Announcement PDF ACN 612 008 358 CONSOLIDATED FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2023 TEMPEST MINERALS LIMITED ACN 612 008 358 Phone: +61 8 9200 0435 Fax: +61 8 9380 6761 Address: Level 2, Suite 9 389 Oxford Street, Mount Hawthorn WA 6016 TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Contents Cautionary Statements ..................................................................................................................................................2 Corporate Information ...................................................................................................................................................3 Directors’ Report .............................................................................................................................................................4 Auditor's Independence Declaration ……………………………………………………………………………………… 19 Consolidated Statement of Profit or Loss and Other Comprehensive Income .....................................................20 Consolidated Statement of Financial Position ..........................................................................................................21 Consolidated Statement of Changes in Equity .........................................................................................................22 Consolidated Statement of Cash Flows .....................................................................................................................23 Notes to the Financial Statements ..............................................................................................................................24 Directors’ Declaration ..................................................................................................................................................29 Independent Auditor’s Review Report .......................................................................................................................30 Cautionary Statements Forward-looking statements This document may contain certain forward-looking statements. Such statements are only predictions, based on certain assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond the company’s control. Actual events or results may differ materially from the events or results expected or implied in any forward-looking statement. The inclusion of such statements should not be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions or that any forward-looking statements will be or are likely to be fulfilled. Tempest Minerals Limited undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this document (subject to securities exchange disclosure requirements). The information in this document does not take into account the objectives, financial situation or particular needs of any person or organisation. Nothing contained in this document constitutes investment, legal, tax or other advice. Competent Person Statement The scientific and technical information contained within this Report is based on, and fairly represents information prepared by Mr Don Smith, a Competent Person who is a member of AusIMM and the Australian Institute of Geoscientists (AIG). Mr Smith is the Managing Director of the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves”. Mr Smith consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. 2|Page TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Corporate Information Directors and Company Secretary Brian Moller (Non-executive Chairman) Don Smith (Managing Director) Andrew Haythorpe (Non-executive Director) Owen Burchell (Non-executive Director) Mr Paul Jurman (Company Secretary) Head Office and Registered Office Tempest Minerals Limited Level 2, Suite 9 389 Oxford Street Mt Hawthorn, WA 6016 Tel: +61 8 9200 0435 www.tempestminerals.com Auditor HLB Mann Judd (WA Partnership) Level 4, 130 Stirling Street Perth WA 6000 Share Registry Automic Pty Ltd Level 5, 126 Philip Street Sydney NSW 2000 Tel: 1300 288 664 www.automicgroup.com.au Stock Exchange Listing Australian Securities Exchange Ltd ASX Code: TEM, TEMOA Solicitor HopgoodGanim Lawyers Level 8, Waterfront Place 1 Eagle Street Brisbane QLD 4000 3|Page TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Directors’ Report The directors submit their report on the consolidated entity (“Group”) consisting of Tempest Minerals Limited (“Company”, “Tempest” or “TEM”) and the entities it controlled at the end of, and during, the half-year ended 31 December 2023. Directors The following persons were Directors of the Company at all times during and since the end of the financial period: Brian Moller Don Smith Andrew Haythorpe Owen Burchell Results The Group’s operating loss for the financial period, after applicable income tax was $276,433 (2022: $304,142). Review of Operations During the period, the Company’s principal activity was mineral exploration and identification of new exploration opportunities. Projects Yalgoo Region Tempest’s flagship project is the Company’s holding in the Yalgoo region of Western Australia, totalling more than 1,000km2 and located near high profile neighbours including: 29 Metals Ltd (ASX:29M) - Golden Grove Copper, Zinc, Gold, Silver Mine; Spartan Resources Ltd (ASX:SPR) - Yalgoo Gold Project; Silverlake (ASX:SLK) Deflector and Rothsay Gold Mines, Capricorn Metals Ltd (ASX:CMM) Gold, EMU NL (ASX:EMU) - Gnows Nest Gold Project; Tungsten Mining (ASX:TGN) - Mt Mulgine Project; Fenix (ASX:FEX) - Iron Ore Operations, and Karara and Sino Iron ore operations and more. Figure 1: Overview of TEM Yalgoo projects Tempest has used data driven processes to identify poorly or unexplored areas of highly prospective geology. This approach has had considerable success and includes the discovery of multiple instances of new mineralisation. 