Announcement PDF Adisyn Ltd Appendix 4D Half-year report INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 Appendix 4D Adisyn Ltd (ASX:AI1) ABN 30 155 473 304 f Adisyn Ltd Appendix 4D Half-year report 1. Company details Name of entity: Adisyn Ltd ABN: 30 155 473 304 Reporting period: For the half-year ended 31 December 2025 Previous period: For the half-year ended 31 December 2024 2. Results for announcement to the market 31 December 2025 31 December 2024^ Change Change $ $ $ % Total revenue from ordinary activities 103,754 4,277 99,477 2,326% Loss from ordinary activities after tax attributable to the Owners of Adisyn Ltd (4,564,254) (2,665,538) (1,898,716) 71% Loss for the half-year attributable to the Owners of Adisyn Ltd (4,564,254) (2,665,538) (1,898,716) 71% ^ The prior balance has been restated, as revenue and expenses from Adisyn Services are excluded due to its classification as a discontinued operation and being held for sale. Further details can be found in Note 5. Dividends There were no dividends paid, recommended or declared during the current financial period. Comments The loss for the Group after providing for income tax amounted to $4,564,254 (31 December 2024: loss of $2,665,538). 3. Net tangible assets Reporting period Previous period^ Cents Cents Net tangible assets per ordinary security 0.96 1.31 ^Prior balance was restated due to non-current asset classified as held for sale and discontinued operation. 4. Foreign entities The Group includes operations in Israel and United Kingdom. This entity prepares financial statements in accordance with International Financial Reporting Standard as issued by the International Accounting Standard Board. No material difference exists between these standards and Australian Accounting Standards. 5. Audit qualification or review This Appendix 4D is based on the attached half-year financial report which has been reviewed by the Group's auditor, Hall Chadwick Perth. A copy of the auditor's review report can be found on page 6. Adisyn Ltd Appendix 4D Half-year report 6. Signed Signed ___________________________ Date: 27 February 2026 Blake Burton Executive Director Adisyn Ltd ABN 30 155 473 304 Interim Financial Report - 31 December 2025 Adisyn Ltd Directors' report 31 December 2025 1 The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Adisyn Ltd (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2025. In order to comply with the provisions of the Corporation Act 2001, the directors report as follows: Directors The following persons were Directors of Adisyn Ltd during the whole of the financial half-year and up to the date of this report, unless otherwise stated: Kevin Crofton Non-Executive Chairman Ayre Kohavi Non-Executive Director to Managing Director effective from 4 February 2026 Blake Burton Managing Director to Executive Director effective from 4 February 2026 Dominic O'Hanlon Non-Executive Director Principal activities The Group has identified significant opportunities within the global semiconductor industry and is specialising in the development of graphene-based interconnects, the conductive pathways which connect different components or regions within an integrated circuit. The Group’s graphene technology is focused on advancing a patented low-temperature Atomic Layer Deposition (ALD) process to enable direct graphene growth on semiconductor wafers. This technology is anticipated to address the performance limits of copper interconnects and deliver faster, more energy-efficient computer processing. The Company’s broader technology platform is supported by Adisyn Services which provides managed IT solutions, including cloud, cybersecurity and artificial intelligence, primarily to Australian SMEs. Review of operations For the 6 months to 31 December 2025, the loss for the Group after providing for income tax amounted to $4,564,254 (31 December 2024: $2,665,538). Total revenue recognised during the half-year including interest income was $103,754 (31 December 2024: $4,277). The result reflects the Company’s decision to report the Adisyn Services business unit as held for sale as at 31 December 2025, following the completion of the strategic review undertaken by the Company during the half year (ASX: 23 December 2025). It has been a momentous half-year period for the Group with Adisyn commissioning an advanced ALD system and surpassing a number of significant technical milestones to develop graphene-based interconnects. In July, Adisyn announced the successful installation, commissioning and calibration of its newly acquired Beneq TFS 200 Atomic Layer Deposition (ALD) system, completed by wholly owned subsidiary, 2D Generation (2DG). ALD machines are widely used in the semiconductor industry to deposit extremely thin layers (down to an atom thickness) of material on to chips. ALD systems are found in most advanced semiconductor fabs around the globe and 2DG specifically selected a model customised by Beneq. 