Announcement PDF INTERIM FINANCIAL REPORT For the half-year ended 31 December 2023 1 CONTENTS Page Directors’ Report 4 Auditors’ Independence Declaration 11 Consolidated Statement of Comprehensive Income 12 Consolidated Statement of Financial Position 13 Consolidated Statement of Cash Flows 14 Consolidated Statement of Changes in Equities 15 Notes to the Consolidated Financial Report 16 Director's Declaration 26 Independent Auditor's Review Report 27 2 28 BATTERY AGE MINERALS LTD Corporate Information For the half-year ended 31 December 2023 DIRECTORS Mr Robert Martin Mr Gerry Fahey Dr. David Pevcic 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 AUDITORS BDO Audit (WA) 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 ASX Code BM8 ACN 085 905 997 ABN 80 085 905 997 In this report, the following definitions apply In this report, the following defini�ons apply: “Board” means the Board of Directors of Batery Age Minerals. “BM8” or the “Company” means Batery Age Minerals Limited ABN 80 085 905 997 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 half-year ended 31 December 2023. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows. 3 BATTERY AGE MINERALS LTD NOTES TO THE CONSOLIDATED FINANCIAL REPORT For the half-year ended 31 December 2023 Directors The names and particulars of the Directors of the Company who are in office at the date of this report are: Director Robert Martin Gerry Fahey David Pevcic Position Non-Executive Chair Non-Executive Director Non-Executive Director Appointed 12 April 2022 2 February 2023 2 February 2023 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 half year are: Director Mr Gerard O’Donovan Position Managing Director Appointed 10 August 2023 Resigned 10 November 2023 PRINCIPAL ACTIVITIES The company is a mineral exploration company which is presently focused on the exploration of battery minerals such as lithium, copper, germanium and zinc in Canada, Morocco and Austria. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS In the opinion of the Directors, other than those items outlined in the Review of Operations, there were no other significant changes in the state of affairs of the Group which have not been disclosed elsewhere in this report. REVIEW OF OPERATIONS During the half-year ended 31 December 2023 the Company’s primary activities included: • • Rapid advancement of the Falcon Lake Lithium Project in Ontario, Canada including: o Completion of successful Falcon Lake summer exploration program resulting in the identification of 30 high priority drill targets across a 5km prospective corridor o Secondary Drilling Permit approved, enabling Phase 2 exploration drilling across the highly prospective 5km corridor at Falcon Lake o Falcon Lake Phase 2 Drilling commenced at Falcon Lake Lithium Project in Ontario, Canada including: o Multiple high-grade assay results received from recent drilling at Falcon East Extension, confirming the presence of significant lithium mineralisation from surface. 9,286m drilled since drilling operations commenced in June 2023.  Thick, shallow, high-grade intercepts including assays of up to 31.75m @ 1.45% Li2O;  Multiple significant intercepts over 20m drilled during December quarter including 20.65 metres @ 1.48% Li2O from 66.6m down-hole, 23FL-081. Strategic acquisition of Falcon Extension property expands exploration potential. o •  Amalgamation of Falcon Main and Falcon North properties through acquisition of adjacent extensional properties adds 20km2 of highly prospective exploration ground to the Falcon Lake project package totalling 51km2. The Company received a total of CAD$200,000 under the Ontario Junior Explorer Program (OJEP) grant funding scheme 4 BATTERY AGE MINERALS LTD NOTES TO THE CONSOLIDATED FINANCIAL REPORT For the half-year ended 31 December 2023 • Planning commenced for maiden drill programme at the Tidili Copper Project in Morocco. • • Discussions significantly progressed with governmental organisations in Austria to progress works on the Bleiberg Zinc-Lead-Germanium Project and BM8 Austrian entity Battery Age Minerals GmbH established. Highly experienced finance professional Paul Hughes appointed as CFO. • Successful capital raising of $6.4M to accelerate the Falcon Lake Exploration Programme. • Gerard O’Donovan resigned as Managing director with Nigel Broomham (General Manager Exploration) promoted to Interim CEO Falcon Lake Project Lithium, Ontario Canada (90% Interest) Figure 1 – Falcon Lake achievements to date. The