Announcement PDF ABN 27 648 890 126 FINANCIAL REPORT FOR THE YEAR ENDED 30 June 2024 FINANCIAL REPORT for the year ended 30 June 2024 CORPORATE DIRECTORY ................................................................................................................. 1 DIRECTORS’ REPORT ....................................................................................................................... 2 AUDITOR’S INDEPENDENCE DECLARATION ................................................................................. 27 INDEPENDENT AUDITOR’S REPORT .............................................................................................. 28 DIRECTORS’ DECLARATION ............................................................................................... 32 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME .... 33 CONSOLIDATED STATEMENT OF FINANCIAL POSITION.............................................................. 34 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY............................................................... 35 CONSOLIDATED STATEMENT OF CASH FLOWS............................................................................ 36 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ......................................................... 37 ADDITIONAL SECURITIES EXCHANGE INFORMATION .............................................................. 63 CORPORATE DIRECTORY DIRECTORS AUDITORS Jeremy Robinson (Executive Chairman) James Bahen (Non-Executive Director) Leo Horn (Non-Executive Director) BDO Audit Pty Ltd Level 9, Mia Yellagonga Tower 2, 5 Spring Street Perth WA 6000 COMPANY SECRETARIES SHARE REGISTRY James Bahen Robbie Featherby Automic Share Registry Level 5, 191 St Georges Terrace Perth WA 6000 REGISTERED OFFICE Level 1, 338 Barker Road SUBIACO WA 6008 POSTAL ADDRESS Level 1, 338 Barker Road SUBIACO WA 6008 PRINCIPAL PLACE OF BUSINESS Level 1, 338 Barker Road SUBIACO WA 6008 CONTACT INFORMATION Tel: + (08) 6143 6720 info@cosmosx.com.au 1300 288 664 (Local) +61 2 9698 5414 (International) www.automic.com.au BANKER National Australia Bank Level 1 / 1238 Hay Street West Perth WA 6005 SECURITIES EXCHANGE LISTING Australian Securities Exchange (ASX) Level 40, Central Park 152-158 St George's Terrace Perth WA 6000 ASX CODE: C1X COSMOS EXPLORATION LIMITED | 2024 FINANCIAL REPORT Page 1 DIRECTORS’ REPORT The directors of Cosmos Exploration Limited (ASX:C1X) and it subsidiary, (“the Group”) submit herewith the annual report of the Company for the financial year ended 30 June 2024. In order to comply with the provisions of the Corporations Act 2001. DIRECTORS The names and particulars of the directors of the Company in office during the year and until the date of this report are as follows. Directors were in office for the entire year unless otherwise stated. Director Jeremy Robinson Leo Horn James Bahen Matthew Freedman Position Executive Chairman Non-Executive Director Non-Executive Director Non-Executive Director (resigned 21 March 2024) The names of the secretaries in office at any time during or since the end of the year are: Company Secretaries Position James Bahen Robbie Featherby Company Secretary Company Secretary OPERATING RESULTS The Company has incurred a net loss after tax for the year ended 30 June 2024 of $3,960,008 (2023: $2,343,366). DIRECTORS’ MEETINGS During the period 1 July 2023 to 30 June 2024, four (4) meetings of directors were held. Attendances by each director during the year were as follows: Director Mr Jeremy Robinson Mr James Bahen Mr Matthew Freedman Mr Leo Horn Directors’ Meetings Number Eligible to Attend Number Attended 4 4 4 4 2 2 4 4 Directors’ other formal business was conducted via circular resolution. The directors have determined that the Company is not of a sufficient size to merit the establishment of Board committees of the Board and therefore duties ordinarily assigned to committees are carried out by the full Board. COSMOS EXPLORATION LIMITED | 2024 FINANCIAL REPORT Page 2 INFORMATION ON DIRECTORS Information Directors at the date of this report as follows: Jeremy Robinson EXECUTIVE CHAIRMAN Mr Robinson is an experienced mining executive having held senior roles