Notes to the Consolidated Financial Statements for the year ended 30 June 2025 28 Icon Energy Annual Report 2025 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2025 NOTE 1 - MATERIAL ACCOUNTING POLICY INFORMATION (Continued) - - - - NOTE 2 - LOSS FROM OPERATING ACTIVITIES Loss from operating activities before income tax includes the following items: 30 June 2025 30 June 2024 $ $ Interest received 29,716 44,720 Refund - legal fees - 120,000 29,716 164,720 b. Asset write off Exploration and evaluation asset write off - - Plant and equipment write off - 10,099 - 10,099 Superannuation 16,050 22,895 Audit and review of financial statements - William Buck 53,961 53,610 Tax advisory and other services - William Buck 9,325 8,305 NOTE 3 - INCOME TAX EXPENSE (1,078,503) (1,156,056) Prima facie tax payable on loss before income tax at 30% (2024: 30%) (323,551) (346,817) Increase/(decrease) in income tax expense due to: - - 323,551 346,817 - - The Directors also consider the likelihood of a successful grant of Petroleum Lease PL-1144 to be no less than 50%. The application is progressing in the ordinary course, and the Company is not aware of any material impediments to the grant being finalised. Loss before tax expense c. Other expenses Additional Funding: The Group will require further funding to meet its operational and financial obligations over the next 12 months. The Directors are confident that, should ATP 855 be renewed, the Group can raise additional capital either through a capital raising or via a farm-out arrangement. In the event the renewal application is unsuccessful, the Directors would seek to defer rehabilitation expenditure, pursue further legal recourse, given the substantial resource value associated with ATP 855. Likelihood of Renewal Success and PL Grant: The Directors assess the likelihood of a successful outcome for the ATP 855 renewal application to be no less than 50%. The Company believes it is able to meet all necessary requirements under the Petroleum and Gas (Production and Safety) Act 2004. Non deductible expenses NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Income Tax attributable to loss before tax a. Other income The deductible temporary differences and tax losses do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profit will be available against which the Group can utilise the tax benefits. Deferred tax benefits not brought to account The end of year financial statements do not include any adjustments relating to the recoverability or classification of recorded asset amounts, or the amounts or classification of liabilities that may be necessary should the Company not be able to continue as a going concern. Support from Related Parties: The Directors also believe that further support can be provided by related parties if required. Receipt of Additional Funding: The Chairman provided additional support during the financial year and has provided a letter of support to the company offering additional financial support and agreeing not to call upon existing loan facilities, should it be required. The above matters represent material uncertainties that could cast significantl doubt upon the Group's ability to continue as a going concern. These uncertainties may affect the realisation of assets and the settlement of liabilities in the normal course of business and at the amounts stated in these financial statements. CONSOLIDATED ENTITY
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