BUXTON RESOURCES LIMITED ABN 86 125 049 550 INTERIM FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2024 This interim financial report does not include all the notes of the type normally included in an annual financial report. This report is to be read in conjunction with the Annual Report for the year ended 30 June 2024 and any public announcements made by Buxton Resources Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. INTERIM FINANCIAL REPORT DECEMBER 2024 1 Contents CORPORATE INFORMATION ......................................................................................................... 3 DIRECTORS’ REPORT .................................................................................................................... 4 AUDITOR’S INDEPENDENCE DECLARATION ...............................................................................13 STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME ........................................ 14 STATEMENT OF FINANCIAL POSITION......................................................................................... 15 STATEMENT OF CHANGES IN EQUITY ......................................................................................... 16 STATEMENT OF CASH FLOWS..................................................................................................... 17 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS........................................................... 18 DIRECTORS’ DECLARATION ........................................................................................................ 26 INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF BUXTON RESOURCES LIMITED. 27 INTERIM FINANCIAL REPORT DECEMBER 2024 2 CORPORATE INFORMATION Bux t on Res our ces L imit ed ABN: 86 125 049 550 D ir ect or s Stuart Fogarty Jared Jacob Sam Wright Audit or s In.Corp Audit & Assurance Pty Ltd Suite 11, Lincoln House Level 1, Lincoln Building 4 Ventnor Avenue West Perth WA 6005 Company Secr et ar y Sam Wright Regis t er ed office and pr incipal place of bus ines s 15 Robinson Avenue Belmont WA 6104 PO Box 661 Nedlands WA 6909 Ph: 08 9380 6063 Fax: 08 9467 6111 Web: www.buxtonresources.com.au Shar e Regis t er Computershare Investor Services Pty Limited Level 2, 45 St Georges Terrace Perth WA 6000 Home Ex change Australian Securities Exchange Level 40 Central Park 152-158 St Georges Terrace Perth WA 6000 ASX Code: BUX INTERIM FINANCIAL REPORT DECEMBER 2024 3 DIRECTORS’ REPORT Your directors are pleased to present their report on Buxton Resources Limited and its subsidiaries (referred to hereafter as the “consolidated entity” or “group”) for the half-year ended 31 December 2024. D IRECT ORS The names of the directors who held office during or since the end of the half-year are: Stuart Fogarty Jared Jacob (appointed 20 November 2024) Sam Wright (appointed 20 November 2024) Seamus Cornelius (resigned 20 November 2024) Anthony Maslin (resigned 20 November 2024) Directors were in office for the entire period unless stated otherwise. REVIEW AND RESUL T S OF OPERAT IONS During the half-year, Buxton undertook exploration activities across a number of projects in Western Australia and Arizona, including significant programs at Graphite Bull that were directed toward a substantively increased Mineral Resource Estimate. Gr aphit e Bull Pr oject ( BUX 100%) The Graphite Bull Project (Exploration License E09/1985) is located 280 km East of Carnarvon in the Murchison Region of Western Australia. During the half-year, Buxton completed diamond and RC drilling programs (see ASX Announcement s 9 Jul 2024, 23 Jul 2024, 25 Jul 2024, 12 Aug 2024, and 26 Aug 2024). Buxton also completed the preparation of a ~200 kg bulk concentrate sample at ALS Metallurgy which allowed major anode manufacturer BTR to commence project qualification test work. Buxton also announced the results from assaying from these programs (see ASX 24 Oct 2024 and 12 Dec 2024). Standout, shallow, high-grade results include: • • • • GB012RC: 124 m @ 16.6% TGC from 44 m GB013RC: 56 m @ 14.4% TGC from 8 m GB011RC: 50 m @ 24.9% TGC from 38 m GB009RC: 10 m @ 