REG - Artemis Resources Ld - Interim Financial Report
14/03/2025 07:00
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RNS Number : 6367A Artemis Resources Limited 14 March 2025
Artemis Resources Limited
("Artemis" or the "Company")
Interim Financial Report for the six months ended 31 December 2024
Artemis Resources Limited (ASX/AIM: ARV;) the gold, copper and lithium focused
resources company with projects in Western Australia, announces its interim
results for the six months ended 31 December 2024.
Artemis Resources Ltd
Guy Robertson, Chairman info@artemisresources.com.au
Julian Hanna, Managing Director
Zeus (Nomad & Broker)
Antonio Bossi / James Bavister / Gabriella Zwarts Tel: +44 20 3829 5000
Review of Operations
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 gold exploration, notably on the
100% Carlow Tenement (E 47/1797-1) and on the Lulu Creek Gold Prospect
located on E47/1746-1.
Figure 1. Artemis Resources tenements
Karratha Gold Project (ARV 100%)
Carlow Tenement
Exploration activities during the half year within the Carlow Tenement
consisted of detailed geological and structural mapping, geophysical
interpretations and selective rock chip sampling of surface quartz veins and
chert outcrops in the central part of the Carlow Tenement.
A summary interpretation of the Carlow tenement which includes the central
gravity low feature at the Titan Prospect, key elements of the regional
structural interpretation and the location of high-grade gold results
announced in 2024 from selected rock chip sampling of outcrops is shown in
Figure 2. (Note: Artemis ASX announcements relating to gold samples referred
to in this report are listed in the report).
Figure 2. Gravity image of Carlow Tenement showing gravity-low feature at
Titan with selected gold assays from surface rock chip samples. Shows
outline of the Carlow resource and Marillion EM target within an interpreted
4km long northwest trending prospective zone, in red dash outline.
In addition, a review of approximately 410 historic drill holes drilled at the
Carlow gold/copper deposit was conducted to evaluate the potential for high
grade gold extensions along strike and below the current limit of drilling at
the Carlow deposit.
This review concluded that potential extensions to the Carlow deposit may
exist in the area between the eastern end of the Carlow drilling and the
untested Marillion electro-magnetic ("EM") conductor. The Marillion EM
conductor has been modelled as an approximate 500m long, sub-horizontal, south
dipping conductive plate starting at ~350m vertical depth. The Marillion EM
conductor is interpreted to be offset 300-500m from the Carlow deposit and has
a conductive source estimated to be ~11,000 siemens. (Refer to Figure 3).
Exploration work conducted during the period, provided the basis for
substantial diamond drilling which commenced in early 2025.
Figure 3. Carlow resource long section showing high grade gold intersections
in the East zone and proposed diamond drill holes. Marillion EM conductor is
projected south onto the Carlow section.
In late 2024, a review of all available data on the Carlow Tenement identified
six high priority targets for drilling or further technical studies. Three
of these targets were identified for drilling during the March 2025 quarter
and were described in detail in an Artemis announcement dated 28 January
2025. The three targets to be drill tested in the March 2025 quarter are:
· The Marillion electro-magnetic ("EM") conductor located 500m east of the
Carlow deposit, near the base of the overlying Andover Intrusion (Refer Figure
3)
· Diamond drilling to test the potential for significant extensions to
the Carlow deposit, down plunge from previous high-grade gold intersections
(Refer Figure 3)
· Drilling at the Titan East Prospect 2km northwest of Carlow, as an
initial test of widespread high-grade gold occurrences at surface (Refer
Figure 2)
Lulu Creek Gold Prospect - RC Drilling
The Lulu Creek Prospect is located 20km west of Carlow, on tenement E
47/1746. In late 2020 Artemis completed a shallow RC drilling program at
Lulu Creek and intersected zones of anomalous gold mineralisation associated
with disseminated sulphides at shallow depth. The best intersections
included 1m @ 4.89g/t Au and 13.7g/t Ag from 24m depth and 2m @ 1.62g/t Au
from 34m depth.
On 23 October 2024, Artemis announced commencement of an EIS co-funded RC
drilling program at Lulu Creek to test potential for intrusion related gold
deposits which could be related to IP anomalies interpreted below the area of
shallow gold mineralisation intersected in 2020. 5 RC drill holes were
completed in November 2024 and assay results from this program have been
received.
