CONTENTS
Directors’ Report
Auditor’s Independence Declaration
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Consolidated Entity Disclosure Statement
Directors’ Declaration
Independent Auditor’s Report
Corporate Governance
ASX Additional Information
DIRECTORS
Mr Ian Middlemas — Chairman
Mr Neil Inwood — Managing Director
Mr Robert Behets — Non-Executive Director
Mr Paul Roberts — Non-Executive Director
Mr Ajay Kejriwal — Non-Executive Director
COMPANY SECRETARY
Mr Lachlan Lynch
REGISTERED OFFICE
Level 9, 28 The Esplanade,
Perth WA 6000 Australia
Telephone: +61 8 9322 6322
Fax: +61 8 9322 6558
OTHER OFFICES
Gabon:
Select Explorations (Gabon) SA,
BP 20479 Libreville Gabon
United Kingdom:
Unit 3C, 38 Jermyn St, London
SWY1 6DN, United Kingdom
Serbia:
Bulevar Mihajla Pupina 10E,
lok 80, 11070 Novi Beograd
ADVISOR / SOLICITOR
Thomson Geer
BANKERS
Australia and New Zealand Banking Group Limited
National Australia Bank
SECURITIES EXCHANGE LISTING
Australian Securities Exchange
Home Branch – Perth
Level 40, Central Park
152-158 St Georges Terrace
Perth WA 6000
Fully Paid Ordinary Shares (ASX Code: AON)
SHARE REGISTRY
Automic Registry Services
Level 5, 191 St Georges Terrace
Perth WA 6000
AUSTRALIA
Telephone: 1300 288 664
AUDITOR
William Buck Audit (WA) Pty Ltd
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CORPORATE
DIRECTORY
DIRECTORS’ REPORT
Apollo Minerals Limited ANNUAL REPORT 2025
1
The Directors of Apollo Minerals Limited present their report on the Group consisting of Apollo Minerals Limited
(“Company” or “Apollo Minerals”) and the entities it controlled at the end of, or during, the year ended 30 June
2025 (“Group”).
OPERATING AND FINANCIAL REVIEW
Apollo Minerals Limited (ASX: AON) is a responsible mining company focused on the exploration and
development of the Company’s core projects, including the Salanie Gold Project (“Salanie”) in Gabon.
Highlights during and subsequent to the financial year ended 30 June 2025 include:
SALANIE GOLD PROJECT
•
Salanie represents a high-priority gold exploration target, with no modern exploration work undertaken
for over 70 years prior to the Company’s current activities and historical mining reports indicating recovered
grades of up to 12g/t Au.
•
Phase 2 drilling comprising a total of 14 holes for 1,695m at A1, A3 and P6 completed.
•
The diamond drilling campaign focussed on untested targets at key prospects in addition to extensions to the
previously reported shallow high-grade mineralisation at A1 of 11.7m @ 4.3g/t Au from 9.6m. At A1, significant
intercepts from the Phase 2 program included 3.8m @ 1.3g/t Au from 17.5m with the trend open to the north.
•
Drilling at the P6 Prospect intersected mineralisation up to 20g/t Au (1.1m @ 19.9g/t Au from 56m) associated
with quartz veining; near historical underground workings and additional results of 3.0m @ 1.0g/t Au from 74m,
0.6m @ 2.5g/t Au from 17.5m and 0.7m @ 1.3g/t Au from 25m.
•
The P6 system remains untested to the east. Additional work on surface geochemical samples, combined with
drill hole structural data is being undertaken to identify trends to the east.
•
At A1 South, a 6m wide zone of brecciation, alteration and quartz veining was intersected within the interpreted
controlling Salanie Fault structure, 170m to the south of A1. The brecciation and veining present strongly
supports that this is the continuation of the Salanie structure.
•
The combined results to date demonstrate that the 12km long Salanie greenstone system maintains potential
to host gold mineralisation, particularly associated within quartz veining, with further targets still to be tested.
Exploration drilling and mapping results are being analysed to define the next phase of work at Salanie.
Figure 1: Mineralised quartz vein uncovered at A1 drill pad
CORPORATE
•
The Company completed its previously announced entitlement and shortfall offer (“Offer”) to raise gross
proceeds of approximately A$3.25 million. The Offer was cornerstoned by a strategic investment from Capital
DI Limited and its key supporters, who subscribed for approximately A$1.45 million.
DIRECTORS’ REPORT
(Continued)
2
OPERATING AND FINANCIAL REVIEW (Continued)
SALANIE GOLD PROJECT - GABON
Salanie represents a high-priority gold exploration target, with no modern exploration work undertaken for
over 70 years prior to the Company’s current activities and historical mining reports indicating recovered grades of
up to 12g/t Au. Results to date at Salanie include visible gold in quartz veining assaying 429g/t Au and 125g/t Au,
indicating the potential for an emerging high-grade gold discovery, across a 12km long, highly prospective
and underexplored greenstone belt.
During the financial year, the Company completed its Phase 2 drilling at Salanie for a total of 14 diamond holes for
1,695 metres. The Phase 2 diamond drill program expanded significantly on the previous short 2024 program and
targeted highly encouraging results from A1 (where visible gold in trenching was identified), P6 and the untested
A2 and A3 prospects. The A1, A3 and P6 prospects were host to historical high-grade small-scale open-pit and
underground mining in the mid 1950’s.
A1 Prospect
At the A1 prospect, drilling followed up on near-surface gold mineralisation, which was encountered in the late 2024
field program. Trenching at A1 also exhibited localised visible gold at surface. The 2024 diamond drilling intersected
shallow gold mineralisation of 11.7m @ 4.3g/t Au from 9.6m downhole including 5.8m @ 8.2g/t Au from 15.5m;
associated with localised visible gold in late-stage quartz veinlets.
Significant results from the follow up Phase 2 drilling in 2025 included 3.8m @ 1.3g/t Au from 17.5m and 1.0m @
0.8g/t Au from 75m.
Based upon an analysis of structural data from the drilling and mapping of additional exposure in the A1 area, it is
believed that the A1 main veining has a strong north-south control and remains open to the north but is also varying
in intensity along strike and at depth. The cross-cutting quartz veinlets with noted visible gold are interpreted to be
later-stage, but related to, the main north-south trending main Salanie vein system.
Figure 2: Insitu gold in veining at A1 drill pad (LHS) and artisanal gold grains from Binda artisanal working (RHS).
In relation to the disclosure of visual information and rock chip descriptions, the Company cautions that the images displayed are
for general illustrative purposes of material found on the project, and that the samples displayed, and visual methods of visible
gold or sulphide identification and estimation of mineral abundance should not be considered as a proxy for laboratory analysis,
and that laboratory analysis is required to determine the grades of the rock chip samples. The rock chip samples are point samples
(typically 10-15cm in diameter) taken in the field and do not represent true trends or widths of any potential mineralisation. Assays
have been reported.
Apollo Minerals Limited ANNUAL REPORT 2025
3
Figure 3: Core processing area, structural logging and camp setup at Salanie.
P6 Prospect Results
Drilling at P6 targeted the interpreted extents of the historical P6 underground adit, which was mined at reportedly
high grades in the mid-1950’s (~16g/t Au). The drilling identified a felsic intrusive which appears to be pre-
mineralisation and is interpreted to be associated with the mined mineralisation, primarily on the veined upper
contact.
Additionally, a 180m+ trend zone of quartz-sulphide enriched zones has been intersected in all drilled holes. This
zone is characterised by multiple individual sheared quartz veins (from 10cm to +1m wide) over zones of up to 30m
downhole with associated sulphides (trace to 25% pyrite +/- pyrrhotite +/- chalcopyrite). These zones occur both
adjacent to the upper felsic intrusive contact and beneath the historical adit.
Hole SLDD013 encountered significant intercepts within the felsic unit of 1.1m @ 19.9g/t Au from 56m and 1.0m @
3.6g/t Au from 38.7m within the saprolite profile. Additional intercepts included 3.0m @ 1.0g/t Au from 74m, 0.6m
@ 2.5g/t Au from 17.5m and 0.7m @ 1.3g/t Au from 25m. The mineralisation is associated with quartz veinlets and
appears to be associated with the felsic intrusive contacts. The P6 Prospect trend remains open to the east as only
one drill line has been tested (for six holes) to date. Additional work on surface geochemical samples, combined
with drill hole structural data is being undertaken to identify trends to the east.
Regional Soil Sampling Program
Drilling activities allowed increased access to regional prospects such as Binda and Mikouma, permitting the
Company’s geological team to map and follow up historical gold occurrences. Binda, a new target adjacent to a
~3.5km long soil anomaly with samples up to 1.9g/t Au, was identified 3km north of the high-grade A1 system, and
included previously unknown active artisanal workings, producing coarse gold grains from shallow alluvial/colluvial
material suspected to be close to source.
Soil sampling identified multiple gold in soil anomalies at the regional scale, featuring a similar tenor to those
adjacent to historical mining (typically near-mine soil anomalies are in the range of 15-50ppb Au). The Company
has completed over ~3,000 samples across the region covering the ~12km long fertile Archaean greenstone trend
comprising the Salanie greenstone belt.
DIRECTORS’ REPORT
(Continued)
4
OPERATING AND FINANCIAL REVIEW (Continued)
KROUSSOU ZINC LEAD PROJECT - GABON
Globally Significant Exploration Target
The Company’s initial JORC compliant Exploration Target consists of between approximately 140 and 300 million
tonnes at grades between 2.0% and 3.4% zinc plus lead, identifying the significance of the exploration and
development opportunity at Kroussou Zinc-Lead Project (“Kroussou”).
The Initial Exploration Target was estimated across only six of 23 Target Prospects at Kroussou where modern
diamond drilling has been completed. In addition to the modern drilling data, these six Target Prospects also have
geological mapping, geochemical (soils) and geophysical (airborne electromagnetic (“AEM”), airborne magnetics
and/or passive seismic) datasets to support the geological models. The Initial Exploration Target for the six Target
Prospects at Kroussou is summarised below in Table 1.
Exploration Target
Target Prospect
Min.
Tonnage
(Mt)
Max.
Tonnage
(Mt)
Min
Grade
Zn+Pb
(%)1
Max
Grade
Zn+Pb
(%)1
Metal
Content
Min.
Mt (Zn+Pb)1
Metal Content
Max.
Mt (Zn+Pb)1
TP13 (Niambokamba)
25
53
2.6
5.0
1.3
1.4
TP11 (Dikaki)
50
100
2.0
3.1
1.7
2.0
TP10 (Bouambo
East)
4
8
1.5
2.6
0.1
0.1
TP10 (Bouambo
West)
17
22
2.4
4.1
0.7
0.5
TP8 (Ngongui)
10
24
1.3
2.2
0.2
0.3
TP6 (Niamabimbou)
34
93
1.6
2.9
1.0
1.5
Total
140
300
2.0
3.4
4.8
5.8
1 Zinc is approximately 72% of the Zn+Pb total by mass. Note: Figures have been rounded which may affect
totals.
Table 1: Kroussou 2022 Exploration Target Summary.
The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient
exploration to estimate a Mineral Resource for the target area reported. It is uncertain if further exploration will result
in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance
with the 2012 edition of the JORC Code.
Exploration Target in Context
Benchmarking of the initial Exploration Target for Kroussou demonstrated that it has the scale potential to be a
‘Super Giant’ deposit with a conceptual approximate metal endowment range of 4.8Mt to 5.8Mt of contained Zn+Pb
metal from only six of the 23 Target prospects. The endowment range ranks Kroussou as having significant potential
when compared to other zinc-lead deposits.
Apollo Minerals Limited ANNUAL REPORT 2025
5
Figure 4: Kroussou displaying 24 Target Prospects over more than 135km of prospective strike length.
DIRECTORS’ REPORT
(Continued)
6
OPERATING AND FINANCIAL REVIEW (Continued)
BELGRADE COPPER PROJECT – SERBIA
The Company holds a package of prospects (licences and licence applications) in Serbia (the “Belgrade Copper
Project”). The prospects (Studena and Kopajska Reka) are prospective for copper-silver mineralisation. The
Studena and Kopajska Reka prospects were originally part of Reservoir Minerals Inc’s (“Reservoir") Serbian assets
(ex TSX-V) prior to its 2016 US$365 million takeover by Nevsun Resources Ltd (“Nevsun”) and subsequent US$1.4
billion takeover by Zijin Mining Group Co in 2018, following the discovery of the Cukaru Peki high-sulphide
epithermal and porphyry deposit with approximately 20Mt of contained copper.
The Company previously entered into a value accretive and mutually beneficial conditional agreement with Bindi
Metals Limited (“Bindi”) to divest its 100% interest in the Donja Mutnica Licence and Lisa Licence Application. The
agreement allows for the Company to focus on its two priority copper exploration assets (Studena and the Kopajska
Reka application) in Serbia.
The Studena prospect is located in eastern Serbia within the Ridanj-Krepoljin metallogenic zone which extends for
more than 200km in a NW-SE direction. Both prospects are located west from the well-known Bor metallogenic
region that hosts world class copper porphyry deposits, all of which are located within the Carpatho-Balkanian
Metallogenic Province (“CBMP”). Historical surface rock chip assays exhibited exceptional values of up to 20%
copper and 1,540ppm silver supported by recent fieldwork with rock chip assays up to 6.5% copper and 155ppm
silver.
Three diamond drill holes were completed for a total of 600m at the Studena prospect. Drilling was targeting a
coherent 500m+ long copper anomaly with soil grades up to 900ppm Cu; along a well-defined, anomalous, red-bed
sandstone/limestone contact. Drilling intersected the overlying Jurassic Limestone and Permian Sandstone
contacts although it appeared that the main mineralised target zone below the contact had been shear/faulted out
of position with no significant copper mineralisation located in the drilling.
Divestment
The Company previously, through its wholly owned Serbian subsidiary, Edelweiss Mineral Exploration d.o.o
(“Edelweiss”), entered into a conditional binding term sheet (“Agreement”) with Bindi (“Purchaser”) to divest its
100% interest in the Donja Mutnica Licence and Lisa Licence Application (and associated mining information)
(together, the “Sale Assets”) (“Divestment”) which form part of the Belgrade Copper Project in Serbia, for the
following consideration:
a)
Initial Consideration – on execution of the Agreement, $200,000 in cash and 1,000,000 fully paid ordinary
shares in Bindi;
b)
Deferred Consideration – subject to the grant and transfer of Lisa within 24 months from the Agreement,
$200,000 in cash and subject to shareholder approval, 2,500,000 fully paid ordinary shares in Bindi;
c)
the grant of a 1% net smelter royalty (“NSR”) on Donja Mutnica; and
d)
the assumption of a 2% net smelter royalty on future production from the Sale Assets.
Completion of the Divestment is subject to the condition precedents being satisfied or waived including Edelweiss
and the Purchaser obtaining all necessary regulatory, ministerial, or third party approvals required to complete the
Divestment of the Sale Assets and the grant by the relevant authorities of the tenements to Edelweiss in respect of
the Lisa Licence Application, which incorporates an approved exploration program that includes drilling.
CORPORATE
During the financial year, the Company advised that it had completed its previously announced entitlement and
shortfall offer (“Offer”) to raise gross proceeds of approximately $3.25 million. The Offer was cornerstoned by a
strategic investment from Capital DI Limited (“Capital”) and its key supporters, who subscribed for approximately
$1.45 million.
Apollo Minerals Limited ANNUAL REPORT 2025
7
Figure 5: Belgrade Copper Project Location – Displaying the project within the highly prospective CBMP Province.
DIRECTORS’ REPORT
(Continued)
8
OPERATING AND FINANCIAL REVIEW (Continued)
As at 30 June 2025, the Company has cash of $1.3 million and holds 2.3 million ordinary shares in Constellation
Resources Limited (ASX: CR1) valued at approximately $0.3 million.
The Company continues its growth efforts through the identification of potential new mineral resources projects in
Gabon and internationally which complement the Company’s ongoing exploration activities. The Company believes
Gabon is an investment friendly jurisdiction which supports successful exploration and development of high value
globally significant resource projects. Resource project opportunities which have the potential to build shareholder
value may take the form of joint ventures, farm-ins, or direct project acquisitions. There is no guarantee that the
identification and due diligence of potential new business opportunities will result in any transaction or that any
future transaction will be completed or be successful.
EUROPEAN GOLD AND TUNGSTEN PROJECT (COUFLENS PROJECT)
As previously announced, Apollo Minerals and the French State had lodged coordinated appeals in the Bordeaux
Court of Appeals against the decision of the Toulouse Administrative Court on 28 June 2019 about the Couflens
exploration permit (Couflens PER) that includes the historical high-grade Salau tungsten mine that was owned by
the Company’s French subsidiary Variscan Mines SAS (Variscan). The Toulouse Court cancelled the Couflens PER
on the grounds that Variscan Mines' financial capacity was insufficient and that the French State had followed an
irregular procedure and did not adequately consult the public prior to granting the Couflens PER.
