Announcement PDF ANNUAL REPORT YEAR ENDED 30 JUNE 2024 ABN 50 127 291 927 CORPORATE INFORMATON DIRECTORS PETER THOMAS Non-Executive Chairman GAVIN RUTHERFORD Non-Executive Director TIM STAERMOSE Non-Executive Director COMPANY SECRETARY Damien Kelly Registered Office C/- Elderton Audit Pty Ltd Level 32, 152 St George’s Terrace PERTH WA 6000 Principal Place of Business 10 Walker Avenue WEST PERTH WA 6005 Telephone: +61 8 9226 4266 Postal Address PO Box 1112 WEST PERTH WA 6872 Email info@emunl.com.au Internet Address www.emunl.com.au FOR SHAREHOLDER INFORMATION CONTACT Share Register Automic Group Level 5, 191 St George’s Terrace PERTH WA 6000 GPO Box 5193 SYDNEY NSW 2001 Telephone: +61 2 8072 1400 or 1300 288 664 AUDITORS Elderton Audit Pty Ltd Chartered Accountants Level 32, 152 St George’s Terrace, Perth WA 6000 ASX COMPANY CODES Emu NL is listed on the Australian Securities Exchange (ASX codes: EMU and EMUCA). ISSUED CAPITAL 125,499,187 fully paid ordinary shares 1,349,586 partly paid ordinary shares paid to $0.00, unpaid as to $0.90 each 1,166,670 partly paid ordinary shares, paid to $0.003, unpaid as to $1.20 each, no call before 31.12.2025 5,748,486 Options to acquire fully paid ordinary shares, exercisable at $0.30 each, on or before 7.10.2024 10,579,193 Options to acquire fully paid ordinary shares, exercisable at $0.09 each, on or before 31.12.2026 Page 1 CONTENTS Review of Operations 3 Directors' Report 11 Auditor’s Independence Declaration 20 Consolidated Entity Disclosure and Corporate Governance Statements 21 Consolidated Statement of Financial Performance 22 Consolidated Statement of Financial Position 23 Consolidated Statement of Changes in Equity 24 Consolidated Statement of Cash Flows 25 Notes to the Consolidated Financial Statements 26 Directors' Declaration 43 Independent Audit Report 44 ASX Additional Information 47 Page 2 REVIEW OF OPERATIONS ACTIVITIES EMU NL is an Australian based copper/gold exploration company, led by a team with significant global experience. The Company is focused on Australian exploration, most notably at Georgetown in Far North Queensland where EMU has identified the Yataga Copper Project as a copper porphyry system with a vast surface expression of mineralisation and rock chip assays recording up to 32.5% Cu and 460ppm Ag; this is interpreted as potentially leading to the discovery of a substantial, high grade, tier 1 ranking global deposit. During the course of the year, owing to the fickle REE markets, EMU commenced the process of reprioritising its attention from its REE projects including Condingup to the Georgetown Project and commenced the winding down of REE exploration expenditure. That shift was despite the Company having picked its REE projects up as open tenure Crown and farmland (no vends) followed by impressive exploration across those assets. Whilst significant Total Rare Earth Oxide (TREO) grades were recovered, the market evidenced no sustained appetite for genuine REE explorers. Plate 1. Geologists from our discovery team at Yataga Copper Project, Georgetown QLD Georgetown Located within the Georgetown District in Far North Queensland, EMU’s three Georgetown exploration permits represent a substantial scale mineral endowment covering 850km 2. EMU has the right to earn up to an 80% interest in these through a Farmin and Joint Venture Agreement with Rugby Resources (TSX: RUG). The Georgetown District has a long history of mining, hosting over 1,000 mines, prospects and mineral occurrences1 however, whilst there has been significant mining activity, the area remains largely underexplored with modern technologies. 1 Queensland Department of Natural Resources GeoResGlobe Interactive Website, “https://georesglobe.information.qld.gov.au/” Page 3 REVIEW OF OPERATIONS Yataga Copper Project The Company’s Fiery Creek Copper Prospect (FCCP), discovered during 2024, is in the northern tenement and has been identified as part of a potentially massive scale copper porphyry system known called the Yataga Copper Project. The Yataga Copper Project is hosted within a major NNW striking shear zone developed in the core of the Yataga Igneous Complex. The complex is a medium grained, equigranular, ovoid, granodiorite body, which, at 70km2, is the largest such igneous body known in the Georgetown Inlier. The Yataga Copper Project’s mineralised, hydrothermal alteration zone has been identified to extend over a substantial area of at least 6km in strike and up to 2km wide. The structure is characterised by multiple interleaved shear zones with quartz hosted copper vein swarms, stockwork and disseminated copper at surface. Petrographical studies indicate several impulse phases of hydrothermal fluidisation. The alteration mineralogy, mineralisation geochemistry and the areal extent of the FCCP copper and silver rich vein system suggest the likelihood of a, multi-phase sub