Announcement PDF C ATA L I N A R E S O U R C E S LT D ACN 130 618 683 INTERIM FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2024 CATALINA RESOURCES LTD TABLE OF CONTENTS Corporate Directory Directors’ Report Auditor’s Independence Declaration Statement of Profit or Loss and Other Comprehensive Income Statement of Financial Position Statement of Changes in Equity Statement of Cash Flows Condensed Notes to the Financial Statements Directors’ Declaration Independent Auditor’s Report 1 2 16 17 18 19 20 21 27 28 CATALINA RESOURCES LTD CORPORATE DIRECTORY DIRECTORS Sanjay Loyalka Richard Beazley Michael Busbridge Martin Bennett COMPANY SECRETARY Sanjay Loyalka REGISTERED OFFICE Unit 38 18 Stirling Highway Nedlands WA 6009 AUDITOR Stantons Level 2, 40 Kings Park Road West Perth WA 6005 SHARE REGISTRY Boardroom Pty Ltd Level 8, 210 George Street Sydney NSW 2000 Page 1 CATALINA RESOURCES LTD DIRECTORS’ REPORT Your directors present their report on Catalina Resources Ltd, (“the Company”) for the half year ended 31 December 2024. DIRECTORS The names of the directors in office at any time during or since the end of the half year are: Sanjay Loyalka Richard Beazley Michael Busbridge Martin Bennett REVIEW OF OPERATIONS AND ACTIVITIES Highlights ❖ Central Yilgarn Project o Acquisition of projects in the Yerilgee and Evanston greenstone belts. o Over 650 km2 of highly prospective ground. o Five camp scale prospects with promising lithostructural settings and proven gold mineralisation. o Walk up targets defined - shallow high-grade gold and silver intercepts with limited follow up work, open along strike and at depth. ❖ Laverton Project o Broad zone of gold mineralization intersected. o Follow up drilling confirms multiple high-grade REE intersections close to Mt Weld REE Mine. o Best results include: ➢ 28m @ 1.09g/t Au from 57m in LVAC049 Includes 1m @ 9.69g/t Au from 61m ➢ 9m @ 7,565ppm TREO from 47m in LVAC037 ❖ Laverton Project presence extended o Grant of tenement E38/3847, located only 2 km from the Burtville Gold Mine. ➢ Positioned at the northern end of the mineralised Burtville-Karridale mine corridor that is host to a very large bulk tonnage gold mineralisation system exceeding 1Moz. ❖ Lachlan Fold Belt Project o A two-hole diamond drilling program has been completed at the Rock Lodge Project in NSW. o The holes intersected broad alteration zones with quartz-sulphide veining and brecciation. ➢ Diamond drilling was designed to follow up intersections of gold mineralisation in shallow RC drilling. ➢ Assays from laboratory analysis for gold and multielement awaited. Page 2 CATALINA RESOURCES LTD DIRECTORS’ REPORT ❖ Kookynie West Project ➢ Asset sale agreement with Kobold. Central Yilgarn Project Catalina Resources Ltd (ASX: CTN) (“Catalina” or the “Company”) entered into an agreement on 10 December 2024 for the acquisition of Yerilgee and Evanston greenstone belts from wholly owned subsidiary of Dreadnought Resources Limited (DRE), Dreadnought Exploration Pty Ltd (“Dreadnought”). These Projects (Figure 1) are located within an underexplored region of the world-renowned Yilgarn Craton, approximately 190 km from Kalgoorlie. The project area covers an area of over 650 km 2, and over approximately 65 km of strike, along the Yerilgee and Evanston greenstone belts. Figure 1: Map showing regional setting of Yerilgee and Evanston Central Yilgarn Greenstone belt projects. Page 3 CATALINA RESOURCES LTD DIRECTORS’ REPORT The Yerilgee Greenstone Belt currently hosts three primary camp-scale gold targets: T6, T8, and T11, illustrated in Figure 2. These exciting targets have shown proven mineralisation with several high-grade intercepts not followed up. Abundant gold in soil anomalies remain to be drilled or require additional drilling. Figure 2: Summary of significant gold intersections within the Yerilgee Project. • T6 Gold Camp. Defined by anomalous gold and pathfinder soil geochemistry over an area of 5,000m x 3,000m. Drilling has intersected