AURIS MINERALS LIMITED
ANNUAL REPORT
30 JUNE 2023
ABN 77 085 806 284
DIRECTORS
Neville Bassett
Craig Hall
Mike Hendriks
Non-Executive Chair
Non-Executive Director
Managing Director
COMPANY SECRETARY
Chris Achurch
AUSTRALIAN BUSINESS NUMBER
77 085 806 284
REGISTERED AND PRINCIPAL OFFICE
Level 1, 18 Richardson Street
West Perth, Western Australia 6005
PO Box 298
West Perth, Western Australia 6872
Telephone: (+61-8) 6109 4333
Email: general@aurisminerals.com.au
Website: www.aurisminerals.com.au
SHARE REGISTRY
Automic Pty Ltd
Level 5, 191 St George’s Terrace
Perth, Western Australia 6000
Telephone (+61-8) 9324 2099
Email: hello@automic.com.au
Website: www.automicgroup.com.au
AUDITORS
Elderton Audit Pty Ltd
Level 32, 152 St Georges Terrace
Perth, Western Australia 6000
AUSTRALIAN SECURITIES EXCHANGE
Level 40, Central Park
152-158 St Georges Terrace
Perth, Western Australia 6000
ASX CODES
Ordinary Shares: AUR
Options: AURO
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
1 | P a g e
CONTENTS
Chair’s Letter
Directors’ Report
Schedule of Mining Tenements
Additional Shareholder Information
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 Cashflows
Notes to the Consolidated Financial Reports
Directors’ Declaration
Independent Auditor’s Review Report
3
4
16
17
21
22
23
24
25
26
47
48
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
2 | P a g e
CHAIR’S LETTER
Dear valued Shareholder,
I am pleased to present you with the Auris Minerals Annual Report for the financial year ended 30 June 2023
(“FY 2023”).
The past financial year has been another important period of opportunity and refinement for Auris, as the
Company continued its targeted and prudent approach to exploring its project portfolio in the Bryah Basin of
Western Australia.
A key step change during FY 2023 was the withdrawal of Sandfire Resources (SFR) from the Morck Well and
Doolgunna Joint Venture in January, which saw Auris resume a controlling 80% interest in the respective
projects.
During the five-year tenure of the JV, Sandfire undertook a committed search for another large-scale copper
deposit in the Bryah Basin to replace the world-class DeGrussa and Monty assets and this was driven by a
significant exploration spend across the Joint Ventures.
Although SFR did not discover another major copper resource, the considerable amount of exploration work
completed did reveal an excellent suite of promising gold and base metal zones that have formed the focus of
our recent drilling campaigns in the region. Our technical team remains optimistic on the potential of the Morck
Well Project area, and we believe this ground has the scope to host some of the most gold prospective ground
in the Bryah Basin. This view has been supported by several high-grade gold intersections in drilling completed
by SFR including 7 metres at 6.09g/t Au from 48 metres and 5 metres at 4.76gt/t gold from 70 metres.
At the time of writing, Auris had recently completed an extensive Air Core drilling programme totalling 68 holes
for 6,203m to further evaluate four gold targets and a base metal/manganese target located within the Morck
Well (AUR 80%, CUF 20%), Feather Cap (AUR 100%) and Cashman (100%)/Cheroona (AUR 70%, NST 30%)
projects. As reported in early August, this programme returned several interesting results – including a significant
gold intersection at the Jacques East prospect of 15 metres at 4.11g/t Au from 35 metres including 4 metres at
12.8gt Au from 38 metres. Encouraged by these and other significant lead, zinc and manganese values, our
team is evaluating the results and follow-up exploration plans.
On the corporate front, your Board continues to prudently manage operating costs and as part of this process
we completed a systematic rationalisation of non-core tenements during the year. This included relinquishing
the Horseshoe and Milgun Projects and some of the Cashman and surrounding small tenements.
The Company also noted a change in our substantial shareholders following the sale of shares held by
liquidators on behalf of former major shareholder Investmet.
Auris enters the new financial year adequately capitalised with a cash position of $2.56M, allowing our team to
actively review several new project opportunities both domestically and abroad that we believe have the potential
to generate significant value for our shareholders.
Auris remains committed to delivering maximum value from our landholding in the Bryah Basin, whilst we also
work to provide our shareholders with exposure to new opportunities that align with our copper, gold and base
metals focus.
The Board would like to take this opportunity to thank our Shareholders for their continued support and we look
forward to providing updates from across the business as we work hard to grow shareholder value this year.
Yours sincerely,
NEVILLE BASSETT
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
3 | P a g e
DIRECTORS’ REPORT
The directors present their report together with the financial report of Auris Minerals Limited (the Company or
Auris), for the year ended 30 June 2023 and the auditor’s report thereon.
1. Directors and officers
Directors
The directors of the Company at any time during or since the end of the financial year are:
Name
Period of Directorship
Mr Neville Bassett – Non-Executive Chair
Appointed 20 April 2018
Mr Craig Hall – Non-Executive Director
Appointed 1 August 2018
Mr Mike Hendriks – Managing Director
Appointed 20 November 2020
The qualifications, experience, interest in shares and options, and other directorships of the directors in office
at the date of this report and during the financial year are:
Current Directors
Neville Bassett
Non-Executive Chair
Experience and expertise
Mr Bassett is a Chartered Accountant specialising in corporate, financial
and management advisory services. He has been involved with numerous
public company listings and capital raisings, mergers and acquisitions and
maintains significant knowledge and exposure to the Australian financial
markets. He has a wealth of experience in matters pertaining to the
Corporations Act, ASX listing requirements, corporate taxation and finance.
Mr Bassett is a Fellow of Chartered Accountants Australia and New
Zealand. He was a Director/Councillor of the Royal Flying Doctor Service in
Western Australia for 26 years, serving 8 years as Chairman before his
retirement
in 2017. He served 6 years as Western Operations
representative on the National Board of the Australian Council of the Royal
Flying Doctor Service of Australia. Mr Bassett was awarded a Member of
the Order of Australia (AM) in the 2015 Australia Day Honours.
Interest in Shares and Options 1,100,000 ordinary shares and 1,100,000 options in Auris Minerals Ltd.
Listed company directorships
in last three years
Currently a Non-Executive Director of Pointerra Limited (ASX: 3DP),
Pharmaust Ltd (ASX: PAA), Tennant Minerals Ltd (ASX: TMS) and Bulletin
Resources Ltd (ASX: BNR). Previously a Non-Executive Director of Yowie
Group Ltd.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
4 | P a g e
DIRECTORS’ REPORT
Craig Hall
Non-Executive Director
Experience and expertise
Mr Craig Hall is an experienced geologist with over 30 years of minerals
industry experience in exploration, development and production roles in a
range of commodities, principally precious and base metals. He has held a
variety of senior positions with mid-tier and junior sector resource
companies within Australia and overseas. He has previously consulted to
the minerals industry providing high quality exploration outcomes, on-site
mining support, expert reporting, project valuations and strategic advice to
through an association with a well-respected Western
companies
Australian resource consultancy.
Interest in Shares and Options Nil
Listed company directorships
in last three years
Mr Hall is currently a Non-Executive Director of Horseshoe Metals Ltd (ASX:
HOR). Previously a Non-Executive Director of Scorpion Minerals Ltd (ASX:
SCN).
Mike Hendriks
Managing Director
Experience and expertise
Mr Hendriks has gained extensive experience in the financial services
sector in various roles in investment banking, accounting and stockbroking
industries. He also has extensive management skills gained through
various roles as a company director and secretary holding executive and
non-executive directorships and senior positions of ASX listed and private
companies in the industrial and resource sectors.
Mr Hendriks graduated from Curtin University with a BBus, he is a
Chartered Accountant and member of the Australian Institute of Company
Directors.
Interest in Shares and Options 500,000 ordinary shares and 500,000 options in Auris Minerals Ltd.
Acquired 4,250,000 shares on market post 30 June 2023
Listed company directorships
in last three years
Previously Non-Executive Director and Company Secretary of Vector
Resources Limited (ASX: VEC) which is currently in liquidation.
Company Secretary
Mr Chris Achurch holds the position of Company Secretary, having been appointed on 20 November 2020. Mr
Achurch spent 10 years in public practice in the Audit and Assurance division with RSM Australia, based in
Perth, Dallas and New York and 2.5 years as CFO and Joint Company Secretary at Kalium Lakes Limited. Mr
Achurch provides company secretarial, corporate advisory and general consulting services to a number of ASX
listed clients.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
5 | P a g e
DIRECTORS’ REPORT
2. Corporate activity summary
Cash Position
At 30 June 2023 Auris maintained a healthy cash position of A$2.56M, allowing the Company to advance its
Bryah Basin exploration strategy, whilst also assessing new strategic project opportunities that align with the
Company’s current focus on gold and copper exploration.
3. Directors’ Meetings
Formal meetings of the directors of the Company during the financial year are tabled as follows:
Director
Neville Bassett
Craig Hall
Mike Hendriks
Meetings eligible to attend
Meetings attended
4
4
4
4
4
4
4. Review of Financial Condition and Review of Operations
Review of Financial Condition
The Group recorded a loss of $4,895,491 for the year ended 30 June 2023 (2022: loss of $1,591,090 ). The loss
includes $4,541,671 (2022: $828,281) impairment adjustment for exploration and evaluation expenditure.