adjacent porphyry system. Figure 1. Georgetown Project Location Geochemistry Programmes Throughout the year, EMU carried out a series of reconnaissance geochemistry field programmes at the Yataga Copper Project to assess and build upon the FCCP discovery. A geochemical sampling programme, reported in the March Quarter and cut short due to Tropical Cyclone Jasper, covered the FCCP. Statistically relevant elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te values were returned. In addition, EMU completed work at a number of other high-priority prospects within the wider Georgetown tenement package, with the Snake Creek Prospect returning elevated Pb-Ag-Au-Sb from the geochemistry programme. Page 4 REVIEW OF OPERATIONS Assay results provided EMU with encouragement. Mineralogical studies confirmed EMU’s interpretation of an indicative, scale, Copper-Porphyry system at the Yataga Copper Project. The evaluation of elevated pathfinder element results and a macro-petrology assessment2 of rock samples pointed Mr Nigel Maund, Consulting Economic Geologist, to the discovery of a porphyry copper system at the previously unexplored FCCP. Assay results returned included:  Fiery Creek rock assay results up to 32.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn  evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals  evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system  termite mound and coincident rock chip sampling the Yataga Granitoid Complex which returned several anomalous polymetallic zones for follow up  Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb 3 Significant and Pervasive Copper Mineralisation Confirmed A soil sampling programme at FCCP, completed on an 80m x 20m grid, measuring 720m (north-south) by 480m (east-west) was completed in June 2024. The programme was supplemented by additional rock chip and termite mound sampling. All samples were analysed in the field by portable XRF (pXRF). The pXRF geochemistry field programme confirmed an extensive broad copper mineralised zone, extending EMU’s previously definition of the zone of high-grade copper mineralisation. 27 rock chip samples were analysed with the highest copper grade recorded being 32.5%. (Full results can be seen in Table 1, EMU ASX Announcement 4th June 2023, “Significant and Pervasive Copper Mineralisation Discovery Confirmed by pXRF Geochemistry Survey at Fiery Creek”). Significant copper grades, up to 2,484ppm, were recorded from pXRF soil samples whilst the highest termite mound sample recorded 1,675ppm copper. Soil samples recorded values between 100 and 2,484 ppm Cu with significantly anomalous values being above 300 ppm, compared to values up to 32.5% returned from rock chip samples taken from sub-crop and outcrop. The shear zone hosted mineralisation, within the initial discovery area of the FCCP, varies from a width of 60 m to a maximum of 150 m over a sampled strike length of 480 m. Results indicate the mineralisation is significant and pervasive between outcropping high grade copper veining and stockwork veining within the discovery zone and is interpreted to be a subset of a much broader and significant system. Interpretation of aeromagnetic data suggests that this zone of structural geologic disruption with potential mineralisation and hydrothermal alteration extends approximately 6km to the SSW of FFCP within the Yataga Igneous Complex. Samples from the program were dispatched to the laboratory for wet geochemistry testing to confirm and correlate the pXRF in field results. Additional sampling to the south-east of FCCP identified a substantial mineralised copper zone which was programmed for follow up. 2 An Interim Report – The Fiery Creek Copper Prospect, Georgetown Inlier, North Queensland - Nigel Maund MSc, DIC, MBA, FAusIMM, FAIG,FSEG,FGS,MMSA, Consultant Economic Geologist, 31 January 2024 3 ASX Release 4 March 2024” Exploration Update Georgetown, Scale Potential Confirmed” Page 5 REVIEW OF OPERATIONS Figure 2. A summary geologic map of the Fiery Creek Copper Prospect (FCCP) discovery area showing the location of some original rock chip samples (diamonds) and the implemented soil sampling grid and the handheld pXRF copper results given in ppm and coloured according to the legend on the Figure. The white line shows the outline of the anomalous copper zone. The offsetting of the mineralized zone shows the consistent right lateral (dextral) offsetting of the host FCCP zone. Independent Geologist Assessment EMU contracted Independent Consulting Economic Geologist and Fellow of the AusIMM and AIG, Mr Nigel Maund, to assess the FCCP. The scope of his assessment included:    A comprehensive mineralogical investigation of the FCCP vein samples 4; Review of EMU exploration data; and An update to his interim report5 In his interim report, released in January 2024, Mr Maund suggested the Fiery Creek quartz, copper