ACN: 616 795 245
ANNUAL REPORT
30 JUNE 2022
2022 Annual Report
Corporate Directory
Letter from the Chairman
Directors’ Report
CONTENTS
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Directors' Declaration
Auditor’s Independence Declaration
Independent Auditors’ Report
Annual Mineral Resource Statement
Additional ASX Information
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3
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35
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70
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80
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2022 Annual Report
Corporate Directory
Directors
Mr Ian Stuart
Mr Leslie Ingraham
Brian Davis
Neil Marston
Non‐executive Chair
Non‐executive Director
Non‐executive Director (appointed 6 December 2021)
Managing Director (resigned 6 December 2021)
Chief Executive Officer
Ashley Jones
(appointed 6 December 2021)
Company Secretary
Neville Bassett
Neil Marston
(appointed 29 November 2021)
(resigned 29 November 2021)
Registered Office & Principal Place of Business
Level 1, 85 Havelock Street
West Perth WA 6005
Telephone
08 9321 0001
Share Registry
Computershare Investor Services Pty Ltd
Level 11, 172 St Georges Terrace
Perth WA 6000
Telephone
Facsimile
08 9323 2000
08 9323 2033
Auditors
Elderton Audit Pty Ltd
Level 2, 267 St Georges Terrace,
Perth WA 6000
Solicitors
Steinepreis Paganin
Level 4, The Read Building,
16 Milligan Street,
Perth WA 6000
Securities Exchange Listing
Bryah Resources Limited shares (BYH) and options (BYHOA) are quoted on the Australian Securities
Exchange (ASX).
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2022 Annual Report
Letter from the Chair
On behalf of your Board of Directors, I have pleasure in presenting the 2022 Annual Report and Financial
Statements of Bryah Resources Limited for the year to 30 June 2022.
Since the last Annual Report, Bryah has achieved a maiden Manganese JORC compliant mineral resource
estimate, updated its base metal inventory at Gabanintha and made encouraging progress in the
identification of Volcanogenic Massive Sulphide (VMS) style mineralisation at the Windalah and Olympus
Projects, both in the Bryah Basin.
Bryah’s portfolio
is dominated by battery metals. Evolving political policy, electrification of the
transportations sector and a global push to decarbonise the economy means a very positive outlook for these
metals which is expected to push demand to record levels.
Strategically Bryah has sought to add value to parts of the exploration portfolio to the benefit of shareholders.
The successful listing of Star Minerals in August 2021 where Bryah holds 20.75% of the company on listing
and further performance rights on success conditions, keeps exposure to the project’s success and the gold
price. The acquisition of West Coast Minerals and subsequent option agreement with Mining Green Metal
on the Lake Johnston Lithium tenements package will benefit shareholders through ongoing exposure via
equity in the new listing. Prioritising exploration funds for success is fundamental for a company at our stage.
In 2021/22 the Company has continued its exploration at Windalah after identifying a VMS style
mineralisation. Excellent geology and a systematic scientific approach secured EIS (Exploration Incentive
Scheme) funding. The Olympus prospect EIS drilling started in June, and Reverse Circulation pre‐collars for
the Windalah deep diamond drilling were also completed. Visual sulphides in the core at Windalah exhibit
the style of mineralisation targeted, and the EIS funding for Windalah will drill down plunge of the
geochemical anomaly to vector on a copper mineralisation target.
The Bryah Manganese Joint Venture is with OM (Manganese) Limited, a wholly owned subsidiary of ASX‐
listed OM Holdings Limited, a vertically integrated manganese company. OM (Manganese) Limited is funding
exploration activities earning 51% JV interest in the Joint Venture (JV). Bryah saw value for shareholders in
co‐contributing since April 2022 to maintain its 49% stake in the JV. A maiden resource mineral estimate of
1.8 million Tonnes at 21% Mn was announced and throughout the year 7,227 m of RC drilling was completed
in 3 programs.
Our Gabanintha Project also had a boost with an updated JORC compliant mineral resource estimate
announced in May 2022 following Australian Vanadium’s (AVL) completed Bankable Feasibility Study (BFS).
Metallurgical test work completed on the copper and nickel identified in the deposit at the Project shows
that a sulphide concentrate can be beneficiated via floatation from the tailings of the magnetic separation of
the magnetite containing the Iron and Vanadium. Importantly, Bryah is a collaborator to the $49 million
Modern Manufacturing Initiative Collaboration Stream grant (MMI) that AVL was granted by the Australian
Government. Bryah will assist AVL to help bring the base metals circuit (Ni, Cu and Co) to the BFS level of
study.
Bryah Resources Limited recorded a total comprehensive loss after tax of $1,020,338 (2021: $1,883,520) for
the period ended 30 June 2022. Capitalised expenditure on exploration, excluding tenement acquisition
costs, was $2,660,111 (2022: $912,708) during the financial year.
On 27 July 2021, following shareholder approval, the Company raised $1,000,000 (before costs) under
Tranche 2 of a placement.
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2022 Annual Report
The Board of Bryah Resources Limited remains committed to developing a successful well‐funded,
exploration business with a focus on copper, manganese, and other critical energy metals. I again thank
management, our employees and consultants for their achievements this year and the ongoing support of
our growing number of shareholders. We look forward to another very active year on our Projects in 2023.
Yours faithfully
Ian Stuart
Non‐Executive Chair
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2022 Annual Report
Directors’ Report
Your directors present their report on Bryah Resources Limited (“Bryah” or the “Company”) and its subsidiary
(the “Consolidated Entity” or “Group”) for the year ended 30 June 2022.
Corporate Highlights
Corporate
Chief Executive Officer, Mr Ashley Jones, appointed 6 December 2021
Non‐Executive Director, Mr Brian Davis, appointed 6 December 2021
$1,000,000 (before costs) raised in July 2021 to fund gold‐copper exploration activities and working
capital
$25,000 non‐refundable option fee Mining Green Metals
Sale of tenements to Star Minerals Limited
Bryah Basin –Gold‐Copper
Assays from six diamond drillhole (DDH) were reported for a total of 1,260m at the Windalah
Prospect indicating intersection of a VMS system in the distal pyrite stringer zone.
Broad sulphide‐rich zone with copper mineralisation and VMS pathfinder element enrichment
intersected. Large intersections of significantly sulphide enriched rocks include:
o 146m @ ~15.7 weight percentage (wt%) sulphide stringer zone from 182m in BBDD0011
(includes 3.12m massive sulphide zone)
o 89m @ ~19.4 wt% sulphide stringer zone from 176m in BBRD0701 (includes 5.95m massive
sulphide zone).
Supergene upgrade and visual identification of copper minerals including Bornite, Chalcopyrite and
Malachite.
Drilling started on 26th June to undertake a 2000m RC drilling program of the Olympus copper‐gold
prospect. By 30th June, 518m had been completed from 3 drill holes. The drill program was
completed for 2148m subsequent to the year end. Drilling costs were supported by a $130,000 in co‐
funded Exploration Incentive Scheme (EIS) funding from the Government of Western Australian for
this program.
Further co‐funded drilling is planned, as Bryah Resources was also a successful applicant in Round 25
of the EIS grant program to fund up to $140,000 of a two‐hole, 1,400m RC/Diamond tail drilling
program to test the Windalah copper‐gold deep target. Subsequent to the year end, the pre collars
for the diamond drilling were completed ready for the diamond drilling.
Bryah Basin – Manganese Joint Venture
Maiden Mineral Resources estimated at 1.84 million tonnes (MT) at 21% Mn.
Granted Mining Lease M52/806 containing 0.65 MT at 20% Mn.
Indicated Mineral Resources of 1.08 MT at 22% Mn and Inferred Mineral Resources of 0.75MT at
20% Mn.
Reverse Circulation (RC) drilling programmes totalling 7,227m completed over the JV manganese
targets.
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2022 Annual Report
BYH committed funding to retain 49% of Joint Venture with manganese producer OHM Holdings
(ASX: OMH) subsidiary OM Manganese.
6.08 km2 of Gradient Array Induced Polarisation (GAIP) surveys were completed.
Gabanintha –‐Base Metals
Updated Ni, Co, Cu Resource announced 25th May 2022 following AVL Bankable Feasibility Study
which was released on 6th April 2022.
15% increase in updated Base Metals Indicated and Inferred Mineral Resource, from the previous
Resource to 36.0 Mt @ 766 ppm Nickel, 212 ppm Copper and 231 ppm Cobalt.
Scoping study work for sulphide floatation updated.
Bryah Resources is part of collaborative project with Australian Vanadium Limited (ASX: AVL) which
secured a $49M Australian Government grant to help develop the Australian Vanadium Project.
Bryah holds the nickel and copper rights.
The collaborative project includes recovery of nickel, copper and cobalt from the tails stream.
Lake Johnston Lithium Nickel Project (100%)
Option agreement signed for Mining Green Metals to acquire a 51% interest in the Lake Johnston
Lithium‐Nickel project.
A transaction deal over $2 million upon a successful IPO.
Lake Johnston Lithium‐Nickel project covers 8 Exploration Licence applications over a 690km2 area.
Tenure close to Mount Holland Lithium Mine (ASX: WES/SQM JV) and historical Maggie Hays/Emily
Ann Nickel deposits held by Poseidon Nickel Limited.
BYH to retain 49% interest in project, with associated benefits to shareholders with option for Mining
Green Metals to acquire the remainder.
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2022 Annual Report
Review of Operations
Bryah holds a quality exploration portfolio in three highly prospective locations in Western Australia (Figure
1). The projects can be characterised as production potential projects with JORC compliant mineral resource
estimates defined, and exploration projects. Bryah have defined JORC resources estimates of manganese in
the Bryah Basin and Nickel and Copper in the Gabanintha area south of Meekatharra. The current exploration
focus is within the Bryah Basin where VMS style mineralisation has been identified. This is the focus of
ongoing drill campaigns.
Figure 1 Project Location Map
The Bryah Basin project covers approximately 1,048km2 in central Western Australia. The project is located
close to several mining operations including the high‐grade Volcanogenic Massive Sulphide (VMS) DeGrussa
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2022 Annual Report
copper‐gold mine operated by Sandfire Resources NL (ASX: SFR) and the Fortnum gold mine operated by
Westgold Resources Limited (ASX: WGX)(Figure 2).
During the period, the Company has made considerable progress in refining a VMS target and Windalah and
has expanded what it has learnt to other nearby areas that display similar geochemical anomalies. The main
breakthrough came after the diamond drilling intersected massive pyrite zones and then large intersections
of pyrite stringers. The sulphide style was interpreted as VMS style mineralisation. Diamond drilling
completed of 1260m over 6 holes. Prior to the end of the year in late June, 518m was drilled of a total of
2,148m completed after the year end at the Olympus project.
Figure 2 Bryah Basin Project Location Plan
Windalah Drilling Programs
Following the announcement on the Windalah VMS and results, Bryah was a successful applicant in Round
25 of West Australian Government’s Exploration Incentive Scheme (EIS) co‐funded drilling grant program.
The WA Government is to fund up to $140,000 of a two‐hole, 1,400m Reverse Circulation/Diamond tail
drilling program to test the Windalah copper‐gold deep target.
Bryah’s tenements cover large areas of under‐explored ground adjacent to the copper‐gold deposit at
Horseshoe Lights which is hosted in similar aged volcanic and sedimentary rocks to the DeGrussa copper‐
gold mine. The 1,260m of diamond drilling completed at Windalah has greatly improved Bryah Resources’
understanding on the geology and potential controls on mineralisation at Windalah (Figures 3 and 4) reflect
this with:
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2022 Annual Report
Identification of orientation and intersection of laminated ‘syn‐VMS’ stringers and the ‘ore
stratigraphic horizon’ analogous with the Horseshoe Lights Cu‐Au mine, generating a steeply
plunging target window (Figure 3).
An improved schematic syn‐depositional model that places current drilling on the periphery of an
exhalative massive sulphide apron in a high sulphidation VMS system (Figure 4).
Figure 3 Schematic geological map of the Windalah
prospect
Figure 4 Conceptual pre
deformation/unfolded/syngenetic cross section
through Windalah1
Diamond drilling at Windalah has confirmed a significant high sulphidation Volcanogenic Massive Sulphide
(VMS) system with copper‐gold potential2. Drilling identified numerous lithofacies, textures, mineralogy,
alterations, and styles of mineralisation that are typical of high sulphidation VMS deposits such as the nearby
Horseshoe Lights Cu‐Au mine. Highlight observations include:
VMS lithofacies including silica‐haematite chert horizons, polymictic volcanic/volcaniclastic breccia;
amygdaloidal/vesicular basalts and volcaniclastic rocks analogous to Horseshoe Lights Mine
Sequence;
Laminated semi‐massive pyrite horizon with trace copper mineralisation;
The exhalative massive sulphide horizon (e.g. BBRD070 203.97m – 209.92m, 5.95m total @ ~44 wt%
pyrite3) is located at the equivalent stratigraphic position of the Horseshoe Lights Cu‐Au mine,
beneath the Upper Narracoota‐Ravelstone Formation contact, marked by the presence of a marker
silica‐haematite chert unit above amygdaloidal and volcaniclastic rocks;
This exhalative sulphide horizon also overlies a substantial thickness of intensely silica‐sericite and
chlorite altered, pseudobrecciated volcanic rocks with substantial quartz‐pyrite‐chlorite stringer/vein
mineralisation (e.g. BBDD001 192.44m – 328.6m, 136.16m total);
Deformed, laminated quartz‐pyrite‐chlorite stringers in the footwall zone are potentially syn‐VMS as
they are folded by the regional axial planar fabric;
1 Note that this section is entirely conceptual in nature and insufficient drilling has been completed to date to validate the legitimacy of these
interpretations. The relative scale of domains within the section are not to be considered reliable estimations of the scale of potential mineralisation.
2 ASX announcement 12 April 2022
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2022 Annual Report
Remobilised copper mineralisation in small (usually <2cm thick) quartz and/or carbonate veins.
Minor copper minerals occur on the selvage or disseminated on the margins of these veins. This is a
strong indication of a proximal significant copper source;
Supergene upgrade and visual identification of secondary copper minerals including Bornite,
Chalcopyrite and Malachite;
Bornite and chalcopyrite occur in remobilised tensional quartz‐carbonate veins and sulphide
stringers, whilst malachite is present in oxidised quartz veins and in trace quantities through part of
the massive laminated pyrite;
A clear zoned alteration system with intense silica‐sericite alteration around the centre of the most
significantly sulphide mineralised rocks. Distal to the system centre, the possibly identical rock types
are characterised by a chlorite‐carbonate alteration.
