Peako Limited Corporate directory 30 June 2023 Directors Geoffrey Albers (Non-Executive Chairman) Raewyn Clark (Executive Director) Paul Kitto (Non-Executive Technical Director) Company secretary Justin Mouchacca Registered office Principal place of business Share register Level 1, 10 Yarra Street, South Yarra, VIC 3141 Level 1, 10 Yarra Street South Yarra, VIC 3141 Automic Registry Services Level 3 50 Holt Street Surrey Hills NSW 2010 Ph: (02) 9698 5414 Auditor Grant Thornton Audit Pty Ltd Collins Square, Tower 5, 727 Collins Street Melbourne, Victoria 3008, Australia Stock exchange listing Peako Limited shares are listed on the Australian Securities Exchange (ASX code: PKO) Website www.peako.com.au Corporate governance The Company’s 2023 Corporate Governance Statement has been released to ASX on this day and is available on the Company’s website at: http://www.peako.com.au/corporate-governance 1 Peako Limited Contents 30 June 2023 Review of Operations Directors' Report Auditor's Independence Declaration Statement of Profit or Loss and other Comprehensive Income Statement of Financial Position Statement of Changes in Equity Statement of Cash Flows Notes to the Financial Statements Directors' Declaration Independent Auditor's Report to the Members of Peako Limited Shareholder Information 3 11 19 20 21 22 23 24 42 43 47 2 Peako Limited Review of Operations 30 June 2023 Operations Report Peako’s exploration focus during FY2023 was its significant ground-holding (Figure 1) in the East Kimberley region of Western Australia. The geological diversity within Peako’s tenement package has driven the search for a wide range of commodities, with the Koongie Park Formation having demonstrated prospectivity for base (Cu-Pb-Zn) and precious (Ag, Au) metals mineralisation, whilst the Eastman Ultramafic Intrusion has demonstrated prospectivity for additional styles of base (Ni, Cu) and precious metal (Au, PGE and REE) mineralisation. Figure 1. Peako’s East Kimberley Tenement Package (in orange). EASTMAN PGE PROJECT Peako’s flagship Eastman PGE Project incorporates a large, underexplored intrusive complex that Peako considers prospective for a major platinum group element (PGE) resource. Located within the Central Zone of the Halls Creek Orogen, a province with established PGE endowment, the intrusion is a layered mafic to ultramafic intrusive complex and is interpreted to extend along strike for approximately 16.5km. Anomalous PGE intercepts from wide-spaced drilling indicate the presence of an extensive PGE mineralised system. Historical exploration focused on the outcropping eastern-most ~6.9km length of the intrusive complex, with a bias to evaluating narrow and discontinuous chromite lenses within the sequence. 3 Peako Limited Review of Operations 30 June 2023 Peako has been testing PGE endowment across the intrusion, with a focus on PGE mineralisation within the ultramafic horizons of the intrusion outside of the chromite lenses. Peako’s results to date confirm PGE mineralisation is not confined to the chromite lenses and seams but has been intersected throughout the ultramafic horizons. Of particular interest to Peako are zones of higher-grade PGE mineralisation that have been intersected during drilling and which Peako considers encouraging for the potential of the Eastman Intrusion to host economic PGE mineralisation. Reverse Circulation Drilling Programs Two reverse circulation (RC) drilling programs were completed during the reporting period totalling 50 holes for ~6,200m. A third RC drilling program comprising 12 holes for ~1,500 metres was completed shortly after year-end. Phase 1 Drilling The initial phase of RC drilling was designed to complete first pass wide spaced testing across the ultramafic stratigraphy along the complete 16.5km strike of the Eastman Intrusive Complex. The drill program comprised 35 RC holes totalling 4,138m. Overall 15 wide-spaced drill fences were completed across eight PGE prospects (Figure 2). Figure 2. The Eastman PGE Project’s eight key prospects. All eight prospects drilled returned anomalous PGE results, exceeding expectations and supporting PGE endowment along the entire 16.5km length of the Eastman Intrusion. Results defined significantly wide PGE zones up to 99m wide that envelope higher-grade ‘reef zones’. Shallow drilling showed broad zones of anomalous PGE mineralisation that typically extend from surface to current known depths up to 100m below surface. In all cases, PGE mineralisation remained open down dip and along strike. Significant intercepts reported from the Phase 1 drilling included: • 7m @ 1.64 g/t PdEq (1.20 g/t 3E) from 26m o and 8m @ 1.17 g/t PdEq (0.7 g/t 3E) from 83m o within 99m @ 0.6 g/t PdEq (0.3 g/t 3E) from surface • 7m @ 1.37 g/t PdEq (1.01 g/t 3E) from 63m o within 31m @ 0.64 g/t PdEq (0.3g/t 3E) from 40m • 22m @ 1.14 g/t PdEq (0.65 g/t 3E) from 57m o within 62m @ 0.70 g/t PdEq (0.36 g/t 3E) from 36m • 5m @ 1.45 g/t PdEq (1.04 g/t 3E) from 77m o within 41m @ 0.73 g/t PdEq (0.37 g/t 3E) from 56m 4 Peako Limited Review of Operations 30 June 2023 • 12m @ 1.45 g/t PdEq (1.03 g/t 3E) from 46m o including 3m @ 2.72 g/t PdEq (2.25 g/t 3E) from 52m o within 65m @ 0.72 g/t PdEq (0.33 g/t 3E) from surface • 5m @ 1.09 g/t PdEq (0.70 g/t 3E) from 11m o within 10m @ 0.97 g/t PdEq (0.52 g/t 3E) from 10m • 2m @ 0.99 g/t PdEq (0.78 g/t 3E) from 6m o and 2m @ 0.94 g/t PdEq (0.71 g/t 3E) from 38m o within 36m @ 0.57 g/t PdEq (0.31 g/t 3E) from 5m • and 3m @ 1.07 g/t PdEq (0.73 g/t 3E) from 93m o within 16m @ 0.84 g/t PdEq (0.56 g/t 3E) from 84m • 3m @ 1.13 g/t PdEq (0.77 g/t 3E) from 82m o within 20m @ 0.66 g/t PdEq (0.35 g/t 3E) from 71m Phase 2 Drilling In November 2022, Peako completed Phase 2 RC drilling at the Eastman Project, with 15 holes completed for 2,118m of drilling across The Gap, Brumby and Louisa Prospects, each of which were identified to have considerable potential based on exploration results from Phase 1 drilling. Six holes were drilled at the Brumby Prospect as part of Phase 2, with results extending the strike of tested PGE mineralisation to 300m (Figure 3). The Brumby Prospect is located centrally within the 9.4km eastern zone of the Eastman PGE Intrusion (Figure 2) and has an overall strike potential of at least 1.4km, as well as two additional parallel ultramafic units to the north. 7m @ 2.75 g/t PdEq within 33m @ 1.34 g/t PdEq 3m @ 2.48 g/t PdEq within 26m @ 1.10 g/t PdEq 6m @ 2.93 g/t PdEq within 30m @ 1.44 g/t PdEq 4m @ 2.84 g/t PdEq within 14m @ 1.5 g/t PdEq S N I T L L E L FI C U A A M R A A R P L T U N T I O C E G S N O L M 3 0 0 N P E N E T O O L T I A 8m @ 1.86 g/t PdEq 5m @ 1.19 g/t PdEq E P R I K T M S K 1.4 49m @ 0.56 g/t PdEq N P E O 3m @ 0.74 g/t PdEq 6m @ 0.58 g/t PdEq 15m @ 0.72 g/t PdEq 10m @ 0.83 g/t PdEq 23m @ 0.83 g/t PdEq 11m @ 0.83 g/t PdEq 7m @ 0.83 g/t PdEq 47m @ 0.72 g/t PdEq 9m @ 0.71 g/t PdEq 9m @ 0.70 g/t PdEq 4m @ 0.86 g/t PdEq Legend Drill hole Ultramafic Figure 3. Brumby drilling results, showing mineralisation over 300m with mineralisation open along strike in both directions. 5 Peako Limited Review of Operations 30 June 2023 Phase 2 drill results from Brumby define PGE mineralisation continuously across the tested 300m strike, with a high-grade zone that is also continuous over a strike length of at least 180m (Figure 4). All mineralisation at Brumby remains open along strike to both the east and west and up and down dip. Figure 4. Brumby long-section showing high grade mineralisation envelope intercepted over approximately 180m of strike, with mineralisation open along strike and up and down dip. Higher grade PGE mineralisation at Brumby was consistently intersected at vertical depths around 65m with the zone extending from near surface and currently open both up and down dip and along strike in both directions. An additional 9 RC drill holes were also completed at The Gap and Louisa Prospects at Eastman, with all holes intercepting PGE mineralisation. The Gap and Louisa Prospects are geologically complex and require further interpretation and evaluation prior to additional drilling work programs. Significant intercepts from Phase 2 RC drilling included (see also Figure 3 and Figure 4): • 30m @ 1.45 g/t PdEq (1.0 g/t 3E) from 48m o including 6m @ 2.93 g/t PdEq (2.37 g/t 3E) from 63m • 14m @ 1.45 g/t PdEq from 70m (1.06 g/t 3E) o including 4m @ 2.44 g/t (1.91 g/t 3E) from 78m • 23m @ 0.83 g/t PdEq (0.54 g/t 3E) from 46m o and 11m @ 0.83 g/t PdEq (0.54 g/t 3E) from 74m o and 7m @ 0.83 g/t PdEq (0.54 g/t 3E) from 140m o and 5m @ 0.87 g/t PdEq (0.50 g/t 3E) from 162m • 6m @ 1.05 g/t PdEq (0.0.55 g/t 3E) PdEq from 26m o and 8m @ 1.39 g/t PdEq (0.77 g/t 3E) PdEq from 55m • 21m @ 0.83 g/t PdEq (0.48 g/t 3E) from 71m o including 7m @ 1.14 g/t PdEq (0.72 g/t 3E) from 85m 6 Peako Limited Review of Operations 30 June 2023 • 21m @ 0.91 g/t PdEq (0.52 g/t 3E) from 23m o including 6m @ 1.16 g/t PdEq (0.71 g/t 3E) from 38m • 9m @ 1.23 g/t PdEq (0.72 g/t 3E) from 66m o including 3m @ 1.85 g/t PdEq (1.51 g/t 3E) from 70m Follow-up RC drilling in 2023 Following the end of the financial year, Peako completed a further 12 RC drillholes totalling 1,462m. 10 holes were drilled at the Brumby Prospect (Figure 5) and two holes were drilled to the west of the Waterloo Prospect (southwest of Brumby, Figure 2). Figure 5. Brumby Prospect showing previous drill results over an interpreted Ultramafic Intrusion draped over a background aeromagnetic image with 2023 drillhole traces are shown in blue. All drill holes intersected the target ultramafic units. Visual inspection and logging during drilling also confirmed relatively wide downhole intersections of the ultramafic unit with six holes at the Brumby Prospect returning downhole widths of greater than 90m. Two of the holes drilled at Brumby were designed to explore two parallel ultramafic units slightly to the north of the main Brumby Prospect. Limited historical drilling of these ultramafic units produced results that included 8m @ 1.86 g/t PdEq and 5m @ 1.19 g/t PdEq. Both new holes intersected the targeted parallel ultramafic units which were narrower than the ultramafic unit drilled at the main Brumby Prospect. Results from 2023 drilling are expected in October 2023. 7 Peako Limited Review of Operations 30 June 2023 Reconnaissance Soil Testing at Eastman South Reconnaissance soil sampling along 400m spaced lines at 50m intervals was completed during the year at the Eastman South area, an interpreted ultramafic sequence with no record of prior exploration. Ultramafic outcrop was identified in the area during the fieldwork, confirming the area’s potential prospectivity. A total of 1,216 samples were submitted for geochemical analysis of 53 elements including platinum, palladium and gold with assay results revealing a number of areas anomalous in PGE trends (Figure 6). Figure 6. Eastman South ultramafic soil sampling results. PGE Mineralogical Studies Two studies were commissioned from the Research School of Earth Sciences at the Australian National University (ANU) during the year. The first study was a preliminary petrography study on 10 weathered surface samples collected during mapping traverses and completed using QEMSCAN microscopy and LA-ICP-MS laser ablation imaging. Results defined alteration assemblages and identified positive correlations between Pd and Cu– Ni that could serve as a potential guide for Pd mineralisation in the field. An association between Pt and the weathered rock types were observed, with Pt associated with both chromite and silicate minerals. Chromite samples were also observed to have slightly higher levels of Pt together with occasional PGE nuggets. Laser results also highlighted the presence of Ruthenium, Rhodium, Iridium, and Osmium which positively correlated with chromite. In addition, gold also correlated with the occurrence of chromite. QEMSCAN (Quantitative Evaluation of Materials by Scanning Electron Microscopy) is an integrated automated mineralogy and petrography solution providing quantitative analysis of minerals and rocks. It is configured to measure mineralogical variability based on chemistry at the micrometre-scale. LA-ICP-MS (Laser Ablation – Inductively Coupled Plasma – Mass Spectrometry) is an analytical technique for determining the chemical and isotopic composition of solid samples. 