at multiple junior and mid-tier mining and exploration companies. Mr Robinson holds a Bachelor of Commerce from the University of Western Australia majoring in Corporate Finance, Investment Finance and Marketing. He is also currently a director of RareX Limited and Churchill Strategic Investments Group. Interest in shares and options at 5,691,691 Ordinary Shares the date of this report 500,000 incentive options 500,000 performance rights Directorships held in other listed RareX Limited (current) entities (last 3 years) Ardiden Limited (current) BBX Minerals (current) Commerce Resources Corporation (current) James Bahen NON- EXECUTIVE DIRECTOR and JOINT COMPANY SECRETARY (Appointed 17 August 2021) Mr Bahen is a Director and equity partner of SmallCap Corporate and chartered secretary who commenced his career in audit and assurance with an international chartered accounting firm. He is currently a non-executive director and company secretary to a number of ASX-listed companies and has a broad range of corporate governance and capital markets experience, having been involved with public company listings, mergers and acquisitions transactions and capital raisings for ASX-listed companies across the resource industry. Mr Bahen is a member of the Governance Institute of Australia and holds a Graduate Diploma of Applied Finance and a Bachelor of Commerce degree majoring in accounting and finance. Interest in shares and options at the date of this report 2,311,650 Ordinary Shares 500,000 performance rights Directorships held in other listed entities (last 3 years) Victory Metals Limited (current) Amani Gold Limited (current – 4 July 2024 appointed) Lithium One Metals Inc (former) Minrex Resources Limited (former) Aquabotix Limited (former) COSMOS EXPLORATION LIMITED | 2024 FINANCIAL REPORT Page 3 Matthew Freedman NON- EXECUTIVE DIRECTOR (Appointed 1 May 2022 and resigned on 21 March 2024) Matthew brings over 15 years of experience in the mining and mining services sector, Matthew's earlier roles include working for Rio Tinto Limited, Worley Parsons Limited and Emeco Holdings Limited. Mr Freedman holds a Bachelor of Business Administration. Interest in shares and options at the date of this report 1,027,750 Ordinary Shares 500,000 Performance Rights Dynamic Group Holding Limited (former) Ardiden Limited (former) Directorships held in other listed entities (last 3 years) Leo Horn NON- EXECUTIVE DIRECTOR (Appointed 3 April 2023) Leo Horn is a technical geologist with over 21 years’ experience in the exploration and mining industry for precious, base and rare earth metals, diamonds and uranium across Australia, Asia, North and South America and Africa. During that time Mr Horn has contributed to several significant discoveries including leading the team that delineated several large, high grade uranium resources in the prolific Athabasca Basin of Canada. In addition to key exploration management roles, Mr Horn has extensive experience in executive officer positions in which he has developed valuable corporate finance, marketing and capital raising experience. Mr Horn holds a Bachelor of Science with Majors in Geology & Geomorphology and Honours in Geology from the University of Western Australia and is a member of the Australian Institute of Geoscientists. Interest in shares and options at the date of this report/Resignation 1,450,000 Ordinary Shares 833,334 performance rights Directorships held in other listed entities (last 3 years) Austin Metals Limited (former) Lodestar Battery Metals Corp. (current) Robbie Featherby JOINT COMPANY SECRETARY (Appointed 17 August 2021) Robbie Featherby is a Corporate Advisory Executive who holds a Bachelor of Commerce Degree majoring in Finance and Economics. Mr Featherby has an extensive number of years’ experience in the financial services industry, more recently spending 4 years in London working at a leading investment research provider in the private equity sector. Mr Featherby now provides company secretary services for a number of private and public companies. Remuneration Report A. Details of remuneration (Audited) Details of remuneration of the directors and key management personnel (as defined in AASB 124 Related