Announcement PDF Right Resources Limited 30 June 2025 Financial Report 30 June 2025 Financial Report Right Resources Limited 30 June 2025 Financial Report i Contents Corporate Directory ....................................................................................................................... ii Directors & Management...............................................................................................................1 Director’s Report .............................................................................................................................3 Consolidated Statement of Profit or Loss and Other Comprehensive Income..........................6 Consolidated Statement of Financial Position..............................................................................7 Consolidated Statement of Changes in Equity ............................................................................8 Consolidated Statement of Cash Flows........................................................................................9 Notes to the Consolidated Financial Statements.......................................................................10 Directors’ Declaration ..................................................................................................................25 Auditors Independence Declaration..........................................................................................26 Independent Auditor’s Report .....................................................................................................27 Right Resources Limited 30 June 2025 Financial Report ii Corporate Directory Directors Chris Brown Non-Executive Chair Graham Howard Managing Director Lauren Robinson Michael Willoughby Executive Director Non-Executive Director Greg Winch Non-Executive Director Company Secretary Jessamyn Lyons E: jlyons@occamcorp.com Registered and Principal Office Level 1, 41 Colin Street West Perth WA 6005 ABN 81 649 632 744 Email: info@righresources.com.au Website: www.rightresources.com.au Share Registry Automic Group 191 St Georges Terrace Perth WA 6000 Auditor BDO Audit Pty Ltd Level 9, Mia Yellagonga Tower 2 5 Spring Street, Perth WA 6000 Right Resources Limited 30 June 2025 Financial Report 1 Directors & Management Chris Brown Non-Executive Chairperson Chris has more than 35 years of experience as a former corporate advisory director of chartered accounting firm William Buck, as well as holding directorships of public and private companies in Australia, USA, UK, China, Hong Kong and Singapore. Chris has provided strategic advice to a diverse range of clients in various industry sectors including mining and energy, infrastructure, life sciences, digital and new generation technologies, capital markets and philanthropy. Graham Howard Managing Director Graham has more than 39 years of experience in the resource industry. He also has over 10 years of experience in executive director and NED roles, recently stepping down as the Managing Director and CEO of development ready, $1.5 billion NPV rare earth and critical minerals company, VHM Limited. Graham was instrumental in delivering the successful environmental effects statement for the Goschen Project, Victoria, the first greenfield mining project since 2008. He has also held significant roles in major gold and copper projects such as Boddington (Newcrest), Telfer (Newcrest) and the Silangan Copper Gold Project (Philippines), delivering projects from concept to feasibility and from construction through to operation. Graham is currently NED of VP Minerals Limited, an unlisted public company focused on gold and critical minerals exploration in North-West Victoria. Lauren Robinson Executive Director Lauren brings over 16 years of experience across the mining and construction sectors, with a strong track record in strategic planning, project management, and delivery of large- scale projects. She has held senior roles in small-cap gold and critical minerals companies, including a pivotal position at ASX-listed VHM Limited, where she provided project management support for the successful delivery of its Definitive Feasibility Study and Initial Public Offering. Lauren has demonstrated expertise in securing R&DTI funding, leading capital raising initiatives, and managing investor relations. Right Resources Limited 30 June 2025 Financial Report 2 Greg Winch Non-Executive Director Greg is a highly experienced geologist and mining executive with over 37 years of experience in mineral exploration, development and operations. He has held senior executive roles in mineral exploration and strategic development such as Founder and Chief Geology & Strategic Officer at Allied Gold Corporation. Prior to that, he was exploration manager at Centamin, overseeing key exploration initiatives. Greg has led major exploration programs and contributed to and resource growth across diverse international geological settings. Michael Willoughby Non-Executive Director Michael has over 27 years of experience in the resources and diversified industries sectors, including 8 years as an equity research analyst and 18 as an investment banker. Mr Willoughby lived in Australia, Japan, China, Hong Kong, and Singapore, thus well versed in regional/global dynamics. He has served as Global Head of Metals, Mining & Transition Materials at HSBC, overseeing the largest balance sheet in the sector. Previously, he