Earnings release
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_____________________________________________________________________________________________________________________________ ____________________ Quarterly Report December 2025 Page 1 28 January 2026 Quarterly Activities and Cashflow Report for the period ending 31 December 2025 Boab Metals Limited (ASX: BML) (“Boab” or “the Company”) is pleased to present its Activities and Cashflow Report for the quarter ended 3 1 December 2025. During the period, the Company secured over A$350 million in funding and made a Final Investment Decision to proceed with the development of it s flagship Sorby Hills Silver -Lead-Zinc Project (“ Sorby Hills ” or “ the Project” ), located in the Kimberley Region of Western Australia. HIGHLIGHTS • Over A$350 million funding secured to develop the Sorby Hills Project, comprising: o A$236 million debt facility from Merricks Capital and Davidson Kempner; o A$110 million equity via placements to professional and sophisticated investors; o A$7 million equity via a heavily oversubscribed Share Purchase Plan offered to existing shareholders. • Acquisition of the remaining 25% of the Sorby Hills Project completed. • Capital cost reductions and shortened construction timeline expected. • Final Investment Decision (“FID”) on the Sorby Hills Project made by the Boab board. • On-site Early Works commenced, including site access and plant pad construction. • First Production of Lead-Silver concentrate at Sorby Hills scheduled for H2 of 2027. • The Company had a cash balance of A$89.9 million as at 31 December 2025. Boab Managing Director and CEO, Simon Noon, stated: “The past quarter saw Boab make a positive Final Investment Decision for the Sorby Hills Project. Since acquiring Sorby Hills in 2018, Boab has undertaken a disciplined process to expand and derisk the Mineral Resource, secure the necessary environmental and regulatory approvals and complete the testwork, engineering and studies required to define a technically and economically robust project. Throughout that same period, the Company ha s pursued and deliver ed on a series of value accretive opportunities, including securing second-hand accommodation facilities and the high- quality DeGrussa Processing Plant for use at Sorby Hills , negotiating and completing the acquisition of the remaining 25% interest in the Project and executing a flexible competitive and offtake agreement with global commodities group Trafigura. During the quarter, the Company successfully leveraged its execution ready position to capitalise on the rapidly evolving silver market to raise more than A$350 million in project funding and make the formal transition from aspiring project developer to fully funded emerging base and precious metals producer.” For personal use only
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_____________________________________________________________________________________________________________________________ ____________________ Quarterly Report December 2025 Page 2 Background Information Sorby Hills is located 50km from the regional centre of Kununurra in the East Kimberley of Western Australia and has access to existing sealed roads to transport concentrate 150km from the mine site to the facilities at Wyndham Port. The Project comprises a Mineral Resource of 47.3Mt containing 1.5Mt lead at 3.1% and 53Moz silver at 35g/t. The current Sorby Hills mine plan comprises 18.3Mt at 3.4% lead and 39g/t silver, of which ~83% is classified as an Ore Reserve. On 6 June 2024, Boab released the results of a Front -End Engineering & Design Study (“FEED Study”) on the Project showing strong pre -tax economics including C1 operating costs of US$0.36/lb payable lead (incl. a net silver credit of US$0.37/lb payable lead), NPV8 of A$411 million, IRR of 37%, A$778 million free cash flow, and an average annualised EBITDA of A$126 million. With project operating costs expected to be covered by revenue from lead —underpinned by its historically stable pricing—project free cash flow is highly leveraged to silver prices. • The FEED Study assumed a silver price of US$27.4/oz (A$40.4/oz) • As of 28 January 2026, the spot silver price has increased to over US$110/oz (~A$160/oz) - a multiple of 4 times compared to the FEED Study assumption. A$350 million in funding secured for the development of Sorby Hills During the quarter, Boab secured sufficient debt and equity commitments to fully fund the Sorby Hills Project through to first production in H2 2027. On 14 October 2025, the Company announced it had received firm commitments for a A$50 million placement to professional and sophisticated investors at a price of A$0.40/share. The placement was undertaken over two tranches , with the second tranc he approved at the Company’s Annual General Meeting held on 25 November 2025. On 27 November 2025, the Company announced that it had secured a binding commitment from Merricks Capital and Davidson Kempner for a A$236 million project finance debt facility. The 5-year debt facility has a clean structure, with no warrants, royalties, production -linked payments or equity-like features thus limiting shareholder dilution and allowing investors to retain full exposure to further silver price upside and associated Project cashflow. Contractual Close on the debt facility is expected during the current quarter, with the first drawdown of the facility expected to occur in the second half of 2026. On 15 December 2025, the Company announced it had received firm commitments for a A$60 million placement to professional and sophisticated investors at a price of A$0.40 per share. The placement was undertaken over two tranches , with the second tranche approved at a General Meeting of the Company held on 2 3 January 2026. Participation in the placement included substantial investments by Davidson Kempner and Franklin Templeton. The placement was complemented by a heavily oversubscribed A$7 million Share Purchase Plan that closed on 7 January 2026. Shares under the Share Purchase Plan were issued at A$0.40 per share. Over A$17 million in applications for the Share Purchase Plan were received, demonstrating strong investor confidence in Boab’s strategy, assets and near-term development plans. For personal use only
