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    LETTER FROM THE CHAIRMAN 2021

    Dear Fellow Shareholders,

    On behalf of the Board of Directors of Atlas Pearls Limited, I am proud to present you with the Company’s 2021 Annual Report. Despite some unique challenges during the year, Atlas successfully met its principal objective to produce and distribute high quality, luxurious South Sea Pearls safely and sustainably.

    The commencement of FY2021 coincided with the spread of the COVID-19 pandemic and the accompanying implications and uncertainties of such unique challenges was a key focus for the Board and Senior Management Team.

    I can wholeheartedly say that I am not only pleased with the performance of the Company this financial year, but I amoverwhelmed with the resilience, support and flexibility shown at every level of the Company.

    Our staff have sacrificed much during the last year includingDirectors, Perth and Expatriate personnel accepting pay reductions for nine months. All staff have continued to be heavily impacted by travel restrictions that interrupt the movement of both people and pearls with some staff remaining for large stretches at ourisolated pearl farms. Employees are adapting to find solutions to last minute logistics changes from the farm level to the finalcustomer interface.

    A notable impact to the business during this financial year were the continued restrictions placed on traditional distribution network which prior to the pandemic had predominantly relied on face-to-face auctions. As a result of heavily restricted international travel and social distancing requirements, it became apparent that the Company needed to find alternative methods of selling pearls to ensure that disruptions to the Company’s revenue stream wasminimised.

    In response to this challenge, the Company developed a bespoke online auction platform for the exclusive sale of Atlas Pearls. The Company launched its online auction platform in November 2020 and hosted the first full harvest online auction in December 2020. The online platform proved to be highly successful with clientsparticipating from all over the world including Australia, NewZealand, Japan, China, the USA and Spain.

    The online platform, which is now supported by an Atlas App, has generated sales from Customers that traditional sales networksdid not reach. It forms a key part of a multi-faceted approach to sales and its success reflects the agile nature of Atlas in harnessing opportunities.

    I would like to thank our major shareholder for their continued support during FY21. This support was fundamental in theCompany’s ability to implement the new online sales platform and achieve the positive results for the year. The loan was renegotiated
    in August 2020 and repayments were deferred during the financial year. This deferral enabled the Company to manage sales events and pearl availability in the response of the ever-changing COVID restrictions.

    In June 2021 Atlas made its final payment to the renegotiated foreign currency trade loan. I would like to personally thank allcustomers for their continued support and loyalty over the past 18 months.

    The Company has recorded a profit before tax figure for the year of $8.1m. I would like to stress that this figure includes an accounting adjustment in relation to the oysters of $4.0m which is a calculated uplift in the book value of the oysters in the water. Revenue for the year ending 30 June 2021 was $18.3m which is a significant increase to the prior financial year which recorded revenue of $13.7m. Costs of goods sold for the financial year remainedconsistent to prior year at $8.4m (30 June 2020: $8.5m).

    Even though Atlas received an unqualified audit opinion I would like to draw the shareholders attention to the going concernsection on page 29 and the empahasis of matter paragraph in the Audit Report on page 60.

    Although the Company has achieved outstanding results for the financial year, I would also like to emphasise that for the quarter ending 30 September 2021 we are expecting operational cash outflows as we harvest approximately 240,000 pearls but areforecasting sales of approximately 50,000 pearls. This reflects the time delay associated with bringing pearls to market and follows the seasonal nature integral to aqua-culture farming.

    Finally, I would like to thank the Company’s loyal and dedicated shareholders, employees, customers and stakeholders for theircontinued support and commitment during the year. We remain focused on the production and distribution of the highest quality, safely and sustainably produced, luxurious pearls in the world.

    Geoff Newman
    Executive Chairman

    31 August 2021

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