2DG’s system operates in tandem with the Beneq TFS 200 system located at Tel Aviv University’s Jan Koum Center for Nanoscience and Nanotechnology. Together, the dual-system configuration allows 2DG to run concurrent testing and accelerate the validation of graphene films across various substrates, layer structures and operating conditions. In August, the Company announced the beginning of a major phase of technical activity focused on optimising its patented low- temperature graphene technology for the newly acquired ALD System. The goal is to confirm the practical feasibility of Adisyn’s proprietary low-temperature graphene growth process under semiconductor- relevant conditions. Adisyn Ltd Directors' report 31 December 2025 2 The first phase of activity is focused on precursor development and involves several interdependent steps designed to establish the graphene growth sequence. These include: · Plasma Pre-Clean: This crucial initial step removes contamination from the surface enabling a clean substrate for the subsequent growth of ultra-thin atomic level films. · Deposition Sequence: The graphene growth process begins by mixing gases with selected organic precursors to co-react and form graphene films. · Post-Anneal: After deposition, annealing is used to enhance the crystalline quality and electrical properties of the graphene. · Characterisation and Feedback: Resulting films are evaluated through rigorous testing, feeding into a continuous test-refine cycle to optimise growth parameters. This cycle will be repeated numerous times to assess at least three identified precursor candidates, with the aim of determining optimal growth conditions and validating repeatability. In November, Adisyn announced 2DG had successfully achieved the initial phase of developing a wafer (or coupon level) surface pre- clean step, one of several sub-processes within the overall pre-clean stage within its proprietary low-temperature graphene deposition process. The achievement represents an important technical milestone, confirming that the Company’s process architecture is operating as expected and providing confidence to proceed into the next major development phase. Additional sub-steps within the pre-clean stage are being refined in parallel as Adisyn continues to improve the metal surface compatibility with graphene deposition. Post-period end, Adisyn continued to report progress, successfully meeting Class A Performance Right Milestone under the Share Sale and Purchase Agreement (“SPA”) relating to its acquisition of 2DG. Milestone 1 relates to the demonstration of low-temperature deposition of an sp²-based carbon layer onto a metallic substrate, using an ALD system. Adisyn required demonstration of: · deposition of an sp²-based carbon layer on copper substrates · deposition achieved at temperatures below 300°C · confirmation of material structure through Raman spectroscopy, including identification of characteristic G and D bands consistent with sp² carbon bonding As defined under the SPA, the achievement of each milestone is subject to independent verification by a qualified professor from a recognised technical university in Australia or Israel, appointed by the Adisyn Board. The Company confirmed that Professor Yoram Selzer, from the Faculty of Exact Sciences at Tel Aviv University, completed an independent technical review and assessment of the results and formally confirmed in writing that Milestone 1 has been achieved. With low-temperature deposition achieved and independently validated, Adisyn has progressed to the next phase of its graphene deposition development program. Over the coming months, the Company and its research team intend to: · expand graphene deposition trials using multiple carbon-ring-based precursor compounds · continue refinement of remaining sub-processes within the pre-clean stage · optimise deposition parameters, including plasma power, gas flow rates, pressure and temperature · characterise deposited films to assess structure, crystalline quality and electrical properties · iterate results toward a repeatable and scalable graphene growth process Adisyn Ltd Directors' report 31 December 2025 3 In parallel, Adisyn will continue to