ANNUAL REPORT
2024
ABN 43 107 159 713
ASX Code: BML
CORPORATE DIRECTORY
________________________________________________________
DIRECTORS
Gary Comb (Chairman)
Simon Noon (Managing Director & CEO)
Richard Monti (Non-Executive Director)
Andrew Parker (Non-Executive Director)
COMPANY SECRETARY
Jerry Monzu
REGISTERED OFFICE
4 Clive Street
WEST PERTH WA 6005
SHARE REGISTRY
Automic Group Pty Ltd
Level 5
191 St Georges Terrace
PERTH WA 6000
Tel: 1300 288 664
BANKERS
Australian and New Zealand Banking Group Limited
239 Murray Street
PERTH WA 6000
AUDITORS
BDO Audit Pty Ltd
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
SECURITIES EXCHANGE LISTING
Boab Metals Limited shares are listed on the
Australian Securities Exchange (Home Branch - Perth)
ASX Code: BML
WEBSITE ADDRESS
www.boabmetals.com
CORPORATE DIRECTORY
FORWARD LOOKING STATEMENTS
This Annual Report may contain forward looking statements. Such statements are only predictions, based
on certain assumptions and involve known and unknown risks, uncertainties, and other factors, many of
which are beyond the Company’s control. Actual events or results may differ materially from the events
or results expected or implied in any forward-looking statement. The inclusion of such statements should
not be regarded as a representation, warranty, or prediction with respect to the accuracy of the underlying
assumptions or that any forward-looking statements will be or are likely to be fulfilled. The Company
undertakes no obligation to update any forward-looking statement to reflect events or circumstances after
the date of this document (subject to securities exchange disclosure requirements). The information in this
document does not consider the objectives, financial situation or needs of any person. Nothing contained in
this document constitutes investment, legal, tax, or other advice.
PAGE 1
TABLE OF CONTENTS
2
CHAIRMAN’S REPORT
3
MANAGING DIRECTOR’S REPORT
5
REVIEW OF OPERATIONS
18
DIRECTOR’S REPORT
33
AUDITOR’S INDEPENDENCE DECLARATION
34
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
35
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
36
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
37
CONSOLIDATED STATEMENT OF CASH FLOWS
38
NOTES TO THE FINANCIAL STATEMENTS
63
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
64
DIRECTOR’S DECLARATION
65
INDEPENDENT AUDITOR’S REPORT
69
SHAREHOLDER INFORMATION
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
Dear Shareholders,
On behalf of your Board of Directors, I am pleased to present the 2024 Annual Report and recap on
the progress that Boab Metals Limited has made over the past financial year at our flagship Sorby Hills
Lead-Silver Project.
Following the completion of our Definitive Feasibility Study at Sorby Hills 2023, our stated objective
was to reach a Final Investment Decision on the Project during the 2024 Financial Year. Whilst we are
disappointed to have not achieved that objective in the set timeframe, Simon and the team have
continued to meaningfully advance the Project.
The completion of Front-End Engineering & Design (FEED) on our process plant, together with a range
of other project improvement workstreams completed over the past 12 months, have been
encapsulated in the Sorby Hills FEED Study, the results of which materially improve upon those of the
Sorby Hills Definitive Feasibility Study (DFS) and further derisk project execution.
Importantly, we have seen capital costs remain stable and forecast cashflows improve during the initial
years of production – both important criteria in the context of enhancing shareholder returns from the
Project and attracting project financiers.
Once again, our objective over the coming 12 months will be to reach a fully funded Final Investment
Decision at Sorby Hills. The recent option agreement executed with Yuguang to acquire their 25%
interest in the Project provides us with a clear runway to present Sorby Hills to project financiers on
the basis that it will be 100% owned by Boab Metals. To this end, the Company looks forward to
closing out our Offtake negotiations, finalising ongoing approvals workstreams, securing project
financing, and subsequently commencing construction at Sorby Hills during the 2025 Financial Year.
The Board is grateful for the patience and support of all shareholders and would like to thank our staff
for their hard work during the year.
Gary Comb
Chairman
PAGE 2
BOAB METALS LIMITED
CHAIRMAN’S REPORT
Throughout the 2024 financial year, the Boab team has focused on workstreams required to bring about
a Final Investment Decision on our 75% owned Sorby Hills Lead-Silver Project located in the east
Kimberley Region of Western Australia.
The standout achievement of the year has been the delivery of the Sorby Hills Front-End Engineering and
Design (“FEED”) Study. Following the Definitive Feasibility Study (“DFS”), we identified clear opportunities
to optimise and derisk the Project both technically and economically. Over the past year, we have
successfully pursued these opportunities in conjunction with completing Front-End Engineering & Design
on our Process Plant with GR Engineering Services (“GRES”) and delivered a material improvement to
the Project.
Key highlights of the FEED study Base Case included:
• upfront Capital Expenditure of A$264M;
• average C1 Cost of US$ 0.36/lb payable Lead (including silver credits);
• pre-tax NPV8 of A$411M, pre-tax IRR of 37%; and
• average annual EBITDA of A$126M.
The Base Case metrics were the result of Project updates alone (i.e. excluding any change in
macroeconomic assumptions) and delivered an increase of +A$73M Net Cash Flow and +A$41M NPV8
compared to the DFS. Importantly, the net change to pre-production Capital Expenditure was limited
compared to the DFS and project pre-tax cash flows over the initial 5 years of production have improved
by +A$150M providing a stronger profile to support debt financing.
Our decision to present our base case scenario using the same macroeconomic assumptions as the DFS
was important to demonstrate the material impact of project enhancements alone. Assuming spot metal
prices and exchange rates at the time of release results in a pre-tax NPV8 of A$596M, pre-tax IRR of 47%
and average annual EBITDA of A$160M demonstrating the Project’s leverage to metal prices including
silver.
In the first half of the year, we completed our Phase VII drilling program at Sorby Hills. In addition to
recovering samples for additional metallurgical testwork that resulted in improved lead recoveries for the
Norton Deposit, the program delivered an exciting intersection of mineralisation in the first and only hole
drilled at the Keep Seismic Target located 2km south of the existing Sorby Hills deposits. Accordingly, we
have followed up this result with an additional four drill holes as part of our ongoing Phase VIII drill
program.
With respect to progress toward a Final Investment Decision, negotiation with shortlisted Offtakers for the
Sorby Hills concentrate continues to advance and the process of re-engaging with project financiers off
the back of the FEED Study is well underway with the completion of an updated Independent Technical
Review of the Project. Furthermore, the Company continues to work diligently through Environmental
approval amendments required as a result of the increase in Project size and scope.
Boab’s proud support of the local community continued throughout the period with our ongoing
sponsorship of the renowned Ord Valley Muster held in May 2024.
PAGE 3
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
MANAGING DIRECTOR’S REPORT
I’d like to take this opportunity to acknowledge all of our staff and their families for their continued hard
work. I would like to also extend my appreciation to my fellow Board members for their invaluable
guidance over the 2024 financial year.
Lastly, a big thank you to our shareholders, both new and old, for their confidence in Boab Metals. We
look forward to rewarding your support over the coming year.
Simon Noon
Managing Director & CEO
PAGE 4
BOAB METALS LIMITED
MANAGING DIRECTOR’S REPORT (CONTINUED)
OVERVIEW
During the Financial Year to 30 June 2024, Boab Metals Ltd (“Boab”) has continued to focus on reaching
a Final Investment Decision at its 75% owned Sorby Hills Project (“Sorby Hills” or “the Project”), located
within the Kimberley Region of Western Australia. Sorby Hills is the largest undeveloped, near-surface
Lead-Silver-Zinc deposit in Australia.
The year was highlighted by the completion of the Sorby Hills Front-End Engineering and Design
(“FEED”) Study1. Key results for the FEED Study included:
•
Project updates (excluding any change in macroeconomic assumptions) delivering an increase of
+A$73M Net Cash Flow and +A$41M NPV8 compared to the January 2023 Sorby Hills Definitive
Feasibility Study (“DFS”).
•
Importantly, the net change to pre-production Capital Expenditure is limited compared to the DFS
and project pre-tax cash flows over the initial 5 years of production have improved by +A$150M
providing a stronger profile to support debt financing.
•
Key Project Metrics include upfront Capital Expenditure of A$264M and an average C1 Cost of
US$ 0.36/lb payable Lead (including silver credits).
•
Assuming spot pricing for Lead, Silver, Exchange Rate and current Benchmark Lead Treatment
and Silver Refining Charges at the time of the study’s release resulted in an NPV8 of A$596M, pre-
tax IRR of 47% and average annual EBITDA of A$160M.
Key Project updates incorporated into the FEED Study included:
•
Updated post FEED pricing for the Process Plant EPC Contract provided by GR Engineering
Service (“GRES”).
•
Updated mining schedule bringing forward mining of the high-grade Norton Deposit.
•
Updated metal recovery and concentrate grades for the Norton Deposit based on new
metallurgical testwork on core recovered during the Phase VII drilling program.
•
Updated pricing for the Mining and Earthworks Contracts provided on a bundled basis and based
on the optimised site layout and mining schedule.
•
Updated tailings strategy with above-ground tailings disposal being employed for the Life of Mine
as opposed to in-pit deposition previously adopted in the DFS
Results from the Phase VII Drilling Program2 at Sorby Hills were received during the Financial Year.
Highlights from the program included:
•
SHSD_171: 11.05m @ 17.63% PbEq (10.98% Pb & 189 g/t Ag) from 81.95m
•
SHSD_174: 11.60m @ 20.23% PbEq (8.78%Pb & 325 g/t Ag) from 74.40m
•
Assays confirmed a significant Intercept of 9.55m @ 5.1% PbEq from 243m from the first drill hole
completed at the Keep Seismic Target, located approximately 2km from the existing Sorby Hills
Reserves.
1 ASX Release 6 June 2024
2 ASX Release 8 November 2023
PAGE 5
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
REVIEW OF OPERATIONS
SORBY HILLS FEED STUDY
Project Summary
Sorby Hills is the largest undeveloped, near-surface Lead-Silver-Zinc deposit in Australia. The Project
comprises granted mining leases covering six known Lead-Silver-Zinc deposits in the Kimberley Region
of Western Australia, 50km northeast of Kununurra and 90km east of Wyndham Port (Figure 1). Boab
holds a 75% interest in the Project. Boab’s Joint Venture partner in the Project is Henan Yuguang Gold
& Lead Co. Ltd, China’s largest Lead smelters ad silver producer.
On 19 January 2023, Boab released a DFS for the Project3. Over the initial 8.5-year processing period
contemplated by the DFS, 18.3Mt of ore was proposed to be mined and processed through the Sorby
Hills process plant to deliver an average 103ktpa of concentrate containing 64ktpa of payable lead and
2Mozpa of payable silver to generate a pre-tax NPV8 of A$370M and IRR of 35%. The DFS economics
were underpinned by Ore Reserves of 15.2Mt at 3.5% Pb and 39g/t Ag, and a large, well-defined Mineral
Resource of 47.3Mt at 3.1% Pb, 35g/t Ag and 0.4% Zn4.
The FEED Study released by the Company on 6 June 2024 augments and enhances the Sorby Hills DFS
via various specific updates to the Project.
Figure 1: Location of the Sorby Hills Project with respect to Boab’s other 100% owned
Lead-Silver-Zinc exploration assets in the region.
3 ASX Release 19 January 2023
4 ASX Release 17 December 2021
PAGE 6
BOAB METALS LIMITED
REVIEW OF OPERATIONS (CONTINUED)
FEED Study Results Summary
A high-level comparison of the DFS and FEED Study base case results and the impact of adopting current
macroeconomics (“Spot Case”) is shown in (Table 1).
Table 1: Comparison of FEED Study Result with the DFS
Item
Unit
DFS
FEED
Variance
“Spot Case”
Macroeconomics
Pb = US$2,253/t, Ag = US$27.4/oz; A$:US = $0.68,
Pb TC = US$125/t conc., Ag RC = US$1.25/oz paid
See
Footnote5
Mining Inventory
18.3 Mt at 3.4% Lead and 39g/t Silver
Recovered Lead
kt
571
575
1%
575
Recovered Silver
Moz
18.6
18.6
(0%)
18.6
Upfront Capital Cost
A$M
245
264
8%
264
C1 Cost (incl. credits)
US$/lb Pb
0.39
0.36
(8%)
0.25
Net Cash Flow
A$M
705
778
10%
1,067
LOM Average EBITDA
A$M
119
126
5%
160
Pre-Tax NPV8
A$M
370
411
11%
596
Pre-Tax IRR
%
35%
37%
3%
47%
Figure 2: 3D Model of the Sorby Hills Process Plant produced by GRES during FEED.
5 Based on spot prices as at 28 May 2024: US$2,344/t Lead, US$32.1/oz Silver, A$:US$0.66, Benchmark Lead Treatment Charge of US$98/t and Silver
Refining Charge of US$0.95/oz
PAGE 7
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
REVIEW OF OPERATIONS (CONTINUED)
Operating Cost Summary
The DFS forecast a C1 unit operating cost of US$0.39/lb payable lead including silver credits. An
independent review by CRU Global confirmed Sorby Hills as a 1st quartile lead producer on an ex-works
(i.e. excluding credits and selling costs)6.
Through a combination of operational optimisations including updated mining contract pricing and
enhanced recoveries at Norton, the FEED study delivered unit operating costs of US$0.36/lb payable lead
(Table 2). Key Operation improvements included:
•
Reversion to a wholly above ground tailings storage facility relaxing the need for the lower grade
Omega South deposit to be mined earlier in the schedule for the purpose of providing an in-pit
tailings depository.
•
Updated mining schedule bringing forward the mining of the high-grade Norton Deposit.
