Announcement PDF Gold Hydrogen Limited ABN 74 647 468 899 Interim Report - 31 December 2024 Gold Hydrogen Limited Corporate directory 31 December 2024 Directors Alexander Downer - Non-Executive Chairman Neil McDonald - Managing Director Katherine Barnet - Non-Executive Director Roger Cressey - Executive Director Company secretary Karl Schlobohm Registered office and principal place of business Level 14 110 Eagle Street Brisbane QLD 4000 Share register Link Market Services Limited Level 12 680 George Street Sydney NSW 2000 Phone: 1300 554 474 Auditor BDO Audit Pty Ltd Level 10 12 Creek Street Brisbane QLD 4000 Solicitors Gadens 111 Eagle Street Brisbane QLD 4000 Bankers National Australia Bank Limited 259 Queen Street Brisbane QLD 4000 Stock exchange listing Gold Hydrogen Limited shares are listed on the Australian Securities Exchange (ASX code: GHY) Website www.goldhydrogen.com.au Corporate Governance Statement www.goldhydrogen.com.au/corporate-governance/ 1 Gold Hydrogen Limited Directors' report 31 December 2024 The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Gold Hydrogen Limited (referred to hereafter as Gold Hydrogen, 'the Company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2024. Directors The following persons were Directors of Gold Hydrogen Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated: - Alexander Downer (Chair) - Neil McDonald (Managing Director) - Katherine Barnet - Roger Cressey Principal activities Gold Hydrogen is focused on the discovery and development of world class natural hydrogen and helium gases in a potentially extensive natural hydrogen and helium gas province in South Australia. There was no change to the principal activities of the Group during the period. Review of operations The loss for the period after providing for income tax amounted to $1,314,236 (31 December 2023: $1,284,135). During the period to 31 December 2024, the Group’s focus was on the extended exploration well testing of the Ramsay 1 and 2 Natural Hydrogen and Helium wells, together with the conduct of a regional 2D seismic survey over 575 line kilometres of the Yorke Peninsula. The Group now has in excess of 75,000km 2 under tenure or application, as outlined below in Figure 1. The domestic and global demand for Hydrogen, combined with new Natural Hydrogen exploration techniques and experienced personnel, provides Gold Hydrogen with an extraordinary opportunity to define and ultimately develop a new Natural Hydrogen gas province. Further to this, Helium is extremely rare and expensive, there is limited world-wide production, and no production of Helium in Australia at present. Gold Hydrogen is well placed to potentially prosper from this opportunity. Exploration Well Testing Summary – Ramsay 1 & 2 Exploration Wells Stage 2 exploration well testing results indicated increasing levels for purities of both Natural Hydrogen and Helium measured by equipment at surface. As depicted in Figure 2 for Natural Hydrogen from the Ramsay 2 well, the shallow Hydrogen zone showed an increasing trend for daily recorded levels of Natural Hydrogen (corrected for air contamination) at surface. The Company measured Natural Hydrogen of purities up to 95.8%1 across seven (7) zones within Ramsay 2, with the highest recorded at 531m depth. Testing on Ramsay 1 commenced seven (7) days after Ramsay 2, with the Company focussing on the Helium zone deeper in the formation. As reported by the Company during the period, the recorded Helium concentrations measured during the Stage 2 well testing of Ramsay 1 showed a consistent increase, and did not appear to have reached a stable maximum value at the end of the testing period (refer Figure 3). The Company had previously reported that it had recorded a concentration of Helium of up to 17.5% 1, in the MDT sample taken at 778m during the drilling of Ramsay 2. During the Stage 1 well testing program, the Company obtained two (2) pressurised gas samples with Helium concentrations of 12.6%1 at 642m, and 17.9%1 at 712m, and during the Stage 2 well testing program, Ramsay 1 recorded gas to surface at the separator of purities up to 36.9% 1 on an air and nitrogen corrected basis (refer Figure 3 and Tables 1 and 2 below for full details). The recorded Helium concentrations showed a consistent increase during the Stage 2 flow testing period of Ramsay 1, and did not appear to have reached a stable maximum value at the end of the testing period. Further information is available in the Company’s September and December 2024 Quarterly Activities Reports, together with all accompanying technical tables. 1 All Natural Hydrogen and Helium sample results have been corrected for air contamination 2 Gold Hydrogen Limited Directors' report 31 December 2024 Figure 1 - Gold Hydrogen Group PEL and PELA’s within South Australia. 3 Gold Hydrogen Limited Directors' report 31 December 2024 Figure 2 – Ramsay 2 Testing 200 to 350m Shallow Hydrogen Zone 7 & 8 – Hydrogen concentrations increasing as testing continues as measured from the annulus (corrected for air and Nitrogen contamination). Figure 3 - Ramsay 1 He concentrations (air and nitrogen corrected) measured during the testing of the open Helium zone. The concentrations consistently increase over the testing period, with wellhead sample laboratory analysis confirming the separator measurement. 