ACN: 616 795 245
ANNUAL REPORT
30 JUNE 2024
2024 Annual Report
CONTENTS
Corporate Directory
1
Letter from the Chairman
2
Directors’ Report
3
Consolidated Statement of Profit or Loss and Other Comprehensive Income
36
Consolidated Statement of Financial Position
37
Consolidated Statement of Changes in Equity
38
Consolidated Statement of Cash Flows
39
Notes to the Financial Statements
40
Directors' Declaration
66
Auditor’s Independence Declaration
67
Independent Auditors’ Report
68
Annual Mineral Resource Statement
71
Additional ASX Information
76
2024 Annual Report
1 | P a g e
Corporate Directory
Directors
Ian Stuart
Non-executive Chair
Leslie Ingraham
Non-executive Director
Brian Davis
Non-executive Director
Chief Executive Officer
Ashley Jones
Company Secretary
Neville Bassett
Registered Office & Principal Place of Business
191B Carr Place
Leederville WA 6007
Telephone: 08 9321 0001
Share Registry
Automic Pty Ltd
Level 5, 191 St Georges Terrace,
Perth WA 6000
Telephone: 1300 288 664
Auditors
Elderton Audit Pty Ltd
Level 32, 152 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).
2024 Annual Report
2 | P a g e
Letter from the Chair
On behalf of your Board of Directors, I have pleasure in presenting the Annual Report and Financial
Statements of Bryah Resources Limited for the year to 30 June 2024.
Since the last Annual Report, Bryah has upgraded its Manganese JORC compliant mineral resource estimate
to over 3 million tonnes at 20.1% and completed further drilling on the Manganese project which was
reported in November 2023. We completed a large soil sampling program and completed over 3000m of
drilling and testing a large lithium soil anomaly in the Lake Johnston area.
Bryah’s portfolio is dominated by the battery metals, lithium, manganese, copper and nickel. 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.
In 2023/24 the Company pivoted to lithium when tenements that were sold pending an IPO were returned
to Bryah. Soil sampling results quickly found a large lithium anomaly and it was drill tested with 3487 m of
RC drilling. It confirmed the potential of the tenure at Lake Johnston to host further lithium discoveries.
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). The resource mineral estimate was
upgraded from 1.8 million tonnes at 21% Mn to 3.07 million tonnes at 20.2% Mn.
Additionally, and as at 30 June 2024 Bryah holds 12.98% in ASX-listed Star Minerals and further performance
rights on success conditions, keeps exposure to the project’s success and the gold price.
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 2024/25.
Yours faithfully,
Ian Stuart
Non-executive Chair
2024 Annual Report
3 | P a g e
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 2024.
Corporate Highlights
Corporate
As at 30 June 2024, the Company had 435,453,523 ordinary shares on issue. 94,531,681 Listed options
exercisable at $0.035 expiring 1 December 2025 and 2,000,000 unlisted options exercisable at $0.054
expiring 12 August 2025.
Bryah completed one placement for the financial year, in November 2023 where Bryah completed the
placement of 71,985,299 new fully paid ordinary shares (“Shares”) at an issue price of $0.017 per Shares
raising $1.224 million (before costs), as announced on 21 November 2023. The Placement included free
attaching two (2) for three (3) listed options, with an exercise price of $0.035, expiring 1 December 2025
("Listed Option").
Subsequent to the financial year end, the company completed a placement and issued 67,833,333 shares at
$0.006 per share on, 2 July 2024. The Placement includes a free attaching one (1) for three (3) unlisted option,
with an exercise price of $0.012, expiring 2 July 20271.
Bryah Basin – Manganese Joint Venture
Two mining licence applications granted over Bryah Basin Manganese Joint Venture. Mining licence granted
over current JORC resources at Brumby Creek and Black Hill prospects. Resource model updated in August
2023 increasing to 3.07 MT at 20.1% Mn2. Mineral Resources estimated at Area 74, Redrum, Brumby Creek,
Black Hill and Horseshoe areas - 5 prospects in total. Indicated Resource increased by 91% and Inferred
Resource increased by 32%. All the Mineral Resources are now included on granted mining licences. Drilling
completed for 98 collars for 2,938 metres at Brumby Creek West, Epona, Redrum, Blackhill North and Gold
Trip prospects.
Brumby Creek West drill hole intercepts:
13m at 22.7% Mn in hole BBRC241 from 15m
6m at 24.4% Mn in hole BBRC249 from 19m
4m at 22.0% Mn in hole BBRC251 from 28m
Redrum drill hole intercepts:
7m at 29.3% Mn in hole RRRC074 from 21m
8m at 29.6% Mn in hole RRRC076 from 14m
5m at 21.0% Mn in hole RRRC072 from 11m
1 ASX announcement BYH 2nd July 2024
2ASX: BYH announcement dated 24th August 2023.
2024 Annual Report
4 | P a g e
7m at 20.7% Mn in hole RRRC072 from 20m
Black Hill North drill hole intercepts:
3m at 34.8% Mn in hole BHRC035 from 0m
Epona drill hole intercepts:
5m at 21.0% Mn in hole EPRC015 from 15m
3m at 21.5% Mn in hole EPRC028 from 10m
Gold Trip drill hole intercepts:
2m at 25.5% Mn in hole GTRC005 from 3m.
Bryah Basin – Copper-Gold Project (100%)
Prospective copper and gold prospects are under review. Geophysical surveys now targeting mineralisation.
Continued field reconnaissance.
Windalah
Follow-up RC and diamond drilling results completed in late 2022. Results included 717m (including
1,216m RC pre-collars) diamond drilling tails.
•
Best results included:
2m @ 3.88 g/t Au from 437m in BBRD072
1m @ 0.35% Cu from 429m in BBRD072
•
Targeting Cu-Au VMS mineralisation at 300m and 500m depth.
•
Deep VMS targets are a product of multiple lines of strong geological evidence.
•
Downhole electromagnetic surveys (DHEM) to tests for off-hole conductors commenced in
September and completed in October 2023. Results under review.
Olympus
•
First pass drilling at Olympus (total of 2,148m of RC drilling completed in June/July 2022) identified a
prospective mineralised horizon.
•
Identified semi massive sulphide mineralisation and anomalous copper up to 0.1% Cu.
•
Review of highly anomalous Volcanogenic Hosted Massive Sulphide (VHMS) pathfinder elements.
•
Two Dipole – Dipole Induced Polarisation lines were completed across the Olympus geochemical
anomaly.
Aquarius Trend
•
Multiple early-stage geochemical anomalies identified.
2024 Annual Report
5 | P a g e
West Bryah Targets (100%)
Desktop review shows rare earth element and uranium potential. Yarlarweelor complex and the Despair
Granite is Archean I type granite with mapped pegmatites historically reported. Uranium intersection of 35m
at 503ppm3 U3O8 less than 200m from the tenement boundary. Anomalous Lanthanum values in statewide
dataset.
Gabanintha – Base Metals
Australian Vanadium Limited (AVL) executed a $49 million grant agreement under the Federal Government
Modern Manufacturing Initiative – Manufacturing Collaboration Stream to support the Australian Vanadium
Project. Bryah Resources signed as a collaboration participant and retains the nickel and copper rights. The
collaboration between AVL and Bryah is focused on realising the significant strategic value of the Ni, Co and
Cu within the non-magnetic tailings fraction at the Australian Vanadium Project. The target base metals are
contained in the Indicated portion of the Mineral Resource, 16.1 Mt @ 762 ppm Nickel, 212 ppm Copper and
231 ppm Cobalt, included in the high-grade vanadium zone within the planned open pits of AVL’s vanadium
project as described in its Bankable Feasibility Study. The collaborative project includes recovery of nickel,
copper and cobalt from the tails stream.
Copper mineralisation intersected at Copper Hills South prospect in 5 historical drill holes. Best intersection
reported in 20134 was:
GRC1152 – 18m (7-25m) @ 0.42% Cu, including 2m (20-22m) @ 2.19% Cu.
Copper mineralisation in GRC1152 is open in all directions.
Lake Johnston Lithium Nickel Project (100%)
An Option agreement with Mining Green Metals (MGM) to acquire a 70% interest in the Lake Johnston
Lithium-Nickel project did not proceed. In July 2023, MGM advised that they are not exercising the option on
the tenements due to the IPO condition not being met. Bryah subsequently started exploring the area.
Lithium soil anomaly up to 3km long and 1km wide defined in soil orientation lines at Pegasus5. Infill soil
results then confirmed an anomaly at Pegasus6. Drilling approved and commenced at Pegasus prospect7.
Mineral Resources (MinRes) proposed a regional lithium processing facility with the purchase of Poseidon’s
Nickel’s Black Swan plant at Lake Johnston which has since been withdrawn. Testing of the main eastern
anomaly and a couple of the smaller western ones commenced. The latest soils program has delineated drill
targets at Roundtop, Westlake and the Sphinx prospects, which are still under interpretation.
Pegasus
Drilling was commenced at Pegasus in May 2024 with collars across the prospect, following promising
soil sample assays.
