Half-year Results

Directors' Report

Directors' Declaration

Consolidated Statement of Profit or Loss and Other Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Condensed Notes to the Financial Statements

Auditor's Independence Declaration

Auditor's Review Report

DIRECTORS' REPORT

The Board of Directors of Berkeley Energia Limited present their report on the consolidated entity of Berkeley Energia Limited (the Company or Berkeley) and the entities it controlled during the half year ended 31 December 2024 (Consolidated Entity or Group).

DIRECTORS

The names of the Directors of Berkeley in office during the half year and until the date of this report are:

Mr Ian Middlemas Chairman

Mr Robert Behets Non-Executive Director (Acting Managing Director)

Mr Adam Parker Non-Executive Director

Unless otherwise disclosed, Directors were in office from the beginning of the half year until the date of this report.

OPERATING AND FINANCIAL REVIEW

Berkeley is a high impact, clean energy company focused on bringing its wholly owned Salamanca Uranium Project (Salamanca or Project) into production. This world class uranium project is located in a historic mining area about three hours west of Madrid, Spain. This initiative will guarantee Spain and the European Union as an internal supplier, delivering more than four million pounds of uranium per year, equivalent to 10% of European total consumption or more than a third of the energy generated in Spain.

Salamanca Project Summary

Figure 1: Location of the Salamanca Project, Spain

Summary

Summary and highlights for and subsequent to the half year end include:

Exploration at Conchas Project

Subsequent to the end of the period, Berkeley announced the results of the recent reverse circulation (RC) and diamond drilling program completed at the Conchas project (Conchas Project), as part of its ongoing exploration initiative targeting critical minerals in Spain. Highlights included:

• Assay results demonstrate shallow, thick zones of lithium and rubidium mineralisation, hosted within a muscovitic leucogranite, intersected in all 33 RC holes.
• Drill intercepts include:

o 14m @ 0.95% Li2O & 0.39% Rb2O (from 40m)

o 18m @ 0.55% Li2O & 0.23% Rb2O (from surface)

o 61m @ 0.50% Li2O & 0.21% Rb2O (from surface)

o 27m @ 0.44% Li2O & 0.21% Rb2O (from surface)

o 56m @ 0.48% Li2O & 0.21% Rb2O (from surface)

• Samples collected from an additional three diamond holes completed in the drill program have been sent for preliminary metallurgical test work with results anticipated in the current period.
• Next steps include 3D modelling of the drilling data and completion of the preliminary metallurgical test work.
• International Arbitration against Spain

In May 2024, Berkeley advised that its wholly owned subsidiary, Berkeley Exploration Limited (BEL), had filed a Request for Arbitration (Request) for its investments in the Kingdom of Spain (Spain) through its Spanish subsidiary, Berkeley Minera España SA (BME), initiating arbitration proceedings against Spain before the International Centre for Settlement of Investment Disputes (ICSID).

As part of its Request, BEL alleges that Spain's actions against BME and the Salamanca Project have violated multiple provisions of the Energy Charter Treaty (ECT), and that BEL is seeking preliminary compensation in the order of US$1 billion (US$1,000,000,000) for these violations.

The Registration of the Arbitration has been published on the ICSID website and the tribunal members were selected and appointed, thereby formally establishing the tribunal.

Global Nuclear Power and Uranium Market

The outlook for nuclear power and the uranium market continued to strengthen during and subsequent to the end of the period, with a number of important recent developments, including:

• Spain - Proposal to Reverse Spain's Nuclear Phase-out Approved by Parliament

o The Plenary Session of the Spanish Congress approved a non-law proposal calling for the government to implement a series of measures that would reverse the country's decision to phase out nuclear power. Under current plans, Spain's power reactors are all scheduled to shut by 2035. The proposal, presented by the right-wing People's Party, was passed on 12 February 2025, with 171 votes in favour, 164 against and 14 abstentions. The non-law proposal is not binding but it urges the Government to follow a policy in accordance with its content.

Spain - Demonstrations

o According to figures from Spain's Civil Guard, approximately 7,000 people attended a demonstration against the planned closure of the Almaraz nuclear power plant in Extremadura as part of the country's nuclear phase-out policy.

