Peako Limited
ABN 79 131 843 868
Annual Report - 30 June 2024
Peako Limited
Corporate directory
30 June 2024
1
Directors
Gernot Abl (Non-Executive Chairman)
Paul Kitto (Non-Executive Director)
Louis Bucci (Non-Executive Director)
Raewyn Clark (Non-Executive Director)
Chief Executive Officer
Ryan Skeen
Company secretary
Justin Mouchacca
Registered office
Suite 1, Level 6
350 Collins Street,
Melbourne, VIC 3000
+61 3 8630 3321
Principal place of business
Suite 1, Level 6,
350 Collins Street,
Melbourne, VIC 3000
Share register
Automic Registry Services
Level 3
50 Holt Street
Surrey Hills NSW 2010
Ph: (02) 9698 5414
Auditor
William Buck
Level 20, 181 William Street
Melbourne, Victoria 3000, Australia
Stock exchange listing
Peako Limited shares are listed on the Australian Securities Exchange (ASX code:
PKO)
Website
www.peako.com.au
Peako Limited
Contents
30 June 2024
2
Review of operations
3
Directors' report
9
Auditor's independence declaration
18
Statement of profit or loss and other comprehensive income
19
Statement of financial position
20
Statement of changes in equity
21
Statement of cash flows
22
Notes to the financial statements
23
Consolidated entity disclosure statement
36
Directors' declaration
37
Independent auditor's report to the members of Peako Limited
38
Shareholder information
42
Peako Limited
Review of operations
30 June 2024
3
Operations Report
Peako’s exploration focus during FY2024 was its Eastman Project (Figure 1) in the East Kimberley region of Western
Australia.
The geological diversity within Peako’s tenement package has driven the search for a wide range of commodities, with the
Koongie Park Formation having demonstrated prospectivity for base (Cu-Pb-Zn) and precious (Ag, Au) metals mineralisation,
whilst the Eastman Ultramafic Intrusion has demonstrated prospectivity for additional styles of base (Ni, Cu) and precious
metal (Au, PGE and REE) mineralisation.
Figure 1. Peako’s East Kimberley Tenement Package (in orange).
EASTMAN PGE PROJECT – RC DRILLING
During the reporting period Peako completed a 1,462m reverse circulation (RC) drilling program at its Eastman PGE Project.
The drilling was focused on the Brumby Prospect (Figure 2) with the aim of extending the strike length of higher-grade PGE
mineralisation along with testing the grade continuity and width at the prospect. A total of 10 holes were drilled at Brumby for
1,240m, with two additional holes drilled west of the Waterloo Prospect.
Most drill holes at Brumby returned anomalous PGE results, with these results extending the strike length of known
mineralisation from 300m to more than 1.1kms. The drilling has also increased the strike length of higher-grade mineralisation
from 180m to 680m (see Figure 3 & 4).
An interpretation of PGE mineralisation in long-section suggests mineralisation is contained within zones of varying widths
and grades. These mineralised zones tend to plunge moderately to the south-west at approximately 25 to 30 degrees with all
zones remaining open at depth. Potential exists for the higher-grade PGE mineralisation intercepted in PRC0092 to plunge
below PRC0093 (see Figure 3 & 4) which can be tested by extending PRC0093.
Peako Limited
Contents
30 June 2024
4
Figure 2. Location of prospects targeted in the FY2024 step-out RC drilling program.
Significant new PGE results at Brumby include:
o
22m @ 1.67 g/t PdEq1 (1.19g/t 3E2) from 33m
▪
including 7m @ 3.13 g/t PdEq (2.01g/t 3E) from 45m
o
17m @ 1.43 g/t PdEq (1.04g/t 3E) from 35m
▪
including 4m @ 2.57 g/t PdEq (2.01 g/t 3E) from 43m
o
54m @ 1.02 g/t PdEq (0.7 g/t 3E) from 96m
▪
including 4m @ 2.16 g/t PdEq (1.69 g/t 3E) from 126m
▪
& including 6m @ 2.22 g/t PdEq (1.69 g/t 3E) from 138m
Figure 3. Brumby drilling results, showing higher-grade PGE mineralisation intercepted over the 680m strike.
1 Palladium Equivalent - refer pages 7-8 for calculation and commentary
2 3E = The sum of palladium (Pd) + platinum (Pt) + gold (Au) in g/t
Peako Limited
Contents
30 June 2024
5
Figure 4. Brumby Long-Section highlighting the latest step-out drilling results and the shallow southwest plunge to PGE mineralisation
(Section window, ±120m).
EASTMAN PGE PROJECT – PETROGRAPHY STUDY
A preliminary petrological and mineral geochemical study was completed aimed at identifying the mineral species hosting
PGEs at the Eastman Project. The study was designed to identify minerals that host or are affiliated with the PGEs in order to
refine the geological model for the Eastman Intrusion and provide the framework for future metallurgical test work.
The study was completed at the Australian National University (ANU). Ten samples from six prospects across the Eastman
PGE Intrusion were analysed using a range of specialised analytical tools including Electron Microscopy, Electron Microprobe,
Laser Ablation and 3D X-ray Contrast Tomography (CT Scan).
The ANU Report indicates that the Eastman PGEs are predominately hosted within PGMs (platinum group metals) and
importantly, were not found locked up within silicate minerals such as the amphiboles. Metallurgical testwork will still be
required to detail any potential extraction flowsheet.
The ANU Report also identified an association between PGEs and the sulphide mineral cobaltite (CoAsS), which suggests
that cobalt and arsenic may potentially be used as pathfinder elements in exploration targeting.
MINNEROO POOL LITHIUM PROJECT
The Minneroo Pool Lithium Project is located in E80/5704 over which Peako has an Exploration Licence Application. Peako
has identified evidence of potential Lithium-bearing pegmatite systems and large untested alkaline granitoid bodies within the
project area having potential for several mineralisation styles including structurally controlled pegmatite dykes as well as
intrusion hosted and intrusion related models.
Historically Li-fertile granites, associated anomalous Nb, Sn, Ta, REE, Pb and Cu mineralisation, have been mapped adjacent
to and intruding onto Peako’s tenement. There is no record of lithium exploration having previously been undertaken in this
area.
Interpretation of satellite imagery and reprocessing of Government open file radiometric data has resulted in the identification
of numerous interpreted pegmatites and other areas of interest for future field validation (Figure 5).
Peako Limited
Contents
30 June 2024
6
Figure 5. Minneroo Pool Project potential for Lithium-bearing pegmatites
JMEI CREDITS
During the reporting period the Company was notified that its application for a JMEI credit allocation was successful. The ATO
granted Peako a JMEI credit allocation of up to $1,125,000 in JMEI credits for the 2023/24 income tax year for distribution to
Australian resident shareholders who acquired new Peako shares (“Eligible Investors”) after 1 July 2023 and prior to 30 June
2024.
JMEI tax credits will be distributed to Eligible Investors on a pro-rata basis.
The actual number of JMEI credits to be received by each Eligible Investor for the 2023/24 income year depends on a number
of factors including, but not limited to:
•
the actual amount of allowable greenfields exploration expenditure incurred by Peako during the 2023/24 financial
year
•
the total number of Peako shares issued during the 2023/24 financial year
Each participating shareholder’s final JMEI credit entitlement amount will be determined after lodgement of the Company’s
2023/24 tax return.
Australian resident shareholders that are issued with JMEI credits will generally be entitled to refundable tax offsets (for
individual shareholder or superannuation funds) or franking credits (for companies).
Li-bearing pegmatite schematic model
Mapped
granite
Mapped
granite
W, Sn, Ta
occurrences
Potential
granites
below cover
Satellite imagery interpretation
Minneroo Li Project Location
Radiometric
area of
interest
Radiometric
area of
interest
E80/5704
E80/5703
Peako Limited
Contents
30 June 2024
7
EVENTS POST REPORTING PERIOD
Following the end of the reporting period, the Company announced planned changes to the Board with Mr Geoffrey Albers
retiring as a director of the Company. Mr Albers was a Director of the Company for over 10 years, commencing in 2013. The
Board would like to sincerely thank Mr Albers for his contributions to the Company.
Following the retirement of Mr Albers, Mr Gernot Abl was appointed as Non-Executive Chairman of the Board.
Mr Abl has a background in law, corporate finance, and strategic consulting and has more than 20 years of entrepreneurial,
business strategy, and investment experience. Mr Abl has worked with many early-stage businesses, across industries, to
help commercialise, grow, and increase the value of the business for all stakeholders. Mr Abl is currently a Director of Lithium
Universe Limited (ASX:LU7) and DorsaVi (ASX: DVL).
