Announcement PDF Aureka Limited ABN 66 125 140 105 Interim Report - For the half-year ended 31 December 2025 Aureka Limited Contents 31 December 2025 1 Corporate directory 2 Directors' report 3 Auditor's independence declaration 7 Consolidated statement of profit or loss and other comprehensive income 8 Consolidated statement of financial position 9 Consolidated statement of changes in equity 10 Consolidated statement of cash flows 11 Notes to the consolidated financial statements 12 Directors' declaration 24 Independent auditor's review report to the members of Aureka Limited 25 Aureka Limited Corporate directory 31 December 2025 2 Directors Graeme Hunt (Non-Executive Chairman) James Gurry (Managing Director) Richard Taylor (Non-Executive Director) Angela Lorrigan (Non-Executive Director) Company secretary Mathew Watkins Registered office and principal place Suite 2, Level 11, 385 Bourke Street of business Melbourne, VIC 3000 Telephone +61 (3) 9692 7222 Fax +61 (3) 9956 7355 Email info@aureka.com.au Website www.aureka.com.au Share register Boardroom Pty Limited Level 8, 208 George Street Sydney NSW 2000 Australia Telephone +61 (2) 9290 9600 Facsimile +61 (3) 9279 0664 Auditor William Buck Level 20, 181 William Street Melbourne, VIC 3000 Stock exchange listing Aureka Limited shares are listed on the Australian Securities Exchange (ASX code: AKA) Aureka Limited Directors' report 31 December 2025 3 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Consolidated entity') consisting of Aureka Limited (referred to hereafter as the 'Company' or 'parent entity' or 'Aureka') and the entities it controlled at the end of, or during, the half-year ended 31 December 2025. Directors The following persons were directors of Aureka Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated: Graeme Hunt - Non-Executive Chairman James Gurry - Managing Director Richard Taylor - Non-Executive Director Angela Lorrigan - Non-Executive Director Principal activities The principal activities during the period involved mineral exploration in Victoria, Australia. Dividends There were no dividends paid, recommended or declared during the current or previous financial half-year. Review of operations The loss for the Consolidated entity after providing for income tax amounted to $2,274,428 (31 December 2024: loss of $2,054,224). The period was one of significant advancement for Aureka Limited (ASX: AKA) led by multiple intercepts of high-grade mineralisation at both at the Irvine (Stawell Corridor) and Comstock (St Arnaud) projects. The period also saw strategic land access partnership at the Irvine Project, engagement with mill owners to advance the Comstock Project, successful divestment of the Company’s interest in the Tandarra Gold Project JV and culminated with a highly successful $3.6M placement in December 2025. Through the calendar year 2025, Aureka completed just under 7,000 metres of diamond drilling across its portfolio of projects, most of the drilling focused on the flagship Irvine Project, followed by the Comstock Project. On 24 Jul 2025 (1), the Company reported Multiple high-grade gold intercepts at St Arnaud Comstock Project. The drilling at Comstock intersected multiple zones of gold mineralisation outside the existing resource. Mineralisation is associated with sheared stylolitic quartz veins containing elevated sulphides, including pyrite, arsenopyrite, galena, and sphalerite. Highlights from hole 25NED001 included: ● 6.9m @ 4.24g/t Au from 422.1m, including 0.75m @ 18.6g/t Au, ● 3.2m @ 4.71g/t Au from 434.0m, including 0.6m @ 19.9g/t Au, and ● 3.35m @ 1.87g/t Au from 408.1m. On 27 August 2025, Aureka announced (2) the successful completion of its Unmarketable Parcel (UMP) Facility, allowing shareholders with holdings valued under $500 to sell their shares efficiently and cost-effectively. Following completion, 749,622 shares were sold on behalf of 3,834 shareholders, reducing the register to 1,317 shareholders and 126,050,281 shares on issue, simplifying administration and improving liquidity. On 1 October 2025, Aureka announced (3) that it had initiated a strategic review of its 49% interest in the Tandarra Gold Project Joint Venture with Catalyst Metals (ASX:CYL). The review will consider several potential outcomes, including maintaining Aureka’s current interest, partial