Interim Financial Report For the half-year ended 31 December 2023 Contents Corporate Directory .................................................................................................................................3 Directors’ Report ......................................................................................................................................4 Auditor’s Independence Declaration .................................................................................................... 18 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income .................. 19 Condensed Consolidated Statement of Financial Position ................................................................... 20 Condensed Consolidated Statement of Changes in Equity ................................................................... 21 Condensed Consolidated Statement of Cash Flows .............................................................................. 22 Notes to the Condensed Financial Statements ..................................................................................... 23 Directors’ Declaration ........................................................................................................................... 34 Independent Auditor’s Review Report .................................................................................................. 35 2|Page Interim Financial Report 31 December 2023 Corporate Information Directors Cathy Moises (Non-Executive Chair) Matt Shackleton (Managing Director & Chief Executive Officer) Jonathan Fisher (Non-Executive Director) Company Secretary Joel Ives Registered Office and Principal Place of Business Level 4, The Read Buildings 16 Milligan Street PERTH WA 6000 Telephone: +61 8 9322 1003 Solicitors Steinepreis Paganin Level 4, The Read Buildings 16 Milligan Street PERTH WA 6000 Share Registry Automic Registry Services Level 2, 267 St George’s Terrace PERTH WA 6000 Auditors KPMG 235 St George's Terrace PERTH WA 6000 Website www.australianpotash.com.au Stock Exchange Listing The following are listed (although suspended from 2 October 2023 and at the date of this report) on the Australian Securities Exchange: Australian Potash Limited fully paid ordinary shares (ASX code APC) 3|Page Interim Financial Report 31 December 2023 Directors’ Report Your directors are pleased to present their report on the consolidated entity consisting of Australian Potash Limited (APC or Company) and the entities it controlled, at the end of, or during, the half year ended 31 December 2023. Directors The names of the directors who held office during or since the end of the half year, to the date of this report, are: • Cathy Moises Non-Executive Chair • Matt Shackleton Managing Director & Chief Executive Officer • Jonathan Fisher Non-Executive Director (appointed 1 February 2024) • Natalia Streltsova Non-Executive Chair (resigned 1 February 2024) • Rhett Brans Non-Executive Director (resigned 1 February 2024) Unless otherwise noted, all directors held office for the entire reporting period. Principal Activities The Company embarked on a rationalisation of its tenement portfolio during the half-year, reflecting the lack of investment appetite for the development of the Lake Wells Sulphate of Potash project (LSOP). By the end of October 2023, it had surrendered all six of the mining leases that comprised the LSOP, had rehabilitated ground disturbances within the proposed development envelope for the LSOP and had demobilised all personnel, buildings and accommodation structures and associated infrastructure and other ancillary assets. At the Nexus Project, there was minimal progress made in respect to the negotiation of a heritage and access agreement with the Tjamu Tjamu (Aboriginal Corp) RNTBC, in part due to the confusion and uncertainty created by the Western Australian Government’s legislation and subsequent repeal of the Aboriginal Cultural Heritage Act. In December 2023, the Company agreed to a variation of the Tenement Sale Agreement executed with Maverick Minerals Limited over the Laverton Downs Project. At the date of this report, Maverick Minerals Limited’s shares had not listed on the ASX. In the event the agreement is terminated, the tenement package will remain in the ownership of the Company. Significant Changes in the State of Affairs Voluntary Administration On 6 December 2023 the directors of APC resolved to appoint Voluntary Administrators Hayden White and Daniel Woodhouse of FTI Consulting (Administrators) to the Company with the view to undertake a restructuring of Australian Potash Limited that would enable it to continue as a going concern, avoid liquidation and allow all shareholders the ability to retain value in their investment and participate in future capital raises. Creditors voted at a second meeting on 19 January 2024 to accept