8 Peako Limited Review of Operations 30 June 2023 The second study was a preliminary petrological and mineral geochemical study aimed at identifying the mineral species hosting PGEs at the Eastman Project. The study was designed to identify minerals that host or are affiliated with the PGEs in order to refine the geological model for the Eastman Intrusion and provide the framework for future metallurgical test work. Ten RC drill chip samples from six prospects across the Eastman PGE Intrusion were analysed using a range of specialised analytical tools including Electron Microscopy, Electron Microprobe, Laser Ablation and 3D X-ray Contrast Tomography. The draft ANU Report indicates that the Eastman PGEs are predominately hosted within PGMs (platinum group metals) and importantly, were not found locked up within silicate minerals such as the amphiboles. Metallurgical testwork will still be required to detail any potential extraction flowsheet. The ANU Report also identified an association between PGEs and the sulphide mineral cobaltite (CoAsS), which suggests that cobalt and arsenic may potentially be used as pathfinder elements in exploration targeting. KIMBERLEY REGION PROSPECTIVITY ANALYSIS A geological review of Proterozoic Basin systems of the Kimberley region was undertaken to assist in an assessment of the potential prospectivity of Peako’s Kimberley tenure package as well as to assist the Company in assessing tenement opportunities that may become available throughout the Kimberley region. Peako utilised the findings from this review to strategically refine its exploration acreage. Taking into account the geological review outcomes as well as factors including ongoing negotiations with the Kimberley Land Council regarding native title and the gazettal of the Warlbirri National Park encompassing two application areas (E80/5472 and E80/5346), the Company made a decision to withdraw a number of exploration license applications. E80/5779 was granted subsequent to the end of the Quarter, taking Peako's tenure to three granted tenements, covering a combined area of 980km2 as well as three exploration licence applications. GOLD/BASE METALS PROSPECTS Following completion of the PGE-focused Phase 1 RC drilling campaign early in the reporting period, 4 holes were drilled targeting gold and base metal mineralisation at the Landrigan and Eastman prospects. No significant mineralisation was returned. PATERSON PROVINCE, WESTERN AUSTRALIA During the financial year, the Company relinquished its exploration tenure in the Paterson region of Western Australia, which comprised one granted exploration licence as well as three exploration licence applications. COMPETENT PERSON DECLARATION The information in this report that relates to Exploration Results is based on information compiled or reviewed by Dr Paul Kitto who is a member of the Australian Institute of Geoscientists. Dr Kitto is Technical Director of and a consultant to Peako Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking 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. Dr Kitto consents to the inclusion in this report of the matters based on information provided by him and in the form and context in which it appears. REFERENCES The information in this report that relates to Exploration Results previously reported in ASX announcements are listed below. The Company is not aware of any new information or data that materially affects the information included in each relevant market announcement. Further details can be found in the following Peako ASX announcements: 16 August 2023 20 February 2023 24 October 2022 31 January 2022 16 August 2023 Eastman PGE Successful RC Drilling Program Completed High-Grade PGE Results at Brumby – Table 1 Corrected Reconnaissance Drilling Extends Eastman PGE Project Significant PGE Potential – Peako East Kimberley Project Eastman PGE: Successful RC drilling program completed 9 Peako Limited Review of Operations 30 June 2023 Palladium Equivalent (PdEq) The Company reports individual grades for each of the elements palladium, platinum, gold, nickel, copper and cobalt as well as an aggregate 3E value, being the aggregate of Pd, Pt and Au. Peako cautions that while many PGE explorers report 3E grades, such grades, being aggregates, do not reflect the varying value contribution of each element. As such, 3E PGE mineralisation with a high proportion of Palladium, such as that reported from the Eastman Project, will have a higher value than the same grade 3E PGE mineralisation calculated from a different project that is comprised largely of Platinum, due to the higher value of Palladium per gram compared to Platinum. Basis for Palladium Equivalent Calculation Accordingly, Peako has calculated Palladium Equivalent (PdEq) grades in order to reflect the potential contributions of the elements to contribute to a resource and assist in providing a concise indication of the potential value of mineralisation at Eastman. Palladium Equivalent (PdEq) calculation represents the total metal value for each metal, multiplied by the conversion factor, summed and expressed in Equivalent Palladium (PdEq) grade. Given the Eastman Project’s stage of development, no metallurgical test work has yet been conducted. However, it is the Company’s opinion that all elements included in the metal equivalent calculation (palladium, platinum, gold, nickel, copper and cobalt) have a reasonable potential to be recovered and sold. Based on the similar Panton deposit, located approximately 185km to the north-east, the Company has assumed metallurgical recoveries based on the Panton deposit model. Metal recoveries used in the palladium equivalent calculations are shown below: • Palladium 80%, Platinum 80%, Gold 70%, Nickel 45%, Copper 67.5% and Cobalt 60% Metal prices used are also shown below: • Palladium US$1,700/oz, Platinum US$1,300/oz, Gold US$1,700/oz, Nickel US$18,500/t, Copper US$9,000/t and Cobalt US$60,000/t Metal equivalents were calculated according to the follow formula: • PdEq (Palladium Equivalent g/t) = Pd(g/t) +0.76471 x Pt(g/t) +0.875 x Au(g/t) +1.90394 x Ni(%) + 1.38936 x Cu(%) + 8.23 x Co(%) Peako cautions that while it considers Panton a similar style deposit to Eastman, actual metallurgical recoveries at Eastman may differ from those at Panton. Further, that its opinion that all elements included in the metal equivalent calculation have a reasonable potential of being recovered and sold relies on defining sufficient mineable economic resources. 10 Peako Limited Directors' Report 30 June 2023 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity' or ‘Group’) consisting of Peako Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2023. Directors The following persons were directors of Peako Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Geoffrey Albers (Non-Executive Chairman) Raewyn Clark (Executive Director) Paul Kitto (Non-Executive Technical Director) Principal activities The principal activities of the Group during the financial year continued to be advancing the exploration for and development of natural resources. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Review of operations A detailed review of the Group's activities and operations is set out on pages 6-11 of this Report. Significant changes in the state of affairs On 6 September 2022, the Company issued 70,727,848 shares $0.02 (2 cents) via a 1 for 5 Non-Renounceable Pro-rata Entitlement Offer (Rights Issue) as well as a small placement (Placement) as part of accommodating an excess shortfall demand, raising $1,404,089. The Company also issued 70,727,848 options (PKOAAK) as free attaching options through the Placement being exercisable at $0.05 (5 cents) on or before 30 September 2025. On 11 April 2023, the Company issued 91,516,178, shares $0.01 (1 cent) via a 2 for 5 Renounceable Rights Issue (Rights Issue) raising $915,162. The Company also issued 48,503,564 options (PKOO) as free attaching options through the Rights Issue being exercisable at $0.025 (2.5 cents) on or before 30 June 2025. There were no other significant changes in the state of affairs of the consolidated entity during the financial year. Matters subsequent to the end of the financial year On 5 July 2023 exploration licence E80/5779 was granted which completes the company's holding across the Eastman PGE Intrusion. The newly granted tenement covers approximately 337km2 and expands Peako's contiguous granted tenure to a total of 980km2. The new tenement includes about 2.5km of strike within the 16.5km long layered mafic-ultramafic Eastman Intrusive Complex. On 31 August 2023 the Company announced a 1 for 3 Non-Renounceable Pro-rata Entitlement Offer (Rights Issue) to raise additional capital up to approximately $1.098 million. Eligible shareholders will be offered the opportunity to acquire fully paid ordinary shares in the capital of the Company (New Shares) via a Non-Renounceable Entitlement Issue. The Rights Issue is on the basis of one (1) new Share for every three (3) shares held by eligible shareholders registered at 5.00pm (EST) on 5 September 2023 (Record Date), at an issue price of $0.007 per new Share (Offer Price) to raise up to approximately $1.098 million before costs (Offer). In addition, one New Option will be granted for every new Share subscribed, exercisable at $0.02 on or before 30 November 2026. No other matter or circumstance has arisen since 30 June 2023 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. 