ABN 81 149 126 858
Annual Report
2024
CONTENTS
PAGE
1
CORPORATE DIRECTORY ......................................................................................................................... 2
CHAIR’S MESSAGE TO SHAREHOLDERS ................................................................................................ 3
OPERATIONS REVIEW ............................................................................................................................... 4
DIRECTORS’ REPORT .............................................................................................................................. 12
MINERAL RESOURCE AND COMPETENT PERSONS’ STATEMENTS ................................................. 40
AUDITOR’S INDEPENDENCE DECLARATION ........................................................................................ 43
2024 FINANCIAL REPORT ........................................................................................................................ 44
DIRECTORS’ DECLARATION ................................................................................................................... 87
INDEPENDENT AUDITOR’S REPORT ...................................................................................................... 88
ASX ADDITIONAL SHAREHOLDER INFORMATION ............................................................................... 92
SCHEDULE OF MINING TENEMENTS ..................................................................................................... 95
CORPORATE DIRECTORY
2
Interim-Executive Chair
Raymond Shorrocks
Non-Executive Director
Didier Murcia AM
Russell Curtin
Duncan Grieve
Company Secretary
Maddison Cramer
Chief Financial Officer
Susan Field
Principal and Registered Office
Level 2, 8 Richardson Street
WEST PERTH WA 6005
Telephone: (08) 6279 9425
Share Registry
Automic Pty Ltd
Level 2/267 St Georges Terrace
PERTH WA 6000
Telephone: 1300 288 664
Auditors
Stantons
Level 2, 40 Kings Park Road
WEST PERTH WA 6005
Bankers
National Australia Bank
50 St Georges Terrace
PERTH WA 6000
Solicitors
Hamilton Locke Lawyers
Central Park
Level 39/152-158 St Georges Terrace
PERTH WA 6000
Stock Exchange Listing
Australian Securities Exchange
(Home Exchange: Perth, Western Australia)
Code: AQI
Website Address
www.alicantominerals.com.au
CHAIR’S MESSAGE TO SHAREHOLDERS
3
Fellow Shareholder
This year has been pivotable for your Company but one which brings forth an exciting future.
Despite some strong exploration results in Sweden, the Board made a decision to expand its strategy
to actively seek potential project acquisitions that would complement the work it is doing on its highly
prospective Swedish portfolio.
This move is consistent with the Company’s commitment to deliver shareholder value by leveraging its
skill base both through the execution of highly prospective exploration as well as value accretive
corporate transactions.
Alicanto is currently evaluating a number of opportunities that it believes could add significant value for
shareholders.
In Sweden, the exploration program at the Falun Project has yielded some excellent results. At each of
the high-priority targets selected for drilling, strong results were recorded:
•
At Skyttgruvan-Naverberg (3.5km to the west of Falun) drilling has identified a target which is
analogous to the architecture of the Falun massive sulphide deposit and where interpretations
indicate a significantly larger mineralised system than previously thought;
•
At Krondiket (immediately to the west of the Falun deposit) we expected to find a continuation
of the Falun stratigraphic sequence but now believe we have identified an entirely new upflow
zone similar to that which created the original Falun deposit; and
•
At Galgberget (immediately to the south of the Falun deposit) we believe we have identified
what appears to be the southern extension of the original Falun deposit.
While work this year was focused on Falun, the opportunity at Sala also remains a priority. The next
phase of exploration at Sala includes the drill testing of high-grade silver repeat structures to the north
of the historic mine and Finntorpet, where a broad range of Sala-style silver mineralisation has been
identified.
In line with this expanded strategy and the resignation of the Managing Director, Alicanto has
restructured its Board and management team. We welcome the addition of Duncan Grieve and Russell
Curtin to our Board. Furthermore, the value-add from Stephen Parsons and Michael Naylor and their
expertise will be crucial too as we advance our current projects, explore new opportunities and drive
shareholder value.
At the end of the year, we were grateful for the support of Shareholders that supported the Entitlement
Offer that was successful in raising $1.72 million to progress our growth initiatives. In addition, we are
now well progressed on a number of options to continue our exploration efforts in the world class mining
district of Bergslagen in Sweden.
On behalf of the Board, I would like to thank the team both in Sweden and Australia on the excellent
work during the year. In addition, I would also like to express my appreciation to Rob Sennitt for his
efforts as Managing Director over the past two years and wish him well for the future and finally, my
sincere thanks to all our supportive shareholders.
We look forward to delivering on the potential of Alicanto in 2025.
Yours faithfully
Raymond Shorrocks
Non-Executive Chairman
Operations Review
4
Overview
During the year, Alicanto expanded its strategic focus to incorporate potential project acquisitions to
complement its highly prospective Swedish portfolio.
To facilitate this expanded growth strategy and the stepping down of its Managing Director, Alicanto
restructured both its Board and Management team to best position the Company for success.
In addition, the Company completed a successful capital raising, raising in the order of A$1.7m, to fund
this new strategy.
Project Acquisition Strategy
Alicanto is actively seeking potential project acquisitions that will complement its highly prospective
Swedish portfolio. The team at Alicanto is committed to delivering shareholder value both through the
execution of highly prospective exploration as well as value accretive corporate transactions.
Alicanto is currently evaluating multiple opportunities that it believes could add significant value for
shareholders. The reconstructed Company’s Board, management and advisers have a track record in
sourcing quality opportunities and adding value by funding considered exploration programs.
Exploration in Sweden
Alicanto continues to pursue an exploration campaign in Sweden’s highly regarded mining region of
Bergslagen. This region is well known for its long mining history, mining culture, large mineralised systems
and highly developed infrastructure. It hosts world-class base and precious metals operating projects, such
as the Garpenberg mine owned by Boliden AB and the Zinkgruvan mine owned by Lundin Mining
Corporation.
Figure 1:
Map of Sweden showing the Bergslagen region
Operations Review (continued)
5
Exploration in Sweden (continued)
Alicanto is focused on two key projects in the region; the Falun copper-gold project and the Sala zinc-silver
project, both of which have a long history of high-grade production before closure. Alicanto believes these
projects offer significant opportunity for the Company and its shareholders given the prospective
mineralisation, the lack of historical exploration and the opportunity to apply modern exploration techniques
to these projects.
Alicanto has a highly-credentialed team based in Sweden managing the investigation of these projects. In
the twelve months to 30 June 2024, the focus has been on Falun where the team has identified numerous
high-priority targets with the potential to deliver rapid Resource growth. A drill program commenced in
September 2023 to investigate a number of these targets located around the historic Falun mine as well
as on the highly prospective 3.5km trend which runs between Falun and the high-grade mineralisation
previously intersected at the Skyttgruvan-Naverberg target mine.
Figure 2:
High priority targets in the prospective host horizon of the historic Falun mine
Operations Review (continued)
6
Exploration in Sweden (continued)
Alicanto’s consolidated Falun project represents a significant landholding in the Bergslagen Region. Within
its total landholding of 298km2, Alicanto controls over 60km of the target limestone horizon. Alicanto’s
tenements also include the world-class historic Falun mine which for centuries was the largest copper
producer in the western world. Over its operating life, it produced in the order of 28 million tonnes of high-
grade ore grading 4% copper, 5% zinc, 4g/t gold, 35g/t silver and 2.1% lead.1
No concerted exploration campaign has been undertaken in the Falun area since closure of the mine in
1992. Alicanto commenced exploration of its Falun permits in September 2020. This work has shown that
the stratigraphic sequence at Falun could be tracked for over ten kilometres to the Green Mile target to the
west of the historic Falun mine and confirms Alicanto’s view that the historical Falun mine is only a small
part of a major mineralised belt.
Alicanto’s ongoing focus at Falun includes:
•
Completion of the first systematic district scale exploration in a province proven to host world class
VMS mineralisation;
•
Discovery of a new Falun style polymetallic sulphide deposit; and
•
Extending the historic Falun Resource at depth and along strike.
Drilling during the year focused on three key target areas: namely, Skyttgruvan-Naverberg, Krondiket and
Galgberget (refer Figure 2).
Skyttgruvan-Naverberg
At Skyttgruvan-Naverberg drilling intersected mineralisation with interpretations indicating a significantly
larger mineralised system than previously thought. As indicated in Figures 3 and 4, this zone remains a
high priority target given the known copper-zinc mineralised footprint and proximal copper bearing footwall
alteration in the area.
Figure 3:
Plan view of completed drilling at
Skyttgruvan-Naverberg
Operations Review (continued)
7
Exploration in Sweden (continued)
Skyttgruvan-Naverberg (continued)
Drilling and logging to date continues to suggest that the Skyttgruvan-Naverberg target has the potential
for a massive iron sulphide-rich centre with higher copper grades, analogous to the architecture of the
Falun massive sulphide deposit, with the target still remaining open in a number of directions. Geological
modelling of this area is ongoing to optimise further testing of this target.
Figure 4:
Long section and cross section of completed drilling at Skyttgruvan-Naverberg
Krondiket
The gravity anomaly at the Krondiket target was interpreted as a continuation of the Falun stratigraphic
sequence to the west with mapped footwall copper stringer systems at surface. Due to the intensity of the
proximal alteration and the distance from the historic Falun mine, Alicanto believes that this area represents
an entirely new upflow zone rather than a continuation of the upflow zone that created the historic Falun
deposit.
Galgberget
Drilling at the Galgberget target was designed to test the southern extension of the Falun deposit where
Alicanto has already identified significant copper and zinc mineralisation. Drilling intercepted strong footwall
alteration and identified a second off-hole electromagnetic conductor (refer Figure 5) at around the 500
metre level which has the potential to represent an extension of the known deposit. All indications are for
the mineralisation to continue at depth where historic intercepts include 5.0m @ 2.8% copper and 2.7g/t
gold.2
Operations Review (continued)
8
Exploration in Sweden (continued)
Figure 5:
Long section of Falun including drilling of Galgberget target (drill hole GRO23-22)
Future Drill Programs at Falun
Alicanto is currently considering its next drill phase at Falun. This will consist of a number of follow up drill
targets from the most recent drill program as well as other high priority targets (refer Figure 2).
Key targets under consideration include:
Albenius: This copper rich zone was previously intersected with only two holes from underground. Historic
intersections include 6.3m @ 4.3% copper and 1.3g/t gold and 11m @ 2% copper.2 The continuation of
the mineralisation is open in multiple directions.
Skyttgruvan-Naverberg: Potential for massive iron sulphide-rich centre with higher copper grades,
analogous to the architecture of the Falun massive sulphide deposit, with the target still remaining open in
a number of directions.
Galgberget: The known SE extension is interpreted to constitute one limb in a Z-fold where the south
western continuation is unexplored. The mineralisation is open at depth.
Gruvriset: A set of mapped antiforms interpreted as Falun parallel structures, alteration and gravity
anomalies southwest of Falun, which require further investigation.
Operations Review (continued)
9
Exploration in Sweden (continued)
Sala Zinc-Silver-Lead project (AQI 100%)
Like Falun, the Sala Project is also located in Sweden’s world class mining province of Bergslagen. Sala
was previously one of the largest and highest-grade silver mines in Europe. It produced more than
200Mozs of silver at an estimated average grade of 1,244g/t with grades reported as high as 7,000g/t
over its operating life.3
The Sala system is a polymetallic skarn hosted by a thick sequence of dolomitised stromatolitic limestone.
The polymetallic high-grade nature of the mineralisation is analogous to other major operating underground
mines in the region, including Boliden’s Garpenberg mine (located 50km away).
The Sala system was mined to a depth of 318m, is completely untested below 500m and remains open in
multiple directions. There has been minimal exploration at the site since closure of the mine in 1908.
Alicanto’s exploration permits at Sala comprise an area of over 90km2, allowing it to control the largest part
of the prospective limestone host rock in the region.
In July 2022, just over a year after securing ownership of the property, the Company announced a maiden
JORC 2012-compliant Inferred Resource at Sala of 9.7Mt @ 4.5% ZnEq (containing 311,000t of zinc,
15Mozs of silver and 44,000t of lead), including a coherent near surface, high-grade breccia zone
dominated by semi massive sphalerite containing 4.5Mt @ 6.0% ZnEq (containing 8.5Moz of silver and
201,000 tonnes of zinc).
The maiden Resource estimate includes the Prince Lode, located immediately to the south of the historic
Sala mine and the Sala north-west lode, a silver dominated continuation of the historic Sala mine trending
northwest (Figure 6). The Resource remains open in multiple directions.
In its most recent exploration program, the Company completed a limited step-out drill program and
undertook a review of recently identified historical drill core. This program resulted in two new discoveries
outside of the current Resource: the first is located 600m to the north of the Prince Lode, near the historic
Bronäs mine, and the second is located 575m west of the Prince Lode, at Finntorpet.
Figure 6:
Simplified exploration model targeting high-grade galena-silver mineralisation. Long section looking towards the east
Operations Review (continued)
10
Exploration in Sweden (continued)
These results indicate the presence of a significant mineralisation footprint north of the historic Sala ore
body. Alicanto believes it will be able to extend and upgrade the current Resource in this area through the
discovery of more high-grade zinc zones as well as additional silver bearing structural repetitions of the
historic Sala ore body.
The results at Finntorpet are significant in that they show the presence of Sala-style galena-silver
mineralisation in what has been interpreted as a significant and previously untested fault structure, the
Hyttskogen Fault Zone. The Sala Main Fault (source of historic production) is interpreted as a splay
originating from the Hyttskogen Fault (refer Figure 7). The presence of mineralisation in the first two drill
holes in this extensive target is greatly encouraging and increases the potential of the Hyttskogen Fault
zone to host significant mineralisation.
Figure 7:
Simplified exploration model targeting high-grade galena-silver mineralisation. Long section looking towards the east
Numerous high-priority targets have been identified for future drilling (refer Figure 8) which have significant
potential for immediate Resource growth through step out drilling of known mineralisation. These include:
•
Sala repeat structures
High grade silver mineralisation at the historic Sala mine is found proximal to a central fault, which
acted as the main conduit for hydrothermal fluid in the centre of an F1 syncline. Alicanto has identified
Operations Review (continued)
11
Exploration in Sweden (continued)
repetitions of these parallel structures to the north of the Sala and Bronäs mines, with the potential
for more to be found. Drill intercepts4 to date include:
•
1.1m @ 1,326g/t Ag, 0.8% Zn, 6.6% Pb
•
0.2m @ 2,630g/t Ag, 0.1% Zn, 30.1% Pb
•
4.7m @ 256g/t Ag, 1.0% Zn, 4.7% Pb
•
3.9m @ 762g/t Ag, 1.2% Zn, 11.8% Pb
•
Sala North West extensions
The continuation of the moderately plunging silver bearing central fault and Sala syncline silver-
galena mineralisation has been intersected in both Alicanto surface drilling and historical underground
drillholes with the system open to the north and north west. Drill intercepts4 include:
•
0.4m @ 242g/t Ag, 2.0% Pb
•
0.4m @ 232 g/t Ag, 4.0% Pb
•
0.4m @ 314 g/t Ag, 4.6% Pb
•
Finntorpet
Maiden drilling intersected broad Sala style silver-galena mineralisation in the previously untested
Hyttskogen fault zone, interpreted as the parent fault to the mineralised Sala fault splay. The fault
zone is open along strike with potential to host significant mineralisation. Recent Alicanto drill
intercepts4 include:
•
7.5m @ 31g/t Ag, 0.6% Pb
•
2.9m @ 42g/t Ag, 0.9% Pb
•
5.6m @ 39g/t Ag, 1.3% Pb
•
Northern Zinc targets
Historical drilling indicates the continuation of the lower sphalerite-rich strata of the Prince Lode under,
and to the north, of the historic Sala mine. Historical drill intercepts4 include:
•
6.4m @ 53g/t Ag, 7.0% Zn, 0.9% Pb, including 3.7m @ 82 g/t Ag, 10.1% Zn, 1.3% Pb
•
0.8m @ 69g/t Ag, 10.8% Zn, 24% Pb
•
2.0m @ 104g/t Ag, 14.8% Zn, 1.5% Pb
Figure 8:
Simplified exploration model targeting high-grade galena-silver mineralisation. Long section looking towards the east
Directors’ Report
12
The Directors of Alicanto Minerals Limited (“Company” or “Alicanto”) submit herewith the consolidated
financial statements of the Company and its controlled entities (“Group”) or (“Consolidated Entity”) for the
year ended 30 June 2024 in order to comply with the provisions of the Corporations Act 2001.
1.
Directors and Company Secretaries
The names and details of the Company’s directors and company secretaries in office during the financial
year and until the date of this report (unless otherwise stated) are as follows:
Mr Raymond Shorrocks
Position
Interim Executive Chair (appointed 20 June 2024, previously Non-
Executive Chair from 7 August 2020 to 20 June 2024)
Qualifications
BA (Hons), MBA (Finance)
Appointment date
7 August 2020
Length of service
4 years 1 month
Biography
Ray Shorrocks has more than 30 years’ experience in corporate finance
in the mining sector and has advised a diverse range of resources
companies during his career at one of Australia’s largest investment
banking and stockbroking/financial services firms. He has been
instrumental in managing and structuring equity capital raisings as well
as having advised extensively in the area of mergers and acquisitions.
Mr Shorrocks has worked on mines in South Africa, Africa, Australia and
North and South America.
Current ASX listed
directorships
Galilee Energy Limited (ASX: GLL) - 2 December 2013 to present
Cygnus Metals Limited (ASX: CY5) - 30 June 2020 to present
Hydrocarbon Dynamics Ltd (ASX: HCD) - 12 January 2016 to present
Andean Silver Ltd (ASX: ASL) – 7 February 2023 to present
Former ASX listed
directorships in the last three
years
FireFly Metals Limited (ASX: FFM) – 28 January 2020 to 19 March 2024
Interest in shares
10,726,426
Interest in options
None
Interest in performance rights
35,000,000
Directors’ Report (continued)
13
Mr Didier Murcia
Position
Non-Executive Director
Qualifications
LLB, BJuris
Appointment date
30 May 2012 (previously Non-Executive Chair to 7 August 2020)
Length of service
12 years 4 months
Biography
Mr Murcia holds a Bachelor of Jurisprudence and Bachelor of Laws from
the University of Western Australia, and has over 30 years’ experience
in corporate, commercial and resource law. Mr Murcia is Non-Executive
Chair of Centaurus Metals Limited, which is listed on the Australian
Securities Exchange. He is also Chair of Perth law firm Murcia Pestell
Hillard and the Honorary Consul for the United Republic of Tanzania.
In January 2014, Mr Murcia was made a Member of the Order of
Australia in recognition of his significant service to the international
community.
Current ASX listed
directorships
Centaurus Metals Limited (ASX: CTM)- 28 January 2010 to present
Former ASX listed
directorships in the last three
years
Strandline Resources Limited (ASX: STA) - 24 October 2014 to 23
November 2023
Interest in shares
2,527,000
Interest in options
2,000,000
Interest in performance rights
4,500,000
Mr Russell Curtin
Position
Non-Executive Director
Qualifications
BBus, CA
Appointment date
20 June 2024
Length of service
3 months
Biography
Mr Curtin, a former Partner at Ernst & Young, brings over 30 years of
experience of energy, resources & assurance. He held leadership roles
in energy, resources and climate change with responsibility for EY
strategic direction and capability. He served EY major clients, such as
Woodside and Santos, along with various multinational public and
private companies, bringing a deep understanding of corporate finance,
governance, control, and the importance of confidence capital markets.
Current ASX listed
directorships
None
Directors’ Report (continued)
14
Mr Russell Curtin (continued)
Former ASX listed
directorships in the last three
years
None
Interest in shares
4,000,000
Interest in options
None
Interest in performance rights
10,000,000
Mr Duncan Grieve
Position
Non-Executive Director
Qualifications
BSc Geological Sciences, MSc Mining Geology
Appointment date
20 June 2024
Length of service
3 months
Biography
Mr Grieve is a seasoned geologist with a track record of success in
exploration. He was part of the discovery and resource drill out at the
Bellevue Gold Project and previously worked for Barrick Gold at the
Loulo-Gounkoto gold mine in Mali. Mr Grieve has substantial project
generation experience in gold, lithium, and base metals exploration
across Africa, Australia, Europe and North America. Mr Grieve has
previously worked with Alicanto on its exploration strategy in Sweden and
will take an active role in reviewing additional advanced projects that
have potential to complement Alicanto’s existing assets.
