Truscreen Annual report 31 March 2025

ANNUAL
REPORT
2025
a world without cervical cancer
TRUSCREEN GROUP LIMITED
YEAR ENDING 31 MARCH 2025
NZBN 9429030105614

3CHAIRMAN’S LETTER
7OPERATIONS REPORT
23DIRECTORS’ REPORT
30FINANCIAL STATEMENTS
55INDEPENDENT AUDITOR’S REPORT
61GOVERNANCE
69SHAREHOLDER INFORMATION
72CORPORATE INFORMATION
CONTENTS

CHAIRMAN’S LETTER
Dear fellow shareholders,
It has been an exciting year.
Financial year 2024 was the watershed year of
completion of significant clinical trials and
national guidelines recognition in China, Vietnam
and other countries.
Financial year 2025 maintained the positive
momentum of global acknowledgement and
recognition of our unique technology.
It was a year of significant progress in our
commercialisation journey, which will put us in a
good position to further extend our market reach in
the years ahead.
China remains TruScreen's key market and is the
cornerstone of our global strategy. The
acknowledgment of the World Health Organisation
(WHO) of the use of TruScreen’s AI-enabled
cervical cancer screening for emerging countries
will continue to support TruScreen’s entry into new
markets.
The conclusion of the MOU with Hangzhou Dalton
Bioscience will enable TruScreen to remain
focussed on our core business of women’s health.
With a wider HPV product offering and larger
distribution footprint, we expect the strategic
alliance to be a key platform for future growth.
Highlights included:
MOU signed and first formal distribution
agreement made with Hangzhou Dalton
Bioscience to expand TruScreen’s product
offerings to include Dalton’s HPV product offerings
in our markets - starting with India
Launch of a 5 year, 260,000 women cervical
cancer screening program in Ho Chi Minh City
Indonesian distributor appointed with sales
commenced in a significant addressable market
Uzbekistan product registration completed to
enable the validation trial of TruScreen for a
national cervical cancer screening program
Invitation by WHO to present to and discuss the
use of AI and digital technology to lower the
incidence and mortality from cervical cancer
Inclusion in WHO and UNITAID screening
guidelines
COFEPRIS approval for use in Mexico Public
Health system
Inclusion in COGA Blue Book and CSCCP
guidelines in China
Agreement on validation protocol for additional
public screening programs in Zimbabwe
Baylor Foundation approval for a public screening
program in Eswatini, Africa
Saudi Arabia study published with sensitivity
83.3% and specificity 95% compared with Pap test
of 66.7% and 98.2% respectively
TruScreen ranked in top 6 health care companies
in having a significant impact to global women’s
health by Health Startups 2024 report
Appointment of distributor for India, the world’s
second most populous country
3
Anthony Ho, Chairman
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

The AI enabled TruScreen device continues to deliver outstanding
results in studies compared to well established technologies such as
Pap test, and continues to be recognised in respected publications
on women’s health.
In April 2025, Martin Dillon (CEO) and I visited our distributors in
China and Vietnam. We were encouraged by their passion and
commitment and we look forward to significant growth in these key
markets in the years ahead.
In early June, 2025 we raised approximately $2.3 million of growth
capital, by way of a private placement to Institutional and wholesale
shareholders, including existing supportive shareholders. A share
Purchase Plan was also launched to ensure our shareholders could
participate at similar terms to the placement offer. The key term was
the inclusion of a 1 for 1 attaching option with an expiry date of 12
months from date of issue at the same price of the placement at
$0.022. We also welcome new institutional investors from Hong Kong
and Singapore that participated in the private placement.
On behalf of the board, I thank our Team TruScreen, our
shareholders, global distributors, suppliers, medical advisory and
international expert groups, for their support as we continue our
journey to make a difference to the elimination of cervical cancer by
the end of the century.
Anthony Ho
Non-Executive
Independent Chairman
4
CHAIRMAN’S LETTER
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

DIRECTORS AND MANAGEMENT
BOARD OF DIRECTORS
EXECUTIVE TEAM
Juliet Hull
Non-Executive Director
Dr. Dexter Cheung
Non-Executive Director
Anthony Ho
Non-Executive Chairman
Christopher Horn
Non-Executive Director
Martin Dillon
Chief Executive Officer
Guy Robertson
Company Secretary +
Chief Financial Officer
Dr. Jerry Tan
General Manager -
Commercial
5
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

FY24FY25
Sales ($NZD)Total Revenue ($NZD)
0
500000
1000000
1500000
2000000
2500000
3000000
NZ DOLLARSFY25FY24FY25/FY24
Sales1,712,0522,107,839(18.7%)
Total Revenue2,105,2552,604,884(15.7%)
Net Loss(2,243,476)(2,050,533)(9.4%)
Cash outflow from operating activities(2,289,306)(2,033,174)(12.6%)
Cash and cash equivalents365,4732,728,036(86.6%)
FINANCIAL RESULTS
6
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025
Below: Dr Carolina
Velasquez training teams in
Ho Chi Minh City

OPERATIONS
REPORT
YEAR ENDING 31 MARCH 2025
All $ amounts are NZ Dollars unless stated otherwise.

Saudi Arabia study published
with sensitivity 83.3% and
specificity 95% compared
with Pap test of 66.7% and
98.2% respectively
Uzbekistan product registration completed to
enable the validation trial of TruScreen for a
national cervical cancer screening program
TruScreen ranked in top 6
health care companies in
having a significant impact to
global women’s health by
Health Startups 2024 report
Inclusion in World
Health Organisation
and UNITAID
screening
guidelines
Invitation by World Health Organisation
to present to and participate in an
important meeting in Edinburgh to
discuss the use of AI and digital
technology to lower the incidence and
mortality from cervical cancer
COFEPRIS approval
for use in Mexico
Public Health system
Memorandum of Understanding signed, and first formal distribution agreement made, with Hangzhou
Dalton Bioscience to expand TruScreen’s product offerings to include Dalton’s HPV product offerings
in our markets - starting with India
OPERATIONS REPORT
Launch of a 5 year, 260,000 women
cervical cancer screening program
at Ho Chi Minh City Public Health
Association
Indonesian distributor
appointed with commercial
sales commenced in a
significant addressable
market
Inclusion in Chinese Obstetricians and Gynecologists Association
(COGA) Blue Book guideline and China Society for Colposcopy
and Cervical Pathology (CSCCP) guideline
Appointment of
distributor for India, the
world’s second most
populous country
Agreement on
validation protocol
for additional public
screening programs
in Zimbabwe
Appraisal by Baylor Foundation
from the US for a public screening
program in Eswatini
8
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

OUR PARTNERSHIP WITH DALTON BIOSCIENCE
PRODUCT PORTFOLIO EXPANSION
DIRECT
CHANNEL
In February 2025, TruScreen signed a non-binding
Memorandum of Understanding with Hangzhou Dalton
Bioscience Limited (DaltonBio), a leading China based
manufacturer of cervical cancer HPV DNA tests and
laboratory equipment, to expand global commercial
opportunities for a suite of DaltonBio’s HPV-IVD and
related products to be marketed under the TruScreen
brand.
TruScreen agreed to distribute globally (excluding USA
and Canada) via selected distributors DaltonBio HPV
related IVD products including DNA tests and Self
Sampling and DaltonBio agreed to explore
opportunities to assist TruScreen’s AI enabled real
time cervical screening device within its distribution
network, notably its 200 Sub-distributors in China and
regulatory and distribution partners in South America.
The collaboration will enhance access to innovative
cervical cancer screening and detection solutions
by leveraging the technology strengths of both
companies. As demonstrated in the COGA landmark
study (2023) and Beijing Obstetrics and Gynecology
Hospital study (Dovepress, May 2025), co-testing
improved TruScreen’s already impressive
standalone sensitivity significantly.
The first formal distribution agreement was signed in
May, for TruScreen to distribute DaltonBio’s HPV
detection products in India - the first of many
agreements expected to be formalised by TruScreen
and DaltonBio.
In FY2025 TruScreen developed a three-pronged strategy to expand its markets.
THE INDIRECT CHANNEL
selling its unique AI enabled technology to
distributors in emerging economies
THE DIRECT CHANNEL
significantly improved opportunities created
by recognition from national Ministries of
Health and Non-Government Organisations as
a solution for major public screening programs
PRODUCT PORTFOLIO EXPANSION
the addition of Hangzhou Dalton Bioscience
Limited’s HPV DNA tests and equipment to
widen TruScreen’s product offering
COMMERCIAL STRATEGY
INDIRECT
CHANNEL
9
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

477M
women of
screening
age*
FY24FY25
SUS Pull Through Per Device
0
50
100
150
200
TRUSCREEN ANTICIPATES CONTINUED REVENUE
GROWTH IN CHINA IN FY2026.
SWXT is targeting 6 key provinces for growth -
Guangxi, Jiangsu, Hunan, Zhejiang, Shanghai and
Guangdong. These provinces have a combined
population of 496 million, and an addressable
screening market of approximately 124 million
women.
SWXT is also targeting the growing China
private health sector, including Health Check
Centre approvals in Jiangsu and Shenzhen, and
entry into the Luxury Hospital and Traditional
Chinese Medicine Hospital sectors.
10
*Women aged 15-64 years as detailed in the
World Fact Book: cia.gov/the-world-factbook
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025
CHINA
In addition to having 11 provinces with approved
pricing for TruScreen, Beijing has awarded
public health insurance reimbursement for
eligible TruScreen patients. Shanghai has
completed the final evaluation for public health
insurance reimbursement and once the
administrative process is in place sales are
expected to grow rapidly in this province.
TruScreen markets both an Australian and a Made in
China device, providing a dual product strategy in
the key China market, with preferential market
access for China manufactured products, TruScreen
has been unaffected by US and China current
tariff regimes.
China, with its large population (including 477 million screening
aged women*), growing middle class, key opinion leaders’
endorsement and government focus on women’s health continues
to be TruScreen’s key commercial and clinical focus.
Following the FY2024 endorsement of China’s two key professional
bodies that guide medical practitioners on the screening and treatment
of cervical cancer (COGA and CSCCP) and installation of TruScreen in a
number of major hospitals across China, TruScreen’s distributor Beijing
Siweixiangtai Tech Ltd Co (SWXT) exceeded its sales budget and
accounted for 88% of TruScreen’s revenue in FY2025.
$
CHINA
Consumable Single Use Sensor (SUS) pull through per
month per device reached a peak of 142 SUS per month
per device, an increase of 30 % over 12 months.
OPERATIONS REPORT
Below: Anthony Ho and Marty Dillon with SWXT in China, April 2025

VIETNAM
134M
women of
screening
age*
36M
women of
screening
age*
11
*Women aged 15-64 years as detailed in the World Fact Book: cia.gov/the-world-factbook
OPERATIONS REPORT
With TruScreen included on the Vietnamese Ministry Of
Health (MOH) approved Technical List (FY2024),
TruScreen signed a Memorandum of Understanding with
the Ho Chi Minh City Public Health Association and
Gorton Health Services (TruScreen’s Vietnam distributor)
in November 2024, to provide the screening methodology
to assist the Government of Vietnam achieve its goal of
screening 60% of women aged 30 to 54 for cervical
cancer (currently only 25% screened). In April 2025, a 5-
year program to screen 260,000 women for cervical
cancer in Ho Chi Minh City, was launched using
TruScreen, with plans for staged expansion to other
provinces across Vietnam. Initial training of the screening
teams has been completed and screening will
commence on 28 July 2025.
In January 2025 Professor Michael Campion (Chairman
of the Medical Advisory Committee), presented at Tu Duc
Hospital in Ho Chi Minh City, leading to 6 major Ho Chi
Minh City hospitals agreeing to adopt and install
TruScreen.
Vietnam is expected to be TruScreen’s second biggest
market in FY2026.
INDONESIA AND SOUTH EAST ASIA
TruScreen appointed a new Indonesian medical products distributor - PT
Mawar Mitra Medika - with commercial sales commencing in May 2025.
Indonesia is the world’s largest Islamic nation, with a population spread over
14,000 islands, and TruScreen is particularly well suited to providing screening
to a geographically dispersed and diverse population.
TruScreen completed its East Asian distribution footprint with the appointing of
Intega Pte Ltd as its distributor for Singapore, Malaysia and Thailand.
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025
Above: Dr Carolina Velasquez
training teams in Ho Chi Minh City
Below: Professor Michael Campion
training teams in Ho Chi Minh City

INDIA
468M
women of
screening
age*
India is the second most populous country in the world,
with one-sixth of the world's population – a total of 1.4
billion people – and an estimated screening population of
over 468 million women*.
Cervical cancer is the second most common cancer
among women in India, despite being the fourth most
common globally.
One woman dies from cervical cancer every eight
minutes in the country, making it a significant public health
concern, but with regional variations in incidence and
mortality.
The use of cervical cancer screening is low at 2% in India.
Cervical cancer screening is substantially within the private
health sector with Government Health insurance coverage.
India conducted approximately 7 million screening tests
last year with about 85% conducted in the private health
sector with a focus on quality health outcomes.
India’s National Academy of Medical Sciences (NAMS) has
recommended cervical cancer as a notifiable disease, and
to focus on early detection and a target to achieve a 70%
screening rate for cervical cancer by 2030. TruScreen’s
unique AI enabled technology will contribute to achieving
this target.
TruScreen re-entered the Indian sub-continent with the appointment of
India medical products distributor Renovate Biologicals Pvt Ltd (RBL).
The TruScreen device’s portability and its AI enabled algorithm which provides
real time results without the needs of expensive laboratory infrastructure
make it an ideal screening solution for such a populous nation with high
mortality to cervical cancer. TruScreen technology is non-invasive and is
culturally sensitive to Islamic Indian patients (14% of the Indian population) as
it does not require a collection of cervical cells.
In addition to the distribution of TruScreen devices and SUS’s, TruScreen will
also commence distribution of DaltonBio’s HPV IVD products in India – the
first market agreement to be made as part of the DaltonBio strategic alliance.
12
*Women aged 15-64 years as detailed in the
World Fact Book: cia.gov/the-world-factbook
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

