CANTERBURY RESOURCES LIMITED
ABN 59 152 189 369
ANNUAL REPORT 2024
1
Corporate Directory
Table of Contents
Board of Directors
John Anderson
Non-Executive Chairman
Grant Craighead Managing Director
Michael Erceg
Executive Director
Ross Moller
Non-Executive Director
Robyn Watts
Non-Executive Director
Company Secretaries
Ross Moller
Joan Dabon
Registered Office
Suite 301, 55 Miller Street,
Pyrmont, NSW 2009
Telephone:
+61 2 9392 8020
Website:
canterburyresources.com.au
Email: admin@canterburyresources.com.au
Share Registrar
Automic Group
Level 5, 126 Phillip Street, Sydney NSW 2000
Telephone:
+61 2 8072 1400
Website:
automicgroup.com.au
Email:
hello@automicgroup.com.au
Auditors
BDJ
Level 8, 124 Walker Street, North Sydney, NSW 2060
PO Box 1664, North Sydney, NSW 2059
ASX Code:
CBY
Chairman's Report
1
Review of Operations
2
Directors Report
11
Auditor's Independence Declaration
23
Consolidated Financial Statements
24
Notes to the Financial Statements
28
Directors' Declaration
56
Independent Auditor's Report
57
Shareholder Information
61
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Chairman's Report
Canterbury Resources
Annual Report 2024
1
Dear Shareholder
It gives me great pleasure to present the 2024 Annual Report for Canterbury Resources Limited. It has been an
excellent year for the Company, with high levels of exploration activity and material progress achieved across
our portfolio of large-scale copper-gold projects, including major drill programs at Briggs (Queensland) and
Bismarck (Papua New Guinea). Significantly, all exploration activities continue to be fully funded by third
parties via earn-in agreements, defraying risk and minimising cost for Canterbury shareholders.
Our progress at Briggs (CBY 49%, Alma Metals 51%) is particularly pleasing, with ongoing drilling enhancing and
expanding the existing Inferred Resource of 415Mt at 0.25% Cu and 31ppm Mo. Briggs already contains over
1.0 million tonnes of copper metal, placing it in the Top 10 largest undeveloped copper projects in Australia.
Ongoing shallow drilling around the southern margin of Briggs Central is delineating broad zones of higher-
grade mineralisation. These zones will provide opportunities to maximise copper production and minimise costs
during the early years of a conceptual mining operation.
An updated resource model will be generated at the end of the 2024 drilling campaign and will be utilised in
mine planning and scheduling studies. In parallel, further metallurgical test work will be undertaken, which will
support engineering design activity as part of a Scoping Study scheduled to be completed in early 2025. This
study will quantify key financial and technical parameters for potential development of Briggs and represents
an important milestone.
Funding for Briggs continues to be provided by our project partner Alma Metals (ASX ALM), which has recently
committed to spending a further $10M to increase its equity 70%.
In PNG, significant progress is being achieved at Bismarck on Manus Island (CBY 40%, Rio Tinto 60%) where we
are targeting concealed porphyry and skarn styles of mineralisation proximal to extensive zones of lithocap.
We recently commenced drilling prospects at Willie Headwaters, Waso Creek and N’Dokowai. This high
risk/reward phase of greenfield exploration continues to be funded by Rio Tinto.
Also in PNG, we are expanding our portfolio of 100% owned porphyry Cu-Au projects in Morobe Province and
on New Ireland. Key assets are the Idzan Creek (137.3Mt at 0.53g/t Au and 0.24% Cu) and Wamum Creek
(141.5Mt at 0.18g/t Au and 0.31% Cu) deposits which have potential to support a stand-alone development,
as well as multiple early-stage targets. A recently completed review by external consultants is aiding
prioritisation of targets. Funding for this activity is being provided by Syndicate Minerals which has the right to
earn up to 70% interest by spending up to USD $20M.
Finally, it is worth reiterating that we retain high conviction in our exploration strategy of focussing on large-
scale copper ±gold opportunities. We believe copper demand and pricing is entering a phase of durable
outperformance, driven by global decarbonisation trends and strong growth in developing economies. At the
same time, global uncertainty is driving gold prices to record levels.
I would like to take this opportunity to thank my fellow directors and our employees for their diligence and
professionalism, and to acknowledge the support of our stakeholders, including project partners, landowners
and shareholders. I look forward to reporting further significant progress in the year ahead.
Yours sincerely,
John Anderson
Chairman
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INTRODUCTION
Canterbury is a mineral exploration
company that generates and explores
potential Tier-1 copper-gold projects in
proven mineral belts throughout the
southwest Pacific region.
We have a strong portfolio of projects in
Australia and Papua New Guinea (PNG)
that are prospective for porphyry copper-
molybdenum-gold and epithermal gold-
silver deposits.
The Company is managed by an
experienced team of exploration
professionals, with a successful track
record in the region.
Canterbury periodically forms partnerships
to mitigate risk and defray cost. Joint
venture partners currently comprise Rio
Tinto (ASX: RIO), Alma Metals (ASX: ALM)
and private explorer Syndicate Minerals.
The Company has established significant
mineral resources at three deposits:
•
Briggs copper-molybdenum
deposit in Queensland, and
•
Idzan Creek and Wamum Creek
copper-gold deposits in PNG.
In aggregate these deposits contain
1.8Mt copper and 3.2Moz gold, with
multiple opportunities identified for
significant expansion.
QUEENSLAND
▲
Briggs JV (CBY 49%, Alma Metals 51%), Rio Tinto 1.5% NSR at Briggs & Mannersley)
The Briggs Copper Project comprises six tenements in central Queensland: Briggs (EPM 19198), Mannersley
(EPM 18504), Fig Tree Hill (EPM 27317), Don River (EPM 28588), Ulam Range (EPM 27894) and Rocky Point (EPM
27956).
Alma Metals Ltd (ASX: ALM) is funding the Project under a staged Earn-In Joint Venture (JV) and recently
committed to Stage-3 whereby it will reach 70% interest by spending an additional $10 million.
The region is prospective for porphyry related copper-molybdenum-gold mineralisation systems, including at
the Briggs deposit where an Inferred Mineral Resource of 415Mt at 0.25% Cu and 31ppm Mo has already been
delineated. In addition, an Exploration Target of 480Mt to 880Mt at 0.20% to 0.30% Cu and 25ppm to 40ppm
Mo has been outlined, representing potential extensions.
The potential tonnage and grade of the Exploration Target is conceptual in nature and there has been
insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in an
increase in the Mineral Resource Estimate.
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The Briggs deposit is being expanded and enhanced by ongoing drilling programs, ahead of a planned
Scoping Study planned to be completed during FY25.
The potential for a positive outcome in the Scoping Study is enhanced by the scale, open-pit potential and
location of the deposit. It is in a tier-one jurisdiction with exceptional existing infrastructure that will minimise up-
front capital costs. It is just 60km from the deep-water port of Gladstone, with proximity to high-voltage power
lines, a heavy haulage railway, multiple gas pipelines, and major roads. This infrastructure, coupled with a local
skilled workforce and straightforward land ownership, contribute significantly to the Project’s overall viability.
During the past year, two core drilling campaigns have been undertaken. These comprise an infill drilling
component aimed at enhancing resource confidence and the assessment of potential higher-grade zones
that represent opportunities for development of low-cost, higher-margin starter pits during the early years of a
conceptual mining operation. In addition, the current drill program includes testing of the Exploration Target at
the Southern Porphyry area.
Progressive results from this work have been highly successful, delivering some of the best results to date at
Briggs e.g. 24BRD0026 recorded 276m at 0.45% copper from surface and 24BRD0028 recorded 96.4m at 0.57%
copper from 20.5m.
An updated resource model will be completed at the conclusion of the 2024 drilling campaign, to support
mine design and scheduling activities as part of the planned Scoping Study.
Plan displaying surface Cu geochemistry, resource outlines and drill hole traces
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Further metallurgical test work is also planned, assessing copper and molybdenum recoveries via conventional
froth flotation into sulphide concentrates, as well as comminution test work evaluating grind size and power
consumption profiles. The Scoping Study will also include preliminary environmental and social impact studies,
and evaluation of project layout options and permitting pathways.
Drillhole 24BRD0026, Briggs Central, June 2024
Schematic cross section displaying recent drill holes and significant Cu assay results
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▲
Peenam (CBY 100%)
Canterbury holds EPM27756 (Peenam), located 150km northwest of Brisbane, that is prospective for porphyry
style Cu-Au mineralisation and has been the subject of limited historical exploration. A program of soil
sampling and mapping is in progress, and the data from this program will inform potential future drilling.
PAPUA NEW GUINEA
▲
Bismarck JV (CBY 40%, Rio Tinto 60%)
The Bismarck Project on Manus Island is considered prospective for concealed porphyry and skarn -styles of
mineralisation adjacent to or below extensive zones of mapped advanced argillic altered lithocap (acid-
altered rocks that often form in the upper levels of porphyry systems).
The project is currently sole-funded by Rio Tinto Exploration (PNG) Limited under a Farm-In and Joint Venture
Agreement providing the right to earn up to 80% interest.
Over recent years, field programs and interpretation of data have generated multiple greenfield targets, and
three of these are being tested in a 2024 drilling program:
•
Willie Headwaters (Cu-Au porphyry):
A magnetic target largely concealed under phyllic altered volcanics and lithocap.
•
Waso Creek (Cu-Au porphyry):
A porphyry intrusive located between Willie Headwaters and the historic Kren copper porphyry
prospect.
•
N’Dokowai (base and precious metal skarn):
A 2km zone that is prospective for skarn type mineralization along the margin of the intrusive complex.
Drilling commenced in July 2024 and the program is well advanced. Observations to date include evidence of
a fertile porphyry system beneath the lithocap at Willie Headwaters and Waso Creek, albeit in a distal setting.
Final assay results from the program are anticipated in early 2025.
Further mapping and sampling are likely in 2025, and this data will be integrated with results from the 2024
drilling program to optimise design of potential follow-up drilling.
Drillhole BISM0002 at Willie Headwaters, July 2024
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▲
Morobe JV (CBY 100%, Syndicate Minerals Earn-in JV rights)
The Morobe project tenements are being explored
under an earn-in joint venture (JV), whereby
Syndicate Minerals has the right to earn up to 70%
interest by funding up to USD $20 million of assessment
activity.
The project covers a series of granted tenements and
applications strategically located in Morobe Province
and on New Ireland.
Both regions host world class epithermal and porphyry
style deposits, including Newmont’s Lihir gold mine
(0.7Moz pa), Newmont and Harmony Gold’s Wafi-
Golpu deposit (Mineral Resources contain 26Moz
gold, 8.6Mt copper) and Harmony Gold’s Hidden
Valley gold mine (140koz pa).
The Morobe JV portfolio is steadily being enhanced
and expanded. During the past year the Waits Creek
tenement was granted (covering an undrilled
porphyry related Cu-Au anomaly with a coincident
magnetic signature), and applications were
submitted for Waffa River (a western extension of the
Wamum & Waits Creek tenements) and Legusulum (a
sparsely tested Cu-Mo porphyry prospect).
In parallel, additional mapping and sampling were
undertaken on the Wamum tenement assessing
potential extensions and repetitions of existing Inferred Mineral Resources at Idzan Creek (137.3Mt at 0.53g/t
Au and 0.24% Cu) and Wamum Creek (141.5Mt at 0.18g/t Au and 0.31% Cu).
Results from recent programs and a 2023 geophysical review are being integrated with historical data to aid
prioritisation of future work programs and ranking of potential drill targets across the portfolio.
MATERIAL BUSINESS RISKS
The Company has exposure to several material economic, environmental, and social sustainability risks, as is
typical for a mineral exploration and development company, including but not limited to those set out below.
In accordance with the Company’s Board Charter and Risk Management Policy, the Board has oversight of
risk management with the assistance of the Risk Management Committee.
Tenure and access
The Company’s exploration tenure in Australia and Papua New Guinea is subject to periodic renewal. The
renewal of the term of granted tenure is subject to the discretion of the relevant authority and may be subject
to conditions. The imposition of new conditions or the inability to meet those conditions may adversely affect
the Company or its prospects. Where the Company's projects include private land, exploration activity may
require authorisation or consent from the owners of or other interest holders in that land.
Exploration
Potential investors should understand that mineral exploration and development are high-risk undertakings.
There can be no assurance that exploration of the Company’s projects, or any other projects that may be
acquired in the future, will result in the discovery of an economic ore deposit. Even if an apparently viable
deposit is identified, there is no guarantee that it can be economically exploited. The success of the Company
will also depend upon the Company having access to sufficient development capital, being able to maintain
title to its projects and obtaining all required approvals for its activities. In the event that exploration programs
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prove to be unsuccessful this could lead to a diminution in the value of the tenements, a reduction in the cash
reserves of the Company and possible relinquishment of its projects.
Climate change
The operations and activities of the Company are subject to changes to local or international compliance
regulations related to climate change mitigation efforts. While the Company will endeavour to manage these
risks and limit any consequential impacts, there can be no guarantee that the Company will not be impacted
by these occurrences. Climate change may also cause certain physical and environmental risks that cannot
be predicted by the Company, including events such as increased severity of weather patterns, incidence of
extreme weather events and longer-term physical risks such as shifting climate patterns. All these risks
associated with climate change may significantly change the industry in which the Company operates.
Reliance on key personnel
The Company’s future depends, in part, on its ability to attract and retain key personnel. It may not be able to
hire and retain such personnel at compensation levels consistent with its existing compensation and salary
structure. Its future also depends on the continued contributions of its key management and technical
personnel, the loss of whose services would be difficult to replace. In addition, the inability to continue to
attract appropriately qualified personnel could have a material adverse effect on the Company’s business.
