Altair Minerals Limited
(Formerly known as Cohiba Minerals Limited)
ABN 72 149 026 308
Annual Report - 30 June 2024
Altair Minerals Limited
Contents
30 June 2024
1
Corporate directory
2
Review of Operations
3
Directors' report
8
Auditor's independence declaration
19
Statement of profit or loss and other comprehensive income
20
Statement of financial position
21
Statement of changes in equity
22
Statement of cash flows
23
Notes to the financial statements
24
Consolidated entity disclosure statement
37
Directors' declaration
38
Independent auditor's report to the members of Altair Minerals Limited
39
Shareholder information
44
Altair Minerals Limited
Corporate directory
30 June 2024
2
Directors
Mr Mordechai Benedikt (Non-Executive Chairman)
Mr Nochum Labkowski (Non-Executive Director)
Mr Jamie Larmont (Non-Executive Director)
Chief Executive Officer
Mr Faheem Ahmed
Company secretaries
Mr Justin Mouchacca
Registered office
Level 21, 459 Collins Street
Melbourne, VIC 3000
Ph: (03) 8630 3321
Principal place of business
Level 21, 459 Collins Street
Melbourne, VIC 3000
Share register
Automic Registry Services
477 Collins Street
Melbourne VIC 3000
Ph: 1300 288 664
Auditor
William Buck
Level 20, 181 William Street
Melbourne VIC 3000
Stock exchange listing
Altair Limited securities are listed on the Australian Securities Exchange
(ASX codes: ALR and ALROB)
Website
www.altairminerals.com.au
Altair Minerals Limited
Review of Operations
30 June 2024
3
Key Management Appointments and Board Changes
Mr Faheem Ahmed was appointed as Chief Executive Officer commencing 21st March 2024, following resignation of Andrew
Graham.
Mr Jamie Larmont was appointed as Non-Executive Director commencing 21st March 2024.
Expansion and strengthening of technical team through appointment of Mr. Chris Anderson, Dr. Ken Cross and Dr. Jim
Hanneson as technical advisors to the board.
Expansion of management through appointment of Mr. Steven Cooper as exploration manager to execute plans on Olympic
Domain and Wee MacGregor copper & gold assets.
Key Activities
Completion of $2.35 million raise (after costs) to fund Altair through into its next stages of exploration and growth
Completion of desktop review of Olympic Domain Project – consisting of three highly prospective targets (Horse-Well,
Lake Torrens and Pernatty C)
Completion of desktop review of Wee MacGregor to follow up previous high-grade targets
Compilation of data-room for Olympic Domain Project and commencement of JV negotiations to progress the project into
Phase 2 of exploration
Commenced geophysical remodelling of previous Audio Magneto-Telluric (AMT) at Horse-Well
Completion of Rock-Chip and Channel Sampling at Wee MacGregor, where assays were received subsequent to the end
of the Financial Year – returning 32% Copper, 5.5g/t Au and 44m @ 1.2% Copper Channel (ASX: ALR announcement
17th September 2024)
Completion of Rock-Chip sampling of Ontario Lithium projects, where assays were received subsequent to the end of
the Financial Year.
Review of numerous advanced complimentary project opportunities in the mineral space globally.
Company Projects
Olympic Domain (South Australia, Australia – 100% Owned)
The Olympic Domain Projects consists of three key prospects located on three separate exploration licenses in South Australia
– Horse Well, Lake Torrens, and Pernatty C.
These prospects are situated in one of the largest basins in the world – the Gawler Craton, which is host for mega-IOCG
discoveries such as Oak Dam, Olympic Dam and Carrapateena. These IOCG deposits react well to magnetic TLM and gravity
survey due to hematite/magnetite being located at the core of these IOCG bodies. This makes detailed gravity work combined
with structural geology an effective pathfinder for major IOCG discoveries, which Altair’s desktop review has re-affirmed.
The most advanced tenure of Altair’s Olympic Domain Project is the Horse-Well Project which is the only project held by a
junior exploration company in the vicinity of BHP’s Oak Dam Deposit. Horse-Well covers a large area of 147km2 which is
located 2km west of Oak Dam’s recently defined inferred resource of 1.34Bt @ 0.66% Cu and 0.33g/t Au, including 220Mt @
1.96% Cu and 0.68g/t Au1.
Horse-Well Project
A comprehensive review of all drilling and geological data at Horse Well has shown the prospect hosts all major features
required within a large IOCG discovery which develops a compelling exploration target.
1. Large structural features
1 ASX: BHP Announcement dated 27th August 2024, “BHP FY2024 Results Presentation”.
Altair Minerals Limited
Review of Operations
30 June 2024
4
Cross-cutting faults have been confirmed from drilling at Horse Well which is a pre-requisite to hosting large IOCG bodies.
Coupled with large intercepts of low-grade copper mineralisation (111.6m @ 0.27% Cu) which indicates large-scale historical
fluid movement through the structural features. This is confirmation Altair is proximal to the source of mineralisation and the
target is considerable in size.
2. Harsh transition from barren rock
Harsh transition from barren rock to low levels of mineralisation with brittle fractures and brecciation which is also highly
promising of a large IOCG discovery and indicative drilling has also moved proximal to the source of mineralisation.
3. HEMQ (Hematite Quartz) Presence
HEMQ is a key marker which occurs abundantly to the Olympic Dam and Oak Dam deposit. Not only was HEMQ present
within Horse Well drill cores but was also visually identical to the HEMQ found at Olympic Dam.