Dr Louis Bucci was also appointed as Non-Executive Director. Dr Bucci is an economic geologist with over 20 years’
experience in the mineral resources sector in a wide range of technical, consultant and senior management roles including
Board level positions. His experience spans the management of early-stage exploration projects through to mineral resource
development, feasibility studies and operations.
On 27 August 2024 it was announced that Peako had appointed Mr Ryan Skeen as Chief Executive Officer of the Company.
Ryan is an executive with leadership experience as a CEO and Managing Director. His expertise in corporate development
spans the mineral exploration sector, with a strong focus on operations, equity capital markets, transaction structuring, and
ASX compliance. In addition to his executive experience, Ryan has provided corporate advisory services through advising
both listed and unlisted companies on capital raising and strategic growth initiatives. He also currently serves as a Non-
Executive Director of Heavy Rare Earths Limited (ASX: HRE).
HISTORICAL ANNOUNCEMENTS AND EXPLORATION RESULTS
The information in this report that relates to Exploration Results has been previously reported in ASX announcements listed
below. The Company is not aware of any new information or data that materially affects the information included in each
relevant market announcement.
25 October 2023
Higher-grade PGE Mineralisation at Brumby extends over 680 metres
20 February 2023
High-Grade PGE Results at Brumby – Table 1 Corrected
28 March 2023
Rhodium and Iridium enhance PGE grade at Eastman Project
Palladium Equivalent (PdEq)
The Company reports individual grades for each of the elements palladium, platinum, gold, nickel, copper and cobalt as well
as an aggregate 3E value, being the aggregate of Pd, Pt and Au.
Peako cautions that while many PGE explorers report 3E grades, such grades, being aggregates, do not reflect the varying
value contribution of each element. As such, 3E PGE mineralisation with a high proportion of Palladium, such as that reported
from the Eastman Project, will have a higher value than the same grade 3E PGE mineralisation calculated from a different
project that is comprised largely of Platinum, due to the higher value of Palladium per gram compared to Platinum.
Peako Limited
Contents
30 June 2024
8
Basis for Palladium Equivalent Calculation
Accordingly, Peako has calculated Palladium Equivalent (PdEq) grades in order to reflect the potential contributions of the
elements to contribute to a resource and assist in providing a concise indication of the potential value of mineralisation at
Eastman. Palladium Equivalent (PdEq) calculation represents the total metal value for each metal, multiplied by the conversion
factor, summed and expressed in Equivalent Palladium (PdEq) grade.
Given the Eastman Project’s stage of development, no metallurgical test work has yet been conducted. However, it is the
Company’s opinion that all elements included in the metal equivalent calculation (palladium, platinum, gold, nickel, copper
and cobalt) have a reasonable potential to be recovered and sold. Based on the similar Panton deposit, located approximately
185km to the north-east, the Company has assumed metallurgical recoveries based on the Panton deposit model.
Metal recoveries used in the palladium equivalent calculations are shown below:
•
Palladium 80%, Platinum 80%, Gold 70%, Nickel 45%, Copper 67.5% and Cobalt 60%
Metal prices used are also shown below:
•
Palladium US$1,700/oz, Platinum US$1,300/oz, Gold US$1,700/oz, Nickel US$18,500/t, Copper US$9,000/t and
Cobalt US$60,000/t
Metal equivalents were calculated according to the follow formula:
•
PdEq (Palladium Equivalent g/t) = Pd(g/t) +0.76471 x Pt(g/t) +0.875 x Au(g/t) +1.90394 x Ni(%) + 1.38936 x Cu(%) +
8.23 x Co(%)
Peako cautions that while it considers Panton a similar style deposit to Eastman, actual metallurgical recoveries at Eastman
may differ from those at Panton. Further, that its opinion that all elements included in the metal equivalent calculation have a
reasonable potential of being recovered and sold relies on defining sufficient mineable economic resources.
Peako Limited
Directors' report
30 June 2024
9
The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as
the 'consolidated entity') consisting of Peako Limited (referred to hereafter as the 'company' or 'parent entity') and the entities
it controlled at the end of, or during, the year ended 30 June 2024.
Directors
The following persons were Directors of Peako Limited during the whole of the financial year and up to the date of this report,
unless otherwise stated:
Gernot Abl (Non-Executive Chairman)
(appointed on 20 August 2024)
Paul Kitto (Non-Executive Director)
Louis Bucci (Non-Executive Director)
(appointed on 20 August 2024)
Raewyn Clark (Non-Executive Director)
(transitioned from Executive Director to Non-Executive
Director on 20 August 2024)
Geoffrey Albers (Non-Executive Chairman)
(resigned on 20 August 2024)
Principal activities
The principal activities of the consolidated entity during the financial year continued to be advancing the exploration for and
development of natural resources, mainly within Australia.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Review of operations
A detailed review of the consolidated entity's activities and operations is set out on pages 6-11 of this Report.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the consolidated entity during the financial year.
Matters subsequent to the end of the financial year
On 9 August 2024, the Company issued 157,034,171 shares at $0.003 (0.3 cents) as part of a 2 for 3 Non-renounceable
Rights Issue (Rights Issue), raising $469,012 before costs. The Company also issued 78,517,093 options as free attaching
options through the Rights Issue (one for two free attaching options) being exercisable at $0.0075 (0.75 cents) on or before
28 February 2027.
On 20 August 2024, the Company issued the Underwriter 194,355,975 shares at $0.003 (0.3 cents) as part of the 2 for 3 Non-
renounceable Rights Issue (Rights Issue), raising $583,068 before costs. The Company also issued 97,177,987 options as
free attaching options through the Rights Issue (one for two free attaching options) being exercisable at $0.0075 (0.75 cents)
on or before 28 February 2027.
On 20 August 2024, Mr Geoffrey Albers retired as a director of the Company and Mr Gernot Abl was appointed Non-executive
Chairman and Dr Louis Bucci was appointed Non-executive Director.
No other matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly affect the
consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial
years.
Likely developments and expected results of operations
The likely developments in the consolidated entity's operations in future years and the expected result from those operations
are dependent on exploration success in the tenements in which the consolidated entity holds an interest.
The consolidated entity continues to review potential new opportunities, if the Directors are successful in acquiring new
projects or entering into a joint venture, it is expected that part of the funding held by the consolidated entity may be directed
to the purchase of that project and to the exploration and development plan for that project. It may be that additional cash will
be required to fund any of these events should they eventuate. In that case the Directors will be required to review the funding
options available to the consolidated entity.
Peako Limited
Directors' report
30 June 2024
10
Business risk management
The consolidated entity is committed to the effective management of risk to reduce uncertainty in the consolidated entity's
business outcomes and to protect and enhance shareholder value. There are various risks that could have a material impact
on the achievement of the consolidated entity's strategic objectives and future prospects.
Key risks and mitigation activities associated with the consolidated entity's objectives are set out below:
Exploration risk
The consolidated entity's projects are at various stages of exploration, and potential investors should understand that mineral
exploration is a high-risk undertaking. There can be no assurance that exploration of these projects, or any other tenements
that may be acquired in the future, will result in the discovery of an economic mineral deposit.
The future exploration activities of the consolidated entity may be affected by a range of factors including geological conditions,
limitations on activities due to seasonal weather patterns, unanticipated operational and technical difficulties, industrial and
environmental accidents, local title processes, changing government regulations and many other factors beyond the control
of the consolidated entity.
In addition, the tenements forming the projects of the consolidated entity may include various restrictions excluding, limiting
or imposing conditions upon the ability of the consolidated entity to conduct exploration activities. While the consolidated entity
will formulate its exploration plans to accommodate and work within such access restrictions, there is no guarantee that the
consolidated entity will be able to satisfy such conditions on commercially viable terms, or at all.
The consolidated entity uses a number of exploration techniques in order to reduce the level of exploration risks and continues
to explore new and innovative technologies through its day to day operations.
Regulatory risk
The consolidated entity's mining and exploration activities are dependent upon the maintenance (including renewal) of the
tenements in which the consolidated entity has or acquires an interest. Maintenance of the consolidated entity's tenements is
dependent on, among other things, the consolidated entity's ability to meet the licence conditions imposed by relevant
authorities. Although the consolidated entity has no reason to think that the tenements in which it currently has an interest will
not be renewed, there is no assurance that such renewals will be given as a matter of course and there is no assurance that
new conditions will not be imposed by the relevant authority or whether the consolidated entity will be able to meet the
conditions of renewal on commercially reasonable terms, if at all.
The consolidated entity works with local government and mining departments to ensure it meets the required level of reporting
requirements and to reduce any potential for breach of regulatory requirements.