4|Page TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 The project contains different geological domains referred to by four different areas – namely: Messenger, Meleya, Warriedar West and Euro - though much of these have considerable geological overlap. Regional Geophysical Survey Results from the regional electromagnetic (EM) survey were announced during the period. EM surveys are extensively utilised in the industry for identifying mineralisation and the aim of this survey was delineating high priority exploration targets including potential VMS (volcanogenic massive sulphide) style mineralisation as seen at the nearby Golden Grove Mine Camp. The survey included over 300 lines of 200m spacing for more than 2,000 kilometres of line survey measurements. Figure 2: Schematic map of survey area and anomalies Result The survey was successful with high quality data generated across the entire project. The current reprocessed data includes numerous zones of interest for exploration and several potential high priority drill targets. Notably, among the zones detected, an appreciable EM anomaly exists directly coincident with the exciting previously announced 4km long base metal ‘Remorse’ target. 5|Page TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Project Areas Messenger comprises five granted tenements located adjacent to the world class EMR Golden Grove base and precious metal mine. The Messenger Project has outcrops of the key Golden Grove Unit and is prospective for VMS and shear / lode hosted gold mineralisation. The ‘Messengers Patch’ is a well known historic mining centre hosting numerous high-grade mines and a state battery (government built gold processing facility) in the early 1900s. TEM has previously shown the presence of mineralisation at the central part of the project and hosts multiple drill ready geophysical and geochemical targets. Warriedar West is an exploration project targeting Intrusive Related Gold (IRG) and orogenic gold mineralisation. Tempest has previously announced large multi-kilometre scale indicator geochemical anomalies within the Warriedar Project. The discovery of gold at Warriedar West is within kilometres of underutilised gold processing facilities with established haulage routes in place. Previous drilling by Tempest focused on several target areas of shallow, outcropping zones of highly altered silica rich intrusive and previously mapped large outcropping gold bearing quartz veins which discovered covered greenstones and also confirmed the widespread presence of shallow gold within the silica rich lithocap accompanied by high grade quartz vein swarms. Meleya represents a previously unrecognised extension of the Yalgoo Greenstone belt identified through the innovative use of data analysis. In 2021, TEM identified further easterly extensions to the belt. Tempest has for some time considered the target zones at Meleya to represent one of the most exciting greenfields base and precious metal upside exploration opportunities in the industry today. This view was strongly supported in 2022 by the discovery of multiple mineralisation occurrences at the Orion and Clover target areas. Figure 3: Overview of current geochemical sampling completed at Remorse 6|Page TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 The Remorse Target is on the eastern side of the Meleya zone in a zone of under or previous unexplored ground. Initial sampling at this target has highlighted a particularly copper-zinc zone which now defines the Remorse target. Notably the copper and zinc anomalism appears as ‘layered’ with a predominance of copper to the NorthEast and an increased and a more dispersed zinc halo to the SouthWest. This type of zonation is typically seen within VMS deposits and is related to the preferential crystallisation of mineralisation relative to the proximity of a local heat source and the metal concentration source. TEM is planning and implementing further programs to further progress these exciting targets which will include progressing regulatory approvals for potential drilling. As part of this process TEM has conducted a heritage survey and several field programs. Figure 4: Badimia People and TEM team in the field conducting heritage survey In response to new tenement areas becoming available, extensional surface geochemistry programs were launched to collect geochemistry data at a number of targets. 7|Page TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Figure 5: Additional surface sampling completed during the period. 8|Page TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Sanity Target The Sanity Target sits in the eastern portion of the project area and is 2km south of the Remorse Target. Geochemical surveys have delineated strong coherent zones for multiple elements with particular respect to Gold, having soil peaks of up to 80ppb and individual rock chips within the same geology trends have returned results of up to 7gpt gold and 0.2% copper and >60% Iron and are along strike from and likely part of a broader mineralised system as the Barron Rothchild deposit. TEM plan to conduct further surface works and approvals with the potential for drilling in calendar Q2 2024. 