The French State and the Company had contested the decision of the Toulouse Administrative Court. In June 2020,
the Bordeaux Court of Appeals dismissed the appeal, confirming the cancellation of the Couflens PER on the ground
of an irregular procedure but confirmed that Variscan had sufficient financial capacity.
At the time of the application for the Couflens PER, Apollo Minerals was required to demonstrate to the French
State that it had sufficient financial capacity to conduct its planned research activities. The Company provided
supporting documentation to the French State in October 2016, to confirm its financial capacity and the permit was
subsequently granted to Variscan. Prior to the grant of the Couflens PER, the French State was required to make
this supporting documentation available to the public, but it failed to do so. The appeal Court noted that “In view of
the interest in the quality and completeness of the information provided on the operator's [Variscan] financial
capacity, the public was deprived of a guarantee of full information on this point.”
In late June 2022, the Conseil d’Etat, the highest court in France, delivered a ruling that annulled the decision of
the Court of Bordeaux, considering that the procedure of consultation was regular, and referred the case back to
the Court of Bordeaux for retrial. The Court of Bordeaux issued its decision on 20 February 2024, confirming the
annulment of the PER but on a different ground to that examined by the Conseil d'Etat. Addressing one by one the
other arguments in the appeal by the commune of Couflens, the Court while it considered that Variscan Mines'
financial capacity was sufficient, pointed out that:
•
the application was filed on 9 December 2014,
•
the Natura 2000-Massif du Mont Valier area, created in 2005, had been extended to the part of the
commune of Couflens concerned by the PER area by order of 18 May 2015 (i.e. during the investigation),
•
the overall mining exploration project precisely defined by the PER included work which, in view of its nature
and scale, was likely to have a significant impact on the Natura 2000 site, noting however that this work
required the issue of subsequent authorisations.
Consequently, the Court considered the “notice d’impact” and the “notice d’incidences” given their incomplete
character and brief nature, were insufficient. The State has appealed to the Conseil d'Etat.
Taking the original ruling by the Bordeaux Court of Appeals into account, Apollo Minerals and its French subsidiaries
filed a claim for compensation before the Administrative Court of Toulouse. The Company is awaiting the court’s
decision. The Company will inform the market of material developments as they occur.
Apollo Minerals Limited ANNUAL REPORT 2025
9
Operations
The net loss of the Group attributable to members of the Company for the year ended 30 June 2025 was $4,344,855
(2024: $2,912,583). This loss is attributable to:
(i)
exploration and evaluation expenditure of $3,674,600 (2024: $2,319,200), which is attributable to the
Group’s accounting policy of expensing exploration and evaluation expenditure (other than expenditures
incurred in the acquisition of the rights to explore) incurred by the Group in the period subsequent to the
acquisition of the rights to explore up to the successful completion of definitive feasibility studies for each
separate area of interest;
(ii)
business development expenses of $154,037 (2024: $235,395) which are attributable to the Group’s costs
of its investor and shareholder relations including public relations, marketing and digital marketing,
conference fees and travel costs; and
(iii)
non-cash share-based payments expenses of $56,834 (2024: $127,090) which is attributable to the Group’s
accounting policy of expensing the value of shares, incentive/unlisted options and performance rights
(estimated using an appropriate pricing model) granted to key employees, consultants and advisors. The
value of unlisted options and performance rights is measured at grant date and recognised over the period
during which the holders become unconditionally entitled to the securities.
Financial Position
At 30 June 2025, the Group had cash reserves of $1,260,818 (2024: $2,253,142) and no debt (2024: nil). At 30
June 2025, the Group had net assets of $9,678,648 (2024: $10,861,760), a decrease of 11% compared with the
previous year. The decrease is largely attributable to the loss incurred for the financial year offset by the proceeds
from capital raisings.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
Other than as disclosed, there were no significant changes in the state of affairs of the Group during the year.
Business Strategies and Prospects for Future Financial Years
The objective of the Group is to create long-term shareholder value through the discovery, development and
acquisition of technically and economically viable mineral deposits. To date, the Group has not commenced
production of any minerals, nor has it identified a Mineral Resource in accordance with the JORC Code. To achieve
its objective, the Group currently has the following business strategies and prospects over the short to medium
term:
•
Conduct surface exploration programs including geological mapping, rock chip and soil sampling to further
assess identified prospects and to generate and classify targets across the broader project area;
•
Commence further metallurgical test work over all prospective targets to assess recovery characteristics,
concentrate quality and variability;
•
Complete additional targeted drilling programs aimed at converting targets to JORC compliant resources;
and
•
Commence technical studies, including a conceptual mining study, to assess the viability of a future mining
operation.
DIRECTORS’ REPORT
(Continued)
10
OPERATING AND FINANCIAL REVIEW (Continued)
All of these activities are inherently risky and the Board is unable to provide certainty of the expected results of
these activities, or that any or all of these likely developments will be achieved. The material business risks faced
by the Group that could have an effect on the Group’s future prospects, and how the Group manages these risks,
include:
•
The Group’s activities are subject to the laws of Gabon and Serbia – The Salanie and Kroussou Projects
are located in Gabon and the Belgrade Copper Project in Serbia, and have associated political, economic,
legal and social risks. These various risks and uncertainties could include, but are not limited to, exchange
rate fluctuations, potential for higher inflation, labour unrest, the risks of expropriation and nationalisation,
renegotiation or nullification of existing concessions, licences, permits and contracts, illegal mining, changes
in taxation policies, changes in the Mining Code, restrictions on foreign exchange and repatriation and
changing political conditions, currency controls and restrictions on imports of equipment and consumables
and on the use of foreign contractors. Changes, if any, in mining or investment policies or shifts in political
attitude in Gabon or Serbia may impact the operations or profitability of the Group. Operations may be
affected in varying degrees by government regulations with respect to, but not limited to, production, price
controls, export controls, foreign currency remittance, income taxes, expropriation of property, foreign
investment, maintenance of claims, environmental legislation, land use, land claims of local people, water
use and mine safety.
Failure to comply strictly with applicable laws, regulations and local practices relating to mineral rights
applications and tenure, could result in loss, reduction or expropriation of entitlements, or the imposition of
additional local or foreign parties as joint venture partners with carried or other interests. Outcomes in courts
in Gabon and Serbia may be less predictable than in Australia, which could affect the enforceability of
contracts entered into by the Group in Gabon or Serbia. The occurrence of these various factors and
uncertainties cannot be accurately predicted and could impact on the operations or profitability of the Group.
The Group has made its investment and strategic decisions based on the information currently available to
the Directors, however should there be any material change in the political, economic, legal and social
environments in Gabon and Serbia, the Directors may reassess investment decisions and commitments to
assets internationally.
•
The Group’s exploration properties may never be brought into production – The Group is a mineral
exploration group, has no history of earnings, and does not have any producing mining operations. The
Group has experienced losses from exploration activities and until such time as the Group commences
mining production activities, it expects to continue to incur losses. No assurance can be given that the Group
will identify a mineral deposit which is capable of being exploited economically or which is capable of
supporting production activities. The Group expects to continue to incur losses from exploration activities in
the foreseeable future;
•
The Group’s activities will require further capital – the exploration and any development of the Group’s
exploration properties will require substantial additional financing. Failure to obtain sufficient financing may
result in delaying, or the indefinite postponement of, exploration and any development of the Group’s
properties or even a loss of property interest. There can be no assurance that additional capital or other
types of financing will be available if needed or that, if available, the terms of such financing will be favourable
to the Group;
•
The Group may be adversely affected by fluctuations in commodity prices – the prices of commodities
can fluctuate widely and are affected by numerous factors beyond the control of the Group. Future
production, if any, from the Group’s mineral properties will be dependent upon the price of commodities
being adequate to make these properties economic. The Group currently does not engage in any hedging
or derivative transactions to manage commodity price risk. As the Group’s operations change, this policy will
be reviewed periodically going forward; and
•
Global financial conditions may adversely affect the Group’s growth and profitability – many
industries, including the mineral resource industry, are impacted by these market conditions. Some of the
key impacts include contraction in credit markets resulting in a widening of credit risk, devaluations and high
volatility in global equity, commodity, foreign exchange and precious metal markets, and a lack of market
liquidity. Due to the current nature of the Group’s activities, a slowdown in the financial markets or other
economic conditions including current tensions may adversely affect the Group’s growth and ability to
finance its activities.
Apollo Minerals Limited ANNUAL REPORT 2025
11
DIRECTORS
The names and details of the Company's directors in office at any time during the financial year or since the end of
the financial year are:
Current Directors
Mr Ian Middlemas
Non-Executive Chairman
Mr Neil Inwood
Managing Director
Mr Robert Behets
Non-Executive Director
Mr Ajay Kejriwal
Non-Executive Director
Mr Paul Roberts
Non-Executive Director
Unless otherwise stated, Directors held their office from 1 July 2024 until the date of this report.
CURRENT DIRECTORS AND OFFICERS
Mr Ian Middlemas B.Com, CA
Non-Executive Chairman
Mr Middlemas is a Chartered Accountant and holds a Bachelor of Commerce degree. He worked for a large
international Chartered Accounting firm before joining the Normandy Mining Group where he was a senior group
executive for approximately 10 years. He has had extensive corporate and management experience, and is
currently a director with a number of publicly listed companies in the resources sector.
Mr Middlemas was appointed a Director of the Company on 8 July 2016. During the three year period to the end of
the financial year, Mr Middlemas has held directorships in GBM Resources Limited (June 2025 – present), NGX
Limited (April 2021 – present), Constellation Resources Limited (November 2017 – present), Terra Metals Limited
(October 2013 – present), Berkeley Energia Limited (April 2012 – present), GreenX Metals Limited (August 2011 –
present), Salt Lake Potash Limited (Receivers and Managers Appointed) (January 2010 – present), Equatorial
Resources Limited (November 2009 – present), Sovereign Metals Limited (July 2006 – present), and Odyssey Gold
Limited (September 2005 – present).
Mr Neil Inwood MSc (Ore Deposit Geology), BSc (Applied Geology), FAUSIMM
Managing Director
Mr Inwood is a Geologist with over 30 years' international experience in the exploration and mining industry,
particularly in base metals, gold and speciality metals. He has had significant management, consulting, and venture
capital experience, and was previously Managing Director of Berkut Minerals Limited, Executive Geologist with
Verona Capital, Principal Resource Geologist with Coffey Mining, and spent nine years with Barrick Gold.
Mr Inwood led the geological team that established the world-class endowment of the Panda Hill Niobium Project
in Tanzania. He holds a Master's Degree in Geology and is Fellow of The Australasian Institute of Mining and
Metallurgy. Mr Inwood was appointed a Director of the Company on 22 February 2021. During the three-year period
to the end of the financial year, Mr Inwood has not held any other directorships in listed companies.
Mr Robert Behets B.Sc(Hons), FAusIMM, MAIG
Non-Executive Director
Mr Behets is a geologist with over 35 years’ experience in the mineral exploration and mining industry in Australia
and internationally. He has extensive corporate and management experience and has been Director of a number
of ASX-listed companies in the resources sector including Mantra Resources Limited, Papillon Resources Limited
and Berkeley Energia Limited. Mr Behets was instrumental in the founding, growth and development of Mantra, an
African-focused uranium company, through to its acquisition by ARMZ for approximately A$1 billion in 2011. Prior
to Mantra, he held various senior management positions during a long career with WMC Resources Limited.
Mr Behets has a strong combination of technical, commercial and managerial skills and extensive experience in
exploration, mineral resource and ore reserve estimation, feasibility studies and operations across a range of
commodities, including uranium, gold and base metals. He is a Fellow of The Australasian Institute of Mining and
Metallurgy, a Member of the Australian Institute of Geoscientists and was previously a member of the Australasian
Joint Ore Reserves Committee (“JORC”). Mr Behets was appointed a Director of the Company on 12 October 2016.
During the three-year period to the end of the financial year, Mr Behets has also held directorships in GBM
Resources Limited (June 2025 – present), Odyssey Gold Limited (August 2020 – present), Constellation Resources
Limited (June 2017 – present), Equatorial Resources Limited (February 2016 – present) and Berkeley Energia
Limited (April 2012 – present).
DIRECTORS’ REPORT
(Continued)
12
Mr Ajay Kejriwal B.Sc (Economics), ACA
Non-Executive Director
Mr Kejriwal has over 30 years’ experience in finance and commerce, and is currently a consultant to Juniper Capital,
a natural resource investment and advisory business. Prior to Juniper Capital he was a banker leading many
investment transactions across oil and gas, mining, real estate and asset management sectors. He has previously
worked as a banker for the Principal Investments business at Nomura in London and Hong Kong, Cazenove and
Co and Morgan Stanley. Mr Kejriwal is a Chartered Accountant, having qualified with PricewaterhouseCoopers in
1994. Mr Kejriwal was appointed a Director of the Company on 30 June 2017. During the three year period to the
end of the financial year, Mr Kejriwal did not hold any other directorships.
Mr Paul Roberts BSc, MSc, FAIG, MGSA
Non-Executive Director
Mr Roberts has a long and successful history in mineral exploration management and mine geology both in Australia
and overseas. Mr Roberts was the Founder and Managing Director of African focussed gold explorer Predictive
Discovery Limited (ASX:PDI) for over a decade, where he was responsible for the discovery of the world class
Bankan Gold Project in Guinea, West Africa. Mr Roberts also led and was responsible for the discovery of the
Henty gold deposit and major extensions to the St Dizier tin deposit, both in Tasmania, as well as resource
evaluations of the Kuridala copper gold deposit in North Queensland and the Bongara zinc deposit in Peru. He
holds a Master's Degree and is a Fellow of The Australian Institute of Geoscientists.
Mr Roberts was appointed a Director of the Company on 11 September 2023. During the three year period to the
end of the financial year, Mr Roberts has also held directorships in DeSoto Resources Limited (April 2022 – present).
Mr Lachlan Lynch B.Com, CA, AGIA
Company Secretary
Mr Lynch is a Chartered Accountant and Chartered Secretary who commenced his career at a large international
Chartered Accounting firm and is currently a Financial Controller for the Apollo Group which is involved in a number
of listed companies that operate in the resources sector. Mr Lynch was appointed as Company Secretary of Apollo
Minerals Limited on 11 November 2021.
PRINCIPAL ACTIVITIES
The principal activities of the Group during the year consisted of mineral exploration and development.
DIVIDENDS
No dividends were paid or declared since the start of the financial year. No recommendation for payment of
dividends has been made (2024: none).
EARNINGS PER SHARE
2025
Cents
2024
Cents
Basic and diluted loss per share
(0.55)
(0.47)
ENVIRONMENTAL REGULATION AND PERFORMANCE
The Group's operations are subject to various environmental laws and regulations under the relevant government's
legislation. Full compliance with these laws and regulations is regarded as a minimum standard for all operations
to achieve. Instances of environmental non-compliance by an operation are identified either by external compliance
audits or inspections by relevant government authorities. There have been no known breaches of environmental
laws and regulations by the Group during the financial year.
SIGNIFICANT EVENTS AFTER THE BALANCE DATE
Other than as disclosed above, as at the date of this report, there are no matters or circumstances which have
arisen since 30 June 2025 that have significantly affected or may significantly affect:
•
the operations, in financial years subsequent to 30 June 2025, of the Group;
•
the results of those operations, in financial years subsequent to 30 June 2025, of the Group; or
•
the state of affairs, in financial years subsequent to 30 June 2025, of the Group.
Apollo Minerals Limited ANNUAL REPORT 2025
13
DIRECTORS' INTERESTS
As at the date of this report, the Directors' interests in the securities of the Company are as follows:
Ordinary Shares(1)
Unlisted Options(2)
Performance Rights(3)
Ian Middlemas
44,400,000
-
-
Neil Inwood
11,334,814
3,000,000
4,000,000
Robert Behets
8,860,000
1,000,000
-
Ajay Kejriwal(4)
13,125,005
-
-
Paul Roberts
1,066,666
2,000,000
-
Notes:
(1)
“Ordinary Shares” means fully paid ordinary shares in the capital of the Company.
(2)
“Unlisted Options” means an Unlisted Option to subscribe for one Ordinary Share in the capital of the Company.
(3)
“Performance Rights” means a Performance Right that will convert into one ordinary share upon vesting and satisfaction of various milestones
and performance conditions.
(4)
Mr Kejriwal’s interest in the Ordinary Shares is an indirect interest in the securities held by Juniper Capital Partners Limited. Mr Kejriwal has
been nominated as a Director by Juniper Capital Partners Limited and he may be able to indirectly influence voting of the securities.