•
Updated Tendered Pricing for the Mining Contract on the basis on bundling it with the Bulk
Earthworks Contract;
•
Improved metallurgical recoveries for lead in fresh ore at the Norton Deposit based on new
testwork undertaken on samples collected during the Phase VII drilling program.
•
Concessional Loading allowing Boab to transport approximately 20% more concentrate per road
train making for a more efficient logistics chains.
Table 2: Operating Cost Summary
Operating Costs
FEED Study
DFS
Variance
Unit
A$M
A$/t
US$/lb paid Pb
US$/lb paid Pb
%
Logistics
117
6.40
0.07
0.07
(4%)
Mining
547
29.96
0.31
0.34
(8%)
Processing
388
21.27
0.22
0.22
(1%)
G&A
88
4.80
0.05
0.05
(1%)
Lead Treatment
160
8.76
0.09
0.09
-
C1 Costs (ex. Credits)
1,300
71.19
0.74
0.77
(5%)
Net Silver Credits
(661)
(36.21)
(0.37)
(0.38)
(1%)
C1 Costs
639
34.98
0.36
0.39
(8%)
Royalties
95
5.20
0.05
0.05
-
Sustaining Capital
26
1.45
0.01
0.03
(52%)
AISC
760
41.63
0.43
0.48
(10%)
6 ASX Release 6 November 2023
PAGE 8
BOAB METALS LIMITED
REVIEW OF OPERATIONS (CONTINUED)
Capital Cost Summary
The DFS estimated a pre-production capital cost of A$245M. The FEED Study resulted in a modest
increase in the pre-production capital cost to A$264M but a reduction in the Life Of Mine capital cost
(Table 3). Key Capital cost changes included:
•
Pricing for the process plant EPC contract in the DFS was A$130.6M based on tenders received
at the time. Following the conclusion of FEED, the EPC contract has been repriced by GRES at
A$134.9M representing a 3% increase over the DFS pricing.
•
Bundling the Earthwork Contract with the Mining Contract resulted in significant savings,
particularly in respect to the construction and management of haul roads.
•
A Heads of Agreement7 was executed on 19 July, 2023 between Sorby Management Pty Ltd and
the Shire of Wyndham and East Kimberley for the construction and long-term lease of a new 180-
person accommodation Facility located in Kununurra.
For the purpose of the FEED Study, provision was made to fully refurbish and upgrade the second-
hand camp previously purchased by Boab in order to house the workforce during the construction
and operations phase of the Project.
•
Additional capital provisions were made for owner’s spares (+A$3.0M). Upfront Capital
Contingency has increased from A$20.9M to A$22.7M.
Table 3: Capital Cost Summary
Capital Costs
FEED Study
DFS
Variance
Pre-Production
Sustaining
Total
Unit Cost
A$M
A$M
A$M
A$M
A$M
EPC Contract
134.9
-
134.9
130.5
4.3
Site Est./Bulk Earthworks
31.9
4.9
36.9
54.5
(17.6)
Water Management
8.1
11.7
19.8
24.8
(5.0)
Accommodation Village
11.5
-
11.5
4.1
7.4
Other Infrastructure
8.5
0.6
9.1
10.1
(1.0)
Owners Costs
32.0
-
32.0
31.0
0.9
Contingency
22.7
-
22.7
20.9
1.8
Pre-Production Opex
15.0
-
15.0
14.6
0.4
Closure Costs
-
9.3
9.3
9.3
-
Total Capital Expenditure
264.5
26.5
290.9
299.8
(8.8)
PHASE VII DRILLING PROGRAM
The Phase VII drilling program was conducted at Sorby Hills during the first half of the Financial Year and
concluded with the completion of 22 drill holes for 2,634 (an additional 24% of metres than originally
planned). Of the total program, 1,433 m across 13 holes were drilled for a metallurgical purpose with
another 1,200m across 9 holes drilled for Resource/Reserve expansion and exploratory objectives
(Figure 5).
7 ASX Release 19 July 2023
PAGE 9
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
REVIEW OF OPERATIONS (CONTINUED)
Figure 3 (above) and Figure 4 (below) - Phase VII drilling at Sorby Hills Project
REVIEW OF OPERATIONS (CONTINUED)
PAGE 10
BOAB METALS LIMITED
Figure 5: Plan view of the Sorby Hills Project showing the locations of completed drill holes for
Phase VII with respect to previous drilling, the Mineral Resource and the proposed Sorby Hills
open pit outlines.
A highlight of the Phase VII program included a significant intercept from the maiden hole drilled at the
Keep Seismic Target located ~2km from the existing Sorby Hills Reserves. As announced in August 2023,
the interpretation of seismic data from petroleum exploration across the Burt Range Sub-Basin resulted
in a conceptual drill target – the Keep Seismic Target.
REVIEW OF OPERATIONS (CONTINUED)
PAGE 11
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
SHSD_185 was aimed at testing the potential for a mineralised feeder fault system, which can be seen in
the seismic data, and the potential for stratiform mineralisation at the Knox Formation/Sorby Dolomite
interface (Figure 6). Assay results confirmed the significance of the observed mineralisation:
•
SHSD_185: 9.55m @5.10% PbEq (2.59% Pb & 2.26% Zn) from 242.55m (Incl. 3.12m @ 13.43%
PbEq (6.37%) Pb & 6.36% Zn) and 26.5 g/t Ag from 245.36m.)
The Company is of the view that the initial analytical and geological results at the Keep Seismic Target are
a major exploration success proving up concept but most importantly the potential of several kilometres
of thick sedimentary rocks of the Burt Range Basin to be the source of significantly more base metal
mineralisation.
Figure 6: Sectional view and geological interpretation of seismic line WP_96-08 overlain with assay results
from SHSD_185.
Metallurgical portion of the program was underpinned by the prospect of spatially restricting or revising
upwards the recovery factors of ore from Norton and to provide additional core upon which further test
work can be undertaken. The ore grade intervals encountered testified to the robustness of the Norton
mineralisation with its clean low-iron and high silver values within the mineralisation envelope.
Flotation variability tests from undertaken on drill core samples collected from the Phase VII program
delivered a 5% increase in Norton Deposit lead recovery from 78% to 83% and confirmed silver recovery
at 78%, together with an improvement in concentrate grade from 56.9% Pb to 59.5% Pb8. The improved
metallurgical results were incorporated into FEED Study.
APPROVALS
The Project has previously received clearance under the Environmental Protection and Biodiversity
Conservation Act (‘EPBC’) act in 2013. However, given the increased scale the Company deemed it
prudent to seek reconfirmation.
8 ASX Release 22nd May 2024
REVIEW OF OPERATIONS (CONTINUED)
PAGE 12
BOAB METALS LIMITED
In a request for further information received during the December quarter, the Department of Climate
Change, Energy, the Environment and Water (‘DCCEEW’) confirmed the project is now considered a
“controlled action” under the EPBC act, however, can be assessed with only preliminary documentation
required. The Company secured the services of a specialist consultant to commence surveying in the
March quarter.
OFFTAKE AND PROJECT FINANCE
The Company has held positive discussions with Offtakers dating back prior to the DFS and during the
Financial Year continued to negotiate terms with short-listed parties.
It is proposed that the Project will be funded via a combination of debt and equity contributed by the
Sorby Hills Joint Venture partners in proportion to their interest in the Joint Venture. Assessment of the
debt-carrying capacity of the Project based on indicative commercial bank project financing terms and
the FEED Study project cashflows demonstrate that the Project can support up to 60% gearing at a Debt
Service Coverage Ratios typical of those required to support project financing. Following release of the
FEED Study, the Company finalised an update of the Independent Technical Review required by financiers
to assess the Project.
CORPORATE ACTIVITIES
Completion of Placement and Fully Underwritten Entitlement Offer
On 3 May 2024, the company announced a fully underwritten A$5.0 million capital raising at A$0.10/share
to progress the Sorby Hills Project. The capital raise comprised:
•
A$1.7M share placement to institutional investors; and
•
A$3.3M Non-Renounceable Entitlement Offer to eligible shareholders.
Pursuant to the capital raising, 49,932,336 new shares were issued to new and existing shareholders.
Boab’s Board all participated in the entitlement offer. Funds raised will be used to finalise workstreams
required to support project financing, advance an exploration drilling campaign during the coming dry
season, ramp up the Sorby Hills project team and early site establishment works.
At-the-market (ATM) Facility
On 22 December 2023, the Company established an At-the-market subscription with Acuity Capital. The
ATM provides Boab with up to $5,000,000 of standby equity capital over the 38-month period to 31
January 2027. As security for the ATM, the Company placed 9,000,000 fully paid ordinary BML shares
from its LR7.1 capacity at nil cash consideration to Acuity Capital.
During May 2024, the ATM Facility was activated and used to raise $185,000 (inclusive of costs) through
the set-off of 1,230,000 Company collateral shares previously issued to Acuity Capital). The Set-off Shares
had a deemed price of $0.15 per share, being a premium of 6.3% to the Company’s 15 trading day volume
weighted average Share price of $0.1411 to 30 April 2024 (inclusive).
REVIEW OF OPERATIONS (CONTINUED)
PAGE 13
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
COMPLIANCE STATEMENTS
The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the
‘JORC Code”) sets out minimum standards, recommendations and guidelines for Public Reporting in
Australasia of Exploration Results, Mineral Resources and Ore Reserves.
Information included in this activities report relating to Exploration Results has been extracted from the
ASX Announcements titled “Significant Intercepts at Sorby Hills” dated 8 November 2023. Information
included in this report relating to Mineral Resources has been extracted from the Mineral Resource
Estimate dated 17 December 2021 Information included in this report relating to Ore Reserves, Production
Targets and Financial Forecasts has been extracted from the Sorby Hills Definitive Feasibility Study and
FEED Study and dated 19 January 2023 and 6 June 2024 respectively.
In each case, the respective announcements are available to view at www.boabmetals.com.au and the
Company confirms that it is not aware of any new information or data that materially affects the information
included and that all material assumptions and technical parameters underpinning the estimates,
production targets and financial forecasts continue to apply and have not materially changed. The
Company further confirms that the form and context in which the Competent Person’s findings are
presented have not been materially modified.
REVIEW OF OPERATIONS (CONTINUED)
PAGE 14
BOAB METALS LIMITED
PAGE 15
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
PAGE 16
BOAB METALS LIMITED
PAGE 17
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
FINANCIAL STATEMENTS
18
DIRECTOR’S REPORT
33
AUDITOR’S INDEPENDENCE DECLARATION
34
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
35
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
36
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
37
CONSOLIDATED STATEMENT OF CASH FLOWS
38
NOTES TO THE FINANCIAL STATEMENTS
63
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
64
DIRECTOR’S DECLARATION
65
INDEPENDENT AUDITOR’S REPORT
69
SHAREHOLDER INFORMATION
FINANCIAL AND OPERATING REVIEW
FINANCIAL REVIEW
The Group began the financial year with a cash reserve of $4,578,654. During the year, total
exploration expenditure incurred by the Group amounted to $1,771,174 (2023: $4,185,218). In line
with the Group’s accounting policies, all exploration expenditure incurred in the ordinary course of
operations was expensed. The result for the year was an operating loss after income tax of $3,321,974
(2023: $5,917,433). As at 30 June 2024, available cash funds totalled $5,663,582 (2023: $4,578,654).
OPERATING RESULTS
Summarised operating results for the year are as follows:
2024
Revenues
Results
Geographic Segments
$
$
Australia
Revenues and (loss) from ordinary activities before income tax
expense
237,784
(3,316,658)
Colombia
Revenues and profit from ordinary activities before income tax
expense
-
(5,316)
Revenue/(Loss before income tax)
237,784
(3,321,974)
Shareholder Returns
2024
2023
Basic Loss per share (cents per share)
(1.80)
(3.58)
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
During the year there were no significant changes in the state of affairs of the Group other than as
disclosed in this report.
PAGE 18
BOAB METALS LIMITED
DIRECTOR’S REPORT
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
Subsequent to the financial year end, Boab executed an option agreement with joint venture partner
Henan Yuguang Gold & Lead Co. Ltd (“Yuguang”) to acquire their 25% interest Sorby Hills Lead-Silver-
Zinc Project.
Terms of the Agreement included:
•
12-month option for Boab to acquire Yuguang’s 25% interest in Sorby Hills,
increasing Boab’s current 75% interest in the Project to 100%.
•
During the option period, Boab will carry Yuguang’s joint venture expenses and in
turn, will have full control over joint venture budgets and work programs.
•
Should the option be exercised, Boab will pay Yuguang:
o
Tranche 1: A$12.5M upon exercise of the option and the concurrent
acquisition of Yuguang’s 25% Joint Venture interest;
o
Tranche 2: A$5.5M payable no later than 12 months from the commencement
of concentrate production at Sorby Hills; and
o
Tranche 3: A$5.0M payable no later than 18 months from the commencement
of concentrate production at Sorby Hills.
The ability to exercise the option is subject to Boab reaching a Final Investment Decision (FID) on the
Sorby Hills Project within the next 12 months.
The agreement provides Boab with the opportunity to present the Project to potential offtakers and
project financiers on the on the basis of having the option to acquire 100% ownership of the Project
and the Sorby Hills concentrate.
There were no other matters subsequent to the end of the financial year that materially affected the
financial accounts and required separate disclosure.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS
The Group will continue exploration and development activities and to assess commercial
opportunities for corporate growth, including the acquisition of interests in projects, as they arise. Due
to the unpredictable nature of these opportunities, developments may occur at short notice.
ENVIRONMENTAL REGULATION AND PERFORMANCE
The Group is subject to substantial environmental regulation regarding its exploration activities. The
Group endeavours to maintain an appropriate standard of environmental care through awareness of,
and compliance with, new and existing environmental legislation. The Directors are not aware of any
breach of environmental legislation for the year under review.