Current ASX listed
directorships
None
Former ASX listed
directorships in the last three
years
None
Interest in shares
800,000
Interest in options
None
Interest in performance rights
10,000,000
Directors’ Report (continued)
15
Mr Robert Sennitt
Position
Managing Director
Qualifications
BEc (Sydney), ACA
Appointment date
1 September 2022
Resignation date
20 June 2024
Length of service
1 years 8 months
Biography
Mr Sennitt was initially an investment banker for over 25 years where his
focus was advising companies in the natural resources sector on
strategy, capital raising and M&A transactions.
Mr Sennitt was appointed Managing Director and CEO of Mineral
Deposits Limited (MDL) in June 2015. MDL owned 50% of the TiZir Joint
Venture (comprising the Grande Cote (Mineral Sands) Mining
Operations in Senegal and the TTI (Titanium Slag and Iron) smelting
operations in Norway). At MDL, Mr Sennitt was responsible for the
performance, restructure and refinancing of the Joint Venture as well as
driving MDL strategy, delivering a number of successful outcomes,
including a significant recapitalisation of the Company, before its
acquisition by Eramet SA.
Following the takeover of MDL, Rob became Senior Advisor to Appian
Capital with responsibility for the Australian and Asian regions. At
Appian, his responsibilities included origination of investments for the
Appian Natural Resources Funds as well as portfolio company
management.
ASX listed directorships at
date of resignation
None
Former ASX listed
directorships in the last three
years at date of resignation
None
Interest in shares
1,350,000
Interest in options
None
Interest in performance
rights
None
Directors’ Report (continued)
16
Company Secretary
Ms Maddison Cramer
Qualifications
LLB, BA (Hons)
Appointment date
1 November 2022
Length of service
1 year 10 months
Biography
Ms Cramer is a corporate lawyer with a focus on mining and resources
and a professional Company Secretary. Ms Cramer is a co-founder of
boutique corporate services business Belltree Corporate and is currently
company secretary of a number of ASX-listed mining and resource
companies.
Ms Cramer is a former Company Secretary of Bellevue Gold Limited
(ASX:BGL) (then ASX300) and prior to this, she was an Associate at
Bellanhouse Legal and HWL Ebsworth Lawyers.
Ms Cramer specialises in corporate and commercial transactions,
including capital raisings, IPOs and backdoor listings, and corporate
governance issues.
2.
Operating Results
The loss attributable to owners of the entity after providing for income tax amounted to $5,470,225 (2023:
$7,046,235).
The loss included the following items:
•
Exploration expenditure of $3,318,819 (2023: $3,807,640)
•
Share based payments of $358,873 (2023: $225,393)
•
Employment benefits of $680,100 (2023: $788,765)
•
Consultancy fees of $550,710 (2023: $1,187,360), which includes share-based payments of
$211,852 (2023: share-based payments of $783,934)
3.
Principal Activities
The principal activity of the Company during the financial year was mineral exploration. The Company
continues with its exploration activities in Sweden.
There were no significant changes in the nature of the Company’s principal activities during the financial
year.
Directors’ Report (continued)
17
4.
Dividends Paid or Recommended
The directors do not recommend the payment of a dividend and no amount has been paid or declared by
way of a dividend to the date of this report.
5.
Financial Position
The Group held net assets of $2,539,269 (2023: $4,784,659).
At 30 June 2024 the group held $803,773 in cash and cash equivalents (2023: $3,067,926). At the date of
this report the Company has raised a further $1,723,230 before issue costs, refer Note 20 for additional
details.
6.
Significant Changes in the State of Affairs
The following significant changes in the state of affairs of the entity occurred during the financial year:
Changes in Securities
(i)
On 11 August 2023 the Company issued 72,500,000 fully paid ordinary shares at an issue price of
$0.04 per share to raise a total of $2,900,000 before issue costs.
(ii)
On 10 November 2023, following receipt of shareholder approval at the Annual General Meeting
held on 9 November 2023, the Company issued 2,500,000 fully paid ordinary shares at an issue
price of $0.04 per share to Non-Executive Chairman Mr Raymond Shorrocks (or his nominee) to
raise $100,000 before issue costs.
(iii)
1,000,000 performance rights (held by the former Managing Director) lapsed on 5 March 2024,
5,000,000 options expired on 18 March 2024 and 1,500,000 performance rights lapsed on 21 May
2024.
(iv)
On 6 May 2024, the Company issued 250,000 shares on the conversion of an equivalent number of
performance rights.
(v)
On 20 June 2024, 18,000,000 performance rights held by the former Managing Director, Rob Sennitt,
were cancelled by agreement between the parties
Board and management changes
On 21 June 2024, the Company announced a board and management restructure to reflect the Company’s
new expanded growth strategy. As part of the changes, Rob Sennitt stepped down as Managing Director
and Raymond Shorrocks was appointed Interim Executive Chair. Senior geologist Duncan Grieve and
finance professional Russell Curtin were appointed as Non-Executive Directors, and Susan Field replaced
Michael Naylor as Chief Financial Officer. Michael Naylor remains on as a corporate consultant.
Directors’ Report (continued)
18
7.
Future Developments, Prospects and Business Strategies
For the year to 30 June 2025, the Company believes the results of recently completed Phase 1 drilling
program at Falun in Sweden highlight the project’s significant potential and further exploration is warranted.
On 21 June 2024 the Company announced on ASX that it had restructured its Board to reflect a new
expanded growth strategy and that it would be reviewing potential advanced project acquisitions.
In parallel with the acquisition strategy, Alicanto intends to consider a range of strategic funding options to
continue its exploration in Sweden.
8.
Material Business Risks
The following describes the material business risks that could affect the Company, including any material
exposure to economic, environmental and social sustainability risks, and how the Company seeks to
manage them.
Future capital requirements and market risks
As an exploration entity, the Company is not generating net cash flow, meaning it is reliant on raising funds
from investors or lenders in order to continue to fund its operations and to scale growth. The Company will
require further funding in the future.
The Company is exposed to external market forces that impact on specific commodity prices and
overarching market sentiment that may restrict the Company’s access to new flows of capital if the
Company’s project pipeline is not ascribed value in the market at any given time. The Company manages
this risk by ensuring a constant focus on the Company’s current financial position and forecast working
capital requirements. Discretionary exploration activities are focused on commodities and in jurisdictions
that will ensure access to higher levels of capital in times of broader market depression.
Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than
the current market price or may involve restrictive covenants which limit the Company's operations and
business strategy. Debt financing (while not currently a focus), if available, may involve restrictions on
financing and operating activities.
Although the Company believes that additional capital can be obtained, no assurances can be made that
appropriate capital or funding, if and when needed, will be available on terms favourable to the Company
or at all. If the Company is unable to obtain additional financing as needed, the Company may be required
to reduce the scope of its activities, which could have a material adverse effect on the Company's activities
and could affect the Company's ability to continue as a going concern.
Acquisition and competition risks
The Company may actively pursue the acquisition of exploration, development and production assets
consistent with its acquisition and growth strategy. From time to time, the Company may also acquire
securities of or other interests in companies with respect to which it may enter into acquisitions or other
transactions.
Acquisition transactions involve inherent risks, including but not limited to: accurately assessing the value,
strengths, weaknesses, contingent and other liabilities and potential profitability of acquisition candidates,
ability to achieve operating and financial synergies, unanticipated costs, diversion of management attention
from existing business, potential loss of key employees, unanticipated changes in business, successor
liability issues, industry or general economic conditions that affect the assumptions underlying the
acquisition, and decline in the value of acquired properties, companies or securities.
Directors’ Report (continued)
19
8.
Material Business Risks (continued)
Acquisition and competition risks (continued)
Any one or more of these factors or other risks could cause the Company not to realize the anticipated
benefits of an acquisition of properties or companies and could have a material adverse effect on the
Company's financial condition.
Furthermore, the Company currently competes with other exploration and producing companies for the
acquisition of mineral properties, leases and other mineral interests. Such other companies may be better
capitalized, have greater financial resources, operational experience and technical capabilities or are
further advanced in their development or are significantly larger.
Exploration and development risks
The prospects of the Company’s projects must be considered in light of the considerable risks, expenses
and difficulties frequently encountered by companies in the early stage of exploration and development
activities and, accordingly, carries significant exploration risk.
Potential investors should understand that mineral exploration and development is a high-risk undertaking.
There can be no assurance that exploration and development will result in the discovery of further mineral
deposits. Even if an apparently viable deposit is identified, there is no guarantee that it can be economically
exploited.
The future exploration activities of the Company may be affected by a range of factors including geological
conditions, limitations on activities due to seasonal weather patterns, unanticipated operational and
technical difficulties, industrial and environmental accidents, native title process, changing government
regulations and many other factors beyond the control of the Company.
The success of the Company will also depend upon the Company having access to sufficient development
capital, being able to maintain title to its Projects and obtaining all required approvals for its activities. In
the event that exploration programs are unsuccessful this could lead to a diminution in the value of its
projects, a reduction in the cash reserves of the Company and possible relinquishment of part or all of its
projects.
Tenure, access and grant of licences / permits
The Company’s current and future operations are subject to receiving and maintaining licences, permits
and approvals from appropriate governmental authorities. In particular, the Company may require
exploration, processing, exploitation and environmental permits in Sweden from time to time in connection
with exploration, mining and processing.
There is no assurance that any required licences, permits or approvals will be granted or that delays will
not occur in connection with obtaining or renewing the licences, permits or approvals necessary for the
Company’s proposed operations.
Notwithstanding that Sweden has an established mining industry with a structured permitting process,
delays in the permitting and approvals process are an inherent risk to all mining and industrial
manufacturing projects. At the date of this report all mining and exploration permits and licenses were in
good standing, however, failure to obtain or renew one or more required licences, permits or approvals on
a timely basis may adversely affect the Company’s operations.
Directors’ Report (continued)
20
8.
Material Business Risks (continued)
Land access risk
Land access is critical for exploration and evaluation to succeed. In all cases the acquisition of prospective
tenements is a competitive business, in which propriety knowledge or information is critical and the ability
to negotiate satisfactory commercial arrangements with other parties is often essential. The Company may
be required to pay compensation to landowners, local authorities, traditional land users and others who
may have an interest in the area covered by the licenses. The Company’s ability to resolve such
compensation issues and compensation costs may have an impact on the future success and financial
performance of the Company’s operations. If the Company is unable to resolve such compensation claims
on economic terms, this could have a material adverse effect on the business, results or operations and
financial condition of the Company. In addition to the above, access to and from a number of such
tenements may be limited due to seasonal weather conditions. Unexpected weather, such as significant
amounts of snow, violent storms or flooding may delay or adversely impact the Company’s exploration and
operational activities.
Reliance on external contractors
The Company is dependent on third party contractors in Sweden, including consultants and drilling
contractors. Third party contractors may not be available to perform services when required or on
acceptable terms, and performance is subject to risk of dispute, equipment and staff shortage, and default
of contract terms for quality, safety, environmental compliance, timeliness, and contractor insolvency.
Environmental and social risks
The Company’s exploration, mining and processing activities will, in general, be subject to approval by
governmental authorities and influence from other key stakeholders such as local communities.
Development of any of the Company’s properties will be dependent on the relevant project meeting
environmental guidelines and, where required, being approved by governmental authorities. The Company
is well aware of its environmental obligations across its operational activities in Sweden where there are
various environmental requirements that it must adhere to and continues to monitor compliance.
Data management
The risk of retaining or managing the Company’s corporate data in a way that is inconsistent with the
Company’s regulatory obligations. This is considered to be a growing risk as the Company and related data
volumes grow and cyber-security threats become more sophisticated. Failure to properly manage the
Company’s corporate data could result in significant financial and regulatory implications.
The Company has implemented a number of company-wide controls to manage this risk, including the
continuous review and updating of security controls on the Company’s network based on known security
threats and the latest intelligence.
People capability
The Company is currently reliant on the Board and key management personnel and expects in the future
to continue to rely on those personnel. The loss of one or more of these current key contributors or an
inability to source a sufficient number of appropriately experienced consultants could have an adverse
impact on the business of the Company.
The intention of the Company’s remuneration framework is to ensure remuneration and reward structures
are aligned with shareholders’ interests by being market competitive to attract and retain high calibre
Directors’ Report (continued)
21
9.
Material Business Risks (continued)
People capability (continued)
individuals, rewarding superior individual performance, recognising the contribution of each executive to
the continued growth and success of the Company, and linking long-term incentives to shareholder value.
General economic climate
Factors such as inflation, currency fluctuations, interest rates, legislative changes, political decisions and
industrial disruption have an impact on operating costs. The Company’s future income, asset values and
share price can be affected by these factors.
Climate change
There are a number of climate-related factors that may affect the Company's business. Climate change or
prolonged periods of adverse weather and climatic conditions (including rising sea levels, floods, hail,
drought, water scarcity, temperature extremes, frosts, earthquakes and pestilences) may have an adverse
effect on the ability of the Company to access and utilise its tenements and therefore the Company's ability
to carry out operations.
Changes in policy, technological innovation, and consumer or investor preferences could adversely impact
the Company's business strategy, particularly in the event of a transition (which may occur in unpredictable
ways) to a lower-carbon economy.
10. Environmental Regulation
The Group is aware of its environmental obligations with regards to its exploration and ensures that it
complies with all appropriate regulations when carrying out any exploration work.
11. Post Balance Date Events
On 21 June 2024, the Company announced a non-renounceable entitlement offer to existing eligible
shareholders to raise up to approximately $1.6 million (before costs) (“Rights Issue”) and that it had
received firm commitments from its current Directors to raise an additional $123,500 (before costs)
(“Director Placement”), subject to Shareholder approval which was obtained at a general meeting held on
11 September 2024.
(i)
On 29 July 2024, the Company issued 83,061,156 new fully paid ordinary shares at an issue price
of $0.013 per share, on completion of the Rights Issue to raise $1,079,795 before issue costs.
(ii)
On 20 August 2024, the Company issued 39,995,000 new fully paid ordinary shares at an issue price
of $0.013 per share, on completion of the Rights Issue shortfall placement to raise $519,935 before
issue costs.
(iii)
On 12 September, the Company issued 9,500,000 new fully paid ordinary shares at an issue price
of $0.013 per share, on completion of the Director Placement to raise $123,500 before issue costs.
Proceeds from the Rights Issue and Director Placement will be applied towards progressing exploration at
the Company’s existing projects in Sweden and project generation, as well as working capital and costs of
the offers.
On 2 August 2024, a total of 36,000,000 unlisted options and 8,000,000 performance rights expired or were
cancelled by agreement between the entity and the relevant holder as follows:
(i)
3,000,000 unlisted options exercisable at $0.10 on or before 24 November 2025;
Directors’ Report (continued)
22
11.
Post Balance Date Events (continued)
(ii)
23,000,000 unlisted options exercisable at $0.10 on or before 13 August 2025;
(iii)
10,000,000 unlisted options exercisable at $0.20 on or before 26 July 2026; and
(iv)
4,000,000 unvested Class D Performance Rights (expiry 2 August 2024); and
(v)
4,000,000 unvested Class G Performance Rights (expiry 30 September 2024).
On 2 September 2024, the Company issued 105,000,000 performance rights, including 3,000,000
performance rights to the Chief Financial Officer, and on 12 September 2024, following shareholder
approval received at the general meeting on 11 September 2024, the Company issued 127,500,000
performance rights, including 52,500,000 performance rights to directors, under the Company’s Employee
Securities Incentive Plan (‘ESIP’) as detailed in the following table:
PR
ID#
Number of
Performance
Rights
Vesting Conditions
Vesting
date
Expiry
date
PRR
19,625,000
Satisfaction of the Retention Condition and the
Company’s shares achieving a volume-weighted
average market price (“VWAP”) of $0.03 or greater,
calculated over the 20 consecutive trading days on
which trades in the Company’s shares have actually
occurred prior to 31 July 2027.
31 Jul 27
31 Jul 28
PRS
19,625,000
Satisfaction of the Retention Condition and the
Company securing a material asset and completing at
least 2,000m of drilling on that asset prior to 31 July
2027.
31 Jul 27
31 Jul 28
PRT
21,625,000
Satisfaction of the Retention Condition and the
Company securing a funding partner for the Sala Project
or completing a 5,000m drill program at the Sala Project
prior to 31 July 2027.
31 Jul 27
31 Jul 28
PRU
21,625,000
Satisfaction of the Retention Condition and the
Company securing a funding partner for the Falun
Project or completing a 5,000m drill program at the
Falun Project prior to 31 July 2027.
31 Jul 27
31 Jul 28
PRV
50,000,000
The Company’s shares achieving a VWAP of $0.03 or
greater, calculated over the 20 consecutive trading days
on which trades in the Company’s shares have occurred
prior to 31 July 2027.
On or
before
31 Jul 27
31 Jul 28
PRW
50,000,000
The Company securing a material asset and completing
at least 2,000m of drilling on that asset prior to 31 July
2027.
On or
before
31 Jul 27
31 Jul 28
PRX
50,000,000
The Company achieving a market capitalisation of
$60 million or greater on at least 20 consecutive trading
days on which trades in the Company’s shares occur.
On or
before
31 Jul 28
31 Jul 28
Other than the above, there were no other events occurring after 30 June 2024.
Directors’ Report
11. Audited Remuneration Report
23
The remuneration report for the year ended 30 June 2024 outlines the remuneration arrangements of the
Company and the controlled entities (“Alicanto”), (“Group”) or (“Consolidated Entity”) and has been
prepared in accordance with Section 300A of the Corporations Act 2001 (Cth) (the “Act’) and its
Regulations. The information has been audited as required by section 308 (3C) of the Act.
The remuneration report details the remuneration arrangements for Directors and Key Management
Personnel (“KMP”), who are defined as those persons having authority and responsibility for planning,
directing, and controlling the major activities of the Company and Group, directly or indirectly including any
director (whether executive or otherwise) of the parent entity.
11.1 Directors and Key Management Personnel
The table below outlines the Directors and KMP of the Company during the financial year ended 30 June
2024. Unless otherwise indicated, the individuals were Directors or KMP for the entire financial year.
For the purposes of this report, the term “executive” includes the executive directors and senior executives
of the Company.
Executive Directors
Mr Raymond Shorrocks
Interim Executive Chair (appointed 20 June 2024, previously
Non-Executive Chair 7 August 2020 to 20 June 2024)
Mr Robert Sennitt
Managing Director (appointed 1 September 2022, resigned 20 June 2024)
Non-Executive Directors
Mr Didier Murcia
Non-Executive Director (appointed 7 August 2020, previously
Non-Executive Chair 30 May 2012 to 7 August 2020)
Mr Russell Curtin
Non-Executive Director (appointed 20 June 2024)
Mr Duncan Grieve
Non-Executive Director (appointed 20 June 2024)
Other Key Management Personnel
Mr Michael Naylor
Chief Financial Officer (appointed 1 April 2020, resigned 20 June 2024)
Ms Susan Field
Chief Financial Officer (appointed 20 June 2024)
11.2 Remuneration Governance
The role of a Remuneration Committee is to assist the Board in fulfilling its responsibilities in respect of
establishing appropriate remuneration levels and incentive policies for employees.
During the year the Board consisted of between three (3) and four (4) members. The size of the Board and
Company did not warrant a separate remuneration committee and therefore the full Board acts as the
remuneration committee. The Board has established a broad remuneration policy which is consistent with
the Company’s business objectives and designed to attract and retain high calibre individuals, align key
management personnel remuneration with the creation of shareholder value and motivate executives to
achieve challenging performance levels.
Directors’ Report
11. Audited Remuneration Report
24
11.2 Remuneration Governance (continued)
The business and operational environment of the Company is dynamic and ever changing, and so too are
the remuneration policies. As such the broader remuneration policies, whilst currently under specific and
detailed review, are by nature, always under consideration by the Board.
Further information relating to the role of the Board and its responsibilities in relation to remuneration
policies can be found within the Corporate Governance Statement which is available for inspection on the
Company’s website https://www.alicantominerals.com.au/corporate/corporate-governance/.
11.3
Use of remuneration consultants
The Board may obtain professional advice where necessary to ensure that the Group attracts and retains
talented and motivated directors, executives and employees who can enhance Group performance through
their contributions and leadership. The Company has not engaged or contracted remuneration consultants
during the financial year.
