Announcement PDF FINANCIAL REPORT For the Half-Year Ended 31 December 2025 Andromeda Metals Limited Page 2 CONTENTS Page Directors’ Report 3 Auditor’s Independence Declaration 14 Condensed Consolidated Statement of Profit or Loss and other Comprehensive Income 15 Condensed Consolidated Statement of Financial Position 16 Condensed Consolidated Statement of Changes in Equity 17 Condensed Consolidated Statement of Cash Flows 18 Notes to the Financial Statements 19 Directors’ Declaration 27 Independent Auditor’s Review Report 28 Andromeda Metals Limited Page 3 Directors’ Report The names of the directors of Andromeda Metals Limited (Andromeda, the Company) during the half- year period and as at the date of this report, are: Sue-Ann Higgins Executive Chair Michael Wilkes Non-Executive Director Remuneration and Nomination Committee Chair Audit and Risk Committee Chair LLB (Hons), BA, ACIS, GAICD Grad Dip Company Secretarial Practice Grad Dip Applied Finance and Investment BEng (Hons), MBA, MAusIMM, MAICD Jean-Dominique Sorel Non-Executive Director BSc, MBA Miguel Galindo Non-Executive Director MEngSc (Chem) majoring in Ceramic Technology, Post-graduate studies at London Business School (UK), Fuqua Business School at Duke University (USA) and INSEAD (Singapore) Andromeda Metals Limited Page 4 Operating and Financial Review Strategy To achieve the goal of delivering superior long-term shareholder returns, the directors of Andromeda Metals have formulated a strategy for the Company, comprising the following key elements: • The Company’s primary focus is on advancing the Great White Project (GWP, the Project) through to a final investment decision for development and production. This is underpinned by the Directors continuing to see a strong growing market, with supply deficits, for high-quality kaolin products driven by long-term declines in global sources of supply. • The Company will seek to pursue additional opportunities to develop new products, processes and/or technologies that leverage the high-quality kaolin from GWP and have the potential to further enhance shareholder value. This includes the potential for Andromeda to become a low- cost producer of the high-value critical mineral, high-purity alumina. • The Company will adhere to principles of good corporate governance, caring for its employees, conducting its operations in an environmentally sensitive and safe manner, and maintaining respect for its stakeholders and for the communities in which it operates. • The Company acknowledges the importance of committing to, and establishing, an integrated approach to Sustainability supported by consistent reporting on Environmental, Social and Governance (ESG) frameworks and factors. As the Company moves into production its aspiration is to adopt, monitor and report on relevant frameworks and metrics that emerge from the developing consensus and convergence of ESG standards used in Australia and the main markets in which the Company sells its products. The Company will also comply with all legislative requirements for sustainability reporting. Financial Results Income for the six months ending 31 December 2025 was $305,204, representing a 43% decrease from the $534,651 during the prior corresponding period (pcp). The decrease was driven by larger adjustments in accrued research and development incentives for activities conducted by the Company in FY24 compared to the equivalent adjustments in FY25. The net result of operations for the six months ending 31 December 2025 was a loss after income tax of $101,576,350 (31 December 2024 loss of $2,337,940) representing a 4,245% increase from the corresponding period, reflecting an impairment of $98,942,403 following a reassessment of asset carrying values based on current information available at the reporting date, consistent with applicable accounting standards. Exploration and evaluation expenditure for the six months ending 31 December 2025 was $3,077,266 (2024: $1,423,289), the majority of which was directed towards the advancement of the Great White Project. In accordance with the Group’s accounting policy, $3,077,266 (2024: $1,402,443) was capitalised. Operating expenditure, excluding exploration and evaluation impairment and expenses for the six months ending 31 December 2025 totalled $2,939,151 (2024: $2,718,628) which is inclusive of the valuation of options and performance rights issued to directors and employees. At 31 December 2025, the Company held cash and cash equivalents totalling $10,061,519 (31 December 2024: $3,205,225). Andromeda Metals Limited Page 5 Review of Operations During the period 1 July to 31 December 2025, the primary focus for Andromeda has been to continue the advancement of the Great White Project (GWP) while also progressing the potential to become a low-cost producer of the high-value critical mineral, high-purity