REG - Wellnex Life Limited - Half Yearly Report and Accounts
27/02/2026 07:30
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RNS Number : 6931U Wellnex Life Limited 27 February 2026
ASX/AIM Announcement 27 February 2026
Half-year financial report - 31 December 2025
Key Highlights
● Significant improvements in H1 FY26 as revenue increased 8% to
$12.9 million
● Gross margin improved 9.4 percentage points on corresponding prior
period to 32.1%
● Business reached operating breakeven in Q2 FY26
Wellnex Life Limited (ASX/AIM: WNX) ("Wellnex Life" or the "Company")
Executive Chairman, Ash Vesali is pleased to provide the following update
along with Wellnex Life's half-year financial report for the six months ended
31 December 2025 (unaudited).
During the period, the Company began a strategic turnaround focused on
transitioning to a leaner and more efficient operation with stronger
management processes and tighter capital management. As a result, gross margin
during the period increased to 32.1%, reflecting improved cost control and
operational efficiency. Importantly, the Group finished Q2 FY26 operating at
breakeven, providing positive momentum heading into the second half of FY26.
Following the period end, the Company is reviewing funding options to raise
capital, including towards settlement of related parties loans.
In H2 FY26, the Company remains focused on delivering consistent performance
with a goal of building long-term shareholder value.
--- END ---
For further information, please contact:
Wellnex Life Limited (ASX/AIM:WNX)
Reach Markets
Ash
Vesali
T: 1300 805 941
Executive
Chairman
E: IR@reachmarkets.com.au (mailto:IR@reachmarkets.com.au)
E: ash.v@wellnexlife.com.au (mailto:ash.v@wellnexlife.com.au)
UK Investors
Strand Hanson (Financial & Nominated Advisor)
James Harris / Richard Johnson
Tel:
+44 (0) 20 7409 3494
Orana Corporate LLP (Joint
Broker)
swykeham@oranacorp.com (mailto:swykeham@oranacorp.com)
Sebastian Wykeham
S.P. Angel Corporate Finance LLP (Joint Broker) Tel: +44 (0)20
3470 0470
David Hignell / Vadim Alexandre
To learn more, please visit: https://wellnexlife.com.au/
(https://wellnexlife.com.au/)
The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.
1. Company details
Name of entity: Wellnex Life Limited
ABN: 77 150 759 363
Reporting period: For the half-year ended 31 December 2025
Previous period: For the half-year ended 31 December 2024
2. Results for announcement to the market
$'000
Revenue from ordinary activities up 8.0% 12,919
Loss from ordinary activities after tax attributable to the owners of Wellnex down 76.2% to (1,793)
Life Limited
Loss for the half-year attributable to the owners of Wellnex Life Limited down 76.2% to (1,793)
Dividends
There were no dividends paid, recommended or declared during the current
financial period.
Financial Performance
Revenue for the period was $12.919 million, an increase of 8.0% on the prior
corresponding period (31 December 2024: $11.962 million), with brand sales
comprising 72.3% of the total revenue with the balance coming from IP
licensing. During the period, the Company commenced a strategic turnaround
program focused on transitioning to a leaner and more agile operating model.
This initiative includes the implementation of an enhanced management
framework and disciplined capital management. As result for the period gross
margin increased to 32.1%, an increase of 9.4% on the prior corresponding
period. The Group closed Q2 FY26 operating at breakeven, providing a solid
platform entering 2HFY26 The Company continues to focus on revenue growth in
2HFY26 and remains focussed on delivering consistent performance with the goal
of creating long-term shareholder value.
3. Net tangible assets
Reporting period Previous period
Cents Cents
Net tangible assets per ordinary security (13.06) (12.51)
4. Control gained over entities
Not applicable.
5. Loss of control over entities
Not applicable.
6. Dividends
Current period
There were no dividends paid, recommended or declared during the current
financial period.
Previous period
There were no dividends paid, recommended or declared during the previous
financial period.
7. Dividend reinvestment plans
Not applicable.
8. Details of associates and joint venture entities
Not applicable
9. Foreign entities
Details of origin of accounting standards used in compiling the report:
Not applicable.
10. Audit qualification or review
Details of audit/review dispute or qualification (if any):
The financial statements were subject to a review by the auditors and the
review report is attached as part of the Half-year financial report.