or full divestment, or conversion to a production royalty. The process remains confidential and ongoing, with the Board to update shareholders upon completion. On 14 October 2025, Aureka confirmed (4) multiple occurrences of visible gold on diamond drilling at the Irvine Project. Visible gold was observed across multiple holes (RD046, RD047 and RD048) in multiple zones. On 15 October 2025, assay results from the visible gold samples (5) were received which included the highest-grade assay since the discovery of the Irvine Project in 2017 (0.3m @ 183g/t). The record results on diamond hole RD048 were within a greater 10m significant gold intercept zone that included disseminated sulphides within the Tenacity Hanging Wall Fault wall rock. Aureka Limited Directors' report 31 December 2025 4 Results from RD048 included: ● 10m @ 12.1g/t Au from 413m, ● Including 0.3m @ 183g/t Au from 413m, and ● 0.3m @ 64.3g/t Au from 413.8m. The results in RD048 were 200m north north-west of the visible gold intercept previously reported from Irvine diamond hole RD046 and reaffirm the newly identified Tenacity Hanging Wall Fault structure to be high priority target with potential to high grade gold intercepts and grow the Inferred Resource at the Irvine Project. On 10 November 2025, Aureka agreed to exit its interest in the Tandarra Joint Venture (JV) for cash consideration of $1.275m (before costs) (6). The proceeds to be applied towards continued diamond drilling and the permanent land access around the Irvine Gold Project. On 3 December 2025 Aureka announced that as part of its permanent project land access strategy first announced in March 2025, a new strategic partnership with privately-owned, Australian resident mining company, RDI Mining Pty Ltd and other investors to hold or own land for the benefit of Aureka (7). These agreements ensure Aureka is maximising its available funds for in ground exploration spending and not on capital intensive land ownership. By the end of the reporting period, Aureka had come to own or control over 100 hectares of land and properties around the flagship Irvine Project. This sees Aureka follows in the footsteps of other successful Victorian explorer-developers, securing permanent project land access early. The agreements with RDI and other investors involve ownership of the land by investors, Aureka occupying or managing the land under lease or sub-leasing to local agricultural operators. Also on 3 December 2025 Aureka announced further high grade visible gold results on the Irvine Project Resolution Lode footwall (8) from the remaining assays from diamond drill hole RD048. The key intercept was: ● 5.66m @ 6.13g/t Au from 489.34m, and ● Including 0.38m @ 85.8g/t Au from 492.18m. The gold mineralisation in these lower section of diamond hole RD048 occur within a weakly stylolitic sheared quartz vein with minor arsenopyrite hosted in the Resolution Foot Wall. The high-grade results occur 70m below those previously reported in the Tenacity Hanging Wall Fault. On 8 December 2025, the Aureka announced (9) it had engaged Victorian small-scale gold production specialists Core Prospecting Pty Ltd to undertake a scope of works to assess the regulatory pathway, engineering, logistics and targeted drilling required to prepare Comstock for possible early mining commencement. Importantly, the scope includes an assessment of mill options, including suitability of the Core owned and operated Wedderburn Milling Facility (Mining Licence 4183), which is situated only 45km from the St Arnaud Comstock Project. Towards the close of the quarter, Aureka completed a highly successful share placement of $3.6 million to new and existing wholesale investors at $0.14 per share. Placement funds will be used to maintain and accelerate Aureka’s exploration activities and strategic initiatives. Footnotes: (1) ASX Release - 24 Jul 2025: Multiple high-grade gold intercepts at St Arnaud Comstock (2) ASX Release - 27 August 2025: Completion of its Unmarketable Parcel (UMP) Facility (3) ASX Release - 1 October 2025: Strategic review of Tandarra Gold Project Joint Venture (4) ASX Release - 14 Oct 2025: Irvine Drilling Multiple Occurrences of Visible Gold (5) ASX Release - 15 Oct 2025: Irvine Drilling Highest Assay Since Discovery (6) ASX Release - 10 Nov 2025: Aureka divests