Alderan Resources Limited
ABN 55 165 079 201
Annual Report - 30 June 2024
Alderan Resources Limited
Contents
30 June 2024
1
Corporate directory
2
Review of Operations
3
Directors' report
9
Auditor's independence declaration
22
Consolidated Statement of profit or loss and other comprehensive income
23
Consolidated Statement of financial position
24
Consolidated Statement of changes in equity
25
Consolidated Statement of cash flows
26
Notes to the financial statements
27
Consolidated entity disclosure statement
50
Directors' declaration
51
Independent auditor's report to the members of Alderan Resources Limited
52
Shareholder information
54
Alderan Resources Limited
Corporate directory
30 June 2024
2
Directors
Mr Ernest Thomas Eadie - Non-Executive Chairman
Mr Scott Caithness - Managing Director
Mr Peter Williams - Non- Executive Director
Company secretary
Ms Nova Taylor
Registered office
Suite 1, Level 6, 350 Collins Street
Melbourne VIC 3000
Ph: (03) 8630 3321
Principal place of business
Suite 1, Level 6, 350 Collins Street
Melbourne VIC 3000
Share register
Automic Registry Services
Level 5, 126 Phillip Street
Sydney NSW 2000
Ph: 1300 288 664
Auditor
RSM Australia Partners
Level 32, Exchange Tower
2 The Esplanade
Perth WA 6000
Stock exchange listing
Alderan Resources Limited shares are listed on the Australian Securities Exchange
(ASX code: AL8)
Website
https://alderanresources.com.au/
Alderan Resources Limited
Review of Operations
30 June 2024
3
REVIEW OF OPERATIONS
Alderan Resources Limited’s (Alderan or the Company) specialises in critical and precious metal exploration. Its principal
activity is exploration for copper and gold in the USA and lithium in Brazil. Its Cactus and Detroit projects are located in Utah
and its lithium projects are in the states of Minas Gerais and Bahia, Brazil (see Figures 1 & 2).
Alderan’s exploration focus during the 2024 financial year was on the Cactus copper-gold project in Utah, USA and the Minas
Gerais lithium portfolio in Brazil.
The Company also executed earn-in and option agreements covering the Salitre lithium
prospect in Bahia, Brazil.
As part of an active programme to focus its exploration programme, the Company rationalised its
project portfolio and withdrew from a number of option agreements in the Detroit project area and from the Horn Silver area
option south of Cactus. Also, post the end of the year, it relinquished the White Mountain licences.
Figure 1: Alderan Resources’ project locations in Utah, USA.
Alderan Resources Limited
Review of Operations
30 June 2024
4
Figure 2: Alderan Resources project locations in Minas Gerais and Bahia, Brazil.
CACTUS PROJECT
The Cactus copper-gold project lies 300km south-southwest of Salt Lake City in western Utah. The area was formerly part of
Alderan’s larger Frisco project prior to the Company rationalising its tenement position by withdrawing from its option over the
Horn Silver area in the south.
Frisco was the subject of a farm in agreement with Kennecott Exploration Company (KEX), a
subsidiary of Rio Tinto, which focused on the discovery of a large-scale long-life porphyry copper-gold-molybdenum deposit.
In July 2023, the Company regained 100% ownership of the Frisco Project following termination of the option agreement with
KEX1.
Alderan’s exploration over the Cactus project throughout the year focused on determining the potential for more mineralisation
at the historically mined Cactus and Comet copper-gold deposits plus identifying targets which have potential for new Cactus
and Comet type deposits. The historical mines in the Cactus district are tourmaline breccia hosted copper deposits which
were mined between 1900-1919. The reported mined grade at Cactus was 2.07% copper and 0.33g/t gold while Comet was
more gold rich.
Alderan’s work included 3D modelling of Cactus and Comet using all post mining drill hole data, 3D inversion modelling of
high quality drone magnetics covering the Cactus district to determine the signature of Cactus and Comet and identify similar
signatures which have potential for Cactus/Comet style mineralisation. The New Years prospect was identified as a priority
prospect from this work and a soil sampling grid was completed over the prospect. The key outcomes of this exploration were:
The Cactus and Comet deposits remain open at depth and to the northwest
1 Refer Alderan ASX announcement dated 5 July 2023.
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Review of Operations
30 June 2024
5
New Years, Cactus and Comet lie within a +1.2km northwest-southeast trending magnetic low corridor and have
discrete coincident magnetic anomalies2
New Years has historical copper drill intersections of +10m @ >1.5% Cu with assays over five foot intervals up to
5.4% Cu and has not been drilled since 1964
Hole NYM-1 drilled in 2002 with hole log co-ordinates midway between Cactus and New Years intersected 10.7m @
1.60% copper plus 4.6m @ 1.3% Cu within 42.7m @ 0.80% Cu from surface all oxidized
New Years has a 400m x 300m high order copper in soil anomaly with pXRF grades up to 0.33% Cu plus a surface
breccia sample grading 4.5% copper3
The New Years soil grid has three additional copper soil anomalies coincident with magnetic anomalies
Twelve additional Cactus ‘look-a-like’ magnetic anomalies were been identified in the Cactus District
Subsequent to the end of the financial year, in September 2024, Alderan commenced drilling at its New Years copper prospect.
The first stage of drilling at New Years is a three hole (340m) programme to verify copper mineralisation intersected in historical
holes drilled in 1964 and 2002 and to gain an understanding of the controls on mineralisation. Stage 2 drilling, which will be
dependent on Stage 1 results, will focus on extending mineralisation intersected in Stage 1 and testing geophysical targets.
Archaeological inspections required for permitting the proposed Stage 2 drill sites will be carried out during the current drilling
programme.
ACQUISITION OF BRAZIL LITHIUM PROJECTS
On 20 September 2023, the Company announced the execution of a binding share sale agreement to acquire 100% of the
issued capital in Parabolic Lithium Pty Ltd (Parabolic) which has the right to acquire a 100% interest in seven lithium
exploration projects in the mineral resource rich state of Minas Gerais, Brazil (see Figure 3).4
The Parabolic projects cover 472km2 and consist of 24 granted exploration licences in seven project areas, Curral de Dentro,
Minas Novas, Carai, Catuji, Itaipe, Itambacuri and Governador Valadares. The projects are all located in and immediately to
the south of the area known as ‘Lithium Valley’ in the Eastern Lithium Belt of Eastern Brazil. Lithium mines in the Lithium
Valley include Sigma Lithium Corporation’s (NASDAQ: SGML; TSX: SGML) recently developed Grota do Cirilo operation and
CBL’s Mina da Cachoeira mine. In addition, Resources have been outlined by Latin Resources Ltd (ASX: LRS) at its Salinas
Project and Atlas Lithium at Itinga.
Alderan’s Minas Gerais projects, which have not undergone any previous exploration for lithium, have a number of key
characteristics which were used to identify the areas including:
Located within the ‘Lithium Valley’ district in the state of Minas Gerais in Brazil’s Eastern Lithium Belt;
Proximal to fertile G4 granites based on Brazil Geological Survey regional mapping and the interpretation of regional
airborne magnetic and radiometric geophysical data;
Proximal to known lithium deposits, pegmatites and lithium pathfinder mineral occurrences;
Proximal to major district and regional scale structures; and
Presence of artisanal mining.
Alderan completed a stream sediment and reconnaissance rock sampling programme over its Minas Gerais lithium project
areas in May 2024.5 During the June quarter the Company received assay results for stream sediment samples collected
from its Itambacuri6 project area and subsequent to the end of the quarter the Company also received assay results for stream
sediment samples collected from its Carai7, Catuji8 and Itaipe9 project areas.
2 Refer Alderan ASX announcement dated 13 March 2024
3 Refer Alderan ASX announcements dated 25 June 2024, 8 July 2024
4 Refer Alderan ASX announcement dated 20 September 2023.
5 Refer AL8 ASX announcement dated 5 December 2023 and 8 April 2024
6 Refer AL8 ASX announcement dated 30 May 2024
7 Refer AL8 ASX announcement dated 3 July 2024
8 Refer AL8 ASX announcement dated 3 July 2024
9 Refer AL8 ASX announcement dated 23 July 2024
Alderan Resources Limited
Review of Operations
30 June 2024
6
The Itambacuri stream sediment samples contain highly anomalous lithium grades over an area of 11km2 in the western half
of the licence and there is a very strong lithium-caesium-beryllium-rubidium association in the assay data set suggesting a
favourable geological environment for lithium bearing pegmatites. The grade of lithium in the samples ranges from a low of
1.1ppm to a high of 116.5ppm with the average grade across all samples being 28ppm lithium. Background lithium grades are
estimated to be approximately 10ppm. The correlation coefficients between lithium grades and caesium, beryllium and
rubidium grades are 0.96, 0.92 and 0.85 respectively (a correlation coefficient value of 1 is the maximum possible).
The Carai stream sediment samples contain highly anomalous rare earth element and lithium grades over an area of
approximately 10km2 in the northern portion of the project area. Anomalous neodymium and praseodymium rare earth
elements occur at the northern end of the licences. Neodymium grades range from 1.06ppm to 128.5ppm and average
29.7ppm for all samples. The background grade is less than 10ppm with the maximum grade more than ten times background
and four times the average for the sample set. Praseodymium grades range from 0.36ppm to 38.9ppm and average 8.6ppm
across all samples. The background level in the area is less than 5ppm. The correlation between neodymium and
praseodymium is 0.99 and between neodymium and other rare earths such as samarium, terbium and dysprosium is 0.99,
0.96 and 0.97 respectively.
The grade of lithium in the Carai samples ranges from a low of 0.7ppm to a high of 68.7ppm with the average grade across
all samples being 9.3ppm lithium. Background lithium grades are estimated to be approximately 5.0ppm. A very strong
correlation exists between lithium and caesium, beryllium, niobium and rubidium with correlation coefficients of 0.95, 0.92,
0.89 and 0.94 respectively again suggesting a favourable geological environment for lithium bearing pegmatites. The
anomalous samples are concentrated in the northwestern portion of the project area where artisanal mining activity for beryl
and green tourmaline was observed during the sampling programme.
The Itaipe stream sediment samples also contain highly anomalous rare earth element and lithium grades. The anomalous
lithium occurs in the southwest and central portions of the project area while anomalous neodymium and praseodymium rare
earth elements potentially outline a northeast-southwest zone running through the centre of the area.
Itaipe’s neodymium grades range from 2.8ppm to 72.1ppm and average 20.8ppm for all assayed samples. The background
grade is less than 10ppm with the maximum grade more than seven times background and three times the average for the
sample set. Praseodymium grades range from 0.87ppm to 22.8ppm and average 6.3ppm across all samples. The
background level in the area is less than 5ppm. The correlation between neodymium and praseodymium is 1.00 and between
neodymium and other rare earths such as samarium, terbium and dysprosium is 1.00, 0.96 and 0.92 respectively.
The grade of lithium in the Itaipe samples ranges from a low of 1.0ppm to a high of 87.5ppm with the average grade across
all samples being 9.9ppm lithium. Background lithium grades are estimated to be approximately 5.0ppm. There are strong
associations between lithium and caesium, beryllium, rubidium and niobium assays with correlation coefficients of 0.91, 0.78,
0.80 and 0.65 respectively again indicating a favourable geological environment for lithium bearing pegmatites. Strong
associations also exist between lithium and magnesium, potassium and zinc which suggest that a mafic association also
exists. The anomalous samples are concentrated in the southwestern and central portions of the project area with samples
grading greater than 40ppm Li which are more than 8 times background for the area.
Alderan’s next steps at Itambacuri, Carai and Itaipe will entail infill stream sampling and preliminary geological mapping to
narrow down the anomalous areas to prospect scale. Once a prospect has been delineated, the area can be soil sampled
and geologically mapped in detail to define targets for drill testing.
CORPORATE ACTIVITIES
Salitre Lithium Prospect Earn-in Agreement
During the financial year ended 30 June 2024, the Company executed earn-in and option agreements with Gold Mountain
Limited (ASX: GMN) and Mars Mines Limited to earn a majority interest in the Salitre lithium project located in Bahia state,
Brazil.10
Salitre North has a 4.5km long by 1km wide lithium in soil anomaly with potential for this to extend a further 4.5km to the south
to link up with elevated lithium in soils at Salitre South (see Figure 3). Lithium grades in the soils grade up to 134.5ppm and
there is a strong correlation between lithium and caesium, beryllium, niobium and tin. Highly weathered pegmatites have been
identified in the area which has received no previous drilling.
10 Refer AL8 ASX announcement dated 18 June 2024
Alderan Resources Limited
Review of Operations
30 June 2024
7
Figure 3: Salitre North and South colour contoured lithium in soils assays
Alderan intends to acquire up to an 80% interest in the Salitre project. This will be done through acquiring a 65% interest in
JVCo through a staged earn-in arrangement with GMN Brazil (GMN Transaction) plus, subject to AL8’s acquisition of the
Stage 1 interest in JVCo, AL8 will acquire a further 15% of the shares in JVCo (JVCo Shares) from Mars through a share
sale agreement (Mars Transaction). AL8, GMN Brazil, and Mars’ (the Parties) interests in JVCo at each stage of the GMN
Transaction and the Mars Transaction are set out in Table 1 below.
Table 1: Interests in JVCo
% Interest in JV Co
GMN Brazil
Mars
AL8
Current
75%
25%
0%
Completion of Stage 1 of the GMN Transaction
and completion of the Mars Transaction
39%
10%
51%
Completion of Stage 2 of the GMN Transaction
10%
10%
80%
GMN Brazil and Mars will each have a 10% free carried interest in JVCo until decision to mine.
Alderan’s H2, 2024 programme at Salitre will include infill soil sampling in the gap between Salitre North and South and
preparations to drill traverses of reverse circulation holes to identify the source of anomalous lithium in soils.
Capital Raising
Alderan completed a share placement to raise approximately $1.75 million (before costs) from sophisticated and professional
investors following receipt of shareholder approval at the Company’s Annual General Meeting held on 8 November 2023. On
13 November 2023 Alderan issued 291,666,662 fully paid ordinary shares at a price of $0.006 per Share together with a free
attaching Listed Option, exercisable at $0.016 on or before 9 September 2025. The Company issued 17,500,000 Shares and
Alderan Resources Limited
Review of Operations
30 June 2024
8
58,750,000 Listed Option to the Lead Manager of the placement on the same date in consideration for services provided
under the Placement.
The Company also issued an additional 31,000,000 shares and 15,500,000 Listed Option to Directors in lieu of director fees
at a price of $0.006 per share on 13 November 2023 (following shareholder approval received on 8 November 2023).
Subsequent to the end of the financial year, in August 2024, the Company announced a capital raising of approximately
$1,604,861 (before costs), comprising:
a)
a placement to sophisticated investors to raise $332,000; and
b)
a subsequent non-renounceable pro-rata entitlement offer to eligible shareholders to raise up to $1,272,861.