Party Disclosures) of Cosmos Limited are set out in the following table. The information provided in this remuneration report has been audited as required by Section 308(3C) of the Corporations Act 2001 COSMOS EXPLORATION LIMITED | 2024 FINANCIAL REPORT Page 4 The key management personnel of Cosmos Limited are the directors as previously described earlier in the Directors’ Report, and other personnel as determined by the Board. The Company does not have any other employees who are required to have their remuneration disclosed in accordance with the Corporations Act 2001. The Board is responsible for determining and reviewing compensation arrangements for the Directors and Executive Officers. The Board assesses the appropriateness of the nature and amount of emoluments of such officers on a yearly basis by reference to relevant employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high-quality board and executive team. The expected outcome of this remuneration structure is to retain and motivate Directors and Executive Officers. As part of its Corporate Governance Policies and Procedures, the board has adopted a formal Remuneration Committee Charter and Remuneration Policy. The Board has elected not to establish a remuneration committee based on the size of the organisation and has instead agreed to meet as deemed necessary and allocate the appropriate time at its board meetings. Fees and payments to non‑executive directors reflect the demands which are made on, and the responsibilities of, the directors. Non‑executive directors’ fees and payments are reviewed annually by the Board. The Chair’s fees are determined independently to the fees of non‑executive directors based on comparative roles in the external market. The company issue NED fees up to a maximum aggregate remuneration of $500,000. Non‑executive directors do not receive cash performance-based pay. Additional Fees A Director may also be paid fees or other amounts as the Directors determine if a Director performs special duties or otherwise performs services outside the scope of the ordinary duties of a Director. A Director may also be reimbursed for out of pocket expenses incurred as a result of their directorship or any special duties. The table below shows the 2024 and 2023 figures for remuneration received by the Company’s key management personnel: Short Term Salary & Fees $ 2024 Directors Jeremy Robinson James Bahen Leo Horn Matthew Freedman¹ Equity Sharebased Payments Post-employment SuperOptions or Other annuatio Prescribed Performance Bonus benefits n benefits right $ $ $ $ $ 187,000 39,780 39,000 35,432 301,212 - - - - Total $ Performanc e related Percentage of Remunerati on % 109,321 109,321 38,280 123,219 380,141 296,321 149,101 77,280 158,651 681,353 37% 73% 50% 78% 56% 50,842 50,842 36,128 137,812 163,125 90,622 9,000 75,878 338,625 31% 56% -% 48% 41% ¹ Mr Freedman resigned as a Non-Executive Director on 21 March 2024. 2023 Directors Jeremy Robinson James Bahen Leo Horn¹ Matthew Freedman 112,283 39,780 9,000 39,750 200,813 - - - - ¹ Mr Horn was appointed as Non-Executive Director on 3 April 2023. COSMOS EXPLORATION LIMITED | 2024 FINANCIAL REPORT Page 5 B. (i) Directors’ equity holdings Fully paid ordinary shares of Cosmo Exploration Limited: Balance at 1 July or Appointment Date No. 2024 Directors Jeremy Robinson James Bahen Leo Horn Matthew Freedman¹ Granted as remuneration No. 2,238,750 135,180 1,450,000 27,750 3,851,680 Net other change No. - At date of resignation No. 1,100,000 1,000,000 1,000,000 3,100,000 Balance at 30 June No. (1,027,750) (1,027,750) 3,338,750 1,135,180 1,450,000 5,923,930 ¹ Mr Freedman resigned as a Non-Executive Director on 21 March 2024, shares held at date of resignation was 1,027,750. None of the shares above are held nominally by the directors or any of the other key management personnel. (i) Options of Cosmos Exploration Limited: Balance at 1 July or Appointment Date No. Granted as remuneration No. - 500,000 500,000 2024 Directors Jeremy Robinson James Bahen Leo Horn Matthew Freedman¹ Net other change No. At date of resignation No. - Balance at 30 June No. - 500,000 500,000 Number vested at year end 500,000 500,000 ¹ Mr Freedman resigned