REVIEW OF OPERATIONS

Overview and Strategy

This has been a very busy period for your Company as it progresses activities across its portfolio. The management team continue to work very hard to focus the deployment of investors' money where it can add most value for the business and shareholders, whilst utilising partner's funds to progress assets wherever possible. Whilst there have been challenges for Synergia during the reporting period, there have also been successes and the team has continued to work assiduously to overcome any issues as they arise and maintain the strategic direction of travel, which the Board believes will deliver value for investors in due course.

The Company's strategy continued to focus on the development of its Cambay gas and condensate field in India and its Carbon Capture and Storage ("CCS") project in the UK (The Medway Hub Camelot CCS Project). Additionally, the Cambay CCS scheme in India has gained momentum.

A key milestone for Synergia was the finalisation of its joint venture with Selan Exploration ("Selan") involving the farm out of 50% of the Cambay PSC in India in exchange for Synergia being carried by Selan through an agreed US$20 million work programme ("WP") comprising 3 new wells and at least 3 legacy well work-overs. In addition, Synergia received a cash lump sum of $2.5 million against past costs. The joint venture was approved by the Government of India ("GoI") on 19 July 2024 and the Farm Out Agreement with Selan closed on 1 August 2024.

The Selan joint venture provides a path towards a full field development of the Cambay PSC and its 206 BCF of P50 gas reserves and associated condensate.

The Medway Hub Camelot CCS project saw a change in joint venture partner after Wintershall Dea was acquired by Harbour Energy. The technical work programme prescribed by the North Sea Transition Authority ("NSTA") has been progressing well but has been temporarily scaled back while a replacement partner is identified following Harbour Energy's request to withdraw from the project. The Company believes its "merchant scheme" strategy whereby the Company plans to provide Transportation and Storage ("T&S") services to CO₂ emitting customers without relying on direct government funding is proving to be a sound strategy. The Company believes future government "Track" funding is in doubt and the government is currently developing an attractive framework for commercial schemes (such as the Medway Hub Camelot project).

The Cambay CCS scheme was discussed with the Directorate General of Hydrocarbons ("DGH") in July 2024 and Synergia has formed a consortium comprising the Institute of Technology Bombay and the British Geological Survey to apply for GOI funding for a proof-of-concept pilot project.

Andrew Darbyshire joined the Company as Chief Financial Officer in November, replacing Colin Judd who made an exceptional contribution to the significant progress made with respect to Synergia's development over the previous three years.

Cambay Field, Onshore Gujarat State, India

(Synergia Energy: Joint Operator and 50% Participating Interest)

The pivotal joint venture with Selan Exploration came into operation on 1 August 2024 followed by the transfer of operating personnel to Selan as Lead Operator. The $20 million work programme (whereby Selan are carrying Synergia's costs) commenced in October 2024 with site preparation work and well pressure gradient surveying leading to two wells being worked over (C-70 and C-63).

Prior to the work programme, production from the Cambay field was derived primarily from the C-77H well which produced consistently between 60-120 MCFD. The C-77H well production is still compromised by liquid loading with the jet pump not optimised due to smaller than required production tubing diameter. The current plan is to workover the well in calendar Q2 2025 and install larger diameter production tubing. Gas production was augmented by oil production from legacy wells which averaged between 5-15 BPD. Gas export pricing averaged circa $8/MCF and oil pricing was close to the Brent benchmark pricing.

The C-70 workover resulted in initial gas production rates up to c. 190 MCFD. Fluid ingress after a few weeks of strong production requires the installation of artificial lift equipment and/or a water shut off operation to facilitate consistent gas production. The workover on C-63 did not result in any material production.

Oil production increased to 28-30 BPD in November and December as a result of stimulating production from legacy wells. A number of these legacy wells are under review concerning future interventions, including the installation of sucker rod pump artificial lift.

The work programme will address several wells that will require a heavier (50-100T) workover rig which is anticipated to be contracted during March 2025.

The main part of the work programme comprises the drilling of three new wells: two vertical wells and one horizontal well targeting the Eocene gas reservoir. At the time of writing, tendering for key services, including a suitable drilling rig, is underway. The current plan is to commence the new well drilling program in calendar Q2 2025 with the initial two vertical wells to be followed by the horizontal well.

