Announcement PDF FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2023 Walyering Gas Field ACN 078 012 745 STRIKE ENERGY LIMITED Contents Directors’ Report 1 Auditor’s Independence Declaration 8 Independent Auditor’s Review Report 9 Directors’ Declaration 11 Condensed Consolidated Statement of Profit and Loss and Other Comprehensive Income 12 Condensed Consolidated Statement of Financial Position 13 Condensed Consolidated Statement of Changes in Equity 14 Condensed Consolidated Statement of Cash Flows 15 Notes to the Condensed Consolidated Financial Statements 16 Corporate Directory 29 STRIKE ENERGY LIMITED Important Notices Reserve and Resource Information Unless otherwise stated, information in this report that relates to the Reserve and Resource Estimates for: • the West Erregulla Project is set out in the ASX announcement dated 27 July 2022 entitled “West Erregulla Reserves Upgraded by 41%”. Strike equity interest is 50% and Warrego Energy (EP469) Pty Ltd equity interest is 50%. • the Ocean Hill 2C Contingent Resource is set out in ASX announcement dated 10 October 2022 entitled “Independent Certification of Ocean Hill Gas Resource”. Strike equity interest is 100%. • the Erregulla Deep & Southwest Erregulla prospective Resource is set out in ASX announcement dated 16 December 2022 entitled “Strike to test Southwest Erregulla and Erregulla Deep Prospective Resource”. Strike equity interest is 50%. • the South Erregulla Contingent CO2 Storage Resource Estimate is set out in ASX announcement dated 15 June 2023 entitled “South Erregulla Update”. The reserves and resources estimates must be read in conjunction with the full text of the ASX releases referred to. The Reserves and Resources are unrisked. Strike is unaware of any new information that materially impacts the information in these releases and confirms that all the material assumptions and technical parameters underpinning the estimates in the above releases continue to apply and have not materially changed. Forward looking statements Statements contained in this Interim Financial Report, including but not limited to those regarding the possible or assumed future costs, projected timeframes, performance, dividends, returns, revenue, exchange rates, potential growth of Strike, industry growth, commodity or price forecasts, or other projections and any estimated company earnings are or may be forward looking statements. Forward looking statements can generally be identified by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘budget’, ‘outlook’, ‘schedule’, ‘estimate’, ‘target’, ‘guidance’ ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. Forward looking statements including all statements in this document regarding the outcomes of preliminary and definitive feasibility studies, projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. These statements relate to future events and expectations and as such involve known and unknown risks and significant uncertainties, many of which are outside the control of Strike. Actual results, performance, actions and developments of Strike may differ materially from those expressed or implied by the forward-looking statements in this Interim Financial Report. Such forward-looking statements speak only as of the date of this document. Refer to the risk factors set out in Talon Energy Limited’s Scheme Booklet dated 3 November 2023 in relation to the acquisition by Strike Energy (through its wholly owned subsidiary) of all of the issued shares in Talon Energy by way of scheme of arrangement pursuant to Part 5.1 of the Corporations Act 2001 (Cth) for a summary of certain general, Strike Energy specific and acquisition specific risk factors that may affect Strike Energy. There can be no assurance that actual outcomes will not differ materially from these statements. Investors should consider the forward looking statements contained in this Interim Financial Report in light of those disclosures. To the maximum extent permitted by law (including the ASX Listing Rules), Strike and any of its affiliates and their directors, officers, employees, agents, associates and advisers disclaim any obligations or undertaking to release any updates or revisions to the information in this document to reflect any change in expectations or assumptions; do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence). Nothing in this Interim Financial Report will under any circumstances create an implication that there has been no change in the affairs of Strike since the date of this document. (ii) STRIKE ENERGY LIMITED Directors’ Report The Board of Directors (the “Board” or the “Directors”) of Strike Energy Limited (the “Company” or “Strike”) and its