RISK MANAGEMENT
The Board is responsible for ensuring that risks and opportunities are identified on a timely basis and
that activities are aligned with these. At this stage of the Company’s development the Board has not
established a separate risk management committee under the belief that it is crucial for all Board
members to be a part of this process.
PAGE 19
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR’S REPORT (CONTINUED)
RISK MANAGEMENT (CONTINUED)
The Board has several mechanisms in place to ensure that managements’ objectives are aligned with
Board identified risks. Mechanisms include board approval of a strategic plan (designed to meet
stakeholders’ needs and reduce business risk), and Board approved operating plans and budgets
(with progress monitored by the Board).
Financial Risks
The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency
risk, price risk and interest rate risk), credit risk and liquidity risk. The Group’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 Group.
Various methods are used to measure risks to which the Group is exposed, including sensitivity
analysis for interest rate, foreign exchange and other price risks, and ageing analysis for credit risk.
Risk management is carried out by the accounting team under Board approved policies covering
identification and analysis of risk exposure, risk limits, and appropriate procedures and controls.
Reporting is provided to the Board.
Environmental Risks
The Company's operations and activities are subject to the environmental laws of Australia and any
other places the Company may conduct business. As with most exploration projects, the Company's
operations and activities are expected to have an impact on the environment, particularly if advanced
exploration or mine development proceeds. The Company attempts to conduct its operations and
activities to the highest standard of environmental obligation, including compliance with all
environmental laws and regulations.
Further, the Company is unable to predict the effect of additional environmental laws and regulations
which may be adopted in the future, including whether any such laws or regulations would materially
increase the Company's cost of doing business or affect its operations in any area. There can be no
assurances that new environmental laws, regulations or stricter enforcement policies, once
implemented, will not oblige the Company to incur expenses and undertake investments which could
have a material adverse effect on the Company's operations, financial position and performance.
Regulatory Social Licence Risks
Exploration and prospective production are dependent upon the granting and maintenance of
appropriate licences, permits and regulatory consents and authorisations, which may not be granted
or may be withdrawn or by made subject to limitations at the discretion of government or regulatory
authorities. Although the authorisations may be renewed following expiry or grant (as the case may
be), there can be no assurance that such authorisations will be continued, renewed or granted, or as
to the terms of renewals or grants. If the Company cannot obtain or retain the appropriate
authorisations or there is a material delay in obtaining or renewing them or they are granted subject
to onerous conditions, then the Company's ability to conduct its exploration or development
operations may be affected.
PAGE 20
BOAB METALS LIMITED
DIRECTOR’S REPORT (CONTINUED)
RISK MANAGEMENT (CONTINUED)
Corporate Governance Risks
The Directors support and adhere to the principles of corporate governance in order to mitigate and
safeguard any potential risks in this area, recognising the need for the highest standard of corporate
behaviour and accountability. The Directors are focused on fulfilling their responsibilities individually,
and as a Board, for the benefit of all Company stakeholders. That involves recognition of, and a need
to adopt, principles of good corporate governance. The Board supports the guidelines on the
‘Principles of Good Corporate Governance and Recommendations – 4th Edition’ established by the
ASX Corporate Governance Council. Given the size and structure of the Group, the nature of its
business activities, the stage of its development and the cost of strict and detailed compliance with
all of the recommendations, it has adopted a range of modified systems, procedures and practices
which enable it to meet the principles of good corporate governance. The Groups’ practices are
consistent with the guidelines and where these do not directly relate to the recommendations in the
guidelines the Group considers that its adopted practices are appropriate. Corporate Governance
policies can be found on the Company website.
INSURANCE OF DIRECTORS AND OFFICERS
During the financial year, the Group has paid an insurance premium in respect of a Directors’ and
Officers’ Liability insurance contract. The insurance premium relates to liabilities that may arise from
an officer’s position, except for conduct involving a wilful breach of duty or improper use of
information or position to gain personal advantage. The contract of insurance prohibits the disclosure
of the nature of the liabilities and the amount of premium.
DIRECTORS MEETINGS
The following table sets out the number of directors’ meetings held during the financial year and the
number of meetings attended by each director while they held the position. During the financial year,
7 board meetings were held (2023: 6).
Board of Directors
Directors
Eligible
Attended
Gary Comb
7
7
Simon Noon
7
7
Richard Monti
7
7
Andrew Parker
7
7
PAGE 21
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR’S REPORT (CONTINUED)
INFORMATION ON DIRECTORS
GARY COMB BE(Mech), BSc, Dip Ed.
Chairman
Gary was appointed 9 March 2020. Gary is an engineer with over 30 years’ experience in the
Australian mining industry, with a strong track record in successfully commissioning and operating
base metal mines. He was Chairman of Flinders Resources Limited from 2013 until its takeover in
2018. Mr Comb was previously the Managing Director of Jabiru Metals Limited and the CEO of BGC
Contracting Pty Ltd.
Interests in Shares, Options and Performance Rights
801,709 Ordinary Shares.
600,000 Class “B” Unlisted Performance Rights
800,000 Class “C” Unlisted Performance Rights
Other Directorships in Listed Entities in the past three years
Cyprium Metals Limited.
SIMON NOON MAICD, FAIM
Managing Director & CEO
Simon was appointed 19 October 2013. Simon is an experienced mining executive having spent the
past 15 years managing Public Resources Companies. Simon has a strong background in strategic
management, business planning, finance and capital raising across a variety of commodities.
Simon’s experience includes managing Groote Resources Ltd from a Market Cap under $10M to
market highs in excess of $200M. After leaving Groote, Simon co-founded West Rock Resources Ltd
where he held the position of Managing Director until the company was acquired by Boab Metals Ltd
in 2013. As Managing Director of West Rock, Simon secured and operated joint ventures and strategic
alliances with mid and top tier miners.
Since his appointment in 2013, Simon has managed the Company’s exploration and evaluation of a
range of projects across Australia and South America. Most notably, Simon led the Company’s
transformative acquisition of Sorby Hills in Western Australia in 2018.
Over the past 6 years, Simon has overseen the rapid development of Sorby Hills including a 50%
increase in the size of the Mineral Resource and the delivery of a high-quality Pre-Feasibility Study and
Definitive Study detailing the Project’s low risk and robust economics.
Simon is a passionate member of the WA resources industry, a member of the Australian Institute of
Company Directors and an Associate Fellow of the Australian Institute of Management.
Interests in Shares, Options and Performance Rights
2,783,787 Ordinary Shares
2,000,000 Class “B” Unlisted Performance Rights
2,400,000 Class “C” Unlisted Performance Rights
Other Directorships in Listed Entities in the past three Years - Nil
PAGE 22
BOAB METALS LIMITED
DIRECTOR’S REPORT (CONTINUED)
INFORMATION ON DIRECTORS (CONTINUED)
RICHARD MONTI
BSc (Hons), Grad Dip AppFin., MAusIMM
Non-Executive Director
Richard was appointed 12 October 2009 and resigned as Non-Executive Chairman on 6 March 2020,
from this date Richard assumed the role of Non-Executive Director. Richard is a geologist with a
successful career of over thirty years in the international mineral resource industry resulting in broad
industry knowledge and strong strategic planning capabilities. Richard has over sixty-three director-
years’ experience on sixteen ASX and TSX listed mining and exploration companies from micro-caps
through to mid-size miners and has built and managed teams of up to seventy personnel. Richard was
principal of a corporate advisory firm, Ventnor Capital, from 2005 to 2010 and is currently principal of
Terracognita which supplies advice to resource industry companies.
Interests in Shares, Options and Performance Rights
1,655,872 Ordinary Shares.
400,000 Class “B” Unlisted Performance Rights
500,000 Class “C” Unlisted Performance Rights
Other Directorships in Listed Entities in the past three years
Zinc of Ireland NL, Black Dragon Gold, Alto Metals Limited, NickelX Limited and Caravel Minerals
Limited.
ANDREW PARKER LLB
Non-Executive Director
Andrew was appointed on 12 October 2009, and holds a law degree from the University of Western
Australia and has significant experience in the exploration and mining industry and a wealth of expertise
in corporate advisory, strategic consultancy, and capital raisings. Before joining Boab, he co-founded
Trident Capital Pty Ltd, a corporate advisory and venture capital firm where he held the position of
Managing Director until 2008. Andrew is also the Non-Executive Chairman of ASX listed Widgie Nickel
Limited.
Interests in Shares, Options and Performance Rights
529,186 Ordinary Shares.
400,000 Class “B” Unlisted Performance Rights
500,000 Class “C” Unlisted Performance Rights
Other Directorships in Listed Entities in the past three years
WIN Metals Limited (formally Widgie Nickel Limited).
JERRY MONZU FGIA, CPA, Bbus
Company Secretary
Jerry is a corporate executive with over 25 years’ experience in corporate governance, finance and
accounting across various industry sectors with Australia and globally, acting as Company Secretary,
Chief Financial Officer and Non-Executive Director of several private and listed ASX, JSE and AIM
companies throughout his career.
PAGE 23
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR’S REPORT (CONTINUED)
REMUNERATION REPORT - AUDITED
Our remuneration report is set out under the following main headings:
PRINCIPLES USED TO DETERMINE THE NATURE AND AMOUNT OF REMUNERATION;
DETAILS OF REMUNERATION;
SERVICE AGREEMENTS;
SHARE-BASED COMPENSATION; and
ADDITIONAL INFORMATION.
The information provided under headings A-E includes disclosures that are required under Accounting
Standard AASB 124 Related Party Disclosures. These disclosures have been transferred from the
financial report and have been audited.
A. PRINCIPLES USED TO DETERMINE THE NATURE AND AMOUNT OF REMUNERATION
Remuneration Policy
The remuneration policy of the Group aligns Directors and Executives with shareholder and business
objectives by providing a fixed remuneration component and offering specific long-term incentives
based on key performance areas affecting the Group’s financial results. The Board believes the policy
is appropriate and effective in its ability to attract and retain high calibre Executives and Directors.
The Board’s policy for determining the nature and amount of remuneration for Directors and Executives
of the Group is as follows:
All Executives receive a base salary (based on factors such as experience) plus statutory
superannuation.
The Board reviews Executive packages with reference to the Group’s performance, Executive
performance and information from relevant industry sectors and comparable listed companies.
Independent external advice is sought where required.
The Board may exercise discretion in relation to approving incentives, bonuses, and the issue of
options.
All remuneration paid to Directors and Executives is valued at the cost to the Group and expensed.
The maximum aggregate amount of fees that can be paid to Non-Executive Directors is subject to
approval by shareholders at the Annual General Meeting (currently $300,000). Director fees are not
linked to the performance of the Group however, to align Director and shareholder interests, the
Directors are encouraged to hold Company shares.
Performance Based Remuneration
The Group has issued performance rights which form part of the Directors and Executive remuneration
packages. These performance rights have various vesting conditions based on market and operational
hurdles being met (these hurdles can be found within this report in the section covering Performance
Rights).
PAGE 24
BOAB METALS LIMITED
DIRECTOR’S REPORT (CONTINUED)
REMUNERATION REPORT - AUDITED (CONTINUED)
Group Performance, Shareholder Wealth and Directors’ and Executives’ Remuneration
The Group’s remuneration policy encourages the alignment of personal and shareholder interests
through the issue of options to Directors and Executives. The Board believes this policy is effective in
increasing shareholder wealth. The Group currently benchmarks remuneration paid against other peer
group companies and the Board acts in its capacity as the Remuneration Committee in assessing
Executive remuneration. The Company did not use any external remuneration consultants in the
financial year.
Voting and comments on the Remuneration Report at the 2023 Annual General Meeting
At the Company’s 2023 Annual General Meeting (“AGM”), a resolution to adopt the 2023 remuneration
report was put to a vote and passed unanimously on a show of hands with proxies received also
indicating majority. 83.66% of validly appointed proxies were in favour of adopting the remuneration
report. No comments were made on the remuneration report at the AGM.
B. DETAILS OF REMUNERATION
Details of the remuneration of the Directors and Key Management Personnel as defined in AASB 124
Related Party Disclosures of the Group are set out in the following table. Given the size and nature of
operations of the Group, no other employees are required to have their remuneration disclosed in
accordance with the Corporations Act 2001.
PAGE 25
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR’S REPORT (CONTINUED)
REMUNERATION REPORT - AUDITED (CONTINUED)
2024
Directors
Salary & Fees
Non-
Monetary
(1,2)
Super-
annuation
Shares issued
on
achievement
of
Performance
Rights
Milestone
Options /
Performance
Rights
Total
Proportion of
remuneration
performance
related
$
$
$
$
$
$
%
G. Comb
90,000
-
9,900
-
42,424
142,324
30
S. Noon
320,000
3,163
27,500
-
133,332
483,995
28
R. Monti
43,200
-
4,752
-
27,273
75,225
36
A. Parker
43,200
-
4,752
-
27,273
75,225
36
P.Hewitt (3)
219,835
-
23,692
-
(53,584)
189,943
-
Totals
716,235
3,163
70,596
-
176,718
966,712
-
2023
Directors
Salary & Fees
Non-
Monetary
(1,2)
Super-
annuation
Shares issued
on
achievement
of
Performance
Rights
Milestone
Options /
Performance
Rights
Total
Proportion of
remuneration
performance
related
$
$
$
$
$
$
%
G. Comb
100,000
-
10,500
21,000
54,730
186,230
41
S. Noon
332,308
9,743
27,500
84,000
190,010
643,561
43
R. Monti
48,000
-
5,040
14,000
35,684
102,724
48
A. Parker
48,000
-
5,040
14,000
35,684
102,724
48
P. Hewitt
98,462
-
10,338
-
53,584
162,384
33
Totals
626,770
9,743
58,418
133,000
369,692
1,197,623
-
1Relates to the movement in leave provisions for the period.
2(See Note 26).
