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2024 ReportPeers and competitors of Brenntag:
Genetic Technologies LimitedASX:BNR
www.bulletinresources.com
ABN 81 144 590 858
2024
ANNUAL
REPOR T
BULLETIN RESOURCES LIMITED
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024
1
DIRECTORS
Paul Poli
Non-Executive Chairman
Robert Martin
Non-Executive Director
Keith Muller
Non-Executive Director
Neville Bassett
Non-Executive Director
COMPANY SECRETARY
Andrew Chapman
REGISTERED OFFICE
POSTAL ADDRESS
Suite 11, 139 Newcastle Street
PO Box 376
PERTH WA 6000
NORTHBRIDGE WA 6865
AUDITORS
BDO Audit Pty Ltd
Level 9
Mia Yellagonga Tower 2
5 Spring Street
PERTH WA 6000
BANKERS
Westpac Banking Corporation
Level 6
109 St Georges Terrace
PERTH WA 6000
SOLICITORS
SOLICITORS
HopgoodGanim
Thomson Geer Lawyers
Level 27 Allendale Square
Level 29, Central Park Tower
77 St Georges Terrace
152-158 St Georges Terrace
PERTH WA 6000
PERTH WA 6000
WEBSITE
www.bulletinresources.com
SHARE REGISTRY
Computershare Investor Services
Level 17
221 St Georges Terrace
Perth WA 6000
Enquiries (within Australia) 1300 850 505
(outside Australia) 61 3 9415 4000
www.investorcentre.com/contact
HOME STOCK EXCHANGE
Australian Securities Exchange Ltd
Level 40, Central Park
152-158 St George's Terrace
Perth WA 6000
ASX Code: BNR
BULLETIN RESOURCES LIMITED
CONTENTS
FOR THE YEAR ENDED 30 JUNE 2024
2
CONTENTS
Chairman’s Report
3
Operations Review
4
Directors’ Report
14
Consolidated Statement of Profit or Loss and Other Comprehensive Income
29
Consolidated Statement of Financial Position
30
Consolidated Statement of Changes in Equity
31
Consolidated Statement of Cash Flows
32
Notes to and Forming Part of the Consolidated Financial Statements
33
Consolidated Entity Disclosure Statement
56
Directors’ Declaration
57
Independent Auditors’ Report
58
Auditor’s Independence Declaration
62
Additional ASX Information
63
Schedule of Mining Tenements
68
BULLETIN RESOURCES LIMITED
CHAIRMAN’S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
3
Dear Shareholder,
In last year’s Chairman’s Report, I noted that despite our expectations at the time, drilling approvals
for the Ravensthorpe Lithium Project had not yet been approved. Sadly, the drilling approvals were
rejected due to DEMIRS not issuing the Company a Native Vegetation Clearing Permit (“NVCP”)
despite Bulletin having provided all requested information including independent expert
environmental advice. The advice was supported by detailed on-ground surveys clearly providing
strong evidence that the proposed works are low impact in nature and would not cause a significant
impact to biodiversity, fauna habitats, remnant native vegetation or conservation areas. Bulletin also
proposed putting in place robust avoidance, mitigation and rehabilitation measures.
Bulletin does not agree with the reasoning for the DEMIRS decision to not grant the NVCP and has
appealed the decision with the Western Australian Office of the Appeals Convener. Once the Appeals
Convener completes their investigation they will provide a report to the relevant Minister, whose
decision is final and not subject to further appeal. The Company is working through the appeals
process.
The Company continues to hold its Lake Rebecca Gold Project, which remains in the early stages of
exploration and is assessing the next steps in the exploration process. Bulletin is considering its next
steps given the corporate focus in the area in recent times.
Given the Company’s strong financial position holding $11.7M in cash and liquid assets at 30 June
2024, a number of other opportunities are being evaluated to enhance the Company’s project
portfolio moving forward.
I would like to thank the entire Bulletin team for their input during the year. I am optimistic about the
Company’s future and that a positive outcome can be achieved in respect of the Ravensthorpe
Lithium Project in due course. I look forward to keeping shareholders informed on the Company’s
progress throughout the next twelve months and beyond.
Yours Sincerely
Paul Poli
Non-Executive Chairman
30 September 2024
BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2024
4
REVIEW OF OPERATIONS
Ravensthorpe Lithium Project
Bulletin’s 130km2 Ravensthorpe Lithium Project hosts high-grade spodumene and lepidolite bearing
pegmatites and is located only 12km southwest and along strike of Arcadium Lithium’s (ASX:LKE) Mt
Cattlin lithium mine.
Drilling Approvals
The project hosts outcropping spodumene bearing pegmatites and initial drilling of these pegmatites
is proposed to determine their potential economic importance. Approvals to conduct drilling are in
process (Figure 1).
As part of the regulatory process, Bulletin requires a Native Vegetation Clearing Permit (NVCP) to clear
vegetation and allow access for tracks and drill pads. Bulletin’s NVCP was referred by a third party to
the Western Australian Environmental Protection Authority (EPA) in 2023. The EPA subsequently
considered the significance of the proposal’s effect on the environment and whether or not to assess
the proposal and, if the decision was to assess, the level of assessment. In October 2023, the EPA
informed Bulletin of its decision not to assess the proposal. The EPA advised Bulletin’s small scale and
short-term exploration program impacts on flora, vegetation and fauna can be adequately considered
by the Department of Energy, Mining and Industry Regulation (DEMIRS) via a Clearing Permit, in line
with typical approval processes. When the EPA decides not to assess a proposal, it determines that
the likely effect on the environment is not so significant as to warrant its further investigation and
assessment.
Bulletin consequently resumed the Clearing Permit process with DEMIRS, implementing several new
avoidance and mitigation strategies to mitigate any potential impact on the environment. Bulletin also
provided DEMIRS with independent environmental advice supported by on-ground surveys indicating
the works are low impact and either not at variance or unlikely to be at variance to the EP Act clearing
principles, upon which the NVCP is determined. However, DEMIRS subsequently refused to grant the
NVCP to enable drilling to progress at Ravensthorpe.
Bulletin notes its assessments of likely low environmental impact were supported by the decision of
the EPA not to assess the drilling proposal and refutes DEMIRS contention that the clearing would
likely cause significant impact to biodiversity, fauna habitats, remnant native vegetation, or
conservation areas.
Bulletin does not agree with the DEMIRS decision and subsequently, lodged an appeal against the
decision to the Western Australian Office of the Appeals Convenor, on the basis that DEMIRS had erred
in their decision and did not appropriately assess or consider Bulletin’s expert and independent
environmental reports. Further, Bulletin believes that DEMIRS did not take into account the detailed
and comprehensive avoidance and mitigation measures designed by Bulletin.
The Appeals Convenor on completing the investigation will provide a report and recommendation to
the Minister for the Minister’s final determination. Bulletin looks forward to a successful appeal
outcome and remains committed to ensuring all its activities are conducted with appropriate
environmental and social governance practices and a view to the Company’s longer term potential.
BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2024
5
Figure 1: Bulletin’s proposed initial access track and drill pad plan to test outcropping spodumene
bearing pegmatites at Big pegmatite
Lake Rebecca Gold Project
The Lake Rebecca Gold Project comprises eight granted and two pending Exploration Licences over a
600km2 area. It is located approximately 150km east north-east of Kalgoorlie, WA. The project is
located in the southern portion of the Laverton Tectonic Zone, a regional scale shear/fault system that
is one of the more productive gold trends in the WA Goldfields, which hosts the Sunrise Dam, Wallaby,
Red October and Granny Smith gold camps. The tenements are adjacent to, and along strike of
Ramelius Resources Limited (ASX:RMS, Ramelius) 1.4 million ounce Rebecca gold project (Figure 2).
Progressive testing and advancement of over 100 km2 of geological and geophysical targets generated
by Bulletin continued during the year.
Soil sampling results over a faulted offset of the contact between two granitic intrusions associated
with a NNE striking Proterozoic dyke set, as well as large scale and gently folded monzogranitic shear
zones show low to moderate gold in soil anomalism with values up to 12.3ppb Au.
The sampled area is also subject to exploration for groundwater sources by Ramelius Resources
Limited (ASX:RMS, Ramelius) to support RMS’s potential processing operations. Work is being
undertaken by RMS with Bulletin’s consent. As part of water exploration works, RMS collected samples
from their aircore (AC) drilling with results provided to Bulletin. Two AC holes recorded gold
anomalism associated with basal paleochannel sands near the contact of granodiorite and granite on
the eastern boundary of the project area. The two holes reported:
BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2024
6
WBAC002: 6m at 0.34g/t Au from 80 – 86m EOH
WBAC0010: 12m at 0.51 g/t Au from 80 – 92m EOH
Hole WBAC002 terminated in basement rocks comprising granodiorite associated with epidote,
indicating the host rock has been subject to alteration, while WBAC0010 failed to reach basement and
finished in paleochannel sands. Both anomalous gold intersections are near the NNW trending contact
of two granitic intrusions, along strike and north of the soil sampling (refer Figure 3). Further sampling
is planned to follow up the potential of this area.
Figure 2: Bulletin’s Lake Rebecca and Chifley Project location map
BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2024
7
Figure 3: Lake Rebecca Gold project soil sampling and RMS drilling results
Chifley Gold Project
The Chifley Gold Project is located 150km east of Kalgoorlie. It is situated on an extension of the
Claypan Fault, a major north-south structure that hosts the 1.8Moz Lake Roe Gold deposit owned by
Ramelius Resources Limited (ASX:RMS) 20kms along strike to the northwest (Figure 2).
BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2024
8
A broad 1km2 gold in soil anomaly over interpreted mafic and ultramafics units along a granite contact
defined by earlier work continues to be refined. Infill soil sampling of 200m x 100m spacing using
CSIRO’s ultrafine soil analysis technique supported earlier wider spaced sampling results. Ultrafine soil
sampling was designed to overcome the lack of gold anomalism in transported soils using traditional
techniques where thick transported sediments overlie basement lithologies of the Yilgarn.
The gold anomaly is moderately elevated and in the order of 3 times background gold levels with a
maximum result of 14ppb Au. The coherent and extensive nature of the anomaly lends itself to further
investigation and sampling to better define the anomalous area prior to drilling (Figure 4).
Figure 4: Chifley Au ppm in soils (75%% shaded red and 90%% shaded pink) with target area
Mt Farmer Project
The Mt Farmer Project is located in the Dalgaranga area, 80km NW of Mt Magnet in an area historically
known for gold and tantalum. The Project surrounds Aldoro Resources Ltd’s (“Aldoro”, ASX:ARN,)
Niobe Rubidium-Lithium Project hosting a resource of 4.6Mt @ 0.17% Rb2O and 0.07% Li2O. It is also
adjacent to Krakatoa Resources Ltd’s (“Krakatoa”, ASX:KTA) King Tamba Rubidium resource of 5Mt @
0.14%Rb2O and 0.05% Li2O as well as their more recent discovery of lithium bearing rock chips up to
4.3% Li2O, 1.7% Rb2O and 0.5% Cs2O at their Wilsons prospect (Figure 5) (refer ARN ASX announcement
BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2024
9
dated 12 October 2022; KTA ASX announcements dated 9 March 2023 and 5 July 2023). The Mt Farmer
project also has potential northeast extensions to the Dalgaranga gold mine owned by Spartan
Resources Limited (ASX:SPR).
During the year, two tenements totalling 44km2 in area were granted by DMIRS. A third tenement,
surrounding Aldoro’s Niobe deposit is pending grant (Figure 5).
A reconnaissance trip on the granted tenements validated regional geology with outcrop comprising
porphyritic monzogranite tors with rare, thin and weakly zoned pegmatite hosted within intrusive
dolerite (greenstone). Evaluation of remote sensing data to delineate greenstones within the granite
is planned prior to further detailed mapping and sampling.
Figure 5: Bulletin’s Mt Farmer Project and nearby Rubidium, Lithium and Gold Project locations on
geology and magnetics background
Cue Gold Project
Bulletin’s Cue Gold Project is 25km2 in area and is located approximately 33km west of Cue (Figure 6).