led the Metals & Mining Investment Banking team for Asia Pacific at JP Morgan and Standard Chartered. Michael has led some of the most transformational fully integrated transactions in the sector and has deep expertise throughout Industrial, Emerging and Western markets, M&A, debt and equity capital markets and strategic advice. Jerom Bourne Chief Financial Officer Jerom has more than 25 years of experience in the resources industry, specialising in strategy, planning, financial management and commercial negotiations. Jerom holds a Bachelor of Commerce (Finance) and is a current member of CPA Australia. He has significant experience in the development of resources projects from exploration through to operations and has broad experience across a number of commodities including gold, critical minerals and iron ore projects. He has worked on projects for Ora Banda Mining, Iluka Resources, VHM, Mt Gibson Mining, Karara Mining, Rio Tinto and BHP. Mark Upton Executive General Manager - Strategy Mark has over 25 years of experience in the resources sector. He is a qualified geologist and holds a Master of Business Administration. For the past 20 years, he has worked with EY and Deloitte, where he was a senior partner leading Deloitte’s national practice supporting clients with innovation strategies, government grants, and R&D tax incentives. He has expertise in commercialisation strategies spanning organisational structure, funding, and strategic communication, designed to increase enterprise value. He also led Deloitte’s global business focused on the commercialisation of the critical minerals sector, developing strong relationships with industry and government agencies in North America dedicated to building resilient mineral supply chains. Right Resources Limited 30 June 2025 Financial Report 3 Director’s Report FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Consolidated Entity' or "Group") consisting of Right Resources Limited (referred to hereafter as the 'Company' or 'Parent Entity') and the entities it controlled at the end of, or during, the year ended 30 June 2025. Directors The names of the Directors in office at any time during, or since the end of, the year are: • Christopher John Brown – Chairperson Qualifications: BBus (Accounting & Law), MBA, DBA • Graham Roger Howard – Managing Director Qualifications: BAppSc (Geology), FAusIMM • Lauren Amanda Robinson – Executive Director Qualifications: BAppSc (Construction Management) • Michael Willoughby – Independent Director (appointed 18 July 2025) Qualifications: BA (Int Business), Grad Dip (Applied Finance & Investment) • Greg Winch (appointed 5 August 2025) Qualifications: BAppSc (Geology) Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Principal Activities The principal activities of the Group during the financial year were mineral exploration of gold and copper. No significant change in the nature of these activities occurred during the year. Significant Changes in the State of Affairs Effective 13 June 2025 the Group became a public unlisted company and changed its name from Right Resources Pty Ltd to Right Resources Limited No other significant changes in the Group's state of affairs occurred during the financial year. Review of Operations During FY25, the Company advanced its exploration portfolio through ground surveys, desktop studies, field reconnaissance, and petrography across key project areas: Pilot, Bullseye, and Storm. Mobile MT surveys identified multiple deep conductors and geophysical anomalies, while LiDAR and petrology confirmed historic workings and porphyry systems, particularly in the Pilot Project area. These findings have expanded the project footprint and informed a Phase 1 drilling program at Pilot Project. Mapping and sampling at the Bullseye Project revealed copper assays up to 0.2% Cu centered around the Woody Prospect. High-grade gold assays up to 41.6 g/t Au were associated with epithermal veins that crosscut Bullseye Project. Early phase work has identified large mineralized and alteration system referred to as the Storm Project. The Company expanded tenure with the newly granted EL9770 (Greenhills)and engaged with academic experts at the University of Tasmania’s CODES Department, supervised by Dr. David Cooke, to support further discovery and elevate the next phase of exploration. Corporate developments included successful capital raises, an FY24 R&DTI refund and transition to an unlisted public company. The net loss of the Group for the financial year after providing for income tax amounted to $1,814,894 (2024: $224,291). Right Resources Limited 30 June 2025 Financial Report 4 Events Subsequent to the End of the Reporting Period Subsequent to year end, the Company raised $1,670,593 at $0.90 per share following a successful completion of oversubscribed pre-IPO capital raise from professional and sophisticated investors. Date of Issue Number of Shares Price per Share Total Amount Paid 4 August 2025 1,856,214 $0.90 $1,670,593 In July 2025, the Company secured an interest bearing business loan from Rockford RDF Pty Ltd for $613,000, secured against the Company’s R&D Tax Incentive from the Australian Tax Office. The loan has a maturity date of one year. Right Resources Limited and Right Solutions Australia Pty Ltd signed a Deed of Acknowledgement and Release on July 2, 2025, agreeing on a payment of $600,000. The liability was accounted for at reporting date. Further