Announcement PDF Contents Page Directors’ Report 5 Remuneration Report 24 Auditors’ Independence Declaration 29 Consolidated Statement of Comprehensive Income 30 Consolidated Statement of Financial Position 31 Consolidated Statement of Cash Flows 32 Consolidated Statement of Changes in Equities 33 Notes to the Consolidated Financial Report 34 Consolidated Entity Disclosure Statement 53 Director's Declaration 54 Independent Auditor's Review Report 55 Additional ASX Information 60 2 Directors Dr. David Pevcic Mr Gerry Fahey Mr. Ming Tsen (Vincent) Chye Non-Executive Chairman Non-Executive Director Non-Executive Director Chief Executive Officer Mr Nigel Broomham Chief Financial Officer Mr Paul Hughes Company Secretary Mr Harry Spindler Registered Office Level 50, 108 St Georges Terrace , Perth WA 6000 Telephone (08) 6109 6689 Website www.batteryageminerals.au Postal Address P O Box 7310 , Cloisters Square PO WA 6850 ASX Code Auditors BM8 BDO Audit Pty Ltd Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth WA 6000 Share Registry Computershare Investor Services Pty Ltd GPO Box 2975 Melbourne VIC 3001 Telephone: 1300 850 505 ACN ABN 085 905 997 80 085 905 997 In this report, the following definitions apply: “Board” means the Board of Directors of Battery Age Minerals. “BM8” or the “Company” means Battery Age Minerals Limited ABN 80 085 905 997 FY25 Highlights El Aguila Project (Argentina) Bleiberg Project (Austria) • Maiden drilling permit approved; drill rig mobilising to site for Q1 FY26. • Breakthrough germanium grades up to 1,500 g/t confirmed in historic Bleiberg mine concentrates – among the highest globally. • Germanium-76 isotope identified, underpinning relevance for nextgeneration semiconductors. • Landholding expanded to >140 km², reinforcing BM8’s position as a leading European critical minerals explorer. Falcon Lake Project (Canada) • • Best lithium intercepts to date including 54.1m @ 1.74% Li₂O and 55.95m @ 1.47% Li₂O. Strategic pause implemented to align exploration with prevailing lithium market conditions. • Farm-in agreement executed to acquire up to 100% of the 9,124 ha high-grade gold-silver project. • Surface assays up to 174.58 g/t Au and 4,739 g/t Ag, with historical drilling confirming near-surface high-grade mineralisation. • Integrated exploration program completed: geophysics, mapping, 838 soil samples, and petrography confirming free-milling gold and silver. • Environmental baseline surveys finalised; maiden drilling permit application lodged and drilling scheduled for Q3 2025. Corporate • • Strengthened Board with appointment of Dr David Pevcic as Chairman and Vincent Chye as NED. $3.0m placement completed post yearend (2 July 2025) to accelerate exploration at Bleiberg and El Aguila 4 BATTERY AGE MINERALS LTD Directors’ Report For the year ended 30 June 2025 DIRECTORS REPORT Your Directors present the financial report of Battery Age Minerals Limited (“BM8”, “Battery Age Minerals” or the “Company”) (ASX: BM8) and its controlled entities (the “Group”) for the Year ended 30 June 2025. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows. DIRECTORS The names and particulars of the Directors of the Company who are in office at the date of this report are: Director David Pevcic Gerry Fahey Vincent Chye Position Non-Executive Chairman Non-Executive Director Non-Executive Director Appointed 2 February 2023 2 February 2023 28 February 2025 It is noted that Dr Pevcic transitions to Chairman on 28 February 2025 following Mr Martin’s resignation. The names and particulars of the Directors of the Company who are not in office at the date of this report but who held office during the year are: Director Robert Martin Dr. David Pevcic Experience Position Non-Executive Chairman Appointed 2 February 2023 Resigned 28 February 2025 Non-Executive Chairman Dr David Pevcic is an experienced corporate professional and investor with a principal focus on the resources and technology sectors. Dr Pevcic is the NonExecutive Chairman of Battery Age Minerals Limited (ASX:BM8), Executive Chairman of Nanoveu Limited (ASX:NVU) and Executive Director of Infini Resources Limited (ASX:I88). Dr Pevcic holds a Bachelor of Science, Bachelor of Medicine and Bachelor of Surgery from the University of Western Australia. The Board considers that Dr Pevcic was an independent Director prior to 9 May 2025, following his transition to a ‘substantial shareholder’ pursuant to the Company’s corporate governance provisions. Interest in Shares and Options Direct Interest (Shares) – 7,524,817 Direct Interest (Options) – 1,808,320 Indirect Interest (Shares) – 1,672,436 Indirect Interest (Options) – 557,480 Directorship held in other listed entities Nanoveu Limited (ASX: NVU) - Appointed 3 February 2023 Infini Resources Limited – Appointed 16 December 2021 Mr. Gerry Fahey Experience Non-Executive Director Mr Fahey has over 40 years’ experience in both the international and local minerals industry. He is a specialist in mining geology, mine development and training and worked for 10 years as Chief Geologist Mining for Delta Gold where he was actively involved with the development of the Eureka, Chaka, Globe and Phoenix gold mines and the following Australian gold projects: the Kanowna Belle, Golden Feather, Sunrise and Wallaby. Mr Fahey is currently a Director of Prospect Resources which in April 2022 sold its 87% stake in its Arcadia Lithium Project located in Zimbabwe for approximately US$378 million cash to Zhejiang Huayou Cobalt. He is also a director of Focus Minerals Ltd and formerly a Director of CSA Global Pty Ltd, and member of the Joint Ore Reserve Committee (JORC). 