7gpt gold Figure 6: Sanity Target surface sampling results (gold) 9|Page TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Figure 7: Sanity Target surface sampling results (copper) Figure 8: Sanity Target surface sampling results (zinc) 10 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Euro is part of the 100% Tempest owned tenements within the prospective Southern Yalgoo Greenstone Belt located between the neighbouring Rothsay (Gold), Mt Mulgine (Tungsten/Gold) and the Karara (Iron/Gold) Mines. The majority of the project area is underexplored / unexplored however the northern portion has thick gold intercepts in legacy drilling that were never thoroughly assessed by previous explorers. Tempest drilled multiple polymetallic intercepts in 2022 showing the area to be highly prospective for precious, base metals and other commodities. During the reporting period, TEM announced the presence of silver in rock chips at the Calais Target which further extend the known mineralisation in the area. A substantial change to the project area also occurred during the period with TEM and Karara Mining Ltd terminating discussions on the MOU regarding nearby tenements and TEM applying for a large extension to the project area to the south-east. Figure 9: TEM Euro Project Tenure Overview 11 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Mount Magnet Mt Magnet is a prolific multi-million ounce gold mining centre with numerous large scale, long life open pit and underground mines currently in operation. It has been operated by major resources companies such as Western Mining Corporation and Harmony Gold Ltd as well as more contemporary successful mid-tier companies such as Ramelius Resources Ltd and Westgold Ltd. Figure 10: Overview of Mt Magnet and the Range Project Range Located in the heart of the Mount Magnet mineral field and 5km along strike of the prolific +6Moz Mount Magnet Operations, the Range Project consists of 17 tenements for 20km2. 12 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Reconnaissance Mapping A review and re-interpretation of the project based on new information resulted in a hypothesis that key geology found in the mineralised zone of the Britannia Well pit and other mining centres in Mount Magnet may continue in a newly recognised orientation. Field verification saw rock chip samples from multiple outcrops yielding anomalous gold results. Highlights include: ● ● ● ● ● Wrangler Target: 1gpt Gold. 170m along strike of the Brittania Well pit and a likely extension of the pit’s mineralised zone. Found in heavily jointed smokey coloured tourmaline bearing, brecciated Boogardie Formation chert and meta intrusives. Cherokee Target: 0.5gpt Gold. New gold-bearing mineralisation zone, 1.5km along strike from the Brittania Well Pit and a cluster of historic shafts and trenches. Heavily tourmalinised and brecciated volcanics and felsic intrusive nearby outcropping interpreted Boogardie Formation. Greenstone assemblage and felsic lithologies, many of which demonstrate strong brecciation and tourmalinisation believed to be associated with gold mineralisation. Extensive tourmalinisation across the project with 6 distal tourmaline-bearing samples containing elevated gold and gold pathfinder elements (Sb and As). Continuation of the key regional economic gold mineralisation hosting metasedimentary/ultramafic volcanics that correspond to a feature present in magnetic geophysical datasets. Britannia Pit 400,000t @2gpt Wrangler Target 1gpt (rockchip) Figure 11: Wrangler Target relative to existing Open Pit (TEM tenure in red) 13 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Five Wheels In July, TEM announced the acquisition of the FiveWheels Project in Western Australia which is proximal (~36km) to the high-profile world-class Rumble Resources Ltd (ASX:RTR) and the emerging Strickland Metals Ltd (ASX:STR) zinc-lead-copper discoveries. The Project is located in the Earaheedy Basin where key geology at the edge hosts the mineralisation and potentially more widespread regionally. Consideration for the FiveWheels Project was 4,561,828 ordinary fully paid shares in TEM and payment of $36,000 cash as consideration for the purchase of 100% of the issued capital of Five Wheels Pty Ltd, which owns the FiveWheels Project. TEM commenced initial works at the project in October, which included project setup, initial reconnaissance and geological mapping and sampling at selected areas. Figure 12: Five Wheels Project Location 14 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Figure 13: Five Wheels Simplified Project Geology Map With RTR Project (original red - current blue) 15 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Elephant Project TEM previously announced it had entered into a conditional non-binding term sheet to acquire the Elephant Project. The Elephant Project comprises 194km2 (135km2 granted - 59km2 application) of highly prospective exploration leases. The location on the edge of a geological block with (the suture between the Yilgarn and AlbanyFraser) is a favourable location for major discoveries as evidenced by the presence of multiple world class deposits in similar environments along this trend. The project was pegged primarily due to a strong geophysical anomaly and coincident geochemical data from nearby previous exploration. The large scale and nature of the anomaly bear similarities to other world class deposits in the regions such as Tropicana of which Tropicana peak soil was 31pbb with 0-15m cover while the Elephant Target is 5-10pbb with 100-150m of cover. The acquisition was completed in January 2024, with TEM