ASX: CDR
ABN: 17 600 818 157
Codrus Minerals Limited
Level 2, 16 Altona Street, West Perth,
Western Australia
T: + 61 8 6424 9017 | admin@codrusminerals.com.au
www.codrusminerals.com.au
ANNUAL
REPORT
30 JUNE 2024
Corporate Directory
CODRUS MINERALS LIMITED Annual Report
Directors
Greg Bandy
Keith Coughlan
Jamie Byrde
Company Secretary
Jamie Byrde
Principal & Registered Office
Level 2, 16 Altona Street
West Perth WA 6005
Telephone: +61 8 6424 9017
Facsimile: +61 8 6500 9982
Lawyers
Edwards Mac Scovell
Level 1, 8 St Georges Terrace
Perth, WA 6000
Share Registry
Automic Group
Level 5, 191 St Georges Terrace
Perth WA 6000
Auditors
Stantons
Level 2, 40 Kings Park Road
West Perth WA 6005
Bankers
Australia and New Zealand Banking Group
464 Hay Street
Subiaco WA 6008
Stock Exchange Listing
Australian Securities Exchange
(Home Exchange: Perth, Western Australia)
Code: CDR and CDRO
Website Address
www.codrusminerals.com.au
2024 Annual Report
CODRUS MINERALS LIMITED Annual Report | 1
Contents
Directors’ Report
2
Auditor’s Independence Declaration
28
Financial Statements
29
Consolidated Entity Disclosure Statement
Director’s Declaration
62
63
Independent Auditor’s Report
64
Additional Shareholder Information
68
Schedule of Mineral Tenements
70
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 2
The Directors present their report, together with the financial statements, on the consolidated entity (referred to
hereafter as the 'Group') consisting of Codrus Minerals Limited (referred to hereafter as the 'Company' or 'Parent
Entity', or ‘Codrus’) and the entities it controlled at the end of, or during, the year ended 30 June 2024.
1.
Directors
The following persons were Directors of Codrus Minerals Limited during the whole of the financial year and up
to the date of this report, unless otherwise stated:
Mr Greg Bandy (Appointed 31 May 2024)
Mr Andrew Radonjic (Resigned 31 May 2024)
Mr Shannan Bamforth (Resigned on 31 July 2024)
Mr Keith Coughlan (Appointed 22 July 2024)
Mr Jamie Byrde
Information on Directors and Company Secretary
Mr Greg Bandy
Executive Chairman
Appointed 31 May 2024 (Previously Non-Executive Chairman)
Appointed 22 July 2024 (Executive Chairman)
Qualifications
BComm, Accounting and Finance
Experience
Mr. Bandy has over 20 years’ experience in retail, corporate and capital markets, both in
Australia and overseas. Mr. Bandy worked as a Senior Client Advisor at Montagu
Stockbrokers and Patersons Securities for over 10 years before moving to the corporate
sector. Mr. Bandy has served as an Executive Director for numerous ASX-listed
companies, most recently overseeing Red Emperor Resources’ acquisition of the Panton
PGM Project and its transformation to Future Metals NL.
Interest in Securities
Nil
Other Directorships
Nil
Mr Jamie Byrde
Non-Executive Director
Appointed 1 January 2021
Qualifications
BComm CA, GradDipACGRM
Experience
Mr Byrde has over 18 years’ experience in corporate advisory, public and private
company management since commencing his career with Big four and mid-tier
Chartered Accounting Firms positions. Mr Byrde is a Chartered Accountant and has a
Graduate Diploma of Applied Corporate Governance and Risk Management. He
specialises in Financial Management, ASX and ASIC compliance and Corporate
Governance of mineral and resource focused public companies. Mr Byrde is also
currently Company Secretary for Blackstone Minerals Limited and Critica Limited
(previously known as Venture Minerals Limited).
Interest in Securities
Fully Paid Ordinary Shares
753,571
Other Directorships
Nil
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 3
Information on Directors and Company Secretary (continued)
Mr Keith Coughlan
Non-Executive Director
Appointed 22 July 2024
Qualifications
BA
Experience
Mr Coughlan has had almost 30 years’ experience in stockbroking and funds
management. He has been largely involved in the funding and promoting of resource
companies listed on ASX, AIM and TSX. He has advised various companies on the
identification and acquisition of resource projects and was previously employed by one
of Australia’s then largest funds management organizations.
Interest in Securities
Nil
Other Directorships
European Metals Limited (since 12 May 2006)
Calidus Resources Limited (since 13 June 2017; Resigned 13 May 2022)
Doriemus plc (since 30 August 2016; Resigned 12 November 2021)
Company Secretary
Mr Jamie Byrde was appointed as the Company Secretary on 1 August 2017.
2.
Principal Activities
The principal activity of the Group during the year was mineral exploration. There were no significant changes
in the nature of the Group’s principal activities during the year.
3.
Group Financial Overview
Profit and Loss
The loss attributable to owners of the Group after providing for income tax amounted to $3,162,691 (2023:
$2,696,126).
Financial Position
The Group had $2,039,276 in cash and cash equivalents as at 30 June 2024 (2023: $1,728,081).
4.
Dividends Paid or Recommended
The Directors do not recommend the payment of a dividend and no amount has been paid or declared by way
of a dividend to the date of this report.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 4
5.
Significant Changes in State of Affairs
On 29 September 2023, the Company successfully completed the placement of 11,460,000 shares at $0.08,
raising $0.92million before costs. Following shareholders approval at the Annual General Meeting on 13
November 2023, the Company issued 437,500 ordinary shares at $0.08 for Directors’ participation. In addition,
11,897,500 and 4,000,000 listed options were issued to placement participants and brokers respectively.
On 19 January 2024, the Company issued 4,700,000 fully paid ordinary shares upon conversion of 4,700,000
Tranche B Performance Rights issued under the 2021 Employee Securities Incentive Plan.
On 1 February 2024, the Company announced that it has executed a binding sale agreement with FMR
Investment Pty Ltd to divest gold rights at Silver Swan South for cash consideration of $300,000. Codrus will
retain its nickel and base metal rights over the project and a royalty of 2.5% (Net Smelter Return) after 5,000oz
of gold production from the project capped at $2,700,000.
On 5 April 2024, the Company announced that it has secured strategic exploration opportunities in two of
Canada’s premier mineral provinces, namely Jasper Wedge Uranium in Saskatchewan and Nanuk Uranium
Project in Quebec. The Company will acquire 100% of the issued capital of ElementX Global Pty Ltd in
consideration for a total of 42,857,143 of CDR shares. This was approved by the shareholders at the General
Meeting held on 28 May 2024.
On 12 April 2024, the Company announced that it has completed Tranche 1 through the issuance of 20,096,875
shares at $0.035 raising $0.7million before costs.
On 31 May 2024, the Company announced that it has completed Tranche 2 placement, issuing 8,474,554 shares
at $0.035 each, successfully completing the $1m placement, plus an additional $55,000 or 1,571,428 ordinary
shares subscribed for by Directors. This was approved by shareholders at the General Meeting held on 28 May
2024.
On 31 May 2024, the Company announced formal appointment of Mr Greg Bandy as Non-Executive Chairman
and following his appointment, Mr Andrew Radonjic has formally resigned from the Board.
Post year end, Mr Greg Bandy, the current Non-Executive Chairman, was appointed Executive Chairman from 22
July 2024 following the resignation of Shannan Bamforth as Managing Director, effective 31 July 2024. Mr Keith
Coughlan was appointed as Non-Executive Director effective 22 July 2024.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 5
6.
Operating and Financial Review
Introduction
Codrus has a portfolio of exciting projects in Canada, Western Australia (WA) and Oregon, United States of
America (USA). All of our Australian assets are located in close proximity to existing operating mines and the
Bull Run Project in the USA is located in a rich historic gold producing area.
Canada Projects
During the year, the Company announced it had secured strategic uranium exploration opportunities in two of
Canada’s premier mineral provinces (see Figure 1):
•
A 100% interest in the Jasper Wedge Uranium Project, a highly prospective uranium project located within
the prolific Athabasca Basin, Saskatchewan, Canada; and
•
A 100% interest in the Nanuk Uranium Project, located in Quebec, Canada, approximately 125km west of
Voisey’s Bay.
These projects provide an exciting growth and diversification opportunity in the global uranium sector in two of
Canada’s premier mineral provinces.
Figure 1. Jasper Wedge and Nanuk Uranium Project Locations, Canada.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 6
Jasper Wedge Uranium Project
The Jasper Wedge Project lies approximately 45km south-east of the high-grade Cigar Lake uranium mine in the
prolific uranium jurisdiction of the Athabasca Basin.
The eastern margin of the Athabasca Basin is tightly held, and the project is bordered by significant uranium
mining and exploration companies including Cameco (TSX: CCO; NYSE: CCJ), Denison Mines Corp (TSX: DML;
NYSE: DNN), Uranium Energy Corp (NYSE: UEC) and IsoEnergy Ltd (TSV: ISO). Jasper Wedge is located between
Cameco’s Rabbit Lake1 and McArthur River / Key Lake2 uranium mines, making the Project highly prospective
for unconformity-style uranium mineralisation that is typical of the Athabasca Basin (or the “Basin”).
Figure 2. Jasper Wedge Project Location within eastern Athabasca Basin.
The main uranium deposits in the area have mineralisation occurring at the unconformity located between the
Maintou Falls Formation (conglomeratic sandstone) and the Wollaston metamorphic sequence. In the Cigar Lake
area the prevailing structural framework is that of north-east – south-west lineaments.
Historical exploration data available includes airborne magnetics and electromagnetics (EM) over a significant
proportion of the Project. The surveys were flown in 2008 for Denison Mines as part of a regional survey at 200m
line spacing. Drilling completed in 1968 (Gulf Minerals) showed shallow depth to basement of between 78 and
104 metres. Basement rocks were logged as maroon to dark green granitic rocks with variable strong oxidation
and local shear zones associated with heavy iron-stained fault gouge commonly occurring. Localised pyrite was
also logged.
1 https://www.cameco.com/businesses/uranium-operations/suspended/rabbit-lake
2 https://www.cameco.com/businesses/uranium-operations/canada/mcarthur-river-key-lake
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 7
Jasper Wedge Uranium Project (continued)
Activities during the year:
•
Engaged Dirt Exploration (South Africa) to acquire Sentinel-2 imagery from the European Space Agency
(ESA), covering the Jasper Wedge Mineral Claim
•
Identified a total of 10 target areas throughout the Jasper Wedge Project varying in size from 200m to
3km in strike length and covering zones of coincident low magnetic / high conductivity, geochemical
anomalism and structural intersections.
•
Post year end, a program of target-specific, on-ground exploration commenced at Jasper Wedge with
a UAV magnetics survey and a follow-up ground geochemical soil survey, which will further define
exploration areas to be drilled.
Nanuk Uranium Project
The Nanuk Uranium Project consists of 66 mineral claims covering a total area of approximately 3,207 hectares
located in Quebec, Canada, approximately 125km west of Voisey’s Bay (see Figure 3). The main target area on
the Project is the “J” Zone (formerly the Nanuk Zone).
Figure 3. Nanuk Uranium Project showing surface geochemical results.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 8
Nanuk Uranium Project (continued)
Uranium mineralisation primarily occurs within and along the margins of leucogranite bodies; deformation and
metamorphism of the host rocks predates emplacement of the leucogranites, but later deformation has folded
these dykes as well.
During the 2006-2007 program a total of 83 samples were collected across the current Nanuk Claims with a
peak result of 5,920 ppm U3O8 being reported (Sample Number 362748). In all, 55 samples were taken from
the J Zone, with 15 samples assaying greater than 1,000 ppm U3O8.
The uranium mineralisation found in this area is hosted within an extensive zone of white pegmatitic outcrop.
Follow-up exploration by Quest Rare Minerals in 2009 included two drill-holes, one of which was drilled near
the north-eastern edge of the J Zone. Drill-hole NA09001 returned 14.55m of 250ppm U3O8 between 121.95m
– 136.5m, highlighting the potential for the down-dip extension of intrusive-hosted uranium mineralisation
found at surface.
Drill-hole NA09002 returned significant anomalism throughout the hole, warranting further drilling to test the
system
Activities during the year:
•
An in-depth review of the historical exploration completed across the Project is continuing, with targets
identified for future exploration
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 9
Western Australian Projects
The Company has three (4) projects in Western Australia, comprising 31 tenements with a total landholding of
approximately 243km2. The Karloning REE Project in the Wheatbelt and Red Gate Projects are in the Eastern
Goldfields, whilst the Middle Creek Project is located in the Eastern Pilbara. The tenements are prospective for
rare earth elements and potential economic gold mineralisation, with Silver Swan South also being prospective
for Nickel (Figure 4).
Figure 4 | Karloning, Red Gate and Middle Creek Project locations in Western Australia.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 10
6.
Operating and Financial Review (continued)
Karloning REE Project
The Karloning REE Project, which is located 30km north of the regional town of Mukinbudin and 260km north-
east of Perth, provides Codrus with an opportunity to explore for the high-value REE’s used in the manufacture
of high-strength permanent magnets – namely praseodymium, neodymium, terbium and dysprosium.