Company’s Phase 1 drill programme was completed in the September quarter with more than 7,000m safely drilled by Rodren Drilling with support from Battery Age exploration personnel as well as geological support from Coast Mountain Geological. On completion of the Company’s maiden drill program, the strategic acquisition of the Falcon Extension property expanded the exploration potential at Falcon Lake project through the consolidation of Falcon Main and Falcon North properties, adding ~20km2 of highly prospective exploration ground. The Falcon Lake project now comprises a total land package of ~51km2 (refer to ASX announcement 10 October 2023 for further details and transaction terms). 5 BATTERY AGE MINERALS LTD NOTES TO THE CONSOLIDATED FINANCIAL REPORT For the half-year ended 31 December 2023 Figure 2 – Acquired Falcon Extension shown in blue outline adjacent to Falcon Main and Falcon North with mapped pegmatites in yellow. Following a brief pause during the hunting season to respect the wishes of the Company’s First Nations partners, Battery Age remobilised personnel to Falcon Lake to commence Phase 2 drilling. Battery Age was pleased to announce that this drilling programme will be carried out by the newly formed Rodren Drilling Whitesand First Nation Joint Venture, a JV between the Company’s incumbent drilling contractor, Rodren, and one of the local First Nation groups, Whitesand. The 10,000m – 20,000m program re-commenced at the recently discovered step-out zone at Falcon East and is designed to test new pegmatite discoveries within over 30 high-priority targets generated from the results of the summer field work programme. An additional 1,905m were completed in the December quarter bringing the total metres drilled in 2023 to 9,286m, all since mobilising in June 2023. Significant intercepts from Phase 2 drilling highlights the potential for scale at Falcon Lake with multiple high-grade assay results received from Falcon East Extension, confirming the presence of significant lithium mineralisation from surface. Falcon East Extension is the first of the 30+ targets generated from the 2023 summer field campaign at Falcon Lake to be drill tested and has emerged as a priority focus for drilling in 2024, with shallow mineralisation confirmed at the first of 30 targets to be tested as part of the Phase 2 drilling program. The results cap off a very busy year for the exploration team at Falcon Lake, with significant results generated in rapid time since mobilising the team in June this year. Drilling has paused over the holiday season with the recommencement of drilling operations currently in the planning stages. 6 BATTERY AGE MINERALS LTD NOTES TO THE CONSOLIDATED FINANCIAL REPORT For the half-year ended 31 December 2023 Hole 23FL-031 23FL-005 23FL-001 23FL-059 23FL-002 23FL-004 23FL-081 23FL-072 23FL-067 23FL-076 23FL-077 23FL-061 23FL-071 23FL-058 23FL-030 23FL-024 23FL-075 23FL-020 23FL-065 23FL-002 23FL-018 23FL-082 23FL-033 23FL-023 23FL-060 23FL-063 23FL-018 23FL-017 23FL-069 23FL-047 23FL-070 From_m 14.65 46.3 16.65 19.65 62 5.7 66.6 48.8 28.5 1.75 37.8 11.95 46.8 11.1 3.7 5.4 26.7 22.05 26.6 7.5 3.6 91.55 57.03 56.05 23.85 10.65 13.75 23.2 32.7 77.7 38.2 To_m 46.4 76.05 44.25 47 86 27.62 87.25 69 47.6 20.7 56.25 30 64 27 18.4 18.75 39.6 33.5 37.75 16.2 12.25 99.45 64.5 63.21 31 17 19.8 29.09 38.3 83.2 43.4 Interval_m 31.75 29.75 27.6 27.45 24 21.9 20.65 20.2 19.1 18.95 18.45 18.05 17.2 15.9 14.7 13.35 12.9 11.45 11.15 8.7 8.65 7.9 7.47 7.16 7.15 6.35 6.05 5.89 5.6 5.5 5.2 Li2O (%) 1.45 0.81 1.37 0.83 0.32 1.44 1.48 0.58 1.34 1.65 1.40 1.02 0.92 0.95 1.5 1.5 1.36 1.33 1.05 1.24 2.04 1.40 1.02 1.63 1.06 1.06 1.23 1.23 1.27 0.73 1.75 Table 1 – Significant 2023 drill intercepts including December Quarter highlights in blue (refer ASX announcement 13 December 2023). 