Half Yearly Report and Accounts

A.B.N. 54 126 490 855

CONSOLIDATED INTERIM FINANCIAL REPORT

HALF-YEAR ENDED 31 DECEMBER 2024

Page 1

DIRECTORS' REPORT

DIRECTORS' REPORT

Your directors present their report on the consolidated entity consisting of Coppermoly Limited ("Coppermoly" or the "Company") and the entities it controlled (the "Group") at the end of, or during, the half-year ended 31 December 2024.

DIRECTORS

The following persons were directors of Coppermoly during the half-year and up to the date of this report:

Mark Burke (Appointed 29 November 2024)

Minlu Fu (Appointed 16 December 2024)

Quinn Lee (Appointed 29 November 2024)

Patrick Holywell (Appointed 1 November 2024 and Resigned 13 December 2024)

Kevin Grice (Resigned 29 November 2024)

Dr Wanfu Huang (Resigned 29 November 2024)

Craig McPherson (Resigned 29 November 2024)

REVIEW OF EXPLORATION ACTIVITIES

Highlights:

• Geological and geophysical modelling and drilling at 'Shuffleton' prospect identified new target zones for ground magnetic survey which began in November 2024,
• NOV 2024 - commenced first stage of geochemical survey and soil sampling on high potential targets at our Fox Creek (EPM 27835) and Mount Tracey (EPM 27836) tenements,
• NOV 2024 - commenced first stage of ground magnetic geophysics surveys on high potential targets at our Fox Creek (EPM 27835) and Mount Tracey (EPM 27836) tenements,
• EPM28853 'Malakoff' tenement was granted by Queensland government (Granted 12/11/2024) and pre field studies have taken place to identify target areas for Q1 2025 Survey program,
• Significant Board and Management changes taken place to accelerate COY exploration strategy,

Summary

Coppermoly has reassessed the test drilling on IP Sounding anomalies to-date with a view of gaining better knowledge of the copper and gold system within the Shuffleton and Foxtails prospects. The company has prioritised new target zones and has been systematically surveying and testing these targets during the December quarter, through fresh ground magnetic surveys and geochemical analysis.

On December 1st of 2024 the company saw significant changes to the Board and key management personnel. The new introductions to the Coppermoly team align with Coppermoly's accelerated exploration program. Mark Burke was appointed as Managing Director and Dr Wanfu Huang will concentrate on the Geology and exploration of the Mt Isa tenements under the guidance of Head of Technical and new board member Dr Minlu Fu.

The company is continuing its strategic exercise of building up its exploration portfolio in Mount Isa, and a new tenement (Malakoff EPM 28853) has been granted on November 12th 2024. This tenement borders COY's other prospective tenements and is adjacent to the 'Ernest Henry' Copper Mine in Cloncurry.

Page 3 of 16

DIRECTORS' REPORT

REVIEW OF RESULTS

The loss after tax for the half-year ended 31 December 2024 was $510,175 (2023: $485,747 loss).

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

Other than the matters noted on this Directors' Report, there were no significant changes in the state of affairs of the

Company or the Group in the half-year ended 31 December 2024.

DIVIDENDS

No dividends were paid during the half-year and no recommendation is made as to payment of dividends.

EVENTS AFTER THE REPORTING PERIOD

On 22 January 2025, the Company announced that it had completed a placement to raise $1,050,000 through the issue of 105,000,000 fully paid ordinary shares at $0.01 per share. Funds raised from the Placement will be used to advance the Company's 2025 Queensland copper/gold exploration projects and for general working capital.

Additionally, on 21 February 2025, the Company raised a further $700,000 through the issue of 70,000,000 fully paid ordinary shares at $0.01 per share. Funds were also raised to carry out advanced exploration activities on the Company's current granted tenure, whilst also providing greater financial flexibility.

Other than the matter noted above, there have been no events since 31 December 2024 that impact materially upon the financial report.

AUDITOR'S INDEPENDENCE DECLARATION

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 immediately follows this report.

This report is made in accordance with a resolution of the directors.

Mark Burke

Director

Dated: 6 March 2025

Page 4 of 16

AUDITOR'S INDEPENDENCE DECLARATION

DECLARATION OF INDEPENDENCE BY R J LIDDELL TO THE DIRECTORS OF COPPERMOLY LIMITED

As lead auditor for the review of Coppermoly Limited for the half-year ended 31 December 2024, 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 Coppermoly Limited and the entities it controlled during the period.

R J Liddell

Director

BDO Audit Pty Ltd

Brisbane, 6 March 2025

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of A.C.N. 050 110 275 Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and A.C.N. 050 110 275 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.

Page 5 of 16

COPPERMOLY LIMITED & ITS CONTROLLED ENTITIES

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2024

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

Page 6 of 16

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

Page 7 of 16

COPPERMOLY LIMITED & ITS CONTROLLED ENTITIES

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE HALF-YEAR ENDED 31 DECEMBER 2024

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Page 8 of 16

COPPERMOLY LIMITED & ITS CONTROLLED ENTITIES

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2024

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Page 9 of 16

COPPERMOLY LIMITED & ITS CONTROLLED ENTITIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2024

NOTE 1. BASIS OF PREPARATION OF HALF-YEAR REPORT

This condensed consolidated interim financial report for the half-year reporting period ended 31 December 2024 has been prepared in accordance with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001. The Company is a for-profit entity for financial reporting purposes under Australian Accounting Standards.

These interim financial statements do not include all the notes of the type normally included in annual financial statements and therefore cannot be expected to provide as full an understanding of the financial performance, financial position, financing and investing activities of the consolidated entity as the full financial statements. Accordingly, these half-year financial statements are to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by Coppermoly Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the Group's Annual Financial Report for the financial year ended 30 June 2024, except as stated below.

The Group adopted all new Accounting Standards and Interpretations effective for the half-year ended 31 December 2024. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Going concern

The Group's financial statements have been prepared on the basis of accounting principles applicable to a going concern which assumes the Group will continue in operation for the foreseeable future and will be able to realise its assets and discharge its liabilities in the normal course of operations.

As at 31 December 2024, the Group held cash and cash equivalents of $1,391,607, net current assets of $1,044,271 and net assets of $2,725,455. In the half-year ended 31 December 2024 cash outflows from operating and investing activities totalled $583,571 and incurred a net loss of $510,175.

The ongoing operation of the Group is dependent upon:

• The Group raising additional funding from shareholders or other parties; and/or
• The Group reducing expenditure in line with available funding; and/or
• Successful exploration and exploitation of tenements.

These conditions give rise to a material uncertainty that may cast doubt upon the Group's ability to continue as a going concern.

The Directors note that subsequent to the end of the year the company completed a placement to raise $1,050,000 through the issue of new equity.

The directors believe that the going concern basis of preparation is appropriate based on the ability to seek to raise funds from shareholders or other investors and their intention to raise such funds as and when required to complete its projects.

In the event that the Group does not obtain additional funding and/or reduce expenditure in line with available funding, it may not be able to continue its operations as a going concern and therefore may not be able to realise its assets and extinguish its liabilities in the ordinary course of operations and at the amounts stated in the consolidated interim financial report.

NOTE 2. FAIR VALUE MEASUREMENTS

The carrying values of the Group's financial assets and financial liabilities approximate their fair values as at 31 December 2024.

Page 10 of 16