to the shareholder approval of the Company Award Plan at the Annual General Meeting of 11 April 2025, the Company issued 1,230,000 options with an exercise price of $1.00 to members of the Board and Senior Management. Further, as approved at the Company’s General Meeting on 10 September 2025, the issued capital has been increased by splitting every 1 share on issue into 5 shares, pursuant to section 254H of the Corporations Act. On the 23rd of September 2025, the Company entered into a property purchase agreement for 88 The Parade, Tumbarumba for $295,000 + GST. A deposit of 10% of the purchase price was paid on execution. Latest Settlement Date is 30 November 2025. On 13th of October 2025, the Company issued 3,790,000 performance rights under the Company Awards Plan adopted by the Company and Division 1A of Part 7.12 of the Corporations Act 2001 (Cth). Each performance right entitles the holder to acquire fully paid ordinary share in the Company, subject to the applicable vesting and performance conditions. No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years. Likely Developments and Expected Results of Operations The Company has announced its intention to undertake an initial public offering (IPO) on the Australian Securities Exchange (ASX). Likely developments in the operations of the Group and the expected results of those operations in future financial years have not been included in this report as the inclusion of such information is likely to result in unreasonable prejudice to the Group. Environmental Regulation The operations and proposed activities of the Group are subject to regulations concerning the environment. The Group's activities are expected to have an impact on the environment, particularly if advanced production development proceeds. The Group has a policy of exceeding, or at a minimum, complying with its environmental performance obligations, including compliance with all environmental laws. Production operations have inherent risks and liabilities associated with safety and damage to the environment and the disposal of waste products occurring as a result of development and production of the projects. The occurrence of any such safety or environmental incident could delay production or increase production costs. Events, such as unpredictable rainfall or wildfires may impact on the Group's ongoing compliance with environmental legislation, regulations and licences. Significant liabilities could be imposed on the Group for damages, clean up costs or penalties in the event of certain discharges into the environment, environmental damage caused by previous operations or non-compliance with environmental laws or regulations. There is a risk that environmental laws and regulations become more onerous making the Group's operations more expensive. Approvals are required for land clearing and for ground disturbing activities. Delays in obtaining such approvals can result in the delay to anticipated development and production activities. Dividends The Directors recommend that no dividend be provided for the year ended 30 June 2025 (2024: Nil). Shares under Option Right Resources Limited 30 June 2025 Financial Report 5 There were no unissued ordinary shares of the Company under option outstanding at 30 June 2025. Shares Issued on the Exercise of Options There were no ordinary shares of the Company issued on the exercise of options during the year ended 30 June 2025 and up to the date of this report. Indemnity and Insurance of Officers The Company has indemnified the Directors and Executives of the Company for costs incurred, in their capacity as a Director or Executive, for which they may be held personally liable, except where there has been a lack of good faith. During the financial year, the Company paid a premium in respect of a contract to insure the Directors and executives of the Company against a liability to the extent permitted by the Corporations Act 2001 (Cth). The contract of insurance prohibits the disclosure of the nature of the liability and the amount of the premium. A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 25. Assurance services have been provided by the auditors BDO Audit Pty Ltd. This Directors' Report is signed in accordance with a resolution of the Board of Directors: ________________________________ Graham Howard Managing Director Date: 15 October 2025 Right Resources Limited 30 June 2025 Financial Report 6 Consolidated Statement of Profit or Loss and Other Comprehensive Income FOR THE YEAR ENDED 30 JUNE 2025 Note 2025 2024 $ $ Revenue and other income Consulting fees - 60,505 Interest income 10,990 882 Total revenue and other income 10,990 61,387 Expenses Accounting, audit and bookkeeping fees (156,461) (34,372) Consulting expenses (519,122) (41,650) Employee benefits expense 2 (316,899) (194,189) Legal, compliance and company secretarial expenses (370,255) - Occupancy expenses (22,703) (6,232) Depreciation expenses 11,12 (17,198) - Interest expense 11 (825) - Other expenses 3 (422,421) (9,235) Total expenditure (1,825,884) (285,678) Loss before income tax (1,814,894) (224,291) Income tax expense 4 - - Loss after income tax expense for the year (1,814,894) (224,291) Other comprehensive loss Other comprehensive loss for the year, net of tax - - Total comprehensive loss for the year (1,814,894) (224,291) The accompanying notes form part of these financial statements. Right Resources Limited 30 