Accelerate Resources Limited
ABN 33 617 821 771
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
CORPORATE
Accelerate Resources Limited
ABN: 33 617 821 771
Directors
Mr Richard Hill
Non-Executive Chairman
Ms Yaxi Zhan
Executive Director
Mr Mark Thompson
Non-Executive Director
Mr Grant Mooney
Non-Executive Director
Chief Executive Officer
Mr Luke Meter
Company Secretary
Ms Yaxi Zhan
Chief Financial Officer
Ms Beverley Nichols
Registered and Principal Office
Unit G1, 16 Ord Street
West Perth, WA 6005
Telephone: (08) 6246 9663
Website
www.ax8.com.au
Securities Exchange
Australian Securities Exchange (ASX Limited)
Home Exchange Perth
Securities
Code: AX8
Share Registry
Automic Pty Ltd
Level 5, 126 Phillip Street
Sydney NSW 2000
Australian Telephone: 1300 288 664
International Telephone: +612 9698 5414
Website: https://investor.automic.com.au
Auditor
Hall Chadwick WA Audit Pty Ltd
283 Rokeby Road
Subiaco, WA 6008
Telephone: +61 8 9426 0666
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
1
TABLE OF CONTENTS
CHAIRMAN'S LETTER
2
REVIEW ON OPERATIONS AND RESULTS
4
DIRECTORS' REPORT
14
AUDITOR'S INDEPENDENCE DECLARATION
30
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
31
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
32
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
33
CONSOLIDATED STATEMENT OF CASH FLOWS
34
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
35
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
65
DIRECTORS' DECLARATION
66
INDEPENDENT AUDITOR'S REPORT
68
ASX ADDITIONAL INFORMATION
76
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
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CHAIRMAN’S LETTER
Dear Shareholder,
It is my pleasure to present this year’s Chairman’s Letter, reflecting on what has been achieved by Accelerate
Resources Limited in 2023-2024. This period has been marked by significant exploration advancements,
strategic appointments, and key partnerships, all of which have positioned the Company for continued growth
in the rapidly evolving critical minerals and renewable energy sectors.
Exploration Progress and Operational Achievements
Our focus on the Karratha Lithium Projects and Woodie Woodie North Manganese Project in Western
Australia has yielded promising results. The initial exploration efforts, including geological mapping, sampling,
and drilling, have provided us with valuable insights into the potential of these projects.
With these goals in mind, we are also proud to see our team’s diligent work come to fruition, as these projects
show promising indicators for further exploration and development success.
Strategic Appointments and Leadership
Accelerate has strengthened its leadership team with the addition of Mr. Meter as a key executive and Mr.
Mark Thompson as a Non-Executive Director. Both bring extensive industry experience and proven leadership
in discovery, development, and the critical mineral space. Their collective knowledge and insights will
significantly contribute to our growth strategy and enhance our ability to execute on key projects.
As we move into 2025, we remain focused on advancing our lithium and manganese projects and as well as
looking for other strategic M&A opportunities.
Our goal is to capitalize on the rising demand for minerals essential to energy production and storage, and we
are confident that our strategic approach will unlock significant value for our shareholders in the years to
come.
I would like to extend my sincere appreciation to our management team, employees, and partners for their
dedication and hard work over the past year. I also thank our shareholders for their continued support and
confidence in our vision. Together, we are positioning Accelerate Resources as a leader in the exploration and
development of critical minerals that are vital to a sustainable future.
I look forward to continuing this exciting journey with you, as we build on the solid foundation we have
established and work towards an even brighter future.
Yours sincerely,
Richard Hill
Chairman
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
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PRINCIPAL ACTIVITIES
Accelerate Resources Limited (“Accelerate” or “the Company”) is an emerging mineral explorer focused on
the discovery and development of critical metals and gold assets. The Company is committed to delivering
shareholder value through exploration discoveries, project de-risking, strategic acquisitions and partnerships.
The Company’s current portfolio comprises the Karratha Lithium Projects in the West Pilbara, the Woodie
Woodie Manganese Project in the East Pilbara and the Comet Gold Project in the Murchison region of Western
Australia. (Figure 1)
Throughout 2023-2024, Accelerate concentrated on advancing its flagship critical metal projects:
•
Karratha Lithium Projects
•
Woodie Woodie North Manganese Project
Through exploration and resource development, these projects provide significant opportunities for the
Company as it continues to explore and evaluate resources that are aligned with the growing global demand
for critical metals.
Figure 1: Location of the Accelerate Resources’ critical metal and gold projects.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
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REVIEW OF OPERATIONS AND RESULTS
1. Karratha Lithium Projects
On the 6th of October 2023, the Company announced a key strategic acquisition of four highly prospective
lithium projects within the tightly controlled and emerging Roebourne-Karratha lithium belt. These projects
are located only 15km south of Karratha and 14km west of Azure Minerals world-class Andover Lithium
deposit – jointly acquired by SQM and Hancock Prospecting for $1.7 billion (AUD)1.
The project tenure covers approximately 85km2 , with close access to key infrastructure including sealed
roads, water pipelines, ports and power grid. The acquisition also captures over 9km of interpreted
mineralised lithium trends (Figure 2). Accelerates’ holdings over the projects are:
•
Prinsep Project (100%)
•
Mt Sholl Project (100%)
•
Mt Sholl East Project (75%)
•
Roebourne South Project (75%)
The acquisition provided a strategic foothold in a significant new lithium province, strengthened the
Company’s critical metals strategy and reinforced its commitment on the global clean energy transition.
Figure 2: Karratha Lithium Projects in relation to key infrastructure and interpreted lithium mineralisation trends.
1 ASX: AZS Announcement 02/05/2024
Interpreted Mineralised
Pegmatite Trend Lines
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
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Prinsep Lithium Project
The Prinsep Lithium Project is situated on the confluence of regional-scale geological structures 35km west of
Azure Minerals Andover Lithium deposit and is part of the Company’s 100% owned Karratha Lithium Projects,
within the highly prospective Karratha – Roebourne hard-rock lithium belt.
The project consists of two sub-parallel outcropping high grade lithium pegmatite systems, each over 1,800m
in length with rock sample assays up to 2.06% Li2O2.
Fieldwork commenced immediately following Accelerates’ acquisition of the project in October 2023 with the
collection of detailed drone imagery and terrain models followed by systematic mapping and sampling of the
pegmatite systems referred to as the northern and southern pegmatite zones. Mapping confirmed the extent
and potential scale of the dual pegmatite system with both the northern and southern pegmatite zones each
outcropping across the full extent of the tenement area, with lithium mineralisation defined over 1,500m in
the northern pegmatite zone up to 1.68% Li2O3 (Figure 3).
Figure 3: Prinsep Lithium Project rock sample locations and lithium assay results
2 ASX: AX8 Announcement 28/11/2023
3 ASX: AX8 Announcement 15/02/2024
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
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Ethnographic and archaeological surveys were completed with the Ngarlma Aboriginal Corporate in the
leadup to the maiden Prinsep drill program, enabling Accelerate to confidently conduct its exploration
activities with the knowledge that no sites of sites of significance were likely to be disturbed.
A maiden Reverse Circulation (RC) drill program was successfully completed in June 2024 with 38 holes
completed for 4,224m. All 38 drill holes intercepting south dipping pegmatites with significant lithium
intercepts including4:
•
4m @ 1.28% Li2O from 19 – 26m within drill hole PRC026
•
3m @ 1.18% Li2O from 74 – 77m within drill hole PRC008
•
3m @ 1.08% Li2O from 122 – 125m within drill hole PRC033
•
7m @ 0.98% Li2O from 32 – 39m within drill hole PRC026
•
10m @ 0.70% Li2O from 89 – 99m within drill hole PRC030
•
11m @ 0.56% Li2O from 16 – 27m within drill hole PRC028
Surrounding the northern pegmatite zone is a significant 150m wide lithium geochemical halo penetrating
the basalt and sedimentary hosts rocks across the whole 1,600m drilled strike. The halo is defined by drill
intercepts >0.1% Li2O in all holes within the northern zone, with ssignificant basalt-hosted intercepts
including:
•
63m @ 0.24% Li2O from 107 – 170m within drill hole PRC035
•
62m @ 0.22% Li2O from 23 – 85m within drill hole PRC008
•
48m @ 0.31% Li2O from 132 – 180m within drill hole PRC036
•
46m @ 0.33% Li2O from 64 – 110m within drill hole PRC030
•
23m @ 0.34% Li2O from 65 – 88m within drill hole PRC029
Interpretation of the phase 1 Prinsep RC drill program included detailed geochemical, petrographic and
spectroscopic analysis. Results identified a highly fractioned portion of the northern pegmatite system as
being prospective for higher grade lithium mineralisation in southwest plunging shoots (Figure 4). These zones
were defined by an external independent geochemical consultant with significant expertise in lithium
pegmatite systems, with Lithium, Caesium and Tantalum assays combined with fractionation indexes to
vector prospectivity of the 1.6km – 2.0km long pegmatite system at Prinsep.
High grade caesium within the shoots, being 2m @ 0.24% Cs2O from 187m in PR035 and 4m @ 0.24% Cs2O
from 200m in PR036, show increased potential for high grade lithium mineralisation at depth5.
Additionally, Raman spectroscopy identified Holmquistite as the lithium bearing mineral within the basalt
host rock. Holmquistite is a lithium bearing amphibole almost exclusively formed in the reaction zone
between Li-pegmatites and their host rock and is conspicuous in giant LCT pegmatite systems such as
4 ASX: AX8 Announcement 17/07/2024
5 ASX: AX8 Announcement 09/09/2024
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
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Greenbushes6 and Kings Mountain7. Coupled with the with the fractionated nature of the northern pegmatite
shoots, this further indicates potential for a larger pegmatite system at depth.
Figure 4: Leapfrog model of initial RC drilling shell of combined Lithium >1000ppm, Caesium >200ppm
and Tantalum >30ppm (oblique view looking north-west).
Next Steps
While the current lithium market is in a major downturn, the continued development and expansion of lithium
projects in the West Pilbara indicates the importance of strategic assets through the cycle. Global EV and
Energy Storage demand continues driving overall battery market growth to over 20% annually.
The first drill results have defined long, wide zones of near surface lithium mineralisation with significant new
targets, adjacent to major regional scale structures and near significant future Tier-1 mines like Andover. Next
stage exploration will include diamond drilling to target the newly identified central south-west plunging
shoot within the northern Pegmatite, as well as to follow the high-grade lithium intercepts in the southern
zone between drill holes PRC025 and PRC026. Strategic partners will be sought to advance this program.
2. Woodie Woodie North Manganese Project, WA
The Woodie Woodie North (WWN) Management Project spans a 432km2 strategic landholding located 70km
north of Australia’s only mainland operating manganese mine (Woodie Woodie, Consolidated Minerals). The
project is close to sealed highway, shipping facilities at Port Hedland and power options including a gas
pipeline and the proposed Australian Renewable Energy Hub.
Significant advancements have been achieved at the Woodie Woodie North (WWN) Project with the release
of a maiden Mineral Resource Estimate (MRE) totaling 1.2 Mt at 19.1% Mn using a 15% Mn lower cut-off
6 Frost MT, Tsambourkis G, Davis J., 1987
7 London D., 1986
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
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(Table 1), including a near term exploration target of 5.3 Mt – 10.7 Mt at 10% - 19% Mn. 8 This represents a
significant step forward for the company and demonstrates manganese resource scale potential.
Table 1 – Summary of Mineral Resource Estimate.
Notes:
•
MRE completed by ERM (formerly CSA) in accordance with the JORC Code (2012 Edition).
•
Mineral Resources reported at a lower cut-off of 15% Mn.
•
Due to the effects of rounding, the total may not represent the sum of all components.
•
The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC
Code. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been
insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in
the estimation of a Mineral Resource.)
The MRE was based on the integration of historical drill data and the Company’s recent Phase 1 to 4 Reverse
Circulation (RC) drilling campaigns completed during 2022 and 2023 at the Barra North Area1, Barra South
Areas 3 and 4 and Area 42 (Figure 5). The drilling data used for the MRE comprised a total of 398 holes for
26,952m.
Future Work Program
The Company is evaluating two phases of work program across the WWN project. The first phase consists of
infill and extensional drill programs to add resources to the current MRE via exploration targets generated by
ERM, while the second phase consists of assessing Direct Shipping Ore (DSO) potential of supergene outcrops
across the WWN project as part of an alternate manganese mining concept.
Additional metallurgical test work for primary and supergene mineralisation is also under consideration for
possible future scoping to pre-feasibility level technical studies for a beneficiation plant.
8 ASX: AX8 Announcement 30/11/2023
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
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Figure 5: Location of mineral resources at Barra North Area 1, Barra South Areas 3 and 4, and Area 42
3. Comet Project, WA
The Comet Gold Project is located within the central Murchison Goldfield, a highly endowed gold-producing
region of Western Australia. The Project is located approximately 650km northeast of Perth, mid-way
between the mining centres of Mount Magnet and Meekatharra, close to the well serviced township of Cue
in Western Australia (Figure 6).
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
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Figure 6: Location of the Comet Project
The project tenure covers highly prospective portions of the Mount Magnet to Meekatharra Greenstone Belt,
including the immediate strike extensions to the Big Bell gold mine and the Tuckabianna Shear Zone.
Compilation and analysis of historical RAB and RC drilling data has identified several gold targets and
anomalous gold trends within the Comet Project area.
Accelerate undertook the first phase of RC drilling at the Comet Gold Project, returning highly encouraging
assay results from shallow drilling at the Comet East prospect in 2020.
During the period Accelerate has conducted further fieldwork with geochemical surveys and remote sensing
surveys to define new targets. Considering the Company’s higher priority Pilbara based projects exploration
partners or divestment is being sought to advance the Comet Project.
CORPORATE
1. Appointment of New Chief Executive Officer
The Company announced the appointment of Mr. Meter, a highly credentialed geologist and mining
executive, as the Chief Executive Officer of the Company, effective 1 January 2024. Mr. Meter brings over 18
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
11
years of extensive hands-on experience in exploration, project development, and corporate leadership to
Accelerate. His strategic oversight led to multiple district-scale discoveries and developments, including:
•
De Grey Mining’s Hemi Deposit – a significant 9.5 Moz gold discovery.
•
Dacian Gold’s Jupiter Deposit – a major 1.2 Moz gold deposit.
His expertise and track record in resource development will strengthenAccelerate’s ongoing exploration and
development efforts at both the Karratha Lithium Projects and the Woodie Woodie North Manganese Project.
For further details, please refer to the ASX announcement dated 21 November 2023.
2. Appointment of Mr. Mark Thompson as New Non-Executive Director
The Company also announced the appointment of Mr Mark Thompson join the Board as a Non-executive
Director, effective 1st May 2024.
Mr Thompson has over 30 years’ experience in the Mineral Industry and is the founder and Managing Director
of ASX-listed Talga Group Ltd (ASX: TLG) where he is highly regarded for establishing world-class innovative
battery material processing and development. He has successfully overseen the transformation of TLG from
a WA local gold explorer with a market capitalisation of ~$8M to a ~$300M battery and advanced materials
company.
Mr. Thompson’s wealth of knowledge and strategic insights will play a critical role in Accelerate’s growth
trajectory, particularly in aligning with the Company’s focus on critical minerals.
For further details, please refer to the ASX announcement dated 28 April 2024.
3. Capital Raising
During the period, the Company completed a capital raising of A$3.6 million (before costs) and issued
180,000,000 fully paid ordinary shares at an issue price of A$0.02 per share (Placement).