Two exploration licenses in the project have now been granted by DEMIRS with one application
pending. The project is along strike of Westgold Resources Limited’s (ASX:WGX) Big Bell mine which
contains gold resources of 20.8Mt at 3.04g/t for 2.0Moz and gold reserves of 9.5Mt at 3.16 g/t for
960koz (refer ASX WGX announcement dated 28 November 2023).
An initial, wide spaced 400m x 100m soil sampling campaign was completed over granted tenure to
determine potential prospectivity for gold and lithium. Soils within the interpreted and observed
BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2024
10
greenstone lithologies returned a best result of 20ppb Au with supporting 5 to 7 ppb Au assays over a
400m strike in the SW corner of the tenement. Infill soil sampling of this area is planned.
Several small pegmatite outcrops were noted in mapping and rock chip chemistry indicates the
pegmatites are LCT type. The highest grade rock chip result of 0.37 %Li2O is associated with a
pegmatite within granite adjacent to the greenstone belt. While small and appearing largely
unevolved, the K/Rb ratios of the pegmatites range from 13 to 60 with a best microcline K/Rb ratio of
23, suggesting some degree of fractionation is present in the pegmatite system. No spodumene or
other potentially economic minerals were observed.
Peak lithium in soil results overly the area of pegmatite outcrops associated with the greenstone belt.
Soil sampling assays ranged to a maximum of 60 ppm Li2O with higher lithium results associated with
elevated Gallium, Beryllium and Rubidium and K/Rb ratios ranging between 50 and 60.
Figure 6: Cue gold in soil sampling results and pegmatite locations
BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2024
11
Mt Clere Rare Earth Project
The Mt Clere Rare Earth Project (E52/4136) comprises a 180km2 area along the Ti Tree Shear Zone in
the Gascoyne Region. The project is a conceptual target relying on its structural setting. The tenement
lies along the south-westerly dipping Ti Tree Shear Zone which is a mantle tapping (deep) lineament.
This is a particularly important feature as these deep mantle tapping faults can provide a pathway for
intrusives such as carbonatites or mineralising fluids. Examples of rare earth mineralisation stemming
from these deep faults are Hastings Mineral Technology Metals Limited’s (ASX:HAS) Yangibana
Project, Dreadnought Resources Limited’s (ASX:DRE) Yin carbonatites off the Lyons River Fault and
Kingfisher Mining Limited’s (ASX:KFM) Mick Well Project which lies off the Chalba shear zone.
Spodumene bearing pegmatites are also noted to the northwest along the Ti Tree shear zone at Delta
Lithium Limited’s (ASX:DLI) Malinda lithium project (Figure 7).
Earlier soil sampling results of up to 466 ppm TREO with up to 34% MREO content including 23% NdPr
oxides* and stream sediment results up to 391 ppm TREO with 26% MREO content including 21% NdPr
oxides* remain to be followed up with further mapping and sampling.
* TREO = Total Rare Earth Oxides, MREO = Magnetic Rare Earth Oxides, NdPr Oxides = Neodymium +
Praseodymium Oxides (Neodymium and Praseodymium are higher value magnetic rare earth oxides)
Figure 7: Bulletin’s Mt Clere Project location map
Powder Sill
The Powder Sill Gold Project (tenement E16/534) is located 30km northwest of Kalgoorlie and 15km
from Evolution Resources’ (ASX:EVN) Mungari Mill. The tenement lies between the Kunanalling and
Zuleika shear zones and overlies the Powder Sill complex, an intrusive unit that hosts Evolution’s White
Foil and Cutters Ridge mines to the south (Figure 8).
BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2024
12
The main exploration target is the Powder Sill complex, a layered mafic intrusion. The brittle nature
of the Sill provides for dilation zones to form and provide a trap for gold fluids. The Sill has been folded
into a southeast plunging syncline and hosts the 1.8Moz Au While Foil deposit on the eastern limb of
the syncline and the 139Koz Au Cutters Ridge deposit on the western limb of the syncline.
Regional Auger and RAB drilling has defined a number of large and broad 1 - 2km2 sized gold anomalies
for follow up. In particular, the anomalies considered most prospective are those at the base of Power
Sill where mechanical competency contrast between the Powder Sill and host Black Flag sediments
has the potential to form dilatant zones capable of focusing auriferous fluids.
Figure 8: Bulletin’s Powder Sill Project location map
Mt Jewel Project
The Mt Jewell project (E24/221) is located 60kms North of Kalgoorlie, 10km north and along strike
of the 130koz Au Tregurtha gold mine. The tenement covers a sequence of mafic-ultramafic
package of interpreted komatiitic origin. Soil sampling of the tenement during the year provided
no significant anomalism and the project was subsequently surrendered.
BULLETIN RESOURCES LIMITED
OPERATIONS REVIEW
FOR THE YEAR ENDED 30 JUNE 2024
13
Corporate
In October 2023, the Company received a dividend of $38,162 from its investment in Ramelius
Resources Limited.
In December 2023, the Company issued 7,000,000 unlisted options to directors following shareholder
approval at the Company’s Annual General Meeting held on 29 November 2023. The unlisted options
have an exercise price of $0.25 each expiring on 30 November 2026.
On 5 December 2023, the Company issued 22,223 fully paid ordinary shares upon the exercise of listed
options with an exercise price of $0.10 each.
Competent Persons Statement
The information in this report that relates to Exploration Targets and Exploration Results is based on
information compiled by Mark Csar, who is a Fellow of The AusIMM. The exploration information in
this report is an accurate representation of the available data and studies. Mark Csar is a full-time
employee of Bulletin Resources Limited and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves’. Mark Csar consents to the inclusion in the
report of the matters based on his information in the form and context in which it appears.
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
14
Your Directors present their report on the entity Bulletin Resources Limited (“Bulletin”) and the
entities it controlled (“Group”) for the year ended 30 June 2024.
DIRECTORS
The names and details of the Group’s directors in office during the financial year and until the date of
this report are as follows. Directors were in office for the entire year unless otherwise stated.
Paul Poli – Non-Executive Chairman
B. Comm, FCPA DFP
Mr Poli is a fellow of the Australian Society of Certified Practicing Accountants and a former registered
Securities Trader. He was the founder and managing partner of a taxation and business advisory firm
for 19 years prior to founding and heading Matsa Resources Limited in 2009. Mr Poli was appointed
to the Bulletin Resources board and as non-executive chairman in 2014. He is well versed in all aspects
of business, particularly financial management through both his previous consulting roles and through
his personal ownership of private companies in Western Australia, the Northern Territory and South
East Asia. Mr Poli co-led the negotiations for several significant transactions for Bulletin Resources
being the sale of Halls Creek for $12M to Pantoro Limited, and the $5.7M Apollo transaction. Mr Poli,
in his capacity as Chairman for Matsa Resources Ltd led the negotiations for the $14M Norseman
Project sale to Panoramic Resources Limited, $6M Matsa minority interest sale to Westgold Resources
Limited, and $7M Matsa’s Symons Hill IGO joint venture.
He has been chairman of Bulletin Resources Limited for over 8 years and a significant investor in the
mining industry, Mr Poli is particularly well qualified to drive the creation of a significant mining and
exploration company.
During the past three years Mr Poli has also served as a director of the following listed company:
Matsa Resources Limited
Interest in shares and options of the Company:
3,870,000 ordinary shares
1,290,000 listed options exercisable at 10 cents each expiring 31 July 2027
Robert Martin - Non-Executive Director
Mr Martin has over 40 years of experience in the management and operation of resource projects and
other commercial undertakings in his own right and in his capacity as a director and advisor to
numerous public companies. Since being appointed to the Bulletin board, Mr Martin has maintained
a substantial shareholding in Bulletin. Mr Martin uses his extensive business acumen and experience
to mentor the company’s board and took a co-lead with the negotiations in the $12M Pantoro Limited
and $5.7M Apollo Consolidated deals which were instrumental in producing the company’s current
strong financial position.
Mr Martin has extensive knowledge in all aspects of business and is particularly attuned in mining,
engineering and the entertainment businesses, which bodes well for his substantial contribution to
the management of the company.
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
15
During the past three years Mr Martin has not served as a director of any other listed companies.
Interest in shares and options of the Company:
70,586,271 ordinary shares
12,357,272 listed options exercisable at 10 cents each expiring 30 September 2024
3,000,000 unlisted options exercisable at 18.5 cents each expiring 30 November 2025
3,000,000 unlisted options exercisable at 25 cents each expiring 30 November 2026
23,528,760 listed options exercisable at 10 cents each expiring 31 July 2027
Neville Bassett - Non-Executive Director
B. Bus, FCA, AM
Mr Bassett is a Fellow of Chartered Accountants Australia and New Zealand specialising in investment
banking and corporate advisory services. He has been involved with numerous public company listings
and capital raisings, mergers and acquisitions and maintains significant knowledge and exposure to
the Australian financial markets. He has a wealth of experience in matters pertaining to the
Corporations Act, ASX listing requirements, corporate taxation and finance.
Mr Bassett was a Director/Councillor of the Royal Flying Doctor Service in Western Australia for 26
years, serving 8 years as Chairman before his retirement in 2017. He served 6 years as Western
Operations representative on the National Board of the Australian Council of the Royal Flying Doctor
Service of Australia. Mr Bassett was awarded a Member of the Order of Australia (AM) in the 2015
Australia Day Honours.
During the past three years Mr Bassett has also served as a director of the following listed companies:
Current
Auris Minerals Limited
Pointerra Limited
Pharmaust Ltd
Tennant Minerals Ltd
Previous
Yowie Group Ltd
Interest in shares and options of the Company:
500,000 unlisted options exercisable at 18.5 cents each expiring 30 November 2025
500,000 unlisted options exercisable at 25 cents each expiring 30 November 2026
Keith Muller - Non-Executive Director
B.E. (Hons) Mining, F.Aus.IMM
Mr Muller is an experienced mining engineer with over 20 years of operational and leadership
experience in both the domestic and international mining sectors, including in the lithium sector
where he has a strong operational and management background in hard rock lithium mining and
processing. Mr Muller has built an impressive track record as a technical and operational leader and
throughout his career, has been responsible for improving efficiency, driving commercial
opportunities, increasing mine longevity and enhancing safety across the projects he has worked on.
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
16
Mr Muller is a Director and CEO at Atlantic Lithium Limited and was recently at Allkem Limited where
he held roles as both Business Leader for the Australian Operation and as General Manager of
Arcadium Lithium’s Mt Cattlin Lithium operation in Ravensthorpe, Western Australia, which is in close
proximity to Bulletin’s Ravensthorpe project. Whilst at Arcadium Lithium, Keith focussed on business
and mine performance improvement at the Mt Cattlin lithium mine. Prior to that, Mr Muller was the
Operations Manager and Senior Mining Engineer at Simec.
During the past three years, Mr Muller has also served as a director of the following listed company:
Current
Atlantic Lithium Limited
Interest in shares and options of the Company:
3,000,000 unlisted options exercisable at 18.5 cents each expiring 30 November 2025
500,000 unlisted options exercisable at 25 cents each expiring 30 November 2026
COMPANY SECRETARY
Mr Andrew Chapman
CA F Fin GAICD
Mr Chapman is a chartered accountant with over 30 years of experience with publicly listed companies
where he has held positions as a Director, Company Secretary and Chief Financial Officer and has
experience in the areas of corporate acquisitions, divestments and capital raisings. He has worked for
a number of public companies in the mineral resources, oil and gas and technology sectors. He is
currently a director and company secretary of Matsa Resources Limited.
Mr Chapman is an associate member of Chartered Accountants Australia and New Zealand, a Fellow
of the Financial Services Institute of Australasia (Finsia) and a graduate member of the Australian
Institute of Company Directors (AICD).
PRINCIPAL ACTIVITIES
Bulletin Resources Limited is a minerals exploration company based in Perth, Western Australia.
During the year the principal activities of the Group were exploration for gold, lithium and other
minerals exploration within Western Australia.
FINANCIAL RESULTS AND FINANCIAL POSITION
The Group’s net loss for the year after income tax is $647,204 (2023: profit $563,577).