SHARE OPTIONS AND PERFORMANCE RIGHTS
At the date of this report, the following Unlisted Options and Performance Rights have been issued by the Company
over unissued capital:
•
23,800,000 Unlisted Options exercisable at $0.05 each on or before 30 June 2026;
•
10,000,000 Unlisted Options exercisable at $0.05 each on or before 30 October 2026;
•
10,000,000 Unlisted Options exercisable at $0.075 each on or before 30 October 2026;
•
2,000,000 Performance Rights which vest and convert upon the Resource Milestone being met on or before
17 June 2026; and
•
2,000,000 Performance Rights which vest and convert upon the Study Milestone being met on or before 17
June 2027.
During the year ended 30 June 2025 and up to the date of this report, no ordinary shares were issued as a result
of the exercise of Unlisted Options or conversion of Performance Rights.
DIRECTORS' MEETINGS
The number of meetings of directors held during the year and the number of meetings attended by each director
were as follows:
Board Meetings
Number eligible to attend
Number attended
Ian Middlemas
2
2
Neil Inwood
2
2
Robert Behets
2
2
Ajay Kejriwal
2
2
Paul Roberts
2
2
There were no Board committees during the financial year. The Board as a whole currently performs the functions
of an Audit Committee, Risk Committee, Nomination Committee, and Remuneration Committee, however this will
be reviewed should the size and nature of the Group’s activities change.
DIRECTORS’ REPORT
(Continued)
14
REMUNERATION REPORT (AUDITED)
This Remuneration Report, which forms part of the Directors’ Report, sets out information about the remuneration
of Key Management Personnel (“KMP”) of the Group.
Details of KMP
The KMP of the Group during or since the end of the financial year were as follows:
Current Directors
Mr Ian Middlemas
Non-Executive Chairman
Mr Neil Inwood
Managing Director
Mr Robert Behets
Non-Executive Director
Mr Ajay Kejriwal
Non-Executive Director
Mr Paul Roberts
Non-Executive Director
Unless otherwise disclosed, the KMP held their position from 1 July 2024 until the date of this report.
Remuneration Policy
The Group’s remuneration policy for its KMP has been developed by the Board taking into account the size of the
Group, the size of the management team for the Group, the nature and stage of development of the Group’s current
operations, and market conditions and comparable salary levels for companies of a similar size and operating in
similar sectors.
In addition to considering the above general factors, the Board has also placed emphasis on the following specific
issues in determining the remuneration policy for KMP:
•
the Group is currently focused on undertaking exploration and appraisal activities on existing projects, and
identifying and acquiring suitable new resource projects;
•
risks associated with small market capitalisation resource companies whilst exploring and developing
projects; and
•
other than profit which may be generated from asset sales, the Company does not expect to be undertaking
profitable operations until sometime after the commencement of commercial production on any of its
projects.
Executive Remuneration
The Group’s remuneration policy is to provide a fixed remuneration component and a performance based
component (short term incentive and long term incentive). The Board believes that this remuneration policy is
appropriate given the considerations discussed in the section above and is appropriate in aligning executives’
objectives with shareholder and business objectives.
Fixed Remuneration
Fixed remuneration consists of base salaries, as well as employer contributions to superannuation funds and other
non-cash benefits. Fixed remuneration is reviewed annually by the Board. The process consists of a review of
company and individual performance, relevant comparative remuneration externally and internally and, where
appropriate, external advice on policies and practices.
Performance Based Remuneration – Short Term Incentive
Executives may be entitled to an annual cash bonus upon achieving various key performance indicators (“KPI’s”),
as set by the Board. Having regard to the current size, nature and opportunities of the Company, the Board has
determined that these KPI’s will include measures such as successful completion of exploration activities (e.g.
completion of exploration programs within budgeted timeframes and costs), development activities (e.g. completion
of scoping and/or feasibility studies), corporate activities (e.g. recruitment of key personnel) and business
development activities (e.g. project acquisitions and capital raisings). Prior to the end of each financial year, the
Board assesses performance against these criteria. No cash bonuses in respect of the 2025 financial year (2024:
nil) were paid.
Apollo Minerals Limited ANNUAL REPORT 2025
15
Performance Based Remuneration – Long Term Incentive
The Group has adopted a long-term employee equity incentive plan (“LTIP”) comprising the grant of Unlisted
Options and/or Performance Rights to reward KMP and key employees and consultants for long-term performance
of the Company. Shareholders approved the LTIP Plan (“Plan”) in November 2023.
To achieve its corporate objectives, the Group needs to attract, incentivise and retain its key employees and
contractors. The Board believes that grants of Performance Rights and/or Unlisted Options to KMP will provide a
useful tool to underpin the Group's employment and engagement strategy.
(i)
Unlisted Options
The Group’s Plan provides for the issuance of Unlisted Options in order to attract and retain the services of KMP
and to provide an incentive linked to the performance of the Company.
The Board’s policy is to grant Unlisted Options to KMP with exercise prices at or above market share price (at the
time of agreement). As such, Unlisted Options granted to KMP are generally only of benefit if the KMP perform to
the level whereby the value of the Group increases sufficiently to warrant exercising the Unlisted Options granted.
Other than service-based vesting conditions (if any) and the exercise price required to exercise the unlisted Options,
there are no additional performance criteria on the Unlisted Options granted to executives, as given the speculative
nature of the Company’s activities and the small management team responsible for its running, it is considered the
performance of the KMP and the performance and value of the Group are closely related.
The Company prohibits executives entering into arrangements to limit their exposure to Unlisted Options granted
as part of their remuneration package.
During the financial year, no Unlisted Options (2024: 6,000,000) were granted to KMP. No Unlisted Options were
exercised during the financial year (2024: Nil) and no unlisted options vested during the financial year (2024:
6,000,000). 5,200,000 Unlisted Options previously granted to KMP expired or were cancelled during the financial
year (2024: 5,200,000).
(ii)
Performance Rights
The Group has a Plan that provides for the issuance of unlisted Performance Rights which, upon satisfaction of the
relevant performance conditions attached to the Performance Rights, will result in the issue of an Ordinary Share
for each Performance Right. Performance Rights are issued for no consideration and no amount is payable upon
conversion thereof.
The Plan enables the Group to: (a) recruit, incentivise and retain KMP and other key employees and contractors
needed to achieve the Group's business objectives; (b) link the reward of key staff with the achievement of strategic
goals and the long-term performance of the Group; (c) align the financial interest of participants of the Plan with
those of Shareholders; and (d) provide incentives to participants of the Plan to focus on superior performance that
creates Shareholder value.
Performance Rights granted under the Plan to eligible participants will be linked to the achievement by the Group
of certain performance conditions as determined by the Board from time to time. These performance conditions
must be satisfied in order for the Performance Rights to vest.
Upon Performance Rights vesting, Ordinary Shares are automatically issued for no consideration. If a performance
condition of a Performance Right is not achieved by the expiry date then the Performance Right will lapse.
During the 2025 financial year, no Performance Rights (2024: nil) were granted to KMP and key employees or
converted (2024: nil) and no Performance Rights (2024: 4,000,000) previously granted expired/lapsed. The
outstanding balance of Performance Rights granted as share based payments on issue as at 30 June 2025 is
represented by:
a)
Resource Milestone - 2,000,000 performance rights that vest upon the completion and announcement by the
Company to ASX of the delineation of a Mineral Resource estimate (comprising any one or more of the
categories of Mineral Resources and prepared and reported in accordance with the JORC Code by an external
competent person) of at least 500,000 tonnes of contained Zn+Pb at a grade of at least 0.5% Zn+Pb or the
equivalent minerals at the Company’s projects in Gabon, on or before 17 June 2026; and
b)
Study Milestone - 2,000,000 performance rights that vest upon the completion and announcement by the
Company to ASX of the results of a Scoping Study or Feasibility Study (as defined, prepared and reported in
accordance with the JORC Code) at the Company’s projects in Gabon, on or before 17 June 2027.
DIRECTORS’ REPORT
(Continued)
16
REMUNERATION REPORT (AUDITED) (Continued)
Non-Executive Director Remuneration
The Board’s policy is to remunerate Non-Executive Directors at market rates for comparable companies for time,
commitment and responsibilities. Given the current size, nature and risks of the Company, Unlisted Options and
Performance Rights have also been used to attract and retain Non-Executive Directors. The Board determines
payments to the Non-Executive Directors and reviews their remuneration annually, based on market practice, duties
and accountability. Independent external advice is sought when required.
The maximum aggregate amount of fees that can be paid to Non-Executive Directors is subject to approval by
shareholders at a General Meeting and is currently $300,000. Director’s fees paid to Non-Executive Directors
accrue on a daily basis. Fees for Non-Executive Directors are not linked to the performance of the Group. However,
to align Directors’ interests with shareholder interests, the Directors are encouraged to hold shares in the Company
and Non-Executive Directors may in limited circumstances receive Unlisted Options and Performance Rights in
order to secure their services.
The Company prohibits Non-Executive Directors from entering into arrangements to limit their exposure to Unlisted
Options granted as part of their remuneration package.
Fees for the Chairman are presently set at $36,000 (2024: $36,000) per annum. Fees for Non-Executive Directors’
are presently set at between $50,000 and $20,000 (2024: $50,000 and $20,000) per annum plus compulsory
superannuation where applicable. These fees cover main board activities only.
Non-Executive Directors may receive additional remuneration for other services provided to the Company, including
but not limited to, membership of committees.
Relationship between Remuneration of KMP and Shareholder Wealth
During the Company’s exploration and development phases of its business, the Board anticipates that the Company
will retain earnings (if any) and other cash resources for the exploration and development of its resource projects.
Accordingly, the Company does not currently have a policy with respect to the payment of dividends and returns of
capital. Therefore, there was no relationship between the Board’s policy for determining, or in relation to, the nature
and amount of remuneration of KMP and dividends paid and returns of capital by the Company during the current
and previous four financial years.
The Board did not determine, and in relation to, the nature and amount of remuneration of the KMP by reference to
changes in the price at which shares in the Company traded between the beginning and end of the current and the
previous four financial years. However, as noted previously, a number of KMP have received Unlisted Options
which generally will only be of value should the value of the Company’s shares increase sufficiently to warrant
exercising the Unlisted Options.
Relationship between Remuneration of KMP and Earnings
As discussed above, the Company is currently undertaking exploration activities and is actively pursuing new
business opportunities, and does not expect to be undertaking profitable operations (other than by way of material
asset sales, none of which is currently planned) until sometime after the successful commercialisation, production
and sales of commodities from one or more of its projects. Accordingly the Board does not consider earnings during
the current and previous four financial years when determining, and in relation to, the nature and amount of
remuneration of KMP.
The Board does not directly base remuneration levels on the Company’s share price or movement in the share
price over the financial year. However, as noted previously, a number of KMP have received Unlisted Options which
generally will only be of value should the value of the Company’s shares increase sufficiently to warrant exercising
the Unlisted Options granted.
Apollo Minerals Limited ANNUAL REPORT 2025
17
Emoluments of Directors and Other KMP
Details of the nature and amount of each element of the emoluments of each of the KMP of Apollo Minerals Limited
are as follows:
2025
Short-term benefits
Total
$
Percentage
performance
related
%
Salary &
fees
$
Super-
annuation
$
Non-cash
Share based
payments
$
Current Directors
Ian Middlemas
36,000
-
-
36,000
-
Neil Inwood
300,000
30,000
56,834
386,834
15
Robert Behets
20,000
2,300
-
22,300
-
Ajay Kejriwal
20,000
-
-
20,000
-
Paul Roberts
50,000
-
-
50,000
-
Total
426,000
32,300
56,834
515,134
2024
Short-term benefits
Total
$
Percentage
performance
related
%
Salary &
fees
$
Super-
annuation
$
Non-cash
Share based
payments
$
Current Directors
Ian Middlemas
36,000
-
-
36,000
-
Neil Inwood
300,000
27,500
94,117
421,617
22
Robert Behets
20,000
2,200
12,376
34,576
36
Ajay Kejriwal
20,000
-
-
20,000
-
Paul Roberts(1)
40,082
-
28,801
68,883
42
Total
416,082
29,700
135,294
581,076
Notes:
(1) Appointed Non-Executive Director effective 11 September 2023.
DIRECTORS’ REPORT
(Continued)
18
REMUNERATION REPORT (AUDITED) (Continued)
Unlisted Options and Performance Rights Granted to KMP
Details of the value of Unlisted Options and Performance Rights granted, exercised or lapsed for KMP of the Group
during the 2025 financial year are as follows:
2025
No. of
options
& rights
granted
No. of
options &
rights
vested and
converted
during the
year
No. of
options &
rights
cancelled/
lapsed
during the
year
Value of
options &
rights
granted
during the
year(1)
$
Value of
options &
rights
cancelled/
lapsed
during the
year(1)
$
Value of
options &
rights included
in
remuneration
$
Current Directors
Ian Middlemas
-
-
-
-
-
-
Neil Inwood
-
-
(3,000,000)
-
57,747
56,834
Robert Behets
-
-
(2,000,000)
-
38,498
-
Ajay Kejriwal
-
-
(200,000)
-
3,850
-
Paul Roberts
-
-
-
-
-
-
Total
-
-
(5,200,000)
-
100,095
56,834
Notes:
(1) Determined at the time of grant per AASB 2. For details on the valuation of Unlisted Options and Performance Rights, including
models and assumptions used, please refer to Note 19 of the financial statements.
Details of Incentive Options granted to each KMP of the Group during the current and previous financial year are
as follows:
Type
Grant date
Expiry date
Vesting
date
Exercise
Price
$
Grant
date fair
value(1)
$
Number
granted
Directors
Neil Inwood
Options
31-Jan-24
30-Jun-26
31-Jan-24
0.05
0.012
3,000,000
Robert Behets
Options
31-Jan-24
30-Jun-26
31-Jan-24
0.05
0.012
1,000,000
Paul Roberts
Options
8-Sep-23
30-Jun-26
11-Sep-23
0.05
0.014
2,000,000
Notes:
(1) Determined at the time of grant per AASB 2. For details on the valuation of Unlisted Options and Performance Rights, including
models and assumptions used, please refer to Note 19 of the financial statements.
There were no Performance Rights granted to KMP of the Group during the current and previous financial year.
Loans from KMP
No loans were provided to or received from KMP during the year ended 30 June 2025 (2024: Nil).
Apollo Minerals Limited ANNUAL REPORT 2025
19
Employment Contracts with Directors and KMP
Mr Ian Middlemas, Non-Executive Chairman, has a letter of appointment confirming the terms and conditions of his
appointment as non-executive chairman of the Company dated 26 October 2023. In accordance with the terms of
this letter of appointment, Mr Middlemas receives a fee of $36,000 per annum plus superannuation.
Mr Neil Inwood, Managing Director, has an employment agreement confirming the terms and conditions of his
appointment as Managing Director of the Company dated 3 May 2022. The agreement specifies the duties and
obligations to be fulfilled by the Managing Director. The contract has no fixed term and may be terminated by the
Company by giving 3 months’ notice. No amount is payable in the event of termination for neglect or incompetence
in regards to the performance of duties. In accordance with the terms of the employment agreement, Mr Inwood
receives an annual salary of $300,000 plus superannuation.
Mr Robert Behets, Non-Executive Director, has a letter of appointment confirming the terms and conditions of his
appointment as a non-executive director of the Company dated 21 February 2017. In accordance with the terms of
this letter of appointment, Mr Behets receives a fee of $20,000 per annum plus superannuation. Mr Behets also has
a services agreement with the Company effective 15 August 2016, which provides for a consultancy fee at the rate
of $1,000 per day for management and technical services provided by Mr Behets. Either party may terminate the
agreement without penalty or payment by giving one months’ notice.
Mr Ajay Kejriwal, Non-Executive Director, has a letter of appointment confirming the terms and conditions of his
appointment as a non-executive director of the Company dated 28 June 2017. In accordance with the terms of this
letter of appointment, Mr Kejriwal receives a fee of $20,000 per annum.
Mr Paul Roberts, Non-Executive Director, has a letter of appointment confirming the terms and conditions of his
appointment as a non-executive director of the Company dated 4 September 2023. In accordance with the terms
of this letter of appointment, Mr Roberts receives a fee of $50,000 per annum.
Equity instruments held by KMP
Ordinary Shareholdings of KMP
2025
Held at 1 July
2024
(#)
Purchases
(#)
Exercise of
Options/Conve
rsion of Rights
(#)
Net Other
Changes
(#)
Held at
30 June 2025
(#)
Current Directors
Ian Middlemas
33,300,000
11,100,000
-
-
44,400,000
Neil Inwood
4,751,111
6,583,703
-
-
11,334,814
Robert Behets
7,860,000
1,000,000
-
-
8,860,000
Ajay Kejriwal(1)
13,125,005
-
-
-
13,125,005
Paul Roberts
800,000
266,666
-
-
1,066,666
Total
59,836,116
18,950,369
-
-
78,786,485
Notes:
(1)
Mr Kejriwal’s interest in the Ordinary Shares is an indirect interest in the securities held by Juniper Capital Partners Limited. Mr Kejriwal has
been nominated as a Director by Juniper Capital Partners Limited and he may be able to indirectly influence voting of the securities.
