Half Year Accounts
Released
Released
Announcement PDF
ACN 640 432 819
Interim Financial Report
For the half-year ended
31 December 2025
Contents
Page
Corporate Directory 3
Directors’ Report 4
Auditor’s Independence Declaration 10
Statement of Financial Position 11
Statement of Profit or Loss and other Comprehensive Income 12
Statement of Changes in Equity 13
Statement of Cash Flows 14
Notes to the Financial Statements 15
Directors’ Declaration 24
Auditor’s Report 25
Dundas Minerals Limited
ACN 640 432 819
Corporate Directory
For the half-year ended 31 December 2025
Page | 3
Corporate Directory
Directors Steven Formica Independent Chairman
Jonathan Downes Managing Director
Graeme Purcell Non-Executive Director
Company Secretary Aida Tabakovic
Registered Office Suite 13, 100 Railway Road
Daglish WA 6008
Telephone +61 (08) 9481 0389
E-mail admin@dundasminerals.com
Website www.dundasminerals.com
Incorporation Date 21 April 2020
Country of Incorporation and Domicile Australia
Auditors PKF Perth
8/905 Hay St
Perth WA 6000
Share Register Automic Registry Services
Level 5, 191 St Georges Terrace
Perth WA 6000
Tel: 1300 288 664, or +61 (02) 9698 5414
Stock Exchange Listing The Company’s securities are quoted on the Australian Securities
Exchange (ASX) under the ASX code DUN.
Dundas Minerals Limited
ACN 640 432 819
Directors’ Report
For the half-year ended 31 December 2025
Page | 4
DIRECTORS’ REPORT
The Directors present their report on Dundas Minerals Limited for the half-year ended 31 December 2025.
BOARD OF DIRECTORS
The names and details of the Dundas Minerals Limited (“Company”) directors in office during the period covered by this report
and until the date of this report are as follows:
Mark Chadwick B Comm (Acc); CA
Independent non-executive Chairman Appointed 26 February 2021; Resigned 5 March 2026
Mark Chadwick is a Chartered Accountant with in excess of 25 years’ experience in corporate advisory and management,
primarily in restructuring and turnarounds. He commenced his career in Perth and subsequently spent 16 years working and
living in Asia where he led restructuring engagements involving debt totalling more than US$15 billion. Mark was previously a
partner at Ferrier Hodgson (Jakarta, Shanghai) and a senior managing director at FTI Consulting (Singapore), where he was
an approved liquidator. Mark brings to Dundas Minerals his considerable corporate governance, risk and board skills, having
served on numerous public and private company boards in the Asia-Pacific, Europe and the United States.
Steven Formica
Independent non-executive Chairman Appointed 5 March 2026
Steven Formica is an experienced mining executive who brings extensive management and business development expertise,
with over 35 years’ experience in several privately held companies across various sectors. Steve is currently the Non-Executive
Chairman of Kaiser Reef Limited (ASX: KAU), Non-Executive Chairman of Albion Resources Limited (ASX: ALB), Non-
Executive Chairman of Ragnar Metals Limited (ASX: RAG), Non-Executive Director of EchoIQ Limited (ASX: EIQ), Non-
Executive Director of Bindi Metals Limited (ASX: BIM) and a successful investor in a number of ASX listed entities.
Graeme Purcell B Sc. (Hons)
Non-executive Director Appointed 1 November 2024
Graeme Purcell is a highly regarded geologist who has been part of significant mineral discoveries in Australia and overseas.
His national and international experience in mineral exploration and mining with major and junior resource companies, including
Plutonic Resources, Homestake Mining, Barrick Gold and Black Fire Minerals, during the past 25 years has seen Graeme gain
an enviable reputation in understanding and delivering significant mineral discoveries in Australia, Papua New Guinea, Tanzania
and the USA. He has broad experience in a diverse range of mineral systems including gold, base metals and strategic minerals,
in various geological terranes and jurisdictions. Graeme’s experience spans the exploration spectrum from generative and
grassroots through to near mine and in-mine resource development.
Jonathan Downes B. Sc; MAIG
Managing Director Appointed 7 October 2025
Jonathan Downes is an experienced geologist and mining executive with over 30 years in the minerals industry. He has worked
in both technical and corporate capacities, with exposure to gold and base metals projects from early-stage exploration through
to development and production. Over his career, he has served in a number of executive and non-executive roles with ASX-
listed resource companies, bringing strong experience in exploration, project generation and resource-sector corporate
management.