The Group’s net loss for the year includes the following items:
Profit on sale of royalty rights of Geko tenements of $nil (2023: $3,100,000)
Exploration, new project review and geological activities expenditure of $741,358 (2023:
$1,141,182)
Net gain on sale of and fair value movement in financial assets of $1,306,973 (2023: 553,369)
Share based payments expense of $705,210 (2023: $817,632)
Total corporate and administrative expenses of $440,303 (2023: $489,518) and director
fees/employee benefits expense of $390,094 (2023: $335,823) were incurred for the year
Income tax expense of $87,897 (2023: $281,747)
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
17
Review of Financial Condition
As at 30 June 2024, the Group had net assets of $11,959,129 (2023: $11,898,901).
Cash reserves at 30 June 2024 were $8,197,081 compared to $8,737,769 in the previous financial year.
DIVIDENDS
No dividend was paid or declared by Bulletin in the period since the end of the previous financial year
(2023: Nil), and up to the date of this report. The Directors do not recommend that any amount be
paid by way of dividend.
CORPORATE STRUCTURE
Bulletin is a company limited by shares, which is incorporated and domiciled in Australia.
EMPLOYEES
The Group had 5 employees (2023: 3) as at 30 June 2024.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
In the opinion of the Directors, there were no significant changes in the state of affairs of the Group
that occurred during the year under review that has not already been disclosed in this report or in the
financial statements.
EVENTS SUBSEQUENT TO THE REPORTING DATE
On 19 July 2024, the Company announced that it would conduct a fully underwritten 1 for 3 non-
renounceable rights issue of loyalty options to its shareholders with a subscription price of $0.003 and
an expiry date of 31 July 2027. As a result, the Company raised $293,613 before costs and issued
97,871,108 listed options on 14 August 2024.
On 16 September 2024, the Company participated in a share placement, conducted by Matsa
Resources Limited (ASX:MAT), via the acquisition of 70,000,000 shares in at an issue price of $0.028
per share.
There have been no matters or circumstances that have arisen since the end of the financial year,
which have significantly affected or may significantly affect the operations of the Group, the results of
those operations, or the state of affairs of the Group in future financial years.
FUTURE DEVELOPMENTS
Other than as described above there are no further likely developments.
MATERIAL BUSINESS RISKS
The proposed future activities of the Group are subject to a number of risks and other factors, which
may impact its future performance. Some of these risks can be mitigated by the use of safeguards and
appropriate controls. However, many of the risks are outside the control of the directors and
management of the Company and cannot be mitigated.
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
18
Exploration
Mineral exploration activities are high-risk undertakings. The future exploration activities of the
Company may be affected by a range of factors, including geological conditions, seasonal weather
patterns, unanticipated operational and technical difficulties, industrial and environmental accidents
and other factors beyond the control of the Company. There can be no assurance that exploration will
result in the discovery of further mineral deposits. Even if an apparently viable deposit is identified,
there is no guarantee that it can be economically exploited.
Capital and liquidity
In order to successfully fulfill the Company’s exploration objectives and targets, the Company will
continue to incur expenditures over the next several years. As at balance sheet date, the Company
has cash reserves of $8,197,081 which places the Company in a well-funded position to continue
exploring within its existing tenements as well as potential new projects. The Company may require
additional capital or other types of financing in the future to further its exploration activities. While
previous capital raises have been well-supported, there can be no assurance of the availability of
future capital or favourable financing options if and when required.
Licenses, permits and approvals
The Company requires statutory operational and environmental licenses, permits and approvals to
conduct ongoing exploration activities at its projects. Delays in obtaining, or the inability to obtain the
required licenses, permits and approvals may significantly impact on the Company’s exploration
activities.
ENVIRONMENTAL REGULATIONS AND PERFORMANCE
The Group’s exploration activities are subject to various environmental laws and regulations under
Australian Legislation. The Group has adequate systems in place for the management of its
environmental obligations. The directors are not aware of any breaches of the legislation during the
financial year which are material in nature.
The Directors have considered the recently enacted National Greenhouse and Energy Reporting Act
2007 (the NGER Act) which introduces a single national reporting framework for the reporting and
dissemination of information about greenhouse gas emissions, greenhouse gas projects, and energy
use and production of corporations. At the current stage of development, the directors have
determined that the NGER Act will have no effect on the Company for the current, nor subsequent,
financial year. The directors will reassess this position as and when the need arises.
MEETINGS OF DIRECTORS
The number of meetings of directors held during the year and the number of meetings attended by
each director were as follows:
Directors
Eligible
Attended
Paul Poli
2
2
Robert Martin
2
2
Neville Bassett
2
2
Keith Muller
2
2
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
19
DIRECTORS’ INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY
As at the date of this report, the interests of the directors in the shares and options of Bulletin
Resources Limited were:
Number of
Ordinary Shares
Number of
Unlisted Options
Number of
Listed Options
Paul Poli
3,870,000
6,000,000
1,290,000
Neville Bassett
-
1,000,000
-
Robert Martin
70,586,271
6,000,000
35,886,032
Keith Muller
-
3,500,000
-
Options granted to directors and executives of the Company
During the financial year, the Company granted 7,000,000 options over unissued ordinary shares
issued in the Company to directors of the Company as part of their remuneration.
SHARE OPTIONS
As at the date of this report there are 21,750,000 unlisted unissued ordinary shares of Bulletin
Resources Limited under option.
As at the date of this report there are 169,403,678 listed unissued ordinary shares of Bulletin
Resources Limited under option.
Option holders do not have any right, by virtue of the option, to participate in any share issue of the
Company or any related body corporate.
During the financial year, no unlisted options were exercised. 22,223 listed options were exercised
during the year.
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
20
REMUNERATION REPORT (Audited)
Principles of Compensation
This remuneration report for the year ended 30 June 2024 outlines the remuneration arrangements
of the Company in accordance with the requirements of the Corporations Act 2001 (“the Act”) and its
regulations. This information has been audited as required by section 308(3C) of the Act.
The remuneration report details the remuneration arrangements for Key Management Personnel
(“KMP”) who are defined as those persons having authority and responsibility for planning, directing
and controlling the major activities of the Group, directly or indirectly, including any director (whether
executive or otherwise) of the Group, and includes the four executives in the Group receiving the
highest remuneration.
For the purposes of this remuneration report, the term ‘executive’ includes the Executive Directors of
the Group.
The prescribed details for each person covered by this report are detailed below under the following
headings:
A. Key Management Personnel
B. Remuneration Policy
C. Remuneration of Directors and Key Management Personnel
D. Key Terms of Service Agreements
E. Other Information
A. Key Management Personnel
Names and positions held of the Group’s key management personnel (“Key Management Personnel”)
in office at any time during the financial year are:
Key Management Personnel
Position
Mr Paul Poli
Non-Executive Chairman
Mr Robert Martin
Non-Executive Director
Mr Keith Muller
Non-Executive Director
Mr Neville Bassett
Non-Executive Director
Mr Andrew Chapman
Company Secretary
Mark Csar
Chief Executive Officer
There were no changes to key management personnel after reporting date and before the date the
financial report was authorised for issue.
B. REMUNERATION POLICY
Board Oversight of Remuneration
Remuneration Committee
In the opinion of the directors the Company is not of sufficient size to warrant the formation of a
remuneration committee. It is the board of directors’ responsibility for determining and reviewing
compensation arrangements for the directors and the senior executives.
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
21
REMUNERATION REPORT (continued)
The board assesses the appropriateness of the nature and amount of remuneration of Non-Executive
Directors and Executives on a periodic basis by reference to relevant employment market conditions
with the overall objective of ensuring maximum stakeholder benefit from the retention of a high
performing Director and Executive team.
Remuneration Approval Process
The board approves the remuneration arrangements of the Executive Directors and Executives and all
awards made under the long-term incentive plan. The board also sets the aggregate remuneration of
Non-Executive Directors which is then subject to shareholder approval.
Remuneration Strategy
The Company’s remuneration strategy is designed to attract, motivate and retain employees and non-
executive directors by identifying and rewarding high performers and recognising the contribution of
each employee to the continued growth and success of the Group.
To this end, the Company embodies the following principles in its remuneration framework:
• retention and motivation of key executives;
• attraction of quality management to the Company; and
• performance incentives which allow executives to share the rewards of the success of the
Company.
Remuneration Structure
In accordance with best practice corporate governance, the structure of Non-Executive Director and
Senior Management remuneration is separate and distinct.
Remuneration report at 2023 Financial Year AGM
The 2023 financial year remuneration report received positive shareholder support at the 2023 annual
general meeting with a vote via poll of 97% in favour.
Non-Executive Director Remuneration
Objective
The board seeks to set aggregate remuneration at a level which provides the Company with the ability
to attract and retain Directors of the highest calibre, whilst incurring a cost which is acceptable to
shareholders.
Remuneration Policy
The Constitution and the ASX Listing Rules specify that the aggregate remuneration of Non-Executive
Directors shall be determined from time to time by a general meeting. An amount not exceeding the
amount determined is then divided between the Directors as agreed. The current aggregate
remuneration is $350,000 per year.
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
22
REMUNERATION REPORT (continued)
The amount of aggregate remuneration sought to be approved by shareholders and the manner in
which it is apportioned amongst Directors is reviewed annually. The board considers advice from
external consultants as well as the fees paid to Non-Executive Directors of comparable companies
when undertaking the annual review process. Each Director receives a fee for being a Director of the
Company. No external advice was received during the year.
Non-Executive Directors are encouraged by the board to hold shares in the Company (purchased by
the Director on market). It is considered good governance for Directors to have a stake in the
Company on whose board he or she sits.
Structure
The remuneration of Non-Executive Directors consists of Directors’ fees. Non-Executive Directors are
entitled to receive retirement benefits and to participate in any incentive programs. There are
currently no specific incentive programs.
The Chairman receives a base fee of $72,000 per annum. The Non-Executive Directors receive a base
fee of $60,000 per annum.
There are no additional fees for serving on any board committees. Non-Executive Directors can receive
additional fees for work conducted for the Company outside the scope of their normal duties subject
to being authorised by the board.
The remuneration report for the Non-Executive Directors for the year ended 30 June 2024 and 30 June
2023 is detailed in this report.
Executive Remuneration Structure
Remuneration Policy
The Company aims to reward executives with a level and mix of remuneration commensurate with
their position and responsibilities within the Company. The current remuneration policy adopted is
that no element of any executive package be directly related to the Company’s financial performance.
There are no elements of any executive remuneration that are dependent upon the satisfaction of any
specific condition. Remuneration is not linked to the performance of the Company but rather to the
ability to attract and retain executives of the highest calibre. The overall remuneration policy
framework however is structured in an endeavour to advance/create shareholder wealth.
Structure
In determining the level and make-up of executive remuneration, the board engages external
consultants as needed to provide independent advice.
Remuneration consists of the following key elements:
Fixed remuneration (base salary and superannuation); and
Variable remuneration (short and long term incentives).
The proportion of fixed remuneration and variable remuneration for each Executive for the year
ended 30 June 2024 and 30 June 2023 is detailed in this report.
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
23
REMUNERATION REPORT (continued)
Fixed Remuneration
Executive contracts of employment do not include any guaranteed base pay increase. Fixed
remuneration is reviewed annually by the board. The process consists of a review of the Company,
business unit and individual performance, relevant comparative remuneration internally and
externally and, where appropriate, external advice independent of management.
Executives are given the opportunity to receive their fixed (primary) remuneration in a variety of forms
including cash and fringe benefits such as motor vehicles. It is intended that the manner of payment
chosen will be optimal for the recipient without creating undue cost for the Company.
The fixed remuneration component for executives for the year ended 30 June 2024 and 30 June 2023
is detailed in this report.
Variable Remuneration – Short Term Incentive (STI)
The objective of the STI is to link the increase in shareholder value over the year with the remuneration
received by the Executives charged with achieving that increase. The total potential STI available is set
at a level so as to provide sufficient incentive to the Executives to achieve the performance goals and
such that the cost to the Group is reasonable in the circumstances.