Future funding risk
The consolidated entity has no operating revenue and is unlikely to generate any operating revenue in the foreseeable future.
Exploration and development costs and pursuit of its business plan will use funds from the consolidated entity's current cash
reserves and the amount raised under the Equity Offer.
The development of one or more of its projects may require the consolidated entity to raise capital in excess of the funds
proposed to be raised under the Equity Offer.
Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than the then market price
(or Offer Price) or may involve restrictive covenants which limit the consolidated entity's operations and business strategy.
Debt financing, if available, may involve restrictions on financing and operating activities.
Although the Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital or
funding, if and when needed, will be available on terms favourable to the consolidated entity or at all. If the consolidated entity
is unable to obtain additional financing as needed, it may be required to reduce the scope of its activities and this could have
a material adverse effect on the consolidated entity's activities and could affect the consolidated entity's ability to continue as
a going concern. The consolidated entity's funding requirements are reviewed on a regular basis in order to mitigate future
funding risk.
Peako Limited
Directors' report
30 June 2024
11
Environmental regulation
The consolidated entity holds participating interests in a number of exploration tenements. The various authorities granting
such tenements require the tenement holder to comply with the terms of the grant of the tenement and all directions given to
it under those terms of the tenement. To the best of the Directors' knowledge, the consolidated entity has adequate systems
in place to ensure compliance with the requirements of all environmental legislation described above and are not aware of
any breach of those requirements during the financial year and up to the date of the Directors' report.
Information on directors
Name:
Gernot Abl
Title:
Non-executive Chairman (appointed 20 August 2024)
Experience and expertise:
Mr Abl has a background in law, corporate finance, and strategic consulting and has
more than 20 years of entrepreneurial, business strategy, and investment experience.
Mr Abl has worked with years of entrepreneurial, business strategy, and investment
experience. Mr Abl has worked with many early-stage businesses, across industries, to
help commercialise, grow, and increase the value of the business for all stakeholders.
Mr Abl is currently a Director of Lithium Universe Limited (ASX:LU7) and DorsaVi (ASX:
DVL).
Other current directorships:
Lithium Universe Limited (ASX:LU7) and DorsaVi (ASX: DVL)
Former directorships (last 3 years): Live Verdure Limited (ASX:LV1)(Resigned 15 March 2024)
Interests in shares:
33,333,334 fully paid ordinary shares
Interests in options:
16,666,666 unlisted options exercisable at $0.0075 and expiring 28 February 2027
Interests in rights:
None
Name:
Paul Kitto
Title:
Non-executive Director
Qualifications:
BSc (Hons), PhD, Dip Ed
Experience and expertise:
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.
Other current directorships:
Meteoric Resources NL (ASX: MEI)
Former directorships (last 3 years): Tietto Minerals Limited (ASX: TIE), and Resolution Minerals Limited (ASX: RML)
Interests in shares:
7,786,663 Fully paid ordinary shares
Interests in options:
100,000 - 30 Sept 2025 options exercisable at $0.05 (5 cents)
2,000,000 - 25 May 2025 options exercisable at $0.05 (5 cents)
120,000 PKOO listed options with expiry 30 June 2025 and exercise price of $0.025 (2.5
cents)
1,000,000 - 21 Nov 2024 options exercisable at $0.10 (10 cents)
1,000,000 - 21 Nov 2025 options exercisable at $0.20 (20 cents)
280,000 - 30 Nov 2026 options exercisable at $0.02 (2 cents)
3,333,332 - 28 Feb 2027 options exercisable at $0.0075 (0.75 cents)
Peako Limited
Directors' report
30 June 2024
12
Name:
Louis Bucci
Title:
Non-executive Director (appointed 20 August 2024)
Experience and expertise:
Dr Bucci is an economic geologist with over 20 years’ experience in the mineral
resources sector in a wide range of technical, consultant and senior management roles
including Board level positions. His experience spans the management of early stage
exploration projects through to mineral resource development, feasibility studies and
operations.
Dr Bucci holds a PhD in Economic Geology from the University of Western Australia
focused on gold and related polymetallic mineral systems and is a former Director of
SRK Australasia. He has worked for a broad range of businesses, including global
mining and exploration companies, related financial institutions and government
agencies, across multiple commodities in Australia, China & SE Asia, Africa, former
Soviet countries, India, the Americas, Europe, and the Pacific Islands.
Other current directorships:
None
Former directorships (last 3 years): None
Interests in shares:
Nil
Interests in options:
Nil
Interests in rights:
Nil
Name:
Raewyn (Rae) Clark
Title:
Non-executive Director (transitioned from Executive Director to Non-Executive Director
on 20 August 2024)
Qualifications:
B.Bus(dist), CA, MAICD, AGIA, ACIS
Experience and expertise:
Ms Clark has more than twenty years experience focussed primarily on the resources
industry. 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.
Other current directorships:
Enegex Limited (ASX: ENX)
Former directorships (last 3 years): Octanex Limited (ASX: OXX)(Delisted 6 June 2023)
Interests in shares:
1,120,000 Fully paid ordinary shares
Interests in options:
80,000 - 30 Sept 2025 options exercisable at $0.05 (5 cents)
2,500,000 - 25 May 2025 options exercisable at $0.05 (5 cents)
96,000 PKOO listed options with expiry 30 June 2025 and exercise price of $0.025 (2.5
cents)
224,000 - 28 Feb 2027 options exercisable at $0.0075 (0.75 cents)
Name:
E. Geoffrey (Geoff) Albers
Title:
Non-executive Chairman (resigned 20 August 2024)
Qualifications:
LLB, FAICD
Experience and expertise:
Mr Albers was appointed to the board of Peako Limited on 5 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 minerals exploration
industry in Australia.
Other current directorships:
None
Former directorships (last 3 years): Octanex Limited (ASX: OXX) (Delisted 6 June 2023), Enegex Limited (ASX:ENX)
(Resigned 11 May 2023)
Interests in shares:
253,830,413 fully paid shares
Interests in options:
15,388,852 - Unlisted options with expiry of 30 September 2025 and exercise price of 5
cents per share
14,970,872 - Listed options with expiry of 30 June 2025 and exercise price of 2.5 cents
per share
40,702,903 - Unlisted options with expiry of 30 November 2026 and exercise price of 2
cents per share
33,333,334 - 28 Feb 2027 options exercisable at $0.0075 ($0.75 cents)
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all
other types of entities, unless otherwise stated.
Peako Limited
Directors' report
30 June 2024
13
'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes
directorships of all other types of entities, unless otherwise stated.
Company secretary
Mr Justin Mouchacca, CA FGIA
Mr Mouchacca is a Chartered Accountant and Fellow of the Governance Institute of Australia with over 17 years' experience
in public company responsibilities including statutory, corporate governance and financial reporting requirements. Since July
2019, Mr Mouchacca has been principal of JM Corporate Services and has been appointed Company Secretary and Financial
Officer for a number of entities listed on the ASX and unlisted public companies.
Meetings of directors
The number of meetings of the company's Board of Directors ('the Board') held during the year ended 30 June 2024, and the
number of meetings 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.
Full Board
Attended
Held
Paul Kitto
3
3
Raewyn Clark
3
3
Geoffrey Albers
3
3
Remuneration report (audited)
The remuneration report details the key management personnel remuneration arrangements for the consolidated entity, in
accordance with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including all directors.
The remuneration report is set out under the following main headings:
●
Principles used to determine the nature and amount of remuneration
●
Details of remuneration
●
Share-based compensation
●
Additional information
●
Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
The objective of the consolidated entity's executive reward framework is to ensure reward for performance is competitive and
appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and
the creation of value for shareholders, and it is considered to conform to the market best practice for the delivery of reward.
The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward
governance practices:
●
competitiveness and reasonableness
●
acceptability to shareholders
●
performance linkage / alignment of executive compensation
●
transparency
Consolidated entity performance and link to remuneration
The remuneration of directors and executives are not linked to the performance, share price or earnings of the consolidated
entity.
Voting and comments made at the company's 2023 Annual General Meeting ('AGM')
At the 2023 AGM, 99.66% of the votes received supported the adoption of the remuneration report for the year ended 2023.
The company did not receive any specific feedback at the AGM regarding its remuneration practices.
Peako Limited
Directors' report
30 June 2024
14
Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the consolidated entity are set out in the following tables.