The capital raising was well-supported by shareholders to advance exploration activities within the Karratha
Lithium Projects, as well as Woodie Woodie North Manganese Project and general working capital.
For further details, please refer to the ASX announcement dated 6 October 2023.
4. Vytas Resources, WA – Accelerate Resources is a significant (19%) holder
Post June 30 2024, the Company provided a market update regarding Vytas Resources, where Accelerate
Resources holds a significant 19% stake.
Vytas is a developer and emerging producer of silicon-based technology materials for use in the renewable
energy sector including solar panels and Li-ion battery anodes. These materials include ultra-high purity
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
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quartz, silane and silicon. In addition to its proprietary material technology, Vytas holds the Moora and White
Peaks silica projects, and is an emerging producer of green hydrogen technologies.
AX8 acquired 27 million shares, representing approximately 19% of Vytas, in 2021 through the sale of AX8’s
interest in the Tambellup Kaolin-Alumina-Silica Project and $250,000 cash investment to Vytas (ASX:AX8 2
September 2021).
Vytas has successfully secured over $9M in financial backing during 2023-24 from sophisticated institutional
and family offices with extensive expertise in the renewable energy and silica/silicon sectors. The most recent
funding included $5M at $0.20 per share.
For further details, please refer to the ASX announcement dated 24 September 2024Please see ASX
announcement date 6 October 2023 for further details.
DIVIDENDS
There were no dividends paid, recommended, or declared during the year ended 30 June 2024.
ASX Announcements
•
09/09/2024 Karratha Lithium Project Advances
•
17/07/2024 Prinsep First Drilling Defines Large Lithium System
•
02/07/2024 Karratha Lithium Project Expands Target Areas
•
27/05/2024 Prinsep Lithium Project Drilling Update
•
20/05/2024 Drilling Commences at Prinsep Lithium Project
•
29/04/2024 Accelerate Appoints Mark Thompson to the Board
•
15/02/2024 Strong Mineralisation Continuity confirmed over Prinsep Lithium Project
•
30/11/2023 Maiden Manganese Mineral Resources Supports Growth Potential
•
28/11/2023 AX8 Prinsep Lithium Project Mineralisation over 1.8km
•
21/11/2023 AX8 Appoints New CEO to Drive Karratha Lithium Projects
•
01/11/2023 Fieldwork Commences at the Karratha Lithium Project
•
09/10/2023 AX8 Karratha Lithium Projects Presentation October 2023
•
06/10/2023 $3.6mil Funding to Fast Track Karratha Lithium Projects
•
04/10/2023 AX8 Woodie Woodie North Manganese Drilling Results
•
07/08/2023 AX8 Drilling Increases Scale of Manganese Zone at WWN
•
03/07/2023 Appointment of Executive Director (Technical)
References
London D., 1986 Holmquistite – A guide to rare metal pegmatites. Scientific Communications Economic
Geology Volume 81, 1986, pp 704 – 712.
Frost MT, Tsambourkis G, Davis J., 1987 Holmquistite-bearing amphibole from Greenbushes, Western
Australia. Mineralogical Magazine Oct 1987, Volume 51, pp 585 – 591.
Forward Looking Statements
Statements contained in this release, particularly those regarding possible or assumed future performance,
costs, dividends, production levels or rates, prices, resources, reserves or potential growth of Accelerate
Resources Limited, are, or may be, forward looking statements. Such statements relate to future events and
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
13
expectations and, as such, involve known and unknown risks and uncertainties. Actual results and
developments may differ materially from those expressed or implied by these forward-looking statements
depending on various factors.
Competent Persons Statements
Mineral Resource Estimate
The information in this report that relates to the Woodie Woodie North Mineral Resources is based on
information compiled by Ms Felicity Hughes. Ms Hughes is an independent consultant at ERM Ltd. who was
engaged by Accelerate Resources Ltd. and is a Member of the Australian Institute of Geoscientists (AIG) and
the Australasian Institute of Mining and Metallurgy (AusIMM). Ms Hughes has sufficient experience relevant
to the style of mineralisation and type of deposit under consideration and to the activity which they are
undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for the
Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Ms Hughes consents to
the disclosure of the information in this report in the form and context in which it appears.
The Company confirms in the subsequent public report that it is not aware of any new information or data
that materially affects the information included in the relevant market announcement and int the case of
estimated mineral resources, that all material assumptions and technical parameters underpinning the
estimates in the relevant market announcement continue to apply and have not materially changed.
Exploration
Information in this release related to Exploration Results is based on information compiled by Mr Kevin Joyce.
He is a qualified geologist and a Member of the Australian Institute of Geoscientists (AIG). Mr Joyce has
sufficient experience, which 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 Joyce is a
consultant to Accelerate Resources, he consents to the inclusion in this release of the matters based on his
information in the form and context in which it appears.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
14
DIRECTOR’S REPORT
The Directors of Accelerate Resources Limited (the ‘Company’) and its controlled entities (the ‘Group’) present
their Report for the financial year ended 30 June 2024.
DIRECTORS
The following were Directors of the Company at any time during the reporting period and up to the date of
this report, unless otherwise indicated, were Directors for the entire period.
Director
Title
Appointment Date
Resignation Date
Mr Richard Hill
Non-Executive Director
3 July 2020
-
Ms Yaxi Zhan
Executive Director**
7 March 2017
-
Mr Grant Mooney
Non-Executive Director
1 June 2017
-
Mr Mark Thompson
Non-Executive Director
1 May 2024
Dr Stephen Bodon*
Executive Director - Technical
1 February 2022
30 April 2024
* Appointed Non-Executive Director 1 February 2022, appointed Executive Director – Technical 1 August 2023 and
resigned as a Director on 30 April 2024
** Appointed as Managing Director on 7 March 2017. Transitioned to Executive Director on 1 January 2024.
COMPANY SECRETARY
Ms Yaxi Zhan
PRINCIPAL ACTIVITIES
The Group is an Australian mineral exploration company, focusing on Lithium, Manganese, and other minerals
exploration.
RESULTS
The loss of the Group for the financial year ended 30 June 2024 was $2,628,430 (2023: $2,040,114).
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
There are no significant changes in the state of affairs of the Group.
EVENTS SUBSEQUENT TO BALANCE DATE
On 1 July 2024, the Company issued 750,000 unlisted options exercisable at $0.075 each, expiring on 30 June
2027 to an employee of the Company.
On 14 August 2024, the Company issued 1,000,000 ordinary shares on conversion of 1,000,000 performance
rights.
On 23 August 2024, the Company advised that it had transferred its share registry responsibility from Automic
Pty Ltd to Xcend Pty Ltd.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
15
There are no other matters or circumstances that have arisen since 30 June 2024 to the date of this report
that have significantly affected, or may significantly affect the Group’s operations, the results of those
operations, or the Group’s state of affairs in future financial years.
LIKELY DEVELOPMENTS
Information on likely developments in the operations of the Group and the expected results of operations
have not been included in this report because the Directors believe it would be likely to result in unreasonable
prejudice to the Group.
DIVIDEND
No dividends have been paid or declared during the financial year ended 30 June 2024, nor have the Directors
recommended that any dividends be paid.
ENVIRONMENTAL REGULATION
The Directors believe that the Group has, in all material respects, complied with all particular and significant
environmental regulations relevant to its operations.
PARTICULARS OF DIRECTORS AND COMPANY SECRETARY
CURRENT DIRECTORS
Richard Hill
Non-Executive Chairman (Appointed Non-Executive Director 3 July 2020,
appointed Non-Executive Chairman 20 November 2020)
Qualifications and Experience
Mr Hill is a qualified geologist and solicitor with over 25 years’ experience
in the resources sector. In addition to his corporate, commercial and
fundraising roles, Mr Hill has practical geological experience in a range of
commodities worldwide
Interest in Securities
12,132,653 ordinary shares
3,000,000 options exercisable at $0.0957, expiring on 27 November 2024
1,500,000 options exercisable at $0.0593, expiring on 16 November 2024
2,000,000 options exercisable at $0.05, expiring on 30 November 2026
7,000,000 performance rights expiring 29 November 2025
Directorships held in other
listed entities in the past three
years
Non-Executive Chairman at New World Resources Limited (31 October
2017 to the present)
Non-Executive Director at Sky Metals Ltd (20 June 2019 to the present)
Yaxi Zhan
Executive Director and Company Secretary (Appointed Managing
Director 7 March 2017, transitioned to Executive Director 1 January 2024
and Company Secretary 2 March 2023)
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
16
Qualifications and Experience
Ms Zhan has over 17 years of experience in the resource industry. She has
worked in capital raising, mergers and acquisitions and project
development with Sinosteel, Norilsk Nickel and within the Australian listed
junior exploration sector.
Interest in Securities
7,310,009 ordinary shares
3,000,000 options exercisable at $0.0957, expiring on 27 November 2024
2,000,000 options exercisable at $0.0593, expiring on 16 November 2024
2,000,000 options exercisable at $0.05, expiring on 30 November 2026
10,000,000 performance rights expiring 29 November 2025
Directorships held in other
listed entities in the past three
years
Nil
Mark Thompson
Non-Executive Director (Appointed 1 May 2024)
Qualifications and Experience
Mr Thompson has over 30 years’ experience in the mineral industry and is
the founder of ASX-listed Talga Group Ltd (ASX: TLG) where he is highly
regarded for establishing world-class innovative battery material
processing and development. Mr Thompson is a member of the Australian
Institute of Geologists, the Society of Economic Geologists and the Society
of Vertebrate Palaeontology.
Interest in Securities
44,434,785 ordinary shares
51,666,667 performance shares
2,000,000 options exercisable at $0.075, expiring 30 April 2027
Directorships held in other
listed entities in the past three
years
Managing Director at Talga Group Ltd (21 July 2009 to the present)
Grant Mooney
Non-Executive Director (Appointed Non-Executive Chairman 1 June
2017, appointed Non-Executive Director 20 November 2020)
Qualifications and Experience
Mr Mooney is the principal of Perth-based corporate advisory firm
Mooney & Partners, specialising in corporate compliance administration
to public companies. He has extensive experience in the areas of
corporate and project management, capital raisings, mergers and
acquisitions and corporate governance.
Interest in Securities
44,950,895 ordinary shares
3,000,000 options exercisable at $0.0957, expiring on 27 November 2024
1,000,000 options exercisable at $0.0593, expiring on 16 November 2024
1,000,000 options exercisable at $0.05, expiring on 30 November 2026
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
17
51,666,667 performance shares
Directorships held in other
listed entities in the past three
years
Non-Executive Chairman at Riedel Resources Limited (31 October 2018 to
the present)
Non-Executive Chairman at Aurora Labs Limited (25 March 2020 to the
present)
Non-Executive Director at Carnegie Clean Energy Limited (19 February
2008 to the present)
Non-Executive Director at Gibb River Diamonds Limited (13 October 2008
to the present)
Non-Executive Director at Talga Group Ltd (20 February 2014 to the
present)
Non-Executive Director at CGN Resources Ltd (3 July 2023 to the present)
Non-Executive Director at Greenstone Resources limited (29 November
2002 to 19 August 2022)
Non-Executive Director at SRJ Technologies Limited (2 June 2020 to 17
January 2023)
DIRECTORS' MEETINGS
The Directors attendances at Board meetings held during the year were:
Board Meetings
Number eligible to attend
Number attended
Richard Hill
5
5
Yaxi Zhan
5
5
Stephen Bodon1
4
4
Grant Mooney
5
5
Mark Thompson2
1
1
1 Mr Bodon resigned on 30 April 2024 and attended 4 of the 4 meetings he was eligible to attend.
1 Mr Thompson was appointed on 1 May 2024 and attended 1 of the 1 meetings he was eligible to attend.
The Company does not have any remuneration, nomination or audit committees, these functions are
performed by the Board.
The Board also approved fourteen (14) circular resolutions during the year ended 30 June 2024 which were
signed by all Directors of the Company.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
18
REMUNERATION REPORT (AUDITED)
This report details the nature and amount of remuneration for each key management personnel of the Group,
and for the executives receiving the highest remuneration.
REMUNERATION POLICY
The remuneration policy of Accelerate Resources Limited has been designed to align key management
personnel objectives with shareholder and business objectives by providing a fixed remuneration component
that provides cost effective services to the Group at an early stage of its development. The Board of Accelerate
Resources Limited believes the remuneration policy to be appropriate and effective in its ability to attract and
retain the best key management personnel to run and manage the Group, as well as create goal congruence
between directors, executives and shareholders.
The Board’s policy for determining the nature and amount of remuneration for key management personnel
of the Group is as follows:
•
The remuneration policy, setting the terms and conditions for the key management personnel, was
developed and approved by the Board.
•
All key management personnel receive a base salary or fee appropriate to the skills and
responsibility of the role.
•
The Board reviews key management personnel packages annually by reference to the Group’s
performance, executive performance and comparable information from industry sectors.
The performance of key management personnel is measured against criteria agreed annually with each
executive and is based predominantly on the forecast development of the Group’s projects. Any bonuses or
incentives must be linked to predetermined performance criteria. The Board may, however, exercise its
discretion in relation to approving incentives, bonuses and options. Any changes must be justified by
reference to measurable performance criteria. The policy is designed to attract the highest calibre of
executives and reward them for performance that results in long-term growth in shareholder wealth.
Key management personnel are also entitled to participate in the employee share and option arrangements.
All remuneration paid to key management personnel is valued at the cost to the Group and expensed. Shares
given to key management personnel are valued as the difference between the market price of those shares
and the amount paid by key management personnel. Options are valued using the Black-Scholes
methodology.
The Board policy is to remunerate Non-Executive Directors at market rates for time, commitment and
responsibilities. The Board determines payments to the Non-Executive Directors and reviews their
remuneration annually, based on market practice, duties and accountability. Independent external advice is
sought when required. The maximum aggregate amount of fees that can be paid to Non-Executive Directors
is subject to approval by shareholders at the Annual General Meeting. Fees for Non-Executive Directors are
not linked to the performance of the Group. However, to align directors’ interests with shareholder interests,
the Directors are encouraged to hold shares in the Company and are able to participate in the employee
option plan.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
19
PERFORMANCE-BASED REMUNERATION
It is the Group’s intention when appropriate to include performance-based remuneration as a component of
management remuneration, and this was not deemed necessary in the year under review.
COMPANY PERFORMANCE, SHAREHOLDER WEALTH AND DIRECTOR AND EXECUTIVE REMUNERATION
The following table shows gross income, profits (losses) and dividends for the last 5 years as a listed entity, as
well as the share price at the end of the respective financial years. As highlighted above, the Group currently
does offer any variable remuneration incentive plans or bonus schemes to Directors and, as such, there are
no performance related links to the existing remuneration policies.
2024
$
2023
$
2022
$
2021
$
2020
$
Revenue
-
-
1,500
125,535
66,827
Loss after income tax
(2,628,430) (2,308,322) (1,221,530) (3,374,055) (1,505,847)
EBITDA
(2,583,215) (2,297,535) (1,219,327) (3,368,028) (1,487,631)
EBIT
(2,612,059) (2,308,322) (1,221,530) (3,374,055) (1,514,134)
Share price at year-end
0.036
0.02
0.031
0.031
0.023
Basic loss per share (cents per
share)
(0.36)
(0.59)
(0.66)
(2.37)
(2.66)
Dividends paid
-
-
-
-
-
KEY MANAGEMENT PERSONNEL REMUNERATION POLICY
The Board's policy for determining the nature and amount of remuneration key management for the Group
is as follows: The remuneration structure for key management personnel is based on a number of factors,
including length of service, particular experience and skills of the individual concerned, and overall
performance of the Group. The contracts for service between the Company and key management personnel
are on a continuing basis. Upon retirement key management personnel are paid employee benefit
entitlements accrued to date of retirement.