The demonstration was called by the municipalities in the area of influence of the Almaraz nuclear power plant and the citizens' platform "Yes to Almaraz, Yes to the Future" to demand the continuation of the activity of the Extremadura plant in light of the closure planned by the central government.

The Mayor of Almaraz was quoted as saying the nuclear plant is the "most necessary industry in Extremadura", while insisting that "not a minute can be wasted in defending its continuity [if you want to avoid job loss and increased depopulation]." "Today the fight begins, and I ask the Government of the nation to rectify it, because it is brave to recognise mistakes," the Mayor said about the plant.

Spain - Nuclear Power Plant Continuation

o One of Spain's nuclear operators, said it has received notification of the ministerial order extending the operating permit for the Trillo nuclear power plant until November 2034. The Ministry for Ecological Transition and the Demographic Challenge (MITECO) had considered the favourable report issued by the Nuclear Safety Council (NSC) in its decision to grant the operating extension.

Spain - Nuclear Industry Manifesto

The manifesto - signed by 32 companies, including Empresarios Agrupados-GHESA (EAG), Framatome, GDES, GE Vernova, IDOM and Westinghouse - says: "We urge the initiation of a dialogue and renegotiation of the 2019 agreement on the phased shutdown of nuclear power plants. This agreement was made under an industrial, geopolitical, social and economic context that is vastly different from today's reality.

International Atomic Energy Agency (IAEA)

o IAEA published a new report, Climate Change and Nuclear Power 2024, which focused on the financial requirements to pursue increased nuclear power capacity. The report concluded that in order to reach the 2050 high case nuclear capacity forecast (2.5 times current global nuclear capacity) contained in the agency's recent projection, the annual global investment in nuclear power reactor maintenance and new build would need to increase from the average of US$50 billion/year experienced 2017-2023, up to US$125 billion/year. Tripling current nuclear capacity would necessitate annual investment of US$150 billion.

United Nations Climate Change Conference (COP29)

o COP29 convened in Baku, Azerbaijan during November 2024. The IAEA reported that nuclear power was highlighted during the gathering observing that "Reaching global decarbonisation targets by 2050 will require a significant expansion of nuclear power." During the international conference, an additional six countries added their support to the Declaration to Triple Nuclear Energy, bringing the total to 31 signatory countries.

Balance Sheet

The Company is in a strong financial position with A$79 million in cash reserves and no debt.

Operations

Salamanca Project Update

During the period, the Company continued with its commitment to health, safety and the environment as a priority.

External audits of the Company's Environmental Management System according to ISO 14001 Standards, and Sustainable Mining Management System according to UNE 22470/80 Standards, were completed by independent consultant AENOR during the period. No non-compliance issues were identified during the audit and the final report noted that BME continues to improve its climate change and sustainability processes. AENOR concluded that the Environmental Management System and Sustainable Mining Management System meet the requirements of the Standards and the audit criteria.

The Company was also certified under the ISO 45001:2023 its Occupational Health and Safety Management System during the period. The Company has as one of its fundamental pillars the search for excellence in the execution of its activities, which go beyond strict regulatory compliance. In the past the Company was certified in OSHA:18001 for the Health and Safety Management System but has now obtained certification under ISO 45001:2023, its successor, which demonstrates the Company's commitment to continuous improvement. The certificate has been issued by AENOR.

Exploration

During the period, the Company continued with its exploration program focusing on critical minerals in Spain. The exploration initiative is targeting lithium, rubidium, tin, tantalum, niobium, tungsten, and other battery and critical metals, within the Company's existing tenements in western Spain that do not form part of Berkeley's main undertaking being the development of the Salamanca Project.

Conchas Project

Figure 2: IP Conchas Location Plans and Geology / Drill Hole Location Plan

The drill program comprised five broad spaced RC holes for a total of 282m. Anomalous results for lithium (Li), tin (Sn), rubidium (Rb), cesium (Cs), niobium (Nb) and tantalum (Ta) obtained from multi-element analysis of drill samples were reported in April 2023, demonstrating Conchas' exploration potential for several critical and strategic raw materials included in the European Commission's Critical Raw Materials Act (CRMA). The drill results included 25m @ 0.56% Li2O and 0.22% Rb2O from surface (CCR0002).