11. Attachments
Details of attachments (if any):
The Half-year financial report of Wellnex Life Limited for the half-year ended
31 December 2025 is attached.
12. Signed
Signed Date: 27 February 2026
Ash Vesali
Executive Chairman
Wellnex Life Limited
ABN 77 150 759 363
Half-year financial report - 31 December 2025
Corporate
directory
2
Directors'
report
3
Auditor's independence
declaration
6
Consolidated Statement of profit or loss and other comprehensive
income
7
Consolidated Statement of financial
position
8
Consolidated Statement of changes in
equity
9
Consolidated Statement of cash
flows
10
Notes to the financial
statements
11
Directors'
declaration
16
Independent auditor's review report to the members of Wellnex Life
Limited
17
Directors Ash Vesali (Executive Chairman)
Eric Jiang (Non-Executive Director)
Jeffrey Yeh (Non-executive Director)
Company secretary Kobe Li
Registered office Building 2, Level 3,
and principal place of business Suite 69, 574 Plummer Street
Port Melbourne VIC 3207
Phone: +61 3 8399 9419
Share register Computershare Investor Registry Services
Yarra Falls
452 Johnston Street
Abbotsford VIC 3067
Phone: 1300 787 272 (within Australia)
Phone: +61 3 9415 5000 (overseas callers)
Auditor William Buck Audit (Vic) Pty Ltd
Level 20, 181 William Street
Melbourne VIC 3000
Solicitors Hamilton Locke
Level 37, 180 George Street
Sydney NSW 2000
Stock exchange listing Wellnex Life Limited securities are listed on the Australian Securities
Exchange (ASX code: WNX) and the AIM Market of the London Stock Exchange.
Website https://www.wellnexlife.com.au
The directors present their report, together with the financial statements, on
the consolidated entity (referred to hereafter as the 'consolidated entity')
consisting of Wellnex Life Limited (referred to hereafter as the 'company' or
'parent entity') and the entities it controlled at the end of, or during, the
half-year ended 31 December 2025.
The information in this report should be read in conjunction with the most
recent annual financial report, being the report for the year ended 30 June
2025.
Directors
The following persons were directors of Wellnex Life Limited during the whole
of the financial half-year and up to the date of this report, unless otherwise
stated:
Ash Vesali (Executive Chairman) - appointed 18 September 2025
Eric Jiang (Non-Executive Director)
Jeffrey Yeh (Non-Executive Director)
George Karafotias (Executive Director and Chief Executive Officer) - resigned
14 August 2025
Andrew Vidler (Non-Executive Director) - resigned 15 September 2025
Zack Bozinovski (Executive Director) - resigned 21 October 2025
Vivienne Zhang (Non-executive Director) - resigned 26 November 2025
Ruari McGirr (Non-executive Director) - resigned 27 November 2025
Principal activities
During the financial half-year the principal continuing activities of the
consolidated entity consisted of:
● Marketing and selling a portfolio of premium branded products for the health
and wellness market.
Dividends
There were no dividends paid, recommended or declared during the current or
previous financial half-year.
Review of operations
Revenue for the period was $12.919 million, an increase of 8% on the prior
corresponding period (31 December 2024: $12.0 million), with brand sales
comprising 72.3% of the total revenue with the balance coming from IP
licensing. During the period, the Company commenced a strategic turnaround
program focused on transitioning to a leaner and more agile operating model.
This initiative includes the implementation of an enhanced management
framework and disciplined capital management, targeting over $1 million in
annualised operating savings. As result for the period gross margin increased
to 32.1%, an increase of 9.4% on the prior corresponding period. The Group
closed Q2 FY26 operating at breakeven, providing a solid platform entering
2HFY26 The Company continues to focus on revenue growth in 2HFY26 and remains
focussed on delivering consistent performance with the goal of creating
long-term shareholder value.
Pain Away
Pain Away maintained market position while improving profitability in a
competitive category, delivering $7.0 million in sales (1HFY26), with gross
margin improving 7.9%.
Pain Away Heat patches scan at stores volumes grew 30.8% in Pharmacy versus
0.2% across all other Heat Patches and 1.4% for the total topical pain
category. This result lifted market share of patches format to 19.5% for this
period, a 3.8-point gain year-on-year.
Roll-ons grew 6% vs the 1.4% total topical pain category in Australia with our
two SKUs ranked #1 and #3 ahead of a third roll-on launch by the Company
planned in 2HFY2026.
