MMIIMarket Intel Insight
ASX: CNB · Five-year financial review

Carnaby Resources Limited (ASX: CNB) - Five-Year Financial Review FY2022-FY2026

Consolidated statutory financial statements in Australian dollars, with ordinary share and project units identified separately. The earlier reports show dollar symbols without always naming the currency in each extracted row; AUD is interpreted from the Australian issuer and report context. FY2025 comparatives from the FY2026 annual report resolve several omissions and mis-mapped cells in the extracted starting draft.

Five twelve-month financial years ended 30 June 2022, 2023, 2024, 2025 and 2026. The FY2026 annual report is dated 3 September 2026; its 24 August 2026 resource update and proposed post-year-end scheme are identified separately. · Editorial review: 2026-09-24 · MII Research

Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.

FY2026 statutory loss
A$9.53m

Loss before tax; income tax shown as nil.

Cash at 30 June 2026
A$9.39m

Excludes other current and non-current financial assets.

FY2026 operating cash use
A$9.51m

Consolidated statutory cash outflow.

FY2026 net assets
A$44.33m

Consolidated 30 June balance.

Five years in context

Carnaby was an equity-funded copper and gold explorer through these five years. The statutory loss reflects exploration spending rather than a producing mine margin; project Mineral Resource and Ore Reserve figures belong to separate technical estimates.

Cash use and asset acquisition were funded primarily through ordinary share issues. FY2025 position comparisons require the A$3.8 million other-current-asset balance and FY2025 net assets of A$36.29 million; the FY2026 comparative financial position supplies both.

Events behind the numbers

FY2022

Placement and Tick Hill pause

Carnaby raised A$20 million in an early-2022 share placement. Third-party Tick Hill tailings retreatment ceased production during the period and remained suspended.

FY2023

Equity funding and Greater Duchess work

A further A$20 million share placement supported exploration as Greater Duchess moved toward a development prospect.

FY2024

Maiden resource and scoping work

Carnaby published a maiden Greater Duchess Mineral Resource estimate and a scoping study; net assets declined during the year.

FY2025

Trekelano agreement

The November 2024 Trekelano asset-sale agreement carried A$10 million of stated acquisition costs before the environmental-bond adjustment. Completion was disclosed after 30 June 2025.

FY2026

Maiden reserve and subsequent scheme

Greater Duchess reported a maiden Ore Reserve effective 16 March 2026. After 30 June 2026, Carnaby disclosed a binding scheme under which Evolution Mining proposed to acquire its shares; the arrangement remained a proposal in the annual report.

FINANCIAL REVIEW / 01

Performance and statutory loss

Carnaby remained an exploration business without operating revenue in the period. Exploration and evaluation expense was the main recurring statutory cost. The FY2022 Metalore gain is a separate disposal item.

Statutory result

AUD

Statutory resultLoss for the year before income tax: FY2022 -8,216,492; FY2023 -12,233,779; FY2024 -12,086,344; FY2025 -7,394,561; FY2026 -9,527,139-13.0m-9.4m-5.7m-2.1m1.5mFY2022FY2023FY2024FY2025FY2026Loss for the year before income tax, FY2022: -8,216,492 AUD-8,216,492Loss for the year before income tax, FY2023: -12,233,779 AUD-12,233,779Loss for the year before income tax, FY2024: -12,086,344 AUD-12,086,344Loss for the year before income tax, FY2025: -7,394,561 AUD-7,394,561Loss for the year before income tax, FY2026: -9,527,139 AUD-9,527,139
Loss for the year before income tax
Loss before tax, AUD; annual source values.

AI-generated presentation · values from Consolidated profit or loss; no missing values plotted as zero.

Consolidated profit or loss

AUD, except per-share or share-count rows as labelled

MetricFY2022FY2023FY2024FY2025FY2026
Interest receivedAUD47,215531,158832,265534,840456,243
Other income / government grantsAUD17,57525,376Nil417,027345,766
Gain on disposal of financial asset – Metalore sale (Lainejaur)AUD1,498,604NilNot applicableNot applicableNot applicable
Administrative expensesAUD-689,526-846,532-1,583,070-989,321-1,219,316
Project exploration and evaluation expensesAUD-8,820,668-11,341,500-10,603,475-7,098,911-8,867,612
Share based payment expenseAUD-261,965-592,944-715,487-250,063-201,068
Results from operating activitiesAUD-8,208,765-12,224,442-12,069,767-7,386,428-9,485,987
Net finance expenseAUD-7,727-9,337-16,577-8,133-41,152
Loss for the year before income taxAUD-8,216,492-12,233,779-12,086,344-7,394,561-9,527,139
Income tax benefit/(expense)AUDNilNilNilNilNil
Total comprehensive (loss) / income for the yearAUD-8,216,492-12,233,779-12,086,344-7,394,561-9,527,139
(Loss) / profit attributable to ordinary shareholdersAUD-8,216,492-12,233,779-12,086,344-7,394,561-9,527,139

