Annual Report 30 June 2024 P a g e | 1 Global Uranium’s clear strategy is to become a leader in North American nuclear energy by assembling a portfolio of high-quality uranium assets through accretive acquisitions and exploration. Corporate Directory Company Details Global Uranium and Enrichment Limited ABN 21 619 387 085 Directors Non-Executive Chairman Mr Fabrizio Perilli Managing Director Mr Andrew Ferrier Non-executive Director Mr Matthew Keane CFO & Company Secretary Mr Leonard Math Registered Office Level 2, 40 Kings Park Road West Perth Western Australia 6005 Telephone: +61 (8) 6117 9338 Postal Address PO Box 376 West Perth Western Australia 6872 Website www.globaluranium.com.au Auditors Hall Chadwick WA Audit Pty Ltd 283 Rokeby Road, Subiaco Western Australia 6008 Share Registry Automic Level 5, 126 Phillip Street Sydney NSW 2000 Stock Exchange Listing Australian Securities Exchange Limited (ASX Code GUE) (OTCQB Code GUELF) P a g e | 2 Contents 01 Corporate Directory 03 Chairman’s Letter 04 Review of Operations 13 Directors’ Report 25 Auditor’s Independence Declaration 26 Consolidated Statement of Comprehensive Income 27 Consolidated Statement of Financial Position 28 Consolidated Statement of Changes in Equity 29 Consolidated Statement of Cash Flows 30 Notes to the Financial Statements 53 Director’s Declaration 54 Independent Auditor’s Report 60 ASX Additional Information P a g e | 3 Chairman’s Letter Dear shareholder Our Company has made significant progress on existing assets in a more positive uranium global environment over the past year. With the strong turnaround in uranium prices and the significant progress we have made in exploring and developing our two key uranium projects, we are in a stronger position than ever. On the ground, our team has made substantial progress at both our flagship Tallahassee Uranium Project and the high-grade Maybell Uranium Project, located in Colorado, USA. Advances at these sites include the establishment of an Exploration Target at Maybell, completion of a very successful drilling program and commencement of a Scoping Study at Tallahassee Uranium Project. The work we’ve done is a testament to our unwavering commitment to becoming a leading developer in the rapidly evolving nuclear industry. The increasing demand for reliable uranium supply in North America represents an opportunity that we are strategically positioned to meet. The Board and management team are committed to efficiently allocating capital to rapid, cost-effective exploration and development activities. Our goal is to build globally significant uranium portfolio, , while seeking strategic expansion opportunities through targeted M&A. The United States remains one of the most supportive jurisdictions for uranium production, offering significant benefits to companies operating within its borders. This has greatly enhanced our ability to progress our projects and capitalise on emerging opportunities in the market. Our Athabasca Projects also remain extremely prospective, and we look forward to continuing exploration across these sites over the coming years. The successful completion of a $6.15 million placement earlier this year has further strengthened our financial position, enabling us to sustain and expand our exploration efforts. This capital injection has already borne success, as evidenced by the commencement and completion of two key drilling programs at Tallahassee and Maybell. We are pleased to welcome our new investors through this process and are eager to have you join us on the Global Uranium and Enrichment (Global Uranium) journey. The significant interest in this placement reflects investor confidence in our strategic direction, and we extend our sincere thanks to all shareholders for their unwavering support. Reflecting our renewed focus on the uranium value chain, we took a key decision this year to rename the Company. Global Uranium and Enrichment is a clear statement of our intent to develop uranium assets that support the global shift towards nuclear energy, and I am excited to be part of this journey. I would like to thank the management team, led by Andrew Ferrier, for all their hard-work, drive and focus over the last 12 months. The Company is fortunate to have the quality and experience of this team and in a sector like uranium it is important to have leadership that understand what it takes to grow and develop a long-term and successful company. As we look towards 2025 and beyond, the future of Global Uranium is exciting as the Company works towards becoming a key provider of safe and reliable uranium on a global scale. We are motivated about the opportunities ahead and remain committed to delivering long-term value to our shareholders. Global Uranium and Enrichment Limited Review of Operations P a g e | 4 Review of Operations Review of Operations Global Uranium and Enrichment Limited Review of Operations P a g e | 5 Project Overview Overview Global Uranium and Enrichment Limited (Global Uranium) is an emerging North American focused uranium company providing unique exposure across the uranium value chain – from exploration and development though to enrichment. Amid a nuclear energy renaissance, Global Uranium is developing a portfolio of advanced, high grade uranium assets in prolific uranium districts in the United States and Canada, and has established a cornerstone position in Ubaryon, an Australian company with proprietary uranium enrichment technology. The uranium market outlook has continued to strengthen over the course of the past 12 months. Significant price catalysts include multiple countries pledging to triple their nuclear energy capacity by 2050 at the COP28 and the United States banning the import of Russian enriched uranium. The US also announced it would support an acceleration of civil nuclear reactor deployment in the near term. These tailwinds have been further amplified by Kazatomprom, responsible for producing 20% of the global uranium supply, lowering its production guidance in 2025, and Kazakhstan announcing plans to increase the mineral extraction tax on uranium mining from 6% to 9% in 2025, and up to 18% from 2026. These tailwinds have underpinned support for uranium prices, while also putting renewed focus on the development of new sources of uranium outside the existing, Russian-dominated supply chain. During FY24 Global Uranium executed a successful, high impact exploration program at our flagship Tallahassee Project, which is progressing towards the development phase. The Company will also look to deliver on the exploration target at the high-grade Maybell Uranium Project. The exploration target was defined by the Company following the completion of an extensive data review and highlights the enormous growth potential of Maybell. Global Uranium was also pleased to see good progress made over the course of the year towards commercialising Ubaryon’s enrichment technology. Our Portfolio Figure 1: Global Uranium and Enrichment’s Project Portfolio Global Uranium and Enrichment Limited Review of Operations P a g e | 6 Tallahassee Uranium Project The Tallahassee Uranium Project comprises five major uranium deposits in Colorado, with an overall JORC Resource of 52.2Mlbs U3O8 (44.8 Mt @ 530ppm for 52.2Mlbs U3O8 using a 250ppm cut-off grade). Maybell Uranium Project The Maybell Uranium Project is situated in an established uranium mining district in Colorado. A high- grade Exploration Target has been established for the project. Historical production of 5.3Mlbs of U3O8 (average grade 1,300ppm). Ubaryon Investment Ubaryon Pty Ltd is a private Australian company that owns 100% of a next generation enrichment technology. Global Uranium is a cornerstone investor holding 21.9% ownership in the Company. Global Uranium’s Managing Director, Mr Andrew Ferrier is also on the Ubaryon Board. Athabasca Uranium Portfolio Global Uranium has a portfolio of six high-grade exploration assets in the Athabasca Basin, home to the world’s largest and highest-grade uranium mines, including the Newnham Lake Project with grades of up to 1,953ppm U3O8 in historic drilling, and the Middle Lake Project with boulder-trains with grades of up to 16.9% U3O8. Rattler Uranium Project The Rattler Project is located within the recognised La Sal Uranium District in Utah, the Rattler Project is located 85km north of Energy Fuels Inc’s White Mesa Uranium/Vanadium mill in Utah and holds considerable potential to discover additional high-grade mineralisation using modern exploration techniques. Enmore Gold Project Enmore is an exciting gold opportunity with significant exploration and development upside. Global Uranium has an exploration license that is valid for six years. Enmore is located in the New England Fold Belt, approximately 30km south of the regional centre of Armidale in northern New South Wales. The Hillgrove Gold Mine is 20km north of Enmore and has produced more than 730,000oz of gold. Global Uranium and Enrichment Limited Review of Operations P a g e | 7 Flagship Tallahassee Uranium Project Colorado, United States The Tallahassee Uranium Project (“Tallahassee”) boasts a total JORC Mineral Uranium Resource of 52.2MlbsU3O8 (44.8Mt @ 530ppm U3O8 using a 250ppm cut-off grade) and is located within the prolific Tallahassee Uranium District. Located 140km southwest of Denver and 30km northwest of Canon City, Tallahassee encompasses over 7,500 acres incorporating the Boyer, Noah, Taylor, Hansen, and Picnic Tree uranium deposits, as well as mining claims that cover a portion of the High Park uranium deposit. In late 2023, Global Uranium was granted a Conditional Use Permit (“CUP”) from the Board of County Commissioners in the Fremont County, Colorado for exploration and development activities at the Hansen and Picnic Tree deposits at Tallahassee. The CUP approval was unanimously agreed by all three Commissioners during a public hearing on 24 October 2023. Subsequently, Global Uranium was granted final permit approval to commence planned exploration activities across Tallahassee. The permit allows up to 20 new drill holes per year over a five-year period. In June 2024, the Company successfully completed an eight hole, 1,764m diamond drilling program at the Hansen Deposit (“Hansen”). The program was designed to generate new data from Hansen, where historic drilling forms the basis of the Project’s current JORC 2012 Mineral Resource. The program generated excellent thick and high-grade results, which included: • 53.6m at 0.157% U3O8 (1,570ppm) in TC2405 • 66.8m at 0.127% U3O8 (1,270ppm) in TC2406 • 32.9m at 0.100% U3O8 (1,000ppm) in TC2407 • 18.2m at 0.134% U3O8 (1,339 ppm) from 152.2m in TC2403 • 24.9m at 0.117% U3O8 (1,168 ppm) from 153.5m in TC2401 • 12.9m at 0.080% U3O8 (795 ppm) from 190.2m in TC2404 • 3.7m at 0.12% U3O8 (1,171 ppm) from 132m in TC2402 • 7.9m at 0.067% U3O8 (670 ppm) in TC2408. Subsequent to the end of the reporting period, Global Uranium announced an update to its JORC Resource at the Hansen Deposit which was increased by 11% to 22.9Mlbs U3O8 (from 20.5Mlbs). The total Mineral Resource at Tallahassee now stands at 44.8M tonnes at 530ppm U3O8 for 52.2Mlbs U3O8 using a 250ppm cut-off grade. The diamond core from the drill program was sent to the laboratory for analysis in support of the Tallahassee Scoping Study. The Scoping Study has been designed to evaluate various mining methods that will feed into a strategic recommendation on the optimal approach for the potential development of Tallahassee, including an assessment of options for ore processing and uranium production that will contribute to a mine development plan. This plan will be designed to optimise the economic viability of Tallahassee and plan for the effective management of the local environment and social sustainability objectives. Global Uranium and Enrichment Limited Review of Operations P a g e | 8 Figure 1: Long Section showing recent drilling results relative to historical drill holes, modelled mineralisation, and the geologic formations. Maybell Uranium Project Colorado, USA The Maybell Uranium Project (“Maybell”) is an exciting exploration and development opportunity, located within a recognised uranium district, with historical production of 5.3Mlbs of uranium (average grade 1,300ppm). In December 2023, following an extensive data review, Global Uranium established an Exploration Target Range at Maybell. The Exploration Target was limited to areas around historic pits, incorporating only a small portion of entire project. A total of six areas, where sufficient data exists, were used to produce the target range within all of the categories described above. Following definition of the Exploration Target Range, the Company received approval of the Project’s exploration permit from the Colorado Division of Reclamation, Mining and Safety and the US Bureau of Land Management. A drill program at Maybell was the designed to confirm historic intercepts in unmined areas and evaluate extensions to known high-grade mineralisation in the Lower Browns Park Formation. Subsequent to the end of the reporting period, a 4,000m drilling program commenced at Maybell. Initial results from the drilling program intersected high-grade uranium mineralisation over significant widths. These high grades were returned from the shallow targets and have surpassed the Company’s expectations. Global Uranium and Enrichment Limited Review of Operations P a g e | 9 Figure 3: Maybell Uranium Project showing historic pits, mineralised trends and proposed drill sites Ubaryon Enrichment Technology Strategic Downstream Investment Ubaryon Pty Ltd is a private Australian company which owns 100% of a next generation enrichment technology. Global Uranium and Enrichment is a cornerstone investor holding 21.9% ownership in the Company. Global Uranium’s Managing Director, Andrew Ferrier sits on the Ubaryon Board. The uranium enrichment market has evolved rapidly over the past 18 months in response to