5 BATTERY AGE MINERALS LTD Directors’ Report For the year ended 30 June 2025 The Board considers that Mr Fahey is an independent Director Interest in Shares and Options Direct Interest (Shares) – 62,500 Direct Interest (Options) – 83,334 Indirect Interest (Shares) – 400,000 Indirect Interest (Options) – 133,333 Directorship held in other listed entities Prospect Resources (ASX: PSC) – Appointed 15 July 2013 Focus Minerals Limited (ASX: FML) – Appointed 18 April 2011 Mr. Vincent Chye Non-Executive Director Experience Mr Chye is an experienced corporate development executive with over 17 years’ experience working with ASX and internationally listed companies. Mr Chye is currently responsible for WA corporate development for an ASX100 listed energy company with a focus on strategic decarbonisation, renewable, firming and energy storage projects. Previously, he held senior advisory and in-house positions focussing on transactions and strategic projects, including at CITIC Ltd, Wesfarmers Ltd and Ernst & Young. In addition to extensive experience in acquisitions and equity capital markets, Mr Chye has specific expertise in the development of greenfield mining, processing, and logistics in the bulk minerals sector. The Board considers that Mr Chye is an independent Director Interest in Shares and Options Direct Interest (Shares) – Nil Direct Interest (Options) – Nil Indirect Interest (Shares) – 300,000 Indirect Interest (Options) – 116,667 Directorship held in other listed entities Equinox Resources Limited (ASX: EQN) - Appointed 4 July 2023 KEY MANAGEMENT PERSONNEL Mr. Nigel Broomham Chief Executive Officer Experience Mr Broomham is a geologist with over 14 years’ industry experience, including more than 11 years in the battery metals sector and specifically in lithium. Prior to joining Battery Age, Nigel held leadership roles with ASX-50 lithium producer Pilbara Minerals (ASX: PLS) in exploration, resource development and mining production. As Head of Geology at Pilgangoora, he was extensively involved in the exploration and development of the world-class Pilgangoora Lithium-Tantalum Project in the Pilbara region of Western Australia and was tasked with leading the geology team from exploration through to production. Mr Broomham also held several other leadership roles at Pilgangoora, including Mining Manager, lead of the Direct Shipping Ore Development Project and Production Superintendent. Earlier in his career, he has also worked at Mineral Resources Limited, Consolidated Minerals Manganese, Hancock Prospecting (Roy Hill) and Golder Associates. Mr Broomham holds a Bachelor of Science (Hons), Geology and Resource Economics from the University of Western Australia and is a member of AusIMM 6 BATTERY AGE MINERALS LTD Directors’ Report For the year ended 30 June 2025 and the Australian Institute of Geoscientists. He also holds a non-executive board role at Critical Resources (ASX: CRR) Mr. Paul Hughes Chief Financial Officer Experience Mr Hughes is a Certified Practicing Accountant (CPA) with over 16 years’ experience, including the last 12 years in the construction and resources sector. Prior to joining Battery Age, Mr Hughes held a senior role’s with ASX-50 lithium producer Pilbara Minerals (ASX: PLS) as Principal of Corporate Planning and Investment Analysis, Principal – Finance, Planning & Analysis as well as Senior Commercial Analyst. He has also held senior finance roles at Orica Limited, Downer Mining. Mr Hughes, holds a Bachelor of Business – Accounting & Finance from Edith Cowan University in Western Australia Mr. Harry Spindler Company Secretary Experience Mr. Spindler is an experienced corporate professional with a broad range of corporate governance and capital markets experience, having held various company secretary positions and been involved with several public company listings, merger and acquisition transactions and capital raisings for ASX-listed companies across a diverse range of industries over the past +20 years. Harry is a member of the institute of Chartered Accountants Australia and New Zealand and a member of the Financial Services Institute of Australia. Mr Spindler began his career in corporate recovery and restructuring at one of Australia’s leading independent financial advisory and restructuring providers Ferrier Hodgson (now KPMG) and has for the past +15 years worked for corporate advisory firms through which he has advised a number of clients in a range of industries, as well as held positions as company secretary for a number of ASXlisted companies, including Sino Gas & Energy Holdings Ltd (ASX: SEH; ASX 300), an Australian energy company focused on developing gas assets in China. Harry is also Company Secretary of Critical Resources Limited (ASX: CRR), Nanoveu Limited (ASX: NVU), Infini Resources Limited (ASX: I88) and Delta Ridge Limited. 