Large intersections of significantly sulphide enriched rocks with various mineralisation styles
including massive exhalative sulphide, stringer pyrite, laminated quartz‐pyrite‐chlorite veins,
disseminated pyrite and breccia matrix replacement pyrite. Intersections include 146.38m @ ~15.8
wt% pyrite (BBDD001, 182.22‐328.60m) and 89.17m @ ~19.5 wt% pyrite (BBRD070, 176.64‐
265.81m)3.
Geological evidence indicates that Bryah Resources is currently drilling the periphery of a potentially
mineralised high sulphidation VMS system, with remarkable similarities to the nearby Horseshoe Lights Cu‐
Au mine. Figure 3 and Figure 4 provide a schematic interpretation of the geology at Windalah and a syn‐
mineralisation model.
All assays have now been received from the Windalah diamond drilling program. The most significant
intercepts include:
0.24m @ 0.15% Cu from 125.66m in hole BBDD001
3.07m @ 0.13% Cu and 0.27ppm Au from 125.5m in hole BBRD070
3.79m @ 0.1% Cu from 319.7m in hole BBRD070
Despite limited copper mineralisation, multi‐element geochemical data indicates that Bryah is looking within
a potentially fertile high sulphidation VMS system. When analysed in conjunction with mineralogical,
geological, and structural data, there is a discrete downwards vector for Bryah Resources to target in future
drilling.
Current assays from within the intense silica‐sericite‐chlorite altered footwall are dominated by an Sb‐As‐
(Mo‐Tl) enrichment assemblage. This is characteristic low temperature sulphide enrichment within high
sulphidation VMS deposits. This suggest that Bryah is still drilling within the outer fringes of a VMS system.
Olympus EIS Funding Co‐funded Drilling
As announced to the market on 10th November 2021, Bryah Resources was notified that it had been a
successful applicant in Round 24 of the Western Australian Government’s Exploration Incentive Scheme (EIS).
The WA government is to fund up to $130,000 as part of a 2,000m Reverse Circulation drilling programme to
test the Olympus geochemical anomaly (OGA) on the northern limb of the Mars Dome. The project has similar
elemental anomalism to Windalah and relative values indicates it may be closer to the ‘hotter’ parts of the
3 Wt % pyrite estimates are based on sulphur assays. The accepted estimation is pyrite wt % = S% x 1.87 (assuming all sulphur is in pyrite)
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2022 Annual Report
VMS targets. Drilling these holes commenced in the last week of June. Over 500m of this program was drilled
prior to the end of the quarter and the program was completed in July.
Figure 5 Ranked variable maps for several key pathfinder elements in high sulphidation VMS deposits. The
approximate trace of the Upper Narracoota Formation Ravelstone Formation contact that demarcates the Mars
Dome is marked in black. The locations of Olympus and Windalah are marked in red and blue, respectively.
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2022 Annual Report
Bryah Basin Project – Manganese Joint Venture (49% BYH)
Figure 6 Manganese Joint Venture Tenements
Drilling Programs
During the reporting period three manganese drilling programs were completed. A total of 83 RC drill holes
for 7,227 metres was completed for the year.
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2022 Annual Report
Mineral Resource
Maiden Manganese Resource
Table 1 2012 JORC Manganese Mineral Resources at 15% Mn Cut‐off4
Category
Prospect
Area 74
Brumby Creek East and
Brumby Creek West
Horseshoe South and
Horseshoe South Extended
Indicated
Black Hill
Total Indicated
Brumby Creek East and
Brumby Creek West
Horseshoe South and
Horseshoe South Extended
Inferred
Total Inferred
Total Mineral Resource
Kt*
239
525
295
24
1,083
403
351
753
1,836
Mn %
23.6
21.2
20.5
29.7
21.7
20.3
19.5
19.9
21.0
Fe %
21.4
19.1
23.6
20.2
20.9
21.8
29.9
25.6
22.8
*Totals may not add up due to rounding. KT = 1,000 Tonnes
GAIP Surveys
Two Gradient Array Induced Polarisation (“GAIP”) surveys were completed during the period. The use of GAIP
has been successful in assisting targeting of the manganese as the manganese is slightly inductive. The
program initially covered the Brumby Creek area in 2021 and was then taken in 2022 to cover the Horseshoe,
Black Hill, and Muddinware areas. An area 6.08km2 was completed in the financial year.
Joint Venture Agreement
The Bryah Basin hosts several historical manganese mining areas. The Horseshoe Range has been the main
manganese producing region within the Bryah and Padbury Basins with production dominated by the
Horseshoe South Mine and a satellite deposit at Horseshoe North. Reported production from these deposits
from 1948 to 1971, was 490,000 tonnes of manganese ore at an average grade of 42% manganese5. Mining
between 2008 and 2011 produced over 400,000 tonnes of manganese ore from the reprocessing of historical
stockpiles and open pit mining at Horseshoe South.
In April 2019, Bryah executed a Farm‐In and Joint Venture Agreement (“Agreement”) with OM (Manganese)
Limited (“OMM”), a wholly owned subsidiary of ASX‐listed OM Holdings Limited 6. The Agreement applies to
the rights to manganese only over approximately 600 km2 in the Bryah Basin, including the historic Horseshoe
South mine. The Agreement objective is to explore for commercially mineable manganese, potentially
leading to near term production.
4 ASX announcement 3rd March 2022
5 Pirajno, F., Occhipinti, S. A., and Swager, C. P., 2000, Geology and mineralization of the Palaeoproterozoic Bryah and Padbury Basins, Western
Australia: Western Australia Geological Survey, Report 59, 52p.
6 See BYH ASX Announcement dated 23 April 2019 for full details
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2022 Annual Report
Gabanintha Gold and Base Metals Project (100% BYH)
Bryah holds the rights to all minerals except Vanadium, Uranium, Cobalt, Chromium, Titanium, Lithium,
Tantalum, Manganese & Iron Ore (Excluded Minerals) over an 80km2 project area at Gabanintha,
approximately 40km south of Meekatharra, Western Australia (see Figure 7). Australian Vanadium Limited
(AVL) retains 100% rights in the Excluded Minerals on the project, which includes its Australian Vanadium
Project.
In August 2021 Bryah commercialised the Tumblegum South prospect through the IPO of Star Minerals and
now holds 20.75% of its shares. Additionally Australian Vanadium (ASX:AVL) completed a Bankable Feasibility
Study in December 2021 on their Australian Vanadium Project, where Bryah updated the Cu, Ni and Co
resource based on the pit designs in May 2022.
Figure 7 ‐ Gabanintha Project Tenement Location Plan
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2022 Annual Report
Sale of Tumblegum South and Tenements in West Bryah
The sale of assets to Star Minerals Limited (“Star Minerals”) was completed following approval from ASX
Limited (“ASX”) to admit its securities for official quotation. Star Minerals completed a $5.0 million capital
raise via an Initial Public Offer (“Offer”). The official quotation of Star Minerals on ASX commenced on
Wednesday 27 October 2021.
The total consideration Bryah has received from Star Minerals for the projects was:
(a)
(b)
(c)
(d)
$500,000 cash;
11,000,000 fully paid ordinary shares in Star Minerals (valued at $1,800,000);
3,000,000 Class A Performance Rights, vesting upon a Measured Mineral Resource report;
and
4,000,000 Class B Performance Rights, vesting upon commencement of commercial gold
production.
Each Performance Right will convert to one fully paid ordinary share in the capital of Star Minerals upon the
achievement of the above milestones.
As part of the transaction with Star Minerals, Bryah retains a 0.75% net smelter return royalty over
Exploration Licence E52/3739, a tenement located within the western part of the Bryah Basin.
Star Minerals (ASX:SMS) has 53,000,001 ordinary shares on issue with Bryah holding 11,000,000 shares,
representing a 20.75% equity holding.
The Inferred Mineral Resource for the Tumblegum South Deposit is 600,000 tonnes @ 2.2 g/t Au for 42,500
ounces gold using a cut‐off grade of 0.3g/t Au7.
Base Metals Mineral Resource – Australian Vanadium Project
An Indicated and Inferred Base Metal Mineral Resource for the Project has been reported within the high‐
grade vanadium domain, beneath the base of sulphide weathering, in the areas of highest drill density (80 –
140 metre spaced drill lines with 30 metre drill centres). Base metals are potentially economically recoverable
as a sulphide flotation of the tails produced through beneficiation of the vanadium ore.
Due to the reliance on concentration of the base metals into the non‐magnetic tails through beneficiation of
the vanadium ore, the Indicated material is restricted to the high‐grade domain within the pit optimisations
from Australian Vanadium Limited’s (AVL’s) Bankable Feasibility study (BFS). Inferred material is located
beneath the optimised pits in the vanadium high‐grade domain within classified vanadium Mineral
Resources. Table 2 below outlines the resource, by pit area.
7 See BYH ASX Announcement dated 29 January 2020 for full details of the Mineral Resource Estimate.
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2022 Annual Report
Table 2: May 2022 Base Metals Mineral Resource Inventory at the Australian Vanadium Project 8
2022 Base Metals
Resource Area
Classification
Million Tonnes
(Mt)
Ni
ppm
Cu
ppm
Co
ppm
S %
In Pit North
In Pit Central
In Pit South
Total In Pits
Under North Pit
Under Central Pit
Under and within
South Pit
Indicated
Indicated
Indicated
7.6
4.6
3.8
719
211
227
0.20
775
191
228
0.23
834
220
264
0.11
INDICATED
16.1
762
207
236
0.19
Inferred
Inferred
Inferred
8.0
3.5
8.4
19.9
36.0
710
202
180
0.20
755
197
231
0.25
834
236
268
0.15
770
216
226
0.19
766
212
231
0.19
Total Under Pits
INFERRED
Total Base Metals
Resource
GLOBAL
The Indicated Mineral Resources portion is 16.1 Mt at 762 ppm Nickel, 207 ppm Copper and 236 ppm Cobalt.
This part of the resource falls entirely within the existing pit designs for the proposed 25 year mine‐life
vanadium project and is expected to be processed through the 1.6 Mt per annum crushing, milling and
beneficiation plant. AVL’s BFS reports a reserve of 30.9 million tonnes. The base metal resource portion of
the 30.9 Mt of high‐grade vanadium resource that is included in the pits is 16.1 Mt and represents ~52% of
the total beneficiation plant feed.
The remaining Inferred Mineral Resource lies within the classified vanadium resource in the high‐grade
domain beneath the base of each of the designed pits where pit optimisations are currently drill limited,
highlighting the potential for future production.
8 ASX announcement 25 May 2022
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2022 Annual Report
Figure 8 Base Metals Mineral Resource Category Long Section – Local Grid, looking West.
Regional Exploration and Gold Sampling – Australian Vanadium Project
Aircore Drilling
Drilling was completed on five traverses, crossing the extent of the Lady Alma Layered Igneous Complex
(LALIC) within Mining Lease 51/878. The holes were planned to extend out into the rocks both east and west
of the intrusion, to define its boundaries. 113 holes were completed with a total of 5,539 metres drilled
(5,000m planned). Vertical holes were generally spaced at intervals of 100 metres along each traverse line
and drilled to blade refusal. Figure 9 shows the location of the completed aircore traverses on a geology
interpretation by Ivanic, 2019.
To date results have been received for 31 holes (21GAC001‐21GAC031, 455 samples) with over 1,000
composite and end of hole samples still outstanding. Samples were generally collected in 4 metre intervals
down the hole with a separate bottom of hole sample collected. In 21GAC013 single metre samples were
collected from 28 metres to the end of the hole at 37 metres due to the strong quartz veining observed in
some of the drill cuttings by Company personnel.
Hole 21GAC013 is located 1.7 kilometres south‐east of the New Hope prospect where previous sampling of
drilling completed in 2019 recorded significant gold mineralisation including an outstanding 10 metres @
27.5 g/t Au from 53 metres, including 4m @ 64.3 g/t Au from 54m, which included 1m (55‐56m) @ 182.0 g/t
Au in 19RRC006 within a cross‐cutting fault zone9.
The Company is completing a full multi‐element suite, including whole rock geochemistry, rare earth
elements and trace elements from the bottom of hole samples. This dataset will be applied in studies aimed
9 See BYH ASX Announcement dated 30 March 2021 for full details
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2022 Annual Report
to determine chemical zonation of the LALIC, to identify horizons that may be prospective for economic metal
concentrations, both for Bryah and Australian Vanadium Limited10.
Potential economic concentrations of nickel, copper, chromium and/or platinum group elements (“PGE”)
may be present in the more basal parts of the LALIC. Results from drilling will assist in determining the base
and the top of the intrusion, both potential locations for mineralisation.
Figure 9 Geology and Aircore Drill Hole Locations
10 Bryah Resources Limited holds the rights to all minerals except Vanadium, Uranium, Cobalt, Chromium, Titanium, Lithium, Tantalum, Manganese
& Iron Ore (Excluded Minerals). Australian Vanadium Limited retains 100% rights in the Excluded Minerals and a 0.75% Royalty on any production by
Bryah.
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2022 Annual Report
Gold mineralisation is interpreted to be controlled by the cross‐cutting structures within the LALIC. There
are 9 major faults interpreted from aeromagnetic survey data and drilling which offset the main massive
magnetite unit into fault blocks (see Figure 9). The structural offsets are comprised of a corridor of faulting
that dislocate the magnetite‐gabbro package. The gold mineralisation model for this area currently involves
two main concepts:
a)
b)
Physical differences between rock types (rheological) when faulting intersects a strong layer like the
magnetite, often caused refraction of the fault paths. These diffractions and further offsets then allow
dilation to occur and focus mineralising fluids into the area. The drop out mechanisms for gold in this
case are reductions in pressure and temperature, and
The high iron content of the magnetite may allow for a chemical path of mineralisation. The
differentiated gabbro of the LALIC has multiple layers of alternating high and low iron content. Iron
can change the chemistry when combined with hot mineralising fluids and also cause precipitation of
gold mineralisation.
New Hope results received from the 1,871m RC drill program in were of low tenor gold mineralisation and
indicate a more complicated gold mineralisation system. Further interpretation will be undertaken to assess
any other structural mineralisation models.
Lake Johnston Lithium – Nickel Project (100% BYH)
The Lake Johnston Lithium‐Nickel project consists of eight exploration licence applications covering a total of
690km2.
The exploration ground extends to within 10 kilometres east of the world class Mt Holland Lithium mine and
concentrator being developed under the Wesfarmers Limited/SQM Australia Pty Ltd joint venture. The Mt
Holland Lithium project includes the Earl Grey Lithium deposit with a reported Mineral Resource of 189
million tonnes grading 1.5% Li2O11, making it a globally significant high‐grade hard rock lithium deposit.
