Investor Presentaiton

Armour Energy and controlled entities Financial report continued Notes to the consolidated financial statements continued NOTE 8. EXPENSES Loss before income tax includes the following specific expenses: Consolidated 30 June 30 June 2020 $ 2019 $ NOTE 9. INCOME TAX (A) COMPONENT OF INCOME TAX EXPENSE (BENEFIT) Income tax expense (benefit) is made up of: Deferred tax armourenergy.com.au Consolidated 30 June 2020 $ 30 June 2019 $ 476,310 687,507 Cost of sales Operating expenses Depreciation and Amortisation Plant and equipment Office equipment Oil and Gas assets - classified as cost of goods sold Amortisation of intangibles Rights of Use assets Total depreciation Impairment Exploration and evaluation Net foreign exchange (gains) / loss Net foreign exchange (gains) / loss 19,484,314 19,018,113 Aggregate income tax expense 341 15,682 3,042 15,721 Income tax charged in equity is made up of: Deferred tax 2,743,408 42,175 206,435 1,116,869 Aggregate income tax charged in equity 476,310 687,507 30,057 49,410 30,057 49,410 The prima facie tax on profit /(loss) before income tax is reconciled to the income tax 3,008,041 1,135,632 expense as follows: Loss before income tax expense (9,094,466) (10,996,241) 720,491 71,329 Tax at the statutory tax rate of 30% (2,728,340) (3,298,872) 39,844 (54,702) Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Share-based payments 21,875 Superannuation expense (*) Expenses not deductible for tax purposes 12,641 351 Defined contribution superannuation expense 769,832 599,120 For personal use only 70 70 Current year tax losses not recognised Share-based payments expense Share-based payments expense 72,916 42,136 Prior year over (under) Deferred Tax Asset utilised following R&D cash back Employee benefits expense excluding superannuation Employee benefits expense excluding superannuation 8,726,997 7,707,593 Income tax expense (2,706,465) 3,788,046 (605,271) (3,285,880) 3,102,461 147,659 723,267 476,310 687,507 71

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