LIMITED
LIMITED
2022
Annual Report
For the Year Ended 30 June 2022
ABN 79 131 843 868
ASX:PKO
peako.com.au
ASX:PKO
peako.com.au
Level 1, 10 Yarra Street,
South Yarra, Victoria 3141
T: +61 (3) 8610 4723
E: info@peako.com.au
Corporate
Directory
DIRECTORS
Geoffrey Albers (Non-Executive Chairman)
Raewyn Clark (Executive Director)
Paul Kitto (Non-Executive Technical Director)
Appointed 20 September 2021
COMPANY SECRETARY
Robert Wright
REGISTERED OFFICE
Level 1, 10 Yarra Street, South Yarra
Victoria, 3141 Australia
W: www.peako.com.au
E:
info@peako.com.au
T:
F:
(03) 8610 4723
(03) 8610 4799
AUDITOR
Grant Thornton Audit Pty Ltd
Collins Square, Tower 5, 727 Collins Street
Melbourne, Victoria 3008, Australia
SHARE REGISTRY
Automic Pty Ltd
Level 3. 50 Holt Street
Surry Hills, NSW 2010, Australia
T:
T:
1300 288 664 (within Australia)
+61 (2) 9698 5414 (outside Australia)
W: www.automic.com.au
SECURITIES EXCHANGE LISTING
ASX Limited
Level 4, North Tower, Rialto,
525 Collins Street Melbourne Victoria 3000
W: www.asx.com.au
Contents
Chairman’s Letter
Operations Review
Tenement Schedule
Competent Person Statement
Directors’ Report
Auditor’s Independence Declaration
Statement of Profit or Loss and Other
Comprehensive Income
Statement of Financial Position
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Audit Report
ASX Additional Information
04
06
18
19
21
30
32
33
34
35
36
54
55
58
Corporate
Directory
DIRECTORS
Geoffrey Albers (Non-Executive Chairman)
Raewyn Clark (Executive Director)
Paul Kitto (Non-Executive Technical Director)
Appointed 20 September 2021
COMPANY SECRETARY
Robert Wright
REGISTERED OFFICE
Level 1, 10 Yarra Street, South Yarra
Victoria, 3141 Australia
W: www.peako.com.au
E:
info@peako.com.au
T:
F:
(03) 8610 4723
(03) 8610 4799
AUDITOR
Grant Thornton Audit Pty Ltd
Collins Square, Tower 5, 727 Collins Street
Melbourne, Victoria 3008, Australia
SHARE REGISTRY
Automic Pty Ltd
Level 3. 50 Holt Street
Surry Hills, NSW 2010, Australia
T:
T:
1300 288 664 (within Australia)
+61 (2) 9698 5414 (outside Australia)
W: www.automic.com.au
SECURITIES EXCHANGE LISTING
ASX Limited
Level 4, North Tower, Rialto,
525 Collins Street Melbourne Victoria 3000
W: www.asx.com.au
Chairman’s
Letter
Peako has made important breakthroughs in its
understanding of the geology and potential of
our Eastman PGE Project in the East Kimberley
region of Western Australia. We are seeking
platinum and palladium, the two major Platinum
Group Elements (PGEs).
Platinum and palladium are essential for green
energy technologies, including current usage
in catalytic converters in combustion engines.
However, major growth is expected to unfold in
applications with green energy technologies and
low carbon energy solutions.
Peako’s exploration team completed an initial
prospectivity review of the Eastman Project
and identified ultramafic intrusions that we
considered to have the potential to host a large
PGE mineralised system. Subsequently, several
phases of exploration were completed, aimed at
delivering the highest priority prospects as well
as improving our understanding of the controls
on mineralisation. Importantly, these programs
indicated that previous PGE exploration, which
had focused on the discontinuous strataform
chromite lenses, may not be the optimal
exploration target. In parallel with exploration
undertaken by the other explorers in the region,
we now believe that PGE mineralisation is not
limited to the chromite lenses but, importantly,
that our targets should also include the
stratabound mineralisation within the entire suit
of ultramafic units.
This understanding became an important focus
for the exploration effort, with the drill program
that recently commenced, focusing on the
ultramafic units. The results are expected to be
released soon.
4
Geochemical surface sampling has also
confirmed the presence of PGEs, with targeted
samples taken at Louisa, The Gap and Grand
Central prospects returning excellent PGE + Au
indications. Further details are included in the
Operations Review in this Annual Report.
All this work is a testament to the dedication
and focus of our management and exploration
team. Led by Executive Director, Rae Clark, and
Technical Director, Dr Paul Kitto, the Peako team
has significantly increased the understanding
of the Eastman PGE Project over the past year.
I thank them and the entire Peako team for their
hard work.
The coming year looks exciting for the Company.
With geology becoming better understood and
RC drill results due shortly, we are excited for
what we may be able to achieve over the next 12
months.
On behalf of the Board, I thank our shareholders
for their support and financial contribution and to
our team, consultants and my fellow directors for
their efforts.
E.G. Albers
Chairman, Peako Limited
29th September 2022
PEAKO LIMITED
Platinum and palladium are essential for green energy technologies, including
current usage in catalytic converters in combustion engines. However, major
growth is expected to unfold in applications with green energy technologies
and low carbon energy solutions.
5
2022 ANNUAL REPORT Operations
Review
Peako’s focus during FY2022 was its
East Kimberley Project with intensive
field campaigns conducted across each
of the 2021 and 2022 field seasons. Peako’s
tenure in the region totals 4,029 km2 (Figure 1).
Activities in 2021 were directed towards
assessment of the potential for gold and base
metal mineralisation and this incorporated
surface mapping, an initial phase of aircore
geochemistry drilling across target areas
defined from surface geochemistry, geology,
geophysics and satellite imagery and a
follow up phase of RC drilling.
In 2022, Peako focused its exploration efforts on
Platinum Group Elements (PGEs). Encouraged by
reporting of wide intercepts of PGEs at Pantoro
Limited’s nearby Halls Creek Project and Future
Metals NL’s Panton Project, Peako completed a
prospectivity review of the ultramafic intrusions
within its Eastman tenement and identified
potential for a large PGE mineralised system
at the Eastman Intrusive Complex.
Field activities during 2022 included a tectonic-
stratigraphic architecture study, mapping and
rock chip traverses as well as reconnaissance
soil sampling. A 4,500m RC drilling program
commenced shortly after the end of the financial
year, designed to test PGE endowment across
the 16.5km strike of the layered Eastman
Intrusive Complex.
In 2022, Peako focused its exploration efforts on Platinum Group Elements
(PGEs).
6
PEAKO LIMITED Figure 1: Peako’s East Kimberley Tenement Package (in red)
7
11DerbyFitzroy CrossingHalls CreekPort of WyndhamKununurraHALLS CREEK OROGENBroome50100kmSavannah Ni-CuPanton PGM Project(ASX:FME)5.0 Moz 3E ResourceLamboo PGE Project(ASX:PNR)Resource DrillingCopernicusNi-CuEastman PGE Project2022 ANNUAL REPORT Eastman PGE Project
Peako’s Eastman Intrusion is a large relatively
underexplored intrusive complex that Peako
considers prospective for a major PGE
mineral resource.
The Eastman Intrusion is located within the
Central Zone of the Halls Creek Oregon, where
an array of mineralised layered mafic-ultramafic
intrusive complexes are defined with an
established mineral endowment (refer Figure 1).
Known endowment from layered intrusions
in the Halls Creek Oregon include:
• Savannah - 15Mt @ 1.40% Ni, 0.62% Cu
• Copernicus - 0.825 Mt @1.24% Ni, 0.81% Cu
• Panton – 5.0 Moz 3E PGE resource
Recent drilling by Pantoro at the Lamboo
Intrusion (Figure 1) has also defined wide PGE
intercepts, with mineral resource drilling
currently in progress.
Eastman Intrusion
The Eastman Intrusion is interpreted to extend
along strike for approximately 16.5km; divided
into an Eastern and Western zone by a granite
intrusion. The Eastern Zone extends for ~9.4km
with 2.5km under cover, and the Western zone
for 7.1km, mostly under cover.
The Eastman Intrusion is a layered mafic
to ultramafic intrusive complex comprised
predominately of pyroxenite, anorthosite and
gabbro. The pyroxenite forms the basal unit
with the gabbro and anorthosite overlaying it.
The sequence has been variously folded and
faulted in places resulting in structural repetition
of the sequence. Having multiple layers of the
sequence adds considerably to the prospectivity
of the intrusive complex.
Widespread anomalous PGE intercepts from
sparse, wide-spaced historical drilling over
the 16.5km extent of the Eastman Intrusion
indicate an extensive PGE mineralised system
(refer Figure 2). Historical exploration was
focused on the eastern most outcropping ~6.9
km length of the intrusive complex, targeting
short discontinuous chromite lenses within the
sequence. PGE mineralisation, however, is shown
to be stratabound within the ultramafic intrusives.
Figure 2: Eastman Intrusion with interpreted geology and location of historical drillholes and selected assay highlights for 3E mineralisation
8
PEAKO LIMITED Analogue Intrusions
The Eastman Intrusion appears geologically
similar to the nearby Panton and Lamboo
Intrusions. The three intrusive complexes each
have the same ultramafic-mafic rock types and
similar intrusion sequencing (refer Figure 3).
2022 Field Campaign
Peako’s 2022 field campaign focussed
predominantly on the PGE exploration
Eastman Intrusion Study
A tectono-stratigraphic architectural study
completed by Dr David Selley was directed to
defining a framework for emplacement of the
Eastman Intrusion, and PGE mineralisation
contained within it to assist drillhole targeting.
Field work involved numerous mapping traverses
across the intrusion to evaluate structural
controls on emplacement and deformation
history. A collection of rock samples at regular
intervals for pXRF analysis assisted the definition
of magmatic units making up the intrusion as well
as Koongie Park Formation host rocks to
the intrusion.
The study highlighted associations between
carbonate units within the Koongie Park
Formation and emplacement of the PGE-bearing
ultramafic complex. In addition, the stratigraphic
framework identified the occurrence of multiple
ultramafic horizons, many having open to isoclinal
fold forms associated with thickness variations
across the ultramafic intrusions.
Rock Chip Analyses
Geochemistry
Geochemistry results from rock chip samples
collected during mapping traverses across three
prospects: The Gap, Grand Central and Louisa
were returned, with 3E PGE grades up to 2.9g/t.
Twelve of the 54 submitted rock chips returned
3E values greater than 0.5 g/t.
Nine of those rock chip samples were
subsequently analysed using the nickel sulphide
(NiS) fire assay method with total Platinum
Group Element (PGE) values for those samples
significantly increased.
The NiS fire assay method allows for the analysis
of all PGEs (Platinum, Palladium, Rhodium,
Iridium, Ruthenium and Osmium) as well as gold.
The samples were initially analysed using Aqua
Regia and lead collection fire assay methods to
provide values for a large suite of elements (53
elements), however this method was unable to
analyse for the less abundant PGEs (Rhodium,
Iridium, Osmium and Ruthenium).
The best rock-chip NiS fire assay method results
were returned from the Louisa Prospect where
all five samples returned PGE+Au results greater
than 1g/t. Highest assay results from each of
the prospects were 3.49g/t PGE+Au at Grand
Central, 2.17g/t PGE+Au at Louisa, and 1.17g/t
PGE+Au at The Gap (Figure 4).
QEMSCAN and laser petrography study
A preliminary petrography study on 10 weathered
surface samples was completed using QEMSCAN
microscopy and LA-ICP-MS laser ablation
imaging.
The results defined alteration assemblages and
identified positive correlations between Pd and
Cu–Ni that could serve as a potential guide for
Pd mineralisation in the field. An association
between Pt and the weathered rock types were
observed, with Pt associated with both chromite
and silicate minerals. Chromite samples were
also observed to have slightly higher levels of Pt
together with occasional PGE nuggets.
Laser results also highlighted the presence of
Ruthenium (Ru), Rhodium (Rh), Iridium (Ir), and
Osmium (Os), which positively correlated with
chromite. In addition, gold (Au) also correlated
with the occurrence of chromite.
QEMSCAN (Quantitative Evaluation of
Materials by Scanning Electron Microscopy)
is an integrated automated mineralogy and
petrography solution providing quantitative
analysis of minerals and rocks. It is configured
to measure mineralogical variability based on
chemistry at the micrometre-scale.
LA-ICP-MS (Laser Ablation – Inductively Coupled
Plasma – Mass Spectrometry) is an analytical
technique for determining the chemical and
isotopic composition of solid samples.