Shane Volk B Bus (Acc); AGIA. ACIS
Managing Director & Company Secretary Appointed 21 April 2020; Resigned 7 October 2025
Shane Volk has 30+ years commercial and corporate governance experience in Australian and international exploration and
mining operations. He is a qualified Chartered Secretary and holds a Bachelor of Business (Accounting) degree from RMIT,
Melbourne. During his career he has worked across a diverse range of mining-related capacities such as exploration (Placer
Dome / Emmerson Resources), operations (BHP/Placer Dome), business development (Placer Dome) and corporate
Dundas Minerals Limited
ACN 640 432 819
Directors’ Report
For the half-year ended 31 December 2025
Page | 5
governance. Most recently he held the position of chief financial officer (CFO) and company secretary at ASX listed Altech
Chemicals Ltd, and was employed in the same role at ASX listed companies African Iron Ltd, Emmerson Resources Ltd and
Kogi Iron Ltd.
Directors were in office for the entire period unless otherwise stated.
COMPANY SECRETARY
Aida Tabakovic Appointed 8 October 2025
REVIEW OF OPERATIONS
During the half-year ended 31 December 2025, Dundas Minerals Limited continued to advance its strategy of building a portfolio
of highly prospective gold exploration assets in Western Australia while maintaining financial discipline and focusing on
opportunities within established mineral provinces.
Activities during the reporting period were directed toward advancing the Company’s existing Kalgoorlie gold projects, acquiring
and progressing the Romano Gold Project in the Yamarna region, and further evaluating the large-scale Gerry Well exploration
project.
The Company also strengthened its technical capability through the appointment of an experienced exploration geologist to
assist with project evaluation, exploration planning and execution.
Kalgoorlie Gold Projects
The Company’s Kalgoorlie Gold Projects comprise a group of gold exploration assets located within the highly endowed Eastern
Goldfields region of Western Australia. These projects include the Capricorn, Baden-Powell, and Rockland prospects – see
Figure 1.
Figure 1: Location of Kalgoorlie Gold Projects
Dundas Minerals Limited
ACN 640 432 819
Directors’ Report
For the half-year ended 31 December 2025
Page | 6
The project area is located within a well-established gold mining district that hosts numerous significant gold deposits and
operating mines. The tenements are strategically positioned close to existing infrastructure, including processing facilities and
established haulage routes.
Historical drilling across these prospects has demonstrated the presence of gold mineralisation associated with shallow oxide
zones and deeper primary mineralisation systems and delivered preliminary resources. Importantly, much of this mineralisation
remains open along strike and at depth.
During the reporting period, the Company continued geological analysis and exploration planning aimed at expanding the known
mineralised footprint across these prospects and identifying additional drilling targets.
The Rockland prospect remains a priority exploration target following encouraging results from previous drilling programmes,
including intersections such as 6 metres at 3.3 g/t gold. Geological interpretation indicates potential for extensions to
mineralisation both along strike and at depth.
The Capricorn and Baden-Powell deposits remain key assets within the Kalgoorlie portfolio. Historical exploration has identified
shallow gold mineralisation within favourable structural settings, and the Company believes these prospects show strong
potential for expansion through further drilling and systematic exploration.
Romano Gold Project
During the reporting period, the Company significantly expanded its exploration portfolio through the acquisition of the Romano
Gold Project, a district-scale exploration package located on the eastern margin of the Yamarna Shear Zone in Western
Australia.
The Romano Project comprises approximately 800 km² of exploration tenure within the under-explored eastern Yilgarn region,
situated in close proximity to the Gruyere Gold Mine, a large gold deposit containing more than 6 million ounces of gold – see
Figure 2.
Figure 2: Location map showing the Romano Project tenure, key gold bearing structures and mineral deposits
The project area covers a favourable geological setting characterised by Archean greenstone sequences and major regional
structures considered prospective for large-scale gold mineralisation.
Dundas Minerals Limited
ACN 640 432 819
Directors’ Report
For the half-year ended 31 December 2025
Page | 7
Initial technical review of historical exploration data has identified several priority targets within the project area, including
Gruyere North, Bloodwood, and Brahman. Historical drilling results at the Bloodwood prospect include a best results of 12 metres
at 3.3 g/t gold, indicating the presence of potentially significant gold mineralisation.
