REG - Artemis Resources Ld - Interim financial report
14/03/2024 08:45
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RNS Number : 8570G Artemis Resources Limited 14 March 2024
Artemis Resources Limited
("Artemis" or the "Company")
Interim Financial Report for the six months ended 31 December 2023
Artemis Resources Limited (ASX/AIM: ARV; FRA: ATY) the gold, copper and
lithium focused resources company with projects in Western Australia, today
announces its interim results for the six months ended 31 December 2023.
Artemis Resources Ltd
Guy Robertson, Chairman info@artemisresources.com.au
George Ventouras, Executive Director
WH Ireland Limited (Nomad & Broker)
Antonio Bossi / James Bavister / Isaac Hooper Tel: +44 20 7220 1666
Highlights
· Significant mineralised lithium samples from the Osborne trend (Joint
Venture ARV 49%)
· Groundwork commenced for lithium exploration on 100% owned ground
with subsequent excellent results from rock chip samples
· Exploration Incentive Scheme (EIS) grant of $82,500 awarded for Lulu
Creek gold project
· New target identified at Paterson Gold project
· The Company raised approximately A$2.0 million at $0.018 per
share from institutional and sophisticated investors
Review of Operations
Artemis Resources Limited ('Artemis") is a gold, copper and lithium focused
resource exploration company with projects in the West Pilbara and the Central
Paterson Region of Western Australia. The Company's assets include the Carlow
Project Gold-Copper-Cobalt resource as well as the Radio Hill processing plant
("Radio Hill"), both located within 35km radius of Karratha.
The primary focus during the half year was on lithium exploration.
Figure 1. Artemis Resources tenements
Karratha Lithium Project (ARV 100%)
Various programs of ground reconnaissance were completed during the half year.
Numerous swarms of pegmatites were identified within and along the margins of
the Andover mafic intrusive complex within 100% Artemis tenement E47/1746. Six
sets of pegmatites were identified which featured elevated levels of
lithium-caesium-tantalum (LCT) and rubidium mineralisation, including four
pegmatite clusters considered highly prospective for economic mineralisation.
Figure 2. Pegmatite evaluation work area (yellow outline) in relation to
Artemis tenure
Figure 3. LCT and Rb anomalous rock chip samples with priority areas for
follow up
Over 90 outcrops of pegmatites have been identified to date with the largest
outcropping pegmatite having a strike of 200m and average width more than 45m.
Mt Marie Lithium Prospect
Drone surveys were undertaken in the northern sector of tenement E47/1746 late
in 2023 and subsequently a ground reconnaissance program was designed and
conducted. 21 rock chip samples were submitted to the laboratory for assays
with results peaking at 1.82% and 1.62% Li(2)O. Further ground work is planned
for CY2024.
Figure 4. Mt Marie lithium prospect
Figure 5. Spodumene crystals located at the Mt Marie lithium prospect
Osborne Joint Venture (Artemis 49%)
Figure 6. Osborne joint venture tenement
Ground work continued on the Osborne JV tenement (ARV:49%, GRE:51%) with
various soil and rock chip sampling programs having been completed. Two new
pegmatite zones were identified within the Osborne JV next to the Osborne
trend, 5km south-east of the Kobe lithium pegmatite discovery. Newly
discovered trends, Wally and Maddox both extend over 1km with outcrops up to
100m Wide.
Significant mineralised lithium samples from the Osborne trend included:
· 2.4% Li(2)O from sample 23GT20-155
· 2.4% Li(2)O from sample 23GT30-232
· 2.36% Li(2)O, from sample 23GT24-021
· 1.64% Li(2)O, from sample 23GT20-693
· 1.5% Li(2)O from sample 23GT20-233
· 1.15% Li(2)O, from sample 23GT24-026
Three diamond drill holes totalling 1404m were completed with one hole located
on the Kobe trend and two holes in the Osborne trend (Figure 6). The program
was aimed at gathering stratigraphic and structural information relating to
these pegmatite trends which will be used to refine a follow-up RC drill.
