Earnings release
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ASX Announcement Artemis Resources Limited ABN: 80 107 051 749 Email: info@artemisresources.com.au Level 2, 10 Ord Street, West Perth 6005 PO Box 86 West Perth WA 6872 www.artemisresources.com.au Page | 1 30 January 2026 Quarterly Activities Report For the period ending 31 December 2025 _______________________________________________________________________________ Artemis Resources Limited (‘ Artemis’ or the ‘Company’) (ASX: ARV) is pleased to provide its Quarterly Activities Report for the period ended 31 December 2025 (the quarter). During the quarter, the Company delivered a significant exploration breakthrough at the Titan East prospect within the Karratha Gold –Copper Project, advanced development studies at Carlow, and expanded its copper growth pipeline through the execution of a new earn -in and joint venture agreement in the Madura Province. Artemis also entered into a non -binding Memorandum of Understanding to collaboratively assess processing options for the Elizabeth Hill Silver mine and positioned its technical team for drilling programs scheduled in early 2026. Quarter Highlights (December 2025) • Titan East discovery breakthrough: Confirmation of a new shear-hosted gold system with high-grade results of 5m @ 13.1g/t Au (25ARRC006) and 19m @ 1.6g/t Au (25ARRC025), supporting an emerging mineralised trend over approximately 600m strike and triggering follow -up diamond drilling (refer to ASX announcement dated 29 October 2025 and 19 December 2025). • Carlow development studies initiated: Commencement of a conceptual mining study to assess potential open pit and underground development scenarios in parallel with planned extensional drilling (refer to ASX announcement dated 17 November 2025). • Madura Province expansion: Execution of an earn -in and joint venture agreement with Red Metal Limited to earn up to 60% of the Sharon Dam IOCG Project, establishing a second district -scale copper growth opportunity alongside Cassowary (refer to ASX announcements dated 24 December 2025). • Radio Hill optionality advanced: Signing of a non -binding Memorandum of Understanding with West Coast Silver to assess the suitability of the Radio Hill Processing Plant for potential toll treatment opportunities (refer to ASX announcement dated 4 December 2025). • Post-quarter corporate update: Julian Hanna transitioned from Technical Director to Project Manager (Cassowary and Sharon Dam) under a consultancy agreement effective 1 January 2026 (refer to ASX announcement dated 31 December 2025). Artemis announced its intention to delist from the AIM Market of the London Stock Exchange, with the objective of reducing costs and compliance overheads and consolidating trading liquidity on ASX (refer ASX announcement dated 15 January 2025).
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ASX Announcement Page | 2 Karratha Gold-Copper Project Titan East Gold Discovery The December quarter was headlined by a transition from exploration targeting to discovery at the Titan East prospect, located approximately 1.5km northwest of the Carlow Gold –Copper Resource (refer to ASX announcement dated 29 October 2025). Assay results from the first reverse circulation (RC) hole drilled to test a newly identified north- east trending shear zone returned a high -grade intersection of 5m @ 13.1g/t Au from 132m in hole 25ARRC006, representing the first drilling to test this interpreted structural position (refer to ASX announcement dated 29 October 2025). Follow-up drilling confirmed continuity of mineralisation along the shear zone, with hole 25ARRC025 intersecting 19m @ 1.6g/t Au from 127m , supporting the presence of a coherent mineralised system, (refer to ASX announcement dated 19 December 2025). Gold mineralisation is associated with vein quartz and alteration within a structural zone parallel to the Regal Thrust, the same regional-scale structure that hosts the Carlow deposit. The Titan East area is largely obscured by transported sediments, which has historically limited the effectiveness of surface exploration and highlights the importance of drilling-led discovery. In response to these results, Artemis commenced diamond drilling during the quarter to define the geometry, orientation and potential scale of the mineralised shear zone. Diamond hole 25ARDD006 was collared on 10 December 2025, with early core observations confirming successful intersection of the targeted structure at depth. Assay results were pending at quarter end (refer to ASX announcement dated 19 December 2025). Next steps (March 2026 quarter): • Completion and assay of diamond drilling • Follow-up diamond drilling to test strike and depth continuity • Integration of results into the Carlow–Titan geological model Carlow Gold-Copper Project The Carlow Gold–Copper Project remains a cornerstone asset within Artemis’ Pilbara portfolio, hosting a JORC 2012 Inferred Mineral Resource of 374koz gold and 64kt copper (refer to ASX announcement dated 13 October 2022) , which remains open along strike to the east and at depth below approximately 380 metres vertical. During the quarter, Artemis commenced a conceptual mining study , being undertaken by independent consultants Snowden- Optiro, (refer to ASX announcement dated 17 November 2025), to assess potential development scenarios and support ongoing technical evaluation of the project. The study is examining a range of open pit and underground optimisation concepts and is being conducted in parallel with planned extensional drilling. This work is being advanced against a materially stronger commodity price environment compared with the assumptions underpinning the October 2022 Mineral Resource Estimate.