4. Small intercepts of high-grade copper
Minor intercepts of high-grade copper such as 0.8m @12.15% Cu at Horse Well, is confirmation the large body of fluid which
moved through the structure predominantly hosted copper – these small and high-grade intercepts are sections of fractional
crystallization of the host fluid. Indicating the major deposit is copper abundant and the final deposition of fluids into an IOCG
has occurred proximal to the latest round of drilling.
5. Numerous geophysical hotspots
Magnetic signatures have indicated numerous targets which align with gravity surveys. Due to structural dislocations, the host
body does not always directly lie below the gravity high – i.e Oak Dam was discovered ~200m west of gravity high. Altair’s
desktop review has confirmed that the next step in exploration will focus on a major discovery ~200m away from gravity highs
which is running parallel to faults.
Figure 1: Horse Well Total Magnetic Intensity (TMI) overlaid with TMI variable reduction to pole (VRTP) 2nd derivative -
SARIG. Shows two key high-priority magnetic targets.
Altair Minerals Limited
Review of Operations
30 June 2024
5
Lake Torrens Project
Lake Torrens is perfectly placed on the annulus of major mantle disruptions which hosts Olympic Dam and Oak Dam West.
Furthermore, Lake Torrens sits on the PD1 Lineament Corridor2 which was used for targeted mineral exploration that famously
led to the discovery of Olympic Dam – this is an incredibly rare co-incident which places this concession strategically on the
cross-roads of two rare geological features which was analogous with Olympic Dam.
Over 500 geological lineaments were mapped by the late Tim O'Driscoll in Western Mining Corporation Exploration Division
during the 1960s to 1980s which was used to target exploration programs – eventually laying the foundation of fundamental
analysis which led to the discovery of Olympic Dam3.
Figure 2: Residual Gravity Survey taken on the Lake Torrens project area with the interpreted PD1 Lineament
superimposed.
Pernatty C Project
Pernatty C presents a lead silver zinc and base metal target which drilling appears to have nicked the edge of a potential
source body – intercepting 1m @5.28% Zn (PSDDH01). Review of geological logs and core data indicates this prospect
requires follow up drilling to confirm if PSDDH01 was within the edge of the resource body and following up to identify the
dimensions of the source body.
2 Larry J. Robinson, 2007, The Spatial and Temporal Distribution of the Metal Mineralisation in Eastern Australia and the
Relationship of the Observed Patterns to Giant Ore Deposits. University of Queensland.
3 Claoue-Long, J.C. 2014. O'Driscoll Lineament Maps of Australia. Geoscience Australia, Canberra.
Altair Minerals Limited
Review of Operations
30 June 2024
6
Wee MacGregor (Queensland, Australia – 80% Owned)
Wee MacGregor Project represents a high-grade brownfield copper exploration opportunity for Altair, which historic work has
confirmed numerous high-grade follow up targets.
Historic production at the former Wee MacGregor mine resulted in 2,731 tonnes of Copper at 6.2% and 1,535 ounces of Gold
at 1g/t Au from 44.4kt ore.4
Upon conducting a thorough review of existing and historic exploration works, re-interpretation of Wee MacGregor data
presents a highly prospective walk-up Copper exploration target which is expected to be incorporated into Altair’s future work
programs.
Wee MacGregor comprises of 3 granted Mining Licenses located 60km from Mt Isa. The Wee MacGregor mine and
neighbouring Rosebud mine has had a rich history of high-grade copper production 6.2% Cu and 6.6% Cu respectively, with
minimal modern exploration work completed. Drilling completed in 1991 has shown significant remnant and high-grade copper
mineralisation remains at Wee MacGregor which remains open along strike and at depth.
Furthermore, high-grade XRF readings of rock-chips and laboratory grab sample analyses have been discovered by both ALR
and previous vendors which all sit outside the historically drilled area and associated block model which further accentuates
exploration potential for the Project which require follow-up exploration procedures. These results include5:
WM001: 16.42% Cu and 0.17% Co (Rock-chip; pXRF)
WM003: 45.38% Cu and 0.21% Co (Rock-chip; pXRF)
WM005: 5.71% Cu and 1.88% Co (Rock-chip; pXRF)
WM006: 24.38% Cu and 0.13% Co (Rock-chip; pXRF)
WMS001: 7.45% Cu and 0.94% Co (Rock-chip; pXRF)
RB001: 14.2% Cu and 0.12% Co (Rock-chip; pXRF)
Subsequent to the end of the financial year Altair has collected samples which have further extended surface mineralisation
strike and re-affirms the rich copper mineralisation which protrudes to surface, including a thick channel sample which returned
44m @ 1.2% Cu, which warrants further exploration – see ASX: ALR announcement dated 17th September 2024.
Pyramid Lake (Western Australia, Australia – 100% Owned)
Altair Minerals Limited holds (100%) exploration licence E74/594, which covers all of Pyramid Lake in south-western Western
Australia, for a total of 11,266 hectares or 112.66 km2. Pyramid Lake itself is a salt-lake covering 6,632 hectares located 115
kilometres northwest of the town of Esperance on the northern limit of the agricultural area which is prospective for Gypsum
mineralisation.
Altair had submitted an Exploration Licence Application (E74/768) comprising 28 blocks to the north and east of Pyramid
Lake (E74/594) to increase its footprint in the area and secure additional potential resources, these Exploration Licenses
were granted during the Financial Year.
Cobalt X (Queensland, Australia – 100% owned)
The Company holds various exploration licences through its wholly owned subsidiary Cobalt X Pty Ltd. As at the date of this
report the Company is the holder of the following mineral exploration licences pursuant to the Mineral Resources Act 1989
(QLD):
All of the Queensland Exploration Licences were maintained in good standing.