subsidiaries (together referred to as the “Group”) submit their report for the half-year period ended 31 December 2023. HIGHLIGHTS AND SUMMARY OF ACTIVITIES Walyering • • • • • Walyering gas field (L23) development completed construction and commenced production within the first quarter, producing a total of 1.1 PJe of gas and condensate (net to Strike) and generating $8.13 million in revenue net to Strike. Strike and Alinta Energy WA Pty Ltd entered into a firm 100% take or pay gas sales agreement for a total of 3.4 PJ over ~2 years from February 2024. Nameplate capacity reached and exceeded with 34 TJ/d and 275 bbls/d of condensate. The Walyering-7 well was sanctioned for drilling with the objective of increasing Reserves and, on success, tie into the Walyering facility. Completed the acquisition of JV partner, Talon Energy Limited to consolidate 100% Strike ownership of the Walyering gas field in L23 and surrounding exploration acreage in EP447. West Erregulla • Progressed discussions with Hancock Energy around the joint development of the West Erregulla gas field, with early alignment around midstream infrastructure and timelines targeting first gas production by late 2026. South Erregulla • • • Completed the appraisal drilling campaign at South Erregulla 2 & 3 which, along with recent flow testing results, will inform a reserves and project development update. Appraisal of the potential CO2 storage capacity at South Erregulla observed over 75m of net reservoir with a maximum porosity of 24%. Progressed activities in preparedness for a potential 40-55TJ/d development, subject to the outcome of the SE-2 & 3 appraisal results, including securing: o firm gas sales agreements for a total of ~41 PJ to support the bankability of the potential development; o South Erregulla Production License L24 (100% STX); and o Part IV primary environmental approval. Strike has had an active and successful first half of the financial year, having completed and brought online its maiden domestic gas development at Walyering on 25 September 2023, as well as completing an appraisal drilling program at the 100% owned and operated South Erregulla gas field. Strike bolstered its position as one of the leading companies in the Perth Basin through the acquisition of Talon Energy Limited (“Talon Energy”) which was successfully implemented prior to the end of the reporting period. Strike finished the reporting period: 1 2 • as a gas producer with net revenue of $8.1m; • as 100% owner and operator of the producing Walyering gas field and surrounding exploration acreage post the acquisition of Talon Energy via Scheme of Arrangement; • having completed the appraisal drilling program at South Erregulla on time and within budget; • well-funded with $114 million in cash and undrawn debt facilities 1 and a further $80 million 2 in an uncommitted South Erregulla development facility; and • with near-term exploration and appraisal drilling opportunities across two fully funded, procured and planned drilling campaigns targeting Walyering and Erregulla Deep. Inclusive of cash balance reported as at 31 December 2023. Uncommitted facility remains subject to lender credit approval. 2023 HALF YEAR REPORT | 1 STRIKE ENERGY LIMITED Directors’ Report Walyering (L23 & EP447: STX 55% until 27 December 2023, then 100%) Walyering is Strike’s maiden producing asset, currently delivering ~25 TJ/d of natural gas into the Parmelia gas pipeline. Strike is now focussed on further appraising the field through Walyering 7, which is expected to spud in Q4 FY24, with the aim of increasing reserves. The Walyering gas plant has a nameplate capacity of 33 TJ/d and preliminary design studies are being undertaken to increase the nameplate capacity to 40-50 TJ/d. Strike completed construction of the Walyering gas field (L23) development and commenced production on 25 September 2023. The final cost of the development, including the well completions, facility construction and commissioning costs was $30 million gross, $16.5 million net to Strike. Over the period, a gross total of 1.95 PJe of gas and condensate was sold by the L23/EP447 JV yielding gross revenue of $14.8 million ($8.1 million net to Strike). Total gross production costs to date have averaged $0.51/GJ. As production rates increase this is expected to reduce on a per gigajoule basis. As detailed in the Q2 FY24 Quarterly Report released to the ASX on 29 January 2024, Strike has completed reprocessing of the Walyering 3D seismic, which has substantially improved the resolution of the field and nearby prospects. In light of this new information, Strike has engaged RISC to review the independent certification of the Walyering Reserves and Resources. In