28 AuKing Mining Limited Interim Financial Report for the Half-Year Ended 30 June 2025 Consolidated Balance Sheet As at 30 June 2025 Note June 2025 $ December 2024 $ 36,289 33,864 CURRENT ASSETS Cash and cash equivalents Trade and other receivables 4 117,728 49,305 Financial assets at fair value through profit or loss 5 144,444 - Other assets 20,000 - TOTAL CURRENT ASSETS 318,461 83,169 NON-CURRENT ASSETS Other receivables 4 3,185 3,185 Exploration and evaluation assets 6 7,943,162 8,092,128 34,163 47,058 TOTAL NON-CURRENT ASSETS 7,980,510 8,142,371 TOTAL ASSETS 8,298,971 8,225,540 913,841 957,603 199,784 192,044 Plant and equipment CURRENT LIABILITIES Trade and other payables 7 Employee benefit provisions Borrowings 1,534,130 801,617 TOTAL CURRENT LIABILITIES 8 2,647,755 1,951,264 TOTAL LIABILITIES 2,647,755 1,951,264 NET ASSETS 5,651,216 6,274,276 EQUITY Share capital 9 26,270,405 25,326,935 Reserves 10 2,817,269 3,064,080 (23,436,458) (22,116,739) 5,651,216 6,274,276 Accumulated losses TOTAL EQUITY The Consolidated Balance Sheet should be read in conjunction with the Notes to the Consolidated Financial Statements Page 10 of 28 AuKing Mining Limited Interim Financial Report for the Half-Year Ended 30 June 2025 Consolidated Statement of Changes in Equity For the half-year ended 30 June 2025 Share Capital $ Reserves $ Accumulated Losses $ Total Equity $ 23,303,355 2,246,640 (16,562,525) 8,987,470 Issue of share capital 650,000 - - 650,000 Share issue costs (160,528) - - (160,528) - 281,725 - 281,725 489,472 281,725 - 771,197 Loss after income tax - - (2,537,113) (2,537,113) Other comprehensive income - 7,737 - 7,737 - 7,737 (2,537,113) (2,529,376) Balance at 30 June 2024 23,792,827 2,536,102 (19,099,638) 7,229,291 Balance at 1 January 2025 25,326,935 3,064,080 (22,116,739) 6,274,276 Issue of share capital 990,000 - - 990,000 Share issue costs (46,530) - - (46,530) - 17,348 - 17,348 Consolidated Entity Balance at 1 January 2024 Transactions with owners in their capacity as owners Share based payments Comprehensive income Transactions with owners in their capacity as owners Share based payments Transfer of expired options - (277,330) 277,330 - 943,470 (259,982) 277,330 960,818 Loss after income tax - - (1,597,049) (1,597,049) Other comprehensive income - 13,171 - 13,171 - 13,171 (1,597,049) (1,583,878) 26,270,405 2,817,269 (23,436,458) 5,651,216 Comprehensive income Balance at 30 June 2025 The Consolidated Statement of Changes in Equity be read in conjunction with the Notes to the Consolidated Financial Statements Page 11 of 28 AuKing Mining Limited Interim Financial Report for the Half-Year Ended 30 June 2025 Consolidated Cash Flow Statement For the half-year ended 30 June 2025 6 months ended June 2025 $ 6 months ended June 2024 $ Payments to suppliers and employees (885,061) (948,876) Payments for Orion project expenditure (119,600) - (16,127) (330,013) Note CASH FLOWS FROM OPERATING ACTIVITIES Payments for exploration and evaluation - Tanzania 6 Payments for exploration and evaluation - Canada 6 Finance costs Net cash used in operating activities (554) (330,013) (85,429) (83,665) (1,106,771) (1,362,554) (35,383) (175,710) (35,383) (175,710) CASH FLOWS FROM INVESTING ACTIVITIES Payments for exploration and evaluation– Koongie Park 6 Net cash provided used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares 9 834,004 650,000 Cost associated with the issue of shares 9 (5,219) (35,020) Proceeds from borrowings 8 351,200 656,250 Repayment of borrowings 8 (35,728) (17,757) 1,144,257 1,253,473 Net increase/(decrease) in cash and cash equivalents 2,103 (284,791) Cash and cash equivalents at the beginning of the period 33,864 396,308 322 1,219 36,289 112,736 Net cash provided by financing activities Net foreign exchange differences Cash and cash equivalents at the end of the period The Consolidated Cash Flow Statement should be read in conjunction with the Notes to the Consolidated Financial Statements. Page 12 of 28 AuKing Mining Limited Interim Financial Report for the Half-Year Ended 30 June 2025 NOTE 1 SUMMARY OF MATERIAL ACCOUNTING POLICIES (a) Reporting Entity AuKing Mining Limited (the “Company”) is a company domiciled in Australia. The consolidated interim financial report of the Company as at and for the six months ended 30 June 2025 comprises the Company and its controlled entities (together referred to as the “Consolidated Entity”). (b) Statement of Compliance The consolidated interim financial report is a general purpose financial report which has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001. The Company is a for-profit entity for the purpose of preparing the interim financial report. The consolidated interim financial report does not include all of the information required for a full annual financial report, and should be read in conjunction with the consolidated annual financial report of the Consolidated Entity as at and for the year ended 31 December 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. New and revised standards have been issued by the AASB and are effective for the half-year; however there are no material changes to the policies that affect the recognition or measurement of the results or financial position of the Consolidated Entity. (c) Accounting Policies Except for the Borrowings accounting policy detailed in Note 5, the accounting policies and methods of computation applied by the Consolidated Entity in the consolidated interim financial report are the same as those applied by the Consolidated Entity in its consolidated financial report as at and for the year ended 31 December 2024. (d) New Standards and Interpretations Not Yet Adopted Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2025 reporting period. The Consolidated Entity has decided against early adoption of these standards. The Consolidated Entity has assessed