a Deed of Company Arrangement (DOCA) proposed by Managing Director Matt Shackleton, with all creditors of the Company existent 4|Page Interim Financial Report 31 December 2023 Directors’ Report up to the time of appointment of the Administrators, except for outstanding Directors fees and Managing Director employee benefits (in total $316,859), transferring to a Creditors’ Trust and thus removing these liabilities from the Company’s balance sheet from that date. The proposed DOCA included the following key terms: Key Elements DOCA Proposal Purpose Ensure that creditors of the Company receive a better return than in liquidation. Facilitate a capital raising for the Company of not less than $2.75m, expected to comprise of convertible loans, a Priority Placement Offer to existing shareholders and a General Placement Offer. Refer to the Notice of Annual General Meeting announced to shareholders on 28 February 2024. Minimise holding costs and reduce administrators’ fees that may be incurred. further Creditors Trust The DOCA proposal accepted and subsequently effectuated includes the creation of a Creditors’ Trust, to facilitate the payment of creditors’ claims in accordance with the terms of the DOCA, and to expedite the reinstatement of the Company on the ASX following effectuation of the DOCA. The Creditors’ Trust was created on 1 February 2024. Contributions The DOCA Contribution to funds available for distribution to creditors out of the Creditors Trust was $900,000, which was raised in the Company via a converting loan issue of $1,000,000. Capital Raising The Company has issued converting loans to the value of $1m, with a concomitant commitment to sub-underwrite $2.75m in a Priority and General Placement the subject of the pending Prospectus. The terms of the loans are as follows: 5|Page • Each $1 of converting loan confers a subunderwritten commitment of $2.75; • 1 Sub-Underwriting Option will be issued for each 2 shares sub-underwritten exercisable at $0.0015 per option for a period of 3 years. The Interim Financial Report 31 December 2023 Directors’ Report Company will seek to have the Sub-Underwriting Options listed on ASX; • Converting loans can be converted into ordinary shares in the Company under the pending Prospectus at $0.001 per share; • In the event the loans are converted into ordinary shares the lender will receive Commitment Options at 0.8 options per share exercisable at $0.0015 per option for a period of 3 years. The Company will seek to have the Commitment Options listed on ASX. The Company is preparing to lodge with ASIC a Prospectus in relation to an offer of shares to raise a maximum of $6m and minimum of $2.75m (Offer), with the broad terms being: • a Priority Placement offer to all existing shareholders on the register at the record date (to be determined); • a General Placement offer following the close of the Priority Placement offer; • an issue price of $0.001 per share; and • one (1) free attaching option for each two (2) shares subscribed for under both the Priority Placement and General Placement offers, exercisable at $0.0015 per option for a period of 3 years. The Company will seek to have these options listed on ASX. Canaccord Genuity (Australia) Limited and Cumulus Wealth have been appointed Lead Managers to the Offer. The capital raising will be underwritten to $2.75million. Refer to the Notice of Annual General Meeting announced to shareholders on 28 February 2024. Refer to the Prospectus lodged on 14 March 2024. Classification of creditors The DOCA classifies creditors as follows: • 6|Page Priority creditors: creditors owed wages and other employee entitlements. Interim Financial Report 31 December 2023 Directors’ Report Position of Creditors Conditions precedent completion/effectuation 7|Page • Pool A creditors: unsecured creditors owed less than $60,000. • Pool B creditors: unsecured creditors owed more than $60,000. • Excluded creditors: non-executive directors’ accrued fees and on-going employee’ entitlements including annual and long service leave due to Managing Director Matt Shackleton. The estimates shown below are based on the information presently available, the Company’s estimated realisable value of assets, and estimated claims of creditors. Whilst the DOCA contemplates the pooling of unsecured creditors into two groups, all unsecured creditors would be treated as a single group in a liquidation: Categories Liquidation DOCA Priority creditors 0 to 100 c/$ 100 c/$ Unsecured creditors – Pool A 0 to 13.9 c/$ 100 c/$ Unsecured creditors – Pool B 0 to 13.9 c/$ 7.3 to 17.0 c/$ to The completion of the DOCA was conditional on (unless waived): • funds greater or equal to the DOCA Contribution ($900,000) being available to the Company through the proposed converting loans; • the ASX providing no objection to the Company relisting on terms acceptable to the