These elements are in high demand because of the explosive growth in industries that rely on permanent rare
earth magnets such as electric vehicles, wind turbines and other renewable energy applications. The geology
within the tenements (E70/5339 and E70/6306) comprises mainly medium to coarse-grained biotite granite and
adamellite within a large quartz-microcline pegmatite, known as the Karloning Pegmatite. Tertiary lateritic
duricrusts skirt the granite outcrops and are eroded by the Quaternary paleo-drainages forming broad
sheetwash areas consisting of sands, clays and silts.
Figure 5 | Karloning Project location showing the location of E70/5339 (Talgomine Joint Venture CDR earning in),
and E70/6306 (100% Codrus) with the historic quarry visible in E70/5339.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 11
6.
Operating and Financial Review (continued)
Mapping by the Geological Survey of Western Australia (1:250,000 Perth map sheet) shows a strike extent of
~1.5km for the Karloning Pegmatite, and Codrus believes there is a potential significant extension to the
pegmatite beneath cover and for multiple pegmatite horizons to be discovered on the project (Figure 6).
A quarry has been operated at the site historically (E70/5339), focused on the production of feldspar and quartz
for industrial purposes. The pegmatite has had minor historic soil sampling completed to the north and west of
the quarry which identified anomalous (+250ppm) total rare earths and Yttrium (TREY). The quarry area was
subject to shallow (maximum depth 21.3m) vertical rotary air blast drilling (RAB) in the 1970’s that only assessed
the presence of the quarry target minerals quartz and feldspar, with no analysis for REE’s. Due to the shallow
and very restricted nature of the drilling, the geometry of the Karloning Pegmatite remains poorly constrained.
Figure 6 | Karloning Project plan view showing the location of the mapped Karloning Pegmatite (red) and potential
extensions by way of extending the known occurrence and identifying multiple horizons on the property (yellow),
based on GSWA geophysical and radiometric data.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 12
6.
Operating and Financial Review (continued)
Activities during the year:
•
Completed air core drilling program in August 2023, comprising 80 holes for 1,308m at the Karloning
Rare Earth Element (“REE”) project. Drilled to a depth of up to 54m in places with an average hole depth
of 16m. Designed to test for the presence of shallow clay-hosted mineralisation on E70/5339 and
E70/6306, to the north and the south of the previous Reverse Circulation (RC) drilling completed in April
2023.
•
Hole KGAC054 29m @ 5,915ppm TREYO from 12m, including 4m grading 12,366ppm (1.23%) from 24m
including high grades of the premium rare earth oxides of:
➢
Nd2O3
1,814ppm
➢
Pr6O11
599ppm
➢
Dy2O3
138ppm
➢
Tb4O7
28ppm
•
Extensive ground electromagnetic (EM) survey completed at the Karloning REE Project in WA’s
Wheatbelt, 10.5km of data was collected over previous RC & AC drilling to allow for calibration of the
technology, and to assist the Company in targeting repetitions of some of the excellent drill results seen
to date;
•
Farm-in agreement entered into with Fleet Street Holdings, which holds ground directly to the north-
east of the highly enriched clay-hosted REE’s discovered recently ;
•
Two additional tenements are under application, following the outstanding results received from the
Company’s maiden Reverse Circulation (RC) drill program;
•
Commences a low cost air core drilling (AC) program in June, however weather events have not allowed
for the majority of the program to be completed.
Silver Swan South Project
During the year, the gold rights for the Silver Swan South Project were sold to FMR Investments, which operates
the neighbouring Gordon Sirdar gold mine. Codrus maintains the base metal and nickel rights over the project.
In consideration for the transfer of a 100% interest in the tenements that comprise the Silver Swan South Project
(P27/2191, P27/2192, P27/2193, P27/2194, P27/2195, P27/2196 and E27/545), FMR will provide the following
consideration to Codrus:
•
Cash consideration of $300,000 received during the quarter;
•
A Royalty of 2.5% (Net Smelter Return) after 5,000oz of gold production from the project capped at
$2,700,000; and
•
Codrus retains nickel and base metal rights over the project (retained Mineral Rights).
Codrus will also provide FMR:
•
A royalty of 2.5% (Net Smelter Return) for any products produced from the retained Mineral Rights, after
$15,000,000 of gross revenue has been received, capped at $2,700,000.
Codrus will have the ability to explore on the tenements for their retained Mineral Rights.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 13
6.
Operating and Financial Review (continued)
Red Gate Project
The Red Gate Project (100% interest) is a gold project located approximately 140km north of Kalgoorlie and
comprises one granted Exploration Licence covering a total area of 86.8km2 (Figure 7).
The RC drilling program completed during the June Quarter 2022 field programme revealed the extent of the
mineralisation (a strike length of more than 800m of continuous mineralisation) and the opportunity that this
holds for the district.
This program of mapping and sampling was undertaken on areas that have had no historical drilling and focused
on the south-western and very northern areas of the tenement. The mapping and sampling program will help
determine future work programs. Further drilling at Porphyry East, North and West is being evaluated.
Figure 7 | The Red Gate Project tenements and prospects on interpreted geology
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 14
6.
Operating and Financial Review (continued)
Activities during the year:
•
Soil sampling and mapping completed at Red Gate Gold Project in the eastern goldfields, WA,
targeting gold mineralisation and areas of mapped tourmaline;
Middle Creek Project
The Middle Creek Project (95% to 100% interest) is a gold project located approximately 185km north of
Newman and 10km east of the small township of Nullagine in the East Pilbara Region (Figure 8). The project
comprises 21 granted licences covering a total area of 37.4km2.
During the year, the Company continued a program of evaluation and drill targeting based on the program of
work completed in prior years where a total of 11 trenches were excavated to allow detailed mapping and
sampling to be undertaken in areas where multiple gold anomalies were identified from previous soil and rock
chip sampling.
The results of the trenching have confirmed the presence of significant widths of gold mineralisation, enhancing
the Company’s understanding of the mineralising hydrothermal system in general and the controls of the gold
mineralisation over the lease area.
Figure 8 | The Middle Creek Project and significant regional gold projects.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 15
6.
Operating and Financial Review (continued)
Activities during the year:
•
Soil sampling completed on recently granted tenements at the Middle Creek Gold Project in the
Pilbara, WA
•
Received results for a soils program, comprising 342 samples, will aid ongoing evaluation and drill
targeting
American Project
Bull Run Gold Project, Oregon
The Bull Run Project is located in Baker County, eastern Oregon, USA, approximately 5 miles south of the town
of Unity, and has been intermittently mined for vein gold since around 1929 (Figure 9).
The Company holds a 100% legal and beneficial interest for 91 claims and is party to an ‘Option Agreement’,
which covers a further 11 claims in Baker County in Eastern Oregon. In total the claims cover approximately 7km2
in the Ironside Mountain Inlier.
Figure 9 | Location of the Bull Run Project in Oregon USA
The Bull Run Gold Project, which sits in the Ironside Mountain Inlier, is prospective for gold and copper and has
been mined intermittently since approximately 1929 for narrow high-grade gold (Record Gold Mine). The Project
has had little modern exploration, with the most recent drilling comprising just three holes completed in the
1980’s.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 16
6.
Operating and Financial Review (continued)
The Project hosts both gold and base metal mineralisation in north-east trending en-echelon veins, stockwork-
type vein filling and disseminations between major veins within older equigranular biotite-quartz diorite and
later felsic porphyritic intrusions. Low-grade mineralisation is also observed within the serpentinite.
The Company has identified the presence of disseminated pyrite and chalcopyrite mineralisation which may be
amenable to pole-dipole Induced Polarisation geophysics. To test this, Dias Geophysical were contracted to
conduct a low-noise deep 3D DCIP (Direct Current resistivity and Induced Polarisation) survey over an area of
5.75km2.
Datasets have been a key input to refining the placement of drill holes for the planned upcoming drilling. In
addition, some key areas have had drone magnetics flown over them to assist in identifying structural controls.
A site visit occurred with the company mapping outcrop and some of the historical working to further underpin
drill planning.
Permitting at the Bull Run Copper-Gold Project in Oregon, USA continues to make good progress.
7.
Matters Subsequent to the End of the Financial Year
On 22 July 2024, the Company announced that Greg Bandy was appointed Executive Chairman following
resignation of Shannan Bamforth as Managing Director, effective 31 July 2024. The Company also announced
the appointment of Keith Coughlan as Non Executive Director effective 22 July 2024.
Other than those mentioned above, there were no other matter or circumstance has arisen since 30 June 2024
that has significantly affected, or may significantly affect the Group's operations, the results of those operations,
or the Group's state of affairs in future financial years.
8.
Likely Developments and Expected Results of Operations
The Board will continue to advance exploration and development opportunities in relation to its project.
9.
Material Business Risks
i.
Exploration Risks
There can be no assurance that future exploration or prospecting of the Group licences, or any other mineral
licence that may be acquired in the future, will result in the discovery of an economic resource. Even if an
apparently viable resource is identified, there is no guarantee that it can be economically exploited. The future
exploration activities of the Company may be affected by a range of factors including geological conditions,
limitations on activities due to seasonal weather patterns or adverse weather conditions, unanticipated
operational and technical difficulties, difficulties in commissioning and operating plant and equipment,
mechanical failure or plant breakdown, unanticipated metallurgical problems which may affect extraction costs,
industrial and environmental accidents, industrial disputes, unexpected shortages and increases in the costs of
consumables, spare parts, plant, equipment and staff, native title process, changing government regulations and
many other factors beyond the control of the Company.
The success of the Company will also depend upon the Company being able to maintain title to the mineral
licences and mining claims and obtaining all required approvals for their contemplated activities. In the event
that exploration programmes prove to be unsuccessful this could lead to a diminution in the value of these
tenements and claims, a reduction in the cash reserves of the Company and possible relinquishment of one or
more of the mineral exploration licences.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 17
9.
Material Business Risks (continued)
ii.
Regulatory compliance
The Company’s operating activities are subject to extensive laws and regulations relating to numerous matters
including resource licence consent, environmental compliance and rehabilitation, taxation, employee relations,
health and worker safety, waste disposal, protection of the environment, native title and heritage matters,
protection of endangered and protected species and other matters. The Company requires permits from
regulatory authorities to authorise the Company’s operations. These permits relate to exploration, development,
production and rehabilitation activities.
While the Company believes that it is in substantial compliance with all material current laws and regulations,
agreements or changes in their enforcement or regulatory interpretation could result in changes in legal
requirements or in the terms of existing permits and agreements applicable to the Company or its properties,
which could have a material adverse impact on the Company’s current operations or planned development
projects.
Obtaining necessary permits can be a time-consuming process and there is a risk that Company will not obtain
these permits on acceptable terms, in a timely manner or at all. The costs and delays associated with obtaining
necessary permits and complying with these permits and applicable laws and regulations could materially delay
or restrict the Company from proceeding with the development of a project or the operation or development of
a mine. Any failure to comply with applicable laws and regulations or permits, even if inadvertent, could result
in material fines, penalties or other liabilities. In extreme cases, failure could result in suspension of the
Company’s activities or forfeiture of one or more of the Tenements.
iii. Access to and Dependence on Capital Raisings
The Company’s capital requirements depend on numerous factors. Any additional equity financing will dilute
shareholdings, and debt financing, if available, may involve restrictions on financing and operating activities. If
the Company is unable to obtain additional financing as needed, it may be required to reduce the scope of its
operations and scale back its exploration programmes as the case may be. There is however no guarantee that
the Company will be able to secure any additional funding or be able to secure funding on terms favourable to
the Company.
However, the Board do regularly assess the financial position of the Company and continues to assess all funding
alternatives to ensure that the Company is able to continue exploration and evaluation activities. The Company
may seek to raise further funds through equity or debt financing, joint ventures and any other means.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 18
10.
Remuneration Report (audited)
The Directors of Codrus Minerals Limited are pleased to present your Company’s 2024 remuneration report which
sets out remuneration information for the Non-Executive Directors, Executive Directors and other key
management personnel (“KMP”).
The following sections are included with this report:
A.
Directors and key management personnel disclosed in this report
B.
Remuneration governance
C.
Use of remuneration consultants
D.
Executive remuneration policy and framework
E.
Group Performance, Shareholder Wealth and Executive Remuneration
F.
Non-Executive Director remuneration policy
G.
2023 Annual General Meeting
H.
Details of remuneration
I.
Details of share based payments and bonuses
J.
Service Agreements
K.
Equity instruments held by key management personnel
L.
Loans to key management personnel
M.
Other transactions with key management personnel
A.
Directors and key management personnel disclosed in this report
Directors (Including Non-Executive Directors)
Mr G Bandy
Executive Chairman (Appointed 22 July 2024)
Previously Non-Executive Chairman (Appointed 31 May 2024)
Mr K Coughlan
Non-Executive Director
Mr J Byrde
Non-Executive Director and Company Secretary
Former Directors (Including Non-Executive Directors)
Mr A Radonjic
Non-Executive Chairman (Resigned 31 May 2024)
Mr S Bamforth
Managing Director (Resigned 31 July 2024)
All of the key management personnel held their positions during the year ended 30 June 2024 and up to the
date of this report unless otherwise disclosed.
B.
Remuneration governance
The Company has not established a Remuneration Committee. Due to the current size of the Company, it is more
efficient and effective for the functions of the renumeration committee to be undertaken by the Board under a
formal charter.
The Board is responsible for reviewing and recommending the remuneration arrangements for the Executive and
Non-Executive Directors and KMP each year in accordance with the Company’s remuneration policy approved
by the Board. This includes an annual remuneration review and performance appraisal for the Executive Directors
and other executives, including their base salary, short-term incentives (“STI”) and long-term incentives (“LTI”),
bonuses, superannuation, termination payments and service contracts.