as a Non-Executive Director on 21 March 2024. Option grant during the year to Jeremy Robinson. Details below: Inputs ITEM Fair value per instrument Number of options Expected volatility Grant Date Expiry of option life Expected dividend yield Risk free rate Exercise Share Price Underlying share price at grant date Fully Vested Total Fair Value Director Options $0.05487 500,000 100% 31/10/2023 1 year 10 months Nil 4.46% $0.75 $0.115 Yes $6,074 COSMOS EXPLORATION LIMITED | 2024 FINANCIAL REPORT Page 6 (ii) Performance rights of Cosmos Exploration Limited: 2024 Directors Jeremy Robinson James Bahen Leo Horn Matthew Freedman¹ Balance at 1 July 2023or Appointment Date No. Granted as remuneratio n No. Net other change No. 1,000,000 1,000,000 333,334 1,000,000 3,333,334 500,000 500,000 500,000 500,000 2,000,000 (1,000,000) (1,000,000) (1,000,000) (3,000,000) At date of resignation No. Balance at 30 June 2024 No. (500,000) (500,000) 500,000 500,000 833,334 1,833,334 Vested at year end - ¹ Mr Freedman resigned as a Non-Executive Director on 21 March 2024. Performance Rights The share price at the date of granting is highlighted in the below table. The probability % will get assessed at every reporting period. All unvested Performance Rights will expire automatically on the date which is 5 years from their date of issue. Taking into account the terms and conditions upon which the rights were granted (see details of the conditions below). ITEM Number of Rights Probability Directors Performance Rights 2,000,000² Expiry life 100% 5 years Vesting life 1 year Grant Date Underlying share price at grant date Total Fair Value 31/10/2023 $0.115 $230,000 These rights have an attached service condition and has vesting over a 12-month period². The total share-based payment expense from the rights vested is $153,123. The conditions are as follows in the below table: Condition A Condition B Condition C Condition D 10m at 1% Lithia 10m at1% CuEq 10m at 1% TREO 12 Months of service Conditions A, B and C are all considered independent and one of these conditions must be satisfied together with Condition D for the Performance Rights to vest. During the year the Company previous performances rights which were issued, have vested. In total $208,200 vested during the year with 3 million performances rights converted into ordinary shares. C. Loans to / from key management personnel During the year the company had no loans to/from key management personnel. COSMOS EXPLORATION LIMITED | 2024 FINANCIAL REPORT Page 7 D. Employment Contracts of Directors and Executives The Company has entered into an consultancy agreement with Mr Robinson whereby Mr Robinson receives remuneration of $72,000 per annum as a director fee and $120,000 per annum (plus GST) for technical advice, but was amended down to $60,000 per annum starting from 1 April 2024. The agreement may be terminated subject to a 3-month notice period. E. Share-based payments Equity-settled share based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date of the share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of equity instruments that will eventually vest with a corresponding increase in equity. F. Other Related Party Transactions The Company has an agreement with Smallcap Corporate (SCC), of which Mr James Bahen is a Director, (Corporate Services Agreement). Pursuant to the Corporate Services Agreement, the SCC was appointed to provide corporate, accounting, company secretary and administrative services to the Company. During the year $123,000 (2023: $117,000) was charged in relation to providing corporate, accounting, company secretary and administrative services to Cosmos Exploration Limited. The agreement has been negotiated at arm’s length and contains standard commercial terms and therefore falls within the exception on section 210 of the Corporations Act. The outstanding amount as at 30 June 2024 was $15,639 (2023: $13,280). The Company has an arrangement with RareX Limited (RareX), of which Mr Jeremy Robinson is a Director, where RareX provides Cosmos use of their geological service and use of its equipment. The arrangement has been negotiated at arm’s length and contains standard commercial terms. During