high-grade gold, with notable results including: o 17m @ 4.1 g/t Au and 28 g/t Ag from 53m, including 4m @ 14.9 g/t Au and 72.2 g/t Ag. o 16m @ 1.9 g/t Au from 0m, including 4m @ 8.5 g/t Au. o 9m @ 2.6 g/t Au from 23m, including 3m @ 7.1 g/t Au. Page 4 CATALINA RESOURCES LTD DIRECTORS’ REPORT Key prospects within T6 include Chicken Little, Snowflake, and Megatron and are illustrated in Figure 3. • T8 Gold Camp: Defined by gold and pathfinder soil anomalism over 1,700m x 600m in area. Initial drilling intersected: o 17m @ 0.7 g/t Au from 22m, including 8m @ 1.2 g/t Au from 27m. o 10m @ 0.8 g/t Au from 0m, including 1m @ 6 g/t Au from 11m. • T11 Gold Camp: This 20 km long gold in soil anomaly contains rock chip samples with up to 233 g/t Au (Figure 2). Independent geophysical reports have highlighted several high priority aeromagnetic targets associated with a structural thickening of the greenstone sequence within T11. This area has seen minimal follow-up work and is grossly underexplored. Figure 3: Exploration summary of the T6 camp showing defined gold in soil anomalies and significant drill intersections. Abundant soil geochemical anomalies remain to be drill tested. Page 5 CATALINA RESOURCES LTD DIRECTORS’ REPORT The Evanston Greenstone Belt currently contains two main camp-scale gold targets: T1 and T2, with proven mineralisation and significant high-grade intercepts that have yet to be followed up (Figure 4). • T1 Gold Camp: Characterized by high-magnesium basalts, ultramafic rocks, and banded iron formations. Significant gold-in-soil anomalies and historical gold workings are situated along the main banded iron formation horizon. Key findings include: o Viper: 15m @ 1.5 g/t Au from 12m, including 3m @ 6.7 g/t Au. Limited follow-up has been conducted to date. • T2 Gold Camp: Dominated by a large regional north-plunging syncline, this camp includes significant gold-in-soil anomalies and historical gold workings along major structural trends. Notable intercepts include: o Leghorn: 48m @ 0.6 g/t Au from 27m, including 21m @ 1.3 g/t Au. o Erk: A 3km-long north-trending gold-in-soil anomaly with numerous nugget patches. Figure 4: Regional geological interpretation of the Evanston Greenstone Belt. The location of the T1 and T2 Gold Camps and anomalous gold in rock chips is also shown. Page 6 CATALINA RESOURCES LTD DIRECTORS’ REPORT Laverton Project The results of the air core drilling completed in September 2024 were received during the quarter at the Laverton Project (E38/3697). The best assay results for the Gold Target area are as follows: LVAC049 28m @ 1.09g/t Au from 57, including 1m @ 9.69g/t Au from 61m. Importantly the reconnaissance drill traverses 100m and 200m south of hole LVAC049 also intersected mineralisation. A significant zone of gold mineralisation (Figure 5) has been identified. The broad gold zone intersected in LVAC049 is at the center of this anomaly and interpreted to be located directly above the bedrock source of the gold mineralization in fresh rock. This broad intersection of supergene gold mineralization with a high-grade zone of 1m @ 9.69g/t Au is within laterite clay. Importantly, hole LVAC012 located 50m to the east intersected altered and veined sediments at the bottom of hole indicative of a hydrothermal system. Significantly the anomaly has a north-south trend parallel to the interpreted strike of the Barnicoat Shear Zone (Figure 6). Figure 5: A significant zone of gold mineralisation. Page 7 CATALINA RESOURCES LTD DIRECTORS’ REPORT Figure 6: Interpreted strike of the Barnicoat Shear Zone. The structural and lithological control of the mineralisation is not known but it is considered to be caused by a fault splay of the Barnicoat Shear Zone that hosts the Lily Pond, Mon Ami and Ida H gold resources to the north. REE exploration was targeted around a group of point source magnetic anomalies that were interpreted to be intrusions, possibly related to the Mt Weld carbonatite. The drilling conducted in