Details of the completed drill program are as follows:
Drill Hole Id Easting Northing Azmith deg Dip deg EOHm Prospect
23GTDD001 493160 7691875 176 -40 810.2 South Zone
23GTDD002 493509 7691879 195 -50 279.2 South Zone
23GTDD003 485941 7693630 10 -40 315.1 Kobe
Figure 7. Schematic Cross Section 23GTDD001
These results are further evidence of the consistency of the high grade
lithium mineralisation on the Osborne JV tenement which provides the Company
with confidence for the next phase of exploration activity.
The Kobe trend currently extends 1.5km into the Osborne JV tenure and the
combined Osborne trends feature +4km of lithium strike mineralisation.
Greater Carlow Project (ARV 100%)
Lulu Creek IP - Gold Target
An Exploration Incentive Scheme (EIS) grant of $82,500 was awarded from the
West Australian State Government to assist with drilling RC holes at the Lulu
Creek gold project.
Through a previously conducted high-resolution dipole - dipole IP (induced
polarisation) geophysics survey at Lulu Creek, high level chargeability
anomalies that may represent disseminated sulphides within the exploration
area were identified. Subject to further modelling and interpretation of the
IP chargeability and resistivity bodies and a heritage survey across the
prospect, drilling can be undertaken and is anticipated to be completed within
H1 2024, once relevant approvals have been received.
Figure 8. Lulu Creek anomalies identified through IP Survey.
Paterson Gold Project
A detailed strategic review of the Company's 100% owned Paterson Gold Project
in Western Australia commenced with the aim of establishing a development
pathway to extract maximum value for shareholders. An independent technical
review identified a new priority target, Apollo North. The review also
identified that drill hole 22PTMRD011 intercepted the same lithotypes and
similar mineralisation as Havieron and was considered to be typical of a 'near
miss' at Havieron. Multiple options are currently being considered to advance
the Project, including joint ventures and third party funding.
Competent Person's Statement
Exploration Results
The information in this report that relates to exploration results is based
on, and fairly represents information supporting documentation prepared by Mr
Oliver Hirst, a Competent Person who is a member of the Australian Institute
of Mining and Metallurgy (AusIMM). Mr Hirst is a consultant geologist to
Artemis Resources. Mr Hirst has sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as defined in the
2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves". Mr Hirst Consents to the inclusion in
this report of the matters based on his information in the form and context in
which it appears.
Events subsequent to reporting date
Dr Simon Dominy resigned as a director on 9 January 2024. Mr Christopher
Kelsall was appointed a director on 9 January 2024 and resigned on 12 March
2024.
Other than as outlined above, there were no events subsequent to the end of
the period that would have a material effect on the Group's financial
statements as at 31 December 2023.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Half-year Ended 31 December 2023
Consolidated
31 December 31 December
2023 2022
Notes $ $
Other income 3 37,940 13,840
Personnel costs (316,112) (29,650)
Occupancy costs (16,687) (15,891)
Legal fees (9,156) (3,679)
Consultancy costs (203,705) (365,420)
Compliance and regulatory expenses (126,646) (123,138)
Directors' fees (235,497) (376,750)
Travel (24,248) (15,000)
Borrowing costs (3,045) (4,101)
Project and exploration expenditure written off 6 (20,353) (113,741)
Impairment expense 7 - (12,469,852)
Net fair value loss on financial instruments designated as fair value through (540,000) (3,128,849)
profit or loss
5
Share-based payments 11 (211,283) (373,300)
Marketing expenses (46,229) (47,322)
Depreciation and amortisation (72,710) (59,243)
Unrealised foreign exchange loss (2,321) (11,675)
Other expenses (41,637) (74,206)
LOSS BEFORE INCOME TAX (1,831,689) (17,197,977)
Income tax expense - -
LOSS FOR THE PERIOD (1,831,689) (17,197,977)
