ALDORO RESOURCES LIMITED
ABN 31 622 990 809
ANNUAL REPORT
YEAR ENDED 30 JUNE 2022
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Contents
Corporate Directory
Directors' Report
Auditor’s Independence Declaration
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Directors' Declaration
Independent Auditor’s Report
Corporate Governance Statement
ASX Additional Information
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Non-Executive Chairman (resigned 11 March 2022)
Non-Executive Director
Non-Executive Director
Technical Director (appointed 11 March 2022)
Corporate Directory
Board of Directors
Joshua Letcher
Lincoln Ho
Troy Flannery
Mark Mitchell
Company Secretary
Ms Sarah Smith
Registered Office
Suite 11, 12 Level 2
23 Railway Road
Subiaco WA 6008
Telephone: 08 6559 1792
Website: www.aldororesources.com
Stock Exchange Listing
Listed on the Australian Securities Exchange (ASX Code: ARN)
Auditors
RSM Australia Partners
Level 32, Exchange Tower
2 The Esplanade
Perth WA 6000
Solicitors
Steinepreis Paganin
16 Milligan Street
Perth WA 6000
Bankers
Westpac Banking Corporation
Level 4, Brookfield Place, Tower Two
123 St Georges Terrace
Perth WA 6000
Share Registry
Automic Share Registry
Level 5, 191 St Georges Terrace
Perth WA 6000
Telephone: 1300 288 664
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Directors’ Report
The Directors of Aldoro Resources Limited (“Aldoro” or “the Company”) present their report, together with the
financial statements of the Group consisting of Aldoro Resources Limited and its controlled entities for the financial
year ended 30 June 2022.
DIRECTORS
The names and particulars of the Company’s directors in office during the financial year and at the date of this report
are as follows. Directors held office for this entire period unless otherwise stated.
Mr Joshua Letcher | Non-Executive Chairman
(Appointed 26 November 2020, resigned 11 March 2022)
Joshua Letcher has a mechanical engineering background through the Royal Australian Navy and has many years’
experience in mining and exploration through Australia and Africa.
Joshua Letcher has experience working in various operational and technical roles within the African and Australian
mining industry. He was the founder of Allotropes Diamonds Pty Ltd and was responsible for its acquisition with
Newfield Resources Ltd (ASX: NWF) which provided the company with A$4m working capital. Mr Letcher was
responsible for the development of the project from exploration to trial mining. Mr Letcher was also a co-founder of
Mirrorplex Pty Ltd which has identified a high grade lithium asset in Zimbabwe and has been responsible for the
exploration programs, funding and acquisition with Six Sigma Resources Pty Ltd (ASX:SI6). The roles in these
capacities included project management, plant construction and commissioning, exploration management and asset
acquisition.
During the past three years, Mr Letcher held the following directorship in other ASX listed companies:
• Non-Executive Director of Six Sigma Metals Limited (current).
• Non-Executive Chairman of Aurum Resources Limited (current).
Mr Lincoln Ho | Non-Executive Director
(Appointed 26 November 2020)
Lincoln has over a decade’s experience in equities trading, with a strong focus on due diligence investigations,
mergers & acquisitions and corporate restructuring in the emerging companies sector. He also has specific investor
relations experience in both Australia and Asia, having liaised with significant high net-worth investors based in Hong
Kong, Singapore and China.
During the past three years, Mr Ho held the following directorships in other ASX listed companies:
• Non-Executive Director of Red Mountain Mining Limited (current);
• Non-Executive Director of Sultan Resources Limited (resigned 12 March 2019); and
• Non-Executive Director of Queensland Pacific Metals Limited (formerly Pure Minerals Limited) (resigned 17
May 2019).
Mr Troy Flannery | Non-Executive Director
(Appointed 26 November 2020)
Mr Flannery has more than 23 years’ experience in the mining industry, including 7 years in corporate and 16 years in
senior mining engineering & project development roles. He has a degree in Mining Engineering, Masters in Finance &
First Class Mine Managers Certificate of Competency. Troy is also the CEO of Abra Mining Pty Ltd, the corporate
vehicle for the Galena Mining Ltd (ASX:G1A) & Toho Zinc Joint Venture. He has worked at numerous mining
companies, mining consultancies & contractors including BHP, Newcrest, Xstrata, St Barbara Mines & AMC
Consultants.
During the past three years, Mr Flannery has not held a directorship in any other ASX listed company.
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Mr Mark Mitchell | Technical Director
(Appointed 11 March 2022)
Mark has been a geologist for over 35 years in exploration in diamonds, rare metals, lithium and base metals in
Australia and international jurisdictions. Mark worked for De Beers Australia exploration for 24 years rising to the
position of exploration manager until its closure in 2009. He then became exploration manager for Kinloch Resources
with a portfolio of rare earth, lithium, gold, nickel and copper projects in Australia and Southern Africa. Mark has
significant experience ranging from targeting through to resource evaluation and has been successful in the discovery
of several ore deposits in Australia. He has acted in the capacity of company liaison representative on various research
projects with AMIRA, CET, GRC as well as a brief period on the CME Exploration committee. He has geological
membership with the Geological Society of Australia and Australian Institute of Geoscientists and is a Registered
Professional Geoscientist.
COMPANY SECRETARY
Ms Sarah Smith | Company Secretary
Ms Smith is a Chartered Accountant and has acted as the Company Secretary of a number of ASX listed companies.
Sarah has over 9 years’ experience in the provision of company secretarial and financial management services for ASX
listed companies, capital raisings and IPOs, due diligence reviews and ASX and ASIC compliance.
INTERESTS IN SHARES AND OPTIONS OF THE COMPANY
The following table sets out each current Director’s relevant interest in shares and options of the Company as at the
date of this report.
Director
Mr Lincoln Ho
Mr Troy Flannery
Mr Mark Mitchell
Total
Ordinary Shares
Unlisted Options
Listed Options
237,000 (i)
300,000 (ii)
-
537,000
-
-
-
-
1,025,000
1,050,000
-
2,075,000
(i) Participation in the August 2021 Placement as approved by shareholders on 30 November 2021, Mr Ho
increased his holdings by 50,000 ordinary shares. On 23 March 2022, Mr Ho acquired another 37,000
ordinary shares by market trade.
(ii) Participation in the August 2021 Placement as approved by shareholders on 30 November 2021, Mr Flannery
increased his holdings by 100,000 ordinary shares.
On 22 July 2022, 100,000 and 50,000 Placement Shares were issued to Directors, Troy Flannery and Lincoln Ho
respectively, together with 50,000 and 25,000 free-attaching options, exercisable at $0.30, expiring on 31 August 2023
for the Directors’ participation in the April 2022 Placement after shareholder approval was obtained on 19 July 2022.
PRINCIPAL ACTIVITIES
Aldoro Resources Limited is a mineral exploration and development company. Aldoro has a collection of gold and
nickel focused advanced exploration projects all located in Western Australia.
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REVIEW AND RESULTS OF OPERATIONS
Overview
Aldoro Resources Ltd is an ASX-listed (ASX:ARN) mineral exploration and development company. Aldoro has a trio of
nickel, rubidium and lithium focused advanced exploration projects all located in Western Australia. The Company’s
flagship project is Niobe, a rubidium -lithium project in the Dalgaranga Greenstone Belt, known for numerous
pegmatitic bodies, some which have been mined for tantalum, but under explored in critical metals. Wyemandoo is
Niobe’s complementary project in the Windimurra Igneous Complex which contains numerous pegmatitic dyke
swarms, many enriched in rubidium and lithium, but also has potential for nickel and copper. The third project is in
the Narndee Igneous Complex which is highly prospective for Ni- Cu-PGE mineralisation with drilling intersecting
mineralisation confirming the fertility of the ultramafic layered complex with further work required to locate potential
areas of thicker mineralisation.
Figure 1. Aldoro’s tenement portfolio and associated project areas.
REVIEW OF OPERATIONS
Niobe
The Niobe Rubidium-Lithium Project (Figure 2) lies 70 kilometres northwest of Mount Magnet in the Murchison
province of Western Australia. The Project was a initially a tantalum-lithium exploration project based on a pegmatite
dyke swarm hosted by a metagabbro sill. High-grade tantalum ore had been mined in the past from a small open pit,
and there are shallow high-grade drill intersections that have not yet been mined. Anomalous lithium values were
detected in the 1980s, but the lithium potential of the area has been largely ignored since then. The project area lies
within the Archean Dalgaranga Greenstone Belt. The Niobe P59/2137 licence area contains numerous pegmatite
dykes, some of which contain shallow, high-grade tantalum mineralisation. High-grade tantalum ore immediately
outside the historical open pit remains open and untested by deep drilling. There are also local areas of significant
lithium enrichment. A swarm of pegmatite dykes occurs in the upper part of the gabbro sill in a zone about 700
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metres wide. One of these pegmatites was mined for beryl by prospectors in the 1960s, then was later the site of a
small, very high grade, opencut tantalum mine (ASX announcement 7 July 2021).
Figure 2. Niobe local geology displaying the distribution of pegmatite dykes (red) within the project area. Upper right a sample of botryoidal
zinnwaldite and lower right beryl megacrysts in quartz
There has been no systematic exploration for lithium. Lithium minerals that have been recorded at Niobe include
lepidolite, zinnwaldite, and pink elbaite (Jacobson et al, 2007). While there are approximately 300 historical drill holes
at Niobe only 13% of these (40 holes) were analysed for lithium, and these are all clustered in a small area. The best
historical results were 1.27% lithium oxide (Li2O) in hole MTF33, 0.69% Li2O in MTF10, 0.52% Li2O in MTF16, and 0.52%
Li2O in MTF28. There is also a single sample from a costean showing 2.13% Li2O (WAMEX report A17270 - ASX
announcement 7 July 2021 ).
The Company defined an initial Exploration Target of approximately 33,000 -150,000 tonnes at grades ranging 696-
1457ppm Rubidium Oxide (Rb2O) over an area bound by 80m by 65m of detailed drilling (ASX announcement 27
August 2021) (Figure 3). The area represents less than half the mapped section of the Niobe pegmatite (Pegmatite
No.1). The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is, an
approximation. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further
exploration will result in the estimation of a Mineral Resource.
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Figure 3. Location Map showing the location of the Exploration Target, mapped pegmatites, and drilling areas Niobe Main, Niobe East, Breakaway
and Niobe Southeast. Also shown are the few rock samples with Rb analyses available
In September, a site visit was conducted at Niobe to collect 46 rock chip samples from three localities, (Figure 4).
Niobe East, Niobe Southeast and Breakaway pegmatites. Portable XRF analysis confirmed Rubidium and Lithium
prospectivity beyond Niobe Main Pit (ASX announcement 21 September 2021) which were later confirmed by
laboratory geochemistry (ASX 24 announcement November 2021). The average Rubidium (Rb) value was 1,892ppm
with a range of 34.7 to 9,307ppm, while the average lithium (Li) value was 0.0725% with a range of 0.005 to 0.40%.
Caesium (Cs) averaged at 200ppm with a range of 3.1 to 1,934ppm. At Niobe East, anomalous Rb and Li values extend
over 400m in strike length, providing justification to the proposed drilling program into this multilayered pegmatite
section. At the Breakaway pegmatites, to the west, anomalous Rb and Li extend up to a strike length of 100m, while
at Niobe Southeast, the few samples collected had Rb values up to 0.2%.
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Figure 4. Thematic map showing the Lithium and Rubidium results in ppm for the outcrop rock samples collected by Aldoro (46) and Meridian 120(6)
(previous licence holder) over the historical rock chip sampling by Pancontinental (1984-1986).
In early 2022, Aldoro completed a total of sixty-five RC holes into the Niobe Main, Niobe East, Breakaway and
Southeast dykes and sills, with a majority of holes intersecting pegmatite. Locations are shown on Figures 5-7 and
cross-sections through Breakaway and Niobe East are shown in Figures 8 and 9.
Figure 5: Drill site locations around the Main and East Pegmatites
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Figure 6: Drill site locations at the Breakaway pegmatites.
Figure 7: Drill site locations around the South East Pegmatites.
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Figure 8. Cross-section at 526830m east through Breakaway, MGA94 grid, showing phase 1 holes NBRC047, NBRC046 and NBRC055 and historical
holes (DAC) from down hole logging, visual results.
Figure 9. Cross-section at 526380m east Number 2 pegmatite (East), MGA94 grid, showing NBRC010 and NBRC011 visual results and includes
historical drilling (DAC and FRC)
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The results of the drilling at Niobe continued to be encouraging with intersections of pegmatites confirming historical
drilling. Pegmatite intersections have continued to be as thick or thicker at locations where predicted. Abundant
levels of mica have been intersected and reported in geological logs, further encouraging the ongoing investigations of
the Niobe Dyke system.
Results from the wet chemistry of the sixty-three holes that intersected pegmatites (ASX release 21 July 2022),
included:
• NBRC027: 4m at 0.24%Li2O, 1,527ppm Rb, 12ppm Ta and 1,565ppm Cs from 36m
• NBRC010: 17m at 0.13%Li2O, 1,717ppm Rb, 43ppm Ta and 177ppm Cs from 1m
• NBRC024: 4m at 0.11%Li2O, 2,538ppm Rb, 54ppm Ta and 430ppm Cs from 25m
• NBRC011: 14m at 0.11%Li2O, 1,741ppm Rb, 69ppm Ta and 272ppm Cs from 11m
• NBRC013: 9m at 0.11%Li2O, 2,356ppm Rb, 102ppm Ta and 222ppm Cs from 17m
Best individual assays were 1.81%Li2O in NBRC052 at 31-32m, 7,624ppm Rb in NBRC046 at 42-43m, 1,565ppm Cs in
NBRC027 at 36-40m and 732ppm Ta NBRC053 at 61-62m.
These results from Aldoro’s initial phase of drilling at Niobe continued to encourage, with analytical results supporting
the mineralisation present in the shallow intersected pegmatites. A 300kg metallurgical sample of mineralised drill
chips have been dispatched to Professor Zhiguo He at the Central South University of China to fully understand the
processing and beneficiation methodology for the Niobe ore (ASX announcement on 2 May 2022).
Following receipt of the maiden Niobe drilling assays, Aldoro is now in the process of completing an assessment of the
high-level resource potential of the contained Lithium and Rubidium within the completed drilling envelope at Niobe.
