Announcement PDF ARDIDEN LIMITED ABN 82 110 884 252 CONDENSED HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2024 ARDIDEN LIMITED CORPORATE DIRECTORY FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 DIRECTORS Michelle Roth (Independent Non-Executive Chair) Jeremy Robinson (Non-Executive Director) Doug Jendry (Independent Non-Executive Director) CHIEF EXECUTIVE OFFICER Tara Robson COMPANY SECRETARY Tara Robson REGISTERED AND PRINCIPAL OFFICE Level 1, 45 Ventnor Avenue West Perth WA 6005 Postal Address Po Box 611 West Perth WA 6872 Telephone: (08) 6184 5938 Website: www.ardiden.com.au SHARE REGISTRY Computershare Investors Services Pty Limited Level 17, 221 St Georges Tce Perth WA 6000, Australia Telephone: 1300 850 505 (within Australia) Telephone: +61 3 9415 4000 (outside Australia) Facsimile: +61 3 9473 2500 AUDITORS Nexia Perth Audit Services Pty Ltd Level 3, 88 William Street Perth WA 6000 SOLICITORS Gilbert + Tobin Level 16 Brookfield Place Tower 2 123 St Georges Terrace Perth WA 6000 AUSTRALIAN SECURITIES EXCHANGE Ardiden Limited shares (ADV) are listed on the Australian Securities Exchange. CORPORATE STRUCTURE Ardiden Limited is a limited liability company that is incorporated and domiciled in Australia. Ardiden Limited has prepared a consolidated financial report incorporating the entities that it controlled during the financial year (collectively the “Group”) as follows: Ardiden Limited Ardiden Canada Ltd Uchi Gold Canada Ltd Parent Entity 100% owned and controlled entity 100% owned and controlled entity (dissolved 18 July 2024) 1 ARDIDEN LIMITED DIRECTORS’ REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 Your Directors present their report for Ardiden Limited (‘Ardiden’ or the ‘Company’) and its controlled entities (‘Consolidated Entity’ or ‘Group’) for the half-year ended 31 December 2024 (Period). Ardiden is a limited liability company incorporated and domiciled in Australia. The Company has prepared a consolidated financial report incorporating the entities it controlled during the Period as follows: Entity Ardiden Limited Ardiden Canada Ltd Uchi Gold Canada Ltd Description - Parent entity - 100% controlled entity - 100% controlled entity (dissolved 18 July 2024) DIRECTORS The names of the Directors of the Company in office during the Period and up to the date of this report are as follows: Directors Michelle Roth Jeremy Robinson Douglas Jendry Position Independent Non-Executive Chair Non-Executive Director Independent Non-Executive Director Directors were in office from the beginning of the Period until the date of this report unless otherwise stated. NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES The principal continuing activities during the Period within the Consolidated Entity were exploration for and evaluation of mineral resources. REVIEW OF OPERATIONS PICKLE LAKE GOLD PROJECT, ONTARIO The Pickle Lake Gold Project is a contiguous District-Scale landholding, located east of Red Lake in the wellendowed Uchi Geological sub-province of north-western Ontario, Canada. The Uchi Province is host to numerous producing gold mines at Red Lake and at Musselwhite, and is a highly active exploration area with Evolution, Newmont, Kinross, and numerous other development and exploration companies all actively pursuing gold exploration work in the area. (Figure 1) Figure 1 – Location of Ardiden’s Pickle Lake Gold project within the Uchi Belt of northwest Ontario1. 1 * Source S&P Global Market Intelligence 2024 2 ARDIDEN LIMITED DIRECTORS’ REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 The Group undertook limited exploration activities during the Period, as it continues assessing new project opportunities, with an immediate focus on gold and copper, to complement the Pickle Lake Gold project and drive value for shareholders. A strategic review was undertaken during the Period over substantially all of the Pickle Lake Gold Project to align its exploration objectives with challenging market conditions. Historical data and previous work undertaken continue to suggest the Pickle Lake Gold Project remains a highly prospective land package. Key outcomes of the review include:   The Eastern Hub represents the most prospective short-term opportunity given its favourable access, and location amongst historical mines.  The South Limb prospect, where key iron formation targets and a highly prospective fold nose immediately south of the historic Dona Lake Gold Mine were left untested in 2021.  250 North prospect, along the same geological trend as the historic Theirry Copper Mine and near to the Cat Lake winter road, highly prospective for broad zones of polymetallic mineralisation.  