Other comprehensive income, net of tax - -
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD
(1,831,689) (17,197,977)
Basic loss per share - cents 4 (0.11) (1.24)
Diluted loss per share - cents 4 (0.11) (1.24)
The consolidated statement of profit or loss and other comprehensive income is
to be read in conjunction with the accompanying notes
Consolidated Statement of Financial Position
As at 31 December 2023
Consolidated
31 December 30 June
2023 2023
Notes $ $
CURRENT ASSETS
Cash and cash equivalents 1,570,889 1,703,016
Other receivables 121,365 123,104
Financial assets at fair value through profit or loss 5 3,206,250 3,746,250
TOTAL CURRENT ASSETS 4,898,504 5,572,370
NON-CURRENT ASSETS
Plant and equipment 45,086 57,266
Right-of-use assets 97,564 150,781
Exploration and evaluation expenditure 6 32,907,945 32,054,704
Development expenditure 7 15,009,145 14,950,070
TOTAL NON-CURRENT ASSETS 48,059,740 47,212,821
TOTAL ASSETS 52,958,244 52,785,191
CURRENT LIABILITIES
Trade and other payables 8 1,225,834 1,529,181
Current lease liabilities 100,204 103,382
Employee benefits obligation 19,845 14,734
TOTAL CURRENT LIABILITIES 1,345,883 1,647,297
NON-CURRENT LIABILITIES
Lease liabilities - 49,577
Provisions 9 5,723,259 5,723,259
TOTAL NON-CURRENT LIABILITIES 5,723,259 5,772,836
TOTAL LIABILITIES 7,069,142 7,420,133
NET ASSETS 45,889,102 45,365,058
EQUITY
Share capital 10 119,541,004 117,396,554
Reserves 11 487,655 389,358
Accumulated losses (74,139,557) (72,420,854)
TOTAL EQUITY 45,889,102 45,365,058
The consolidated statement of financial position should be read in conjunction
with the accompanying notes.
Consolidated Statement of Changes in Equity
For the Half-year Ended 31 December 2023
Consolidated Share Accumulated losses Reserves Total
capital equity
$ $ $ $
Balance at 1 July 2023 117,396,554 (72,420,854) 389,358 45,365,058
Loss for the period - (1,831,689) - (1,831,689)
Other comprehensive income - - - -
Total comprehensive loss for the period
- (1,831,389) - (1,831,689)
Issue of shares 2,144,450 - - 2,144,450
Transfer to share-based payments reserve
- - 211,283 211,283
Transfer from share-based payments reserve
- 112,986 (112,986) -
Balance at 31 December 2023 119,541,004 (74,139,557) 487,655 45,889,102
Consolidated Issued Accumulated losses Reserves Total
capital equity
$ $ $ $
Balance at 1 July 2022 114,927,239 (58,330,600) 2,725,913 59,322,552
Loss for the period - (17,197,977) - (17,197,977)
Other comprehensive income - - - -
Total comprehensive loss for the period
- (17,197,977) - (17,197,977)
Issue of shares 83,359 - - 83,359
Transfer to share-based payments reserve
- - 373,300 373,300
Transfer from share-based payments reserve
- 984,123 (984,123) -
Balance at 31 December 2022 115,010,598 (74,544,454) 2,115,090 42,581,234
The consolidated statement of changes in equity should be read in conjunction
with the accompanying notes.
Consolidated Statement of Cash Flows
For the Half-year Ended 31 December 2023
Consolidated
31 December 2023 31 December 2022
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers - 15,149
Payments to suppliers and employees (958,392) (1,486,233)
Interest received 2,260 -
NET CASH USED IN OPERATING ACTIVITIES (956,132) (1,471,084)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration and evaluation (1,203,507) (4,723,740)
Payments for property, plant and equipment - (17,293)
Proceeds on sale of investments - 2,209,711
Payment for development expenditure (59,075) (402,867)
NET CASH USED IN INVESTING ACTIVITIES (1,262,582) (2,934,189)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares 2,242,500 -
Cost of share issue (98,050) -
Repayment of lease liabilities (55,800) (35,541)
NET CASH FROM / (USED) IN FINANCING ACTIVITIES 2,088,650 (35,541)
Net decrease in cash held (130,064) (4,440,814)
Effects of exchange rate changes on the balance of cash held in foreign (2,063) (12,617)
currencies
Cash at the beginning of the period 1,703,016 6,106,222
CASH AT THE END OF THE PERIOD 1,570,889 1,652,791
The consolidated statement of cash flows is to be read in conjunction with the
accompanying notes.