SERVICE AGREEMENTS
The following Directors had contracts in place with the Company during the financial year as detailed below:
Richard Hill, Non-Executive Director (Appointed Non-Executive Director 3 July 2020, appointed Non-Executive
Chairman 20 November 2020)
•
Confirmation of Appointment dated 3 July 2020 with no termination date;
o 4 million shares @ deemed $0.023 per share in lieu of cash for services to 31 December 2020.
o Fees of $40,000 per annum from 1 January 2021, increased to $60,000 per annum (from 1 March
2021).
o 2 million performance rights vesting upon weighted average price of share equals or exceeds
$0.05 for 15 consecutive trading days.
o 2 million performance rights vesting upon ASX announcement of acquisition of new exploration
project with significant exploration and/or exploitation potential.
o There will be no payment upon termination.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
20
Yaxi Zhan, Executive Director and Company Secretary (Appointed Managing Director 7 March 2017
transitioned to Executive Director 1 January 2024 and Company Secretary 2 March 2023)
•
Confirmation of Appointment dated 7 March 2017 with no termination date;
o Fees of $150,000 per annum (post-IPO), amended to $110,000 per annum (1 May 2019 – 29
February 2020); amended to $150,000 per annum (from 1 March 2020); amended to
$180,000 per annum (from September 2021); amended to $216,000 per annum (from March
2023); amended to $220,000 per annum (from June 2023).
o There will be no payment upon termination other than the statutory requirements as per the
employment agreement.
Grant Mooney, Non-Executive Director (Appointed Non-Executive Chairman 1 June 2017, appointed Non-
Executive Director 20 November 2020)
•
Confirmation of Appointment dated 1 June 2017 with no termination date;
o Director fees of $50,000 per annum (post-IPO); amended to $30,000 per annum (1 May 2019
– 29 February 2020); amended to $50,000 per annum (from 1 March 2020); amended to
$45,000 (from 20 November 2020);
o There will be no payment upon termination.
Stephen Bodon, Previously Executive Director – Technical (Appointed Non-Executive Director 1 February
2022, appointed Executive Director - Technical 1 August 2023, Resigned 30 April 2024)
•
Confirmation of Appointment dated 1 February 2022 with no termination date;
o Fees of $45,000 per annum; amended to $300,000 per annum (from August 2023).
o There will be no payment upon termination other than the statutory requirements as per the
employment agreement.
Mark Thompson, Non-Executive Director (Appointed 1 May 2024):
•
Confirmation of Appointment dated 1 May 2024 with no termination date;
o Director fees of $45,000 per annum;
o There will be no payment upon termination.
Luke Meter, Chief Executive Officer (Appointed 1 January 2024):
•
Confirmation of Appointment dated 1 January 2024 with no termination date;
o Fees of $240,000 per annum;
o There will be no payment upon termination other than statutory requirements as per the
employment agreement.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
21
DETAILS OF REMUNERATION
Compensation of Key Management Personnel Remuneration
Short-term Benefits
Post-
Employment
Benefits
Long-term
Benefits
Share-Based Payments
Cash, salary
and fees
$
Annual leave
$
Superannuation
$
Long Service
Leave
$
Shares
$
Options /
Performance
Rights
$
Total
$
FY2024
Richard Hill
142,875
-
-
-
-
251,181
394,056
Yaxi Zhan1
218,408
24,092
26,675
-
-
317,552
586,727
Stephen Bodon 2
138,226
9,921
16,296
-
61,500
54,615
280,558
Grant Mooney
52,500
-
4,950
-
-
36,410
93,860
Mark Thompson3
7,500
-
825
-
-
44,459
52,784
Luke Meter
120,000
-
13,200
-
-
33,791
166,991
679,509
34,013
61,946
-
61,500
738,008
1,574,976
FY2023
Richard Hill
151,563
-
-
-
-
-
151,563
Yaxi Zhan1
192,333
-
20,195
-
-
-
212,528
Stephen Bodon 2
46,100
-
4,841
-
-
-
50,941
Grant Mooney
51,000
-
4,725
-
-
-
55,725
440,996
-
29,761
-
-
-
470,757
1 Appointed Managing Director on 7 March 2017 and took on additional role as the Company Secretary on 2 March 2023.
Transitioned to Executive Director on 1 January 2024.
2 Appointed Non-Executive Director on 1 February 2022, appointed Executive Director – Technical on 3 July 2023. Resigned
from the Board on 30 April 2024.
3 Appointed Non-Executive Director on 1 May 2024.
4 Appointed Non-Executive Director on 1 May 2024.
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Fixed
At Risk - STI
At Risk - LTI
2024
2023
2024
2023
2024
2023
Richard Hill
36.3%
100%
63.7%
-
-
-
Yaxi Zhan
45.9%
100%
54.1%
-
-
-
Stephen Bodon
75.1%
100%
24.9%
-
-
-
Grant Mooney
61.2%
100%
38.8%
-
-
-
Mark Thompson
15.8%
-
84.2%
-
-
-
Luke Meter
79.8%
-
20.2%
-
-
-
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
22
Cash bonuses granted as compensation for the current financial year
A cash bonus of $22,500 was granted to Ms Yaxi Zhan during the year ended 2024 (2023: nil).
Other transactions with related parties
2024
$
2023
$
Directors
Director’s fees paid to Braeside Minerals Pty Ltd, a company in which
Richard Hill is a director
60,000
60,000
Consulting fees paid to Braeside Minerals Pty Ltd, a company in which
Richard Hill is a director
82,875
91,563
Consulting fees paid to Mooney & Partners Pty Ltd, a company in which
Grant Mooney is a director
7,500
6,000
Loans from key management personnel
As at 30 June 2024, there were no outstanding amounts due to key management personnel (2023: nil).
Use of remuneration consultants
During the financial year ended 30 June 2024, the Group did not engage the services of an independent
remuneration consultant to review its remuneration for Directors, key management personnel and other
senior executives.
Voting and comments made at the company's Annual General Meeting ('AGM')
At the 2023 Annual General Meeting, 100% of the votes received supported the adoption of the remuneration
report for the year ended 30 June 2023. The Company did not receive any specific feedback at the AGM
regarding its remuneration practices.
SHARE-BASED PAYMENTS
This section only refers to those shares and options issued as part of remuneration. As a result, they may not
indicate all shares and options held by a Director or other Key Management Personnel.
Shares
During the year ended 30 June 2024, 1,500,000 fully paid ordinary shares were issued to Mr Stephen Bodon
as a sign-on bonus for assuming the role of Executive Director - Technical (2023: nil). The share-based payment
expense recognised in relation to ordinary shares granted was $61,500 (2023: nil).
Options
During the year ended 30 June 2024, the Company issued 6,500,000 unlisted options exercisable at $0.05
each, expiring 30 November 2026 to Directors of the Company (2023: nil).
During the year ended 30 June 2024, the Company issued 2,000,000 unlisted options exercisable at $0.075
each, expiring 30 April 2027 to Director, Mr Mark Thompson (2023: nil).
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
23
The Black-Scholes option pricing model was used to value the options and the following table lists the inputs
to the model used for the valuation of the options:
Grant Date
Expiry Date
Exercise
Price
Share Price
at Grant
Date
Expected
Volatility
Risk-free
Interest
Rate
Fair Value
per Option
28/11/2023
30/11/2026
$0.05
$0.058
91.0%
4.081%
$0.0364
2/5/2024
30/04/2027
$0.075
$0.048
85.0%
4.055%
$0.0222
The share-based payment expense recognised in relation to options over ordinary shares granted, and the
value of options exercised and lapsed for directors as part of compensation during the year ended 30 June
2024 are set out below:
Share-based
payment expense
of options granted
during the year
$
Value of
options
exercised
during the
year
$
Value of
options lapsed
during the year
$
Remuneration
consisting of
options/performance
rights for the year
2024
%
Richard Hill
72,820
-
-
18.5%
Yaxi Zhan
72,820
-
-
12.4%
Stephen Bodon
54,615
-
-
19.5%
Grant Mooney
36,410
-
-
38.8%
Mark Thompson
44,459
-
-
84.2%
Luke Meter
33,791
-
-
20.2%
No options held by Directors of the Company were exercised during the year ended 30 June 2024 (2023: nil).
Performance Rights
On 4 and 27 December 2023, the Company issued 27,500,000 and 6,000,000 Incentive Performance Rights
(“Rights”), 22,500,000 of which were issued to Directors (2023: nil). The Rights were issued to provide a
performance-based incentive component to the remuneration package for directors and key personnel to
align their interests with those of shareholders. The Performance Rights expire on 29 November 2025.
Terms and conditions of the Rights issued are shown in the table below:
Class
Quantum
Recipient
Vesting Condition
A
2,000,000 Richard Hill
The volume weighted average price (VWAP) of the Company’s
Shares exceeding $0.05 per Share for at least 5 consecutive trading
days on which the Company’s Shares have actually traded.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
24
Class
Quantum
Recipient
Vesting Condition
B
2,000,000 Richard Hill
The VWAP of the Company’s Shares exceeding $0.075 per Share for
at least 5 consecutive trading days on which the Company’s Shares
have actually traded.
C
3,000,000 Richard Hill
The VWAP of the Company’s Shares exceeding $0.1 per Share for at
least 5 consecutive trading days on which the Company’s Shares
have actually traded.
D
2,000,000 Richard Hill
The Company announcing:
(a) the entry into a binding acquisition agreement relating to the
acquisition of a material project; or
(b) the entry into a binding joint venture agreement in relation to
a lithium project.
E
2,000,000 Yaxi Zhan
The occurrence of both of the following:
(a) the Company announcing an Inferred Mineral Resource (JORC)
on the Woodie Woodie North Manganese Project; and
(b) the VWAP of the Company’s shares exceeding $0.05 per Share
for at least 5 consecutive trading days on which the Company’s
Shares have actually traded.
F
3,000,000 Yaxi Zhan
The Company executing a binding offtake agreement and/or
receiving a cornerstone investment.
G
3,000,000 Yaxi Zhan
The Company receiving a cornerstone investment from one or more
investor and/or alliance with an industry partner.
H
2,000,000 Yaxi Zhan
The Company’s VWAP exceeding $0.10 per Share for at least 10
consecutive trading days on which the Company’s shares have
actually traded.
I
2,000,000 Yaxi Zhan
The Company completing a spin-off of one of the Company’s non-
core assets via an initial public offering or backdoor listing.
J
1,500,000 Stephen Bodon The Company announcing an Inferred Mineral Resource (JORC) of
greater than 5Mt @ >15%Mn
K
1,000,000 Luke Meter
The VWAP of the Company’s Shares exceeding $0.075 per Share for
at least 5 consecutive trading days on which the Company’s Shares
have actually traded.
L
1,000,000 Luke Meter
The completion of the Karratha Lithium Project drilling campaign on
schedule and on budget.
M
1,000,000 Luke Meter
The Company reporting multiple drill intercepts of >20 metres true
thickness of >1.0% Li2O from a single prospect.
N
2,000,000 Luke Meter
The Company announcing a maiden JORC compliant Li2O resource
of >10Mt @ > 1.0% Li2O
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
25
Class
Quantum
Recipient
Vesting Condition
O
1,000,000 Luke Meter
The VWAP of the Company’s Shares exceeding $0.1 per Share for at
least 5 consecutive trading days on which the Company’s Shares
have actually traded.
The Rights were valued at $0.0255, $0.016, $0.0204, $0.058 and $0.0165 per right, using the Monte Carlo
valuation method, which reflects the fair value in line with AASB 2 Share-Based Payment. The share-based
payment expense recognised for Performance Rights granted was $470,176 (2023: nil).
1,500,000 Rights lapsed during the year ended 30 June 2024, due to the conditions not being met (2023:
nil). 6,000,000 Rights were exercised during the year ended 30 June 2024 (2023: nil).
DIRECTORS’ AND OFFICERS’ INTERESTS
Shareholding
The number of shares in the Company held during the financial year by each director and other members of
key management personnel of the Group, including their personally related parties, is set out below:
30 June 2024
Opening
Balance No.
Granted as
Compensation
No.
Additions
No.
Disposals /
Other
No.
Closing Balance
No.
Richard Hill
9,132,653
-
3,000,000
-
12,132,653
Yaxi Zhan
4,810,009
-
2,500,000
-
7,310,009
Stephen Bodon
-
1,500,000
1,000,000
-
2,500,000
Grant Mooney
2,016,115
-
42,934,780
-
44,950,895
Mark Thompson
-
-
44,434,785
-
44,434,785
Luke Meter
-
-
418,711
-
418,711
Total
15,958,777
1,500,000
94,288,276
-
111,747,053
30 June 2023
Opening
Balance No.
Granted as
Compensation
No.
Additions
No.
Disposals /
Other
No.
Closing Balance
No.
Richard Hill
9,132,653
-
-
-
9,132,653
Yaxi Zhan
4,810,009
-
-
-
4,810,009
Stephen Bodon
-
-
-
-
-
Grant Mooney
2,016,115
-
-
-
2,016,115
Mark Thompson
-
-
-
-
-
Total
15,958,777
-
-
-
15,958,777
Option Holding
The following table discloses the movement in Directors’ and Key Management Personnel’s Options during
the year.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
26
Opening
Balance
Options
Granted
Options
Exercised
Options
Lapsed
Closing
Balance
Vested
During
the Year
Vested and
Exercisable
at 30 June 24
Not Vested
at
30 June 24
30 June 2024
No.
No.
No.
No.
No.
No.
No.
No.
Richard Hill
4,500,000
2,000,000
-
-
6,500,000
-
6,500,000
-
Yaxi Zhan
5,000,000
2,000,000
-
-
7,000,000
-
7,000,000
-
Stephen Bodon
1,000,000
1,500,000
-
-
2,500,000
-
2,500,000
-
Grant Mooney
4,000,000
1,000,000
-
-
5,000,000
-
5,000,000
-
Mark Thompson
-
2,000,000
-
-
2,000,000
-
2,000,000
-
Luke Meter
-
-
-
-
-
-
-
-
Total
14,500,000
8,500,000
-
- 23,000,000
-
23,000,000
-
Opening
Balance
Options
Granted
Options
Exercised
Options
Lapsed
Closing
Balance
Vested
During the
Year
Vested and
Exercisable
at 30 June 23
Not Vested
at 30 June
23
30 June 2023
No.
No.
No.
No.
No.
No.
No.
No.
Richard Hill
4,500,000
-
-
-
4,500,000
-
4,500,000
-
Yaxi Zhan
5,000,000
-
-
-
5,000,000
-
5,000,000
-
Stephen Bodon
1,000,000
-
-
-
1,000,000
-
1,000,000
-
Grant Mooney
4,000,000
-
-
-
4,000,000
-
4,000,000
-
Mark Thompson
-
-
-
-
-
-
-
-
Total
14,500,000
-
-
- 14,500,000
-
14,500,000
-
Performance Rights/Shares Holding
The following table discloses the movement in Directors’ and Key Management Personnel’s Performance
Rights/Shares during the year.
Opening
Balance
Performance
Rights/Shares
Granted
Performance
Rights/Shares
Exercised
Performance
Rights/Shares
Lapsed
Closing
Balance
Vested
During
the
Year
Vested and
Exercisable
at 30 Jun 24
Not Vested
at 30 June 24
30 June 2024
No.
No.
No.
No.
No.
No.
No.
No.