September 2024 has extended the area of anomalous REE mineralization associated with mafic intrusions around the point source Page 8 CATALINA RESOURCES LTD DIRECTORS’ REPORT magnetic anomalies. Air core drilling on a grid pattern around three of the original holes has now confirmed the presence of highly anomalous REE values in the laterite profile (Figure 7). The most consistently anomalous results were from holes LVAC026-LVAC028 that were following up hole LVAC025. Best results from LVAC026LVAC028 include: LVAC026 1m @ 3,179ppm TREO from 28m LVAC026 1m @ 2,197ppm TREO from 30m LVAC026 4m @ 2,237ppm TREO from 35m LVAC027 3m @ 2,720ppm TREO from 32m LVAC028 7m @ 2,029ppm TREO from 40m (incl 4m @2,429ppm TREO) Figure 7: Highly anomalous REE values in the laterite profile. High grade REE intersections were also returned from the gold target area further south (Figure 8) in the range from 1,000ppm to 8,500ppm TREO. There are no prominent point source magnetic anomalies in this area, but the target is closer to the Mt Weld carbonatite. The source of the REE mineralisation is not known because the basement rocks are deeply weathered. However, the drilling was 100m spaced so intrusive dykes related to Mt Weld carbonatite may be present. Page 9 CATALINA RESOURCES LTD DIRECTORS’ REPORT The high-grade intersection in hole LVAC037 on the southern reconnaissance air core traverse is particularly significant with a 4m zone with over 10,000ppm TREO (1%). 9m @ 7,565ppm TREO from 47m in LVAC037, including 4m @ 13,406ppm (1.34%) TREO from 49m. Two additional air core holes, LVAC027 and LVAC044, are also enriched in the highly sought after heavy rare earth elements (HREO): 2m @ 2429ppm HREO from 33m in LVAC027. 1m @ 1701ppm HREO from 38m in LVAC046. Figure 8: Lily Pond South gold prospect drill hole location plan showing best TREO intersections Laverton Project presence extended Catalina extended its presence in the Laverton area with the grant of exploration license E38/3847 following a successful ballot outcome for Catalina’s application. This tenement is interpreted to occur along strike of the Burtville and Karridale gold deposits. The hosting structure to these significant gold deposits is the Burtville- Page 10 CATALINA RESOURCES LTD DIRECTORS’ REPORT Karridale mine corridor (BKMC), which can be seen within Figure 9. This interpretation is based upon regional aeromagnetic and gravity images of the area. Considering its proximity to the Burtville deposit, E38/3847 is an underexplored tenement area. The historical exploration has not been systematic, and the sporadic and widely spaced drilling has been ineffectual. Placer (Granny Smith) P/L undertook two traverses of shallow vacuum drilling in 2000 with hole depths not exceeding 10m and not penetrating the blanket of transported overburden. Crescent Gold focused on nickel exploration in 2009 and drilled one RC hole within the area of E38/3847 but did not assay for Au. Figure 9. Regional aerial image showing the location of E38/3847, the interpreted BKMC, the mining centers at Burtville, Burtville South and Karridale. Page 11 CATALINA RESOURCES LTD DIRECTORS’ REPORT Lachlan Fold Belt Project Two diamond holes (SRLRCD001-2) were drilled in November 2024 at the Rock Lodge Project in the Lachlan Fold Belt, NSW for a total of 351m (NQ core) to test below previous shallow reverse circulation (RC) drilling that intersected multiple zones of gold mineralisation associated with quartz-sulphide veins. Figure 10: Rock Lodge prospect drill location plan showing Catalina’s diamond drilling along with the previous drilling. Page 12 CATALINA RESOURCES LTD DIRECTORS’ REPORT Kookynie West Project Company has executed an Asset Sale Agreement (ASA) with KoBold Tjantjuru Pty Ltd (“KoBold”) for the divestment of its rights, title and interest in the Company’s Kookynie West Project which comprises the Golden Chimney exploration tenement (E40/378) (“Exploration Rights”). The ASA is conditional until KoBold has finalised