7 BATTERY AGE MINERALS LTD NOTES TO THE CONSOLIDATED FINANCIAL REPORT For the half-year ended 31 December 2023 Battery Age continued its baseline fieldwork program at the Falcon Lake Lithium Project in Canada, with Wabadowgang Noopming Management conducting baseline terrestrial and fisheries field programs as part of the assessment process. The Company is committed to adhering to best practices in environmental stewardship and ensuring the preservation of the natural ecosystems surrounding Falcon Lake. Bleiberg Project Lead-Zinc Germanium, Austria (15% interest with Earn in of up to 80%) Following early desktop assessments, the Company identified a trend hosting potential extensions of the mineralisation to the west north-west of the old Bleiberg mine workings and expanded the Company’s land position by pegging additional exploration licences. This land is 100%-owned. Figure 3 –100% staked claims identified in blue and existing earn-in claims shown in red 8 BATTERY AGE MINERALS LTD NOTES TO THE CONSOLIDATED FINANCIAL REPORT For the half-year ended 31 December 2023 Battery Age has progressed discussions significantly with Austrian regulatory bodies during the December quarter regarding working together collaboratively to further progress the Bleiberg Project and expects to be able to commence exploration activities during 2024. The Company’s project claims are located adjacent to the historical Bleiberg mine, which has some of the world’s highest reported Germanium grades (200g/t) as well as proven Gallium mineralisation (90-110g/t). Tidili Project Copper Gold, Morocco (85% Interest) Following on from the encouraging assay results reported from surface samples collected at the 85%-owned Tidili Copper Project in Morocco in April, Battery Age management have completed drill program planning activities prior to final approval of the Company’s maiden drill campaign at Tidili. King Tut & Bloom Lake Projects Gold, Argentina (100% interest); Copper Cobalt, Canada (100% interest) The Company continued to meet the minimum expenditure requirements which included maintenance and administrative costs for these projects during the 6 months ended 31 December 2023. FINANCIAL RESULTS The Group made a loss for the six months ended 31 December 2023 of $1,045,265 (31 December 2022: loss $1,265,674). As at balance date 31 December 2023, the Group had capitalised exploration costs totalling $8,217,182 (30 June 2023: $3,947,317), cash and cash equivalents of $3,075,633 (30 June 2023: $3,200,425), and net assets of $15,411,822 (30 June 2023: $11,681,411). CORPORATE ACTIVITIES Shareholder Meeting On 27 November 2023, the Company held its 2023 Annual General Meeting at which, all resolutions as presented to shareholders in the Notice of Meeting dated 26 October 2023 were approved. Capital Raise – Flow Through During the September Quarter, the Company raised A$5.4M (C$4.7M) utilising the “flow-through shares” provisions under Canadian tax law, with the flow-through shares placed at A$0.46 per share, which represented an 11% premium to Battery Age’s last closing price prior to the announcement of the capital raise. The funds raised will underpin continued exploration activities and up to ~15,000m drilling at the Falcon Lake Lithium Project. An additional A$1m was raised for working capital requirement from institutional placements. Key Management Changes o o Mr Nigel Broomham, the Company’s General Manager of Exploration, was appointed Interim CEO in November 2023, following the resignation of Mr Gerard O’Donovan as Managing Director and Chief Executive Officer, effective 11 November 2023. Appointment of Mr Paul Hughes as Chief Financial Officer, effective 17th July 2023. EVENTS SUBSEQUENT TO REPORTING DATE Appointment of CEO 9 BATTERY AGE MINERALS LTD NOTES TO THE CONSOLIDATED FINANCIAL REPORT For the half-year ended 31 December 2023 Appointment of experienced mining executive and geologist Mr Nigel Broomham as the Company’s Chief Executive Officer (CEO), effective 01 February 2024. The material terms of Mr Broomham’s employment agreements are as follows: Salary $315,000 (gross) per annum Additional performance rights of 150,000 under the EISP with vesting conditions outlined in note 10 100 Yrs Mining Data Secured Bleiberg Zinc Germanium Project Agreement with GKB-Bergbau GmbH to access and collate over 100 years of historic mining data from the Bleiberg Zinc-Led-Germanium Mine in Austria. The data will be utilised in a detailed desktop analysis to form the development of a targeted exploration plan. Release of Securities from Escro 2,623,330 restricted securities were released from their ASX imposed escrow on 27 January 2024, in accordance with ASX Listing Rule 3.10A Compliance Statement This half year report contains information on the Falcon Lake and Jessie Lake Projects extracted from an ASX market announcement dated 8 December 2022, 2 February 2023, 13 June 2023, 26 July 2023, 2 August 2023, 16 August 2023, 6 September 2023, 14 September 2023, 5 October 2023, 10 October 2023, 16 October 2023, 25 October 2023, 1 November 2023, 30 November 2023 and 13 December 2023 released by the Company