the impact of these new standards that are not yet effective and determined that they are not expected to have a material impact on the Consolidated Entity in the current or future reporting periods and on foreseeable future transactions. (e) Going Concern As at 30 June 2025 the Consolidated Entity had cash reserves of $36,289 and net current liabilities of $2,329,294, inclusive of a $750,000 loan from Director Peter Tighe. For the half-year ended 30 June 2025 the Consolidated Entity incurred a loss of $1,597,049. The Consolidated Entity also incurred operating cash outflows of $1,106,771 and had investing cash outflows of $35,383. As disclosed in Note 11, the Consolidated Entity also has obligations to expend minimum amounts on exploration in tenement areas. Currently the exploration expenditure obligations for the 12 months ending 30 June 2026 to maintain its current tenement areas are $3,976,016. In February 2025, AKN entered into an earn in agreement with Cobalt Blue Holdings Limited for the Koongie Park project. Under this agreement, AKN expects Cobalt Blue Holdings Limited will sole fund exploration expenditure obligations for the Koongie Park tenement areas for the coming 12 months. AKN has also entered into sale agreements for various tenement in Tanzania. Following settlement of these sales, the future Tanzanian exploration expenditure obligations will be significantly reduced. As at the date of this report the Consolidated Entity has an immediate need to raise funds to continue as a going concern and subsequent to half-year end has undertaken a number of activities to obtain the funds necessary to continue as a going concern, as shown below: • Subsequent to half-year end the Consolidated Entity raised an additional $1,177,305 (before costs) through a twostage share placement. • In early September 2025, the Company was advised that the sale of two non-core Prospecting Licences in the Mkuju region to Gage Capital has been approved by the Tanzanian authorities. The sale proceeds of $155,008 are expected to be received by the end of September 2025. • On 8 September 2025, the Company entered into a $5,000,000 loan facility with RiverFort Global Capital Ltd, of which $500,000 is immediately available for drawdown. The remaining facility will be available in two tranches. The second tranche of $2,500,000 will be available to fund the Orion project and the third tranche of $2,000,000 at a later time to further fund development of the Orion project. The second and third tranches are subject to mutual agreement between RiverFort Global Capital Ltd and the Company. Each tranche has a 12-month term with repayment due at the end of the term. The first tranche of $500,000 was drawdown on 10 September 2025. Page 13 of 28 AuKing Mining Limited Interim Financial Report for the Half-Year Ended 30 June 2025 NOTE 1 SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued) • On 10 September 2025 the GAM Company Loan was repaid in full. • The Consolidated Entity has received commitments from various creditors, including directors, that amounts owing will either not be called upon until such time that the company has sufficient funds to pay or for extensions to payment terms. • The Consolidated Entity has received a confirmation from Director Peter Tighe that the loan that was due to expire and be repaid on 31 March 2025 will not be called upon for 12 months or until such earlier time that the Company has sufficient funds to repay the loan. • The Consolidated Entity has entered into a $175,000 sale agreement for the sale of its Mayoni licenses in Tanzania to Moab Minerals Limited, subject to regulatory approvals. As at the date of this Report, the final statutory approvals for this transaction are in the process of being obtained. The Consolidated Entity requires further capital to: • Repay $778,125 of loan and associated accrued interest from Director Peter Tighe; • Settle other current outstanding liabilities; and • Fund future project activity and meet other necessary corporate expenditure. It is the intention of the Consolidated Entity to carry out near-term activities at the Orion and Canadian projects if sufficient funding is available. The ability of the Consolidated Entity to continue as a going concern is dependent upon securing funding in the form of a capital raise within the next two months. A capital raising is planned to be completed by late October / early November 2025 to ensure the Consolidated Entity is in a position to continue planned exploration and meet the Consolidated Entity’s working capital requirements. The Consolidated Entity’s ability to continue as a going concern is also dependent upon one or more of the following: • the ability of the Company to raise sufficient additional capital in the future; • The ability of the Consolidated Entity to complete the sale of its Manyoni and Mkuju licenses in Tanzania; • the successful exploration and subsequent exploitation of the Consolidated Entity’s tenements. These conditions give rise to material uncertainty which may cast significant doubt over the Consolidated Entity’s ability to continue as a going concern. Whilst acknowledging these uncertainties, the directors have concluded that the Company is currently solvent and that the going concern basis of preparation is appropriate due to the following reasons: • The Company is due to receive $155,008 from the sale of the Mkuju tenements, with funds expected by the end of September 2025; • On 10 September 2025, the first tranche of loan facility with RiverFort Global Capital Ltd ($500,000) was drawdown. • The Company holds 2,777,778 of Cobalt Blue Holding shares which are no longer subject to escrow, which the Company can sell to raise additional funds; • To date the Consolidated Entity has funded its activities through issuance of equity securities, and it is e