The majority of assay results from the 5 RC holes drilled at Lulu Creek in
November 2024 contain less than 0.4g/t gold with two separate 1m intervals
reporting higher-grade gold assays (>3g/t Au). Results from the RC
drilling are generally comparable to results from the 2020 shallow RC drilling
program. While minor disseminated sulphide was reported in the 2024 RC holes
it is not yet clear if the source of the IP anomalies has been explained by
the recent drilling. (Note: Refer to Artemis ASX announcements on 18
September 2020 and 23 October 2024).
Figure 4. Lulu Creek Prospect IP anomalies projected to surface and 2024 RC
hole collars
Karratha Lithium Project
Mt Marie Lithium Prospect (Artemis 100%)
Further ground reconnaissance was conducted at Mt Marie to follow up 21 rock
chip samples collected in 2023 and 2024 with results peaking at 1.82% and
1.62% Li(2)O. (Refer Figures 5 and 6).
Figure 5. Location of Mt Marie lithium prospect
Figure 6. Spodumene crystals seen in outcrop at the Mt Marie lithium prospect
Osborne Joint Venture (Artemis 49%)
Figure 7. Osborne joint venture tenement showing mapped pegmatites and lithium
soil anomalies
Further ground reconnaissance continued on the Osborne JV tenement (ARV:49%,
GRE:51%) to follow up results from previous soil and rock chip sampling
programs. Two new pegmatite zones were identified within the Osborne JV next
to the Osborne trend, 5km south-east of the Kobe lithium pegmatite discovery
(Refer to Figure 7). Significant mineralised lithium results reported
previously from the Osborne trend include:
· 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
(Note: Artemis ASX announcements relating to Lithium samples referred to in
this report are listed in the report).
Paterson Gold Project
A strategic review of the Company's 100% owned Paterson Gold Project in
Western Australia continued with the aim to extract maximum value for
shareholders. Several options are currently being considered to advance the
Project, including joint ventures and third-party funding. During the
reporting period, following the sixth-year anniversary compulsory partial
surrender, the Company relinquished 40% of tenement E45/5276.
Other Projects and Targets
Cassowary Intrusion
While the Karratha Gold Project is expected to continue as Artemis's core
asset, the Company strategy includes identifying other exploration targets
considered to have potential for discovery of major mineral deposits.
Priorities are for targets which can be acquired and tested at relatively low
cost and show potential for IOCG type copper/gold or intrusive hosted
nickel/copper/PGE deposits.
As part of this strategy, Artemis subsidiary (KML No 2 Pty Ltd) applied for a
340km(2) exploration licence (E69/4266) in December 2024 to cover a large,
interpreted intrusion ("Cassowary Intrusion") below Eucla Basin sediments,
440km east of Kalgoorlie.
The Cassowary Intrusion occurs in a rare geological setting located on the
margin of a wide >400km long northeast crustal boundary (Madura West
Crustal Boundary) with surrounding geological formations interpreted to be
disrupted for kilometres by the intrusion. There is no known drilling at
Cassowary.
Assuming E69/4266 is granted, exploration will test the potential for both
IOCG type copper/gold type, and intrusive hosted nickel/copper/PGE type
mineralisation which may be associated with the intrusion. A high resolution
magnetic and gravity survey is likely to be used to assist with drill
targeting. (Refer to Figure 8).
The Madura West Crustal Boundary and interpreted mobile belt has attracted
major companies extending south of Cassowary: BHP Nickel West previously
explored for nickel, global copper producer Teck (Australia) has applied for 7
exploration licences and niobium company WA1 has applied for 2 exploration
licences adjacent to E69/4266, apparently to explore for IOCG type copper/gold
deposits. (Refer WA1 website).