Bryah’s tenure is to the immediate west and north of Poseidon Nickel Limited’s Lake Johnston Project, which
encompasses the Maggie Hays/Emily Ann mine and associated processing plant, which is currently under
care and maintenance. The Emily Ann Mine historically produced 46,000 tonnes nickel with a resource grade
averaging 4.1% nickel12.
11 See KDR ASX Announcement dated 19 March 2018 for further details
12 See POS ASX Announcement dated 26 September 2018 for further details
19
2022 Annual Report
Figure 10 Location Plan showing tenements and regional geology map
In May 2022, BYH signed an option agreement for the Joint Venture and potential sale of the Lake Johnston
tenements to Mining Green Metals (MGM)13.
The option agreement will provide the following benefits to BYH and its shareholders:
5,000,000 fully paid ordinary shares of MGM;
‐ Retaining a 49% interest in the project in an unincorporated joint venture; and
13 ASX Announcement 19 May 2022, Sale of 51% Interest in Lake Johnston Lithium‐Nickel Project
20
2022 Annual Report
‐ A potential further 5,000,000 fully paid ordinary shares of MGM for the remaining 49% interest.
The completion of the acquisition is dependent on MGM undertaking due diligence, the tenements being
granted and MGM completing an initial public offering on the ASX. MGM will pay BYH $25,000 as an option
fee, with the option exercise period of 12 months. A second option period of 12 months relates to the
acquisition of Bryah’s 49% interest.
21
2022 Annual Report
Directors
The names of the directors in office during or since the end of the financial year and up to the date of this
report are as follows. Directors were in office for this entire period unless otherwise stated.
Mr Ian Stuart
Mr Leslie Ingraham
Mr Brian Davis
Mr Neil Marston
Non‐executive Chair
Non‐executive Director
Non‐executive Director (appointed 6 December 2021)
Managing Director (resigned 6 December 2021)
Information about the Directors
The names, qualifications and experience of each person who has been a director during the period and to
the date of this report are:
Ian George Stuart B.Sc. (Hons) F.FIN MAICD
Mr Stuart is a geologist by profession with experience in both the finance and mining industries. He holds an
Honours degree in Geology, is a Fellow of the Financial Services Institute of Australasia and a member of the
Australian Institute of Company Directors. Ian has extensive experience in capital markets and is conversant
with public company governance and management across international jurisdictions.
Mr Stuart is presently not a director of any other ASX‐listed company.
Leslie James Ingraham
Mr Ingraham has been in private business for over 30 years and is an experienced mineral prospector and
professional investor. He has successfully worked as a consultant for both private companies and companies
listed on the ASX. Core competencies include capital raising and shareholder liaison.
During the past three years, Mr Ingraham was also a director of ASX listed company Australian Vanadium
Limited.
Brian Davis ‐ Appointed 6 December 2021
Mr Davis is a 50‐year veteran of the resources industry, and principal of exploration and resource
development consultancy group Geologica for over 20 years. He has worked in exploration and mining for
small and large resource companies focused on commodities including gold, base metals, vanadium,
uranium, iron ore, coal and rare earths in Australia and overseas.
Mr Davis holds a Bachelor of Science in Geology from King’s College in London and is a registered practising
geoscientist.
Neil Andrew Marston B.Com FGIA FCG MAICD ‐ Resigned 6 December 2021
Mr Marston is a qualified accountant and Chartered Secretary with over 40 years of experience working in
the resources and other industry sectors. He is a Fellow of the Governance Institute of Australia and the
Chartered Governance Institute and a member of the Australian Institute of Company Directors.
Neil has extensive experience in the areas of mineral exploration, capital raising, corporate governance and
compliance, project management, mining and environmental approvals, contract negotiations, community
and stakeholder engagement.
22
2022 Annual Report
Company Secretary
The following person held the position of Company Secretary at the end of the year and at the date of this
report:
Neville Bassett – Appointed 29 November 2021
Meetings of Directors
The number of meetings of Directors (including meetings of committees of Directors) held during the period
and the number of meetings attended by each Director were as follows:
Board of Directors
Number eligible to attend
Number attended
Ian Stuart
Leslie Ingraham
Brian Davis
Neil Marston
5
5
2
3
5
5
2
3
The full Board fulfils the role of remuneration, nomination and audit committees.
Operating and Financial Review
A Review of Operations is contained in the Directors’ Report.
The operating loss of the Group for the financial year after providing for income tax amounted to $1,020,338
(2021: loss of $1,883,520). The Group’s net assets as at 30 June 2022 were $10,985,394 (2021: $10,625,127).
At 30 June 2022, the Group had cash reserves of $810,216 (2021: $3,161,077). The decrease in cash was
largely a result of the payments for exploration and general overheads exceeding the funds received from
capital raisings and Government grants.
The annual financial statements for the Consolidated Entity have been prepared based on assumptions and
conditions prevalent at 30 June 2022. Given ongoing economic uncertainty, these assumptions could change
in the future.
Principal Activities
The principal activities of the Group during the period were the pursuit of exploration and evaluation
activities on the Bryah Basin and Gabanintha projects located in the Meekatharra region of Western
Australia.
Likely Developments and Expected Results
Likely developments in the operations of the Group and the expected results of those operations in future
financial periods have not been included in this report as the inclusion of such information is likely to result
in unreasonable prejudice to the Group.
Environmental Regulation
The Group’s operations are subject to various environmental laws and regulations under government
legislation. The exploration tenements held by the Company are subject to these regulations and there have
not been any known breaches of any environmental regulations during the financial period and up until the
date of this report.
23
2022 Annual Report
Dividends
No dividends have been declared since the start of the financial year.
Events Subsequent to Reporting Date
On 17 August 2022 the Company issued 53,046,299 ordinary (fully paid) shares at $0.027 each as part of a
placement to raise $1,432,250 (before costs).
The Company announced that, subject to shareholder approval, it will issue 2,000,000 unlisted options
exercisable at $0.054 each (expiring 12 August 2025) as part consideration for the provision of lead manager
services for the Placement to Spark Plus (Australia) Pty Ltd.
No other matter or circumstance has occurred subsequent to year end that has significantly affected, or may
significantly affect, the operations of the Company, the results of those operations or the state of affairs of
the entity in subsequent years.
Share Options
At the date of this report, options were outstanding for the following unissued ordinary shares:
64,500,000 listed options (ASX:BYHOA) expiring 31 January 2023 at an exercise price of $0.09 each;
7,500,000 unlisted options expiring 30 September 2022 at an exercise price of $0.09 each.
No person entitled to exercise these options had, or has any right, by virtue of the option, to participate in
any share issue of any other body corporate.
Indemnification of Officers
Deeds of indemnity have been given and insurance premiums paid since the end of the financial period for
directors and officers of the Company.
Proceedings on behalf of the 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.
The Company was not a party to any such proceedings during the period.
24
2022 Annual Report
Remuneration Report (Audited)
This report details the nature and amount of remuneration for each director and executive of the Group.
For the purposes of this report Key Management Personnel of the Group are defined as those persons having
authority and responsibility for planning, directing and controlling the major activities of the Company and
the Group, directly or indirectly, including any Director (whether executive or otherwise) of the Parent
Company.
For the purposes of this report the term “executive” includes those key management personnel who are not
Directors of the Group.
Remuneration Committee
The full Board carries out the role and responsibilities of the Remuneration Committee and is responsible for
determining and reviewing the compensation arrangements for the Directors themselves, the Managing
Director and any Executives.
Executive remuneration is reviewed annually having regard to individual and business performance, relevant
comparative remuneration and internal and independent external advice.
Remuneration policy
The board policy is to remunerate Directors at market rates for time, commitment and responsibilities. The
board determines payments to the Directors and reviews their remuneration annually, based on market
practice, duties and accountability. Independent external advice is sought when required. The maximum
aggregate amount of Directors’ fees that can be paid is subject to approval by shareholders in a general
meeting, from time to time. Fixed fees for non‐executive directors are not linked to the performance of the
Company. However, to align Directors’ interests with shareholders’ interests, the Directors are encouraged
to hold shares in the Company and may be issued with options and performance rights from time to time.
The Group’s aim is to remunerate at a level that will attract and retain high‐calibre directors and employees.
Company Directors and officers are remunerated to a level consistent with the size of the Company.
The executive Directors and full‐time executives receive a superannuation guarantee contribution as
required by government legislation, which during the reporting period was 10%, and do not receive any other
retirement benefits. Some individuals, however, may choose to sacrifice part of their salary to increase
payments towards superannuation.
All remuneration paid to Directors and executives is valued at the cost to the Group and expensed.
The Board believes that it has implemented suitable practices and procedures that are appropriate for an
organisation of this size and maturity.
Remuneration Structure
In accordance with best practice corporate governance, the structure of non‐executive director and executive
compensation is separate and distinct.
Non‐executive Director Compensation
Objective
The Board seeks to set aggregate compensation at a level that provides the Company with the ability to
attract and retain directors of the highest calibre, whilst incurring a cost that is acceptable to shareholders.
25
2022 Annual Report
Structure
The Constitution and the ASX Listing Rules specify that the aggregate compensation 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 latest determination approved by
shareholders was an aggregate compensation of $500,000 per year.
The amount of aggregate compensation 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. Non‐Executive Directors’ remuneration may include an incentive portion consisting of
options, as considered appropriate by the Board, which may be subject to Shareholder approval in
accordance with ASX Listing Rules.
Separate from their duties as Directors, the Non‐Executive Directors may undertake work for the Company
directly related to the evaluation and implementation of various business opportunities, including mineral
exploration/evaluation and new business ventures, for which they may receive a daily rate. These payments
will be made pursuant to individual agreements with the non‐executive Directors and will not be taken into
account when determining their aggregate remuneration levels.
Executive Compensation
Objective
The entity aims to reward executives with a level and mix of compensation commensurate with their position
and responsibilities within the entity so as to:
reward executives for Company and individual performance against targets set by appropriate
benchmarks;
align the interests of executives with those of shareholders;
ensure total compensation is competitive by market standards.
link rewards with the strategic goals and performance of the Company; and
Structure
In determining the level and make‐up of executive remuneration, the Board negotiates a remuneration to
reflect the market salary for a position and individual of comparable responsibility and experience. Due to
the limited size of the Company and of its operations and financial affairs, the use of a separate remuneration
committee is not considered appropriate. Remuneration is regularly compared with the external market by
participation in industry salary surveys and during recruitment activities generally. If required, the Board may
engage an external consultant to provide independent advice in the form of a written report detailing market
levels of remuneration for comparable executive roles.
Remuneration consists of a fixed remuneration and a long‐term incentive portion as considered appropriate.
Compensation may consist of the following key elements:
Fixed Compensation;
Variable Compensation;
Short Term Incentive (STI); and
Long Term Incentive (LTI).
26
2022 Annual Report
Fixed Remuneration
The level of fixed remuneration is set so as to provide a base level of remuneration which is both appropriate
to the position and is competitive in the market. Fixed remuneration is reviewed annually by the Board having
regard to the Company and individual performance, relevant comparable remuneration in the mining
exploration sector and external advice.
The fixed remuneration is a base salary or monthly consulting fee.
Variable Pay ‐ Long Term Incentives
The objective of long‐term incentives is to reward Directors/executives in a manner which aligns this element
of remuneration with the creation of shareholder wealth. The incentive portion is payable based upon
attainment of objectives related to the director’s/executive’s job responsibilities. The objectives vary, but all
are targeted to relate directly to the Company’s business and financial performance and thus to shareholder
value.
Long term incentives (LTIs) granted to Directors and executives may be delivered in the form of options or
performance rights. LTI grants to executives are delivered in the form of the Company’s Performance Rights
and Options Plan.
The objective of the granting of options or rights 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 Company’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 Company.
Typically, the grant of LTIs occurs at the commencement of employment or in the event that the individual
receives a promotion.
Employment contracts of directors and senior executives
The employment arrangements of the non‐executive chairman and non‐executive directors are formalised
in letters of appointment.
Remuneration and other terms of employment for the Managing Director and Chief Executive Officer are
formalised in an executive service agreement. Major provisions are set out below.
Ashley Jones, Chief Executive Officer (appointed 6 December 2021):
Annual base salary of $200,000 plus superannuation;
3,000,000 performance rights issued for nil consideration which vest subject to certain market
performance conditions being met;
Notice period required to be given by the Company for termination of six months, except if in the opinion
of the Company the Executive commits any act of serious misconduct or becomes bankrupt;
Notice period required to be given by the executive for termination of three months.
Neil Marston, Managing Director (resigned 6 December 2021):
Annual base salary of $240,000 plus superannuation;
Notice period required to be given by the Company for termination of one month, except in the case of
conviction of any major criminal offence which brings the Company into lasting disrepute;
Notice period required to be given by the executive for termination of three months.
27
2022 Annual Report
Details of remuneration for period
Remuneration of Directors and Key Management Personnel for the year ended 30 June 2022 and
comparatives are shown over the next two pages:
Remuneration of Directors and Key Management Personnel for the year ended 30 June 2022:
Short‐term benefits
Post ‐
employment
Share‐
based
payments
Salary
& Fees
$
Other
benefits5
$
Super‐
annuation
$
Perf. Rights
Total
$
$
Proportion of
total
performance
related
%
Directors
I. Stuart
12 months to 30 June 2022
80,000
L. Ingraham
12 months to 30 June 2022
99,996
‐
‐
‐
‐
30,087
110,087
27%
30,087
130,083
23%
N. Marston 1
1 July 2021 to 7 December 2021
146,936
120,000
22,389
(13,683)
275,642
0%
B. Davis 2
6 Dec 2021 to 30 June 2022
22,796
‐
‐
‐
22,796
0%
Total Directors
12 months to 30 June 2022
349,728
120,000
22,389
46,491
538,608
9%
Key Management Personnel
A. Jones 3
6 Dec 2021 to 30 June 2022
116,142
Total Key Management Personnel
12 months to 30 June 2022
116,142
‐
‐
Total Directors and Key
Management Personnel
11,101
24,614
151,857
16%
11,101
24,614
151,857
16%
12 months to 30 June 2022
465,870
120,000
33,490
71,105
690,465
10%
1. Mr Marston resigned 6 December 2021
2. Mr Davis was appointed 6 December 2021
3. Mr Jones was appointed 6 December 2021
4. Salary includes movements in annual leave provision for the year
5. Includes termination payment to Mr Marston
28
2022 Annual Report
Short‐term employee
benefits
Post emp.
benefits
Salary &
Fees
Other
benefits
Super‐
annuation
$
$
Directors
I. Stuart
12 months to 30 June 2021
83,333
L. Ingraham
12 months to 30 June 2021
99,996
N. Marston
12 months to 30 June 2021
240,000
Total Directors
12 months to 30 June 2021
433,329
Total Directors and Key
Management Personnel
12 months to 30 June 2021
433,329
‐
‐
‐
‐
‐
Share‐based payments
Ordinary
Shares
Perf. Rights
Proportion of
total
performance
related
Total
$
$
$
%
140,000
13,683
237,017
65%
‐
‐
13,683
113,679
12%
13,683
276,483
5%
$
‐
‐
22,800
22,800
140,000
41,050
586,129
29%
22,800
140,000
41,050
586,129
29%
Salary includes movements in annual leave provision for the year.