Additional down dip and extension drilling commenced in mid-July 2022 to increase the potential resource size and
build a resource model. The program is anticipated to further build the rare metal resource that has been delineated
at Niobe via the phase 1 drilling program. The shallow nature of the mineralisation allows for the consideration of
open pit exploitation. In addition, planning is underway towards progressing the development of the pegmatites with
heritage and environmental studies to be conducted with the aim of converting the current prospecting license to a
mining license
Wyemandoo
The Wyemandoo critical metal pegmatite project (Figure 10) comprises four exploration licences (E57/1017, E58/571,
E58/555 and E59/2431) that overlie part of the Windimurra Igneous Complex (WIC), a sheared, layered ultra-
mafic/mafic intrusion that has been cross cut by an extensive swarm of pegmatite dykes. Based on the sampling to
date many of the pegmatites can be classified as L-C-T (lithium-caesium-tantalum) pegmatites, a sub-set of granitic
pegmatites associated with the Bald Rock Supersuite. Other strategic rare elements occur in these pegmatites, such as
Rubidium (Rb), Niobium (Nb), Tantalum (Ta) and Caesium (Cs). Initial sampling results from historical rock chip
samples returned rock-chip results ranging up to 0.81-2.6% lithium oxide, 5610 ppm tantalum oxide and 0.80%
rubidium oxide (ASX announcements 07 July 2021; 28 September 2021).
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Figure 10: Wyemandoo licences on geology map
Aldoro’s exploration strategy has involved discriminating the numerous pegmatite-like feature, conducting a
systematic rock chip sampling exercise and using analytical results to define pegmatites anomalous in lithium and
rubidium for investigation by drilling.
Satellite imagery was acquired over the licence and features that may represent dykes and plugs were delineated with
over 1,000 such high albedo anomalies identified. The features display a range of orientations and morphologies, but
general NE and antithetic NW oriented strikes were noted. These features generally were identified in the dominate
metagabbros that form the southeastern margin of the Windimurra Complex. The area is dominated by geomorphic
domes ringed by broad sheet wash or braided anastomosing drainage channels. The dyke-like features are preserved
on the domes being more resistive to erosion, although they probably extend in the alluvium.
For the purposes of segregating the pegmatites clusters the domes have been adopted with some 79 separate domes
identified across the corridor containing the intrusive-like features. A priority rating system for each of the Domes was
based on the proximity to the parental granites with the highest rating (P1) along the sampled lepidolite pegmatites, a
band in the central fairway, the P2 domes lie to west of the P1 domes and further away from the granites where
fractionation within the pegmatites may increase. The P3 domes surround the P2 and P1 domes and P4 is assigned to
those domes surrounding the P3 domes on the outer reaches of the corridor.
A rock chip sampling commenced in the higher rated domes (P1) with lepidolite bearing pegmatites with a strategy to
be collect channel samples across the width of the dyke/sill at intervals of 30-40m along strike for analytical analysis.
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The pXRF gun was used to help discriminate the of higher interest using Rb which should, by proxy, contain higher Li
values (as Li is not available on pXRF machines). Rock chip samples consist of twin samples (analytical and
representative) in the order of 2-3kg each for each sample location (GPS), description (including strike, width, dip,
extent), pXRF reading and photograph taken. Sample planning is shown on Figure 10 with the dispersion falls within
the pegmatite corridor (Fairway). The corridor is based on geological constraints.
Figure 11. Geomorphic Domes and distribution of possible pegmatite across the interpreted pegmatite corridor.
Wet chemistry results for eighty-eight rock chip samples were received at Wyemandoo (ASX: announcement 28 April
2022). The results exceeded expectations, showing very high rubidium grades and anomalous lithium grades. Grades
averaged 0.38% Rb, with a peak value of 1.82% Rb.
Rock chip sampling highlighted two priority Domes (1 & 2) for further investigation by RC drilling. At Dome 1 two loop
structures (North and South) were interpreted as a flat lying sill passing through the two adjacent hills. Rock chip
sampling around these produced anomalous lithium (up to 2.06% Li2O) and Rubidium (up to 1.7%). A nearby dyke also
reported 2.6% Li2O from previous sampling. At Dome 2, pegmatites rock samples reported Li2O up to 2.32% and
rubidium up to 1.24% with both flat lying sills and dykes interpretated across the NE trending dyke swarm.
As announced (ASX 4th May 2022) drilling commence in May and by the end of this reporting period a total of 26 RC
holes have been drilled totalling 3,286m and ranging from 82 to 202m in depth (ASX:23 June 2007). The majority of
the holes have intersected pegmatites of various intervals from <1m to 6m with pegmatite-country rock zones up to
19m. The programme has been dictated by the pegmatite intersections where many have been interpretated as flat
lying sills or moderately steeply dipping dykes orientated to the northwest.
Drilling concentrated in two areas, Dome 1 containing the two loop structures (Northern Loop and Southern Loop)
and Dome 2 (approximately 5km southwest). The Dome 1 drilling found that the two loop structures were a
continuation of a sill, up to 6m thick, which intruded what is now two adjacent hills surrounded by steeply inclined
dykes dipping to the northwest and were possibly feeders to the local sills. At Dome 2 similar settings for the
pegmatites were also noted with possible thicker sills interpretated (ASX release 9th August 2022).
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DOME 1
Figure 12 Dome 1 drill locations at the Northern and Southern Loops
Figure 13 Dome 2 drill locations at the Central and Southwest targets
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Figure 14 Spatial relationship between Domes and drill sites
Narndee Nickel Project
At Narndee the initial drillhole into the VC1 target intersected massive nickel-copper sulphides with 22 diamond and
19 RC holes drilled at Narndee over targets VC01, VC11, East1, and VC3. Over the past year a VTEM max survey was
flown complementing the western, northern and south margins of the original VTEM survey. Moving and Fixed Loop
surveys (MLTEM, FLTEM) were conducted over anomalies identified in the original VTEM max survey flown through
the central portion of the project. Down hole EM, (DHEM), was conducted in selected diamond holes at anomaly
VC01.
In July (ASX announcement 30 July 2021), the VC1 target produced its first core from diamond drill hole NDD0001.
The drill hole intersected significant zones of massive to semi-massive, blebby, and veined nickel-copper sulphides.
This was a considered an encouraging outcome, given it was the first hole drilled by Aldoro on the Project, and the
first hole drilled in the Narndee Igneous Complex (NIC) area in nearly a decade.
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Figure 15. Geological map of NIC, showing the location of the high priority drill targets and the two MLTEM
targets
An additional seven diamond drill holes were completed on the VC1 target. The first four holes (NDD0001-NDD0004),
recovering NQ core exhibiting intervals with massive and near-massive sulphide zones (ASX announcements 30 July
2021; 05 August 2021; 09 August 2021 and 18 August 2021). The massive sulphide zones intersected include 1.7m in
width in NDD0001, 3.6m in width in NDD00002, 1.9m in width in NDD00003 and 0.9m in width in NDD0004. Hole
NDD0002 intersected 0.5m of semi-massive sulphides and 6.9m of veined, blebby, breccia sulphide, whilst hole
NDD0004 intersected broad zones of disseminated sulphides totalling 124.9m. Sulphide mineralisation remained
open in all directions outside of the current 240m of drill-tested plunge extent.
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At VC01, seventh diamond hole NDD0008 (ASX announcement 22 September 2021) intercepted 2.95m of massive to
semi-massive sulphides and 35.95m of disseminated magmatic sulphides. As seven diamond holes returned significant
zones of magmatic sulphides it confirmed the Company's initial interpretation of the highly prospective nature of the
VC1 target and reinforced the validity of the earlier VTEM and FLTEM (ASX announcement 13 April 2021) geophysical
interpretations. The announcement also noted the completion of the first diamond drill test hole (NDD0005) over the
VC3 target, to 654.9m, over which some disseminated and blebby magmatic sulphides were visually confirmed below
380m.
Five holes at the VC1 target were successfully DHTEM surveyed (NDD0001, NDD0002, NDD0003, NDD0004, NDD0006)
and historical hole MNRC0002 (ASX announcement 23 August 2021). The results were very encouraging, with at least
two strong off-hole target areas identified for immediate follow-up drill testing. The two strong off-hole target areas
are located west and north of NDD0002 and west and north of NDD0004.
Six additional diamond holes and eight RC holes were completed at VC1 to the end of 2021. Assay results were
returned for NDD0003, NDD0004, NDD0008, NDD0015, NDD0016 at VC1, and NDD0005 at VC3. Assays returned peak
values of 1.74% Ni in NDD0016, and 0.89% Cu in NDD0006 (interval averages were lower), while NDD0005 ended in
31.3% MgO and 0.22% Ni at 654.9m at the VC3 target. Table 1 summarises all drilling results reported at Narndee.
Table 1. Summary details of all drilling by Aldoro reported in ASX announcements (4/1/22, 13/12/21,8/11/21, 18/10/21). NDC is an RC hole and
NDD is a diamond hole.
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Hole_IDEastingNorthingElevationDipAzmEOH(m)Cu_%From_mTo_mNi_%From_mTo_mCo_%From_mTo_mAnomaly NDC00016097406804620446.6-70270130VC1NDC00026097806804620447.3-70270142VC1NDC00036098206804620447.3-70270148VC1NDC00046098606804620447.7-70270160VC1NDC00056098406804700448.5-70270172VC1NDC00066098806804700448.5-702701820.111281320.264044VC1NDC00076098106804780449.6-702701720.081601640.27120124VC1NDC00086098906804780449.6-702702440.011791800.28179180VC1NDC00096098306804860451.0-702701660.061481520.304044VC1NDC00106098706804860451.1-702701570.0492960.296468VC1NDC00116099106804860451.2-702701760.041041080.27148152VC1NDC00126099506804860452.1-702701560.0344480.288084VC1NDC00136098606804940452.8-702701360.0416200.277276VC1NDC00146099006804940452.8-702701420.0540440.276872VC1NDC00156099406804940452.9-702701520.0348520.28116120VC1NDC00166099806804940453.0-702701330.0384880.27112116VC1NDC00176099606804940453.0-90082Water BoreNDC00186151406798400453.0-90082Water BoreNDD00016098806804820450.4-70270273.60.15212.75214.40.93212.75214.40.07212.75214.4VC1NDD00026098506804740448.9-70270231.30.46146.4150.20.78146.4150.20.06146.4150.2VC1NDD00036098266804660448.0-70270159.30.21111.55113.61.00111.55113.60.06111.55113.6VC1NDD00046099206804900452.0-70270312.90.07192272.90.26192272.90.02192272.9VC10.36271.9272.91.35271.9272.90.09271.9272.9VC1NDD00056118106806700456.0-7027060.053893960.223893960.01389396VC3NDD00066099606804980453.3-65270399.90.06246301.60.19246301.60.01246301.6VC10.04301.22301.61.11301.22301.60.07301.22301.6VC1NDD00076098506804780449.6-70270252.80.39179.95180.50.78179.95180.50.05179.95180.5VC1NDD00086098266804660448.0-55270156.60.40106.3109.20.92106.3109.20.06106.3109.2VC1NDD00096098266804660448.0-80270231.90.55109.45109.90.87109.45109.90.06109.45109.9VC1NDD00106133816810960456.1-6090225.80.07149149.80.21149149.8VC11NDD00116133056810880456.0-6090291.70.022152160.21215216VC11NDD00126144656803260435.0-7090354.8East1NDD00136099206804900452.0-62.5270373.50.51269.5277.360.53269.5277.360.03269.5277.36VC1NDD00146099226804900452.0-77.5270333.90.53277.14281.41.22277.14281.40.08277.14281.4VC1NDD00156098786804820450.4-62.5270282.80.16214.52150.84214.52150.08214.5215VC10.19217.25218.90.53217.25218.90.04217.25218.9VC1NDD00166098826804820450.4-77.5270265.20.24211.2212.80.56211.2212.80.03211.2212.8VC1NDD00176099756805060454.2-65270351.1VC1NDD00186097956804660448.0-55270156VC1NDD00196098476804740448.9-62.5270204.60.29150.1151.60.76150.1151.60.06150.1151.6VC1NDD00206098536804740448.9-77.5270201.4VC1NDD00216133806810920455.7-6090201.61.50141.8142.20.27150.3150.85VC11NDD00226099226804900451.9-8090368.90.132672680.30110111VC1includingincludingincluding
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Figure 16. Plan projection showing completed and planned drillhole pierce points of the VC1 target and an evolving interpretation of the magmatic
sulphide footprint. Note, NDP means a planned pierce point.
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Figure 17. VC1 Cross-section of NDD0009 at 6804660m North (MGA50)
Figure 18. VC1 Cross-section of NDD0019 at 6804740m north (MGA50).
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Three additional EM targets, VC3, VC11 and East1, were modelled in 3D producing coherent conductors that were
recommended for drilling (ASX announcement 28 July 2021).
Figure 19: Location of VC3, VC11 and East 1 anomalies and drill holes on VTEMmax original survey CH48 image.
VC3 Target
The MLTEM conductor at VC3 is interpreted to have an areal size of approximately 300m by 600m, to be striking in a
north-west southeast direction, with a conductance of approximately 1000-1500S. The top of the conductor is
interpreted to lie at a depth of 400m below the surface, and the conductor body exhibits a shallow SE dip/plunge of
approximately 10-20 degrees. The target appears to be located on a basal contact of an olivine bearing pyroxenite,
with a footwall sequence of metamorphosed felsic volcanics and granitic rocks. This is setting is considered to be a
favourable location for the development of magmatic nickel-copper sulphides. Diamond hole NDD0005, targeting VC3,
ended in highly prospective, variably mineralised ultramafic rocks at 654.9m. Results included 7m at 0.22% Ni,
0.06%Cu and 0.09%Co from 271.9m
EAST1 Target
A MLTEM survey resolved a discrete, relatively strong bedrock conductor of at least 500m x 200m in areal size with a
depth to the top of 225-275m below surface. The conductance model ranges 6000-9000S, with modelling suggesting
it could be higher. The body dips at approximately 5-150 to the west, striking north-south. A single hold NDD0012 was
drilling into the target
VC11 Target
This anomaly displays a clear, moderate-strength, localised bedrock conductor of sufficient detail and quality to
provide a robust drill target. The VC11 target is interpreted to have an east-southeast strike extent of 60m – 70m, a
plunge extent of 250m at -52 degrees towards the south-southwest. It has a modelled conductance of 500-800S. The
source appears relatively shallow at ~50-75m to top and is also consistent with the VTEM anomalism position.
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Three holes were drilled the anomaly NDD0010, NDD0011 and NDD0021.
• NDD0010 intersected a thick package of variably mineralised high MgO ultramafics to 139.6m downhole. A
zone of disseminated, semi-massive, and breccia nickel-copper sulphide was intersected from 139.6m to
140.2m downhole. The hole then passed back into high MgO ultramafics with disseminated sulphides and
troctolites before intersecting a basal contact with metabasalt at 175.34m. The best intercept from
NDD0010 was 0.8m at 0.21% Ni and 0.07% Cu from 149m downhole.
• NDD0011 was drilled to a depth of 291.7m. The hole intersected a thick package of high MgO ultramafics to
a basal contact at 226m downhole. A disseminated and veined nickel-copper sulphide zone was intersected
from 211.5m to 226m downhole. Felsic volcanics dominate the basal sequence at NDD0011 instead of the
mafic volcanics observed in NDD0010.
• NDD0021 intersected 0.4m@1.5%Cu from 141.8m and 0.5m@0.27%Ni from 150.3m.