Environmental
The operations and proposed activities of the Company are subject to laws and regulations concerning the
environment. Approvals are required for land clearing and for ground disturbing activities. Delays in obtaining
such approvals can result in delays to anticipated exploration programs or mining activities. As with most
exploration projects and mining operations, the Company’s activities are expected to have an impact on the
environment, particularly if advanced exploration or mine development proceeds. It is the Company’s
intention to conduct its activities to the highest standard of environmental obligation, including compliance
with all environmental laws. There is a risk that environmental laws and regulations become more onerous,
making the Company’s activities more expensive.
Economic
General economic conditions, tax reform, new legislation, movements in interest and inflation rates and
currency exchange rates could adversely affect the Company, as well as its ability to fund its operations.
Additional requirements for capital
The operations of the Company are currently dependent on its ability to obtain financing through debt and
equity to meet its business objectives. There is a risk that the Company may not be able to access capital from
debt or equity markets for future operations, projects or developments. This could have a material adverse
impact on the Company's business and financial condition.
Contract and contractor
The Company has outsourced certain activities to third party contractors. Such contractors may not be
available to perform services for the Company when required or may only be willing to do so on terms that are
not acceptable to the Company. Contractor performance may be hampered by capacity constraints and
may not comply with applicable provisions, standards or laws in respect of quality, safety, environmental
compliance and timeliness, which may be difficult to control. In the event that a contractor underperforms or
its services are terminated, the Company may not be able to find a suitable replacement on satisfactory terms
within the required timeframe or at all. These circumstances could have a material adverse effect on the
Company’s operations.
Exchange rates
Due to its operations in Papua New Guinea, the Company is exposed to the fluctuations and volatility of the
rate of exchange between the PNG Kina and the Australian dollar as determined in international markets.
Movements in interest rates may result from changes in economic conditions, monetary and fiscal policies,
international and regional political events or other factors beyond the control of the Company, which may
adversely affect the financial condition of the Company.
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Cost inflation
Higher than expected inflation rates generally, specific to the mining industry, or specific to PNG or Australia,
could be expected to increase operating and capital expenditure costs and potentially reduce the value of
future project developments.
Sovereign risks
The Company's exploration and development activities are carried out in Papua New Guinea and Australia.
As a result, the Company will be subject to political, social, economic, and other uncertainties including, but
not limited to, changes in policies or the personnel administering them, foreign exchange restrictions, changes
of law affecting foreign ownership, currency fluctuations, local beneficiation requirements, local content laws,
expropriation risk, royalties and tax increases. Other potential issues contributing to uncertainty such as
repatriation of income, exploration licensing, environmental protection and Government control over mineral
properties, changes to political, legal, regulatory, fiscal and exchange control systems and changes in
Government may also impact the Company’s projects or operations.
CORPORATE GOVERNANCE
Pursuant to the ASX Listing Rules, Canterbury ‘s Corporate Governance Statement will be released in
conjunction with this report. The Corporate Governance Statement and the corresponding Appendix 4G can
be found at www.canterburyresources.com.au/about-us/corporate-governance/.
OUTLOOK
Canterbury anticipates a high level of exploration and assessment activity for the foreseeable future, with most
activity being funded by joint venture partners.
At Briggs, ongoing drilling is assessing high-grade settings at Briggs Central, as well as testing the Southern
Porphyry target. At the completion of the 2024 drill program an updated resource estimate will be completed,
including conversion of part of the resource to the Indicated category. This will mark the commencement of a
Scoping Study that will quantify key financial and technical parameters for potential development.
At the Bismarck Project, results from the 2024 drill campaign are expected in early 2025. Further mapping and
sampling are proposed in 2025, and this data will be integrated with results from the 2024 drilling program to
optimise design of potential follow-up drilling.
In Morobe Province, prioritisation of potential drill targets continues across the portfolio, along with planned
reconnaissance mapping and sampling of targets on recently granted tenements.
REFERENCES
Additional details including JORC 2012 reporting tables, where applicable, can be found in the following
releases lodged with ASX or similar and referred to in this report:
•
CBY ASX Announcement 25/11/2020 “Increased Resources at the Wamum Project”
•
CBY ASX Announcement 06/07/2023 “Updated Briggs Resource Exceeds 1Mt Contained Copper”
•
CBY ASX Announcement 18/07/2023 “Briggs Soil Sampling Confirms Upside”
•
CBY ASX Announcement 25/07/2023 “Morobe Project Joint Venture Proceeds”
•
CBY ASX Announcement 21/09/2023 “Alma Commits to Stage-2 of Briggs Copper Project”
•
CBY ASX Announcement 12/07/2024 “Bismarck Drilling Commences”
•
CBY ASX Announcement 28/08/2024 “Outstanding Drill Result at Briggs”
•
CBY ASX Announcement 01/10/2024 “High-Grade Copper Confirmed at Briggs”
•
CBY ASX Announcements 31/07/2024, 24/04/2024, 22/01/2024 & 20/10/2023 “Quarterly Activities
Report”
•
ALM ASX Announcement 14/10/2024 “Alma Reaches 51% Ownership and Commits to Stage 3 of
Briggs Earn-In”
•
Harmony Gold website https://www.harmony.co.za
•
Newmont Mining website https://www.newmont.com
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DECLARATION AND JORC COMPLIANCE
The technical information in this report which relates to Exploration Results and Exploration Targets is based on
information compiled by Mr Michael Erceg, MAIG RPGeo. Mr Erceg is an Executive Director and shareholder of
Canterbury Resources and has sufficient experience relevant to the style of mineralisation and type of deposit
under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the
2012 Edition of the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves.
Mr Erceg consents to the inclusion in this report of the matters based on that information in the form and
context in which it appears.
The information in this report that relates to the Estimation of Mineral Resources, has been prepared by Mr
Geoff Reed, who is a Member of the Australasian Institute of Mining and Metallurgy and is a Consulting
Geologist of Bluespoint Mining Services and a shareholder in Canterbury Resources. Mr Reed has sufficient
experience that is relevant to the style of mineralisation and type of deposit under consideration and to the
activity being undertaken 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 Reed consents to the
inclusion in this report of the matters based on that information in the form and context in which it appears.
FORWARD LOOKING STATEMENTS
Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”,
“believe(s)”, “will”, “may”, “anticipate(s)”, “potential(s)”and similar expressions are intended to identify
forward-looking statements. These statements include, but are not limited to statements regarding future
production, resources or reserves and exploration results. All such statements are subject to certain risks and
uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that
could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-
looking information and statements. These risks and uncertainties include, but are not limited to: (i) those
relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and
conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining
dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii)
the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks
related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain
adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental
approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties
related to the Company’s prospects, properties and business strategy. Our audience is cautioned not to place
undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not
undertake any obligation to revise and disseminate forward-looking statements to reflect events or
circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
TENEMENT INFORMATION (as at 14 October 2024)
Tenement
Location
Project
Status
Interest
EPM 19198
Queensland
Briggs *
Granted
49%
EPM 18504
Queensland
Mannersley *
Granted
49%
EPM 27317
Queensland
Fig Tree Hill **
Granted
49%
EPM 28588
Queensland
Don River **
Granted
49%
EPM 27894
Queensland
Ulam Range **
Granted
49%
EPM 27956
Queensland
Rocky Point **
Granted
49%
EPM 27756
Queensland
Peenam
Granted
100%
EL 2302
Morobe Province, PNG
Mt Leahy ***
Granted
100%
EL 2314
Morobe Province, PNG
Mt Evina ***
Granted
100%
EL 2658
Morobe Province, PNG
Wamum ***
Granted
100%
EL 2782
Morobe Province, PNG
Waits Creek ***
Granted
100%
EL 2839
Morobe Province, PNG
Waffa River ***
Application
100%
EL 2800
New Ireland Province, PNG
Legusulum ***
Application
100%
EL 2795
Manus Island, PNG
Bismarck ****
Granted
40%
*
Subject to a 1.5% NSR and a decision to mine payment in favour of Rio Tinto Exploration Pty Ltd plus a
Earn-In Joint Venture with Alma Metals which has the right to earn up to 70%
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**
Subject to an Earn-In Joint Venture with Alma Metals which has the right to earn up to 70%
***
Subject to an Earn-In Joint Venture with Syndicate Minerals which has the right to earn up to 70%
****
Subject to a Joint Venture and Farm-In Agreement with Rio Tinto Exploration (PNG) Limited which is
currently sole-funding exploration to earn an 80% JV interest. Formerly held as EL’s 2738 & 2390.
MINERAL RESOURCE INFORMATION (as at 14 October 2024)
Project
Deposit
Category
Cut-off
Mt
Au
(g/t)
Cu
(%)
Mo
(ppm)
Au
(Moz)
Cu
(kt)
Mo
(Mlb)
Wamum *
Idzan Creek
Inferred
0.2g/t Au
137.3
0.53
0.24
-
2.34
327
-
Wamum *
Wamum Creek
Inferred
0.2% Cu
141.5
0.18
0.31
-
0.82
435
-
Briggs *
Briggs
Inferred
0.2% Cu
415.0
-
0.25
31
-
1,030
28.6
Total
3.16
1,792
28.6
*
The Mineral Resource estimates are unchanged from the 2023 Annual Report.
Reporting of Mineral Resources is undertaken in compliance with the JORC Code. Resources are on a 100%
project basis.
The directors of Canterbury Resources Limited submit the annual report of the consolidated entity ('the
Group') consisting of Canterbury Resources Limited ('the Company') and the entities it controlled at the end
of, or during the financial year ended 30 June 2024. The directors’ report as follows:
Directors
The following persons were directors of the Company during the whole of the financial year and up to the date
of this report, unless noted otherwise:
John Ernest Douglas Anderson: Non-Executive Chairman
Grant Alan Craighead: Managing Director
Ross Earle Moller: Non-Executive Director and Joint-Company Secretary
Michael Matthew Erceg: Executive Director
Robyn Watts: Non-Executive Director
Information about the directors
At the date of this report, there are six senior executives comprising four males and two females. The six
senior executives include five directors and one joint-company secretary. Ross Earle Moller, director, also acts
as a joint-company secretary.
John Ernest Douglas Anderson - BCom, MBA, GAICD
Non-Executive Chairman
Experience and expertise
John has 40+ years experience in banking, investment banking and general
consulting in Australia and Chile. He has held positions of Managing Director
or Chairman with several public and private companies in Australia, and as a
Director of mining companies in Chile. John has experience in general
financing and capital raisings, developing and implementing business plans
for new and existing entities, and taking companies from IPO through to
operations. In ASX listed companies, in the capacity of director, managing
director or chairman, John has been a member of audit, remuneration and
finance committees, and was Chairman of Anchor Resources Ltd from IPO
through to the sale of controlling interest in 2011. John was appointed to the
Canterbury Board in 2011.
Other current directorships
None
Former directorships in last 3
years
None
Special responsibilities
Chairman
Interests in Canterbury shares
and options
Ordinary shares – 8,599,730
Options – under ESOP expiring 30 June 2025 – 500,000
Options – under ESOP expiring 30 June 2026 – 400,000
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Directors’ report
11
Information about the directors (cont’d)
Ross Earle Moller - BCom, Dip AppCorpGov, CA ANZ, FGIA, FCG (CGP)
Non - Executive Director and Joint-Company Secretary
Experience and expertise
Ross is a Chartered Accountant and Chartered Governance Professional and
brings 30+ years experience in providing corporate advisory and secretarial
services to a range of listed and unlisted companies. He has expertise in
financial management, corporate governance and strategic planning, as well
as commercial and legal risk issues. Ross is based in Singapore and is an
Executive Director of a Management Consultancy business that operates
across the Asia-Pacific region.
Other current directorships
Smart Software (Singapore) Pte. Ltd.
Former directorships in last 3
years
None
Special responsibilities
None
Interests in Canterbury shares
and options
Ordinary shares – 2,821,891
Options – under ESOP expiring 30 June 2025 – 250,000
Options – under ESOP expiring 30 June 2026 – 400,000
Grant Alan Craighead - BSc, MAusIMM, GAICD
Managing Director
Experience and expertise
Grant is a geologist with 40+ years experience in the exploration, mining and
financial sectors. This includes eight years as Manager Geology with Elders
Resources NZFP Ltd and five years as a resource analyst at Macquarie
Bank. During his period with Elders, he was directly associated with
exploration and development successes including Red Dome, Selwyn, Wafi-
Golpu, Glendell, Narama and Kidston. He was a co-founder of Anchor
Resources Ltd and its Managing Director during the sale of controlling
interest in 2011. He is also a co-founder and director of Breakaway
Investment Group, a financial company that provides private equity and
advisory services in the resource sector.
Other current directorships
Breakaway Investment Group
Former directorships in last 3
years
None
Special responsibilities
Managing Director
Interests in Canterbury shares
and options
Ordinary shares – 11,914,046
Options – under ESOP expiring 30 June 2026 – 400,000
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Directors’ report
12
Information about the directors (cont’d)
Michael Matthew Erceg - BSc, MSc, Dip Min Econ, MAIG, RPGeo
Executive Director
Experience and expertise
Michael is a geologist with 40 years experience in mineral exploration, mine
development and operations in New Zealand, Australia, Papua New Guinea,
Vanuatu, the Philippines and China. He is a specialist in southwest Pacific
porphyry copper-gold and epithermal gold-silver systems, and has a strong
understanding of their geological, geochemical, geophysical and alteration
footprints. He has extensive experience in managing remote area
reconnaissance and advanced exploration programs, including an ability to
readily adapt to culturally diverse environments and work effectively with local
professional staff. During his career he has made significant direct
contribution to the discovery and/or delineation of the Red Dome, Northwest
Mungana,
Wafi-Golpu,
Ok
Tedi,
New
Holland
underground
and
Murrawombie/Larsens/Northeast ore bodies.