9
2022 ANNUAL REPORT Figure 3: Panton, Lamboo and Eastman Intrusions
Figure 4: Location of rock chip NiS fire assay method results at the Eastman PGE project
10
PEAKO LIMITED Reconnaissance Soil Sampling
at Eastman South Area
Reconnaissance soil sampling along 400m
spaced lines at 50m intervals was completed at
the newly identified Eastman South area, with
assay results revealing a number of areas that are
anomalous in PGE elements.
The Eastman South area is an interpreted
ultramafic sequence with no record of prior
exploration. Ultramafic outcrop was identified in
the area during fieldwork, confirming the area’s
potential prospectivity. A total of 1,216 samples
were submitted for geochemical analysis of 53
elements including platinum, palladium and gold.
Assay results from the soil geochemistry revealed
a number of anomalous PGE trends (Figure 5),
which aid mapping the location of ultramafic
units, particularly in areas of shallow cover.
Subsequent work will focus on these trends
and will include infill soil sampling, geological
mapping and rock chip sampling to identify
potential mineralisation for follow-up drill
programs.
Figure 5: Eastman South Ultramafic Soil Sampling Results
11
2022 ANNUAL REPORT RC drilling
During the reporting period, Peako completed
groundwork preparations for a planned 4,500m
reverse circulation (RC) drill program, which
commenced in July 2022.
The RC drill program was designed to complete
first pass wide spaced testing across the
Eastman Intrusion’s 16.5km strike length to
define zones with higher-grade PGE-rich
mineralisation within the ultramafics.
As well as incorporating wide-spaced drill
fences to test PGE endowment of the complete
ultramafic stratigraphy, the drilling program was
designed to also include targeted drill sections
defined from new and historical data
(refer Figure 6).
These drill targets incorporated testing of
structural repetition and folding of chromite-rich
ultramafic layers within the intrusive sequence,
untested soil and rock anomalies as well as
VTEM anomalies.
Figure 6: Location of RC drillholes completed at the Eastman PGE Project (shown on simplified geology)
12
PEAKO LIMITED In 2022, Peako focused its exploration
efforts on Platinum Group Elements
(PGEs). Encouraged by reporting of
wide intercepts of PGEs at Pantoro
Limited’s nearby Halls Creek Project
and Future Metals NL’s Panton Project.”
13
2022 ANNUAL REPORT 2021 Field Campaign
– Gold Exploration
Peako’s 2021 field campaign was directed
at evaluating a widely identified but often
overlooked latent gold potential recorded in
historical exploration data.
Aircore Geochemistry
An aircore geochemistry drilling program was
completed in 2021 that incorporated 473 holes
for a total of 3,017 metres across target areas
defined from surface geochemistry, geology,
geophysics and satellite imagery. Assay results
defined two anomalous base metal corridors at
Eastman East and Eastman No.2 (refer Figure 7).
‘Scout’ Drilling
A total of 30 holes for 1,249 metres were
completed across six prospects (refer Figure 8),
supported by an Exploration Incentive Scheme
drilling grant from the Western Australian
Government.
While predominantly aimed at testing gold-
bearing vein systems, all targets were affiliated
with polymetallic sulphide halo zones with
potential for copper, lead, silver and zinc.
Unfortunately, at a number of prospects, highly
fractured ground conditions and excessive water
hindered the program, resulting in a number of
targets not being tested due to rig limitations.
Best drill results were from the Landrigan
Prospect where eight reverse circulation (RC)
drillholes, totalling 449m were drilled to test the
near surface continuation of gold and base metal
mineralisation intersected in previous Peako and
historic BHP drilling (Figure 9). This zone was
attractive as it was located in a fold hinge with
coincident surface geochemistry.
Best results at Landrigan included:
• 4m @ 6.2 g/t Au from 11m,
inc 1m @ 11.6 g/t Au from 12m (PRC0030)
• 13m @ 40.7 g/t Ag from 11m (PRC0030)
• 15m @ 2.3% Pb from 9m (PRC0030)
• 14m @ 0.4% Cu from 11m (PRC0030)
• 4m @ 1.08 g/t Au from 4m (PRC028
• 12m @ 0.55% Pb from 0m (PRC028)
• 7m @ 1.04% Cu from 64m (PRC0028)
• 4m @ 1.6% Cu from 40m (PRC0029)
• 16m @ 0.7% Pb from 24m to EOH (PRC0025)
The Landrigan Prospect was originally identified
by BHP as a base metal prospect with Peako
recognising the prospect’s gold potential from
results of its 2019 RC drill program. That program
intersected Cu-Au mineralisation with results that
included 15m @ 1.04% Cu from 184m in PLRC011
and 7m @ 1.1 g/t Au from 133m in PLRC001.
The intercepts from drillhole PRC0030 extend
known mineralisation at Landrigan to the north-
east by 80m, resulting in a total mineralised
strike length of approximately 300m. The
mineralisation intersected in hole PRC0030
includes a gold-rich central zone with a
polymetallic envelope of Ag-Pb-Cu, with the
mineralised trend remaining open to the
north-east.
14
PEAKO LIMITED 15
2022 ANNUAL REPORT Figure 7: Aircore Geochemical Sampling Program Locations from 2021 field program
16
PEAKO LIMITED Figure 8: Scout drilling locations at Peako’s East Kimberley Project in 2021
Figure 9: Plan location of new 2021 and historical drillholes at the Landrigan Prospect on simplified interpreted geology
17
2022 ANNUAL REPORT Tenement Schedule
As at 28 September 2022
Tenement
Peako interest
Tenement status
Western Australia (East Kimberley Region)
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Granted
Granted
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
Application
The sum of Palladium (Pd) and Platinum (Pt) and Gold (Au)
Platinum Group Elements; the six platinum group elements are Platinum (Pt),
Palladium (Pd), Rhodium (Rh), Ruthenium (Ru), Osmium (Os) and Iridium (Ir)
The sum of Platinum (Pt), Palladium (Pd), Rhodium (Rh), Ruthenium (Ru),
Osmium (Os), Iridium (Ir) and Gold (Au)
E80/4990
E80/5182
E80/5346
E80/5472
E80/5520
E80/5623
E80/5624
E80/5658
E80/5703
E80/5704
E80/5706
E80/5758
E80/5779
Glossary
3E
PGE
PGE+Au
18
PEAKO LIMITED References
The information in this report that relates to Exploration Results previously reported in ASX
announcements are listed below. The Company is not aware of any new information or data that
materially affects the information included in each relevant market announcement.
Further details can be found in the following Peako ASX announcements:
•
•
•
•
•
•
13 September 2022 Eastman PGE Rock Chips Assay up to 3.49 g/t PGE and Au
31 August 2022 Eastman PGE Drilling Program Completed
1 August 2022 Eastman PGE Drilling Program Update
31 January 2022 PGE Potential of the Lamboo Ultramafic Complex
14 January 2022 Scout Drilling Intersects Gold and Base Metals
13 December 2021 Gold and Base Metal Potential Highlighted in East Kimberley
Competent Person Declaration
The information in this report that relates to Exploration Results is based on information
compiled or reviewed by Dr Paul Kitto who is a member of the Australian Institute of
Geoscientists. Dr Kitto is Technical Director of and a consultant to Peako Limited and has
sufficient experience which is relevant to the style of mineralisation and type of deposits under
consideration and to the activity which he is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves. Dr Kitto consents to the inclusion in this report of the
matters based on information provided by him and in the form and context in which it appears.
19
2022 ANNUAL REPORT Directors’
Report
20
PEAKO LIMITED DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
Directors’ Report
For the year ended 30 June 2022
Your directors present their annual financial report on the consolidated entity (referred to hereafter as the
“Group”) consisting of Peako Limited (the “Company” or “parent entity”) and the entities it controlled at the
end of, or during, the financial year ended 30 June 2022. In order to comply with the Corporations Act
2001, the directors’ report is as follows:
Directors
The names and details of the Company’s directors in office during the financial year and until the date of
this report are as follows. Directors were in office for the entire period unless otherwise stated.
E. Geoffrey (Geoff) Albers
LLB, FAICD
Non-executive Chairman
Mr Albers was appointed to the board of Peako Limited on 4 February
2013. Mr Albers has over 35 years’ experience as a director and
administrator in corporate law, resource exploration and resource
sector investment.
Mr Albers has interests in a number of companies active in the
petroleum industry in Australia. Mr Albers is a director of ASX listed
companies Octanex Limited and Enegex Limited.
His companies are active resource sector investors.
Raewyn (Rae) Clark
B.Bus(dist), CA, MAICD, AGIA,
ACIS
Executive Director
Ms Clark has more than twenty years experience focussed primarily on
the upstream oil and gas sector. Her experience includes business
development, financial modelling and analysis, capital raising and
mergers and acquisitions, as well as managing joint venture partners,
government, regulator and investor relations.
Ms Clark was appointed to the Board on 4 December 2014.
Ms Clark is also a director of ASX listed companies Octanex Limited
and Enegex Limited.
14
21
2022 ANNUAL REPORT
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
Directors’ Report
For the year ended 30 June 2022
Paul Kitto
BSc (Hons), PhD, Dip Ed
Non-executive Technical
Director
Darryl Clark
BSc (Hons), PhD
Non-Executive Director
Company Secretary
Robert Wright
B Bus, CPA
Dr Kitto has over thirty years’ experience working within the mining
industry having served on a number of ASX Boards and holding senior
level management positions around the world.
Most recently Dr Kitto was Exploration Manager, Africa for Newcrest
Mining Ltd and prior to that, was Chief Executive Officer and Managing
Director of ASX listed Ampella Mining Ltd from 2008 until 2014, when
Ampella was acquired by LSE/TSX listed Centamin PLC.
Throughout his career, Dr Kitto has led or been part of exploration
teams that have discovered numerous multi-million ounce gold
deposits in Africa, Australia and Papua New Guinea. Dr Kitto has
extensive experience associated with a wide range of deposit types,
predominantly associated with gold and base metal deposits.
Dr Kitto was appointed to the Board on 20 September 2021. He is
also a director of ASX listed companies Tietto Minerals Limited and
Meteoric Resources NL.
Dr Clark is an exploration geologist whose career has taken him
throughout Australia, Central Asia and South East Asia for over 26
years. During previous corporate roles he has been responsible for
business development strategies, designing multi-commodity
exploration programs and the co-ordination of exploration teams to
deliver discovery events. Dr Clark was appointed to the Board on 20
March 2019. Dr Clark is also a director of ASX listed company Battery
Minerals Limited. Resigned 20 September 2021.
Mr Wright was appointed as Company Secretary of Peako on 2 May
2017. Mr Wright is a senior financial professional with over 35 years
commercial experience in the resource, energy and manufacturing
industries gained at various companies and locations, including 14
years at BHP. As well as carrying out his secretarial duties for Peako,
he is the company’s Chief Financial Officer and the Company Secretary
and CFO of the ASX listed companies Octanex Limited and Enegex
Limited. Mr Wright is a member of CPA Australia.
22
15
PEAKO LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
Directors’ Report
For the year ended 30 June 2022
Ordinary shares
At 30 June 2022 the Company’s share capital consists of 308,454,101 ordinary fully paid shares (2021:
234,911,319).
On 21 July 2021, the Share Purchase Plan (“SPP”) announced by the Company on 15 June 2021
concluded. The company issued 59,527,066 shares and granted 29,763,522 unlisted options pursuant to
the SPP, raising a $2,074,000; prior to costs.
On 30 July 2021 the following shares were issued and options granted following approval of members.
These shares and options formed part of a two-tranche placement announced on 15 June 2021:
•
•
•
21,428,571 first tranche unlisted options exercisable at $0.055 on or before 30 June 2022
14,285,716 second tranche shares
7,142,857 second tranche unlisted options exercisable at $0.055 on or before 30 June 2022.
The 30 July 2021 issue raised $500,000 prior to costs.
Subsequent to 30 June 2002, on 2 September 2022 a Non Renounceable Rights Issue (Rights Issue)
closed .Total ordinary fully paid shares issued from the Rights Issue was 70,727,848. After the Rights
Issue. At 6 September 2022 the Company’s share capital consists 379,181,949 ordinary fully paid shares
Options
Movement in options
Unlisted options at 30 June
Start of year
Granted1
Expired
End of the year
2022
2021
57,737,799
65,199,9801
(93,937,779)
29,000,000
13,000,000
46,737,799
(2,000,000)
57,737,799
1 58,199,980 options were granted to shareholders who participated in the placements that occurred during
the year ended 30 June 2022. The balance of 7,000,000 options granted for the year ended 30 June 2022
were granted to directors, an employee and consultants (See Accounting Note 12 for details).
