ALDORO RESOURCES LIMITED
ABN 31 622 990 809
ANNUAL REPORT
YEAR ENDED 30 JUNE 2024
Annual Report | 30 June 2024
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Contents
Corporate Directory
3
Directors' Report
4
Auditor’s Independence Declaration
23
Consolidated Statement of Profit or Loss and Other Comprehensive Income
24
Consolidated Statement of Financial Position
25
Consolidated Statement of Changes in Equity
26
Consolidated Statement of Cash Flows
27
Notes to the Consolidated Financial Statements
28
Consolidated Entity Disclosure Statement
52
Directors' Declaration
53
Independent Auditor’s Report
54
Corporate Governance Statement
58
ASX Additional Information
59
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Corporate Directory
Board of Directors
Lincoln Ho
Non-Executive Director (Resigned 30 August 2024)
Troy Flannery
Mark Mitchell
Non-Executive Director (Resigned 9 April 2024)
Technical Director (Resigned 30 August 2024)
Caigen Wang
Non-Executive Director (Appointed 17 July 2023, Resigned 2 April 2024)
Quinn Li
Non-Executive Chair (Appointed 9 April 2024)
Dr Minlu Fu
Non-Executive Director (Appointed 26 August 2024)
Edwin Bulseco
Non-Executive Director (Appointed 26 August 2024)
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
Saracen Minerals Holdings Limited
Directors Report
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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 2024.
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 Troy Flannery | Non-Executive Director and Chair
(Appointed 26 November 2020, Resigned 9 April 2024)
Mr Flannery has more than 24 years’ experience in the mining industry, including 8 years in corporate and 17 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 year, Mr Flannery held the following directorships in other ASX listed companies:
• Non-Executive Chairman of Aurum Resources Limited (current);
• Non-Executive Chairman of Red Mountain Resources Limited (resigned June 2024)
Mr Lincoln Ho | Non-Executive Director
(Appointed 26 November 2020, Resigned 30 August 2024)
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 (resigned 15 August 2024);
• Non-Executive Director of Redcastle Resources Limited (current)
Mr Mark Mitchell | Technical Director
(Appointed 11 March 2022, Resigned 30 August 2024)
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.
During the past three years, Mr Mitchell held no other directorships in other ASX listed companies.
Ms Quinn Li | Non-Executive Chair
(Appointed 9 April 2024)
Ms Li, one of the Company's largest shareholders, is a corporate executive with more than 20 years of experience in the
resources and development sectors. Ms Li has considerable expertise in asset divestment and project financing having
led a number of significant asset sales on behalf of listed companies which ensured appropriate value recognition for
shareholders.
During the past three years, Ms Li held no other directorships in other ASX listed companies.
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Directors’ Report
Mr Caigen Wang | Non-Executive Director
(Appointed 17 July 2023, Resigned 2 April 2024)
Dr Wang has a successful track record in generating returns for shareholders and “discovery-to-mine” execution as
evidenced by the founding of Tietto in 2010 following a long career as a mining engineer, mining academic and mine
manager in Australia, Canada and China. Earlier in his career, Dr Wang spent 7 years as a lecturer and associate professor
at the China University of Mining and Technology and 6 years in Western Australian School of Mines and University of
Alberta as research fellow/associate. During his time as founder at Tietto, Dr Wang led the Company’s ASX listing as an
explorer at a valuation of circa $30 million to its current market capitalisation of circa $600 million reflecting it being
Africa’s newest gold producer with gold production forecast of over 200,000 oz per annum at its Abujar Gold Mine in
Côte D’Ivoire. In addition, Dr Wang was previously CEO of Ishine Resources, an ASX-listed explorer with multiple
Australian exploration projects. He also held senior positions as a mining engineer for St Barbara, BHP, Hunan
Westralian and Sons of Gwalia. Dr Wang holds a Bachelor, Master and PhD in Mining Engineering and is a fellow of
AusIMM.
During the past three years, Mr Ho held the following directorships in other ASX listed companies:
• Managing Director of Tietto Minerals Limited (resigned May 2023)
• Non-Executive Director of Aurum Resources Limited (current)
Dr Minlu Fu | Non-Executive Director
(Appointed 26 August 2024)
Dr Fu is a highly accomplished geologist who received his PhD from La Trobe University in 1989. He has significant
maiden exploration success which includes the West Musgrave nickel deposit (Western Australia), the Tampakan copper
gold deposit (Philippines), and the Ernest Henry copper-gold deposit (Queensland). Notably, Ernest Henry is one of
Australia's largest, long-life, low-cost copper-gold projects.
Further to Dr Fu's technical involvement with a number of successful ASX listed companies he has also been instrumental
in the discovery of the Jinxi-Yelmand epithermal gold deposit, the Huangtupo VMS copper, zinc, gold and silver deposit,
the Jinhe copper-gold deposit, the South copper-gold deposit and the Huangtan volcanogenic gold deposit, all of which
are based in Xinjiang -PRC.
During the past three years, Dr Fu held no other directorships in other ASX listed companies.
Mr Edwin Bulseco | Non-Executive Director
(Appointed 26 August 2024)
Edwin is the principal and founder of a Boutique Corporate advisory based in Perth specialising in emerging companies
across a broad range of sectors including resources, energy, technology and industrials. His experience has been focused
on key investment banking activities having completed several IPO’s, capital raisings and acquisitions. Edwin has been
involved in successfully growing a number of micro-caps into ASX 300 entities.
Prior to working in corporate advisory, Edwin worked internationally in Africa and Asia for a global E&P company in
commercial and strategy roles on multi-billion dollar energy projects. Edwin has had previous Director experience across
a number of ASX listed resource companies and holds a Bachelor of Commerce Degree graduating with Merit.
During the past three years, Mr Bulesco held no other directorships in other ASX listed companies.
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Directors’ Report
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 13 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
Ordinary Shares
Unlisted Options
Mr Lincoln Ho*
-
-
Ms Quinn Li
4,773,131
1,809,523
Dr Minlu Fu
22,498,013
-
Edwin Bulseco
4,843,033
3,286,111
Mr Troy Flannery*
-
-
Mr Mark Mitchell*
-
-
Mr Caigen Wang*
-
-
Total
32,114,177
5,095,634
*Not applicable as these are no longer a director as at the date of this report.
PRINCIPAL ACTIVITIES
Aldoro Resources Limited is a mineral exploration and development company. Aldoro has a collection of rare earths and
nickel focused exploration projects all located in Western Australia and Namibia.
REVIEW AND RESULTS OF OPERATIONS
Overview
Aldoro Resources Limited is an ASX-listed (ASX:ARN) mineral exploration and development company and has three
Australian project areas, Narndee (Ni-Cu-PGE), Niobe (Rb-Li) and Wyemandoo (Rb-Li-W, and Ni-Cu-PGE-Au) and one
Namibian project, Kameelburg (REE-Nb). During the audit period exploration continued over all projects as highlighted
below.
Kameelburg REE & Niobium Project - Namibia
Aldoro’s current flagship project is the Kameelburg REE-Niobium Carbonatite Project based in Namibia. During the
year, exploration focused over the Kameelburg Project with metallurgical bench testing continuing and geological
mapping and sampling in two areas for Niobium and REE. Preparations are underway for a 2,000m diamond drilling
program targeting the Niobium and REE rich zones in the Niobium and REE rich zones in the carbonatite.
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Directors’ Report
Niobium Dykes
Ground investigations into the Niobium dyke area located on the southwestern flank of the carbonatite continued with
the collection of rock chip samples. Results for these samples ranged from 5.44% to 10.38% Nb2O5. This provides
additional confidence to previous niobium findings (see announcements dated 28 February 2024 and 27 December
2023).
Geological Mapping and Rock Chip Sampling
Geological mapping continued along the southern flank of the carbonatite targeting the numerous beforsite dykes which
are known to contain significant REE contents. As part of the mapping, rock chip samples are collected in an attempt to
sample all the beforsite dykes to assist in understand the distribution of REE and aid in the drilling program.
Preparations for Maiden Niobium Drilling Progressing
The current campaign in prominent scale geological mapping and rock chip sampling will form the basis in targeting drill
collars for the upcoming maiden 2000m diamond drilling programme. The initial diamond drilling programme will
primarily focus on the Kameelburg niobium rich dykes, located at the south-west periphery of the large Kameelburg
carbonatite and will include some test holes into the beforsite dykes. Track work has now completed major access
routes to the Nb dykes, the water bores and the southern margin of the carbonatite.
Ground EM and SP geophysical surveys were conducted over areas identified as potential bore sites, one fault-controlled
drainage and the other a sovite-syenite contact. Both sites were drilled with KF1 producing 5 cubic metres per hour and
site KF2 producing 35 cubic metres per hour. Tracks have been cut into both and the bore will supply water access for
the Company’s upcoming maiden diamond drilling programme.
Figure 2 displays the access tracks and water bore locations relative to the proposed drill areas. Collar sites are currently
being planned.
Figure 1: Metallurgical sample locations within the Kameelburg Carbonatite.
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Directors’ Report
Figure 3: Site infrastructure
Carbonatite Metallurgy
Aldoro is conducting several streams of metallurgical bench testing, two in Perth at Bureau Veritas and Auralia, under to
guidance of an independent metallurgist and two in China at Central South University and Shenghe Resources Holding
Co., a large manufacturer of rare earth products.
The latest niobium recovery results completed by Bureau Veritas Minerals (Perth) became available (ASX announcement
15 July 2024). The initial beneficiation phase comprised of an open cycle of crushing, grinding, magnetic separation, acid
wash and floatation. The processes resulted in an upgrade of the head feed of 0.74% Nb2O5 to 5.5% Nb2O5, a multiple
of 10.6 times with a 62.4% recovery rate of Nb2O5. The recovery rate and upgrade values are considered encouraging in
the initial test phase.
