ALCHEMY RESOURCES LIMITED
ABN 17 124 444 122
ANNUAL REPORT
For the year ended 30 June 2025
ALCHEMY RESOURCES LIMITED
CONTENTS
30 June 2025
1
Corporate directory
2
Chair's letter
3
Directors' report
4
Auditor's independence declaration
37
Statement of profit or loss and other comprehensive income
38
Statement of financial position
39
Statement of changes in equity
40
Statement of cash flows
41
Notes to the financial statements
42
Consolidated entity disclosure statement
58
Directors' declaration
59
Independent auditor's report to the members of Alchemy Resources Limited
60
Shareholder information
64
Tenement schedule
66
Annual mineral resource statement
68
ALCHEMY RESOURCES LIMITED
CORPORATE DIRECTORY
30 June 2025
2
Directors & Management
Lindsay Dudfield - Non-Executive Chair
Liza Carpene - Non-Executive Director
Anthony Ho - Non-Executive Director
James Wilson - Chief Executive Officer
Company secretary
Carly Terzanidis
Registered office
Ground Floor, 41 Colin Street
West Perth WA 6005
Principal place of business
Unit 9, 50 Oxford Close
West Leederville WA 6007
Telephone: +61 (8) 9481 4400
Email: admin@alchemyresources.com.au
Web: www.alchemyresources.com.au
Share register
Automic Group
Level 5, 191 St Georges Terrace
Perth WA 6000
Telephone: +61 (2) 9698 5414
Auditor
BDO Audit Pty Ltd
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
Bankers
National Australia Bank
226 Main Street
Osborne Park WA 6017
Stock exchange listing
Alchemy Resources Limited shares are listed on the Australian Securities
Exchange (ASX code: ALY)
ALCHEMY RESOURCES LIMITED
CHAIR'S LETTER
30 June 2025
3
Chair's letter
Dear Fellow Shareholders
On behalf of the Board of Directors, I am pleased to present the Annual Report of Alchemy Resources Limited
(‘Alchemy’) for the year ended 30 June 2025.
The past year has been a transformative one for Alchemy, marked by significant achievements across our
diversified portfolio and by the laying of strong foundations for a period of sustained exploration activity. With five
key projects, each with the potential to host “company-making” discoveries, Alchemy is well positioned to capitalise
on improving investor sentiment towards critical minerals and gold.
Importantly, during the period we laid the groundwork for drilling of three high priority targets: high-grade copper
and gold at Yellow Mountain, lithium at Roe Hills, and iron ore at Bryah.
A milestone achievement in FY2025 was the completion of a $6 million farm-in and joint venture with the Japan
Organization for Metals and Energy Security (‘JOGMEC’) over our Roe Hills Lithium Project in Western Australia.
Following Foreign Investment Review Board approval in late 2024, the partnership commenced in early 2025 with
detailed sampling and geophysical surveys, setting the stage for first pass drilling at Roe Hills, which commenced
in September 2025.
In New South Wales, we built on our strong relationship with Traditional Owners through the execution of access
agreements covering our Yellow Mountain, Overflow and West Lynn projects. Subsequent heritage surveys and
drill preparations were completed after the reporting period, with the first drill program in nearly four decades
undertaken at Yellow Mountain – a highly prospective copper-gold target – in August 2025.
We also strengthened our iron ore position by acquiring Carey Mining’s interest in the Bryah Iron Ore Joint Venture
in Western Australia, consolidating Alchemy’s ownership to 100% and streamlining the project for future exploration
and potential development.
Meanwhile, the Bryah Basin Gold Joint Venture with Catalyst Metals continues to progress at no cost to Alchemy,
providing further exposure to gold exploration success at a time of sustained record gold prices.
Our portfolio remains a rare combination of advanced, drill-ready opportunities across gold, lithium, copper and iron
ore. Each has the potential to deliver significant value for shareholders on exploration success. These achievements
are a testament to the dedication and persistence of Chief Executive Officer James Wilson and our small but highly
capable team, who have advanced our assets with energy and focus throughout the year.
I would like to thank my fellow Directors and, above all, you, our shareholders, for your continued support and
patience. We look forward to an exciting period ahead, with multiple drill programs now ready to unlock the potential
of Alchemy’s projects in the coming year.
Lindsay Dudfield
Chair
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
4
The directors present their report, together with the financial statements, on the consolidated entity (referred to
hereafter as the 'Group') consisting of Alchemy Resources Limited (referred to hereafter as the 'Company' or 'parent
entity') and the entities it controlled at the end of, or during, the year ended 30 June 2025.
Directors
The following persons were Directors of Alchemy Resources Limited during the whole of the financial year and up
to the date of this report, unless otherwise stated:
Lindsay Dudfield, Non-Executive Chair
Liza Carpene, Non-Executive Director
Anthony Ho, Non-Executive Director
Principal activities
During the financial year the principal continuing activities of the Group were exploration for gold, copper, lithium
and iron ore. During the year, there was no change in the nature of this activity.
Corporate
On 11 April 2025 the Company announced the proposed issue of a total 6,000,000 unquoted company options
exercisable at $0.015 expiring 31 December 2028, to be issued to Directors following shareholder approval to be
requested at the Company’s annual general meeting to be held in November 2025.
On 22 April 2025 the Company issued 10,000,000 options pursuant to the Employee Securities Incentive Plan to
employees and consultants.
During the year 5,300,000 unquoted options with various exercise prices and expiry dates expired.
The Company changed its registered address to Ground Floor, 41 Colin Street, West Perth WA 6005, and its
principal place of business address to Unit 9, 50 Oxford Close, West Leederville WA 6007.
Financial results
The loss for the Group after providing for income tax amounted to $1,303,572 (30 June 2024: $1,480,906).
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Operations and financial review
Alchemy’s activities are reported in announcements to the ASX, with highlights of the financial year ended 30 June
2025 summarised below (further details can be found at the Company’s website www.alchemyresources.com.au).
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
5
Figure 1: ALY Project Location Plan
SUMMARY
Work progressed at Alchemy’s 100% owned Karonie Gold-Lithium Project in Western Australia (WA). In September
2024 a Farm-in and Joint Venture (“JV”) agreement (“Agreement”) was executed with Japan Organization for Metals
and Energy Security (“JOGMEC”) for it to earn up to 51% of the Roe Hills tenure owned by the Company, by funding
up to $6,000,000 of exploration expenditure1. The Australian Government Foreign Investment Review Board
(“FIRB”) approval was received for the Agreement between Alchemy and JOGMEC in early December 20242 with
excellent progress made to rapidly approve exploration budgets under the Agreement. Field work commenced in
December 2024 on the first phase of exploration involving soil sampling consisting of infill and extension soils to
complete a tenement wide first pass assessment of lithium and pathfinder anomalism3. This was followed up by a
large LiDAR and Magnetics survey to assist with refinement of the geological model. A heritage survey was
completed to facilitate access into the Roe Hills farm-in tenure for future drill program access.
Soil sampling at the Manhattan prospect in the previous half year returned broad lithium anomalism in wide spaced
soils over a 10km x 6km zone. Manhattan is located to the east of Global Lithium Resources’ (ASX:GL1) Manna
Lithium deposit. Field checking of the area showed that there is no surface expression or outcrop, and further
mapping and sampling will be conducted in the future.
Reverse Circulation (“RC”) and aircore drilling targeting gold was completed at Karonie. Assay results returned
broad, low-grade mineralisation at the Monty prospect, south of the Parmelia prospect4. Importantly, the results
highlight mineralisation is continuous along strike from Alchemy’s Parmelia resource5, following the prospective
structure that is responsible for the majority of the gold deposits in the Aldiss area. Numerous anomalies occur
along this structure stretching from Parmelia in the north to K4 in the south over a 4km strike extent, highlighting
1 Refer ALY ASX announcement dated 30 September 2024 “Alchemy executes lithium partnership with Japanese Government Agency JOGMEC”
2 Refer ALY ASX announcement dated 2 December 2024 “FIRB approval for Lithium JV with JOGMEC”
3 Refer ALY ASX announcement dated 11 December 2024 “Soil sampling commenced at Roe Hills”
4 Refer ALY ASX announcement dated 24 December 2024 “Exploration Update”
5 Refer ALY ASX announcement dated 31 August 2021 “Maiden 111,100oz JORC 2012 Resource sets strong foundation for growth at Karonie”
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
6
prospectivity that is yet to be tested. Additionally, drilling plans are progressing for targets along strike of the Taupo
resource5, situated north of the Aldiss Mining operations along the same structural trend.
At the Bryah Basin Project (WA), Alchemy completed the acquisition of the remaining 50% interest in the iron ore
rights on its joint venture with Carey Mining Pty Ltd (“Carey Mining”)6. A heritage site avoidance survey was
completed at the Valley Bore iron ore prospect on M52/844-I, and Company geologists conducted a field trip to
Valley Bore to assess the area ahead of proposed drilling of the high-grade hematite iron ore outcrops.
At the Lachlan Projects in New South Wales (NSW), the Company executed the land access agreement with the
Ngemba, Ngiyampaa, Wangaaypuwan and Wayilwan People over EL8356, EL8318 and EL8631 and received
Ministerial approvals for the land access agreements. Heritage surveys at EL8356 were completed to facilitate drill
access into the Yellow Mountain Prospect area. Structural mapping and reconnaissance sampling was completed
which returned significant high-grade rock chip gold results at Overflow up to 22.7g/t Au and sampling at Yellow
Mountain returned mullock sample assays up to 28.4% Cu7.
KARONIE PROJECT
The Karonie Project includes 19 exploration licences covering ~1,147km2 of highly prospective mineralised
structures within Kurnalpi Terrain greenstones 100km east of Kalgoorlie (Figure 2). The Project is located adjacent
to Vault Minerals’ (ASX: VAU, “Vault Minerals”) Aldiss Mining Centre (reserves/resources of over 595,000oz @
2.0g/t Au8), within 50km of VAU’s Randalls processing plant. The Project covers areas of the under-explored,
Claypan Shear Zone commencing just 12km along strike to the south of Ramelius Resources’ (ASX: RMS,
“Ramelius”) Bombora deposit (resource of 1.7Moz @ 1.6g/t Au9) and extending up towards Northern Star
Resources (ASX: NST) Carosue Dam Mine in the north. Alchemy announced a maiden Resource for the KZ5,
Taupo and Parmelia prospects of 111koz in August 20215 (Table 1).
Table 1: Karonie Gold Project Inferred Mineral Resource Estimate (“MRE”) (0.8g/t Au cut-off)
JOGMEC FARM-IN AND JOINT VENTURE (E28/2681, E28/2880, E28/2976)1
Roe Hills lies along a distinctive structural trend from the pegmatite field that hosts the Manna Lithium deposit
(51.6Mt @ 1.0% Li2O10), 5km to the north-east and owned by GL1. Geological Survey of Western Australia
mapping has identified a high-density of narrow plagioclase dykes, porphyritic dykes and quartz veins adjacent to
a granite contact zone. Multi-element soil sampling conducted by Alchemy in 2018-2024 highlighted multiple areas
of low-level lithium anomalism and coincident pathfinder anomalism across a broad strike extent. Mapped dykes
appear to have a north-south strike extent, parallel to the greenstone/granite contact, however most of the areas
around the known mapped dykes are covered by alluvium and it is likely that the prospective dykes are far more
extensive than the known outcrops.
In September 2024, a Farm-in and JV agreement was signed between Alchemy and JOGMEC. The JV covers
sections of the Roe Hills target areas covering 248km2 of Alchemy’s 694km2 Karonie Project (Figure 2). The areas
are considered highly prospective for the discovery of lithium similar in style to the neighbouring Manna lithium
deposit located in the adjacent tenure to the east. JOGMEC has the right to earn 51% interest by expending
$6,000,000 by 31 March 2029.
In December 2024, Australian Government FIRB approval was received for the Farm-in and JV.
6 Refer ALY ASX announcement dated 3 June 2025 “Alchemy moves to 100% ownership of Bryah Iron Ore Project”
7 Refer ALY ASX announcement dated 24 September 2024 “Lachlan Field Work Highlights Strong Pipeline of Targets”
8 Refer Silver Lake Resources Ltd (ASX: SLR) ASX announcement dated 15 September 2021 “Mineral Resource, Ore Reserve Statement & Outlook to FY24”
9 Refer Breaker Resources NL (ASX: BRB) ASX announcement dated 20 December 2021 “Lake Roe Gold Project Mineral Resource Update”
10 Refer GL1 ASX announcement dated 12 June 2024 “43% Increase in Manna Lithium Deposit Mineral Resource”
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
7
Figure 2: Karonie and Lake Rebecca Projects location plan
Field work commenced immediately once approvals were obtained in December 2024. The first phase of
exploration involved soil sampling consisting of infill and extension soils to complete a tenement wide first pass
assessment of lithium and pathfinder anomalism. Previous work conducted by Alchemy in 2023 outlined multiple
broad large-scale anomalies to follow-up on. The latest sampling campaign is designed to infill the previous 400m
x 400m offset grid with 200m x 200m and 100m x 200m spaced sampling across the main areas of interest.
Soil sampling and acquisition of detailed LiDAR and magnetics data across the farm-in tenements were completed
at the end of the March 2025 quarter, and Alchemy geologists combined the datasets to assist with refinement of
geological models to guide future exploration efforts. Soil sampling identified multiple zones of coincident multi-
element pathfinder anomalism. The clustering serves as one of the criteria used to identify areas of interest for
follow-up work.
Detailed structural mapping in tandem with the extensive geochemical and geophysical datasets completed in the
previous quarter, highlighted three high priority areas for immediate follow-up. The target areas sit along a series
of prominent north-east trending structures, with pegmatite occurrences. Alchemy geologists commenced follow-
up field validation work to further refine these large target areas and detailed LiDAR analysis was completed to
enhance the resolution of small-scale structures across the large target areas.