Distribution momentum continues, with Priceline launching five new SKUs across
Australia, and each of Wellnex's three major pharmacy wholesalers have
confirmed four new product launches. Furthermore, Costco Australia and Costco
New Zealand will trial an exclusive heat patch in 2HFY2026.
Wakey Wakey/Nighty Night
We have taken decisive steps in consolidating some of our underperforming
SKUs. We will continue to supply the brands in line with our customer
commitments until they are sold or we enter into a discontinuation agreement.
We will cease all investments in these areas thereafter.
Wagner Health Liquigesic
Wellnex Life launched Australia's first TGA approved soft gel liquid
paracetamol product in a jointly owned brand with leading retailer Chemist
Warehouse under the Wagner Liquigesic brand. This brand continues to
strengthen with increasing brand recognition and revenue. The success of the
brand has seen the product offering increased by three new lines pack sizes of
mini ibuprofen (20/40/100) that was announced in March 2024. The new products
were launched into the market during 2024.
The Wagner Liquigesic liquid softgel brand is currently available in 3
products: Paracetamol, Paracetamol and Ibuprofen and Mini Ibuprofen.
Mr Bright
Wellnex Life's natural teeth whitening brand is no longer being sold, and the
company will be divesting the brand's intellectual property.
IP Licensing
Wellnex Life continues to strengthen its planning discipline and are working
with partners to implement a more productive and sustainable operating model
focused on commercial value delivery.
Other matters
During the period, Wellnex Life initiated a strategic turnaround agenda,
including a Board restructure reducing the number of directors from 7 to 3.
The Company also formally accepted the resignation of both Joint Chief
Executive Officers. Mr Ash Vesali was appointed Executive Chairman, overseeing
both the Board and management during the transition period. Upon appointment
of suitable Chief Executive Officer in 2HFY26 and completion of the handover
process Mr Vesali will transition to the role of Non-Executive Chairman.
Matters subsequent to the end of the financial half-year
No matter or circumstance has arisen since 31 December 2025 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.
Rounding of amounts
The company is of a kind referred to in Corporations Instrument 2016/191,
issued by the Australian Securities and Investments Commission, relating to
'rounding-off'. Amounts in this report have been rounded off in accordance
with that Corporations Instrument to the nearest thousand dollars, or in
certain cases, the nearest dollar.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section
307C of the Corporations Act 2001 is set out immediately after this directors'
report.
This report is made in accordance with a resolution of directors, pursuant to
section 306(3)(a) of the Corporations Act 2001.
On behalf of the directors
___________________________
Ash Vesali
Executive Chairman
27 February 2026
Revenue from sale of goods 12,919 11,962
Gain on extinguishment of convertible note liability 205 -
Expenses
Raw materials and consumables used (8,769) (9,236)
Administrative and corporate expenses (1,215) (1,328)
Share based payments expense (284) (150)
Employee benefits expense (1,449) (2,135)
Selling, marketing and distribution expenses (1,562) (1,578)
Depreciation and amortisation expense (651) (590)
Reversal of inventory provision 58 -
Impairment of non-current assets 5 (#_NaiNote_TOC) - (368)
Payment for restructuring PainAway deferred consideration - (650)
Transaction and due diligence costs (390) (1,948)
Finance costs (655) (1,505)
Loss before income tax expense (1,793) (7,526)
Income tax expense - -
Loss after income tax expense for the half-year attributable to the owners of (1,793) (7,526)
Wellnex Life Limited
Other comprehensive income for the half-year, net of tax - -
Total comprehensive income for the half-year attributable to the owners of (1,793) (7,526)
Wellnex Life Limited
Cents Cents
Basic loss per share (2.56) (28.14)
Diluted loss per share (2.56) (28.14)
Assets
Current assets
Cash and cash equivalents 975 497
Trade and other receivables 4,025 2,593
Inventories 2,919 4,043
Prepayments and other current assets 722 1,257
Total current assets 8,641 8,390
Non-current assets
Property, plant and equipment 6 10
Intangibles 5 (#_NaiNote_TOC) 19,179 19,724
Total non-current assets 19,185 19,734
Total assets 27,826 28,124
Liabilities
Current liabilities
Trade and other payables 7,538 10,228
Contract liabilities - 370
Borrowings 6 (#_CllNote_TOC) 5,215 5,708
Employee benefit provisions 140 457
