Announcement PDF 1 MRG Metals Limited Half Year Financial Report 31 December 2024 Half Year Financial Report MRG Metals Limited ABN: 83 148 938 532 For the half-year ended 31 December 2024 2 MRG Metals Limited Half Year Financial Report 31 December 2024 Contents Corporate Directory 3 Director’s Report 4 Auditor’s Independence Declaration 14 Statement of Profit or Loss and Other Comprehensive Income 15 Statement of Financial Position 16 Statement of Changes in Equity 17 Statement of Cash Flows 18 Notes to the Financial Statements 19 Directors’ declaration 25 Independent Auditor’s Review Report 26 3 MRG Metals Limited Half Year Financial Report 31 December 2024 Corporate Directory Directors & Secretary Andrew Van Der Zwan Non Executive Chairman Christopher Gregory Non Executive Director Shane Turner Non Executive Director and Company Secretary Principal place of business 12 Anderson Street West, Ballarat VIC 3350 Telephone: +61 3 5330 5800 Fax: +61 3 5330 5890 Email: info@mrgmetals.com.au www.mrgmetals.com.au Registered office 12 Anderson Street West, Ballarat VIC 3350 PO Box 237, Ballarat VIC 3353 Telephone: +61 3 5330 5800 Fax: +61 3 5330 5890 Corporate accountant and Registered ASIC Agent RSM Australia Pty Ltd 12 Anderson Street West, Ballarat VIC 3350 PO Box 685, Ballarat VIC 3353 Telephone: +61 3 5330 5800 Fax: +61 3 5330 5890 www.rsm.com.au Solicitors Moray & Agnew Level 6, 505 Little Collins Street, Melbourne VIC 3000 Telephone: +61 3 9600 0877 Fax: +61 3 9600 0894 www.moray.com.au Share Registry Automic Pty Ltd Level 5, 126 Phillip Street, Sydney NSW 2000 Telephone: 1300 288 664 Auditor William Buck Audit (Vic) Pty Ltd Level 20 181 William Street, Melbourne Vic 3000 Telephone (office): +61 3 9824 8555 Website: www.williambuck.com Stock Exchange Listing ASX Codes: MRQ and MRQO 4 MRG Metals Limited Half Year Financial Report 31 December 2024 Director’s Report The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the ‘Group’) consisting of MRG Metals Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2024. Projects MRG Metals is pleased to provide an update on activities undertaken in the six months to 31 December 2024 across the Company’s portfolio of projects in Mozambique, Zimbabwe and Australia. MOZAMBIQUE JOINT VENTURE AGREEMENT TO DEVLOP HMS PROJECTS On 12 June 2024, MRG entered into a Binding Joint Venture Agreement (JV) with Sinowin Lithium (HK) Co., Ltd and Sinowin Lithium Cobalt Ltd (collectively “SLC”) to develop its Mozambique Corridor Sands projects (Corridor Central and Corridor South) and its other Mozambique Heavy Mineral Sands (“HMS”) projects. Subsequently in December 2024, MRG provided an update on the JV which detailed the following key highlights: JV Equity Structure Update  The conditions precedent of the Joint Venture Agreement are now complete and as a result the tenements held in the respective Sofala entities are now presented as Held For Sale on MRG’s Statement of Financial Position.  The Hong Kong JV company, Terriland, (SLC 70%; MRG 30%) is now operational.  Terriland owns 100% of a newly established UAE company (Tailan Mining Ltd (UAE)). The transfer of MRG’s Mozambique companies, Sofala Mining & Exploration LDA and Sofala Mining and Exploration 1 LDA, which hold Corridor Central and Corridor South Mining Licence applications, has progressed to near completion, awaiting tax assessment from the Mozambique Government.  Simultaneous with the transfer, SLC will deposit USD $3 million, the first part of an initial USD $6 million injection into the JV Trust Account, being working capital.  Subsequently, the JVC will own Corridor Central and Corridor South via ownership of the Mozambique Holding Companies. JV Expenditure In accordance with the JV Agreement, SLC has funded the following to date:  USD $150,000 comprising 6 months @ $25,000/month to cover MRG’s in-country costs.  USD $90,000 comprising 6 months @ $15,000/month to cover MRG Management – this will continue to a minimum 12 months into the JV.  USD $55,000 of approved funding for exploration on Marao and Corridor North projects to meet minimum work commitments as required by INAMI under the Mining Law.  A Revised Scoping Study (not ASX reportable).  Re-submission of Mining Licence applications in July utilising revised Scoping Study data. • Initiation of an Environmental and Social Impact Assessment (ESIA) Study with contract value of circa USD $500,000 (refer ASX Announcement 8 November 2024).  Multiple field trips of SLC Management together with Design and Construction Engineering Consultants.  Initial Offtaker negotiations including additional metallurgy to refine product specifications. 