TARGET AREAS
Assessment of the multi-layered dataset for Roe Hills was largely completed during the March 2025 quarter. The
current soil sampling dataset comprises 5,487 samples and detailed LiDAR and magnetics data across the farm-
in tenements. LiDAR data was sent to a specialist consultant for detailed interpretation.
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
8
In May 2025, Alchemy geologists were accompanied by JOGMEC geologists on a detailed mapping trip with a
specialist structural geological consultant. The aim of the trip was to complete regional scale mapping to better
understand the timing of pegmatite emplacement, and to identify priority target areas for follow-up. This work
identified three key priority target areas for follow-up summarised below:
Target T1: The target area covers a north-east striking structure which sits along strike to the south-west of the
Manna Lithium deposit operated by GL1. Multiple areas of pegmatite occurrences were mapped along this 6km x
2km structural corridor.
Target T2: The target covers a north-east striking structural corridor interpreted from magnetics data. Multiple
exposures of lepidolite bearing pegmatites occur within this zone which extends for roughly 5km x 1km. A large
portion of the structure is interpreted to be located under transported cover, including a major creek system.
Target T3: The target covers a north-east striking structural corridor intersecting coarse grained gabbro and
includes mapped pegmatites which trend parallel to the structure over an area of approximately 5km x 2.5km.
Figure 3: JOGMEC Farm-in and JV area at Roe Hills with target areas
Roe Hills Heritage Survey
A heritage survey was conducted in early March 2025 over the Roe Hills farm-in tenements aimed at clearing
areas ahead of future drilling. The survey was conducted with the assistance of the Kakarra A native title claimants.
No areas of significance were highlighted that could impact on proposed target areas.
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
9
Figure 4: Alchemy projects and survey area location
Figure 5: Alchemy geologists with Kakarra A heritage survey team
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
10
Figure 6: Alchemy geologists with Kakarra A heritage survey team
Figure 7: LiDAR survey drone
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
11
MANHATTAN SOIL SAMPLING (E28/2667)
The Manhattan prospect sits immediately east of GL1’s Manna project. Alchemy conducted shallow RAB drilling
for gold exploration in 201811 which intersected coarse grained fractionated dolerites in proximity to the regional
granite contact. The area has seen no modern exploration for lithium and only limited exploration for gold despite
being located along the Claypan Shear which extends towards Ramelius’ Lake Roe gold deposit nearby.
Multi-element soil sampling was conducted in early 2024. The program was undertaken on a 400m x 400m offset
grid with initial results recording lithium anomalism over a 10km x 6km zone in the centre of E28/2667 (Figure 8).
Work during the September 2024 quarter focussed on mapping and field validation of the anomalies at Manhattan
to determine the origin of the anomalism. Results of the mapping showed that there is no surface expression or
outcrop, and the decision was made to infill the existing 400m offset grid pattern to provide targeting detail. Further
work is planned to follow up on the large-scale anomalism.
Figure 8: Roe Hills and Manhattan lithium soil sampling results (Li ppm)12
KARONIE REGIONAL MULTI-ELEMENT BEDROCK GEOCHEMISTRY MAPPING (Gold)
Due to the high metamorphic grade of the Karonie belt, differentiating various mafic protolith units has presented
challenges. To address this, the Company is advancing a comprehensive 3D lithogeochemical model for the
region, aimed at enhancing the accuracy of future drill targeting for gold. As part of this effort, the Company has
re-assayed 189 pulps from RC drilling at the Parmelia, Warrior and Gilmore prospects using a 4-acid digest
method. These samples have been analysed for 48 elements and an additional 12 Rare Earth Elements (“REE”).
In conjunction with this, over the past two years, 251 samples from historical drill spoils have been collected and
are now being integrated into the analysis. Interpretation of the new data is underway, and results will be
incorporated into exploration planning. This work will significantly improve the geological understanding of the
Karonie region and support more precise drill targeting moving forward.
11 Refer ALY ASX Announcement dated 13 April 2018 “Karonie RAB Drilling Results”
12 Refer ALY ASX announcement dated 29 May 2024 “Karonie Exploration Update”
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
12
KARONIE GOLD EXPLORATION (ALY 100%)
The RC drilling program completed during the period was designed to investigate three primary target areas:
Monty prospect, which sits along strike to the south of the Parmelia prospect, and the Ezmay and Cheyne’s
prospects located at Karonie East4. All three target areas are located adjacent to Vault Minerals’ Aldiss mining
operations. Recently Alchemy conducted a program of re-sampling and re-assaying using multi-element
geochemistry across the Karonie tenure.
The results of the RC and aircore (“AC”) programs demonstrated that mineralisation in the region follows specific
geological, geochemical and geophysical trends which the Company is now using to better target gold
mineralisation at Karonie. In particular, the occurrence of lamprophyres and sanukitoid rock types was highlighted
as a key targeting tool as gold mineralisation appears to be closely correlated with these lithologies.
The Monty prospect sits along strike to the south from Alchemy’s Parmelia prospect which contains an existing
inferred resource of 644,000t @ 1.0g/t Au for 20,700oz Au5 (Figures 9 and 10, Table 2). Notably, the Parmelia
mineralisation exhibited lamprophyres and sanukitoid geology adjacent to the high-grade zones at Parmelia. Since
the prospective geology occurs to the north at Parmelia and to the south at K4 prospect, it was interpreted that
the prospective zones also trend through the Monty target area. Drilling confirmed the presence of these target
lithologies, and assay results now demonstrate that these are associated with mineralisation over broad intervals,
albeit low grade. Importantly this corridor has multiple target areas over a 4km strike extent to the south, providing
further opportunities for drill testing.
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
13
Figure 9: Karonie Gold targets adjacent to VAU Aldiss Mining Operations
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
14
Figure 10: Monty Prospect RC drilling and assay results4
Figure 11: Monty Prospect cross section with drill intercepts4
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
15
Table 2: Monty and Karonie East RC drill program results4
Significant intersections are reported at a 0.1g/t Au cut-off for 4m composite samples. All samples reported at 4m composite samples.
CHALLENGER SOUTH AIRCORE PROGRAM
The Challenger South Prospect, situated at the southern extremity of tenement E28/2576 within Alchemy’s
Karonie Project, is positioned 2.5km south of the established gold mineralisation at Alchemy’s Challenger
Prospect. Additionally, it lies 11.5km southeast of the French Kiss open pit mine (Figure 12), which is currently
operational under the management of Vault Minerals.
Drill Program
The drilling program undertaken during the period comprised 10 AC lines totalling 69 holes for 2,840m,
strategically designed to target structural breaks within the Challenger Dolerite. This included seven lines for
Challenger South and three lines for Esplanade South. The drilling aimed to intersect structures similar to the
north-northeast-striking Challenger Shear, as identified in magnetic imagery, which influences mineralisation
controls at Challenger. The correct lithologies and structures were intercepted; however no significant
intersections were reported4.
Hole ID
Hole Type MGA East MGA North Depth
Azimuth
Dip
Prospect
From
To
Width
Au
MYRC001
RC
457586
6558970
138
290
-60
Monty
40
48
8
0.23
MYRC001
RC
457586
6558970
138
290
-60
Monty
64
72
8
0.49
MYRC001
RC
457586
6558970
138
290
-60
Monty
76
84
8
0.19
MYRC001
RC
457586
6558970
138
290
-60
Monty
88
92
4
0.10
MYRC001
RC
457586
6558970
138
290
-60
Monty
112
116
4
0.11
MYRC001
RC
457586
6558970
138
290
-60
Monty
124
128
4
0.17
MYRC002
RC
457488
6558819
93
270
-60
Monty
MYRC003
RC
457564
6558827
114
270
-60
Monty
20
24
4
0.51
MYRC003
RC
457564
6558827
114
270
-60
Monty
32
44
12
0.13
MYRC003
RC
457564
6558827
114
270
-60
Monty
60
80
20
0.37
MYRC003
RC
457564
6558827
114
270
-60
Monty
88
96
8
0.20
MYRC004
RC
457638
6558815
120
270
-60
Monty
MYRC005
RC
457489
6558500
72
270
-60
Monty
20
28
8
0.15
MYRC005
RC
457489
6558500
72
270
-60
Monty
32
36
4
0.11
MYRC005
RC
457489
6558500
72
270
-60
Monty
48
52
4
0.12
MYRC006
RC
457542
6558494
90
270
-60
Monty
76
80
4
0.10
KERC005
RC
459212
6562933
150
270
-60
Karonie East
KERC006
RC
459287
6562948
138
270
-60
Karonie East
KERC007
RC
459444
6561112
150
270
-60
Karonie East
28
32
4
0.12
NSI
NSI
NSI
NSI
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
16
Figure 12: Challenger South Project location
LACHLAN / COBAR BASIN PROJECTS (NSW) (ALY 80%)
The Lachlan Projects cover eight (8) highly prospective exploration licences in the Central Lachlan Orogen and
comprise three project areas prospective for Cobar-style epithermal gold and base metals and copper-gold
porphyry mineralisation. The Lachlan / Cobar Basin Projects consist of the Overflow Gold-Base Metal Project, the
Yellow Mountain Copper-Gold Project, the West Lynn Nickel-Cobalt-Alumina Project and the Eurow Copper-Gold
Project, each containing multiple drill ready gold and/or base metal and nickel-cobalt targets. The Projects form
part of a farm-in and JV with Develop Global (ASX: DVP, “Develop”).
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
17
Figure 13: New South Wales project locations with nearby operations and explorers7,13,14
13 Refer ALY ASX announcement dated 19 February 2019 ‘West Lynn Maiden Mineral Resource Estimate”
14 Refer ALY ASX announcement dated 20 October 2023 “Maiden 342koz JORC 2012 Resource sets strong foundation for growth at Overflow”
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
18
During the previous period the Company executed a land access agreement with the Ngemba, Ngiyampaa,
Wangaaypuwan and Wayilwan People over EL8356, EL8318 and EL8631 (Yellow Mountain and Overflow).
Documentation was submitted to the NSW Government to obtain Ministerial Consent, and this approval was
obtained in August 2024. Exploration commenced immediately with a structural mapping and sampling program
completed in early September 2024.
OVERFLOW PROSPECT
Overflow is centred on the historic Overflow mining centre, located next to the town of Bobadah, 150km southeast
of Cobar (NSW). Overflow was a past producer of gold, silver and lead, and has been the focus of previous
exploration in the area since mining ceased in 1942. Mineralisation at Overflow is structurally controlled, high-
grade gold-silver with base metal credits, with known zones having relatively short strike lengths but potentially
long in the down-plunge direction, typical of Cobar-style mineralisation. Mapping and sampling were carried out
at Overflow in September 2024 with the aim to improve the understanding of the mineralising structures around
the existing 342koz AuEq Resource14.
OUTCOMES OF THE RECENT FIELD WORK7
•
Significant potential exists for further mineralisation to be delineated in the near surface areas. Rock chips
ALOF004-ALOF007 were taken across a mineralised zone in unmined areas which returned peak grades of
22.7g/t Au (Table 6 and Figure 14). Samples were taken to establish controls on high grade surface
mineralisation.
•
Mineralisation occurs within a previously unrecognised zinc halo which Alchemy will use for target generation.
•
Mineralisation is evident up to 1200m along strike to the north and up to 300m along the southern extent of
the existing 342koz AuEq gold resource14. Samples taken from old mullock dumps in historic pits 400m north
of the resource returned up to 14.95g/t Au (refer Table 6).
•
Flattening of mineralisation in the southern plunge of the Overflow Deposit suggests there may be extensions
to existing zones of mineralisation which remain untested.
Table 6: Overflow Rock chip and mullock sampling7
Sample Easting Northing Sample
Lithology
Au
Cu
Pb
Zn
Ag
Mo
ID
(MGA)
(MGA)
Type
Type
ppm
ppm
ppm
ppm
ppm
ppm
ALOF001 471004 6425578 Outcrop Felsic Volcanic
0.06
711
2040
457
1.93
11.40
ALOF002 471405 6425879 Outcrop
Quartz Vein
0.26
183
1260
75
5.02
3.09
ALOF003 471401 6425879 Outcrop Felsic Volcanic
0.30
1,745
5330
568
4.61
2.28
ALOF004 471398 6425916 Outcrop
Shear Zone
1.30
1,285
5860
224
1.66
2.74
ALOF005 471398 6425916 Outcrop
Shear Zone
22.70
1,235
6830
1545
166.00
4.15
ALOF006 471398 6425916 Outcrop
Altered Tuff
4.91
2,330
8910
575
19.15
2.07
ALOF007 471436 6425936 Outcrop
Quartz Vein
0.16
85
357
249
2.09
9.14
ALOF008 471436 6425973 Outcrop
Quartz Vein
0.26
158
1375
74
2.76
1.58
ALOF009 471453 6425948 Outcrop
Quartz Vein
0.04
136
374
235
0.66
0.62
ALOF010 471311 6426101 Outcrop
Quartz Vein
0.10
80
206
51
34.90
1.28
ALOF011 471249 6426272 Outcrop
Quartz Vein
0.08
45
202
16
26.40
1.08
ALOF012 471204 6426380 Outcrop Felsic Volcanic
0.03
241
75
181
1.07
1.22
ALOF013 471611 6425823 Outcrop
Quartz Vein
0.02
98
173
325
1.02
0.82
ALOF014 471415 6425817 Outcrop
Shear Zone
0.01
49
85
467
0.16
1.58
ALOF015 471438 6425832 Outcrop
Quartz Vein
0.03
810
644
365
1.52
4.56
ALOF016 471434 6426109 Outcrop
Quartz Vein
0.13
17
31
28
0.94
0.89
ALOF017 471581 6425283 Outcrop
Quartz Vein
0.13
190
1270
61
6.08
15.15
ALOF018 471577 6425255 Outcrop
Tuff
0.26
710
2840
3100
8.76
15.25
ALOF019 471638 6425129 Outcrop
Tuff
0.02
44
387
132
0.74
3.86
ALOF020 470817 6425497 Outcrop
Tuff
0.01
68
67
107
0.35
0.61
ALOF021 471072 6426699 Mullock
Quartz Vein
4.45
513
4300
67
4.86
1.94
ALOF022 471072 6426698 Mullock
Tuff
0.23
149
1005
118
0.58
0.47
ALOF023 471071 6426700 Mullock
Shear Zone
14.95
8,860
4500
578
26.20
4.24
ALOF024 471028 6426782
Float
Tuff
0.31
626
14750
4220
6.54
7.32
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
19
Figure 14: Overflow deposit plan view with rock chip samples and target areas7,14
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
20
Figure 15: Overflow open pit – face samples ALOF004-ALOF00714
YELLOW MOUNTAIN PROSPECT
The Yellow Mountain Prospect is located 20km to the south of Overflow. The historic mine workings were worked
from the mid-1800s. Accurate production records do not exist for the mine; however, the mine reportedly produced
2.74t of lead, 360kg of copper and 6.2kg of silver from an open pit15. The Yellow Mountain Mine Prospect was last
drilled in 1986; most of the historic drilling was shallow and many of the drill holes were not assayed for gold.