3P. Hewitt resigned on 29 February 2024
No retirement benefits are payable post-employment under the Group’s executive services agreements.
PAGE 26
BOAB METALS LIMITED
DIRECTOR’S REPORT (CONTINUED)
REMUNERATION REPORT - AUDITED (CONTINUED)
C. SERVICE AGREEMENTS
Material terms of the Executives service agreements are as follows:
Gary Comb – Chairman
•
Remuneration payable of $100,000 per annum plus statutory superannuation (the director agreed
to a 20% reduction on his normal salary for a period of six months, therefore adjusted salary for
the financial year was $90,000);
•
The right to participate in the Company’s Employee Share Incentive Plan as approved by the Board;
and
•
The right to resign with no formal resignation period.
Simon Noon - Managing Director
•
Remuneration payable of $320,000 per annum plus statutory superannuation;
•
Either party may terminate the agreement without cause on three months’ written notice;
•
The right to participate in the Company’s Employee Share Incentive Plan as approved by the
Board; and
•
The Managing Director will not be paid a separate Director’s fee for service to the Board.
Richard Monti - Non-Executive Director
•
Remuneration payable of $48,000 per annum plus statutory superannuation (the director agreed
to a 20% reduction on his normal salary for a period of six months, therefore adjusted salary for
the financial year was $43,200);
•
The right to participate in the Company’s Employee Share Incentive Plan as approved by the
Board; and
•
The right to resign with no formal resignation period.
Andrew Parker - Non-Executive Director
•
Remuneration payable of $48,000 per annum plus statutory superannuation (the director agreed
to a 20% reduction on his normal salary for a period of six months, therefore adjusted salary for
the financial year was $43,200);
•
The right to participate in the Company’s Employee Share Incentive Plan as approved by the
Board; and
•
The right to resign with no formal resignation period.
Note: during part of the 2024 year the Directors resolved to reduce their remuneration to assist the
company manage its financial affairs.
PAGE 27
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR’S REPORT (CONTINUED)
REMUNERATION REPORT - AUDITED (CONTINUED)
D. SHARE-BASED COMPENSATION
During the year no Performance Rights were converted to shares and issued to Directors as an additional
compensation (2023: 760,000).
Performance Income as a Proportion of Total Compensation
There were no cash performance based bonuses paid during the year (2023: Nil). In FY23 the Group
issued Performance rights Class A, B and C to Key Management Personnel. On 24 January 2023,
760,000 Class “A” Performance Rights converted into Ordinary Shares upon successful completion of
the Definitive Feasibility Study.
E. ADDITIONAL INFORMATION
Movements in Shares
Movement in the number of ordinary shares in the Company held (directly, indirectly or beneficially) by
each Director and Key Management Personnel, including their related parties, is shown below. There
were no shares issued as part of Director remuneration during the year (2023: 760,000).
KMP
Held at 1 July 2023
Movement(1)
Held at 30 June 2024
G Comb
680,237
121,472
801,709
R. Monti
1,404,982
250,890
1,655,872
S. Noon
2,362,000
421,787
2,783,787
A. Parker
449,005
80,181
529,186
P. Hewitt(2)
-
-
-
4,896,224
874,330
5,770,554
KMP
Held at 1 July 2022
Movement(3)
Held at 30 June 2023
G. Comb
560,237
120,000
680,237
R. Monti
1,324,982
80,000
1,404,982
S. Noon
1,882,000
480,000
2,362,000
A. Parker
369,005
80,000
449,005
P. Hewitt(2)
-
-
-
4,136,224
760,000
4,896,224
(1)
Movement relates to shares issued in relation to KMP participation in the Entitlement Offer announced on 3 May 2024.
(2)
Paul Hewitt was appointed to the position of Project Director on 13 March 2023 and resigned on 29 February 2024, no
shares were held by Mr Hewitt either directly or beneficially as at the date of this report.
(3)
Movement is represented by the conversion of Class “A” Performance Rights. These Performance Rights were approved
by Shareholders at the Annual General Meeting of the Company held in October 2022 and converted into Ordinary
Shares upon the successful completion of the Definitive Feasibility Study.
PAGE 28
BOAB METALS LIMITED
DIRECTOR’S REPORT (CONTINUED)
REMUNERATION REPORT - AUDITED (CONTINUED)
Movement in Options
There were no KMP options on issue during the financial year ended 30 June 2024 (2023 : Nil)
Movements in Performance Rights
Movement in the number of Performance Rights in the Company held (directly, indirectly or
beneficially) by Directors and Key Management Personnel, including their related parties, during the
reporting period is as follows:
KMP
Held at
1 July 2023
Issued
during the
Period
Cancelled
during the
period(1)
Converted
into
Ordinary
shares
Held at
30 June
2024
Vested at
30 June
2023
G. Comb
1,400,000
-
-
-
1,400,000
-
R. Monti
900,000
-
-
-
900,000
-
S. Noon
4,400,000
-
-
-
4,400,000
-
A. Parker
900,000
-
-
-
900,000
-
P. Hewitt
700,000
-
(700,000)
-
-
-
8,300,000
-
(700,000)
-
7,600,000
-
(1)
Paul Hewitt was appointed to the position of Project Director on 13 March 2023 and resigned on 29 February 2024, as
Mr Hewitt was no longer employed by the Company his performance rights were cancelled in accordance with the terms
of the Company’s Employee Incentive Plan.
KMP
Held at
1 July 2022
Issued
during the
Period
Cancelled
during the
period(1)
Converted
into
Ordinary
shares
Held at
30 June
2023
Vested at
30 June
2023
G. Comb
160,000
1,520,000(1)
(160,000) (3)
(120,000)
1,400,000
-
R. Monti
-
980,000(1)
-
(80,000)
900,000
-
S. Noon
-
4,880,000(1)
-
(480,000)
4,400,000
-
A. Parker
-
980,000(1)
-
(80,000)
900,000
-
P. Hewitt
-
700,000(2)
-
-
700,000
-
160,000
9,060,000
(160,000)
(760,000)
8,300,000
-
(1)
Class A, B and C Performance Rights issued to Directors of the Company with Shareholder Approval obtained at the
Annual General Meeting of the Company held on 20 October 2022, these Performance Rights have a zero exercise price,
various vesting conditions and convert into 1 Ordinary Share per Performance Right.
(2)
Paul Hewitt was appointed to the position of Project Director on 13 March 2023, these Performance rights were issued
by the Board of the Company under the Company’s Employee Incentive Plan Performance Rights, they have non-market
vesting conditions a zero exercise price and convert into 1 Ordinary Share per Performance Right.
(3)
Per the conditions of the new Performance Rights Class A, B and C issued under Shareholder Approval these original
class “D” Performance rights were cancelled on 25 October 2022.
(4)
Class “A” Performance Rights converted into Ordinary Shares upon the successful completion of the Definitive Feasibility
Study.
PAGE 29
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR’S REPORT (CONTINUED)
REMUNERATION REPORT - AUDITED (CONTINUED)
Performance Rights
No Performance Rights were granted during the year to Directors and Key Management Personnel
(2023: 9,060,000). During the year 700,000 were cancelled and forfeited due to resignation of P.
Hewitt.(2023: 160,000) and no Performance rights were converted (2023: 760,000).
Class “B” and “C” Performance Rights will, if not vested, lapse on 25 October, 2027.
Performance rights will be automatically exercisable when the performance hurdle has been achieved.
Each performance right which vests will entitle the holder to be issued one share in the Company.
On 22 February 2023, the Company granted 700,000 performance rights to Mr. Paul Hewitt (Project
Director) as part of the Employee Securities Incentive Plan (ESIP) as Mr Hewit resigned from the
Company in February 2024 these Performance rights were cancelled in accordance with the terms of
the Company’s Employee Incentive Plan.
Performance Rights Valuation
Class B Performance Rights
Class C Performance Rights
Methodology
Monte Carlo
Monte Carlo
Iterations
3,400,000
4,200,000
Grant date
20 October 2022
20 October 2022
Expiry date
25 October 2027
25 October 2027
Share price at grant date ($)
0.175
0.175
Exercise price ($)
nil
nil
VWAP hurdle ($)
0.60
0.70
Risk-free rate (%)
3.701
3.701
Volatility (%)
100
100
Dividend yield (%)
nil
nil
Fair value per right ($)
0.1532
0.1494
The fair value of the performance rights has been calculated using the Monte Carlo valuation method
with key inputs noted above.
DIRECTOR’S REPORT (CONTINUED)
PAGE 30
BOAB METALS LIMITED
REMUNERATION REPORT - AUDITED (CONTINUED)
Performance Rights Issued to Directors
Security
Recipient
Number
Details
Vesting condition
Exercise
price
Expiry
date
Gary Comb
600,000
Upon achievement of:
Class B
Performance
Rights
Performance
Rights issued for
nil consideration
each exercisable
into one ordinary
share at any time
between meeting
the vesting
condition and the
expiry date
- The Company successfully
securing Project Finance1 in
an amount not less than
$50 million; or
- The VWAP of the
Company’s shares traded
on the ASX is equal to or
greater than $0.60 for 10
consecutive business
days
nil
25
October
2027
Simon
Noon
2,000,000
Andrew
Parker
400,000
Richard
Monti
400,000
Class C
Performance
Rights
Gary Comb
800,000
Performance
Rights issued for
nil consideration
each exercisable
into one ordinary
share at any time
between meeting
the vesting
condition and the
expiry date
Upon achievement of:
- completion of first
commercial production
(as defined in the terms
and conditions); or
- The VWAP of the
Company’s shares traded
on the ASX is equal to or
greater than $0.70 for 10
consecutive business
days
nil
25
October
2027
Simon
Noon
2,400,000
Andrew
Parker
500,000
Richard
Monti
500,000
END OF THE REMUNERATION REPORT
DIRECTOR’S REPORT (CONTINUED)
PAGE 31
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
OPTIONS OVER ORDINARY SHARES
There were no options on issue as at the date of the Directors Report.
Performance Rights
Performance rights on issue at the date of the Directors Report had the following expiry dates and
exercise prices:
NON-AUDIT SERVICES
No non-audit services were provided by the auditor of the Group, BDO Audit Pty Ltd during the
financial year.
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 on the following page.
Signed in accordance with a resolution of the Directors.
Gary Comb
Chairman
26 September 2024
Details
Performance
Rights
Exercise
Price
Grant
Date
Expiry Date
Class "B" Performance Rights
3,400,000
Nil
20/10/2022
24/10/2027
Class "C" Performance Rights
4,200,000
Nil
20/10/2022
24/10/2027
7,600,000
DIRECTOR’S REPORT (CONTINUED)
PAGE 32
BOAB METALS LIMITED
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
DECLARATION OF INDEPENDENCE BY GLYN O'BRIEN TO THE DIRECTORS OF BOAB METALS LIMITED
As lead auditor of Boab Metals Limited for the year ended 30 June 2024, I declare that, to the best of
my knowledge and belief, there have been:
1.
No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2.
No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Boab Metals Limited and the entities it controlled during the period.
Glyn O’Brien
Director
BDO Audit Pty Ltd
Perth
26 September 2024
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an
Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form
part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
AUDITOR’S INDEPENDENCE
DECLARATION
PAGE 33
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
Notes
2024
2023
$
$
Revenue
5
237,784
298,865
Expenditure
Exploration Expenses
6
(1,771,174)
(3,821,297)
Development Expenses
(24,001)
(363,921)
Salaries and Employee Benefits Expenses
(755,962)
(860,509)
Depreciation Expenses
6,11
(37,585)
(22,837)
Corporate Expenses
(391,262)
(440,902)
Occupancy Expenses
(49,579)
(42,009)
Consulting Expenses
(111,693)
(119,970)
Administration Expenses
(167,853)
(104,856)
Share Based Payments Expenses
25
(176,718)
(369,692)
Depreciation of Right of Use Assets
(73,931)
(70,305)
(Loss) Before Income Tax
(3,321,974)
(5,917,433)
Income Tax
7
-
-
Total (Loss) for the Year
(3,321,974)
(5,917,433)
Movement in Foreign Exchange Translation Reserve
16
11,020
15,992
Total Comprehensive (Loss)
(3,310,954)
(5,901,441)
(Loss) Attributed to the Members
(3,321,974)
(5,917,433)
Total Comprehensive (Loss) Attributed to the
Members
(3,310,954)
(5,901,441)
Basic and Diluted Loss per Share for Loss
Attributable to the Ordinary Equity Holders of the
Company (Cents per Share)
(1.80)
(3.58)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in
conjunction with the Notes to the Financial Statements.
CONSOLIDATED STATEMENT
OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
PAGE 34
BOAB METALS LIMITED
FOR THE YEAR ENDED 30 JUNE 2024
Notes
2024
2023
$
$
Current Assets
Cash and Cash Equivalents
8
5,663,582
4,578,654
Trade and Other Receivables
9
516,023
510,954
Prepayments
45,118
49,928
Total Current Assets
6,224,723
5,139,536
Non-Current Assets
Exploration and Evaluation Assets
10
4,643,995
4,643,995
Investments
60,000
60,000
Other Assets
78,710
76,333
Plant and Equipment
11
1,641,461
1,676,350
ROU Asset
108,594
28,957
Total Non-Current Assets
6,532,760
6,485,635
Total Assets
12,757,483
11,625,171
Current Liabilities
Trade and Other Payables
12
177,202
803,622
Provisions
138,404
162,047
Lease Liabilities
77,639
30,495
Total Current Liabilities
393,245
996,164
Non-Current Liabilities
Lease Liabilities
35,073
-
Provisions
76,503
71,564
Deferred Tax Liabilities
13
162,647
162,647
Total Non-Current Liabilities
274,223
234,211
Total Liabilities
667,468
1,230,375
Net Assets
12,090,015
10,394,796
Equity
Contributed Equity
14
58,507,277
53,677,822
Reserves
16
1,633,581
1,445,843
Accumulated Losses
(48,050,843)
(44,728,869)
Total Equity
12,090,015
10,394,796
The above Consolidated Statement of Financial Position should be read in conjunction with the Notes to the
Financial Statements.
