2025
ANNUAL
REPORT
ABN 81 149 126 858
CONTENTS
PAGE
1
CORPORATE DIRECTORY ......................................................................................................................... 2
CHAIR’S MESSAGE TO SHAREHOLDERS ................................................................................................ 3
OPERATIONS REVIEW ............................................................................................................................... 4
DIRECTORS’ REPORT ................................................................................................................................ 9
MINERAL RESOURCE AND COMPETENT PERSONS’ STATEMENTS ................................................. 35
AUDITOR’S INDEPENDENCE DECLARATION ........................................................................................ 38
2025 FINANCIAL REPORT ........................................................................................................................ 39
DIRECTORS’ DECLARATION ................................................................................................................... 79
INDEPENDENT AUDITOR’S REPORT ...................................................................................................... 80
ASX ADDITIONAL SHAREHOLDER INFORMATION ............................................................................... 84
SCHEDULE OF MINING TENEMENTS ..................................................................................................... 88
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: +61 8 6279 9425
Email: info@alicantominerals.com.au
Share Registry
Computershare Investor Services Pty Ltd
Level 17/221 St Georges Terrace
PERTH WA 6000
Telephone: 1300 850 505
Overseas Callers: +61 3 9415 4000
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
Dear Fellow Shareholder
It is my pleasure to welcome you to the Annual Report of your Company for the year to June 30, 2025.
I would like to acknowledge from the outset that it has been a somewhat frustrating year for our
Company and its shareholders. Looking from the outside in, I appreciate that it may appear as though
we have made little or no progress towards our goal of acquiring a suitable project.
But I would like to take this opportunity to assure you that we have been extremely busy behind the
scenes, assessing a long list of potential acquisitions. Having been in and around financial markets for
many years, and having seen cycles come and go, I know all too well that the ability to say ‘no’ in such
circumstances is often far more valuable than simply saying ‘yes’ to a deal for the sake of it.
The truth is, we have said ‘no’ to many projects over the past 12 months. We make no secret of the fact
that our team applies strict criteria to potential project acquisitions and we are not prepared to commit
our Company and our Shareholders to a project which does not pass our tests on a range of levels.
That said, we have shortened our list of prospective acquisitions to the point where we are now focused
on a very limited number of possible deals. And while no deal is done until all parties have signed, I
think it is fair to say that we are confident of completing a value-creating transaction in the near term. It
would be inappropriate to provide further details at this stage, but I look forward to reporting to you as
we progress this process.
In parallel with our acquisition strategy, Alicanto has continued to advance our existing projects in
Sweden where our low-cost exploration program continues to define promising targets. Our team has
also developed detailed models, completed reconnaissance grab sampling, rationalised and
opportunistically added tenements and planned follow-up work. This approach is aimed at continuing to
demonstrate the substantial upside at these projects while minimising their impost on the Company’s
financial position.
During the year, we raised $4.7 million, in part to help ensure we continue this exploration activity in
Sweden. On behalf the Board, I would like to thank those shareholders who supported this raising.
In line with the expanded strategy, Alicanto was pleased to engage Ben Palich as Corporate
Development Manager. Ben is a geologist who brings a wealth of experience to the role, including a
background in Investment Banking and Private Equity, consulting, resource estimate and exploration.
Ben’s skills and experience are proving invaluable as we advance our project acquisition strategy.
I believe Alicanto has an outstanding opportunity to create value for shareholders. We have a team of
highly experienced people in project acquisitions, exploration and development and we are confident
that we will secure any capital needed to unlock the right opportunity.
With this in mind, I look forward to a productive and rewarding FY26 for our Company.
Yours faithfully
Raymond Shorrocks
Interim Executive Chair
Operations Review
4
Overview
During the year, Alicanto progressed its strategy of focussing on project acquisitions to complement its
highly prospective Swedish portfolio.
To facilitate this expanded growth strategy, Alicanto placed seasoned mining executive Ben Palich in the
role of Corporate Development Manager. Ben is an experienced geologist who brings +30 years of
experience across mining, exploration, consulting, private equity and investment banking.
In addition, the Company completed a successful capital raising, raising in the order of A$3m 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 Company’s reconstructed 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 recently purchased by
Boliden AB.
Figure 1:
Map of Sweden showing the Bergslagen region
Operations Review
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 2025, the focus has been on Falun where the team has identified numerous
high-priority targets with the potential to deliver rapid Resource growth.
Figure 2:
High priority targets in the prospective host horizon of the historic Falun mine
Operations Review
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. Work to date 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.
In early 2024, Alicanto completed its initial drill program at Falun. The program focused on three key target
areas: Skyttgruvan-Naverberg, Krondiket and Galgberget (Figure 2). At Skyttgruvan-Naverberg drilling
intersected mineralisation with interpretations indicating a significantly larger mineralised system than
previously thought. Drilling at the Galgberget target tested the southern extension of the Falun deposit
where Alicanto has already identified significant copper and zinc mineralisation intercepting strong footwall
alteration and identifying a second off-hole electromagnetic conductor. Refer to Alicanto’s ASX
announcement dated 22 April 2024.
During the financial year, Alicanto continued discussions with potential strategic partners for Falun, with
the aim of progressing systematic exploration of this highly prospective region.
Greater Falun Copper-Gold-Zinc-Silver-Lead Project, Sweden (AQI 100%)
Alicanto’s Greater Falun tenements are located to the northwest of the world class historic Falun mine
(Figure 3).
On 22 October 2024, the Company announced a re-evaluation of the wider prospectivity of these
tenements, encompassing geological mapping, stratigraphical interpretations and sampling results, which
highlighted significant prospective zones that require further exploration (Figure 3).
During the financial year, Alicanto expanded its landholding by staking new ground adjacent to the project
(Figure 3). Existing tenements were also rationalised, with some being relinquished and others undergoing
a reduction in size.
The Company also prepared for target-generation low-cost fieldwork to commence during the northern
summer 2025.
Operations Review
7
Figure 3:
Greater Falun tenements with multiple high tenor drill and rock chip results and prospective areas.
Refer to Alicanto’s ASX releases dated 14 November 2019, 19 November 2019, 3 December 2019, 18 August 2020, 20 April 2021
and 12 May 2021 for further rock chip and drill intercept details.
Sala Zinc-Silver-Lead Project, Sweden (AQI 100%)
Alicanto’s Sala Project, located in Sweden’s world-class mining province of Bergslagen, is a polymetallic
skarn hosted by a thick sequence of dolomitised limestone, analogous to the other major operating
underground mines in the region. The project has a JORC 2012 compliant inferred resource of 9.7Mt @
214g/t AgEq (3.2% Zn, 47g/t Ag, 0.5% Pb) for 66Moz AgEq and is located within a significant historic
silver producing district, with the historic Sala Silver Mine reported to have produced more than 200Moz
silver at an estimated average grade of 1,244g/t Ag and reported grades as high as 7,000g/t Ag.2
Previous exploration work completed by Alicanto has identified several resource extension opportunities
and additional silver targets outside of the existing resource (Figure 4), including silver-galena rich
structures north of the historic Sala and Bronäs mines interpreted as Sala repeat structures, and Finntorpet,
a broad zone of Sala style silver-galena mineralisation in the previously untested Hyttskogen fault zone,
the parent fault to the Sala Main Fault.
During the financial year, Alicanto continued to seek strategic partnerships to explore the silver and zinc
opportunities at the Sala project.
Towards the end of the financial year, the Company prepared for low-cost target generation exploration
work at the Sala Project over the European summer.
Operations Review
8
Figure 4:
Sala Silver Project - JORC inferred resource of 9.7Mt @ 214g/t AgEq (3.2% Zn, 47g/t Ag, 0.5% Pb) for 66Moz AgEq along
with strong drill and rock chip results, multiple untested prospective areas and simplified geology. Sala also hosts the
super high grade historic 200Moz Sala and Bronäs silver mines.
Refer to AQI’s ASX releases dated 30 May 2019 for further rock chip and drill intercept details.
Directors’ Report
9
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 2025 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
Qualifications
BA (Hons), MBA (Finance)
Appointment date
7 August 2020 (previously Non-Executive Chair to 20 June 2024)
Length of service
5 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 Limited (ASX: HCD) - 12 January 2016 to
present
Andean Silver Limited (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
13,293,093
Interest in options
None
Interest in performance rights
35,000,000
Directors’ Report (continued)
10
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
13 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
Switch Metals Plc (AIM Listed) – 2 April 2025 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
4,193,667
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
1 year 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
Oceana Lithium Limited (ASX: OCN) – 1 July 2025 to present
Directors’ Report (continued)
11
Mr Russell Curtin (continued)
Former ASX listed directorships
in the last three years
None
Interest in shares
5,333,334
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
1 year 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
1,133,334
Interest in options
None
Interest in performance rights
10,000,000
Directors’ Report (continued)
12
Company Secretary
Ms Maddison Cramer
Qualifications
LLB, BA (Hons)
Appointment date
1 November 2022
Length of service
2 year 11 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 $942,043 (2024:
$5,470,225).
The loss included the following items:
•
Exploration expenditure of $713,452 (2024: $3,318,819)
•
Share based payments of ($1,781,981) (2024: $358,873)
This is represented by the combination of a write-back of expense from prior periods of
($3,515,510) following the cancellation by forfeiture of unlisted options and performance rights and
share based expense of $1,733,529 following the issue of new performance rights.
•
Employment benefits of $925,883 (2024: $680,100)
•
Consultancy fees of $457,594 (2024: $550,710), which includes share-based payments of Nil
(2024: share-based payments of $211,852)
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.
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 $4,558,992 (2024: $2,539,269).
At 30 June 2025 the Group held $2,641,802 in cash and cash equivalents (2024: $803,773).