5 MRG Metals Limited Half Year Financial Report 31 December 2024 JV Operational Update The JV parties have agreed, effective 12 December 2024, for SLC to take over operational control of the Mozambique companies controlling Corridor Central and Corridor South. Operational changes include: Corridor Central and Corridor South Mining Licence Applications:  The payment to MRG of USD $25,000/month to cover MRG’s in-country costs is now replaced by the JV directly funding the Mozambique JV operations. This involves: o Employment of the existing necessary staff in Mozambique o Development (progressively) of the additional staffing needs as company transitions to mine development and operations o Necessary line management to administer all permitting and regulatory steps o In-country supervision of supply and logistics developments o JV Office will initially be shared until larger more appropriate office space is found o Vehicles/other equipment will similarly be shared until the JV finalises its needs. Marao, Corridor North and Linhuane Projects:  These projects are included as part of the JV. They remain 100% MRG-owned until the JV meets increased concentrate production milestones as defined in the JVA (see below under “Stage 1”)  MRG will manage, on behalf of the JV, on a pre-agreed service contract agreement, all costs associated with maintaining these projects.  In accordance with the JVA, SLC will fund all expenditure on these projects and they must be kept in good standing with INAMI. Minimum work and expenditure commitments must be complied with.  Linhuane project is still at Exploration Licence Application stage. MRG will retain and fund an organisation necessary to administer the remainder of its exploration portfolio in Mozambique, including Adriano and Fotinho projects (REE) and Olinga (REE & Uranium) project that are not part of the JV. JV Equity Structure: • Effective immediately, upon receipt of USD $3-6 million working capital funding SLC shall have 70% of the JV equity and MRG shall have 30% of the JV equity. The JVC shall own Corridor Central and Corridor South via ownership of the Mozambique Holding Companies. • Stage 1: After the JV has achieved 110,000 tonnes of annual capacity of Heavy Mineral Sands Concentrate. Stage 1 to be achieved within 21 months of receipt of mining licence. Milestone benefit: Corridor North is added to the JVC. • Stage 2: After the JV has achieved 220,000 tonnes of annual capacity of Heavy Mineral Sands Concentrate. Stage 2 to be achieved within 2 years after Stage 1. Milestone Benefit: SLC increases equity to 75%. MRG reduces equity to 25% and Linhuane is added to the JV. • Stage 3: After the JV has achieved 440,000 Tonnes of annual capacity of Heavy Mineral Sands Concentrate. Stage 3 to be achieved within 4 years after Stage 1. Milestone Benefit: SLC increases equity to 80%. MRG reduces equity to 20% and Marao is added to the JVC. • SLC shall invest all funds necessary to develop the initial mining operation up to 480,000 KT of concentrate. Further expansion will be funded by the JVC but MRG’s equity in the Joint Venture will not be diluted below 20%. It is anticipated that the JVC will have the financial capacity to fund expansion or have the capacity to arrange debt financing as needed. 6 MRG Metals Limited Half Year Financial Report 31 December 2024 Figure 1: MRG’s Heavy Mineral Sands Projects Environmental And Social Impact Assessment In November, MRG advised that the Mozambique HMS JV had entered into a contract for the Environmental and Social Impact Assessment (ESIA) and Resettlement Action Plan (RAP) with MOSHAQ Limitada. The contract will run for an anticipated 9 months and has a value of circa USD$0.5 million. The JV will be responsible for contract payments with the terms requiring instalments by the JV, which is 100% funded by MRG’s JV partner SLC. This contract forms an integral part of the ongoing process of securing the mining licence and progressing the project to production. 