Tandarra Interest for $1.3M (7) ASX Release - 03 Dec 2025: Strategic Land Access Partner Maximises Exploration Spend (8) ASX Release - 03 Dec 2025: Irvine Drilling – Resolution Footwall Delivers Hight Grade Results (9) ASX Release - 08 Dec 2025: Core Prospecting St Arnaud Engagement Aureka Limited Directors' report 31 December 2025 5 Significant changes in the state of affairs On 10 November 2025, the Company announced that it divested its 49% interest in the Tandarra Gold Project Joint Venture to its partner for a cash consideration of $1,275,000 (before costs) (refer to "10 Nov 2025: Aureka divests Tandarra Interest for $1.3M" for details). On 18 November 2025, the Consolidated entity entered into a Land Call and Call Option Agreement (“Deed - 180”) in respect of the property located on 180 Westgate Road, Armstrong VIC ("180") with 366 Property Pty Ltd (“366”). The Deed – 180 granted (i) a Put Option to 366 and (ii) a Call Option to the Consolidated entity to acquire the property at a fixed exercise price of $1,440,000, subject to an uplift of +30% for the first 12‑month period, then +25% for each additional completed 12‑month period (pro‑rata for part‑year), with settlement 60 days after exercise. The Call Option may be exercised by Aureka at any time up to the 4th anniversary of the Commencement Date, and the Put Option may be exercised by the Landowner only upon a Trigger Event and also only up to the 4th anniversary. Option fees of $1 were paid for each of the Put and Call options on execution. The options under Deed – 180 were considered as executory contracts over a non‑financial asset that require physical delivery and cannot be settled in net; accordingly, the options were disclosed as commitments and not recognised in the financial statements. As part of the arrangement, in November 2025 the Consolidated entity entered into a 4 year lease agreement with RDI to occupy 180 with an annual rent of $100,800 plus GST, with a fixed 4% annual increase. The lease was payable quarterly in advance. There were $25,200 rent and $8,400 rental deposit payables as at 31 December 2025, which were then settled (together with the rent for the quarter commenced 1 March 2026) through issuance of 452,308 ordinary shares at $0.13 (13 cents) per shares on 9 February 2026. As at 31 December 2025 and 30 June 2025, a total of $160,000 was paid for the acquisition of 180 and recognised in the consolidated statement of financial position as other assets. On 18 November 2025, the Consolidated entity entered into a Put & Call Option Deed (“Deed - 156”) in respect of the property located on Part 156 Westgate Road ("156"), Armstrong VIC with RDI Mining Holdings Pty Ltd (“RDI”). The Deed – 156 granted (i) a Put Option to RDI and (ii) a Call Option to the Consolidated entity to acquire the property at a fixed exercise price of $780,000 (ex‑GST), with settlement 60 days after exercise. The Put Option is exercisable from 14 November 2026 to 13 November 2027; and the Call Option is exercisable from 14 November 2026 to 13 November 2028. Option fees of $1 were paid for each of the Put and Call options on execution. The options under Deed – 156 were considered as executory contracts over a non‑financial asset that require physical delivery and cannot be settled in net; accordingly, the options were disclosed as commitments and not recognised in the financial statements. As part of the arrangement, on 21 November 2025 the Consolidated entity entered into a 3 year lease agreement with RDI to occupy 156 with an annual rent of $39,000 plus GST, payable annually in advance. The lease included two 2-year renewal options with 5% uplift on each renewal. As at 31 December 2025, a total of $490,000 were paid for the acquisition of 156 and recognised in the consolidated statement of financial position as other assets, of which $390,000 was settled via issuance of 3,750,000 ordinary shares of the Company at $0.104 (10.4 cents each). As at 31 December 2025, neither option had been exercised and no present obligation to purchase 156 and 180 existed, therefore, the Consolidated entity has a commitment amounted to $1,730,000, being the fixed exercise price of the call options. By the end of the reporting period, upon execution the abovementioned arrangements, the Consolidated entity had come to own or control over 100 hectares of land and properties around the flagship Irvine Project. On 23 December 2025, the Company issued 25,284,552 ordinary shares at $0.14 (14 cents) per share to existing and new investors and raised $3,539,837 (before cost) upon completion of a placement on 16 December 2025. There were no other significant changes in the state of affairs of the Consolidated entity during the financial half-year. 