Richard Hill
-
9,000,000
(2,000,000)
-
7,000,000
-
-
7,000,000
Yaxi Zhan
-
12,000,000
(2,000,000)
-
10,000,000
-
-
10,000,000
Stephen Bodon
-
1,500,000
-
(1,500,000)
-
-
-
-
Grant Mooney
-
75,253,623
(23,586,956)
-
51,666,667
-
-
51,666,667
Mark Thompson
-
75,253,624
(23,586,957)
-
51,666,667
-
-
51,666,667
Luke Meter
-
6,000,000
-
-
6,000,000
-
-
6,000,000
Total
-
178,007,247
(51,173,913)
(1,500,000) 126,333,334
-
- 126,333,334
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
27
Opening
Balance
Performance
Rights
Granted
Performance
Rights
Exercised
Performance
Rights Lapsed
Closing
Balance
Vested
During the
Year
Vested and
Exercisable
at 30 Jun 23
Not
Vested
at 30 June
23
30 June 2023
No.
No.
No.
No.
No.
No.
No.
No.
Richard Hill
-
-
-
-
-
-
-
-
Yaxi Zhan
-
-
-
-
-
-
-
-
Stephen Bodon
-
-
-
-
-
-
-
-
Grant Mooney
-
-
-
-
-
-
-
-
Mark Thompson
-
-
-
-
-
-
-
-
Total
-
-
-
-
-
-
-
-
End of Remuneration Report
SHARES UNDER OPTION
Unissued ordinary shares of the Company at the date of this report are as follows:
Grant Date
Expiry Date
Exercise Price
Number under option
23/11/2020
27/11/2024
$0.0957
9,000,000
16/11/2021
16/11/2024
$0.0593
4,500,000
01/02/2022
01/02/2025
$0.059
1,000,000
22/04/2022
22/10/2024
$0.10
10,000,000
28/12/2022
28/12/2024
$0.05
58,571,376
27/01/2023
27/01/2025
$0.05
2,250,000
27/01/2023
02/05/2024
04/12/2023
30/11/2023
01/07/2024
01/12/2024
30/04/2027
04/12/2025
30/11/2026
30/06/2027
$0.05
$0.075
$0.04
$0.05
$0.075
1,000,000
2,000,000
5,000,000
6,500,000
750,000
At the date of this report, there were 26,000,000 performance rights under issue.
No person entitled to exercise the options had or has any right by virtue of the option to participate in any
share issue of the company or of any other body corporate.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring
proceedings on behalf of the Group or the Group, or to intervene in any proceedings to which the Group is a
party, for the purpose of taking responsibility on behalf of the Group for all or part of those proceedings.
No proceedings have been brought or intervened in on behalf of the Group with leave of the Court under section
237 of the Corporations Act 2001.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
28
DIRECTORS’ INDEMNITIES
The Group has indemnified the directors and executives of the Group for costs incurred, in their capacity as a
director or executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the Group paid a premium in respect of a contract to insure the directors and
executives of the Group against a liability to the extent permitted by the Corporations Act 2001. The contract
of insurance prohibits disclosure of the nature of the liability and the amount of the premium.
AUDITOR’S INDEMNITIES
The Group has not, during or since the end of the financial year, indemnified or agreed to indemnify the
auditor of the Group or any related entity against a liability incurred by the auditor. During the financial year,
the Group has not paid a premium in respect of a contract to insure the auditor of the Group or any related
entity.
CORPORATE GOVERNANCE
The Group’s Appendix 4G is released to ASX on the same day the Annual Report is released. Accelerate
Resources Limited’s Corporate Governance Statement, and the Company’s Policies, Charters and Procedures,
can be all found on the Company’s website.
NON-AUDIT SERVICES
There were no non-audit services provided during the current and previous financial year by the auditor. The
Board has established certain procedures to ensure that the provision of non-audit services are compatible
with, and do not compromise the external auditor's independence requirements of the Corporations Act 2001
for the following reasons:
•
All non-audit services have been reviewed and approved to ensure that they do not impact the
integrity and objectivity of the auditor; and
•
None of the services undermine the general principles relating to auditor independence as set out in
APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and
Ethical Standards Board, including reviewing or auditing the auditor's own work, acting in a
management or decision-making capacity for the Group, acting as advocate for the Group or jointly
sharing economic risks and rewards.
OFFICERS OF THE COMPANY WHO ARE FORMER PARTNERS OF AUDITORS
There are no officers of the company who are former partners of Hall Chadwick WA Audit Pty Ltd.
AUDITOR INDEPENDENCE
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001
is set out immediately after this directors' report.
AUDITOR
Hall Chadwick WA Audit Pty Ltd were appointed auditors in accordance with section 327 of the Corporations
Act 2001, to perform the year-end audit, replacing RSM Australia Partners.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
29
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the
Corporations Act 2001.
On behalf of the directors
Yaxi Zhan
Executive Director
30 September 2024
To the Board of Directors,
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE
CORPORATIONS ACT 2001
As lead audit director for the audit of the financial statements of Accelerate Resources Limited for the financial
year ended 30 June 2024, I declare that to the best of my knowledge and belief, there have been no
contraventions of:
•
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
•
any applicable code of professional conduct in relation to the audit.
Yours Faithfully
HALL CHADWICK WA AUDIT PTY LTD
CHRIS NICOLOFF CA
Director
Dated at Perth, Western Australia this 30th day of September 2024
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
For the year ended 30 June 2024
31
Consolidated
Consolidated
2024
2023
Note
$
$
Revenue
Interest income
2,980
-
R & D Incentive
51,307
-
54,287
-
Expenses
Corporate and professional expenses
(256,601)
(293,266)
Director and employee benefits
(697,204)
(444,803)
Administration expenses
(219,114)
(190,122)
Other expenses
(293,854)
(212,164)
Depreciation
(28,844)
(10,787)
Exploration expenditure
(329,348)
(51,020)
Impairment of exploration expenditure
5
-
(1,000,000)
Research and development
(6,156)
(33,612)
Share-based payments expenses
(851,596)
(72,548)
Loss before income tax expense
(2,628,430)
(2,308,322)
Income tax expense
14
-
-
Loss before other comprehensive income
(2,628,430)
(2,308,322)
Other comprehensive income
Items that will not be subsequently
reclassified to profit or loss:
Changes in fair value of financial assets –
fair value OCI
7
-
268,208
Total comprehensive loss
(2,628,430)
(2,040,114)
Earnings per share for (loss) from
continuing operations attributable to the
ordinary equity holders of the Group
Basic and diluted earnings per share (cents)
13
(0.36)
(0.59)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the
accompanying notes.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2024
32
Consolidated
Consolidated
2024
2023
Note
$
$
ASSETS
Current Assets
Cash and cash equivalents
3
1,952,261
2,037,164
Other current assets
4
159,148
153,444
Total Current Assets
2,111,409
2,190,608
Non-Current Assets
Exploration and evaluation expenditure
5
9,237,645
4,499,391
Other non-current assets
4
1,236,261
1,236,261
Plant and equipment
6
105,961
108,660
Total Non-Current Assets
10,579,867
5,844,312
Total Assets
12,691,276
8,034,920
LIABILITIES
Current Liabilities
Trade and other payables
8
785,692
320,768
Provision
9
142,068
100,464
Total Current Liabilities
927,760
421,232
Total Liabilities
927,760
421,232
Net Assets
11,763,516
7,613,688
Equity
Issued capital
10
22,195,661
16,169,011
Reserves
11
3,547,163
2,795,555
Accumulated losses
(13,979,308)
(11,350,878)
Total Equity
11,763,516
7,613,688
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2024
33
Issued
Capital
Reserves
Accumulated
Losses
Total Equity
Note
$
$
$
$
Consolidated
Balance as at 1 July 2022
12,948,619
2,454,799
(9,042,556)
6,360,862
Loss after income tax
-
-
(2,308,322)
(2,308,322)
Other comprehensive income
-
268,208
-
268,208
Total comprehensive loss for
the period
-
268,208
(2,308,322)
(2,040,114)
Shares issued
10
3,428,400
-
-
3,428,400
Share issue costs
10,11
(208,008)
-
-
(208,008)
Performance rights issued
11
-
14,500
-
14,500
Director and employee options
issued
11
-
17,612
-
17,612
Options issued
11
-
40,436
-
40,436
Balance as at 30 June 2023
16,169,011
2,795,555
(11,350,878)
7,613,688
Consolidated
Loss after income tax
-
-
(2,628,430)
(2,628,430)
Other comprehensive income
-
-
-
-
Total comprehensive loss for
the period
-
-
(2,628,430)
(2,628,430)
Shares issued
10
4,812,978
-
-
4,812,978
Share issue costs
10,11
(422,518)
-
-
(422,518)
Performance rights issued
11
-
1,906,441
-
1,906,441
Conversion of performance
rights
1,636,190
(1,636,190)
-
-
Director and employee options
issued
11
-
301,025
-
301,025
Options issued
11
-
180,332
-
180,332
Balance as at 30 June 2024
22,195,661
3,547,163
(13,979,308)
11,763,516
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 June 2024
34
Consolidated
Consolidated
2024
2023
Note
$
$
Cash Flows from Operating Activities
Payments to suppliers and employees
(1,721,488)
(1,116,974)
Interest received
2,980
-
Other income received
51,307
-
Net cash (outflows) from operating activities
15
(1,667,201)
(1,116,974)
Cash Flows from Investing Activities
Purchase of plant and equipment
6
(26,145)
(108,021)
Payments for exploration and evaluation expenditure
(1,759,371)
(2,291,543)
Proceeds from sale of investment
5
-
447,753
Net cash (outflows) from investing activities
(1,785,516)
(1,951,811)
Cash Flows from Financing Activities
Proceeds from issue of shares
3,610,000
3,000,000
Capital raising cost
(242,186)
(208,008)
Net cash inflow from financing activities
3,367,814
2,791,992
Net (decrease) in cash and cash equivalents
(84,903)
(276,793)
Cash and cash equivalents at the beginning of the
financial year
2,037,164
2,313,957
Cash and cash equivalents at the end of the financial
year
3
1,952,261
2,037,164
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
35
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The consolidated financial statements and notes represent those of Accelerate Resources Limited (the
‘Company’) and its controlled entities (‘Group’). The financial report was authorised for issue by the Board
on 30 September 2024. The principal accounting policies adopted in the preparation of the financial
statements are set out below. These policies have been consistently applied to all the years presented,
unless otherwise stated.
Basis of Preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting
Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the
Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also
comply with International Financial Reporting Standards as issued by the International Accounting
Standards Board ('IASB').
In accordance with the Corporations Act 2001, these financial statements present the results of the Group.
Supplementary information about the Company is disclosed in Note 21: Parent Entity Disclosures.
Except for cash flow information, the financial report has been prepared on an accruals basis and is based
on historical costs, modified where applicable, by the measurement at fair value of selected financial
assets and financial liabilities. Cost is based on the fair values of the consideration given in exchange for
assets.
The financial statements have been presented in Australian dollars (AUD), which is the Group’s functional
and presentation currency.
Going Concern
The financial statements have been prepared on the going concern basis, which contemplates continuity
of normal business activities and the realisation of assets and discharge of liabilities in the normal course
of business.
As disclosed in the financial statements, the Group incurred a loss of $2,628,430 (30 June 2023:
$2,040,114) and had net cash outflows from operating and investing activities of $1,667,201 (30 June
2023: $1,116,974) and $1,785,516 (30 June 2023: $1,951,811) respectively for the year ended 30 June
2024. As at that date, the Group had net current assets of $1,183,649 (30 June 2023: $1,769,376). The
ability of the Group to continue as a going concern is principally dependent upon the ability of the Group
to secure funds by raising additional capital from equity markets and managing cash flows in line with
available funds.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
36
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Management have prepared a cash flow forecast, which indicates that the Group will have sufficient cash
flows to meet its commitments and working capital requirements for the 12 month period from the date
of this report. The ability of the Group to continue as a going concern is dependent on the success of the
fund raising and the Group generating cashflows from operating activities and managing costs in line with
available funds.
Based on the cash flow forecasts and other factors referred to above, the Directors are satisfied that the
going concern basis of preparation is appropriate. In particular, given the Group’s history of raising capital
to date, the Directors are confident of the Group’s ability to raise additional funds as and when they are
required.
Should the Group not achieve the matters set out above, there is material uncertainty as to whether the
Group will continue as a going concern and therefore whether it will realise its assets and extinguish its
liabilities in the normal course of business and at the amounts stated in the financial report.
The full year financial report does not contain any adjustments relating to the recoverability and
classification of recorded assets or to the amounts or classification of recorded assets or liabilities that
might be necessary should the Group not be able to continue as a going concern.
The Directors believe that it is reasonably foreseeable that the Group will continue as a going concern
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 the ability to curtail administrative, discretionary exploration and overhead cash
outflows as and when required.
New or amended Accounting Standards and Interpretations adopted
During the year ended 30 June 2024, the Directors have reviewed all of the new and revised Standards
and Interpretations issued by the AASB that are relevant to the Group and effective for the year-end
reporting period beginning on or after 1 July 2023. Any new or amended standards and interpretations
that are not yet mandatory have not been early adopted.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are
not yet mandatory, have not been early adopted by the Group for the annual reporting period ended 30
June 2024. None of the new or amended Accounting Standards and Interpretations, most relevant to the
Group, are expected to have a material impact on the Group’s financial statements.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
37
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
a)
Cash and Cash Equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other
short-term, highly liquid investments with original maturities of three months or less that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
For the consolidated statement of cash flows presentation purposes, cash and cash equivalents also
includes bank overdrafts, which are shown within borrowings in current liabilities on the statement of
financial position.
b) Other Assets
Other receivables are recognised at amortised cost, less any provision for impairment.
c)
Exploration and Evaluation Assets
Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of
interest. These costs are only carried forward to the extent that they are expected to be recouped through
the successful development of the area or where activities in the area have not yet reached a stage that
permits reasonable assessment of the existence of economically recoverable reserves.
Accumulated costs in relation to an abandoned area are written off in full against profit in the period in
which the decision to abandon the area is made. When production commences, the accumulated costs
for the relevant area of interest are amortised over the life of the area according to the rate of depletion
of the economically recoverable reserves.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing
to carry forward costs in relation to that area of interest.
Costs of site restoration are provided over the life of the facility from when exploration commences and
are included in the costs of that stage. Site restoration costs include the dismantling and removal of
mining plant, equipment and building structures, waste removal, and rehabilitation of the site in
accordance with clauses of the mining permits. Such costs have been determined using estimates of
future costs, current legal requirements and technology on an undiscounted basis.
Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs
of site restoration, there is uncertainty regarding the nature and extent of the restoration due to
community expectations and future legislation. Accordingly, the costs have been determined on the basis
that the restoration will be completed within one period of abandoning the site.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
38
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
d) Plant and Equipment
Recognition and measurement
Items of plant and equipment are measured at cost less accumulated depreciation and accumulated
impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset.
The gain or loss on disposal of an item of plant and equipment is determined by comparing the proceeds
from disposal with the carrying amount of plant and equipment and is recognised net within other income
/ other expenses in profit or loss.
Depreciation
Depreciation is based on the cost of an asset less its residual value. Depreciation is recognised in profit or
loss on a diminishing value basis over the estimated useful lives of each part of an item of plant and
equipment, since this most closely reflects the expected pattern of consumption of the future economic
benefits embodied in the asset.