7 MRG Metals Limited Half Year Financial Report 31 December 2024 Exploration In October 2024, MRG advised that the JV has approved budgets and will fund exploration programs totalling in excess of USD $60,000 at the Corridor North 10779 and Marao 6842 Projects. The drilling at Corridor North will be the first exploration on the licence, while work at Marao will focus on closer spaced infill drilling within the Magonde high grade HMS target. Both the Corridor North and Marao Projects are planned to contribute to an expanded mine production schedule when annual Heavy Mineral Concentrate (HMC) production exceeds 110,000 tonnes at the end of Stage 1 (Corridor North) and 440,000 tonnes at the end of Stage 3 (Marao). The exploration techniques to be applied at Corridor North and Marao will follow MRG’s established HMS exploration protocols, which led to the successful discovery of the Company’s Koko Massava, Nhacutse, Poiombo and peripheral HMS deposits in the Corridor Central and Corridor South tenements. Corridor North 10779 • Exploration will commence with a 130-hole hand auger grid drilling program. • Corridor North abuts immediately to the north of the MRG Corridor Central (11142) licence, which is currently under Mining Concession application. HMS mineralisation at MRG’s Koko Massava (JORC Resource 1.4Bt @ 5.2% THM; ASX Announcement 22 April 2020) is open northwards towards Corridor North. • Corridor North also abuts immediately to the east and south of the world-class Dingsheng Minerals Corridor 1 tenement. MRG’s data interpretation suggests that HMS mineralisation may extend southwards from Dinsheng into Corridor North. • Holes with visually estimated >3% total heavy minerals (THM) will be sent to the analytical laboratory for analysis. • Mineralogy will be conducted on the HMC to determine the valuable heavy mineral (VHM) content. • Environmental Management Plan (EMP) completed by MRG, to be delivered to Gaza Province Environmental Department for approval and Environmental licencing. Marao 6842 • The Magonde, Maduacua and Mandende targets at Marao were previously generated by widespaced grid hand auger drilling over the entire Marao HMS Exploration licence (ASX Announcement 21 July 2022). Limited aircore drilling within these 3 targets showed the Magonde target with the highest and most continuous THM grades. • A 100-hole hand auger grid infill drilling program will therefore be conducted at the Magonde target. • Holes with visually estimated (VIS) total heavy >3% total heavy minerals will be sent to the analytical laboratory for analyses. • Mineralogy will be conducted on HMC to determine the valuable heavy mineral (VHM) content. • The program will contribute important geological and assay information, potentially allowing a JORC compliant mineral resource estimate (MRE) to be undertaken at Magonde target. Adriano REE Exploration MRG completed its successful maiden stream sediment exploration program at its Adriano 11002 REE project in Mozambique. The program comprised 42 samples collected from sites located upstream of branches of the stream drainage system running through the Adriano Exploration Licence (refer ASX Announcement 17 October 2024). Highlights of the program included: • All of the samples returned anomalous TREO assay results (16 rare earth oxides). • 74% of the samples returned >1,000ppm TREOs with a highest result of TREO 32,393 ppm (3.24% TREO), demonstrating the high prospectivity of this tenement. • Magnet rare earth oxides (MREO: neodymium, praseodymium, dysprosium and terbium) make up approximately 22% of the TREO in the samples. • 3 of the 42 samples delivered exceptional results: o 3.24%, 3.12% and 2.70% TREO respectively; 8 MRG Metals Limited Half Year Financial Report 31 December 2024 Nd+Pr oxides > 350ppm, 21 of the 42 samples exceeded the MREO target with 8 samples >1000ppm; Highest Pr2O3 >1,170ppm (0.117%); and o Dy+Tb oxides >35ppm, 4 of the 42 samples exceed the MREE target and with 3 of these at >100ppm. ZrO2 >13,500ppm (>1.35%), which exceeded the maximum reading of the analytical technique Thorium shows a direct correlation with TREO and can be used as an exploration and analytical proxy for REOs going forward. A mineralogical study underway has confirmed monazite and zircon grains in the panned concentrate. o • • • Figure 2: Map of the location of MRG’s Adriano 11002L REE Exploration licences and Olinga 11005L Uranium and Rare Earth Exploration licences (EL); with the port city of Quelimane nearby. Follow-up exploration at Adriano will involve: • Completion of the mineralogical study, which will also analyse the monazite to confirm the REEs in the monazite. • Closer spaced stream sedimentary sampling in adjacent catchments of samples 2402SED002, 2402SED017 and 2402SED018 to test the primary granite source. • Ridge and Spur soil and outcrop sampling in the area of the exceptional TREO results. • Hand-auger drilling around the exceptional TREO results to test for eluvial / alluvial deposits in the soil. • Hand-auger drilling in the alluvial area in the south of the licence to test the alluvial potential. Fotinho Exploration Licence Granted MRG was granted the Fotinho Exploration Licence 11000 (19,865.18 ha) over a newly identified, high potential Thorium (Th) and Rare Earth Element (REE) district in Mozambique (refer ASX Announcement 22 October 2024). Historical work, which led to the application for Fotinho, detailed the presence of monazite and highly elevated Th and REE grades, with Th assays >1,000 ppm in soil and panned heavy mineral concentrate and 559 ppm in rock (refer ASX Announcement 11 May 2022). 