Subsequent to 30 June 2002, on 2 September 2022 a Non Renounceable Rights Issue (Rights Issue)
closed .Total ordinary fully paid shares issued from the Rights Issue was 70,727,848. Attached to each
issued share was an unlisted option exercisable at $0.05 with an expiry date of 30 September 2025. At 6
September 2022 the Company’s unlisted options granted is 99,727,848.
16
23
2022 ANNUAL REPORT
Likely developments and expected
results
in
likely developments
the company’s
The
operations in future years and the expected result
from
those operations are dependent on
exploration success in the tenements in which the
company holds an interest.
Environmental legislation
The Group is subject to significant environmental
legal regulations in respect to its exploration and
evaluation activities in Australia. There have been
no known breaches of these regulations and
principles.
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
Dividends
No dividend has been paid or declared since the
start of the financial year and the directors do not
recommend the payment of a dividend in respect
of the financial year.
Principal activities
The principal activities of the Group during the
financial year continued to be advancing the
for and development of natural
exploration
resources.
Review of operations
A detailed review of the Group's activities and
operations is set out on pages 6-19 of this Report.
Significant changes in the state of affairs
There have been no significant changes in the
state of affairs of the Group to the date of this
Report, other than those changes detailed in the
review of activities and operations, and elsewhere
in this Report.
Matters subsequent to balance date
On 2 September 2022 the company announced
that a Non Renounceable Rights Issue (Rights
Issue) had closed oversubscribed, raising a total of
$1,223,353 before costs. To accommodate excess
demand, the Company also agreed to undertake a
placement to raise an additional $180,000 on the
same terms and conditions as the Rights Issue
offer. Total funds realised prior to costs were
$1,403,353. Total ordinary fully paid shares issued
was 70,727,848. Attached to each issued share
was an unlisted option exercisable at $0.05 with an
expiry date of 30 September 2025. Total unlisted
options granted was 70,727,848.
In September 2022 the company relinquished its
exploration tenure in the Paterson region of
Western Australia which comprised one granted
exploration licence as well as three exploration
licence applications.
24
17
PEAKO LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
Proceedings on behalf of Company
No person has applied to the Court under section
237 of the Corporations Act 2001 for leave to bring
proceedings on behalf of the Company, or to
intervene
the
Company is a party, for the purpose of taking
responsibility on behalf of the Company for all or
part of those proceedings.
in any proceedings
to which
Indemnification of directors and officers
During the financial year and to the date of this
report, the company paid premiums in respect of
contracts insuring directors and officers of the
company against
their
position as directors and officers of the company.
liabilities arising
from
The Company has entered into Deeds of Access
and Indemnity with each of the Directors referred
to in this report who held office during the year
indemnifying each against all liabilities incurred in
their capacity as directors of the Company to the
full extent permitted by law
Meetings of directors
The number of formal meetings of the Company’s
relevant committees
board of directors and
attended by each director are set out in the
following table. All other matters that required
formal Board resolutions were dealt with via written
circular resolutions. In addition, the directors met
and corresponded at numerous times throughout
the financial year to discuss the Company' affairs.
The board undertakes all audit committee
functions.
Geoffrey Albers
Raewyn Clark
Paul Kitto
Directors’ Meetings
Held
2
Attended
2
2
2
2
2
Corporate Governance Statement
A corporate governance statement reporting on
Peako’s governance framework, principles and
practices is provided on the Peako website
www.peako.com.au.
Remuneration report (audited)
The Directors present the Remuneration Report for
the Company and its controlled entities for the year
ended 30 June 2022. This Remuneration Report
for the Group forms part of the Directors’ Report
and has been prepared in accordance with section
300A of the Corporations Act 2001.
During the year there were no employees or
consultants to the company that meet the definition
of key management personnel, other than the
directors.
levels are
Remuneration
reviewed annually
through a process that considers the performance
of individual directors and the overall performance
of the entity.
18
25
2022 ANNUAL REPORT
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
Directors’ Report
For the year ended 30 June 2022
Director Remuneration
During the year under review, directors were remunerated a total of $56,816 (2021: $97,806) which
included shareholder-approved non-executive remuneration of $56,816 (2021: $48,219).
There is no performance related remuneration for directors. There is no direct relationship between
remuneration of directors and the company’s performance for the last five years.
Additional information
The earnings of the Consolidated Entity for the five years to 30 June 2022 are summarised below:
Loss after income tax
-1,010,079
-714,743
-485,918
-285,286
-156,431
Share price at financial year end (cents per
share)
1.1
4.1
0.9
1.7
1.5
2022
2021
2020
$
$
$
2019
$
2018
$
Components of directors’ compensation are disclosed in the following table.
Primary benefits paid / payable
Salary
Directors’
fees
$
$
Super-
annuation
$
-
-
8,750
-
8,750
-
-
10,000
10,000
-
-
-
30,000
30,000
-
-
-
-
-
-
875
-
875
-
-
950
950
Equity
Settled
Equity
option
issues(1)
TOTAL
$
$
-
-
-
17,191
17,191
-
49,587
37,269
86,856
-
-
9,625
47,191
56,816
-
49,587
48,219
97,806
Year ended 30 June 2022
Geoffrey Albers
Raewyn Clark
Darryl Clark (2)
Paul Kitto
Year ended 30 June 2021
Geoffrey Albers
Raewyn Clark
Darryl Clark (2)
(1) The whole value of options granted during the year has been disclosed as remuneration rather than the amount vested.
(2) Darryl Clark resigned 20 September 2021 and Paul Kitto was appointed.
Loans to key management personnel
No loans were made to key management personnel during the current or previous financial year.
Other transactions with key management personnel
26
19
PEAKO LIMITED
Directors’ Report
For the year ended 30 June 2022
Director Remuneration
During the year under review, directors were remunerated a total of $56,816 (2021: $97,806) which
included shareholder-approved non-executive remuneration of $56,816 (2021: $48,219).
There is no performance related remuneration for directors. There is no direct relationship between
remuneration of directors and the company’s performance for the last five years.
Additional information
The earnings of the Consolidated Entity for the five years to 30 June 2022 are summarised below:
Loss after income tax
-1,010,079
-714,743
-485,918
-285,286
-156,431
Share price at financial year end (cents per
share)
1.1
4.1
0.9
1.7
1.5
2022
2021
2020
$
$
$
2019
$
2018
$
Components of directors’ compensation are disclosed in the following table.
Primary benefits paid / payable
Directors’
Super-
Salary
fees
annuation
issues(1)
Year ended 30 June 2022
Geoffrey Albers
Raewyn Clark
Darryl Clark (2)
Paul Kitto
Year ended 30 June 2021
Geoffrey Albers
Raewyn Clark
Darryl Clark (2)
$
-
-
-
-
-
8,750
8,750
10,000
10,000
30,000
30,000
$
-
-
-
-
-
-
-
Equity
Settled
Equity
option
TOTAL
$
-
-
-
17,191
17,191
-
49,587
37,269
86,856
$
-
-
9,625
47,191
56,816
-
49,587
48,219
97,806
$
-
-
-
-
-
875
875
950
950
(1) The whole value of options granted during the year has been disclosed as remuneration rather than the amount vested.
(2) Darryl Clark resigned 20 September 2021 and Paul Kitto was appointed.
Loans to key management personnel
DIRECTORS’ REPORT
No loans were made to key management personnel during the current or previous financial year.
FOR THE YEAR ENDED 30 JUNE 2022
Other transactions with key management personnel
In the year ended 30 June 2022, the Company incurred consulting fees of $92,400 (2021: $68,415) with Samika
Pty Ltd, a director-related entity of Raewyn Clark. The fees were provided under normal commercial terms and
19
conditions with $Nil remaining unpaid at 30 June 2022 (2021: $nil).
In the year ended 30 June 2022, the Company incurred consulting fees of $49,200 (2021: $Nil) with Paul Kitto.
The fees were provided under normal commercial terms and conditions with $Nil remaining unpaid at 30 June
2022 (2021: $nil).
Key management personnel interest in equity holdings
Fully paid ordinary shares
30 June 2022
Geoffrey Albers1
Darryl Clark2
Number of shares at
start of year
1 July 2021
Other
Change
Number of shares
at end of year
30 June 2022
89,465,962
1,200,000
90,665,962
11,714,282
(1,200,000)
10,514,282
101,180,244
-
101,180,244
1 Other Change in shares – on market purchases and share placement and purchase plan participation.
2 Darryl Clark resigned 20 September 2021 and Paul Kitto was appointed.
Unlisted options
The Company granted 3,000,000 options over ordinary shares to the director Paul Kitto during the financial
year (2021: 7,000,000). All 3,000,000 options have an employment condition and so vest over that service
condition. The options granted during the year ended 30 June 2022 have been valued using the Black
Scholes Option Valuation The fair value of these share-based payment (for accounting) at grant date was
$17,191 (2021: $86,856). A share based payment expense of $6,949 has been recognised for the year ended
30 June 2022 (2021: $53,295). This includes the release from prior year grants.
Number of
options at start
of year
1 July 2021
Options
granted during
year
Options
exercised /
expired
during year
Number of
options at end
of year
30 June 2022
30 June 2022
Options exercisable at $0.055 on or before 30 June 2022
Geoffrey Albers
Darryl Clark1
3,125,000
100,000
3,225,000
1 Darryl Clark resigned 20 September 2021 and Paul Kitto was appointed
Options exercisable at $0.04 on or before 28 November 2022
Geoffrey Albers
Raewyn Clark
Darryl Clark1
-
2,000,000
1,000,000
3,000,000
-
-
-
-
-
-
-
(3,125,000)
(100,000)
(3,225,000)
-
-
-
-
-
(1,000,000)
(1,000,000)
-
2,000,000
-
2,000,000
27
20
2022 ANNUAL REPORT
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
Directors’ Report
For the year ended 30 June 2022
30 June 2022
Options exercisable at $0.05 on or before 28 November 2023
Raewyn Clark
Number of
options at start
of year
1 July 2021
2,000,000
2,000,000
Options exercisable at $0.044 on or before 5 November 2023
Raewyn Clark
Darryl Clark1
3,000,000
2,000,000
5,000,000
1 Darryl Clark resigned 20 September 2021 and Paul Kitto was appointed
Options exercisable at $0.06 on or before 21 June 2023
Raewyn Clark
Darryl Clark1
1,000,000
1,000,000
2,000,000
1 Darryl Clark resigned 20 September 2021 and Paul Kitto was appointed
Options exercisable at $0.06 on or before 29 March 2024
Options
granted during
year
Options
exercised /
expired
during year
Number of
options at end
of year
30 June 2022
-
-
-
-
-
-
-
-
-
-
2,000,000
2,000,000
-
(2,000,000)
(2,000,000)
3,000,000
-
3,000,000
-
(1,000,000)
(1,000,000)
1,000,000
-
1,000,000
Paul Kitto
-
-
1,000,000
1,000,000
Options exercisable at $0.10 on or before 25 November 2024
Paul Kitto
-
-
1,000,000
1,000,000
Options exercisable at $0.20 on or before 25 November 2025
Paul Kitto
-
-
1,000,000
1,000,000
-
-
-
-
-
-
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
End of remuneration report
28
21
PEAKO LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
Auditor independence
Section 307C of the Corporations Act 2001 requires our auditors, Grant Thornton Audit Pty Ltd, to provide
the directors of the Company with an Independence Declaration in relation to the audit of the annual report.
This Independence Declaration is set out on page 30 and forms part of this directors’ report for the year
ended 30 June 2022.
Non-audit services
The Company may decide to employ the auditor on assignments additional to their statutory audit duties
where the auditor’s expertise and experience with the Company and/or the Group are important. The
Company has considered the position and is satisfied that the provision of the non-audit services is
compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.
The auditor has not provided any non-audit services and as such auditor independence was not
compromised.
This report is made in accordance with a resolution of the directors.
R.L. Clark
Director
29 September 2022
22
29
2022 ANNUAL REPORT
AUDITOR’S INDEPENDENCE DECLARATION
FOR THE YEAR ENDED 30 JUNE 2022
Auditor’s Independence
Declaration
Grant Thornton Audit Pty Ltd
Level 22 Tower 5
Collins Square
727 Collins Street
Melbourne VIC 3008
GPO Box 4736
Melbourne VIC 3001
T +61 3 8320 2222
Auditor’s Independence Declaration
To the Directors of Peako Limited
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit
of Peako Limited for the year ended 30 June 2022, I declare that, to the best of my knowledge and belief, there
have been:
a
b
no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to
the audit; and
no contraventions of any applicable code of professional conduct in relation to the audit.