Figure 8. Magnetic image with Artemis exploration licence application
(E69/4266) in yellow covering interpreted Cassowary Intrusion. Madura West
crustal boundary in black. Source: GSWA
Artemis ASX announcements relating to surface rock chip results from the
Karratha Gold Project referred to in this announcement:
High grade rock chip gold assays, 12 June 2024
High grade gold vein discovery at Titan prospect, 15 August 2024
High grade gold vein discovery at Titan prospect amended, 15 August 2024
Titan prospect results - clarification statement, 17 September 2024
Titan delivers further high-grade rock chip results, 10 October 2024
New Regional Discovery High-Grade Cu, Au, Ag Chapman Prospect, 6 December 2021
Company ASX announcements relating to surface sample results from the Karratha
Lithium Project referred to in this announcement:
Artemis Resources Limited - 18 September 2020
Artemis Resources Limited - 5 February 2024
Artemis Resources Limited - 9 May 2024
Artemis Resources Limited - 2 July 2024
GreenTech Metals Limited - 5 September 2023
TG Metals Limited - 4 October 2022
TG Metals Limited - 30 October 2023
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
Julian Hanna, a Competent Person who is a member of the Australian Institute
of Mining and Metallurgy (AusIMM). Mr Hanna is the Managing Director of
Artemis Resources and 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 Hanna consents to the inclusion in
this report of the matters based on his information in the form and context in
which it appears.
Corporate
Artemis Resources Limited is classified as a gold, copper and lithium focussed
resources company with projects in Western Australia, dual listed on the
Australian Securities Exchange (ASX:ARV) and London Stock Exchange (AIM:ARV).
Board and Management Changes
On 8 January 2025, the Board announced the resignation of George Ventouras who
held the position of Executive Director since 10 October 2023.
On 24 January 2025, Julian Hanna was appointed Managing Director. Mr Hanna
was the Co-founder and Managing Director of Western Areas Limited for 12 years
from 2000, then Managing Director of MOD Resources Limited for seven years
until its takeover by Sandfire Resources Limited in late 2019. He is a
highly experienced geologist and gold, copper and nickel industry executive.
On 5 March 2025, the Company appointed Mr Bruce Garlick as Non-Executive
Director of the Company. Mr Garlick is a Finance Executive who has over
thirty years' experience in mining, exploration, and engineering, having an
extensive knowledge of the Pilbara as a Director of Fox Resources Limited
which previously held significant exploration tenements in the Pilbara.
Capital raising
The Company issued 152,686,277 shares at $0.01275 on 12 July 2024 as tranche 2
of the capital raising announced on 10 May 2024, raising $1,946,750 before
costs.
The Company issued a further 287,000,000 shares at $0.007 per share on 24
December 2024 raising $2,009,000 before costs, and 284,428,571 shares at
$0.007 per share on 14 February 2025, raising $1,991,000 before costs.
Annual General Meeting
On 27 September 2024, the Company provided its 2024 Annual Report to
Shareholders. The Annual General Meeting was held on 26 November 2024 and
all Resolutions presented were passed by a poll.
Review of Results and Financial Position
The net loss after income tax for the half-year was $5,651,003 (31 December
2023: $1,831,689). The current period result included a non-cash impairment
of capitalised exploration expenditure of $4,000,000 (31 December 2023:
$20,353).
Significant changes in the state of affairs
Other than as reported above in the Review of Operations, there were no
matters that significantly affected the affairs of the Group during the
reporting period.
Matters subsequent to the Balance Date
Other than as disclosed in note 15, there have been no other matters or
circumstances that have arisen since the end of the financial period that have
significantly affected, or may significantly affect, the operations of the
Group, the results of these operations, or the state of affairs of the Group
in future financial years.
Auditor Independence
A copy of the auditor's independence declaration as required under Section
307C of the Corporations Act 2001 is set out on page 10.
Signed in accordance with a resolution of the directors made pursuant to
s.306(3) of the Corporations Act 2001.