work with its international research collaborators, including Tel Aviv University and other semiconductor research partners, as it progresses toward broader coupon-level testing and, subject to results, wafer-level evaluation. In addition to advancement of the Company’s semiconductor technology, during the period Adisyn continued to operate its Adisyn Services business which offers higher-value managed IT and cyber security services, focused on the Australian SME defence businesses. In October, Adisyn announced the commencement of a strategic review to unlock value and ensure appropriate resourcing requirements, management focus, and capital application amongst the Company’s asset portfolio. The results of the review were announced in December, with the Company advising it had identified significant opportunities to improve scale and unlock potential via greater allocation of capital to its semiconductor business. The Company has decided to assess alternative options for unlocking shareholder value from the Adisyn Services business. These options being considered may include a transaction or change of control event with partners for the Adisyn Services business, or a sale of the Adisyn Services business unit. Post-period end, the Company announced the appointment of Adisyn Non-Executive Director and 2D Generation’s Chief Executive Officer, Arye Kohavi, to the role of Managing Director, effective from 4th February 2026. The appointment aligns with the findings of the strategic review, which highlighted Adisyn’s evolution toward being primarily a semiconductor technology business following the successful acquisition of semiconductor IP business 2D Generation on 9 January 2025. Blake Burton transitioned from Managing Director to Executive Director and will continue to play an active role supporting strategy execution, corporate development and stakeholder engagement as Adisyn advances its semiconductor growth agenda. The Board believes this leadership transition positions Adisyn strongly to capitalise on its expanding semiconductor IP portfolio and to deliver long-term shareholder value. Outlook The semiconductor industry represents a key target market for the future of the Group and is driven by a number of positive fundamentals (refer to references in ASX Announcement dated: 15 July 2024). According to the 2024 PwC “Sizing the Prize” report, AI could contribute up to $15.7 trillion to the global economy by 2030, with an annual growth rate of 26.4% between 2020 and 2024. This growth underscores the importance of semiconductors in enabling AI technologies. In 2020, the US invested $23.2 billion in AI research and development, with China following at $16.6 billion. The EU has also set an ambitious goal of investing €20 billion annually in AI over the next decade. The global AI chip market is projected to grow from $10.1 billion in 2020 to $253 billion by 2030, with a compound annual growth rate of 35%. With these positive tailwinds, Adisyn’s wholly acquired subsidiary 2DG will continue to focus on it’s graphene deposition development program as it progresses towards broader coupon-level testing and, subject to results, wafer-level evaluation. Significant changes in the state of affairs Management has decided to assess alternative options for unlocking shareholder value from the Adisyn Services business. These options being considered may include a transaction or change of control event with partners for the Adisyn Services business, or a sale of the Adisyn Services business unit. Refer to review of operations for all signification changes in the state of affairs. There were no other significant changes in the state of affairs of the Group during the financial half-year. Related party transactions On-market purchase ordinary shares On 29 July 2025, Mr O'Hanlon acquired 500,000 AI1 fully paid ordinary shares at $0.0764 on market. Exercise and lapse of performance rights On 7 October 2025, Mr Burton, converted 1,500,000 existing performance rights into ordinary fully paid shares, the term of the rights vested and were previously approved at the 2023 Annual General Meeting. Adisyn Ltd Directors' report 31 December 2025 4 Number of Description rights converted Issue Date Consideration Fair Value per share Performance rights 1,500,000 07/10/2025 Nil (part of remuneration) $0.058 (Closing price on 6 Oct 2025) An additional 3,500,000 performance rights granted to Mr. Burton, lapsed due to non-achievement of the specified milestone. Equity Instruments issued to Directors During the period, the Company issued performance rights