Grant Thornton Audit Pty Ltd
Chartered Accountants
T S Jackman
Partner – Audit & Assurance
Melbourne, 29 September 2022
www.grantthornton.com.au
ACN-130 913 594
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389.
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or
refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL).
GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member
firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one
another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127
556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards
Legislation.
#8024565v2w
30
23
PEAKO LIMITED
Financial
Reports
31
2022 ANNUAL REPORT CONSOLIDATED STATEMENT OF PROFIT
Consolidated Statement of Profit or Loss and Other Comprehensive
OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2022
Income
For the year ended 30 June 2022
Government grants - Covid
Sundry income
Expenses
Accounting fees
Audit fees
Conferences and travel
Depreciation
Director Fees
Heritage Protection – Community and Management fees
Impairment of exploration asset
Insurance
Professional and consultancy fees
Office costs
Other costs
Salary and wages
Share based payment
Stock exchange and share registry costs
Tenement management
Loss before income tax expense
Income tax expense
Net loss for the year
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign exchange loss on translation of subsidiary financial
statements
Other comprehensive income net of tax
Total comprehensive income for the year
Basic loss per share
Diluted loss per share
Note
19
8,17
2
3
3
2022
$
-
1,863
1,863
(169,529)
(50,303)
(29,982)
(33,347)
(30,000)
(82,202)
(94,039)
(19,320)
(229,084)
(114,292)
(120,870)
(3,443)
(43,543)
(47,185)
(38,842)
(1,105,981)
(1,104,118)
-
(1,104,118)
2021
$
20,000
350
20,350
(147,045)
(52,876)
(1,370)
(12,680)
-
(49,600)
-
(6,202)
(128,407)
(87,612)
(63,021)
(6,596)
(144,505)
(29,524)
(5,655)
(735,093)
(714,743)
-
(714,743)
(1,104,118)
(714,743)
-
-
(1,104,118)
-
-
(714,743)
Cents
(0.36)
(0.36)
Cents
(0.40)
(0.40)
32
PEAKO LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
Consolidated Statement of
Financial Position
As at 30 June 2022
Current Assets
Cash and cash equivalents
Trade and other receivables
Prepayments
Total Current Assets
Non-Current Assets
Motor Vehicles
Plant and Equipment
Exploration and evaluation assets
Total Non-Current Assets
Total Assets
Current Liabilities
Trade and other payables
Provisions
Total Current Liabilities
Total Liabilities
Net Assets
Equity
Issued capital
Reserves
Accumulated losses
Total Equity
Note
4
5
6
7
8
9
10
11
2022
$
1,510,559
92,754
176,569
1,779,882
71,551
41,002
3,401,043
3,513,596
2021
$
1,419,805
107,749
107,657
1,635,211
94,736
48,977
2,154,834
2,298,547
5,293,478
3,933,758
343,608
13,229
356,837
480,954
-
480,954
356,837
480,954
4,936,641
3,452,804
44,186,207
206,401
(39,455,967)
41,641,845
165,684
(38,354,725)
4,936,641
3,452,804
The above statement of financial position should be
read in conjunction with the accompanying notes.
25
33
2022 ANNUAL REPORT
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
Consolidated Statement of
Changes in Equity
For the year ended 30 June 2022
Issued
capital
Share
compensation
reserve
$
$
Foreign
currency
translation
reserve
$
Accumulated
losses
Total
equity
$
$
Balance at 1 July 2021
41,641,845
164,172
1,512
(38,354,725)
3,452,804
Loss for the year
Other comprehensive loss
Total comprehensive loss
for the year
Issue of Shares
Costs of issue
Grant of options
Reclassification of foreign
currency translation
reserve
Reclassification of expired
options
Balance at 30 June 2022
-
-
-
-
-
-
2,574,000
(29,638)
-
-
-
43,593
-
-
-
-
-
-
(1,104,118)
-
(1,104,118)
-
(1,104,118)
(1,104,118)
-
-
-
2,574,000
(29,638)
43,593
-
-
(1,512)
1,512
-
-
44,186,207
(1,364)
206,401
-
-
1,364
(39,455,967)
-
4,936,641
Balance at 1 July 2020
38,284,139
53,411
1,512
(37,673,726)
665,336
Loss for the year
Other comprehensive loss
Total comprehensive loss
for the year
-
-
-
Issue of Shares
Costs of issue
Grant of options
Reclassification of expired
options
Balance at 30 June 2021
3,451,671
(93,965)
-
-
41,641,845
-
-
-
-
-
144,505
(33,744)
164,172
-
-
-
-
-
-
(714,743)
-
(714,743)
-
(714,743)
(714,743)
-
-
-
3,451,671
(93,965)
144,505
-
1,512
33,744
(38,354,725)
-
3,452,804
The above statement of changes in equity should be
read in conjunction with the accompanying notes.
34
26
PEAKO LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2022
Consolidated Statement of Cash
Flows
For the year ended 30 June 2022
Cash flows from operating activities
Administration fees received
Payments to suppliers and employees
Government Grants – Covid
Net cash outflows from operating activities
Cash flows from investing activities
Payments to suppliers - exploration
Payments for exploration vehicles, plant and equipment
Proceeds from exploration grant
Net cash outflows from investing activities
Cash flows from financing activities
Proceeds from the issue of shares
Share issue costs
Net cash inflows from financing activities
Net increase in cash held
Cash at the beginning of reporting period
Cash at the end of the reporting period
The above statement of cash flows should be read
in conjunction with the accompanying notes.
Note
18
2022
$
2021
$
9,808
(1,074,943)
-
(1,065,135)
-
(730,384)
20,000
(710,384)
(1,409,191)
(2,188)
110,906
(1,221,259)
(149,915)
-
(1,300,473)
(1,371,174)
2,574,000
(117,638)
2,456,362
3,449,671
(93,965)
3,355,706
90,754
1,274,148
1,419,805
1,510,559
145,657
1,419,805
27
35
2022 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
For the Year Ended 30 June 2022
Note 1: Statement of significant accounting policies
(a) Basis of preparation
The financial report is a general-purpose financial
report, which has been prepared in accordance
with the requirements of the Corporations Act
2001, Accounting Standards and Interpretations
and other requirements of the law. The financial
report has also been prepared on a historical cost
basis. The Parent Entity is registered and
domiciled in Australia.
permits be ultimately surrendered or cancelled.
Having assessed
the potential uncertainties
relating to the Group’s ability to effectively fund
exploration activities and operating expenditures,
the Directors believe that the Group will continue to
operate as a going concern for the foreseeable
future. Therefore,
it
appropriate to prepare the financial statements on
a going concern basis
the Directors consider
(b) Adoption of new and revised standards
Changes in accounting policies on initial
application of Accounting Standards
The Group has adopted all of the new and revised
Accounting Standards issued by the Australian
Accounting Standards Board (AASB) that are
relevant to its operations and effective for annual
reporting periods beginning on 1 July 2021.
(c) Statement of compliance
The financial report was authorised by the board
of directors for issue on 29 September 2022.
The consolidated financial report is a general
purpose financial report which has been prepared
in accordance with Australian Accounting
Standards,
Accounting
the Australian
Interpretations,
Accounting Standards Board (‘AASB’) and the
Corporations Act 2001. The financial report of the
company complies with International Financial
Reporting Standards and interpretations adopted
by the International Accounting Standards Board
including
issued
the
by
(d) Basis of consolidation
The consolidated financial statements consolidate
those of the parent company and all of its
subsidiaries as of 30 June 2022 (“Group”). The
Parent controls a subsidiary if it is exposed, or has
rights, to variable returns from its involvement with
the subsidiary and has the ability to affect those
returns through its power over the subsidiary. All
subsidiaries have a reporting date of 30 June.
financial
comprise
The
the
statements
consolidated financial statements for the Group.
For the purposes of preparing the consolidated
financial statements, the Company is a for-profit
entity.The financial statements are presented in
Australian dollars, unless otherwise stated.
Going concern
For the year ended 30 June 2022 the Group
incurred a net cash outflow from operating and
investing
(2021:
of
$2,081,558) and a net loss after tax of $1,104,118
(2021: $714,743). As at 30 June 2022, the Group
has positive working capital of $1,423,045 (2021:
$1,154,257).
$2,365,608
activities
Directors expect that the group will be able to
successfully raise sufficient funding to enable it to
continue as a going concern for at least 12 months
from the signing of annual financial report.
The Group raised $1,403,353 (before costs) in a
rights issue completed during September 2022.
(Note 17).
This financial report has been prepared on a going
concern basis which contemplates the continuity of
normal business activities and the realisation of
assets and settlement of liabilities in the ordinary
course of business. In the event that sufficient
funds are not raised to meet all of the Group's
commitments, debt and payables, the interest in
some or all of the Group's tenements may be
affected and all assets and liabilities may not be
realised at the amounts disclosed. No adjustments
have been made relating to the recoverability and
reclassification of recorded asset amounts and
classification of liabilities that might be necessary
should the Group not continue as a going
concern, particularly the write-down of capitalised
exploration expenditure should the exploration
36
28
PEAKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
For the Year Ended 30 June 2022
Note 1: Statement of significant accounting policies (continued)
All transactions and balances between Group
companies are eliminated on consolidation,
losses on
including unrealised gains and
transactions between Group companies. Where
unrealised losses on intra-group asset sales are
reversed on consolidation, the underlying asset is
also
from a group
impairment
tested
perspective.
for
Amounts reported in the financial statements of
adjusted where
subsidiaries have been
the
to ensure consistency with
necessary
accounting policies adopted by the Group.
Profit or loss and other comprehensive income of
subsidiaries acquired or disposed of during the
year are recognised from the effective date of
acquisition, or up to the effective date of disposal,
as applicable.
Non-controlling interests, presented as part of
equity, represent the portion of a subsidiary’s
profit or loss and net assets that is not held by the
Group. The Group attributes total comprehensive
income or loss of subsidiaries between the
owners of the parent and the non-controlling
interests based on their respective ownership
interests.
(e) Exploration and evaluation
Exploration and evaluation assets, including the
costs of acquiring tenements, are capitalised as
exploration and evaluation assets on an area of
interest basis. Exploration and evaluation assets
are only recognised if the rights to tenure of the
area of interest are current and either:
(i)
(ii)
the expenditures are expected to be
recouped
successful
through
development and exploitation of the area
of interest, or alternatively, by its sale or
partial sale: or
activities in the area of interest have not at
the reporting date, reached a stage which
permits a reasonable assessment of the
existence or otherwise of economically
recoverable reserves and active and
significant operations in, or in relation to,
the area of interest are continuing.
The tests contained in AASB6.20 are applied to
determine whether exploration and evaluation
assets are assessed for impairment indicators:
(i)
(ii)
(iii)
(iv)
the exploration and evaluation tenure
right has expired or are expected to expire
in the near future, and is not expected to
be renewed.
substantive expenditure on
further
exploration for and evaluation of mineral
resources in the specific area is neither
budgeted nor planned.
exploration for and evaluation of mineral
resources in the specific area have not led
to the discovery of commercially viable
quantities of mineral resources and the
entity has decided to discontinue such
activities in the specific area.
sufficient data exist to indicate that,
although a development in the specific
area is likely to proceed, the carrying
amount of the exploration and evaluation
asset is unlikely to be recovered in full
from successful development or by sale
(f) Revenue and other income
Revenue is recognised to the extent that it is
probable that the economic benefits will flow to the
Group and the revenue can be reliably measured.
The following specific recognition criteria must also
be met before revenue is recognised:
Interest income
time
Interest revenue
proportionate basis that takes into account the
effective yield on the financial asset.
is recognised on a
(g) Cash and cash equivalents
term, highly
Cash comprises cash at bank and in hand. Cash
equivalents are short
liquid
investments that are readily convertible to known
amounts of cash and which are subject to an
insignificant risk of changes in value. Temporary
bank overdrafts are included in cash at bank and
in hand. Permanent bank overdrafts are shown
within borrowings in current liabilities in the
statement of financial position.
29
37
2022 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
For the Year Ended 30 June 2022
Note 1: Statement of significant accounting policies (continued)
For the purposes of the statement of cash flows,
cash and cash equivalents consist of cash and
cash equivalents as defined above, net of
outstanding bank overdrafts.