3 ASX Announcement 10 November 2022. West Bryah review shows potential for Uranium and REEs
4 ASX: YRR ASX announcement dated 27 November 2013 for full details.
5 ASX: BYH announcement 22nd January 2024. First Drill Targets Defined by Soil Anomalies.
6 ASX: BYH announcement 21st March 2024. Exploration Update.
7 ASX: BYH announcement 29th April 2024. Drilling Started at the Pegasus Lithium Prospect Lake Johnston.
2024 Annual Report
6 | P a g e
Review of Operations
Bryah holds a quality exploration portfolio in three highly prospective locations in Western Australia (Figure
1). Two projects have production potential with JORC compliant mineral resource estimates defined. Bryah
have defined JORC resources estimates of manganese in the Bryah Basin, and Nickel and Copper in the
Gabanintha area, south of Meekatharra.
Figure 1: Project Location Map
2024 Annual Report
7 | P a g e
Bryah Basin Copper-Gold Project (BYH – 100%)
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
copper-gold mine operated by Sandfire Resources NL (ASX: SFR) until May 2023 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 at Windalah and
has expanded what it has learnt to other nearby areas that display similar geochemical anomalies. Previous
diamond drilling intersected massive pyrite zones and then large intersections of pyrite stringers, these
included two deep holes totalling 1,261m, targeting the 300m and 500m vertical depth. The sulphide style
was interpreted as VMS style mineralisation.
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 Bryah Basin also has several historical and current manganese mines including the Company’s
Horseshoe South Manganese Mine.
2024 Annual Report
8 | P a g e
Figure 2: Bryah Basin Project Location Plan
The tenements are underlain by the Padbury and Bryah Group, consisting of the Labouchere formation and
Horseshoe formation respectively, of which are known to host copper and gold deposits in the Bryah Basin
and the greater district. Review of the expansive datasets previously captured by Bryah Resources have been
completed and are highlighting new targets.
Windalah
VMS systems in the Bryah Basin are known to host high-grade copper-gold deposits such as Sandfire’s
DeGrussa and Monty mines and the historical Horseshoe Lights mine, located 13 kilometres to the north of
Bryah’s Windalah Prospect. The exploration target at Windalah occupies the same stratigraphic position as
the Horseshoe Lights deposit.
The current geological model and targeting hypothesis remain constant. A massive, laminated sulphide
horizon is thought to occur along the intersection of a footwall stringer zone and the ‘ore stratigraphic
horizon’ – the equivalent stratigraphic position of the nearby Horseshoe Lights Cu-Au mine. The Company
believes that following structural, geological, geochemical and hyperspectral vectors will lead to the
discovery of Cu sulphides at greater depth than current drilling.
Olympus
The Olympus prospect has similar elemental anomalism to Windalah and relative values indicate it may be
closer to the ‘hotter’ parts of the VMS targets.
Olympus lies on the Northern limb of the Mars Dome, which forms part of a series of double-plunging
anticlinal dome structures in the northern Bryah Basin. This is termed the Aquarius trend and consists also of
the Saturn and Jupiter Domes to the north-west. These dome structures connect laterally with outcropping
Narracoota Formation to the northeast through a series of possible covered dome and basin structures.
Reverse Circulation (RC) drilling at Olympus has so far identified a downhole pathfinder anomalous zone with
copper-gold potential in the stratigraphic footwall. Drilling has 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.
Downhole Electromagnetic and Dipole-Dipole Induced Polarisation Surveys
Downhole electromagnetic (DHEM) surveying, consisting of down hole surveys at Windalah8, started in
September and was completed in October 2023. The DHEM was proposed for ‘full length’ down hole
surveys of BBRD072 and BBRD076 (including RC pre-collar and diamond tail). The DHEM surveys were
undertaken to investigate the potential for near miss mineralisation.
Two Dipole – Dipole Induced Polarisation lines were completed across the Olympus geochemical anomaly.
Results found that the Windalah DHEM survey, and the Dipole – Dipole Induced Polarisation lines across
Olympus did not delineate an electrical conductor.
8 ASX: BYH announcement dated 19th May 2023 Windalah Copper-Gold Prospect Diamond Drilling Results
2024 Annual Report
9 | P a g e
Reviews of the expansive datasets previously captured by Bryah Resources have been complete and continue
to undertake attempts to gain additional insights and develop new targets. While these reviews are still on
going, there are several initial promising targets that intend to be investigated in the coming field season.
West Bryah Targets (BYH - 100%)
The West Bryah Project is located approximately 140km north, northwest of Meekatharra. The Project is
situated within the Peak Hill District. Several current and historical mine-sites are within close proximately to
West Bryah tenure, including Westgold’s Fortnum Project (including Starlight and Yarlarweelor), Auris
Mineral’s Forrest-Wodger Cu-Au prospects, Labouchere and the historic Wilthorpe gold mine. The geology
identifies Yarlarweelor complex, and the Despair Granite is Archean I type granite with mapped pegmatites
historically reported, with desktop reviews showing rare earth element and uranium potential.
Uranium intersection of 35m at 503ppm U3O8, was recorded less than 200m from tenement boundaries,
together with anomalous Lanthanum values available in a statewide dataset.
Bryah Basin Manganese Joint Venture (BYH - 49% JV Interest)
Bryah has been monitoring the Manganese price and completing a review of the metallurgical data following
the grant of the mining licences over all resources in 2023. The price of manganese has increased significantly
following a supply shortage exacerbated by the South 32 Groot Eylandt’s manganese operation inability to
export due to infrastructure damage sustained during Tropical Cyclone Megan in March this year. Groot
Eylandt’s manganese mine is not expected to recommence wharf operations and export operations until Q3
2025.
In April 2019, Bryah executed a Manganese Farm-In and Joint Venture Agreement (“JV Agreement”) with
OMM, a wholly owned subsidiary of ASX-listed OM Holdings Limited (ASX: OMH). The JV Agreement applies
to the rights to manganese only over approximately 600 km2 of the entire tenement package held by the
Company in the Bryah Basin. The Manganese JV includes the Horseshoe South Manganese Mine, which is the
largest historical manganese mine in the region.
During Q1, two mining licences were applied for and subsequently granted9. The manganese resource was
updated, and a RC drilling program was completed.
All the Mineral Resources are now included on granted mining leases.
Mineral Resource includes 0.65 Mt at 20.0% Mn on granted Mining Lease M52/806
Mineral Resource includes 2.42 Mt at 20.2% Mn on granted Mining Leases M52/1087 and M52/1088
Over 67 % of the resources are in the Indicated Mineral Resource category.
Indicated Mineral Resources of 2.07Mt at 20.9% Mn and Inferred Mineral Resources of 0.99Mt at
18.6% Mn.
9 ASX: BYH announcement dated 30th September 2023 Quarterly Activities Report
2024 Annual Report
10 | P a g e
Figure 3 Mining Lease M52/ 1087 and M52/ 1088 within tenement holding.
During the period, results for the August 2023 reverse circulation (RC) drilling program, covering 95 collars
for 2,938 meters, were reported10. The results covered prospects Brumby Creek West, Epona, Redrum, Black
Hill North and Gold Trip. The best intersections continued to come from the extensional drilling around the
resources at Brumby Creek and Redrum. Drilling results continue to identify extension of manganese
mineralisation.
10 ASX: BYH announcement BYH 16th November 2023 Manganese Drilling Results Continue to Impress
M52/ 1088
M52/ 1087
Winthorpe (Au)
2024 Annual Report
11 | P a g e
Figure 4 Mn prospect locations with geology showing the targeted Horseshoe Formation.
Brumby Creek West prospect
Drilling results continued to show shallow manganese mineralisation extending southwards. The
mineralisation appeared to be bifurcating with excellent results on the western side becoming prominent.
Manganese grade was significant, with the best results of:
6m at 24.4% Mn from 19m in hole BBRC0249
13m at 22.7% Mn from 15m in hole BBRC0241
4m at 22.05% Mn from 28m in hole BBRC0251
2024 Annual Report
12 | P a g e
Figure 56 Collar Plan of August 2023 Manganese Drilling at Brumby Creek West (Red collars).
2024 Annual Report
13 | P a g e
Figure 7 Oblique Section Brumby Creek West prospect.
Redrum prospect
Following the mineralisation to the northeast, drilling has continued to give excellent results, whereas results
to the south have closed out the mineralisation. The best northern Redrum results are:
7m at 29.3% Mn from 21m in hole RRRC074
8m at 29.6% Mn from 14m in hole RRRC076
5m at 21.0% Mn from 11m in hole RRRC072
7m at 20.7% Mn from 20m in hole RRRC072
3m at 21.2% Mn from 30m in hole RRRC072
4m at 23.8% Mn from 12m in hole RRRC084
The resource at Redrum is 780,000 tonnes - 429Kt at 19.2% Mn Indicated Resource and 351Kt at 18.0% Mn
Inferred Resource (Table 1). These further results extend the mineralisation to the north, where drilling
mostly closed out the southern extent.
2024 Annual Report
14 | P a g e
Figure 8 Collar Plan of the August 2023 Manganese Drilling at Red Rum (Red collars).
Figure 9 Oblique Section Redrum Prospect (previous results included1F11 2F12).