West Pickle prospect, along strike from the historic Pickle Crow and Central Patricia gold mines.  Kasagiminnis which includes large untested drill targets along strike and below the current JORC resource of 790,000 Tonnes @ 4.3g/t for 110,000oz gold (ASX 10 Sept 2019). The Western Hub key targets of Dorothy, Dobie, Tonsil and Esker surrounding the historic Golden Patricia mine, remain highly prospective, but are a lesser priority due to their dependence on helicopter access, which is not viable in the current economic environment. The highly prospective landholding includes three existing gold deposits (Kasagiminnis, Dorothy and Dobie) and several other identified brownfield and greenfield gold prospects over a 100km wide belt (Figure 2). Figure 2 – Ardiden’s Pickle Lake Gold Project. 3 ARDIDEN LIMITED DIRECTORS’ REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 The Eastern Hub, comprising the Kasagiminnis Deposit, and South Limb, West Pickle and 250 North Prospects, remains the most prospective in the short-term given their proximity to the Pickle Lake township, access to roads, to facilitate a more cost-effective exploration strategy for the project. (Figure 2) The Kasagiminnis Prospect hosts a maiden Inferred high-grade gold resource of 110,000oz (790,000t @ 4.3g/t Au) (Refer ASX 10 September 2019) with large areas remaining untested below 200m as well as to the east and west of the existing resource. The South Limb Prospect contains historic exploration undertaken since the 1980s comprised primarily of local prospecting, geophysics and drilling. Most of the drilling was undertaken during the 1980s and 1990s and tested to shallow depths along the main trend on the northern part of the property. The only drilling undertaken by Ardiden in 2021 was limited to 6 holes all of which focused on the northern iron sulphide formations. Whilst no significant gold results were found in the 2021 program, Ardiden had cut short their planned program to fulfil earn-in obligations in the Western Hub. This left several key iron formation targets, as well as a highly prospective fold nose untested. The 250 North Prospect abuts the West Pickle Prospect, both of which are proximal to the historic Thierry Copper Mine and the Cat Lake winter road and with only limited exploration to date. Most past exploration at the 250 North prospect was conducted by Umex and Bond Gold Corporation in the 1970s and 80s and focused on areas to the southwest and along the projected strike of the Thierry Copper Mine. Work included mapping, geophysics and very limited drilling, but very encouraging and interesting Cu and Ni values in two locations at very shallow depths and in similar rocks as the Thierry Copper Mine. Past exploration at the West Pickle property was conducted mainly by Umex in the 1980’s and focused on the area to the southwest and along the projected strike of the historic Pickle Lake gold camp. Research to date, indicates a similar geologic setting as that surrounding historic gold mines and several very interesting exploration targets, but with only three holes drilled completed to date. Given the above, both the West Pickle and 250 North prospects are considered to have strong exploration potential for both broad zones of polymetallic mineralization as the Thierry Mine and high-grade gold mineralization similar to the historic Pickle Lake Gold camp. Both the 250 North Prospect and the West Pickle Prospect require further work and are more easily assessable than the targets within Ardiden’s western hub. Figure 3 –A subset of Ardiden’s Eastern Hub 4 ARDIDEN LIMITED DIRECTORS’ REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 The Western Hub comprises 8 prospects that are located within close proximity to the Bear Head Shear Zone with a > 35km strike length. It is approximately 70km west of Pickle Lake and contains over 300km² of prospective claims and surrounds the past producing Golden Patricia Mine (Barrick). It is home to intense structural complexity, with multiple second order shear zones conducive to mineralization. Previous drill campaigns targeted the Golden Patricia geological sequence both to the north-west and to the south-east of the historical underground mine. Figure 4 – Ardiden’s Western Hub which are along strike to the past producing Golden Patricia Mine.. The Company continues to rationalise the overall tenement package and relinquished further parts of the Southern Hub, thereby preserving exploration credits for Eastern and Western Hubs, which are considered the most prospective. First Nations – ESG Technical Ecological Knowledge Study The Technical Ecological Knowledge Study (TEK) encompassing areas of important to the Slate Falls Nation and Cat Lake Nation was completed during the Period. The TEK was designed to preserve and acknowledge the cultural and environmental significance of the communities, as well as the importance of their traditional knowledge, and provide the traditional owners and Ardiden with a comprehensive overview of what values and land use practices may be affected by potential mining activities. The TEK affirmed Ardiden’s commitment to developing a positive, respectful relationship by understanding the traditional knowledge and customs of our First Nation stakeholders to better appreciate how the Pickle Lake Gold Project may affect the community. 