Announcement PDF GOLD MINES A N N UA L R E P O RT 2 0 2 5 ETHICAL MINING WITH A FOCUS ON ENSURING S U S TA I N A B L E PRACTICES CONTENTS Chairman’s Letter 2 Significant Milestones Achieved in 2025 3 Review of Operations 5 FY25 Highlights 6 Pre-Development Plant Construction Works Complete 7 Construction of TGME Gold Plant is in Progress 9 Project Permits and Approvals 12 Environment, Social and Governance (ESG) 13 Corporate Funding 15 Optimised Feasibility Study (FS) 17 Mining Processing Schedule 23 Geology 23 Processing 24 Financials 29 Corporate 29 Outlook Going Forward 30 Ore Reserve and Mineral Resource Statement 31 Disclaimer’s 34 Mining Rights and Application for Mining Rights 35 Corporate Governance Statement 37 Directors’ Report 42 Remuneration Report 52 Directors’ Declaration 60 Auditor Independence Declaration 62 Financial Statements 63 Independent Auditor’s Report 99 Shareholder Information 104 Directory 106 THETA GOLD MINES LIMITED | ANNUAL REPORT 2025 CHAIRMANS LETTER Dear Fellow Shareholders, On behalf of the Board of Directors, I am pleased to present the 2025 Annual Report for Theta Gold Mines Limited (ASX: TGM). The Company has made significant progress over the last twelve months. Theta has begun construction, including earthworks and civil engineering activities, at its flagship TGME Gold Mine Project in South Africa. This marks a significant milestone in the transition from development to construction. Bulk earthworks, integrated water management, and civil engineering activities are scheduled to commence in September 2025. The first three mines and the gold plant footprint are now fully permitted. The company has delivered a permitted gold project into a strong gold market. Mining Right MR 83 was also renewed until 2038. During the year, the company has also examined tailings and rock dumps with high gold prices. With 174,000 oz of gold sitting on the surface, the company has been examining ways to accelerate the path to gold production. The positive news of approvals and the renewal of MR 83 allowed the board to announce a decision to mine. The decision set the company on a clear path to production. Underground mining will deliver higher-grade ore to the gold plant with a much smaller environmental footprint that’s well supported by the local community and key stakeholders, with access to a larger resource base of 4.5 million ounces of underground mineral resources. In June 2025, the company announced it had received an agreed credit-approved Loan Facility Agreement (“Facility”) and indicative funding terms from the Industrial Development Corporation of South Africa (“IDC”) for the joint funding of the TGME Underground Gold Mine Project in South Africa (the “Project”). The company sees the IDC as a strong endorsement of the project. IDC has a strong track record in project finance, having been lending to mining companies across the African continent since 1940. ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG) The Company is dedicated to working closely with our stakeholders and communities to strengthen existing relationships and establish new, mutually beneficial partnerships that are healthy and sustainable. The TGME Stakeholder Forum continues to gain momentum through open and honest communication among all parties. In September 2025, the company completed an optimised feasibility Study. The optimised feasibility Study shows that at a USD 2710 gold price, there is a dramatic improvement in TGME Underground project economics from the 2022 FS. As of 31 July 2025, Transvaal Gold Mining Estates Limited (“TGME” or the “Company”) has achieved 1738 Progressive Safe Return Shifts and 622,761 Fatality-Free Shifts. The Optimised FS gives a post-tax @10% discount NPV of over half a billion US dollars (503M USD). An improvement of over 200% on the 2022 FS. Revenue is now over 3 billion USD. EBITDA annual average is 124 M USD. The project is cash-heavy, even using a very conservative 2,710 USD gold Price. At a 3,000 USD gold price, further escalation in project economics is achieved. OUTLOOK The company is advancing the TGME Underground project on the ground. The on-site team has completed the execution documentation and final design for the gold plant build process. The team completed the decommissioning of the old gold plant in June 2025, in preparation for starting the bulk earthworks and new plant build. RM Process and Eco Elementum have been appointed to assist with the final design procurement, the plant’s build process, tailings management, and water management. RM Process, a South African-based process engineering company, assisted with the Final designs of the TGME Gold Plant and will form part of the execution team with Theta. The Eco Elementum group of companies provides an array of independent, multidisciplinary, and integrated environmental science, engineering, and construction services. Eco Elementum will assist with the final