both geopolitical tensions and a growing ambition from governments to achieve net zero carbon targets. These factors, combined with supply chain disruptions caused by the Russian invasion of Ukraine in March 2022, have created market conditions that are favourable towards the development and commercialisation of a uranium enrichment technology. Russia dominates global uranium enrichment with about 45% of global enrichment capacity, and the United States imports about 20% of its enriched uranium from Russia. Because of this, Western governments and utilities are seeking to secure enrichment capabilities independent of Russia. Ubaryon’s core technology is a chemical separation process for uranium isotopes. Over the past 12 months, through numerous reactor tests and extensive isotope analysis, Ubaryon has confirmed and demonstrated a separation factor circa three times higher than the enrichment factor, which triggered the Company’s technology to be classified. The progression from enrichment factor to separation factor is a key milestone in developing a commercial process. Ongoing test work is targeting the refinement of control parameters to extend the technology’s enrichment and separation factors, and subsequently demonstrate an operating multistage process to produce higher-enrichment material, within Ubaryon’s permit limitations. Global Uranium and Enrichment Limited Review of Operations P a g e | 10 Ubaryon also commenced test work for the separation of stable isotopes of Ytterbium, which is a rare earth element with medical diagnostic and therapeutic applications. Ytterbium’s chemistry is sufficiently different from uranium, Ubaryon is viewing this as a project and process independent of its core technology, with both having separate commercial applications. In order to investigate the commercial opportunity, Ubaryon entered into a Memorandum of Understanding (MOU) with entX Limited, an unlisted Australian company with expertise and specialist personnel to evaluate commercial application of medical isotope separations. The MOU is structured for ongoing development of the technology between the two parties as successful milestones are achieved. Importantly, the MOU allows Ubaryon to progress this opportunity while maintaining focus on its core technology application. Initial testing confirmed chemical there are differences between Ytterbium and Uranium, and subsequent testing is encouraging in terms of the separation fractions of the Ytterbium. Ubaryon will continue test work to confirm its initial conclusions, with the aim of demonstrating the potential for chemical isotope separation of Ytterbium isotopes. Ubaryon’s ongoing development work has required innovative recycling and treatment of waste materials. This has resulted in Ubaryon creating a process for the recovery of uranium from aqueous solutions that has potential useful characteristics for the environmental recovery of uranium from mineral process or waste streams. Ubaryon believe that this is a patentable technology and will also look to partner on this technology to maintain its core focus on uranium isotope separation. Athabasca Uranium Portfolio Saskatchewan, Canada The Company owns six advanced exploration tenements located in the Athabasca Basin, the world’s premier high-grade uranium district responsible for 20% of global supply. Global Uranium’s Athabasca portfolio includes 74 granted mineral claims covering more than 55,000 hectares (ha). These claims are located along the margin of the Athabasca Basin and in the Carswell Impact Structure, where depth to the target unconformity is relatively shallow at 300m or less, and typically closer to 100m. The target areas offer a highly attractive opportunity to target shallow, high- grade uranium deposits. Rattler Uranium Project Utah, USA Located within the La Sal Uranium District, Utah, the Company’s Rattler Uranium Project (“Rattler”) includes the historical Rattlesnake and Sunnyside uranium mines and is situated 85km north of White Mesa’s Uranium/ Vanadium mill – the only operating conventional uranium mill in the USA. Global Uranium has approval for a 20-hole reverse circulation exploration drill program at Rattler to test the extent and nature of the uranium mineralisation historically mined at the Rattlesnake Mine. Rattler also presents a Vanadium opportunity with assay results from earlier rock chip sampling generating values greater than 5,000 ppm V2O5 (0.5% V2O5) with some samples returning values up to 124,722ppm (12.5% V2O5). Global Uranium and Enrichment Limited Review of Operations P a g e | 11 Enmore Gold Project New South Wales, Australia Enmore is located in the New England Fold Belt, approximately 30km south of the regional centre of Armidale in northern New South Wales. The Hillgrove Gold Mine is 20km north of Enmore and has produced over 730,000oz of gold. In December 2023, the Company renewed the exploration license at Enmore for a further six years. Enmore is an exciting gold opportunity with significant exploration and development upside. CORPORATE Successful $6.15 Million Placement Global Uranium and Enrichment completed an oversubscribed placement in February 2024 which was applied to drilling programs undertaken at Tallahassee and Maybell Uranium Project. The Placement included 51.3 million new ordinary shares at an issue price of $0.115, and which was heavily supported by new and existing institutional and sophisticated investors including a significant, dedicated uranium fund. Directors participated in the Placement, subscribing for a total amount of $250,000. Sale of Lake Johnston Project Global Uranium and Enrichment sold 80% interest in Lake Johnston Project (E63/2039) for a total consideration of up to $2,125,000 to Intra Energy Corporation Limited (“IEC”). The total consideration includes a cash consideration of $175,000 and the issue of 30 million IEC shares. The remaining deferred consideration will be issued in shares or paid in cash subject to certain milestones being achieved. Global Uranium will retain a 20% interest in the Lake Johnston Project and granted a 1% gross revenue royalty by IEC, payable on product extracted, mined and sold from the project. Board Changes In March 2024, Mr Matthew Keane was been appointed to the Company’s Board as Non-Executive Director. Mr Ben Vallerine has stepped down as Non-Executive Director to pursue other interests. Mr Keane is an experienced geologist with more than two decades of experience across mining, exploration and financial markets. Over his career he has held various technical, operational and corporate roles as a geologist, mine engineer, production manager, and more recently Chief Executive Officer at S2 Resources (ASX:S2R). Mr Keane is currently Managing Director of Great Southern Mining (ASX:GSN), a company focussed on Australian gold and base metal exploration. In addition, Mr Keane has also worked with several high-profile mining businesses including uranium- focused Paladin Energy, Lynas Corp and BHP, with a focus on mergers, acquisitions and asset divestments. Having spent over eight years in the capital markets as a metals and mining analyst, Mr Keane has a wealth of knowledge relevant to Global Uranium and Enrichment’s developing uranium portfolio. Global Uranium and Enrichment Limited Review of Operations P a g e | 12 ASX Announcements References 1st June 2022: Exceptional Vanadium Grades at Rattler Uranium Project 26th October 2023: Okapi receives Major Permit for the Tallahassee Uranium Project 14th December 2023: High Grade Exploration Target at Maybell Uranium Project 15th January 2024: Sale of Lake Johnstone Project 18th January 2024: Global receives key permit for Tallahassee Uranium Project 23rd February 2024: Successful $6.15m Placement to fund upcoming Drill Programs 26th March 2024: Appointment of Non-Executive Director 19th June 2024: Successful Completion of Drill Program at Tallahassee 29th August 2024: High Grade Drilling Results at Maybell Uranium Project 5th September 2024: Tallahassee Uranium Project JORC Resource Increased to 52.2Mlbs The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. Cautionary Note Regarding Forward-Looking Statements This report contains forward looking statements which involve a number of risks and uncertainties. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. The forward-looking statements are made as at the date of this announcement and the Company disclaims any intent or obligation to update publicly such forward looking statements, whether as the result of new information, future events or results or otherwise. Global Uranium and Enrichment Limited Directors’ Report For the year ended 30 June 2024 P a g e | 13 Directors’ Report Global Uranium and Enrichment Limited Directors’ Report For the year ended 30 June 2024 P a g e | 14 Directors’ Report The directors present their report on the consolidated entity comprising Global Uranium and Enrichment Limited (“Global Uranium” or “the Company”) and its controlled entities (“the consolidated entity” or “Group”) for the financial year ended 30 June 2024. DIRECTORS The following persons were directors of the Company during the whole of the financial period and up to the date of this report unless otherwise indicated: Fabrizio Perilli – Non-executive Chairman (Appointed as Chairman on 3 August 2023) Andrew Ferrier – Managing Director Matthew Keane – Non-executive Director (Appointed on 26 March 2024) Benjamin Vallerine – Non-executive Director (Resigned on 26 March 2024) Brian Hill – Non-executive Chairman (Retired on 3 August 2023) INFORMATION ON DIRECTORS Mr. Fabrizio Perilli – Non-executive Chairman Appointed as Non-Executive Director on 31 August 2022 and as Chairman on 3 August 2023 (Chairman of the Audit and Risk Committee and member of the Nomination and Remuneration Committee) Mr. Perilli has an outstanding track record of growing businesses using his broad skills, knowledge and experience. Fabrizio is the Co-founder of PERIFA, an Australian property development company that has a focus on delivering exceptional mixed-use precincts with certainty. PERIFA is a company of Versatile Group, of which Fabrizio is the Managing Director. Versatile Group has a 50 year track record in Australian property services and has established eight real estate companies over its five decades of operation. Fabrizio leads the Group’s unified team of industry leaders that he and his business partner Marco Fahd brought together to deliver best-in-class outcomes with an agile approach. Fabrizio is an experienced property developer, having spent over 30 years in the industry, including 15 years as CEO for TOGA Group and has delivered over 3,000 apartments across highly recognised and awarded projects. Having earned the respect and trust of the industry and his peers, Fabrizio is the current President of the Property Council of Australia (NSW) and is often a sounding board for government representatives and policy makers. During the past three years, Mr. Perilli has also served as a Director of the following listed companies: Company Date Appointed Date Ceased Magnis Energy Technologies Ltd 31 July 2023 17 July 2024 Interest in shares and performance rights: 2,783,972 ordinary fully paid shares 250,000 Unlisted Options exercisable at $0.15 expiring 14 November 2026 3,000,000 Performance Rights Global Uranium and Enrichment Limited Directors’ Report For the year ended 30 June 2024 P a g e | 15 Mr. Andrew Ferrier – Managing Director Appointed 13 December 2021 Mr. Ferrier has more than 15 years of experience in both management, corporate finance and principal investing roles in the global mining sector. He has previously held senior roles for Pacific Road Capital, a large mining-focused private equity investment firm where he worked for 12 years across USA, Canada and Australia. Andrew holds a Bachelor of Chemical Engineering (First Class Honours) and Bachelor of Commerce from the University of Sydney. Andrew also holds a Masters of Applied Finance from Macquarie University and is a CFA charter holder. He has significant knowledge and understanding of the North American Uranium space having been heavily involved in the development, permitting and sale of the Reno Creek ISR Uranium project in Wyoming, USA, the largest permitted preconstruction ISR project in the USA. Mr. Ferrier has not held any other directorship in the past three years. Interest in shares and performance rights: 1,717,391 ordinary fully paid shares 500,000 Unlisted Options exercisable at $0.15 expiring 14 November 2026 4,000,000 Performance Rights Mr. Matthew Keane – Non-executive Director Appointed 26 March 2024 (Member of the Audit and Risk Committee and the Nomination and Remuneration Committee) Mr. Keane is an experienced geologist with more than two decades of experience across mining, exploration and financial markets. Over his career he has held various technical, operational and corporate roles as a geologist, mine engineer, production manager, and more recently Chief Executive Officer at S2 Resources (ASX:S2R). Matthew is currently Managing Director of Great Southern Mining (ASX:GSN), a company focussed on Australian gold and base metal exploration. Over his career, Matthew has worked with several high-profile mining businesses including uranium-focused Paladin Energy, Lynas Corp and BHP, with a focus on mergers, acquisitions and asset divestments. Having spent over eight years in the capital markets as a metals and mining analyst, Matthew has a wealth of knowledge relevant to Global Uranium and Enrichment’s developing uranium portfolio. During the past three years, Mr. Keane has also served as a Director of the following listed companies: Company Date Appointed Date Ceased Great Southern Mining Limited 19 September 2022 - Mr. Keane does not hold any securities in the Company. Mr. Leonard Math (BComm, CA) – CFO & Company Secretary Mr. Leonard Math is a Chartered Accountant with more than 15 years of