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_____________________________________________________________________________________________________________________________ ____________________ Quarterly Report December 2025 Page 3 Sorby Hills - Final Investment Decision On 17 December 2025, the Company announced that it had made a Final Investment Decision on the Sorby Hills Project and noted its commitment to building a long -life, low-risk operation that delivers sustainable value for shareholders and generates lasting economic and social benefits for the East Kimberley community. Move to 100% ownership of Sorby Hills Complete Following the Final Investment Decision, the Company exercised its option to acquire the 25% interest held in Sorby Hills by joint venture partner Yuguang (Australia) Pty Ltd (“Yuguang”). On 27 January 2026 , the Company announced that it had paid A$12.5 million to Yuguang to complete the acquisition and move to 100% ownership of the Project. The Company will pay deferred consideration of A$5.5 million and A$5.0 million to Yuguang 12 months and 18 months , respectively, after the commencement of concentrate production. Commencement of Early Works On 27 October 2025, the Company announced that Early Works had officially commenced on site at Sorby Hills, marking a significant milestone and representing the substantial commencement of the mine’s development. The Early Works Program encompasses a range of critical preparatory activities essential to enabling future operations. These include: • Construction of site access roads (Figure 1); • Establishment of foundations for the processing plant and accommodation camp (Figure 2); • Development of non-processing infrastructure; and • Refurbishment and construction of the on-site accommodation camp. Initial Early Works including essential clearing, topsoil relocation, were undertaken by a locally based contractor, reflecting the Company’s strong commitment to supporting local industry, fostering regional economic development, and building lasting community partnerships from the outset of the project. B2B Mining was awarded the contract to establish site access and build the pads of the processing plant and accommodation camp. Works are progressing well and are currently tracking slightly ahead of schedule. Sub -bases for the camp road and approximately 80% of the camp pad have been completed. Works transitioned to the main access road to maintain site access during the wet season, with the first sub-base layer placed and compacted to mitigate rainfall impacts. All activities to date have been completed safely, with no safety incidents recorded. The second fleet has mobilised to site in January as per the schedule. The Early Works package is expected to be completed in Q1 2026, supporting a smooth transition into subsequent major development work packages. For personal use only
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_____________________________________________________________________________________________________________________________ ____________________ Quarterly Report December 2025 Page 4 Capital cost and construction timeline reductions On 10 December 202 5, the Company outlined A$25 million of capital costs that had or were anticipated to be saved at the Project, comprising: • A$5 million: Based on contracts executed in respect of the Early Works program, reflecting recent efficiencies in civil design, site establishment and bulk earthworks ; and • A$20 million: Based on the tender results for the relocation, rebuild and refurbishment of the DeGrussa Processing Plant at Sorby Hills. Further cost savings and value creation are expected to be re alised from the shorten ed project construction timeline, which is now anticipated to have Sorby Hills in production 6 months earlier than assumed in the FEED Study. Figure 1: Camp access road sub-base. For personal use only
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_____________________________________________________________________________________________________________________________ ____________________ Quarterly Report December 2025 Page 5 Figure 2: Preparation of the pad for the accommodation camp. Table 1: Indicative Timeline to Production Workstream 2025 2026 2027 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Final Investment Decision ✓ Early Works ✓ Camp Refurbishment Bulk Earthworks Pre-Strip Mining DeGrussa Plant Disassembly Process Plant Reconstruction Commissioning & Ramp-Up Commercial Production First Production of Lead-Silver concentrate at Sorby Hills is scheduled for H2 of 2027 (Table 1). For personal use only