designs of water management systems and assist the build team in environmental and legal compliance with the Water Use Licence. As we move into the 2025 financial year, our focus will be on finalising funding arrangements and the construction of the TGME Gold Project. Theta Gold Mine is now focused on building South Africa’s next gold mine. To be generating cash flow in 2027 with a sophisticated modern gold plant. As we develop the underground mines, we will move more of the resource base into a proven and probable reserve, further strengthening the project’s economics. The gold plant modular design allows for production expansion from Theta will transform into a gold producer with upside potential in terms of exploration and the ability to enhance its gold ounce production profile. Our aspirational medium-term goal of 160,000 oz gold production is baked into plant design, mine development, and the permitting schedule. We appreciate the ongoing support from our shareholders and welcome new investors to our share register. The Company looks forward to advancing project development and providing positive updates for shareholders in 2026. Thank you for your continued support. Bill Guy Charles (Bill) Guy Chairman 2 SIGNIFICANT MILESTONES ACHIEVED IN 2025 • Mr Plaggemars joins the Theta Board as a non-executive and representative of long-term investors, Deutsche Balaton, Delphi, and Sparta Group. • TGME Gold Project – Shovel Ready. • First three mines and gold plant footprint fully permitted. • Renewal of MR 83 to 2038. • Final design and engineering packages completed for the Gold Processing Plant. • In June 2025, the company announced it has received an agreed credit-approved Loan Facility Agreement (“Facility”) and indicative funding terms from the Industrial Development Corporation of South Africa (“IDC”) for the joint funding of the TGME Underground Gold Mine Project in South Africa (the “Project”). • Redemption of 2Invest AG Secured Bonds for AU$6 million as announced on 16 September 2024, allowing the Company to engage with financiers for the greater Capex requirements. • Debt syndication process underway with strong interest expected to lead to firm binding terms following release of optimised feasibility study. Optimised Feasibility Study (FS) Released in late September 2025, replacing the original 2022 FS study. Bulk Earthworks Decision to Mine Board of TGM made the formal decision to proceed with commercial production plans. 3 Water Management and Civils Contracts Secured, Construction to Begins at the TGME Gold Plant in September 2025. THETA GOLD MINES LIMITED | ANNUAL REPORT 2025 PATHWAY TO PRODUCTION Figure1: Shown about is a summary of key milestones to achieve production taken from TGM’s July 2025 investor presentation. Figure 2: Installation of temporary electrical plant supply 4 REVIEW OF OPERATIONS OVERVIEW Theta Gold Mines Limited (“the Company” or “Theta Gold” or “TGM”) is a gold exploration and development company that holds a range of prospective gold assets through its 74%-owned subsidiary Transvaal Gold Mining Estate Ltd (TGME) in a world-renowned South African gold mining region. Theta dominates and controls the Transvaal Goldfield, which is the third-largest goldfield in South Africa. The Company’s shares are listed on the Australian Securities Exchange (ASX: TGM). The Company’s TGME Underground Gold Mine Project (“The Project” or “TGME Project”) phase one consists of four existing mines, Beta, Frankfort, CDM and the Rietfontein mine. The Project is located next to the historical gold mining town of Pilgrim’s Rest, in the Mpumalanga Province, some 370km northeast of Johannesburg or 95km north of Nelspruit (the Provincial Capital City) and includes more than 43 historical mines identified across the vast prospective gold field of 620 square kilometres (62,000 hectares). In addition, the Company released an optimised Feasibility Study in September 2025. The optimised study includes surface sources of gold in the mine schedule and 14.5 year mine life. The TGME Gold Project has strong cash flows. The addition of 174,000 oz of surface sources of gold (rock dumps & tailing dams) ensures the mill can be filled from day one of production. This will give the team time to complete underground development while producing gold bars DECISION TO MINE The board of TGM has now approved a decision to mine (DTM) in June 2025 at the TGME Gold Mine Project in South Africa. This decision is made following the Company’s preparations to commence bulk earthworks and initial civil engineering at the site as well as the advancement in finalising debt funding activities. Figure 3: Location of Theta Gold Mine Project 5 THETA GOLD MINES LIMITED | ANNUAL REPORT 2025 PROJECT HIGHLIGHTS OPTIMISED FEASIBILITY STUDY (TGME UNDERGROUND GOLD MINE PROJECT) • Strong financial return based on LOM plan (Base Case forecast at average gold price of US$2,710, A$4,220/oz) with first production