following approval at the Annual General Meeting held on 26 November 2025 in accordance with ASX Listing Rule 10.11, the securities were issued on 23 December 2025. Details of the securities issued are as follows: Recipient Performance rights Numbers issued Grant Date Vesting conditions Ayre Kohavi Class A 4,200,000 26/11/2025 Expiry Date 9 Jan 2026. Vesting conditions refer below table. Ayre Kohavi Class B 6,300,000 26/11/2025 Expiry Date 9 July 2026. Vesting conditions refer below table. Ayre Kohavi Class C 1,050,000 26/11/2025 Expiry Date 9 Jan 2028. Vesting conditions refer below table. Kevin Crofton Class A 1,800,000 26/11/2025 Expiry Date 9 Jan 2026. Vesting conditions refer below table. Kevin Crofton Class B 2,700,000 26/11/2025 Expiry Date 9 July 2026. Vesting conditions refer below table. Kevin Crofton Class C 4,500,000 26/11/2025 Expiry Date 9 Jan 2028. Vesting conditions refer below table. Below the vesting conditions of the performance rights approved by Shareholders on 26 November 2025. Class Vesting Condition Class A Class A Performance Rights convert into Shares (1:1 basis) upon an independently verified demonstration (by a suitably qualified professor from a recognised technological university in Australia or Israel, as determined by the AI1 board of directors) of the successful deposition of an organic substrate on to a metallic or non-metallic material at below 300 degrees Celsius using an Atomic Layer Deposition machine by 9 January 2026. Class B Class B Performance Rights convert into Shares (1:1 basis) upon an independently verified demonstration (by a suitably qualified professor from a recognised technological university in Australia or Israel, as determined by the AI1 board of directors) of the successful deposition of an organic substrate capping layer on Copper (Cu) or Ruthenium (Ru) coupons 1cm by 1cm in size at below 300 degrees Celsius by 9 July 2026. Class C Class C Performance Rights convert into Shares (1:1 basis) following the signing of a binding agreement with a global semiconductor corporation and AI1 receiving income of more than $AU1M (determined in accordance with applicable accounting standards as received and confirmed by AI1’s auditor) by 9 January 2028. Further, at the Annual General Meeting held on 26 November 2025 Approval was received for Mr Burton to participate in the Company Employee Incentive Scheme in accordance with ASX Listing Rule 10.14. Dividends There were no dividends paid, recommended or declared during the current or previous financial half-year. Matters subsequent to the end of the financial half-year On the 6 January 2026 10,000,000 Performance Rights (Class A to C) were issued under the Employee Share Incentive Plan. As detailed in the Review of Operations, the Company reported successfully meeting Class A Performance Right Milestone and on the 8 January 2026 the Company issued 108,500,000 fully paid ordinary shares on the conversion of the Class A Performance Rights. On the 4 February it was announced that Mr Kohavi transitioned to Managing Director and Mr Burton transitioned to Executive Director. No other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years. Adisyn Ltd Directors' report 31 December 2025 5 Rounding off of amounts The Company is of a kind referred to in the Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, in relation to 'rounding off'. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest dollar. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this Director's report. This report is made in accordance with a resolution of the Board of Directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the Directors ___________________________ Blake Burton Executive Director 27 February 2026 To the Board of Directors, AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 As lead audit director for the review of the financial statements of Adisyn Ltd and its controlled entities for the period ended 31 December 2025, I declare that to the best of my knowledge and belief, there have been no contraventions of: • the auditor independence requirements of the Corporations Act 2001 in relation to the review; and • any applicable code of professional conduct in relation to the review. Yours Faithfully HALL CHADWICK WA AUDIT PTY LTD MARK DELAURENTIS CA Director Dated this 27th day of February 2026 Perth, Western Australia Adisyn Ltd Contents 31 December 2025 7 Condensed consolidated statement of profit or loss and other comprehensive income 8 Condensed consolidated statement of financial position 10 Condensed consolidated statement of changes in