The acquisition of the Romano Project provides Dundas Minerals with exposure to a large and largely under-explored gold
province that has demonstrated the potential to host world-class gold deposits. The Company believes the scale of the project
area and the presence of multiple prospective structural corridors provide significant exploration upside.
During the reporting period, the Company commenced geological review and target generation activities across the Romano
tenure package with the aim of identifying priority drilling targets.
Gerry Well Gold Project
The Gerry Well Gold Project represents a large exploration landholding located within the northern Gerry Well Greenstone Belt
in Western Australia.
The project area lies north of the Garden Well Gold Mine and east of the Jundee Gold Mine, both significant gold operations
within the Yilgarn Craton.
The tenement package covers extensive areas of Archean greenstone sequences that remain relatively under-explored and
includes favourable lithologies such as sanukitoid intrusive rocks, which are commonly associated with major gold deposits in
Western Australia.
During the reporting period, the Company continued geological reinterpretation and analysis of historical exploration data across
the project area in order to refine exploration targets. Modern exploration techniques, including data analytics and structural
modelling, were utilised to assist in identifying priority areas for future fieldwork and drilling programmes.
Technical Team
During the reporting period, the Company strengthened its technical capability through the appointment of an experienced
exploration geologist to assist with project evaluation, geological interpretation and exploration planning across the Company’s
portfolio.
The appointment is expected to support the Company’s strategy of advancing exploration across its key gold projects while
continuing to identify and assess new opportunities.
Outlook
Dundas Minerals enters the second half of the financial year with a strengthened exploration portfolio, balance sheet and a clear
focus on advancing its gold projects in Western Australia.
Key priorities for the upcoming period include:
• advancing exploration programmes across the Kalgoorlie gold projects – commencing with Rockland in March.
• progressing target generation and initial exploration activities at the Romano Gold Project
• evaluating additional opportunities consistent with the Company’s strategy of building a pipeline of high-quality gold
exploration assets.
The Board believes the Company is well positioned to pursue new gold discoveries within highly prospective but under-explored
regions of the Western Australian goldfields and thanks our Stakeholders for their ongoing support.
Previously Reported Information
This Review of Operations contains information extracted from ASX market announcements reported in accordance with the
2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (2012 JORC
Code). Further details (including 2012 JORC Code reporting tables where applicable) of exploration results referred to in this
Review of Operations can be found in the following announcements lodged on the ASX:
High-Grade Gold Intercepts Confirm 1km Mineralised Trend 21 January 2025
Gold Acquisition 30 December 2025
Dundas Minerals Limited
ACN 640 432 819
Directors’ Report
For the half-year ended 31 December 2025
Page | 8
RESULTS OF OPERATIONS
The operating loss after income tax of the Company for the six-month period ended 31 December 2025 was $2,994,860 (2024:
$447,217). The Company’s basic loss per share for the period was 0.025 cents per share (2024: loss of 0.004 per share).
The increase in the loss for the period was primarily attributable to the write-down of exploration and evaluation expenditure
associated with tenements that are no longer considered a strategic focus of the Company. In particular, the impairment largely
reflects the Company’s strategic shift away from nickel-focused exploration and the consequent review of its exploration
portfolio.
No dividend has been paid during or is recommended for the period ended 31 December 2025.
FINANCIAL POSITION
The Company’s working capital position, being current assets less current liabilities at 31 December 2025, was net current
assets of $375,820 (June 2025: $693,290).
In the Directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when
they become due and payable.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
On 7 October 2025, Mr Shane Volk resigned from his position as the Managing Director and the Company Secretary of the
Company.
On 7 October 2025, the Company announced the appointment of Mr Jonathan Downes as the Managing Director of the
Company.
On 8 October 2025, the Company announced a $1.1 million share placement (before costs) to professional and sophisticated
investors at an issue price of $0.024 per share. The placement was also accompanied by a Company Secretary transition, with
Ms Aida Tabakovic appointed as Company Secretary following Mr Shane Volk’s resignation from that role.
On 30 December 2025, the Company announced that it had entered into an agreement to earn-in into 80% interest in the
Romano Project tenements located in the north easter Goldfields, Western Australia.
There were no other significant changes in the state of affairs of the Company during the period.
EVENTS SUBSEQUENT TO THE BALANCE DATE
On 6 January 2026, the company issued 9,188,764 Ordinary fully paid shares as part consideration for 80% earn-in interest
into Romano tenement project, for approximate value of $350,000.