Additional Metallurgical Testing Stream
Aldoro also added another Metallurgical Testing stream and has entered into an engagement with Dr. Zhiguo He of the
Central South University of China to undertake a commercialisation review on the extraction of REE and Niobium
minerals contained within the Company’s flagship Kameelburg Project. The review will encompass processing and
beneficiation of both Project Mineralisation and provide Aldoro two processes being:
1. The beneficiation process that delivers a high recovery rate of contained REE and Niobium.
2. The beneficiation process that produces a commercial grade concentrate of REE and Niobium from within the
contained mineralisation.
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Directors’ Report
Wyemandoo Project
At Wyemandoo further rock sampling was completed during the year while passive seismic surveying was completed by
Fleet Space Technologies over the two key areas where rock chip sampling had reported Li2O and Rb up to 2.6% and
1.8% respectively.
An additional 85 rock chip samples were collected targeting dykes not previously sampled. The distribution of the newly
acquired samples is shown in Figure 5. Samples will be screened and those considered mineralised be sent for wet
chemistry.
During the period the passive seismic surveys (ANT) were completed and included a preliminary interpretation
conducted by Fleetspace. The surveys covered two areas with mapped samples and drilled pegmatites that host lithium
and rubidium mineralisation. The objectives of the surveys were to locate pegmatites with reasonable thickness and
identify the main feeders to the dykes and sills and their controlling structures.
The survey data interpretation found that.
•
The seismic data does map out the host rocks and controlling structures, but not the individual pegmatites.
•
Ground conditions produced very high velocity waves and inversion techniques could not resolve the shallow
pegmatites, being less than 20m in thickness, due to the low contrast signals.
•
A seismic and magnetic feature to the SE of the pegmatite outcrop in the SW block suggests a wider and deeper
feature of interest where feeders > 20m thick may exist. Sampling and mapping surveys have not been carried out
in this area with ground investigation recommended.
•
Velocity models identified structural zones interpreted as being related to deep regional faults.
•
Faults crosscutting the ENE strike of the outcropping pegmatites are interpreted as possible conduits for the fluids
emanating from the parental granites.
•
The NE survey at 150m depth reveals a N-S low velocity zone cutting through the ENE-NE trending geological fabric
and has been interpreted as a possible fault.
Niobe Project
The Company is continuing to progress the transition of its Niobe Rubidium-Lithium resource tenement from
Prospecting Licence (P57/2137) to granted Mining Licence (M59/775).
The Niobe Project is 100% owned and is located 80km by road northwest of Mount Magnet, Western Australia. The
Niobe Rubidium-Lithium Project consists of a cluster of pegmatite dykes that stretch across the 1.4km width of the
prospecting licence P59/2137 and 6 named pegmatitic bodies have been identified with four consisting of multiple
stacked dykes. An inferred Mineral Resource estimate of 4.615Mt @ 0.17% Rb2O and 0.07% Li2O has been declared
(JORC 2012 Code) and using a cut-off grade of 0.05% Rb2O, ASX: 12/10/2022.
Narndee
During the second half of 2023, diamond drilling was completed over 3 IP anomaly sites with 5 holes for 1,769.5m and
RC drilling completed in two areas with 24 holes for 1,548m. The IP anomalies were the Northern, West and Trough
Targets, the latter being the interpreted offset to the VC01 mineralisation. Two further holes were attempted to drill
across the Trough Target to test the VC01 offset, however both had to be abandoned after intersecting extensive
cavities.
The Northern Target was drilled with NDD0030 testing a large chargeability high with a discrete moderate resistivity
signal located on a steep gradient of a magnetic high which was interpreted as a possible sulphide bearing contact
zone. The drill core intersected two (2) zones with visible sulphides across ultramafic/mafic rock contacts from 117.1 –
126.8m over an initial ultramafic-mafic contact and 384.8 – 394m over a second ultramafic-mafic contact boundary.
The sulphides were disseminated in nature and identified as generally pyritic. Analytical results indicated Ni values up
to 0.3% (ASX:ARN 25 August 2023) which are considered low in tenor.
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Directors’ Report
Forward Work Program
Wyemandoo
-
Investigate the southern anomaly identified by the Passive Seismic surveying.
-
Investigate the potential for other minerals include tungsten and gold.
Kameelburg
-
Progression of refining the REE and Niobium metallurgy test work.
-
Continue to geologically map out the high REE & Niobium dykes using the pXRF and analytical samples to assist
in building a 2D model of the mineralisation for drill collar placement and 3D modelling.
-
Progression of finalising diamond drill rig and recruitment of relevant personnel.
-
Progression of Trench Sampling and Ground Magnetic Survey to identify the potential drilling plan.
Niobe
-
Progress the grant of the mining lease application through Native Title royalty agreement.
Narndee
-
The Narndee project is currently undergoing review to identify any areas or residual potential for base metals
and gold.
CORPORATE
In April, Mr Caigen Wang and Mr Troy Flannery resigned from the Board. Ms Liqun Li (Quinn) was appointed as the
Company's Non-Executive Chairwoman.
Environmental, Social and Governance Framework Adopted
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 17 July 2023, based upon shareholders’ approval, the Company issued 200,000 ordinary shares priced at $0.175, in
total raised $35,000, to Directors for their participation in the April Placement, and 4,500,000 incentive options. The
options are expiring 9 June 2026 with the strike price at $0.25. At the same time the company issued 3,500,000 broker
options to Xcel Capital for its Lead Manager services provided in relation to the April 2023 Placement.
On 29 September 2023, the Company announced an Options placement offer. This was ultimately withdrawn.
Financial Performance
The financial results of the Group for the year ended 30 June 2024 and period ended 30 June 2023 are:
30-June-24
30-June-23
$
$
Cash and cash equivalents
542,875
2,898,037
Net Assets
11,245,715
12,740,487
Other Income
134,077
222,642
Net loss after tax
(1,786,283)
(4,564,479)
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Directors’ Report
Business risk
The Group makes every effort to identify materials risks and to manage these effectively. This section does not attempt
to provide an exhaustive list of risks faced by the Group or by investors in the Group, nor are they in order of significance.
Actual events may be different to those described.
The Board aims to manage these risks by carefully planning its activities and implementing risk control measures.
Some of the risks are, however, highly unpredictable and the extent to which the Board can effectively manage them
is limited.
a)
Tenure and access risk
Applications
While the Company does not anticipate there to be any issues with the grant of its Tenement application, there can
be no assurance that the application (or any future applications) will be granted. While the Company considers the
risk to be low, there can also be no assurance that when the relevant tenement is granted, it will be granted in its
entirety. Some of the tenement areas applied for may be excluded.
Renewal
Mining and exploration tenements are subject to periodic renewal. The renewal of the term of granted tenements
is subject to the discretion of the relevant authority. Renewal conditions may include increased expenditure and
work commitments or compulsory relinquishment of areas of the tenements. The imposition of new conditions or
the inability to meet those conditions may adversely affect the operations, financial position and/or performance of
the Company.
Access
A number of the tenements overlap certain third party interests that may limit the Company’s ability to conduct
exploration and mining activities, including private land, Crown Reserves, areas on which native title is yet to be
determined and other forms of tenure for railways, pipelines and similar third party interests.
Where the Project overlaps private land, exploration and mining activity on the Project may require authorisation or
consent from the owners of that land. The Company is not required to enter into land access agreements to undertake
its proposed exploration program on the Tenements. However, the Company intends to carry out heritage clearance
surveys before implementing its proposed exploration program. The Company’s current proposed exploration program
is not impacted by the known sites of registered aboriginal heritage significance.
b) Exploration Risk
Potential investors should understand that mineral exploration and development are high-risk undertakings. There
can be no assurance that exploration of the Project, or any other tenements that may be acquired in the future, will
result in the discovery of an economic ore deposit. Even if an apparently viable deposit is identified, there is no
guarantee that it can be economically exploited.
The success of the Company will also depend upon the Company having access to sufficient development capital, being
able to maintain title to its projects and obtaining all required approvals for its activities. In the event that exploration
programmes prove to be unsuccessful this could lead to a diminution in the value of the Tenements, a reduction in the
cash reserves of the Company and possible relinquishment of its projects.
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Directors’ Report
Business risk (continued)
c)
Climate Change
The operations and activities of the Company are subject to changes to local or international compliance regulations
related to climate change mitigation efforts, specific taxation or penalties for carbon emissions or environmental
damage and other possible restraints on industry that may further impact the Company. While the Company will
endeavour to manage these risks and limit any consequential impacts, there can be no guarantee that the Company will
not be impacted by these occurrences.
Climate change may also cause certain physical and environmental risks that cannot be predicted by the Company,
including events such as increased severity of weather patterns, incidence of extreme weather events and longer-term
physical risks such as shifting climate patterns. All these risks associated with climate change may significantly change
the industry in which the Company operates.
d)
Reliance on Key Personnel
The Company’s future depends, in part, on its ability to attract and retain key personnel. It may not be able to hire and
retain such personnel at compensation levels consistent with its existing compensation and salary structure. Its future
also depends on the continued contributions of its key management and technical personnel, the loss of whose services
would be difficult to replace. In addition, the inability to continue to attract appropriately qualified personnel could
have a material adverse effect on the Company’s business.
e)
Environmental
The operations and proposed activities of the Company are subject to Australian laws and regulations concerning the
environment. As with most exploration projects and mining operations, the Company’s activities are expected to have
an impact on the environment, particularly if advanced exploration or mine development proceeds. It is the Company’s
intention to conduct its activities to the highest standard of environmental obligation, including compliance with all
environmental laws.
The disposal of mining and process waste and mine water discharge are under constant legislative scrutiny and
regulation. There is a risk that environmental laws and regulations become more onerous making the Company’s
operations more expensive. Approvals are required for land clearing and for ground disturbing activities. Delays in
obtaining such approvals can result in the delay to anticipated exploration programmes or mining activities.
f)
Native title
The Native Title Act recognises and protects the rights and interests in Australia of Aboriginal and Torres Strait Islander
people in land and waters, according to their traditional laws and customs. There is significant uncertainty associated
with Native Title in Australia and this may impact on the Company's operations and future plans.