Directors’ Report (continued)
13
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:
Share Placements
1
On 29 July 2024, the Company issued 83,061,156 fully paid ordinary shares under the Entitlement
Offer to eligible shareholders announced on 21 June 2024, representing 1 share for every 5 shares
held at an issue price of $0.013 per share, to raise a total of $1,079,795 before issue costs.
2
On 20 August 2024, the Company issued 39,995,000 fully paid ordinary shares to professional and
sophisticated investors under Tranche 1 of the Shortfall Placement to the Entitlement Offer, at an
issue price of $0.013 per share to raise a total of $519,935 before issue costs.
3
On 12 September 2024, following receipt of shareholder approval at the General Meeting held on
11 September 2024, the Company issued 9,500,000 fully paid ordinary shares at an issue price of
$0.013 per share to the Company Directors (or their nominee/s) under Tranche 2 of the Shortfall
Placement to raise $123,500 before issue costs.
4
On 11 December 2024, the Company issued 94,500,012 fully paid ordinary shares under Tranche 1
of the Placement at an issue price of $0.03 per share to raise $2,835,000 before issue costs.
5
On 18 February 2025, following receipt of shareholder approval at the general meeting on 14 February
2025, the Company issued 5,500,002 fully paid ordinary shares at an issue price of $0.03 per share
to the Company’s Directors under Tranche 2 of the Placement to raise $165,000 before issue costs.
Performance Rights Issues
(a) On 2 September 2024 and 12 September 2024, the Company issued a total of 232,500,000
Performance Rights for nil cash consideration to directors, employees and consultants under the
Company’s Employee Securities Incentive Plan, as detailed below:
•
19,625,000 Class R Performance Rights expiring on 31 July 2028.
•
19,625,000 Class S Performance Rights expiring on 31 July 2028.
•
21,625,000 Class T Performance Rights expiring on 31 July 2028.
•
21,625,000 Class U Performance Rights expiring on 31 July 2028.
•
50,000,000 Class V Performance Rights expiring on 31 July 2028.
•
50,000,000 Class W Performance Rights expiring on 31 July 2028.
•
50,000,000 Class X Performance Rights expiring on 31 July 2028.
Included in the above were 52,500,000 Performance Rights issued to Directors (or their nominees) under
the Company’s Employee Securities Incentive Plan, following receipt of shareholder approval at the
General Meeting held on 11 September 2024, as follows:
Directors
Class R
Class S
Class T
Class U
Total
Raymond Shorrocks
10,000,000
10,000,000
5,000,000
5,000,000
30,000,000
Didier Murcia
625,000
625,000
625,000
625,000
2,500,000
Russell Curtin
2,500,000
2,500,000
2,500,000
2,500,000
10,000,000
Duncan Grieve
2,500,000
2,500,000
2,500,000
2,500,000
10,000,000
Total Issued
15,625,000
15,625,000
10,625,000
10,625,000
52,500,000
Directors’ Report (continued)
14
6.
Significant Changes in the State of Affairs continued
Changes in Securities continued
Performance Rights Issues continued
(b)
On 13 December 2024, the Company issued a total of 10,000,000 Performance Rights for nil cash
consideration to an employee under the Company’s Employee Securities Incentive Plan, as detailed
below:
•
5,000,000 Class Y Performance Rights expiring on 1 December 2029.
•
3,000,000 Class Z Performance Rights expiring on 1 December 2029.
•
2,000,000 Class AA Performance Rights expiring on 1 December 2029.
(c)
On 4 April 2025, the Company issued a total of 1,000,000 Performance Rights to an employee under
the Company’s Employee Securities Incentive Plan, as detailed below:
•
500,000 Class Y Performance Rights expiring on 1 December 2029.
•
500,000 Class Z Performance Rights expiring on 1 December 2029.
Securities Cancelled
(a)
On 2 August 2024, the following Unlisted Options and Performance Rights were cancelled by forfeiture
upon agreement with the holders:
•
23,000,000 Unlisted Options (OPT5), exercisable at $0.10 each and expiring 13 August 2025.
•
3,000,000 Unlisted Options (OPT10), exercisable at $0.10 each and expiring 24 November 2025.
•
10,000,000 Unlisted Options (OPT12), exercisable at $0.20 each and expiring 26 July 2026.
•
4,000,000 Class G Performance Rights issued for nil cash consideration and expiring
30 September 2024.
•
An additional 4,000,000 Class D Performance Rights also expired on 2 August 2024.
(b)
On 15 April 2025, the following Performance Rights were cancelled because the conditions have not
been or have become incapable of being satisfied:
•
150,000 Class R Performance Rights.
•
150,000 Class S Performance Rights.
•
150,000 Class T Performance Rights.
•
150,000 Class U Performance Rights.
7.
Future Developments, Prospects and Business Strategies
For the financial year ending 30 June 2026, the Company intends to maintain a disciplined, low-cost
exploration program focused on delineating additional targets while advancing its portfolio of drill-ready
prospects.
Alicanto will continue to evaluate potential project acquisition opportunities, applying rigorous assessment
criteria to ensure that any transaction delivers substantial shareholder value.
Concurrently, the Company will assess a range of strategic funding alternatives to support the continuation
of its exploration activities 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.
Directors’ Report (continued)
15
8.
Material Business Risks (continued)
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.
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.
Directors’ Report (continued)
16
8.
Material Business Risks (continued)
Exploration and development risks (continued)
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.
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.
Directors’ Report (continued)
17
8.
Material Business Risks (continued)
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
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.
Directors’ Report (continued)
18
8.
Material Business Risks (continued)
Climate change (continued)
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.
9.
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.
10.
Post Balance Date Events
There have not been any events that have arisen between 30 June 2025 and the date of this report or any
other item, transaction or event of a material and unusual nature likely, in the opinion of the directors, to
materially affect the operations of the Group, the results of those operations or the state of affairs of the
Group, in subsequent financial years.
Directors’ Report
11. Audited Remuneration Report
19
The remuneration report for the year ended 30 June 2025 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, 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 of the Company during the financial year ended 30 June 2025.
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
Non-Executive Directors
Mr Didier Murcia
Non-Executive Director
Mr Russell Curtin
Non-Executive Director
Mr Duncan Grieve
Non-Executive Director
Other Key Management Personnel
Ms Susan Field
Chief Financial Officer
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 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
20
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
21
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 11.5% during the 2025 financial year and
do not receive any retirement benefits. Note that effective 1 July 2025, the superannuation guarantee rate
has risen to 12.0% and will be effective for the 2026 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 2025, 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 30,000,000 Performance Rights were issued to the Interim Executive
Director, as approved under ASX Listing Rule 10.14 by shareholders at the general meeting held on
11 September 2024 (2024: 5,000,000, which were subsequently cancelled by agreement on resignation of
previous Managing Director on 20 June 2024). The Chief Financial Officer was also issued 3,000,000
Performance Rights during the current year (2024: 5,000,000 and 500,000 were issued to the previous
Chief Financial Officer, and current Chief Financial Officer (and former Financial Controller) respectively).
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
22
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 22,500,000 Performance
Rights issued to non-executive directors which were approved under ASX Listing Rule 10.14 at the
shareholder meeting held on held on 11 September 2024 (2024: 7,000,000). Performance Rights were
issued to non-executives as they provide an indirect mechanism of aligning shareholder wealth and non-
executive director 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.
11.5 Company Performance, Shareholder Wealth and Director and Executive remuneration
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
2025
2024
2023
2023
Market Capitalisation
$
25,444,289
12,927,323
18,911,788
24,941,385
Closing Share Price
$
0.030
0.021
0.035
0.065
Number of shares on issue
#
848,142,976
615,586,806
540,336,806
383,713,617
Income
$
94,133
37,756
17,848
778,485
Net loss after tax
$
942,043
5,470,225
7,046,235
9,936,377
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 2024 Annual General Meeting
The Company received 83.13% of “Yes” votes on its remuneration report for the 2024 financial year (2023:
79.10%). The Company did not receive any specific feedback at the AGM or throughout the year on its
remuneration practices.
Directors’ Report
11. Audited Remuneration Report
23
11.7 Details of Remuneration
The Key Management Personnel of Alicanto Minerals Limited for the year ended 30 June 2025 and 30 June
2024 are set out in the following table on next page.
There have been no changes to the below named key management personnel since the end of the
reporting period unless noted.
Short-term benefits
Post
employment
benefits
Share based
payments
At Risk - LTI
Directors
Cash
Salary
and Fees
Annual
Leave
Other
Benefits
Super-
annuation
LTI
Total
Linked to
Performance
$
$
$
$
$
$
Mr R Shorrocks 1
2
FY 2025
154,583
4,521
4,059
17,777
(691,201)
(510,261)
135%
FY 2024
83,750
-
5,611
-
172,978
262,339
66%
Mr D Murcia
FY 2025
50,000
-
4,059
-
27,700
81,759
34%
FY 2024
50,000
-
5,611
-
17,417
73,028
24%
Mr R Curtin 3
FY 2025
110,000
-
4,059
-
34,854
148,913
28%
FY 2024
1,808
-
153
-
-
1,961
-
Mr D Grieve 4
FY 2025
89,277
-
4,059
10,267
34,854
138,457
25%
FY 2024
3,315
-
153
-
-
3,468
-
Mr R Sennitt 5
FY 2025
-
-
-
-
-
-
-
FY 2024
300,000
15,769
5,611
33,000
-
354,380
-
KMPs
Mr M Naylor 6
FY 2025
-
-
-
-
-
-
-
FY 2024
68,087
-
5,458
-
235,538
309,083
76%
Ms S Field 7
8
FY 2025
62,400
-
4,059
-
(22,765)
43,694
(52%)
FY 2024
1,269
-
153
-
529
1,951
27%
Total
FY 2025
466,260
4,521
20,295
28,044
(616,558)
(97,438)
633%
FY 2024
508,229
15,769
22,750
33,000
426,462
1,006,210
42%
1
Mr Shorrocks was appointed Interim Executive Chair effective 20 June 2024 and was previously Non-Executive Chair.