Alchemy carried out mapping and sampling at Yellow Mountain in September 2024 with the aim of improving the
understanding of mineralising structures. Assays returned significant mineralisation with mullock samples adjacent
to the old Yellow Mountain Mine shafts returning up to 28.4% Cu (ALYM064) and rock chip samples returning up
to 2.34% Cu, 2.34g/t Au and 8.49% Pb (ALYM066)7.
Heritage surveys were carried out with the assistance of the Ngemba, Ngiyampaa, Wangaaypuwan and Wayilwan
People. The aim of the survey was to clear areas for planned and future drill programs on the Project area. Planned
drilling is shown in Figure 17 along with previous sampling results. The drilling program was completed in
September 2025.
15 Refer NSW DIGS Open File Report (RE0003757) - Paradigm Metals Annual Exploration for Licence 6325 Report dated 19 October 2012 –Table 3
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
21
Figure 16: Yellow Mountain heritage survey area
OUTCOMES OF THE RECENT FIELD WORK7
•
Sampling returned surface rock chip grades up to 2.34% Cu, 2.34g/t Au and 8.49% Pb (ALYM066) (refer Figure
17).
•
Mine shaft mullock sampling returned peak grades of 28.4% Cu (ALYM064) and 18.15% Pb and 20.4% Zn
(ALYM063) (refer Figure 17, Table 7).
•
Significant shallow gold and base metals intercepts occur over two areas extending 650m, and a second zone
of 350m indicating significant fluid flow.
•
A large number of historic drillholes lack Au analysis which requires follow-up with modern assay methods.
•
Validation of historic results is required to obtain modern high quality multi-element assay data.
•
A large Induced Polarisation anomaly sits to the south of the existing mine areas and could potentially represent
a porphyry style target for future drill testing (refer Figure 17).
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
22
Figure 17: Yellow Mountain – Samples and target areas7
Table 7: Yellow Mountain Prospect rock chip samples and assays7
Sample
Easting Northing Sample
Lithology
Au
Cu
Pb
Zn
Ag
Mo
ID
(MGA)
(MGA)
Type
Type
ppm
ppm
ppm
ppm
ppm
ppm
ALYM063
483095
6407989 Mullock
Massive Sulphide
1.19
1420
181500
204000
221
280
ALYM064
483042
6407840 Mullock
Massive Sulphide
1.59
284000
72400
6490
543
251
ALYM065
483704
6408306 Outcrop
Quartz Vein
0.03
1985
5500
4010
14
8.59
ALYM066
483377
6408352 Outcrop
Shear Zone
2.34
20500
84900
4390
58.5
429
ALYM067
483383
6408343 Outcrop
Shear Zone
1.88
5070
14500
1415
34.7
720
ALYM068
483369
6408328 Outcrop
Quartz Vein
1.18
342
860
451
21.2
5.37
ALYM069
483157
6408168 Outcrop
Quartz Vein
0.05
198.5
359
68
1.08
51.4
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
23
Figure 18: Yellow Mountain Prospect samples with assay results7
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
24
BRYAH BASIN PROJECT (WA) (ALY 100%)
Figure 19: Bryah Basin project locations
IRON ORE/BASE METALS EXPLORATION (ALY 100%)
VALLEY BORE IRON ORE (Alchemy 100%)
In May 2024, Alchemy geologists conducted a reconnaissance mapping and sampling trip to Valley Bore prospect.
Twenty (20) rock-chip samples were collected from the banded iron formation (“BIF”) outcrops within the Valley
Bore prospect on M52/844-I. This area is dominated by two distinct northeast trending ridges comprised of BIF,
banded chert, siltstone, haematitic shales and massive hematite lenses16.
During the period, a heritage site avoidance survey was conducted with no areas of concern identified. Planning
for a maiden drill program was completed.
Recent work has confirmed the Valley Bore prospect is highly prospective for iron ore with high grade hematite
and banded iron outcrops extending over 2km in strike and widths of 10-80m. Rock chip assays from field work in
2024 returned grades up to 64.9% Fe from the Southern Ridge target and recent assays up to 65.9% Fe were
reported16 from new zones located 3km to the south-west along strike, which further underscores the Project’s
potential. Details of the main iron ore targets are summarised below:
16 Refer ALY ASX announcement dated 31 May 2024 “Exceptional High Grade Iron Ore at Valley Bore”
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
25
Northern Ridge Target16
The northern ridge in the Valley Bore area is characterised by numerous banded iron and banded chert formations
which outcrop for approximately 1.5km along strike. Hematite and goethite rich units of BIF are observed. These
lenses are between 5 and 15 metres thick and are interpreted to extend along strike to the southwest, with historic
sampling of hematite outcrop returning grades up to 61.91% Fe (refer Figures 20 and 21).
Southern Ridge Target16
The southern ridge of the Valley Bore area is dominated by laterally extensive hematite units, several BIFs and
banded chert units (Figures 20 and 21). The massive hematite unit can be followed along strike for over 800 metres
and ranges from 10m to 100m wide (Figure 21). High grade rock chip assays were received, including up to 65.3%
Fe in sample VB005. This unit is interpreted to continue along strike with recent mapping confirming hematite
outcrop assays up to 60.2% Fe in sample VB001, approximately 750m to the southwest of Southern Ridge Target
(refer Figures 20 and 21).
Old Highway Target16
The Old Highway target lies in the south-east corner of tenement E52/4090 (Figure 20). The area is dominated by
a long, northeast trending ridge consisting of inter-bedded siltstone, banded chert, and minor BIFs. Iron enrichment
and hematite lenses are observed within the BIFs and on the eastern end of the ridge. High grade iron ore
enrichment is related to hematite within a fold hinge on the eastern side of the prospect. Previous sampling returned
grades within the high-grade hematite zone up to 64.09% Fe.
Figure 20: Valley Bore (M52/844-I) and Old Highway prospect location
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
26
Figure 21: Valley Bore mapping with recent and previous rock chip results (% Fe)17
Alchemy completed the acquisition of the remaining 50% interest in the iron ore rights on its joint venture with Carey
Mining in June 2025. The transaction involved a $75,000 cash settlement for 100% ownership of the iron ore rights
in E52/2361, E52/2362, M52/685, M52/737, M52/753, M52/795, M52/796, M52/797, M52/844-I and M52/1049.
Under the agreement, Alchemy agreed to grant Carey a gradational royalty on iron ore sold FOB (freight on board)
from the Project, as summarised below:
Iron Ore Price (US$/t)
Royalty (A$/t)
<$100/t
$0.80
$100-125/t
$1.00
>$125/t
$1.22
Table 8: Royalty schedule
GOLD EXPLORATION (ALY 20% / Catalyst Metals Ltd 80%)
Exploration of Alchemy’s tenements that cover the gold prospective part of the Bryah Basin Project continued
under a farm-in and JV arrangement with Billabong Gold Pty Ltd (“Billabong”) (“Billabong Gold JV”), now a
subsidiary of Catalyst Metals (ASX: CYL, “Catalyst”). Under the terms of the Billabong Gold JV, Alchemy’s interest
is carried on an interest-free deferred basis to production, with Alchemy to repay the deferred amount from 50%
of its share of free cash flow from production following the commencement of mining.
No work was carried out during the period.
Competent Person’s Statement
The Company confirms that it is not aware of any new information or data that materially affects the information
included in the relevant market announcements referred to in the footnotes of this release (available at
www.alchemyresources.com.au and www.asx.com.au/markets/trade-our-cash-market/announcements.aly) and
that all material assumptions and technical parameters underpinning the estimates of mineral resources referenced
in the relevant market announcements continue to apply and have not materially changed.
17 Refer ALY ASX Announcement dated 25/07/2008 “Assay Results of High-Grade Hematite Iron Formation at Robinsons Range”
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
27
Material business risks
The Company operates in an environment where it is exposed to a range of business risks that have the potential
to impact on the Company’s business plans and strategy, and financial position. The Board and management make
every effort to identify material risks. The Company aims to manage the exposure to these risks by carefully planning
its activities and implementing risk control measures. Some of the risks are, however, highly unpredictable and the
extent to which the Board can effectively manage them is limited.
Tenure and access risk
Applications
While the Company does not anticipate there to be any issues with the grant of its tenement applications (see
Tenement Schedule), there can be no assurance that the application (or any future applications) will be granted.
While the Company considers the risk to be low, there can also be no assurance that when the relevant tenement
is granted, it will be granted in its entirety. Some of the tenement areas applied for may be excluded.
Renewal
Mining and exploration tenements are subject to periodic renewal. The renewal of the term of granted tenements is
subject to the discretion of the relevant authority. Renewal conditions may include increased expenditure and work
commitments or compulsory relinquishment of areas of the tenements. The imposition of new conditions or the
inability to meet those conditions may adversely affect the operations, financial position and/or performance of the
Company.
Access
A number of the tenements overlap certain third-party interests that may limit the Company’s ability to conduct
exploration and mining activities, including private land, Crown Reserves, areas on which native title is yet to be
determined and other forms of tenure for railways, pipelines and similar third-party interests. Where the Company's
projects overlap private land, exploration and mining activity on the projects may require authorisation or consent
from the owners of that land. The Company may be required to enter into land access agreements and carry out
heritage clearance surveys before implementing its proposed exploration program. The Company’s current
proposed exploration program is not impacted by the known sites of registered aboriginal heritage significance.
Exploration risk
Potential investors should understand that mineral exploration and development are high-risk undertakings. There
can be no assurance that exploration of the Company’s projects, or any other tenements that may be acquired in
the future, will result in the discovery of an economic ore deposit. Even if an apparently viable deposit is identified,
there is no guarantee that it can be economically exploited. The success of the Company will also depend upon the
Company having access to sufficient development capital, being able to maintain title to its projects and obtaining
all required approvals for its activities. In the event that exploration programs prove to be unsuccessful this could
lead to a diminution in the value of the tenements, a reduction in the cash reserves of the Company and possible
relinquishment of its projects.
Climate change risk
The operations and activities of the Company are subject to changes to local or international compliance regulations
related to climate change mitigation efforts, specific taxation or penalties for carbon emissions or environmental
damage and other possible restraints on industry that may further impact the Company. While the Company will
endeavour to manage these risks and limit any consequential impacts, there can be no guarantee that the Company
will not be impacted by these occurrences. Climate change may also cause certain physical and environmental
risks that cannot be predicted by the Company, including events such as increased severity of weather patterns,
incidence of extreme weather events and longer-term physical risks such as shifting climate patterns. All these risks
associated with climate change may significantly change the industry in which the Company operates.
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
28
Reliance on key personnel risk
The Company’s future depends, in part, on its ability to attract and retain key personnel. It may not be able to hire
and retain such personnel at compensation levels consistent with its existing compensation and salary structure. Its
future also depends on the continued contributions of its key management and technical personnel, the loss of
whose services would be difficult to replace. In addition, the inability to continue to attract appropriately qualified
personnel could have a material adverse effect on the Company’s business.
Environmental risk
The operations and proposed activities of the Company are subject to Australian laws and regulations concerning
the environment. As with most exploration projects and mining operations, the Company’s activities are expected
to have an impact on the environment, particularly if advanced exploration or mine development proceeds. It is the
Company’s intention to conduct its activities to the highest standard of environmental obligation, including
compliance with all environmental laws. The disposal of mining and process waste and mine water discharge are
under constant legislative scrutiny and regulation. There is a risk that environmental laws and regulations become
more onerous making the Company’s operations more expensive. Approvals are required for land clearing and for
ground disturbing activities. Delays in obtaining such approvals can result in the delay to anticipated exploration
programmes or mining activities.
Native title risk
The Native Title Act 1993 recognises and protects the rights and interests in Australia of Aboriginal and Torres Strait
Islander people in land and waters, according to their traditional laws and customs. There is significant uncertainty
associated with Native Title in Australia and this may impact on the Company's operations and future plans. The
Company may be required to enter into land access agreements to undertake its proposed exploration program on
the tenements and heritage clearance surveys before implementing its proposed exploration program. The
Company’s current proposed exploration program is not impacted by the known sites of registered aboriginal
heritage significance.
Economic risk
General economic conditions, introduction of tax reform, new legislation, movements in interest and inflation rates
and currency exchange rates may have an adverse effect on the Company, as well as on its ability to fund its
operations.
Additional requirements for capital risk
The Group has considered its ability to continue as a going concern for at least the next 12 months from the approval
of these financial statements, taking into consideration an estimation of the expected cash flows based on the needs
of the business. This assessment assumes the Group will be able to realise assets and discharge liabilities in the
ordinary course of business beyond this period. The Board does recognise that future capital requirements depend
on numerous factors, with additional equity financing causing a dilution of shareholdings and debt financing, if
available, potentially involving restrictions on financing and operating activities. If the Company is unable to obtain
additional financing as needed, it may be required to reduce the scope of its operations. There is however no
guarantee that the Company will be able to secure any additional funding or be able to secure funding on terms
favourable to the Company.
Financial
Exploration and evaluation costs totalling $910,156 (2024: $1,065,267) were written off during the year in
accordance with the Group’s accounting policy.