The key management personnel of the consolidated entity consisted of the following directors of Peako Limited:
●
Gernot Abl (Non-Executive Chairman) - appointed 20 August 2024
●
Paul Kitto (Non-Executive Director)
●
Louis Bucci (Non-Executive Director) - appointed 20 August 2024
●
Raewyn Clark (Non-Executive Director) - transitioned from Executive Director to Non-Executive Director on 20 August
2024
●
Geoffrey Albers (Non-Executive Chairman) - resigned 20 August 2024
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary Consulting
Non-
Super-
Long
service
Equity-
and fees
fees
monetary
annuation
leave
settled
Total
30 June 2024
$
$
$
$
$
$
$
Non-Executive Directors:
Geoffrey Albers
-
-
-
-
-
-
-
Paul Kitto**
36,000
9,240
-
-
-
-
45,240
Raewyn Clark*
-
101,640
-
-
-
-
101,640
36,000
110,880
-
-
-
-
146,880
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary Consulting
Non-
Super-
Long
service
Equity-
and fees
fees
monetary
annuation
leave
settled
Total
30 June 2023
$
$
$
$
$
$
$
Non-Executive Directors:
Geoffrey Albers
-
-
-
-
-
-
-
Paul Kitto **
36,000
60,000
-
-
-
1,156
97,156
Raewyn Clark *
-
100,800
-
-
-
1,445
102,245
36,000
160,800
-
-
-
2,601
199,401
*
In the year ended 30 June 2024, the Company incurred consulting fees from Samika Pty Ltd, a director-related entity of
Raewyn Clark. The fees were provided under normal commercial terms and conditions with $Nil remaining unpaid at 30
June 2024 (2023: $nil).
**
In the year ended 30 June 2024, the Company incurred consulting fees from Paul Kitto. The fees were provided under
normal commercial terms and conditions with $3,300 remaining unpaid at 30 June 2024 (2023: $4,620).
Share-based compensation
Issue of shares
There were no shares issued to directors and other key management personnel as part of compensation during the year
ended 30 June 2024.
Options
There were no options over ordinary shares issued to directors and other key management personnel as part of compensation
that were outstanding as at 30 June 2024.
Peako Limited
Directors' report
30 June 2024
15
Additional information
The earnings of the consolidated entity for the five years to 30 June 2024 are summarised below:
2024
2023
2022
2021
2020
$
$
$
$
$
Loss after income tax
(946,425)
(3,111,860)
(1,104,118)
(714,743)
(485,918)
Share price at financial year end (cents per
share)
0.3
1.0
1.1
4.1
0.9
Additional disclosures relating to key management personnel
Shareholding
The number of shares in the company held during the financial year by each director and other members of key management
personnel of the consolidated entity, including their personally related parties, is set out below:
Balance at
Received
Balance at
the start of
as part of
Disposals/
the end of
the year
remuneration
Additions
other
the year
Ordinary shares
Geoffrey Albers *
146,460,845
-
40,702,903
-
187,163,748
Raewyn Clark
672,000
-
-
-
672,000
Paul Kitto
840,000
-
280,000
-
1,120,000
147,972,845
-
40,982,903
-
188,955,748
*
resigned 20 August 2024
Option holding
The number of options over ordinary shares in the company held during the financial year by each director and other members
of key management personnel of the consolidated entity, including their personally related parties, is set out below:
Balance at
Acquired
Expired
Balance at
the start of
through
Rights
during the
the end of
the year
Granted
Issue
period
the year
Options over ordinary shares
Geoffrey Albers *
30,357,724
-
40,702,903
-
71,060,627
Raewyn Clark
10,676,000
-
-
(5,000,000)
5,676,000
Paul Kitto
5,220,000
-
280,000
(1,000,000)
4,500,000
46,253,724
-
40,982,903
(6,000,000)
81,236,627
*
resigned 20 August 2024
Loans to key management personnel and their related parties
There were no loans to Key Management Personnel at any time during the financial year (2023: Nil).
Other transactions with key management personnel and their related parties
There were no transactions other than the ones noted above with key management personnel and their related parties.
This concludes the remuneration report, which has been audited.
Shares under option
Unissued ordinary shares of Peako Limited under option at the date of this report are as follows:
Peako Limited
Directors' report
30 June 2024
16
Exercise
Number
Grant date
Expiry date
price
under option
11 April 2023
30 June 2025
$0.025
48,503,564
1 December 2021
21 November 2024
$0.10
1,000,000
1 December 2021
21 November 2025
$0.20
1,000,000
9 August 2024
28 February 2027
$0.007 175,695,080
1 December 2021
29 March 2025
$0.055
1,000,000
6 September 2022
30 September 2025
$0.05
71,727,848
28 November 2022
1 May 2025
$0.05
2,000,000
10 October 2023
30 November 2026
$0.02
56,353,260
28 November 2022
25 May 2025
$0.05
8,500,000
1 December 2021
25 November 2024
$0.10
1,000,000
1 December 2021
25 November 2025
$0.15
1,000,000
367,779,752
No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the
company or of any other body corporate.
Shares issued on the exercise of options
There were no ordinary shares of Peako Limited issued on the exercise of options during the year ended 30 June 2024 and
up to the date of this report.
Indemnity and insurance of officers
The consolidated entity has agreed to indemnify all the directors of the consolidated entity for any liabilities to another person
(other than the consolidated entity or related body corporate) that may arise from their position as directors of the consolidated
entity, except where the liability arises out of conduct involving a lack of good faith.
During the financial year, the consolidated entity paid a premium in respect of a contract to insure the directors and executives
of the consolidated entity against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance
prohibits disclosure of the nature of the liability and the amount of the premium.
Indemnity and insurance of auditor
The Consolidated entity has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor
of the Consolidated entity or any related entity against a liability incurred by the auditor.
During the financial year, the Consolidated entity has not paid a premium in respect of a contract to insure the auditor of the
Consolidated entity or any related entity.
Proceedings on behalf of the consolidated entity
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf
of the consolidated entity, or to intervene in any proceedings to which the consolidated entity is a party for the purpose of
taking responsibility on behalf of the consolidated entity for all or part of those proceedings.
Non-audit services
There were no non-audit services provided during the financial year by the auditor.
Officers of the company who are former partners of William Buck
There are no officers of the company who are former partners of William Buck.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out
immediately after this directors' report.
Auditor
William Buck continues in office in accordance with section 327 of the Corporations Act 2001.
Peako Limited
Directors' report
30 June 2024
17
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the directors
___________________________
Gernot Abl
Non-Executive Chairman
30 September 2024
Level 20, 181 William Street, Melbourne VIC 3000
+61 3 9824 8555
vic.info@williambuck.com
williambuck.com.au
William Buck is an association of firms, each trading under the name of William Buck
across Australia and New Zealand with affiliated offices worldwide.
Liability limited by a scheme approved under Professional Standards Legislation.
Lead Auditor’s Independence Declaration under Section 307C of
the Corporations Act 2001
To the directors of Peako Limited
As lead auditor for the audit of Peako Limited for the year ended 30 June 2024, I declare that, to the best of
my knowledge and belief, there have been:
— no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in
relation to the audit; and
— no contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Peako Limited and the entities it controlled during the year.
William Buck Audit (Vic) Pty Ltd
ABN 59 116 151 136
N. S. Benbow
Director
Melbourne, 30 September 2024
Peako Limited
Statement of profit or loss and other comprehensive income
For the year ended 30 June 2024
Consolidated
Note 30 June 2024 30 June 2023
$
$
Restated *
The above statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
19
Revenue
Sundry income
48,974
7,735
Expenses
Corporate and administrative expenses
(317,347)
(699,648)
Professional and consultancy expenses
(171,240)
(170,637)
Exploration expenses
(486,932)
(2,161,051)
Depreciation expenses
(19,880)
(33,700)
Share based payment
-
(54,559)
Loss before income tax expense
(946,425)
(3,111,860)
Income tax expense
-
-
Loss after income tax expense for the year attributable to the owners of Peako
Limited
(946,425)
(3,111,860)
Other comprehensive income for the year, net of tax
-
-
Total comprehensive income for the year attributable to the owners of Peako
Limited
(946,425)
(3,111,860)
Cents
Cents
Basic earnings per share
19
(0.19)
(0.81)
Diluted earnings per share
19
(0.19)
(0.81)
* Refer to note 4 for detailed information on Restatement of comparatives.