4 ASX: AGY announcement dated 2nd November 2015, “Argosy Signs Farm-In Joint Venture for New Queensland Copper-Gold
Project”
5 ASX: ALR announcement dated 7th August 2017, “Outstanding Copper and Cobalt Grades from Initial Field Assessment at Wee
MacGregor”
Altair Minerals Limited
Review of Operations
30 June 2024
7
Ontario Lithium (Ontario, Canada – 100% Owned)
On 21 July 2023, the Company completed the acquisition of Maple Minerals 2 Pty Ltd (Maple Minerals) following an extensive
due diligence process. The acquisition has been accounted for as an asset acquisition in the 2024 financial year. Maple
Minerals holds the rights to acquire four (4) lithium and rare earth element (REE) properties in Ontario, Canada. Through this
year, the company has completed a surface mapping and sampling program at the Ontario Lithium Properties held by Maple
Minerals, through Dahrouge Consulting. Assays from the 132 grab samples have been released subsequent to the end of the
financial year. No significant expenditure is budgeted for the coming years at this stage.
The Maple Minerals project portfolio consists of:
The Big Rock Lithium Property comprising 9 claims for 3,611 hectares,
The Rogers Creek Lithium Property comprising 10 claims for 4,642 hectares,
The Ottertail Lithium Property comprising 7 claims for 2,690 hectares; and,
The Gathering Lake Lithium Property comprising 9 claims for 3,897 hectares.
Altair Minerals Limited
Directors' report
30 June 2024
8
The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as
the 'consolidated entity') consisting of Altair Minerals Limited (formerly known as Cohiba Minerals Limited) (referred to
hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June
2024.
Directors
The following persons were Directors of Altair Minerals Limited during the whole of the financial year and up to the date of this
report, unless otherwise stated:
Mr Mordechai Benedikt (Non-Executive Chairman) - stepped down as Executive Chairman on 21 March 2024
Mr Nochum Labkowski (Non-Executive Director)
Mr Jamie Larmont (Non-Executive Director) - appointed 21 March 2024
Mr Andrew Graham (Executive Director) - resigned 21 March 2024
Principal activities
The principal activity of the consolidated entity during the year was the exploration for natural resources, including metals,
precious metals, lithium, cobalt and minerals. There have been no significant changes in the nature of those activities during
the period.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Review of operations
The loss for the consolidated entity after providing for income tax amounted to $3,262,569 (30 June 2023: loss of $3,647,329).
Financial performance
For the year ended 30 June 2024, the loss before income taxes had decreased by $384,759 to $3,262,570 (30 June 2023:
$3,647,329).
Financial position
Net assets of the consolidated entity decreased by $46,569 to $10,131,041 (30 June 2023: $10,177,610)
Refer to the detailed review of operations preceding this report for further information on the Consolidated entity’s activities.
Significant changes in the state of affairs
●
On 11 July 2023, the Company held a General Meeting with shareholders to approve the acquisition of Maple Minerals
2 Pty Ltd, and shareholder approval was granted on this day. On 21 July 2023, the Company paid CAD$259,000, issued
50,000,000 shares $0.005 (0.5 cents) and issued 125,000,000 performance rights with various vesting conditions to
acquire Maple Minerals 2 Pty Ltd. The deemed fair value of the shares issued was $250,000 and $250,000 for the
performance rights respectively. The total deemed consideration paid for the assets was CAD$259,000 in cash and
$500,000 in equity. The Company also issued 390,000,000 listed options (CHKOB) as free attaching options through the
placement (one for two free attaching options) being exercisable at $0.01 (1 cents) on or before 19 December 2024.
●
On 7 December 2023, the Company announced firm commitments for a capital raising of $1.5 million from professional
and sophisticated investors (‘Placement’). The issue price for the Placement was $0.0012 (0.12 cents) and the Company
issued 1,250,000,000 fully paid ordinary shares (‘Shares’) with 316,986,000 Shares issued in accordance with the
Company’s placement capacity under ASX Rule 7.1 and the remaining 933,014,000 Shares were subject to shareholder
approval at an extraordinary general meeting which was held on 29 January 2024 (‘EGM’). Shareholder approval was
granted at the EGM.
●
On 19 February 2024 the Company issued 933,014,000 Shares in accordance with the capital raising announced on 7
December 2023 and following shareholder approval received at a general meeting of shareholders held on 29 January
2024, raising $1,119,617 (before costs). On the same day the Company also issued 125,000,000 Shares in accordance
with a deemed issue price of $0.0012 (0.12 cents) for consulting services provided to the Company.
Altair Minerals Limited
Directors' report
30 June 2024
9
●
On 20 February 2024 the Company announced that it received firm commitments for an additional capital raising of
$850,000 (excluding costs) through the issue of 708,333,333 Shares with 538,000,000 Shares to be issued with the
Company's placement capacity under ASX Listing Rule 7.1 and the remaining 170,333,333 Shares being subject to
shareholder approval at an extraordinary general meeting. Shareholder approval was received at a meeting held on 10
May 2024 and the Company issued the shares on 16 May 2024.
●
On 14 May 2024 the Company changed its name from Cohiba Minerals Limited (CHK) to Altair Minerals Limited (ALR)
following receipt of shareholder approval at a general meeting of shareholders held on 10 May 2024.
There were no other significant changes in the state of affairs of the consolidated entity during the financial year.