(h) Income tax
Current tax assets and liabilities are measured at
the amount expected to be recovered from or paid
to the taxation authorities. The tax rates and tax
laws used to compute the amount are those that
are enacted or substantively enacted by the
balance date.
Deferred income tax is provided on all temporary
differences at the balance date between the tax
bases of assets and liabilities and their carrying
amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all
taxable temporary differences except:
• when the deferred income tax liability arises
from the initial recognition of goodwill or of an
asset or liability in a transaction that is not a
business combination and that, at the time of
the transaction, affects neither the accounting
profit nor taxable profit or loss; or
• when the taxable temporary difference is
associated with investments in controlled
joint
entities, associates or
ventures, and the timing of the reversal of the
temporary difference can be controlled and it
is probable that the temporary difference will
not reverse in the foreseeable future.
interests
in
Deferred income tax assets are recognised for all
deductible temporary differences, carry-forward of
unused tax assets and unused tax losses, to the
extent that it is probable that taxable profit will be
available against which the deductible temporary
differences and the carry-forward of unused tax
credits and unused tax losses can be utilised,
except:
• when the deferred income tax asset relating
to the deductible temporary difference 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 the accounting
profit nor taxable profit or loss; or
38
interests
• when the deductible temporary difference is
associated with investments in controlled
entities, associates or
joint
ventures, in which case a deferred tax asset
is only recognised to the extent that it is
probable that the temporary difference will
reverse in the foreseeable future and taxable
profit will be available against which the
temporary difference can be utilised.
in
The carrying amount of deferred income tax
assets is reviewed at each balance date and
reduced to the extent that it is no longer probable
that sufficient taxable profit will be available to
allow all or part of the deferred income tax asset
to be utilised.
Unrecognised deferred income tax assets are
reassessed at each balance date and are
recognised to the extent that it has become
probable that future taxable profit will allow the
deferred tax asset to be recovered.
Deferred income tax assets and liabilities are
measured at the tax rates that are expected to
apply to the financial period when the asset is
realised or the liability is settled, based on tax
rates (and tax laws) that have been enacted or
substantively enacted at the balance date.
Deferred tax assets and deferred tax liabilities
are offset only if a legally enforceable right exists
to set off current tax assets against current tax
liabilities and the deferred tax assets and
liabilities relate to the same taxable entity and the
same taxation authority.
(i) Other taxes
Revenues, expenses and assets are recognised
net of the amount of GST except:
• when the GST incurred on a purchase of
goods and services is not recoverable from
the taxation authority, in which case the
GST is recognised as part of the cost of
acquisition of the asset or as part of the
expense item as applicable; and
receivables and payables, which are stated
with the amount of GST included
•
30
PEAKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
For the Year Ended 30 June 2022
Note 1: Statement of significant accounting policies (continued)
The net amount of GST recoverable from, or
payable to, the taxation authority is included as
part of receivables or payables in the statement
of financial position.
Cash flows are included in the statement of cash
flows on a gross basis and the GST component
of cash flows arising from investing and financing
activities, which is recoverable from, or payable
to, the taxation authority, are classified as
operating cash flows.
Commitments and contingencies are disclosed
net of the amount of GST recoverable from, or
payable to, the taxation authority.
(j) Motor Vehicles, plant and equipment
Motor Vehicles Plant and equipment are stated
at cost less accumulated depreciation and
impairment. Costs include expenditure that is
directly attributable to the acquisition of the item.
In the event that settlement of all or part of the
purchase consideration is deferred, costs are
determined by discounting the amounts payable
in the future to their present value as at the date
of acquisition. Subsequent costs are included in
the asset’s carrying amount or recognised as a
separate asset, as appropriate, only when it is
probable that the 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 charged to
profit or loss during the financial period in which
they incurred.
All tangible assets have limited useful lives and
are depreciated using the straight-line method
over their existing useful lives.
Depreciation is calculated as follows:
Motor Vehicles, plant
and equipment
10% - 33% on a
straight line basis
The assets' residual values, useful lives and
amortisation methods are reviewed, and adjusted
if appropriate, at each financial period end.
(j) Impairment of assets
The carrying amounts of the company’s assets
are reviewed at each statement of financial
position date to determine whether there are
indicators of impairment. At each reporting date
the company assesses whether there is any
indication that individual assets are impaired.
Where impairment indicators exist, recoverable
amount is determined and impairment losses are
recognised in profit or loss where the asset's
carrying value exceeds its recoverable amount.
Recoverable amount is the higher of an asset's
fair value less costs to sell and value in use. For
the purpose of assessing value in use, the
estimated future cash flows are discounted to their
present value using a pre-tax discount rate that
reflects current market assessments of the time
value of money and the risks specific to the asset.
(k) Trade and other payables
Trade payables and other payables are carried at
amortised cost and represent liabilities for goods
and services provided to the Group prior to the
end of the financial period that are unpaid and
arise when the Group becomes obliged to make
future payments in respect of the purchase of
these goods and services.
(l)Provisions
Where applicable, provisions are recognised
when the Group has a present obligation (legal or
constructive) as a result of a past event, it is
probable that an outflow of resources embodying
economic benefits will be required to settle the
obligation and a reliable estimate can be made of
the amount of the obligation.
reimbursement
When the Group expects some or all of a
provision to be reimbursed, for example under an
is
the
insurance contract,
recognised as a separate asset but only when the
reimbursement is virtually certain. The expense
relating to any provision is presented in the
loss and other
statement of profit or
comprehensive
any
of
net
income
reimbursement.
If the effect of the time value of money is material,
provisions are discounted using a current pre-tax
rate that reflects the risks specific to the liability.
31
39
2022 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
For the Year Ended 30 June 2022
Note 1: Statement of significant accounting policies (continued)
When discounting is used, the increase in the
provision due to the passage of time is
recognised as a borrowing cost.
(m) Share-based payment transactions
Equity settled transactions
Equity-settled
transactions are awards of
shares, or options over shares, that are
provided to employees or consultants
in
exchange for the rendering of services or to
incentivise the receiver in their future efforts.
The cost of equity-settled transactions are
measured at fair value on grant date. Fair
value determined using a Black-Scholes
option pricing model that takes into account
the exercise price, the term of the option, the
impact of dilution, the share price at grant date
and expected price volatility of the underlying
share, the expected dividend yield and the risk
free interest rate for the term of the option,
together with non-vesting conditions that do
not determine whether the Consolidated Entity
receives
the
employees to receive payment. No account is
taken of any other vesting conditions.
the services
that entitle
as
an
expense with
The cost of equity-settled transactions are
a
recognised
corresponding increase in equity over the
vesting period. The cumulative charge to profit
or loss is calculated based on the grant date
fair value of the award, the best estimate of the
number of awards that are likely to vest and
the expired portion of the vesting period. The
amount recognised in profit or loss for the
period is the cumulative amount calculated at
each reporting date less amounts already
recognised in previous periods.
Market conditions are taken into consideration
in determining fair value. Therefore, any
awards subject to market conditions are
considered to vest irrespective of whether or
not that market condition has been met,
provided all other conditions are satisfied.
If equity-settled awards are modified, as a
minimum an expense is recognised as if the
modification has not been made. An additional
expense is recognised, over the remaining
vesting period,
that
increases the total fair value of the share-
for any modification
40
based compensation benefit as at the date of
modification.
If the non-vesting condition is within the control
of the Consolidated Entity or employee, the
failure to satisfy the condition is treated as a
cancellation. If the condition is not within the
control of the Consolidated Entity or employee
and is not satisfied during the vesting period,
any remaining expense for the award is
recognised over the remaining vesting period,
unless the award is forfeited.
If equity-settled awards are cancelled, it is
treated as if it has vested on the date of
cancellation, and any remaining expense is
recognised immediately. If a new replacement
award is substituted for the cancelled award,
the cancelled and new award is treated as if
they were a modification.
.
(n) Issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the
issue of new shares or options are shown in
equity as a deduction, net of tax, from the
proceeds.
(o) Earnings per share
Basic earnings per share is calculated as net
profit attributable to members of the parent,
adjusted to exclude any costs of servicing equity
(other than dividends) and preference share
dividends, divided by the weighted average
number of ordinary shares.
(p) Foreign currency translation
Both the functional and presentation currency of
Peako Limited and its Australian subsidiaries is
Australian dollars. Each entity in the Group
determines its own functional currency and
items included in the financial statements of
each entity are measured using that functional
currency.
Transactions in foreign currencies are initially
recorded in the functional currency by applying
the exchange rates ruling at the date of the
liabilities
transaction. Monetary assets and
denominated
currencies are
foreign
retranslated at the rate of exchange ruling at the
balance date.
in
32
PEAKO LIMITED
Notes to the Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
For the Year Ended 30 June 2022
Note 1: Statement of significant accounting policies (continued)
it
the
transaction price
initial measurement of
(u) Financial Instruments
All exchange differences in the consolidated
Recognition and derecognition
financial report are taken to profit or loss with the
exception of differences on foreign currency
Financial assets and financial liabilities are
borrowings that provide a hedge against a net
recognised when the Group becomes a party to
investment in a foreign entity. These are taken
financial
the contractual provisions of
directly to equity until the disposal of the net
instrument. Financial assets are derecognised
investment, at which time they are recognised in
when the contractual rights to the cash flows
profit or loss.
from the financial asset expire, or when the
financial asset and substantially all the risks and
Tax charges and credits attributable
to
rewards are transferred. A financial liability is
exchange differences on those borrowings are
is extinguished,
derecognised when
also recognised in equity.
discharged, cancelled or expires.
Non-monetary items that are measured in terms
Classification and
of historical cost in a foreign currency are
financial assets
translated using the exchange rate as at the
date of the initial transaction. Non-monetary
Except for those trade receivables that do not
items measured at fair value in a foreign
contain a significant financing component and
currency are translated using the exchange
in
the
are measured at
rates at the date when the fair value was
accordance with AASB 15, all financial assets
determined.
are initially measured at fair value adjusted for
transaction costs (where applicable).
The
foreign
the
functional currencies of
operations are not nominated in Australian
Financial assets, other than those designated
Dollars. As at the balance date the assets and
and effective as hedging instruments, are
liabilities of these subsidiaries are translated
classified into the following categories:
into the presentation currency of Peako Limited
•
at the rate of exchange ruling at the balance
amortised cost
date and their income statements are translated
•
fair value through profit or loss (FVTPL)
at the weighted average exchange rate for the
•
fair value through other comprehensive
year. The exchange differences arising on the
income (FVOCI).
translations are taken directly to a separate
component of recognised in the foreign currency
In the periods presented the corporation does
translation reserve in equity.
not have any financial assets categorised as
FVOCI. The classification is determined by both:
On disposal of a foreign entity, the deferred
•
the entity’s business model for managing
cumulative amount recognised in equity relating
to that particular foreign operation is recognised
in profit or loss.
•
the financial asset
the contractual cash flow characteristics of
the financial asset
(q) Trade and other receivables and contract
assets
All income and expenses relating to financial
The company makes uses of a simplified
assets that are recognised in profit or loss are
approach in accounting for trade and other
presented within finance costs, finance income
receivables as well as contract assets and
or other financial items, except for impairment of
records the loss allowance as lifetime expected
trade receivables which is presented within
credit losses. These are the expected shortfalls
other expenses.
in contractual cash flows, considering the
potential for default at any point during the life of
the financial instrument. In calculating, the
company uses its historical experience, external
indicators and forward-looking information to
calculate the expected credit losses using a
provision matrix.
been identified as the Board of Directors of Peako
Subsequent measurement of financial assets
Limited.
