Auric Mining Limited and CONTROLLED ENTITIES
ACN 635 470 843
Financial Statements
31 December 2022
Auric Mining Limited and CONTROLLED ENTITIES
Contents
31 December 2022
Directors' report
Auditor's independence declaration
Consolidated statements of profit or loss and other comprehensive income
Consolidated statements of financial position
Consolidated statements of changes in equity
Consolidated statements of cash flows
Notes to the consolidated financial statements
Directors' declaration
Independent auditor's report to the members of Auric Mining Limited
Shareholder information
2
13
14
15
16
17
18
39
40
45
General information
The financial statements cover both Auric Mining Limited as an individual entity and the consolidated entity consisting of
Auric Mining Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented
in Australian dollars, which is Auric Mining Limited's functional and presentation currency.
Auric Mining Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office
and principal place of business are:
Registered office
Level 1, 1 Tully Road,
East Perth WA 6004
Principal place of business
Level 1, 1 Tully Road,
East Perth WA 6004
A description of the nature of the consolidated entity's operations and its principal activities are included in the Directors'
report.
The financial statements were authorised for issue, in accordance with a resolution of Directors, on 9 March 2023.
1
Auric Mining Limited and CONTROLLED ENTITIES
Directors' report
31 December 2022
The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as
the 'consolidated entity') consisting of Auric Mining Limited (referred to hereafter as "Auric', the "Company" or "parent entity")
and the entities it controlled at the end of, or during, the year ended 31 December 2022.
Directors
The following persons were Directors of Auric Mining Limited during the whole of the financial year and up to the date of this
report, unless otherwise stated:
Steven Morris - Non-Executive Chair
Mark English - Managing Director
John Utley - Executive Director
Stephen Strubel - Non-Executive Director (Retired 27 May 2022)
Particulars of each Director's experience and qualifications are set out later in this report.
Principal Activities
The principal activities of the Group during the financial period were gold exploration and development.
Operating and Financial Review
The Company completed further RC drilling programs at both Munda and Guest; Aircore drilling at Chalice West and
continued the development of the Jeffreys Find Deposit.
The Company announced an upgrade of Munda resource as announced to ASX on 28 January 2022.
The Company completed the Metallurgical Testwork for both Jeffreys Find and Munda as announced to the ASX on 6 May
2022 and 11 May 2022.
On 18 May 2022, the Company executed an exclusive option agreement to acquire all mineral rights for the Chalice West
Project tenements E15/1801 and E63/2199 thereby providing Auric further landholdings in the Widgiemooltha/ Norseman
area.
The Company completed a scoping study for Jeffreys Find as announced to the ASX on 11 July 2022.
The Company entered into a joint mining arrangement with BML Ventures Pty Ltd for the Jeffreys Find Deposit as
announced to the ASX on 22 August 2022.
The loss for the consolidated entity after providing for income tax amounted to $1,106,692 (31 December 2021: loss of
$1,103,126).
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the consolidated entity during the financial year.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Matters subsequent to the end of the financial year
After the year ended 31 December 2022, the Company submitted 3 tenement applications to acquire P15/6786, E15/1978
and E15/1979.
No other matter or circumstance has arisen since 31 December 2022 that has significantly affected, or may significantly
affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future
financial years.
Likely developments and expected results of operations
Information on likely developments, future prospects and business strategies of the operations of the consolidated entity and
the expected results of operations, not otherwise disclosed in this report, have not been included in this report because the
Directors believe that the inclusion of such information would be likely to result in unreasonable prejudice to the consolidated
entity.
2
Auric Mining Limited AND CONTROLLED ENTITIES
Directors' report
31 December 2022
Indemnifying Officers or Auditor
During the year, the Group maintained an insurance policy which indemnifies the directors and officers in respect of any
liability incurred in connection with the performance of their duties as directors and officers of the Group to the extent
permitted by the Corporations Act 2001.
The Group has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the
Company or any related entity against a liability incurred by the auditor. During the financial year, the Group has not paid a
premium in respect of a contract to insure the auditor of the Company or any related entity.
Environmental regulation
The consolidated entity is not subject to any significant environmental regulation under Australian Commonwealth or State
law as it is still in exploration stages.
Risk Statement
The consolidated entity is committed to the effective management of risk to reduce uncertainty in the consolidated entity’s
business outcomes and to protect and enhance shareholder value. There are various risks that could have a material impact
on the achievement of the consolidated entity’s strategic objectives and future prospects.
Key risks and mitigation activities associated with the consolidated entity’s objectives are set out below:
COVID-19 impacts
The ongoing COVID-19 pandemic has had a significant impact on the global economy and the ability of businesses,
individuals and governments to operate. Given the ongoing and dynamic nature of the circumstances, it is difficult to predict
the impact of the pandemic on the consolidated entity’s business (or on the operations of other businesses on which it relies),
and there is no guarantee that the consolidated entity’s efforts to address the adverse impacts of COVID-19 will be effective.
The impact to date has included periods of significant volatility in financial, commodities and other markets. This volatility, if
it continues could have an adverse impact on the consolidated entity’s condition and results of operations.
There continues to be considerable uncertainty as to the duration and further impact of COVID-19, including (but not limited
to) government, regulatory or health authority actions, work stoppages, lockdowns, quarantines, and travel restrictions.
The impact of some or all of these factors could cause significant disruption to the consolidated entity’s operations and
financial performance. The consolidated entity continues to put in place mitigation strategies in relation to the COVID-19
pandemic and ensures a COVID safe environment is carried out at all of its work sites.
Exploration risk
The consolidated entity’s projects are at various stages of exploration, and potential investors should understand that mineral
exploration is a high-risk undertaking. There can be no assurance that exploration of these projects, or any other tenements
that may be acquired in the future, will result in the discovery of an economic mineral deposit.
The future exploration activities of the consolidated entity may be affected by a range of factors including geological
conditions, limitations on activities due to seasonal weather patterns, unanticipated operational and technical difficulties,
industrial and environmental accidents, local title processes, changing government regulations and many other factors
beyond the control of the consolidated entity.
In addition, the tenements forming the projects of the consolidated entity may include various restrictions excluding, limiting
or imposing conditions upon the ability of the consolidated entity to conduct exploration activities. While the consolidated
entity will formulate its exploration plans to accommodate and work within such access restrictions, there is no guarantee
that the consolidated entity will be able to satisfy such conditions on commercially viable terms, or at all.
The consolidated entity uses a number of exploration techniques in order to reduce the level of exploration risks and
continues to explore new and innovative technologies through its day to day operations.
3
Auric Mining Limited AND CONTROLLED ENTITIES
Directors' report
31 December 2022
Regulatory risk
The consolidated entity’s mining and exploration activities are dependent upon the maintenance (including renewal) of the
tenements in which the consolidated entity has or acquires an interest. Maintenance of the consolidated entity’s tenements
is dependent on, among other things, the consolidated entity’s ability to meet the licence conditions imposed by relevant
authorities.
Although the consolidated entity has no reason to think that the tenements in which it currently has an interest will not be
renewed, there is no assurance that such renewals will be given as a matter of course and there is no assurance that new
conditions will not be imposed by the relevant authority or whether the consolidated entity will be able to meet the conditions
of renewal on commercially reasonable terms, if at all.
The consolidated entity works with local government and mining departments to ensure it meets the required level of reporting
requirements and to reduce any potential for breach of regulatory requirements.
Future funding risk
The consolidated entity has no operating revenue. Exploration and development costs and pursuit of its business plan will
use funds from the consolidated entity’s current cash reserves and the amounts raised under other funding opportunities.
The development of one or more of its projects may require the consolidated entity to raise capital.
Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than the market or may
involve restrictive covenants which limit the consolidated entity’s operations and business strategy. Debt financing, if
available, may involve restrictions on financing and operating activities.
Although the directors believe that additional capital can be obtained, no assurances can be made that appropriate capital
or funding, if and when needed, will be available on terms favourable to the consolidated entity or at all.
If the consolidated entity is unable to obtain additional financing as needed, it may be required to reduce the scope of its
activities and this could have a material adverse effect on the consolidated entity’s activities and could affect the consolidated
entity’s ability to continue as a going concern. The consolidated entity’s funding requirements are reviewed on a regular basis
in order to mitigate future funding risk.
Proceedings on Behalf of the Company
No person has applied for leave of a Court to bring proceedings against 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 a party to any Court proceedings during the period.
Non-audit services
There were no non-audit services provided during the financial year by the auditor.
Options
At the date of this report, the unissued ordinary shares of Auric Mining Limited under option are as follows:
Grant date
29 January 2021
5 October 2022
29 November 2022
8 December 2022
16 December 2022
19 December 2022
Total Options
Expiry date
31 October 2023
31 March 2024
31 March 2024
31 March 2024
31 March 2024
31 March 2024
Exercise
price
Number
under option
$0.40 43,908,175
7,848,612
$0.15
6,680,529
$0.15
1,999,994
$0.15
900,000
$0.15
300,000
$0.15
61,637,310
Option holders do not have any rights to participate in any issues of shares or other interests of the Company or any other
entity. There have been no options granted over unissued shares or interests of any controlled entity within the Group since
the end of the financial year.
4
Auric Mining Limited AND CONTROLLED ENTITIES
Directors' report
31 December 2022
During the year ended 31 December 2022, no shares of Auric Mining Limited were issued on the exercise of options granted.
No person entitled to exercise an option had or has any right by virtue of the option to participate in any share issue of any
other body corporate.
During the year ended 31 December 2022, 16,529,135 options were issued as part of the capital raising. 300,000 options
were issued as part of the cost of raising capital. These 300,000 options were brought to account in the 31 December 2022
financial statements in the option reserve. 900,000 options were issued as part of the employee incentive share plan.
Information on Directors and Company Secretary
Name:
Title:
Qualifications:
Experience and expertise:
Steven John Morris
Non-Executive Chair
Diploma of Financial Markets (FINSIA)
Steven has over 30 years’ experience in financial markets. He was Head of Private
Clients (Australia) for Patersons Securities, Managing Director of Intersuisse Ltd,
Founder and Managing Director of Peloton Shareholder Services and held senior
executive roles in the Little Group. Steven is Vice President of the Melbourne Football
Club.
Other current directorships:
Former directorships (last 3 years): Steven was previously the Chair of Purifloh Ltd (ASX:PO3) until November 2019 and a
Steven was a Non-Executive Director of De Grey Mining Ltd(“DEG”) from 2014 to 2019
and Chairman of ASX-listed Purifloh Ltd (“PO3”) from 2013 to 2019.
None
Interests in shares:
Interests in options:
Name:
Title:
Qualifications:
Experience and expertise:
Director of De Grey Mining Ltd (ASX:DEG) until July 2019
6,683,333 ordinary shares of Auric Mining Limited
2,312,500 options of Auric Mining Limited expiring 31 October 2023 @ $0.40
104,166 options of Auric Mining Limited expiring 31 March 2024 @ $0.15
Mark Anthony English
Managing Director
Bachelor of Business (Curtin University)
Fellow of the Institute of Chartered Accountants Australia and New Zealand
Member of the Institute of Company Directors
Mark is a Chartered Accountant and a member of the Australian Institute of Company
Directors. Mark has 40 year career in the resources sector and corporate services.