Notes to the Financial Statements
For the Half-year Ended 31 December 2023
1. Statement of significant accounting policies
Basis of Preparation
The half-year financial report is a general-purpose financial report prepared
in accordance with the requirements of the Corporations Act 2001 and AASB 134:
Interim Financial Reporting. The Group is a for profit entity for financial
reporting purposes under Australian Accounting Standards.
The half-year financial report does not include notes of the type normally
included in an annual financial report. The half-year financial report is to
be read in conjunction with the most recent annual financial report for the
year ended 30 June 2023 and any public announcements made by the Group during
the half-year in accordance with continuous disclosure requirements arising
under the Corporations Act 2001 and the ASX Listing Rules.
The consolidated financial statements have been prepared on the basis of
historical costs, except for the revaluation of certain non-current assets and
financial instruments. Cost is based on the fair value of the consideration
given in exchange for assets. All amounts are presented in Australian dollars,
unless otherwise stated. The financial statements are presented in Australian
dollars which is Artemis Resources Limited's functional and presentation
currency.
These interim financial statements were authorised for issue on 14 March 2024.
New and revised Standards and amendments thereof and Interpretations effective
for the current half-year that are relevant to the Group
The Group has adopted all of the new and revised Standards and Interpretations
issued by the Australian Accounting Standards Board (the AASB) that are
mandatory for the current reporting period that are relevant to its operations
and effective for annual reporting periods beginning on or after 1 July 2023.
Going Concern
For the half-year ended 31 December 2023 the Group recorded a loss of
$1,831,689 (2022: a loss of $17,197,977) and had net cash outflows from
operating and investing activities of $2,218,714 (2022: $4,405,273). The 2023
half year loss includes a non cash fair value loss adjustment on its
investment in GreenTech Metals Ltd of $540,000 and a non cash expense of
$211,283 for share based payments.
The Directors believe that it is reasonably foreseeable that the Company and
Group will continue as going concerns and that it is appropriate to adopt the
going concern basis in the preparation of the financial report after
consideration of the following factors:
· The Group has cash at bank of $1,570,889, liquid
investments of $3,206,250 and net assets of $45,889,102 as at 31 December
2023;
· The Company has recently raised $2.03 million (before
costs) and has the ability to raise further capital to enable the Group to
meet scheduled exploration expenditure requirements;
· The Company has the ability to dispose of non-core assets
and scale back certain parts of their activities that are non-essential so as
to conserve cash; and
· The Group retains the ability, if required, to wholly or
in part dispose of interests in mineral exploration and development assets,
and liquid investments.
However, should the Company be unable to raise capital in a sufficiently
timely basis and/or
reduce expenditure to the extent required, there exists a material uncertainty
which may cast
significant doubt as to whether the Company and Group will continue as going
concerns and therefore whether they will realise their assets and extinguish
their liabilities in the normal course of business and at the amounts stated
in the financial report.
Use of estimates and judgements
The preparation of financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income
and expenses. Actual results may differ from these estimates. Estimates
and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is
revised and in any future periods affected.
Impairment of development expenditure assets
At the end of each reporting period, an assessment is made as to whether there
is any indication that an asset may be impaired. The assessment will include
the consideration of external and internal sources of information including
market conditions and asset specific matters. If such an indication exists, an
impairment test is carried out on the asset by comparing the asset's carrying
amount to its estimated recoverable amount, being the higher of fair value
less costs to sell and value in use.
Where it is not possible to estimate the recoverable amount of an individual
asset, the Group estimates the recoverable amount of the cash-generating unit
to which the asset belongs.