Other current directorships
None
Former directorships in last 3
years
None
Special responsibilities
Manager Exploration
Interests in Canterbury shares
and options
Ordinary shares – 2,034,423
Options – under ESOP expiring 30 June 2025 – 500,000
Options – under ESOP expiring 30 June 2026 – 400,000
Robyn Watts
Non-Executive Director
Experience and expertise
Robyn is an experienced Chair and Non-Executive Director of ASX and private
company boards, which followed a 25+ year executive career as a CEO,
across a diverse range of sectors including telecommunications, retail, media,
entertainment and education sectors. Robyn’s experience is characterised by
companies with robust growth strategies involving significant M&A, business
transformation and turnaround, capital raising, strategic planning, development
of digital capability and customer engagement and international business
activity. Her ASX experience also includes Governance and Compliance,
Remuneration and Nomination (Chair); and Audit and Risk Committees. Robyn
has a strong background both professionally and personally in Papua New
Guinea over 35 years. This has given her experience in dealing with
government, local landowner groups and traditional cultures.
Other current directorships
None
Former directorships in last 3
years
Vita Group Ltd
Special responsibilities
None
Interests
in
Canterbury
shares and options
Ordinary shares – 392,391
Options – under ESOP expiring 30 June 2025 – 500,000
Options – under ESOP expiring 30 June 2026 – 400,000
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Directors’ report
13
Joint Company secretary information
Joan Dabon - Juris Doctor (PH), BS Pysch (PH) GradDipACGRM, Chartered Secretary (AGIA ACG) -
appointed 8 September 2023.
Joan is a Chartered Secretary with 8 years' experience in providing company secretarial and corporate
advisory services to ASX and NSX listed companies across a variety of sectors including mining, property
development, logistics and situations, manufacturing and agriculture. She has extensive experience in the
preparation of disclosure documents and financial reports, management of a wide array of corporate, equity
and capital raising transactions and due diligence processes, as well as coordination of listing and other IPO-
related requirements. She has also acted as company secretary for public unlisted and proprietary companies,
monitoring and managing their corporate governance and compliance frameworks. Joan has a Juris Doctor
degree and is an associate member of the Governance Institute of Australia.
Véronique Morgan-Smith - resigned 8 September 2023.
Principal activity
The principal activity of the Group is the participation in mineral exploration projects, with tenements currently
held in Queensland and Papua New Guinea ('PNG'). The Group primarily targets prospects with potential to
host large-scale copper and/or gold deposits.
There were no significant changes in the Group’s activities during the period.
Financial result
The consolidated loss of the Group after providing for income tax for the year ended 30 June 2024 was
$705,177 (2023: loss $817,813).
The net assets of the Group decreased by $71,731 from $11,315,921 at 30 June 2023 to $11,244,190 at
30 June 2024, primarily due to the Group's loss for the year of $705,177, partially offset by share issuances
during the year amounting to $612,492.
Dividends
There were no dividends paid or declared for the period ended 30 June 2024 (2023: nil). The directors have
not made any recommendations for payment of dividends in respect of the financial year.
Significant changes in the state of affairs
Other than as noted above, there were no other significant changes in the state of affairs of the Group during
the reporting period.
Review of operations
Canterbury continues to generate and explore large-scale porphyry copper-molybdenum-gold opportunities in
Papua New Guinea and Queensland.
At the Briggs Copper Project in Queensland, the Company has outlined an Inferred Mineral Resource of
415Mt at 0.25% Cu and 31ppm Mo (refer to Competent Person Statement), plus large-scale potential
extensions. Ongoing exploration and infill drilling has generated very encouraging results, and the data being
generated will inform an updated mineral resource estimate.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Directors’ report
14
Review of operations (cont'd)
The updated resource model will be utilised in mine planning and scheduling studies in a planned Scoping
Study, which will also include metallurgical test work assessing copper and molybdenum recoveries via
conventional froth flotation into sulphide concentrates, plus comminution test work evaluating grind size and
power consumption profiles. The Scoping Study is scheduled for completion in early 2025. Project funding for
Briggs continues to be provided by Alma Metals (ASX: ALM) under an earn-in agreement.
At the Bismarck Project in PNG, a major drilling program is being undertaken testing greenfield targets at
Willie Headwaters, Waso Creek and Ndokowai where surface sampling and mapping has identified porphyry
and skarn style mineralisation systems. The drilling is being funded by Rio Tinto Exploration (PNG) under an
earn-in agreement and is being managed by Canterbury.
Also in PNG, Canterbury holds strategic tenements in Morobe and New Ireland Provinces. Morobe Province
hosts major assets, including the Hidden Valley gold mine (Harmony Gold) and the massive Wafi-Golpu
copper-gold project (Newmont and Harmony Gold) while New Ireland Province hosts the world class Lihir gold
mine (Newmont). Syndicate Minerals can earn up to 70% interest in Canterbury's tenements via funding of up
to USD 20 million of staged exploration. Significant resources have been outlined at two deposits; Idzan Creek
(137.3Mt at 0.53g/t Au and 0.24% Cu) and Wamum Creek (141.5Mt at 0.18g/t Au and 0.31% Cu) (refer to
Competent Person Statement), with the mineralisation open in multiple directions. Additional prospects cover
large-scale alteration and mineralisation systems, with several at the drill-ready stage.
Competent Person Statement
The information in this report that relates to the Estimation of Mineral Resources, has been prepared by Mr
Geoff Reed, who is a Member of the Australasian Institute of Mining and Metallurgy, is a Consulting Geologist
of Bluespoint Mining Services (BMS) and is a shareholder of Canterbury Resources Limited. Mr Reed has
sufficient experience that is relevant to the the style of mineralisation and type of deposit under consideration
and to the activity being undertaken 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 Reed
consents to the inclusion in the report of the matters based on his information in the form and context in which
it appears.
Commitments for expenditure
To maintain the Group’s tenements in good standing with the relevant authorities, the Group incurs exploration
expenditure under the terms of each licence. The indicative minimum exploration expenditure requirement for
FY25 is approximately $2,850,000, of which approximately $2,810,000 is covered by project funding partners.
This is a pro rata estimate, based on annualised licence terms, converted to AUD at current exchange rates.
Directors’ meetings
The following table sets out the number of directors’ meetings (including meetings of committees of directors).
Board Meeting
AC Meeting
RMC Meeting
RC Meeting
NC Meeting
GC Meeting
Directors
Held
Attended
Held
Attended
Held
Attended
Held
Attended
Held
Attended
Held
Attended
John Anderson
12
12
-
-
-
-
1
1
-
-
1
1
Grant Craighead
12
12
-
-
3
3
-
-
-
-
1
1
Mike Erceg
12
12
-
-
3
3
-
-
-
-
1
1
Ross Moller
12
12
2
2
3
3
1
1
-
-
1
1
Robyn Watts
12
12
2
2
3
3
1
1
-
-
1
1
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Directors’ report
15
Directors' meetings (cont'd)
Notes to the table:
•
John Anderson is not a member of the Audit Committee (AC) and Risk Management Committee
(RMC)
•
Grant Craighead and Mike Erceg are not members of the AC and Remuneration Committee (RC)
•
NC stands for Nomination Committee and GC stands for Governance Committee.
Events since the end of the financial year
On 2 August 2024, the Company completed a placement through the issue of 27,500,000 fully paid ordinary
shares (New Shares) to institutional, sophisticated and professional investors at an issue price of $0.033 per
New Share, raising $848,100 (before costs). In addition, the Company agreed, subject to shareholder
approval to issue 5,000,000 unquoted options exercisable at $0.08 each and expiring 30 June 2026 to
advisors of the placement.
Other than as noted above, there were no other events subsequent to 30 June 2024 that are likely, in the
director's opinion, to affect significantly the activities or the state of affairs of the Group in future financial
years.
Climate change
The Group’s exploration activities are assessed as having relatively low energy intensity and produce low
exposure to climate change risks related to the transition to a lower carbon economy.
Exploration activities may be carried out at sites that are vulnerable to physical climate impacts. Extreme
weather events have the potential to damage infrastructure and disrupt or delay field activities. The Group is
adapting its site-specific operating plans to ensure that this risk factor is considered.
Environmental regulation
The Manager-Exploration reports to the Board on all significant safety, health and environmental incidents.
The Board also has a Risk Committee which has oversight of the safety, health and environmental
performance of the Group.
The activities of the Group are subject to environmental regulation under the jurisdiction of the countries in
which those activities are conducted, including Australia and Papua New Guinea. Each tenement is subject to
environmental regulation as part of its granting. Each site is also required to manage its environmental
obligations in accordance with Group policies.
The Group has internal reporting systems. Environmental incidents are reported and assessed according to
their environmental consequence and environmental authorities are notified where required and remedial
action is undertaken.
The Board believes that the Group has adequate systems in place for the management of its environmental
requirements and is not aware of any breach of these environmental requirements as they apply to the Group.
Remuneration of key management personnel
Information about the remuneration of key management personnel is set out in the remuneration report
section of this directors’ report. The term ‘key management personnel’ refers to those persons having authority
and responsibility for planning, directing and controlling the activities of the consolidated entity, directly or
indirectly, including any director (whether executive or otherwise) of the Group.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Directors’ report
16
Share options granted to directors and senior management
During the year, there were 2,000,000 options issued to the directors or senior management.
Remuneration report (audited)
This remuneration report for the year ended 30 June 2024 outlines the remuneration arrangement of the
Group and the Group in accordance with the requirements of the Corporations Act 2001 (the 'Act') and its
regulations. This information has been audited as required by section 308(3C) of the Act.
The remuneration report details the remuneration arrangements for key management personnel (KMP) who
are defined as those persons having authority and responsibility for planning, directing and controlling the
major activities of the Group and the Group, directly or indirectly, including any director whether executive or
otherwise) of the parent Company.
Details of key management personnel
Directors
John Anderson
Non-Executive Chairman
Grant Craighead
Managing Director
Ross Moller
Non-Executive Director and Joint-Company Secretary
Michael Erceg
Executive Director
Robyn Watts
Non-Executive Director
Remuneration philosophy
The objectives of the Group’s remuneration framework are to ensure reward for performance is competitive
and appropriate for the results delivered. The framework aligns executive reward with achievement of strategic
objectives and the creation of value for shareholders. The Board believes that executive remuneration satisfies
the following key criteria:
•
competitiveness and reasonableness;
•
acceptability to shareholders;
•
performance linkage/alignment of executive compensation;
•
transparency; and
•
capital management.
These criteria result in a framework which can be used to provide a mix of fixed and variable remuneration,
and a blend of short and long-term incentives in line with the Group’s limited financial resources.
Fees and payments to the Group’s non-executive directors and senior executives reflect the demands which
are made on, and the responsibilities of, the directors and senior management. Such fees and payments are
reviewed annually by the Board. The Group’s executive and non-executive directors, senior executives and
officers are entitled to receive options under the Group’s employee share option scheme.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Directors’ report
17
Remuneration report (audited) (cont’d)
Relationship between the remuneration policy and company performance
The tables below set out summary information about the Group’s earnings and movements in shareholder
wealth for the five years to June 2024. As the table indicates, earnings have varied significantly over the past
five financial years, due to the nature of activities. It has been the focus of the Board of Directors to attract and
retain management personnel essential to continue the Group’s participation in mineral exploration projects.
30 June
2024
30 June
2023
30 June
2022
30 June
2021
30 June
2020
$
$
$
$
$
Revenue
—
—
—
—
6,004
Net loss before tax
(705,177)
(817,813)
(1,795,267)
(1,311,928)
(1,285,601)
Net loss after tax
(705,177)
(817,813)
(1,795,267)
(1,311,928)
(1,285,601)
Share price at end of year ($)
0.045
0.022
0.043
0.092
0.13
Basic and diluted loss per
share (cents per share)
(0.0044)
(0.0060)
(0.0149)
(0.0122)
(0.0153)
Remuneration of directors is set by reference to payments made by other companies of similar size and
industry, and by reference to the skills and experience of directors. Fees paid to Non-Executive Directors are
not linked to the performance of the Group. This policy may change once the exploration phase is complete
and the Group is generating revenue. At present the existing remuneration policy is not impacted by the
Group’s performance including earnings and changes in shareholder wealth (e.g. changes in share price) with
the exception of incentive options issued to directors, subject to shareholder approval.
Remuneration of key management personnel
2024
Short-term
employee benefits
Post-
employment
benefits
Share-based
payments
Directors
Salary and
directors’ fees
Consulting
fees
Superannuation
Options
Total
$
$
$
$
$
J E D Anderson
67,568
—
7,432
3,492
78,492
GA Craighead
270,270
—
29,730
3,492
303,492
R Watts
58,559
—
6,441
3,492
68,492
M Erceg
225,225
—
24,775
3,492
253,492
R E Moller
65,000
23,580
—
3,492
92,072
686,622
23,580
68,378
17,460
796,040
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Directors’ report
18
Remuneration report (audited) (cont’d)
Remuneration of key management personnel (cont'd)
2023
Short-term
employee benefits
Post-
employment
benefits
Share-based
payments
Directors
Salary and
directors’ fees
Consulting
fees
Superannuation
Options
Total
$
$
$
$
$
J E D Anderson
67,873
—
7,127
7,307
82,307
GA Craighead
271,493
—
28,507
7,307
307,307
R Watts
58,824
—
6,176
7,307
72,307
M Erceg
226,244
—
23,756
7,307
257,307
R E Moller
65,000
20,280
—
7,307
92,587
689,434
20,280
65,566
36,535
811,815
No performance-based remuneration was paid in 2024 (2023: nil).
The performance and remuneration of directors and senior executives is reviewed annually.
Non-executive director remuneration arrangements
Directors are entitled to remuneration out of the funds of the Company, but the remuneration of the non-
executive directors ('NED') may not exceed in any year the amount fixed by the Company in general meeting
for that purpose. The aggregate remuneration of the NEDs has been fixed at a maximum of $250,000 per
annum to be apportioned among the NEDs in such a manner as the Board determines. Directors are also
entitled to be paid reasonable travelling, accommodation and other expenses incurred in consequence of their
attendance at Board meetings and otherwise in the execution of their duties as directors.
For the year to 30 June 2024, the Chairman’s fee was set at $75,000 per annum and NED fees at $65,000 per
annum, inclusive of superannuation where applicable.
