20 Icon Energy Annual Report 2024 Material uncertainty related to going concern We draw attention to Note 1 in the financial report, which indicates that the Group incurred a net loss of $1,156,056 during the year ended 30 June 2024 and had net cash outflows from operations of $1,049,919, and as of that date, the Group’s current liabilities exceeded its current assets by $3,671,489. As stated in Note 1, these events or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Material uncertainty related to going concern section, we have determined the matter described below to be the key audit matter to be communicated in our report. Other information The directors are responsible for the other information. The other information comprises the information included in the Group’s annual report for the year ended 30 June 2024, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. Restoration provision Area of focus (refer also to note 9) Judgement is required in the determination of the rehabilitation provision under AASB 137 Provisions, Contingent Liabilities and Contingent Assets. Key assumptions include the amount and timing of the costs involved, inflation rates, and discount rates. Due to the significance of this liability and the subjectivity involved in determining the valuation of the restoration provision, this is a key audit matter. How our audit addressed the key audit matter Our audit procedures included: —agreeing rehabilitation cost estimates to underlying support, including reports from management’s external expert; —assessing the independence, competence and objectivity of the expert used by management —testing the mathematical accuracy of the rehabilitation provision. —Assessing the adequacy of the Group’s disclosures in respect of the restoration provision. 24 Independent Auditor's Report continued
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