Any excess of the asset's carrying amount over its recoverable amount is
recognised immediately in statement of profit or loss and other comprehensive
income.
The Directors have performed an impairment test during the period in relation
to the Fox Radio Hill processing plant as detailed in note 7 and have
determined that the recoverable value approximates the carrying value and no
further impairment to this asset should be recognised at the half year.
2. SEGMENT INFORMATION
AASB 8 Operating Segments requires operating segments to be identified on the
basis of internal reports about components of the Group that are regularly
reviewed by the Chief Operating Decision Maker in order to allocate resources
to the segment and to assess its performance.
The Group's operating segments have been determined with reference to the
monthly management accounts used by the Chief Operating Decision Maker to make
decisions regarding the Group's operations and allocation of working capital.
The Executive Director has been determined as the Chief Operating Decision
Maker.
a. Description of segments
The Board has determined that the Group has two reportable segments, being
mineral exploration activities and development expenditure. The Board monitors
the Group based on actual versus projected expenditure incurred by area of
interest. The internal reporting framework is the most relevant to assist the
Board with making decisions regard the Group and its ongoing exploration
activities.
2. SEGMENT INFORMATION (Continued)
b. Segment information provided to the Board:
31 December 2023 Exploration Activities
Development Unallocated
Carlow Paterson Lithium Projects Activities Corporate Total
Radio Hill
$ $ $ $ $ $
Segment revenue - - - - 37,940 37,940
Segment expenses (20,353) - - - (1,849,276) (1,869,629)
Reportable segment loss (20,353) - - - (1,811,336) (1,831,689)
Reportable segment assets 23,442,328 7,963,694 1,501,923 15,009,145 5,041,154 52,958,244
Reportable segment liabilities - - - 5,723,259 1,345,882 7,069,141
31 December 2022 Exploration Activities
Development Unallocated
Carlow Castle Paterson Other Projects Activities Corporate Total
Radio Hill
$ $ $ $ $ $
Segment revenue - - - - 13,840 13,840
Segment expenses - - - (12,469,852) (4,741,965) (17,211,817)
Reportable segment loss - - - (12,469,852) (4,728,125) (17,197,977)
Impairment expense - - - (12,469,852) - (12,469,852)
Reportable segment assets 23,628,641 7,576,810 - 15,000,000 3,593,012 49,798,463
Reportable segment liabilities - - - 5,223,259 1,993,970 7,217,229
3. REVENUE
Consolidated
31 December 2023 31 December 2022
$ $
Other income
Other income 35,680 13,840
Interest received 2,260 -
37,940 13,840
4. LOSS per share
The calculation of basic loss and diluted loss per share at 31 December 2023
was based on the loss attributable to shareholders of the parent company of
$1,831,689 (2022: $17,197,977):
Consolidated
31 December 2023 31 December 2022
$ $
Basic loss per share (0.11) (1.24)
Diluted loss per share (0.11) (1.24)
No of Shares No of Shares
Weighted average number of ordinary shares:
Ordinary shares 1,642,790,000 1,390,555,594
Ordinary shares fully diluted 1,642,790,000 1,390,555,594
5. financial assets AT FAIR VALUE THROUGH PROFIT OR LOSS
Consolidated
31 December 2023 30 June
2023
$ $
Other financial assets 3,206,250 3,746,250
Opening balance 3,746,250 6,283,560
Disposals - fair value loss¹ - (4,596,060)
Fair value (loss)/gain² (540,000) 2,058,750
Closing balance 3,206,250 3,746,250
¹The Company sold Artemis' 70% joint venture interest in the Munni Munni
platinum group metals project to Alien Metals Limited (LSE: UFO) (Alien), a
company incorporated in the United Kingdom and listed on the London Stock
Exchange (LSE), for 358,617,818 shares in UFO at GBP0.008 per share for an
amount of $4,650,000. The sale realised a profit of $2,263,931 in the year
ended 30 June 2022. The shares were sold in the year ended 30 June 2023 for
$4,295,000, realising a loss of $2,294, 797. The Company also sold shares in
Thor Mining in the year ended 30 June 2023 for $301,060, realising a loss of
$91,552.