5 ARDIDEN LIMITED DIRECTORS’ REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 Permitting and Tenure As at the date of this report, the Company remains substantially permitted for early exploration activity across the Pickle Lake Gold Project. (Figure 5 ) Table 1 – Mines Department Granted Early Exploration Permits (PLGP). PR-22-000075 PR-22-000092 PR-22-000014 PR-22-000164 PR-22-000181 PR-22-000167 PR-22-000168 PR-22-000166 PR-22-000182 PR-22-000255 PR-22-000310 PR-22-000312 PR-22-000334 PR-23-000205 PR-23-000216 Meen-Cooper New Patricia Dorothy Dobie 250 / 250 North Keating Duffell Jean Dempster West Pickle Kawashe / Kawashe North Kasagiminnis North Relyea Nabemakoseka Kasagiminnis South Limb Western Western Western Eastern Eastern Southern Eastern Southern Eastern Southern Eastern Southern Southern Western Western 16 May 2025 23 May 2025 25 May 2025 19 July 2025 23 July 2025 26 July 2025 26 July 2025 26 July 2025 26 July 2025 25 September 2025 17 January 2026 17 January 2026 20 March 2026 25 September 2026 25 September 2026 Figure 5 – Status of Permitting at the District-Scale Pickle Lake Gold project. New Opportunities Whilst the Company is well funded, the Board is mindful of the macroeconomic headwinds facing junior explorers and remains committed to maximizing shareholder value through disciplined exploration and review of strategic opportunities. The Board and management are actively pursuing these opportunities with a focus on enhancing the Company’s resource base. The Company confirms that it is not aware of any other new information or data that materially affects the information included in the original market announcements referred to above, and that all material assumptions and technical parameters underpinning the estimates in those announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. CORPORATE Ardiden’s Annual General Meeting of Shareholders was held in West Perth on 20 November 2024 and all resolutions put to shareholders were approved by a poll. FINANCIAL POSITION & OPERATING RESULTS The Company had a strong cash balance at 31 December 2024 of A$11.76 million and no debt. Ardiden continues to retain ~13 million shares in Green Technology Metals (‘GTM’)(ASX: GT1), which it acquired as part proceeds from the sale of Ardiden’s lithium assets. These shares were released from escrow on 10 November 2023. The current value of the holding is ~$650k2. 2 As at closing price ($0.05) of GT1 on 10 March 2025 6 ARDIDEN LIMITED DIRECTORS’ REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 During the Period, the Company received the final refund of withholding tax and interest from Canada Revenue Authority (CRA) of A$1,235,057. This withheld tax related to the deferred consideration received from Green Technology Metals (GT1) in June 2023 (ASX Release 23 June 2023). The financial results of the Group for the Period ended 31 December 2024 are: Cash and cash equivalents ($) Net assets ($) Period Ended 31-Dec-24 11,763,924 31,499,922 Year Ended 30-Jun-24 10,834,903 31,687,974 Interest income ($) Net (loss)/profit after tax ($) (Loss)/earnings per share (cents) Period Ended 31-Dec-24 286,370 (227,052) (0.0036) Period Ended 31-Dec-23 203,386 (6,950,264) (0.111) % Change 8.6% (0.6%) % Change 40.8% (96.7%) (103.3%) SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS In the opinion of the Directors, there were no other significant changes in the state of affairs of the Consolidated Entity that occurred during the financial Period under review not otherwise disclosed in this report or in the financial report. EVENTS SUBSEQUENT TO REPORTING DATE There are no other matters or circumstances that have arisen since 31 December 2024 that have or may significantly affect the operations, results, or state of affairs of the Consolidated Entity in future financial years. ROUNDING OF AMOUNTS The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar. DIVIDENDS No dividends were declared or paid during the year and no recommendation is made as to