January, in line with the aim of increasing gas marketing activities, Strike announced that it had entered into a firm 100% take or pay gas sales agreement for a total of 3.4 PJ delivered into the Parmelia Gas Pipeline over ~2 years starting in February 2024. West Erregulla (EP469: STX 50%) Strike owns 50% and operates the Permian aged West Erregulla gas field in Joint Venture with Warrego Energy (EP469) Pty Ltd, a wholly owned subsidiary of Hancock Energy (50%). The current focus is on working to progress the joint development of an 87 TJ/d gas plant, targeting FID in H2 CY2024. There is early alignment with Hancock Energy around midstream infrastructure and timelines, with first gas being targeted in CY2026. During the half, the West Erregulla upstream development Part IV environmental EPA report and recommendation was made public, along with the Australian Gas Infrastructure Group (AGIG) midstream 87 TJ/d development EPA report and recommendation. These reports are the subject of appeals, with WA Ministerial determination expected within the first half of CY2024. Strike’s Reserve and Resource position across West Erregulla (EP469) is captured below: 2023 HALF YEAR REPORT | 2 STRIKE ENERGY LIMITED Directors’ Report West Erregulla Net Gas Reserves & Resources (PJ) (net to Strike’s 50%) 3 1P 2P 3P 1C 2C 3C Net Reserves 162 211 251 - - - Net Contingent Resources - - - 9 15 21 EP469 also contains two near field exploration targets, Erregulla Deep and Southwest Erregulla, which are currently scheduled to be drilled in May 2024 and 2H/CY2024 respectively. Strike’s share of the drilling expenses at Erregulla Deep and Southwest Erregulla are fully funded through existing cash and revenue streams. The Prospective Resources for the two EP469 drill targets are listed below: Prospective Resources (net to Strike’s 50%) Low Estimate Best Estimate High Estimate 1U 2U 3U OGIP (bcf) 140 192 245 Net Sales Gas (PJ) 99 136 177 OGIP (bcf) 149 196 246 Net Sales Gas (PJ) 105 139 178 Total Net Sales Gas (PJ) 203 275 354 Southwest Erregulla Erregulla Deep Prospective Resource Cautionary Statement: The above estimated quantities of petroleum that may potentially be recovered by the application of a future exploration and development project(s) relate to undiscovered accumulations. These estimates are un-risked, probabilistically determined, and have both an associated risk of discovery (POS 42% for Erregulla Deep and 54% for Southwest Erregulla) and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. Volumes are stated net to Strike (50% equity share). For further information on the Resource Estimate, refer to Important Notices at the beginning of this Report. South Erregulla (L24 & EP503: STX 100%) South Erregulla is Strike’s 100% owned and operated Permian gas field where the discovery well, South Erregulla-1, led to the appraisal of the field via the drilling of South Erregulla-2 (SE-2) and South Erregulla-3 (SE-3). During the reporting period, Strike drilled and completed appraisal wells SE-2 and 3 on time and within budget with positive drill results (as summarised in the table below) confirming the continuity of the Kingia reservoir to the West and the North and supporting well testing. On well test, post the reporting period, SE-2 produced formation water and gas to surface. At SE-3, Strike was unable to initiate flow. Refer to the subsequent events section of this report below for further information in this regard. As at the date of this report, Strike is carrying out further testing and analysis of the well test results and is looking to mobilise additional equipment to conduct further flow testing operations. The well test results will feed into an independently certified review and update of the Reserves and Resources within L24. Strike will then use the updated Reserves and Resources to determine the optimal development pathway for the South Erregulla resource. 3 Refer Important Notices on page (i) of this report for information relating to Reserves and Resource. Reserves and Resources are un-risked. 