Annual STI payments granted to each Executive depend on their performance over the preceding year
and are based on recommendations from the Chairman following collaboration with the board. The
board has no pre-determined performance criteria against which the amount of a STI is assessed and
there are no pre-determined maximum possible values of award under the STI scheme. In assessing
the value of an STI award to be granted the board will give consideration to the contribution of the
action being rewarded to the success of the Group.
Variable Remuneration – Long Term Incentive (LTI)
The objective of the LTI plan is to reward Executives in a manner which aligns the element of
remuneration with the creation of shareholder wealth. As such LTI’s are made to Executives who are
able to influence the generation of shareholder wealth and thus have an impact on the Group’s
performance. The level of LTI granted is, in turn, dependent on the Company’s recent share price
performance, the seniority of the Executive and the responsibilities the Executive assumes in the
Group.
LTI grants to Executives are delivered in the form of employee share options. These options are issued
at an exercise price determined by the board at the time of issue. There were 7,000,000 options issued
to Directors for the year ended 30 June 2024 (2023: 12,250,000).
Typically, the grant of LTI’s occurs at the commencement of employment or in the event that the
individual receives a promotion and, as such, is not subsequently affected by the individual’s
performance over time. However, under certain circumstances, including breach of employment
conditions, the Directors may cause the options to expire prior to their vesting date.
The Group does have a policy to prohibit executives or directors from entering into arrangements to
protect the value of unvested LTI awards.
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
24
REMUNERATION REPORT (continued)
Other Benefits
Key management personnel can receive additional benefits as non-cash benefits as part of the terms
and conditions of their appointment. Non-cash benefits typically include car parking and expenses
where the Company pays fringe benefits tax on these benefits.
Company Performance and the Link to Remuneration
Remuneration is not linked to the performance of the Company, but based on the ability to attract
and retain Executives of the highest calibre. The overall remuneration policy framework however is
structured in an endeavour to advance/create shareholder wealth.
The table below shows the performance of the Group as measured by share price.
As at 30 June
2024
2023
2022
2021
2020
Closing share price
$0.041
$0.061
$0.105
$0.068
$0.077
Net comprehensive
income/(loss) per year ended ($)
(647,204)
563,577
462,686
3,554,700
(746,666)
Earnings/(loss) per share (cents)
(0.22)
0.19
0.18
1.98
(0.42)
Dividends
-
-
-
-
-
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
25
C. REMUNERATION OF DIRECTORS AND KEY MANAGEMENT PERSONNEL
Details of the nature and amount of the remuneration of the Directors and Key Management Personnel are as follows:
2024
Short Term
Post-Employment
Benefits
Share Based
Payments
Total
Performance
Related
Salary & Fees
Consulting
Superannuation
Options
$
$
$
$
$
%
Non-Executive Directors
P Poli
72,000
36,935
-
302,233
411,168
73.51
R Martin
60,000
19,890
-
302,233
382,123
79.09
K Muller
54,299
-
5,973
50,372
110,644
45.53
N Bassett
60,000
-
-
50,372
110,372
45.64
Other Key Management Personnel
A Chapman
55,199
-
6,072
-
61,271
-
M Csar
260,000
-
27,399
-
287,399
-
Total Key Management Personnel
561,498
56,825
39,444
705,210
1,362,977
2023
Short Term
Post-Employment
Benefits
Share Based
Payments
Total
Performance
Related
Salary & Fees
Consulting
Superannuation
Options
$
$
$
$
$
%
Non-Executive Directors
P Poli
72,000
40,050
-
207,215
319,265
64.90
R Martin
60,000
16,877
-
207,215
284,092
72.94
K Muller (appointed 03.02.23)
22,301
-
2,342
109,648
134,291
81.65
N Bassett
60,000
-
-
34,536
94,536
36,53
D Prior (resigned 03.02.23)
16,153
-
1,696
34,536
52,385
65.93
Other Key Management Personnel
A Chapman
43,785
-
4,597
51,804
100,186
51.71
M Csar
260,000
-
25,292
103,607
388,899
26,64
Total Key Management Personnel
534,239
56,927
33,927
748,561
1,373,654
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
26
REMUNERATION REPORT (continued)
D. KEY TERMS OF SERVICE AGREEMENTS
Non-Executive directors
Each of the Non-Executive Directors has an agreement with the Company which dictates the level of
remuneration they receive as a Non-Executive Director. The Non-Executive Chairman is paid $72,000
per annum and three of the Non-Executive Directors are paid $60,000 per annum. Each of the Non-
Executive Directors is able to receive additional fees for work conducted outside the normal scope of
their duties.
Other Key Management Personnel
Chief Executive Officer
Mr Mark Csar has a contract of employment with the Company whereby he receives a salary of
$260,000 plus statutory superannuation. This contract is for an unlimited term and is capable of
termination on one month’s notice. The Group retains the right to terminate the contract
immediately, by making payment equal to one month’s pay in lieu of notice.
Company Secretary
Mr Andrew Chapman is employed as permanent part-time employee with the Company from 1 March
2024 (previously on casual employment). He receives a salary of $84,000 plus statutory
superannuation. This contract (yet to be executed) is for an unlimited term and is capable of
termination on one month’s notice. The Group retains the right to terminate the contract
immediately, by making payment equal to one month’s pay in lieu of notice.
E. OTHER INFORMATION
Compensation Options Granted and Vested during the year
The table below sets out options granted during the year to Directors and Executives. There were
7,000,000 options issued to Directors during the year. There were no options that were granted in
previous years that vested during the year. The options were issued free of charge and entitle the
holder to subscribe for one fully paid ordinary share in the Company. These options were vested
immediately.
The fair value of the options is estimated at the date of grant using a Black- Scholes model. The
following table gives the assumptions made in determining the fair value of the options granted in the
financial year. The options vested immediately.
Grant Date
29/11/2023
No of options
7,000,000
Dividend yield (%)
-
Expected volatility (%)
101.76
Risk-free interest rate (%)
4.01
Expected life of options (years)
3
Option exercise price ($)
0.25
Share price at grant date ($)
0.175
Fair value at grant date ($)
0.10
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
27
REMUNERATION REPORT (continued)
The expected life of the options is based on historical data and is not necessarily indicative of
exercise patterns that may occur.
There were no alterations to the terms and conditions of options granted as remuneration since their
grant date.
The maximum value of the award is equal to the number of options granted multiplied by the fair
value at grant date. The minimum value of the award in the event of forfeiture is zero and all options
vest immediately.
Option Holdings of Key Management Personnel
Year Ended 30 June 2024
Balance
1
July 2023
Granted
as
Remuneration
Options
Exercised
Other
Change*
Balance 30
June 2024
Vested and
Exercisable
P Poli
3,000,000
3,000,000
-
-
6,000,000
6,000,000
R Martin
15,334,414
3,000,000
-
22,858
18,357,272
18,357,272
K Muller
3,000,000
500,000
-
-
3,500,000
3,500,000
N Bassett
500,000
500,000
-
-
1,000,000
1,000,000
A Chapman
1,318,519
-
-
-
1,318,519
1,318,519
M Csar
2,504,033
-
-
-
2,504,033
2,504,033
TOTAL
25,656,966
7,000,000
-
22,858
32,679,824
32,679,824
*Net change refers to on market purchase of shares with free attaching options.
Shareholdings of Key Management Personnel
Year Ended 30 June 2024
Balance
1 July 2023
Granted
as
Remuneration
Options
Exercised
Other
Changes*
Balance
30 June 2024
P Poli
3,870,000
-
-
-
3,870,000
R Martin
69,486,271
-
-
1,100,000
70,586,271
K Muller
-
-
-
-
-
N Bassett
-
-
-
-
-
A Chapman
1,498,509
-
-
-
1,498,509
M Csar
1,648,396
-
-
-
1,648,396
TOTAL
76,503,176
-
-
1,100,000
77,603,176
*Net change refers to on market purchase of shares.
Other transactions and balances with Key Management Personnel
The Company has a services agreement with Matsa Resources Limited (Matsa) whereby Matsa
provides accounting and administrative services to the Group on a monthly arms-length basis and on
commercial terms. Messrs Paul Poli and Andrew Chapman are directors of Matsa.
In the current year $123,717 has been charged to Bulletin for these services (2023: $138,000). At 30
June 2024 there was an outstanding balance of $8,722 (2023: nil) owing to Matsa.
There have been no loans made to Key Management Personnel during the 2024 reporting year (2023:
nil).
End of Audited Remuneration Report
BULLETIN RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
28
CORPORATE GOVERNANCE
The board is responsible for the corporate governance of the Company. The board guides and
monitors the business and affairs of the Company on behalf of the shareholders by whom they are
elected and to whom they are accountable. The Company has reviewed its corporate governance
practices against the Corporate Governance Principles and Recommendations (4th edition) published
by the ASX Corporate Governance Council. In accordance with ASX Listing Rule 4.10.3, the Company
has elected to disclose its Corporate Governance policies and its compliance with them on its website.
A description of the Company’s current corporate governance practices is set out in the Company’s
Corporate Governance Statement which can be viewed at www.bulletinresources.com.
INDEMNIFICATION
During the year $15,709 (2023: $8,800) was incurred as an expense for Directors and officeholders
insurance which covers all Directors and officeholders. A policy has been entered into for the year
ended 31 August 2025.
The liabilities insured are costs and expenses that may be incurred in defending civil or criminal
proceedings that may be brought against the officers in their capacity as officers of the Company.
PROCEEDINGS ON BEHALF OF COMPANY
No person has applied for leave of Court to bring proceedings on behalf of the company or intervene
in any proceedings to which the company is a party for the purpose of taking responsibility on behalf
of the company for all or any part of those proceedings other than that already disclosed.
The Company was not a party to any such proceedings during the year other than that already
disclosed.
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian
Securities and Investments Commission, relating to 'rounding-off'. Amounts in this report have been
rounded off in accordance with that Corporations Instrument to the dollar.
AUDITOR’S INDEPENDENCE
A copy of the auditor’s independence declaration as required under section 307C of the Corporations
Act 2001 is set out on page 62.
Signed in accordance with a resolution of the Directors dated this 30th day of September 2024.
NON-AUDIT SERVICES
The Company may decide to employ the auditor on assignments additional to their statutory audit
duties where the auditor’s expertise and experience with the Company is important. There have been
no non-audit services provided by the Company’s auditor during the year (2023: Nil).
Signed in accordance with a resolution of the directors.
Mr. Paul Poli
Chairman
30 September 2024
BULLETIN RESOURCES LIMITED
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
29
Notes
2024
2023
$
$
Continuing Operations
Interest received
339,425
120,388
Other Income
3
485,417
3,052,932
Other expenses
Professional fees
(140,036)
(153,834)
Directors fees
(252,272)
(234,492)
Administration expenses
(440,303)
(489,518)
Employee benefit expense
(137,822)
(101,331)
Fair value movement on financial assets
6
1,032,852
609,993
Exploration expenditure
(741,358)
(1,141,182)
Share based payments expense
14
(705,210)
(817,632)
Expenses from operations
(1,384,149)
(2,327,996)
(Loss)/profit from operations before income tax
expense
(559,307)
845,324
Income tax expense
8
(87,897)
(281,747)
(Loss)/profit after income tax for the year
(647,204)
563,577
Other comprehensive income
Items that will not be reclassified subsequently through
profit or loss:
Items that may be reclassified subsequently to profit or
loss
-
-
Other comprehensive profit/(loss) for the year
-
-
Total comprehensive profit/(loss)
for the year
attributable to members of Bulletin Resources Limited
(647,204)
563,577
(Loss)/profit per share for the year from continuing
operations attributable to the members of Bulletin
Resources Limited:
Basic (loss)/profit per share (cents)
13
(0.22)
0.19
Diluted (loss)/profit per share (cents)
13
(0.22)
0.18
The above consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes.
