15 March 2023

Future Metals NL

Results for the Half-Year Ended 31 December 2022

The Board of Future Metals NL (ASX/AIM: FME) ("FME", "Future Metals" or the "Company") is pleased to announce the Company's unaudited consolidated interim results for the 6 months to 31 December 2022 (the "Half-Year Report").

Please see below extracts from the Company's full Half-Year Report comprising the:

-       Directors' Report

-       Consolidated Statement of Profit or Loss and Other Comprehensive Income

-       Consolidated Statement of Financial Position

-       Consolidated Statement of Changes in Equity

-       Consolidated Statement of Cash Flows

A pdf copy of the full Half-Year Report is available at the following link: http://www.rns-pdf.londonstockexchange.com/rns/0626T_1-2023-3-15.pdf and is also available on the Company's website at: www.future-metals.com.au

For further information, please contact:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

Key extracts from the Company's Half-Year Report are set our below:

Directors' Report

The Directors present their report for Future Metals NL ("Future Metals" or the "Company") and its subsidiaries (together the "Group") for the half-year ended 31 December 2022.

DIRECTORS

The persons who were directors of Future Metals during the half-year and up to the date of this report (unless stated otherwise) were:

·      Justin Tremain - Non-Executive Chairman

·      Jardee Kininmonth - Managing Director and Chief Executive Officer

·      Allan Mulligan - Non-Executive Director

·      Robert Mosig - Non-Executive Director

·      Elizabeth Henson - Non-Executive Director

·      Aaron Bertolatti - Finance Director (resigned 31 July 2022)

NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES

The principal activities of the Company during the period were to:

·      Undertake development studies and exploration on the Company's 100% owned Panton PGM project in the Kimberley region of Western Australia ("Panton Project");

·      Evaluate results received from drilling carried out at the Panton Project during the period;

·      Progress metallurgical test work programmes on drill hole samples from the Panton Project; and

·      Carry out detailed review and logging of all information associated with the Panton Project obtained from prior owners.

REVIEW OF OPERATIONS

Future Metals is an active Australian Platinum Group Metals ("PGM") focused company pursuing the development of its 100% owned Panton Project in the Kimberley region of Western Australia, a tier one mining jurisdiction. The Panton Project has had significant drilling and metallurgical work completed on it since 2000. It is host to a JORC Mineral Resource Estimate ("MRE") of 6.9Moz PdEq¹ at a grade of 1.66g/t PdEq¹, including a high-grade reef of 3.2Moz PdEq¹ at 3.86g/t PdEq¹ (refer Table One).

Since acquiring the project in June 2021, the Company has undertaken additional drilling and completed substantial new metallurgical test work, and is currently progressing a scoping study underpinned by the high grade PGM reef seeking to deliver a future low-capital and high-grade operation. The scoping study is examining two pathways: a concentrate-only scenario where a bulk Ni-PGM concentrate is produced via flotation and sold into the non-ferrous smelting market, and a downstream integrated scenario where a concentrate is processed further using hydrometallurgical methods to produce upgraded PGM and base metals products. In parallel to the study activities on the existing MRE, the Company has developed and proved its Ni-Cu-PGM sulphide exploration model through a significant review of historical data, new geophysical surveys, and exploration drilling. These activities to date have been successful in demonstrating that the Panton Project is not only host to a significant PGM deposit, but also has the potential to host a significant Ni-Cu-PGM sulphide deposit.

Panton Project

The Panton Project is situated on three granted mining licences located just 1km off the Great North Highway which accesses the Port of Wyndham (see Figure One).

The independent JORC Code (2012) MRE for the Panton Project, as announced on 21 June 2022, is set out in Table One.

PGM-Ni mineralisation occurs within a layered, differentiated mafic-ultramafic intrusion referred to as the "Panton Intrusive" which is a 12km long and 3km wide, south-west plunging synclinal intrusion. PGM mineralisation is hosted within a series of stratiform chromite reefs as well as a surrounding zone of mineralised dunite within the ultramafic package. The Panton Intrusive is also highly prospective for Ni-Cu-PGM sulphide mineralisation from multiple magmatic events.

Table One | Panton Mineral Resource Estimate (JORC Code 2012)²

Notes:

¹ Please refer to the paragraph below for palladium equivalent (PdEq) calculation.