11 ASX announcement 31st August 2022 Continued Manganese Drilling Success-Redrum and Brumby West
12 ASX announcement 10th May 2023 Drilling at Redrum Increases Resource Potential
Previously reported:
RRRC058
2m @18 % Mn
3m @ 19.7% Mn
7m at 21.4% Mn
Previously reported:
RRRC059
8m at 17.5% Mn
Previously reported:
RRRC032
4m @24.7 % Mn
Previously reported:
RRRC031
5m @23 % Mn
Previously reported:
RRRC030
15m @24.8 % Mn
Previously reported:
RRRC029
5m @19.3 % Mn
2024 Annual Report
15 | P a g e
Manganese Resource
In 2023, the Inferred and Indicated Bryah Basin Manganese Mineral Resource increased to 3.07 Million
Tonnes (Mt) at 20.2% Mn13
Table 1 August 2023 Manganese Mineral Resource at 15% Mn Cut-off
Note: Appropriate rounding applied. kt = 1,000 tonnes
Since the 2022 Maiden Mineral Resource Estimate, extensional drilling at the Brumby West, Redrum and
Area 74 deposits has contributed significant additional tonnage to the total Mn Mineral Resource. Better
understanding of the geology and mineralisation of deposits in the Brumby Creek, Area 74 and Redrum areas
has led to minor reviews and modifications to the wireframes previously used in the 2022 MRE. This is a
result of additional drilling and surface geological mapping.
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% manganese14. 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.
13 ASX: BYH announcement 24th August 2023
14 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.
2023 Estimate
Prospect
Category
kt
Mn %
Fe %
Area 74
Indicated
286
24.1
21.1
Brumby Creek
1,038
20.6
20.5
Horseshoe
295
20.5
23.6
Redrum
429
19.2
22.7
Black Hill
24
29.7
20.2
Total Indicated
2,072
20.9
21.5
Area 74
Inferred
16
18.0
23.5
Brumby Creek
276
18.5
24.4
Horseshoe
351
19.5
29.9
Redrum
351
18.0
23.8
Total Inferred
994
18.6
26.1
Total Mineral Resource
3,066
20.2
23.0
2024 Annual Report
16 | P a g e
Gabanintha Gold and Base Metals Project (100% BYH)
On 30 May 2023, AVL finalised a $49M grant for its Australian Vanadium Project. Part of the grant involves
collaboration on realising the significant strategic value of the Ni, Co and Cu within the mine tailings at the
Project. Previous metallurgical test work has shown a floatation circuit can make a sulphide concentrate of
up to 6.3% base metals copper, cobalt and nickel15. Importantly, throughout the BFS, AVL has provisioned
space in the plant design for the floatation circuit. Bryah benefits from the portion of the grant to finalise
studies, and benefits from the whole grant as it moves AVL closer to developing the Australian Vanadium
Project.
The Gabanintha Project covers ~80km2 approximately 40km south of Meekatharra in Western Australia.
Bryah holds the rights to all minerals except Vanadium, Uranium, Cobalt, Chromium, Titanium, Lithium,
Tantalum, Manganese & Iron Ore (“Excluded Minerals”), which are retained by Australian Vanadium Limited
(ASX: AVL).
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.
JORC Resource Cu Ni
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 Mineral Resource is restricted to the high-grade domain within the pit optimisations from AVL’s
Bankable Feasibility study (BFS). Inferred Mineral Resource 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.
15 ASX: BYH announcement dated 1st June 2021 ’31.3 Million Tonne Nickel-Copper-Cobalt Mineral Resource at Gabanintha’.
2024 Annual Report
17 | P a g e
Table 2: May 2022 Base Metals Mineral Resource Inventory at the Australian Vanadium Project16
2022 Base Metals
Resource Area
Classification
Million Tonnes
(Mt)
Ni
ppm
Cu
ppm
Co
ppm
S %
In Pit North
Indicated
7.6
719
211
227
0.20
In Pit Central
Indicated
4.6
775
191
228
0.23
In Pit South
Indicated
3.8
834
220
264
0.11
Total In Pits
INDICATED
16.1
762
207
236
0.19
Under North Pit
Inferred
8.0
710
202
180
0.20
Under Central Pit
Inferred
3.5
755
197
231
0.25
Under and within
South Pit
Inferred
8.4
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
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.
Copper Hills South prospect
The Copper Hills South prospect (formerly Gabanintha East) is located 1.5 kilometres south of the Copper
Hills prospect, on a granted mining lease M51/878. It was the outcome of a target generation review over
the area.17
Bryah holds a suite of mineral rights over tenements held by AVL covering 148km². Bryah’s mineral rights are
for all minerals, excluding vanadium, titanium, cobalt, chromium, uranium, lithium, tantalum, iron ore and
manganese. The vanadium-titanium-magnetite deposit is approximately 11.5km long within the Project with
most of this lying on Mining Lease M51/878 which was granted in 2020.
16 ASX: BYH announcement 25th May 2022.
17 ASX: BYH announcement dated 28th February 2023 ‘Data Puts Copper Potential at Copper Hills South into Focus’.
2024 Annual Report
18 | P a g e
Lake Johnston Lithium – Lithium-Nickel Project (100% BYH)
Bryah’s Lake Johnston Lithium-Nickel project consists of nine exploration licences, held by Bryah, and its
100% owned subsidiary West Coast Minerals Pty. Ltd.
Figure 10 Bryah’s Lake Johnston Tenure.
Bryah’s 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% Li2O18, 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% nickel19.
18 ASX: KDR announcement dated 19 March 2018.
19 ASX: POS announcement dated 26 September 2018.
2024 Annual Report
19 | P a g e
Pegasus prospect
The Pegasus prospect is an area of mixed colluvium and aeolian sands with very poor outcrop. Bedrock
geology is interpreted to consist of amphibolite, Banded Iron Formation (BIF) and olivine komatiite within a
sliver of the Younami Terrane greenstone unit east of Lake Johnston. The area has previously been evaluated
for komatiite-hosted nickel, analogous to the nearby Maggie-Hays and Emily-Anne deposits.
At the Pegasus prospect, several outcropping pegmatites were observed at the southern end of the tenement
striking ~north-west before dipping under cover, hosted in a sheared amphibolite. These coarse to very
coarse pegmatites contain key indicator minerals (garnet and tourmaline) as well as mineral growth textures
(graphic quartz-feldspar texture) characteristic of LCT pegmatite deposits.
Despite no direct detection of anomalous lithium, the exceptionally anomalous Rb and subsequent low K/Rb
ratio, as well as anomalism in Nb, Cs and Be, is encouraging. These anomalous pegmatites are not widely
exposed in the area and no clear pegmatite zoning is therefore observed20.
Soil sampling program was complete on Pegasus prospect in January 2024 which identified first drill targets.
Follow up infill soil samples confirmed Li-anomalies21. An application for drilling was approved and
commenced in May 2024 at Pegasus prospect in the Lake Johnston Project area.
The infill soil samples at Pegasus confirmed the large 3km by 1km eastern soil anomaly that was reported in
January 202422. The assays represent the complete soil sample, whereas previous samples only took the -
250micron portion. Lithium usually reports to the finer fraction; hence a better lithium anomaly is often
achieved with the fine fraction only assayed. The full geochemistry of the soil does help identify differences
in the correlations between elements and a fairer indication of the underlying lithology. Our full soil assay
continues to have excellent correlations between Li, Cs, Rb and Ga indicating potential LCT pegmatites.
20 ASX: BYH announcement dated 30th September 2023 Quarterly Activities Report.
21 ASX: BYH announcement BYH 21st March 2024 Exploration Update
22 ASX: BYH announcement dated 22nd January 2024.
2024 Annual Report
20 | P a g e
Figure 11 Pegasus infill whole soil sampling results over the soil Li2O anomaly contour map shown over GSWA
1:100,000 Interpreted Basement Geology Map.
Soil sample collection continued from mid-January on high priority areas across the tenements E63/ 2156,
E63/ 2134, E63/ 2135, E63/ 2132, and an infill program on the soil anomaly for Pegasus prospect - E63/ 2159.
Drilling commenced in May 2024 with collars across Pegasus prospect following promising soil sample assays
on the tenement.
The Lake Johnston area continues to grow as a prospective lithium corridor with significant discoveries made
by Charger Metals (ASX: CHR) at its Medcalf discovery and TG Metals Burmeister project. MinRes have
purchased the Poseidon Plant at Lake Johnston with a strategy to operate a regional lithium processing hub23.
MinRes states that they are open to third party processing which means for Bryah any discovery, small or
large, has a path to production.
Roundbottom prospect
The Roundbottom Prospect is located ~3km north of Roundtop Hill prospect and is characterised by
expansive sheetwash material with very rare outcropping amphibolite. The bedrock geology is inferred to
consist of Youanmi Greenstone Terrane amphibolites and komatiites folded around an Archaean granite
contact.
23 ASX: MinRes announcement dated 18th March 2024 MinRes to develop lithium processing hub.
2024 Annual Report
21 | P a g e
Among the limited outcrop, two localities included some pegmatoidal rocks with a quartz-muscovite-
feldspar-garnet mineralogy. Some trace tourmaline was also observed in the LJRK002 pegmatite.
Samples collected from the Roundbottom prospect returned very encouraging results, being highly
anomalous in Li2O (48-403 ppm), Rb (402-774 ppm), Nb (26.1-228 ppm), Ta (4.9-18.2 ppm) and Sn (3.2-62.7
ppm). These pegmatites are very poorly exposed, and their true thickness and strike length is unclear.
Encouragingly, the Mt Day lithium-bearing pegmatite field is only 4km to the east with several rock chip
sample results from WAMEX report A131330 >3% Li2O.
Figure 12 Overview of the Roundbottom Prospect showing the Mt Day lithium pegmatite to the field to the east.