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. Aureka Limited Directors' report 31 December 2025 6 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 ___________________________ Graeme Hunt Non-Executive Chairman 12 March 2026 Level 20, 181 William Street, Melbourne VIC 3000 +61 3 9824 8555 vic.info@williambuck.com williambuck.com.au William Buck is an association of firms, each trading under the name of William Buck across Australia and New Zealand with affiliated offices worldwide. Liability limited by a scheme approved under Professional Standards Legislation. Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 To the directors of Aureka Limited As lead auditor for the review of Aureka Limited for the half-year ended 31 December 2025, I declare that, to the best of my knowledge and belief, there have been: — no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and — no contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of Aureka Limited and the entities it controlled during the period. William Buck Audit (Vic) Pty Ltd ABN 59 116 151 136 R. P. Burt Director Melbourne, 12 March 2026 Aureka Limited Consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2025 Consolidated Note 31 December 2025 31 December 2024 $ $ The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 8 Other income 4 1,277,136 48,586 Expenses Employee benefits expense (359,853) (303,742) Corporate and other administration expenses (1,242,065) (615,067) Depreciation and amortisation expense (61,088) (9,965) Exploration and evaluation expense 5 (1,677,331) (741,310) Share-based payments expense 14 (205,156) (382,368) Other expenses - (14,146) Finance costs (6,071) (36,212) Loss before income tax expense (2,274,428) (2,054,224) Income tax expense - - Loss after income tax expense for the half-year attributable to the owners of Aureka Limited (2,274,428) (2,054,224) Other comprehensive income for the half-year, net of tax - - Total comprehensive income for the half-year attributable to the owners of Aureka Limited (2,274,428) (2,054,224) Cents Cents Basic loss per share 13 (1.76) (6.69) Diluted loss per share 13 (1.76) (6.69) Aureka Limited Consolidated statement of financial position As at 31 December 2025 Consolidated Note 31 December 2025 30 June 2025 $ $ The above consolidated statement of financial position should be read in conjunction with the accompanying notes 9 Assets Current assets Cash and cash equivalents 4,967,582 4,935,767 Other receivables 262,590 429,379 Other financial assets 19,945 19,945 Total current assets 5,250,117 5,385,091 Non-current assets Other financial assets 120,000 120,000 Property, plant and equipment 7 1,520,597 657,520 Right-of-use assets 6 610,809 21,591 Deposit for land and property 11 836,000 - Total non-current assets 3,087,406 799,111 Total assets 8,337,523 6,184,202 Liabilities Current liabilities Trade and other payables 685,244 704,427 Lease liabilities 8 113,927 22,987 Employee benefits 18,949 2,234 Total current liabilities 818,120 729,648 Non-current liabilities Lease liabilities 8 459,519 1,955 Employee benefits 53 53 Total non-current liabilities 459,572 2,008 Total liabilities 1,277,692 731,656 Net assets 7,059,831 5,452,546 Equity Issued capital 9 123,093,160 119,176,532 Reserves 680,900 715,815 Accumulated losses (116,714,229) (114,439,801) Total equity 7,059,831 5,452,546 Aureka Limited Consolidated statement of changes in equity For the half-year ended 31 December 2025 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 10 Issued Share based payment Accumulated Total equity capital Reserves losses Consolidated $ $ $ $ Balance at 1 July 2024 108,188,962 2,378,821 (112,073,500) (1,505,717) Loss after income tax expense for the half-year - - (2,054,224) (2,054,224) Other comprehensive income for the half-year, net of tax - - - - Total comprehensive income for the half-year - - (2,054,224) (2,054,224) Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs 8,130,220 - - 8,130,220 Share-based payments (note 14) - 411,905 - 411,905 Reclassification of historically cancelled share-based payments - (2,378,821) 2,378,821 - Balance at 31 December 2024 116,319,182 411,905 (111,748,903) 4,982,184 Issued Share based payment Accumulated Total equity capital Reserves losses Consolidated $ $ $ $ Balance at 1 July 2025 119,176,532 715,815 (114,439,801) 5,452,546 Loss after income tax expense for the half-year - - (2,274,428) (2,274,428) Other comprehensive income for the half-year, net of tax - - - - Total comprehensive income for the half-year - - (2,274,428) (2,274,428) Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs (note 9) 3,286,557 - - 3,286,557 Shares issued as part deposit for acquisition of 180 Westgate Road (note 9) 390,000 - - 390,000 Shares issued in lieu of cash for services rendered (note 9) 24,000 - - 24,000 Shares issued upon exercising options and performance rights (note 9) 216,071 (216,071) - - Vesting of share-based payment - 181,156 - 181,156 Balance at 31 December 2025 123,093,160 680,900 (116,714,229) 7,059,831 Aureka Limited Consolidated statement of cash flows For the half-year ended 31 December 2025 Consolidated Note 31 December 2025 31 December 2024 $ $ The above consolidated statement of cash flows should be read in conjunction with the accompanying notes 11 (1,343,901) (1,055,389) (1,976,418) (698,393) (2,891) 1,527 Cash flows from operating activities Payments to suppliers Payment for exploration and evaluation Interest (paid)/received Other revenue 2,136 47,059 Net cash used in operating activities (3,321,074) (1,705,196) Cash flows from investing activities Payments for property, plant and equipment 7 (881,278) (2,273) Payments for deposit for land and property 11 (286,000) - Proceeds from disposal of Tandarra JV (before costs) 1,275,000 - Net cash from/(used in) investing activities 107,722 (2,273) Cash flows from financing activities Proceeds from issue of shares 9 3,539,837 6,002,415 Share issue transaction costs 9 (253,280) (389,659) Proceeds from convertible note - 500,000 Repayment of lease liabilities (41,390) (10,920) Net cash from financing activities 3,245,167 6,101,836 Net increase in cash and cash equivalents 31,815 4,394,367 Cash and cash equivalents at the beginning of the financial half-year 4,935,767 506,460 Cash and cash equivalents at the end of the financial half-year 4,967,582 4,900,827 Aureka Limited Notes to the consolidated financial statements 31 December 2025 12 Note 1. General information The financial statements cover Aureka Limited as a Consolidated entity consisting of Aureka Limited ("the company") and the entities it controlled ("the Consolidated entity") at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Aureka Limited's functional and presentation currency. Aureka Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 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 12 March 2026. The directors have the power to amend and reissue the financial statements. Note 2. Material accounting policy information New or amended 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. 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, unless otherwise stated. Note 3. Operating segments Identification of reportable operating segments The Consolidated entity operates in the mining exploration operations wholly in Australia, which is also the basis on which the board reviews the company’s financial information. AASB 8 requires operating segments to be identified on the basis of internal reports about the 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. In the current year, the board reviews the consolidated entity as one operating segment being mineral exploration within Australia. All assets and liabilities and operations are based in Australia. Aureka Limited Notes to the consolidated financial statements 31 December 2025 13 Note 4. Other income Consolidated 31 December 2025 31 December 2024 $ $ Interest income - 1,527 Other income 2,136 47,059 Gain on disposal of Tandarra JV * 1,275,000 - Other income 1,277,136 48,586 * On 10 November 2025, the Company announced that it divested its 49% interest in the Tandarra Gold Project Joint Venture to its partner for a cash consideration of $1,275,000 (before costs). Note 