Proponent (acting reasonably); • the Company holding good title to all of its assets; • no material changes or proposed changes to the Company’s assets or operations; and Interim Financial Report 31 December 2023 Directors’ Report • Completion the Proponent nominating new directors to the board. Upon completion, the following key events occurred contemporaneously: • the DOCA contribution was received by the Deed Administrators/Trustees; • the Creditors’ Trust was established, and the Deed Administrators became the Trustees of the Creditors’ Trust; • the Administrators made changes to the board of directors, as proposed by the Proponent; and • control of the Company was returned to the Directors nominated by the Proponent. On 1 February 2024, it was confirmed that the conditions precedent to effectuation of the DOCA had been met. On 2 February 2024 it was announced that the Company had exited Voluntary Administration and returned to the control of the Directors. On 28 February 2024 the Company lodged the audited financial statements and remuneration report for the year ended 30 June 2023, contained within the 2023 Annual Report, with the ASX. The suspension of the Company’s shares from trading on ASX was triggered by the non-lodgement of the 30 June 2023 audited financial statements and remuneration report. Relinquishment of Lake Wells SOP Project Mining Leases On 15 August 2023 the Company announced that it had concluded a strategic process which aimed to secure funding for the development of the Lake Wells Sulphate of Potash Project. The process did not result in a funding proposition for consideration therefore the decision was made to surrender the mining lease tenure at the Project and sell the camp assets. Rehabilitation and Mine Closure Report Following the relinquishment of the mining lease tenure, the Company prepared a Mine Closure Report for the Department of Energy, Mines, Industry Regulation and Industry (DEMIRS) and contracted an earth-moving contractor to effect the rehabilitation of the disturbed areas at Lake Wells. Over the period to early November 2023, rehabilitation of some on-playa and off-playa ground disturbance was carried out. This entailed the ripping of approximately 17 drill pad areas with many of these being on the lake surface. At the conclusion of the rehabilitation program, a Closure Completion Report (CCP) was completed . Several parts of the development infrastructure were retained by the pastoral lease holder for future use and once recognised by the Pastoral Lands Board is expected to sit outside of the Group’s rehabilitation obligation for the site. 8|Page Interim Financial Report 31 December 2023 Directors’ Report The CCP was lodged with DEMIRS on 8 January 2024, and a response from DEMIRS was received on 30 January 2024, requesting additional information prior to accepting the works performed by APC and the satisfaction of obligations regarding rehabilitation of disturbed areas. At the time of this report, there remains a risk that additional rehabilitation work will be required, however it is expected to be immaterial. Prospectus On 14 March 2024 the Company lodged a Prospectus for the issue of shares in the Company to raise a maximum of $6.0 million (Offer). The essential terms of the Prospectus are as follows: • A Priority Offer of 2,500,000,000 ordinary shares at $0.001 per share to raise a maximum of $2,500,000 is made to all shareholders at the record date of 14 March 2024; • A General Offer of 3,500,000,000 ordinary shares at $0.001 per share to raise a maximum of $3,500,000 is made to all interested parties; • One free attaching option exercisable at $0.0015 per option for a period of three (3) years from the date of issue will be issued for each two (2) shares subscribed for under the Offer; • The Offer is underwritten to the value of $2.75 million by Lead Managers Canaccord Genuity Australia Limited and Cumulus Wealth Limited. There have been no other transactions or events of a material and unusual nature likely, in the opinion of the directors of the Company, to significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial years. 