Compensation options granted to Key Management Personnel
No incentive options were granted to Directors or Key Management Personnel (“KMP”) during the year
ended 30 June 2022 (2021: nil).
Shares issued to Key Management Personnel on exercise of compensation options
No shares were issued to Directors or Key Management Personnel on exercise of compensation options
during the year ended 30 June 2022 (2021: nil).
Compensation performance rights granted to Key Management Personnel
During the financial year 3,000,000 performance rights were issued to Directors and Key Management
Personnel (2021: 9,000,000).
The performance rights were granted for nil consideration and vest subject to certain market performance
conditions being met.
Name
Ashley Jones
Ashley Jones
Ashley Jones
Number of performance
rights granted during the
period
1,000,000
1,000,000
1,000,000
Fair value of performance
rights (per right)
$0.0529
$0.0506
$0.0485
29
2022 Annual Report
Compensation options lapsed during the period
No incentive options previously issued to Key Management Personnel lapsed during the year (2021: 275,000).
Performance Rights holdings of Key Management Personnel and their related entities
The table below outlines the movements in performance rights, and the balance held by each KMP, for the
year ending 30 June 2022 and 30 June 2021.
On vesting, each right automatically converts to one ordinary share. If the employee ceases employment
before the rights vest, the rights will be forfeited, except in limited circumstances that are approved by the
Board.
2022
Name & Grant
Date
Opening
Balance
1 July 2021
Granted as
Remun‐
eration
Forfeited
Balance
30 June
2022
Not Vested
& not
exercisable
at 30 June
2022
Vested &
Exercisable
at 30 June
2022
Neil Marston 1.
4 Dec 2020
3,000,000
‐
(3,000,000)
‐
‐
Leslie Ingraham
4 Dec 2020
3,000,000
Ian Stuart
4 Dec 2020
3,000,000
Ashley Jones 2.
‐
‐
‐
3,000,000
3,000,000
‐
3,000,000
3,000,000
9 Feb 2022
1,000,000
3,000,000
‐
4,000,000
4,000,000
Total
10,000,000
3,000,000
(3,000,000)
10,000,000
10,000,000
1. Mr Marston resigned 6 December 2021
2. Mr Jones was appointed 6 December 2021 and held 1,000,000 performance rights at that date
‐
‐
‐
‐
‐
30
2022 Annual Report
Performance Rights holdings of Key Management Personnel and their related entities
2021
Name & Grant
Date
Opening
Balance
1 July 2020
Granted as
Remun‐
eration
Forfeited
Balance
30 June
2021
Not Vested
& not
exercisable
at 30 June
2021
Vested &
Exercisable
at 30 June
2021
Neil Marston
4 Dec 2020
Leslie Ingraham
‐
3,000,000
‐
3,000,000
3,000,000
4 Dec 2020
‐
3,000,000
‐
3,000,000
3,000,000
Ian Stuart
4 Dec 2020
Total
‐
‐
3,000,000
9,000,000
‐
‐
3,000,000
3,000,000
9,000,000
9,000,000
‐
‐
‐
‐
The performance conditions of each grant of performance rights affecting remuneration in the reporting
period are set out below:
Tranche
Tranche 1
Tranche 2
Tranche 3
Tranche 4
Tranche 5
Tranche 6
Performance Condition
Amount
Fair Value
A share price of at least $0.12 over 20 consecutive trading
days on which the Company's shares have actually traded.
A share price of at least $0.16 over 20 consecutive trading
days on which the Company's shares have actually traded.
A share price of at least $0.20 over 20 consecutive trading
days on which the Company's shares have actually traded
A share price of at least $0.12 over 20 consecutive trading
days on which the Company's shares have actually traded.
A share price of at least $0.16 over 20 consecutive trading
days on which the Company's shares have actually traded.
A share price of at least $0.20 over 20 consecutive trading
days on which the Company's shares have actually traded
3,000,000
$0.056
3,000,000
$0.056
3,000,000
$0.038
1,000,000
$0.0529
1,000,000
$0.0506
1,000,000
$0.0485
The performance rights granted during the year end 30 June 2021 were valued using the binomial option
valuation methodology with the following inputs:
Effective interest rate: 0.335%
Volatility: 100.19%
Expiry date: 15 January 2026
Share price at grant date: $0.064
Exercise price: nil.
31
2022 Annual Report
The performance rights granted during the year end 30 June 2022 were valued using the trinomial option
valuation methodology with the following inputs:
Effective interest rate: 1.795%
Volatility: 92.46%
Expiry date: 8 February 2027
Share price at grant date: $0.057
Exercise price: nil.
Share holdings of Key Management Personnel and their related entities
Opening
Balance
1 July 2021
Received as
Remuneration
Acquired/
Disposed
Closing Balance
30 June 2022
Directors
Neil Marston 1
6,500,000
Leslie Ingraham
6,333,334
Ian Stuart
3,100,000
KMP
Ashley Jones 2
1,150,000
1. Mr Marston resigned 6 December 2021
2. Mr Jones was appointed 6 December 2021
Opening
Balance
1 July 2020
Received as
Remuneration
Directors
Neil Marston
6,500,000
Leslie Ingraham
6,333,334
‐
‐
‐
‐
‐
‐
Ian Stuart
1,100,000
2,000,000
‐
1,000,000
‐
6,500,000
7,333,334
3,100,000
250,000
1,400,000
Acquired/
Disposed
Closing Balance
30 June 2021
‐
‐
‐
6,500,000
6,333,334
3,100,000
Loans and other transactions with Key Management Personnel
There were no loans to or from key management personnel.
End of remuneration report
32
2022 Annual Report
Auditor
Elderton Audit Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001.
Non‐Audit Services
During the year Elderton Audit Pty Ltd did not provide any non‐audit services.
Auditor’s Independence Declaration
A copy of the auditor’s independence declaration is set out on page 70.
Signed in accordance with a resolution of the Board of Directors:
IAN STUART
CHAIRMAN
23 September 2022
33
2022 Annual Report
Consolidated Statement of Profit or Loss and Other
Comprehensive Income
For the period ended 30 June 2022
Income
Gain on disposal of assets held for sale
Impairment of capitalised exploration cost
Stock exchange and registry expenses
Legal expenses
Depreciation
Travel and accommodation expenses
Share Based Payments
Directors' fees and benefits expenses
Loss in Associate
Impairment of Investment in Associate
Consolidated
2022
$
2021
$
784,477
207,025
1,363,090
‐
(150,276)
(236,126)
(81,954)
(98,041)
(46,168)
(8,178)
(67,691)
(58,723)
(41,338)
(6,246)
(123,725)
(323,112)
(492,117)
(446,129)
(140,063)
(1,179,937)
‐
‐
Note
2(a)
22(a)
8
21
17
10
10
Other corporate and administration expenses
2(b)
(847,446)
(911,180)
Loss before income tax expense
Income tax expense
Net loss for period
Total comprehensive loss attributable to members
of Bryah Resources Limited
Basic and diluted loss per share
(970,338)
(1,883,520)
‐
‐
(1,020,338)
(1,883,520)
(1,020,338)
(1,883,520)
Cents
(0.46)
Cents
(1.29)
3
5
The accompanying notes form part of these financial statements.
34
2022 Annual Report
Consolidated Statement of Financial Position
as at 30 June 2022
Consolidated
Note
2022
$
2021
$
ASSETS
Current Assets
Cash and cash equivalents
Trade and other receivables
Assets classified as held for sale
Total Current Assets
Non‐Current Assets
Plant and equipment
Investment in Associate
Exploration and evaluation assets
Total Non‐Current Assets
TOTAL ASSETS
LIABILITIES
Current Liabilities
Trade and other payables
Other liabilities
Provisions
Total Current Liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued Capital
Reserves
Accumulated losses
TOTAL EQUITY
6
7
22
8
10
9
11
12
13
14
15
810,216
329,620
107,661
3,161,077
306,451
831,495
1,247,497
4,299,023
149,627
880,000
174,694
‐
9,487,676
6,827,565
10,517,303
7,002,259
11,764,800
11,301,282
584,307
462,431
2,000
193,099
779,406
779,406
4,000
209,724
676,155
676,155
10,985,394
10,625,127
15,631,177
14,374,297
374,818
251,093
(5,020,601)
(4,000,263)
10,985,394
10,625,127
The accompanying notes form part of these financial statements.
35
2022 Annual Report
Consolidated Statement of Changes in Equity
For the period ended 30 June 2022
Consolidated
Attributable to equity holders of the parent
Issued Capital
$
Reserves
$
Accumulated
Losses
$
Total
$
Balance as at 1 July 2020
9,746,827
282,851
(2,286,893)
7,742,785
Loss for the period
Other comprehensive income
Total Comprehensive Loss
Transfer from other reserves
‐
‐
‐
‐
‐
‐
‐
(1,883,520)
(1,883,520)
‐
‐
(1,883,520)
(1,883,520)
(170,150)
170,150
‐
Ordinary shares issued for cash
4,773,452
Shares issued as consideration to
director
Shares issued as consideration to
employees and third parties
Recognition of share‐based
payments – for services provided
by KMP and directors
Recognition of share‐based
payments – third parties
Capital raising costs
Balance as at 1 July 2021
Loss for the period
Other comprehensive income
Total Comprehensive Loss
140,000
140,000
‐
‐
(425,982)
14,374,297
‐
‐
‐
Ordinary shares issued for cash
1,000,000
Recognition of share‐based
payments – for services provided
by employees
Recognition of share‐based
payments – for services provided
by KMP and directors
Recognition of share‐based
payments – third parties
Shares issued as consideration
Share issue costs
‐
‐
‐
338,000
(81,120)
‐
‐
‐
41,050
97,342
‐
‐
‐
‐
‐
‐
‐
4,773,452
140,000
140,000
41,050
97,342
(425,982)
251,093
(4,000,263)
10,625,127
‐
‐
‐
‐
45,911
71,104
6,710
‐
‐
(1,020,338)
(1,020,338)
‐
‐
(1,020,338)
(1,020,338)
‐
‐
‐
‐
‐
‐
1,000,000
45,911
71,104
6,710
338,000
(81,120)
Balance as at 30 June 2022
15,631,177
374,818
(5,020,601)
10,985,394
The accompanying notes form part of these financial statements.
36
2022 Annual Report
Consolidated Statement of Cash Flows
For the period ended 30 June 2022
Consolidated
Note
2022
$
2021
$
Cash flows used in operating activities
Payments to suppliers and employees
(2,000,653)
(1,809,502)
Interest received
Net receipts from other entities
568
186,586
804
79,655
Net Cash used in operating activities
6a
(1,813,499)
(1,729,043)
Cash flows used in investing activities
Payments for exploration of mining interests
(1,887,091)
(1,318,781)
Receipts from exploration and mining interests
Proceeds from disposal of tenements
Proceeds from disposal of property, plant and
equipment
Payments to acquire entities
Payment for property, plant and equipment
500,000
25,000
‐
(75,000)
(19,151)
‐
‐
4,545
‐
(62,905)
Net Cash used in investing activities
(1,456,242)
(1,377,141)
Cash flows provided by financing activities
Net proceeds from issue of securities
Payment of capital raising costs
Net cash provided by financing activities
1,000,000
4,773,452
(81,120)
(330,702)
918,880
4,442,750
Net increase / (decrease) in cash held
(2,350,861)
1,336,566
Cash and cash equivalents at beginning of the financial
period
3,161,077
1,824,511
Cash at end of the financial period
6
810,216
3,161,077
The accompanying notes form part of these financial statements.
37
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
1.
These financial statements and notes represent those of Bryah Resources Limited (the “Company”) and
Controlled Entities (the “Consolidated Entity” or “Group”) for the year ended 30 June 2022.
Bryah Resources Limited is a company limited by shares incorporated in Australia. The Company is domiciled
in Western Australia. The nature of operations and principal activities of the Company are described in the
Directors' Report.
1(a) Basis of Preparation
The financial statements are general purpose financial statements that have been prepared in accordance
with Australian Accounting Standards, Australian Accounting
Interpretations, other authoritative
pronouncements of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001.
Compliance with Australian Accounting Standards ensures the Consolidated Financial Report of the Group
complies with International Financial Reporting Standards (“IFRSs”). The Company is a for‐profit entity for
financial reporting purposes under Australian Accounting Standards.
The financial statements have been prepared on an accruals basis and are based on historical costs modified,
where applicable, by the measurement at fair value of selected non‐current assets, financial assets and
financial liabilities. Material accounting policies adopted in preparation of these financial statements are
presented below and have been consistently applied unless otherwise stated.
The Group’s financial statements are presented in Australian dollars.
1(b) Going concern
The financial report has been prepared on the going concern basis, which contemplated the continuity of
normal business activity and the realisation of assets and settlement of liabilities in the normal course of
business.
The directors have considered the funding and operational status of the business in arriving at their
assessment of going concern and believe that the going concern basis of preparation is appropriate, based
upon the following:
Current cash and cash equivalents on hand;
The ability of the Company to obtain funding through various sources, including debt and equity;
The ability to further vary cash flow depending upon the achievement of certain milestones within the
business plan;
The Company has raised $1,432,250 (before costs) subsequent to year end.
1(c) Basis of consolidation
(i) Subsidiaries
The Consolidated Financial Statements incorporate the Financial Statements of the Company and the entities
controlled by the Company (its subsidiaries). Subsidiaries are entities controlled by the Group. Control exists
when the Group has power over the investee, is exposed to, or has right to, variable returns from its
involvement with the investee, and has the ability to use its power to affect its returns. When the Group has
less than a majority of the voting rights of an investee, it has power over the investee when the voting rights
are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The
38
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
Financial Statements of subsidiaries are included in the Consolidated Financial Statements from the date that
control commences until the date that control ceases.
In preparing the Consolidated Financial Statements, all inter‐company balances and transactions, income and
expenses, profit and losses resulting from intra‐group transactions have been eliminated in full.