As at 30 June 2023, the Group had net working capital of $2,328,427 (2022: $3,502,991). The Group’s net asset
position was $19,759,178 (2022: $24,654,669).
Review of Operations
Auris Minerals Limited (Auris) is primarily exploring for high grade gold and copper-gold deposits in the highly
prospective Bryah Basin region of Western Australia.
Significant exploration activities during the 2023 financial year included the following:
• RC drilling by Sandfire within Morck Well JV at the Citra and McLean Well prospects.
• Air Core drilling of several gold and base metal targets within the Cashman/Cheroona, Feather Cap and
Morck Well projects.
• Encouraging manganese mineralisation logged within Air Core completed at base metal/manganese
target at McLean Well prospect.
During the period Sandfire withdrew from the Cashman/Cheroona and Morck Well farm in agreements during
August 2022 and January 2023 respectively.
Exploration Portfolio
Auris is exploring for base metals and gold in the Bryah Basin of Western Australia. Auris has consolidated a
tenement portfolio of ~816km², which is divided into six well-defined project areas: Forrest, Cashman, Cheroona,
Doolgunna, Morck Well and Feather Cap (Figure 1).
In February 2018, Auris entered a Farm-in Agreement with Sandfire in relation to the Morck Well and Doolgunna
Projects which covers ~430km² (the Morck Well JV). During September 2019, Auris entered into a Farm-in with
Sandfire in relation to the Cashman Project tenements, (the Cashman JV). On 4 February 2020 Auris and
Northern Star Resources Limited (NST) entered into a Farm-in with Sandfire in relation to the Cheroona Project
tenements, (the Cheroona JV). Sandfire withdrew from the Cashman/Cheroona and Morck Well farm in
agreements effective 4 August 2022 and 19 January 2023 respectively.
As at the date of this report, Auris manages exploration on all tenements, including those that are subject to
arrangements with third parties.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
6 | P a g e
DIRECTORS’ REPORT
Figure 1: Auris' copper-gold exploration tenement portfolio, with
Northern Star (NST), Westgold (WGX) and CuFe Ltd JV areas indicated
Notes:
1. The Forrest Project tenements E52/1659 and E52/1671 have the following outside interests:
•
Auris 80%; Westgold Resources Ltd 20% (ASX:WGX). Westgold Resources Ltd interest is free carried until a Decision to
Mine
• Westgold Resources Ltd own the gold rights over the Auris interest.
2. The Forrest Project tenement E52/4236 has the following outside interests:
•
Auris 80%; CuFe Ltd 20% (ASX:CUF). CuFe Ltd interest is free carried until a Decision to Mine
3. The Cheroona Project tenement E51/1391 has the following outside interests:
•
Auris 70%; Northern Star Resources Ltd 30% (ASX:NST)
4. The Morck Well Project tenements E51/1033, E52/1613 and E52/1672 have the following outside interests:
•
Auris 80%; CuFe Ltd 20% (ASX:CUF). CuFe Ltd interest is free carried until a Decision to Mine
Exploration Strategy
Auris’ exploration strategy is summarised as follows:
• Focus attention on unlocking the value of the current tenement package in the Bryah Basin;
• Assess new strategic project opportunities as they arise;
• Target multiple Au, Cu/Au, base metal and manganese deposits;
• Develop the best regional geological control possible (to provide context), by means of published maps,
airborne geophysics (magnetics, radiometrics & EM), ground gravity, lithogeochemical analysis and field
mapping;
• Commitment to drill exploration targets as soon as possible after definition;
• Sell, JV or relinquish tenements that no longer fit within the companies exploration strategy;
• Adhere to highest technical standards in all activities.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
7 | P a g e
DIRECTORS’ REPORT
Corporate
5. Significant Changes in the State of Affairs
In the opinion of the directors there were no significant changes in the state of affairs of the Group that occurred
during the financial year.
6. Environmental Regulations
The Group’s exploration activities are subject to various environmental regulations. The Board is responsible for
the regular monitoring of environmental exposures and compliance with environmental regulations.
The Group is committed to achieving a high standard of environmental performance and conducts its activities
in a professional and environmentally conscious manner and in accordance with applicable laws and permit
requirements. The Board believes that the Group has adequate systems in place for the management of its
environmental requirements and is not aware of any breach of those environmental requirements as they apply
to the Group.
The directors have considered the enacted National Greenhouse and Energy Reporting Act 2007 (the NGER
Act) which introduces a single national reporting framework for the reporting and dissemination of information
about the greenhouse gas emissions, greenhouse gas projects, and energy use and production of corporations.
At the current stage of development, the directors have determined that the NGER Act will have no effect on the
Company for the current financial year. The directors will reassess this position as and when the need arises.
7. Dividends
The directors have not recommended the declaration of a dividend. No dividends were paid or declared during
the current or prior period.
8. Events Subsequent to Reporting Date
No matters or circumstances have arisen since the end of the financial year which significantly affected or may
significantly affect the operations of the Company, the results of those operations, or the state of affairs of the
Company in future financial years.
9. Likely Developments
Likely developments in the operations of the Group and the expected results of those operations in future
financial years have not been included in this report, as the inclusion of such information is likely to result in
unreasonable prejudice to the Group.
10. Share Options
Unissued shares under option
At the date of this report unissued ordinary shares of the Company under option are:
Expiry date
Exercise Price
No. of options
30 Nov 2023
$0.08
476,625,957
Listed
The options do not entitle the holder to participate in any share issue of the Company or any other body
corporate.
Other shares issued since the end of the financial year
There have been no shares issued since the end of the financial year.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
8 | P a g e
DIRECTORS’ REPORT
11. Remuneration Report - Audited
Principles of compensation
Remuneration is referred to as compensation throughout this report.
Key management personnel have authority and responsibility for planning, directing and controlling the activities
of the Group. Key management personnel comprise the directors of the Group.
Compensation levels for key management personnel of the Group are competitively set to attract and retain
appropriately qualified and experienced directors and executives. The Board may obtain independent advice on
the appropriateness of compensation packages of the Group given trends in comparative companies both locally
and internationally and the objectives of the Group’s compensation strategy.
The compensation structures explained below are designed to attract suitably qualified candidates, reward the
achievement of strategic objectives, and achieve the broader outcome of creation of value for shareholders.
Compensation packages include a mix of fixed compensation, equity-based compensation, performance-based
compensation as well as employer contributions to superannuation funds.
Shares and options may only be issued to directors subject to approval by shareholders in general meeting.
Fixed compensation
Fixed compensation consists of base compensation as well as employer contributions to superannuation funds.
Compensation levels are reviewed annually by the Board through a process that considers individual and overall
performance of the Group. In addition, from time to time external consultants provide analysis and advice to
ensure the directors’ and senior executives’ compensation is competitive in the market place. The Group did not
employ the services of any remuneration consultants during the financial year ended 30 June 2023.
Performance linked compensation (Short-term incentive bonus)
In considering the Group’s strategic objectives the Board may integrate certain performance linked short-term
incentives (STIs) into key management personnel compensation packages.
Performance linked compensation primarily include STIs and are considered by the Board as and when projects
are delivered and are entirely at the Board’s discretion. The measures chosen are designed to align the
individual’s reward to the achievement of the Group’s strategies and goals and to reward key management
personnel for meeting or exceeding their personal objectives. No bonuses were paid during the financial year.
Equity based compensation (Long-term incentive bonus)
The Board provides equity-based long-term incentives (LTIs) to promote continuity of employment and to provide
additional incentive to key management personnel to increase shareholder wealth. LTIs are provided as options
and rights over ordinary shares of the Company and are provided to key management personnel based on their
level of seniority and position within the Group. Options and rights may only be issued to directors subject to
approval by shareholders in general meeting.
Key Management Personnel Incentives
Short-term and long-term incentive structure and consequences of performance on shareholder wealth have
been considered. However, given the Group’s principal activity during the course of the financial year consisted
of exploration and evaluation, the Board has given more significance to service criteria instead of market related
criteria in setting the Group’s incentive schemes. Accordingly, at this stage the Board does not consider the
Company’s earnings or earning measures to be an appropriate key performance indicator. The issue of options
or rights as part of the remuneration package of directors is an established practice for listed exploration
companies and has the benefit of conserving cash whilst appropriately rewarding the directors. In considering
the relationship between the Group’s remuneration policy and the consequences for the Company’s shareholder
wealth, changes in share price are analysed.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
9 | P a g e
DIRECTORS’ REPORT
The Group’s respective earnings and share price for the periods ended 30 June 2019 to 30 June 2023 are as
follows:
Net loss
Closing ASX share
price
30 Jun 19
30 Jun 20
30 Jun 21
30 Jun 22
30 Jun 23
(1,845,664)
(422,531)
(2,312,605)
(1,591,090)
(4,895,491)
$0.015
$0.048
$0.048
$0.017
$0.010
In the opinion of the Board, these earnings, as listed above, are largely irrelevant for assessing the Group’s
respective performance during the exploration and evaluation phases.
Service contracts
i)
Non-Executive Chair
Director and consulting services are provided by Mr Bassett via an associated company on normal commercial
terms and conditions.