11 Peako Limited Directors' Report 30 June 2023 Likely developments and expected results of operations The likely developments in the company’s operations in future years and the expected result from those operations are dependent on exploration success in the tenements in which the company holds an interest. The Company continues to review potential new opportunities, if the Directors are successful in acquiring new projects or entering into a joint venture, it is expected that part of the funding held by the Company may be directed to the purchase of that project and to the exploration and development plan for that project. It may be that additional cash will be required to fund any of these events should they eventuate. In that case the Directors will be required to review the funding options available to the Company. Business risk management The Company is committed to the effective management of risk to reduce uncertainty in the Company’s business outcomes and to protect and enhance shareholder value. There are various risks that could have a material impact on the achievement of the Company’s strategic objectives and future prospects. Key risks and mitigation activities associated with the Company's objectives are set out below: Exploration risk The Company’s projects are at various stages of exploration, and potential investors should understand that mineral exploration is a high-risk undertaking. There can be no assurance that exploration of these projects, or any other tenements that may be acquired in the future, will result in the discovery of an economic mineral deposit. The future exploration activities of the Company may be affected by a range of factors including geological conditions, limitations on activities due to seasonal weather patterns, unanticipated operational and technical difficulties, industrial and environmental accidents, local title processes, changing government regulations and many other factors beyond the control of the Company. In addition, the tenements forming the projects of the Company may include various restrictions excluding, limiting or imposing conditions upon the ability of the Company to conduct exploration activities. While the Company will formulate its exploration plans to accommodate and work within such access restrictions, there is no guarantee that the Company will be able to satisfy such conditions on commercially viable terms, or at all. The Company uses a number of exploration techniques in order to reduce the level of exploration risks and continues to explore new and innovative technologies through its day to day operations. Regulatory risk The Company’s mining and exploration activities are dependent upon the maintenance (including renewal) of the tenements in which the Company has or acquires an interest. Maintenance of the Company’s tenements is dependent on, among other things, the Company’s ability to meet the licence conditions imposed by relevant authorities. Although the Company has no reason to think that the tenements in which it currently has an interest will not be renewed, there is no assurance that such renewals will be given as a matter of course and there is no assurance that new conditions will not be imposed by the relevant authority or whether the Company will be able to meet the conditions of renewal on commercially reasonable terms, if at all. The Company works with local government and mining departments to ensure it meets the required level of reporting requirements and to reduce any potential for breach of regulatory requirements. Future funding risk The Company has no operating revenue and is unlikely to generate any operating revenue in the foreseeable future. Exploration and development costs and pursuit of its business plan will use funds from the Company's current cash reserves and the amount raised under the Equity Offer. The development of one or more of its projects may require the Company to raise capital in excess of the funds proposed to be raised under the Equity Offer. Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than the then market price (or Offer Price) or may involve restrictive covenants which limit the Company's operations and business strategy. Debt financing, if available, may involve restrictions on financing and operating activities. 12 Peako Limited Directors' Report 30 June 2023 Although the Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital or funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is unable to obtain additional financing as needed, it may be required to reduce the scope of its activities and this could have a material adverse effect on the Company's activities and could affect the Company's ability to continue as a going concern. The Company’s funding requirements are reviewed on a regular basis in order to mitigate future funding risk. Environmental regulation The consolidated entity holds participating interests in a number of exploration tenements. The various authorities granting such tenements require the tenement holder to comply with the terms of the grant of the tenement and all directions given to it under those terms of the tenement. To the best of the Directors' knowledge, the Group has adequate systems in place to ensure compliance with the requirements of all environmental legislation described above and are not aware of any breach of those requirements during the financial year and up to the date of the Directors' report. Information on directors Name: Title: Qualifications: Experience and expertise: Other current directorships: Former directorships (last 3 years): Interests in shares: Interests in options: Name: Title: Qualifications: Experience and expertise: Other current directorships: Former directorships (last 3 years): Interests in shares: Interests in options: E. Geoffrey (Geoff) Albers Non-executive Chairman LLB, FAICD Mr Albers was appointed to the board of Peako Limited on 5 February 2013. Mr Albers has over 35 years’ experience as a director and administrator in corporate law, resource exploration and resource sector investment. Mr Albers has interests in a number of companies active in the minerals exploration industry in Australia. Octanex Limited (ASX: OXX) (Delisted 6 June 2023), Enegex Limited (ASX:ENX) (Resigned 11 May 2023) 146,460,845 fully paid shares 15,388,852 - Unlisted options with expiry of 30 September 2025 and exercise price of 5 cents per share 14,970,872 - Listed options with expiry of 30 June 2025 and exercise price of 2.5 cents per share Raewyn (Rae) Clark Executive Director B.Bus(dist), CA, MAICD, AGIA, ACIS Ms Clark has more than twenty years experience focussed primarily on the resources industry. Her experience includes business development, financial modelling and analysis, capital raising and mergers and acquisitions, as well as managing joint venture partners, government, regulator and investor relations. Enegex Limited (ASX: ENX) Octanex Limited (ASX: OXX)(Delisted 6 June 2023) 672,000 Fully paid ordinary shares 2,000,000 - 28 Nov 2023 options exercisable at $0.05 (5 cents) 1,000,000 - 21 Nov 2023 options exercisable at $0.06 (6 cents) 3,000,000 - 5 Nov 2023 options exercisable at $0.044 (4.4 cents) 80,000 - 30 Sept 2025 options exercisable at $0.05 (5 cents) 2,500,000 - 25 May 2025 options exercisable at $0.05 (5 cents) 96,000 PKOO listed options with expiry 30 June 2025 and exercise price of $0.025 (2.5 cents) 13 Peako Limited Directors' Report 30 June 2023 Name: Title: Qualifications: Experience and expertise: Other current directorships: Former directorships (last 3 years): Interests in shares: Interests in options: Paul Kitto Non-executive Technical Director BSc (Hons), PhD, Dip Ed Dr Kitto has over thirty years’ experience working within the mining industry having served on a number of ASX Boards and holding senior level management positions around the world. Most recently Dr Kitto was Exploration Manager, Africa for Newcrest Mining Ltd and prior to that, was Chief Executive Officer and Managing Director of ASX listed Ampella Mining Ltd from 2008 until 2014, when Ampella was acquired by LSE/TSX listed Centamin PLC. Throughout his career, Dr Kitto has led or been part of exploration teams that have discovered numerous multi-million ounce gold deposits in Africa, Australia and Papua New Guinea. Dr Kitto has extensive experience associated with a wide range of deposit types, predominantly associated with gold and base metal deposits. Tietto Minerals Limited (ASX: TIE), Meteoric Resources NL (ASX: MEI) and Resolution Minerals Limited (ASX: RML) None 840,000 Fully paid ordinary shares 100,000 - 30 Sept 2025 options exercisable at $0.05 (5 cents) 2,000,000 - 25 May 2025 options exercisable at $0.05 (5 cents) 120,000 PKOO listed options with expiry 30 June 2025 and exercise price of $0.025 (2.5 cents) 1,000,000 - 29 March 2024 options exercisable at $0.06 (6 cents) 1,000,000 - 21 Nov 2024 options exercisable at $0.10 (10 cents) 1,000,000 - 21 Nov 2025 options exercisable at $0.20 (20 cents) 'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all other types of entities, unless otherwise stated. 'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes directorships of all other types of entities, unless otherwise stated. Company secretary Mr Justin Mouchacca, CA FGIA Mr Mouchacca is a Chartered Accountant and Fellow of the Governance Institute of Australia with over 16 years' experience in public company responsibilities including statutory, corporate governance and financial reporting requirements. Since July 2019, Mr Mouchacca has been principal of JM Corporate Services and has been appointed Company Secretary and Financial Officer for a number of entities listed on the ASX and unlisted public companies and was appointed on 27 March 2023. Mr Robert Wright was Company Secretary until 27 March 2023. Meetings of directors The number of meetings of the company's Board of Directors ('the Board') held during the year ended 30 June 2023, and the number of meetings attended by each director are set out in the following table. All other matters that required formal Board resolutions were dealt with via written circular resolutions. In addition, the directors met and corresponded at numerous times throughout the financial year to discuss the Company' affairs. The board undertakes all audit committee functions. Geoffrey Albers Raewyn Clark Paul Kitto 14 Full Board Attended Held 3 3 3 3 3 3 Peako Limited Directors' Report 30 June 2023 Remuneration Report (audited) The remuneration report details the key management personnel remuneration arrangements for the consolidated entity, in accordance with the requirements of the Corporations Act 2001 and its Regulations. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including all directors. The remuneration report is set out under the following main headings: ● ● ● ● ● Principles used to determine the nature and amount of remuneration Details of remuneration Share-based compensation Additional information Additional disclosures relating to key management personnel Principles used to determine the nature and amount of remuneration The objective of the consolidated entity's executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and the creation of value for shareholders, and it is considered to conform to the market best practice for the delivery of reward. The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward governance practices: ● ● ● ● competitiveness and reasonableness acceptability to shareholders performance linkage / alignment of executive compensation transparency Consolidated entity performance and link to remuneration The remuneration of directors and executives are not linked to the performance, share price or earnings of the consolidated entity. Voting and comments made at the company's 2022 Annual General Meeting ('AGM') At the 2022 AGM, 97.8% of the votes received supported the adoption of the remuneration report for the year ended 2022. The company did not receive any specific feedback at the AGM regarding its remuneration practices. Details of remuneration Amounts of remuneration Details of the remuneration of key management personnel of the consolidated entity are set out in the following tables. The key management personnel of the consolidated entity consisted of the following directors of Peako Limited: ● ● ● Geoffrey Albers (Non-Executive Chairman) Raewyn Clark (Executive Director) Paul Kitto (Non-Executive Technical Director) 2023 Non-Executive Directors: Geoffrey Albers Paul Kitto* Executive Directors: Raewyn Clark* Short-term benefits Post- employment benefits Long-term benefits Share- based payments Cash salary and fees $ Cash bonus $ Non- Super- monetary annuation $ $ Long service leave $ Equity- settled $ Total $ - 36,000 - 36,000 - - - - - - - - 15 - - - - - - - - - 1,156 - 37,156 1,445 2,601 1,445 38,601 Peako Limited Directors' Report 30 June 2023 2022 Non-Executive Directors: Geoffrey Albers Paul Kitto ** Darryl Clark ** Executive Directors: Raewyn Clark* Short-term benefits Post- employment benefits Long-term benefits Share-based payments *** Cash salary and fees $ Cash bonus $ Non- Super- monetary annuation $ $ Long service leave $ Equity- settled $ Total $ - 30,000 8,750 - 38,750 - - - - - - - - - - - - 875 - 875 - - - - - - 17,191 - - 47,191 9,625 - 17,191 - 56,816 * In the year ended 30 June 2023, the Company incurred consulting fees of $100,800 (2022: $92,400) from Samika Pty Ltd, a director-related entity of Raewyn Clark. The fees were provided under normal commercial terms and conditions with $Nil remaining unpaid at 30 June 2023 (2022: $nil). In the year ended 30 June 2023, the Company incurred consulting fees of $60,000 (2022: $49,200) from Paul Kitto. The fees were provided under normal commercial terms and conditions with $Nil remaining unpaid at 30 June 2023 (2022: $nil). The whole value of options granted during the year have been disclosed as remuneration rather than the amount vested. Darryl Clark resigned 20 September 2021 and Paul Kitto was appointed. ** *** The whole value of options granted during the year have been disclosed as remuneration rather than the amount vested. Share-based compensation Issue of shares There were no shares issued to directors and other key management personnel as part of compensation during the year ended 30 June 2023. Options The terms and conditions of each grant of options over ordinary shares affecting remuneration of directors and other key management personnel in this financial year or future reporting years are as follows: Grant date 25/11/2022 Vesting date and exercisable date Expiry date Exercise price Fair value per option at grant date Subject to vesting conditions 25/05/2025 $0.050 $0.002 Options granted carry no dividend or voting rights. Additional information The earnings of the consolidated entity for the five years to 30 June 2023 are summarised below: 2023 $ 2022 $ 2021 $ 2020 $ 2019 $ Loss after income tax Share price at financial year end (cents per share) (993,469) (1,104,118) (714,743) (485,918) (285,286) 1.0 1.1 4.1 0.9 1.7 16 Peako Limited Directors' Report 30 June 2023 Additional disclosures relating to key management personnel Shareholding The number of shares in the company held during the financial year by each director and other members of key management personnel of the consolidated entity, including their personally related parties, is set out below: Balance at Received the start of the year as part of remuneration Additions Disposals/ other Balance at the end of the year Ordinary shares Geoffrey Albers Raewyn Clark Paul Kitto 101,180,244 - - 101,180,244 - 45,280,601 - 672,000 840,000 - - 46,792,601 - 146,460,845 - 672,000 840,000 - - 147,972,845 Option holding The number of options over ordinary shares in the company held during the financial year by each director and other members of key management personnel of the consolidated entity, including their personally related parties, is set out below: Options over ordinary shares Geoffrey Albers Raewyn Clark Paul Kitto Balance at the start of the year Granted Acquired through Rights Issue Expired during the period Balance at the end of the year - 8,000,000 3,000,000 11,000,000 - 30,357,724 176,000 2,500,000 2,000,000 220,000 4,500,000 30,753,724 - 30,357,724 - 10,676,000 - 5,220,000 - 46,253,724 Loans to key management personnel and their related parties There were no loans to Key Management Personnel at any time during the financial year (2022: Nil). Other transactions with key management personnel and their related parties There were no transactions other than the ones noted above with key management personnel and their related parties. This concludes the remuneration report, which has been audited. Shares under option Unissued ordinary shares of Peako Limited under option at the date of this report are as follows: Grant date 1 December 2021 1 December 2021 1 December 2021 1 December 2021 6 September 2022 1 December 2021 28 November 2022 28 November 2022 1 December 2021 1 December 2021 6 November 2020 6 November 2020 11 April 2023 Expiry date 21 November 2024 21 November 2025 29 March 2025 29 March 2024 30 September 2025 21 November 2023 1 May 2025 25 May 2025 25 November 2024 25 November 2025 5 November 2023 28 November 2023 30 June 2025 17 Exercise price Number under option 1,000,000 $0.10 1,000,000 $0.20 1,000,000 $0.055 2,000,000 $0.04 $0.05 71,727,848 1,000,000 $0.06 2,000,000 $0.05 8,500,000 $0.05 1,000,000 $0.10 1,000,000 $0.15 4,000,000 $0.044 2,000,000 $0.05 $0.025 48,503,564 144,731,412 Peako Limited Directors' Report 30 June 2023 No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the company or of any other body corporate. Shares issued on the exercise of options There were no ordinary shares of Peako Limited issued on the exercise of options during the year ended 30 June 2023 and up to the date of this report. Indemnity and insurance of officers The consolidated entity has agreed to indemnify all the directors of the consolidated entity for any liabilities to another person (other than the consolidated entity or related body corporate) that may arise from their position as directors of the consolidated entity, except where the liability arises out of conduct involving a lack of good faith. During the financial year, the consolidated entity paid a premium in respect of a contract to insure the directors and executives of the consolidated entity against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. Indemnity and insurance of auditor The Consolidated entity has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Consolidated entity or any related entity against a liability incurred by the auditor. During the financial year, the Consolidated entity has not paid a premium in respect of a contract to insure the auditor of the Consolidated entity or any related entity. Proceedings on behalf of the consolidated entity No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the consolidated entity, or to intervene in any proceedings to which the consolidated entity is a party for the purpose of taking responsibility on behalf of the consolidated entity for all or part of those proceedings. Non-audit services There were no non-audit services provided during the financial year by the auditor. Officers of the company who are former partners of Grant Thornton Audit Pty Ltd There are no officers of the company who are former partners of Grant Thornton Audit Pty Ltd. 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 immediately after this directors' report. Auditor Grant Thornton Audit Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001. This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Raewyn Clark Executive Director 13 September 2023 18 Grant Thornton Audit Pty Ltd Level 22 Tower 5 Collins Square 727 Collins Street Melbourne VIC 3008 GPO Box 4736 Melbourne VIC 3001 T +61 3 8320 2222 Auditor’s Independence Declaration To the Directors of Peako Limited In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit of Peako Limited for the year ended 30 June 2023, I declare that, to the best of my knowledge and belief, there have been: a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and b no contraventions of any applicable code of professional conduct in relation to the audit. Grant Thornton Audit Pty Ltd Chartered Accountants T S Jackman Partner – Audit & Assurance Melbourne, 13 September 2023 www.grantthornton.com.au ACN-130 913 594 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation. #10161441v1w Peako Limited Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 June 2023 Revenue Sundry income Expenses Corporate and administrative expenses Professional and consultancy expenses Exploration expenses Depreciation expenses Impairment of exploration asset Share based payment Loss before income tax expense Consolidated Note 2023 $ 2022 $ 7,735 1,863 (699,648) (170,637) (42,660) (33,700) - (54,559) (601,165) (119,831) (214,006) (33,347) (94,039) (43,593) (993,469) (1,104,118) Income tax expense 5 - - Loss after income tax expense for the year attributable to the owners of Peako Limited Other comprehensive income for the year, net of tax Total comprehensive income for the year attributable to the owners of Peako Limited (993,469) (1,104,118) - - (993,469) (1,104,118) Cents Cents Basic earnings per share Diluted earnings per share 25 25 (0.26) (0.26) (0.36) (0.36) The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 20 Peako Limited Statement of Financial Position As at 30 June 2023 Assets Current assets Cash and cash equivalents Other receivables Prepayments Total current assets Non-current assets Property, plant and equipment Exploration and evaluation Total non-current assets Total assets Liabilities Current liabilities Trade and other payables Provisions Total current liabilities Total liabilities Net assets Equity Issued capital Reserves Accumulated losses Total equity Consolidated Note 2023 $ 2022 $ 6 7 8 594,558 154,504 69,084 818,146 1,510,559 92,754 176,569 1,779,882 9 10 78,853 5,519,434 5,598,287 112,553 3,401,043 3,513,596 6,416,433 5,293,478 11 12 222,797 18,045 240,842 343,608 13,229 356,837 240,842 356,837 6,175,591 4,936,641 13 46,358,564 44,186,207 206,401 (39,455,967) 214,705 (40,397,678) 6,175,591 4,936,641 The above statement of financial position should be read in conjunction with the accompanying notes 21 Peako Limited Statement of Changes in Equity For the year ended 30 June 2023 Consolidated Issued capital $ Share compensatio n reserve $ Foreign currency translation reserve $ Accumulated losses $ Total equity $ Balance at 1 July 2021 41,641,845 164,172 1,512 (38,354,725) 3,452,804 Loss after income tax expense for the year Other comprehensive income for the year, net of tax Total comprehensive income for the year Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs (note 13) Grant of options Reclassification of foreign currency translation reserve Reclassification of expired options - - - - - - - (1,104,118) (1,104,118) - - - - (1,104,118) (1,104,118) 2,544,362 - - - - 43,593 - (1,364) - - - - 2,544,362 43,593 (1,512) - 1,512 1,364 - - Balance at 30 June 2022 44,186,207 206,401 - (39,455,967) 4,936,641 Consolidated Issued capital Share compensatio n reserve Accumulated losses $ $ $ Total equity $ Balance at 1 July 2022 44,186,207 206,401 (39,455,967) 4,936,641 Loss after income tax expense for the year Other comprehensive income for the year, net of tax Total comprehensive income for the year Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs (note 13) Share-based payments (note 26) Reclassification of expired options - - - - - - (993,469) - (993,469) - (993,469) (993,469) 2,172,357 - - 5,503 54,559 (51,758) - - 51,758 2,177,860 54,559 - Balance at 30 June 2023 46,358,564 214,705 (40,397,678) 