resources industry experience. He previously worked as an auditor at Deloitte and is experienced with public company responsibilities including ASX and ASIC compliance, control and implementation of corporate governance, statutory financial reporting and shareholder relations. Leonard also previously held Company Secretary and directorship roles for a number of ASX listed companies. Leonard has been Global Uranium’s Company Secretary since April 2019. Global Uranium and Enrichment Limited Directors’ Report For the year ended 30 June 2024 P a g e | 16 PRINCIPAL ACTIVITIES The Company is in the business of mineral exploration with a specific focus on uranium exploration in North America and gold exploration in Australia. The Company's primary aim in the near-term is to explore for, discover and develop uranium deposits on its uranium exploration projects in North America. The Group has also been actively reviewing additional projects or mineral resources investment opportunities that would create value for the Group and its shareholders. FINANCIAL REVIEW The result of the Group for the financial year ended 30 June 2024 was a loss after tax of $1,585,014 (2023: $3,394,249). EARNINGS PER SHARE The basic loss per share for the year ended 30 June 2024 was 0.71 cents (2023: 2.22 cents). Audited Remuneration Report This report details the nature and amount of remuneration for all key management personnel of Global Uranium and Enrichment Limited and its subsidiaries. The information provided in this remuneration report has been audited as required by section 308(C) of the Corporations Act 2001. For the purposes of this report, key management personnel of the Group are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Group and the Company, directly or indirectly, including any Director (whether executive or otherwise) of the Group. The individuals included in this report are: Fabrizio Perilli – Non-executive Chairman (Appointed as Non-Executive Director on 31 August 2022 and as Chairman on 3 August 2023) Andrew Ferrier – Managing Director (Appointed 13 December 2021) Matthew Keane – Non-executive Director (Appointed 26 March 2024) Leonard Math – CFO & Company Secretary (Retired as Executive Director on 18 November 2022) Benjamin Vallerine – Non-executive Director (Resigned 26 March 2024) Brian Hill – Non-executive Chairman (Retired on 3 August 2023) (a) Remuneration Policy The remuneration policy of Global Uranium and Enrichment Limited has been designed to align director objectives with shareholder and business objectives by providing a fixed remuneration component which is assessed on an annual basis in line with market rates. By providing components of remuneration that are indirectly linked to share price appreciation (in the form of options and/or performance rights), executive, business and shareholder objectives are aligned. The board of Global Uranium and Enrichment Limited believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best directors to run and manage the Group, as well as create goal congruence between directors and shareholders. The board’s policy for determining the nature and amount of remuneration for board members is as follows: (i) Executive Directors & Other Key Management Personnel The remuneration policy and the relevant terms and conditions has been developed by the full Board of Directors as the Group does not have a Remuneration Committee due to the size of the Group and the Board. In determining competitive remuneration rates, the Board reviews local and international trends among comparative companies and industry generally. It examines terms and conditions for employee incentive schemes, benefit plans and share plans. Reviews are performed to confirm that executive remuneration is in line with market practice and is reasonable in the context of Australian executive reward practices. Global Uranium and Enrichment Limited Directors’ Report For the year ended 30 June 2024 P a g e | 17 The Group is an exploration entity, and therefore speculative in terms of performance. Consistent with attracting and retaining talented executives, directors and senior executives are paid market rates associated with individuals in similar positions, within the same industry. Mr. Ferrier was appointed as Managing Director on 13 December 2021 and received an annual remuneration package of $300,000 (inclusive of superannuation) through an Executive Services Agreement. Mr. Ferrier’s employment may be terminated without reason by the Group giving 3 months’ notice. The Group may otherwise terminate his employment without notice for cause. Mr. Math has a Consultancy Agreement for providing CFO and Company Secretary Services and received an annual fees of $110,000 per annum. The agreement may be terminated without reason by the Group giving 2 months’ notice. The Group may otherwise terminate his employment without notice for cause. There are no other service or consulting agreements in place with key management personnel. At this stage due to the size of the Group, no remuneration consultants have been used. The Board’s remuneration policies are outlined below: Fixed Remuneration All executives receive a base cash salary which is based on factors such as length of service and experience as well as other fringe benefits. If entitled, all executives also receive a superannuation guarantee contribution required by the government, which is currently 11.50% and do not receive any other retirement benefits. Short-term Incentives (STI) Under the Group’s current remuneration policy, executives can from time to time receive short-term incentives in the form of cash bonuses. No short-term incentives were paid in the current financial year. The Board is currently determining the criteria of eligibility for short-term incentives and will set key performance indicators to appropriately align shareholder wealth and executive remuneration. Long-term Incentives (LTI) Executives are encouraged by the Board to hold shares in the Group and it is therefore the Group’s objective to provide incentives for participants to partake in the future growth of the Group and, upon becoming shareholders in the Group, to participate in the Group’s profits and dividends that may be realised in future years. The Board considers that this equity performance linked remuneration structure is effective in aligning the long-term interests of Group executives and shareholders as there exists a direct correlation between shareholder wealth and executive remuneration. (ii) Non-Executive Directors The board policy is to remunerate non-executive directors at market rates for comparable companies for time, commitment and responsibilities. In determining competitive remuneration rates, the Board review local and international trends among comparative companies and the industry generally. Typically, the Group will compare non-executive remuneration to companies with similar market capitalisations in the exploration and resource development sector. Global Uranium and Enrichment Limited Directors’ Report For the year ended 30 June 2024 P a g e | 18 (b) Group Performance, Shareholder Wealth and Directors’ and Executives’ Remuneration No relationship exists between the Group performance, earnings, shareholder wealth and Directors’ and Executive remuneration for this financial period. No remuneration is currently performance related. Overview of Group Performance The table below sets out information about the Group’s earnings and movements in shareholder wealth for the past five years up to and including the current financial year. 2024 2023 2022 2021 2020 Net Loss After Tax $1,585,014 $3,394,249 $7,393,327 $732,257 $2,830,305 Share Price At Year End (ASX) $0.081 $0.13 $0.185 $0.20 $0.14 Basic Loss Per Share (CENTS) 0.71 2.22 7.13 1.73 7.89 Total Dividends (CENTS PER SHARE) - - - - - Global Uranium and Enrichment Limited Directors’ Report For the year ended 30 June 2024 P a g e | 19 (c) Details of Key Management Personnel Remuneration Name Fees $ Post-Employment $ Share Based Payments $ Total $ Remuneration as Share payments % 2024 Fabrizio Perilli – Non-executive Chairman1 77,773 - 37,500 115,273 33% Andrew Ferrier – Managing Director 270,270 29,730 50,000 350,000 14% Matthew Keane – Non-executive Director2 13,320 - - 13,320 - Benjamin Vallerine – Non-executive Director3 38,500 3,960 25,000 67,460 37% Brian Hill – Non-executive Chairman4 6,667 - - 6,667 - Leonard Math – Executive Director, CFO and Company Secretary5 110,000 - 15,000 125,000 12% 516,530 33,690 127,500 677,720 1 Mr. Perilli was appointed as Non-executive Director on 31 August 2022 and as Chairman on 3 August 2023. ² Mr. Keane was appointed as Non-executive Director on 26 March 2024. 3 Mr. Vallerine resigned on 26 March 2024. During the year, Mr. Vallerine provided geological consultancy services to Global Uranium and Enrichment Ltd through Peak 8 Geological Consultant Pty Ltd. 4 Mr. Hill retired on 3 August 2023 5 During the financial year, Mr. Math provided CFO, Company Secretarial and Accounting services to Global Uranium and Enrichment Limited through Lilhorse Corporate Pty Ltd. 2023 Fabrizio Perilli – Non-executive Chairman1 44,343 - 208,470 252,813 82% Andrew Ferrier – Managing Director 272,272 28,636 476,700 777,608 61% Benjamin Vallerine – Non-executive Director 48,000 5,040 - 53,040 - Brian Hill – Non-executive Chairman2 90,000 - 384,480 474,480 81% Leonard Math – Executive Director, CFO and Company Secretary3 133,613 - - 133,613 - TOTAL 588,228 33,676 1,069,650 1,691,554 1 Mr. Perilli was appointed as Non-executive Director on 31 August 2022 and as Chairman on 3 August 2023. ² Mr. Hill retired on 3 August 2023 3 During the financial year, Mr. Math provided Directorship, Company Secretarial and Accounting services to Okapi Resources Limited through Lilhorse Corporate Pty Ltd. Mr. Math retired as Executive Director on 18 November 2022 and appointed as Chief Financial Officer on that date. Global Uranium and Enrichment Limited Directors’ Report For the year ended 30 June 2024 P a g e | 20 (d) Share based compensation During the year, following receiving shareholders approval, the following directors were issued the following Performance Rights. Director Class A Class B Class C Class D Class E Fabrizio Perilli 600,000 600,000 600,000 600,000 600,000 Andrew Ferrier 800,000 800,000 800,000 800,000 800,000 Benjamin Vallerine* 400,000 400,000 400,000 400,000 400,000 Leonard Math 240,000 240,000 240,000 240,000 240,000 *The Performance Rights issued to Mr Vallerine during the year lapsed following his resignation on 26 March 2024. The Performance Rights were issued under the Company’s Performance Rights Plan and have the following vesting conditions as set out below: Class A: The Company achieving and maintaining a 20-day volume weighted average share price of $0.25 or more on or before 31 December 2024. Class B: The Company achieving and maintaining a 20-day volume weighted average share price of $0.35 or more on or before 30 June 2025. Class C: The Company achieving and maintaining a 20-day volume weighted average share price of $0.45 or more on or before 31 December 2025. Class D: The Company announcing a total JORC compliant Inferred Mineral Resource estimate of at least 100 million pounds of U3O8 at a minimum grade of 250ppm U3O8 (or equivalent) signed off by a competent person (via exploration, acquisitions and/or staking new claims) on or before 30 June 2025. Class E: the Company announcing a drill intercept of at least 5m at 1.0% U3O8 (or equivalent of grade thickness intercept) on the Athabasca Uranium Projects signed off by a competent person on or before 31 March 2025. Performance Rights issued to Key Management Personnel during the year ending 30 June 2023 were cancelled. During the year ended 30 June 2024, there was no options granted to directors and key management personnel as part of the remuneration package. (e) Key Management Personnel Compensation – other transactions (i) Options provided as remuneration and shares issued on exercise of such options. Other than disclosed above, no further options were provided as remuneration during the year and no shares were issued on exercise of such options. (ii) Loans to key management personnel No loans were made to any director or other key management personnel of the Group, including related parties during the financial year. (iii) Other transactions with key management personnel No other transactions with key management personnel occurred during the financial year. Global Uranium and Enrichment Limited Directors’ Report For the year ended 30 June 2024 P a g e | 21 Terms and conditions of related party transactions Transactions between related parties are on commercial terms and conditions, no more favourable than those available to other parties unless otherwise stated. (f) Share-holdings of Key Management Personnel The number of shares in the Company held during the financial year by each director of Global Uranium and Enrichment Limited and other key management personnel of the Company, including related parties, are set out below. There were no shares granted during the year as remuneration. 2024 Opening Balance 1 July 2023 Other changes during the year Closing Balance 30 June 2024 No. No. No. Directors Fabrizio Perilli 577,450 2,206,522 2,783,972 Andrew Ferrier 999,999 717,392 1,717,391 Matthew Keane1 - - - Leonard Math 2,497,536 250,000 2,747,536 Benjamin Vallerine2 6,721,346 333,333 7,054,679 Brian Hill3 200,000 - 200,000 Total 10,996,331 3,507,247 14,503,578 1 Appointed on 26 March 2024. 2 Resigned on 26 March 2024. Shareholding at the date of resignation. 3 Retired on 3 August 2023. Shareholding at the date of retirement. 2023 Opening Balance 1 July 2022 Other changes during the year Closing Balance 30 June 2023 No. No. No. Directors Fabrizio Perilli1 244,117 333,333 577,450 Andrew Ferrier - 999,999 999,999 Benjamin Vallerine 6,654,680 66,666 6,721,346 Leonard Math 2,757,631 (260,095) 2,497,536 Brian Hill2 - 200,000 200,000 Total 9,656,428 1,339,903 10,996,331 1 Mr Perilli was appointed on 31 August 2022 and held those shares on appointment. 