and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). This report contains information on the Tidili Project extracted from an ASX market announcement dated 8 December 2022, 2 February 2023, 11 April 2023 and 24 July 2023 released by the Company and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). This report contains information on the Bleiberg Project extracted from an ASX market announcement dated 8 December 2022, 2 February 2023, 13 July 2023, 21 August 2023 and 26 February 2024 released by the Company and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). The original market announcements are available to view on www.batteryage.au and www.asx.com.au. Battery Age is not aware of any new information or data that materially affects the information included in the original market announcement. AUDITOR’S INDEPENDENCE DECLARATION A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 forms part of the Directors’ Report and is included on page 11. This report is made in accordance with a resolution of the Board of Directors. Robert Martin | Non-Executive Chairman 13 March 2024 10 Tel: +61 8 6382 4600 Fax: +61 8 6382 4601 www.bdo.com.au Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth, WA 6000 PO Box 700 West Perth WA 6872 Australia DECLARATION OF INDEPENDENCE BY ASHLEIGH WOODLEY TO THE DIRECTORS OF BATTERY AGE MINERALS LIMITED As lead auditor for the review of Battery Age Minerals Limited for the half-year ended 31 December 2023, I declare that, to the best of my knowledge and belief, there have been: 1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and 2. No contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of Battery Age Minerals Limited and the entities it controlled during the period. Ashleigh Woodley Director BDO Audit (WA) Pty Ltd Perth 13 March 2024 BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation. 11 BATTERY AGE MINERALS LTD FINANCIAL STATEMENTS For the half-year ended 31 December 2023 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 31 Dec 2023 Notes Other Income $ 1,044,598 849 Compliance and regulatory expenses (151,301) (204,974) Consulting and professional fees (132,246) (178,777) Employee benefits expense (518,666) (278,518) Exploration expense (172,675) (230,336) Depreciation (11,853) (1,492) 8 (331,748) (169,933) 11 (22,604) (3,499) (768,172) (198,797) (1,064,667) (1,265,477) Finance income 27,484 421 Finance expense (1,231) (618) Net finance expense 26,253 (197) (1,038,414) (1,265,674) - - Share of loss of associate accounting for using equity method Share based payments expense Other expenses Results from operating activities Profit/ (Loss) for the year before income tax Income tax expense 4 $ 31 Dec 2022 Loss for the year from continuing operations for the period Items that may be reclassified to profit or loss (1,038,414) Exchange differences on translation of foreign operation Total comprehensive Profit/ (Loss) for the period (6,851) - (1,045,265) (1,265,674) (1,033,902) (4,512) (1,038,414) (1,265,674) (1,040,753) (4,512) (1,045,265) (1,265,674) Total Profit/(loss) for the year attributable to: Members of the parent entity Non-controlling interest Total comprehensive Profit/(loss) for the year attributable to: Members of the parent entity Non-controlling interest Basic and diluted loss (cents per share) Earnings/(loss) for the period from continuing operations Comprehensive loss for the period (1.20) (2.18) (1.20) (2.18) The above consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the accompanying notes. 12 27 BATTERY AGE MINERALS LTD FINANCIAL STATEMENTS For the half-year ended 31 December 2023 CONSOLIDATED STATEMENT OF FINANCIAL POSITION Assets Notes 31 Dec 2023 30 Jun 2023 $ $ Current assets Cash and cash equivalents 3 3,075,633 3,200,425 Trade and other receivables 487,088 97,483 Prepayments 104,165 102,758 Other current assets 6,089 6,269 Total current assets 3,672,975 3,406,935 Non-current assets Exploration and evaluation 5 8,217,182 3,947,317 Investment 8 5,111,068 5,442,816 Property, plant and equipment Other non-current assets 87,841 92,324 94,336 49,000 Total non-current assets 13,510,427 9,531,457 Total assets 17,183,402 12,938,392 1,207,903 1,222,746 - 27,977 563,677 6,258 Total current liabilities 1,771,580 1,256,981 Total liabilities 1,771,580 1,256,981 Net assets 15,411,822 11,681,411 66,026,525 61,273,953 142,201 125,948 (50,815,947) (49,782,045) 59,043 63,555 15,411,822 11,681,411 Liabilities Current liabilities Trade and other payables 9 Provisions Flow Through Premium 10 Equity Issued capital Reserves Accumulated losses Non-controlling interests Total equity 6 The above consolidated statement of financial position is to be read in conjunction with the accompanying notes. 