Years ended 30 June; AUD dollars. FY2025 income tax nil is supported by the FY2026 tax reconciliation. The FY2022 Metalore gain is a one-off disposal gain. The named sale was completed by FY2023, so FY2024–FY2026 are not applicable to that same transaction.

Source dashes are shown as nil only where supported; absent separate lines are identified explicitly.

Basis and presentation notes (3)
  • Gain on disposal of financial asset – Metalore sale (Lainejaur) / FY2024 — Not applicable: The named Metalore/Lainejaur divestment was completed in FY2023; this one-off gain does not recur as the same transaction.
  • Gain on disposal of financial asset – Metalore sale (Lainejaur) / FY2025 — Not applicable: The named Metalore/Lainejaur divestment was completed in FY2023; this one-off gain does not recur as the same transaction.
  • Gain on disposal of financial asset – Metalore sale (Lainejaur) / FY2026 — Not applicable: The named Metalore/Lainejaur divestment was completed in FY2023; this one-off gain does not recur as the same transaction.

Source: Carnaby annual reports FY2022–FY2026; selected FY2026 comparative rows are identified in the evidence bundle.

Loss per share

AUD, except per-share or share-count rows as labelled

MetricFY2022FY2023FY2024FY2025FY2026
Basic loss per shareAUD per share-0.064-0.083-0.074-0.037-0.037
Diluted loss per shareAUD per share-0.064-0.083-0.074-0.037-0.037

AUD per ordinary share. Per-share results reflect changing weighted average shares.

Source dashes are shown as nil only where supported; absent separate lines are identified explicitly.

Source: Carnaby annual reports FY2022–FY2026; selected FY2026 comparative rows are identified in the evidence bundle.

FINANCIAL REVIEW / 02

Assets, liabilities and liquidity

Exploration and evaluation assets rose as project interests and development work were capitalised. FY2025 current assets include A$3.8 million of other current assets, which correspond to the term-deposit transfer in investing cash flow.

Year-end cash

AUD

Year-end cashCash and cash equivalents: FY2022 17,931,947; FY2023 26,925,556; FY2024 10,296,535; FY2025 11,957,006; FY2026 9,391,67007.5m15.1m22.6m30.2mFY2022FY2023FY2024FY2025FY2026Cash and cash equivalents, FY2022: 17,931,947 AUD17,931,947Cash and cash equivalents, FY2023: 26,925,556 AUD26,925,556Cash and cash equivalents, FY2024: 10,296,535 AUD10,296,535Cash and cash equivalents, FY2025: 11,957,006 AUD11,957,006Cash and cash equivalents, FY2026: 9,391,670 AUD9,391,670
Cash and cash equivalents
Cash and cash equivalents at 30 June; restricted deposits and other financial assets excluded.

AI-generated presentation · values from Consolidated statement of financial position; no missing values plotted as zero.