37.3% TGC from 12 m, including 6 m @ 47.3% TGC Buxton also finalised drill sample assaying, logging and 3D geological modelling. A new JORC 2012 compliant Mineral Resource Estimate was announced subsequent to the half-year with Total INTERIM FINANCIAL REPORT DECEMBER 2024 4 DIRECTORS’ REPORT Resources now 20.7 Mt @ 10.8% TGC at a 7% TGC cutoff, including 7.61 Mt @ 11.6% TGC in Indicated Category and 13.1 Mt @ 10.4% TGC in Inferred Category (ASX 17 Feb 2025). Major anode manufacturer BTR continued qualification test work on Graphite Bull ore and flake concentrate. An ore sample of ~738 kg from 2024 Infill Resource drilling was sent to BTR in late 2024 (ASX 31 Oct 2024). BTR has advised Buxton that it has completed flotation test work on this material and has since requested additional flake concentrate to facilitate an expanded downstream test work program through to anode production optimised for an established South Korean cell manufacturer. This downstream test work, including spheroidization, purification, and anode / cell manufacture, is well underway in-house at BTR with the next round of results expected in February 2025. Dorfner Anzaplan GmbH undertook Spheroidised Purified Graphite (SPG) test work, with preliminar y results referenced subsequent to the half-year (ASX 15 Jan 2025). W es t Kimber ley Pr oject ( 3 s epar at e JVs w it h IGO - BUX 16% – 20%) Subsequent to the half-year Buxton announced that six diamond drill holes were completed at Dogleg in the 2024 field program, totalling 2,245.60 m. Geology encountered in the 2024 drilling was consistent with observations in 2023, though Ni-Cu-Co sulphide mineralisation was of lower grade and thickness (ASX 14 Feb 2025). Drilling and DHEM data suggest that significant Ni-Cu-Co mineralisation does not extend further down plunge to the southeast or up plunge to the northwest, effectively closing off significant sulphide potential at Dogleg. Regionally, GEM surveys at Patrick and Tail prospects were completed (Figure 3). No anomalies of interest were identified. As such, both are considered effectively tested, with no further exploration recommended. IGO have indicated that they are currently preparing plans for further exploration within the WKJV Project for the 2025 field season. Fr as er Range Pr oject ( BUX 10% / IGO 90%) Exploration in the Fraser Range Project is targeting magmatic Ni-Cu sulphide mineralisation along strike from IGO’s operating Nova mining operation. Buxton remain free carried until completion of a feasibility study with Buxton retaining an exclusive right to explore and develop iron ore on the Tenements. During the Quarter, IGO reported having commenced a strategic review of all Fraser Range JV Project tenure. Buxton retains 100% interest in the iron-ore rights for the two Fraser Range BUX/IGO JV tenements. Buxton recently undertook an internal review of the Zanthus Magnetite project, located on E28/1959, just 35km from the Zanthus rail siding on the Trans-Australia Rail Line. Previously, Buxton has undertaken geophysical and drilling programs, with the most recent being completed in 2011 (ASX 12 Sep 2011). Buxton then declared and Exploration Target (ASX 3 Nov 2011) followed by a pre- INTERIM FINANCIAL REPORT DECEMBER 2024 5 DIRECTORS’ REPORT JORC 2012 Inferred Resource (ASX 5 Dec 2011). DTR met work indicates that a >67% mFe con could be produced at grind sizes of 150-106 micron with DTR potentially over 30% (ASX 7 Dec 2011). Nar r yer Pr oject ( BUX 100%) The Narryer Project was staked to target magmatic Ni-Cu-PGE sulphide mineralisation along the Yilgarn Craton margin within the Murchison Region of WA. Buxton has completed substantive systematic exploration programs since 2021, including regional gravity / airborne EM programs and two rounds ground EM. During the half-year Buxton completed the first drilling program on the Project at the Ranger Prospect (see ASX 23 Aug 2024). Visual results indicated that this hole had intersected potentially significant graphite mineralisation (see ASX 29 Aug 2024). Assays released during the half-year confirmed that NY001RC intersected 60 metres @ 4.34% TGC from 