ESWATINI
FORMERLY SWAZILAND
5M
women of
screening
age*
390K
women of
screening
age*
19M
women of
screening
age*
AFRICA
ZIMBABWE
Cervical cancer remains a significant health risk to
Zimbabwean women. With limited pathology services
and no nationwide recall system for follow-up
appointments, traditional screening methods such as
Pap test are not suitable for their population.
TruScreen, which enables a ‘see and treat’ screening
service, is ideally suited to fill the gap in Zimbabwe’s
women healthcare system.
Since 2022, TruScreen has screened 14,000 women in
the Masvingo Province, through a program managed by
the Zimbabwe National AIDS Council (NAC) and the
Ministry of Health and Childcare. It is expected that the
program will be expanded to the capital Harare and
other provinces following a formal re-validation
program being undertaken by the Ministry of Health to
be completed in Q1 – Q2 FY2026.
In April 2025, TruScreen and the US Baylor Foundation
Eswatini agreed on the validation and initial product
training for TruScreen to be used for a pilot program to
screen women in Eswatini.
MIDDLE EAST
SAUDI ARABIA, JORDAN, PALESTINE AND RWANDA
A Saudi Arabia study investigating TruScreen’s performance versus pap smears in cervical
cancer detection, was published and peer reviewed in April 2025 by globally renowned
BMC Women’s Health. The study tested 507 women and results showed that TruScreen
demonstrated higher sensitivity and specificity than Pap Smear testing.
TruScreen distributor Sadaf Medical featured TruScreen in trade shows in Jordan,
Palestine and Rwanda, and installed devices in both Jordan and Rwanda in FY2025.
13
*Women aged 15-64 years as detailed in the World Fact Book: cia.gov/the-world-factbook
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025
Above: Dr Carolina Velasquez in Zimbabwe

MEXICO
46M
women of
screening
age*
61M
women of
screening
age*
12M
women of
screening
age*
RUSSIA AND CENTRAL ASIA
UZBEKISTAN
Mexico has approximately 46 million women of screening age*, and Cervical cancer is
the second most prevalent cancer amongst women. HPVcentre.net estimates that
9,400 women are diagnosed annually with cervical cancer with a very high mortality
rate of 46% - 4,300 deaths.
Mexico’s national regulator, COFEPRIS, approved TruScreen for use in the public
health sector in FY2024, allowing TruScreen’s distributor Sunbird S.A de C.V. to target
the wider public health sector (70.9% of the population access the public health
system).
Mexico represented TruScreen’s second largest market after China in FY2025, with
new device installations continuing. TruScreen is currently awaiting the outcome of a
tender for the Instituto Mexicano del Seguro Social (IMSS) the largest social security
and health institution in Mexico for the use of an opto electrical medical device for a
cervical cancer screening program.
The Ukraine – Russian war has temporarily halted sales to Russia, and TruScreen’s
distributor in Russia, IntelMed Systems JSC (IMS), has expanded its marketing activity
to include the territories of Kazakhstan, Kyrgyzstan, Armenia and Belarus. This
expansion in commercial scope follows the adoption of TruScreen by Medsi Group,
Russia's leading healthcare chain and the inclusion of TruScreen in the screening
guideline of the Russian College of Obstetrics and Gynecology.
Uzbekistan has 12 million women of screening age* and product registration by the
National Pharmaceutical Safety Committee was completed in June 2025. This is a
precursor to the planned public screening program starting with 14 women and
children’s healthcare clinics in Tashkent. The adoption of TruScreen’s unique AI-
enabled technology is a transformative step for Uzbekistan, with the aim of extending
from Tashkent to a national program.
*Women aged 15-64 years as detailed in the World Fact Book: cia.gov/the-world-factbook
14
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

High Sensitivity: TruScreen 83.3%, compared to Pap test 66.7%
High Specificity: TruScreen 95%, compared to Pap test 98.2%
MEDICAL AFFAIRS
UNITAID included TruScreen in its technology landscape report
“Screening and treatment of pre-cancerous lesions for secondary
prevention of cervical cancer”, the only opto-electrical device included.
TruScreen was also selected by Austrian-based StartUs Insights as one of
six global companies, from a cohort of 580 companies, that will have an
impact on global women’s health.
Following the UNITAID inclusion, TruScreen was invited to present at the
World Health Organisation key meeting to further the use of AI
technologies for screening of cervical cancer in Edinburgh, and was the
only opto-electric tissue differentiating medical device company invited
to participate.
An Obstetrics and Gynaecology Hospital of Fudan University study
(n=1908) concluded that TruScreen optoelectronic real time screening
detection accuracy outperformed liquid-based cytology (LBC) in patients
with type 3 cervical transformation zone. The report was published by
leading research journal, Germany’s Springer Nature.
A Saudi Arabia study investigating TruScreen’s performance versus pap
smears in cervical cancer detection, was published and peer reviewed by
globally renowned BMC Women’s Health. The study, entitled “Beyond
Tradition: Investigating TruScreen’s Performance Versus Pap test in
Cervical Cancer Detection” tested 507 women and was first published on
Research Square on 25 July 2024. Results showed that TruScreen
demonstrated:
A Beijing study conducted with 100 women in 2018 was belatedly
published by Dovepress in May 2025, demonstrating not only higher
sensitivity (86.4%) and higher specificity (74.4%) for screening cervical
precancerous lesions in middle-aged women, compared to TCT and HR-
HPV tests, but also demonstrating increased efficacy when used in
combination with TCT and HPV tests. The study validates TruScreen’s
emerging markets growth strategy and recent agreement to distribute
DaltonBio’s HPV IVD test products to India.
OCT 24
NOV 24
JUL 24 /
APR 25
JUN 25
15
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

CLINICAL RESULTS PUBLICATIONS
16
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025
YEARCOUNTRYINVESTIGATORNO. OF
PATIENTS
RESULTS
(SENSITIVITIES, SPECIFICITY)
2025
China
1
Songkun Gao,
Jiandong Wang
100TS: 86.4%, 74.4%; LBC: 81.8%, 38.2%;
HPV: 81.8%, 28.2%
2025
Saudi Arabia
2
Majed Alhudhud507TS: 83.3%, 95%; Pap: 66.7%, 98.2%
2024
China
3
Dr Fengyi Xiao & Long
Sui
1908TruScreen has detection accuracy
comparable to cytology and performs
even better in patients with type 3 TZ
2024China
4
Dr Yang Yueming489TS: 76.2%, 72.2%; LBC: 48.5%, 94.8%;
HPV: 93.9%, 34.7%
2023
China
5
Dr Liu Hang997TS: 88.24%, 58.76%; LBC: 47.06, 70.1%;
HPV: 94.12%, 36.08%
2023China
6
Dr Luo Lianmei318TS: 85.92%, 38.46%; LBC: 16.9%,
92.31%
2022China
7
Dr Chen Zhenbo476TS: 73.18%, 84.52%; LBC: 62.69%,
90.46%
2022China
8
Dr Zhu Bo283TS: 71.8%, 72.6%; Colposcopy: 69%,
62.3%
2022China
9
Dr Zhao Yuqian1319TS: 87.2%, 70.5%; LBC: 73.9%, 43.4%;
HPV: 92.3%, 17%
Gao, S., Tian, Y., Song, F., & Wang, J. (2025). Assessment of the real-time photoelectric detection device (TruScreen) in screening for cervical
precancerous lesions in middle-aged women: An observational study. Risk Management and Healthcare Policy, 18, 1783–1791.
1
Xiao, F., & Sui, L. (2024). Evaluation of a real-time optoelectronic method for the detection of cervical intraepithelial neoplasia and cervical
cancer in patients with different transformation zone types. Scientific Reports, 14, Article 27220.
2
Xiao, F., & Sui, L. (2024). Evaluation of a real-time optoelectronic method for the detection of cervical intraepithelial neoplasia and cervical
cancer in patients with different transformation zone types. Scientific Reports, 14, 27220.
3
Yang Y, et al. Optimal Screening and Detection Strategies for Cervical Lesions: A Retrospective Study. Journal of Cancer 2024, Vol. 15
4
Liu, H et al. Study on the role of TruScreen Screening Technology in Cervical Cancer Screening. Reproductive Medicine Journal August 2023 Vol
32, No 8
5
Luo, L et al. The Value of TruScreen (An Artificial Intelligence Cervical Cancer Screening System) in High-Risk HPV Positive Patients. Clin. Exp.
Obstet. Gynecol. 2023; 50(10): 206
6
Chen, Z et al. The clinical value of TruScreen in cervical cancer screening. Shangdong Med 2022 Vol 6 No 22
7
Zhu B et al. A comparative study of photoelectric screening system Truscreen and colposcopy in cervical lesions screening. CHINESE
JOURNAL OF FAMILY PLANNING ＆ GYNECOTOKOLOGY Volume 14 Number 11 2022
8
Zhao, Y et al. Accuracy of TruScreen in the Early Diagnosis of Cervical Precancerous Lesions in Outpatients in Sichuan Province. J Cancer
Control Treat. February 2022, Vol. 35, No. 2
9

CLINICAL RESULTS PUBLICATIONS
17
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025
YEARCOUNTRYINVESTIGATORNO. OF
PATIENTS
RESULTS
(SENSITIVITIES, SPECIFICITY)
2022Australia
10
Dr Jessica Vet506TS: 72%, 71%; LBC: 81%, 95%; HPV:
88%, 76%
2021China
11
Dr Wei Yingting458TS: 83.78%, 78.86%; LBC: 72.97%,
55.58%; HPV: 89.19%, 50.59%
2021China
12
Prof Chen Fei974TS: 90.9%, 75.5%; LBC: 82.5%, 44%;
HPV: 98%, 10.2%
2020China
13
Dr Huang Yi683TS: 75%, 85.8%; LBC:39.58%, 45.98%
2020China
14
Dr Kang Yanan192TS: 96.67%, 70.19%; LBC: 76.67%,
53.38%; HPV: 96.67%, 19.55%
2020China
15
Dr Wang Ziyao301TS: 96.3%, 46.4%; HPV: 59.3%, 74.1%
2019Henan / China
16
Dr. Baojin Wang315TS: 82. 76%, 76. 67%; LBC: 65. 52%, 30.
00%; HPV: 75. 86%, 43. 33%
2019Beijing / China
17
Dr. Wei Zhang1030TS: 91.0%, 81.25%; LBC: 69.6%, 73.75%
2019Herbei / China
18
Dr. Yanhong Jia320TS: 78.8%, 79.5%; LBC: 59.6%, 82.5%
2018Beijing / China
19
Dr. Huixia Yang2730TS: 76%, 69%
2017Mexico
20
Dr. Ricardo Lua521TS: 78% (CIN2+); Cytology: 36% (CIN2+);
HPV DNA: 56% (CIN2+)
Vet, J et al. APerformance Evaluation of an Optoelectronic Cervical Screening Device in Comparison to Cytology and HPV DNA Testing. Eur. J.
Gynaecol. Oncol. 2022; 43(2): 213–218
10
Y. Wei, W. Wang, M. Cheng et al., Clinical evaluation of a real-time optoelectronic device in cervical cancer screening, European Journal of
Obstetrics & Gynecology and Reproductive Biology
11
Chen, F et al. Clinical value of TruScreen in early diagnosis of cervical cancer and precancerous lesions：a hospital-based multicenter study.
Chin J Practical GynecolObstet March 2021Vol37 No3
12
Huang Yi, Huang Ru, Liu Jiahua. Clinical Analysis of TruScreen and LBC in Cervical Cancer Screening. Fujian Med J, June 2020, V01. 42 No 3
13
Kang Yanan Et al, Comparison study in hospital opportunistic screening for cervical cancer. Chin J Clin Obstet Gynecol November 2020，
Vol.21, No.6
14
Wang, Z et al. TruScreen detection of cervical tissues for high-risk human papillomavirus–infected womenduring the coronavirus disease 2019
pandemic. Future Oncol. 10.2217/fon-2020-0928
15
WANG Baojin，MA Qian，ZHAO Xinxin，et al. Application Value of TCT，HPV and TruScreen in Screening Cervical Disease. Journal of
Practical Obstetrics and Gynecology 2019 Nov．Vol. 35，No. 11
16
Qi Weihong, Zhang Wei et al. Clinical Observation of Cervical Cancer Screening System TruScreen in 1030 Cases. Electronic Journal Of
Practical Gynecologic Endocrinology. Nov. A. 2019 Vol.6, No.31
17
Yanhong Jia. The Clinical Effectiveness of Cervical Cancer Screening System TruScreen in Cervical Cancer Screening. Electronic Journal Of
Practical Gynecologic Endocrinology. Nov. A. 2019 Vol.6, No.31
18
Huixia Yang, Xinmiao Zhang, et al. The diagnostic accuracy of a real-time optoelectronic device in cervical cancer screening A PRISMA-
compliant systematic review and meta-analysis. Medicine (2018) 97:29
19
Ricardo Lua, et al. Comparison of an Optoelectronic Scan of the Cervix, Cervical Cytology and HPV Genotyping for CIN Screening. Journal of
Lower Genital Tract Disease. Vol 21, Number 2, Supplement 1, April 2017.
20

CLINICAL RESULTS PUBLICATIONS
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OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025
YEARCOUNTRYINVESTIGATORNO. OF
PATIENTS
RESULTS
(SENSITIVITIES, SPECIFICITY)
2016Chongqing / China
21
Dr. LI Pei,368TS: 93.2%, 100%, Positivity rate 76%
Dr. Jin-sheng WangLBC: 75.0%, 64.7% Positivity rate: 55.7%
2015Turkey
22
Dr. Özgü E285TS: 86%, 35%, NPV: 89% PPV: 28%
2011Poland
23
Dr. Pruski293TS: 90%(CIN2+) Spec: 90% PPV: 63%
NVP: 90%
2011Guangdong / China
24
Dr. Li Xia500TS: 95%, 63%
Pap: 80%, 76%
2010Guangdong / China
25
Dr. He Xiu-Kui392TS: 74%, 78%
Pap: 42%, 93%
TCT: 32%, 94%
HPV DNA: 47%, 84%
2010Shandong / China
26
Prof Fengnian Rong532TS: 75%, 85%
TCT: 43%, 98%
2010Korea
27
Dr. Hyeong Soo Lim292TS: 82.8%, 81.4%
LBC:75.9%, 83.3%
2009Hubei / China
28
Prof Ding Ma302TS: 87%, 75%
Thin Prep: 75%, 92%
2008Poland
29
Dr. Pruski234TS: 85%, 82%
Li Pei, Jinsheng Wang et al. Application Effect of TruScreen System in Cervical Cancer Screening.
21
Özgü E, Yıldız Y, Özgü BS, Öz M, Danışman N, Güngör T. Efficacy of a real time optoelectronic device (TruScreen™) in detecting cervical
intraepithelial pathologies: a prospective observational study. J Turk Ger Gynecol Assoc. 2015;16(1):41-44. Published 2015 Mar 1.
doi:10.5152/jtgga.2015.15199
22
Pruski, D., Przybylski, M., Kędzia, W. et al. Optoelectronic method for detection of cervical intraepithelial neoplasia and cervical cancer. Opto-
Electron. Rev. 19, 478 (2011).
23
LIXia，YE Qing et al. Clinical research on fluorescence microscopy technology combined with cervix pap smear in cervical cancer screening.
IMHGN，November 2011，Vo1．17 No．24
24
HE Xiu-kui, LUOXi-ping et al. An optoelectronic cervical cancer screening system for screening cervical cancer: comparison with cervical
cytology. China Reproductive Health 2013,24(1):9-11
25
CUI Ying-ying, ZHANG Bei ,RONG Feng-nian. The application value of cervical cancer screening system and thinprep cytological test in the
screening of cervical lesion during the women's health screenings.
26
Hyeong Soo Lim, M.D., et al, Korean Journal of Obstetrics and Gynecology Vol. 53 No. 10 October 2010, The efficacy of a real-time
optoelectronic device as a diagnostic tool of over cervical intraepithelial neoplasia 1 lesion
27
Zheng Hongbing, Ma Ding et al. Comparing Study of Truscreen® and Liquid Based Cytology Test in the Screening of Cervical Lesions.
28
D. Pruski,. Et al, The assessment of a real‐time optoelectronic method for the detection of cervical intraepithelial neoplasia (‘CIN’),
Volume107, Issue S2, Abstracts of XIX FIGO World Congress of Gynecology and Obstetrics, October 2009,
29