On behalf of the Directors
Guy Robertson
Executive Chairman
Perth, 14 March 2025
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the half-year ended 31 December 2024
31 December 31 December
2024 2023
Notes $ $
Other income 3 251,574 35,680
Finance income 5,526 2,260
Personnel costs (26,999) (316,112)
Occupancy costs (19,271) (16,687)
Legal fees (46,285) (9,156)
Consultancy costs (245,292) (203,705)
Compliance and regulatory expenses (367,828) (126,646)
Directors' fees (207,192) (235,497)
Travel (23,200) (24,248)
Finance costs 10 (1,084) (3,045)
Project and exploration expenditure impaired 6 (4,000,000) (20,353)
Exploration expensed as incurred (105,065) -
Fair value loss on financial assets 5 (607,500) (540,000)
Share-based payments 12 (118,500) (211,283)
Marketing expenses (24,968) (46,229)
Depreciation and amortisation (14,490) (72,710)
Unrealised foreign exchange loss (3,907) (2,321)
Other expenses (96,522) (41,637)
LOSS BEFORE INCOME TAX (5,651,003) (1,831,689)
Income tax expense - -
LOSS FOR THE PERIOD (5,651,003) (1,831,689)
Other comprehensive income, net of tax - -
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD
(5,651,003) (1,831,689)
Basic loss per share - cents 4 (0.27) (0.11)
Diluted loss per share - cents 4 (0.27) (0.11)
The consolidated statement of profit or loss and other comprehensive income is
to be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2024
31 December 30 June
2024 2024
Notes $ $
CURRENT ASSETS
Cash and cash equivalents 2,456,082 572,628
Other receivables 265,770 176,688
Other financial assets 5 472,500 1,080,000
TOTAL CURRENT ASSETS 3,194,352 1,829,316
NON-CURRENT ASSETS
Plant and equipment 26,168 34,335
Right-of-use assets 10 217,309 44,999
Exploration and evaluation expenditure 6 31,625,526 34,213,548
Development expenditure 7 3,035,171 3,042,873
TOTAL NON-CURRENT ASSETS 34,904,174 37,335,755
TOTAL ASSETS 38,098,526 39,165,071
CURRENT LIABILITIES
Trade and other payables 8 1,976,544 1,362,575
Current lease liabilities 10 110,537 47,792
TOTAL CURRENT LIABILITIES 2,087,081 1,410,367
NON-CURRENT LIABILITIES
Lease liabilities 10 107,304 -
Provisions 9 5,923,259 5,923,259
TOTAL NON-CURRENT LIABILITIES 6,030,563 5,923,259
TOTAL LIABILITIES 8,117,644 7,333,626
NET ASSETS 29,980,882 31,831,445
EQUITY
Share capital 11 123,787,044 120,237,759
Reserves 12 662,839 499,111
Accumulated losses (94,469,001) (88,905,425)
TOTAL EQUITY 29,980,882 31,831,445
The consolidated statement of financial position is to be read in conjunction
with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the half-year ended 31 December 2024
Share Accumulated Reserves Total
capital losses equity
$ $ $ $
Balance at 1 July 2024 120,237,759 (88,905,425 499,111 31,831,445
Loss for the period - (5,651,003) - (5,651,003)
Other comprehensive income - - - -
Total comprehensive loss for the
period - (5,651,003) - (5,651,003)
Contributed equity, net of costs 3,549,285 - - 3,549,285
Transfer to accumulated losses on
expiry of options - 87,427 (87,427) -
Share-based payments - - 251,155 251,155
Balance at 31 December 2024 123,787,044 (94,469,001) 662,839 29,980,882
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 - (1,831,689) - (1,831,689)
Contributed equity, net of costs 2,144,450 - - 2,144,450
Transfer to accumulated losses on
expiry of options - 112,986 (112,986) -
Share-based payments - - 211,238 211,238
Balance at 31 December 2023 119,541,004 (74,139,557) 487,655 45,889,102
The consolidated statement of changes in equity should be read in conjunction
with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS
For the half-year ended 31 December 2024
31 December 31 December
2024 2023
Notes $ $
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 290,000 -
Payments to suppliers and employees (1,005,650) (958,392)
Interest received 5,526 2,260
Interest paid (1,084) -
NET CASH USED IN OPERATING ACTIVITIES (711,208) (956,132)
NET CASH FROM INVESTING ACTIVITIES
Payments for exploration and evaluation (1,254,703) (1,203,507)
Payments for development expenditure - (59,075)
NET CASH USED IN INVESTING ACTIVITIES (1,254,703) (1,262,582)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issue of shares and options 3,699,356 2,242,500
Cash received in advance of share issue 313,179 -
Cost of share issue (105,378) (98,050)
Repayment of lease liabilities (57,792) (55,800)
NET CASH FROM FINANCING ACTIVITIES 3,849,365 2,088,650
Net increase / (decrease) in cash held 1,883,454 (130,064)
Effects of exchange rate changes on balance of cash
held in foreign currencies - (2,063)
Cash at the beginning of the period 572,628 1,703,016
CASH AT THE END OF THE PERIOD 2,456,082 1,570,889
The consolidated statement of cash flows is to be read in conjunction with the
accompanying notes.