192 m, including 20 metres @ 9.06% TGC from 231 m (ASX 4 Oct 2024). Buxton’s review of geophysical datasets suggests that this graphite mineralisation extends closer to surface at Ranger, and 19.1 km of strike was defined as prospective for similar mineralisation which represents a new province-scale graphite play 100% owned by Buxton. Copper W olf Pr oject ( IGO 51%, BUX 49%, IGO opt ion t o ear n 70%) Buxton’s Copper Wolf Project consists of Lode Mining Claims and Mineral Exploration Permits in Yavapai County, Arizona. The Copper Wolf Project has multiple historical resource estimates available that confirm the presence of a large Laramide porphyry Cu-Mo system (see ASX 25 Oct 2021). Porphyry Cu-Mo mineralisation at Copper Wolf is largely concealed by a post-mineral (Tertiary) sequence of volcanic and sedimentary rocks. The Project is located within one of the most prolifically endowed copper belts in the world, yet it has not seen any drilling since the early 1990s. Buxton’s 2022 airborne magnetic survey was the first geophysical work undertaken since the early 1960s. Historic exploration has consisted of relatively wide spaced drilling which focussed on significant supergene copper mineralisation. Buxton is targeting high grade, underground bulk mineable copper-molybdenum mineralisation. On the 4 Oct 2022, Buxton received shareholder approval for Buxton and IGO to enter into an earnin and joint venture agreement for the Copper Wolf Project. The Copper Wolf JV Project comprises a) tenure subject to the IGO JV (~12.5 km2, and includes the supergene blanket which has been the focus of previous exploration including historical resource estimates). Buxton also owns a 33.62 acre surface parcel with associated access and groundwater infrastructure / rights within the area of the JV tenure. Subsequent to the Quarter, the Copper Wolf JV operating committee agreed to purchase this surface parcel from Buxton, raising AUD $257k cash. During the half-year, Buxton announced that IGO have met the Stage 1 Earn-in Requirement of the Copper Wolf Agreement (see ASX 22 Aug 2022 and 2 Sep 2022), that being expenditure of AUD INTERIM FINANCIAL REPORT DECEMBER 2024 6 DIRECTORS’ REPORT $350k (exclusive of GST) and that IGO have thereby earned a 51% interest in the BUX / IGO JV Tenements. During the half-year, IGO also reported undertaken desktop studies focussed on project-specific environmental, economic and geophysical assessments. Copper W olf Pr oject ( BUX 100%) Buxton’s interests in the Copper Wolf Project area also include BUX 100% (non-IGO JV) tenure over ~30.5 km2 covering substantial basement exposures where Buxton’s exploration results indicate potential for copper-molybdenum porphyry mineralisation at shallow depths such as at the Wolverine and Sun Devil / Aztecs prospects (Figure 1). These tenements are encumbered by a Right of First Refusal (‘RoFR’) established by the earn-in and joint venture agreement for the Copper Wolf Project that commenced on 4 Oct 2022. IGO’s RoFR expires on 4 Oct 2027. INTERIM FINANCIAL REPORT DECEMBER 2024 7 DIRECTORS’ REPORT Figure 1: Copper Wolf Project tenure situation showing ~30.5 km2 area (pale orange coloured polygons) for which Buxton has 100% interest in the subsurface estate. These areas include substantial basement exposures indicating potential for copper-molybdenum porphyry mineralisation at shallower depths in comparison to the Bobcat, Rattler and Coyote prospects. The BUX / IGO JV covers ~12.5 km2, and includes the supergene blanket which has been the focus of previous exploration including historical resource estimates. BRAL owns a 33.62 acre surface parcel with associated access and water rights. Shogun & Royale Pr oject s ( BUX 100%) The Shogun and Royale Projects are located in the Paterson Region of Western Australia. Exploration at Shogun Project is targeting magmatic Ni-Cu-Co-PGE sulphide deposits. The Royale Project covers exploration targets for hydrothermal Cu +/- Au – Mo deposits. During the half-year Buxton withdrew three applications and lodged two new applications. Buxton also finalised negotiations and executed a Land Access & Mineral Exploration Agreement executed with Jamukurnu-Yapalikunu Aboriginal Corporation (JYAC). The Agreement will pave the way for Exploration Licenses Applications E45/6229 & E45/6231 (Royale) and E45/6233 (Shogun) to be granted in early 2025. L at er on Pr oject ( BUX 100%) The Lateron Project consists of Exploration License E80/5545 located on unclaimed crown land close to the Tanami Road, approximately 10 km East of Billiluna and 150 km South of Halls Creek in Western Australia. Buxton previously undertook petrological analysis on fragments of diamond drill core recovered from the site of AFMECO’s 1982 diamond drillhole S19. The report indicates the core fragments consist of “biotite hornblende quartz diorite, with coarse titanite and sericite / muscovite pyrite-magnetite-chalcopyrite overprint” – such rocks are typically associated with magmatichydrothermal Cu-Au mineralisation. Airborne magnetics indicates these intrusive rocks cover > 7 km2. During the half-year Buxton continued negotiations on a Heritage Agreement. Madman Pr oject ( BUX 100%) The Madman Project consists of Exploration License E69/4182 located on unclaimed crown land in the Little Sandy Desert approximately ~375km NE of Wiluna in Western Australia. Interpretation of publicly available magnetic data indicated a relatively shallow (~115 - 175m deep) aeromagnetic anomaly similar in amplitude and geological setting to the Winu and Havieron discoveries in the northern Paterson Province. During the half-year Buxton undertook negotiations a view to executing a Heritage Agreement. INTERIM FINANCIAL REPORT DECEMBER 2024 8 DIRECTORS’ REPORT Cent ur ion Pr oject ( BUX 100%) The Centurion Project consists of a single EL covering ~80 km2 located in the Great Sandy Desert between Kiwirrkurra and Balgo. The EL covers a prominent dipolar and offset magnetic and gravity anomaly pattern which is characteristic of Iron Oxide Copper Gold (IOCG) deposits such as Olympic Dam and Prominent Hill. The principal target is defined by magnetic & gravity anomaly 3,500 m by 5,000 m in extent and 1500 nanoTesla magnetic and 10.1 milligal gravity in amplitude. Although little is known of the pre-Canning geology, the Centurion Project is situated in an excellent regional structural setting. Magnetic data indicates that the target is located between 520 - 700 metres beneath ground level under post mineral cover sequences of the Canning Basin. A previous drillhole by CRA in 1991 encountered drilling difficulties and was terminated at 432.30 m and failed to reach basement. The geological logs noted chlorite-pyrite altered clasts in a boulder conglomerate assigned to the Permian Grant Formation toward the end of the hole. This observation provides strong encouragement that the geophysical response may be related to a hydrothermal system, and that the basement interface may not be far below the base of that hole. Buxton has entered in Heritage Protection Agreements with the Ngurra Kayanta and Parna Ngururrpa Aboriginal Corporations. Provision for Buxton personnel and contractors to pass through lands of the Kiwirrkurra People is provided by a third access agreement. Buxton has also received permits from the Aboriginal Lands Trust to complete statutory requirements to access the Project. Buxton also received an Exploration Incentive Scheme grant for up to $220,000 to offset the cost of this drilling program (this grant expires in December 2025). During the half-year, Buxton undertook a major heritage survey (ASX 9 Jul 2024) and subsequently announced that it had received all heritage clearances required to allow for the commencement of drilling activities (see ASX Announcement 10 Oct 2024). Mat r ix Pr oject ( BUX 100%) In May 2024, Buxton announced that it had entered into a binding Earn-In Agreement to acquire 100% of the Matrix Manganese Project ("Matrix") located in Mohave County, Arizona, from Solution Mining Pty Ltd ("Solution") (see ASX 14 May 2024). The Matrix Project consists of 154 Lode Mining Claims (MTX 001 - MTX 154) covering ~12 km2 in Mohave County, Arizona. The Matrix Project claims cover the interpreted western