² No cut-off grade has been applied to reef mineralisation and a cut-off of 0.9g/t PdEq has been applied to the dunite mineralisation.

¹ PGM_3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)

² Metal equivalents were calculated according to the follow formulae:

§  Reef: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471 x Pt(g/t) + 0.875 x Au(g/t) +1.90394 x Ni(%) + 1.38936 x Cu(%) + 8.23 x Co(%)

§  Dunite: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471 x Pt(g/t) + 0.933 x Au(g/t) +2.03087 x Ni(%) + 1.481990 x Cu(%) + 8.80 x Co(%)

Figure One | Panton PGM Project's Location

Operational Activities

3D Geophysical Modelling and Targeting

Ground gravity surveying, on a nominal 50m x 50m grid, was completed at the end of September 2022, covering the entire Panton Intrusion within the Panton mining licenses for an approximate area of 23km². The survey provided a very high-quality gravity data set. The purpose of the gravity survey was to build a 3D interpreted geophysical model of the Panton Intrusion structure, in conjunction with existing magnetic data. This model was then used to validate the geological model for the Panton Project and importantly, help define additional drill targets.

The resultant geophysical model confirmed the Company's hypothesis that the Panton Intrusion has a keel-like geometry (see Figures Two and Three). This is important as the inferred keel position is the most favourable site for significant magmatic Ni-Cu-PGM sulphide-rich mineralisation which had not been previously drill tested. Both the gravity and magnetic models, which are based on completely independent data sets, were consistent with this keel-like architecture.

Gravity modelling also identified a large anomaly to the south, positioned near surface and extending down to approximately 2km in depth, with multiple shoot-like bedrock electromagnetic ("EM") conductors identified in proximity to this anomaly which may represent an important new target for the Panton Project (see Figure Six: Target 5-1 and Target 5-3).

Drilling Results Interpretation

Drilling was undertaken during the half-year to 31 December 2022 to test targets identified from historical drilling, EM surveys, and gravity and magnetics inversion modelling. The completed drilling successfully demonstrated a distinct and broad Ni-Cu sulphide enriched zone within the Panton Intrusive separate to the high-grade reef and the surrounding bulk mineralisation in the 6.9Moz PdEq¹ MRE.

A total of eight diamond drill holes (PS407-PS414) for approximately 3,275m were completed, testing for the occurrence of magmatic Ni-Cu-PGM sulphide mineralisation. As at the date of this report, the Company had received assay results for seven drill holes (PS407-PS413) with all assay results demonstrating a distinct and broad Ni-Cu sulphide enriched zone within the Panton Intrusive separate to the high-grade reef and the surrounding bulk mineralisation in the MRE.

These broad zones demonstrate the potential for the Panton Intrusion to host multiple styles of mineralisation in addition to the existing PGM resource, including a high-grade Ni-Cu deposit analogous to the nearby Savannah Ni-Cu deposit mined by Panoramic Resources Ltd.

Figure Four | Disseminated sulphide bearing core from hole PS412

Significant Embayment feature 'sulphide trap'

Drill holes PS408-PS410 were drilled adjacent to a potentially significant embayment feature the Company has identified. Embayment features can act as 'sulphide traps', providing a confined localised volume in which sulphide rich magma can settle. This untested embayment feature has been identified along the northwest intrusion contact in multiple datasets, including magnetics and short wave infra-red imagery. A desktop review of the surface expression of this embayment area further indicates that it has been subject to increased weathering which in turn can be an indicator of gossanous material, potentially related to sulphide mineralisation. Historic stream sediments have identified two highly anomalous coincident nickel-copper values on the margin of the interpreted embayment feature ("BC1"). The BC1 target represents a strike of approximately 1,000m.

BC1 (refer Figure Five) sits across the tenement boundary between Future Metals' 100% owned Panton mining lease (M80/105) and the Panton North tenement (E80/5455) which is subject to a farm-in and joint venture agreement between the Company and Octava Minerals Limited ("Octava") whereby Future Metals can earn up to a 70% interest.

The Company plans to complete ground mapping over the BC1 area during H1 2023 in order to determine the optimal drilling strategy to test the target once the wet season ends.