The estimated useful lives for the current and comparative periods are as follows:
Office equipment 3 -10 years
Field equipment 5 years
Computer equipment 3 years
Depreciation methods, useful lives and residual values are reviewed at each financial year-end and
adjusted if appropriate.
e)
Impairment of Non-Financial Assets
At each reporting date, the Group reviews the carrying amounts of its assets to determine whether there
is any indication that those assets have suffered an impairment loss. An asset is impaired if objective
evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the
loss event had a negative effect on the estimated future cash flows of that asset that can be estimated
reliably. If any such indication exists, the recoverable amount of the asset is estimated in order to
determine the extent of the impairment loss. When a subsequent event causes the amount of impairment
loss to decrease, the decrease in impairment loss is reversed through profit or loss.
f)
Trade and Other Payables
These amounts represent liabilities for goods and services provided to the entity prior to the end of the
financial period and which are unpaid. Due to their short-term nature they are measured at amortised
cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of
recognition.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
39
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
g)
Leases
The Group as a lessee
For any new contracts entered into on or after 1 July 2022 the Group considers whether a contract is, or
contains a lease. A lease is defined as ‘a contract, or part of a contract, that conveys the right to use an
asset (the underlying asset) for a period of time in exchange for consideration’.
To apply this definition the Group assesses whether the contract meets three key evaluations which are
whether:
•
The contract contains an identified asset, which is either explicitly identified in the contract or
implicitly specified by being identified at the time the asset is made available to the Group
•
The Group has the right to obtain substantially all of the economic benefits from use of the identified
asset throughout the period of use, considering its rights within the defined scope of the contract
•
The Group has the right to direct the use of the identified asset throughout the period of use. The
Group assess whether it has the right to direct ‘how and for what purpose’ the asset is used
throughout the period of use.
Measurement and recognition of leases as a lessee
At lease commencement date, the Group recognises a right-of-use asset and a lease liability on the
statement of financial position. The right-of-use asset is measured at cost, which is made up of the initial
measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs
to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of
the lease commencement date (net of any incentives received).
The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date
to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group
also assesses the right-of-use asset for impairment when such indicators exist. At the commencement
date, the Group measures the lease liability at the present value of the lease payments unpaid at that
date, discounted using the interest rate implicit in the lease if that rate is readily available or the Group’s
incremental borrowing rate.
Lease payments included in the measurement of the lease liability are made up of fixed payments
(including in substance fixed), variable payments based on an index or rate, amounts expected to be
payable under a residual value guarantee and payments arising from options reasonably certain to be
exercised.
Subsequent to initial measurement, the liability will be reduced for payments made and increased for
interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-
substance fixed payments. When the lease liability is remeasured, the corresponding adjustment is
reflected in the right-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
40
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The Group has elected to account for short-term leases and leases of low-value assets using the practical
expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these
are recognised as an expense in profit or loss on a straight-line basis over the lease term. On the statement
of financial position, right-of-use assets have been included in plant and equipment (except those meeting
the definition of investment property) and lease liabilities have been included in trade and other payables.
h) Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-
current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or
consumed in the entity's normal operating cycle; it is held primarily for the purpose of trading; it is
expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent
unless restricted from being exchanged or used to settle a liability for at least 12 months after the
reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the entity's normal operating
cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the
reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12
months after the reporting period. All other liabilities are classified as non-current.
i)
Issued capital
Ordinary shares are classified as equity. 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.
j)
Earnings Per Share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic earnings
per share is calculated by dividing the profit or loss after income tax attributable to ordinary shareholders
of the Company by the weighted average number of ordinary shares outstanding during the period.
Diluted earnings per share is calculated by dividing the profit or loss after income tax attributable to
ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding
during the period, adjusted for the effects of all dilutive potential ordinary shares, which comprise share
options granted to employees.
k)
Revenue
Interest
Interest revenue is recognised as interest accrues using the effective interest method.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
41
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
l)
Employee Benefits
Wages and salaries
Liabilities for wages and salaries, including non-monetary benefits and annual leave expected to be settled
wholly within 12 months of the reporting date are recognised in employee provisions in respect of
employees’ services up to the reporting date and are measured at the amounts expected to be paid when
the liabilities are settled.
Superannuation
The amount charged to the profit and loss in respect of superannuation represents the contributions paid
or payable by the Group to the employee’s superannuation funds.
Employee Benefits on-costs
Employee benefit on-costs, including payroll tax, are recognised when paid or payable by the Group.
Share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees
in exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange
of services, where the amount of cash is determined by reference to the share price.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is
independently determined using either the Binomial or Black-Scholes option pricing model that takes into
account the exercise price, the term of the option, the impact of dilution, the share price at grant date
and expected price volatility of the underlying share, the expected dividend yield and the risk free interest
rate for the term of the option, together with non-vesting conditions that do not determine whether the
Group receives the services that entitle the employees to receive payment. No account is taken of any
other vesting conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in
equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant
date fair value of the award, the best estimate of the number of awards that are likely to vest and the
expired portion of the vesting period. The amount recognised in profit or loss for the period is the
cumulative amount calculated at each reporting date less amounts already recognised in previous periods.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
42
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by
applying either the Binomial or Black-Scholes option pricing model, taking into consideration the terms
and conditions on which the award was granted. The cumulative charge to profit or loss until settlement
of the liability is calculated as follows:
•
during the vesting period, the liability at each reporting date is the fair value of the award at that
date multiplied by the expired portion of the vesting period.
•
from the end of the vesting period until settlement of the award, the liability is the full fair value of
the liability at the reporting date.
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is
the cash paid to settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore, any awards subject
to market conditions are considered to vest irrespective of whether or not that market condition has been
met, provided all other conditions are satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has
not been made. An additional expense is recognised, over the remaining vesting period, for any
modification that increases the total fair value of the share-based compensation benefit as at the date of
modification.
If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the
condition is treated as a cancellation. If the condition is not within the control of the Group or employee
and is not satisfied during the vesting period, any remaining expense for the award is recognised over the
remaining vesting period, unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any
remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled
award, the cancelled and new award is treated as if they were a modification.
m) Income Taxes
Income tax expense or revenue comprises current and deferred tax. Current and deferred taxes are recognised
in profit or loss except to the extent that it relates to a business combination, or items recognised directly in
equity or in other comprehensive income.
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.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
43
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Deferred tax assets and liabilities are 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 and 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 and associates
and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable
future. In addition, deferred tax is not recognised for taxable temporary differences arising on the initial
recognition of goodwill.
Deferred tax is measured at the tax rates expected to apply when the assets are recovered or liabilities
are settled, based on those rates which are enacted or subsequently enacted for each jurisdiction.
Deferred tax assets are recognised for unused tax losses, tax credits and deductible temporary differences
to the extent that it is probable that future taxable profits will be available against which they 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.
Deferred tax assets and liabilities are offset when there is legally enforceable right to offset current tax
assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current
tax assets and liabilities are offset where the entity has a legally enforceable right to offset and intends
either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
n) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of
GST incurred is not recoverable from the taxation authority. In these circumstances the GST is recognised
as part of the cost of acquisition of the asset or as part of the expense.
Receivables and payables in the statement of financial position are shown inclusive of GST. The net
amount of GST recoverable from, or payable to, the taxation authority is included as a current asset or
liability in the statement of financial position.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component
of investing and financing activities, which is disclosed as operating cash flows.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
44
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
o) Segment Reporting
An operating segment is a component of the Group that engages in business activities from which it may
earn revenues and incur expenses, including revenues and expenses that related to transactions with any
of the Group’s other components. A geographical segment is engaged in providing products or services
within a particular economic environment and is subject to risks and returns that are different from those
of segments operating in other economic environments. The Board (Chief Operating Decision Makers
“CODM”) is responsible for the allocation of resources to operating segments and assessing their
performance.
p) Principles of Consolidation
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when
the Group 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 to direct the activities of the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group. They are de-consolidated from
the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Group
are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the
impairment of the asset transferred. Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by the Group.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in
ownership interest, without the loss of control, is accounted for as an equity transaction, where the
difference between the consideration transferred and the book value of the share of the non-controlling
interest acquired is recognised directly in equity attributable to the parent.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of
profit or loss and other comprehensive income, statement of financial position and statement of changes
in equity of the Group. Losses incurred by the Group are attributed to the non-controlling interest in full,
even if that results in a deficit balance.
q) Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure
purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date; and assumes
that the transaction will take place either: in the principal market; or in the absence of a principal market,
in the most advantageous market.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
45
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Fair value is measured using the assumptions that market participants would use when pricing the asset
or liability, assuming they act in their economic best interests. For non-financial assets, the fair value
measurement is based on its highest and best use. Valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair value, are used, maximising the
use of relevant observable inputs and minimising the use of unobservable inputs.
Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that
reflects the significance of the inputs used in making the measurements. Classifications are reviewed at
each reporting date and transfers between levels are determined based on a reassessment of the lowest
level of input that is significant to the fair value measurement.
For recurring and non-recurring fair value measurements, external valuers may be used when internal
expertise is either not available or when the valuation is deemed to be significant. External valuers are
selected based on market knowledge and reputation. Where there is a significant change in fair value of
an asset or liability from one period to another, an analysis is undertaken, which includes a verification of
the major inputs applied in the latest valuation and a comparison, where applicable, with external sources
of data.
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually
evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and
expenses. Management bases its judgements, estimates and assumptions on historical experience and on
other various factors, including expectations of future events, management believes to be reasonable
under the circumstances. The resulting accounting judgements and estimates will seldom equal the
related actual results. The judgements estimates and assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within
the next financial year are discussed below.
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees by reference to the fair value
of the equity instruments at the date at which they are granted. The fair value is determined by using
either the Binomial or Black-Scholes model taking into account the terms and conditions upon which the
instruments were granted. The accounting estimates and assumptions relating to equity-settled share-
based payments would have no impact on the carrying amounts of assets and liabilities within the next
annual reporting period but may impact profit or loss and equity.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
46
2.
CRITICIAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
Exploration and evaluation costs
Exploration and evaluation costs have been capitalised and are only carried forward to the extent that
they are expected to be recouped through the successful development of the area or where activities in
the area have not yet reached a stage that permits reasonable assessment of the existence of
economically recoverable reserves. Key judgements are applied in considering the costs to be capitalised
which includes determining expenditures directly related to these activities and allocating overheads
between those that are expensed and capitalised.
3.
CASH AND CASH EQUIVALENTS
Note
Consolidated
2024
Consolidated
2023
$
$
Cash at bank
1,952,261
2,037,164
1,952,261
2,037,164
4.
OTHER ASSETS
Consolidated
2024
Consolidated
2023
Current
$
$
GST receivable
104,288
83,912
Deposit
-
46,000
Prepayments
54,860
23,532
159,148
153,444
Non-Current
Other asset – Vytas Resources Pty Ltd1
1,236,261
1,236,261
1,236,261
1,236,261
1 Pursuant to the binding term sheet entered into with Vytas Resources Pty Ltd (“Vytas”) on 2 September
2021, Accelerate made available A$250,000 to Vytas in order to fund the work program on the Tambellup
and Midwest Silica Sand Projects, preparing for Vytas’ initial public offering and contributions to working
capital.
The Company announced on 30 November 2021, that the transaction had completed and Accelerate had
been issued with 27,120,000 shares, equal to 33% interest in Vytas.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
47
5.
EXPLORATION AND EVALUATION EXPENDITURE
Consolidated
2024
Consolidated
2023
$
$
Exploration and evaluation expenditure – Western Australia
9,237,645
4,445,391
9,237,645
4,445,391
Exploration and evaluation expenditure – Western Australia
Opening balance
4,499,391
2,121,929
Additions 1, 3
4,849,996
3,377,462
Disposals
(111,742)
-
Impairment 2
-
(1,000,000)
Closing balance
9,237,645
4,499,391
1 In July 2022, the Company issued 7,000,000 fully paid ordinary shares as deferred consideration for the
Halcyon transaction, the deemed issue price was $0.0552 per share.
In June 2023, the Company issued 2,000,000 fully paid ordinary shares as consideration for the acquisition
of exploration tenements E45/5942 and E45/5907, the deemed issue price was $0.021 per share.
2 In June 2021, the Company announced that it had entered into a Heads of Agreement, granting an option
to unlisted company Stunalara Metals Limited (“Stunalara”), to acquire 100% of the legal and beneficial
interest in the Company’s Mt Read Project in Tasmania. The Mt Read Project comprises exploration
license EL06/2013. Upon exercising of the option, the Company will receive fully paid ordinary shares in
Stunalara to the value of $1,000,000 at a deemed issue price equal to the price per share offered to the
public under Stunalara’s proposed initial public offering or the 1-month VWAP price of an RTO vehicle
prior to a deal being announced for the listing via a reverse takeover (back door listing).
3 In October 2023, the Company executed an agreement to acquire the Karratha Lithium Projects from
Mt Sholl Holdings Pty Ltd (“Mt Sholl”) for a purchase consideration which consisted 35,869,565 fully
paid Ordinary shares and 160,217,391 performance shares. The acquisition of Mt Sholl has been treated
as an asset acquisition. Details of the asset acquisition are as follows:
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
48
5.
EXPLORATION AND EVALUATION EXPENDITURE (CONTINUED)
Fair value
$
Net assets acquired
-
Cash
Consideration shares in Accelerate Resources Limited issued to vendor*
968,478
Consideration performance shares in Accelerate Resources Limited issued to
vendor **
1,355,870
Fair value of consideration transferred
2,574,348
* 35,869,565 fully paid ordinary shares were issued at 2.7 cents as partial payment for the acquisition
(Note 10).
**50,217,391 performance shares were converted (Note 11).
6.
PLANT AND EQUIPMENT
Consolidated
2024
Consolidated
2023
$
$
Plant and equipment
- at cost
161,508
135,363
- accumulated depreciation
(55,547)
(26,703)
105,961
108,660
Plant and equipment – movements
Opening balance
108,660
11,426
Additions
26,145
108,021
Depreciation
(28,844)
(10,787)
Closing balance
105,961
108,660
7.
FINANCIAL ASSETS – FAIR VALUE OCI
Consolidated
2024
Consolidated
2023
$
$
At beginning of year
-
281,363
Changes in fair value - sale of financial assets
-
(268,363)
Other adjustment
-
(13,000)
At end of year
-
-
Financial assets – fair value OCI, consisted of investments in TSX-V listed company. During the year ended
30 June 2023, all investments were disposed of.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
49
8.
TRADE AND OTHER PAYABLES
Consolidated
2024
Consolidated
2023
$
$
Trade payables
699,263
230,257
Accruals
49,182
35,460
Other payables
37,247
55,051
785,692
320,768
Trade creditors, excluding related party payables, are expected to be paid on 30-day terms.
9.
PROVISION
Consolidated
2024
Consolidated
2023
$
$
Employee annual leave provision
142,068
100,464
142,068
100,464
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
50
10. ISSUED CAPITAL
Consolidated
Consolidated Consolidated Consolidated
30-Jun-24
30-Jun-23
30-Jun-24
30-Jun-23
No.
No.
$
$
Ordinary shares on issue, fully paid
661,188,712
379,601,756
22,195,661
16,169,011
Reconciliation of Movement in Issued Capital
Shares
No.