The work programme is anticipated to lead into a self-funded full field development exploiting the 206 BCF of P50 reserves in the Eocene reservoir.

With the majority of the Company's India-based operating costs being chargeable to the joint venture account, Synergia's India operation is currently self-funded and the Company anticipates significant additional production from the new wells commencing in the second half of calendar year 2025.

Cambay CCS Scheme

(Synergia Energy: Operator and 100% Participating Interest)

The Company has developed a CCS scheme in India based on CO₂ storage in the extensive Olpad Formation which extends under the Cambay producing reservoirs. The scheme proposes the capture of CO₂ emitted from the many gas- and coal-fired power stations in the vicinity of the Cambay field. CO₂ would be transported via pipeline to a CCS hub on the Cambay field for injection into the Olpad Formation for permanent storage.

The extensive Olpad Formation is up to 1 kilometre thick in the Cambay Basin and Synergia believe it could form the basis of a national CO₂ storage resource. However, further technical work and an appraisal well are required to verify that the Olpad is suitable for CO₂ storage.

The Cambay CCS scheme was presented to the DGH in July 2024 and the Director General of the DGH encouraged the inclusion of the Institute of Technology Bombay ("ITT") into a consortium to prepare an application for GoI funding for a proof-of-concept pilot project. The ITT has prepared several reports on CCS in India and has collaborated with the British Geological survey ("BGS") for many years concerning regional CCS studies. In October the BGS agreed to join the Cambay CCS consortium. A Pilot Project proposal has been submitted to the DGH which incorporates the drilling of an appraisal well on the Cambay PSC targeting the Olpad Formation. The appraisal well would be cored and logged, and CO₂ injection tests would be undertaken. The proposed timeframe for the Pilot Project is currently in calendar year 2026.

Medway Hub Camelot CCS Project

(Synergia Energy: Operator and 50% Participating Interest)

The Company, together with its joint venture partner Wintershall Dea Carbon Management Solutions UK, was formally awarded a Carbon Dioxide Appraisal and Storage Licence (the "CS019 Camelot licence") by the UK Government's North Sea Transition Authority on 17 August 2023. Under the terms of the joint venture with Wintershall Dea Carbon Management Solutions UK, the Company is the operator of the joint venture. The Medway Hub Camelot CCS project provides for the capture and transportation of CO₂ emissions from coastal Combined-Cycle Gas Turbine power stations in liquid form by marine tanker to a Floating Injection, Storage and Offloading vessel (FISO) from which the CO₂ will be injected into the Camelot depleted gas field and Bunter saline aquifer, which are situated in the Southern North Sea, for permanent sequestration. In addition, the FISO will be able to accept CO₂ cargoes transported by marine tankers originating from Continental European locations. The CS019 licence has a work programme that incorporates an appraisal phase comprising seismic reprocessing (completed), technical evaluations and risk assessment (underway), a contingent FEED study leading to the potential storage license application in calendar year 2028 following the final investment decision ("FID"). The Camelot licence also includes a contingent appraisal well. First CO₂ injection is anticipated for calendar years 2029/2030. The Company's share of the initial work phase is subject to funding as would be the FID, to be made in due course.

The Company aims to permanently store up to 6.5 million tonnes per annum (MTa) of CO₂ when the project is fully operational.

On 3 September 2024, Harbour Energy completed the purchase of Wintershall Dea. Consequently, Harbour Energy replaced Wintershall Dea as the 50% partner on the CS019 Camelot licence and associated joint operating agreement. On 28 November Harbour Energy announced they wished to withdraw from the Camelot licence and associated joint venture agreement. In December the NSTA stated that Harbour Energy could not withdraw from the licence until a replacement joint venture partner has been identified. Synergia have mandated upstream energy experts OPC to undertake a formal farm out process to identify a replacement for Harbour Energy. In the interim, Synergia's work on the NSTA-prescribed work programme has been limited to technical activity related to legacy well integrity analysis which is crucial to the storage containment assurance. Synergia is confident that the Camelot field will be suitable for CO₂ storage and a recent economic study undertaken by Axis Well Technology has confirmed that the project will be economically competitive.