Peako Limited
Statement of financial position
As at 30 June 2024
Consolidated
Note 30 June 2024 30 June 2023 1 July 2022
$
$
Restated *
$
Restated *
The above statement of financial position should be read in conjunction with the accompanying notes
20
Assets
Current assets
Cash and cash equivalents
82,161
594,558
1,510,559
Other receivables
13,022
154,504
92,754
Prepayments
51,700
69,084
176,569
Total current assets
146,883
818,146
1,779,882
Non-current assets
Property, plant and equipment
30,401
78,853
112,553
Total non-current assets
30,401
78,853
112,553
Total assets
177,284
896,999
1,892,435
Liabilities
Current liabilities
Trade and other payables
7
94,397
222,797
343,608
Provisions
-
18,045
13,229
Total current liabilities
94,397
240,842
356,837
Total liabilities
94,397
240,842
356,837
Net assets
82,887
656,157
1,535,598
Equity
Issued capital
8
46,731,719
46,358,564
44,186,207
Reserves
77,248
214,705
206,401
Accumulated losses
(46,726,080)
(45,917,112) (42,857,010)
Total equity
82,887
656,157
1,535,598
* Refer to note 4 for detailed information on Restatement of comparatives.
Peako Limited
Statement of changes in equity
For the year ended 30 June 2024
The above statement of changes in equity should be read in conjunction with the accompanying notes
21
Issued
capital
Share
compensatio
n reserve
Accumulated
losses
Total equity
Consolidated
$
$
$
$
Balance at 1 July 2022
44,186,207
206,401
(39,455,967)
4,936,641
Adjustment for change in accounting policy (note 4)
-
-
(3,401,043)
(3,401,043)
Balance at 1 July 2022 - restated *
44,186,207
206,401
(42,857,010)
1,535,598
Loss after income tax expense for the year
-
-
(3,111,860)
(3,111,860)
Other comprehensive income for the year, net of tax
-
-
-
-
Total comprehensive income/(loss) for the year - restated *
-
-
(3,111,860)
(3,111,860)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs (note 8)
2,172,357
5,503
-
2,177,860
Share-based payments (note 20)
-
54,559
-
54,559
Reclassification of expired options
-
(51,758)
51,758
-
Balance at 30 June 2023 - restated *
46,358,564
214,705
(45,917,112)
656,157
Refer to note 4 for detailed information on Restatement of comparatives.
Issued
capital
Share
compensatio
n reserve
Accumulated
losses
Total equity
Consolidated
$
$
$
$
Balance at 1 July 2023
46,358,564
214,705
(45,917,112)
656,157
Loss after income tax expense for the year
-
-
(946,425)
(946,425)
Other comprehensive income for the year, net of tax
-
-
-
-
Total comprehensive income for the year
-
-
(946,425)
(946,425)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs (note 8)
373,155
-
-
373,155
Reclassification of expired options
-
(137,457)
137,457
-
Balance at 30 June 2024
46,731,719
77,248
(46,726,080)
82,887
Peako Limited
Statement of cash flows
For the year ended 30 June 2024
Consolidated
Note 30 June 2024 30 June 2023
$
$
Restated*
The above statement of cash flows should be read in conjunction with the accompanying notes
22
Cash flows from operating activities
Administration fees received
-
7,735
Payments to suppliers and employees (inclusive of GST)
(531,744)
(983,205)
Payments for exploration expensed
(393,808)
(2,118,391)
Fuel tax credits
11,429
-
Net cash used in operating activities
18
(914,123)
(3,093,861)
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment
28,571
-
Net cash from investing activities
28,571
-
Cash flows from financing activities
Proceeds from issue of shares
8
391,591
2,329,205
Share issue transaction costs
(18,436)
(151,345)
Net cash from financing activities
373,155
2,177,860
Net decrease in cash and cash equivalents
(512,397)
(916,001)
Cash and cash equivalents at the beginning of the financial year
594,558
1,510,559
Cash and cash equivalents at the end of the financial year
82,161
594,558
* Refer to note 4 for detailed information on Restatement of comparatives.
Peako Limited
Notes to the financial statements
30 June 2024
23
Note 1. General information
The financial statements cover Peako Limited as a consolidated entity consisting of Peako Limited and the entities it controlled
at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Peako Limited's
functional and presentation currency.
Peako Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and
principal place of business is:
Suite 1, Level 6
350 Collins Street,
Melbourne, VIC 3000
+61 3 8630 3321
A description of the nature of the consolidated entity's operations and its principal activities are included in the Directors'
Report, which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 30 September 2024. The
directors have the power to amend and reissue the financial statements.
Note 2. Material accounting policy information
The accounting policies that are material to the consolidated entity are set out either in the respective notes or below. The
accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. The impact of the new
standards are not material for the current financial period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
Going concern
The financial report has been prepared on the going concern basis, which assumes continuity of normal business activities
and the realisation of assets and the settlement of liabilities in the ordinary course of business.
For the year ended 30 June 2024, the consolidated entity incurred a net loss of $983,415, net cash outflows from operating
activities of $925,127 and net cash outflows from investing activities of $39,575 and had a cash balance as at 30 June 2024
of $82,161. As noted below, the Company raised $1,052,080 (before costs) subsequent to the end of the financial year. The
Directors have assessed that these conditions indicate that a material uncertainty exists that may cast significant doubt on the
entity’s ability to continue as a going concern, and therefore, that it may be unable to realise its assets and discharge its
liabilities in the normal course of business.
The consolidated entity is able to vary its planned levels of exploration expenditure. The ability to curtail other expenditure:
Key management personnel have written to the Company advising of their ability and intention, if needs be, to not call in cash
amounts owed that will be contractually owed to them for the period of the next 13 months if such a cash call jeopardises the
consolidated entity's available reserve of working capital.
Matter subsequent to period end:
On 9 August 2024, the Company issued 157,034,171 shares at $0.003 (0.3 cents) as part of a 2 for 3 Non-renounceable
Rights Issue (Rights Issue), raising $469,012 before costs. The Company also issued 78,517,093 options as free attaching
options through the Rights Issue (one for two free attaching options) being exercisable at $0.0075 (0.75 cents) on or before
28 February 2027
On 20 August 2024, the Company issued the Underwriter 194,355,975 shares at $0.003 (0.3 cents) as part of the 2 for 3 Non-
renounceable Rights Issue (Rights Issue), raising $583,068 before costs. The Company also issued 97,177,987 options as
free attaching options through the Rights Issue (one for two free attaching options) being exercisable at $0.0075 (0.75 cents)
on or before 28 February 2027.
Peako Limited
Notes to the financial statements
30 June 2024
Note 2. Material accounting policy information (continued)
24
The Directors determined that the use of the going concern basis of accounting is appropriate in preparing the financial report.
The assessment of the going concern assumption is based on the consolidated entity's cash flow projections and application
of a number of judgements and estimates, resulting in the conclusion of a range of reasonably possible scenarios. Included
in the Directors going concern cash flow assessment is that further funds can be secured if required by a combination of
capital raisings and deferment of forecast payments for exploration and evaluation activities. Accordingly, the Financial Report
has been prepared on the basis that the consolidated entity can continue normal business activities and meet its commitments
as and when they fall due, and the realisation of assets and liabilities in the ordinary course of business.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate
for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as
issued by the International Accounting Standards Board ('IASB').
Historical cost convention
The financial statements have been prepared under the historical cost convention.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the consolidated entity's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial
statements, are disclosed in note 3.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only.
Supplementary information about the parent entity is disclosed in note 15.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory,
have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2024. The consolidated
entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.
Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect
the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation
to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and
assumptions on historical experience and on other various factors, including expectations of future events, management
believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the
related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed
below.
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences and carried forward tax losses only if the consolidated
entity considers it is probable that future taxable amounts will be available to utilise those temporary differences and carry
forward tax losses.
The Directors have not recognised any deferred tax assets for carry-forward tax losses or timing differences as it is uncertain
as to when or if those timing differences or tax losses will be utilised either loss carry-forward rules or through the derivation
of assessable taxable income. The consolidated entity has estimated unutilised tax losses of $3.3 million (30 June 2023 $3.54
million).
(i)
the expenditures are expected to be recouped through successful development and exploitation of the area of interest,
or alternatively, by its sale or partial sale; or
(ii)
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.
Peako Limited
Notes to the financial statements
30 June 2024
25
Note 4. Restatement of comparatives
Change in accounting policy
During the year ended 30 June 2024, the consolidated entity changed its accounting policy relating to the presentation of cost
of acquisition of tenements and all associated expenditures incurred, in accordance with AASB 6 Exploration and Evaluation
of Mineral Resources. The consolidated entity concluded that given the early stage of the development of its projects, it was
more appropriate to expense all costs of acquisition of tenements and all associated evaluation activities undertaken.
In accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, the consolidated entity has
retrospectively applied the aforementioned change in accounting policy and therefore comparative information presented
herein has been restated.