On 30 January 2026, the Company announced that PKF Perth have been appointed as the Company’s external auditors,
replacing Moore Australia Audit (WA), effective from 30 January 2026.
On 5 February 2026, the company issued 2,000,000 Unlisted options exercisable at $0.05 on or before 5 January 2029, and
the company issued 2,000,000 Unlisted options exercisable at $0.10 on or before 5 January 2029.
On 12 February 2026, the Company announced that it had secured firm commitments for a two-tranche placement of up to
65,789,474 shares at $0.038 per share to raise approximately $2.5 million (before costs), to fund future exploration programmes
and accelerate work across its growing portfolio of gold projects, assess new project opportunities and for working capital.
29,907,489 Tranche 1 placement shares were issued on 23 February 2026 with Tranche 2 placement shares being subject to
the upcoming General Meeting of shareholders to be held on 10 April 2026.
Effective from 5 March 2026, Mr Steven Formica was appointed as Non-Executive Chairman following the resignation of Mr
Mark Chadwick from that position.
No other matters or circumstances have arisen since the end of the financial period which significantly affected or may
significantly affect the operations of the Company, the result of those operations, or the state of affairs of the Company in future
financial periods.
Dundas Minerals Limited
ACN 640 432 819
Directors’ Report
For the half-year ended 31 December 2025
Page | 9
ENVIRONMENTAL ISSUES
The Company’s operations are subject to environmental regulations in relation to its exploration activities. The Company is
compliant with all aspects of these requirements. The Directors are not aware of any environmental law that is not being
complied with.
CORPORATE GOVERNANCE
In recognising the need for the highest standards of behaviours and accountability, the Directors support, and adhere to, good
governance practices. Refer to the Company’s Corporate Governance Statement at https://dundasminerals.com/corporate-
governance-documents/
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001
Section 307C of the Corporations Act 2001 (Cth) requires our auditors, PKF Perth, to provide the Directors of the Company with
and Independence Declaration in relation to the audit of the financial report. The auditor’s independence declaration for the half-
year ended 31 December 2025 has been received and immediately follows this directors report.
This report has been made in accordance with a resolution of the board of Directors.
On behalf of the Directors
_____________________________
Jonathan Downes
Managing Director
Dated at Perth this 16th of March 2026
PKF Perth is a membe r of PKF Global , the networ k of membe r firm s of PKF Internationa l Limited , eac h of whic h is a separatel y owne d legal
entit y an d doe s no t accep t an y responsibilit y or liabilit y for the action s or inaction s of an y individua l membe r or corresponden t firm(s).
Liability limited by a scheme approved under Professional Standards Legislation.
Page | 10
PKF Perth
ABN 64 591 268 274
Dynons Plaza ,
Level 8, 905 Hay Street ,
Perth WA 6000
PO Box 7206,
Cloisters Square WA 6850
Australia
+61 8 9426 8999
perth@pkfperth.com.au
pkf.com.au
AUDITOR’S INDEPENDENCE DECLARATION
TO THE DIRECTORS OF DUNDAS MINERALS LIMITED
In relation to our review of the financial report of Dundas Minerals Limited for the half year ended 31
December 2025, to the best of my knowledge and belief, there have been no contraventions of the auditor
independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.
PKF PERTH
ALEXANDRA SOFIA BALDEIRA PEREIRA CARVALHO
PARTNER
16 March 2026
PERTH, WESTERN AUSTRALIA
Dundas Minerals Limited
STATEMENT OF FINANCIAL POSITION
As at 31 December 2025
Page | 11
31-Dec-25 30-Jun-25
Notes $ $
Current Assets
Cash and cash equivalents 4 1,001,405 728,059
Trade and other receivables 5 80,656 22,257
Prepaid Expenses 6 - 44,540
Total Current Assets 1,082,061 794,856
Non-Current Assets
Financial assets at fair value through profit or loss 7 95,000 80,000
Property, plant and equipment 8 12,968 27,557
Right-of-use assets 9 45,408 61,267
Exploration and evaluation expenditure 10 2,942,676 4,089,846
Security Deposits 10,506 10,506
Total Non-Current Assets 3,106,557 4,269,176
TOTAL ASSETS 4,188,618 5,064,032
Current Liabilities
Trade and other payables 11 665,040 54,494
Lease liabilities 12 36,628 33,806
Provisions 13 4,574 13,266
TOTAL CURRENT LIABILITIES 706,241 101,566
Non-Current Liabilities
Lease liabilities 12 13,026 27,461
Loan - vehicle 6,000 12,000
Convertible notes and embedded derivative 14 674,723 656,318
Total Non-Current Assets 693,749 695,779
TOTAL LIABILITIES 1,399,991 797,345
NET ASSETS/(LIABILITIES) 2,788,627 4,266,687
Equity
Contributed equity 15 11,412,890 10,301,090
Reserves 16 1,114,594 795,828
Accumulated profits/(losses) 17 (9,738,856) (6,830,231)
TOTAL EQUITY 2,788,627 4,266,687
The above statement of financial position should be read in conjunction with the accompanying notes.