Total current liabilities 12,893 16,763
Non-current liabilities
Borrowings 7 (#_NllNote_TOC) 4,819 -
Employee benefit provisions 70 112
Total non-current liabilities 4,889 112
Total liabilities 17,782 16,875
Net assets 10,044 11,249
Equity
Issued capital 8 (#_EqcNote_TOC) 151,944 151,447
Reserves 867 776
Accumulated losses (142,767) (140,974)
Total equity 10,044 11,249
Total equity
Issued Share-based payment Convertible loan reserve Accumulated losses
capital
reserve
Consolidated $'000 $'000 $'000 $'000 $'000
Balance at 1 July 2024 130,557 1,977 108 (126,582) 6,060
Loss after income tax expense for the half-year - - - (7,526) (7,526)
Other comprehensive income for the half-year, net of tax - - - - -
Total comprehensive income for the half-year - - - (7,526) (7,526)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs 4,508 - - - 4,508
Expiry of performance rights and options - (1,199) - 1,199 -
Balance at 31 December 2024 135,065 778 108 (132,909) 3,042
Total equity
Issued Share-based payment Convertible loan reserve Accumulated losses
capital
reserve
Consolidated $'000 $'000 $'000 $'000 $'000
Balance at 1 July 2025 151,447 776 - (140,974) 11,249
Loss after income tax expense for the half-year - - - (1,793) (1,793)
Other comprehensive income for the half-year, net of tax - - - - -
Total comprehensive income for the half-year - - - (1,793) (1,793)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs 497 - - - 497
Vesting charge for share based payments - 91 - - 91
Balance at 31 December 2025 151,944 867 - (142,767) 10,044
Cash flows from operating activities
Receipts from customers (inclusive of GST) 9,637 9,085
Payments to suppliers and employees (inclusive of GST) (12,429) (11,057)
Interest and other finance costs paid (350) (422)
Net cash used in operating activities (3,142) (2,394)
Cash flows from investing activities
Payments for deferred consideration - (220)
Net cash used in investing activities - (220)
Cash flows from financing activities
Proceeds from issue of shares - 2,181
Transaction costs for capital raising and issuance of shares* (904) (1,391)
Proceeds from borrowings - trade debtor finance facility 6,788 -
Proceeds from borrowings - Reach loan 4,950 8,988
Proceeds from related party loans - 45
Payments for transaction costs relating to Reach loan (246) -
Repayment of trade debtor finance facility (6,907) (7,806)
Payment of lease liabilities - (26)
Repayment of convertible note liability (61) -
Net cash from financing activities 3,620 1,991
Net increase/(decrease) in cash and cash equivalents 478 (623)
Cash and cash equivalents at the beginning of the financial half-year 497 903
Cash and cash equivalents at the end of the financial half-year 975 280
* Relates to cash outflows for transaction costs previously accrued in
connection with the capital raising activities undertaken on the ASX and the
LSE AIM market in prior periods.
Note 1. General information
The financial statements cover Wellnex Life Limited as a consolidated entity
consisting of Wellnex Life Limited and the entities it controlled at the end
of, or during, the half-year. The financial statements are presented in
Australian dollars, which is Wellnex Life Limited's functional and
presentation currency.
Wellnex Life Limited is a listed public company limited by shares,
incorporated and domiciled in Australia. Its registered office and principal
place of business is:
Building 2, Level 3, Suite 69,
574 Plummer Street
Port Melbourne VIC 3207
A description of the nature of the consolidated entity's operations and its
principal activities are included in the directors' report, which is not part
of the financial statements.
The financial statements were authorised for issue, in accordance with a
resolution of directors, on 27 February 2026.
Note 2. Material accounting policy information
These general purpose financial statements for the interim half-year reporting
period ended 31 December 2025 have been prepared in accordance with Australian
Accounting Standard AASB 134 'Interim Financial Reporting' and the
Corporations Act 2001, as appropriate for for-profit oriented entities.
Compliance with AASB 134 ensures compliance with International Financial
Reporting Standard IAS 34 'Interim Financial Reporting'.
These general purpose financial statements do not include all the notes of the
type normally included in annual financial statements. Accordingly, these
financial statements are to be read in conjunction with the annual report for
the year ended 30 June 2025 and any public announcements made by the company
during the interim reporting period in accordance with the continuous
disclosure requirements of the Corporations Act 2001.