REGULATORY
COMPLIANCE
TruScreen’s key quality certification is the CE mark
(EU approval) and TruScreen is continuing the
transition to the new European Medical Device
Regulation (MDR), from the current European
Medical Device Directive (MDD). TruScreen obtained
a formal regulatory extension notification, which
ensures that the current CE Mark approval for the
TruScreen ULTRA cervical cancer screening device
remains valid for the duration of the transition period
to the new Medical Device Regulation (MDR).
In our largest commercial market, China,
medical device regulation is regulated by
the NMPA. China’s NMPA registration
variations was approved and software
upgrade on Chinese devices has
commenced. The upgrade will improve
user experience for clinicians and extend
the device’s in-use service interval.
TruScreen has also successfully undergone two
Regulatory Surveillance audits by our quality auditor,
TUV SUD, during this financial year. Pleasingly there
were no identified non-conformances which is a
testament to our Quality Assurance program.
In other markets, TruScreen has obtained formal
registrations in Indonesia, Uzbekistan, Kazakhstan
and COFEPRISs in Mexico (which gives TruScreen
access to the public health sector in Mexico,
including Government screening programs).
TruScreen is undertaking the renewal or initial
regulatory registration in Russia, Saudi Arabia,
Serbia, and Sri Lanka.
19
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

CORPORATE
Subsequent to year end the Company has raised $2.3 million
through a share Placement, with the issue of approximately
105 million shares at $0.022 each. Of these shares
approximately 25 million are subject to shareholder approval
at a meeting to be held in mid July 2025.
In addition, the Company has raised a further $1.67 million
with the issue of approximately 83.6 million shares through a
Share Purchase Plan (SPP). Of these shares approximately 28
million will be subject to shareholder approval at a meeting to
be held in mid July 2025.
Attached to the Placement shares and the SPP shares is one
share option with an exercise price of $0.022 and an expiry
date one year from date of issue.
20
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

RISKTHE RISK AND ITS IMPACTHOW THE RISK IS MANAGED
Legal and
regulatory
TruScreen operates in many countries,
each with its own regulatory approval,
certification process, and operating legal
environment that is relevant to the
company’s ability to operate. Changes to
laws and regulations, or the inability of the
Company to monitor and meet its
regulatory obligations could result in the
suspension or loss of its ability to operate
in a jurisdiction.
Internal reviews are conducted for all
jurisdictions to ensure that the Company
complies with all relevant laws and
regulations. Relationships are maintained
within key Government departments to
ensure any changes to regulations are
known well in advance.
Intellectual
property
There is a risk of theft or copy of key
intellectual property.
The Company works with key partners and
suppliers under strict confidentiality
agreements.
The Company has secure Information
Technology systems to protect its
intellectual property.
Production and
inventory
There is a risk that sufficient production or
inventory is not available to meet sales
demand, resulting in lost sales
opportunities, or that supply chain issues
cause delays in receiving certain
components.
Management work with key partners and
suppliers to forecast demand and sales.
Certain inventory levels are also
maintained for key components to manage
supply chain risks.
Loss of key
employees
The Company has a small number of
qualified personnel and can be negatively
affected by the loss of personnel in key
positions.
The Company periodically reviews its
remuneration for personnel to ensure its
employees are fairly paid, undertakes a
level of cross training, and review of
succession plans.
RISKS
21
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

DIRECTORSCOMPANY
EMPLOYEES
COMPANY
SENIOR
MANAGERS
TOTAL
ORGANISATION
#
TOTAL
ORGANISATION
%
2025202420252024202520242025202420252024
Male3322126767%64%
Female1122-13433%36%
Total444413911100%100%
DIVERSITY
22
TruScreen is committed to ensuring all women of
screening age, no matter who or where they are, have
access to quality screening. We are driven to build a better
future for women’s health.
Our dedication to diversity and equality in the workplace
sits hand in hand with this commitment. We are an equal
opportunities employer, committed to providing an
inclusive, safe and respectful working environment.
In respect of gender diversity, in FY2025 the TruScreen
team was 33% female, and 25% of the Board of Directors
was female.
TruScreen has a diverse cultural workplace with Directors
and team members calling Australia and New Zealand
home, with countries of origin being Singapore, Malaysia,
Romania, China, Colombia, Canada, and South Africa.
This cultural diversity enables TruScreen to interact
successfully with its diverse global distributor network and
customers.
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025
On behalf of the Board as at 30 June 2025
Martin Dillon
Chief Executive Officer

DIRECTORS’
REPORT
YEAR ENDING 31 MARCH 2025
All $ amounts are NZ Dollars unless stated otherwise.

DIRECTORS’ REPORT
24
Your directors submit the annual financial report of the consolidated entity consisting of TruScreen Group Limited (the
“Company”) and the entities it controlled during the period (the “Group”) for the financial year ended 31 March 2025.
Mr Ho is an experienced company director having held executive directorships and
chief financial officer roles with several ASX listed companies. Tony was executive
director of Arthur Yates & Co Limited, retiring from that position in April 2002. His
corporate, general management and governance experience includes being chief
financial officer/finance director of M.S. McLeod Holdings Limited, Galore Group
Limited, and the Edward H O’Brien group of companies.
Mr Ho is currently the chairman of ASX listed Bioxyne Limited (ASX: BXN). He was
previously chairman of Cannasouth Limited, Energy Transition Minerals Limited, and
Credit Intelligence Limited and a non-executive director of Hastings Technology
Metals Limited.

Prior to joining commerce, Mr Ho was a partner of Cox Johnston & Co, Chartered
Accountants, which has since merged with Ernst & Young. Mr Ho holds a Bachelor of
Commerce degree from the University of New South Wales and is a member of
Chartered Accountants Australia and New Zealand and a fellow of the Australian
Institute of Company Directors, Chartered Governance Institute (Company Secretary)
and Governance Institute of Australia.
DIRECTORS
NAMES, QUALIFICATIONS, EXPERIENCE AND SPECIAL RESPONSIBILITIES
Mr Anthony Ho
Mr Christopher Horn
Ms Juliet Hull
Dr. Dexter Cheung
Anthony Ho
Non-Executive Chairman
B.Com, CA, FAICD,
FCG(CS), FGIA
Appointed 4 Oct 2018
Mr Horn is an experienced business executive and has acted in a number of
management roles including 20 years as a senior partner of KPMG and its
predecessor firms. He is a director of a number of private companies across a broad
range of business activities including corporate advisory and financial services.
Mr Horn is a Commerce graduate from the University of New South Wales and a
Fellow of Chartered Accountants Australia and New Zealand.
Christopher Horn
Non-Executive Director
B.Com, FCA
Appointed Nov 2013
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

DIRECTORS
NUMBER OF FULLY PAID
ORDINARY SHARES
20252024
Anthony Ho11,143,3338,893,333
Christopher Horn6,881,2285,381,228
Juliet Hull24,00024,000
Dexter Cheung1,125,653671,108
DIRECTORS
NUMBER OF OPTIONS
20252024
Anthony Ho3,000,0003,000,000
Christopher Horn3,000,0003,000,000
Juliet Hull-1,000,000
Dexter Cheung-1,000,000
25
Juliet Hull
Non-Executive Director
B.Nurse, MBA (MGSM)
Appointed 10 Sept 2020
Ms Hull was until January 2021 the NZ General Manager/Country Director of Johnson
& Johnson Medical (J & J), a director of the ANZ Johnson & Johnson Medical Executive
Board, a director of MTANZ (Medical Technology Association of NZ) and a member of
both the APAC Regional Leadership team for J & J’s Orthopaedics and Ethicon
Divisions.
Ms Hull is a senior executive with more than 20 years’ experience in Asia Pacific
markets in Healthcare sales, marketing and leadership.
Ms Hull holds a Master of Business and Administration (Macquarie Graduate School
of Management, Sydney, Australia) and Bachelor of Nursing (Auckland University of
Technology), Auckland, New Zealand. Ms Hull was previously a non-executive director
of Cannasouth Limited (NZX: CBD).
Dr. Cheung is an experienced medical device engineer and specialist in product
research and development, with more than 20 years’ experience. He is the Research
& Development Manager of the respiratory humidification division of Fisher & Paykel
Healthcare, an NZX/ASX listed healthcare company and a global leader in respiratory
medical devices.
Dr. Cheung holds a first-class honours degree in Bachelor of Technology, a Master of
Engineering (first class honours) degree and a Doctor of Philosophy (in physics) from
his alma mater, University of Auckland.
The following relevant interests in shares and options of the Company or a related body corporate were held by the
directors and key management personnel as at the date of this report. All shares are beneficially held.
Dr. Dexter Cheung
Non-Executive Director
B.Tech (Hons), M.Eng (Hons),
PhD
Appointed 1 Mar 2021
INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY
DIRECTORS’ REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

26
No dividends have been paid or declared since the start of the financial year and the directors do not recommend the
payment of a dividend in respect of the financial year.
The consolidated entity has agreed to indemnify all the directors of the consolidated entity for any liabilities to another
person (other than the consolidated entity or related body corporate) that may arise from their position as directors of
the consolidated entity, except where the liability arises out of conduct involving a lack of good faith.
This report outlines the remuneration arrangements in place for key management personnel of Truscreen Group
Limited for the financial year ended 31 March 2025.
REMUNERATION PHILOSOPHY
The performance of the company depends upon the quality of the directors and executives. The philosophy of the
company in determining remuneration levels is to:
set competitive remuneration packages to attract and retain high calibre employees;
link executive rewards to shareholder value creation; and
establish appropriate, demanding performance hurdles for variable executive remuneration.
REMUNERATION COMMITTEE
The Remuneration Committee of the Board of Directors of the Group is responsible for determining and reviewing
compensation arrangements for the directors and the senior management team.
The Remuneration Committee assesses the appropriateness of the nature and amount of remuneration of directors
and senior executives on a periodic basis by reference to relevant employment market conditions with an overall
objective of ensuring maximum stakeholder benefit from the retention of a high quality Board and executive team.
REMUNERATION STRUCTURE
In accordance with best practice corporate governance, the structure of non-executive director and executive
remuneration is separate and distinct.
NON-EXECUTIVE DIRECTOR REMUNERATION
The Board seeks to set aggregate remuneration at a level that provides the Company with the ability to attract and
retain directors of the highest calibre, whilst incurring a cost that is acceptable to shareholders.
The NZX Listing Rules specify that the aggregate remuneration of non-executive directors shall be determined from
time to time by a general meeting. The latest determination was at the Annual General Meeting held on 27 August
2019 when shareholders approved an aggregate remuneration of up to $300,000 per year.
DIVIDENDS
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
REMUNERATION REPORT
DIRECTORS’ REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

27
The amount of aggregate remuneration sought to be approved by shareholders and the manner in which it is
apportioned amongst directors is reviewed annually. The Board considers the fees paid to non-executive directors of
comparable companies when undertaking the annual review process.
Each director receives a fee for being a director of the Company.
The remuneration of non-executive directors for the year ended 31 March 2025 is detailed in the remuneration of
directors and named executives section of this report below.
REMUNERATION OF KEY MANAGEMENT AND PERSONNEL
Senior manager and executive director remuneration
Remuneration consists of fixed remuneration, with no incentives being issued during the year. In addition to
Company employees and directors, the Company may contract key consultants on a contractual basis. These
contracts stipulate the remuneration to be paid to the consultants.
Fixed Remuneration
Fixed remuneration is reviewed annually by the Remuneration Committee. The process consists of a review of
relevant comparative remuneration in the market and internally and, where appropriate, external advice on policies
and practices. The Committee has access to external, independent advice where necessary. Fixed remuneration is
paid in the form of cash payments.
The fixed remuneration component of the key management personnel is detailed in the tables below.
Key management personnel remuneration for the year ended 31 March 2025
2025
SHORT-TERM EMPLOYEE
BENEFITS
POST EMPLOYMENT
BENEFITS
OTHER
Salary & Fees

$
Superannuation
$
Share Based
Payments
$
Total
$
Anthony Ho110,000--110,000
Christopher Horn60,000--60,000
Juliet Hull50,000--50,000
Dexter Cheung54,944--54,944
Martin Dillon223,757--223,757
Edmond Capcelea187,57121,296-208,867
Guy Robertson86,000--86,000
772,27221,296-793,568
DIRECTORS’ REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

28
2024
SHORT-TERM EMPLOYEE
BENEFITS
POST EMPLOYMENT
BENEFITS
OTHER
Salary & Fees

$
Superannuation
$
Share Based
Payments
$
Total
$
Anthony Ho90,000 - 20,687110,687
Christopher Horn60,000 - 20,68780,687
Juliet Hull50,000 - - 50,000
Dexter Cheung50,000 - - 50,000
Beata Edling206,23520,43848,269274,942
Martin Dillon21,577 - - 21,577
Edmond Capcelea194,19521,092 - 215,287
Guy Robertson89,487--89,487
761,49441,53089,643892,667
Key management personnel remuneration for the year ended 31 March 2024
OPTIONS HELD BY DIRECTORS AND KEY MANAGEMENT PERSONNEL
During the previous year, 6,000,000 options were issued to Directors. 3,000,000 were issued to Anthony Ho and
3,000,000 were issued to Chris Horn. The options have an exercise price of NZ$0.04 per share, and an expiry date of
15 July 2026.
During the previous year 7,000,000 options were issued to the Chief Executive Officer, Beata Edling. The options have
an exercise price of NZ$0.04 per share, and an expiry date of 15 July 2026.
EMPLOYEES REMUNERATION
Four employees of the Group, not being directors, during the period ended 31 March 2025, received remuneration
and other benefits in their capacity as employees, the value of which was or exceeded $100,000 per annum.
The number of such employees or former employees in brackets of $10,000 was:
EMPLOYEE REMUNERATIONNUMBER OF EMPLOYEES
$110,000 to $120,000 1
$140,000 to $150,000 1
$200,000 to $210,000 1
$220,000 to $230,000 1
DIRECTORS’ REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

DIRECTOR MEETINGSAUDIT COMMITTEE
DirectorAttendedEligible to AttendAttendedEligible to Attend
Anthony Ho88 - -
Christopher Horn8822
Juliet Hull8822
Dexter Cheung8822
The functions of the remuneration committee during the year were undertaken by the full board. In addition, one
circular resolution was signed by the board during the year.
REMUNERATION OF AUDITORS
The following amounts are payable to the Company’s auditors for the year ended 31 March 2025.
Auditor’s remuneration – Hall Chadwick
Fees for the audit of the financial statements: $92,850
End of Directors’ Report
On behalf of the Board as at 30 June 2025
29
DIRECTORS’ MEETINGS
The number of meetings of directors (including meetings of committees of directors) held during the year and the
number of meetings attended by each director was as follows:
Anthony HoChristopher Horn
ChairmanDirector
DIRECTORS’ REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

FINANCIAL STATEMENTS
& AUDITOR’S REPORT
YEAR ENDING 31 MARCH 2025
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME31
CONSOLIDATED STATEMENT OF FINANCIAL POSITION32
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY33
CONSOLIDATED STATEMENT OF CASH FLOWS34
NOTES TO THE FINANCIAL STATEMENTS35
INDEPENDENT AUDITOR’S REPORT55
All $ amounts are NZ Dollars unless stated otherwise.