4 Gold Hydrogen Limited Directors' report 31 December 2024 Detection of Helium-3 in Ramsay Project Gas Samples As reported in detail by the Company on 30 October 2024, Oxford University’s specialist noble gas research laboratory within its Department of Earth Sciences, measured and confirmed the presence of Helium-3 (³He) in gas samples taken from the Ramsay 2 well, at depths from 280 meters to 1,000 meters. The Oxford University Department of Earth Sciences analysis confirmed that: ● the Ramsay Project Helium purity levels of up to 36.9%2 rank among the highest ever recorded globally; ● levels of Helium-3 have been confirmed up to the magnitude of 901 ppt (atmospheric 3He is 7.2 ppt); and ● the isotopic analysis results from samples tested suggest up to 3.47ppb 3He within a 36.9% Helium sample. The Strategic Value of Helium-33 In addition to nuclear fusion energy, Helium-3 is a highly valuable and rare isotope, indispensable in advanced fields such as quantum computing, cryogenics, medical imaging, and nuclear material monitoring. With its neutron absorption capability, Helium-3 plays an essential role in neutron detection and future technologies: ● current prices for Helium-3 exceed $2,500 per litre (USD 70.8 million per McF or USD 18.7 million per kg), over 140,000 times the value of Helium-4; and ● this isotope is vital for nuclear fusion, a field seeing rapid advancements, especially through projects like Commonwealth Fusion Systems, backed by major stakeholders including the US Energy Department, Khosla Investments, and the Bill Gates founded Breakthrough Energy Ventures2. Substantially more information is available in the Company’s ASX release of 30 October 2024, together with the accompanying technical tables. 2D Seismic Survey During the period, the acquisition of seismic data by Terrex was completed over approximately 575 kilometres of public roads across the Yorke Peninsula (refer Figure 4). Analysis and interpretation of the survey data commenced during the period, and is currently ongoing. The results of the 2D seismic survey - when combined with the Company’s other data sets such as the airborne survey data, soil-gas survey data, historical offset well data, and the Ramsay 1 & 2 drill log data and flow test data - will continue to assist the Company in planning future well locations and well designs. The main objectives of the acquisition and analysis of a modern regional seismic program were to assist in the delineation of the current Ramsay Natural Hydrogen and Helium project, identify potential additional Natural Hydrogen and Helium accumulation(s), to support the identification of future drilling targets, and ultimately to assist in the transition of prospective resources to contingent resources of discovered accumulations. 2All Natural Hydrogen and Helium sample results have been corrected for air contamination 3Edelgas public article (22 October 2024). Available at: https://www.edelgasgroup.com/Helium-3-market-report 5 Gold Hydrogen Limited Directors' report 31 December 2024 Figure 4 – Map of Seismic Survey Data Acquired Regional Data Aggregation A source / reservoir and seal rock characterisation study was undertaken during 2023 on legacy well samples and available historical drill core material from across the Yorke Peninsula. Using historical rock samples, representative of the basement material in the Ramsay Project, a series of laboratory tests using imaging and geomechanics test were conducted to identify key geological parameters for rock strengths, hydrogen generation, hydrogen storage, and reservoir characteristics for hydrogen and / or gases. Properties of the rock samples were analysed, and found that porosity (storage capacity for gases) and permeability (ability for gases to flow), coupled with microfractures present in both Cambrian limestone and granite basement, provided a favourable setting for Natural Hydrogen and / or Helium production. The results of this study, when combined with the results from the 1931 Ramsay Oil Bore and the Company’s own Ramsay 1 and 2 wells, provide encouragement for the existence of a favourable regional setting for both Natural Hydrogen and Helium, as outlined below in Figure 5. 6 Gold Hydrogen Limited Directors' report 31 December 2024 Figure 5 - Data points for Natural Hydrogen and Helium encountered on the Yorke Peninsula Strengthening Gold Hydrogen’s Technical Team During the period, the Company’s technical team was further strengthened by the appointment of Peter Bubendorfer as Chief Geologist. Peter’s career to this point spans over 30 years, and he brings with him extensive experience in exploration within the oil & gas industry across Australia, specifically regarding natural gas and CSG, these being gases which correlate well with the Company’s Hydrogen and Helium gases. Peter also has strong exploration experience across a range of mineral commodities throughout Australia. Over the past 25 years, he has held exploration manager, senior geologist, chief geologist or development geologist roles with ADZ Energy, Armour Energy, Bow Energy and Arrow Energy. Peter has specific experience in the identification of gas-related leads and plays, the establishment and running of exploration programs, seismic interpretation, dataset analysis (geochemistry, geophysics, drilling and testing logs, etc), governmental liaison and