Notes to the Consolidated Financial Statements
1. Statement of MATERIAL 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 2024 and any public announcements made by the Group during
the half-year in accordance with the continuous disclosure requirements
arising under the Corporations Act 2001 and the ASX Listing Rules.
The consolidated financial statements have been prepared on the historical
cost basis, 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.
The accounting policies and methods of computation are consistent with those
of the previous financial year and corresponding interim period, unless
otherwise stated.
These interim financial statements were authorised for issue on 14 March 2025.
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 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 2024.
Going Concern
The consolidated financial statements have been prepared on a going concern
basis which contemplates continuity of normal business activities and the
realisation of assets and settlement of liabilities in the normal course of
business. For the period ended 31 December 2024, the Group recorded a loss of
$5,651,003 (including a $4,000,000 non-cash impairment of capitalised
exploration expenditure) and had net cash outflows from operating and
investing activities of $1,965,911. On 31 December 2024, the Group had net
assets of $29,980,882, with total cash on hand of $2,456,082.
The Directors believe that it is reasonably foreseeable that the Group will
continue as a going concern after consideration of the following factors:
· The Group has approximately $0.5 million in liquid investments;
· The Company has raised $3.96 million (before costs) in new
capital during the half-year, with a further $1.99 million raised after 31
December 2024. Directors are of the view that should the Company require
additional capital it can raise further capital to enable the Group to meet
scheduled exploration expenditure requirements and plans on the development
assets;
· On 14 February 2025, the Company raised $1.99 million (before
costs) as disclosed in note 15;
Going Concern
· The ability of the Group to scale back certain parts of its
activities that are non-essential; 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 may exist
a material uncertainty which may cast significant doubt as to whether the
Group will continue as a going concern 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.
In preparing these consolidated interim financial statements, the significant
judgements made by management in applying the Group's accounting policies and
the key sources of estimation uncertainty were consistent with those in the
consolidated financial statements as at and for the year ended 30 June 2024.
2. SEGMENT INFORMATION
AASB 8 Operating Segments requires operating segments to be identified based
on internal reports about components of the Group that are regularly reviewed
by the Chief Operating Decision Maker 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. Due to the size and nature of the Group, the Board as a whole, 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
b. Segment information provided to the Board:
31 December 2024 Exploration Activities
Development Unallocated
Carlow Paterson Lithium Projects Activities Corporate Total
Radio Hill
$ $ $ $ $ $
Segment revenue - - - - 257,100 257,100
Segment expenses (105,065) (4,000,000) - - (1,883,258) (5,988,323)
Reportable segment loss (105,065) (4,000,000) - - (1,545,938) (5,651,003)
Reportable segment assets 26,344,154 4,351,494 729,878 3,035,171 3,637,829 38,098,526
Reportable segment liabilities - - - 5,923,259 2,194,385 8,117,644
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 24,480,358 7,963,694 463,893 15,009,145 5,041,154 52,958,244
Reportable segment liabilities - - - 5,723,259 1,345,882 7,069,141
3. OTHER INCOME
31 December 31 December
2024 2023
$ $
Royalty income ((1)) 250,000 -
Other income 1,574 35,680
251,574 35,680
(1) The Company received $250,000, after costs, during the period for
royalties and the extinguishment of royalties on tenements sold in 2012/2013.
4. LOSS per share
The calculation of basic loss and diluted loss per share at 31 December 2024
was based on the loss attributable to shareholders of the parent company of
$5,651,003 (31 December 2023: $1,831,689):
31 December 31 December
2024 2023
$ $
Basic loss per share (0.27) (0.11)
Diluted loss per share (0.27) (0.11)
No of Shares No of Shares
Weighted average number of ordinary shares:
Ordinary shares 2,060,476,302 1,642,790,000
Ordinary shares fully diluted 2,060,476,302 1,642,790,000
5. other financial assets
31 December 30 June
2024 2024
$ $
Listed ordinary shares - designated at fair value
through profit or loss 472,500 1,080,000
Opening balance 1,080,000 3,746,250
Fair value loss (607,500) (2,666,250)
Closing balance 472,500 1,080,000
6. exploration and evaluation expenditure
31 December 30 June
2024 2024
$ $
Exploration and evaluation expenditure 31,625,526 34,213,548
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 exploitation, or,
alternatively, the sale of the respective area of interest.