dividends. ENVIRONMENTAL REGULATIONS There have been no recorded incidents of non-compliance with any applicable international, national, or local declarations, treaties, conventions, or regulations associated with environmental issues during the Period. There have not been any known significant breaches of any environmental regulations during the year under review and up until the date of this report. RISK MANAGEMENT There have been no material changes to the descriptions of the Group’s risk management framework as outlined in the annual financial report as at 30 June 2024. AUDITOR INDEPENDENCE We have received the independence declaration from the auditor of Ardiden Limited, Nexia Perth Audit Services Pty Ltd, a copy of which is attached to the Directors’ Report on page 8 of the financial report. This report is made in accordance with a resolution of the Directors. Michelle Roth Perth, Western Australia Dated: 11 March 2025 7 To the Board of Directors of Ardiden Limited Auditor’s Independence Declaration under section 307C of the Corporations Act 2001 As lead auditor for the review of the financial statements of Ardiden 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: (a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (b) any applicable code of professional conduct in relation to the review. Yours sincerely Nexia Perth Audit Services Pty Ltd Justin Mulhair Director Perth, Western Australia 11 March 2025 8 ARDIDEN LIMITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 Notes Fair value adjustment Interest income Other income Gain/(Loss) on sale of property, plant, and equipment Expenses Administration, consulting and other expenses Salaries and wages Foreign exchange gain/(loss) Share-based payments Impairment of exploration and evaluation assets (Loss)/profit before income tax expense Income tax expense Net (loss)/profit for the Period Other comprehensive income Items that may be reclassified subsequently to profit or loss Exchange differences on translating foreign operations Total other comprehensive (loss)/profit for the Period Earnings per share attributable to the ordinary equity holders of the Company: Basic (loss)/earnings per share Diluted (loss)/earnings per share 2 5 31-Dec-24 $ 31-Dec-23 $ (104,396) 286,370 18,236 (5,807,036) 203,386 1,730 (4,209) (208,522) (325,267) 143,817 (16,006) (21,284) (227,052) (227,052) (508,491) (677,140) (118,138) (40,366) (6,950,264) (6,950,264) 22,994 (204,058) (37,181) (6,987,445) Cents Cents (0.0036) (0.0036) (0.111) (0.111) The accompanying condensed notes form part of these condensed consolidated financial statements. 9 ARDIDEN LIMITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 Notes 31-Dec-24 $ 30-Jun-24 $ 11,763,924 40,253 168,869 900,417 12,873,463 10,834,903 13,545 1,216,713 92,701 1,004,813 13,162,675 18,610,519 117,358 18,727,877 31,601,340 18,500,046 141,529 18,641,575 31,804,250 LIABILITIES Current Liabilities Trade and other payables Provisions Total Current Liabilities 63,184 21,658 84,842 81,640 21,277 102,917 Non-Current Liabilities Provisions TOTAL LIABILITIES 16,576 101,418 13,359 116,276 31,499,922 31,687,974 59,269,005 648,648 (28,417,731) 31,499,922 59,269,005 845,992 (28,427,023) 31,687,974 ASSETS Current Assets Cash and cash equivalents Prepayments Proceeds held in trust Trade and other receivables Financial Assets Total Current Assets Non-Current Assets Exploration and evaluation expenditure Plant and equipment Total Non-Current Assets TOTAL ASSETS 2 3 NET ASSETS EQUITY Issued capital Reserves Accumulated losses TOTAL EQUITY 4 The accompanying condensed notes form part of these condensed consolidated financial statements. 10 ARDIDEN LIMITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 Issued Capital $ 59,269,005 Option Reserves $ 737,788 Foreign Currency Translation Reserve $ 108,204 - - 22,994 (227,052) - (227,052) 22,994 22,994 (227,052) (204,058) Transactions with owners in their capacity as owners: Share-based payments 16,006 Options expired during the Period (236,344) - - 16,006 - 236,344 - Total equity transactions 16,006 At 1 July 2024 Comprehensive income Loss for the Period Other comprehensive income for the Period Total comprehensive loss for the Period Accumulated Losses $ (28,427,023) Total Equity $ 31,687,974 - (220,338) - 236,344 At 31 December 2024 59,269,005 517,450 131,198 (28,417,731) 31,499,922 At 1 July 2023 59,269,005 732,447 157,544 (18,232,961) 41,926,035 - - - (6,950,264) (6,950,264) - - (37,181) (37,181) (6,950,264) (37,181) (6,987,445) - - (37,181) (6,950,264) (6,987,445) Transactions with owners in their capacity as owners: Share-based payments 40,366 - - 40,366 Total equity transactions 40,366 - - 40,366 772,813 120,363 (25,183,225) Comprehensive income Loss for the Period Other comprehensive loss for the Period Total comprehensive loss for the Period At 31 December 2023 59,269,005 34,978,956 The accompanying condensed notes form part of these condensed consolidated financial statements. 