Unlisted Options and Performance Rights holdings of KMP
2025
Held at 1
July 2024
(#)
Granted as
Compen-
sation
(#)
Exercised/Co
nverted/Laps
ed
(#)
Net
Other
Change
(#)
Held at
30 June 2025
(#)
Vested and
Exercisable at
30 June 2025
(#)
Current Directors
Ian Middlemas
-
-
-
-
-
-
Neil Inwood
10,000,000
-
(3,000,000)
-
7,000,000
3,000,000
Robert Behets
3,000,000
-
(2,000,000)
-
1,000,000
1,000,000
Ajay Kejriwal
200,000
-
(200,000)
-
-
-
Paul Roberts
2,000,000
-
-
-
2,000,000
2,000,000
Total
15,200,000
-
(5,200,000)
-
10,000,000
6,000,000
End of Audited Remuneration Report
DIRECTORS’ REPORT
(Continued)
20
INDEMNIFICATION AND INSURANCE OF OFFICERS AND AUDITORS
The Constitution of the Company requires the Company, to the extent permitted by law, to indemnify any person
who is or has been a director or officer of the Company or Group for any liability caused as such a director or officer
and any legal costs incurred by a director or officer in defending an action for any liability caused as such a director
or officer. The Company has paid, or agreed to pay, premiums in respect of Directors’ and Officers’ Liability
Insurance and Company Reimbursement policies for the 12 months ended 30 June 2025 and 2024, which cover
all Directors and officers of the Company against liabilities to the extent permitted by the Corporations Act 2001.
The policy conditions preclude the Company from any detailed disclosures including premium amount paid.
The Directors have not indemnified the Company’s auditors, William Buck Audit (WA) Pty Ltd.
NON-AUDIT SERVICES
During the financial year, the Company’s auditor, William Buck Audit (WA) Pty Ltd (or by another person or firm on
the auditor’s behalf) provided no non-audit services (2024: nil).
AUDITOR'S INDEPENDENCE DECLARATION
The lead auditor's independence declaration for the year ended 30 June 2025 has been received and can be found
on page 21 of the Directors' Report.
Signed in accordance with a resolution of the directors.
NEIL INWOOD
Managing Director
Perth, 26 September 2025
Lead Auditor’s Independence Declaration under Section 307C of
the Corporations Act 2001
To the directors of Apollo Minerals Limited
As lead auditor for the audit of Apollo 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 the auditor independence requirements as set out in the Corporations Act 2001 in
relation to the audit; and
— no contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Apollo Minerals Limited and the entities it controlled during the year.
William Buck Audit (WA) Pty Ltd
ABN 67 125 012 124
Amar Nathwani
Director
Dated this 26th day of September 2025
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
Apollo Minerals Limited ANNUAL REPORT 2025
22
2025
2024
Notes
$
$
Interest income
61,373
92,807
Other income/(losses)
3
139,099
471,989
Exploration and evaluation expenses
(3,674,600)
(2,319,200)
Corporate and administrative expenses
(668,624)
(673,083)
Business development expenses
(154,037)
(235,395)
Share based payment expenses
19
(56,834)
(127,090)
Loss on legal claim
-
(130,660)
Loss before income tax
(4,353,623)
(2,920,632)
Income tax expense
5
-
-
Loss for the year
(4,353,623)
(2,920,632)
Other comprehensive income, net of income tax:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on foreign entities
15,207
(22,323)
Other comprehensive loss for the year, net of tax
15,207
(22,323)
Total comprehensive loss for the year
(4,338,416)
(2,942,955)
Loss attributable to:
Owners of the parent
(4,344,855)
(2,912,583)
Non-controlling interests
(8,768)
(8,049)
(4,353,623)
(2,920,632)
Total comprehensive income/loss attributable to:
Owners of the parent
(4,329,139)
(2,934,954)
Non-controlling interests
(9,277)
(8,001)
(4,338,416)
(2,942,955)
Loss per share attributable to the ordinary equity holders
of the Company
Basic and diluted loss per share (cents per share)
13
(0.55)
(0.47)
The accompanying notes form part of these financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
23
2025
2024
Notes
$
$
ASSETS
Current Assets
Cash and cash equivalents
4(b)
1,260,818
2,253,142
Other receivables
31,159
40,011
Total Current Assets
1,291,977
2,293,153
Non-Current Assets
Other financial assets
6
318,600
379,500
Property, plant and equipment
7
65,153
101,516
Exploration and evaluation assets
8
8,831,793
8,831,793
Total Non-Current Assets
9,215,546
9,312,809
TOTAL ASSETS
10,507,523
11,605,962
LIABILITIES
Current Liabilities
Trade and other payables
9
781,339
718,475
Provisions
47,536
25,727
Total Current Liabilities
828,875
744,202
TOTAL LIABILITIES
828,875
744,202
NET ASSETS
9,678,648
10,861,760
EQUITY
Contributed equity
10
73,358,906
70,260,436
Reserves
11
(2,343,563)
(1,763,054)
Accumulated losses
12
(61,260,700)
(57,568,904)
Equity Attributable To Members of Apollo Minerals
Limited
9,754,643
10,928,478
Non-controlling interests
(75,995)
(66,718)
TOTAL EQUITY
9,678,648
10,861,760
The accompanying notes form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
Apollo Minerals Limited ANNUAL REPORT 2025
24
Attributable to the equity holders of the parent
Contributed
Equity
Share based
Payment
Reserve
Foreign
Currency
Translation
Reserve
Acquisition
Reserve
Accumulated
Losses
Total
Non-
controlling
interests
Total
Equity
$
$
$
$
$
$
$
$
Balance at 1 July 2024
70,260,436
1,359,598
(530,682)
(2,591,970)
(57,568,904)
10,928,478
(66,718)
10,861,760
Net loss for the year
-
-
-
-
(4,344,855)
(4,344,855)
(8,768)
(4,353,623)
Other comprehensive loss
-
-
15,716
-
-
15,716
(509)
15,207
Total comprehensive loss
for the year
-
-
15,716
-
(4,344,855)
(4,329,139)
(9,277)
(4,338,416)
Transactions with owners
recorded directly in equity:
Issue of Shares
3,249,597
-
-
-
-
3,249,597
-
3,249,597
Share issue costs
(151,127)
-
-
-
-
(151,127)
-
(151,127)
Transfer from SBP reserve
upon expiry of options
-
(653,059)
-
-
653,059
-
-
-
Share based payments
expense
-
56,834
-
-
-
56,834
-
56,834
Balance at 30 June 2025
73,358,906
763,373
(514,966)
(2,591,970)
(61,260,700)
9,754,643
(75,995)
9,678,648
Balance at 1 July 2023
66,246,442
1,193,769
(508,311)
(2,591,970)
(55,064,991)
9,274,939
(58,717)
9,216,222
Net loss for the year
-
-
-
-
(2,912,583)
(2,912,583)
(8,049)
(2,920,632)
Other comprehensive loss
-
-
(22,371)
-
-
(22,371)
48
(22,323)
Total comprehensive loss
for the year
-
-
(22,371)
-
(2,912,583)
(2,934,954)
(8,001)
(2,942,955)
Transactions with owners
recorded directly in equity:
Issue of shares
930,000
279,095
-
-
-
1,209,095
-
1,209,095
Share issue costs
3,494,000
-
-
-
-
3,494,000
-
3,494,000
Transfer from SBP reserve
upon conversion of rights
(410,006)
168,314
-
-
-
(241,692)
-
(241,692)
Transfer from SBP reserve
upon expiry of options
-
(408,670)
-
-
408,670
-
-
-
Share based payments
expense
-
127,090
-
-
-
127,090
-
127,090
Balance at 30 June 2024
70,260,436
1,359,598
(530,682)
(2,591,970)
(57,568,904)
10,928,478
(66,718)
10,861,760
The accompanying notes form part of these financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
25
2025
2024
Notes
$
$
Operating activities
Payments to suppliers and employees
(908,271)
(1,033,249)
Payments for exploration and evaluation expenses
(3,443,895)
(2,053,435)
Proceeds from sale of royalty interests
-
380,000
Interest received
61,373
92,807
Net cash flows used in operating activities
4(a)
(4,290,793)
(2,613,877)
Investing activities
Payments for Belgrade Copper Project – Acquisition Costs
-
(76,545)
Proceeds from sale of exploration assets - Serbia
200,000
-
Net cash flows used in investing activities
200,000
(76,545)
Financing activities
Proceeds from issue of shares
10(b)
3,249,597
3,494,000
Share issue costs
(151,128)
(260,272)
Net cash flows from financing activities
3,098,469
3,233,728
Net increase/(decrease) in cash and cash equivalents
(992,324)
543,306
Cash and cash equivalents at the beginning of the year
2,253,142
1,709,836
Cash and cash equivalents at the end of the year
4(b)
1,260,818
2,253,142
The accompanying notes form part of these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Apollo Minerals Limited ANNUAL REPORT 2025
26
1. MATERIAL ACCOUNTING POLICY INFORMATION
The material accounting policies adopted in preparing the financial report of Apollo Minerals Limited (“Apollo
Minerals” or “Company”) and its consolidated entities (“Group”) for the year ended 30 June 2025 are stated to
assist in a general understanding of the financial report. Apollo Minerals is a Company limited by shares,
incorporated and domiciled in Australia, whose shares are publicly traded on the Australian Securities Exchange
(“ASX”). The financial report of the Group for the year ended 30 June 2025 was authorised for issue in accordance
with a resolution of the Directors on 22 September 2025.
(a)
Basis of Preparation
The financial report is a general purpose financial report, which has been prepared in accordance with Australian
Accounting Standards (“AASBs”) adopted by the Australian Accounting Standards Board (“AASB”) and the
Corporations Act 2001. The financial report has been prepared on a historical cost basis other than financial assets
carried at fair value. The financial report is presented in Australian dollars.
(b)
Statement of Compliance
The financial report complies with Australian Accounting Standards and International Financial Reporting Standards
(“IFRS”) as issued by the International Accounting Standards Board. In the current financial year, the Group has
adopted all of the new and revised Standards and Interpretations issued by the AASB that are mandatory for the
current annual reporting period. The adoption of these new and revised Standards or Interpretations has had an
immaterial impact (if any) on the Group. Any new or amended Accounting Standards or Interpretations that are not
yet mandatory have not been early adopted.
(c)
New and revised Australian Accounting Standards and Interpretations on issue but not yet
effective
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
effective have not been adopted by the Group for the annual reporting period ended 30 June 2025. Those which
may be relevant to the Group are set out in the table below, but these are not expected to have any significant
impact on the Group's financial statements as detailed below:
Standard/Interpretation
Application
Date of
Standard
Application
Date for Group
AASB 2024-2 Amendments to Australian Accounting Standards – Classification and
Measurement of Financial Instruments (Amendments to AASB 7 and AASB 9)
1 January 2026
1 July 2026
AASB 2024-3 Amendments to AASs – Annual Improvements Volume 11
(Amendments to AASB 1, AASB 7, AASB 9, AASB 10, and AASB 107)
1 January 2026
1 July 2026
AASB 18 Presentation and Disclosure in Financial Statements
1 January 2027
1 July 2027
AASB 2014-10 Amendments to Australian Accounting Standards – Sale or
Contribution of Assets between an Investor and its Associate or Joint Venture
1 January 2028
1 July 2028
The impact of AASB 18 on the consolidated financial report is still being assessed.
(d)
Going Concern
This consolidated financial report has been prepared on the going concern basis, which assumes continuity of
normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of
business. The Group has incurred a loss after tax of $4,353,623 (2024: $2,920,632) and had net cash outflows from
operations and investing activities of $4,090,793 (2024: $2,690,422). The Group has no source of operating cash
inflows other than interest income and funds sourced through capital raising activities. At 30 June 2025, the Group
has cash and cash equivalents totalling $1,260,818 (30 June 2024: $2,253,142). The Group’s cash flow forecasts
through to 30 September 2026 reflect that the Group will be required to raise additional working capital during this
period to enable it to meet its operational and planned exploration activities.
The Directors are satisfied that there is a reasonable basis to conclude that the Group can raise additional working
capital as and when required and thus it is appropriate to prepare the consolidated financial report on a going
concern basis as the Group has potential options available to manage liquidity, including one or a combination of,
a placement of shares, entitlement offer or a change in the Company’s expenditure profile.
There is a material uncertainty which may cast significant doubt about whether the Group is 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 consolidated financial statements do not include any adjustments 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.
Apollo Minerals Limited ANNUAL REPORT 2025
27
(e)
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the Company as at
30 June 2025 and the results of all subsidiaries for the year then ended.
Subsidiaries are all entities (including structured entities) over which the Group has control. The group controls an
entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has
the ability to affect those returns through its power to direct the activities of the entity.
The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using
consistent accounting policies. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Company.
Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-
consolidated from the date that control ceases. Intercompany transactions and balances, income and expenses
and profits and losses between Group companies, are eliminated.
Non-controlling interests are allocated their share of net profit after tax in the statement of comprehensive income
and are presented within equity in the consolidated statement of financial position, separately from the equity of the
owners of the parent. Total comprehensive income within a subsidiary is attributed to the non-controlling interest
even if that results in a deficit balance. A change in the ownership interest of a subsidiary that does not result in a
loss of control is accounted for as an equity transaction.
(f)
Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within
short-term borrowings in current liabilities on the statement of financial position.
(g)
Trade and other receivables
Trade receivables are recognised and carried at original invoice amount less any Expected Credit Loss (“ECL”).
An estimate for the ECL is made based on the historical risk of default and expected loss rates at the inception of
the transaction. Inputs are selected for the ECL impairment calculation based on the Company’s past history,
existing market conditions as well as forward looking estimates.
(h)
Foreign currencies
Functional and presentation currency
The functional currency of each of the Group's entities is measured using the currency of the primary economic
environment in which that entity operates. The consolidated financial statements are presented in Australian dollars
which is the Company's functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date
of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary
items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-
monetary items measured at fair value are reported at the exchange rate at the date when fair values were
determined.
Exchange differences arising on the translation of monetary items are recognised in the income statement, except
where deferred in equity as a qualifying cash flow or net investment hedge.
Group companies
The financial results and position of foreign operations whose functional currency is different from the Group's
presentation currency are translated as follows:
•
assets and liabilities are translated at year-end exchange rates prevailing at that reporting date;
•
income and expenses are translated at average exchange rates for the period; and
•
retained earnings are translated at the exchange rates prevailing at the date of the transaction.
Exchange differences arising on translation of foreign operations are transferred directly to the group's foreign
currency translation reserve in equity. These differences are recognised in profit or loss in the period in which the
operation is disposed of.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
(Continued)
28
1.
MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
(i)
Property, Plant and Equipment
(i)
Cost
Plant and equipment is measured at cost less accumulated depreciation and impairment losses.
(ii)
Depreciation
Depreciation is provided on a straight line basis on all property, plant and equipment.
2025
2024
Major depreciation periods are:
Plant and equipment
2 – 10 years
2 – 10 years
Vehicles
3 – 5 years
3 – 5 years
(j)
Payables
Liabilities are recognised for amounts to be paid in the future for goods and services received. Trade accounts
payable are normally settled within 60 days.
(k)
Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for
which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.
(l)
Revenue Recognition
Revenues are recognised at the fair value of the consideration received net of the amount of goods and services
tax (GST) payable to the taxation authority. Revenue is recognised to the extent that it is probable that the economic
benefits will flow to the Group and can be reliably measured.
Interest revenue is recognised as it accrues, taking into account the effective yield on the financial asset.
(m)
Dividends
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the
discretion of the Company, on or before the end of the year but not distributed at balance date.
(n)
Employee Benefits
A provision is made for the Group's liability for employee benefits arising from services rendered by employees to
balance date. Employee benefits that are expected to be settled within 12 months have been measured at the
amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later
than 12 months have been measured at the present value of the estimated future cash outflows to be made for
those benefits.
(o)
Earnings per Share
Basic earnings per share (“EPS”) is calculated by dividing the net profit/loss attributable to members of the Company
for the reporting period, after excluding any costs of servicing equity, by the weighted average number of ordinary
shares of the Company, adjusted for any bonus issue or share consolidation.
Diluted EPS is calculated by dividing the basic EPS earnings, adjusted by the after tax effect of financing costs
associated with dilutive potential Ordinary Shares and the effect on revenues and expenses of conversion to
Ordinary Shares associated with dilutive potential Ordinary Shares, by the weighted average number of Ordinary
Shares and dilutive Ordinary Shares adjusted for any bonus issue or share consolidation.
(p)
Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST
incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of
the cost of acquisition of the asset or as part of the expense. Receivables and payables in the statement of financial
position are shown inclusive of GST. Cash flows are presented in the statement of cash flows on a gross basis,
except for the GST component of investing and financing activities, which are disclosed as operating cash flows.