Statement of profit or loss and other comprehensive income
Consolidated
30 June 2023
30 June 2023
$
$
$
Reported
Adjustment
Restated
Revenue
Sundry income
7,735
-
7,735
Expenses
Corporate and administrative expenses
(699,648)
-
(699,648)
Professional and consultancy expenses
(170,637)
-
(170,637)
Exploration expenses
(42,660)
(2,118,391)
(2,161,051)
Depreciation expenses
(33,700)
-
(33,700)
Share based payment
(54,559)
-
(54,559)
Loss before income tax expense
(993,469)
(2,118,391)
(3,111,860)
Income tax expense
-
-
-
Loss after income tax expense for the year attributable to the owners of
Peako Limited
(993,469)
(2,118,391)
(3,111,860)
Other comprehensive income for the year, net of tax
-
-
-
Total comprehensive income for the year attributable to the owners of
Peako Limited
(993,469)
(2,118,391)
(3,111,860)
Cents
Cents
Cents
Reported
Adjustment
Restated
Basic earnings per share
(0.26)
(0.55)
(0.81)
Diluted earnings per share
(0.26)
(0.55)
(0.81)
Peako Limited
Notes to the financial statements
30 June 2024
Note 4. Restatement of comparatives (continued)
26
Statement of financial position at the beginning of the earliest comparative period
Consolidated
1 July 2022
1 July 2022
$
$
$
Reported
Adjustment
Restated
Assets
Current assets
Cash and cash equivalents
1,510,559
-
1,510,559
Other receivables
92,754
-
92,754
Prepayments
176,569
-
176,569
Total current assets
1,779,882
-
1,779,882
Non-current assets
Property, plant and equipment
112,553
-
112,553
Exploration and evaluation
3,401,043
(3,401,043)
-
Total non-current assets
3,513,596
(3,401,043)
112,553
Total assets
5,293,478
(3,401,043)
1,892,435
Liabilities
Current liabilities
Trade and other payables
343,608
-
343,608
Provisions
13,229
-
13,229
Total current liabilities
356,837
-
356,837
Total liabilities
356,837
-
356,837
Net assets
4,936,641
(3,401,043)
1,535,598
Equity
Issued capital
44,186,207
-
44,186,207
Reserves
206,401
-
206,401
Accumulated losses
(39,455,967)
(3,401,043)
(42,857,010)
Total equity
4,936,641
(3,401,043)
1,535,598
Peako Limited
Notes to the financial statements
30 June 2024
Note 4. Restatement of comparatives (continued)
27
Statement of financial position at the end of the earliest comparative period
Consolidated
30 June 2023
30 June 2023
$
$
$
Reported
Adjustment
Restated
Assets
Current assets
Cash and cash equivalents
594,558
-
594,558
Other receivables
154,504
-
154,504
Prepayments
69,084
-
69,084
Total current assets
818,146
-
818,146
Non-current assets
Property, plant and equipment
78,853
-
78,853
Exploration and evaluation
5,519,434
(5,519,434)
-
Total non-current assets
5,598,287
(5,519,434)
78,853
Total assets
6,416,433
(5,519,434)
896,999
Liabilities
Current liabilities
Trade and other payables
222,797
-
222,797
Provisions
18,045
-
18,045
Total current liabilities
240,842
-
240,842
Total liabilities
240,842
-
240,842
Net assets
6,175,591
(5,519,434)
656,157
Equity
Issued capital
46,358,564
-
46,358,564
Reserves
214,705
-
214,705
Accumulated losses
(40,397,678)
(5,519,434)
(45,917,112)
Total equity
6,175,591
(5,519,434)
656,157
Peako Limited
Notes to the financial statements
30 June 2024
Note 4. Restatement of comparatives (continued)
28
Statement of cash flows
Consolidated
30 June 2023
30 June 2023
$
$
$
Reported
Adjustment
Restated
Cash flows from operating activities
Payments to suppliers and employees (inclusive of GST)
(983,205)
-
(983,205)
Administration fees received
7,735
-
7,735
Payments for exploration expensed
-
(2,118,391)
(2,118,391)
Net cash used in operating activities
(975,470)
(2,118,391)
(3,093,861)
Cash flows from investing activities
Payments for exploration and evaluation
(2,118,391)
2,118,391
-
Net cash used in investing activities
(2,118,391)
2,118,391
-
Cash flows from financing activities
Proceeds from issue of shares
2,329,205
-
2,329,205
Share issue transaction costs
(151,345)
-
(151,345)
Net cash from financing activities
2,177,860
-
2,177,860
Net decrease in cash and cash equivalents
(916,001)
-
(916,001)
Cash and cash equivalents at the beginning of the financial year
1,510,559
-
1,510,559
Cash and cash equivalents at the end of the financial year
594,558
-
594,558
Note 5. Operating segments
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 consolidated entity level for the consolidated entity's
cash position, the carrying values of exploration permits and a consolidated entity 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.
Note 6. Other income
Consolidated
30 June 2024 30 June 2023
$
$
Fuel tax credit refund
27,816
-
Interest income
-
7,735
Gain from sale of asset
21,158
-
Other income
48,974
7,735
Peako Limited
Notes to the financial statements
30 June 2024
29
Note 7. Current liabilities - trade and other payables
Consolidated
30 June 2024 30 June 2023
$
$
Trade and other payables
94,397
199,451
Director-related entities – other payables
-
23,346
94,397
222,797
Refer to note 9 for further information on financial instruments.
Accounting policy for trade and other payables
These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial
year and which are unpaid. Within this amount it includes $3,000 owing to a director this year. Due to their short-term nature
they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days
of recognition.
Note 8. Equity - issued capital
Consolidated
30 June 2024 30 June 2023 30 June 2024 30 June 2023
Shares
Shares
$
$
Ordinary shares - fully paid
527,084,720
470,731,460
46,731,719
46,358,564
Movements in ordinary share capital
Details
Date
Shares
Issue price
$
Balance
1 July 2022
308,454,101
44,186,207
Rights issue
06 September 2022
61,691,022
$0.02
1,114,043
Placement
06 September 2022
9,036,826
$0.02
300,000
Promotion and marketing shares
11 November 2022
33,333
$0.013
-
Rights issue
11 April 2023
91,516,178
$0.010
915,162
Issue of broker options
-
-
(5,503)
Capital raising fees
-
-
(151,345)
Balance
30 June 2023
470,731,460
46,358,564
Issue of entitlement offer shares
10 October 2023
56,353,260
$0.007
391,591
Capital raising fees
-
-
(18,436)
Balance
30 June 2024
527,084,720
46,731,719
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion
to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company
does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share
shall have one vote.
Share buy-back
There is no current on-market share buy-back.
Peako Limited
Notes to the financial statements
30 June 2024
Note 8. Equity - issued capital (continued)
30
Capital risk management
The consolidated entity's objectives when managing capital is to safeguard its ability to continue as a going concern, so that
it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to
reduce the cost of capital.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated
as total borrowings less cash and cash equivalents.
In order to maintain or adjust the capital structure, the consolidated entity may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
The consolidated entity would look to raise capital when an opportunity to invest in a business or company was seen as value
adding relative to the current company's share price at the time of the investment. The consolidated entity is not actively
pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in order to
maximise synergies.
The capital risk management policy remains unchanged from previous financial years.
Accounting policy for 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.
Note 9. Financial instruments
Financial risk management objectives
The consolidated entity's activities expose it to liquidity risk. The consolidated entity's overall risk management program
focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial
performance of the consolidated entity.
Risk management is managed at board level with cash flow forecasting techniques.
The Consolidated entity has adopted a lifetime expected loss allowance in estimating expected credit losses to trade
receivables.
Liquidity risk
Ultimate responsibility for liquidity risk management rests with the Board of Directors, who have built an appropriate liquidity
risk management framework for the management of the consolidated entity’s short, medium and long-term funding and liquidity
management requirements. The consolidated entity manages liquidity risk through capital raising activities, and continuously
monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. The consolidated
entity did not have any undrawn facilities at its disposal as at reporting date. Vigilant liquidity risk management requires the
consolidated entity to maintain sufficient liquid assets (mainly cash and cash equivalents) and available borrowing facilities to
be able to pay debts as and when they become due and payable.
The consolidated entity manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by
continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities.
As at year end all liabilities had maturities no greater than 60 days (2023: 60 days).
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
Peako Limited
Notes to the financial statements
30 June 2024
31
Note 10. Key management personnel disclosures
Directors
The following persons were Directors of Peako Limited during the financial year:
Paul Kitto
Non-executive Director
Raewyn Clark
Non-executive Director - transitioned from Executive Director
to Non-Executive Director on 20 August 2024
Geoffrey Albers
Non-executive Chairman - resigned on 20 August 2024
Compensation
The aggregate compensation made to directors and other members of key management personnel of the consolidated entity
is set out below:
Consolidated
30 June 2024 30 June 2023
$
$
Short-term employee benefits
146,880
196,800
Share-based payments
-
2,601
146,880
199,401
Refer to Note 20 for amounts paid to related entities of Directors.