7 BATTERY AGE MINERALS LTD Directors’ Report For the year ended 30 June 2025 PRINCIPAL ACTIVITIES The Company is a mineral exploration company which is presently focused on the exploration of battery minerals such as germanium, gallium, gold, silver and lithium across Austria, Argentina and Canada. . REVIEW OF OPERATIONS During the year ended 30 June 2025, BM8 advanced its portfolio of critical and precious metals projects across Austria, Canada and Argentina, with significant milestones achieved at its flagship Bleiberg Zinc-LeadGermanium Project in Austria, the Falcon Lake Lithium Project in Canada, and the recently acquired El Aguila Gold-Silver Project in Argentina. The Company also streamlined its portfolio to focus on assets with the greatest potential to deliver shareholder value. There were no significant changes in natures of the company’s principal activity for the financial year. BLEIBERG PROJECT LEAD-ZINC GERMANIUM, AUSTRIA The Bleiberg Zinc-Lead-Germanium Project continued to emerge as a cornerstone critical minerals opportunity in Europe. Over the course of FY25, BM8: • • • • • Expanded its landholding from 80 km² to 142 km², securing a 26 km corridor of highly prospective stratigraphy adjacent to the historic Bleiberg mine. Confirmed breakthrough germanium grades of up to 1,500 g/t in historic Bleiberg Mine concentrate samples — far exceeding global averages — highlighting the potential for direct-to-refinery processing and strong ESG advantages. Verified the presence of Germanium-76 isotope in historic material, further supporting Bleiberg’s strategic importance for advanced semiconductor supply chains. Commenced a tailings sampling program across Bleiberg and Hochobir, targeting secondary recovery opportunities from historic mine waste across 330 km² of tenure. Secured its first drilling permit in June 2025 following extensive stakeholder engagement, marking a landmark regulatory milestone. Mobilisation of drill rigs underway, with maiden drilling to test a 10 km mineralised corridor of high-priority germanium targets. With germanium formally listed under the EU’s Critical Raw Materials Act and Chinese export controls tightening, Battery Age is strategically positioned to become a leading European supplier of this technologycritical element. 8 BATTERY AGE MINERALS LTD Directors’ Report For the year ended 30 June 2025 Figure 1 - Bleiberg and Hochibir, Zinc Lead Germanium Projects located in the state of Carinthia, Austria Figure 2 - Bleiberg maiden drilling program – permitted drilling locations EL AGUILA PROJECT GOLD-SILVER, ARGENTINA In early 2025, Battery Age secured a farm-in agreement to acquire up to 100% of the El Aguila Gold-Silver Project, covering 9,124 hectares in Santa Cruz Province, Argentina — a Tier-1 jurisdiction with world-class endowment. 9 BATTERY AGE MINERALS LTD Directors’ Report For the year ended 30 June 2025 • • • Historical exploration has returned exceptional grades, including up to 174.58 g/t Au and 4,739 g/t Ag from surface sampling, and shallow high-grade drill intercepts such as 0.55m @ 40.55 g/t Au and 7.0m @ 2.48 g/t Au. In May 2025, BM8 completed an integrated field program comprising geophysics (MAG, IP/Resistivity), soil sampling (838 samples), mapping, and petrographic studies, which confirmed the presence of free-milling gold and silver. Baseline environmental and archaeological surveys were finalised, and the maiden drilling permit application remains on track, with drilling scheduled to commence in Q3 2025. El Aguila provides shareholders with exposure to a high-grade gold-silver system within a proven mining province, complementing BM8’s critical minerals portfolio. Figure 3- El Aguila project geology. Kilometre scale interpreted mineralised veins outlined in red. 10 BATTERY AGE MINERALS LTD Directors’ Report For the year ended 30 June 2025 Figure 4- Geophysical and surface geochemistry survey areas FALCON LAKE PROJECT LITHIUM, ONTARIO CANADA The project area is located approximately 325km North-northeast of Thunder Bay, Ontario which is the closest port of Lake Superior for seaboard access. The Project area is located approximately 75km northeast of Armstrong, Ontario). Figure 5 - Map of Battery Age Minerals Projects 11 BATTERY AGE MINERALS LTD Directors’ Report For the year