Apollo Minerals Limited ANNUAL REPORT 2025
29
(q)
Investments and other financial assets
(i)
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through
other comprehensive income (“OCI”), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow
characteristics and the Group’s business model for managing them. The Group initially measures a financial asset
at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.
(ii)
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
•
Financial assets at amortised cost (not relevant to the Group);
•
Financial assets at fair value through OCI with recycling of cumulative gains and losses (not relevant to the
Group);
•
Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments); and
•
Financial assets at fair value through profit or loss (equity instruments).
Financial assets designated at fair value through OCI (equity instruments)
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. The classification is determined on an instrument-by-instrument basis.
Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other
income in the statement of profit or loss when the right of payment has been established, except when the Group
benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are
recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.
The Group did not elect to classify its equity investments under this category.
Financial assets at fair value through profit or loss
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 assets at fair value through profit or loss are carried in the statement of financial position at fair value with
net changes in fair value recognised in the statement of profit or loss.
This category includes the listed equity investments which the Group had not irrevocably elected to classify at fair
value through OCI.
(iii)
Derecognition
A financial asset is derecognised (i.e., removed from the Group’s consolidated statement of financial position) when
the rights to receive cash flows from the asset have expired; or the Group has transferred its rights to receive cash
flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a
third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks
and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards
of the asset, but has transferred control of the asset.
(r)
Issued Capital
Ordinary Shares are classified as equity. Issued and paid up capital is recognised at the fair value of the
consideration received by the Company. Incremental costs directly attributable to the issue of new shares or options
are shown in equity as a deduction, net of tax, from the proceeds.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
(Continued)
30
1.
MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
(s)
Financial liabilities
(i)
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or
other financial liabilities (loans and borrowings, or payables). All financial liabilities are recognised initially at fair
value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The
Group’s financial liabilities include trade and other payables and loans and borrowings.
(ii)
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Loans and borrowings
After initial recognition, loans and borrowings are subsequently measured at amortised cost using the effective
interest rate (“EIR”) method. Gains and losses are then recognised in profit or loss when the liabilities are
derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that
are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held
for trading if they are incurred for the purpose of repurchasing in the near term. Gains or losses on liabilities held
for trading are recognised in the statement of profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are recognised at the initial
date of recognition, and only if the criteria in AASB 9 are satisfied. The Group does not hold any financial liabilities
at fair value through profit or loss.
(t)
Use and Revision of Accounting Estimates
The preparation of the financial report requires management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if
the revision affects only that period, or in the period of the revision and future periods if the revision affects both
current and future periods.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying
accounting policies that have the most significant effect on the amount recognised in the financial statements are
described Note 1(bb).
(u)
Share based Payments
Equity-settled share based payments are provided to officers, employees, consultants and other advisors. These
share based payments are measured at the fair value of the equity instrument at the grant date. Where options
and rights are issued, fair value is determined using the Black Scholes option pricing model or the closing share
price on the date of grant respectively. Where ordinary shares are issued, fair value is determined using volume
weighted average price for ordinary shares for an appropriate period prior to the issue of the shares. Further details
on how the fair value of equity-settled share based payments has been determined can be found in Note 19.
The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on
the Company's estimate of equity instruments that will eventually vest. At each reporting date, the Company revises
its estimate of the number of equity instruments expected to vest. The impact of the revision of the original
estimates, if any, is recognised in profit or loss over the remaining vesting period, with a corresponding adjustment
to the share based payments reserve.
Equity-settled share based payments may also be provided as consideration for the acquisition of assets. Where
ordinary shares are issued, the transaction is recorded at fair value based on the volume weighted average price
for ordinary shares for an appropriate period prior to the issue of the shares.
Where performance shares are issued, the transaction is recorded at fair value based on the volume weighted
average price for ordinary shares for an appropriate period prior to the issue of the performance shares, adjusted
for Management’s assessment of the probability that the relevant milestone for each class of performance share
will be met. The acquisition is then recorded as an asset or expensed in accordance with accounting standards.
Apollo Minerals Limited ANNUAL REPORT 2025
31
(v)
Exploration and Evaluation Expenditure
Expenditure on exploration and evaluation is accounted for in accordance with the 'area of interest' method.
Exploration and evaluation expenditure encompasses expenditures incurred by the Group in connection with the
exploration for, and evaluation of, mineral resources before the technical feasibility and commercial viability of
extracting a mineral resource are demonstrable. For each area of interest, expenditure incurred in the acquisition
of rights to explore is capitalised, classified as tangible or intangible, and recognised as an exploration and
evaluation asset. Exploration and evaluation assets are measured at cost at recognition and are recorded as an
asset if:
(i) the rights to tenure of the area of interest are current; and
(ii) at least one of the following conditions is also met:
•
the exploration and evaluation expenditures are expected to be recouped through successful development
and exploitation of the area of interest, or alternatively, by its sale; and
•
exploration and evaluation activities in the area of interest have not at the reporting date reached a stage
which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves,
and active and significant operations in, or in relation to, the area of interest are continuing.
Exploration and evaluation expenditure incurred by the Group subsequent to the acquisition of the rights to explore
is expensed as incurred, up until the technical feasibility and commercial viability of the project has been
demonstrated with a bankable feasibility study.
Capitalised exploration costs are reviewed at each reporting date to establish whether an indication of impairment
exists including a determination of the likelihood or probability of the Company’s pending licence and/or renewal
applications being granted by the relevant authority. If any such indication exists, the recoverable amount of the
capitalised exploration costs is estimated to determine the extent of the impairment loss (if any). Where an
impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its
recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount
that would have been determined had no impairment loss been recognised for the asset in previous years.
Where a decision is made to proceed with development, accumulated expenditure is tested for impairment and
transferred to development properties, and then amortised over the life of the reserves associated with the area of
interest once mining operations have commenced. Recoverability of the carrying amount of the exploration and
evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the
respective areas of interest.
(w)
Income Tax
The income tax expense for the period is the tax payable on the current period's taxable income based on the
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 on goodwill or 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 liabilities and assets are not recognised for temporary differences between the carrying amount and
tax bases of investments in controlled entities where the Company is able to control the timing of the reversal of the
temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax
assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future
taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income
tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each balance date and are
recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be
recovered.
Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly
in equity. Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off
current tax assets against tax liabilities and the deferred tax liabilities relate to the same taxable entity and the same
taxation authority.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
(Continued)
32
1.
MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
(x)
Acquisition of Assets
The directors may evaluate a group of assets that is acquired in a transaction is not a business combination. In
such cases the cost of acquisition is allocated to the individual identifiable assets (including intangible assets that
meet the definition of and recognition criteria for intangible assets in AASB 138) acquired and liabilities assumed
on the basis of their relative fair values at the date of purchase.
(y)
Operating Segments
An operating segment is a component of an entity that engages in business activities from which it may earn
revenues and incur expenses (including revenues and expenses relating to transactions with other components of
the same entity), whose operating results are regularly reviewed by the entity's chief operating decision maker to
make decisions about resources to be allocated to the segment and assess its performance and for which discrete
financial information is available. The chief operating decision maker has been identified as the Board of Directors,
taken as a whole. This includes start up operations which are yet to earn revenues. Management will also consider
other factors in determining operating segments such as the existence of a line manager and the level of segment
information presented to the board of directors.
Operating segments have been identified based on the information provided to the Board of Directors.
The group aggregates two or more operating segments when they have similar economic characteristics, and the
segments are similar in each of the following respects:
•
Nature of the products and services,
•
Nature of the production processes,
•
Type or class of customer for the products and services,
•
Methods used to distribute the products or provide the services, and if applicable
•
Nature of the regulatory environment.
Operating segments that meet the quantitative criteria as prescribed by AASB 8 are reported separately. However,
an operating segment that does not meet the quantitative criteria is still reported separately where information about
the segment would be useful to users of the financial statements.
Information about other business activities and operating segments that are below the quantitative criteria are
combined and disclosed in a separate category for “all other segments”.
(z)
Impairment of Assets
The Group assesses at each reporting date whether there is an indication that an asset or group of assets (cash-
generating unit) may be impaired. If any such indication exists, or when annual impairment testing for an asset or
cash-generating unit is required, the Group makes an estimate of the asset's or cash-generating unit’s recoverable
amount.
An asset's or cash-generating unit’s recoverable amount is the higher of its fair value less costs of disposal and its
value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are
largely independent of those from other assets or groups of assets and the asset's value in use cannot be estimated
to be close to its fair value. In such cases the asset is tested for impairment as part of the cash-generating unit to
which it belongs. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount,
the asset or cash-generating unit is considered impaired and is written down to its recoverable amount. In assessing
the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset or cash-
generating unit.
An assessment is also made at each reporting date as to whether there is any indication that previously recognised
impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is
estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates
used to determine the asset's or cash-generating unit’s recoverable amount since the last impairment loss was
recognised. If that is the case the carrying amount of the asset or cash-generating unit is increased to its
recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined,
net of depreciation, had no impairment loss been recognised for the asset or cash-generating unit in prior years.
Such reversal is recognised in profit or loss. After such a reversal the depreciation charge is adjusted in future
periods to allocate the asset's or cash-generating unit’s revised carrying amount, less any residual value, on a
systematic basis over its remaining useful life.
Apollo Minerals Limited ANNUAL REPORT 2025
33
(aa)
Fair Value Estimation
The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for
disclosure purposes.
The fair value of financial instruments traded in active markets (such as publicly traded derivatives and trading and)
is based on quoted market prices at the reporting date. The quoted market price used for financial assets held by
the Group is the current bid price; the appropriate quoted market price for financial liabilities is the current ask price.
The nominal value less estimated credit adjustments of trade receivables and payables are assumed to approximate
their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future
contractual cash flows at the current market interest rate that is available to the Group for similar financial
instruments.
(bb)
Significant judgements and key assumptions
The directors evaluate estimates and judgements incorporated into the financial report based on historical
knowledge and best available current information. Estimates assume a reasonable expectation of future events and
are based on current trends and economic data, obtained both externally and within the group.
(i)
Key judgements
Exploration and evaluation
Capitalised Exploration Expenditure - The Group capitalises expenditure incurred in the acquisition of rights to
explore and records this as an asset where it is considered likely to be recoverable or where the activities have not
reached a stage which permits a reasonable assessment of the existence of reserves (Note 1(v)). There are areas
of interest from which no reserves have been extracted, but the directors are of the continued belief that such
expenditure should not be written off since the activities have not reached a stage which permits a reasonable
assessment of the existence of reserves. Additional key judgements in the capitalisation of exploration expenditure
include a determination of the likelihood or probability of the Company’s pending licence and/or renewal applications
being granted by the relevant authority. Refer to note 8 for further information.
Share based payments
The Group measures the cost of share based payments issued to employees by reference to the fair value of the
equity instruments at the date at which they are granted. Estimation is required at the date of issue to determine
the fair value. The fair value is determined using an appropriate valuation model. The valuation basis and related
assumptions are detailed in Note 19. The accounting estimates and assumptions relating to the equity settled
transactions would have no impact on the carrying value of assets and liabilities within the next annual reporting
period but may impact expenses and equity.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
(Continued)
34
2.
DIVIDENDS PAID OR PROVIDED FOR
No dividend has been paid or provided for during the financial year (2024: nil).
2.
2025
$
2024
$
3.
OTHER INCOME/(LOSSES)
Sale of royalty interests
-
380,000
Fair value movements in financial assets
(117,700)
91,989
Sale of exploration assets - Serbia
256,799
-
Other income/(losses)
139,099
471,989
3.
2025
$
2024
$
4.
STATEMENT OF CASH FLOWS
(a)
Reconciliation of the Net Loss After Tax to the Net Cash Flows
from Operations
Loss for the year
(4,353,623)
(2,920,632)
Adjustment for non-cash income and expense items
Equity settled share based payments
56,834
127,090
Depreciation
49,374
55,430
Fair value movements in financial assets
117,700
(91,989)
Sale of exploration assets - Serbia
(256,799)
-
Foreign exchange differences
-
(22,372)
Change in operating assets and liabilities
(Increase)/decrease in receivables
(6,928)
14,721
Increase/(decrease) in trade and other payables, provisions
102,649
223,875
Net cash outflow from operating activities
(4,290,793)
(2,613,877)
(b)
Reconciliation of Cash
Cash at bank and on hand
1,260,818
2,253,142
Balance at 30 June
1,260,818
2,253,142
(c)
Non-cash financing and investing activities
During the financial year ended 30 June 2025, there were no non-cash financing or investing activities.
During the financial year ended 30 June 2024, the Group issued 30,000,000 fully paid ordinary shares, 10,000,000
unlisted options exercisable at $0.05 each on or before 30 October 2026, 10,000,000 unlisted options exercisable
at $0.075 each on or before 30 October 2026 and 20,000,000 deferred shares in consideration for the acquisition
of the Belgrade Copper Project in Serbia and issued 13,600,000 unlisted options exercisable at $0.05 each on or
before 30 June 2026 with a total value of $168,314 to brokers as a share issue cost.
Apollo Minerals Limited ANNUAL REPORT 2025
35
2025
2024
$
$
5.
INCOME TAX
(a)
Recognised in the Statement of Comprehensive Income
Current income tax
Current income tax benefit in respect of the current year
-
-
Deferred income tax
Relating to origination and reversal of temporary differences
-
-
Income tax expense reported in the statement of comprehensive income
-
-
(b)
Reconciliation Between Tax Expense and Accounting Loss
Before Income Tax
Accounting loss before income tax
(4,353,623)
(2,920,632)
At the domestic income tax rate of 30% (2024: 30%)
(1,306,087)
(876,190)
Expenditure not allowable for income tax purposes
330,191
492,824
Effect of lower income tax rate in Serbia
62,579
11,240
Deferred tax assets not brought to account
913,317
372,126
Income tax expense attributable to loss
-
-
(c)
Deferred Tax Assets and Liabilities
Deferred income tax at 30 June relates to the following:
Deferred Tax Liabilities
Prepayments
-
4,734
Deferred tax assets used to offset deferred tax liabilities
-
(4,734)
-
-
Deferred Tax Assets
Accrued expenditure
43,940
54,950
Provisions
14,260
7,718
Financial assets at fair value through profit and loss
134,990
97,999
Tax capital allowances
1,392,327
771,643
Tax losses available to offset against future taxable income
6,834,590
6,545,116
Capital losses available to offset against future capital gains
1,400,005
1,400,005
Deferred tax assets used to offset deferred tax liabilities
-
(4,734)
Deferred tax assets not brought to account
(9,820,112)
(8,872,697)
-
-
The benefit of deferred tax assets not brought to account will only be brought to account if:
•
future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be
realised;
•
the conditions for deductibility imposed by tax legislation continue to be complied with; and
•
no changes in tax legislation adversely affect the Group in realising the benefit.
(d)
Tax Consolidation
The Company and its wholly-owned Australian resident entities have not implemented the tax consolidation
legislation.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
(Continued)
36
2025
2024
$
$
6.
OTHER FINANCIAL ASSETS
Financial assets at fair value through profit or loss:
Australian listed equity securities(1)
318,600
379,500
318,600
379,500
Note:
(1)
The Company holds 2,300,100 (2024: 2,300,100) and 800,000 (2024: nil) fully paid ordinary shares in Constellation Resources Limited (ASX:
CR1) and Bindi Metals Limited (ASX: BIM) respectively, level 1 financial assets for accounting purposes that are fair valued utilising the closing
share price prevailing on the Australian Securities Exchange at the reporting date.
Plant and
Equipment
Vehicles
Total
$
$
$
7.
PROPERTY, PLANT AND EQUIPMENT
Carrying amount at 1 July 2024
70,918
30,598
101,516
Additions
4,583
-
4,583
Depreciation
(26,273)
(23,101)
(49,374)
Foreign exchange differences
6,440
1,988
8,428
Carrying amount at 30 June 2025
55,668
9,485
65,153
- At cost
200,871
91,027
291,898
- accumulated depreciation and impairment
(145,203)
(81,542)
(226,745)
Carrying amount at 1 July 2023
99,205
58,983
158,188
Depreciation
(27,480)
(27,950)
(55,430)
Foreign exchange differences
(807)
(435)
(1,242)
Carrying amount at 30 June 2024
70,918
30,598
101,516
- At cost
175,929
81,585
257,514
- accumulated depreciation and impairment
(105,011)
(50,987)
(155,998)
Apollo Minerals Limited ANNUAL REPORT 2025
37
4.
2025
2024
$
$
8.
EXPLORATION AND EVALUATION ASSETS
(a)
Exploration and evaluation assets by area of interest
Kroussou and Salanie Project (Gabon)(3)
7,546,153
7,546,153
Belgrade Copper Project (Serbia)(4)
1,285,640
1,285,640
Total exploration and evaluation assets
8,831,793
8,831,793
(b)
Reconciliation of carrying amount:
Carrying amount at beginning of year
8,831,793
7,546,153
Acquisition of Belgrade Copper Project (Serbia)
-
1,285,640
Balance at end of financial year(1)(2)
8,831,793
8,831,793
Notes:
(1)
The ultimate recoupment of costs carried forward for exploration and evaluation expenditure is dependent on the successful development and
commercial exploitation or sale of the respective areas of interest.
