Ann: Half Yearly Report and Accounts, page-2

The auditors don't seem to be very positive about BIT's future. They are basically saying the CR is BIT's last chance.

Material uncertainty related to going concern
We draw attention to Note 5, “Going Concern” in the Condensed Interim Financial Report. The events
or conditions disclosed in Note 5, indicate a material uncertainty exists that may cast significant doubt
on the Company’s ability to continue as a going concern and, therefore, whether it will realise its assets
and discharge its liabilities in the normal course of business, and at the amounts stated in the
Condensed Interim Financial Report. Our conclusion is not modified in respect of this matter.

5. GOING CONCERN
The condensed interim financial statements have been prepared on a going concern basis which contemplates the
realisation of assets and settlement of liabilities in the ordinary course of business.
The Company has generated a profit of $696,629 in the half-year ended 31 December 2024 and has accumulated losses
of $57,757,631 as at 31 December 2024. The Company had cash on hand of $878,881 at 31 December 2024 and used
net cash of $1,324,645 in operations and received $1,814,496 in research and development government incentives for the
half-year ended 31 December 2024. As at 31 December 2024, the Company had net assets of $459,033.
During the period, the Company executed an agreement with C14 Consulting Group LLC (‘C14’) to assist and guide the
Company in fulfillment of strategic partnerships for its portfolio of antiviral programs including its lead clinical asset.
Subsequent to 31 December 2024, the Company has announced a Renounceable Rights Issue offer to fund the
Company’s operations and costs associated with C14 as it assists Biotron with its commercialisation strategy. The Rights
Issue to raise up to $2.7m is partially underwritten by Mahe Capital for $750,000 and replaces the Company’s Share
purchase plan announced on 21 February 2025, which was withdrawn.
These conditions give rise to a material uncertainty that may cast significant doubt upon the Company’s ability to continue
as a going concern.
The ongoing operation of the Company is critically dependent on:
• the Company raising sufficient additional funding from shareholders or other parties; and
• the Company continuing to reduce expenditure in line with available funding.