Date
Issue Price
$
Amount
$
Closing balance at 30 June 2022
263,458,899
12,948,619
Deferred consideration for Halcyon
transaction (Note 5)
7,000,000
04-Jul-22
0.0552
386,400
Placement – Tranche 1
40,568,834
21-Nov-22
0.028
1,135,927
Placement – Tranche 2
66,574,023
28-Dec-22
0.028
1,864,073
Acquisition of E45/5942 and E45/5907 (Note
5)
2,000,000
09-Jun-22
0.021
42,000
Share Issue Cost
-
(208,008)
Closing balance at 30 June 2023
379,601,756
16,169,011
Shares issued to consultant1
1,000,000
25-Aug-23
0.023
23,000
Shares issued for placement2
85,400,439
12-Oct-23
0.020
1,708,009
Shares issued for acquisition3
6,000,000
1-Nov-23
0.025
150,000
Shares issued on conversion of rights4
500,000
4-Dec-23
0.029
14,500
Shares issued to director5
1,500,000
4-Dec-23
0.041
61,500
Shares issued for placement6
95,099,561
4-Dec-23
0.02
1,901,991
Shares issued on conversion of rights7
4,000,000
12-Dec-23
0.046
182,320
Shares issued on conversion of rights8
1,000,000
24-Jan-24
0.026
25,500
Shares issued for acquisition9
10,869,565
8-Feb-24
0.027
293,478
Shares issued for acquisition9
25,000,000
8-Feb-24
0.027
675,000
Shares issued on conversion of Performance
Shares10
50,217,391
20-May-24
0.027
1,355,870
Shares issued on conversion of rights11
1,000,000
29-May-24
0.058
58,000
Share Issue Cost
-
(422,518)
Closing balance at 30 June 2024
661,188,712
22,195,661
* The total value of share capital issued during the year ended 30 June 2024 amounted to $6,449,168.
1 On 25 August 2023, the Company issued 1,000,000 fully paid ordinary shares at an issue price of $0.023
to a Consultant for public relations services. The value of these share has been recognised in share based
payments.
2 On 12 October 2023, the Company issued 85,400,439 fully paid ordinary shares at an issue price of $0.02
as tranche one of a placement.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
51
10. ISSUED CAPITAL (CONTINUED)
3 On 1 November 2023, the Company issued 6,000,000 fully paid ordinary shares at an issue price of
$0.025 to Welcome Exploration Pty Ltd as part of the acquisition of 75% of the Roebourne South and Sholl
East Projects.
4 On 4 December 2023, the Company issued 500,000 fully paid ordinary shares on the conversion of
performance rights, on satisfaction of a performance condition.
5 On 4 December 2023, the Company issued 1,500,000 fully paid ordinary shares as a sign-on bonus to Mr
Stephen Bodon for assuming the new role of Executive Director – Technical.
6 On 4 December 2023, the Company issued 95,099,561 fully paid ordinary shares at an issue price of
$0.02 as tranche two of a placement. The share issue received approval at the Annual General Meeting
of shareholders on 28 November 2023.
7 On 12 December 2023, the Company issued 4,000,000 fully paid ordinary shares on the conversion of
performance rights, on satisfaction of a performance condition.
8 On 22 January 2024, the Company issued 1,000,000 fully paid ordinary shares on the conversion of
performance rights, on satisfaction of a performance condition.
9 On 8 February 2024, the Company issued a total of 35,869,565 shares, with 25,000,000 issued at an
issue price of $0.02, and 10,869,565 issued at an issue price of $0.023as part of the acquisition of 100%
of the Mt Sholl Project. 16,847,824 of these shares are subject to ASX restrictions until 8 February 2025
and as such are separately disclosed as restricted/unquoted shares. The remaining 19,021,741 shares are
ordinary fully-paid shares.
10 On 20 May 2024, the Company issued 50,217,391 fully paid ordinary shares on the conversion of Class
A Performance Shares, due to performance conditions being met. 23,586,956 of these shares are subject
to ASX restrictions until 8 February 2025
11 On 29 May 2024, the Company issued 1,000,000 fully paid ordinary shares on the conversion of
Performance Rights, on satisfaction of a performance condition.
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the
Group in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares
have no par value and the Company does not have a limited amount of authorised capital. On a show of
hands, every member present at a meeting in person or by proxy shall have one vote and upon a poll each
share shall have one vote.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
52
10. ISSUED CAPITAL (CONTINUED)
Capital risk management
The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern,
so that it may continue to provide returns for shareholders and benefits for other stakeholders. The
Group’s capital includes ordinary share capital and financial liabilities, supported by financial assets.
Due to the nature of the Group’s activities, being mineral exploration, it does not have ready access to
credit facilities, with the primary source of funding being equity raisings. Accordingly, the objective of the
Group’s capital risk management is to balance the current working capital position against the
requirements of the Group to meet exploration programmes and corporate overheads. This is achieved
by maintaining appropriate liquidity to meet anticipated operating requirements, with a view to initiating
appropriate capital raisings as required. The Group is not subject to any externally imposed capital
requirements.
Consolidated
Consolidated
2024
2023
$
$
Cash and cash equivalents
1,952,261
2,037,164
Trade and other receivables (excludes deposit)
159,148
107,444
Trade and other payables
(785,692)
(320,768)
Working capital position
1,325,717
1,823,840
11. RESERVES
Consolidated
Consolidated
2024
2023
$
$
Options reserve
3,262,378
2,781,021
Performance rights reserve
284,785
14,534
3,547,163
2,795,555
Option reserve
Options issued carry no dividend or voting rights. When exercisable, each option is convertible to one
ordinary share.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
53
11. RESERVES (CONTINUED)
No. of Options
$
Closing balance at 30 June 2022
43,500,000
2,722,973
Options issued to Shareholders 1
53,571,376
-
Options issued to Placement Advisor 2
5,000,000
20,276
Options issued to Consultants of the Company3
3,250,000
210,430
Options expired 4
(14,000,000)
-
Closing balance at 30 June 2023
91,321,376
2,953,679
Options issued to Directors5
6,500,000
236,667
Options issued to Placement Advisor 6
5,000,000
180,332
Options issued to Director7
2,000,000
44,459
Options expired 8
(5,000,000)
-
Options vested
-
19,900
Closing balance at 30 June 2024
99,821,376
3,262,378
1 On 28 December 2022, the Company issued 53,571,376 unlisted options exercisable at $0.05 each,
expiring 28 December 2024 as free attaching options to participants of the Placement.
2 On 28 December 2022, the Company issued 5,000,000 unlisted options exercisable at $0.05 each,
expiring 28 December 2024 to the Placement Advisor.
3 On 27 January 2023, the Company issued 2,250,000 unlisted options exercisable at $0.05 each, expiring
27 January 2025 and 1,000,000 unlisted options exercisable at $0.05 each, expiring 1 December 2024 to
employees and consultants of the Company.
4 On 27 November 2022 and 9 June 2023, 9,000,000 and 5,000,000 unlisted options exercisable at
$0.0959, $0.0957 and $0.06 each expired.
5 On 30 November 2023, the Company issued 6,500,000 unlisted options exercisable at $0.05 each,
expiring 30 November 2025 to Directors.
6 On 4 December 2023, the Company issued 5,000,000 unlisted options exercisable at $0.04 each, expiring
4 December 2025 to the Placement Advisor.
7 On 2 May 2024, the Company issued 2,000,000 unlisted options exercisable at $0.075 to Mr Mark
Thompson, expiring 30 April 2027, for assuming the role of Non-Executive Director of the Company.
8 On 2 September 2023, 5,000,000 unlisted options exercisable at $0.06 each expired.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
54
11. RESERVES (CONTINUED)
Summary of options granted as at 30 June 2024 are as follows:
Grant Date Expiry Date
Exercise
Price
Balance at
Start of Year
Granted
Exercised
Expired /
Cancelled
Balance at
End of Year
30/08/2020 02/09/2023
$0.06
5,000,000
-
-
(5,000,000)
-
23/11/2020 27/11/2024
$0.0957
9,000,000
-
-
-
9,000,000
16/11/2021 16/11/2024
$0.0593
4,500,000
-
-
-
4,500,000
01/02/2022 01/02/2025
$0.059
1,000,000
-
-
-
1,000,000
22/04/2022 22/10/2024
$0.10
10,000,000
-
-
- 10,000,000
28/12/2022 28/12/2024
$0.05
53,571,376
-
-
- 53,571,376
28/12/2022 28/12/2024
$0.05
5,000,000
-
-
-
5,000,000
27/01/2023 27/01/2025
$0.05
2,250,000
-
-
-
2,250,000
27/01/2023 01/12/2024
$0.05
1,000,000
-
-
-
1,000,000
30/11/2023 30/11/2025
$0.05
-
6,500,000
-
-
6,500,000
04/12/2023 04/12/2025
$0.04
-
5,000,000
-
-
5,000,000
02/05/2024 02/05/2025
$0.075
-
2,000,000
-
-
2,000,000
91,321,376 13,500,000
-
(5,000,000) 99,821,376
Summary of options granted as at 30 June 2023 are as follows:
Grant Date Expiry Date
Exercise
Price
Balance at
Start of Year
Granted
Exercised
Expired /
Cancelled
Balance at
End of Year
28/05/2020 09/06/2023
$0.06
5,000,000
-
-
(5,000,000)
-
30/08/2020 02/09/2023
$0.06
5,000,000
-
-
-
5,000,000
31/10/2020 27/11/2022
$0.0959
1,500,000
-
-
(1,500,000)
-
23/11/2020 27/11/2024
$0.0957
9,000,000
-
-
-
9,000,000
23/11/2020 27/11/2022
$0.0957
7,500,000
-
-
(7,500,000)
-
16/11/2021 16/11/2024
$0.0593
4,500,000
-
-
-
4,500,000
01/02/2022 01/02/2025
$0.059
1,000,000
-
-
-
1,000,000
22/04/2022 22/10/2024
$0.10
10,000,000
-
-
- 10,000,000
28/12/2022 28/12/2024
$0.05
- 53,571,376
-
- 53,571,376
28/12/2022 28/12/2024
$0.05
-
5,000,000
-
-
5,000,000
27/01/2023 27/01/2025
$0.05
-
2,250,000
-
-
2,250,000
27/01/2023 01/12/2024
$0.05
-
1,000,000
-
-
1,000,000
43,500,000 61,821,376
-
(14,000,000) 91,321,376
The weighted average exercise price of the outstanding options as at 30 June 2024 was $0.06 (30 June
2023: $0.06). The weighted average remaining contractual life of options outstanding at 30 June 2024
was 0.58 years (30 June 2023: 0.39 years).
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
55
11.
RESERVES (CONTINUED)
Performance rights/shares reserve
Performance rights/shares issued carry no dividend or voting rights. When exercisable, each performance
right/share is convertible to one ordinary share.
No. of
Rights/Shares
$
Closing balance at 30 June 2022
500,000
34
Performance rights issued to a Consultant 1
1,000,000
14,500
Closing balance at 30 June 2023
1,500,000
14,534
Performance rights expired 2
(500,000)
-
Performance rights converted to ordinary shares 3
(500,000)
(14,500)
Performance rights issued to directors and employees 4
27,500,000
436,385
Performance rights converted to ordinary shares 5
(4,000,000)
(182,320)
Performance rights issued to employee 6
6,000,000
33,791
Performance rights expired 7
(500,000)
-
Performance rights converted to ordinary shares 8
(1,000,000)
(948)
Performance rights lapsed 9
(1,500,000)
-
Performance rights converted to ordinary shares 10
(1,000,000)
(2,157)
Performance shares issued to vendors11
160,217,391
1,355,870
Performance shares converted to ordinary shares12
(50,217,391)
(1,355,870)
Closing balance at 30 June 2024
136,000,000
284,785
1 On 27 January 2023, the Company granted 1,000,000 performance rights expiring 1 December 2023 to
a Consultant. The performance rights were valued at $0.029 per right, being the share price on the grant
date, which reflects fair value in line with AASB 2 Share-Based Payment.
2 On 1 October 2023, 500,000 Performance Rights expired unexercised, as the conditions were unable
to be satisfied.
3 On 4 December 2023, 500,000 Performance Rights were converted to ordinary shares on satisfaction
of a performance condition.
4 On 4 December 2023, the Company issued 27,500,000 Incentive Performance Rights (“Rights”),
22,500,000 of which were issued to Directors. The performance rights were valued at $0.0204, $0.0255,
$0.03473, $0.03539, $0.04037, $0.04558 and $0.058 per right, being the share price on the grant date,
which reflects fair value in line with AASB 2 Share-Based Payment.
5 On 12 December 2023, 4,000,000 Performance Rights converted to ordinary shares on satisfaction of a
performance condition.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
56
11.
RESERVES (CONTINUED)
6 On 27 December 2023, 6,000,000 Performance Rights were issued to an employee of the company.
The performance rights were valued at $0.0165, $0.0204 and $0.058 per right, being the share price on
the grant date, which reflects fair value in line with AASB 2 Share-Based Payment.
7 On 24 January 2024, 500,000 Performance Rights expired unexercised.
8 On 24 January 2024, 1,000,000 Performance Rights converted to ordinary shares on satisfaction of a
performance condition.
9 On 1 May 2024, 1,500,000 Performance Rights lapsed, as the conditions were unable to be satisfied.
10 On 29 May 2024, 1,000,000 Performance Rights converted to ordinary shares on satisfaction of a
performance condition.
11 On 8 February 2024, the Company issued 160,217,391 Performance Shares, 150,507,247 of which
were issued to Directors. The performance shares were valued at $0.027 per share, being the share
price on the grant date, which reflects fair value in line with AASB 2 Share-Based Payment.
12 On 20 May 2024, 50,217,391 Performance Shares converted to ordinary shares on satisfaction of a
performance condition.
12. SHARE-BASED PAYMENTS
On 30 November 2023, the Company issued 6,500,000 unlisted options exercisable at $0.05 each, expiring
30 November 2025 to Directors.
On 4 December 2023, the Company issued 5,000,000 unlisted options exercisable at $0.04 each, expiring
4 December 2025 to the Placement Advisor.
On 2 May 2024, the Company issued 2,000,000 unlisted options exercisable at $0.075 to Mr Mark
Thompson, expiring 30 April 2027, for assuming the role of Non-Executive Director of the Company.
The Black-Scholes option pricing model was used to value the options and the following table lists the
inputs to the model used for the valuation of the options:
Grant Date
Expiry Date
Exercise
Price
Share Price
at Grant
Date
Expected
Volatility
Risk-free
Interest
Rate
Fair Value
per Option
30/11/2023
30/11/2025
$0.05
$0.031
85%
4.081%
$0.0141
04/12/2023
04/12/2025
$0.04
$0.041
100%
4.112%
$0.0224
02/05/2024
30/04/2027
$0.075
$0.048
85%
4.055%
$0.0222
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
57
12.
SHARE BASED PAYMENTS (CONTINUED)
On 4 December 2023, the Company granted 27,500,000 Incentive Performance Rights, expiring 29
November 2025, to key management personnel and employees of the Company. The performance rights
were valued at $0.0204, $0.0255, $0.03473, $0.03539, $0.04037, $0.04558 and $0.058 per right, being
the share price on the grant date, which reflects fair value in line with AASB 2 Share-Based Payment. On
30 April 2024, 1,500,000 Performance Rights lapsed, as the conditions were unable to be satisfied.
On 27 December 2023, 6,000,000 Performance Rights were issued to an employee of the company. The
performance rights were valued at $0.0165, $0.0204 and $0.058 per right, being the share price on the
grant date, which reflects fair value in line with AASB 2 Share-Based Payment.
On 8 February 2024 the Company issued 160,217,391 performance shares to vendors of the Karratha
Lithium Project.