Mark has particular responsibility for Company strategy, financial management,
corporate development and acquisition opportunities. Mark was a founding Director of
Bullion Minerals Ltd, that he managed for 10 years including completing IPO.
Mark is a Co-Founder, Director and Shareholder in the Moora Citrus group of
companies, WA’s largest citrus producing orchard in operation for over 20 years.
Other current directorships:
None
Former directorships (last 3 years): None
Interests in shares:
Interests in options:
7,238,433 ordinary shares of Auric Mining Limited
2,515,834 options of Auric Mining Limited expiring 31 October 2023 @ $0.40
208,333 options of Auric Mining Limited expiring 31 March 2024 @ $0.15
5
Auric Mining Limited and CONTROLLED ENTITIES
Directors' report
31 December 2022
Experience and expertise:
Name:
Title:
Qualifications:
John Peter Utley
Technical Director
Master's of Science in Earth Sciences (University of Waikato, New Zealand)
Member of the Australian Institute of Mining and Metallurgy
Member of the Australian Institute of Geoscientists
John has a 35 year career in mining and exploration, principally gold sector. John has
worked in Australia, South America, Papua New Guinea and in Canada where he was
Chief Geologist for Atlantic Gold Corporation, during exploration and development of
the Touquoy Gold Mine and other gold deposits in Nova Scotia, prior to its acquisition
by St Barbara. John previously worked with Plutonic Resources Ltd, where he was
head of the exploration team at Darlot Gold Mine, during the discovery and
development of the 2.3M ounce Centenary gold deposit.
None
Other current directorships:
Former directorships (last 3 years): None
Interests in shares:
Interests in options:
6,976,666 ordinary shares of Auric Mining Limited
2,527,500 options of Auric Mining Limited expiring 31 October 2023 @ $0.40
208,333 options of Auric Mining Limited expiring 31 March 2024 @ $0.15
Name:
Title:
Qualifications:
Experience and expertise:
Stephen Rodney Strubel (Retired 27 May 2022)
Non-Executive Director (Stephen was the Company Secretary from 19 August 2019 to
1 February 2022)
Bachelor of Business in Banking and Finance/International Trade (Victoria University)
Graduate Certificate in Business (Finance) (Victoria University)
Master's in Business Administration (Australian Institute of Business)
Fellow Governance Institute of Australia (FGIA)
Stephen completed a Bachelor of Business in Banking and Finance/International Trade
and Graduate Certificate in Business (Finance) from Victoria University and has an
MBA from the Australian Institute of Business. He is a Fellow of the Governance
Institute of Australia. Stephen has worked in financial markets in Melbourne for
approximately 10 years predominantly with Patersons Securities.
Stephen was a Non-Executive Director of Star Minerals Ltd (“SMS”) and Executive
Director of ChemX Materials Ltd ("CMX").
An Executive Director of ChemX Materials Ltd (ASX:CMX) 2021 to date
Other current directorships:
Former directorships (last 3 years): A Non-Executive Director of Star Minerals Ltd (ASX:SMS) 2021 to 2022
Experience and expertise:
Name:
Title:
Qualifications:
Tamara Monica Barr
Company Secretary: Appointed: 1 February 2022
Certificate in Governance Practice (Governance Institute of Australia)
Affiliated Member (GIA)
Tamara is a highly experienced ASX Company Secretary with over 17 years’
experience practising as a Company Secretary and Corporate Governance Advisor
across a variety of sectors and industries. She has worked predominantly in Australia,
as well as in the UK and Europe, providing Company Secretarial advice and service to
ASX listed, Public and NFP companies. Tamara is Managing Director of corporate
services firm, Clear Sky Blue Pty Ltd where Tamara works closely with Boards to
enhance their Corporate Governance procedures.
None
Other current directorships:
Former directorships (last 3 years): None
6
Auric Mining Limited AND CONTROLLED ENTITIES
Directors' report
31 December 2022
Meetings of Directors
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 31 December 2022,
and the number of meetings attended by each Director were:
Steven Morris
Mark English
John Utley
Stephen Strubel
Full Board
Attended
Held
10
10
10
6
10
10
10
6
Held: represents the number of meetings held during the time the Director held office.
All other matters requiring approval by the Directors, have been approved by Circular Resolution.
Remuneration report (audited)
Remuneration Policy
The remuneration policy of the company has been designed to align key management personnel (KMP) objectives with
shareholder and business objectives by providing a fixed remuneration component. The Board of the company believes the
remuneration policy to be appropriate and effective in its ability to attract and retain high-quality KMP to run and manage the
Group, as well as create goal congruence between Directors, executives and shareholders.
For the purposes of this report, KMP comprises executive and non-executive Directors of the Group, as follows:
Steven Morris – Non-Executive Chair
Mark English – Managing Director
John Utley – Technical Director
Stephen Strubel – Non-Executive Director (Retired 27 May 2022)
The Board’s policy for determining the nature and amount of remuneration for KMP of the Group is based on the
following:
- The remuneration policy is developed and approved by the Board after professional advice, if required.
- All KMP receive a base salary (which is based on factors such as length of service and experience), superannuation,
fringe benefits and long service leave.
- The Board reviews KMP packages annually by reference to the Group’s performance, executive performance
and comparable information from industry sectors.
KMP receive, at a minimum, a superannuation guarantee contribution required by the government, which is currently 10.5%
of the individual’s average weekly ordinary time earnings (AWOTE). Some individuals, however, have chosen to sacrifice
part of their salary to increase payments towards superannuation.
All remuneration paid to KMP is valued at the cost to the Group and expensed.
The Board’s policy is to remunerate non-executive Directors at market rates for time, commitment and responsibilities.
The Board determines payments to the non-executive Directors and reviews their remuneration annually, based on market
practice, duties and accountability. Independent external advice is sought when required. The current amount has
been set at an amount not to exceed $250,000 per annum. The maximum aggregate amount of fees that can be paid
to non-executive Directors is subject to approval by shareholders at general meeting.
Options granted under the arrangement do not carry dividend or voting rights. Each option is entitled to be converted into
one ordinary share once the interim or final financial report has been disclosed to the public and is measured using the
Hoadley’s Binomial Model.
7
Auric Mining Limited and CONTROLLED ENTITIES
Directors' report
31 December 2022
Relationship between Remuneration Policy and Company Performance
The remuneration policy has been tailored to increase goal congruence between shareholders, Directors and executives.
The method has been applied to achieve this aim. As at the date of this report, there is no performance-based
bonuses based on KPI’s.
Employment Details of Members of Key Management Personnel
The following table provides employment details of persons who were, during the financial year , members of KMP
of the Group. The table also illustrates the proportion of remuneration that was performance and non-performance based.
8
2022
2021
Proportions of
Elements of
Remuneration
Related to
Performance (Other
than Options Issued)
Proportions
of Elements
of
Remuneratio
n Not
Related to
Performance
Proportions of
Elements of
Remuneration
Related to
Performance (Other
than Options
Issued)
Proportions
of Elements
of
Remuneration
Not Related to
Performance
Shares/
Units
Fixed
Salary/Fees
Non-salary
Cash-
based
Incentives
Shares/
Units
Fixed
Salary/Fees
Non-salary
Cash-
based
Incentives
%
%
%
%
%
%
–
–
100
–
–
100
–
–
100
–
100
–
–
100
–
100
–
–
100
–
–
100
Auric Mining Limited and CONTROLLED ENTITIES
Directors' report
31 December 2022
Position Held as at
31 December 2022
and any Change
During the Year
Contract Details
(Duration and Termination)
Group KMP
Steven Morris Non-executive Chair Consultancy agreement commenced
14 December 2020 for three years. The
the
Company may
terminate
three
Consultancy Agreement with
months’ notice. The Consultant may
terminate the Consultancy Agreement
by giving the Company one months’
notice or immediately if Mr Morris
the
ceases
Company.
to be a Director of
Mark English Managing Director
John Utley
Technical Director
Stephen
Strubel
Non-Executive
Director
terminate
Executive
agreement
Services
commenced 14 December 2020 and
continues in force till terminated. The
the
Company may
Agreement with three months’ notice
and the payment of twelve months base
salary. The executive may terminate the
Agreement by giving the Company
three months’ notice and being paid
twelve months base salary upon certain
events.
terminate
Executive
agreement
Services
commenced 14 December 2020 and
continues in force till terminated. The
Company may
the
Agreement with three months’ notice
and the payment of twelve months base
salary. The executive may terminate the
Agreement by giving the Company
three months’ notice and being paid
twelve months base salary upon certain
events.
terminate
Executive
agreement
Services
commenced 14 December 2020 and
continues in force till terminated. The
Company may
the
Agreement with three months’ notice
and the payment of twelve months base
salary. The executive may terminate the
Agreement by giving the Company
three months’ notice and being paid
twelve months base salary upon certain
events.
9
Auric Mining Limited and CONTROLLED ENTITIES
Directors' report
31 December 2022
The employment terms and conditions of all KMP are formalised in contracts of employment or consulting agreements.
Remuneration Expense Details for the Year Ended 31 December 2022
The following table of benefits and payments represents the components of the current year remuneration expenses for each
member of KMP and their related parties of the Group. Such amounts have been calculated in accordance with Australian
Accounting Standards.
Short-term
benefits
Short-term
benefits
Short-term
benefits
Post-
employme
nt
Salary &
Fees
$
Bonus
$
Annual
leave¹
$
Super
$
Other long-
term
benefits
Long
service
leave²
$
Share-
based
payments
Share
rights
$
Total
Performan
ce related
$
%
48,000
228,933
182,407
18,629
477,969
-
-
-
-
-
-
17,944
14,632
-
-
28,735
19,523
1,712
-
5,056
4,083
-
32,576
49,970
9,139
-
-
-
-
-
48,000
280,668
220,645
20,341
569,654
-
-
-
-
-
2022
Directors
Steven Morris
Mark English
John Utley
Stephen Strubel
Total
¹ Paid and accrued annual leave
² Accrued long service leave
Short-term
benefits
Short-term
benefits
Short-term
benefits
Post-
employme
nt
Salary &
Fees
$
Bonus
$
Annual
leave
$
Super
$
Other long-
term
benefits
Long
service
leave
$
Share-
based
payments
Share
rights
$
Total
Performan
ce related
$
%
48,000
241,449
195,016
66,863
551,328
-
-
-
-
-
-
8,881
6,439
1,201
-
25,896
19,356
6,636
-
4,334
3,501
1,200
16,521
51,888
9,035
-
-
-
-
-
48,000
280,560
224,312
75,900
628,772
-
-
-
-
2021
Directors
Steven Morris
Mark English
John Utley
Stephen Strubel
Securities Received that Are Not Performance-related
No members of KMP are entitled to receive securities that are not performance-based as part of their remuneration package.
Cash Bonuses, Performance-related Bonuses and Share-based Payments
No bonuses or share-based payments were paid to members of KMP during 31 December 2022 year.