13 BATTERY AGE MINERALS LTD FINANCIAL STATEMENTS For the half-year ended 31 December 2023 CONSOLIDATED STATEMENT OF CASH FLOWS Notes 31 Dec 2023 31 Dec 2022 $ $ Cash flows from operating activities Payments to suppliers and employees (1,215,394) (622,635) Payments for exploration activities (273,975) (83,488) 27,421 421 - (618) (1,461,948) (706,320) (4,711,375) (8,568) (6,872) (10,531) - (50,634) (4,718,247) (69,733) 6,402,421 - 500 - - 62,570 (6,257) (12,514) Share Issue costs (334,506) - Net cash flows (used in)/from financing activities 6,062,158 50,056 Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of period Foreign Exchange (118,037) (725,997) 3,200,425 928,865 (6,754) - 3,075,633 202,868 Interest received Interest paid Net cash flows used in operating activities Cash flows from investing activities Payment for exploration and evaluation Payment for property, plant and equipment Payment for other current assets Net cash flows used in investing activities Cash flows from financing activities Proceeds from Issue of Shares Proceeds from the issue of Options Borrowings Repayment of borrowings Cash and cash equivalents at end of period 3 The above consolidated statement of cash flows is to be read in conjunction with the accompanying notes. 14 BATTERY AGE MINERALS LTD FINANCIAL STATEMENTS For the half-year ended 31 December 2023 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Issued Capital Reserves Accumulated losses Total equity $ NonControlling Interest $ $ $ 61,273,953 125,948 (49,782,045) 63,555 11,681,411 Loss for the period - - (1,033,902) (4,512) (1,038,414) Other Comprehensive loss - (6,851) - - (6,851) (6,851) (1,033,902) (4,512) (1,045,265) 4,987,028 - - - 4,987,028 100,000 - - - 100,000 Conversion of Options 50 - - - 50 Issue of Options - 500 - - 500 Share based payment reserves - 22,604 - - 22,604 (334,506) - - - (334,506) Balance at 31 December 2023 66,026,525 142,201 (50,815,947) 59,043 15,411,822 Balance at 1 July 2022 54,370,957 (44,043) (45,296,180) - 9,030,734 Share based payment reserves - 3,499 - - 3,499 Loss for the period - - (1,265,674) - (1,265,674) Total comprehensive profit/(loss) for the period - 3,499 (1,265,674) - (1,262,175) 54,370,957 (40,544) (46,561,854) - 7,768,559 Balance at 1 July 2023 Total comprehensive profit/(loss) for the period Issue of Shares – Capital Raise Issue of Shares - Vendor Capital Raise Expenses Balance at 31 December 2022 $ The above consolidated statement of changes in equity is to be read in conjunction with the accompanying notes. 15 BATTERY AGE MINERALS LTD NOTES TO THE CONSOLIDATED FINANCIAL REPORT For the half-year ended 31 December 2023 1. CORPORATE INFORMATION Battery Age Minerals Ltd, formerly Pathfinder Resources Ltd (“Battery Age Minerals” the “Company” or the “Group”) is a company domiciled in Australia. The address of the Company’s registered office is Level 50, 108 St Georges Terrace, Perth WA 6000. The company is a for-profit entity and is primarily involved in identifying and investing in mineral exploration assets and conducting exploration activities on those assets. 2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES Statement of Compliance The financial statements are general-purpose financial statements prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standards (“AASBs”) adopted by the Australian Accounting Standards Board (“AASB”). The financial statements comply with International Financial Reporting Standards (IFRSs) adopted by the International Accounting Standards Board (IASB). 2.1. Basis of Preparation These general-purpose financial statements for the half-year reporting period ended 31 December 2023 have been prepared in accordance with Australian Accounting Standard 134: Interim Financial Reporting and the Corporations Act 2001. Compliance with AASB 134 ensures compliance with IAS 34 Interim Financial Reporting. These half-year financial statements do not include all the notes of the type normally included in annual financial statements and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the Group as the full financial statements. Accordingly, these half-year financial statements are to be read in conjunction with the annual financial statements for the year ended 30 June 2023 and any public announcements