Although the tenor of the sulphide intercept is lower than desired at the VC11 target it did the demonstrate
prospectivity of the NIC between VC1 and VC11 remains.
2022 EM Surveys
VTEMmax
The second VTEM survey was completed, Figure 20, covering the northern, western and southern margins of the
project area. The survey screened the Kiabye Greenstone Belt (KGB) along the western margin of the NIC. The KGB is
interpreted to be a possible feeder or basal unit of the NIC. This represents a high priority exploration target for
nickel-copper sulphide deposits. While the dataset has been received, full interpretation had not been completed.
Figure 20: VTEMmax coverage, note the 2022 survey is preliminary (western, northern and southern areas)
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HPFLTEM
A large loop HPFLTEM survey covered the VC1 and VC3 but was not extended to the VC11 target areas due to
reconsideration of the suitability geophysical system. This survey aimed to detect large, highly conductive, and
possibly deeper metallic bodies that would have been difficult for the VTEM system to detect. Methodology is now
considering IP systems which will provide better modelling constraints. No data has been received from this FLTEM
survey, Figure 21.
Figure 21. Plan showing HPFLTEM loop layouts in the VC1 and VC3 areas.
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Conclusions
The moderately mineralised VC1 target appears to deepen to the north, while nickel-copper sulphides intersected at
VC11, which appear to be deepening to the south, highlight the intervening area. These observations indicate the
potential for deeper, highly conductive bodies in the area between VC1 and VC11, located on the edge of a regional
gravity high, with a coincident aeromagnetic high. These types of targets would have been difficult to detect using the
VTEM system given the limited depth penetration of the airborne system compared to a ground system. Therefore,
the Company undertook a program of large loop HPFLTEM, in the intervening areas. To the north, west and south of
the original VTEM max survey extension survey was completed with final results waited for both surveys.
Cathedrals Belt Project
During the year, the Company relinquished all tenements from the Cathedral Project through sale back to Blue Ribbon
Mines Pty Ltd (“Blue Ribbon”).
Leinster Project
During the year, the Company surrendered both Leinster tenements, E36/929 and E36/930 in order to focus on the
Murchison projects.
CORPORATE
Environmental, Social and Governance Framework Adopted
The Company announced that it has adopted an Environmental, Social and Governance (ESG) framework with 21 core
metrics and disclosures created by the World Economic Forum (WEF). The Board resolved to adopt the WEF ESG
framework and instructed management to set up an impact measurement plan for each sustainability area which
includes, but is not limited to, governance, anti-corruption practices, ethical behaviour, human rights, carbon
emissions, land use, ecological sensitivity, water consumption, diversity and inclusion, pay equality and tax payments.
To ensure that Aldoro can measure, monitor, and report on its ESG progress, the Company engaged impact
monitoring technology platform Socialsuite to streamline the outcomes measurement and facilitate ongoing ESG
reporting process. The Company’s goal is to demonstrate commitment and progress on its ESG scorecard, but more
broadly, requires progress on a range of ESG benchmarks as set out by the WEF’s ESG White Paper. Socialsuite’s ESG
reporting technology provides an easy way for investors and other stakeholders to assess the commitment and
progress of the Company on its journey to create “best in class” ESG credentials and outcomes.
Capital Raising
On 19 August 2021, Aldoro successfully completed a capital raising of $2,270,000 (before costs) through the issue of
5,675,000 new fully paid ordinary shares to professional and sophisticated investors at an issue price of $0.40 per
share (“Placement”). The proceeds of the Placement are used to expand the Company's drilling program at the
Narndee project in addition to augmenting working capital. Xcel Capital Pty Ltd (“Xcel Capital”) acted as lead manager
to the Placement and was paid a fee of 6% + GST which Xcel Capital elected to take in 360,000 shares issued at the
Placement price. Xcel Capital was also issued 1,750,000 unlisted broker options with exercise price $0.50 and expiring
on 9 September 2023. On 9 December 2021, 325,000 ordinary shares were issued to directors for their participation in
the placement after shareholders’ approval on the annual general meeting held on 30 November 2021.
On 21 April 2022, the Company conducted a placement of 9,200,000 ordinary fully paid shares (“Placement Shares”)
priced at $0.25 to raise $2,300,000 before costs (“Placement”). The proceeds of the Placement are used to progress
the maiden drill programme for the Wyemandoo Rb-Li Project, and for working capital. On the same day, Aldoro
issued 4,600,000 of free-attaching options for each Placement Share on a 1:2 basis.
Investment in Aurum Resources Limited
In May (ASX Announcement 26 May 2021), Aldoro announced its intention to divest its portfolio of gold assets that
included the Penny South Gold Project, the Ryans Find Project, and the Unaly Hill South Project through the listing on
the ASX Aurum Resources Limited (‘Aurum’). During the year, Aurum issued 5,000,000 shares in relation to the Spin
Out and initial public offering of to eligible Aldoro shareholders. Aldoro holds approximately 16.67% of Aurum
Resources Limited, valued at $625,000 as at 30 June 2022.
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Tenement Acquisitions
On 7 July 2021, the Company issued the 441,176 ordinary shares valued at $150,000 pursuant to the binding
tenement sale agreement (Agreement) with Meridian 120 Mining Pty Ltd (Meridian) for the acquisition of Meridian’s
100% interest in E57/1017 and P59/2137 located in the Mt Magnet area of Western Australia (the Tenements). In
addition, the Company paid $50,000 in cash to Meridian as part of acquisition considerations. On 29 July 2021, The
Company has announced that the conditions relating to the acquisition have been met and the acquisition has been
settled.
On 11 October 2021, the Company entered into a binding head of agreement with Trafalgar Resources Pty Ltd (ACN
612 053 166) (Trafalgar) for the acquisition of Trafalgar's 100% interest in E58/555 located in the Mt Magnet area of
Western Australia. The Company paid Trafalgar $50,000 in cash and on 6 April 2022, issued 275,000 shares at $ 0.29
per share upon the completion of transfer.
Change of Directors
On 11 March 2022, Mr Joshua Letcher resigned as Chairman of the Company effective immediately. Mr Mark Mitchell
assumed the role as the Technical Director of the Company.
Financial Performance
The financial results of the Group for the year ended 30 June 2022 and period ended 30 June 2021 are:
Cash and cash equivalents
Net Assets
Other Income
Net loss after tax
DIVIDENDS
30-June-22
$
1,880,412
10,850,053
40,762
(2,274,796)
30-June-21
$
3,899,009
7,837,016
65,616
(2,644,984)
No dividend is recommended in respect of the current financial year.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
Refer to the Principal Activities and Review of Operations on page 6.
MATTERS SUBSEQUENT TO THE REPORTING YEAR
On 8 July 2022, Aldoro issued 223,728 ordinary shares to Dr Fu in lieu of cash fees for consulting services provided
under a service contract.
On 22 July 2022, 100,000 and 50,000 Placement Shares were issued to Directors, Troy Flannery and Lincoln Ho
respectively, together with 50,000 and 25,000 free-attaching options, exercisable at $0.30, expiring on 31 August 2023
for the Directors’ participation in the April 2022 Placement after shareholder approval was obtained on 19 July 2022.
On 25 July 2022, Aldoro issued 2,000,000 unlisted options exercisable at $0.30, expiring on 9 September 2024 to
Corporate Advisor, Xcel Capital, for their services provided during the April 2022 Placement after shareholder approval
was obtained on 19 July 2022.
The impact of the Coronavirus (COVID-19) pandemic is ongoing for the Group up to 30 June 2022, it is not practicable
to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and
is dependent on measures imposed by the Australian Government and other countries, such as maintaining social
distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided.
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Other than stated above, there has been no other matter or circumstance that has arisen since the end of the financial
year that has significantly affected, or may significantly affect, the operations of the Group, the results of those
operations, or the state of affairs of the Group.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS
The Company’s strategic focus will continue to be on developing value from exploration across its tenement projects
in Western Australia; in particular the Li-Ta-Rb projects at Niobe and Windimurra. The Company will continue to
explore its projects with extensive drilling which is underway.
DIRECTORS’ MEETINGS
The number of Directors’ meetings held during the financial year and the number of meetings attended by each
Director during the time the Director held office are:
Director
Mr Joshua Letcher
Mr Lincoln Ho
Mr Troy Flannery
Mr Mark Mitchell
Number Eligible
to Attend
3
3
3
-
Number
Attended
3
3
3
-
In addition to the scheduled Board meetings, Directors regularly communicate by telephone, email or other electronic
means, and where necessary, circular resolutions are executed to effect decisions.
Due to the size and scale of the Group, there is no Remuneration and Nomination Committee or Audit Committee at
present. Matters typically dealt with by these Committees are, for the time being, managed by the Board. For details
of the function of the Board, refer to the Corporate Governance Statement.
Remuneration Report (AUDITED)
This remuneration report for the year ended 30 June 2022 outlines the remuneration arrangements of the Group in
accordance with the requirements of the Corporations Act 2001 (“the Act”) and its regulations. This information has
been audited as required by section 308(3C) of the Act.
The Remuneration Report details the remuneration arrangements for Key Management Personnel (“KMP”) who are
defined as those persons having authority and responsibility for planning, directing and controlling the major activities
of the Group, directly or indirectly, including any Director (whether executive or otherwise) of the Parent company.
a) Key Management Personnel Disclosed in this Report
Key Management Personnel of the Group during or since the end of the financial year were:
Joshua Letcher
Lincoln Ho
Troy Flannery
Mark Mitchell
Non-Executive Chairman (resigned 11 March 2022)
Non-Executive Director
Non-Executive Director
Technical Director (appointed 11 March 2022)
There have been no other changes after reporting date and up to the date that the financial report was authorised for
issue
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The Remuneration Report is set out under the following main headings:
A
B
C
D
E
F
G
H
I
J
K
Remuneration Philosophy
Remuneration Governance, Structure and Approvals
Remuneration and Performance
Details of Remuneration
Contractual Arrangements
Share-based Compensation
Equity Instruments Issued on Exercise of Remuneration Options
Voting and comments made at the Company’s 2020 Annual General Meeting
Loans with KMP
Other Transactions with KMP
Additional Information
A
Remuneration Philosophy
KMP have authority and responsibility for planning, directing and controlling the activities of the Group. KMP of the
Group comprise of the Board of Directors, and at present there are no other persons employed by the Group in an
executive capacity.
The Group’s broad remuneration policy is to ensure the remuneration package properly reflects the person’s duties
and responsibilities and that remuneration is competitive in attracting, retaining and motivating people of the highest
quality.
No remuneration consultants were employed during the financial year.
B
Remuneration Governance, Structure and Approvals
Remuneration of Directors is currently set by the Board of Directors. The Board has not established a separate
Remuneration Committee at this point in the Group’s development, nor has the Board engaged the services of an
external remuneration consultant. It is considered that the size of the Board along with the level of activity of the
Group renders this impractical. The Board is primarily responsible for:
The over-arching executive remuneration framework;
•
• Operation of the incentive plans which apply to executive directors and senior executives, including key
performance indicators and performance hurdles;
• Remuneration levels of executives; and
• Non-Executive Director fees.
Their objective is to ensure that remuneration policies and structures are fair and competitive and aligned with the
long-term interests of the Group.
❖ Non-Executive Remuneration Structure
The remuneration of Non-Executive Directors consists of Directors’ fees. The total aggregate fixed sum per annum to
be paid to Non-Executive Directors in accordance with the Group’s Constitution shall be no more than A$300,000 and
may be varied by ordinary resolution of the Shareholders in a General Meeting.
Remuneration of Non-Executive Directors is based on fees approved by the Board of Directors and is set at levels to
reflect market conditions and encourage the continued services of the Directors. The chair’s fees are determined
independently to the fees of the Non-Executive Director’s based on comparative roles in the external market. In
accordance with the Group’s Constitution, the Directors may at any time, subject to the Listing Rules, adopt any
scheme or plan which they consider to be in the interests of the Group and which is designed to provide
superannuation benefits for both present and future Non-Executive Directors, and they may from time to time vary
this scheme or plan. The remuneration of Non-Executives is detailed in Table 1 and their contractual arrangements are
disclosed in “Section E – Contractual Arrangements”.
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Remuneration may also include an invitation to participate in share-based incentive programmes in accordance with
Group policy.
The nature and amount of remuneration is collectively considered by the Board of Directors with reference to relevant
employment conditions and fees commensurate to a company of similar size and level of activity, with the overall
objective of ensuring maximum stakeholder benefit from the retention of high performing Directors.
❖ Executive Remuneration Structure
The nature and amount of remuneration of executives are assessed on a periodic basis with the overall objective of
ensuring maximum stakeholder benefit from the retention of high performance Directors.
The main objectives sought when reviewing executive remuneration is that the Group has:
• Coherent remuneration policies and practices to attract and retain Executives;
•
• Competitive remuneration offered benchmarked against the external market; and
•
Executives who will create value for shareholders;
Fair and responsible rewards to Executives having regard to the performance of the Company, the
performance of the Executives and the general pay environment.
The remuneration of Executives is detailed in Table 1 and their contractual arrangements are disclosed in “Section E –
Contractual Arrangements”.
❖ Executive Remuneration Approvals
The Group aims to reward Executives with a level of mix of remuneration commensurate with their position and
responsibilities within the company and aligned with market practice. Executive contracts are reviewed annually by
the Board, in the absence of a Remuneration Committee, for their approval. The process consists of a review of
Group’s business unit and individual performance, relevant comparative remuneration internally and externally and,
where appropriate, external advice independent of management.
Executive remuneration and incentive policies and practices must be aligned with the Group’s vision, values and
overall business objectives. Executive remuneration and incentive policies and practices must be designed to motivate
management to pursue the Group’s long-term growth and success and demonstrate a clear relationship between the
Group’s overall performance and the performance of executives.
C
Remuneration and Performance
The following table shows the gross revenue, losses, earnings per share (“EPS”) and share price of the Group as at 30
June 2022 and 30 June 2021.
Other Income ($)
Net loss after tax ($)
EPS ($)
30-Jun-22
30-Jun-21
40,762
(2,274,796)
(0.03)
65,616
(2,644,984)
(0.04)
Relationship between Remuneration and Company Performance
Given the current phase of the Group’s development, the Board does not consider earnings during the current
financial year when determining, and in relation to, the nature and amount of remuneration of KMP.
The pay and reward framework for key management personnel may consist of the following areas:
a) Fixed Remuneration – base salary
b) Variable Short-Term Incentives
c) Variable Long-Term Incentives
The combination of these would comprise the key management personnel’s total remuneration.
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a)
b)
c)
Fixed Remuneration – Base Salary
The fixed remuneration for each KMP is influenced by the nature and responsibilities of each role and
knowledge, skills and experience required for each position. Fixed remuneration provides a base level of
remuneration which is market competitive and comprises a base salary inclusive of statutory superannuation.
It is structured as a total employment cost package.