2024 Drilling Program

• the mineralised muscovite leucogranite is very homogeneous in terms of mineralogy
• the southern zone of mineralisation contains the highest grades overall, with individual assay values exceeding 2.5% Li2O. In this area, all holes penetrated the host muscovitic leucogranite and ended in the underlying regional granite (Figure 3)

Figure 3: IP Conchas 4,492,225 North Cross Section

Figure 4: IP Conchas 4,492,925 North Cross Section

Next Steps

Representative samples obtained from the three diamond core holes drilled in the 2024 program have been sent to the Oviedo School of Mines' laboratory for preliminary metallurgical test work.

The metallurgical testwork program has been designed to assess the potential recovery of Li, Rb and the other elements of economic interest, and will comprise crushing and grinding (bond index calculation), gravity (jigs, shaking tables and multi gravity separator), high intensity wet and dry magnetic separation on the concentrates, froth flotation, and characterisation of the samples.

3D modelling of the drilling data will also be undertaken to refine the geological interpretation and assess volumes, average grades and grade distributions for the Li and Rb mineralisation at different cut-offs.

Rubidium1,2,3,4,5

Rubidium is a critical raw material with growing significance in advanced technology and industrial applications, including in the defence and military, aerospace, communications, biomedical and renewable energy sectors. Rubidium compounds play a key role in the production of specialty glasses, cutting-edge electronics, radiation detection devices and medical imaging technologies, ensuring their relevance across multiple high-growth sectors.

Oliva and La Majada Projects

The birdlife study at the La Majada Project has been completed and the Exploration Program is currently being updated to align it to new legislation recently introduced for the Castilla La Mancha Region. This documentation will be submitted to the relevant authorities in the coming period.

International Arbitration Dispute

In May 2024, the Company's wholly owned subsidiary, BEL, filed a Request for its investments in Spain through its Spanish subsidiary, BME, initiating arbitration proceedings against Spain before ICSID.

As part of its Request, BEL alleges that Spain's actions against BME and the Salamanca Project have violated multiple provisions of the ECT, and that BEL is seeking preliminary compensation in the order of US$1 billion (US$1,000,000,000) for these violations.

BEL has received the Notice of Registration from ICSID andthe Registration of the Arbitration was published on the ICSID website with the tribunal now being formally constituted. The proceedings will now advance to the next phase which will include formalising the proceedings timetable and ground rules.

Background to Dispute

The Company's wholly owned subsidiary, BME, currently holds legal, valid and consolidated rights for the investigation and exploitation of its mining projects, including the 30-year mining licence (renewable for two further periods of 30 years) for the Salamanca Project, however any new proceedings opened by the Company is now not allowed under the aforementioned new law.

Owing to the current status of the Project, a two million pound U3O8 offtake contract, which could no longer be fulfilled, was terminated subsequent to the end of the period.

Results of Operations

The net profit of the Consolidated Entity for the half year ended 31 December 2024 was $831,000 (31 December 2023: loss $3,451,000). Significant items contributing to the current half year profit and the substantial differences from the previous half year include the following:

• Interest income of $1,643,000 (31 December 2023: $1,668,000), this is attributable to the interest earned on the cash and cash equivalents of $79,429,000 (30 June 2024: $77,345,000) held by the Company;
• Exploration and evaluation expenses of $2,108,000 (31 December 2023: $1,897,000) which are attributable to the Group's accounting policy of expensing exploration and evaluation expenditure incurred subsequent to the acquisition of the rights to explore and up to and until a decision to develop or mine is made;
• Arbitration related expenses of $577,000 (31 December 2023: nil) relating to the ongoing arbitration proceedings against Spain;
• Non-cash share-based payment expense of $446,000 (31 December 2023: $437,000) was recognised in respect of incentive securities granted to directors, employees and key consultants of the Group as part of the long-term incentive plan to reward directors, employees and key consultants for the long-term incentive of the Group. The Company's policy is to expense the incentive securities over the vesting period. During the period the Company issued nil (31 December 2023: 1,900,000) incentive options (Incentive Options) which relates to the current period expense;
• Foreign exchange gain of $4,819,000 (31 December 2023: loss of $2,305,000) largely attributable on the US$48 million held in cash by the Group following the weakening of the AUD against the USD by some seven percent during the half year period; and
• Income Tax Expense of $1,816,000 (31 December 2023: nil) relating to the recognition of a deferred tax liability relating to unrealised foreign exchange movements on the US$48 million held in cash by the Group.