Consolidated statement of financial position

AUD, except per-share or share-count rows as labelled

MetricFY2022FY2023FY2024FY2025FY2026
Cash and cash equivalentsAUD17,931,94726,925,55610,296,53511,957,0069,391,670
Other financial assets (current)AUD15,00015,00015,00015,00015,000
PrepaymentsAUD106,414188,309196,97380,78295,106
Trade and other receivables (current)AUD1,389,740784,179334,443680,372258,446
Other current assetsAUDNot separately presentedNot separately presentedNot separately presented3,800,000520,000
Total current assetsAUD19,443,10127,913,04410,842,95116,533,16010,280,222
Exploration and evaluation assetsAUD6,509,0726,519,07218,282,97328,233,55235,607,846
Other receivables (non-current)AUD4004004001,371,03261,463
Property, plant and equipmentAUD147,427192,978180,547134,280118,902
Right-of-use assetsAUD64,88519,31066,75819,63571,489
Other financial assets (non-current)AUD361,574361,574477,27442,3121,357,432
Total non-current assetsAUD7,083,3587,093,33419,007,95229,800,81137,217,132
Total assetsAUD26,526,45935,006,37829,850,90346,333,97147,497,354
Trade and other payablesAUD2,486,0252,870,9572,377,5898,426,8141,409,055
Lease liabilities (current)AUD45,57518,70946,90318,69850,551
Employee benefits (current)AUD93,055134,071134,816165,597217,628
Total current liabilitiesAUD2,624,6553,023,7372,559,3088,611,1091,677,234
Lease liabilities (non-current)AUD18,264Nil18,698Nil22,413
Employee benefits (non-current)AUD4,42012,05021,55742,99684,875
Provisions (non-current)AUD352,853362,853474,8141,385,6321,383,682
Total non-current liabilitiesAUD375,537374,903515,0691,428,6281,490,970
Total liabilitiesAUD3,000,1923,398,6403,074,37710,039,7373,168,204
Net assetsAUD23,526,26731,607,73826,776,52636,294,23444,329,150
Share capitalAUD37,942,83957,665,14564,204,79080,866,99698,227,983
ReservesAUD2,499,8873,092,8313,836,8044,086,8674,287,935
Accumulated lossesAUD-16,916,459-29,150,238-41,265,068-48,659,629-58,186,768
Total equityAUD23,526,26731,607,73826,776,52636,294,23444,329,150

At 30 June each year; AUD dollars. FY2025 is shown from FY2026 comparatives where those rows provide the complete statement. Current and non-current assets remain separate.

Source dashes are shown as nil only where supported; absent separate lines are identified explicitly.

Basis and presentation notes (3)
  • Other current assets / FY2022 — Not separately presented: No separate line in the checked annual extraction
  • Other current assets / FY2023 — Not separately presented: No separate line in the checked annual extraction
  • Other current assets / FY2024 — Not separately presented: No separate line in the checked annual extraction

Source: Carnaby annual reports FY2022–FY2026; selected FY2026 comparative rows are identified in the evidence bundle.

FINANCIAL REVIEW / 03

Cash use and funding

Operating cash use largely reflects exploration payments. Investing cash flows include tenement and PP&E purchases and term-deposit movements; financing includes equity proceeds, share issue costs, transfers to other financial assets and lease payments.

Operating and investing cash flows

AUD

Operating and investing cash flowsNet cash from / (used in) operating activities: FY2022 -8,193,810; FY2023 -11,677,285; FY2024 -12,950,908; FY2025 -8,169,049; FY2026 -9,513,626 | Net cash from / (used in) investing activities: FY2022 -338,236; FY2023 990,497; FY2024 -3,505,569; FY2025 -7,216,681; FY2026 -4,118,972-13.8m-9.7m-5.6m-1.4m2.7mFY2022FY2023FY2024FY2025FY2026Net cash from / (used in) operating activities, FY2022: -8,193,810 AUDNet cash from / (used in) operating activities, FY2023: -11,677,285 AUDNet cash from / (used in) operating activities, FY2024: -12,950,908 AUDNet cash from / (used in) operating activities, FY2025: -8,169,049 AUDNet cash from / (used in) operating activities, FY2026: -9,513,626 AUDNet cash from / (used in) investing activities, FY2022: -338,236 AUDNet cash from / (used in) investing activities, FY2023: 990,497 AUDNet cash from / (used in) investing activities, FY2024: -3,505,569 AUDNet cash from / (used in) investing activities, FY2025: -7,216,681 AUDNet cash from / (used in) investing activities, FY2026: -4,118,972 AUD
Net cash from / (used in) operating activitiesNet cash from / (used in) investing activities
AUD; both series are statutory net cash flows by activity.

AI-generated presentation · values from Cash flow by activity; no missing values plotted as zero.

Cash flow by activity

AUD, except per-share or share-count rows as labelled

MetricFY2022FY2023FY2024FY2025FY2026
Net cash from / (used in) operating activitiesAUD-8,193,810-11,677,285-12,950,908-8,169,049-9,513,626
Net cash from / (used in) investing activitiesAUD-338,236990,497-3,505,569-7,216,681-4,118,972
Net cash from / (used in) financing activitiesAUD19,801,80219,680,397-172,54417,046,20111,067,262
Net (decrease)/increase in cash and cash equivalentsAUD11,269,7568,993,609-16,629,0211,660,471-2,565,336
Cash and cash equivalents at 30 JuneAUD17,931,94726,925,55610,296,53511,957,0069,391,670

Years ended 30 June; AUD dollars. Positive financing reflects share issues, net of costs and other financing movements.

