Notes to the Consolidated Financial Statements for the year ended 30 June 2025 32 Icon Energy Annual Report 2025 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2025 30 June 2025 30 June 2024 $ $ 4,954,842 4,746,017 - 208,825 (18,984) - 4,935,858 4,954,842 a. Ordinary Shares $ $ 768,013,667 104,116,869 768,013,667 104,116,869 100,000,000 600,000 - - - - - - 868,013,667 104,716,869 768,013,667 104,116,869 b. Options NOTE 9 - PROVISIONS Issued share capital 868,013,667 (30 June 2024: 768,013,667) fully paid, no par value ordinary shares. The Directors base their judgements, estimates and assumptions on historical and on other various factors, including expectations of future events, which they believe are reasonable under the circumstances. NOTE 10 - ISSUED CAPITAL At each reporting date, the Directors review the classification of restoration provision into current or non-current and adjust the amount of the provision to reflect the best estimate. As at 30 June 2025, the restoration provision remains classified as current as the Group does not have a right to defer settlement of the liability for at least twelve months after the reporting period, in accordance with AASB 101 Presentation of Financial Statements. Increase/(decrease) in the restoration provision Restoration provision represents the present value of estimated costs for the rehabilitation ATP 855. Number of shares Number of shares During the year ended 30 June 2025 no options were issued (30 June 2024: Nil). The Consolidated Entity has no options on issue at the end of 30 June 2025. Less: Share issue costs Balance at end of the year Consolidated Entity Balance at beginning of the year Charged to profit or loss: unwinding of discount CONSOLIDATED ENTITY As at 30 June 2025, the restoration provision is based on updated estimates provided by an independent expert. The revised total restoration cost is $4,935,858, which resulted in a reduction of $18,984 in the provision. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS The group engaged an independent expert to assist in the calculation of the estimated costs of restoration. During the year ended 30 June 2025, the Company issued 100,000,000 ordinary shares at $0.006 per share pursuant to the Debt Conversion and Conditional Placement Agreement with Paradise Marine Pty Ltd as Trustee for the James Superannuation Fund, as announced on 11 October 2024 and approved by shareholders at the Annual General Meeting held on 29 November 2024. Current Restoration provision The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at shareholders’ meetings. The Consolidated Entity did not pay a dividend during the year ended 30 June 2025, nor has any dividend been proposed up to the reporting date (30 June 2024: nil). In the event of winding up the Company, all shareholders participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Restoration provision Authorised and Issued Share Capital Movements in the carrying amounts for each class of provision between the beginning and the end of the current financial year: Movements in carrying amounts Balance at beginning of the year Shares issued during the period Balance at the end of the year 30 June 2025 30 June 2024
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