alumina (HPA Project). The Great White Project The Company continued moving towards making a final investment decision for the initial Stage 1A+ development of GWP while progressively de-risking the project and evaluating funding arrangements. Project Funding During the period, the Company progressed its global cornerstone equity funding process as part of a broader project funding strategy to support the development of Stage 1A+ of the GWP. Due diligence processes and discussions on terms and documentation were progressed to an advanced stage with a cornerstone equity investor, for an investment at the asset level for both the GWP and the HPA Project. The process is in its final stages but has experienced delay due to recent geopolitical events in the Middle East. Capital Raising To support the continued advancement of the GWP in the Period, the Company raised over $14 million before costs in capital (Capital Raising), via: • Share Placement – successful placement of new fully paid ordinary shares which raised $13 million, with significant demand from institutional and sophisticated investors1 ; • Share Purchase Plan (SPP) – to eligible shareholders on the same terms as the Share Placement, which raised $996,000 before costs2 ; and • $30,000 participation by a Director who was not a shareholder at the time of the Capital Raising, with the securities issued following shareholder approval obtained at a General Meeting held on 10 December 2025. Participants under both the Share Placement and SPP also received three (3) free attaching options for every five (5) New Shares allocated exercisable at $0.026 for a fully paid ordinary share, expiring 2 years from the date of issue. The funds raised under the Capital Raising were used to: • Support the development of the GWP, including: o Lodgement of a $3.79 million rehabilitation bond and payment of $670,000 to the Native Vegetation Fund to satisfy the Significant Environmental Benefit (SEB) obligations; o Early Works activities at the GWP mine site; and, o Procurement of Stage 1A+ equipment and transportation of key long lead items already fabricated to Australia. • Advancement of the HPA Project; • Product marketing – across both GWP and the HPA Project; and, • General working capital and costs of the Capital Raising. 1 Refer to ADN ASX dated 17 October 2025 titled Successful completion of $13 million Placement. 2 Refer to ADN ASX dated 18 November 2025 titled Results of Share Purchase Plan. Andromeda Metals Limited Page 6 Operations Early Works activities commenced following lodgement of a $3.79 million rehabilitation bond and payment of $670,000 to the Native Vegetation Fund to satisfy the Significant Environmental Benefit (SEB) obligations. Site preparation activities were undertaken, including establishment of the mine access, installation of mine site entrance gate and signage, erection of fencing and geotechnical drilling. Activities undertaken subsequent to the period, include: • Commencement of bulk earthworks for the Stage 1A+ processing plant; • Continued erection of fencing on the Mining Lease; • Commencement of grade control drilling; and, • Engineering Detailed Design for the Stage 1A+ processing plant and supporting water infrastructure. A summary of planned pre-construction Early Works activities, with their progress status, include: • Payment of environmental compliance payments Completed • Site preparation activities, including: – Establishment of mine access – Bulk earthworks for the Stage 1A+ processing plant Completed Underway • Geotechnical Drilling Completed • Grade Control Drilling Completed • Insurance arrangements Completed • Finalisation of the Engineering Detailed Design for: – Stage 1A+ processing plant – Supporting water infrastructure Underway Underway • Transport of key long-lead equipment items, currently fabricated and warehoused overseas, to Australia Underway During the period, procurement of long lead items for Stage 1A+ was also progressed. In anticipation of a final investment decision and supported by the funds raised in the Capital Raising, preparations were made during the quarter for the transport of key long lead equipment items, which are currently fabricated and warehoused overseas, to Australia. The current status of long-lead equipment items is as follows: • Fluid bed dryer – factory acceptance testing (FAT) completed, warehoused, ready for shipment; • Thickener – FAT completed, warehoused, arrived and stored in Australia; • Drum washer – FAT completed, warehoused, ready for shipment; • Filter Press – FAT completed, all components being shipped to Australia, except for break- bulk components awaiting departure of suitable vessel; and, • Filter Cake Feeder – engineering design complete, with fabrication to commence following an anticipated final investment decision. Andromeda Metals