Note 11. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by William Buck, the auditor of the
company:
Consolidated
30 June 2024 30 June 2023
$
$
Audit services - William Buck
Audit or review of the financial statements
39,900
53,000
Note 12. Contingent liabilities
There are no contingent liabilities as at the end of the financial year (2023: nil).
Note 13. Planned exploration expenditure
The consolidated entity has to perform minimum exploration work and expend minimum amounts of money on its tenements.
The overall expenditure requirement tends to be limited in the normal course of the consolidated entity's tenement portfolio
management through expenditure exemption approvals and expenditure reductions through relinquishment of parts of the
whole of tenements deemed on prospective. Should the consolidated entity wish to preserve interest in its current tenements
the amount which may be required to be expended is as follows:
Consolidated
30 June 2024 30 June 2023
$
$
Within one year
281,667
320,000
One to five years
1,369,667
1,753,000
Total commitment
1,651,334
2,073,000
Peako Limited
Notes to the financial statements
30 June 2024
32
Note 14. Related party transactions
Parent entity
Peako Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 16.
Key management personnel
Disclosures relating to key management personnel are set out in note 10 and the remuneration report included in the directors'
report.
Transactions with related parties
The following transactions occurred with related parties:
Consolidated
30 June 2024 30 June 2023
$
$
Payment for goods and services:
-
-
Payments for geological services to Enegex Limited (company associated to with Raewyn
Clark and Geoffrey Albers)
4,140
38,290
Payments for project management services to Natural Resources Group Pty Ltd (company
associated with Geoffrey Albers)
-
10,000
Payments for office services to Hawestone Diversified Pty Ltd (company associated with
Geoffrey Albers)
28,287
123,590
Payments for accounting and administrative support to Octanex Limited (company associated
with Geoffrey Albers and Raewyn Clark)
-
174,506
Receivable from and payable to related parties
The following balances are outstanding at the reporting date in relation to transactions with related parties:
Consolidated
30 June 2024 30 June 2023
$
$
Current payables:
Trade payables to PA Kitto
3,300
4,620
Trade payables to Enegex Limited (company associated with Raewyn Clark and Geoffrey
Albers)
-
18,726
Total
-
23,346
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Terms and conditions
All transactions were made on normal commercial terms and conditions and at market rates.
Note 15. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Parent
30 June 2024 30 June 2023
$
$
Loss after income tax
(946,425)
(993,469)
Total comprehensive income
(946,425)
(993,469)
Peako Limited
Notes to the financial statements
30 June 2024
Note 15. Parent entity information (continued)
33
Statement of financial position
Parent
30 June 2024 30 June 2023
$
$
Total current assets
146,883
818,146
Total assets
5,696,718
896,999
Total current liabilities
94,397
240,842
Total liabilities
94,397
240,842
Equity
Issued capital
46,731,719
46,358,564
Share compensation reserve
49,439
214,705
Share-based payments reserve
27,809
-
Accumulated losses
(41,206,646)
(941,711)
Total equity
5,602,321
45,631,558
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2024 (30 June 2023: nil).
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2024 (30 June 2023: nil)
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2024 (30 June 2023: nil)
Material accounting policy information
The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed in note 2, except
for the following:
●
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
●
Investments in associates are accounted for at cost, less any impairment, in the parent entity.
●
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an
indicator of an impairment of the investment.
Note 16. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance
with the accounting policy described in note 2:
Ownership interest
Principal place of business /
30 June 2024 30 June 2023
Name
Country of incorporation
%
%
Peako Resources Pty Ltd
Australia
100.00%
100.00%
SA Drilling Pty Ltd
Australia
100.00%
100.00%
Samarai Pty Ltd
Australia
100.00%
100.00%
EKEX Pty Ltd
Australia
100.00%
100.00%
Peako Limited
Notes to the financial statements
30 June 2024
34
Note 17. Events after the reporting period
On 9 August 2024, the Company issued 157,034,171 shares at $0.003 (0.3 cents) as part of a 2 for 3 Non-renounceable
Rights Issue (Rights Issue), raising $469,012 before costs. The Company also issued 78,517,093 options as free attaching
options through the Rights Issue (one for two free attaching options) being exercisable at $0.0075 (0.75 cents) on or before
28 February 2027.
On 20 August 2024, the Company issued the Underwriter 194,355,975 shares at $0.003 (0.3 cents) as part of the 2 for 3 Non-
renounceable Rights Issue (Rights Issue), raising $583,068 before costs. The Company also issued 97,177,987 options as
free attaching options through the Rights Issue (one for two free attaching options) being exercisable at $0.0075 (0.75 cents)
on or before 28 February 2027.
On 20 August 2024, Mr Geoffrey Albers retired as a director of the Company and Mr Gernot Abl was appointed Non-executive
Chairman and Dr Louis Bucci was appointed Non-executive Director.
No other matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly affect the
consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial
years.
Note 18. Reconciliation of loss after income tax to net cash used in operating activities
Consolidated
30 June 2024 30 June 2023
$
$
Loss after income tax expense for the year
(946,425)
(3,111,860)
Adjustments for:
Depreciation
19,981
33,700
Share based payments expense
-
55,923
Decrease in trade and other receivables
28,653
12,425
(Increase)/decrease in trade and other payables
(109,455)
(126,709)
Exploration expensed/write off
93,123
42,660
Net cash used in operating activities
(914,123)
(3,093,861)
Note 19. Earnings per share
Consolidated
30 June 2024 30 June 2023
$
$
Loss after income tax attributable to the owners of Peako Limited
(946,425)
(3,111,860)
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings per share
511,491,078
386,084,690
Weighted average number of ordinary shares used in calculating diluted earnings per share
511,491,078
386,084,690
Cents
Cents
Basic earnings per share
(0.19)
(0.81)
Diluted earnings per share
(0.19)
(0.81)
No options or performance rights have been included in the weighted average number of ordinary shares for the purposes of
calculating diluted EPS as they do not meet the requirements for inclusion in AASB 133 “Earnings per Share”. The rights to
options are non-dilutive as the Consolidated entity is loss generating.
Peako Limited
Notes to the financial statements
30 June 2024
Note 19. Earnings per share (continued)
35
Accounting policy for earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Peako Limited, excluding any costs
of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the
financial year, adjusted for bonus elements in ordinary shares issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the
after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted
average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.
There is no impact due to the Company being in a loss position.
Peako Limited
Consolidated entity disclosure statement
As at 30 June 2024
36
Place formed /
Ownership
interest
Entity name
Entity type
Country of incorporation
%
Tax residency
Peako Limited
Body corporate
Australia
-
Australia
SA Drilling Pty Ltd
Body corporate
Australia
100.00% Australia
Samarai Pty Ltd
Body corporate
Australia
100.00% Australia
EKEX Pty Ltd
Body corporate
Australia
100.00% Australia
Peako Resources Pty Ltd Body corporate
Australia
100.00% Australia
Basis of preparation
This consolidated entity disclosure statement (CEDS) has been prepared in accordance with the Corporations Act 2001 and
includes information for each entity that was part of the consolidated entity as at the end of the financial year in accordance
with AASB 10 Consolidated Financial Statements.
Determination of tax residency
Section 295 (3A)(vi) of the Corporation Act 2001 defines tax residency as having the meaning in the Income Tax Assessment
Act 1997. The determination of tax residency involves judgement as there are different interpretations that could be adopted,
and which could give rise to a different conclusion on residency.
In determining tax residency, the consolidated entity has applied the following interpretations:
Australian tax residency
The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax
Commissioner's public guidance in Tax Ruling TR 2018/5.
Partnerships and Trusts
None of the entities noted above were trustees of trusts within the consolidated entity, partners in a partnership within the
consolidated entity or participants in a joint venture within the consolidated entity.
Peako Limited
Directors' declaration
30 June 2024
37
In the Directors' opinion:
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
●
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board as described in note 2 to the financial statements;
●
the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at
30 June 2024 and of its performance for the financial year ended on that date;
●
there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due
and payable; and
●
the information disclosed in the attached consolidated entity disclosure statement is true and correct.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the Directors
___________________________
Gernot Abl
Non-Executive Chairman
30 September 2024
Level 20, 181 William Street, Melbourne VIC 3000
+61 3 9824 8555
vic.info@williambuck.com
williambuck.com.au
William Buck is an association of firms, each trading under the name of William Buck
across Australia and New Zealand with affiliated offices worldwide.