Reconciliation of movement during the period:
31 December 30 June
2024 2024
$ $
Opening balance 34,213,548 32,054,704
Expenditure capitalised in current period 1,411,978 2,214,416
Exploration expenditure written off (1) (4,000,000) (55,572)
Closing balance 31,625,526 34,213,548
1 Exploration expenditure written off during the period relates to the
Paterson project where the Company has relinquished non-prospective tenement
blocks.
7. DEVELOPMENT EXPENDITURE
31 December 30 June
2024 2024
$ $
3,035,171 3,042,873
Development expenditure
Reconciliation of movement during the period:
Opening balance 3,042,873 14,950,070
Additions - 21,092
Depreciation (7,702) -
Impairment - (12,128,289)
Increase in rehabilitation provision - 200,000
Closing balance 3,035,171 3,042,873
8. trade and other payables
31 December 30 June
2024 2024
$ $
Trade and other payables 1,663,365 1,106,181
Cash received in advance of share issue 313,179 256,394
1,976,544 1,362,575
The Company completed tranche 2 of the capital raise outlined in the ASX
announcement dated 16 December 2024 on 14 February 2025, issuing 284,428,571
shares at $0.007 per share. At 31 December 2024, the Company had received
$313,179 in advance of this share issue.
9. Provisions
31 December 30 June
2024 2024
$ $
5,923,259 5,923,259
Provision for restoration and rehabilitation - non-current
Reconciliation of movement during the period:
31 December 30 June
2024 2024
$ $
Opening balance 5,923,259 5,723,259
Additional restoration and rehabilitation provision - 200,000
Closing balance 5,923,259 5,923,259
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. leases
Amounts recognised in the statement of financial position
31 December 30 June
2024 2024
$ $
Right-of-use assets
Offices 217,309 44,999
Total right-of-use assets 217,309 44,999
Lease liabilities
Current 110,537 47,792
Non-current 107,304 -
Total right-of-use liabilities 217,841 47,792
Movement in right-of-use assets
Right-of-use assets opening balance 44,999 150,781
Add: New leases 226,757 -
Less: Amortisation (54,447) (105,782)
Right-of-use assets closing balance 217,309 44,999
Movement in lease liabilities
Lease liability recognised at start of year 47,792 152,959
New lease 226,757 -
Add: Interest Expense 1,084 4,757
Less: Principal repayment (57,792) (109,924)
Closing balance 217,841 47,792
Amounts recognised in the statement of profit or loss
31 December 31 December
2024 2023
$ $
Amortisation (included in exploration) 54,447 53,999
Interest expense (included in finance costs) 1,084 3,045
Expenses relating to short-term leases (included in
administrative expenses) 15,045 15,524
Lease-related expenses are capitalised for Exploration and Evaluation due to
the premises being used for exploration related business.
The total cash outflow for leases during the half-year ended 31 December 2024
was $57,792 (31 December 2023: $52,674).
11. SHARE CAPITAL
31 December 30 June 31 December 30 June
2024 2024 2024 2024
No. of Shares No. of Shares $ $
Issued and paid-up capital
Ordinary shares, fully paid 2,205,382,426 1,764,196,149 123,867,264 120,237,759
Reconciliation of movement during the period:
31 December 31 December 30 June 30 June
2024 2024 2024 2024
Shares $ Shares $
Opening balance 1,764,196,149 120,237,759 1,569,918,371 117,396,554
Issue of fully paid shares
for cash 439,686,277 3,955,750 194,277,778 3,173,250
Issue of fully paid shares as a
bonus to a director (1) 1,500,000 25,000 - -
Capital raising costs - shares - (298,810) - (208,611)
Capital raising costs - options - (132,655) - (123,434)
Closing balance 2,205,382,426 123,787,044 1,764,196,149 120,237,759
(1) On 25 November 2024, shareholders approved the issue of 1,500,000 fully
paid shares at $0.167 per share to George Ventouras, a director of the
Company.