BULLETIN RESOURCES LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30
Notes
2024
2023
$
$
CURRENT ASSETS
Cash and cash equivalents
4
8,197,081
8,737,769
Other receivables
5
845,307
52,304
Other financial assets
6
2,722,268
2,431,151
TOTAL CURRENT ASSETS
11,764,656
11,221,224
NON CURRENT ASSETS
Other receivables
5
-
800,000
Exploration and evaluation assets
7
692,231
692,231
Plant and equipment
27,255
41,547
TOTAL NON CURRENT ASSETS
719,486
1,533,778
TOTAL ASSETS
12,484,142
12,755,002
CURRENT LIABILITIES
Trade and other payables
166,525
128,733
Provisions
9
48,358
403,499
TOTAL CURRENT LIABILITIES
214,883
532,232
NON CURRENT LIABILITIES
Provisions
9
73,196
67,738
Deferred tax liability
8
236,934
256,131
TOTAL NON CURRENT LIABILITIES
310,130
323,869
TOTAL LIABILITIES
525,013
856,101
NET ASSETS
11,959,129
11,898,901
EQUITY
Issued capital
10
6,040,509
6,038,287
Reserves
11
2,352,711
1,647,501
Retained earnings
12
3,565,909
4,213,113
TOTAL EQUITY
11,959,129
11,898,901
The above consolidated statement of financial position should be read in conjunction with the
accompanying notes.
BULLETIN RESOURCES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
31
Issued
Capital
Retained Earnings Equity Settled
Benefits
Reserve
Total
$
$
$
$
Balance at 1 July 2022
5,933,287
3,649,536
829,869
10,412,692
Profit for the year
-
563,577
-
563,577
Total comprehensive income for the
year
-
563,577
-
563,577
Transactions with owners in their
capacity as owners:
Issue of share capital
105,000
-
-
105,000
Share based payments (Note 14)
-
-
817,632
817,632
Balance at 30 June 2023
6,038,287
4,213,113
1,647,501
11,898,901
Balance at 1 July 2023
6,038,287
4,213,113
1,647,501
11,898,901
Loss for the year
-
(647,204)
-
(647,204)
Total comprehensive profit for the
year
-
(647,204)
-
(647,204)
Transactions with owners in their
capacity as owners:
Issue of share capital
2,222
-
-
2,222
Share based payments (Note 14)
-
-
705,210
705,210
Balance at 30 June 2024
6,040,509
3,565,909
2,352,711 11,959,129
The above consolidated statement of changes in equity should be read in conjunction with the
accompanying notes.
BULLETIN RESOURCES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
32
2024
2023
$
$
CASH FLOWS FROM OPERATING ACTIVITIES
Receipt of royalties
-
85,873
Payments to suppliers and employees
(917,089)
(1,005,390)
Interest received
339,425
120,388
Payments for exploration and evaluation
(741,358)
(1,141,182)
Income taxes received/(paid)
(451,040)
238,999
Other income
211,296
3,109,557
Net cash (outflows)/inflows from operating activities (Note 4)
(1,558,766)
1,408,245
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of other financial assets (Note 6)
1,858,476
430,672
Payments for tenement acquisitions/joint venture expenditure
-
(1,594)
Payments for other financial assets
(842,620)
(385,216)
Net cash inflows from investing activities
1,015,856
43,862
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of options
2,222
-
Net cash inflows from financing activities
2,222
-
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
Net (decrease)/increase in cash equivalent held
(540,688)
1,452,106
Cash and cash equivalents at the beginning of the financial year
8,737,769
7,285,663
Cash and cash equivalents at the end of the financial year
8,197,081
8,737,769
The above consolidated statement of cash flows should be read in conjunction with the accompanying
notes.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
33
1.
CORPORATE INFORMATION
The consolidated financial report of Bulletin Resources Limited for the year ended 30 June 2024 were
authorised for issue in accordance with a resolution of the Board of Directors on 30 September 2024.
Bulletin Resources Limited is a for-profit entity limited by shares incorporated and domiciled in
Australia whose shares are publicly traded on the Australian Securities Exchange.
The nature of the operations and principal activities of the Group are described in the Directors’
Report.
The consolidated financial report of the Company as at and for the year ended 30 June 2024 comprise
the Company and its subsidiaries (together referred to as the “Group”).
The following is a summary of the material accounting policies adopted by the Group in the
preparation of the financial report. The accounting policies have been consistently applied, unless
otherwise stated.
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES
(a)
Basis of Preparation
The financial report is a general purpose financial report, which has been prepared in accordance with
the requirements of the Corporations Act 2001 and Australian Accounting Standards and other
authoritative pronouncements of the Australian Accounting Standards Board.
The financial report has been prepared on a historical cost basis, except for certain financial assets
measured at fair value through profit and loss.
The financial report is presented in Australian dollars.
(b)
Statement of Compliance
The consolidated financial report complies with Australian Accounting Standards as issued by the
Australian Accounting Standards Board which include International Financial Reporting Standards
(IFRS) as issued by the International Accounting Standards Board.
(c)
Changes in Accounting Policies and Disclosures
Adoption of new accounting standards
In the current year, the Group has adopted all of the new and revised Standards and Interpretations
issued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations
and effective for annual reporting periods beginning on 1 July 2023.
The Group has reviewed the new and revised Standards and Interpretations in issue not yet adopted
for the year ended 30 June 2024. As a result of this review the Group has determined that there is no
significant impact of the Standards and Interpretations in issue not yet adopted by the Group.
Accordingly, the accounting policies adopted are consistent with those of the previous financial year.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
34
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
(d)
Basis of Consolidation
The consolidated financial statements comprise the financial statements of the parent entity and its
subsidiaries (‘the Group’) as at 30 June each year.
Control is achieved where the company has exposure to variable returns from the entity and the
power to affect those returns. The existence and effect of potential voting rights that are currently
exercisable or convertible are considered when assessing whether a consolidated entity controls
another entity.
The financial statements of the subsidiaries are prepared for the same reporting period as the parent
company, using consistent accounting policies. In preparing consolidated financial statements, all
intercompany balances and transactions, income and expenses and profit and losses resulting from
intra-group transactions, have been eliminated in full.
Subsidiaries are fully consolidated from the date on which control is obtained by the Group and cease
to be consolidated from the date on which control is transferred out of the Group.
Where there is loss of control of a controlled entity, the consolidated financial statements include the
results for the part of the reporting period during which the Company has control.
Changes in ownership interest of a subsidiary (without a change in control) are accounted for as a
transaction with owners in their capacity as owners.
(e)
Exploration and Evaluation Expenditure
Exploration and evaluation costs are expensed in the year they are incurred apart from:
(i)
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 exploitation
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; and
(ii) joint venture expenditure on the Geko joint venture which is capitalised and designated as a
separate area of interest.
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 also reviewed at the end of each accounting period and accumulated
costs are written off to the extent that they will not be recoverable in the future.
(f)
Financial Instruments
Trade and other receivables are generally due for settlement within 30 days. They are presented as
current assets unless collection is not expected for more than 12 months after the reporting date.
Trade and other receivables are recognised at amortised cost using the effective interest rate method,
less any allowance for expected credit losses. The deferred consideration has been recognised on this
basis.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
35
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
(f)
Financial Instruments (continued)
The Group assesses at each balance date whether there is objective evidence that a financial asset or
group of financial assets is impaired. For trade and other receivables, the Group applies the simplified
approach permitted by AASB 9 to determine any allowances for expected credit losses, which requires
expected lifetime losses to be recognised from initial recognition of the receivables. The expected
credit losses on these financial assets are estimated using a provision matrix based on the Group’s
historical credit loss experience. The amounts held in trade and other receivables do not contain
impaired assets and are not past due. Based on the credit history of these trade and other receivables,
it is expected that the amounts will be received when due.
The Group’s financial risk management objectives and policies are set out in Note 20.
Due to the short-term nature of these receivables their carrying value is assumed to approximate their
fair value.
Financial assets are recognised and derecognised on settlement date where the purchase or sale of
an investment is under a contract whose terms require delivery of the investment within the time-
frame established by the market concerned. They are initially measured at fair value, net of
transaction costs, except for those financial assets classified as fair value through profit or loss, which
are initially measured at fair value. Transaction costs of financial assets carried at fair value through
profit or loss are expensed in profit or loss.
The Group classifies its financial assets as either financial assets at fair value though profit or loss
(“FVTPL”), fair value though other comprehensive income (“FVTOCI”) or at amortised cost. The
classification depends on the entity’s business model for managing the financial assets and the
contractual terms of the cash flows.
For investments in equity instruments, the classification depends on whether the Group has made an
irrevocable election at the time of initial recognition to account for the equity investment at FVTPL or
FVTOCI.
Financial assets at FVTPL
For assets measured at FVTPL, gains and losses will be recorded in profit or loss. The Group’s
derivative financial instruments are recognised at FVTPL. Assets in this category are subsequently
measured at fair value. The fair values of financial assets in this category are determined by reference
to active market transactions or using a valuation technique where no active market exists. Refer to
Note 20 for additional details. The Group has elected to measure its listed equities at FVTPL.
(g)
Cash and Cash Equivalents
Cash and short-term deposits in the statement of financial position comprise cash at bank and in hand,
and short-term deposits.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and cash
equivalents as defined above, net of outstanding bank overdrafts.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
36
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
(h)
Earnings per Share
Basic earnings per share is determined by dividing the operating profit or loss after income tax by the
weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus
elements in ordinary shares issued during the year.
Diluted earnings per share is calculated as net profit attributable to members of the parent, adjusted
for:
• costs of servicing equity (other than dividends) and preference share dividends;
• the after tax effect of dividends and interest associated with dilutive potential ordinary shares
that have been recognised as expenses; and
other non-discretionary changes in revenue or expenses during the period that would result from
the dilution of potential ordinary shares.
Divided by the weighted average number of ordinary shares and dilutive potential ordinary shares,
adjusted for any bonus element.
(i)
Income Tax
Current Tax
Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect
of the taxable profit or tax loss for the period. It is calculated using tax rates and tax laws that have
been enacted or substantively enacted by reporting date. Current tax for current and prior periods is
recognised as a liability (or asset) to the extent that it is unpaid (or refundable).
Deferred Tax
Deferred tax is accounted for using the comprehensive balance sheet liability method in respect of
temporary differences arising from differences between the carrying amount of assets and liabilities
in the financial statements and the corresponding tax base of those items.
In principle, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax
assets are recognised to the extent that it is probable that sufficient taxable amounts will be available
against which deductible temporary differences or unused tax losses and tax offsets can be utilised.
However, deferred tax assets and liabilities are not recognised if the temporary differences giving rise
to them arise from the initial recognition of assets and liabilities (other than as a result of a business
combination) which affects neither taxable income nor accounting profit. Furthermore, a deferred tax
liability is not recognised in relation to taxable temporary differences arising from goodwill.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in
subsidiaries, branches, associates and joint ventures except where the entity is able to control the
reversal of the temporary differences and it is probable that the temporary differences will not reverse
in the foreseeable future. Deferred tax assets arising from deductible temporary differences
associated with these investments and interests are only recognised to the extent that it is probable
that there will be sufficient taxable profits against which to utilise the benefits of the temporary
differences and they are expected to reverse in the foreseeable future.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
37
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
(i)
Income Tax (continued)
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the
period(s) when the asset and liability giving rise to them are realised or settled, based on tax rates
(and tax laws) that have been enacted or substantively enacted by reporting date. The measurement
of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner
in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets
and liabilities.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same
taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
Current and Deferred Tax for the Period
Current and deferred tax is recognised as an expense or income in the Consolidated Statement of
Profit or Loss and Other Comprehensive Income, except when it relates to items credited or debited
directly to equity, in which case the deferred tax is also recognised directly in equity, or where it arises
from the initial accounting for a business combination, in which case it is taken into account in the
determination of goodwill or excess.
(j)
Share Based Payments
Equity settled transactions
The Group provides benefits to employees (including Directors and Executives) of the Group in the
form of share-based payments, whereby employees render services in exchange for shares or rights
over shares (equity-settled transactions).
The cost of these equity-settled transactions with employees is measured by reference to the fair
value of the equity instruments at the date at which they are granted. The fair value is determined by
using the Black-Scholes option pricing model, further details of which are given in the remuneration
report.
In valuing equity-settled transactions, no account is taken of any performance conditions, other than
conditions linked to the price of the shares of Bulletin Resources Limited.
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity,
over the period in which the performance and/or service conditions are fulfilled, ending on the date
on which the relevant employees become fully entitled to the award (the vesting period).