Liability limited by a scheme approved under Professional Standards Legislation.
Independent auditor’s report to the members of Peako Limited
Report on the audit of the financial report
Our opinion on the financial report
In our opinion, the accompanying financial report of Peako Limited (the Company) and its controlled
entities (together, the Group) is in accordance with the Corporations Act 2001, including:
— giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its financial
performance for the year then ended; and
— complying with Australian Accounting Standards and the Corporations Regulations 2001.
What was audited?
We have audited the financial report of the Group, which comprises:
— the consolidated statement of financial position as at 30 June 2024,
— the consolidated statement of profit or loss and other comprehensive income for the year then ended,
— the consolidated statement of changes in equity for the year then ended,
— the consolidated statement of cash flows for the year then ended,
— notes to the financial statements, including material accounting policy information,
— the consolidated entity disclosure statement, and
— the directors’ declaration.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s responsibilities for the audit of the financial report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of
the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards
Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the
Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material uncertainty related to going concern
We draw attention to Note 2 in the financial report, which indicates that the Group incurred a net loss of
$946,425 and net cash outflows from operations of $914,123 during the year ended 30 June 2024. As
stated in Note 2, these events or conditions, along with other matters as set forth in Note 2, indicate that a
material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going
concern. Our opinion is not modified in respect of this matter.
Key audit matters
Except as described in the Material uncertainty related to going concern section, we have determined that
there are no other key audit matters to communicate in our report.
Emphasis of matter – restatement of comparatives
We draw attention to Note 4 of the financial report, which describes the change in accounting policy for the
treatment of exploration costs, which previously were capitalised in prior years’ financial reports. Our
opinion is not modified in respect of this matter.
Other matter
At its AGM on 22 November 2023, the shareholders of the Company approved the appointment of William
Buck Audit (Vic) Pty Ltd as its statutorily appointed auditor. The financial statements for the prior year
ended 30 June 2023 were audited by another auditor, whose report dated 13 September 2023 expressed
an unmodified opinion on those statements. Our opinion is not modified in respect of this matter.
Other information
The directors are responsible for the other information. The other information comprises the information
contained in the Group’s annual report for the year ended 30 June 2024 but does not include the financial
report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the financial report
The directors of the Company are responsible for the preparation of:
— the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
— the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
— the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view and is free from material misstatement, whether due to fraud or error; and
— the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether
due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with the Australian Auditing Standards will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Our opinion on the Remuneration Report
In our opinion, the Remuneration Report of Peako Limited, for the year ended 30 June 2024, complies
with section 300A of the Corporations Act 2001.
What was audited?
We have audited the Remuneration Report included in the directors’ report for the year ended 30 June
2024.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an
opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing
Standards.
William Buck Audit (Vic) Pty Ltd
ABN 59 116 151 136
N. S. Benbow
Director
Melbourne, 30 September 2024
Peako Limited
Shareholder information
30 June 2024
42
The shareholder information set out below was applicable as at 23 September 2024.
Distribution of equitable securities
Quoted equity securities
Analysis of number of equitable security holders by size of holding:
PKO
Ordinary shares
PKOO Options over
ordinary shares
% of total
% of total
Number
shares
Number
shares
of holders
issued
of holders
issued
1 to 1,000
212
0.01
9
0.01
1,001 to 5,000
161
0.04
10
0.06
5,001 to 10,000
38
0.03
10
0.17
10,001 to 100,000
271
1.31
30
2.76
100,001 and over
333
98.61
45
97.00
1,015
100.00
104
100.00
Holding less than a marketable parcel
697
-
80
-
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of quoted equity securities are listed below:
Ordinary shares
% of total
shares
Number held
issued
Hawkestone Resources Pty Ltd
45,371,470
5.16
Ram Platinum Pty Ltd (R Michaels Family A/C)
41,461,693
4.72
Sacrosanct Pty Ltd (Sacrosanct Super Fund A/C)
38,527,998
4.39
Mr Ernest Geoffrey Albers
37,193,550
4.23
Mr Andrew David Wilson (Wilson Family A/C)
33,333,333
3.79
Auralandia Pty Ltd
26,525,669
3.02
500 Custodian Pty Ltd (Super Pension Fund A/C)
25,178,665
2.87
Budworth Capital Pty Ltd (Rolling hills Capital A/C)
24,369,740
2.77
Southern Energy Pty Ltd
22,647,510
2.58
Riggers Splash For Cash Pty Ltd (Riggers Splash for Cash A/C)
22,498,200
2.56
Jimzbal Pty Ltd (Jimzbal Superannuation A/C)
22,002,999
2.50
Calama Holdings Pty Ltd (Mambat Super Fund A/C)
21,394,988
2.44
Great Australia Corporation Pty Ltd
20,907,741
2.38
BNP Paribas Nominees Pty Ltd (IB AU Noms RetailClient DRP)
19,395,710
2.21
BNP Paribas Nominees Pty Ltd (HUB24 Custodial Serv Ltd)
19,066,239
2.17
Australis Finance Pty Ltd
17,387,196
1.98
KG Venture Holdings Pty Ltd (KG Venture Holdings A/C)
16,666,667
1.90
CSNA Pty Ltd (ABL Family Super Fund A/C)
16,666,667
1.90
Citicorp Nominees Pty Limited
14,209,820
1.62
Vidog Capital Pty Ltd
13,333,333
1.52
498,139,188
56.71
Peako Limited
Shareholder information
30 June 2024
43
PKOO
Options over
ordinary
shares
Options over
ordinary
shares
% of total
options
Number held
issued
M & K Korkidas Pty Ltd (M & K Korkidas Pty Ltd A/C)
6,320,021
13.03
Rookharp Capital Pty Limited
5,000,000
10.31
Goffacan Pty Ltd
4,994,069
10.30
Hawkestone Resources Pty Ltd
4,000,000
8.25
Mr Ernest Geoffrey Albers
2,913,594
6.01
Sacrosanct Pty Ltd (Sacrosanct Super Fund A/C)
2,500,000
5.15
Auralandia Pty Ltd
1,770,600
3.65
500 Custodian Pty Ltd (Super Pension Fund A/C)
1,626,285
3.35
Mr Benjamin J Opie (KTG Family No 2 A/C)
1,500,000
3.09
Mr Yang Ye
1,279,715
2.64
3M Holdings Pty Limited (3M Investment Spec A/C)
1,250,000
2.58
Robert Peter Nicolson
1,000,000
2.06
Venner Superannuation Pty Ltd (Venner Superannuation A/C)
1,000,000
2.06
Mrs Yan Wang (Aust Wet Coast Travel A/C)
1,000,000
2.06
RAM Platinum Pty Ltd (R Michaels Family A/C)
790,471
1.63
Mr David Owen Heywood & Mrs Lynette Norma Heywood (Davlyn Superannuation A/C)
750,000
1.55
Westminex Pty Ltd
617,142
1.27
Albers Custodian company Pty Ltd (Larsson Albers Pension A/C)
580,800
1.20
Mr Charles Waite Morgan
525,947
1.08
Mr Kenneth Yu
500,000
1.03
39,918,644
82.30
Unquoted equity securities
Number
Number
on issue
of holders
Options exercisable at $0.10 on or before 21 November 2024
1,000,000
1
Options exercisable at $0.20 on or before 21 November 2025
1,000,000
1
Options exercisable at $0.0075 on or before 28 February 2027
175,695,080
97
Options exercisable at $0.055 on or before 29 March 2025
1,000,000
1
Options exercisable at $0.05 on or before 30 September 2025
71,727,848
131
Options exercisable at $0.05 on or before 1 May 2025
2,000,000
2
Options exercisable at $0.02 on or before 30 November 2026
56,353,260
61
Options exercisable at $0.05 on or before 25 May 2025
8,500,000
4
Options exercisable at $0.10 on or before 25 May 2025
1,000,000
1
Options exercisable at $0.15 on or before 25 May 2025
1,000,000
1
Substantial holders
Substantial holders in the company are set out below:
Ordinary shares
% of total
shares
Number held
issued
Albers Group
253,830,413
28.89
Peako Limited
Shareholder information
30 June 2024
44
Voting rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share
shall have one vote.
Tenement Schedule
Tenement
Peako
Tenement status
Interest
%
Western Australia (East Kimberley Region)
E80/4990
100.00% Granted
E80/5182
100.00% Granted
E80/5779
100.00% Granted
E80/5703
100.00% Application
E80/5704
100.00% Application
E80/5706
100.00% Application