reporting, and all aspects of geological project assessment and fieldwork. Peter was responsible for identifying and generating the foundational assets for Arrow Energy, Bow Energy and Waratah Coal, all of which were subject to corporate take-overs. He has academic qualifications in science (geology), holds a legal practising certificate, and is a member of the American Association of Petroleum Geologists. Peter will work with the existing geological team of Frank Glass and Julien Bourdet, as well as with the Company’s Chief Technical Officer Billy Hadi-Subrata. Further information is available on all of the above matters in the Company’s September and December 2024 Quarterly Activities Reports, together with all accompanying technical tables, where applicable to reported exploration results. Significant changes in the state of affairs There were no significant changes in the state of affairs of the Group during the financial half-year. Matters subsequent to the end of the financial half-year On 3 February 2025, the Group received $6,466,426 from the Australian Taxation Office by way of Research & Development cashback on funds that it spent for the financial year ended 30 June 2024. No other matter or circumstance has arisen since 31 December 2024 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. 7 Gold Hydrogen Limited Directors' report 31 December 2024 Climate and sustainability risks and opportunities The Group’s 2024 Annual and Sustainability Reports both contain comprehensive disclosures regarding the Group’s governance approach to climate change risks and opportunities. The Group’s overall strategy is to be part of the solution to climate change, and a decreased reliance on fossil fuels, by focussing on the exploration and development of ‘gold’ hydrogen as a naturally generated, low-carbon, sustainable and affordable energy source. In short, the Group does not consider that it has material exposure to the risks traditionally associated with climate change, and therefore does not consider it necessary to reflect any financial impact associated with climate change risks. Conversely, the Group believes that the global focus on climate change related issues presents it with a number of current and potential future opportunities. These are outlined in the Group’s 2024 Annual and Sustainability Reports. Material business risks A full description of the risks identified by the Group is outlined within Section 5 of the Replacement Prospectus dated 29 November 2022 and available via the Gold Hydrogen website (www.goldhydrogen.com.au). These risks are also addressed in the Group’s 2024 Annual Report, covering: ● Exploration and evaluation risks ● Land access risks ● Native Title and Cultural Heritage risks ● Resource and reserves estimation risks ● Tenement risks ● Future funding risks The Group’s Board and Executive team continue their efforts to mitigate these risks as they progress the Group’s project exploration and evaluation initiatives. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this Directors' report. This report is made in accordance with a resolution of Directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the Directors ___________________________ Neil McDonald Managing Director 26 February 2025 8 Gold Hydrogen Limited Auditor's independence declaration Tel: +61 7 3237 5999 Fax: +61 7 3221 9227 www.bdo.com.au Level 10, 12 Creek Street Brisbane QLD 4000 GPO Box 457 Brisbane QLD 4001 Australia DECLARATION OF INDEPENDENCE BY R M SWABY TO THE DIRECTORS OF GOLD HYDROGEN LIMITED As lead auditor for the review of Gold Hydrogen Limited for the half-year ended 31 December 2024, I declare that, to the best of my knowledge and belief, there have been: 1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and 2. No contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of Gold Hydrogen Limited and the entities it controlled during the period. R M Swaby Director BDO Audit Pty Ltd Brisbane, 26 February 2025 BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of A.C.N. 050 110 275 Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and A.C.N. 050 110 275 Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation. 9 Gold Hydrogen Limited Contents 31 December 2024 Statement of profit or loss and other comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial statements Directors' declaration Independent auditor's review report to the members of Gold Hydrogen Limited 11 12 13 14 15 19 20 General information The financial statements cover Gold Hydrogen Limited as a Group consisting of Gold Hydrogen Limited and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Gold Hydrogen Limited's functional and presentation currency. Gold Hydrogen Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Level 14 110 Eagle Street Brisbane QLD 4000 A description of the nature of the Group's operations and its principal activities are included in the Directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of Directors, on 26 February 2025. 