Further information relating to the role of the Remuneration Committee Charter can be found within the
Corporate Governance Report on the Company’s website, refer to https://codrusminerals.com.au/corporate-
governance/.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 19
10.
Remuneration Report (audited) (continued)
C.
Use of remuneration consultants
The Company has not engaged or contracted remuneration consultants during the financial year.
D.
Executive remuneration policy and framework
The remuneration policy of Codrus has been designed to align executives’ objectives with shareholder and
business objectives by providing both fixed and discretionary remuneration components which are assessed on
an annual basis in line with market rates. By providing components of remuneration that are indirectly linked to
share price appreciation (in the form of options), executive, business and shareholder objectives are indirectly
aligned. The Board of Codrus believes the remuneration policy to be appropriate and effective in its ability to
attract and retain the best directors to run and manage the Company, as well as create goal congruence between
Directors and Shareholders.
In determining competitive remuneration rates, the Board reviews local and international trends among
comparative companies and industry generally. It examines terms and conditions for employee incentive
schemes, benefit plans and share plans. Independent data is sourced to ensure that the company’s remuneration
levels fall within the 50th to 75th percentile of companies in a similar industry group and with a similar market
capitalisation. These ongoing reviews are performed to confirm that executive remuneration is in line with market
practice and is reasonable in the context of Australian executive reward practices.
The Board also ensures that the mix of executive compensation between fixed, variable, long-term, short-term
and cash versus equity is appropriate. The Company endeavours to reduce cash expenditure by providing a
greater proportion of compensation in the form of equity instruments. This allows cash-flows to be directed
towards exploration programs with a view to improving the quality of our projects.
E.
Group Performance, Shareholder Wealth and Executive Remuneration
The remuneration policy has been tailored to increase goal congruence between shareholders, directors and
executives. This has been achieved by the issue of performance rights to directors, executives and other key
management personnel, at the discretion of the Board of Directors. The performance rights are issued under the
Employee Incentive Scheme and based on a mixture of short, medium and long-term incentive rights. This
structure rewards executives for both short-term and long-term shareholder wealth development.
F.
Non-executive Director remuneration policy
The Board policy is to remunerate Non-Executive Directors at market rates for comparable companies for time,
commitment and responsibilities. Fees for Non-Executive Directors are not linked to the performance of the
group. In determining competitive remuneration rates, the Board reviews local and international trends among
comparative companies and industry generally.
Typically, Codrus will compare Non-Executive Remuneration to companies with similar market capitalisations in
the exploration and resource development business group. These ongoing reviews are performed to confirm
that non-executive remuneration is in line with market practice and is reasonable in the context of Australian
executive reward practices. Further to ongoing reviews, the maximum aggregate amount of fees that can be paid
to non-executive directors is $500,000. There are no planned changes to this limit requiring approval by
shareholders at the Annual General Meeting.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 20
10.
Remuneration Report (audited) (continued)
G.
2023 Annual General Meeting
The Company received more than 99.53% of “Yes” votes on its remuneration report for the 2023 financial year.
The Company did not receive any specific feedback at the AGM throughout the year on tis remuneration
practices.
H.
Details of Remuneration
Details of the remuneration of the Directors and key management personnel of the group of Codrus are set out
in the following table for the year ending 30 June 2024. There have been no changes to the below named key
management personnel since the end of the reporting year unless otherwise noted.
Short Term
Benefits
Cash
Salary &
Fees
Consulting
Fees
Accrued
Annual
Leave
Other
Amounts
Super-
annuation
Non-Cash
Long Term
IncentivesA
Total
$
$
$
$
$
$
$
2024
Non-Executive Directors
Mr G BandyB
3,923
340
432
4,695
Mr A RadonjicC
38,000
-
-
4,142
4,180
-
46,322
Mr J Byrde
60,000
-
-
4,142
6,600
-
70,742
Executive Directors
Mr S Bamforth
260,000
-
53,292
4,142
28,600
61,414
407,448
Total
Remuneration
361,923
-
53,292
12,766
39,812
61,414
529,207
2023
Non-Executive Directors
Mr A Radonjic
40,000
-
-
5,284
4,200
-
49,484
Mr J Byrde
60,000
-
-
5,284
6,300
-
71,584
Executive Directors
Mr S Bamforth
260,000
-
13,040
5,284
27,300
150,685
456,309
Total
Remuneration
360,000
-
13,040
15,852
37,800
150,685
577,377
A
The fair value of the options is calculated at the date of grant using a Black-Scholes model and fair value of performance rights was calculated at the date of grant using market
values and rate of probabilities of vesting conditions. Refer to Note 26 for further details of options issued during the June 2024 financial year.
B
Represents remuneration from 31 May 2024 to 30 June 2024. Appointed as Non-Executive Chaiman on 31 May 2024. Post year end. Mr Bandy was Executive Chairman effective
22 July 2024.
C
Represents remuneration from 1 July 2024 to 31 May 2024. Resigned on 31 May 2024..
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 21
10.
Remuneration Report (audited) (continued)
I.
Details of Share Based Payments and Bonuses
There were no bonuses or compensation shares issued or paid during the year (2023: Nil).
Options are issued to directors, executives and other key management personnel of Codrus as part of their
remuneration. The options are issued based on performance criteria set by the Board to increase goal
congruence between executives, directors, other key management personnel and shareholders. Further details
of options issued to Directors and key management personnel are as follows:
Granted No.
Options Granted as
Part of Remuneration
$
Total
Remuneration
Represented by
Options
Exercised No.
Other
changes
No.
Lapsed
No.
2024
Non-Executive Directors
Mr G BandyA
-
-
-
-
-
-
Mr A RadonjicB
-
-
-
-
-
-
Mr J Byrde
-
-
-
-
-
-
Executive Director
Mr S Bamforth
-
-
-
-
-
-
2023
Non-Executive Directors
Mr A Radonjic
-
-
-
-
-
-
Mr J Byrde
-
-
-
-
-
-
Executive Director
Mr S Bamforth
-
-
-
-
-
-
A
Appointed as Non-Executive Chairman on 31 May 2024.
B
Resigned on 31 May 2024.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 22
10.
Remuneration Report (audited) (continued)
I.
Details of Share Based Payments and Bonuses (continued)
Further details of performance rights issued to Directors and key management personnel are as follows:
Granted No.
Performance Rights
Granted as Part of
RemunerationE
$
Total
Remuneration
Represented
Performance
Rights
Exercised No.
Other
changes
No.
Lapsed
No.
2024
Non-Executive Directors
Mr G BandyA
-
-
-
-
-
-
Mr A RadonjicB
-
-
-
-
-
-
Mr J Byrde
-
-
-
-
-
-
Executive Director
Mr S BamforthC
-
61,414
15.1%
-
-
-
2023
Non-Executive Directors
Mr A Radonjic
-
-
-
-
-
-
Mr J Byrde
-
-
-
-
-
-
Executive Director
Mr S BamforthC
-
150,685
33.0%
-
-
-
A
Appointed as Non-Executive Chairman on 31 May 2024.
B
Resigned on 31 May 2024.
C
Consists of 5,000,000 performance rights issued to Mr Bamforth in prior year in 3 Tranches. During the year-ended 30 June 2024, $61,414 (2023:
$150,685) was recognised in relation to performance rights issued to Mr Bamforth. Refer to Note 26 for details on the terms of the performance
rights issued.
J.
Service Agreements
Name
Term of
Agreement
Base Salary
(per Agreement)
Termination benefit
Mr G Bandy
Executive Chairman
No fixed term
$180,000 plus
superannuation
No termination benefits
Mr K Coughlan
Non-Executive Director
No fixed term
$50,000 plus
superannuation
No termination benefits
Mr J Byrde
Non-Executive Director
Company Secretary
No fixed term
No fixed term
$40,000 plus
superannuation
$20,000 plus
superannuation
No termination benefits
3 months base salary payable on termination
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 23
10.
Remuneration Report (audited) (continued)
K.
Equity instruments held by key management personnel
The tables below show the number of:
(i)
options and performance rights over ordinary shares in the Company; and
(ii)
shares held in the Company that were held during the year by key management personnel of the group,
including their close family members and entities related to them.
There were no shares granted during the reporting year as compensation.
(iii)
Option holdings (Listed and Unlisted)
Balance at
start of the
year or on
appointment
Granted as
remuneration
Exercised
Other
changes
Balance at
end of the
year
Vested and
exercisable
30 June 2024
Mr G BandyA
-
-
-
-
-
-
Mr A RadonjicB
2,175,000
-
-
125,000
2,300,000
2,300,000
Mr J Byrde
2,100,000
-
-
(1,875,000)
225,000
225,000
Mr S Bamforth
2,236,866
-
- (1,812,500)
424,366
424,366
30 June 2023
Mr A Radonjic
2,000,000
-
-
175,000
2,175,000
2,175,000
Mr J Byrde
2,000,000
-
-
100,000
2,100,000
2,100,000
Mr S Bamforth
2,000,000
-
-
236,866
2,236,866
2,236,866
A Appointed as Non-Executive Chairman on 31 May 2024.
B Resigned on 31 May 2024. Represents balance as at resignation date.
(iv)
Performance Rights
Balance at
start of the
year or on
appointment
Granted as
remuneration
Exercised
Other
changes
Balance at
end of the
year
Vested and
exercisable
30 June 2024
Mr G BandyA
Mr A RadonjicB
-
-
-
-
-
-
Mr J Byrde
-
-
-
-
-
-
Mr S Bamforth
5,000,000
-
(2,000,000)
-
3,000,000
-
30 June 2023
Mr A Radonjic
-
-
-
-
-
-
Mr J Byrde
-
-
-
-
-
-
Mr S Bamforth
5,000,000
-
-
-
5,000,000
2,000,000
A Appointed as Non-Executive Chairman on 31 May 2024.
B Resigned on 31 May 2024.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 24
10.
Remuneration Report (audited) (continued)
K.
Equity instruments held by key management personnel (continued)
(v)
Share holdings
The number of shares in the Company held during the financial year by each Director of Codrus and
other key management personnel of the group, including their personally related parties, are set out
below. There were no shares granted during the year as compensation.
Balance
at the start of the year
or on appointment
Received on exercise of
options and
performance shares
Other changes
Balance at the end of
the year
30 June 2024
Mr G BandyA
-
-
-
-
Mr A RadonjicB
350,000
-
839,286
1,189,286
Mr J Byrde
200,000
-
553,571
753,571
Mr S Bamforth
473,732
2,000,000
616,071
3,089,803
30 June 2023
Mr A Radonjic
350,000
-
-
350,000
Mr J Byrde
200,000
-
-
200,000
Mr S Bamforth
473,732
-
-
473,732
A
Appointed as Non-Executive Chairman on 31 May 2024.
B
Resigned on 31 May 2024. Represents balance as at resignation date.
L.
Loans to key management personnel
There were no loans made to Directors and other key management personnel of the group, including their close
family members.
M.
Other transactions with key management personnel
Mr Radonjic is a Director of Venture Minerals Limited which shares either office and/or administration service
costs on normal commercial terms and conditions.
Aggregate amounts of each of the above types of other transactions with key management personnel of Codrus:
2024
2023
$
$
(i)
Purchases from KMP related entities
Shared office costs and other supplier services on arms’
length terms:
Recharges from Venture Minerals Limited
127,045
93,322
End of remuneration report.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 25
11.
Shares under Option
Unissued ordinary shares of Codrus Minerals Limited under option at the date of this report are as follows:
Date options granted
Expiry Date
Exercise Price
Number under Option
22 Sept 2022 &
25 Sep 2023
22 Sept 2024
$0.125
54,897,502
9 June 2023
9 June 2025
$0.20
1,000,000
55,897,502
Date rights granted
Expiry Date
Exercise Price
Number under Rights
17 June 2021
17 June 2026
N/A
3,000,000
23 July 2021
23 July 2026
N/A
2,150,000
3 December 2021
3 December 2026
N/A
1,650,000
6,800,000
No option or rights holder has any right under the options to participate in any other share issue of the
Company or any other entity.
12.
Insurance of Officers
During the financial year, Codrus paid a premium of $12,766 (2023: $15,852) to insure the Directors and
Secretary of the Company and its controlled entities.
The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may
be brought against the officers in their capacity as officers of entities in the group, and any other payments
arising from liabilities incurred by the officers in connection with such proceedings.
This does not include such liabilities that arise from conduct involving a wilful breach of duty by the officers or
the improper use by the officers of their position or of information to gain advantage for themselves or
someone else or to cause detriment to the Company. It is not possible to apportion the premium between
amounts relating to the insurance against legal costs and those relating to other liabilities.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 26
13.
Meetings of Directors
The number of Directors’ meetings (including committees) held during the year that each Director who held
office during the financial year were eligible to attend and the number of meetings attended by each Director
are:
Full meetings of Directors
Remuneration Committee meetings
Director
Number Eligible to
Attend
Meetings Attended
Number Eligible to
Attend
Meetings
Attended
Mr G Bandy
-
-
Mr A Radonjic
4
4
-
-
Mr J Byrde
4
4
-
-
Mr S Bamforth
4
4
-
-
The Company does not have a formally constituted audit committee as the Board considers that the Company’s
size and type of operation do not warrant such a committee as all members of the Board are involved in audit
agenda items and discussions thereon.
14.