The cumulative expense recognised for equity-settled transactions at each reporting date until vesting
date reflects:
(i) the extent to which the vesting period has expired; and
(ii) the Group’s best estimate of the number of equity instruments that will ultimately vest. 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. The Statement of Profit
or Loss and Other Comprehensive Income charge or credit for a period represents the movement
in cumulative expense recognised as at the beginning and end of that period.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
38
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
(j)
Share Based Payments (continued)
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is
only conditional upon a market condition.
If the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the
terms had not been modified. In addition, an expense is recognised for any modification that increases
the total fair value of the share-based payment arrangement, or is otherwise beneficial to the
employee, as measured at the date of modification.
If 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 award are treated as if they were a modification of the original award,
as described in the previous paragraph.
(k)
Segment Reporting
Operating Segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision maker. The chief operating decision maker, who is responsible for allocating
resources and assessing performance of the operating segments, has been identified as the board of
Directors of Bulletin Resources Limited.
(l)
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 are deducted from equity.
(m)
Research and development incentive rebate
Any rebate received for eligible research and development (R&D) activities are offset against the area
where the costs were initially incurred. For R&D expenditure that has been capitalised, any claim
received will be offset against ‘deferred exploration and evaluation expenditure’ in the statement of
financial position. For R&D expenditure that has been expensed, any claim received will be recognised
in the statement of profit or loss and other comprehensive income.
(n)
Significant Accounting Estimates and Assumptions
Recoverability of Exploration and Evaluation Assets
There is some subjectivity involved in the carry forward of capitalised exploration and evaluation
expenditure or, where appropriate, the write off to the statement of profit or loss and other
comprehensive income, however management give due consideration to areas of interest on a regular
basis and are confident that decisions to either write off or carry forward such expenditure fairly
reflect the prevailing situation.
The carrying amounts of certain assets and liabilities are often determined based on estimates and
assumptions of future events. The key estimate and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of certain assets and liabilities within the next annual
reporting period are:
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
39
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
(n)
Significant Accounting Estimates and Assumptions (continued)
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees by reference to the fair
value of the equity instruments at the date at which they are granted. The fair value is determined by
using a Black & Scholes model, using the assumptions as discussed in note 14. The accounting
estimates and assumptions relating to equity-settled share-based payments would have no impact on
the carrying amounts of assets and liabilities in the next annual reporting period but may impact
expenses and equity.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
40
3.
OTHER INCOME
2024
2023
$
$
Dividend income
38,161
9,556
Profit/(loss) on sale of investments (i)
274,121
(56,624)
R&D income
173,135
-
Other income (ii)
-
3,100,000
485,417
3,052,932
(i) During the year, the Company sold 1,050,000 (2023: 300,000) of Ramelius Resources Ltd (RMS)
shares at an average price of $1.77 (2023: $1.44) per share. A realised gain on sale of $274,121
(2023: $56,624 realised loss) was recognised in the consolidated statement of profit and loss.
(ii) On 6 December 2022, the Company entered into a Deed of Settlement and Release to sell its rights
in the Geko Tenements to Geko Pit Pty Ltd, including the Gold Mine royalty for a cash lump sum
of $3,100,000 (excluding GST).
4.
CASH AND CASH EQUIVALENTS
2024
2023
$
$
Cash at bank and on hand
2,676,769
1,670,520
Short term deposits
5,520,312
7,067,249
8,197,081
8,737,769
Reconciliation of net (loss)/profit after income tax to net cash flows from operating activities
2024
2023
$
$
(Loss)/profit after income tax
(647,204)
563,577
Share based payments expense
705,210
817,632
Fair value movements on financial assets
(1,032,852)
(609,993)
(Profit)/loss on sale of investments
(274,121)
56,624
Depreciation
14,292
14,292
Decrease in trade and other receivables
-
86,567
Increase/(decrease) in trade and other payables
44,788
(55,584)
(Decrease)/increase in deferred taxes
(19,197)
256,131
(Decrease)/increase in provisions
(349,682)
278,999
Net cash (outflows from)/inflows in operating activities
(1,558,766)
1,408,245
Non-cash financing and investing activities
In 2023:
1,000,000 ordinary shares in the Company were issued as consideration valued at $105,000
for the purchase of 100% interest in a tenement (Note 7); and
the Company received $1,000,000 in RMS shares as partial consideration for the sale of the
land parcel as described in Note 16.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
41
5. TRADE AND OTHER RECEIVABLES
2024
$
2023
$
Current
Other receivables (i)
845,307
52,304
845,307
52,304
Non Current
Other receivables (i)
-
800,000
-
800,000
(i) Other receivables comprise of the following:
Bulletin’s share of the $1,000,000 (2023: $1,000,000) portion of deferred consideration from
the sale due within 12 months from balance sheet date (refer Note 16); and
Sundry debtor amounting to $45,307 (2023: $52,304).
6.
OTHER FINANCIAL ASSETS
2024
$
2023
$
Financial assets at fair value through profit and loss
2,722,268
2,431,151
2,722,268
2,431,151
Opening balance
2,431,151
923,237
Acquisition
842,620
1,385,420
Disposals
(1,858,476)
(430,672)
Realised gain/(loss) on sale of investments
274,121
(56,624)
Net change in investments (i) & (ii)
1,032,852
609,790
Closing balance
2,722,268
2,431,151
Listed shares
In 2023, the Company received $1,000,000 in RMS shares as partial consideration for the sale of the
land parcel as described in Note 16.
The fair value of listed equity investments has been determined directly by reference to published
price quotations in an active market.
(i)
The Company holds shares in Auris Minerals Limited (“AUR”), which is involved in exploration of
gold and base metals in Western Australia. AUR is listed on the Australian Securities Exchange.
At the end of the year the Company’s investment in AUR had a fair value of $18,900 (30 June
2023: $27,000) which is based on AUR’s quoted share price of $0.007 at 30 June 2024. During the
year, the Company recognised a decrease in fair value by $8,100 (2023: $64,800).
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
42
6.
OTHER FINANCIAL ASSETS (continued)
(ii) The Company holds shares in Ramelius Resources Limited (“RMS”), which is involved in
exploration of gold in Western Australia. RMS is listed on the Australian Securities Exchange.
At the end of the year, the Company’s investment in RMS had a fair value of $2,703,368 (30 June
2023: $2,404,251) which is based on RMS’s quoted share price of $1.92 at 30 June 2024. During
the year, the Company recognised an increase in fair value by $1,040,952 (2023: decrease
$617,966).
7.
EXPLORATION AND EVALUATION ASSETS
2024
$
2023
$
Exploration and evaluation expenditure
Balance at the beginning of the year
692,231
585,637
Acquisition of tenements (i)
-
106,594
Balance at the end of the year
692,231
692,231
(i)
In 2022, the Company acquired two new tenements from Mining Equities Pty Ltd, increasing its
tenement holding at the Ravensthorpe Lithium Project by more than double in area. The
consideration for the acquisition was the issue of 4 million fully paid ordinary shares for a 100%
interest in the two tenements (E74/680 and E74/698) comprised as follows:
•
500,000 shares as a non-refundable deposit (issued on 29 March 2022);
•
2,500,000 shares for E74/680 (issued on 27 June 2022); and
•
1,000,000 shares for E74/698 (issued on 19 January 2023).
The exploration asset acquired is in the exploration phase and this together with the unique
nature of the assets, means that the valuation of the asset cannot be readily estimated and as
such, the fair value of the asset acquired has been measured by reference to the value of the
equity instruments granted. As at 30 June 2023, 1,000,000 ordinary shares in the Company were
issued as consideration valued at $105,000, based on the share price at the date of completion
when the rights of ownership to the asset was transferred.
During the year, the DEMIRS refused to grant the Company the NVCP to enable drilling to progress at
Ravensthorpe. The Company has lodged an appeal against the decision. The Company believes that
all its activities are conducted with appropriate environmental and social governance practices. The
Company is expecting a successful outcome from its appeal process. Therefore, no impairment is
recognised against the carrying value of the Ravensthorpe Lithium Project.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
43
8.
INCOME TAX
2024
2023
$
$
(a) Income tax expense
Current tax (benefit)/expense
-
343,946
Deferred tax expense
(19,196)
256,131
Under/over provision
107,093
(318,330)
87,897
281,747
(b) Numerical reconciliation of income tax expense
to prima facie tax payable
(Loss)/profit from continuing operations before income
tax expense
(559,307)
845,325
Prima facie tax (benefit)/expense on (loss)/profit from
ordinary activities at 30% (2023: 30%)
(167,792)
253,597
Movement in deferred tax through equity
-
-
Under/over provision due to loss carry back provisions
-
(238,594)
Permanent differences
148,596
346,480
Under/over provision
107,093
(79,736)
Income tax expense
87,897
281,747
(c)
Net deferred tax assets/(liabilities) not recognised
Investments
-
-
Exploration
-
-
Other
-
-
Tax losses
-
-
Net deferred tax assets/(liabilities) not recognised
-
-
(d)
Net deferred tax assets/(liabilities) recognised
Investments
(487,848)
(178,021)
Exploration
(207,669)
(207,669)
Other
458,582
129,559
Net deferred tax assets/(liabilities) recognised
(236,934)
(256,131)
Going forward the potential tax benefit will only be obtained if the relevant company derives future
assessable income of a nature and an amount sufficient to enable the benefit to be realised; and
i. the relevant company continues to comply with the conditions for deductibility imposed by the
law; and
ii. no changes in tax legislation adversely affect the relevant company in realising the benefit.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
44
9.
PROVISIONS
2024
2023
$
$
Current
Provision for annual leave
48,358
59,553
Provision for income tax
-
343,946
48,358
403,499
Non current
Provision for long service leave
73,196
67,738
73,196
67,738
10.
ISSUED CAPITAL
2024
2023
2024
2023
$/share
No
No
$
$
(a) Share capital
Ordinary Shares
Opening balance
293,591,100
292,591,100
6,038,287
5,933,287
Issued capital (Note 7)
$0.105
-
1,000,000
-
105,000
Exercise of options
$0.10
22,223
-
2,222
-
Closing balance
293,613,323
293,591,100
6,040,509
6,038,287
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of
the company in proportion to the number of and amounts paid on the shares held. The fully paid
ordinary shares have no par value and the company does not have a limited amount of authorised
capital.
On a show of hands, every member present at a meeting in person or by proxy shall have one vote
and upon a poll each share shall have one vote.
2024
2023
No
No
(b) Movement in options on issue
Beginning of the financial year
86,304,793
73,054,793
Options issued
7,000,000
13,250,000
Options exercised during the financial year
(22,223)
-
End of financial year
93,282,570
86,304,793
(c) Capital risk management
The Group’s objective when managing capital is to safeguard their ability to continue as a going
concern and to provide returns for shareholders and benefits for other stakeholders and to maintain
capital structure to reduce the cost of capital.
The net assets of the Group are equivalent to capital. Net capital is obtained through capital raisings
on the Australian Securities Exchange.
The board of Directors monitors capital on an ad-hoc basis. No formal targets are in place for return
on capital or gearing ratios, as the Group has not derived any income from its mineral exploration and
currently has no debt facilities in place. The capital risk management policy remains unchanged from
the 30 June 2023 Annual Report.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
45
11.
RESERVES
2024
2023
$
$
Equity settled transaction
2,352,711
1,647,501
Movements in Reserves
2024
2023
$
$
Equity settled transaction reserve
Balance at beginning of financial year
1,647,501
829,869
Options issued
-
-
Share based payment (Note 14)
705,210
817,632
Balance at end of financial year
2,352,711
1,647,501
The equity settled transaction reserve records share-based payment transactions.
12.
RETAINED EARNINGS
2024
2023
$
$
Retained earnings at beginning of financial year
4,213,113
3,649,536
(Loss)/profit for the year
(647,204)
563,577
Retained earnings at end of financial year
3,565,909
4,213,113
13.