Source dashes are shown as nil only where supported; absent separate lines are identified explicitly.

Source: Carnaby annual reports FY2022–FY2026; selected FY2026 comparative rows are identified in the evidence bundle.

Selected statutory cash flow components

AUD, except per-share or share-count rows as labelled

MetricFY2022FY2023FY2024FY2025FY2026
Payments to suppliers and employees (operating)AUD-620,803-784,167-1,455,814-1,032,939-1,155,599
Payments for exploration expenditure (operating)AUD-7,794,503-10,893,118-11,495,094-7,184,135-9,074,804
Government grants (operating)AUDNot separately presentedNot separately presentedNot separately presented48,025716,777
Proceeds from sale of Tick Hill tailings (operating)AUD221,496NilNot applicableNot applicableNot applicable
Interest received (investing)AUD31,884404,695905,611492,672532,272
Payments for PP&E and mineral properties / tenements (investing) — definition shifted across periodsAUD-1,137,345-189,943-4,411,180-3,909,353-8,451,244
Transfers to/(from) term deposits (investing)AUDNot separately presentedNot separately presentedNot separately presented-3,800,0003,800,000
Proceeds from sale of financial asset – Metalore/Lainejaur (investing)AUD750,000750,000NilNot applicableNot applicable
Proceeds from issue of share capital (financing)AUD20,000,00120,000,000Nil17,500,00012,500,000
Share issue costs (financing)AUD-1,140,128-1,080,666-7,030-837,794-65,122
Proceeds from exercise of options (financing)AUD1,022,800810,000NilNot separately presentedNot separately presented
Transfers to other financial assets (financing)AUDNot separately presented0 (nil)-115,700434,962-1,315,120
Payments for lease liabilities (financing)AUD-42,297-48,937-49,814-50,967-52,496
Sub-lease cash proceeds (investing)AUD17,22525,745NilNot separately presentedNot separately presented
Transfer to restricted cash (financing)AUD-38,574NilNot separately presentedNot separately presentedNot separately presented

Years ended 30 June; AUD dollars. Payments to acquire tenement rights and property, plant and equipment are investing cash flows, not closing PP&E assets. Term-deposit transfers move between cash and deposits. The named Lainejaur sale completed in FY2023 and the original Tick Hill tailings sale agreement expired in FY2023; later cells for those same transactions are not applicable.

Source dashes are shown as nil only where supported; absent separate lines are identified explicitly.

Basis and presentation notes (20)
  • Government grants (operating) / FY2022 — Not separately presented: No separate line in the checked annual extraction
  • Government grants (operating) / FY2023 — Not separately presented: No separate line in the checked annual extraction
  • Government grants (operating) / FY2024 — Not separately presented: No separate line in the checked annual extraction
  • Proceeds from sale of Tick Hill tailings (operating) / FY2024 — Not applicable: The original Tick Hill tailings sale agreement expired in FY2023 and ownership reverted; this one-off sale-proceeds line does not recur as the same agreement.
  • Proceeds from sale of Tick Hill tailings (operating) / FY2025 — Not applicable: The original Tick Hill tailings sale agreement expired in FY2023 and ownership reverted; this one-off sale-proceeds line does not recur as the same agreement.
  • Proceeds from sale of Tick Hill tailings (operating) / FY2026 — Not applicable: The original Tick Hill tailings sale agreement expired in FY2023 and ownership reverted; this one-off sale-proceeds line does not recur as the same agreement.
  • Transfers to/(from) term deposits (investing) / FY2022 — Not separately presented: No separate line in the checked annual extraction
  • Transfers to/(from) term deposits (investing) / FY2023 — Not separately presented: No separate line in the checked annual extraction
  • Transfers to/(from) term deposits (investing) / FY2024 — Not separately presented: No separate line in the checked annual extraction
  • Proceeds from sale of financial asset – Metalore/Lainejaur (investing) / FY2025 — Not applicable: The final Lainejaur sale instalment was received in FY2023, completing the named transaction.
  • Proceeds from sale of financial asset – Metalore/Lainejaur (investing) / FY2026 — Not applicable: The final Lainejaur sale instalment was received in FY2023, completing the named transaction.
  • Proceeds from exercise of options (financing) / FY2025 — Not separately presented: No separate line in the checked annual extraction
  • Proceeds from exercise of options (financing) / FY2026 — Not separately presented: No separate line in the checked annual extraction
  • Transfers to other financial assets (financing) / FY2022 — Not separately presented: No separate line in the checked annual extraction
  • Transfers to other financial assets (financing) / FY2023 — 0 (nil): FY2024 cash-flow statement comparative explicitly reports nil for the year ended 30 June 2023; this line was not separately presented in the FY2023 statement.
  • Sub-lease cash proceeds (investing) / FY2025 — Not separately presented: No separate line in the checked annual extraction
  • Sub-lease cash proceeds (investing) / FY2026 — Not separately presented: No separate line in the checked annual extraction
  • Transfer to restricted cash (financing) / FY2024 — Not separately presented: No separate line in the checked annual extraction
  • Transfer to restricted cash (financing) / FY2025 — Not separately presented: No separate line in the checked annual extraction
  • Transfer to restricted cash (financing) / FY2026 — Not separately presented: No separate line in the checked annual extraction