Dundas Minerals Limited
STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
For the Half-Year ended 31 December 2025
Page | 12
31-Dec-25 31-Dec-24
Notes $ $
Revenue from ordinary activities
Interest Income 6,815 48,304
Other Income 2(a) 2,550 105,660
Net fair value gain on financial assets 54,847 -
Total Income 64,212 153,964
Expenses
Employee benefit expense (incorporating director
fees) (269,987) (184,129)
Depreciation (31,149) (583)
Interest Expense (81,397) (106,989)
Exploration (2,106,043) (11,065)
Net fair value loss on financial assets - (142,414)
Other expenses 2(b) (165,496) (156,001)
Share based payment expense (405,000) -
Profit/(loss) before income tax expense (2,994,860) (447,217)
Income tax expense - -
Net profit/(loss) from continuing operations (2,994,860) (447,217)
Other comprehensive loss
Items that will not be reclassified to profit and loss - -
Items that may be reclassified subsequently to profit
and loss - -
Total comprehensive loss attributable to
members of the parent entity (2,994,860) (447,217)
Basic profit (loss) per share ($'s per share) 3 (0.025) (0.004)
Diluted profit (loss) loss per share ($'s per share) 3 (0.025) (0.004)
The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
Dundas Minerals Limited
STATEMENT OF CHANGES IN EQUITY
For the Half-Year ended 31 December 2025
Page | 13
Contributed
Equity
Accumulated
Losses
Reserves Total
$ $ $ $
As at 1 July 2025 10,301,090 (6,830,231) 795,827 4,266,687
Profit /(Loss) after income tax for the period - (2,994,860) - (2,994,860)
Total comprehensive profit (loss) for the period - (2,994,860) - (2,944,860)
Transactions with owners in their capacity as
owners:
Issue of share capital (net of issue costs) 1,111,800 - - 1,111,800
Transfer to retained earnings 86,234 (86,234) -
Share based payments - - 405,000 405,000
As at 31 December 2025 11,412,890 (9,736,856) 1,114,594 2,788,627
Contributed
Equity
Accumulated
losses
Reserves Total
$ $ $ $
As at 1 July 2024 9,452,163 (5,697,360) 795,827 4,550,630
Profit (Loss) after income tax for the period - (447,217) - (447,217)
Total comprehensive profit (loss) for the period - (447,217) - (447,217)
Transactions with owners in their capacity as
owners:
Issue of share capital (net of issue costs) 848,927 - - 848,927
As at 31 December 2024 10,301,090 (6,144,577) 795,827 4,952,340
The above statement of changes in equity should be read in conjunction with the accompanying notes.
Dundas Minerals Limited
STATEMENT OF CASH FLOWS
For the Half-Year ended 31 December 2025
Page | 14
31-Dec-25 31-Dec-24
Notes $ $
Cash Flows from Operating Activities
Payments to suppliers, contractors and employees (238,016) (351,061)
Interest received 6,815 48,304
Other income received 2,550 1,500
Interest paid (806) (806)
Net cash flows used in operating activities (229,547) (302,063)
Cash Flows from Investing Activities
Payments for exploration expenditure (512,295) (646,111)
Prepaid annual tenement rents - (40,447)
Net cash used in investing activities (512,295) (686,558)
Cash Flows from Financing Activities
Net proceeds from issue of shares (net of transaction costs) 1,052,800 771,944
Proceeds from utilisation of ATM equity facility - 104,160
Lease payments 12 (11,613) (40,062)
Interest paid - convertible notes (20,000) (40,000)
Repayment of vehicle loan (3,000) (6,000)
Net cash flows from financing activities 1,018,187 790,042
Net decrease in cash and cash equivalents (273,345) (158,517)
Cash and cash equivalents at the beginning of the financial
period 728,059 1,735,460
Cash and cash equivalents at the end of the financial
period
4
1,001,405 1,576,943
The above statement of cash flows should be read in conjunction with the accompanying notes.