extension of the Artillery Peak manganese mineralisation. The material terms of the Agreement are as follows: • Buxton will Earn-In to 100% ownership of 154 BLM Lode Mining Claims by spending AU$1.0M over a maximum of 2 years (14th May 2026). INTERIM FINANCIAL REPORT DECEMBER 2024 9 DIRECTORS’ REPORT • • • Buxton will issue Solution AU$150k equivalent in shares within 20 days after the agreement is executed (priced at the 20-day VWAP), and a 1.5% NSR royalty. Buxton retains a right of first refusal over this royalty. Buxton will issue Solution a second tranche of AU$100k in shares at the 2 years anniversary, or on completing the Earn-In, whichever comes earliest. Mandatory commitments are limited to the claim maintenance fees (currently US$25,410). Should BUX subsequently either; • IPO the project: Solution will get 10% of the new entity's capital structure, plus priority right to subscribe to an additional 9.9% on the same terms as for other investors of that IPO; or • Progress the project: Solution to get milestone payments payable, at BUX's discretion in BUX shares or cash, as follows; 3% (of fair market value of the project) at Resource, 2% at Feasibilit y Study and 1% at Decision to Mine Manganese was first discovered in the region around 1880 at Artillery Peak. The deposits at the Artillery Peak occur as two distinct types of deposit, stratiform manganese deposits and vein manganese deposits. In 2011 American Manganese Inc. (now Recyclico AMY.V) defined Indicated & Inferred Resources of 277 Mt @ 2.8% Mn. A Tetra Tech study in 2012 focused on a smaller area with Indicated and Inferred Resources of 82 Mt @ 2.3% Mn (with 198 Mt remaining current outside this area). In the 1980s the US Bureau of Mines (USBoM) evaluated the feasibility of in-situ and heap leaching for Mn extraction from domestic US ores. Of the 25 deposits examined, the material tested from the Artillery Peak project area presented the fastest and highest Mn recovery characteristics in column leaching, and was the only deposit selected for further evaluation targeting suitability for in-situ recovery (ISR) methods - work which was curtailed when the USBoM was abolished in 1996. During the half-year Buxton received results from a drone magnetic survey and defined initial drilling targets. Buxton also commenced a permitting process with the BLM with a view to undertaking the maiden drilling program in 2025. Pr oject Gener at ion Buxton has continued to undertake generative work, both in Western Australia and Arizona. OPERAT ING RESUL T S The Group recorded a loss for the half-year ended 31 December 2024 of $2,898,403 (2023; $2,331,365). At 31 December 2024 the Group held cash and term deposit balances of $1,137,191 (30 June 2024; $2,886,845). INTERIM FINANCIAL REPORT DECEMBER 2024 10 DIRECTORS’ REPORT CORPORAT E The Company held its Annual General Meeting on 22 November 2024 at 15 Robinson Avenue, Belmont, Western Australia. All resolutions that were put to shareholders were passed by a poll. On 26 July 2024, following approval by shareholders at a general meeting held on 17 July 2024, the Company issued 4,332,329 shares under a Share Purchase Plan and top up from IGO Ltd at an issue price of $0.085 per share raising $368,248 before issue costs. The purpose of the raise was to fund exploration activity across a number of projects including Graphite Bull, Narryer and Centurion in Australia and Matrix Manganese in Arizona, USA. On the same date a total of 19,372,056 free attaching listed options were issued comprising 1,805,895 SPP options, 14,705,890 Placement options, 2,500,000 Advisor options and 360,271 IGO top up options. All options have an expiry date of 31 July 2026 and an exercise price of $0.16. During the half-year period, under an agreement dated 12 August 2024 with Zanil Pty Ltd and Top Drill Pty Ltd the Company issued a total of 4,349,066 shares in lieu of 50% of earth moving costs. A further 338,462 shares were issued to consultants and suppliers in lieu of fees. Following approval by shareholders at the AGM held on 22 November 2024 261,393 shares were issued to Directors in lieu of fees. On 14 