the year the cost amounted to $18,494 (2023: $23,666). Amount outstanding as at 30 June 2024 was $Nil. Mr Jeremy Robinson is also a Director of Churchill SIG Pty ltd, which provides broker and consultancy services. The company incurred $Nil (2023: $128,400) in cost for brokerage services. The Company has an arrangement with All Terrain Geology, of which Mr Leo Horn is a Director, where it provides Cosmos geological service and use of its equipment. The arrangement has been negotiated at arm’s length and contains standard commercial terms. During the year the cost amounted to $72,080 (2023: $44,480). Amounting outstanding as at 30 June 2024 was $13,948. RESULTS AND DIVIDENDS Remuneration is not linked to past group performance but rather towards generating future shareholder wealth through share price performance. Cosmos Exploration listed on 1 December 2021 at 20c per share and the share price at 30 June 2024 $0.035 (2023: $0.37). The Company has recorded a loss each financial year to date as it carries out exploration activities on its tenements. No dividends have been paid. Net Profit/(loss) attributable to equity holders of the Company Dividends paid Year-end share price 2024 ($) 2023 ($) 2022 ($) (3,960,008) (2,343,366) (1,640,199) - - - 3.5 cents 37 cents 11 cents COSMOS EXPLORATION LIMITED | 2024 FINANCIAL REPORT Page 8 EARNINGS PER SHARE Basic loss per share for the year was $0.069 (30 June 2023: $0.056) Voting of shareholders at last year’s annual general meeting Voting on the remuneration report for the financial year ended 30 June 2023 was put to the shareholders of the Company at the Annual General Meeting (AGM) held on 31 October 2023. All proxies received were in favour of the resolution and the resolution was passed without amendment on a show of hands. The Company received a 97.05% approval for remuneration report. The Company did not receive any specific feedback at the AGM or throughout the year on its remuneration practices. END OF REMUNERATION REPORT (AUDITED). REVIEW OF OPERATIONS FINANCIAL RESULTS The financial results of the Company for the year ended 30 June 2024 are: Cash and cash equivalents ($) Net assets/(liabilities) ($) Revenue ($) Net loss after tax ($) 30/06/2024 695,853 6,101,096 34,833 3,960,008 30/06/2023 2,559,244 8,833,216 58,743 2,343,366 % Change -72.81% -29.80% -40.70% 70.63% PRINCIPAL ACTIVITIES NUNAVUT PROJECTS, CANADA Fenix, Nut Lake South & Angilak West Projects Cosmos Exploration Limited has made significant strides in advancing its strategic objectives with the acquisition of three highly prospective uranium projects within the Thelon Basin, Nunavut. Recognised for its geological similarities to the world-class Athabasca Basin in Saskatchewan, the Thelon Basin is rapidly emerging as a promising district for high-grade, unconformity-related uranium deposits (Figure 1). The recently acquired Fenix, Nut Lake South, and Angilak West projects, which collectively span 353.4 square kilometres, place Cosmos in a prime position near several major uranium deposits, including Orano’s 133 Mlbs U₃O₈ Kiggavik deposit, Atha Energy’s 43 Mlbs U₃O₈ Angilak deposit, and Uranium North Resources Corp.’s 20 Mlbs U₃O₈ Amer Lake deposit (Figure 2). This strategic positioning, combined with promising historical exploration data—such as high-grade radioactive boulder trains and significant drill intercepts—greatly enhances Cosmos' exploration potential in the region. With community engagement in Baker Lake and on-ground field prospecting scheduled for the second half of 2024, Cosmos’ expansion firmly places the company at the forefront of exploration in a region poised to help meet the growing global demand for clean energy resources. COSMOS EXPLORATION LIMITED | 2024 FINANCIAL REPORT Page 9 Figure 1: Map of Canada showing location of Cosmos Uranium Projects relative to the Proterozoic aged Athabasca and Thelon Basins, which are the most renowned districts for unconformity-related uranium deposits in Canada. FENIX PROJECT The Fenix Uranium Project marks Cosmos Exploration's strategic entry into the uranium sector. In May 2024, Cosmos secured an 80% interest in the project through a conditional agreement, as outlined in