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
PAGE 35
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
AS AT 30 JUNE 2024
Issued
Capital
Share /
Option
Reserve
Foreign
Currency
Translation
Reserve
Accumulated
Losses
Total
2024
$
$
$
$
$
Balance at 1 July 2023
53,677,822
1,763,293
(317,450)
(44,728,869)
10,394,796
(Loss) for the Year
-
-
-
(3,321,974)
(3,321,974)
Other Comprehensive
(Loss) for the Year
-
-
11,020
-
11,020
Total Comprehensive
(Loss) for the Year
-
-
11,020
(3,321,974)
(3,310,954)
Issue of Shares/Options
4,993,233
-
-
-
4,993,233
Shares issued as security
for the At the Market
Subscription
185,000
-
-
-
185,000
Share Based Payments
-
176,718
-
-
176,718
Share issue costs
(348,778)
-
-
-
(348,778)
Balance at 30 June 2024
58,507,277
1,940,011
(306,430)
(48,050,843)
12,090,015
2023
Balance at 1 July 2022
48,198,398
1,526,601
(333,442)
(38,811,436)
10,580,121
(Loss) for the Year
-
-
-
(5,917,433)
(5,917,433)
Other Comprehensive
(Loss)/Income for the Year
-
-
15,992
-
15,992
Total Comprehensive
(Loss) for the Year
-
-
15,992
(5,917,433)
(5,901,441)
Issue of Shares/Options
5,658,588
-
-
-
5,658,588
Performance Right
converted to shares
133,000
-
-
-
133,000
Share Based Payments
-
236,692
-
-
236,692
Share issue costs
(312,164)
-
-
-
(312,164)
Balance at 30 June 2023
53,677,822
1,763,293
(317,450)
(44,728,869)
10,394,796
The above Consolidated Statement of Changes in Equity should be read in conjunction with the Notes to the
Financial Statements.
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
PAGE 36
BOAB METALS LIMITED
AS AT 30 JUNE 2024
Notes
2024
2023
$
$
Cash Flows from Operating Activities
Expenditure on Mining Interests
(2,046,790)
(4,091,678)
Payments to Suppliers and Employees
(1,858,101)
(1,574,995)
Interest Received
85,292
88,983
Management Fees
154,919
200,753
Net Cash Outflow from Operating Activities
23
(3,664,680)
(5,376,937)
Cash Flows from Investing Activities
Payments for Purchase of Property, Plant and Equipment
(2,696)
(1,644,730)
Proceeds from sale of Motor vehicle
-
9,000
Net Cash Outflow from Investing Activities
(2,696)
(1,635,730)
Cash Flows from Financing Activities
Proceeds From Issues of Shares
5,178,234
5,658,588
Payment of Share Issue Costs
14
(348,778)
(312,164)
Payments on Lease Liability
(77,152)
(72,630)
Net Cash Inflow from Financing Activities
4,752,304
5,273,794
Net (Decrease)/Increase in Cash and Cash Equivalents
1,084,928
(1,738,873)
Cash and Cash Equivalents at the Beginning of the
Financial Year
4,578,654
6,317,527
Cash and Cash Equivalents at the End of the Financial
Year
8
5,663,582
4,578,654
The above Consolidated Statement of Cash Flows should be read in conjunction with the Notes to the Financial
Statements.
PAGE 37
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
CONSOLIDATED STATEMENT
OF CASH FLOWS
AS AT 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS
_______________________________________________________
1.
SUMMARY OF MATERIAL ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the financial report are set out below.
These policies have been consistently applied to all years presented unless otherwise stated. The
financial report includes the financial statements for Boab Metals Limited (“Parent” or “Company”)
and its subsidiaries (the “Group”) for the year ended 30 June 2024. The financial report was authorised
for issue in accordance with a resolution of the Board of Directors of Boab Metals Limited
26 September 2024. Boab Metals Limited is a company incorporated in Australia whose shares are
publicly traded on the Australian Securities Exchange. The nature of the operations and principal
activities of the Group is exploration of mineral tenements in Australia.
(a)
BASIS OF PREPARATION
This general-purpose financial report has been prepared in accordance with Australian Accounting
Standards, other authoritative pronouncements of the Australian Accounting Standards Board,
Australian Interpretations, and the Corporations Act 2001.
(i)
Compliance with IFRS
Australian Accounting Standards include Australian equivalents to International Financial
Reporting Standards (“AIFRS”). Compliance with AIFRS ensures that the financial
statements and notes of Boab Metals Limited comply with International Financial Reporting
Standards (“IFRS”).
(ii)
Historical Cost Convention
Financial statements have been prepared under the historical cost convention.
(iii)
Going Concern Basis
The financial report has been prepared on a going concern basis, which contemplates
continuity of normal business activities and realisation of assets and settlement of liabilities
in the ordinary course of business. The going concern of the Group is dependent upon
maintaining enough funds for its operations and commitments. The Directors continue to
monitor the funding requirements of the Group and are confident that funding can be
secured as required to enable the Group to continue as a going concern and are of the
opinion that the financial report has been appropriately prepared on a going concern basis.
(iv)
The Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance
with the Corporations Act 2001. It includes certain information for each entity that was
part of the consolidated entity at the end of the financial year.
(b)
PRINCIPLES OF CONSOLIDATION
(i)
Subsidiaries
Subsidiaries are all entities over which the Group has the power to govern the financial and
operating policies, generally accompanying a shareholding of more than half of the voting
rights.
PAGE 38
BOAB METALS LIMITED
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
(b)
PRINCIPLES OF CONSOLIDATION (CONTINUED)
(i)
Subsidiaries (continued)
The existence and effect of potential voting rights that are currently exercisable or
convertible are considered when assessing whether the Group controls another entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the
Group. They are de-consolidated from the date that control ceases. The acquisition method
of accounting is used to account for business combinations by the Group (refer to Note
1(d)). Intercompany transactions, balances and unrealised gains on transactions between
Group companies are eliminated. Unrealised losses are also eliminated unless the
transaction provides evidence of the impairment of the asset transferred. Accounting
policies of subsidiaries have been changed where necessary to ensure consistency with
policies adopted by the Group.
(ii)
Investment in Joint Ventures
A joint venture is an arrangement under which the Group has joint control, whereby the
Group has rights to the net assets of the arrangement, rather than rights to its assets and
obligations for its liabilities. Joint control is defined as the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the relevant activities
require the unanimous consent of the parties sharing control. Interests in joint ventures are
accounted for using the equity method.
Under the equity method of accounting, the investments are initially recognised at cost and
adjusted thereafter to recognise the Group’s share of the post-acquisition profits or losses
of the investee in profit or loss, and the Group’s share of movements in other comprehensive
income of the investee in other comprehensive income. Goodwill relating to the joint venture
is included in the carrying amount of the investment and is not amortised or tested
individually for impairment. Dividends received or receivable from joint ventures are
recognised as a reduction in the carrying amount of the investment.
Financial statements of the joint venture are prepared for the same reporting period as the
Group. When necessary, adjustments are made to bring accounting policies in line with
those of the Group.
After application of the equity method, the Group determines whether it is necessary to
recognise an impairment loss on its investment in the joint venture. An impairment loss is
measured by comparing the recoverable amount of the investment with the carrying
amount. An impairment loss is recognised in the Consolidated Statement of Profit or Loss
and Other Comprehensive Income and is reversed if there has been a favourable change in
the estimates used to determine the recoverable amount.
Upon loss of significant influence over the joint venture, the Group measures and recognises
any retained investment at its fair value. Any difference between the carrying amount of the
joint venture upon loss of joint control and the fair value of the retained investment and
proceeds from disposal is recognised in profit or loss.
PAGE 39
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
(b)
PRINCIPLES OF CONSOLIDATION (CONTINUED)
(iii)
Investment in Joint Operations
A joint arrangement occurs whereby the parties that have joint control of the arrangement
have rights to the assets, and obligations for the liabilities, relating to the arrangement.
Joint control is the contractually agreed sharing of control of an arrangement, which exists
only when decisions about the relevant activities require unanimous consent of the parties
sharing control.
When a group entity undertakes its activities under a joint arrangement, the Group as
operator, recognises in relation to its interest in a joint arrangement its:
assets, including its share of any assets held jointly;
liabilities, including its share of any liabilities incurred jointly;
revenue from the sale of its share of the output arising from the joint operation;
share of the revenue from the sale of the output by the joint operation; and
expenses, including its share of any expenses incurred jointly.
The Group accounts for the assets, liabilities, revenues, and expenses relating to its interest
in a joint operation in accordance with the Australian Accounting Standards applicable to
the certain assets, liabilities, revenues, and expenses. When a group entity transacts with
a joint operation in which a group entity is a joint operator (such as a sale or contribution of
assets), the Group is considered to be conducting the transaction with the other parties to
the joint operation, and gains and losses resulting from the transactions are recognised in
the Group’s consolidated financial statements only to the extent of other parties’ interests
in the joint operation. When a group entity transacts with a joint operation in which a group
entity is a joint operator (such as a purchase of assets), the Group does not recognise its
share of the gains and losses until it resells those assets to a third party.
(c)
FOREIGN CURRENCY TRANSLATION
(i)
Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using
the currency of the primary economic environment in which the entity operates (functional
currency). The consolidated financial statements are presented in Australian dollars, Boab’s
functional and presentation currency, unless otherwise stated.
(ii)
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange
rate at the date of the transaction.
PAGE 40
BOAB METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
(c)
FOREIGN CURRENCY TRANSLATION (CONTINUED)
(ii)
Transactions and balances (continued)
Foreign exchange gains and losses relating to borrowings are presented in the income
statement within finance costs. All other foreign exchange gains and losses are presented
in the income statement on a net basis within other income or other expenses.
Non-monetary items that are measured at fair value in a foreign currency are translated
using the exchange rate at the date when the fair value was determined. Translation
differences on assets and liabilities carried at fair value are reported as part of the fair
value gain or loss.
(iii)
Group companies
The results and financial position of foreign operations that have a functional currency
other than the presentation currency are translated into the presentation currency as
follows:
assets and liabilities for each balance sheet presented are translated at the closing
rate at the date of that balance sheet;
income and expenses for each income statement and statement of comprehensive
income are translated at average exchange rates (unless this is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction
dates, in which case income and expenses are translated at the dates of the
transactions); and
all resulting exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net
investment in foreign entities, and of borrowings and other financial instruments
designated as hedges of such investments, are recognised in other comprehensive
income. When a foreign operation is sold or any borrowings forming part of the net
investment are repaid, the associated exchange differences are reclassified to profit or
loss, as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are
treated as assets and liabilities of the foreign operation and translated at the closing
exchange rate.
(d)
SEGMENT REPORTING
Operating segments are identified, and segment information disclosed based on internal
reports received by the Board.
PAGE 41
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
(e)
INCOME TAX
The income tax expense or revenue for the year is the tax payable on the current periods
taxable income (based on the national income tax rate for each jurisdiction adjusted by
changes in deferred tax assets and liabilities attributable to temporary differences and to
unused tax losses). Deferred income tax is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets and liabilities and their
carrying amounts in the financial statements.
Deferred income tax is not accounted for if it arises from initial recognition of an asset or
liability in a transaction other than a business combination that at the time of the transaction
affects neither accounting nor taxable profit or loss. Deferred income tax is determined using
tax laws and rates that have been enacted or substantially enacted by the balance sheet
date and are expected to apply when the related deferred income tax asset is realised, or
the deferred income tax liability is settled.
Deferred tax assets are recognised for deductible temporary differences and unused tax
losses only if it is probable that future taxable amounts will be available to utilise those
temporary differences and losses. Deferred tax assets and liabilities are offset where there
is a legally enforceable right to offset current tax assets and liabilities and where the deferred
tax balances relate to the same taxation authority. Current tax assets and liabilities are offset
where the entity has a legally enforceable right to offset and intends either to settle on a net
basis, or to realise the asset and settle the liability simultaneously. Current and deferred tax
balances attributable to amounts recognised directly in equity are also recognised directly in
equity.
(f) IMPAIRMENT OF ASSETS
Other assets are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recognised
for the amount by which the asset’s carrying amount exceeds its recoverable amount. The
recoverable amount is the higher of an asset’s fair value less costs to sell, and value in use.
To assess impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash inflows that are largely independent of the cash inflows from other assets
or groups of assets (cash-generating units). Non-financial assets other than goodwill that
suffered an impairment are reviewed for possible reversal of the impairment at each reporting
date.
PAGE 42
BOAB METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
(g)
PLANT AND EQUIPMENT
All plant and equipment are stated at historical cost less depreciation. Historical cost includes
expenditure that is directly attributable to the acquisition of the items. Depreciation of plant
and equipment is calculated using the straight-line method to allocate their cost (net of their
residual values) over their estimated useful lives. The assets’ residual values and useful lives
are reviewed, and adjusted if appropriate, at each balance sheet date. An asset’s carrying
amount is written down immediately to its recoverable amount if the asset’s carrying amount
is greater than its estimated recoverable amount (Note 1(h)).
Gains and losses on disposals are determined by comparing proceeds with the carrying
amount. These are included in the income statement. When revalued assets are sold, it is
Group policy to transfer the amounts included in other reserves in respect of those assets to
retained earnings.
(h)
EXPLORATION AND EVALUATION COSTS
Exploration and evaluation costs are written off in the year they are incurred apart from
acquisition costs which are carried forward where right of tenure of the area of interest is
current, and they are expected to be recouped through sale or successful development and
exploration of the area of interest, or, where exploration and evaluation activities in the area
of interest have not reached a stage that permits reasonable assessment of the existence of
economically recoverable reserves. Where an area of interest is abandoned, or the Directors
decide that it is not commercial, any accumulated acquisition costs in respect of that area
are written off in the financial period the decision is made. Each area of interest is reviewed
at the end of each accounting period and accumulated costs written off to the extent that
they will not be recoverable in the future.
