Well, I have NOT seen something like this (from the Auditor) for...

Well, I have NOT seen something like this (from the Auditor) for a few years.

Basis for Disclaimer of Review Conclusion

We draw attention to the half-year financial report, which indicates that the consolidated entity incurred
a net loss of $21,238,324 and had a net cash outflow from operating activities of $11,593,484 during
the period ended 30 June 2020. As stated in Note 1, the company has referred to the sale process and
need to dispose of its interest in the Senegal project in the going concern disclosure and has also
disclosed its interest in the Senegal project and associated liabilities as held for sale at 30 June 2020.
The circumstances as at the date of signing this report are such that the sale amount remains uncertain
and the timing of the sale cannot presently be determined with an acceptable degree of certainty. These
events or conditions, along with other matters set forth in Note 1, indicate that a material uncertainty
exists that may cast significant doubt about the consolidated entity’s ability to continue as a going
concern.

We draw attention to Note 9 in the half-year financial report which outlines the approach taken by the
company to value its interest in the Senegal project as held for sale as at 30 June 2020 at a carrying
value of $166,045,931. The company has valued its interest in the Senegal project at fair value less
cost to sell with reference to an observable transaction in the market. However due to the current stage
of the sale process, the amount ultimately realised for its interest in the Senegal project could be
materially different from its carrying value.

Given the above, in our opinion, the uncertainties outlined above are so material and pervasive to the
half-year financial report that we are unable to express a conclusion on the half-year financial report
taken as a whole.

Disclaimer of Review Conclusion
Because of the significance of the matters described in the Basis for Disclaimer of Review Conclusion
paragraph above, we are unable to and do not express a conclusion as to whether the accompanying
half-year financial report of FAR Limited is in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of the company’s financial position as at 30 June 2020 and of its
financial performance for the half-year then ended; and
(ii) complying with Australian Accounting Standards AASB 134 Interim Financial Reporting and the
Corporations Regulations 2001.

Pages 12 and 13.