2
Resulting from reversal of valuation of 4,000,000 Class G Performance Rights with an expiry date of 30 September 2024 being
progressively expensed since the 2022 financial year and 4,000,000 Unlisted Options with an expiry date of 13 Aug 2025 which
were fully expensed in the 2021 financial year, both being forfeited by agreement 2 August 2024.
3
Mr Curtin was appointed Non-Executive Director effective 20 June 2024.
4
Mr Grieve was appointed Non-Executive Director effective 20 June 2024.
5
Mr Sennitt resigned effective 20 June 2024.
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.
8
Resulting from reversal of valuation of Class D 250,000 Performance Rights lapsed unexercised on 2 August 2024.
Directors’ Report
11. Audited Remuneration Report
24
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
The service agreement is open-ended and continues until
terminated by either party in accordance with the notice provisions.
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 $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
The service agreement is open-ended and continues until
terminated by either party in accordance with the notice provisions.
Details
•
Annual fee of $50,000 exclusive of superannuation, 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
25
11.8 Service Agreements (continued)
Name
Mr Russell Curtin
Title
Non-Executive Director
Agreement commenced
20 June 2024
Term of agreement
The service agreement is open-ended and continues until
terminated by either party in accordance with the notice provisions.
Details
•
Annual fee of $50,000 exclusive of superannuation
•
Eligible to participate in the Company’s Employee Securities
Incentive Plan.
Title
Consultancy Agreement
Agreement commenced
1 July 2024
Term of agreement
The period of time between 1 July 2024 and the date this
Agreement is terminated in accordance with its terms.
Details
• Annual fee of $60,000, payable in monthly instalments of
$5,000.
• Notice period to terminate consultancy agreement is 3 months.
• Management consulting services including undertaking due
diligence for potential project acquisitions, assisting with
corporate strategy, and assisting in identifying and commercial
assessment of project generation initiatives.
Name
Mr Duncan Grieve
Title
Non-Executive Director
Agreement commenced
20 June 2024
Term of agreement
The service agreement is open-ended and continues until
terminated by either party in accordance with the notice provisions.
Details
•
Annual fee of $50,000 inclusive of superannuation
•
Eligible to participate in the Company’s Employee Securities
Incentive Plan.
Title
Consultancy Agreement
Agreement commenced / term
20 June 2024, and by mutual agreement ceased effective 30 June
2025.
Details
•
Annual fee of $60,000, payable in monthly instalments of
$5,000, until 31 May 2025 which by mutual agreement was
reduced to $25,000 per annum.
•
Geology consulting services.
Directors’ Report
11. Audited Remuneration Report
26
11.8 Service Agreements (continued)
Other Key Management Personnel
Name
Ms Susan Field
Title
Chief Financial Officer (‘CFO’)
Agreement commenced
20 June 2024
Term of agreement
Agreement is held with Blue Leaf Corporate Pty Ltd (‘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.
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 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.
Directors’ Report
11. Audited Remuneration Report
27
11.9 Equity instruments held by key management personnel
2025 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
5,605,355
-
7,687,738
-
13,293,093
Mr D Murcia
1,272,500
-
2,921,167
-
4,193,667
Mr R Curtin
-
-
5,333,334
-
5,333,334
Mr D Grieve
250,000
-
883,334
-
1,133,334
Other key management personnel
Ms S Field
-
-
500,000
-
500,000
7,127,855
-
17,325,573
-
24,453,428
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
Directors’ Report
11. Audited Remuneration Report
28
11.9 Equity instruments held by key management personnel (continued)
2025
Unlisted Options
Balance at the
start of the
year/ on
appointment
Granted as
remuneration
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 1
10,000,000
-
(10,000,000)
-
-
-
Mr D Murcia
2,000,000
-
-
-
2,000,000
2,000,000
Mr R Curtin
-
-
-
-
-
-
Mr D Grieve
-
-
-
-
-
-
Mr R Sennitt
-
-
-
-
-
-
Other key management personnel
Ms S Field
-
-
-
-
-
12,000,000
-
(10,000,000)
-
2,000,000
2,000,000
1 These options were cancelled by agreement on 2 August 2025.
2024
Unlisted Options
Balance at the
start of the
year/ on
appointment
Granted as
remuneration
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
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
Directors’ Report
11. Audited Remuneration Report
29
11.9 Equity instruments held by key management personnel (continued)
2025
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
9,000,000
30,000,000
(4,000,000)
-
35,000,000
-
Mr D Murcia
2,000,000
2,500,000
-
-
4,500,000
-
Mr R Curtin
-
10,000,000
-
-
10,000,000
-
Mr D Grieve
-
10,000,000
-
-
10,000,000
-
Other key management personnel
Ms S Field
750,000
3,000,000
(250,000)
-
3,500,000
-
Total
11,750,000
55,500,000
(4,250,000)
-
63,000,000
-
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
11.10 Listed Options
There were no listed options issued during either the 2025 or 2024 financial year.
Directors’ Report
11. Audited Remuneration Report
30
11.11 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 2025
There were no options issued or exercised to key management personnel during the 2025 financial
year.
On 2 August 2024, a total of 36,000,000 unlisted options were cancelled by agreement of which
10,000,000 were held by nominee of Mr R Shorrocks, Interim Executive Chair and 6,000,000 were held
by nominee of Mr M Naylor, the previous Chief Financial Officer. The remaining 7,000,000 unlisted
options were held by Mr S Parsons, a consultant of the Company.
Options issued – 30 June 2024
There were no options issued, exercised or lapsed to key management personnel during the 2024
financial year.
Performance Rights issued – 30 June 2025
During the year, the Company issued a total 243,500,000 performance rights of which 55,500,000 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
PRR
11 Sep 2024
31 Jul 2028
(i) To
remain
a
director,
officeholder,
employee or consultant of the Company (or
related body corporate) for a continuous
period up to and including 31 July 2027;
and
(ii) The share price achieving a volume
weighted average market price of $0.03 or
greater, calculated over the 20 consecutive
trading day on which trades in the
Company’s shares to have occurred prior to
31 July 2027.
16,375,000
250,538
Directors’ Report
11. Audited Remuneration Report
31
11.11 Details of share-based compensation and bonuses (continued)
Performance Rights issued – 30 June 2025 (continued)
PR ID#
Grant date
Expiry date
Vesting conditions
Number of
performance
rights
Fair value
at grant
date
PRS
11 Sep 2024
31 Jul 2028
(i) To
remain
a
director,
officeholder,
employee or consultant of the Company (or
related body corporate) for a continuous
period up to and including 31 July 2027;
and
(i) The Company securing a material asset
and completing at least 2,000m of drilling on
that asset prior to 31 July 2027.
16,375,000
294,750
PRT
11 Sep 2024
31 Jul 2028
(ii) To
remain
a
director,
officeholder,
employee or consultant of the Company (or
related body corporate) for a continuous
period up to and including 31 July 2027; and
(iii) The Company securing a funding partner
for the Sala Project of completing a 5,000m
drill program at the Sala Project prior to 31
July 2027.
11,375,000
216,125
PRU
11 Sep 2024
31 Jul 2028
(i) To
remain
a
director,
officeholder,
employee or consultant of the Company (or
related body corporate) for a continuous
period up to and including 31 July 2027; and
(ii) 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.
11,375,000
204,750
At the date of the report none of the above performance rights had vested and/or lapsed.
Performance Rights issued – 30 June 2024
During the 2024 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 traded.
17,500,000
666,000
Directors’ Report
11. Audited Remuneration Report
32
11.12 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:
2025
2024
$
$
Andean Silver Limited 1
15,090
-
Cygnus Metals Limited 2
16,472
781
FireFly Metals Limited (formerly Auteco Minerals Limited) 3
-
158,589
Bellavista Resources Limited 4
-
15,245
The following transactions occurred with related parties during the financial year:
1
Mr Shorrocks is a Non-Executive Director of Andean Silver Limited (‘Andean’). Andean which on-charges costs to Alicanto,
including personnel service, travel costs and other administrative costs on normal terms and conditions. The balance
outstanding as at 30 June 2025 was $2,426 (2024: Nil).
2
Mr Shorrocks is a Non-Executive Director of Cygnus Metals Limited (‘Cygnus’). Cygnus which on-charges costs to Alicanto,
including personnel service, travel costs and other administrative costs on normal terms and conditions. The balance
outstanding as at 30 June 2025 was $6,147 (2024: Nil).
3
Mr Naylor, previously Chief Financial Officer until 20 June 2024 is an Executive Director of FireFly Metals Limited (“FireFly”)
(and Mr Raymond Shorrocks was also Chairman and Non-Executive Director of FireFly Metals Limited until 19 March 2024).
Effective from 20 June 2024 FireFly ceased to be a related party and as such there are no disclosures required for 2025.
FireFly 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 as at 30 June 2024. The balance
outstanding as at 30 June 2024 was Nil.
4
Mr Naylor, previously Chief Financial Officer until 20 June 2024 was a Non-Executive Director of Bellavista Resources Limited
(“Bellavista”) which on-charges costs to Alicanto, including personnel services and other administrative costs on normal terms
and conditions. Effective from 20 June 2024 Bellavista ceased to be a related party and as such there are no disclosures
required for 2025. The balance outstanding as at 30 June 202 was Nil.
There were no other related party transactions during the year.
11.13 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
33
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
31 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
31,000,000
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
3,850,000
02 Sep 2024
31 Jul 2028
Nil
PRS
3,850,000
02 Sep 2024
31 Jul 2028
Nil
PRT
10,850,000
02 Sep 2024
31 Jul 2028
Nil
PRU
10,850,000
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
13 Dec 2024
01 Dec 2029
Nil
PRY
5,000,000
04 Apr 2025
01 Dec 2029
Nil
PRY
500,000
13 Dec 2024
01 Dec 2029
Nil
PRZ
3,000,000
04 Apr 2025
01 Dec 2029
Nil
PRZ
500,000
13 Dec 2024
01 Dec 2029
Nil
PRAA
2,000,000
Total on issue
269,650,000
Directors’ Report
34
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
5
5
Mr D Murcia
5
5
Mr R Curtin
5
5
Mr D Grieve
5
5
15.