9|Page Interim Financial Report 31 December 2023 Directors’ Report Review of Operations 31 December 2022 31 December 2023 Australian Potash Limited Income Results Income Results $ $ $ $ 239,286 (1,415,274) 114,545 (1,513,867) Lake Wells Sulphate of Potash Project (LSOP) The Board of Directors had for several years prior to the period end endeavoured to secure the requisite development equity for the construction of the LSOP. Notwithstanding the support of the Northern Australia Infrastructure Facility and Export Finance Australia with respect to provisional credit approved debt facilities for A$185,000,000 the sentiment towards the nascent Western Australian SOP sector was such that the Board’s endeavours were not met with success. The LSOP comprised 6 granted Mining Leases (MLs) that attracted Western Australian Government (tenement) rents and Laverton Shire rates on an annualised basis of approximately $1,400,000, making their retention expensive and imprudent given the lack of development equity and investor engagement. The decision to surrender the MLs and to execute the approved mine closure plan was not taken lightly. All mining and miscellaneous tenure comprising the Lake Wells Sulphate of Potash Project had been surrendered by 31 October 2023. The Company retains the extensive data base of drilling, assay, geotechnical, seismic and design data and criteria that were generated over the several years the LSOP was explored and studied. Following the extensive rehabilitation of the ground disturbance footprint at the LSOP, all equipment and personnel were demobilised from site by the end of October 2023. Rehabilitation and Mine Closure Report Following the relinquishment of the mining lease tenure, the Company prepared a Mine Closure Report for the Department of Energy, Mines, Industry Regulation and Industry (DEMIRS) and contracted an earth-moving contractor to effect the rehabilitation of the disturbed areas at Lake Wells. Over the period to early November 2023, rehabilitation of some on-playa and off-playa ground disturbance was carried out. This entailed the ripping of approximately 17 drill pad areas with many of these being on the lake surface. At the conclusion of the rehabilitation program, a Closure Completion Report (CCP) was completed . Several parts of the development infrastructure were retained by the pastoral lease holder for future use and once recognised by the Pastoral Lands Board is expected to sit outside of the Group’s rehabilitation obligation for the site. The CCP was lodged with DEMIRS on 8 January 2024, and a response from DEMIRS was received on 30 January 2024, requesting additional information prior to accepting the works performed by APC and the satisfaction of obligations regarding rehabilitation of disturbed areas. At the time of this report, there remains a risk that additional rehabilitation work will be required, however it is expected to be immaterial. Nexus Rare Earth and Lithium Project (Nexus) The Company has sought to grow its footprint in a new prospective region of Western Australia by making application for a new exploration licence (E80/5917) and entering into a Tenement Sale 10 | P a g e Interim Financial Report 31 December 2023 Directors’ Report (Purchase) Agreement for a contiguous exploration licence (E80/5778) in the West Arunta. The Company refers to this as its ‘Nexus Project’. Attention has been focused on the West Arunta region recently through the discovery of a high-grade carbonatite hosted niobium deposit by explorer WA1 Resources Limited (ASX: WA1). The area of focus for WA1 is approximately 80km to the north of APC’s new tenure (see Figure 3 below). The area is also the subject of an exploration joint venture between a private company and Rio Tinto Exploration Pty Ltd. Furthermore, major Western Australian nickel and lithium production company Independence Group (ASX: IGO) has tenure to the east of the Nexus Project. The Nexus Project was previously partly explored by Canadian base metals production company First Quantum Minerals (FQM) between 2015 and 2016, who drilled five aircore/slim line reverse circulation holes into the area of E80/5778 as part of a larger drilling campaign across the area. While ostensibly exploring for a large copper system hosted in the basement, FQM submitted 526 samples for multielement assay. Figure 1: APC’s Nexus Project location in the West Arunta region of Western Australia showing relative tenure positions of niobium discoverer WA1, Rio Tinto Exploration and IGO, and drill-hole locations of previous work conducted by FQM Nexus Exploration Strategy Several samples analysed by FQM returned anomalous lithium and total rare earth oxide (TREO) assays, and further work conducted by ASX-listed NorWest Minerals (ASX: NWM) in 2022 on the same ground showed that TREO mineralisation increased in concentration with increasing distance from the Webb Granite contact (Refer to NWM ASX Announcement on 22 February 2023). 