As at 30 June 2025, the Group had net assets of $11,987,204 (2024: $13,251,211) including cash and cash
equivalents of $1,231,898 (2024: $3,012,655).
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the Group during the financial year.
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
29
Matters subsequent to the end of the financial year
No matter or circumstance has arisen since 30 June 2025 that has 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 and expected results of operations
The Directors are not aware of any developments that might have a significant effect on the operations of the Group
in subsequent financial years not already disclosed in this report.
Environmental regulation
The Group is subject to significant environmental regulation in respect of its exploration activities. Tenements in
Western Australia and New South Wales are granted subject to adherence to environmental conditions with strict
controls on clearing, including a prohibition on the use of mechanised equipment or development without the
approval of the relevant Government agencies, and with rehabilitation required on completion of exploration
activities. These regulations are controlled by the Department of Mines, Industry Regulation and Safety (Western
Australia) and the Department of Planning and Environment (New South Wales).
Alchemy Resources Limited conducts its exploration activities in an environmentally sensitive manner and the
Group is not aware of any breach of statutory conditions or obligations.
Greenhouse gas and energy data reporting requirements
The Directors have considered compliance with the National Greenhouse and Energy Reporting Act 2007 which
requires entities to report annual greenhouse gas emissions and energy use. The Directors have assessed that
there are no current reporting requirements for the year ended 30 June 2025, however reporting requirements may
change in the future.
Information on Directors
Name:
Lindsay Dudfield
Title:
Non-Executive Chair
Experience and expertise:
Mr Dudfield is a qualified geologist with over 40 years’ experience exploring for
gold and base metals in Australia and abroad, including close involvement with
a number of greenfields discoveries. He was a founding director of Jindalee
Lithium Limited (ASX: JLL) and is currently Executive Director of JLL. Mr
Dudfield is a member of the Australasian Institute of Mining and Metallurgy, the
Australian Institute of Geoscientists, the Geological Society of Australia and the
Society of Economic Geologists.
Other current directorships:
Executive Director of Jindalee Lithium Ltd (appointed 1996)
Non-Executive Director of Energy Metals Ltd (ASX: EME) (appointed 2004)
Non-Executive Director of Dynamic Metals Ltd (ASX: DYM) (appointed 2022)
Former directorships (last 3
years):
None
Special responsibilities:
Member of the Audit Committee
Interests in shares:
60,880,611
Interests in options:
2,000,000
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
30
Name:
Liza Carpene
Title:
Non-Executive Director
Experience and expertise:
Ms Carpene has worked in the resources industry for more than 20 years and
has significant experience in acquisitions, corporate administration, HR, legal,
IT and stakeholder relations. Ms Carpene spent five years on the Executive
Team of Northern Star Resources Limited (ASX: NST) as Company Secretary
and Head of Environment and Social Responsibility ceasing in February 2018.
Prior to NST, Ms Carpene was Company Secretary/CFO for listed explorers
Venturex Resources Limited and Newland Resources Limited, and previously
held various site and Perth based management roles with Great Central Mines,
Normandy Mining, Newmont Australia, Agincourt Resources and Oxiana.
Other current directorships:
None
Former directorships (last 3
years):
Non-Executive Director of Mincor Resources NL (appointed 2018) (resigned
2024)
Non-Executive Director of RLF Agtech Ltd (ASX: RLF) (appointed 2021)
(resigned 2025)
Special responsibilities:
Member of the Audit Committee
Interests in shares:
2,916,666
Interests in options:
2,000,000
Name:
Anthony Ho
Title:
Non-Executive Director
Experience and expertise:
Mr Ho is a Chartered Accountant and a partner in a consulting firm focused
principally on corporate and financial services to listed companies. He has
significant experience in the resource industry, having served as director and
company secretary of companies listed on ASX.
Other current directorships:
Non-Executive Director of Australian Agricultural Projects Ltd (ASX: AAP)
(appointed 2003)
Non-Executive Director of Mustera Property Group Ltd (ASX: MPX) (appointed
2014)
Former directorships (last 3
years):
None
Special responsibilities:
Chair of the Audit Committee
Interests in shares:
Nil
Interests in options:
2,000,000
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships
of all other types of entities, unless otherwise stated.
'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only
and excludes directorships of all other types of entities, unless otherwise stated.
Chief executive officer
Mr Wilson was appointed Chief Executive Officer on 1 January 2021. Mr Wilson is a geologist with more than 20
years hands on experience in exploration and operational roles, both in Australia and overseas, covering a wide
range of resources including gold, copper, nickel and uranium. Mr Wilson spent the previous fourteen years working
as a metals and mining analyst, with the last five of those years as Senior Research Analyst – Resources for
Argonaut Securities.
Mr Wilson has a Bachelor of Applied Science – Geology and a Graduate Diploma in Financial Analysis and Valuation
and is a Graduate of the Australian Institute of Company Directors.
Company secretary
Ms Terzanidis is a Chartered Secretary, an Associate of the Governance Institute of Australia and holds a Bachelor
of Commerce from Curtin University with majors in Accounting and Corporate & Resources Administration. Ms
Terzanidis is Company Secretary of a number of ASX listed resources and services companies.
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
31
Meetings of Directors
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June
2025, and the number of meetings attended by each Director were:
Full Board
Director
Attended
Held
L Dudfield
6
6
L Carpene
6
6
A Ho
6
6
Held: represents the number of meetings held during the time the Director held office.
Remuneration report (audited)
The remuneration report details the key management personnel remuneration arrangements for the Group, in
accordance with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the entity, directly or indirectly, including all Directors.
(a) Key management personnel covered in this report
(b) Remuneration governance and the use of remuneration consultants
(c) Executive remuneration policy and framework
(d) Relationship between remuneration and the Group’s performance
(e) Non-Executive Director remuneration policy
(f)
Voting and comments made at the Company’s 2024 Annual General Meeting
(g) Statutory Performance Indicators
(h) Details of remuneration
(i)
Service agreements
(j)
Details of share-based compensation and bonuses
(k) Equity instruments held by key management personnel
(l)
Loans to key management personnel
(m) Other transactions with key management personnel
a) Key management personnel covered in this report
The Group's key management personnel are defined as:
Name
Position
L Dudfield
Non-Executive Chair
L Carpene
Non-Executive Director
A Ho
Non-Executive Director
J Wilson
Chief Executive Officer
b) Remuneration governance and the use of remuneration consultants
The Company does not have a Remuneration Committee. Remuneration matters are handled by the full Board of
the Company. In this respect the Board is responsible for:
●
the over-arching executive remuneration framework;
●
the operation of the incentive plans which apply to executive directors and senior executives (the Executive
Team), including key performance indicators and performance hurdles;
●
remuneration levels of executives; and
●
Non-Executive Director fees.
The objective of the Board is to ensure that remuneration policies and structures are fair and competitive and aligned
with the long-term interests of the Company.
In addition, all matters of remuneration are handled in accordance with the Corporations Act 2001 requirements,
especially with regard to related party transactions. That is, none of the Directors participate in any deliberations
regarding their own remuneration or related issues.
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
32
Independent external advice is sought from remuneration consultants when required, however no advice was
sought during the year ended 30 June 2025.
c) Executive remuneration policy and framework
In determining executive remuneration, the Board aims to ensure that remuneration practices are:
●
competitive and reasonable, enabling the Company to attract and retain key talent;
●
aligned to the Company’s strategic and business objectives and the creation of shareholder value;
●
transparent and easily understood; and
●
acceptable to shareholders.
All executives receive a salary or consulting fees, which is inclusive of superannuation, and from time to time, equity
incentives. The Board reviews executive packages annually by reference to the executive’s performance and
comparable information from industry sectors and other listed companies in similar industries.
All remuneration paid to specified executives is valued at the cost to the Group and expensed. Options and
Performance Rights are valued using a Black-Scholes option pricing model and Monte Carlo simulations model.
d) Relationship between remuneration and the Group’s performance
Emoluments of Directors are set by reference to payments made by other companies of similar size and industry,
and by reference to the skills and experience of Directors. Fees paid to Non-Executive Directors are not linked to
the performance of the Group. This policy may change once the exploration phase is complete and the Group is
generating revenue. At present the existing remuneration policy is not impacted by the Group’s performance
including earnings and changes in shareholder wealth (e.g., changes in share price).
The Board has set performance indicators, such as movements in the Company’s share price, for the determination
of the Chief Executive Officer emolument as the Board believes this may encourage performance which is in the
long-term interests of the Company and its shareholders. The Board has structured its remuneration arrangements
in such a way it believes is in the best interests of building shareholder wealth in the longer term and that it is fit for
purpose at this time. The Board believes participation in the Company’s Employee Securities Incentive Plan
motivates key management and executives with the long-term interests of shareholders. Refer note 29 for more
details.
e) Non-Executive Director remuneration policy
On appointment to the Board, all Non-Executive Directors enter into a service agreement with the Company in the
form of a letter of appointment. The letter summarises the Board policies and terms, including remuneration relevant
to the office of the director.
The Board policy is to remunerate Non-Executive Directors at commercial market rates for comparable companies
for their time, commitment and responsibilities. Non-Executive Directors receive a Board fee but do not receive fees
for chairing or participating on Board committees. Board members are allocated superannuation guarantee
contributions as required by law, and do not receive any other retirement benefits. From time to time, some
individuals may choose to sacrifice their salary or consulting fees to increase payments towards superannuation.
The maximum annual aggregate Non-Executive Directors’ fee pool limit is $250,000 and was approved by
shareholders at the Annual General Meeting held on 22 July 2008.
Fees for Non-Executive Directors are not linked to the performance of the Group. Non-Executive Directors’
remuneration may also include an incentive portion consisting of options, subject to approval by shareholders.
f) Statutory performance indicators
The Board aims to align executive remuneration to the Group's strategic and business objectives and the creation
of shareholder wealth. The table below shows measures of the Group’s financial performance over the last five
years as required by the Corporations Act 2001. However, these are not necessarily consistent with the measures
used in determining the variable amounts of remuneration to be awarded to key management personnel. As a
consequence, there may not always be a direct correlation between the statutory key performance measures and
the variable remuneration awarded.
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
33
2025
2024
2023
2022
2021
Total comprehensive loss for the year $
1,303,572 1,480,906 712,569
806,117
524,830
Loss per share (cents) $
0.11
0.13
0.06
0.09
0.08
Share price at year end $
0.005
0.01
0.02
0.01
0.01
g) Voting and comments made at the Company’s 2024 Annual General Meeting
Alchemy Resources Limited received 98.81% of “yes” votes on its remuneration report for the 2024 financial year.
The Company did not receive any specific feedback at the Annual General Meeting or throughout the year on its
remuneration practices.
h) Details of remuneration
Short-term benefits
Post-
employment
benefits
Share-based
payment
Cash
salary and
fees
Cash
bonus
Non-
monetary
benefit
Super-
annuation
Options and
performance
rights
Total
Performance
related
2025
$
$
$
$
$
$
%
Non-Executive
Directors:
L Dudfield
20,000
-
-
-
1,039
21,039
4.94%
L Carpene
20,000
-
-
-
1,039
21,039
4.94%
A Ho
20,000
-
-
-
1,039
21,039
4.94%
CEO:
J Wilson
260,000
-
-
29,900
26,923
316,823
8.50%
Totals
320,000
-
-
29,900
30,040
379,940
Short-term benefits
Post-
employment
benefits
Share-based
payment
Cash
salary and
fees
Cash
bonus
Non-
monetary
benefit
Super-
annuation
Options and
performance
rights
Total
Performance
related
2024
$
$
$
$
$
$
%
Non-Executive
Directors:
L Dudfield
20,000
-
-
-
16,658
36,658
45.30%
L Carpene
20,000
-
-
-
16,658
36,658
45.30%
A Ho
20,000
-
-
-
16,658
36,658
45.30%
CEO:
J Wilson
260,000
-
22,584
28,600
48,587
359,771
13.50%
Totals
320,000
-
22,584
28,600
98,561
469,745
i) Service agreements
On appointment to the Board, all Directors enter into a service agreement with the Company in the form of a letter
of appointment. The letter summarises the Board policies and terms of appointment, including remuneration relevant
to the office of Director. Remuneration and other terms of employment for other members of key management
personnel are formalised in service agreements as summarised below.
Mr J Wilson, Chief Executive Officer
Mr Wilson is remunerated pursuant his Executive Services Agreement (Original Agreement) and a variation to the
Original Agreement dated 14 November 2022 (together CEO Agreement). The key terms of the CEO Agreement
are:
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
34
(a) Remuneration package of $260,000 per annum plus statutory superannuation (capped at $28,600 per annum)
on a full-time basis.
(b) Either party may terminate the CEO Agreement by providing the other party with three months written notice or
payment in lieu of notice.
(c) 7,000,000 unlisted sign-on options, issued with an exercise price that is 150% of the volume weighted average
price of the Company’s shares for the five trading days prior to the commencement date with an expiry date of
31 December 2023 – exercise price is $0.0252. The sign-on options will become exercisable (vest) twelve
months after the commencement date and will otherwise be issued on terms and conditions in accordance with
the Incentive Plan Rules (including that the sign-on options will lapse if the Executive ceases to be an ‘Eligible
Participant’ under the Incentive Plan Rules). The sign-on options expired during the prior period.
(d) 10,000,000 unlisted Performance Rights, issued in three tranches (20%, 40%, 40%) with vesting dependent
upon the satisfaction of specific performance hurdles, including increasing the Company’s share price and
market capitalisation and outperforming peer companies, with a three-year measurement period ending 31
December 2023. The Performance Rights will otherwise be issued on terms and conditions in accordance with
the Incentive Plan Rules (including that the Performance Rights will lapse if the Executive ceases to be an
‘Eligible Participant’ under the Incentive Plan Rules). The Performance Rights expired during the prior period.