²The Company holds 6,750,000 shares in GreenTech Metals Ltd (ASX:GRE), which
were marked to market value at 31 December 2023 at a carrying value of
$3,206,250. This resulted in a fair value loss for the period of $540,000.
6. exploration and evaluation expenditure
Consolidated
31 December 2023 30 June
2023
$ $
Exploration and evaluation expenditure 32,907,945 32,054,704
Costs capitalised on areas of interest have been reviewed for impairment
factors, such as resource prices, ability to meet expenditure going forward
and potential resource downgrades. The Group has ownership or title to the
areas of interest in respect of which it has capitalised expenditure and has
reasonable expectations that its activities are ongoing.
The recoverability of the carrying amount of the exploration and evaluation
assets is dependent on successful development and commercial exploration, or,
alternatively, the sale of the respective area of interest.
Reconciliation of movement during the period:
Consolidated
31 December 2023 30 June
2023
$ $
Opening balance 32,054,704 27,323,626
Expenditure capitalised in current period 873,594 5,466,846
Exploration expenditure written off (20,353) (735,768)
Closing balance 32,907,945 32,054,704
7. DEVELOPMENT EXPENDITURE
Consolidated
31 December 2023 30 June
2023
$ $
15,009,145 14,950,070
Development expenditure
Reconciliation of movement during the period:
Opening balance 14,950,070 27,420,924
Additions 59,075 -
Disposals - (1,002)
Impairment(1) - (12,969,852)
Increase in rehabilitation provision(2) - 500,000
Closing balance 15,009,145 14,950,070
(1)The Company's market capitalisation is below its net assets as at 31
December 2023. This represented an indicator of impairment and as a
consequence the Company was required under accounting standards to test its
development expenditure for impairment by comparing its recoverable value to
its carrying value.
The Company determined the recoverable value based on fair value less costs of
disposal of the Radio Hill processing Plant, the major component of the
carrying amount of development expenditure. The estimate of fair value is a
level 3 on the fair value hierarchy. Management engaged a third-party to value
the plant as at 30 June 2023 and the expert valued the plant as $24.9 million
on a replacement cost basis. Management adjusted the expert's valuation to
reflect the most likely use of the plant and what management believed would be
achieved in a market scenario, and determined the recoverable amount to be
approximately $15 million. As a result, the Company recorded a provision for
impairment of $12,969,852 in the year ended 30 June 2023 ($12,469,852 related
to the half-year period to 31 December 2022). The directors have reviewed the
assessment of the recoverable value of its asset at 31 December 2023 and
determined that the realisable value of the asset is still approximately $15
million and as this approximates the carrying value of the asset as at 31
December 2023, have determined that no further impairment of this asset is
required at this time.
(2)The increase of $500,000 in the provision at 30 June 2023 resulted from a
revision in the discount rate used in the calculation of the present value of
the future rehabilitation cost estimates.
8. trade and other payables
Consolidated
31 December 2023 30 June
2023
$ $
Trade and other payables 1,225,834 1,529,181
9. Provisions
Consolidated
31 December 2023 30 June
2023
$ $
5,723,259 5,723,259
Provision for restoration and rehabilitation - non-current
Reconciliation of movement during the period:
Consolidated
31 December 2023 30 June
2023
$ $
Opening balance 5,723,259 5,223,259
Additional restoration and rehabilitation provision - 500,000
Closing balance 5,723,259 5,723,259
The Company has reviewed the provision for restoration and
rehabilitation in view of changes in inflation and discount rates and
determined that no adjustment is required at half-year end.