2 Mr Hill retired on 3 August 2023. This is the end of the audited remuneration report. Global Uranium and Enrichment Limited Directors’ Report For the year ended 30 June 2024 P a g e | 22 SHARE OPTIONS During the year, the following options were issued: Options Description At 1 July 2023 No. Issued during the year No. Exercised/lapsed during the year No. At 30 June 2024 No. Class A: Director Options exercisable at $0.30 expiring 8 April 2024 1,125,000 - (1,125,000)1 - Class B: Director Options exercisable at $0.35 expiring 8 April 2024 1,125,000 - (1,125,000) 1 - Class D: Unlisted Options exercisable at $0.30 expiring 24 August 2023 29,375,000 - (29,375,000) 1 - Class E: Unlisted Options exercisable at $0.50 expiring 31 December 2024 3,000,000 - - 3,000,000 Class E: Unlisted Options exercisable at $0.60 expiring 31 December 2024 2,000,000 - - 2,000,000 Class E: Unlisted Options exercisable at $0.70 expiring 31 December 2024 2,000,000 - - 2,000,000 Class F: Unlisted Options exercisable at $0.30 expiring 19 July 2024 16,599,675 - - 16,599,675 Class G: Unlisted Options exercisable at $0.15 expiring 14 Nov 2026 - 26,333,333 - 26,333,333 Total 55,224,675 26,333,333 (31,625,000) 49,933,008 1Lapsed during the year. LIKELY DEVELOPMENTS The Group’s focus over the next financial year will be to carry out exploration works on its mineral resource projects and to review additional projects that may be presented to the Group. SIGNIFICANT CHANGES IN STATE OF AFFAIRS During the year, Mr Fabrizio Perilli was appointed as Non-Executive Chairman on 3 August 2023 following the retirement of Mr Brian Hill. Mr Matthew Keane was appointed as Non-Executive Director on 26 March 2024. Mr Benjamin Vallerine resigned as a Non-Executive Director on the same date. There were no other significant changes in the state of affairs of the Group during the financial year. SUBSEQUENT EVENTS Subsequent to year end, 16,599,675 Unlisted Options exercisable at $0.30 have lapsed on 19 July 2024. Since the end of the financial period and to the date of this report, no other matter or circumstance has arisen which has significantly affected, or may significantly affect, the operations of the Group, the results of those operations or the state of affairs of the Group in the subsequent financial year. Global Uranium and Enrichment Limited Directors’ Report For the year ended 30 June 2024 P a g e | 23 DIVIDENDS PAID OR RECOMMENDED The directors do not recommend the payment of a dividend and no amount has been paid or declared by way of a dividend to the date of this report. ENVIRONMENTAL REGULATION The Group is aware of its environmental obligations with regards to its exploration activities and ensures that it complies with all regulations when carrying out any exploration work. INSURANCE OF DIRECTORS AND OFFICERS During the financial year, Global Uranium and Enrichment Limited paid a premium to insure the directors and officers of the Group. The total amount of insurance contract premiums paid is confidential under the terms of the insurance policy. The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may be brought against the officers in their capacity as officers of the Group, and any other payments arising from liabilities incurred by the officers in connection with such proceedings. This does not include such liabilities that arise from conduct involving a wilful breach of duty by the officers or the improper use by the officers of their position or of information to gain advantage for themselves or someone else or to cause detriment to the Group. It is not possible to apportion the premium between amounts relating to the insurance against legal costs and those relating to other liabilities. PROCEEDINGS ON BEHALF OF THE CONSOLIDATED ENTITY No person has applied for leave of court to bring proceedings on behalf of the Group or intervene in any proceedings to which the Group is a party for the purpose of taking responsibility on behalf of the Group for all or any part of those proceedings. The Group was not a party to any such proceedings during the year. RISK MANAGEMENT Risk management is a key part of improving our business and our aim is to ensure that all business operations are performed within Board approved risk tolerance levels. To achieve this aim, Risk Management standards will be created, maintained and continually improved. This will involve risk identification and risk evaluation linked to practical and cost effective risk control measures commensurate with our business. Risk Management is a continuous process demanding awareness and proactive action from all Company employees and contractors to reduce the possibility and impact of accidents and losses, whether caused by the Company or externally. Further information can be found in the Risk Management Policy available at www.globaluranium.com.au/corporate-governance/. FACTORS AND BUSINESS RISKS AFFECTING FUTURE BUSINESS PERFORMANCE The following factors and business risks could have a material impact on the Company’s success in delivering its strategy: Funding The Group is likely to need to raise capital to explore and develop its projects. There is no guarantee that the Group will be able to secure any additional funding or will be able to secure funding on terms that are favourable or acceptable to the Group. Health and Safety The Group is exposed to potential safety hazards within its operations, including exposure to Uranium. Regulatory and Permitting Delays in obtaining exploration permits or changes in regulatory requirements can hinder exploration and development progress and increase costs. Global Uranium and Enrichment Limited Directors’ Report For the year ended 30 June 2024 P a g e | 24 Aboriginal title and consultation issues First Nations and other native title claims as well as related consultation issues may impact the ability to pursue exploration, development and mining at its Athabasca Uranium Projects. Managing relations with local First Nations bands is a matter of paramount importance to the Group. However, there may be no assurance that title claims as well as related consultation issues will not arise on or with respect to the Group’s properties. Public Perception Unique political, technological and environmental factors affect the nuclear industry, exposing it to the risk of public opinion, which could have a negative effect on the demand for nuclear power and increase the regulation of the nuclear power industry. An accident at a nuclear reactor anywhere in the world could affect acceptance of nuclear energy and the future prospects for nuclear generation. Debate on the relative dangers and benefits of uranium as an energy source will continue into the foreseeable future. Commodity Prices and Exchange Rates Commodity prices fluctuate according to changes in demand and supply. Changes in commodity prices can significantly impact exploration activities and investment decisions. Key Person and Workforce The inability to attract and retain a suitably skilled and diverse leaders and workforce is a risk to Group performance in the conduct of its business especially within the Uranium industry. AUDITOR’S INDEPENDENCE DECLARATION The lead auditor’s independence declaration for the year ended 30 June 2024 has been received and forms part of the Directors’ report and can be found on page 25 of the financial report. NON-AUDIT SERVICES There have been no non-audit services provided by the Group’s auditor during the year. Signed in accordance with a resolution of the directors. On behalf of the Directors. Andrew Ferrier Managing Director 26 September 2024 Perth, Western Australia Global Uranium and Enrichment Limited Auditor’s Independence Declaration P a g e | 25 Global Uranium and Enrichment Limited Consolidated Statement of Comprehensive Income For the year ended 30 June 2024 P a g e | 26 Note 2024 $ 2023 $ Revenue Interest income 98,700 42,584 Profit from sale of listed investments 21,740 87,600 Gain from foreign exchange transactions - 7,436 Proceeds from sale of tenement 325,000 50,000 Option fee received 75,000 - 520,440 187,620 Expenditure Audit fees 14 (45,113) (46,577) ASX, OTC Listing and other compliance expenses (127,643) (144,768) Consulting expenses (40,000) (133,660) Corporate, travel and insurance expenses (421,316) (563,329) Legal fees (90,395) (207,652) Director and executive fees (565,043) (622,359) Exploration expenses (167,994) (114,040) Investor relations expenses (107,427) (562,820) Promotional, marketing & website (53,938) (49,472) Share based payments 10 (127,500) (1,069,650) Administration (63,802) (53,090) Loss from foreign exchange transactions (1,312) - Fair value adjustment to financial asset 6 (293,971) (14,452) (2,105,454) (3,581,869) Loss before income tax (1,585,014) (3,394,249) Income tax expense 3 - - Loss after income tax from continuing operations (1,585,014) (3,394,249) Other Comprehensive income Items that may be reclassified to profit or loss - - Total comprehensive income for the year (1,585,014) (3,394,249) Loss per share attributable to the ordinary security holders of the Company (cents per share) 19 0.71 2.22 The accompanying notes form part of these financial statements Global Uranium and Enrichment Limited Consolidated Statement of Financial Position As at 30 June 2024 P a g e | 27 Note 2024 $ 2023 $ ASSETS Current assets Cash and cash equivalents 4 4,618,769 1,469,170 Trade and other receivables 5 415,899 388,394 Total current assets 5,034,668 1,857,564 Non-current assets Financial assets 6 3,182,622 3,437,264 Deferred exploration & evaluation expenditure 7 32,009,121 28,495,807 35,191,743 31,933,071 Total assets 40,226,411 33,790,635 LIABILITIES Current liabilities Trade and other payables 8 728,614 205,205 Total current liabilities 728,614 205,205 Total liabilities 728,614 205,205 Net assets 39,497,797 33,585,430 Equity Issued capital 9 48,705,092 41,335,627 Reserves 10(a) 8,303,648 8,175,732 Accumulated losses 10(b) (17,510,943) (15,925,929) Total equity 39,497,797 33,585,430 The accompanying notes form part of these financial statements Global Uranium and Enrichment Limited Consolidated Statement of Changes in Equity For the year ended 30 June 2024 P a g e | 28 The accompanying notes form part of these financial statements Issued Capital Reserves Accumulated Losses Total $ $ $ $ 2024 Opening Balance 41,335,627 8,175,732 (15,925,929) 33,585,430 Loss for the year - - (1,585,014) (1,585,014) Total comprehensive income for the year - - (1,585,014) (1,585,014) Shares issued during the year (net costs) 7,293,187 - - 7,293,187 Shares issued to vendors 76,278 - - 76,278 Share based payments (Note 10) - 127,500 - 127,500 Foreign exchange movements - 416 - 416 Balance as at 30 June 2024 48,705,092 8,303,648 (17,510,943) 39,497,797 2023 Opening Balance 31,396,987 6,909,219 (12,531,680) 25,774,526 Loss for the year - - (3,394,249) (3,394,249) Total comprehensive income for the period - - (3,394,249) (3,394,249) Shares issued during the year (net costs) 8,858,610 - - 8,858,610 Shares issued to vendors 1,080,000 - - 1,080,000 Share based payments (Note 10) - 1,264,158 - 1,264,158 Foreign currency - 2,355 - 2,355 Option issued during the year 30 - - 30 Balance as at 30 June 2023 41,335,627 8,175,732 (15,925,929) 33,585,430 Global Uranium and Enrichment Limited Consolidated Statement of Cash Flows For the year ended 30 June 2024 P a g e | 29 Note 2024 $ 2023 $ Cash flows from operating activities Interest received 98,700 42,584 Payments for suppliers and employees (1,660,695) (2,714,417) Net cash outflows from operating activities 18 (1,561,995) (2,671,833) Cash flows from investing activities Payments for tenement and exploration (2,962,693) (4,390,813) Payments for shares in unlisted entity - (3,100,000) Payment for environmental bond - (10,000) Proceeds from sale of equity investment 132,411 265,706 Proceeds from sale of tenement 175,000 50,000 Proceeds from option fee 75,000 - Net cash inflows from investing activities (2,580,282) (7,185,107) Cash flows from financing activities Proceeds from share issue (net of costs) 7,293,188 10,135,502 Net cash inflows from financing activities 7,293,188 10,135,502 Net (decrease)/increase in cash and cash equivalents held 3,150,911 278,562 Cash and cash equivalents at the beginning of the period 1,469,170 1,190,608 Foreign currency changes (1,312) - Cash and cash equivalents at the end of the period 4 4,618,769 1,469,170 The accompanying notes form part of these financial statements Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 30 1. SUMMARY OF MATERIAL ACCOUNTING POLICIES (a) General information The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied, unless otherwise stated. The financial statements are for Global Uranium and Enrichment Limited and its controlled entity. The financial statements are presented in the Australian currency. Global Uranium and Enrichment Limited is a Company limited by shares, domiciled and incorporated in Australia. The financial statements were authorised for issue by the directors on 26 September 2024. The directors have the power to amend and reissue the financial statements. (b) 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 and the Corporations Act 2001. Global Uranium and Enrichment Limited is a for-profit entity for the purpose of preparing the financial statements. Historical cost convention These financial statements have been prepared on an accrual basis under the historical cost convention. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted. Significant accounting judgements and key estimates 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. Going Concern The financial report has been prepared on a going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. The Company incurred an operating loss of $1,585,014 (30 June 2023: $3,394,249) and had cash outflows from operating activities of $1,561,995 (30 June 2023: $2,671,833) for the year ended 30 June 2024. The consolidated entity is in exploration phase and does not yet have an income stream. The directors have prepared a cash flow forecast, which indicates that the Group will have sufficient cash flows to meet all commitments and working capital requirements for the 12 months period from the date of signing this financial report. The Directors believe it is appropriate to prepare these accounts on going concern basis because subsequent to the end of the reporting period: Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 31 • the Company is still in the early stages of operations and is able to scale back activity if required; and • the Directors have prepared a budget which demonstrates that the Company has sufficient cash to meet its expenditure requirements for a period of not less than twelve months from the date of signing this report. • The directors have an appropriate plan to raise additional funds and when they are required; and • The consolidated entity has the ability scale down its operations in order to curtail expenditure, in the event that any capital raisings are delayed or insufficient cash is available to meet projected expenditure. Based on the cash flow forecasts and other factors referred to above, the directors are satisfied that the going concern basis of preparation is appropriate. In particular, given the Company’s history of raising capital to date, the directors are confident of the Company’s ability to raise additional funds as and when they are required. Should the Company be unable to continue as a going concern, there is material uncertainty whether it would continue as a going concern and therefore whether it would realise its assets and extinguish its liabilities other than in the normal course of business and at amounts different to those stated in the financial statements. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or to the amounts or classification of liabilities that might result should the Company be unable to continue as a going concern and meet its debts as and when they fall due. Exploration expenditure Exploration and evaluation costs are assessed on the basis of whether or not it is appropriate to carry as a Deferred exploration asset – refer to (h) below. Standards and Interpretations applicable to 30 June 2024 In the year ended 30 June 2024, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to the Company and effective for the year reporting periods beginning on or after 1 July 2023. As a result of this review, the Directors have determined that there is no material impact of the new and revised Standards and Interpretations on the Company and therefore no material change is necessary to Group accounting policies. Standards and Interpretations in issue not yet adopted The Directors have also reviewed all of the new and revised Standards and Interpretations on issue not yet adopted that are relevant to the Company and effective for the half-year reporting periods beginning on or after 1 July 2023. As a result of this review, the Directors have determined that there is no material impact of the new and revised Standards and Interpretations in issue not yet adopted on the Company and therefore no material change is necessary to Group accounting policies. (c) Principals of consolidation (i) Subsidiaries The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Global Uranium and Enrichment Limited (“Company” or “Parent Entity”) as at 30 June 2024 and the results of all subsidiaries for the year. Global Uranium and Enrichment Limited and its subsidiaries together are referred to in this financial report as the Group or the consolidated entity. Subsidiaries are entities the parent controls when it is exposed to, or has rights to, variable returns from Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 32 its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are de- consolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group. Intercompany transactions, balances and unrealised gains on transactions between Group companies 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 Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of comprehensive income, statement of changes in equity and statement of financial position respectively. (ii) Changes in ownership interests The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in a separate reserve within equity attributable to owners of Global Uranium and Enrichment Limited. When the Group ceases to have control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, jointly controlled entity or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. If the ownership interest in a jointly controlled entity or associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards. (d) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the full Board of Directors. (e) Revenue recognition Revenue from contract(s) with customers Revenue is recognised at an amount that reflects the consideration to which the group is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the consolidated entity: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 33 delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised. Interest Revenue Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the financial assets (f) Financial instruments Classification of financial instruments The Group classifies its financial assets into the following measurement categories: • those to be measured at fair value (either through other comprehensive income, or through profit or loss); and • those to be measured at amortised cost. The classification depends on the Group’s business model for managing financial assets and the contractual terms of the financial assets' cash flows. The Group classifies its financial liabilities at amortised cost unless it has designated liabilities at fair value through profit or loss or is required to measure liabilities at fair value through profit or loss such as derivative liabilities. Debt instruments Investments in debt instruments are measured at amortised cost where they have: • contractual terms that give rise to cash flows on specified dates, that represent solely payments of principal and interest on the principal amount outstanding; and • are held within a business model whose objective is achieved by holding to collect contractual cash flows. These debt instruments are initially recognised at fair value plus directly attributable transaction costs and subsequently measured at amortised cost. The measurement of credit impairment is based on the three- stage expected credit loss model described below regarding impairment of financial assets. Financial instruments designated as measured at fair value through profit or loss Financial instruments held at fair value through profit or loss are initially recognised at fair value, with transaction costs recognised in the income statement as incurred. Subsequently, they are measured at fair value and any gains or losses are recognised in the income statement as they arise. Where a financial asset is measured at fair value, a credit valuation adjustment is included to reflect the credit worthiness of the counterparty, representing the movement in fair value attributable to changes in credit risk. A financial liability may be designated at fair value through profit or loss if it eliminates or significantly reduces an accounting mismatch or: • if a host contract contains one or more embedded derivatives; or • if financial assets and liabilities are both managed and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. Where a financial liability is designated at fair value through profit or loss, the movement in fair value attributable to changes in the Group’s own credit quality is calculated by determining the changes in credit spreads above observable market interest rates and is presented separately in other comprehensive income. Impairment of financial assets The Group recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the entity's assessment at the end of each reporting period as to whether Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 34 the financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain. Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12- month expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate. Recognition and derecognition of financial instruments A financial asset or financial liability is recognised in the statement of financial position when the Group becomes a party to the contractual provisions of the instrument, which is generally on trade date. Loans and receivables are recognised when cash is advanced (or settled) to the borrowers. Financial assets at fair value through profit or loss are recognised initially at fair value. All other financial assets are recognised initially at fair value plus directly attributable transaction costs. The Group derecognises a financial asset when the contractual cash flows from the asset expire or it transfers its rights to receive contractual cash flows from the financial asset in a transaction in which substantially all the risks and rewards of ownership are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. A financial liability is derecognised from the reporting date when the Group has discharged its obligations, or the contract is cancelled or expires. Offsetting Financial assets and liabilities are offset and the net amount is presented in the Statement of Financial Position when the Group has a legal right to offset the amounts and intends to settle on a net basis or to realise the asset and settle the liability simultaneously. (g) Income tax The income tax expense or revenue for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Group’s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. 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. Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 35 Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in controlled entities where the parent entity is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. (h) Exploration, evaluation and development expenditure Exploration and evaluation expenditures in relation to each separate area of interest are recognised as an exploration and evaluation asset in the year in which they are incurred where the following conditions are satisfied: (i) the rights to tenure of the area of interest are current; and (ii) at least one of the following conditions is also met: (a) the exploration and evaluation expenditures are expected to be recouped through successful development and exploration of the area of interest, or alternatively, by its sale; or (b) exploration and evaluation 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. Exploration and evaluation assets are initially measured at cost and include acquisition of rights to explore, studies, exploratory drilling, trenching and sampling and associated activities and an allocation of depreciation and amortisation of assets used in exploration and evaluation activities. General and administrative costs are only included in the measurement of exploration and evaluation costs where they are related directly to operational activities in a particular area of interest. Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount. The recoverable amount of the exploration and evaluation asset (for the cash generating unit(s) to which it has been allocated being no larger than the relevant area of interest) is estimated to determine the extent of the impairment loss (if any). Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in previous years. (i) Employee benefits Wages and salaries, annual leave and long service leave Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled. The liability for annual leave and long service leave is recognised in the provision for employee benefits. All other short-term employee benefit obligations are presented as payables. (j) Cash and cash equivalents Cash reserves in the statement of financial position comprise cash on hand. Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 36 (k) Goods and services tax (GST) Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the net asset or 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 taxation authority is included with other receivables or payables in the balance sheet. Cash flows are presented on a gross basis. The GST component of cash flows arising from investing or financing activities which are recoverable from, or payable to, the taxation authority, are presented as operating cash flows. (l) Trade and other payables Trade and other payables are carried at cost and represent liabilities for goods and services provided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future payments in respect of the purchase of these goods and services. (m) Contributed equity Ordinary shares and options are classified as contributed 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. (n) Share based payments The Group provides benefits to employees (including directors) of the Group in the form of share-based payment transactions, whereby employees render services in exchange for shares or rights over shares (‘equity-settled transactions’), refer to note 10. The cost of these equity-settled transactions with employees is measured by reference to the fair value at the date at which they are granted. The fair value is determined by an internal valuation using a Black-Scholes option pricing model. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (‘vesting date’). The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects (i) the extent to which the vesting period has expired and (ii) the number of options that, in the opinion of the directors of the Group, will ultimately vest. This opinion is formed based on the best available information at balance date. No adjustment is made for the likelihood of market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant date. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award and designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were a modification of the original award. Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 37 Options over ordinary shares have also been issued as consideration for the acquisition of interests in tenements and other services. These options have been treated in the same manner as employee options described above, with the expense being included as part of exploration expenditure. (o) Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to owners of the company, 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 year. 2. FINANCIAL RISK MANAGEMENT The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Group’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 Group. Risk management is carried out by the full Board of Directors as the Group believes that it is crucial for all Board members to be involved in this process. The Board, with the assistance of senior management as required, has responsibility for identifying, assessing, treating and monitoring risks and reporting to the Board on risk management. (a) Market risk (i) Foreign exchange risk The Group operates in USA and Canada and has exposures to foreign exchange risk arising from currency exposures. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the entity’s functional currency and net investments in foreign operations. The Group has not formalised a foreign currency risk management policy, however it monitors its foreign currency expenditure in light of exchange rate movements. (ii) Price risk Given the current level of operations, the Group is not exposed to price risk. (iii) Interest rate risk The Group is exposed to movements in market interest rates on cash and cash equivalents. The proportional mix of floating interest rates and fixed rates to a maximum of six months fluctuate during the year depending on current working capital requirements. The weighted average interest rate received on cash and cash equivalents by the Group was nil (2023: nil). Balance subject to fixed rates is nil. Balance subject to variable rates is $4,618,769 and balances subject to zero rates is nil. (b) Credit risk The maximum exposure to credit risk at reporting date is the carrying amount (net of provision for impairment) of those assets as disclosed in the statement of financial position and notes to the financial statements. The only significant concentration of credit risk for the Group is the cash and cash equivalents held with financial institutions. All bank deposits are held with the major Australian banks for which the Board evaluate credit risk to be minimal. As the Group does not presently have any trade debtors, lending, significant stock levels or any other credit risk, a formal credit risk management policy is not maintained. (c) Liquidity risk The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and ensuring sufficient cash and marketable securities are available to meet the current and future commitments of the Group. Due to the nature of the Group’s activities, being mineral exploration, the Group does not have ready access to credit Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 38 facilities, with the primary source of funding being equity raisings. The Board of Directors constantly monitor the state of equity markets in conjunction with the Group’s current and future funding requirements, with a view to initiating appropriate capital raisings as required. The financial liabilities of the Group are confined to trade and other payables as disclosed in the Statement of financial position. All trade and other payables are non-interest bearing and due within 12 months of the reporting date. (d) Fair value estimation The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes. All financial assets and financial liabilities of the Group at the balance date are recorded at amounts approximating their carrying amount. The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values due to their short-term nature. Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 39 3. INCOME TAX 2024 $ 2023 $ (a) Income tax expense Current tax - - Deferred tax - - - - (b) Numerical reconciliation of income tax expense to prima facie tax payable Loss from continuing operations before income tax expense (1,585,014) (3,394,249) Prima facie tax benefit at Australian tax rate of 25% (2023: 25%) (396,253) (848,562) Tax effect of amounts which are not deductible (taxable) in calculating taxable income: Capital raising fees (24,185) (2,345) Non-deductible expenses 126,125 463,294 Other allowable expenditure - - Overseas projects income & expenses 41,999 28,510 Provisions (30,388) 8,086 Gain on sale of financial assets (78,999) - (361,701) (351,017) Tax effect of current year tax losses for which no deferred tax asset has been recognised 361,701 351,017 Income tax expense - - (c) Unrecognised deferred tax assets (i) Capital raising costs - - Revaluation of assets - - Accruals & provisions 12,168 42,556 Carry forward tax losses 2,149,267 1,412,476 Gross deferred tax assets 2,161,435 1,455,032 Less: Offset of Deferred Tax Asset (52,790) (80,566) 2,108,644 1,374,466 (i) No deferred tax asset has been recognised for the above balance as at 30 June 2024 as it is not considered probable that future taxable profits will be available against which it can be utilised. Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 40 4. CURRENT - CASH AND CASH EQUIVALENTS 2024 $ 2023 $ Cash at bank & on hand 4,618,769 1,469,170 4,618,769 1,469,170 5. CURRENT - TRADE AND OTHER RECEIVABLES Prepayments 107,685 108,124 GST and tax receivables 21,640 81,591 Environmental bond 280,551 193,243 Other receivables 6,023 5,436 415,899 388,394 6. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS Financial assets at fair value through profit or loss: Listed Shares(i) 82,622 337,264 Unlisted Shares – Ubaryon Pty Ltd(iii) 3,100,000 3,100,000 3,182,622 3,437,264 Carrying amount at beginning of the year 3,437,264 529,822 Additions 150,000 3,100,000 Disposal (110,671) (178,106) Fair value adjustment to financial asset(ii) (293,971) (14,452) Carrying amount at end of the year 3,182,622 3,437,264 (i) Classification of financial assets at fair value through profit or loss The Group classifies its equity based financial assets at fair value through profit or loss upon adoption of AASB 9. They are presented as current assets if they are expected to be sold within 12 months after the end of the reporting period; otherwise they are presented as non-current assets. Changes in the fair value of financial assets are recognised in other gains/(losses) in the statement of profit or loss as applicable. (ii) Amounts recognised in profit or loss Changes in the fair values of financial assets at fair value have been recorded through profit or loss, representing a net loss of $293,971 for the year. (iii) Global Uranium’s wholly owned subsidiary, U-235 Enrichment Pty Ltd invested $3,100,000 into Ubaryon Pty Ltd, an Australian based company which is developing and commercialising a novel chemical uranium enrichment technology for an initial interest of 19.9%. Following the completion of a share buy back by Ubaryon, the interest has increased to 21.9%. Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 41 Fair value measurement of financial instruments Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three (3) levels of a fair value hierarchy. The three (3) levels are defined based on the observability of significant inputs to the measurement, as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3: unobservable inputs for the asset or liability The following table shows the levels within the hierarchy of financial assets and liabilities measured at fair value on a recurring basis: 30 June 2024 Level 1 $ Level 2 $ Level 3 $ Total $ Listed equity securities 82,622 - - 82,622 Fair value at 30 June 2024 82,622 - - 82,622 7. NON-CURRENT – DEFERRED EXPLORATION & EVALUATION EXPENDITURE 2024 $ 2023 $ Deferred exploration and evaluation – at cost (i) Beginning of financial year/(period) 28,495,807 24,104,994 Exploration & evaluation costs and acquisition for the year 3,681,308 4,504,853 Exploration & project due diligence costs written-off (167,994) (114,040) End of financial year 32,009,121 28,495,807 (i) The Group has capitalised all costs associated with its Tallahassee Uranium Project (USA), Maybell Uranium Project, Rattler Uranium Project (USA), Athabasca Uranium Projects (Canada) and Enmore Gold Project (Australia). The recoverability of the carrying amount of these exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. Global Uranium, through its wholly owned subsidiary Tallahassee Resources Pty Ltd is the 100% owner of the Tallahassee Uranium Project, Maybell Uranium Project and Rattler Uranium Project in the USA. Global Uranium, through its wholly owned subsidiary Canada Resources Pty Ltd is the 100% owner of the Athabasca Uranium Projects. Global Uranium, through its wholly owned subsidiary Panex Resources WA Pty Ltd is the 100% owner of the Enmore Gold Project. 8. TRADE AND OTHER PAYABLES Current Trade payables (i) 651,370 168,875 Accruals and other payables (i) 59,920 36,330 Provision of Annual Leave 17,324 - 728,614 205,205 (i) Trade and other payables amounts represent liabilities for goods and services provided to the Group with respect to the financial period and which are unpaid. The amounts are unsecured and are usually paid within 30 days of invoice date. Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 42 9. ISSUED CAPITAL 2024 Number 2024 $ 2023 Number 2023 $ Ordinary shares - fully paid 265,687,235 48,705,092 185,086,016 41,335,627 Total Share Capital 265,687,235 48,705,092 185,086,016 41,335,627 (a) Movements in share capital Balance at beginning of year 185,086,016 41,335,627 117,139,173 31,396,987 Issued during the year: Issue of shares to suppliers 789,623 76,278 3,140,205 475,000 Placement Shares 79,811,596 7,730,000 61,392,655 9,629,955 Acquisition of Maybell Uranium Project extension - - 413,983 80,000 Issue of milestone shares - Tallahassee - - 3,000,000 525,000 Options issue application - - - 30 Issue costs - (436,813) - (771,345) Balance at the end of year 265,687,235 48,705,092 185,086,016 41,335,627 (b) Share Options on issue for the year Expiry Date Exercise Price Balance at start of period Issued during the period Converted during the period Cancelled/ lapsed during the period Balance at end of period 2024 Unlisted 08/04/24 $0.30 1,125,000 - - (1,125,000) - Unlisted 08/04/24 $0.35 1,125,000 - - (1,125,000) - Unlisted 24/08/23 $0.30 29,375,000 - - (29,375,000) - Unlisted 31/12/24 $0.50 3,000,000 - - - 3,000,000 Unlisted 31/12/24 $0.60 2,000,000 - - - 2,000,000 Unlisted 31/12/24 $0.70 2,000,000 - - - 2,000,000 Unlisted 19/07/24 $0.30 16,599,675 - - - 16,599,675 Unlisted 14/11/26 $0.15 - 26,333,333 - - 26,333,333 The weighted average remaining contractual life for the options over ordinary shares outstanding as at 30 June 2024 was 1.34 years (2023: 1 year). The weighted average fair value of options over the ordinary shares granted during the financial year was 15 cents (2023: 30 cents). The following table sets out the number and weighted average exercise prices of, and movements in, options over ordinary shares during the financial year. Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 43 30 June 2024 30 June 2023 Number of Options Weighted Average Price Number of Options Weighted Average Price Balance at the start of financial year 55,224,675 $0.30 56,617,230 $0.3512 Options: Granted 26,333,333 $0.15 16,599,675 $0.30 Exercised - - - - Expired (31,625,000) $0.30 (17,992,230) $0.30 Balance at end of the financial year 49,933,008 55,224,675 (c) Ordinary Performance rights on issue for the year Expiry Date Exercise Price Balance at start of period Granted during the period Converted during the period Cancelled/ lapsed during the period Balance at end of period 2024 Class A 31/12/25 - 666,666 - - (666,666) - Class B 31/12/25 - 666,667 - - (666,667) - Class C 31/12/25 - 666,667 - - (666,667) - Class D 31/12/25 - 600,000 - - (600,000) - Class E 31/12/25 - 1,350,000 - - (1,350,000) - Class F 31/12/25 - 1,850,000 - - (1,850,000) - Class G 31/12/25 - 1,850,000 - - (1,850,000) - Class H 31/12/24 - - 2,040,000 - - 2,040,000 Class I 30/06/25 - - 2,040,000 - - 2,040,000 Class J 31/12/25 - - 2,040,000 - - 2,040,000 Class K 30/06/25 - - 2,040,000 - - 2,040,000 Class L 31/03/25 - - 2,040,000 - - 2,040,000 Vesting Conditions: Class A: The Company achieving and maintaining a share price of $0.75 or more for a continuous period of 20 trading days on or before 31 December 2025. Class B: The Company achieving and maintaining a share price of $1.00 or more for a continuous period of 20 trading days on or before 31 December 2025. Class C: The Company achieving and maintaining a share price of $1.25 or more for a continuous period of 20 trading days on or before 31 December 2025. Class D: The Company achieving and maintaining a volume weighted average share price of $0.50 or more for a continuous period of 20 trading days on or before 31 December 2025. Class E: The Company achieving and maintaining a volume weighted average share price of $0.60 or more for a continuous period of 20 trading days on or before 31 December 2025. Class F: The Company achieving and maintaining a volume weighted average share price of $0.70 or more for a continuous period of 20 trading days on or before 31 December 2025. Class G: The Company achieving and maintaining a volume weighted average share price of $0.80 or more for a continuous period of 20 trading days on or before 31 December 2025. Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 44 Class H: The Company achieving and maintaining a 20-day volume weighted average share price of $0.25 or more on or before 31 December 2024. Class I: The Company achieving and maintaining a 20-day volume weighted average share price of $0.35 or more on or before 30 June 2025. Class J: The Company achieving and maintaining a 20-day volume weighted average share price of $0.45 or more on or before 31 December 2025. Class K: The Company announcing a total JORC compliant Inferred Mineral Resource estimate of at least 100 million pounds of U3O8 at a minimum grade of 250ppm U3O8 (or equivalent) signed off by a competent person (via exploration, acquisitions and/or staking new claims) on or before 30 June 2025. Class L: the Company announcing a drill intercept of at least 5m at 1.0% U3O8 (or equivalent of grade thickness intercept) on the Athabasca Uranium Projects signed off by a competent person on or before 31 March 2025. (d) Ordinary Performance Rights issued during the half-year Number issued Grant Date Expiry Date Volatility % Risk free rate % Share Price at grant date Fair value per right Probability % Total fair value expensed Fabrizio Perilli Class H 600,000 14/11/23 31/12/24 100% 4.35% $0.125 $0.125 50% $37,500 Class I 600,000 14/11/23 30/06/25 100% 4.35% $0.125 $0.0625 - - Class J 600,000 14/11/23 31/12/25 100% 4.35% $0.125 $0.025 - - Class K 600,000 14/11/23 30/06/25 100% 4.35% $0.125 $0.025 - - Class L 600,000 14/11/23 31/03/25 100% 4.35% $0.125 $0.025 - - Andrew Ferrier Class H 800,000 14/11/23 31/12/24 100% 4.35% $0.125 $0.125 50% $50,000 Class I 800,000 14/11/23 30/06/25 100% 4.35% $0.125 $0.0625 - - Class J 800,000 14/11/23 31/12/25 100% 4.35% $0.125 $0.025 - - Class K 800,000 14/11/23 30/06/25 100% 4.35% $0.125 $0.025 - - Class L 800,000 14/11/23 31/03/25 100% 4.35% $0.125 $0.025 - - Ben Vallerine Class H 400,000 14/11/23 31/12/24 100% 4.35% $0.125 $0.125 50% $25,000 Class I 400,000 14/11/23 30/06/25 100% 4.35% $0.125 $0.0625 - - Class J 400,000 14/11/23 31/12/25 100% 4.35% $0.125 $0.025 - - Class K 400,000 14/11/23 30/06/25 100% 4.35% $0.125 $0.025 - - Class L 400,000 14/11/23 31/03/25 100% 4.35% $0.125 $0.025 - - Leonard Math Class H 240,000 14/11/23 31/12/24 100% 4.35% $0.125 $0.125 50% $15,000 Class I 240,000 14/11/23 30/06/25 100% 4.35% $0.125 $0.0625 - - Class J 240,000 14/11/23 31/12/25 100% 4.35% $0.125 $0.025 - - Class K 240,000 14/11/23 30/06/25 100% 4.35% $0.125 $0.025 - - Class L 240,000 14/11/23 31/03/25 100% 4.35% $0.125 $0.025 - - $127,500 Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 45 (e) Ordinary shares Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of and amounts paid on the shares held. On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote. Ordinary shares have no par value and the Company does not have a limited amount of authorised capital. (f) Capital risk management The Group’s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they may continue to provide returns for shareholders and benefits for other stakeholders. Due to the nature of the Group’s activities, being mineral exploration, the Group does not have ready access to credit facilities, with the primary source of funding being equity raisings. Therefore, the focus of the Group’s capital risk management is the current working capital position against the requirements of the Group to meet exploration programmes and corporate overheads. The Group’s strategy is to ensure appropriate liquidity is maintained to meet anticipated operating requirements, with a view to initiating appropriate capital raisings as required. The working capital position of the Group at 30 June 2024 and 30 June 2023 are as follows: 2024 $ 2023 $ Cash and cash equivalents 4,618,769 1,469,170 Trade and other receivables 415,899 388,394 Trade and other payables (728,614) (205,205) Working capital position 4,306,054 1,652,359 10. RESERVES & ACCUMULATED LOSSES (a) Reserves 2024 $ 2023 $ Share based payments reserve 8,303,648 8,175,732 Movements: Share based payments reserve Balance at the beginning of the year 8,175,732 6,909,219 Share based payments (options) - 194,508 Share based payments (performance rights) 127,500 1,069,650 Foreign currency movements 416 2,355 Balance as at the end of the year 8,303,648 8,175,732 (b) Accumulated losses – movements Balance at beginning of year (15,925,929) (12,531,680) Net loss for the year (1,585,014) (3,394,249) Balance at end of year (17,510,943) (15,925,929) Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 46 11. CONTINGENT LIABILITIES Tallahassee Uranium Project, Colorado – USA Global Uranium’s wholly owned subsidiary, Tallahassee Resources Pty Ltd holds its mineral rights by way of mining agreements with two privately-owned ranches. Taylor Ranch Property Tallahassee has an initial 10-year lease over the Taylor Ranch (until 10 November 2030), encompassing approximately 5,505 acres, that provides Tallahassee the right to explore, develop and mine uranium resources on that property by: (i) Making a cash payment of US$25,000 on before 10 November 2021 (payment has been made); (ii) Making further annual payments, on or before the subsequent anniversary date of that payment, of: o US$25,000, if the benchmark uranium price if less than US$60/lb U3O8; o US$35,000, if the benchmark uranium price is greater than or equal to US$60/lb but less than US$80/lb U3O8; o US$45,000, if the benchmark uranium price is greater than or equal to US$80/lb but less than US$100/lb U3O8; or o US$55,000, if the benchmark uranium price is greater than or equal to US$100/lb U3O8. (iii) Paying a production royalty in the amount of: a. 2.5% for production from land in which the owner holds both surface and mineral rights; and b. 1.5% for production from land in which the owner holds only the surface rights. If commercial operations have commenced within the initial 10-year lease period, Tallahassee will have the right to extend the lease for as long as commercial production continues by paying the owner US$55,000 on the annual anniversary of the date of execution of the agreement. During the year, Global Uranium has paid its annual payment commitment. Boyer Ranch Property Tallahassee has an initial 10-year lease over the Boyer Ranch (until 10 November 2030), encompassing approximately 1,875 acres, that provides Tallahassee the right to explore, develop and mine uranium resources on that property by: (i) Making a cash payment of US$10,000 on before 10 November 2021 (payment has been made); (ii) Making further annual payments, on or before the subsequent anniversary date of that payment, of: o US$10,000, if the benchmark uranium price if less than US$60/lb U3O8; o US$15,000, if the benchmark uranium price is greater than or equal to US$60/lb but less than US$80/lb U3O8; o US$20,000, if the benchmark uranium price is greater than or equal to US$80/lb but less than US$100/lb U3O8; or o US$30,000, if the benchmark uranium price is greater than or equal to US$100/lb U3O8. (iii) Paying a production royalty in the amount of: a. 2.0% for production from land in which the owner holds both surface and mineral rights; and b. 0.5% for production from land in which the owner holds only the surface rights. If commercial operations have commenced within the initial 10-year lease period, Tallahassee will have the right to extend the lease for as long as commercial production continues by paying the owner US$30,000 on the annual anniversary of the date of execution of the agreement. During the year, Global Uranium has paid its annual payment commitment. Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 47 High Park Uranium Project Global Uranium entered into a 10 year mining lease with the State of Colorado to secure a 100% interest in the 640 acre landholding at High Park. Global Uranium has the option to extend the lease for a further 10 years as long as minerals are being produced in paying quantities. The financial terms of the lease include: • One-off payment of US$42,000 (payment has been made); • Annual rent US$3,200; • Annual advanced royalty payment of $16,800 deductable from future royalty payments (payment has been made); and • Sliding scale gross production royalty linked to the uranium price ranging from 5% and increasing to 12%, depending on the prevailing uranium price. During the year, Global Uranium has paid its annual payment commitment. Hansen Uranium Project During the year, Global Uranium completed the agreement to acquire an option over a 51% interest in the Hansen Uranium Project in Colorado, USA. Global Uranium has an 8-year option to purchase the 51% mineral interest as per the terms below: a. US$50,000 on executing the Binding Term Sheet (payment has been made); b. US$450,000 on entering a definitive option agreement (Definitive Agreement) within 60 days of entering the Binding Term Sheet (payment has been made); c. Global Uranium can maintain the option for 5 years by paying US$250,000 annually subject to any inflation adjustments; d. During the option period, Global Uranium has the right to conduct mineral prospecting, exploration, development, mining and related activities on the properties comprising the Hansen Uranium Project. e. Global Uranium can continue the option for a further 3 years by paying US$500,000 annually subject to inflation adjustments; f. Global Uranium has the right to exercise the option at any time during the 8 years by payment of US$5,000,000 at which time STB Minerals will transfer to Global Uranium it’s full 51% mineral interest reserving a royalty of 1.5% net returns over their 51% mineral interest (STB Royalty). Upon exercise of the option, Global Uranium will not be required to pay any further option fees; g. Global Uranium would have the right to purchase 50% of STB Royalty at any time after Closing by paying STB Minerals US$500,000. Rattler Uranium Project Tallahassee has the right to acquire a 100% interest in the 51 BLM claims that comprise the Rattler Project by making further payments of: i. US$25,000 in cash or shares (at Tallahassee’s election) by 31 December 2021. If a benchmark U3O8 price is >US$60/lb, this payment is to comprise US$50,000. (Payment has been made) ii. 3 further annual payments of US$25,000 in cash or shares (at Tallahassee’s election) on or before 31 December each year. If a benchmark U3O8 price is >$60/lb at the time these payments are due, consideration will be US$50,000. Tallahassee is required to make all annual claim maintenance payments. Title will be transferred to Tallahassee on completion of the fourth (and final) payment. The vendor will retain a 1% NSR royalty; with Tallahassee having the right to purchase 50% of this for US$500,000 at any time. During the year, Global Uranium has paid its annual payment commitment. Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 48 12. COMMITMENTS (a) Exploration commitments The Group has certain commitments to meet minimum expenditure on the mineral assets it has an interest in or an option to earn an interest in. 2024 $ 2023 $ Annual commitment Enmore Gold Project Less than one year 43,000 43,000 More than one year and less than 5 years - - 43,000 43,000 13. DIVIDENDS No dividends were paid or recommended for payment during the financial year. 14. REMUNERATION OF AUDITORS 2024 $ 2023 $ During the year the following fees were paid or payable for services provided by the auditor of the parent entity, its related practices and non-related audit firms: (a) Audit services Audit and review of financial reports - Statutory audit – Global Uranium and Enrichment Limited 45,113 46,577 Total remuneration for audit services 45,113 46,577 15. RELATED PARTY TRANSACTIONS (a) Parent entity Global Uranium and Enrichment Limited (ASX Code: GUE, OTCQB: GUELF) (b) Subsidiaries Interests in subsidiaries are set out in note 16. (c) Transactions with related parties Transactions between related parties are on commercial terms and conditions, no more favourable than those available to other parties unless otherwise stated. The key management personnel compensation is as follows: Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 49 2024 $ 2023 $ Key Management Personnel Compensation Summary Remuneration Short-term benefits 516,530 588,228 Post-employment benefits 33,690 33,676 Share based payments 127,500 1,069,650 Total key management personnel compensation 677,720 1,691,554 Details of remuneration disclosures are provided within the audited remuneration report which can be found on pages 16 to 21 of the Directors’ report. 16. SUBSIDIARIES The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiary in accordance with the accounting policy described in note 1(c): Name Country of Incorporation Class of Shares Equity Holding¹ % 2024 2023 Panex Resources WA Pty Ltd Australia Ordinary 100 100 Okapi Resources Canada Ltd Canada Ordinary 100 100 Tallahassee Resources Pty Ltd Australia Ordinary 100 100 U-235 Enrichment Pty Ltd Australia Ordinary 100 100 Usuran Resources Inc.2 USA Ordinary 100 100 Rattler LLC3 USA Ordinary 100 100 Tallahassee LLC4 USA Ordinary 100 100 Maybell LLC5 USA Ordinary 100 100 ¹The proportion of ownership interest is equal to the proportion of voting power held. 2Usuran Resources Inc. is a wholly owned subsidiary of Tallahassee Resources Pty Ltd. 3Rattler LLC is a wholly owned subsidiary of Usuran Resources Inc. 4Tallahassee LLC is a wholly owned subsidiary of Usuran Resources Inc. 5Maybell LLC is a wholly owned subsidiary of Usuran Resources Inc. Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 50 17. CONSOLIDATED ENTITY DISCLOSURE Name of Entity Type of Entity Trustee, partner of JV Participant % Share Capital Country of incorporation Australian or foreign resident Foreign jurisdiction of foreign residents Global Uranium and Enrichment Limited Body corporate - N/A Australia Australian N/A Panex Resources WA Pty Ltd Body corporate - 100% Australia Australian N/A Okapi Resources Canada Ltd Body corporate - 100% Canada Australian Canada Tallahassee Resources Pty Ltd Body corporate - 100% Australia Australian N/A U-235 Enrichment Pty Ltd Body corporate - 100% Australia Australian N/A Usuran Resources Inc. Body corporate - 100% USA Australian USA Rattler LLC Body corporate - 100% USA Australian USA Tallahassee LLC Body corporate - 100% USA Australian USA Maybell LLC Body corporate - 100% USA Australian USA 18. PARENT ENTITY INFORMATION 2024 $ 2023 $ Assets Current assets 5,008,593 5,233,121 Non-current assets 35,259,992 28,565,644 Total assets 40,268,585 33,798,765 Liabilities Current liabilities 726,241 203,886 Non-current liabilities - - Total liabilities 726,241 203,886 Net Assets 39,542,344 33,594,879 Equity Contributed equity 48,705,091 41,335,627 Accumulated losses (17,464,466) (15,914,967) Reserves 8,301,719 8,174,219 Total Equity 39,542,344 33,594,879 Total comprehensive loss for the year Loss for the year (1,549,500) (3,388,442) Other comprehensive income for the year - - Total comprehensive loss for the year (1,549,500) (3,388,442) The parent entity has not guaranteed any loans for any entity during the year. The parent entity does not have any contingent liabilities, or capital commitments. Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 51 19. STATEMENT OF CASH FLOWS 2024 $ 2023 $ (a) Reconciliation of net loss after income tax to net cash outflow from operating activities Net loss for the year (1,585,014) (3,394,249) Exploration expenditure written off - - Proceeds from sale of tenement and financial asset (325,000) (50,000) Option fees received (75,000) - Net (gain)/loss on available for sale asset (21,740) (87,600) Fair value adjustment to financial asset 293,971 14,452 Share based payments – performance rights/options 127,500 1,069,650 Foreign currency adjustments 1,312 - Change in operating assets and liabilities (Increase)/decrease in trade, other receivables and assets (27,505) (72,359) Increase/(decrease) in trade and other payables 49,481 (151,727) Net cash outflow from operating activities (1,561,995) (2,671,833) (b) Non-cash investing and financing activities There were no non-cash investing or financing transactions for the financial year. 20. LOSS PER SHARE 2024 $ 2023 $ (a) Reconciliation of earnings used in calculating loss per share Loss attributable to the owners of the Company used in calculating the loss per share (1,585,014) (3,394,249) Number of shares Number of shares (b) Weighted average number of shares used as the denominator Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share 223,805,478 153,204,500 21. SEGMENT INFORMATION The Group has identified its operating segments based on internal reports that are reviewed by the Board and management. The Group operated in one operating segment during the year, being mineral exploration and in two geographical areas, being Australia and North America. Expenditure, assets and liabilities not directly related to either is referred to as other. In previous financial year, the Group only operated in one operating segment and in one geographical area, being mineral exploration in Australia. Global Uranium and Enrichment Limited Notes to the Financial Statement For the year ended 30 June 2024 P a g e | 52 (a) Primary Reporting – Business Segments Mineral Exploration $ Australia Mineral Exploration $ North America Corporate $ Total $ Year ended 30 June 2024 Revenue Other 325,000 75,000 120,440 520,440 Total Segment Revenue 325,000 75,000 120,440 520,440 Segment Result Profit/(loss) before income tax 157,006 39,487 (1,781,508) (1,585,015) Net Profit/(Loss) 157,006 39,487 (1,781,508) (1,585,015) Total Segment Assets 2,124,758 583,583 142,658 40,226,411 Total Segment Liabilities 2,374 583,583 142,658 728,615 (b) Primary Reporting – Business Segments Mineral Exploration $ Australia Mineral Exploration $ North America Corporate $ Total $ Year ended 30 June 2023 Revenue Other 50,000 10,563 127,057 187,620 Total Segment Revenue 50,000 10,563 127,057 187,620 Segment Result Profit/(loss) before income tax (64,040) (5,807) (3,324,402) (3,394,249) Net Profit/(Loss) (64,040) (5,807) (3,324,402) (3,394,249) Total Segment Assets 2,075,730 26,651,162 5,063,743 33,790,635 Total Segment Liabilities (2,450) (111,765) (90,990) (205,205) 22. EVENTS SUBSEQUENT TO REPORTING DATE Subsequent to year end, 16,599,675 Unlisted Options exercisable at $0.30 have lapsed on 19 July 2024. Since the end of the financial period and to the date of this report, no other matter or circumstance has arisen which has significantly affected, or may significantly affect, the operations of the Group, the results of those operations or the state of affairs of the Group in the subsequent financial year. Global Uranium and Enrichment Limited Directors’ Declaration P a g e | 53 In the directors’ opinion: (a) the financial statements and notes set out on pages 26 to 52 are in accordance with the Corporations Act 2001, including: (i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and (ii) giving a true and fair view of the company’s and the consolidated entity’s financial position as at 30 June 2024 and of their performance for the financial year ended on that date; (b) the audited remuneration disclosures set out on the pages 16 to 21 of the directors' report complies with section 300A of the Corporations Act 2001; (c) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable; (d) a statement that the attached financial statements are in compliance with Australian Accounting Standards has been included in the notes to the financial statements; and (e) the Consolidated Entity Disclosure on note 17 is true and correct as at 30 June 2024. The directors have been given the declarations by the executive directors and acting chief financial officer required by section 295A of the Corporations Act 2001. This declaration is made in accordance with a resolution of the directors. On behalf of the Board. Andrew Ferrier Managing Director 26 September 2024 Perth, Western Australia Global Uranium and Enrichment Limited Independent Auditor’s Report For the period ended 30 June 2024 P a g e | 54 Global Uranium and Enrichment Limited Independent Auditor’s Report For the period ended 30 June 2024 P a g e | 55 Global Uranium and Enrichment Limited Independent Auditor’s Report For the period ended 30 June 2024 P a g e | 56 Global Uranium and Enrichment Limited Independent Auditor’s Report For the period ended 30 June 2024 P a g e | 57 Global Uranium and Enrichment Limited Independent Auditor’s Report For the period ended 30 June 2024 P a g e | 58 Global Uranium and Enrichment Limited Independent Auditor’s Report For the period ended 30 June 2024 P a g e | 59 Global Uranium and Enrichment Limited ASX Additional Information For the period ended 30 June 2024 P a g e | 60 (a) Shareholding The distribution of members and their holdings of equity securities as at 25 September 2024 is as follows: Ordinary shares Number of holders Number of shares 1 - 1,000 57 16,355 1,001 - 5,000 304 991,408 5,001 - 10,000 346 2,867,577 10,001 - 100,000 960 39,731,407 100,001 and over 363 222,080,488 2,030 265,687,235 The number of shareholders holding less than a marketable parcel of shares are: 490 1,804,372 (b) Twenty largest shareholders The names of the twenty largest holders of quoted ordinary shares are as follows: Listed ordinary shares Number of shares Percentage of ordinary shares 1 UBS NOMINEES PTY LTD 12,120,000 4.56% 2 BNP PARIBAS NOMINEES PTY LTD 11,951,372 4.50% 3 EVANS LEAP HOLDINGS PTY LTD10,440,867 3.93% 4 CITICORP NOMINEES PTY LIMITED 9,412,654 3.54% 5 MR BENJAMIN MATHEW VALLERINE & MS SAMANTHA LEIGH BLOUNT 6,850,396 2.58% 6 EQUITY PLAN SERVICES PTY LTD 5,000,000 1.88% 7 HAVELOCK MINING INVESTMENT LTD 4,594,181 1.73% 8 BNP PARIBAS NOMS PTY LTD 4,225,235 1.59% 9 SILVERPEAK NOMINEES PTY LTD 4,200,000 1.58% 10 HSBC CUSTODY NOMINEES 3,846,628 1.45% 11 BULLSEYE GEOSERVICES PTY LTD 3,801,244 1.43% 12 VALOREM CAPITAL PTY LTD 3,100,000 1.17% 13 MASSIF HOLDINGS PTY LTD 2,850,000 1.07% 14 CH2 INVESTMENTS PTY LTD 2,842,199 1.07% 15 ENERVIEW PTY LTD 2,700,000 1.02% 16 BUCKINGHAM INVESTMENT FINANCIAL SERVICES PTY LTD 2,691,304 1.01% 17 HALE COURT HOLDINGS PTY LTD 2,600,000 0.98% 18 MR KEVIN ANTHONY LEO & MRS LETICIA LEO 2,543,533 0.96% 19 FABRIZIO PERILLI 2,539,855 0.96% 20 COLIN WEEKES 2,334,493 0.88% 100,643,961 37.88% (c) Substantial shareholders There is no substantial shareholders as at 25 September 2024. (d) Restricted Securities There are no mandatory restricted securities currently on issue. (e) On-Market Buy-back There is no current on-market buy-back. Global Uranium and Enrichment Limited ASX Additional Information For the period ended 30 June 2024 P a g e | 61 (f) Unquoted Securities (GUEAR) Options expiring 14 November 2026 exercisable at $0.15 Options (GUEAR) Number of holders Number of Options 1 - 1,000 - - 1,001 - 5,000 - - 5,001 - 10,000 2 20,000 10,001 - 100,000 40 2,366,367 100,001 and over 55 23,946,966 97 26,333,333 (GUEAM) Options expiring 31 December 2024 exercisable at $0.50 Options (GUEAM) Number of holders Number of Options 1 - 1,000 - - 1,001 - 5,000 - - 5,001 - 10,000 - - 10,001 - 100,000 - - 100,001 and over 1 3,000,000 1 3,000,000 (GUEAN) Options expiring 31 December 2024 exercisable at $0.60 Options (GUEAN) Number of holders Number of Options 1 - 1,000 - - 1,001 - 5,000 - - 5,001 - 10,000 - - 10,001 - 100,000 - - 100,001 and over 1 2,000,000 1 2,000,000 (GUEAO) Options expiring 31 December 2024 exercisable at $0.70 Options (GUEAO) Number of holders Number of Options 1 - 1,000 - - 1,001 - 5,000 - - 5,001 - 10,000 - - 10,001 - 100,000 - - 100,001 and over 1 2,000,000 1 2,000,000 (GUEAP) Performance Rights Performance Rights Number of holders Number of Rights 1 - 1,000 - - 1,001 - 5,000 - - 5,001 - 10,000 - - 10,001 - 100,000 - - 100,001 and over 3 8,200,000 3 8,200,000 Global Uranium and Enrichment Limited ASX Additional Information For the period ended 30 June 2024 P a g e | 62 (g) Voting rights The voting rights attaching to each class of equity securities are set out below: (i) Ordinary shares All ordinary shares carry one vote per share without restriction. (ii) Performance Rights and Unlisted Options These securities have no voting rights. (h) Application of Funds During the financial year, Global Uranium and Enrichment Limited confirms that it has used its cash and assets (in a form readily convertible to cash) in a manner which is consistent with the Company’s business objectives. (i) Corporate Governance The Board of Global Uranium and Enrichment Limited is committed to Corporate Governance. The Board is responsible to its Shareholders for the performance of the Company and seeks to communicate with Shareholders. In accordance with ASX Listing Rule 4.10.3, the Company has elected to disclose its Corporate Governance policies and its compliance with them on its website, rather than in the Annual Report. Accordingly, information about the Company's Corporate Governance practices is set out on the Company's website at https://globaluranium.com.au/corporate-governance. Global Uranium and Enrichment Limited ASX Additional Information For the period ended 30 June 2024 P a g e | 63 (j) Tenement Schedule Project/Location Location Tenement Percentage held/earning Tallahassee Uranium Project Colorado, USA Taylor Ranch – Private Lease Boyer Ranch – Private Lease High Park – Unpatented Mining Claims High Park (New Project Area) – State Lease Hansen Deposit Picnic Tree Deposit 100% 100% 100% 100% 51%1 51%1 Rattler Uranium Project Utah, USA 51 Unpatented Mining Claims (RAT) 47 Unpatented Mining Claims (SUN) 100%2 100% Maybell Uranium Project Colorado, USA 480 Federal Unpatented Mining Claims 1 State Mineral Lease 100% 100% Athabasca Uranium Portfolio Saskatchewan, Canada 74 Granted Mineral Claims Newnham Lake Project Middle Lake Project Perch Project Kelic Lake Project Argo Project Lazy Edward Bay Project 100% 80% 100% 100% 100% 100% Lake Johnston Project Western Australia, Australia E63/2039 20% Enmore Gold Project New South Wales, Australia EL8479 100% 1GUE has entered into a definitive option agreement to acquire 51% interest in the Hansen and Picnic Tree Deposit with STB Minerals LLC. 2GUE has the right to acquire 100% interest upon satisfaction of payments. (k) Resource Estimate JORC 2012 Resource Estimate as at the date of this report. JORC 2012 Mineral Resource Estimate for the Tallahassee Uranium Project Deposit Measured Indicated Inferred Total Tonnes (000) Grade U3O8 (ppm) lbs U3O8 (000) Tonnes (000) Grade U3O8 (ppm) lbs U3O8 (000) Tonnes (000) Grade U3O8 (ppm) lbs U3O8 (000) Tonnes (000) Grade U3O8 (ppm) lbs U3O8 (000) Hansen - - - 7,074 700 10,862 11,228 490 12,058 18,302 570 22,920 Picnic Tree - - - 869 740 1,418 172 620 235 1,041 720 1,653 Taylor & Boyer - - - 7,641 520 8,705 14,866 460 15,172 22,507 480 23,877 High Park 2,450 550 2,960 24 570 30 434 770 734 2,908 580 3,724 Total 2,450 550 2,960 15,607 610 21,014 26,700 480 28,199 44,757 530 52,174 Notes: Calculated applying a cut-off grade of 250ppm U3O8. Numbers may not sum due to rounding. Grade rounded to nearest 10ppm. **Numbers reported are 51% of the Hansen/Picnic Tree due to ownership agreements. Competent Person Statement Information on the Mineral Resources presented, together with JORC Table 1 information, is contained in the ASX announcement dated 7 April 2022 and 5 September 2024. Where the Company refers to Mineral Resources in this announcement (referencing previous releases made to the ASX), it confirms that it is not aware of any new information or data that materially affects the information included in that announcement and all material assumptions and technical parameters underpinning the Mineral Resource estimate with that announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not materially changed from the original announcement. Global Uranium and Enrichment Limited ASX Additional Information For the period ended 30 June 2024 P a g e | 64 Global Uranium and Enrichment Limited Level 2, 40 Kings Park Road West Perth Western Australia 6005 Telephone: (08) 6117 9338 info@globaluranium.com.au ABN 21 619 387 085 ASX GUE OTCQB GUELF