(formerly Fission Energy Ltd)‌‌‌‌‌‌‌‌‌‌‌‌‌

ABN 49 119 057 457

for the Year Ended 30 June 2016

Table of Contents

Highlights for the Year to 30 June 2016 3

Corporate Directory 4

Review of Operations 5

Directors' Report 8

Auditor's Independence Declaration 13

Consolidated Statement of Profit or Loss and Other Comprehensive Income 14

Consolidated Statement of Financial Position 15

Consolidated Statement of Changes in Equity 16

Consolidated Statement of Cash Flows 17

Notes to the Financial Statements 18

Directors' Declaration 30

Independent Auditor's Report 31

Additional Information for Listed Public Companies 34

Tenement Schedule 35

• Cover Photo: Cuttings from drill hole through mineralised zone - Mt Thirsty Nickel-Cobalt-Manganese Oxide Project

  HIGHLIGHTS FOR THE YEAR TO 30 JUNE 2016

  MT THIRSTY PROJECT (WA) (Conico 50%)

  • The Mt Thirsty Joint Venture is currently reviewing options for the Mt Thirsty Cobalt

    - Nickel Oxide Project in view of a forecast cobalt deficit due to surging demand for high energy lithium-ion batteries in which cobalt is a significant component.

  • A dedicated website has been established to show-case the Mt Thirsty Cobalt-Nickel Oxide Project to potential partners and investors (www.mtthirstycobalt.com).

  • Heritage agreement reached with native title holders enabling grant of Retention Licence over E63/373.

  • Open pit optimisation and further drilling planned to upgrade current JORC 2004 compliant resource to JORC 2012.

  • Two new licences with potential for lithium - bearing pegmatites applied for adjacent to existing Mt Thirsty tenements.

    Corporate

  • Discharge of most of the company's debt through debt to equity conversion.

  • Placements completed raising $977,000 before costs.

  • The directors have also reviewed other possible base metal - gold exploration opportunities in Western Australia.

E63/1267

Figure 1: Mt Thirsty Project Location

CORPORATE DIRECTORY