92 Energy : Interim Financial Report

ABN 55 639 228 550

& Controlled Entities

Interim Financial Report

For the Half-year ended 31 December 2021

CONTENTS

Directors' Report	3
Auditor's Independence Declaration	5
Consolidated Statement of Profit or Loss and Other Comprehensive Income	6
Consolidated Statement of Financial Position	7
Consolidated Statement of Changes in Equity	8
Consolidated Statement of Cash Flows	9
Notes to the Consolidated Financial Statements	10
Director's Declaration	18
Independent Auditor's Review Report	19

92 ENERGY LIMITED: INTERIM FINANCIAL REPORT − 31 DECEMBER 2021

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DIRECTORS' REPORT

Your Directors present their half-yearly report on the consolidated entity consisting of 92 Energy Limited ("92E" or "the Company") and the entities it controlled at the end of, or during, the period 1 July 2021 to 31 December 2021("the Group").

Directors

The persons who were Directors of 92 Energy Limited during the interim reporting period and up to the date of this report are:

Mr Richard Pearce	Non-Executive Chairman (appointed on 3 November 2020)
Ms Siobhan Lancaster	Chief Executive Officer (appointed 1 January 2021)
	Managing Director (appointed 1 July 2021)
Mr Matthew Gauci	Non-Executive Director (appointed on 19 February 2020)
Mr Oliver Kreuzer	Non-Executive Director (appointed on 17 June 2020)
Mr Steven Blower	Technical Director (appointed 15 October 2021)

Review of Operations

92E's principal activities during the period were focused on progressing the drilling program on the southern region of its Gemini Project in the Athabasca Basin, Saskatchewan.

During its initial summer drilling program, the Company announced the discovery of a new zone of uranium mineralisation on the Gemini Project (the Project) in the Athabasca Basin, Saskatchewan.

The Company successfully completed a $7.15 million placement in September 2021, and remains in a strong financial position which allows it to continue its exploration programs in the Athabasca Basin, Saskatchewan.

Gemini Project

The Gemini Project is located in the Athabasca Basin region of northern Saskatchewan, Canada, which is home to several world class uranium deposits including McArthur River and Cigar Lake. The Gemini Winter Drill Program commenced in February 2022 (please refer ASX announcement dated 10 February 2022) and will consist of an initial 6,600m of diamond drilling. The majority of the drill program will follow up the GMZ discovery drill hole GEM-004 with the objective of determining the extent of uranium mineralisation along and across strike. GEM-004 intersected 5.5m of 0.12% U3O8 (1,200 ppm U3O8), including 1.0m of 0.28% U3O8 (2,800 ppm U3O8), with the highest-grade assay within this sub-interval being 0.5m of 0.36% U3O8 (3,600 ppm U3O8) from 234.5 to 235.0m (refer to ASX Announcement dated 20 September 2021). The Company has also identified a 1.8km long trend to the north of GEM-004 (refer to previous ASX announcement 9 June 2021) which is considered highly prospective exploration ground due to the intersection of an interpreted north-south VTEM structural trend with northeast trending magnetic lows. Collectively, this is referred to as the Gemini Extension Target (GMX).

The Company's program is planned and permitted, and 92E's local exploration team has appointed Bryson Drilling of Archerwill, Saskatchewan as drill contractor.

Competent Persons Statement

The information in this document as it relates to exploration results was provided by Kanan Sarioglu, a Competent Person who is a registered Professional Geoscientist (P.Geo) with the Engineers and Geoscientists of British Columbia (EGBC), the Association of Professional Geoscientists and Engineers of Alberta (APEGA) and the Association of Professional Geoscientists and Engineers of Saskatchewan (APEGS). Kanan Sarioglu is the VP Exploration for 92 Energy Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Sarioglu consents to the inclusion in this document of the matters based on the information in the form and context in which it appears. Additionally, the information in this report that relates to Exploration Results is extracted from the Company's prospectus dated 26 February 2021 and released to the ASX Market Announcements Platform on 13 April 2021 and other ASX announcements on 9 June 2021 and 20 September 2021 (Announcements).

The Group's operating loss for the period ended 31 December 2021 was $2,802,044 (31 December 2020: $116,030).

92 ENERGY LIMITED: INTERIM FINANCIAL REPORT − 31 DECEMBER 2021

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Significant Change in State of Affairs

There were no significant changes in the state of affairs of the Group during the period.

Matters Subsequent to Reporting Date

DATEDETAILS

13/01/2022 Cleansing Notice - Issue of 300,000 Shares to Axiom Exploration Group Ltd.

10/02/2022 Drilling Program Commences at GMZ Uranium Discovery.

07/03/2022 Elevated Radioactivity Intersected at GMZ Uranium Discovery

No other matters or circumstances have arisen since the end of the financial period which significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future periods.

Auditor's Independence Declaration

The Auditor's Independence Declaration under section 307C of the Corporation Act 2001 is included within this financial report.

This report is signed in accordance with a resolution of the Board of Directors.

Siobhan Lancaster

Managing Director

Perth, Western Australia, 9 March 2022

92 ENERGY LIMITED: INTERIM FINANCIAL REPORT − 31 DECEMBER 2021

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Tel: [phone]	Level 9, Mia Yellagonga Tower 2
Fax: [phone]	5 Spring Street
www.bdo.com.au	Perth, WA 6000
	PO Box 700 West Perth WA 6872
	Australia

DECLARATION OF INDEPENDENCE BY DEAN JUST TO THE DIRECTORS OF 92 ENERGY LIMITED

As lead auditor for the review of 92 Energy Limited for the half-year review 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.

This declaration is in respect of 92 Energy Limited and the entities it controlled during the period.

Dean Just

Partner

BDO Audit (WA) Pty Ltd

Perth, 9 March 2022

BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia 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.

92 ENERGY LIMITED: INTERIM FINANCIAL REPORT − 31 DECEMBER 2021

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