June 2025 Financial Report 7 Consolidated Statement of Financial Position AS AT 30 JUNE 2025 Note 2025 2024 $ $ Assets Current assets Cash and cash equivalents 7 442,756 504,455 Trade and other receivables 8 121,365 43,689 Other current assets 9 13,677 79 Income tax receivable 14 154,088 448 Total current assets 731,886 548,671 Non-current assets Exploration and evaluation 10 2,703,613 534,902 Right-of-use asset 11 152,585 - Plant and equipment 12 56,313 - Other non-current asset 9 80,000 60,000 Total non-current assets 2,992,511 594,902 Total assets 3,724,397 1,143,573 Liabilities Current liabilities Lease liability 11 54,611 - Trade and other payables 13 777,066 254,904 Provision for annual leave 15 11,054 5,720 Total current liabilities 842,731 260,624 Non-current liabilities Lease liability 11 98,370 - Trade and other payables 13 286,000 Total non-current liabilities 384,370 - Total liabilities 1,227,101 260,624 Net assets 2,497,296 882,949 Equity Share capital 16 4,462,341 1,033,100 Accumulated losses (1,965,045) (150,151) Total equity 2,497,296 882,949 The accompanying notes form part of these financial statements. Right Resources Limited 30 June 2025 Financial Report 8 Consolidated Statement of Changes in Equity FOR THE YEAR ENDED 30 JUNE 2025 Note Share Capital Accumulated Losses Total $ $ $ Balance at 1 July 2023 213,100 74,140 287,240 Loss after income tax benefit for the year - (224,291) (224,291) Shares issued during the year 16 820,000 - 820,000 Balance at 30 June 2024 1,033,100 (150,151) 882,949 Balance at 1 July 2024 1,033,100 (150,151) 882,949 Loss after income tax benefit for the year - (1,814,894) (1,814,894) Shares issued during the year 16 3,429,241 - 3,429,241 Balance at 30 June 2025 4,462,341 (1,965,045) 2,497,296 The accompanying notes form part of these financial statements. Right Resources Limited 30 June 2025 Financial Report 9 Consolidated Statement of Cash Flows FOR THE YEAR ENDED 30 JUNE 2025 2025 2024 Note $ $ CASH FLOWS FROM OPERATING ACTIVITIES Consulting fees received - 60,505 Payments to suppliers and employees (1,440,927) (99,040) Interest received 10,990 882 Income tax paid - (448) Net cash used in operating activities 19 (1,429,937) (38,101) CASH FLOWS FROM INVESTING ACTIVITIES Payments for exploration and evaluation expenditure (1,987,063) (433,323) Payments for plant and equipment 12 (59,640) - Net cash used in investing activities (2,046,703) (433,323) CASH FLOWS FROM FINANCING ACTIVITIES Share capital issued 16 3,429,241 820,000 Payment of lease liability 11 (14,300) - Net cash provided by financing activities 3,414,941 820,000 Net (decrease)/increase in cash held (61,699) 348,576 Cash and cash equivalents at beginning of financial year 504,455 155,879 Cash and cash equivalents at end of financial year 7 442,756 504,455 The accompanying notes form part of these financial statements. Right Resources Limited 30 June 2025 Financial Report 10 Notes to the Consolidated Financial Statements FOR THE YEAR ENDED 30 JUNE 2025 Material Accounting Policies General Information The financial statements cover Right Resources Limited as a consolidated entity consisting of Right Resources Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Right Resources Limited functional and presentation currency. Right Resources Limited is a company limited by shares incorporated in Australia. Basis of Preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001. The Company is a for-profit entity for financial reporting purposes under Australian Accounting Standards. Historical cost convention The financial statements have been prepared under the historical cost convention. Parent Entity Information In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only. Supplementary information about the parent entity is disclosed in Note 22. Going Concern The financial statements for the year ended 30 June 2025 have been prepared on the basis that the Group is a going concern and therefore, contemplates the continuity of normal business activity, realisation of assets and settlement of liabilities in the normal course of business. During the year, the Group recorded a net loss after tax of $1,814,894 (2024: $224,291) and had net cash used in operating activities of $1,429,937 (2024: $38,101) and net cash used in investing activities of $2,046,703 (2024: $433,323). The Group’s ability to continue as a going concern is dependent upon its ability to generate cash flow through its business operations and the ability to raise additional finance from debt or equity if and when required to contribute to the Group’s working capital position. The Directors continue to be focused on meeting the Group’s business objectives and are mindful of the funding requirements to meet these objectives. These conditions indicate a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements have been prepared on the basis that the Group is a going concern, which contemplates the continuity of normal business activity, realisation of assets and settlement of liabilities in the normal course of business for the following reasons: (a) The Group is conducting an Initial Public Offering “IPO”under a prospectus to raise a minimum subscription of $8 million. Subsequent to year end, the Company raised $1,670,593 at $0.90 per share following a successful completion of oversubscribed pre-IPO capital raise from professional and sophisticated investors; Right Resources Limited 30 June 2025 