Indemnity and Insurance of Officers and Auditors
The Company has indemnified the directors and executives of the Company for costs incurred, in their
capacity as a director or executive, for which they may be held personally liable, except where there is a lack
of good faith. During the financial year, the Company paid a premium in respect of a contract to insure the
directors and executives of the Company against a liability to the extent permitted by the Corporations Act
2001 (Cth). The contract of insurance prohibits disclosure of the nature of the liability and the amount of the
premium.
The auditor is not indemnified and no insurance premiums have been paid on their behalf.
16.
Auditor’s Independent Declaration and Non-Audit Services
The lead auditor’s independence declaration for the year ended 30 June 2025 has been received and can
be found on page 38 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, 22 September 2025
Mineral Resource and Competent Persons’ Statements
35
Mineral Resource Statement
This Mineral Resource Statement is based on, and fairly represents, information and supporting
documentation prepared by Erik Lundstam, a competent person, who has approved this Mineral
Resource Statement as a whole. The Inferred Mineral Resource estimate for the Sala Project in Sweden
at 30 June 2025 is:
Independent JORC 2012 Inferred resource estimate at selected lower cut-off grades at the Sala 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 (g/t)) + (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 calculations 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
36
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
changes in government policy; changes in policy in application of mining code; and political instability.
Mineral Resource and Competent Persons’ Statements
37
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
Sala mine statistics obtained from a technical report written by Tegengren, 1924 “Sveriges Adlare
Malmeroch Bergverk”.
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
22 September 2025
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 2025, 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)
Waseem Akhtar
Director
2025 Financial Report
Contents
39
Consolidated Statement of Profit or Loss and Other Comprehensive Income
40
Consolidated Statement of Financial Position
41
Consolidated Statement of Changes in Equity
42
Consolidated Statement of Cash Flows
43
Notes to Consolidated Financial Statements
44
Consolidated Entity Disclosure Statement
78
Directors’ Declaration
79
Independent Auditor’s Report
80
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 34, both of which is not part of these
financial statements.
The financial statements were authorised for issue by the directors on 22 September 2025. 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 2025
40
NOTES
2025
2024
$
$
Revenue from continuing operations
3(a)
30,854
37,820
Other (loss) / income before loss in current year
3(b)
63,279
(64)
Total revenue
94,133
37,756
Administration expenses
(489,162)
(382,547)
Compliance and regulatory expense
(100,945)
(99,066)
Consultancy expense
(457,594)
(550,710)
Occupancy expense
(11,947)
(21,836)
Insurance expense
(38,071)
(43,516)
Employee benefits expense
3(c)
(925,883)
(680,100)
Share based payments expense
16.4
(1,733,529)
(358,873)
Write back prior period share based payments expense
16.4
3,515,510
-
Depreciation expense
3(d)
(18,259)
(16,530)
Depreciation on right of use assets
10(b)
(48,120)
(26,362)
Interest expense of lease liability
3(e),13
(14,724)
(9,622)
Exploration expenditure
(713,452)
(3,318,819)
(Loss) from continuing operations before income tax expense
(942,043)
(5,470,225)
Income tax expense
5(a)
-
-
(Loss) for the year attributable to members of the Company
(942,043)
(5,470,225)
Other comprehensive loss attributable to members of the Company
Exchange difference on translation of foreign operation
15(c)
164,112
(117,543)
Total comprehensive (Loss) for the year
(777,931)
(5,587,768)
Basic and diluted (loss) from continuing and discontinued
operations per share (cents)
26
(0.12)
(0.90)
Basic and diluted (loss) from continuing operations per share
(cents)
(0.12)
(0.90)
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 2025
41
NOTES
2025
2024
$
$
Current Assets
Cash and cash equivalents
6
2,641,802
803,773
Trade and other receivables
7(a)
327,353
234,318
Total Current Assets
2,969,155
1,038,091
Non-Current Assets
Trade and other receivables
7(b)
94,441
42,069
Property, plant and equipment
8
56,500
59,032
Capitalised Acquisition Costs
9
1,700,012
1,700,012
Right of use assets
10
164,408
105,448
Total Non-Current Assets
2,015,361
1,906,561
Total Assets
4,984,516
2,944,652
Current Liabilities
Trade and other payables
11
226,610
249,984
Provisions
12
17,681
42,926
Lease liabilities
13
45,743
20,298
Total Current Liabilities
290,034
313,208
Non-Current Liabilities
Lease liabilities
13
135,490
92,175
Total Non-Current Liabilities
135,490
92,175
Total Liabilities
425,524
405,383
Net Assets
4,558,992
2,539,269
Equity
Contributed equity
14
45,499,498
40,919,863
Reserves
15
6,735,369
8,353,238
Accumulated losses
(47,675,875)
(46,733,832)
Total Equity
4,558,992
2,539,269
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 2025
42
NOTES
Issued
Capital
Foreign
Currency
Translation
Reserve
Share Based
Payments
Reserve
Accumulated
Losses
Total
$
$
$
$
$
Balance at 1 July 2024
40,919,863
(240,188)
8,593,426
(46,733,832)
2,539,269
(Loss) for the year
-
-
-
(942,043)
(942,043)
Foreign exchange differences
-
164,112
-
-
164,112
Total comprehensive loss for the period
-
164,112
-
(942,043)
(777,931)
Transactions with owner,
recorded directly in equity
Contributions of equity (net of
transaction costs)
4,579,635
-
-
-
4,579,635
Share based payments expense
16.4
-
-
1,733,529
-
1,733,529
Write back prior period share
based payments expense
16.4
-
-
(3,515,510)
(3,515,510)
4,579,635
-
(1,781,981)
-
2,797,654
Balance at 30 June 2025
45,499,498
(76,076)
6,811,445
(47,675,875)
4,558,992
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
expense
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
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 2025
43
NOTES
2025
2024
$
$
Cash Flows from Operating Activities
Payments to suppliers and employees
(2,073,366)
(1,631,972)
Interest received
31,300
37,561
Payments for exploration and evaluation
(684,387)
(3,411,376)
Net cash outflow from operating activities
17
(2,726,453)
(5,005,787)
Cash Flows from Investing Activities
Purchase of property, plant and equipment
8
(15,903)
(1,060)
Proceeds transferred to security deposits
(15,258)
-
Proceeds from sale of non-current asset
3(b)(i)
62,027
-
Net cash inflow/(outflow) from investing activities
30,866
(1,060)
Cash Flows from Financing Activities
Proceeds from issue of shares
14(b)
4,723,230
3,000,000
Share issue transaction costs
14(b)
(143,595)
(228,347)
Repayment of lease liabilities
(46,019)
(28,959)
Net cash inflow from financing activities
4,533,616
2,742,694
Net cash increase/(decrease) in cash and cash equivalents held
1,838,029
(2,264,153)
Cash and cash equivalents at the beginning of the year
803,773
3,251,569
Cash and cash equivalents at the end of the year
6
2,641,802
803,773
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 2025
1.
Summary of Material Accounting Policies
44
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 2025, the Group incurred a loss before tax of $942,043 (2024: $5,470,225). At
30 June 2025, the Group had total current assets of $2,969,155 (2024: $1,038,091) including cash and cash
equivalents of $2,641,802 (2024: $803,773) and total current liabilities of $290,035 (2024: $313,208).
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 2025
1.
Summary of Material Accounting Policies
45
(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 2025 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)
Joint 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 2025
1.
Summary of Material Accounting Policies
46
(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 2025
1.
Summary of Material Accounting Policies
47
(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% Diminishing Value
Plant and equipment - field
20.0% Straight Line
Leasehold improvements
16.7% Straight Line
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)
Capitalised Acquisition Costs
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 2025
1.
Summary of Material Accounting Policies
48
(k)
Capitalised Acquisition Costs (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 2025
1.
Summary of Material Accounting Policies
49
(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 2025
1.
Summary of Material Accounting Policies
50
(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
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
1.
Summary of Material Accounting Policies
51
(n)
Current and non-current classification (continued)
to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-
current.
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-
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
1.
Summary of Material Accounting Policies
52
(q)
Employee benefits (continued)
(iii)
Share-based payments (continued)
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 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 2025
1.
Summary of Material Accounting Policies
53
(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 2025
1.
Summary of Material Accounting Policies
54
(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.
New and Amended Accounting Standards not yet Adopted by the Group
Certain amendments to accounting standards have been published that are not mandatory for 30 June 2025
reporting periods and have not been early adopted by the group. These amendments are not expected to
have a material impact on the group in the current or future reporting periods.
There are a number of standards, amendments to standards, and interpretations which have been issued
by the ASB that are effective in future accounting periods that the group has decided not to adopt early.
The following amendments are effective for the annual reporting period beginning 1 July 2025:
-
Lack of Exchangeability (Amendment to AASB 121 The Effects of changes in Foreign Exchange
Rates);
The following amendments are effective for the annual reporting period beginning 1 July 2026:
-
Amendments to the Classification and Measurement of Financial Instruments (Amendments to
AASB 9 Financial Instruments and AASB 7 Financial Instruments: Disclosures)
The following standards and amendments are effective for the annual reporting period beginning 1 July 2027:
-
AASB 18 Presentation and Disclosure in Financial Statements;
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
1.
Summary of Material Accounting Policies
55
(w)
New accounting standards and interpretations adopted by the Group (continued)
New and Amended Accounting Standards not yet Adopted by the Group (continued)
The group is currently assessing the effect of these new accounting standards and amendments.