its due diligence investigations to its satisfaction and has notified Catalina in writing that it wishes to proceed with its acquisition of the Exploration Rights (the “Completion Date”). The sale of the Company’s interest in the Kookynie West Project allows the Company to focus its efforts and resources on its highest priority projects as per the company’s strategy and process of continuous evaluation and prioritisation of its project portfolio. Nelson Bay River Iron Project The Company continued to work in response to EIS guidelines for obtaining statutory approvals for recommencement of operations at the project. During the half year, the Company received advice from MRT, Tasmania to increase Rehabilitation Security Deposit by $466,000 to $1,293,000. Business Development Catalina is continuing to identify and assess exploration and early development opportunities in Lithium, Rare Earths, Gold and Base Metals projects. Outlook As previously reported, the Company has successfully built up a portfolio of exploration projects in world class mineral provinces. These projects have been underexplored and have not benefited from modern exploration techniques. The Company remains committed to driving value for Shareholders as it continues to progress exploration on these projects. Competent Person Statement The review of exploration activities and results contained in this report is based on information compiled by Michael Busbridge, a Member of the Australian Institute of Geoscientists and a Member of the Society of Economic Geologists. He is a Director of Catalina Resources Ltd. He has sufficient experience which is relevant to the style of mineralisation and types of deposits 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). Page 13 CATALINA RESOURCES LTD DIRECTORS’ REPORT Michael Busbridge has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original reports. Where the Company refers to the Mineral Resources in this report, it confirms that it is not aware of any new information or data that materially affects the information included in that announcement and all material assumptions and technical parameters underpinning the Mineral Resource estimate with that announcement continue to apply and have not materially changed. Tenements • The mining tenements held at the end of period and their location. Mine Lease/ Locality Remarks Exploration License 3M/2011 ML Nelson Bay River 100% Catalina Resources Ltd E40/378 EL Golden Chimney 100% Catalina Resources Ltd EL9155 EL Rock Lodge 100% Catalina Resources Ltd EL9346** EL Oak Hill 100% Catalina Resources Ltd E38/3697 EL Laverton 100% Catalina Resources Ltd E38/3698 EL Laverton 100% Catalina Resources Ltd E38/3847 ELA Laverton 100% Catalina Resources Ltd EL 6795** ELA Lachlan Fold 100% Catalina Resources Ltd Note: ML= Mining Lease; EL = Exploration Licence; ELA= Exploration Licence Application. Note: ** The tenements in locality of Oak Hill (EL9346) & Lachlan Fold (EL6795) are being relinquished in January 2025 after the half year ended 31/12/2024, as per the company’s strategy and process of continuous evaluation and prioritisation of its project portfolio to focus its resources on its highest priority projects. • The mining tenement interests relinquished during the period and their location o E38/3677, E38/3726, P38/4554, P38/4555 and P38/4556 all in locality of Laverton. o • E63/2046, E63/2048, E63/2136, E63/2227, E63/2269 and E63/2270 all in Dundas nature reserve. The mining tenements interests acquired and disposed of during the period and their location o EL 6795 (Exploration Licence Application near Canberra. o Agreements for conditional Sale of E40/378 done during the quarter. Page 14 CATALINA RESOURCES LTD DIRECTORS’ REPORT o Agreement to acquire Central Yilgarn projects during the quarter (E16/0495, E30/0493, E30/0494, E77/2403, E77/2416, E77/2432, E77/2634 & E30/0584). Settlement complted in end January 2025. • The beneficial percentage interests held in farm-in or farm-out