10
Auric Mining Limited and CONTROLLED ENTITIES
Directors' report
31 December 2022
Additional disclosures relating to key management personnel
KMP Shareholdings
The number of ordinary shares in Auric Mining Limited held by each KMP and their related parties of the Group during the
financial year and up to the date of this financial report is as follows:
Ordinary shares
Steven Morris
Mark English
John Utley
Balance at Received
the start of as part of
the year
remuneration Additions
Disposals/
other
Balance at
the end of
the year
6,225,000
6,681,767
6,420,000
19,326,767
-
-
-
-
458,333
556,666
556,666
1,571,665
-
6,683,333
-
7,238,433
6,976,666
-
- 20,898,432
Option holdings
The number of options in Auric Mining Ltd held by each KMP and their related parties of the Group during the financial year
and up to the date of this financial report, exercisable at $0.40 with expiry date of 31 October 2023 is as follows:
Balance at
the start of
the year
Granted
Expired/
forfeited/
Balance at
the end of
the year
Exercised
other
Options over ordinary shares
Steven Morris
Mark English
John Utley
2,312,500
2,515,834
2,527,500
7,355,834
-
-
-
-
-
-
-
-
-
-
-
-
2,312,500
2,515,834
2,527,500
7,355,834
The number of options in Auric Mining Ltd held by each KMP and their related parties of the Group during the financial year
and up to the date of this financial report, exercisable at $0.15 with expiry date of 31 March 2024 is as follows:
Balance at
the start of
the year
Granted
Expired/
forfeited/
Balance at
the end of
the year
Exercised
other
Options over ordinary shares
Steven Morris
Mark English
John Utley
-
104,166
-
208,333
-
208,333
520,832
-
During the year ended 31 December 2022, the above options were issued to KMP and their related parties as a consequence
of capital raisings.
104,166
208,333
208,333
520,832
-
-
-
-
-
-
-
-
There have been no KMP transactions involving equity instruments apart from those described in the tables above relating
to options and shareholdings.
Other Transactions with KMP and/or their Related Parties
There were no other transactions conducted between the Group and KMP or their related parties, apart from those disclosed
above relating to equity and compensation that were conducted other than 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 Remuneration Report
Exploration and Evaluation Expenditure
Exploration and evaluation expenditure is capitalised and valued at cost. The directors are of the opinion that the
recoverable amount of exploration and evaluation expenditure is greater than cost, as per the financial statements and
accordingly there is no impairment required.
11
Auric Mining Limited and CONTROLLED ENTITIES
Directors' report
31 December 2022
This Directors’ Report, incorporating the remuneration report, is signed in accordance with a resolution of the Board of
Directors:
On behalf of the Directors
___________________________
Mark English
Managing Director
9 March 2023
Perth WA
12
AUDITOR’S INDEPENDENCE DECLARATION
UNDER SECTION 307C OF THE CORPORATIONS ACT 2001
TO THE DIRECTORS OF AURIC MINING LIMITED
I declare that, to the best of my knowledge and belief, during the year ended 31 December
2022 there have been:
— no contraventions of the auditor independence requirements as set out in the
Corporations Act 2001 in relation to the audit; and
— no contraventions of any applicable code of professional conduct in relation to the
audit.
William Buck Audit (Vic) Pty Ltd
ABN: 59 116 151 136
J.C. Luckins
Director
Melbourne, 9th March 2023
Level 20, 181 William Street, Melbourne VIC 3000
+61 3 9824 8555
vic.info@williambuck.com
williambuck.com.au
William Buck is an association of firms, each trading under the name of William Buck
across Australia and New Zealand with affiliated offices worldwide.
Liability limited by a scheme approved under Professional Standards Legislation.
Auric Mining Limited and CONTROLLED ENTITIES
Consolidated statements of profit or loss and other comprehensive income
For the year ended 31 December 2022
Revenue
Interest received
Expenses
Employee benefits expense
Consultants, Corporate Advisory & Publicity
Depreciation and amortisation expense
Insurance
Accounting fees
Audit fees
Legal fees
Subscription, Software & Conference
ASIC, ASX & Share registry
Director Fees
Rent
Other expenses
Loss before income tax expense
Income tax expense
Loss after income tax expense for the year attributable to the owners of Auric
Mining Limited
Other comprehensive income for the year, net of tax
Total comprehensive income for the year attributable to the owners of Auric
Mining Limited
Note
Consolidated
2022
$
2021
$
8,037
13,998
(439,010)
(196,718)
(37,056)
(48,316)
(16,170)
(39,215)
(50,475)
(57,034)
(94,119)
(48,000)
(13,975)
(74,641)
(474,992)
(197,915)
(16,933)
(32,930)
(46,375)
(39,500)
(28,986)
(53,105)
(68,486)
(48,000)
(16,000)
(93,902)
(1,106,692)
(1,103,126)
4
-
-
(1,106,692)
(1,103,126)
-
-
(1,106,692)
(1,103,126)
Cents
Cents
Basic earnings per share
Diluted earnings per share
20
20
(1.10)
(1.10)
(1.32)
(1.32)
The above consolidated statements of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
14
Auric Mining Limited and CONTROLLED ENTITIES
Consolidated statements of financial position
As at 31 December 2022
Assets
Current assets
Cash and cash equivalents
Other receivables
Term Deposits
Other
Total current assets
Non-current assets
Property, plant and equipment
Right-of-use assets
Exploration and evaluation
Other
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Employee Benefits
Lease Liability
Total current liabilities
Non-current liabilities
Employee benefits
Lease Liability
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Share Option Reserve
Accumulated losses
Total equity
Note
Consolidated
2022
$
2021
$
5
6
7
8
817,524
78,940
1,200,000
225,639
2,322,103
545,007
35,850
2,020,000
68,057
2,668,914
29,113
109,931
8,537,814
9,249
8,686,107
29,569
134,363
6,529,640
8,878
6,702,450
11,008,210
9,371,364
222,761
80,099
22,410
325,270
85,532
92,135
20,653
198,320
22,738
93,723
116,461
9,035
116,133
125,168
441,731
323,488
10,566,479
9,047,876
9
10
12,856,302 10,244,807
657,066
(1,853,997)
670,866
(2,960,689)
10,566,479
9,047,876
The above consolidated statements of financial position should be read in conjunction with the accompanying notes
15
Auric Mining Limited and CONTROLLED ENTITIES
Consolidated statements of changes in equity
For the year ended 31 December 2022
Note
Issued
Capital
$
Option
Reserve
$
Accumulated
Losses
$
Total
$
Balance at 1 January 2022
10,244,807
657,066
(1,853,997)
9,047,876
Loss for the year ended 31 December 2022
Total comprehensive loss for the year
Transactions with owners, directly in equity
Shares issued
Transaction costs
Option reserve
-
-
9
2,780,200
(168,705)
-
-
-
-
10
-
13,800
(1,106,692)
(1,106,692)
(1,106,692)
(1,106,692)
-
-
-
2,780,200
(168,705)
13,800
Balance at 31 December 2022
12,856,302
670,866
(2,960,689)
10,566,479
Balance at 1 January 2021
Loss for the year ended 31 December 2021
Total comprehensive loss for the year
Transactions with owners, directly in equity
Shares issued
Transaction costs
Option reserve
Note
Issued
Capital
$
3,098,256
-
-
9
7,956,417
(809,866)
10
-
320,000
Option
Reserve
$
337,066
Accumulated
Losses
$
Total
$
(750,871)
2,684,451
-
-
-
-
(1,103,126)
(1,103,126)
(1,103,126)
(1,103,126)
-
-
-
7,956,417
(809,866)
320,000
Balance at 31 December 2021
10,244,807
657,066
(1,853,997)
9,047,876
The above consolidated statements of changes in equity should be read in conjunction with the accompanying notes
16
Auric Mining Limited and CONTROLLED ENTITIES
Consolidated statements of cash flows
For the year ended 31 December 2022
Cash flows from operating activities
Payments to suppliers and employees (inclusive of GST)
(1,060,549)
(1,403,595)
Net cash used in operating activities
19
(1,060,549)
(1,403,595)
Note
Consolidated
2022
$
2021
$
Cash flows from investing activities
Payments for property, plant and equipment
Payments for exploration and evaluation
Receipts/(Payments) for term deposits
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issue of shares
Capital raising costs
Repayment of lease liabilities
Net cash from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Cash and cash equivalents at the end of the financial year
(20,138)
(2,059,411)
819,629
(26,997)
(2,802,827)
(2,028,878)
(1,259,920)
(4,858,702)
9
2,780,200
(164,805)
(22,409)
7,256,417
(615,738)
(9,793)
2,592,986
6,630,886
272,517
545,007
368,589
176,418
817,524
545,007
The above consolidated statements of cash flows should be read in conjunction with the accompanying notes
17
Auric Mining Limited and CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
The consolidated financial statements and notes represent those of Auric Mining Limited and CONTROLLED ENTITIES (the
Consolidated Group or Group).
The financial statements were authorised for issue on 9 March 2023 by the Directors of the Company.
Note 1. Significant Accounting Policies
The principal accounting policies adopted in the preparation of the financial statements are set out either in the respective
notes or below. These policies have been consistently applied to all the years presented, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued
by the Australian Accounting Standards Board (‘AASB’) that are mandatory for the current reporting year. The adoption of
these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position
of the consolidated entity. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have
not been early adopted.
Basis of Preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as
appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting
Standards as issued by the International Accounting Standards Board ('IASB').
Except for cash flow information, the financial statements have been prepared on an accrual basis and are based on
historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial
assets and financial liabilities.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report
containing relevant and reliable information about the transactions, events and conditions to which they apply. Compliance
with Australian Accounting Standards ensures that the financial statements and notes also comply with International
Financial Reporting Standards. Material accounting policies adopted in the preparation of this financial report are presented
below. They have been consistently applied unless otherwise stated.
Going Concern
The consolidated financial statements have been prepared on a going concern basis which contemplates the continuity of
normal business activities and the realisation of assets and the payment of liabilities in the ordinary course of business.
The Group has incurred a net loss after tax for the year ended 31 December 2022 of $1,106,692, a net cash outflow from
operations of $1,060,549 and net cash used in investing activities, excluding redemption of the term deposits of $2,079,549.
As at 31 December 2022, the Group had net equity of $10,566,479 and cash and term deposits of $2,017,524.
There is a material uncertainty that the Group will be able to continue as a going concern and therefore it may be unable to
realise its assets and discharge its liabilities in the normal course of business.
The Group’s ability to continue as a going concern and pay its debts as and when they fall due is dependent upon a
combination of the following:
-
-
-
-
the Group raising additional equity capital via any means available to it inclusive of, but not limited to, share
placements, right issues, or joint venture arrangements in a timely manner in order to fund the ongoing exploration
and operation activities of the Group; or
the Group realising cash from the mining of the Jeffreys Find Deposit; or
the Group delaying exploration activities if sufficient funds are not raised; or
the Group selling some of the tenements if sufficient funds are not raised.
18
Auric Mining Limited and CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 1. Significant Accounting Policies (continued)
Although it is not certain that these efforts will be successful, management has determined that the activities it will take are
sufficient to mitigate the material uncertainty on the entity’s ability to continue as a going concern and be able to discharge
its liabilities in the normal course of business.
The Directors have reviewed the Business outlook and cash flow forecasts after taking into account the above matters and
are of the view that the use of going concern basis accounting is appropriate as the Directors believe the Group will achieve
the matters set out above and be able to pay its debts as and when they fall due.