oxide, sulphide vein array system appeared to be developed within the cupolas of possible, closely spaced “pencil ASX Release “Exploration Update Georgetown, Scale Potential Confirmed” 4 March 2024 An Interim Report – The Fiery Creek Copper Prospect, Georgetown Inlier, North Queensland - Nigel Maund MSc, DIC, MBA, FAusIMM, FAIG, FSEG, FGS, MMSA, Consultant Economic Geologist, 31 January 2024 4 5 Page 6 REVIEW OF OPERATIONS porphyry – type” mineralised systems. Further research work undertaken by Mr Maund, relying on the updated EMU geologic exploration database, strengthened this interpretation of the system. Evidence of feldspar porphyry intrusive bodies and phreatic breccias and advanced argillic alteration were confirmed from Fiery Creek samples viewed under microscope. Further details of Mr Maund’s geological report can be found in EMU ASX Announcement 30 April 2024, “Copper Porphyry Potential Grows at Georgetown Project”. Future Work Programmes Whilst exploration at FCCP during the period delivered excellent results, the Company noted that the Yataga Igneous Complex (Yataga Copper Project) was in its early days and multiple programmes would be scheduled for the year ahead including:      Further grid-based soil, termite mound and rock sampling Detailed geologic mapping LiDAR & orthophotography drone survey data processing Ground pole dipole, IP resistivity and MT surveys Airborne aeromagnetic survey In addition to the significant scale copper porphyry prospect EMU has identified at Yataga Copper Project, the Company planned follow up a number of other scale potential prospects, including the epithermal bonanza style gold structures located at the Camp Oven Creek Prospect. This system is interpreted to be related to other porphyry intrusions situated within the same tenement as the Yataga Copper Project. Other prospects to be evaluated further include Dagworth, Georgetown, Ancient Britton, Mistletoe, Munitions Creek, and Snake Creek. Badja Gold / Tungsten / Lithium Project EMU received and continues to receive approaches from parties interested in evaluating the Badja Project. Emu continued (ongoing) to assess how to realise maximum value either through sale or retention. EMU’s work at Badja has defined and upgraded a multi-element project, adding prospectivity for high grade gold, tungsten and lithium. EMU commissioned LBC Resources Pty Ltd to complete a review of all drilling assay results from the total Badja project area in order to produce a geological model and compliant JORC 2012 Total Resources Estimate Report for the Badja Project, which included Gnows Nest, Watertank Hill, Monte Cristo and Flying EMU deposits. Over 600 drill holes and 18,900 assay values were analysed by LBC Resources Pty Ltd and the current resources for the Badja Project mineralisation; classified as “Indicated” and “Inferred”, are 555,637t @2.21g/t Au and 0.14%W for 39.4kOz Au and 757.3t W and are summarised using a 0.5g/t gold cut-off. (See extracts from LBC Resources Pty Ltd “Resource Estimate Report Badja Project”) 6 Sunfire Project EMU still awaits direction from the WA Government as to its intention to allow drilling activities in the old forestry workings in the State Forest. EMU has not received any feedback from its correspondence most recently dated November 2022. EMU has met all required environmental obligations with respect to accessing WA State Forest areas within 6 ASX Release 4 March 2024” Exploration Update Georgetown, Scale Potential Confirmed” Page 7 REVIEW OF OPERATIONS the project with the commencement of onsite exploration activities. There continues to be a complete lack of progress coupled with the absence of any indication from Government departments as to the probability of drilling consent being forthcoming. This lack of progress and inability by the Government’s departments to determine the viability of ongoing exploration and drill testing of the Sunfire Ni-Cu targets has frustrated exploration that would, in the opinion of EMU’s Directors, have been in the interest of the State of Western Australia and Australia as a whole. Viper and Graceland Projects Early in the reporting period, EMU carried out passive seismic survey at the Viper and Graceland Projects which confirmed sufficient depths of clay to warrant aircore drilling programmes. The Company decided to remove its focus on REE exploration and, thus, did not undertake that drilling. The Company commenced relinquishment of its REE project tenements. Condingup Project EMU completed an aircore drilling programme following a seismic survey at its Condingup Project near Esperance WA. Whilst the clay hosted REE results were more than sufficient to justify follow up exploration on technical grounds geologically, the lack of market support for clay hosted REE explorers led EMU to commit to relinquishing the tenements. RISK FACTORS Introduction An