9 MRG Metals Limited Half Year Financial Report 31 December 2024 Fotinho is situated 780km North-East of the Company’s Corridor Central (11142C) and Corridor South (11137C) Heavy Mineral Sands (HMS) Mining licence applications (MLAs) and 230km North-Northeast of the port city of Beira and 120km from the port of Quelimane. Figure 3: Map of the location of MRG’s new granted Fotinho 11000 Rare Earth Exploration licence (EL), as well as recently granted Adriano 11002L Rare Earth EL and Olinga 11005L REE and U EL in relation to MRGs exiting Heavy Mineral Sands exploration licences and the port city of Beira. The combined area of the Fotinho and Adriano projects represents an opportunity for MRG to explore a newly identified, virtually unexplored mineral district of high potential for rare earth deposits discovery, under 100% owned title. ZIMBABWE Shawa Carbonatite Complex MRG announced assay results of Phase 2 exploration at the Shawa Carbonatite Mining Licences in Zimbabwe (refer ASX Announcement 11 November 2024). The assay results are from collected outcrop, subcrop (from a pitting program) and soil samples (refer Figure 1, ASX Announcement 21 February 2024) and follow the reported portable XRF (pXRF) results for the exploration program (refer ASX Announcement 1 July 2024 for the pXRF results). 10 MRG Metals Limited Half Year Financial Report 31 December 2024 Figure 3: Shawa Carbonatite in relation to Harare and the Mozambican Beira Port shown on Google Earth image, yellow roads national tar roads. Insert of Shawa and adjacent Dorowa carbonatites. Key highlights from the results included: • Laboratory assay results confirm previously reported, highly anomalous portable XRF (pXRF) results o Very high P2O5 assay results from outcrop/subcrop samples up to 17.24% P2O5, with 21 of the 163 outcrop samples returning assays >3% P2O5. o Very high P2O5 assays from soil samples up to 8.04% P2O5, with 96 of the 292 soil samples returning assays >1% P2O5. o Phosphate targets, both outcrop and soil have now been identified for trenching and drilling. o TREO assay results up to 2,522ppm in outcrop/subcrop (11 samples >1000ppm) and 1,103ppm in soil samples:  MREO assay results (Nd+Pr+Tb+Dy oxides) in outcrop/subcrop up to 508ppm (6 samples >300ppm); and up to 295ppm in soils;  Assays for NdPr oxides in outcrop/subcrop up to 300ppm; and  Assays for TbDy oxides in outcrop/subcrop up to 315ppm. o Sr in 5 outcrop/subcrop samples assayed >5,000ppm (detection limit), with assays up to 1,366ppm in sieved soil samples. o Nb oxide assays up to 658ppm in outcrop/subcrop and 919ppm in soil samples. o Fe for 5 samples in outcrop/subcrop and 10 in soil assayed above detection of 25%. o Ba oxide as high as >50,000ppm in outcrop/subcrop (detection limit) and 22,345ppm in soil. • Carbonatite expert Pete Siegfried reviewed the assay results and made the following comments and recommendations: o Clear association of the REO-enriched areas with Ca-enriched dolomite carbonatite; o A number of high Nd samples show enrichment in intermediate and heavy REE; and o Plotts of LREE vs HREE indicate multiple mineral control and probable presence of monazite and xenotime. • Mineralogical studies to be conducted during the next phase of exploration to define the mineral assemblage of the REEs (monazite vs xenotime and the REE composition of each), Sr (Sr in strontianite or celestite) and the REE composition of the apatite. The laboratory assay confirmation of the previously reported pXRF results has reinforced the potential for a significant phosphate and rare earths discovery at Shawa. The Company is now in the process of finalising its next phase of exploration in Zimbabwe which will include: 11 MRG Metals Limited Half Year Financial Report 31 December 2024 • • • Target testing by trenching the phosphate targets, both outcrop and soil, followed by Reverse Circulation (RC) drilling to test tonnage and grade continuity; Anthill sampling for residual minerals (apatite, monazite, pyrochlore, vermiculite and heavy minerals including magnetite) and to generate apatite concentrate for chemical analysis to determine the REE content of the apatite; and Analytical techniques will need to analyse for higher grade samples, which are reporting above the upper detection limits using current techniques. For full