Announcement PDF AuKing Mining Limited ABN 29 070 859 522 ASX Code: AKN ANNUAL FINANCIAL REPORT For the year ended 31 December 2024 AuKing Mining Limited 2024 Annual Report Corporate Directory AuKing Mining Limited Board of 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) Auditors BDO Audit Pty Ltd Level 10, 12 Creek Street Brisbane QLD 4000 Telephone: 07 3237 5999 Website: www.bdo.com.au Share Registry Company Secretary Mr Paul Marshall Head Office and Registered Office Suite 34, Level 10 320 Adelaide Street Brisbane QLD 4000 Telephone: 07 3535 1208 Email: admin@aukingmining.com Website: www.aukingmining.com MUFG Corporate Markets Level 21 10 Eagle Street Brisbane QLD 4000 Telephone: 1300 554 474 Facsimile: 02 9287 0303 Website: www.linkmarketservices.com.au Stock Exchange Listing Australian Securities Exchange ASX Code: AKN Australian Business Number 29 070 859 522 Page 2 AuKing Mining Limited 2024 Annual Report CONTENTS Directors’ Report Review of Operations 4 Directors and Officers 11 Financial Results 16 Future Developments, Prospects, Strategies and Business Risks 18 Remuneration Report 20 Auditor's Independence Declaration 29 Additional Stock Exchange Information 30 Annual Financial Report Consolidated Statement of Comprehensive Income 33 Consolidated Balance Sheet 34 Consolidated Statement of Changes in Equity 35 Consolidated Cash Flow Statement 36 Notes to the Consolidated Financial Statements 37 Directors’ Declaration 65 Independent Auditor’s Report 66 Page 3 AuKing Mining Limited 2024 Annual Report REVIEW OF OPERATIONS Orion Resources – Cloncurry Gold Project On 27 November 2024 the Company announced the proposed acquisition of a 15% interest in Orion Resources Pty Ltd (“Orion”). In March 2025 the Company advised it had increased the proposed acquisition rights to secure a 50% shareholding interest. Orion previously entered into an asset sale agreement (“ASA”) to acquire the existing Lorena processing plant and associated facilities, situated approximately 15 kms east of Cloncurry in northern Queensland, together with various exploration and mining tenements in that area. The Lorena plant is a conventional carbon in leach gold processing facility. In addition, Orion has acquired under the ASA additional exploration and mining tenements approx. 30kms to the south of the Lorena plant, described as the “Mt Freda/Golden Mile Project”. The overall tenure package being acquired by Orion covers an area of 447km2 in the Cloncurry Region. Figure 1. Orion’s Cloncurry Project interests, including the Mt Freda/Golden Mill mining leases. [Note the nearby Wynberg and Wallace/Wallace South gold projects are not assets being acquired by Orion] The Company’s agreement with Orion provides for AuKing to earn up to a 50% interest in the Cloncurry Project in accordance with the following terms: • • • • • The focus of activities by AuKing will be exploration, drilling and resource estimation work associated specifically with the Mt Freda/Golden Mile Project areas, which are the contemplated first areas for mining under Orion’s development program. AuKing will have the right to earn a 50% interest in the total package of assets (comprising the Cloncurry Project) that are being acquired by Orion by spending $5M on proposed exploration, drilling and resource estimation work at Mt Freda/Golden Mile on or before 30 June 2027. AuKing will be the manager of project activities that it is providing the funding for at Mt Freda/Golden Mile. In the event of AuKing failing to meet the $5M expenditure amount, its interests in the Cloncurry Project will lapse. Some other features of the agreement between the Company and Orion include: o Orion will meet the purchase price obligations for the purchase of the Cloncurry Project from its own sources and no funds are payable by AuKing; and o There are no additional rights for AuKing to acquire further interests in the Cloncurry Project after it acquires the 50% holding. To the extent any further rights are created, that will be a matter for future negotiation. Page 4 AuKing Mining Limited 2024 Annual Report Tanzania The primary focus of activities of the Company with its Tanzanian project interests included the following: Mkuju Uranium On 31 January 2024, the Company reported laboratory assay results from recent rock chip, soil sampling and auger drilling at Mkuju. Importantly, the assay results were mostly significantly higher than