92 Energy : Annual Report

ABN 55 639 228 550

& Controlled Entities

Annual Financial Report

For the year ended 30 June 2021

92 Energy Limited Corporate directory 30 June 2021

Directors	Richard Pearce	Non-Executive Chairman
		(appointed 3 November 2020)
	Siobhan Lancaster	Chief Executive Officer and Managing Director
		(appointed CEO 1 January 2021)
		(appointed Managing Director 12 July 2021)
	Matthew Gauci	Non-Executive Director
		(appointed 19 February 2020)
	Oliver Kreuzer	Non-Executive Director
		(appointed 19 February 2020)
Company secretary	Steven Wood
Principal and Registered office	Level 3, the Read Buildings
	16 Milligan Street,
	Perth WA 6000
	Email:[e-mail]
Share register	Automic Group
	Level 2, 267 St Georges Terrace
	Perth WA 6000
	Phone: [phone]
Auditor	BDO Audit (WA) Pty Ltd
	38 Station Street,
	Subiaco WA 6008
Solicitors	Australia:
	Steinepreis Paganin
	Level 4, 16 Milligan Street
	PERTH, WA 6000
	Canada:
	John H.Pringle
	McKercher LLP Barristers & Solicitors
	374 Third Avenue South
	Saskatoon, SK
	S7K 1M5
Bankers	Westpac Banking Corporation
	Level 13, 109 St Georges Terrace,
	Perth WA 6000
Stock exchange listing	Australian Securities Exchange Limited
	Level 40, Central Park
	152-158 St Georges Terrace
	Perth WA 6000
	ASX code: 92E
Website	https://www.92energy.com/

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92 Energy Limited Directors' report 30 June 2021

Chairman's Letter

First and foremost, I want to thank each of you as shareholders in 92 Energy Limited (92 Energy) for your support and backing. As an exploration company, we rely on you to engage in our story, our plans and our vision for success, and in return, the team at 92 Energy works diligently to invest your funds efficiently and with purpose. Thank you.

April 2021 and the IPO for 92 Energy is only five months ago. I don't need to dwell on the experiences we are all living through in our daily lives, but I do wish to outline our brief story of success so far, and trust that in doing so, it reinforces that good work and outcomes can be achieved in these challenging times.

92 Energy set out a clear strategy as an exploration company: to have a strong technical focus in how we plan and execute our work, to utilise and build expertise in the uranium sector, to focus on the most prospective region in the world for high grade uranium exploration, and to do this at a pivotal time for decision making on long term, low carbon energy.

In our short life we have demonstrated why this strategy is effective. First, the work done prior to the IPO and subsequently to assemble, organise, and analyse data on geology, mineralogy, structures, geophysics and more, allowed the 92 Energy team to confidently and rapidly deploy its inaugural exploration program in the northern hemisphere Summer. Secondly, the team in Perth and the Athabasca Basin were able to mobilise its exploration and drilling team to a completely new location, in one of the hottest and driest summers that the region has seen in a long time, much of which was coordinated on Zoom! Thirdly, exploration is always a combination of good planning and good fortune, but this team is a great believer in the provenance of the Athabasca Basin, and their own excellent work in selecting targets. To have success, and discover uranium mineralisation, on hole 4 of the inaugural drill program was vindication of this approach and well deserved. Time will tell how significant the uranium mineralisation from the Geminin Mineralised Zone is, but it bodes well for the multitude of targets the teams has across the permits over the future programs.

And finally, timing! Uranium spot prices have hit a nine year high. The reasons for this are many, but what it has done is provided a renewed focus on the supply side and has seen sophisticated and institutional investors reacquainting themselves with the sector, and the opportunities.

92 Energy offers new opportunities, and fresh perspective combining the expertise of our Canadian and Australia teams, with their different backgrounds and approaches. It has been an exciting five months. In a time of persistent challenges and day to day distractions, 92 Energy can look forward to a great deal of activity in 2022 and I hope that you will enjoy being part of that journey. The Board of Directors and the team looks forward to engaging with you whenever possible.

Richard Pearce

Chairman

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92 Energy Limited Directors' report 30 June 2021

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of 92 Energy Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2021.