the ASX announcement dated 17 May 2024. The project is located in the highly prospective Thelon Basin, Nunavut, Canada, covering an area of 162.7 square kilometres. Fenix is positioned approximately 100 kilometres north of Orano’s Kiggavik deposit (133 Mlbs U₃O₈) and 50 kilometres southwest of Uranium North Resources Corp.’s Amer Lake deposit (20 Mlbs U₃O₈). The project's proximity to these significant uranium deposits underscores its strong exploration potential and aligns with Cosmos’s strategy to advance high-value uranium exploration opportunities. Figure 2: Simplified geology map of the Thelon Basin showing the Cosmos Uranium Projects in relation to the three known uranium deposits discovered to date Exploration on the Fenix Uranium Project began in 1981 with Westmin Resources Ltd. and continued with additional work in 2006 and 2007 by Mega/Titan Uranium Inc. Historical exploration efforts primarily focused on reconnaissance ground prospecting, geological mapping, and identifying areas of elevated radioactivity in glacial COSMOS EXPLORATION LIMITED | 2024 FINANCIAL REPORT Page 10 boulder trains and outcrops using scintillometers. This method proved effective, as elevated scintillometer readings frequently correlated with uranium mineralisation in the form of pitchblende and uranophane. Lower scintillometer readings were typically associated with radioactivity from uranium, thorium, or potassium. Significant Uranium high-grade assay results include: Up to 6.0% U₃O₈ at RAD2, Up to 2.95% U₃O₈ at RAD1, Up to 0.57% U₃O₈ at RAD6, Up to 0.53% U₃O₈ at RAD Figure 3: Map of the Fenix Project showing simplified bedrock geology, boulder scintillometer readings (counts per second – cps) and significant assay results. The method of mapping radioactivity in glacial boulder trains was employed to directly detect and identify uranium mineralisation and, importantly, target the up-ice end of the boulder train as a prospective location for source bedrock mineralisation. At the RAD1 prospect, outcropping mineralisation was discovered. 11 samples returning assay values greater than 1% U₃O₈, the highest reaching 2.95% U₃O₈. In addition to uranium, these assays revealed high grades of copper (up to 7.47%), silver (up to 30 g/t), cobalt (up to 0.1%), and lead (up to 0.5%) (refer to ASX announcement dated 17/5/24) highlighting the polymetallic nature of the mineralisation. This success led to drill testing of the RAD1 and RAD5 anomalies in 2006-2007 by Mega/Titan. Eight shallow holes (up to 79.5m depth) were completed at the RAD1 prospect, successfully intersecting shallow uraniumcopper mineralisation. The best result from this drilling campaign was from Drillhole RAD-06-05, which returned: COSMOS EXPLORATION LIMITED | 2024 FINANCIAL REPORT Page 11 3.9 m @ 0.16% U₃O₈ and 0.21% Cu from 5.6m, including 0.4m @ 0.68% U₃O₈ and 0.65% Cu. At RAD5, four shallow holes were drilled, but the source of the radioactive boulders remains unexplained, leaving potential for further investigation. These results confirm the presence of shallow uranium-copper mineralisation and underscore the potential for further exploration to identify the source of high-grade mineralisation in the area. The uranium mineralisation encountered at RAD1 is characterized by pitchblende veins within late Proterozoic quartzite rocks of the Oora Group basement, accompanied by widespread hematite alteration. Importantly, the mineralisation remains open at depth and has not yet been fully explored, leaving potential for deeper mineralized horizons (Figure 5). Additionally, radioactivity and visible pitchblende were observed in several other drill holes (Table 5, ASX announcement 17 May 2024). Cosmos' review of RAD1 indicates that many drill holes failed to intersect the mineralized, hematite-altered quartzite horizon over several hundred meters of strike. The highly prospective north- and east-trending structures in this area present promising future drill targets for uranium mineralisation (Figure 4), offering an exciting opportunity for further exploration and resource definition. With renewed market strength and positive sentiment in the uranium sector, Cosmos plans to reinitiate exploration at Fenix, focusing