2023 HALF YEAR REPORT | 3 STRIKE ENERGY LIMITED Directors’ Report South Erregulla Exploration & Appraisal Drilling Results Well South Erregulla-1 Max Porosity Average Porosity Net Pay Reservoir Pressure Max Rate on Test 20.2% 13.3% 14m 6,800 psi 80 mmscfd South Erregulla-2 18% 11% 16m 6,730 psi Gas and Water flowed at rates too small to measure South Erregulla-3 16.4% 10.2% 13m 6,746 psi No Flow Pending the results from the SE-2 and 3 appraisal drilling program, Strike progressed activities during the reporting period in preparedness for taking a final investment decision on a potential 40-55 TJ/d development to be located on Strike’s 100% owned 3,500 ha Precinct above the gas field. These activities included: • securing the grant of production licence L24 and primary environmental approval under Part IV of the Environmental Protection Act 1986 (WA). • securing firm gas sales agreements with tier-1 customers for a total of ~41 PJ to support the bankability of the potential development; • continued engagement with Enerflex on a modular 40 TJ/d plant focussed on cost and schedule optimisation; • engagement with AGIG to provide a build/own/operate (BOO) export pipeline solution as part of a competitive tender process, which led to AGIG investigating a bundled gas processing plant and export pipeline for the treatment and transportation of South Erregulla gas production under a BOO model. As noted above, further work on the optimal development pathway for South Erregulla will be informed by a full Reserves and Resource review for South Erregulla, which will be conducted post the results of the well testing at SE-2 and 3. WA Energy Market Spot gas market prices reached a maximum price of $11.59/GJ during the half and the average spot price has remained above $9/GJ. This spot gas price is the highest observed in Western Australia since 2010. During the half, Perth (via the South West Interconnected System) set a new all-time maximum average operational demand record of 4,046 MW on 23 November 2023, which supersedes the previous high set in 2016 (by 800 MW) and reflects the increase in electricity demand across the economy. During peak electricity demand on this day, gas made up 56% of the total fuel source at around 6:00pm in the evening. The quarter’s cost for electricity in Western Australia averaged $98.35 MWh. This price was the highest in the nation for the period. Source: Compiled using information from GasTrading Spot Market – Forecast v Actual: http://www.gastrading.com.au/spot-market/historical-prices-and-volume Source: Adapted from AEMO’s Quarterly Energy Dynamics Q4 2023 report, 25 Jan 2024 2023 HALF YEAR REPORT | 4 STRIKE ENERGY LIMITED Directors’ Report In December 2023, the Australian Energy Market Operator (AEMO) released the Western Australian Gas Statement of Opportunities 2023 (GSOO 2023), which highlighted the Western Australian domestic gas market is projected to be in deficit between 2024 and 2029, with potential supply from committed and expected projects up to 11 per cent below forecast demand and supply >300 TJ/d short from the 2030s. Demand from gas powered generation in the South West Interconnected System is forecast to grow from 208 TJ/day in 2023 to a peak of 351 TJ/day in 2032, as anticipated coal powered generation retirements take place. Subsequent to the release of the GSOO 2023, Alcoa announced that, after a review of the competitiveness of its 60-year-old Kwinana Alumina refinery, it would cease production in September 2024. The closure of this plant will reduce daily gas demand from Q4 CY24 by ~55 TJ/d or 3-5% of the total market. The effect on the AEMO forecasts is a reduction from a market in deficit to one in a delicate balance going in and out of deficit at various times until 2030. During the half, Strike contributed evidence to the Western Australian Government’s Economics and Industry Standing Committee with respect to their inquiry into the Western Australian Domestic Gas Policy. Commentary to date from the Western Australian Government has been supportive of building an investment climate for the Perth Basin to arrest any possible supply deficit through the acceleration of, and increasing the size of, the proposed developments. This aligns with recent commentary from the Premier, Hon Roger Cook MLA, reported in The West Australian on 11 January 2024, which highlighted that a decision on lifting Western Australia’s ban on the export of onshore gas is expected by the middle of the year. Projects Low Carbon Precinct (100% STX) Strike’s Low Carbon Mid-West Precinct (“the Precinct”) is a 3,500 ha strategic land holding with work ongoing to transform the agricultural land to an industrial hub. The South Erregulla appraisal wells successfully appraised the Precinct’s CO₂ storage resource in the Jurassic Sandstones within the Cattamarra Coal Measures. SE3 intersected 75m of potential storage reservoir with a maximum of 29% porosity and an average of 19%. During the half, the Petroleum Amendment Bill 2023 was introduced to the Western Australian Parliament. The Bill proposes amendments to the Petroleum and Geothermal Energy Resources Act 1967 (WA), the Petroleum Pipelines Act 1969 (WA) and Petroleum (Submerged Lands) Act 1982 (WA) to, among other things, enable the transport and geological storage of greenhouse gases and permit the exploration and production