11.4
Remuneration Framework
Executive remuneration policy and framework
The remuneration policy of Alicanto Minerals Limited has been designed to align executives’ objectives
with shareholder and business objectives by providing both fixed and discretionary remuneration
components which are assessed on an annual basis in line with market rates. By providing components
of remuneration that are indirectly linked to share price appreciation (in the form of options and performance
rights), executive, business and shareholder objectives are indirectly aligned. The board of Alicanto
believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best
directors to run and manage the Company, as well as create goal congruence between Directors and
Shareholders.
In determining competitive remuneration rates, the Board reviews local and international trends among
comparative companies and industry generally. It examines terms and conditions for employee incentive
schemes, benefit plans and share plans. These ongoing reviews are performed to confirm that executive
remuneration is in line with market practice and is reasonable in the context of Australian executive reward
practices.
The Board also ensures that the mix of executive compensation between fixed, variable, long-term, short-
term and cash versus equity is appropriate. The Company endeavours to reduce cash expenditure by
providing a greater proportion of compensation in the form of equity instruments. This allows cash-flows to
be directed towards exploration programs with a view to improving the quality of our projects.
KMP Remuneration
The Board ensures that executive reward satisfies the following key criteria for good reward governance
practices:
•
Competitiveness
•
Acceptability to shareholders
•
Performance linkage
•
Capital management
Directors’ Report
11. Audited Remuneration Report
25
11.4
Remuneration Framework (continued)
KMP Remuneration (continued)
A combination of fixed and variable reward may be provided to KMPs, based on their responsibility within
the Group in relation to the achievement of its strategic objectives and capacity to contribute to the
generation of long-term shareholder value.
The components of KMP remuneration may consist of:
Fixed Remuneration
All executives receive a base cash salary which is based on factors such as length of service and
experience as well as other fringe benefits. All applicable executives also receive a superannuation
guarantee contribution required by the government, which was 11.0% during the 2024 financial year and
do not receive any retirement benefits. Note that effective 1 July 2024, the superannuation guarantee rate
has risen to 11.5% and will be effective for the 2025 financial year.
Short-term Incentives (STI)
Under the Company’s current remuneration policy, executives can from time to time receive short-term
incentives in the form of cash bonuses. The Board can use its discretion when paying bonuses, including
considering relevant industry key performance targets such as, definition and growth of existing resources,
exploration targets and ongoing Executive loyalty to the Company. The Board believes that the criteria of
eligibility for short-term incentives appropriately aligns shareholder wealth and executive remuneration as
the completion of key performance targets have the potential to increase share price growth. During the
financial year ended 30 June 2024, the Company did not offer or pay out any STIs to executives.
Bonuses
There were no bonuses paid out during the current financial year.
Long-term Incentives (LTI)
Executives are encouraged by the Board to hold shares in the Company, and it is therefore the objective
of the Company’s employee incentive scheme to provide an incentive for participants to partake in the
future growth of the Company and, upon becoming shareholders in the Company, to participate in the
Company’s profits and dividends that may be realised in future years.
The Board considers that this equity performance linked remuneration structure is effective in aligning the
long-term interests of group executives and shareholders as there exists a direct correlation between
shareholder wealth and executive remuneration.
During the current year a total of 5,000,000 Performance Rights were issued to the Managing Director,
which were approved under ASX Listing Rule 10.14 by shareholders at the general meeting held on 17 July
2023 (2023: 14,000,000), which were subsequently cancelled by agreement on 20 June 2024 upon his
resignation as Managing Director. The previous Chief Financial Officer Michael Naylor, and current Chief
Financial Officer (and former Financial Controller) were also issued 5,000,000 and 500,000 Performance
Rights respectively during the current year. Performance Rights were issued to executives as they provide
an indirect mechanism of aligning shareholder wealth and executive remuneration.
Directors’ Report
11. Audited Remuneration Report
26
11.4
Remuneration Framework (continued)
Non-Executive Director remuneration policy
The Board’s policy is to remunerate non-executive directors at market rates for comparable companies for
time, commitment, and responsibilities. Fees for non-executive directors are not linked to the performance
of the Group. Typically, the Company will compare non-executive remuneration to companies with similar
market capitalisations in the exploration and resource development business group. These ongoing
reviews are performed to confirm that non-executive remuneration is in line with market practice and is
reasonable in the context of Australian executive reward practices.
The maximum aggregate amount of fees that can be paid to non-executive directors is currently $500,000
per annum as set out in the Company’s constitution. No change is being requested for approval by
shareholders at the Annual General Meeting. During the current year there were 7,000,000 Performance
Rights issued to non-executive directors which were approved under ASX Listing Rule 10.14 at the
shareholder meeting held on held on 17 July 2023 (2023: None issued). Performance Rights were issued
to non-executives as they provide an indirect mechanism of aligning shareholder wealth and non-executive
director remuneration.
11.5
Company Performance, Shareholder Wealth and Director and Executive remuneration
The remuneration policy has been tailored to increase goal congruence between shareholders, directors
and executives. This has been achieved by the issue of performance rights to directors, executives and
other key management personnel, at the discretion of the Board of Directors. The performance rights are
issued under the Employee Securities Incentive Plan and based on a mixture of short, medium and long-
term incentive options. This structure rewards directors and executives for both short-term and long-term
shareholder wealth development.
Directors’ Report
11. Audited Remuneration Report
27
11.5 Company Performance, Shareholder Wealth and Director’s and Executives remuneration
(continued)
Overview of Company Performance
In considering the Company’s performance and benefits for shareholder wealth, the Board has regard to
the following business performance indicators in respect of the current and the previous three financial
years (the Company listed on the ASX on 19 September 2012):
Year Ended 30 June
Units
2024
2023
2023
2021
Market Capitalisation
$
12,927,323
18,911,788
24,941,385
44,262,107
Closing Share Price
$
0.021
0.035
0.065
0.135
Number of shares on issue
#
615,586,806
540,336,806
383,713,617
327,867,461
Income
$
37,756
17,848
778,485
90,821
Net loss after tax
$
5,470,225
7,046,235
9,936,377
7,361,110
Currently, there is a portion of remuneration of key management personnel that is linked to share price
performance. The rationale for this approach is that the Group is in the exploration phase, and it is currently
not appropriate to link remuneration to any other factors such as profitability.
11.6 Voting and comments made at the Company’s 2023 Annual General Meeting
The Company received 79.10% of “Yes” votes on its remuneration report for the 2023 financial year (2022:
99.59%). The Company did not receive any specific feedback at the AGM or throughout the year on its
remuneration practices.
11.7 Details of Remuneration
The Key Management Personnel of Alicanto Minerals Limited for the year ended 30 June 2024 and 30 June
2023 are set out in the table below.
On 21 June 2024, the Company announced the resignation of Mr Robert Sennitt as Managing Director with
effect from 20 June 2024 and thanked him for his commitment to driving the exploration program in
Sweden. Mr Sennitt continued to be available to the Company for the following three months until
30 September 2024.
At the same time, the Company also announced the appointment of senior geologist Mr Duncan Grieve
and finance professional Mr Russell Curtin, as Non-Executive Directors with effect 20 June 2024. In
addition, it also announced that Ms Susan Field replaced Mr Michael Naylor as Chief Financial Offer, with
effect from 20 June 2024.
There have been no other changes to the below named key management personnel since the end of the
reporting period unless noted.
Directors’ Report
11. Audited Remuneration Report
28
11.7 Details of Remuneration (continued)
Short-term benefits
Post
Employment
benfits
Share based
payments
Cash
Salary &
Fees
Annual
Leave
Other
Benefits
Super-
annuation
Options
Perform
ance
Rights
Total
Linked to
Perform-
ance
$
$
$
$
$
$
$
%
Mr R Shorrocks 1
FY 2024
83,750
-
5,611
-
-
172,978
262,339
66
FY 2023
65,000
-
6,096
-
-
129,082
200,178
64
Mr D Murcia
FY 2024
50,000
-
5,611
-
-
17,417
73,028
24
FY 2023
50,000
-
6,096
-
-
-
56,096
22
Mr R Curtin 2
FY 2024
1,808
-
153
-
-
-
1,961
-
FY 2023
-
-
-
-
-
-
-
-
Mr D Grieve 3
FY 2024
3,315
-
153
-
-
-
3,468
-
FY 2023
-
-
-
-
-
-
-
-
Mr R Sennitt 4
FY 2024
300,000
15,769
5,611
33,000
-
-
354,380
-
FY 2023
250,000
14,748
5,061
26,250
-
81,609
377,668
22
Mr P George 5
FY 2024
-
-
-
-
-
-
-
-
FY 2023
197,917
38,484
4,811
20,781
-
14,702
276,695
5
Mr M Naylor 6
FY 2024
68,087
-
5,458
-
-
235,538
309,083
76
FY 2023
90,000
-
6,096
-
-
198,069
294,165
67
Ms S Field 7
FY 2024
1,269
-
153
-
-
529
1,951
27
FY 2023
-
-
-
-
-
-
-
-
Total
FY 2024
508,229
15,769
22,750
33,000
-
426,462
1,006,210
42
FY 2023
652,917
53,232
28,160
47,031
-
423,462
1,204,802
35
1
Mr Shorrocks was appointed Interim Executive Chair effective 20 June 2024 and was previously Non-Executive Chair.
2
Mr Curtin was appointed Non-Executive Director effective 20 June 2024.
3
Mr Grieve was appointed Non-Executive Director effective 20 June 2024.
4
Mr Sennitt resigned effective 20 June 2024.
5
Mr P George resigned effective 14 April 2023.
6
Mr Naylor resigned as Chief Financial Officer effective 20 June 2024.
7
Ms Field was appointed as Chief Financial Officer effective 20 June 2024.
Directors’ Report
11. Audited Remuneration Report
29
11.8
Service Agreements
Remuneration and other key terms of employment for the Executives, Non-Executives and Other
Executives of Alicanto Minerals Limited are formalised in executive service agreements. Major provisions
of the agreements relating to remuneration are set out below:
Directors
Name
Mr R Shorrocks
Title
Interim Executive Chair (appointed 20 June 2024, previously Non-
Executive Chair from 7 August 2020 to 20 June 2024)
Agreement commenced
20 June 2024
Term of agreement
Unspecified
Details
• Annual fee of $150,000 exclusive of superannuation.
Previous annual fee for role as Non-Executive Chair was
$65,000 until 1 October 2023 when it was increased to was
$90,000 per annum.
• Statutory superannuation contributions to be met as required.
under the Superannuation Guarantee Charge Act 1992 (Cth).
• Eligible to participate in the Company’s Employee Securities
Incentive Plan.
• Notice period to terminate employment is 3 months.
• Payment of a termination benefit on early termination by the
Company, other than for gross misconduct, equal to 3 months
of the base salary, being payment in lieu of the specified
termination notice period.
Name
Mr D Murcia
Title
Non-Executive Director (appointed 7 August 2020, previously Non-
Executive Chair from 30 May 2012 to 7 August 2020)
Agreement commenced
30 May 2012
Term of agreement
Unspecified
Details
• Annual fee of $50,000 exclusive of super, effective from 1 July
2022
Original base fee was $60,000 per annum which by mutual
agreement was reduced to $32,850 on and from 1 September
2018.
•
Eligible to participate in the Company’s Employee Securities
Incentive Plan.
Directors’ Report
11. Audited Remuneration Report
30
11.8 Service Agreements (continued)
Name
Mr Russell Curtin
Title
Non-Executive Director
Agreement commenced
20 June 2024
Term of agreement
Unspecified
Details
• Annual fee of $50,000 exclusive of superannuation
• Eligible to participate in the Company’s Employee Securities
Incentive Plan.
Name
Mr Duncan Grieve
Title
Non-Executive Director
Agreement commenced
20 June 2024
Term of agreement
Unspecified
Details
• Annual fee of $50,000 exclusive of superannuation
• Eligible to participate in the Company’s Employee Securities
Incentive Plan.
Name
Mr Robert Sennitt
Title
Managing Director
Agreement commenced
1 September 2022
Term of agreement
Unspecified, noting Mr Sennitt resigned effective 20 June 2024 as
Managing Director, however remained an employee until
30 September 2024
Details
• Base salary of $300,000 exclusive of superannuation
• Statutory superannuation contributions to be met as required.
under the Superannuation Guarantee Charge Act 1992 (Cth).
• Eligible to participate in the Company’s Employee Securities
Incentive Plan.
• Notice period to terminate employment is 6 months.
• Payment of a termination benefit on early termination by the
Company, other than for gross misconduct, equal to 6 months
of the base salary, being payment in lieu of the specified
termination notice period.
Directors’ Report
11. Audited Remuneration Report
31
11.8
Service Agreements (continued)
Other Key Management Personnel
Name
Mr M Naylor
Title
Chief Financial Officer (‘CFO’)
Agreement commenced
1 April 2020, noting Mr Naylor resigned from this role effective
20 June 2024.
Term of agreement
Agreement is held with Blue Leaf Corporate Pty Ltd (‘Blue Leaf’)
and charged monthly in arrears for Mr Naylor’s services as CFO.
Details
•
Base fee of $72,000 per annum, effective from 1 November
2022.
Original base fee was $126,000 per annum for a dual role as
CFO and Company Secretary which by mutual agreement was
reduced to $72,000 on and from 1 November 2022 with Mr
Naylor’s resignation as Company Secretary.
•
Payment of a termination benefit on early termination by the
company, other than for gross misconduct, equal to 3 months
base fee, being payment in lieu of the specified termination
notice period.
•
Eligible to participate in the Company’s Employee Securities
Incentive Plan.
Name
Ms Susan Field
Title
Chief Financial Officer (‘CFO’)
Agreement commenced
20 June 2024
Term of agreement
Agreement is held with Blue Leaf and charged monthly in arrears
for accounting services which includes the provision of Ms Field’s
services as CFO.
Details
•
Monthly fee of $7,500 paid to Blue Leaf for the provision of CFO
and other accounting services.
•
Eligible to participate in the Company’s Employee Securities
Incentive Plan.
Directors’ Report
11. Audited Remuneration Report
32
11.9
Equity instruments held by key management personnel
2024 Shares
Balance at the
start of the
year/ on
appointment
Received on
exercise of
options/
performance
rights
Other
movements
Held on date of
resignation
Balance at the
end of the year
Directors of Alicanto Minerals Limited
Mr R Shorrocks
3,105,355
-
2,500,000
-
5,605,355
Mr D Murcia
1,272,500
-
-
-
1,272,500
Mr R Curtin 1
-
-
-
-
-
Mr D Grieve 2
250,000
-
-
-
250,000
Mr R Sennitt 3
1,350,000
-
-
(1,350,000)
-
Other key management personnel
Mr M Naylor 4
4,134,918
-
-
(4,134,918)
-
Ms S Field 5
-
-
-
-
-
10,112,773
-
2,500,000
(5,484,918)
7,127,855
1 Mr Curtin was appointed as Non-Executive Director effective 20 June 2024.
2 Mr Grieve was appointed as Non-Executive Director effective 20 June 2024.
3 Mr Sennitt resigned as Managing Director effective 20 June 2024.
4 Mr Naylor resigned as Chief Financial Officer effective 20 June 2024.
5 Ms Field was appointed as Chief Financial Officer effective 20 June 2024
2023 Shares
Balance at the
start of the
year/ on
appointment
Received on
exercise of
options/
performance
rights
Other
purchases
Held on date of
resignation
Balance at the
end of the year
Directors of Alicanto Minerals Limited
Mr R Shorrocks
1,765,355
-
1,340,000
-
3,105,355
Mr D Murcia
1,272,500
-
-
-
1,272,500
Mr R Sennitt 1
-
-
1,350,000
-
1,350,000
Mr P George
9,448,128
2,000,000 2
-
(11,448,128)
-
Other key management personnel
Mr M Naylor
2,794,918
-
1,340,000
-
4,134,918
15,280,901
2,000,000
4,030,000
(11,448,128)
9,862,773
1 Mr Sennitt was appointed as Managing Director effective 1 September 2022.
2 Fully paid ordinary shares issued on vesting of performance rights are subject to voluntary escrow until 25/10/2023.
Directors’ Report
11. Audited Remuneration Report
33
11.9 Equity instruments held by key management personnel (continued)
2024
Unlisted
Options
Balance at
the start of
the year/ on
appointment
Granted as
remuneration
Exercised
Held on date
of
resignation
Balance at
the end of the
year
Vested and
exercisable
Directors of Alicanto Minerals Limited
Mr R Shorrocks
10,000,000
-
-
-
10,000,000
10,000,000
Mr D Murcia
2,000,000
-
-
-
2,000,000
2,000,000
Mr R Curtin 1
-
-
-
-
-
-
Mr D Grieve 2
-
-
-
-
-
-
Mr R Sennitt 3
-
-
-
-
-
-
Other key management personnel
Mr M Naylor 4
6,000,000
-
-
(6,000,000)
-
-
Ms S Field 5
-
-
-
-
-
-
18,000,000
-
-
(6,000,000)
12,000,000
12,000,000
1 Mr Curtin was appointed as Non-Executive Director effective 20 June 2024.
2 Mr Grieve was appointed as Non-Executive Director effective 20 June 2024.
3 Mr Sennitt resigned as Managing Director effective 20 June 2024.
4 Mr Naylor resigned as Chief Financial Officer effective 20 June 2024.
5 Ms Field was appointed as Chief Financial Officer effective 20 June 2024
2023
Unlisted
Options
Balance at
the start of
the year/ on
appointment
Granted as
remuneration
Exercised
Held on date
of
resignation
Balance at
the end of the
year
Vested and
exercisable
Directors of Alicanto Minerals Limited
Mr R Shorrocks
10,000,000
-
-
-
10,000,000
10,000,000
Mr D Murcia
2,000,000
-
-
-
2,000,000
2,000,000
Mr R Sennitt 1
-
-
-
-
-
-
Mr P George 2
3,000,000
-
-
(3,000,000)
-
-
Other key management personnel
Mr M Naylor
6,000,000
-
-
-
6,000,000
6,000,000
21,000,000
-
-
(3,000,000)
18,000,000
18,000,000
1 Mr Sennitt was appointed as Managing Director effective 1 September 2022.
2 Mr George resigned effective 14 April 2023.
Directors’ Report
11. Audited Remuneration Report
34
11.9 Equity instruments held by key management personnel (continued)
2024
Performance
Rights
Balance at
the start of
the year/ on
appointment
Granted
during the
year
Exercised/
(Lapsed)
Held on date
of
resignation
Balance at
the end of
the year
Vested and
exercisable
Directors of Alicanto Minerals Limited
Mr R Shorrocks
4,000,000
5,000,000
-
-
9,000,000
-
Mr D Murcia
-
2,000,000
-
-
2,000,000
-
Mr R Curtin 1
-
-
-
-
-
-
Mr D Grieve 2
-
-
-
-
-
-
Mr R Sennitt 3
14,000,000
5,000,000
(19,000,000)
-
-
-
Other key management personnel
Mr M Naylor 4
3,750,000
5,000,000
-
(8,750,000)
-
-
Ms S Field 5
250,000
500,000
-
-
750,000
-
Total
22,000,000
17,500,000
(19,000,000)
(8,750,000)
11,750,000
-
1 Mr Curtin was appointed as Non-Executive Director effective 20 June 2024.
2 Mr Grieve was appointed as Non-Executive Director effective 20 June 2024.
3 Mr Sennitt resigned as Managing Director effective 20 June 2024.
4 Mr Naylor resigned as Chief Financial Officer effective 20 June 2024.
5 Ms Field was appointed as Chief Financial Officer effective 20 June 2024
2023
Performance
Rights
Balance at
the start of
the year/ on
appointment
Granted
during the
year
Exercised
Held on date
of
resignation
Balance at
the end of
the year
Vested and
exercisable
Directors of Alicanto Minerals Limited
Mr R Shorrocks
4,000,000
-
-
-
4,000,000
-
Mr D Murcia
-
-
-
-
-
-
Mr R Sennitt
-
14,000,000
-
-
14,000,000
-
Mr P George
2,000,000
-
(2,000,000)
-
-
-
Other key management personnel
Mr M Naylor
3,750,000
-
-
-
3,750,000
-
Total
9,750,000
14,000,000
(2,000,000)
-
21,750,000
-
Listed Options
There were no listed options issued during either the 2024 or 2023 financial year.