2024 Annual Report
22 | P a g e
Equity and Performance Rights in Star Minerals ASX:SMS
a) 3,000,000 Class A Performance Rights, vesting upon a Measured Mineral Resource report;
and
b) 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.
At 30th June 2024, Bryah holds 11,000,000 ordinary shares in Star Minerals (ASX:SMS) representing a 12.98%
equity holding.
Material Business Risks
Exploration and development
The Company’s mining tenements are at various stages of exploration, and potential investors should
understand that mineral exploration and development are high-risk undertakings. There can be no assurance
that future exploration of these tenements, or any other mineral tenements that may be acquired in the
future, will result in the discovery of an economic resource. Even where an apparently viable resource is
identified, there is no guarantee that it can be economically exploited.
Staffing and reliance on key management
The Company relies on the experience and knowledge of key members of its staff. In the event that key
personnel leave and the Company is unable to recruit suitable replacements, such loss could have a materially
adverse effect on the Company.
Capital and funding requirements
Given its focus on exploration, the Company has negative operating cashflow and, at present, it does not
generate any material revenue. No assurance can be given that the Company will achieve commercial viability
through its existing exploration programs or otherwise. Until the Company is able to realise the full value
from its exploration activities, it is likely to incur ongoing operating losses.
2024 Annual Report
23 | P a g e
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.
Ian Stuart
Non-executive Chair
Leslie Ingraham
Non-executive Director
Brian Davis
Non-executive Director
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 also the Non-executive Chair of ASX listed company Star Minerals Limited.
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 B.Sc.(Hons) DipEd MAusIMM RPGeo MAICD
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 (honours) from King’s College in London and is a registered
practising geoscientist.
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
2024 Annual Report
24 | P a g e
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
4
4
Leslie Ingraham
4
4
Brian Davis
4
4
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 $1,641,728,
(2023: loss of $1,828,164). The Group’s net assets as at 30 June 2024 were $11,968,130 (2023: $11,820,571).
At 30 June 2024, the Group had cash reserves of $603,083 (2023: $1,114,069). The decrease in cash was
largely the result of payments for ongoing exploration programs and general overheads in line with previous
years.
The annual financial statements for the Consolidated Entity have been prepared based on assumptions and
conditions prevalent at 30 June 2024. 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.
2024 Annual Report
25 | P a g e
Dividends
No dividends have been declared since the start of the financial year.
Events Subsequent to Reporting Date
Subsequent to the financial year end, the Company completed a placement and issued 67,833,333 shares at
$0.006 per share on 2 July 2024. The Placement includes a free attaching one (1) for three (3) unlisted option,
with an exercise price of $0.012, expiring 2 July 202724.
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:
•
2,000,000 unlisted options with an exercise price of $0.054 each and an expiry of 12 August 2025.
These options were issued as part consideration for the provision of lead manager services to Spark
Plus (Australia) Pty Ltd.
•
2,294,097 options with an exercise price of $0.035 each and an expiry date of 1 December 2025. These
options were issued to the Underwriter as part consideration for services in relation to the rights
issue.
•
40,247,385 options with an exercise price of $0.035 each and an expiry date of 1 December 2025.
These options were issued 1 June 2023 as free attaching options under a placement of new shares.
•
47,990,199 options with an exercise price of $0.035 each and an expiry date of 1 December 2025.
These options were issued 29 January 2024 as free attaching options under a placement of new
shares.
•
4,000,000 unlisted options with an exercise price of $0.035 each and an expiry of 1 December 2025.
These options were issued as part consideration for the provision of lead manager services in the
November 2023 placement.
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.
24 ASX announcement BYH 2nd July 2024
2024 Annual Report
26 | P a g e
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.
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 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 11%, 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.
2024 Annual Report
27 | P a g e
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.
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 to:
•
reward executives for Company and individual performance against targets set by appropriate
benchmarks;
•
align the interests of executives with those of shareholders;
•
link rewards with the strategic goals and performance of the Company; and
•
ensure total compensation is competitive by market standards.
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
2024 Annual Report
28 | P a g e
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).
Fixed Remuneration
The level of fixed remuneration is set 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 Chief Executive Officer are formalised in an executive
service agreement.
2024 Annual Report
29 | P a g e
Details of remuneration for period
Remuneration of Directors and Key Management Personnel for the year ended 30 June 2024 and
comparatives are shown over the next two pages:
Short-term benefits
Post -
employment
Share-
based
payments
2024
Salary
& Fees
Other
benefits
SGC
Perf.
Rights
Total
Proportion of
total
performance
related
$
$
$
$
$
%
Directors
I. Stuart
12 months to 30 June 2024
80,000
-
-
76,603
156,603
27%
L. Ingraham
12 months to 30 June 2024
99,996
-
-
76,603
176,599
23%
B. Davis
12 months to 30 June 2024
40,000
-
-
34,826
74,826
0%
Total Directors
12 months to 30 June 2024
219,996
-
-
188,032
408,028
22%
Key Management Personnel
A. Jones
12 months to 30 June 2024
250,000
-
27,500
107,408
384,908
13%
Total Key Management
12 months to 30 June 2024
250,000
-
27,500
107,408
384,908
13%
Total Directors and Key
Management Personnel
12 months to 30 June 2024
469,996
-
27,500
295,440
792,936
17%
2024 Annual Report
30 | P a g e
Short-term benefits
Post -
employment
Share-
based
payments
2023
Salary &
Fees
Other
benefits
SGC
Perf.
Rights
Total
Proportion of
total
performance
related
$
$
$
$
$
%
Directors
I. Stuart
12 months to 30 June 2023
80,000
-
-
35,653
115,653
31%
L. Ingraham
12 months to 30 June 2023
99,996
-
-
35,653
135,649
26%
B. Davis
12 months to 30 June 2023
40,000
-
-
4,174
44,174
9%
Total Directors
12 months to 30 June 2023
219,996
-
-
75,480
295,476
26%
Key Management Personnel
A. Jones
12 months to 30 June 2023
199,998
-
21,000
46,087
267,085
17%
Total
Key
Management
12 months to 30 June 2023
199,998
-
21,000
46,087
267,085
17%
Total Directors and Key
12 months to 30 June 2023
419,994
-
21,000
121,567
562,561
22%
2024 Annual Report
31 | P a g e
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 2024 (2023: 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 2024 (2023: nil).
Compensation performance rights granted to Key Management Personnel
During the reporting period NIL performance rights were issued to Directors and Key Management Personnel
(2023: 8,500,000).
Compensation options lapsed during the period
No incentive options previously issued to Key Management Personnel lapsed during the year (2023: nil).
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 2024 and 30 June 2023.
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.
2024
Name & Grant
Date
Opening
Balance
01/07/23
Granted as
Remuneration
Converted
Balance
30/06/24
Not vested
& not
exercisable
at 30/06/24
Vested &
exercisable
at 30/06/24
Ian Stuart
5,000,000
2,000,000
3,000,000
3,000,000
-
Leslie Ingraham
5,000,000
2,000,000
3,000,000
3,000,000
-
Brian Davis
1,500,000
1,500,000
-
-
-
Ashley Jones
7,000,000
3,000,000
4,000,000
4,000,000
-
Total
18,500,000
-
8,500,000
10,000,000
10,000,000
-
2024 Annual Report
32 | P a g e
2023
Name & Grant
Date
Opening
Balance
01/07/22
Granted as
Remuneration
Converted
Balance
30/06/23
Not vested
& not
exercisable
at 30/06/23
Vested &
exercisable
at 30/06/23
Ian Stuart
23/11/22
3,000,000
2,000,000
5,000,000
5,000,000
-
Leslie Ingraham
23/11/22
3,000,000
2,000,000
-
5,000,000
5,000,000
-
Brian Davis
23/11/22
-
1,500,000
-
1,500,000
1,500,000
-
Ashley Jones
02/02/23
4,000,000
3,000,000
-
7,000,000
7,000,000
-
Total
10,000,000
8,500,000
-
18,500,000
18,500,000
-
The performance conditions of each grant of performance rights affecting remuneration in the reporting
period are set out below:
Tranche
Performance Condition
Amount
Fair Value
Tranche 1
A share price of at least $0.12 over 20 consecutive trading days
on which the Company's shares have actually traded.
2,000,000
$0.056
Tranche 2
A share price of at least $0.16 over 20 consecutive trading days
on which the Company's shares have actually traded.
2,000,000
$0.056
Tranche 3
A share price of at least $0.20 over 20 consecutive trading days
on which the Company's shares have actually traded
2,000,000
$0.038
Tranche 4
A share price of at least $0.12 over 20 consecutive trading days
on which the Company's shares have actually traded.
1,000,000
$0.0529
Tranche 5
A share price of at least $0.16 over 20 consecutive trading days
on which the Company's shares have actually traded.
1,000,000
$0.0506
Tranche 6
A share price of at least $0.20 over 20 consecutive trading days
on which the Company's shares have actually traded.
1,000,000
$0.0485
2024 Annual Report
33 | P a g e
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.