Service agreements
Remuneration and other terms of employment for key management personnel are formalised in employment
contracts and are set out below.
For the year to 30 June 2024, the Managing Director’s remuneration was set at $300,000 per annum inclusive
of superannuation, (June 2023: $300,000 per annum inclusive of superannuation). There were no termination
payments. For the year to 30 June 2024, the Executive Director’s remuneration was set at $250,000 for the
year inclusive of superannuation. There were no termination payments. NED fees were $205,000 for the year,
inclusive of superannuation where applicable.
Transactions with associates of directors
There were no transactions with associates of directors.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Directors’ report
19
Remuneration report (audited) (cont’d)
Number of shares held by key management personnel
The number of shares in the Company held during the financial year by each director and other members of
key management personnel of the Group, is set out below:
No of shares
Ordinary shares
Balance at
the beginning
of the year
Received as
part of
remuneration
Additions
Disposals
Balance at
the end of
the year
Director
R E Moller
2,604,500
—
217,391
—
2,821,891
J E D Anderson (refer to
Note 1)
6,695,023
—
1,904,707
—
8,599,730
GA Craighead
10,297,699
—
1,616,347
—
11,914,046
M Erceg
1,382,250
—
652,173
—
2,034,423
R Watts
175,000
—
217,391
—
392,391
21,154,472
—
4,608,009
—
25,762,481
Note 1: J E D Anderson purchased 74,361 shares on-market bringing his shareholding to 8,559,730 share as
at the date of this report. Refer to the Appendix 3Y lodged with ASX on 21 August 2024.
Employee share option plan
The Group operates an employee share option plan for employees and contractors of the Group. In
accordance with the provisions of the plan, employees may be granted options to purchase parcels of ordinary
shares at specified exercise prices.
Each employee share option converts into one ordinary share of the Group on exercise. No amounts are paid
or payable by the recipient on receipt of the option. The option carries neither rights to dividends nor voting
rights. Options may be exercised at any time from the date of vesting to the date of their expiry.
The options granted expire on their expiry date, or one month after the resignation of the employee, whichever
is the earlier.
Terms and conditions of share-based payment arrangements affecting remuneration of key management
personnel in the current financial year or future financial years:
Options series
Grant date
Exercise price
Expiry date
Vesting date
CBY10
25/07/2022
$0.06
30/06/2025
27/07/2022
CBY11
09/02/2023
$0.08
31/12/2025
09/02/2023
CBY12
30/08/2023
$0.05
30/06/2026
30/11/2023
There has been no alteration of the terms and conditions of the above share-based payment arrangements since
the grant date.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Directors’ report
20
Remuneration report (audited) (cont’d)
Employee share option plan (cont’d)
Details of share-based payments granted as compensation to key management personnel during the current
financial year:
During the financial year
Option series
No. granted
No. vested
% of grant
vested
% of grant
forfeited
Director
R E Moller
CBY12
400,000
400,000
100
-
J E D Anderson
CBY12
400,000
400,000
100
-
GA Craighead
CBY12
400,000
400,000
100
-
M Erceg
CBY12
400,000
400,000
100
-
R Watts
CBY12
400,000
400,000
100
-
During the year, the following key management personnel exercised options that were granted to them as part
of their compensation. Each option converts into one ordinary share of Canterbury Resources Limited.
No. of options
exercised
No. of
ordinary
shares of the
company
Amount
paid
Amount
unpaid
Director
R E Moller
-
-
-
-
J E D Anderson
-
-
-
-
GA Craighead
-
-
-
-
M Erceg
-
-
-
-
R Watts
-
-
-
-
The following table summarises the value of options granted and exercised during the financial year, in
relation to options granted to key management personnel as part of their remuneration:
Value of options granted
at the grant date (i)
$
Value of options exercised
at the exercise date
$
Director
R E Moller
3,492
-
J E D Anderson
3,492
-
GA Craighead
3,492
-
M Erceg
3,492
-
R Watts
3,492
-
(i) The value of options granted during the financial year is calculated as at the grant date using a Black-
Scholes model. This grant date value is allocated to remuneration of key management personnel on a straight-
line basis over the period from grant date to vesting date.
This concludes the remuneration report, which has been audited.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Directors’ report
21
Proceedings on behalf of company
No person has applied for leave of court to bring proceedings on behalf of the Company or intervene in any
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company
for all or any part of those proceedings. The Company was not a party to any such proceedings during the
year.
Future developments
Disclosure of information regarding likely developments in the operations of the Group in future financial years
and the expected results of those operations is likely to result in unreasonable prejudice to the Group.
Accordingly, this information has not been disclosed in this report.
Indemnification of officers and auditors
During the financial year, the Company paid a premium in respect of a contract insuring the directors of the
Group, the Company secretary, and all executive officers of the Group and of any related body corporate
against a liability incurred as such a director, secretary or executive officer to the extent permitted by the
Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the
amount of the premium.
The Group has not otherwise, during or since the end of the financial year, except to the extent permitted by
law, indemnified or agreed to indemnify an officer or auditor of the Group or of any related body corporate
against a liability incurred as such by an officer or auditor.
Non-audit services
The Group’s auditor, BDJ Partners did not provide non-audit services to the Group during the year ended
30 June 2024 (2023: nil).
Auditor’s independence declaration
The auditor’s independence declaration is included after this report.
This directors’ report is signed in accordance with a resolution of directors made pursuant to s.298(2) of the
Corporation Act 2001 (the 'Act').
On behalf of the Directors
Director: ...............................................................
Grant Craighead
Dated: 30 September 2024
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Directors’ report
22
Phone
+61 2 9956 8500
Email
bdj@bdj.com.au
Office
Level 8, 124
Walker Street
North Sydney
NSW 2060
Postal
PO Box 1664,
North Sydney
NSW 2059
Liability limited by a
scheme approved
under Professional
Standards Legislation.
Please refer to the
website for our
standard terms of
engagement.
23
Auditor's Independence Declaration
To the directors of Canterbury Resources Limited
As engagement partner for the audit of Canterbury Resources Limited for the year ended 30
June 2024, I declare that, to the best of my knowledge and belief, there have been:
i)
no contraventions of the independence requirements of the Corporations Act 2001 in
relation to the audit; and
ii)
no contraventions of any applicable code of professional conduct in relation to the
audit.
BDJ Partners
…………………………………………………
Gregory Cliffe
Partner
27 September 2024
Note
2024
2023
$
$
Revenue
3(a)
—
—
Other income
3(b)
544,387
351,556
Other gains
4
1,938
18,250
Administrative expenses
(109,003)
(79,835)
Employee benefits expense
4
(594,017)
(616,266)
Corporate costs
(297,859)
(279,926)
Consultancy
(25,034)
(22,297)
Depreciation and amortisation expense
4
(18,539)
(25,957)
Marketing expense
(59,789)
(17,100)
Occupancy expense
(8,545)
—
Insurance
(43,669)
(46,693)
Share-based payment expense
(20,954)
(43,844)
Finance costs
4
(6,868)
(1,484)
Other expense
(67,225)
(54,217)
Loss before tax
(705,177)
(817,813)
Income tax benefit
5
—
—
Loss for the year
(705,177)
(817,813)
Attributable to
Owners of the company
(705,177)
(817,813)
Other comprehensive loss for the year, net of tax
—
—
Total comprehensive loss for the year
(705,177)
(817,813)
Total comprehensive loss attributable to
Owners of the company
(705,177)
(817,813)
Basic loss per share
6
(0.0044)
(0.0060)
Diluted loss per share
6
(0.0044)
(0.0060)
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Consolidated statement of profit or loss and other comprehensive income
for the year ended 30 June 2024
24
The accompanying notes form part of these financial statements.
2024
2023
Note
$
$
Assets
Current assets
Cash and cash equivalents
16(a)
753,021
294,448
Trade and other receivables
7
599,471
164,489
Other assets
2,520
22,246
Total current assets
1,355,012
481,183
Non-current assets
Property, plant and equipment
21,583
19,496
Right-of-use assets
—
13,036
Capitalised exploration and development expenditure
8
11,102,417
11,040,109
Other assets
11,942
11,942
Financial assets
—
29,058
Total non-current assets
11,135,942
11,113,641
Total assets
12,490,954
11,594,824
Liabilities
Current liabilities
Trade and other payables
9
386,789
149,398
Financial liabilities
10
400,000
—
Provisions
11
90,552
88,077
Lease liabilities
—
13,891
Income/ Funding in advance
333,747
—
Total current liabilities
1,211,088
251,366
Non-current liabilities
Provisions
11
35,676
27,537
Total non-current liabilities
35,676
27,537
Total liabilities
1,246,764
278,903
Net assets
11,244,190
11,315,921
Equity
Issued capital
12
18,899,242
18,286,750
Reserves
13
64,798
132,840
Accumulated losses
(7,719,850)
(7,103,669)
Total equity
11,244,190
11,315,921
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Consolidated statement of financial position
as at 30 June 2024
25
The accompanying notes form part of these financial statements.
Issued
capital
Reserves
Accumulated
losses
Total
$
$
$
$
Balance at 1 July 2022
17,428,630
146,718
(6,343,578)
11,231,770
Loss for the year
—
—
(817,813)
(817,813)
Foreign currency translation
—
—
—
—
Total comprehensive loss for the year
—
—
(817,813)
(817,813)
Transactions with owners of the company
Shares issued during the year (net of
share issue costs)
858,120
—
—
858,120
Options issued during the year
—
43,844
—
43,844
Options expired during the year
—
(57,722)
57,722
—
Balance at 30 June 2023
18,286,750
132,840
(7,103,669)
11,315,921
Balance at 1 July 2023
18,286,750
132,840
(7,103,669)
11,315,921
Loss for the year
—
—
(705,177)
(705,177)
Total comprehensive loss for the year
—
—
(705,177)
(705,177)
Transactions with owners of the company
Shares issued during the year (net of
share issue costs)
612,492
—
—
612,492
Options issued during the year
—
20,954
—
20,954
Options expired during the year
—
(88,996)
88,996
—
Balance at 30 June 2024
18,899,242
64,798
(7,719,850)
11,244,190
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Consolidated statement of changes in equity
for the year ended 30 June 2024
26
The accompanying notes form part of these financial statements.
2024
2023
Note
$
$
Cash flows from operating activities
Other receipts
686,828
273,556
Payments to suppliers and employees
(1,250,633)
(1,144,718)
Net cash used in operating activities
16(b)
(563,805)
(871,162)
Cash flows from investing activities
Proceed from sale of shares in investments
32,783
73,000
Payment for exploration and development expenditure, net
of recoveries
1,351
(106,997)
Payment for property, plant and equipment
(7,590)
—
Net cash generated by/(used in) investing activities
26,544
(33,997)
Cash flows from financing activities
Proceeds from issue of shares (net of costs)
612,492
858,120
Proceeds from borrowings
400,000
—
Repayment of lease liabilities
(13,891)
(19,824)
Interest paid - leases
(314)
(1,484)
Interest paid - other
(666)
—
Net cash from financing activities
997,621
836,812
Effects of exchange rate changes on cash balances held in
foreign currencies
(1,787)
—
Net increase/(decrease) in cash and cash equivalent held
458,573
(68,347)
Cash and cash equivalents at beginning of year
294,448
362,795
Cash and cash equivalents at the end of year
16(a)
753,021
294,448
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Consolidated statement of cash flows
for the year ended 30 June 2024
27
The accompanying notes form part of these financial statements.
1. General information
Canterbury Resources Limited ('the Company') is a public company incorporated in Australia.
The address of its registered office and principal place of business is as follows:
Suite 301
55 Miller Street
Pyrmont NSW 2009
The principal activity of the Group is participation in mineral exploration projects, with tenements currently held
in Queensland and Papua New Guinea. The Group primarily targets prospects with potential to host large
scale copper and/or gold deposits.
These consolidated financial statements and notes represent the Company and its controlled entities ('the
Group').
Statement of compliance
The financial statements are general purpose financial statements which have been prepared in accordance
with the Corporations Act 2001 (the 'Act'), Accounting Standards and Interpretations, and comply with other
requirements of the law. Accounting Standards include Australian Accounting Standards (‘AAS’). Compliance
with AAS ensures that the financial statements and notes of the Group comply with International Financial
Reporting Standards (‘IFRS’).
The financial statements comprise the consolidated financial statements of the Group. For the purposes of
preparing the consolidated financial statements, the Group is a for-profit entity.
The financial statements were authorised for issue by the directors on 27 September 2024.
Basis of preparation
The consolidated financial statements have been prepared on the basis of historical cost, except for certain
non-current assets and financial instruments that are measured at revalued amounts or fair values, as
explained in the accounting policy information below. Historical cost is generally based on the fair values of the
consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise
noted.
Going concern
The consolidated net loss of the Group, after tax was $705,177 for the year ended 30 June 2024 (2023:
$817,813), with cash outflows from operating activities of $563,805 (2023: $871,162), and net current assets
of $143,924 (2023: $229,817).
At 30 June 2024, the Group had cash of $753,021, of which $733,905 was held in Papua New Guinea ('PNG')
Kina. The transfer of cash reserves offshore is governed by foreign exchange controls administered by the
PNG Central Bank, that can delay transfer of funds back to Australia from time to time. Management has
completed the required steps and, having received clearance, are currently awaiting the receipt of funds into
their Australian bank account.
While the state of foreign exchange reserves held by the PNG Central Bank can cause delays for multi-
national companies transferring funds offshore, and that these delays can have an impact on their corporate
working capital, they are of a temporary nature and can be managed through short-term, local onshore
funding arrangements (if required).
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
28
1. General information (cont'd)
Going concern (cont'd)
While some timing uncertainty exists, the Group’s track record in managing its cash requirements provide
sufficient confidence it will be able to realise its assets and discharge its liabilities in the normal course of
business.