Matters subsequent to the end of the financial year
No other matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly affect the
consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial
years.
Likely developments and expected results of operations
During the previous financial years, the Company has entered into agreements to acquire new projects and project rights and
the success of the Company will depend on exploration activities proposed to be carried out on the current projects areas of
interest which have been acquired or granted to the Consolidated entity.
The Company continues to review potential new opportunities, if the Directors are successful in acquiring new projects or
entering into a joint venture, it is expected that part of the funding held by the Company may be directed to the purchase of
that project and to the exploration and development plan for that project. It may be that additional cash will be required to fund
any of these events should they eventuate. In that case the Directors will be required to review the funding options available
to the Company.
Business risk management
The Company is committed to the effective management of risk to reduce uncertainty in the Company’s business outcomes
and to protect and enhance shareholder value. There are various risks that could have a material impact on the achievement
of the Company’s strategic objectives and future prospects.
Key risks and mitigation activities associated with the Company's objectives are set out below:
Exploration risk
The Company’s projects are at various stages of exploration, and potential investors should understand that mineral
exploration is a high-risk undertaking. There can be no assurance that exploration of these projects, or any other tenements
that may be acquired in the future, will result in the discovery of an economic mineral deposit.
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, unanticipated operational and technical difficulties, industrial and
environmental accidents, local title processes, changing government regulations and many other factors beyond the control
of the Company.
In addition, the tenements forming the projects of the Company may include various restrictions excluding, limiting or imposing
conditions upon the ability of the Company to conduct exploration activities. While the Company will formulate its exploration
plans to accommodate and work within such access restrictions, there is no guarantee that the Company will be able to satisfy
such conditions on commercially viable terms, or at all.
The Company uses a number of exploration techniques in order to reduce the level of exploration risks and continues to
explore new and innovative technologies through its day to day operations.
Regulatory risk
The Company’s mining and exploration activities are dependent upon the maintenance (including renewal) of the tenements
in which the Company has or acquires an interest. Maintenance of the Company’s tenements is dependent on, among other
things, the Company’s ability to meet the licence conditions imposed by relevant authorities. Although the Company has no
reason to think that the tenements in which it currently has an interest will not be renewed, there is no assurance that such
renewals will be given as a matter of course and there is no assurance that new conditions will not be imposed by the relevant
authority or whether the Company will be able to meet the conditions of renewal on commercially reasonable terms, if at all.
Altair Minerals Limited
Directors' report
30 June 2024
10
The Company works with local government and mining departments to ensure it meets the required level of reporting
requirements and to reduce any potential for breach of regulatory requirements.
Future funding risk
The Company has no operating revenue and is unlikely to generate any operating revenue in the foreseeable future.
Exploration and development costs and pursuit of its business plan will use funds from the Company's current cash reserves
and the amount raised under the Equity Offer.
The development of one or more of its projects may require the Company to raise capital in excess of the funds proposed to
be raised under the Equity Offer.
Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than the then market price
(or Offer Price) or may involve restrictive covenants which limit the Company's operations and business strategy. Debt
financing, if available, may involve restrictions on financing and operating activities.
Although the Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital or
funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is unable to obtain
additional financing as needed, it may be required to reduce the scope of its activities and this could have a material adverse
effect on the Company's activities and could affect the Company's ability to continue as a going concern. The Company’s
funding requirements are reviewed on a regular basis in order to mitigate future funding risk.
Farm in and joint venture risk
The Company is party to joint venture arrangements with various projects. These joint venture arrangement and other farm-
in arrangements are subject to conditions and expenditure requirements for the Company to achieve certain ownership
percentage ownership of the relevant projects. The farm-in arrangements also give rise to joint ventures.
There is a risk that the Company will not meet the requirements (including in respect of expenditure) under the farm-in
arrangements or that, even if such requirements are met, a commercially viable resource will not be located on the project. In
addition, any joint venture arrangement will be subject to risks typically associated with arrangements of that kind, including
but not limited to that either party may seek to terminate or withdraw from the arrangement or fail to meet their obligations
thereunder. There is also the potential for disputes in respect of the obligations of the parties to the joint venture, as outlined
in Note 8 of this financial report.
Environmental regulation
The consolidated entity holds participating interests in a number of exploration tenements. The various authorities granting
such tenements require the tenement holder to comply with the terms of the grant of the tenement and all directions given to
it under those terms of the tenement. To the best of the Directors' knowledge, the Group has adequate systems in place to
ensure compliance with the requirements of all environmental legislation described above and are not aware of any breach of
those requirements during the financial year and up to the date of the Directors' report.
Information on Directors
Name:
Mr Mordechai Benedikt
Title:
Non-Executive Chairman
Experience and expertise:
Mr Benedikt is an experienced businessman with an extensive background in food
imports for over 12 years. He is very active in export trade from Australia to Asia, building
a vast network overseas. More recently he has been actively involved in commercial
property and substantial investments in the public sector. Mr Benedikt controls Jascot
Rise Pty Ltd, a substantial shareholder in the Company.
Other current directorships:
None
Former directorships (last 3 years): Abilene Oil and Gas Limited (ASX: ABL) – Company delisted in October 2021
Interests in shares:
245,526,096 fully paid ordinary shares
Interests in options:
56,666,667 unlisted options
2,500,000 CHKOB options
Altair Minerals Limited
Directors' report
30 June 2024
11
Name:
Mr Nochum Labkowski
Title:
Non-Executive Director
Experience and expertise:
Mr Labkowski is the CEO and principal investor in Halevi Enterprises, a private equity
firm. Halevi Enterprises with, Mr Labkowski’s leadership, currently holds equity in over
30 private companies, which invest in real estate worldwide. Mr Labkowski’s unique
approach to investing has provided significant returns to those companies he has
invested in to date.