on tracing the radioactive boulder trains back to their source and defining highpriority drill targets. This renewed exploration effort aligns with Cosmos’ long-term strategy of capitalizing on the increasing global demand for uranium as a critical energy resource. Figure 4: Map of the RAD1 prospect showing interpreted geology and location of uranium assays and scintillometer radioactive readings. COSMOS EXPLORATION LIMITED | 2024 FINANCIAL REPORT Page 12 Figure 5: Cross section at the RAD1 prospect showing highlight drilling intersections hosted within a strongly hematite altered quartzite. NUT LAKE SOUTH PROJECT The Nut Lake South Uranium Project, spanning 93 square kilometres, is strategically located 3 kilometres south of Greenridge Exploration’s Nut Lake uranium discovery. This neighbouring discovery has recorded significant high-grade uranium intercepts, including 9 feet at 0.7% U₃O₈, with a standout interval of 4.9% U₃O₈ over 1 foot at shallow depths (CSE announcement April 4, 2024). Secured through direct staking and announced on 25 June 2024, Nut Lake South strengthens Cosmos’ expanding uranium portfolio. The project shares key structural similarities with nearby uranium-rich regions, particularly the northwest-trending faults similar to those found at Angilak, which hosts a significant resource of 43.3 Mlbs U₃O₈. Historical surveys within Nut Lake South have identified multiple uranium occurrences, including visible pitchblende mineralisation. Cosmos plans to commence exploration activities aimed at identifying high-priority drill targets by evaluating these mineralizing structures and confirmed uranium occurrences. The Nut Lake South Project complements Cosmos’ other holdings in the Thelon Basin, offering additional potential for high-grade uranium discoveries. This project aligns with Cosmos' long-term strategy of advancing exploration and capitalizing on the increasing global demand for uranium as a critical energy resource. COSMOS EXPLORATION LIMITED | 2024 FINANCIAL REPORT Page 13 Figure 6: Simplified geology map surrounding the Angikuni and Yathkyed Sedimentary Sub-basins showing the location of Cosmos’ new projects in relation to the Angilak uranium deposit and Nut Lake discovery ANGILAK WEST PROJECT The Angilak West Uranium Project adds further depth to the company's expanding uranium portfolio in the Thelon Basin. Covering 100 square kilometres, Angilak West is located 30 kilometres west of Atha Energy’s Angilak deposit, which holds 43 Mlbs U₃O₈ at a grade of 0.69%. Cosmos secured a 100% interest in Angilak West through direct staking, as announced on 25 June 2024. The project is situated along key northwest-trending structures that extend from Atha Energy Corp’s Angilak deposit, known to have a significant control on uranium mineralisation. These structural extensions, combined with several radioactive occurrences identified in previous geological surveys, position Angilak West as a highly prospective target for future exploration. The company plans to conduct fieldwork to explore these extensions and define drill targets, enhancing its exploration efforts as uranium demand continues to grow. QUEBEC, CANADA Corvette Far East & Lasalle Projects Two helicopter-supported field programs were conducted in August and September 2023 at the Company’s Corvette Far East (CFE) and Lasalle Projects, following regional bushfire delays earlier in the summer field season. These programs aimed to identify outcropping lithium-bearing pegmatites by investigating hyperspectral anomalies and key structures identified in magnetic data. The Corvette Far East Project (CFE), located in the James Bay district of Quebec, Canada, comprises 54 claims covering 27.6 km². It is situated 20km east, along strike, from Patriot Battery Metals Inc.'s (ASX: PMT) Shaakichiuwaanaan Property (formerly known as the Corvette Project), which hosts the world-class CV5 and CV13 lithium discoveries, with a Mineral Resource Estimate (MRE) of 80.1 Mt @ 1.44% Li₂O (Indicated) and 62.5 Mt @ 1.31% Li₂O (Inferred) (ASX: PMT, August 6, 2024) (Figure 7). COSMOS EXPLORATION LIMITED | 2024 FINANCIAL REPORT Page 14 The Lasalle Project consists of 71 claims (39 Claims Midland &