PERMIT SCHEDULE

 ⁽¹⁾ On 19 July 2024, the Government of India Ministry of Petroleum and Natural Gas approved the transfer of assignment of 50% participating interest in the Cambay Field Production Sharing Contract (35% previously held by the Synergia Energy Ltd entity and 15% previously held by the Oilex N.L. Holdings (India) Limited entity) to Selan Exploration Technology Limited. After the transfer of the 50%, Synergia Energy Ltd now holds 50% equity.

⁽²⁾ Synergia Energy Ltd and Selan Exploration Technology Limited are joint operators at the Cambay field, with Selan Exploration Technology Limited being the lead joint operator.

DIRECTORS' REPORT

The directors present their report together with the condensed interim financial report of the group comprising of Synergia Energy Ltd (the "Company" or "Synergia Energy") and its subsidiaries (together collectively referred to as the "Group") for the half-year ended 31 December 2024 and the auditor's review report thereon. Unless otherwise indicated, the directors' report is presented in Australian dollars ("A$"), which is the Company's functional and presentation currency (see Note 2(a) of the Notes to the Condensed Consolidated Financial Statements).

DIRECTORS

The directors of the Company at any time during the interim period and until the date of this report are detailed below. All directors were in office for this entire period unless otherwise stated.

REVIEW OF OPERATIONS

A review of the operations of the Group during the financial period and the results of those operations are set out in the Review of Operations on pages 1 to 4 of this report.

BOARD UPDATE

On 4 November 2024, Mr Colin Judd retired as CFO and Executive Director. Mr Andrew Darbyshire was appointed as CFO, effective on the same day. Mr Darbyshire was appointed as Executive Director after the half-year end on 4 February 2025.

Mr Darbyshire qualified as an accountant in 2011 with Garbutt & Elliott and went on to work in audit for Grant Thornton. In 2014, Mr Darbyshire joined Getech Group plc to establish its new finance team, and subsequently joined their board in 2018, where he was instrumental in several acquisitions. Mr Darbyshire has a master's degree in mathematics from the University of York and is a Fellow of the Institute of Chartered Accountants in England and Wales.

There were no other board changes during the period.

ROUNDING OF AMOUNTS

The Company is a company of the kind referred to in ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191 and therefore the amounts contained in this report and in the financial report have been rounded to the nearest dollar, unless otherwise indicated.

FINANCIAL AND OPERATING RESULTS

Income Statement

The Group reported a consolidated profit after income tax of A$10,588,667 during the half-year, compared to a consolidated loss of A$2,069,097 in the previous half-year ended 31 December 2023. This profit was primarily driven by a one-time gain on disposal of 50% of the Group's participating interest in the Cambay PSC, amounting to A$12,596,968.

The reduction of the Group's share in the Cambay PSC to 50% in July 2024 also impacted revenues and cost of sales during the period. Revenues decreased to A$156,470, and cost of sales reduced to A$210,508, compared to A$353,168 and A$741,361, respectively, for the half-year ended 31 December 2023.

There was also a slight decrease in production during the period. The Group's share of gas energy supplied reduced from 20,882 MMBTU during the previous half-year ended 31 December 2023 to 9,818 MMBTU during the current period, and the Group's share of barrels sold reduced from 1,422 barrels during the previous half-year ended 31 December 2023 to 1,127 barrels during the current period. This resulted in the Group incurring a gross loss of A$54,038 during the half-year (half-year ended 31 December 2023: A$388,193).

The reduction of the Group's share in the Cambay PSC also resulted in the reduction of the Group's share of exploration, evaluation, and appraisal expenditure on the Cambay field to A$182,826 (half-year ended 31 December 2023: A$360,405). However, administration expenses increased slightly from A$1,090,567 during the previous half-year ended 31 December 2023 to A$1,246,671 during the current period, mainly due to an overall 10% increase in salary rates as well as a 27% increase in salaries for the CEO and CFO positions effective from 1 July 2024.

During the period, share-based expenses increased from A$84,093 during the half-year ended 31 December 2023 to A$434,809 during the current period. This was mainly due to the issue of nil-cost unlisted options to the Executive Directors, which had a fair value of A$347,579 on 30 October 2024 when they were granted and issued.