31
NOTE2025 ($)2024 ($)
Revenue from the sale of goods61,712,0522,107,839
Other income 6393,203497,045
Product cost of goods sold(1,196,832)(1,416,070)
Employee benefit expenses and directors’ fees7(856,761)(792,513)
Other administration costs(501,808)(366,222)
Research and development expenses(814,614)(877,303)
Rent(12,550)(44,403)
Travel(74,402)(30,258)
Marketing and product approvals(627,860)(676,077)
Insurance(140,162)(139,414)
Shareholder relations and services(107,064)(201,937)
Provision for inventory obsolescence -(21,577)
Share based payments-(89,643)
Borrowing cost(16,678)-
Loss before income tax(2,243,476)(2,050,533)
Income tax expense8--
Loss for the year(2,243,476)(2,050,533)
Other comprehensive income
Item that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign subsidiary
operations
(46,268)41,980
(46,268)41,980
Total comprehensive loss for the year (2,289,744)(2,008,553)
Basic and diluted loss per share (cents)17(0.41)(0.49)
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
The accompanying notes form part of these financial statements.
FINANCIAL STATEMENTS & AUDITOR’S REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

32
NOTE2025 ($)2024 ($)
CURRENT ASSETS
Cash and cash equivalents9365,4732,728,036
Other receivables10411,012489,336
Trade receivables1022,79848,152
Inventories11538,679491,254
Other current assets – prepayments203,544273,603
TOTAL CURRENT ASSETS
1,541,5064,030,381
NON-CURRENT ASSETS
Intangible assets13--
Right of use assets14306,851-
TOTAL NON-CURRENT ASSETS
306,851-
TOTAL ASSETS
1,848,3574,030,381
CURRENT LIABILITIES
Trade and other payables15387,317653,732
Lease liability14133,211-
Provision for employee benefits16104,096115,635
TOTAL CURRENT LIABILITIES
624,624769,367
NON-CURRENT LIABILITIES
Provision for employee benefits1631,19029,080
Lease liability 14184,161-
TOTAL NON-CURRENT LIABILITIES
215,35129,080
TOTAL LIABILITIES
839,975798,447
NET ASSETS1,008,3823,231,934
EQUITY
Issued capital1738,772,13738,705,945
Share option reserve1989,643234,456
Foreign currency translation reserve20(383,396)(337,128)
Accumulated losses(37,470,002)(35,371,339)
TOTAL EQUITY1,008,3823,231,934
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 MARCH 2025
On behalf of the Board as at
30 June 2025.
Anthony HoChristopher Horn
ChairmanDirector
The accompanying notes form part of these financial statements.
FINANCIAL STATEMENTS & AUDITOR’S REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

NOTESHARE
CAPTIAL
ACCUMULATED
LOSSES
FOREIGN
CURRENCY
TRANSLATION
RESERVE
OPTION
RESERVE
TOTAL
Balance at 1 April 202438,705,945(35,371,339)(337,128)234,4563,231,934
Loss for the year to 31 March 2025-(2,243,476)--(2,243,476)
Exchange differences on translating
foreign subsidiary operations
--(46,268)-(46,268)
Total comprehensive income for the year
-(2,243,476)(46,268)-(2,289,744)
Transactions with owners, in their capacity as owners
Issue of shares1666,192---66,192
Share based payments18-144,813-(144,813)-
Total transactions with owners
---(144,813)66,192
Balance at 31 March 202538,772,137(37,470,002)(383,396)89,6431,008,382
NOTESHARE
CAPTIAL
ACCUMULATED
LOSSES
FOREIGN
CURRENCY
TRANSLATION
RESERVE
OPTION
RESERVE
TOTAL
Balance at 1 April 202336,097,125(33,320,806)(379,108)144,8132,542,024
Loss for the year to 31 March 2024-(2,050,533)--(2,050,533)
Exchange differences on translating
foreign subsidiary operations
--41,980-
Total comprehensive income for the year
-(2,050,533)41,980-(2,008,553)
Transactions with owners, in their capacity as owners
Issue of shares162,651,316---2,651,316
Share issue costs16(127,079)---(127,079)
Share based payments1884,583--89,643(127,079)
Total transactions with owners
2,608,820--89,6432,698,463
Balance at 31 March 202438,705,945(35,371,339)(337,128)234,4563,231,934
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
The accompanying notes form part of these financial statements.
33
FINANCIAL STATEMENTS & AUDITOR’S REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

34
NOTE2025 ($)2024 ($)
CASH FLOW FROM OPERATING ACTIVITIES
Cash received from customers 1,716,7182,273,035
Cash paid to suppliers and employees including GST(4,416,220)(4,518,439)
Cash received from research and development tax offset 1(f)447,140371,240
Short-term lease payments not included in lease liability(38,490)(159,849)
Interest paid(3,296)(3,260)
Interest received4,8424,099
Net cash used in operating activities21
(2,289,306)(2,033,174)
CASH FLOW TO INVESTING ACTIVITIES
Other--
Net cash used in investing activities
--
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of shares16-2,651,316
Share issue costs-(67,200)
Principal element of lease payments(84,398)-
Proceeds from borrowings21-215,760
Repayment of borrowings21-(215,760)
Net cash from financing activities
(84,398)2,584,116
Net (decrease)/increase in cash and cash equivalents(2,373,704)550,942
Cash and cash equivalents at the beginning of the financial year2,728,0362,160,468
Effects of exchange rate changes on cash and cash equivalents11,14116,626
Cash and cash equivalents at the end of the financial year9365,4732,728,036
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
The accompanying notes form part of these financial statements.
FINANCIAL STATEMENTS & AUDITOR’S REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

35
FOR THE YEAR ENDED 31 MARCH 2025
NOTE 1. MATERIAL ACCOUNTING POLICY INFORMATION
General Information
These consolidated financial statements and notes represent those of Truscreen Group Limited and its subsidiaries (the
“Group”). References to “Truscreen” is used to refer to Truscreen Group Limited (“Truscreen” or “Company”).
The parent company, Truscreen Group Limited, is the ultimate legal parent company of the Group and is a limited
liability company incorporated and domiciled in New Zealand. It is registered under the Companies Act 1993. Truscreen
is listed on the NZX and on the ASX as an ASX Foreign Exempt Listing. Truscreen is a FMC reporting entity under Part 7 of
the Financial Markets Conduct Act 2013.
The registered office of the Company is Level 6 Equitable House, 57 Symonds St, Grafton, Auckland 1010, New Zealand.
The Group is engaged in the business of the development, manufacture and sale of cancer detection devices and
systems.
Basis of Preparation
These financial statements have been prepared in accordance with and comply with Part 7 of the Financial Markets
Conduct Act 2013 and the NZX Listing Rules.
For the purpose of complying with Generally Accepted Accounting Practice in New Zealand (“NZ GAAP”) the Group is a
Tier 1 for-profit entity. These financial statements comply with NZ GAAP, the New Zealand equivalent to International
Financial Reporting Standards (“NZ IFRS”), and International Financial Reporting Standards (“IFRS”).
These financial statements have been prepared under the historical costs convention, modified by the revaluation of
certain assets and liabilities as identified in specific accounting policies below.
The principal accounting policies adopted in the preparation of the financial report are set out below. These policies
have been consistently applied to all the periods presented, unless otherwise stated.
The financial statements have been rounded to the nearest dollar.
a. Going Concern
The Group financial statements have been prepared on a going concern basis, which contemplates the continuity of
normal business activity and the realisation of assets and the settlement of liabilities in the normal course of business.
As disclosed in the financial statements, the Group reports;
a loss of $2,243,476 (2024: $2,050,533).
net cash outflows from operating and investing activities of $2,289,306 (2024: $2,033,174)
cash at year-end of $365,473 (2024: $2,728,036)
The Company undertook a capital raise in May/June 2025 raising $2.3 million in a share placement and a further $1.67
million in a share purchase plan.
The Directors have undertaken a detailed cash flow forecast for the twelve months following the date of approval of this
report, which shows that the business will be able to meet its debts as and when they fall due, for at least the next
twelve months following approval of this report. The forecasts assume revenue growth from a number of markets, and
takes into account current expectations of device and SUS orders from key distributors.
NOTES TO THE FINANCIAL STATEMENTS
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

36
The Company also continues to review and reduce its cost base where appropriate.
The Board considers the cash flow forecasts to be achievable and sufficient to provide cash to cover any operating
deficit and capital expenditure. The Board consider managing cash flow and working capital critical in successfully
executing the strategies to achieve the business model of the Group. However, there is material uncertainty in relation to
the Group’s ability to meet forecasts. These factors may cast significant doubt on the entity’s ability to continue as a
going concern.
If the going concern assumption is not valid, the consequence is the Group may be unable to realise the value in its
assets and discharge its liabilities in the normal course of business.
b. Principles of Consolidation
Truscreen Pty Limited is the wholly owned subsidiary of Truscreen Group Limited which was specifically incorporated for
the purposes of acquiring the Truscreen Pty Limited business (the “Transaction”). Truscreen Group Limited is the legal
acquirer, and legal parent of the Group.
For financial reporting purposes, aspects of “reverse acquisition” accounting are relevant. Specifically, the rules require
that Truscreen Pty Limited be treated as the accounting acquirer of Truscreen Group Limited due to the fact that the
owners of Truscreen Pty Limited owned the largest single minority voting interest in the resulting Group, post Transaction
which occurred in 2014.
The Transaction has been accounted for as a continuation of the financial statements of Truscreen Pty Limited, together
with a deemed issue of shares, equivalent to the shares held by the former shareholders of Truscreen Group Limited.
This deemed issue of the shares is, in effect, a share-based payment transaction whereby Truscreen Pty Limited is
deemed to have received the net assets of Truscreen Group Limited.
As such, the consolidated financial statements are issued in the name of the legal Parent, Truscreen Group Limited, but
are a continuation of the financial statements of the legal subsidiary Truscreen Pty Limited.
The Group financial statements also include:
Truscreen Ltd (UK) which was incorporated on 11 July 2013
Truscreen S. de R.L de C.V which was incorporated on 17 August 2017
Subsidiaries
Subsidiaries are all entities over which the Company has control. The Company controls an entity when it is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its
power over the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are
deconsolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated.
Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset
transferred.

c. Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker. The chief operating decision-maker has been identified as the Truscreen Group Limited Group Board.
To date the operations have been reported as one segment. Accordingly:
the segment results are as reported in the Statement of Profit or Loss and Other Comprehensive Income.
the segment assets and liabilities are as in the Statement of Financial Position.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

37
d. Foreign Currency Translation
Functional and presentation currency
Items included in the financial statements of each entity in the Group are measured using the currency that best reflects
the economic substance of the underlying events and circumstances relevant to that entity (the "functional currency").
The financial statements are presented in New Zealand dollars, which is Truscreen Group Limited’s functional currency.
The functional currencies of the subsidiaries are:
Transactions and balances
For each entity in the Group, transactions in currencies other than the functional currency are translated at the foreign
exchange rate ruling at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of
such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at
reporting date exchange rates are recognised as part of the loss for the period. Non-monetary items that are measured
in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the initial
transaction.
Translation of group companies’ functional currency to presentation currency
Assets and liabilities of all of the Group companies that have a functional currency that differs from New Zealand dollars
are translated to the presentation currency at foreign exchange rates ruling at the reporting date of the Statement of
Financial Position. Income and expenses are translated using the rate approximating the date of the transaction. All
differences arising from the translation of foreign operations are recognised in the foreign currency translation reserve
through other comprehensive income. Exchange difference on monetary items forming part of the net investment in
foreign operations are recognised through other comprehensive income.
e. Revenue Recognition
The Group’s revenue is derived from selling goods with revenue recognised at a point in time when control of the goods
has transferred to the customer. This is generally when the goods are dispatched from the Group’s warehouse. There is
limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed
location has occurred, the group no longer has physical possession, usually will have a present right to payment (as a
single payment on delivery) and retains none of the significant risks and rewards of the goods in question. In limited
circumstances the Group will offer credit.
The Group provides warranties on products sold which require the Group to either replace or mend a defective product
during the warranty period if the goods fail to comply with agreed-upon specifications.In accordance with NZ IFRS 15,
such warranties are not accounted for as separate performance obligations and hence no revenue is allocated to them.
Revenue is stated net of the amount of goods and services tax.
Revenue is derived from device sales and consumable single use sensors in the geographic regions outlined in Note 5.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

SUBSIDIARY
COUNTRY OF
INCORPORATION
FUNCTIONAL
CURRENCY
Truscreen Pty LimitedAustraliaAustralian Dollar
Truscreen Ltd (UK)UKGreat Britain Pound
TruScreen S. de R.L. de C.V.MexicoMexican Peso
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