Other current directorships:
None
Former directorships (last 3 years): None
Interests in shares:
22,642,125 fully paid ordinary shares
Interests in options:
15,000,000 unquoted options
2,500,000 CHKOB options
Name:
Mr Jamie Larmont (appointed 21 March 2024)
Title:
Non-Executive Director
Experience and expertise:
Mr Larmont is a seasoned mining professional and corporate strategy expert, boasting
extensive experience in operational and project management while working for BHP and
RIO for over a decade. He has a Bachelor of Engineering and a decade of hands-on
experience, alongside his consultative work, Jamie brings a profound understanding of
operational strategy, project value analysis, and corporate communication to his roles.
Mr Larmont's work in the mining industry has consistently demonstrated a robust
commitment to generating business value and astute leadership qualities with the ability
to manage large operational teams.
Other current directorships:
None
Former directorships (last 3 years): None
Interests in shares:
16,666,667 Fully paid ordinary shares
Interests in options:
8,333,333 unlisted options
Name:
Mr Andrew Graham (resigned 21 March 2024)
Title:
Former Chief Executive Officer and Executive Director
Experience and expertise:
Mr Graham has 30 years of technical, operational and managerial experience in the
resources sector with both private and public companies in Australia and overseas. He
has founded multiple companies in the mining, mineral processing, consulting and
environmental sectors and has a passion for business building through strong
leadership, technical excellence and strategic focus. Mr Graham has built a global
network of investors, innovators and technical and commercial specialists. He has been
involved in raising hundreds of millions of investment capital, building large teams of
specialists and developing numerous projects from greenfields exploration to operating
mines. He has qualifications in applied geology, economic geology, management,
training and quarry management and is a member of the Australasian Institute of Mining
and Metallurgy and the Institute of Quarrying.
Other current directorships:
None
Former directorships (last 3 years): None
Interests in shares:
N/A
Interests in options:
N/A
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all
other types of entities, unless otherwise stated.
'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes
directorships of all other types of entities, unless otherwise stated.
Chief Executive Officer
Mr Faheem Ahmed (appointed 21 March 2024)
Mr Ahmed holds a Bachelor of Engineering and Bachelor of Project Management and has over 7 years of experience in project
evaluation, asset management, data analysis, lifecycle cost analysis and risk modelling including projects in the fields of
infrastructure, mining, health and transport.
Altair Minerals Limited
Directors' report
30 June 2024
12
Company secretary
Mr Justin Mouchacca, CA FGIA
Mr Mouchacca is a Chartered Accountant and Fellow of the Governance Institute of Australia with over 17 years' experience
in public company responsibilities including statutory, corporate governance and financial reporting requirements. Since July
2019, Mr Mouchacca has been principal of JM Corporate Services and has been appointed Company Secretary and Chief
Financial Officer for a number of entities listed on the ASX and unlisted public companies.
Meetings of Directors
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2024, and the
number of meetings attended by each Director were:
Full Board
Attended
Held
Mordechai Benedikt
3
3
Nachum Labkowski
3
3
Jamie Larmont
1
1
Andrew Graham
2
2
Held: represents the number of meetings held during the time the Director held office.
Remuneration report (audited)
The remuneration report details the key management personnel remuneration arrangements for the consolidated entity, in
accordance with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including all Directors.
The remuneration report is set out under the following main headings:
●
Principles used to determine the nature and amount of remuneration
●
Details of remuneration
●
Service agreements
●
Share-based compensation
●
Additional information
●
Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
The objective of the consolidated entity's executive reward framework is to ensure reward for performance is competitive and
appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and
the creation of value for shareholders, and it is considered to conform to the market best practice for the delivery of reward.
The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward
governance practices:
●
competitiveness and reasonableness
●
acceptability to shareholders
●
performance linkage / alignment of executive compensation
●
transparency
The Board is responsible for determining and reviewing remuneration arrangements for its directors and executives. The
performance of the company depends on the quality of its directors and executives. The remuneration philosophy is to attract,
motivate and retain high performance and high quality personnel.
The Board has structured an executive remuneration framework that is market competitive and complementary to the reward
strategy of the company.
The reward framework is designed to align executive reward to shareholders' interests. The Board have considered that it
should seek to enhance shareholders' interests by:
Altair Minerals Limited
Directors' report
30 June 2024
13
●
having financial performance as a core component of plan design
●
focusing on sustained growth in shareholder wealth and growth in share price and delivering constant or increasing return
on assets as well as focusing the executive on key non-financial drivers of value
In accordance with best practice corporate governance, the structure of non-executive Director and executive Director
remuneration is separate.
Non-executive Directors remuneration
Fees and payments to non-executive directors reflect the demands and responsibilities of their role. Non-executive directors'
fees and payments are reviewed annually by the Board as a whole. The chairman's fees are determined independently to the
fees of other non-executive directors based on comparative roles in the external market. The chairman is not present at any
discussions relating to the determination of his own remuneration.
ASX listing rules require the aggregate non-executive directors remuneration be determined periodically by a general meeting.
The most recent determination was at a General Meeting of shareholders held on 16 May 2012, where the shareholders
approved an aggregate remuneration of $250,000.
Executive remuneration
The company aims to reward executives with a level and mix of remuneration based on their position and responsibility, which
has both fixed and variable components.