made by Battery Age Minerals Ltd during the half-year reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 and the ASX Listing Rules. The half-year report has been prepared on an accruals basis and is based on historical costs. Cost is based on the fair value of the consideration given in exchange for assets. For the purpose to preparing the half-year financial report, the half-year has been treated as a discrete reporting period. The accounting policy for flow-through premium liability balance is related to the share placement of flowthrough shares as defined under the Income Act of Canada. The Company incurs qualifying Canadian exploration expenses as defined under the Income Act, Canada ("Qualifying CEE") in the amount of in an amount equal to the gross proceeds raised in connection with the flow-through share placement. Pursuant to the terms of the flow through share agreements, the tax deductions associated with the exploration expenditures are renounced to the subscribers. The difference between the value ascribed to flow through shares issued and the value that would have been received for shares with no tax attributes is initially recognised as a liability. When the expenditures are incurred, the liability is reduced and other income is recognised in the statement of profit or loss and other comprehensive income. All other accounting policies and methods of computation are the same as those adopted in the most recent annual financial statements. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards. Standards and Interpretations applicable to 31 December 2023 In the half-year ended 31 December 2023, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to the Company and effective for the half-year reporting periods beginning on or after 1 July 2023. 16 BATTERY AGE MINERALS LTD NOTES TO THE CONSOLIDATED FINANCIAL REPORT For the half-year ended 31 December 2023 As a result of this review, the Directors have determined that there is no material impact of the new and revised Standards and Interpretations on the Company and therefore no material change is necessary to Company accounting policies. Standards and Interpretations in issue not yet adopted Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Significant accounting judgments and key estimates The preparation of half-year financial report requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. In preparing this half-year financial report, the significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated annual financial report for the year ended 30 June 2023. 2.2. Going Concern Basis The financial report has been prepared on the going concern basis, which contemplates the continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business. For the six months ended 31 December 2023 the Group incurred cash outflow from operating and investing activities of $6,180,195 (December 2022: $776,053) for the half-year ended 31 December 2023. The Group made a loss for the period of $1,045,265 (loss in 31 December 2022: $1,265,674). At balance date, working capital netted to $1,901,395 (30 June 2023: $2,149,943) and Cash reserves were $3,075,633 (30 June 2023: $3,200,425). The Directors are mindful of the Company’s working capital requirements and cognisant of its developed capital management program that will provide funding to maximize the potential of its current asset and provide a strong base for increasing shareholder value. Based on cash flow forecasts, subsequent successful capital raise of $6.4 million on 24 August 2023 and the 36.5% investment in Equinox Resources (EQN) the Directors consider the basis of going concern to be appropriate. 3. CASH AND CASH EQUIVALENTS 31 Dec 2023 30 Jun 2023 $ $ Cash at bank and in hand 3,075,633 3,200,425 Cash and cash equivalents 3,075,633 3,200,425 For the purposes of the cash flow statement, cash and cash equivalents comprise the following: Cash at bank and in hand 3,075,633 3,200,425 Cash for reconciliation of cash flow statement 3,075,633 3,200,425 Reconciliation to cash flow statement 17 BATTERY AGE MINERALS LTD NOTES TO THE CONSOLIDATED FINANCIAL REPORT For the half-year ended 31 December 2023 4. OTHER REVENUE 31 Dec 2023 31 Dec 2022 $ $ Other 849 Flow-through premium recovery 818,027 - Government grant (Ontario Junior Explorer Program) 226,571 - 1,044,598 849 Other Income The Company has incurred qualifying Canadian exploration expenses as defined under the Income Act, Canada (“Qualifying CEE”) and according, recognised