(i)
EMPLOYEE BENEFITS
(i)
Share-Based Payments
The Group provides benefits to employees (including Directors) and consultants of the
Group in the form of share-based payments whereby employees and contractors render
services in exchange for shares or rights over shares (“equity-settled transactions”). The
cost of these equity-settled transactions is measured by reference to the fair value at the
date at which they are granted. The fair value is determined by an internal valuation using
a Black-Scholes option pricing model. The cost of equity-settled transactions is
recognised, together with a corresponding increase in equity, over the period in which the
performance conditions are fulfilled, ending on the date on which the relevant employees
become fully entitled to the award (“vesting date”).
PAGE 43
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
(i)
EMPLOYEE BENEFITS (CONTINUED)
(i)
Share-Based Payments (Continued)
The cumulative expense recognised for equity-settled transactions at each reporting date
until vesting date reflects the extent to which the vesting period has expired and the
number of options that the Directors think will vest ultimately. This opinion is formed
based on the information available at balance date.
No adjustment is made for the likelihood of market performance conditions being met as
the effect of these conditions is included in the determination of fair value at grant date.
No expense is recognised for awards that do not ultimately vest, except for awards where
vesting is conditional upon a market condition. Where an equity-settled award is
cancelled, it is treated as if it had vested on the date of cancellation, and any expense
not yet recognised for the award is recognised immediately. However, if a new award is
substituted for the cancelled award and designated as a replacement award on the date
that it is granted, the cancelled and new awards are treated as if they were a modification
of the original award.
(j)
CONTRIBUTED EQUITY
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.
Incremental costs directly attributable to the issue of new shares or options, for the acquisition
of a business, are not included in the cost of the acquisition as part of the purchase
consideration.
(k)
EARNINGS PER SHARE
(i)
Basic Earnings Per Share
Basic earnings per share are calculated by dividing the profit attributable to equity holders
of the Parent entity, 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 year.
(ii) 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.
PAGE 44
BOAB METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
(l)
MATERIAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The carrying amount of certain assets and liabilities is often determined based on estimates
and assumptions of future events. The key estimates and assumptions that have significant
risk of causing a material adjustment to the carrying amounts of certain assets and liabilities
within the next annual reporting period are:
(i)
Deferred Taxation
The potential deferred tax asset arising from the tax losses and temporary differences
has not been recognised as an asset because recovery of the tax losses is not yet
considered probable.
(ii) Capitalised Exploration Costs
The application of the Group’s accounting policy for exploration and evaluation
expenditure requires judgement in determining whether future economic benefits are
likely, either from exploration or sale, or where activities have not reached a stage which
permits reasonable assessment
(iii) Share-Based Payments
The Group measures the cost of equity-settled and cash-settled transactions by
reference to the fair value of the goods and services received or, if this cannot be reliably
measured, the fair value of the equity instruments at the date at which they are granted.
The fair value of the equity instruments is determined by using the Black-Scholes model
and the assumptions and carrying amount at the reporting date is disclosed in Note 27.
(iv) Depreciation of an Asset
Depreciation of an asset begins when it is available for use, ie. when it is in the location
and condition necessary for it to be capable of operating in the manner intended by
management. Depreciation of an asset ceases at the earlier of the date that the asset is
classified as held for sale (or included in a disposal group that is classified as held for
sale) in accordance with AASB 5 and the date that the asset is derecognised. Therefore,
depreciation does not cease when the asset becomes idle or is retired from active use
unless the asset is fully depreciated. However, under usage methods of depreciation the
depreciation charge can be zero while there is no production.
(v) At-the-Market Subscription Agreement
On 22 December 2023 the Company announced that it had entered into an agreement
with Acuity Capital investment Management Pty Ltd (Acuity Capital) for the provision of
an At-the-Market Subscription Agreement (ATM). The ATM provides the Company with
up to $5,000,000 of standby equity capital for a period of 38 months. Under the terms of
the agreement the Company initially had issued 9,000,000 ordinary shares at nil value as
security for the standby equity capital (following the ATM subscription notice on 2 May
2024 for 1,230,000 ordinary shares the balance of security shares is now
7,770,000. Upon early termination or maturity of the ATM facility the Company may buy
back (and cancel) the security shares for no consideration (subject to shareholder
approval). Acuity Capital can purchase the collateral shares or the collateral shares can
be transferred out a third party nominated by Boab.
PAGE 45
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
(l)
MATERIAL ACCOUNTING ESTIMATES AND JUDGEMENTS (CONTINUED)
(v) At-the-Market Subscription Agreement (Continued)
The company considers that until it cannot meet its obligations under the ATM Agreement
and therefore a buy-back of the shares placed as security it is not likely, the Collateral
shares are not considered issued capital, but rather Treasury Shares.
2.
NEW AND AMENDED ACCOUNTING POLICIES ADOPTED BY THE GROUP
The Group 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.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory
have not been early adopted.
3. FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT OBJECTIVES
The Group’s activities expose it to a variety of financial risks: market risk (including foreign
currency risk, price risk and interest rate risk), credit risk and liquidity risk. The Group’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 Group.
Various methods are used to measure risks to which the Group is exposed, including sensitivity
analysis for interest rate, foreign exchange and other price risks, and ageing analysis for credit
risk.
Risk management is carried out by the accounting team under Board approved policies
covering identification and analysis of risk exposure, risk limits, and appropriate procedures
and controls. Reporting is provided to the Board on a monthly basis.
MARKET RISK
(i)
Foreign Currency Risk
The Group completes certain transactions denominated in foreign currency and is
exposed to foreign currency risk through exchange rate fluctuations. Foreign currency
risk arises from future commercial transactions and recognised financial assets and
financial liabilities in a currency other than the Group’s functional currency. The risk is
measured using sensitivity analysis and cash flow forecasting.
Based on the net exposure to foreign currencies, a change in the foreign exchange
rate as at the end of the year would not have a significant effect on the Group’s
financial results.
PAGE 46
BOAB METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
MARKET RISK (CONTINUED)
(ii)
Price Risk
Presently, the Group is not directly exposed to commodity price risk as it is in the
exploration phase. The Group is indirectly exposed to price movements for commodities
such as gold, copper and silver as these may affect the Group’s ability to access capital
markets.
(iii)
Interest Rate Risk
The Group's main interest rate risk arises from cash and term deposits held at variable
interest rates as term deposits issued at fixed rates expose the Group to fair value risk.
The Group’s policy is to maximise interest rate returns, having regard to the cash
requirements of the business.
(iv)
Credit Risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations,
resulting in financial loss to the Group. The maximum exposure to credit risk at the
reporting date to recognised financial assets is the carrying amount (net of any
provisions for impairment of those assets) as disclosed in the statement of financial
position and notes to the financial statements.
(v)
Liquidity Risk
Liquidity risk management requires the Group to maintain enough liquid assets to pay
debts as and when they fall due. The Group manages liquidity risk by maintaining
adequate cash reserves through continuously monitoring actual and forecast cash flows
and matching the maturity profiles of financial assets and liabilities.
INTEREST RATE RISK
The Group is exposed to market interest rate movements on short-term deposits. Group policy is
to monitor the interest rate yield curve to 120 days to ensure a balance is maintained between the
liquidity of cash assets and the interest rate return. At 30 June 2024, if interest rates had changed
by -/+ 100 basis points from the year-end rates with all other variables held constant, pre-tax loss
would have been $33,128 lower/higher (2023 – change of 100 bps: $46,285 lower/higher) as a
result of lower interest income.
PAGE 47
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
INTEREST RATE RISK (CONTINUED)
The Group's exposure to interest rate risks and the effective interest rates of financial assets and
financial liabilities, both recognised and unrecognised at the balance date, are as follows:
Floating
Interest
Rate
Fixed Interest Rate Maturing in:
Non-
Interest
Bearing
Total Carrying
Amount
>1 Year
1 - 5 Years
<5 Years
Financial Instrument
$
$
$
$
$
$
2024
Financial Assets
Cash and Cash Equivalents
5,663,582
-
-
-
-
5,663,582
Investments
-
-
-
-
60,000
60,000
Trade & Other Receivables
-
-
-
-
345,638
345,638
Deposits
52,220
-
-
-
26,490
78,710
Total Financial Assets
5,715,802
-
-
-
432,128
6,147,930
Financial Liabilities
Trade Creditors
Other Creditors and Accruals
Lease Liabilities
-
77,639
35,073
-
-
112,712
Total Financial Liabilities
-
77,639
35,073
-
-
112,712
Weighted average effective interest rate is 0.03%
2023
Financial Assets
Cash and Cash Equivalents
4,578,654
- -
-
-
4,578,654
Investments
-
-
-
-
60,000
60,000
Trade & Other Receivables
-
- -
-
510,954
510,954
Deposits
49,843
-
-
- 26,490
76,333
Total Financial Assets
4,628,497
-
-
-
597,444
5,225,941
Financial Liabilities
Trade Creditors
-
-
-
-
-
-
Other Creditors and Accruals
-
-
-
-
-
-
Lease Liabilities
-
30,495
-
- -
30,495
Total Financial Liabilities
-
30,495
-
-
-
30,495
NET FAIR VALUES
All financial assets and liabilities have been recognised at the balance date at amounts
approximating their carrying value.
CREDIT RISK EXPOSURES
The Group has no significant concentrations of credit risk. The maximum exposure to credit risk
at balance date is the carrying amount (net of provision for doubtful debts) of those assets as
disclosed in the balance sheet and notes to the financial statements. A formal credit risk
management policy is not maintained.
PAGE 48
BOAB METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4.
SEGMENT INFORMATION
AASB 8 requires operating segments to be identified based on internal reports provided to the Board
in order to allocate resources to the segments and assess performance. Information reported to the
Board is based on exploration in the principal locations of the Group’s projects, Australia and
Colombia. The revenues and profit generated by each of the Group’s operating segments, assets
and liabilities are summarised as follows:
Australia
Colombia
Total
2024
$
2023
$
2024
$
2023
$
2024
$
2023
$
Segment
Revenues
237,784
298,865
-
-
237,784
298,865
Segment
Operating
(Losses)
(3,316,658)
(5,900,570)
(5,316)
(16,863)
(3,321,974)
(5,917,433)
Segment
Assets
12,753,006
11,621,551
4,477
3,620
12,757,483
11,625,171
Segment
Liabilities
(659,071)
1,227,604
(8,397)
2,771
(667,468)
1,230,675
5.
REVENUE
Consolidated
From Continuing Operations
2024
2023
$
$
Sorby Hills Project Revenue
136,100
201,745
Interest
101,684
95,463
Other Income
-
1,657
237,784
298,865
6.
EXPENSES
Consolidated
Loss Before Income Tax Includes the Following Expenses:
2024
2023
$
$
Depreciation of Plant and Equipment
37,585
22,837
Depreciation of ROU Asset
73,931
70,305
Exploration and Evaluation Expenditure
1,771,174
3,821,297
Development Expenses
24,001
363,921
PAGE 49
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7.
INCOME TAX
Consolidated
2024
2023
$
$
Income Tax Expense/Benefit
Current Tax
-
-
Deferred Tax
-
-
Adjustments for Current Tax of Prior Years
-
-
-
-
Numerical Reconciliation of Income Tax
Expense to Prima Facie Tax Payable
Loss from Continuing Operations Before
(3,321,974)
(5,917,433)
Income Tax Expense
Prima Facie Tax Benefit at the Australian
(830,494)
(1,479,358)
Tax Rate of 25% (2023: 25%)
Tax Effect of Amounts which are not
Deductible (Taxable) in Calculating Taxable
Income
Other Items
(43,015)
10,686
(873,509)
(1,468,672)
Tax Effect of Current Year Tax Losses and other
temporary differences for which no DTA has been
recognised
873,509
1,468,672
Income Tax Expense/(Benefit)
-
-
Unrecognised Temporary Differences
Deferred Tax Assets
On Income Tax Account
S. 40-880 Deductions
148,722
150,912
Write off Acquired Tenement Costs over 15 years
1,001,880
1,039,870
Accruals and Provisions
48,296
53,380
Carry Forward Tax Losses
10,597,122
9,515,703
11,796,020
10,759,865
Deferred Tax Liabilities Prepayments
-
Total Unrecognised Temporary Differences
11,796,020
10,759,865
Consolidated
2024
2023
$
$
Deferred Tax Liabilities
Beginning Exploration and Evaluation on
Acquisition
162,647
162,647
Reduction of Deferred Tax Liability Due to
Impairment
-
-
Deferred Tax Liability - Exploration and
Evaluation Assets
162,647
162,647
The deferred tax assets have not been brought to account, as it is not probable within the immediate
future that tax profits will be available against which deductible temporary differences and tax losses
can be utilised.
PAGE 50
BOAB METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8.
CURRENT ASSETS - CASH AND CASH EQUIVALENTS
Consolidated
2024
2023
$
$
Cash at Bank
5,563,582
4,578,654
Cash and Cash Equivalents as Shown in the Consolidated
Statement of Financial Position and the Consolidated
Statement of Cash Flows
5,663,582
4,578,654
9.
CURRENT ASSETS - OTHER
Consolidated
2024
2023
$
$
Trade and Other Receivables
516,023
510,954
Prepayments
45,118
49,928
561,141
560,882
The above receivables are within initial trade terms and therefore have not been impaired.
10.