13. EARNINGS PER SHARE
Consolidated
2024
Consolidated
2023
$
$
Loss after income tax (used in calculating both basic and diluted loss
per share)
(2,628,430)
(1,489,738)
Cents
Cents
Basic loss per share (cents)
(0.36)
(0.66)
Diluted loss per share (cents)
(0.36)
(0.66)
Number
Number
Weighted average number of ordinary shares used in calculating
basic and diluted EPS
728,069,061
224,488,940
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
58
14. INCOME TAX EXPENSE
A reconciliation between the income tax expense and the product of accounting profit before income
tax multiplied by the Group’s applicable income tax rate is as follows:
Consolidated
2024
Consolidated
2023
$
$
Loss before income tax
(2,628,430)
(2,308,322)
Prima facie benefit on operation loss at 30% (2023: 25%)
(788,529)
(577,080)
Non-allowable expenditure
255,479
18,137
Non-assessable income
-
-
Temporary differences not brought to account as a deferred tax
asset / (liability)
(768,179)
(329,065)
Tax losses not brought to account as a deferred tax asset
1,301,229
888,008
Income tax benefit
-
-
Unrecognised tax losses
14,873,597
11,960,939
A potential deferred tax asset, attributable to tax losses carried forward, amounts to approximately
$4,462,079 (2023: $2,990,235) and has not been brought to account at reporting date because the
directors do not believe it is appropriate to regard realisation of the deferred tax asset as probable at
this point in time. This benefit will only be obtained if:
•
the Group derives future assessable income of a nature and of an amount sufficient to enable the
benefit from the deductions for the loss incurred;
•
the Group continues to comply with the conditions for deductibility imposed by law; and
•
no changes in tax legislation adversely affect the Group in realising the benefit from the
deductions for the loss incurred.
•
the Group continues to comply with the conditions for deductibility imposed by law; and
•
no changes in tax legislation adversely affect the Group in realising the benefit from the
deductions for the loss incurred.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
59
15.
CASH FLOW INFORMATION
Reconciliation of cash flow from operating activities with loss after income tax:
Consolidated
2024
Consolidated
2023
$
$
Loss after income tax
(2,628,430)
(2,308,322)
Add / (deduct) non-cash items:
Share based payment expense
851,596
72,548
Depreciation
28,844
10,787
Impairment of exploration expenditure
-
1,000,000
Loss on sale of investments
-
92,679
Changes in assets and liabilities:
Other current assets
(5,710)
(31,955)
Trade and other payables
44,895
10,682
Provisions
41,604
36,607
Cash outflows from operating activities
(1,667,201)
(1,116,974)
16. RELATED PARTY TRANSACTIONS
a)
Key Management Personnel Compensation
Consolidated
2024
Consolidated
2023
$
$
Short-term employee benefits – Cash, salary and fees
593,522
440,996
Post-employment benefits
48,746
29,761
Share-based payment
765,717
-
1,407,985
470,757
b) Transactions with Related Parties
There were no other transactions with related parties other than through Key Management Personnel
Compensation above.
c)
Amount owing from / (to) Related Parties
There were no amounts owing from / (to) related parties at 30 June 2024 (2023: nil).
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
60
17. AUDITOR’S REMUNERATION
Consolidated
2024
Consolidated
2023
$
$
Audit services
Audit or review of the financial statements
33,286
28,109
33,286
28,109
18. COMMITMENTS
Operating lease commitments consists of various mining tenement leases in Western Australia (Woodie
Woodie North, Comet, Pilbara Lithium).
The Group has annual minimum expenditure commitments of $450,460 (2023: $473,000).
19. OPERATING SEGMENTS
The Group has identified its operating segments based on the internal reports that are used by the Board
(the chief operating decision makers) in assessing performance and in determining the allocation of
resources. The operating segments are identified by the Board based on the phase of operation within
the mining industry.
For management purposes, the Group has organised its operations into one reportable segment on the
basis of stage of development as follows:
•
Exploration and evaluation assets, which includes assets that are associated with the
determination and assessment of the existence of commercial economic reserves.
The Board as a whole will regularly review the identified segments in order to allocate resources to the
segment and to assess its performance. During the years ended 30 June 2024 and 30 June 2023, the Group
had no development assets. The Board considers that it has only operated in one segment, being mineral
exploration. The Group is domiciled in Australia. Another income from external customers are only
generated from Australia. No income was derived from a single external customer.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
61
20. CONTROLLED ENTITIES
The consolidated financial statements incorporate the assets, liabilities and results of the following
wholly-owned subsidiaries in accordance with the accounting policy described in Note 1.
Country of
Incorporation
Principal Activities
Ownership
2024 (%)
Ownership
2023 (%)
Volcanic Resources Pty Ltd
Australia
Exploration
100 1
100 1
Attstar Pty Ltd
Australia
Exploration
100 2
100 2
Mt Sholl Holdings Pty Ltd
Australia
Exploration
100 3
-
1 Volcanic Resources Pty Ltd was acquired on 27 November 2020.
2 Attstar Pty Ltd was acquired on 15 February 2022.
3 Mt Sholl Holdings Pty Ltd was acquired on 8 February 2024.
21. PARENT ENTITY DISCLOSURES
The following information has been extracted from the books and records of the legal parent, being
Accelerate Resources Limited and has been prepared in accordance with Accounting Standards.
2024
$
2023
$
Financial Position
Total current assets
2,111,409
2,190,608
Total non-current assets
10,579,867
5,844,312
Total assets
12,691,276
8,034,920
Total current liabilities
927,760
421,232
Total liabilities
927,760
421,232
Net assets
11,763,516
7,613,688
Issued capital
22,195,661
16,169,011
Reserves
3,547,163
2,795,555
Accumulated losses
(13,979,308)
(11,350,878)
Total equity
11,763,516
7,613,688
Financial Performance
Loss for the year
(2,628,430)
(2,308,322)
Other comprehensive income
-
268,208
Total comprehensive loss
(2,628,430)
(2,040,114)
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
62
21. PARENT ENTITY DISCLOSURES (CONTINUED)
The Parent Entity has no capital commitments and has not entered into a deed of cross guarantee nor are
there any contingent liabilities, apart from that mentioned in Note 24, at the year end.
22. FINANCIAL RISK MANAGEMENT
The Group has exposure to the following risks from their use of financial instruments:
•
credit risk;
•
liquidity risk; and
•
market risk.
This note presents information about the Group’s exposure to each of the above risks, their objectives,
policies and processes for measuring and managing risk, and the management of capital.
The Board of Directors has overall responsibility for the establishment and oversight of the risk
management framework. Management monitors and manages the financial risks relating to the
operations of the Group through regular reviews of the risks.
Credit risk
The maximum exposure to credit risk, excluding the value of any collateral or other security, at reporting
date to recognised financial assets, is the carrying amount, net of any provisions for impairment of those
assets, as disclosed in the statement of financial position and notes to the financial statements.
The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient
collateral where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group’s
exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value
of transactions is spread amongst approved counterparties.
Credit risk related to balances with banks and other financial institutions is managed by the board. The
board’s policy requires that surplus funds are only invested with counterparties with a Standard & Poor’s
rating of at least AA-. All of the Group’s surplus funds are invested with AA- Rated financial institutions.
The Group does not have any material credit risk exposure to any single receivable or Group of receivables
under financial instruments entered into by the Group.
The credit risk for counterparties included in cash and cash equivalents as at 30 June 2024 is detailed
below:
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
63
22. FINANCIAL RISK MANAGEMENT (CONTINUED)
Consolidated
2024
$
Consolidated
2023
$
Financial assets:
Cash and cash equivalents
1,952,261
2,037,164
1,952,261
2,037,164
Liquidity risk
The responsibility with liquidity risk management rests with the Board of Directors. The Group manages
liquidity risk by monitoring forecast cash flows and ensuring that adequate working capital is maintained.
The Group’s policy is to ensure that it has sufficient cash reserves to carry out its planned exploration
activities over the next 12 months.
The Group’s financial instrument liabilities of $785,692 are expected to be paid within one year.
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and
equity prices will affect the Group’s income or the value of its holdings of financial instruments.
Interest rate risk
The Group does not have any exposure to interest rate risk as there were no external borrowings at 30
June 2024 (2023: nil). Interest bearing assets are all short-term liquid assets and the only interest rate risk
is the effect on interest income by movements in the interest rate. There is no other material interest rate
risk.
Fair values
The net fair values of financial assets and financial liabilities approximate their carrying value. The
methods for estimating fair value are outlined in the relevant notes to the financial statements.
23. EVENTS SUBSEQUENT TO BALANCE DATE
On 1 July 2024, the Company issued 750,000 unlisted options exercisable at $0.075 each, expiring on 30
June 2027 to an employee of the Company.
On 14 August 2024, the Company issued 1,000,000 ordinary shares on conversion of 1,000,000
performance rights.
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
64
23. EVENTS SUBSEQUENT TO BALANCE DATE (CONTINUED)
On 23 August 2024, the Company advised that it had transferred its share registry responsibility from
Automic Pty Ltd to Xcend Pty Ltd.
There are no other matters or circumstances that have arisen since 30 June 2024 to the date of this report
that have significantly affected, or may significantly affect the Group’s operations, the results of those
operations, or the Group’s state of affairs in future financial years.
24. CONTINGENT LIABILITIES AND ASSETS
At 30 June 2024, there was contingent consideration payable of 8,000,000 ordinary shares relating to the
acquisition of Halcyon Resources Pty Ltd on 18 November 2019. These contingent consideration shares
are payable based on Accelerate Resources announcing on ASX platform upon shipment(s) of 50,000 tons
of Kaolin Clay or derived product from the Project (E70/4969).
There were no other contingent liabilities or assets at 30 June 2024 (2023: nil).
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
65
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
Accelerate Resources Limited ABN 33 617 821 771 and controlled entities
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
Name
Type of Entity
Trustee,
partner or
participant
in JV
% of
share
Place of
business/
country of
incorporation
Australian
resident or
foreign
resident
Foreign
jurisdiction(s)
of foreign
residents
Accelerate Resources Limited
Volcanic Resources Pty Ltd
Attstar Pty Ltd
Mt Sholl Holdings Pty Ltd
Body Corporate
Body Corporate
Body Corporate
Body Corporate
n/a
n/a
n/a
n/a
100%
100%
100%
100%
Australia
Australia
Australia
Australia
Australian
Australian
Australian
Australian
n/a
n/a
n/a
n/a
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
DIRECTORS’ DECLARATION
66
In the opinion of the Directors of the Group:
a)
The financial statements and notes set out on the preceding pages are in accordance with the
Corporations Act 2001 including:
i
Giving a true and fair view of the financial position of the Group as at 30 June 2024 and of its
performance for the financial year ended on that date; and
ii
Complying with Australian Accounting Standards (including the Australian Accounting
Interpretations), the Corporations Regulations 2001 and other mandatory professional
reporting requirements; and
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;
c)
The financial statements and notes are in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards Board.
d)
The information disclosed in the consolidated entity disclosure statement is true and correct.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of the Directors made pursuant to section 295(5)(a) of Corporations
Act 2001.
Yaxi Zhan
Executive Director
30 September 2024
Perth
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ACCELERATE RESOURCES LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Accelerate Resources Limited (“the Company”) and its subsidiaries
(“the Consolidated Entity”), which comprises the consolidated statement of financial position as at 30 June
2024, 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 financial statements, including material accounting policy information, the consolidated entity
disclosure statement and the director’s declaration.
In our opinion:
a.
the accompanying financial report of the Consolidated Entity is in accordance with the Corporations Act
2001, including:
(i)
giving a true and fair view of the Consolidated Entity’s financial position as at 30 June 2024 and
of its financial performance for the year then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
b.
the financial report also complies with International Financial Reporting Standards as disclosed in Note
1.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Consolidated Entity in accordance with the auditor independence
requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and
Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant
to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in
accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 1 in the financial report which indicates that the Consolidated Entity incurred a net
loss of $2,628,430 during the year ended 30 June 2024. As stated in Note 1, these events or conditions, along
with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant
doubt on the Consolidated Entity’s ability to continue as a going concern. Our opinion is not modified in this
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 financial report of the current period. These matters were addressed in the context of our audit of the
financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Key Audit Matter
How our audit addressed the Key Audit Matter
Exploration and Evaluation Expenditure
The carrying amount of exploration and evaluation
expenditure as at 30 June 2024 was $9,237,645.
Exploration and evaluation expenditure is a key audit
matter due to:
•
The significance of the balance to the
Company’s financial position;
•
The
level
of
judgement
required
in
evaluating management’s application of the
requirements of AASB 6 Exploration for and
Evaluation of Mineral Resources (“AASB
6”). AASB 6 is an industry specific
accounting
standard
requiring
the
application
of
significant
judgements,
estimates and industry knowledge. This
includes
specific
requirements
for
expenditure to be capitalised as an asset
and subsequent requirements which must
be complied with for capitalised expenditure
to continue to be carried as an asset; and
•
The
assessment
of
impairment
of
exploration and evaluation expenditure
being inherently difficult.
Our procedures included, amongst others:
•
Assessed management’s determination of
its areas of interest for consistency with the
definition in AASB 6. This involved analysing
the tenements in which the Company holds
an interest and the exploration programmes
planned for those tenements;
•
Agreed the terms of acquisition agreements
and on a sample basis corroborated rights to
tenure to government registries and relevant
agreements as applicable; For each area of
interest, we assessed the Company’s rights
to tenure by corroborating to government
registries and evaluating agreements in
place with other parties as applicable;
•
Considered the activities in each area of
interest to date and assessed the planned
future activities for each area of interest by
evaluating budgets;
•
Substantiated a sample of expenditure by
agreeing to supporting documentation;
•
We assessed each area of interest for one
or more of the following circumstances that
may indicate impairment of the capitalised
Key Audit Matter
How our audit addressed the Key Audit Matter
expenditure:
o
the licenses for the right to explore
expiring in the near future or are not
expected
to
be
renewed;
o
substantive expenditure for further
exploration in the specific area is
neither budgeted or planned;
o
decision or intent by the Company to
discontinue activities in the specific
area of interest due to lack of
commercially viable quantities of
resources; and
o
data indicating that, although a
development in the specific area is
likely to proceed, the carrying
amount of the exploration asset is
unlikely to be recovered in full from
successful development or sale.
•
Assessed the
appropriateness of the
disclosures included in the relevant notes to
the financial statements.
Accounting for share-based payments
As disclosed in Notes 11 and 12 to the financial
statements, during the year ended 30 June 2024 the
Consolidated Entity incurred share-based payments
expenses of $851,596.
Share based payments are considered to be a key
audit matter due to:
•
the value of the transactions;
•
the complexities involved in the recognition
and measurement of these instruments; and
•
the judgement involved in determining the
inputs used in the valuations.
Our procedures amongst others included:
•
Analysing agreements to identify the key
terms and conditions of share based
payments issued and relevant vesting
conditions in accordance with AASB 2 Share
Based Payments;
•
Evaluating valuation models and assessing
the assumptions and inputs used;
•
Assessing the amount recognised during the
year in accordance with the vesting
conditions of the agreements;
•
Assessing the achievement of relevant
milestones; and
•
Assessing the adequacy of the disclosures
included in notes 11 and 12 to the financial
statements.
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Consolidated Entity’s annual report for the year ended 30 June 2024, but does not include the
financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report 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 the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such
internal control as the directors determine is necessary to enable the preparation of the financial report that
gives a true and fair view and is free from material misstatement, whether due to fraud or error, and the
consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to
fraud or error. In Note 1, the directors also state in accordance with Australian Accounting Standard AASB 101
Presentation of Financial Statements, that the financial report complies with International Financial Reporting
Standards.
In preparing the financial report, the directors are responsible for assessing the Consolidated Entity’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 Consolidated Entity or to cease
operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report 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 the Australian Auditing Standards 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 this
financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement
and maintain professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial report, 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 Consolidated Entity’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
•
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 Consolidated Entity’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 financial report 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 Consolidated Entity to cease to
continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report 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 Consolidated Entity to express an opinion on the financial report. We are
responsible for the direction, supervision and performance of the Consolidated Entity 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.
