Grant Thornton Audit Pty Ltd 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 matters described below to be the key audit matters to be communicated in our report. Key audit matter How our audit addressed the key audit matter Carrying value of Molecular Nets and SubB2m intangible assets – refer to Note 2(e)(xi) and Note 10 At 30 June 2026, the carrying value of the Group's acquired intangible assets included $6,251,123 for the Molecular NETs platform and $1,150,000 for the SubB2M technology. In accordance with AASB 136 Impairment of Assets, management identified indicators of impairment for the Molecular NETs platform and tested it for impairment. SubB2M is not yet available for use and was therefore subject to the mandatory annual impairment test. Management determined the recoverable amount of both assets to be greater than their carrying value and therefore no impairment was recognised. Management estimated the recoverable amount of the intangible assets using a replacement cost approach. The recoverable amounts, and therefore the conclusion that no impairment is required, are sensitive to the management’s estimate of the current cost to replace the service capacity of each asset. This area is a key audit matter due to the auditor judgement required to assess management’s determination of the recoverable amount and the significance of the carrying values to the financial statements. Our procedures included, amongst others: • Obtaining an understanding of management's process for assessing impairment, and performing a walkthrough to evaluate whether the relevant controls have been implemented; • Evaluating management's determination that the assets do not generate cash inflows largely independent of the Group's other assets, and the resulting basis for estimating recoverable amount at the individual-asset level; • Evaluating the appropriateness of the replacement cost approach used by management against the requirements of AASB 136; • Challenging management's estimate of the current cost to replace the service capacity of each asset by comparing them to the underlying historical development expenditure and independently recalculating the estimate; • Evaluating the status of each asset, including patent protection, technical progress and commercial developments during the year, as evidence of the continued service capacity and existence of the assets; • Evaluating the adequacy of the related disclosures in the financial statements against the requirements of Australian Accounting Standards. Information other than the financial report and auditor’s report thereon 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 2026 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 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. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. - 55 - Independent Auditor’s Report continued 66 INOVIQ Limited
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