The executive remuneration and reward framework generally has two components:
●
base pay and non-monetary benefits
●
share-based payments
The combination of these comprises the executive's total remuneration.
Fixed remuneration, consisting of base salary, and non-monetary benefits, are reviewed annually by the Board, predominantly
non-executive Director, based on individual and business unit performance, the overall performance of the consolidated entity
and comparable market remunerations.
The long-term incentives ('LTI') include share-based payments.
The Company did not use any external remuneration consultants during the financial year.
Consolidated entity performance and link to remuneration
The remuneration of directors and executives are not linked to the performance, share price or earnings of the consolidated
entity.
Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the consolidated entity are set out in the following tables.
The key management personnel of the consolidated entity consisted of the following Directors and Chief Executive Officer of
Altair Minerals Limited:
●
Mr Mordechai Benedikt (Non-Executive Chairman)
●
Mr Faheem Ahmed (Chief Executive Officer)
●
Mr Nachum Labkowski (Non-Executive Director)
●
Mr Jamie Larmont (Non-Executive Director) - appointed 21 March 2024
●
Mr Andrew Graham (Executive Director) - resigned 21 March 2024
Altair Minerals Limited
Directors' report
30 June 2024
14
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary
Cash
Non-
Super-
Long
service
Equity-
and fees
bonus
monetary
annuation
leave
settled
Total
2024
$
$
$
$
$
$
$
Non-Executive Directors:
Nochum Labkowski
57,192
-
-
-
-
43,542
100,734
Jamie Larmont*
13,419
-
-
1,476
-
-
14,895
Mordechai Benedikt**
207,900
-
-
-
-
43,542
251,442
Executive Directors:
Andrew Graham***
153,600
-
-
-
-
43,542
197,142
Other Key Management
Personnel:
Faheem Ahmed*
50,323
-
-
5,535
-
-
55,858
482,434
-
-
7,011
-
130,626
620,071
*
Appointed on 21 March 2024.
**
Stepped down as Executive Chairman on 21 March 2024, and then paid as Non-Executive Director.
*** Resigned on 21 March 2024
No termination benefits were paid to the resigning directors.
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary
Cash
Non-
Super-
Long
service
Equity-
and fees
bonus
monetary
annuation
leave
settled
Total
2023
$
$
$
$
$
$
$
Non-Executive Directors:
Nochum Labkowski
60,000
-
-
-
-
76,500
136,500
Executive Directors:
Mordechai Benedikt
228,000
-
-
-
-
76,500
304,500
Andrew Graham
180,000
-
-
-
-
76,500
256,500
468,000
-
-
-
-
229,500
697,500
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Fixed remuneration
At risk - STI
At risk - LTI
Name
2024
2023
2024
2023
2024
2023
Directors:
Mordechai Benedikt
83%
75%
-
-
17%
25%
Faheem Ahmed
100%
70%
-
-
-
30%
Nachum Labkowski
57%
44%
-
-
43%
56%
Jamie Larmont
100%
-
-
-
-
-
Andrew Graham
78%
58%
-
-
22%
42%
Altair Minerals Limited
Directors' report
30 June 2024
15
Service agreements
Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details
of these agreements are as follows:
Name:
Faheem Ahmed
Title:
Chief Executive Officer
Agreement commenced:
21 March 2024
Term of agreement:
Termination clause of 3 months notice by either party
Details:
Mr Faheem Ahmed will be remunerated at $15,000 plus Superannuation per month
Key management personnel have no entitlement to termination payments in the event of removal for misconduct.
Share-based compensation
Issue of Shares
There were no shares issued to Directors and other key management personnel as part of compensation during the year
ended 30 June 2024.
Options
The terms and conditions of each grant of options over ordinary shares affecting remuneration of Directors and other key
management personnel in this financial year or future reporting years are as follows:
Fair value
Vesting date and
per option
Grant date
exercisable date
Expiry date
Exercise price at grant date
18/12/2020
Subject to vesting conditions 18/12/2023
$0.02
$0.017
26/11/2021
Subject to vesting conditions
17/12/2024
$0.04
$0.040
Options granted carry no dividend or voting rights.
Additional information
The earnings of the consolidated entity for the five years to 30 June 2024 are summarised below:
2024
2023
2022
2021
2020
$
$
$
$
$
Revenue
10,796
5,703
12,331
31,797
22,349
Net (loss) before income tax
(3,262,569)
(3,647,329)
(2,827,947)
(1,393,784)
(1,288,926)
Net (loss) after income tax
(3,262,569)
(3,647,329)
(2,827,947)
(1,393,784)
(1,288,926)
The factors that are considered to affect total shareholders return ('TSR') are summarised below:
2024
2023
2022
2021
2020
Share price at start of financial year ($)
0.003
0.007
0.016
0.008
0.011
Share price at end of financial year ($)
0.004
0.003
0.007
0.016
0.008
Basic earnings per share (cents per share)
(0.115)
(0.210)
(0.198)
(0.120)
(0.190)
Additional disclosures relating to key management personnel
Share holding
The number of shares in the Company held during the financial year by each Director and other members of key management
personnel of the consolidated entity, including their personally related parties, is set out below:
Altair Minerals Limited
Directors' report
30 June 2024
16
Balance at
Received
On-market
Balance at
the start of
as part of
acquisition/
the end of
the year
remuneration
participation
in capital
raisings
Other
the year
Ordinary shares
Nochum Labkowski
22,642,125
-
-
-
22,642,125
Mordechai Benedikt
155,041,829
-
90,484,267
-
245,526,096
Andrew Graham *
8,000,000
-
-
(8,000,000)
-
Jamie Larmont **
-
-
-
16,666,667
16,666,667
Faheem Ahmed ***
-
-
-
27,833,333
27,833,333
185,683,954
-
90,484,267
36,500,000
312,668,221
*
Andrew Graham resigned 21 March 2024 holding movement 'other' is initial balance when resigned.