previously reported pXRF readings and are highlighted as follows Auger drilling MKAU23_020 3m @ 1,273ppm U3O8 incl 1m @ 3,350ppm U3O8MKAU23_045 3m @ 250ppm U3O8 incl 1m @ 410ppm U3O8 Soil Samples MKSS006 510ppm U3O8 MKSS016 8,800ppm U3O8 MKSS 960ppm U3O8 Rock chip samples MKRS011 2,250ppm U3O8 MKRS012 800ppm U3O8 For full details of these results see ASX announcement “Significant increase in uranium assay results from Mkuju 31 January 2024. These results provided the Company with significant confidence to proceed with a planned 11,000m drilling program at Mkuju later in the year. Statutory approvals were obtained from the Tanzanian Mining Commission for this program and an experienced drilling contractor was engaged. However, the Company did not proceed with the drilling program as it was unable to secure sufficient funding during the year to commit to such a program. The conduct of this drilling program at Mkuju remains a priority for the Company as and when funding capacity permits and after the wet season conditions settle in southern Tanzania. Manyoni Uranium In the early stages of the year, the Company continued to pursue its rights in relation to the two Prospecting Licences at Manyoni that were revoked by the Mining Commission in early 2023. This included a high-level meeting in Dodoma, Tanzania, that was attended by the Company’s Chairman and Managing Director. Despite these efforts (and a positive indication that action would be taken) it became apparent to the Company that the prospects of the matter being resolved in a timely manner were becoming remote. As a consequence, 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 A$175,000. As at the date of this Report, the final statutory approvals for this transaction are in the process of being obtained. Koongie Park Project No activities were conducted at this Project during the year. The Company announced on 16 April 2024 that it had developed a 1000m reverse circulation (RC) drilling program to test the anomalous soil sample zone in the 700m corridor between drill hole ASWB001 and the existing Sandiego deposit. This drilling program was not conducted during the year pending the Company securing sufficient funding to do so. 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”). 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 A$200k of 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. Page 5 AuKing Mining Limited 2024 Annual Report 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’). Canada – Myoff Creek Acquisition On 22 July 2024, the Company announced the proposed acquisition of a 100% interest in the Myoff Creek REE/niobium exploration project situated in eastern British Columbia, Canada. The acquisition proceeded by way of a purchase of all the issued shares in North American Exploration Pty Ltd (“NAE”) the 100% holder of eight mineral claims that comprise Myoff Creek. A summary of the acquisition terms is as follows: • A non-refundable fee of A$50k was paid by the Company after signing the agreement (on 22 July 2024); • In consideration for the acquisition of all the shares in NAE, the Company was obliged to issue 57M new shares at an issue price of 1.5c per share and 28.5M free-attaching options exercisable at 3c on or before 30 April 2027 to the existing NAE shareholders and their nominees. After the conduct of a site visit in August 2023 by the Company’s exploration manager, plans have been established to carry out an airborne radiometric geophysics survey over the Myoff Creek tenure area during the course of 2025. Further exploration activities will be assessed after the results from this survey are obtained. Canada – Grand Codroy Acquisition On 11 September 2024, the Company announced the proposed acquisition of a 100% interest in the early-stage Grand Codroy uranium/copper project in southern Newfoundland, Canada. The acquisition proceeded by way of a purchase of all the shares in Lithium Rabbit Pty Ltd (“LR”), the 100% holder of the mineral claim which comprises the Grand Codroy project. A summary of the acquisition terms is as follows: • The purchase price comprises the following: o A$50k cash payment; o The issue of 21,428,571 ordinary shares in the Company (comprising a $150,000 amount of shares at an issue price of $0.007 per share – half of these shares will be the subject of a voluntary 6 month escrow from trading on the ASX); and o A further number of ordinary fully paid shares in the Company based on an amount of $100,000 and the applicable previous 20 trading day VWAP calculation for the shares trading on the ASX. These deferred shares are to be issued within 12 months from the date of acquisition at no less than 0.5c per share (or a total of 20,000,000 shares); and • A 2% net smelter royalty on all materials produced from Grand Codroy. 