Environmental Regulation
The Group’s activities are subject to the relevant environmental protection legislation under each country’s
jurisdiction in relation to its exploration activities. The group believes that sound environmental practice is not
only a management obligation but the responsibility of every employee and contractor.
No fines were imposed and no prosecutions were instituted by a regulatory body during the year in relation
to Environmental Regulations.
15.
Proceedings on behalf of the Company
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company
for all or any part of these proceedings. The Company was not a party to any such proceedings during the
year.
Directors’ Report
For the year ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 27
16.
Auditor’s Independence Declaration & Non-Assurance Services
The lead auditor’s independence declaration for the year ended 30 June 2024 has been received and can be
found on page 28 of the Directors’ report.
There was no engagement of non-audit services provided to the Company during or since the end of the
financial year.
The Auditor’s audit remuneration is disclosed in Note 5.
Signed in accordance with a resolution of the Board of Directors.
Greg Bandy
Executive Chairman
Perth, Western Australia, 25 September 2024
Competent Persons Statement
The information in this Report, as it relates to exploration results, interpretations and conclusions, is based on information reviewed by Ms Asha Rao who is a Consultant to Cordus Minerals
Limited and is a Member of both the Australasian Institute of Mining and Metallurgy (AusIMM) and the Australasian Institute of Geoscientists (AIG). Ms Rao has sufficient experience that
is relevant to the style of mineralisation and type of deposit under consideration, and to the overseeing of activities being undertaken to qualify as a Competent Person (as defined in the
JORC 2012 edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Ms Rao consents to the inclusion of this information in the form and context in which
it appears.
No New Information or Data
This annual report contains references to Exploration Results and Exploration Targets, all of which have been cross referenced to previous market announcements made by the Company.
The Company confirms that it is not aware of any new information or data that materially effects the information in the said announcement. In the case of estimates of Mineral Resources
all assumptions and technical parameters underpinning the estimates have not materially changed.
Liability limited by a scheme approved under Professional Standards Legislation
PO Box 1908
West Perth WA 6872
Australia
Level 2, 40 Kings Park Road
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
Stantons Is a member of the Russell
Bedford International network of firms
25 September 2024
The Directors
Codrus Minerals Limited
Level 2, 16 Altona Street
WEST PERTH WA 6005
Dear Sirs
RE:
CODRUS MINERALS LIMITED
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of
independence to the directors of Codrus Minerals Limited.
As Audit Director for the audit of the financial statements of Codrus Minerals Limited for the year ended 30 June 2024,
I declare that to the best of my knowledge and belief, there have been no contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
Yours faithfully
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LIMITED
(An Authorised Audit Company)
Eliya Mwale
Director
Financial Statements
CODRUS MINERALS LIMITED Annual Report | 29
Contents
Consolidated Statement of Profit or Loss and Other Comprehensive Income
30
Consolidated Statement of Financial Position
31
Consolidated Statement of Changes in Equity
32
Consolidated Statement of Cash Flows
33
Notes to the Consolidated Financial Statements
34
Consolidated Entity Disclosure Statement
62
Directors’ Declaration
63
Independent auditor's report to the members of Codrus Minerals Limited
64
General information
The financial statements cover Codrus Minerals Limited as a consolidated entity consisting of Codrus Minerals
Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented
in Australian dollars, which is Codrus Minerals Limited's functional and presentation currency.
Codrus Minerals Limited is a listed public company limited by shares, incorporated and domiciled in Australia.
Its registered office and principal place of business are:
Registered office
Principal place of business
Suite 2, Level 2,
Suite 2, Level 2,
16 Altona Street,
16 Altona Street,
West Perth 6005
West Perth 6005
A description of the nature of the Group's operations and its principal activities are included in the directors'
report, which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 25
September 2024. The directors have the power to amend and reissue the financial statements.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
CODRUS MINERALS LIMITED Annual Report | 30
Consolidated
For the Year Ended 30 June 2024
Notes
30 June 2024
$
30 June 2023
$
Other income
3
367,496
70,689
Administrative costs
4(a)
(175,184)
(209,272)
Consultancy expenses
4(b)
(82,828)
(98,977)
Employee benefits expense
4(c)
(397,696)
(286,501)
Share based payment expenses
26
(61,414)
(448,659)
Occupancy expenses
(31,840)
(83,639)
Compliance and regulatory expenses
4(d)
(72,920)
(80,460)
Insurance expenses
(41,052)
(44,124)
Exploration expenditure
11
(2,599,827)
(1,499,005)
Depreciation expense
(54,905)
(14,440)
Finance and Interest Costs
(12,521)
(1,738)
Loss before income tax
(3,162,691)
(2,696,126)
Income tax (expense)/benefit
6
-
-
Loss for the year attributable to owners
(3,162,691)
(2,696,126)
Other comprehensive income:
Items that may be reclassified to profit or loss
Effect of changes in foreign exchange rates on translation
of foreign operations
-
-
Total - Items that may be reclassified to profit or loss
-
-
Items that will not be classified to profit or loss
-
-
Total comprehensive Loss attributable to owners
(3,162,691)
(2,696,126)
Earnings per share for Loss attributable to the owners
Basic and Diluted loss per share (cents per share)
20
(3.4)
(3.6)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
Consolidated Statement of Financial Position
CODRUS MINERALS LIMITED Annual Report | 31
Consolidated
As at 30 June 2024
Notes
2024
$
2023
$
Current Assets
Cash and cash equivalents
7
2,039,276
1,728,081
Receivables and other financial assets
8(a)
135,329
173,023
Prepayments
9
43,534
36,241
Total Current Assets
2,218,139
1,937,345
Non-Current Assets
Other financial assets
8(b)
22,833
22,833
Property, plant and equipment
10
14,045
23,410
Exploration and evaluation expenditure
11
-
-
Rights of use asset
12
113,849
-
Total Non-Current Assets
150,727
46,243
Total Assets
2,368,866
1,983,588
Current Liabilities
Trade and other payables
13
181,039
204,044
Provisions
14
83,233
68,092
Lease Liabilities
15
43,679
-
Total Current Liabilities
307,951
272,136
Non-Current Liabilities
Lease Liabilities
15
77,247
-
Total Non-Current Liabilities
77,247
-
Total Liabilities
385,198
272,136
Net Assets
1,983,668
1,711,452
Equity
Issued capital
16
17,763,948
14,474,455
Reserves
18
2,351,289
2,205,875
Accumulated losses
(18,131,569)
(14,968,878)
Total Equity
1,983,668
1,711,452
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity
CODRUS MINERALS LIMITED Annual Report | 32
For the Year Ended 30 June
2024
Issued
Capital
Accumulated
Losses
Option
Reserve
Total
$
$
$
$
Balance at 1 July 2022
14,467,686
(12,272,752)
1,718,216
3,913,150
Total comprehensive income
for the year:
Loss after income tax
expense for the year
-
(2,696,126)
-
(2,696,126)
-
(2,696,126)
-
(2,696,126)
Transactions with owners in
their capacity as owners:
Transaction costs
(23,231)
-
-
(23,231)
Equity settled share based
payment transactions
487,659
487,659
Shares issued on farm in
agreement
30,000
-
-
30,000
Balance at 30 June 2023
14,474,455
(14,968,878)
2,205,875
1,711,452
Balance at 1 July 2023
14,474,455
(14,968,878)
2,205,875
1,711,452
Total comprehensive income
for the year:
Loss after income tax
expense for the year
-
(3,162,691)
-
(3,162,691)
-
(3,162,691)
-
(3,162,691)
Transactions with owners in
their capacity as owners:
Share issuance
2,006,800
2,006,800
Transaction costs
(247,187)
-
-
(247,187)
Equity settled share based
payment transactions
1,529,880
1,529,880
Shares issued on farm in
agreement
-
-
145,414
145,414
Balance at 30 June 2024
17,763,948
(18,131,569)
2,351,289
1,983,668
Consolidated Statement of Cash Flows
CODRUS MINERALS LIMITED Annual Report | 33
Consolidated
For the Year Ended 30 June 2024
Notes
30 June 2024
$
30 June 2023
$
Cash Flows from Operating Activities
Payments to suppliers and employees
(819,718)
(772,661)
Interest received
66,505
69,770
Payments for exploration and evaluation
(1,079,274)
(1,487,631)
Net cash (outflow) from operating activities
21
(1,832,487)
(2,190,522)
Cash Flows from Investing Activities
Acquisition of mineral tenements
-
(30,000)
Purchase of property, plant and equipment
-
(3,476)
Payment for deposits
-
(84,297)
Sale of tenement
300,000
-
Net cash inflow/(outflow) from investing
activities
300,000
(117,773)
Cash Flows from Financing Activities
Proceeds from issue of shares and other equity
securities
2,006,800
37,500
Share issue transaction costs
(163,118)
(21,731)
Net cash inflow from financing activities
1,843,682
15,769
Net increase/(decrease) in cash and cash equivalents
311,195
(2,292,526)
Cash and cash equivalents at the start of the year
1,728,081
4,020,607
Cash and cash equivalents at the end of the year
7
2,039,276
1,728,081
Amounts relating to payments to suppliers and employees as set out above are inclusive of goods and services tax. The above consolidated statement of
cash flows should be read in conjunction with the accompanying notes.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 34
1.
Summary of Material Accounting Policies
The principal accounting policies adopted in the preparation of the financial statements are set out below. These
policies have been consistently applied to all the years presented, unless otherwise stated.
(a)
Basis of Preparation
These general purpose financial statements have been prepared in accordance with Australian
Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB')
and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements
also comply with International Financial Reporting Standards as issued by the International Accounting
Standards Board ('IASB').
(i)
Compliance with IFRS
The consolidated financial statements of Codrus Minerals Limited also comply with International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
(ii)
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for, where
applicable, the revaluation of financial assets and liabilities at fair value through profit or loss, financial
assets at fair value through other comprehensive income, investment properties, certain classes of
property, plant and equipment and derivative financial instruments.
(iii)
Critical Accounting Estimates and Judgements
The preparation of the financial statements requires the use of certain critical accounting estimates. It
also requires management to exercise its judgement in the process of applying the Group's accounting
policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions
and estimates are significant to the financial statements, are disclosed in note 2.
iv) Going Concern Basis of preparation
The directors have prepared the financial statements on a going concern basis, which contemplates
continuity of normal business activities and the realisation of assets and extinguishment of liabilities in
the ordinary course of business.
The Consolidated Entity has recorded a net accounting loss of $3,162,691 and had net cash outflows
from operations of $1,832,487 for the year ended 30 June 2024. The Group had cash and cash
equivalents of $2,039,276 and net assets of $1,983,668 as at 30 June 2024.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 35
1.
Summary of Material Accounting Policies (continued)
(b)
Principles of Consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Codrus
Minerals Limited as at 30 June 2024 and the results of all subsidiaries for the year then ended. Codrus
Minerals Limited and its subsidiaries together are referred to in these financial statements as the 'Group'.
(i)
Subsidiaries
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when
the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has
the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are
fully consolidated from the date on which control is transferred to the Group. They are de-consolidated
from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Group
are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the
impairment of the asset transferred. Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by the Group. The acquisition of subsidiaries
is accounted for using the acquisition method of accounting. A change in ownership interest, without
the loss of control, is accounted for as an equity transaction, where the difference between the
consideration transferred and the book value of the share of the non-controlling interest acquired is
recognised directly in equity attributable to the parent.
(i)
Subsidiaries (continued)
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement
of profit or loss and other comprehensive income, statement of financial position and statement of
changes in equity of the Group. Losses incurred by the Group are attributed to the non-controlling
interest in full, even if that results in a deficit balance.
Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities
and non-controlling interest in the subsidiary together with any cumulative translation differences
recognised in equity. The Group recognises the fair value of the consideration received and the fair value
of any investment retained together with any gain or loss in profit or loss.
(c)
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision maker. The chief operating decision maker, who is responsible for allocating
resources and assessing performance of the operating segments, has been identified as the board of
directors.
(d)
Foreign currency translation
(i)
Functional and presentation currency
Items included in the financial statements of each of the group’s entities are measured using the currency
of the primary economic environment in which the entity operates (‘the functional currency’). The
consolidated financial statements are presented in Australian dollars, which is Codrus Minerals Limited’s
and its subsidiaries functional and presentation currency.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 36
1.
Summary of Material Accounting Policies (continued)
(ii)
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation of monetary assets and liabilities denominated
in foreign currencies at period end exchange rates are generally recognised in profit or loss. They are
deferred in equity if they relate to qualifying cash flow hedges, qualifying net investment hedges or are
attributable to part of the net investment in a foreign operation.
Translation differences on financial assets and liabilities carried at fair value are reported as part of the
fair value gain or loss. Translation differences on non-monetary financial assets and liabilities such as
equities held at fair value through profit or loss are recognised in profit or loss as part of the fair value
gain or loss. Translation differences on non-monetary financial assets such as equities classified as
available for sale financial assets are included in the fair value reserve in equity.
(iii)
Group companies
The results and financial position of foreign operations that have a functional currency different from
the presentation currency are translated into the presentation currency as follows:
•
Assets and liabilities for each balance sheet presented are translated at the closing rate at
the date of that balance sheet
•
Income and expenses for the statement of comprehensive income are translated at
average exchange rates, and
•
All resulting exchange differences are recognised in other comprehensive income.
(e)
Revenue recognition
Revenue is recognised where performance obligations are satisfied being when control upon good or
services underlying the performance obligations is transferred to the customer.