**
Jamie Larmont appointed 21 March 2024 holding movement 'other' is initial balance when appointed.
*** Faheem Ahmed appointed 21 March 2024 holding movement 'other' is initial balance when appointed.
Option holding
The number of options over ordinary shares in the Company held during the financial year by each Director and other members
of key management personnel of the consolidated entity, including their personally related parties, is set out below:
Balance at
Balance at
the start of
the end of
the year
Granted
Disposed /
expired
Other /
Appointed /
(Resigned)
the year
Options over ordinary shares
Mordechai Benedikt
39,500,000
41,666,667
(22,000,000)
-
59,166,667
Nochum Labkowski
36,500,000
-
(19,000,000)
-
17,500,000
Andrew Graham *
30,500,000
-
(13,000,000)
(17,500,000)
-
Jamie Larmont **
-
-
-
8,333,333
8,333,333
Faheem Ahmed ***
-
-
-
10,416,666
10,416,666
106,500,000
41,666,667
(54,000,000)
1,249,999
95,416,666
*
Andrew Graham resigned 21 March 2024 holding movement 'other' is initial balance when resigned.
**
Jamie Larmont appointed 21 March 2024 holding movement 'other' is initial balance when appointed.
*** Faheem Ahmed appointed 21 March 2024 holding movement 'other' is initial balance when appointed.
Loans to key management personnel and their related parties
There were no loans to Key Management Personnel at any time during the financial year (2023: Nil).
Other transactions with key management personnel and their related parties
There were no transactions with key management personnel and their related parties.
Prior to his resignation, Andrew Graham received his Chief Executive Officer and Executive Director fees through an
associated entity, Mineral Strategies Pty Ltd.
There were no other transactions with key management personnel and their related parties.
This concludes the remuneration report, which has been audited.
Altair Minerals Limited
Directors' report
30 June 2024
17
Shares under option
Unissued ordinary shares of Altair Minerals Limited under option at the date of this report are as follows:
Exercise
Number
Grant date
Expiry date
price
under option
17 December 2021
17 December 2024
$0.04
45,000,000
30 December 2022
30 December 2024
$0.01
72,791,693
21 July 2023
30 December 2024
$0.01
390,000,000
19 February 2024
19 February 2027
$0.003
625,000,000
16 May 2024
16 May 2027
$0.003
354,166,666
1,486,958,359
No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the
Company or of any other body corporate.
Shares issued on the exercise of options
There were no ordinary shares of Altair Minerals Limited issued on the exercise of options during the year ended 30 June
2024 and up to the date of this report.
Indemnity and insurance of officers
The consolidated entity has agreed to indemnify all the directors of the consolidated entity for any liabilities to another person
(other than the consolidated entity or related body corporate) that may arise from their position as directors of the consolidated
entity, except where the liability arises out of conduct involving a lack of good faith.
During the financial year, the consolidated entity paid a premium in respect of a contract to insure the directors and executives
of the consolidated entity against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance
prohibits disclosure of the nature of the liability and the amount of the premium.
Indemnity and insurance of auditor
The Consolidated entity has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor
of the Consolidated entity or any related entity against a liability incurred by the auditor.
During the financial year, the Consolidated entity has not paid a premium in respect of a contract to insure the auditor of the
Consolidated entity or any related entity.
Proceedings on behalf of the consolidated entity
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf
of the consolidated entity, or to intervene in any proceedings to which the consolidated entity is a party for the purpose of
taking responsibility on behalf of the consolidated entity for all or part of those proceedings.
Non-audit services
There were no non-audit services provided during the financial year by the auditor.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out
immediately after this Directors' report.
Auditor
William Buck Audit (Vic) Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001.
Rounding of amounts
Altair Minerals Limited is a type of Company that is referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports)
Instrument 2016/191 and therefore the amounts contained in this report and in the financial report have been rounded to the
nearest dollar.
Altair Minerals Limited
Directors' report
30 June 2024
18
This report is made in accordance with a resolution of Directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the Directors
___________________________
Mordechai Benedikt
Non-executive Chairman
30 September 2024
Level 20, 181 William Street, Melbourne VIC 3000
+61 3 9824 8555
vic.info@williambuck.com
williambuck.com
William Buck is an association of firms, each trading under the name of William Buck
across Australia and New Zealand with affiliated offices worldwide.
Liability limited by a scheme approved under Professional Standards Legislation.
Lead Auditor’s Independence Declaration under Section 307C of
the Corporations Act 2001
To the directors of Altair Minerals Limited
As lead auditor for the audit of Altair Minerals Limited (formerly known as Cohiba 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 the auditor independence requirements as set out in the Corporations Act 2001 in
relation to the audit; and
— no contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Altair Minerals Limited and the entities it controlled during the year.