Directors’ Report
11. Audited Remuneration Report
35
11.10 Details of share-based compensation and bonuses
Options and Performance Rights are issued to directors and executives as part of their remuneration.
Performance Rights have been issued to directors and executives with long-term retention and
performance criteria to align the remuneration of KMP with creation of sustained value for shareholders
and to provide a link between remuneration and the level of their performance and performance of the
Company. The Board believes that incentivising with performance rights is a prudent means of conserving
the Company’s available cash reserves.
Options issued – 30 June 2024
There were no options issued, exercised or lapsed to key management personnel during the 2024 financial
year.
Options issued – 30 June 2023
There were no options issued, exercised or lapsed to key management personnel during the 2023 financial
year.
On 28 February 2023, a total of 15,000,000 unlisted options were issued to Mr Stephen Parsons (or his
nominee) as a part of his remuneration as a corporate consultant of the Company.
Performance Rights issued – 30 June 2024
During the year, the Company issued a total 33,250,000 performance rights of which 17,500,000 were
issued to directors and other key management.
Performance rights granted carry no dividend or voting rights.
The terms and conditions of each Tranche of performance rights affecting remuneration of KMP during the
year are set out in the following table.
PR
ID#
Grant date
Expiry
date
Vesting conditions
Number of
performance
rights
Fair value
at grant
date
PRO
1 Aug 2023
1 Aug
2027
The share price of the Company's
Shares as traded on the ASX
achieving
a
volume
weighted
average market price of $0.08 per
Share or more over 20 consecutive
trading days on which shares are
actually traded.
17,500,000
666,000
At the date of the report none of the above performance rights had vested and/or lapsed.
Directors’ Report
11. Audited Remuneration Report
36
11.10 Details of share-based compensation and bonuses (continued)
Performance Rights issued – 30 June 2023
During the 2023 year, the Company issued 14,000,000 performance rights to the Managing Director,
following shareholder approval received at the Annual General Meeting held on 8 November 2022, as
detailed in below table.
PR
ID#
Grant
date
Expiry
date
Vesting conditions
Number of
performance
rights
Fair
value at
grant
date
$
PRI
29 Nov
2022
30 Nov
2027
The Company achieving a volume weighted
average share price of $0.10 or above for 20
consecutive Trading Days by 1 Mar 2024.
1,000,000
50,000
PRJ
29 Nov
2022
30 Nov
2027
The Company achieving a volume weighted
average share price of $0.30 or above for 20
consecutive Trading Days by 1 Sep 2025.
2,000,000
100,000
PRK
29 Nov
2022
30 Nov
2027
The Company achieving a volume weighted
average share price of $0.50 or above for 20
consecutive Trading Days by 1 Sep 2025.
3,000,000
150,000
PRL
29 Nov
2022
30 Nov
2027
The Company announcing a 4% or above Zn
equivalent JORC Resource (inferred or
indicated) of at least 20MT by 1 Sep 2024.
2,000,000
100,000
PRM
29 Nov
2022
30 Nov
2027
The Company announcing a positive PFS
Study, demonstrating greater than 100,000 oz
gold equivalent production or as otherwise
agreed by the Board by 1 Sep 2024.
2,000,000
100,000
PRN
29 Nov
2022
30 Nov
2027
The Company obtaining all required permits to
commence development and/or production at
the Sala Mine in Sweden or as otherwise
agreed by the Board by 1 Sep 2026.
4,000,000
200,000
The Class PRI Performance Rights lapsed in March 2024 due to failure to satisfy the vesting conditions by
the vesting date, with the remainder of the above performance rights lapsing on 20 June 2024 by agreement
between the Company and Mr Sennitt, concurrent with his resignation as Managing Director.
Directors’ Report
11. Audited Remuneration Report
37
11.11
Other transaction with key management personnel
The following transactions occurred with key management personnel related entities during the financial
year for the recharges of office and administration costs incurred on its behalf during the year:
2024
2023
$
$
Bellevue Gold Limited 1
-
469
Firefly Metals Limited (formerly Auteco Minerals Limited) 2
109,855
308,531
Bellavista Resources Limited 3
15,245
19,073
The following transactions occurred with related parties during the financial year:
1
Mr Naylor is a Non-Executive Director (formerly Executive Director) of Bellevue Gold Limited, a
company which held the head lease for Right of Use Asset and on charges rent, office and other
administration service costs on normal terms and conditions. The Company no longer has this
arrangement with Bellevue Gold Limited. The balance outstanding as at 30 June 2024 was Nil (2023:
Nil).
2
Mr Naylor is an Executive Director of FireFly Metals Limited (and Mr Raymond Shorrocks was also
Chairman and Non-Executive Director of Firefly Metals Limited until 19 March 2024). FireFly Metals
Ltd shares office and administration services costs on normal commercial terms and conditions, and
sublicenses part of the office premises to Alicanto. The total fees charged to the Group amounted to
$158,589 (2023: $308,531) as at 30 June 2024. The balance outstanding as at 30 June 2024 was
Nil (2023: Nil).
3
Mr Naylor was a Non-Executive Director of Bellavista Resources Limited which on-charges costs to
Alicanto, including personnel services and other administrative costs on normal terms and
conditions. The balance outstanding as at 30 June 2024 was Nil (2023: Nil).
There were no other related party transactions during the year.
11.12 Loans to key management personnel.
There were no loans made to directors of Alicanto Minerals Limited and other key management personnel
of the group, including close family members or related entities related to them.
End of Remuneration Report.
Directors’ Report
38
12. Shares under Option and Performance Rights
Unissued ordinary shares of Alicanto Minerals Limited under option at the date of this report are as follows:
Date Option Issued
Expiry Date
Exercise Price
Number under Option
14 Aug 2020
13 Aug 2025
$0.100
14,000,000
24 Nov 2020
24 Nov 2025
$0.100
6,000,000
24 Nov 2020
24 Nov 2025
$0.100
2,500,000
24 Nov 2020
24 Nov 2025
$0.150
2,500,000
24 Nov 2020
24 Nov 2025
$0.200
2,500,000
24 Nov 2020
24 Nov 2025
$0.250
2,500,000
28 Feb 2023
28 Feb 2028
$0.058
15,000,000
Total on issue
45,000,000
No option holder has any right under the options to participate in any other share issue of the Company
or any other entity.
Unissued ordinary shares of Alicanto Minerals Limited under performance rights at the date of this report
are as follows:
Date Performance
Rights Issued
Expiry Date
Exercise
Price
PR ID
Number under
Performance Rights
01 Aug 2023
01 Aug 2027
Nil
PRO
18,250,000
14 Sep 2023
01 Aug 2027
Nil
PRO
500,000
01 Aug 2023
01 Aug 2027
Nil
PRP
3,500,000
14 Sep 2023
01 Aug 2027
Nil
PRP
500,000
01 Aug 2023
01 Aug 2027
Nil
PRQ
3,500,000
14 Sep 2023
01 Aug 2027
Nil
PRQ
500,000
02 Sep 2024
31 Jul 2028
Nil
PRR
4,000,000
02 Sep 2024
31 Jul 2028
Nil
PRS
4,000,000
02 Sep 2024
31 Jul 2028
Nil
PRT
11,000,000
02 Sep 2024
31 Jul 2028
Nil
PRU
11,000,000
02 Sep 2024
31 Jul 2028
Nil
PRV
25,000,000
02 Sep 2024
31 Jul 2028
Nil
PRW
25,000,000
02 Sep 2024
31 Jul 2028
Nil
PRX
25,000,000
12 Sep 2024
31 Jul 2028
Nil
PRR
15,625,000
12 Sep 2024
31 Jul 2028
Nil
PRS
15,625,000
12 Sep 2024
31 Jul 2028
Nil
PRT
10,625,000
12 Sep 2024
31 Jul 2028
Nil
PRU
10,625,000
12 Sep 2024
31 Jul 2028
Nil
PRV
25,000,000
12 Sep 2024
31 Jul 2028
Nil
PRW
25,000,000
12 Sep 2024
31 Jul 2028
Nil
PRX
25,000,000
Total on issue
259,250,000
Directors’ Report
39
13. Proceedings on behalf of the Company
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in
any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the
Company for all or any part of these proceedings. The Company was not a party to any such proceedings
during the year.
14. Meetings of Directors
The number of Directors' meetings held during the financial year that each Director who held office during
the financial year was eligible to attend and the number of meetings attended by each Director were:
Director
Directors Meetings
Number Eligible to Attend
Meetings Attended
Mr R Shorrocks
7
7
Mr R Sennitt
7
7
Mr D Murcia
7
7
Mr R Curtin
-
-
Mr D Grieve
-
-
15. Indemnity and Insurance of Officers
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 (Cth). The contract of insurance prohibits disclosure of the nature of the liability and the amount
of the premium.
16. Auditor’s Independent Declaration and Non-Audit Services
The lead auditor’s independence declaration for the year ended 30 June 2024 has been received and can
be found on page 43 of the Directors’ report.
No non-audit services have been provided by the auditor, Stantons International Audit and Consulting
during the financial year.
The Auditor’s audit remuneration is disclosed in Note 4.
Signed in accordance with a resolution of the Board of Directors.
Ray Shorrocks
Interim Executive Director
Perth Western Australia, 30 September 2024
Mineral Resource and Competent Persons’ Statements
40
Mineral Resource Statement
The Inferred Mineral Resource estimate for the Sala Project in Sweden at 30 June 2024 is:
Independent JORC 2012 Inferred resource estimate at selected lower cut-off grades
at the Sala Total Zn-Ag-Pb Project
Cut-off
grade
Mass
Grade
Metal
Tonnes
(Mt)
Zn
Grade
(%)
Ag
Grade
(g/t)
Pb
Grade
(%)
ZnEq
(%)
AgEq
(g/t)
Zn
Metal
(Kt)
Ag
Metal
(Moz)
Pb
Metal
(Kt)
ZnEq
(kt)
AgEq
(Moz)
>1.5% ZnEq
15.5
2.5
38.8
0.4
3.6
170
388.7
19.3
63.6
558
85
>2.5% ZnEq
9.7
3.2
47.3
0.5
4.5
214
311.3
14.7
44.2
437
66
>4.0% ZnEq
4.5
4.5
58.4
0.5
6.0
285
201.0
8.5
23.5
270
41
Figures have been rounded to 1 decimal place
ZnEq (%) = Zn (%) + Zn% x [(Ag_rec x Ag$ x Ag(g/t) + (Pb_rec x Pb$ x Pb(%)]/(Zn$ x Zn_rec x Zn%)
AgEq (g/t) = Ag (g/t) + Ag (g/t) x [(Zn_rec x Zn$ x Zn(%) + (Pb_rec x Pb$ x Pb(%)]/(Ag$ x Ag_rec x Ag g/t)
Metal Equivalent Calculations - Sala
Zn% (Eq) and Ag g/t (Eq) are based on recoveries at analogous mineralisation systems in Sweden to
calculate the equivalent grades a recovery of 93.8% Zn, 82% Ag and 89.9% Pb was applied.
The following price assumptions were used to calculate the equivalents:
•
Zinc Price of USD $2,976.24 per tonne
•
Silver Price of USD $22.62 per ounce
•
Lead Price of USD $2,259.07 per tonne
Equivalents were calculated using the following formula:
ZnEq = Zn% + Zn% x [(727,345.29 x 0.82 x Ag%) + (2,259.07 x 0.899 x Pb%)]/(2,976.24 x 0.9380 x
Zn%)
AgEq = Ag (g/t) + Ag (g/t) x [(2,976.24 x 0.938 x Zn%) + (2,259.07 x 0.899 x Pb%)] / (727,345.29 x
0.820 x Ag (g/t))
It is the Company’s opinion that all the elements included in the metal equivalents calculation have a
reasonable potential to be recovered and sold.
Classification
The Mineral Resource is entirely classified as Inferred. The classification is based on the relative
confidence in the mineralised domain countered by variable drill spacing, un-verifiable historical
database and partial lack of historical quality assurance and quality control.
Review of Material Changes
As part of an annual review of resource, the economic assumptions outlined in accordance with
principles of the JORC Code have been reviewed, and no material changes have been applied.
Furthermore, the Company is not in possession of any new information or data relating to the previously
announced resource estimate, as such there is no material changes to the resource estimate and no
comparison of estimates is necessary. No further review of the resource estimate has been completed
following the annual review of mineral resources completed for the financial year ending 30 June 2024.
Mineral Resource and Competent Persons’ Statements
41
Governance Controls
Alicanto has adopted the following governance arrangements and internal controls for the preparation
of mineral resource estimations for the Company to ensure any Mineral Resource or Ore Reserve
estimates prepared by Alicanto are reported in accordance with the principles of the Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 edition (JORC Code)
and ASX Listing Rules.
Exploration activity and material results acquired in support of Mineral Resource estimation is subject
to regular internal review to confirm and compile exploration results on a continuous basis for disclosure
to shareholders in accordance with ASX Listing Rule 5.7 and in accordance with requirements of the
JORC Code. Compilation of exploration results is completed or overseen by Alicanto personnel that
meet the requirements of a Competent Person in accordance with the principles of the JORC Code.
Any documentation for the estimation of Mineral Resources or Ore Reserve must be prepared or
overseen by a Competent Person in accordance with the principles of the JORC Code involving either
Company personnel or an Independent Competent Person as deemed appropriate by Company
management, with reporting of final documentation prepared in accordance with ASX listing rule(s) 5.8
and/or 5.9 as relevant to the consideration of modifying factors used in the estimation process.
Competent Persons’ Statements
The information in this report that relates to Exploration Results is based on and fairly represents
information compiled by Mr Erik Lundstam, a Competent Person who is a Member of The Australian
Institute of Geoscientists. Mr Lundstam is the Chief Geologist for the Company and holds shares in the
Company. Mr Lundstam has sufficient experience which is relevant to the style of mineralisation and
type of deposits under consideration and to the activity undertaken to qualify as a Competent Person
as defined in the JORC 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves’ (the “JORC Code”). Mr Lundstam consents to the inclusion in
this report of the matters based on his information in the form and context in which it appears.
The information in this announcement that relates to Mineral Resources is based on and fairly
represents information compiled by Mr Brian Fitzpatrick. Mr Fitzpatrick is a Competent Person and a
full-time employee of Cube Consulting Pty Ltd, a consultant to the Company which specialises in mineral
resource estimation, evaluation and exploration. Neither Mr Fitzpatrick nor Cube Consulting Pty Ltd
holds any interest in Alicanto Minerals Ltd, its related parties, or in any of the mineral properties that are
the subject of this announcement. Mr Fitzpatrick is a member of the Australasian Institute of Mining and
Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity undertaken to qualify as a Competent Person (or “CP”)
as defined in the 2012 Edition of the JORC Code. Mr Fitzpatrick consents to the inclusion in this report
of the matters based on his information in the form and context in which it appears.
Forward Looking Statements
Forward-looking statements involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by the forward-looking
statements. Such factors constitute, among others, continued funding, general business, economic,
competitive, political and social uncertainties; the actual results of exploration activities; changes in
project parameters as exploration strategies continue to be refined; renewal of mineral concessions;
accidents, labour disputes, contract and agreement disputes, and other sovereign risks related to
Mineral Resource and Competent Persons’ Statements
42
changes in government policy; changes in policy in application of mining code; and political instability.
The Company has attempted to identify important factors that could cause actual actions, events or
results to differ materially from those described in forward looking statements, however there may be
other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date of this report and the Company
disclaims any obligation to update any forward-looking statements, whether as a result of new
information, future events or results, except as may be required by applicable securities laws. There
can be no assurance that forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
End Notes
1
Falun Mine statistics obtained from Doctoral Thesis at Lulea University by Tobias Christoph Kampmann, March 2017
“Age, origin and tectonothermal modification of the Falun pyritic Zn-Pb-Cu-(Au-Ag) sulphide deposit, Bergslagen,
Sweden”.
2
Refer AQI’s ASX announcement dated 15 February 2023.
3
Sala mine statistics obtained from a technical report written by Tegengren, 1924 “Sveriges Adlare Malmeroch Bergverk”.
4
Refer AQI’s ASX announcement dated 30 May 2023.
Liability limited by a scheme approved under Professional Standards Legislation
PO Box 1908
West Perth WA 6872
Australia
Level 2, 40 Kings Park Road
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
Stantons Is a member of the Russell
Bedford International network of firms
30 September 2024
Board of Directors
Alicanto Minerals Limited
Level 2, 8 Richardson Street
West Perth WA 6005
Dear Directors
RE:
ALICANTO MINERALS LIMITED
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following
declaration of independence to the directors of Alicanto Minerals Limited.
As Audit Director for the audit of the financial statements of Alicanto Minerals 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.
Yours sincerely
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(An Authorised Audit Company)
Eliya Mwale
Director
2024 Financial Report
Contents
44
Consolidated Statement of Profit or Loss and Other Comprehensive Income
45
Consolidated Statement of Financial Position
46
Consolidated Statement of Changes in Equity
47
Consolidated Statement of Cash Flows
48
Notes to Consolidated Financial Statements
49
Consolidated Entity Disclosure Statement
86
Directors’ Declaration
87
Independent Auditor’s Report
88
These financial statements are the consolidated financial statements of the consolidated entity
consisting of Alicanto Minerals Limited and its subsidiaries. The financial statements are presented in
the Australian currency.
Alicanto Minerals Limited is a Company limited by shares, incorporated and domiciled in Australia. Its
registered office and principal place of business is:
Alicanto Minerals Limited
Level 2, 8 Richardson Street
WEST PERTH WA 6005
A description of the nature of the consolidated entity's operations and its principal activities is included
in the review of operations and activities and directors’ report on pages 4 to 39, both of which is not part
of these financial statements.
The financial statements were authorised for issue by the directors on 30 September 2024. The
Company has the power to amend and reissue the financial statements.
Through the use of the internet, the Company has ensured that its corporate reporting is timely,
complete, and available globally at minimum cost to the Company. All press releases, financial
statements and other information are available on our website: www.alicantominerals.com.au.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 30 June 2024
45
NOTES
2024
2023
$
$
Revenue from continuing operations
3(a)
37,820
18,222
Other (loss) / income
3(b)
(64)
(374)
Total revenue
37,756
17,848
Administration expenses
(382,547)
(687,443)
Compliance and regulatory expense
(99,066)
(103,593)
Consultancy expense
(550,710)
(1,187,360)
Occupancy expense
(21,836)
(24,578)
Insurance expense
(43,516)
(56,630)
Employee benefits expense
3(c)
(680,100)
(788,765)
Share based payments
16.4
(358,873)
(225,393)
Depreciation expense
3(d)
(16,530)
(13,368)
Depreciation on right of use assets
10(b)
(26,362)
(147,449)
Write-off of property, plant and equipment
8
-
(2,638)
Depreciation – accelerated expense – low value assets
-
(6,169)
Interest expense of lease liability
3(e),13
(9,622)
(10,955)
Interest expense of hire purchase liability
3(e)
-
(2,102)
Exploration expenditure
9
(3,318,819)
(3,807,640)
(Loss) from continuing operations before income
tax expense
(5,470,225)
(7,046,235)
Income tax expense
5(a)
-
-
(Loss) for the year attributable to members of the
Company
(5,470,225)
(7,046,235)
Other comprehensive loss attributable to members of
the Company
Exchange difference on translation of foreign operation
15(c)
(117,543)
122,674
Total comprehensive (Loss) for the year
(5,587,768)
(6,923,561)
Basic and diluted (loss) from continuing and
discontinued operations per share (cents)
26
(0.9)
(1.6)
Basic and diluted (loss) from continuing operations per
share (cents)
(0.9)
(1.6)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction
with the accompanying notes.