38
f. Other Income
The Research and Development tax offset refund is receivable from the Commonwealth Government of Australia. Under
the 43.5% refundable tax offset program, 43.5% of eligible research and development spending incurred by the Group is
refundable by the Commonwealth Government.
The Research and Development tax offset refund is recognised at fair value where there is reasonable assurance that
the grant will be received. The offset does not have to be repaid to the Commonwealth Government and is treated as
income in accordance with NZ IAS 20 – “Accounting for Government Grants and Disclosure of Government Assistance”
and recognised in the same period as the related research and development expenditure. This is disclosed as other
income in the Consolidated Statement of Profit or Loss and Other Comprehensive Income.
The expenditure for which an offset is claimed is non-deductible and accordingly reduces tax losses that otherwise
would be available to be carried forward.
g. Income Tax
Income tax expense comprises current and deferred tax where applicable. Income tax expense is recognised in profit
and loss except to the extent that it relates to a business combination or items recognised directly in equity or in other
comprehensive income, in which case the tax is recognised in the same manner as the underlying transaction.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted
or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred
tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following
temporary differences:
the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects
neither accounting nor taxable profit or loss; and
differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the
foreseeable future.
Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse,
based on the laws that have been enacted or substantively enacted at the reporting date. Deferred tax assets and
liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to
income taxes levied by the same tax authority on the same taxable entity or on different tax entities, but they intend to
settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised for unused losses, tax credits and deductible temporary differences, to the extent that
it is probable that future taxable profits will be available against which the temporary difference can be utilised.
Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that
the related tax benefit will be realised.
Additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to
pay the related dividends is recognised.
h. Inventories
Inventories are initially recognised at cost, and subsequently at the lower of cost and net realisable value. Cost
comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present
location on a weighted average cost basis.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

39
i. Goods and Services Tax (GST)
The profit and loss has been prepared so that all components are stated exclusive of GST. All items in the statement of
financial position are stated net of GST, with the exception of receivables and payables, which include GST invoiced.
j. Statement of Cash Flows
The following is the definition of the terms used in the Statement of Cash Flows:
(i) Investing activities are those relating to acquisition of subsidiaries, the addition, acquisition and disposal of
property, plant and equipment and intangibles;
(ii) Financing activities are those activities which result in changes in the size and composition of the capital structure
of the Group;
(iii) Operating activities include all transactions and other events that are not investing or financing activities.
k. Financial Instruments
Financial assets
The Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which
the asset was acquired. The Group 's accounting policy for each category is as follows:
Amortised cost
These assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also
incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual
cash flows and the contractual cash flows are solely payments of principal and interest. They are initially recognised at
fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried
at amortised cost using the effective interest rate method, less provision for impairment.
Impairment provisions for current trade receivables are recognised based on an individual analysis of the collectability
of each account. For trade receivables, which are reported net, such provisions are recorded in a separate provision
account with the loss being recognised within administration costs in the consolidated statement of comprehensive
income. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written
off against the associated provision.
Impairment provisions for receivables from loans to related parties are recognised following a review of each receivable
every six months.
From time to time, the Group elects to renegotiate the terms of trade receivables due from customers with which it has
previously had a good trading history. Such renegotiations will lead to changes in the timing of payments rather than
changes to the amounts owed and, in consequence, the new expected cash flows are discounted at the original
effective interest rate and any resulting difference to the carrying value is recognised in the consolidated statement of
comprehensive income (operating profit) as part of the impairment expense.
The Group's financial assets measured at amortised cost comprise trade receivables, cash and cash equivalents and
related party loans in the consolidated statement of financial position.
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid
investments with original maturities of three months or less.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

40
Financial liabilities
The Group classifies all financial liabilities as measured at amortised cost based on the purpose for which the liability
was acquired. The Group's accounting policy is as follows:
Other financial liabilities
Other financial liabilities include the following items:
Trade payables and borrowings, which are initially recognised at fair value and subsequently carried at amortised cost
using the effective interest method.
l. Plant and Equipment
Plant and equipment are measured at cost less accumulated depreciation and impairment losses.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
m. Impairment - Non-Financial Assets
The carrying amounts of the Group's non-financial assets, other than inventories are reviewed at each reporting date to
determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable
amount is estimated.
The recoverable amount of an asset or cash generating unit (“CGU”) is the greater of its value in use and its fair value
less costs to sell. When determining value in use, estimated future cash flows will be discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped
together into the smallest group of assets that generates cash inflows from continuing use that are largely independent
of the cash inflows of other assets.
All intangibles have been treated as one cash generating unit. Cash inflows cannot be identified to particular intangible
assets or particular groups of intangible assets. This is as the cash flows arising from the cancer detection business
requires utilisation of all the particular intangibles.
Impairment losses are recognised in the profit and loss and are a non-cash expense. Impairment losses recognised in
respect of CGU's reduce the carrying amounts of the assets in the CGU on a pro-rata basis.
n.Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. Intangible assets with finite useful
lives are subsequently amortised over the useful economic life and assessed for impairment whenever there is an
indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an
intangible asset with a finite useful life are reviewed at least at each financial year end.
Intellectual Property of the Group is stated at cost less any impairment losses and are amortised on a straight-line basis
over the estimated economic life of 20 years.
Research & Development
Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and
understanding, is recognised in the profit and loss as incurred.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

41
Development costs are capitalised where future benefits are expected to exceed those costs, otherwise such costs are
recognised in the profit and loss in the period in which they are incurred. Development activities involve a plan or design
for the production, and the development or enhancement of new or substantially improved products and processes.
Development expenditure is capitalised only if development costs can be measured reliably, the product or process is
technically, or commercially feasible, future economic benefits are probable, and the Group intends to and has
sufficient resources to complete development and to use or sell the asset. The expenditure capitalised includes the
cost of materials, direct labour, overhead costs that are directly attributable to preparing the asset for its intended use,
and capitalised borrowing costs.
o. Share Capital
Ordinary shares are classified as capital. Incremental costs directly attributable to the issue of new shares or options
are shown in equity as a deduction, net of tax, from the proceeds.
p. Employee Benefits
An accrual is made for the Company’s liability for employee benefits arising from services rendered by employees to the
end of the reporting period.
Employee benefits that are expected to be settled wholly within one year have been measured at the amounts expected
to be paid when the liability is settled on an undiscounted basis. Employee benefits payable later than one year have
been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining
the liability, consideration is given to employee wage increases and the probability that the employee may not satisfy
vesting requirements. Those cash flows are discounted using market yields on national government bonds (of the
country where the employment contract exists) with terms to maturity that match the expected timing of cash flows.
q. Share Based Incentive Plan
The Group operates a share-based incentive plan under which the entity receives services from employees and
consultants as consideration for equity instruments of the Group. The fair value of the employee services received in
exchange for the grant of the instruments is recognised as an expense over the vesting period.
The total amount to be expensed is determined by reference to the fair value of the awards granted. At the end of each
reporting period, the Group revises its estimates of the number of awards that are expected to vest based on the service
conditions. It recognises the impact of the revision to original estimates, if any, in the profit or loss, with a corresponding
adjustment to equity.
NOTE 2. ADOPTION OF NEW AND REVISED STANDARDS
No standards currently issue that are yet to be adopted are expected to significantly impact the, measurement or
recognition of reportable items relevant to the Group.
NZ IFRS 18 Presentation and Disclosure in Financial Statements is effective from 1 January 2027. The impact on
Truscreen’s Financial Statements has yet to be evaluated.
NOTE 3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
The Company makes estimates and assumptions concerning the future that affects the amounts reported in the
financial statements. Estimates and judgments are continually evaluated and based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the circumstances. The
estimates will, by definition, seldom equal the related actual results.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

42
The estimates and assumptions that have a significant risk of causing material adjustments to the carrying amounts of
assets and liabilities within the next financial year are discussed below:
Going Concern
Refer to note 1.a.
Revenue from Contracts with Customers
The application of NZ IFRS 15: Revenue from contracts with customers (NZ IFRS 15) requires the Directors to apply
judgement in determining whether revenue can be recognised in advance of the receipt of cash.
The significant judgements adopted by the Group in applying NZ IFRS 15 criteria include:
Determining if a contract with the customer exists;
Determining if the entity can identify the payment terms for the services; and
Determining whether it is probable that the entity will collect the consideration to which it is entitled.
Intangibles
The carrying value of intangibles include acquired intellectual property and development costs capitalised in
accordance with the accounting policy for research and development.
The intangibles were fully written off in a previous year.
Given the ongoing significant uncertainty associated with achieving revenue and profitability targets, the Directors have
determined that the intangibles should remain fully impaired as at 31 March 2025.
Recognition of deferred taxation assets
The benefit of deferred tax arising from tax losses and temporary differences has not been recognised as disclosed in
Note 8.
Estimate of the Research and Development tax offset
The Group receives a research and development tax offset based on 43.5% of research and development expenditure
incurred. The amount is received following filing of the Group income tax returns. The Group estimates the amount of
the offset assisted by external consultants and accounts for the amount as a receivable at year end.
Provision for inventory obsolescence
The Group carries inventory of parts for the manufacture of the TruScreen Ultra® cervical cancer screening device. The
Company will write off parts which it no longer considers usable. The Group has made a general provision for inventory
obsolescence.
Provision for warranty
The Group will undertake recalibration of the TruScreen Ultra® on an ongoing basis during the warranty period. While the
Group will continue to undertake research and development of the product, the TruScreen Ultra® is a mature and well
tested product and the Group has determined on the basis of materiality that no warranty provision is necessary.
Share based payments
The Group measures the cost of equity-settled transactions with directors, employees and distributors by reference to
the fair value of the equity instruments at the date at which they are granted. The fair value is determined using a Black-
Scholes model, using the assumptions detailed in Note 19.
NOTE 4. FINANCIAL RISK MANAGEMENT
In the normal course of business, the Group is exposed to a variety of financial risks including foreign currency, interest
rate, credit and liquidity risks. The Group’s overall risk management strategy focuses on minimising the potential
negative economic impact of unpredictable events on the Group’s financial well-being.
Details of the significant accounting policies and methods adopted, including criteria for recognition and the basis of
measurement are disclosed in Note 1 Material Accounting Policy Information.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

43
The Group to date has not entered into any derivative financial instrument contracts.
The totals for each category of financial instrument are as follows:
Market Risk
Foreign currency risk
Foreign currency risk is the risk that price changes from fluctuating exchange rates will reduce the carrying amount of
financial assets or increase the carrying amount of financial liabilities. The Group operates internationally and is
exposed to foreign exchange risk arising from various currency exposures, but principally Australian and United States
Dollars. Foreign exchange risk arises on certain cash and cash equivalents, receivables and liabilities denominated in
foreign currencies.
This risk is managed by placing contracts for supply of product in the same currency as the sales of those products
occur wherever possible.
The carrying amounts of the Group’s financial assets and liabilities denominated in currencies other than the functional
currencies expressed in $NZ at the reporting date are as follows:
Sensitivity analysis
The following table details the Group’s sensitivity to a 10% increase or decrease in NZD against the relevant foreign
currencies. 10% represents management’s assessment of a reasonably possible change in foreign exchange rates. The
sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their
translation at the year-end for a 10% change in foreign currency rates. A positive number below indicates an increase in
profit where NZD weakens 10% against the relevant currency. For a 10% strengthening of NZD against the relevant
currency, there would be an equal and opposite impact on the profit, and the balances below would be negative.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL INSTRUMENTS BY CATEGORYNote2025 ($)2024 ($)
Financial assets (held at amortised cost)
Cash and cash equivalents9365,4732,728,036
Trade and other receivables
Trade receivables subject to credit risk1022,79848,152
Total financial assets at amortised cost
388,2712,776,188
Financial liabilities (held at amortised cost)
Trade and other payables14387,317653,732
Total financial liabilities at amortised cost387,317653,732
ASSETSLIABILITIES
2025 ($)2024 ($)2025 ($)2024 ($)
USD273,613341,762156,129124,617
GBP-40,159--
NZD
1
5185,012--
Exposure to NZD held in subsidiary where Australian dollars is the functional currency.
1
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

44
Effect on profit after tax and equity: 10% weakening in NZD:
Exposure to NZD held in subsidiary where Australian dollars is the functional currency.
1
Interest rate risk
Interest rate risk arises on financial assets and financial liabilities recognised at the end of a financial period whereby a
future change in interest rates will affect future cash flows. The Group’s policy is to deposit cash at floating rates or at
fixed rates for periods of time of less than 6 months, to minimise exposure to interest rate risk, and to take into account
its cash flow requirements.
The Group is exposed to interest rate risk on cash flows through cash at bank which is earning interest at a floating rate
of:
0% of NZ$89,479 (2024: 3.85% of NZ$168,436) on cash held in AUD.
Nil% of NZ$1,830 (2024: Nil% of NZ$2,225,294) on cash held in NZD.
0.0% of NZ$ Nil (2024: 0.50% of NZ$40,159) on cash held in GBP.
Nil of NZ$273,613 (2024: Nil of NZ$293,602) on cash held in USD.
The interest rate risk on bank balances is minimal as the value is not material and unlikely to become so.
Credit Risk
Credit risk is the risk that one party to a financial instrument will fail to discharge its obligations and as a result the
Group will suffer financial loss.
With respect to credit risk arising from cash and cash equivalents there is limited credit risk. The credit rating of cash at
bank and term deposits are:
Details of the exposure to credit quality of receivables, the age of receivables that are past due and any impairment are
disclosed in Note 10 to the financial statements.
In relation to customer credit risk the Company generally deals with established distributors, government or aid
agencies sponsored by government.
With respect to credit risk arising from accounts receivable, it is the Group’s policy to only enter into agreements with
parties who the Group assesses to be creditworthy. Accounts receivable balances are monitored on an ongoing basis
and overdue accounts are followed up rigorously.
The maximum exposure to credit risk from trade receivables subject to credit risk as at 31 March 2025 amounted to
$22,798 (2024: $48,152) refer to Note 10.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2025 ($)2024 ($)
USD11,74821,714
GBP-4,016
NZD
1
(52)(501)
CREDIT RATING – STANDARD AND POOR’S
Cash at bankNote2025 ($)2024 ($)
S&P short term rating A-1+365,4732,687,332
S&P short term rating A-1-40,159
9365,4732,727,491
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

45
Minimal credit risk arises from the other receivable – research and development grant being due from the Australian
Government.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulties in meeting obligations associated with financial
liabilities that are settled by delivering cash or another financial asset. The table below shows the maturity analysis for
the contractual undiscounted cash flows for financial liabilities:
The Company and Group manage liquidity risk by preparing a rolling twelve-month cash flow forecast, and holding
adequate cash and cash equivalent assets.
(a) Fair value
The fair value of trade receivables, trade payables, loan receivable other receivables and cash and cash equivalents
approximate their carrying value due to the short-term nature of these balances, and/or the balances being subject to
market interest rates and regular impairment tests.
(b) Capital risk management
There are no external capital requirements.
The Group and the Company's objectives when managing capital are to safeguard their ability to meet their liabilities as
they fall due.
There were no changes in the Group's approach to capital management during the year.
NOTE 5. SEGMENT INFORMATION
The Group operates in one operating segment. It owns the rights to the TruScreen Cervical Cancer screening device. The
device comprises a medical device and process designed to detect the presence in real time of precancerous and
cancerous tissue on the cervix.
Revenues have been obtained from external customers (distributors) as follows:
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL LIABILITIESCARRYING
AMOUNT
TOTAL
CONTRACTUAL
CASH FLOWS
NOT LATER THAN
THREE MONTHS
LATER THAN 3
MONTHS AND
NOT LATER THAN
1 YEAR
Trade and other payables$$$$
2025387,317387,317387,317-
2024653,732653,732653,732-
2025 ($)2024 ($)
Information about products and services
Total revenues from external customers 1,712,0522,107,839
Information about geographical areas
Foreign country:
Mexico128,778-
China1,503,6601,649,036
Russia40,443-
Vietnam26,559-
Zimbabwe1,413404,790
MENA (Middle East/North Africa)11,19954,013
1,712,0522,107,839
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