•
to
the
determine
Impairment of financial assets
Financial assets are measured at amortised
cost if the assets meet the following conditions
(s) Parent entity financial information
(and are not designated as FVTPL):
•
(t) Critical accounting estimates and
judgements
The financial information for the parent entity,
Peako Limited, disclosed in Note 16 has been
prepared on the same basis as the consolidated
financial statements, except as set out below.
they are held within a business model
whose objective is to hold the financial
assets and collect its contractual cash flows
the contractual terms of the financial assets
give rise to cash flows that are solely
payments of principal and interest on the
principal amount outstanding
(i) Investments in subsidiaries, associates and joint
venture entities
Investments in subsidiaries, associates and
joint venture entities are accounted for at cost in
financial statements.
the parent entity’s
Dividends
from associates are
received
recognised in the parent entity’s profit or loss,
impairment
rather than being deducted from the carrying
amount of these investments.
requirements use
AASB 9’s
forward-looking
recognise
information
expected credit losses – the ‘expected credit
loss (ECL) model’. Instruments included loans
and other debt-type financial assets measured
at amortised cost and FVOCI, trade receivables,
contract assets recognised and measured
Management
development,
under AASB 15 and loan commitments and
selection and disclosure of the company’s critical
some financial guarantee contracts (for the
the
accounting policies and estimates and
issuer) that are not measured at fair value
application of these policies and estimates. There
through profit or loss.
are no estimates and
that are
considered to have a significant risk of causing a
material adjustment to the carrying amounts of
assets and liabilities within the next financial year
The Group considers a range of information
when assessing credit risk and measuring
expected credit losses, including past events,
current conditions, reasonable and supportable
forecasts that affect the expected collectability
of the future cash flows of the instrument. In
applying this approach, a distinction is made
between:
•
The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions are
recognised in the period in which the estimate is
revised if it affects only that period, or in the period
of the revision and future periods if the revision
affects both current and future periods
that have not
financial
deteriorated significantly in credit quality
since initial recognition or that have low
Management exercise judgement as to whether
credit risk (‘Stage 1’) and
exploration expenditure is assessed for
financial instruments that have deteriorated
impairment. Any judgement may change as new
information becomes available. If, after having
significantly in credit quality since initial
capitalised exploration and evaluation
recognition and whose credit risk is not low
expenditure, management concludes that the
(‘Stage 2’).
capitalised expenditure is unlikely to be
recovered by future sale or exploitation, then the
relevant capitalised amount will be written off
through profit or loss and other comprehensive
income.
Recovery of exploration expenditure
instruments
judgements
•
(r) Segment Reporting
Operating segments are reported in a manner that
is consistent with the internal reporting provided to
the chief operating decision maker, which has
34
33
41
2022 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
For the Year Ended 30 June 2022
Note 1: Statement of significant accounting policies (continued)
(u) Financial Instruments
Recognition and derecognition
the
Financial assets and financial liabilities are
recognised when the Group becomes a party to
the contractual provisions of
financial
instrument. Financial assets are derecognised
when the contractual rights to the cash flows
from the financial asset expire, or when the
financial asset and substantially all the risks and
rewards are transferred. A financial liability is
derecognised when
is extinguished,
discharged, cancelled or expires.
it
Classification and
financial assets
initial measurement of
Except for those trade receivables that do not
contain a significant financing component and
are measured at
in
accordance with AASB 15, all financial assets
are initially measured at fair value adjusted for
transaction costs (where applicable).
transaction price
the
Financial assets, other than those designated
and effective as hedging instruments, are
classified into the following categories:
•
•
•
amortised cost
fair value through profit or loss (FVTPL)
fair value through other comprehensive
income (FVOCI).
In the periods presented the corporation does
not have any financial assets categorised as
FVOCI. The classification is determined by both:
•
the entity’s business model for managing
•
the financial asset
the contractual cash flow characteristics of
the financial asset
All income and expenses relating to financial
assets that are recognised in profit or loss are
presented within finance costs, finance income
or other financial items, except for impairment of
trade receivables which is presented within
other expenses.
Subsequent measurement of financial assets
Financial assets are measured at amortised
cost if the assets meet the following conditions
(and are not designated as FVTPL):
•
they are held within a business model
whose objective is to hold the financial
assets and collect its contractual cash flows
the contractual terms of the financial assets
give rise to cash flows that are solely
payments of principal and interest on the
principal amount outstanding
•
Impairment of financial assets
to
impairment
requirements use
AASB 9’s
recognise
information
forward-looking
expected credit losses – the ‘expected credit
loss (ECL) model’. Instruments included loans
and other debt-type financial assets measured
at amortised cost and FVOCI, trade receivables,
contract assets recognised and measured
under AASB 15 and loan commitments and
some financial guarantee contracts (for the
issuer) that are not measured at fair value
through profit or loss.
The Group considers a range of information
when assessing credit risk and measuring
expected credit losses, including past events,
current conditions, reasonable and supportable
forecasts that affect the expected collectability
of the future cash flows of the instrument. In
applying this approach, a distinction is made
between:
•
instruments
financial
that have not
deteriorated significantly in credit quality
since initial recognition or that have low
credit risk (‘Stage 1’) and
financial instruments that have deteriorated
significantly in credit quality since initial
recognition and whose credit risk is not low
(‘Stage 2’).
•
42
34
PEAKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
For the Year Ended 30 June 2022
Note 1: Statement of significant accounting policies (continued)
it
impairment at
‘Stage 3’ would cover financial assets that have
(u) Financial Instruments
objective evidence of
the
Recognition and derecognition
reporting date.
‘12-month expected credit
losses’ are recognised for the first category
Financial assets and financial liabilities are
losses’ are
‘lifetime expected credit
while
recognised when the Group becomes a party to
financial
the
the contractual provisions of
recognised for the second category.
instrument. Financial assets are derecognised
when the contractual rights to the cash flows
Measurement of the expected credit losses is
from the financial asset expire, or when the
determined by a probability-weighted estimate
financial asset and substantially all the risks and
of credit losses over the expected life of the
rewards are transferred. A financial liability is
financial instrument.
is extinguished,
derecognised when
Classification and measurement of financial
discharged, cancelled or expires.
liabilities
initial measurement of
Classification and
The Group’s
include
financial assets
borrowings, trade and other payables and
Except for those trade receivables that do not
derivative financial instruments.
contain a significant financing component and
Subsequently, financial liabilities are measured
in
the
are measured at
at amortised cost using the effective interest
accordance with AASB 15, all financial assets
method except for derivatives and financial
are initially measured at fair value adjusted for
liabilities designated at FVTPL, which are
transaction costs (where applicable).
carried subsequently at fair value with gains or
losses recognised in profit or loss (other than
Financial assets, other than those designated
derivative
that are
and effective as hedging instruments, are
designated
hedging
classified into the following categories:
instruments).
•
amortised cost
All interest-related charges and, if applicable,
•
fair value through profit or loss (FVTPL)
changes in an instrument’s fair value that are
•
fair value through other comprehensive
reported in profit or loss are included within
income (FVOCI).
finance costs or finance income.
instruments
as
financial
and
transaction price
liabilities
effective
financial
In the periods presented the corporation does
not have any financial assets categorised as
FVOCI. The classification is determined by both:
•
the entity’s business model for managing
•
the financial asset
the contractual cash flow characteristics of
the financial asset
All income and expenses relating to financial
assets that are recognised in profit or loss are
presented within finance costs, finance income
or other financial items, except for impairment of
trade receivables which is presented within
other expenses.
Subsequent measurement of financial assets
Financial assets are measured at amortised
cost if the assets meet the following conditions
(and are not designated as FVTPL):
•
they are held within a business model
whose objective is to hold the financial
assets and collect its contractual cash flows
the contractual terms of the financial assets
give rise to cash flows that are solely
payments of principal and interest on the
principal amount outstanding
•
Impairment of financial assets
to
impairment
requirements use
AASB 9’s
forward-looking
recognise
information
expected credit losses – the ‘expected credit
loss (ECL) model’. Instruments included loans
and other debt-type financial assets measured
at amortised cost and FVOCI, trade receivables,
contract assets recognised and measured
under AASB 15 and loan commitments and
some financial guarantee contracts (for the
issuer) that are not measured at fair value
through profit or loss.
The Group considers a range of information
when assessing credit risk and measuring
expected credit losses, including past events,
current conditions, reasonable and supportable
forecasts that affect the expected collectability
of the future cash flows of the instrument. In
applying this approach, a distinction is made
between:
•
instruments
financial
that have not
deteriorated significantly in credit quality
since initial recognition or that have low
credit risk (‘Stage 1’) and
financial instruments that have deteriorated
significantly in credit quality since initial
recognition and whose credit risk is not low
(‘Stage 2’).
•
43
34
35
2022 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
For the Year Ended 30 June 2022
Note 2: Income tax
Income tax expense recognised in statement of comprehensive
income
Current income tax
Current income tax payable
Deferred income tax
Relating to origination and reversal of temporary differences
Income tax expense
Reconciliation to income tax expense on accounting loss
Accounting loss before tax
Tax benefit at the statutory income tax rate of 30%
Non-deductible expenses
Non-assessable income
Unrealised tax losses not recognised
Temporary differences not recognised
Income tax expense
Unrecognised deferred tax balances
Deferred tax assets:
Tax revenue losses (Australian)
Tax capital losses (Australian)
Tax revenue losses (Foreign)
Unamortised business related costs
Accruals & provisions
Deferred tax liabilities:
Exploration expenses
Net unrecognised deferred tax assets
Potential tax benefit @ 30% (2021: 30%)
Consolidated
2022
$
2021
$
-
-
-
(1,104,118)
(331,235)
41,289
-
669,762
(379,816)
-
-
-
-
(714,743)
(214,423)
-
7
598,162
(383,746)
-
20,677,992
4,430,516
-
(105,207)
43,229
18,309,724
4,430,516
135,727
(54,003)
26,000
(3,577,613)
21,468,917
(2,262,491)
20,585,473
6,440,675
6,175,642
The deductible temporary differences and tax losses do not expire under current tax legislation.
Deferred tax assets have not been recognised in respect of these items because there is presently no
expectation of future taxable profit against which the Group could utilise such benefits.
Note 3: Earnings per share
The loss and weighted average number of ordinary shares used in the calculation of basic and dilutive loss
per share is as follows:
Net loss for the year
The weighted average number of ordinary shares
Total basic and dilutive loss per share (cents)
(1,104,118)
304,111,248
(0.36)
(714,743)
177,758,267
(0.40)
Despite having options on issue, basic and dilutive loss per share are the same as there is a loss
position and to include options would be anti-dilutive.
44
36
PEAKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
AS AT 30 JUNE 2022
Notes to the Financial Statements
For the Year Ended 30 June 2022
Note 4: Trade and other receivables
GST
Trade and other receivables
Consolidated
2022
$
2021
$
50,047
42,707
92,754
75,120
32,629
107,749
The carrying amount of all receivables is equal to their fair value as they are short term. At 30 June
2022 no receivables are impaired or past due. All receivables are non-interest bearing.
Note 5: Prepayments
Balance at the beginning of the year
Prepaid tenement rent for the year
Balance at the end of the year
107,657
68,912
176,569
27,200
80,457
107,657
The Company applied for exploration tenements E80/5658, E805703, E80/5704, E80/5706, E80/5758
and E80/5779 during the year ended 30 June 2022. Prior year applications for exploration tenements
are E80/5472, E805520, E80/5623 and E80/5624 during the year ended 30 June 2021 and E80/5346
in March 2019. If a tenement is granted rent paid on application will cover rent required on the first year
of exploration in the tenement. As at 30 June 2022 and to the date of signing the report the tenement
applications have not been granted. If a tenement is not granted the rent paid on application is fully
refundable.
Note 6: Motor Vehicles
Balance at the beginning of the year
Additions
Depreciation
Balance at the end of the year
Note 7: Plant and Equipment
Balance at the beginning of the year
Additions
Depreciation
Balance at the end of the year
Note 8: Exploration and evaluation assets
Balance at the beginning of the year
Costs for the year
Impairment of exploration asset
Balance at the end of the year
94,736
-
(23,185)
71,551
48,977
2,187
(10,162)
41,002
-
100,800
(6,064)
94,736
-
49,115
(138)
48,977
2,154,834
1,340,248
94,039
3,401,43
861,929
1,292,905
-
2,154,834
The recoupment of exploration costs carried forward is dependent upon the recoupment of costs
through successful development and commercial exploitation, or alternatively by sale of the respective
areas. Exploration assets relate to the areas of interest in the exploration phase for minerals exploration
licences as shown in the table below:
30/06/2022
E 45/3278
E 80/4990
E 80/5182
30/06/2021
E 45/3278
E 80/4990
E 80/5182
Notes
Granted 30 September 2016. Surrendered 19 September 2022 (Note 17).
Granted 4 October 2017
Granted 28 September 2018
Notes to the Financial Statements
37
45
2022 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
For the Year Ended 30 June 2022
Note 9: Trade and other payables
Current
Trade and other payables*
Director-related entities – other payables (Note 15)
Consolidated
2022
$
2021
$
212,279
131,329
343,608
309,370
171,584
480,954
* Trade payables are non-interest bearing and are normally paid on 30 day terms.
Note 10: Issued Capital
As at 30 June 2022 there were 234,911,319 fully paid ordinary shares on issue (2021: 234,911,319).