Consolidated Statement of Financial Position
As At 30 June 2024
46
NOTES
2024
2023
$
$
Current Assets
Cash and cash equivalents
6
803,773
3,067,926
Trade and other receivables
7(a)
234,318
349,499
Total Current Assets
1,038,091
3,417,425
Non-Current Assets
Trade and other receivables
7(b)
42,069
57,307
Property, plant and equipment
8
59,032
74,183
Exploration and evaluation expenditure
9
1,700,012
1,700,012
Right of use assets
10
105,448
176,075
Total Non-Current Assets
1,906,561
2,007,577
Total Assets
2,944,652
5,425,002
Current Liabilities
Trade and other payables
11
249,984
453,142
Provisions
12
42,926
19,253
Lease liabilities
13
20,298
30,995
Total Current Liabilities
313,208
503,390
Non-Current Liabilities
Lease liabilities
13
92,175
136,953
Total Non-Current Liabilities
92,175
136,953
Total Liabilities
405,383
640,343
Net Assets
2,539,269
4,784,659
Equity
Contributed equity
14
40,919,863
38,148,210
Reserves
15
8,353,238
7,981,665
Accumulated losses
(46,733,832)
(41,345,216)
Total Equity
2,539,269
4,784,659
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2024
47
NOTES
Issued
Capital
Foreign
Currency
Translation
Reserve
Share
Based
Payments
Reserve
Accumulated
Losses
Total
$
$
$
$
$
Balance at 1 July 2023
38,148,210
(122,645)
8,104,310
(41,345,216)
4,784,659
(Loss) for the year
-
-
-
(5,470,225) (5,470,225)
Foreign exchange
differences
-
(117,543)
-
-
(117,543)
Total comprehensive
loss for the period
-
(117,543)
-
(5,470,225) (5,587,768)
Transactions with owner,
recorded directly in equity
Contributions of equity
(net of transaction costs)
2,771,653
-
(81,609)
81,609
2,771,653
Share based payments
15(b),
16.4
-
-
570,725
-
570,725
2,771,653
-
489,116
81,609
3,342,378
Balance at 30 June 2024
40,919,863
(240,188)
8,593,426
(46,733,832)
2,539,269
Balance at 1 July 2022
32,322,006
(245,319)
7,094,983
(34,298,981)
4,872,689
(Loss) for the year
-
-
-
(7,046,235)
(7,046,235)
Foreign exchange
differences
-
122,674
-
-
122,674
Total comprehensive
loss for the period
-
122,674
-
(7,046,235)
(6,923,561)
Transactions with owner,
recorded directly in equity
Contributions of equity
(net of transaction costs)
5,826,204
-
-
-
5,826,204
Share based payments
16.4
-
-
1,009,327
-
1,009,327
5,826,204
-
1,009,327
-
6,835,531
Balance at 30 June 2023
38,148,210
(122,645)
8,104,310
(41,345,216)
4,784,659
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2024
48
NOTES
2024
2023
$
$
Cash Flows from Operating Activities
Payments to suppliers and employees
(1,631,972)
(2,250,754)
Interest received
37,561
18,222
Payments for exploration and evaluation
(3,411,376)
(3,744,992)
Net cash outflow from operating activities
17
(5,005,787)
(5,977,524)
Cash Flows from Investing Activities
Purchase of property, plant and equipment
8
(1,060)
(78,478)
Payments for option to acquire Falun Mine and associated
tenements
-
(50,012)
Proceeds transferred from security deposits
-
450,000
Proceeds transferred to security deposits
-
(21,269)
Net cash (outflow)/inflow from investing activities
(1,060)
300,241
Cash Flows from Financing Activities
Proceeds from issue of shares
14(b)
3,000,000
6,100,000
Share issue transaction costs
14(b)
(228,347)
(423,796)
Repayment of lease liabilities
(28,959)
(182,564)
Net cash inflow from financing activities
2,742,694
5,493,640
Net cash decrease in cash and cash equivalents held
(2,264,153)
(183,643)
Cash and cash equivalents at the beginning of the year
3,067,926
3,251,569
Cash and cash equivalents at the end of the year
6
803,773
3,067,926
Amounts relating to payments to suppliers and employees as set out above are inclusive of goods and services tax. The
above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
1.
Summary of Material Accounting Policies
49
The principal accounting policies adopted in the preparation of these consolidated financial statements are set
out below. These policies have been consistently applied to the financial years presented, unless otherwise
stated. These financial statements cover Alicanto Minerals Limited as a consolidated entity consisting of
Alicanto Minerals Limited and its subsidiaries (‘the consolidated entity’ or ‘the group’).
(a)
Basis of preparation
These general-purpose financial statements have been prepared in accordance with Australian Accounting
Standards, other authoritative pronouncements and the Corporations Act 2001.
(i)
Compliance with IFRS
The financial statements of Alicanto Minerals Limited also comply with Australian Equivalents to International
Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial statements and
notes as presented comply with International Financial Reporting Standards (IFRS).
(ii)
Historical cost convention
These financial statements have been prepared under the historical cost convention, as modified by the
revaluation of available for sale financial assets.
(iii)
Going Concern
The Directors believe it is appropriate to prepare the consolidated financial report on a going concern basis,
which contemplates continuity of normal business activities and the realisation of assets and settlement of
liabilities in the ordinary course of business.
For the year ended 30 June 2024, the Group incurred a loss before tax of $5,470,225 (2023: $7,046,235). At
30 June 2024, the Group had total current assets of $1,038,091 (2023: $3,417,425) including cash and cash
equivalents of $803,773 (2023: $3,067,926) and total current liabilities of $313,208 (2023: $503,390).
The Directors are of the view that the Group will be able to meet its commitments and pay its debts as and
when they fall due, while meeting its objectives of exploring its projects as presently forecast. The Group has
potential options available to manage liquidity, including one or a combination of, a placement of shares, option
conversion, entitlement offer, joint venture arrangements or sale of certain assets, and as such, the Directors
have a reasonable basis to believe that the Group will have sufficient working capital for at least twelve months
from the date this financial report is approved.
In the event that all of the funding options available to the Group do not transpire or there is no change to the
forecasted spending pattern, there may be material uncertainty about whether it would be able to continue as
a going concern and, therefore, realise its assets and discharge its liabilities in the normal course of business
at the amounts stated in the financial report. The financial statements do not include any adjustment relating
to the recoverability or classification of recorded asset amounts or to the amounts or classification of liabilities
that might be necessary should the Group not be able to continue as a going concern.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
2.
Summary of Material Accounting Policies (continued)
50
(b)
Principles of consolidation
(i)
Subsidiaries
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Alicanto
Minerals Limited as at 30 June 2024 and the results of all subsidiaries for the year then ended.
Subsidiaries are entities the parent controls. The parent controls an entity when it is exposed to, or has rights
to, variable returns from its involvement with the entity and has the ability to affect those returns through its
power over the entity. A list of subsidiaries is provided in Note 22.
The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statement of the
Group from the date on which control is obtained by the Group. The consolidation of a subsidiary is
discontinued from the date that control ceases. Intercompany transactions, balances and unrealised gains or
losses on transactions between group entities are eliminated on consolidation. Accounting policies of
subsidiaries have been changed and adjustments made where necessary to ensure uniformity of the
accounting policies adopted by the Group.
Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as “non-
controlling interests”. The Group initially recognises non-controlling interests that are present ownership
interests in subsidiaries and are entitled to a proportionate share of the subsidiary’s net assets on liquidation
at either fair value or at the non-controlling interests’ proportionate share of the subsidiary’s net assets.
Subsequent to initial recognition, non-controlling interests are attributed their share of profit or loss and each
component of other comprehensive income. Non-controlling interests are shown separately within the equity
section of the consolidated statement of financial position and consolidated statement of profit or loss and
other comprehensive income.
(ii)
Joint arrangements
Under AASB 11 Joint Arrangements investments in joint arrangements are classified as either joint operations
or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather
than the legal structure of the joint arrangement. Alicanto Minerals Limited is not involved in any joint
arrangements.
(iii)
Jointly operations
Alicanto Minerals Limited recognises its direct right to the assets, liabilities, revenues and expenses of joint
operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses.
Alicanto Minerals Limited is not involved in any joint operations.
(c)
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker. The chief operating decision maker, who is responsible for allocating resources and
assessing performance of the operating segments, has been identified as the board of directors.
(d)
Revenue recognition
Revenue is recognised when performance obligations are satisfied, being when control upon goods or services
underlying the performance is transferred to the customer.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
2.
Summary of Material Accounting Policies (continued)
51
(d)
Revenue recognition (continued)
Interest income
Interest income is recognised as the interest accrues (using the effective interest method, which is the rate
that exactly discounts estimated future cash receipts through the expected life of the financial instrument) to
the net carrying amount of the financial asset.
Revenue from other income, rendering goods and services is measured at the fair value of consideration
received or receivable for the sale of goods and services in the ordinary course of the Group’s activities when
control of the asset is transferred to the customer or services rendered.
(e)
Income tax
The income tax expense or revenue for the year is the tax payable on the current year’s taxable income based
on the national income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities
attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts
in the financial statements, and to unused tax losses.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply
when the assets are recovered or liabilities are settled, based on those tax rates which are enacted or
substantively enacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of
deductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is
made for certain temporary differences arising from the initial recognition of an asset or a liability. No deferred
tax asset or liability is recognised in relation to these temporary differences if they arose in a transaction, other
than a business combination, that at the time of the transaction did not affect either accounting profit or taxable
profit or loss.
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.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets
and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle
on a net basis, or to realise the asset and settle the liability simultaneously. Current and deferred tax balances
attributable to amounts recognised directly in equity are also recognised directly in equity.
(f)
Impairment of assets
At each reporting date, the Board assesses whether there is any indication that an asset may be impaired. An
impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For
the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of
assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are
reviewed for possible reversal of the impairment at each reporting date.
(g)
Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on
hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original
maturities of three months or less that are readily convertible to known amounts of cash and which are subject
to an insignificant risk of changes in value, and bank overdrafts.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
2.
Summary of Material Accounting Policies (continued)
52
(h)
Trade and other receivables
Trade and other receivables include amounts due from customers for goods and services performed in the
ordinary course of business. Receivables expected to be collected within 12 months of the end of the reporting
period are classified as current assets. All other receivables are classified as non-current assets. Trade and
other receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less any provision for impairment.
(i)
Exploration and evaluation expenditure
Exploration, evaluation and development expenditure is expensed as incurred other than for the capitalisation
of acquisition costs.
(j)
Property, plant and equipment
All property, plant and equipment is stated at historical cost less depreciation. Historical cost includes
expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the
asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item will flow to the company and the cost of the item can be measured
reliably. All other repairs and maintenance are charged to the statement of profit or loss and other
comprehensive income during the financial year in which they are incurred.
Depreciation on assets is calculated using the reducing balance method to allocate their cost, net of their
residual values, over their estimated useful lives, as follows:
Plant and equipment - office
40.0%
Furniture and equipment - office
20.0%
Plant and equipment - field
20.0%
Motor vehicles
22.5%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet
date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying
amount is greater than its estimated recoverable amount (Note 1(f)). Gains and losses on disposals are
determined by comparing proceeds received with the carrying amount. These are included in the statement
of profit or loss and other comprehensive income.
(k)
Intangibles
Acquired minerals rights
Acquired minerals rights comprise exploration and evaluation assets including ore reserves and minerals
resources which are acquired as part of:
•
business combinations recognised at fair value at the date of acquisition; and
•
asset acquisitions recognised at cost.
Acquired minerals rights are carried forward only if they relate to an area of interest for which rights of tenure
are current and in respect of which:
•
such costs are expected to be recouped through successful development and exploitation or from
sale of the area: or
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
2.
Summary of Material Accounting Policies (continued)
53
(k)
Intangibles (continued)
•
exploration and evaluation activities in the area have not, at balance date, reached a stage which
permits a reasonable assessment of the existence or otherwise of economically recoverable
reserves, and active operations in, or relating to, the area are continuing.
Acquired minerals rights in respect of areas of interest which are abandoned are written off in full against profit
or loss in the year in which the decision to abandon the area is made. For acquired minerals rights in an area
of interest that are developed, costs are classified as mine property and development from commencement of
development and amortised when commercial production commences on a unit of production basis over the
estimated economic reserves of the mine.
(l)
Financial Instruments
Recognition, initial measurement and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual
provisions of the financial instrument. Financial instruments (except for trade receivables) are measured
initially at fair value adjusted by transactions costs, except for those carried “at fair value through profit or loss”,
in which case transaction costs are expensed to profit or loss. Where available, quoted prices in an active
market are used to determine the fair value. In other circumstances, valuation techniques are adopted.
Subsequent measurement of financial assets and financial liabilities are described below.
Trade receivables are initially measured at the transaction price if the receivables do not contain a significant
financing component in accordance with AASB 15.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire,
or when the financial asset and all substantial risks and rewards are transferred. A financial liability is
derecognised when it is extinguished, discharged, cancelled or expires.
Classification and subsequent measurement
Financial assets
Except for those trade receivables that do not contain a significant financing component and are measured at
the transaction price in accordance with AASB 15, all financial assets are initially measured at fair value
adjusted for transaction costs (where applicable).
For the purpose of subsequent measurement, financial assets other than those designated and effective as
hedging instruments, are classified into the following categories upon initial recognition:
•
amortised cost;
•
fair value through other comprehensive income (FVOCI); and
•
fair value through profit or loss (FVPL).
Classifications are determined by both:
•
the contractual cash flow characteristics of the financial assets; and
•
the entities business model for managing the financial asset.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
2.
Summary of Material Accounting Policies (continued)
54
(l)
Financial Instruments (continued)
Classification and subsequent measurement (continued)
Financial assets (continued)
Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not
designated as FVPL):
•
they are held within a business model whose objective is to hold the financial assets and collect its
contractual cash flows; and
•
the contractual terms of the financial assets give rise to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting
is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents, trade and
most other receivables fall into this category of financial instruments.
Financial assets at fair value through other comprehensive income (Equity instruments)
The Group measures debt instruments at fair value through OCI if both of the following conditions are met:
•
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding; and
•
the financial asset is held within a business model with the objective of both holding to collect
contractual cash flows and selling the financial asset.
For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment
losses or reversals are recognised in the statement of profit or loss and computed in the same manner as for
financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI.
Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments
designated at fair value through OCI when they meet the definition of equity under AASB 132 Financial
Instruments: Presentation and are not held for trading.
Financial assets at fair value through profit or loss (FVPL)
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required
to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the
purpose of selling or repurchasing in the near term.
Financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss,
loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge,
as appropriate.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs
unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial
liabilities are measured at amortised cost using the effective interest method except for derivatives and
financial liabilities designated at FVPL, which are carried subsequently at fair value with gains or losses
recognised in profit or loss.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
2.
Summary of Material Accounting Policies (continued)
55
(l)
Financial Instruments (continued)
Financial liabilities (continued)
All interest-related charges and, if applicable, gains and losses arising on changes in fair value are recognised
in profit or loss.
All interest-related charges and, if applicable, gains and losses arising on changes in fair value are recognised
in profit or loss.
Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments
carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has
been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach
permitted by AASB, which requires expected lifetime losses to be recognised from initial recognition of the
receivables.
(m)
Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure
purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date; and assumes that the
transaction will take place either: in the principle 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 interest. 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 each
reporting date and transfers between levels are determined based on a reassessment of the lowest level input
that is significant to the fair value measurement.
For recurring and non-recurring fair value measurements, external valuers may be used when internal
expertise is either not available or when the valuation is deemed to be significant. External valuers are selected
based on market knowledge and reputation. Where there is a significant change in fair value of an asset or
liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs
applied in the latest valuation and a comparison, where applicable, with external sources of data.
(n)
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 current when: it is expected to be realised or intended to be sold or consumed in normal operating
cycle; it is held primarily for the purpose of trading; it is expected to be realised within twelve 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 twelve months after the reporting period. All other assets are classified as non-
current.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
2.
Summary of Material Accounting Policies (continued)
56
(n)
Current and non-current classification (continued)
A liability is current when: it is expected to be settled in normal operating cycle; it is held primarily for the
purpose of trading; it is due to be settled within twelve months after the reporting period; or there is no
unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
All other liabilities are classified as non-current.
(o)
Trade and other payables
These amounts represent liabilities for goods and services provided to the company prior to the end of financial
year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition.
(p)
Provisions
Provisions are recognised when; the company has a present legal or constructive obligation as a result of past
events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has
been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured
at the present value of management’s best estimate of the expenditure required to settle the present obligation
at the balance sheet date. The discount rate used to determine the present value reflects current market
assessments of the time value of money and the risks specific to the liability. The increase in the provision
due to the passage of time is recognised as interest expense.
(q)
Employee benefits
(i)
Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits and annual leave expected to be settled
within 12 months after the end of the period in which the employees render the related service are recognised
in respect of employees’ services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled. The liability for annual leave is recognised in the provision
for employee benefits. All other short-term employee benefit obligations are presented in payables.
(ii)
Other long-term employee benefit obligations
The liability for long service leave and annual which is not expected to be settled within 12 months after the
end of the period in which the employees render the related service is recognised in the provision for employee
benefits and measured as present value of expected future wage payments to be made. Consideration is
given to expected future wage and salary levels, experience of employee departures and periods of service.
Expected future payments are discounted using market yields at the end of the reporting period. The
obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional
right to defer settlement for at least twelve months after the reporting regardless of when the actual settlement
is expected to occur.
(iii)
Share-based payments
The company provides benefits to employees (including directors) of the company in the form of share-based
payment transactions, whereby employees render services in exchange for shares or rights over shares
(‘equity-settled transactions’). The cost of these equity-settled transactions with employees is measured by
reference to the fair value at the date at which they are granted. The fair value is determined using a 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 volatility of the underlying share, the expected dividend
yield and the risk free interest rate for the term of the option. In valuing equity-settled transactions, no account
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
2.
Summary of Material Accounting Policies (continued)
57
(q)
Employee benefits (continued)
(iii)
Share-based payments (continued)
is taken of any performance conditions, other than conditions linked to the price of shares of Alicanto Minerals
Limited (‘market conditions’).
(r)
Contributed equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are
shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the
issue of new shares for the acquisition of a business are not included in the cost of the acquisition as part of
the purchase consideration.
(s)
Earnings per share
(i)
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders 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.
(ii)
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-tax effect of interest and other financing costs associated with the 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.
(t)
Goods and services tax (‘GST’)
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST
incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of
acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount
of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority
is included with other receivables or payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or
financing activities which are recoverable from, or payable to the taxation authority, are presented as operating
cash flow.
(u)
Foreign currency translation
(i)
Functional and presentation currency
Items included in the financial statements of each of the group’s entities are measured using the currency of
the primary economic environment in which the entity operates (‘the functional currency’). The consolidated
financial statements are presented in Australian dollars, which is Alicanto Minerals Limited’s functional and
presentation currency.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
2.
Summary of Material Accounting Policies (continued)
58
(u)
Foreign currency translation (continued)
(ii)
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at
year end exchange rates are generally recognised in profit or loss. They are deferred in equity if they relate
to qualifying cash flow hedges, qualifying net investment hedges or are attributable to part of the net investment
in a foreign operation.
Translation differences on financial assets and liabilities carried at fair value are reported as part of the fair
value gain or loss. Translation differences on non-monetary financial assets and liabilities such as equities
held at fair value through profit or loss are recognised in profit or loss as part of the fair value gain or loss.
Translation differences on non-monetary financial assets such as equities classified as available for sale
financial assets are included in the fair value reserve in equity.
(iii)
Group companies
The results and financial position of foreign operations that have a functional currency different from the
presentation currency are translated into the presentation currency as follows:
•
Assets and liabilities for each balance sheet presented are translated at the closing rate at the date
of that balance sheet;
•
Income and expenses for the statement of profit or loss and other comprehensive income are
translated at average exchange rates, and
•
All resulting exchange differences are recognised in other comprehensive income.
(v)
Leases
The Group as lessee
At inception of a contract the Group assesses if the contract contains or is a lease. If there is a lease present,
a right-of-use asset and a corresponding liability are recognised by the Group where the Group is a lessee.
However, all contracts that are classified as short-term leases (i.e. leases with a remaining lease term of 12
months or less) and leases of low-value assets are recognised as an operating expense on a straight-line
basis over the term of the lease.
Initially, the lease liability is measured at the present value of the lease payments still to be paid at the
commencement date. The lease payments are discounted at the interest rate implicit in the lease. If this rate
cannot be readily determined, the Group uses incremental borrowing rate.
Lease payments included in the measurement of the lease liability are as follows;
•
fixed lease payments less any lease incentives;
•
variable lease payments that depend on an index or rate, initially measured using the index or rate
at the commencement date;
•
the amount expected to be payable by the lessee under residual value guarantees;
•
the exercise price of purchase options if the lessee is reasonably certain to exercise the options;
•
lease payments under extension options, if the lessee is reasonably certain to exercise the options;
and
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
2.