As a result, the Group's consolidated profit after income tax for the period was A$10,588,667.

Cash Flow

During the period, the Group received A$3,831,884, net of costs, from the cash payment portion of the 50% farm-out of the Cambay PSC. The Company also raised funds net of costs amounting to A$1,200,283 (half-year ended 31 December 2023: A$3,124,293). These funds were used to pay off the Group's borrowings, consisting of principal and interest repayments of A$1,250,485 and A$431,834, respectively (half-year ended 31 December 2023: A$338,052 and A$10,801, respectively).

These funds were also used to make various payments during the period, including payments to suppliers and employees, which amounted to A$2,334,794 during the period (half-year ended 31 December 2023: A$1,482,286). The increase in these payments was a result of the combined effect of increases in administration expenses as well as the repayment of some trade and other payables which were outstanding as of 30 June 2024.

The payments for capitalised exploration, evaluation, and appraisal assets of A$765,564 (half-year ended 31 December 2023: A$163,967) reflect the Group's ongoing investment in its CCS project within the CS019 licence in the Camelot area.

Overall, this resulted in an increase in cash and cash equivalents of A$252,825 during the period (half-year ended 31 December 2023: increase of A$856,756). Cash and cash equivalents were A$1,268,964 at the end of the period (31 December 2023: A$1,789,410).

Financial Position

During the period, net assets increased from A$9,955,839 at 30 June 2024 to A$23,327,021 at 31 December 2024. This increase is primarily due to the gain on the disposal of the Group's 50% joint venture participating interest in the Cambay PSC, which resulted in the Group acquiring a total carried interest asset of A$15,061,858 as part of the Cambay Farm-Out (A$15,334,532 after unwinding interest income recognised at 31 December 2024). This was partially offset by the decrease in development assets, net of the provision for restoration, from A$11,892,199 at 30 June 2024 to A$6,087,863 at 31 December 2024, also mainly due to the Cambay Farm-Out transaction.

The increase in net assets was also due to the Group's receipt of the cash payment portion of the Cambay Farm-Out, net of costs, amounting to A$3,831,884, as well as the Company's raising of funds net of costs of A$1,200,283, as previously mentioned. This enabled the Group to reduce its liabilities, particularly the Group's borrowings, which decreased from A$1,739,983 at 30 June 2024 to A$nil at 31 December 2024, due to these borrowings being repaid during the period.

As at 31 December 2024, the Company had issued capital of 13,071,741,779 fully paid ordinary shares and 3,901,206,904 unlisted options.

MATERIAL UNCERTAINTY RELATED TO GOING CONCERN

The independent auditor's review report contains a statement of material uncertainty regarding the Company's ability to continue as a going concern. The Condensed Consolidated Interim Financial Report has been prepared on a going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.

The funding requirements of the Group are reviewed on a regular basis by the Group's Executive Directors and are reported to the Board at each board meeting to ensure the Group can meet its financial obligations as and when they fall due.

The Group forecasts that revenues from a new vertical well, scheduled for completion in calendar H2 2025, will provide sufficient operating cash flows to fund the Group's ongoing activities, working capital requirements, liquidity requirements and to continue as a going concern for at least the 12-month period from the end of March 2025. On 27 February 2025, the Group also raised additional equity funding totalling £750,000 (excluding costs), which will also fund the operations and working capital requirements of the business up until the completion of this well.

Should the anticipated revenues from the new well not materialise as expected, or if there are delays in the completion of the well, the Group may need to seek additional funding or implement cost-saving measures to meet its financial obligations.

Further information on the Group's going concern basis of preparation is provided in Note 2(c) of the Notes to the Condensed Consolidated Interim Financial Report.

SIGNIFICANT EVENTS AFTER BALANCE DATE

On 4 February 2025, Mr Andrew Darbyshire, who was appointed during the current period as the Company's Chief Financial Officer on 4 November 2024, was appointed to the Company's Board as Executive Director.

On 27 February 2025, the Company issued 2,500,000,000 shares at £0.0003 (A$0.0006) per ordinary share pursuant to a placement announced on 24 February 2025, raising £750,000 excluding costs. As part of this placement, the Company also issued 115,000,002 unquoted options (exercisable at £0.0003 per option and expiring on 27 February 2030) to the Company's brokers, pursuant to the capital raising advisory agreement relating to this placement.