The financial statements are normally prepared on the assumption that the Group is a going concern and will continue in
operation for the foreseeable future. Hence, it is assumed that the Group has neither the intention nor the need to liquidate
or curtail materially the scale of its operations. If such an intention or need exists, the financial statements may have to be
prepared on a different basis and, if so, the basis will be disclosed and the impacts quantified.
a.
Principles of Consolidation
The consolidated financial statements incorporate all of the assets, liabilities and results of the Parent (Auric Mining
Limited) and all of the subsidiaries (including any structured entities). Subsidiaries are entities the Parent controls.
The Parent controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the
entity and has the ability to affect those returns through its power over the entity. A list of the subsidiaries is provided
in Note 17.
The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the Group
from the date on which control is obtained by the Group. The consolidation of a subsidiary is discontinued from the
date that control ceases. Intercompany transactions, balances and unrealised gains or losses on transactions
between Group entities are fully eliminated on consolidation. Accounting policies of subsidiaries have been changed
and adjustments made where necessary to ensure uniformity of the accounting policies adopted by the Group.
Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as "non-controlling
interests". The Group initially recognises non-controlling interests that are present ownership interests in subsidiaries
and are entitled to a proportionate share of the subsidiary’s net assets on liquidation at either fair value or the non-
controlling interests’ proportionate share of the subsidiary’s net assets. Subsequent to initial recognition, non-
controlling interests are attributed their share of profit or loss and each component of other comprehensive income.
Non-controlling interests are shown separately within the equity section of the statement of financial position and
statement of comprehensive income.
Business combinations
Business combinations occur where an acquirer obtains control over one or more businesses.
A business combination is accounted for by applying the acquisition method, unless it is a combination involving
entities or businesses under common control. The business combination will be accounted for from the date that
control is obtained, whereby the fair value of the identifiable assets acquired and liabilities (including contingent
liabilities) assumed is recognised (subject to certain limited exemptions).
When measuring the consideration transferred in the business combination, any asset or liability resulting from a
contingent consideration arrangement is also included. Subsequent to initial recognition, contingent consideration
classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent
consideration classified as an asset or liability is remeasured in each reporting year to fair value, recognising any
change to fair value in profit or loss, unless the change in value can be identified as existing at acquisition date.
All transaction costs incurred in relation to business combinations, other than those associated with the issue of a
financial instrument, are recognised as expenses in profit or loss when incurred.
The acquisition of a business may result in the recognition of goodwill or a gain from a bargain purchase.
19
Auric Mining Limited and CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 1. Significant Accounting Policies (continued)
b.
Income Tax
The income tax expense for the year comprises current income tax expense and deferred tax expense.
Current income tax expense charged to profit or loss is the tax payable on taxable income for the current year. Current
tax liabilities (assets) are measured at the amounts expected to be paid to (recovered from) the relevant taxation
authority using tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting
year.
Deferred tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as
well as unused tax losses.
Current and deferred income tax expense (income) is charged or credited outside profit or loss when the tax relates
to items that are recognised outside profit or loss or arising from a business combination.
A deferred tax liability shall be recognised for all taxable temporary differences, except to the extent that the deferred
tax liability arises from: (a) the initial recognition of goodwill; or (b) the initial recognition of an asset or liability in a
transaction which: (i) is not a business combination; and (ii) at the time of the transaction, affects neither accounting
profit nor taxable profit (tax loss).
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the year when the asset
is realised or the liability is settled and their measurement also reflects the manner in which management expects to
recover or settle the carrying amount of the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it
is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be
utilised, unless the deferred tax asset relating to temporary differences arises from the initial recognition of an asset
or liability in a transaction that:
–
–
is not a business combination; and
at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).
Where temporary differences exist in relation to investments in subsidiaries, branches, associates and joint ventures,
deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference can
be controlled and it is not probable that the reversal will occur in the foreseeable future.
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net
settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax
assets and liabilities are offset where: (i) a legally enforceable right of set-off exists; and (ii) the deferred tax assets
and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different
taxable entities where it is intended that net settlement or simultaneous realisation and settlement of the respective
asset and liability will occur in future years in which significant amounts of deferred tax assets or liabilities are
expected to be recovered or settled.
c.
Fair Value of Assets and Liabilities
The Group measures some of its assets and liabilities at fair value on either a recurring or non-recurring basis,
depending on the requirements of the applicable Australian Accounting Standard.
Fair value is the price the Group would receive to sell an asset or would have to pay to transfer a liability in an orderly
(i.e., unforced) transaction between independent, knowledgeable and willing market participants at the measurement
date.
As fair value is a market-based measure, the closest equivalent observable market pricing information is used to
determine fair value. Adjustments to market values may be made having regard to the characteristics of the specific
asset or liability. The fair values of assets and liabilities that are not traded in an active market are determined using
one or more valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable
market data.
To the extent possible, market information is extracted from either the principal market for the asset or liability (i.e.,
the market with the greatest volume and level of activity for the asset or liability) or, in the absence of such a market,
the most advantageous market available to the entity at the end of the reporting year (i.e., the market that maximises
the receipts from the sale of the asset or minimises the payments made to transfer the liability, after taking into
account transaction costs and transport costs).
For non-financial assets, the fair value measurement also takes into account a market participant’s ability to use the
20
Auric Mining Limited and CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 1. Significant Accounting Policies (continued)
asset in its highest and best use or to sell it to another market participant that would use the asset in its highest and
best use.
The fair value of liabilities and the entity’s own equity instruments (excluding those related to share-based payment
arrangements) may be valued, where there is no observable market price in relation to the transfer of such financial
instruments, by reference to observable market information where such instruments are held as assets. Where this
information is not available, other valuation techniques are adopted and, where significant, are detailed in the
respective note to the financial statements.
d.
Plant and Equipment
Each class of plant and equipment is carried at cost or fair value as indicated less, where applicable, any accumulated
depreciation and impairment losses.
Plant and equipment
Plant and equipment are measured on the cost basis and therefore carried at cost less accumulated depreciation
and any accumulated impairment. In the event the carrying amount of plant and equipment is greater than the
estimated recoverable amount, the carrying amount is written down immediately to the estimated recoverable amount
and impairment losses are recognised in profit or loss. A formal assessment of recoverable amount is made when
impairment indicators are present (refer to Note 1(g) for details of impairment).
The carrying amount of plant and equipment is reviewed annually by Directors to ensure it is not in excess of the
recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash
flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows have
been discounted to their present values in determining recoverable amounts.
The cost of fixed assets constructed within the Consolidated Group includes the cost of materials, direct labour,
borrowing costs and an appropriate proportion of fixed and variable overheads.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of
the item can be measured reliably. All other repairs and maintenance are recognised as expenses in profit or loss
during the financial year in which they are incurred.
Depreciation
The depreciable amount of all fixed assets including buildings and capitalised leased assets, is depreciated on a
straight-line basis over the asset’s useful life to the Consolidated Group commencing from the time the asset is held
ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired year of the lease or
the estimated useful lives of the improvements. The depreciation rates used for office equipment is 66.67%
diminishing value.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting
year.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and
losses are recognised in profit or loss in the year in which they arise. Gains shall not be classified as revenue. When
revalued assets are sold, amounts included in the revaluation surplus relating to that asset are transferred to retained
earnings.
e.
Exploration and Evaluation Costs
Exploration, evaluation and development expenditures incurred are capitalised in respect of each identifiable area of
interest. These costs are only capitalised to the extent that they are expected to be recovered through the successful
development of the area or where activities in the area have not yet reached a stage that permits reasonable
assessment of the existence of economically recoverable reserves.
Accumulated costs in relation to an abandoned area are written off in full against profit or loss in the year in which
the decision to abandon the area is made.
When production commences, the accumulated costs for the relevant area of interest are amortised over the life of
the area according to the rate of depletion of the economically recoverable reserves.
21
Auric Mining Limited and CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 1. Significant Accounting Policies (continued)
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to capitalise
costs in relation to that area.
f.
Financial Instruments
Initial recognition and measurement
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions
to the instrument. For financial assets, this is the date that the Group commits itself to either the purchase or sale of
the asset (i.e., trade date accounting is adopted).
Financial instruments (except for trade receivables) are initially measured at fair value plus transaction costs, except
where the instrument is classified "at fair value through profit or loss", in which case transaction costs are expensed
to profit or loss immediately. Where available, quoted prices in an active market are used to determine fair value. In
other circumstances, valuation techniques are adopted.
Trade receivables are initially measured at the transaction price if the trade receivables do not contain a significant
financing component or if the practical expedient was applied as specified in AASB 15: Revenue from Contracts with
Customers
Classification and subsequent measurement
Financial liabilities
Financial instruments are subsequently measured at:
–
–
amortised cost; or
fair value through profit or loss.
A financial liability is measured at fair value through profit and loss if the financial liability is:
–
–
–
a contingent consideration of an acquirer in a business combination to which AASB 3: Business
Combinations applies;
held for trading; or
initially designated as at fair value through profit or loss.
All other financial liabilities are subsequently measured at amortised cost using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating
interest expense in profit or loss over the relevant year. The effective interest rate is the internal rate of return of the
financial asset or liability. That is, it is the rate that exactly discounts the estimated future cash flows through the
expected life of the instrument to the net carrying amount at initial recognition.
A financial liability is held for trading if:
–
–
–
it is incurred for the purpose of repurchasing or repaying in the near term;
part of a portfolio where there is an actual pattern of short-term profit taking; or
a derivative financial instrument (except for a derivative that is in a financial guarantee contract or a
derivative that is in an effective hedging relationships).
Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part
of a designated hedging relationship are recognised in profit or loss.
The change in fair value of the financial liability attributable to changes in the issuer's credit risk is taken to other
comprehensive income and are not subsequently reclassified to profit or loss. Instead, they are transferred to retained
earnings upon derecognition of the financial liability. If taking the change in credit risk in other comprehensive income
enlarges or creates an accounting mismatch, then these gains or losses should be taken to profit or loss rather than
other comprehensive income.
A financial liability cannot be reclassified.
Financial assets
22
Auric Mining Limited and CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 1. Significant Accounting Policies (continued)
Financial assets are subsequently measured at:
–
–
–
amortised cost;
fair value through other comprehensive income; or
fair value through profit or loss.
Measurement is on the basis of two primary criteria:
–
–
the contractual cash flow characteristics of the financial asset; and
the business model for managing the financial assets.
A financial asset that meets the following conditions is subsequently measured at amortised cost:
–
–
the financial asset is managed solely to collect contractual cash flows; and
the contractual terms within the financial asset give rise to cash flows that are solely payments of principal
and interest on the principal amount outstanding on specified dates.
A financial asset that meets the following conditions is subsequently measured at fair value through other
comprehensive income:
–
–
the contractual terms within the financial asset give rise to cash flows that are solely payments of principal
and interest on the principal amount outstanding on specified dates;
the business model for managing the financial assets comprises both contractual cash flows collection
and the selling of the financial asset.
By default, all other financial assets that do not meet the measurement conditions of amortised cost and fair value
through other comprehensive income are subsequently measured at fair value through profit or loss.