The Company is not required to enter into land access agreements to undertake its proposed exploration program on
the Tenements. However, the Company intends to carry out heritage clearance surveys before implementing its
proposed exploration program. The Company’s current proposed exploration program is not impacted by the known
sites of registered aboriginal heritage significance.
g)
Economic
General economic conditions, introduction of tax reform, new legislation, movements in interest and inflation rates and
currency exchange rates may have an adverse effect on the Company, as well as on its ability to fund its operations.
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Directors’ Report
Business risk (continued)
h)
Additional requirements for capital
The Company’s capital requirements depend on numerous factors. The Company may require further financing in
addition to amounts raised under the Offer. Any additional equity financing will dilute shareholdings, and debt
financing, if available, may involve restrictions on financing and operating activities. If the Company is unable to obtain
additional financing as needed, it may be required to reduce the scope of its operations. There is however no guarantee
that the Company will be able to secure any additional funding or be able to secure funding on terms favourable to the
Company.
DIVIDENDS
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 7.
MATTERS SUBSEQUENT TO THE REPORTING YEAR
On 22 July 2024, the Company announced a non-renounceable Loyalty Option Entitlement Offer of one (1) Option for
every four (4) fully paid ordinary shares held by those holders of Shares at the record date with registered addresses in
Australia, New Zealand and Singapore at an issue price of $0.02 per loyalty option to raise up to $673,119 before costs.
Each Loyalty Option will be exercisable at $0.12 on or before 1 June 2029. In addition, the Company will issue 5,000,000
options (on the same terms and conditions as the Loyalty Options) subject to shareholder approval, to Ms Quinn Li (or
her nominees) at an issue price of $0.001 per Option to raise up to $5,000.
On 26 August 2024 Dr Minlu Fu and Mr Edwin Bulseco joined the Aldoro board as non-executive Directors of the
Company.
Directors Mark Mitchell and Lincoln Ho resigned on 30th August 2024.
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 focusing on the current flagship
project that of Kameelburg REE-Niobium Carbonatite Project based in Namibia. The Company will continue to explore
its projects with extensive drilling which is underway.
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Directors’ Report
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
Number Eligible
to Attend
Number
Attended
Mr Troy Flannery
1
1
Mr Lincoln Ho
2
2
Mr Mark Mitchell
2
2
Mr Caigen Wang
-
-
Ms Quinn Li
1
1
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 2024 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:
Troy Flannery
Mark Mitchell
Non-Executive Director
Technical Director
Lincoln Ho
Non-Executive Director
Quinn Li
Non-Executive Chair
Caigen Wang
Non-Executive Director
Dr Minlu Fu
Non-Executive Director
Edwin Bulseco
Non-Executive Director
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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Directors’ Report
The Remuneration Report is set out under the following main headings:
A
Remuneration Philosophy
B
Remuneration Governance, Structure and Approvals
C
Remuneration and Performance
D
Details of Remuneration
E
Contractual Arrangements
F
Share-based Compensation
G
Equity Instruments Issued on Exercise of Remuneration Options
H
Voting and comments made at the Company’s 2020 Annual General Meeting
I
Loans with KMP
J
Other Transactions with KMP
K
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”.
Annual Report | 30 June 2024
16 | P a g e
Directors’ Report
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;
•
Executives who will create value for shareholders;
•
Competitive remuneration offered benchmarked against the external market; and
•
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 2024 and 30 June 2023.
30-Jun-24
30-Jun-23
Other Income ($)
134,077
222,642
Net loss after tax ($)
(1,786,283)
(4,564,479)
EPS (c)
(1.33)
(4.04)
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.
Annual Report | 30 June 2024
17 | P a g e
Directors’ Report
a)
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.
b)
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.
c)
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 2024 and 30 June 2023 are set out below:
30 June 2024
Short-term Employee Benefits
Post-
Employment
Share Based
Payments
Total
Salary & fees
Other
Bonus
Superannuation
Options
$
$
$
$
$
$
Directors
Mr Lincoln Ho
57,965
-
-
5,940
29,902
93,807
Mr Mark Mitchell
86,681
-
-
5,940
119,608
212,229
Ms Quinn Li (i)
13,050
-
-
1,436
-
14,486
Mr Troy Flannery (ii)
62,176
-
-
4,604
119,608
186,388
Mr Caigen Wang (iii)
38,250
-
-
4,208
-
42,458
Total
258,122
-
-
22,128
269,118
549,368
(i)
Represents remuneration from 9 April 2024 to 30 June 2024.
(ii) Represents remuneration from 1 July 2023 to 27 April 2024.
(iii) Represents remuneration from 17 July 2023 to 27 April 2024.
Annual Report | 30 June 2024
18 | P a g e
Directors’ Report
30 June 2023
Short-term Employee Benefits
Post-
Employment
Share
Based
Payments
Total
Salary &
fees
Other
Bonus
Superannuation
Options
$
$
$
$
$
$
Directors
Mr Lincoln Ho
59,525
-
-
5,670
-
65,195
Mr Troy Flannery
91,085
-
-
5,670
-
96,755
Mr Mark Mitchell
84,168
-
-
5,958
-
90,126
Total
234,778
-
-
17,298
-
252,076
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
Fixed Remuneration
At Risk – STI (%)
At Risk – LTI (%)
Name
2024
2023
2024
2023
2024
2023
Directors
Mr Troy Flannery
37%
100%
-
-
-
-
Mr Mark Mitchell
44%
100%
-
-
-
-
Mr Lincoln Ho
68%
100%
-
-
-
-
Ms Quinn Li
100%
-
-
-
-
-
Mr Caigen Wang
100%
-
-
-
-
-
Table 3 – Shareholdings of KMP (direct and indirect holdings)
30 June 2024
Balance at
01/07/2023
Granted
On Exercise of
Options
Net Change –
Other (i)
Balance at
30/06/2024
Directors
Mr Troy Flannery
350,000
100,000 (ii)
-
(450,000)
-
Mr Mark Mitchell
-
-
-
-
-
Mr Lincoln Ho
287,000
163,000 (iii)
-
-
450,000
Ms Quinn Li
-
-
-
4,773,131
4,773,131
Total
637,000
263,000
-
4,323,131
5,223,131
(i) Balance on appointment / resignation as director.
(ii) Participation in the April 2023 Placement, Mr Flannery was issued with 100,000 shares upon shareholders'
approval.
(iii) Participation in the April 2023 Placement, Mr Ho was issued with 100,000 shares upon shareholders' approval.
On 25 August 2023 Mr Ho purchased 63,000 shares on market.
Table 4 – Options of KMP (direct and indirect holdings)
30 June 2024
Balance at
01/07/2023
Granted
Expired
Net Change
– Other (i)
Balance at
30/06/2024
Vested &
Exercisable
Directors
Mr Troy Flannery
1,075,000
2,050,000 (ii)
(1,050,000)
(2,075,000)
-
-
Mr Mark Mitchell
-
2,000,000 (iii)
-
-
2,000,000
2,000,000
Mr Lincoln Ho
1,050,000
550,000 (iv)
(1,025,000)
-
575,000
575,000
Ms Quinn Li
-
-
-
1,809,523
1,809,523
1,809,523
Total
2,125,000
4,600,000
(2,075,000)
(265,477)
4,384,523
4,384,523
Annual Report | 30 June 2024
19 | P a g e
Directors’ Report
(i)
Balance on appointment / resignation as director.
(ii) Participation in the April 2023 Placement, Mr Flannery was issued with 50,000 unlisted options free attaching to
the Placement shares issued on a 1:2 basis; Mr Flannery was issued with 2,000,000 unlisted director incentive
options.
(iii) Participation in the April 2023 Placement, Mr Ho was issued with 50,000 unlisted options free attaching to the
Placement shares issued on a 1:2 basis; Mr Ho was issued with 500,000 unlisted director incentive options.
(iv) Mr Mitchell was issued with 2,000,000 unlisted director incentive options which were approved by shareholders
on 17 July 2023.
E
Contractual Arrangements
Troy Flannery – Non‐Executive Director
-
Contract: Contract commenced on 26 November 2020.
-
Director’s Fee: $54,000 (plus statutory superannuation entitlements).
-
Term: See Note 1 below for details pertaining to re-appointment and termination.
Mark Mitchell– Technical Director
-
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.
Lincoln Ho – Non‐Executive Director
-
Contract: Contract commenced on 26 November 2020.
-
Director’s Fee: $54,000 (plus statutory superannuation entitlements).
-
Term: See Note 1 below for details pertaining to re-appointment and termination.
Quinn Li – Non‐Executive Chair
-
Contract: Contract commenced on 9 April 2024.
-
Director’s Fee: $54,000 (plus statutory superannuation entitlements).
-
Term: See Note 1 below for details pertaining to re-appointment and termination.
Caigen Wang – Non‐Executive Director
-
Contract: Contract commenced on 17 July 2023.
-
Director’s Fee: $54,000 (plus statutory superannuation entitlements).
-
Term: See Note 1 below for details pertaining to re-appointment and termination.
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.
Annual Report | 30 June 2024
20 | P a g e
Directors’ Report
Options
The terms and conditions of each grant of options over ordinary shares affecting remuneration of directors and other
key management personnel in this financial year or future reporting years are as follows:
Name
No. of
Options
granted
Grant date
Vesting
date
Expiry date
Exercise
price
Fair value per
option at
grant date
Mr Troy Flannery
2,000,000
17 July 2023
17 July 2023
9 June 2026
25c
5.98c
Mr Mark Mitchell
2,000,000
17 July 2023
17 July 2023
9 June 2026
25c
5.98c
Mr Lincoln Ho
500,000
17 July 2023
17 July 2023
9 June 2026
25c
5.98c
Options granted carry no dividend or voting rights.
