Melbana Energy Limited Annual Report 2023

Note 7. Income tax expense 30-June-23 $ 30-June-22 $ Numerical reconciliation of income tax expense and tax at statutory rate Loss before income tax expense (1,001,999) 6,332,812 Tax at the statutory tax rate of 25% (250,500) 1,583,203 Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Non-assessable non-exempt income – – Other non-deductible expenditure – – (250,500) 1,583,203 Current year tax profits/(losses) not recognised 250,500 (1,583,203) Interest tax expense – – Tax losses not recognised Unused tax losses for which no deferred tax asset has been recognised 187,220,307 186,218,308 Potential tax benefit @ 25% 46,805,077 46,554,577 The above potential tax benefit for tax losses has not been recognised in the statement of financial position. These tax losses can only be utilised in the future if the continuity of ownership test is passed, or failing that, the same business test is passed. Note 8. Cash and cash equivalents 30-June-23 $ 30-June-22 $ Current assets Cash and cash equivalents 34,976,625 35,570,347 Note 9. Other receivables 30-June-23 $ 30-June-22 $ Current assets Trade debtors 2,631,741 116,360 Other receivables 176,869 2,000 Prepayments 1,056,542 26,556 GST receivable 81,797 11,066 Receivables 3,946,949 155,982 49 Melbana Energy Limited Annual Report 2023

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