10. SHARE CAPITAL
Consolidated Consolidated
31 December 2023 30 June 31 December 2023 30 June
2023 2023
No. of Shares No. of Shares $ $
Issued and paid-up capital
Ordinary shares, fully paid 1,691,196,149 1,569,918,371 119,541,004 117,396,554
Reconciliation of movement during the period:
Shares $
Opening balance 1 July 2022 1,388,330,984 114,927,239
Shares issued, Placement 170,000,000 2,548,102
Shares issued, services rendered 11,587,387 185,359
Cost of issue - (264,146)
Closing balance 30 June 2023 1,569,918,371 117,396,554
Opening balance 1 July 2023 1,569,918,371 117,396,554
Issue of shares, placement(1) 112,777,778 2,030,000
Issue of shares, exercise of options(2) 8,500,000 212,500
Cost of issue - (98,050)
Closing balance 31 December 2023 1,691,196,149 119,541,004
(1)On 8 November 2023 the Company issued 112,777,778 shares at $0.018 per
share to raise $2.03 million.
(2)The Company issued 8,500,000 shares on exercise of options. The options had
an exercise price of $0.025 per option and an expiry date of 9 March 2026.
Ordinary Shares
Ordinary shares participate in dividends and are entitled to one vote per
share at shareholders meetings. In the event of winding up the Company,
ordinary shareholders rank after creditors and are entitled to any proceeds of
liquidation in proportion to the number of shares held.
11. SHARE-BASED PAYMENT RESERVE
Consolidated Consolidated
31 December 2023 30 June 31 December 2023 30 June
2023 2023
No. of options No. of options $ $
Share-based payments
Options 172,888,884 116,500,000 487,655 389,359
Options $
Opening balance 1 July 2022 144,729,145 2,695,313
Options issued 127,000,000 496,734
Options lapsed (149,229,195) (2,802,688)
Closing balance 30 June 2023 116,500,000 389,359
Opening balance 1 July 2023 116,500,000 389,359
Free attaching options to share issue(1) 56,388,884 -
Options issued share-based payments(2) 16,000,000 211,283
Options exercised(3) (8,500,000) -
Options lapsed(4) (7,500,000) (112,987)
Closing balance 31 December 2023 172,888,884 487,655
(1)During the period, 56,388,884 options were issued in relation to a capital
raising completed on 8 November 2023. One free attaching option was issued for
every two new shares. The options have an exercise price of $0.025 per option
and an expiry date of 9 March 2026.
(2)11,000,000 options were also issued on the same terms to a broker and an
advisor related to the capital raising, and a further 5,000,000 to a
consultant.
(3)During the period, 8,500,000 options were exercised. The options had an
exercise price of $0.025 per option and an expiry date of 9 March 2026.
(4)During the period 7,500,000 options expired without being exercised. The
options had an exercise price of 7c per option and an expiry date of 31 July
2023.
The unlisted options issued during the half-year were valued using the
Black-Scholes model. The value of these options were determined on the date of
grant using the following assumptions:
Broker/
Consultant Consultant
Grant date 29/10/2023 27/10/2023
Exercise price ($) 0.025 0.025
Expected volatility (%) 100 100
Risk-free interest rate (%) 4 4.4
Expected life (years) 2.36 2.42
Share price at this date ($) 0.023 0.023
Fair value per option ($) $0.0129 $0.0131
Number of options 11,000,000 5,000,000
For the half-year ended 31 December 2023, the Group has recorded $211,283 in
share-based payment expense (2022: $373,300).
Performance rights
No performance rights were issued during the current period or were
outstanding at 31 December 2023.
12. FINANCIAL INSTRUMENTS
The Directors consider that the carrying amounts of financial instruments are
a reasonable approximation of their fair values.
13. commitments, contingent liabilities and contingent assets
There are no contingent liabilities or contingent assets since the last annual
reporting period.
14. Events subsequent to 31 December 2023
Mr Christopher Kelsall was appointed a director on 9 January 2024 and resigned
on 12 March 2024. Dr Simon Dominy resigned as a director on 9 January 2024.
Other than as outlined above, there are no matters of circumstances that has
arisen since the end of the period that have significantly affected or may
significantly materially affect the operations of the Group, the results of
those operations, or the state of affairs of the Group in future financial
years.
This announcement was approved for release by the Board.
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