Movement in ordinary share capital
2022
$
Consolidated
2021
$
2022
#
2021
#
At the beginning of the year
Shares issued during the year
Costs associated with share issue
Balance at the end of the year
41,641,845
2,574,000
(29,638)
44,186,207
38,284,139
3,451,671
(93,965)
41,641,845
234,911,319
73,542,782
-
308,454,101
128,931,579
105,979,740
-
234,911,319
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. On a show of hands every
shareholder of ordinary shares present at a meeting in person or by proxy is entitled to one vote and upon a
poll each share is entitled to one vote. Ordinary shares have no par value and the Company does not have
a limited amount of authorised capital.
Movement in options
2022
Listed
2021
Listed
2022
Unlisted
2021
Unlisted
At the beginning of the year
Options granted
Expired
Exercised
Balance at the end of the year
-
-
-
-
-
-
-
-
-
-
57,737,799
65,199,9801
(93,937,779)
13,000,000
46,737,7991
(2,000,000)
29,000,000
57,737,799
158,199,980 options were granted to shareholders who participated in the placements that occurred during
the year ended 30 June 2022. The balance of 7,000,000 options granted for the year ended 30 June 2022
were granted to directors, an employee and consultants (Note 12).
Note 11: Reserves
Foreign currency translation reserve (a)
Share compensation reserve (b)
Consolidated
2022
$
-
206,401
206,401
2021
$
1,512
164,172
165,684
(a) The foreign currency translation reserve represents foreign exchange movements on the translation of financial
statements for controlled entities from the functional currency into the presentation currency of Australian dollars.
(b) The share compensation reserve is used to record the value of equity benefits provided to employees, consultants
and directors as part of their remuneration.
46
38
PEAKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
For the Year Ended 30 June 2022
Note 12: Share based payments
Shared based payment expense - directors
Share based payment expense – consultants and employees
Consolidated
2022
$
6,949
36,644
43,593
2021
$
53,295
92,210
145,505
Share options to directors
3,000,000 options were granted to directors in the
year ended 30 June 2022. (2021: 7,000,000
options). On 26 November 2021 3,000,000 options
were granted to Pau Kitto. The options have an
employment condition and so vest over that service
condition.
The 3,000,000 options granted to directors were
valued using the Black Scholes Option Valuation
model and the following inputs:
Exercise price
Share price at approval date
Maximum option life
Expected volatility
Risk free interest rate
6 -20 cents
2.3 cents
3.0 years
88%
0.93%
The fair value of this share based payment (for
accounting) at grant date was $17,191. The options
vest over the service condition so a share based
payment expense with a corresponding increase in
equity of $3,448 has been recognised for the year
ended 30 June 2022.
Options granted to directors in prior years have an
employment condition and so vest over the service
condition. A share based payment expense of
$3,501 has been recognised for the year ended 30
June 2022 for these options.
Share options to others
Share options to a consultant
The 500,000 options granted to consultants on 31
July 2021 have no employment condition and so vest
on grant date. They were valued using the Black
Scholes Option Valuation model and the following
inputs:
Exercise price
Share price at approval date
Maximum option life
Expected volatility
Risk free interest rate
6.0 cents
3.2 cents
1.9 years
88%
0.20%
The fair value of this share based payment (for
accounting) at grant date was $4,657. The options
vest on grant of the option so a share based payment
expense with a corresponding increase in equity of
$4,657 has been recognised for the year ended 30
June 2022.
Share options to an executive
The 1,000,000 options granted to an executive on 26
November 2021 have an employment condition and
so vest over the service condition. They were valued
using the Black Scholes Option Valuation model and
the following inputs:
Exercise price
Share price at approval date
Maximum option life
Expected volatility
Risk free interest rate
6 cents
2.3 cents
3.0 years
88%
0.93%
The fair value of this share based payment (for
accounting) at grant date was $3,805. The options
vest over the service condition so a share based
payment expense with a corresponding increase in
equity of $751 has been recognised for the year
ended 30 June 2022.
Share options to an employee
The 3,000,000 options granted to an employee on 1
December 2021 have an employment condition and
so vest over the life of the option. They were valued
using the Black Scholes Option Valuation model and
the following inputs:
Exercise price
Share price at approval date
Maximum option life
Expected volatility
Risk free interest rate
6 -20 cents
2.3 cents
3.0 years
88%
0.93%
The fair value of this share based payment (for
accounting) at grant date was $13,837. The options
vest over the service condition so a share based
payment expense with a corresponding increase in
equity of $3,945 has been recognised for the year
ended 30 June 2022.
Options granted to others in prior years have an
employment condition and so vest over the service
condition. A share based payment expense of
$27,091 has been recognised for the year ended 30
June 2022 for these options.
39
47
2022 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
For the Year Ended 30 June 2022
Note 13: Financial instruments
Capital risk management
Prudent capital risk management implies maintaining sufficient cash and marketable securities to
ensure continuity of tenure to exploration assets and to be able to conduct the Group’s business in an
orderly and professional manner. The Board monitors its future capital requirements on a regular basis
and will when appropriate consider the need for raising additional equity capital, debt funding or to farm-
out exploration projects as a means of preserving capital.
Categories of financial instruments
The Group’s principal financial instruments comprise of cash and short-term deposits and short term
borrowings. The main purpose of these financial instruments is to raise finance for the Group’s
operations. The Group has various
other financial assets and liabilities such as receivables and trade payables, which arise directly from
its operations. It is, and has been throughout the period under review, the Group’s policy that no trading
in financial instruments shall be undertaken.
Financial risk management objectives
The Group is exposed to market risk (including, interest rate risk and equity price risk), credit risk and
liquidity risk.
The main risks arising from the Group’s financial instruments are interest rate risk and credit risk. The
Board reviews and agrees policies for managing each of these risks and they are summarised below.
48
40
PEAKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
For the Year Ended 30 June 2022
Note 13: Financial instruments (continued)
Market risk
There has been no change to the Group’s exposure to market risks or the manner in which it manages
and measures the risk from the previous period.
Interest rate risk management
All cash balances attract a floating rate of interest. Excess funds that are not required in the short term
are placed on deposit for a period of no more than 6 months. The Group’s exposure to interest rate risk
and the effective interest rate by maturity periods is set out below.
Interest rate sensitivity analysis
At 30 June 2022, if interest rates had changed on cash and cash equivalent by 100 basis points (1%)
and all other variables were held constant, the Group’s after tax profit would have been $10,574 (2021:
$9,939) lower/higher as a result of higher/lower interest income on cash and cash equivalents.
Credit risk management
Credit risk relates to the risk that counterparties will default on their contractual obligations resulting in
financial loss to the Group. The Group has adopted a policy of only dealing with credit worthy
counterparties and obtaining sufficient collateral or other security where appropriate, as a means of
mitigating the risk of financial loss from any defaults.
Foreign currency risk
The Group is exposed to foreign currency risk on purchases that are denominated in a currency other
than the respective functional currency. The functional currency of the group is denominated is
Australian dollars.
Liquidity risk management
Liquidity risk is the risk that the group will not be able to meet its financial obligations as they fall due.
Liquidity risk is monitored to ensure sufficient monies are available to meet contractual obligations as
and when they fall due.
The following are the contractual maturities of the financial liabilities, including interest payments.
Contractual amounts have not been discounted.
30 June 2022 Consolidated:
Non-derivative Financial Liabilities
Trade and other payables
Borrowings
30 June 2021 Consolidated:
Non-derivative Financial Liabilities
Trade and other payables
Borrowings
Carrying
Amount
Contractual
cash flows
0-12
months
1-2 years 2-10 years
$
$
$
$
$
343,608
-
343,608
343,608
-
343,608
343,608
-
343,608
480,954
-
480,954
480,954
-
480,954
480,954
-
480,954
-
-
-
-
-
-
-
-
-
-
-
-
41
49
2022 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
For the Year Ended 30 June 2022
Note 14: Commitments for expenditure
Not longer than 1 year
Longer than 1 year and not longer than 5 year
Consolidated
2022
$
74,250
195,000
269,290
2021
$
40,000
492,000
532,000
Expenditure commitments (minerals)
The Group had a commitment in minerals tenement E45/3278 of $50,000. The permit year ended 29
September each year until 2026.The permit was surrendered 19 September 2022 (Note 17).
On 4 October 2017 the Group was granted minerals tenement E80/4990. On 28 September 2018 the Group
was granted minerals tenement E80/5182. Combined expenditure has been granted by the Western Australia
Department of Mines, Industry Regulation and Safety allowing for expenditure obligations for E80/4990 and
E80/5182 to be combined. The yearly combined expenditure commitment is $297,000.
Note 15: Related party disclosure
The ultimate parent entity in the wholly-owned group and the ultimate Australian parent entity is Peako
Limited. The consolidated financial statements include the financial statements of Peako Limited and the
controlled entities listed in the following table:
Name of entity
Peako Resources Pty Ltd
Peak Royalties Ltd (1)
Peak Oil & Gas Philippines Ltd(1)
Energy Best Limited(1)
SA Drilling Pty Ltd
Samarai Pty Ltd
EKEX Pty Ltd
Country of
incorporation
Australia
British Virgin Islands
British Virgin Islands
British Virgin Islands
Australia
Australia
Australia
Class of shares
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Equity holding %
2021
100
100
100
100
100
100
-
2022
100
-
-
-
100
100
100
(1) British Virgin Islands companies have been deregistered.
Director-related entities
During the year services and/or facilities were provided under normal commercial terms and conditions by
director-related entities as disclosed below:
Entity
Related
director
Service
Samika Pty Ltd RL Clark
Exoil Pty Ltd
EG Albers
Consulting
Office services
PA Kitto
Enegex Limited EG Albers
PA Kitto
Exploration consulting
Geological services
EG Albers
Natural
Resources
Group Pty Ltd
Octanex Limited EG Albers
Project management
Accounting and
administrative support
Amounts Paid
2022
$
2021
$
Payable at
30/06/22
$
30/06/21
$
92,400
114,292
49,200
4,200
20,000
68,415
87,612
-
15,950
20,000
-
44,568
11,400
3,010
20,000
-
55,466
-
18,271
20,000
168,820
147,045
52,351
77,847
448,912
339,022
131,329
171,584
50
42
PEAKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
For the Year Ended 30 June 2022
Note 16: Parent entity disclosure
Financial position
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net Assets
Issued capital
Accumulated losses
Options reserve
Total Equity
Financial performance
Loss for the year
Other comprehensive income
Total comprehensive loss
Parent Entity
2022
$
2021
$
1,553,133
3627,327
5,180,460
306,790
-
306,790
4,873,670
1,452,434
2,333,866
3,786,300
405,834
-
405,834
3,380,466
66,103,079
(61,266,140)
36,731
4,873,670
63,558,717
(60,276,129)
97,878
3,380,466
(1,095,752)
(659,843)
(1,095,752)
(659,843)
Note 17 Matters Subsequent to Balance Date
On 2 September 2022 the company announced that a Non Renounceable Rights Issue (Rights Issue)
had closed oversubscribed, raising a total of $1,223,353 before costs. To accommodate excess
demand, the Company also agreed to undertake a placement to raise an additional $180,000 on the
same terms and conditions as the Rights Issue offer. Total funds realised prior to costs were $1,403,353.
On 19 September 2022 the company relinquished its exploration tenure in the Paterson region of
Western Australia which comprised one granted exploration licence as well as three exploration licence
applications. The carrying value of the exploration licence E45/3278, $94,039 was written off at 30 June
2022. Costs associated with the three licence applications had not been capitalised.
43
51
2022 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
For the Year Ended 30 June 2022
Note 18: Reconciliation of loss after income tax to net cash outflow from operating
activities
Net loss for the year
Depreciation
Capitalisation of salary/consultant costs
Grant of options
Impairment of exploration asset
Employee provisions
(Increase) decrease in trade and other receivables
Decrease (increase) in trade and other payables
Exploration expensed
Net cash outflow from operating activities
Note 19: Auditor’s remuneration
The auditors of the Group are Grant Thornton Audit Pty Ltd.
Assurance services
Grant Thornton Audit Pty Ltd
Non-Audit services
Grant Thornton Audit Pty Ltd
Note 20: Segment information
Consolidated
2022
$
2021
$
(1,104,118)
33,348
(262,570)
43,593
94,039
13,229
14,995
69,005
33,344
(1,065,135)
(714,743)
6,202
(89,100)
144,505
-
-
(99,828)
(85,642)
128,221
(710,385)
50,303
-
50,303
52,876
-
52,876
Under AASB 8 Operating Segments, segment information is presented using a 'management approach',
i.e. segment information is provided on the same basis as information used for internal reporting
purposes by the board of directors
At regular intervals the board is provided management information at a group level for the group’s cash
position, the carrying values of exploration permits and a group cash forecast for the next twelve months
of operation. On this basis, no segment information is included in these financial statements.