(ii) Joint arrangements
Under AASB 11 Joint Arrangements Investments in joint arrangements are classified as either joint operations
or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather
than the legal structure of the joint arrangement. Bryah Limited has only joint operations. A joint operation
is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the
assets, and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed
sharing of control of an arrangement, which exists only when decisions about the relevant activities require
unanimous consent of the parties sharing control.
(iii) Joint operations
Bryah Resources Limited recognises its direct right to the assets, liabilities, revenues and expenses of joint
operations and its share of any jointly held or incurred assets, liabilities, revenues, and expenses. These have
been incorporated in the financial statements under the appropriate headings. Details of the joint operations
are set out in note 26.
1(d) Adoption of new and revised accounting standards
In the year ended 30 June 2022, the Directors have reviewed all the new and revised Standards and
Interpretations issued by the AASB that are relevant to the Company and effective for the current annual
reporting period. As a result of this review, the Directors have determined that there is no material impact
of the new and revised Standards and Interpretations on the Company and, therefore, no material change is
necessary to the Company’s accounting policies.
1(e)
Statement of Compliance
The financial report was authorised for issue on 23 September 2022.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a
financial report containing relevant and reliable information about transactions, events, and conditions.
Compliance with Australian Accounting Standards ensures that the financial statements and notes also
comply with International Financial Reporting Standards (IFRS).
1(f)
Revenue and other income
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and
the revenue can be reliably measured.
Interest revenue is recognised as it accrues, taking into account the effective yield on the financial asset.
1(g)
Cash and cash equivalents
Cash comprises cash at bank and in hand. Cash equivalents are short term, highly liquid investments that are
readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in
value.
39
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
For the purposes of the statement of cash flows, cash and cash equivalents consist of cash and cash
equivalents as described above, net of outstanding bank overdrafts.
1(h)
Trade and other receivables
Trade receivables, which generally have 30 days terms, are recognised and carried at original invoice amount
less an allowance for any uncollectible amounts. An allowance for doubtful debts is made when there is
objective evidence that the Company will not be able to collect the debts. Bad debts are written off when
identified.
1(i)
Income Tax
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to
be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount
are those that are enacted or substantively enacted by the reporting date.
Deferred income tax is provided on all temporary differences at the reporting date between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences except when the deferred
income tax liability arises from the initial recognition of an asset or liability in a transaction that is not a
business combination and that, at the time of the transaction, affects neither the accounting profit nor
taxable profit or loss.
Deferred income tax assets are recognised for all deductible temporary differences, carry‐forward of unused
tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences and the carry‐forward of unused tax credits and unused tax
losses can be utilised, except when the deferred income tax asset relating to the deductible temporary
difference arises from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or
loss.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the
deferred income tax asset to be utilised.
Unrecognised deferred income tax assets are reassessed at each reporting date and are recognised to the
extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the
period when the asset is realised, or the liability is settled, based on tax rates (and tax laws) that have been
enacted or substantively enacted at the reporting date.
Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off
current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same
taxable entity and the same taxation authority.
The amount of benefits brought to account or which may be realised in the future is based on the assumption
that no adverse change will occur in income legislation and the anticipation that the Company will derive
40
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
sufficient future assessable income to enable the benefit to be realised and comply with the conditions of
deductibility imposed by the law. No deferred tax is recognised in the current period for the carried forward
losses as the Company considers there will be no taxable profit to offset the brought forward tax losses in
future.
1(j)
Other taxes
Revenues, expenses and assets are recognised net of the amount of GST except:
when the GST incurred on a purchase of goods and services is not recoverable from the taxation
authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of
the expense item as applicable; and
receivables and payables, which are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of
receivables or payables in the statement of financial position.
Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flows
arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority
are classified as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the
taxation authority.
1(k)
Plant and equipment
Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is calculated on a straight‐line basis over the estimated useful life of the assets as follows:
Category
Life (years)
Depreciation Rate
Computers
Office equipment
Plant and equipment
Vehicles
Min
2
2
5
4
Max
4
10
20
10
Min
25%
10%
5%
10%
Max
50%
50%
20%
25%
The assets’ residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate,
at each financial year end.
(i)
Impairment
The carrying values of property, plant and equipment are reviewed for impairment at each reporting date,
with recoverable amount being estimated when events or changes in circumstances indicate that the carrying
value may be impaired.
The recoverable amount of plant and equipment is the higher of fair value less costs to sell and value in use.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre‐
tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset.
41
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
For an asset that does not generate largely independent cash inflows, recoverable amount is determined for
the cash‐generating unit to which the asset belongs, unless the asset’s value in use can be estimated to be
close to its fair value.
An impairment exists when the carrying value of an asset or cash‐generating units exceeds its estimated
recoverable amount. The asset or cash‐generating unit is then written down to its recoverable amount.
Impairment losses are recognised in the statement of profit or loss and other comprehensive income.
(ii)
Derecognition and disposal
An item of plant and equipment is derecognised upon disposal or when no further future economic benefits
are expected from its use or disposal.
Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in the statement of profit or loss and other
comprehensive income in the year the asset is derecognised.
1(l)
Assets held for sale
Non‐current assets, or disposal groups comprising assets and liabilities, are classified as held‐for‐sale if it is
highly probable that they will be recovered primarily through sale rather than through continuing use.
Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value
less costs of disposal. Any impairment loss on a disposal group is allocated to the assets and liabilities on a
pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee
benefit assets which continue to be measured in accordance with the Group’s other accounting policies.
Impairment losses on initial classification as held‐for‐sale and subsequent gains and losses on re‐
measurement are recognised in profit or loss.
Once classified as held‐for‐sale, intangible assets and property, plant and equipment are no longer amortised
or depreciated, and any equity‐accounted investee is no longer equity accounted.
1(m)
Exploration and evaluation expenditure
Exploration and evaluation expenditures in relation to each separate area of interest are recognised as an
exploration and evaluation asset in the period in which they are incurred where the following conditions are
satisfied:
(i)
the rights to tenure of the area of interest are current; and
(ii) at least one of the following conditions is also met:
(a)
(b)
the exploration and evaluation expenditures are expected to be recouped through successful
development and exploitation of the area of interest, or alternatively, by its sale; or
exploration and evaluation activities in the area have not, at the reporting date, reached a stage
which permits a reasonable assessment of the existence, or otherwise, of economically
recoverable reserves and active and significant operations in, or relation to, the area of interest
are continuing.
42
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
Exploration and evaluation assets are initially measured at cost and include acquisition of rights to explore,
studies, exploratory drilling, trenching and sampling and associated activities and an allocation of
depreciation and amortisation of assets used in exploration and evaluation activities.
General and administrative costs are only included in the measurement of exploration and evaluation costs
where they are related directly to operational activities in a particular area of interest.
Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that
the carrying amount of an exploration and evaluation asset may exceed its recoverable amount.
The recoverable amount of the exploration and evaluation asset (for the cash generating unit(s) to which it
has been allocated being no larger than the relevant area of interest) is estimated to determine the extent
of the impairment loss (if any). Where an impairment loss subsequently reverses, the carrying amount of the
asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased
carrying amount does not exceed the carrying amount that would have been determined had no impairment
loss been recognised for the asset in previous periods.
Where a decision has been made to proceed with development in respect of a particular area of interest, the
relevant exploration and evaluation asset is tested for impairment and the balance is then reclassified to
mine development.
1(n)
Impairment of non‐financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If
any such indication exists, or when annual impairment testing for an asset is required, the Group makes an
estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of its fair value less
costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate
cash inflows that are largely independent of those from other assets or groups of assets and the asset’s value
in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as
part of the cash‐generating unit to which it belongs. When the carrying amount of an asset or cash‐generating
unit exceeds its recoverable amount, the asset or cash‐generating unit is considered impaired and is written
down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre‐
tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset. Impairment losses relating to continuing operations are recognised in those expense categories
consistent with the function of the impaired asset unless the asset is carried at a revalued amount (in which
case the impairment loss is treated as a revaluation decrease).
An assessment is also made at each reporting date as to whether there is any indication that previously
recognised impairment losses may no longer exist or may have decreased. If such indication exists, the
recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been
a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss
was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount.
That increased amount cannot exceed the carrying amount that would have been determined, net of
depreciation, had no impairment loss been recognised for the asset in prior periods. Such reversal is
recognised in profit or loss unless the asset is carried at a revalued amount, in which case the reversal is
treated as a revaluation increase. After such a reversal the depreciation charge is adjusted in future periods
43
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its
remaining useful life.
1(o)
Trade and other payables
Trade payables and other payables are carried at amortised costs and represent liabilities for goods and
services provided to the Group prior to the end of the financial period that are unpaid and arise when the
Group becomes obliged to make future payments in respect of the purchase of these goods and services.
1(p)
Employee benefits
Liabilities for wages and salaries, including non‐monetary benefits, and annual leave expected to be settled
within 12 months of the reporting date are recognised in other payables in respect of employees’ services up
to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.
1(q)
Share‐based payment transactions
The Company may provide benefits to employees (including senior executives) of the Company in the form
of share‐based payments, whereby employees render services in exchange for shares or rights over shares
(equity‐settled transactions).
When provided, 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 an external valuer using an appropriate model.
In valuing equity‐settled transactions, no account is taken of any performance conditions, other than
conditions linked to the price of the shares of the Company (market conditions) if applicable.
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)
(ii)
the extent to which the vesting period has expired, and
the Company’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 amount charged or credited to the
statement of profit or loss and other comprehensive income for a period represents the movement in
cumulative expense recognised as at the beginning and end of that period.
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
44
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
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.
The dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation
of earnings per share.
1(r)
Issued capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of tax, from the proceeds.
1(s)
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 the
Company. The Group presently operates in one segment being mineral exploration within Australia.
1(t)
Earnings per share
Basic earnings per share is calculated as net profit or loss attributable to members of the Company, adjusted
to exclude any costs of servicing equity (other than dividends) and preference share dividends, divided by
the weighted average number of ordinary shares, adjusted for any bonus element.
Diluted earnings per share is calculated as net profit or loss attributable to members of the Company,
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 revenues 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.
•
1(u)
Significant Accounting Estimates and Judgments
In the process of applying the Group’s accounting policies, management has made the following estimates
and judgments, which have the most significant effect on the amounts recognised in the financial statements.
Exploration and evaluation assets
The Group’s accounting policy for exploration and evaluation expenditure is set out at Note 1(j). The
application of this policy necessarily requires management to make certain judgements and assumptions as
to future events and circumstances. Any such judgements and assumptions may change as new information
becomes available. If, after having capitalised expenditure under the policy, it is concluded that the
expenditures are unlikely to be recovered by future exploitation or sale, then the relevant capitalised amount
will be written off to the statement profit or loss and other comprehensive income.
45
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
Share‐based payment transactions
The Group measures the cost of equity‐settled transactions with employees and directors by reference to
the fair value of the equity instruments at the date at which they are granted. The fair value is determined
from a binomial pricing model that incorporates various estimates and assumptions.
1(v)
Associates
Associates are entities over which the consolidated entity has significant influence but not control or joint
control. Investments in associates are accounted for using the equity method. Under the equity method,
the share of the profits or losses of the associate is recognised in profit or loss and the share of the
movements in equity is recognised in other comprehensive income. Investments in associates are carried
in the statement of financial position at cost plus post‐acquisition changes in the consolidated entity's
share of net assets of the associate. Goodwill relating to the associate is included in the carrying amount
of the investment and is neither amortised nor individually tested for impairment. Dividends received or
receivable from associates reduce the carrying amount of the investment.
When the consolidated entity's share of losses in an associate equals or exceeds its interest in the
associate, including any unsecured long‐term receivables, the consolidated entity does not recognise
further losses, unless it has incurred obligations or made payments on behalf of the associate.
The consolidated entity discontinues the use of the equity method upon the loss of significant influence
over the associate and recognises any retained investment at its fair value. Any difference between the
associate's carrying amount, fair value of the retained investment and proceeds from disposal is recognised
in profit or loss.
1(w)
Provisions
Provisions are recognised when the consolidated entity has a present (legal or constructive) obligation as a
result of a past event, it is probable the consolidated entity will be required to settle the obligation, and a
reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the
best estimate of the consideration required to settle the present obligation at the reporting date, taking
into account the risks and uncertainties surrounding the obligation. If the time value of money is material,
provisions are discounted using a current pre‐tax rate specific to the liability. The increase in the provision
resulting from the passage of time is recognised as a finance cost.
Rehabilitation provision
A provision has been made for the present value of anticipated costs for future rehabilitation of land
explored or mined. The consolidated entity's mining and exploration activities are subject to various laws
and regulations governing the protection of the environment. The consolidated entity recognises
management's best estimate for assets retirement obligations and site rehabilitations in the period in
which they are incurred. Actual costs incurred in the future periods could differ materially from the
estimates. Additionally, future changes to environmental laws and regulations, life of mine estimates and
discount rates could affect the carrying amount of this provision.
46
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
2.
REVENUE AND EXPENSES
2(a)
Income
Interest received
Reimbursement of exploration expenses *
Other Income
* Reimbursement of expenses as per Sale Agreement to
Star Minerals Pty Ltd.
2(b)
Other Expenses
Salaries and wages
Superannuation
Rental and office facility expenses
Investor relations expenses
Auditor's fees
Loss on acquisition of asset
Other corporate and administration expenses
Consolidated
2022
$
2021
$
568
550,000
233,909
784,477
167,087
66,070
74,749
108,170
20,715
‐
410,655
847,446
804
‐
206,221
207,025
47,658
52,848
77,965
135,778
32,955
31,855
532,121
911,180
47
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
3.
INCOME TAX
Income tax expense
3(a)
The components of tax expense comprise
Current tax
Deferred tax
Consolidated
2022
$
2021
$
‐
‐
‐
‐
3(b)
Numerical reconciliation of income tax expense to prima facie tax payable
Profit (loss) from ordinary activities
before income tax expense
Prima facie tax benefit on loss from
ordinary activities at 25%
Tax effect of amounts which are not
deductible (taxable) in calculating
taxable income:
Fines
Share based payments
Movement in unrecognised temporary
differences on comparable income tax
rates of 25%
Tax effect of current year tax losses for
which no deferred tax asset has been
recognised
Income Tax Expense
3(c)
Unrecognised temporary differences
Deferred tax assets at relevant tax rates
Accrued expenses
Entry establishment costs
Provision for expenses
Impairment of investments
Capital raising costs
Carry forward revenue tax losses
48
(1,020,338)
(255,085)
(1,883,520)
(489,715)
35
30,931
(224,119)
(176,397)
‐
6,296
(483,419)
(63,681)
400,516
547,100
‐
‐
8,489
18,024
18,275
330,000
127,229
2,580,627
3,082,644
9,637
‐
54,528
‐
188,891
2,740,698
2,993,754
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
3(c)
Unrecognised temporary differences (continued)
Deferred tax liabilities at relevant tax rates
Prepaid expenses
Depreciable assets
Mineral exploration
Assets held for sale
Consolidated
2022
$
2021
$
13,303
16,672
1,865,844
‐
1,895,819
38,522
17,517
1,309,031
216,189
1,581,260
Net deferred asset/(liability) not recognised
1,186,825
1,412,494
The deferred tax asset and deferred tax liability have not been brought to account as it is unlikely they will
arise unless the company generates sufficient revenue to utilise them.