There were no other significant subsequent events occurring after the half-year end.

AUDITOR'S INDEPENDENCE DECLARATION

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 10.

This report is made in accordance with a resolution directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

On behalf of the Directors:

Mr Jonathan Salomon                                                            Mr Roland Wessel

Chairman                                                                                Chief Executive Officer and Director

Perth

Western Australia

12 March 2025

PKF Perth

ABN 64 591 268 274

Dynons Plaza,

Level 8, 905 Hay Street,

Perth WA 6000

PO Box 7206,

Cloisters Square, WA 6850

Australia

+61 8 9426 8999

perth@pkfperth.com.au

pkf.com.au

AUDITOR'S INDEPENDENCE DECLARATION

TO THE DIRECTORS OF SYNERGIA ENERGY LTD

In relation to our review of the financial report of Synergia Energy Ltd for the half year ended 31 December 2024, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.

PKF Perth

Shane Cross

Partner

12 March 2025

Perth,

Western Australia

PKF Perth is a member of PKF Global, the network of member firms of PKF International Limited, each of which is a separately owned legal entity and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm(s). Liability limited by a scheme approved under Professional Standards Legislation.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

The above Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income is to be read in conjunction with the accompanying notes.

The above Condensed Consolidated Statement of Financial Position is to be read in conjunction with the accompanying notes.

The above Condensed Consolidated Statement of Changes in Equity is to be read in conjunction with the accompanying notes.

The above Condensed Consolidated Statement of Cash Flows is to be read in conjunction with the accompanying notes.

1.   REPORTING ENTITY

Synergia Energy Ltd (the "Company") is a for-profit entity domiciled in Australia. The condensed consolidated interim financial report as at and for the half-year ended 31 December 2024 comprise the Company and its subsidiaries (collectively the "Group" and individually "Group Entities"). Synergia Energy Ltd is a company limited by shares incorporated in Australia whose shares are publicly traded on the Alternative Investment Market ("AIM") of the London Stock Exchange ("LSE").

The principal activities of the Group during the financial year included:

·    appraisal and development of oil and gas prospects;

·    production and sale of oil and gas; and

·    development of CCS projects.

There were no significant changes in the nature of the activities during the period.

The consolidated annual financial report of the Group as at and for the year ended 30 June 2024 is available upon request from the Company's registered office at Level 24, 44 St Georges Tce, Perth, Western Australia, 6000, Australia or at www.synergiaenergy.com.

2.   BASIS OF PREPARATION

(a)  Presentation Currency

The condensed consolidated interim financial report is presented in Australian Dollars ("A$"), unless otherwise stated.

(b) Statement of Compliance

The condensed consolidated interim financial report is a general purpose condensed financial report which has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001. Compliance with AASB134 ensure compliance with IFRS Accounting Standard IAS 134 Interim Financial Reporting. The condensed consolidated interim financial report does not include all of the notes and information normally included in an annual financial report and accordingly this report should be read in conjunction with the consolidated annual financial report of the Group as at and for the year ended 30 June 2024.

The Company is a company of the kind referred to in ASIC Corporations (Rounding in Financials/Directors' Reports) Instrument 2016/191, dated 24 March 2016, and in accordance with that Corporations Instrument amounts in the half-year financial report are rounded off to the nearest dollar, unless otherwise indicated.

This condensed consolidated interim financial report was authorised for issue by the Board of Directors on 12 March 2025.

(c)  Going Concern Basis

The Directors believe it is appropriate to prepare the consolidated financial statements on a going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. In adopting the going concern basis, the Directors have considered the Group's business operations as set out on pages 1 to 4, the financial performance and financial position of the Group, its cash flows and liquidity position, and the Group's financial risk management objectives and exposures to liquidity and other financial risks as set out in Note 30 in the consolidated annual financial report of the Group for the year ended 30 June 2024.