Limited Page 7 The Company also prepared for the procurement of the ‘balance of plant’ capital and infrastructure items for Stage 1A+. Due to anticipated demand and purchasing lead times, a deposit was paid for the microturbines required to power the Stage 1A+ processing plant and GWP mine site, secured through a lease-to-own arrangement. Operations at the Streaky Bay Pilot Plant were minimised to conserve cash, while also enabling the delivery of samples for customer testing and product validation. During the period there were no lost time injuries and no reportable environmental incidents. High Purity Alumina (HPA) Project While the GWP remained the Company’s primary focus, the opportunity for Andromeda to become a low-cost producer of the high-value critical mineral HPA, was progressed. During the period, a Scoping Study was completed, demonstrating market-leading economics of producing the critical mineral HPA from high-quality Great White kaolin using Andromeda’s innovative technology3 . Key findings of the HPA Scoping Study4 : • HPA Processing Facility capable of producing 10,000 tpa of 4N HPA using ~30,000 tpa of GWP kaolin as feedstock. • Net Present Value5 (NPV10) of approximately $1.48 billion (pre-tax) and $1.01 billion (post-tax)6 . • Pre-production capital costs of approximately $155 million (inclusive of 30% contingency)7 : o Market-leading capital intensity of $15,459 (US$9,894) per tonne of HPA capacity; o Significantly below other reported processes. • Operating costs of approximately $4,718 (US$3,020) per tonne: o Significantly below other globally reported processes; o Excludes any benefits from potential sales of amorphous silicate by-products. • High product margin of 85%, equivalent to approximately $26,532 (US$16,980) per tonne using conservative pricing assumptions of $31,250 (US$20,000) per tonne. • Favourable market fundamentals with 20%8 compound annual growth rate (CAGR) of demand, leading to an estimated supply shortfall of up to 78,071 tonnes in 2030, equivalent to 127% of current available global production capacity9 . • Potential for Andromeda to become a global leader in the production of low-carbon HPA, with modelling indicating 6.47 tonnes of carbon dioxide emissions per tonne of HPA (t-CO2/t-HPA) using natural gas, which is 48% lower than the reported 12.44 t-CO2 / t-HPA of traditional aluminium alkoxide process9 . 3 Refer ADN ASX dated 18 September 2025 titled HPA Scoping Study demonstrates market-leading economics of Andromeda’s innovative technology; all material assumptions and technical parameters underpinning the estimates and forecast financial information continue to apply and have not materially changed. 4 Australian dollars quoted, unless otherwise stated. USD/AUD exchange rate of 0.64 assumed. Figures are approximate and subject to rounding. 5 Calculated using a discount rate of 10%. 6 Assumes company tax rate of 30%. 7 Excludes additional costs for PFS, marketing and other studies including ongoing testwork, currently estimated to cost approximately $4 million. 8 High Purity Alumina Special Report 2023, CRU, October 2025. 9 Refer AlphaHPA ASX dated 21 May 2021 titled Carbon footprint modelling highlights – HPA First Project Green Credentials. Andromeda Metals Limited Page 8 Following the completion of the Scoping Study, the Company progressed the HPA opportunity with the commencement of pilot-scale testwork, to produce commercial samples of the critical mineral HPA for distribution to potential customers for evaluation. Through replicating the successful testwork undertaken to date, the pilot-scale testwork is expected to produce 4N HPA (99.99% purity) using a continuous process, rather than the batch processing used previously. This will also support the engineering and design of a full-scale production plant for future studies. Production of a refined Great White kaolin feedstock for use in the pilot-scale testwork, was undertaken, with initial testing conducted of the feedstock. During the period, the Company progressed the design and preparation activities required for the pilot-scale HPA testwork. Following completion of these preparatory activities, construction and commissioning of the pilot plant is expected to proceed, followed by the commencement of continuous testwork to produce commercial samples of 4N HPA for evaluation by potential customers. Following is a summary of planned pilot-scale HPA testwork activities, with their progress status: • Project set-up and design Completed • Initial processing of GWP kaolin feedstock Completed • Equipment design and selection Completed • Equipment manufacture and testing Completed • Equipment delivery and set-up Underway • Commissioning of pilot plant Planned • Production of HPA samples Planned The Company’s innovative process can produce HPA in a wide range of product forms, from