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_____________________________________________________________________________________________________________________________ ____________________ Quarterly Report December 2025 Page 6 Financial and Corporate Overview Cash Position As at 31 December 2025, Boab held a consolidated cash balance of approximately A$89.9 million. During the quarter, the Company made related party payments of approx. A$165k. These payments were made to Directors of Boab in respect of salaries and directors’ fees and were conducted on standard commercial terms. Other Corporate The Company held its Annual General Meeting on 25 November 2025. All resolution s put to the meeting were passed on a poll. During the quarter, the Company announced two equity capital raisings: • Pursuant to the first capital raising announced on 14 October 2025, the Company issued a total of 125 million new share s at A$0.40 per share to raise A$50 million before costs. Approximately 12.5 million of the placement shares were issued on 21 October 2025 with the balance of the placement share s issued on 4 December 2025 following shareholder approval received at the Company’s Annual General Meeting. • Pursuant to the second capital raising announced on 1 5 December 2025, the Company would issue a total of 150 million new shares at A$0.40 per share to raise A$60 million before costs. Approximately 17.5 million of the placement shares were issued on 19 December 2025 with the balance of the placement share s to be issued on or about 3 February 2026 following shareholder approval received at a General Meeting of the Company held on 23 January 2026. In conjunction with the second capital raising, the Company announced a Share Purchase Plan for up to A$7 million via the issue of new shares at A$0.40 per share . The heavily over-subscribed Share Purchase Plan closed early on 7 January 2026 and 17.5 million shares were issued. On 24 October 2025, the Company advised that it had commenced trading on the OTCQB Venture Market in the United States under the ticker code “BMLQF”. On 19 December 2025 the Company advised the market that it had exercised its option to acquire the remaining 25% of the Sorby Hills Silver –Lead Project which at the time was held by Yuguang (Australia) Pty Ltd. On 27 January 2026, the Company announced that i t had completed the transaction and moved to 100% ownership in the Project. For personal use only
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_____________________________________________________________________________________________________________________________ ____________________ Quarterly Report December 2025 Page 7 Authorised for release by the Board of Directors of Boab Metals Limited. The Board of Directors have authorised this announcement for release to the market. FOR FURTHER INFORMATION, PLEASE CONTACT: Simon Noon Managing Director & CEO Phone: +61 (0)8 6268 0449 Email: info@boabmetals.com About Boab Metals Limited Boab Metals Limited (“Boab”, ASX: BML) is a Western Australian (WA) -based base and precious metals company advancing the fully-funded 100% owned Sorby Hills Silver-Lead Project in the East Kimberley. The Project, located 50km from Kununurra, has excellent access to existing sealed roads for transporting concentrate 150km to Wyndham Port. Following a Final Investment Decision in December 2025 , the Company is advancing the Project toward first concentrate production in H2 2027, positioning Boab to capitalise on strong Silver and Lead market fundamentals and deliver long-term shareholder value. Table 1: Sorby Hills Mineral Resource Estimate – Pb Domains only. Resource Classification Tonnes (Mt) Grade Contained Metal Pb Zn Ag Pb Zn Ag % % g/t kt kt koz Measured 12.6 3.5% 0.4% 43 444 45 17,521 Indicated 11.0 3.4% 0.4% 34 377 46 12,114 Inferred 23.6 2.7% 0.5% 31 645 117 23,406 Total Resource 47.3 3.1% 0.4% 35 1,465 207 53,042 Note: Tonnes and Grade are rounded. Reported at a 1.0% Pb Cut -Off. Discrepancies in calculated Contained Metal is due to rounding . Table 2: Sorby Hills Ore Reserve Statement. Ore Reserve Category Ore (Mt) Grade Contained Metal Pb (%) Ag (g/t) Pb (kt) Ag (Moz) Proved 10.4 3.5% 42 358 14.1 Probable 4.9 3.5% 32 172 5.0 Total Ore Reserve 15.2 3.5% 39 531 19.1 Note: Tonnes and Grade are rounded. Reported at a 1.0% Pb cut-off. The above data has been rounded to the nearest 10,000 tonnes ore, 0.1% lead grade and 1,000 lead tonnes, 1g/t silver grade and 100,000 silver ounces. Discrepancies in calculated Contained Metal is due to rounding. Ore Reserves have been calculated using metal prices of A$3,313.91/t Pb and A$37.89/oz Ag and royalties of 4.3% of gross reve nue including allowable deductions. For personal use only
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_____________________________________________________________________________________________________________________________ ____________________ Quarterly Report December 2025 Page 8 Compliance Statements The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the ‘JORC Code’) sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Or e Reserves. Information included in this activities report relating to Mineral Resources has been extracted from the Mineral Resource Estimate dated 17 December 2021, available to view at www.boabmetals.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Mineral Resource Estimate and that all material assumptions and technical parameters underpinning the es timates, continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the Mineral Resource Estimate. Information included in this activities report relating to Ore Reserves, Production Targets and Financial Forecasts has been extracted from the Sorby Hills Definitive Feasibility Study dated 19 January 2023 and Sorby Hills FEED Study Results dated 6 June 2024, both available to view at www.boabmetals.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Ore Reserve Statement and that all material assumptions and technical par ameters underpinning the estimates, production targets and financial forecasts continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the Ore Reserves Statement. FEED Study Macroeconomic Assumptions Assumption Unit FY2025 FY2026 FY2027 FY2028 FY2029+ Lead Price US$/t 2,259 2,268 2,269 2,254 2,251 Silver Price US$/oz 24.8 25.8 26.4 27.3 27.5 Exchange Rate A$:US$ 0.70 0.70 0.70 0.69 0.68 For personal use only