The accounting policies adopted are consistent with those of the previous
financial year and corresponding interim reporting period, except for the
policies stated below.
New, revised or amending Accounting Standards and Interpretations adopted
The consolidated entity has adopted all of the new or amended Accounting
Standards and Interpretations issued by the Australian Accounting Standards
Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet
mandatory have not been early adopted.
The adoption of these Accounting Standards and Interpretations did not have
any significant impact on the financial performance or position of the
consolidated entity, other than as disclosed in the financial statements.
Going Concern
The financial report has been prepared on a going concern basis, which
contemplates continuity of normal business activities and realisation of
assets and liabilities in the ordinary course of business. The going concern
of the consolidated entity is dependent upon it maintaining sufficient funds
for its operations and commitments.
The consolidated entity made a loss after tax of $1.793 million during the
half year ended 31 December 2025, incurred net operating cash outflows of
$3.142 million and as at 31 December 2025, recorded net current liabilities of
$4.252 million.
These factors indicate a material uncertainty which may cast significant doubt
as to whether the consolidated entity will continue as a going concern and
therefore whether it will realise its assets and extinguish its liabilities in
the normal course of business and at the amounts stated in the financial
report.
Notwithstanding these results, the directors believe that the Company will be
able to continue as a going concern and accordingly the financial statements
have been prepared on a going concern basis, supported by the following
reasons:
● The consolidated entity continues to stabilise as its turnaround trajectory
remains on track and is increasing gross margins. In addition, the group
closed Q2 FY26 operating at breakeven, providing a solid platform entering H2
FY26 and putting the Group on a pathway to profitability, with growth expected
to continue in 2H FY26.
● The Company has received unsolicited preliminary interest from separate
parties regarding the acquisition of certain of its assets. The Group
continues to explore opportunities to monetise its brand assets if a
commercially sensible offer is received.
● A targeted cost reduction programme has been initiated and is targeting over
$1 million in annualised operating savings.
● The consolidated entity also has the ability to raise additional capital
through its Australian and UK brokers, and they have provided non-binding
support for additional capital raising as required, through a placement.
● Ability to access additional debt facilities through established relationships
with existing financiers, subject to customary negotiations and agreement of
commercial terms.
In the event that the consolidated entity is unable to achieve the outcomes
noted above and not be able to continue as a going concern, it may be required
to realise its assets at amounts different to those currently recognised,
settle liabilities other than in the ordinary course of business and make
provisions for other costs which may arise as a result of cessation or
curtailment of normal business operations.
Note 3. Critical accounting judgements, estimates and assumptions
There was no significant or material change in the formulation and usage of
estimates and judgments made in preparing these interim financial statements
from those applied in preparing the annual report for the year ended 30 June
2025.
Note 4. Operating segments
An operating segment is a component of an entity that engages in business
activities from which it may earn revenues and incur expenses (including
revenues and expenses relating to transactions with other components of the
same entity), whose operating results are regularly reviewed by the entity's
chief operating decision maker to make decisions about resources to be
allocated to the segment and assess its performance and for which discrete
financial information is available. Management will also consider other
factors in determining operating segments such as the existence of a line
manager and the level of segment information presented to the board of
directors.
Revenues of the consolidated entity are recognised at a point in time.
Consolidated
31 December 2025 31 December 2024
$'000 $'000
Revenue from sale of goods - recognised at a point in time 12,919 11,962
Operating segment information
During the financial year, the Group generated more than 10% of its revenue
from five individual customers, with total sales to these customers
amounting to $9,907,000 (31 December 2024: $7,358,000). Apart from these, no
other customer individually accounted for more than 10% of the Group's
revenue.
Geographical information
Sales to external customers
31 December 2025 31 December 2024
$'000 $'000
Australia 11,017 10,295
New Zealand 48 195
United Kingdom 1,531 1,472
United Arab Emirates 323 -
12,919 11,962
Note 5. Non-current assets - intangibles
In accordance with AASB 136 Impairment of Assets, the Group assesses at each
reporting date whether there is any indication that an asset or cash
generating unit may be impaired.
During the half year ended 31 December 2025, impairment indicators were
identified in relation to the PainAway cash generating unit ("CGU").
Accordingly, an impairment assessment was performed with the assistance of
management's valuation expert.