The Non-Executive Chair rate was set at $45,000 per annum with effect from 1 February 2017. Additional fees
may be payable to Mr Bassett for any additional duties performed outside his role as Non-Executive Chair at a
rate of $1,500 per day.
ii)
Non-Executive Directors
Non-Executive Directors are currently paid at a rate of $33,000 per annum on a continuous service arrangement
requiring at least one month’s notice for termination. Total compensation for all Non-Executive Directors is set
based on advice, from time to time, from external advisors with reference to fees paid to other Non-Executive
Directors of comparable companies. The Group did not employ the services of any remuneration consultants
during the financial year ended 30 June 2023. Non-Executive Directors’ fees are presently limited to $250,000
per annum, excluding director services charged under management or consulting contracts.
Directors’ fees cover all main Board activities. The Board has no established retirement or redundancy schemes
in relation to Non-Executive Directors.
iii) Managing Director
The Managing Director services are provided by Mr Hendriks via an associated company on normal commercial
terms and conditions.
At the reporting date, the Managing Director’s salary was $130,000 per annum inclusive of superannuation,
subject to annual review. The service contract, for no fixed term, may be terminated by either party providing
the other with three (3) months notice in writing. On termination, Mr Hendriks will be entitled to three (3) months
salary if removal from the position occurs for any reason other than a serious breach of contract.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
10 | P a g e
DIRECTORS’ REPORT
Key Management Personnel remuneration
Details of the nature and amount of each major element of remuneration are as follows:
Key Management Personnel
(KMP)
Short
term
salary
and fees
Super-
annuation
benefits
Termination
benefits
Equity settled
share based
payments
Total
Proportion of
remuneration
performance
related
$
$
$
$
$
%
Value of
options/rights
as proportion
of
remuneration
%
Non-executive chair
N Bassett (i)
2023
2022
45,000
45,000
Managing director / Chief operating officer
M Hendriks (ii)
2023
2022
Non-executive director
2023
2022
C Hall (iii)
Total
2023
2022
138,333
180,000
29,432
27,273
212,765
252,273
-
-
-
-
3,090
2,727
3,090
2,727
-
-
-
-
-
-
-
-
-
-
45,000
45,000
- 138,333
- 180,000
-
-
32,522
30,000
- 215,855
- 255,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(i)
Neville Bassett was appointed Non-Executive Chair on 20 April 2018.
(ii) Mike Hendriks was appointed as COO on 6 July 2018 on a consultancy arrangement. On 20 November 2020 Mr Hendriks resigned
as COO and Company Secretary and was appointed as Managing Director.
(iii) Craig Hall was appointed as Non-Executive Director on 1 August 2018 as the Investmet representative. As at the date of this report,
Investmet are no longer a shareholder of Auris.
Equity instruments
Options holdings
Options refer to options over ordinary shares of Auris and are exercisable on a one-for-one basis. Details of
options over ordinary shares in Auris that were granted and vested as compensation to each key management
person are as follows:
Balance at 1
July 22 or
date of
appointment
Issue
date
Granted as remuneration
Exercised
Lapsed
Other
changes
Balance at
30 June 23
or date of
resignation
No.
Value
No.
No.
No.
Non-executive Chairman
N Bassett
1,100,000
Managing Director / Chief Operating Officer
M Hendriks
500,000
Non-executive Directors
C Hall
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,100,000
500,000
-
No terms of equity-settled share-based payment transactions (including options and rights granted as
compensation to a key management person) have been altered or modified by the issuing entity during the
reporting period or the prior period.
During the reporting period, no shares were issued on exercise of options previously granted as compensation
and no options were forfeited by key management persons during the reporting period.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
11 | P a g e
DIRECTORS’ REPORT
Performance rights holdings
Rights refer to performance rights held over ordinary shares of the Company and are exercisable on a one-for-
one basis when vesting conditions are met. No performance rights were granted during the financial year or held
at the report date.
Share holdings
No shares were granted to key management personnel during the reporting period as compensation in 2023.
The movement during the reporting period in the number of ordinary shares in Auris Minerals Limited held
directly, indirectly or beneficially, by each key management person, including their related parties, is as follows:
Balance at 1
July 22 or date
of appointment
Acquired during
the period
Exercise of
options (i)
Other changes
Balance at 30
June 23 or date
of resignation
Non-Executive Chairman
N Bassett
1,100,000
Managing Director / Chief Operating Officer
M Hendriks (1)
500,000
Non-Executive Directors
C Hall
-
(1) Acquired 4,250,000 shares on market post 30 June 2023.
Other Equity-related KMP Transactions
-
-
-
-
-
-
-
-
-
1,100,000
500,000
-
There have been no other transactions involving equity instruments apart from those described in the tables
above relating to options, rights, and shareholdings.
Other Transactions with KMP and / or their Related Parties
There were no other transactions conducted with the Group and KMP or their related parties, apart from those
disclosed above. All transactions were conducted in accordance with normal employee, customer or supplier
relationships on terms no more favourable than those reasonably expected under arm’s length dealings with
unrelated persons.
END OF AUDITED SECTION
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
12 | P a g e
DIRECTORS’ REPORT
12. Proceeding on Behalf of Company
No person has applied for leave of court to bring proceedings on behalf of the Company or intervene in any
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company
for all or any part of those proceedings. The Company was not party to any such proceedings during the year.
13. Indemnification and Insurance of Officers and Auditors
Indemnification
The Group indemnifies each of its directors and company secretary. The Group indemnifies each director or
officer to the maximum extent permitted by the Corporations Act 2001 from liability to third parties, except where
the liability arises out of conduct involving lack of good faith, and in defending legal and administrative
proceedings and applications for such proceedings.
The Group must use its best endeavours to insure a director or officer against any liability, which does not arise
out of a conduct constituting a wilful breach of duty or a contravention of the Corporations Act 2001. The Group
must also use its best endeavour to insure a director or officer against liability for costs and expenses incurred
in defending proceedings whether civil or criminal.
The Group has not entered into any agreement with its current auditors indemnifying them against any claims
by third parties arising from their report on the financial report.
The directors of the Company are not aware of any proceedings or claim brought against Auris Minerals Ltd or
its controlled entities as at the date of this report.
Insurance
The Group holds cover in respect of directors’ and officers’ liability and legal expenses’ insurance, for current
and former directors and officers of the Group.
14. Non-audit Services
During the year Elderton Audit Pty Ltd, the Company’s auditor, did not perform any services other than their
audit services.
In the event that non-audit services are provided by Elderton Audit Pty Ltd, the Board has established certain
procedures to ensure that the provision of non-audit services are compatible with, and do not compromise, the
auditor independence requirements of the Corporations Act 2001. These procedures include:
§
§
non-audit services will be subject to the corporate governance procedures adopted by the Group and
will be reviewed by the Group to ensure they do not impact the integrity and objectivity of the auditor;
and
ensuring non-audit services do not involve reviewing or auditing the auditor’s own work, acting in a
management or decision making capacity for the Group, acting as an advocate for the Group or jointly
sharing risks and rewards.
Details of the amounts paid to the auditor of the Company and their related practices for audit services provided
during the year are set out below.
Audit and review of financial reports
2023
$
26,229
26,229
2022
$
26,421
26,421
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
13 | P a g e
DIRECTORS’ REPORT
15. Competent Person’s Statement
Competent Person’s Statement
Information in this report that relates to exploration results is based on and fairly represents information and
supporting documentation prepared and compiled by Mr Matthew Svensson, who is a Member of the Australian
Institute of Geoscientists.
Mr Svensson is the Exploration Manager for Auris Minerals Limited. Mr Svensson has sufficient experience,
which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which
he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the Australasian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves. Mr Svensson consents to the inclusion in
this report of the matters based on this information in the form and context in which it appears.
No New Information
Except where explicitly stated, this report contains references to prior exploration results and Mineral Resource
estimates, all of which have been cross referenced to previous market reports made by the Company. The
Company confirms that it is not aware of any new information or data that materially affects the information
included in the relevant market announcements and, in the case of estimates of Mineral Resources that all
material assumptions and technical parameters underpinning the results and/or estimates in the relevant market
report continue to apply and have not materially changed.
Forward-Looking Statements
This report has been prepared by Auris Minerals Limited. This document contains background information about
Auris Minerals Limited and its related entities current at the date of this report. This is in summary form and does
not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their
own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements
and opinions contained in this report. This report is for information purposes only. Neither this document nor the
information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the
purchase or sale of shares in any jurisdiction.
This report may not be distributed in any jurisdiction except in accordance with the legal requirements applicable
in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A
failure to do so may result in a violation of securities laws in such jurisdiction. This document does not constitute
investment advice and has been prepared without taking into account the recipient’s investment objectives,
financial circumstances or particular needs and the opinions and recommendations in this representation are
not intended to represent recommendations of particular investments to particular persons. Recipients should
seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks,
which include (among others) the risk of adverse or unanticipated market, financial or political developments.
No responsibility for any errors or omissions from this document arising out of negligence or otherwise is
accepted. This document does include forward-looking statements. Forward-looking statements are only
predictions and are subject to risks, uncertainties and assumptions which are outside the control of Auris
Minerals Limited. Actual values, results, outcomes or events may be materially different to those expressed or
implied in this report. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking
statements.
Any forward-looking statements in this report speak only at the date of issue of this report. Subject to any
continuing obligations under applicable law and ASX Listing Rules, Auris Minerals Limited does not undertake
any obligation to update or revise any information or any of the forward-looking statements in this document or
any changes in events, conditions or circumstances on which any such forward-looking statement is based.