11 | P a g e Interim Financial Report 31 December 2023 Directors’ Report Geologically, the zone to the south of the Webb Granite is typified by thick (up to 100m) lacustrine and palaeochannel sediments overlying Amadeus Basin metasediments. It is surmised that as the granites and metasediments in the region oxidise and weather, they ‘shed’ contained components into the nearby sediment traps. The differing mobility properties of the released elements and minerals shed then determine how far they travel, and if they are stopped (or caught) in the palaeochannel and lake clay systems to the south. About clay-hosted lithium and ionic rare earth projects There are several examples of clay-hosted lithium and ionic rare earth projects guiding the Company’s exploration strategy at its LSOP Project area and the Nexus Project. America Battery Technology Company’s (OTCMKTS: ABML) Tonopah Flats and Ioneer Limited’s (ASX: INR) Rhyolite Ridge clay-hosted lithium project in Nevada, Arizona Lithium Limited’s (ASX: AZL) Big Sandy lithium project in Arizona and Jindalee Resources Limited’s (ASX: JRL) McDermitt lithium project in Oregon represent the largest lithium Mineral Resource clay projects. These range from ~1,000-2,000 ppm Li in grade and occur as flat-lying stratigraphic ore bodies within lacustrine sedimentary sequences (Refer to INR ASX Announcement on 27 April 2023; ASL ASX Announcement on 28 April 2023; JRL ASX Announcement on 28 April 2023; ABTC website: www.americanbatterytechnology.com). Clay-hosted rare earth projects, or ionic clay deposits (when a reasonable proportion of the contained rare earths are clay-adsorbed) are a major global source of rare earths, with China dominating production. A number of other operations globally are nearing production from this deposit type (eg. Aclara, Serra Verde) and many in Australia and globally are at advanced stages of exploration (eg. Koppamurra SA, Caldeira Brazil). Ionic clay deposits can be economically attractive due to the potential for much cheaper mining and metallurgical methods when compared to hard rock rare earth deposits. APC’s exploration strategy at the Nexus Project is to expand the work conducted by FQM and NWM, by pursuing the increasing tenor of lithium and rare earth mineralisation in the lacustrine clays overlying the Bitter Springs formation to the south of the Webb Granite (see Figures 4, 5 and 6). Figure 2: APC’s Nexus Project tenements overlain on magnetic image depicting the contact zone between the Webb Granite and the palaeochannel/lacustrine sediments sitting over the Amadeus Basin metasediments 12 | P a g e Interim Financial Report 31 December 2023 Directors’ Report Figure 3: APC’s Nexus Project tenements overlain on radiometric image depicting the contact zone between the Webb Granite and the palaeochannel/lacustrine sediments sitting over the Amadeus Basin metasediments Amadeus Basin metasediments Figure 4: APC’s Nexus Project bedrock geology (geophysical interpretation) & tenement E80/5778 with FQM drill collar locations Laverton Downs Project (LDP) The Laverton Downs Project is 100% owned by APC and located approximately 20km north of Laverton. Regional geology highlights the potential for gold and nickel sulphide mineralisation. Project evaluation undertaken to date by APC has incorporated regional datasets, detailed magnetic data and high precision geochemical assay results derived from historical bottom of hole drill samples. In March 2023, the Company executed a Tenement Sale Agreement for the sale of the tenements comprising the LDP to Maverick Minerals Pty Ltd. The terms of the all-cash transaction comprised a $10,000 one-off payment on the execution date of the transaction (received) and a $200,000 payment on settlement. Maverick Minerals Pty Ltd is pursuing an Australian Securities Exchange listing of its shares, and anticipates the settlement of the transaction following the completion of that listing, which had not been achieved at the date of this report. 13 | P a g e Interim Financial Report 31 December 2023 Directors’ Report One of the conditions of the Deed of Company Arrangement effectuated in January 2024 was that the proceeds of settlement of the LDP transaction with Maverick would be paid into the creditors’ trust and used to settle creditors' claims. Laverton Training Centre (LTC) The Laverton Training Centre is an initiative of APC which provides broad community access to preemployment, nationally accredited vocational training for long-term unemployed Aboriginal and nonAboriginal people living throughout the north-eastern Goldfields of Western Australia. The LTC remained operational during the period. Figure 1: The LTC is housed at the purpose refurbished facility in the north-easter Goldfields centre of Laverton 14 | P a g e Interim Financial Report 31 December 2023 Directors’ Report Figure 2: Automotive training courses delivered at the LTC’s base in Laverton Figure 3: Chainsaw training unit being delivered in the Gibson Desert 15 | P a g e Interim Financial Report 31 December 2023 Directors’ Report Financial Position The Group made a loss for the half year to 31 December 2023 of $1,415,274 (31 December 2022: $1,513,867). Cash reserves at 31 December 2023 were $546,470 (30 June 2023: $1,291,658). Events Subsequent to Reporting Date The Company exited Voluntary Administration following the second Creditor's meeting on 19 January 2024 and the effectuation of the DOCA proposed by Managing Director Matt Shackleton on 2 