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 2023 Annual General Meeting (‘AGM’)
At the 2023 AGM, 99.17% of the votes received supported the adoption of the Remuneration Report for the year ended
30 June 2023. The Company did not receive any specific feedback at the AGM 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 2024 (2023: Nil).
There were no loans from any KMP during the year ended 30 June 2024 (2023: Nil).
J
Other Transactions with KMP
During the year, the Group incurred geological consulting fees, payable to 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. The group incurred rental fees payable
to Red Mountain Resources (a company of which Lincon Ho was a director).
2024
$
Jack Rory Pty Ltd
20,326
Saltus Corporate Pty Ltd
3,965
Mark Mitchell
32,681
Red Mountain Resources
36,000
All transactions were made on normal commercial terms and conditions and at market rates.
At 30 June 2024 $9,900 remained payable to Red Mountain Resources and included in trade payables.
There were no other transactions with KMP during the year ended 30 June 2024.
Use of remuneration consultants
During the financial year ended 30 June 2024, the Company did not engage any remuneration consultants.
Annual Report | 30 June 2024
21 | P a g e
Directors’ Report
K
Additional Information
The earnings of the Group for the five years to 30 June 2024 are summarised below.
2024
2023
2022
2021
2020
$
$
$
$
$
Other income
134,077
222,642
40,762
65,616
96,022
EBITDA
(1,762,472)
(4,538,532)
(2,240,313)
(2,637,016)
(1,909,662)
EBIT
(1,803,175)
(4,581,670)
(2,274,061)
(2,637,016)
(1,909,662)
Loss after income tax
(1,786,283)
(4,564,479)
(2,274,796)
(2,644,984)
(1,863,640)
Share Price ($)
0.070
0.105
0.125
0.305
0.077
EPS ($)
(0.01)
(0.04)
(0.03)
(0.04)
(0.04)
[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
There are no officers of the Company who are former partners of RSM Australia.
SHARES UNDER OPTION
At the date of this report there were the following unissued ordinary shares for which options are outstanding:
(i) 18,855,714 unlisted options expiring on 9 September 2026, exercisable at $0.25
SHARE ISSUED ON THE EXERCISE OF OPTIONS
During the year ended 30 June 2024 and up to the date of this report there were no options exercised.
Annual Report | 30 June 2024
22 | P a g e
Directors’ Report
ROUNDING OF AMOUNTS
The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and
Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with
that Corporations Instrument to the nearest dollar.
AUDITOR’S INDEPENDENCE REPORT
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set
out immediately after this directors' report.
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 23 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.
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
Quinn Li
Non-Executive Chair
25 September 2024
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the
members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm
which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Aldoro Resources Limited for the year ended 30 June 2024,
I declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
The auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
Any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA
Perth, WA
AIK KONG TING
Dated: 25 September 2024
Partner
Annual Report | 30 June 2024
24 | P a g e
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Financial Year Ended 30 June 2024
Note
2024
2023
$
$
Revenue from continuing operations
Other income
4
134,077
222,642
Unrealised gain from financial assets
11
925,000
125,000
Expenses
Administrative expenses
5(a)
(272,347)
(229,783)
Advertising and marketing
(73,458)
(21,229)
Compliance and regulatory expenses
(70,940)
(105,041)
Consulting and legal fees
5(b)
(156,730)
(155,283)
Employee benefit expenses
5(c)
(226,778)
(376,281)
Impairment expense
10
(1,093,199)
(3,640,353)
Investor relations expense
(2,816)
-
Exploration consulting fee
(72,900)
(110,744)
Occupancy expenses
(36,000)
(36,000)
Share-based payments expense
18
(269,118)
-
Exploration Expenditures
(368,618)
(158,894)
Other expenses
(62,531)
(78,513)
Loss on sale of asset
(139,925)
-
Loss from continuing operations before income tax
(1,786,283)
(4,564,479)
Income tax expense
6
-
-
Loss from continuing operations after income tax
(1,786,283)
(4,564,479)
Other comprehensive income
Other comprehensive income for the year, net of income tax
-
-
Other comprehensive income for the year, net of tax
-
-
Total comprehensive loss attributable to the members of Aldoro
Resources Limited
(1,786,283)
(4,564,479)
Loss per share for the year attributable to the members Aldoro
Resources Limited:
Basic loss per share (c)
7
(1.33)
(4.04)
Diluted loss per share (c)
7
(1.33)
(4.04)
The Consolidated Statement of Profit or Loss and Other Comprehensive Income should be
read in conjunction with the notes to the financial statements.
Annual Report | 30 June 2024
25 | P a g e
Consolidated Statement of Financial Position
As at 30 June 2024
Note
2024
2023
$
$
ASSETS
Current assets
Cash and cash equivalents
8
542,875
2,898,037
Trade and other receivables
9
51,950
158,138
Total current assets
594,825
3,056,175
Non-current assets
Exploration and evaluation expenditure
10
9,082,554
9,158,957
Property, plant and equipment
12
60,475
265,377
Financial assets at fair value through profit or loss
11,16
1,675,000
750,000
Total non-current assets
10,818,029
10,174,334
Total assets
11,412,854
13,230,509
LIABILITIES
Current liabilities
Trade and other payables
13
167,139
490,022
Total current liabilities
167,139
490,022
Total liabilities
167,139
490,022
Net assets
11,245,715
12,740,487
EQUITY
Issued Capital
14
21,917,581
22,118,881
Reserves
25
957,401
2,536,320
Accumulated losses
26
(11,629,267)
(11,914,714)
Total equity
11,245,715
12,740,487
The Consolidated Statement of Financial Position should be
read in conjunction with the notes to the financial statements.
Annual Report | 30 June 2024
26 | P a g e
Consolidated Statement of Changes in Equity
For the Financial Year Ended 30 June 2024
Issued Capital
Reserves
Accumulated
Losses
Total
$
$
$
$
At 1 July 2023
22,118,881
2,536,320
(11,914,714)
12,740,487
Loss for the year
-
-
(1,786,283)
(1,786,283)
Total comprehensive loss for the year after tax
-
-
(1,786,283)
(1,786,283)
Transactions with owners in their capacity as
owners
Issue of share capital
35,000
-
-
35,000
Share issue costs
(236,300)
223,693
-
(12,607)
Share-based payments
-
269,118
-
269,118
Expiry of options
(2,071,730)
2,071,730
-
At 30 June 2024
21,917,581
957,401
(11,629,267)
11,245,715
At 1 July 2022
16,128,558
2,071,730
(7,350,235)
10,850,053
Loss for the year
-
-
(4,564,479)
(4,564,479)
Total comprehensive loss for the year after tax
-
-
(4,564,479)
(4,564,479)
Transactions with owners in their capacity as
owners
Issue of share capital
6,912,125
-
-
6,912,125
Share issue costs
(921,802)
-
-
(921,802)
Share-based payments
-
464,590
-
464,590
At 30 June 2023
22,118,881
2,536,320
(11,914,714)
12,740,487
The Consolidated Statement of Changes in Equity should be read
in conjunction with the notes to the financial statements.
Annual Report | 30 June 2024
27 | P a g e
Consolidated Statement of Cash Flows
For the Financial Year Ended 30 June 2024
Note
2024
2023
$
$
Cash flows from operating activities
Payments to suppliers and employees
(830,371)
(771,296)
Interest received
17,165
17,189
Other income
116,912
-
Net cash used in operating activities
8(a)
(696,294)
(754,107)
Cash flows from investing activities
Payments for exploration and evaluation costs
(1,705,535)
(4,482,126)
Payments for plant and equipment
12
(726)
-
Proceeds from sale of plant & equipment
25,000
Loans to other entities
-
5,370
Proceeds from sale of exploration tenements
-
20,000
Payments for purchase of exploration tenements
-
(41,300)
Net cash used in investing activities
(1,681,261)
(4,498,056)
Cash flows from financing activities
Proceeds from issue of shares
35,000
6,727,000
Share issue costs
(12,607)
(457,212)
Net cash from financing activities
22,393
6,269,788
Net increase/(decrease) in cash and cash equivalents
(2,355,162)
1,017,625
Cash and cash equivalents at the beginning of the year
2,898,037
1,880,412
Cash and cash equivalents at the end of the year
8
542,875
2,898,037
The Consolidated Statement of Cash Flows should be
read in conjunction with the notes to the financial statements.
Annual Report | 30 June 2024
28 | P a g e
Notes to the Consolidated Financial Statements
NOTE 1
MATERIAL ACCOUNTING POLICY INFORMATION
(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 2024 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 25 September 2024.
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 27.
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 2024. 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.
Annual Report | 30 June 2024
29 | P a g e
Notes to the Consolidated Financial Statements
NOTE 1
MATERIAL ACCOUNTING POLICY INFORMATION (continued)
Going Concern
As disclosed in the financial statements, the Group incurred a loss of $1,786,283, including an exploration
impairment expense of $1,093,199, and had net cash outflows from operating and investing activities of
$696,294 and $1,681,261 respectively for the year ended 30 June 2024. As at that date, the Group has net current
assets of $427,686, including cash balance of $542,875.
While the conditions above indicates a material uncertainty which may cast significant doubt over the Group’s
ability to continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities
in the normal course of business and at the amounts stated in the financial report, the Directors believe that it is
reasonably foreseeable that the Group will continue as a going concern and that it is appropriate to adopt the
going concern basis in the preparation of the financial report due to the following factors:
•
Subsequent to year end the Group successfully completed a non-renounceable Loyalty Option Entitlement
Offer raising $673,119 before costs;
•
The Group has the ability to raise additional capital through the issue of equity; and
•
The Group, if required, plans to scale down its operations during the next 12 months, including corporate
overheads, in order to curtail expenditure, to ensure the Group has sufficient cash available to meet
committed expenditure.
On this basis, the Directors are of the opinion that the financial statements should be prepared on a going
concern basis.
The financial report does not include any adjustments relating to the amounts or classification of recorded assets
or liabilities that might be necessary if the Group does not continue as a going concern.