equity 11 Condensed consolidated statement of cash flows 12 Notes to the condensed consolidated financial statements 13 Directors' declaration 25 Independent auditor's review report to the members of Adisyn Ltd 26 General information The financial statements cover Adisyn Ltd as a Group consisting of Adisyn Ltd and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Adisyn Ltd's functional and presentation currency. Adisyn Ltd is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are: Registered office Principal place of business Suite 7, 63 Shepperton Rd, Unit 3, 4 McGrath Road Victoria Park, Henderson WA 6166 Western Australia 6100 A description of the nature of the Group's operations and its principal activities is included in the Directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of Directors, on 27 February 2026. The Directors do not have the power to amend and reissue the financial statements. Adisyn Ltd Condensed consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2025 Note 31 December 2025 31 December 2024^ $ $ The above condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 8 Revenue Other income 103,754 4,277 Expenses Marketing and investor relation expenses (150,183) (51,045) Research and development expenses (998,693) - Administrative expenses (495,438) (596,642) Share-based payments 13 (1,856,533) (224,697) Other operating expenses (758,537) (709,390) Finance costs (13,690) (72,816) Loss before income tax expense from continuing operations (4,169,320) (1,650,313) Income tax expense - - Loss after income tax expense from continuing operations (4,169,320) (1,650,313) Loss after income tax expense from discontinued operations 5 (394,934) (1,015,225) Loss after income tax expense for the half-year attributable to the Owners of Adisyn Ltd (4,564,254) (2,665,538) Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation 2,729,983 (668) Other comprehensive income for the half-year, net of tax 2,729,983 (668) Total comprehensive income for the half-year attributable to the Owners of Adisyn Ltd (1,834,271) (2,666,206) Total comprehensive income for the half-year is attributable to: Continuing operations (1,439,337) (1,650,981) Discontinued operations (394,934) (1,015,225) (1,834,271) (2,666,206) ^Prior balance was restated due to non-current asset classified as held for sale and discontinued operation. Adisyn Ltd Condensed consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2025 Note 31 December 2025 31 December 2024^ $ $ The above condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 9 Cents Cents^ Earnings per share for loss from continuing operations attributable to the Owners of Adisyn Ltd Basic earnings per share (0.58) (0.67) Diluted earnings per share (0.58) (0.67) Earnings per share for loss from discontinued operations attributable to the Owners of Adisyn Ltd Basic earnings per share (0.05) (0.41) Diluted earnings per share (0.05) (0.41) Earnings per share for loss attributable to the Owners of Adisyn Ltd Basic earnings per share (0.63) (1.08) Diluted earnings per share (0.63) (1.08) Adisyn Ltd Condensed consolidated statement of financial position As at 31 December 2025 Note 31 December 2025 30 June 2025^ $ $ The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes 10 Assets Current assets Cash and cash equivalents 4,733,645 6,765,340 Trade and other receivables - 14,886 Other assets 46,571 98,543 4,780,216 6,878,769 Assets of disposal groups classified as held for sale 6 1,076,497 1,398,447 Total current assets 5,856,713 8,277,216 Non-current assets Right-of-use assets 614,768 212,667 Plant and equipment 7 2,249,262 2,341,030 Intangibles 8 38,710,879 36,119,008 Other assets 8,180 8,180 Total non-current assets 41,583,089 38,680,885 Total assets 47,439,802 46,958,101 Liabilities Current liabilities Trade and other payables 423,723 293,893 Lease liabilities 78,870 148,862 Employee benefits 65,599 132,897 568,192 575,652 Liabilities directly associated with assets classified as held for sale 9 653,954 609,454 Total current liabilities 1,222,146 1,185,106 Non-current liabilities Lease liabilities 541,935 66,922 Employee benefits 16,049 68,663 Total non-current liabilities 557,984 135,585 Total liabilities 1,780,130 1,320,691 Net assets 45,659,672 45,637,410 Equity Issued capital 10 46,748,410 46,730,520 Reserves 11 25,046,635 20,478,009 Accumulated losses (26,135,373) (21,571,119) Total equity 45,659,672 45,637,410 ^Prior balance was restated due to non-current asset classified as held for sale and discontinued operation. Adisyn Ltd Condensed consolidated statement of changes in