amorphous to crystalline (gamma to alpha), and is flexible to produce HPA to suit individual customer and application needs. The samples of the 4N HPA produced from the pilot-scale testwork will be used for evaluation by prospective customers to assist in determining and designing the required end product form. In addition to the HPA samples, the pilot-scale testwork will produce a silica by-product. Further analysis and assessment of the by-product is planned as part of this pilot-scale testwork. During the period, the Company was pleased that it’s HPA Project was nominated in the 2025 Premier’s Awards for the Energy and Mining industry, and subsequently, named as a Finalist in the Productivity improvement – Resources category. The Company attended the awards ceremony, although was not ultimately successful. During the period, the Company progressed its HPA patent application from the international Patent Co-operation Treaty (PCT) phase into national phase. Regional Minerals Exploration Eyre Kaolin Project (Andromeda has earned the right to a 51% interest by expending $750,000 by November 2024) The Eyre Kaolin Joint Venture (EKJV) comprises four tenements located in close proximity to the GWP, which include kaolin prospects with complementary properties to those at GWP. Andromeda Metals Limited Page 9 During the period, the Company awaited the final analytical results, from an external provider, for the samples collected during drilling conducted previous at the Chairlift Deposit. The drilling was undertaken to test for potential extensions and better define areas of the deposit that best complement Great White kaolin, with high brightness and low titanium. Additionally, Andromeda continued to progress the assessment of approximately 300 historic drillholes within the EKJV Project and surrounding area. Most of these holes were previously assayed only for uranium or heavy mineral sands, are now being reanalysed for a broader spectrum of commodities. This analysis was postponed due to the priorities of participating in due diligence as part of the project funding process, and the planning and execution of Early Works activities at the GWP. The Company has the right to earn a further 29% interest in the EKJV (for a total of 80%) by expending a further $2 million on exploration by November 2027. Technical During the period, commercial ceramic hotelware testwork was undertaken, with three (3) kaolin samples sent for testing and evaluation for their suitability in commercial hotelware body and glaze formulations. The testwork was completed at one of the UK’s leading mineral processing companies which is based in Stoke-on-Trent, where the majority of the UK’s ceramic tableware is manufactured. The results confirm kaolin from both the Great White Project (GWP) and the Chairlift Deposit as highly competitive, when compared to existing premium kaolins used in the manufacture of high-value commercial hotelware. The three samples from Andromeda were: • Two (2) samples of Great White CRM™ products, being: o Great White CRM™P – marketed as for use in porcelain tableware o Great White CRM™X – which is representative of Stage 1A+ production; and • Chairlift CRM – a representative processed sample from the Chairlift Deposit10 which was previously identified as well-suited for the high-quality porcelain ceramics market. The three samples were assessed and benchmarked in the company’s standard hotelware body formulation against other kaolins, including the sole kaolin used by the manufacturer and an additional six (6) other commercial kaolin samples from Europe. Separately, the three samples from Andromeda were evaluated for their suitability in commercial hotelware glaze formulations and benchmarked against the standard kaolin used by the UK manufacturer. During the period, the program of testing samples of Great White HRM™ in overseas markets to assess its suitability across a range of potential customer applications, was progressed. This included a testing program across a range of potential customer applications in Japan, Singapore and other Asian markets. Metals Projects Andromeda’s strategic focus remains on developing our portfolio of kaolin projects which has resulted in the Company divesting its gold and copper assets. 