(i)
Interest income
Interest income is recognised as the interest accrues (using the effective interest method, which is the
rate that exactly discounts estimated future cash receipts through the expected life of the financial
instrument) to the net carrying amount of the financial asset.
(ii)
Other income
Revenue from other income, rendering goods and services is measured at the fair value of consideration
received or receivable for the sale of goods and services in the ordinary course of the Group’s activities
when control of the asset is transferred to the customer or services rendered.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 37
1.
Summary of Material Accounting Policies (continued)
(f)
Income tax
The income tax expense or benefit for the period is the tax payable on the current period’s taxable
income based on the national income tax rate for each jurisdiction adjusted by changes in deferred tax
assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities
and their carrying amounts in the financial statements, and to unused tax losses.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to
apply when the assets are recovered or liabilities are settled, based on those tax rates which are enacted
or substantively enacted for each jurisdiction. The relevant tax rates are applied to the cumulative
amounts of deductible and taxable temporary differences to measure the deferred tax asset or liability.
An exception is made for certain temporary differences arising from the initial recognition of an asset or
a liability.
No deferred tax asset or liability is recognised in relation to these temporary differences if they arose in
a transaction, other than a business combination, that at the time of the transaction did not affect either
accounting profit or taxable profit or loss.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it
is probable that future taxable amounts will be available to utilise those temporary differences and
losses. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset
and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax balances attributable to amounts recognised directly in equity are also
recognised directly in equity.
(g)
Impairment of assets
At each reporting date, the Group assesses whether there is any indication that an asset may be impaired.
An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and
value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which
there are separately identifiable cash inflows which are largely independent of the cash inflows from
other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that
suffered impairment are reviewed for possible reversal of the impairment at each reporting date or more
frequently if events or changes in circumstances indicate that they might be impaired.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 38
1.
Summary of Material Accounting Policies (continued)
(h)
Cash and cash equivalents
For the purposes of presentation of the statement of cash flows, cash and cash equivalents include cash
on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value, and bank overdrafts.
(i)
Trade and other receivables
Trade and other receivables include amounts due from customers for goods and services performed in
the ordinary course of business. Receivables expected to be collected within 12 months of the end of
the reporting period are classified as current assets. All other receivables are classified as non-current
assets. Trade and other receivables are initially recognised at fair value and subsequently measured at
amortised cost using the effective interest method, less any provision for impairment.
(j)
Exploration and evaluation expenditure
The exploration and evaluation expenditure accounting policy is to expense acquired minerals rights,
tenement acquisition costs and exploration expenditure as incurred.
(k)
Property, plant and equipment
All property, plant and equipment is stated at historical cost less depreciation. Historical cost includes
expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included
in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable
that future economic benefits associated with the item will flow to the company and the cost of the item
can be measured reliably. All other repairs and maintenance are charged to the statement of profit or
loss and comprehensive income during the financial period in which they are incurred.
Depreciation on assets is calculated using the diminishing value method to allocate their cost, net of
their residual values, over their estimated useful lives, as follows:
Motor vehicles 40.0%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance
date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s
carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are
determined by comparing proceeds with carrying amount. These are included in the statement of profit
or loss.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 39
1.
Summary of Material Accounting Policies (continued)
(l)
Financial Instruments
Recognition, initial measurement and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the
contractual provisions of the financial instrument. Financial instruments (except for trade receivables)
are measured initially at fair value adjusted by transactions costs, except for those carried “at fair value
through profit or loss”, in which case transaction costs are expensed to profit or loss. Where available,
quoted prices in an active market are used to determine the fair value. In other circumstances, valuation
techniques are adopted. Subsequent measurement of financial assets and financial liabilities are
described below.
Trade receivables are initially measured at the transaction price if the receivables do not contain a
significant financing component in accordance with AASB 15.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset
expire, or when the financial asset and all substantial risks and rewards are transferred. A financial liability
is derecognised when it is extinguished, discharged, cancelled or expires.
Classification and subsequent measurement
Financial assets
Except for those trade receivables that do not contain a significant financing component and are
measured at the transaction price in accordance with AASB 15, all financial assets are initially measured
at fair value adjusted for transaction costs (where applicable).
For the purpose of subsequent measurement, financial assets other than those designated and effective
as hedging instruments, are classified into the following categories upon initial recognition:
•
amortised cost;
•
fair value through other comprehensive income (FVOCI); and fair value through profit or
loss (FVPL).
Classifications are determined by both:
•
The contractual cash flow characteristics of the financial assets; and
•
The entities business model for managing the financial asset.
Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not
designated as FVPL):
•
they are held within a business model whose objective is to hold the financial assets and
collect its contractual cash flows; and
•
the contractual terms of the financial assets give rise to cash flows that are solely payments
of principal and interest on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method.
Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash
equivalents, trade and most other receivables fall into this category of financial instruments.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 40
1.
Summary of Material Accounting Policies (continued)
(l)
Financial Instruments (continued)
Financial assets at fair value through other comprehensive income
The Group measures debt instruments at fair value through OCI if both of the following conditions are
met:
•
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; and
•
The financial asset is held within a business model with the objective of both holding to
collect contractual cash flows and selling the financial asset.
For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and
impairment losses or reversals are recognised in the statement of profit or loss and computed in the
same manner as for financial assets measured at amortised cost. The remaining fair value changes are
recognised in OCI.
Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity
instruments designated at fair value through OCI when they meet the definition of equity under AASB
132 Financial Instruments: Presentation and are not held for trading.
Financial assets at fair value through profit or loss (FVPL)
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily
required to be measured at fair value. Financial assets are classified as held for trading if they are
acquired for the purpose of selling or repurchasing in the near term.
Fair value measurement hierarchy
The Company is required to classify all assets and liabilities, measured at fair value, using a three-level
hierarchy, based on the lowest level of input that is significant to the entire fair value measurement,
being:
Level 1:
Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access
at the measurement date;
Level 2:
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly or indirectly; and
Level 3:
Unobservable inputs for the asset or liability. Considerable judgement is required to determine what is
significant to fair value and therefore which category the asset or liability is placed in can be subjective.
The fair value of assets and liabilities classified as level 3 is determined by the use of valuation models.
These include discounted cash flow analysis or the use of observable inputs that require significant
adjustments based on unobservable inputs.
Financial liablities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 41
1.
Summary of Material Accounting Policies (continued)
(l)
Financial Instruments (continued)
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction
costs unless the Group designated a financial liability at fair value through profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the effective interest method
except for derivatives and financial liabilities designated at FVPL, which are carried subsequently at fair
value with gains or losses recognised in profit or loss.
All interest-related charges and, if applicable, gains and losses arising on changes in fair value are
recognised in profit or loss.
Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt
instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on
whether there has been a significant increase in credit risk. For trade receivables, the Group applies the
simplified approach permitted by AASB 9 Financial Instruments, which requires expected lifetime losses
to be recognised from initial recognition of the receivables.
(m)
Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the
financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost
and are not discounted.
(n)
Employee benefits
(i)
Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits and annual leave expected to be
settled within 12 months of the reporting date are recognised in respect of employee’s services up to
the end of the reporting period and are measured at the amounts expected to be paid when liabilities
are settled. The liability for annual leave is recognised in the provision for employee benefits. All other
short-term employee benefit obligations are presented as other payables.
(ii)
Other long-term employee benefit obligations
The liability for long service leave and annual leave, which is not expected to be settled within 12 months
after the end of the period in which the employees render the related service, is recognised in the
provision for employee benefits and measured as the present value of expected future payments to be
made in respect of services provided by employees up to the reporting date using the projected unit
credit method. Consideration is given to expected future wage and salary levels, experience of employee
departures and periods of service. Expected future payments are discounted using market yields at the
reporting date on national government bonds with terms to maturity and currency that match, as closely
as possible, the estimated future cash outflows.
The obligations are presented as current liabilities in the balance sheet if the entity does not have an
unconditional right to defer settlement for at least twelve months after the reporting date, regardless of
when the actual settlement is expected to occur.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 42
1.
Summary of Material Accounting Policies (continued)
(n)
Employee benefits (continued)
(iii)
Share-based payments
The company provides benefits to employees (including directors) of the group in the form of share-
based payment transactions, whereby employees render services in exchange for shares or rights over
shares (‘equity-settled transactions’). There is currently an Employee Incentive Scheme (IOS), which
provides benefits to directors and senior executives. The cost of these equity-settled transactions with
employees is measured by reference to the fair value at the date at which they are granted. The fair
value is determined using a Black-Scholes option pricing model that takes into account the exercise
price, the term of the option, the impact of dilution, the share price at grant date and expected volatility
of the underlying share, the expected dividend yield and the risk free interest rate for the term of the
option.
In valuing equity-settled transactions, no account is taken of any performance conditions, other than
conditions linked to the price of shares of Codrus Minerals Limited (‘market conditions’). The number of
shares expected to vest is estimated based on the non-market vesting conditions and the probability
the option will be exercised.
(o)
Contributed equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares
are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable
to the issue of new shares for the acquisition of a business are not included in the cost of the acquisition
as part of the purchase consideration.
(p)
Earnings per share
(i)
Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the
company excluding any costs of servicing equity other than ordinary shares, by the weighted average
number of ordinary shares outstanding during the financial period, adjusted for bonus elements in
ordinary shares issued during the period.
(ii)
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
take into account the after tax effect of interest and other financing costs associated with the dilutive
potential ordinary shares and the weighted average number of shares assumed to have been issued for
no consideration in relation to dilutive potential ordinary shares.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 43
1.
Summary of Material Accounting Policies (continued)
(q)
Goods and services tax (‘GST’)
Goods and Services Tax ('GST') and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST
incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the
acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the
amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax
authority is included in other receivables or other payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or
financing activities which are recoverable from, or payable to the tax authority, are presented as
operating cash flows. Commitments and contingencies are disclosed net of the amount of GST
recoverable from, or payable to, the tax authority.
(r)
Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is
measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable,
any lease payments made at or before the commencement date net of any lease incentives received,
any initial direct costs incurred, and, except were included in the cost of inventories, an estimate of costs
expected to be incurred for dismantling and removing the underlying asset, and restoring the site or
asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the
estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects to
obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated
useful life. Right-of use assets are subject to impairment or adjusted for any remeasurement of lease
liabilities.
The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease
liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease
payments on these assets are expensed to profit or loss as incurred.
(s)
Lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially
recognised at the present value of the lease payments to be made over the term of the lease, discounted
using the interest rate implicit in the lease or, if that rate cannot be readily determined, the consolidated
entity's incremental borrowing rate. Lease payments comprise of fixed payments less any lease
incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to
be paid under residual value guarantees, exercise price of a purchase option when the exercise of the
option is reasonably certain to occur, and any anticipated termination penalties. The variable lease
payments that do not depend on an index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying
amounts are remeasured if there is a change in the following: future lease payments arising from a
change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and
termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding
right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written
down.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 44
1.
Summary of Material Accounting Policies (continued)
(r)
New accounting standards and interpretations adopted by the Group
AASB 2021-2: Amendments to Australian Accounting Standards – Disclosure of Accounting
Policies and Definition of Accounting Estimates
The Group adopted AASB 2021-2 which amends AASB 7, AASB 101, AASB 108 and AASB 134 to require
disclosure of ‘material accounting policy information’ rather than significant accounting policies’ in an
entity’s financial statements. It also updates AASB Practice Statement 2 to provide guidance on the
application of the concept of materiality to accounting policy disclosures.
The adoption of the amendment did not have a material impact on the financial statements.
AASB 2021-5: Amendments to Australian Accounting Standards – Deferred Tax Related to Assets
and Liabilities Arising from a Single Transaction
The Group adopted AASB 2021-5 Amendments to Australian Accounting Standards – Deferred Tax
related to Assets and Liabilities arising from a Single Transaction for the financial year ending 30 June
2024.
Previously, the Group applied the exemption in AASB 112 and did not recognise deferred taxes on its
lease transactions where the right of use asset and lease liability were equal on initial recognition.
However, the amendment subsequently clarified that this exemption does not apply to transactions for
which entities recognise both an asset and a liability that give rise to equal taxable and deductible
temporary differences, as may be the case for lease transactions.
There was no impact on the statement of financial position, statement of cash flows or statement of
profit or loss in the current or preceding period, as a result of the adoption of AASB 2021-5.
AASB 2022-7: Editorial Corrections to Australian Accounting Standards and Repeal of Superseded
and Redundant Standards
AASB 2022-7 makes editorial corrections to various Australian Accounting Standards and AASB Practice
Statement 2. It also formally repeals the superseded and redundant Australian Accounting Standards set
out in Schedules 1 and 2 of this standard.
The adoption of the amendment did not have a material impact on the financial statements.
(s)
New accounting standards and interpretations not yet adopted by the Group
AASB 2021-7c: Amendments to Australian Accounting Standards – Effective Date of Amendments
to AASB 10 and AASB 128 and Editorial Corrections
AASB 2021-7c defers the application of AASB 2014-10 Amendments to Australian Accounting Standards
– Sale or Contribution of Assets between an Investor and its Associate or Joint Venture so that the
amendments are required to be applied for annual reporting periods beginning on or after 1 January
2025 instead of 1 January 2018.
The Group plans on adopting the amendments for the reporting periods ending 30 June 2025. The
impact of initial application is not yet known.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 45
2.
Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors,
including expectations of future events that may have a financial impact on the entity and that are believed to
be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and
judgements may differ from the related actual results and may have a significant effect on the carrying amount
of assets and liabilities within the next financial year and on the amounts recognised in the financial statements.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are discussed below.
(i)
Share based payment transactions
The Group measures the cost of equity-settled transactions with employees by reference to the fair value
of the equity instruments at the date at which they are granted. The fair value is determined by an
internal valuation using a Black-Scholes option pricing model, using the assumption detailed in Note 26.
(ii)
Deferred Taxation
The potential deferred tax assets arising from tax losses and temporary differences have not been
recognised as an asset because the recovery of the tax losses is not yet considered probably by the
management (Note 6).
(iii)
Intercompany loan
The management assesses the recoverability of intercompany loans and where recoverability is not
certain, provision is made. All intercompany loans have been eliminated on consolidation.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 46
Consolidated
Notes
30 June 2024
$
30 June 2023
$
3.
Other income
Interest received
67,496
70,689
Other – Sale of tenements
300,000
-
Other income
367,496
70,689
4.
Expenses
Loss before income tax includes the following specific expenses:
(a)
Administrative costs:
Legal fees
49,110
26,068
Investor relations
50,917
107,332
Other administration costs
75,157
75,872
Total administration cost
175,184
209,272
(b)
Consultancy Expenses
Consultancy expense
82,828
98,977
Total consultancy expense
82,828
98,977
(c)
Employment benefits expense
Salary and wages expense
198,209
83,854
Directors’ fees
101,923
100,000
Defined contribution superannuation expense
78,160
80,792
Other employee benefits expense
19,404
21,855
Total employee benefits expense
397,696
286,501
(d)
Compliance and Regulatory Expenses
Compliance and Regulatory expenses
72,920
80,460
Total compliance and regulatory expenses
72,920
80,460
5.
Auditor’s Remuneration
Remuneration of the auditor of the Group
Auditing or reviewing the financial statements
36,000
35,000
Other non-assurance services
-
-
Total auditor’s remuneration
36,000
35,000
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 47
Consolidated
30 June 2024
$
30 June 2023
$
6.
Income Tax Expense
(a)
Income tax expense
Current tax
-
-
Deferred tax
-
-
Total income tax (expense)/benefit
-
-
Deferred income tax expense included in income tax expense
comprises:
(Increase) in deferred tax assets
-
-
Increase in deferred tax liabilities
-
-
-
-
(b)
Numerical reconciliation of income tax expense to prima facie tax
payable
Profit/(Loss) from continuing operations before income tax expense
(3,162,691)
(2,696,126)
Tax expense/(benefit) at the tax rate of 25% (2023: 25%)
(790,673)
(674,032)
Tax effect of amounts which are not deductible (taxable) in calculating
taxable income:
Share based payments
15,354
112,165
Other non-deductible amounts
353
314
Prior year adjustments
241,625
-
Non-assessable income
-
-
Unrecognised tax losses
533,342
561,553
Income tax expense
-
-
(c)
Deferred tax assets
Tax losses
-
-
Employee benefits
-
-
Other accruals
-
-
Total deferred tax assets
-
-
Set-off deferred tax liabilities (Note 6(d))
-
-
Net deferred tax assets
-
-
(d)
Deferred tax liabilities
Fair Value of Assets recognised on Business Combination
-
-
Other
-
-
Total deferred tax liabilities
-
-
Set-off deferred tax assets (Note 6(c))
-
-
Net deferred tax liabilities
-
-
(e)
Tax losses
Unused tax losses for which no DTA has been recognized
7,310,526
6,143,656
Potential tax benefit at 25% (2023: 25%)
1,827,632
1,535,914
(f)
Unrecognised temporary differences
Unrecognised deferred tax asset relating to capital raising costs
459,773
328,027
Potential tax benefit at 25% (2023: 25%)
114,943
82,007
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 48
Consolidated
2024
$
2023
$
7.
Cash & Cash Equivalents
(a)
Cash & cash equivalents
Cash at bank and in hand
2,039,276
1,728,081
Total cash and cash equivalents
2,039,276
1,728,081
Cash on hand is non-interest bearing. Cash at bank bears interest rates between 2.16% and 4.46% (2023: 0.75%
and 3.95%).
8.
Trade & Other Financial Assets
(a)
Other receivables - Current
29,202
71,521
Short term deposits
106,127
101,502
135,329
173,023
(i) Short term deposits
Short term deposits are bearing interest rates of 4.10%. (2023: 2.05%)
(ii) Past due and impaired receivables
As at 30 June 2024, there were no other receivables that were past due or impaired. (2023: Nil)
(b)
Other financial assets – Non Current
22,833
22,833
Effective interest rates and credit risk
Information concerning effective interest rates and credit risk of both current and non-current trade and other
receivables is set out in Note 19.
9.
Prepayments
Prepaid expenses
43,534
36,241
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 49
Consolidated
Plant &
Equipment
$
Motor
vehicle
$
Computer
$
Total
$
10. Property, Plant and Equipment
30 June 2024
Opening net book value
2,786
18,321
2,303
23,410
Additions
-
-
-
-
Depreciation charge
(1,115)
(7,329)
(921)
(9,365)
Closing net book value
1,671
10,992
1,382
14,046
At 30 June 2024
Cost or fair value
3,476
36,352
3,906
43,734
Accumulated depreciation
(1,805)
(25,360)
(2,524)
(29,689)
Net book value
1,671
10,992
1,382
14,045
30 June 2023
Opening net book value
-
30,536
3,838
34,374
Additions
3,476
-
-
3,476
Depreciation charge
(690)
(12,215)
(1,535)
(14,440)
Closing net book value
2,786
18,321
2,303
23,410
At 30 June 2023
Cost or fair value
3,476
36,352
3,906
43,734
Accumulated depreciation
(690)
(18,031)
(1,603)
(20,324)
Net book value
2,786
18,321
2,303
23,410
Consolidated
2024
2023
$
$
11.
Exploration & Evaluation Expenditure
(a)
Non-current
Opening balance
-
-
Exploration and acquisition expenditure at cost
2,599,827
1,499,005
Exploration assets expensed to profit and loss
(2,599,827)
(1,499,005)
Total non-current exploration and evaluation expenditure
-
-
The group’s exploration properties may be subjected to claim(s) under native title, or contain sacred sites, or sites
of significance to Aboriginal people for Australian Assets and First Nations People for its United States Assets. As
a result, exploration properties or areas within the tenements may be subject to exploration restrictions, mining
restrictions and/or claims for compensation. At this time, it is not possible to quantify whether such claims exist,
or the quantum of such claims.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 50
Consolidated
2024
2023
$
$
12.
Right-of-use assets
(a)
Non-current
Opening net book amount
-
-
On initial recognition
159,388
-
Depreciation charge
(45,539)
-
Total non-current
113,849
-
At 30 June 2024
Cost or fair value
159,388
-
Accumulated depreciation
(45,539)
-
Net book amount
113,849
-
Amounts recognised in profit or loss
Depreciation expense on right of use of assets
45,539
-
Interest expense on lease liabilities
11,361
-
Payment on lease liabilities
49,824
-
16 Altona Street, West Perth
The Group has a lease over this premise with an average estimated life of 2.5 years remaining. The Group holds
the lease and recharges other occupants of the premises recognised as other income. The discount rate used in
calculation the present value of the Right-of-use asset is 8.0% per annum, representing the cost of borrowings.
Consolidated
2024
2023
$
$
13.
Trade & Other Payables
Current
Trade and Other Payables
103,886
182,945
Accruals
77,153
21,099
Total current trade & other payables
181,039
204,044
There are no payables that are considered past due as at 30 June 2024 (2022: Nil).
14.
Provisions
Current
Employee entitlements
83,233
68,092
Total current provisions
83,233
68,092
15.
Lease Liabilities
Year 1
51,775
-
Year 2
53,798
-
Year 3
28,496
-
As at 30 June 2024
134,069
-
Less: Accrued interest
(13,143)
-
Total liabilities
120,926
-
The lease liabilities split between current and non current are as
follows:
Current
43,679
-
Non-current
77,247
-
Total lease liabilities
120,926
-
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 51
Consolidated
Consolidated
2024
2024
2023
2023
Shares
$
Shares
$
16.
Issued Capital
(a)
Issued share capital
Ordinary shares – fully paid
165,387,504
17,763,948
75,430,004
14,474,455
Total issued share capital
165,387,504
17,763,948
75,430,004
14,474,455
(b)
Ordinary Shares
Ordinary shares participate in dividends and the proceeds on winding up of the Company in proportion to the
number of shares held and in proportion to the amount paid up on the shares held. On a show of hands every
member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have
one vote.
(c)
Options
Information relating to options including details of options issued, exercised and lapsed during the financial
period and options outstanding at the end of the financial period, is set out in Note 17.
(d)
Performance Rights
Information relating to performance rights including details of rights issued, exercised and lapsed during the
financial period and performance rights outstanding at the end of the financial period, is set out in Note 17.
Date
Number of
Shares
Issue Price
Total
$
$
(e)
Movements in issued capital
Opening Balance 1 July 2022
75,000,004
14,467,686
Acquisition of tenements
23-Nov-22
430,000
30,000
Less: Transaction costs
-
(23,231)
Closing Balance at 30 June 2023
75,430,004
14,474,455
Opening Balance 1 July 2023
75,430,004
14,474,455
Acquisition of tenements
8-Aug-23
360,000
0.083
30,000
Issuance of shares
29-Sep-23
11,460,000
0.08
916,800
Issuance of shares
16-Nov-23
437,500
0.08
35,000
Conversion of Performance Rights
19-Jan-24
4,700,000
-
-
Issuance of shares
12-Apr-24
20,096,875
0.035
703,391
Issuance of shares
31-May-24
10,045,982
0.035
351,609
Issuance of shares
31-May-24
42,857,143
0.035
1,500,000
Less: Transaction costs
(247,307)
Closing Balance at 30 June 2024
165,387,504
17,763,948
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 52
Expiry date
Exercise price
Balance at start of
year
Granted
during the
year
Issued/
(Exercised)
during the
year
Cancelled/
lapsed
during the
year
Balance at
end of the
year
17.
Options and Performance Rights
(a)
2024 unlisted share option details
17 June 2024
30 cents
6,000,000
-
-
(6,000,000)
-
9 June 2025
20 cents
1,000,000
-
-
-
1,000,000
7,000,000
-
-
(6,000,000)
1,000,000
Weighted average exercise price
$0.29
-
-
$0.30
$0.20
2023 unlisted share option details
17 June 2024
30 cents
6,000,000
-
-
-
6,000,000
17 June 2023
30 cents
6,000,000
-
-
(6,000,000)
-
9 June 2025
20 cents
-
1,000,000
-
-
1,000,000
12,000,000
1,000,000
-
(6,000,000)
7,000,000
Weighted average exercise price
$0.30
$0.20
-
$0.30
$0.29
(b)
2024 listed share option details
22 Sept 2024
12.5 cents
39,000,002
15,897,500
-
-
54,897,502
39,000,002
15,897,500
-
-
54,897,502
Weighted average exercise price
$0.125
$0.125
-
-
$0.125
2023 listed share option details
22 Sept 2024 12.5 cents
-
39,000,002
-
-
39,000,002
-
39,000,002
-
-
39,000,002
Weighted average exercise price
$0.125
$0.125
Class of
Rights
Expiry date
Balance at start
of year
Granted
during the
year
Issued/
(Exercised)
during the
year
Cancelled/
lapsed
during the
year
Balance at
end of the
year
(c)
Performance Rights Details 2024
Class A
17 June 2026
1,500,000
-
-
-
1,500,000
Class B
17 June 2026
2,000,000
-
(2,000,000)
-
-
Class C
17 June 2026
1,500,000
-
-
-
1,500,000
Tranche A
23 Jul 26 &
3 Dec 26
2,450,000
-
-
(300,000)
2,150,000
Tranche B
23 Jul 26 &
3 Dec 26
3,000,000
-
(2,700,000)
(300,000)
-
Tranche C
23 Jul 26 &
3 Dec 26
1,650,000
-
-
-
1,650,000
12,100,000
-
(4,700,000)
(600,000)
6,800,000
Performance Rights Details 2023
Class A
17 June 2026
1,500,000
-
-
-
1,500,000
Class B
17 June 2026
2,000,000
-
-
-
2,000,000
Class C
17 June 2026
1,500,000
-
-
-
1,500,000
Tranche A
23 Jul 26 &
3 Dec 26
2,450,000
-
-
-
2,450,000
Tranche B
23 Jul 26 &
3 Dec 26
3,000,000
-
-
-
3,000,000
Tranche C
23 Jul 26 &
3 Dec 26
1,650,000
-
-
-
1,650,000
12,100,000
-
-
-
12,100,000
There were no performance rights issued to employees and consultants during the year (2023: Nil).
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 53
Consolidated
2024
2023
$
$
18.
Reserves
(a)
Option reserve
Opening balance
1,020,789
946,115
Listed options
84,000
39,000
Unlisted options
-
35,674
Total unlisted option reserve
1,104,789
1,020,789
(b)
Performance Rights Reserve
Opening balance
1,185,086
772,101
Amortisation of Performance Rights
61,414
412,985
Closing Balance
1,246,500
1,185,086
(c)
Total Reserve
Unlisted Option Reserve
1,104,789
1,020,789
Performance Shares Reserve
1,246,500
1,185,086
Closing Balance
2,351,289
2,205,875
19.