1% of this royalty can be purchased for $1M at the election of the Company. The Company has developed an initial soil and rock chip sampling program for Grand Codroy which is planned to be conducted during the course of 2025 when conditions on the ground improve after a significant winter snowfall. Further exploration activities will be assessed after the results from this sampling program are obtained. Saudi Arabia In late March 2024, the Company announced that it had entered into an Memorandum of Understanding with a local Saudi company, Segia Gulf Group, with a view to jointly collaborating on the exploration of mining projects in the Kingdom of Saudi Arabia. The proposed collaboration included participation in project interests of Segia Gulf as well as tenders offered by the Saudi Ministry of Industry and Mineral Resources (“Ministry”) for prospective new exploration areas. On 6 November 2024, the Company announced that (together with Segia Gulf) their bid for the “Shaib Marqan” exploration area offered by the Ministry had been awarded the successful bid. The successful Shaib Marqan bid was then succeeded by the Company’s plans to focus on the Cloncurry Gold Project in conjunction with Orion Resources. On 13 January 2025, the Company announced that it had entered into an agreement with ASX-listed Resource Mining Corporation Limited (“RMI”) providing RMI with the opportunity to replace the Company in its joint venture arrangements with Segia Gulf. No consideration is payable by either the Company or RMI for this transaction to be completed. At the time of this Report, the Company was awaiting advice from RMI to confirm its proposed participation in the Saudi joint venture. If RMI does not elect to proceed, the Company’s interests in the joint venture will return to Segia Gulf. Page 6 AuKing Mining Limited 2024 Annual Report Corporate Activities Capital Raising During the year, the Company completed the following share placements and capital raising activities: • In February 2024, following shareholder approval, the completion of a share placement undertaken in November 2023 with the issue of 5,000,000 shares at $0.04 per share along with 2,500,000 free attaching unlisted December 2025 $0.10 options. • In May 2024, a share placement to certain professional investors of 30,000,000 shares at 1.5c each to raise $450,000 (less issue costs). A further 15,000,000 free attaching options exercisable at 3c on or before 30 April 2027 were issued as part of the placement. After approval at a subsequent extraordinary meeting, director Peter Tighe contributed a further $50,000 towards this placement, securing a further 3,333,333 shares at 1.5c each and a further 1,666,667 free attaching options exercisable at 3c on or before 30 April 2027. • In July 2024, a share placement to certain professional investors of 10,000,000 shares at 1.51c each to raise $151,000 (less issue costs). A further 5,000,000 free attaching options exercisable at 3c on or before 30 April 2027 were issued as part of the placement. • In September 2024, a share placement to certain professional investors of 16,883,116 shares at 0.77c each to raise $130,000 (less issue costs). A further 25,324,674 free attaching options exercisable at 3c on or before 30 April 2027 were issued as part of the placement. • In October 2024, the Company closed a rights issue entitlement offer to existing shareholders seeking to raise up to $1.47M on the basis of an offer of 2 new shares for every 3 shares held together with a free-attaching option (on a 1 option for every new share applied for basis) exercisable at 3c on or before 30 April 2027. Final allocations under the rights issue and a shortfall placement to a sophisticated investor comprised the issue of 14,494,398 new shares, raising $101,460 in proceeds, together with the issue of 7,247,200 options. • By 31 December 2024, pursuant to the capacity to issue shares up to the extent of the rights issue shortfall, the Company issued a further 24,857,072 new shares at an issue price of 0.7c per