10 Refer to ADN ASX dated 16 November 2023 titled Chairlift Kaolin Deposit Mineral Resource Estimate. Andromeda Metals Limited Page 10 During the period, the Company continued to await the outcome of the tenement transfer applications related to the completed sales of the Wudinna Gold Project and Moonta Copper Gold Project, via South Australia’s subdivision process. Finance The Company continued to prudently manage costs during the period. In addition to minimising expenditure, the Company identified other measures to support it in conserving cash. Cash saving initiatives were implemented, including: • Mick Wilkes electing not to receive any director fees until the GWP is fully financed; • Sue-Ann Higgins accepting reduced fees than what she would ordinarily have received as an Executive Chair; • No short-term cash incentives (STIs) being paid, following the annual remuneration review for the 2025 financial year; • Continuation of a strategy allowing directors to have some or all of their remuneration or fees satisfied by the issue of zero exercise price options (ZEPOs) during the Period, and extending this for the period from 1 January 2026 to the earlier of final investment decision and 30 June 2026 (subject to shareholder approval, with those fees to be paid in cash if shareholder approval is not obtained). To support the Company, the Capital Raising was undertaken, which raised over $14 million before costs, via: • Share Placement – successful placement of new fully paid ordinary shares which raised $13 million, with significant demand from institutional and sophisticated investors11 ; • Share Purchase Plan (SPP) – to eligible shareholders on the same terms as the Share Placement, which raised $996,000 before costs12 ; and • $30,000 participation by a Director who was not a shareholder at the time of the Capital Raising, with the securities issued following shareholder approval obtained at a General Meeting held on 10 December 2025. Participants under both the Share Placement and SPP also received three (3) free attaching options for every five (5) New Shares allocated exercisable at $0.026 for a fully paid ordinary share, expiring 2 years from the date of issue. 11 Refer to ADN ASX dated 17 October 2025 titled Successful completion of $13 million Placement. 12 Refer to ADN ASX dated 18 November 2025 titled Results of Share Purchase Plan. Andromeda Metals Limited Page 11 Outlook and Future Developments Looking forward, the Company’s primary focus will continue to be directed towards further advancing GWP and HPA project through the following: Great White Project • Finalisation of the funding process for the financing required for Stage 1A+ • Subject to securing the required funding and a final investment decision being made, commencement of construction of Stage 1A+ • Progression of ongoing discussions, and identification of new potential opportunities, aimed at securing further binding offtake agreements to underpin future expansions for GWP; • Pursuit of additional opportunities to develop new products, processes and/or technologies that leverage the high-quality kaolin from GWP and have the potential to further enhance shareholder value; and • Continuation of exploration activities focused on prospects with complementary attributes to the GWP. High Purity Alumina (HPA) • Progression of pilot-scale testwork to further validate the HPA flowsheet and produce samples; • Engagement with potential customers and end-users to support product qualification and assess market requirements; • Further market analysis and development of marketing strategy • Advancement of engineering studies to support a pre-feasibility study (PFS); • Completion of a PFS for the HPA project, subject to funding and technical outcomes. Other assets The Company will also continue to explore and evaluate its other assets, including the Mt Hope Project and the tenements comprised in the Eyre Kaolin Joint Venture. Dividends No dividends were paid or declared since the start of the financial year, and the directors do not recommend the payment of dividends in respect of the financial year. Changes in State of Affairs There was no significant change in the state of affairs of the Group during the financial year. Competent Persons Statements Information in this report that relates to the Exploration Results for The Great White Project, Eyre Kaolin Project and Mt Hope Halloysite-Kaolin Project are based on information evaluated by Mr Eric Whittaker who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Whittaker is the Chief Geologist of Andromeda Metals Limited and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to Andromeda Metals Limited Page 12 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 (the “JORC Code”). Mr Whittaker consents to inclusion in this document of the information in the form and context in which it appears. The data in the HPA Scoping Study that relates to Ore Reserve Estimates for the Great White Deposit is based on, and fairly represent, information and supporting documentation fully reviewed and understood by Mr Joseph Ranford who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Ranford approves the Ore Reserve Estimates for the Great White Deposit. Mr Ranford is the Chief Operating Officer of Andromeda Metal Limited and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to 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 (the “JORC