On 20 August 224 Alderan issued 166,000,000 fully paid ordinary shares at a price of $0.002 per Share pursuant to the
Placement.
Change of Company Secretary and Registered Office
Effective 1 January 2024, Ms Nova Taylor was appointed Company Secretary, replacing Mr Mathew O’Hara. The Company
also advised that its registered corporate office and principal place of business had changed to Suite 1, Level 6, 350 Collins
Street, Melbourne VIC 3000.
COMPETENT PERSONS STATEMENT
The information in this report that relates to historical exploration results were reported by the Company in accordance with
listing rule 5.7 on 4 July 2023, 19 September 2023, 2 October 2023, 25 October 2023, 12 November 2023, 4 December 2023,
22 January 2024, 21 February 2024, 13 March 2024, 7 April 2024, 28 April 2024, 29 May 2024, 17 June 2024, 25 June 2024,
2 July 2024, 7 July 2024, 22 July 2024, 28 July 2024, 28 August 2024 and 18 September 2024. The Company confirms it is
not aware of any new information or data that materially affects the information included in the previous announcements.
Alderan Resources Limited
Directors' report
30 June 2024
9
The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as
the 'consolidated entity') consisting of Alderan 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 2024.
Directors
The following persons were directors of Alderan Resources Limited during the whole of the financial year and up to the date
of this report, unless otherwise stated:
Mr Ernest Thomas Eadie (Non-Executive Chairman)
Mr Scott Caithness (Managing Director)
Mr Peter Williams (Non-Executive Director
Principal activities
Alderan Resources Limited’s principal activity is mineral exploration for lithium in Brazil and copper and gold in the USA. Its
lithium projects are located in the Lithium Valley district of Minas Gerais in Brazil and its Detroit, Frisco and White Mountain
projects are located in Utah, USA.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Review of operations
The loss for the consolidated entity after providing for income tax amounted to $6,362,945 (30 June 2023: $2,440,914).
Financial performance
During the year, loss before income taxes increased to $6,362,945 (30 June 2023: $2,440,914). This was mainly due to the
following:
- Impairment of the carrying value of capitalised exploration and evaluation assets of $4,752,459 (2023: $347,351 impairment)
relating to the consolidated entity's capitalised exploration activities.
Financial position
Net assets of the consolidated entity decreased from $7,560,858 to $4,807,544.
Refer to the detailed review of operations preceding this report for further information on the consolidated entity’s activities.
Significant changes in the state of affairs
On 20 September 2023, the consolidated entity executed a binding share sale agreement to acquire 100% of the issued
capital in Parabolic Lithium Pty Ltd (Parabolic) which has the right to acquire a 100% interest in seven lithium exploration
projects in the mineral resource rich state of Minas Gerais, Brazil. The completion of the acquisition was subject to approval
at the General Meeting held on 8 November 2023.
On 13 November 2023, upon approval of the General Meeting the consolidated entity issued 490,166,662 shares at $0.006
(0.6 cents) and 320,083,331 listed options (AL8OA) as free attaching options (one for two free attaching options) being
exercisable at $0.016 (1.6 cents) as part of a placement to acquire Parabolic Lithium Pty Ltd (Parabolic).
On 2 January 2024, the Company advised that Ms Nova Taylor had been appointed Company Secretary, replacing Mr Mathew
O’Hara. The Company’s registered corporate office and principal place of business also changed.
There were no other significant changes in the state of affairs of the consolidated entity during the financial year.
Alderan Resources Limited
Directors' report
30 June 2024
10
Matters subsequent to the end of the financial year
On 15 August 2024, the consolidated entity announced firm commitments for a capital raise of $0.332 million to sophisticated
investors via a placement. The consolidated entity will issue 166,000,000 new fully paid ordinary shares at an issue price of
$0.002 per share.
The consolidated entity also announced a subsequent non-renounceable pro-rata entitlement offer to eligible shareholders.
The Rights issue will raise approximately $1,272,861 with one (1) share, priced at $0.002 per share, offered for every two (2)
shares held at the Record Date. Participants in the Rights Issue will receive one (1) free attaching option for every four (4)
shares applied by and issued.
No other matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly affect the
consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial
years.
Likely developments and expected results of operations
During the financial year, the Consolidated entity has entered into an agreement to acquire a new project and project rights
and the success of the Company will depend on exploration activities proposed to be carried out on the current projects areas
of interest which have been acquired or granted to the consolidated entity.
The consolidated entity continues to review potential new opportunities, if the Directors are successful in acquiring new
projects or entering into a joint venture, it is expected that part of the funding held by the consolidated entity may be directed
to the purchase of that project and to the exploration and development plan for that project. It may be that additional cash will
be required to fund any of these events should they eventuate. In that case the Directors will be required to review the funding
options available to the consolidated entity.
Business risk management
The Company is committed to the effective management of risk to reduce uncertainty in the Company’s business outcomes
and to protect and enhance shareholder value. There are various risks that could have a material impact on the
achievement of the Company’s strategic objectives and future prospects.
Key risks and mitigation activities associated with the Company's objectives are set out below:
Exploration risk
The Company’s projects are at various stages of exploration, and potential investors should understand that mineral
exploration is a high-risk undertaking. There can be no assurance that exploration of these projects, or any other tenements
that may be acquired in the future, will result in the discovery of an economic mineral deposit.
The future exploration activities of the Company may be affected by a range of factors including geological conditions,
limitations on activities due to seasonal weather patterns, unanticipated operational and technical difficulties, industrial and
environmental accidents, local title processes, changing government regulations and many other factors beyond the control
of the Company.
In addition, the tenements forming the projects of the Company may include various restrictions excluding, limiting or
imposing conditions upon the ability of the Company to conduct exploration activities. While the Company will formulate its
exploration plans to accommodate and work within such access restrictions, there is no guarantee that the Company will be
able to satisfy such conditions on commercially viable terms, or at all.
The Company uses a number of exploration techniques in order to reduce the level of exploration risks and continues to
explore new and innovative technologies through its day to day operations.
Regulatory risk
The Company’s mining and exploration activities are dependent upon the maintenance (including renewal) of the tenements
in which the Company has or acquires an interest. Maintenance of the Company’s tenements is dependent on, among other
things, the Company’s ability to meet the licence conditions imposed by relevant authorities. Although the Company has no
reason to think that the tenements in which it currently has an interest will not be renewed, there is no assurance that such
renewals will be given as a matter of course and there is no assurance that new conditions will not be imposed by the
relevant authority or whether the Company will be able to meet the conditions of renewal on commercially reasonable terms,
if at all.
The Company works with local government and mining departments to ensure it meets the required level of reporting
requirements and to reduce any potential for breach of regulatory requirements.
Alderan Resources Limited
Directors' report
30 June 2024
11
Future funding risk
The Company has no operating revenue and is unlikely to generate any operating revenue in the foreseeable future.
Exploration and development costs and pursuit of its business plan will use funds from the Company's current cash reserves
and the amount raised under the Equity Offer.
The development of one or more of its projects may require the Company to raise capital in excess of the funds proposed to
be raised under the Equity Offer.
Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than the then market
price (or Offer Price) or may involve restrictive covenants which limit the Company's operations and business strategy. Debt
financing, if available, may involve restrictions on financing and operating activities.
Although the Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital
or funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is unable to
obtain additional financing as needed, it may be required to reduce the scope of its activities and this could have a material
adverse effect on the Company's activities and could affect the Company's ability to continue as a going concern. The
Company’s funding requirements are reviewed on a regular basis in order to mitigate future funding risk.
Farm in and joint venture risk
The Company is party to joint venture arrangements with various projects. These joint venture arrangement and other farmin
arrangements are subject to conditions and expenditure requirements for the Company to achieve certain ownership
percentage ownership of the relevant projects. The farm-in arrangements also give rise to joint ventures.
There is a risk that the Company will not meet the requirements (including in respect of expenditure) under the farm-in
arrangements or that, even if such requirements are met, a commercially viable resource will not be located on the project.
In addition, any joint venture arrangement will be subject to risks typically associated with arrangements of that kind,
including but not limited to that either party may seek to terminate or withdraw from the arrangement or fail to meet their
obligations thereunder. There is also the potential for disputes in respect of the obligations of the parties to the joint venture,
as outlined in Note 8 of this financial report.
Environmental regulation
The consolidated entity is subject to and is compliant with all aspects of environmental regulation of its exploration and mining
activities. The directors are not aware of any environmental law that is not being complied with.
Information on directors
Name:
Mr Ernest Thomas Eadie
Title:
Non-Executive Chairman
Qualifications:
Bachelor of Science (Hons) in Geology and Geophysics from the University of British
Columbia, a Master of Science in Physics (Geophysics) from the University of Toronto
and a Graduate Diploma in Applied Finance and Investment from the Security Institute
of Australia. He is a past board member of the AusIMM.
Experience and expertise:
Mr Eadie is a well-credentialed mineral industry leader and explorer with broad
experience in both the big end and small end of town. He was the founding Chairman
of Syrah Resources, Copper Strike, Southern Cross Gold and Discovery Nickel as well
as a founding Director of Royalco Resources and Alderan Resources. At Syrah, he was
at the helm during acquisition, discovery and early feasibility work of the huge Balama
graphite deposit in Mozambique which started production in early 2018. Copper Strike,
where he was also Managing Director for 10 years, made several significant copper/gold
and lead/zinc/silver discoveries in North Queensland, while Discovery Nickel (later to be
renamed Discovery Metals), found and developed the Boseto copper deposit in
Botswana. Prior to this, Mr. Eadie was Executive General Manager of Exploration and
Technology at Pasminco Limited, at the time the largest zinc producer in the world. This
came after technical and later management responsibilities at Cominco and Aberfoyle
in the 1980’s.
Other current directorships:
Southern Cross Gold Ltd (ASX:SXG) and Pursuit Minerals Limited (ASX:PUR)
Former directorships (last 3 years):
Strandline Resources Ltd (ASX: STA) (Resigned 1 July 2022)
Interests in shares:
17,686,964 Fully paid ordinary shares
Interests in options:
2,000,000 Quoted Options exercisable at $0.016 on or before 9 September 2025.
2,500,000 Unquoted Options exercisable at $0.016 on or before 9 September 2025.
Alderan Resources Limited
Directors' report
30 June 2024
12
Name:
Mr Scott Caithness
Title:
Managing Director
Qualifications:
AUSIMM, AICD
Experience and expertise:
Mr Caithness has more than 35 years’ experience in mineral exploration at senior
management, executive committee and board levels across Australia, Asia, Africa and
the Pacific with roles in some of the world’s largest resources companies including global
diversified miner Vedanta Resources and its subsidiary Hindustan Zinc Limited, where
he led group exploration, and Rio Tinto, where he managed exploration programs
across Australia, India, China, Papua New Guinea and the Philippines. Mr Caithness
also co-founded and was Managing Director of Indian Pacific Resources, which listed
on the ASX as Akora Resources (ASX: AKO) last year, and he was a Senior Trade
Commissioner to Malaysia and Brunei for the Australian Trade Commission for three
years.
Other current directorships:
None
Former directorships (last 3 years):
None
Interests in shares:
31,465,047 Fully paid ordinary shares
Interests in options:
16,089,666 Quoted Options exercisable at $0.016 on or before 9 September 2025
Name:
Mr Peter Williams
Title:
Non-Executive Director
Qualifications:
B Sc (Hons first class), M Sc, AUSIMM, AICD
Experience and expertise:
Mr Williams was formerly Chief Geophysicist and Manager of Geoscience Technology
for WMC Resources. He was one of the founding members of Independence Group
Limited and developed high powered 3 component 3D TEM applications that led to the
discovery of over 75,000t of nickel at the Victor Long Nickel Mine in Kambalda. Peter
has extensive experience in West Africa where he was the vendor of Gryphon Minerals’
Banfora Gold Project, was involved in the project generation of Papillion’s Mali projects
and was a founding director of Ampella Mining Ltd. Peter was a co-founder of the
International Resource Sector Intelligence company, Intierra, and was a co-founder of
the first dedicated hard rock mineral seismic company in the world, HiSeis.
Other current directorships:
African Gold (ASX:A1G), Benz Mining (ASX:BNZ) and Elemental Altus Royalties (TSX-
V)
Former directorships (last 3 years):
Boss Energy (ASX:BOE)
Interests in shares:
23,707,131 Fully paid ordinary shares
Interests in options:
4,255,209 Quoted Options exercisable at $0.016 on or before 9 September 2025.
2,955,500 Quoted Options exercisable at $0.016 on or before 9 September 2025.
5,000,000 Quoted Options exercisable at $0.016 on or before 9 September 2025.
'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.
Company secretary
Ms Nova Taylor
Ms Taylor is a professional Company Secretary with approximately 7 years’ experience working with listed companies in
Company Secretary and Assistant Company Secretary roles. She previously worked for Computershare Investor Services Pty
Limited in various roles for over 10 years. Nova has completed a Bachelor of Laws at Deakin University.
Alderan Resources Limited
Directors' report
30 June 2024
13
Meetings of directors
The number of meetings of the company's Board of Directors ('the Board') held during the year ended 30 June 2024, and the
number of meetings attended by each director were:
Full Board
Attended
Held
Ernest Thomas Eadie
4
4
Scott Caithness
4
4
Peter Williams
4
4
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 consolidated entity, 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.
The remuneration report is set out under the following main headings:
●
Principles used to determine the nature and amount of remuneration
●
Details of remuneration
●
Service agreements
●
Share-based compensation
●
Additional information
●
Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
The objective of the consolidated entity's executive reward framework is to ensure reward for performance is competitive and
appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and
the creation of value for shareholders, and it is considered to conform to the market best practice for the delivery of reward.
The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward
governance practices:
●
competitiveness and reasonableness
●
acceptability to shareholders
●
performance linkage / alignment of executive compensation
●
transparency
The Board is responsible for determining and reviewing remuneration arrangements for its directors and executives. The
performance of the company depends on the quality of its directors and executives. The remuneration philosophy is to attract,
motivate and retain high performance and high quality personnel.
The Board has structured an executive remuneration framework that is market competitive and complementary to the reward
strategy of the company.
The reward framework is designed to align executive reward to shareholders' interests. The Board have considered that it
should seek to enhance shareholders' interests by:
●
having financial performance as a core component of plan design
●
focusing on sustained growth in shareholder wealth and growth in share price and delivering constant or increasing return
on assets as well as focusing the executive on key non-financial drivers of value.
In accordance with best practice corporate governance, the structure of non-executive Director and executive Director
remuneration is separate.