February 2024. Refer Significant Changes in the State of Affairs above. On 23 February 2024, the Company lodged the 2023 Annual Report including the audited financial and remuneration reports for the period ended 30 June 2023. The non-lodgement of these reports by 29 September 2023, prompted the Australian Securities Exchange (ASX) to suspend the Company’s shares from trading. The Company’s shares are still suspended from trading at the date of this report. On 28 February 204, the Company notified shareholders that the Company’s 2023 Annual General Meeting that had been deferred from November 2023, is to be held on Thursday 28 March 2024 at the Subiaco Meeting Rooms, commencing at 12:00 noon. On 14 March 2024 the Company lodged a Prospectus for the issue of shares in the Company to raise a maximum of $6.0 million (Offer). The essential terms of the Prospectus are as follows: • A Priority Offer of 2,500,000,000 ordinary shares at $0.001 per share to raise a maximum of $2,500,000 is made to all shareholders at the record date of 14 March 2024; • A General Offer of 3,500,000,000 ordinary shares at $0.001 per share to raise a maximum of $3,500,000 is made to all interested parties; • One free attaching option exercisable at $0.0015 per option for a period of three (3) years from the date of issue will be issued for each two (2) shares subscribed for under the Offer; and • The Offer is underwritten to the value of $2.75 million by Lead Manager Canaccord Genuity Australia Limited. Cumulus Wealth Limited are appointed co-manager by Canaccord. There have been no other transactions or events of a material and unusual nature likely, in the opinion of the directors of the Company, to significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial years. Likely Developments and Expected Results of Operations Information on likely developments in the operations of the consolidated entity and the expected results of operations have not been included in this report because the directors believe it would be likely to result in unreasonable prejudice to the consolidated entity. 16 | P a g e Interim Financial Report 31 December 2023 Directors’ Report Auditor’s Independence Declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 (Cth) forms part of the Directors’ Report and is included on page 18. Signed in accordance with a resolution of directors made pursuant to section 306(3) of the Corporations Act 2001 (Cth). On behalf of the directors: Matt Shackleton Managing Director & Chief Executive Officer Perth, 15 March 2024 17 | P a g e Interim Financial Report 31 December 2023 Auditor’s Independence Declaration 18 | P a g e Interim Financial Report 31 December 2023 Australian Potash Limited (in Administration) and its controlled entities Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the half year ended 31 December 2023 6 months ended Notes Other income 31 Dec 2023 31 Dec 2022 $ $ 239,286 114,545 Administration expenses 4 (873,473) (1,448,739) Exploration expenses 5 (783,768) (176,388) (2,278) - (1,420,233) (1,510,582) Finance income 5,834 103 Finance expenses (875) (3,388) NET FINANCE INCOME/(COSTS) 4,959 (3,285) (1,415,274) (1,513,867) - - (1,415,274) (1,513,867) - - (1,415,274) (1,513,867) Basic loss attributable to the ordinary equity holders of the Company (0.14) (0.17) Diluted loss attributable to the ordinary equity holders of the Company (0.14) (0.17) Loss on sale of assets OPERATING LOSS FINANCE COSTS LOSS BEFORE INCOME TAX Income tax benefit/(expense) LOSS FOR THE PERIOD Other comprehensive income TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF AUSTRALIAN POTASH LIMITED LOSS PER SHARE (cents per share) The above Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes. 19 | P a g e Interim Financial Report 31 December 2023 Australian Potash Limited (in Administration) and its controlled entities Condensed Consolidated Statement of Financial Position for the half year ended 31 December 2023 Notes 31 Dec 2023 30 Jun 2023 $ $ CURRENT ASSETS Cash and cash equivalents 546,470 1,291,658 Trade and other receivables 236,551 268,324 - 167,130 783,021 1,727,112 172,365 281,995 2,343 3,015 - 950,000 TOTAL NON-CURRENT ASSETS 174,708 1,234,970 TOTAL ASSETS 957,729 2,962,082 Inventory TOTAL CURRENT ASSETS NON-CURRENT ASSETS Plant and equipment Intangibles Exploration and evaluation 6 CURRENT LIABILITIES Trade and other payables 7 1,513,944 2,017,999 Provisions – current 8 3,418,296 3,498,826 4,932,240 5,516,825 1,670 6,156 1,670 6,156 TOTAL LIABILITIES 4,933,910 5,522,981 NET LIABILITIES (3,976,181) (2,560,899) 66,745,274 66,745,282 1,769,888 1,769,888 Accumulated losses (72,491,343) (71,076,069) TOTAL DEFICIENCY (3,976,181) (2,560,899) TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Provisions – non-current 8 TOTAL NON-CURRENT LIABILITIES EQUITY Contributed equity Reserves 9 The above Condensed Consoli