Financial Position

At 31 December 2024, the Group is in a strong financial position with cash reserves of $79,429,000 (30 June 2024: $77,345,000). The Company had cash outflows during the period totalling $2,722,000 (31 December 2023: $1,350,000) plus a foreign exchange gain of $4,806,000 (31 December 2023: loss of $2,292,000) following the weakening of the AUD against the USD by some seven percent during the period.

The Group had net assets of $86,511,000 at 31 December 2024 (30 June 2024: $84,904,000), an increase of two percent compared with 30 June 2024. The increase is consistent with the increase in cash offset by the increase in total liabilities.

Business Strategies and Prospects for Future Financial Years

• Continue in the defence of the Company's rights through an established and enforceable legal framework, ICSID, in relation to the international arbitration for the investment dispute between BEL and Spain following Spain's actions against BME and the Salamanca Project that have violated multiple provisions of the ECT for the to the Salamanca Project;
• Continue to assess other business development and investment opportunities at the Salamanca Project;
• Continue with exploration activities at the Conchas Project; and
• Continue to assess other business and development opportunities in the resources sector.
• Litigation risk - All industries, including the mining industry, are subject to legal and arbitration claims. Specifically, in May 2024, the Company's wholly owned subsidiary, BEL filed a Request for its investments in Spain through its Spanish subsidiary, BME, initiating arbitration proceedings against Spain before ICSID.

As part of its Request, BEL alleges that Spain's actions against BME and the Salamanca Project have violated multiple provisions of the ECT and that BEL is seeking preliminary compensation in the order of US$1 billion for these violations.

The Group will strongly defend its position and continue to take relevant actions to pursue its legal rights regarding the Salamanca Project. However, there is no certainty that the arbitration proceedings will be successful which may have a material impact on the Company's securities.

• Mining licences and government approvals required - In 2021, the Company received formal notification from MITECO that it had rejected the NSC II application at the Salamanca Project. This decision followed the unfavourable NSC II report issued by the NSC in July 2021.

Further, Berkeley received formal notifications from the TSJ in December 2023 which upheld the appeals submitted by a non-governmental organisation, Plataforma Stop Uranio, and the city council of Villavieja de Yeltes (the appellants) to revoke the first instance judgements related to the Authorization of AEUL and the UL, and annules both the AEUL and UL.

The Company strongly disagrees with the fundamentals of the TSJ's judgement and having previously submitted cassation against the TSJ judgements before the Supreme Court under Spanish law to defend its position, BME has withdrawn the appeals to preserve the Group's rights under international arbitration.

However, the successful development of the Salamanca mine will be dependent on the granting, or re-granting of all permits and licences necessary for the construction and production phases, in particular the grant of NSC II, UL and AEUL which will allow for the construction of the plant as a radioactive facility. In this regard, the Company has entered into an advisory agreement on a fixed and success fee basis to assist with the grant, or re-grant, of all permits and licences necessary for the construction phase at Salamanca.

However, with any development project, there is no guarantee that the Company will be successful in applying for and maintaining all required permits and licences to complete construction and subsequently enter into production. If the required permits and licences are not granted, or are granted, appealed against and withdrawn (as in the case of the UL, AEUL and surface water capture and waste water discharge permits), then this could have a material adverse effect on the Group's financial performance, which has led to a reduction in the carrying value of assets which may materially jeopardise the viability of the Salamanca Project and the price of its ordinary shares.