6,175,591 The above statement of changes in equity should be read in conjunction with the accompanying notes 22 Peako Limited Statement of Cash Flows For the year ended 30 June 2023 Cash flows from operating activities Administration fees received Payments to suppliers and employees (inclusive of GST) Consolidated Note 2023 $ 2022 $ 7,735 (983,205) 9,808 (1,074,943) Net cash used in operating activities 24 (975,470) (1,065,135) Cash flows from investing activities Payments for exploration and evaluation Payments for property, plant and equipment Proceeds from exploration grant Net cash used in investing activities Cash flows from financing activities Proceeds from issue of shares Share issue transaction costs Net cash from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year 10 9 (2,118,391) - - (1,409,191) (2,188) 110,906 (2,118,391) (1,300,473) 13 2,329,205 (151,345) 2,574,000 (117,638) 2,177,860 2,456,362 (916,001) 1,510,559 90,754 1,419,805 Cash and cash equivalents at the end of the financial year 6 594,558 1,510,559 The above statement of cash flows should be read in conjunction with the accompanying notes 23 Peako Limited Notes to the Financial Statements 30 June 2023 Note 1. General information The financial statements cover Peako Limited as a consolidated entity consisting of Peako Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Peako Limited's functional and presentation currency. Peako Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Level 1, 10 Yarra Street South Yarra, VIC 3141 A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of directors, on 13 September 2023. The directors have the power to amend and reissue the financial statements. Note 2. Significant accounting policies The principal accounting policies adopted in the preparation of the financial statements are set out either in the respective notes or below. These policies have been consistently applied to all the years presented, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. The impact of the new standards are not material for the current financial period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Going concern The financial report has been prepared on the going concern basis, which assumes continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business. For the year ended 30 June 2023, the Company incurred a net loss of $993,469, net cash outflows from operating activities of $975,470 and net cash outflows from investing activities of $2,118,391 and had a cash balance as at 30 June 2023 of $594,558. The Directors have assessed that these conditions indicate that a material uncertainty exists that may cast significant doubt on the entity’s ability to continue as a going concern, and therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. On 31 August 2023 the Company announced a 1 for 3 Non-Renounceable Pro-rata Entitlement Offer (Rights Issue) to raise additional capital up to approximately $1.098 million. Eligible shareholders will be offered the opportunity to acquire fully paid ordinary shares in the capital of the Company (New Shares) via a Non-Renounceable Entitlement Issue. The Rights Issue is on the basis of one (1) new Share for every three (3) shares held by eligible shareholders registered at 5.00pm (EST) on 5 September 2023 (Record Date), at an issue price of $0.007 per new Share (Offer Price) to raise up to approximately $1.098 million before costs (Offer). In addition, one New Option will be granted for every new Share subscribed, exercisable at $0.02 on or before 30 November 2026. On the expectation that the Rights Issue will be supported by Shareholders consistent with prior shareholder entitlements offers and that the company will be able to raise further capital to fund operations as required, the Directors determined that the use of the going concern basis of accounting is appropriate in preparing the financial report. 24 Peako Limited Notes to the Financial Statements 30 June 2023 Note 2. Significant accounting policies (continued) This financial report has been prepared on a going concern basis which contemplates the continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. In the event that sufficient funds are not available (through the Rights Issue outlined above or through other means and through further capital raises as required) to meet all of the Group's commitments, debt and payables, all assets and liabilities may not be realised at the amounts disclosed. These events and conditions represent a material uncertainty relating to going concern. No adjustments have been made relating to the recoverability and reclassification of recorded asset amounts and classification of liabilities that might be necessary should the Group not continue as a going concern, particularly the write-down of capitalised exploration expenditure should the exploration permits be ultimately surrendered or cancelled. Having assessed the potential uncertainties relating to the Group’s ability to effectively fund exploration activities and operating expenditures, the Directors believe that the Group will continue to operate as a going concern for the foreseeable future. Therefore, the Directors consider it appropriate to prepare the financial statements on a going concern basis. Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB'). Historical cost convention The financial statements have been prepared under the historical cost convention. Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the consolidated entity's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3. Parent entity information In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only. Supplementary information about the parent entity is disclosed in note 21. Principles of consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Peako Limited ('company' or 'parent entity') as at 30 June 2023 and the results of all subsidiaries for the year then ended. Peako Limited and its subsidiaries together are referred to in these financial statements as the 'consolidated entity'. Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They are de-consolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated entity. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent. Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The consolidated entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. Foreign currency translation The financial statements are presented in Australian dollars, which is Peako Limited's functional and presentation currency. 25 Peako Limited Notes to the Financial Statements 30 June 2023 Note 2. Significant accounting policies (continued) Foreign currency transactions Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Revenue recognition The consolidated entity recognises revenue as follows: Interest Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. Accounting policy for Government grants Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset. Other revenue Other revenue is recognised when it is received or when the right to receive payment is established. Income tax The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for: When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a ● transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. ● Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. Peako Limited (the 'head entity') and its wholly-owned Australian subsidiaries have formed an income tax consolidated group under the tax consolidation regime. The head entity and each subsidiary in the tax consolidated group continue to account for their own current and deferred tax amounts. The tax consolidated group has applied the 'separate taxpayer within group' approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group. In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from each subsidiary in the tax consolidated group. 26 Peako Limited Notes to the Financial Statements 30 June 2023 Note 2. Significant accounting policies (continued) Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts receivable from or payable to other entities in the tax consolidated group. The tax funding arrangement ensures that the intercompany charge equals the current tax liability or benefit of each tax consolidated group member, resulting in neither a contribution by the head entity to the subsidiaries nor a distribution by the subsidiaries to the head entity. Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non-current classification. An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is classified as current when: it is either expected to be settled in the consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current. Derivative financial instruments Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Derivatives are classified as current or non-current depending on the expected period of realisation. Impairment of non-financial assets The carrying amounts of non-financial assets are reviewed at each statement of financial position date to determine whether there are indicators of impairment. At each reporting date the company assesses whether there is any indication that individual assets are impaired. Where impairment indicators exist, recoverable amount is determined and impairment losses are recognised in profit or loss where the asset's carrying value exceeds its recoverable amount. Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit. Goods and Services Tax ('GST') and other similar taxes Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority. New Accounting Standards and Interpretations not yet mandatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2023. The consolidated entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations. 27 Peako Limited Notes to the Financial Statements 30 June 2023 Note 3. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below. Share-based payment transactions The consolidated entity measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial or Black- Scholes model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity. Recovery of deferred tax assets Deferred tax assets are recognised for deductible temporary differences and carried forward tax losses only if the consolidated entity considers it is probable that future taxable amounts will be available to utilise those temporary differences and carry forward tax losses. Exploration and evaluation costs Exploration and evaluation costs have been capitalised as exploration and evaluation assets on an area of interest basis. Exploration and evaluation assets are only recognised if the rights to tenure of the area of interest are current and either: (i) the expenditures are expected to be recouped through successful development and exploitation of the area of interest, or alternatively, by its sale or partial sale; or (ii) activities in the area of interest have not at the reporting date, reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves and active and significant operations in, or in relation to, the area of interest are continuing. Impairment of exploration and evaluation costs The tests contained in AASB6.20 are applied to determine whether exploration and evaluation assets are assessed for impairment indicators: (i) the exploration and evaluation tenure right has expired or are expected to expire in the near future, and is not expected to be renewed. (ii) substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned. (iii) exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area. (iv) sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale. At 30 June 2023, the consolidated entity impaired the carrying value of its exploration and evaluation costs by $nil (2022: $94,039 impairment). Note 4. Operating segments Under AASB 8 Operating Segments, segment information is presented using a 'management approach', i.e. segment information is provided on the same basis as information used for internal reporting purposes by the board of directors. At regular intervals the board is provided management information at a group level for the group’s cash position, the carrying values of exploration permits and a group cash forecast for the next twelve months of operation. On this basis, no segment information is included in these financial statements. All interest received has been derived in Australia. All exploration and evaluation assets are held in Australia. 