11 ARDIDEN LIMITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 Notes 31-Dec-24 $ 31-Dec-23 $ Cash flows from/(used) in operating activities Payments to suppliers and employees Withholding tax received Interest received Net cash flows from/(used in) operating activities (542,322) 1,216,713 199,553 873,944 (1,099,823) 217,130 228,452 (652,241) Cash flows used in investing activities Proceeds from sale of plant & equipment Payments for exploration expenditure Payments for plant and equipment Net cash flows (used in)/from investing activities 38,769 (132,750) 0 (93,981) 9,633 (1,011,363) (35,424) (1,037,154) - - 779,963 10,834,903 (1,691,395) 9,353,400 149,058 (20,709) 11,763,924 7,641,296 Cash flows from financing activities Proceeds from issue of shares and exercise of options Payment of capital raising costs Net cash flows from/(used in) financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the Period Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the Period The accompanying condensed notes form part of these condensed consolidated financial statements. 12 ARDIDEN LIMITED CONDENSED NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 1. GENERAL INFORMATION Statement of Compliance The condensed consolidated financial report (the ‘half-year report’) is a general-purpose financial report prepared in accordance with the Corporations Act 2001 and Australian Accounting Standard AASB 134 Interim Financial Reporting (‘AASB134’), as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS34 Interim Financial Reporting. The half-year report does not include notes of the type normally included in an annual financial report and should be read in conjunction with the most recent annual financial report, and any public announcements made by the Company during the Period in accordance with the continuous disclosure requirements of the Corporations Act 2001. Basis of Preparation The condensed consolidated financial statements have been prepared on an historical cost basis, except for the revaluation of certain financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted. Accounting Policies The accounting policies adopted in the current Period are consistent with those adopted and disclosed in the Group’s annual financial report for the year ended 30 June 2024. The accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards. Standards and Interpretations Applicable to Current Interim Period The Company has adopted all new and amended standards and interpretations applicable for the half-year current Period. The adoption of these standards and interpretations had no material impact on the half-year report or on the financial position or performance of the Company. Future Accounting Standards and Interpretations The Group has not elected to early adopted any other new standards or amendments that are issued but not yet effective. Critical Accounting Estimates and Judgement The critical estimates and judgements are consistent with those applied and disclosed in the June 2024 annual report. Rounding of Amounts The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar. Going Concern The half-year financial report has been prepared on the basis of accounting principles applicable to a going concern, which assumes the commercial realisation of the future potential of the Company’s and Group’s assets and the discharge of their liabilities in the normal course of business. In arriving at this position, the directors have had regard to the fact that based on their ability to manage discretionary expenditure in line with the Company’s cashflow and the strong cash reserves at the date of the half-year report, and has access to sufficient cash to fund administrative and other committed expenditure for a Period of at least 12 months from date of signing the half-year report. 2. FINANCIAL ASSETS - CURRENT Listed Shares in Green Technology Metals Listed shares in Green Technology Metals Balance at 30 June 2024 Fair value decrease As at 31 December 2024 31-Dec-24 30-Jun-24 $ 900,417 900,417 $ 1,004,813 1,004,813 Number 13,049,520 13,049,520 $ 1,004,813 (104,396) 900,417 Listed ASX quoted shares are revalued at fair value through the profit and loss using the closing price at the end of the reporting Period ($0.069 per share). 