AASB 18 Presentation and Disclosure in Financial Statements, which was issued by the AASB in June 2024
supersedes AASB 101 Presentation of Financial Statements and will result in amendments to Australian
Accounting Standards, including AASB 108 Accounting Policies, Changes in Accounting Estimates and
Errors (renamed to Basis of Preparation of Financial Statements). Even though AASB 18 will not have any
effect on the recognition and measurement of items in the consolidated financial statements, it is expected
to have a significant effect on the presentation and disclosure of certain items. These changes include
categorisation and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of
information, and disclosure of management-defined performance measures.
(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 16.
(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 Payable
In accordance with AASB 9 management assesses the probability of the conditions with relation to any
contingent liability and that the probability of it becomes payable. If the probability is assessed as less than
50% or not likely to be achieved hence, no liability will been recognised until a point that the probability is
greater than 50%.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
56
3.
Revenue and Expenditure
Notes
2025
2024
$
$
(a)
Revenue from continuing operations
Interest received
30,854
37,820
Total revenue from continuing operations
30,854
37,820
(b) Other income
Gain on sale of non-current asset
(i)
62,027
-
Foreign currency (losses) / gains
1,252
(64)
Total other income
63,279
(64)
(i)
During the year the Company sold drill rig which was fully depreciated and located in Sweden for SEK400,000.
(c)
Employee benefit expense
Salary and wages expense
847,818
640,240
Defined contribution superannuation expense
78,065
39,860
Total employee benefits expense
925,883
680,100
(d)
Depreciation expense
Leasehold improvement
12,284
12,318
Plant and equipment - office
5,194
3,326
Plant and equipment - Sweden
781
886
Total depreciation expense
18,259
16,530
(e)
Finance costs
Interest and finance charges paid or payable
14,724
9,622
Total finance costs
14,724
9,622
4.
Auditor’s Remuneration
2025
2024
$
$
Remuneration of the auditor of the Group
Auditing and reviewing of the financial statements
54,000
52,000
Total auditor’s remuneration
54,000
52,000
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
57
5.
Income Tax Expense
2025
2024
$
$
(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
(942,043)
(5,470,225)
Tax (tax benefit) at a tax rate of 30% (2024: 30%)
(282,613)
(1,641,067)
Tax effect of amounts which are not deductible (taxable) in
calculating taxable income
Share based payments
(534,594)
171,218
Other non-deductible amounts
294,845
1,003,449
Unrecognised tax losses
555,938
479,424
Non-assessable income
-
Movement in unrecognised temporary differences
(4,152)
14,218
Deductible equity raising costs
(29,424)
(27,242)
Income tax expense
-
-
(c)
Deferred tax losses
Employee benefits
345
548
Tax Losses
345
548
(d)
Deferred tax liabilities
Set off deferred tax liabilities
(345)
(548)
Net deferred tax assets
-
-
(e)
Tax losses
Unused tax losses for which no deferred tax asset has been
recognised
12,472,558
10,647,396
Potential tax benefit at 30% (2024: 30%)
3,741,767
3,194,219
(f)
Unrecognised temporary differences
Unrecognised future deductions relating to capital raising
costs
186,039
208,875
Unrecognised deferred tax asset on capital raising costs at
30% (2024:30%)
55,812
62,663
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
58
6.
Cash and Cash Equivalents
2025
2024
$
$
(a)
Total cash and cash equivalents
Cash at bank and on hand
2,641,802
803,773
Total cash and cash equivalents
2,641,802
803,773
(b)
Total cash and cash equivalents
Cash on hand is non-interest bearing. Cash at bank bears interest rates between 0.00% and 1.19% (2024:
0.0% and 1.35%).
(c)
Cash and cash equivalents denominated in foreign currencies
Swedish Krona
2025
2024
$
$
Cash at bank
52,209
162,934
Total cash and cash equivalents denominated in foreign currencies
52,209
162,934
7.
Trade and Other receivables
2025
2024
$
$
(a)
Current
Other receivables
103,291
176,401
Prepayments
224,062
57,917
Total current trade and other receivables
327,353
234,318
(b)
Non-Current
Security deposits
94,441
42,069
Total non-current trade and other receivables
94,441
42,069
(c)
Past due and impaired receivables
As at 30 June 2025, there were no other receivables that were past due or impaired (2024: Nil).
(d)
Trade and other receivable denominated in foreign currencies
Swedish Krona
Notes
2025
2024
$
$
Current
7(a)
290,372
213,834
Non-Current
7(b)
52,372
-
Total trade and other receivable equivalents denominated
in foreign currencies
342,744
213,834
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
59
8.
Property, Plant and Equipment
2025
2024
$
$
Property, plant and equipment
56,500
59,032
Total
56,500
59,032
2025
Notes
Leasehold
Improvements
Plant and
Equipment
Office
Plant and
Equipment
Field
Consolidated
Total
$
$
$
$
Year Ended 30 June 2025
Opening net book amount
54,133
3,384
1,515
59,032
Additions
-
15,903
-
15,903
Depreciation charge
3(d)
(12,284)
(5,194)
(781)
(18,259)
Effect of exchange rates
-
-
(176)
(176)
Closing book amount
41,849
14,093
558
56,500
Year Ended 30 June 2025
Cost
73,909
36,654
3,718
114,281
Accumulated depreciation
(32,060)
(22,561)
(3,160)
(57,781)
Net book amount
41,849
14,093
558
56,500
2024
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 to the Consolidated Financial Statements
For the Year Ended 30 June 2025
60
9.
Capitalised Acquisition Costs
2025
2024
$
$
Non-current
Total capitalised acquisition costs
1,700,012
1,700,012
10. Right of Use Assets
Notes
2025
2024
$
$
Right of use asset
10(a)
212,528
131,810
Right of use asset at cost
212,528
131,810
Accumulated depreciation
10(b)
(48,120)
(26,362)
Accumulated depreciation
(48,120)
(26,362)
Net carrying amount
164,408
105,448
Movements recognised during the year
2025
2024
$
$
10(a) Adjustment to initial recognition
Right of use assets – opening balance
131,810
198,085
Adjustment
10(c)
(131,810)
(198,085)
Addition
10(c)
212,528
131,810
Right of use assets
212,528
131,810
10(b) Accumulated depreciation
Accumulated depreciation – opening balances
(26,362)
(22,010)
Depreciation
(48,120)
(26,362)
Adjustments
10(c)
26,362
22,010
Accumulated depreciation – closing balance
(48,120)
(26,362)
Amount recognised in consolidated statement of profit or loss and
other comprehensive income
Depreciation expense on right of use assets – office
(48,120)
(26,362)
Depreciation expense
48,120)
(26,362)
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
61
10. Right of Use Assets (continued)
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 an increase in the monthly costs being charged in accordance with the
sub-license directly related to the increase in space being used by the Company. As a result, the
adjusted recognition for the sub-license is now $212,528 and is being treated as a new right of use
asset.
At the date of the report an estimated 3 years and 5 months remain. The maturity analysis of the lease liabilities
is shown at Note 13.
11. Trade and Other Payables
2025
2024
$
$
Current
Trade payables
140,678
157,137
Other payables
85,932
92,847
Total current trade and other payables
226,610
249,984
Trade creditors are normally paid on 30-day payment terms.
(a)
Trade and other payables denominated in foreign currencies
2025
2024
$
$
Swedish Krona
76,441
130,113
Total payables equivalents denominated in foreign currencies
76,441
130,113
12. Provisions
2025
2024
$
$
Current
Employee entitlements
17,681
42,926
Total current provisions
17,681
42,926
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
62
13. Lease Liabilities
2025
2024
$
$
Current
45,743
20,298
Non-current
135,490
92,175
Total lease liabilities
181,233
112,473
Amount recognised in consolidated statement of profit or loss and other
comprehensive income
Interest expense incurred on lease liability
14,724
9,622
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 2025
Lease payments
57,563
59,866
62,261
23,364
-
-
206,054
Finance charges
(11,820)
(8,264)
(4,259)
(478)
-
-
(24,821)
Net Present Value
45,743
51,602
58,002
25,886
-
-
181,233
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
14. Contributed Equity
Company
Company
2025
Shares
2024
Shares
2025
$
2024
$
(a)
Issued capital
848,142,976
615,586,806
45,499,498
40,919,863
(b)
Movements in issued capital
2024 Financial Year
Date
Shares
Issue Prices
Total $
Opening Balance at 1 July 2023
540,336,806
38,148,210
Placement – Tranche 1
11 Aug 23
72,500,000
$0.04
2,900,000
Placement – Tranche 2
10 Nov 23
2,500,000
$0.04
100,000
Performance rights – shares issued
6 May 24
250,000
-
-
Less: Transaction costs
(228,347)
Closing Balance at 30 June 2024
615,586,806
40,919,863
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
63
14.
Contributed Equity (continued)
2025 Financial Year
Date
Shares
Issue Prices
Total $
Opening Balance at 1 July 2024
615,586,806
40,919,863
1:5 Entitlement Offer1
29 Jul 2024
83,061,156
$0.013
1,079,795
Shortfall Placement - Tranche 1 2
20 Aug 2024
39,995,000
$0.013
519,935
Shortfall Placement - Tranche 2 3
12 Sep 2024
9,500,000
$0.013
123,500
Placement - Tranche 1 4
11 Dec 2024
94,500,012
$0.030
2,835,000
Placement – Tranche 2 5
18 Feb 2025
5,500,002
$0.030
165,000
Less: Transaction costs
(143,595)
Closing Balance at 30 June 2025
848,142,976
45,499,498
Share placements
1
On 29 July 2024, the Company issued 83,061,156 fully paid ordinary shares under the Entitlement Offer
to eligible shareholders announced on 21 June 2024, representing 1 share for every 5 shares held at
an issue price of $0.013 per share, to raise a total of $1,079,795 before issue costs.