Figure Five | Embayment Feature and Ni-Cu-S anomalism in drilling, maglag and stream sediments

Note the stream sediment Ni-Cu anomalism on the contact

Drill hole PS413 targeted a large magnetic anomaly north-east of drill holes PS408-PS410, which is an interpreted up-plunge portion of the keel position towards surface. Similar to the drilling of holes PS408-PS410, assay results demonstrated highly anomalous sulphide mineralisation over significant intervals. Drill hole PS413 was terminated in the basal contact, which was intersected earlier than expected. This drill hole provided valuable information for building up the structural model of the Panton intrusion at depth.

Drill holes PS411 and PS412 drilled EM conductors in the south of the Panton Project area which were broadly coincident with a large gravity anomaly. Analytical results from both holes demonstrate a strong Ni-Cu-S association, however results were below the minimum reporting thresholds. Both drill holes were proximate to a high-strain shear zone and the sulphide mineralisation is interpreted by the Company to possibly represent structural-hydrothermal remobilisation from an underlying magmatic source. Further review and analysis of the results in the context of magmatic sulphide exploration is underway to determine if further drill testing is warranted.

While the majority of these intersections are not 'ore grade', they do demonstrate a distinctive sulphide population that is anomalous relative to historical drilling along strike in the Lower Zone, which was targeting the same stratigraphic units. Anomalous intersections include:

§ 83m @ 0.49 g/t PGM_3E, 0.25% Ni, 136ppm Co, 0.04% Cu, 0.24% S from 53m(PS408)

§ 1m @ 0.60 g/t PGM_3E, 0.27% Ni, 0.23% Cu, 141ppm Co, 0.42% S from 84m(PS408)

§ 6m @ 0.07 g/t PGM_3E, 0.21% Ni, 0.12% Cu, 171ppm Co, 0.55% S from 57m(PS409)

§ 10m @ 0.48 g/t PGM_3E, 0.20% Ni, 0.03% Cu, 131ppm Co, 0.62% S from 198m(PS409)

§ 19m @ 0.23 g/t PGM_3E, 0.26% Ni, 158ppm Co, 0.09% Cu, 0.34% S from 240m(PS410)

§ 5m @ 0.15 g/t PGM_3E, 0.21% Ni, 153ppm Co, 0.08% Cu, 0.48% S from 343m(PS410)

§ 11m @ 0.03 g/t PGM_3E, 0.11% Ni, 1,149ppm Co, 0.10% Cu, 0.59% S from 146m(PS410)

§ 1m @ 0.97 g/t PGM_3E, 0.25% Ni, 0.30% Cu, 161ppm Co, 0.49% S from 314m(PS410)

§ 53m @ 0.12 g/t PGM_3E, 0.18% Ni, 158ppm Co, 0.10% Cu, 0.44% S from 32m(PS413)

Figure Six | Plan view showing drill holes completed / pending results

Government EIS Grant for deeper drilling

The Company commenced drilling of a deep hole in December 2022 through the northern gravity anomaly, underneath the chromite reef and into the interpreted basal contact or feeder conduit position. This deeper drill hole was completed in January 2023 and is co-funded under the Western Australian State Government's EIS Scheme, which will reimburse the Company for up to A$220,000 of drilling costs, including mobilisation and demobilisation. Results from this hole were outstanding at the time of this report.

Metallurgical Testwork and Scoping Study Activities

The results of bulk ore sorting and flotation optimisation and repeatability test work were announced on 13 February 2023. The results demonstrated a significant de-risking for the potential future mining and processing of the high-grade reef component of the Panton Project MRE and provided a credible path towards developing a low capital, high margin PGM-Ni operation. The Company is currently progressing a scoping study which will evaluate multiple development scenarios, including the production and sale of a bulk Ni-PGM concentrate and a scenario where the concentrate is further processed using hydrometallurgical technology to produce upgraded PGM and base metals products.

Figure Seven | Project Delivery Strategy

Pre-concentration via Ore Sorting

Options to de-risk and improve the development economics for the Panton Project have been investigated through innovation and recent technological improvements. One such pathway involves the rejection of waste early in the comminution process via ore sorting.