NON-CURRENT ASSETS - EXPLORATION AND EVALUATION ASSETS
Consolidated
2024
2023
$
$
Balance at Beginning of the Year
4,643,995
4,668,040
Additions
-
-
Reclassification of costs
-
(24,045)
Balance at the End of the Year
4,643,995
4,643,995
There were no impairment indicators identified at 30 June 2024.
11.
NON-CURRENT ASSETS - PLANT AND EQUIPMENT
Consolidated
2024
2023
$
$
Plant and Equipment
Cost
1,758,196
1,755,525
Accumulated Depreciation
(116,735)
(79,175)
Net Carrying Amount
1,641,461
1,676,350
Plant and Equipment - Movement
Opening Net Book Amount
1,676,350
61,800
Additions
2,696
1,646,387
Disposal
-
(9,000)
Depreciation Charge
(37,585)
(22,837)
Closing Net Carrying Amount
1,641,461
1,676,350
The camp purchased in the prior year is not deemed ready and available for use and therefore no
depreciation has yet been recorded. Refer to Note 1(l) for further details.
PAGE 51
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12.
CURRENT LIABILITIES - TRADE AND OTHER PAYABLES
Consolidated
2024
2023
$
$
Trade Payables
116,027
442,173
Other Payables and Accruals
61,175
361,449
177,202
803,622
The above payables are within initial trade terms and therefore are not past due.
13.
NON-CURRENT LIABILITIES – DEFERRED TAX LIABILITIES
Consolidated
2024
2023
$
$
Deferred Tax Liabilities Comprise Temporary Differences
Attributable to:
Beginning Exploration and Evaluation on Acquisition
162,647
162,647
Deferred Tax Liability
162,647
162,647
14.
CONTRIBUTED EQUITY
SHARE CAPITAL
2024
2023
Shares
$
Shares
$
Ordinary Shares Fully Paid
233,395,106
58,507,277
174,462,770
53,677,822
Total Contributed Equity
233,395,106
58,507,277
174,462,770
53,677,822
MOVEMENTS IN ORDINARY SHARE CAPITAL
2024
2023
Shares
$
Shares
$
Beginning of the Financial Year
174,462,770
53,677,822
153,493,527
48,198,398
Issued during the year:
Share Placement/Share Purchase
Plan
17,169,415
1,716,942
20,209,243
5,658,588
Entitlement Offer
32,762,921
3,276,292
-
-
Conversion of Performance Rights
to shares
-
-
760,000
133,000
Shares issued as security for the At
the Market Subscription
Agreement1
7,770,000
-
-
-
Shares issued to Acuity Capital
ATM subscription notice1
1,230,000
185,000
-
-
Less Transaction costs
-
(348,778)
-
(312,164)
233,395,106
58,507,277
174,462,770
53,677,822
PAGE 52
BOAB METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
MOVEMENTS IN ORDINARY SHARE CAPITAL (CONTINUED)
On 7 May 2024, Boab conducted a placement of 17,169,415 Ordinary Shares to sophisticated and
professional investors at $0.10 per share raising $1,716,942 before capital raising costs. Further to
the placement the Company also conducted a Entitlement Offer and raised $3,276,292 (before costs)
through the issue of 32,762,921 ordinary fully paid shares.
1 Refer to Note 1(l) for further details.
ORDINARY SHARES
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the
Parent entity proportionate to the number of and amounts paid for shares held. On a show of hands
every holder 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.
CAPITAL RISK MANAGEMENT
Safeguarding its ability to continue as a going concern is the Group’s objective when it comes to
managing capital in order to provide benefits to both shareholders and stakeholders and maintain an
optimal capital structure to reduce cost of capital. When an opportunity to invest in, or explore, a
project is seen as value adding relative to the share price at the time of investment, the Group will
seek to raise capital if required.
15.
DIVIDENDS
No recommendation for payment of dividends or dividend payments were made during the current
or previous reporting period.
16.
RESERVES
Share/option reserve is used to recognise the fair value of shares and options issued.
Consolidated
2024
2023
$
$
Share/Option Reserve
1,940,011
1,763,293
Foreign Currency Translation Reserve
(306,430)
(317,450)
1,633,581
1,445,843
PAGE 53
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
16.
RESERVES (CONTINUED)
SHARE/OPTION RESERVE
Consolidated
2024
2023
$
$
Balance at Beginning of Year
1,763,293
1,526,601
Reclassification of Performance Rights upon conversion to
ordinary shares
-
(7,219)
Share based payments expense
307,934
243,911
Reversal of Lapsed Performance Rights
(131,216)
-
Balance at End of Year
1,940,011
1,763,293
Details of movement in performance rights
2024
2023
Number of
Performance
Rights
Number of
Performance
Rights
Balance at Beginning of Year
8,300,000
160,000
Granted during the year
-
9,060,000
Forfeited / Cancelled during the year
(700,000)
(160,000)
Converted during the year
-
(760,000)
Expired during the year
-
-
Balance at End of Year
7,600,000
8,300,000
FOREIGN CURRENCY TRANSLATION RESERVE
Foreign currency translation reserve is used to recognise exchange differences arising from the
translation of financial statements of foreign operations that do not use Australian dollars as their
functional currency.
Consolidated
2024
2023
$
$
Balance at Beginning of Year
(317,450)
(333,442)
Exchange Differences Arising on Translation of Foreign
Operations
11,020
15,992
Balance at End of Year
(306,430)
(317,450)
PAGE 54
BOAB METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
17. PARENT ENTITY INFORMATION
Parent
2024
2023
$
$
Total Current Assets
5,658,631
4,330,046
Total Non-Current Assets
9,115,981
6,479,150
Total Assets
14,774,612
10,809,196
Total Current Liabilities
288,590
252,578
Total Non-Current Liabilities
76,503
71,564
Total Liabilities
365,093
324,142
Equity
Issued Capital
58,507,277
53,677,822
Share Based Payments Reserve
1,940,011
1,763,293
Accumulated Losses
(46,037,769)
(44,956,061)
Total Equity
14,409,519
10,485,054
Results of The Parent Entity
Loss for the Year
(1,081,708)
(997,460)
Other Comprehensive Income
-
-
Total Comprehensive Loss for the Year
(1,081,708)
(997,460)
CAPITAL AND CONTINGENT LIABILITIES
The parent entity had no capital or contingent liabilities as at 30 June 2024 (2023: Nil).
The accounting policies of the parent entity are consistent with those of the Group, as disclosed in
Note 1, except for investments in subsidiaries being accounted for at cost (less any impairment) in the
parent entity.
PAGE 55
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
18. INTERESTS IN SUBSIDIARIES
The consolidated financial statements incorporate the assets, liabilities and results of the following
wholly owned subsidiaries in accordance with the accounting policy described in Note 1b(i):
Subsidiary
Entity Type
Incorporated
Ownership
Tax Residency
2024
2023
West Rock
Resources Pty Ltd
Body Corporate
Australia
100%
100%
Australia
Sorby Hills Pty Ltd
Body Corporate
Australia
100%
100%
Australia
Sorby Management
Pty Ltd
Body Corporate
Australia
100%
100%
Australia
Manbarrum Pty Ltd
Body Corporate
Australia
100%
100%
Australia
West Rock
Resources Panama
Corp.
Body Corporate
Panama
100%
100%
Panama
Pacifico Minerals
Sucursal Colombia
(Branch)
Body Corporate
Colombia
100%
100%
Colombia
Pacifico Holdings
SAS
Body Corporate
Colombia
100%
100%
Colombia
19. REMUNERATION OF AUDITORS
During the financial year the following fees were paid or payable for services provided by BDO Audit
Pty Ltd, the auditor of the company.
Consolidated
2024
2023
$
$
Audit Services
BDO Audit Pty Ltd audit or review of the financial statements
48,862
47,870
The BDO entity performing the audit of the group transitioned from BDO Audit (WA) to BDO Audit Pty
Ltd on 19 April 2024. The disclosures include amounts due or receivable by BDO Audit (WA) Pty Ltd
and their respective related entities.
PAGE 56
BOAB METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
20. COMMITMENTS AND CONTINGENCIES
The Group plans to conduct exploration work on its tenements to meet obligations and retain rights of
tenure. If required, the Group can reduce these expenditure obligations by establishing joint venture
agreements, applications for expenditure exemptions, or selective relinquishment of exploration
tenements. Due to the nature of the Group’s operations in exploring and evaluating areas of interest,
it is difficult to accurately forecast future expenditure. The annual commitment across the Group for
the next year is $702,951 (2023: $1,567,872).
Consolidated
Exploration Commitments
2024
2023
$
$
Within One Year
702,951
1,567,872
Later than One Year But Not Later Than Five Years
2,175,637
2,057,447
Over Five Years
255,137
598,935
3,133,725
4,224,254
There are no material contingent assets of the Group at balance date (2023: Nil). In 2019 the acquisition
of the Sorby Hills Project included a provision for a 1% net smelter royalty payable to Quintana MH
Holding Company LLC that has been classified as a material Contingent Liability, this is still in
existence as at balance date 30 June 2024.
The terms of the acquisition of the Manbarrum Project included a Net Smelter Return (NSR) Royalty of
1.25% payable on future revenue generated from the sale of minerals extracted from the Manbarrum
Project. The royalty will be secured by a mining mortgage over the Manbarrum Project tenements that
may be subordinated to potential project financiers provided certain conditions are met. Boab has
retained the right to buy-back the royalty at market value subject to the completion of a Pre-Feasibility
Study on the Manbarrum Project.
21. INTERESTS IN JOINT OPERATIONS
The Group recognises its share of jointly held assets, liabilities, revenues and expenses of joint
operations. These have been incorporated into the financial statements under the appropriate
classifications.
Information relating to joint operations that are material to the Group are set out below:
•
Borroloola West Project (Boab 51%). Net assets carried as at 30 June 2024 are Nil (2023: Nil).
•
Sorby Hills Project (Boab 75%). Net assets carried as at 30 June 2024 are $4,173,333 (2023:
$363,921 after a write off of exploration costs of $4,373,828 and development costs 2023 -
363,921).
PAGE 57
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
22. EVENTS OCCURRING AFTER THE BALANCE SHEET DATE
Subsequent to the financial year end, Boab executed an option agreement with joint venture partner
Henan Yuguang Gold & Lead Co. Ltd (“Yuguang”) to acquire their 25% interest Sorby Hills Lead-Silver-
Zinc Project.
Terms of the Agreement included:
•
12-month option for Boab to acquire Yuguang’s 25% interest in Sorby Hills,
increasing Boab’s current 75% interest in the Project to 100%.
•
During the option period, Boab will carry Yuguang’s joint venture expenses and in
turn, will have full control over joint venture budgets and work programs.
•
Should the option be exercised, Boab will pay Yuguang:
o
Tranche 1: A$12.5M upon exercise of the option and the concurrent
acquisition of Yuguang’s 25% Joint Venture interest;
o
Tranche 2: A$5.5M payable no later than 12 months from the commencement
of concentrate production at Sorby Hills; and
o
Tranche 3: A$5.0M payable no later than 18 months from the commencement
of concentrate production at Sorby Hills.
The ability to exercise the option is subject to Boab reaching a Final Investment Decision (FID) on the
Sorby Hills Project within the next 12 months.
The agreement provides Boab with the opportunity to present the Project to potential offtakers and
project financiers on the on the basis of having the option to acquire 100% ownership of the Project
and the Sorby Hills concentrate.
There have been no other matters that would require disclosure subsequent to the end of the financial
year.
PAGE 58
BOAB METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
23. CASH FLOW RECONCILIATION
RECONCILIATION OF NET LOSS AFTER INCOME TAX TO NET CASH OUTFLOW FROM
OPERATING ACTIVITIES
Consolidated
2024
2023
$
$
Net Loss for the Year
(3,321,974)
(5,917,433)
Non-Cash Items
Depreciation of Non-Current and ROU Assets
111,516
93,143
Interest on Lease Liabilities
5,800
2,300
Share Based Payments - Director/Staff Options
176,718
369,692
Gain on sale of Motor Vehicle
-
(1,657)
Foreign Exchange (Gain)/Loss
-
-
Change in Operating Assets and Liabilities
(Increase)/Decrease in Trade and Other Receivables
(51,627)
(145,886)
Decrease/(Increase) in Prepayments
4,810
(13,470)
Increase/(Decrease) in Operating, Trade and Other Payables
(571,217)
210,926
Increase/(Decrease) in Provisions
(18,706)
25,448
Net Cash Outflow from Operating Activities
(3,664,680)
(5,376,937)
24. LOSS PER SHARE
Consolidated
Earnings per share
2024
2023
cents
cents
Basic loss per share (cents per share)
Diluted loss per share (cents per share)
(1.80)
(1.80)
(3.58)
(3.57)
Consolidated
2024
2023
$
$
Net (loss)
Loss used to calculate earnings per share
Loss used to calculate diluted earnings per share
(3,321,974)
(3,321,974)
(3,321,974)
(5,917,433)
(5,917,433)
(5,917,433)
Number of Shares
2024
2023
Weighted average number of ordinary shares used in calculating
earnings per share
Weighted average number of ordinary shares used in calculating
diluted earnings per share
184,584,857
184,584,857
165,503,035
165,523,857
PAGE 59
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
25. SHARE BASED PAYMENTS
ORDINARY SHARES
Consolidated
2024
2023
$
$
Share Based Payments
Issued to Directors and Key Management Personnel
307,934
369,692
Reversal of previously recognised expense due to Performance
Rights being forfeited or expiring prior to vesting
(131,216)
-
176,718
369,692
During the year no Performance Rights were converted to shares (2023: 760,000), 700,000
performance rights issued to Key Management Personnel were cancelled upon their resignation.
There were no ordinary shares issued to Directors in lieu of cash payments (2023: Nil).
OPTIONS OVER ORDINARY SHARES
No Options were issued in 2024 (2023: Nil) and there were no options on issue as at 30 June 2024.
