Ann: Alexander Downer AC and Paul Cahill Appointed as Directors, page-51

All in the annual report just released.

Basis of Measurement
The financial report has been prepared on an accruals basis and going concern basis, and is based on historical
costs, modified, where applicable, by the measurement of fair value of selected non-current assets, financial
assets and financial liabilities.
Going Concern Basis
The financial statements have been prepared on the going concern basis which contemplates continuity of
normal business activities and the realisation of assets and settlement of liabilities in the normal course of
business. The Consolidated Entity incurred a net loss after tax of $2.98 million for the year ended 30 June 2021
(30 June 2020: $1.49 million). As at 30 June 2021 the Consolidated Entity had net assets of $59.67 million (30
June 2020: $58.31 million) and continues to incur expenditure on its exploration tenements drawing on its cash
balances. As at 30 June 2021 the Consolidated Entity had $2.53 million (30 June 2020: $2.13 million) in cash and
cash equivalents and a working capital deficit of $0.14 million (30 June 2020: surplus of $1.55 million).
The ability of the Consolidated Entity to fund its working capital and exploit its exploration assets will depend on
raising necessary funding in the future. Should the Consolidated Entity be unable successfully complete the
raising of these additional funds, there is a material uncertainty which may cast significant doubt over the
Consolidated Entity ability to continue as a going concern. As at 30 June 2021 there has been no adjustment in
the financial report relating to the recoverability and classification of the asset carrying amounts, or the amounts
and classification of liabilities that might be necessary, should the Consolidated Entity be unable to raise capital
as and when required, and the exploitation of the areas of interest not be successful, or the Consolidated Entity
not continue as a going concern


cheers.