Ore sorting technology has been used in the PGM and chromite mining industry for over ten years. The technology classifies and separates individual rocks by their physical and chemical properties. By removing gangue and low-grade ore, the size of the crushing, milling and flotation equipment can be optimised.  Reducing the process plant throughput rate while increasing grade provides direct savings in terms of capital and operating costs. Ore sorting also reduces the impact of dilution allowing for the use of conventional mining equipment, further driving down operating costs. Reductions in mining and process operating costs allows the mining cut-off grade to be optimised and the viable mining inventory to be potentially increased.

Sighter and bulk test work has been completed with Steinert Sorting Solutions ("Steinert"). The sighter test work involved a three-stage separation process applied to a mixed feed of chromitite, magnesite and dunite. Greater than 95% chromitite recovery was achieved during the first pass, using an x-ray transmission ("XRT") 3D-laser combination sort programme, due to the chromitite being substantially higher in atomic density. 100% of the magnesite was recovered during the second pass, using both an XRT-3D combination (due to the lower atomic density of magnesite) and laser brightness (due to the high colour contrast between magnesite and the other materials).

Following the success of the sighter test work, a bulk test was also completed. The bulk test work involved compositing separate chromitite and dunite samples to replicate the expected feed mix from a mine stope. The chromitite and dunite were crushed and screened into three size fractions; +25mm, +10mm, and -10mm. Each of these size fractions were assayed prior to preparation of two composites; -75mm to +25mm and -25mm to +10mm, which were processed using the same XRT 3D-laser combination sort programme used in the sighter test work. The fine -10 mm fraction is considered to be below the capability of the ore sorting units and was not tested.

The bulk ore sort test work validated the sighter test work on multiple size fractions, demonstrating 96.7% recovery of high-grade ore and rejection of low-grade and waste, increasing the PGM grade of the potential mill feed by 10.7% and reducing the throughput volume by 12.7%. This represents a very positive result early on in the test work process.

Table Two | Bulk Ore Sorting Test Results

Figure Eight | Steinert KSS XT CLI Ore Sorter

*Dimensions and grades are for illustrative purposes only

Figure Nine | Ore Sorting Schema

Flotation Test Work Results

As previously noted in the Company's announcement on 7 July 2021 'Above 80% PGM Recovery to High Grade PGM Concentrate', flotation test work carried out in 2015 on Panton chromitite ore achieved a technical breakthrough for the Panton Project. It was shown that a combination of fine grinding (P₈₀ 38μm), conditioning with sodium dithionite as a reducing agent, and use of nitrogen gas improved flotation results significantly. The best result achieved (test HL1279) was 81.4% recovery (PGM_3E) at a 2.5% mass pull for a 272 g/t PGM_3E concentrate grade with a rapid 14 minutes of flotation time. Whilst the 2015 test work achieved dramatic improvements in the flotation performance, repeatability of HL1279 was not established and there was minimal follow up optimisation work.

As detailed in the Company's announcement on 21 June 2022 'Independent Resource Estimate of 6.9Moz PdEq', the Company undertook further flotation test work in early 2022 on both low-grade composites (~2.3g/t PGM_3E) and high-grade composites (~7.6g/t PGM_3E), using a single stage rougher-scavenger test. Results yielded PGM_3E recoveries of up to 68% and 71% respectively (with higher Pd recovery relative to the Pt recovery) with concentrate grades of ~130g/t PGM_3E for the high-grade composite and up to 17g/t PGM_3E for the low-grade composite.

Following this initial test work, the Company embarked on a systematic programme of optimisation and variability test work with Independent Metallurgical Operations Pty Ltd.

Flotation results from this latest programme of optimisation and variability test work yielded positive results on the high-grade chromitite samples with PGM_3E recoveries of 75.7% to 81.4% with concentrate grades from 167 g/t to 387 g/t PGM_3E with an average of 286g/t PGM_3E. These results were achieved over six consecutive tests, demonstrating strong repeatability of the flotation regime. A key factor to these consistent results is controlling potential through the flotation cycle and ensuring a reducing environment is maintained. Other physical parameters have also been optimised such as froth collection rates, number of flotation stages and flotation retention time. Table Four details these latest flotation results.

Table Four | Optimisation and Variability Flotation Test Programme - Concentrate Grades

The Company considers the head grade of the flotation tests to be within an acceptable range of potential mill feed grade when factoring in mined grade of the Upper Reef following upgrading through ore sorting.