Key management personnel are offered a competitive base salary that comprises the fixed component of pay
and rewards. External remuneration consultants may provide analysis and advice to ensure base pay is set to
reflect the market for a comparable role. No external advice was taken during the financial year. Base salary for
key management personnel is reviewed annually to ensure the KMP’s pay is competitive with the market. The
pay of key management personnel is also reviewed on promotion. There is no guaranteed pay increase
included in any key management personnel’s contract.
Variable Remuneration – Short -Term Incentives (STI)
Discretionary cash bonuses may be paid to KMP annually, subject to the requisite Board and shareholder
approvals where applicable. Cash bonus payments paid to Directors during the year are detailed in Table 1
below.
Variable Remuneration – Long-Term Incentives (LTI)
Options are issued at the Board’s discretion. Unlisted and listed options issued to Directors during the year are
detailed in Table 4 below.
Other than the options disclosed in section D of the Remuneration Report, there have been no other options
issued to employees at the date of this financial report.
D
Details of Remuneration
Details of the nature and amount of each major element of the remuneration of each KMP of the Group during the
financial year are:
Table 1 – Remuneration of KMP of the Group for the year ended 30 June 2022 and 30 June 2021 are set out below:
Short-term Employee Benefits
Post-
Employment
Salary & fees
Other
Bonus
Superannuation
Total
Share
Based
Payments
Options
$
$
$
$
$
$
65,581
53,000
53,000
13,500
12,750
(iv)
-
-
-
50,000(iii)
20,000(iii)
20,000(iii)
-
6,558
5,300
5,300
1,350
185,081
12,750
90,000
18,508
-
-
-
-
-
134,889
78,300
78,300
14,850
306,339
30 June 2022
Directors
Mr Joshua
Letcher (i)
Mr Lincoln Ho
Mr Troy
Flannery
Mr Mark
Mitchell (ii)
Total
(i) Mr Joshua Letcher resigned as Non-Executive Chairman on 11 March 2022.
(ii) Appointed as Technical Director on 11 March 2022.
(iii) Cash bonuses were subsequently paid by offsetting directors participate in capital raising in August 2021
Placement.
(iv) Termination fee paid to Mr Joshua Letcher.
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Short-term Employee Benefits
Non-
monetary
benefits
$
30 June 2021
Directors
Mr Joshua Letcher (i)
Mr Lincoln Ho (ii)
Mr Troy Flannery (ii)
Dr Caedmon Marriott (iii)
Mr Rhoderick Grivas (iii)
Total
Salary &
fees
$
64,667
25,083
25,200
132,515
24,167
271,632
Post-
Employment
Superannuation
Share Based
Payments
Options
Total
Other
$
$
$
$
-
-
-
-
-
-
30,000 (iv)
-
-
-
-
30,000
6,143
2,348
2,394
12,898
2,296
26,079
199,500 (v)
120,000 (v)
120,000 (v)
110,700 (v)
56,400 (v)
606,600
300,310
147,431
147,594
256,113
82,863
934,311
(i) Mr Joshua Letcher resigned as Non-Executive Director on 25 November 2020 and appointed as Non-
Executive Chairman on 26 November 2020.
(ii) Appointed on 26 November 2020.
(iii) Resigned on 25 November 2020.
(iv) Bonus paid to Mr Joshua Letcher for additional services provided to the Company over the past 6 months in
the absence of a CEO/Managing Director.
(v) On 9 September 2020, the Company issued 5,000,000 unlisted options to Directors. 1,500,000 unlisted
options were issued to Rhoderick Grivas, 3,000,000 unlisted options were issued to Caedmon Marriott and
500,000 unlisted options were issued to Joshua Letcher, as approved by shareholders at the General
Meeting on 7 September 2020. Of the unlisted options issued, 3,000,000 unlisted options are exercisable at
$0.175 per option on or before 9 September 2023 and 2,000,000 unlisted options are exercisable at $0.234
per option on or before 9 September 2023.
On 3 May 2021, the Company issued 3,500,000 listed options deemed at an issue price of $0.12 per option
(last traded price as at 3 May 2021) to Directors. The issue was approved by shareholders at the 19 April
2021 General Meeting. The incentive options were issued to Directors to motivate and reward performance
in their roles as Directors.
The following table shows the relative proportions of remuneration that are linked to performance and those that are
fixed, based on the amounts disclosed as statutory remuneration expense in the tables above:
Table 2 – Relative proportion of fixed vs variable remuneration expense
Name
Directors
Mr Joshua Letcher
Mr Lincoln Ho
Mr Troy Flannery
Mr Mark Mitchell
Fixed Remuneration
2021
2022
At Risk – STI (%)
2022
2021
At Risk – LTI (%)
2022
2021
100%
100%
100%
100%
34%
19%
19%
-
0%
0%
0%
-
66%
81%
81%
-
-
-
-
-
-
-
-
-
30 | P a g e
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
Directors’ Report
Table 3 – Shareholdings of KMP (direct and indirect holdings)
30 June 2022
Directors
Mr Joshua Letcher
(resigned)
Mr Lincoln Ho
Mr Troy Flannery
Mr Mark Mitchell
Total
Balance at
01/07/2021
Granted as
Remuneration
On Exercise
of Options
Net Change
– Other
Net Change
– Other
Balance at
30/06/2022
100,000
100,000
100,000
-
300,000
-
-
-
-
-
-
-
-
-
-
175,000(i)
(275,000)
-
87,000(ii)
100,000(iii)
-
362,000
-
-
-
(275,000)
187,000
200,000
-
387,000
(i) Participation in the August 2021 Placement as approved by shareholders at Annual General Meeting on 30
November 2021.Mr Letcher's shareholdings on the date of his resignation was 275,000 ordinary shares.
(ii) Participation in the August 2021 Placement as approved by shareholders on 30 November 2021. Mr Ho increased
his holdings by 50,000 ordinary shares. On March 23, Mr Ho acquired 37,000 ordinary shares on market trade.
(iii) Participation in the August 2021 Placement as approved by shareholders on 30 November 2021. Mr Flannery
increased his holdings by 100,000 ordinary shares.
Table 4 – Options of KMP (direct and indirect holdings)
30 June 2022
Directors
Mr Joshua Letcher
Mr Lincoln Ho
Mr Troy Flannery
Mr Mark Mitchell
Total
Balance at
01/07/2021
Granted as
Remuneration
Expired
Net Change –
Other
Balance at
30/06/2022
Vested &
Exercisable
2,000,000
1,000,000
1,000,000
-
4,000,000
-
-
-
-
-
-
-
-
-
-
(2,000,000) (i)
-
-
-
(2,000,000)
-
1,000,000
1,000,000
-
2,000,000
-
1,000,000
1,000,000
-
2,000,000
(iv) Mr Letcher's option holdings on the date of his resignation was 2,000,000 options.
E
Contractual Arrangements
❖
❖
❖
Joshua Letcher – Non‐Executive Chairman (Resigned 11 March 2022)
-
-
Contract: Contract commenced on 26 November 2020 and terminated on 11 March 2022.
Based Salary: To 31 July 2021 - $84,000 per annum (plus statutory superannuation entitlements).
From 1 August 2022 - $96,000 (plus statutory superannuation entitlements).
Term: See Note 1 below for details pertaining to re-appointment and termination.
-
Contract: Contract commenced on 26 November 2020.
Lincoln Ho – Non‐Executive Director
-
- Director’s Fee: $42,000 per annum (plus statutory superannuation entitlements).
From 1 August 2022 - $54,000 (plus statutory superannuation entitlements).
Term: See Note 1 below for details pertaining to re-appointment and termination.
-
Troy Flannery – Non‐Executive Director
-
- Director’s Fee: To 31 July 2021 - $42,000 per annum (plus statutory superannuation entitlements).
Contract: Contract commenced on 26 November 2020.
From 1 August 2022 - $54,000 (plus statutory superannuation entitlements).
Term: See Note 1 below for details pertaining to re-appointment and termination.
-
❖ Mark Mitchell– Technical Director (Appointed on 11 March 2022)
Contract: Contract commenced on 11 March 2022.
-
- Director’s Fee: $54,000 per annum (plus statutory superannuation entitlements).
-
Term: See Note 1 below for details pertaining to re-appointment and termination.
31 | P a g e
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
Directors’ Report
Note 1: The term of each Director is open to the extent that they hold office subject to retirement by rotation, as per
the Company’s Constitution, at each AGM and are eligible for re-election as a Director at the meeting. Appointment
shall cease automatically in the event that the Director gives written notice to the Board, or the Director is not re-
elected as a Director by the shareholders of the Company. There are no entitlements to termination or notice periods.
Key management personnel have no entitlement to termination payments in the event of removal for misconduct.
F
Share-based Compensation
The Group rewards Directors for their performance and aligns their remuneration with the creation of shareholder
wealth by issuing share options. Share-based compensation is at the discretion of the Board and no individual has a
contractual right to receive any guaranteed benefits.
Options
There were no options issued to directors during the financial year.
Shares
Short and Long-term Incentives
No short or long-term incentive-based shares were issued as remuneration to Directors during the financial year.
G
Equity Instruments Issued on Exercise of Remuneration Options
No remuneration options were exercised during the financial year.
H
Voting and Comments made at the Company’s 2021 Annual General Meeting (‘AGM’)
At the 2021 AGM, 99.98% of the votes received supported the adoption of the Remuneration Report for the year
ended 30 June 2021. The Company did not receive any specific feedback at the AGM or throughout the year on its
remuneration practices.
I
Loans with KMP
There were no loans made to any KMP during the year ended 30 June 2022 (2021: Nil).
There were no loans from any KMP during the year ended 30 June 2022 (2021: Nil).
J
Other Transactions with KMP
During the year, the Group incurred geological consulting fees, payable to Renewable Holdings Pty Ltd (a company
of which Joshua Letcher is a Director), Jack Rory Pty Ltd (a company of which Troy Flannery is a Director), and
Saltus Corporate Pty Ltd (a company of which Lincoln Ho is a director). The group also incurred geological
consulting fees payable to director Mark Mitchell.
Jack Rory Pty Ltd
Renewable Holdings Pty Ltd
Saltus Corporate Pty Ltd
Mark Mitchell
2022
$
31,093
94,841
650
7,800
At 30 June 2022, $2,640 was payable to Mark Mitchell and $3,861 was payable to Jack Rory Pty Ltd.
All transactions were made on normal commercial terms and conditions and at market rates. There were no other
transactions with KMP during the year ended 30 June 2022.
32 | P a g e
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
Directors’ Report
K Additional Information
The earnings of the Group for the five years to 30 June 2022 are summarised below.
Revenue
EBITDA
EBIT
Loss after income tax
Share Price ($)
EPS ($)
2022
$
40,762
(2,240,313)
(2,274,061)
(2,274,796)
0.125
(0.03)
2021
$
65,616
(2,637,016)
(2,637,016)
(2,644,984)
0.305
(0.04)
2020
$
96,022
(1,909,662)
(1,909,662)
(1,863,640)
0.077
(0.04)
2019
$
42,751
(434,102)
(434,102)
(391,351)
0.140
(0.01)
2018
$
66
(175,530)
(175,530)
(175,464)
-
(0.22)
[End of Audited Remuneration Report]
INDEMNIFICATION AND INSURANCE OF OFFICERS AND AUDITORS
The Company has indemnified the Directors and Executives of the Company for costs incurred, in their capacity as a
Director or Executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the Company paid a premium in respect of a contract to insure the Directors and Executives
of the Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance
prohibits disclosure of the nature of the liability and the amount of the premium.
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of
the Company or any related entity against a liability incurred by the auditor.
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the
Company or any related entity.
ENVIRONMENTAL REGULATIONS
The Group is not currently subject to any specific environmental regulation. There have not been any known
significant breaches of any environmental regulations during the year under review and up until the date of this
report.
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 purposes of taking
responsibility on behalf of the Company for all or part of these proceedings.
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 has
been received and included within these financial statements.
33 | P a g e
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
Directors’ Report
SHARES UNDER OPTION
At the date of this report there were the following unissued ordinary shares for which options are outstanding:
(i) 1,900,000 unlisted options expiring 18 November 2022, exercisable at $0.225
(ii) 2,000,000 unlisted options expiring on 9 September 2023, exercisable at $0.175
(iii) 3,000,000 unlisted options expiring on 9 September 2023, exercisable at $0.234
(iv) 1,750,000 unlisted options expiring on 9 September 2023, exercisable at $0.50
(v) 2,000,000 unlisted options expiring on 9 September 2024, exercisable at $0.30
(vi) 25,532,264 listed options expiring on 31 August 2023, exercisable at $0.30
SHARE ISSUED ON THE EXERCISE OF OPTIONS
The following ordinary shares of Aldoro Resources Limited were issued during the year ended 30 June 2022 and up to
the date of this report on the exercise of options granted:
Number of shares
issued
500,000
1,800,000
21,210
100,000
Exercise price
$0.175
$0.234
$0.30
$0.225
Date options
granted
7 September 2020
7 September 2020
4 March 2021
20 November 2019
AUDITOR
RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001.
NON-AUDIT SERVICES
The Group may decide to employ the auditor on assignments additional to their statutory audit duties where the
auditor’s expertise and experience with the Group are important.
Details of the amounts paid or payable to the auditor for non-audit services provided during the year by the auditor
are outlined in Note 21 to the financial statements.
The directors are satisfied that the provision of non-audit services during the financial year, by the auditor (or by
another person or firm on the auditor’s behalf), is compatible with the general standard of independence for auditors
imposed by the Corporations Act 2001.
The Board of Directors has considered the position and is satisfied that the provision of the non-audit services is
compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The
Directors are satisfied that the provision of non-audit services by the auditors, as set out below, did not compromise
the auditor independent requirements of the Corporations Act 2001 for the following reasons:
•
all non-audit services have been reviewed by the Board of Directors to ensure they do not impact the
impartiality and objectivity of the auditor; and
• None of the services undermine the general principles relating to the auditor independence as set out in
APES 110 Code of Ethics for Professional Accountants.
34 | P a g e
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
Directors’ Report
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act
2001.
On behalf of the directors
Troy Flannery
Non-Executive Director
23 September 2022
35 | P a g e
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
F +61 (0) 8 9261 9111
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Aldoro Resources Limited for the year ended 30 June
2022, I declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
(ii)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA PARTNERS
Perth, WA
Dated: 23 September 2022
AIK KONG TING
Partner
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
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
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Financial Year Ended 30 June 2022
Revenue from continuing operations
Other income
Gain on sale of asset
Expenses
Administrative expenses
Advertising and marketing
Compliance and regulatory expenses
Consulting and legal fees
Employee benefit expenses
Impairment expense
Investor relations expense
Exploration consulting fee
Option fee
Occupancy expenses
Share-based payments expense
Other expenses
Unrealised loss from financial assets
Loss from continuing operations before income tax
Income tax expense
Loss from continuing operations after income tax
Other comprehensive income
Other comprehensive income for the year, net of income tax
Other comprehensive income for the year, net of tax
Note
2022
$
2021
$
4
5(a)
5(b)
5(c)
10
19
12
6
9,512
31,250
65,616
-
(228,069)
(135,613)
(106,346)
(249,732)
(408,959)
(439,318)
(30,382)
(141,536)
(50,000)
(33,400)
-
(117,203)
(375,000)
(175,900)
(285,112)
(102,045)
(231,135)
(276,466)
(843,621)
(59,750)
(42,069)
-
(29,809)
(606,600)
(58,093)
-
(2,274,796)
-
(2,274,796)
(2,644,984)
-
(2,644,984)
-
-
-
-
Total comprehensive loss attributable to the members of Aldoro
Resources Limited
(2,274,796)
(2,644,984)
Loss per share for the year attributable to the members Aldoro
Resources Limited:
Basic loss per share ($)
Diluted loss per share ($)
7
7
(0.03)
(0.03)
(0.04)
(0.04)
The Consolidated Statement of Profit or Loss and Other Comprehensive Income should be
read in conjunction with the notes to the financial statements.