46
The basis for attributing revenues from external customers to individual countries is the location of the customer.
The following customers contributed more than 10% of the Group’s revenue for the years ended 31 March 2025 and 31
March 2024:
No additional disclosure is required in the financial statements as the Group has one reportable segment.
¹For a geographical breakdown of revenues see note 5. Ownership of goods transfers to the distributor/customer on
leaving Truscreen’s premises or that of the outsourced manufacturer when shipped directly to customers.
For further detail with regard to the research and development tax offset, refer to Note 1(f).
2
*Employee expenses of $446,338 (2024: $546,317) are included within research and development.
NOTE 6. REVENUE
NOTE 7. EXPENSES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
DOMICILE OF CUSTOMER20252024
Trade and other payables$%$%
China1,503,660881,649,03678
Zimbabwe--404,79019
2025 ($)2024 ($)
Sales revenue - sale of goods¹
Wholesalers/distributors1,712,0521,703,049
Direct to customer-404,790
1,712,0522,107,839
Other income
Research and development tax offset
2
Current year383,236463,192
Prior year adjustment(20,885)31,203
362,351494,395
Foreign exchange gain
26,297-
Interest received4,5552,650
393,203497,045
Note2025 ($)2024 ($)
Loss before income tax includes the following specific
expenses:
Employee benefits expense*
Wages and salaries503,865404,852
Staff superannuation – defined contribution plan81,669100,898
Provision for annual leave(12,611)25,016
Provision for long service leave1,832 (10,967)
Directors fees24274,944250,000
Other employee related7,06222,714
856,761792,513
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

47
Truscreen Pty Limited is required, under Australian employment laws, to pay a prescribed portion of each employee’s
salary into a superannuation scheme.
The amount of deductible temporary differences and unused tax losses for which no deferred tax asset is recognised is
as follows. These amounts have no expiry date.
The deferred tax asset has not been recognised as the “probable” test that future assessable income against which
those losses can be offset in the countries where those losses have been incurred cannot be satisfied.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2025 ($)2024 ($)
Administration and other operating expenses include:
Audit fees
Fees for audit of financial statements for the year ended
31 March – Hall Chadwick
92,850-
– RSM Hayes Audit-82,500
– RSM Hayes Audit – prior year adjustment34,500-
Total remuneration of auditors127,35082,500
2025 ($)2024 ($)
Loss for the year(2,243,476)(2,050,533)
Prima facie income tax saving using the applicable country’s
tax rate 28% (2024 :28%)
628,173574,149
Impact of variation in foreign tax rates (25.0% for Aus.; 19%
for UK) (2024: 25% for Aus.; 19% for UK)
(65,701) (56,408)
Expenses not deductible for tax in the current period:(120,084)(163,913)
Not recognised as a deferred tax asset(442,388)(353,828)
Income tax expense- -
2025 ($)2024 ($)
Deductible/(non-deductible) temporary difference:
Foreign exchange losses170,295170,295
Other timing differences315,156315,555
485,451485,850
Unused tax losses
19,267,35517,301,927
Total 19,752,80617,787,777
NOTE 7. EXPENSES (cont.)
NOTE 8. INCOME TAX EXPENSE
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

48
Cash at bank is earning interest at a floating rate at the reporting date it ranged from 0% to 0.02% (2024: 0% to 3.85%).
Cash at bank is at call.
Refer to Note 6 regarding income from the research and development tax offset.
No interest is charged on trade receivables. The Group normally requires cash on delivery. In exceptional circumstances
the Group has extended credit. The aging analysis of trade receivables past due is as follows:
No collateral is held over trade receivables.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2025 ($)2024 ($)
Cash on hand-545
Cash at bank365,4732,727,491
365,4732,728,036
2025 ($)2024 ($)
Other receivables
Research and development tax offset387,518468,024
GST receivable23,49421,312
411,012489,336
2025 ($)2024 ($)
Finished goods at cost50,07085,646
Inventory parts and work in progress510,617427,410
Provision for obsolescence(22,008)(21,802)
538,679491,254
2025 ($)2024 ($)
Trade receivables
Trade receivables subject to credit risk22,79848,152
Less provision for uncollectible amounts--
22,79848,152
NOTE 9. CASH AND CASH EQUIVALENTS
NOTE 10. TRADE AND OTHER RECEIVABLES
NOTE 11. INVENTORIES
CONSOLIDATED GROUP
Trade receivables subject to credit risk ($)1 – 60
days
60-90
days
Over 90
days
Total past
due
Within
terms
2025
--22,79822,798-
202442,6735,479-48,152-
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

49
Subsidiaries of the Group were:
Principal Activities
Truscreen Pty Limited owns the rights to the Truscreen Cervical Cancer Screening Device. The device comprises a
medical device and process designed to detect the presence in real time of precancerous and cancerous tissue on the
cervix.
Truscreen Ltd (UK) holds the CE mark of quality compliance and will only trade to the extent necessary to satisfy the
minimum requirement for value added tax registration in the United Kingdom and CE certification. In 2025 and 2024
TruScreen Ltd (UK) made no sales.
TruScreen S. de R.L. de C.V. is non-operating.
NOTE 13. INTANGIBLE ASSETS
At 31 March 2022, the Directors undertook a comprehensive Impairment Review (“Review”) of the intangible assets
belonging to the Company. This Review was undertaken in compliance with NZ IAS 36 Impairment (‘IAS 36’) and its
detailed specifications with the assistance of an independent consultant. This resulted in a provision for impairment of
$4,893,861 being recorded for intellectual property, and $1,976,906 being recorded for development costs.
The cash flow projections adopted for the Review reflect the Director’s considered view of performance achievability
and their recognition that the cash flows of the Group while in the development and commercialisation phase are
inherently uncertain and subject to a number of risks.
While the Group has made good progress over the year to 31 March 2025, a number the risks assessed of not meeting
future device and SUS sales in the year ahead including the ongoing Ukraine/Russia conflict remain.
Given the significant uncertainties outline above, the Directors have resolved to retain the full provision for the carrying
value of the intangible assets as at 31 March 2025.
In the event that the uncertainties referred to above are resolved, the Group achieves its 2026 budget, and the Directors
have confidence in the projections for the subsequent years, consideration will be given re-establishing the intangible
assets to an appropriate level.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
NAME OF SUBSIDIARYPRINCIPAL PLACE OF BUSINESSOWNERSHIP INTEREST HELD BY THE GROUP
20252024
Truscreen Pty LimitedAustralia100%100%
Truscreen Ltd (UK)UK100%100%
TruScreen S. de R.L. de C.V. Mexico100%100%
NOTE 12. INTERESTS IN SUBSIDIARIES
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

50
Income, expense and cash flows from lease assets and lease liabilities
The following amounts of income, expense and cash flows were recognised from lease assets and lease liabilities during
the year:
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2025 ($)2024 ($)
Lease assets
Carrying amount of lease assets, by class of underlying asset:
Buildings under lease arrangements
At cost409,412-
Accumulated depreciation(102,561)-
Total lease assets
306,851-
Lease liabilities
Current133,211-
Non-current184,161-
317,372-
2025 ($)2024 ($)
Interest expense on lease liabilities13,382-
Depreciation expense on lease assets, included in research
and development costs
102,561-
Total cash outflow relating to leases106,102-
2025 ($)2024 ($)
Trade and other payables387,317653,732
BUILDINGS2025 ($)2024 ($)
Carrying amount as at 1 April 2024
Additions409,412-
Depreciation(102,561)-
Carrying amount as at 31 March 2025306,851-
NOTE 15. TRADE AND OTHER PAYABLES
Other payables and accruals are interest free and payable generally on credit terms of 30 days from receipt of goods or
services.
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025
NOTE 14. RIGHT OF USE OF ASSETS

51
As the Group does not have an unconditional right to defer the settlement of current employee amounts in the event
employees wish to use their leave entitlement they are classified as current liabilities.
The non-current portion of employee liabilities represents amounts accrued for long service leave entitlements that
have not yet vested as the employees have not yet completed the required period of service.
No particular number of shares are authorised. There is no par value of shares.
All issued ordinary shares carry equal rights in respect of voting and the receipt of dividends, and upon winding up rank
equally with regard to the Company’s residual assets.
Shares were issued during the:
a. current period:
The Company issued 2,316,603 shares during the year at an issue price of NZ$0.0286 per share to an advisor.
b. prior period:
The Company undertook a share placement and a rights issue during the year, issuing 132,565,777 shares at $0.02 per
share to raise $2,651,316, before costs. The Company also issued 2,000,000 shares to the CEO, Dr Beata Edling, as part
of her remuneration and 1,383,331 shares to directors in lieu of fees.
a) Ordinary Shares – Fully Paid
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2025 ($)2024 ($)
Current
Employee liabilities 104,096115,635
Non-Current
Employee liabilities 31,19029,080
135,286144,715
NOTE 16. EMPLOYEE LIABILITIES
NOTE 17. ISSUED CAPITAL
20252024
GROUPNumber$Number$
Balance at beginning of the year 552,591,11638,705,945416,642,00836,097,125
Ordinary shares issued
Share issue - placement--70,748,3861,414,968
Share issue - rights issue--61,817,3911,236,348
Share issue - advisor2,316,60366,192--
Share issue costs---(127,079)
Shares issued in lieu of fees to
directors
--1,383,33134,583
Share issue - employee benefit--2,000,00050,000
Balance at end of the year554,907,71938,772,137552,591,11638,705,945
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

52
Options
A summary of the movements in share options issued to Directors, employees, consultants and distributors are as
follows:
The foreign currency translation reserve records exchange differences arising on translation of Truscreen Pty Ltd from
AUD functional currency and Truscreen Ltd (UK) from GBP functional currency to the presentation currency of the Group
(NZD).
The share option reserve records items recognised as expenses on valuation of share options issued to employees,
distributors and Directors but not yet exercised or lapsed.
Of the options on issue:
13,000,000 had vested and were exercisable at 31 March 2025.
5,000,000 options with expiry date 7 September 2024 lapsed.
13,000,000 options on issue have an exercise price of NZ$0.04 per share, and an expiry date of 15 July 2026.
Options have been valued using the Black & Scholes model using the following variables:
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2025 ($)2024 ($)
Basic and Diluted loss per share:
Net loss attributable to shareholders ($)(2,243,476)(2,050,533)
Weighted average number of ordinary shares on issue
552,743,441422,175,861
Basic and diluted loss per share (cents) (based on weighted
average number of shares on issue)
(0.41)(0.49)
OPTIONS ISSUED IN FY2024
Number issued13,000,000
Share price at date of valuation$0.02
Exercise price$0.04
Risk free government bond rate4.07%
Option period2.73 years
Share price volatility64%
Value per optionNZ$0.0069
NOTE 18. EARNINGS PER SHARE
NOTE 19. SHARE BASED PAYMENTS
NOTE 20. RESERVES
20252024
GROUPNumber$Average
Exercise
Price
Number$Average
Exercise
Price
Options on issue at start of year18,000,000234,4565.7c5,000,000144,81310.0c
Options issued--13,000,00089,6434.0c
Options lapsed(5,000,000)(144,813)10c--N/A
Options on issue and exercisable
at the end of the year
13,000,00089,6434c18,000,000234,4565.7c
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

53
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2025 ($)2024 ($)
Reconciliation of cash flow from operations with loss after income tax
Loss for the period(2,243,476)(2,050,533)
Adjusted for:
Provision for inventory obsolescence 21,577-
Share based payment expense-89,643
Depreciation right of use assets102,561-
Unrealised exchange difference arising from translating gain/(loss)(9,394)(6,104)
Operating cash flows before working capital changes(2,150,309)(1,945,417)
Decrease in trade and other receivables25,354122,159
Increase/(decrease) in goods and services taxes recoverable(2,182)12,590
Increase in prepayments(85,941)(68,242)
Increase/(decrease) in inventory(47,425)72,187
Decrease/(increase) in research and development tax offset80,506(131,323)
Decrease in trade and other payables(99,880)(111,939)
(Decrease)/increase in employee liabilities(9,429)16,811
Net cash outflow from operating activities(2,289,306)(2,033,174)
NOTE 21. CASH FLOW INFORMATION
NOTE 22. RELATED PARTY TRANSACTIONS
The Group’s main related parties are as follows:
Key management personnel: Any person(s) having authority and responsibility for planning, directing and
controlling the activities of the entity, directly or indirectly, including any Director (whether executive or otherwise) of
that entity, are considered key management personnel. For details of disclosures relating to key management
personnel, refer to Note 25 - Key Management Personnel Compensation.
Other related parties: Other related parties include entities over which key management personnel have joint
control.
Other related party transactions
On 12 February 2024 the Company executed a Line of Credit facility agreement with a Director Anthony Ho, in the
amount of A$200,000, secured by the FY2025 Research and Development Tax Offset Claim. The amount was drawn to
NZ$215,760 and repaid in FY2024. This amount was increased to A$300,000 in a Deed of variation dated 26 June 2024.
The facility expires fifteen months from 1 July 2024 and remained undrawn as at 31 March 2025. The loan was
subsequently drawn to A$100,000 in May 2025 and repaid in June 2025.
NOTE 23. CONTINGENT LIABILITIES
Truscreen devices are warranted to be free from defects and to conform to product descriptions and specifications for a
period of one year from the date of original delivery of the TruScreen unit by the dealer or agent to the customer. It is
possible that outflows in settlement could result from the warranty provided.
As no significant claims have been received to date, no provision has been made in these financial statements, and any
future settlement is expected to be immaterial.
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