Summary of Material Accounting Policies (continued)
59
(v)
Leases (continued)
The Group as lessee (continued)
•
payments of penalties for terminating the lease, if the lease term reflects the exercise of options to
terminate the lease.
The right-of-use asses comprise the initial measurement of the corresponding lease liability, any lease
payments made at or before the commencement date and any initial direct costs. The subsequent
measurement of the right-of-use assets is at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the lease term or useful life of the underlying asset, whichever is the
shortest.
Where a lease transfers ownership of the underlying asset or the costs of the right-of-use asset reflects that
the Group anticipates to exercise a purchase option, the specific asset is depreciated over the useful life of
the underlying asset.
The Group as lessor
The Group does not have any property which has been leased out, and therefore not applicable.
(w)
New accounting standards and interpretations adopted by the Group
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.
AASB 2021-2: Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and
Definition of Accounting Estimates
The Group adopted AASB 2021-2 which amends AASB 7, AASB 101, AASB 108 and AASB 134 to require
disclosure of ‘material accounting policy information’ rather than significant accounting policies’ in an entity’s
financial statements. It also updates AASB Practice Statement 2 to provide guidance on the application of the
concept of materiality to accounting policy disclosures.
The adoption of the amendment did not have a material impact on the financial statements.
AASB 2020-1: Amendments to Australian Accounting Standards – Classification of Liabilities as Current or
Non-current
The amendment amends AASB 101 to clarify whether a liability should be presented as current or non-current.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been
early adopted.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not
yet mandatory, have not been early adopted by the 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.
The Group plans on adopting the amendment for the reporting period ending 30 June 2025. The amendment
is not expected to have a material impact on the financial statements once adopted.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
2.
Summary of Material Accounting Policies (continued)
60
(X)
Comparative figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in
presentation for the current financial year.
2.
Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors,
including expectations of future events that may have a financial impact on the entity and that are believed to
be reasonable under the circumstances. The company makes estimates and assumptions concerning the
future. The resulting accounting estimates and judgements may differ from the related actual results and may
have a significant effect on the carrying amount of assets and liabilities within the next financial year and on
the amounts recognised in the financial statements. The estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
year are discussed below.
(a)
Share based payment transactions
The group measures the cost of equity-settled transactions with employees by reference to the fair value of
the equity instruments at the date at which they are granted. The fair value is determined by an internal
valuation using a Black-Scholes option pricing model, using the assumptions detailed in Note 17.
(b)
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences when management considers that it
is probable that future taxable profits will be available to utilise those temporary differences.
(c)
Fair value of Deferred Consideration
In accordance with AASB 9 management assesses the probability of the conditions with relation to any
contingent asset and that the probability of its recovery. If the probability is assessed as less than 50% or not
likely to be achieved hence, no asset has been recognised.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
61
3.
Revenue and Expenditure
Notes
2024
2023
$
$
(a)
Revenue from continuing operations
Interest received
37,820
18,222
Total revenue from continuing operations
37,820
18,222
(b)
Other income
Foreign currency (losses) / gains
(64)
(374)
Total other income
(64)
(374)
(c)
Employee benefit expense
Salary and wages expense
640,239
741,734
Defined contribution superannuation expense
39,860
47,031
Total employee benefits expense
680,100
788,765
(d)
Depreciation expense
Leasehold improvement
12,318
7,458
Plant and equipment - office
3,326
4,254
Plant and equipment - Sweden
886
1,656
Total depreciation expense
16,530
13,368
(e)
Finance costs
Interest and finance charges paid or payable
9,622
13,057
Total finance costs
9,622
13,057
4.
Auditor’s Remuneration
2024
2023
$
$
Remuneration of the auditor of the Group
Auditing and reviewing of the financial
statements
52,000
51,600
Total auditor’s remuneration
52,000
51,600
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
62
5.
Income Tax Expense
Notes
2024
2023
$
$
(a)
Income tax expense
Current tax
-
-
Deferred tax
-
-
Total income tax expense
-
-
Deferred income tax expense included in income
tax expense comprises:
(Increase) in deferred tax assets
5(d)
-
-
(Increase) in deferred tax liabilities
5(d)
-
-
-
-
(b) Numerical reconciliation of income tax
expense to prima facie tax payable
Loss from continuing and discontinued operations
before income tax expense
(5,470,225)
(7,046,235)
Tax (tax benefit) at a tax rate of 30% (2023: 30%)
(1,641,067)
(2,113,870)
Tax effect of amounts which are not deductible
(taxable) in calculating taxable income
Share based payments
171,218
302,798
Other non-deductible amounts
1,003,449
1,242,503
Unrecognised tax losses
479,424
601,525
Non-assessable income
-
(263)
Movement in unrecognised temporary differences
14,218
(8,373)
Deductible equity raising costs
(27,242)
(24,320)
Income tax expense
-
-
(c)
Deferred tax losses
Tax losses
-
-
Employee benefits
548
78
Other accruals
-
-
Tax Losses
548
78
(d) Deferred tax liabilities
Set off deferred tax liabilities
(548)
(78)
Net deferred tax assets
-
-
(e)
Tax losses
Unused tax losses for which no deferred tax asset
has been recognised
10,647,396
9,026,315
Potential tax benefit at 30% (2023: 30%)
3,194,219
2,707,895
(f)
Unrecognised temporary differences
Unrecognised future deductions relating to
capital raising costs
208,875
236,782
Unrecognised deferred tax asset on capital
raising costs at 30% (2023:30%)
62,663
71,035
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
63
6.
Cash and Cash Equivalents
2024
2023
$
$
(a)
Total cash and cash equivalents
Cash at bank and on hand
803,773
3,067,926
Total cash and cash equivalents
803,773
3,067,926
(b)
Total cash and cash equivalents
Cash on hand is non-interest bearing. Cash at bank bears interest rates between 0.00% and 1.35%
(2023: 0.0% and 1.4%).
(c)
Cash and cash equivalents denominated
in foreign currencies
Swedish Krona
162,934
109,689
Total cash and cash equivalents
denominated in foreign currencies
162,934
109,689
7.
Trade and Other receivables
2024
2023
$
$
(a)
Current
Other receivables
176,401
278,896
Prepayments
57,917
70,603
Total current trade and other receivables
234,318
349,499
(b)
Non-Current
Security deposits
42,069
57,307
Total non-current trade and other receivables
42,069
57,307
(c)
Past due and impaired receivables
As at 30 June 2024, there were no other receivables that were past due or impaired (2023: Nil).
(d)
Trade and other receivable denominated in foreign
currencies
Swedish Krona
213,834
295,726
Total trade and other receivable equivalents
denominated in foreign currencies
213,834
295,726
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
64
8.
Property, Plant and Equipment
2024
2023
$
$
Property, plant and equipment
59,032
74,183
Total
59,032
74,183
Notes
Leasehold
Improvements
Plant and
Equipment
Office
Plant and
Equipment
Field
Consolidated
Total
$
$
$
$
Year Ended 30 June 2024
Opening net book amount
66,451
5,650
2,082
74,183
Additions
-
1,060
-
1,060
Depreciation charge
3(d)
(12,318)
(3,326)
(886)
(16,530)
Effect of exchange rates
-
-
319
319
Closing book amount
54,133
3,384
1,515
59,032
Year Ended 30 June 2024
Cost
73,909
20,751
3,718
98,378
Accumulated depreciation
(19,776)
(17,367)
(2,203)
(39,346)
Net book amount
54,133
3,384
1,515
59,032
Notes
Leasehold
Improvements
Plant and
Equipment
Office
Plant and
Equipment
Field
Consolidated
Total
$
$
$
$
Year Ended 30 June 2023
Opening net book amount
-
7,973
3,718
11,691
Additions
73,909
4,569
-
78,478
Transfer in right of use
asset – drill rig
10(b)
-
-
457,079
457,079
Transfer in accumulated
depreciation – drill rig
10(b)
-
-
(457,079)
(457,079)
Depreciation charge
3(d)
(7,458)
(4,254)
(1,656)
(13,368)
Written off balance
-
(2,638)
-
(2,638)
Effect of exchange rates
-
-
20
20
Closing book amount
66,451
5,650
2,082
74,183
Year Ended 30 June 2023
Cost
73,909
19,691
3,718
97,318
Accumulated depreciation
(7,458)
(14,041)
(1,636)
(23,135)
Net book amount
66,451
5,650
2,082
74,183
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
65
9.
Exploration and Evaluation Expenditure
Notes
2024
2023
$
$
Non-current
Opening balance
1,700,012
1,500,000
Exploration acquisition costs
9(a)
-
200,012
Exploration and evaluation costs
3,381,819
3,807,640
Exploration expensed – Sweden
(3,381,819)
(3,807,640)
Total non-current exploration and evaluation
expenditure
1,700,012
1,700,012
9(a) 2024
There were no additional acquisition costs during the year.
2023
During the year the Company acquired the historic Falun Mine and associated tenements from the
current owners, Explora Mineral AB (Explora).
Key terms of the agreement included:
Total consideration of A$200,012, comprising:
•
an immediately payable cash deposit of A$10,012 (paid on 10 November 2022);
•
a cash payment on completion of A$40,000 (paid on 28 April 2023); and
•
Alicanto shares to the value of A$150,000 to be issued at a deemed price equal to the VWAP
over the 30 trading days prior to the date of completion (3,623,189 consideration shares issued
on 28 April 2023 at a deemed issue price of $0.0414).
On 1 May 2023, the Company finalised the acquisition of Falun copper gold zinc mine in Sweden.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
66
10.
Right of Use Assets
Notes
2024
2023
$
$
Right of use asset
10(a)
131,810
198,085
Right of use asset at cost
131,810
198,085
Accumulated depreciation
(26,362)
(22,010)
Accumulated depreciation
10(b)
(26,362)
(22,010)
Net carrying amount
105,448
176,075
Movements recognised during the year
2024
2023
$
$
10(a)
Adjustment to initial recognition
Right of use assets – opening balance
198,085
591,579
Adjustment
10(c)
(198,085)
(134,500)
Addition
10(c)
131,810
198,085
Transfer to Plant and Equipment Field
10(d)
-
(457,079)
Right of use assets
131,810
198,085
10(b)
Accumulated depreciation
Accumulated depreciation – opening balances
(22,010)
(369,125)
Depreciation
(26,362)
(147,449)
Adjustments
10(c)
22,010
37,485
Transfer to Plant and Equipment Field
10(d)
-
457,079
Accumulated depreciation – closing balance
(26,362)
(22,010)
Amount recognised in consolidated statement
of profit or loss and other comprehensive
income
Depreciation expense on right of use assets – office
(26,362)
(33,180)
Depreciation expense on right to use asset – drill rig
-
(114,269)
Depreciation expense
(26,362)
(147,449)
10(c) On 21 November 2022 the Company agreed to enter a sub-license over part of the premises at
Level 2, 8 Richardson Street, West Perth. To recognise the sub-license the Company initially
recognised right of use asset of $198,085, however during the half year the Company was required
to recalculate the right of use asset due to a reduction in the monthly costs being charged in
accordance with the sub-license directly related to the reduction in space being used by the
Company. As a result, the adjusted recognition for the sub-license is now $131,810 and is being
treated as a new right of use asset.
At the date of the report an estimated 4 years and 2 months remain. The maturity analysis of the
lease liabilities is shown at Note 13.
10(d) During 2021, the Company entered into a hire purchase agreement to acquire a drill rig, with
ownership transferring to it on satisfaction of the terms of the lease, being on meeting total
payments set out in the agreement. The hire purchase facility was paid in full on 2 December 2022
and the fully depreciated drill rig transferred to Plant and Equipment field (refer Note 8).
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
67
11.
Trade and Other Payables
2024
2023
$
$
Current
Trade payables
157,137
305,158
Other payables
92,847
147,984
Total current trade and other payables
249,984
453,142
Trade creditors are normally paid on 30-day payment terms.
(a) Trade and other payables denominated in foreign
currencies
Swedish Krona
130,113
307,610
Total payables equivalents denominated in foreign
currencies
130,113
307,610
12.
Provisions
2024
2023
$
$
Current
Employee entitlements
42,926
19,253
Total current provisions
42,926
19,253
13.
Lease Liabilities
2024
2023
$
$
Current
20,298
30,995
Non-current
92,175
136,953
Total lease liabilities
112,473
167,948
Amount recognised in consolidated statement of profit
or loss and other comprehensive income
Interest expense incurred on lease liability
9,622
10,955
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
68
13.
Lease Liabilities (continued)
Lease liability
maturity
Within 1
Year
1 – 2
Years
2 – 3
Years
3 – 4
Years
4 – 5
Year
+ 5 Year
Total
As at 30 June 2024
Lease payments
28,418
29,554
30,737
31,862
13,536
-
134,107
Finance charges
(8,120)
(6,426)
(4,501)
(2,325)
(262)
-
(21,634)
Net Present Value
20,298
23,128
26,236
29,537
13,274
-
112,473
Lease liability
maturity
Within 1
Year
1 – 2
Years
2 – 3
Years
3 – 4
Years
4 – 5
Year
+ 5 Year
Total
As at 30 June 2023
Lease payments
42,481
34,997
36,397
37,853
39,367
13,294
204,389
Finance charges
(11,486)
(9,546)
(7,493)
(5,167)
(2,541)
(208)
(36,441)
Net Present Value
30,995
25,451
28,904
32,686
36,826
13,086
167,948
14.
Contributed Equity
Company
Company
2024
Shares
2023
Shares
2024
$
2023
$
(a) Issued capital
615,586,806
540,336,806
40,919,863
38,148,210
Date
Shares
Issue
Prices
Total $
(b) Movements in issued capital
Opening Balance at 1 July 2022
383,713,617
32,322,006
Placement – Tranche 1
07 Sep 22
26,900,000
$0.0500
1,345,000
Performance rights – shares issued
25 Oct 22
2,000,000
$0.0000
-
Placement – Tranche 2
14 Nov 22
32,100,000
$0.0500
1,605,000
Performance rights – shares issued
23 Dec 22
1,500,000
$0.0000
-
Placement
14 Apr 23
90,000,000
$0.0350
3,150,000
Consideration Shares
28 Apr 23
3,623,189
$0.0414
150,000
Performance rights – shares issued
28 Apr 23
500,000
$0.0000
-
Less: Transaction costs
(423,796)
Closing Balance at 30 June 2023
540,336,806
38,148,210
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
69
14.
Contributed Equity (continued)
Date
Shares
Issue
Prices
Total $
(b) Movements in issued capital (continued)
Opening Balance at 1 July 2023
540,336,806
38,148,210
Placement – Tranche 1 1
11 Aug 23
72,500,000
$0.04
2,900,000
Placement – Tranche 2 2
10 Nov 23
2,500,000
$0.04
100,000
Performance rights – shares issued 3
6 May 24
250,000
-
-
Less: Transaction costs
(228,347)
Closing Balance at 30 June 2024
615,586,806
40,919,863
Share placements
1
On 11 August 2023 the Company issued 72,500,000 fully paid ordinary shares at an issue price of $0.04
per share to raise a total of $2,900,000 before issue costs.
2
On 10 November 2023, following receipt of shareholder approval at the Annual General Meeting held
on 9 November 2023, the Company issued 2,500,000 fully paid ordinary shares at an issue price of
$0.04 per share to Non-Executive Chairman Mr Raymond Shorrocks (or his nominee) to raise $100,000
before issue costs.
3
On 6 May 2024, the Company issued 250,000 fully paid ordinary shares to a contractor following the
exercise of 250,000 vested Performance Rights.
15
Reserves
2024
2023
$
$
Unlisted Option Reserve
6,619,481
6,619,481
Performance Rights Reserve
1,973,945
1,484,829
Foreign Currency Translation Reserve
(240,188)
(122,645)
Total Reserves
8,353,238
7,981,665
As at 30 June 2024, the Company has:
•
81,000,000 (30 June 2023: 86,000,000) Unlisted Options on issue; and
•
34,750,000 (30 June 2023: 22,250,000) Performance Rights.
2024
2023
$
$
(a)
Unlisted Option Reserve
Opening balance at 1 July
6,619,481
6,142,164
Options vested
-
477,317
Total Unlisted Option Reserve
6,619,481
6,619,481
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
70
15
Reserves (continued)
The share-based payment reserve records items recognised on valuation of director, employee and
contractor share options and performance rights. Information relating to options and performance rights
issued, exercised and lapsed during the financial year and options outstanding at the end of the financial
period, is set out in Note 16.
(b)
Performance Rights Reserve
Opening balance at 1 July
1,484,829
952,819
Portion of fair value recognised as expensed
during year
570,725
532,010
Portion of fair value resulting from lapsed during
prior periods and transferred to accumulated
losses
(81,609)
-
Total Performance Rights Reserve
1,973,945
1,484,829
(c)
Foreign Currency Translation Reserve
Opening balance at 1 July
(122,645)
(245,319)
Exchange differences arising on translation of
foreign operations
(117,543)
122,674
Total Foreign Currency Translation Reserve
(240,188)
(122,645)
Exchange differences arising on translation of the foreign controlled entity are taken to the foreign
currency translation reserve. The reserve is recognised in the consolidated statement of profit or loss
when the net investment is disposed of.
16
Share Based Payments
16.1 Unlisted Options
2024
There were no unlisted options issued during the year.
2023
During the 2023 financial year 15,000,000 unlisted options were issued to a consultant, with the fair value of
the options granted during the year being $0.0318 per option. The options were valued using the Black-
Scholes Model.
Peer volatility has been the basis for determining expected share price volatility as it assumed that this is
indicative of future tender, which may not eventuate. The life of the options is based on historical exercise
patterns, which may not eventuate in the future. Refer below the detail of unlisted options on issue for 2024
and 2023.
Total share-based payment transactions recognised during the year are as set out in 16.3.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
71
16
Share Based Payments (continued)
16.1 Unlisted Options (continued)
The following table illustrates of the number and weighted average exercise prices (WAEP) of, and movements
in unlisted share options during 30 June 2024 and 30 June 2023.
No of options
2024
WAEP
No of options
2023
WAEP $
Outstanding at the beginning of the year
86,000,000
$0.110
95,000,000
$0.110
Granted during the year
-
-
15,000,000
$0.058
Lapsed during the year
(5,000,000)
$0.030
(24,000,000)
$0.065
Balance at 30 June
81,000,000
$0.012
86,000,000
$0.110
Vested and exercisable at the end of the
financial year
81,000,000
$0.012
86,000,000
$0.110
This table illustrates of the movement in unlisted share options for financial year ended 30 June 2024.
Grant Date
Expiry date
Exercise
price
Balance
at 1 July
2023
Granted
Exercised/
(Lapsed)
Balance at
30 June 2024
Vested
Value of
options
expensed/
lapsed
No
No
No
No
No
$
14 Mar 19
14 Mar 24
$0.030
5,000,000
-
(5,000,000)
-
-
(84,291)
13 Aug 20
13 Aug 25
$0.100
37,000,000
-
-
37,000,000
37,000,000
-
5 Aug 20
24 Nov 25
$0.100
9,000,000
-
-
9,000,000
9,000,000
-
5 Aug 20
24 Nov 25
$0.100
2,500,000
-
-
2,500,000
2,500,000
-
5 Aug 20
24 Nov 25
$0.150
2,500,000
-
-
2,500,000
2,500,000
-
5 Aug 20
24 Nov 25
$0.200
2,500,000
-
-
2,500,000
2,500,000
-
4 Nov 20
24 Nov 25
$0.250
2,500,000
-
-
2,500,000
2,500,000
-
26 Jul 21
26 Jul 26
$0.200
10,000,000
-
-
10,000,000
10,000,000
-
14 Feb 23
28 Feb 28
$0.058
15,000,000
-
-
15,000,000
15,000,000
-
86,000,000
-
(5,000,000)
81,000,000
81,000,000
(84,291)
The weighted average remaining contractual life of options at the end of the financial year was 1.65 years
(2023: 2.65 years).