targeted for Q1 20272 including: TGME Optimised Feasibility Study1 (FS) delivers 1.14Moz contained gold production – Undiscounted free cash flows of US$1.2 billion (A$1.8 billion), pre-tax US$1.7 billion (A$2.6 billion); – NPV (at a 10% discount rate) of US$504 million (A$784 million), pre-tax US$727 million (A$1.1 billion); – Capital payback period of 30 months; – Post-tax IRR of 71%; pre-tax IRR of 78% – Combined Underground Projects have an AISC of US$1,101/oz (A$1,714/oz); and – Peak Capital requirement is US$79 million (A$123 million) , total initial capital US$103 million (A$160 million) , and – Peak production over 160,000 oz Gold by year five. Refer to ASX release dated 30 September 2025 titled “TGM Provides Optimised Feasibility Study for its 6.1M Oz TGME Gold Mine Project to Produce US$1.2B Free Cash Flow”. First gold produced timing will be subject to securing funding and obtaining all necessary regulatory permitting approvals. 3 TGM is currently in discussion with debt financiers and has engaged an experienced debt advisor to assist in the negotiation of term-sheets for funding of the Project. Further equity raises are also planned to fund working capital and part of the project capital if required, which may lead to dilution to existing shareholders. 4 The FS demonstrates that post to Peak Funding, the balance of Total Capital requirement will be self-funded from project cashflow. The board may however, consider external funding solutions such as via equity, debt, gold pre-sales, gold-streaming or a mixture of these methods. 5 Refer to ASX release dated 20 June 2022 titled “TGME Gold Project Update”. underpinning an initial 14.5-year mine life. Front-End Engineering Design (FEED) of the TGME gold plant completed 1 2 forming an important input towards the finalisation of the definitive Feasibility Study (FS) of the TGME underground project5. 6 PRE-DEVELOPMENT PLANT CONSTRUCTION WORKS COMPLETE TGME PLANT SITE CONSTRUCTION READY: • Pre-development plant construction preparation completed • Earthworks and maintenance equipment now delivered to site • Major deconstruction milestone: tanks, thickeners, and structures safely dismantled using mobile cranes • Site cleared — bulk earthworks and civil works underway • Electrical Installation to supply temporary power to plant We completed the following tasks on-site as part of preparing to build the gold plant and finalising the execution documentation which was executed in September 2025. Description Completed Plant Process Design Engineers Appointed – RM Process ✓ Tailings and Environmental Engineers Appointed – Eco Elementum ✓ Additional Metallurgical Test Work ✓ Updated Process Plant Flowsheet ✓ Final Process Plant and Engineering Design ✓ Process Plant footprint layouts and Civil works ✓ Draft schedules for the plant construction ✓ Draft schedule for the dewatering plant, water management and tailings deposition ✓ Tender process and Requests for Quotes (RFQ) ✓ NDAs signed with all vetted possible Original Equipment Supplies (OEM’s) ✓ Long leading items identified completion ✓ Project Execution Plan completion ✓ Table 1: Provides a summary of the completed design and planning stages of the plant. On finalising the geotechnical assessment, the plant’s footprint was designed, enabling bulk earthworks and civil construction to commence once funding becomes available. The plant design incorporates a 2-meter loss allowance beneath the raft foundations. Eco Elementum Engineering (“ECOE”) was appointed on 1 July 2024, as the design consultants for the remining of the TSF and the design of a dewatering plant. The remining project is structured in phases, with the initial phase covering the Concept and Pre-Feasibility Study (“PFS”), followed by engineering/feed, procurement, dewatering detailed design and integration, and construction. 7 THETA GOLD MINES LIMITED | ANNUAL REPORT 2025 The project began in July 2024, with dolomite studies and samples from the TSF processed by MAK Analytical Services to mimic the final tailings product. These samples were handed to suppliers of dry-stacking dewatering plants for testing and design purposes. ECOE was appointed to conduct a PFS on the underground deposition of tailings from the TGME process plant. The solution involves using underground voids around the Beta Mine for tailings storage, which will also allow for the permanent closure of the old, mined areas, enabling uninterrupted mining operations in other areas. The PFS aims to develop a cost-effective tailings disposal solution by utilizing these underground voids, with key objectives including: • Providing adequate capacity for tailings storage. • Ensuring ongoing mining operations by managing tailings effectively. • Facilitating the environmental rehabilitation of old mined areas. A backfill plant will be constructed on the surface, and a conveyor or wet transfer system may be implemented for efficient material