Alderan Resources Limited
Directors' report
30 June 2024
14
Non-executive directors remuneration
The Board seeks to set aggregate remuneration at a level that provides the Company with the ability to attract and retain
Directors of the highest calibre, whilst incurring a cost that is acceptable to shareholders.
The ASX Listing Rules specify that the aggregate remuneration of Non-Executive Directors shall be determined from time to
time by a general meeting. The Constitution states that the Company may pay to the Non-Executive Directors a maximum
total amount of director's fees, determined by the Company in general meeting, or until so determined, as the Directors resolve.
The Company intends to put to shareholders at the upcoming Annual General Meeting an aggregate remuneration amount to
approve.
Maximum aggregate fees for the Non-Executive Directors are presently set at $250,000 per annum including superannuation.
These fees cover main board activities only. Non-Executive Directors may receive additional remuneration for other services
provided to the Company.
The Non-Executive salary remuneration became effective from the date of their appointment as Non-Executive Directors.
There were also Company Options issued to Non-Executive Directors in line with Company policy to attract suitable candidates
to the position.
Executive remuneration
The consolidated entity aims to reward executives based on their position and responsibility, with a level and mix of
remuneration which has both fixed and variable components.
The executive remuneration and reward framework has two components:
●
base pay and non-monetary benefits
●
share-based payments
The combination of these comprises the executive's total remuneration.
Fixed Remuneration
Fixed remuneration consists of base salaries, as well as employer contributions to superannuation funds and other noncash
benefits. Fixed remuneration is reviewed annually by the Board. The process consists of a review of company and individual
performance, relevant comparative remuneration externally and internally and, where appropriate, external advice on policies
and practices.
Performance Based Remuneration – Short Term Incentive
The Board has not implemented a system where Executives are entitled to annual cash bonuses. No bonuses were paid or
are payable in relation to the financial year.
Alderan Resources Limited
Directors' report
30 June 2024
15
Performance Based Remuneration – Long Term Incentive
Company Options
The Board has previously chosen to issue Options (where appropriate) to some executives and employees as a key
component of the incentive portion of their remuneration, in order to attract and retain the services of the executives and to
provide an incentive linked to the performance of the Company.
The Board may grant Options to executives and key consultants with exercise prices at and/or above market share price (at
the time of agreement). As such, Incentive Options granted to executives will generally only be of benefit if the executives
perform to the level whereby the value of the Company increases sufficiently to warrant exercising the Incentive Options
granted. Other than service-based vesting conditions, there are no additional performance criteria on the Incentive Options
granted to executives, as given the speculative nature of the Company’s activities and the small management team
responsible for its running, it is considered the performance of the executives and the performance and value of the Company
are closely related. The Company prohibits executives entering into arrangements to limit their exposure to Incentive Options
granted as part of their remuneration package.
Long-Term Incentive Plan
The Company has implemented a Long-Term Incentive Plan. Under the Plan, the Company may grant options to subscribe
for Shares or performance rights entitling the holder to be issued Shares on terms and conditions set by the Board at its
discretion. The material terms of the Plan are as follows:
a) The purpose of the Plan is to:
i. assist in the reward, retention and motivation of eligible persons;
ii. to align the interests of eligible persons more closely with the interests of shareholders, by providing an opportunity;
iii. for eligible persons receive an equity interest in the form of Awards; and
iv. to provide eligible persons with the opportunity to share in any future growth in value of Alderan Resources.
b) The following persons can participate in the Plan if the Board makes them an offer to do so:
i. a director;
ii. a full-time or part-time employee;
iii. a contractor; or
iv. a casual employee of the Company or an associated body corporate and includes a person who may become an eligible
person within (i) to (iv) above subject to accepting an offer of engagement for that role.
c) Plan Options and Plan Rights (collectively Awards) issued under the Plan are subject to the terms and conditions set out in
the Rules, which include:
i. Vesting Conditions – which are time-based criteria, requirements or conditions (as specified in the offer and determined by
the Board) which must be met prior to Awards vesting in a participant, which the Board may throughout the course of the
period between the grant of an Award and its vesting, waive or accelerate as the Board considers reasonably appropriate;
ii. Performance Conditions – which are conditions relating to the performance of the Group and its related bodies corporate
(and the manner in which those conditions will be tested) as specified in an offer and determined by the Board; and
iii. Exercise Conditions – which are criteria, requirements or conditions, as determined by the Board or under the Plan, which
must be met (notwithstanding the satisfaction of any Vesting Conditions and/or Performance Conditions) prior to a Participant
being entitled to exercise vested Awards in accordance with clauses 8 and 9.
d) In accordance with ASIC Class Order 14/1000, the total Awards that may be issued under the Plan will not exceed 5% of
the total number of Shares on issue. In calculating this limit, Awards issued to participants under the Plan other than in reliance
upon this Class Order are discounted.
e) The Board has the unfettered and absolute discretion to administer the Plan.
f) Awards issued under the Plan are not transferable and will not be quoted on the ASX.
The Rules otherwise contain terms and conditions considered standard for long-term incentive plan rules of this nature. There
were no options issued under the Long-Term Incentive Plan during the year (2023: Nil). There were no shares issued under
the Long-Term Incentive Plan during the year (2023: Nil).
Alderan Resources Limited
Directors' report
30 June 2024
16
Use of remuneration consultants
During the financial year ended 30 June 2024, the Company did not engage the services of an independent remuneration
consultant to review its remuneration for Directors, KMP and other senior executives.
Voting and comments made at the company's 2023 Annual General Meeting ('AGM')
At the 2023 AGM, 92.97% of the votes received supported the adoption of the remuneration report. The company did not
receive any specific feedback at the AGM regarding its remuneration practices.
Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the consolidated entity are set out in the following tables.
The key management personnel of the consolidated entity consisted of the following directors of Alderan Resources Limited:
●
Mr Ernest Thomas Eadie (Non-Executive Chairman)
●
Mr Scott Caithness (Managing Director)
●
Mr Peter Williams (Non-Executive Director)
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary
Cash
Non-
Super-
Long
service
Equity-
and fees
bonus
monetary
annuation
leave
settled
Total
2024
$
$
$
$
$
$
$
Non-Executive Directors:
Ernest Thomas Eadie
45,045
-
-
4,955
-
34,000
84,000
Peter Williams
45,045
-
-
4,955
-
52,416
102,416
Executive Directors:
Scott Caithness
230,208
-
-
25,323
-
177,083
432,614
320,298
-
-
35,233
-
263,500
619,030
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Post-
employment
benefits
Cash salary
Cash
Non-
Super-
Long
service
Equity-
Termination
and fees
bonus
monetary
annuation
leave
settled
benefits
Total
2023
$
$
$
$
$
$
$
$
Non-Executive
Directors:
Ernest Thomas
Eadie
45,232
-
-
4,768
-
-
-
50,000
Peter Williams
45,249
-
-
4,751
-
-
-
50,000
Executive
Directors:
Scott Caithness*
168,706
-
-
16,319
-
-
-
185,025
Frank D Hegner**
346,150
-
-
-
-
-
106,916
453,066
605,337
-
-
25,838
-
-
106,916
738,091
*
Short-term benefits include annual leave provided for but not paid.
**
Resigned as a Director on 21 June 2023.
Alderan Resources Limited
Directors' report
30 June 2024
17
The proportion of remuneration linked to performance and the fixed proportion are as follows:
,
Fixed remuneration
At risk - STI
At risk - LTI
Name
2024
2023
2024
2023
2024
2023
Non-Executive Directors:
Ernest Thomas Eadie
100%
100%
-
-
-
-
Peter Williams
100%
100%
-
-
-
-
Executive Directors:
Scott Caithness
100%
100%
-
-
-
-
Frank D Hegner*
-
76%
-
-
-
24%
*
Resigned as a Director on 21 June 2023.
Service agreements
Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details
of these agreements are as follows:
Name:
Mr Scott Caithness
Title:
Managing Director
Agreement commenced:
6 April 2021
Term of agreement:
This contract will continue from commencement date until terminated.
Details:
Mr Caithness is to be paid an annual salary of $250,000 plus superannuation. This
salary is inclusive of director’s fees and is intended to cover all the services that he may
perform for the Company. He is also entitled to receive all reasonable expenses incurred
in the fulfilment of his duties.
Name:
Mr Peter Williams
Title:
Non-Executive Director
Agreement commenced:
6 April 2021
Term of agreement:
The contract will continue from commencement date until terminated.
Details:
Mr Williams will be paid an annual salary of $50,000. This salary is inclusive of director’s
fees and is intended to cover all the services that he may perform for the Company. He
is also entitled to receive all reasonable expenses incurred in the fulfilment of his duties
Name:
Mr Ernest Thomas Eadie
Title:
Non-Executive Director and Chairman
Agreement commenced:
1 September 2019
Term of agreement:
The contract will continue from commencement date until terminated.
Details:
Mr Eadie will be paid an annual salary of $50,000. This salary is inclusive of director’s
fees and is intended to cover all the services that he may perform for the Company. He
is also entitled to receive all reasonable expenses incurred in the fulfilment of his duties
Key management personnel have no entitlement to termination payments in the event of removal for misconduct.
Share-based compensation
As approved by shareholders at the company’s AGM on 08 November 2023, the following shares and options were issued to
Directors in settlement of remuneration unpaid for past periods. The grant date fair value was $449,500 resulting in a further
share-based payment expense of $ 263,500.
Issue of shares
As approved by shareholders at the company’s AGM on 08 November 2023, the following shares were issued to Directors in
settlement of remuneration unpaid for past periods.
Name
Date
Shares
Issue price
$
Ernest Thomas Eadie
08 November 2023
4,000,000
$0.006
52,000
Scott Caithness
08 November 2023
20,833,333
$0.006
270,833
Peter Williams
08 November 2023
6,166,667
$0.006
80,167
Alderan Resources Limited
Directors' report
30 June 2024
18
Options
As approved by shareholders at the company’s AGM on 08 November 2023, the following options were issued to Directors
in settlement of remuneration unpaid for past periods:
Fair value
Vesting date and
per option
Grant date
exercisable date
Expiry date
Exercise price at grant date
13 November 2023
08 November 2023
9 September 2025
$0.016
-
Number of
Fair value
options
Vesting date and
Exercise
per option
Name
granted
Grant date
exercisable date
Expiry date
price
at grant date
Ernest Thomas Eadie
2,000,000
08 November
2023
08 November
2023
9 September 2025
$0.016
6,000
Scott Caithness
10,416,666
08 November
2023
08 November
2023
9 September 2025
$0.016
31,250
Peter Williams
3,083,334
08 November
2023
08 November
2023
9 September 2025
$0.016
9,250
Options granted carry no dividend or voting rights.
The number of options over ordinary shares granted to and vested by directors in connection with remuneration are set out
below:
Number of
Number of
Number of
Number of
options
options
options
options
granted
granted
vested
vested
during the
during the
during the
during the
year
year
year
year
Name
2024
2023
2024
2023
Ernest Thomas Eadie
2,000,000
2,500,000
4,500,000
2,500,000
Scott Caithness
10,416,666
15,673,000
26,089,666
15,673,000
Peter Williams
3,083,334
9,127,375
12,210,709
9,127,375
Additional information
The earnings of the consolidated entity for the five years to 30 June 2024 are summarised below:
2024
2023
2022
2021
2020
$
$
$
$
$
Loss after income tax attributable to
shareholders ($)
(6,362,945)
(2,440,914)
(10,523,000)
(2,049,000)
(1,702,000)
The factors that are considered to affect total shareholders return ('TSR') are summarised below:
2024
2023
2022
2021
2020
Share price at financial year end ($)
0.003
0.007
0.01
0.04
0.14
Movement in share price for the year ($)
(0.004)
(0.004)
(0.03)
(0.10)
0.10
Basic loss per share (cents per share)
(0.69)
(0.43)
(2.63)
(0.73)
(0.92)
Alderan Resources Limited
Directors' report
30 June 2024
19
Additional disclosures relating to key management personnel
Shareholding
The number of shares in the company held during the financial year by each director and other members of key management
personnel of the consolidated entity, including their personally related parties, is set out below:
Balance at
Received in
Balance at
the start of
settlement of
Disposals/
the end of
the year
unpaid fees *
Additions
other
the year
Ordinary shares
Ernest Thomas Eadie
13,686,964
4,000,000
-
-
17,686,964
Scott Caithness
10,631,714
20,833,333
-
-
31,465,047
Peter Williams
17,540,464
6,166,667
-
-
23,707,131
41,859,142
31,000,000
-
-
72,859,142
*
All changes relate to issue of shares in settlement of past Director fees as approved by shareholders at the Annual
General Meeting held on 8 November 2023
Option holding
The number of options over ordinary shares in the company held during the financial year by each director and other members
of key management personnel of the consolidated entity, including their personally related parties, is set out below:
Balance at
Received in
Expired/
Balance at
the start of
settlement of
forfeited/
the end of
the year
unpaid fees *
Exercised
other
the year
Options over ordinary shares
Ernest Thomas Eadie
2,500,000
2,000,000
-
-
4,500,000
Scott Caithness
15,673,000
10,416,666
-
(10,000,000)
16,089,666
Peter Williams
9,127,375
3,083,334
-
-
12,210,709
27,300,375
15,500,000
-
(10,000,000)
32,800,375
*
All changes relate to issue of options in settlement of past Director fees as approved by shareholders at the Annual
General Meeting held on 8 November 2023
Loans to key management personnel and their related parties
There were no loans to Key Management Personnel at any time during the financial year (2023: Nil).
Other transactions with key management personnel and their related parties
There were no transactions with key management personnel and their related parties.
Peter Williams receives his Non-Executive Director fees through an associated entity, Earth Exploration Pty Ltd.
There were no other transactions with key management personnel and their related parties.
This concludes the remuneration report, which has been audited.
Alderan Resources Limited
Directors' report
30 June 2024
20
Shares under option
Unissued ordinary shares of Alderan Resources Limited under option at the date of this report are as follows:
Exercise
Number
Grant date
Expiry date
price
under option
Unquoted Options
1 October 2021
1 October 2024
$0.11
10,000,000
1 October 2021
1 October 2024
$0.15
10,000,000
Quoted Options
8 September 2022
9 September 2025
$0.016
410,788,694
13 November 2023
9 September 2025
$0.016
320,083,331
24 September 2024
24 September 2026
$0.005
159,107,664
909,979,689
No Options were exercised during the period.
Shares issued on the exercise of options
There were no ordinary shares of Alderan Resources Limited issued on the exercise of options during the year ended 30 June
2024 and up to the date of this report.
Indemnity and insurance of officers
The consolidated entity has agreed to indemnify all the directors of the consolidated entity for any liabilities to another person
(other than the consolidated entity or related body corporate) that may arise from their position as directors of the consolidated
entity, except where the liability arises out of conduct involving a lack of good faith.