investment in the Company is risky and the Directors strongly recommend potential investors consider the risk factors described below, together with information contained elsewhere in this report, publicly available information, circumstances peculiar to them and that they consult their professional advisers before deciding whether to invest in the Company. There are specific risks which relate directly to the Company’s business. In addition, there are general risks, many if not all of which are largely beyond the control of the Company and the Directors. The risks identified in this section, or other risk factors, may have a material impact on the financial performance of the Company and the market price of its Shares. With respect to shares in the Company, no guarantee or assurance is given with respect to the payment of dividends, returns of capital or the market value thereof. Potential investors should consider an investment in the Company as speculative and should consult their professional advisers before deciding whether to invest. The following is not intended to be an exhaustive list of the risk factors to which the Company and investors in the Company are exposed. Company specific risks Exploration Results The Company has numerous samples and geophysical data from its exploration programmes that are currently being assayed or evaluated. No assurance can be given that these exploration results will be favourable. Any results that are not favourable may materially adversely affect the Company’s share price and prospects. Page 8 REVIEW OF OPERATIONS Additional requirements for capital The Company’s capital requirements, and the Company’s ability to satisfy those requirements, depend on numerous factors, many of which are beyond the control of the Company. The Company requires further funding. Additional equity financing will dilute shareholdings. Any debt financing, if available, can be expected to involve restrictions on the Company’s activities. If the Company is unable to obtain additional funding as needed, it may be required to reduce the scope of its operations, dispose of assets or scale back its exploration programmes, as the case may be. The Company’s ability to raise funds through the issue of shares or other securities is subject to share market conditions from time to time. The market for securities in junior exploration companies fluctuates. There is no certainty that the Company will be able to secure any additional funding or be able to secure funding on terms favourable to the Company and its Shareholders. Executive Management The responsibility of overseeing the day-to-day operations and the Company’s strategic management depends substantially on its senior management and key personnel. There can be no assurance that there will be no detrimental impact on the Company if one or more of these employees cease their employment. Industry specific risks Exploration success The future profitability of the Company and the value of its securities is likely to be directly related to the results of exploration on its current and/or future projects. The exploration tenements held by the Company are at various stages of exploration and potential investors should understand that minerals exploration and development are high-risk undertakings. There can be no assurance that exploration of these tenements, or any other tenements that may be acquired, will result in discovery of an economic ore deposit. Even if an apparently viable deposit is identified, there is no guarantee that it can ultimately be economically exploited. The Company’s future exploration activities may be affected by a range of factors including geological conditions, limitations on activities due to seasonal weather patterns, unanticipated operational and technical difficulties, industrial and environmental accidents, native title processes and laws relating to Aboriginal heritage and other first Australian matters, changing government regulations and many other factors beyond the Company’s control. The Company’s success will depend upon the Company being able to maintain, renew or replace title to its tenements and obtaining all required approvals for its activities. In the event that exploration programmes prove to be unsuccessful, this would likely and be expected to lead to diminution in the value of the Company’s tenements, and possible relinquishment of tenements. The Company’s anticipated exploration costs are based on certain assumptions with respect to the method and timing of exploration. By their nature, these estimates and assumptions are subject to significant uncertainties and, accordingly, the actual costs may be materially different from these estimates and assumptions. Accordingly, no assurance can be given that any cost estimates or the underlying assumptions will be realised in practice, which may materially and