handling. A dewatering step will be necessary to ensure tailings are prepared with the correct moisture content for backfilling. The environmental approval process for the backfill project is linked to the completion of the PFS. Figure 4: Demolishing and removal of old equipment at Plant 8 CONSTRUCTION OF TGME GOLD PLANT IN PROGRESS TGM has taken another major step forward by locking in contracts with leading construction partners PICM and Mainpro to deliver the critical earthworks and civil phase of the TGME Gold Mine Project. These trusted partners have been selected to execute this critical phase of the project, bringing not only a wealth of expertise but also a proven track record in large-scale infrastructure and resource developments. We are also proud to announce that RMP and Eco Elementum, who designed the project’s processing plant, have been appointed under the FIDIC red book (standard form contracts for the design and construction of buildings and engineering works) as the owners’ engineers to oversee this phase of the project. Their involvement will ensure that the highest standards of quality, safety, and innovation are maintained. Together, these appointments mark a pivotal milestone in transforming TGME into South Africa’s next producing gold mine, underscoring TGM’s commitment to operational excellence, sustainability, and stakeholder value creation. The scope of works underway includes: • 5 bulk earthworks platforms • 721m of roads • 1,355m of clean and dirty water channels • 10,000m³ of concrete dams • 135m³ CIL bund walls • 5,540m³ plant civil works These extensive cut-and-fill operations are strategically designed to optimise site conditions, laying the foundation for advanced water management systems and critical civil infrastructure. Figure 5: Site visit with the execution team and contractors, August 2025 9 THETA GOLD MINES LIMITED | ANNUAL REPORT 2025 Figure 6: Bulk Earthworks cut and fill requirements (Red area to be cut and Green to be filled) 10 The image below showcases the network design of integrated water management systems, featuring robust dams, purpose-built channels for clean and dirty water, and advanced stormwater culverts, all working in harmony to safeguard and optimise water resources. Figure 7: Integrated Water Management Systems Figure 8: Civil Engineering works 11 THETA GOLD MINES LIMITED | ANNUAL REPORT 2025 PROJECT PERMITS AND APPROVALS Mining Right 83 is fully approved and permitted. During the year, it was renewed to 2038. MR 83 hosts the first three gold mines in the Feasibility Study and plant footprint. Rietfontein Environmental Assessment application commenced in October 2024 and is currently in the EIA phase. The integrated EA application covers NEMA listed activities and NEMWA waste management activities related to the redevelopment of the Rietfontein Underground Mine. It also includes a NEMA listed activity requiring approval for an amendment to the mining right under Section 102 of the MPRDA. The Company is confident that it can successfully implement its mining operations to better protect the strategic water source and biodiversity area. It is of great concern to the local community and downstream farmers that environmental degradation is accelerating in this catchment area. A positive response on the request to the Minister will therefore be welcomed by stakeholders in the light of current challenges in the catchment, the manageable environmental impacts from the proposed MR83 underground project, and the significant value offering of the proposed Ecological Compensation Programme to support DFFE’s wider Environmental, Social and Governance (“ESG”) objectives in the region. Figure 9: Induction training on site with new contract employees from the local community 12 ENVIRONMENTAL, SOCIAL & GOVERNANCE (ESG) & SUSTAINABILITY The Company has completed a preliminary report on its carbon footprint and emissions into the atmosphere including carbon dioxide and other gases. In compliance with Corporate Accounting and Reporting Standards and IFRS S2 it will commit to disclosing its preliminary estimated Greenhouse Gas (GHG) emissions levels into the atmosphere as detailed below. At Theta Gold, we are acutely aware of the unique challenges and responsibilities that come with operating in the mining industry in South Africa. Our commitment to sustainability is not just a catch word, it is a guiding principle that shapes our operations. Carbon Footprint (tons CO2e) TGME TOTAL 212.01 212.01 212.01 100.00% Figure 10: TGM’s Strategy to Sustainability 13 THETA GOLD MINES LIMITED | ANNUAL REPORT 2025 THE FOLLOWING OUTLINES THETA COMMITMENT TO SUSTAINABILITY: Environmental Stewardship: Recognising the potential impacts of our operations in South Africa on the environment, we are committed to responsibly managing the land and resources on which we depend and share with our neighbours, landowners and future generations. We will continue