The Group initially designates a financial instrument as measured at fair value through profit or loss if:
–
–
–
it eliminates or significantly reduces a measurement or recognition inconsistency (often referred to as
"accounting mismatch") that would otherwise arise from measuring assets or liabilities or recognising the
gains and losses on them on different bases;
it is in accordance with the documented risk management or investment strategy, and information about
the groupings was documented appropriately, so that the performance of the financial liability that was
part of a group of financial liabilities or financial assets can be managed and evaluated consistently on a
fair value basis;
it is a hybrid contract that contains an embedded derivative that significantly modifies the cash flows
otherwise required by the contract.
The initial designation of the financial instruments to measure at fair value through profit or loss is a one-time option
on initial classification and is irrevocable until the financial asset is derecognised.
Equity instruments
At initial recognition, as long as the equity instrument is not held for trading and not a contingent consideration
recognised by an acquirer in a business combination to which AASB 3: Business Combinations applies, the Group
may make an irrevocable election to measure any subsequent changes in fair value of the equity instruments in other
comprehensive income, while the dividend revenue received on underlying equity instruments investment will still be
recognised in profit or loss.
Regular way purchases and sales of financial assets are recognised and derecognised at settlement date in
accordance with the Group's accounting policy.
Derecognition
Derecognition refers to the removal of a previously recognised financial asset or financial liability from the statement
of financial position.
Derecognition of financial liabilities
A liability is derecognised when it is extinguished (i.e., when the obligation in the contract is discharged, cancelled or
23
Auric Mining Limited and CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 1. Significant Accounting Policies (continued)
expires). An exchange of an existing financial liability for a new one with substantially modified terms, or a substantial
modification to the terms of a financial liability is treated as an extinguishment of the existing liability and recognition
of a new financial liability.
The difference between the carrying amount of the financial liability derecognised and the consideration paid and
payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.
Derecognition of financial assets
A financial asset is derecognised when the holder's contractual rights to its cash flows expires, or the asset is
transferred in such a way that all the risks and rewards of ownership are substantially transferred.
All of the following criteria need to be satisfied for derecognition of financial asset:
–
–
–
the right to receive cash flows from the asset has expired or been transferred;
all risk and rewards of ownership of the asset have been substantially transferred; and
the Group no longer controls the asset (i.e., the Group has no practical ability to make a unilateral decision
to sell the asset to a third party).
On derecognition of a financial asset measured at amortised cost, the difference between the asset's carrying amount
and the sum of the consideration received and receivable is recognised in profit or loss.
On derecognition of a debt instrument classified as at fair value through other comprehensive income, the cumulative
gain or loss previously accumulated in the investment revaluation reserve is reclassified to profit or loss.
On derecognition of an investment in equity which was elected to be classified under fair value through other
comprehensive income, the cumulative gain or loss previously accumulated in the investment revaluation reserve is
not reclassified to profit or loss but is transferred to retained earnings.
Impairment
The Group recognises a loss allowance for expected credit losses on:
–
–
–
–
–
financial assets that are measured at amortised cost or fair value through other comprehensive income;
lease receivables;
contract assets (e.g., amounts due from customers under construction contracts);
loan commitments that are not measured at fair value through profit or loss; and
financial guarantee contracts that are not measured at fair value through profit or loss.
Loss allowance is not recognised for:
–
–
financial assets measured at fair value through profit or loss; or
equity instruments measured at fair value through other comprehensive income.
Expected credit losses are the probability-weighted estimate of credit losses over the expected life of a financial
instrument. A credit loss is the difference between all contractual cash flows that are due and all cash flows expected
to be received, all discounted at the original effective interest rate of the financial instrument.
The Group uses the following approaches to impairment, as applicable under AASB 9: Financial Instruments:
–
–
–
–
the general approach;
the simplified approach;
the purchased or originated credit-impaired approach; and
low credit risk operational simplification.
General approach
Under the general approach, at each reporting year, the Group assesses whether the financial instruments are credit-
impaired, and if:
–
the credit risk of the financial instrument has increased significantly since initial recognition, the Group
24
Auric Mining Limited and CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 1. Significant Accounting Policies (continued)
measures the loss allowance of the financial instruments at an amount equal to the lifetime expected
credit losses; or
–
there is no significant increase in credit risk since initial recognition, the Group measures the loss
allowance for that financial instrument at an amount equal to 12-month expected credit losses.
Simplified approach
The simplified approach does not require tracking of changes in credit risk at every reporting year, but instead requires
the recognition of lifetime expected credit loss at all times. This approach is applicable to:
–
–
trade receivables or contract assets that result from transactions within the scope of AASB 15: Revenue
from Contracts with Customers and which do not contain a significant financing component; and
lease receivables.
In measuring the expected credit loss, a provision matrix for trade receivables was used taking into consideration
various data to get to an expected credit loss (i.e., diversity of customer base, appropriate groupings of historical loss
experience, etc).
Recognition of expected credit losses in financial statements
At each reporting date, the Group recognises the movement in the loss allowance as an impairment gain or loss in
the statement of profit or loss and other comprehensive income.
The carrying amount of financial assets measured at amortised cost includes the loss allowance relating to that asset.
Assets measured at fair value through other comprehensive income are recognised at fair value, with changes in fair
value recognised in other comprehensive income. Amounts in relation to change in credit risk are transferred from
other comprehensive income to profit or loss at every reporting year.
For financial assets that are unrecognised (e.g., loan commitments yet to be drawn, financial guarantees), a provision
for loss allowance is created in the statement of financial position to recognise the loss allowance.
g.
Impairment of Non-Financial Assets
At the end of each reporting year, the Group assesses whether there is any indication that an asset may be impaired.
The assessment will include the consideration of external and internal sources of information, including dividends
received from subsidiaries. If such an indication exists, an impairment test is carried out on the asset by comparing
the recoverable amount of the asset, being the higher of the asset’s fair value less costs of disposal and value in use,
to the asset’s carrying amount. Any excess of the asset’s carrying amount over its recoverable amount is recognised
immediately in profit or loss, unless the asset is carried at a revalued amount in accordance with another Standard
(e.g., in accordance with the revaluation model in AASB 116: Property, Plant and Equipment). Any impairment loss
of a revalued asset is treated as a revaluation decrease in accordance with that other Standard.
Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the
recoverable amount of the cash-generating unit to which the asset belongs.
Impairment testing is performed annually for goodwill, intangible assets with indefinite lives and intangible assets not
yet available for use.
When an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is
increased to the revised estimate of its recoverable amount, but so 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
(or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss,
unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated
as a revaluation increase.
h.
Employee Benefits
Short-term employee benefits
Provision is made for the Group’s obligation for short-term employee benefits. Short-term employee benefits are
benefits (other than termination benefits) that are expected to be settled wholly before 12 months after the end of the
annual reporting year in which the employees render the related service, including wages, salaries and sick leave.
Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation
is settled.
25
Auric Mining Limited and CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 1. Significant Accounting Policies (continued)
The Group’s obligations for short-term employee benefits such as wages, salaries and sick leave are recognised as
part of current trade and other payables in the statement of financial position. The Group’s obligations for employees’
annual leave and long service leave entitlements are recognised as provisions in the statement of financial position.
Other long-term employee benefits
Provision is made for employees’ long service leave and annual leave entitlements not expected to be settled wholly
within 12 months after the end of the annual reporting year in which the employees render the related service. Other
long-term employee benefits are measured at the present value of the expected future payments to be made to
employees. Expected future payments incorporate anticipated future wage and salary levels, durations of service and
employee departures and are discounted at rates determined by reference to market yields at the end of the reporting
year on government bonds that have maturity dates that approximate the terms of the obligations. Any
remeasurements for changes in assumptions of obligations for other long-term employee benefits are recognised in
profit or loss in the years in which the changes occur.
The Group’s obligations for long-term employee benefits are presented as non-current provisions in its statement of
financial position, except where the Group does not have an unconditional right to defer settlement for at least 12
months after the end of the reporting year, in which case the obligations are presented as current provisions.
Defined contribution superannuation benefits
All employees of the Group other than those who receive defined benefit entitlements receive defined contribution
superannuation entitlements, for which the Group pays the fixed superannuation guarantee contribution (currently
10.5% of the employee’s average ordinary salary) to the employee’s superannuation fund of choice. All contributions
in respect of employees’ defined contribution entitlements are recognised as an expense when they become payable.
The Group’s obligation with respect to employees’ defined contribution entitlements is limited to its obligation for any
unpaid superannuation guarantee contributions at the end of the reporting year. All obligations for unpaid
superannuation guarantee contributions are measured at the (undiscounted) amounts expected to be paid when the
obligation is settled and are presented as current liabilities in the Group’s statement of financial position.
Termination benefits
When applicable, the Group recognises a liability and expense for termination benefits at the earlier of:
–
–
the date when the Group can no longer withdraw the offer for termination benefits; and
when the Group recognises costs for restructuring pursuant to AASB 137: Provisions, Contingent
Liabilities and Contingent Assets and the costs include termination benefits.
In either case, unless the number of employees affected is known, the obligation for termination benefits is measured
on the basis of the number of employees expected to be affected. Termination benefits that are expected to be settled
wholly before 12 months after the annual reporting year in which the benefits are recognised are measured at the
(undiscounted) amounts expected to be paid. All other termination benefits are accounted for on the same basis as
other long-term employee benefits.
i.
Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which
it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.
Provisions are measured using the best estimate of the amounts required to settle the obligation at the end of the
reporting year.
j.
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits available on demand with banks, other short-term highly
liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are reported
within borrowings in current liabilities on the statement of financial position.
k.
Goods and Services Tax (GST)
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing
activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in
receipts from customers or payments to suppliers.
26
Auric Mining Limited and CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 1. Significant Accounting Policies (continued)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred
is not recoverable from the Australian Taxation Office (ATO). Receivables and payables are stated inclusive of the
amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included
with other receivables or payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing
activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in
receipts from customers or payments to suppliers.
l.
Critical Accounting Estimates and Judgements
The Directors evaluate estimates and judgements incorporated into the financial statements based on historical
knowledge and best available current information. Estimates assume a reasonable expectation of future events and
are based on current trends and economic data, obtained both externally and within the Group.
m.
Key Judgements
Exploration and evaluation expenditure
The Group capitalises expenditure relating to exploration and evaluation where it is considered likely to be
recoverable or where the activities have not reached a stage that permits a reasonable assessment of the existence
of reserves. While there are certain areas of interest from which no reserves have been extracted, the Directors are
of the continued belief that such expenditure should not be written off since feasibility studies in such areas have not
yet concluded. Such capitalised expenditure is carried at the end of the reporting year at $8.54 million.
n.
Share-based Payment Transactions
The consolidated entity 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 is determined by using either Hoadley’s Binomial
model or the Black-Scholes model taking into account the terms and conditions upon which the instruments were
granted. The accounting estimates and assumptions relating to equity-settled share-based payments would have no
impact on the carrying amounts of assets and liabilities within the next annual reporting year but may impact profit or
loss and equity.
o.
Right-of-Use-Asset
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost,
which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or
before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except
where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing
the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated
useful life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain ownership of the
leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are
subject to impairment or adjusted for any remeasurement of lease liabilities.
The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease liability for short-
term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are
expensed to profit or loss as incurred.
p.
Lease Liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the
present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit
in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments
comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index
or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when
the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease
payments that do not depend on an index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are
27
Auric Mining Limited and CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 1. Significant Accounting Policies (continued)
remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate
used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability
is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying
amount of the right-of-use asset is fully written down.