EARNINGS PER SHARE
2024
2023
The (loss)/profit and weighted average number of ordinary
shares used in the calculation of (loss)/gain per share are as
follows:
(Loss)/profit from continuing operations ($)
(647,204)
563,577
Basic (loss)/earnings per share (cents per share)
(0.22)
0.19
(Loss)/profit from continuing operations ($)
(647,204)
563,577
Diluted (loss)/earnings per share (cents per share)
(0.22)
0.18
Weighted average number of ordinary shares
Weighted average number of ordinary shares for basic earnings
per share
293,603,669
293,034,936
Effect of dilution:
-
Share options
-
4,779,287
Weighted average number of ordinary shares adjusted for the
effect of dilution
293,603,669
297,814,223
Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the
parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS
is calculated by dividing the profit attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding during the year plus the weighted average
number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary
shares into ordinary shares.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
46
14.
SHARE BASED PAYMENTS
Options issued during the year
The Company issues options to Director, Executives, employees and consultants from time to time.
The terms and conditions of those options vary between option holders. There were 7,000,000 (2023:
12,250,000) options issued to Directors during the financial year. There were nil (2023: 1,000,000)
option issued to employees during the financial year.
Options issued to the Directors, Executives or employees vest immediately.
Other relevant terms and conditions applicable to options granted as above include:
any Directors, Executives or employees vested options that are unexercised by the anniversary of
their grant date will expire or, if they resigned, in accordance with their specific terms and
conditions; and
upon exercise, these options will be settled in ordinary shares of Bulletin Resources Limited.
(a)
Summary of options issued to Directors and Executives
During the year the following options were issued to Directors:
7,000,000 options over ordinary shares with an exercise price of $0.25 each exercisable
immediately and expiring on 30 November 2026.
The following table illustrates the number (No.) and weighted average exercise prices (WAEP) of share
options issued.
2024
No.
2024
WAEP
$
2023
No.
2023
WAEP
$
Outstanding at 1 July
14,750,000
0.176
1,500,000
0.10
Granted during the year (i)
7,000,000
0.25
13,250,000
0.185
Outstanding at 30 June
21,750,000
0.20
14,750,000
0.176
Exercisable at 30 June
21,750,000
0.20
14,750,000
0.176
(i) During the year, 7,000,000 options over ordinary shares with an exercise price of $0.25 each
exercisable immediately and expiring on 30 November 2026 were issued to Directors.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
47
14.
SHARE BASED PAYMENTS (continued)
(b) Valuation models of options issued
The fair value of the options is estimated at the date of grant using a Black- Scholes model. The
following table gives the assumptions made in determining the fair value of the options granted in the
financial year. The options vested immediately.
Grant Date
29/11/2023
No of options
7,000,000
Dividend yield (%)
-
Expected volatility (%)
101.76
Risk-free interest rate (%)
4.01
Expected life of options (years)
3
Option exercise price ($)
0.25
Share price at grant date ($)
0.175
Fair value at grant date ($)
0.10
The expected life of the options is based on historical data and is not necessarily indicative of
exercise patterns that may occur.
Weighted average remaining contractual life
The weighted average remaining contractual life for share options outstanding as at 30 June 2024 is
1.04 years (2023: 2.31 years).
Weighted average fair value
The weighted average fair value of the options granted during the financial year was $0.10 (2023:
$0.07).
Employee Expenses
2024
$
2023
$
Share options granted:
- equity settled – Directors & Executives
705,210
748,561
- equity settled – ESOP
-
69,071
Total expense recognised as employee costs
705,210
817,632
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
48
15.
REMUNERATION OF AUDITOR
2024
2023
$
$
During the year, the following fees were received or due and
receivable by BDO Audit Pty Ltd* for:
Audit and review of financial report
56,000
54,255
Other than their statutory audit duties, BDO Audit Pty Ltd
(formerly BDO Audit (WA) Pty Ltd) did not perform any other
services for the Company during the year.
*The BDO entity performing the audit of the Group transitioned from BDO Audit (WA) Pty Ltd to BDO
Audit Pty Ltd on 17th June 2024. The disclosures include amounts received or due and receivable by
BDO Audit (WA) Pty Ltd, BDO Audit Pty Ltd and their respective entities.
16.
RELATED PARTY TRANSACTIONS
(a) Directors
The names of persons who were Directors of Bulletin Resources Limited at any time during the
financial year were as follows: Paul Poli, Robert Martin, Keith Muller and Neville Bassett. Other key
management personnel include the Company Secretary, Andrew Chapman and Chief Executive
Officer, Mark Csar.
(b) Other Related Party Transactions
Transactions between related parties are on commercial terms and conditions, no more favourable
than those available to other parties unless otherwise stated.
No amounts in addition to those disclosed in the remuneration report to the financial statements were
paid or payable to Directors or other key management personnel of the Group in respect of the year
ended 30 June 2024.
(c) Transactions with related parties
(i)
On 2 February 2021, Bulletin and Matsa announced that a 400m wide strip of part of the Joint
Venture area (BNR 80%, MAT 20%) totaling 1.35km2 in area was sold to Apollo Consolidated
Limited (“Apollo”) for a total consideration of approximately $5,600,000.
The total consideration for the sale of the land parcel and relevant mining data comprises:
10,750,000 Apollo shares upfront (37.5% escrowed for 6 months and 62.5% escrowed for 12
months)
$250,000 in cash on satisfaction of certain conditions
$1,000,000 payable in cash or Apollo shares at Apollo’s election, on the earliest of the granting
of a Mining Lease to Apollo over the sale area or 24 months from signing
$1,000,000 payable in cash or Apollo shares at Apollo’s election, on the earliest of Apollo’s
decision to mine the Rebecca Deposit or 48 months from signing.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
49
16.
RELATED PARTY TRANSACTIONS (continued)
Bulletin’s share of the consideration is approximately $4,760,000. Separately Matsa and Bulletin
agreed that Matsa would receive all the $250,000 and Bulletin would receive 100% of the first
$1,000,000 deferred payment from AOP.
In October 2021, Ramelius Resources Ltd (RMS) successfully acquired AOP. All terms and conditions
of the above transaction remain unchanged and all deferred consideration will be honoured by RMS.
On 2 February 2023, the Company received 952,381 of Ramelius Resources Limited (RMS) shares in
lieu of cash as part of the $1 million deferred consideration in relations to the aforementioned land
parcel sale.
(ii)
The Group has a services agreement with Matsa Resources Limited (Matsa) whereby Matsa
would provide accounting and administrative services to the Group on a monthly arms-length
and commercial basis. Messrs Poli, and Chapman are directors of Matsa.
In the current year $123,717 has been charged to Bulletin for these services (2023: $138,000). At 30
June 2024 there was an outstanding balance of $8,722 (2023: nil) owing to Matsa.
2024
$
2023
$
Compensation of Key Management Personnel
Short-term employment benefits
618,323
591,166
Post-employment benefits
39,444
33,927
Termination benefits
-
-
Share-based payment (Note 14)
705,210
748,561
1,362,977
1,373,654
The compensation disclosed above represents an allocation of the key management personnel’s
estimated compensation from the Group in relation to their services rendered to the Group.
17.
SEGMENT REPORTING
The Group operates in the mineral exploration industry in Australia. For management purposes, the
Group is organised into one main operating segment which involves the exploration of minerals in
Australia. All non current assets are derived in Australia. All of the Group’s activities are interrelated
and discrete financial information is reported to the board (Chief Operating Decision Maker) as a single
segment. Accordingly, all significant operating decisions are based upon analysis of the Group as one
segment. The financial results from this segment are equivalent to the financial statements of the
Group as a whole.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
50
18.
INVESTMENT IN CONTROLLED ENTITIES
Equity holding
Entity
Principal
Activity
Class of
Shares
Country of
incorporation
2024
%
2023
%
Lamboo Operations
Pty Ltd
Mineral
Exploration
Ordinary
Australia
100
100
Gekogold
Pty Ltd
Mineral
Exploration
Ordinary
Australia
100
100
Bulletin Queensland
Pty Ltd
Mineral
Exploration
Ordinary
Australia
100
100
Fieldgold
Corporation Pty Ltd
Mineral
Exploration
Ordinary
Australia
100
-
19.
PARENT ENTITY DISCLOSURES
As at, and throughout, the financial year ended 30 June 2024 the parent company of the Group was
Bulletin Resources Limited.
Company
2024
2023
$
$
Result of the parent Entity
Loss for the year
1,380,783
2,560,098
Other comprehensive gain/(loss)
-
-
Total comprehensive loss for the year
1,380,783
2,560,098
Financial position of parent entity at year end
Current assets
8,554,885
8,802,903
Total assets
9,119,724
9,382,034
Current liabilities
114,302
500,458
Total liabilities
7,736,041
7,325,000
Total equity of the parent entity comprising of:
Share capital
6,040,509
6,038,287
Reserves
2,352,711
1,647,501
Accumulated losses
(7,009,537)
(5,628,754)
Total equity
1,383,683
2,057,034
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
51
20.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s principal financial instruments comprise receivables, payables, cash and short-term
deposits and financial assets at fair value through profit or loss.
Risk exposures and responses
The Group manages its exposure to key financial risks in accordance with the Group’s financial risk
management policy. The objective of the policy is to support the delivery of the Group’s financial
targets while protecting future financial security.
The main financial risks are interest rate risk, commodity risk, credit risk, equity price risk and liquidity
risk. The Group uses different methods to measure and manage different types of risks to which it is
exposed. These include monitoring levels of exposure to interest rate and assessments of market
forecasts for interest rate and commodity prices. Ageing analysis of and monitoring of receivables are
undertaken to manage credit risk, liquidity risk is monitored through the development of future rolling
cash flow forecasts.
The board reviews and agrees policies for managing each of these risks as summarised below.
Primary responsibility for identification and control of financial risks rests with the board. The board
reviews and agrees policies for managing each of the risks identified below.
Details of the significant accounting policies and methods adopted, including the criteria for
recognition, the basis of measurement and the basis on which income and expenses are recognised,
in respect of each class of financial asset, financial liability and equity instrument are disclosed in note
2(f) to the financial statements.
The accounting classification of each category of financial instruments as defined in note (2(f)), and
their carrying amounts, are set out below:
a) Interest Rate Risk Exposures
The Group’s exposure to risks of changes in market interest rates relate primarily to the Group’s cash
balances. The Group constantly analyses its interest rate exposure. Within this analysis consideration
is given to potential renewals of existing positions, alternative financing positions and the mix of fixed
and variable interest rates. The following sensitivity analysis is based on the interest rate risk
exposures in existence at the reporting date. The sensitivity analysis is for variable rate instruments.
The Group has performed a sensitivity analysis relating to its exposure to interest rate risk. At 30 June
2024 and 30 June 2023, the Group’s exposure to interest rate risk is not deemed material.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
52
20.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
a)
Interest Rate Risk Exposures (continued)
The Group's exposure to interest rate risk and the effective weighted average interest rate for classes
of financial assets are set out below:
Financial
Assets
Floating Interest Rate
Fixed Interest
Less than 1 year
Non-interest
Bearing
Total
2024
2023
2024
2023
2024
2023
2024
2023
$
$
$
$
$
$
$
$
Cash and cash
equivalents
2,676,769
1,670,520
5,520,312
7,067,249
-
-
8,197,081
8,737,769
Trade
and
other
receivables
-
-
-
-
845,307
820,530
845,307
820,530
Total
Financial
Assets
2,676,769
1,670,520
5,520,312
7,067,249
845,307
820,530
9,042,388
9,558,299
The weighted average interest rate received on cash and cash equivalents by the Group was 4.17%
(2023: 3.68%).
b) Credit risk
The Group does not have any significant concentrations of credit risk. Credit risk is managed by the
board and arises from cash and cash equivalents as well as credit exposure including outstanding
receivables and committed transactions. All cash balances held at banks are held at internationally
recognised institutions. The majority of receivables are immaterial to the Group. Given this, the credit
quality of financial assets that are neither past due or impaired can be assessed by reference to
historical information about expected credit loss rates.
Credit risk arises from cash and cash equivalents and deposits with banks. The credit quality of
financial assets that are neither past due nor impaired can be assessed by reference to external credit
ratings. Financial assets that are neither past due and not impaired are as follows:
2024
2023
$
$
Cash and cash equivalents
8,197,081
8,737,769
Trade and other receivables
845,307
852,304
(c) Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash balances and access to equity
funding. The Group’s exposure to the risk of changes in market interest rates relate primarily to cash
assets and floating interest rates. The Directors monitor the cash-burn rate of the Group on and on-
going basis against budget and the maturity profiles of financial assets and liabilities to manage its
liquidity risk.