(2)
Refer to note 17 for further information on the Company’s exploration expenditure commitments.
(3) Comprises two Prospecting Licenses (Permis de Recherche G4-569 and G4-456). The Company’s Licences are valid for a three (3) year period
through to March 2028 (G4-569) and August 2025 (G4-456) respectively. The Company has lodged a renewal application for G4-456 and does
not expect based on current facts and circumstances that it will be rejected.
(4) In accordance with the Law on Mining and Geological Exploration in Serbia, Exploration Licences are issued for an initial 3-year period, followed
by two extensions of three (3) and two (2) year periods. The Company has lodged a renewal application for Studena and does not expect based
on current facts and circumstances that it will be rejected.
Divestment
During the financial year ended 30 June 2025, the Company through its wholly owned Serbian subsidiary,
Edelweiss Mineral Exploration d.o.o (“Edelweiss”), entered into a conditional binding term sheet (“Agreement”) with
Bindi Metals Limited (“Bindi” or “Purchaser”) to divest its 100% interest in the Donja Mutnica Licence and Lisa
Licence Application (and associated mining information) (together, the “Sale Assets”) (“Divestment”) which form
part of the Belgrade Copper Project in Serbia, for the following consideration:
a)
Initial Consideration – on execution of the Agreement, $200,000 in cash and 1,000,000 fully paid ordinary
shares in Bindi;
b)
Deferred Consideration – subject to the grant and transfer of Lisa within 24 months from the Agreement,
$200,000 in cash and subject to shareholder approval, 2,500,000 fully paid ordinary shares in Bindi;
c)
the grant of a 1% net smelter royalty (“NSR”) on Donja Mutnica; and
d)
the assumption of a 2% net smelter royalty on future production from the Sale Assets.
Divestment Completion is subject to the condition precedents being satisfied or waived including obtaining all
necessary regulatory, ministerial, or third party approvals required to complete the Divestment and the grant by the
relevant authorities of the tenements to Edelweiss in respect of the Lisa Licence Application. No amounts were
capitalised for the Sale Assets (as the balance relates to the Studena) and as such, there has been no adjustment
to the carrying value of the asset.
2025
2024
$
$
9.
TRADE AND OTHER PAYABLES
Trade creditors
634,871
535,309
Accrued expenses
146,468
183,166
781,339
718,475
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
(Continued)
38
Note
2025
2024
$
$
10.
CONTRIBUTED EQUITY
Issued Capital
928,456,899 (2024: 696,342,900) Ordinary Shares
10(b)
73,358,906
70,260,436
73,358,906
70,260,436
(b)
Movements in Ordinary Shares During the Past Two Years Were as Follows:
Date
Details
Number of
Ordinary Shares
$
1 Jul 2024
Opening Balance
696,342,900
70,260,436
31 Dec 2024
Issue of shares
89,099,649
1,247,396
13 Feb 2025
Issue of shares
143,014,350
2,002,201
Jul 24 to Jun 25
Share issue expenses
-
(151,127)
30 Jun 2025
Closing Balance
928,456,899
73,358,906
1 Jul 2023
Opening Balance
526,582,900
66,246,442
30 Oct 2023
Issue of acquisition securities
30,000,000
930,000
12 Dec 2023
Issue of shares
136,000,000
3,400,000
31 Jan 2024
Issue of shares
3,760,000
94,000
Jul 23 to Jun 23
Share issue expenses
-
(410,006)
30 Jun 2024
Closing Balance
696,342,900
70,260,436
(c)
Rights Attaching to Ordinary Shares
The rights attaching to fully paid ordinary shares (“Ordinary Shares”) arise from a combination of the Company's Constitution, statute and general
law. Ordinary Shares issued following the exercise of Unlisted Options or conversion of Performance Rights in accordance with Note 19 will rank
equally in all respects with the Company's existing Ordinary Shares. Copies of the Company's Constitution are available for inspection during
business hours at the Company's registered office. The clauses of the Constitution contain the internal rules of the Company and define matters
such as the rights, duties and powers of its shareholders and directors, including provisions to the following effect (when read in conjunction with the
Corporations Act 2001 or Listing Rules).
(i)
Shares
The issue of shares in the capital of the Company and options over unissued shares by the Company is under the control of the directors, subject
to the Corporations Act 2001, ASX Listing Rules and any rights attached to any special class of shares.
(ii)
Meetings of Members
Directors may call a meeting of members whenever they think fit. Members may call a meeting as provided by the Corporations Act 2001. The
Constitution contains provisions prescribing the content requirements of notices of meetings of members and all members are entitled to a notice of
meeting. A meeting may be held in two or more places linked together by audio-visual communication devices. A quorum for a meeting of members
is 2 shareholders.
(iii)
Voting
Subject to any rights or restrictions at the time being attached to any shares or class of shares of the Company, each member of the Company is
entitled to receive notice of, attend and vote at a general meeting. Resolutions of members will be decided by a show of hands unless a poll is
demanded. On a show of hands each eligible voter present has one vote. However, where a person present at a general meeting represents
personally or by proxy, attorney or representative more than one member, on a show of hands the person is entitled to one vote only despite the
number of members the person represents. On a poll each eligible member has one vote for each fully paid share held and a fraction of a vote for
each partly paid share determined by the amount paid up on that share.
(iv)
Changes to the Constitution
The Company's Constitution can only be amended by a special resolution passed by at least three quarters of the members present and voting at a
general meeting of the Company. At least 28 days' written notice specifying the intention to propose the resolution as a special resolution must be
given.
(v)
Listing Rules
Provided the Company remains admitted to the Official List, then despite anything in its Constitution, no act may be done that is prohibited by the
Listing Rules, and authority is given for acts required to be done by the Listing Rules. The Company's Constitution will be deemed to comply with
the Listing Rules as amended from time to time.
Apollo Minerals Limited ANNUAL REPORT 2025
39
Note
2025
2024
$
$
11.
RESERVES
Share based payments reserve
11(b)
763,373
1,359,598
Foreign currency translation reserve
(514,966)
(530,682)
Acquisition reserve
(2,591,970)
(2,591,970)
(2,343,563)
(1,763,054)
(a)
Nature and Purpose of Reserves
(i)
Share Based Payments Reserve
The Share Based Payments Reserve is used to record the fair value of Unlisted Options and Performance Rights
issued by the Group.
(ii)
Foreign Currency Translation Reserve
The Foreign Currency Translation Reserve is used to record exchange differences arising on translation of foreign
controlled entities. The reserve is recognised in profit or loss when the net investment is disposed of.
(iii)
Acquisition Reserve
The Acquisition Reserve is used to record historical movements for equity-based acquisitions.
(b)
Movements in share-based payments during the past two years:
Date
Details
Number of
Options
Number of
Performance
Rights
$
1 Jul 2024
Opening Balance
63,200,000
4,000,000
1,359,598
Various
Expiry of Unlisted Options
(19,400,000)
-
(653,059)
Jul 24 to Jun 25
Share-based payment expense
-
-
56,834
30 Jun 25
Closing Balance
43,800,000
4,000,000
763,373
1 Jul 2023
Opening Balance
33,050,000
8,000,000
1,193,769
Various
Issue of Unlisted Incentive Options
13,200,000
-
-
30 Oct 23
Issue of Acquisition Securities
20,000,000
-
279,095
Various
Expiry of Unlisted Options
(16,650,000)
-
(408,670)
27 Oct 23
Lapse of Performance Rights
-
(4,000,000)
-
Jul 23 to Jun 24
Share issue costs
13,600,000
-
168,314
Jul 23 to Jun 24
Share-based payment expense
-
-
127,090
30 Jun 24
Closing Balance
63,200,000
4,000,000
1,359,598
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
(Continued)
40
2025
2024
$
$
12.
ACCUMULATED LOSSES
Balance at the 1 July
(57,568,904)
(55,064,991)
Transfer from SBP Reserve upon expired incentive securities
653,059
408,670
Net loss for the year
(4,344,855)
(2,912,583)
Balance at 30 June
(61,260,700)
(57,568,904)
2025
2024
Cents
Cents
13.
EARNINGS PER SHARE
Basic and Diluted Loss per Share
(0.55)
(0.47)
2025
2024
$
$
The following reflects the income and share data used in the calculations of
basic and diluted earnings per share:
Net loss attributable to members of the Company
(4,344,855)
(2,912,583)
Earnings used in calculating basic and diluted earnings per share from
continuing operations
(4,344,855)
(2,912,583)
Number of
Ordinary
Shares
2025
Number of
Ordinary
Shares
2024
Weighted average number of Ordinary Shares used in calculating basic
and diluted earnings per share
794,841,849
623,286,507
(a)
Non-Dilutive Securities
As at 30 June 2025, there were 43,800,000 Unlisted Options and 4,000,000 Performance Rights (which represent
47,800,000 potential Ordinary Shares) which were not dilutive as they would decrease the loss per share. As at 30
June 2024, there were 63,200,000 Unlisted Options and 4,000,000 Performance Rights (which represent
67,200,000 potential Ordinary Shares) which were not dilutive as they would decrease the loss per share.
(b)
Conversions, Calls, Subscriptions or Issues after 30 June 2025
Subsequent to 30 June 2025, there have been no conversions to, calls of, or subscriptions for Ordinary Shares or
issues of potential Ordinary Shares since the reporting date and before completion of this financial report.
Apollo Minerals Limited ANNUAL REPORT 2025
41
14.
RELATED PARTIES
(a)
Key Management Personnel
Transactions with KMP, including remuneration, are included at Note 15.
(b)
Transactions with Related Parties
Balances and transactions between the Company and its subsidiaries, which are related parties of the Company,
have been eliminated on consolidation and are not disclosed in this note.
(c)
Ultimate Parent
Apollo Minerals Limited, incorporated in Australia, is the ultimate parent of the Group.
(d)
Subsidiaries
Name
Country of
Incorporation
% Equity Interest
2025
%
2024
%
Subsidiaries of Apollo Minerals at 30 June:
Apollo Iron Ore Pty Ltd
Australia
100
100
Apollo Iron Ore No 2 Pty Ltd
Australia
100
100
Apollo Iron Ore No 3 Pty Ltd
Australia
100
100
Gemini Resources Pty Ltd
Australia
100
100
Apollo (Gabon) Pty Ltd
Australia
100
100
Apollo Serbia Pty Ltd
Australia
100
100
Apollo Metals Gabon Pty Ltd
Australia
100
100
Gemini Resources (Kroussou) Limited
UK
100
100
Apollo Minerals (UK) Limited
UK
100
100
Apollo Serbia (UK) Limited
UK
100
100
Select Exploration
Mauritius
100
100
Apollo African Holdings Limited
Hong Kong
100
100
Apollo Gabon SA
Gabon
70
70
AON Exploration Gabon SA
Gabon
100
100
Select Explorations (Gabon) SA
Gabon
100
100
Edelweiss Mineral Exploration d.o.o
Serbia
100
100
Ariege Tungstene SAS
France
100
100
Variscan Mines SAS
France
100
100
NeoMetal Spania S.L.(1)
Spain
75
75
Note:
(1)
During a prior period and following the Company’s decision that it will no longer advance the Aurenere project application, the Company
commenced the process to relinquish its 75% interest in NeoMetal Spania S.L.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
(Continued)
42
15.
KEY MANAGEMENT PERSONNEL
(a)
Details of KMP
The KMP of the Group during or since the end of the financial year were as follows:
Current Directors
Mr Ian Middlemas
Chairman
Mr Neil Inwood
Managing Director
Mr Robert Behets
Non-Executive Director
Mr Ajay Kejriwal
Non-Executive Director
Mr Paul Roberts
Non-Executive Director
Unless otherwise disclosed, the KMP held their position from 1 July 2024 until the date of this report.
2025
2024
$
$
(b)
KMP Compensation
Short-term employee benefits
426,000
445,245
Post-employment benefits
32,300
32,223
Share-based payments
56,834
69,274
515,134
546,742
(c)
Loans from KMP
No loans were provided to or received from KMP during the year ended 30 June 2025 (2024: Nil).
(d)
Other Transactions
There were no other transactions with KMP during the year ended 30 June 2025.
2025
2024
$
$
16.
AUDITORS' REMUNERATION
Current Auditor – William Buck Audit (WA) Pty Ltd
Amounts received or due and receivable by William Buck for an audit or
review of the financial report of the Company
37,000
-
Other services provided by William Buck
-
-
Former Auditor – Ernst & Young
Amounts received or due and receivable by Ernst & Young for an audit or
review of the financial report of the Company
-
76,000
Other services provided by Ernst & Young - taxation
-
11,000
37,000
87,000
17.
COMMITMENTS, CONTINGENT ASSETS AND LIABILITIES
As a condition of retaining the current rights to tenure to exploration tenements, the Group is required to pay an
annual rental charge and meet minimum expenditure requirements for each tenement. The Company’s Kroussou
permit has an expenditure commitment of 2,565,896,399 CFA through to 2028. These obligations are not provided
for in the financial statements and are at the sole discretion of the Group. Tenements are subject to legislative
requirements with respect to the processes for application, grant, conversion and renewal. Tenements are also
subject to the payment of annual rent and the meeting of minimum annual expenditure commitments. There is no
guarantee that any applications, conversions or renewals for the Company’s tenements will be granted. The inability
of the Company to meet rent and expenditure requirements may adversely affect the standing of its tenements. The
Company has met all tenement expenditure commitments on its key projects as at 30 June 2025 through to their
renewal dates. As at the date of this report, no material contingent assets or liabilities had been identified as at 30
June 2025 (2024: nil).
Apollo Minerals Limited ANNUAL REPORT 2025
43
2025
2024
$
$
18.
PARENT ENTITY DISCLOSURES
(a)
Financial Position
Assets
Current Assets
922,527
2,169,440
Non-Current Assets
2,073,197
2,134,097
Total Assets
2,995,724
4,303,537
Liabilities
Current Liabilities
428,560
480,943
Total Liabilities
428,560
480,943
Equity
Contributed Equity
73,358,906
70,260,436
Reserves
763,373
1,359,598
Accumulated Losses
(71,555,115)
(67,797,440)
Total Equity
2,567,164
3,822,594
(b)
Financial Performance
Loss for the year
(4,410,732)
(2,809,456)
Other comprehensive income
-
-
Total comprehensive loss
(4,410,732)
(2,809,456)
(c)
Other
No guarantees have been entered into by the parent entity in relation to its subsidiaries (2024: nil).
19.
SHARE BASED PAYMENTS
(a)
Recognised Share Based Payment Expense
Goods or services received or acquired in a share based payment transaction are recognised as an increase in
equity if the goods or services were received in an equity-settled share based payment transaction or as a liability
if the goods and services were acquired in a cash settled share based payment transaction.
For equity-settled share based transactions, goods or services received are measured directly at the fair value of
the goods or services received provided this can be estimated reliably. If a reliable estimate cannot be made the
value of the goods or services is determined indirectly by reference to the fair value of the equity instrument granted.
From time to time, the Group also provides Unlisted Options and Performance Rights to officers, employees,
consultants and other key advisors as part of remuneration and incentive arrangements. The number of options or
rights granted, and the terms of the options or rights granted are determined by the Board. Shareholder approval is
sought where required. During the past two years, the following equity-settled share based payments have been
recognised:
2025
$
2024
$
Expense arising from equity-settled share-based payment transactions
(incentive securities)
56,834
127,090
Share based payment expense recognised in the profit or loss
56,834
127,090
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
(Continued)
44
(b)
Summary of Unlisted Options and Performance Rights Granted as Share based Payments
The following Unlisted Options were granted by the Company as share based payments during the last two years:
Type
Number
Grant Date
Expiry Date
Exercise
Price
$
Fair Value
$
Series
Series 1
Option
2,000,000
8 Sep 2023
30 Jun 2026
0.05
0.014
Series 2
Option
4,200,000
27 Nov 2023
30 Jun 2026
0.05
0.014
Series 3
Option
10,000,000
30 Oct 2023
30 Oct 2026
0.05
0.015
Series 4
Option
10,000,000
30 Oct 2023
30 Oct 2026
0.075
0.013
Series 5
Option
17,600,000
31 Jan 2024
30 Jun 2026
0.05
0.012
The following table illustrates the number and weighted average exercise prices (“WAEP”) of Unlisted Options
granted as share based payments at the beginning and end of the financial year:
2025
Number
2025
WAEP
2024
Number
2024
WAEP
Outstanding at beginning of year
63,200,000
$0.05
33,050,000
$0.07
Granted by the Company during the year
-
-
46,800,000
$0.05
Exercised during the year
-
-
-
-
Expired/cancelled during the year
(19,400,000)
($0.07)
(16,650,000)
($0.08)
Outstanding at end of year1
43,800,000
$0.06
63,200,000
$0.05
The Unlisted Options are granted based upon the following terms and conditions:
•
Each Unlisted Option entitles the holder the right to subscribe for one Ordinary Share upon the exercise of
each Unlisted Option;
•
The outstanding balance of Unlisted Options granted as share based payments on issue as at 30 June 2025
(of which all are vested and exercisable) is represented by:
•
23,800,000 Unlisted Options exercisable at $0.05 each on or before 30 June 2026;
•
10,000,000 Unlisted Options exercisable at $0.05 each on or before 30 October 2026; and
•
10,000,000 Unlisted Options exercisable at $0.075 each on or before 30 October 2026.