5. Exploration and evaluation Reconciliations Reconciliations of the cumulative exploration and evaluation expenditure recognised in the profit and loss from the grant date of the tenements to the beginning and end of the current and previous financial half-year are set out below: Stawell Corridor Bendigo North St Arnaud Project Jubilee Gold Project Stavely Arc Project Total Consolidated $ $ $ $ $ $ Cumulative expenditure at 1 July 2025 20,441,640 8,357,750 6,007,351 46,244 1,127 34,854,112 Expensed during the half-year 1,049,024 2,859 607,503 17,945 - 1,677,331 Cumulative expenditure at 31 December 2025 21,490,664 8,360,609 6,614,854 64,189 1,127 36,531,443 Note 6. Right-of-use assets Consolidated 31 December 2025 30 June 2025 $ $ Non-current assets Land and buildings - right-of-use 751,686 119,581 Less: Accumulated depreciation (140,877) (97,990) 610,809 21,591 Additions to the right-of-use assets during the half-year were $632,105. The Consolidated entity leases land and buildings for its offices, warehouses, access for exploration activities and supporting workshops under agreements of between 3 to 4 years with, in some cases, options to extend. The leases have various escalation clauses. On renewal, the terms of the leases are renegotiated. Aureka Limited Notes to the consolidated financial statements 31 December 2025 Note 6. Right-of-use assets (continued) 14 Reconciliations Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below: Land and buildings Consolidated $ Balance at 1 July 2025 21,591 Additions 632,105 Depreciation expense (42,887) Balance at 31 December 2025 610,809 Material accounting policy information A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset. Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities. Critical accounting judgements, estimates and assumptions In determining the Consolidated entity’s lease arrangements over part of 156 Westgate Road, Armstrong VIC ("156") and 180 Westgate Road, Armstrong VIC ("180"), the Consolidated entity exercised judgement in assessing (i) whether each contract as highlighted in note 11 for 156 and 180 conveys the right to control the use of an identified asset for a period of time in exchange for consideration, and (ii) the lease term and measurement inputs applied on initial recognition. For both 156 and 180, the Consolidated entity concluded that the relevant agreements convey the right to obtain substantially all of the economic benefits from use of the identified land and to direct its use during the contractual period. Accordingly, the Consolidated entity has recognised right-of-use assets and lease liabilities for the non‑cancellable lease terms. In forming this view, management considered the legal form and substance of (a) the executed lease agreements, and (b) the surrounding documents (including nomination deeds, call/put option deeds and access/consent instruments). The option deeds and nomination/consent arrangements do not change the conclusion that the lease criteria in AASB 16 are met; rather, those instruments are accounted for separately as executory contracts. Refer to note 11 for details of the arrangement. Aureka Limited Notes to the consolidated financial statements 31 December 2025 15 Note 7. Property, plant and equipment Consolidated 31 December 2025 30 June 2025 $ $ Non-current assets Land - at cost 952,583 527,705 Property - at cost 522,031 75,909 Less: Accumulated depreciation (11,599) (500) 510,432 75,409 Computer equipment - at cost 20,680 15,630 Less: Accumulated depreciation (5,218) (2,015) 15,462 13,615 Field equipment - at cost 48,728 43,500 Less: Accumulated depreciation (6,608) (2,709) 42,120 40,791 1,520,597 657,520 Reconciliations Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below: Land Property Computer equipment Field equipment Total Consolidated $ * $ * $ $ $ Balance at 1 July 2025 527,705 75,409 13,615 40,791 657,520 Additions 424,878 446,122 5,050 5,228 881,278 Depreciation expense - (11,099) (3,203) (3,899) (18,201) Balance at 31 December 2025 952,583 510,432 15,462 42,120 1,520,597 * The fair value of land of $424,878 and property of $446,122 was determined by an external valuer according to recent comparable transactions. Note 8. Lease liabilities Consolidated 31 December 2025 30 June 2025 $ $ Current liabilities Lease liability 113,927 22,987 No