16. Corporate Governance Statement
The Company’s 2023 Corporate Governance Statement has been released as a separate document and is
located on the Company’s website at www.aurisminerals.com.au
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
14 | P a g e
DIRECTORS’ REPORT
17. Lead Auditor’s Independence Declaration
The lead auditor’s independence declaration is set out on page 21 and forms part of the directors’ report for the
financial year ended 30 June 2023.
This report is made with a resolution of the directors.
NEVILLE BASSETT
NON-EXECUTIVE CHAIR
Dated at West Perth this 16th day of August 2023
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
15 | P a g e
SCHEDULE OF MINING TENEMENTS
Schedule of Mining Tenements as at 30 June 2023
Tenement
Number
Doolgunna Project
Registered Holder
Date Granted
Note
Area
Graticular
Blocks(bk) /
Hectares (ha)
Area
Sq
km
E52/2438
Auris Minerals Limited
11/02/2010
7bk
21.68
Morck Well Project
E51/1033
E51/1883
E52/1613
E52/1672
Auris Exploration Pty Ltd 80%;
Jackson Minerals Pty Ltd 20%
Auris Exploration Pty Ltd 100%
Auris Exploration Pty Ltd 80%
Jackson Minerals Pty Ltd 20%
Auris Exploration Pty Ltd 80%;
Jackson Minerals Pty Ltd 20%
Feather Cap Project
E52/1910
E52/3275
E52/3327
E52/3350
E52/3351
Auris Exploration Pty Ltd
Auris Exploration Pty Ltd
Auris Exploration Pty Ltd
Auris Exploration Pty Ltd
Auris Exploration Pty Ltd
Cashman Project
1
3
8
3
3
4
22/09/2005
53bk
161.84
02/08/2019
29/03/2006
4bk
30bk
12.21
92.77
22/09/2005
35bk
108.02
10/08/2006
01/06/2016
15/10/2015
02/03/2016
02/03/2016
41bk
2bk
2bk
3bk
2bk
5bk
5bk
124.21
6.1
6.1
9.2
6.1
17.15
17.21
7
E51/1053
Auris Exploration Pty Ltd
22/09/2005
Cheroona Project
E51/1391
Northern Star Resources Ltd
11/11/2010
Forrest Project
E52/1659
E52/1671
E52/4236
Notes:
Auris Exploration Pty Ltd 80%
Aragon Resources Pty Ltd 20%
Auris Exploration Pty Ltd 80%
Aragon Resources Pty Ltd 20%
Auris Exploration Pty Ltd 80%
Jackson Minerals Pty Ltd 20%
27/01/2004
13bk
34.09
5,6
23/11/2004
61bk
185.26
5,6
27/03/2023
4bk
13.13
2
Auris Exploration Pty Ltd (AE) is a wholly owned subsidiary of Auris Minerals Limited.
1. Ascidian Prospecting Pty Ltd hold a 1% gross revenue royalty from the sale of all minerals.
2. Peak Hill Sale Agreement: AE 80%, Jackson Minerals Pty Ltd 20% and free carried to a decision to mine.
3. PepinNini Robinson Range Pty Ltd (PRR) hold a 0.8% gross revenue royalty from the sale or disposal of iron
ore.
4. PRR hold a 1.0% gross revenue royalty from the sale or disposal of iron ore.
5. Westgold Resources Limited owns gold mineral rights over the AE interest.
6. AE 80%, Westgold Resources Limited 20% & free carried to a decision to mine.
7. AE 70%, Northern Star Resources Ltd 30% beneficial interest.
8. Tenement surrendered subsequent to year end.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
16 | P a g e
ADDITIONAL SHAREHOLDER INFORMATION
Shareholder Information
The shareholder information set out below was applicable at 31 July 2023.
A. Distribution of Holders of Equity Securities
i) Analysis of numbers of shareholders by size of holding:
Ordinary Shares (AUR)
No. of
shareholders
Percentage of issued
capital
154
89
164
537
263
1,207
0.01
0.05
0.28
4.51
95.15
100
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
Over 100,000
Total
ii) Analysis of numbers of optionholders by size of holding:
Options (AURO)
No. of option
holders
Percentage of issued
capital
9
9
17
80
132
247
0.00
0.01
0.03
0.84
99.12
100
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
Over 100,000
Total
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
17 | P a g e
ADDITIONAL SHAREHOLDER INFORMATION
B. Twenty Largest Holders of Quoted Equity Securities
Fully Paid Ordinary Shares
The names of the 20 largest holders of quoted ordinary shares (ASX:AUR) are listed below:
Number of ordinary
shares held
Percentage of
issued shares
CITICORP NOMINEES PTY LIMITED
NITRO SUPER PTY LTD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
SANDFIRE RESOURCES LIMITED
MOTTE & BAILEY PTY LTD
ALL STATES FINANCE PTY LIMITED
HADES CORPORATION (WA) PTY LTD
BNP PARIBAS NOMINEES PTY LTD BARCLAYS
GOLDFIRE ENTERPRISES PTY LTD
PERTH SELECT SEAFOODS PTY LTD
SANCOAST PTY LTD
PLATINUM REIGN PTY LTD
CAPRETTI INVESTMENTS PTY LTD
CITYWEST CORP PTY LTD
TT NICHOLLS PTY LTD
AJAVA HOLDINGS PTY LTD
MR MOHAMMED AKBAR ASEM
JACZ SUPER PTY LTD
MOTTE & BAILEY PTY LTD
MR MICHAEL PETRUS HENDRIKS & MRS SALLY
HENDRIKS
64,831,874
39,247,280
33,358,514
32,150,000
17,457,731
16,000,000
14,175,000
12,959,927
11,750,000
8,000,000
8,000,000
8,000,000
7,913,597
7,231,659
6,192,011
5,598,338
5,295,780
5,000,000
5,000,000
4,250,000
13.60
8.23
7.00
6.75
3.66
3.36
2.97
2.72
2.47
1.68
1.68
1.68
1.66
1.52
1.30
1.17
1.11
1.05
1.05
0.89
312,411,708
65.55
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
18 | P a g e
ADDITIONAL SHAREHOLDER INFORMATION
Options
The names of the 20 largest holders of quoted options (ASX:AURO) are listed below:
CITICORP NOMINEES PTY LIMITED
MOTTE & BAILEY PTY LTD
GOLDFIRE ENTERPRISES PTY LTD
ABN AMRO CLEARING SYDNEY NOMINEES PTY LTD
MATTHEW BURFORD SUPER FUND PTY LTD
ALL STATES FINANCE PTY LIMITED
TRINITY DIRECT PTY LTD
MR MARTIN MCCLEAVE
MR ERIC GIRDLER
E EQUITIES PTY LTD
DOMAEVO PTY LTD
EVELYN FAMILY BENEFICIARY PTY LTD
PERTH SELECT SEAFOODS PTY LTD
GOFFACAN PTY LTD
GOFFACAN PTY LTD
NETWEALTH INVESTMENTS LIMITED
SUPERHERO SECURITIES LIMITED
RIVERVIEW CORPORATION PTY LTD
PAKENHAM UPPER GENERAL PTY LTD
THREE ZEBRAS PTY LTD
Number of
securities
held
107,520,033
22,943,168
20,000,000
19,500,000
16,665,000
16,000,000
12,575,197
12,000,000
10,500,000
10,000,000
10,000,000
10,000,000
10,000,000
7,204,355
5,500,000
5,450,000
5,275,047
5,000,000
5,000,000
5,000,000
Percentage
of issued
securities
22.56
4.81
4.20
4.09
3.50
3.36
2.64
2.52
2.20
2.10
2.10
2.10
2.10
1.51
1.15
1.14
1.11
1.05
1.05
1.05
316,132,800
66.33
C. Substantial Holders
As at 31 July 2023, the Company had received substantial shareholder notices from the following shareholders:
Shareholder
No. of shares
% of issue
SG Hiscock and Company Limited
Goldfire Enterprises Pty Ltd and its
related entities
Sandfire Resources Limited
24,917,842
60,101,686
32,150,000
5.23%
12.61%
6.75%
Note:
i)
The above details may not reconcile to the information in the Twenty Largest Security Holders list as
revised substantial shareholder notices had not been received by the Company as at 31 July 2023.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
19 | P a g e
ADDITIONAL SHAREHOLDER INFORMATION
D. Voting Rights
At a general meeting of shareholders:
(a) On a show of hands, each person who is a member or sole proxy has one vote.
(b) On a poll, each shareholder is entitled to one vote for each fully paid share.
E. On-market buy-back
There is no on-market buy-back of the Company’s securities in progress.