of prescribed regulated substances, such as naturally occurring hydrogen, in Western Australia. The introduction of this Bill supports the work Strike has done to date on proving up its 4.8mt contingent CO2 storage resource 4 in order to take advantage of potential carbon capture storage opportunities at the Precinct. Strike continued wind data gathering with its LiDAR sensors at the 3,500ha Precinct. During the half the Western Australian Government announced $700 million of funding for transmission upgrades. Notably $575 million has been allocated to increasing capacity of the network’s northern section. This will involve upgrading the current mix of 132 kV and 330 kV lines to unlock the transmission capacity in the MidWest region. The proposed Low Carbon Mid-West Precinct development will be contingent on, among other things, successfully re-zoning the land for the intended renewable and industrial uses, obtaining all other required regulatory approvals, licences and authorisations and, in the case of the renewable uses, securing renewables developer(s) on terms acceptable to Strike. 4 Refer Important Notices on page (i) of this report for information relating to the Resource . 2023 HALF YEAR REPORT | 5 STRIKE ENERGY LIMITED Directors’ Report Exploration & Appraisal Ocean Hill (EP495: STX 100%) During the reporting period, Strike successfully prepared to shoot the ~270 sq km Ocean Hill 3D seismic campaign, with acquisition having commenced post the end of the half. This high-resolution dataset will be used to site a future appraisal well. Similar to Walyering, Ocean Hill is adjacent (~6 km) to a pipeline compressor station. In this case, it is Compressor Station-8 of the Dampier to Bunbury Natural Gas Pipeline, which is connected to both the LNG projects in the North and the industrial gas markets of Western Australia in the South, providing multiple potential commercialisation pathways. Ocean Hill is firming as a material and valuable low-cost option for Strike’s gas business as the expected low impurity, wet hydrocarbon stream is likely to require minimal capital in order to commence commercial production. A replica of the recently commissioned Walyering gas plant would be the most likely development pathway subject to appraisal drilling success. Tathra Terrace - Arrino and Kadathinni (EP503 and EP504: STX 100%) During the half year, Strike continued to progress work over the large Arrino and Kadathinni prospects to the east of West and South Erregulla. This work primarily involved securing land access agreements for the planned 480 line km 2D seismic survey targeting acquisition in Q2 CY2024 5. Eneabba Deep (EP506: STX 100%) Strike has identified two structures across the Jurassic and Permian sequences in the recently acquired Eneabba Deep seismic in the 100% owned and operated EP506. Work is ongoing to progress these to drill ready subject to rig slot availability. Corporate During the half, Strike paid down $6.7 million of its drawn debt with Macquarie Bank and finished the half year with a liquidity position of ~$114 million ($67 million of cash and $47 million of committed, undrawn debt facilities), plus an uncommitted $80 million contingent debt facility for a potential South Erregulla domestic gas development. 6. Transaction with Talon Energy Limited During the reporting period, Strike and Talon Energy entered into a binding Scheme Implementation Deed under which Strike acquired all the issued shares in Talon Energy by way of Scheme of Arrangement, which became effective on 14 December 2023 and was implemented on 27 December 2023. Eligible Talon Energy shareholders received 0.4828 new Strike shares for each Talon Energy share held. The acquisition is earnings and cashflow accretive for Strike and will provide a solid foundation for future exploration and development activities across its highly attractive Perth Basin assets. Post the transaction completing: 5 6 • Strike commenced a review on the non-operated Talon Energy assets in L7 Mount Horner and EP437 where the drilling of two wells is expected to occur during 2024. • The Condor acquisition agreement expired where Strike exercised its rights to terminate the agreement with Macallum Energy. Subject to land access and approvals. Uncommitted facility remains subject to lender credit approval. 