10 Gold Hydrogen Limited Statement of profit or loss and other comprehensive income For the half-year ended 31 December 2024 Note Other income Interest revenue Consolidated 31 Dec 2024 31 Dec 2023 $ $ 119,411 171,469 Expenses Depreciation Employee benefits expense Insurance Legal ASX listing fees and share registry expenses Public relations Travel Accounting, taxation and R&D expenses Audit fees Industry conferences and reports Other expenses Finance costs Total expenses (27,578) (798,642) (66,945) (32,311) (78,486) (54,933) (74,343) (111,858) (26,180) (93,116) (36,488) (32,767) (1,433,647) (28,059) (885,469) (113,101) (18,088) (54,816) (114,122) (55,467) (64,625) (19,049) (45,273) (54,855) (2,680) (1,455,604) Loss before income tax expense (1,314,236) (1,284,135) - - (1,314,236) (1,284,135) - - (1,314,236) (1,284,135) Cents Cents Income tax expense Loss after income tax expense for the half-year attributable to the owners of Gold Hydrogen Limited Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year attributable to the owners of Gold Hydrogen Limited Basic earnings per share Diluted earnings per share 9 9 (0.8) (0.8) The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 11 (0.9) (0.9) Gold Hydrogen Limited Statement of financial position As at 31 December 2024 Note Consolidated 31 Dec 2024 30 Jun 2024 $ $ Assets Current assets Cash and cash equivalents Trade and other receivables Term deposits Other current assets Total current assets 2,762,369 94,145 5,000,000 99,343 7,955,857 4,724,629 388,609 10,000,000 63,199 15,176,437 13,244 75,099 26,955,026 876,331 27,919,700 12,790 100,132 21,220,777 875,050 22,208,749 35,875,557 37,385,186 783,291 56,123 33,635 873,049 1,069,042 53,351 45,490 1,167,883 28,061 703,706 731,767 57,061 674,128 731,189 Total liabilities 1,604,816 1,899,072 Net assets 34,270,741 35,486,114 Equity Issued capital Reserves Accumulated losses 43,226,224 600,341 (9,555,824) 43,223,710 503,992 (8,241,588) Total equity 34,270,741 35,486,114 3 Non-current assets Property, plant and equipment Right-of-use assets Exploration and evaluation assets Other non-current assets Total non-current assets 4 Total assets Liabilities Current liabilities Trade and other payables Lease liabilities Employee benefits Total current liabilities 5 Non-current liabilities Lease liabilities Provisions Total non-current liabilities 6 The above statement of financial position should be read in conjunction with the accompanying notes 12 Gold Hydrogen Limited Statement of changes in equity For the half-year ended 31 December 2024 Issued capital $ 29,320,673 Consolidated Balance at 1 July 2023 Share-based payments Accumulated reserve losses Total equity $ $ $ 187,546 (6,379,800) 23,128,419 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - - (1,284,135) - (1,284,135) - Total comprehensive income for the half-year - - (1,284,135) (1,284,135) Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs Share-based payments 14,026,766 - 153,902 - 14,026,766 153,902 Balance at 31 December 2023 43,347,439 341,448 (7,663,935) 36,024,952 Consolidated Balance at 1 July 2024 Issued capital $ 43,223,710 Share-based payments Accumulated reserve losses Total equity $ $ $ 503,992 (8,241,588) 35,486,114 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - - (1,314,236) - (1,314,236) - Total comprehensive income for the half-year - - (1,314,236) (1,314,236) 2,514 96,349 - - 96,349 2,514 43,226,224 600,341 (9,555,824) 34,270,741 Transactions with owners in their capacity as owners: Share-based payments Adjustment to transaction costs Balance at 31 December 2024 The above statement of changes in equity should be read in conjunction with the accompanying notes 13 Gold Hydrogen Limited Statement of cash flows For the half-year ended 31 December 2024 Note Consolidated 31 Dec 2024 31 Dec 2023 $ $ Cash flows from operating activities Payments to suppliers and employees Interest received Interest and other finance costs paid (1,039,270) 315,486 (32,767) (1,966,580) 55,094 (2,680) Net cash used in operating activities (756,551) (1,914,166) Cash flows from investing activities Payments for property, plant and equipment Payments for exploration and evaluation assets Payments for security deposits Proceeds from term deposits (2,999) (6,177,715) (1,281) 5,000,000 (3,988) (7,467,103) (400,946) 4,000,000 Net cash used in investing activities (1,181,995) (3,872,037) Cash flows from financing activities Proceeds from issue of shares Share issue transaction costs Repayment of principal element of lease liabilities 2,514 (26,228) 14,805,000 (778,234) (25,301) Net cash (used in)/from financing activities (23,714) 14,001,465 Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year (1,962,260) 4,724,629 8,215,262 5,243,380 Cash and cash equivalents at the end of the financial half-year 2,762,369 13,458,642 The above statement of cash flows should be read in conjunction with the accompanying notes 14 Gold Hydrogen Limited Notes to the financial statements 31 December 2024 Note 1. Material accounting policy information These general purpose financial statements for the interim half-year reporting period ended 31 December 2024 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'. These general purpose 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 2024 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. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Going concern The financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business. For the halfyear ended 31 December 2024, the Group incurred a loss after income tax of $1,314,236 and net cash outflows from operating activities of $756,551. At 31 December 2024, the Group had net current assets of $7,082,808 and net assets of $34,270,741. Following the end of the reporting period, the Group received an R&D tax incentive refund of $6,466,426, providing the Group with a strong net working capital position at the date of signing this report. The Group also expects to continue to receive R&D tax incentive refunds into the future, based on its qualifying exploration expenditures for the previous financial year. As the Group has substantial exploration commitments budgeted for the coming and future years, these conditions give rise to a material uncertainty which may cast significant doubt over the consolidated entity's ability to continue as a going concern. The ability of the consolidated entity to continue as a going concern is dependent upon the consolidated entity being able to manage its liquidity requirements by taking some or all of the following actions: (1) Receipt of R&D Tax Incentive refund on the basis of the pioneering and experimental nature of the Group’s project activities; (2) Raising additional capital or securing other forms of financing, as and when necessary to meet the levels of exploration and project expenditure budgeted, and to meet its working capital requirements; (3) Reducing its level of capital expenditure through farm-outs and/or joint ventures; and (4) Reducing its working capital expenditure. Notwithstanding the above, the Directors have concluded that the going concern basis of preparation of the financial statements is appropriate and any uncertainty regarding going concern is mitigated by the following: ● The Group has the ability to slow down the rate of its project-related expenditure, if required, having met the minimum financial commitments under its current granted tenement PEL 687. ● Proven history of the consolidated entity’s ability to raise the necessary funding. ● Potential to capitalise on industry interest being shown in relation to potential farm-in, joint venture, or commercial arrangements. Based on the above, the Directors are of the opinion that at the date of signature of the financial report there are reasonable and supportable grounds to believe that the Group will be able to meet its liabilities from its assets in the ordinary course of business, for a period of not less than 12 months from the date of this financial report and has accordingly prepared the financial report on a going concern basis. 15 Gold Hydrogen Limited Notes to the financial statements 31 December 2024 Note 1. Material accounting policy information (continued) Should the Group be unable to continue as a going concern, it may be required to realize its assets and liabilities other than in the ordinary course of business, and at amounts that differ from 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 amount and classification of liabilities that might be required should the Group not be able to continue as a going concern. Note 2. Operating segments Identification of reportable operating segments The Group has identified its operating segments based on the internal reports that are reviewed and used by the Group’s Board of Directors (chief operating decision makers) in assessing performance and determining the allocation of resources. The Group is managed primarily on a geographic basis that is the location of the respective areas of interest (tenements) in Australia. Operating segments are determined on the basis of financial information reported to the Board which is at the Group level. The Group does not have any products/services it derives revenue from. Management identifies the Group as having only one operating segment, being the exploration and development of its PEL tenements in South Australia. All significant operating decisions are based upon analysis of the Group as one segment. The financial results from the segment are equivalent to the financial statements of the Group as a whole. Note 3. Trade and other receivables Consolidated 31 Dec 2024 30 Jun 2024 $ $ Current assets Interest receivable BAS receivable 22,822 71,323 218,897 169,712 94,145 388,609 Note 4. Exploration and evaluation assets Consolidated 31 Dec 2024 30 Jun 2024 $ $ Non-current assets Exploration and evaluation - at cost 26,955,026 21,220,777 Reconciliations Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below: Exploration and evaluation $ 21,220,777 5,734,249 Consolidated Balance at 1 July 2024 Additions Balance at 31 December 2024 26,955,026 16 Gold Hydrogen Limited Notes to the financial statements 31 December 2024 Note 5. Trade and other payables Consolidated 31 Dec 2024 30 Jun 2024 $ $ Current liabilities Trade payables Accrued expenses 44,284 739,007 499,410 569,632 783,291 1,069,042 Note 6. Provisions Consolidated 31 Dec 2024 30 Jun 2024 $ $ Non-current liabilities Provision for rehabilitation 703,706 674,128 Movements in provision for rehabilitation: Consolidated - 31 Dec 2024 Carrying amount at the start of the half-year Unwinding of discount $ 674,128 29,578 Carrying amount at the end of the half-year 703,706 Note 7. Related party transactions Transactions with related parties The following transactions occurred with related parties: Consolidated 31 Dec 2024 31 Dec 2023 $ $ Payment for goods and services: Share based payments* * 11,232 5,501 During the half-year ended 31 December 2023, unlisted options were granted to key employees and con