agreements at the end of the period Nil • The beneficial percentage interests in farm-in or farm-out agreements acquired or disposed of during the period Nil SUBSEQUENT EVENTS The acquisition of Central Yilgarn Project as per agreement entered into on 10 December 2024 was completed on 28 January 2025. There are no other items, transactions or events of a material and unusual nature likely, in the opinion of the Directors, to affect significantly, the results of those operations, or the state of affairs of the Company in future financial years. RESULT OF OPERATIONS The net loss for the period was $1,564,992 (31 December 2023: $519,065). The loss was mainly due to: a) Impairment of exploration asset of $850,417 (31 December 2023: $111,573) due to the surrender of Dundas project & few tenements in the Laverton Project. b) Increase in Provision for Rehabilitation by $466,000 due to advice from MRT, Tasmania to increase Rehabilitation Security Deposit to $1,293,000. FINANCIAL POSITION The net assets of the Company are $ 3,505,901 as at 31 December 2024 (30 June 2024: $5,055,068). AUDITOR’S INDEPENDENCE DECLARATION The lead auditor’s independence declaration under section 307C of the Corporations Act 2001 is set out on page 16 for the half-year ended 31 December 2024. Sanjay Loyalka Executive Chairman 4th March 2025 Page 15 PO Box 1908 West Perth WA 6872 Australia Level 2, 40 Kings Park Road West Perth WA 6005 Australia Tel: +61 8 9481 3188 Fax: +61 8 9321 1204 ABN: 84 144 581 519 www.stantons.com.au 4 March 2025 Board of Directors Catalina Resources Limited Unit 38, 18 Stirling Highway Nedlands WA 6009 Dear Sirs RE: CATALINA RESOURCES 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 Catalina Resources Limited. As Audit Director for the review of the financial statements of Catalina Resources Limited for the half-year ended 31 December 2024, I declare that to the best of my knowledge and belief, there have been no contraventions of: (i) (ii) 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 STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD (An Authorised Audit Company) Eliya Mwale Director Liability limited by a scheme approved under Professional Standards Legislation Stantons Is a member of the Russell Bedford International network of firms CATALINA RESOURCES LTD STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 31 DECEMBER 2024 31-Dec-24 $ 31-Dec-23 $ 58,529 78,894 Care and maintenance (27,903) (27,667) Depreciation expense (7,518) (7,058) Finance charges (7,027) (7,434) Employee and consulting fees (183,822) (186,864) Regulatory costs (12,010) (13,964) Occupancy and communication (10,255) (9,793) 7 (3) 4,750 (171,000) (22,651) (40,608) Note Revenue from continuing operations Interest Expenses from continuing operations Foreign exchange gain/ (loss) Loss/gain on fair valuation of financial assets Accounting and legal Fees Impairment of exploration & evaluation costs 10 (850,417) (111,573) Provision for Rehabilitation 4 (466,000) - (40,675) (21,995) (1,564,992) (519,065) - - (1,564,992) (519,065) - - (1,564,992) (519,065) (0.13) (0.04) Other expenses (Loss)/ Profit before income tax Income tax (Loss)/ Profit for the year Other comprehensive income Total Comprehensive Profit (Loss) for the year (Loss)/Profit per share for attributable to ordinary equity holders of the company: Basic & Diluted (Loss) cents per share The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes. Page 17 CATALINA RESOURCES LTD STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 31-Dec-24 30-Jun-24 $ $ 678,462 94,556 Bank Term Deposits 1,516,397 2,724,928 Other Receivables 121,138 101,164 Prepayments 21,769 - 2,337,766 2,920,648 251,750 247,000 1,898,712 1,910,453 Mine Development 52,346 52,346 Right- of- Use Asset 14,162 20,231 838,700 838,700 7,759 9,207 Total Non-Current Assets 3,063,429 3,077,937 Total Assets 5,401,195 5,998,585 573,591 55,902 13,312 12,574 12,000 37,940 1,057 942 599,960 107,358 2,334 9,159 Rehabilitation Provision 