(i)
Comparatives
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in
presentation for the current financial year.
(ii)
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 2024 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 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.
Annual Report | 30 June 2024
30 | P a g e
Notes to the Consolidated Financial Statements
NOTE 1
MATERIAL ACCOUNTING POLICY INFORMATION (continued)
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.
(iii)
Functional and presentation currency
The consolidated financial statements have been presented in Australian dollars, which is the Group’s functional
currency.
(iv)
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.
(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.
Annual Report | 30 June 2024
31 | P a g e
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.
NOTE 3
SEGMENT INFORMATION
The consolidated entity is organised into one operating segment, being mining and exploration operations. This
operating segment is based on the internal reports which are analysed 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.
Annual Report | 30 June 2024
32 | P a g e
Notes to the Consolidated Financial Statements
Other income mainly includes the R & D expenditures tax incentive refund of $116,912 (2023: $184,500).
Accounting Policy
Other Revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
Tax effect of:
Amounts not deductible in calculating taxable income
191,237
178,355
Changes in unrecognised temporary differences
39,284
461,254
Tax losses not recognised
305,364
729,734
Income tax expense/(benefit)
-
-
NOTE 4
OTHER INCOME
2024
2023
$
$
Interest income
17,165
17,189
Other income
116,912
205,453
134,077
222,642
NOTE 5 EXPENSES
2024
2023
$
$
(a) Administrative expenses
Accounting and fees
77,557
67,848
Company secretarial and financial management fees
137,857
116,172
Travel and accommodation expenses
2,940
-
General
53,993
45,763
272,347
229,783
(b) Consultancy and legal fees
Corporate advisory fees
121,000
124,650
Legal fees
35,730
30,633
156,730
155,283
(c) Employee benefits expense
Salaries
204,750
296,023
Superannuation
22,028
31,082
Consulting fees
-
49,176
226,778
376,281
NOTE 6
INCOME TAX
2024
2023
$
$
(a)
The components of tax expense comprise:
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
(1,786,283)
(4,564,479)
Prima facie tax benefit on loss before income tax at 30% (2023: 30%)
(535,885)
(1,369,343)
Annual Report | 30 June 2024
33 | P a g e
Notes to the Consolidated Financial Statements
NOTE 6
INCOME TAX (continued)
(c)
Deferred tax assets not brought to account are:
Accruals
15,974
4,380
Prepayments
(10,264)
(5,031)
Exploration and investment
(930,159)
(669,376)
Tax losses
5,590,491
4,358,558
Other
71,159
46,870
Total deferred tax assets not brought to account
4,737,202
3,735,401
Potential deferred tax assets attributable to tax losses and other temporary differences have not been brought to
account at 30 June 2024 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 assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when
the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted,
except for:
•
When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and that, at the time of the transaction, affects
neither the accounting nor taxable profits; or
•
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures,
and the timing of the reversal can be controlled, and it is probable that the temporary difference will not
reverse in the foreseeable future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred
tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available
for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that
it is probable that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets
against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable
authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.
Annual Report | 30 June 2024
34 | P a g e
Notes to the Consolidated Financial Statements
NOTE 6
INCOME TAX (continued)
Aldoro Resouces Ltd (the 'head entity') and its wholly owned Australian subsidiaries formed an income tax consolidated
group under the tax consolidation regime. The head entity and its wholly owned Australian subsidiaries in the tax
consolidated group account their current and deferred tax amounts as an aggregate amount.
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts
receivable from or payable to other entities in the tax consolidated group. The tax funding arrangement ensures that
the intercompany charge equals the current tax liability or benefit of each tax consolidated group member, resulting in
neither a contribution by the head entity to the subsidiaries nor a distribution by the subsidiaries to the head entity.
NOTE 7
LOSS PER SHARE
2024
2023
$
$
Net loss for the year
(1,786,283)
(4,564,479)
Weighted average number of ordinary shares for basic and diluted loss per share.
134,615,524
112,903,973
Basic and diluted loss per share (c)
(1.33)
(4.04)
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.
Annual Report | 30 June 2024
35 | P a g e
Notes to the Consolidated Financial Statements
NOTE 8
CASH AND CASH EQUIVALENTS
2024
2023
$
$
Cash at bank and in hand
542,875
2,898,037
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 15.
(a)
Reconciliation of net loss after tax to net cash flows from operations
2024
2023
$
$
Loss for the financial year
(1,786,283)
(4,564,479)
Adjustments for:
Depreciation
40,703
43,138
Impairment expense
1,093,199
3,640,353
Dr Fu consulting fee paid by shares
60,000
Share based payment
269,118
-
Exploration expenditures (i)
688,739
158,894
Unrealised gain on financial assets
(925,000)
(125,000)
Loss on sale of assets
139,925
-
Changes in assets and liabilities
Trade and other receivables
106,188
78,604
Trade and other payables
(322,883)
(45,617)
Net cash used in operating activities
(696,294)
(754,107)
(i)
The reclassification of capitalised Namibia Project exploration expenditures to Profit and Loss. The reason behind
is that the legal rights of Namibia Project tenements have not been transferred to Aldoro at the reporting date.
The expenditures still belong to investing activities and thus are added back for the reconciliation for operating
activities.
(b)
Non-cash investing and financing activities
2024
$
2023
$
Acquisition of exploration and evaluation assets (Note 18)
-
125,125
Options issued to lead manager (Note 18)
223,693
464,590
223,693
589,715
NOTE 9
TRADE AND OTHER RECEIVABLES
2024
2023
$
$
Prepayments
34,214
16,771
GST receivable
16,727
140,358
Other receivables
1,009
1,009
51,950
158,138
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 2024 (2023: $nil).
Annual Report | 30 June 2024
36 | P a g e
Notes to the Consolidated Financial Statements
NOTE 10
EXPLORATION AND EVALUATION EXPENDITURE
2024
2023
$
$
Carrying amount of exploration and evaluation expenditure
9,082,554
9,158,957
At the beginning of the year
9,158,957
8,335,020
Exploration expenditure incurred
1,016,796
4,317,865
Tenements acquired during the period(i)
-
166,425
Tenements sold during the period
-
(20,000)
Impairment expense (ii)
(1,093,199)
(3,640,353)
At the end of the year
9,082,554
9,158,957
(i) On 7 December 2022, the Company issued the 325,000 ordinary shares valued at $125,125 pursuant to the binding
tenement sale agreement (Agreement) signed in August 2021 with Mining Equities Pty Ltd for the acquisition of
Mining Equities’ 100% interest in E58/571. The shares were issued upon the grant of the tenement application and
the transfer from Mining Equities to Aldoro was completed.
On 20 March 2023, the Company entered into a binding Heads of Agreement (“HoA”) with Logan Exploration and
Investments CC and Okonde Mining and Exploration CC (together, the “Vendors”) to acquire an 85% interest in
mineral permit EPL 7373, EPL 7372 and EPL 7895, which together make up the Kameelburg Project (the “Project”)
in Namibia (“Transaction”). The terms for the Transaction are as follows:
• An initial payment of $N500,000 (AUD $41,300) upon signing the agreement;
• A payment of $N2,500,000 (AUD $201,000) at Completion; and
• 500,000 fully paid ordinary shares in the capital of Aldoro;
Conditions Precedent include:
• completion of due diligence by Aldoro on the Project and the Permits to the satisfaction of Aldoro and confirmed
in writing;
• the successful renewal of EPL 7373, (Approval received 16 August 2024);
• the Parties obtaining any necessary shareholder, regulatory, governmental, or third-party consents and/or
approvals (as applicable) to allow the Parties to complete their respective obligations under this Agreement; and
• the Permits remaining in good standing as at the date of satisfaction of the last Condition.
The Company confirmed that the initial payment of $N500,000 (AUD $41,300) has been made. The Board conducted
additional due diligence on a site visit to Namibia on the 1st May 2023, and the Company confirmed Namibia as a
favorable, mining friendly jurisdiction with established mining regulations and long history of mining
as announced on 18 May 2023.
(ii) In the current period management fully surrendered Narndee project tenement E59/2238 recognising an
impairment loss of $1,093,199.
In the prior period, management surrendered the compulsory 40% surrender of the Narndee project tenement
E59/2223. Based on the information provided, a total of $3,640,353 impairment expenses was recognised in 2023.
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.
Annual Report | 30 June 2024
37 | P a g e
Notes to the Consolidated Financial Statements
NOTE 10 EXPLORATION AND EVALUATION EXPENDITURE (Continued)
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 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
2024
2023
$
$
Listed ordinary shares
1,675,000
750,000
1,675,000
750,000
Reconciliation
Opening fair value
750,000
625,000
Additions
-
-
Change in fair value
925,000
125,000
Closing fair value
1,675,000
750,000
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 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.
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.
Annual Report | 30 June 2024
38 | P a g e
Notes to the Consolidated Financial Statements
NOTE 11 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)
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 12 PROPERTY, PLANT AND EQUIPMENT
30-Jun-24
30-Jun-23
$
$
Buildings - at cost
-
247,390
Less: Accumulated depreciation
-
(54,117)
-
193,273
Vehicles - at cost
90,129
90,129
Less: Accumulated depreciation
(32,363)
(21,097)
57,765
69,032
Computer Equipment - at cost
5,471
4,744
Less: Accumulated depreciation
(2,761)
(1,672)
2,710
3,072
60,475
265,377
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 2022
224,197
80,298
4,020
308,515
Depreciation expense
(30,924)
(11,266)
(948)
(43,138)
Balance at 30 June 2023
193,273
69,032
3,072
265,377
Consolidated
$
$
$
$
Balance at 1 July 2023
193,273
69,032
3,072
265,377
Additions
-
-
726
726
Disposal
(164,925)
-
-
(164,925)
Depreciation expense
(28,348)
(11,266)
(1,089)
(40,703)
Balance at 30 June 2024
-
57,766
2,708
60,475
Annual Report | 30 June 2024
39 | P a g e
Notes to the Consolidated Financial Statements
NOTE 12 PROPERTY, PLANT AND EQUIPMENT (continued)
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.