All interest received has been derived in Australia. All exploration and evaluation assets are held in
Australia.
52
44
PEAKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
For the Year Ended 30 June 2022
Note 21 Key Management Personnel
Executive Director
RL Clark
Individual compensation disclosures
Non-Executive Directors
EG Albers
P Kitto
Information regarding individual director’s compensation is provided in the remuneration report section
of the directors’ report. There are no employees who meet the definition of key management personnel
other than the directors of the company. A summary of the remuneration report is shown below.
Short Term
Post Employment
Equity Settled
Total
Directors
Fees
$
30,000
-
Salary Superannuation
$
8,750
10,000
$
875
950
Retirement
Benefits
$
-
-
Options
$
17,191
86,856
$
56,816
97,806
Total
2022
2021
45
53
2022 ANNUAL REPORT
DIRECTORS’ DECLARATION
FOR THE YEAR ENDED 30 JUNE 2022
Directors’ Declaration
The directors of the company declare that:
1. The financial statements, comprising the consolidated statement of profit or loss and other
comprehensive income, statement of financial position, statement of cash flows, statement of
changes in equity, and accompanying notes, are in accordance with the Corporations Act 2001
and:
a) comply with Accounting Standards and the Corporations Regulations 2001;
b) give a true and fair view of the consolidated entity’s financial position as at 30 June
c)
2022 and of its performance for the year ended on that date; and
the financial statements and notes also comply with International Financial Reporting
Standards as disclosed in Note 1(a).
2.
In the directors’ opinion, there are reasonable grounds to believe that the company will be able
to pay its debts as and when they become due and payable.
3. The remuneration disclosures included in pages 25 to 28 of the directors’ report, (as part of
audited Remuneration Report), for the year ended 30 June 2022, comply with section 300A of
the Corporations Act 2001.
4. The directors have been given the declarations by the chief executive officer and chief financial
officer required by section 295A.
This declaration is made in accordance with a resolution of the Board of Directors and is signed for and
on behalf of the directors by:
R.L Clark
Director
29 September 2022
54
46
Grant Thornton Audit Pty Ltd
Level 22 Tower 5
Collins Square
727 Collins Street
Melbourne VIC 3008
GPO Box 4736
Melbourne VIC 3001
T +61 3 8320 2222
Independent Auditor’s Report
To the Members of Peako Limited
Report on the audit of the financial report
Opinion
We have audited the financial report of Peako Limited (the Company) and its subsidiaries (the Group), which
comprises the consolidated statement of financial position as at 30 June 2022, the consolidated statement of
profit or loss and other comprehensive income, consolidated statement of changes in equity and
consolidated statement of cash flows for the year then ended, and notes to the consolidated financial
statements, including a summary of significant accounting policies, and the Directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act
2001, including:
a giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its performance for
the year ended on that date; and
b complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Group in accordance with the auditor independence requirements
of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
www.grantthornton.com.au
ACN-130 913 594
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389.
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or
refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL).
GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member
firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one
another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127
556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards
Legislation.
w
PEAKO LIMITED
INDEPENDENT AUDITOR’S REPORT
FOR THE YEAR ENDED 30 JUNE 2022
Grant Thornton Audit Pty Ltd
Level 22 Tower 5
Collins Square
727 Collins Street
Melbourne VIC 3008
GPO Box 4736
Melbourne VIC 3001
T +61 3 8320 2222
Independent Auditor’s Report
To the Members of Peako Limited
Report on the audit of the financial report
Opinion
We have audited the financial report of Peako Limited (the Company) and its subsidiaries (the Group), which
comprises the consolidated statement of financial position as at 30 June 2022, the consolidated statement of
profit or loss and other comprehensive income, consolidated statement of changes in equity and
consolidated statement of cash flows for the year then ended, and notes to the consolidated financial
statements, including a summary of significant accounting policies, and the Directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act
2001, including:
a giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its performance for
the year ended on that date; and
b complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Group in accordance with the auditor independence requirements
of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
www.grantthornton.com.au
ACN-130 913 594
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389.
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or
refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL).
GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member
firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one
another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127
556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards
Legislation.
w
55
2022 ANNUAL REPORT
INDEPENDENT AUDITOR’S REPORT
FOR THE YEAR ENDED 30 JUNE 2022
Material uncertainty related to going concern
We draw attention to Note 1(a) in the financial statements, which indicates that the Group incurred a net loss
after tax of $1,104,118 during the year ended 30 June 2022 and a net cash outflow from operating and investing
activities of $2,365,608. As stated in Note 1(a), these events or conditions, along with other matters as set forth
in Note 1(a), indicate that a material uncertainty exists that may cast doubt on the Group’s ability to continue as a
going concern. Our opinion is not modified in respect of this matter.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.
In addition to the matter described in the Material uncertainty related to going concern section, we have
determined the matters described below to be the key audit matters to be communicated in our report.
Key audit matter
How our audit addressed the key audit matter
Auditor’s responsibilities for the audit of the financial report
Exploration and Evaluation Assets Valuation
(Note 8)
At 30 June 2022 the carrying value of exploration and
evaluation assets was $3,401,043
In accordance with AASB 6 Exploration for and Evaluation of
Mineral Resources, the Group is required to assess at each
reporting date if there are any triggers for impairment which
may suggest the carrying value is in excess of the recoverable
value.
The process undertaken by management to assess whether
there are any impairment triggers in each area of interest
involves an element of management judgement.
This area is a key audit matter due to the significant
judgement involved in determining the existence of
impairment triggers.
Our procedures included, amongst others:
•
•
•
•
•
obtaining the management reconciliation of capitalised
exploration and evaluation expenditure and agreeing to the
general ledger;
reviewing management’s area of interest considerations
against AASB 6;
conducting a detailed review of management’s assessment
of trigger events prepared in accordance with AASB 6
including;
−
−
−
tracing projects to statutory registers, exploration
licenses and third party confirmations to determine
whether a right of tenure existed;
enquiry of management regarding their intentions to
carry out exploration and evaluation activity in the
relevant exploration area, including review of
management’s budgeted expenditure;
understanding whether any data exists to suggest that
the carrying value of these exploration and evaluation
assets are unlikely to be recovered through
development or sale;
evaluating the competence and capabilities of
management in the evaluation of potential impairment
triggers; and
assessing the appropriateness of the related financial
statement disclosures.
Information other than the financial report and auditor’s report thereon
The Directors are responsible for the other information. The other information comprises the information included
in the Group’s annual report for the year ended 30 June 2022, but does not include the financial report and our
auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors’ for the financial report
The Directors of the Company are responsible for the preparation of 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 Group’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar1_2020.pdf.This
description forms part of our auditor’s report.
Report on the remuneration report
Opinion on the remuneration report
ended 30 June 2022.
We have audited the Remuneration Report included in pages 25 to 28 of the Directors’ report for the year
In our opinion, the Remuneration Report of Peako Limited for the year ended 30 June 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.
Grant Thornton Audit Pty Ltd
Chartered Accountants
T S Jackman
Partner – Audit & Assurance
Melbourne, 29 September 2022
Grant Thornton Australia Limited
(cid:3)
Grant Thornton Australia Limited
(cid:3)
56
PEAKO LIMITED INDEPENDENT AUDITOR’S REPORT
FOR THE YEAR ENDED 30 JUNE 2022
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors’ for the financial report
The Directors of the Company are responsible for the preparation of 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 Group’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar1_2020.pdf.This
description forms part of our auditor’s report.
Report on the remuneration report
Opinion on the remuneration report
We have audited the Remuneration Report included in pages 25 to 28 of the Directors’ report for the year
ended 30 June 2022.
In our opinion, the Remuneration Report of Peako Limited for the year ended 30 June 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.
Grant Thornton Audit Pty Ltd
Chartered Accountants
T S Jackman
Partner – Audit & Assurance
Melbourne, 29 September 2022
Grant Thornton Australia Limited
(cid:3)
57
2022 ANNUAL REPORT ASX ADDITIONAL INFORMATION (UNAUDITED)
FOR THE YEAR ENDED 30 JUNE 2022
ASX additional Information (unaudited)
As at 26 September 2022
Additional information required by the ASX Limited Listing Rules and not disclosed elsewhere in this
report is set out below.
Distribution of Ordinary Shares
Ordinary Shares
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
Total on Issue
No. of Holders
No. of Shares
216
173
45
319
327
1,080
92,875
417,948
345,686
13,205,507
365,119,933
379,181,949
557 holders held less than a marketable parcel of ordinary shares. There is no current on-market buy-
back.
Substantial Shareholders
As disclosed in notices given to the Company.
Name
Albers Group
Interest in Number of Shares % of Shares
116,519,096
30.73
The 20 Largest Holders of Ordinary Shares
Holder Name
Hawkestone Resources Pty Ltd
Mr Ernest Geoffrey Albers
Sacrosanct Pty Ltd
Southern Energy Pty Ltd
Jimzbal Pty Ltd
Great Australia Corporation Pty Ltd
Auralandia Pty Ltd
Sanperez Pty Ltd
500 Custodian Pty Ltd
Australis Finance Pty Ltd
Rydale Holdings Pty Ltd
Ram Platinum Pty Ltd
Mr Don Cheng
Gant Capital Pty Ltd
Vivien Enterprises Pte Ltd
BNP Paribas Nominees Pty Ltd
Calama Holdings Pty Ltd
Great Missenden Holdings Pty Ltd
Ms Xiaodan Wu
Mr Nicholas David Green
Total
58
Holding
26,028,603
14,567,974
13,895,999
13,814,177
10,200,000
9,030,806
8,853,052
8,573,740
8,131,428
7,940,398
7,000,000
5,802,359
5,344,064
5,056,096
5,000,000
4,812,990
4,800,000
4,634,684
4,540,421
4,250,000
172,276,791 45.43%
%
6.86%
3.84%
3.66%
3.64%
2.69%
2.38%
2.33%
2.26%
2.14%
2.09%
1.85%
1.53%
1.41%
1.33%
1.32%
1.27%
1.27%
1.22%
1.20%
1.12%
PEAKO LIMITED
DISTRIBUTION OF UNLISTED OPTIONS
- EXERCISABLE AT $0.05 ON OR BEFORE 30 SEPTEMBER 2025
Distribution of unlisted Options - exercisable at $0.05 on or before 30 September 2025
Numbers of holders of unlisted options by size of holding and the total number of unlisted options:
Listed Options
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
Total on Issue
No. of Holders
No. of Unlisted Options
5
9
6
38
73
131
1,282
22,932
43,988
1,850,800
68,808,846
70,727,848
Other Unlisted Options – 30,000,000 at various prices and dates
Three holders hold 4,000,000 unlisted options (exercisable at $0.04 on or before 28 November 2022).
Two holders hold 1,000,000 unlisted options (exercisable at $0.10 on or before 30 November 2022).
One holder hold 1,000,000 unlisted options (exercisable at $0.06 on or before 13 May 2023).
Six holders hold 4,500,000 unlisted options (exercisable at $0.06 on or before 21 June 2023).
Three holders hold 5,000,000 unlisted options (exercisable at $0.044 on or before 5 November 2023).
One holder holds 1,000,000 unlisted options (exercisable at $0.06 on or before 21 November 2023).
One holder holds 2,000,000 unlisted options (exercisable at $0.05 on or before 28 November 2023).
Three holders hold 3,000,000 unlisted options (exercisable at $0.040 on or before 29 March 2024).
One holder holds 1,000,000 unlisted options (exercisable at $0.10 on or before 21 November 2024).
One holder holds 500,000 unlisted options (exercisable at $0.06 on or before 25 November 2024).
One holder holds 1,000,000 unlisted options (exercisable at $0.05 on or before 25 November 2024).
One holder holds 1,000,000 unlisted options (exercisable at $0.055 on or before 29 March 2025).
One holder holds 2,000,000 unlisted options (exercisable at $0.05 on or before 1 May 2025).
Two holders hold 1,000,000 unlisted options (exercisable at $0.05 on or before 30 September 2025).
One holder holds 1,000,000 unlisted options (exercisable at $0.20 on or before 21 November 2025).
One holder holds 1,000,000 unlisted options (exercisable at $0.15 on or before 25 November 2025).
59
2022 ANNUAL REPORT
LIMITED
ASX:PKO
peako.com.au
Level 1, 10 Yarra Street,
South Yarra, Victoria 3141
T: +61 (3) 8610 4723
E: info@peako.com.au