1,293,000 827,000 Total Non-Current Liabilities 1,295,334 836,159 Total Liabilities 1,895,294 943,517 Net Assets 3,505,901 5,055,068 25,711,151 25,695,326 1,015,858 1,015,858 (23,221,108) (21,656,116) 3,505,901 5,055,068 Note Assets Current Assets Cash and cash equivalents Total Current Assets Non-Current Assets Financial Assets at fair value Exploration and evaluation expenditure Restricted Cash 10 4 Plant and equipment Liabilities Current Liabilities Trade and other payables 8 Lease Liability Provisions and Accruals 9 Provision for employee entitlement Total Current Liabilities Non-Current Liabilities Lease Liability Equity Contributed equity 3 Reserves Accumulated (losses) Total Equity The above statement of financial position should be read in conjunction with the accompanying notes. Page 18 CATALINA RESOURCES LTD STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2024 Contributed Equity $ BALANCE AT 1 JULY 2023 Total $ $ (20,825,476) 1,015,858 5,885,708 - (519,065) - (519,065) - - - - - - - - - - - - 25,695,326 (21,344,541) 1,015,858 5,366,643 25,695,326 (21,656,116) 1,015,858 5,055,068 Shares issued during the half year Options issued during the half year Capital raising costs BALANCE AT 1 JULY 2024 Reserves 25,695,326 Total comprehensive loss for the period BALANCE AT 31 DECEMBER 2023 Accumulated Losses $ - Total comprehensive loss for the period (1,564,992) - Shares issued during the half year 15,825 - - Options issued during the half year - - - Capital raising costs - - - 25,711,151 (23,221,108) 1,015,858 BALANCE AT 31 DECEMBER 2024 The above statement of changes in equity should be read in conjunction with the accompanying notes. Page 19 (1,564,992) 15,825 3,505,901 CATALINA RESOURCES LTD CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 31 DECEMBER 2024 31-Dec-24 $ 31-Dec-23 $ Payments to suppliers and employees (inclusive of GST) (368,096) (454,009) Interest received 107,654 103,245 - - (260,442) (350,764) Payment for plant and equipment - - Payment for mineral exploration (357,353) (165,401) Payment for mine development - (24,371) (357,353) (189,772) - - (6,830) (6,600) - - (6,830) (6,600) Net (decrease) in cash and cash equivalents (624,625) (547,136) Cash and cash equivalents at the beginning of the financial year 2,819,484 3,570,316 Cash and cash equivalents at the end of the financial year (including Bank Term Deposits) 2,194,859 3,023,180 Note Cash flows from operating activities (including exploration) Other income Net cash (used in) operating activities Cash flows from investing activities Net cash (used in) investing activities Cash flows from financing activities Proceeds from issues of shares and options Repayment of lease liability Payments for share issue costs Net cash (used in)/ provided by financing activities * The balance of cash and cash equivalents in the Statement of Cash Flows includes cash at bank $678,462 and short-term bank deposits $1,516,397. The above cash flow statement should be read in conjunction with the accompanying notes. Page 20 CATALINA RESOURCES LTD CONDENSED NOTES TO THE FINANCIAL STATEMENTS NOTE 1: STATEMENT OF MATERIAL ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of the financial report are set out below. These policies have been consistently applied to the financial period. (A) BASIS OF PREPARATION The half-year financial statements are a condensed general-purpose financial report prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standard AASB 134: Interim Financial Reporting, Australian Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board. Compliance with Australian Accounting Standard ensures compliance with International Financial Reporting Standards IAS 34 Interim Financial Reporting. It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2024 and any public announcements made by Catalina Resources Ltd during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001. The accounting policies have been consistently applied by the Company and are