NOTE 13
TRADE AND OTHER PAYABLES
2024
2023
$
$
Trade payables (i)
113,891
472,866
Accrued expenses
48,004
14,600
Other payables
5,244
2,556
167,139
490,022
(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.
Annual Report | 30 June 2024
40 | P a g e
Notes to the Consolidated Financial Statements
NOTE 14 ISSUED CAPITAL
(a) Issued and fully paid
2024
2023
No.
$
No.
$
Ordinary shares
134,623,743
21,917,581
134,423,743
22,118,881
(b) Movement reconciliation
Date
Number
Issue Price
$
At 1 July 2022
99,213,589
-
16,128,558
Issue of ordinary shares in lieu of consulting service fee
08/07/2022
223,728
$0.340
60,000
Issue of ordinary shares to directors for April 2022 Placement
22/07/2022
150,000
$0.400
37,500
Placement
25/10/2022
11,000,000
$0.400
2,475,000
Exercise of unlisted options at $0.225
11/11/2022
1,000,000
$0.300
225,000
Exercise of unlisted options at $0.225
16/11/2022
900,000
$0.175
202,500
Issued of ordinary shares to directors for October 2022 Placement
01/12/2022
100,000
$0.175
22,500
Issued shares for acquisition of tenement E58/571
07/12/2022
325,000
$0.234
125,125
Placement
18/04/2023
21,511,426
$0.175
3,764,500
Share issue costs
25/07/2022
-
-
(921,802)
At 30 June 2023
134,423,743
22,118,881
At 1 July 2023
134,423,743
22,118,881
Issue of ordinary shares to directors for April 2023 Placement
13/07/2023
200,000
$0.175
35,000
Share issue costs
13/07/2023
-
-
(236,300)
At 30 June 2024
134,623,743
21,917,581
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.
NOTE 15
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.
Annual Report | 30 June 2024
41 | P a g e
Notes to the Consolidated Financial Statements
NOTE 15
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
The carrying values of the Group’s financial instruments are as follows:
2024
2023
$
$
Financial Assets
Cash and cash equivalents
542,875
2,898,037
Trade and other receivables
51,950
158,138
Financial assets at fair value through profit or loss
1,675,000
750,000
2,269,825
3,806,175
Financial Liabilities
Trade and other payables
167,139
490,022
167,139
490,022
(a)
Market risk
(i)
Foreign exchange risk
The Group was not significantly exposed to foreign currency risk fluctuations.
(ii)
Interest rate risk
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 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:
2024
2023
Weighted
average
interest rate
Balance
Weighted
average
interest rate
Balance
%
$
%
$
Cash and cash equivalents
3.16%
542,875
1.49%
2,898,037
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 2024, 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:
Profit
higher/(lower)
Profit
higher/(lower)
2024
2023
$
$
+ 1.0% (100 basis points)
5,429
28,980
- 1.0% (100 basis points)
(5,429)
(28,980)
Annual Report | 30 June 2024
42 | P a g e
Notes to the Consolidated Financial Statements
NOTE 15
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(b)
Credit risk
Credit risk arises from the financial assets of the Group, which comprise cash and cash equivalents and trade and other
receivables. 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.
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.
(c)
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s
approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to 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:
1 year or less
1-5 years
> 5 years
Total
2024
$
$
$
$
Trade and other payables
167,139
-
-
167,139
2023
Trade and other payables
490,022
-
-
490,022
(d)
Capital risk management
The Group’s objectives when managing capital are to:
•
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”).
Annual Report | 30 June 2024
43 | P a g e
Notes to the Consolidated Financial Statements
NOTE 16
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
Level 1
Level 2
Level 3
Total
Consolidated - 2024
$
$
$
$
Assets
Financial assets at fair value through profit or loss
1,675,000
-
-
1,675,000
Total assets
1,675,000
-
-
1,675,000
Liabilities
-
-
-
-
Total liabilities
-
-
-
-
Level 1
Level 2
Level 3
Total
Consolidated - 2023
$
$
$
$
Assets
750,000
-
-
750,000
Total assets
750,000
-
-
750,000
Liabilities
-
-
-
-
Total liabilities
-
-
-
-
Accounting Policy
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.
Annual Report | 30 June 2024
44 | P a g e
Notes to the Consolidated Financial Statements
NOTE 17
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.
2024
2023
$
$
Short-term employee benefits
258,122
234,778
Post-employment employee benefits
22,128
17,298
Share based payments
269,118
-
549,368
252,076
(b)
Transactions with related parties
During the year, the Group incurred geological consulting fees, payable to Jack Rory Pty Ltd (a company of which Troy
Flannery is a Director), Saltus Corporate Pty Ltd (a company of which Lincoln Ho is a director) and the group also incurred
geological consulting fees payable to director Mark Mitchell. The group incurred rental fees payable to Red Mountain
Resources (a company of which Lincon Ho was a director).
2024
2023
$
$
Jack Rory Pty Ltd
20,326
37,085
Saltus Corporate Pty Ltd
3,965
5,525
Mark S Mitchell
32,681
27,429
Red Mountain Resources Ltd
36,000
36,000
Total
92,972
106,039
At 30 June 2024, $9,900 unpaid fees to Red Mountain Resources were included in trade payables. 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 2024.
NOTE 18
SHARE-BASED PAYMENTS
2024
2023
$
$
Recognised as a share-based payment expense
Share issued to acquire tenement (i)
-
125,125
Unlisted options issued to Corporate Advisor (ii)
223,693
464,590
Shares issued in consideration of services (iii)
269,118
60,000
492,811
649,715
Annual Report | 30 June 2024
45 | P a g e
Notes to the Consolidated Financial Statements
NOTE 18 SHARE-BASED PAYMENTS (continued)
Reconciliation:
2024
2023
$
$
Recognised as exploration and evaluation expenditure
-
125,125
Recognised as share issue costs in equity
223,693
464,590
Recognised in the statement of profit or loss and other comprehensive income
269,118
60,000
(i)
In the prior year, the consolidated entity issued 325,000 ordinary shares to acquire tenement E58/571.
(ii)
On 17 July 2023, the consolidated entity issued 3,500,000 unlisted options, expiring 9 September 2026 with an
exercise price of $0.25 to the Lead Manager, Xcel Capital Pty Ltd (“Xcel”), for its services provided in relation to
the April 2023 Placement.
On 25 July 2022, the consolidated entity issued 2,000,000 unlisted options, expiring 9 September 2024 with an
exercise price of $0.30 to the Lead Manager, Xcel Capital Pty Ltd (“Xcel”), for its services provided in
relation to the April 2022 Placement.
On 29 November 2022, the consolidated entity issued 2,000,000 unlisted options, expiry 9 September 2024 at
$0.30 to Xcel for its Lead Manager services provided in relation to the October 2022 Placement.
(iii)
On 17 July 2023, the consolidated entity issued 4,500,000 unlisted options, expiring 9 September 2026 with an
exercise price of $0.25 to the directors.
In the prior year, the consolidated entity issued 223,728 ordinary shares to a consultant in lieu of services
provided.
Unlisted Options
Set out below is a summary of unlisted options granted as share-based payments during the year:
2024
Balance at
Expired/
Balance at
Exercise
the start of
forfeited/
the end of
Grant date
Expiry date
price
the year
Granted
Exercised
other
the year
07-09-2020
09-09-2023
$0.175
2,000,000
-
-
(2,000,000)
-
07-09-2020
09-09-2023
$0.234
200,000
-
-
(200,000)
-
19-04-2021
09-09-2023
$0.234
2,800,000
-
-
(2,800,000)
-
19-08-2021
09-09-2023
$0.500
1,750,000
-
-
(1,750,000)
-
25-07-2022
09-09-2024
$0.300
2,000,000
-
-
-
2,000,000
29-11-2022
09-09-2024
$0.300
2,000,000
-
-
-
2,000,000
17-07-2023 (i) 09-09-2026
$0.250
-
4,500,000
-
-
4,500,000
17-07-2023 (ii) 09-09-2026
$0.250
-
3,500,000
-
-
3,500,000
10,750,000
8,000,000
-
(6,750,000)
12,000,000
Annual Report | 30 June 2024
46 | P a g e
Notes to the Consolidated Financial Statements
NOTE 18 SHARE-BASED PAYMENTS (continued)
All unlisted options vested immediately.
(i)
On 17 July 2023, the consolidated entity issued 4,500,000 unlisted options, expiring 9 June 2026 with an exercise
price of $0.25 to the Directors.
(ii)
On 17 July 2023, the consolidated entity issued 3,500,000 unlisted options, expiry 9 June 2026 at $0.25 to Xcel
Capital Pty Ltd for its Lead Manager services provided in relation to the April 2023 Placement.
The unlisted options issued to Xcel Capital Pty Ltd and directors' have been valued using the Black Scholes valuation
model. The model and assumptions are shown in the table below:
Black Scholes Valuation Model
Broker Options
Director Options
Grant Date
17/07/2023
17/07/2023
Expiry Date
09/06/2026
09/06/2026
Strike (Exercise) Price
$0.250
$0.250
Underlying Share Price (at date of issue)
$0.135
$0.135
Risk-free Rate (at date of issue)
3.92%
3.92%
Volatility
95%
90%
Number of Options Issued
3,500,000
4,500,000
Fair value per option
$0.0639
$0.0598
Total Fair Value of Options
$223,693
$269,118
Set out below is a summary of unlisted options granted as share-based payments in the prior year:
2023
Balance at
Expired/
Balance at
Exercise
the start of
forfeited/
the end of
Grant date
Expiry date
price
the year
Granted
Exercised
other
the year
12-11-2019
18-11-2022
$0.225
1,900,000
-
(1,900,000)
-
-
07-09-2020
09-09-2023
$0.175
2,000,000
-
-
-
2,000,000
07-09-2020
09-09-2023
$0.234
200,000
-
-
-
200,000
19-04-2021
09-09-2023
$0.234
2,800,000
-
-
-
2,800,000
19-08-2021
09-09-2023
$0.500
1,750,000
-
-
-
1,750,000
25-07-2022(i)
09-09-2024
$0.300
-
2,000,000
-
-
2,000,000
29-11-2022(ii)
09-09-2024
$0.300
-
2,000,000
-
-
2,000,000
8,650,000
4,000,000
(1,900,000)
-
10,750,000
All unlisted options vested immediately.