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ASX Announcement Page | 3 Outputs from the study are intended to guide near -term decision -making, including drill targeting priorities, resource growth opportunities, metallurgical sampling requirements and early-stage development pathways. Next steps (March 2026 quarter): • Completion of the conceptual mining study • Integration of drilling results into updated geological and development assessments Figure 1: Interpreted long section through the Titan–Carlow corridor showing geological and structural interpretation, Titan East discovery drill intersections and outline of the Carlow Mineral Resource. Madura Province – Copper Growth Strategy Cassowary Exploration Project Artemis is systematically advancing its 1,129km² landholding along the Madura Crustal Boundary in south- eastern Western Australia, targeting large- scale IOCG-style copper –gold systems. Following execution of the Land Access Agreement with the Pila Nguru (Aboriginal Corporation) RNTBC in October 2025, (refer to ASX announcement dated 13 October 2025) , the Company has full operational access to the granted 341km² core exploration licence (E69/4266). Cassowary is centred on an interpreted intrusive complex situated along a major lithospheric boundary separating the Yilgarn Craton from the Albany– Fraser Orogen, a geological setting considered favourable for large-scale intrusion-related mineral systems. During the quarter, work programs were lodged for four initial diamond drill sites , targeting the core of the interpreted Cassowary Intrusion (Target T1) and associated structural corridors. These programs are designed to test the presence of copper –gold mineralisation beneath transported cover.
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ASX Announcement Page | 4 Sharon Dam IOCG Project (Earn-In / Joint Venture) During the quarter, Artemis executed an Earn -In and Joint Venture agreement with Red Metal Limited (ASX:RDM) to secure a majority interest in the Sharon Dam IOCG Project, (refer to ASX announcements dated 24 December 2025) , located approximately 50km south of Cassowary within the same regional structural corridor. Sharon Dam is defined by a coincident magnetic and gravity anomaly interpreted to represent a prospective intrusive system concealed beneath approximately 250 metres of transported cover, which is materially shallower than many comparable IOCG targets in Australia. Under the agreement, Artemis may earn up to 60% interest by spending A$5 million over three years, including a minimum A$400,000 drilling commitment within 12 months. The project has an existing Exploration Incentive Scheme (EIS) co -funding allocation of up to approximately A$220,000, which will reduce net drilling costs but does not count toward the minimum expenditure requirement under the earn-in agreement. Drilling is targeted for late Q2 2026, subject to heritage clearance. Figure 2: Location plan highlighting mineral deposits and occurrences associated with Proterozoic age crustal boundaries, parallel with the Yilgarn craton margin. Madura Crustal Boundary shown in red.
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ASX Announcement Page | 5 Corporate Processing & Infrastructure Radio Hill Processing Plant Artemis holds 100% ownership of the fully permitted Radio Hill Processing Plant , located near Karratha in Western Australia. During the quarter, the Company executed a non- binding Memorandum of Understanding (MoU) with West Coast Silver Limited (ASX: WCE) (refer to ASX announcement dated 4 December 2025) to assess the potential suitability of the Radio Hill plant for processing high - grade silver ore from the Elizabeth Hill Silver Mine. The MoU is assessment -focused only and does not constitute a binding processing or toll treatment agreement. The evaluation is intended to determine whether the existing plant configuration could be optimised to support potential third-party material. This work reinforces the strategic optionality provided by Artemis’ infrastructure ownership and the potential for Radio Hill to operate as a regional, multi-commodity processing facility. Figure 3: Radio Hill Processing Plant Location; Proximal to the Elizabeth Hill Silver Project
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ASX Announcement Page | 6 Finance and AGM Results At the Annual General Meeting held on 27 November 2025, shareholders approved all resolutions put to the meeting on a poll, including the adoption of the Remuneration Report, the election and re-election of Directors, and the ratification of prior share issues. In accordance with ASX Listing Rule 5.3.1, exploration expenditure during the quarter was primarily directed toward drilling activities at the Karratha Gold –Copper Project (Titan East) and preliminary joint venture costs associated with the Sharon Dam IOCG Project. Board and Management Update To ensure focused technical execution across its frontier copper growth assets, Julian Hanna transitioned to the role of Project Manager (Cassowary and Sharon Dam) under a consultancy agreement effective 1 January 2026 (refer to ASX announcement dated 31 October 2025). During the quarter, Ms Vivienne