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
72
16
Share Based Payments (continued)
16.1 Unlisted Options (continued)
Fair Value of unlisted options granted
The fair value of the equity-settled share based payment granted is estimated at the grant date using either a
Black-Scholes or a Binomial model, which takes not account factors including the exercise price, the volatility
of the underlying share price, the risk-free interest rate, the market price of the market price of the underlying
share at grant date, historical and expected dividends and the expected life of the options or right, and the
probability of fulfilling the required hurdles.
Grant date
Underlying
share price
Exercise
price
Risk fee
interest rate
Share price
volatility
Expiry date
Value per
options
14 Mar 19
$0.027
$0.030
1.59%
80.00%
14-03-24
$0.01686
13 Aug 20
$0.080
$0.100
0.39%
85.00%
24-07-25
$0.04981
5 Aug 20
$0.080
$0.100
0.39%
85.00%
24 Nov 25
$0.04981
5 Aug 20
$0.080
$0.150
0.39%
85.00%
24 Nov 25
$0.04387
5 Aug 20
$0.080
$0.200
0.39%
85.00%
24 Nov 25
$0.03952
5 Aug 20
$0.080
$0.250
0.39%
85.00%
24 Nov 25
$0.03613
4 Nov 20
$0.124
$0.100
0.26%
85.00%
24 Nov 25
$0.08632
26 Jul 21
$0.165
$0.200
0.58%
103.00%
26 Jul 26
$0.12041
14 Feb 23
$0.044
$0.058
3.52%
100.00%
28 Feb 28
$0.03182
16.2 Listed Options
No listed options were issued during the 2024 or 2023 financial years.
16.3 Performance rights
2024
2023
Number of rights
Balance at 1 July
22,250,000
12,500,000
Granted
33,250,000
14,000,000
Lapsed
(20,750,000)
(4,250,000)
Balance at 30 June
34,750,000
22,250,000
Vested and exercisable at the end of the financial
year
-
-
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
73
16
Share Based Payments (continued)
16.3 Performance rights (continued)
The following table illustrates the number of, and movements in, performance rights for financial years ended
30 June 2024 and 2023.
Each performance right converts to one ordinary share in the Company upon satisfaction of the performance
conditions linked to the rights. The rights do not carry any other privileges. The fair value of the performance
rights granted is determines based on the number of rights awarded multiplied by the share price of the
Company on the date awarded. There are performance rights issued with market conditions and monte-carlo
simulation was used to determine the fair value of these performance rights.
Management has then assessed the likelihood of the performance conditions being achieved. If the probability
is judged to be greater than 50%, the total value is recognised on a straight-line basis over the vesting period
(in this case from the award date to the expiry date) within the relevant expense or equity account. If the
probability if judged 50% or less, no amounts are recognised in the period.
PR
ID#
Grant
Date
Expiry
date
Relevant
Measure-
ment Date
1 July 2023
Granted
Exercised
Lapsed/
forfeited/
others
30 June
2024
Vested
PRD
26 Jul 21
2 Aug 24
-
4,000,000
-
-
-
4,000,000
-
PRG
6 Aug 21
30 Sep 24
-
250,000
-
(250,000)
-
-
-
PRG
29 Sep 21
30 Sep 24
-
4,000,000
-
-
-
4,000,000
-
PRI
29 Nov 22
30 Nov 27
2 Mar 24
1,000,000
-
-
(1,000,000)
-
-
PRJ
29 Nov 22
30 Nov 27
1 Sep 25
2,000,000
-
-
(2,000,000)
-
-
PRK
29 Nov 22
30 Nov 27
1 Sep 25
3,000,000
-
-
(3,000,000)
-
-
PRL
29 Nov 22
30 Nov 27
1 Sep 24
2,000,000
-
-
(2,000,000)
-
-
PRM
29 Nov 22
30 Nov 27
1 Sep 24
2,000,000
-
-
(2,000,000)
-
-
PRN
29 Nov 22
30 Nov 27
1 Sep 26
4,000,000
-
-
(4,000,000)
-
-
PRO
1 Aug 23
1 Aug 27
1 Aug 26
-
23,250,000
-
(5,000,000)
18,250,000
-
PRO
14 Sep 23
1 Aug 27
1 Aug 26
-
500,000
-
-
500,000
-
PRP
1 Aug 23
1 Aug 27
1 Aug 26
-
4,250,000
-
(750,000)
3,500,000
-
PRP
14 Sep 23
1 Aug 27
1 Aug 26
-
500,000
-
-
500,000
-
PRQ
1 Aug 23
1 Aug 27
1 Aug 26
-
4,250,000
-
(750,000)
3,500,000
-
PRQ
14 Sep 23
1 Aug 27
1 Aug 26
-
500,000
-
-
500,000
-
Total
22,250,000
33,250,000
(250,000)
(20,500,000)
34,750,000
-
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
74
16
Share Based Payments (continued)
16.3 Performance rights (continued)
Details of the fair value of the performance rights during the financial years ended 30 June 2024 and 2023 are as follows:
PR
ID#
Number of
performance
rights
Relevant
Measurement
Date
Expiry date
Fair value of
performance
rights at relevant
measurement
date
Total value
Value of
performance
rights expensed
2024
Value of
performance
rights expensed
2023
Total recognition
to date
$
$
$
$
PRA
2,000,000
-
7 Aug 22
0.1240
248,000
-
14,702
372,000
PRC
1,500,000
-
31 Dec 22
0.1240
186,000
-
43,487
186,000
PRD
4,000,000
-
2 Aug 24
0.1586
634,400
211,852
211,274
615,299
PRE
250,000
-
2 Aug 24
0.1550
38,750
-
(11,738)
-
PRF
250,000
-
2 Aug 24
0.1550
38,750
-
27,012
38,750
PRG
250,000
-
2 Aug 24
0.1550
33,750
-
25,343
33,750
PRG
250,000
-
30 Sep 24
0.1350
33,750
14,104
11,240
33,750
PRG
4,000,000
-
30 Sep 24
0.0969
387,600
129,436
129,081
355,063
PRI
1,000,000
2 Mar 24
30 Nov 27
0.0500
50,000
(5,829)
5,829
-
PRJ
2,000,000
1 Sep 25
30 Nov 27
0.0500
100,000
(11,659)
11,659
-
PRK
3,000,000
1 Sep 25
30 Nov 27
0.0500
150,000
(17,488)
17,488
-
PRL
2,000,000
1 Sep 24
30 Nov 27
0.0500
100,000
(11,658)
11,658
-
PRM
2,000,000
1 Sep 24
30 Nov 27
0.0500
100,000
(11,658)
11,658
-
PRN
4,000,000
1 Sep 26
30 Nov 27
0.0500
200,000
(23,317)
23,317
-
PRO
23,250,000
1 Aug 26
1 Aug 27
0.0380
891,500
159,175
-
159,175
PRO
500,000
14 Sep 26
1 Aug 27
0.0380
18,000
3,684
-
3,684
PRP
3,500,000
1 Aug 26
1 Aug 27
0.0360
126,000
23,290
-
23,290
PRP
500,000
14 Sep 26
1 Aug 27
0.0360
18,000
2,947
-
2,947
PRQ
3,500,000
1 Aug 26
1 Aug 27
0.0360
126,000
23,290
-
23,290
PRQ
500,000
14 Sep 26
1 Aug 27
0.0360
18,000
2,947
-
2,947
489,116
532,010
1,849,945
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
75
16
Share Based Payments (continued)
16.4 Reconciliation of share-based payments
2024
2023
$
$
Recognised in profit or loss
Portion of expense recognised on Performance rights issue to
directors, employees and consultants
358,873
225,393
358,873
225,393
Options issued to consultants recognised under Consultancy
Expense
-
477,317
Portion of expense recognised on Performance rights issue to
directors, employees and consultants recognised within
Consultancy Expense
211,852
306,617
211,852
783,934
Total share-based payments
570,725
1,009,327
17
Cash Flow Information
2024
2023
$
$
(a)
Reconciliation of cash flows from operating activities with loss from ordinary activities
after tax:
(Loss) for the year after income tax
(5,470,225)
(7,046,235)
Depreciation
16,530
13,368
Depreciation on right of use assets
26,362
147,449
Accelerated depreciation – low value assets
1,591
6,169
Write-off of property, plant and equipment
-
2,638
Share based payments
358,873
225,393
Share based payments included in consultancy expenses
211,852
783,934
Interest expense
9,622
13,057
Net exchange differences
(115,543)
122,674
Change in assets and liabilities
Increase in operating trade and other receivables
115,181
266,717
(Decrease) in operating trade and other payables and
provisions
(158,030)
(512,688)
Net cash outflows from Operating Activities
5,005,787
(5,977,524)
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
76
17
Cash Flow Information (continued)
(b)
Non-cash investing and financing activities
There were no other non-cash investing and financing activities, except those disclosed in Notes 13 and
14.
18.
Commitments
2024
2023
$
$
The Group has the following exploration/ tenement commitments and hire purchase commitments,
noting that at balance date there were no hire purchase obligations.
Exploration/tenure commitments
Not longer than one year
88,398
87,345
Longer than one year, but not longer than five years
236,056
233,245
Longer than five years
113,800
112,445
Total exploration commitment
438,254
433,035
Sweden
As there is no minimum spend for exploration activities in Sweden the minimum commitments to be met are
represented by annual rentals for the current tenement holding.
19.
Segment Information
(a)
Description of segments
Management has determined the operating segments based on the reports reviewed by the chief operating
decision maker that are used to make strategic decisions. For the purposes of segment reporting the chief
operating decision maker has been determined as the board of directors. The board monitors the entity
primarily from a geographical perspective, and has identified three operating segments, being exploration for
mineral reserves and the corporate/head office function in Australia.
(b)
Measurement of segment information
All information presented in part (a) above is measured in a manner consistent with that in the consolidated
financial statements.
(c)
Segment revenue
No inter-segment sales occurred during the current financial year. The entity is domiciled in Australia. A
detailed breakdown of revenue from continuing operations is as follows:
2024
2023
$
$
Interest received - Australia
37,820
18,222
Other (loss) / income - Australia
(64)
(374)
Total revenue from continuing operations (Note 3(a))
37,756
17,848
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
77
19.
Segment Information (continued)
(d)
Reconciliation of segment information
Total segment revenue, total segment profit/(loss) before income tax, total segment assets and total segment
liabilities as presented in part (e) below, equal total entity revenue, total entity profit/(loss) before income tax,
total entity assets and total entity liabilities respectively, as reported within the financial statements.
(e)
Segment information provided to the board of directors
The segment information provided to the board of directors for the reportable segments for the year ended 30
June 2023 and 2024 are set out follows:
Exploration
2024
Sweden
$
Corporate
$
Total
$
Total segment revenue
-
37,756
37,756
Interest revenue
-
37,820
37,820
Other income
-
(64)
(64)
Depreciation
(886)
(42,006)
(42,892)
Exploration expense
(3,318,819)
-
(3,318,819)
Total segment (loss) before income tax
(3,334,290) (2,135,935)
(5,470,225)
Total segment assets
378,284
2,566,368
2,944,652
Total segment liabilities
130,113
275,270
405,383
Exploration
2023
Sweden
$
Corporate
$
Total
$
Total segment revenue
-
17,848
17,848
Interest revenue
-
18,222
18,222
Other income
-
(374)
(374)
Depreciation and impairment expense including write-off
(1,655)
(167,969)
(169,624)
Exploration expense
(3,807,640)
-
(3,870,640)
Total segment (loss) before income tax
(3,822,504) (3,223,731)
(7,046,235)
Total segment assets
421,735
5,003,267
5,425,002
Total segment liabilities
307,610
332,733
640,343
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
78
20.
Post Balance Date Events
On 21 June 2024, the Company announced a non-renounceable entitlement offer to existing eligible
shareholders to raise up to approximately $1.6 million (before costs) (“Rights Issue”) and that it had received
firm commitments from its current Directors to raise an additional $123,500 (before costs) (“Director
Placement”), subject to Shareholder approval which was obtained at a general meeting held on 11 September
2024.
(i)
On 29 July 2024, the Company issued 83,061,156 new fully paid ordinary shares at an issue price of
$0.013 per share, on completion of the Rights Issue to raise $1,079,795 before issue costs.
(ii)
On 20 August 2024, the Company issued 39,995,000 new fully paid ordinary shares at an issue price
of $0.013 per share, on completion of the Rights Issue shortfall placement to raise $519,935 before
issue costs.
(iii)
On 12 September, the Company issued 9,500,000 new fully paid ordinary shares at an issue price of
$0.013 per share, on completion of the Director Placement to raise $123,500 before issue costs.
Proceeds from the Rights Issue and Director Placement will be applied towards progressing exploration at the
Company’s existing projects in Sweden and project generation, as well as working capital and costs of the
offers.
On 2 August 2024, a total of 36,000,000 unlisted options and 8,000,000 performance rights expired or were
cancelled by agreement between the entity and the relevant holder as follows:
(i)
3,000,000 unlisted options exercisable at $0.10 on or before 24 November 2025;
(ii)
23,000,000 unlisted options exercisable at $0.10 on or before 13 August 2025;
(iii)
10,000,000 unlisted options exercisable at $0.20 on or before 26 July 2026; and
(iv)
4,000,000 unvested Class D Performance Rights (expiry 2 August 2024); and
(v)
4,000,000 unvested Class G Performance Rights (expiry 30 September 2024).
On 2 September 2024, the Company issued 105,000,000 performance rights, including 3,000,000
performance rights to the Chief Financial Officer, and on 12 September 2024, following shareholder approval
received at the general meeting on 11 September 2024, the Company issued 127,500,000 performance rights,
including 52,500,000 performance rights to directors, under the Company’s Employee Securities Incentive
Plan (‘ESIP’).
PR
ID#
Number of
Performance
Rights
Vesting Conditions
Vesting
date
Expiry
date
PRR
19,625,000 Satisfaction of the Retention Condition and the
Company’s shares achieving a volume-weighted
average market price (“VWAP”) of $0.03 or greater,
calculated over the 20 consecutive trading days on
which trades in the Company’s shares have actually
occurred prior to 31 July 2027.
31 Jul 27
31 Jul 28
PRS
19,625,000 Satisfaction of the Retention Condition and the
Company securing a material asset and completing at
least 2,000m of drilling on that asset prior to 31 July
2027.
31 Jul 27
31 Jul 28
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
79
20.
Post Balance Date Events (continued)
PR
ID#
Number of
Performance
Rights
Vesting Conditions
Vesting
date
Expiry
date
PRT
21,625,000 Satisfaction of the Retention Condition and the
Company securing a funding partner for the Sala Project
or completing a 5,000m drill program at the Sala Project
prior to 31 July 2027.
31 Jul 27
31 Jul 28
PRU
21,625,000 Satisfaction of the Retention Condition and the
Company securing a funding partner for the Falun
Project or completing a 5,000m drill program at the
Falun Project prior to 31 July 2027.
31 Jul 27
31 Jul 28
PRV
50,000,000 The Company’s shares achieving a VWAP of $0.03 or
greater, calculated over the 20 consecutive trading days
on which trades in the Company’s shares have occurred
prior to 31 July 2027.
On or
before
31 Jul 27
31 Jul 28
PRW
50,000,000 The Company securing a material asset and completing
at least 2,000m of drilling on that asset prior to 31 July
2027.
On or
before
31 Jul 27
31 Jul 28
PRX
50,000,000 The Company achieving a market capitalisation of
$60 million or greater on at least 20 consecutive trading
days on which trades in the Company’s shares occur.
On or
before
31 Jul 28
31 Jul 28
Other than the above, there were no other events occurring after 30 June 2024.
21.
Related Party Transactions
(a)
Parent entity
The ultimate parent entity within the group is Alicanto Minerals Limited.
(b)
Subsidiaries
Interests in subsidiaries are set out in Note 22.
(c)
Key management personnel compensation
Disclosures relating to key management personnel are set out in the Remuneration Report included in the
Directors’ Report.
2024
2023
$
$
Short-term employee benefits
546,748
734,309
Post-employment benefits
33,000
47,031
Share-based payments
426,462
423,462
Total key management personnel compensation
1,006,210
1,204,802
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
80
21.
Related Party Transactions (continued)
(d)
Transactions with Director and other key management personnel related parties
The following transactions occurred with related entities during the financial year for the recharges of office
and administration costs incurred on its behalf during the year:
2024
2023
$
$
Bellevue Gold Limited 1
-
469
Firefly Metals Limited (formerly Auteco Minerals Limited) 2
109,855
308,531
Bellavista Resources Limited 3
15,245
19,073
The following transactions occurred with related parties during the financial year:
1
Mr Naylor is a Non-executive Director (formerly Executive Director) of Bellevue Gold Limited, a company
which held the head lease for Right of Use Asset and on charges rent, office and other administration
service costs on normal terms and conditions. The Company no longer has this arrangement with
Bellevue Gold Limited. The balance outstanding as at 30 June 2024 was Nil (2023: Nil).
2
Mr Naylor is an Executive Director of FireFly Metals Limited (and Mr Raymond Shorrocks was also
Chairman and Non-Executive Director of Firefly Metals Limited until 19 March 2024). FireFly Metals Ltd
shares office and administration services costs on normal commercial terms and conditions, and
sublicenses part of the office premises to Alicanto. The total fees charged to the Group amounted to
$158,589 (2023: $308,531) as at 30 June 2024. The balance outstanding as at 30 June 2024 was Nil
(2023: Nil).
3
Mr Naylor was a Non-Executive Director of Bellavista Resources Limited which on charges costs to
Alicanto, including personnel services and other administrative costs on normal terms and conditions.
The balance outstanding as at 30 June 2024 was Nil (2023: Nil).
There were no other related party transactions during the year.
22.
Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries
in accordance with the accounting policy described in Note 1(b):
Name of entity
Country of
incorporation
Class of
shares
2024
%
2023
%
Alicanto Minerals WA Pty Ltd B
Australia
Ordinary
100
100
Calrissian (Guyana) Resources Inc. B
Guyana
Ordinary
100
100
Banner (Guyana) Inc.B
Guyana
Ordinary
100
100
Zaffer Australia Pty Ltd
Australia
Ordinary
100
100
Zaffer Sweden AB
Sweden
Ordinary
100
100
A: The proportion of ownership interest is equal to the proportion of voting power held.
B: Alicanto Minerals WA Pty Ltd, Calrissian (Guyana) Resources Inc and Banner (Guyana) Inc. were dormant during the financial year.
Note that the Company is in the process of winding up Calrissian (Guyana) Resources Inc. and Banner (Guyana) Inc.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
81
23.
Parent Entity Information
Company
2024
2023
$
$
(a) Assets
Current assets
661,330
3,013,010
Non-current assets
1,905,045
1,990,256
Total assets
2,566,375
5,003,266
(b) Liabilities
Current liabilities
183,102
195,780
Non-current liabilities
92,175
136,953
Total Liabilities
275,277
332,733
(c) Equity
Contributed equity
40,919,863
38,148,210
Reserves
8,593,427
8,104,310
Accumulated losses
(47,222,192)
(41,581,987)
Total equity
2,291,098
4,670,533
(d) Total comprehensive income/(loss) for the year
(Loss) for the year A
(5,721,814)
(6,942,450)
Other comprehensive income for the year
-
-
Total comprehensive loss for the year
(5,721,814)
(6,942,450)
A
During the year $81,609 relating to expensed performance rights was transferred from Reserves to
Accumulated losses.
Company
2024
2023
$
$
(e) Capital commitment
Not longer than one year
88,398
87,345
Longer than one year, but not longer than five years
236,056
233,245
Longer than five years
113,800
112,445
Total capital commitments
438,254
433,035
(f) Guarantees
The parent entity has not guaranteed any loans for any entity during the year.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
82
23.
Parent Entity Information (continued)
(g) Contingent liabilities
The parent entity has no contingent liabilities at the end of the financial year.
24.
Contingent Assets / Liabilities
Contingent Liabilities
Sweden
On 3 February 2020, Alicanto announced it had exercised its option to acquire 100% of shares in Zaffer
(Australia) Pty Ltd (“Zaffer”) which owns the Oxberg and Naverberg VMS (Volcanogenic Massive Sulphide)
Projects within the highly endowed Cu-Au-Zn-Pb-Ag Bergslagen Mining District of Southern Sweden, the
transaction which was approved by shareholders on 31 July 2019.