• The Company may not successfully acquire new projects - In conjunction with seeking to overturn the negative MITECO through international arbitration, the Company is also searching for and assessing other new business opportunities at the Salamanca Project, as well as new business opportunities in the resources sector which could have the potential to build shareholder value. These new business opportunities may take the form of direct project acquisitions, joint ventures, farm-ins, acquisition of tenements/permits, or direct equity participation.

The Company's success in its acquisition activities depends on its ability to identify suitable projects, acquire them on acceptable terms, and integrate the projects successfully, which the Company's Board is experienced in doing.

However, there can be no guarantee that any proposed acquisition will be completed or be successful and the Directors are not able to assess the likelihood or timing of a successful acquisition. If a proposed acquisition is completed the usual risks associated with a new project and/or business activities will remain. Further, any new acquisition may require the establishment of a new business.

The Company's ability to generate revenue from a new business will depend on the Company being successful in exploring, identifying mineral resources and establishing mining operations in relation to a new project. Whilst the Directors have extensive industry experience, there is no guarantee that the Company will be successful in exploring and developing a new project;

· The Company may be adversely affected by fluctuations in commodity prices - The price of uranium has fluctuated widely since the Fukushima nuclear power plant disaster in March 2011 and is affected by further numerous factors beyond the control of the Company. Future production, if any, from the Salamanca Project will be dependent upon the price of uranium being adequate to make these properties economic. The Company currently does not engage in any hedging or derivative transactions to manage commodity price risk, but as the Company's Salamanca Project advances, this policy will be reviewed periodically;

• The Group's projects are not yet in production - As a result of the substantial expenditures involved in mine development projects, mine developments are prone to material cost overruns versus budget. The capital expenditures and time required to develop new mines are considerable and changes in cost or construction schedules can significantly increase both the time and capital required to build the mine; and

SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD

There were no significant events occurring after balance date requiring disclosure.

AUDITOR'S INDEPENDENCE DECLARATION

Section 307C of the Corporations Act 2001 requires our auditors, Ernst & Young, to provide the Directors of Berkeley Energia Limited with an Independence Declaration in relation to the review of the half year financial report. This Independence Declaration is on page 24 and forms part of this Directors' Report.

Signed in accordance with a resolution of Directors.

Robert Behets

Acting Managing Director

References

1 www.mordorintelligence.com/es/industry-reports/rubidium-market

2 www.straitsresearch.com/report/rubidium-market

3 www.marketresearchfuture.com/reports/rubidium-market-27298

4 U.S Geological Survey, Mineral Commodity Summaries, January 2024 - Rubidium

5 www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals

MINERAL RESOURCE AT THE SALAMANCA PROJECT

*rounding errors may occur

DIRECTORS' DECLARATION

In accordance with a resolution of the Directors of Berkeley Energia Limited, I state that:

In the opinion of the Directors:

• the financial statements and notes are in accordance with the Corporations Act 2001, including:
• giving a true and fair view of the Consolidated Entity's financial position as at 31 December 2024 and of its performance for the half year ended on that date.
• the Directors Report, which includes the Operating and Financial Review, provides a fair review of:
• important events during the first six months of the current financial year and their impact on the half year financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and
• related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Group during that period, and any changes in the related party transactions described in the last annual report that could have such a material effect; and

On behalf of the Board

Robert Behets

Acting Managing Director

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE HALF YEAR ENDED 31 DECEMBER 2024

Other comprehensive income, net of income tax:

Items that may be reclassified subsequently to profit or loss:

CONDENSED NOTES TO THE FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2024

REPORTING ENTITY

Berkeley Energia Limited is a company domiciled in Australia. The interim financial report of the Company is as at and for the six months ended 31 December 2024.

The annual financial report of the Company as at and for the year ended 30 June 2024 is available upon request from the Company's registered office or is available to download from the Company's website at www.berkeleyenergia.com.

STATEMENT OF COMPLIANCE

The interim financial report is a general purpose financial report which has been prepared in accordance with Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Act 2001.

