Ann: Trading Halt, page-4

During the half year ended 31 December, the consolidated entity incurred a loss after income tax of $483,167

(2023: $945,526) from continuing operations and net cash outflows from operating activities of $325,630

(2023: $740,581). At 31 December 2024, the consolidated entity had net liabilities of $1,681,738 (30 June

2024: $1,419,040) and had cash of $218,461 (2023: $133,619).

Accordingly, there is material uncertainty that may cast doubt on the consolidated entity’s ability to continue

as a going concern. Notwithstanding this the financial report has been prepared on a going concern basis

which assumes the realisation of assets and discharge of liabilities in the normal course of business at the

amounts stated in the financial report, for the following reasons:

Since 31 December 2024 the company has settled on the acquisition of the BP Indonesia assets and

commenced operations in Indonesia in order to generate revenue streams from the sale of seaweed products.

The ability of the consolidated entity to continue as a going concern depends on the consolidated entity

managing its cash outflow and generating additional cash inflows from:

-Issue of shares and options to settle loans issued during the period reducing borrowings by $469,706;

-Issue of shares and options to settle accrued Director remuneration reducing debt by $175,000;

-By executing the Group’s strategy of building up the Indonesian seaweed business in line with its

business plan so that it contributes positively to the Group’s operations;

-The receipt of debt funding; or

-The receipt of equity funding which is currently being planned as the Company has approval from

shareholders to raise an additional $1 million without using any of the Company’s placement capacity

(i.e. both the 10% & 15% capacity).

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