Following expiry of the securities noted in sections (c) and (d) above and pursuant to the Company’s Employee
Securities Incentive Plan, Mr Wilson has been granted additional incentive securities as outlined in the table
below.
j) Details of Share-based compensation and bonuses
Issue of shares
There were no shares issued to Directors and other key management personnel as part of compensation during
the year ended 30 June 2025.
Options
Options over ordinary shares in Alchemy Resources Limited are granted under the Employee Securities Incentive
Plan (“Plan”). Participation in the Plan and any vesting criteria are at the Board’s discretion and no individual has a
contractual right to participate in the Plan or to receive any guaranteed benefits. Any options issued to Directors of
the Company are subject to shareholder approval.
The terms and conditions of each grant of options over ordinary shares affecting remuneration of Directors and
other key management personnel in this financial year or future reporting years are as follows:
Number of Exercise
Value per
option at
Director
Grant date Vesting date Expiry date
options
price
grant date
Total
value
% Vested
L Dudfield
29/11/2022 29/11/2023 23/12/2025 2,000,000
$0.0405
$0.020
40,000
100%
L Carpene
29/11/2022 29/11/2023 23/12/2025 2,000,000
$0.0405
$0.020
40,000
100%
A Ho
29/11/2022 29/11/2023 23/12/2025 2,000,000
$0.0405
$0.020
40,000
100%
J Wilson
14/12/2023 29/12/2024 31/12/2026 4,000,000
$0.0250
$0.004
16,000
100%
J Wilson
14/12/2023 29/12/2024 31/12/2026 5,000,000
$0.0400
$0.004
20,000
100%
J Wilson
14/12/2023 29/12/2024 31/12/2026 6,000,000
$0.0600
$0.003
18,000
100%
J Wilson
22/04/2025 22/04/2026 31/12/2028 4,000,000
$0.0150
$0.003
12,506
-
L Dudfield1
30/06/2025 09/04/2026 31/12/2028 2,000,000
$0.0150
$0.002
4,670
-
L Carpene1 30/06/2025 09/04/2026 31/12/2028 2,000,000
$0.0150
$0.002
4,670
-
A Ho1
30/06/2025 09/04/2026 31/12/2028 2,000,000
$0.0000
$0.002
4,670
-
(1)
These options require shareholder approval and therefore have not yet been issued.
Performance Rights
There were no performance rights over ordinary shares issued to Directors and other key management personnel
as part of compensation that were outstanding as at 30 June 2025.
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
35
k) Equity instruments held by key management personnel
The following tables detail the number of fully paid ordinary shares, options over ordinary shares and performance
rights in the Company that were held during the financial year by key management personnel of the Group, including
their close family members and entities related to them.
Options
2025
Opening
balance
Granted as
remuneration Expired
Closing
balance
Vested but
not
exercisable
Vested and
exercisable Unvested
Max value
yet to vest
Non-Executive
Directors
L Dudfield
2,000,000
-
- 2,000,000
-
2,000,000
-
-
L Carpene
2,000,000
-
- 2,000,000
-
2,000,000
-
-
A Ho
2,000,000
-
- 2,000,000
-
2,000,000
-
-
CEO
J Wilson
15,000,000
4,000,000
- 19,000,000
- 15,000,000 4,000,000
12,506
Total
21,000,000
4,000,000
- 25,000,000
- 21,000,000 4,000,000
12,506
Shareholdings
2025
Opening
balance
On
appointment
Participation
in placement
or entitlement
issue
On market
acquisition or
disposal
On resignation
Closing
balance
Non-Executive
Directors
L Dudfield
60,880,611
-
-
-
-
60,880,611
L Carpene
2,916,666
-
-
-
-
2,916,666
A Ho
-
-
-
-
-
-
CEO
J Wilson
8,655,399
-
-
-
-
8,655,399
Total
72,452,676
-
-
-
-
72,452,676
l) Loans to key management personnel
There were no loans to individuals or members of key management personnel during the financial year or the
previous financial year.
m) Other transactions with key management personnel
There were no other transactions with key management personnel during the financial year or the previous financial
year.
This concludes the remuneration report, which has been audited.
Shares under option
Unissued ordinary shares of Alchemy Resources Limited under option at the date of this report are as follows:
Exercise
Number
Grant date
Expiry date
price
under option
17/10/2022
17/10/2025
$0.0500
10,000,000
29/11/2022
23/12/2025
$0.0405
6,000,000
14/12/2023
31/12/2026
$0.0250
9,000,000
14/12/2023
31/12/2026
$0.0400
5,000,000
14/12/2023
31/12/2026
$0.0600
6,000,000
22/04/2025
31/12/2028
$0.0150
10,000,000
46,000,000
ALCHEMY RESOURCES LIMITED
DIRECTORS' REPORT
30 June 2025
36
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.
Shares issued on the exercise of options
There were no ordinary shares of Alchemy Resources Limited issued on the exercise of options during the year
ended 30 June 2025 and up to the date of this report.
Corporate Governance Statement
The Company’s 2025 Corporate Governance Statement has been released as a separate document and is located
on the Company’s website at http://alchemyresources.com.au/corporate-governance.
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 Company, or to intervene in any proceedings to which the Company is a party for the purpose of
taking responsibility on behalf of the Company for all or part of those proceedings.
Indemnity and insurance of Directors and officers
During the financial year, the Company paid a premium in respect of a contract to insure the Directors and
executives of the Company 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.
Indemnity and insurance of auditor
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor
of the Company or any related entity against a liability incurred by the auditor.
Non-audit services
There were no non-audit services provided during the financial year by the auditor.
Rounding of amounts
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and
Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance
with that Corporations Instrument to the nearest dollar.
Auditor's independence declaration
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.
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
___________________________
Lindsay Dudfield
Chair
26 September 2025
Perth, Western Australia
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of A.C.N. 050 110 275 Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit Pty Ltd and A.C.N. 050 110 275 Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
DECLARATION OF INDEPENDENCE BY NEIL SMITH TO THE DIRECTORS OF ALCHEMY RESOURCES
LIMITED
As lead auditor of Alchemy Resources Limited for the year ended 30 June 2025, I declare that, to the
best of my knowledge and belief, there have been:
1.
No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2.
No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Alchemy Resources Limited and the entities it controlled during the
period.
Neil Smith
Director
BDO Audit Pty Ltd
Perth
26 September 2025
ALCHEMY RESOURCES LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 30 June 2025
Consolidated
Note
2025
2024
$
$
The above statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
38
Revenue
Other income
5
197,399
156,234
Expenses
Exploration expenditure written off
12
(910,156)
(1,065,267)
Employee expense
6
(168,178)
(212,056)
Corporate expense
(260,976)
(219,510)
Administration expense
7
(161,661)
(140,307)
Loss before income tax expense
(1,303,572)
(1,480,906)
Income tax expense
8
-
-
Loss after income tax expense for the year
17
(1,303,572)
(1,480,906)
Other comprehensive income for the year, net of tax
-
-
Total comprehensive loss for the year
(1,303,572)
(1,480,906)
Cents
Cents
Basic loss per share
28
(0.11)
(0.13)
Diluted loss per share
28
(0.11)
(0.13)
ALCHEMY RESOURCES LIMITED
STATEMENT OF FINANCIAL POSITION
As at 30 June 2025
Consolidated
Note
2025
2024
$
$
The above statement of financial position should be read in conjunction with the accompanying notes
39
Assets
Current assets
Cash and cash equivalents
9
1,231,898
3,012,655
Trade and other receivables
10
134,344
17,694
Other
11
36,940
59,106
Total current assets
1,403,182
3,089,455
Non-current assets
Property, plant and equipment
173
485
Exploration and evaluation
12
10,902,845 10,394,886
Total non-current assets
10,903,018 10,395,371
Total assets
12,306,200 13,484,826
Liabilities
Current liabilities
Trade and other payables
13
185,169
124,978
Employee benefits
14
133,827
108,637
Total current liabilities
318,996
233,615
Total liabilities
318,996
233,615
Net assets
11,987,204 13,251,211
Equity
Issued capital
15
43,417,654 43,417,654
Reserves
16
379,987
408,722
Accumulated losses
17
(31,810,437) (30,575,165)
Total equity
11,987,204 13,251,211
ALCHEMY RESOURCES LIMITED
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2025
The above statement of changes in equity should be read in conjunction with the accompanying notes
40
Contributed
Option
Accumulated
Total equity
equity
reserves
losses
Consolidated
$
$
$
$
Balance at 1 July 2023
43,417,654
500,904 (29,296,647)
14,621,911
Loss after income tax expense for the year
-
-
(1,480,906)
(1,480,906)
Other comprehensive income for the year, net of tax
-
-
-
-
Total comprehensive loss for the year
-
-
(1,480,906)
(1,480,906)
Transactions with owners in their capacity as owners:
Share-based payments (note 29)
-
110,206
-
110,206
Options expired
-
(202,388)
202,388
-
Balance at 30 June 2024
43,417,654
408,722 (30,575,165)
13,251,211
Contributed
Option
Accumulated
Total equity
equity
reserves
losses
Consolidated
$
$
$
$
Balance at 1 July 2024
43,417,654
408,722 (30,575,165)
13,251,211
Loss after income tax expense for the year
-
-
(1,303,572)
(1,303,572)
Other comprehensive income for the year, net of tax
-
-
-
-
Total comprehensive loss for the year
-
-
(1,303,572)
(1,303,572)
Transactions with owners in their capacity as owners:
Share-based payments (note 29)
-
39,565
-
39,565
Options expired
-
(68,300)
68,300
-
Balance at 30 June 2025
43,417,654
379,987 (31,810,437)
11,987,204
ALCHEMY RESOURCES LIMITED
STATEMENT OF CASH FLOWS
For the year ended 30 June 2025
Consolidated
Note
2025
2024
$
$
The above statement of cash flows should be read in conjunction with the accompanying notes
41
Cash flows from operating activities
Payments to suppliers and employees
(484,652)
(443,137)
Interest received
90,089
169,976
Other revenue
89,986
-
Net cash used in operating activities
27
(304,577)
(273,161)
Cash flows from investing activities
Payments for exploration and evaluation
(1,476,180)
(1,719,412)
Net cash used in investing activities
(1,476,180)
(1,719,412)
Net cash from financing activities
-
-
Net decrease in cash and cash equivalents
(1,780,757)
(1,992,573)
Cash and cash equivalents at the beginning of the financial year
3,012,655
5,005,228
Cash and cash equivalents at the end of the financial year
9
1,231,898
3,012,655
ALCHEMY RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
30 June 2025
42
Note 1. General information
The financial statements cover Alchemy Resources Limited as a Group consisting of Alchemy Resources Limited
and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian
dollars, which is Alchemy Resources Limited's functional and presentation currency.
Alchemy Resources Limited is a listed public company limited by shares, incorporated and domiciled in Australia.
Its registered office and principal place of business are:
Registered office
Principal place of business
Ground Floor, 41 Colin Street
Unit 9, 50 Oxford Close
West Perth WA 6005
West Leederville WA 6007
A description of the nature of the Group's operations and its principal activities are included in the Directors' report,
which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of Directors, on 26 September
2025. The Directors have the power to amend and reissue the financial statements.
Note 2. Corporate information
The consolidated financial report of Alchemy Resources Limited for the year ended 30 June 2025 was authorised
for issue in accordance with a resolution of the Directors on 26 September 2025.
Alchemy Resources Limited is a for-profit company incorporated in Australia and limited by shares which are publicly
quoted on the Australian Securities Exchange. The nature of the operation and principal activities of the
consolidated entity are described in the attached Directors’ Report.
The principal accounting policies adopted in the preparation of these consolidated financial statements are set out
below and have been applied consistently to all periods presented in the consolidated financial statements and by
all entities in the consolidated entity.
Note 3. Material accounting policy information
The accounting policies that are material to the Group are set out below. The accounting policies adopted are
consistent with those of the previous financial year, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted.
The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial
performance or position of the Group.
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').
ALCHEMY RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
30 June 2025
Note 3. Material accounting policy information (continued)
43
Going concern
The financial statements have been prepared on a going concern basis, which contemplates the continuity of normal
business activity and the realisation of assets and the settlement of liabilities in the normal course of business. The
Group incurred a net loss of $1,303,572 for the year ended 30 June 2025 and had a net cash outflow from
operations including exploration expenditure totalling $1,780,757 for the year. Notwithstanding this, the financial
statements have been prepared on a going concern basis which the Directors consider to be appropriate based
upon the Company’s ability to raise capital in the future to meet committed expenditure.
The ability of the Company to continue as a going concern and meet all planned exploration commitments on all
areas of interest in the 12 months period from the date of these financial statements, including commitments relating
to exploration activity (refer note 22), is dependent on the Company being able to raise additional funds as required
to meet these ongoing and budgeted exploration commitments and for working capital. These conditions indicate a
material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern and,
therefore, it may be unable to realise its assets and discharge its liabilities in the normal course of business. The
Directors believe that the Company will be able to raise additional capital as required and are in the process of
evaluating the Company’s cash requirements. The Directors believe that the Company will continue as a going
concern. As a result, the financial statements have been prepared on a going concern basis. Should the going
concern basis not be appropriate, the entity may have to realise its assets and extinguish its liabilities other than in
the ordinary course of business and at amounts different from those stated in the financial statements. No allowance
for such circumstances has been made in the financial statements
Critical accounting judgements and key sources of estimation uncertainty
The application of accounting policies requires the use of judgements, estimates and assumptions about carrying
values of assets and liabilities that are not readily apparent from other sources. The estimates and associated
assumptions are based on historical experience and other factors that are considered to be relevant. Actual results
may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions are recognised in the
period in which the estimate is revised if it affects only that period, or in the period of the revision and future periods
if the revision affects both current and future periods.
Functional and presentation currency
The consolidated financial statements are presented in Australian dollars, which is the Group’s functional and
presentation currency.
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 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.