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
01/07/23
Issued on
exercise of PR’s
Acquired/
(Disposed)
Closing Balance
30/06/24
Directors
Leslie Ingraham
10,603,455
2,000,000
2,000,000
14,603,455
Ian Stuart
3,261,846
2,000,000
438,154
5,700,000
Brian Davis
-
1,500,000
-
1,500,000
KMP
Ashley Jones
3,202,627
3,000,000
-
6,202,627
Total
17,067,928
8,500,000
2,438,154
28,006,082
Opening Balance
01/07/22
Received as
Remuneration
Acquired/
Disposed
Closing Balance
30/06/23
Directors
Leslie Ingraham
7,333,334
-
3,270,121
10,603,455
Ian Stuart
3,100,000
-
161,846
3,261,846
Brian Davis
-
-
-
-
KMP
Ashley Jones
1,400,000
-
1,802,627
3,202,627
Total
11,833,334
-
5,234,594
17,067,928
2024 Annual Report
34 | P a g e
Loans and other transactions with Key Management Personnel
There were no loans to or from key management personnel.
End of remuneration report.
2024 Annual Report
35 | P a g e
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 67.
Signed in accordance with a resolution of the Board of Directors:
IAN STUART
Non-executive Chair
30 September 2024
2024 Annual Report
36 | P a g e
Consolidated Statement of Profit or Loss and Other
Comprehensive Income
For the period ended 30 June 2024
Consolidated
30/06/2024
30/06/2023
Note
$
$
Income
2(a)
24,345
585,217
Impairment of capitalised exploration cost
(213,366)
(621,794)
Employee benefits expense
(358,963)
(325,880)
Depreciation
8
(37,596)
(45,133)
Share Based Payments
21
(376,858)
(279,020)
Directors' fees and benefits expenses
17
(255,996)
(219,996)
Loss in Associate
10
(108,940)
(240,999)
Impairment of Investment in Associate
10
(67,061)
(144,000)
Other corporate and administration
expenses
2(b)
(577,712)
(536,559)
Loss before income tax expense
(1,972,147)
(1,828,164)
Income tax expense
3
330,418
-
Net loss for period
(1,641,728)
(1,828,164)
Total comprehensive loss attributable to
members of Bryah Resources Limited
(1,641,728)
(1,828,164)
Cents
Cents
Basic and diluted loss per share
5
(0.41)
(0.66)
The accompanying notes form part of these financial statements.
2024 Annual Report
37 | P a g e
Consolidated Statement of Financial Position
as at 30 June 2024
Consolidated
30/06/2024
30/06/2023
Note
$
$
ASSETS
Current Assets
Cash and cash equivalents
6
603,083
1,114,069
Trade and other receivables
7
305,535
474,842
Total Current Assets
908,618
1,588,912
Non-Current Assets
Plant and equipment
8
85,673
106,848
Investment in Associate
10
319,000
495,001
Exploration and evaluation assets
9
11,111,800
10,283,605
Total Non-Current Assets
11,516,473
10,885,454
TOTAL ASSETS
12,425,091
12,474,366
LIABILITIES
Current Liabilities
Trade and other payables
11
215,852
407,892
Other liabilities
12
53,277
55,758
Provisions
13
187,832
190,145
Total Current Liabilities
456,961
653,795
TOTAL LIABILITIES
456,961
653,795
NET ASSETS
11,968,130
11,820,571
EQUITY
Issued Capital
14
19,579,802
18,169,324
Reserves
15
664,131
285,322
Accumulated losses
(8,275,803)
(6,634,075)
TOTAL EQUITY
11,968,130
11,820,571
The accompanying notes form part of these financial statements.
2024 Annual Report
38 | P a g e
Consolidated Statement of Changes in Equity
For the period ended 30 June 2024
Consolidated
Attributable to equity holders of the parent
Issued Capital
Reserves
Accumulated
Losses
Total
$
$
$
$
Balance as at 1 July 2022
15,631,177
374,818
(5,020,601)
10,985,394
Loss for the period
-
-
(1,828,164)
(1,828,164)
Total Comprehensive Loss
-
-
(1,828,164)
(1,828,164)
Ordinary shares issued for cash.
2,579,355
-
-
2,579,355
Shares issued as consideration.
63,693
-
-
63,693
Recognition of performance rights
converted to shares.
121,900
(121,900)
-
-
Recognition of share-based
payments – for services provided by
employees.
-
93,760
-
93,760
Recognition of share-based
payments – for services provided by
KMP and directors.
-
121,565
-
121,565
Recognition of share-based
payments – third parties.
-
31,769
-
31,769
Share issue costs .
(226,800)
-
-
(226,800)
Recognise expiry of options.
-
(214,690)
214,690
-
Balance as at 1 July 2023
18,169,324
285,322
(6,634,075)
11,820,571
Loss for the period
-
-
(1,641,728)
(1,641,728)
Total Comprehensive Loss
-
-
(1,641,728)
(1,641,728)
Ordinary shares issued for cash.
1,223,750
-
-
1,223,750
Shares issued as consideration.
67,489
-
-
67,489
Recognition of performance rights
converted to shares.
246,700
(38,472)
-
208,228
Recognition of share-based
payments – for services provided by
KMP and directors.
-
101,141
-
101,141
Recognition of share-based
payments – third parties.
-
9,140
-
9,140
Share issue costs.
(127,461)
-
-
(127,461)
Recognition of capital raised, shares
not yet issued.
-
307,000
-
307,000
Balance as at 30 June 2024
19,579,802
664,131
(8,275,803)
11,968,130
2024 Annual Report
39 | P a g e
Consolidated Statement of Cash Flows
For the period ended 30 June 2024
Consolidated
30/06/2024
30/06/2023
Note
$
$
Cash flows used in operating activities
Payments to suppliers and employees
(2,189,283)
(2,001,335)
Interest received
24,345
73
Net receipts from other entities
-
461,405
Net Cash used in operating activities
(2,164,938)
(1,539,859)
Cash flows used in investing activities
Payments for exploration of mining
interests
(102,925)
(977,789)
Receipts from Government grants
360,773
242,000
Proceeds from disposal of tenements
-
-
Payments to acquire entities /
investments
-
41,999
Payment for property, plant and
equipment
(17,644)
(646)
Net Cash used in investing activities
240,204
(694,436)
Cash flows provided by financing
activities
Net proceeds from issue of securities
1,223,750
2,764,823
Proceeds from capital raising
307,000
-
Payment of capital raising costs
(117,002)
(226,676)
Net cash provided by financing
activities
1,413,748
2,538,148
Net increase / (decrease) in cash held
(510,986)
303,853
Cash and cash equivalents at beginning
of the financial period
1,114,069
810,216
Cash at end of the financial period
6
603,083
1,114,069
The accompanying notes form part of these financial statements.
2024 Annual Report
40 | P a g e
1.
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
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 2024.
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 statements have been prepared on the going concern basis, which contemplates the
continuity of normal business activities and the realisation of assets and settlement of liabilities in the
normal course of business.
As disclosed in the financial statements, the Group incurred a loss of $1,641,728 and had net operating
cash outflows of $2,164,938. These conditions indicate a material uncertainty that may cast significant
doubt about the Group’s ability to continue as a going concern.
The ability of the entity to continue as a going concern is dependent on securing additional capital
raising activities to continue its operational and exploration activities.
Should the entity not be able to continue as a going concern, it may be required to realise its assets
and discharge its liabilities other than in the ordinary course of business, and at amounts that differ
from those stated in the financial statements and that the financial report does not include any
adjustments relating to the recoverability and classification of recorded asset amounts or liabilities
that might be necessary should the entity not continue as a going concern.
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
2024 Annual Report
41 | P a g e
investee when the voting rights are sufficient to give it the practical ability to direct the relevant
activities of the investee unilaterally. The 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 25.
1(d) Adoption of new and revised accounting standards
In the year ended 30 June 2024, 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 29 September 2024.
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.
2024 Annual Report
42 | P a g e
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.
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.
2024 Annual Report
43 | P a g e
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 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
Min
Max
Min
Max
Computers
2
4
25%
50%
Office equipment
2
10
10%
50%
Plant and equipment
5
20
5%
20%
Vehicles
4
10
10%
25%
2024 Annual Report
44 | P a g e
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.
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.
2024 Annual Report
45 | P a g e
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)
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
(b)
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.
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.
2024 Annual Report
46 | P a g e
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 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.
2024 Annual Report
47 | P a g e
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity,
over the period in which the performance and/or service conditions are fulfilled, ending on the date
on which the relevant employees become fully entitled to the award (the vesting period).
The cumulative expense recognised for equity-settled transactions at each reporting date until vesting
date reflects:
(i)
the extent to which the vesting period has expired, and
(ii)
the 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 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.
2024 Annual Report
48 | P a g e
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.
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 equal 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.
2024 Annual Report
49 | P a g e
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.
2024 Annual Report
50 | P a g e
Consolidated
30/06/2024
30/06/2023
$
$
2.
REVENUE AND EXPENSES
2(a)
Income
Other Income
-
332,572
Interest Income
24,345
-
Reimbursement of exploration expenses *
-
252,645
* Reimbursement of expenses by Bryah Basin JV
24,345
585,217
2(b)
Other Expenses
Accounting, audit, legal & taxation
81,089
55,740
Consultants
15,971
30,000
Rental and office facility expenses
66,146
71,550
Loans written off
168,012
-
Stock exchange and registry fees
65,959
58,297
Investor relations expenses
58,754
59,498
Insurance
3,814
101,670
Other corporate and administration expenses
117,967
159,804
577,712
536,559
2024 Annual Report
51 | P a g e
Consolidated
30/06/2024
30/06/2023
$
$
3.