13 ARDIDEN LIMITED CONDENSED NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 3. EXPLORATION AND EVALUATION EXPENDITURE Expenditure brought forward Expenditure incurred Receipt of Ontario Junior exploration grant Effect of exchange rate on opening balance Impairment expense Expenditure carried forward 31-Dec-24 $ 18,500,046 117,387 14,370 (21,284) 30-Jun-24 $ 17,805,555 962,497 (225,160) (19,166) (23,680) 18,610,519 18,500,046 The ultimate recoupment of the mining tenements and exploration and evaluation expenditures carried forward is dependent upon the successful development and commercial exploitation and/or sale of the relevant areas of interest, at amounts at least equal to book value. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Where carried forward expenditure does not satisfy the policy it is written off to the statement of profit or loss and other comprehensive income in the Period in which the decision is made to write off. 4. ISSUED CAPITAL (a) Fully paid ordinary shares 31-Dec-24 No $ 62,517,506 59,269,005 (b) Movement Reconciliation Opening balance at 1 July 2024 Closing balance at 31 December 2024 5. 30-Jun-24 No $ 62,517,506 59,269,005 No of shares 62,517,506 $ 59,269,005 62,517,506 59,269,005 SHARE-BASED PAYMENT RESERVE (a) Equity settled share-based payments Options reserve 31-Dec-24 No $ 1,268,024 517,450 1,268,024 517,450 30-Jun-24 No of options $ 737,788 1,608,136 1,608,136 737,788 (b) Movement reconciliation No of options 1,608,136 Opening balance at 1 July 2024 Share-based payments expense relating to options issued in prior Periods (340,115) Options expired without exercise 1,268,021 Closing balance at 31 Dec 2024 $ 737,788 16,006 (236,344) 517,450 At the end of the Period, the following options over unissued shares were outstanding: Unlisted employee options expiring 4 April 2026 at an exercise price of $0.946 per option Unlisted broker options expiring 20 April 2026 at an exercise price of $0.8385 per option Unlisted employee options expiring 13 June 2027 at an exercise price of $0.43 per option Unlisted employee options expiring 14 June 2027 at an exercise price of $0.301 per option Total 6. 116,279 930,813 174,418 46,511 1,268,021 EVENTS SUBSEQUENT TO REPORTING DATE There are no other matters or circumstances that have arisen since 31 December 2024 that have or may significantly affect the operations, results, or state of affairs of the Consolidated Entity in future financial years. 7. COMMITMENTS & CONTINGENT LIABILITIES There have been no significant changes in commitments and contingent liabilities since 30 June 2024. 8. RELATED PARTY DISCLOSURE 14 ARDIDEN LIMITED CONDENSED NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 There were no other amounts paid to related parties during the Period, except for fees paid to Directors for services as a Director. 9. DIVIDENDS There were no dividends paid or declared during the Period. 10. FINANCIAL REPORTING BY SEGMENTS The Group has identified its operating segments based on the internal reports that are reviewed and used by the chief operating decision maker in assessing performance and determining the allocation of resources. The Group is managed on the basis it is a mineral exploration company operating in the geographical region of Canada. The mineral assets targeted were gold and lithium, and each asset is considered a separate business segment. This is the basis on which internal reports are provided to the Directors for assessing performance and determining the allocation of resources within the Group. (i) Segment Performance Period ended 31 December 2024 Revenue Fair value adjustment Interest income Total segment revenue Gold Lithium - (104,396) - Reconciliation of segment result to net loss before tax -Fair value adjustment -Loss on disposal of property, plant & equipment -administration, consulting, and other expenses -salaries and wages -other -share based payments Net profit/(loss) before tax from continuing operations Total (104,396) 286,370 286,370 (104,396) 286,370 181,974 - (208,522) (325,267) 143,817 18,236 (208,522) (325,267) 143,817 - (16,006) (16,006) (104,396) (119,608) (227,052) - - - - 1,730 203,386 205,116 1,730 203,386 205,116 - (5,807,036) - - (4,209) (508,491) (677,140) (118,138) (40,366) (5,807,036) (4,209) (508,491) (677,140) (118,138) (40,366) - (5,807,036) (1,143,228) (6,950,264) Reconciliation of segment result to net loss before tax -Gain/(Loss) on disposal of property, plant & equipment 18,236 -administration, consulting, and other expenses -salaries and wages -other -impairment of exploration and evaluation assets (21,284) -share based payments Net profit/(loss) before tax from continuing operations (3,048) Period ended 31 December 2023 Revenue Other income Interest income Total segment revenue Corporate 15 ARDIDEN LIM