54
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
NOTE 24. EVENTS SUBSEQUENT TO REPORTING DATE
Subsequent to year end the Company has raised $2.3 million through a share Placement, with the issue of
approximately 105 million shares at $0.022 each. Of these shares approximately 25 million are subject to shareholder
approval at a meeting to be held in mid July 2025.
In addition, the Company has raised a further $1.67 million with the issue of approximately 84 million shares through a
Share Purchase Plan (SPP). Of these shares approximately 28 million are subject to shareholder approval at a meeting to
be held in mid July 2025.
Attached to the Placement shares and the SPP shares is one share option with an exercise price of $0.022 and an expiry
date one year from date of issue.
Other than as outlined above, there have been no events subsequent to reporting date which would have a material
effect on the Group’s financial statements at 31 March 2025.
NOTE 25. KEY MANAGEMENT PERSONNEL COMPENSATION
The totals of remuneration paid to key management personnel (KMP) of the Group during the period are as follows:
NOTE 26. COMMITMENTS
The Group had commitments for short term leases as at 31 March 2024 in the amount of $35,033. Premises
commitments as at 31 March 2025 are shown as lease liabilities on the Statement of Financial Position.
The Company has issued a bank guarantee to the landlord of its Sydney leased premises for A$78,336. The guarantee is
secured by a deposit with NAB of an equal amount.
2025 ($)2024 ($)
Short-term employment benefits – Directors fees
1
274,944250,000
Directors share based payments
-41,374
Other key management personnel
Short-term employee benefits – Salary497,328511,494
Post-employment benefits – Superannuation21,29641,530
Share based payments-48,269
Total employment benefits
518,624601,293
Total793,568892,667
Director2025 ($)2024 ($)
Anthony Ho110,00090,000
Christopher Horn60,00060,000
Juliet Hull50,00050,000
Dexter Cheung54,94450,000
274,944250,000
Directors’ fees to the Directors of the parent entity as follows:
1
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

INDEPENDENT
AUDITOR’S REPORT
YEAR ENDING 31 MARCH 2025

56
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF TRUSCREEN GROUP LIMITED


Opinion
We have audited the consolidated financial statements of Truscreen Group Limited and its subsidiaries
(collectively the “Group”), which comprises the consolidated statement of financial position as at 31
March 2025, the consolidated statement of profit or loss and other comprehensive income, the
consolidated statement of changes in equity and the consolidated statement of cash flows for the year
then ended and notes to the consolidated financial statements, including a summary of significant
accounting policies.
In our opinion the accompanying consolidated financial statements on pages 31 to 54 present fairly, in all
material respects, the consolidated financial position of the Group as at 31 March 2025, and its
consolidated financial performance and consolidated cash flows for the year then ended in accordance
with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISA (NZ)).
Our responsibilities are further described in the Auditors' Responsibilities for the Audit of the Consolidated
Financial Statements section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised)
International Code of Ethics for Assurance Practitioners (including International Independence Standards)
issued by the New Zealand Auditing and Assurance Standards Board, as applicable to audits of public
interest entities and the International Ethics Standards Board for Accountants' Code of Ethics for
Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the IESBA Code. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor we have no relationship with, or interests in, Truscreen Group
Limited or any of its subsidiaries.
Material Uncertainty Related to Going Concern
We draw attention to Note 1a in the consolidated financial statements, which indicates during the year
ended 31
st
March 2025 that the Group incurred a net loss of $2,243,476 (2024: $2,050,533); incurred a
net cash outflows from operating and investing activities of $2,289,306 (2024: $2,033,174); and had cash
at year-end of $365,473 (2024: $2,728,036). As at 31 March 2025, the Group’s accumulated losses
amounted to $37,470,002 (2024: $35,371,339). These events or conditions, along with other matters as
set forth in Note 1a, indicate that a material uncertainty exists that may cast significant doubt on the
Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the consolidated financial statements for the year ended Truscreen Group Limited. These matters
were addressed in the context of our audit of the consolidated financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters. This is in
addition to the matter described in the Material Uncertainty Related to Going Concern section.

57

KEY AUDIT MATTER HOW OUR AUDIT ADDRESSSED THE KEY AUDIT MATTER
Inventory valuation
Inventory is one of the significant accounts
in the consolidated financial statements
amounting to $538,679. Significant
production is done by contracting company
based in China. Stock ownership and
valuation is therefore a risk. The stock is also
slow moving and risk of stock obsolescence
exists.

Our procedures included, amongst others;
 Attending stock take to assess existence, condition
of inventory and effectiveness of controls during
inventory count
 Performing a stock compilation process – verifying
the inventory count quantities to the final inventory
valuation quantities on closing inventory valuation
report
 Recomputing weighted average costing model and
checking back purchase cost to supplier invoices.
 Assessing for inventory obsolescence by reviewing
slow moving inventory, checking sales and
production uitilisation history of the inventory
 Obtaining inventory confirmation for inventory held
with third parties.
 Reviewing the disclosures in the consolidated
financial statements.

Accounting for Tax – R&D
Under the research and development (R&D)
tax incentive scheme, the Group receives a
43.5% refundable tax offset on eligible
expenditure if its turnover is less than
AU$20 million per annum, provided it is not
controlled by income exempt entities.

A R&D plan is filed with AusIndustry in the
following financial year for the activities
conducted in the current year and based on
this filing, the Group receives the incentive
in cash. Management performed a detailed
review of the Group’s total R&D
expenditure to estimate the refundable tax
offset receivable under the R&D tax
incentive legislation. As at 31 March 2025, a
receivable of $387,517 has been recorded.

This is a key audit matter due to the size of
the receivable and the degree of judgement
and interpretation of the R&D tax
legislation required by management to
assess the eligibility of the R&D expenditure
under the scheme.

Our procedures included, amongst others:
 Obtaining a detailed understanding of the
underlying processes for claiming the R&D rebate
through discussion with relevant individuals across
the organization and review of relevant
documentation;
 Assessing the work performed by management’s
experts and their competence, capability, and
objectivity
 Engaging our auditor’s expert to assist in reviewing
the reasonableness of the eligibility of expenditure
and the calculation;
 Testing a sample of R&D expenditure within the
computation to underlying supporting
documentation including a review of the employee
costs supporting documentation;
 Comparing the eligible expenditure used in the
receivable calculation to the expenditure recorded
in the general ledger;
 Inspecting copies of relevant correspondence with
AusIndustry and the ATO related historic claims;
and
 Assessing the appropriateness of the financial
statements disclosures.

58
Revenue recognition

Revenue recognition including cutoff risk
exists due to the occurrence of significant
sales, largely international sales, and these
can be generated from contracted
manufacturer based overseas direct to
international customers.



Our procedures included, among others;
 Inquiring about the nature of the transactions.
 Performing a design and implementation of controls
test where we evaluated the effectiveness of key
controls over the sales procedures and obtained an
understanding of the timing of revenue recognition.
 Agreeing the revenue to bank receipts and
supporting sales orders/consignment notes.
 Performing cut-off procedures to ensure that the
revenue is recognised in the correct financial years.
 Obtaining contracts and confirmed the
authorization, sales terms and conditions and the
prices for the products to the sale transactions
 Reviewing the disclosures in the consolidated
financial statements for compliance with the
regulatory requirements.
 Performed analytical procedures on revenue.


Other Information
The directors are responsible for the other information in the annual report. The other information
comprises the reports and the information on pages 3 to 29 and 62 to 72 (but does not include the
consolidated financial statements and our auditor’s report thereon), which we obtained prior to the date
of this auditor’s report. Our opinion on the consolidated financial statements does not cover the other
information and we do not and will not express any form of audit opinion or assurance conclusion
thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information identified above and, in doing so, consider whether the other information is materially
inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated. If, based on the work we have performed on the other
information that we obtained prior to the date of this auditor’s report, 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.
Directors’ Responsibilities for the Consolidated Financial Statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS, and for such internal control as the
directors determine is necessary to enable the preparation of the consolidated financial statements that
gives a true and fair view and is free from material misstatement, whether due to fraud or error.

59
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group
for assessing the ability of the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the directors
either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee
that an audit conducted in accordance with ISAs (NZ) will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these consolidated financial statements.
As part of an audit in accordance with ISAs (NZ), we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
 Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the management.
 Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report
to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Group to cease
to continue as a going concern.
 Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represents the
underlying transactions and events in a manner that achieves fair presentation.
 Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the Group audit. We remain
solely responsible for our audit opinion.

We communicate with the directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.

60
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate
threats or safeguards applied.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
There are no matters to report upon.
Other Matters
The prior year consolidated financial statements were audited by another auditor who expressed an
unmodified opinion with an material uncertainty related to going concern paragraph on 4th of July 2024.
Restriction on Use
This report is made solely to the Group's shareholders, as a body. Our audit work has been undertaken
so that we might state those matters which we are required to state to them in an auditor's report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the Group and the Group's shareholders, as a body, for our audit work, for this
report or for the opinions we have formed.
The engagement director on the audit resulting in this independent auditor’s report is Tadius Munapeyi.
For and on Behalf of:

Hall Chadwick New Zealand
Auckland
Date: 30 June 2025

GOVERNANCE
YEAR ENDING 31 MARCH 2025

62
The Board and Executives of the Company are committed to conducting TruScreen’s business ethically and in
accordance with high standards of best practice corporate governance. They guide and monitor the business and
affairs of the Company on behalf of the shareholders by whom they are elected and to whom they are accountable.
The Board will regularly review the Company’s governance structures and processes to ensure they are consistent both
in form, and in substance, with best practice and meet the requirements of being a listed company of the New Zealand
Stock Exchange and the Australian Securities Exchange.
The primary objective of the Board is to build long-term shareholder value with due regard to other stakeholder
interests. It does this by guiding strategic direction and context and focusing on issues critical for its successful
execution.
TruScreen’s Board Charter sets out the governance principles, authority, responsibilities and membership and
operation of the Board of Directors. This governance statement outlines the main corporate governance practices as at
31 March 2025.
COMPLIANCE
The Company seeks to follow the best-practice recommendations for listed companies to the extent that it is
appropriate to the size and nature of TruScreen’s operations.
The best practice principles which the Company considers in its governance approach are the New Zealand Exchange
(NZX) Listing Rules and the Australian Securities Exchange (ASX) Listing Rules relating to corporate governance, the NZX
Corporate Governance Code, and the New Zealand Financial Market Authority’s (FMA) Corporate Governance
Principles and Guidelines (collectively the “Principles”), and the ASX Corporate Governance Council’s principles and
recommendations.
The structure of this section of the Annual Report reflects the requirements of the FMA’s Guidelines. The Board’s view is
that the Company’s corporate governance principles, policies, and practices do not materially differ from best practice
‘Principles’.
The structure of the Company’s FY2025 Annual report and Corporate Governance statement aligns to reflect the
Foreign Exempt Listing status on the ASX.
The Company’s constitution, the Board and Committee Charters, codes and policies referred to in this section are
available on request or can be viewed on our website at www.truscreen.com.
GOVERNANCE PRINCIPLES AND GUIDELINES
PRINCIPLE 1 – ETHICAL STANDARDS
Directors observe and foster high standards of ethical behaviour and hold management accountable for delivering
these standards throughout the Company.
The Company expects its Directors, Officers, contractors, consultants and employees to act legally, to maintain high
ethical standards, and to act with integrity consistent with TruScreen’s policies, guiding principles and values. A Code
of Ethics sets out these standards for Directors, Officers and employees, and is also available on the Company’s
website.
GOVERNANCE
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

63
The Code of Ethics covers key areas including:
Care and compliance
Acting honestly and ethically
Acting in the Company’s best interests
Conflicts of interest
Use of knowledge and information
Gifts, entertainment, and benefits
Standards of behaviour
The Company has adopted policies to ensure it maintains high standards of performance and behaviour when dealing
with the Company’s customers, suppliers, shareholders, employees, contractors, and consultants.
Specific policies are in place relating to the environment, Privacy Act requirements, confidentiality of company
information, conflicts of interest, complaints from stakeholders and trading in company securities.
Conflicts of Interest
Directors are expected both individually and collectively to act in accordance with TruScreen’s Directors’ Code of
Ethics and to restrict involvement in other businesses that would likely lead to conflicts of interest. The Board maintains
an Interest Register.
Where conflicts of interest arise, the Board policy is for the conflicted Director(s) to advise the Board and to absent
themselves from the relevant discussions and related voting.
Trading in TruScreen Securities
On a continuing basis, the Board considers whether any matters under consideration are likely to materially influence
the present or future market expectations of the Company, including the share value. It then determines whether or not
there continues to be an ‘open window’ for share trading by Directors or Officers of the Company. The policy is for a
specific declaration in respect of this matter to be made as appropriate. All proposed transactions need to be approved
in line with the company’s Security Trading Policy.
PRINCIPLE 2 - BOARD COMPOSITION AND PERFORMANCE
The Board has a written charter which sets out the roles and responsibilities of the Board. There is a balance of
independence, skills, knowledge, experience, independence, and perspective among Directors that allows the Board to
work effectively.
Board Size and Composition
The Board is comprised of Directors with a mix of qualifications, skills and experience appropriate to the Company’s
current business. As at 31 March 2025 there were 4 Directors on the Board. All Directors act in a non-executive role. The
Constitution provides for the Directors annually to elect one of their number as Chairperson of the Board.
A biography of each Board member is set out separately in the Directors Report section of the annual report and on the
website.
The Board also regularly reviews its composition to ensure it has the right skill set and composition to maximise the
Company’s performance, opportunities and strategic direction. The Board has a procedure for assessing director
performance annually.
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Independence of Directors
For a Director to be considered to be independent the fundamental consideration in the opinion of the Board is that the
Director be independent of the Executive and not have any relationship that could, or could be perceived, to interfere
materially with the Director’s exercise of his/her unfettered and independent judgment.
The matters that the Board considers in determining director independence are specified in the Board Charter. Having
considered these matters and the composition of the Board, the Company considers the Directors hold an appropriate
mix of skills, expertise and independence.
The TruScreen Board has reviewed which of its Directors are deemed to be independent in terms of NZX Listing Rules
and has determined as follows:
Independent Directors: Anthony Ho, Christopher Horn, Juliet Hull and Dexter Cheung.
The Board therefore determines that the Board of TruScreen is comprised with an appropriate number of Independent
Directors. Further, the Chairperson and the Chairs of the Audit & Finance Committee and the Remuneration &
Nomination Committee are independent directors.
In terms of the NZX and ASX listing rules, Juliet Hull and Dexter Cheung are ordinarily resident in New Zealand and
Anthony Ho and Christopher Horn are ordinarily resident in Australia.
Responsibilities of the Board and Executive
The business and affairs of the Company are managed under the direction of the Board of Directors on behalf of
shareholders. The Board’s responsibilities include:
appointment of the Chief Executive Officer or equivalent and other senior executives and the determination of their
terms and conditions including remuneration and termination;
driving the strategic direction of the Company, ensuring appropriate resources are available to meet objectives and
monitoring management’s performance;
reviewing and ratifying systems of risk management and internal compliance and control, Codes of Conduct and
legal compliance;
approving and monitoring the progress of major capital expenditure, capital management and significant
acquisitions and divestitures;
approving and monitoring the budget and the adequacy and integrity of financial and other reporting; and
ensuring a high standard of corporate governance practice and regulatory compliance and promoting ethical and
responsible decision making.
The Board meets on a regular basis to review the performance of the Company against its goals both financial and non-
financial. In normal circumstances, prior to the scheduled board meeting, each board member is provided with a formal
board package containing appropriate management and financial reports.
Responsibility for the day-to-day operations and administration is delegated by the Board to the Chief Executive Officer
and the Senior executive team within approved levels of authority. These delegations have been reviewed in the last
three months.
Appointment and Retirement of Directors
The Board has a procedure for the nomination and appointment of Directors to the Board. All directors have a letter of
appointment establishing the terms of their appointment.
At each annual meeting at least one third of the Directors (or the nearest whole number – which at the current time is
one director) retire by rotation and are eligible to seek re-election at the annual general meeting, along with any
appointments made since the previous annual meeting. Included in the notice of meeting, the Board will provide
guidance to shareholders as to whether the director who is seeking election or re-election is endorsed by the non-
interested directors.
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Information about a candidate standing for election or re-election as a director is provided to shareholders to enable
them to make an informed decision on whether or not to elect or re-elect the candidate.This information may include:
biographical details, including relevant qualifications, experience and skills;
details of other material public company directorships;
a statement regarding whether the director qualifies as independent;
any material adverse information or potential conflicts of interest, position or association;
the term of office currently served (for directors standing for re-election); and
a statement whether the board supports the election or re-election of the candidate.
The company does not pay retirement benefits to any Director on retirement.
Board Processes
The Board has a regular meeting schedule complemented by regular electronic and telephone communication. The
Board meetings and circular resolutions taken by the Board are set out in the Directors Report.
Diversity Policy
The Company has a diversity policy which is on its website and reports annually, in the operations section of the annual
report, relevant statistics.
PRINCIPLE 3 – BOARD COMMITTEES
The Board uses committees where this enhances the effectiveness in key areas while retaining Board responsibility.
The Board operates 2 Committees to assist in the execution of the Board’s duties – the Remuneration and Nomination
Committee and the Audit & Finance Committee. Each Committee has a specific Charter. Committee members are
appointed from members of the Board and membership is reviewed on an annual basis. All matters determined by
committees are submitted to the full Board as recommendations for Board decision.
Remuneration and Nomination Committee
All directors are members of the Remuneration and Nomination Committee. The Committee recommends the
remuneration policies and packages, including performance incentives for the Chief Executive Officer and the Senior
executive team. Independent advice is obtained as regarding remuneration levels and packages. Additionally, the
Committee reviews: the performance of the Chief Executive Officer; succession planning for the Senior executive team;
succession planning for the Board; risk and compliance monitoring in relation to the human resources function of the
Company; and the Company’s performance in respect of responsible governance.
This Committee is also responsible for establishing and monitoring remuneration policies and guidelines for Directors
which enable the Company to attract, retain and motivate Directors to contribute to the successful governing of the
Company and create value for shareholders. External advice is considered in setting the Directors’ fees which in
aggregate are approved by shareholders.
The committee is also responsible for reviewing and ensuring compliance to all Health and Safety policies within the
company to ensure employees, contractors and visitors are operating in a safe environment.
This Committee, which function was discharged by the full board, met twice during the 12 months to 31 March 2025.