INCOME TAX
3(a)
Income tax expense
The components of tax expense comprise
Current tax
-
-
Deferred tax
-
-
3(b)
Numerical reconciliation of income tax expense to prima facie tax payable
Profit (loss) from ordinary activities before income tax expense
(1,972,147)
(1,828,164)
Prima facie tax benefit on loss from ordinary activities at 25%
(493,037)
(457,041)
Tax effect of amounts which are not deductible (taxable) in calculating taxable income:
Entertainment
134
-
Fines
23
-
Share based payments
38,440
46,478
(454,440)
(410,563)
Movement in unrecognised temporary differences on
comparable income tax rates of 25%
(277,199)
71,610
Tax effect of current year tax losses for which no deferred tax
asset has been recognised
731,639
338,953
R&D Tax Incentive
330,418
-
Income Tax Expense
330,418
-
3(c)
Unrecognised temporary differences
Deferred tax assets at relevant tax rates
Accrued expenses
-
1,441
Loans (Provisions)
3,868
-
Provision for expenses
46,958
17,536
Impairment of investments
350,345
330,984
Capital raising costs
135,368
135,368
Carry forward revenue tax losses
3,429,577
3,152,227
3,966,116
3,637,556
2024 Annual Report
52 | P a g e
Deferred tax liabilities at relevant tax rates
Prepaid expenses
15,991
5,011
Depreciable assets
12,161
12,816
Mineral exploration
2,349,046
2,182,069
2,377,198
2,199,896
Net Deferred Aset/(Liability) not recognised
1,588,918
983,372
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.
4.
AUDITORS’ REMUNERATION
Consolidated
30/06/2024
30/06/2023
$
$
Amounts paid or due and payable to Elderton Audit Pty Ltd for:
-audit or review services
18,499
20,171
18,499
20,171
5.
EARNINGS PER SHARE
(Cents)
(Cents)
Basic Profit / (loss) per share
(0.41)
(0.66)
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
(1,641,728)
(1,828,164)
No.
No.
Weighted average number of ordinary shares used in the
calculation of Basic and diluted EPS
435,453,523
278,394,668
2024 Annual Report
53 | P a g e
6.
CASH AND CASH EQUIVALENTS
Consolidated
30/06/2024
30/06/2023
$
$
Cash at bank
603,083
1,114,069
603,083
1,114,069
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.
Consolidated
30/06/2024
30/06/2023
$
$
7.
TRADE AND OTHER RECEIVABLES
Current
GST receivable
64,905
55,304
Other receivables
206,725
291,461
Trade receivable
33,905
128,077
305,535
474,842
Consolidated
30/06/2024
30/06/2023
$
$
8.
PLANT AND EQUIPMENT
Plant and Equipment
At Cost
355,430
337,300
Accumulated Depreciation
(269,757)
(230,452)
85,673
106,848
2024 Annual Report
54 | P a g e
8(a)
Movements in carrying amounts
Movements in the carrying amounts for each class of plant and equipment during the financial year:
Plant &
Equipment
Motor
Vehicles
Total
Balance at 1 July 2023
64,128
42,720
106,848
Additions
16,421
-
16,421
Disposals
-
-
-
Depreciation Expense
(26,765)
(10,831)
(37,596)
Balance at 30 June 2024
53,784
31,889
85,673
Consolidated
30/06/2024
30/06/2023
$
$
9.
EXPLORATION AND EVALUATION ASSET
Opening Balance
10,283,605
9,487,676
Tenements surrendered – Bryah Basin Project
(162,439)
-
Tenements surrendered – Lake Johnston Project
(40,411)
-
Exploration written off
(10,516)
(621,794)
Other tenement acquisition costs
-
-
Expenditures during the period
1,041,561
1,417,723
Balance as at 30 June 2024
11,111,800
10,283,605
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.
Consolidated
Note
30/06/2024
30/06/2023
$
$
10.
INVESTMENT IN ASSOCIATE
Purchase price of investment in Star Minerals Ltd
2,200,000
2,200,000
Loss in Associate
(490,002)
(381,062)
Impairment of Investment in Associate
(1,390,998)
(1,323,937)
319,000
495,001
2024 Annual Report
55 | P a g e
Name
Principal
Activities
Country of
Incorporation
Shares
Ownership Interest
Carrying Amount of
Investment
2024
%
2023
%
2024
$
2023
$
Star Minerals
Limited
Mineral
Exploration
Australia
Listed:
Ordinary
12.98
20.54
319,000
495,001
30/06/2024
30/06/2023
$
$
Summarised financial information of Star Minerals Limited
Cash and cash equivalents
435,164
784,026
Other current assets
34,205
83,393
Non-current assets
6,125,202
5,542,511
Current liabilities
138,510
215,463
Non-current liabilities
-
-
Equity
6,456,062
6,194,467
Depreciation
4,551
5,413
Other expenses
834,744
1,167,903
Loss before tax
839,295
1,173,316
Income tax expense
-
-
Loss for the period
839,295
1,173,316
Group’s share of loss for the period from date of acquiring
interest
108,940
240,999
Consolidated
30/06/2024
30/06/2023
$
$
11.
TRADE AND OTHER PAYABLES
Current
Trade payables and payroll liabilities
193,598
97,820
Other payables and accruals
22,254
310,072
215,852
407,892
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.
2024 Annual Report
56 | P a g e
12.
OTHER LIABILITIES
Current
Share application funds held in trust
2,000
2,000
Insurance – financed
51,277
53,758
53,277
55,758
13.
PROVISIONS
Current
Employee entitlements
21,653
37,079
Exploration rehabilitation obligations
166,179
153,066
187,832
190,145
Consolidated
30/06/2024
30/06/2023
$
$
14.
ISSUED CAPITAL
14(a)
Share capital
Ordinary Shares – fully paid
21,654,046
20,116,107
Share issue costs written off against issued capital
(2,074,244)
(1,946,782)
19,579,802
18,169,324
2024 Annual Report
57 | P a g e
14(b)
Movements in ordinary share capital
30/06/2024
30/06/2023
30/06/2024
30/06/2023
No.
No.
$
$
Ordinary shares – fully paid
345,505,284
226,207,175
20,116,107
17,351,159
Issue of shares for cash
71,985,299
113,417,270
1,223,750
2,579,355
Issue of ordinary shares in lieu of
cash consideration1.
4,512,940
3,230,839
67,488
63,693
Issue of ordinary shares as
collateral security
4,000,000
-
-
-
Shares issued on conversion of
performance rights2.
9,450,000
2,650,000
246,700
121,900
435,453,523
345,505,284
21,654,046
20,116,107
1.
During the financial year 4,512,940 fully paid shares were issued as consideration services provided.
2.
During the 2023 financial year performance rights issued to employees vested, 350,000 shares were issued in 2024
following a conversion of the performance rights. Directors also converted 9,100,000 performance rights. 1
performance right converts to 1 fully paid share.
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.
Consolidated
30/06/2024
30/06/2023
$
$
15.
RESERVES
Share-based payment reserve
357,131
285,322
Capital raised – shares not yet issued
307,000
664,131
285,322
Share-based payment reserve
Opening balance
285,322
374,818
Converted to equity
(38,472)
(121,900)
SBP in lieu of payment for services provided
9,140
-
Transfer to retained earnings
-
(214,690)
Option and performance rights expense
101,141
247,094
Balance at end of period
357,131
285,322
2024 Annual Report
58 | P a g e
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.
Consolidated
30/06/2024
30/06/2023
$
$
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
1,677,900
1,199,980
-
between 1 and 5 years
10,585,500
7,950,780
12,263,400
9,150,760
16(b)
Operating Lease Commitments
The Company has a lease agreement for office facilities at 191B Carr Place, Leederville. It has also entered
into a shared office service agreement for shared usage of these premises.
Payable
-
no later than 1 year
60,000
60,000
-
between 1 and 5 years
-
-
-
shared office service agreement
(30,000)
-
30,000
60,000
2024 Annual Report
59 | P a g e
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
Consolidated
30/06/2024
30/06/2023
$
$
Short-term personnel benefits
469,996
419,994
Post-employment benefits
27,500
21,000
Share-based payments (refer note 21)
295,440
121,567
792,936
562,561
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.
18.
SEGMENT INFORMATION
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 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.
19.
CONTINGENT ASSETS AND LIABILITIES
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 2024.
2024 Annual Report
60 | P a g e
20.
FINANCIAL RISK MANAGEMENT
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.
30/06/2024
30/06/2023
$
$
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)
603,083
1,114,069
603,083
1,114,069
Following a sensitivity analysis based on the interest rate risk exposures in existence at the reporting
date, it is the opinion of the Group that there would be minimal affect and as such no material interest
rate risk.
2024 Annual Report
61 | P a g e
20(b)
Liquidity Risk
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.
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.
2024 Annual Report
62 | P a g e
21.
SHARE BASED PAYMENTS
The following share-based payments were made during the period:
Directors’ remuneration
60,338
KMP Remuneration – A. Jones
40,803
Performance Rights converted by Directors and KMP
194,299
Shares issued third parties
81,418
376,858
Options issued in lieu of cash consideration 1.