2
On 20 August 2024, the Company issued 39,995,000 fully paid ordinary shares to professional and
sophisticated investors under Tranche 1 of the Shortfall Placement to the Entitlement Offer, at an issue
price of $0.013 per share to raise a total of $519,935 before issue costs.
3
On 12 September 2024, following receipt of shareholder approval at the General Meeting held on
11 September 2024, the Company issued 9,500,000 fully paid ordinary shares at an issue price of
$0.013 per share to the Company Directors (or their nominee/s) under Tranche 2 of the Shortfall
Placement to raise $123,500 before issue costs.
4
On 11 December 2024, the Company issued 94,500,012 fully paid ordinary shares under Tranche 1 of
the Placement announced on 3 December 2024 at an issue price of $0.03 per share to raise $2,835,000
before issue costs.
5
On 18 February 2025, the Company issued 5,500,002 fully paid ordinary shares under Tranche 2 of the
Placement announced on 3 December 2024 at an issue price of $0.03 per share to raise $165,000
before issue costs.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
64
15
Reserves
2025
2024
$
$
Unlisted Option Reserve
4,120,246
6,619,481
Performance Rights Reserve
2,691,199
1,973,945
Foreign Currency Translation Reserve
(76,076)
(240,188)
Total Reserves
6,735,369
8,353,238
As at 30 June 2025, the Company has:
•
45,000,000 (30 June 2024: 81,000,000) Unlisted Options on issue; and
•
269,650,000 (30 June 2024: 34,750,000) Performance Rights.
(a)
Unlisted Option Reserve
2025
2024
$
$
Opening balance at 1 July
6,619,481
6,619,481
Options cancelled by agreement
(2,499,235)
-
Total Unlisted Option Reserve
4,120,246
6,619,481
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
2025
2024
$
$
Opening balance at 1 July
1,973,945
1,484,829
Portion of fair value recognised as expensed during year
1,733,529
570,725
Portion of fair value resulting from lapsed during prior periods
and transferred to accumulated losses
(1,016,275)
(81,609)
Total Performance Rights Reserve
2,691,199
1,973,945
(c)
Foreign Currency Translation Reserve
2025
2024
$
$
Opening balance at 1 July
(240,188)
(122,645)
Exchange differences arising on translation of foreign operations
164,112
(117,543)
Total Foreign Currency Translation Reserve
(76,076)
(240,188)
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.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
65
16.
Share Based Payments
16.1 Unlisted Options
Total share-based payment transactions recognised during the year are as set out in Notes 16.1 and 16.3.
The following table illustrates of the number and weighted average exercise prices (WAEP) of, and movements
in unlisted share options during 30 June 2025 and 30 June 2024.
No of options
2025
WAEP
No of options
2024
WAEP $
Outstanding at the beginning of the year
81,000,000
$0.120
86,000,000
$0.110
Cancelled by agreement during the year
(36,000,000)
$0.013
-
-
Lapsed during the year
-
-
(5,000,000)
$0.030
Balance at the end of the year
45,000,000
$0.010
81,000,000
$0.012
Vested and exercisable at the end of the financial year
45,000,000
$0.010
81,000,000
$0.012
This table illustrates of the movement in unlisted share options for financial year ended 30 June 2025.
Grant Date
Expiry
date
Exercise
price
Balance
at 1 July
2024
Granted
Exercised/
(Lapsed)
Balance at
30 June
2025
Vested
Value of
options
expensed/
lapsed
No
No
No
No
No
$
13 Aug 20
13 Aug 25
$0.100
37,000,000
- (23,000,000)
14,000,000
14,000,000
(1,145,683)
5 Aug 20
24 Nov 25
$0.100
9,000,000
-
(3,000,000)
6,000,000
6,000,000
(149,437)
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)
-
-
(1,204,115)
14 Feb 23
28 Feb 28
$0.058
15,000,000
-
-
15,000,000
15,000,000
-
81,000,000
- (36,000,000)
45,000,000
45,000,000
(2,499,235)
The weighted average remaining contractual life of options at the end of the financial year was 1.07 years
(2024: 1.65 years).
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.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
66
16
Share Based Payments (continued)
16.1 Unlisted Options (continued)
Grant date
Underlying
share price
Exercise price
Risk fee
interest rate
Share price
volatility
Expiry date
Value per
options
13 Aug 20
$0.080
$0.100
0.39%
85.00%
13 Aug 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
There were no unlisted options issued during year.
16.2 Listed Options
No listed options were issued during the 2025 or 2024 financial years.
16.3 Performance rights
2025
2024
Number of rights
Balance at the beginning of the year
34,750,000
22,250,000
Granted
243,500,000
33,250,000
Lapsed
(8,600,000)
(20,750,000)
Balance at the end of the year
269,650,000
34,750,000
Vested and exercisable at the end of the financial year
50,000,000
-
The following table illustrates the number of, and movements in, performance rights for financial years ended
30 June 2025 and 2024.
Each performance right converts to one fully paid ordinary share in the Company upon satisfaction of the
performance conditions linked to the right. The rights do not carry any other privileges. The fair value of the
performance rights granted is determined 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.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
67
16
Share Based Payments (continued)
16.3 Performance rights (continued)
Management has then assessed the likelihood of the performance conditions being achieved and applied that
percentage of the 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. The probability is reviewed each
period and if judged to have varied any relevant adjustment is recognised in the period.
PR
ID#
Grant
Date
Expiry
date
Relevant
Measurement
Date
1 July 2024
Granted
Lapsed/
forfeited/
others
30 June 2025
Vested
PRD
26 Jul 21
2 Aug 24
-
4,000,000
-
(4,000,000)
-
-
PRG
29 Sep 21
30 Sep 24
-
4,000,000
-
(4,000,000)
-
-
PRO
1 Aug 23
1 Aug 27
1 Aug 26
18,250,000
-
-
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
3,500,000
-
-
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
3,500,000
-
-
3,500,000
-
PRQ
14 Sep 23
1 Aug 27
1 Aug 26
500,000
-
-
500,000
-
PRR
2 Sep 24
31 Jul 28
-
-
4,000,000
(150,000)
3,850,000
-
PRR
11 Sep 24
31 Jul 28
-
-
15,625,000
-
15,625,000
-
PRS
2 Sep 24
31 Jul 28
-
-
4,000,000
(150,000)
3,850,000
-
PRS
11 Sep 24
31 Jul 28
-
-
15,625,000
-
15,625,000
-
PRT
2 Sep 24
31 Jul 28
-
-
11,000,000
(150,000)
10,850,000
-
PRT
11 Sep 24
31 Jul 28
-
-
10,625,000
-
10,625,000
-
PRU
2 Sep 24
31 Jul 28
-
-
11,000,000
(150,000)
10,850,000
-
PRU
11 Sep 24
31 Jul 28
-
-
10,625,000
-
10,625,000
-
PRV
12 Sep 24
31 Jul 28
-
-
50,000,000
-
50,000,000
50,000,000
PRW
12 Sep 24
31 Jul 28
-
-
50,000,000
-
50,000,000
-
PRX
12 Sep 24
31 Jul 28
-
-
50,000,000
-
50,000,000
-
PRY
13 Dec 24
1 Dec 29
12 Dec 24
-
5,500,000
-
5,500,000
-
PRZ
13 Dec 24
1 Dec 29
12 Dec 24
-
3,500,000
-
3,500,000
-
PRAA
13 Dec 24
1 Dec 29
12 Dec 24
-
2,000,000
-
2,000,000
-
Total
34,750,000
243,500,000
(8,600,000)
269,650,000
50,000,000
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
68
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 2025 and 2024
are as follows:
PR
ID#
Number of
perform-
ance rights
Relevant
measure-
ment date
Expiry date
Fair value
of perform-
ance rights
at relevant
measure-
ment date
Total
value
Value of
perform-
ance rights
expensed
for
financial
year
30- Jun-25
Value of
perform-
ance rights
expensed
for
financial
year
30- Jun-24
Total
recognition
to date
$
$
$
$
$
PRA
2,000,000
-
7 Aug 22
0.1240
372,000
-
-
372,000
PRB
1,000,000
-
6 Aug 22
0.1240
124,000
-
-
124,000
PRC
1,500,000
-
31 Dec 22
0.1240
186,000
-
-
186,000
PRD
-
-
2 Aug 24
0.1586
634,400
(615,299)
211,852
-
PRE
-
-
2 Aug 24
0.1550
38,750
-
-
-
PRF
250,000
-
2 Aug 24
0.1550
38,750
-
-
38,750
PRG
250,000
-
2 Aug 24
0.1550
33,750
-
-
33,750
PRG
250,000
-
30 Sep 24
0.1350
33,750
-
14,104
33,750
PRG
-
-
30 Sep 24
0.0969
387,600
(355,063)
129,436
-
PRI
-
2 Mar 24
30 Nov 27
0.0500
50,000
-
(5,829)
-
PRJ
-
1 Sep 25
30 Nov 27
0.0500
100,000
-
(11,659)
-
PRK
-
1 Sep 25
30 Nov 27
0.0500
150,000
-
(17,488)
-
PRL
-
1 Sep 24
30 Nov 27
0.0500
100,000
(245)
(11,413)
-
PRM
-
1 Sep 24
30 Nov 27
0.0500
100,000
-
(11,658)
-
PRN
-
1 Sep 26
30 Nov 27
0.0500
200,000
-
(23,317)
-
PRO
18,250,000
1 Aug 26
1 Aug 27
0.0380
891,500
175,255
158,930
334,185
PRO
500,000
14 Sep 26
1 Aug 27
0.0380
18,000
4,636
3,684
8,320
PRP
3,500,000
1 Aug 26
1 Aug 27
0.0360
126,000
(17,168)
23,290
6,122
PRP
500,000
14 Sep 26
1 Aug 27
0.0360
18,000
(2,115)
2,947
832
PRQ
3,500,000
1 Aug 26
1 Aug 27
0.0360
126,000
(20,229)
23,290
3,061
PRQ
500,000
14 Sep 26
1 Aug 27
0.0360
18,000
(2,531)
2,947
416
PRR
3,850,000
-
31 Jul 28
0.0167
66,800
16,636
-
16,636
PRR
15,625,000
-
31 Jul 28
0.0167
260,938
66,128
-
66,128
PRS
3,850,000
-
31 Jul 28
0.0190
76,000
18,619
-
18,619
PRS
15,625,000
-
31 Jul 28
0.0190
296,875
73,908
-
73,908
PRT
10,850,000
-
31 Jul 28
0.0190
209,000
27,655
-
27,655
PRT
10,625,000
-
31 Jul 28
0.0190
201,875
26,451
-
26,451
PRU
10,850,000
-
31 Jul 28
0.0167
183,700
27,704
-
27,704
PRU
10,625,000
-
31 Jul 28
0.0167
177,438
26,452
-
26,452
PRV
50,000,000
-
31 Jul 28
0.0167
835,000
750,000
-
750,000
PRW
50,000,000
-
31 Jul 28
0.0190
950,000
236,507
-
236,507
PRX
50,000,000
-