During the financial year, the consolidated entity paid a premium in respect of a contract to insure the directors and executives
of the consolidated entity 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 consolidated entity has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor
of the consolidated entity or any related entity against a liability incurred by the auditor.
During the financial year, the consolidated entity has not paid a premium in respect of a contract to insure the auditor of the
consolidated entity or any related entity.
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.
Non-audit services
There were no non-audit services provided during the financial year by the auditor.
Officers of the company who are former partners of RSM Australia Partners
There are no officers of the company who are former partners of RSM Australia Partners.
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.
Auditor
RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001.
Alderan Resources Limited
Directors' report
30 June 2024
21
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
___________________________
Mr Ernest Thomas Eadie
Chairman
30 September 2024
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the
members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm
which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Alderan Resources Limited for the year ended 30 June 2024,
I declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA
Perth, WA
MATTHEW BEEVERS
Dated: 30 September 2024
Partner
Alderan Resources Limited
Statement of profit or loss and other comprehensive income
For the year ended 30 June 2024
Consolidated
Note
2024
2023
$
$
The above statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
23
Revenue
Other income
-
34,722
Interest income
9,934
2,718
Expenses
Capitalised exploration and evaluation expenditure impairment
10
(4,752,452)
(347,351)
Consulting and administrative expenses
5
(659,839)
(521,730)
Depreciation and amortisation expense
(23,525)
(37,836)
Employee benefits expense
(502,123)
(701,006)
Exploration and evaluation expenditure
(170,593)
(869,866)
Finance costs
(847)
(565)
Share based payments expense
(263,500)
-
Loss before income tax expense
(6,362,945)
(2,440,914)
Income tax expense
6
-
-
Loss after income tax expense for the year attributable to the owners of
Alderan Resources Limited
(6,362,945)
(2,440,914)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations
32,978
309,681
Other comprehensive income for the year, net of tax
32,978
309,681
Total comprehensive income for the year attributable to the owners of Alderan
Resources Limited
(6,329,967)
(2,131,233)
Cents
Cents
Basic earnings per share
26
(0.69)
(0.43)
Diluted earnings per share
26
(0.69)
(0.43)
Alderan Resources Limited
Statement of financial position
As at 30 June 2024
Consolidated
Note
30 June 2024 30 June 2023
$
$
The above statement of financial position should be read in conjunction with the accompanying notes
24
Assets
Current assets
Cash and cash equivalents
7
119,404
235,300
Trade and other receivables
8
117,811
104,379
Total current assets
237,215
339,679
Non-current assets
Plant and equipment
9
77,501
100,703
Exploration and evaluation expenditure
10
4,728,124
7,588,233
Total non-current assets
4,805,625
7,688,936
Total assets
5,042,840
8,028,615
Liabilities
Current liabilities
Trade and other payables
11
189,184
436,952
Provisions
46,112
30,805
Total current liabilities
235,296
467,757
Total liabilities
235,296
467,757
Net assets
4,807,544
7,560,858
Equity
Issued capital
12
31,313,295
28,100,642
Reserves
13
9,075,229
8,958,251
Accumulated losses
14
(35,580,980)
(29,498,035)
Total equity
4,807,544
7,560,858
Alderan Resources Limited
Statement of changes in equity
For the year ended 30 June 2024
The above statement of changes in equity should be read in conjunction with the accompanying notes
25
Issued
Option
Performance
rights
Foreign
currency
Accumulated
Total equity
capital
reserve
reserve
reserve
losses
Consolidated
$
$
$
$
$
$
Balance at 1 July 2022
26,651,452
7,457,025
101,420
664,081
(27,057,121)
7,816,857
Loss after income tax expense
for the year
-
-
-
-
(2,440,914)
(2,440,914)
Other comprehensive income for
the year, net of tax
-
-
-
309,681
-
309,681
Total comprehensive income for
the year
-
-
-
309,681
(2,440,914)
(2,131,233)
Transactions with owners in
their capacity as owners:
Contributions of equity, net of
transaction costs (note 12)
1,449,190
-
-
-
-
1,449,190
Option Entitlement Offer
-
289,133
-
-
-
289,133
Capital raising costs paid via
issue of options
-
136,911
-
-
-
136,911
Balance at 30 June 2023
28,100,642
7,883,069
101,420
973,762
(29,498,035)
7,560,858
Issued
Option
Performance
rights
Foreign
currency
Accumulated
Total equity
capital
reserve
reserves
reserve
losses
Consolidated
$
$
$
$
$
$
Balance at 1 July 2023
28,100,642
7,883,069
101,420
973,762
(29,498,035)
7,560,858
Loss after income tax expense
for the year
-
-
-
-
(6,362,945)
(6,362,945)
Other comprehensive income for
the year, net of tax
-
-
-
32,978
-
32,978
Total comprehensive income for
the year
-
-
-
32,978
(6,362,945)
(6,329,967)
Transactions with owners in
their capacity as owners:
Contributions of equity, net of
transaction costs (note 12)
1,609,653
117,500
-
-
-
1,727,153
Equity issued for project
acquisition
1,200,000
200,000
-
-
-
1,400,000
Share-based payments (note
27)
403,000
46,500
-
-
-
449,500
Expiry of options
-
(280,000)
-
-
280,000
-
Balance at 30 June 2024
31,313,295
7,967,069
101,420
1,006,740
(35,580,980)
4,807,544
Alderan Resources Limited
Statement of cash flows
For the year ended 30 June 2024
Consolidated
Note
2024
2023
$
$
The above statement of cash flows should be read in conjunction with the accompanying notes
26
Cash flows from operating activities
Payments to suppliers and employees
(1,023,227)
(937,434)
Payments for exploration and evaluation expenditures
(738,232)
(945,934)
Interest received
9,934
2,454
Interest paid
(847)
(565)
Net cash used in operating activities
25
(1,752,372)
(1,881,479)
Cash flows from investing activities
Payments to acquire subsidiary
(110,000)
-
Proceeds from disposal of property, plant and equipment
-
81,672
Refund of drilling bond
-
48,261
Advance royalty payment and bond movement
-
(148,495)
Net cash used in investing activities
(110,000)
(18,562)
Cash flows from financing activities
Proceeds from issue of shares (net of capital raising costs)
12
1,727,154
1,586,101
Proceeds from issue of options
-
289,133
Other - premium funding repayments
16,933
-
Net cash from financing activities
1,744,087
1,875,234
Net decrease in cash and cash equivalents
(118,285)
(24,807)
Cash and cash equivalents at the beginning of the financial year
235,300
254,732
Effects of exchange rate changes on cash and cash equivalents
2,389
5,375
Cash and cash equivalents at the end of the financial year
7
119,404
235,300
Alderan Resources Limited
Notes to the financial statements
30 June 2024
27
Note 1. General information
The financial statements cover Alderan Resources Limited as a consolidated entity consisting of Alderan 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 Alderan Resources Limited's functional and presentation currency.
Alderan Resources Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered
office and principal place of business is:
Suite 1, Level 6, 350 Collins Street
Melbourne VIC 3000
Ph: (03) 8630 3321
A description of the nature of the consolidated entity'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 30 September 2024. The
directors have the power to amend and reissue the financial statements.
Note 2. Material accounting policy information
The accounting policies that are material to the consolidated entity 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 consolidated entity 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.
Going concern
The financial statements have been prepared on the going concern basis, which contemplates continuity of normal business
activities and the realisation of assets and discharge of liabilities in the normal course of business.
As disclosed in the financial statements, the Group incurred a net loss of $6,362,945 and had net cash outflow from operating
activities of $1,752,372 for the year ended 30 June 2024. As at that date the Group had net current assets of $1,919. The
ability of the Group to continue as a going concern is primarily dependent on securing additional funding though the issue of
additional equity securities.
These factors indicate a material uncertainty which may cast significant doubt as to whether the Group will continue as a going
concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the
amounts stated in the financial report.
The Directors believe that there are reasonable grounds to believe that the consolidated entity will be able to continue as a
going concern, after consideration of the following factors:
●
The Directors believe that future funding will be available to meet the Group’s objectives and debts as and when they fall
due, including through engaging with parties interested in joint venture arrangements and/or raising additional capital
through equity placements to existing or new investors. Post 30 June 2024, the Group conducted a rights issue in the
aim to raise $1,604,961 before transaction costs. The rights issue is still in process but the first tranche of $332,000
before costs has been received.; and
●
The Group has the capacity, if necessary, to reduce its operating cost structure in order to reduce its working capital
requirements as and when required with a successful capital raising anticipated in the short term.
Accordingly, the Directors believe that the consolidated entity will be able to continue as a going concern and that it is
appropriate to adopt the going concern basis in the preparation of the financial report.
The financial report does not include any adjustments relating to the amounts or classification of recorded assets or liabilities
that might be necessary if the consolidated entity does not continue as a going concern.
Alderan Resources Limited
Notes to the financial statements
30 June 2024
Note 2. Material accounting policy information (continued)
28
Basis of preparation
The financial report is a general-purpose financial report that has been prepared in accordance with Australian Accounting
Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards
Board (AASB) and the Corporations Act 2001. The Group is a for-profit entity for financial reporting purposes under Australian
Accounting Standards. Australian Accounting Standards set out accounting policies that the AASB has concluded would result
in a financial report containing relevant and reliable information about transactions, events and conditions. Compliance with
Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial
Reporting Standards (IFRS). Except for cash flow information, the financial statements have been prepared on an accruals
basis. Material accounting policies adopted in preparation of this financial report are presented below and have been
consistently applied unless otherwise stated.
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for, where applicable, the
revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other
comprehensive income, investment properties, certain classes of property, plant and equipment and derivative financial
instruments.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the consolidated entity's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial
statements, are disclosed in note 3.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only.
Supplementary information about the parent entity is disclosed in note 22.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Alderan Resources Limited
('company' or 'parent entity') as at 30 June 2024 and the results of all subsidiaries for the year then ended. Alderan Resources
Limited and its subsidiaries together are referred to in these financial statements as the 'consolidated entity'.
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity
when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the
date on which control is transferred to the consolidated entity. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset
transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies
adopted by the consolidated entity.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest,
without the loss of control, is accounted for as an equity transaction, where the difference between the consideration
transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable
to the parent.
Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-
controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The consolidated
entity recognises the fair value of the consideration received and the fair value of any investment retained together with any
gain or loss in profit or loss.
Operating segments
Operating segments are presented using the 'management approach', where the information presented is on the same basis
as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation
of resources to operating segments and assessing their performance.
Alderan Resources Limited
Notes to the financial statements
30 June 2024
Note 2. Material accounting policy information (continued)
29
Foreign currency translation
The financial statements are presented in Australian dollars, which is Alderan Resources Limited's functional and presentation
currency.
Foreign currency transactions
Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation
at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in
profit or loss.
Foreign operations
The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting
date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange
rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences
are recognised in other comprehensive income through the foreign currency reserve in equity.
The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.
Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable
income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary
differences, unused tax losses and the adjustment recognised for prior periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the
assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:
●
When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor
taxable profits; or
●
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the
timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable
future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future
taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax
assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the
carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable
that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against
current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on
either the same taxable entity or different taxable entities which intend to settle simultaneously.
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the
consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within
12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used
to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the consolidated entity's normal operating cycle; it
is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no
unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are
classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
Alderan Resources Limited
Notes to the financial statements
30 June 2024
Note 2. Material accounting policy information (continued)
30
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.
Trade and other receivables
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
Investments and other financial assets
Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial
measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either
amortised cost or fair value depending on their classification. Classification is determined based on both the business model
within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting
mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the
consolidated entity has transferred substantially all the risks and rewards of ownership. When there is no reasonable
expectation of recovering part or all of a financial asset, its carrying value is written off.
Financial assets at amortised cost
A financial asset is measured at amortised cost only if both of the following conditions are met: (i) it is held within a business
model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual terms of the financial
asset represent contractual cash flows that are solely payments of principal and interest.
Impairment of financial assets
The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are either measured
at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon
the consolidated entity's assessment at the end of each reporting period as to whether the financial instrument's credit risk
has increased significantly since initial recognition, based on reasonable and supportable information that is available, without
undue cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit
loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a
default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is
determined that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit
losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of
anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate.
For financial assets mandatorily measured at fair value through other comprehensive income, the loss allowance is recognised
in other comprehensive income with a corresponding expense through profit or loss. In all other cases, the loss allowance
reduces the asset's carrying value with a corresponding expense through profit or loss.
Plant and equipment
Plant and equipment have been stated at historical cost less accumulated depreciation and impairment. Historical cost
includes expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a diminishing value basis to write off the net cost of each item of plant and equipment over
their expected useful lives as follows:
Office equipment 3-5 years
Motor vehicles 7 years
Exploration equipment 3-5 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.
An item of plant and equipment is derecognised upon disposal or when there is no future economic benefit to the
consolidated entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.
Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits.
Alderan Resources Limited
Notes to the financial statements
30 June 2024
Note 2. Material accounting policy information (continued)
31
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.
Impairment of non-financial assets
Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount
exceeds its recoverable amount.
Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the
present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or
cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to
form a cash-generating unit.
Trade and other payables
These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial
year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The
amounts are unsecured and are usually paid within 30 days of recognition.
Employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled
wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled.
Share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the
rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash
is determined by reference to the share price.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using
either the Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the option,
the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend
yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether
the consolidated entity 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.
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying either the
Binomial or Black-Scholes option pricing model, taking into consideration the terms and conditions on which the award was
granted. The cumulative charge to profit or loss until settlement of the liability is calculated as follows:
●
during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by the
expired portion of the vesting period.
●
from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the
reporting date.
Alderan Resources Limited
Notes to the financial statements
30 June 2024
Note 2. Material accounting policy information (continued)
32
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the cash paid to
settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions
are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are
satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An
additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of
the share-based compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy the condition is
treated as a cancellation. If the condition is not within the control of the consolidated entity 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.
Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair
value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date; and assumes that the transaction will take place either: in the principal market;
or in the absence of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming
they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best
use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair
value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
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.
Asset acquisition
When an asset acquisition does not constitute a business combination, the assets and liabilities are assigned a carrying
amount based on their relative fair values in an asset purchase transaction and no deferred tax will arise in relation to the
acquired assets and assumed liabilities as the initial recognition exemption for deferred tax under AASB 112 applies. No
goodwill will arise on the acquisition and transaction costs of the acquisition will be included in the capitalised cost of the
asset.
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Alderan 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.
Alderan Resources Limited
Notes to the financial statements
30 June 2024
Note 2. Material accounting policy information (continued)
33
Goods and Services Tax ('GST') and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not
recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of
the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST
recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial
position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities
which are recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory,
have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2024. The consolidated
entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.
Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect
the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation
to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and
assumptions on historical experience and on other various factors, including expectations of future events, management
believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the
related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed
below.