Note 2. Parent Information
The following information has been extracted from the books and records of the financial information of the Parent Entity set
out below and has been prepared in accordance with Australian Accounting Standards.
Loss
Other comprehensive income for the period
TOTAL COMPREHENSIVE LOSS
Current assets
Non-current assets
TOTAL ASSETS
Current liabilities
Non-current liabilities
TOTAL LIABILITIES
NET EQUITY
Issued capital
Accumulated losses
Share option reserve
TOTAL EQUITY
Consolidated
2022
$
2021
$
(1,101,901)
-
(1,101,901)
(1,094,173)
-
(1,094,173)
Consolidated
2022
$
2021
$
2,162,976
8,803,613
10,966,589
616,647
8,762,578
9,379,225
266,346
116,462
382,808
10,583,781
193,670
125,168
318,838
9,060,387
12,856,302 10,244,807
(1,841,486)
657,066
9,060,387
(2,943,387)
670,866
10,583,781
The Parent entity has guaranteed the contingent asset and liabilities as detailed in note 13 and has also guaranteed the
obligation to Neometals Limited as detailed in note 14.
Note 3. Operating segments
Identification of reportable operating segments
For management’s purposes, the Group is organised into one main operating segment, which involves the exploration and
development of minerals in Australia. All of the Group’s activities are interrelated, and discrete financial information is
reported to the Board as a single segment. Accordingly, all significant decisions are based upon analysis of the Group as one
segment. The financial results from this segment are equivalent to the financial statements of the Group as a whole.
28
Auric Mining Limited AND CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 4. Income tax
Numerical reconciliation of income tax benefit and tax at the statutory rate
Loss before income tax expense
Tax at the statutory tax rate of 25% (2021: 26%)
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Non-allowable items
Other items
Carry forward tax losses not recognised
DTA/DTL not recognised
Income tax benefit
Note 5. Current assets – Term Deposits
Term deposit 1
Term deposit 2
Term deposit 3
Term deposits 1 matures on 6 March 2023.
Term deposits 2 matures on 6 June 2023.
Term deposits 3 matures on 6 September 2023.
Note 6. Non-current assets - exploration and evaluation
Exploration and evaluation - at cost
Consolidated
2022
$
2021
$
(1,106,692)
(1,103,126)
(276,673)
(286,813)
42,293
(157,933)
(408,871)
801,184
37,929
(176,342)
(108,482)
533,708
-
-
Consolidated
2022
$
2021
$
500,000
500,000
200,000
20,000
1,000,000
1,000,000
1,200,000
2,020,000
Consolidated
2022
$
2021
$
8,537,814
6,529,640
Reconciliations
Reconciliations of the cost at the beginning and end of the current and previous financial year are set out below:
Opening balance
Expenditure during the year
Closing balance
Consolidated
2022
$
2021
$
6,529,640
2,008,174
3,830,614
2,699,026
8,537,814
6,529,640
All exploration and evaluation expenditure including general activities, geological, project generation, tenement acquisition
and drilling costs are capitalised as incurred.
29
Auric Mining Limited AND CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 7. Current liabilities - trade and other payables
Trade and other payables
Accruals
Note 8. Current liabilities - Employee Benefits
Annual leave
Superannuation payable
PAYG payable
Note 9. Equity - Issued capital
Opening balance
Shares issued via IPO
Shares issued to NMT re Gold Rights
Shares issued to John Williams
Shares issued via Placement
Shares issued via SPP
Less capital raising costs
Consolidated
2022
$
2021
$
161,491
61,270
26,402
59,130
222,761
85,532
Consolidated
2022
$
2021
$
59,741
-
20,358
28,742
5,575
57,818
80,099
92,135
2022
Shares
Consolidated
2022
$
2021
Shares
2021
$
93,084,325 10,244,807 60,628,967
- 29,025,667
3,429,691
-
-
400,000
-
1,130,200
1,250,000
-
-
(168,705)
-
-
4,716,981
15,697,224
17,361,061
-
3,098,256
7,256,417
700,000
-
-
-
(809,866)
Closing balance
130,859,591 12,856,302 93,084,325 10,244,807
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion
to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company
does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each
share shall have one vote.
Share buy-back
There is no current on-market share buy-back.
Capital risk management
The consolidated entity's objectives when managing capital is to safeguard its ability to continue as a going concern, so that
it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to
reduce the cost of capital.
Capital is regarded as total equity, as recognised in the statement of financial position.
In order to maintain or adjust the capital structure, the consolidated entity may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets.
30
Auric Mining Limited AND CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 9. Equity - Issued capital (continued)
The consolidated entity would look to raise capital when an opportunity to invest in a business or company was seen as
value adding relative to the current Company's share price at the time of the investment.
The capital risk management policy remains unchanged from the 31 December 2021 Annual Report.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the
proceeds.
Note 10. Equity - Share Option Reserve
A total of 900,000 options have been issued to two employees of the Company in accordance with the Company's 'Employee
Securities Incentive Plan'. A total of 300,000 options have been issued to Lazarus Capital (Vic) Pty Ltd as part of their
corporate advisory services provided to the Company.
Both options had the following assumptions:
The options were valued by PKF Melbourne using the Hoadley’s Binomial Model to value the Employee Options. The Black
Scholes method has been used to value the Lazarus Options. The assumptions used are as follows:
Stock price $0.076 Volatility 80%
Exercise price $0.15 Risk free rate 3.070%
Grant date 16/12/2022 Fair value per option $0.011 (900,000 options)
Expiry date 31/03/2024 Fair value per option $0.013 (300,000 options)
Share option reserve $13,800
Opening balance
Value of options issued during the year
Closing balance
Consolidated
2022
$
2021
$
657,066
13,800
337,066
320,000
670,866
657,066
Listed Options Expiring 31/10/2023 @ $0.40
Consolidated
Opening balance
Options reissued 29 January 2021
Issued as per IPO
Issued for capital raising services
2022
No
2022
$
2021
No
2021
$
43,908,175
-
-
-
657,066
-
- 26,895,341
- 14,512,834
2,500,000
-
337,066
-
-
320,000
Closing Balance
43,908,175
657,066 43,908,175
657,066
Listed Options Expiring 31/03/2024 @ $0.15
Consolidated
2022
No
2022
$
2021
No
2021
$
Opening balance
Issued as per Placement
Issued as per SPP
Issued for capital raising services
Issued under Employee Incentives Securities Plan
Closing Balance
Total
-
-
-
3,900
9,900
13,800
-
-
-
-
-
-
-
-
-
-
670,866 43,908,175
657,066
-
7,848,612
8,680,523
300,000
900,000
17,729,135
61,637,310
31
Auric Mining Limited AND CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 10. Equity - Share Option Reserve (continued)
The weighted average exercise price for option expiring 31 October 2023 is $0.40 per option. the same in prior year and
the current year. The remaining contractual life of options outstanding at the end of the financial year was 8 months. (31
December 2021: 1.8 years)
The weighted average exercise price for option expiring 31 March 2024 is $0.15 per option. The remaining contractual life
of options outstanding at the end of the financial year was 1.3 years. (31 December 2021: Nil)
As at 31 December 2022, all options are exercisable as at the year end. (2021: all options are exercisable at year end)
Note 11. Key management personnel disclosures
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) or their related parties for the year ended 31 December 2022.
The total of remuneration paid to KMP of the Company and the Group during the year are as follows:
Short-term employee benefits
Post-employment benefits
Long-term benefits
Short-term benefits
Consolidated
2022
$
2021
$
510,545
49,970
9,139
567,849
51,888
9,035
569,654
628,772
These amounts include fees and benefits paid to non-executive Directors or their related parties as well as all salary and
paid leave benefits awarded to executive Directors.
Post-employment benefits
These amounts are the current-year’s estimated costs of providing for the Group’s defined benefits scheme post-retirement,
superannuation contributions made during the period.
Other long-term benefits
These amounts represent long service leave benefits accruing during the period.
Note 12. Auditor's Remuneration
During the financial year the following fees were paid or payable for services provided by William Buck, the auditor of the
Company:
Audit services - William Buck
Audit or review of the financial statements
Consolidated
2022
$
2021
$
36,727
39,500
32
Auric Mining Limited and CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 13. Contingent Assets and Liabilities
As part of the terms and conditions of the acquisition of Spargoville Project, the Group has contingent liabilities amounting
to $150,000 worth of ordinary shares to be issued, subject to performance milestones being achieved, at a deemed issue
price per share equal to the VWAP of shares calculated over the 5 trading days immediately preceding the date of issue of
the shares.
As part of the acquisition of the Spargoville Project, the Group has taken on the obligation to Breakaway Resources Pty Ltd
to a 1.5% net smelter royalty in respect of production from the tenements.
As part of the acquisition of the Neometals gold rights, the Group has taken on the obligation to Neometals Ltd to a 1% gross
royalty in respect of gold production from Tenement E15/1583.
The Company entered into an option agreement to acquire all the issued capital of Mineral Business Development Pty Ltd.
Settlement of the option agreement was dependent on tenement E15/1801 being granted. The cash amount of $275,000
was paid prior to 30 June 2022. Tenement E15/1801 was granted on 1 July 2022 and accordingly 4,716,981 shares at an
issue price of $0.0848 were issued and allotted on 13 July 2022.
As part of the acquisition of the Chalice West Project, the Group has taken on the obligation to pay Mr and Mrs. Williams
$225,000 in cash or 2,250,000 shares (subject to purchaser's shareholders’ approval) to extend the option for second year,
if the Company elects to continue. Payment method to be elected by Mr and Mrs. Williams. If the value of shares is the higher
value but the Company are unable to obtain shareholder approval, the Company will pay the vendors the value of the
2,250,000 AWJ shares as a cash payment. The same obligation applies if the Company elects to continue for third year. At
the end of the third year, if the Company proceeds to settlement, the Company will pay the vendors $2,250,000 cash or
shares to the value of $2,250,000 (subject to purchaser's shareholders’ approval), or combination thereof, at the Company’s
election, to buy the shares in Mineral Business Development Pty Ltd.
As part of the acquisition of the Chalice West Project, the Group has taken on the obligation to Mr and Mrs. Williams to a 2%
net smelter royalty on all mineral production from the tenements.
Note 14. Commitments
Tenement commitments: 0-1 year
Tenement commitments: 1-5 years
Tenement commitments: 5 years plus
Consolidated
2022
$
2021
$
733,900
1,378,000
74,400
513,900
529,500
86,800
2,186,300
1,130,200
As part of the acquisition of the Neometals gold rights, the Group has taken on the obligation to spend $450,000 on the
tenements in year 1 from settlement date and a further $450,000 in the second year.
As part of the acquisition of the Chalice West Project, the Group has taken on the obligation to spend a minimum expenditure
commitment of $200,000 on the Direct Drilling Activities on the tenements in year 1 from settlement date, a combined
$500,000 by the end of year 2 and a combined $1,000,000 by the end of year 3.