•
The Unlisted Options are exercisable at any time prior to the Expiry Date, subject to vesting conditions being
satisfied (if applicable);
•
Ordinary Shares issued on exercise of the Unlisted Options rank equally with the then Ordinary Shares of the
Company;
•
application will be made by the Company to ASX for official quotation of the Ordinary Shares issued upon the
exercise of the Unlisted Options;
•
If there is any reconstruction of the issued share capital of the Company, the rights of the Unlisted Option
holders may be varied to comply with the ASX Listing Rules which apply to the reconstruction at the time of
the reconstruction; and
•
No application for quotation of the Unlisted Options will be made by the Company.
Apollo Minerals Limited ANNUAL REPORT 2025
45
The following table illustrates the number and WAEP of Performance Rights granted as share based payments at
the beginning and end of the financial year:
2025
Number
2025
WAEP
2024
Number
2024
WAEP
Outstanding at beginning of year
4,000,000
-
8,000,000
-
Conversion of Performance Rights
-
-
-
-
Expiry/Lapse of Performance Rights
-
-
(4,000,000)
-
Issue of Performance Rights
-
-
-
-
Outstanding at end of year
4,000,000
-
4,000,000
-
The Performance Rights are granted based upon the following terms and conditions:
•
Each Performance Right automatically converts into one Ordinary Share upon vesting of the Performance
Right;
•
Each Performance Right is subject to performance conditions (as determined by the Board from time to time)
which must be satisfied in order for the Performance Right to vest;
•
The outstanding balance of Performance Rights granted as share based payments on issue as at 30 June
2025 is represented by:
o
Resource Milestone - 2,000,000 performance rights that vest upon the completion and announcement
by the Company to ASX of the delineation of a Mineral Resource estimate (comprising any one or more
of the categories of Mineral Resources and prepared and reported in accordance with the JORC Code
by an external competent person) of at least 500,000 tonnes of contained Zn+Pb at a grade of at least
0.5% Zn+Pb or the equivalent minerals at the Company’s projects in Gabon, on or before 17 June
2026; and
o
Study Milestone - 2,000,000 performance rights that vest upon the completion and announcement by
the Company to ASX of the results of a Scoping Study or Feasibility Study (as defined, prepared and
reported in accordance with the JORC Code) at the Company’s projects in Gabon, on or before 17
June 2027.
•
Ordinary Shares issued on conversion of the Performance Rights rank equally with the Ordinary Shares of
the Company;
•
Application will be made by the Company to ASX for official quotation of the Ordinary Shares issued upon
conversion of the Performance Rights;
•
If there is any reconstruction of the issued share capital of the Company, the rights of the Performance Right
holders may be varied to comply with the ASX Listing Rules which apply to the reconstruction at the time of
the reconstruction;
•
No application for quotation of the Performance Rights will be made by the Company; and
•
Without approval of the Board, Performance Rights may not be transferred, assigned or novated, except,
upon death, a participant's legal personal representative may elect to be registered as the new holder of
such Performance Rights and exercise any rights in respect of them.
(c)
Weighted Average Remaining Contractual Life
The weighted average remaining contractual life for the Unlisted Options outstanding at 30 June 2025 is 1.15 years
(2024: 1.71 years). The weighted average remaining contractual life for the Performance Rights outstanding at 30
June 2025 is 1.46 years (2024: 2.46 years).
(d)
Range of Exercise Prices
The range of exercise prices of Unlisted Options outstanding at 30 June 2025 is $0.05 to $0.075 (2024: $0.05 to
$0.075).
(e)
Weighted Average Fair Value
The weighted average fair value of Unlisted Options and Performance Rights granted during the year ended 30
June 2025 is nil (2024: $0.0125).
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
(Continued)
46
19. SHARE BASED PAYMENTS (Continued)
(f)
Unlisted Option and Performance Rights Pricing Model
The fair value of Unlisted Options granted is estimated as at the date of grant using the Black-Scholes option
valuation model taking into account the terms and conditions upon which the Unlisted Options were granted. The
fair value of Performance Rights granted is estimated as at the date of grant based on the underlying share price.
The following tables list the inputs to the valuation model used for Unlisted Options granted by the Company during
the years ended 30 June 2025 and 30 June 2024:
Inputs
Series 1
Series 2
Series 3
Series 4
Series 5
Exercise Price ($)
0.05
0.05
0.05
0.075
0.05
Grant date share
price ($)
0.031
0.031
0.031
0.031
0.030
Dividend yield(1)
-
-
-
-
-
Volatility(2)
90%
90%
90%
90%
90%
Risk free interest rate
3.785%
4.231%
4.370%
4.370%
3.630%
Grant date
8 Sep 23
27 Nov 23
30 Oct 23
30 Oct 23
31 Jan 24
Expiry date
30 Jun 26
30 Jun 26
30 Oct 26
30 Oct 26
30 Jun 26
Expected life of
option(3)
2.81
2.59
3.00
3.00
2.41
Fair value at grant
date ($)
0.014
0.014
0.015
0.013
0.012
Notes:
(1)
The dividend yield reflects the assumption that the current dividend payout will remain unchanged.
(2)
The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual
outcome.
(3)
The expected life of the options is based on the expiry date of the options as there is limited track record of the early exercise of options.
20. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(a)
Overview
The Group's principal financial instruments comprise equity securities, receivables, payables, cash and short-term
deposits. The main risks arising from the Group's financial instruments are interest rate risk, foreign currency risk,
credit risk and liquidity risk. This note presents information about the Group's exposure to each of the above risks,
its objectives, policies and processes for measuring and managing risk, and the management of capital. Other than
as disclosed, there have been no significant changes since the previous financial year to the exposure to, or
management of, these risks.
The Group manages its exposure to key financial risks in accordance with the Group's financial risk management
policy. Key risks are monitored and reviewed as circumstances change (e.g. acquisition of a new project) and
policies are revised as required. The overall objective of the Group's financial risk management policy is to support
the delivery of the Group's financial targets whilst protecting future financial security.
Given the nature and size of the business and uncertainty as to the timing and amount of cash inflows and outflows,
the Group does not enter into derivative transactions to mitigate the financial risks. In addition, the Group's policy
is that no trading in financial instruments shall be undertaken for the purposes of making speculative gains. As the
Group's operations change, the Directors will review this policy periodically going forward. The Board of Directors
has overall responsibility for the establishment and oversight of the risk management framework. The Board reviews
and agrees policies for managing the Group's financial risks as summarised below.
Apollo Minerals Limited ANNUAL REPORT 2025
47
(b)
Credit Risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
meet its contractual obligations. This arises principally from cash and cash equivalents and trade and other
receivables. There are no significant concentrations of credit risk within the Group. The carrying amount of the
Group's financial assets represents the maximum credit risk exposure, as represented below:
2025
2024
$
$
Cash and cash equivalents
1,260,818
2,253,142
Other receivables
31,159
40,011
1,291,977
2,293,153
Other receivables are comprised primarily of GST/VAT refunds due. Where possible the Group trades only with
recognised, creditworthy third parties. It is the Group's policy that all customers who wish to trade on credit terms
are subject to credit verification procedures. With respect to credit risk arising from cash and cash equivalents, the
Group's exposure to credit risk arises from default of the counter party, with a maximum exposure equal to the
carrying amount of these instruments.
(c)
Liquidity Risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Board's
approach to managing liquidity is to ensure, as far as possible, that the Group will always have sufficient liquidity to
meet its liabilities when due. At 30 June 2025, the Group had sufficient liquid assets (including listed securities) to
meet its financial obligations. The contractual maturities of financial liabilities are provided below. There are no
netting arrangements in respect of financial liabilities.
Group
≤6 Months
$
6-12
Months
$
1-5 Years
$
≥5 Years
$
Total
$
2025
Financial Liabilities
Trade and other payables
781,339
-
-
-
781,339
781,339
-
-
-
781,339
2024
Financial Liabilities
Trade and other payables
718,475
-
-
-
718,475
718,475
-
-
-
718,475
(d)
Commodity Price Risk
The Group is exposed to commodity price risk. These commodity prices can be volatile and are influenced by factors
beyond the Group's control. As the Group is currently engaged in exploration and business development activities,
no sales of commodities are forecast for the next 12 months, and accordingly, no hedging or derivative transactions
have been used to manage commodity price risk.
(e)
Capital Management
The Board's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence
and to sustain future development of the business. Given the stage of development of the Group, the Board's
objective is to minimise debt and to raise funds as required through the issue of new shares. There were no changes
in the Group's approach to capital management during the year.
The Group is not subject to externally imposed capital requirements.
(f)
Fair Value
At 30 June 2025 and 30 June 2024, the carrying value of the Group’s financial assets and liabilities approximate
their fair value. The methods for estimating fair value are outlined in the relevant notes to the financial statements.
Refer to Note 6 for investments held at fair value.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
(Continued)
48
(g)
Interest Rate Risk
The Group's exposure to the risk of changes in market interest rates relates primarily to the cash and short-term
deposits with a floating interest rate.
These financial assets with variable rates expose the Group to cash flow interest rate risk. All other financial assets
and liabilities, in the form of equity securities, receivables and payables are non-interest bearing.
At the reporting date, the interest rate profile of the Group's interest-bearing financial instruments was:
2025
2024
$
$
Interest-bearing financial instruments
Cash at bank and on hand
1,260,818
2,253,142
1,260,818
2,253,142
The Group currently does not engage in any hedging or derivative transactions to manage interest rate risk.
Interest rate sensitivity
A sensitivity of +/-1% has been selected as this is considered reasonable given the current level of both short term
and long term interest rates. A +/-1% movement in interest rates at the reporting date would have increased
(decreased) equity and profit and loss by the amounts shown below. This analysis assumes that all other variables,
remain constant. The analysis is performed on the same basis for the prior year.
Profit or loss
Increase
Decrease
2025
Group
Cash and cash equivalents
12,576
(8,729)
2024
Group
Cash and cash equivalents
22,409
(21,429)
(h)
Foreign Currency Risk
The Group's Statement of Financial Position and Statement of Profit or Loss and Other Comprehensive Income can
be affected by movements in exchange rates. The Group also has transactional currency exposures. Such exposure
arises from transactions denominated in currencies other than the functional currency of the entity.
The Group operates internationally and is exposed to foreign exchange risk arising from various currency
exposures, primarily with respect to the Euro, the Central African CFA franc and the Serbian dinar. Foreign
exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a
currency that is not the entity’s functional currency and net investments in foreign operations. The Group has not
formalised a foreign currency risk management policy however it monitors its expenditure in light of exchange rate
movements. The functional currency of the subsidiary companies incorporated in France, Gabon and Serbia is the
Euro, Central African CFA franc and Serbian dinar respectively. All parent and remaining subsidiaries balances are
in Australian dollars. The Group does not have any material exposure to foreign currency risk relating to the Euro,
the Central African CFA franc or the Serbian dinar. It is the Group’s policy not to enter into any hedging or derivative
transactions to manage foreign currency risk.
Foreign exchange rate sensitivity
At the reporting date, there would be no significant impact on profit or loss or other comprehensive income from an
appreciation or depreciation in the A$ to the Euro, Central African CFA franc or Serbian dinar as foreign currency
gains or losses on the above financial assets and liabilities are primarily recorded through the foreign currency
translation reserve as discussed above.
Apollo Minerals Limited ANNUAL REPORT 2025
49
(i)
Equity Price Risk
The Group is exposed to equity securities price risk. This arises for the listed ordinary shares held by the Group
which are classified in the Statement of Financial Position as financial assets at fair value through profit or loss:
Equity price sensitivity
A sensitivity of 50% has been selected as this is considered reasonable given the recent trading and volatility of
listed ASX securities. The sensitivity analyses below have been determined based on the exposure to equity price
risks at the reporting date. This analysis assumes that all other variables remain constant.
Profit or loss
50%
Increase
50%
Decrease
2025
Group
Australian listed equity securities
158,506
(158,506)
2024
Group
Australian listed equity securities
189,754
(189,754)
21. SEGMENT INFORMATION
AASB 8 requires operating segments to be identified on the basis of internal reports about components of the Group
that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and
to assess its performance.
The Group currently operates in one segment, being exploration for mineral resources. This is the basis on which
internal reports are provided to the Directors for assessing performance and determining the allocation of resources
within the Group. Information regarding the non-current assets by geographical location is reported below.
(a)
Reconciliation of Non-current Assets by geographical location
2025
$
2024
$
Gabon
7,611,306
7,647,669
Australia
318,600
379,500
Serbia
1,285,640
1,285,640
9,215,546
9,312,809
22. EVENTS SUBSEQUENT TO BALANCE SHEET DATE
As at the date of this report, there are no matters or circumstances which have arisen since 30 June 2025 that have
significantly affected or may significantly affect:
•
the operations, in financial years subsequent to 30 June 2025, of the Group;
•
the results of those operations, in financial years subsequent to 30 June 2025, of the Group; or
•
the state of affairs, in financial years subsequent to 30 June 2025, of the Group.
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
50
The consolidated entity disclosure statement has been prepared in accordance with subsection 295(3A)(a) of the
Corporations Act 2001. The entities listed in the statement are Apollo Minerals Limited and all the entities it controls
in accordance with AASB 10 Consolidated Financial Statements.
The percentage of share capital disclosed for bodies corporate included in the statement represents the economic
interest controlled and consolidated by Apollo Minerals Limited’s financial statements.
In relation to the tax residency information included in the statement, judgement may be required in the
determination of the residency of the entities listed. In developing the disclosures in the statement, the directors
have utilised internal documentation to support the determination of tax residency.
Name of Controlled Entity
Country of
Incorporation
Entity Type
Trustee,
partner or
participant
in a JV
% of
Shares
held 2025
Australian or
Foreign
Resident
Foreign
Jurisdiction
of Foreign
Resident
Apollo Minerals Limited
Australia
Body Corporate
-
N/A
Australia
N/A
Apollo Iron Ore Pty Ltd
Australia
Body Corporate
-
100
Australia
N/A
Apollo Iron Ore No 2 Pty Ltd
Australia
Body Corporate
-
100
Australia
N/A
Apollo Iron Ore No 3 Pty Ltd
Australia
Body Corporate
-
100
Australia
N/A
Gemini Resources Pty Ltd
Australia
Body Corporate
-
100
Australia
N/A
Apollo (Gabon) Pty Ltd
Australia
Body Corporate
-
100
Australia
N/A
Apollo Serbia Pty Ltd
Australia
Body Corporate
-
100
Australia
N/A
Apollo Metals Gabon Pty Ltd
Australia
Body Corporate
-
100
Australia
N/A
Gemini
Resources
(Kroussou)
Limited
UK
Body Corporate
-
100
Foreign
United
Kingdom
Apollo Minerals (UK) Limited
UK
Body Corporate
-
100
Foreign
United
Kingdom
Apollo Serbia (UK) Limited
UK
Body Corporate
-
100
Foreign
United
Kingdom
Select Exploration
Mauritius
Body Corporate
-
100
Foreign
Mauritius
Apollo African Holdings Limited
Hong Kong
Body Corporate
-
100
Foreign
Hong
Kong/United
Kingdom
Apollo Gabon SA
Gabon
Body Corporate
-
70
Foreign
Gabon
AON Exploration Gabon SA
Gabon
Body Corporate
-
100
Foreign
Gabon
Select Explorations (Gabon) SA
Gabon
Body Corporate
-
100
Foreign
Gabon
Edelweiss Mineral Exploration d.o.o
Serbia
Body Corporate
-
100
Foreign
Serbia
Ariege Tungstene SAS
France
Body Corporate
-
100
Foreign
France
Variscan Mines SAS
France
Body Corporate
-
100
Foreign
France
NeoMetal Spania S.L.
Spain
Body Corporate
-
75
Foreign
Spain
DIRECTORS’ DECLARATION
Apollo Minerals Limited ANNUAL REPORT 2025
51
In accordance with a resolution of the directors of Apollo Minerals Limited:
1.