Financial Instruments, Risk Management Objectives and Policies
The Group’s risk management framework is supported by the Board and management. The Board is responsible
for approving and reviewing the Group’s risk management strategy and policy. Management is responsible for
monitoring that appropriate processes and controls are in place to effectively and efficiently manage risk. The
Group has exposure to the following risks:
•
Market risk
•
Interest rate risk
•
Liquidity risk
(a)
Market risk
Market risk is the risk that changes in market prices, such as commodity prices will affect the Group’s potential
income or the value of its holdings of financial instruments. The objective of market risk management is to
manage and control market risk exposures within acceptable parameters, while optimising return. There were
no changes in the Group’s market risk management policies from previous years.
(b)
Interest rate risk
The entity’s main interest rate risk arises from cash and cash equivalents with variable and fixed interest rates.
At 30 June 2024, the Group had $2,039,276 (2023: $1,728,081) of cash and cash equivalents and any exposure
to changes in interest rate risk is unlikely considered to be material.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 54
19.
Financial Instruments, Risk Management Objectives and Policies (continued)
(c)
Liquidity risk
The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the
maturity profiles of financial assets and liabilities. Due to the dynamic nature of the underlying businesses, the
Group aims at ensuring flexibility in its liquidity profile by maintaining the ability to undertake capital raisings.
Funds in excess of short term operational cash requirements are generally only invested in short term bank bills.
The following tables detail the Group’s contractual maturity for its financial liabilities:
Carrying
Amount
Contractual
Cash Flows
Less than 1
year
2-5 years
>5 years
For the year ending 30 June 2024
Trade and other Payables
181,039
181,039
181,039
-
-
Lease liabilities
120,926
134,069
51,775
82,294
-
301,965
315,108
232,814
82,294
-
For the year ending 30 June 2023
Trade and other Payables
204,044
204,044
204,044
-
-
(d)
Net fair value
The carrying value and net fair values of financial assets and liabilities at balance date are:
2024
Carrying
Amount
$
Net fair
Value
$
Financial assets
Cash and cash equivalents
2,039,276
2,039,276
Receivables and other financial assets – current
135,329
135,329
Other financial assets – non current
22,833
22,833
2,197,438
2,197,438
Financial Liabilities
Trade and other payables – current
181,039
181,039
Lease liabilities – current
43,679
43,679
Lease liabilities – non current
77,247
77,247
301,965
301,965
2023
Carrying
Amount
$
Net fair
Value
$
Financial assets
Cash and cash equivalents
1,728,081
1,728,081
Receivables and other financial assets – current
173,023
173,023
Other financial assets – non current
22,833
22,833
1,923,937
1,923,937
Financial Liabilities
Trade and other payables - current
204,044
204,044
204,044
204,044
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 55
Consolidated
2024
$
2023
$
20.
Earnings per Share
(a)
Loss used in the calculation of basic EPS
(3,162,691)
(2,696,126)
(b)
Weighted average number of ordinary shares (‘WANOS’)
WANOS used in the calculation of basic earnings per share:
93,356,797
75,252,114
(c)
Loss per share (in cents)
(3.4)
(3.6)
(d)
Diluted loss per share is considered to be the same as the basic loss per share, as the potential ordinary shares on
issue are anti-dilutive and have not been applied in calculating dilutive loss per share.
Consolidated
2024
$
2023
$
21.
Cash Flow Information
(a)
Reconciliation of cash flows from operating activities with loss from ordinary activities after income tax:
Profit/(Loss) from ordinary activities after income tax
(3,162,691)
(2,696,126)
Share based payments
61,414
448,659
Depreciation
54,905
14,440
Sale of tenements
(300,000)
-
Other – Write off Acquisition Costs
1,500,000
-
Changes in assets and liabilities:
Decrease in operating receivables & prepayments
31,392
11,972
(Decrease) / Increase in operating trade and other payables
(32,648)
12,502
Increase in employee provisions
15,141
18,031
Net cash outflow from Operating Activities
(1,832,487)
(2,190,522)
(b)
Non-cash investing and financing activities
Share based payments expense
84,000
35,674
Consolidated
2024
$
2023
$
22.
Commitments and Contingencies
(a)
Exploration commitments
Not longer than one year
318,094
474,814
Longer than one year, but not longer than five years
355,628
825,396
Longer than five years
-
-
673,722
1,300,210
In order to maintain rights of tenure to mining tenements subject to these agreements, the group would have the
above discretionary exploration expenditure requirements up until expiry of leases. These obligations, which are
subject to renegotiation upon expiry of the leases, are not provided for in the financial statements and are payable
per the above maturities. If the company decides to relinquish certain leases and/or does not meet these
obligations, assets recognised in the statement of financial position may require review to determine the
appropriateness of carrying values. The sale, transfer or farm-out of exploration rights to third parties will reduce
or extinguish these obligations.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 56
Consolidated
2024
$
2023
$
(b)
Non-cancellable operating lease commitments
Not longer than one year
36,000
-
Longer than one year, but not longer than five years
108,000
-
Longer than five years
-
-
144,000
-
The Company has entered into a non-cancellable operating lease for a storage space and office space. The lease
commitments have been accounted for as a right of use assets as at 30 June 2024 and the corresponding lease
liability accounted for under AASB 16 Leases.
(b)
Contingencies
On 29th of January 2019, the company entered into an agreement to acquire tenements in Oregon, United States
known as the Record Mine, for an option fee of US$20,000 payable on agreement, with an option fee payable
annually on 1 February each year for four years for US$25,000 per year (included in exploration commitments
per 18 (a)). After the fourth year the purchase price is contingent upon the option being exercised for a total
payment of US$1.25 million dollars.
Owners shall retain Net Smelter Royalty (NSR) equal to 1.5% and shall be payable to the current owner of the
Record mine in Oregon USA.
On 2 August 2023, the Company announced that it has entered into an agreement with Fleet Street Holdings
(“Fleet Street”) whereby the Company can Farm-in to Fleet Street’s tenement E70/5630 which is located directly
adjacent to the north and east of the Company’s existing Karloning tenure. The key terms of the agreement
between Codrus and Fleet Street are:
• Within 7 days, Codrus must pay Fleet Street $30,000 cash and issue $30,000 worth of Codrus shares at a 5-
day VWAP (approximately 360,000 shares at $0.083 to be issued from the company’s ASX Listing Rule 7.1
placement capacity).
• Codrus will have a minimum expenditure of $100,000 within 12 months of commencement.
• Codrus after completing the minimum spend may achieve a 51% Stage 1 interest by spending an additional
$250,000 within 24 months (which is to include a minimum of 1,500m of Air Core (AC) drilling.
• Codrus after earning the Stage 1 interest may achieve a 80% Stage 2 interest by spending an additional
$250,000.
• After reaching either the Stage 1 or Stage 2 interest, Codrus will utilise its best endeavours to define a resource,
complete all applicable studies, and procure the completion of, a DFS in respect of the Tenement.
• Codrus, on completion of a DFS will free carry Fleet Street to Decision to Mine.
• If a Decision to Mine is made Fleet Street may elect to contribute its share, Convert its share to a 1.5% Net
Smelter Royalty, or sell its interest with Codrus maintaining a pre-emptive right.
• Upon a definition of an indicated or measured mineral resource on the tenement (within 36months) with over
15 million tonnes of Rare Earth Elements (REE) grading +1,000ppm (or metal equivalent) as defined by the
relevant Competent Person, then CDR will issue 1,000,000 fully paid ordinary shares to Fleet Street (to be
issued from the company’s ASX Listing Rule 7.1 placement capacity).
• Upon completion of a Definitive Feasibility Study on the tenement (within 48 months), CDR will issue 2,000,000
fully paid ordinary shares will be issued to Fleet Street (to be issued from the company’s ASX Listing Rule 7.1
placement capacity).
There are no further commitments or contingent liabilities.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 57
23.
Events Occurring After Balance Date
On 22 July 2024, the Company announced that Greg Bandy was appointed Executive Chairman following
resignation of Shannan Bamforth as Managing Director, effective 31 July 2024. The Company also announced
the appointment of Keith Coughlan as Non Executive Director effective 22 July 2024.
Other than those mentioned above, there were no other matter or circumstance has arisen since 30 June 2024
that has significantly affected, or may significantly affect the Group's operations, the results of those operations,
or the Group's state of affairs in future financial years.
24.
Segment Information
(a)
Description of segments
Management has determined the operating segments based on the reports reviewed by the chief operating
decision maker that are used to make strategic decisions. For the purposes of segment reporting the chief
operating decision maker has been determined as the board of directors. The board monitors the entity primarily
from a geographical perspective, and has identified three operating segments, being exploration for mineral
reserves Australia, the United States and the corporate/head office function.
(b)
Segment information provided to the board of directors
The segment information provided to the board of directors for the reportable segments for the year ended
30 June 2024 is as follows:
Australia
$
United States
$
Corporate
$
Total
$
For the year ending 30 June 2024
Interest income
-
-
67,496
67,496
Other income
300,000
-
-
300,000
Exploration expenditure
(2,553,761)
(46,066)
-
(2,599,827)
Total segment (loss) before income tax
(2,253,761)
(47,674)
(861,256)
(3,162,691)
Total segment assets 2024
-
-
2,368,866
2,368,866
Total segment liabilities 2024
(26,693)
-
(358,505)
(385,198)
For the year ending 30 June 2023
Interest income
70,689
70,689
Exploration expenditure
(1,411,809)
(87,196)
-
(1,499,005)
Total segment (loss) before income tax
(1,411,809)
(87,196)
(1,197,121)
(2,696,126)
Total segment assets 2023
-
-
1,983,588
1,983,588
Total segment liabilities 2023
(69,536)
-
(202,600)
(272,136)
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 58
24.
Segment Information (continued)
(c)
Measurement of segment information
All information presented in part (b) above is measured in a manner consistent with that in the financial
statements.
(d)
Segment revenue
No inter-segment sales occurred during the current period. The entity is domiciled in Australia. No revenue
was derived from external customers in countries other than the country of domicile. There were $67,496 (2023:
$70,689) derived from Australian financial institutions during the year.
(e)
Reconciliation of segment information
Total segment revenue, total segment profit/(loss) before income tax, total segment assets and total segment
liabilities as presented in part (b) above, equal total entity revenue, total entity profit/(loss) before income tax,
total entity assets and total entity liabilities respectively, as reported within the financial statements.
25.
Related Party Transactions
(a)
Parent entity
Codrus Minerals Limited is the parent entity.
(b)
Subsidiaries
Interests in subsidiaries are set out in note 27.
(c)
Key management personnel compensation
Consolidated
2024
2023
$
$
Key Management Personnel Compensation
Short-term employee benefits
427,981
388,892
Post-employment benefits
39,812
37,800
Share-based payments
61,414
150,685
Total key management personnel compensation
529,207
577,377
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 59
25.
Related Party Transactions (continued)
(d)
Transactions with other related parties
The following transactions occurred with related parties:
Consolidated
2024
2023
$
$
(i)
Purchases from KMP related entities
Rent of office building and shared office costs
Recharges from Venture Minerals Limited
127,045
93,322
Details of remuneration disclosures are included in the Remuneration Report on pages 18 to 24.
(e)
Terms and conditions of related party transactions
Transactions between related parties are on commercial terms and conditions, no more favourable than those
available to other parties unless otherwise stated.
26.
Share Based Payments
(a)
Fair value of listed options granted
30 June 2024
On 25 September 2023, the Company issued 11,897,500 listed options at $0.001 each with exercise price of
$0.125, expiring on 22 September 2024 under the non-renounceable entitlement issue of options to eligible
shareholders on the basis of one New Option for every two shares held as announced on 25 August 2022. No
value was assigned to the listed option. A further 4,000,000 listed options were issued to lead managers (ie PAC
Partners Securities Pty Ltd). The fair value of the listed options was $84,000 which was expensed as a capital
raising cost against share equity.
30 June 2023
On 23 September 2022, the Company issued 37,500,002 listed options at $0.001 each with exercise price of
$0.125, expiring on 22 September 2024 under the non-renounceable entitlement issue of options to eligible
shareholders on the basis of one New Option for every two shares held as announced on 25 August 2022. The
fair value of the listed options was $37,500 (before costs).
A further 1,500,000 listed options were issued to lead managers (ie PAC Partners Securities Pty Ltd). The fair
value of the listed options was $1,500.
(b)
Fair value of performance rights granted to Managing Director, Employees and Consultants
30 June 2024
No performance rights were granted during the year. In prior year, the performance rights were valued using
the market price on the date of grant. The value was of the performance rights were adjusted based on
managements probability assessment for each class. Performance rights with a probability of less than 50% were
not accounted for during the period to 30 June 2024. The value of the rights recognised in the current period
was $61,414 for Employees/Consultants respectively.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 60
26.
Share Based Payments (continued)
30 June 2023
The performance rights were valued using the market price on the date of grant. The value was of the
performance rights were adjusted based on managements probability assessment for each class. Performance
rights with a probability of less than 50% were not accounted for during the period to 30 June 2023. The value
of the rights recognised in the current period was $150,685 and $262,300 for Managing Director and
Employees/Consultants respectively.
(c)
Fair value of unlisted options granted to joint venture partner
30 June 2024
There were no issuance of unlisted options to joint venture partner during the period.