Share-based payment transactions
The consolidated entity measures the cost of equity-settled transactions with employees by reference to the fair value of the
equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial or Black-
Scholes model taking into account the terms and conditions upon which the instruments were granted. The accounting
estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts
of assets and liabilities within the next annual reporting period but may impact profit or loss and equity.
Capitalised Exploration and Evaluation Expenditure
Exploration and evaluation costs have been capitalised on the basis that activities in the area have not yet reached a stage
that permits reasonable assessment of the existence of economically recoverable reserves. Key judgements are applied in
considering costs to be capitalised which includes determining expenditures directly related to these activities and allocating
overheads between those that are expensed and capitalised. In addition, costs are only capitalised that are expected to be
recovered either through successful development or sale of the relevant mining interest. Factors that could impact the future
commercial production at the mine include the level of reserves and resources, future technology changes, which could impact
the cost of mining, future legal changes and changes in commodity prices. To the extent that capitalised costs are determined
not to be recoverable in the future, they will be written off in the period in which this determination is made.
Note 4. Operating segments
AASB 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are
regularly reviewed by the Directors in order to allocate resources to the segment and to assess its performance.
Information regarding these segments is presented below. The accounting policies of the reportable segments are the same
as the Group’s accounting policies. The following tables are an analysis of the Group’s revenue and results by reportable
segment provided to the Directors for the years ended 30 June 2024 and 30 June 2023.
Alderan Resources Limited
Notes to the financial statements
30 June 2024
Note 4. Operating segments (continued)
34
Operating segment information
United
States of
America
Brazil
Australia
Total
Consolidated - 2024
$
$
$
$
Revenue
Segment income
-
104
9,830
9,934
Total revenue
-
104
9,830
9,934
Impairment
(4,752,452)
-
-
(4,752,452)
Segment results
(1,317,354)
(250,453)
(42,686)
(1,610,493)
Loss before income tax expense
(6,069,806)
(250,453)
(42,686)
(6,362,945)
Income tax expense
-
Loss after income tax expense
(6,362,945)
Assets
Segment assets
3,023,752
331,829
1,687,259
5,042,840
Total assets
5,042,840
Liabilities
Segment liabilities
12,680
55,251
167,365
235,296
Total liabilities
235,296
United
States of
America
Australia
Total
Consolidated - 2023
$
$
$
Revenue
Segment income
34,722
2,718
37,440
Total revenue
34,722
2,718
37,440
Impairment
(347,351)
-
(347,351)
Segment result
(1,399,917)
(693,646)
(2,093,563)
Loss before income tax expense
(1,747,268)
(693,646)
(2,440,914)
Income tax expense
-
Loss after income tax expense
(2,440,914)
Assets
Segment assets
7,821,376
207,239
8,028,615
Total assets
8,028,615
Liabilities
Segment liabilities
159,588
308,169
467,757
Total liabilities
467,757
Alderan Resources Limited
Notes to the financial statements
30 June 2024
35
Note 5. Consulting and administrative expenses
Consolidated
2024
2023
$
$
Accountancy fees
153,500
51,506
ASX fees
26,296
33,552
Rent
1,680
34,230
Administration and consultancy fees
257,078
252,843
Insurance
24,774
69,098
Legal fees
92,061
18,156
Promotion and investor relations
49,008
53,252
Travel expenses
55,442
9,093
659,839
521,730
Note 6. Income tax expense
Consolidated
2024
2023
$
$
Numerical reconciliation between tax-benefit and pre-tax net loss
Loss before income tax expense
(6,362,945)
(2,440,914)
Tax at the statutory tax rate of 25%
(1,590,736)
(610,229)
Impairment of Exploration and Evaluation
1,185,615
86,838
Other Deductible Expenses
(126,634)
(82,175)
Unrecognised deferred tax asset attributable to tax losses and temporary differences
531,755
605,566
Income tax expense
-
-
Consolidated
30 June 2024 30 June 2023
$
$
Tax losses for which no deferred tax asset has been recognised
Losses available for offset against future taxable income
(8,707,203)
(8,412,966)
Potential tax benefit @ 25%
(2,176,801)
(2,103,242)
The benefit of deferred tax assets not brought to account will only be brought to account if:
●
future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be realised;
●
the conditions for deductibility imposed by tax legislation continue to be complied with; and
●
no changes in tax legislation adversely affect the Company in realising the benefit.
Note 7. Current assets - cash and cash equivalents
Consolidated
30 June 2024 30 June 2023
$
$
Cash in bank and on hand
119,404
235,300
Alderan Resources Limited
Notes to the financial statements
30 June 2024
36
Note 8. Current assets - trade and other receivables
Consolidated
30 June 2024 30 June 2023
$
$
Bonds
59,728
59,728
GST receivable
24,505
15,422
Prepayment
18,548
18,682
Security deposit
10,596
10,288
Sundry debtors
4,434
259
117,811
104,379
Note 9. Non-current assets - property, plant and equipment
Consolidated
30 June 2024 30 June 2023
$
$
Plant and Equipment - cost
519,496
519,031
Less: Accumulated depreciation
(441,995)
(418,328)
77,501
100,703
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below:
Office
Motor
Exploration
Equipment
Vehicle
Equipment
Total
Consolidated
$
$
$
$
Balance at 1 July 2022
3,717
53,326
122,806
179,849
Disposals
-
(46,950)
-
(46,950)
Exchange differences
68
1,225
4,347
5,640
Depreciation expense
(1,483)
(7,601)
(28,752)
(37,836)
Balance at 30 June 2023
2,302
-
98,401
100,703
Exchange differences
5
-
318
323
Depreciation expense
(1,129)
-
(22,396)
(23,525)
Balance at 30 June 2024
1,178
-
76,323
77,501
Note 10. Non-current assets - exploration and evaluation
Consolidated
30 June 2024 30 June 2023
$
$
Exploration and evaluation
4,728,124
7,588,233
Alderan Resources Limited
Notes to the financial statements
30 June 2024
Note 10. Non-current assets - exploration and evaluation (continued)
37
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
expenditure
Total
Consolidated
$
$
Balance at 1 July 2022
7,642,492
7,642,492
Expenditure during the year
869,866
869,866
Expenditure expensed to the statement of profit and loss
(869,866)
(869,866)
Exchange differences
293,092
293,092
Impairment of assets (ii)
(347,351)
(347,351)
Balance at 30 June 2023
7,588,233
7,588,233
Acquisitions (i)
1,510,000
1,510,000
Expenditure during the year
606,607
606,607
Expenditure expensed to the statement of profit and loss
(279,838)
(279,838)
Exchange differences
55,574
55,574
Impairment of assets (ii)
(4,752,452)
(4,752,452)
Balance at 30 June 2024
4,728,124
4,728,124
(i) Acquisition of Parabolic Lithium Pty Ltd - In November 2023, the Company purchased a 100% interest in Parabolic Lithium
Pty Ltd consisting of twenty-four tenements. The Project is located in Minas Gerais, Brazil.
The consideration for the acquisition of the project as follows:
- Payment: $100,000 paid in cash;
- Share Issue: 150,000,000 shares in the Company;
- Options Issue: 100,000,000 options in the Company.
The following components of the consideration have been capitalised as Exploration and evaluation costs in the financial
statements:
Cash Payment
110,000
Fair value of 150,000,000 shares in Alderan Resources Ltd
1,200,000
Fair value of 100,000,000 options in Alderan Resources Ltd
200,000
Total cost capitalised
1,510,000
(ii) During the financial year ended 30 June 2024, the Company impaired an amount of $4,752,452 (2023: $347,351) of
exploration and evaluation expenditure. This related to historical exploration and evaluation expenditure incurred on areas
where the Company is no longer pursuing active exploration activities.
Note 11. Current liabilities - trade and other payables
Consolidated
30 June 2024 30 June 2023
$
$
Trade payables
80,519
93,264
Accruals and other payables
108,665
343,688
189,184
436,952
Alderan Resources Limited
Notes to the financial statements
30 June 2024
Note 11. Current liabilities - trade and other payables (continued)
38
Refer to note 16 for further information on financial instruments.
Note 12. Equity - issued capital
Consolidated
30 June 2024
30 June 2023 30 June 2024 30 June 2023
Shares
Shares
$
$
Ordinary shares - fully paid
1,106,861,306
616,694,644
31,313,295
28,100,642
Movements in ordinary share capital
Details
Date
Shares
Issue price
$
Balance
1 July 2022
425,566,080
26,651,452
Issue of Placement Shares – Tranche 1 (i)
27 July 2022
106,000,000
$0.01
1,060,000
Issue of Placement Shares – Tranche 2 (ii)
7 September 2022
46,700,000
$0.01
467,000
Issue of SPP Shares (iii)
31 March 2023
29,142,850
$0.007
204,000
Issue of Shortfall SPP Shares (iv)
5 May 2023
9,285,714
$0.007
65,000
Less: share issue costs (v)
-
-
(346,810)
Balance
30 June 2023
616,694,644
28,100,642
Issue of placement shares (vi)
13 November 2023
291,666,662
$0.006
1,750,000
Issue of shares for project acquisition (vii)
13 November 2023
150,000,000
$0.006
1,200,000
Issue of shares to Lead Manager (viii)
13 November 2023
17,500,000
$0.006
140,000
Issue of shares to Directors on conversion
of Director Fees (ix)
13 November 2023
31,000,000
$0.006
403,000
Less: share issue costs
-
-
(280,347)
Balance
30 June 2024
1,106,861,306
31,313,295
(i)
106,000,000 fully paid ordinary shares issued under a Placement (Tranche 1) to professional and sophisticated investors
on 27 July 2022 at an issue price of $0.01 per share.
(ii)
46,700,000 fully paid ordinary shares issued under a Placement (Tranche 2) to professional and sophisticated investors
on 7 September 2022, following shareholder approval, at an issue price of $0.01 per share.
(iii)
29,142,850 fully paid ordinary shares issued under a Share Purchase Plan (SPP) to existing shareholders on 31 March
2023 at an issue price of $0.007 per share.
(iv)
9,285,714 fully paid ordinary shares issued under the Shortfall Offer from the SPP to on 5 May 2023 at an issue price of
$0.007 per share.
(v)
Includes the issue of quoted options to Lead Manager with a fair value of $136,911, as stated in Note 11 (d).
(vi)
291,666,662 fully paid ordinary shares issued under a Placement to professional and sophisticated investors on 13
November 2023, following shareholder approval, at an issue price of $0.006 per share.
(vii) 150,000,000 fully paid ordinary shares issued in consideration for the acquisition of Parabolic Lithium Pty Ltd on 13
November 2023. Refer to note 10 for more detail.
(viii) 17,500,000 fully paid ordinary shares issued to Lead Manager in consideration for services provided on 13 November
2023.
(ix)
31,000,000 fully paid ordinary shares issued to Directors upon conversion of director’s fees to equity, following
shareholder approval, on 08 November 2023.
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion
to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company
does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share
shall have one vote.
Alderan Resources Limited
Notes to the financial statements
30 June 2024
Note 12. Equity - issued capital (continued)
39
Share buy-back
There is no current on-market share buy-back.
Capital risk management
The consolidated entity's objectives when managing capital is to safeguard its ability to continue as a going concern, so that
it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to
reduce the cost of capital.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated
as total borrowings less cash and cash equivalents.
In order to maintain or adjust the capital structure, the consolidated entity may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
The consolidated entity would look to raise capital when an opportunity to invest in a business or company was seen as value
adding relative to the current company's share price at the time of the investment. The consolidated entity is not actively
pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in order to
maximise synergies.
The consolidated entity is subject to certain financing arrangements covenants and meeting these is given priority in all capital
risk management decisions. There have been no events of default on the financing arrangements during the financial year.
Note 13. Equity - reserves
Consolidated
30 June 2024 30 June 2023
$
$
Foreign currency reserve
1,006,740
973,762
Performance rights reserve
101,420
101,420
Options reserve
7,967,069
7,883,069
9,075,229
8,958,251
Option Reserve
Number
$
Balance 1 July 2022
91,307,292
7,457,025
Issue of Quoted Options under Placement
76,350,000
-
Issue of Quoted Options to Lead Manager of Placement
34,425,000
123,930
Issue of Quoted Options under Option Entitlement Offer
289,133,040
289,133
Issue of Quoted Options to Lead Manager of Option Entitlement Offer
8,780,654
8,781
Issue of Quoted Options to Brokers relating to SPP
2,100,000
4,200
Expiry of Unquoted Options without exercise
(54,307,292)
-
Balance as at 30 June 2023
447,788,694
7,883,069
Expiry of Unquoted Options without exercise (i)
(7,000,000)
-
Issue of Quoted Options under Placement (ii)
145,833,331
-
Issue of Upfront Consideration Quoted Options for Acquisition (iii)
100,000,000
200,000
Issue of Quoted Options to Lead Manager (iv)
58,750,000
117,500
Issue of Quoted Options to Directors on conversion of Director Fees (v)
15,500,000
46,500
Expiry of Unquoted Options without exercise (vi)
(10,000,000)
(280,000)
Balance as at 30 June 2024
750,872,025
7,967,069
Alderan Resources Limited
Notes to the financial statements
30 June 2024
Note 13. Equity - reserves (continued)
40
(i)
On 3 August 2023, a total of 7,000,000 unquoted options (with various exercise prices) expired without being exercised.
(ii)
145,833,331 free attaching quoted options issued under a Placement to professional and sophisticated investors on 13
November 2023, following shareholder approval.
(iii)
100,000,000 quoted options issued in consideration for the acquisition of Parabolic Lithium Pty Ltd on 13 November
2023.
(iv)
58,750,000 quoted options issued to Lead Manager in consideration for services provided on 13 November 2023.
(v)
15,500,000 quoted options issued to Directors upon conversion of director’s fees to equity, following shareholder
approval, on 13 November 2023.
(vi)
On 27 May 2024, a total of 10,000,000 unquoted options (with various exercise prices) expired without being exercised.
Performance Rights Reserve
Number
$
Balance 1 July 2022
200,000
101,420
Expiry of Class C Performance Rights
(200,000)
-
Balance as at 30 June 2023
-
101,420
Balance as at 30 June 2024
-
101,420
The Group measured the fair value of the performance rights at the date of issue by using the Monte-Carlo pricing model.