AUDITORS’ REMUNERATION
4.
Amounts paid or due and payable to Elderton Audit Pty Ltd
for:
‐audit or review services
5.
EARNINGS PER SHARE
Basic Profit / (loss) per share
The earnings and weighted average number of ordinary shares
used in the calculation of basic and diluted loss per share is as
follows:
Net Profit / (loss) for the period
Weighted average number of ordinary shares
used in the calculation of Basic and diluted EPS
20,315
20,315
32,955
32,955
(Cents)
(0.46)
(Cents)
(1.29)
(1,020,338)
(1,883,520)
No.
No.
221,685,436
146,205,866
49
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
6.
CASH AND CASH EQUIVALENTS
Cash at bank
Short term deposits
Consolidated
2022
$
2021
$
810,216
3,161,077
‐
‐
810,216
3,161,077
Cash at bank includes $2,000 held in trust (Note 12), which therefore is restricted cash.
Short term deposits earn interest at market rates fixed at the time of the contract. Cash and cash
equivalents for the purpose of the statement of cash flows are comprised of cash at bank and short‐
term deposits.
6(a)
Reconciliation of loss for the period to net cash flows from operating activities:
2022
$
Consolidated
2021
$
Profit/(Loss) for the period
Depreciation
Disposal of assets
Impairment of exploration expenditure
Share based payments
Changes in operating assets and liabilities
(Increase)/decrease in trade and other receivables
Increase/(decrease) in trade and other payables relating to
operating activities
Increase/(decrease) in provisions
Net cash flows from operating activities
7.
TRADE AND OTHER RECEIVABLES
Current
GST receivable
Other receivables
Trade receivable
50
(1,020,338)
(1,883,520)
46,168
(1,888,090)
150,276
123,725
41,338
1,785
236,126
323,112
(23,170)
(246,255)
121,878
(332,728)
675,052
131,099
(1,813,499)
(1,729,043)
Consolidated
2022
$
2021
$
108,591
173,312
47,717
329,620
111,216
148,163
47,072
306,451
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
8.
PLANT AND EQUIPMENT
Plant and Equipment
At Cost
Accumulated Depreciation
Consolidated
2022
$
2021
$
336,655
(187,028)
149,627
315,554
(140,860)
174,694
8(a) Movements in carrying amounts
Movements in the carrying amounts for each class of plant and equipment during the financial year:
Balance at 1 July 2021
Additions
Disposals
Depreciation Expense
Balance at 30 June 2022
Plant &
Equipment
103,757
21,101
‐
(35,366)
89,492
Note
9.
EXPLORATION AND EVALUATION ASSET
Balance as at 1 July 2021
Acquisition of Rilukin tenements (a)
Acquisition of Lake Johnston project (b)
Motor Vehicles
Total
70,937
‐
‐
(10,802)
60,135
174,694
21,101
‐
(46,168)
149,627
Consolidated
2022
$
2021
$
6,827,565
5,914,857
232,000
211,100
‐
‐
Impairment on transfer to held for sale
22
(107,661)
(831,495)
Exploration written off
Impairment of interest in Bryah Basin
Manganese Project (c)
Other tenement acquisition costs
Expenditures during the period
Balance as at 30 June 2022
‐
(236,126)
(11,279)
‐
16,650
86,252
2,319,302
1,894,077
9,487,676
6,827,565
51
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
The expenditure above relates principally to the exploration and evaluation phase. The ultimate recoupment
of this expenditure is dependent upon the successful development and commercial exploration, or
alternatively, sale of the respective areas of interest, at amounts at least equal to the carrying value.
(a) On 3 September 2021, the Company entered an agreement to purchase tenements E52/3848,
E52/3898 and E52/3963 from Rilukin Holdings Pty Ltd. The consideration paid for the tenements
consisted of the issue of 4,000,000 ordinary shares of the Company with a fair value at grant date of
$0.058 per share (total consideration of $232,000).
(b) On 1 November 2021, the Company acquired 100% of the shares of West Coast Minerals Pty Ltd (the
Lake Johnston Project) which holds tenements E63/2132, E63/2134 and E63/2315. The acquisition
costs consisted of (refer Note 27):
-
$75,000 cash and 2,000,000 ordinary shares of the Company with a fair value of $0.053 per
share ($106,000) paid to the vendor as consideration for a 100% interest in West Coast
Minerals Ltd, and
-
$30,100 other acquisition costs.
(c) The Group has entered into agreement with OM (Manganese) Ltd (OMM) for rights in the Bryah Basin
Manganese project. Under the agreement OMM may earn interest up to 70% in the mineral rights and
parties will have joint control under terms and conditions of the agreement. The Joint Venture (“the
JV”), an unincorporated entity, is classified as a joint operation that operates under the terms of a farm‐
in and joint venture agreement entered between the partners. Accordingly, the Group’s interest in the
assets, liabilities, revenues and expenses attributable to the joint operations have been included in the
appropriate line items in the consolidated financial statements. OMM has acquired a further 11%
interest in the manganese rights during the year and 11% cost of the manganese rights (value of
$11,279) has been derecognised from tenement acquisition costs.
52
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
Consolidated
Note
2022
$
2021
$
10.
INVESTMENT IN ASSOCIATE
Purchase price of investment in Star Minerals Ltd
22
Loss in Associate
Impairment of Investment in Associate
2,200,000
(140,063)
(1,179,937)
880,000
‐
‐
‐
Name
Principal
Activities
Country of
Incorporation
Shares
Ownership Interest
Carrying Amount of
Investment
Star Minerals
Limited
Mineral
Exploration
Australia
Listed:
Ordinary
2022
%
2021
%
2022
$
2022
$
20.75
‐
880,000
‐
Summarised financial information of Star Minerals Limited
Cash and cash equivalents
Other current assets
Non‐current assets
Current liabilities
Non‐current liabilities
Equity
Finance costs
Depreciation
Goodwill written off
Other expenses
Loss before tax
Income tax expense
Loss for the period
Group’s share of loss for the period from date
of acquiring interest
53
2022
$
2,974,731
185,529
4,626,984
2021
$
240,393
241,260
‐
470,987
254,770
‐
‐
7,316,258
(13,510)
2022
2021
$
289
221
‐
796,051
795,983
‐
795,983
140,063
$
‐
‐
(4,367)
(10,744)
(15,111)
‐
‐
‐
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
10.
INVESTMENT IN ASSOCIATE (continued)
Commitments
Capital Commitments
Committed at the reporting date but not recognised as
liabilities:
Exploration and evaluation
11.
TRADE AND OTHER PAYABLES
Current
Trade payables and payroll liabilities
Other payables and accruals
2022
$
2021
$
206,097
206,097
‐
‐
Consolidated
2022
$
2021
$
173,680
410,627
584,307
325,991
136,440
462,431
Trade creditors are non‐interest bearing and are normally settled on 30 day terms. Due to the short‐term nature
of trade payables and accruals, their carrying value is assumed to approximately their fair value.
12.
OTHER LIABILITIES
Current
Share application funds held in trust
13.
PROVISIONS
Current
Employee entitlements
Exploration rehabilitation obligations
2,000
2,000
4,000
4,000
42,083
151,016
193,099
71,390
138,334
209,724
54
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
14.
ISSUED CAPITAL
14(a) Share capital
Ordinary Shares – fully paid
Share issue costs written off against issued
capital
14(b) Movements in ordinary share capital
Consolidated
2022
$
2021
$
17,351,159
16,013,159
(1,719,982)
(1,638,862)
15,631,177
14,374,297
Ordinary shares –
fully paid
Opening balance
Issue of shares
for cash
Issue of ordinary
shares in lieu of
cash
consideration
Issue of
ordinary shares
as collateral
security
Closing balance
2022
Number
196,873,841
13,333,334
2022
$
16,013,159
1,000,000
2021
Number
2021
$
121,404,800
10,959,707
71,469,041
4,773,452
6,000,000
338,000
4,000,000
280,000
10,000,000
‐
‐
‐
226,207,175
17,351,159
196,873,841
16,013,159
14(c)
Terms and conditions of issued capital
Ordinary shares have the right to receive dividends as declared and, in the event of the winding up the Company
to participate in proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up
on shares held.
55
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
15.
RESERVES
Share‐based payment reserve
Share‐based payment reserve
Opening balance
Transfer to retained earnings
Option and performance rights expense
Balance at end of period
Consolidated
2022
$
2021
$
374,818
374,818
251,093
251,093
251,093
282,851
‐
(170,150)
123,725
374,818
138,392
251,093
Nature and purpose of reserves
The share‐based payment reserve is used to recognise:
The grant date fair value of options issued to employees but not yet exercised;
The grant date value of shares issued to employees; and
The grant date fair value of performance rights granted to employees but not yet vested.
The investment revaluation reserve records movements in financial assets classified as fair value through
Other Comprehensive Income in accordance with AASB 9 Financial Instruments.
Consolidated
2022
$
2021
$
16.
COMMITMENTS
16(a) Exploration Commitments
The Company has certain obligations to perform minimum exploration work and to expend minimum
amounts of money on such work on mining tenements. These obligations may be varied from time to time
subject to approval and are expected to be fulfilled in the normal course of the operations of the Company.
These commitments have not been provided for in the accounts. The current minimum expenditure
commitments on the tenements are:
Payable
‐
‐
no later than 1 year
between 1 and 5 years
1,180,980
7,530,060
8,711,040
1,123,480
6,370,340
7,493,820
56
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
16(b) Operating Lease Commitments
The Company has a shared service agreement which includes access to office facilities at Level 1, 85
Havelock Street, West Perth, and warehouse facilities at Unit 6/32 Mooney Street, Bayswater:
Payable
‐
‐
no later than 1 year
between 1 and 5 years
14,762
‐
14,762
23,648
15,066
38,714
17.
KEY MANAGEMENT PERSONNEL DISCLOSURES
17(a) Compensation of Key Management Personnel
Refer to the remuneration report contained in the Directors’ Report for details of the remuneration paid
or payable to each member of the Company’s key management personnel.
Director and Executive Disclosures Compensation of key management personnel
Short‐term personnel benefits
Post‐employment benefits
Share‐based payments (refer note 21)
Consolidated
2022
$
585,870
33,490
71,105
690,465
2021
$
423,329
22,800
181,050
627,179
17(b)
Loans and Other Transactions with Key Management Personnel
There were no loans to key management personnel or their related entities during the financial year.
SEGMENT INFORMATION
18.
AASB 8 requires a ‘management approach’ under which segment information is presented on the same
basis as that used for internal reporting purposes. The Board as a whole will regularly review the identified
segments in order to allocate resources to the segment and to assess its performance.
During the year, the Company considers that it operated in only one segment, being mineral exploration
within Australia. All the assets are located in Australia only.
CONTINGENT ASSETS AND LIABILITIES
19.
A contingent liability exists in relation to 10 million ordinary shares issued as collateral security to Acuity
Capital for an At‐the‐Market Subscription Agreement which provides the Company with up to $3 million
of standby equity capital.
In the opinion of the Directors, the Company does not have any contingent liabilities as at 30 June 2022.
57
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
FINANCIAL RISK MANAGEMENT
20.
The Company’s principal financial instruments comprise receivables, payables, cash and short‐term
deposits. The Company manages its exposure to key financial risks in accordance with the Company’s
financial risk management policy. The objective of the policy is to support the delivery of the Company’s
financial targets while protecting future financial security.
The main risks arising from the Company’s financial instruments are interest rate risk, credit risk and
liquidity risk. The Company does not speculate in the trading of derivative instruments. The Company uses
different methods to measure and manage different types of risks to which it is exposed. These include
monitoring levels of exposure to interest rates and assessments of market forecasts for interest rates.
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, including for interest rate risk,
credit allowances and cash flow forecast projections.
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 and financial liability are disclosed in note 1 to the financial statements.
20(a)
Interest rate risk
The Group’s exposure to risks of changes in market interest rates relates 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. As the Group has no interest‐bearing borrowings its exposure to interest rate
movements is limited to the amount of interest income it can potentially earn on surplus cash deposits.
The following sensitivity analysis is based on the interest rate risk exposures in existence at the reporting
date.
2022
$
2021
$
At the reporting date, the Group had the following financial assets exposed to variable interest rates that
are not designated in cash flow hedges:
Financial Assets
Cash and cash equivalents (interest‐bearing accounts)
810,216
810,216
3,161,077
3,161,077
58
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
The following sensitivity analysis is based on the interest rate risk exposures in existence at the reporting
date.
At the reporting date, if interest rates had moved as illustrated in the table below, with all other variables
held constant, post‐tax profit and equity relating to financial assets of the Group would have been affected
as follows:
Estimates of reasonably possible movements:
Post tax profit – higher / (lower)
+0.5%
‐0.5%
Equity – higher / (lower)
+0.5%
‐0.5%
20(b)
Liquidity Risk
2022
$
2021
$
11,062
(11,062)
11,062
(11,062)
8,088
(8,088)
8,088
(8,088)
The Group manages liquidity risk by monitoring immediate and forecast cash requirements and ensuring
adequate cash reserves are maintained.
20(c) Credit risk
Credit risk arises from the financial assets of the Group, which comprise deposits with banks and trade and
other receivables. The Group’s exposure to credit risk arises from potential default of the counter party,
with the maximum exposure equal to the carrying amount of these instruments. The carrying amounts of
financial assets included in the statement of financial position represents the Group’s maximum exposure
to credit risk in relation to those assets.
The Group does not hold any credit derivatives to offset its credit exposure. The Group trades only with
recognised, creditworthy third parties and as such collateral is not requested nor is it the Company’s policy
to securitise its trade and other receivables.
Receivable balances are monitored on an ongoing basis with the result that the Group does not have a
significant exposure to bad debts.
There are no significant concentrations of credit risk within the Group.