During the period, the Group reported a net consolidated profit after income tax of A$10,588,667. This profit included a gain on disposal of the Group's joint venture participating interest in the Cambay PSC, which amounted to A$12,596,968. Excluding this gain on disposal, the Group's net consolidated loss for the period would have been A$2,008,301 (half-year ended 31 December 2023: A$2,069,097).

During the period, the Group also had net consolidated cash inflows from operating and investing activities of A$30,715. The net inflows include A$3,831,884 which was received as part of the Cambay Farm-Out transaction. Excluding this receipt, the Group's net consolidated cash outflows from operating and investing activities would have been A$3,801,169 (half-year ended 31 December 2023: A$1,929,485).

The Group concluded the half-year at 31 December 2024 with net assets of A$23,327,021 and net current assets of A$4,516,697. These net assets include the carried interest asset of A$15,334,532, which has a current portion of A$4,677,421. Excluding the carried interest asset, the Group's net assets would have been A$7,992,489 (30 June 2024: A$9,955,839), and its net current liabilities would have been A$160,724 (30 June 2024: A$3,254,120).

The Group's net assets at half-year end also included:

·    cash and cash equivalents of A$1,268,964 (30 June 2024: A$1,069,782); and

·    trade and other payables of A$2,098,145 (30 June 2024: A$2,373,587), of which A$646,888 was overdue at 31 December 2024 (30 June 2024: A$353,588). Subsequent to period end, A$73,170 of this amount has been paid.

The Group forecasts that revenues from a new vertical well, scheduled for completion in calendar H2 2025, will provide sufficient operating cash flows to fund the Group's ongoing activities, working capital requirements, liquidity requirements and to continue as a going concern for at least the 12‑month period from the end of March 2025. On 27 February 2025, the Group also raised additional equity funding totalling £750,000 (excluding costs), which will also fund the operations and working capital requirements of the business up until the completion of this well.

Based on the above, and should the anticipated revenues from the new well not materialise as expected, or if there are delays in the completion of the well, the Group may require additional funding within the next 12 months from the date of this report in order to continue its activities, meet ongoing working capital requirements (including payment of trade and other payables), meet its liquidity requirements, and continue as a going concern for at least the 12-month period from the end of March 2025.

To this end, the Directors have assessed the Group's cash flow forecasts, which incorporate future fundraisings, and believe that the Group will be able to secure this additional funding to meet the Group's requirements to continue as a going concern, due to its history of previous capital raisings. However, the Directors acknowledge that the structure and timing of any capital raising is dependent upon investor support, prevailing capital markets, shareholder participation, oil and gas prices, and the outcome of planned exploration, evaluation, and appraisal activities, which in turn creates uncertainty.

The ability of the Group to achieve its forecast cash flows, including achieving revenues from the new well and the raising of additional funds, represents a material uncertainty that may cast significant doubt about whether the Group can continue as a going concern. In such a case, the Group may not be able to realise its assets and extinguish its liabilities in the normal course of business and at the stated amounts in the financial statements. If funds are not able to be raised or realised, then it may be necessary for the Group to:

·    sell or farm out more of its interests in its exploration, evaluation, appraisal, and development assets; and

·    reduce discretionary administrative expenditure.

Based on the above indications, the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis. However, this material uncertainty may cast significant doubt on the Group's ability to continue as a going concern and, therefore, to continue realising its assets and discharging its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

3.   MATERIAL ACCOUNTING POLICIES

The accounting policies applied by the Group in this condensed consolidated interim financial report are the same as those applied by the Group in its consolidated financial report as at and for the year ended 30 June 2024.

New or Amended Accounting Standards and Interpretations Adopted

The Group has adopted all of the new or amended accounting standards, interpretations and other accounting pronouncements issued by the Australian Accounting Standards Board ("AASB") that are effective for reporting periods beginning on or after 1 January 2024 and therefore mandatory for the current reporting period. The adoption of these accounting standards, interpretations and other accounting pronouncements did not have any significant impact on the financial performance or position of the Group.

Any new or amended accounting standards, interpretations and other accounting pronouncements issued by the AASB that are not yet mandatory for the current reporting period have not been early adopted.

4.   ESTIMATES AND JUDGEMENTS

The preparation of a condensed consolidated interim financial report requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing this condensed consolidated interim financial report, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial report as at and for the year ended 30 June 2024.