Dundas Minerals Limited
Notes to the Financial Statements
For the half-year ended 31 December 2025
Page | 15
1. CORPORATE INFORMATION
The financial report of Dundas Minerals Limited (the Company) for the half-year ended 31 December 2025 was authorised for issue in accordance
with a resolution of the directors on 15 March 2026. The directors have the power to amend and reissue the financial statements. Dundas Minerals
Limited is a limited company incorporated in Australia and its securities are publicly traded on the Australian Securities Exchange (ASX).
The nature of the operations and principal activities of the Company are described on pages 5, 6 and 7 of this report.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in preparing the financial report of the Company, Dundas Minerals Limited (“Dundas” or “Company”), are
stated to assist in a general understanding of the financial report. These policies have been consistently applied to all the periods presented, unless
otherwise indicated.
Basis of Preparation
These general purpose interim financial statements for the half-year reporting period ended 31 December 2025 have been prepared in accordance
with requirements of the Corporations Act 2001 and Australian Accounting Standard AASB 134: Interim Financial Reporting.
This interim financial report is intended to provide users with an update on the latest annual financial statements of Dundas Minerals Limited. As
such, it does not contain information that represents relatively insignificant changes occurring during the half-year within the Company. It is therefore
recommended that this financial report be read in conjunction with the annual financial statements of the Company for the period ended 30 June
2025, together with any public announcements made during the following half-year.
Accounting Policies
The same accounting policies and methods of computation have been followed in this interim financial report as were applied in the most recent
annual financial statements, except in relation to the matters discussed below.
Comparatives
The comparatives presented in this financial report are for the financial year ended 30 June 2025 (balance sheet) and for the half-year ended 31
December 2024 (profit and loss).
Critical Accounting Estimates and Judgments
The critical estimates and judgments are consistent with those applied and disclosed in the 30 June 2025 annual report.
Going concern
This report has been prepared on the going concern basis, which contemplates the continuation of normal business activity and the realisation of
assets and the settlement of liabilities in the normal course of business.
The Company has incurred net cash outflow from operating and investing activities for the half-year ended 31 December 2025 of $812,455.
Notwithstanding this, as at 31 December 2025, the Company had net current assets of $375,820 (30 June 2025: $693,290), including cash on hand
of $1,001,405. the Directors are of the view that the Company will be able to pay its debts as and when they fall due.
The ability of the Company to maintain continuity of normal business activities and to pay its debts as and when they fall due is dependent on its
ability to successfully raise additional capital and/or successful exploration and subsequent exploitation of areas of interest through sale or
development. These circumstances give rise to the existence of a material uncertainty that may cast significant doubt
on the Company’s ability to continue as a going concern.
The Directors believe that the going concern basis of preparation is appropriate due to the following reasons:
• there is sufficient cash available at balance date for the Company to continue operating; and
• the Company has a proven history of successfully raising funds.
Should the Company be unable to continue as a going concern, it may be required to realise its assets and extinguish its liabilities other than in the
ordinary course of business, and at amounts that differ from those stated in the financial report. This financial report does not include any adjustments
relating to the recoverability and classification of recorded asset amounts or the amounts or classification of liabilities and appropriate disclosures
that may be necessary should the Company be unable to continue as a going concern.
The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or to the amount
and classification of liabilities that might be necessary should the Company not be able to continue as a going concern and meet its debts as when
they fall due.
The Directors have prepared a cashflow forecast which indicates the Company will have sufficient cash flow to meet its commitments and working
capital requirements further 12 months period from the date of signing this report. Based on the cash flow forecasts prepared and other factors
referred to above the Directors are satisfied the Company can continue to pay its debts as and when they fall due for at least the next twelve months.
Dundas Minerals Limited
Notes to the Financial Statements
For the Half-Year ended 31 December 2025
Page | 16
New and amended Accounting Standards and Interpretations adopted by the Company
The Company has considered the implications of new or amended Accounting Standards which have become applicable for the current financial
reporting period. The group has not had to change its accounting policies nor make retrospective adjustments as a result of adopting new or amended
accounting standards during the period.
New or amended accounting standards applicable to future periods are not expected to significantly impact the Company.
2. Loss for the half-y
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