30 June 2023
On 9 June 2023, the Company issued 1,000,000 unlisted options to Joint Venture Partner for meeting its
minimum expenditure of $100,000 under the Farm In and Joint Venture Agreement with Talgomine, with an
exercise price of $0.20 expiring on 9 June 2025. The value of the options recognised was $18,405.
A further $17,270 of options value were recognised during the year based on the Company meeting its
minimum spend of additional spend of $300,000 resulting to the Company earning its rights to participating
interest of 70%. Once elected, the Company will issue 2,500,000 options to Talgomine, with an exercise price
of $0.50 with a 2-year expiry from the date of issue.
The price was calculated by using the Black-Scholes Option Pricing Model applying the following inputs.
•
Weighted average exercise price of $0.20;
•
Weighted average life of the option (years) of 2.55;
•
Weighted average underlying share price of $0.20;
•
Expected share price volatility of 85%;
•
Weighted average risk-free interest rate of 3.11%.
Volatility was calculated based on historical share price history of the company and used as the basis for
determining expected share price volatility as it assumed that this is indicative of future tender, which may not
eventuate. The life of the options is agreed upon by the Board to ensure long term goal congruence between
Directors, Management and Shareholders.
30 June 2024
30 June 2023
$
$
Share based payments expense
Performance Rights issued to Directors
61,414
150,685
Performance Rights issued to Employees and Consultants
-
262,300
Options issued to joint venture partner
-
35,674
Total Share based payments expense
61,414
448,659
Share issue costs
84,000
-
A portion of the share based payment expense as at 30 June 2024, represents the expense related to rights
and options issued in prior years that relate to the current period of service for employees, directors and
consultants.
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024
CODRUS MINERALS LIMITED Annual Report | 61
27.
Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following wholly
owned subsidiaries in accordance with the accounting policy described in Note 1:
Equity HoldingA
Name of entity
Country of
incorporation
Class of shares
2024
%
2023
%
Black Eagle LLC
Oregon, US
Ordinary
100
100
ElementX Global Pty Ltd
Australia
Ordinary
100
-
Parent
2024
2023
$
$
28.
Parent Entity Information
(a)
Assets
Current assets
2,218,139
1,937,345
Non-current assets
150,727
46,243
Total assets
2,368,866
1,983,588
(b)
Liabilities
Current liabilities
348,970
272,132
Non-current liabilities
36,224
-
Total liabilities
385,194
272,132
(c)
Equity
Issued Capital
17,763,948
14,474,455
Reserves
2,351,289
2,205,875
Accumulated losses
(18,131,565)
(14,968,874)
Total equity
1,983,672
1,711,456
(d)
Total Comprehensive loss for the year
Profit/(Loss) for the period after income tax
(3,162,691)
(2,696,126)
Other comprehensive income for the year
-
-
Total comprehensive loss for the year
(3,162,691)
(2, 696,126)
(e)
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2024 and 30
June 2023. Other commitments are disclosed in Note 22.
(f)
The parent entity had no contingent liabilities as at 30 June 2024 and 30 June 2023, other than as disclosed in
Note 22.
CODRUS MINERALS LIMITED Annual Report | 62
Consolidated Entity Disclosure Statement
Name of entity
Type of entity
Country of
incorporation
Country of tax
residence
% of share capital
Black Eagle LLC
Body corporate
Oregon, US
Oregon, US
100
ElementX Global Pty Ltd
Body corporate
Australia
Australia
100
Director’s Declaration
CODRUS MINERALS LIMITED Annual Report | 63
In the Directors’ opinion
(a)
the financial statements and notes set out on pages 29 to 61 are in accordance with the Corporations Act
2001 , including:
(i)
complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements; and
(ii)
giving a true and fair view of the Group's financial position as at 30 June 2024 and of its
performance for the period ended on that date; and
(b)
there are reasonable grounds to believe that the Group will be able to pay its debts as and when they
become due and payable; and
(c)
the audited remuneration disclosures set out on pages 18 to 24 of the directors’ report comply with
section 300A of the Corporations Act 2001; and
(d)
the financial statements and notes thereto are in accordance with International Financial Reporting
Standards issued by the International Accounting Standards Board.
(e)
the information disclosed in the consolidated entity disclosure statement is true and correct.
The directors have been given the declarations by the chief executive officer and chief financial officer required
by section 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Board of Directors.
Greg Bandy
Executive Chairman
Perth, Western Australia, 25 September 2024
Liability limited by a scheme approved under Professional Standards Legislation
PO Box 1908
West Perth WA 6872
Australia
Level 2, 40 Kings Park Road
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
Stantons Is a member of the Russell
Bedford International network of firms
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
CODRUS MINERALS LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Codrus Minerals Limited (“the Company”) and its subsidiaries (“Group”), which
comprises the consolidated statement of financial position as at 30 June 2024, the consolidated statement of profit or
loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of
cash flows for the year then ended, notes to the consolidated financial statements, including material accounting policy
information, the consolidated entity disclosure statement and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i)
giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its financial performance
for the year then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards
are further described 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 (including Independence Standards) (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the
directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial report of the current period. These matters were addressed in the context of our audit of the financial report
as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined the following matter to be a key audit matter to be communicated in our audit report
Key Audit Matter
How the matter was addressed in the audit
Share Based Payments
(Refer to Note 26 to the financial statements)
During the year, the Company granted 4,000,000 listed
options to brokers. In prior years, the Company had
issued performance rights to employees and consultants
which were yet to vest at the beginning of the financial
year.
The awards vest subject to the achievement of certain
vesting conditions. The Company has performed
calculations to record the related share-based payment
expense of $61,414 through the consolidated statement
of profit or loss and $84,000 charged to capital raising
costs.
Share-based payments are considered to be a key audit
matter due to:
-
the complexities involved in the recognition and
measurement of these instruments under AASB 2
Share-based Payment (AASB 2); and
-
judgement involved in determining the assumptions
and inputs used in the valuations.
Inter alia, our audit procedures included the following:
i.
Obtaining an understanding of the underlying
transactions, reviewing agreements, minutes of the
Board meetings and ASX announcements;
ii.
Verifying the inputs and examining the assumptions
used in the valuation of unlisted and listed options,
being the share price of the underlying equity, time
to maturity (expected life), share price volatility and
grant date;
iii.
Assessing the appropriateness of the vesting period
iv.
Testing
the
mathematical
accuracy
of
the
calculations;
v.
Challenging management’s assumptions in relation
to the likelihood of achieving the vesting conditions;
and
vi.
Assessing the appropriateness of the disclosures
included in the financial statements.
Other Information
The directors are responsible for the other information. The other information comprises the information included in the
Company'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.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a.
the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the
Corporations Act 2001 (other than the consolidated entity disclosure statement); and
b.
the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001,
and for such internal control as the directors determine is necessary to enable the preparation of:
i.
the financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error; and
ii.
the consolidated entity disclosure statement that is true and correct and is free from misstatement,
whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations or has no realistic alternative
but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the Australian
Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain
professional scepticism throughout the audit. An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial report.
The procedures selected depend on the auditor's judgement, including the assessment of the risks of material
misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation of the financial report that gives a true and fair view 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 entity's internal control.
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.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report.
We conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the 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 based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
We 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 obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the financial report. We are responsible for the direction, supervision and
performance of the audit. We remain solely responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in Internal control that we identify during our audit.
The Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements. 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 key audit matters. We describe these matters in our
auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30 June 2024.
In our opinion, the Remuneration Report of Codrus Minerals 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.
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(An Authorised Audit Company)
Eliya Mwale
Director
West Perth, Western Australia
25 September 2024
Schedule of Tenements
CODRUS MINERALS LIMITED Annual Report | 68
Corporate Governance Statement
In accordance with ASX Listing Rule 4.10.3 the company’s Corporate Governance Statement can be found
on the company’s website, refer to https://codrusminerals.com.au/corporate-governance/
Distribution of equity securities
Analysis of numbers of equity security holders by size of holding as at 24 September 2024 were as follows:
Holding
Number of Shareholders
Fully Paid Ordinary Shares
1- 1,000
23
1,001 - 5,000
69
5,001 - 10,000
108
10,001 - 100,000
265
100,001 and over
148
613
Holders of less than a marketable parcel: 276
Substantial Shareholders
The names of the substantial shareholders as at 24 September 2024:
Shareholder
Number
Mr Stephen John Dobson
12,555,164
Mr Oliver John Friesen
12,244,898
Blackstone Minerals Limited
10,000,004
Voting Rights - Ordinary Shares
In accordance with the holding company's Constitution, on a show of hands every member present in
person or by proxy or attorney or duly authorised representative has one vote. On a poll every member
present in person or by proxy or attorney or duly authorised representative has one vote for every fully paid
ordinary share held.
Restricted Securities
•
Nil
Schedule of Tenements
CODRUS MINERALS LIMITED Annual Report | 69
Unquoted Securities
Exercise
price
Vesting conditions
Expiry date
Number of
options
Number
of
holders
Farm In partner
$0.20
Nil
9 June 2025
1,000,000
2
Managing Director
Performance Rights
N/A
Class A, Class B, Class C
17 June 2026
3,800,000
1
Performance Rights
– Consultants and
Employees
N/A
Tranche A, Tranche B, Tranche C
23 July 2026
3,000,000
19
Equity security holders
The names of the twenty largest ordinary fully paid shareholders as at 24 September 2024 are as follows:
Position
Shareholder
Number
% Held of
Issued Ordinary
Capital
1
2
3
4
5
6
6
7
7
8
9
10
10
11
12
13
14
15
15
15
16
17
18
18
18
18
18
18
19
20
BMR STEPHEN JOHN DOBSON
MR OLIVER JOHN FRIESEN
BLACKSTONE MINERALS LIMITED
JALAVER PTY LTD
J & J BANDY NOMINEES PTY LTD
WYCHWOOD NOMINEES PTY LTD
STRATA NOMINEES PTY LTD
HASLINGDEN PTY LTD
MR JASON BONTEMPO & MRS TIZIANA BATTISTA
JAMEKER PTY LTD
MR HAMISH HALLIDAY
THE SHED MAN PTY LTD
ZESSHAM PTY LTD
STARFIN PTY LTD
MR SHANNAN THOMAS BAMFORTH
NETWEALTH INVESTMENTS LIMITED
STARFIN PTY LTD
BAISAM PTY LTD
MR ALAN PAUL BLACKNEY
DUNCAN CRAIB "
BOND STREET CUSTODIANS LIMITED "
MR RICHARD ANTHONY BENNETT & MRS SONIA MAREE BENNETT
"
STATION NOMINEES PTY LTD "
HIGHLAND COMPANY PTY LTD "
MR RICHARD TUCKER
OSIRIS INVESTMENTS PTY LTD "
ICE LAKE INVESTMENTS PTY LTD
UNDERLEX PTY LTD
MRS LENORE THERESA RADONJIC
SEVENTY THREE PTY LTD "
12,555,164
12,244,898
10,000,004
7,122,449
6,322,449
6,122,449
6,122,449
5,000,000
5,000,000
4,500,000
4,432,140
3,500,000
3,500,000
2,550,000
2,340,000
2,200,000
2,025,000
2,000,000
2,000,000
2,000,000
1,973,903
1,500,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
939,286
850,000
7.59%
7.40%
6.05%
4.31%
3.82%
3.70%
3.70%
3.02%
3.02%
2.72%
2.68%
2.12%
2.12%
1.54%
1.41%
1.33%
1.22%
1.21%
1.21%
1.21%
1.19%
0.91%
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
0.57%
0.51%
111,800,191
68.20%
Schedule of Tenements
CODRUS MINERALS LIMITED Annual Report | 70
As at 24 September 2024
Project
Location
Tenement
Interest
Jasper Wedge
Saskatchewan, Canada
MC00016116
04%
Nanuk Uranium
Quebec, Canada
2745202
04%
Quebec, Canada
2745199 – 2745201
04%
Quebec, Canada
2745203 – 2745210
04%
Quebec, Canada
2819880 – 2819933
04%
Bull Run (Record Mine)
Oregon, USA
OR152073, OR152074
0%1
Oregon, USA
OR152076, OR152077
0%1
Oregon, USA
OR152078, OR152627
0%1
Oregon, USA
OR17242 – OR17246
0%1
Oregon, USA
OR176469 – OR176514
100%
Oregon, USA
OR178405 – OR178437
100%
Oregon, USA
OR105272173 – OR105272184
100%
Red Gate
Western Australia
E31/1096
100%
Middle Creek
Western Australia
P46/1901 - P46/1912
95%
Western Australia
P46/1917 - P46/1919
95%
Waladdi Soak
Western Australia
E27/682, E27/684, E27/1176
Under application
Koonkoobing Hill
Western Australia
E70/6306
100%
Karloning
Western Australia
E70/5339
0%2
Karloning Northeast
Western Australia
E70/6462
Under application
Wialki
Western Australia
E70/6472
Under application
Danberrin Hill South
Western Australia
E70/6348
100%
Fleet Street
Western Australia
E70/5630
0%3
Key
E:
Exploration Licence
P:
Prospecting Licence
1Lode mining claims held under an option agreement with Young and Mount View Farms
2Codrus has rights to earn up to 90% of the Karloning Rare Earth Element (REE) Project.
3Codrus has rights to earn up to 80% interest of Fleet Street’s tenement.
4Currently held in the name of Oliver Friesen via agreement with Codrus.