F.Unmarketable parcel holders
There were 747 shareholders holding less than a marketable parcel of ordinary shares at 31 July 2023.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
20 | P a g e
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
Finance income
Lease income
Other income
Administrative expenses
Finance costs
Impairment of exploration and evaluation expenditure
Loss before income tax
Income tax benefit
Loss from continuing operations
30 Jun 2023
30 Jun 2022
Note
$
$
81,569
10,200
131,005
(576,594)
-
(4,541,671)
10,228
8,800
24,614
(805,919)
(532)
(828,281)
(4,895,491)
(1,591,090)
-
-
(4,895,491)
(1,591,090)
3
9
4
Other comprehensive income for the period, net of tax
-
-
Total comprehensive loss for the period
(4,895,491)
(1,591,090)
Loss per share
Basic and diluted loss per share attributable to ordinary
equity holders (cents)
5
(1.03)
(0.33)
The consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with
the accompanying notes.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
22 | P a g e
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
ASSETS
Cash and cash equivalents
Trade and other receivables
Total current assets
Property, plant and equipment
Exploration assets
Right-of-use asset
Total non-current assets
TOTAL ASSETS
LIABILITIES
Trade and other payables
Provisions
Lease liability
Total current liabilities
Provisions
Lease liability
Total non-current liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
30 Jun 2023
30 Jun 2022
Note
$
$
10
7
8
9
11
12
13
11
13
11
14
14
2,557,200
46,750
2,603,950
125,858
17,316,145
46,219
17,488,222
3,571,022
59,198
3,630,220
157,441
21,023,597
-
21,181,038
20,092,172
24,811,258
103,493
146,010
26,020
275,523
37,190
20,281
57,471
332,994
113,547
13,682
-
127,229
29,360
-
29,360
156,589
19,759,178
24,654,669
130,689,277
2,186,070
(113,116,169)
130,689,277
2,186,070
(108,220,678)
19,759,178
24,654,669
The consolidated statement of financial position is to be read in conjunction with the accompanying notes.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
23 | P a g e
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
Issued
capital
Accumulated
losses
Reserves Total equity
Note
$
$
$
$
Opening balance at 1 July 2021
130,689,277
(106,950,203)
320,615
24,059,689
Comprehensive income
Loss for the period
Total comprehensive income for
the period
Transactions with owners and
other transfers
Issue of options
Option issue costs
Transferred to retained earnings
Balance as at 30 June 2022
-
-
(1,591,090)
(1,591,090)
-
-
(1,591,090)
(1,591,090)
14
14
14
-
-
-
130,689,277
-
-
320,615
(108,220,678)
2,383,130
(197,060)
(320,615)
2,186,070
2,383,130
(197,060)
-
24,654,669
Opening balance at 1 July 2022
130,689,277
(108,220,678)
2,186,070
24,654,669
Comprehensive income
Loss for the period
Total comprehensive loss for the
period
-
-
(4,895,491)
(4,895,491)
-
-
(4,895,491)
(4,895,491)
Balance as at 30 June 2023
130,689,277
(113,116,169)
2,186,070
19,759,178
The consolidated statement of changes in equity is to be read in conjunction with the accompanying notes.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
24 | P a g e
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
Note
Cash flows from operating activities
Cash receipts from customers
Cash paid to suppliers and employees
Lease income
Interest received
Net cash outflow from operating activities
10(a)
Cash flows from investing activities
Payments for exploration and evaluation
Payments for property, plant and equipment
Proceeds from disposal of tenements
Net cash outflow from investing activities
Cash flows from financing activities
Proceeds from issue of options
Option issue costs
Net cash inflow from financing activities
14
14
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
10
2023
$
42,345
(571,904)
10,200
81,569
(437,790)
(646,032)
-
70,000
(576,032)
-
-
-
(1,013,822)
3,571,022
2,557,200
2022
$
13,527
(818,341)
9,600
10,228
(784,986)
(1,065,372)
(99,277)
-
(1,164,649)
2,383,130
(197,060)
2,186,070
236,435
3,334,587
3,571,022
The consolidated statement of cash flows is to be read in conjunction with the accompanying notes.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
25 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
1.
Reporting entity
Auris Minerals Limited (the Company or Auris Minerals) is a company domiciled in Australia. The address of the
Company’s registered office and principal place of business is Level 1, 18 Richardson Street, West Perth WA
6005. The Company is primarily involved in the exploration of mineral tenements in Western Australia. The
consolidated financial statements of the Company as at and for the year ended 30 June 2023 comprised the
Company and its wholly owned subsidiaries (together referred to as the “Group”).
Statement of compliance
a)
Statement of compliance
The financial report is a general purpose financial report which has been prepared in accordance with Australian
Accounting Standards (AASBs) (including Australian interpretations) adopted by the Australian Accounting
Standard Board (AASB) and the Corporations Act 2001 as appropriate for profit orientated entities. The financial
report of the Group complies with the International Financial Reporting Standards (IFRSs) and interpretations
adopted by the International Accounting Standards Board (IASB).
The financial statements were authorised for issue by the Board of Directors on 16 August 2023.
b)
Basis of measurement
The financial statements have been prepared on the historical cost basis except for share based payments
which are measured at fair value (if any). The methods used to determine fair values are discussed further at
note 2 (n) under share based payment transactions.
Going Concern
The financial report has been prepared on the going concern basis, which contemplates the continuity of normal
business activity and the realisation of assets and settlement of liabilities in the normal course of business.
The directors have considered the funding and operational status of the business in arriving at their assessment
of going concern and believe that the going concern basis of preparation is appropriate, based upon the
following:
- Current cash and cash equivalents on hand;
- The ability of the Company to obtain funding through various sources, including debt and equity; and
- The ability to further vary cash flow depending upon the achievement of certain milestones within the
business plan.
c)
Functional and presentation currency
These financial statements are presented in Australian dollars, which is the Group’s functional currency.
d)
Use of estimates and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and reported amounts of assets, liabilities, income and
expenses. Actual results may differ from these estimates. 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 and in any future periods affected.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
26 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
2.
Significant accounting policies
The accounting policies set out below have been applied consistently to all periods presented in these financial
statements and have been applied consistently by the Group.
Certain comparative amounts have been reclassified to conform to the current year’s presentation where
required.
a) New, revised or amending accounting standards
New, revised or amending Accounting Standards and Interpretations adopted
The Consolidated Entity has adopted all of the new, revised or amended Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board (AASB) that are mandatory for the current
reporting period.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30
June 2023. The consolidated entity has not yet assessed the impact of these new or amended Accounting
Standards and Interpretations.
b) Basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by the Company. Control exists when the Company has the power, directly
or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
In assessing control, potential voting rights that currently are exercisable or convertible are taken into account.
The financial statements of subsidiaries are included in the consolidated financial statements from the date that
control commences until the date that control ceases. The accounting policies of subsidiaries have been
changed when necessary to align them with the policies adopted by the Company.
In the Company’s financial statements, investments in subsidiaries are carried at cost.
Minority interests in the results and equity of subsidiaries are shown separately in the consolidated statement of
profit and loss and other comprehensive income and statement of financial position respectively.
Transactions eliminated on consolidation
Intra-group transactions, balances and any unrealised income and expenses arising from transactions, are
eliminated in preparing the consolidated financial statements.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
27 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
2.
Significant accounting policies (continued)
c) Financial instruments
Investments and other financial assets
Investments and other financial assets are initially measured at fair value. Transaction costs are included as
part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are
subsequently measured at either amortised cost or fair value depending on their classification. Classification is
determined based on both the business model within which such assets are held and the contractual cash flow
characteristics of the financial asset unless, an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred
and the consolidated entity has transferred substantially all the risks and rewards of ownership. When there is
no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are
classified as financial assets at fair value through profit or loss. Typically, such financial assets will be either: (i)
held for trading, where they are acquired for the purpose of selling in the short-term with an intention of making
a profit, or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value movements
are recognised in profit or loss.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments which the
consolidated entity intends to hold for the foreseeable future and has irrevocably elected to classify them as
such upon initial recognition.
Impairment of financial assets
The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are
either measured at amortised cost or fair value through other comprehensive income. The measurement of the
loss allowance depends upon the consolidated entity's assessment at the end of each reporting period as to
whether the financial instrument's credit risk has increased significantly since initial recognition, based on
reasonable and supportable information that is available, without undue cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month
expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit
losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset
has become credit impaired or where it is determined that credit risk has increased significantly, the loss
allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss recognised
is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of
the instrument discounted at the original effective interest rate.
For financial assets measured at fair value through other comprehensive income, the loss allowance is
recognised within other comprehensive income. In all other cases, the loss allowance is recognised in profit or
loss.
d)
Issued capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares
and share options are recognised as a deduction from equity, net of any tax effects. Dividends on ordinary
shares are recognised as a liability in the period in which they are declared.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
28 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
2.
Significant accounting policies (continued)
e) Property, plant and equipment
Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated
impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the asset. When parts of an item of
property, plant and equipment have different useful lives, they are accounted for as separate items (major
components) of property, plant and equipment.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the
proceeds from disposal with the carrying amount of property, plant and equipment and are recognised net within
“other income” in the statement of profit and loss and other comprehensive income.
Subsequent costs
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of
an item if it is probable that the future economic benefits embodied within the item will flow to the Group and the
cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other
costs are recognised in the income statement as an expense incurred.
Depreciation
Depreciation is recognised in the statement of profit or loss and other comprehensive income on a diminishing
value basis over the estimated useful lives of each part of an item of property, plant and equipment. The
estimated useful lives in the current and comparative periods are as follows:
Office equipment
Plant and equipment
Motor vehicles
20%
40%
20%
Depreciation methods, useful lives and residual values are reviewed at each reporting date.
f) Exploration expenditure
Exploration activity involves the search for mineral resources, the determination of technical feasibility and the
assessment of commercial viability of an identified resource. Exploration expenditure incurred is accumulated
in respect of each identifiable area of interest. Exploration expenditure is measured at cost.