As at the reporting date the Group had sufficient cash reserves to meet its requirements. The Group
has no access to credit standby facilities.
The financial liabilities of the Group had at the reporting date were trade and other payables incurred
in the normal course of business as well.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
53
20.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(c) Liquidity Risk (continued)
Maturity analysis of financial assets and liabilities based on management’s expectation
The risk implied from the values shown in the table below, reflects a balanced view of cash inflows
and outflows. Trade payables and other financial liabilities mainly originate from the financing of
assets used in ongoing operations. To monitor existing financial assets and liabilities as well as to
enable effective controlling of future risks, management monitors its Group’s expected settlement of
financial assets and liabilities on an ongoing basis.
30 June 2024
Carrying
amount
Contractual
cash flows
6 months
or less
6-12
months
1-2
years
2-5 years
Financial Assets
Other receivables
845,307
845,307
45,307
800,000
-
-
Other financial
assets
2,722,268
2,722,268
2,722,268
-
-
-
3,567,575
3,567,575
2,767,575
800,000
-
-
Financial Liabilities
Trade and other
payables
166,525
166,525
166,525
-
-
-
166,525
166,525
166,525
-
-
-
30 June 2023
Carrying
amount
Contractual
cash flows
6 months
or less
6-12
months
1-2 years
2-5 years
Financial Assets
Other
receivables
852,304
852,304
52,304
-
800,000
-
Other financial
assets
2,431,151
2,431,151
2,431,151
-
-
-
3,283,455
3,283,455
2,483,455
-
800,000
-
Financial
Liabilities
Trade and other
payables
128,733
128,733
128,733
-
-
-
128,733
128,733
128,733
-
-
-
(d) Equity Price Risk
Other Equity price risk is the risk that the value of the instrument will fluctuate as a result of changes
in market prices (other than those arising from interest rate risk or currency risk), whether caused by
factors specific to an individual investment, its issuer or all factors affecting all instruments traded in
the market.
Investments are managed on an individual basis and material buy and sell decisions are approved by
the board of Directors. The primary goal of the Group’s investment strategy is to maximise investment
returns.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
54
20.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(d) Equity Price Risk (continued)
The Company’s investments are solely in equity instruments. These instruments are classified as
financial investments and carried at fair value with fair value changes recognised directly in the
statement of profit or loss and other comprehensive income.
The following table details the breakdown of the investment assets held by the Group:
Note
30 June 2024
$
30 June 2023
$
Listed equities (Level 1 fair value hierarchy)
6
2,722,268
2,431,151
Sensitivity analysis
The Group’s equity investments are listed on the Australian Securities Exchange. A 10% increase in
stock prices at 30 June 2024 would have increased the profit by $272,227 (2023: increase the profit
by $243,115), an equal change in the opposite direction would have decreased the profit by an equal
but opposite amount.
(e) Fair value measurements
For all financial assets and liabilities recognised in the statement of financial position, carrying
amount approximates fair value unless otherwise stated in the applicable notes.
Fair value hierarchy
The Group classifies assets and liabilities carried at fair value using a fair value hierarchy that reflects
the significance of the inputs used in determining that value. The following table analyses financial
instruments carried at fair value by the valuation method. The different levels in the hierarchy have
been defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (as prices) or indirectly (derived from prices); and
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
All financial assets have been valued at Level 1 at the end of the financial year.
21.
COMMITMENTS AND CONTINGENCIES
Exploration and Expenditure Commitments
In order to maintain the mineral tenements in which the Company and other parties are involved, the
consolidated entity is committed to fulfill the minimum annual expenditure conditions under which
the tenements are granted. The minimum estimated expenditure commitment requirement for
granted tenements for the next year is $616,000 (2023: $595,000).
Contingencies
There are no other contingent assets or liabilities as at 30 June 2024.
BULLETIN RESOURCES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
55
22.
EVENTS SUBSEQUENT TO REPORTING DATE
On 19 July 2024 the Company announced that it would conduct a fully underwritten 1 for 3 non-
renounceable rights issue of loyalty options to its shareholders with a subscription price of $0.003 and
an expiry date of 31 July 2027. As a result, the Company raised $293,613 before costs and issued
97,871,108 listed options on 14 August 2024.
On 16 September 2024, the Company participated in a share placement, conducted by Matsa
Resources Limited (ASX:MAT), via the acquisition of 70,000,000 shares in at an issue price of $0.028
per share.
There have been no matters or circumstances that have arisen since the end of the financial year
which have significantly affected or may significantly affect the operations of the Group, the results of
those operations, or the state of affairs of the Group in future financial years.
BULLETIN RESOURCES LIMITED
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
56
Entity
Type of
Corporate
Place of
Incorpora-
tion
Tax
Residency
Ownership
Interest %
Bulletin Resources Ltd (Parent
Entity)
Body
Corporate
Australia
Australia
N/A
Lamboo Operations Pty Ltd
Body
Corporate
Australia
Australia
100
Gekogold Pty Ltd
Body
Corporate
Australia
Australia
100
Bulletin Queensland Pty Ltd
Body
Corporate
Australia
Australia
100
Fieldgold Corporation Pty Ltd
Body
Corporate
Australia
Australia
100
Basis of preparation
This consolidated entity disclosure statement (CEDS) has been prepared in accordance with the
Corporations Act 2001 and includes information for each entity that was part of the consolidated
entity as at the end of the financial year in accordance with AASB 10 Consolidated Financial
Statements.
BULLETIN RESOURCES LIMITED
DIRECTORS DECLARATION
FOR THE YEAR ENDED 30 JUNE 2024
57
DIRECTORS’ DECLARATION
The Directors of the Company declare that:
1. The financial statements, comprising the consolidated statement of profit or loss and other
comprehensive income, consolidated statement of financial position, consolidated statement
of cash flows, consolidated statement of changes in equity, consolidated accompanying notes,
are in accordance with the Corporations Act 2001 and:
(a) Comply with Accounting Standards and the Corporations Regulations 2001 and other
mandatory professional reporting requirements; and
(b) Give a true and fair view of the financial position as at 30 June 2024 and of the
performance for the year ended on that date of the Group.
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. The Directors have been given the declarations required by section 295A of the Corporations
Act 2001.
4. The Group has included in the notes to the financial statements an explicit and unreserved
statement of compliance with International Financial Reporting Standards.
5. 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 for
and on behalf of the Directors by:
Paul Poli
Director - Chairman
Dated this 30th day of September 2024
BULLETIN RESOURCES LIMITED
INDEPENDENT AUDIT REPORT TO THE MEMBERS
FOR THE YEAR ENDED 30 JUNE 2024
58
AUDIT REPORT
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.
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 Bulletin Resources Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Bulletin Resources 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.
BULLETIN RESOURCES LIMITED
INDEPENDENT AUDIT REPORT TO THE MEMBERS
FOR THE YEAR ENDED 30 JUNE 2024
59
AUDIT REPORT (CONTINUED)
Carrying Value of Exploration and Evaluation Expenditure
Key audit matter
How the matter was addressed in our audit
As disclosed in Note 7, the carrying value of the
exploration and evaluation asset represents a
significant asset of the Group.
The Group’s accounting policies and significant
judgements applied to capitalised exploration and
evaluation expenditure are detailed in notes 2 and 7
of the financial report.
In accordance with AASB 6 Exploration for and
Evaluation of Mineral Resources (‘AASB 6’), the
recoverability of exploration and evaluation
expenditure requires significant judgement by
management in determining whether there are any
facts and circumstances that exist to suggest the
carrying amount of this asset may exceed its
recoverable amount. As a result, this is considered a
key audit matter.
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 or
circumstances existed to suggest impairment
testing was required; and
•
Assessing the adequacy of the related
disclosures in Notes 2 and 7 to the Financial
Report.
BULLETIN RESOURCES LIMITED
INDEPENDENT AUDIT REPORT TO THE MEMBERS
FOR THE YEAR ENDED 30 JUNE 2024
60
AUDIT REPORT (CONTINUED)
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.
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
BULLETIN RESOURCES LIMITED
INDEPENDENT AUDIT REPORT TO THE MEMBERS
FOR THE YEAR ENDED 30 JUNE 2024
61
AUDIT REPORT (CONTINUED)
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 20 to 27 of the directors’ report for the
year ended 30 June 2024.
In our opinion, the Remuneration Report of Bulletin Resources Limited, for the year ended 30 June
2024, complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit Pty Ltd
Jarrad Prue
Director
Perth, 30 September 2024
BULLETIN RESOURCES LIMITED
AUDITOR’S INDEPENDENCE DECLARATION
FOR THE YEAR ENDED 30 JUNE 2024
62
AUDITOR’S INDEPENDENCE DECLARATION
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.
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 JARRAD PRUE TO THE DIRECTORS OF BULLETIN RESOURCES
LIMITED
As lead auditor of Bulletin Resources 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 Bulletin Resources Limited and the entities it controlled during the
period.
Jarrad Prue
Director
BDO Audit Pty Ltd
Perth, 30 September 2024
BULLETIN RESOURCES LIMITED
ADDITIONAL ASX INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024
63
The following additional information is required by the Australian Securities Exchange. The
information is current as at 18th September 2024.
Distribution schedule and number of holders of equity securities
Stock Exchange Listing – Listing has been granted for 293,613,323 ordinary fully paid shares of the
Company on issue on the Australian Securities Exchange.
Range (size of holding)
Number of Holders
Number of Units
%
1 – 1,000
66
7,735
0.00
1,001 – 5,000
191
699,309
0.24
5,001 – 10,000
194
1,599,862
0.54
10,001 – 100,000
745
29,909,912
10.19
100,001 – and over
286
261,396,505
89.03
1,482
293,613,323
100.00
There were 490 shareholders holding less than a marketable parcel at 18th September 2024.
Substantial shareholders
Substantial shareholders in Bulletin Resources Ltd as disclosed in substantial holder notices provided
to the Company are detailed below -
Name
Shares
% of Total Shares
GOLDFIRE ENTERPRISES PTY LTD
70,586,271
24.04
BULLETIN RESOURCES LIMITED
ADDITIONAL ASX INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024
64
20 Largest registered holders of quoted equity securities as at 18th September 2024
Rank
Name
Units
% of Units
1
Goldfire Enterprises Pty Ltd
25,000,000
8.51
2
BNP Paribas Nominees Pty Ltd ACF Clearstream
17,266,383
5.88
3
Goldfire Enterprises Pty Ltd
15,617,897
5.32
4
BNP Paribas Nominees Pty Ltd
3,870,000
1.32
16
HSBC Custody Nominees (Australia) Limited
3,850,871
1.31
17
Applied Solutions (Private) Limited
3,500,000
1.19
18
Citicorp Nominees Pty Limited
2,517,591
0.86
19
Mr Nilesh Jattan
2,514,882
0.86
20
Ms Fatima Danium
2,393,485
0.82
TOTAL
153,834,282
52.39
Distribution schedule and number of holders of listed options exercisable at $0.10 expiring 30
September 2024 as at 18th September 2024
Range (size of holding)
Number of Holders
Number of Units
%
1 – 1,000
11
2,803
0.00
1,001 – 5,000
13
38,513
0.05
5,001 – 10,000
18
127,227
0.18
10,001 – 100,000
102
4,639,359
6.49
100,001 – and over
79
66,724,668
93.28
223
71,532,570
100.00
20 Largest registered holders of quoted options exercisable at $0.10 expiring 30 September 2024 as
at 18th September 2024
BULLETIN RESOURCES LIMITED
ADDITIONAL ASX INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024
65
Rank
Name
Units
% of Units
1
Nitro Super Fund Pty Ltd Continue reading text version or see original annual report in PDF
format above
2,911,472
4.07
7
Goldfire Enterprises Pty Ltd
2,811,613
3.93
8
Baseshine Holdings Pty Ltd
4,240,390
4.33
6
Temorex Pty Ltd