Note 14. Equity - accumulated losses
Consolidated
30 June 2024 30 June 2023
$
$
Accumulated losses at the beginning of the financial year
(29,498,035)
(27,057,121)
Transfer of expired options
280,000
-
Accumulated losses at the beginning of the financial year - restated
(29,218,035)
(27,057,121)
Loss after income tax expense for the year
(6,362,945)
(2,440,914)
Accumulated losses at the end of the financial year
(35,580,980)
(29,498,035)
Note 15. Equity - dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Note 16. Financial instruments
Financial risk management objectives
The consolidated entity's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price
risk and interest rate risk), credit risk and liquidity risk. The consolidated entity's overall risk management program focuses on
the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the
consolidated entity. The consolidated entity uses derivative financial instruments such as forward foreign exchange contracts
to hedge certain risk exposures. Derivatives are exclusively used for hedging purposes, i.e. not as trading or other speculative
instruments. The consolidated entity uses different methods to measure different types of risk to which it is exposed. These
methods include sensitivity analysis in the case of interest rate, foreign exchange and other price risks, ageing analysis for
credit risk and beta analysis in respect of investment portfolios to determine market risk.
Risk management is carried out by senior finance executives ('finance') under policies approved by the Board of Directors
('the Board'). These policies include identification and analysis of the risk exposure of the consolidated entity and appropriate
procedures, controls and risk limits. Finance identifies, evaluates and hedges financial risks within the consolidated entity's
operating units. Finance reports to the Board on a monthly basis.
Alderan Resources Limited
Notes to the financial statements
30 June 2024
Note 16. Financial instruments (continued)
41
Categories of financial instruments
Consolidated
30 June 2024 30 June 2023
$
$
Financial assets
Cash on hand and in bank
119,404
235,300
Trade and other receivables
117,811
104,379
237,215
339,679
Financial liabilities
Trade and other payables
189,184
436,952
a) Capital risk management
The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the return to
stakeholders through the optimisation of the debt and equity balance. The Company’s overall strategy remains unchanged
from prior years. The capital structure of the Company consists of debt, cash and cash equivalents and equity, comprising
issued capital, reserves and retained earnings (accumulated losses). Operating cash flows are used to maintain and expand
operations, as well as to make routine expenditures such as tax, dividends and general administrative outgoings.
Gearing levels are reviewed by the Board on a regular basis in line with its target gearing ratio, the cost of capital and the
risks associated with each class of capital.
b) Foreign Exchange Risk
Assets
Liabilities
30 June 2024 30 June 2023 30 June 2024 30 June 2023
Consolidated
$
$
$
$
US dollars
64,950
133,206
73,351
159,588
Brazilian dollars
5,060
-
55,251
-
70,010
133,206
128,602
159,588
Foreign currency sensitivity analysis
The sensitivity analysis below details the Company’s sensitivity to an increase/decrease in the Australian Dollar against the
United States Dollar. The sensitivity analysis includes only outstanding foreign currency denominated monetary items. A 100-
basis point is the sensitivity rate used when reporting foreign currency risk internally to management and represents
management’s assessment of the possible change in foreign exchange rates.
The Company had net liabilities denominated in foreign currencies of $58,501 (assets of $70,010 less liabilities of $128,602)
as at 30 June 2023 (2023: net assets of $26,382 (assets of $133,206 less liabilities of $159,588). If foreign exchange rates
had been 100 basis points higher or lower and all other variables held constant, the Company’s loss will increase/decrease
by $585 (2023: $264); and net assets will increase/decrease by $585 (2023: $264).
The Company’s sensitivity to foreign exchange rates has not changed significantly from prior year.
c) Interest rate risk
The Company's exposure to the risk of changes in market interest rates relates primarily to the bank deposits with floating
interest rate. These financial assets with variable rates expose the Company to cash flow interest rate risk. All other financial
assets and liabilities, in the form of receivables and payables are non-interest bearing.
Alderan Resources Limited
Notes to the financial statements
30 June 2024
Note 16. Financial instruments (continued)
42
At the reporting date, the interest rate profile of the Company's interest-bearing financial instruments was:
30 June 2024 30 June 2023
Balance
Balance
Interest-bearing financial instruments
$
$
Bank balances
119,404
235,300
Net exposure to cash flow interest rate risk
119,404
235,300
The Company currently does not engage in any hedging or derivative transactions to manage interest rate risk.
Interest rate sensitivity
A sensitivity of 0.1% (10 basis points) has been selected as this is considered reasonable given the current level of both short
term and long-term interest rates. A 1% (100 basis points) movement in interest rates at the reporting date would have
increased (decreased) equity and profit and loss by the amounts shown below. This analysis assumes that all other variables,
in particular foreign currency rates, remain constant. The analysis is performed on the same basis for 2023.
Basis points increase
Basis points decrease
Consolidated - 30 June 2024
Basis points
change
Effect on
profit before
tax
Basis points
change
Effect on
profit before
tax
Bank balances
100
1,300
100
(1,300)
Basis points increase
Basis points decrease
Consolidated - 30 June 2023
Basis points
change
Effect on
profit before
tax
Basis points
change
Effect on
profit before
tax
Bank balances
100
2,535
100
(2,353)
d) Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient
collateral where appropriate, as a means of mitigating the risk of financial loss from defaults.
The Company only transacts with entities that are rated the equivalent of investment grade and above. This information is
supplied by independent rating agencies where available and, if not available, the Company uses publicly available financial
information and its own trading record to rate its major customers.
The Company does not have any significant credit risk exposure to any single counterparty or any Company of counterparties
having similar characteristics.
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations. This arises principally from cash and cash equivalents and trade and other receivables.
There are no significant concentrations of credit risk within the Company. The carrying amount of the Company's financial
assets represents the maximum credit risk exposure, as represented below:
Alderan Resources Limited
Notes to the financial statements
30 June 2024
Note 16. Financial instruments (continued)
43
Consolidated
30 June 2024 30 June 2023
$
$
Cash on hand and in bank
119,404
235,300
Trade and other receivables
117,811
104,379
Total
237,215
339,679
Trade and other receivables are comprised primarily of sundry receivables and GST refunds due. Where possible the
Company trades only with recognised, creditworthy third parties.
With respect to credit risk arising from cash and cash equivalents, the Company's exposure to credit risk arises from default
of the counter party, with a maximum exposure equal to the carrying amount of these instruments
e) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Board's approach
to managing liquidity is to ensure, as far as possible, that the Company will always have sufficient liquidity to meet its liabilities
when due by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and
liabilities. The contractual maturities of financial liabilities, including estimated interest payments, are provided below. There
are no netting arrangements in respect of financial liabilities.
Remaining contractual maturities
The following tables detail the consolidated entity's remaining contractual maturity for its financial instrument liabilities. The
tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which
the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining
contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position.
Weighted
average
interest rate
1 year or less
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Remaining
contractual
maturities
Consolidated - 30 June 2024
%
$
$
$
$
$
Non-derivatives
Non-interest bearing
Trade payables
-
189,184
-
-
-
189,184
Total non-derivatives
189,184
-
-
-
189,184
1 year or less
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Remaining
contractual
maturities
Consolidated - 30 June 2023
$
$
$
$
$
Non-derivatives
Non-interest bearing
Trade payables
436,952
-
-
-
436,952
Total non-derivatives
436,952
-
-
-
436,952
f) Fair values
The net fair value of financial assets and financial liabilities approximates their carrying value. The methods for estimating fair
value are outlined in the relevant notes to the financial statements.
Alderan Resources Limited
Notes to the financial statements
30 June 2024
44
Note 17. Key management personnel disclosures
Directors
The following persons were directors of Alderan Resources Limited during the financial year:
Mr Ernest Thomas Eadie
Non-Executive Chairman
Mr Scott Caithness
Managing Director
Mr Peter Williams
Non-Executive Director
Compensation
The aggregate compensation made to directors and other members of key management personnel of the consolidated entity
is set out below:
Consolidated
2024
2023
$
$
Short-term employee benefits
320,298
605,337
Post-employment benefits
35,232
25,838
Termination benefits
Shared Based Payments (i)
263,500
106,916
-
619,031
738,091
(i) As approved by shareholders at the company’s AGM on 08 November 2023, the following shares and options were issued
to Directors in settlement of remuneration unpaid for past periods.
Name of the Directors
No of
Ordinary
Shares
No of
Options
FV of Shares &
Options (ii)
$
Payable
Settled
$
Additional
Benefit
$
Scott Caithness
20,833,333
10,416,666
302,083
(125,000)
177,083
Tom Eadie
4,000,000
2,000,000
58,000
(24,000)
34,000
Peter Williams
6,166,667
3,083,334
89,417
(37,000)
52,417
Total
31,000,000
15,500,000
403,000
186,000
263,500
(ii) The fair value of the shares and options have been valued based on the market price as at grant date.
Name of the Directors
Options
Fair value of the
options
Scott Caithness
10,416,666
31,250
Tom Eadie
2,000,000
6,000
Peter Williams
3,083,334
9,250
Total
31,000,000
46,500
Alderan Resources Limited
Notes to the financial statements
30 June 2024
45
Note 18. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by RSM Australia Partners, the auditor
of the company:
Consolidated
2024
2023
$
$
Audit services - RSM Australia Partners
Audit or review of the financial statements
43,205
41,000
Note 19. Contingent liabilities
On 11 February 2021, the Group announced it had completed several strategic land deals whereby the Group had executed
Option Agreements. If the Group decides to exercise the various Option Agreements, additional liabilities will be incurred, as
follows:
Option Agreement with Drum Mountain Mineral Properties LLC (DMMP):
●
55% interest for $3 million in exploration expenditure over 3 years;
●
Upon Volantis (100% owned Alderan subsidiary) completing expenditures to earn 55%, DMMP will have a one-time
option to contribute at 45%. If the option is not exercised, Volantis may earn 70%;
●
70% interest for an additional $2 million over 5 years; and
●
1% Net Smelter Royalty (NSR) if a party’s interest is reduced to less than 10%.
On 27 June 2022, the Group announced it had executed an Option Agreement with the State of Utah School and Institutional
Trust Lands Administration (SITLA) over 310 acres of land north of the historical Drum gold mine. If the Group decides to
exercise the agreement with SITLA, additional liabilities will be incurred as follows:
●
US$200,000 work commitment consisting of: US$40,000 (Year 1), US$60,000 (Year 2) and US$100,000 (Year 3);
●
Annual fee of US$1.00/acre (US$310);
●
10-year lease primary term following completion of work commitments and exercising of option;
●
US$2.00/acre annual lease rental (US$620 per annum);
●
4% gross value royalty (2% royalty if patented federal mining claims are converted to SITLA lease).
The option expires on 1 August 2025 and the Group is yet to exercise the option.
Parabolic Lithium Pty Ltd Acquisition
The following components of the contingent deferred consideration of Parabolic Lithium Pty Ltd are disclosed as contingent
liabilities:
-
Deferred Consideration (Milestone 1): where the Company achieves six rock chips with greater than 1.0% Li20 in
separate spodumene bearing pegmatites at the Project, Alderan agrees to issue the number of Alderan Shares the
greater of:
(i)
50,000,000 Alderan Shares (at a deemed issue price of $0.006 per Alderan Share); and
(ii)
that number of Alderan Shares with an aggregate value equal to $750,000 based on a deemed issue price
equal to the greater of:
Alderan Resources Limited
Notes to the financial statements
30 June 2024
Note 19. Contingent liabilities (continued)
46
(a) the 5-day volume weighted average price (VWAP) of Alderan Shares prior to the date of achievement of
Milestone 1; and
(b) $0.006.
-
Deferred Consideration (Milestone 2): where the Company achieves a drill intercept of over 10m minimum 1.0% Li2O
at the Project, Alderan agrees to issue the number of Alderan Shares the greater of:
(i)
75,000,000 Alderan Shares (at a deemed issue price of $0.006 per Purchaser Share); and
(ii)
that number of Alderan Shares with an aggregate value equal to $1,000,000 based on a deemed issue price
equal to the greater of:
(a)
the 5-day VWAP of Alderan Shares prior to the date of achievement of Milestone 2; and
(b)
$0.006.
-
Deferred Consideration (Milestone 3): where the Company achieves a JORC compliant Mineral Resource (indicated)
minimum 10Mt at 1.0% Li2O at the Project, Alderan agrees to issue the number of Alderan Shares the greater of:
(i)
150,000,000 Alderan Shares (at a deemed issue price of $0.006 per Alderan Share); and
(ii)
that number of Alderan Shares with an aggregate value equal to $2,500,000 based on a deemed issue price
equal to the greater of:
(a) the 5-day VWAP prior to the date of achievement of Milestone 3; and
(b) $0.006.
Note 20. Commitments
Consolidated
30 June 2024 30 June 2023
$
$
Exploration expenditure and annual lease/claim payments
Committed at the reporting date but not recognised as liabilities:
Within one year
302,899
51,908
One to five years
-
109,938
302,899
161,846
Where the commitments are due in US Dollars, the Company has used the spot rate on 30 June 2024 as a conversion for the
commitments into Australian Dollars.
In order to maintain current rights of tenure to exploration tenements, the Company is required to outlay rentals and to meet
the minimum expenditure requirements by the Mineral Resources Authority. Minimum expenditure commitments may be
subject to renegotiation and with approval may otherwise be avoided by sale, farm out or relinquishment. These obligations
are not provided for in the financial statements.
Note 21. Related party transactions
Parent entity
Alderan Resources Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 23.
Key management personnel
Disclosures relating to key management personnel are set out in note 17 and the remuneration report included in the directors'
report.
Alderan Resources Limited
Notes to the financial statements
30 June 2024
Note 21. Related party transactions (continued)
47
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.
Note 22. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Parent
2024
2023
$
$
Loss after income tax
(6,352,945)
(2,131,232)
Total comprehensive income
(6,352,945)
(2,131,232)
Statement of financial position
Current assets
167,259
206,474
Non-current assets
1,510,000
7,662,553
Total Assets
1,677,259
7,869,027
Current liabilities
(167,365)
(308,169)
Non-current liabilities
-
-
Total Liabilities
(167,365)
(308,169)
Issued Capital
31,313,295
28,100,641
Reserves
8,036,030
7,984,489
Accumulated Losses
(37,839,326)
(28,524,272)
Total Equity
1,509,894
7,560,858
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 2024 and 30 June 2023.
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2024 and 30 June 2023.
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2024 and 30 June 2023.
Material accounting policy information
The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed in note 2, except
for the following:
●
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
●
Investments in associates are accounted for at cost, less any impairment, in the parent entity.
●
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an
indicator of an impairment of the investment.
Alderan Resources Limited
Notes to the financial statements
30 June 2024
48
Note 23. 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 2:
Ownership interest
Principal place of business /
30 June 2024 30 June 2023
Name
Country of incorporation
%
%
Volantis Resources Corp, Inc.
USA
100.00%
100.00%
Valyrian Resources Corp.
USA
100.00%
100.00%
Alderan US Holdings, Inc
USA
100.00%
100.00%
Star Range US Holdings, Inc
USA
100.00%
100.00%
Star Range Resources Limited
AUS
100.00%
100.00%
Parabolic Lithium Pty Ltd
AUS
100.00%
-
Note 24. Events after the reporting period
On 15 August 2024, the consolidated entity announced firm commitments for a capital raise of $0.332 million to sophisticated
investors via a placement. The consolidated entity will issue 166,000,000 new fully paid ordinary shares at an issue price of
$0.002 per share.