consistent with those in the annual financial report for the year ended 30 June 2024, except as noted below. The half-year report does not include full disclosures of the type normally included in an annual financial report. The half-year financial report is prepared on the accrual basis and historical basis, modified where applicable by the measurement of fair value of selected financial assets and financial liabilities. The financial statements are presented in Australian dollars and all values are rounded to the nearest dollar unless otherwise stated. Going Concern: As at 31 December 2024, the Company had cash and cash equivalents and bank term deposits of $ 2,194,859 and net asset position of $3,505,901. Significant efforts have been made to preserve cash and reduce costs and secure additional finance. The Company continues to engage with its stakeholders and continues to monitor opportunities from interested investors to raise additional equity for the business and the Company’s Board of Directors has a long history of fund raising in the public and will do so when required. The Company also carefully manages discretionary expenditure in line with the Company’s cash flow. The financial report has therefore been prepared on a going concern basis, which assumes continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business. Should the Company be unable to continue as a going concern, it may be required to realise assets and extinguish liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements. (B) SIGNIFICANT ACCOUNTING JUDGEMENTS AND KEY ESTIMATES The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. In preparing this half-year’s financial statements, the significant judgements made by management in applying the Company’s accounting policies and the key sources of estimation were the same as those that applied to the financial statements for the year ended 30 June 2024. Page 21 CATALINA RESOURCES LTD CONDENSED NOTES TO THE FINANCIAL STATEMENTS (C) NEW AND REVISED ACCOUNTING STANDARDS The Company has adopted all the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are relevant to its operations and effective for an accounting period that begins on or after 1 July 2024. Adoption of the new and revised accounting has not has any significant impact on the amounts disclosed in the financial report. NOTE 2: OPERATING SEGMENTS The Company operates predominately in mineral exploration and development industry. Geographically, the Company is domiciled and operates in Australia. In accordance with AASB 8 Operating Segments, a management approach to reporting has been applied. The information presented in the Statement of Profit or Loss and Other Comprehensive Income, and the Statement of Financial Position reflects the sole operating segment. NOTE 3: ISSUED CAPITAL AND OPTION BASED RESERVES 31-Dec-24 30-June-24 $ 1,243,761,892 (30 June 2024: 1,238,486,892) Fully paid ordinary shares $ 25,711,151 25,695,326 25,695,326 25,695,326 15,825 - - - 25,711,151 25,695,326 Movements Opening balance Shares issued (Shares allotted in lieu of remuneration) Capital raising costs Closing balance Number of Shares (a) Ordinary Shares At the beginning of the period Shares issued (Shares allotted in lieu of remuneration) At end of Period Number of Shares 31-Dec-24 30-June-24 1,238,486,892 1,238,486,892 5,275,000 - 1,243,761,892 1,238,486,892 Number of Options Number of Options (b) Options 31-Dec-24 30-June-24 Opening balance 32,500,000 62,500,000 Expired during the period (32,500,000) (30,000,000) - 32,500,000 Closing balance Page 22 CATALINA RESOURCES LTD CONDENSED NOTES TO THE FINANCIAL STATEMENTS ➢ As at 31 December 2024, there were no share options. (c) Share Performance Rights (“SPR”) There were no Share Performance Rights (“SPR”) at the beginning and end of the period. NOTE 4: RESTRICTED CASH AND REHABILITATION PROVISION Restricted cash is related to deposits supporting guarantees as follows: 31-Dec-24 $ 827,000 30-June-24 $ 827,000 Forestry