Directors

The following persons were directors of 92 Energy Limited during the whole of the financial year and up to the date of this report, unless otherwise stated:

Richard Pearce (appointed 3 November 2020)

Matthew Gauci (appointed 19 February 2020)

Oliver Kreuzer (appointed 19 February 2020)

Steve Blower (appointed 20 January 2021 - resigned on 30 April 2021) Kristin Butera (appointed 19 February 2020- resigned on 29 October 2020)

Siobhan Lancaster (appointed CEO 1 January 2021, appointed Managing Director 12 July 2021)

Principal activities

During the financial year the principal continuing activities of the consolidated entity consisted of exploration activities at the entity's mining tenements situated in the Athabasca Basin region, Canada.

Dividends

No dividends have been paid or declared since the start of the financial period and the Directors do not recommend the payment of a dividend in respect of the financial period.

Review of operations

The loss for the consolidated entity after providing for income tax amounted to $2,701,193 (30 June 2020: $11,247).

The Company was formed in 2020, and shortly after acquired technical databases, from which projects were generated using an innovative and technically-driven prospectivity model. Shortly after the purchase of those databases, and using that proprietary information, the Company entered into a Heads of Agreement for the purchase of 8 mineral claims in the Athabasca Basin from TSX listed IsoEnergy Limited. 92 Energy's exploration team subsequently pegged additional land adjacent to the IsoEnergy Claims. These 30 claims have become five projects, Gemini, Tower, Clover, Powerline and Cypress.

The consolidated entity continued to undertake exploration and evaluation activities on its tenements located in the Athabasca Basin, Canada.

Significant changes in the state of affairs

On the 23 October 2020, the Company entered into a Heads of Agreement with IsoEnergy to acquire 100% of the interest in the Tower, Clover & Gemini projects.

On 10 December 2020, the Company successfully converted to a public company limited by shares and changed its name to '92 Energy Limited'.

On 18 January 2021, 92 Energy incorporated its Canadian subsidiary 92 Energy Canada Limited.

On 6 April 2021 the Company completed its IPO to raise $7 million.

There were no other significant changes in the state of affairs of the consolidated entity during the financial year.

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92 Energy Limited Directors' report 30 June 2021

Matters subsequent to the end of the financial year

As per the announcement to the ASX on the 26 July 2021 titled 'Maiden Drilling Program commences at Gemini uranium project' the Company had commenced drilling on the Gemini Project.

As per the announcement on the ASX on the 20 September 2021 titled 'Uranium Discovery at Gemini Project' the Company has received positive assay results at the Gemini Project confirming the discovery of uranium mineralisation at the Gemini Project, specifically at the Gemini Mineralisation Zone (GMZ).

The Company announced a capital raising of $7.15m on 28 September 2021 via a placement to institutional and sophisticated investors.

The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has been financially positive for the consolidated entity up to 30 June 2021, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided.

Other than the points noted above, no other matter or circumstance has arisen since 30 June 2021 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.

Likely developments and expected results of operations

The consolidated entity intends to continue its exploration activities on its existing projects, carry out follow up drilling at the GMZ and to review further suitable projects for exploration with a view to pegging further claims or making acquisitions, as opportunities arise.

Environmental regulation

The consolidated entity is subject to and is compliant with all aspects of environmental regulation of its exploration and mining activities. The directors are not aware of any environmental law that is not being complied with.

The consolidated entity is subject to the reporting requirements of both the Energy Efficiency Opportunities Act 2006 and the National Greenhouse and Energy Reporting Act 2007.

The Energy Efficiency Opportunities Act 2006 requires the consolidated entity to assess its energy usages, including the identification, investigation and evaluation of energy saving opportunities, and to report publicly on the assessments undertaken, including what action the consolidated entity intends to take as a result. Due to this Act, the consolidated entity has registered with the Department of Resources, Energy and Tourism as a participant entity and reports the results from its assessments.

The National Greenhouse and Energy Reporting Act 2007 require the consolidated entity to report its annual greenhouse gas emissions and energy use. The consolidated entity has previously implemented systems and processes for the collection and calculation of data.

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