Note 15. Related party transactions
a. Related Parties
The Group's main related parties are related to Key Management Personnel, identified as follows:
Steven Morris
Mark English
John Utley
Stephen Strubel (retired 27 May 2022)
33
Auric Mining Limited and CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 15. Related party transactions (continued)
b. Transactions with related parties
Transactions between
than those available
been disclosed in the Remuneration Report.
related parties are on normal commercial terms and conditions no more
favourable
transactions with key management personnel have
to other parties unless otherwise stated. All
c. Amounts paid/ payable to related parties
The following transactions occurred with related parties:
Consolidated
2022
$
2021
$
Targo Holdings Pty Ltd, entity related to Steven Morris for services rendered
48,000
48,000
Receivable from and payable to related parties
There were no trade receivables from or trade payables to related parties at the current and previous reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Terms and conditions
All transactions were made on normal commercial terms and conditions and at market rates.
Note 16. Capital Commitments
The Company has entered into a contract for the purchase of a Toyota Hilux for an amount up to $55,000.
During to the financial year, the Company has submitted an offer to purchase a Crown Lease Property at Widgiemooltha for
$25,000
Note 17. Interests in Subsidiaries
a. Parents entities
Auric Mining Limited is the ultimate Australian parent entity.
b. Subsidiaries
The subsidiaries listed below have share capital consisting solely of ordinary shares which are held directly by Auric. The
proportion of ownership interests held equals the voting rights held by Auric. Each subsidiary’s principal place of business is
also its country of incorporation.
Name
Widgie Gold Pty Ltd
Spargoville Minerals Pty Ltd
Jeffreys Find Pty Ltd
Chalice West Pty Ltd
Principal place of business /
Country of incorporation
Australia
Australia
Australia
Australia
Ownership interest
2021
2022
%
%
100%
100%
100%
100%
100%
100%
100%
-
Subsidiary financial statements used in the preparation of these consolidated financial statements have also been prepared
as at the same reporting date as the Group’s financial statements.
34
Auric Mining Limited AND CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 18. Events after the reporting period
After the year ended 31 December 2022, the Company submitted 3 tenement applications to acquire P15/6786, E15/1978
and E15/1979.
No other matter or circumstance has arisen since 31 December 2022 that has significantly affected, or may significantly
affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future
financial years.
Note 19. Cash flow information
Reconciliation of loss after income tax to net cash used in operating activities
Loss after income tax expense for the year
(1,106,692)
(1,103,126)
Consolidated
2022
$
2021
$
Change in operating assets and liabilities:
Increase/(decrease) in trade and other payables
Increase/(decrease) in other provisions
Depreciation, amortisation and non cash salaries
(Increase) in receivables and other current assets
Net cash used in operating activities
Note 20. Earnings per share
49,162
44,701
48,713
(96,433)
(75,182)
(210,223)
16,933
(31,997)
(1,060,549)
(1,403,595)
Consolidated
2022
$
2021
$
Loss after income tax attributable to the owners of Auric Mining Limited
(1,106,692)
(1,103,126)
Basic earnings per share
Diluted earnings per share
Cents
Cents
(1.10)
(1.10)
(1.32)
(1.32)
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings per share
100,446,241 83,599,875
Weighted average number of ordinary shares used in calculating diluted earnings per share 100,446,241 83,599,875
Accounting policy for earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Auric Mining Limited, excluding any
costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during
the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the
after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted
average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.
Options have not been included as they are anti-dilutive.
35
Auric Mining Limited AND CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 21. Financial Risk Management
The Group’s financial instruments consist mainly of deposits with banks, accounts receivable and payable.
The totals for each category of financial instruments, measured in accordance with AASB 9: Financial Instruments as
detailed in the accounting policies to these financial statements, are as follows:
Financial assets
Financial assets at amortised cost
Cash and cash equivalents
Other receivables
Term deposits
Other
Total financial assets
Financial liabilities
Financial liabilities at amortised cost
Other payables
Financial Risk Management Policies
Consolidated
2022
$
2021
$
817,524
78,940
1,200,000
225,639
545,007
35,850
2,020,000
68,057
2,322,103
2,668,914
Consolidated
2022
2021
441,732
323,488
The Board monitors the Group’s financial risk management policies and exposures and approves financial transactions within
the scope of its authority. It also reviews the effectiveness of internal controls relating to commodity price risk, counterparty
credit risk, foreign currency risk, liquidity risk and interest rate risk.
The overall risk management strategy seeks to assist the Consolidated Group in meeting its financial targets, while
minimising potential adverse effects on financial performance. Its functions include the review of the use of credit risk policies
and future cash flow requirements.
Specific financial risk exposures and management
The main risks the Group is exposed to through its financial instruments are credit risk and liquidity risk. There are no
substantive changes in the types of risks the Group is exposed to, how these risks arise, or the Board’s objectives, policies
and processes for managing or measuring the risks.
36
Auric Mining Limited and CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 21. Financial Risk Management (continued)
a. Credit risk
Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract
obligations that could lead to a financial loss to the Group.
Due to the current nature of the Group, being an exploration entity, the Group is not exposed to material credit risk.
b. Liquidity risk
Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting its
obligations related to financial liabilities.
Ultimate responsibility for liquidity risk management rests with the Board of Directors, who have built an appropriate liquidity
risk management framework for the management of the Group's short, medium and long-term funding and liquidity
management requirements. The Group manages liquidity risk by maintaining adequate reserves and by continuously
monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
Typically, the Group ensures that it has sufficient cash to meet expected operational expenses for a period of 60 days. The
financial liabilities of the Group include trade and other payables as disclosed in the statement of financial position. All trade
and other payables are non-interest bearing and due within 30 days of the reporting date.
The following table reflects an undiscounted contractual maturity analysis for financial assets and financial liabilities.
Financial liability and financial asset maturity analysis
Consolidated Group 2022
Financial liabilities due for payment
Other payables
Lease liability
Total expected outflows
Financial assets – cash flows realisable
Cash and cash equivalents
Other receivables
Term Deposit
Rental security bond
Total anticipated inflows
Within 1 Year 1 to 5 Years
$
$
Total
$
(222,761)
(22,410)
(245,171)
-
(93,724)
(93,724)
(222,761)
(116,134)
(338,895)
817,524
304,579
1,200,000
-
2,322,103
-
-
-
9,249
9,249
817,524
304,579
1,200,000
9,249
2,331,352
Net inflow on financial instruments
2,076,932
(84,475)
1,992,457
37
Auric Mining Limited and CONTROLLED ENTITIES
Notes to the consolidated financial statements
31 December 2022
Note 21. Financial Risk Management (continued)
Consolidated Group 2021
Financial liabilities due for payment
Other payables
Lease liability
Total expected outflows
Financial assets – cash flows realisable
Cash and cash equivalents
Other receivables
Term Deposit
Rental security bond
Total anticipated inflows
Within 1 Year 1 to 5 Years
$
$
Total
$
(85,532)
(20,653)
(106,185)
-
(116,133)
(116,133)
(85,532)
(136,786)
(222,318)
545,007
103,907
2,020,000
-
2,668,914
-
-
-
8,878
8,878
545,007
103,907
2,020,000
8,878
2,677,792
Net (outflow) on financial instruments
2,562,729
(107,255)
2,455,474
Fair value estimation
The fair values of financial assets and financial liabilities are presented above and can be compared to their carrying values
as presented in the statement of financial position. Fair values are those amounts at which an asset could be exchanged, or
a liability settled, between knowledgeable, willing parties in an arm's length transaction.
Financial instruments whose carrying value is equivalent to fair value due to their nature include:
Cash and cash equivalents;
Other receivables; and
Other payables
Note 22. Company Details
The registered office and principal place of business of the Company is:
Auric Mining Limited
Suite 1, 1 Tully Road
East Perth WA 6004
38
Auric Mining Limited and CONTROLLED ENTITIES
Directors' declaration
31 December 2022
In the Directors' opinion:
●
●
●
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board as described in note 1 to the financial statements;
the attached financial statements and notes give a true and fair view of the Company's and consolidated entity's financial
position as at 31 December 2022 and of their performance for the financial year ended on that date; and
there are reasonable grounds to believe that the Company will be able to pay its debts when they become due and
payable, as disclosed in note 1 of the financial statements.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the Directors
___________________________
Mark English
Managing Director
9 March 2023
Perth WA
39
Auric Mining Limited
Independent auditor’s report to members
REPORT ON THE AUDIT OF THE FINANCIAL REPORT
Opinion
We have audited the financial report of Auric Mining Limited (the Company and its subsidiaries (the
consolidated entity)), which comprises the consolidated statement of financial position as at 31 December
2022, the consolidated statement of profit or loss and other comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of cash flows for the year then ended, and
notes to the financial statements, including a summary of significant accounting policies and other
explanatory information, and the directors’ declaration.
In our opinion, the accompanying financial report of the consolidated entity, is in accordance with the
Corporations Act 2001, including:
i. giving a true and fair view of the consolidated entity’s financial position as at 31 December 2022 and
of its financial performance for the year ended on that date; and
ii. complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the consolidated entity in accordance with the auditor independence
requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and
Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 1 to the financial report, which indicates that the consolidated entity incurred a
net loss of $1,106,692 for the year ended 31 December 2022 and had net cash outflows from operations of
$1,060,549 and net cash used in investing activities excluding redemption of term deposits of $2,079,549.
As stated in Note 1, these events or conditions, indicate that a material uncertainty exists that may cast
significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in
respect of this matter.
Level 20, 181 William Street, Melbourne VIC 3000
+61 3 9824 8555
vic.info@williambuck.com
williambuck.com.au
William Buck is an association of firms, each trading under the name of William Buck
across Australia and New Zealand with affiliated offices worldwide.
Liability limited by a scheme approved under Professional Standards Legislation.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial report of the current period. These matters were addressed in the context of our audit
of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. In addition to the matter described in the Material Uncertainty Related to Going
Concern section, we have determined the matters described below to be the key audit matters to be
communicated in our report.
CAPITALISATION OF EXPLORATION AND EVALUATION COSTS
Area of focus
Refer also to notes 1 and 6
The consolidated entity has incurred exploration
and evaluation costs for exploration projects in
Australia of $2,008,174 for the year ended 31
December 2022 and has elected to capitalise all
these costs as a non-current asset in the
Statement of Financial Position in accordance with
the consolidated entity accounting policies.
There is a risk that the consolidated entity may
lose or relinquish its rights to explore and evaluate
those areas of interest and therefore amounts
capitalised to the Statement of Financial Position
from the current and historical periods, be no
longer recoverable. Therefore, we considered this
to be a key audit matter.
During the year no impairment charge was
recognised in relation to exploration and
evaluation.
How our audit addressed it
Our audit procedures included the following:
— Understanding and vouching the underlying
contractual entitlement to explore and
evaluate each area of interest, including an
evaluation of the consolidated entity’s purchase
in that area of interest at its expiry;
— Examining project spend per each area of
interest and comparing this spend to the
minimum expenditure requirements set out
in the underlying exploration expenditure
plan;
— Examining project spend to each area of
interest to ensure that it is directly attributable
to that area of interest;
— From an overall perspective, comparing the
market capitalisation of the consolidated entity to
the net carrying value of its assets on the
Statement of Financial Position to identify any
other additional indicators of impairment; and
— Assessing management’s position as to why no
impairment charge is required despite the net
carrying value of its assets on the Statement of
Financial Position exceeding the market
capitalisation of the consolidated entity.
— Assessing the adequacy of the consolidated
entity’s disclosures in the financial report.
