Bristol Springs Solar Pty Ltd 30 June 2020 Accounts

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Directors' Report

1. Directors

The directors of the Company at any time during or since the end of the financial year are:

2. Principal activities

The principal activity of the Company during the course of the financial year was the development of a solar power project in the south west of Western Australia.

There were no other significant changes in the nature of the activities of the Company during the year.

3. Review of operations

The Company continued to advance the project during the financial year, including entering into a joint development agreement with Pearl Clean Energy Pty Ltd ("PCE"), to undertake various studies, including a feasibility study to purse the development of the project. PCE were appointed as the manager of the project for the purposes of the joint development agreement.

4. Significant changes in the state of affairs

In the opinion of the Directors there were no significant changes in the state of affairs of the Company that occurred during the financial year under review.

5. Events subsequent to reporting date

On 13 October 2021 the Company's shareholders entered into a binding agreement with Superior Lake Resources Limited ("SUP"), a company listed on the ASX, to acquire a 100% interest in Bristol Springs Solar Pty Ltd. As part of this transaction, SUP has agreed to fund project activities up until completion of the transaction. SUP has announced that, as part of the transaction, it will raise $8 million to progress development of the Company's solar project, meet transaction costs, facilitate the recommencement of trading of SUP's securities on ASX and for working capital. The Directors are confident the transaction with SUP will complete. In the event the transaction does not complete, BSS can defer all its costs if required as they are discretionary in nature and there are no ongoing contractual commitments.

Other than the item noted in the above paragraph, there has not arisen in the interval between the end of the financial year 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 Company, to affect significantly the operations of the Company, the results of those operations, or the state of affairs of the Company, in future financial years.

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Directors' Report

6. Likely developments

The Company will continue to pursue the development of its solar power project. This will require further investment including completing the feasibility study and front end engineering design work.

Further information about likely developments in the operations of the Company and the expected results of those operations in future financial years has not been included in this report because disclosure of the information would be likely to result in unreasonable prejudice to the Company.

7. Dividends

No recommendation for payment of dividends has been made for the year ended 30 June 2020 (2019: Nil).

8. Directors' interests

The relevant interest of each director in the ordinary share capital issued by the Company as at the date of this report is:

1Shares are held by entities in which a relevant interest is held.

9. Lead auditor independence declaration

The Lead auditor's independence declaration is set out on page 15 and forms part of the directors' report for the financial year ended 30 June 2020.

This report is made out in accordance with a resolution of directors:

Johnathon Goyder

Director

Date 25/11/2021

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Statement of profit & loss