ended 30 June 2025 The Falcon Lake Lithium Project in Ontario delivered its best drilling results to date during FY25, confirming the potential for scale and grade. Highlights included: • Standout winter drilling intercepts such as 54.1m @ 1.74% Li₂O (24FL-107) and 55.95m @ 1.47% Li₂O (24FL-108), the thickest and highest-grade intervals yet recorded at Falcon Lake. • Ongoing drilling success at the Falcon Little Lake and Falcon East Extension zones, confirming the project’s continuity across the 5 km prospective corridor. Given current lithium market conditions, the Board has elected to place Falcon Lake on temporary hold, while monitoring market dynamics and considering pathways for resource expansion. The Project remains a longterm value driver for Battery Age with substantial development optionality. Table 1: Assay result highlights from Falcon Lake, Intervals are down hole length, true width not known 12 BATTERY AGE MINERALS LTD Directors’ Report For the year ended 30 June 2025 KING TUT PROJECT GOLD, ARGENTINA The King Tut gold project was assessed to have limited prospectivity following initial evaluation. In the interests of shareholder value, the Company has chosen not to pursue further exploration and is relinquishing its interest in the tenement. CORPORATE The Company continued to strengthen its leadership and financial position during the year. • Dr. David Pevcic transition from Non-Executive Director to Non-Executive Chairman in February 2025, with Mr Vincent Chye also joining the Board as a Non-Executive Director in February 2025. • CEO Mr Nigel Broomham and CFO Mr Paul Hughes provided continuity and strong technical and financial leadership, supported by Company Secretary Mr Harry Spindler. • As at 30 June 2025, BM8 had a cash balance of $41k and held a strategic equity interest in Equinox Resources (ASX: EQN). Subsequent to year-end, the Company successfully completed a $3.0m placement (2 July 2025) to accelerate exploration programs across Bleiberg and El Aguila. ANNUAL MINERAL RESOURCES STATMENT As at 30 June 2025, the Group does not have any Mineral Resources estimates. The Company’s Projects do not have defined Mineral Resources or Ore Reserves. The Projects are early stage exploration projects covering regions that are considered prospective for potential economic mineralisation. There has been insufficient exploration works at the Company’s Projects to define a Mineral Resource or Ore Reserve. There has been no change to the Company mineral resources from previously reported in 2024. FINANCIAL RESULTS The Group made a loss for the twelve months ended 30 June 2025 of $2,875,983 (30 June 2024: Loss $3,592,816 ). As at balance date 30 June 2025, the Group had capitalised exploration costs totalling $11,155,169 (30 June 2024: $8,158,019). Cash and cash equivalents of $41,403 (30 June 2023: $1,826,367) and net assets of $13,179,208 (30 June 2023: $13,408,899). BUSINESS RISKS The Group, as an exploration company, faces inherent risks in its activities which may materially affect its operations. Future capital requirements The Company will require further financing in the future, in addition to amounts raised under the Offer and Placement. Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than the current market price or may involve restrictive covenants which limit the Company's operations and business strategy. Debt financing, if available, may involve restrictions on financing and operating activities. Although the Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital or funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is unable to obtain additional financing as needed, the Company may be required to reduce the scope of its activities, which could have a material adverse effect on the Company's activities and could affect the Company's ability to continue as a going concern. 13 BATTERY AGE MINERALS LTD Directors’ Report For the year ended 30 June 2025 Exploration and operations The mineral exploration licences comprising the Projects are at various stages of exploration, and prospective investors should understand that mineral exploration and development are high-risk undertakings. There can be no assurance that future exploration of these exploration licences, or any other mineral licences that may be acquired in the future, will result in the discovery of an economic resource. Even if an apparently viable resource is identified, there is no guarantee that it can be economically exploited. Tenure Mining and exploration tenements are subject to periodic renewal. There is no guarantee that current or future tenements or future applications for production tenements will be approved. Tenements are subject to the applicable mining acts and regulations of the relevant jurisdiction. The renewal of the term of a granted tenement is also subject to the discretion of the relevant Minister. Renewal or conversion conditions may include