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_____________________________________________________________________________________________________________________________ ____________________ Quarterly Report December 2025 Page 9 Metal Equivalent Calculation Method The contained metal equivalence formula is based on the Sorby Hills Feed Study including: • Lead Price US$2,253.19/t; • Lead recovery of 91.0% (weighted average of oxide and fresh Pb recoveries); • Lead Payability rate of 95%; • Silver Price US$27.4/oz; • Silver recovery of 81.8% (weighted average of oxide and fresh Ag recoveries); and • Silver Payability rate of 95%. • Zinc Price US$2,500/t • Zinc Recovery of 91% • Zinc Payability of 95% It is Boab’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. The formula used to calculate lead equivalent grade is: MetalEq (%) = Gpri + (Gpri × [∑i Ri Si Vi Gi ]/(Rpri SpriVpriGpri)) where R is the respective metallurgical metal recovery rate, S is the respective smelter return rate, V is metal price/tonne or ounce, and G is the metal commodity grade for the suite of potentially recoverable commodities (i) relative to the primary metal (pri). Metal equivalents are highly dependent on the metal prices used to derive the formula. Boab notes that the metal equivalence method used above is a simplified approach. The metal prices are based on the DFS values adopted and do not reflect the metal prices that a smelter would pay for concentrate nor are any smelter penalties or charges included in the calculation. Owing to limited metallurgical data, zinc grades are not included at this stage in the lead equivalent grade calculation. For personal use only
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_____________________________________________________________________________________________________________________________ ____________________ Quarterly Report December 2025 Page 10 APPENDIX 1 INTERESTS IN TENEMENTS Farm-In Agreements/ Projects/Tenements Location Held at Start of Quarter Held at End of Quarter Sorby Hills Project M80/196 M80/197 M80/285 M80/286 M80/287 E80/5317 WA, Australia 75% 75% 75% 75% 75% 100% 75% 75% 75% 75% 75% 100% Borroloola West Project EL31354 EL26938 EL26939 EL28658 EL30305 MLN624 NT, Australia 100% 51% 51% 51% 51% 51% 100% 51% 51% 51% 51% 51% Manbarrum Project EL24395 MA24518 MA26581 NT, Australia 100% 100% 100% 100% 100% 100% Urrao Project 2791 Colombia 100% 100% For personal use only
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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 BOAB METALS LIMITED ABN Quarter ended (“current quarter”) 43 107 159 713 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 (348) (788) (a) exploration & evaluation (if expensed) (b) development (35) (203) (c) production - - (d) staff costs (132) (305) (e) administration and corporate costs (439) (606) 1.3 Dividends received (see note 3) - - 1.4 Interest received 58 82 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - 381 1.8 Other:- - - 1.9 Net cash from / (used in) operating activities (896) (1,439) For personal use only
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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. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - - (d) exploration & evaluation - - (e) investments - - (f) other non-current assets (pre – development costs ) (1,576) (1,576) 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 (1,576) (1,576) 3. Cash flows from financing activities 90,423 90,423 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 (5,063) (5,063) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - For personal use only
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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 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities 85,360 85,360 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 7,032 7,575 4.2 Net cash from / (used in) operating activities (item 1.9 above) (896) (1,439) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (1,576) (1,576) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 85,360 85,360 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 89,920 89,920 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 58,865 577 5.2 Call deposits 31,000 6,400 5.3 Bank overdrafts - - 5.4 Other (provide details) 55 55 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 89,920 7,032 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 (165)* 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. For personal use only
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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) (896) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (896) 8.4 Cash and cash equivalents at quarter end (item 4.6) 89,920 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 89,920 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 100.31 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: Not Applicable. 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: Not Applicable. For personal use only
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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. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Not Applicable. 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. Authorised for release by the Board of Directors of Boab Metals Limited 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. For personal use only