Table Five sets out the range of achieved recoveries, concentrate grades and head grades for by-products in the flotation tests on chromitite ore samples:

Table Five | By-product Recoveries*

*Only FT017 was assayed for Co

Ongoing Test Work

Results received up to the date of this report indicate that a very high grade PGM_3E concentrate is achievable from Panton chromitite ore feed. As a consistent baseline flotation regime has been established, there is significant potential for further optimisation through the study process. This includes introducing a cleaner circuit, concentrate regrind, and further exploratory testing of reagents to improve recoveries, including the recoveries of base metals in feed. The Company will continue to test for further improvements, as well as testing the variability of flotation response from samples throughout the Panton orebody.

Panton's future concentrate will likely be marketed as a bulk Ni-PGM_3E concentrate. Additional optimisation, planning and marketing work is required in relation to the chrome content of the concentrate, given it is a deleterious element. However, the high PGM_3E grade of the concentrate is expected make the potential Panton Ni-PGM_3E concentrate attractive to smelters despite the chrome content. Mine planning and blending strategies will also be utilised to ensure a consistent, valuable Ni-PGM_3E concentrate is produced.

Test work has demonstrated that a metallurgical grade chromite concentrate can be produced from the Panton flotation tails (from chromitite ore) through Wet High Intensity Magnetic Separation ("WHIMS"). Chromite concentrate represents a potentially valuable co-product, which is typically sold into the ferrochrome industry, as input into stainless steel.

The Company plans to continue optimisation and marketing work and assess the inclusion of a WHIMS circuit in the forthcoming Scoping Study.

Downstream Processing - Hydrometallurgy

A study is underway to assess the potential to further process the high-grade concentrate utilising a hydrometallurgical process to produce upgraded metal products. The potential benefits of hydrometallurgical processing include improved payabilities, reduced logistics costs and significantly less sensitivity to many elements deleterious to smelters, such as chrome. Such benefits have resultant benefits for mine planning and mine inventory. 

Lifezone Ltd has been engaged as a technology partner to further explore the amenability of utilising their hydrometallurgical technology for further upgrading of the Panton concentrate. The Lifezone hydromet process replaces the smelting process, extracting contained metals in concentrate through hydrometallurgical processes to produce a suite of metals products suitable for potential direct sale to refiners. Hydrometallurgical processing has a range of benefits relative to smelting including¹:

§  65-80% lower capital costs

§  35-50% lower operating costs

§  50-85% lower electricity consumption

§  Up to 80% lower CO₂ emissions and no SO₂ emissions

§  Fewer constraints on concentrate quality than smelting

The Company's view is that a low emission upgraded PGM product from Australia would be highly sought after by potential customers in the hydrogen and automotive industries, who are sensitive to accumulated emissions through the supply chain, as well as other ESG considerations.

Panton's high grade PGM_3E concentrate would allow for a small, low-capital process plant employing Lifezone's hydromet technology, which would potentially significantly enhance the economics of the Panton Project.

[1] Kell hydrometallurgical extraction of precious and base metals from flotation concentrates - Piloting, engineering and implementation advances. June 2019. K Liddell, M Adams, L Smith

Scoping Study

The Company is pleased with the progress made to date, with ore sorting and flotation test work significantly de-risking the future development of Panton. The ore sorting results have a material impact on mine design and enable a reduction in the size of milling and flotation equipment, tailings storage, electricity requirements and water consumption which will therefore reduce estimated capital and operating costs. Following positive pre-scoping assessment and prior test work of Lifezone's hydromet process, the Company is also assessing the potential of downstream integration as part of its Scoping Study. Additionally, the Company now has an improved geological model for Panton which will be used to inform an updated JORC Mineral Resource estimate to be incorporated into the Scoping Study. Lastly, the Company continues to progress potential processing pathways for its significant low-grade Resource and will also incorporate this into its study activities once a metallurgical solution is in place.

Accordingly, the Company expects an updated Scoping Study, incorporating these improvements, to be completed in H2 2023. 

Corporate

Farm-In and Joint Venture Agreement

The Company executed a farm-in and joint venture agreement with Octava Minerals Ltd over a 70% interest in two tenements, one of which adjoins the Panton Project to the north. Full details of this transaction were set out in the announcement entitled 'Farm-In Agreement Over East Kimberley Ni-Cu-PGE Prospects' released by the Company on 17 January 2023.

