Announcement PDF Right Resources Pty Ltd FY23 Year Financial Report i FY23 Year Financial Report 29 July 2025 Right Resources Pty Ltd FY23 Year Financial Report i Contents Corporate Directory ....................................................................................................................... ii Directors and Management ..........................................................................................................1 Directors’ 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 ..................................................................................................................24 Right Resources Pty Ltd FY23 Year Financial Report ii Corporate Directory Directors Chris Brown Non-Executive Chair Graham Howard Managing Director Lauren Robinson Executive Director Company Secretary Lejo Ouwendyk E: lejo@kennerlys.com.au Registered and Principal Office 37 Ord Street West Perth 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 Armada Audit and Assurance Pty Ltd 18 Sangiorgio Court Osbourne Park WA 6017 Right Resources Pty Ltd FY23 Year Financial Report 1 Directors and Management Chris Brown Non-Executive Chairperson 35+ years as a corporate advisory director of Chartered accounting firm William Buck (est 1895) 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 & energy, infrastructure, life sciences, digital & new generation technologies, capital markets and philanthropy Graham Howard Managing Director Experienced corporate executive with over 35 years of resource industry experience with delivery of over 45Moz of gold (JORC), with a proven track record in creating, developing and funding companies as either unlisted or listed corporate entities. Graham has held significant roles in major gold and copper projects leading technical and approval teams that have successfully delivered or defined mining projects with life of mine >20 years and revenue >AUD 20 billion, including Telfer (Au/Cu), Boddington Au/Cu (Newcrest), Silangan Au/Cu Project (Philex/Silangan), and Goschen critical mineral (rare earth, zircon and titanium) Project (VHM). Graham is currently a Non-Executive Director of unlisted exploration company VP Minerals Ltd. Lauren Robinson Executive Director 16+ years experience in project management across the mining and construction industries, with 7 years in senior leadership roles. Lauren has held senior management roles in private small-cap gold and critical mineral exploration companies, with proven ability in corporate governance, exploration program and tenement management, delivery of resource estimation, feasibility studies and approvals, successful non-dilutive funding through R&DTI, and investor relations management. Lauren is also the Executive Officer for VP Minerals Limited focusing on gold and critical minerals exploration in Northwest Victoria. Michael Willoughby Non Executive Director Right Resources Pty Ltd FY23 Year Financial Report 2 Damien Harris Director (appointed 21 April 2021 and resigned 18th August 2023) Damien Harris is a highly experienced IT and operations professional with over 20+ years of expertise driving technological innovation and operational efficiency in the mining and resources sector. Based in Western Australia, Damien has held key leadership roles at Newcrest Mining Ltd, where he oversaw IT operations at the Telfer gold and copper mine, one of Australia's most remote and complex mining sites. Throughout his career, Damien has built a strong track record in technical sales, project management, and systems integration. His areas of expertise include enterprise IT infrastructure, Cisco networking, ITIL-based service management, and project delivery under PRINCE2 methodologies. With a solid foundation in technology and a deep understanding of mining operations, Damien offers a unique combination of strategic insight and hands- on technical capability. Jerom Bourne Chief Financial Officer 25+ years of resources industry experience specialising in strategy, planning, financial management and commercial negotiations. Jerom is an effective communicator and a respected leader of financial, compliance and commercial functions. 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, including Ora Banda Mining, Iluka Resources, VHM Ltd, Mt Gibson Mining, Karara Mining, Rio Tinto and BHP. Right Resources Pty Ltd FY23 Year Financial Report 3 Directors’ Report FOR THE YEAR ENDED 30 JUNE 2023 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 Pty Ltd (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 2023. Directors The names of the Directors in office at any time during, or since the end of, the year are:  Graham Roger Howard (appointed 26 February 2024)  Lauren Amanda Robinson (appointed 18 August 2023)  Christopher John Brown (appointed 1 March 2024)  Michael Willoughby (appointed 18 July 2025)  Damien Harris (appointed 21 April 2021 and resigned 18th August 2023) 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 year ended 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 No significant changes in the Group's state of affairs occurred during the financial year. Review of Operations On 20 December 2022, tenements EL9028, EL9029, EL9089, EL9170, and EL9142 were successfully transferred from Right Solutions Australia Pty Ltd to Right Resources Pty Ltd. The completion of