Performance Rights
No Performance Rights were granted during the year to Directors and Key Management Personnel
(2023: 9,060,000). During the year 700,000 Performance rights were cancelled (2023:160,000 Class
“D” Performance Rights were cancelled and 760,000 Class “A” Performance Rights were converted
into Ordinary Shares in the Company upon the achievement of a milestone).
Performance rights on issue as at 30 June 2024 are as follows:
Details
Performance
Rights
Exercise
Price
Grant Date
Expiry
Date
Class “B” Performance Rights
3,400,000
Nil
20/10/2022
24/10/2027
Class “C” Performance Rights
4,200,000
Nil
20/10/2022
24/10/2027
7,600,000
PAGE 60
BOAB METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
25. SHARE BASED PAYMENTS (CONTINUED)
Performance Rights Valuation Inputs
Class B Performance
Rights
Class C Performance
Rights
Methodology
Monte Carlo
Monte Carlo
Iterations
3,400,000
4,200,000
Grant date
20 October 2022
20 October 2022
Expiry date
25 October 2027
25 October 2027
Share price at grant
date ($)
0.175
0.175
Exercise price ($)
nil
nil
VWAP hurdle ($)
0.60
0.70
Risk-free rate (%)
3.701
3.701
Volatility (%)
100
100
Dividend yield (%)
nil
nil
Fair value per right ($)
0.1532
0.1494
The fair value of the performance rights has been calculated using the Monte Carlo valuation method with
key inputs noted above.
The Performance Rights will, if not vested lapse on 25 October 2027.
Performance rights will be automatically exercisable when the performance hurdle has been achieved.
Each performance right which vests will entitle the holder to be issued one share in the Company.
Performance rights issued to Directors
Security
Recipient
Number
Details
Vesting condition
Exercise
price
Expiry
date
Gary Comb
600,000
Upon achievement of:
Class B
Performance
Rights
Performance
Rights issued for
nil consideration
each exercisable
into one ordinary
share at any time
between meeting
the vesting
condition and the
expiry date
- The Company successfully
securing Project Finance1 in
an amount not less than
$50 million; or
- The VWAP of the
Company’s shares traded
on the ASX is equal to or
greater than $0.60 for 10
consecutive business
days
nil
25
October
2027
Simon
Noon
2,000,000
Andrew
Parker
400,000
Richard
Monti
400,000
Class C
Performance
Rights
Gary Comb
800,000
Performance
Rights issued for
nil consideration
each exercisable
into one ordinary
share at any time
between meeting
the vesting
condition and the
expiry date
Upon achievement of:
- completion of first
commercial production
(as defined in the terms
and conditions); or
- The VWAP of the
Company’s shares traded
on the ASX is equal to or
greater than $0.70 for 10
consecutive business
days
nil
25
October
2027
Simon
Noon
2,400,000
Andrew
Parker
500,000
Richard
Monti
500,000
PAGE 61
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
26. RELATED PARTY TRANSACTIONS
Other than the transactions with Directors and Key Management Personnel as disclosed in the
Remuneration Report, there were no related party transactions to report for the period.
KEY MANAGEMENT PERSONNEL COMPENSATION
Consolidated
2024
2023
$
$
Short Term Employee Benefit
719,398
636,513
Shares issued on achievement of Performance Rights milestone
-
133,000
Share Based Payments
176,718
369,692
Post-Employment Benefit
70,596
58,418
966,712
1,197,623
PAGE 62
BOAB METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Entity Name
Entity Type
Country of
Incorporation
Ownership
interest
Tax
Residency
2024
West Rock
Resources Pty Ltd
Body Corporate
Australia
100%
Australia
Sorby Hills Pty Ltd
Body Corporate
Australia
100%
Australia
Sorby Management
Pty Ltd
Body Corporate
Australia
100%
Australia
Manbarrum Pty Ltd
Body Corporate
Australia
100%
Australia
West Rock
Resources Panama
Corp.
Body Corporate
Panama
100%
Panama
Pacifico Minerals
Sucursal Colombia
(Branch)
Body Corporate
Colombia
100%
Colombia
Pacifico Holdings
SAS
Body Corporate
Colombia
100%
Colombia
AS AT 30 JUNE 2024
PAGE 63
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
CONSOLIDATED ENTITY
DISCLOSURE STATEMENT
The Directors of the Company declare that:
1. The financial statements accompanying the notes are in accordance with the Corporations Act
2001, and:
a. Comply with Accounting Standards, the Corporations Act 2001 and other mandatory
professional reporting requirements;
b. Give a true and fair view of the financial position as at 30 June 2024 and of the
performance for the report period for the consolidated entity.
2. In the Directors’ opinion, there are reasonable grounds to believe that the Group will be able
to pay its debts as and when they become due and payable.
3. In the Directors’ opinion, the financial statements and notes are prepared in compliance with
IFRS and interpretations issued by the International Accounting Standards Board.
4. The remuneration disclosures as set out on pages 24-31 of the Directors’ Report comply with
Accounting Standards AASB 124 Related Party Disclosures and section 300A of the
Corporations Act 2001.
5. The Directors have been given the declarations required under section 295A of the
Corporations Act 2001. The information disclosed in the attached consolidated entity
disclosure statement is true and correct.
This declaration is made in accordance with a resolution of the Board of Directors and is signed on
behalf of the Directors.
Gary Comb
Chairman
26 September 2024
PAGE 64
BOAB METALS LIMITED
DIRECTOR’S DECLARATION
PAGE 65
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
INDEPENDENT AUDITOR’S REPORT
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
INDEPENDENT AUDITOR'S REPORT
To the members of Boab Metals Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Boab Metals Limited (the Company) and its subsidiaries (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, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
to the financial report, including material accounting policy information, the consolidated entity
disclosure statement and the directors’ declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
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 ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with 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 confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
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.
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an
Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form
part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
CARRYING VALUE OF EXPLORATION & EVALUATION ASSETS
Key audit matter
How the matter was addressed in our audit
At 30 June 2024, we note that the carrying value of
the Exploration and Evaluation Asset is significant to
the financial statements, as disclosed in Note 1(h) and
Note 10 of the Financial Report.
As a result, we considered it necessary to assess
whether any facts or circumstances exist to suggest
that the carrying amount of this asset may exceed its
recoverable amount.
Judgement is applied in determining the treatment of
exploration expenditure in accordance with Australian
Accounting Standard AASB 6 Exploration for and
Evaluation of Mineral Resources. In particular:
•
Whether the conditions for capitalisation are
satisfied; and
•
Whether facts and circumstances indicate
that the exploration and evaluation assets
should be tested for impairment.
Our procedures included, but were not limited to:
•
Obtaining a schedule of the areas of interest
held by the Group and assessing whether the
rights to tenure of those areas of interest
remained current at balance date;
•
Considering the status of the ongoing
exploration programmes in the respective
areas of interest by holding discussions with
management, and reviewing the Group’s
exploration budgets, ASX announcements and
directors’ minutes;
•
Considering whether any such areas of
interest had reached a stage where a
reasonable assessment of economically
recoverable reserves existed;
•
Considering whether any facts of
circumstances existed to suggest impairment
testing was required; and
•
Assessing the adequacy of the related
disclosures in Note 1(h) and Note 10 of the
Financial Report.
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2024, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
PAGE 66
BOAB METALS LIMITED
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a) the financial report that gives a true and fair view in accordance with Australian Accounting
Standards and the Corporations Act 2001; and
b) 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:
i)
the financial report that gives a true and fair view and is free from material misstatement,
whether due to fraud or error; and
ii)
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 has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) 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
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 22 to 29 the directors’ report for the year
ended 30 June 2024.
In our opinion, the Remuneration Report of Boab Metals Limited, for the year ended 30 June 2024,
complies with section 300A of the Corporations Act 2001.
PAGE 67
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
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.
BDO Audit Pty Ltd
Glyn O’Brien
Director
Perth, 26 September 2024
PAGE 68
BOAB METALS LIMITED
Additional information is set out below in accordance with the listing rules of the
Australian Stock Exchange Limited and is current as at 20 September 2024.
1.
STATEMENT OF ISSUED CAPITAL
Distribution of holdings for Ordinary Shares on Issue (BML) :-
Number of Holders by
Holding Size
Holders
Total Units
% of Issued Capital
1 - 1,000
160
32,210
0.01%
1,001 - 5,000
1,063
3,054,685
1.31%
5,001 - 10,000
596
4,575,246
1.96%
10,001 - 100,000
1,394
49,065,392
21.02%
100,001 and over
350
176,667,573
75,69%
Total
3,563
233,395,106
100.00%
Ordinary shares carry one vote per share without restriction. The number of fully paid
ordinary shareholdings held in less than marketable parcels is 1,320 (based on a share
price of $0.086).
2.
UNQUOTED SECURITIES
Distribution of holdings for Performance Rights on issue:
“B” class Performance Rights* on issue expire on 25 October 2027 and have vesting
conditions attached. Each Performance Right vests into one Ordinary Fully Paid Share on
conversion.
Number of Holders by
Holding Size
Holders
Total Units *
% of Issued Capital
1 - 1,000
-
-
-
1,001 - 5,000
-
-
-
5,001 - 10,000
-
-
-
10,001 - 100,000
-
-
-
100,001 and over
4
3,400,000
100.00%
Total
4
3,400,000**
100.00%
* Performance Shares do not carry any voting rights until they vest and are converted
into Ordinary Fully Paid shares.
** Mr Simon Alexander Noon holds 58.9% or 2,000,000 “B” class Performance Rights.
PAGE 69
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
SHAREHOLDER INFORMATION
AS AT 20 SEPTEMBER 2024
2. UNQUOTED SECURITIES (continued)
“C” class Performance Rights on issue expire on 25 October 2027 and have vesting
conditions attached. Each Performance Right vests into one Ordinary Fully Paid Share on
conversion.
Number of Holders by
Holding Size
Holders
Total Units *
% of Issued Capital
1 - 1,000
-
-
-
1,001 - 5,000
-
-
-
5,001 - 10,000
-
-
-
10,001 - 100,000
-
-
-
100,001 and over
4
4,200,000
100.00%
Total
4
4,200,000**
100.00%
* Performance Shares do not carry any voting rights until they vest and are converted into
Ordinary Fully Paid shares.
** Mr Simon Alexander Noon holds 57.1% or 2,400,000 “B” class Performance Rights.
On-Market Buy back
There is no current on-market buy back.
Restricted Securities
The Company has no restricted securities currently on issue.
PAGE 70
BOAB METALS LIMITED
SHAREHOLDER INFORMATION (CONTINUED)
AS AT 20 SEPTEMBER 2024
SUBSTANTIAL SHAREHOLDERS
Holder**
Number
%
VILLIERS QUEENSLAND PL*
18,311,694
7.85
* Denotes merged holders.
** The holders detailed above held more than 5% of the Issued Capital of the Company as at the
date of this additional Shareholder information.
3.
QUOTATION
Fully paid ordinary shares are quoted on the Australian Stock Exchange Limited. There is a total of
233,395,106 shares on issue. The top twenty shareholders, as listed below, hold 36.76% of these
shares:
Position
Holder Name
Holding
%
1
VILLIERS QUEENSLAND PL*
18,311,694
7.85%
2
CITICORP NOMINEES PTY LIMITED
11,423,041
4.89%
3
ZERO NOMINEES PTY LTD
9,599,769
4.11%
4
ACUITY CAPITAL INVESTMENT MANAGEMENT PTY LTD
7,772,876
3.33%
5
MR BRENT DAVID CONNOLLY
4,730,716
2.03%
6
BNP PARIBAS NOMINEES PTY LTD
3,825,127
1.64%
7
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
3,104,831
1.33%
8
SIMON NOON*
2,783,787
1.19%
9
SURPION PTY LTD
2,769,643
1.19%
10
UBS NOMINEES PTY LTD
2,493,358
1.07%
11
MR GRAHAM CHARLES POWELL
2,399,000
1.03%
12
MR WARWICK DYSON
2,300,000
0.99%
13
SOJOURN SERVICES PTY LTD
2,209,822
0.95%
14
MR PETER FITZGERALD & MS HELEN FITZGERALD &
MR ALBERT ALLOO
2,115,000
0.91%
15
ICONCLAST CAPITAL PTY LTD
1,901,607
0.81%
16
LADAKH PTY LTD
1,773,182
0.76%
17
BNP PARIBAS NOMS PTY LTD
1,689,230
0.72%
18
MR NOEL FRANCIS DIMECH & MRS MERILYN JOAN
DIMECH
1,625,000
0.70%
19
RICHARD MONTI*
1,561,586
0.67%
20
GREENFEET PTY LTD
1,400,000
0.60%
Total
85,789,269
36.76%
Total Issued Capital - Ordinary Shares
233,395,106
100.00%
*Denotes merged holders
PAGE 71
ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
SHAREHOLDER INFORMATION (CONTINUED)
AS AT 20 SEPTEMBER 2024
4.
SCHEDULE OF INTERESTS IN MINING TENEMENTS HELD
Farm-In Agreements/
Project Tenements
Location
% Held
Sorby Hills Project
M80/196
M80/197
M80/285
M80/286
M80/287
E80/5317
Western Australia
75%
75%
75%
75%
75%
100%
Borroloola West Project
EL31354
EL26938
EL26939
EL28658
EL30305
MLN624
Northern Territory
Australia
100%
51%
51%
51%
51%
51%
Manbarrum Project
EL24395
MA24518
MA26581
Northern Territory
Australia
100%
100%
100%
Urrao Project
2791
Colombia
100%
SHAREHOLDER INFORMATION (CONTINUED)
AS AT 20 SEPTEMBER 2024
PAGE 72
BOAB METALS LIMITED
ANNUAL REPORT 2024
www.boabmetals.com
4 Clive Street, West Perth WA 6005
+61 8 6268 0449