3 Earnings per Share (EPS) 2022 $ 2021 $ a. Reconciliation of earnings to profit or loss Loss for the year (1,705,966) (1,319,748) Loss used in the calculation of basic and diluted EPS (1,705,966) (1,319,748) b. Weighted average number of ordinary shares outstanding during the year used in calculation of basic EPS 104,166,551 83,825,046 Weighted average number of dilutive equity instruments outstanding N/A N/A c. Earnings per share ¢ ¢ Basic EPS (cents per share) (1.638) (1.574) Diluted EPS (cents per share) (1.638) (1.574) As at 31 December 2022 the Group has 14,293,262 unissued shares under options (31 December 2021: 16,247,428). The Group does not report diluted earnings per share on losses generated by the Group. During the year ended 31 December 2022 the Group’s unissued shares under option were anti-dilutive. 4 Income tax 2022 $ 2021 $ a. Income tax benefit Current tax – – Deferred tax – – b. Reconciliation of income tax benefit to prima facie tax payable The prima facie tax benefit on the loss from ordinary activities before income tax is reconciled to the income tax expense as follows: Prima facie tax on operating loss at 25% (2021: 26%) (426,492) (329,937) Deferred tax asset not brought to account 426,492 329,937 Income tax benefit attributable to operating loss – – c. The applicable weighted average effective tax rates attributable to the operating result are as follows: The tax rate used in the above reconciliations is the corporate tax rate of 25% (2021: 26%) payable by the Australian corporate entity on taxable profits under Australian tax law. d. Balance of franking account at year end of the legal parent Nil Nil e. Tax losses carried forward 4,713,125 3,083,737 Potential deferred tax assets attributable to tax losses have not been brought to account at 31 December 2022 because the directors do not believe it is appropriate to regard the realisation of the deferred tax assets as probable at this point in time. These benefits will only be obtained if: i. the Group derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the loss to be realised; ii. the Group continues to comply with conditions for deductibility imposed by law; and iii. no changes in tax legislation adversely affect the Group in realising the benefit from the deductions for the loss. Notes to the Consolidated Financial Statements for the year ended 31 December 2022 Siren Gold Limited 60
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