November 2024, the Company issued 8,985,089 shares under a Placement at an issue price of $0.065 per share raising $584,031 before issue costs. Funds raised will be used primarily to complet e a Graphite Bull Mineral Resource upgrade and provide general working capital. BOARD CHANGES On 20 November 2024, the Company announced the retirement of Seamus Cornelius and Anthony Maslin as Directors at the Annual General Meeting. The Company thanks both for their dedicated service and contribution during their tenure and wishes them well in their future endeavours. Substantial shareholder, IGO Ltd nominated Jared Jacob to be appointed as non-executive Director and shareholders approved his appointment at the AGM. A search for a new Chairperson has commenced and in the interim, Company Secretary, Sam Wright has been appointed as non-executive Director. SIGNIFICANT EVENT S SUBSEQUENT T O REPORT ING D AT E No matter or circumstance has arisen which has significantly affected, or may significantly affect the operations of the Group, the result of those operations, or the state of affairs of the Group in subsequent financial years. INTERIM FINANCIAL REPORT DECEMBER 2024 11 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 the following page. This report is made in accordance with a resolution of directors. Sam Wright Director Perth, 13th March 2025 INTERIM FINANCIAL REPORT DECEMBER 2024 12 AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 In.Corp Audit & Assurance Pty Ltd ABN 14 129 769 151 To the Directors of Buxton Resources Limited Level 1 6-10 O’Connell Street SYDNEY NSW 2000 I declare that, to the best of my knowledge and belief, in relation to the review for the half-year ended 31 December 2024 there have been: • • no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and no contraventions of any applicable code of professional conduct in relation to the review. Suite 11, Level 1 4 Ventnor Avenue WEST PERTH WA 6005 GPO BOX 542 SYDNEY NSW 2001 T +61 2 8999 1199 E team@incorpadvisory.au W incorpadvisory.au This declaration is in relation to Buxton Resources Limited and the entities it controlled during the half-year. In.Corp Audit & Assurance Pty Ltd Graham Webb Director Perth 13 March 2025 Liability limited by a scheme approved under Professional Standards Legislation 13 CONSOLIDATED STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME FOR T HE HAL F-YEAR END ED 31 D ECEMBER 2024 Not e Income Depreciation expense Salaries and employee benefits expense Share-based payment expense Exploration and evaluation expenses Corporate expenses Administration expenses L os s fr om oper at ing act ivit ies Finance income Finance expense Net finance income/(expense) L os s befor e income t ax Income tax expense Loss after income tax expense for the period Ot her compr ehens ive income Items that may be reclassified subsequently to profit or loss: Foreign currency translation Total comprehensive income for the period, net of tax T OTAL COMPREHENSIVE INCOME FOR THE PERIOD AT T RIBUTABLE T O OW NERS OF BUXT ON RESOURCES L IMIT ED Basic and diluted loss per share (cents) 3 4 Half-year ended 31 D ecember 31 D ecember 2024 2023 $ $ 365,440 2,153,119 (39,381) (527,734) (355,770) (2,034,793) (161,428) (147,605) (2,901,271) (16,210) (531,069) (1,073,337) (2,270,900) (162,917) (423,983) (2,325,297) 18,693 (15,825) 2,868 21,922 (27,990) (6,068) (2,898,403) (2,898,403) (2,331,365) (2,331,365) (16,608) 83,242 (16,608) 83,242 (2,915,011) (2,248,123) (1.37) (1.29) The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes. INTERIM FINANCIAL REPORT DECEMBER 2024 14 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 D ECEMBER 2024 Not e CURRENT ASSET S Cash and cash equivalents Trade and other receivables Other financial assets Other current assets T OT AL CURRENT ASSET S NON-CURRENT ASSET S Exploration assets Right-of-use asset Plant and equipment T OT AL NON-CURRENT ASSSET S T OT AL ASSET S 5 CURRENT L IABIL IT IES Trade and other payables Lease liability Provisions T OT AL CURRENT L IABIL IT IES NON-CURRENT L IABIL IT IES Lease liability T OT L NON-CURRENT L IABIL IT IES T OT AL L IABIL IT IES