31 Jul 28
0.0150
750,000
207,462
-
207,462
PRY
5,000,000
12 Dec 24
1 Dec 29
0.0400
200,000
34,912
-
34,912
PRY
500,000
3 Apr 25
1 Dec 29
0.0310
15,500
1,333
-
1,333
PRZ
3,000,000
12 Dec 24
1 Dec 29
0.0400
120,000
20,948
-
20,948
PRZ
500,000
3 Apr 25
1 Dec 29
0.0310
15,500
1,333
-
1,333
PRAA
2,000,000
12 Dec 24
1 Dec 29
0.0400
80,000
13,965
-
13,965
717,254
489,116
2,691,199
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
69
16
Share Based Payments (continued)
16.4 Reconciliation of share-based payments
2025
2024
$
$
Recognised in profit or loss
Portion of expense recognised on Performance rights issue to directors,
employees and consultants
1,733,529
358,873
Write-back of prior period expenses on Performance Rights lapsed or cancelled by
forfeiture during the year
(971,499)
-
Write-back of prior period expenses on reassessment of probability performance
hurdles being met on Performance Rights remaining on issue
(44,776)
-
Write-back of prior period expenses on Unlisted Options cancelled by forfeiture
during the year
(2,499,235)
-
(1,781,981)
358,873
Portion of expense recognised on Performance rights issue to directors,
employees and consultants recognised within Consultancy Expense
-
211,852
-
211,852
Total share-based payments
(1,781,981)
570,725
17
Cash Flow Information
2025
2024
$
$
(a)
Reconciliation of cash flows from operating activities with loss from ordinary activities after tax:
(Loss) for the year after income tax
(942,043)
(5,470,225)
Depreciation
18,259
16,530
Depreciation on right of use assets
48,120
26,362
Accelerated depreciation – low value assets
-
1,591
Share based payments
(1,781,981)
358,873
Share based payments included in consultancy expenses
-
211,852
Sale of non-current asset
(62,027)
-
Interest expense
14,724
9,622
Net exchange differences
164,112
(117,543)
Change in assets and liabilities
(Increase)/(decrease) in operating trade and other receivables
(128,611)
115,181
(Decrease) in operating trade and other payables and provisions
(57,006)
(158,030)
Net cash outflows from Operating Activities
(2,726,453)
(5,005,787)
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
70
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
2025
2024
$
$
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
12,415
88,398
Longer than one year, but not longer than five years
309,925
236,056
Longer than five years
41,090
113,800
Total exploration commitment
363,430
438,254
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:
2025
2024
$
$
Interest received - Australia
30,854
37,820
Gain on sale of non-current asset
62,027
-
Other (loss) / income - Australia
1,252
(64)
Total revenue from continuing operations (Note 3(a) and 3(b))
94,133
37,756
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
71
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 2024 and 2025 are set out follows:
Exploration
2025
Sweden
$
Corporate
$
Total
$
Total segment revenue
1,396
92,737
94,133
Interest revenue
1,396
29,458
30,854
Other income
-
63,279
63,279
Depreciation
(781)
(65,598)
(66,379)
Exploration expense
(713,452)
-
(713,452)
Total segment (loss) before income tax
(712,835)
(229,208)
(942,043)
Total segment assets
376,777
4,607,739
4,984,516
Total segment liabilities
(76,441)
(349,083)
(425,524)
Exploration
2024
Sweden
$
Corporate
$
Total
$
Total segment revenue
-
37,756
37,756
Interest revenue
-
37,820
37,820
Other income
-
(64)
(64)
Depreciation and impairment expense including write-off
(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
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
72
20.
Post Balance Date Events
There have not been any events that have arisen between 30 June 2025 and the date of this report or any other
item, transaction or event of a material and unusual nature likely, in the opinion of the directors, to materially affect
the operations of the Group, the results of those operations or the state of affairs of the Group, in subsequent
financial years.
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.
2025
2024
$
$
Short-term employee benefits
491,076
546,748
Post-employment benefits
28,044
33,000
Share-based payments
(616,558)
426,462
Total key management personnel compensation
(97,438)
1,006,210
(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:
2025
2024
$
$
Andean Silver Limited 1
15,090
-
Cygnus Metals Limited 2
16,472
-
Firefly Metals Limited (formerly Auteco Minerals Limited) 3
-
158,589
Bellavista Resources Limited 4
-
15,245
The following transactions occurred with related parties during the financial year:
1
Mr Shorrocks is a Non-Executive Director of Andean Silver Limited (‘Andean’). Andean which on-charges costs to Alicanto, including
personnel service, travel costs and other administrative costs on normal terms and conditions. The balance outstanding as at 30 June
2025 was $2,426 (2024: Nil).
2
Mr Shorrocks is a Non-Executive Director of Cygnus Metals Limited (‘Cygnus’). Cygnus which on-charges costs to Alicanto, including
personnel service, travel costs and other administrative costs on normal terms and conditions. The balance outstanding as at 30 June
2025 was $6,147 (2024: Nil).
3
Mr Naylor, previously Chief Financial Officer until 20 June 2024 is an Executive Director of FireFly Metals Limited (“FireFly”) (and Mr
Raymond Shorrocks was also Chairman and Non-Executive Director of FireFly until 19 March 2024). Effective from 20 June 2024
FireFly ceased to be a related party and as such there are no disclosures required for 2025. FireFly 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 as at 30 June 2024. The balance outstanding as at 30 June 2024 was Nil.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
73
21.
Related Party Transactions (continued)
4
Mr Naylor, previously Chief Financial Officer until 20 June 2024 was a Non-Executive Director of Bellavista Resources Limited
(“Bellavista”) which on-charges costs to Alicanto, including personnel services and other administrative costs on normal terms and
conditions. Effective from 20 June 2024 Bellavista ceased to be a related party and as such there are no disclosures required for 2025.
The balance outstanding as at 30 June 2024 was 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)(i):
Name of entity
Country of
incorporation
Class of shares
2025
%
2024
%
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.
23.
Parent Entity Information
Company
2025
2024
$
$
(a) Assets
Current assets
2,626,574
661,330
Non-current assets
1,962,431
1,905,045
Total assets
4,589,005
2,566,375
(b) Liabilities
Current liabilities
213,594
183,102
Non-current liabilities
135,490
92,175
Total Liabilities
349,084
275,277
(c) Equity
Contributed equity
45,499,498
40,919,863
Reserves
6,811,445
8,593,427
Accumulated losses
(48,071,022)
(47,222,192)
Total equity
4,239,921
2,291,098
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
74
23.
Parent Entity Information (continued)
(d) Total comprehensive income/(loss) for the year
Company
2025
2024
$
$
(Loss) for the year A
(848,830)
(5,721,814)
Other comprehensive income for the year
-
-
Total comprehensive loss for the year
(848,830)
(5,721,814)
A
During the 2024 financial year $81,609 relating to expensed performance rights was transferred from
Reserves to Accumulated losses.
Company
2025
2024
$
$
(e) Capital commitment
Not longer than one year
12,415
88,398
Longer than one year, but not longer than five years
309,925
236,056
Longer than five years
41,090
113,800
Total capital commitments
363,430
438,254
(f) Guarantees
The parent entity has not guaranteed any loans for any entity during the year.
(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.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
75
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.
Consolidated
Weighted
Average
Interest Rate
Floating
Interest Rate
Fixed
Interest
Non-Interest
Bearing
Total
2025
%
$
$
$
$
Financial assets
Cash and cash equivalents
1.19
2,552,009
-
89,793
2,641,802
Trade and other receivables (current)
0.00
-
-
103,291
103,291
Trade and other receivables (non-current)
4.78
-
94,441
-
94,441
1.20
2,552,009
94,441
193,084
2,839,534
Financial liabilities
Trade and other payables (current)
0.00
-
-
225,336
225,336
Lease liabilities (current and non-current)
4.85
-
181,233
-
181,233
2.16
-
181,233
225,336
406,569
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
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
76
25.
Financial Instruments, Risk Management Objectives and Policies (continued)
(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 2025 and 30 June 2024, 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
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.
(c)
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.
(d)
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 2025
Loss
$000
Equity
$000
Increase in SEK exchange rate by 10%
71,284
71,284
Decrease in SEK exchange rate by 10%
(71,284)
(71,284)
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)
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
77
25.
Financial Instruments, Risk Management Objectives and Policies (continued)
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.
26.