adversely affect the Company’s viability. Tenure risks and native title Interests in tenements in Australia are governed by the mining legislation of the respective states. Each licence or lease is for a specific term and carries with it annual expenditure and reporting commitments, as Page 9 REVIEW OF OPERATIONS well as other conditions requiring compliance. Consequently, the Company could lose title to or its interest in tenements if licence conditions are not met or if insufficient funds are available to meet expenditure commitments. If exploration is successful, the Company will not be able to exploit any mineral deposit unless the Company has or first acquires a mining title. The grant of a mining titles is subject to ministerial discretion. Additionally, in areas where native title exists or may exist, the ability of the Company to acquire a valid mining title will be subject to compliance with the ‘right to negotiate’ process under the Native Title Act. Compliance with this process can (and usually does) cause delays in obtaining the grant of a mining title and ultimately there can be no guarantee that a mining tile will be granted. Attaining a negotiated agreement with native title claimants or holders to facilitate the grant of a valid mining title generally adds significantly to the costs and timetabling of any development or mining operation. The ability of the Company to conduct activities on exploration or mining tenements is subject to compliance with Aboriginal heritage laws. Conduct of site surveys to ensure compliance can be and mostly are expensive and involve delays. If any Aboriginal sites are located within areas of proposed exploration, mining or other activities, the ability of the Company to conduct those activities may be dependent on the Company obtaining further regulatory consents or approvals none of which can be assured. The requirements for obtaining environmental approvals are becoming increasingly stringent, financially burdensome and being subjected to ever more vigilant public scrutiny. Again, significant costs and delays are involved and now represent a real potential barrier to development. COMPETENT PERSON’S STATEMENT The information in this report that relates to exploration results is based on, and fairly represents information and supporting documentation prepared by Kurtis Dunstone, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Dunstone is an employee of EMU NL and has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Dunstone consents to the inclusion herein of the matters based upon his information in the form and context in which it appears. Page 10 DIRECTORS’ REPORT CORPORATE Board Changes Aside from Mr Streeter’s sudden passing on 15 July 2024, there have been no board changes during this reporting period. Capital Raising activities During the year, the Company:    conducted a private placement of 574,750,007 fully paid ordinary shares at $0.0015 each, raising $862,125 before costs; Conducted a shareholder approved consolidation of equity securities on basis of 1 security for every 30 securities held; and conducted a private placement of 10,000,000 fully paid ordinary shares at $0.025 each, raising $250,000 before costs. Your directors submit their report on the consolidated entity (referred to hereafter as the Group) consisting of Emu NL and the entities it controlled at the end of, or during, the year ended 30 June 2024. DIRECTORS The names and details of the Company's directors in office during the year and until the date of this report follow. Each Director was in office for this entire period unless otherwise stated. Names, qualifications, experience and special responsibilities Peter Thomas, (Non-Executive Chairman) Comes from a legal background specialising in resources and corporate. For over 30 years, before retiring from legal practice, he specialised in the delivery of wide ranging legal, corporate and commercial advice to listed explorers and miners. Mr Thomas is now a professional director leveraging that background whilst delivering the insight of his commercial acumen and business expertise. For nearly 40 years he has served on the boards of various listed companies including being the founding chairman of both copper producer Sandfire Resources NL and mineral sands producer Image Resources NL. Other current ASX listed company board positions include being a non-executive director of Image Resources NL (since 19 April 2002) and non-executive chair of Middle Island Resources Limited (since 2 March 2010). Gavin Rutherford, (Non-Executive Director) Mr Rutherford has a passion for mineral exploration and development. Apart from EMU NL, he is general manager of another ASX listed explorer. He holds other directorships including chairperson of a publicunlisted tech company outside of the exploration segment. Mr Rutherford’s strong past experience