2023 HALF YEAR REPORT | 6 STRIKE ENERGY LIMITED Directors’ Report Significant changes in the state of affairs Except as disclosed in the Directors’ Report, and subsequent events (refer to note 24 in the Notes to the Condensed Consolidated Financial Statements), there have been no significant changes in the state of affairs of the Group during the current reporting period. Auditor’s independence declaration The Company has obtained an independence declaration from our auditors, Deloitte Touche Tohmatsu, which follows the Directors’ Report. Subsequent events In January, Strike announced that it had entered into a firm 100% take or pay gas sales agreement for a total of 3.4 PJ delivered into the Parmelia Gas Pipeline from Strike’s Walyering Project over ~2 years starting in February 2024. Strike’s South Erregulla 2 and 3 wells were perforated for well testing post-balance date. At SE-2, Strike announced on 20 February 2024 that gas and formation water had been produced to surface with samples of both collected, and that Strike was looking to mobilise additional equipment to conduct further flow testing operations. At SE-3, after not achieving an initial flow, the well was shut-in and a steady increase in tubing head pressure and an associated temperature drop was subsequently observed, where bleed offs of pressure/ gas were detected as hydrocarbons. Subsequent testing observed fluid levels ~250m from the surface. Strike announced on 13 February 2024 that a possible gaswater contact had been encountered at its South Erregulla 3 well and that fluid and gas sample analysis would be conducted. Strike further announced on 20 February 2024 that approximately 431 psi of well head pressure had been observed to have built up in the SE-3 well head and was continuing to rise, indicating some form of a pressure response from the primary formation in that well. The names and details of the Company’s Directors and Officers who were in office during or since the end of the half-year period and until the date of this report are outlined below. All Directors and Officers were in office for this entire period, unless otherwise indicated: • Mr John Poynton AO Chairman (non-executive) • Mr Stephen Bizzell Director (non-executive) • Ms Mary Hackett Director (non-executive) • Ms Jillian Hoffmann Director (non-executive) • Mr Stuart Nicholls Managing Director and Chief Executive Officer • Mr Neville Power Director (non-executive) • Mr Andrew Seaton Director (non-executive) • Mr Justin Ferravant Company Secretary On behalf of the Directors Stuart Nicholls, Managing Director Perth, Western Australia, 28 February 2024 2023 HALF YEAR REPORT | 7 STRIKE ENERGY LIMITED Deloitte Touche Tohmatsu ABN 74 490 121 060 Tower 2, Brookfield Place 123 St Georges Terrace Perth WA 6000 GPO Box A46 Perth WA 6837 Australia Tel: +61 8 9365 7000 Fax: +61 8 9365 7001 www.deloitte.com.au 28 February 2024 The Board of Directors Strike Energy Limited Level 1, 40 Kings Park Road WEST PERTH WA 6005 Dear Board Members Strike Energy 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 Strike Energy Limited. As lead audit partner for the review of the financial report of Strike Energy Limited for the half year ended 31 December 2023, I declare that to the best of my knowledge and belief, there have been no contraventions of: (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (ii) any applicable code of professional conduct in relation to the review. Yours sincerely DELOITTE TOUCHE TOHMATSU David Newman Partner Chartered Accountants Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Asia Pacific Limited and the Deloitte organisation. 2023 HALF YEAR REPORT | 8 STRIKE ENERGY LIMITED Deloitte Touche Tohmatsu ABN 74 490 121 060 Tower 2, Brookfield Place 123 St Georges Terrace Perth WA 6000 GPO Box A46 Perth WA 6837 Australia Tel: +61 8 9365 7000 Fax: +61 8 9365 7001 www.deloitte.com.au Independent Auditor’s Review Report to the Members of Strike Energy Limited Conclusion We have reviewed the half-year financial report of Strike Energy Limited (the “Company”) and its subsidiaries (the “Group”), which comprises the condensed consolidated statement of financial position as at 31 December 2023, and the condensed consolidated statement of profit and loss and other comprehensive income, the condensed consolidated statement of cash flows and the condensed consolidated statement of changes in equity for the half-year ended on that date, notes to the financial statements, including material accounting policy information and other explanatory information, and the directors’ declaration as set out on pages 11 to 28. Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of the Group does not comply with the Corporations Act 2001, including: • Giving a true and fair view of the Group’s financial position as at 31 December 2023 and of its performance for the half-year ended on that date; and • Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. Basis for Conclusion We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Half-year Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (inclu