(i)
On 25 July 2022, the consolidated entity issued 2,000,000 unlisted options, expiring 9 September 2024 with an
exercise price of $0.30 to the Lead Manager, Xcel Capital Pty Ltd (“Xcel”), for its services provided in relation
to the April 2022 Placement.
(ii) On 29 November 2022, the consolidated entity issued 2,000,000 unlisted options, expiry 9 September 2024 at
$0.30 to Xcel for its Lead Manager services provided in relation to the October 2022 Placement.
Annual Report | 30 June 2024
47 | P a g e
Notes to the Consolidated Financial Statements
NOTE 18 SHARE-BASED PAYMENTS (continued)
The unlisted options issued to Xcel Capital Pty Ltd have been valued using the Black Scholes valuation model. The model
and assumptions are shown in the table below:
Black Scholes Valuation Model
Broker Options
Broker Options
Grant Date
25/07/2022
30/11/2022
Expiry Date
09/09/2024
09/09/2024
Strike (Exercise) Price
$0.30
$0.30
Underlying Share Price (at date of issue)
$0.16
$0.32
Risk-free Rate (at date of issue)
2.92%
3.14%
Volatility
100%
100%
Number of Options Issued
2,000,000
2,000,000
Fair value per option
$0.0642
$0.1681
Total Fair Value of Options
$128,394
$336,196
Listed Options
During the 2024 financial year, there were no new listed options issued as share based payments.
Set out below is a summary of listed options granted as share-based payments in the prior year:
2024
Balance at
Expired/
Balance at
Exercise
the start of
forfeited/
the end of
Grant date
Expiry date
price
the year
Granted
Exercised
other
the year
25-02-2021
31-08-2023
$0.300
11,042,831
-
-
(11,042,831)
-
4-03-2021
31-08-2023
$0.300
2,432,033
-
-
(2,432,033)
-
4-03-2021
31-08-2023
$0.300
3,882,400
-
-
(3,882,400)
-
19-04-2021
31-08-2023
$0.300
3,500,000
-
-
(3,500,000)
-
21-04-2022
31-08-2023
$0.300
4,600,000
-
(4,600,000)
-
21-04-2023
31-08-2023
$0.300
75,000
-
-
(75,000)
-
25,532,264
-
-
(25,532,264)
-
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 the Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the
option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the
expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions
that do not determine whether the consolidated entity receives the services that entitle the employees to receive
payment. No account is taken of any other vesting conditions.
Annual Report | 30 June 2024
48 | P a g e
Notes to the Consolidated Financial Statements
NOTE 18 SHARE-BASED PAYMENTS (continued)
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.
NOTE 19
COMMITMENTS
(a) Tenement Commitments
2024
2023
$
$
Below are the commitments in relation to its exploration and evaluation assets:
Within one year
327,963
424,885
Later than one year but not later than five years
736,979
1,321,459
1,064,942
1,746,344
During the prior financial year, the Company entered into a binding Heads of Agreement (“HoA”) with Logan Exploration
and Investments CC and Okonde Mining and Exploration CC (together, the Vendors) to acquire an 85% interest in
mineral permit EPL 7373, EPL 7372 and EPL 7895, which together make up the Kameelburg Project (the “Project”) in
Namibia (“Transaction”). The terms for the Transaction as follows:
Annual Report | 30 June 2024
49 | P a g e
Notes to the Consolidated Financial Statements
NOTE 19
COMMITMENTS (Continued)
•
An initial payment of $N500,000 (AUD $41,300) upon signing the agreement; (completed)
•
A payment of $N2,500,000 (AUD $201,000) at Completion; and
•
500,000 fully paid ordinary shares in the capital of Aldoro;
Conditions Precedent include:
•
completion of due diligence by Aldoro on the Project and the Permits to the satisfaction of Aldoro and confirmed in
writing;
•
the successful renewal of EPL 7373, (Approval received 16 August 2024);
•
the Parties obtaining any necessary shareholder, regulatory, governmental, or third-party consents and/or approvals
(as applicable) to allow the Parties to complete their respective obligations under this Agreement; and
•
the Permits remaining in good standing as at the date of satisfaction of the last Condition.
NOTE 20
CONTINGENCIES
There are no contingent assets or liabilities as at 30 June 2024.
NOTE 23
AUDITOR’S REMUNERATION
2024
2023
$
$
Amounts received or due and receivable by RSM Australia Partners for:
Audit and review of the financial reports
45,538
40,548
45,538
40,548
NOTE 24
INVESTMENTS IN CONTROLLED ENTITIES
Principal Activities
Country of
Incorporation
Ownership interest
2024
2023
%
%
Altilium Metals Pty Ltd
Exploration
Australia
100
100
Gunex Pty Ltd
Exploration
Australia
100
100
Aldoro Resources Namibia (Pty) Ltd(i)
Exploration
Namibia
100
100
Kameelburg Exploration and Mining
(Pty) Ltd (ii)
Exploration
Namibia
85%
-
(i)
The whole owned subsidiary was established in February 2023 in Namibia for the Kameelburg Project in Namibia.
The company only transaction during the year was to set up and acquire an 85% interest in Kameelburg
exploration and Mining Pty Ltd.
(ii) This is a subsidiary of Aldoro Resources Namibia (Pty) Ltd and was established in June 2024 in Namibia for the
Kameelburg Project. The company remains dormant as at 30 June 2024.
Annual Report | 30 June 2024
50 | P a g e
Notes to the Consolidated Financial Statements
NOTE 25 RESERVES
2024
2023
$
$
Share based payment reserve
957,401
2,536,320
957,401
2,536,320
Reconciliation
Balance at beginning of the year
2,536,320
2,071,730
Issue of unlisted options
492,811
464,590
Lapse of listed options
(594,460)
-
Lapse of unlisted options
(1,477,270)
-
Balance at end of the year
957,401
2,536,320
Reserves
The reserve is used to accumulate amounts from the issue of options.
NOTE 26
ACCUMULATED LOSSES
2024
2023
$
$
Balance at beginning of the year
(11,914,714)
(7,350,235)
Loss after income tax for the year
(1,786,283)
(4,564,479)
Expiry of options
2,071,730
-
Balance at end of the year
(11,629,267)
(11,914,714)
There are no dividends declared for the year ended 30 June 2024 (2023: Nil)
NOTE 27
PARENT ENTITY
2024
2023
$
$
Assets
Current assets
547,752
2,808,395
Non-current assets
10,865,102
10,422,114
Total assets
11,412,854
13,230,509
Liabilities
Current liabilities
167,139
490,022
Total liabilities
167,139
490,022
Equity
Contributed equity
21,917,581
22,118,881
Reserves
957,401
2,536,320
Accumulated losses
(11,629,267)
(11,914,714)
Total equity
11,245,715
12,740,487
Loss for the year
(1,786,283)
(4,564,478)
Total comprehensive loss
(1,786,283)
(4,564,478)
Annual Report | 30 June 2024
51 | P a g e
Notes to the Consolidated Financial Statements
NOTE 27 PARENT ENTITY (continued)
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2024 and 30 June 2023.
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2024 and 30 June 2023.
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.
NOTE 28
EVENTS AFTER THE REPORTING DATE
On 22 July 2024, the Company announced a non-renounceable Loyalty Option Entitlement Offer of one (1) Option for
every four (4) fully paid ordinary shares to eligible shareholders at the record date at an issue price of $0.02 per loyalty
option to raise up to $673,119 before costs. Each Loyalty Option will be exercisable at $0.12 on or before 1 June 2029.
In addition, the Company will issue 5,000,000 options (on the same terms and conditions as the Loyalty Options) subject
to shareholder approval, to Ms Quinn Li (or her nominees) at an issue price of $0.001 per Option to raise up to $5,000.
On 26 August 2024 Dr Minlu Fu and Mr Edwin Bulseco joined the Aldoro board as non-executive Directors of the
Company.
Directors Mark Mitchell and Lincoln Ho resigned 30th August 2024.
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.
Annual Report | 30 June 2024
52 | P a g e
Consolidated Entity Disclosure Statement
The Group’s consolidated entity disclosure statement at 30 June 2024 is set out below.
Entity Name
Entity Type
Trustee/
partnership/
JV Partner
% Ownership
Country of
incorporation
Country of tax
residency
Altilium Metals Pty Ltd
Body Corporate
N/A
100%
Australia
Australia
Gunex Pty Ltd
Body Corporate
N/A
100%
Australia
Australia
Aldoro Resources Namibia
Pty Ltd
Body Corporate
N/A
100%
Namibia
Australia
Kameelburg Exploration
and Mining Pty Ltd
Body Corporate
N/A
85%
Namibia
Australia
Aldoro Resources Ltd (the ‘head entity’) and its wholly-owned Australian subsidiaries have formed an income tax
consolidated group under the tax consolidation regime.
Annual Report | 30 June 2024
53 | P a g e
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 2024 and of its performance for the
financial year ended on that date.
b)
The consolidated entity disclosure statement set out on page 52 is true and correct.
c)
The financial statements and notes comply with International Financial Reporting Standards as described in Note
1 to the financial statement.
d)
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:
Quinn Li
Non-Executive Chair
25 September 2024
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the
members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm
which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
www.rsm.com.au
INDEPENDENT AUDITOR’S REPORT
To the Members of 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 2024, the consolidated statement
of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended, and notes to the financial statements, including
material accounting policy information, the consolidated entity disclosure statement and the directors' declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i)
Giving a true and fair view of the Group's financial position as at 30 June 2024 and of its financial
performance for the year then ended; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (including independence standards) (the Code) that are
relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in
accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 1 in the financial report, which indicates that the Group incurred a loss of $1,786,283
and had net cash outflows from operating and investing activities of $696,294 and $1,681,261 respectively during
the year ended 30 June 2024. These conditions, along with other matters as set forth in Note 1, indicate that a
material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have
determined the matters described below to be the key audit matters to be communicated in our report.