The ability of the Group to continue as a going concern is dependent on:
•
Generating income by managing exploration activities on the Group’s projects;
•
Being able to transfer cash held by the Group in Papua New Guinea to Australia (refer to Note 16(a);
and
•
Securing additional funding as required through new issue equity raising and option conversion.
The uncertainty in the timing of receiving cash transfers from PNG to Australia indicates a material uncertainty
that may cast significant doubt about the Group’s ability to continue as a going concern and, therefore, that it
may be unable to realise its assets and discharge its liabilities in the normal course of business.
The directors believe that the Group is a going concern. This financial report has been prepared on the going
concern basis, which assumes continuity of normal business activities and the realisation of assets and the
settlement of liabilities in the ordinary course of business.
The directors are aware of the fact that future development and administration activities are constrained by
available cash assets and believe future identified cash flows are sufficient to fund the short-term working
capital and forecasted exploration requirements of the Group.
During the next twelve months, there is substantial exploration activity planned to advance the Group’s
tenement assets, and the directors note that will be largely funded by project funding partners. Furthermore,
the Group expects to generate fee income in relation to the management of some of these planned activities,
that will further assist in funding the Group’s operations.
The directors have a high level of confidence in the Group's ability to successfully complete capital raising
initiatives as and when required. This is supported by the Group strong track record in successfully raising
capital including raising $848,100 before costs in July 2024.
The directors have reached the conclusion that based on all available facts and information currently
available, there are reasonable grounds to believe that the Group will be able to pay its debts as an when they
become due and payable and is a going concern.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
29
2. Material Accounting Policy Information
(a) Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and the entities
controlled by the Company (its subsidiaries) up to 30 June each year. Control is achieved when the Company:
•
has the power over the investee;
•
is exposed, or has rights, to variable returns from its involvement with the investee; and
•
has the ability to use its power to affects its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there
are changes to one or more of the three elements of control listed above.
(b) Revenue recognition
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with
a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when
the service is rendered to a customer.
Support services
The Group recognises operating revenue from the provision of support services. Such services are recognised
as a performance obligation satisfied at a point in time.
(c) Taxation
The Company is part of a tax-consolidated Group under Australian taxation law, of which Canterbury
Resources Limited is the head entity. As a result, Canterbury Resources Limited is subject to income tax
through its membership of the tax-consolidated Group. The consolidated current and deferred tax amounts for
the tax-consolidated Group are allocated to the members of the tax-consolidated Group using the ‘separate
taxpayer within Group’s approach, with deferred taxes being allocated by reference to the carrying amounts in
the financial statements of each member entity and the tax values applying under tax consolidation. Current
tax liabilities and assets and deferred tax assets arising from unused tax losses and relevant tax credits
arising from this allocation process are then accounted for as immediately assumed by the head entity, as
under Australian taxation law the head entity has the legal obligation (or right) to these amounts.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as
reported in the consolidated statement of profit or loss and other comprehensive income because of items of
income or expense that are taxable or deductible in other years and items that are never taxable or deductible.
The Group‘s current tax is calculated using tax rates that have been enacted or substantively enacted by the
end of the reporting period.
Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in
the consolidated financial statements and the corresponding tax bases used in the computation of taxable
profit. Deferred tax liabilities are generally recognised for all taxable temporary differences.
Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is
probable that taxable profits will be available against which those deductible temporary differences can be
utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the
initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects
neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the
temporary difference arises from the initial recognition of goodwill.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
30
2. Material Accounting Policy Information (cont’d)
(d) Exploration and development expenditure
Exploration, evaluation and development expenditures incurred are capitalised in respect of each identifiable
area of interest. These costs are only capitalised to the extent that they are expected to be recovered through
the successful development of the area or where activities in the area have not yet reached a stage that
permits reasonable assessment of the existence of economically recoverable reserves.
Accumulated costs in relation to an abandoned area are written off in full against profit or loss in the year in
which the decision to abandon the area is made.
When production commences, the accumulated costs for the relevant area of interest are amortised over the
life of the area according to the rate of depletion of the economically recoverable reserves. A regular review is
undertaken of each area of interest to determine the appropriateness of continuing to capitalise costs in
relation to that area.
Costs of site restoration are provided for over the life of the project from when exploration commences and are
included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant,
equipment and building structures, waste removal, and rehabilitation of the site in accordance with local laws
and regulations and clauses of the permits. Such costs have been determined using estimates of future costs,
current legal requirements and technology on an undiscounted basis.
Any changes in the estimates for the costs are accounted for on a prospective basis. In determining the costs
of site restoration, there is uncertainty regarding the nature and extent of the restoration due to community
expectations and future legalisation. Accordingly, the costs have been determined on the basis that the
restoration will be completed within one year of abandoning the site.
(e) Financial instruments
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual
provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets
and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the
financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are
recognised immediately in profit or loss.
Financial assets
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis.
Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets
within the time frame established by regulation or convention in the marketplace. All recognised financial
assets are measured subsequently in their entirety at either amortised cost.
Classification of financial assets
Debt instruments that meet the following conditions are measured subsequently at amortised cost:
•
the financial asset is held within a business model whose objective is to hold financial assets in order
to collect contractual cash flows; and
•
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
The group’s financial assets at amortised cost includes trade receivables.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
31
2. Material Accounting Policy Information (cont’d)
(e) Financial instruments (cont'd)
Amortised cost and effective interest method
For financial assets other than purchased or originated credit-impaired financial assets (i.e. assets that are
credit-impaired on initial recognition), the effective interest rate is the rate that exactly discounts estimated
future cash receipts (including all fees and points paid or received that form an integral part of the effective
interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the
expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of
the debt instrument on initial recognition. For purchased or originated credit-impaired financial assets,
a credit-adjusted effective interest rate is calculated by discounting the estimated future cash flows, including
expected credit losses, to the amortised cost of the debt instrument on initial recognition.
The amortised cost of a financial asset is the amount at which the financial asset is measured at initial
recognition minus the principal repayments, plus the cumulative amortisation using the effective interest
method of any difference between that initial amount and the maturity amount, adjusted for any loss
allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before
adjusting for any loss allowance.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of
allocating interest income over the relevant period.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on trade receivables. The amount of
expected credit losses is updated at each reporting date to reflect changes in credit risk since initial
recognition of the respective financial instrument.
The Group always recognises lifetime expected credit losses ('ECL') for trade receivables. The expected
credit losses on these financial assets are estimated using a provision matrix based on the Group’s historical
credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and
an assessment of both the current as well as the forecast direction of conditions at the reporting date,
including time value of money where appropriate.
Lifetime ECL represents the expected credit losses that will result from all possible default events over the
expected life of a financial instrument.
Measurement and recognition of expected credit losses
The measurement of expected credit losses is a function of the probability of default, loss given default (i.e.
the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability
of default and loss given default is based on historical data adjusted by forward-looking information as
described above. As for the exposure at default, for financial assets, this is represented by the assets’ gross
carrying amount at the reporting date; for financial guarantee contracts, the exposure includes the amount
drawn down as at the reporting date, together with any additional amounts expected to be drawn down in the
future by default date determined based on historical trend, the entity’s understanding of the specific future
financing needs of the debtors, and other relevant forward-looking information.
For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows
that are due to the Group in accordance with the contract and all the cash flows that the Group expects to
receive, discounted at the original effective interest rate.
If the Group has measured the loss allowance for a financial instrument at an amount equal to lifetime ECL in
the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL
are no longer met, the entity measures the loss allowance at an amount equal to 12-month ECL at the current
reporting date, except for assets for which simplified approach was used.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
32
2. Material Accounting Policy Information (cont’d)
(e) Financial instruments (cont'd)
The Group recognises an impairment gain or loss in profit or loss for all financial instruments with a
corresponding adjustment to their carrying amount through a loss allowance account.
Derecognition of financial assets
The entity derecognises a financial asset only when the contractual rights to the cash flows from the asset
expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the
asset to another entity. If the entity neither transfers nor retains substantially all the risks and rewards of
ownership and continues to control the transferred asset, the entity recognises its retained interest in the asset
and an associated liability for amounts it may have to pay. If the entity retains substantially all the risks and
rewards of ownership of a transferred financial asset, the entity continues to recognise the financial asset and
also recognises a collateralised borrowing for the proceeds received.
On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying
amount and the sum of the consideration received and receivable is recognised in profit or loss.
Financial liabilities
Financial liabilities, including trade and other payables, are initially measured at fair value, net of transaction
costs.
All financial liabilities are measured subsequently at amortised cost using the effective interest method.
Derecognition of finanical liabilities
The Group derecognises financial liabilities when, and only when the Group’s obligations are discharged,
cancelled or expire. The difference between the carrying amount of the financial liability derecognised and the
consideration paid and payable is recognised in profit or loss.
(f) Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except:
i. where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of
the cost of acquisition of an asset or as part of an item of expense; or
ii. for receivables and payables which are recognised inclusive of GST.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of
receivables or payables.
Cash flows are included in the consolidated statement of cash flows on a gross basis. The GST component of
cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation
authority is classified within operating cash flows.
(g) Foreign currencies
For the purpose of the consolidated financial statements, the results and financial position of the Group are
expressed in Australian dollars (‘$’), which is the functional currency of the Company and the presentation
currency for the consolidated financial statements.
In preparing the consolidated financial statements, transactions in currencies other than the Group’s functional
currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the
transactions.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
33
2. Material Accounting Policy Information (cont’d)
(g) Foreign currencies (cont'd)
At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the
rates prevailing at that date. Non monetary items carried at fair value that are denominated in foreign
currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-
monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences on monetary items are recognised in profit or loss in the period in which they arise.
For the purpose of presenting these consolidated financial statements, the assets and liabilities of the Group’s
foreign operations are translated into Australian dollars using exchange rates prevailing at the end of the
reporting period. Income and expense items are translated at the average exchange rates for the period,
unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the
dates of the transactions are used. Exchange differences arising, if any, are recognised in other
comprehensive income and accumulated in equity.
(h) Short-term and other long-term employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and
long service leave in the period the related service is rendered at the undiscounted amount of the benefits
expected to be paid in exchange for that service.
Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of
the benefits expected to be paid in exchange for the related service.
Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the
estimated future cash outflows expected to be made by the Group in respect of services provided by
employees up to the reporting date.
(i) Critical accounting judgments and key sources of estimation uncertainty
In the application of the Group’s accounting policies, the directors are required to make judgements, estimates
and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors that
are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that period or
in the period of the revision and future periods if the revision affects both current and future periods.
Key sources of estimation uncertainty
The following are the key assumptions concerning the future, and other key sources of estimation uncertainty
at the end of the reporting period that may have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year.
Capitalised exploration and development expenditure
Exploration, evaluation and development expenditures incurred are only capitalised to the extent that they are
expected to be recovered through the successful development of the area or where activities in the area have
not yet reached a stage that permits reasonable assessment of the existence of economically recoverable
reserves.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to
capitalise costs in relation to that area.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
34
2. Material Accounting Policy Information (cont’d)
(i) Critical accounting judgments and key sources of estimation uncertainty (cont'd)
Key sources of estimation uncertainty (cont'd)
Deferred tax assets
Deferred tax assets are recognised for deductible temporary differences if it is probable that future taxable
amounts will be available to utilise those temporary differences. Further, the Company has determined that it is
not probable that it will derive sufficient taxable income in the near future to recover the tax losses and as a
result they have not been recognised as deferred tax assets in the 2024 financial period.
(j) Share-based payments
Employee share option plan
The Group operates an employee share option for employees and contractors of the Group. In accordance
with the provisions of the plan, employees may be granted options to purchase parcels of ordinary shares at
specified exercise prices.
Equity-settled share-based payments to employees and others providing similar services are measured at the
fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based
vesting conditions.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a
straight-line basis over the vesting period, based on the Group’s estimate of the number of equity instruments
that will eventually vest. At each reporting date, the Group revises its estimate of the number of equity
instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of
the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense
reflects the revised estimate, with a corresponding adjustment to reserves.
Equity-settled share-based payment transactions with parties other than employees are measured at the fair
value of the goods or services received, except where that fair value cannot be estimated reliably, in which
case they are measured at the fair value of the equity instruments granted, measured at the date the entity
obtains the goods or the counterparty renders the service.
Each employee share option converts into one ordinary share of the Group on exercise. No amounts are paid
or payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting
rights. Options may be exercised at any time from the date of vesting to the date of their expiry.
(k) Interests in 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.
When a Group entity undertakes its activities under joint operations, the Group as a joint operator recognises
in relation to its interest in a joint operation:
• its assets, including its share of any assets held jointly;
• its liabilities, including its share of any liabilities incurred jointly;
• its revenue from the sale of its share of the output arising from the joint operation;
• its share of the revenue from the sale of the output by the joint operation; and
• its expenses, including its share of any expenses incurred jointly.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
35
2. Material Accounting Policy Information (cont’d)
(k) Interests in joint operations (cont'd)
The Group accounts for the assets, liabilities, revenue and expenses relating to its interest in a joint operation
in accordance with the AASB 128 Investments in Associates and Joint Ventures applicable to the particular
assets, liabilities, revenue and expenses.
When a Group entity transacts with a joint operation in which a Group entity is a joint operator (such as a sale
or contribution of assets), the Group is considered to be conducting the transaction with the other parties to
the joint operation, and gains and losses resulting from the transactions are recognised in the Group’s
consolidated financial statements only to the extent of other parties’ interests in the joint operation.
When a Group entity transacts with a joint operation in which a Group entity is a joint operator (such as a
purchase of assets), the Group does not recognise its share of the gains and losses until it resells those
assets to a third party.
(l) Adoption of new and revised Accounting Standards
Amendments to Accounting Standards that are mandatorily effective for the current year
In the current year, the Group has adopted all of the new and revised Standards and interpretations issued by
the Australian Accounting Standards Board (the 'AASB') that are relevant to its operations and effective for the
current annual reporting period. Except as described below, there has been no material impact of these
changes on the Group's accounting policies.