increased expenditure and work commitments or compulsory relinquishment of areas of the tenements comprising the Company’s projects. The imposition of new conditions or the inability to meet those conditions may adversely affect the operations, financial position and/or performance of the Company. Irrespective of the Company’s compliance with the conditions of the tenements, and applicable mining acts and regulations, there is no guarantee that applications for forfeiture or cancellation will not be made against the tenements. If any application for forfeiture or objection to the grant of an exemption is lodged, the Company may be required to defend such applications or objections and incur significant costs. Contractual, joint venture and farm-in risk The Company’s interests in certain tenements comprising its Falcon Lake Project (currently 90% with the right to acquire the final 10%) and certain tenements comprising its Bleiberg Project (currently 51% with the right to acquire up to 80%), are subject to the Company earning interests in these tenements under the respective acquisition agreements. Refer to the Company’s June 2025 Quarterly Activities Report announced to ASX on 31 July 2025 for further details of the above-mentioned tenements and outstanding obligations of the Company to earn the remaining interests. As announced on 31 January 2025, the Company has entered into a farm-in agreement with Fredonia Mining Inc. to earn up to 80% to 100% ownership of the El Aguila Project (Farm-In Agreement). Pursuant to the FarmIn Agreement, the Company may earn-up up to an 80% interest in the El Aguila Project via a two staged earn-in and, following earning the 80% interest, the vendor may either elect to: (i) (ii) form a joint venture on the basis of the Company holding an 80% interest and the vendor holding a 20% interest; or convert its 20% interest in the El Aguila Project to a 3% net smelter returns royalty, resulting in the Company holding a 100% interest in the El Aguila Project. The ability of the Company to achieve its stated objectives will depend on the performance by the parties of their obligations under these agreements, including the Company complying with its obligation to spend minimum expenditure commitments in qualified time periods and fulfilling its acquisition, earn-in and joint venture obligations and commitments. There is no guarantee that the Company will satisfy its obligations under these agreements and/or acquire the additional interests in the above-mentioned Projects. If any of the counterparties to these agreements default in the performance of their obligations, it may be necessary for the Company to approach a court to seek a legal remedy, which may be costly and without any certainty of a favourable outcome. Market Risk – Equinox holding The Company currently holds 34,538,669 Equinox Shares, accounting for 22.31% of all Equinox Shares on issue. The value Company’s Equinox Shares is influenced by market factors, including, for example, changes in economic conditions, changes in interest rates and economic activity, changes to legislative and political environment as well as changes in investor sentiment. 14 BATTERY AGE MINERALS LTD Directors’ Report For the year ended 30 June 2025 As a result, there is no guarantee that can be given in respect of the performance of the Company’s Equinox Shares. The Group has put in place procedures for reporting and monitoring of the above risks which are continually being reviewed and updated to help manage these risks. Industry specific risks Exploration and operations The mineral exploration licences comprising the Projects are at various stages of exploration, and prospective investors should understand that mineral exploration and development are high-risk undertakings. There can be no assurance that future exploration of these exploration licences, or any other mineral licences that may be acquired in the future, will result in the discovery of an economic resource. Even if an apparently viable resource is identified, there is no guarantee that it can be economically exploited. The future exploration activities of the Company may be affected by a range of factors including geological conditions, limitations on activities due to seasonal weather patterns or adverse weather conditions, unanticipated operational and technical difficulties, difficulties in commissioning and operating plant and equipment, mechanical failure or plant breakdown, unanticipated metallurgical problems which may affect extraction costs, industrial and environmental accidents, industrial disputes, unexpected shortages and increases in the costs of consumables, spare parts, plant, equipment and staff, native title process and Aboriginal heritage factors, changing government regulations and many other factors beyond the control of the Company. The success of the Company will also depend upon the Company being able