Key Audit Matter
How our audit addressed this matter
Exploration and Evaluation Expenditure
Refer to Note 10 in the financial statements
The Group has capitalised exploration and evaluation
expenditure with a carrying value of $9,082,554 as at
30 June 2024.
We considered this to be a key audit matter due to the
significant
management
judgments
involved
in
assessing the carrying value of the asset including:
•
Determination of whether the 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 Australian Accounting Standards;
•
Ensuring that the right to tenure of the area of
interest is current;
•
Testing, on a sample basis, additions of
capitalised
exploration
and
evaluation
expenditure
to
supporting
documentation,
including
assessing
whether
amounts
are
capitalised in accordance with the Group’s
accounting policy;
•
Assessing
and
evaluating
impairment
of
exploration and evaluation expenditure provided
for during the year is appropriate;
•
Assessing
and
evaluating
management’s
assessment of whether indicators of impairment
existed at the reporting date;
•
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 appropriateness 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 2024 but does not include the financial report and the
auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
b. the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i.
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view and is free from material misstatement, whether due to fraud or error; and
ii.
the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether
due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: https://www.auasb.gov.au/admin/file/content102/c3/ar2_2020.pdf. This
description forms part of our auditor's report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30 June 2024.
In our opinion, the Remuneration Report of Aldoro Resources Limited, for the year ended 30 June 2024, complies
with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
RSM AUSTRALIA
Perth, WA
AIK KONG TING
Dated: 25 September 2024
Partner
Annual Report | 30 June 2024
58 | P a g e
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 found on its website at
https://www.aldororesources.com/corporate-governance/.
.
Annual Report | 30 June 2024
59 | P a g e
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 25 September 2024.
1. Fully paid ordinary shares (ARN)
•
There is a total of 134,623,743 fully paid ordinary shares on issue which are listed on the ASX.
•
The number of holders of fully paid ordinary shares is 1,476.
•
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
Total holders
Units
% of Issued Capital
1 - 1,000
95
47,840
0.04%
1,001 - 5,000
494
1,420,660
1.06%
5,001 - 10,000
257
2,107,352
1.57%
10,001 - 100,000
503
17,197,007
12.77%
100,001 - 9,999,999,999
126
113,850,884
84.57%
Total
1,476
134,623,743
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 655 shareholders who hold less than a marketable parcel of shares, amount to 1.37% 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:
Holding Balance
% of Issued
Capital
LIZENG PTY LTD
15,838,013
11.76%
BNP PARIBAS NOMINEES PTY LTD
12,177,646
9.05%
TELL CORPORATION PTY LTD
8,450,000
6.28%
THE PIONEER DEVELOPMENT FUND (AUST) LIMITED
7,435,989
5.52%
5. Restricted Securities
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.
Annual Report | 30 June 2024
60 | P a g e
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 61.55% of the securities in this class and are listed
below:
Rank
Shareholders
Number
Held
Percentage
1
LIZENG PTY LTD
15,838,013
11.76%
2
BNP PARIBAS NOMINEES PTY LTD
12,177,646
9.05%
3
TELL CORPORATION PTY LTD
8,450,000
6.28%
4
THE PIONEER DEVELOPMENT FUND (AUST) LIMITED
7,435,989
5.52%
5
DR MINLU FU
6,590,000
4.90%
6
NIGHTFALL PTY LTD
5,683,661
4.22%
7
CUSTOM GROUP INVESTMENTS PTY LTD
4,173,799
3.10%
8
RIMOYNE PTY LTD
3,908,659
2.90%
9
PACKER ROAD NOMINEES PTY LTD
3,831,428
2.85%
10
KALCON INVESTMENTS PTY LTD
2,509,166
1.86%
11
PAPILLON HOLDINGS PTY LTD
1,703,791
1.27%
12
WHEAD PTY LTD
1,099,697
0.82%
13
MRS AIZHI ZHAO
1,074,984
0.80%
14
MR TOM LU
1,061,844
0.79%
15
PACKER ROAD NOMINEES PTY LTD
1,000,000
0.74%
15
ST BARNABAS INVESTMENTS PTY LTD>
1,000,000
0.74%
16
ILLUMINATION HOLDINGS PTY LTD
907,800
0.67%
16
ALLISON MAREE BULSECO
907,800
0.67%
17
CJC & GC PTY LTD
899,409
0.67%
18
MRS TING YING
888,933
0.66%
19
MR BOWEN WANG
880,000
0.65%
20
MR ALDO SACCO
844,444
0.63%
Total: Top 20 holders of ORDINARY FULLY PAID SHARES
82,867,063
61.55%
10. Listed Options (ARNO)
Number of Options
Exercise Price
Expiry Date
Holders
41,155,936
$0.12
1 June 2029
142
11. Unlisted Options
Number of Options
Exercise Price
Expiry Date
Holders
18,855,714
$0.25
9 September 2026
10
Annual Report | 30 June 2024
61 | P a g e
ASX Additional Information
12. Major Listed Option holders
The Top 20 largest ARNO listed option holders together held 85.26% of the securities in this class and are listed
below:
Rank
Shareholders
Number
Held
Percentage
1
CUSTOM GROUP INVESTMENTS PTY LTD
6,043,450
14.68%
2
LIZENG PTY LTD
3,959,504
9.62%
3
DR MINLU FU
3,147,500
7.65%
4
KALCON INVESTMENTS PTY LTD
2,877,292
6.99%
5
BNP PARIBAS NOMINEES PTY LTD
2,866,247
6.96%
6
NIGHTFALL PTY LTD
2,170,916
5.28%
7
THE PIONEER DEVELOPMENT FUND (AUST) LIMITED
1,858,998
4.52%
8
WHEAD PTY LTD
1,369,921
3.33%
9
RIMOYNE PTY LTD
1,327,165
3.22%
10
MRS AIZHI ZHAO
1,268,746
3.08%
11
ELSTREE CAPITAL PTY LTD
1,250,000
3.04%
12
TELL CORPORATION PTY LTD
1,079,875
2.62%
13
SANGREAL INVESTMENTS PTY LTD
1,000,000
2.43%
14
PACKER ROAD NOMINEES PTY LTD
940,357
2.28%
15
KINGSTON NOMINEES PTY LTD
856,102
2.08%
16
MR STEPHEN TOMSIC
850,000
2.07%
17
CITICORP NOMINEES PTY LIMITED
500,500
1.22%
18
PAPILLON HOLDINGS PTY LTD
500,000
1.21%
18
YANCHAO GUO
500,000
1.21%
19
MR ZHIQIANG LUO
477,361
1.16%
20
MOSES ROCK INVESTMENTS PTY LTD
250,000
0.61%
Total: Top 20 holders of LISTED OPTIONS
35,093,934
85.26%
Distribution of ARNO listed option holders is as follows:
The number of option holders, by size of holding, is:
Range
Total holders
Units
% of Issued Capital
1 - 1,000
15
10,326
0.03%
1,001 - 5,000
26
82,422
0.20%
5,001 - 10,000
12
86,132
0.21%
10,001 - 100,000
43
2,035,868
4.95%
100,001 - 9,999,999,999
46
38,941,188
94.62%
Total
142
41,155,936
100.00%
13. Franking Credits
The Company has no franking credits.
14. 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.
Annual Report | 30 June 2024
62 | P a g e
ASX Additional Information
15. Registered Office
Suite 11, 12, Level 2, 23 Railway Road
Subiaco WA 6008
Telephone: 08 6559 1792
Website: www.aldororesources.com
16. Company Secretary
Ms Sarah Smith
17. Share Registry
Automic Share Registry
Level 5, 191 St Georges Terrace
Perth WA 6000
Telephone: 1300 288 664
18.Tenement Schedule
Mining tenement interests held at 25 September 2024 and their location
Western Australia
*Held in trust for Aurum Resources Limited
Namibia
^Apportion based on signed Heads of Agreement document
Tenement
Registered
Holder/Applicant
Permit Status
Grant Date
(Application
Date)
Expiry Date
Area Size
Blocks (ha)
Interest
Contractual
Rights
E59/2258
Gunex Pty Ltd
Granted
6/09/2017
5/09/2027
63
100%
E59/2431
Altilium Metals Pty Ltd
Granted
8/02/2021
7/02/2026
67
100%
E57/1017
Aldoro Resources Limited
Granted
3/12/2015
2/12/2025
3
100%
P59/2137
Aldoro Resources Limited
Granted
26/03/2018
25/03/2026
(195.84)
100%
E58/555
Aldoro Resources Limited
Granted
18/02/2022
17/02/2027
16
100%
E77/2502
Aldoro Resources Limited
Application
1/12/2017
N/A
21
*
M59/775
Aldoro Resources Limited
Application
22/11/2022
N/A
(195.84)
100%
E58/571
Aldoro Resources Limited
Granted
10/10/2022
10/09/2027
3
100%
Tenement
Registered
Holder/Applicant
Permit Status
Grant Date
(Application
Date)
Expiry Date
Area Size
Blocks (ha)
Interest
Contractual
Rights
EPL7372
Logan Exploration
Investments CC
Renewed
14/02/2020
14/02/2026
66,660 Ha
85%^
EPL7373
Logan Exploration
Investments CC
Renewed
14/02/2020
14/02/2026
19,942 Ha
85%^
EPL7895
Okonde Mining and
Exploration CC
Renewed
30/07/2020
26/06/2026
15,198 Ha
85%^