A$6m raised from Placement and Share Purchase Plan

An equity placement of 40.0 million new fully paid ordinary shares in the capital of the Company at a price of A$0.125 per share to raise A$5.0 million (before expenses) ("Placement") was completed in August 2022.

In conjunction with the Placement, Future Metals offered eligible shareholders the opportunity to participate in a Share Purchase Plan ("SPP") on the same terms as the Placement which raised an additional A$1.0m (before expenses).

UK Placement

In early October 2022, the Company completed a Placement of £500,000 (A$843,012, at the time of completion) with a number of High-Net-Worth Investors in the United Kingdom (the "UK Placement").

The terms were materially the same as the abovementioned A$5.0 million Placement and A$1.0 million SPP previously completed.

The rationale behind the UK Placement was to increase the liquidity of the Company's ordinary shares on AIM and help improve the Company's market presence in the UK, where there has long been an active interest in PGM companies.

The Company engaged with a UK-based investor relations firm Flowcomms Limited, to further assist in raising the profile of the Company in the UK market.

Appointment of Corporate Broker

In late 2022, the Company announced the appointment of Panmure Gordon (UK) Limited as Corporate Broker and Joint Financial Adviser, replacing WH Ireland Limited. This appointment forms part of the Company's strategy to increase its profile with institutional investors in the UK and European markets.

Personnel changes

Finance Director Aaron Bertolatti stepped down from the Board with effect from 31 July 2022 following the orderly transition of his responsibilities to Chief Financial Officer and Company Secretary, Tom O'Rourke.

The Company was also pleased to report that it had retained the services of Ni-Cu-PGE expert, Dr Jon Hronsky, as the Company's Senior Exploration Advisor and further strengthened its geology team with the addition of Barbara Duggan, an experienced Ni sulphide exploration geologist.

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

On 17 January 2023, the Company entered into a Farm-in and Joint Venture Agreement with Octava Minerals Limited ("Octava") with respect to the right to earn a 70% interest in its wholly owned Panton North and Copernicus North Ni-Cu-PGE projects in the East Kimberly region of Western Australia. 

Future Metals issued 3.5 million new ordinary shares to Octava, voluntarily escrowed for 12 months, as upfront consideration. The Company is also, inter alia, required to make a final payment to Octava of A$200,000 in 12 months from completion in cash or shares (at Future Metals' sole election).

There have been no other significant events subsequent to the end of the half-year period to the date of this report which significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future financial years.

AUDITOR'S INDEPENDENCE DECLARATION

Section 307C of the Corporations Act 2001 requires the Company's auditors to provide the Directors of the Company with an Independence Declaration in relation to the review of the half-year financial report.

This Independence Declaration, set out on page 16 of the full Half-Year Report, forms part of this Directors' report for the half-year ended 31 December 2022.

This report is signed in accordance with a resolution of the Board of Directors made pursuant to s.306(3) of the Corporations Act 2001.

Signed on behalf of the Board in accordance with a resolution of the Directors.

Jardee Kininmonth

Managing Director

15 March 2023

Consolidated Statement of Profit or Loss and Other Comprehensive Income

for the half-year ended 31 December 2022

⁽ⁱ⁾ Please refer to note 2(c) and note 9 of the full Half-Year Report for details regarding the restatement as a result of a change in accounting policy.

The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes in the full Half-Year Report.

Consolidated Statement of Financial Position

as at 31 December 2022

⁽ⁱ⁾ Please refer to note 2(c) and note 9 of the full Half-Year Report for details regarding the restatement as a result of a change in accounting policy.

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes in the full Half-Year Report.

Consolidated Statement of Changes in Equity                       

for the half-year ended 31 December 2022

⁽ⁱ⁾ Please refer to note 2(c) and note 9 of the full Half-Year Report for details regarding the restatement as a result of a change in accounting policy.

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes in the full Half-Year Report.

Consolidated Statement of Cash Flows

for the half-year ended 31 December 2022

⁽ⁱ⁾ Please refer to note 2(c) and note 9 of the full Half-Year Report for details regarding the restatement as a result of a change in accounting policy.

The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes in the full Half-Year Report which can be accessed at via the following link: http://www.rns-pdf.londonstockexchange.com/rns/0626T_1-2023-3-15.pdf.