to maintain title to the mineral exploration licences forming the Projects and obtaining all required approvals for their contemplated activities. In the event that exploration programs prove to be unsuccessful this could lead to a diminution in the value of the Projects, a reduction in the cash reserves of the Company and possible relinquishment of one or more of the mineral exploration licences forming the Projects. Sovereign risk The Company currently holds interests in Projects that are located in Canada, Austria and Argentina. Possible sovereign risks associated with operating in these jurisdictions include, without limitation, changes in the terms of mining legislation, changes to royalty arrangements, changes to taxation rates and concessions and changes in the ability to enforce legal rights. Any of these factors may, in the future, adversely affect the financial performance of the Company and the market price of its shares. No assurance can be given regarding future stability in these jurisdictions or any other country in which the Company may, in the future, have an interest. Specifically, it is possible that the current system of exploration and mine permitting in Argentina may change, resulting in impairment of rights and possibly expropriation of the Company’s properties without adequate compensation. Access and third-party interests Certain tenements comprising the Bleiberg Project overlap certain third-party interests that may limit the Company’s ability to conduct exploration and mining activities. 15 BATTERY AGE MINERALS LTD Directors’ Report For the year ended 30 June 2025 There is a substantial level of regulation and restriction on the ability of exploration and mining companies to have access to land in Canada, Austria and Argentina. Land access is critical for exploration and/or exploitation to succeed. It requires both access to the mineral rights and access to the surface rights. Mineral rights may be negotiated and acquired. In all cases the acquisition of prospective exploration and mining licences is a competitive business, in which proprietary knowledge or information is critical and the ability to negotiate satisfactory commercial arrangements with other parties is often essential. The Company may not be successful in acquiring or obtaining the necessary approvals or consents to conduct exploration or evaluation activities within or outside of the Projects. Additionally, the Company may not be able to access the Projects due to natural disasters or adverse weather conditions, political unrest, hostilities or failure to obtain the relevant approvals and consents. Commodity price volatility and exchange rate If the Company achieves success leading to mineral production, the revenue it will derive through the sale of commodities exposes the potential income of the Company to commodity price and exchange rate risks. Commodity prices fluctuate and are affected by many factors beyond the control of the Company. Such factors include supply and demand fluctuations for precious and base metals, technological advancements, forward selling activities and other macro-economic factors. Furthermore, international prices of various commodities are denominated in United States dollars, whereas the income and expenditure of the Company are and will be taken into account in Australian currency, exposing the Company to the fluctuations and volatility of the rate of exchange between the United States dollar and the Australian dollar as determined in international markets. Reliance on key personnel The responsibility of overseeing the day-to-day operations and the strategic management of the Company depends substantially on its senior management and its key personnel. There can be no assurance given that there will be no detrimental impact on the Company if one or more of these employees cease their employment. The Company may not be able to replace its senior management or key personnel with persons of equivalent expertise and experience within a reasonable period of time or at all and the Company may incur additional expenses to recruit, train and retain personnel. Loss of such personnel may also have an adverse effect on the performance of the Company. Tenure Mining and exploration tenements are subject to periodic renewal. There is no guarantee that current or future tenements or future applications for production tenements will be approved. Tenements are subject to the applicable mining acts and regulations of the relevant jurisdiction. The renewal of the term of a granted tenement is also subject to the discretion of the relevant Minister. Renewal or conversion conditions may include increased expenditure and work commitments or compulsory relinquishment of areas of the tenements comprising the Company’s projects. The imposition of new conditions or the inability to meet those conditions may adversely affect the operations, financial posi