includes construction and agribusiness. Terence Streeter, (Non-Executive Director) (Passed away 15 July 2024) Terry was a highly respected Board member for six years and his wide-ranging experience, inspiration, guidance and friendship will be greatly missed. Tim Staermose, (Non-Executive Director) Tim Staermose has 27 years of equity capital markets, and equity research experience. He has worked at international sell-side equity brokerage firms in South Korea, and Hong Kong, including Banque Indosuez, (now part of Credit Agricole), in the late 1990s and, Lehman Brothers in the early 2000s. Following his career in sell-side equity research, Tim worked as an independent researcher and stock-picker for a series of boutique investment research firms, including ones focussed specifically on natural resources, gold, Page 11 DIRECTORS’ REPORT and mining investments. Tim is currently based in Tanzania, after starting African Lions Fund Ltd, an investment fund which invests in listed companies in sub-Saharan Africa frontier equity markets. Tim is CEO of the Investment Manager, ST Funds Management Limited and solely responsible for managing the African Lions Fund portfolio. Tim has prior public company board experience in Australia with US Residential Limited, where he served as a Non-Executive Director from January to December 2017 and Copper Strike Limited where he was previously Chairman. COMPANY SECRETARY Damien Kelly Mr Kelly is the founder and principal of Western Tiger Corporate Advisers. He has broad corporate and commercial experience spanning 20+ years, providing professional services to ASX and AIM listed companies predominately in the mining and energy sector. He has an MBA, Bachelor of Commerce, a Graduate Diploma in Applied Finance and Investment and is a former officer in the armed services, having graduated from the Royal Military College, Duntroon. He is also a member of CPA Australia. INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY AND RELATED BODIES CORPORATE As at the date of signing this report, the relevant interests of the directors in the shares of Emu NL were: Contributing Ordinary Shares Shares Peter Thomas Gavin Rutherford Terence Streeter (Passed away 15.7.2024) Tim Staermose Total 2,595,179 997,536 480,691 229,478 133,334 4,462,447 8,188,496 166,667 191,668 1,068,504 PRINCIPAL ACTIVITIES The principal activities of the Group during the year were to (i) explore its mineral interests in Western Australia, and (ii) assess and pursue mineral property acquisition opportunities globally. DIVIDENDS No dividends were paid or declared during the year. No recommendation for payment of dividends has been made. Page 12 DIRECTORS’ REPORT OPERATING AND FINANCIAL REVIEW Finance Review During the year, total exploration expenditure incurred by the Group amounted to $1,143,350 (2023: $1,164,613). In line with the Group’s accounting policies, all exploration and tenement acquisition expenditure is expensed as incurred. Other expenditure incurred, net of revenue, amounted to $891,003 (2023: $822,990). This resulted in an operating loss after income tax for the year ended 30 June 2024 of $2,034,353 (2023: $1,987,603). At 30 June 2024 cash assets available totalled $158,166, an decrease of $991,576 from the beginning of the year. 2024 Summarised operating results are as follows: Revenues $ Net Loss $ 18,714 2,034,353 2024 2023 (3.35) (6.30) Revenues and net loss for the year from ordinary activities before income tax expense Shareholder Returns Basic and diluted loss per share (cents) – Adjusted for 1:30 equity consolidation Risk Management The board is responsible for ensuring that risks, and also opportunities, are identified on a timely basis and that activities are aligned with the risks and opportunities identified by the board. The board believes that it is crucial for all board members to be a part of this process, and, accordingly, all board members form, and discharge the obligations of the risk management committee. The board has a number of mechanisms in place to ensure that management’s objectives and activities are aligned with the risks identified by the board. These include implementation of board approved operating plans and budgets and board monitoring of progress against these budgets. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS Other than as disclosed in this Annual Report, no significant changes in the state of affairs of the Group occurred during the financial year. SIGNIFICANT EVENTS OCCURRING AFTER THE BALANCE SHEET DATE No matters or circumstances, besides those disclosed above, have arisen since the end of the year which significantly affected or which in the judgement of the board may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial periods. Page 13 DIRECTORS’ REPORT LIKELY DEVELOPMENTS AND EXPECTED RESULTS In order to further its existing projects, the Group