NET ASSET S EQUIT Y Issued capital Reserves Accumulated losses T OT AL EQUIT Y 6 7 31 D ecember 2024 $ 30 June 2024 $ 1,009,191 55,433 128,000 154,035 1,346,659 2,758,845 156,198 128,000 143,511 3,186,554 1,161,820 145,546 105,916 1,413,282 2,759,941 1,161,820 125,462 1,287,282 4,473,836 265,655 54,762 30,286 350,703 494,130 24,338 518,468 97,060 97,060 447,763 2,312,178 518,468 3,955,368 32,758,968 1,602,768 (32,049,558) 2,312,178 31,554,444 1,608,918 (29,207,994) 3,955,368 The above consolidated statement of financial position should be read in conjunction with the accompanying notes. INTERIM FINANCIAL REPORT DECEMBER 2024 15 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR T HE HAL F-YEAR END ED 31 D ECEMBER 2024 For eign Shar e-bas ed cur r ency payment Accumulat ed t r ans lat ion r es er ve Is s ued capit al los s es r es er ve $ $ $ $ Balance at 1 July 2024 31,554,444 (29,207,994) 83,242 1,525,676 Loss for the period (2,898,403) Other comprehensive income (16,608) T otal comprehensive loss for t he per iod (2,898,403) (16,608) Issue of shares for cash 952,279 Issue of options to advisors 67,297 Issue of shares to contractors 341,132 Issue of shares to directors 14,638 Expiry of options 56,839 (56,839) Share issue transaction costs (103,525) 66,634 Balance at 31 December 2024 32,758,968 (32,049,558) 1,536,134 Balance at 1 July 2023 Loss for the period Other comprehensive income T otal comprehensive loss for t he per iod Issue of shares for tenement acquisition Issue of options under Employee incentive plan Issue of shares under Employee incentive plan Exercise of options Fair value of options exercised Balance at 31 December 2023 T ot al $ 3,955,368 (2,898,403) (16,608) (2,915,011) 952,279 67,297 341,132 14,638 (103,525) 2,312,178 28,672,297 - (25,082,890) (2,331,365) - 83,242 478,301 - 4,067,708 (2,331,365) 83,242 - (2,331,365) 83,242 - (2,248,123) 250,000 - - - 250,000 - - - 1,063,337 1,063,337 10,000 112,500 - 83,242 - 10,000 112,500 15,962 29,060,759 (27,414,255) (15,962) 1,525,676 3,255,422 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. INTERIM FINANCIAL REPORT DECEMBER 2024 16 CONSOLIDATED STATEMENT OF CASH FLOWS FOR T HE HAL F-YEAR END ED 31 D ECEMBER 2024 Cas hflow s fr om oper at ing act ivit ies Receipts from customers Payments for exploration and evaluation Payments to suppliers and staff Interest paid Interest received Net cas h us ed in oper at ing act ivit ies Half-year ended 31 D ec 2024 31 D ec 2023 $ $ 365,440 (2,280,813) (752,710) (15,825) 15,790 (2,668,118) 832,475 (2,460,766) (967,276) (26,000) 19,003 (2,602,564) Cas hflow s fr om inves t ing act ivit ies Payments for plant and equipment Net cas h us ed in inves t ing act ivit ies (14,514) (14,514) (2,999) (2,999) Cas hflow s fr om financing act ivit ies Proceeds from the issue of shares Payments for share issue costs Repayment of lease liabilities Loans provided Repayment of loan Net cas h fr om financing act ivit ies 952,279 (36,228) (28,073) 45,000 932,978 112,500 (75,000) 37,500 (1,749,654) 2,758,845 1,009,191 (2,568,063) 4,017,470 1,449,407 Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cas h and cas h equivalent s at t he end of t he per iod The above consolidated statement of cash flows should be read in conjunction with the accompanying notes. INTERIM FINANCIAL REPORT DECEMBER 2024 17 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOT E 1: BASIS OF PREPARAT ION OF T HE INT ERIM FINANCIAL REPORT This general purpose financial report for the interim half-year reporting period ended 31 December 2024 has been prepared in accordance with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001. This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2024 and any ASX announcements made by Buxton Resources Limited during the interim period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period. Going concer n The interim financial report is prepared on a going concern basis. The Group incurred a loss of $2,898,403 and a net cash outflow of $2,668,118 from operating activities during the period ended 31 December 2024. The directors have prepared forecasts in respect of