11 FINANCIAL REPORT ALLUP SILICA Year Ending 30 June 2023 ALLUP SILICA LIMITED DIRECTORS’ REPORT Review of Operations (continued) As at the date of this report, the Company holds the following tenements: Tenement Project Ownership GRANTED EXPLORATION LICENCE E 70/5447 Sparkler A 100% E 70/5527 Sparkler B 100% E 70/5920 Sparkler C 100% E 80/5524 Cabbage Spot 100% E 63/2137 Dune Buggy A 100% E 63/2139 Pink Bark A 100% E 70/6208 Rail Head 100% E 70/6476 Moby 100% E 80/5652 Big Cecil 100% NOT GRANTED APPLICATION ELA 80/5629 Nearby Post 100% ELA 63/2138 Pink Bark B 100% ELA 63/2264 Dune Buggy B 100% Financial Position The net assets of the Company have decreased by $1,588,184 from $5,732,827 at 30 June 2022 to $4,144,643 at 30 June 2023. This decrease is, in the main, due to funds raised of $5,169,691 (after costs) from the issue of advisor options and ordinary shares, in a pre-IPO raising and the IPO raising, preceding the admission of the Company to the ASX on 28th April 2022. The Company’s working capital, being current assets less current liabilities, has decreased from $5,120,705 in 2022 to $3,130,603 in 2023. During the past three financial years, the Company has invested in strategic tenements, that the Company believes could be prospective for high quality silica sand. In particular, the Company strategy is to achieve more risk mitigation by having multiple projects in different locations, each close by road or rail to ports and infrastructure. The directors believe the Company is in a strong and stable financial position to expand and grow its current exploration activities, metallurgical, chemical and research evaluation, and commence the permitting requirements needed for future commercialisation of its projects.
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