We have audited the accompanying Ind AS Financial Statements of ALKALI METALS LIMITED (“the
Company”), which comprise the Balance Sheet as at March 31 2025, the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of Changes in Equity and Statement of Cash Flows for the year
then ended, and Notes to the Financial Statements, including a summary of significant accounting policies and
Other Explanatory Information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind
AS Financial Statements give the information required by the Companies Act, 2013 in the manner so required
and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of
the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other
Accounting Principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025,
and its Loss and Other Comprehensive Loss, Changes in Equity and its Cash Flows for the year ended on that
date.

Basis for Opinion

We conducted our audit of the Ind AS Financial Statements in accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of the Ind AS Financial
Statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind
AS Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the Ind AS Financial Statements for the financial year ended March 31,2025. These matters were addressed in the
context of our audit of the Ind AS Financial Statements as a whole and in forming our opinion thereon, and we do
not provide a separate opinion on these matters. We have determined that there are no key audit matters to
communicate in our report.

Information Other Than the Financial Statements and Auditors’ Report Thereon

The Company’s Board of Directors is responsible for the preparation of the Other Information. The Other
Information obtained at the date of this Auditors’ Report comprises the information included in the Management
Discussion and Analysis, Director’s Report including Annexures to Board’s Report and Shareholder’s
Information but does not include the Ind AS Financial Statements and our Auditors’ Report thereon.

Our opinion on the Ind AS Financial Statements does not cover the other information and we do not express any
form of assurance conclusion thereon.

In connection with our audit of the Ind AS Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the Ind AS
Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this Other
Information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Ind AS Financial
Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,
2013 (“the Act”) with respect to the preparation of these Ind AS Financial Statements that give a true and fair view
of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of
the Company in accordance with the accounting principles generally accepted in India, including the Ind AS
specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the Ind AS Financial
Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Ind AS Financial Statements, the management is responsible for assessing the Company’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 management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS Financial Statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an Auditors’ 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 SAs 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 Ind AS Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• identify and assess the risks of material misstatement of the Ind AS 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. Under Section 143(3)(I) of the Companies Act, 2013, we are also
responsible for expressing our opinion on whether the Company has adequate Internal Financial Controls
System in place and the operating effectiveness of such controls.

• evaluate the appropriateness of Accounting Policies used and the reasonableness of accounting estimates
and related disclosures made by Management.

• conclude on the appropriateness of Management’s 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 Company’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our Auditors’ report to the related
disclosures in the Ind AS 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 Auditors’ report. However,
future events or conditions may cause the Company to cease to continue as a going concern.

• evaluate the overall presentation, structure and content of the Ind AS Financial Statements, including the
disclosures, and whether the Ind AS Financial Statements represent the underlying transactions and events
in a manner that achieves fair presentation.

We communicate with those charged with governance 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.

We also provide those charged with governance 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, related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 issued by the Central Government of India
in terms of sub-section (11) of Section 143 of the Act (hereinafter referred to the “Order”), and on the basis
of such checks of the books and records of the Company as we considered appropriate and according to the
information and explanations given to us, we give in the Annexure-1 a statement on the matters specified in
paragraphs 3 and 4 of the Order to the extant applicable.

2. As required by section 143(3) of the Act, based on our audit we report that:

a) we have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purpose of our audit;

b) in our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books;

c) the Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the
Statement of Cash flows and the Statement of Changes in Equity dealt with by this Report are in
agreement with the books of account;

d) in our opinion, the aforesaid said Ind AS Financial Statements comply with the Ind AS specified under
Section 133 ofthe Act, read with Rule 7 ofthe Companies (Accounts) Rules, 2014;

e) on the basis of written representations received from the Directors as on March 31,2025, and taken on
record by the Board of Directors, none of the Directors is disqualified as on March 31, 2025, from
being appointed as a director in terms of Section 164(2) of the Act;

f) with respect to the adequacy of the internal financial controls over financial reporting of the Company
and the operating effectiveness of such controls, refer to our separate Report in “Annexure -2”;

g) with respect to the other matters to be included in the Auditors’ Report in accordance with the
requirements of Section 197(16) of the Act, as amended, we report that the remuneration paid by the
Company to its Directors during the year, in our opinion and to the best of our information and
according to the explanations given to us, is in accordance with the provisions of Section 197 of the
Act;”

h) with respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11 of
the Companies (Audit and Auditors), 2014, in our opinion and to the best of our information and
according to the explanations given to us:

i. the Company has disclosed the impact of pending litigations on its financial position in its Ind AS
Financial Statements.

ii. in our opinion and as per the information and explanations provides to us, the Company has not
entered into any long-term contracts including derivative contracts, requiring provision under
applicable laws or accounting standards, for material foreseeable losses, and

iii. the Company has no amount due to be transferred to the Investor Education and Protection Fund as at
the end of the financial year under review;

iv. (a) Management has represented that, to the best of its knowledge and belief, as disclosed in the note
48.I to the Notes to Financial Statements, no funds have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in
any other person or entity, including foreign entities (“Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;

(b) the Management has represented, that, to the best of its knowledge and belief, as disclosed in the
note 48.ii to the Notes to Financial Statements, no funds have been received by the Company from any
person or entity, including foreign entities (“Funding Parties”), with the understanding, whether
recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Funding Party
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;

(c) based on the audit procedures performed that have been considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe that the representations
under sub-clause (i) and (ii) of Rule 11(e) contain any material misstatement;

v. the dividend declared and paid during the year by the Company is in compliance of Section 123 of the
Companies Act, 2013;

vi. based on our examination, which included test checks, the Company has used accounting software for
maintaining its books of account for the financial year ended March 31, 2025 which has a feature of
recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software. Further, during the course of our audit we did not come across
any instance of the audit trail feature being not preserved or tampered with

For C K S ASSOCIATES

Chartered Accountants
FRN: 007390S

N. V. S. SRIKRISHNA

Partner

Place : Hyderabad M.N_o. 025139

^{Date : 19th Ma}y, ²⁰²⁵ UDIN:25025139BMISBM4288