The Committee is satisfied that the Company, and the Chief Executive Officer, has implemented and continued to
enforce a culture of Health and Safety compliance with all regulations in the countries in which the Company operates.
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66
Audit & Finance Committee
The Audit & Finance Committee comprises of Christopher Horn (chair), Dexter Cheung, and Juliet Hull. The committee
is comprised of three non-executive directors, all are independent. One Director, Christopher Horn, is a qualified
accountant. The chair of the committee is different to the Chairperson of the Board and has no relationship to the
external auditor.
The role of the Committee is to oversee and monitor the annual audit process, ensure appropriate financial and
operational information is provided to stakeholders, review the framework of internal control and governance which the
Executive and the Board have established, and to promote integrity and transparency in financial reporting. The Chief
Executive Officer and Chief Financial Officer are invited to attend meetings as appropriate. The Audit & Finance
Committee met twice during the 12 months to 31 March 2025.
The Audit & Finance Committee also communicates with the Company’s external auditors as and when deemed
necessary by the Committee.
PRINCIPLE 4 – REPORTING AND DISCLOSURE
The Board demands integrity in financial reporting, non-financial reporting, and in the timeliness and balance of
corporate disclosures.
The Company is committed to ensuring integrity and timeliness in its financial reporting, non-financial reporting, and in
providing information to the market and shareholders which reflects a considered view on the present and prospects of
the Company.
Financial Reporting
The Audit & Finance Committee oversees the quality and integrity of external financial reporting including the accuracy,
completeness, and timeliness of financial statements.
It reviews half-yearly and annual financial statements and makes recommendations to the Board concerning material
accounting policies, areas of judgment, compliance with accounting standards, NZX and legal requirements, and the
results of the external audit.
Management accountability for the integrity of the Company’s financial reporting is reinforced by the certification from
the Chief Executive Officer and Chief Financial Officer, in writing, that the Company’s financial report presents a true
and fair view in all material aspects.
Non-financial Reporting
The Board considers the appropriate level of non-financial reporting, considering the interests of stakeholders and
material exposure to environmental, social and governance (ESG) factors. The Board maintains an effective system of
internal control for reliable non-financial reporting through the same policies, procedures, and controls as financial
reporting.
The Company’s code of ethics, code of conduct, board and committee charters, and other governance documents are
available at www.truscreen.com/governance.
Timely and Balanced Disclosure
Continuous disclosure obligations of NZX and ASX require all listed companies to advise the market about any material
events and developments as soon as the Company becomes aware of them. The Company has policies and a
monitoring program in place to ensure that it complies with these obligations on an on-going basis and ensures timely
communication of material items to shareholders through NZX and ASX or directly as appropriate.
The Company makes available its governance policies and announcements on its website.
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67
PRINCIPLE 5 – REMUNERATION
The remuneration of Directors and Senior executives is transparent, fair, and reasonable. Making sure team members
get the rewards they deserve is the responsibility of the Remuneration and Nomination Committee, a committee of the
Board. The Committee makes recommendations to the Board on salaries and incentive programs and more widely on
human resource and people management issues.
The remuneration details of non-executive directors and senior executives are set out in the Remuneration Report that
forms part of the Directors’ report.
Non-Executive Directors’ Remuneration
The fees payable to the Non-Executive Directors are determined by the Board within the aggregate amount approved by
shareholders. The Board considers the advice of independent remuneration consultants when setting remuneration
levels. As at 31 March 2025 the current Directors’ fee pool limit is NZ$300,000. All benefits or incentives paid to
Directors are included as part of the disclosures in the Remuneration Report. Non-executive directors’ remuneration is
paid as fees. Retirement payments are not provided, other than superannuation.
Senior executive Remuneration
The objective of the Senior executive remuneration approach is to provide competitive remuneration aimed at: aligning
executives’ rewards with shareholders’ value; achieving business plans and corporate strategies; rewarding
performance improvement; and retaining key skills and competencies.
The performance of senior executives is measured against criteria agreed annually and bonuses and/or incentives are
linked to predetermined performance criteria and may, with shareholder approval, include the issue of shares and/or
options.
Staff Remuneration
All staff other than Senior executives are remunerated by salary plus industry standard leave entitlements. Currently no
staff qualify to participate in a long-term executive share scheme plan.
PRINCIPLE 6 – RISK MANAGEMENT
The Board regularly verifies that the entity has appropriate processes that identify and manage potential and relevant
risks.
Business Risks
The Company maintains a risk management register to identify and address areas of significant business risk and to
manage steps being taken to manage them. The Chief Executive Officer and Senior executive team are required to
identify the significant risks affecting the business, their likelihood, their potential impact, and steps take to manage
each significant risk. The Board receives and reviews risk register, and risk management plan on an annual basis. Risk is
also a standing item on the agenda of board meetings, for reporting against identified material business risks.
Significant risks are reported to investors and stakeholders in the Annual Report (refer to page 21).
The Company also maintains insurance policies that it considers adequate to meet the insurable risks of the Company
and Group. Exposure to any foreign exchange risk is managed in accordance with policies endorsed by the Directors.
The Board reviews the Company’s exposure to economic, environmental and social sustainability risks and, given the
nature of its activities, failure to address environmental and social sustainability risks would represent a material
economic risk.
Health and Safety
The Chief Executive Officer acts as the Health and Safety Co-ordinator and reports to the Remuneration and Nomination
Committee on Health and Safety issues. The Committee works with the Chief Executive Officer to identify workplace
hazards and monitor and review compliance with the Company’s documented occupational health and safety policies
and procedures. Health and Safety reviews are routinely dealt with by the Board.
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68
Chief Executive and Chief Financial Officers Assurance
The Chief Executive Officer and Chief Financial Officer have provided the Board with written confirmation that the
Company’s financial statements are founded on a sound system of risk management and internal compliance and
control; and that all such systems are operating efficiently and effectively in all material respects.
Risk Monitoring
The Board reviews the Company’s risk management policies and processes and the Senior executive provides an
updated risk assessment profile to The Board on a regular basis. The Remuneration and Nomination Committee reviews
human resource management risks.
PRINCIPLE 7 – AUDITORS
The Board ensures the quality and independence of the external audit process.
Independence
To ensure the independence of the Company’s external auditor is maintained, the Board has agreed the external auditor
should not provide any services not permitted under International Federation of Accountants regulations. This is
monitored by the Audit & Finance Committee.
External Auditor
TruScreen’s external auditor is Hall Chadwick. They were appointed on 28 April 2025 and ratification of their
appointment by the shareholders will be sought at the next Annual General Meeting in accordance with the provisions
of the Companies Act 1993 (Act). Hall Chadwick will be invited to attend this year’s annual meeting and will be available
to answer questions about the audit process, TruScreen’s accounting policies, and the independence of the auditor.
The Audit & Finance Committee meets with and receives regular reports from the external auditors concerning any
matters that arise in connection with the performance of their role, including the adequacy of internal controls.
PRINCIPLE 8 – SHAREHOLDER RELATIONS AND STAKEHOLDER INTERESTS
The Board fosters constructive relationships with shareholders and stakeholders that encourages them to engage with
the company.
The Board aims to ensure that all shareholders are informed of all information necessary to assess the Company’s
strategic direction and performance. They do this through a communication strategy which includes:
periodic and continuous disclosure to NZX and ASX;
information provided to media and briefings to major shareholders;
half yearly and annual reports;
regular investor updates;
the annual shareholders meeting which is conducted in a very open manner in which a range of questions are
considered;
the Company’s website.
The Company ensures timely circulation of notices of annual or general meetings. The 2024 notice of shareholder
meeting was issued just short of the required 21 days’ notice. This will be addressed in the current year.
An updated view of the Company’s strategic direction is a key presentation at the annual general meeting to encourage
shareholder understanding of, and support of, the Company’s strategies and goals.
The Company ensures that its shareholders are considered when seeking additional equity capital.
GOVERNANCE
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

SHAREHOLDER
INFORMATION
YEAR ENDING 31 MARCH 2025
69

70
TOP TWENTY SHAREHOLDERS AS AT 13 JUNE 2025
ISSUED CAPITAL AS AT 13 JUNE 2025INVESTORS DOMICILE AT 13 JUNE 2025
POSITIONHOLDER NAMEHOLDING*% IC
1New Zealand Depository Nominee70,319,04911.06
2Consolidated Nominees Pty Ltd29,539,9004.65
3Masfen Securities Limited29,050,3694.57
4Bhagwanji Bhula Rama27,791,6664.37
5
New Zealand Central Securities Depository Limited27,539,5664.33
6Ryan Peter Parkin23,195,4553.65
7UBS Nominees Pty Ltd15,000,0002.36
8Kevin Ho & Vikki Ho14,088,3362.22
9David Russell Stewart & Adrienne Ruth Stewart12,630,0001.99
10Albert Nominees Limited11,000,0001.73
11Consolidated Nominees Pty Ltd10,062,5001.58
12Bilgola Nominees Pty Limited10,000,0001.57
13Xiaodan Wu9,000,0001.42
14The Agathis Fund8,500,0001.34
15Custodial Services Limited8,114,6711.28
16Melda Super Pty Ltd7,500,0001.18
17Lah Investment Co Pty Limited6,618,6601.04
18Anthony Peng Ho & Chui Hoong Ho6,560,0001.03
19Ross Andrew Upton & Clare Upton5,250,0000.83
20FNZ Custodians Limited5,066,6310.8
Total336,826,80353
Total Issued Capital635,578,174100
TRU635,578,174
HOLDERS1,949
Holders
New Zealand1,244
Australia695
Rest of World10
Issued Capital
New Zealand420,722,948
Australia204,855,226
Rest of World10,000,000
SHAREHOLDER INFORMATION
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025
*NZX and ASX shareholdings are not merged for reporting purposes.

71
TOP TWENTY SHAREHOLDERS AS AT 13 JUNE 2025
HOLDING RANGESHOLDERSTOTAL UNITS% ISSUED SHARE CAPITAL
above 0 up to and including 1,0004115,3730
above 1,000 up to and including 5,000242869,9800.14
above 5,000 up to and including 10,0002922,436,5240.38
above 10,000 up to and including 50,00064816,553,6862.6
above 50,000 up to and including 100,00022617,659,5992.78
above 100,000500598,043,01294.09
Totals1,949635,578,174100
The Company had 890 unmarketable parcels as at 13 June 2025.
As at 13 June 2025 the Company had 13,000,000 unlisted options on issue (3 option holders) with exercise price of
NZ$0.04 cents and expiry date 15 July 2026.
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025

CORPORATE INFORMATION
72
DIRECTORSAnthony HoNon-Executive, Independent Chairman
Christopher HornNon-Executive Independent Director
Juliet HullNon-Executive Independent Director
Dr Dexter CheungNon-Executive Independent Director
MANAGEMENTMartin DillonChief Executive Officer
Dr Jerry TanGeneral Manager Commercial
Edmond CapceleaChief Technology Officer
Guy RobertsonChief Financial Officer
SHARE REGISTRARC/- HLB Mann Judd Limited,
Level 6, Equitable House
57 Symonds Street, Grafton,
Auckland, New Zealand
NZX Code : TRU.NZX
ASX Code : TRU.AX
AUDITORHALL CHADWICK
Level 1, 187 Queen Street
Auckland 1010
New Zealand
SHARE REGISTRARMUFG CORPORATE MARKETS
Level 30, PWC Tower 15
Customs Street
West Auckland 1010
PO Box 91976
Auckland 1142
New Zealand
support@cm.mpms.mufg.com
LEGAL ADVISORRussell McVeagh
PO Box 8
Auckland 1140

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