This interim financial report does not include all the information of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report of Berkeley Energia Limited for the year ended 30 June 2024 and any public announcements made by Berkeley Energia Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

Basis of Preparation of Half Year Financial Report

The amounts contained in the half year financial report have been rounded to the nearest $1,000 (where rounding is applicable) under the option available to the Company under ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191.

The financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the normal course of business.

Historical cost convention

These financial statements have been prepared under the historical cost convention, as modified where applicable by the revaluation of certain financial assets and liabilities at fair value through profit or loss.

SUMMARY OF MATERIAL ACCOUNTING POLICIES

Accounting policies applied by the Consolidated Entity in this consolidated interim financial report are the same as those applied by the Consolidated Entity in its consolidated financial report for the year ended 30 June 2024.

In the current period, the Group has adopted all of the new and revised Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective for annual reporting periods beginning on or after 1 July 2024.

New and revised Standards and amendments thereof and Interpretations effective for the current half year that are relevant to the Group include:

• AASB 2020-1 Amendments to Australian Accounting Standards - Classification of Liabilities as Current or Non-Current

The adoption of the aforementioned standards has resulted in no impact on interim financial statements of the Group as at 31 December 2024.

Issued standards and interpretations not early adopted

Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted by the Group for the reporting period ended 31 December 2024. Those which may be relevant to the Group are set out in the table below, but these are not expected to have any significant impact on the Group's financial statements:

SEGMENT INFORMATION

AASB 8 requires operating segments to be identified on the basis of internal reports about components of the Consolidated Entity that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance.

The Consolidated Entity operates in one operating segment, being exploration for mineral resources within Spain. This is the basis on which internal reports are provided to the Directors for assessing performance and determining the allocation of resources within the Consolidated Entity. All material non-current assets excluding financial instruments are located in Spain.

NON-CURRENT ASSETS - PROPERTY, PLANT AND EQUIPMENT

Land

$000

NON-CURRENT LIABILITIES

During the half-year period, the Group recognised a deferred tax liability of $1,816,000 (30 June 2024: nil) relating for unrealised foreign exchange movements on the US$48 million held in cash by the Group.

• CONTRIBUTED EQUITY
• Issued and Paid Up Capital

• Movements in Ordinary Share Capital during the Six Month Period ended 31 December 2024

There were no movements in fully paid ordinary shares during the past six months.

RESERVES

• Movements in Options during the Six Month Period ended 31 December 2024:

DIVIDENDS PAID OR PROVIDED FOR

No dividend has been paid or provided for during the half year (2023: nil).

FAIR VALUE OF FINANCIAL INSTRUMENTS

The majority of the Group's financial instruments consist of those which are measured at amortised cost including trade and other receivables, security bonds, trade and other payables and other financial liabilities. The carrying amount of these financial assets and liabilities approximate their fair value.

CONTINGENT ASSETS AND LIABILITIES

The Registration of the Arbitration has now been registered and published on the ICSID website with the tribunal being established following the Request being filed by BEL to protect its investments in Spain. As part of its Request, BEL alleges that Spain's actions against BME and at the Salamanca Project have violated multiple provisions of the ECT, and that BEL is seeking preliminary compensation in the order of US$1 billion (US$1,000,000,000) for these violations. Notwithstanding the investment dispute, the Group remains committed to the Salamanca Project and continues to be open to a constructive dialogue with Spain. The Group is ready and open to collaborate with the relevant Spanish authorities to find an amicable resolution to the permitting situation and remains hopeful discussions can take place in the near term. In this regard, the Company has entered into an advisory agreement on a fixed and success fee basis to assist with the grant, or re-grant, of all permits and licences necessary for the construction phase at the Salamanca Project.

RELATED PARTY DISCLOSURE

Balances and transactions between the Company and its subsidiaries, which are related parties to the Company, have been eliminated on consolidation. There have been no other transactions with related parties during the half-year ended 31 December 2024, other than remuneration with Key Management Personnel.

SUBSEQUENT EVENTS AFTER BALANCE DATE

There were no significant events occurring after balance date requiring disclosure.

AUDITOR'S INDEPENDENCE DECLARATION

AUDITOR'S REVIEW REPORT