Source: Carnaby annual reports FY2022–FY2026; selected FY2026 comparative rows are identified in the evidence bundle.

FINANCIAL REVIEW / 04

Equity funding and shareholder returns

Cash share placements funded the exploration program. The FY2024 and FY2026 issues for project interests were non-cash. FY2022–FY2024 reports explicitly state that no dividend was paid or declared; later selected records do not establish a dividend state.

Closing ordinary shares

shares

Closing ordinary sharesClosing ordinary shares on issue: FY2022 144,560,897; FY2023 162,754,340; FY2024 171,937,249; FY2025 228,388,862; FY2026 276,119,867077.3m154.6m231.9m309.3mFY2022FY2023FY2024FY2025FY2026Closing ordinary shares on issue, FY2022: 144,560,897 shares144,560,897Closing ordinary shares on issue, FY2023: 162,754,340 shares162,754,340Closing ordinary shares on issue, FY2024: 171,937,249 shares171,937,249Closing ordinary shares on issue, FY2025: 228,388,862 shares228,388,862Closing ordinary shares on issue, FY2026: 276,119,867 shares276,119,867
Closing ordinary shares on issue
Number of ordinary shares at 30 June; issues for assets and cash both affect this series.

AI-generated presentation · values from Ordinary share capital movements; no missing values plotted as zero.

Ordinary share capital movements

AUD, except per-share or share-count rows as labelled

MetricFY2022FY2023FY2024FY2025FY2026
Opening ordinary shares on issueshares117,945,640144,560,897162,754,340171,937,249228,388,862
Issued for exploration and evaluation assetsshares1,025,641Nil9,182,909Nil9,852,217
Issued for cashshares15,384,61616,393,443Nil56,451,61337,878,788
Closing ordinary shares on issueshares144,560,897162,754,340171,937,249228,388,862276,119,867
Closing ordinary share capital (AUD, net of transaction costs)AUD37,942,83957,665,14564,204,79080,866,99698,227,983
Share issue costs (AUD)AUD-1,140,128-1,087,694Nil-837,794-65,122
Shares issued on option exerciseshares10,205,0001,800,000NilNot separately presentedNot separately presented
Gross cash share issue proceeds (AUD)AUD20,000,00120,000,000Nil17,500,00012,500,000
Dividends paid or declaredAUDNilNilNil0 (nil)0 (nil)

Shares unless the row is explicitly AUD. A share issue for tenements is non-cash; cash proceeds appear separately in the cash flow table. The FY2025/FY2026 columns use the later comparative statement to resolve the opening share count.

Source dashes are shown as nil only where supported. The FY2025 and FY2026 Directors' Reports, section 8, explicitly state that no dividend was paid or declared during each year and up to the respective report date. These nil values are not inferred from absent cash-flow or equity lines.

Basis and presentation notes (4)
  • Shares issued on option exercise / FY2025 — Not separately presented: No separate line in the checked annual extraction
  • Shares issued on option exercise / FY2026 — Not separately presented: No separate line in the checked annual extraction
  • Dividends paid or declared / FY2025 — 0 (nil): FY2025 Directors' Report section 8 explicitly states that no dividend was paid or declared during the year and up to the report date.
  • Dividends paid or declared / FY2026 — 0 (nil): FY2026 Directors' Report section 8 explicitly states that no dividend was paid or declared during the year and up to the report date.

Source: Carnaby annual reports FY2022–FY2026; selected FY2026 comparative rows are identified in the evidence bundle.

FINANCIAL REVIEW / 05

Project resource and reserve milestones

The resource tables are dated project estimates. They are not production, sales, inventory or accounting asset values. The FY2026 report includes a later 24 August resource update alongside the 30 June position.