Exploration expenditure related to each identifiable area of interest is recognised as an exploration asset in the
year in which the cost is incurred and carried forward to the extent that the following conditions are satisfied:
(i)
rights to tenure of the identifiable area of interest are current; and
(ii)
at least one of the following conditions is also met:
§
§
the expenditure is expected to be recouped through the successful development of the identifiable
area of interest, or alternatively, by its sale; or
where activities in the identifiable area of interest have not at the reporting date reached a stage
that permits a reasonable assessment of the existence or otherwise of economically recoverable
reserves and activities in, or in relation to, the area of interest are continuing.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry
forward costs in relation to that area of interest. Accumulated costs in relation to an abandoned area are written
off in full in the statement of profit and loss and other comprehensive income in the year in which the decision
to abandon the area is made.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
29 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
2.
Significant accounting policies (continued)
Exploration assets are reviewed at each reporting date for indicators of impairment and tested for impairment
where such indicators exist. If the test indicates that the carrying value may not be recoverable the asset is
written down to its recoverable amount. Any such impairment arising is recognised in the statement of profit or
loss and other comprehensive income for the year.
Where an impairment loss is subsequently reversed, 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.
g)
Impairment of non-financial assets
Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that
the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the
asset's carrying amount exceeds its recoverable amount.
Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-
use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate
specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent
cash flows are grouped together to form a cash-generating unit.
For the purposes of impairment testing, assets that cannot be tested individually are grouped together into the
smallest group of assets that generates cash inflows from continuing use that are largely independent of the
cash inflows of other assets or groups of assets (the “cash-generating unit”). For an asset that does not generate
largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which
the asset belongs.
The Group’s corporate assets do not generate separate cash inflows. If there is an indication that a corporate
asset may be impaired, then the recoverable amount is determined for the CGU to which the corporate asset
belongs.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its
estimated recoverable amount. Impairment losses are recognised in the statement of profit and loss and other
comprehensive income. Impairment losses recognised in respect of CGUs are allocated to reduce the carrying
amounts of other assets in the unit (group of units) on a pro rata basis.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the
loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the
asset’s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation and amortisation, if no impairment loss had been recognised.
h) Employee benefits
Defined contribution superannuation funds
A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into
a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for
contributions to defined contribution plans are recognised as an employee benefit expense in the statement of
profit and loss and other comprehensive income in the periods during which services are rendered by
employees. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in
future payments is available.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
30 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
2.
Significant accounting policies (continued)
Short-term benefits
Liabilities for employee benefits for wages, salaries and annual leave that are expected to be settled within 12
months of the reporting date represent present obligations resulting from employees’ services provided to
reporting date and are calculated at undiscounted amounts based on remuneration wage and salary rates that
the Group expects to pay as at reporting date including related on-costs, such as workers compensation
insurance and payroll tax.
i) Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation
that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle
the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that
reflects current market assessments of the time value of money and the risks specific to the liability. The
unwinding of the discount is recognised as a finance cost.
Exploration activities give rise to obligations for site closure and rehabilitation. Site restoration costs include the
dismantling and removal of mining plant, equipment and building structures, waste removal and rehabilitation of
the site in accordance with clauses of the mining permits. Such costs have been determined using estimates of
future costs, current legal requirements and technology discounted to their present values.
j) Revenue
Finance income and finance costs
Finance income comprises interest income on funds invested. Interest income is recognised as it accrues in the
statement of profit and loss and other comprehensive income, using the effective interest method.
Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions and impairment
losses recognised on financial assets.
k)
Income tax
Income tax expense comprises current and deferred tax. Current and deferred tax are recognised in the
statement of profit or loss and other comprehensive income except to the extent that it relates to a business
combination, or items recognised directly in equity or in other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates
enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous
years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation
purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets
and liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable
profit or loss, and differences relating to investments in subsidiaries to the extent that it is probable that they will
not reverse in the foreseeable future.
Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when
they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred
tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets,
and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax
entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities
will be realised simultaneously.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
31 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
2.
Significant accounting policies (continued)
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to
the extent that it is probable that future taxable profits will be available against which the asset can be utilised.
Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer
probable that the related tax benefit will be realised.
l) Goods and services tax
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except
where the amount of GST incurred is not recoverable from the taxation authority. 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 are stated with the amount of GST included. The net amount of GST recoverable
from, or payable to, the Australian Taxation Office is included as a current asset or liability in the balance sheet.
Cash flows are included in the statement of cash flows on a gross basis. The GST components of cash flows
arising from investing and financing activities which are recoverable from, or payable to, the Australian Taxation
Office are classified as operating cash flows.
m) Loss per share
The Company presents basic and diluted loss per share for its ordinary shares. Basic loss per share is calculated
by dividing the profit or loss attributable to the ordinary shareholders of the Company by the weighted average
number of ordinary shares outstanding during the period. Diluted earnings per share is only determined if the
Company is in a profit position. Refer to note 5 for details.
n) Accounting estimates and judgements
Management discusses with the Board the development, selection and disclosure of the Group’s critical
accounting policies and estimates and the application of these policies and estimates. The estimates and
judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are discussed below.
Taxation
Balances disclosed in the financial statements and the notes related to taxation, are based on the best estimates
of directors and take into account the financial performance and position of the Group as they pertain to current
income tax legislation, and the directors understanding thereof. No adjustment has been made for pending or
future taxation legislation. The current tax position represents the best estimate, pending assessment by the
Australian Tax Office.
Exploration assets
The accounting policy for exploration expenditure results in expenditure being capitalised for an area of interest
where it is considered likely to be recoverable by future exploitation or sale or where the activities have not
reached a stage which permits a reasonable assessment of the existence of reserves.
This policy requires management to make certain estimates as to future events and circumstances, in particular
whether an economically viable extraction operation can be established. Any such estimates and assumptions
may change as new information becomes available. If, after having capitalised the expenditure under the policy,
a judgement is made that the recovery of the expenditure is unlikely, the relevant capitalised amount will be
written off to profit and loss.
Share-based payment transactions
The Group measures the cost of equity-settled transactions by reference to the fair value of the equity
instruments at the date at which they are granted. The fair value of rights granted is measured using the Black
Scholes pricing model, taking into account individual terms and conditions.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
32 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
2.
Significant accounting policies (continued)
Estimated useful lives of assets
Estimated useful lives of assets have been based on historical experience. The condition of the assets is
assessed at least once per year and considered against the remaining life. Adjustments to useful lives are made
when considered necessary.
Provision for rehabilitation
Included in liabilities at the end of each reporting period is an amount that represents an estimate of the cost to
rehabilitate the land upon which the Group has carried out its exploration for mineral resources. Actual costs
incurred in future periods to settle these obligations could differ materially from these estimates. Additionally,
future changes to environmental laws and regulations, life of mine estimates, and discount rates could affect the
carrying amount of this provision.
Impairment
The Group assesses impairment at the end of each reporting period by evaluating conditions or events specific
to the Group that may be indicative of impairment indicators. The decision as to the existence of impairment
indicators requires judgement.
3.
Revenue and expenses include:
Administrative expenses
Employee benefits expense
Office lease payments
Interest expense
Depreciation of
- Right of use asset
- Plant and equipment
Legal services
Company secretarial services
Other
Note
11
8
2023
$
225,325
42,663
364
6,603
31,583
5,066
48,000
216,990
576,594
2022
$
265,194
47,969
-
-
27,246
32,805
48,000
384,705
805,919
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
33 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
4.
a)
Income tax expense
Numerical reconciliation between tax expense / (benefit) and pre-tax net loss
Loss before tax
Income tax benefit using the domestic corporation tax rate of 25% (2022:
25%)
Increase / (decrease) in income tax due to:
Non-deductible expenses
Temporary differences and losses not recognised
Adjustments in respect of previous current income tax
Tax amortisation of capital raising costs
Income tax benefit
b)
Tax consolidation
2023
$
2022
$
(4,895,491)
(1,591,090)
(1,223,873)
(397,772)
-
1,237,434
-
(13,561)
-
-
421,187
-
(23,415)
-
The company and its 100% owned controlled entities have formed a tax consolidated group. Members of the
Consolidated Entity have entered into a tax sharing arrangement in order to allocate income tax expense to the
wholly owned controlled entities on a pro-rata basis. The agreement provides for the allocation of income tax
liabilities between the entities should the head entity default on its tax payment obligations. At balance date, the
possibility of default is remote. The head entity of the tax consolidated group is Auris Minerals Limited.
c)
Tax effect accounting by members of the tax consolidated group
Members of the tax consolidated group have entered into a tax funding agreement. The tax funding agreement
provides for the allocation of current taxes to members of the tax consolidated group. Deferred taxes are
allocated to members of the tax consolidated group in accordance with a group allocation approach which is
consistent with the principles of AASB 112 Income Taxes. The allocation of taxes under the tax funding
agreement is recognised as an increase/decrease in the controlled entities intercompany accounts with the tax
consolidated group head company, Auris Minerals Limited.
In this regard the Company has utilised the benefit of tax losses from controlled entities of $702,322 (2022:
$1,215,870) as of the balance date. The nature of the tax funding agreement is such that no tax consolidation
contributions by or distributions to equity participants are required.
d)
Deferred tax (liabilities) / assets not recognised
Exploration expenditure
Plant and equipment
Prepaid expenditure
Environmental liability
Provisions and sundry items
Business related costs
Capital losses
Tax losses
Deferred tax asset not recognised
Net deferred tax liability
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
2023
$
2022
$
(3,872,040)
1,933
(5,935)
9,298
41,992
107,246
152,449
24,301,075
(20,736,018)
(4,758,944)
399
(9,251)
7,340
17,063
124,082
152,449
24,506,681
(20,039,819)
-
-
34 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
The tax losses do not expire under current legislation. Deferred tax assets have not been recognised in respect
of these items because it is not probable that future taxable profit will be available against which the Company
can utilise the benefits.