equity For the half-year ended 31 December 2025 The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes 11 Issued Share-based payment Translation Accumulated Total equity capital reserve reserve losses $ $ $ $ $ Balance at 1 July 2024 11,324,454 2,729,414 (11,230) (11,969,166) 2,073,472 Loss after income tax expense for the half-year - - - (2,665,538) (2,665,538) Other comprehensive income for the half-year, net of tax - - (668) - (668) Total comprehensive income for the half-year - - (668) (2,665,538) (2,666,206) Transactions with Owners in their capacity as Owners: Contributions of equity, net of transaction costs 4,230,936 - - - 4,230,936 Share-based payments (note 13) 126,148 98,550 - - 224,698 Issue of shares to director (note 10) 267,146 - - - 267,146 Exercise of options (note 10) 30,000 - - - 30,000 Loss on extinguishing liability 21,000 - - - 21,000 Balance at 31 December 2024 15,999,684 2,827,964 (11,898) (14,634,704) 4,181,046 Issued Share-based payment Translation Accumulated Total equity capital reserve reserve losses $ $ $ $ $ Balance at 1 July 2025^ 46,730,520 20,358,124 119,885 (21,571,119) 45,637,410 Loss after income tax expense for the half-year - - - (4,564,254) (4,564,254) Other comprehensive income for the half-year, net of tax - - 2,729,983 - 2,729,983 Total comprehensive income for the half-year - - 2,729,983 (4,564,254) (1,834,271) Transactions with Owners in their capacity as Owners: Cancellation of performance rights due to forfeiture - (76,106) - - (76,106) Conversion of performance rights (Director) 17,890 (17,890) - - - Issue of performance rights (Director) 392,639 - - 392,639 Remeasurement of contingent consideration - 2DG acquisition - 1,540,000 - - 1,540,000 Balance at 31 December 2025 46,748,410 22,196,767 2,849,868 (26,135,373) 45,659,672 ^Prior balance was restated due to non-current asset classified as held for sale and discontinued operation. Adisyn Ltd Condensed consolidated statement of cash flows For the half-year ended 31 December 2025 Note 31 December 2025 31 December 2024 $ $ The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes 12 Cash flows from operating activities Receipts from customers (inclusive of GST) 50,352 1,990,202 Payments to suppliers and employees (inclusive of GST) (2,065,108) (3,440,274) Other revenue 103,754 4,317 Interest and other finance costs paid (13,690) (65,068) Net cash used in operating activities (1,924,692) (1,510,823) Cash flows from investing activities Payments for loan to 2DG - (692,514) Payments for plant and equipment 7 (39,730) (15,929) Proceeds from disposal of business - 100,000 Proceeds from disposal of plant and equipment - 77,532 Net cash used in investing activities (39,730) (530,911) Cash flows from financing activities Proceeds from issue of shares 10 - 4,548,000 Share issue transaction costs - (287,064) Repayment of borrowings - (500,841) Payment of lease principal (54,639) (262,548) Net cash from financing activities (54,639) 3,497,547 Net increase in cash and cash equivalents (2,019,061) 1,455,813 Cash and cash equivalents at the beginning of the financial half-year 6,959,562 299,142 Cash and cash equivalents at the end of the financial half-year* 4,940,501 1,754,955 *Cash and cash equivalents – continuing operations 4,733,645 1,403,547 *Cash and cash equivalents – discontinued operations 206,856 351,408 Adisyn Ltd Notes to the condensed consolidated financial statements 31 December 2025 13 Note 1. General Information Statement of Compliance The half-year financial statements are general purpose financial statements prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'. The half-year financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. Basis of preparation The condensed consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted. The accounting policies and methods computation adopted in the preparation of the half-year financial statements are consistent those adopted and disclosed in the Company's annual financial report for the financial year 30 June 2025 except as discussed in note 3 Adoption of new and revised Australian Accounting Standards. The accounting policies are consistent with Australian Accounting Standards and with IFRS. Going concern The consolidated financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business. As disclosed in the consolidated financial statements, the Group incurred a loss of $4,564,254 (31 December 2024: $2,665,538) and had net cash outflows from operating of $1,864,816 (31 December 2024 : $1,510,823) and investing activities outflows of $39,730 (31 December 2024 :