In the opinion of the directors:
(a)
the attached financial statements, notes and the additional disclosures included in the directors' report
designated as audited, are in accordance with the Corporations Act 2001, including:
(i)
section 296 (compliance with accounting standards and Corporations Regulations 2001); and
(ii)
section 297 (gives a true and fair view of the financial position as at 30 June 2025 and of the
performance for the year ended on that date of the Group);
(b)
subject to the matters set out in Note 1(d), there are reasonable grounds to believe that the Company
will be able to pay its debts as and when they become due and payable; and
(c)
the consolidated entity disclosure statement required by section 295(3A) of the Corporations Act 2001
is true and correct.
2.
The attached financial statements and notes thereto are in compliance with International Financial Reporting
Standards, as stated in Note 1(b) to the financial statements.
3.
The Directors have been given a declaration required by section 295A of the Corporations Act 2001 for the
financial year ended 30 June 2025.
On behalf of the Board
NEIL INWOOD
Managing Director
Perth, 26 September 2025
Independent auditor’s report to the members of Apollo Minerals
Limited
Report on the audit of the financial report
Our opinion on the financial report
In our opinion, the accompanying financial report of Apollo Minerals Limited (the Company) and its
subsidiaries (the Group) is in accordance with the Corporations Act 2001, including:
— 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
— complying with Australian Accounting Standards and the Corporations Regulations 2001.
What was audited?
We have audited the financial report of 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 for the year then ended,
— the consolidated statement of changes in equity for the year then ended,
— the consolidated statement of cash flows for the year then ended,
— notes to the financial statements, including material accounting policy information,
— the consolidated entity disclosure statement, and
— the directors’ declaration.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s responsibilities for the audit of the financial report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of
the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards
Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the
Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material uncertainty related to going concern
We draw attention to Note 1(d) in the financial report, which indicates that the Group has incurred a loss
after tax of $4,353,623 and had net cash outflows from operations and investing activities of $4,090,793 for
the year ended 30 June 2025. As stated in Note 1 (d), these events or conditions, along with other matters
as set forth in Note 1 (d), indicate that a material uncertainty exists that may cast significant doubt on the
Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial report of the current period. These matters were addressed in the context of our audit
of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. In addition to the matter described in the Material uncertainty related to going
concern section, we have determined the matter described below to be the key audit matter to be
communicated in our report.
Carrying Value
of Exploration
and Evaluation
Assets
(refer also to
notes 1(v),
1(bb(i)) and (8)
Area of Focus
As at 30 June 2025, the carrying value of
the Group’s exploration and evaluation
assets amounted to $8,831,793 which
relates to the Kroussou Project (Gabon)
and Belgrade Copper Project (Serbia). The
carrying value of these costs represent a
significant asset of the Group.
This is a key audit matter due to the fact
that significant judgement is applied in
determining whether the capitalised
exploration costs continue to meet the
recognition criteria of AASB 6 Exploration
for and Evaluation of Mineral Resources.
How our audit addressed the key
audit matter
Our procedures focused on evaluating
management’s assessment of whether
the exploration and evaluation assets
continue to meet the recognition
criteria of AASB 6 Exploration for and
Evaluation of Mineral Resources and
includes the following:
-
Obtained evidence that the Group
has valid rights to explore the areas
represented by the capitalised
exploration and evaluation assets
(‘areas of interest”);
-
Enquired of management and
reviewed the cashflow forecast to
verify that substantive expenditure
on further exploration for and
evaluation of the mineral resources
in the Group’s areas of interest is
planned;
-
Enquired of management, reviewed
the ASX announcements made and
minutes of directors’ meetings to
verify that the Group had not
decided to discontinue activities in
any of its areas of interest;
-
Reviewed management’s
impairment assessment on the
carrying value of exploration and
evaluation assets as at 30 June
2025. We have also assessed the
basis of management’s assessment
that renewal applications for
licenses which have expired are not
expected be rejected; and
-
Assessed the adequacy of the
related disclosures in the financial
report
Other Information
The directors are responsible for the Other Information. The Other Information comprises the information
contained in 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.
Other matter
The financial report of the Group for the year ended 30 June 2024, was audited by another auditor who
expressed an unmodified opinion on the financial report on 25 September 2024.
Responsibilities of the directors for the financial report
The directors of the Company are responsible for the preparation of:
— the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
— 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:
— the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view and is free from material misstatement, whether due to fraud or error; and
— the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether
due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with the Australian Auditing Standards will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at:
https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Our opinion on the Remuneration Report
In our opinion, the Remuneration Report of Apollo Minerals Limited (the Company) and its subsidiaries
(the Group), for the year ended 30 June 2025, complies with section 300A of the Corporations Act 2001.
What was audited?
We have audited the Remuneration Report included in pages 14 to page 19 of the directors’ report for
the year ended 30 June 2025.
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.
William Buck Audit (WA) Pty Ltd
ABN 67 125 012 124
Amar Nathwani
Director
Dated this 26th day of September 2025
CORPORATE GOVERNANCE STATEMENT
57
Apollo Minerals Limited (“Apollo Minerals” or “Company”) and the entities it controls believe corporate governance
is important for the Company in conducting its business activities.
The Board of Apollo Minerals has adopted a suite of charters and key corporate governance documents which
articulate the policies and procedures followed by the Company.
These documents are available in the Corporate Governance section of the Company’s website,
www.apollominerals.com. These documents are reviewed annually to address any changes in governance
practices and the law.
The Company’s 2025 Corporate Governance Statement, which explains how Apollo Minerals complies with the
ASX Corporate Governance Council’s ‘Corporate Governance Principles and Recommendations – 4th Edition’ in
relation to the year ended 30 June 2025, is available in the Corporate Governance section of the Company’s
website, www.apollominerals.com and will be lodged with ASX together with an Appendix 4G at the same time that
this Annual Report is lodged with ASX.
In addition to the ASX Corporate Governance Council’s ‘Corporate Governance Principles and Recommendations
– 4th Edition’ the Board has taken into account a number of important factors in determining its corporate
governance policies and procedures, including the:
•
relatively simple operations of the Company, which currently only undertakes mineral exploration and
development activities;
•
cost verses benefit of additional corporate governance requirements or processes;
•
size of the Board;
•
Board’s experience in the resources sector;
•
organisational reporting structure and number of reporting functions, operational divisions and employees;
•
relatively simple financial affairs with limited complexity and quantum;
•
relatively small market capitalisation and economic value of the entity; and
•
direct shareholder feedback.
ASX ADDITIONAL INFORMATION
Apollo Minerals Limited ANNUAL REPORT 2025
58
The shareholder information set out below was applicable as at 31 August 2025.
1.
TWENTY LARGEST SHAREHOLDERS
The names of the twenty largest shareholders are listed below:
Name
Number of
Ordinary
Shares
Percentage of
Ordinary Shares
Capital DI Limited
56,689,286
6.11%
BNP Paribas Nominees Pty Ltd
49,626,551
5.35%
Arredo Pty Ltd
44,400,000
4.78%
BNP Paribas Nominees Pty Ltd
40,006,690
4.31%
BNP Paribas Noms Pty Ltd
39,187,627
4.22%
Ropa Investments (Gibraltar) Limited
30,000,000
3.23%
6466 Investments Pty Ltd
29,142,703
3.14%
Bouchi Pty Ltd
24,283,000
2.62%
BNP Paribas Nominees Pty Ltd
24,156,478
2.60%
Correze Pty Ltd
22,666,666
2.44%
Oceanview Road Pty Ltd
20,000,000
2.15%
Mrs Judi Marie Rudd
15,000,000
1.62%
Mr Thomas James Loh
14,000,000
1.51%
Vidog Capital Pty Ltd
14,000,000
1.51%
Juniper Capital Partners Limited
13,125,005
1.41%
Mr Kashif Naseem Afzal
13,125,000
1.41%
HSBC Custody Nominees (Australia) Limited
12,908,531
1.39%
JP Morgan Nominees Australia Pty Limited
12,500,000
1.35%
Crystal Brook Investments Pty Ltd
12,100,000
1.30%
GP Securities Pty Ltd
11,399,997
1.23%
Total Top 20
498,317,534
53.67%
Others
430,139,365
46.33%
Total Ordinary Shares on Issue
928,456,899
100%
2.
DISTRIBUTION OF EQUITY SECURITIES
Analysis of numbers of holders by size of holding:
Ordinary Shares
Distribution
Number of
Shareholders
Number of
Shares
%
Ordinary Shares
1 – 1,000
92
23,777
-
1,001 – 5,000
110
362,369
0.04
5,001 – 10,000
78
615,919
0.06
10,001 – 100,000
291
13,523,139
1.46
More than 100,000
349
913,931,695
98.44
Totals
920
928,456,899
100
There were 524 holders of less than a marketable parcel of ordinary shares.
3.
VOTING RIGHTS
See Note 10 of the Notes to the Financial Statements.
Apollo Minerals Limited ANNUAL REPORT 2025
59
4.
SUBSTANTIAL SHAREHOLDERS
Substantial Shareholder notices have been received from the following:
Substantial Shareholder
Number of Shares
Capital DI Limited
56,689,286
5.
ON-MARKET BUY BACK
There is currently no on-market buy back program for any of Apollo Minerals Limited's listed securities.
6.
MINERAL RESOURCES STATEMENT
To date, the Company has not reported any Mineral Resources or Ore Reserves.
7.
EXPLORATION INTERESTS
As at 31 August 2025, the Company has an interest in the following projects:
Project Name
Permit Number
Percentage Interest
Status
Kroussou Project, Gabon
G4-569
100(1)
Granted
G4-456
100(1)
Granted
Couflens Project, France
Couflens PER
Nil(2)
Cancelled(2)
Notes:
(1)
The Kroussou project comprises two Prospecting Licenses (Permis de Recherche G4-569 and G4-456) that cover 2,363.5km2 in the Ngounié
Province, western Gabon. The ‘permis de recherche minière’ G4-569 (Exploration Licence or Licence) covers 986.5km2 and G4-456 covers
1,377km2, together they contain the entirety of the Company’s flagship Kroussou Project. The Company’s Licences are valid for a three (3)
year period through to March 2028 and August 2025 (the Company has lodged the renewal) respectively.
(2)
In June 2020, the Bordeaux Court of Appeals confirmed the cancellation of the Couflens PER. In late June 2022, the Conseil d’Etat, the
highest court in France, delivered a ruling that annulled the decision of the Court of Bordeaux, considering that the procedure of consultation
was regular, and referred the case back to the Court of Bordeaux for retrial. Taking the original ruling by the Bordeaux Court of Appeals into
account, Apollo Minerals and its French subsidiaries filed a claim for compensation before the Administrative Court of Toulouse. The Company
is awaiting the court’s decision. The Company will inform the market of material developments as they occur.
The Belgrade Copper Project includes the following tenements:
Licence Name
Commodities1
Area (km2)
Issue Date
Expiry Date2
Studena
Cu, Au and accompanying elements
55.21
08.12.2021
08.12.2024
Kopajska Reka
Cu, Au and accompanying elements
66.30
Application
-
Lisa
Cu, Au and accompanying elements
30.17
Application
-
Note 1: Exclusive right to explore for stated commodities.
Note 2: In accordance with the Law on Mining and Geological Exploration (Gazette RS 101/2015), the Exploration Licences are
issued for an initial 3-year period, followed by two extensions of three (3) and two (2) year periods.
8.
UNQUOTED SECURITIES
The names of the security holders holding 20% or more of the unlisted class of security at 31 August 2025, other
than those unlisted securities issued or acquired under an employee incentive scheme, are listed below:
Holder
30-Oct-26
Unlisted
Options
exercisable at
$0.05
30-Oct-26
Unlisted
Options
exercisable at
$0.075
17-Jun-26
Performance
Rights –
Resource
Milestone
17-Jun-27
Performance
Rights –
Scoping
Study
Milestone
30-Jun-26
Unlisted
Options
exercisable at
$0.05
Ropa Investments
(Gibraltar) Limited
10,000,000
10,000,000
-
-
-
Lone Jet Pty Ltd
-
-
4,000,000
4,000,000
-
Zenix Nominees Pty Ltd
-
-
-
-
13,600,000
Others
-
-
-
-
10,200,000
Total
10,000,000
10,000,000
4,000,000
4,000,000
23,800,000
Total Number of Holders
1
1
1
1
9
ASX ADDITIONAL INFORMATION
(Continued)
60
Competent Person Statement
The information in this reports that relates to previous Exploration Results are extracted from the Company’s ASX announcements dated 4 June 2025,
5 May 2025, 18 December 2024, 11 December 2024, 21 November 2024, 26 August 2024, 26 April 2024, 15 April 2024, 19 December 2023, 15
November 2023, 13 September 2023, and 29 August 2023. These announcements are available to view on the Company’s website at
www.apollominerals.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in
the original ASX announcements; that all material assumptions and technical parameters underpinning the content in the relevant ASX announcements
continues to apply and have not materially changed; and that the form and context in which the relevant Competent Person’s findings are presented
have not been materially modified from the original ASX announcements.
KROUSSOU: INITIAL EXPLORATION TARGET
The information in this announcement that relates to the estimation of the Exploration Target is based upon information compiled by Ms Vannessa
Clark-Mostert, a Competent Person who is a member of the South African Council for Natural Scientific Professionals Pr. Sci. Nat. No. 400161/07.
and a fellow of the Geological Society of South Africa. Ms Clark-Mostert is an independent consultant to Apollo Minerals and has sufficient experience
that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being undertaken, to qualify as a Competent
Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC
Code). Ms Clark-Mostert consents to the inclusion in the announcement of the matters based on his information in the form and context in which it
appears.
The Exploration Target is based upon analysis of exploration data, including diamond drilling, geochemical analyses and geophysical surveys which
have been undertaken over the project since 2017. Since 2017, there have been a total of 231 diamond holes drilled for 12,275m and 5,470 samples
at Target Prospects 6, 8, 10, 11 and 13. Additionally, there were 447 diamond holes drilled for 7,865m from the 1960’s to the 1970’s undertaken by
the Bureau de Recherches Géologiques et Minières (“BRGM”) of which only 164 holes have assays. As the BRGM holes were only sporadically
sampled, only drilling undertaken by the Company (2021, 2022) and Trek Metals Limited (“Trek”) (2017, 2018) was utilised to inform the grade
estimation. There has been extensive mapping of the basement contact over the entire permit length for G4-569, along with 12,000 soil geochemical
samples, 270 stream samples and 653 rock chip samples taken. These combined data sets informed the areas selected for inclusion in the
Exploration Target.
The process used to estimate the Exploration Target involved is summarised below and included the following main steps:
•
Embayment/paleochannel area limits were outlined and verified against available mapping, geophysics, sampling and drilling
information;
•
A 3D evaluation of drill hole information utilising sectional interpretation was undertaken to assess geological and mineralised continuity
of the data, while assessing the Zn+Pb% cut off grades of 1% and 2%;
•
Only drillholes drilled by the Company and Trek were utilised to determine grade ranges, whereas drillholes from BRGM were utilised to
supplement continuity interpretation;
•
Maximum, minimum and average width and grade intersections were determined for each applied grade cut-off at each Target Prospect;
•
Volumes were determined based on weighted average mineralised widths for the applied cut-offs within the validated paleochannel area
limits;
•
The applied cut-offs resulted in volume estimates from which tonnage ranges were determined utilising the weighted density
measurements taken for each Target Prospect;
•
Based on the drillhole data density, the confidence in mapping, geophysical information, and qualitative geological risk, modifying factors
were also applied to the raw tonnage estimates. The modifying factors applied ranged from a 35% to 60% discount applied to the tonnage
ranges for each Target Prospect;
•
Maximum and minimum tonnage and grade ranges were determined utilising the results for the 1% and 2% Zn+Pb estimates post
application of modifying factors; and
•
TP11 (Dikaki) which contains a significant proportion of information, underwent additional review and estimation using a more detailed
3D model and comparison to a separate outside estimate.
Exploration activities to test the Exploration Target include: Analysis of regional drilling and exploration completed at TP13 and TP8 in preparation
for the 2023 field season; Additional surface exploration programs at additional Target Prospects comprising soil sampling, geological mapping, rock
chip sampling to generate new targets; Drill targeting to test mineralised trends in the Target Prospects included in the defined Exploration Target.
This work is envisaged to include infill and extensional drilling at TP11, and phase 2 drill testing at TP13 and TP6; Further drill testing of multiple
targets across the Project area after ranking and prioritisation considering additional target. This work is envisaged to commence in the field season;
with planning and interpretation work currently being undertaken.
Forward Looking Statements
Statements regarding plans with respect to Apollo Minerals’ projects are forward-looking statements. There can be no assurance that the Company’s
plans for development of its projects will proceed as currently expected. These forward-looking statements are based on the Company’s expectations
and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which
are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no
undertaking to subsequently update or revise the forward-looking statements made in this report, to reflect the circumstances or events after the
date of that report.
Level 9, 28 The Esplanade,
Perth WA 6000 Australia
+61 8 9322 6322
www.apollominerals.com
info@apollominerals.com