to adopt approaches to minimise water usage, prevent contamination and ensure safe disposal of waste, prioritising the health of the surrounding environment and our stakeholders. Workplace Health and Safety: The safety and well-being of our workforce are paramount. We have implemented rigorous safety protocols, regular training sessions, and health initiatives to ensure that our employees work in a safe and supportive environment. • Zero Harm focused on visible, felt leadership and discouraging undesirable behaviour and acts • HIV and AIDs programme • TB programme • Other HSE’s programme • Employee wellness programme • Substance abuse programme • Communicable diseases protocols • Various mine safety training courses Biodiversity Conservation: Our operations are designed to minimise disruptions to local ecosystems where possible. We actively engage in rehabilitation activities and promote initiatives to ensure that local biodiversity is investigated, understood, and managed for the best outcomes. Greenhouse Gas Emissions: Through continual improvement, we Theta Gold are actively working to reduce our carbon emissions that will be generated in our mining operations. The adoption of renewable energy sources, energy-efficient technologies, and carbon capture and storage solutions will allow us to develop an understanding of the technologies where available to the industry and how to incorporate those into the future of our operations in South Africa. Ethical Governance and Anti-Corruption We operate with the highest standards of integrity and transparency. Our governance structures are designed to prevent bribery, corruption, and other unethical practices. The Company established the Social and Ethics Committee in July 2024 along with policy documentation which is available on the Company’s webpage. Ecological Compensation Program Implementation Agreement An Independent Environmental Scientist has been requested to provide us with a proposal to develop a guideline for the execution of the compensation programme that was developed in 2022. This plan will include recommendations on the Implementation Agreement. Some key points to be addressed as part of the Ecological Program • Integrated rehab plan for upper catchments and coordination capacity • On Nature Reserves, control dense IAPs and revegetate • Install, and maintain fire breaks • Biocontrol development and release programs • Erosion control measures • Measure to improve hydrogeology of local catchment Community Engagement: We believe in fostering strong, positive and engaging relationships with the communities in which we operate. This involves regular consultations, transparent communication, and initiatives aimed at ensuring that local communities benefit from our presence in the regions we operate. 15 Refer to ASX release dated 4 March 2022 titled “DFS Update and High-Grade Ore Sweeped from New Historical Mines”. 14 CORPORATE FUNDING Theta Gold raised a total of US$18.3 million, (AU$27.7 million), during 2025 fiscal year in development funding for the TGME Gold Mine Project. commitments via share subscription agreements with proceeds received on 30 June 2025 as follows: Tranche Two – Completed 31 October 2024 • The Company announced on 1 October 20247 Tranche Two of a Share Subscription Agreement (Subscription Agreement) in a two-tranche Placement was completed with the Company raising a further US$4.0 million (AU$6.2 million) (before costs) through a private placement (Placement) by an existing long term institutional investor, Hong Kong Ruihua Investment Management Limited (“Ruihua”). • Ruihua is a wholly-owned subsidiary to its Nanjing based parent company Jiangsu Ruihua Investment Holding Group Co., Ltd (since 2003), a fund manager with over US$3 billion AUM which specialises in equity markets, including secondary market trading, private placements, venture capital and private equity activities. • The Company issued 46,276,113 new fully paid TGM Ordinary Shares at the issue price of AU$0.13 (13 cents) per share along with 23,138,057 million new attaching Options to be issued on a one (1) free option for every two (2) new TGM Shares issued in the Placement. • Each Option will have an exercise price equal to an 8% discount to the 15-day VWAP to the last closing price at the time of exercise (but no less than $0.13), and an expiry date 2 years from the date of issue. Options issued under the Placement will not be quoted. • Tranche Two Shares and Options were issued on 1 November 2024. 