Exploration and evaluation assets
Exploration and evaluation expenditure in relation to separate areas of interest for which rights of tenure are current
is carried forward as an asset in the statement of financial position where it is expected that the expenditure will be
recovered through the successful development and exploitation of an area of interest, or by its sale; or exploration
activities are continuing in an area and activities have not reached a stage which permits a reasonable estimate of
the existence or otherwise of economically recoverable reserves. Where a project or an area of interest has been
abandoned, the expenditure incurred thereon is written off in the year in which the decision is made.
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.
ALCHEMY RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
30 June 2025
Note 3. Material accounting policy information (continued)
44
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.
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.
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.
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Alchemy Resources Limited,
excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary
shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the
financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary
shares and the weighted average number of shares assumed to have been issued for no consideration in relation
to dilutive potential ordinary shares.
Rounding of amounts
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and
Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance
with that Corporations Instrument to the nearest dollar.
ALCHEMY RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
30 June 2025
45
Note 4. Operating segments
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Board of Directors of Alchemy Resources
Limited.
The Group operates in one geographical segment, being Australia and in one operating category, being mineral
exploration. Therefore, information reported to the chief operating decision maker (the Board of Alchemy Resources
Limited) for the purposes of resource allocation and performance assessment is focused on mineral exploration
within Australia.
Note 5. Other income
Consolidated
2025
2024
$
$
Other income
107,310
8,217
Interest income
90,089
148,017
Other income
197,399
156,234
Interest income is recognised on a time proportion basis using the effective interest method.
Note 6. Employee expense
Consolidated
2025
2024
$
$
Employee benefit and director compensation expense
119,835
89,560
Expense of share-based payments
39,565
110,206
Other employee expenses
8,778
12,290
168,178
212,056
Note 7. Administration expense
Consolidated
2025
2024
$
$
Occupancy and occupancy outgoings
18,110
15,000
Depreciation
312
947
Insurance
38,113
27,241
Other administration expenses
105,126
97,119
161,661
140,307
ALCHEMY RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
30 June 2025
46
Note 8. Income tax expense
Consolidated
2025
2024
$
$
Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense
(1,303,572)
(1,480,906)
Tax at the statutory tax rate of 25% (2024: 30%)
(325,893)
(444,272)
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Non-deductible expenses
301
547
Capital raising costs
(8,580)
(11,964)
Share-based payment
9,891
33,062
Tax loss not brought to account as a deferred tax asset
324,281
422,627
Income tax expense
-
-
Consolidated
2025
2024
$
$
Deferred income tax at the end of the reporting period relates to the following:
Deferred income tax liabilities
Capitalised expenditure deductible for tax purposes
2,992,029
3,026,440
Prepayments
7,189
17,732
Property, plant and equipment
43
146
2,999,261
3,044,318
Deferred income tax asset
Trade and other payables
(9,330)
(11,052)
Employee benefits
(33,457)
(36,494)
Capitalised expenditure non-deductible for tax purposes
(6,477)
(19,759)
Tax losses available to offset DTL
(2,949,997)
(2,977,013)
(2,999,261)
(3,044,318)
Net deferred tax asset/(liability)
-
-
At 30 June 2025, Alchemy Resources Limited had $41,764,583 (2024: $39,703,578) of tax losses that are available
indefinitely for offset against future taxable profits subject to satisfaction of the loss tests. No deferred tax asset has
been recognised in the Consolidated Statement of Financial Position in respect of the amount of either these losses
or other deferred tax expenses. Should the Company not satisfy the Continuity of Ownership Test, the Company
will be able to utilise the losses to the extent that it satisfies the Same Business Test.
Note 9. Cash and cash equivalents
Consolidated
2025
2024
$
$
Cash on hand
549,897
596,154
Cash on deposit
682,001
2,416,501
1,231,898
3,012,655
The weighted average interest rate for the year was 4.42% (2024: 3.23%).
The Group’s exposure to interest rate risk is set out in note 18. The maximum exposure to credit risk at the end of
the reporting period is the carrying amount of each class of cash and cash equivalents mentioned above
ALCHEMY RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
30 June 2025
47
Note 10. Trade and other receivables
Consolidated
2025
2024
$
$
Trade receivables
122,361
-
Other receivables
1,618
1,618
Interest receivable
(12,591)
(12,591)
BAS receivable
22,956
28,667
134,344
17,694
The Group’s financial risk management objectives and policies are set out in note 18.
Due to the short-term nature of these receivables their carrying value is assumed to approximate their fair value.
Note 11. Other
Consolidated
2025
2024
$
$
Prepayments
28,758
59,106
Security deposits
8,182
-
36,940
59,106
Note 12. Exploration and evaluation
Consolidated
2025
2024
$
$
Exploration and evaluation
10,902,845 10,394,886
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are
set out below:
Exploration
and
evaluation
Consolidated
$
Balance at 1 July 2023
9,845,999
Expenditure during the year
1,614,154
Write off of assets
(1,065,267)
Balance at 30 June 2024
10,394,886
Expenditure during the year
1,418,115
Write off of assets
(910,156)
Balance at 30 June 2025
10,902,845
ALCHEMY RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
30 June 2025
48
Note 13. Trade and other payables
Consolidated
2025
2024
$
$
Trade payables
132,244
78,743
Other payables
52,925
46,235
185,169
124,978
Note 14. Employee benefits
Consolidated
2025
2024
$
$
Annual leave
131,635
106,999
Long service leave
2,192
1,638
133,827
108,637
Note 15. Issued capital
Consolidated
2025
2024
2025
2024
Shares
Shares
$
$
Ordinary shares - fully paid
1,178,076,256 1,178,076,256
43,417,654
43,417,654
Note 16. Reserves
Consolidated
2025
2024
Options reserve
379,987
408,722
Share-based payments reserve
The reserve is used to recognise the value of equity benefits provided to employees and Directors as part of their
remuneration, and other parties as part of their compensation for services.
Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:
Option
reserve
Consolidated
$
Balance at 1 July 2023
500,904
Option expense
91,060
Performance rights expense
19,146
Expiry of options
(202,388)
Balance at 30 June 2024
408,722
Option expense
39,565
Expiry of options
(68,300)
Balance at 30 June 2025
379,987
ALCHEMY RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
30 June 2025
Note 16. Reserves (continued)
49
Movements in options on issue
Consolidated
2025
2024
Balance at beginning of the financial year
41,300,000 33,550,000
Options issued (1)
10,000,000 20,000,000
Options expired or exercised (2)
(5,300,000) (12,250,000)
Balance at end of the financial year
46,000,000 41,300,000
(1) On 22 April 2025 10,000,000 options were granted, exercisable at $0.015 and expiring 31 December 2028.
(2) During the year, options granted on various dates in November 2021 and June 2022 with exercise prices of
$0.025, $0.035 and $0.034 expired unexercised.
Note 17. Accumulated losses
Consolidated
2025
2024
$
$
Accumulated losses at the beginning of the financial year
(30,575,165) (29,296,647)
Loss after income tax expense for the year
(1,303,572)
(1,480,906)
Transfer from options reserve
68,300
202,388
Accumulated losses at the end of the financial year
(31,810,437) (30,575,165)
Note 18. Financial instruments
Financial risk management
Overview
The Group has exposure to the following risks from their use of financial instruments:
●
Interest rate risk
●
Credit risk
●
Liquidity 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.
Risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate
risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are
reviewed regularly to reflect changes in market conditions and the Group’s activities.
The Audit Committee oversees how management monitors compliance with the Group’s risk management policies
and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the
Group. The Group’s principal financial instruments are tabled below.
ALCHEMY RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
30 June 2025
Note 18. Financial instruments (continued)
50
Consolidated
2025
2024
$
$
Financial assets
Current
Cash and cash equivalents
1,231,898
3,012,655
Trade and other receivables
134,344
17,694
1,366,242
3,030,349
Financial liabilities
Current
Trade and other payables
185,169
124,978
185,169
124,978
Interest rate risk
Interest rate risk is the risk that the value of a financial instrument or cash flows associated with the instrument will
fluctuate due to changes in market interest rates. Interest rate risk arises from fluctuations in interest bearing
financial assets and liabilities that the Group uses.
Interest bearing assets comprise cash and cash equivalents which are considered to be short-term liquid assets. It
is the Group’s policy to settle trade payables within the credit terms allowed and therefore not incur interest on
overdue balances.
The following tables set out the carrying amount, by maturity, of the financial instruments that are exposed to interest
rate risk:
Floating
interest
Fixed
interest rate
maturing in
Fixed interest rate
maturing in
Non-interest
rate
1 year or
less
Over 1 to 5
years
More than 5
years
bearing
Total
$
$
$
$
$
$
Consolidated 2025
Financial assets
Cash and cash equivalents
545,367
682,001
-
-
4,530
1,231,898
Trade and other receivables
-
-
-
-
134,344
134,344
545,367
682,001
-
-
138,874
1,366,242
Weighted average interest
rate
0.98%
4.79%
-
-
-
-
Financial liabilities
Trade and other payables
-
-
-
-
185,169
185,169
-
-
-
-
185,169
185,169
Weighted average interest
rate
-
-
-
-
-
-
ALCHEMY RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
30 June 2025
Note 18. Financial instruments (continued)
51
Floating
interest
Fixed
interest rate
maturing in
Fixed interest rate
maturing in
Non-interest
rate
1 year or
less
Over 1 to 5
years
More than 5
years
bearing
Total
$
$
$
$
$
$
Consolidated 2024
Financial assets
Cash and cash equivalents
581,833
2,416,500
-
-
14,322
3,012,655
Trade and other receivables
-
-
-
-
17,694
17,694
581,833
2,416,500
-
-
32,016
3,030,349
Weighted average interest
rate
1.32%
3.71%
-
-
-
-
Financial liabilities
Trade and other payables
-
-
-
-
124,978
124,978
-
-
-
-
124,978
124,978
Weighted average interest
rate
-
-
-
-
-
-
Sensitivity analysis for interest rate exposure
A change of 100 basis points in interest rates at the reporting date would have increased/(decreased) equity and
profit or loss by the amounts shown below:
Consolidated
2025
2024
$
$
Impact on profit/(loss) and equity
Increase of 100 basis points
20,363
29,983
Decrease of 100 basis points
(20,363)
(29,983)
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Group’s receivables from customers and investment
securities. The Group trades only with recognised, creditworthy third parties. It is the Group policy that all customers
who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are
monitored on an ongoing basis with the result that the Group’s exposure to bad debts is not significant. The
maximum exposure to credit risk is the carrying value of the receivable, net of any expected credit losses.
With respect to credit risk arising from the other financial assets of the Group, which comprise cash and cash
equivalents, the Group’s exposure to credit risk arises from default of the counter party, with a maximum exposure
equal to the carrying amount of these instruments. This risk is minimised by reviewing term deposit accounts from
time to time with approved banks of a sufficient credit rating which is AA- and above.
Exposure to credit risk
The carrying amount of the Group’s financial assets represents the maximum credit exposure. The Group’s primary
exposure to credit risk is tabled below:
Consolidated
2025
2024
$
$
Cash and cash equivalents
1,231,898
3,012,655
ALCHEMY RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
30 June 2025
Note 18. Financial instruments (continued)
52
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s
approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Group’s reputation.
The Group’s objective is to maintain a balance between continuity of funding and flexibility.
The following are the contractual maturities of financial liabilities:
Less than
Contractual
Carrying
6 months
cash flows
amount
$
$
$
Consolidated 2025
Trade and other payables
185,169
150,169
150,169
185,169
150,169
150,169
Consolidated 2024
Trade and other payables
124,978
124,978
124,978
124,978
124,978
124,978
Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern
in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital
structure to reduce the cost of capital. The management of the Group’s capital is performed by the Board.
The capital structure of the Group consists of equity of the Group, comprising issued capital and reserves, offset by
accumulated losses as detailed in note 15, note 16 and note 17
The Group is not subject to any externally imposed capital requirements. None of the Group’s entities are subject
to externally imposed capital requirements
Note 19. Key management personnel disclosures
Compensation
The aggregate compensation made to Directors and other members of key management personnel of the Group is
set out below:
Consolidated
2025
2024
$
$
Short-term employee benefits
320,000
342,584
Post-employment benefits
29,900
28,600
Share-based payments
30,040
98,561
379,940
469,745
ALCHEMY RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
30 June 2025
53
Note 20. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by BDO Audit Pty Ltd, the
auditor of the Company:
Consolidated
2025
2024
$
$
Audit services - BDO Audit Pty Ltd
Audit or review of the financial statements
50,655
47,236
Note 21. Contingent assets and liabilities
The Group had contingent assets at 30 June 2025 in respect of:
Future royalty payments
In March 2015, Alchemy completed a Sale and Purchase Agreement with Northern Star Resources Limited
(“Northern Star”) whereby the tenement containing the Hermes gold resource and adjacent tenements were
acquired by Northern Star (“Hermes Tenements”).
In October 2016, Northern Star completed the sale of its Plutonic gold operations, which included the Hermes
Tenements to Billabong Gold Pty Ltd.
Alchemy retains a 1% Net Smelter Return Royalty payable on refined gold recovered from the Hermes Tenements
in excess of 70,000oz and up to 90,000oz.
There are no other material contingent assets or liabilities as at 30 June 2025.
Note 22. Commitments
In order to maintain an interest in the exploration tenements in which the Group is involved, the Group is committed
to meet the conditions under which the tenements were granted. The timing and amount of exploration expenditure
commitments and obligations of the Group are subject to the minimum expenditure commitments required as per
the Mining Act 1978, as amended, and may vary significantly from the forecast based upon the results of the work
performed which will determine the prospectively of the relevant area of interest. Currently, the minimum
expenditure commitments for the granted tenements are $1,425,998 (2024: $1,628,808) per annum.
Note 23. Related party transactions
Parent entity
Alchemy Resources Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 25.
Key management personnel
Disclosures relating to key management personnel are set out in note 19 and the remuneration report included in
the Directors' report.
Transactions with related parties
There were no transactions with related parties during the current and previous financial year.