results see ASX Announcement 11th November 2024, “High Grade Phosphate and Ree Assays at Shawa Carbonatite Mining Licences, Zimbabwe”. AUSTRALIA WESTERN AUSTRALIA LITHIUM ACQUISITION In December 2023, MRG entered into a Binding Head of Agreement (HOA) to acquire 100% of two Western Australian lithium projects located in Lake Johnston and Forrestania. The Lake Johnston tenement, targeting 136km2 of key geological features is not only adjacent to TG Metals Limited’s (ASX:TG6) Burmeister Project, but lies in the immediate vicinity of recent lithium (spodumene) discoveries and the NW-SE trending Lake Johnston regional belt. The tenement has 22km of N-S strike along the granite contact. The Forrestania tenement, targeting 26km2 of tenure on a splay structure adjacent to the main Forrestania mineralised belt near Lanthanein Resources Limited’s (ASX:LNR) recent acquisition, covers 12km of N-S strike of mapped remnant greenstone (GSWA). No work was carried out at the Company’s Australian projects during the Reporting period. Figure 14: Location of the Forrestania (left) and Lake Johnston Projects (right). 12 MRG Metals Limited Half Year Financial Report 31 December 2024 TENEMENTS: The Tenements held by the Company at 31 December 2024 are as follows: Project Tenement Norrliden Malanaset Malanaset K nr 1 nr 100 nr 101 % Owned 10 10 10 Corridor Central 11142C 100 Corridor South 11137C 100 Corridor North Linhuane Marao Adriano Fotinho Olinga Lake Johnston Lake Johnston Forrestania 10779L 7423L 6842L 11002L 11000L 11005L E63/2394 E63/2446 E77/3164 100 100 100 100 100 100 100 100 100 Note Granted Granted Granted Mining Concession Granted Mining Concession Application Application Granted Granted Granted Granted Application Application Application The information in this report, as it relates to Mozambique Exploration Results is based on information compiled and/or reviewed by Mr JN Badenhorst, who is a member of the South African Council for Natural Scientific Professions (SACNASP) and the Geological Society of South Africa (GSSA). Mr Badenhorst is a contracted consultant of the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Badenhorst consents to the inclusion in this report of the matters based on the information in the form and context in which they appear. Forward Looking Statement All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of MRG Metals Ltd (‘MRG’ or ‘Company’) are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as ‘’anticipate”, “believe”, “could”, “estimate”, “expect”, “future”, “intend”, “may”, “opportunity”, “plan”, “potential”, “project”, “seek”, “will” and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its Directors and management of MRG that could cause MRG’s actual results to differ materially from the results expressed or anticipated in these statements. The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. MRG does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing requirements. 13 MRG Metals Limited Half Year Financial Report 31 December 2024 Director details The following persons were directors of MRG Metals Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated:  Mr Andrew Van Der Zwan  Mr Christopher Gregory  Mr Shane Turner Principal activities During the period, the principal activities of entities within the Group were exploration and development of Heavy Mineral Sands and Rare Earth Elements in Mozambique; a Carbonatite Complex in Zimbabwe and Lithium in Western Australia. Review of operations and financial results The operating result from continuing operations of the Group for the half year was a loss of $309,976 (31 December 2023 loss $322,588). The operating result from discontinued operations of the Group for the half year was a loss of $310,602 (31 December 2023 loss $82,897). Earnings per share from continuing operations during the half year were (0.01 cents) (31 December 2023 (0.015 cents)). Earnings per share from discontinued operations during the half year were (0.01 cents) (31 December 2023 (0.004 cents)). Significant changes in the state of affairs During the period, the conditions precedent of the SLC JV were met and actions taken to progress the joint venture agreement. On 10 July 2024, MRG issued 186 million fully paid ordinary shares at $0.0045, with 1 for 1 free attaching options, raising $0.8 million. On 23 October 2024, MRG issued 15 million fully paid ordinary shares at $0.004 in connection with the acquisition of the Australian Lithium Project. Dividends There were no dividends declared or paid during the half year. Events arising since the end of the reporting period On 7 January 2025, a mining concession was