All surplus cash holdings within the Group are currently invested with mainstream Australian financial
institutions.
59
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
20(d) Capital Management Risk
Management controls the capital of the Group in order to maximise the return to shareholders and ensure
that the Group can fund its operations and continue as a going concern.
Management effectively manages the Group’s capital by assessing the Group’s financial risks and adjusting
its capital structure in response to changes in these risks and in the market. These responses include the
management of expenditure and debt levels and share and option issues.
The Group has no external loan debt facilities other than trade payables. There have been no changes in the
strategy adopted by management to control capital of the Group since the prior period.
20(e) Commodity Price and Foreign Currency Risk
The Group’s exposure to price and currency risk is minimal given the Group is still in the exploration phase.
20(f)
Fair Value
The methods of estimating fair value are outlined in the relevant notes to the financial statements. All
financial assets and liabilities recognised in the statement of financial position, whether they are carried at
cost or fair value, are recognised at amounts that represent a reasonable approximation of fair values unless
otherwise stated in the applicable notes.
21.
SHARE BASED PAYMENTS
The following share‐based payments were made during the period:
Directors’ remuneration
KMP Remuneration
Options issued in lieu of cash consideration 1.
Shares issued to employees and third parties
Total
46,490
24,614
6,710
45,911
123,725
1The Group granted the options for broker services in relation to the acquisition of West Coast Minerals Pty
Ltd on 1 November 2021. The fair value of listed options is estimated as at the date of grant using a Binomial
option valuation model taking into account the terms and conditions on which the options were granted. The
Group’s valuation of the options is based on the following key inputs: Exercise price ‐ $0.09, Volatility – 66%,
Risk‐free interest rate – 0.6%, Share price at grant date ‐ $0.053.
The Group has assessed that it is not able to reliably measure the fair value of the goods and services received
from the counterparty of the share‐based payment transaction and thus has measured the fair value of the
securities issued by reference to the fair value of the equity instruments granted.
60
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
Options over Unissued Shares
As at 30 June 2022, the following options over unissued ordinary shares were outstanding:
(i)
(ii)
3,500,000 unlisted options expiring 30 September 2022 at an exercise price of $0.09 each.
10,833,333 listed options expiring 31 January 2023 at an exercise price of $0.09 each. These options
were issued in December 2020 as free attaching options under a placement of new shares.
(iii) 4,000,000 unlisted options with an exercise price of $0.09 each and an expiry date of 30 September
2022. These options were issued to corporate advisors on 13 May 2021 in lieu of payment for capital
raising costs.
52,666,667 options with an exercise price of $0.09 each an expiry date of 31 January 2023. These
options were issued in July 2021 as free attaching options under a placement of new shares.
1,000,000 listed options expiring 31 January 2023 with an exercise price of $0.09. These options were
issued for services provided by a third party.
(iv)
(v)
The following illustrates the number and movements in share options issued during the period:
Outstanding at the beginning of the period
Granted during the period
Lapsed during the period
Outstanding at the end of the period
2022
Number
18,333,333
53,666,667
‐
72,000,000
2021
Number
19,250,000
14,833,333
(15,750,000)
18,333,333
Exercisable at the end of the period
72,000,000
18,333,333
Performance Rights
Number
granted
during
2022
‐
‐
‐
‐
‐
‐
1.1,000,000
2.1,000,000
31,000,000
4.3,350,000
6,350,000
Number
granted
during
2021
3,000,000
3,000,000
3,000,000
333,333
333,333
333,334
‐
‐
‐
‐
10,000,000
Number
forfeited
during
2022
(1,000,000)
(1,000,000)
(1,000,000)
‐
‐
‐
‐
‐
‐
‐
(3,000,000)
Total
number
of rights
2,000,000
2,000,000
2,000,000
333,333
333,333
333,334
1,000,000
1,000,000
1,000,000
3,350,000
13,350,000
Grant
date
Expiry
date
4 Dec 20
4 Dec 20
4 Dec 20
13 May 21
13 May 21
13 May 21
9 Feb 22
9 Feb 22
9 Feb 22
7 June 22
15 Jan 26
15 Jan 26
15 Jan 26
12 May 26
12 May 26
12 May 26
8 Feb 27
8 Feb 27
8 Feb 27
6 June 25
Fair
value at
grant
date
$0.0560
$0.0560
$0.0380
$0.0610
$0.0610
$0.0410
$0.0529
$0.0506
$0.0485
$0.0460
Vesting
conditions
Tranche 1
Tranche 2
Tranche 3
‐
‐
‐
Tranche 4
Tranche 5
Tranche 6
Tranche 7
1., 2., 3. Issued to Mr Ashley Jones
4. Issued to employees
61
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
The performance condition of each tranche is set out below:
Tranche
Tranche 1
Tranche 2
Tranche 3
Tranche 4
Tranche 5
Tranche 6
Tranche 7
Performance Condition
A share price of at least $0.12 over 20 consecutive trading
days on which the Company's shares have actually traded.
A share price of at least $0.16 over 20 consecutive trading
days on which the Company's shares have actually traded.
A share price of at least $0.20 over 20 consecutive trading
days on which the Company's shares have actually traded
A share price of at least $0.12 over 20 consecutive trading
days on which the Company's shares have actually traded.
A share price of at least $0.16 over 20 consecutive trading
days on which the Company's shares have actually traded.
A share price of at least $0.20 over 20 consecutive trading
days on which the Company's shares have actually traded
Continuous employment from the grant date until 28
February 2023.
Amount
2,000,000
2,000,000
2,000,000
1,000,000
1,000,000
1,000,000
3,350,000
The following reconciles the performance rights outstanding at the beginning and end of the year:
Outstanding at the beginning of the period
Granted during the period
Forfeited during the period
Outstanding at the end of the period
2022
Number
10,000,000
6,350,000
(3,000,000)
13,350,000
2021
Number
‐
10,000,000
‐
10,000,000
62
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
22.
ASSETS HELD FOR SALE
Opening balance
Disposal (a)
Addition (b)
Consolidated
2022
$
831,495
(831,195)
107,661
107,661
2021
$
‐
‐
831,495
831,495
(a) Sale to Star Minerals Limited
On 25 October 2021, the Company completed the sale agreement with Star Minerals Limited (“SMS”) to divest
tenements E52/3739, L51/112 and M51/888.
The consideration received consisted of the following:
11 million SMS ordinary shares (fully paid) at $0.20 ($2,200,000).
3 million Class A SMS performance rights subject to a vesting condition being the announcement by
SMS to the ASX of a measured mineral resource in compliance with the JORC Code 2012 in relation to
tenement M51/888 within 5 years of the issue of the performance rights, and
4 million Class B SMS performance rights subject to a vesting condition being the commencement of
commercial gold production in relation to tenement M51/888 within 5 years of the issue of the
performance rights.
Impairment loss relating to assets held for sale
There is no impairment loss on assets held for sale as fair value less cost to sell is higher than their carrying
value.
Consideration received ‐ financial assets
Less: disposal cost
Carrying amount of net assets sold
Profit on sale before income tax
Income tax expense
Profit on sale after income tax
2,200,000
(5,415)
(831,495)
1,363,090
‐
1,363,090
(1) The profit of $1,363,090 is attributable entirely to the owners of the Company.
(2) The consideration received does not include the contingent consideration that might be received
as performance rights should the conditions be met.
63
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
The carrying amount of assets and liabilities as at the date of
sale (25 October 2021) were:
Assets classified as held for sale
Exploration and evaluation asset
Total assets held for sale
836,910
836,910
(b) Sale to Mining Green Metals Limited
On 17 May 2022, the Group entered into an option agreement with Mining Green Metals Limited (“MGM”)
to divest its interest in Lake Johnston (WA) tenements and applications.
The consideration to be received consists of the following:
5 million MGM ordinary shares (fully paid) to acquire a 51% interest; and
5 million MGM ordinary shares (fully paid) to acquire the remaining 49% interest.
MGM may exercise the Option by giving written notice exercising the Option to Bryah at any time between
the period commencing on the execution date and ending 12 months after the execution date. If the Option
is not exercised by MGM during the option exercise period, the Option shall lapse.
If MGM exercises the Option, completion of the acquisition is subject to, and conditional on the satisfaction
of the following conditions precedent on or before the period ending 2 months after the date of the option
exercise notice:
(a) MGM advising the Group that it has completed its due diligence investigations on the Tenements and
Application to the satisfaction of MGM in its absolute discretion;
(b) MGM having received listing approval from ASX for its shares to be admitted to the official list of ASX,
subject only to completion of the Acquisition and such other conditions as are acceptable to MGM
(acting reasonably); and
(c)
Bryah either obtaining approval from its shareholders, if necessary, or ASX providing written advice
to Bryah that such shareholder approval is not required.
Impairment loss relating to assets held for sale
There is no impairment loss on assets held for sale as fair value less cost to sell is higher than their
carrying value.
The following assets and liabilities were reclassified as held for sale in relation to the
Option Agreement as at 30 June 2022:
Assets classified as held for sale
Exploration and evaluation asset
Total assets held for sale
107,661
107,661
64
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
EVENTS SUBSEQUENT TO THE REPORTING DATE
23.
On 17 August 2022 the Company issued 53,046,299 ordinary (fully paid) shares at $0.027 each as part of a
placement to raise $1,432,250 (before costs).
The Company announced that, subject to shareholder approval, it will issue 2,000,000 unlisted options
exercisable at $0.054 each (expiring 12 August 2025) as part consideration for the provision of lead
manager services for the Placement to Spark Plus (Australia) Pty Ltd.
No other matter or circumstance has occurred subsequent to year end that has significantly affected, or
may significantly affect, the operations of the Company, the results of those operations or the state of
affairs of the entity in subsequent years.
RELATED PARTIES TRANSACTIONS
24.
24(a) Key Management Personnel
Disclosures relating to key management personnel are set out in note 17 and the remuneration report
included in the Directors' Report.
24(b) Transactions with Related Parties
The following transaction occurred with related parties:
Payment for goods and services
Payment for office rent and other services from Australian
Vanadium Limited (director‐related entity of Leslie
Ingraham)
24(c) Receivable from and payable to related parties
Current receivables
Receivable from Australian Vanadium Limited (director‐
related entity of Leslie Ingraham)
Current payables
Trade payable to Australian Vanadium Limited (director‐
related entity of Leslie Ingraham)
65
Consolidated
2022
$
2021
$
548,670
276,209
548,670
276,209
1,044
18,793
1,044
18,793
121,442
75,596
121,442
75,596
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
24(d)
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
24(e) Terms and Conditions
All transactions were made on normal commercial terms and conditions and at market rates.
25.
CONTROLLED ENTITIES
Country of
Incorporation
Principal Activity
Ownership Interest
2022
2021
Parent entity
Bryah Resources Limited
Australia
Controlled entity
Peak Hill Manganese Pty
Ltd
West Coast Minerals Pty
Ltd
Australia
Australia
Mining and mineral
exploration
Mining and mineral
exploration
Mining and mineral
exploration
100%
100%
100%
‐
26.
JOINT VENTURES AND ASSOCIATES
Joint Operation
Joint Operation
Parties
Principal
Activities
30 June 2022
Interest %
30 June 2021
Interest %
Bryah Basin
Manganese JV
Bryah Resources Ltd
OM (Manganese) Ltd
Mineral
Exploration
49%
60%
The joint venture operations are not separate legal entities. They are contractual arrangements
between participants for the sharing of costs and outputs and do not in themselves generate revenue
and profit. The joint operations are of the type where initially one party contributes tenements with
the other party earning a specified percentage by funding exploration activities, thereafter the parties
often share exploration and development costs and output in proportion to their ownership of joint
operation assets.
Associate
Star Minerals Limited
Principal
Activities
30 June 2022
Interest %
30 June 2022
Interest %
Mineral
Exploration
20.75%
‐
66
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
27.
ACQUISITION OF A SUBSIDIARY
On 1 November 2021, the Group acquired 100% of the ordinary share capital of West Coast Minerals
Pty Ltd for a consideration of 2,000,000 ordinary shares of the Company and $75,000 cash.
The amounts recognised in respect of the identifiable assets acquired are set out below:
Other receivable
Total identifiable net assets acquired
Satisfied by:
Equity instruments (2,000,000 ordinary shares)
Cash
Goodwill:
Goodwill arising from the acquisition has been recognised as follows:
Consideration transferred
Fair value of identifiable net assets (i)
Goodwill
100
100
106,000
75,000
181,000
(181,000)
‐
The fair value of the 2,000,000 ordinary shares issued was based on the listed share price of the
Company at 1 November 2021 of $0.053 per share.
(i) This includes acquisition cost capitalised for tenements E63/2132, E63/2134 and E63/2135.
67
2022 Annual Report
Notes to the Financial Statements
For the period ended 30 June 2022
28.
PARENT ENTITY
The following table presents information regarding the parent entity for the year ended 30 June 2022
and the year ended 30 June 2021.
Financial position
Assets
Current assets
Non‐current assets
Total assets
Liabilities
Current liabilities
Total liabilities
Equity
Issued capital
Reserves
Retained earnings
Total equity
Financial performance
Loss for the year
Other comprehensive income
Total comprehensive income
2022
$
2021
$
910,701
10,625,571
4,144,344
7,002,258
11,536,272
11,146,603
550,878
550,878
521,475
521,475
15,631,177
14,374,297
374,818
251,093
(5,020,601)
(4,000,263)
10,985,394
10,625,127
(1,018,701)
(1,883,520)
‐
‐
(1,018,701)
(1,883,520)
68
2022 Annual Report
Directors’ Declaration
The Directors of the Company declare that:
1.
the financial statements and notes set out on pages 34 to 67 are in accordance with the
Corporations Act 2001 including:
a.
b.
complying with Australian Accounting Standards, the Corporations Regulations 2001 and
other mandatory professional reporting requirements, and
giving a true and fair view of the Company’s financial position as at 30 June 2021 and of
the performance for the period ended on that date, and;
in the Directors’ opinion, there are reasonable grounds to believe that the Company will be able
to pay its debts as and when they become due and payable.
A statement that the attached financial statements are in compliance with International
Financial Reporting Standards has been included in the notes to the financial statements.
2.
3.
The Directors have been given the declarations pursuant to Section 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Board of Directors.
IAN STUART
CHAIRMAN
Date: 23 September 2022
69
2022 Annual Report
Annual Mineral Resource Statement
In accordance with ASX Listing Rule 5.21, the Company reviews and reports its Mineral Resources at
least annually. The date of reporting is 30 June each year, to coincide with the Company’s end of
financial year balance date.