2025 PLACEMENTS COMPLETED: US$10 million Two-Tranche Placement: Tranche One – Completed 17 September 2024 • • Hong Kong Ruihua Investment Management Limited (“Ruihua”) had committed up to US$10.0 million (AU$15.2 million) in the placement and currently holds 6.49% of the issued capital in the company. Ruihua is a wholly-owned subsidiary to its Nanjing based parent company Jiangsu Ruihua Investment Holding Group Co., Ltd (since 2003), a fund manager with over US$3 billion AUM which specialises in equity markets, including secondary market trading, private placements, venture capital and private equity activities. • Proceeds raised in the Placement will be provided in two-tranches and the Company will issue in total, approximately 116.93 million new fully paid TGM Ordinary Shares at the issue price of AU$0.13 (13 cents) per share along with approximately 58.47 million new attaching Options to be issued on a one (1) free option for every two (2) new TGM Shares issued in the Placement. • Each Option will have an exercise price equal to an 8% discount to the 15-day VWAP to the last closing price at the time of exercise (but no less than $0.13), and an expiry date 2 years from the date of issue. Options issued under the Placement will not be quoted. • Tranche One Shares and Options were issued on 18 September 2024. 6 7 15 The Company announced on 26 May 20246 a Share Subscription Agreement (Subscription Agreement) in a two-tranche Placement to raise approximately US$10.0 million (AU$15.2 million) (before costs) through a private placement (Placement) by an existing long term institutional investor of the Company. Ref to ASX Release dated 26 June 2024 titled, “Theta completes a Further US$4 million private Placement to Complete the Detailed Engineering Design and Construction Tenders”. Ref to ASX Release dated 26 June 2024 titled, “Theta completes a Further US$4 million private Placement to Complete the Detailed Engineering Design and Construction Tenders”. THETA GOLD MINES LIMITED | ANNUAL REPORT 2025 US$2 MILLION PLACEMENT: Oversubscribed Private Placement: • • The Company further advised on 16 September 20248 that it has received a firm commitment for an additional US$2 million (AU$2.9 million) from institutional investors on the same terms as the US$10 million Two-Tranche Placement. The Company issued 22,475,1369 new TGM Shares, at the issue price of AU$0.13 (13 cents) per share, along with approximately 11,237,668 attaching options. 2INVEST AG SECURED BONDS REDEMPTION: • Following completion of the several private placements, the Company announced10 it had now fully redeemed the AU$6million Secured Bond11 and all outstanding interest payments from long term investor and lender, 2Invest AG (“2Invest”). • On 30 July 2021, the Company announced it had entered into a AU$6 million Secured Bonds facility with 2Invest AG made up of fifteen (15) ‘bearer partial bonds’, each with a face value of AU$400,000 and a maturity date of 31 January 2023, which was later extended by parties. This full bond redemption frees up the project level security package, allowing it to be used for potential future project funding requirements. CONVERSION OF OPTIONS: The funds raised from the conversion of options were used to further advance the TGME Gold Mine Project in South Africa including mine design and plant engineering development work. US$4 MILLION PRIVATE PLACEMENT: Theta further announced on the 30 June 202513 it had received firm commitments from existing and new sophisticated and wholesale investor Hong Kong Ruihua Green Development Limited to raise a further US$4.0 million (AU$6.02 million) (before costs) via Share Subscription Application(s) in a private placement, on the same terms as the previously announced Two-Tranche US$10 million Placement announced on 6 May 2024. • Additional proceeds raised in the June 2025 Placement will result in the Company issuing approximately a further 47,337,278 million new fully paid TGM Ordinary Shares at the issue price of AU$0.13 (13 cents) per share along with approximately 23,668,639 new attaching Options to be issued on a one (1) free Option for every two (2) new TGM Shares issued in the June 2025 Placement. • Each Option will have an exercise price equal to an 8% discount to the 15-day VWAP to the last closing price at the time of exercise (but no less than AU$0.13), and an expiry date 2 years from the date of issue. Options issued under the Placement will not be quoted. The new shares and options were issued on 3 July 2025. On 26 March 202512 the Company advised that Pensworth Holdings Limited, a significant Hongkong investor and shareholder in Theta Gold has elected by notice to exercise 30,000,000 unlisted options into fully paid ordinary shares in the Company as follows: • 30,000,000 ordinary shares allotted on 26 March 2025, upon the exercise of 30,000,000 unlisted options issued on 17 October 2023 with an exercise price of $0.12 and expiry date of 31 March 2025. As a result of the conversion, the company raised US$2.3 million (A$3.6 million) in additional funding. Ref to ASX Release dated 16 September 2024 titled, “US$8 million Private Placement and Full Redemption of AU$6 million secured bond. Number of new shares is calculated after conversion of USD to AUD at a rate of 0.6675 and applying the per share issue price of 13 cents. Refer ASX Announcement tit