Tick Hill resource and reserve snapshots

As labelled by column

MetricFY2022 resource tonnesFY2022 contained Au ozFY2023 resource tonnesFY2023 contained Au oz
Tick Hill Mineral Resources — total206,00044,500747,50061,800

FY2023 reported scope includes tailings and historic stockpile, so the resource totals do not measure like-for-like organic growth.

Source: Carnaby annual report(s), mineral resource and reserve tables; source references retain underlying report and period.

Greater Duchess Mineral Resource snapshots

As labelled by column

MetricFY2024 MtFY2024 contained Cu tFY2025 MtFY2025 contained Cu t
Greater Duchess total21.8283,10026.9354,900

FY2024 maiden disclosure and FY2025 updated estimate; project scope changed with Trekelano. Mt = million tonnes; contained copper tonnes are source rounded.

Source: Carnaby annual report(s), mineral resource and reserve tables; source references retain underlying report and period.

Greater Duchess maiden Ore Reserve

As labelled by column

MetricOre MtCu grade %Au grade g/tContained Cu tContained Au oz
Probable open pit subtotal4.21.50.363,30038,800
Probable underground subtotal4.21.90.379,30043,300
Probable total8.41.70.3142,60082,100

FY2026 report describes the maiden Ore Reserve with a 16 March 2026 effective date. This is a project estimate, not annual production.

Source: Carnaby annual report(s), mineral resource and reserve tables; source references retain underlying report and period.

Greater Duchess resource: balance-date and later update

As labelled by column

Metric30 Jun 2026 Mt30 Jun 2026 Cu t24 Aug 2026 Mt24 Aug 2026 Cu t
Greater Duchess total Mineral Resource29.2380,30030.8415,000

24 August 2026 is a subsequent update and is separated from the 30 June 2026 balance-date estimate.

Source: Carnaby annual report(s), mineral resource and reserve tables; source references retain underlying report and period.

Reading the figures

  • Existing annual extraction and selected same-issuer tables are supplemented by the authorised 28 September 2026 read-only parsed-body check of FY2025/FY2026 dividend statements. No PDF was downloaded or reparsed.
  • Several line items are not separately presented in individual extracted statements. They are labelled accordingly rather than inferred as zero; lookup findings are in the change log.
  • The FY2025 and FY2026 position and tax presentation uses FY2026 comparative rows; no claim is made that these are a formal restatement.
  • Final targeted check: existing parsed annual-report DB evidence was read on 28 September 2026. Not available in checked reports is a closed data-availability limit, never a numeric zero. Only the previously held cells and their directly related notes were changed; this is not a new full-report audit or publication approval.

Annual-report source registry

  • Annual Report 2022Year ended 2022-06-30; document dated 2022-09-27.
  • Annual Report 2023Year ended 2023-06-30; document dated 2023-09-19.
  • Annual Report 2024Year ended 2024-06-30; document dated 2024-09-19.
  • Annual Report 2025Year ended 2025-06-30; document dated 2025-09-26.
  • Annual Report 2026Year ended 2026-06-30; document dated 2026-09-03.

Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.

Sources, copyright and independence

The source references in this report identify the public disclosures used and should be read with the associated section, table and reporting-period qualifications. This report paraphrases, organises and compares those disclosures for descriptive and educational purposes rather than reproducing source text.

Copyright and other rights in linked reports, company names, logos and third-party materials remain with their respective owners. MII Research does not claim affiliation with or endorsement by the company covered in this report, the ASX or cited organisations.

AI-led method

This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.

Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.

Information notice

This record is for general descriptive and educational information only. It is not financial-product, investment, legal, tax, technical or other professional advice; it is not a securities recommendation, valuation, target price, offer, solicitation or invitation to buy, sell or hold.

It does not consider any reader’s objectives, financial situation, needs, knowledge, experience or risk tolerance. Independently verify material information against the primary disclosures, obtain appropriate independent professional advice and do not use this record as the sole or primary basis for any decision.

Public sources are used in good faith, but no representation or warranty is made as to accuracy, completeness, reliability, currency or fitness for a particular purpose. To the maximum extent permitted by law, MII Research disclaims liability for direct, indirect, incidental, consequential, opportunity or investment loss arising from use of or reliance on this record; nothing excludes or limits liability that cannot lawfully be excluded or limited.

Report suspected errors to MII Research with the relevant report section and primary-source document and page reference so that the record can be reviewed and corrected where appropriate.