The recoverable amount of the Pain Away CGU was determined using a value in
use ("VIU") model based on management approved cash flow forecasts covering a
five year period. Cash flows beyond the forecast period were extrapolated
using a terminal growth rate that does not exceed the long term expected
growth rate of the relevant industry. The carrying amount of the CGU includes
the Pain Away brand intangible asset together with directly attributable
working capital balances.
Key assumptions applied in the model include the following:
Forecast revenue growth: 9.8% - 14.7%
EBITDA margins: 22.5% - 30.4%
Terminal growth rate: 2.50%
Pre-tax discount rate: 21.5%
Based on the assessment performed, the recoverable amount exceeded the
carrying amount of the Pain Away CGU and no impairment charge was recognised
for the period. Sensitivity analysis was performed on key assumptions and no
reasonably possible change would result in an impairment.
Note 6. Current liabilities - Borrowings
Consolidated
31 December 2025 30 June 2025
$'000 $'000
Trade debtor finance facility 2,170 2,350
Interest accrued on Reach loans (refer to Note 6) 76 -
Convertible notes payable - 502
Related party loans 2,969 2,856
5,215 5,708
Trade and debtor facility
In July 2021, the Company entered into a secured revolving trade and debtor
facility with Scottish Pacific, with the key terms of this facility as
follows:
● total value of financing facility: $3,800,000 (reduced from $5,300,000 on 1
August 2025)
● amount drawn down as at 31 December 2025: $2,170,000 (30 June 2025:
$2,350,000)
● interest rate: Bank Bill Swap Bid Rate (BBSY) plus 4%
● this financing facility is secured by general and specific security deeds over
all of the Company's assets and has first ranking over the consolidated
entity's inventory and receivables.
Related party loans
Amounts due and payable to related parties of the Company are $ 2,969,000.
Loans to related parties are unsecured, and during the period a 10% interest
rate was placed on the amounts borrowed by the Company.
The majority of the loans were extended to a repayment date of 20 April 2026
and carry no equity conversion features and therefore are at terms that the
directors consider are no more favourable to the related parties than at
market terms.
Note 7. Non-current liabilities - Borrowings
Consolidated
31 December 2025 30 June 2025
$'000 $'000
Reach - Loans payable (net of capitalised borrowing costs) 4,819 -
During the half-year period, the Company entered into Asset Based Loan
Agreements for a total facility limit of $5,325,000 with an external
financier. As at 31 December 2025, $4,950,000 was drawn down under these
facilities. The loans are secured against the assets of the Company and are
repayable 24 months following the first advance, bear interest payable of 14%
on the funds advanced and a 3% loan establishment fee.
As at 31 December 2025 and to the date of this report, there has been no
breach of the loan or its covenants.
Note 8. Equity - Issued capital
Consolidated
31 December 2025 30 June 2025 31 December 2025 30 June 2025
Shares Shares $'000 $'000
Ordinary shares - fully paid 69,955,476 67,771,528 151,944 151,447
Movements in ordinary share capital
Details Date Shares Issue price $'000
Balance 1 July 2025 67,771,528 151,447
Issue of Ordinary Shares - Issued for Corporate Advisory Services 3 October 2025 1,505,048 $0.22 331
Issue of Ordinary Shares* 3 October 2025 678,900 $0.22 149
Capital Raising costs - - 17
Balance 31 December 2025 69,955,476 151,944
* Convertible note liabilities which were recorded in the 30 June 2025
financial statements, were settled during the period through the issue of
ordinary shares following renegotiated terms. The resulting difference between
the carrying amount and the fair value of shares issued was recognised as a
gain on extinguishment in profit or loss.
Note 9. Events after the reporting period
No matter or circumstance has arisen since 31 December 2025 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.
In the directors' opinion:
● the attached financial statements and notes comply with the Corporations Act
2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting',
the Corporations Regulations 2001 and other mandatory professional reporting
requirements;
● the attached financial statements and notes give a true and fair view of the
consolidated entity's financial position as at 31 December 2025 and of its
performance for the financial half-year ended on that date; and
● there are reasonable grounds to believe that the company will be able to pay
its debts as and when they become due and payable.
Signed in accordance with a resolution of directors made pursuant to section
303(5)(a) of the Corporations Act 2001.
On behalf of the directors
_______________________
Ash Vesali
Executive Chairman
27 February 2026
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