5.
Loss per share
Basic loss per share (cents)
2023
Cents
1.03
2022
Cents
0.33
The calculation of basic loss per share at 30 June 2023 is based on the loss attributable to ordinary shareholders
of $4,895,491 (2022: $1,591,090) and a weighted average number of ordinary shares outstanding of
476,625,957 (2022: 476,625,957).
This calculation does not include instruments that could potentially dilute basic earnings per share in the future,
as these instruments are anti-dilutive, since their inclusion would reduce the loss per share.
6.
Auditors remuneration
Audit services:
Audit and review of financial reports
7.
Trade and other receivables
Receivable from Australian Taxation Office
Prepaid expenses
Other
2023
$
26,229
26,229
2023
$
10,644
23,738
12,368
46,750
2022
$
26,421
26,421
2022
$
-
37,003
22,195
59,198
The Group’s exposure to credit and currency risks and impairment losses related to trade and other receivables
are disclosed in note 19.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
35 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
8.
Property, plant and equipment
A reconciliation of the carrying amounts for each class of property, plant and equipment is set out below.
Plant &
equipment
$
Office
equipment
$
Motor
vehicles
$
Total
$
Carrying amount
At cost
60,473
211,201
Accumulated Depreciation
(22,345)
(178,728)
Balance at 30 June 2022
38,128
32,473
At cost
Accumulated Depreciation
Balance at 30 June 2023
60,473
211,201
(30,067)
(185,221)
30,406
25,980
Movement in carrying amount
Balance at 1 July 2021
Additions
Depreciation
Balance at 30 June 2022
Balance at 1 July 2022
Depreciation
Balance at 30 June 2023
42,777
500
(5,149)
38,128
38,128
(7,722)
30,406
37,699
2,908
(8,134)
32,473
32,473
(6,493)
25,980
155,100
(68,260)
86,840
155,100
(85,628)
69,472
4,934
95,869
(13,963)
86,840
86,840
(17,368)
69,472
426,774
(269,333)
157,441
426,774
(300,916)
125,858
85,410
99,277
(27,246)
157,441
157,441
(31,583)
125,858
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
36 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
9.
Exploration expenditure
Exploration
$
Evaluation
$
Development
$
Total
$
Balance at 1 July 2021
Expenditure during the period
Adjustment to environmental
liability (i)
Adjustment to stamp duty
provision
Impairment of assets (ii)
20,933,294
1,071,897
(28,260)
(125,053)
(828,281)
Balance at 30 June 2022
21,023,597
Balance at 1 July 2022
Expenditure during the period
Adjustment to environmental
liability (i)
Adjustment to stamp duty
provision
Impairment of assets (iii)
Balance at 30 June 2023
21,023,597
692,837
7,830
133,552
(4,541,671)
17,316,145
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
20,933,294
1,071,897
(28,260)
(125,053)
(828,281)
21,023,597
21,023,597
692,837
7,830
133,552
(4,541,671)
17,316,145
(i)
(ii)
(iii)
The estimated environmental liability is based on an annual assessment under the criteria adopted by the Mining rehabilitation
Fund as implemented by the Department of Mines and Petroleum.
The carrying value has been impaired based on the termination of the Sam’s Creek Share Purchase Agreement. Any and all costs
capitalised against the Sam’s Creek tenements have been reversed and recorded as an impairment expense at the prior year
reporting date.
The carrying value has been impaired based on tenements the Company is looking to relinquish or divest over the coming 12
months. Any and all costs capitalised against these tenements have been reversed and recorded as an impairment expense at
the reporting date.
10.
Cash and cash equivalents
Bank balances
Cash and cash equivalents in the statement of cash flows
2023
$
2022
$
2,557,200
3,571,022
2,557,200
3,571,022
The exposure to interest rate risk and a sensitivity analysis for financial assets are discussed in note 19.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
37 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
10.
Cash and cash equivalents (continued)
a)
Reconciliation of cash flows from operating activities
Loss for the period after income tax
Adjusted for:
Other income (revenue from tenement disposal)
Depreciation expense
Impairment of exploration assets
Note
2023
$
2022
$
(4,895,491)
(1,591,090)
(100,000)
31,583
4,541,671
8
9
-
27,246
828,281
Operating loss before changes in working capital and provisions
(422,237)
(735,763)
Decrease / (Increase) in trade and other receivables
(Decrease) in trade and other payables
Net cash outflow from operating activities
b)
Non cash financing and investing activities
12,448
(28,001)
(32,744)
(16,679)
(437,790)
(784,986)
There were no non-cash financing and investing activities during the year ended 30 June 2023 (2022:
nil).
11.
Right-of-use assets and lease liability
The Group’s right-of-use assets include a building (in the form of an office lease).
Right-of-use assets
Leased buildings
Accumulated depreciation
Balance at 30 June
Lease liability
Current
Non-current
Balance at 30 June
2023
$
2022
$
52,822
(6,603)
46,219
26,020
20,281
46,301
-
-
-
-
-
-
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
38 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
12.
Trade and other payables
Trade payables and other accruals
Monies held in trust
2023
$
80,349
23,144
2022
$
90,403
23,144
103,493
113,547
Monies held in trust
On 20 February 2017, being the applicable record date, the Company provided shareholders with a notice of
intention to sell shares of less than a marketable parcel in accordance with the company constitution. Impacted
shareholders were given the opportunity to return their Notice of Retention by 10 April 2017 if they did not want
these shares to be sold on their behalf. The sale was concluded on 19 April 2017 and 1,350 shareholders
collectively holding 1,509,225 shares received their proceeds from the sale ($0.07 per share sold). The monies
currently held in trust represent unpresented cheques at the balance date.
13.
Provisions
Current provisions
Employee leave benefits
Provision for stamp duty
2023
$
12,458
133,552
146,010
2022
$
13,682
-
13,682
Reinstatement and revision of stamp duty provision ($125,053 had been recognised as a provision in prior
periods until it was reversed during the 2022 financial year). The amount has been re-instated during the current
financial year following a detailed review by management, in conjunction with third parties.
Non-current provisions
Note
Environmental provision
Movement in non-current provisions
Balance at 1 July
Provision adjustment
Balance at 30 June
9
2023
$
37,190
37,190
29,360
7,830
37,190
2022
$
29,360
29,360
57,620
(28,260)
29,360
A provision has been made in respect of environmental rehabilitation on tenements based on the disturbance
criteria as determined by Department of Mines and Petroleum.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
39 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
14.
Issued capital and reserves
Issued and fully paid ordinary
shares
2023
$
2022
$
130,689,277
130,689,277
Movement in ordinary shares
Note
2023
No.
2023
$
2022
No.
2022
$
On issue at 1 July
On issue at 30 June
476,625,957
130,689,277
476,625,957
130,689,277
476,625,957
130,689,277
476,625,957
130,689,277
Movement in reserves
Gain/(loss) from equity investment reserve
Balance at 1 July
Transferred to retained earnings
Balance at 30 June
Option reserve
Balance at 1 July
Allotment of listed options (i)
Option issue costs
Balance at 30 June
Total reserves
Note
2023
$
-
-
-
2022
$
320,615
(320,615)
-
2,186,070
-
-
2,186,070
-
2,383,130
(197,060)
2,186,070
2,186,070
2,186,070
(i) The Company completed a fully underwritten pro-rata non-renounceable offer on 25 November 2021 and issued 476,625,957 Options
raising $2,383,130 before costs. The Options are exercisable at $0.08 expiring 30 November 2023.
Movement in listed options
Options expiring on
or before
Exercise
Price
On issue
at 1 Jul 22
Issued
Exercised
Expired
30 Nov 2023
$0.08 476,625,957
476,625,957
-
-
-
-
On issue at
30 Jun 23
- 476,625,957
- 476,625,957
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
40 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
15.
Controlled entities
Auris Exploration Pty Ltd, incorporated in Australia (i) (ii)
(i) Auris Exploration Pty Ltd was formerly known as Grosvenor Gold Pty Ltd.
(ii) The parent entity acquired a 100% interest in Auris Exploration Pty Ltd on 8 March 2012.
2023
%
100
2022
%
100
16.
Segment reporting
The Group operates in a single business segment being mineral exploration in Australia.
The Group is domiciled in Australia. All revenue from external parties is generated from Australia only. All the
assets are located in Australia.
17.
Parent information
Statement of Financial Position
Assets
Total current assets
Total non-current assets
Total assets
Liabilities
Total current liabilities
Total non-current liabilities
Total liabilities
Equity
Issued capital
Reserves
Accumulated losses
Total equity
Statement of Profit or Loss and Other Comprehensive Income
Total loss
Total comprehensive loss
18.
Share based payments
2023
$
2022
$
2,590,942
21,950,789
3,608,092
47,306,357
24,541,731
50,914,449
220,600
20,281
98,600
25,332,898
240,881
25,431,498
130,689,277
2,186,070
(108,574,497)
130,689,277
2,186,070
(107,392,396)
24,300,850
25,482,951
1,182,101
3,964,861
1,182,101
3,964,861
There were no share-based payments during the year ended 30 June 2023 (2022: nil).
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
41 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
19.