this transfer enabled the Company to commence a comprehensive review of all historical exploration data, open file reports, geological maps, and sampling locations to enhance its geological understanding and identify exploration targets. The existing Level 1 Forest Permit between Right Solutions Australia and the New South Wales Forest Corporation expired on 13 January 2023, the permit covered the Bago State Forest within tenements EL9089, EL9028, and EL9029. A field trip in October 2022 took place under the Right Solutions Australia level 1 permit. Subsequently, EL9028 (Laurel Hill) and EL9029 (Burra Creek) were renewed for another two years on 28 June 2023. Photos from the RSA 2022 fieldwork revealed alteration zonation indicative of porphyry-style mineralization, supporting the potential for gold deposits. The Company completed extensive desktop studies, including review of government geophysics further highlighted areas with high potassic and thorium values, suggesting the presence of high-grade porphyry units. On 10 August 2022, EL9449 referred to as Maragle was successfully granted, which is southeast of the existing Tumbarumba Tenements. Subsequently, EL9028 (Laurel Hill) and EL9029 (Burra Creek) were renewed for another two years on 28 June 2023. The net profit of the Group for the financial year after providing for income tax amounted to $70,555 (2022: net profit of $3,785). Right Resources Pty Ltd FY23 Year Financial Report 4 Events Subsequent to the End of the Reporting Period Subsequent to year end, the Company raised $4,249,239. Date of Issue Number of Shares Price per Share Total Amount Paid 14 April 2024 450,000 $0.50 $225,000 7 June 2024 1,190,000 $0.50 $595,000 7 August 2024 240,000 $0.50 $120,000 26 September 2024 668,532 $0.75 $501,399 21 October 2024 666,700 $0.75 $500,025 29 November 2024 266,665 $0.75 $199,999 20 February 2025 2,810,422 $0.75 $2,107,817 Effective 13 June 2025 the Group became a public unlisted company and changed its name from Right Resources Pty Ltd to Right Resources Limited. Right Resources Limited and Right Solutions Pty Ltd signed a Deed of Acknowledgement and Release on July 2, 2025, agreeing on a payment of an undisclosed sum. In June 2025, the Group secured a business loan of $613,000 from Rockford RDF Pty Ltd. The loan amount provided is wholly or predominantly for general working capital purposes. The loan matures on the applicable maturity date being 7 July 2026. 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 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 2023 (2022: Nil). Directors’ Report continued Right Resources Pty Ltd FY23 Year Financial Report 5 Shares under Option There were no unissued ordinary shares of the Company under option outstanding at the date of this report. 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 2023 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. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. Indemnity and Insurance of Auditor The Group has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Group or any related entity against a liability incurred by the auditor. During the financial year, the Group has not paid a premium in respect of a contract to insure the auditor of the Group or any related entity. Proceedings on Behalf of the Group No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Group, or to intervene in any proceedings to which the Group is a party for the purpose of taking responsibility on behalf of the Group for all or part of those proceedings. 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 29. Assurance services have been provided by the auditors Armada Audit and Assurance Pty Ltd. No non-assurance services were provided by Armada Audit and Assurance Pty Ltd This Directors' Report is signed in accordance with a resolution of the Board of Directors: ________________________________ ________________________________ Managing Director Executive Director Date: Date: Lauren Robinson Graham Howard 5 August 2025 5 August 2025 Right Resources Pty Ltd FY23 Year Financial Report 6 Consolidated Statement of Profit or Loss and Other Comprehensive Income FOR THE YEAR ENDED 30 JUNE 2023 Unaudited Note 2023 2022 $ $ Revenue and other income Consulting fees 2 301,143 71,533 301,143 71,533 Expenses Professional services 28,293 156 Employee benefits expenses 3 191,612 65,900 Other expenses 10,683 - Total expenditure 230,588 66,056 Profit before income tax 70,555 5,477 Income tax expense 4 - (1,692) Profit after income tax expense for the period 70,555 3,785 Other comprehensive income Other comprehensive income for the year, net of tax - - Total comprehensive income for the period 70,555 3,785 The accompanying notes form part of these financial statements. Right Resources Pty Ltd FY23 Year Financial Report 7 Consolidated Statement of Financial Position FOR THE YEAR ENDED 30 JUNE 2023 Unaudited Note 2023 2022 $ $ Assets Current assets Cash and cash equivalents 6 155,879 79,917 Trade and other receivables 7 - 1,260 Total current assets 155,879 81,177 Non-current assets Exploration and evaluation 9 101,579 13,811 Other non-current asset 8 60,000 - Total non-current assets 161,579 13,811 Total assets 317,458 94,988 Liabilities Current liabilities Trade and other payables 11 17,839 87,611 Income tax payable 12 - 1,692 Employee provisions 13 12,379 - Total current liabilities 30,218 89,303 Total liabilities 30,218 89,303 Net assets 287,240 5,685 Equity Issued capital 14 213,100 2,100 Accumulated profit 74,140 3,585 Total equity 287,240 5,685 The accompanying notes form part of these financial statements. Right Resources Pty Ltd FY23 Year Financial Report 8 Consolidated Statement of Changes in Equity FOR THE YEAR ENDED 30 JUNE 2023 Note Issued Capital Accumulated Profit Total $ $ $ Balance at 1 July 2021 (unaudited) 100 (200) (100) Profit after income tax expense for the period - 3,785 3,785 Shares issued during the period 14 2,000 - 2,000 Balance at 30 June 2022 (unaudited) 2,100 3,585 5,685 Balance at 1 July 2022 (unaudited) 2,100 3,585 5,685 Profit after income tax expense for the period - 70,555 70,555 Shares issued during the period 14 211,000 - 211,000 Balance at 30 June 2023 213,100 74,140 287,240 The accompanying notes form part of these financial statements. Right Resources Pty Ltd FY23 Year Financial Report 9 Consolidated Statement of Cash Flows FOR THE YEAR ENDED 30 JUNE 2023 Unaudited 2023 2022 Note $ $ CASH FLOWS FROM OPERATING ACTIVITIES Consulting fees received 301,143 71,533 Payments to suppliers and employees (285,721) (40,805) Income tax paid (1,692) - Net cash provided from operating activities 17 13,730 30,728 CASH FLOWS FROM INVESTING ACTIVITIES Payments for exploration and evaluation expenditure (37,768) (13,811) Net cash used in investing activities (37,768) (13,811) CASH FLOWS FROM FINANCING ACTIVITIES Share capital issued 100,000 2,000 Proceed from shareholder loans - 61,000 Payment of shareholder loans - - Net cash provided by financing activities 100,000 63,000 Net increase in cash held 75,962 79,917 Cash and cash equivalents at beginning of the period 79,917 - Cash and cash equivalents at end of the period 6 155,879 79,917 The accompanying notes form part of these financial statements. Right Resources Pty Ltd FY23 Year Financial Report 10 Notes to the Consolidated Financial Statements FOR THE YEAR ENDED 30 JUNE 2023 Note 1 Significant Accounting Policies General Information The financial statements cover Right Resources Pty Ltd as a consolidated entity consisting of Right Resources Pty Ltd 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 Pty Ltd's functional and presentation currency. 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, except for, where applicable, the revaluation of financial assets and liabilities at fair value through profit or loss, certain classes of property, plant and equipment and cash flow information. 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 20. Going Concern The financial statements for the year ended 30 June 2023 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 profit after tax of $70,555 (2022: $3,785) and had net cash inflows from operating activities of $13,730 (2022: $30,728). 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: Right Resources Pty Ltd FY23 Year Financial Report 11 (a) 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. Subsequent to 30 June 2023 the Group raised capital of $4,249,239; (b) The Group has also secured a business loan of $613,000 from Rockford RDF Pty Ltd to raise further funds; and (c) 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 Pty Ltd FY23 Year 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. Right Resources Pty Ltd FY23 Year Financial Report 13 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 settled and their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability. Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised. Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax assets and liabilities are offset where: (i) a legally enforceable right of set-off exists; and (ii) the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities, where it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur in future periods in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled. (h) Revenue and Other Income Under AASB15 revenue is recognised when a performance obligation is satisfied, being when control of the goods or services underlying the performance obligations is transferred to the customer. Revenue is measured at the fair value of the consideration received or receivable and is presented net of returns, discounts and rebates. Revenue in relation to consulting fees is recognised when services are rendered and when the outcome of the services can be measured reliably. If this is the case then the stage of completion of the services is used to determine the appropriate level of revenue to be recognised in the period. If the outcome cannot be reliably measured then revenue is recognised to the extent of expenses recognised that are recoverable. Interest income is recognised using the effective interest method. (i) Principles of Consolidation The consolidated financial statements incorporate all of the assets, liabilities and results of the parent Right Resources Pty Ltd and all of the subsidiaries. Subsidiaries are entities the parent controls. The parent controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. A list of the subsidiaries is provided in Note 11. (j) Critical Accounting Estimates and Judgements The preparation of financial statements requires management to make judgement, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from thes