The consolidated entity also announced a subsequent non-renounceable pro-rata entitlement offer to eligible shareholders.
The Rights issue will raise approximately $1,272,861 with one (1) share, priced at $0.002 per share, offered for every two (2)
shares held at the Record Date. Participants in the Rights Issue will receive one (1) free attaching option for every four (4)
shares applied by and issued.
No other matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly affect the
consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial
years.
Note 25. Reconciliation of loss after income tax to net cash used in operating activities
Consolidated
2024
2023
$
$
Loss after income tax expense for the year
(6,362,945)
(2,440,914)
Adjustments for:
Depreciation and amortisation
-
37,836
Gain on disposal of property, plant and equipment
-
(34,722)
Impairment of capitalised exploration and evaluation expenditure
4,752,452
347,351
Share-based payments
263,500
-
Foreign exchange differences
12,985
10,000
Change in operating assets and liabilities:
Trade and other receivables
(8,949)
6,509
Provisions
15,307
(9,429)
Trade and other payables
(424,722)
201,890
Net cash used in operating activities
(1,752,372)
(1,881,479)
Non-cash financing and investing activities
The Company granted 150,000,000 shares (2023: Nil) and 100,000,000 options (2023: Nil) for asset acquisition as detailed
in Note 11. The shares and options brought to account during the year ended 30 June 2024 were deemed to be granted on
13 November 2023, being the date when the shareholder approved the asset acquisition. In addition to this, as set out in the
note 17, the company issued 31,000,000 shares and 15,500,000 options in lieu of director fees payable for past periods.
Alderan Resources Limited
Notes to the financial statements
30 June 2024
49
Note 26. Earnings per share
Consolidated
2024
2023
$
$
Loss after income tax attributable to the owners of Alderan Resources Limited
(6,362,945)
(2,440,914)
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings per share
925,566,787
570,938,759
Weighted average number of ordinary shares used in calculating diluted earnings per share
925,566,787
570,938,759
Cents
Cents
Basic earnings per share
(0.69)
(0.43)
Diluted earnings per share
(0.69)
(0.43)
Note 27. Share-based payments
From time to time, the Company provides Unquoted Options to officers, employees, consultants and other key advisors as
part of remuneration and incentive arrangements. The number of options granted, and the terms of the options granted are
determined by the Board. Shareholder approval is sought where required. During the past two years, the following equity-
settled share-based payments have been recognised:
30 June 2024 30 June 2023
$
$
Expense arising from share-settled & options settled share-based payment transactions
(Refer note 17)
263,500
-
-
Net share-based payment expense recognised in the profit or loss
263,500
-
Alderan Resources Limited
Consolidated entity disclosure statement
As at 30 June 2024
50
The directors present their report on the Group consisting of Alderan Limited and the entities it controlled at the end of, or
during, the year ended 30 June 2024.
Place formed /
Ownership
interest
Entity name
Entity type
Country of incorporation
%
Tax residency
Volantis Resources Corp,
Inc.
Body Corporate
United States
100.00% United States
Valyrian Resources Corp. Body Corporate
United States
100.00% United States
Alderan US Holdings, Inc
Body Corporate
United States
100.00% United States
Star Range US Holdings,
Inc
Body Corporate
United States
100.00% United States
Star Range Resources
Limited
Body Corporate
Australia
100.00% Australia
Parabolic Lithium Pty Ltd
Body Corporate
Australia
100.00% Australia
Alderan Resources Limited
Directors' declaration
30 June 2024
51
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 2 to the financial statements;
●
the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at
30 June 2024 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
___________________________
Mr Ernest Thomas Eadie
Chairman
30 September 2024
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the
members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm
which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
www.rsm.com.au
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
ALDERAN RESOURCES LIMITED
Opinion
We have audited the financial report of Alderan Resources Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2024, the consolidated
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and
the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including
material accounting policy information, the consolidated entity disclosure statement and the 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 2024 and of its financial
performance for the year then ended; 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 auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We 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 2 in the financial report, which indicates that the Group incurred a loss of $6,362,945
and had net cash outflows from operating activities of $1,752,372 for the year ended 30 June 2024. As at that
date, the Group had net current assets of $1,919. As stated in Note 2, these events or conditions, along with other
matters as set forth in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the
Group’s ability to continue as a going concern. 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 of our report, we
have determined the matters described below to be the key audit matters to be communicated in our report.
Key Audit Matter
How our audit addressed this matter
Exploration and Evaluation Expenditure
Refer to Note 10 in the financial statements
The Group has capitalised exploration and
evaluation expenditure with a carrying value of
$4,728,124 as at 30 June 2024.
We considered this to be a key audit matter due to
the significant management judgments involved in
assessing the carrying value of the asset including:
•
Determination of whether the expenditure can
be associated with finding specific mineral
resources, and the basis on which that
expenditure is allocated to an area of interest;
•
Determination of whether exploration activities
have progressed to the stage at which the
existence of an economically recoverable
mineral reserve may be assessed; and
•
Assessing whether any indicators of impairment
are present, and if so, judgments applied to
determine and quantify any impairment loss.
Our audit procedures included:
•
Assessing the Group’s accounting policy for
compliance with Australian Accounting Standards;
•
For a sample of Mining claims held by the Group,
agreeing this right of tenure to supporting
documentation;
•
Recalculating the foreign exchange translation
differences relating to capitalised exploration and
evaluation expenditure;
•
Assessing and evaluating management’s
assessment of whether indicators of impairment
existed as at 30 June 2024;
•
Where indicators of impairment were identified,
evaluating management’s assessment of the
recoverable amount of capitalised exploration and
evaluation expenditure and testing the accuracy of
the impairment charge that was recorded during
the year;
•
Where indicators of impairment were not identified,
assessing management’s determination that
exploration and evaluation activities have not yet
reached a stage where the existence or otherwise
of economically recoverable reserves may be
reasonably determined;
•
Enquiring with management and reading budgets
and other supporting documentation as evidence
that active and significant operations in, or relation
to, the area of interest will be continued in the
future; and
•
Assessing the disclosures in the financial
statements.
Key Audit Matter
How our audit addressed this matter
Accounting for the asset acquisition of Parabolic Lithium Pty Ltd
Refer to Note 10 in the financial statements
On 13 November 2023, Alderan issued a bid to
acquire Parabolic Lithium Pty Ltd (Parabolic).
Following the completion of the acquisition process,
Alderan owned 100% of Parabolic.
Management has determined that the acquisition of
the 100% interest in Parabolic does not meet the
definition of a business combination within AASB 3
business combinations. This transaction has been
accounted for as an asset acquisition.
The fair value of the consideration comprises of cash
consideration of $110,000, issue of 150,000,000
shares and 100,000,000 unlisted options to the
shareholders of Parabolic. Total consideration of
$1,510,000
was
capitalised
consistent
with
acquisition accounting principles.
We determined this area to be a key audit matter due
to the significance of the transaction and the
complexities and level of management judgement
and estimates involved in the above assessment
and the determination of the fair value of
consideration paid to acquire assets and liabilities.
Our audit procedures included:
•
Assessing the group’s accounting policy for
compliance with Australian Accounting Standards;
•
Reading the acquisition agreements to understand
the transaction, acquisition date and the related
accounting consideration;
•
Critically evaluating management’s determination
that the acquisition did not meet the definition of a
business within AASB 3 business combination and
therefore was an asset acquisition;
•
Assessing the fair value of the assets and liabilities
acquired at the date of acquisition;
•
Assessing the fair value of the consideration of the
transaction; and
•
Assessing the adequacy disclosures included in
the financial statements.
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Group's annual report for the year ended 30 June 2024 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 accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a) the financial report (other than the consolidated entity disclosure statement) 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 (other than the consolidated entity disclosure statement) 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 have 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 at: https://www.auasb.gov.au/admin/file/content102/c3/ar2_2020.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 within the directors' report for the year ended 30 June 2024.
In our opinion, the Remuneration Report of Alderan Resources Limited, for the year ended 30 June 2024, 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.
RSM AUSTRALIA
Perth, WA
MATTHEW BEEVERS
Dated: 30 September 2024
Partner
Alderan Resources Limited
Shareholder information
30 June 2024
54
The shareholder information set out below was applicable as at 25 September 2024.
Distribution of equitable securities
Analysis of number of equitable security holders by size of holding:
Ordinary shares
% of total
Number
shares
of holders
issued
1 to 1,000
95
-
1,001 to 5,000
123
0.03
5,001 to 10,000
139
0.09
10,001 to 100,000
479
1.68
100,001 and over
508
98.20
1,344
100.00
Holding less than a marketable parcel
919
2.68
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of quoted equity securities are listed below:
Ordinary shares
% of total
shares
Number held
issued
Danny Segman and associates
123,140,163
9.67
Tolga Kumova and associates
68,283,766
5.36
Deck Chair Holdings Pty Ltd
58,000,000
4.56
Vista Grove Investments Pty Ltd (Vista Grove S/F acc)
58,000,000
4.56
Niv Dagan and associates
53,070,150
4.17
Mr Gavin Jeremy Dunhill
49,000,000
3.85
Holdrey Pty Ltd (Don Mathieson Family acc)
42,000,000
3.30
Instant Expert Pty Ltd and associates
40,098,039
3.15
HSBC Custody Nominees (Australia) Limited
39,855,940
3.13
Caithness Resources Pty Ltd (Caithness Family acc)
31,465,047
2.47
Mr Mark Gerard Hennessy and Ms Susan Marie Geraghty (Hennessy Geraghty Super acc)
27,419,897
2.15
Mr Bertrand Lalanne
26,642,517
2.09
BNP Paribas Nominees Pty Ltd (IB AU Noms)
20,555,118
1.61
Citicorp Nominees Pty Limited
20,531,813
1.61
Simon Haddad and associates
17,000,000
1.34
Mr Aldo del Popolo
16,091,495
1.26
Ram Systems Pty Limited (Reardon Family Super acc)
15,000,000
1.18
Buprestid Pty Ltd (Hanlon Family S/F acc)
14,956,723
1.18
Rokks Resources Pty Ltd
13,000,000
1.02
Jamber Investments Pty Limited (The Amber Schwarz Family acc)
12,333,333
0.97
746,444,001
58.63
Alderan Resources Limited
Shareholder information
30 June 2024
55
Options over ordinary
shares
% of total
options
Number held
issued
Mars Mines Ltd
52,800,000
7.22
Mr Gavin Jeremy Dunhill
50,000,000
6.84
Emerging Equities Pty Ltd
43,015,981
5.89
Danny Segman and associates
41,500,000
5.68
Tolga Kumova and associates
34,101,884
4.67
Niv Dagan and associates
28,192,516
3.86
Mr Zoltan Peter Prem
21,401,334
2.93
Mr Scott Arthur Cluff (The Cluff Operating acc)
21,000,000
2.87
Ram Systems Pty Limited (Reardon Family Super acc)
20,000,000
2.74
Mr Albert Wijeweera
19,235,000
2.63
Buprestid Pty Ltd (Hanlon Family S/F acc)
19,178,750
2.62
Valas Investments Pty Ltd (Valas Investments acc)
18,824,700
2.58
Mr Mark Gerard Hennessy and Ms Susan Marie Geraghty (Hennessy Geraghty Super acc)
15,749,999
2.15
Caithness Resources Pty Ltd (Caithness Family acc)
10,589,666
1.45
Ms Chunyan Niu
10,000,000
1.37
Miss Rabia Yigit
10,000,000
1.37
Asia Pacific Development Centre Pty Ltd
10,000,000
1.37
Thomas Ransome Super Pty Ltd (Thomas Ransome S/F acc)
10,000,000
1.37
Geoula Pty Ltd (Zaetz Family acc)
9,600,000
1.31
Pac Partners Securities Pty Ltd
7,763,066
1.06
452,952,896
61.98
Unquoted equity securities
Number
Number
on issue
of holders
Unquoted options exercisable at $0.11 each on or before 01-Oct-24
10,000,000
1
Unquoted options exercisable at $0.15 each on or before 01-Oct-24
10,000,000
1
100% of the unquoted options exercisable at $0.11 and $0.15 each on or before 1-Oct-24 are held by CG Nominees (Australia)
Pty Ltd;
Substantial holders
Substantial holders in the company are set out below:
Ordinary shares
% of total
shares
Number held
issued
Danny Segman and associates
123,140,163
9.67
Tolga Kumova and associates
68,283,766
5.36
Voting rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share
shall have one vote.
There are no other classes of equity securities.
Alderan Resources Limited
Shareholder information
30 June 2024
56
Details of Mining Tenements Held at 30 June 2024
Unpatented Mining Claims - Volantis Resources Corp
Claim Name
Serial No.
Beaver Co Document No.