SHARE BASED PAYMENTS
Area of focus
Refer also to notes 1 and 10
The consolidated entity has incurred share-based
payments expenses during the year as part of
capital raising services and under its employee
share plan during the year.
There is a risk that the consolidated entity may not
have valued these options appropriately and that
the expense due to be recognised from these
options issued during the year is incorrect.
Therefore, we considered this to be a key audit
matter.
The options issued to employees were valued
using a bi-nominal model whilst the options issued
to advisors were valued using a black scholes
model with all options vesting immediately, and the
expense for the options fully recognised during the
year.
CAPITAL RAISING
Area of focus
Refer also to notes 1, 9 and 10
The consolidated entity raised capital during the
year through 2 tranches, one being a placement of
$1,130,200 before costs and one being through a
share purchase plan of $1,250,000 before costs.
Attaching options were issued as part of the capital
raises completed and costs attributable to the
capital raised have been recognised as costs of
raising capital within equity.
There is a risk that the consolidated entity may not
have received the funds from the capital raise and
issued the associated shares, that the attaching
options have not been valued appropriately and
costs not directly attributable to the raising of
capital have been recognised within equity.
Therefore, we considered this to be a key audit
matter.
How our audit addressed it
Our audit procedures included the following:
— Understanding the terms of the options being
issued including the number of options issued,
grant date, expiry date, exercise price and the
presence of any market or non-market
conditions;
— Assessing the bi-nominal and black scholes
models used by management’s expert to
determine the valuation of the options and
examining the key inputs used in the model;
— Recalculating the expense recognised during
the year in line with the terms of the options; and
— Assessing the adequacy of the consolidated
entity’s disclosures in the financial report.
How our audit addressed it
Our audit procedures included the following:
— Agreeing the capital raised during the year to
bank statement;
— Assessing the fair value of the attaching options
issued as part of the capital raises;
— Assessing the costs associated to the capital
raises being recognised during the year within
equity; and
— Assessing the adequacy of the consolidated
entity’s disclosures in the financial report.
Other Information
The directors are responsible for the other information. The other information comprises the information in
the consolidated entity’s annual report for the year ended 31 December 2022, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of Auric Mining Limited are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and
for such internal control as the directors determine is necessary to enable the preparation of the financial
report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the consolidated
entity to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to liquidate the consolidated entity
or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with the Australian Auditing Standards will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of this financial report.
A further description of our responsibilities for the audit of these financial statements is located at the
Auditing and Assurance Standards Board website at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our independent auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 31
December 2022.
In our opinion, the Remuneration Report of Auric Mining Limited, for the year ended 31 December 2022,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an
opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing
Standards.
William Buck Audit (Vic) Pty Ltd
ABN 59 116 151 136
J. C. Luckins
Director
Melbourne, 9 March 2023
Auric Mining Limited and CONTROLLED ENTITIES
Shareholder information
31 December 2022
The shareholder information set out below was applicable as at 27 February 2023.
Distribution of equitable securities
Analysis of number of equitable security holders by size of holding:
Ordinary shares
Listed Options Exp
31/10/2023 @ $0.40
Listed Options Exp
31/03/2024 @ $0.15
Number
% of total
shares
Number
% of total
shares
of holders
issued
of holders
issued
% of total
shares
issued
Number
of
holders
13
55
120
315
184
687
192
-
0.14
0.75
10.23
88.87
-
128
71
203
63
-
1.24
1.46
23.12
74.18
-
-
14
34
58
-
-
0.58
9.64
89.78
100.00
465
100.00
110
100.00
-
437
-
47
-
1 to 1,000
1,001 to 5,000
5,001 to 10,000
10,001 to 100,000
100,001 and over
Holding less than a marketable parcel
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of quoted equity securities are listed below:
Ordinary shares
% of total
Shares
issued
Number held
ANAMORPH PTY LTD (UTLEY FAMILY A/C)
R J & A INVESTMENTS PTY LTD (MULLER MORVAN FAMILY A/C)
FAIRCHILD CAPITAL AUSTRALIA PTY LTD
SRS HGS PTY LTD (SRS FAMILY A/C)
13 NOMINEES PTY LTD (MEES SUPER FUND A/C)
MINCOR RESOURCES NL
CITICORP NOMINEES PTY LIMITED
MR JOHN DENNIS WILLIAMS
MR STEVEN JOHN MORRIS & MS NICOLE LEANNE MORRIS (MORRIS FAMILY SUPER
FUND A/C)
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
MS DEBBIE LYNNE WILLIAMS
TARGO HOLDINGS PTY LTD
ALTOR CAPITAL MANAGEMENT PTY LTD (ALTOR ALPHA FUND A/C)
NEOMETALS INVESTMENTS PTY LTD
KEMBLA NO 20 PTY LTD (CAA A/C)
140 HOLDINGS PTY LTD (THE HACKNEY A/C)
MR STEVEN JOHN MORRIS
VALENCE HOLDINGS PTY LTD THE PW & CM STINTON (SUPERANNUATION FUND
A/C)
LADYMAN SUPER PTY LTD (LADYMANSUPERFUND A/C)
LYTTON NOMINEES PTY LTD (LYTTON SUPER FUND A/C)
Total Top 20
Others
Total
6,836,666
6,258,334
6,125,100
5,125,100
5,031,667
3,666,667
3,635,724
2,775,157
2,520,833
2,446,396
3,358,490
2,312,500
2,083,335
2,000,000
1,700,000
1,500,100
1,500,000
5.22
4.78
4.68
3.92
3.85
2.80
2.78
2.12
1.93
1.87
1.80
1.77
1.59
1.53
1.30
1.15
1.15
1,270,925
1,098,900
1,083,333
61,329,227
69,530,364
130,859,591
0.97
0.84
0.83
46.87
53.13
100.00
45
Auric Mining Limited and CONTROLLED ENTITIES
Shareholder information
31 December 2022
Listed Options Exp 31/10/2023 @ $0.40
Options over ordinary
shares
% of total
Options
issued
Number held
R J & A INVESTMENTS PTY LTD (MULLER MORVAN FAMILY A/C)
ANAMORPH PTY LTD (UTLEY FAMILY A/C)
CONRAD CAPITAL INVESTMENTS PTY LTD (CONRAD INVESTMENTS UNIT A/C)
13 NOMINEES PTY LTD (MEES SUPER FUND A/C)
FAIRCHILD CAPITAL AUSTRALIA PTY LTD
MINCOR RESOURCES NL
SRS HGS PTY LTD (SRS FAMILY A/C)
MR STEVEN JOHN MORRIS & MS NICOLE LEANNE MORRIS (MORRIS FAMILY SUPER
FUND A/C)
TARGO HOLDINGS PTY LTD
GOFFACAN PTY LTD (KMM FAMILY A/C)
MR ROBERT JAMES PENFOLD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
THREE ZEBRAS PTY LTD (JUDD FAMILY A/C)
M & K KORKIDAS PTY LTD (M & K KORKIDAS PTY LTD A/C)
MR STEPHEN STRUBEL & MR BRIAN STRUBEL (STRUBEL FAMILY S/F A/C)
MR THOMAS MAUSEZAHL & MRS EVELYN CALAPAN MANZA (TM SUPERANNUATION
FUND A/C)
CONRAD CAPITAL GROUP PTY LTD
WHIMPLECREEK PTY LTD (STAWELL FAMILY A/C)
LYTTON NOMINEES PTY LTD (LYTTON SUPER FUND A/C)
MR PETER RAFTOPOULOS
Total Top 20
Others
Total
2,645,833
2,527,500
2,500,000
2,405,834
2,312,500
1,833,333
1,812,500
1,156,250
1,156,250
834,202
800,827
793,450
666,667
550,000
520,000
520,000
500,000
383,333
333,334
333,334
24,585,147
19,323,028
43,908,175
6.03
5.76
5.69
5.48
5.27
4.18
4.13
2.63
2.63
1.90
1.82
1.81
1.52
1.25
1.18
1.18
1.14
0.87
0.76
0.76
55.99
44.01
100.00
46
Auric Mining Limited and CONTROLLED ENTITIES
Shareholder information
31 December 2022
LISTED OPTIONS EXPIRING 31/03/2024 @ $0.15
Options over ordinary
shares
% of total
Options
issued
Number held
JC NEXTGEN PTY LTD (DALPAT NEXGEN CAPITAL A/C)
ALTOR CAPITAL MANAGEMENT PTY LTD (ALTOR ALPHA FUND A/C)
MGL CORP PTY LTD
RIYA INVESTMENTS PTY LTD
MR THOMAS CHRISTIAN BLEAKLEY
KEMBLA NO 20 PTY LTD (CAA A/C)
BILL BROOKS PTY LTD (BILL BROOKS SUPER FUND A/C)
MR MICHAEL FRANCIS MCMAHON & MRS SUSAN LESLEY MCMAHON (MCMAHON
SUPER A/C)
MR WILLIAM DONALD LLOYD
ROSDAREM INVESTMENTS PTY LTD (MAPLESON SUPER FUND A/C)
SCRATCHING AROUND 4 RETURNS PTY LTD (BLUE COLLAR A/C)
WFC NOMINEES PTY LTD (WFC NOMINEES AUSTRALIA A/C)
LAZARUS CAPITAL (VIC) PTY LTD
R J & A INVESTMENTS PTY LTD (ACME SUPER FUND A/C)
R J & A INVESTMENTS PTY LTD (MULLER MORVAN FAMILY A/C)
13 NOMINEES PTY LTD (MEES SUPER FUND A/C)
ANAMORPH PTY LTD (UTLEY FAMILY A/C)
ANNA BATTERS
BARNETT PENSION PTY LTD (BARNETT PENSION FUND A/C)
J F BYRNES SUPER PTY LTD (ARGOON AVENUE S/F A/C)
Total Top 20
Others
Total Listed Options
1,270,833
1,041,667
840,277
690,278
425,751
350,000
347,222
347,222
347,222
347,222
347,222
347,222
300,000
250,000
250,000
208,333
208,333
208,333
208,333
208,333
8,543,803
8,285,332
16,829,135
7.55
6.19
4.99
4.10
2.53
2.08
2.06
2.06
2.06
2.06
2.06
2.06
1.79
1.49
1.49
1.24
1.24
1.24
1.24
1.24
50.77
49.23
100.00
Unquoted equity securities
UNLISTED OPTIONS EXPIRING 31/03/2024 @ $0.15
NICHOLAS SNOW
CATHERINE YEO
Total Unlisted Options
Options over ordinary
shares
Number Held
% of total
shares
600,000
300,000
900,000
66.67
33.33
100.00
47
Auric Mining Limited and CONTROLLED ENTITIES
Shareholder information
31 December 2022
Substantial holders
Substantial holders in the Company are set out below:
AARON AND CHRISTINE MULLER & RELATED PARTIES
MARK ENGLISH AND ELIZABETH SAUNDERS & RELATED PARTIES
JOHN UTLEY & RELATED PARTIES
STEVEN AND NICOLE MORRIS & RELATED PARTIES
Voting rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
% of total
shares
issued
Number held
8,200,000
6,681,767
6,420,000
6,225,000
7.22
5.89
5.66
5.48
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each
share shall have one vote.
There are no other classes of equity securities.
48