37 | P a g e
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
Consolidated Statement of Financial Position
As at 30 June 2022
ASSETS
Current assets
Cash and cash equivalents
Trade and other receivables
Assets held for sale
Total current assets
Non-current assets
Exploration and evaluation expenditure
Property, plant and equipment
Financial assets at fair value through profit or loss
Total non-current assets
Total assets
LIABILITIES
Current liabilities
Trade and other payables
Total current liabilities
Total liabilities
Net assets
EQUITY
Issued Capital
Reserves
Accumulated losses
Total equity
Note
2022
$
2021
$
8
9
11
10
13
12
14
15
24
25
1,880,412
236,744
-
2,117,156
8,335,020
308,515
625,000
9,268,535
3,899,009
76,098
1,168,750
5,143,857
2,959,104
-
-
2,959,104
11,385,691
8,102,961
535,638
535,638
265,945
265,945
535,638
265,945
10,850,053
7,837,016
16,128,558
2,071,730
(7,350,235)
10,850,053
11,256,095
1,656,360
(5,075,439)
7,837,016
The Consolidated Statement of Financial Position should be
read in conjunction with the notes to the financial statements.
38 | P a g e
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
Consolidated Statement of Changes in Equity
For the Financial Year Ended 30 June 2022
Issued Capital
$
Reserves
$
Accumulated
Losses
$
Total
$
At 1 July 2021
11,256,095
1,656,360
(5,075,439)
7,837,016
Loss for the year
Total comprehensive loss for the year after tax
-
-
-
-
(2,274,796)
(2,274,796)
(2,274,796)
(2,274,796)
Transactions with owners in their capacity as
owners
Issue of share capital
Share issue costs
Share-based payments
5,611,313
(738,850)
-
-
-
415,370
-
-
-
5,611,313
(738,850)
415,370
At 30 June 2022
16,128,558
2,071,730
(7,350,235)
10,850,053
At 1 July 2020
8,186,083
110,000
(2,430,455)
5,865,628
Loss for the year
Total comprehensive loss for the year after tax
-
-
-
-
(2,644,984)
(2,644,984)
(2,644,984)
(2,644,984)
Transactions with owners in their capacity as
owners
Issue of share capital
Share issue costs
Share-based payments
4,000,862
(930,850)
-
-
-
1,546,360
-
-
-
4,000,862
(930,850)
1,546,360
At 30 June 2021
11,256,095
1,656,360
(5,075,439)
7,837,016
The Consolidated Statement of Changes in Equity should be read
in conjunction with the notes to the financial statements.
39 | P a g e
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
Consolidated Statement of Cash Flows
For the Financial Year Ended 30 June 2022
Cash flows from operating activities
Payments to suppliers and employees
Interest received
Other income
Net cash used in operating activities
Cash flows from investing activities
Payments for exploration and evaluation costs
Payments for plant and equipment
Loans to other entities
Proceeds from sale of exploration tenements
Payments for purchase of exploration tenements
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issue of shares
Proceeds from issued listed options
Share issue costs
Net cash from financing activities
Note
2022
$
2021
$
8(a)
10
13
(1,263,803)
729
8,770
(1,254,304)
(5,535,483)
(342,263)
(4,630)
250,000
(100,000)
(5,732,376)
(801,628)
7,968
7,546
(786,114)
(1,250,105)
-
-
-
-
(1,250,105)
5,146,083
-
(178,000)
4,968,083
3,654,772
175,940
(99,440)
3,731,272
Net increase/(decrease) in cash and cash equivalents
(2,018,597)
1,695,053
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
8
3,899,009
1,880,412
2,203,956
3,899,009
The Consolidated Statement of Cash Flows should be
read in conjunction with the notes to the financial statements.
40 | P a g e
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
Notes to the Consolidated Financial Statements
NOTE 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a)
Reporting Entity
Aldoro Resources Limited (referred to as “Aldoro” or the “Company”) is a company domiciled in Australia. The
address of the Company’s registered office and principal place of business is disclosed in the Corporate
Directory of the Annual Report. The consolidated financial statements of the Company as at and for the year
ended 30 June 2022 comprise the Company and its subsidiaries (together referred to as the “Consolidated
Entity” or the “Group”).
(b)
Basis of Preparation
Statement of compliance
The consolidated financial statements are general purpose financial statements which have been prepared in
accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting
Standards Board (“AASB”) and the Corporations Act 2001. The financial statements comply with International
Financial Reporting Standards (“IFRS”) adopted by the International Accounting Standards Board (“IASB”).
Aldoro Resources Limited is a for-profit entity for the purpose of preparing the financial statements.
The consolidated financial statements were authorised for issue by the Board of Directors on 23 September
2022.
Basis of measurement
The financial statements have been prepared on a going concern basis in accordance with the historical cost
convention, unless otherwise stated.
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 26.
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.
New 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 2022. The consolidated entity has not yet assessed the impact of these new or amended Accounting
Standards and Interpretations.
Significant Judgements and Estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group’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 2.
41 | P a g e
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
Notes to the Consolidated Financial Statements
NOTE 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(i)
Comparatives
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in
presentation for the current financial year.
(ii)
Dividends
Dividends are recognised when declared during the financial year and no longer at the discretion of the
Company.
(iii)
Principles of Consolidation
Subsidiaries
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Aldoro
Resources Limited (‘Company’ or ‘parent entity’) as at 30 June 2022 and the results of all subsidiaries for the
year then ended. Aldoro Resources Limited and its subsidiaries together are referred to in this financial report
as the Group.
Subsidiaries are all entities (including special purpose entities) over which the Group has the power to govern
the financial and operating policies, generally accompanying a shareholding of more than one-half of the voting
rights. The existence and effect of potential voting rights that are currently exercisable or convertible are
considered when assessing whether the Group controls another entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-
consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between Group companies are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of
the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
The acquisition method of accounting is used to account for business combinations by the Group. A change in
ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference
between the consideration transferred and the book value of the share of the non-controlling interest acquired
is recognised directly in equity attributable to the parent.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated
statement of profit or loss and other comprehensive income, statement of changes in equity and statement of
financial position respectively.
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.
(iv)
Functional and presentation currency
The consolidated financial statements have been presented in Australian dollars, which is the Group’s
functional currency.
42 | P a g e
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
Notes to the Consolidated Financial Statements
NOTE 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(v)
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.
(vi)
Impairment of non-financial assets
Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are
tested annually for impairment, or more frequently if events or changes in circumstances indicate that they
might be impaired. Other 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.
(vii) 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.
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the
reporting date are measured at the present value of expected future payments to be made in respect of
services provided by employees up to the reporting date using the projected unit credit method. Consideration
is given to expected future wage and salary levels, experience of employee departures and periods of service.
Expected future payments are discounted using market yields at the reporting date on corporate bonds with
terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they are
incurred.
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Notes to the Consolidated Financial Statements
NOTE 2
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS 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 in these financial statements that have a significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities within the next financial year are disclosed below.
Exploration and evaluation expenditure
Exploration and evaluation costs have been capitalised on the basis that the consolidated entity will commence
commercial production in the future, from which time the costs will be amortised in proportion to the depletion of the
mineral resources. 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.
Share-based payment transactions
The consolidated entity measures the cost of equity-settled transactions with employees or suppliers 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 Hoadley ES02 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.
Coronavirus (COVID-19) pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had, or may
have, on the consolidated entity based on known information. This consideration extends to the nature of the
activities and geographic regions in which the consolidated entity operates. Other than as addressed in specific notes,
there does not currently appear to be either any significant impact upon the financial statements or any significant
uncertainties with respect to events or conditions which may impact the consolidated entity unfavourably as at the
reporting date or subsequently as a result of the Coronavirus (COVID-19) pandemic.
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Notes to the Consolidated Financial Statements
NOTE 3
SEGMENT INFORMATION
The Group operates only in one reportable segment being predominately in the area of gold and nickel mineral
exploration in Australia. The Board considers its business operations in gold and nickel mineral exploration to be its
primary reporting function. Results are analysed as a whole by the chief operating decision maker, this being the
Board of Directors. Consequently, revenue, profit, net assets and total assets for the operating segment are reflected
in this financial report.
Accounting Policy
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.
NOTE 4
OTHER INCOME
Interest income
Australian Taxation Office ("ATO") Cash Flow Boost
Services income
Other income
Accounting Policy
2022
$
2021
$
734
-
-
8,778
9,512
7,968
50,102
7,546
-
65,616
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be entitled in
exchange for transferring goods or services to a customer. For each contract with a customer, the Group: identifies
the contract with a customer; identifies the performance obligations in the contract; determines the transaction price
which takes into account estimates of variable consideration and the time value of money; allocates the transaction
price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct
good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a
manner that depicts the transfer to the customer of the goods or services promised.
Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as
discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent events.
Such estimates are determined using either the 'expected value' or 'most likely amount' method. The measurement of
variable consideration is subject to a constraining principle whereby revenue will only be recognised to the extent that
it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The
measurement constraint continues until the uncertainty associated with the variable consideration is subsequently
resolved. Amounts received that are subject to the constraining principle are initially recognised as deferred revenue
in the form of a separate refund liability.
Interest
Interest income is recognised as interest accrues using the effective interest method. This is a method of calculating
the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective
interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the
financial asset to the net carrying amount of the financial asset.
Other Revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
All revenue is stated net of the amount of goods and services tax.
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Notes to the Consolidated Financial Statements
NOTE 5 EXPENSES
(a) Administrative expenses
Accounting and fees
Company secretarial and financial management fees
Travel and accommodation expenses
General
(b) Consultancy and legal expenses
Corporate advisory fees
Consulting fees
Legal fees
(c) Employee benefits expense
Salaries
Directors’ bonuses
Superannuation
Consulting fees
NOTE 6
INCOME TAX
(a) The components of tax expense comprise:
2022
$
2021
$
70,594
111,952
9,615
35,908
228,069
136,078
3,348
110,306
249,732
197,831
90,000
18,508
102,620
408,959
42,375
133,525
-
-
175,900
173,000
-
58,135
231,135
213,133
30,000
27,622
5,711
276,466
2022
$
2021
$
Current tax
Deferred tax
Income tax expense reported in the statement of profit or loss and other
comprehensive income
-
-
-
-
-
-
(b) The prima facie tax on loss from ordinary activities before income tax is
reconciled to the income tax as follows:
Loss before income tax expense
Prima facie tax benefit on loss before income tax at 30% (2021: 30%)
Tax effect of:
Amounts not deductible in calculating taxable income
Changes in unrecognised temporary differences
Tax losses not recognised
Income tax expense/(benefit)
(c)
Deferred tax assets not brought to account are:
Accruals
Prepayments
Exploration
Tax losses
Other
Total deferred tax assets not brought to account
(2,274,795)
(682,438)
(2,644,984)
(793,495)
82
(1,867,845)
2,550,201
-
25,215
(27,581)
(1,826,768)
4,427,031
49,893
2,647,790
166,949
(149,898)
776,444
-
7,197
(5,328)
(1,210,852)
1,880,859
303,903
975,779
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Notes to the Consolidated Financial Statements
NOTE 6
INCOME TAX (continued)
Potential deferred tax assets attributable to tax losses and other temporary differences have not been brought to
account at 30 June 2022 because the directors do not believe it is appropriate to regard realisation of the deferred tax
assets as probable at this point in time. These benefits will only be obtained if:
•
•
the Group derives future assessable income of a nature and of an amount sufficient to enable the benefit
from the deductions for the expenditure to be realised; and
no changes in tax legislation adversely affect the Group in realising the benefit from the deductions for the
expenditure.
Accounting Policy
The income tax expense (revenue) for the year comprises current income tax expense (income) and deferred tax
expense (income).
Current Tax
Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using
applicable income tax rates enacted, or substantially enacted, as at the end of the reporting period. Current tax
liabilities (assets) are therefore measured at the amounts expected to be paid to (recovered from) the relevant
taxation authority.
Deferred Tax
Deferred tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as
well as unused tax losses.
Current and deferred income tax expense (income) is charged or credited directly to equity instead of the profit or loss
when the tax relates to items that are credited or charged directly to equity.
Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where
amounts have been fully expensed but future tax deductions are available. No deferred income tax will be recognised
from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on
accounting or taxable profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the
asset is realised or the liability is settled, based on tax rates enacted or substantively enacted at the end of the
reporting period. Their measurement also reflects the manner in which management expects to recover or settle the
carrying amount of the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is
probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised.
Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint ventures,
deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference can
be controlled and it is not probable that the reversal will occur in the foreseeable future.
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Notes to the Consolidated Financial Statements
NOTE 6
INCOME TAX (continued)
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net
settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax
assets and liabilities are offset where a legally enforceable right of set-off exists, the deferred tax assets and liabilities
relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable
entities where it is intended that net settlement or simultaneous realisation and settlement of the respective asset
and liability will occur in future periods in which significant amounts of deferred tax assets or liabilities are expected to
be recovered or settled.
NOTE 7
LOSS PER SHARE
Basic loss per share amounts are calculated by dividing net loss for the year attributable to ordinary equity holders of
the Company by the weighted average number of ordinary shares outstanding during the year.
Diluted loss per share amounts are calculated by dividing the net loss attributable to ordinary equity holders of the
Company by the weighted average number of ordinary shares outstanding during the year plus the weighted average
number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into
ordinary shares.
2022
$
2021
$
Net loss for the year
(2,274,796)
(2,644,984)
Weighted average number of ordinary shares for basic and diluted loss per share.
89,859,053
68,121,569
Basic and diluted loss per share ($)
(0.03)
(0.04)
Accounting Policy
Basic Earnings Per Share
Basic earnings per share is determined by dividing net profit or loss after income tax attributable to members of the
Company, 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 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.
NOTE 8
CASH AND CASH EQUIVALENTS
Cash at bank and in hand
Cash at bank earns interest at floating rates based on daily deposit rates.
The Group’s exposure to interest rate and credit risks is disclosed in Note 16.