share, together with 12,428,576 freeattaching options exercisable at 3c on or before 30 April 2027. Board Changes During the course of 2024, certain changes occurred to the AuKing Board of Directors as follows: • Mr Asimwe Kabunga retired as a director and Chairman on 3 June 2024 (with Mr Tighe becoming Chairman); • Mr Zuliang (Park) Wei retired as a director on 29 May 2024; • Mr Paul Williams was appointed Managing Director on 3 June 2024; • Mr ShiZhou Yin retired as a director on 19 December 2024; and • Mr Mark Fisher, Dr Kylie Prendergast and Mr Nick Harding all joined the Board on 19 December 2024. Short Term Loan Facility On 19 April 2024, the Company announced that it had entered into a short term loan facility with Evolution Capital Pty Ltd to assist with working capital purposes. A summary of the loan terms are as follows: Facility Limit: Term: Interest: Security: Purpose of Loan: Options Issue: A$750,000 Four months from the date of signing, namely 18 August 2024 (“Due Date”) 10% fixed rate payable at the Due Date A first-ranking corporate charge over all Company assets and interests; personal guarantee from Mr Asimwe Kabunga Working capital and initial project funding 12,500,000 options exercisable at 3c on or before 30 April 2027. On 14 August 2024, the Company announced that it had secured a four-month extension for payment of this loan and that Mr Peter Tighe had acquired the loan rights from Evolution Capital as summarised below: Lender: Facility Limit: Term: Interest: Purpose of Loan: Mr Peter Tighe (having purchased these rights from Evolution Capital Pty Ltd) A$750,000 30 November 2024 (“Due Date”) 15% per annum payable monthly in arrears (note the annual rate previously was 30%) Working capital and initial project funding. In the December 2024 Quarter, the Company and its Company Chairman, Mr Peter Tighe, agreed to further extend repayment of the A$750,000 loan to be repaid by the Company until 31 March 2025, with interest payments to continue Page 7 AuKing Mining Limited 2024 Annual Report to be paid on the same terms. In March 2025, Mr Tighe has further agreed to not seek repayment of the loan until the earlier of 31 March 2026 or when the Company is able to do so. Annual Mineral Resource Statement In accordance with ASX Listing Rule 5.21, the Company reviews and reports its Mineral Resources at least annually. The date of reporting is 31 December each year, to coincide with the Company’s end of financial year balance date. If there are any material changes to its Mineral Resources over the course of the year, the Company is required to promptly report these changes. The Company has not reported any changes to its Mineral Resources during the 2024 calendar year. The current reported JORC 2012 resource estimate for the Koongie Park project (Sandiego and Onedin) is 8.9Mt @ 1.01% Cu, 3.67% Zn, 0.16g/t Au, 32g/t Ag and 0.77% Pb, details of which are set out below: Onedin Mineral Resource Estimate and Metal Tonnes Zone Classification Cu Dominant Indicated Inferred Indicated Zn Dominant Inferred Resource Total and Grades Zone Classification Cu Dominant Indicated Inferred Indicated Zn Dominant Inferred Total Metal Tonnes Note: Tonnes (Mt) 1.5 3.3 Copper (%) 1.1 0.5 0.6 4.3 Gold (g/t) 0.2 0.1 Silver (g/t) 47 34 4.8 Tonnes (Mt) 1.5 3.3 0.7 Copper (tonnes) 16,500 16,500 3.2 Zinc (tonnes) 9,000 141,900 0.1 Gold (oz) 9,600 10,600 38 Silver (Moz) 2.27 3.61 - 33,000 150,900 20,200 5.88 Zinc (%) Lead (%) 1.2 1.0 1.1 Lead (tonnes) 18,000 33,000 51,000 (1) Reported tonnes and grade are rounded (2) Reporting cut-off grades of 0.4% Cu and 1% Zn have been applied to the Onedin deposit Sandiego Mineral Resource Estimate and Metal Tonnes Indicated Inferred Sub Total Indicated Tonnes (Mt) 1.7 0.3 2.0 2.0 Copper (%) 2.3 1.6 2.2 0.6 Inferred 0.1 Indicated Inferred Sub Total Indicated 2.1 4.1 Tonnes (Mt) 1.7 0.3 2.0 2.0 Inferred 0.1 200 Sub Total Total Metal Tonnes 2.1 12,200 56,100 Classification Cu Dominant Zn Dominant Sub Total Resource Total and Grades Classification Cu Dominant Zn Dominant Note: 0.8 3.0 1.1 7.3 Gold (g/t) 0.3 0.2 0.3 0.1 Silver (g/t) 18 5 16 35 0.2 6.1 0.1 10 0.1 0.6 1.4 Copper (tonnes) 39,100 4,800 43,900 12,000 7.3 4.3 Zinc (tonnes) 13,600 9,000 22,600 146,000 0.1 0.2 Gold (oz) 16,400 1,900 18,300 6,400 34 25 Silver (Moz) 0.98 0.05 1.03 2.25 0.7 0.4 6,100 300 0.03 100 152,100 174,700 6,700 25,000 2.28 3.31 14,100 17,500 Zinc (%) Lead (%) 0.2 0.0 0.1 0.7 Lead (tonnes) 3,400 0 3,400 14,000 (1) Reported tonnes and grade are rounded (2) Reporting cut-off grades of 0.8% Cu and 3% Zn have been applied to the Sandiego deposit Page 8 AuKing Mining Limited 2024 Annual Report The information in this report that relates to Mineral Resources at the Koongie Park Project (Sandiego and Onedin) is based on information compiled by Mr David Williams who is a member of the Australian Institute of Geoscientists. Mr Williams is a Principal Consultant Geologist (Brisbane) of CSA Global and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are 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.’ Mr Williams consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The current reported JORC 2012 resource estimate for the Koongie Park project (Emull) is 12.2Mt @ 0.27% Cu, 0.38% Zn, 0.09% Pb, and 4.9g/t Ag, details of which are set out below: Emull Mineral Resource Estimate and Metal Tonnes December 2022 Mineral Resource Estimate (0.15% Cu Cut-off) Indicated Mineral Resource Type Tonnage Mt Cu % Zn % Pb % Ag g/t Cu t Zn t Pb t Ag koz Oxide Transitional Fresh 0.26 0.34 1.8 0.28 0.29 0.31 0.72 0.68 0.57 0.16 0.17 0.14 5.4 7.0 6.6 700 1,000 5,600 1,800 2,300 10,400 400 600 2,400 50 80 390 Total 2.4 0.30 0.60 0.14 6.6 7,300 14,500 3,400 510 Type Tonnage Mt Cu % Zn % Pb % Ag g/t Cu t Zn t Pb t Ag koz Oxide Transitional Fresh 0.04 0.05 9.7 0.24 0.25 0.26 0.23 0.18 0.33 0.05 0.04 0.08 3.1 3.4 4.6 100 100 25,200 100 100 32,300 7,400 10 1,420 Total 9.8 0.26 0.33 0.08 4.5 25,400 32,500 7,400 1,430 Type Tonnage Mt Cu % Zn % Pb % Ag g/t Cu t Zn t Pb t Ag koz Oxide Transitional Fresh 0.29 0.39 11.5 0.28 0.28 0.27 0.66 0.61 0.37 0.14 0.15 0.09 5.2 6.6 4.9 800 1,100 30,800 1,900 2,400 42,700 400 600 9,800 50 80 1,810 Total 12.2 0.27 0.38 0.09 4.9 32,700 47,000 10,800 1,940 Inferred Mineral Resource Total Mineral Resource The information in this Report that relates to the Mineral Resource Estimate for Emull is based on information compiled by Mr Shaun Searle who is a Member of the Australasian Institute of Geoscientists. Mr Searle is an employee of Ashmore Advisory Pty Ltd and independent consultant to AuKing Mining Limited. Mr Searle has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Searle consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. In completing the review for the period ended 31 December 2024, the historical resource factors were reviewed and found to be relevant and current. The Koongie Park project has not been converted to an active operation yet and hence no material resource depletion has occurred for the review period. Material Changes and Resource Statement Comparison The 2012 JORC resource at Koongie Park (Sandiego and Onedin) and the maiden Emull resource (as shown above) are the current versions of the Mineral Resource estimates. The information in this Annual Report that relates to Mineral Resources was prepared and first disclosed under the JORC Code 2012 Edition. The Company is not aware of any new information or data that materially affects the information as previously released and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Page 9 AuKing Mining Limited 2024 Annual Report Governance Arrangements and Internal Controls AuKing has ensured that the Mineral Resources quoted are subject to good governance arrangements and internal controls. The Mineral Resources reported have been generated by suitably qualified personnel who are experienced in best practices in modelling and estimation methods, and AuKing has also undertaken reviews of the quality and suitability of the underlying information used to determine the resource estimate. Annual Review Competent Persons Statement The information in this Annual Report that relates to the mineral resources and ore reserves statement as a whole has been reviewed and approved by Mr Chris Bittar who is a member of the Australasian Institute of Mining and Metallurgy. Mr Bittar is an employee of AuKing Mining Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are 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.’ Mr Bittar consents to the inclusion in this Report of the matters based on his information in the form and context in which it appears. Competent Persons’ Statements The information relating to Exploration Results as outlined in this Annual Report are extracted from previous ASX announcements made by the Company. These reports are available to view on the Company’s website www.aukingmining.com. This report was issued in accordance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. Page 10 AuKing Mining Limited 2024 Annual Report DIRECTORS AND OFFICERS The following persons were directors of AuKing Mining Limited (‘AKN’ or ‘the Company’) during the whole of the financial period and up to the date of this report, unless stated: Current Directors Mr Peter Tighe (Appointed Non-Executive Director 9 June 2021; Appointed Non-Executive Chair 3 June 2024) Non-Executive Chair Mr Tighe started his working career in the family-owned JH Leavy & Co business, which is one of the longest established fruit and vegetable wholesaling businesses in the Brisbane Markets at Rocklea and has been trading since the late 1800s. As the owner and managing director of JH Leavy & Co, Mr Tighe expanded the company along with highly respected farms and packhouses that have been pleased to supply the company with top quality fruit and vegetables for wholesale/export for over 40 years. JH Leavy & Co is considered one of the most successful businesses operating within the Brisbane Markets. Mr Tighe has been a director of Brisbane Markets Limited (BML) since 1999. BML is the owner of the Brisbane Markets® site and is responsible for its ongoing management and development of its $350m asset portfolio. As the proprietor of the site, BML has over 250 leases in place including selling floors, industrial warehousing, retail stores and commercial offices. BML acknowledges its role as an economic hub of Queensland, facilitating the trade of $1.5 billion worth of fresh produce annually, supporting local and regional businesses of the horticulture industry. As a Board member Mr Tighe has held roles in various sub-committees which include Chairman of Safety and Tenant Advisory Committee, BML Strategy Investment Committee, and Legal and Compliance Committee. In 2016 the JH Leavy & Co business was sold but Mr Tighe has continued as the CEO of Global Fresh Australia, trading as JH Leavy & Co, to ensure a successful transition of ownership. He has not been a Director of any other Australian listed company in the last three years. Mr Paul Williams (Appointed as Managing Director 3 June 2024) Managing Director, LLB, BA. Mr Williams holds both Bachelor of Arts and Law Degrees from the University of Queensland and practised as a corporate and commercial lawyer with Brisbane legal firm Hopgood Ganim for 17 years. He ultimately became an equity partner of that firm before joining Eastern Corporation as their Chief Executive Officer in August 2004. In mid-2006 Mr Williams joined Mitsui Coal Holdings in the role of General Counsel, participating in the supervision of the coal mining interests and business development activities within the multinational Mitsui & Co group. Mr Williams is well known in the Brisbane investment community as well as in Sydney and Melbourne and brings to the AKN Board a broad range of commercial and legal expertise – especially in the context of mining and exploration activities. He also has a strong focus on corporate governance and the importance of clear and open communication of corporate activity to the investment markets. Mr Williams has not been a Director of any other Australian listed company in the last three years. Page 11 AuKing Mining Limited 2024 Annual Report Mr Mark Fisher (Appointed 19 December 2024) Non-Executive Director, B.Sc. (Geological Engineering) Mark is a highly accomplished resources executive with over 35 years of experience. His skills and experience include strategic business planning, feasibility, project management, organization design, mine engineering and mine management. Mark’s combination of skills and depth of experience has consistently produced profitable and sustainable outcomes in complex settings delivering increased shareholder value. Mark’s extensive global leadership and operational experience includes senior positions with Placer Dome Inc and Barrick Gold Corporation over a period of decades. In his last corporate role, Mark was President of the Global Copper division for Barrick Gold Corporation, executing the development strategy for its portfolio of key copper assets in South America, Africa, Middle East and Asia. He has not been a Director of any other Australian listed company in the last three years. Dr Kylie Prendergast (Appointed 19 December 2024) Non-Executive Director, PhD (Econo