Receivable from and payable to related parties
There were no trade receivables from or trade payables to related parties at the current and previous reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
ALCHEMY RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
30 June 2025
54
Note 24. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Parent
2025
2024
$
$
Loss after income tax
(1,878,790)
(2,144,105)
Other comprehensive income for the year, net of tax
-
-
Total comprehensive loss
(1,878,790)
(2,144,105)
Statement of financial position
Parent
2025
2024
$
$
Total current assets
1,269,200
3,073,542
Total non-current assets
2,461
2,773
Total assets
1,271,661
3,076,315
Total current liabilities
227,974
193,405
Total liabilities
227,974
193,405
Net assets
1,043,687
2,882,910
Equity
Issued capital
43,417,653 43,417,653
Options reserve
379,987
408,722
Accumulated losses
(42,753,953) (40,943,465)
Total equity
1,043,687
2,882,910
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2025 and 30 June
2024.
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2025 and 30 June 2024.
Capital commitments
The parent entity had no capital commitments as at 30 June 2025 and 30 June 2024.
Note 25. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 3:
Ownership interest
Principal place of business /
2025
2024
Name
Country of incorporation
%
%
Alchemy Resources (Murchison) Pty Ltd
Australia
100.00%
100.00%
Alchemy Resources (Three Rivers) Pty Ltd
Australia
100.00%
100.00%
Goldtribe Corporation Pty Ltd
Australia
100.00%
100.00%
Alchemy Resources (NSW) Pty Ltd
Australia
100.00%
100.00%
ALCHEMY RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
30 June 2025
55
Note 26. Events after the reporting period
No matter or circumstance has arisen since 30 June 2025 that has 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.
Note 27. Reconciliation of loss after income tax to net cash used in operating activities
Consolidated
2025
2024
$
$
Loss after income tax expense for the year
(1,303,572)
(1,480,906)
Adjustments for:
Depreciation and amortisation
312
947
Share-based payments
39,565
110,206
Exploration expenditure write-off
910,156
1,065,267
Change in operating assets and liabilities:
(Increase)/decrease in trade and other receivables
(7,334)
18,073
Decrease/(increase) in prepayments
22,167
(16,081)
Increase/(decrease) in trade and other payables
8,939
(6,077)
Increase in employee benefits
25,190
35,410
Net cash used in operating activities
(304,577)
(273,161)
Non-cash investing and financing activities
There were no non-cash investing activities during the year.
Note 28. Loss per share
Consolidated
2025
2024
$
$
Loss after income tax
(1,303,572)
(1,480,906)
Consolidated
2025
2024
Number
Number
Weighted average number of ordinary shares used in calculating basic and diluted
loss per share
1,178,076,256 1,178,076,256
Cents
Cents
Basic loss per share
(0.11)
(0.13)
Diluted loss per share
(0.11)
(0.13)
ALCHEMY RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
30 June 2025
56
Note 29. Share-based payments
a) Share option and performance right plan
The Group has an Employee Securities Incentive Plan (“Plan”) for executives and employees of the Group. In
accordance with the provisions of the Plan, as approved by shareholders at a previous annual general meeting,
executives and employees may be granted options and performance rights at the discretion of the Directors.
Each share option and performance right converts into one ordinary share of Alchemy Resources Limited on
exercise. No amounts are paid or are payable by the recipient on receipt of the option. The options carry neither
rights of dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of
their expiry.
Options and performance rights issued to Directors are subject to approval by shareholders.
The share-based payments expense for the period was $39,565 (2024: $110,206). The following share-based
payment arrangements under incentive plans were in existence during the reporting period:
Number of Options
Grant date
Expiry date
Vesting date
Exercise
price
Fair value at
grant date
1,000,000
08/11/2021
08/11/2024
14/09/2022
$0.0250
$0.007
1,000,000
08/11/2021
08/11/2024
14/09/2023
$0.0350
$0.006
2,000,000
20/06/2022
22/06/2025
22/06/2023
$0.0340
$0.015
1,300,000
21/06/2022
22/06/2025
22/06/2023
$0.0340
$0.020
10,000,000
17/10/2022
17/10/2025
17/10/2022
$0.0500
$0.018
6,000,000
29/11/2022
23/12/2025
23/12/2023
$0.0405
$0.020
9,000,000
14/12/2023
31/12/2026
29/12/2024
$0.0250
$0.004
5,000,000
14/12/2023
31/12/2026
29/12/2025
$0.0400
$0.004
6,000,000
14/12/2023
31/12/2026
29/12/2026
$0.0600
$0.003
10,000,000
22/04/2025
31/12/2028
22/04/2026
$0.0150
$0.003
b) Movements in options and performance rights during the year
Movement in the number of options and performance rights held by directors, employees and advisors:
Number of
options
Weighted
average
exercise
price
Number of
options
Weighted
average
exercise
price
2025
2025
2024
2024
Outstanding at the beginning of the financial year
41,300,000
$0.02 43,550,000
$0.02
Granted
10,000,000
$0.02 20,000,000
$0.04
Expired
(5,300,000)
$0.03 (22,250,000)
$0.01
Outstanding at the end of the financial year
46,000,000
$0.04 41,300,000
$0.02
Exercisable at the end of the financial year
36,000,000
$0.04 21,300,000
$0.04
The weighted average remaining contractual life of share options outstanding at the end of the year was 1.54 years
(2024: 1.83 years)
ALCHEMY RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
30 June 2025
Note 29. Share-based payments (continued)
57
c) Options outstanding at the end of the year
2025
2024
Expiry date
Exercise
price
number
number
08/11/2024
$0.0250
-
1,000,000
08/11/2024
$0.0350
-
1,000,000
22/06/2025
$0.0340
-
3,300,000
17/10/2025
$0.0500 10,000,000
10,000,000
23/12/2025
$0.0405
6,000,000
6,000,000
31/12/2026
$0.0250
9,000,000
9,000,000
31/12/2026
$0.0400
5,000,000
5,000,000
31/12/2026
$0.0600
6,000,000
6,000,000
31/12/2028
$0.0150 10,000,000
-
46,000,000
41,300,000
ALCHEMY RESOURCES LIMITED
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
As at 30 June 2025
58
Entity name
Entity
type
Trustee,
partner or
participant
in joint
venture
% of
share
capital
held
Country of
incorporation
Australian
resident
Foreign
jurisdiction(s) in
which the entity
is a resident for
tax purposes
Alchemy Resources Limited
Body
corporate
N/A
-
Australia
Yes
N/A
Alchemy Resources (Murchison) Pty Ltd
Body
corporate
N/A
100%
Australia
Yes
N/A
Alchemy Resources (Three Rivers) Pty Ltd
Body
corporate
N/A
100%
Australia
Yes
N/A
Goldtribe Corporation Pty Ltd
Body
corporate
N/A
100%
Australia
Yes
N/A
Alchemy Resources (NSW) Pty Ltd
Body
corporate
N/A
100%
Australia
Yes
N/A
Basis of Preparation
This Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act
2001. It includes certain information for each entity that was part of the consolidated entity at the end of the financial
year.
Determination of Tax Residency
Section 295 (3A) of the Corporation Acts 2001 defines tax residency as having the meaning in the Income Tax
Assessment Act 1997. The determination of tax residency involves judgement as there are currently several
different interpretations that could be adopted, and which could give rise to a different conclusion on residency. It
should be noted that the definitions of ‘Australian resident’ and ‘foreign resident’ in the Income Tax Assessment Act
1997 are mutually exclusive. This means that if an entity is an ‘Australian resident’ it cannot be a ‘foreign resident’
for the purposes of disclosure in the CEDS.
In determining tax residency, the consolidated entity has applied the following interpretations:
Australian tax residency
The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax
Commissioner's public guidance in Tax Ruling TR 2018/5.
Foreign tax residency
Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in
determining tax residency and ensure compliance with applicable foreign tax legislation.
ALCHEMY RESOURCES LIMITED
DIRECTORS' DECLARATION
30 June 2025
59
In the Directors' opinion:
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards,
the Corporations Regulations 2001 and other mandatory professional reporting requirements;
●
the attached financial statements and notes comply with International Financial Reporting Standards as issued
by the International Accounting Standards Board as described in note 3 to the financial statements;
●
the attached financial statements and notes give a true and fair view of the Group's financial position as at 30
June 2025 and of its performance for the financial year ended on that date;
●
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable; and
●
the information disclosed in the attached 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 Directors made pursuant to section 295(5)(a) of the Corporations Act
2001.
On behalf of the Directors
___________________________
Lindsay Dudfield
Chair
26 September 2025
Perth, Western Australia
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of A.C.N. 050 110 275 Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit Pty Ltd and A.C.N. 050 110 275 Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
INDEPENDENT AUDITOR'S REPORT
To the members of Alchemy Resources Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Alchemy Resources Limited (the Company) and its subsidiaries
(the Group), which comprises the consolidated statement of financial position as at 30 June 2025, 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 report, including material accounting policy information, the consolidated entity
disclosure statement and the directors’ declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2025 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
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 Group in accordance with 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 (including Independence Standards) (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 confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
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 3 in the financial report which describes the events and/or conditions which
give rise to the existence of a material uncertainty that may cast significant doubt about the group’s
ability to continue as a going concern and therefore the group may be unable to realise its assets and
discharge its liabilities in the normal course of business. Our opinion is not modified in 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. In addition to the matter described in the Material uncertainty
related to going concern section, we have determined the matters described below to be the key audit
matters to be communicated in our report.
Recoverability of exploration and evaluation expenditure
Key audit matter
How the matter was addressed in our audit
As disclosed in Note 12 to the Financial Report,
the carrying value of capitalised exploration and
evaluation expenditure represents a significant
asset of the Group.
Refer to Note 12 of the Financial Report for a
description of the accounting policy and
significant judgements applied to capitalised
exploration and evaluation expenditure.
In accordance with AASB 6 Exploration for and
Evaluation of Mineral Resources (AASB 6), the
recoverability of exploration and evaluation
expenditure requires significant judgment by
management in determining whether there are
any facts or circumstances that exist to suggest
that the carrying amount of this asset may
exceed its recoverable amount. As a result, this
is considered a key audit matter.
Our procedures included, but were not limited to:
• Obtaining a schedule of the areas of interest
held by the Group and assessing whether the
rights to tenure of those areas of interest
remained current at balance date;
• Considering the status of the ongoing
exploration programmes in the respective
areas of interest by holding discussions with
management, and reviewing the Group’s
exploration budgets, ASX announcements and
directors’ minutes;
• Considering whether any such areas of
interest had reached a stage where a
reasonable assessment of economically
recoverable reserves existed;
• Considering whether any facts or
circumstances existed to suggest impairment
testing was required; and
• Assessing the adequacy of the related
disclosures in Note 12 to the Financial Report.
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2025, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and 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:
a) the financial report that gives a true and fair view in accordance with Australian Accounting
Standards and the Corporations Act 2001 and
b) the consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i) the financial report that gives a true and fair view and is free from material misstatement, whether
due to fraud or error; and
ii) the consolidated entity disclosure statement that is true and correct and is free of misstatement,
whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group 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 Group 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.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 31 to 35 of the directors’ report for the
year ended 30 June 2025.
In our opinion, the Remuneration Report of Alchemy Resources Limited, for the year ended 30 June
2025, complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 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.
BDO Audit Pty Ltd
Neil Smith
Director
Perth, 26 September 2025
ALCHEMY RESOURCES LIMITED
SHAREHOLDER INFORMATION
30 June 2025
64
The shareholder information set out below was applicable as at 16 September 2025.
Distribution of holders of equity securities
Shares held
Shareholders
Percentage of Issued Capital (%)
0 up to and including 1,000
141
0.00
1,001 up to and including 5,000
145
0.04
5,001 up to and including 10,000
114
0.08
10,001 up to and including 100,000
919
3.68
100,001 and over
805
96.20
Totals
2,124
100.00
The total number of quoted securities (fully paid ordinary shares) on issue is 1,178,076,256. No options on issue
are quoted.
The number of holders of less than a marketable parcel of ordinary fully paid shares is 1,183 (2.67% of issued
capital).
Substantial holders
Substantial shareholders (i.e. shareholders who hold 5% or more of the issued capital as disclosed in the most
recent substantial shareholder notices given to the Company):
Holder / Group name
Shares held
Percentage of Issued Capital (%)
Northern Star Resources
78,125,000
6.63
Mr Neil Kenneth Watson and associates
79,345,819
6.74
Mr Lindsay George Dudfield and associates
60,880,611
5.17
Voting rights
Ordinary shares
Each shareholder is entitled to receive notice of and attend and vote at general meetings of the Company. At a
general meeting, every shareholder present in person or by proxy, representative of attorney will have one vote
on a show of hands and on a poll, one vote for each share held.
Options
No voting rights.
On-market buyback
There is no current on-market buyback.
Unquoted equity securities
Number on issue
Number of holders
Options exercisable at $0.05 on or before 17 October 20251
10,000,000
2
Options exercisable at $0.0405 on or before 23 December 2025
6,000,000
3
Options exercisable at $0.025 on or before 31 December 2026
9,000,000
5
Options exercisable at $0.04 on or before 31 December 2025
5,000,000
1
Options exercisable at $0.06 on or before 31 December 2026
6,000,000
1
Options exercisable at $0.015 on or before 31 December 2028
10,000,000
6
1.