28 Peako Limited Notes to the Financial Statements 30 June 2023 Note 5. Income tax benefit Numerical reconciliation of income tax benefit and tax at the statutory rate Loss before income tax expense Tax at the statutory tax rate of 25% (2022: 30%) Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Non-deductible expenses Unrealised tax losses not recognised Temporary difference not recognised Income tax expense Unrecognised deferred tax balances Tax capital losses (Australian) Tax capital losses (Foreign) Consolidated 2023 $ 2022 $ (993,469) (1,104,118) (248,367) (331,235) 13,640 927,796 (693,069) 41,289 669,762 (379,816) - - 23,770,646 3,692,097 20,667,992 4,430,516 The above potential tax benefit for tax losses has not been recognised in the statement of financial position. These tax losses can only be utilised in the future if the continuity of ownership test is passed, or failing that, the same business test is passed. The taxation benefits of tax losses and temporary difference not brought to account will only be obtained if: (i) (ii) (iii) the entity derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the losses to be realised; the entity continues to comply with the conditions for deductibility imposed by law; and no change in tax legislation adversely affects the entity in realising the benefits from deducting the losses. Note 6. Current assets - cash and cash equivalents Cash at bank Consolidated 2023 $ 2022 $ 594,558 1,510,559 Accounting policy for cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 29 Peako Limited Notes to the Financial Statements 30 June 2023 Note 7. Current assets - Other receivables GST receivable Other receivables Consolidated 2023 $ 2022 $ 35,068 119,436 50,047 42,707 154,504 92,754 Other receivables relate to the refund of tenement rent paid in advance for exploration licence in connection with applications withdrawn during the period. The tenement rent refunds were received subsequent to the end of the financial year. Accounting policy for trade and other receivables Other receivables are measured at amortised cost using the effective interest method, less any provision for impairment. Note 8. Current assets - Prepayments Prepayments Note 9. Non-current assets - property, plant and equipment Plant and equipment - at cost Less: Accumulated depreciation Motor vehicles - at cost Less: Accumulated depreciation Consolidated 2023 $ 2022 $ 69,084 176,569 Consolidated 2023 $ 2022 $ 51,302 (20,815) 30,487 100,800 (52,434) 48,366 51,164 (10,162) 41,002 100,800 (29,249) 71,551 78,853 112,553 Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Consolidated Balance at 1 July 2021 Additions Depreciation expense Balance at 30 June 2022 Depreciation expense Balance at 30 June 2023 Plant and equipment $ Motor vehicles $ Total $ 48,977 2,187 (10,162) 41,002 (10,515) 94,736 - (23,185) 143,713 2,187 (33,347) 71,551 (23,185) 112,553 (33,700) 30,487 48,366 78,853 30 Peako Limited Notes to the Financial Statements 30 June 2023 Note 9. Non-current assets - property, plant and equipment (continued) Accounting policy for property, plant and equipment Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives as follows: Leasehold improvements Plant and equipment 3-10 years 3-7 years The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. Leasehold improvements are depreciated over the unexpired period of the lease or the estimated useful life of the assets, whichever is shorter. An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the consolidated entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Note 10. Non-current assets - exploration and evaluation Exploration and evaluation Impairment of exploration asset Consolidated 2023 $ 2022 $ 5,519,434 - 3,495,082 (94,039) 5,519,434 3,401,043 Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Consolidated Balance at 1 July 2021 Expenditure during the year Impairment expense Balance at 30 June 2022 Expenditure during the year Balance at 30 June 2023 Exploration and evaluation $ Total $ 2,154,834 1,340,248 (94,039) 2,154,834 1,340,248 (94,039) 3,401,043 2,118,391 3,401,043 2,118,391 5,519,434 5,519,434 The recoupment of exploration costs carried forward is dependent upon the recoupment of costs through successful development and commercial exploitation, or alternatively by sale of the respective areas. Exploration assets relate to the areas of interest in the exploration phase for minerals exploration licences as shown in the table below: 31 Peako Limited Notes to the Financial Statements 30 June 2023 Note 10. Non-current assets - exploration and evaluation (continued) Accounting policy for exploration and evaluation assets Exploration and evaluation expenditure in relation to separate areas of interest for which rights of tenure are current is carried forward as an asset in the statement of financial position where it is expected that the expenditure will be recovered through the successful development and exploitation of an area of interest, or by its sale; or exploration activities are continuing in an area and activities have not reached a stage which permits a reasonable estimate of the existence or otherwise of economically recoverable reserves. Where a project or an area of interest has been abandoned, the expenditure incurred thereon is written off in the year in which the decision is made. Note 11. Current liabilities - trade and other payables Trade and other payables Director-related entities – other payables Consolidated 2023 $ 2022 $ 199,451 23,346 212,279 131,329 222,797 343,608 Refer to note 15 for further information on financial instruments. Accounting policy for trade and other payables These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition. Note 12. Current liabilities - provisions Annual leave Long service leave Accounting policy for employee benefits Consolidated 2023 $ 2022 $ 11,795 6,250 13,229 - 18,045 13,229 Short-term employee benefits Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled. Note 13. Equity - issued capital Consolidated 2023 Shares 2022 Shares 2023 $ 2022 $ Ordinary shares - fully paid 470,731,460 308,454,101 46,358,564 44,186,207 32 Peako Limited Notes to the Financial Statements 30 June 2023 Note 13. Equity - issued capital (continued) Movements in ordinary share capital Details Balance Share purchase plan Placement Capital raising fees Balance Rights issue Placement Promotion and marketing shares Rights issue Issue of broker options Capital raising fees Date Shares Issue price $ 1 July 2021 20 July 2021 28 July 2021 30 June 2022 06 September 2022 06 September 2022 11 November 2022 11 April 2023 234,911,319 59,257,066 14,285,716 - 308,454,101 61,691,022 9,036,826 33,333 91,516,178 - - 41,641,845 2,074,000 500,000 (29,638) $0.03 $0.03 - 44,186,207 1,114,043 300,000 - 915,162 (5,503) (151,345) $0.02 $0.02 $0.013 $0.01 - - Balance 30 June 2023 470,731,460 46,358,564 Ordinary shares Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital. On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. Share buy-back There is no current on-market share buy-back. Capital risk management The consolidated entity's objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital. Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated as total borrowings less cash and cash equivalents. In order to maintain or adjust the capital structure, the consolidated entity may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The consolidated entity would look to raise capital when an opportunity to invest in a business or company was seen as value adding relative to the current company's share price at the time of the investment. The consolidated entity is not actively pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in order to maximise synergies. The capital risk management policy remains unchanged from previous financial years. Accounting policy for issued capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Note 14. Equity - dividends There were no dividends paid, recommended or declared during the current or previous financial year. 33 Peako Limited Notes to the Financial Statements 30 June 2023 Note 15. Financial instruments Financial risk management objectives The consolidated entity's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk and interest rate risk), credit risk and liquidity risk. The consolidated entity's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the consolidated entity. The consolidated entity uses derivative financial instruments such as forward foreign exchange contracts to hedge certain risk exposures. Derivatives are exclusively used for hedging purposes, i.e. not as trading or other speculative instruments. The consolidated entity uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate, foreign exchange and other price risks, ageing analysis for credit risk and beta analysis in respect of investment portfolios to determine market risk. Risk management is carried out by the Board of Directors ('the Board'). These policies include identification and analysis of the risk exposure of the Consolidated entity and appropriate procedures, controls and risk limits. Market risk Foreign currency risk The company is not exposed to any foreign currency risk. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the consolidated entity. The consolidated entity has a strict code of credit, including obtaining agency credit information, confirming references and setting appropriate credit limits. The consolidated entity obtains guarantees where appropriate to mitigate credit risk. The maximum exposure to credit risk at the reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the financial statements. The consolidated entity does not hold any collateral. The Consolidated entity has adopted a lifetime expected loss allowance in estimating expected credit losses to trade receivables. Liquidity risk Ultimate responsibility for liquidity risk management rests with the board of directors, who have built an appropriate liquidity risk management framework for the management of the Consolidated entity’s short, medium and long-term funding and liquidity management requirements. The Consolidated entity manages liquidity risk through capital raising activities, and continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. The Consolidated entity did not have any undrawn facilities at its disposal as at reporting date. Vigilant liquidity risk management requires the Consolidated entity to maintain sufficient liquid assets (mainly cash and cash equivalents) and available borrowing facilities to be able to pay debts as and when they become due and payable. The consolidated entity manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities. As at year end all liabilities had maturities no greater than 60 days (2022: 60 days). Remaining contractual maturities The following tables detail the consolidated entity's remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position. Consolidated - 2023 Non-derivatives Non-interest bearing Trade payables Total non-derivatives Weighted average interest rate % 1 year or less $ Between 1 and 2 years $ Between 2 and 5 years $ Remaining contractual maturities $ Over 5 years $ - 222,797 222,797 - - - - - - 222,797 222,797 34 Peako Limited Notes to the Financial Statements 30 June 2023 Note 15. Financial instruments (continued) Consolidated - 2022 Non-derivatives Non-interest bearing Trade payables Total non-derivatives Weighted average interest rate % 1 year or less $ Between 1 and 2 years $ Between 2 and 5 years $ Remaining contractual maturities $ Over 5 years $ - 343,608 343,608 - - - - - - 343,608 343,608 The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above. Fair value of financial instruments Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value. Note 16. Key management personnel disclosures Directors The following persons were directors of Peako Limited during the financial year: Raewyn Clark Geoffrey Albers Paul Kitto Executive Director Non-Executive Chairman Non-Executive Technical Director Compensation The aggregate compensation made to directors and other members of key management personnel of the consolidated entity is set out below: Short-term employee benefits Share-based payments Refer to Note 20 for amounts paid to related entities of Directors. Note 17. Remuneration of auditors Consolidated 2023 $ 2022 $ 36,000 2,601 39,625 17,191 38,601 56,816 During the financial year the following fees were paid or payable for services provided by Grant Thornton Audit Pty Ltd, the auditor of the company: Consolidated 2023 $ 2022 $ 53,000 50,303 Audit services - Grant Thornton Audit Pty Ltd Audit or review of the financial statements Note 18. Contingent liabilities There are no contingent liabilities as at the end of the financial year (2022: nil). 35 Peako Limited Notes to the Financial Statements 30 June 2023 Note 19. Commitments for expenditure The Consolidated entity is required to expend minimum amounts of money on exploration of its tenements. The overall expenditure requirement may be reduced in the normal course of the Consolidated entity's tenement portfolio management through relinquishment of parts of tenements deemed less prospective. Should the Consolidated entity wish to preserve its interest in its current tenements the amount required to be expended is as follows: Within one year One to five years Total commitment Consolidated 2023 $ 2022 $ 320,000 1,753,000 74,250 195,000 2,073,000 269,250 These obligations, which may be varied from time to time are not provided for in the financial statements as payable. Note 20. Related party transactions Parent entity Peako Limited is the parent entity. Subsidiaries Interests in subsidiaries are set out in note 22. Key management personnel Disclosures relating to key management personnel are set out in note 16 and the remuneration report included in the directors' report. Transactions with related parties The following transactions occurred with related parties: Payment for goods and services: Payments for consulting to Samika Pty Ltd (company associated with Raewyn Clark) Payments for exploration consulting to PA Kitto Payments for geological services to Enegex Limited (company associated to with Raewyn Clark and Geoffrey Albers) Payments for project management services to Natural Resources Group Pty Ltd (company associated with Geoffrey Albers) Payments for office services to Exoil Pty Ltd (company associated with Geoffrey Albers) Payments for accounting and administrative support to Octanex Limited (company associated with Geoffrey Albers and Raewyn Clark) Consolidated 2023 $ 2022 $ 100,800 60,000 92,400 - 38,290 4,200 10,000 123,590 20,000 114,292 174,506 168,820 36 Peako Limited Notes to the Financial Statements 30 June 2023 Note 20. Related party transactions (continued) Receivable from and payable to related parties The following balances are outstanding at the reporting date in relation to transactions with related parties: Consolidated 2023 $ 2022 $ 4,620 18,726 - - - 23,346 11,400 3,010 20,000 44,568 52,351 131,329 Current payables: Trade payables to P Kitto Trade payables to Enegex Limited (company associated with R Clark and EG Albers) Trade payables to Natural Resources Group Pty Ltd (company associated with EG Albers) Trade payables to Exoil Pty Ltd (company associated with EG Albers) Trade payables to Octanex Limited (company associated with EG Albers and R Clark) Total Loans to/from related parties There were no loans to or from related parties at the current and previous reporting date. Terms and conditions All transactions were made on normal commercial terms and conditions and at market rates. Note 21. Parent entity information Set out below is the supplementary information about the parent entity. Statement of profit or loss and other comprehensive income Loss after income tax Total comprehensive income Statement of financial position Total current assets Total assets Total current liabilities Total liabilities Equity Issued capital Share compensation reserve Accumulated losses Total equity 37 Parent 2023 $ 2022 $ (973,362) (1,095,752) (973,362) (1,095,752) Parent 2023 $ 2022 $ 740,213 1,553,133 5,598,287 5,180,460 205,774 306,790 205,774 306,790 68,275,436 66,103,079 36,731 (62,239,502) (61,266,140) 214,705 6,250,639 4,873,670 Peako Limited Notes to the Financial Statements 30 June 2023 Note 21. Parent entity information (continued) Guarantees entered into by the parent entity in relation to the debts of its subsidiaries The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2023 (30 June 2022: nil). Contingent liabilities The parent entity had no contingent liabilities as at 30 June 2023 (30 June 2022: nil) Capital commitments - Property, plant and equipment The parent entity had no capital commitments for property, plant and equipment as at 30 June 2023 (30 June 2022: nil) Note 22. Interests in subsidiaries The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 2: Name Peako Resources Pty Ltd SA Drilling Pty Ltd Samarai Pty Ltd EKEX Pty Ltd Note 23. Events after the reporting period Principal place of business / Country of incorporation Australia Australia Australia Australia Ownership interest 2022 2023 % % 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% On 5 July 2023 exploration licence E80/5779 was granted covering approximately 337km2. The new tenement includes about 2.5km of strike within the 16.5km long layered mafic-ultramafic Eastman Intrusive Complex. On 31 August 2023 the Company announced a 1 for 3 Non-Renounceable Pro-rata Entitlement Offer (Rights Issue) to raise additional capital up to approximately $1.098 million. Eligible shareholders will be offered the opportunity to acquire fully paid ordinary shares in the capital of the Company (New Shares) via a Non-Renounceable Entitlement Issue. The Rights Issue is on the basis of one (1) new Share for every three (3) shares held by eligible shareholders registered at 5.00pm (EST) on 5 September 2023 (Record Date), at an issue price of $0.007 per new Share (Offer Price) to raise up to approximately $1.098 million before costs (Offer). In addition, one New Option will be granted for every new Share subscribed, exercisable at $0.02 on or before 30 November 2026. No other matter or circumstance has arisen since 30 June 2023 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. Note 24. Reconciliation of loss after income tax to net cash used in operating activities Loss after income tax expense for the year Adjustments for: Depreciation Capitalisation of salary/consultant costs Grant of options Impairment of exploration asset Employee provisions Decrease in trade and other receivables (Increase)/decrease in trade and other payables Exploration expensed Net cash used in operating activities 38 Consolidated 2023 $ 2022 $ (993,469) (1,104,118) 33,700 - 55,923 - - 12,425 (126,709) 42,660 33,348 (262,570) 43,593 94,039 13,229 14,995 69,005 33,344 (975,470) (1,065,135) Peako Limited Notes to the Financial Statements 30 June 2023 Note 25. Earnings per share Consolidated 2023 $ 2022 $ Loss after income tax attributable to the owners of Peako Limited (993,469) (1,104,118) Weighted average number of ordinary shares used in calculating basic earnings per share 386,084,690 304,111,248 Weighted average number of ordinary shares used in calculating diluted earnings per share 386,084,690 304,111,248 Number Number Basic earnings per share Diluted earnings per share Cents Cents (0.26) (0.26) (0.36) (0.36) No options or performance rights have been included in the weighted average number of ordinary shares for the purposes of calculating diluted EPS as they do not meet the requirements for inclusion in AASB 133 “Earnings per Share”. The rights to options are non-dilutive as the Consolidated entity is loss generating. Accounting policy for earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to the owners of Peako Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year. Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. There is no impact due to the Company being in a loss position. 39 Peako Limited Notes to the Financial Statements 30 June 2023 Note 26. Share-based payments Set out below are summaries of options granted: 2023 Grant date Expiry date price Exercise Balance at the start of the year Granted Expired/ forfeited/ other Exercised Balance at the end of the year 28/11/2022 28/11/2023 28/11/2022 28/11/2022 01/05/2025 05/11/2023 05/11/2023 05/11/2023 25/11/2025 25/11/2024 29/03/2023 25/11/2024 21/11/2024 21/11/2025 21/11/2023 30/09/2025 25/05/2025 28/11/2019 28/11/2019 28/11/2019 28/11/2019 26/08/2020 05/11/2020 05/11/2020 05/11/2020 29/11/2021 29/11/2021 29/11/2021 29/11/2021 01/12/2021 01/12/2021 01/12/2021 07/09/2022 25/11/2022 2022 $0.10 $0.04 $0.04 $0.04 $0.05 $0.044 $0.044 $0.044 $0.15 $0.06 $0.06 $0.10 $0.10 $0.20 $0.06 $0.05 $0.05 1,000,000 - 2,000,000 - 2,000,000 - 1,000,000 - 1,000,000 - 3,000,000 - 1,000,000 - 1,000,000 - 1,000,000 - 500,000 - 1,000,000 - 1,000,000 - 1,000,000 - 1,000,000 - 1,000,000 - - 1,000,000 9,500,000 - 18,500,000 10,500,000 - - - - - - - - - - - - - - - - - - (1,000,000) - - 2,000,000 (2,000,000) - (1,000,000) - - 1,000,000 - 3,000,000 (1,000,000) - - 1,000,000 - 1,000,000 (500,000) - - 1,000,000 - 1,000,000 - 1,000,000 - 1,000,000 - 1,000,000 - 1,000,000 8,500,000 (1,000,000) (6,500,000) 22,500,000 Grant date Expiry date price Exercise Balance at the start of the year Granted Expired/ forfeited/ other Exercised Balance at the end of the year 28/11/2019 28/11/2019 28/11/2019 28/11/2019 05/11/2020 05/11/2020 05/11/2020 05/11/2020 05/11/2020 05/11/2020 26/08/2020 29/11/2021 29/11/2021 29/11/2021 29/11/2021 01/12/2021 01/12/2021 01/12/2021 28/11/2022 28/11/2022 28/11/2022 28/11/2023 05/11/2023 05/11/2023 05/11/2023 29/11/2021 29/11/2021 29/11/2021 01/05/2025 29/03/2023 25/11/2024 25/11/2025 25/11/2024 21/11/2023 21/11/2024 21/11/2025 $0.04 $0.04 $0.10 $0.04 $0.044 $0.044 $0.044 $0.044 $0.04 $0.075 $0.05 $0.06 $0.10 $0.15 $0.06 $0.06 $0.10 $0.20 2,000,000 1,000,000 1,000,000 2,000,000 3,000,000 1,000,000 1,000,000 1,000,000 1,000,000 2,000,000 1,000,000 - - - - - - - 16,000,000 - - - - - - - - - - - 1,000,000 1,000,000 1,000,000 500,000 1,000,000 1,000,000 1,000,000 6,500,000 - - - - - - - - - - - - - - - - - - - - - - - - - - (1,000,000) (1,000,000) (2,000,000) - - - - - - - - 2,000,000 1,000,000 1,000,000 2,000,000 3,000,000 1,000,000 1,000,000 - - - 1,000,000 1,000,000 1,000,000 1,000,000 500,000 1,000,000 1,000,000 1,000,000 (4,000,000) 18,500,000 40 Peako Limited Notes to the Financial Statements 30 June 2023 Note 26. Share-based payments (continued) All options were exercisable at the end of the Financial Year. For the options granted during the current financial year, the valuation model inputs used to determine the fair value at the grant date, are as follows: Grant date Expiry date Share price Exercise at grant date price Expected volatility Dividend yield Risk-free interest rate at grant date Fair value 07/09/2022 07/09/2022 25/11/2022 30/09/2025 30/09/2025 25/05/2025 $0.02 $0.02 $0.013 $0.05 $0.05 $0.05 88.00% 88.00% 88.00% - - - 3.31% 3.31% 3.19% $0.006 $0.006 $0.002 Reconciliation of share based payments expense recorded in the statement of profit and loss relating to each class of share based payment: Consolidated 2023 $ 2022 $ Options issued to directors, management, and consultants 54,559 43,593 Accounting policy for share-based payments Equity-settled and cash-settled share-based compensation benefits are provided to employees. Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash is determined by reference to the share price. The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using either the Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the consolidated entity receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions. The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. The cost of equity-settled transactions are usually recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. The cost of equity-settled transactions can also be recognised as capital raising costs recorded against equity, with the same recognition approach as above. Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied. 41 Peako Limited Directors' Declaration 30 June 2023 In the directors' opinion: ● ● ● ● the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; the attached financial statements and notes comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in note 2 to the financial statements; the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 30 June 2023 and of its performance for the financial year ended on that date; and there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. The directors have been given the declarations required by section 295A of the Corporations Act 2001. Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Raewyn Clark Executive Director 13 September 2023 42 Grant Thornton Audit Pty Ltd Level 22 Tower 5 Collins Square 727 Collins Street Melbourne VIC 3008 GPO Box 4736 Melbourne VIC 3001 T +61 3 8320 2222 Independent Auditor’s Report To the Members of Peako Limited Report on the audit of the financial report Opinion We have audited the financial report of Peako Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2023, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies, and the Directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a giving a true and fair view of the Group’s financial position as at 30 June 2023 and of its performance for the year ended on that date; and b complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further descri0062ed in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. www.grantthornton.com.au ACN-130 913 594 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation. w Material uncertainty related to going concern We draw attention to Note 2 in the financial statements, which indicates that the Group incurred a net loss after tax of $993,469 during the year ended 30 June 2023 and a net cash outflows from operating and investing activities of $3,093,861. As stated in Note 2, these events or conditions, along with other matters as set forth in Note 2, indicate that a material uncertainty exists that may cast doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Material uncertainty related to going concern section, we have determined the matters described below to be the key audit matters to be communicated in our report. Key audit matter How our audit addressed the key audit matter Exploration and evaluation assets (Note 10) At 30 June 2023, the carrying value of exploration and evaluation assets was $5,519,434. In accordance with AASB 6 Exploration for and Evaluation of Mineral Resources, the Group is required to assess at each reporting date if there are any indicators of impairment which may suggest the carrying value is in excess of the recoverable value. The process undertaken by management to assess whether there are any impairment indicators in each area of interest involves an element of management judgement. This area is a key audit matter due to the significant judgement involved in determining the existence of impairment indicators. Our procedures included, amongst others: • Obtained the management reconciliation of capitalised exploration and evaluation expenditure and agreed to the general ledger; • Reviewed management’s area of interest considerations against AASB 6; • Conducted a detailed review of management’s assessment of impairment indicators prepared in accordance with AASB 6 including; − Traced projects to statutory registers, exploration licenses, and third party confirmations to determine whether a right of tenure existed; − Enquired of management regarding their intentions to carry out exploration and evaluation activity in the relevant exploration area, including reviewed management’s budgeted expenditure; − Understood whether any data exists to suggest that the carrying value of these exploration and evaluation assets are unlikely to be recovered through development or sale; • Assessed the accuracy of impairment recorded for the year as it pertained to exploration interests; • Evaluated the competence and capabilities of management in the evaluation of potential impairment indicators; and • Assessed the appropriateness of the related financial statement disclosures. Grant Thornton Audit Pty Ltd Information other than the financial report and auditor’s report thereon The Directors are responsible for the other information. The other information comprises the information included in the Group’s annual report for the year ended 30 June 2023, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Directors for the financial report The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the Directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar1_2020.pdf.This description forms part of our auditor’s report. Report on the remuneration report Opinion on the remuneration report We have audited the Remuneration Report included in pages 15 to 17 of the Directors’ report for the year ended 30 June 2023. In our opinion, the Remuneration Report of Peako Limited, for the year ended 30 June 2023 complies with section 300A of the Corporations Act 2001. Grant Thornton Audit Pty Ltd Responsibilities The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. Grant Thornton Audit Pty Ltd Chartered Accountants T S Jackman Partner – Audit & Assurance Melbourne, 13 September 2023 Grant Thornton Audit Pty Ltd Peako Limited Shareholder Information 30 June 2023 The shareholder information set out below was applicable as at 30 August 2023. Distribution of equitable securities Quoted equity securities Analysis of number of equitable security holders by size of holding: 1 to 1,000 1,001 to 5,000 5,001 to 10,000 10,001 to 100,000 100,001 and over PKO Ordinary shares PKOO Options over ordinary shares % of total % of total Number of holders shares issued Number of holders shares issued 216 167 41 297 345 0.02 0.09 0.07 2.59 97.23 90 10 10 36 49 0.01 0.06 0.17 3.37 96.39 1,066 100.00 195 100.00 Holding less than a marketable parcel 673 - 69 - Equity security holders Twenty largest quoted equity security holders The names of the twenty largest security holders of quoted equity securities are listed below: Ordinary shares % of total shares issued Number held 34,028,603 20,395,163 18,895,999 14,314,177 13,731,852 12,394,252 11,383,999 11,100,000 10,000,000 9,430,806 8,573,740 8,040,398 6,000,000 5,815,418 5,533,302 5,056,096 5,016,612 4,938,248 4,800,000 4,634,684 7.23 4.33 4.01 3.04 2.92 2.63 2.42 2.36 2.12 2.00 1.82 1.71 1.27 1.24 1.18 1.07 1.07 1.05 1.02 0.98 214,083,349 45.47 Hawkestone Resources Pty Ltd Mr Ernest Geoffrey Albers Sacrosanct Pty Ltd (Sacrosanct Super Fund A/C) Southern Energy Pty Ltd Mr Dong Chen Auralandia Pty Ltd 500 Custodian Pty Ltd (Super Pension Fund A/C) Jimzbal Pty Ltd (Jimzbal Superannuation A/C) Rookharp Capital Pty Limited Great Australia Corporation Pty Ltd Sanperez Pty Ltd (P Chalmers Partnership A/C) Australia Finance Pty Ltd Mr Iain M McDougall Mr Nicholas D Green RAM Platinum Pty Ltd (R Michaels Family A/C) Gant Capital Pty Ltd Ms Xiaodan Wu BNP Baribas Nominees Pty Ltd (IB AU Noms RetailClient DRP) Calama Holdings Pty Ltd (Mambat Super Fund A/C) Great Missenden Holdings Pty Ltd 47 Peako Limited Shareholder Information 30 June 2023 Rookharp Capital Pty Limited M 7 K Korkidas Pty Ltd (M & K Korkidas Pty Ltd A/C) Hawkestone Resources Pty Ltd Mr Graham R Foreman Mr Ernest Geoffrey Albers Sacrosanct Pty Ltd (Sacrosanct Super Fund A/C) Auralandia Pty Ltd 500 Custodian Pty Ltd (Super Pension Fund A/C) Mr Benjamin J Opie (KTG Family No 2 A/C) Mrs Zi Juan Qi (Chen Family A/C) 3M Holdings Pty Limited (3M Investment Spec A/C) Mr Jinkin Soo Gazump Resources Pty Ltd Mrs Yan Wang (Aust Wet Coast Travel A/C) Venner Superannuation Pty Ltd (Venner Superannuation A/C) Howarth Super Pty Ltd (Howarth Super Fund A/C) Robert P Nicolson RAM Platinum Pty Ltd (R Michaels Family A/C) Bond Street Custodians Limited (WLPHLO - D09520 A/C) Westminex Pty Ltd Unquoted equity securities Options over ordinary shares issued Substantial holders Substantial holders in the company are set out below: Albers Group Voting rights The voting rights attached to ordinary shares are set out below: PKOO Options over ordinary shares Number held Options over ordinary shares % of total options issued 5,000,000 4,420,021 4,000,000 3,000,000 2,913,594 2,500,000 1,770,600 1,626,285 1,500,000 1,500,000 1,250,000 1,250,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 790,471 750,000 617,142 10.31 9.11 8.25 6.19 6.01 5.15 3.65 3.35 3.09 3.09 2.58 2.58 2.06 2.06 2.06 2.06 2.06 1.63 1.55 1.27 37,888,113 78.11 Number on issue Number of holders 97,727,848 141 Ordinary shares % of total shares issued Number held 146,460,845 31.11 Ordinary shares On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. 48 Peako Limited Shareholder Information 30 June 2023 Tenement Schedule Tenement Western Australia (East Kimberley Region) E80/4990 E80/5182 E80/5779 E80/5703 E80/5704 E80/5706 Tenement status Peako Interest % 100.00% Granted 100.00% Granted 100.00% Granted 100.00% Application 100.00% Application 100.00% Application 49
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