2022
$
2021
$
1,880,412
1,880,412
3,899,009
3,899,009
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Notes to the Consolidated Financial Statements
NOTE 8
CASH AND CASH EQUIVALENTS (continued)
(a) Reconciliation of net loss after tax to net cash flows from operations
Loss for the financial year
Adjustments for:
Depreciation
Impairment expense
Share-based payments expense
Share issued for Directors’ Bonuses
Unrealised loss on financial assets
Gain on sale of assets
Changes in assets and liabilities
Trade and other receivables
Trade and other payables
Net cash used in operating activities
(b) Non-cash investing and financing activities
Acquisition of exploration and evaluation assets (Note 15)
Shares issued to lead manager (Note 15)
2022
$
2021
$
(2,274,796)
(2,644,984)
33,748
439,318
-
90,000
375,000
(31,250)
-
843,621
885,100
-
-
-
(155,276)
268,952
(1,254,304)
(8,906)
139,055
(786,114)
2022
$
2021
$
229,750
144,000
373,750
-
133,560
133,560
Accounting Policy
Cash at bank earns interest at floating rates based on daily deposit rates. Short-term deposits are made in varying
periods between one day and three months, depending on the immediate cash requirements of the Group and earn
interest at the respective short-term deposit rates.
NOTE 9
TRADE AND OTHER RECEIVABLES
Prepayments
GST receivable
Other receivables
(a) Allowance for expected credit losses
2022
$
2021
$
91,937
138,428
6,379
236,744
17,760
57,329
1,009
76,098
The consolidated entity has recognised a loss of $nil in profit or loss in respect of the expected credit losses for the
year ended 30 June 2022 (2021: $nil).
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Notes to the Consolidated Financial Statements
NOTE 9
TRADE AND OTHER RECEIVABLES (continued)
Accounting Policy
Goods and Services Tax (‘GST’)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is
not recoverable from the Australian Taxation Office. In these circumstances, the GST is recognised as part of the cost
of acquisition of the asset of the assets or 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 taxation authority is included as a current asset or liability in the statement of
financial position.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST on investing and financial
activities, which are disclosed as operating cash flows.
Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for
settlement within 30 days.
The consolidated entity has applied the simplified approach to measuring expected credit losses, which uses a lifetime
expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days
overdue.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
NOTE 10
EXPLORATION AND EVALUATION EXPENDITURE
2022
$
2021
$
Carrying amount of exploration and evaluation expenditure
8,335,020
2,959,104
At the beginning of the year
Exploration expenditure incurred
Tenements acquired during the period(i)
Tenements sold during the period(ii)
Reclassification to asset held for sale
Impairment expense (iii)
At the end of the year
2,959,104
5,535,484
329,750
(50,000)
-
(439,318)
8,335,020
4,003,781
967,694
-
-
(1,375,096)
(637,275)
2,959,104
(i)
Aldoro has acquired tenements E57/1017 and P59/2137 from Meridian 120 Mining Pty Ltd (“Meridian”)
on 6 July 2021 for total consideration of $250,000 made up of $50,000 cash consideration and $150,000
ordinary shares. Aldoro issued 441,176 ordinary shares at $0.34 per share to Meridian on 29 July 2021.
Aldoro has acquired tenement E58/555 from Trafalgar Resources Pty Ltd (“Trafalgar”) on 8 October 2021
for total consideration of $129,750 made up of $50,000 cash consideration and $79,750 ordinary shares.
Aldoro issued the issued 275,000 ordinary shares at $0.29 per share to Trafalgar on 6 April 2022.
(ii)
(iii)
During the year, the Cathedral Project tenements were sold back to Blue Ribbon Mines Pty Ltd (“Blue
Ribbon”) for cash payment of $50,000 in accordance with the sale agreement.
During the year, the Company relinquished tenements from the Cathedral Project and the Leinster
Project. All costs capitalised to the relinquished tenements have been impaired.
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Notes to the Consolidated Financial Statements
NOTE 10
EXPLORATION AND EVALUATION EXPENDITURE (continued)
Accounting Policy
Acquisition, exploration and evaluation costs associated with mining tenements are accumulated in respect of each
identifiable area of interest. These costs are only carried forward to the extent that the Group’s rights of tenure to
that area of interest are current and that the costs are expected to be recouped through the successful commercial
development or sale of the area or where activities in the area have not yet reached a stage that permits reasonable
assessment of the existence of economically recoverable reserves.
Costs in relation to an abandoned area are written off in full against profit in the period in which the decision to
abandon the area is made.
Each area of interest is also reviewed annually, and acquisition costs written off to the extent that they will not be
recoverable in the future.
NOTE 11 NON-CURRENT ASSETS HELD FOR SALE
Exploration and evaluation expenditure – at cost
Impairment to fair value less costs of disposal
2022
$
2021
$
-
-
-
1,375,096
(206,346)
1,168,750
On 26 May 2021, the Company announced its proposed non-standard partial spin out (Spin Out) and initial public
offering (IPO) of Aurum. On 21 August 2021, Aldoro entered into a binding Heads of Agreement (Agreement) with
Aurum to sell all their rights, title and interest in the tenements of Penny South Gold Project, Ryan’s Find Project, and
Unaly Hill South Project. As at 30 June 2021, the Company has reclassified the exploration and evaluation asset to a
non-current asset held for sale.
On completion of the IPO, Aurum will hold 100% of the Projects. The key terms of the proposed Spin Out and IPO are
as follows:
- At completion of the Spin Out, Aldoro will hold 5 million shares in Aurum. These securities will be subject to ASX
escrow conditions.
- Aldoro will receive a $200,000 payment from Aurum upon completion of the IPO as partial reimbursement for
expenditure incurred by Aldoro in developing the Projects.
- Aurum will issue 22,500,000 Aurum Shares at an issue price of $0.20 per Aurum Share to raise $4.5 million
(Minimum Subscription), with an ability to accept oversubscriptions for up to an additional 2,500,000 Aurum
Shares at an issue price of $0.20 to raise up to an additional $500,000 (Aurum Capital Raising).
- Aldoro shareholders with a registered address in Australia on the record date (set out in the indicative timetable
below) will be given an opportunity to participate in the IPO pursuant to a priority offer in the Aurum prospectus
(Priority Offer). The terms of the Priority Offer will be set out in further detail in the prospectus.
Accounting Policy
Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale
transaction rather than through continuing use. They are measured at the lower of their carrying amount and fair
value less costs of disposal. For non-current assets to be classified as held for sale, they must be available for
immediate sale in their present condition and their sale must be highly probable.
An impairment loss is recognised for any initial or subsequent write down of the non-current assets to fair value less
costs of disposal. A gain is recognised for any subsequent increases in fair value less costs of disposal of a non-current
asset, but not in excess of any cumulative impairment loss previously recognised. Non-current assets are not
depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the
liabilities of assets held for sale continue to be recognised.
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Notes to the Consolidated Financial Statements
NOTE 11 NON-CURRENT ASSETS HELD FOR SALE (continued)
Non-current assets classified as held for sale are presented separately on the face of the consolidated statement of
financial position, in current assets.
NOTE 12 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Listed ordinary shares
Reconciliation
Reconciliation of the fair values at the beginning and end of the current and previous
financial year are set out below:
Opening fair value
Additions
Change in fair value
Closing fair value
2022
$
2021
$
625,000
625,000
-
1,000,000
(375,000)
625,000
-
-
-
-
-
-
Financial assets are recorded at level 1 fair value, being quoted prices (unadjusted) in active markets for identical
assets or liabilities that the entity can access at the measurement date.
Accounting Policy
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, it's carrying value is written off.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified as
financial assets at fair value through profit or loss. Typically, such financial assets will be either: (i) held for trading,
where they are acquired for the purpose of selling in the short-term with an intention of making a profit, or a
derivative; or (ii) designated as such upon initial recognition where permitted. Fair value movements are recognised in
profit or loss.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments which the consolidated
entity intends to hold for the foreseeable future and has irrevocably elected to classify them as such upon initial
recognition.
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Notes to the Consolidated Financial Statements
NOTE 12 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)
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.
NOTE 13 PROPERTY, PLANT AND EQUIPMENT
30-Jun-22
$
30-Jun-21
$
Buidlings - at cost
Less: Accumulated depreciation
Vehicles - at cost
Less: Accumulated depreciation
Computer Equipment - at cost
Less: Accumulated depreciation
247,390
(23,193)
224,197
90,129
(9,831)
80,298
4,744
(724)
4,020
308,515
-
-
-
-
-
-
-
-
-
-
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Notes to the Consolidated Financial Statements
NOTE 13 PROPERTY, PLANT AND EQUIPMENT (continued)
Reconciliations
Reconciliations of the written down values at the beginning and end of the current financial year are set out below:
Land and
Motor
Computer
buildings
Vehicles
Equipment
Total
Consolidated
$
$
$
$
Balance at 1 July 2021
Additions
Depreciation expense
-
247,390
(23,193)
-
90,129
(9,831)
-
4,744
(724)
-
342,263
(33,748)
Balance at 30 June 2022
224,197
80,298
4,020
308,515
During the year, the Company entered an agreement with Modular Building Brokers Australia Pty Ltd to purchase
transportable buildings, including a four-bedroom building, office/multipurpose building, and a kitchen functional
container, to facilitate the Narndee drilling project. The buildings can be transported to different projects and adopted
eight years as its expected use of life.
Accounting Policy
Plant and equipment is 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 straight-line basis to write off the net cost of each item of property, plant and
equipment (excluding land) over their expected useful lives as follows:
Buildings 8 years
Motor Vehicles 8 years
Computer Equipment 5 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each
reporting date.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic
benefit to the Group. 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.
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Notes to the Consolidated Financial Statements
NOTE 14
TRADE AND OTHER PAYABLES
Trade payables (i)
Accrued expenses
Other payables
2022
$
2021
$
449,314
80,000
6,324
535,638
242,695
20,000
3,250
265,945
(i)
Trade payables are non-interest bearing and are normally settled on 30-day terms.
Accounting Policy
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.
NOTE 15 ISSUED CAPITAL
(a) Issued and fully paid
2022
2021
No.
$
No.
$
Ordinary shares
99,213,589
16,128,558
80,516,203
11,256,095
(b) Movement reconciliation
Date
Number
Issue Price
$
At 1 July 2021
Issue of ordinary shares for Meridian Mining tenement acquisition
Placement
Issued to the Lead Manager in lieu of capital raising fees
Exercise of listed options at $0.3
Exercise of unlisted options at $0.175
Exercise of unlisted options at $0.175
Exercise of unlisted options at $0.234
Exercise of unlisted options at $0.175
Exercise of unlisted options at $0.234
Exercise of unlisted options at $0.225
Exercise of unlisted options at $0.234
Issued to directors for participation in placement in August
Exercise of unlisted options at $0.234
Exercise of unlisted options at $0.234
Exercise of unlisted options at $0.234
Exercise of unlisted options at $0.234
Issue ordinary shares for Trafalgar tenement acquisition
Placement
Share issue costs
At 30 June 2022
29/07/2021
19/08/2021
19/08/2021
26/08/2021
26/08/2021
2/09/2021
2/09/2021
30/09/2021
30/09/2021
22/10/2021
18/11/2021
9/12/2021
15/12/2021
8/02/2022
24/02/2022
2/03/2022
6/04/2022
21/04/2022
80,516,203
441,176
5,675,000
360,000
21,210
200,000
200,000
500,000
100,000
400,000
100,000
400,000
325,000
200,000
100,000
100,000
100,000
275,000
9,200,000
-
99,213,589
-
$0.340
$0.400
$0.400
$0.300
$0.175
$0.175
$0.234
$0.175
$0.234
$0.225
$0.234
$0.400
$0.234
$0.234
$0.234
$0.234
$0.290
$0.250
-
11,256,095
150,000
2,270,000
144,000
6,363
35,000
35,000
117,000
17,500
93,600
22,500
93,600
130,000
46,800
23,400
23,400
23,400
79,750
2,300,000
(738,850)
16,128,558
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Notes to the Consolidated Financial Statements
NOTE 15
ISSUED CAPITAL (continued)
Date
Number
Issue Price
$
At 1 July 2020
Placement
Placement Shares issued to Directors
Issue of shares in lieu of cash fees for digital advertising and marketing
services provided
Exercise of unlisted options at $0.175
Placement
Placement Shares to Directors
Shares issued to lead manager
Exercise of unlisted options at $0.175
Exercise of listed options at $0.30
Exercise of unlisted options at $0.175
Share issue costs
At 30 June 2021
22/07/2020
11/09/2020
03/02/2021
25/02/2021
03/05/2021
03/05/2021
03/05/2021
03/05/2021
03/05/2021
18/06/2021
52,858,334
13,211,111
311,358
1,100,000
600,000
10,000,000
300,000
667,800
1,200,000
67,600
200,000
-
80,516,203
-
$0.090
$0.090
$0.200
$0.175
$0.200
$0.200
$0.200
$0.175
$0.300
$0.175
-
8,186,083
1,189,000
28,022
220,000
105,000
2,000,000
60,000
133,560
210,000
20,280
35,000
(930,850)
11,256,095
Ordinary shares entitle the holder to participate in the dividends and the proceeds on winding up in proportion to the
number of and amounts paid on the shares held.
At shareholders meetings, each ordinary share is entitled to one vote when a poll is called, otherwise each
shareholder has one vote on a show of hands.
Accounting Policy
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. Incremental costs directly attributable to the issue of new shares or options for the acquisition
of a business are not included in the cost of the acquisition as part of the purchase consideration.
If the Company reacquires its own equity instruments, for example, as a result of a share buy-back, those instruments
are deducted from equity and the associated shares are cancelled. No gain or loss is recognised in the profit or loss
and the consideration paid including any directly attributable incremental costs (net of income taxes) is recognised
directly in equity.
NOTE 16
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk and interest
rate risk), credit risk and liquidity risk. The Group’s overall risk management programme focuses on the
unpredictability of the financial markets and seeks to minimise potential adverse effects on the financial performance
of the Group. The Group uses different methods to measure and manage different types of risks to which it is
exposed. These include monitoring levels of exposure to interest rate and foreign exchange risk and assessments of
market forecasts for interest rate and foreign exchange prices. Ageing analysis and monitoring of specific credit
allowances are undertaken to manage credit risk. Liquidity risk is monitored through the development of future cash
flow forecasts.
Risk management is carried out by Management and overseen by the Board of Directors with assistance from suitably
qualified external advisors.
The main risks arising for the Group are foreign exchange risk, interest rate risk, credit risk and liquidity risk. The
Board reviews and agrees policies for managing each of these risks and they are summarised below.
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Notes to the Consolidated Financial Statements
NOTE 16
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
The carrying values of the Group’s financial instruments are as follows:
Financial Assets
Cash and cash equivalents
Trade and other receivables
Financial assets at fair value through profit or loss
Financial Liabilities
Trade and other payables
2022
$
2021
$
1,880,412
236,744
625,000
2,742,156
535,638
535,638
3,899,009
76,098
-
3,975,107
265,945
265,945
(a) Market risk
(i)
The Group was not significantly exposed to foreign currency risk fluctuations.