50% held by each of CG Nominees (Australia) Pty Ltd and H2 Investment Services Pty Ltd
ALCHEMY RESOURCES LIMITED
SHAREHOLDER INFORMATION
30 June 2025
65
Twenty largest holdings of quoted ordinary shares
Shareholder / Group name
Number of shares
Percentage held
Northern Star Resources Limited
78,125,000
6.63%
Mr Neil Watson and associated entities
74,677,819
6.34%
Mr Lindsay George Dudfield and associated entities
60,880,611
5.17%
Equity Trustees Limited
45,818,182
3.89%
Moryton Pty Ltd
44,000,000
3.73%
Mr Simon Saliba
32,000,000
2.72%
Mr Christopher Paul Lewis and associated entities
25,265,962
2.14%
Alexander Angelopoulos and associated entities
17,802,159
1.51%
BNP Paribas Nominees Pty Ltd
14,147,188
1.20%
Mr Peter Alan Davis
13,750,000
1.17%
Heron Resources Limited
12,000,000
1.02%
Netwealth Investments Limited
(net of a holding of Mr Neil Watson reflected above)
11,426,854
0.97%
Citicorp Nominees Pty Limited
11,096,095
0.94%
Mr Hakan Dinc
11,000,000
0.93%
Mr Ivor William Van Der Sluys
10,500,000
0.89%
Kingarth Pty Ltd
10,000,000
0.85%
Fronton Australia Pty Ltd
8,994,527
0.76%
Mr James Michael Wilson
8,655,399
0.73%
Mr Aslan Zoghi Oskouei
8,000,000
0.68%
Mr John William Rattigan
8,000,000
0.68%
Mr Mitchell John Swinglehurst
7,860,171
0.67%
Total
513,999,967
43.63%
ALCHEMY RESOURCES LIMITED
TENEMENT SCHEDULE
30 June 2025
66
The information set out below was applicable as at 30 June 2025.
Project/Tenement
State
Status
Interest
Co-holder
Notes
Bryah Basin Project
E52/1668
WA
Granted
10%
Jackson / Billabong
1, 2, 3
E52/1678
WA
Granted
10%
Jackson / Billabong
1, 2, 3
E52/1723-I
WA
Granted
20%
Billabong
2, 4, 5
E52/1730
WA
Granted
10%
Jackson / Billabong
1, 2, 3
E52/1731
WA
Granted
20%
Billabong
2, 4
E52/1852
WA
Granted
20%
Billabong
4
E52/2362
WA
Granted
20%
Billabong
2, 4, 6
E52/3406
WA
Granted
20%
Billabong
2, 4
E52/3408
WA
Granted
20%
Billabong
2, 4
E52/4087
WA
Granted
100%
Alchemy
2
E52/4088
WA
Granted
100%
Alchemy
2
E52/4090
WA
Granted
100%
Alchemy
2
M52/737
WA
Granted
20%
Billabong
4, 6
M52/795
WA
Granted
20%
Billabong
2, 4, 6
M52/844-I
WA
Granted
100%
Alchemy
2, 6
M52/1049
WA
Granted
20%
Billabong
4, 6
P52/1538
WA
Surrendered
10%
Jackson / Billabong
1, 4
P52/1539
WA
Surrendered
10%
Jackson / Billabong
1, 4
P52/1686
WA
Application
100%
Alchemy
9
Karonie Project
E28/2575
WA
Granted
100%
7
E28/2576-I
WA
Granted
100%
7
E28/2619
WA
Surrendered
100%
7
E 28/2643
WA
Surrendered
100%
7
E28/2667
WA
Granted
100%
7
E28/2668
WA
Granted
100%
7
E28/2681
WA
Granted
100%
7
E28/2880
WA
Granted
100%
7
E28/2976
WA
Granted
100%
7
E28/3098
WA
Granted
100%
7
E28/3207
WA
Granted
100%
7
E28/3335
WA
Granted
100%
7
Lake Rebecca Project
E28/3008
WA
Granted
100%
7
E28/3035
WA
Granted
100%
7
E28/3039
WA
Granted
100%
7
E28/3048
WA
Granted
100%
7
E28/3053
WA
Granted
100%
7
E28/3058
WA
Granted
100%
7
E28/3059
WA
Granted
100%
7
E28/3063
WA
Granted
100%
7
E28/3064
WA
Granted
100%
7
Lachlan Projects
EL5878 - Overflow
NSW
Granted
80%
Develop Global Limited
8
EL7941 - Overflow
NSW
Granted
80%
Develop Global Limited
8
EL8267 - Overflow Nth
NSW
Granted
80%
Develop Global Limited
8
EL8356 - Yellow Mtn
NSW
Granted
80%
Develop Global Limited
8
EL8192 - Eurow
NSW
Granted
80%
Develop Global Limited
8
EL8318 - Girilambone
NSW
Granted
80%
Develop Global Limited
8
EL8631 - West Lynn
NSW
Granted
80%
Develop Global Limited
8
EL8711 - Woodsreef
NSW
Granted
80%
Develop Global Limited
8
ALCHEMY RESOURCES LIMITED
TENEMENT SCHEDULE
30 June 2025
67
Notes:
1.
Jackson Minerals Pty Ltd, a subsidiary of CuFe Ltd (ASX: CUF), retains a 20% interest free-carried to a decision to mine.
2.
Sandfire Resources NL (ASX: SFR) notified its intention to assign its 80% interest in the Bryah Joint Venture in Western Australia to
Alchemy. See ALY ASX Announcement 29 January 2024 – ‘Alchemy to Re-Acquire Sandfire’s Bryah Joint Venture Interests’. This
interest has now passed to Alchemy Resources Three Rivers (a 100% owned subsidiary of Alchemy Resources Limited).
3.
Billabong Gold Pty Ltd holds a 70% interest in whole or part of tenement.
4.
Billabong Gold Pty Ltd holds an 80% interest in whole or part of tenement.
5.
PepinNini Robinson Range Pty Ltd retains a 1% NSR on iron ore.
6.
Carey Mining Iron Ore JV: On 3 June 2025 Alchemy announced that it had acquired Carey Mining’s 50% interest in the JV and now
holds 100% of all minerals, including iron ore.
7.
Goldtribe Corporation Pty Ltd, a subsidiary of Alchemy Resources Ltd, holds a 100% interest in the tenement.
8.
Alchemy Resources (NSW) Pty Ltd, a subsidiary of Alchemy Resources Ltd, holds a 80% interest with Develop Global Ltd (ASX: DVP)
owning the remaining 20%.
9.
Alchemy Resources (Three Rivers) Pty Ltd, a subsidiary of Alchemy Resources Ltd, holds a 100% interest.
ALCHEMY RESOURCES LIMITED
ANNUAL MINERAL RESOURCES STATEMENT
30 June 2025
68
Alchemy Resources Limited (ASX: ALY) (“Alchemy” or “the Company”) is pleased to provide the annual review and
summary of the Company’s Mineral Resources as at 16 September 2025.
The Company’s Mineral Resources are reported in accordance with the 2012 JORC code and estimated or based
on documentation prepared by a Competent Person as defined by the 2012 JORC Code unless otherwise specified.
All information compiled in this statement has been previously announced and this statement fairly represents a
summary of the supporting information and documentation.
Alchemy ensures that the Mineral Resources quoted are subject to governance arrangements and internal controls.
Internal and external reviews of Mineral Resource estimation procedures and results are carried out by a team of
experienced technical personnel that is comprised of highly competent and qualified professionals. These reviews
have not identified any material issues.
The Company’s procedures for drilling, sampling techniques and analysis are regularly reviewed and audited by
independent experts. Assays are undertaken by independent, internationally accredited laboratories with a QA/QC
program delivering acceptable levels of accuracy and precision.
There has been no change to the Company’s previously announced Mineral Resources from 8 October 2024 to 26
September 2025.
Overflow Deposit (Lachlan Project, 80% Alchemy, New South Wales)
No Change to Previously Released Mineral Resource Estimate (“MRE”)
There was no change to the Company’s Overflow Deposit Inferred MRE, which was released on in October 2023
containing 342koz AuEq at 1.30g/t AuEq (Inferred, 0.7g/t AuEq cut-off) (see ALY ASX Announcement dated 20
October 2023 ‘Maiden 342koz Mineral Resource at Overflow Project’).
Cut-Off grade AuEq
Tonnes
AuEq ppm
Au ppm
Ag ppm
Cu ppm
Pb ppm
Zn ppm
0.7
8,189,000
1.30
0.5
54.7
357
2,549
5,236
Table 1: Overflow Project Inferred MRE (0.7g/t Au cut-off). Note: Totals may not add due to rounding
differences
Overflow MRE cut-off grades, commodity prices and recovery estimates used:
-
Cut-off grades are reported as gold equivalent (AuEq) grades based on the parameters in the below table.
-
AuEq grade is estimated with the following formula:
AuEq = Au g/t + (Ag * 0.009867)+(Cu * 0.000116)+(Pb * 0.000029)+(Zn * 0.000025)
It is the Company’s opinion that all the elements included in the metal equivalent calculation have a reasonable
potential to be recovered and sold.
Element
Price AUD
Unit
Recovery
Au
3,000
oz
90%
Ag
37
oz
80%
Cu
6.0
lb
85%
Pb
1.6
lb
80%
Zn
1.7
lb
65%
Table 2: Parameters for the Overflow Project Inferred MRE Gold Equivalent Grade Estimation
ALCHEMY RESOURCES LIMITED
ANNUAL MINERAL RESOURCES STATEMENT
30 June 2025
69
Karonie Project (100% Alchemy, Western Australia)
No Change to Previously Released MRE
There was no change to the Company’s Karonie Project Inferred MRE, which was released in August 2021
containing 11,100oz @ 1.2g/t Au (see ALY ASX announcement dated 31 August 2021 ‘Maiden 111,100oz JORC
2012 Resource at Karonie’).
Deposit
Tonnes (Mt)
Grade g/t
Ounces
KZ5
1,876,000
1.2
70,600
Parmelia
644,000
1.0
20,700
Taupo
441,000
1.4
19,800
TOTAL
2,961,000
1.2
111,100
Table 2: Karonie Gold Project Inferred MRE (0.8g/t Au cut-off)). Note: Totals may not add due to rounding
differences
West Lynn Project (80% Alchemy, New South Wales)
No Change to Previously Released MREs
There was no change to the Company’s West Lynn Inferred MRE released in February 2019 and June 2019
containing 21.3Mt @ 0.84% nickel and 0.05% cobalt (180kt of nickel and 11kt of contained cobalt) (see ALY ASX
announcement dated 19 February 2019 ‘Maiden Mineral Resource Estimate – West Lynn Project NSW’). The
project also contains an additional alumina MRE of 6.6Mt @ 20.8% Al203 (see ALY ASX announcement dated 19
June 2019 ‘Maiden Alumina Resource Estimate – Summervale Project NSW’).
Deposit
Cut Off (Ni %)
Tonnes (Mt)
Ni %
Co %
Al %
Fe %
West Lynn
0.6
14.70
0.85
0.05
2.4
20.2
Summervale
0.6
6.64
0.82
0.04
2.5
19.7
TOTAL
0.6
21.3
0.84
0.05
2.4
20.0
Table 3: West Lynn Project Inferred MRE (0.6% Ni cut-off). Note: Totals may not add due to rounding
differences
Deposit
Cut Off (Al203)
Tonnes (Mt)
Al203 %
Fe203 %
K20 %
Na20 %
TiO2 %
SiO2 %
Summervale
18%
6.55
20.8
2.8
1.79
19.7
1.15
64.2
Table 4: Summervale Prospect Inferred MRE (18% Al203 cut-off). Note: Totals may not add due to rounding
differences
References:
Additional details including JORC 2012 reporting tables, where applicable, can be found in the following releases
lodged with ASX and available on the Company’s website (www.alchemyresources.com.au), and referred to in this
announcement:
1.
ALY ASX Announcement dated 20 October 2023 ‘Maiden 342koz Mineral Resource at Overflow Project’
2.
ALY ASX announcement dated 31 August 2021 ‘Maiden 111,100oz JORC 2012 Resource at Karonie’)
3.
ALY ASX announcement dated 19 February 2019 ‘Maiden Mineral Resource Estimate – West Lynn Project NSW’
4.
ALY ASX announcement dated 19 June 2019 ‘Maiden Alumina Resource Estimate – Summervale Project NSW’
The Company confirms that it is not aware of any new information or data that materially affects the information
included in the market announcements referred to above and that all material assumptions and technical parameters
underpinning the estimates of mineral resources referenced in the market announcement continue to apply and
have not materially changed.
ALCHEMY RESOURCES LIMITED
ANNUAL MINERAL RESOURCES STATEMENT
30 June 2025
70
Competent Persons Statement
This annual mineral resource statement in its entirety is based on, and fairly represents information and supporting
documents compiled by Mr James Wilson, who is the Chief Executive Officer of Alchemy Resources Limited and
holds shares and options in the Company. Mr Wilson is a Member of the Australian Institute of Geoscientists and
has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration,
and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore
Reserves Committee ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves’ (‘JORC Code 2012’). Mr Wilson consents to the inclusion in this report of the matters based on his
information in the form and context in which it appears.
The information in this report that relates to Exploration Results is based on information compiled by Mr James
Wilson, who is the Chief Executive Officer of Alchemy Resources Limited and holds shares and options in the
Company. Mr Wilson is a Member of the Australian Institute of Geoscientists and has sufficient experience of
relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities
undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (‘JORC Code
2012’). Mr Wilson consents to the inclusion in this report of the matters based on his information in the form and
context in which it appears.
The information in this report that relates to Mineral Resources at the Overflow and Karonie Projects is based on
information compiled by Richard Maddocks, a Competent Person who is a Fellow of The Australasian Institute of
Mining and Metallurgy. Richard Maddocks is an employee of Auranmore Consulting. Richard Maddocks has
sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to
the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Richard Maddocks consents to
the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Mineral Resources at the West Lynn Project and Summervale Prospect
is based on information compiled by Stephen Godfrey, who is an employee of Resource Evaluation Services Pty
Ltd, a consultant to Alchemy Resources Limited. Mr Godfrey is a Fellow of the Australasian Institute of Mining and
Metallurgy and a member of the Australian Institute of Geoscientists, and has sufficient experience of relevance to
the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify
as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee ‘Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (‘JORC Code 2012’). Mr Godfrey consents
to the inclusion in this report of the matters based on his information in the form and context in which it appears.
The Company confirms that it is not aware of any further new information or data that materially affects the
information included in the original market announcements by Alchemy Resources Ltd (ALY) referenced in this
report and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters
underpinning the estimates in the relevant market announcements continue to apply and have not materially
changed. To the extent disclosed above, the Company confirms that the form and context in which the Competent
Person’s findings are presented have not been materially modified from the original market announcements.