9,140
Total
385,998
1The Group issued 4,000,000 options to the underwriter as part consideration for services in relation to the
placement that occurred during the reporting period. The fair value of the unlisted 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 - $0.035, Volatility – 94%, Risk-free interest rate – 2.64%, Share price at grant date - $0.011.
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.
Options over Unissued Shares
As at 30 June 2024, the following options over unissued ordinary shares were outstanding:
•
2,000,000 unlisted options with an exercise price of $0.054 each and an expiry of 12 August 2025.
These options were issued as part consideration for the provision of lead manager services to Spark
Plus (Australia) Pty Ltd.
•
2,294,097 unlisted options with an exercise price of $0.035 each and an expiry date of 1 December
2025. These options were issued to the Underwriter as part consideration for services in relation to
the rights issue.
•
40,247,385 free attaching options with an exercise price of $0.035 each and an expiry date of 1
December 2025. These options were issued 1 June 2023 as free attaching options under a
placement of new shares.
•
4,000,000 unlisted options with an exercise price of $0.035 each and an expiry of 1 December 2025.
These options were issued as part consideration for the provision of lead manager services.
•
47,990,199 free attaching options with an exercise price of $0.035 each and an expiry date of 1
December 2025. These options were issued 29 January 2024 as free attaching options under a
placement of new shares.
2024 Annual Report
63 | P a g e
22.
EVENTS SUBSEQUENT TO REPORTING PERIOD
Subsequent to the financial year end, the company completed a placement and issued 67,833,333
shares at $0.006 per share on 2 July 2024. The Placement included a free attaching one (1) for three
(3) unlisted option, with an exercise price of $0.012, expiring 2 July 202725.
23.
RELATED PARTY TRANSACTIONS
23 (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.
23 (b) Transactions with Related Parties
There were no transactions outstanding with related parties as at the reporting date. Any
transactions with related party Star Minerals Limited during the reporting period are the
result of shared resources between the companies.
23 (c) Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
23 (d) Terms and Conditions
All transactions were made on normal commercial terms and conditions and at market rates.
24. CONTROLLED ENTITIES
Country of
Incorporation
Principal
Activity
Ownership Interest
30/06/24
30/06/23
Parent entity
Bryah Resources Limited
Australia
Mineral
Exploration
Controlled entity
Peak Hill Manganese Pty
Ltd
Australia
Mineral
Exploration
100%
100%
West Coast Minerals Pty
Ltd
Australia
Mineral
Exploration
100%
100%
25 ASX announcement BYH 2nd July 2024
2024 Annual Report
64 | P a g e
25.
JOINT VENTURES AND ASSOCIATES
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
Principal Activities
30/06/2024
Interest %
30/06/2023
Interest %
Star Minerals Limited
Mineral Exploration
12.98%
20.54%
26.
PARENT ENTITY
The following table presents information regarding the parent entity for the year ended 30 June 2024
and the year ended 30 June 2023.
30/06/2024
30/06/2023
$
$
Financial position
Assets
Current assets
723,537
1,414,727
Non-current assets
11,518,717
10,887,699
Total assets
12,242,254
12,302,426
Liabilities
Current liabilities
270,055
477,508
Non-current liabilities
2,000
2,000
Total liabilities
272,055
479,508
Equity
Issued capital
19,579,802
18,169,324
Reserves
664,131
285,322
Retained earnings
(8,273,734)
(6,631,728)
Total equity
11,970,199
11,822,918
Financial performance
Loss for the year
(1,642,006)
(1,827,524)
Other comprehensive income
-
-
Total comprehensive income
(1,642,006)
(1,827,454)
2024 Annual Report
65 | P a g e
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
Name of Entity
Entity Type
Country of
Incorporation
Ownership
Interest %
Tax Residency
West Coast Minerals Pty Ltd
Body Corporate
Australia
100
Australia
Peak Hill Manganese Pty Ltd
Body Corporate
Australia
100
Australia
Bryah Resources Limited (the “head entity”) and its wholly-owned Australian subsidiaries have formed
an income tax consolidated group under the tax consolidation regime.
2024 Annual Report
66 | P a g e
Directors’ Declaration
The Directors of the Company declare that:
1.
the financial statements and notes set out on pages 36 to 65 are in accordance with the
Corporations Act 2001 including:
a.
complying with Australian Accounting Standards, the Corporations Regulations 2001 and
other mandatory professional reporting requirements, and
b.
giving a true and fair view of the Company’s financial position as at 30 June 2023 and of
the performance for the period ended on that date, and;
2.
in the Directors’ opinion, there are reasonable grounds to believe that the Company will be able
to pay its debts as and when they become due and payable.
3.
in the Directors’ opinion, the consolidated entity disclosure statement required by section
295(3A) of the Corporations Act is true and correct.
4.
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.
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
Non-executive Chairman
30 September 2024
Auditor's Independence Declaration
To those charged with governance Bryah Resources Limited
As auditor for the audit of Bryah Resources Limited for the year ended 30 June 2024, I declare that, to the best
of my knowledge and belief, there have been:
•
no contraventions of the independence requirements of the Corporations Act 2001 in relation to the audit;
and
•
no contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Bryah Resources Limited and the entities it controlled during the year.
Elderton Audit Pty Ltd
Sajjad Cheema
Director
Perth
30th September 2024
Independent Audit Report to the members of Bryah Resources Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Bryah Resources Limited (‘the Company’) and it’s controlled entities (collectively
referred to as ‘the Group’), which comprises the consolidated statement of financial position as at 30 June 2024, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and
the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including a summary
of significant accounting policies, consolidated entity disclosure statement and the Directors' declaration.
In our opinion, the accompanying financial report of the Company is in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the Group's financial position as at 30 June 2024 and of its financial performance for the
year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are
further described as in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are
independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the
ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional
Accountants (the code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical
responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the Directors
of the Company, would be in the same terms if given to the directors as at the time of this auditor's report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
We draw attention to Note 1(b) to the financial report, which describes that the ability of the Group to continue as a going
concern is dependent on securing additional capital raising activities to continue its operational and exploration activities. As
a result, there is material uncertainty related to events or conditions that may cast significant doubt on the Company’s ability
to continue as a going concern, and therefore whether it will realise its assets and extinguish its liabilities in the normal course
of business and at the amounts stated in the financial report. Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and
in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Exploration and evaluation assets
Refer to Note 9, Exploration and Evaluation Asset ($11,111,800) and accounting policy Notes 1(m) and 1(u).
Key Audit Matter
How our audit addressed the matter
The Group has a significant amount of
capitalised exploration and evaluation costs. As
the carrying value of exploration and evaluation
assets represents a significant asset of the
Group, we considered it necessary to assess
whether facts and circumstances exist to
suggest the carrying amount of this asset may
exceed its recoverable amount.
Our audit work included, but was not restricted to, the following:
• We obtained evidence that the Group has valid rights to
explore in the areas represented by the capitalised exploration
and evaluation costs by obtaining independent searches of
the Group’s tenement holdings, and reviewing contracts under
which the Group acquired the areas of interest.
• We enquired with those charged with governance to assess
whether substantive costs on further exploration for and
evaluation of the mineral resources in the Group’s areas of
interest are planned.
• We enquired with directors and reviewed minutes of directors’
meetings to ensure that the Group has not decided to
discontinue activities in any of its areas of interest.
• We enquired with management to ensure that the Group had
not decided to proceed with development of a specific area of
interest, yet the carrying amount of the exploration and
evaluation asset was unlikely to be recovered in full from
successful development or sale.
Share based payments
Refer to Note 21, $385,998 and accounting policy Note 1(q)
Key Audit Matter
How our audit addressed the matter
Share based payments are considered to be a
key audit matter due to:
• the value of the transactions;
• the complexities involved in the recognition
and measurement of these instruments
under AASB 2 Share-based Payment; and
• judgement involved in determining the inputs
used in the valuations.
Our audit work included, but was not restricted to, the following:
• We evaluated the competence, abilities and objectivity of
valuers.
• We also ensured the accuracy and completeness of data used
and assumptions made for valuations.
• Reviewed the board minutes and ASX to verify the number of
options and performance rights issued and tested the
reasonableness of the assumptions in the model being used
for valuation.
• We assessed the adequacy of disclosure including significant
assumptions.
Other Information
The Directors are responsible for the other information. The other information obtained at the date of this auditor's report is
included in annual report, but does not include the financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or
otherwise appears to be materially misstated.
If, based on the work we have performed on the other information obtained prior to the date of this auditor's report, we conclude
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in
this regard.
Responsibilities of Directors for the Financial Report
The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in
accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors
determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material
misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors
either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of the financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide
a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the directors.
•
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the
financial report represents the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on
our independence, and where applicable, related safeguards.
From the matters communicated with the directors, we determine those matters that were of most significance in the audit of
the financial report of the current period and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included on pages 26 to 34 of the directors' report for the year ended 30 June
2024.
In our opinion, the Remuneration Report of the Company, for the year ended 30 June 2024, complies with section 300A of the
Corporations Act 2001.
Responsibilities
The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance
with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based
on our audit conducted in accordance with Australian Auditing Standards.
Elderton Audit Pty Ltd
Sajjad Cheema
Director
30th September 2024
2024 Annual Report
71 | P a g e
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 2024, 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 2024 is shown
below and reported earlier in the report.