AW 1
437250
264029
AW 2
437251
264030
AW 3
437252
264031
AW 4
437253
264032
AW 5
437254
264033
AW 6
437255
264034
AW 7
437256
264035
AW 8
437257
264036
AW 9
437258
264037
AW 10
437259
264038
AW 11
437260
264039
AW 12
437261
264040
AW 13
437262
264041
AW 14
437263
264042
AW 15
437264
264043
AW 16
437265
264044
AW 17
437266
264045
AW 18
437267
264046
AW 19
437268
264047
AW 20
437269
264048
AW 21
437270
264049
AW 22
437271
264050
AW 23
437272
264051
AW 24
437273
264052
AW 25
437274
264053
AW 26
437275
264054
AW 27
437276
264055
AW 28
437277
264056
AW 29
437278
264057
AW 30
437279
264058
AW 31
437280
264059
CT 1
426677
258648
CT 2
426678
258649
CT 3
426679
258650
CT 4
426680
258651
CT 5
426681
258652
CT 6
426682
258653
CT 7
426683
258654
CT 8
426684
258655
CT 9
426685
258656
CT 10
426686
258657
CT 11
426687
258658
CT 12
426688
258659
CT 13
426689
258660
CT 14
426690
258661
CT 15
426691
258662
CT 16
426692
258663
CT 17
426693
258664
CT 18
426694
258665
CT 19
426695
258666
CT 20
426696
258667
CT 21
426697
258668
Alderan Resources Limited
Shareholder information
30 June 2024
57
CT 22
426698
258669
CT 23
426699
258670
CT 24
426700
258671
CT 25
426701
258672
CT 26
426702
258673
CT 27
426703
258674
CT 28
426704
258675
CT 29
426705
258676
CT 30
426706
258677
CT 33
426709
258680
CT 34
426710
258681
CT 35
426711
258682
CT 36
426712
258683
CT 37
426713
258684
CT 38
426714
258685
CT 39
426715
258686
CT 40
426716
258687
CT 41
426717
258688
CT 42
426718
258689
CT 43
426719
258690
CT 44
426720
258691
CT 45
426721
258692
CT 46
426722
258693
SF 82
426723
258694
CT 47
426967
258845
CT 48
426968
258846
CT 49
426969
258847
CT 50
426970
258848
CT 51
426971
258849
CT 52
426972
258850
CT 53
426973
258851
CT 54
426974
258852
CT 55
426975
258853
CT 56
426976
258854
CT 57
426977
258855
CT 58
426978
258856
CT 59
426979
258857
CT 60
426980
258858
CT 61
426981
258859
CT 62
426982
258860
CT 63
426983
258861
CT 64
426984
258862
CT 65
426985
258863
CT 66
426986
258864
CT 67
426987
258865
CT 68
426988
258866
CT 69
426989
258867
CT 70
426990
258868
CT 71
426991
258869
CT 72
426992
258870
CT 73
426993
258871
CT 74
426994
258872
CT 75
426995
258873
CT 76
426996
258874
CT 77
426997
258875
CT 101
434804
261072
CT 102
434805
261073
CT 103
434806
261074
Alderan Resources Limited
Shareholder information
30 June 2024
58
CT 104
434807
261075
CT 105
434808
261076
CT 106
434809
261077
CT 107
434810
261078
CT 108
434811
261079
CT 109
434812
261080
CT 110
434813
261081
CT 111
434814
261082
CT 112
434815
261083
CT 113
434816
261084
CT 114
434817
261085
CT 115
434818
261086
CT 116
434819
261087
CT 117
434820
261088
CT 118
434821
261089
CT 119
434822
261090
CT 120
434823
261091
CT 121
434824
261092
CT 122
434825
261093
CT 123
434826
261094
CT 124
434827
261095
CT 125
434828
261096
CT 126
434829
261097
CT 127
434830
261098
CT 128
434831
261099
CT 129
434832
261100
CT 130
434833
261101
CT 131
434834
261102
CT 132
434835
261103
NW 101
434836
261104
NW 102
434837
261105
NW 103
434838
261106
NW 104
434839
261107
NW 105
434840
261108
NW 106
434841
261109
NW 107
434842
261110
NW 108
434843
261111
NW 109
434844
261112
NW 110
434845
261113
NW 111
434846
261114
NW 112
434847
261115
NW 113
434848
261116
NW 114
434849
261117
NW 115
434850
261118
NW 116
434851
261119
NW 117
434852
261120
NW 118
434853
261121
NW 119
434854
261122
NW 120
434855
261123
NW 121
434856
261124
NW 122
434857
261125
NW 123
434858
261126
NW 124
434859
261127
NW 125
434860
261128
NW 126
434861
261129
NW 127
434862
261130
NW 128
434863
261131
NW 129
434864
261132
Alderan Resources Limited
Shareholder information
30 June 2024
59
NW 130
434865
261133
NW 131
434866
261134
NW 132
434867
261135
NW 133
434868
261136
NW 134
434869
261137
NW 135
434870
261138
NW 136
434871
261139
NW 137
434872
261140
NW 138
434873
261141
NW 139
434874
261142
NW 141
434875
261143
NW 142
434876
261144
LIR 31
434877
261145
NW 1
428552
259870
NW 2
428553
259871
NW 3
428554
259872
NW 4
428555
259873
NW 5
428556
259874
NW 6
428557
259875
NW 7
428558
259876
NW 8
428559
259877
NW 9
428560
259878
NW 10
428561
259879
NW 11
428562
259880
NW 12
428563
259881
NW 13
428564
259882
NW 14
428565
259883
NW 15
428566
259884
NW 16
428567
259885
CT 78
428568
259886
SF 82
428569
259887
SF 83
428570
259888
SF 84
428571
259889
SF 85
428572
259890
NW 17
435319
261331
NW 18
435320
261332
SF 1
426435
258176
SF 2
426436
258177
SF 3
426437
258178
SF 4
426438
258179
SF 5
426439
258180
SF 6
426440
258181
SF 7
426441
258182
SF 8
426442
258183
SF 9
426443
258184
SF 10
426444
258185
SF 11
426445
258186
SF 12
426446
258187
SF 13
426447
258188
SF 14
426448
258189
SF 15
426449
258190
SF 16
426450
258191
SF 17
426451
258192
SF 18
426452
258193
SF 19
426453
258194
SF 20
426454
258195
SF 21
426455
258196
SF 22
426456
258197
Alderan Resources Limited
Shareholder information
30 June 2024
60
SF 23
426457
258198
SF 24
426458
258199
SF 25
426459
258200
SF 26
426460
258201
SF 27
426461
258202
SF 28
426463
258269
SF 29
426464
258270
SF 30
426465
258271
SF 31
426466
258272
SF 32
426467
258273
SF 33
426468
258274
SF 34
426469
258275
SF 35
426470
258276
SF 36
426471
258277
SF 37
426472
258278
SF 38
426473
258279
SF 39
426474
258280
SF 40
426475
258281
SF 41
426476
258282
SF 42
426477
258283
SF 43
426478
258284
SF 44
426479
258285
SF 45
426480
258286
SF 46
426481
258287
SF 47
426482
258288
SF 48
426483
258289
SF 49
426484
258290
SF 50
426485
258291
SF 51
426486
258292
SF 52
426487
258293
SF 53
426488
258294
SF 54
426489
258295
SF 55
426490
258296
SF 56
426491
258297
SF 57
426492
258298
SF 58
426493
258299
SF 59
426494
258300
SF 60
426495
258301
SF 61
426496
258302
SF 62
426497
258303
SF 63
426498
258304
SF 64
426499
258305
SF 65
426500
258306
SF 66
426501
258307
SF 67
426502
258308
SF 69
426503
258309
SF 70
426504
258310
SF 71
426505
258311
SF 72
426506
258312
SF 73
426507
258313
SF 74
426508
258314
SF 75
426509
258315
SF 76
426510
258316
SF 77
426511
258317
SF 78
426512
258318
SF 79
426513
258319
SF 80
426514
258320
SF 81
426515
258321
Alderan Resources Limited
Shareholder information
30 June 2024
61
WC 1
437525
264251
WC 2
437526
264252
WC 3
437527
264253
WC 4
437528
264254
WC 5
437529
264255
WC 6
437530
264256
WC 7
437531
264257
WC 8
437532
264258
WC 9
437533
264259
WC 10
437534
264260
WC 11
437535
264261
WC 12
437536
264262
WC 13
437537
264263
WC 14
437538
264264
WC 15
437539
264265
WC 16
437540
264266
WC 17
437541
264267
WC 18
437542
264268
WC 19
437543
264269
WC 20
437544
264270
WC 21
437545
264271
WC 22
437546
264272
WC 23
437547
264273
WC 24
437548
264274
WC 25
437549
264275
WC 26
437550
264276
WC 27
437551
264277
WC 28
437552
264278
WC 29
437553
264279
WC 30
437554
264280
WC 31
437555
264281
WC 32
437556
264282
WC 33
437557
264283
WC 34
437558
264284
WC 35
437559
264285
WC 36
437560
264286
WC 37
437561
264287
WC 38
437562
264288
WC 39
437563
264289
WC 40
437564
264290
WC 41
437565
264291
WC 42
437566
264292
WC 43
437567
264293
WC 44
437568
264294
WC 45
437569
264295
WC 46
437570
264296
WC 47
437571
264297
WC 48
437572
264298
WC 49
437573
264299
WC 50
437574
264300
WC 51
437575
264301
WC 52
437576
264302
WC 53
437577
264303
WC 54
437578
264304
WC 55
437579
264305
WC 56
437580
264306
WC 57
437581
264307
WC 58
437582
264308
Alderan Resources Limited
Shareholder information
30 June 2024
62
White Mountain Group - - Valyrian Resources Corp
Claim Name
Serial No.
Beaver Co. Document No.
WM 1
UMC 442729
267521
WM 2
UMC 442730
267522
WM 3
UMC 442731
267523
WM 4
UMC 442732
267524
WM 5
UMC 442733
267525
WM 6
UMC 442734
267526
WM 7
UMC 442735
267527
WM 8
UMC 442736
267528
WM 9
UMC 442737
267529
WM 10
UMC 442738
267530
WM 11
UMC 442739
267531
WM 12
UMC 442740
267532
WM 13
UMC 442741
267533
WM 14
UMC 442742
267534
WM 15
UMC 442743
267535
WM 16
UMC 442744
267536
WM 17
UMC 442745
267537
WM 18
UMC 442746
267538
WM 19
UMC 442747
267539
WM 20
UMC 442748
267540
WM 21
UMC 442749
267541
WM 22
UMC 442750
267542
WM 23
UMC 443915
267930
WM 24
UMC 443916
267931
WM 25
UMC 443917
267932
WM 26
UMC 443918
267933
WM 27
UMC 443919
267934
WM 28
UMC 443920
267935
WM 29
UMC 443921
267936
WM 30
UMC 443922
267937
WM 31
UMC 443923
267938
WM 32
UMC 443924
267939
WM 33
UMC 443925
267940
WM 34
UMC 443926
267941
WM 35
UMC 443927
267942
WM 36
UMC 443928
267943
WM 37
UMC 443929
267944
WM 38
UMC 443930
267945
WM 39
UMC 443931
267946
WM 40
UMC 443932
267947
WM 41
UMC 443933
267948
WM 42
UMC 443934
267949
WM 43
UMC 443935
267950
WM 44
UMC 443936
267951
WM 45
UMC 443937
267952
WM 46
UMC 443938
267953
WM 47
UMC 443939
267954
WM 48
UMC 443940
267955
WM 49
UMC 443941
267956
WM 50
UMC 443942
267957
WM 51
UMC 443943
267958
WM 52
UMC 443944
267959
WM 53
UMC 443945
267960
WM 54
UMC 443946
267961
WM 55
UMC 443947
267962
Alderan Resources Limited
Shareholder information
30 June 2024
63
WM 56
UMC 443948
267963
WM 57
UMC 443949
267964
WM 58
UMC 443950
267965
WM 59
UMC 443951
267966
WM 60
UMC 443952
267967
WM 61
UMC 443953
267968
WM 62
UMC 443954
267969
WM 63
UMC 443955
267970
WM 64
UMC 443956
267971
WM 65
UMC 443957
267972
WM 66
UMC 443958
267973
WM 67
UMC 443959
267974
WM 68
UMC 443960
267975
WM 69
UMC 443961
267976
WM 70
UMC 443962
267977
WM 71
UMC 443963
267978
WM 72
UMC 443964
267979
WM 73
UMC 443965
267980
WM 74
UMC 443966
267981
WM 75
UMC 443967
267982
WM 76
UMC 443968
267983
WM 77
UMC 443969
267984
WM 78
UMC 443970
267985
WM 79
UMC 443971
267986
WM 80
UMC 443972
267987
WM 81
UMC 443973
267988
WM 82
UMC 443974
267989
WM 83
UMC 443975
267990
WM 84
UMC 443976
267991
WM 85
UMC 443977
267992
WM 86
UMC 443978
267993
WM 87
UMC 443979
267994
WM 88
UMC 443980
267995
WM 89
UMC 443981
267996
WM 90
UMC 443982
267997
WM 91
UMC 443983
267998
WM 92
UMC 443984
267999
WM 93
UMC 443985
276800
WM 94
UMC 443986
276801
WM 95
UMC 443987
276802
Utah State Lease for Metalliferous Minerals (ML54260 OBA)
Lessee
Effective
Date
Term
Rent
Premises
Acres
Valyrian
Resources
Corp.
16 June
2022
10
USD$1
per
acre
N1/2 Section 7, T15S,
R10W
310.00 MOL
Utah State Lease for Metalliferous Minerals (ML54609 OBA)
Lessee
Effective
Date
Term
Rent
Premises
Acres
Valyrian
Resources
Corp.
10 March
2021
10
USD$1
per
acre
per
year
Section 32: T14S,
R10W,
640.00
Alderan Resources Limited
Shareholder information
30 June 2024
64
Brazil tenements from the Parabolic Lithium Pty Ltd acquisition
Project Name
Exploration Licence
Area (Ha)
Status
Legal Owner
Curral de Dentro
831448/2023
1936.95
Granted
Mars Mines Brasil
LTDA
831451/2023
1982.02
Granted
Mars Mines Brasil
LTDA
831456/2023
1981.07
Granted
Mars Mines Brasil
LTDA
831457/2023
1982.63
Granted
Mars Mines Brasil
LTDA
831460/2023
1986.01
Granted
Mars Mines Brasil
LTDA
Minas Novas
831452/2023
1985.29
Granted
Mars Mines Brasil
LTDA
831458/2023
1980.14
Granted
Mars Mines Brasil
LTDA
831462/2023
1982.99
Granted
Mars Mines Brasil
LTDA
831468/2023
1986.11
Granted
Mars Mines Brasil
LTDA
831469/2023
1973.84
Granted
Mars Mines Brasil
LTDA
Carai
831441/2023
1985.50
Granted
Mars Mines Brasil
LTDA
831442/2023
1974.67
Granted
Mars Mines Brasil
LTDA
831445/2023
1983.20
Granted
Mars Mines Brasil
LTDA
Catuji
831465/2023
1972.36
Granted
Mars Mines Brasil
LTDA
831471/2023
1987.25
Granted
Mars Mines Brasil
LTDA
Itaipe
831436/2023
1975.88
Granted
Mars Mines Brasil
LTDA
831437/2023
1971.56
Granted
Mars Mines Brasil
LTDA
831438/2023
1771.41
Granted
Mars Mines Brasil
LTDA
831439/2023
1978.40
Granted
Mars Mines Brasil
LTDA
831440/2023
1986.62
Granted
Mars Mines Brasil
LTDA
Itambacuri
831475/2023
1962.88
Granted
Mars Mines Brasil
LTDA
Governador
Valadares
831472/2023
1981.01
Granted
Mars Mines Brasil
LTDA
831473/2023
1982.70
Granted
Mars Mines Brasil
LTDA
831474/2023
1872.56
Granted
Mars Mines Brasil
LTDA
TOTAL
47,163.05
(472km2)
Alderan Resources Limited
Shareholder information
30 June 2024
65
Project Name
Exploration Licence
Area (Ha)
Status
Legal Owner
Salitre Project
871753/2022
871754/2022
871755/2022
871756/2022
572267/2021
1324.24
1164.10
1695.40
509.95
1958.72
Permit
Permit
Permit
Permit
Permit
Mars Mines Brasil
LTDA
Mars Mines Brasil
LTDA
Mars Mines Brasil
LTDA
Mars Mines Brasil
LTDA
Fertfos Mineracao e
Fertilizantes Ltda