Foreign exchange risk
Interest rate risk
(ii)
The Group is exposed to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result
of changes in the market interest rates on interest bearing financial instruments. The Group’s exposure to this risk
relates primarily to the Group’s cash and any cash on deposit. The Group does not use derivatives to mitigate these
exposures. The Group manages its exposure to interest rate risk by holding certain amounts of cash in fixed and
floating interest rate facilities. At the reporting date, the interest rate profile of the Group’s interest-bearing financial
instruments was:
Cash and cash equivalents
2022
2021
Weighted
average
interest rate
%
0.08%
Weighted
average
interest rate
%
0.01%
Balance
$
1,880,412
Balance
$
3,899,009
Sensitivity
Within the analysis, consideration is given to potential renewals of existing positions and the mix of fixed and variable
interest rates. The following sensitivity analysis is based on the interest rate risk exposures in existence at the
reporting date. The 1% increase and 1% decrease in rates is based on reasonably expected possible changes over a
financial year.
At 30 June 2022, if interest rates had moved, as illustrated in the table below, with all other variables held constant,
equity would have been affected as follows:
Judgements of reasonably possible
movements:
+ 1.0% (100 basis points)
- 1.0% (100 basis points)
Profit
higher/(lower)
2022
$
18,804
(18,804)
Profit
higher/(lower)
2021
$
38,990
(38,990)
Credit risk
(b)
Credit risk arises from the financial assets of the Group, which comprise cash and cash equivalents, trade and other
receivables and other financial assets. The Group’s exposure to credit risk arises from potential default of the
counterparty, with maximum exposure equal to the carrying amount of the financial assets.
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Notes to the Consolidated Financial Statements
NOTE 16
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
The Group’s policy is to trade only with recognised, creditworthy third parties. It is the Group’s policy that all customers
who wish to trade on credit terms will be subject to credit verification procedures.
In addition, receivable balances are monitored on an ongoing basis with the result that the Group’s exposure to bad
debts is not significant. There are no significant concentrations of credit risk within the Group except for cash and cash
equivalents.
Liquidity risk
(c)
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s
approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to its reputation.
The Group manages liquidity risk by maintaining adequate cash reserves from funds raised in the market and by
continuously monitoring forecast and actual cash flows. The Group does not have any external borrowings.
The following are the contractual maturities of financial liabilities:
2022
1 year or less
$
1-5 years
$
> 5 years
$
Total
$
Trade and other payables
535,638
2021
Trade and other payables
265,945
(d)
Capital risk management
The Group’s objectives when managing capital are to:
-
-
-
-
535,638
265,945
• Safeguard their ability to continue as a going concern, so that it can continue to provide returns for shareholders
and benefits for other stakeholders; and
• Maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the number of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Given the stage of the Group’s development there are no formal targets set for return on capital. The Group is not
subject to externally imposed capital requirements. The net equity of the group is equivalent to capital. Net capital is
obtained through capital raisings on the Australian Securities Exchange (“ASX”).
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Notes to the Consolidated Financial Statements
NOTE 17
FAIR VALUE MEASUREMENT
Fair value hierarchy
The following tables detail the consolidated entity's assets and liabilities, measured or disclosed at fair value, using a
three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly
Level 3: Unobservable inputs for the asset or liability
Consolidated - 2022
Level 1
$
Level 2
$
Level 3
$
Total
$
Assets
Financial assets at fair value through profit or loss
Total assets
625,000
625,000
Liabilities
Total liabilities
Consolidated - 2021
Assets
Total assets
Liabilities
Total liabilities
Accounting Policy
Level 1
$
-
-
-
-
-
-
Level 2
$
-
-
-
-
-
-
-
-
Level 3
$
-
-
-
-
-
-
-
-
625,000
625,000
Total
$
-
-
-
-
-
-
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.
Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the
significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and
transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the
fair value measurement.
For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is
either not available or when the valuation is deemed to be significant. External valuers are selected based on market
knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to
another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and
a comparison, where applicable, with external sources of data.
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Notes to the Consolidated Financial Statements
NOTE 18
RELATED PARTY DISCLOSURE
(a)
Key Management Personnel Compensation
The aggregate compensation made to directors and other members of key management personnel of the Group is set
out below.
Short-term employee benefits
Post-employment employee benefits
Equity benefits
(b)
Transactions with related parties
2022
$
2021
$
287,831
18,508
-
306,339
301,632
26,079
606,600
934,311
During the year, the Group incurred geological consulting fees, payable to Renewable Holdings Pty Ltd (a company
of which Joshua Letcher is a Director), Jack Rory Pty Ltd (a company of which Troy Flannery is a Director), and
Saltus Corporate Pty Ltd (a company of which Lincoln Ho is a director). The group also incurred geological
consulting fees payable to director Mark Mitchell.
In the prior year, the Group incurred geological consulting fees, payable to Nomad Exploration Pty Ltd, and expenses,
payable to Golden Mile Resources Ltd (both companies of which Caedmon Marriott is a Director).
Jack Rory Pty Ltd
Renewable Holdings Pty Ltd
Saltus Corporate Pty Ltd
Mark S Mitchell
Nomad Exploration Pty Ltd
Golden Mile Resources Ltd
Total
2022
$
31,093
94,841
650
7,800
-
-
134,384
2021
$
-
-
-
-
28,587
8,599
37,186
At 30 June 2022, $2,640 was payable to Mark Mitchell and $3,861 was payable to Jack Rory Pty Ltd (2021: Nil).
All transactions were made on normal commercial terms and conditions and at market rates.
There were no other transactions with KMP during the year ended 30 June 2022.
NOTE 19
SHARE-BASED PAYMENTS
Recognised as a share-based payment expense
Unlisted options issued to Directors
Listed options issued to Directors
Unlisted options issued to Corporate Advisor (i)
Shares issued in consideration of services
2022
$
2021
$
-
-
415,370
-
186,600
420,000
763,820
220,000
415,370
1,590,420
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Notes to the Consolidated Financial Statements
NOTE 19 SHARE-BASED PAYMENTS (continued)
Reconciliation:
Recognised as share-based payment expenses in statement of profit or loss and
other comprehensive income
Recognised as share issue costs in equity(i)
Recognised as corporate advisory fees in the statement of profit or loss and
other comprehensive income
Recognised as advertising and marketing expenses in the statement of profit or
loss and other comprehensive income
Unlisted Options
2022
$
-
415,370
-
-
2021
$
606,600
705,320
58,500
220,000
Set out below is a summary of unlisted options granted as share-based payments during the year:
2022
Grant date
Expiry date
18-11-2022
12-11-2019
09-09-2023
07-09-2020
09-09-2023
07-09-2020
19-04-2021
09-09-2023
19-08-2021(i) 09-09-2023
Exercise
price
$0.225
$0.175
$0.234
$0.234
$0.500
All unlisted options vested immediately.
Balance at
the start of
the year
Granted
Exercised
Expired/
forfeited/
other
Balance at
the end of
the year
2,000,000
2,500,000
2,000,000
2,800,000
-
9,300,000
-
-
-
-
1,750,000
1,750,000
(100,000)
(500,000)
(1,800,000)
-
-
(2,400,000)
-
-
-
-
-
-
1,900,000
2,000,000
200,000
2,800,000
1,750,000
8,650,000
(i) On 19 August 2021, the Company issued 1,750,000 unlisted options to Xcel Capital Pty Ltd, the Lead
Manager, as part of the capital raising fee of the placement. These options vest immediately, entire amount
has been recorded in share issue costs at 30 June 2022.
The unlisted options issued to Xcel Capital Pty Ltd have been valued using the Hoadley ESO2 valuation model. The
model and assumptions are shown in the table below:
Hoadley ES02 Valuation Model
Grant Date
Expiry Date
Strike (Exercise) Price
Underlying Share Price (at date of issue)
Risk-free Rate (at date of issue)
Volatility
Number of Options Issued
Dividend Yield
Early Exercise Multiple
Fair value per option
Total Fair Value of Options
19/08/2021
9/09/2023
$0.50
$0.51
0.03%
100%
1,750,000
0%
2.5x
$0.24
$415,370
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Notes to the Consolidated Financial Statements
NOTE 19 SHARE-BASED PAYMENTS (continued)
Set out below is a summary of unlisted options granted as share-based payments in the prior year:
2021
Grant date
Expiry date
Exercise
price
Balance at
the start of
the year
Granted
Exercised
Expired/
forfeited/
other
Balance at
the end of
the year
12-11-2019
18-11-2022
07-09-2020(i), (ii) 09-09-2023
07-09-2020(i) 09-09-2023
19-04-2021(iii) 09-09-2023
$0.225
$0.175
$0.234
$0.234
2,000,000
-
-
-
2,000,000
-
4,500,000
2,000,000
2,800,000
9,300,000
-
(2,000,000)
-
-
(2,000,000)
-
-
-
-
-
2,000,000
2,500,000
2,000,000
2,800,000
9,300,000
All unlisted options vested immediately.
(i) On 9 September 2020, the Company issued 5,000,000 unlisted options to Directors. 1,500,000 unlisted
options were issued to Rhoderick Grivas, 3,000,000 unlisted options were issued to Caedmon Marriott and
500,000 unlisted options were issued to Joshua Letcher, as approved by shareholders at the General Meeting
on 7 September 2020. Of the unlisted options issued, 3,000,000 unlisted options are exercisable at $0.175
per option on or before 9 September 2023 and 2,000,000 unlisted options are exercisable at $0.234 per
option on or before 9 September 2023.
(ii) On 9 September 2020, the Company issued 1,500,000 unlisted options (exercisable at $0.175 and expiring on
or before 9 September 2023) to a Corporate Advisor, Xcel Capital Pty Ltd (“Xcel Capital”), as approved by
shareholders at the General Meeting on 7 September 2020. The Corporate Advisory options were issued to
Xcel as part of its corporate advisory fee.
(iii) On 3 May 2021, the Company issued 2,800,000 unlisted options (exercisable at $0.234 on or before 9
September 2023) to the Company’s Lead Manager and Corporate Advisor (Xcel Capital Pty Ltd) as approved
by shareholders at the General Meeting held on 19 April 2021. The Corporate Advisor options were issued to
Xcel as part of its capital raising fee for the Placement completed on 3 May 2021.
The unlisted options issued have been valued using the Hoadley ESO2 valuation model. The model and assumptions
are shown in the table below:
Hoadley ESO2 valuation model
Grant Date
Expiry Date
Strike (Exercise) Price
Underlying Share Price (at date of issue)
Risk-free Rate (at date of issue)
Volatility
Number of Options Issued
Dividend Yield
Fair value per option
Total Fair Value of Options
Director –
Tranche 1
Director –
Tranche 2
07-09-2020
09-09-2023
$0.175
$0.092
0.28%
100%
3,000,000
0%
$0.0390
$117,000
07-09-2020
09-09-2023
$0.234
$0.092
0.28%
100%
2,000,000
0%
$0.0348
$69,600
Corporate
Advisor
07-09-2020
09-09-2023
$0.175
$0.092
0.28%
100%
1,500,000
0%
$0.0390
$58,500
Corporate
Advisor
19-04-2021
09-09-2023
$0.234
$0.440
0.10%
100%
2,800,000
0%
$0.2519
$705,320
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Notes to the Consolidated Financial Statements
NOTE 19 SHARE-BASED PAYMENTS (continued)
Listed Options
Set out below is a summary of listed options granted as share-based payments in the current year:
2022
Grant date
Expiry date
31-08-2023
25-02-2021
31-08-2023
4-03-2021
31-08-2023
4-03-2021
19-04-2021
31-08-2023
21-04-2022(i) 31-08-2023
Exercise
price
$0.300
$0.300
$0.300
$0.300
0.0300
Balance at
the start of
the year
Granted
Exercised
Expired/
forfeited/
other
Balance at
the end of
the year
11,042,831
2,453,243
3,882,400
3,500,000
-
20,878,474
-
-
-
-
4,600,000
4,600,000
-
(21,210)
-
-
(21,210)
-
-
-
-
-
11,042,831
2,432,033
3,882,400
3,500,000
4,600,000
25,457,264
(i) On 21 April 2022, the Company conducted a placement of 9,200,000 ordinary fully paid shares (“Placement
Shares”) priced at $0.25 to raise $2,300,000 before costs, and 4,600,000 free-attaching options for each Placement
Share on a 1:2 basis.
Set out below is a summary of listed options granted as share-based payments in the prior year:
2021
Grant date
Expiry date
Exercise
price
Balance at
the start of
the year
Granted
Exercised
Expired/
forfeited/
other
Balance at
the end of
the year
25-02-2021(i) 31-08-2023
4-03-2021(i)
31-08-2023
4-03-2021(ii)
31-08-2023
19-04-2021(iii) 31-08-2023
$0.300
$0.300
$0.300
$0.300
All listed options vested immediately.
-
-
-
-
-
11,042,831
2,453,243
3,950,000
3,500,000
-
-
(67,600)
-
20,946,074
(67,600)
-
-
-
-
-
11,042,831
2,453,243
3,882,400
3,500,000
20,878,474
(i) Loyalty Options issued under Entitlement Offer, the issue of one (1) option to acquire a fully paid ordinary
share in the capital of the Company (Loyalty Option), for every five (5) shares held by eligible shareholders at
an issue price of $0.01 per Loyalty Option, to raise up to approximately $134,961. No share-based payment
recorded.
(ii) Loyalty Options issued to Xcel Capital Pty Ltd (Lead Manager) to the Entitlement Offer to place any shortfall
of Loyalty Options offered to shareholders. 3,750,000 options issued on the same terms as offered to
Shareholders under the Offer. No share-based payment recorded.
250,000 options issued to Company Secretary at issue price of $0.12. No share-based payment recorded.
(iii) 3,500,000 options issued to Directors for $nil issue price. Total share-based payment expense from listed
options was $420,000.
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Notes to the Consolidated Financial Statements
NOTE 19 SHARE-BASED PAYMENTS (continued)
Accounting Policy:
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 Hoadley ESO2 valuation 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.
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.
64 | P a g e
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
Notes to the Consolidated Financial Statements
NOTE 20
COMMITMENTS
(a) Tenement Commitments
Below are the commitments in relation to its exploration and evaluation assets:
Within one year
Later than one year but not later than five years
(b) Mining Equities Tenement E58/555
2022
$
2021
$
45,631
293,717
339,348
645,644
810,836
1,456,480
At 30 June 2022, the Company has a commitment to pay $50,000 and 325,000 fully paid ordinary shares (ARN) to
Mining Equities Pty Ltd (Vendor) on the date that is 10 days following grant of the mining tenement and upon
satisfaction of the terms and conditions set out in the sale agreement. The shares were subsequently issued upon
shareholder approval on 19 July 2022.
NOTE 21
CONTINGENCIES
There are no contingent assets or liabilities as at 30 June 2022.