Manganese Resource as at 30th June 2024
Table 3 August 2023 Manganese Mineral Resource at 15% Mn Cut-off
Note: Appropriate rounding applied. kt = 1,000 tonnes
2023 Estimate
Prospect
Category
kt
Mn %
Fe %
Area 74
Indicated
286
24.1
21.1
Brumby Creek
1,038
20.6
20.5
Horseshoe
295
20.5
23.6
Redrum
429
19.2
22.7
Black Hill
24
29.7
20.2
Total Indicated
2,072
20.9
21.5
Area 74
Inferred
16
18.0
23.5
Brumby Creek
276
18.5
24.4
Horseshoe
351
19.5
29.9
Redrum
351
18.0
23.8
Total Inferred
994
18.6
26.1
Total Mineral Resource
3,066
20.2
23.0
2024 Annual Report
72 | P a g e
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 2024 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
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 26
2022 Base Metals
Resource Area
Classification
Million Tonnes
(Mt)
Ni
ppm
Cu
ppm
Co
ppm
S %
In Pit North
Indicated
7.6
719
211
227
0.20
In Pit Central
Indicated
4.6
775
191
228
0.23
In Pit South
Indicated
3.8
834
220
264
0.11
Total In Pits
INDICATED
16.1
762
207
236
0.19
Under North Pit
Inferred
8.0
710
202
180
0.20
Under Central Pit
Inferred
3.5
755
197
231
0.25
Under and within
South Pit
Inferred
8.4
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
26 ASX Announcement 25th May 2022
2024 Annual Report
73 | P a g e
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%
34%
59%
93%
2021 bulk samples North Pits 39.3
20.5
47.6
85.6
2021 bulk samples South Pits 59.9
28.3
53.3
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 Gabanintha Base metals resource, the
Company is not aware of any new information or data that materially affects the information and all
material assumptions and technical parameters underpinning the estimate continue to apply and have
not materially changed.
In respect to the mineral resource estimation calculated for the Bryah Basin Manganese, the company
updated the resource subsequent to the financial year end. The Company is not aware of any new
information or data that materially affects the information and all material assumptions and technical
parameters 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.
2024 Annual Report
74 | P a g e
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), and Ms
Gemma Lee (Principal Geologist with Bryah Resources). Mr Barnes and Ms Lee are members of the
Australasian Institute of Mining and Metallurgy (AusIMM) and/or 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, Ms Lee
is the Competent Person for the geological model and site visits and for the geological database. Mr
Barnes is the Competent Person for the estimation. Mr Barnes, 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.
2024 Annual Report
75 | P a g e
SCHEDULE OF INTERESTS IN MINING TENEMENTS
AS AT 30 JUNE 2024
PROJECT
TENEMENT
AREA (Blocks)
EQUITY
ANNUAL EXPENDITURE
COMMITMENT
Bryah Basin
E 52/3014
1
100%
20,000
E 52/3236
26
100%1
78,000
E 52/3238
7
100%1
70,000
E 52/3240
9
100%
70,000
E 52/3401
26
100%1
78,000
E 52/3453
24
100%1
50,000
E 52/3454
8
100%1
70,000
E 52/3705
1
100%
10,000
E 52/3796
37
100%
55,500
E 52/3871
1
100%1
10,000
E 52/4096
1
100%
10,000
E 52/4178
1
100%
10,000
P 52/1659
49.46507 ha
100%
2,000
E 52/3237
7
100%
70,000
E 52/3349
42
100%
126,000
E 52/3508
4
100%
30,000
E 52/3700
24
100%
36,000
E 52/3703
11
100%
30,000
E 52/3725
10
100%
30,000
E 52/3726
3
100%
20,000
E 52/3848
2
100%
20,000
E 52/3865
8
100%
25,000
E 52/3898
12
100%
20,000
E 52/3963
2
100%
15,000
M 52/806
316.15 ha
100%1
31,700
M 52/1087
562.1722 ha
100%1
56,300
M 52/1088
243.0268 ha
100%1
24,400
M 52/1068
1,819.9685 ha
0%1 2
N/A
E 52/1557
16
0%1 2
N/A
E 52/1860
35
0%1 2
N/A
Lake Johnston
E 63/2132
100%
39,000
E 63/2134
100%
21,000
E 63/2135
100%
20,000
E 63/2155
100%
50,000
E 63/2156
100%
40,000
E 63/2157
100%
43,000
E 63/2158
100%
20,000
E 63/2159
100%
20,000
E63/2361
100%
-
TOTAL
1,677,900
1. OM (Manganese) Limited holds a 51% Joint Venture Interest in the Manganese Mineral Rights.
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.
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.
2024 Annual Report
76 | P a g e
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 27 September 2024.
Distribution of Equity Securities
Analysis of numbers of equity security holders by size of holding:
Listed Shares,
Fully Paid Ordinary
Listed 3.5 cent Options
expiring 1/12/2025
Range
No. of
Holders
No. of shares
No. of
Holders
Number of Options
1 – 1,000
46
6,162
8
5,015
1,001 – 5,000
25
81,263
23
68,877
5,001 – 10,000
135
1,221,489
20
140,238
10,001 – 100,000
622
27,469,995
60
2,179,467
100,001+
373
474,507,947
74
92,138,084
Total
1,201
503,286,856
185
94,531,681
Unmarketable Parcels
There were 762 holders of less than a marketable parcel ($500) of ordinary shares.
Restricted Securities
The Company has no restricted securities on issue as at 27 September 2024.
Unquoted Securities
The Company has the following unquoted securities on issue as at 27 September 2024:
- 2,000,000 options exercisable at $0.054 on or before 12 August 2025 issued to 2 holders.
- 22,611,111 options exercisable at $0.012 on or before 2 July 2027 held by 14 holders. Pet FC Pty Ltd
holds 11,111,111 options.
Substantial Shareholders
The Company has the following substantial holders as at 27 September 2024:
Shareholder
Number of
shares
Pet FC Pty Ltd
33,333,333
Corporate Governance
The company’s corporate governance statement is located on its website at: bryah.com.au
2024 Annual Report
77 | P a g e
Top 20 Shareholders as at 27 September 2024
Name
Number of
Shares
% of
Shares
1
Pet FC Pty Ltd
27,123,334
6.23%
2
Woolmaton Pty Ltd
22,336,500
5.13%
3
Botsis Holdings Pty Ltd
19,026,145
4.37%
4
Australian Vanadium Limited
18,506,174
4.25%
5
Acuity Capital Investment Management Pty Ltd
14,000,000
3.22%
6
WIP Funds Management Pty Ltd
9,000,000
2.07%
7
Jalein Pty Ltd
8,777,779
2.02%
8
Spark Plus Pte Ltd
7,536,677
1.73%
9
Mr James Stati & Miss Kathie Lee Fletcher
7,400,000
1.70%
10
Mr Ashley Stewart Jones
6,202,627
1.42%
11
Croftbank Pty Ltd
6,000,000
1.38%
12
Scintilla Strategic Investments Limited
5,934,000
1.36%
13
Scarfell Pty Ltd
5,700,000
1.31%
14
BNP Paribas Noms Pty Ltd
5,641,782
1.30%
15
Ms Xiaodan Wu
5,536,894
1.27%
16
Mr Johannes Jurgens Potgieter
5,260,000
1.21%
17
Rookharp Capital Pty Limited
5,000,000
1.15%
18
Sunemar Pty Ltd
4,800,000
1.10%
19
Mr Benignus Chellamuthu & Mrs Arul Jesurajan Mary Stella
4,724,166
1.08%
20
Jolyn Investments Pty Ltd
4,533,334
1.04%
Total
193,039,412
44.33%
Total Remaining Holders Balance
242,414,111
55.67%
2024 Annual Report
78 | P a g e
Top 20 Listed Option holders as at 27 September 2024
Name
Number of
Listed
Options
% of
Listed
Options
1
M & K Korkidas Pty Ltd
21,998,565
23.27%
2
Spark Plus PTE Ltd
4,475,671
4.73%
3
Botsis Holdings Pty Ltd
4,313,727
4.56%
4
Scintilla Strategic Investments Limited
3,725,490
3.94%
5
Rookharp Capital Pty Limited
3,508,772
3.71%
6
Australian Vanadium Limited
3,084,363
3.26%
7
Bilgola Nominees Pty Limited
3,032,941
3.21%
8
Goffacan Pty Ltd
2,854,510
3.02%
9
Ms Xiaodan Wu
2,703,608
2.86%
10
Mrs Chinique Wyatt
2,017,669
2.13%
11
3M Holdings Pty Limited <3M INVESTMENT SPEC A/C>
2,000,000
2.12%
11
Mr Tony Francesca & Mrs Julie-Ann Francesca
2,000,000
2.12%
12
Koseda Pty Ltd
1,960,784
2.07%
13
DSL Trading Company Pty Ltd
1,581,471
1.67%
14
WIP Funds Management Pty Ltd
1,500,000
1.59%
15
Dr Leon Eugene Pretorius
1,333,333
1.41%
16
Jamikit Pty Ltd
1,176,471
1.24%
17
Jalein Pty Ltd
1,129,630
1.20%
18
Mr Peter Lake
1,100,000
1.16%
19
Mr Ian Thompson & Mr Peter Randal Thompson
1,068,419
1.13%
20
Sugarloaf Ventures Pty Ltd
1,052,000
1.11%
Total
67,617,424
71.53%
Total Remaining Holders Balance
26,914,257
28.47%