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.
12. SHARE-BASED PAYMENT RESERVE
31 December 30 June 31 December 30 June
2024 2024 2024 2024
No. of options No. of options $ $
Share-based payments
Options 335,732,039 172,888,884 662,389 499,111
Options $
Balance on 1 July 2023 116,500,000 389,358
Free-attaching options to share issue 56,388,884 -
Options issued to brokers/advisers 11,000,000 146,947
Consulting options 7,000,000 70,004
Options lapsed (9,500,000) (107,198)
Options converted to shares (8,500,000) -
Balance on 30 June 2024 172,888,884 499,111
12. SHARE-BASED PAYMENT RESERVE
Options $
Balance on 1 July 2024 172,888,884 499,111
Free-attaching options to share issue(1) 112,843,155 -
Options issued to brokers/advisers(2) 35,000,000 132,655
Options issued to directors(3) 15,000,000 118,500
Options lapsed(4) - (87,427)
Balance on 31 December 2024 335,732,039 662,839
(1)During the period, 112,843,155 options were issued in relation to a capital
raising completed on 12 July 2024. One free attaching option was issued for
every two new shares. The options have an exercise price of $0.05 per option
and an expiry date of 9 March 2026.
(2)35,000,000 options were also issued on the same terms to a broker related
to the capital raising.
(3)During the period, 15,000,000 options were issued to directors of the
Company, exercisable at $0.02 per option, expiring on 20 December 2027.
(4)During the prior year, 2,000,000 options expired without being exercised.
The options had an exercise price of $0.15 per option and an expiry date of 20
December 2024.
The unlisted options issued during the half-year were valued using the
Black-Scholes model. The value of these options was determined on grant date
using the following assumptions:
Broker Directors
Grant date 30/09/2024 25/11/2024
Exercise price ($) 0.025 0.02
Expected volatility (%) 95 100
Risk-free interest rate (%) 3.50 3.62
Expected life (years) 1.44 3.00
Share price at this date ($) 0.013 0.013
Fair value per option ($) 0.0038 0.0079
Number of options 35,000,000 15,000,000
For the half-year ended 31 December 2024, the Group recorded $251,155 in
share-based payment expense ($132,655 in capital raising costs and $118,500 in
profit or loss).
Performance rights
No performance rights were issued during the current period or were
outstanding at 31 December 2024.
13. FINANCIAL INSTRUMENTS
The Directors consider that the carrying amounts of financial instruments are
a reasonable approximation of their fair values.
14. commitments, contingent liabilities and contingent assets
There are no contingent liabilities or contingent assets since the last annual
reporting period.
15. Events subsequent to 31 December 2024
On 8 January 2025, the Board announced the resignation of George Ventouras who
held the position of Executive Director since 10 October 2023.
On 24 January 2025, Julian Hanna was appointed Managing Director.
On 14 February 2025, the Company completed Tranche 2 of the capital raising
announced on 16 December 2024, through the issue of 284,428,571 fully paid
ordinary shares at $0.007 per share to raise $1,92 million before costs.
On 14 February 2025, the Company issued 35,718,311 fully paid shares at $0.007
per share in settlement of exploration services rendered in the financial year
ended 30 June 2024 and advisory services rendered in the half-year ended 31
December 2024.
Mr Bruce Garlick was appointed a Non-Executive Director of the Company on 5
March 2025.
On 6 March 2025, 67,321,429 unlisted options with an exercise price of $0.015,
expiring on 4 March 2027 were issued to the shareholders who participated in
the capital raising announced on 16 December 2024 which completed on 14
February 2025.
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.
DIRECTORS' DECLARATION
The directors declare that:
(a) the financial statements and notes are in accordance with the Corporations
Act 2001, and:
(i) comply with Accounting Standard AASB 134 Interim Financial Reporting;
and
(ii) give a true and fair view of the Group's financial position as at 31
December 2024 and its performance, for the half-year ended on that date.
(b) there are reasonable grounds to believe that the Company will be able to
pay its debts as and when they become due and payable.
Signed in accordance with a resolution of the Directors
Guy Robertson
Executive Chairman
14 March 2025
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