Pronouncement
Impact
AASB 2021-2 Amendments to
Australian Accounting
Standards – Disclosure of
Accounting Policies and
Definition of Accounting
Estimates
Requires the disclosure of material accounting policy information and
clarifies how entities should distinguish changes in accounting estimates.
The application of the amendments did not have a material impact on the
Group’s financial statements but has changed the disclosure of accounting
policy information in the financial statements.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
36
2. Material Accounting Policy Information (cont’d)
(l) Adoption of new and revised Accounting Standards (cont’d)
Standards and Interpretations in issue not yet effective
At the date of authorisation of the financial statements, the Standards and Interpretations that were issued but
not yet effective are listed below:
Standard/Interpretation
Effective for annual
reporting periods
beginning on or after
Expected to be initially
applied in the financial
year ending
AASB 2023-1 Amendments to Australian Accounting
Standards – Supplier Finance Arrangements
1 January 2024
30 June 2025
AASB 2020-1 Amendments to Australian Accounting
Standards - Classification of Liabilities as Current or
Non-Current, AASB 2020-6 Amendments to Australian
Accounting Standards - Classification of Liabilities as
Current or Non-current - Deferral of Effective Date and
AASB 2022-6 Amendments to Australian Accounting
Standards - Non-current Liabilities with Covenants
1 January 2024
30 June 2025
AASB 2023-5 Amendments to Australian Accounting
Standards – Lack of Exchangeability
1 January 2025
30 June 2025
AASB 2014-10 Amendments to Australian Accounting
Standards – Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture
1 January 2025
30 June 2025
Pronouncements issued by the IASB or IFRS Interpretations Committee where an equivalent
pronouncement has not been issued by the AASB
The table below outlines pronouncements made by the IASB or IFRS Interpretations Committee, where an
equivalent pronouncement has not yet been made by the 'AASB' at the date of this publication but is expected
to be issued in due course.
Standard/Interpretation
Effective for annual
reporting periods
beginning on or after
Expected to be
initially applied in the
financial year ending
IFRS 18 Presentation and Disclosure in Financial
Statements
1 January 2027
30 June 2027
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
37
2024
2023
$
$
3. Revenue and other income
(a) Revenue
—
—
(b) Other income
Expense reimbursement
109,770
136,673
Sundry income
50,000
100,000
Management fee
384,617
114,883
544,387
351,556
2024
2023
$
$
4. Loss for the year
Loss for the year has been arrived at after (charging)/crediting the
following items of income and expense
Other gains/(losses)
Gain on sale of shares
3,725
23,725
Revaluation of investment
—
(5,475)
Net unrealised foreign exchange loss
(1,787)
—
1,938
18,250
Employee benefit expense
Wages and salaries
(513,090)
(518,018)
Annual leave expense
(2,475)
(22,342)
Long service leave expense
(8,138)
(8,211)
Post-employment benefits expense
(70,314)
(67,695)
(594,017)
(616,266)
Depreciation expense
Depreciation expense - property, plant and equipment
(9,577)
(6,404)
Depreciation expense - right-of-use assets
(8,962)
(19,553)
(18,539)
(25,957)
Finance costs
Interest - lease liabilities
(314)
(1,484)
Interest - financial liabilities
(5,888)
—
Interest - other
(666)
—
(6,868)
(1,484)
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
38
2024
2023
$
$
5. Income tax
Income tax benefit
Tax benefit comprises of
Current tax benefit
—
—
Deferred tax benefit
—
—
—
—
The prima facie income tax expense in the consolidated statement of
profit or loss and other comprehensive income is as follows:
Loss before income tax from continuing operations
(705,177)
(817,813)
Income tax benefit calculated at 25.0% (2023: 25.0%)
(176,294)
(204,453)
Effect of unrecognised and unused tax losses and deductible temporary
differences
176,294
204,453
Income tax benefit attributed to loss
—
—
The income tax benefit attributable to the loss is not recognised as the group considers it is not 100%
probable that future taxable amounts will be available to utilise the losses.
Including the $176,294 of unrecognised tax losses in the current year, the Group has a total of $5,920,848
unrecognised tax losses which can potentially be used to offset future taxable income and/or profit.
2024
2023
$
$
6. Loss per share
Basic loss per share
From continuing operations
(0.0044)
(0.0060)
Diluted loss per share
From continuing operations
(0.0044)
(0.0060)
The earnings and weighted average number of ordinary shares used in the calculation of basic and diluted
loss per share are as follows:
2024
2023
$
$
Loss used in the calculation of basic and diluted loss per share
(705,177)
(817,813)
Weighted average number of ordinary shares for the purposes of basic
and diluted loss per share (a)
158,801,492
135,352,092
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
39
6. Loss per share (cont'd)
(a) During the year ended 30 June 2024 the potential ordinary shares associated with the employee share
option plan as set out in Note 2 are anti-dilutive and are therefore excluded from the weighted average
number of ordinary shares for the purposes of diluted earnings per share. The potential ordinary shares
associated with the options, as set out in Note 23 are anti-dilutive, have not been included in the weighted
average number of ordinary shares for the purposes of diluted earnings per share.
2024
2023
$
$
7. Trade and other receivables
Current
Other receivables
599,471
164,489
599,471
164,489
There are no expected credit losses ('ECL') for receivables for the financial year ended 30 June 2024 (2023:
nil).
2024
2023
$
$
8. Capitalised exploration and development expenditure
Non-current
Balance as at 1 July
11,040,109
10,933,112
Additions during the year
62,308
106,997
Balance as at 30 June
11,102,417
11,040,109
The recoverability of the exploration expenditure capitalised by the Group during the year ending 30 June
2024 is dependent on successful development and commercial exploitation, or alternatively, on the sale of
the respective areas of interest.
During the current year, no impairment was recorded with respect to tenements (2023: impairment $0).
2024
2023
$
$
9. Trade and other payables
Current (i)
Unsecured - at amortised cost
GST payable
153,188
357
Sundry payables and accrued expenses
233,601
149,041
386,789
149,398
(i) Trade payables are non-interest bearing and are normally settled on 30 days end of month terms.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
40
2024
2023
$
$
10. Financial liabilities
Current
Related party loan
400,000
—
The related party loan is unsecured has a repayment date of 30th September 2024 and interest rate of 8.11%
per annum.
2024
2023
11. Provisions
$
$
Current
Employee benefits
90,552
88,077
Non-current
Employee benefits
35,676
27,537
2024
2023
$
$
12. Issued capital
171,740,896 fully paid ordinary shares (2023: 144,523,530)
18,899,242
18,286,750
Fully paid ordinary shares carry one vote per share and carry the right to dividends.
Movements in issued capital
2024
2023
No of
shares
$
No of
shares
$
Balance at the beginning of the year
144,523,530
18,286,750 123,198,530
17,428,630
Shares issued during the year
27,217,366
612,492
21,325,000
858,120
Balance at the end of the year
171,740,896
18,899,242 144,523,530
18,286,750
During the period, the Company issued the following additional shares:
•
27,217,366 shares at a value of $0.023 raising $626,000;
•
Less share issue costs during the period amounting to $13,508.
Fully paid ordinary shares carry one vote per share and carry the right to dividends.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
41
2024
2023
$
$
13. Reserves
Share-based payments (i)
Opening balance
132,840
146,718
Options issued
20,954
43,844
Options expired
(88,996)
(57,722)
Closing balance
64,798
132,840
Total reserves
64,798
132,840
(i) The share-based payments reserve records the value of options issued to directors, employees and
consultants as part of the remuneration for their services.
2024
2023
$
$
14. Commitments for expenditure
Tenement expenditure (i)
2,850,000
2,577,500
(i) To maintain the Group’s tenements in good standing with the relevant authorities, the Group incurs
exploration expenditure under the terms of each licence. The indicative minimum exploration expenditure
requirement for FY25 is approximately $2,850,000, of which approximately $2,810,000 is covered by our
project funding partners. This is a pro rata estimate, based on annualised licence terms, converted to AUD at
current exchange rates.
15. Contingent liabilities and contingent assets
In the opinion of the directors, the Group did not have any contingent liabilities or contingent assets at 30 June
2024 (2023: nil).
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
42
16. Cash and cash equivalents
For the purposes of the consolidated statement of cash flows, cash and cash equivalents include cash on
hand and in banks. Cash and cash equivalents at the end of the reporting period as shown in the consolidated
statement of cash flows can be reconciled to the related items in the consolidated statement of financial
position as follows:
2024
2023
(a) Reconciliation of cash
$
$
Restricted funds1 - Canterbury Res (PNG) Ltd funds
733,905
—
Unrestricted funds
19,116
294,448
Total Cash at bank
753,021
294,448
Notes:
1. The Group has operations in Papua New Guinea (PNG) via its PNG domiciled subsidiaries. The Group is
currently in the process of transferring cash from PNG to Australia, and that process remains outstanding as at
the date these financial statements are approved. Currently there is a delay to the immediate use of these
funds outside of PNG. The Group remains confident that cash held in PNG will be transferred to Australia and
will be available for use thereafter.
(b) Reconciliation of loss for the year to net cash flows from operating activities
2024
2023
$
$
Loss for the year
(705,177)
(817,813)
Depreciation expense
18,539
25,957
Other non cash gains
(1,938)
(23,725)
Revaluation of investment
—
5,475
Lease interest
314
1,484
Interest paid on borrowings
—
Other interest expense
666
—
Share based payments
20,954
43,844
Movements in working capital
Increase in trade and other receivables
88,002
(163,001)
Decrease/(increase) in other assets
19,726
(2,866)
Increase in trade and other payables
(59,037)
28,928
Increase in provisions
10,614
30,555
Increase in income/funding in advance
43,532
—
Net cash flows from operating activities
(563,805)
(871,162)
2024
2023
17. Auditors' remuneration
$
$
Audit of the financial statements
65,300
44,000
Other audits (subsidiary companies)
—
7,150
65,300
51,150
The auditor of Canterbury Resources Limited is BDJ Partners. BDJ Partners did not provide non-audit
services to the Group during the year ended 30 June 2024 (2023: nil).
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
43
18. Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following
subsidiaries in accordance with the material accounting policy information described in note 2:
Name of entity
Country of
incorporation
Ownership
interest
2024
2023
%
%
Canterbury Exploration Pty Ltd
Australia
100
100
Niellkins Mining Pty Ltd
Australia
100
100
Canterbury Resources (PNG) Ltd
Papua New Guinea
100
100
Finny Limited
Papua New Guinea
100
100
19. Parent entity information
The accounting policies of the parent entity, which have been applied in determining the financial information
shown below, are the same as those applied in the consolidated financial statements. Refer to note 2 for the
material accounting policy information relating to the Group.
2024
2023
Statement of financial position
$
$
Assets
Current assets
2,322,177
290,822
Non-current assets
10,212,346
12,287,590
Total assets
12,534,523
12,578,412
Liabilities
Current liabilities
610,867
267,453
Non-current liabilities
35,675
27,537
Total liabilities
646,542
294,990
Net assets
11,887,981
12,283,422
Equity
Issued capital
18,899,243
18,286,750
Reserves
64,798
132,840
Accumulated losses
(7,076,060)
(6,136,168)
Total equity
11,887,981
12,283,422
Total comprehensive loss
(1,028,885)
(898,675)
Contingent liabilities
The parent entity had no contingent liabilities at 30 June 2024 (2023: nil).
Capital commitments - property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2024 (2023:
nil).
Guarantees
The parent entity has not entered into any guarantees, in the current or previous financial year, with respect to
the debts of its subsidiaries.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
44
20. Key management personnel disclosures
Directors
The following persons were directors of the Group during the financial year:
JED Anderson
GA Craighead
RE Moller
ME Erceg
R Watts
Key management personnel compensation
Remuneration of key management personnel
2024
Short-term
employee benefits
Post-
employment
benefits
Share-based
payments
Directors
Salary and
directors' fees
Consulting
fees
Superannuation
Options
Total
$
$
$
$
$
J E D Anderson
67,568
—
7,432
3,492
78,492
GA Craighead
270,270
—
29,730
3,492
303,492
R Watts
58,559
—
6,441
3,492
68,492
M Erceg
225,225
—
24,775
3,492
253,492
R E Moller
65,000
23,580
—
3,492
92,072
686,622
23,580
68,378
17,460
796,040
2023
Short-term
employee benefits
Post-
employment
benefits
Share-based
payments
Directors
Salary and
directors' fees
Consulting
fees
Superannuation
Options
Total
$
$
$
$
$
J E D Anderson
67,873
—
7,127
7,307
82,307
GA Craighead
271,493
—
28,507
7,307
307,307
R Watts
58,824
—
6,176
7,307
72,307
M Erceg
226,244
—
23,756
7,307
257,307
R E Moller
65,000
20,280
—
7,307
92,587
689,434
20,280
65,566
36,535
811,815
No performance-based remuneration was paid in 2024 (2023: nil).
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
45
21. Related party transactions
(a) Parent entity
The parent entity within the Group is Canterbury Resources Limited.
(b) Key management personnel
Disclosures relating to key management personnel are set out in note 20.
(c) Subsidiaries
Interests in subsidiaries are set out in note 18.
(d) Shared-based payments
Shared-based payments are set out in note 23.
(e) Financial liabilities
Disclosure relating to financial liabilities from related parties are set out in Note 10.
22. Operating segments
Identification of two reportable operating segments
The Chief Operating Decision Maker ('CODM') has restructured the reporting structures into 2 reportable
segments representing business operating segments for management, reporting and allocation of resources
purposes. Operating segments have been identified based on financial information that is regularly reviewed
by the CODM.
The Group aggregates two or more operating segments into a single reportable operating segment when the
Group has assessed and determined the aggregated operating segments share similar economic and
geographical characteristics.
The Group has the following reportable segments:
●Papua New Guinea
●Australia
The performance of each segment forms the basis of all reporting to the CODM. The steering committee
primarily uses Earnings Before Interest and Tax ('EBIT') to assess the performance of a segment. It will also
review the assets and working capital of each segment on a regular basis. The accounting policies adopted for
internal reporting to the CODM are consistent with those adopted in the financial statements.