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, related safeguards.
From the matters communicated with the directors, we determine those matters that were of most significance
in the audit of the financial report 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 the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30 June 2024.
The directors of the Company are responsible for the preparation and presentation of the remuneration report
in accordance with s 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
remuneration report, based on our audit conducted in accordance with Australian Auditing Standards.
Auditor’s Opinion
In our opinion, the Remuneration Report of Accelerate Resources Limited, for the year ended 30 June 2024,
complies with section 300A of the Corporations Act 2001.
HALL CHADWICK WA AUDIT PTY LTD
CHRIS NICOLOFF CA
Director
Dated this 30th day of September 2024
Perth, Western Australia
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
67
SCHEDULE OF MINING TENEMENTS HELD AT THE REPORT DATE
Project
Tenement
Number
Status
Location
Beneficial
Percentage Interest
Comet
E20/908
Granted
Western Australia
100%
Comet
E20/970
Granted
Western Australia
100%
Comet
E21/213
Granted
Western Australia
100%
Comet
E21/214
Granted
Western Australia
100%
Comet
E20/965
Granted
Western Australia
100%
Comet
E20/1000
Application
Western Australia
100%
Comet
E21/217
Application
Western Australia
100%
Woodie Woodie North
E45/5854
Granted
Western Australia
100% Mn and Fe
Right
Woodie Woodie North
E45/5088
Granted
Western Australia
100% Mn and Fe
Right
Woodie Woodie North
E45/5978
Granted
Western Australia
100%
Woodie Woodie North
E45/6100
Granted
Western Australia
100%
Woodie Woodie North
E45/5907
Granted
Western Australia
100%
Woodie Woodie North
E45/5942
Granted
Western Australia
100%
Woodie Woodie North
E45/6508
Application
Western Australia
100%
Woodie Woodie North
E45/6603
Application
Western Australia
100%
Woodie Woodie North
E45/6956
Application
Western Australia
100%
East Pilbara Lithium
E45/6279
Granted
Western Australia
100%
East Pilbara Lithium
E45/6416
Application
Western Australia
100%
East Pilbara Lithium
E45/6604
Application
Western Australia
100%
East Pilbara Lithium
E45/6615
Application
Western Australia
100%
East Pilbara Lithium
E45/6634
Application
Western Australia
100%
Windi Lithium
E46/1522
Granted
Western Australia
100%
Karratha Lithium
E47/3173
Granted
Western Australia
AX8 75%
Karratha Lithium
E47/3143
Granted
Western Australia
AX8 75%
Karratha Lithium
E47/5135
Application
Western Australia
100%
Karratha Lithium
E47/5137
Application
Western Australia
100%
Karratha Lithium
E47/5139
Application
Western Australia
100%
Karratha Lithium
E47/5142
Application
Western Australia
100%
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
68
Project
Tenement
Number
Status
Location
Beneficial
Percentage Interest
Karratha Lithium
E47/5144
Application
Western Australia
100%
Karratha Lithium
E47/5145
Application
Western Australia
100%
Karratha Lithium
E47/5146
Application
Western Australia
100%
Karratha Lithium
P47/1850
Granted
Western Australia
AX8 75%
Karratha Lithium
P47/1851
Granted
Western Australia
AX8 75%
Karratha Lithium
M47/339
Granted
Western Australia
AX8 75%
Karratha Lithium
M47/248
Granted
Western Australia
AX8 75%
Karratha Lithium
P47/1754
Granted
Western Australia
AX8 100%
Karratha Lithium
P47/1755
Granted
Western Australia
AX8 100%
Karratha Lithium
P47/1796
Granted
Western Australia
AX8 100%
Karratha Lithium
P47/1797
Granted
Western Australia
AX8 100%
Karratha Lithium
P47/1798
Granted
Western Australia
AX8 100%
Karratha Lithium
L47/779
Granted
Western Australia
AX8 100%
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
69
ASX ADDITIONAL INFORMATION
Additional information required by the ASX Limited Listing Rules not disclosed elsewhere in this Annual Report
is set out below. The information is current as at 26 September 2024.
SHAREHOLDINGS
The issue capital of the Company as at 26 September 2024 is 380,601,756 ordinary fully paid shares. As at 26
September 2024 there are no substantial holders.
Distribution of Shareholders
No. of Holders
No. of Shares
1 - 1000
39
4,970
1001 - 5000
25
96,570
5001 - 10,000
104
923,258
10,001 - 100,000
570
25,200,601
100,001 and above
546
635,963,313
1284
662,188,712
Number holding less than a marketable parcel
33
930
Position
Holder Name
Holding
% IC
1
GRANT MOONEY
38,429,156
5.80%
2
KELLY JANE THOMPSON
22,391,304
3.38%
3
MARK THOMPSON
22,043,481
3.33%
4
SWANCAVE PTY LTD
13,400,000
2.02%
5
MR CRAIG MICHAEL LAKE &
MRS JUDITH MAY LAKE
12,000,000
1.96%
6
SILVERPEAK NOMINEES PTY LTD
11,132,653
1.68%
7
MR ANTON WASYL MAKARYN &
MRS MELANIE FRANCES MAKARYN
11,000,000
1.66%
8
CITICORP NOMINEES PTY LIMITED
10,293,486
1.55%
9
GELLI PTY LTD
8,000,000
1.21%
10
BUTTONWOOD NOMINEES PTY LTD
7,487,628
1.13%
11
YAXI ZHAN
7,310,009
1.10%
12
BATAVIA CAPITAL PTY LTD
7,000,000
1.06%
13
SAMANTHA JANE MOONEY
6,521,739
0.98%
14
ADRIATIC PTY LTD
6,500,000
0.98%
15
RLS SUPER INVESTMENTS PTY LTD
6,400,000
0.97%
16
BNP PARIBAS
6,392,828
0.97%
17
STONE PONEYS NOMINEES PTY LTD
6,100,000
0.92%
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
70
Position
Holder Name
Holding
% IC
18
MR TERRY LESLIE GALLAGHER
6,000,000
0.91%
19
WELCOME EXPLORATION PTY LTD
6,000,000
0.91%
20
GANDRIA CAPITAL PTY LTD
5,850,000
0.88%
Total
221,252,284
33.41%
OPTION HOLDINGS
The Company has the following classes of options on issue at 30 September 2024 as detailed below.
Class
Type
Terms
No. of
Options
AX8OPT1
Unlisted Options
UNL OPT EXP 16/11/2024 @ $0.0593
4,500,000
AX8OPT2
Unlisted Options
UNL OPT EXP 01/02/2025 @ $0.059
1,000,000
AX8OPT3
Unlisted Options
UNL OPT EXP 22/10/2024 @ $0.10
10,000,000
AX8OPT4
Unlisted Options
UNL OPT EXP 28/12/2024 @ $0.05
58,571,376
AX8OPT5
Unlisted Options
UNL OPT EXP 27/01/2025 @ $0.05
2,250,000
AX8OPT6
Unlisted Options
UNL OPT EXP 01/12/2024 @ $0.05
1,000,000
AX8OPT7
Unlisted Options
UNL OPT EXP 30/11/2026 @ $0.05
6,500,000
AX8OPT8
Unlisted Options
UNL OPT EXP 27/11/2024 @ $0.0957
9,000,000
AX8OPT9
Unlisted Options
UNL OPT EXP 04/12/2025 @ $0.04
5,000,000
AX8OPT13
Unlisted Options
UNL OPT EXP 30/04/2027 @$0.075
2,000,000
AX8OPT14
Unlisted Options
UNL OPT EXP 30/06/2027 @$0.075
750,000
Total
100,571,376
Security Class: AX8OPT1 - UNL OPT EXP 16/11/2024 @ $0.0593
Range
Option Holder
Holdings
Percentage
1 - 1000
0
0
0.00
1001 - 5000
0
0
0.00
5001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 and above
3
4,500,000
100.00
Total
3
4,500,000
100.00
The following Option holders hold more than 20% of the Company’s Unlisted Options (AX8OPT1).
Pos
Option Holder
Holding
% IC
1
EMPF INVESTMENT PTY LTD
2,000,000
44.44
2
SILVERPEAK NOMINEES PTY
LTD
1,500,000
33.33
3
GRANT JONATHAN MOONEY
1,000,000
22.22
Security Class: AX8OPT2 - UNL OPT EXP 01/02/2025 @ $0.059
Range
Option Holder
Holdings
Percentage
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
71
1 - 1000
0
0
0.00
1001 - 5000
0
0
0.00
5001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 and above
1
1,000,000
100.00
Total
1
1,000,000
100.00
The following Option holders hold more than 20% of the Company’s Unlisted Options (AX8OPT2).
Pos
Option Holder
Holding
% IC
1
STEPHEN BRUCE BODON
1,000,000
100.00
Security Class: AX8OPT3 - UNL OPT EXP 22/10/2024 @ $0.10
Range
Option Holder
Holdings
Percentage
1 - 1000
0
0
0.00
1001 - 5000
0
0
0.00
5001 - 10,000
0
0
0.00
10,001 - 100,000
2
200,000
2.00
100,001 and above
9
9,800,000
98.00
Total
11
10,000,000
100.00
The following Option holders hold more than 20% of the Company’s Unlisted Options (AX8OPT3).
Pos
Option Holder
Holding
% IC
1
WMT RESOURCES PTY LTD
2,990,000
29.90
Security Class: AX8OPT4 - UNL OPT EXP 28/12/2024 @ $0.05
Range
Option Holder
Holdings
Percentage
1 - 1000
0
0
0.00
1001 - 5000
0
0
0.00
5001 - 10,000
0
0
0.00
10,001 - 100,000
15
1,297,742
2.22
100,001 and above
111
57,273,634
97.78
Total
126
58,571,376
100.00
Security Class: AX8OPT5 - UNL OPT EXP 27/01/2025 @ $0.05
Range
Option Holder
Holdings
Percentage
1 - 1000
0
0
0.00
1001 - 5000
0
0
0.00
5001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 and above
3
2,250,000
100.00
Total
3
2,250,000
100.00
The following Option holders hold more than 20% of the Company’s Unlisted Options (AX8OPT5).
Pos
Option Holder
Holding
% IC
1
OOFY PROSSER PTY LTD
1,500,000
66.67
Security Class: AX8OPT6 - UNL OPT EXP 01/12/2024 @ $0.05
Range
Option Holder
Holdings
Percentage
1 - 1000
0
0
0.00
1001 - 5000
0
0
0.00
5001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 and above
1
1,000,000
100.00
Total
1
1,000,000
100.00
The following Option holders hold more than 20% of the Company’s Unlisted Options (AX8OPT6).
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
72
Pos
Option Holder
Holding
% IC
1
JOSEPH ALLEN PRINSIP
DRAKE-BROCKMAN
1,000,000
100.00
Security Class: AX8OPT7 - UNL OPT EXP 30/11/2026 @ $0.05
Range
Share Holders
Holdings
Percentage
1 - 1000
0
0
0.00
1001 - 5000
0
0
0.00
5001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 and above
4
6,500,000
100.00
Total
4
6,500,000
100.00
The following Option holders hold more than 20% of the Company’s Unlisted Options (AX8OPT7).
Pos
Option Holder
Holding
% IC
1
SILVERPEAK NOMINEES PTY
LTD
2,000,000
30.77
2
EMPF INVESTMENT PTY LTD
2,000,000
30.77
3
MR STEPHEN BRUCE BODON
1,500,000
23.08
Security Class: AX8OPT8 - UNL OPT EXP 27/11/2024 @ $0.0957
Range
Option Holder
Holdings
Percentage
1 - 1000
0
0
0.00
1001 - 5000
0
0
0.00
5001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 and above
3
9,000,000
100.00
Total
3
9,000,000
100.00
The following Option holders hold more than 20% of the Company’s Unlisted Options (AX8OPT8).
Pos
Option Holder
Holding
% IC
1
GRANT MOONEY
3,000,000
33.33
2
SILVERPEAK NOMINEES PTY
LTD
3,000,000
33.33
3
MISS YAXI ZHAN
3,000,000
33.33
Security Class: AX8OPT9 - UNL OPT EXP 04/12/2025 @ $0.04
Range
Option Holder
Holdings
Percentage
1 - 1000
0
0
0.00
1001 - 5000
0
0
0.00
5001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 and above
1
5,000,000
100.00
Total
1
5,000,000
100.00
The following Option holders hold more than 20% of the Company’s Unlisted Options (AX8OPT9).
Pos
Investor
Holding
% IC
1
ZENIX NOMINEES PTY LTD
5,000,000
100.00
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
73
Security Class: AX8OPT13 - UNL OPTIONS @ $0.075 EXP 30/04/2027
Range
Option Holder
Holdings
Percentage
1 - 1000
0
0
0.00
1001 - 5000
0
0
0.00
5001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 and above
1
2,000,000
100.00
Total
1
2,000,000
100.00
The following Option holders hold more than 20% of the Company’s Unlisted Options (AX8OPT13).
Pos
Investor
Holding
% IC
1
MARK THOMPSON
2,000,000
100.00
Security Class: AX8OPT14 - UNL OPTIONS @ $0.075 EXP 30/06/2027
Range
Share Holders
Holdings
Percentage
1 - 1000
0
0
0.00
1001 - 5000
0
0
0.00
5001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 and above
1
750,000
100.00
Total
1
750,000
100.00
The following Option holders hold more than 20% of the Company’s Unlisted Options (AX8OPT13).
Pos
Option Holder
Holding
% IC
1
DIEGO ALEJANDRO MUNOZ
SOTO
750,000
100.00
PERFORMANCE RIGHTS HOLDINGS
The Company has the following performance rights on issue at 30 September 2024 as detailed below.
Range
Holders
Holdings
Percentage
1 - 1000
0
0
0.00
1001 - 5000
0
0
0.00
5001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 and above
4
25,000,000
100.00
Total
4
25,000,000
100.00
The following Performance Rights holders hold more than 20% of the Company’s Performance Rights
Pos
Holders
Holding
% IC
1
EMPF INVESTMENT PTY LTD
10,000,000
40.00
2
SILVERPEAK NOMINEES PTY LTD
7,000,000
28.00
3
LUKE ARTHUR METER
5,000,000
20.00
PERFORMANCE SHARES
The Company has the following performance Shares on issue at 30 September 2024 as detailed below.
Range
Holders
Holdings
Percentage
1 - 1000
0
0
0.00
1001 - 5000
0
0
0.00
5001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 and above
6
110,000,000
100.00
Total
6
110,000,000
100.00
ACCELERATE RESOURCES LIMITED
Consolidated Annual Report for the Year Ended 30 June 2024
74
The following Performance shares holders hold more than 20% of the Company’s Performance Shares
Pos
Holders
Holding
% IC
1
GRANT JONATHAN
MOONEY
41,666,667
37.88
2
MR MARK THOMPSON
28,166,666
25.61
3
MRS KELLY JANE
THOMPSON
23,500,001
21.36
RESTRICTED SECURITIES
Restricted Class
No. of Securities
Restriction Period
Fully paid ordinary shares
31,817,155
Escrow Shares Till 08/02/2025
(Voluntary Escrow)
Fully paid ordinary shares
40,434,780
Escrow Shares Till 08/02/2025
(ASX Restricted Shares as per Listing Rule 10.1)
VOTING RIGHTS
The holders of ordinary shares are entitled to one vote per share at meetings of the Company. Options,
Performance Rights and Performance Shares do not carry any rights to vote.
ON-MARKET BUY BACK
There is no current on-market buy back.