Loss per Share
Consolidated
2025
2024
$
$
(a)
Loss
Loss used in the calculation of basic loss per share from Continuing Operations
(942,043)
(5,470,225)
(b)
Weighted average number of ordinary shares (‘WANOS’)
WANOS used in the calculation of basic loss per share
788,251,237
606,288,861
Consolidated
2025
2024
Cents per Share
Cents per Share
(c) Basic loss per share
Basic loss per share from Continuing Operations
(0.12)
(0.90)
(c)
Diluted Loss Per Share
Basic loss per share from Continuing Operations
(0.12)
(0.90)
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 2025
78
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 2025 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 Minerals (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
79
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 2025 and of its performance for the financial year ended on that
date;
•
except as disclosed in note 1(a)(iii) relating to the going concern matter 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, 22 September 2025
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 2025, the consolidated statement
of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended, and notes to the 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 2025 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 APES 110: Code of Ethics for Professional Accountants
(including Independence Standards) issued by the Accounting Professional & Ethical Standards Board (the Code)
that are relevant to our audits 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(a)(iii) of the financial statements, which indicates that the Group incurred a loss after
tax of $942,043 with net cash outflows from operating and investment activities of $2.70 million for the year ended
30 June 2025, and net assets $4.56 million. The Group had cash and cash equivalents of $2.64 million. As stated
in Note 1(a)(iii), the events or conditions, along with other matters, indicate that a material uncertainty exists that
may cast significant doubt on the Group’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have
determined the matters described below to be Key Audit Matters to be communicated in our report.
Key Audit Matters
How the matter was addressed in the audit
Share-based payment transactions
(refer to Note 16 to the consolidated financial
statements)
During the period, the Group recognised a net gain of
$1,781,981 in the consolidated statement of profit or
loss (refer to Note 16.4). Movement during the
period was a result of the following:
•
On 2 August 2024, 36,000,000 options were
cancelled by forfeiture upon mutual agreement,
resulting in a write-back of prior period expenses
of $2,499,236.
•
On 2 August 2024 and 15 April 2025, 8,600,000
performance rights not vested had lapsed,
resulting in a write-back of prior period expenses
of $971,499.
•
On 2 September 2024 and 12 September 2024,
the Company issued a total of 232,500,000
Performance Rights to directors, employees,
contractors and consultants under the
Company’s Employee Securities Incentive Plan.
Included in the issue of performance rights, were
52,500,000 issued to directors as approved by
shareholders at the General Meeting held on 11
September 2024.
•
On 13 December 2024 and 3 April 2025, the
Company issued a total of 11,000,000
Performance Rights, to employees under the
Company’s Employee Securities Incentive Plan.
A total of $1,733,529 was recognised during the
year as a result of the issuance of the above
Performance Rights.
•
During the year, the Company’s reassessment
of probability performance hurdles being met on
performance rights remaining on issue, resulted
in a write-back of $44,776.
Inter alia, our audit procedures included the
following:
i.
Obtaining an understanding of the underlying
transactions, reviewing agreements, minutes
of
the
Board
meetings
and
ASX
announcements;
ii.
Verifying the inputs and examining the
assumptions used in the Group’s valuation of
unlisted options and performance options,
being the share price of the underlying equity,
time to maturity (expected life), share price
volatility and grant date;
iii.
Reviewing the valuation of performance rights
issued, including;
•
assessing the appropriateness of the
valuation method used;
•
assessing the reasonableness of the
assumptions and inputs used within
the valuation model
iv.
Testing the mathematical accuracy of the
calculations Assessing the adequacy of the
related disclosure in the notes to the
consolidated financial statements.
v.
Challenging management’s assumptions in
relation to the likelihood of achieving the
performance conditions; and
vi.
Assessing
the
appropriateness
of
the
disclosures
included
in
the
financial
statements.
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 (AASB 2); and
-
judgement
involved
in
determining
the
assumptions and inputs used in the valuations.
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 2025 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 conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a)
the financial report that gives a true and fair view in accordance with Australian Accounting Standards and
the Corporations Act 2001 (other than the consolidated entity disclosure statement); and
b)
the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and for such internal control as the directors determine is necessary to enable the preparation
of:
i)
the financial report that gives a true and fair view and is free from material misstatement, whether
due to fraud or error; and
ii)
the consolidated entity disclosure statement that is true and correct and is free from misstatement
whether due to fraud and 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 2025.
In our opinion, the Remuneration Report of Alicanto Minerals Limited for the year ended 30 June 2025 complies
with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in
accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(An Authorised Audit Company)
Waseem Akhtar
Director
West Perth, Western Australia
22 September 2025
Additional Shareholder Information
As at 4 September 2025
84
Twenty Largest Shareholders
The names of the twenty largest holders of ordinary fully paid shares are as follows:
Name
Shares
% of issued
capital
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
65,175,765
7.68%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
60,385,714
7.12%
SYMORGH INVESTMENTS PTY LTD
39,489,270
4.66%
VICEX HOLDINGS PROPRIETARY LIMITED
34,602,085
4.08%
CAMPBELL KITCHENER HUME & ASSOCIATES PTY LTD
26,345,115
3.11%
CRAZY DINGO PTY LTD
21,568,824
2.54%
KOBIA HOLDINGS PTY LTD
21,058,201
2.48%
INKESE PTY LTD
13,838,020
1.63%
VIDOG CAPITAL PTY LTD
13,500,000
1.59%
SPRING STREET HOLDINGS PTY LTD
13,293,093
1.57%
TALEX INVESTMENTS PTY LTD
12,900,000
1.52%
SYMORGH SUPER PTY LTD
11,571,429
1.36%
CITICORP NOMINEES PTY LIMITED
10,165,220
1.20%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
10,154,066
1.20%
WILHENLU PTY LTD
9,900,000
1.17%
MR HAMISH PETER HALLIDAY
9,630,000
1.14%
SYMORGH INVESTMENTS PTY LTD
9,562,667
1.13%
PONDEROSA INVESTMENTS WA PTY LTD
9,238,330
1.09%
GOLD LEAF CORPORATE PTY LTD
9,136,364
1.08%
HAMMERHEAD HOLDINGS PTY LTD
8,400,000
0.99%
TOTAL
409,914,163
48.33%
TOTAL ISSUED CAPITAL
848,142,976
100.00%
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. of Shares
% of issued capital
Stephen Parsons
68,864,358
8.12%
Kingdon Capital Management, LLC
60,385,714
7.17%
Additional Shareholder Information
As at 4 September 2025
85
Spread of Shareholdings
Distribution of members and their holdings of fully paid ordinary shares in Alicanto Minerals Ltd:
Range
No. of Holders
Number
% of Issued Capital
1 -1,000
56
6,561
0.00%
1,001 – 5,000
48
176,346
0.02%
5,001 – 10,000
124
1,083,537
0.13%
10,001 – 100,000
528
21,574,651
2.54%
100,001 and over
470
825,301,881
97.31%
TOTAL
1,226
848,142,976
100.00%
Less than marketable parcels of shares
There were 281 holders of less than a marketable parcel of shares, based on the closing market price of
$0.037 each.
Spread of Option holdings
Range
No. of Holders
Number
% of Options on issue
1 -1,000
-
-
-
1,001-5,000
-
-
-
5,001 – 10,000
-
-
-
10,001 – 100,000
-
-
-
100,001 and over
5
31,000,000
100.00%
TOTAL
5
31,000,000
100.00%
Option classes
Security Name
Exercise Price
Expiry Date
No. of Holders
Number
UNLISTED OPTIONS – UO6
$0.100
24/11/2025
1
2,500,0001
UNLISTED OPTIONS – UO7
$0.150
24/11/2025
1
2,500,0001
UNLISTED OPTIONS – UO8
$0.200
24/11/2025
1
2,500,0001
UNLISTED OPTIONS – UO9
$0.250
24/11/2025
1
2,500,0001
UNLISTED OPTIONS – U10
$0.100
24/11/2025
3
6,000,0002
UNLISTED OPTIONS – U13
$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. CG Nominees (Australia) Pty Ltd holds 100% of the options in each class; and
2. 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.
Additional Shareholder Information
As at 4 September 2025
86
Spread of Performance Rights holdings
Range
No. of Holders
Number
% of Performance Rights on issue
1 -1,000
-
-
-
1,001 – 5,000
-
-
-
5,001 – 10,000
-
-
-
10,001 – 100,000
-
-
-
100,001 and over
19
269,650,000
100%
TOTAL
19
269,650,000
100%
Performance Rights classes
Security Name
Expiry Date
No. 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
9
19,475,000
PERFORMANCE RIGHTS – CLASS S
31/07/2028
9
19,475,000
PERFORMANCE RIGHTS – CLASS T
31/07/2028
10
21,475,000
PERFORMANCE RIGHTS – CLASS U
31/07/2028
10
21,475,000
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
PERFORMANCE RIGHTS – CLASS Y
01/12/2029
2
5,500,000
PERFORMANCE RIGHTS – CLASS Z
01/12/2029
2
3,500,000
PERFORMANCE RIGHTS – CLASS AA
01/12/2029
1
2,000,000
*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.
Additional Shareholder Information
As at 4 September 2025
87
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 2025
88
Project
Location
Tenement
Interest
Naverberg
Sweden
Näverberg nr 1, 2, 3, 4, 5, 6
100%
Falu Gruva
Sweden
Falu Gruva nr 1
100%
Oxberg
Sweden
Oxberg nr 101, 102
100%
Dunderberget
Sweden
Dunderberget, Dunderberget nr 2
100%
Sommarberget
Sweden
Sommarberget nr 1
100%
Heden
Sweden
Heden nr 2
100%
Harmsarvet
Sweden
Harmsarvet nr 1, 3
100%
Stensjön
Sweden
Stensjögruvan nr 101
100%
Snömyrberget
Sweden
Snömyrberget nr 1
100%
Svensmyran
Sweden
Svensmyran nr 101
100%
Sågmyra
Sweden
Sågmyra nr 1
100%
Gopen
Sweden
Gopen nr 1
100%
Insjön
Sweden
Insjön nr 1
100%
Sala
Sweden
Sala nr 101, 102, 103, 104, 105, 106, 107,
108, 109, 110, 111, 112
100%