granted for Corridor Central, 11142C. No other significant events have arisen since 31 December 2024. Auditor’s independence declaration A copy of the auditor’s independence declaration as required under s307C of the Corporations Act 2001 is set out immediately after this directors’ report. This report is made in accordance with a resolution of the directors, pursuant to section 306(3)(a) of the Corporations Act 2001. Shane Turner Director, Melbourne Date: 14 March 2025 14 Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 To the directors of MRG Metals Limited As lead auditor for the review of MRG Metals Limited for the half-year ended 31 December 2024, I declare that, to the best of my knowledge and belief, there have been: — no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and — no contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of MRG Metals Ltd and the entities it controlled during the period. William Buck Audit (Vic) Pty Ltd ABN 59 116 151 136 J. C. Luckins Director Melbourne, 14 March 2025 Level 20, 181 William Street, Melbourne VIC 3000 +61 3 9824 8555 William Buck is an association of firms, each trading under the name of William Buck across Australia and New Zealand with affiliated offices worldwide. Liability limited by a scheme approved under Professional Standards Legislation. vic.info@williambuck.com williambuck.com.au 15 MRG Metals Limited Half Year Financial Report 31 December 2024 Statement of Profit or Loss and Other Comprehensive Income For the half-year ended 31 December 2024 Consolidated Notes 31 December 2024 $ 4,238 31 December 2023 $ 4,872 Foreign exchange gain/(loss) Employee benefits expense Consultants expense Exploration expenses Administration expenses 6,174 (122,045) (5,161) (77,916) (115,266) (13,280) (104,010) (14,508) (81,206) (114,456) Loss before tax from continuing operations (309,976) (322,588) - - (309,976) (322,588) (310,602) (82,897) (620,578) (405,485) - - (620,578) (405,485) Cents Cents Interest income Income tax expense Loss after income tax expense from continuing operations Loss after income tax expense from discontinued operations 12 Loss after income tax expense for the half-year Other comprehensive income, net of tax Total comprehensive loss for the half-year attributable to the owners of MRG Metals Limited Loss per share attributable to the owners of MRG Metals Limited Basic loss per share / Diluted loss per share 4 (0.02) (0.019) Basic loss per share Loss from continuing operations Loss from discontinued operations 4 4 (0.01) (0.01) (0.015) (0.004) Diluted loss per share Loss from continuing operations Loss from discontinued operations 4 4 (0.01) (0.01) (0.015) (0.004) The accompanying notes form part of these financial statements. 16 MRG Metals Limited Half Year Financial Report 31 December 2024 Statement of Financial Position As at 31 December 2024 Consolidated 31 December 2024 $ 30 June 2024 $ 613,702 46,969 6,286,528 6,947,199 359,546 403,012 762,558 17,193 325,554 342,747 28,859 6,416,262 6,445,121 7,289,946 7,207,679 Current Trade and other payables Current liabilities 81,996 81,996 223,536 223,536 Total liabilities 81,996 223,536 7,207,950 6,984,143 30,561,860 317,464 (23,671,374) 7,207,950 29,722,256 312,683 (23,050,796) 6,984,143 Assets Current Cash and cash equivalents Other receivables Non-current assets classified as held for sale Current assets Non-current Plant & equipment Exploration and evaluation Non-current assets Notes 3, 12 3 Total assets Liabilities Net assets Equity Issued capital Reserves Accumulated losses Total equity 6 The accompanying notes form part of these financial statements. 17 MRG Metals Limited Half Year Financial Report 31 December 2024 Statement of Changes in Equity For the half-year ended 31 December 2024 Consolidated Total equity $ 312,683 - Accumulated losses $ (22,203,742) (405,485) - - (405,485) (405,485) 993,033 - - 993,033 Balance at 31 December 2023 29,631,678 312,683 (22,609,227) 7,335,134 Balance at 1 July 2024 Loss after income tax expense for half year Total comprehensive loss for the period Transactions with owners in their capacity as owners Contributions of equity, net of transaction costs (note 6) Share based payments Balance at 31 December 2024 29,722,256 - 312,683 - (23,050,796) (620,578) 6,984,143 (620,578) - - (620,578) (620,578) 839,604 - - 839,604 30,561,860 4,781 317,464 (23,671,374) 4,781 7,207,950 Balance at 1 July 2023 Loss after income tax expense for half year Total comprehensive loss for the period Transactions with owners in their capacity as owners Contributions of equity, net of transaction costs Issued capital Reserves $ 28,638,645 - The ac