Hamelin Gold : Half Year Financial Statements

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Hamelin Gold Limited

ABN 15 650 439 580

Contents

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Hamelin Gold Limited

ABN 15 650 439 580

Directors' Report

The Directors present their interim consolidated report of Hamelin Gold Limited and its controlled entities for the half-year ended 31 December 2021.

Directors

The following persons were directors of Hamelin Gold Limited during the whole of the half-year and up to the date of this report, unless otherwise stated:

Principal Activities

The principal activity of the Company during the financial period following its Initial Public Offer (IPO) on the Australian Securities Exchange was mineral exploration in the Western Tanami region of Western Australia.

There were no significant changes in these activities during the half-year.

Review of Operations

The consolidated net profit after income tax for the half-year was $11,091,091.

At the end of the half-year the Group had $8,583,307 (30 June 2021: $1) in cash and at call deposits.

Capitalised mineral exploration and evaluation expenditure is $12,629,838 (30 June 2021: $nil).

Included in the profit for the period and the capitalised exploration and evaluation expenditure is a provisional amount of $12,000,000 recognised in respect of a gain recognised on bargain purchase of the exploration assets following the demerger from Encounter Resources Limited.

During the half-year the Company raised $10 million, before costs, from the issue of 50 million shares pursuant to its IPO prospectus dated 17 September 2021.

Operations during the reporting period were focused on gold exploration at the Group's West Tanami Gold Project in Western Australia.

Matters Subsequent to the End of the Financial Period

There has not arisen in the interval between the end of the financial period and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors of the Group to affect substantially the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial periods.

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Hamelin Gold Limited

ABN 15 650 439 580

Directors' Report

Significant Changes in the State of Affairs of the Group

• On 14 September 2021 the Company acquired a 100% interest in the issued capital of Hamelin Resources Pty Ltd, the holder of the West Tanami Gold Project, from its parent company Encounter Resources Limited for $2, being the net assets of Hamelin Resources Pty Ltd at the acquisition date.
• The Company completed the demerger from the Encounter Resources Limited group on 29 October 2021 following the issue of 60 million shares in the Company to shareholders of Encounter Resources Limited.
• On 5 November 2021 the Company commenced trading on the Australian Securities Exchange following the issue of 50 million shares pursuant to its IPO prospectus, and the issue of 6.5 million options to officers, contractors and advisers.

Other than as stated in this report there has not arisen during or since the end of the financial period any material changes in the state of affairs of the Group.

Auditor's Independence Declaration

A copy of the Auditor's Independence Declaration as required under Section 307C of the Corporations Act is set out on the following page.

This report is made in accordance with a resolution of the Directors. DATED at Perth this 11th day of March 2022.

Peter Bewick

Managing Director

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AUDITOR'S INDEPENDENCE DECLARATION

In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Hamelin Gold Limited for the half-year ended 31 December 2021, 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.

Crowe Perth

Cyrus Patell

Partner

Signed at Perth, 11 March 2022