Financial Report 11 (b) In July 2025, the Company secured a business loan from Rockford RDF Pty Ltd for $613,000, secured against the Company’s R&D Tax Incentive from the Australian Tax Office. The loan has a maturity date of one year. (c) The Group has historically demonstrated its ability to raise funds to satisfy its cash requirements. Management have considered the future capital requirements of the Group and will consider all funding options as required; and (d) The Group has the ability to scale back certain activities that are non-essential so as to conserve cash. Should the Group not be able to continue as a going concern it may be required to realise its assets and discharge its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements. The financial report does not include any adjustments relating to the recoverability or classification of recorded asset amounts, nor the amounts or classification of liabilities that might be necessary should the Group not be able to continue as a going concern. (a) Exploration and Evaluation Expenditure Exploration for and evaluation of mineral resources is the search for mineral resources after the entity has obtained legal rights to explore in a specific area, as well as the determination of the technical feasibility and commercial viability of extracting the mineral resource. Accordingly, exploration and evaluation expenditures are those expenditures incurred by the Group in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Accounting for exploration and evaluation expenditures is assessed separately for each ‘area of interest’. An ‘area of interest’ is an individual geological area which is considered to constitute a favourable environment for the presence of a mineral deposit or has been proved to contain such a deposit. Exploration and evaluation costs are capitalised on the basis that the Group will commence commercial production in the future, from which time the costs will be amortised in proportion to the depletion of the mineral resources. Key judgements are applied in considering costs to be capitalised which includes determining expenditures directly related to these activities and allocating overheads between those that are expensed and capitalised. In addition, costs are only capitalised that are expected to be recovered either through successful development or sale of the relevant mining interest. Factors that could impact the future commercial production at the mine include the level of reserves and resources, future technology changes, which could impact the cost of mining, future legal changes and changes in commodity prices. Where an area of interest is abandoned or the directors decide that it is not commercial, any accumulated mineral acquisition costs in respect of that area are written off in the financial period the decision is made. Each area of interest is also reviewed at the end of each accounting period and capitalised costs written off to the extent it is deemed that they will not be recoverable in the future. Amortisation is not charged on costs carried forward in respect of areas of interest in the development phase until commercial production commences. (b) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short- term highly liquid investments with original maturities of three months or less, and bank overdrafts. Right Resources Limited 30 June 2025 Financial Report 12 (c) Employee Benefits Provision is made for the Group’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may not satisfy any vesting requirements. (d) Provisions Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions are measured using the best estimate of the amounts required to settle the obligation at the end of the reporting period. (e) Trade and Other Payables Trade and other payables represent the liabilities for goods and services received by the Group that remain unpaid at the end of the reporting period. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability. (f) Goods and Services Tax (GST) Revenues, expenses and assets (excluding receivables and payables) are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities, which are recoverable from or payable to the ATO, are presented as operating cash flows included in receipts from customers or payments to suppliers. (g) Income Tax The income tax expense/(income) for the year comprises current income tax expense/(income) and deferred tax expense/(income). Current income tax expense charged to profit or loss is the tax payable on taxable income for the current period. Current tax liabilities/(assets) are measured at the amounts expected to be paid to/(recovered from) the relevant taxation authority using tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well as unused tax losses. Current and deferred income tax expense/(income) is charged or credited directly to equity instead of the profit or loss when the tax relates to items that are charged or credited directly to equity. A deferred tax liability shall be recognised for all taxable temporary differences, except to the extent that the deferred tax liability arises from: (a) the initial recognition of goodwill; or (b) the initial recognition of an asset or liability in a transaction which: (i) is not a business combination; and (ii) at the time of the transaction, affects neither accounting profit nor taxable profit/(tax loss). Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settle