Code”). Mr Ranford consents to the information contained in this report being used in the form and context in which it appears. Mr Ranford holds Shares and Performance Rights in the Company and is entitled to participate in Andromeda’s employee incentive plan. Subsequent Events There has not been any other matter or circumstance occurring subsequent to the end of the half-year that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations or state of affairs of the Group in future financial years. Andromeda Metals Limited Page 13 Auditor’s Independence Declaration The auditor's independence declaration is included on page 14 of the half-year financial report. Dated at Adelaide this 16th day of March 2026 and signed in accordance with a resolution of the directors. Sue-Ann Higgins Michael Wilkes Executive Chair Non-Executive Director Deloitte Touche Tohmatsu ABN 74 490 121 060 Level 25, Festival Tower, Station Road Adelaide SA 5000 Australia Tel: +61 8 8407 7000 www.deloitte.com.au 16 March 2026 The Board of Directors Andromeda Metals Limited 431 King William Street Adelaide SA 5000 Dear Board Members Auditor’s Independence Declaration to Andromeda Metals Limited In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the directors of Andromeda Metals Limited. As lead audit partner for the review of the financial report of Andromeda Metals Limited for the half year ended 31 December 2025, I declare that to the best of my knowledge and belief, there have been no contraventions of: • The auditor independence requirements of the Corporations Act 2001 in relation to the review; and • Any applicable code of professional conduct in relation to the review. Yours faithfully DELOITTE TOUCHE TOHMATSU Darren Hall Partner Chartered Accountants Andromeda Metals Limited Page 15 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Half-Year ended 31 December 2025 Note Half-Year Ended 31/12/25 Half-Year Ended 31/12/24 $ $ Other income 2 305,204 534,651 Impairment of exploration and evaluation assets 3 (98,942,403) (133,117) Exploration and evaluation expenditure expensed 3 - (20,846) Administration expenses (653,062) (869,095) Corporate consulting expenses (466,130) (375,947) Company promotion (155,346) (15,540) Salaries and wages (912,658) (981,441) Directors fees (49,429) (138,498) Research & development (426,716) (310,034) Share based remuneration 5 (275,810) (28,073) Loss before income tax (101,576,350) (2,337,940) Income tax expense - - Loss for the period (101,576,350) (2,337,940) Other comprehensive income - - Total comprehensive loss for the period (101,576,350) (2,337,940) Earnings Per Share Basic (cents per share) – (Loss) (2.47) (0.07) Diluted (cents per share) – (Loss) (2.47) (0.07) The above Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes. Andromeda Metals Limited Page 16 Condensed Consolidated Statement of Financial Position as at 31 December 2025 Note 31/12/25 30/06/25 $ $ CURRENT ASSETS Cash and cash equivalents 10,061,519 7,141,892 Trade and other receivables 2,625,014 1,646,795 TOTAL CURRENT ASSETS 12,686,533 8,788,687 NON-CURRENT ASSETS Exploration and evaluation assets 3 47,496,685 144,022,614 Property, plant and equipment 6,851,983 6,565,004 Other financial assets 4,621,533 831,533 TOTAL NON-CURRENT ASSETS 58,970,201 151,419,151 TOTAL ASSETS 71,656,734 160,207,838 CURRENT LIABILITIES Trade and other payables 1,255,246 1,425,540 Provisions 293,712 286,247 Lease liabilities 222,098 214,960 TOTAL CURRENT LIABILITIES 1,771,056 1,926,747 NON-CURRENT LIABILITIES Provisions 224,686 196,703 Lease liabilities 37,925 150,476 TOTAL NON-CURRENT LIABILITIES 262,611 347,179 TOTAL LIABILITIES 2,033,667 2,273,926 NET ASSETS 69,623,067 157,933,915 EQUITY Issued capital 4 241,051,528 228,045,714 Reserves 2,176,110 2,065,044 Accumulated losses (173,604,571) (72,176,846) TOTAL EQUITY 69,623,067 157,933,912 The above Condensed Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes. Andromeda Metals Limited Page 17 Condensed Consolidated Statement of Changes in Equity for the Half-Year ended 31 December 2025 Issued capital Share Option Reserve NCI Acquisition Reserve Accumulated losses Total $ $ $ $ $ Balance at 1 July 2024 219,882,120 205,409 926,813 (66,138,408) 154,875,934 Loss for the period - - - (2,337,940) (2,337,940) Total comprehensive income (loss) for the period - - - (2,337,940) (2,337,940) Issue of share capital through placement 3,400,000 - - - 3,400,000 Issue of share capital through entitlement offer 421,382 - - - 421,382 Cost associated with the issue of shares (318,473) 6,253 - - (312,220) Shares issued on the exercise of listed options 146 - - - 146 Fair value of options issued to directors - 16,190 - - 16,190 Fair value of options issued to employees - 73,668 - - 73,668 Fair value of performance rights issued to employees - (61,785) - - (61,785) Balance at 31 December 2024