In completing the annual review for the year ended 30 June 2022, the historical resource factors were
reviewed and found to be relevant and current. The Company’s projects have not been converted to
any active operation yet and hence no resource depletion has occurred for the review period.
BRYAH BASIN MANGANESES JOINT VENTURE ‐ MINERAL RESOURCE
STATEMENT
A summary of the Mineral Resources at the Bryah Basin Manganese Area as at 30 June 2022 is shown
in Table 3.
Maiden Manganese Resource
Table 3 2012 JORC Manganese Mineral Resources at 15% Mn Cut‐off14
Category
Prospect
Area 74
Brumby Creek East and
Brumby Creek West
Horseshoe South and
Horseshoe South Extended
Indicated
Black Hill
Total Indicated
Brumby Creek East and
Brumby Creek West
Horseshoe South and
Horseshoe South Extended
Inferred
Total Inferred
Total Mineral Resource
Kt*
239
525
295
24
1,083
403
351
753
1,836
Mn %
23.6
21.2
20.5
29.7
21.7
20.3
19.5
19.9
21.0
Fe %
21.4
19.1
23.6
20.2
20.9
21.8
29.9
25.6
22.8
*Totals may not add up due to rounding. KT = 1,000 Tonnes
GABANINTHA BASE METALS ‐ MINERAL RESOURCE STATEMENT
A summary of the Base Metals Mineral Resource at the Australian Vanadium Project located at
Gabanintha as at 30 June 2022 is shown in Table 4 below.
An Indicated and Inferred Base Metal Mineral Resource for the Project has been reported within the
high‐grade vanadium domain, beneath the base of sulphide weathering, in the areas of highest drill
density (80 – 140 metre spaced drill lines with 30 metre drill centres). Base metals are potentially
14 ASX announcement 3rd March 2022
75
2022 Annual Report
economically recoverable as a sulphide flotation of the tails produced through beneficiation of the
vanadium ore. Due to the reliance on concentration of the base metals into the non‐magnetic tails
through beneficiation of the vanadium ore, the Indicated material is restricted to the high‐grade
domain within the pit optimisations from AVL’s Bankable Feasibility study (BFS). Inferred material is
located beneath the optimised pits in the vanadium high‐grade domain within classified vanadium
Mineral Resources. Table 4 below outlines the resource, by pit area.
Table 4 May 2022 Base Metals Mineral Resource Inventory at the Australian Vanadium Project 15
2022 Base Metals
Resource Area
Classification
Million Tonnes
(Mt)
Ni
ppm
Cu
ppm
Co
ppm
S %
In Pit North
In Pit Central
In Pit South
Indicated
Indicated
Indicated
7.6
4.6
3.8
719
211
227
0.20
775
191
228
0.23
834
220
264
0.11
Total In Pits
INDICATED
16.1
762
207
236
0.19
Under North Pit
Under Central Pit
Under and within
South Pit
Inferred
Inferred
Inferred
8.0
3.5
8.4
710
202
180
0.20
755
197
231
0.25
834
236
268
0.15
Total Under Pits
INFERRED
19.9
770
216
226
0.19
Total Base Metals
Resource
GLOBAL
36.0
766
212
231
0.19
15 ASX Announcement 25th May 2022
76
2022 Annual Report
Recovery Test Work
The proportion of base metals that report to the non‐magnetic tails is variable based on 18 tests
conducted to date. Davis Tube Recovery (DTR) test work completed by AVL shows the percentage of
the contained metal reporting to the tail in Table 5.
Table 5 Recovery (%) Reporting to Non‐magnetic Tail
Cu
Recovery
Ni
Recovery
Co
Recovery
S
Recovery
Average AVL Variability work 62%
2021 bulk samples North Pits 39.3
2021 bulk samples South Pits 59.9
34%
20.5
28.3
59%
47.6
53.3
93%
85.6
88.1
Further magnetic separation test work is planned to understand the variation in results and refine the
proportion of each metal reporting to the non‐magnetic tail. The difference between the recoveries
is likely the difference between the LIMS and MIMS separation methodologies. The mass percentage
to the magnetic tail were significantly higher for the LIMS separation only returning masses of 19%
and 23.9% to the tail for the north and south pit samples.
The 2022 closed circuit floatation test work produced a potentially saleable product with sulphide
concentrate grades in the market specifications range. Grades in the sulphide concentrate for both
samples averaged 1.17 % Ni, 1.38% Cu and 1.34% Co and 30.1% S.
MATERIAL CHANGES AND RESOURCE STATEMENT COMPARISON
In respect to the mineral resource estimation calculated for the Bryah Basin Manganese and the
Gabanintha Base metals resource, the Company is not aware of any new information or data that
information and all material assumptions and technical parameters
materially affects the
underpinning the estimate continue to apply and have not materially changed.
GOVERNANCE ARRANGEMENTS AND INTERNAL CONTROLS
The Company has ensured that the Mineral Resources quoted are subject to good governance
arrangements and internal controls. The Mineral Resources reported have been generated by
independent consultants where appropriate who are experienced in best practices in modelling and
estimation methods. The consultants have also undertaken reviews of the quality and suitability of
the underlying information used to determine the resource estimate. In addition, management carries
out regular reviews and audits of internal processes and external contractors that have been engaged
by the Company.
Competent Person Statement — Bryah Basin Manganese Area Mineral Resource Estimation
The information in this announcement that relates to Mineral Resources is based on and fairly
represents information compiled by Mr Lauritz Barnes, (Consultant with Trepanier Pty Ltd), Dr Joe
Drake‐Brockman (Consultant with Drake‐Brockman Geoinfo Pty Ltd) and Ms Gemma Lee (Principal
Geologist with Bryah Resources). Mr Barnes, Dr Drake‐Brockman and Ms Lee are members of the
Australasian Institute of Mining and Metallurgy (AusIMM) and/or the Australian Institute of
77
2022 Annual Report
Geoscientists (AIG). All have sufficient experience of relevance to the styles of mineralisation and types
of deposits under consideration, and to the activities undertaken to qualify as Competent Persons as
defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves. Specifically, Mr Barnes is the Competent
Person for the estimation, Dr Drake‐Brockman is the Competent Person for the geological model and
site visits and Ms Lee is the Competent Person for the geological database. Mr Barnes, Dr Drake‐
Brockman and Ms Lee consent to the inclusion in this announcement of the matters based on their
information in the form and context in which they appear.
Competent Person Statement — Gabanintha Base Metals Mineral Resource Estimation
The information in this announcement that relates to Mineral Resources is based on and fairly
represents information compiled by Mr Lauritz Barnes, (Consultant with Trepanier Pty Ltd) and Mr
Brian Davis (Consultant with Geologica Pty Ltd and Director of Bryah Resources Ltd). Mr Barnes and
Mr Davis are both members of the Australasian Institute of Mining and Metallurgy (AusIMM) and the
Australian Institute of Geoscientists (AIG). Both have sufficient experience of relevance to the styles of
mineralisation and types of deposits under consideration, and to the activities undertaken to qualify
as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC)
Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
Specifically, Mr Barnes is the Competent Person for the estimation and Mr Davis is the Competent
Person for the database, geological model and site visits. Mr Barnes and Mr Davis consent to the
inclusion in this announcement of the matters based on their information in the form and context in
which they appear.
Competent Persons Statement
The information in this report that relates to Exploration Results is based on information compiled by
Mr Tony Standish, who is a Member of the Australian Institute of Geoscientists. Mr Standish is a
consultant to Bryah Resources Limited (“the Company”). Mr Standish 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’. Mr
Standish consents to the inclusion in this report of the matters based on his information in the form
and context in which it appears.
78
2022 Annual Report
SCHEDULE OF INTERESTS IN MINING TENEMENTS
AS AT 20 SEPTEMBER 2022
PROJECT
TENEMENT
AREA
EQUITY
Bryah Basin
Sub‐total
Gabanintha
Sub‐total
TOTAL
E52/3014
E52/3236
E52/3237
E52/3238
E52/3240
E52/3349
E52/3401
E52/3453
E52/3454
E52/3508
E52/3700
E52/3703
E52/3705
E52/3725
E52/3726
E52/3739
E52/3796
E52/3848
E52/3865
E52/3871
E52/3898
E52/3963
P52/1527
E52/4096
M52/806
M52/1068
E52/1557‐I
E52/1860‐I
E51/843
E51/1534
M51/878
M51/897
M51/888
L51/112
1 block
26 blocks
8 blocks
7 blocks
9 blocks
42 blocks
43 blocks
40 blocks
8 blocks
4 blocks
24 blocks
11 blocks
1 block
10 blocks
3 blocks
38 blocks
37 blocks
2 blocks
30 blocks
1 block
12 blocks
2 blocks
156.47 ha
1 block
316.15 ha
1,819.97 ha
16 blocks
35 blocks
12 blocks
8 blocks
3,565.86 ha
1,812.05 ha
70.92 ha
8.21 ha
100%
100%1
100%1
100%
100%1
100%1
100%1
100%
100%
100%1
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%1
0%1 2
0%1 2
0%1 2
100%3
100%3
100%3
100%3
100%3
100%
ANNUAL
EXPENDITURE
COMMITMENT
$20,000
$52,000
$50,000
$50,000
$50,000
$84,000
$86,000
$60,000
$50,000
$20,000
$24,000
$20,000
$10,000
$20,000
$15,000
$38,000
$37,000
$15,000
$30,000
$10,000
$20,000
$15,000
$6,280
N/A
$31,700
N/A
N/A
N/A
$813,980
N/A
N/A
N/A
N/A
N/A
Nil
Nil
$813,980
Note 1: OM (Manganese) Limited holds a 40% Joint Venture Interest in the Manganese Mineral Rights in respect to M52/806,
M52/1068, E52/1557, E52/1860, E52/3349, E52/3236 (portion), E52/3237, E52/3240, E52/3401 and E52/3508
Note 2: Bryah holds the mineral rights to prospect, explore, mine and develop manganese ore (Manganese Mineral Rights) only.
Annual expenditure commitment obligations remain with the primary tenement holder.
Note 3: Mineral Rights for all minerals except V/U/Co/Cr/Ti/Li/Ta/Mn & iron ore only.
Australian Vanadium Limited retains 100% rights in V/U/Co/Cr/Ti/Li/Ta/Mn & iron ore on the Gabanintha Project. Annual
expenditure commitment obligations remain with Australian Vanadium Limited.
79
2022 Annual Report
ASX Additional Information
Additional information required by the ASX Listing Rules not disclosed elsewhere in this Annual Report
is set out below. The information is current as at 20 September 2022.
Distribution of Equity Securities
Analysis of numbers of equity security holders by size of holding:
Range
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001+
Total
Listed Shares,
Fully Paid Ordinary
Listed 9 cent Options
expiring 31 January 2023
No of
Holders
47
27
187
774
293
1,328
Number of shares
8,071
97,293
1,667,336
33,323,750
244,157,024
279,253,474
No of
Holders
3
1
0
44
95
143
Number of options
7
2,019
0
3,036,103
61,461,871
64,500,000
Unmarketable Parcels
There were 393 holders of less than a marketable parcel of ordinary shares.
Restricted Securities
The Company has no restricted securities on issue as at 20 September 2022.
Unquoted Securities
The Company has the following unquoted securities on issue as at 20 September 2022:
- 7,500,000 options exercisable at $0.09 on or before 30 September 2022 issued to 12 holders.
Substantial Shareholders
The Company has the following substantial holders as at 20 September 2022:
Shareholder
Pet FC Pty Ltd
Corporate Governance
Number of
shares
27,123,334
The company’s corporate governance statement is located on its website at: bryah.com.au
80
2022 Annual Report
Top 20 Shareholders
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Name
Pet FC Pty Ltd
BNP Paribas Nominees Pty Ltd Six Sis Ltd
Botsis Holdings Pty Ltd
Woolmaton Pty Ltd
Australian Vanadium Limited
Acuity Capital Investment Management Pty Ltd
Mr James Stati + Miss Kathie Lee Fletcher
BNP Paribas NOMS Pty Ltd
Mx Ziaodan Wu
Jalein Pty Ltd
Pet FC Pty Ltd
Sunemar Pty Ltd
Faustus Nominees Pty Ltd
Rilukin Holdings Pty Ltd
Mike Moore Super Pty Ltd
Mr Johannes Jurgens Potgieter
AI Superannuation Pty Ltd
Australian Vanadium Limited
Pinny Pty Ltd
Scarfell Pty Ltd
Total
Total Remaining Holders Balance
Top 20 Listed Option holders
1
2
3
4
5
6
7
8
8
8
11
12
12
12
15
16
17
18
19
20
20
Name
Miss Jade Giada Ghezzi
Deloma Pty Ltd
Botsis Holdings Pty Ltd
M & K Korkidas Pty Ltd
Snazzyboy Ventures Pty Ltd
Ms Xiaodan Wu
Buprestid Pty Ltd
Bubble Hedge Pty Ltd
Mr Cajetan Francis Mascarenhas
Nutsville Pty Ltd
Mr Mark Damion Kawecki
Mr Jiaheng Pan
Mr Geoffrey Leigh Saffer + Mrs Rachel Saffer
Mr Robert John Wilkinson + Mrs Gloria Maria Wilkinson
DVR Invest Pty Ltd
Mr Guy Leon Banducci
Mike Moore Super Pty Ltd
JEMALTEPF Super Pty Ltd
Mrs Lexie Stella Grundmann
Mr Stacey Hubert Carter
Respite Pty Ltd
Total
Total Remaining Holders Balance
Number of
Shares
22,123,334
13,397,680
12,555,556
11,536,500
11,379,630
10,000,000
7,400,000
6,398,482
5,353,333
5,083,334
5,000,000
4,800,000
4,290,000
3,600,000
3,511,000
3,000,000
2,646,800
2,500,000
2,379,215
2,350,000
139,304,864
139,948,610
Number of
Listed
Options
15,500,000
4,221,932
2,000,000
1,486,740
1,428,571
1,416,667
1,375,000
1,200,000
1,200,000
1,200,000
1,180,333
1,000,000
1,000,000
1,000,000
933,334
800,000
757,969
750,000
744,928
666,667
666,667
40,528,808
23,971,192
% of
Shares
7.92
4.80
4.50
4.13
4.08
3.58
2.65
2.29
1.92
1.82
1.79
1.72
1.54
1.29
1.26
1.07
0.95
0.90
0.85
0.84
49.88%
50.12%
% of
Listed
Options
24.03
6.55
3.10
2.31
2.21
2.20
2.13
1.86
1.86
1.86
1.83
1.55
1.55
1.55
1.45
1.24
1.18
1.16
1.15
1.03
1.03
62.84%
37.16%
81