Financial instruments
Financial risk management
This note presents information about the Group’s exposure to credit, liquidity and market risks, their objectives,
policies and processes for measuring and managing risk, and the management of capital.
The Group’s principal financial instruments comprise receivables, payables, cash and short-term deposits. All
financial assets measured at fair value are considered to be Level 1 financial assets. That is, they have quoted
prices in active markets for identical assets.
Risk exposures and responses
The Group manages its exposure to key financial risks in accordance with the Group’s financial risk management
policy. The objective of the policy is to support the delivery of the Group’s financial targets while protecting future
financial security.
The Board of Directors has overall responsibility for the establishment and oversight of the risk management
framework. Management monitors and manages the financial risks relating to the operations of the Group
through regular reviews of the risks.
The main risks arising from the Group’s financial instruments are interest rate risk and liquidity risk. The Group
uses different methods to measure and manage different types of risks to which it is exposed. These include
monitoring levels of exposure to interest rates via assessments of market forecasts for interest rates and
monitoring liquidity risk through the development of future rolling cash flow forecasts.
The Group does not use any form of derivatives as the Group’s operations and related financial instruments are
not at a level of complexity to require the use of derivatives to hedge its exposures. The Group does not enter
into or trade financial instruments, including derivative financial instruments, for speculative purposes.
Credit risk
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in a financial loss
to the Group. The Group’s potential concentration of credit risk consists mainly of cash deposits with banks and
other receivables. The Group’s short term cash surpluses are placed with banks that have investment grade
ratings.
The maximum credit risk exposure relating to the financial assets is represented by the carrying value as at the
balance sheet date. The Group considers the credit standing of counterparties when making deposits to manage
the credit risk.
Considering the nature of the Group’s ultimate customers and the relevant terms and conditions entered into
with such customers, the Group believes that the credit risk is immaterial.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The
Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity
to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses
or risking damage to the Group’s reputation.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
42 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
19.
Financial instruments (continued)
Ultimate responsibility for liquidity risk management rests with the Board of Directors. The Group manages
liquidity risk by maintaining adequate cash reserves either from funds raised in the market or via short term
loans and by continuously monitoring forecast and actual cash flows.
The following are the contractual and expected maturities of the Group’s non-derivative, non-cash financial
assets and the Group’s expected maturities of financial liabilities:
As at 30 June 2023
Financial assets
Trade and other receivables
Financial liabilities
Trade and other payables
Provisions
Lease liability
46,750
46,750
(103,493)
(146,010)
(12,867)
(262,370)
Within 6
months
6 to 12
months
$
>12 months
Total
$
-
-
$
-
-
$
46,750
46,750
-
-
(13,153)
(13,153)
-
(37,190)
(20,281)
(103,493)
(183,200)
(46,301)
(57,471)
(332,994)
Net outflow
(215,620)
(13,153)
(57,471)
(286,244)
As at 30 June 2022
Financial assets
Trade and other receivables
Financial liabilities
Trade and other payables
Provisions
Net outflow
Equity price risk
59,198
59,198
(113,547)
(13,682)
(127,229)
(68,031)
-
-
-
-
-
-
-
-
59,198
59,198
-
(29,360)
(113,547)
(43,042)
(29,360)
(156,589)
(29,360)
(97,391)
Equity price risk is the risk that the value of the Group’s financial instruments will fluctuate as a result of changes
in market prices (other than those arising from interest rate risk or currency risk), whether caused by factors
specific to an individual investment, its issuer or all factors affecting all instruments traded in the market.
Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going
concern, so as to maintain a strong capital base sufficient to maintain future exploration, evaluation and
development of its mineral projects. In order to maintain or adjust the capital structure, the Group may return
capital to shareholders, issue new shares or sell assets to reduce debt.
Due to the Group being principally involved in mineral exploration, the primary source of funding is equity
raisings.
As at 30 June 2023, the Group had net working capital of $2,328,427 (2022: $3,502,991). The Group’s net asset
position was $19,759,178 (2022: $24,654,669).
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
43 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
19.
Financial instruments (continued)
There were no changes in the Group’s approach to capital management during the year. Risk management
policies and procedures are established with regular monitoring and reporting.
The Group is not subject to externally imposed capital requirements.
Fair value
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the
basis of measurement and the basis on which revenues and expenses are recognised, in respect of each class
of financial asset, financial liability and equity instrument are disclosed in Note 2 to the financial statements.
The financial assets and liabilities included in the assets and liabilities of the Group approximate net fair value,
determined in accordance with the accounting policies disclosed in Note 2 to the financial statements.
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity
prices will affect the Group’s income or the value of its holdings of financial instruments. The objective of market
risk management is to manage and control market risk exposures within acceptable parameters, while optimising
the return.
Cash flow interest rate risk
The Group is exposed to interest rate risk, primarily on its cash and cash equivalents. Cash flow interest rate
risk is the risk that a financial instrument’s value will fluctuate as a result of changes in the market interest rates
on interest- bearing financial instruments. The Group does not use derivatives to mitigate these exposures.
The interest rate profile of the Group’s interest-bearing financial instruments was:
Fixed interest rate maturity
Average
interest rate
%
Variable
interest
rate
A$
Less than
1 year
1 to 5
years
A$
A$
More
than 5
years
A$
Total
A$
At 30 June 2023
Financial assets
Cash and cash
equivalents
Financial liabilities
At 30 June 2022
Financial assets
Cash and cash
equivalents
Financial liabilities
3.85
2,557,200
-
-
1.1
3,571,022
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,557,200
-
3,571,022
-
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates at the reporting date would have no material impact on the income
statement. There would be no effect on the equity reserves other than those directly related to income statement.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
44 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
20.
Related parties
Key management personnel compensation
Refer to the remuneration report contained in the directors’ report for details of the remuneration paid or payable
to each member of the Group’s key management personnel (KMP) for the year ended 30 June 2023.
The totals of remuneration paid to KMP of the Group during the year comprised:
Short-term employee benefits
Post-employment benefits
Share-based payments
2023
$
212,765
3,090
-
215,855
2022
$
252,273
2,727
-
255,000
Other than the directors and Chief Executive Officer (if applicable), no other person is concerned in, or takes
part in, the management of the Group or has the authority and responsibility for planning, directing and
controlling the activities of the Group.
Short-term employee benefits
These amounts include fees and benefits paid to the Non-Executive Directors as well as all fees, salary, paid
leave, fringe benefits awarded to Executive Directors as well as the Chief Executive Officer (if applicable).
Post-employment benefits
These represent the cost of superannuation contributions made during the year.
Share-based payments
These amounts represent expense related to the participation of directors in equity-settled benefit schemes as
measured by the fair value of options or rights granted on the grant date.
Further information in relation to key management personnel remuneration can be found in the directors’ report.
Individual directors and executives compensation disclosures
Information regarding individual directors' compensation and some equity instruments disclosures as required
by Corporations Regulations 2M.3.03 is provided in the Remuneration Report section of the Directors’ Report.
Apart from the details disclosed in this note, no director has entered into a material contract with the Group since
the end of the previous financial year and there were no material contracts involving directors’ interests at year-
end.
Key management personnel and director transactions
A number of key management persons, or their related parties, hold positions in other entities that result in them
having control or significant influence over the financial or operating policies of those entities. A number of these
entities may or may not have transacted with the Company or its subsidiaries in each reporting period. The terms
and conditions of the transactions with management persons and their related parties were no more favourable
than those available, or which might reasonably be expected to be available, on similar transactions to non-
director related entities on an arm’s length basis.
During the financial year ended 30 June 2022, $11,200 was paid to Horseshoe Metals Limited for the
reimbursement of field camp meals and accommodation. Craig Hall is a director of Horseshoe Metals Limited.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
45 | P a g e
NOTES TO THE CONSOLIDATED FINANCIAL REPORTS
FOR THE YEAR ENDED 30 JUNE 2023
21.
Commitments and contingent liabilities
Exploration expenditure commitments in respect of tenement holdings
Payable not later than 12 months
Payable between 12 months and 5 years
2023
$
834,084
120,000
954,084
2022
$
1,148,360
874,000
2,022,360
22. Events subsequent to reporting date
No matters or circumstances have arisen since the end of the financial year which significantly affected or may
significantly affect the operations of the Company, the results of those operations, or the state of affairs of the
Company in future financial years.
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
46 | P a g e
DIRECTORS’ DECLARATION
In the opinion of the directors of Auris Minerals Limited
(a)
the Consolidated Financial Statements and Notes, as set out on pages 22 to 46, and the Remuneration
Report in the Directors’ Report, are in accordance with the Corporations Act 2001, including:
(i)
(ii)
giving a true and fair view of the Group’s financial position as at 30 June 2023 and of its
performance, for the financial year ended on that date; and
complying with Australian Accounting Standards
Interpretations) and the Corporations Regulations 2001;
(including
the Australian Accounting
(b)
(c)
the financial report also complies with International Financial Reporting Standards as disclosed in note
1(a);
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable.
The directors have been given the declarations required by section 295A of the Corporations Act 2001 from the
Chief Executive Officer (equivalent) and Chief Financial Officer (equivalent) for the financial year ended 30 June
2023.
Signed in accordance with a resolution of the directors.
NEVILLE BASSETT
NON-EXECUTIVE CHAIR
Dated at West Perth this 16th day of August 2023
Auris Minerals Limited I 2023 ANNUAL REPORT
ABN 77 085 806 284
47 | P a g e