Pursuant to the Acquisition Agreement, Zaffer has agreed to enter into a royalty deed with the Zaffer Vendors
pursuant to which it will pay the Zaffer Vendors a royalty on net smelter returns in respect of sales of products
extracted from the Tenements. As such a contingent liability exists as follows:
•
Net smelter royalties of 2.5% will be paid to the Zaffer Vendors for extracted zinc, lead, copper,
gold, cobalt, nickel and iron that is able to be recovered from the Tenements and is capable of
being sold or otherwise disposed of.
There are no further contingent liabilities outstanding at the end of the year.
25.
Financial Instruments, Risk Management Objectives and Policies
The Consolidated Entity’s principal financial instruments comprise cash and cash equivalents. The main
purpose of the financial instruments is to earn the maximum amount of interest at a low risk to the group. The
Consolidated Entity also has other financial instruments such as trade and other receivables and trade and
other payables which arise directly from its operations. For the year under review, it has been the Consolidated
Entity’s policy not to trade in financial instruments.
The main risks arising from the Consolidated Entity’s financial instruments are interest rate risk and credit risk.
The board reviews and agrees policies for managing each of these risks and they are summarised below.
(a)
Interest Rate Risk
The Group’s exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as
a result of changes in market interest rates and the effective weighted average interest rate for each class of
financial assets and financial liabilities is set out in the table below.:
The maturity date for all cash, current trade and other receivable and current trade and payable financial
instruments included in the above tables is one year or less from balance date. The maturity for the non-
current trade and other receivables is between 1 and 3 years from balance date.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
83
25.
Financial Instruments, Risk Management Objectives and Policies (continued)
(a)
Interest Rate Risk (continued)
Consolidated
Weighted
Average
Interest
Rate
Floating
Interest
Rate
Fixed
Interest
Non-
Interest
Bearing
Total
2024
%
$
$
$
$
Financial assets
Cash and cash equivalents
1.03
612,449
-
191,324
803,773
Trade and other receivables
(current)
0.00
-
-
176,401
176,401
Trade and other receivables
(non-current)
4.28
-
42,069
-
42,069
0.93
612,449
42,069
367,725
1,022,243
Financial liabilities
Trade and other payables
(current)
0.00
-
-
249,984
249,984
Lease liabilities (current and
non-current)
7.16
-
112,473
-
112,473
2.22
-
112,473
249,984
362,457
Consolidated
Weighted
Average
Interest
Rate
Floating
Interest
Rate
Fixed
Interest
Non-
Interest
Bearing
Total
2023
%
$
$
$
$
Financial assets
Cash and cash equivalents
1.32
2,883,960
-
183,966
3,067,926
Trade and other receivables
(current)
0.00
-
-
278,896
278,896
Trade and other receivables
(non-current)
4.12
-
42,069
15,238
57,307
1.15
2,883,960
42,069
478,100
3,404,129
Financial liabilities
Trade and other payables
(current)
0.00
-
-
453,142
453,142
Lease liabilities (current and
non-current)
7.16
-
167,948
-
167,948
1.94
-
167,948
453,142
621,090
(b)
Group Sensitivity analysis
The Consolidated Entity’s main interest rate risk arises from cash and cash equivalents with variable and fixed
interest rates. At 30 June 2024 and 30 June 2023, the Group’s exposure to interest rate risk is not considered
material.
(c)
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial
loss to the group. The group has adopted the policy of only dealing with credit worthy counterparties and
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
84
25.
Financial Instruments, Risk Management Objectives and Policies (continued)
(c)
Credit risk (continued)
obtaining sufficient collateral or other security where appropriate, as a means of mitigating the risk of financial
loss from defaults.
The group does not have any significant credit risk exposure to any single counterparty or any company of
counterparties having similar characteristics. The carrying amount of financial assets recorded in the financial
statements, net of any provisions for losses, represents the company’s maximum exposure to credit risk.
(d)
Liquidity risk
The group manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the
maturity profiles of financial assets and liabilities. Due to the dynamic nature of the underlying businesses,
the group aims at ensuring flexibility in its liquidity profile by maintaining the ability to undertake capital raisings.
Funds in excess of short-term operational cash requirements are generally only invested in short term bank
bills.
(e)
Foreign currency risk
The Group is exposed to currency risk arising from exchange rate fluctuations on purchases that are
denominated in currency other than the respective functional currencies of the Group entities, primarily the
Australian Dollar (AUD) and Swedish Krona (SEK). The currencies in which these transactions are primarily
denominated in are AUD, and SEK.
Sensitivity analysis
The following table illustrates sensitivities to the Group’s exposure to changes exchange rates. The table
indicates the impact of how profit and equity values reported at the end of the reporting period would have
been affected by changes in the relevant risk variable that management considers to be reasonably possible.
The sensitivities assume that the movement in a particular variable is independent of other variables.
Consolidated
Year Ended 30 June 2024
Loss
$000
Equity
$000
Increase in SEK exchange rate by 10%
333,429
333,429
Decrease in SEK exchange rate by 10%
(333,429)
(333,429)
Consolidated
Year Ended 30 June 2023
Loss
$000
Equity
$000
Increase in SEK exchange rate by 10%
382,250
382,250
Decrease in SEK exchange rate by 10%
(382,250)
(382,250)
The Group’s exposure to foreign currency exchange risk in USD is not considered material and therefore no
sensitivity analysis has been performed.
The Group’s investments in its Swedish subsidiary are denominated in AUD and are not hedged as those
currency positions are considered long term in nature. The Group does not have a hedging policy in place.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
85
26.
Loss per Share
Consolidated
2024
2023
$
$
(a)
Loss
Loss used in the calculation of basic loss per share from Continuing
Operations
(5,470,225)
(7,046,235)
(b)
Weighted average number of ordinary shares (‘WANOS’)
WANOS used in the calculation of basic loss per share
606,288,861
447,609,277
(c)
Basic loss per share
Basic loss per share from Continuing Operations
(0.9)
(1.6)
(d)
Diluted Loss Per Share
Basic loss per share from Continuing Operations
(0.9)
(1.6)
Diluted loss per share is considered to be the same as the basic loss per share, as the potential ordinary
shares on issue are anti-dilutive and have not been applied in calculating dilutive loss per share.
Consolidated Entity Disclosure Statement
As at 30 June 2024
86
Basis of preparation
This consolidated entity disclosure statement (CEDS) has been prepared in accordance with the
Corporations Act 2001 and includes information for each entity that was part of the Group as at 30 June
2024 in accordance with AASB 10 Consolidated Financial Statements.
Determination of Tax Residency
Section 295 (3A)(vi) of the Corporations Act 2001 defines tax residency as having the meaning in the
Income Tax Assessment Act 1997. The determination of tax residency involves judgement as there are
different interpretations that could be adopted, and which could give rise to a different conclusion on
residency.
In determining tax residency, Alicanto has applied the following interpretations:
•
Australian tax residency: Alicanto has applied current legislation and judicial precedent,
including having regard to the Tax Commissioner’s public guidance in Tax Ruling TR 2018/5;
and
•
Foreign tax residency: Where necessary, Alicanto has used independent tax advisers in foreign
jurisdictions to assist in its determination of tax residency to ensure applicable tax legislation
has been complied with (see section 295 (3A)(vii) of the Corporations Act 2001).
Name of Entity
Type of entity
% of
share
capital
Place of
incorporation
Australian
resident or
foreign
resident
Foreign
jurisdiction
of foreign
resident
Alicanto Minerals Limited
Body Corporate
N/A
Australia
Australia
-
Alicanto Miinerals (WA) Pty Ltd
Body Corporate
100
Australia
Australia
-
Zaffer Australia Pty Ltd
Body Corporate
100
Australia
Australia
-
Calrissian (Guyana) Resources Inc.
Body Corporate
100
Guyana
Foreign
Guyana
Banner (Guyana) Inc.
Body Corporate
100
Guyana
Foreign
Guyana
Zaffer Sweden AB
Body Corporate
100
Sweden
Foreign
Sweden
Director’s Declaration
87
In the directors’ opinion:
•
the attached consolidated financial statements and notes comply with the Corporations Act 2001
(Cth), the Accounting Standards, the Corporations Regulations 2001 (Cth) and other mandatory
professional reporting requirements;
•
the attached consolidated financial statements and notes comply with International Financial
Reporting Standards as issued by the International Accounting Standards Board as described in
note 1 to the financial statements;
•
the attached consolidated financial statements and notes give a true and fair of the Group’s
financial position as at 30 June 2024 and of its performance for the financial year ended on that
date;
•
there are reasonable grounds to believe that the Company and Group will be able to pay its debts
as and when they become due and payable; and
•
the information disclosed in the consolidated entity disclosure statement is true and correct.
The directors have been given the declarations required by section 295A of the Corporations Act 2001
(Cth).
Signed in accordance with a resolution of directors made pursuant to section 295(5) of the Corporations
Act 2001 (Cth).
Ray Shorrocks
Interim Executive Chair
Perth, Western Australia, 30 September 2024
Liability limited by a scheme approved under Professional Standards Legislation
PO Box 1908
West Perth WA 6872
Australia
Level 2, 40 Kings Park Road
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
Stantons Is a member of the Russell
Bedford International network of firms
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
ALICANTO MINERALS LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Alicanto Minerals 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 consolidated 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 Relating to Going Concern
We draw attention to Note 1 in the financial report, which indicates that the Group incurred a loss before tax of
$5,470,225. At 30 June 2024, the Group had total current assets of $1,038,091, including cash and cash equivalents
of $803,773 and total current liabilities of $313,208. As stated in Note 1, the events or conditions, along with other
matters, as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the 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 matter described below to be Key Audit Matter to be communicated in our report.
Key Audit Matters
How the matters were addressed in the audit
Share Based Payments
(Refer to Note 16 to the financial report)
As disclosed in Note 16 to the financial statements, the
Group granted 33,250,000 performance rights to
directors, management, and consultants during the
year. In addition, some performance rights granted in
prior years were forfeited.
The performance rights issued are subject to
achievement of various vesting conditions including
service conditions. During the financial year ended 30
June 2024, the Group has recognised a share-based
payment expense of $570,725, of which $358,873 is
included in the share-based payment expense and
$211,852 recognised in consultancy expense.
Share based payments are considered to be a key audit
matter due to:
-
the value of the transactions;
-
the complexities involved in the recognition
and measurement of these instruments
under AASB 2 Share-based Payment; and
-
judgement involved in determining the
assumptions and inputs used in the
valuations.
Inter alia, our audit procedures included the following:
i.
Reviewing the relevant agreements to obtain
an understanding of the contractual nature
and terms and conditions of the share-based
payment arrangements;
ii.
Reviewing management’s determination of
the fair value of the share-based payments
granted, considering the appropriateness of
the valuation models used in assessing the
valuation inputs focusing on the Group’s
interpretation of grant date, vesting dates and
vesting conditions;
iii.
Challenging management’s assumptions in
relation to the likelihood of achieving the
performance conditions;
iv.
Assessing the allocation of the share-based
payment expense over the relevant vesting
period; and
v.
Assessing
the
appropriateness
of
the
disclosures in Note 16 to 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 our auditor’s
report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any form
of assurance opinion 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 Group are responsible for the preparation of:
a.
the financial report that gives a true and fair view in accordance with Australian Accounting Standards and
the Corporations Act 2001 (other than the consolidated entity disclosure statements); and
b.
the consolidated entity disclosure statement that is trye and correct in accordance with the Corporations Act
2001, and for such internal control as the directors determine is necessary to enable the preparation of:
i.
the financial report that gives a true and fair view and is free from material misstatement, whether
due to fraud or error; and
ii.
the consolidated entity disclosure statement that is trust and correct and is free from misstatement
whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or has no realistic
alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the
Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the financial report.
The procedures selected depend on the auditor's judgement, including the assessment of the risks of material
misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation of the financial report that gives a true and fair view in
order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity's internal control.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report.
We conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor's report to the related disclosures in the financial report or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue
as a going concern.
We evaluate the overall presentation, structure and content of the financial report, including the disclosures, and
whether the financial report represents the underlying transactions and events in a manner that achieves fair
presentation.
We obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the financial report. We are responsible for the direction, supervision and
performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in Internal control that we identify during our audit.
The Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements. We
also provide the Directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Directors, we determine those matters that were of most significance in the
audit of the financial report of the current period and are therefore key audit matters. We describe these matters in
our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on the Remuneration Report
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 Alicanto Minerals 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.
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(An Authorised Audit Company)
Eliya Mwale
Director
West Perth, Western Australia
30 September 2024
Additional Shareholder Information
As at 19 September 2024
92
Spread of Shareholdings
Distribution of members and their holdings of fully paid ordinary shares in Alicanto Minerals Ltd:
Range
Holders
Number
% of Issued Capital
1 -1,000
51
4,132
0.00%
1,001 – 5,000
56
211,705
0.03%
5,001 – 10,000
142
1,238,208
0.17%
10,001 – 100,000
563
22,746,831
3.04%
100,001 and over
438
723,942,086
96.77%
TOTAL
1,250
748,142,962
100.00%
Less than marketable parcels of shares
There were 419 holders of less than a marketable parcel of shares, based on the closing market price of
$0.023 each.
Twenty Largest Shareholders
The names of the twenty largest holders of ordinary fully paid shares are as follows:
Name
Units
% Units
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
61,175,765
8.18%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
60,385,714
8.07%
SYMORGH INVESTMENTS PTY LTD
39,489,270
5.28%
VICEX HOLDINGS PROPRIETARY LIMITED
24,455,210
3.27%
CRAZY DINGO PTY LTD
21,568,824
2.88%
CAMPBELL KITCHENER HUME & ASSOCIATES PTY LTD
20,779,000
2.78%
KOBIA HOLDINGS PTY LTD
19,475,997
2.60%
VIDOG CAPITAL PTY LTD
11,500,000
1.54%
SPRING STREET HOLDINGS PTY LTD
10,726,426
1.43%
CITICORP NOMINEES PTY LIMITED
10,706,193
1.43%
TALEX INVESTMENTS PTY LTD
9,990,000
1.34%
MR HAMISH PETER HALLIDAY
9,630,000
1.29%
PONDEROSA INVESTMENTS WA PTY LTD
9,238,330
1.23%
GOLD LEAF CORPORATE PTY LTD
9,136,364
1.22%
OCEAN VIEW WA PTY LTD
8,720,000
1.17%
SYMORGH INVESTMENTS PTY LTD
8,571,429
1.15%
MR DAMON WILLIAM BRUCE DORMER
8,520,000
1.14%
HAMMERHEAD HOLDINGS PTY LTD
8,400,000
1.12%
VICEX HOLDINGS PROPRIETARY LIMITED
8,031,875
1.07%
BNP PARIBAS NOMS PTY LTD
7,999,083
1.07%
TOTAL
368,499,480
49.26%
TOTAL ISSUED CAPITAL
748,142,962
100.00%
Additional Shareholder Information
As at 19 September 2024
93
Substantial Shareholders
The names of and number of shares in which substantial holders and their associates have a relevant interest,
as disclosed in substantial shareholding notices given to the Company, are:
Holder Name
No. Shares
% of issued capital
Stephen Parsons
64,697,691
8.65%
Kingdon Capital Management, LLC
60,385,714
8.07%
Spread of Option holdings
Range
Holders
Number
% of Units
1 -1,000
-
-
-
1,001-5,000
-
-
-
5,001 – 10,000
-
-
-
10,001 – 100,000
-
-
-
100,001 and over
8
45,000,000
100.00%
TOTAL
8
45,000,000
100.00%
Option classes
Security Name
Exercise Price
Expiry Date
Number of
Holders
Number
UNLISTED OPTIONS – OPT5
$0.100
13/08/2025
3
14,000,0001
UNLISTED OPTIONS – OPT6
$0.100
24/11/2025
1
2,500,0002
UNLISTED OPTIONS – OPT7
$0.150
24/11/2025
1
2,500,0002
UNLISTED OPTIONS – OPT8
$0.200
24/11/2025
1
2,500,0002
UNLISTED OPTIONS – OPT9
$0.250
24/11/2025
1
2,500,0002
UNLISTED OPTIONS – OPT10
$0.100
24/11/2025
3
6,000,0003
UNLISTED OPTIONS – OPT13
$0.058
28/02/2028
1
15,000,000
The names of holders and number of unquoted equity securities held for each class (excluding securities issued under
an employee incentive scheme) where the holding was 20% or more of each class of security are as follows:
1.
Astrid Hill Pty Ltd and Gleeson Mining Pty Ltd each hold 29% of the options in this class, Samuel Richard Brooks
holds 42% of the options in this class;
2.
CG Nominees (Australia) Pty Ltd holds 100% of the options in each class; and
3.
Chaffers Gold Pty Ltd holds 50% of the options in this class, and Storm Enterprises Pty Ltd holds 33% of the
options in this class.
Spread of Performance Rights holdings
Range
Holders
Number
% of Units
1 -1,000
-
-
-
1,001 – 5,000
-
-
-
5,001 – 10,000
-
-
-
10,001 – 100,000
-
-
-
100,001 and over
18
259,250,000
100%
TOTAL
18
259,250,000
100%
Additional Shareholder Information
As at 19 September 2024
94
Performance Rights classes
Security Name
Expiry Date
Number of Holders*
Number
PERFORMANCE RIGHTS – CLASS O
01/08/2027
10
18,750,000
PERFORMANCE RIGHTS – CLASS P
01/08/2027
4
4,000,000
PERFORMANCE RIGHTS – CLASS Q
01/08/2027
4
4,000,000
PERFORMANCE RIGHTS – CLASS R
31/07/2028
10
19,625,000
PERFORMANCE RIGHTS – CLASS S
31/07/2028
10
19,625,000
PERFORMANCE RIGHTS – CLASS T
31/07/2028
11
21,625,000
PERFORMANCE RIGHTS – CLASS U
31/07/2028
11
21,625,000
PERFORMANCE RIGHTS – CLASS V
31/07/2028
2
50,000,000
PERFORMANCE RIGHTS – CLASS W
31/07/2028
2
50,000,000
PERFORMANCE RIGHTS – CLASS X
31/07/2028
2
50,000,000
*Details of holders of securities issued under an employee incentive scheme are exempt from disclosure under Chapter
4 of the Listing Rules.
Restricted Securities
The Company does not have any restricted or escrowed securities on issue.
Voting Rights
In accordance with the holding Company’s constitution, on a show of hands every member present in person or
by proxy or attorney or duly authorised representative has one vote for every fully paid ordinary share held. On
a poll, every member present in person or by proxy or attorney or duly authorised representative has one vote
for every fully paid ordinary share held. Option holders and Performance Right holders are not entitled to vote.
On-market buy-back
The Company confirms that there is no current on-market buy-back.
Corporate Governance Statement
In accordance with ASX Listing Rule 4.10.3 the Company’s Corporate Governance Statement can be found on
the Company’s website at: https://www.alicantominerals.com.au/corporate-governance/.
Company Secretary
Maddison Cramer
Tenement Holdings
As at 30 June 2024
95
Project
Location
Tenement
Interest
Naverberg
Sweden
Naverberg nr 1, 2,3,4,5,6
100%
Oxberg
Sweden
Oxberg 101
100%
Oxberg
Sweden
Oxberg 102
100%
Dunderberget
Sweden
Dunderberget nr 1,2
100%
Sommarberget
Sweden
Sommarberget nr 1
100%
Uvbränna
Sweden
Uvbränna nr 1
100%
Björkberget
Sweden
Björkberget nr 1
100%
Heden
Sweden
Heden nr 2
100%
Harmsarvet
Sweden
Harmsarvet nr 1
100%
Fågelberget
Sweden
Fågelberget nr 1
100%
Stensjön
Sweden
Stensjögruvan nr 101
100%
Sala
Sweden
Sala nr 101
100%
Sala
Sweden
Sala nr 102
100%
Sala
Sweden
Sala nr 103
100%
Sala
Sweden
Sala nr 104
100%
Sala
Sweden
Sala nr 105
100%
Sala
Sweden
Sala nr 106
100%
Sala
Sweden
Sala nr 107
100%
Sala
Sweden
Sala nr 108
100%
Sala
Sweden
Sala nr 109
100%
Sala
Sweden
Sala nr 110
100%
Sala
Sweden
Sala nr 111
100%
Sala
Sweden
Sala nr 112
100%
Snömyrberget
Sweden
Snömyrberget nr 1
100%
Falu Gruva
Sweden
Falu Gruva nr 1
100%