NOTE 22 AUDITOR’S REMUNERATION
Amounts received or due and receivable by RSM Australia Partners for:
Audit and review of the financial reports
Other services – corporate finance
NOTE 23
INVESTMENT IN CONTROLLED ENTITIES
2022
$
2021
$
38,000
-
38,000
33,000
1,650
34,650
Principal Activities
Country of
Incorporation
Ownership interest
Altilium Metals Pty Ltd
Gunex Pty Ltd
Exploration
Exploration
Australia
Australia
2022
%
100
100
2021
%
100
100
65 | P a g e
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
Notes to the Consolidated Financial Statements
NOTE 24
RESERVES
Share based payment reserve
Reconciliation
Balance at beginning of the year
Issue of unlisted options
Issue of listed options
Balance at end of the year
Reserves
The reserve is used to accumulate amounts from the issue of options.
NOTE 25 ACCUMULATED LOSSES
Balance at beginning of the year
Loss after income tax for the year
Balance at end of the year
NOTE 26
PARENT ENTITY
Assets
Current assets
Non-current assets
Total assets
Liabilities
Current liabilities
Total liabilities
Equity
Contributed equity
Reserves
Accumulated losses
Total equity
Loss for the year
Total comprehensive loss
2022
$
2021
$
2,071,730
2,071,730
1,656,360
1,656,360
1,656,360
415,370
-
2,071,730
110,000
950,420
595,940
1,656,360
2022
$
2021
$
(5,075,439)
(2,274,796)
(7,350,235)
(2,430,455)
(2,644,984)
(5,075,439)
2022
$
2021
$
2,064,491
9,321,200
11,385,691
3,957,984
4,132,891
8,090,875
535,638
253,859
535,638
253,859
16,128,558
11,256,095
2,071,730
(7,350,235)
10,850,053
1,656,360
(5,075,439)
7,837,016
(2,274,796)
(2,662,485)
(2,274,796)
(2,662,485)
66 | P a g e
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
Notes to the Consolidated Financial Statements
NOTE 26 PARENT ENTITY (continued)
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2022 and 30 June 2021.
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2022 and 30 June
2021.
Exploration and evaluation commitments
The parent entity had exploration and evaluation commitments as disclosed in Note 19.
Significant accounting policies
The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed through
the report, except for the following:
●
●
●
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
Investments in joint ventures 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.
NOTE 27
EVENTS AFTER THE REPORTING DATE
The impact of the Coronavirus (COVID-19) pandemic is ongoing for the Group up to 30 June 2022, it is not practicable
to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and
is dependent on measures imposed by the Australian Government and other countries, such as maintaining social
distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided.
On 8 July 2022, Aldoro issued 223,728 ordinary shares to Dr Fu in lieu of cash fees for consulting services provided
under a service contract.
On 22 July 2022, 100,000 and 50,000 Placement Shares were issued to Directors, Troy Flannery and Lincoln Ho
respectively, together with 50,000 and 25,000 free-attaching options, exercisable at $0.30, expiring on 31 August 2023
for the Directors’ participation in the April 2022 Placement after shareholder approval was obtained on 19 July 2022.
On 25 July 2022, Aldoro issued 2,000,000 unlisted options exercisable at $0.30, expiry 9 September 2024 to the
Corporate Advisor, Xcel Capital for its services provided during the April 2022 Placement upon shareholders’ consent.
Other than stated above, there has been no other matter or circumstance that has arisen since the end of the financial
year that has significantly affected, or may significantly affect, the operations of the Group, the results of those
operations, or the state of affairs of the Group.
67 | P a g e
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Directors’ Declaration
In the Directors’ opinion:
a)
The financial statements and accompanying notes are in accordance with the Corporations Act 2001, including:
i) complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements; and
ii) giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its performance for the
financial year ended on that date.
b)
c)
The financial statements and notes comply with International Financial Reporting Standards.
There are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Board of Directors made pursuant to section 295(5)(a)
of the Corporations Act 2001 and is signed for and on behalf of the Directors by:
Troy Flannery
Non-Executive Director
23 September 2022
68 | P a g e
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
F +61 (0) 8 9261 9111
www.rsm.com.au
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
ALDORO RESOURCES LIMITED
Opinion
We have audited the financial report of Aldoro Resources Limited (the Company) and its subsidiaries (the Group),
which comprises the consolidated statement of financial position as at 30 June 2022, 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 a
summary of significant accounting policies, 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 2022 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.
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
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
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key Audit Matter
How our audit addressed 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 $8,335,020 as at
30 June 2022.
We considered this to be a key audit matter due to the
significant management
in
assessing the carrying value of the asset including:
judgments
involved
• Determination of whether the exploration and
evaluation expenditure can be associated with
finding specific mineral resources and the basis
on which that expenditure is allocated to an area
of interest;
• Assessing whether exploration and evaluation
activities have reached a stage at which the
existence of economically recoverable reserves
may be determined; and
• Assessing whether any indicators of impairment
are present and if so, judgement applied to
determine and quantify any impairment loss.
Our audit procedures included:
• Assessing the Group’s accounting policy for
compliance with accounting standards;
• Ensuring that the right to tenure of the area of
interest is current;
• Testing on sample basis additions to supporting
documentation and checking that the amounts
have been capitalised in accordance with the
Group’s accounting policy and relate to the area of
interest;
• Assessing
evaluating management’s
assessment of whether indicators of impairment
existed as at 30 June 2022;
and
• Assessing
and
evaluating management’s
assessment of the impairment loss recognised for
the year ended 30 June 2022;
• 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
reviewing
budgets and other documentation to gain evidence
that active and significant operations in, or relation
to, the area of interest will be continued in the
future; and
• Assessing the adequacy of the disclosures 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 2022, 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 the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
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/auditors_responsibilities/ar2.pdf. This
description forms part of our auditor's report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30 June 2022.
In our opinion, the Remuneration Report of Aldoro Resources Limited, for the year ended 30 June 2022, 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 PARTNERS
Perth, WA
Dated: 23 September 2022
AIK KONG TING
Partner
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
Corporate Governance Statement
The Board of Directors of Aldoro Resources Limited is responsible for the corporate governance of the Company.
The Board guides and monitors the business and affairs of the Company on behalf of the shareholders by whom
they are elected and accountable. The Board continuously reviews its governance practices to ensure they remain
consistent with the needs of the Company.
The Company complies with each of the recommendations set out in the Australian Securities Exchange Corporate
Governance Council’s Corporate Governance Principles and Recommendations 4th Edition (“the ASX Principles”).
This statement incorporates the disclosures required by the ASX Principles under the headings of the eight core
principles. All of these practices, unless otherwise stated, are in place.
The Company’s Corporate Governance Statement and policies can be
www.aldororesources.com.
found on
its website at
73 | P a g e
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
ASX Additional Information
Additional information required by the Australian Securities Exchange and not shown elsewhere in this Annual Report
is as follows. The information is current as of 23 September 2022.
1. Fully paid ordinary shares
There is a total of 99,587,317 fully paid ordinary shares on issue which are listed on the ASX.
The number of holders of fully paid ordinary shares is 1,833.
•
•
• Holders of fully paid ordinary shares are entitled to participate in dividends and the proceeds on winding up
of the Company.
There are no preference shares on issue.
•
2. Distribution of fully paid ordinary shareholders is as follows:
The number of shareholders, by size of holding, is:
Range
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 - 9,999,999,999
Total
Total holders
102
664
325
625
117
1,833
Units
59,954
1,872,408
2,633,605
20,085,361
74,935,989
99,587,317
% of Issued Capital
0.06%
1.88%
2.64%
20.17%
75.25%
100.00%
3. Holders of non-marketable parcels
Holders of non-marketable parcels are deemed to be those whose shareholding is valued at less than $500.
There are 0 shareholders who hold less than a marketable parcel of shares, amount to 0.00% of issued capital.
4. Substantial shareholders of ordinary fully paid shares
The names of substantial shareholders who have notified the Company in accordance with section 671B of the
Corporations Act 2001 are:
THE PIONEER DEVELOPMENT FUND (AUST) LIMITED
HONGKONG AUSINO INVESTMENT LIMITED
TELL CORPORATION PTY LTD
5. Restricted Securities
Holding Balance
% of Issued
Capital
7,435,989
6,590,000
6,050,000
7.47%
6.62%
6.08%
There are no shares on issue that are subject to voluntary escrow restrictions or mandatory escrow restriction
under ASX Listing Rules Chapter 9.
6. Share buy-backs
There is currently no on-market buyback program for any of Aldoro Resources Limited’s listed securities.
7. Voting rights of Shareholders
All fully paid ordinary shareholders are entitled to vote at any meeting of the members of the Company and their
voting rights are on:
•
•
Show of hands – one vote per shareholders; and
Poll – one vote per fully paid ordinary share.
74 | P a g e
A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
ASX Additional Information
8. Tax Status
The Company is treated as a public company for taxation purposes.
9. Major Shareholders
The Top 20 largest fully paid ordinary shareholders together held 49.89% of the securities in this class and are
listed below:
Rank
Shareholders
Number
Held
Percentage
THE PIONEER DEVELOPMENT FUND (AUST) LIMITED
HONGKONG AUSINO INVESTMENT LIMITED
TELL CORPORATION PTY LTD
HONGKONG AUSINO INVESTMENT LIMITED
RIMOYNE PTY LTD
APERTUS CAPITAL PTY LTD
"NIGHTFALL PTY LTD "
MS JIALING LIU
PAPILLON HOLDINGS PTY LTD
KINGSTON NOMINEES PTY LTD
PACKER ROAD NOMINEES PTY LTD
NIGHTFALL PTY LTD
KALCON INVESTMENTS PTY LTD
1
2
3
4
5
6
7
8
9
10
11
12
13
14 MR STEPHEN STONE
15
16
17
17
17 MR KAI LI
18
19
20
LILLARD PTY LTD
CJC & GC PTY LTD
XCEL CAPITAL PTY LTD
KALCON INVESTMENTS PTY LTD
JOHNSTON SUPER (WA) PTY LTD
BRIGHT WIT CAPITAL PTY LTD
ST BARNABAS INVESTMENTS PTY LTD
Total: Top 20 holders of ORDINARY FULLY PAID SHARES
10. Listed Options
Number of Options
25,532,264
Exercise Price
$0.30
Expiry Date
31 August 2023
Holders
256
7,435,989
6,590,000
6,050,000
4,623,728
2,611,495
2,600,000
2,073,385
1,717,142
1,703,791
1,566,667
1,340,000
1,310,274
1,212,500
1,151,244
1,074,444
1,016,877
1,000,000
1,000,000
1,000,000
907,800
899,409
800,000
49,684,745
7.47%
6.62%
6.08%
4.64%
2.62%
2.61%
2.08%
1.72%
1.71%
1.57%
1.35%
1.32%
1.22%
1.16%
1.08%
1.02%
1.00%
1.00%
1.00%
0.91%
0.90%
0.80%
49.89%
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A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
ASX Additional Information
The Top 20 largest listed option holders together held 67.81% of the securities in this class and are listed below:
Rank
Shareholders
Number
Held
Percentage
2,569,010
2,354,121
2,200,000
1,500,000
1,262,197
1,050,000
1,000,000
895,000
825,000
683,502
500,000
353,823
340,758
330,000
304,367
250,000
240,000
230,000
220,000
206,479
17,314,257
10.06%
9.22%
8.62%
5.87%
4.94%
4.11%
3.92%
3.51%
3.23%
2.68%
1.96%
1.39%
1.33%
1.29%
1.19%
0.98%
0.94%
0.90%
0.86%
0.81%
67.81%
KALCON INVESTMENTS PTY LTD
PAPILLON HOLDINGS PTY LTD
HONGKONG AUSINO INVESTMENT LIMITED
RENEWABLE HOLDINGS PTY LTD
THE PIONEER DEVELOPMENT FUND (AUST) LIMITED
JACK RORY PTY LTD
SALTUS CORPORATE PTY LTD
RIMOYNE PTY LTD
NIGHTFALL PTY LTD
SANGREAL INVESTMENTS PTY LTD
BRIGHT WIT CAPITAL PTY LTD
1
2
3
4
5
6
7
8
9
10
11
12 MR GARY JOHN CAFEARO
13
14
15
16 WILDING RESOURCES PTY LTD
17
18
19
20 MEI LP PTY LTD
PAPILLON HOLDINGS PTY LTD
TELL CORPORATION PTY LTD
TVJ PTY LTD
SACCO DEVELOPMENTS AUSTRALIA PTY LIMITED
PACKER ROAD NOMINEES PTY LTD
S3 CONSORTIUM PTY LTD
Total: Top 20 holders of LISTED OPTIONS EXPIRING 31 AUGUST 2023 @ $0.30
11. Unlisted Options
Number of Options
1,900,000
2,000,000
3,000,000
1,750,000
2,000,000
Exercise Price
$0.225
$0.175
$0.234
$0.50
$0.30
Expiry Date
18 November 2022
9 September 2023
9 September 2023
9 September 2023
9 September 2024
Holders
4
3
4
4
3
12. Franking Credits
The Company has no franking credits.
13. Securities Exchange Listing
Quotation has been granted for all the ordinary shares of the Company on all Member Exchanges of the Australian
Securities Exchange Limited under Security Code ARN.
14. Registered Office
Suite 11, 12, Level 2, 23 Railway Road
Subiaco WA 6008
Telephone: 08 6559 1792
Website: www.aldororesources.com
15. Company Secretary
Ms Sarah Smith
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A n n u a l R e p o r t | 3 0 J u n e 2 0 2 2
ASX Additional Information
16. Share Registry
Automic Share Registry
Level 5, 191 St Georges Terrace
Perth WA 6000
Telephone: 1300 288 664
17.Tenement Schedule
Mining tenement interests held at 23 September 2022 and their location
Western Australia
Tenement
E59/2223
E59/2238
E59/2258
E59/2431
E57/1017
P59/2137
E58/555
E58/571
E36/930
Registered
Holder/Applicant
Gunex Pty Ltd
Gunex Pty Ltd
Gunex Pty Ltd
Altilium Metals Pty Ltd
Aldoro Resources Limited
Aldoro Resources Limited
Trafalgar Resources Pty Ltd
Mining Equities Pty Ltd
Aldoro Resources Limited
Permit Status
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Application
Granted
Grant Date
(Application
Date)
20/07/2017
7/04/2017
6/09/2017
8/02/2021
3/12/2015
26/03/2018
18/02/2022
(28/05/2021)
27/09/2018
Expiry Date
19/07/2022
6/04/2022
5/09/2022
7/02/2026
2/12/2025
25/03/2023
17/02/2027
N/A
26/09/2023
Blocks
(ha)
4
37
63
67
3
(195.84)
16
3
23
Area
(km2)
12.03
104.4
189.4
193.3
9.06
0.02
47.83
9.06
64.4
Interest
Contractual
Rights
100%
100%
100%
100%
100%
100%
100%
100%
100%
77 | P a g e