Cue Energy Resources Limited Notes to the financial statements 30 June 2026 Note 9. Income tax expense (continued) 42 Consolidated 30 June 2026 30 June 2025 $'000 $'000 Deferred tax assets recognised comprises of: Restoration provisions 13,138 13,469 Carried forward tax losses 5,154 6,092 Other 678 186 Gross deferred tax assets 18,970 19,747 Less set off against deferred tax (liabilities) (11,049) (12,590) Net deferred tax assets 7,921 7,157 During the year ended 30 June 2026, the Consolidated Entity utilised tax losses of $5.76 million (30 June 2025: $7.4 million) and further recognised $2.33 million (30 June 2025: $2.13 million) of previously unrecognised tax losses. The Consolidated Entity recognised a deferred tax asset of $5.15 million (30 June 2025: $6.09 million) in respect of unutilised carried forward tax losses. Consolidated 30 June 2026 30 June 2025 $'000 $'000 Deferred tax liabilities recognised comprises of: Production, development and exploration and evaluation assets 20,464 24,475 Less set off against deferred tax assets (11,049) (12,590) Net Deferred tax liabilities 9,415 11,885 Consolidated 30 June 2026 30 June 2025 $'000 $'000 Reconciliation of movement in deferred tax balances Opening balance of net deferred tax (liability)/assets (4,728) 2,921 Restoration provisions (217) 129 Carried forward losses (940) (4,197) Production, development and exploration and evaluation assets 3,902 (3,605) Other 489 24 Closing balance of net deferred tax (liability) (1,494) (4,728) Consolidated 30 June 2026 30 June 2025 $'000 $'000 Deferred tax not recognised Deferred tax not recognised comprises temporary differences attributable to: Tax losses 21,562 22,233 Net deferred tax not recognised 21,562 22,233 At 30 June 2026, the Consolidated Entity had $71.80 million in unutilised carry forward losses, the tax effect of which is $21.56 million. The potential tax benefit has not been recognised in the statement of financial position as the recovery of this benefit is uncertain. 55 Cue Energy Resources Limited Annual Report 2026
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