Powe and Mr Guy Robertson retired from the Board. The Board acknowledged their contributions to the Company (refer to ASX announcement dated 29 September 2025 and 27 November 2025). Cash The Company held approximately $2,446,000 in cash at the end of the quarter. This provides funding into H2 2026 for planned drilling and studies. Issued Capital The capital structure of the Company as of 31 December 2025 was: Description Number on issue Ordinary fully paid shares 3,770,922,165 Listed Options exercisable at $0.025 on or before 9 March 2026 313,732,039 Unlisted Options exercisable at $0.01 on or before 13 October 2028 150,000,000 Unlisted Options exercisable at $0.02 on or before 20 December 2027 25,000,000 Unlisted Options exercisable at $0.02 on or before 8 September 2027 5,000,000 Unlisted Options exercisable at $0.015 on or before 4 March 2027 67,321,429
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ASX Announcement Page | 7 APPENDIX 5B DISCLOSURES Exploration Activities (ASX LR 5.3.1) During the December 2025 quarter, the Company incurred exploration expenditure of approximately $1,046,000. The Company held approximately $2,446,000 in cash at the end of the reporting period. Mining Production and Development (ASX LR 5.3.2) The Company confirms that there were no mining production or development activities undertaken during the quarter by the Company or its subsidiaries. Tenements (ASX LR 5.3.3) No mining tenements were acquired or disposed of during the quarter. During the quarter, the Company entered into an earn-in and joint venture (farm-in) agreement with Red Metal Limited in relation to the Sharon Dam IOCG Project (refer ASX announcement dated 24 December 2025). A schedule of mining tenements held by the Company, including percentage interests, is provided on page 8. Related Party Transactions (ASX LR 5.3.5) Payments to related parties during the quarter totalled $310,000, comprising directors’ fees and remuneration, as well as fees paid to related entities for corporate and consulting services provided to the Company, as disclosed in item 6.1 of the Appendix 5B. All related party transactions were conducted on normal commercial terms.
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ASX Announcement Artemis Resources Limited ABN: 80 107 051 749 Email: info@artemisresources.com.au Level 2, 10 Ord Street, West Perth 6005 PO Box 86 West Perth WA 6872 www.artemisresources.com.au Page | 8 Project Tenement Project Area Holder/Applicant Holding Status End Date Karratha Gold Project E47/1797 Carlow - Titan KML No 2 Pty Ltd 100% Live 6 May 2026 E47/1746 Carlow West KML No 2 Pty Ltd 100% Live 15 May 2026 E47/3719 Osborne KML No 2 Pty Ltd 49% Live 27 Feb 2030 P47/1972 Cherratta Road KML No 2 Pty Ltd 100% Live 25 Aug 2029 M47/337 Radio Hill Fox Radio Hill Pty Ltd 100% Live 21 Mar 2036 M47/161 Radio Hill Fox Radio Hill Pty Ltd 100% Live 23 Feb 2031 E47/3361 Radio Hill Fox Radio Hill Pty Ltd 100% Live 4 April 2028 L47/93 Radio Hill Fox Radio Hill Pty Ltd 100% Live 8 Nov 2043 E47/5138 Whundo West KML No 2 Pty Ltd Ballot N/A E47/4933 Hemi West KML No 2 Pty Ltd 100% Pending N/A E47/4884 Hemi West KML No 2 Pty Ltd Ballot N/A E47/4887 Hemi West KML No 2 Pty Ltd Ballot N/A Cassowary Project E69/4266 Cassowary Intrusion KML No 2 Pty Ltd 100% Live 10 Aug 2030 E69/4317 Cassowary South KML No 2 Pty Ltd 100% Pending N/A E69/4334 Cassowary East KML No 2 Pty Ltd 100% Pending N/A E69/4318 Cassowary West KML No 2 Pty Ltd 100% Pending N/A E69/4330 Southern Intrusions KML No 2 Pty Ltd 100% Pending N/A E69/3441 Sharon Dam Intrusion Red Metal Ltd – earn in 0% Live 10 Oct 2026 Paterson Project E45/5276 Central Paterson Armada Mining Pty Ltd 100% Live 13 Feb 2029
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ASX Announcement Artemis Resources Limited ABN: 80 107 051 749 Email: info@artemisresources.com.au Level 2, 10 Ord Street, West Perth 6005 PO Box 86 West Perth WA 6872 www.artemisresources.com.au Page | 9 This announcement was approved for release by the Board For further information: Jozsef Patarica Executive Director Artemis Resources Limited +61 8 6261 5463 info@artemisresources.com.au Competent/ Qualified Person Statement The information in this report that relates to exploration results was prepared by Mr Oliver Hirst M.Sci (Hons), a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Hirst is a technical consultant to Artemis Resources. Mr Hirst has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Hirst consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. No New Information To the extent that this announcement contains references to prior exploration results which have been cross referenced to previous market announcements made by the Company, unless explicitly stated, no new information is contained. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. About Artemis Resources Artemis Resources (ASX/AIM:ARV) is a gold and copper focused resources company with a highly attractive suite of projects including projects in Western Australia’s underexplored North Pilbara Gold Province and at the Cassowary Exploration Project located 440km east of Kalgoorlie in Western Australia. • Attractive projects: o Gold/Copper – Karratha Gold Project (100%) multiple prospects incl: Carlow, Titan, Thorpe o Copper/Gold – Cassowary Exploration Project – large IOCG type and intrusion related targets o Paterson Gold/Copper Project – adjacent to Havieron Mine (owned Greatland Gold) o Lithium – Artemis/Greentech Lithium JV: Mt Marie, Kobe, Osborne • Highly strategic location: Tier 1 jurisdiction, close proximity to major hub at Karratha including regional rail and road infrastructure, administrative centre and Dampier Port • Significant exploration upside: highly prospective tenure package in the Pilbara Region of Western Australia which is rapidly emerging gold province dominated by >12Moz Au Hemi Project • Mineral Resource with growth potential: existing high-grade gold-copper Mineral Resource at Carlow • Established processing site at Radio Hill: strategically located, fully permitted • Cassowary Exploration Project: Artemis holds a granted 341km 2 exploration licence covering the large, interpreted Cassowary Intrusion prospective for IOCG type copper/gold and has four other exploration licence applications to cover other interpreted intrusions within a 30-40km wide interpreted rift zone.
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ASX Announcement Page | 10 Appendix – Carlow Resource
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Artemis Resources Limited ABN Quarter ended (“current quarter”) 80 107 051 749 31 December 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (72) (144) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (332) (542) (e) administration and corporate costs (637) (1,110) 1.3 Dividends received (see note 3) - - 1.4 Interest received 17 19 1.5 Interest and other costs of finance paid (2) (4) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other – Other operational expenses JV Receipts (89) 71 (168) 147 1.9 Net cash from / (used in) operating activities (1,044) (1,802) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (d) exploration & evaluation (974) (1,345) (e) investments (22) (22) (f) other non-current assets - -
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 2.2 Proceeds from the disposal of: - - - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (996) (1,367) 3. Cash flows from financing activities - 4,875 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (20) (348) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other – right-of-use lease liabilities (38) (66) 3.10 Net cash from / (used in) financing activities (58) 4,461 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4,544 1,154 4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,044) (1,802) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (996) (1,367) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (58) 4,461
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 2,446 2,446 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 446 1,044 5.2 Call deposits 2,000 3,500 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 2,446 4,544 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 310 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: Items in 6.1 include payments for directors fees, company secretarial and consulting fees paid to the directors or their associated entities for services provided to the company.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (1,044) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (974) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (2,018) 8.4 Cash and cash equivalents at quarter end (item 4.6) 2,446 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 2,446 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.21 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: The company does not expect that it will continue to have the same level of net operating cash outflows in future quarters. Cash outflows for the quarter ended 31 December 2025 reflect the level of exploration and corporate activity undertaken during the period. The company expects that cash outflow may vary depending on the timing and scale of exploration programs, the level of discretionary expenditure undertaken, and ongoing cost management initiatives.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: During the year to date, the company has successfully raised capital, strengthening its cash position. In addition, the entity holds approximately 8.6 million ASX-listed securities which are freely tradable and had a market value of approximately $1.25 million at the reporting date. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: The entity expects to be able to continue its operations and meet its business objectives based on its current cash and cash equivalents, the ability to manage discretionary expenditure, the availability of liquid listed investments that may be realised if required, and its capacity to access additional funding as necessary. The directors consider that these factors provide a reasonable basis for the entity to continue as a going concern. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 January 2026 Authorised by: The Board ............................................... (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee] ”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.