paying $36,000 cash and issuing 7,740,957 fully paid ordinary TEM Shares to MAC3 (or its nominee) for 80% of Lusture Pty Ltd which holds the Elephant Project. Elephant Project Figure 14: Project Location within regional exploration context 16 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Tolu Investment (PNG) Tolu Minerals Ltd (Tolu) successfully completed their Initial Public Offering (IPO) on the ASX on 9 November 2023. Tolu highlight assets are the Tolukuma Gold Mine and Mt Penck Projects in Papua New Guinea. TEM previously subscribed for 2,702,703 Shares at an issue price of A$0.37 for a total investment of A$1 million which assisted in the final stage of acquisition of the Tolukuma Gold mine and brings exciting exposure to high grade pre-production projects into TEM’s portfolio. Australian Lithium Electra Minerals Tempest is currently considering options to enable the company to unlock the value of its WA lithium projects. Rocky Hill The Rocky Hill Project is 100% TEM owned tenure, located approximately 100km from Perth within the exciting new exploration front known as the South West Terrane and includes neighbours such as Newmont Corporation. The project is primarily a lithium exploration target however and there is potential for other minerals including gold, magnesium and high purity alumina (HPA). TEM previously completed reconnaissance field mapping and surface sampling with multiple anomalous geochemical zones of lithium and pathfinder element signals. A tenement (E7006134) was approved at the end of the reporting period. YLP The YLP consists of 2 pending tenements for a total of approximately 65 km2 in the Yilgarn craton of Western Australia. Tempest has previously conducted a review of the projects and confirmed the Company view that these are highly prospective for Lithium and other commodities. Work this quarter was focussed on progressing tenement applications. International Lithium In addition to the Company’s Australian focussed assets, Tempest has strong de-risked interests and exposure to the international Lithium which include hard rock lithium exploration targets in Africa and lithium brine in the USA. Africa Through a divestment deal in 2020, Tempest retains a sizable holding (25 million shares) in London listed Premier African Minerals Ltd(AIM:PREM). PREM has significant market upside through development of their portfolio. USA Argosy (ASX:AGY) is progressing its headline Tonopah Lithium Project (TLP) located in a world class mining jurisdiction of Nevada, United States of America. Tempest retains an interest in the project through a A$250,000 milestone based cash payment entitlement. 17 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Subsequent Events In January 2024, TEM confirmed the allotment of 7,740,957 ordinary fully paid shares (Shares) and payment of $36,000 cash as consideration for the purchase of 80% of the issued capital of Lusture Pty Ltd, which owns the Elephant Project. Other than the matter noted above, there were no other material matters or circumstances that have arisen since the end of the reporting date 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 that required disclosure in this financial report. Auditor’s Independence Declaration The auditor’s independence declaration under section 307C of the Corporations Act 2001 is included in this financial report. Signed in accordance with a resolution of the Board of Directors. Don Smith Managing Director 5 March 2024 Perth, WA 18 | P a g e AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the review of the consolidated financial report of Tempest Minerals Limited for the half-year ended 31 December 2023, I declare that to the best of my knowledge and belief, there have been no contraventions of: a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b) any applicable code of professional conduct in relation to the review. Perth, Western Australia 5 March 2024 L Di Giallonardo Partner 19 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Half-Year Ended 31 December 2023 Note Interest received 31 Dec 2023 31 Dec 2022 $ $ 17,010 54,313 (341,453) (291,343) (2,610) (3,549) (130,000) (130,000) Exploration expenses expensed as incurred (4,076) (13,761) Foreign exchange gain/(loss) (5,183) 4,360 Legal expenses (50,016) (145,938) 239,895 221,776 (276,433) (304,142) - - (276,433) (304,142) - - (276,433) (304,142) (276,352) (304,084) (81) (58) (276,433) (304,142) (276,352) (304,084) (81) (58) (276,433) (304,142) Loss per share attributable to owners of the parent company Cents Cents Basic and diluted loss per share (0.05) (0.06) Corporate and administrative expenses 2 Depreciation Employee benefits expense Fair value gain on financial assets at FVTPL 2 11 Loss before income tax expense Income tax expense Loss for the period Other comprehensive income Other comprehensive income for the period net of tax Total comprehensive loss for the period Loss for the period attributable to: Owners of the parent company Non-controlling interests Total comprehensive loss for the period attributable to: Owners of the parent company Non-controlling interests The accompanying notes form part of these financial statements. 