In reporting the EBIT to the steering committee, results for the normal operations of the segment separately
show reporting of non-recurring events.
Accounting policy for operating segments
Operating segments are presented using the 'management approach', where the information presented is on
the same basis as the internal reports provided to the CODM. The CODM is responsible for the allocation of
resources to operating segments and assessing their performance.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
46
22. Operating segments (cont’d)
Papua New
Guinea
Australia
Total
2024
$
$
$
Other income
333,792
210,595
544,387
Other gains
—
1,938
1,938
Administration expense
(28,902)
(80,101)
(109,003)
Corporate costs
(1,681)
(296,178)
(297,859)
Depreciation and amortisation expense
(426)
(18,113)
(18,539)
Employee benefits expense
—
(594,017)
(594,017)
Share-based payment expense
—
(20,954)
(20,954)
Consultancy expense
(74)
(24,960)
(25,034)
Marketing expense
—
(59,789)
(59,789)
Insurance expense
—
(43,669)
(43,669)
Occupancy expense
—
(8,545)
(8,545)
Other expense
—
(67,225)
(67,225)
EBIT
302,709
(1,001,018)
(698,309)
Finance expense
—
(6,868)
(6,868)
Loss before income tax
302,709
(1,007,886)
(705,177)
Income tax
—
—
—
Loss for the year
302,709
(1,007,886)
(705,177)
Assets
Segment assets (a)
9,751,520
2,739,434
12,490,954
Total assets
9,751,520
2,739,434
12,490,954
Liabilities
Segment liabilities
607,046
639,718
1,246,764
Total liabilities
607,046
639,718
1,246,764
(a) Segment assets
Segment assets are measured in the same way as in the financial statements. These assets are allocated
based on the operations of the segment and the physical location of the asset.
Papua New
Guinea
Australia
Total
$
$
$
Segment assets
9,751,520
2,739,434
12,490,954
Additions to non-current assets
57,622
(35,321)
22,301
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
47
22. Operating segments (cont’d)
Papua New
Guinea
Australia
Total
2023
$
$
$
Revenue
—
—
—
Other revenue
87,220
264,336
351,556
Other (losses)/gains
—
18,250
18,250
Administration expense
(23,362)
(142,563)
(165,925)
Corporate costs
(1,560)
(278,366)
(279,926)
Depreciation and amortisation expense
—
(25,957)
(25,957)
Employee benefits expense
—
(616,266)
(616,266)
Share-based payment expense
—
(43,844)
(43,844)
Other expenses
(7,150)
(47,067)
(54,217)
EBIT
55,148
(871,477)
(816,329)
Finance expense
—
(1,484)
(1,484)
Loss before income tax
55,148
(872,961)
(817,813)
Income tax
—
—
—
Loss for the year
55,148
(872,961)
(817,813)
Assets
Segment assets (a)
8,858,911
2,759,042
11,617,953
Total assets
8,858,911
2,759,042
11,617,953
Liabilities
Segment liabilities
—
302,032
302,032
Total liabilities
—
302,032
302,032
(a) Segment assets
Segment assets are measured in the same way as in the consolidated financial statements. These assets are
allocated based on the operations of the segment and the physical location of the asset.
Papua New
Guinea
Australia
Total
$
$
$
Segment assets
8,858,911
2,759,042
11,617,953
Additions to non-current assets
83,340
(57,050)
26,290
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
48
23. Employee share option plan
The Group operates an employee share option plan for employees and contractors of the Group. In
accordance with the provisions of the plan, employees may be granted options to purchase parcels of ordinary
shares at specified exercise prices.
Each employee share option converts into one ordinary share of the Group on exercise. No amounts are paid
or payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting
rights. Options may be exercised at any time from the date of vesting to the date of their expiry.
The options granted expire on their expiry date, or one month after the resignation of the employee, whichever
is earlier. Terms and conditions of share-based payment arrangements affecting remuneration of key
management personnel in the current financial year or future financial years:
Options series
Grant date
Exercise price
Expiry date
Vesting date
CBY10
25/07/2022
$0.06
30/06/2025
27/07/2022
CBY11
09/02/2023
$0.08
31/12/2025
09/02/2023
CBY12
30/08/2023
$0.05
30/06/2026
30/11/2023
These options were valued based on the Black-Scholes option pricing model, the value of the options was
assessed using the annual volatility of returns on the shares over a period of time.
The table below summarises the total options movement for the year, including ESOP and non-ESOP:
Status*
ESOP (unlisted)
Non-ESOP
(unlisted)
Total
At beginning of period
4,500,000
8,000,000
12,500,000
Granted during period
2,400,000
—
2,400,000
Exercised during the year
—
—
—
Forfeited during the period
(2,000,000)
(3,000,000)
(5,000,000)
At end of period
4,900,000
5,000,000
9,900,000
*Irrespective of any restrictions applicable to those options under ASX requirements.
The options outstanding at 30 June 2024 had a weighted average exercise price of $0.07, and a weighted
average remaining contractual life of 1.49 years. In 2023, options were granted on 27 November 2023. The
aggregate of the estimated fair values of the options granted on this date is $20,954.
The inputs into the Black-Scholes model are as follows:
2024
2023
$
$
Weighted average share price
0.028
0.0440
Weighted average exercise price
0.07
0.06
Expected volatility
69.35 %
61.31 %
Expected life
1.49 years
2.93 years
Risk-free rate
3.74 %
2.66 %
Expected volatility was determined by calculating the historical volatility of the Group’s share price over the
previous 1.5 years. The expected life used in the model has been adjusted, based on management’s best
estimate, for the effects of non-transferability, exercise restrictions, and behavioral considerations.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
49
24. Financial instruments
Capital management
The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns
while maximising the return to stakeholders through the optimisation of its equity balance.
In managing its capital, the Group's primary objective is to ensure its continued ability to maintain its
operations and provide a platform to enable a return for its equity shareholders to be made when successful
commercial operations are achieved. In order to achieve this objective, the Group seeks to maximise its fund
raising to provide sufficient funding to enable the Group to meet its working capital and strategic investment
needs. In making decisions to adjust its capital structure to achieve these aims, either through new share
issues, or reduction of debt, the Group considers not only its short-term position but also its long-term
operational and strategic objectives.
The Group’s overall strategy remains unchanged from 2023.
The capital structure of the Group consists of cash and bank balances (note 16) and equity of the Group
(comprising issued capital and reserves as detailed in notes 12 to 13).
The Group is not subject to any externally imposed capital requirements.
(a) Market Risk
The Group‘s activities expose it primarily to the financial risks of changes in interest rates and foreign
currency. There has been no change to the Group‘s exposure to market risks or the manner in which these
risks are managed and measured.
(i) Interest rate risk management
The Group‘s exposure to interest rate risk and the effective weighted average interest rate for classes of
financial assets and financial liabilities is set out below:
2024
Weighted
average
interest rate
Floating
interest
amount
Fixed
maturing in
under 1 year
Non-interest
bearing
Total
%
$
$
$
$
Financial assets
Cash and cash equivalents
0.00
—
—
753,021
753,021
Trade and other receivables
0.00
—
—
599,471
599,471
Total assets
—
—
1,352,492
1,352,492
Financial liabilities
Trade and other payables
0.00
—
—
(386,789)
(386,789)
Financial liabilities
8.11
—
(400,000)
—
(400,000)
Total liabilities
—
(400,000)
(386,789)
(786,789)
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
50
24. Financial instruments (cont’d)
Capital management (cont’d)
(a) Market Risk (cont'd)
2023
Weighted
average
interest rate
Floating
interest
amount
Fixed
maturing in
under 1 year
Non-interest
bearing
Total
%
$
$
$
$
Financial assets
Cash and cash equivalents
0.00
—
—
294,448
294,448
Trade and other receivables
0.00
—
—
164,489
164,489
Total assets
—
—
458,937
458,937
Financial liabilities
Trade and other payables
0.00
—
—
(149,398)
(149,398)
Total liabilities
—
—
(149,398)
(149,398)
Sensitivity analysis
The following sensitivity analysis is based on the interest rate risk exposure in existence at the balance sheet
date. The analysis assumes all other variables remain constant.
2024
Carrying
amount
+0.5% interest
rate
profit & loss
-0.5% interest
rate
profit & loss
$
$
$
Cash at bank
753,021
3,765
(3,765)
Tax charge of 25.0%
(941)
941
Post tax profit increase/(decrease)
2,824
(2,824)
2023
Carrying
amount
+0.5% interest
rate
profit & loss
-0.5% interest
rate
profit & loss
$
$
$
Cash at bank
294,448
1,472
(1,472)
Tax charge of 25.0%
(368)
368
Post tax profit increase/(decrease)
1,104
(1,104)
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
51
24. Financial instruments (cont’d)
Capital management (cont’d)
(a) Market risk (cont’d)
(ii) Currency risk
The Group's policy is, where possible, to allow Group entities to settle liabilities denominated in their functional
currency with the cash generated from their own operations in that currency. Where Group entities have
liabilities denominated in a currency other than their functional currency (and have insufficient reserves of that
currency to settle them) cash already denominated in that currency will, where possible, be transferred from
elsewhere within the Group.
The Group's exposure to foreign currency risk, which arises out of its investments in Papua New Guinea, is as
follows:
2024
2023
$
$
Cash at bank
733,905
113,872
Net exposure
733,905
113,872
Sensitivity analysis
2024
Carrying
amount
+10%
KNA/AUD
profit & loss
-10%
KNA/AUD
profit & loss
AUD$
AUD$
AUD$
Cash at bank
733,905
73,391
(73,391)
Tax charge of 25.0%
(18,348)
18,348
Post tax profit increase/(decrease)
55,043
(55,043)
2023
Carrying
amount
+10%
KNA/AUD
profit & loss
-10%
KNA/AUD
profit & loss
AUD$
AUD$
AUD$
Cash at bank
113,872
11,387
(11,387)
Tax charge of 25.0%
(2,847)
2,847
Post tax profit increase/(decrease)
8,540
(8,540)
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
52
24. Financial instruments (cont’d)
Capital management (cont’d)
(b) Credit risk
Credit risk arises principally from the Group's trade and other receivables. It is the risk that the counterpart
fails to discharge its obligation in respect of the instrument. Ongoing credit evaluation is performed on the
financial condition of trade and other receivables. The Group does not have significant concentration of credit
risk with respect to any single counter party or Company of counter parties. The Group applies the AASB 9
Financial Instruments ('AASB 9') simplified approach to measuring expected credit losses which uses a
lifetime expected loss allowance for all trade receivables.
In determining the recoverability of a trade receivable, the local management considers any change in the
credit quality of these financial assets from the date credit was granted up to the reporting date. The directors
have assessed for any expected credit losses under AASB 9 and believe that there is no further credit
provision required. Management does not expect any material loss from non-performance by counterparties
on credit granted during the financial year under review that has not been provided for.
(c) Liquidity risk
Ultimate responsibility for liquidity risk management rests with the Board, which has established an
appropriate liquidity risk management framework for the management of the Group’s short medium and long-
term funding and liquidity management requirements. The Group manages liquidity risk by maintaining a
reputable credit risk profile, banking facilities and reserve borrowing facilities, by continuously monitoring
forecast and actual cash flows.
The Group's policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they
become due. To achieve this aim, it seeks to maintain cash balances (or agreed facilities) to meet expected
requirements for a period of at least 45 days. The Board receives cash flow projections in a monthly basis as
well as information regarding cash balances. At the balance sheet date, these projections indicated that the
Group expected to have sufficient liquid resources to meet its obligations under all reasonably expected
circumstances. The Group does not have any financing facilities in place and does not have a bank overdraft.
Maturity analysis of financial assets and liability based on contractual obligations
The risk implied from the values shown in the table below reflects a balanced view of cash inflows and
outflows. Trade and other payables mainly originate from the financing of assets used in ongoing operations
such as, plant, equipment and investments in working capital (e.g. trade receivables). These assets are
considered in the Group's overall liquidity risk.
Contractual cash flows
2024
Carrying
amount
< 6
months
6-12
months
> 12
months
On
demand
$
$
$
$
$
Financial assets
Cash
753,021
753,021
—
—
—
Trade and other receivables
599,471
599,471
—
—
—
Total assets
1,352,492
1,352,492
—
—
—
Financial liabilities
Trade and other payables
(386,789)
(386,789)
—
—
—
Financial liabilities
(400,000)
(400,000)
—
—
—
Total liabilities
(786,789)
(786,789)
—
—
—
Net maturity
565,703
565,703
—
—
—
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
53
24. Financial instruments (cont’d)
Capital management (cont’d)
(c) Liquidity risk (cont’d)
2023
Contractual cash flows
Carrying
amount
< 6
months
6-12
months
> 12
months
On
demand
$
$
$
$
$
Financial assets
Cash
294,448
294,448
—
—
—
Trade and other receivables
164,489
164,489
—
—
—
Total assets
458,937
458,937
—
—
—
Financial liabilities
Trade and other payables
(149,398)
(149,398)
Lease liabilities
(13,891)
(10,366)
(3,525)
—
—
Total liabilities
(163,289)
(159,764)
(3,525)
—
—
Net maturity
295,648
299,173
(3,525)
—
—
The directors consider that the carrying amounts of financial assets and financial liabilities recognised in the
consolidated financial statements approximate their fair values.
25. Fair value measurements
There are no financial assets or financial liabilities that are measured at fair value at the end of the reporting
period.
There were no transfers between level 1, 2, and 3 for recurring fair value measurements during the year.
The carrying amount of other financial assets or financial liabilities recorded in the consolidated financial
statements approximate their fair values.
26. Events since the end of the financial year
On 2 August 2024, the Company completed a placement through the issue of 27,500,000 fully paid ordinary
shares (New Shares) to institutional, sophisticated and professional investors at an issue price of $0.033 per
New Share, raising $848,100 (before costs). In addition, the Company agreed, subject to shareholder
approval to issue 5,000,000 unquoted options exercisable at $0.08 each and expiring 30 June 2026 to
advisors of the placement.
Other than as noted above, there were no other events subsequent to 30 June 2024 that are likely, in the
director's opinion, to affect significantly the activities or the state of affairs of the group in future financial years.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Notes to the consolidated financial statements
for the year ended 30 June 2024
54
Consolidated entity disclosure statement as at 30 June 2024
Bodies corporate
Tax residency
Entity name
Entity type
Place formed or
incorporated
% of share
capital held
Australian or
foreign
Foreign
jurisdiction
Canterbury
Resources
Limited
Body Corporate
Australia
N/A
Australian
N/A
Canterbury
Exploration Pty
Ltd
Body Corporate
Australia
100%
Australian
N/A
Neillkins Mining
Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
Canterbury
Resources
(PNG) Ltd
Body Corporate
Papua New
Guinea (PNG)
100%
Foreign
PNG
Finny Limited
Body Corporate
Papua New
Guinea (PNG)
100%
Foreign
PNG
Basis of preparation
The consolidated entity disclosure statement has been prepared in accordance with subsection 295(3A)(a) of
the Corporations Act 2001. The entities listed in the statement are Canterbury Resources Limited and all the
entities it controls in accordance with AASB 10 Consolidated Financial Statements.
The percentage of share capital disclosed for bodies corporate included in the statement represents the
economic interest consolidated in the consolidated financial statements.
In developing the disclosures in the statement, the directors have determined the location of tax residency
based on where the entity was formed or incorporated.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Consolidated entity disclosure statement
for the year ended 30 June 2024
55
The directors declare that:
(a) 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;
(b) in the directors’ opinion, the attached financial statements are in compliance with International Financial
Reporting Standards, as stated in note 1 to the financial statements;
(c) in the directors’ opinion, the attached financial statements and notes thereto are in accordance with the
Act, including compliance with Accounting Standards and giving a true and fair view of the financial position
and performance of the Group, and
(d) the directors have been given the declarations required by s.295A of the Act.
(e) the consolidated entity disclosure statement for the financial year ended 30 June 2024 is true and correct.
Signed in accordance with a resolution of the directors made pursuant to s.295(5) of the Act.
On behalf of the Directors
Director …………………………………………………
Grant Craighead
Sydney, 30 September 2024
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Directors’ declaration
56
Phone
+61 2 9956 8500
Email
bdj@bdj.com.au
Office
Level 8, 124
Walker Street
North Sydney
NSW 2060
Postal
PO Box 1664,
North Sydney
NSW 2059
Liability limited by a
scheme approved
under Professional
Standards Legislation.
Please refer to the
website for our
standard terms of
engagement.
57
Independent Auditor’s Report
To the members of Canterbury Resources Limited,
Report on the Financial Report
Opinion
We have audited the accompanying financial report of Canterbury Resources Limited (the
company and its subsidiaries) (“the Group”), which comprises the consolidated statements of
financial position as at 30 June 2024, the consolidated statements of profit or loss and other
comprehensive income, the consolidated statements of changes in equity and the consolidated
statements of cash flows for the year then ended, notes comprising material accounting policy
information and other explanatory information, the consolidated entity disclosure statement and
the directors’ declaration.
In our opinion the accompanying financial report of the Group is in accordance with the
Corporations Act 2001, including:
(i)
giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its
performance for the year ended on that date; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Financial Report section of our report. We are independent of the Group in accordance with the
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 Going Concern to the financial statements which notes that there is
uncertainty in the timing of receiving cash transfers from Papua New Guinea to Australia. This
condition indicates a material uncertainty that may cast significant doubt about the Group's ability
to continue as a going concern. Our opinion is not qualified in respect of this matter.
Our opinion is not modified in respect of the above matters for the financial year ended 30 June
2024.
58
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.
Key audit matter
How our audit addressed the key audit
matter
Capitalised Exploration and Development Expenditure
$11.1 million
Refer to Note 8
The consolidated entity owns the rights
to several exploration licenses in Papua
New Guinea and Queensland.
Expenditure relating to these areas is
capitalised and carried forward to the
extent they are expected to be recovered
through the successful development of
the respective area or where activities in
the area have not yet reached a stage
that permits reasonable assessment of
the existence of economically
recoverable reserves.
This area is a key audit matter due to:
•
The significance of the balance;
•
The inherent uncertainty of the
recoverability of the amounts
involved; and
•
The substantial amount of audit work
performed.
Our audit procedures included amongst
others:
•
Assessing whether any facts or
circumstances exist that may
indicate impairment of the
capitalised asset;
•
Performing detailed testing of
source documents to ensure
capitalised expenditure was
allocated to the correct area of
interest;
•
Performing detailed testing of
source documents to ensure
expenditure was capitalised in
accordance with Australian
Accounting Standards; and
•
Obtaining external confirmations to
ensure the exploration licences are
current and accurate.
Other Information
The directors are responsible for the other information. The other information comprises the
information included in the Group’s annual report for the year ended 30 June 2024 but does not
include the financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do
not express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial report or our knowledge obtained in the audit or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We have nothing to report in this
regard.
59
Responsibilities of Directors for the Financial Report
The directors of the company are responsible for the preparation of:
a)
the financial report that gives a true and fair view in accordance with Australian Accounting
Standards and the Corporations Act 2001, and
b)
the consolidated entity disclosure statement that is true and correct in accordance with
the Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
a)
the financial report (other than the consolidated entity disclosure statement) that gives a
true and fair view and is free from material misstatement, whether due to fraud or error;
and
b)
the consolidated entity disclosure statement that is true and correct and is free of
misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group
to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend to liquidate the
Group or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibility for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole
is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with the Australian Auditing Standards will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of this financial report.
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 Group’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 material doubt on the Group’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
60
based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Group 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 material audit findings, including any material 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
We have audited the Remuneration Report included in the directors' report for the year ended 30
June 2024.
In our opinion, the Remuneration Report of Canterbury Resources Limited for the year ended 30
June 2024 complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our
responsibility is to express an opinion on the Remuneration Report, based on our audit conducted
in accordance with Australian Auditing Standards.
BDJ Partners
................................................
Greg Cliffe
Partner
30 September 2024
Per ASX Listing Rule 4.10 (current at 16/09/2024)
1.
Equity Securities on Issue
Number of securities
Type
Number of Holders
197,440,896
Quoted fully paid ordinary shares (Shares)
558
2,500,000
Unquoted options expiring on 30 June 2025 with an exercise
price of $0.06
8
5,000,000
Unquoted options expiring on 31 December 2025 with an
exercise price of $0.08
11
2,400,000
Unquoted options expiring on 30 June 2026 with an exercise
price of $0.05
7
800,000
Unquoted options expiring on 30 June 2027 with an exercise
price of $0.07
2
Note:
1. Syndicate Minerals Pty Ltd holds 100% of this class of unquoted options.
2.
Substantial holders
The substantial holders of the Company, as disclosed in the substantial holding notices are as follows:
Holder Name
Date of Notice
Holding
Balance
% issued
capital on
date of
Notice1
Current
number of
ordinary
shares2
Current % of
issued share
capital3
Syndicate Minerals Pty Ltd
3 Jan 2024
11,546,399
6.72%
13,046,399
6.61%
Gage Resources holdings
21 Sep 2022
7,556,842
6.81%
11,804,046
5.98%
Alma Metals Limited
23 Aug 2024
8,333,333
6.93%
10,387,680
5.26%
Notes:
1. As disclosed in the most recent substantial shareholder notice lodged with the ASX by the substantial
shareholder.
2. The current number of shares held by the holder of the Company as at 16 September 2024.
3. The percentage based on the number of shares held by the substantial holder relative to the total issued
share capital of the Company as at 16 September 2024.
4. Information is based on the substantial shareholders notices as lodged and may not reconcile with the Top
20 as at 16 September 2024.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Shareholder information
61
3.
Distribution schedule
a.
Shares
Holding Ranges
Holders
Total Units
% Issued Share Capital
Above 0 up to and including 1,000
25
6,702
0.00%
Above 1,000 up to and including 5,000
40
134,989
0.07 %
Above 5,000 up to and including 10,000
90
723,542
0.37 %
Above 10,000 up to and including 100,000
210
8,516,908
4.31 %
Above 100,000
193
188,058,755
95.25 %
Totals
558
197,440,896
100.00 %
b.
Options
Options expiring on 30 June 2025 with an exercise price of $0.06
Holding Ranges
Holders
Total Units
% Issued Options
Above 0 up to and including 1,000
-
-
-
Above 1,000 up to and including 5,000
-
-
-
Above 5,000 up to and including 10,000
-
-
-
Above 10,000 up to and including 100,000
Above 100,000
8
2,500,000
100.00 %
Totals
8
2,500,000
100.00 %
Options expiring on 31 December 2025 with an exercise price of $0.08
Holding Ranges
Holders
Total Units
% Issued Options
Above 0 up to and including 1,000
-
-
-
Above 1,000 up to and including 5,000
-
-
-
Above 5,000 up to and including 10,000
-
-
-
Above 10,000 up to and including 100,000
Above 100,000
1
5,000,000
100.00 %
Totals
1
5,000,000
100.00 %
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Shareholder information
62
Options expiring on 30 June 2026 with an exercise price of $0.05
Holding Ranges
Holders
Total Units
% Issued Options
Above 0 up to and including 1,000
-
-
-
Above 1,000 up to and including 5,000
-
-
-
Above 5,000 up to and including 10,000
-
-
-
Above 10,000 up to and including 100,000
Above 100,000
7
2,400,000
100.00 %
Totals
7
2,400,000
100.00 %
Options expiring on 30 June 2027 with an exercise price of $0.07
Holding Ranges
Holders
Total Units
% Issued Options
Above 0 up to and including 1,000
-
-
-
Above 1,000 up to and including 5,000
-
-
-
Above 5,000 up to and including 10,000
-
-
-
Above 10,000 up to and including 100,000
Above 100,000
2
800,000
100.00 %
Totals
2
800,000
100.00 %
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Shareholder information
63
4.
20 largest shareholders
Position
Holder Name
Holding
%
1
Syndicate Minerals Pty Ltd
13,046,399
6.61%
2
Alma Metals Limited
10,387,680
5.26%
3
Mr James Sinton Spence
6,096,617
3.09%
4
Gage Resources Pty Ltd
6,021,586
3.05%
5
Icekins Pty Ltd
5,582,347
2.83%
6
Netwealth Investments Limited
5,346,195
2.71%
7
Archarl Pty Ltd
4,000,000
2.03%
8
Dr Susan Messner & Mr William Callender
3,874,347
1.96%
9
Mr Douglas John Kirwin
3,457,818
1.75%
10
Mr Bao Feng Pan & Ms Min Hua Xuan
3,386,158
1.72%
11
Fallon Nominees Pty Ltd
3,253,571
1.65%
12
Honeystash Pty Ltd
3,050,000
1.54%
13
Icekins Pty Ltd
3,017,383
1.53%
14
Mrs Michele Elizabeth Smith
2,894,782
1.47%
15
BNP Paribas Nominees Pty Ltd
2,787,815
1.41%
16
Serenety Holdings Pty Ltd
2,750,000
1.39%
17
Mr Lindsay George Dudfield & Mrs Yvonne Sheila Doling
Dudfield
2,669,380
1.35%
18
Link Traders (Aust) Pty Limited
2,600,000
1.32%
19
Ross Earle Moller & Raewyn Helen Moller
2,589,891
1.31%
20
PNG Field Mining Services Limited
2,554,347
1.29%
Totals
89,366,316
45.27%
Total Issued Capital
197,440,896
100.00%
5.
Small parcels
At the prevailing market price of $0.034 per share at 16 September 2024, there were 175 shareholders with
less than a marketable parcel of $500.
6. On-Market Buyback
There is no current on-market buy-back.
7. Restricted Securities
There are no securities subject to voluntary escrow.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Shareholder information
64
8. Voting right
•
Shares: At a general meeting of the Company every person who is or was the registered holder of a
Share at the time prescribed for that purpose in the notice convening the meeting ('Eligible Member')
is entitled to vote in person, by proxy or by representative. Each Eligible Member has one vote on a
show of hands and each Eligible Member has one vote per share, or a fraction of a vote on a partly
paid share, on a poll. A person who holds an ordinary share that is not fully paid is entitled, on a poll,
to a fraction of a vote equal to the proportion which the amount paid bears to the total issue price of
the share. A member is not entitled to vote if there are any calls or other sum outstanding on his or her
shares. If a share is held jointly and more than one member votes in respect of that share, only the
vote of the member whose name appears first in the register of members will be counted.
•
Option: Holders of options have no voting rights until those options are exercised.
9. Corporate governance statement
The Corporate Governance Statement can be found at www.canterburyresources.com.au/about-us/corporate-
governance.
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Shareholder information
65
Board and management
John Ernest Douglas Anderson
Non-Executive Chairman
Grant Alan Craighead
Managing Director
Ross Earle Moller
Non - Executive Director and Joint Company Secretary
Michael Matthew Erceg
Executive Director
Robyn Watts
Non-Executive Director
Joan Dabon
Joint Company Secretary
Registered office & principal place of business
Suite 301
55 Miller Street
Pyrmont, NSW 2009
Telephone: +61 (2) 9392 8020
Email: admin@canterburyresources.com.au
Web: www.canterburyresources.com.au
Auditors
BDJ Partners
Level 8, 124 Walker Street
North Sydney NSW 2060
Share registry
Automic
Level 5, 126 Phillip Street
Sydney NSW 2000
Securities exchange listing
The Company is listed on the Australian Securities Exchange Ltd ('ASX')
Home Exchange: Sydney, New South Wales
ASX Code: CBY
Canterbury Resources Limited and Controlled Entities
ABN 59 152 189 369
Corporate directory
66