20 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Consolidated Statement of Financial Position as at 31 December 2023 Note 31 Dec 2023 30 June 2023 $ $ CURRENT ASSETS Cash and cash equivalents 1,500,284 2,644,501 Trade and other receivables 46,172 61,504 Prepayments 28,627 33,455 1,454,251 1,218,893 3,029,334 3,958,353 4,877 7,486 8,235,340 7,582,334 Total Non-Current Assets 8,240,217 7,589,820 TOTAL ASSETS 11,269,551 11,548,173 201,962 267,169 Total Current Liabilities 201,962 267,169 TOTAL LIABILITIES 201,962 267,169 11,067,589 11,281,004 23,457,990 23,394,972 494,205 494,205 (12,883,537) (12,607,185) 11,068,658 11,281,992 (1,069) (988) 11,067,589 11,281,004 Financial assets at fair value through profit or loss (FVTPL) 11 Total Current Assets NON-CURRENT ASSETS Plant and equipment Exploration and evaluation assets 3 CURRENT LIABILITIES Trade and other payables 4 NET ASSETS EQUITY Issued capital 9 Reserves Accumulated losses Equity attributable to owners of the parent company Non-controlling interests TOTAL EQUITY The accompanying notes form part of these financial statements. 21 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Consolidated Statement of Changes in Equity for the Half-Year Ended 31 December 2023 Attributable to Owners of Parent Company Note Balance at 1 July 2022 Issued Capital Accumulated Losses Share-Based Payments Reserve Total Noncontrolling Interests Total Equity $ $ $ $ $ $ 23,341,683 (11,810,251) 766,605 12,298,037 (930) 12,297,107 Loss for the period - (304,084) - (304,084) (58) (304,142) Other comprehensive income - - - - - - Total comprehensive loss - (304,084) - (304,084) (58) (304,142) Transfer of lapsed options - 200,400 (200,400) - - - Balance at 31 December 2022 23,341,683 (11,913,935) 566,205 11,993,953 (988) 11,992,965 Balance at 1 July 2023 23,394,972 (12,607,185) 494,205 11,281,992 (988) 11,281,004 Loss for the period - (276,352) - (276,352) (81) (276,433) Other comprehensive income - - - - - - Total comprehensive loss - (276,352) - (276,352) (81) (276,433) 64,000 - - 64,000 - 64,000 (982) - - (982) - (982) 23,457,990 (12,883,537) 494,205 11,068,658 (1,069) 11,067,589 Issue of shares 9 Share issue costs Balance at 31 December 2023 The accompanying notes form part of these financial statements. 22 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Consolidated Statement of Cash Flows for the Half-Year Ended 31 December 2023 31 Dec 2023 31 Dec 2022 $ $ CASH FLOWS FROM OPERATING ACTIVITIES Interest received 17,010 55,525 Payments to suppliers and employees (572,851) (561,105) Net cash used in operating activities (555,841) (505,580) Payments for exploration and evaluation assets (551,394) (1,690,762) Payments for purchase of investments (36,000) (1,000,000) Proceeds from sale of investments - 179,054 Receipts from government funded drilling rebate - 120,000 (587,394) (2,391,708) Share issue costs (982) (30,082) Net cash used in financing activities (982) (30,082) Net decrease in cash held (1,144,217) (2,927,370) Cash at beginning of period 2,644,501 7,889,767 - 312 1,500,284 4,962,709 CASH FLOWS FROM INVESTING ACTIVITIES Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Foreign exchange movement on cash balances Cash at End of Period The accompanying notes form part of these financial statements. 23 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2023 Notes to the Financial Statements for the Half -Year Ended 31 December 2023 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation These general purpose financial statements for the interim half-year reporting period ended 31 December 2023 have been prepared in accordance with the Corporations Act 2001 and Australian Accounting Standard AASB 134 "Interim Financial Reporting". Compliance with AASB 134 ensures compliances with IAS 34 “Interim Financial Reporting”. The historical cost basis has been used, except for financial assets at fair value and the valuation of share based payments. For the purpose of preparing the half-year financial report, the half-year has been treated as a discrete reporting period. This interim financial report does not include all notes of the type normally included in the Annual Report. Accordingly, this report is to be read in conjunction with the Annual Report of Tempest Minerals Limited for the year ended 30 June 2023, together with any public announcements made during the half-year. Significant accounting judgments and key estimates The preparation of half-year financial reports requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. In preparing this half-year report, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Group when compiling its annual 30 June 2023 financial statements. The same accounting policies and methods of computation have generally been followed in these half-year financial statements as compared with the corresponding half-year financial statements and the most recent annual financial statements except for the adoption of new and amended standards as set out below. Going Concern The financial statements have been prepared on a going concern basis which contemplates the continuity of normal business activities and the realisation of assets and discharge of liabilities in the ordinary course of business. New and amended Standards and Interpretations applicable In the half-year ended 31 December 2023, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to its operations and effective for annual reporting periods beginning on or after 1 July 2023. It has been determined by the Directors that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore, no change is necessary to the Group’s accounting policies. Standards and Interpretations on issue not yet effective The Directors have also reviewed all of the new and revised Standards and Interpretations on issue not yet effective for the half-year ended 31 December 2023. As a result of this review, the Directors have determine