William Buck Audit (Vic) Pty Ltd
ABN 59 116 151 136
R. P. Burt
Director
Melbourne, 30 September 2024
Altair Minerals Limited
Statement of profit or loss and other comprehensive income
For the year ended 30 June 2024
Consolidated
Note
2024
2023
$
$
The above statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
20
Income
Interest income
10,796
5,703
Expenses
Employment expenses
5
(492,979)
(554,970)
Corporate expenses
(1,109,425)
(988,903)
Impairment of exploration and evaluation costs
7
(1,670,961)
(2,109,159)
Loss before income tax expense
(3,262,569)
(3,647,329)
Income tax expense
-
-
Loss after income tax expense for the year attributable to the owners of Altair
Minerals Limited
(3,262,569)
(3,647,329)
Other comprehensive income for the year, net of tax
-
-
Total comprehensive loss for the year attributable to the owners of Altair
Minerals Limited
(3,262,569)
(3,647,329)
Cents
Cents
Basic earnings per share
21
(0.115)
(0.210)
Diluted earnings per share
21
(0.115)
(0.210)
Altair Minerals Limited
Statement of financial position
As at 30 June 2024
Consolidated
Note
2024
2023
$
$
The above statement of financial position should be read in conjunction with the accompanying notes
21
Assets
Current assets
Cash and cash equivalents
6
1,974,288
1,797,986
Other receivables
-
40,020
Prepayments
29,932
22,990
Total current assets
2,004,220
1,860,996
Non-current assets
Exploration and evaluation
7
8,629,435
9,384,041
Total non-current assets
8,629,435
9,384,041
Total assets
10,633,655
11,245,037
Liabilities
Current liabilities
Trade and other payables
8
502,614
1,067,427
Total current liabilities
502,614
1,067,427
Total liabilities
502,614
1,067,427
Net assets
10,131,041
10,177,610
Equity
Issued capital
9
26,892,094
24,136,719
Share based payments reserve
485,000
1,161,435
Accumulated losses
(17,246,053) (15,120,544)
Total equity
10,131,041
10,177,610
Altair Minerals Limited
Statement of changes in equity
For the year ended 30 June 2024
The above statement of changes in equity should be read in conjunction with the accompanying notes
22
Issued
Accumulated
Total equity
capital
Reserve
losses
Consolidated
$
$
$
$
Balance at 1 July 2022
21,673,474
931,935
(11,473,215)
11,132,194
Loss after income tax expense for the year
-
-
(3,647,329)
(3,647,329)
Other comprehensive income for the year, net of tax
-
-
-
-
Total comprehensive loss for the year
-
-
(3,647,329)
(3,647,329)
Transactions with owners in their capacity as owners:
Vesting of share based payments
-
229,500
-
229,500
Contributions of equity, net of transaction costs (note 9)
2,463,245
-
-
2,463,245
Balance at 30 June 2023
24,136,719
1,161,435
(15,120,544)
10,177,610
Issued
Accumulated
Total equity
capital
Reserve
losses
Consolidated
$
$
$
$
Balance at 1 July 2023
24,136,719
1,161,435
(15,120,544)
10,177,610
Loss after income tax expense for the year
-
-
(3,262,569)
(3,262,569)
Other comprehensive income for the year, net of tax
-
-
-
-
Total comprehensive loss for the year
-
-
(3,262,569)
(3,262,569)
Transactions with owners in their capacity as owners:
Vesting of share-based-payments
-
130,625
-
130,625
Contributions of equity, net of transaction costs (note 9)
2,505,375
-
-
2,505,375
Issue of consideration shares as part of acquisition of Maple
Minerals 2 Pty Ltd
250,000
-
-
250,000
Issue of performance rights as part of acquisition of Maple
Minerals 2 Pty Ltd
-
250,000
-
250,000
Issue of listed options
-
80,000
-
80,000
Expiry of options
-
(1,137,060)
1,137,060
-
Balance at 30 June 2024
26,892,094
485,000
(17,246,053)
10,131,041
Altair Minerals Limited
Statement of cash flows
For the year ended 30 June 2024
Consolidated
Note
2024
2023
$
$
The above statement of cash flows should be read in conjunction with the accompanying notes
23
Cash flows from operating activities
Payments to suppliers & employees
(1,389,376)
(1,862,229)
Interest received
10,796
5,703
Net cash used in operating activities
20
(1,378,580)
(1,856,526)
Cash flows from investing activities
Payments for exploration and evaluation costs
(554,145)
(2,107,413)
Payment for acquisition of Maple Minerals 2 Pty Ltd
7
(290,208)
-
Net cash used in investing activities
(844,353)
(2,107,413)
Cash flows from financing activities
Proceeds from issue of shares
2,563,861
-
Proceeds from exercise of options
-
2,263,151
Payments for capital raising costs
(164,626)
-
Proceeds from shares yet to be issued
-
36,140
Net cash from financing activities
2,399,235
2,299,291
Net increase/(decrease) in cash and cash equivalents
176,302
(1,664,648)
Cash and cash equivalents at the beginning of the financial year
1,797,986
3,462,634
Cash and cash equivalents at the end of the financial year
6
1,974,288
1,797,986
Altair Minerals Limited
Notes to the financial statements
30 June 2024
24
Note 1. General information
The financial statements cover Altair Minerals Limited as a consolidated entity consisting of Altair 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
Altair Minerals Limited's functional and presentation currency.
Altair Minerals Limited is a listed public Company limited by shares, incorporated and domiciled in Australia. Its registered
office and principal place of business is:
Level 21, 459 Collins Street
Melbourne, VIC 3000
Ph: (03) 8630 3321
A description of the nature of the consolidated entity'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 30 September 2024. The
Directors have the power to amend and reissue the financial statements.
Note 2. Material accounting policy information
The accounting policies that are material to the consolidated entity are set out either in the respective notes or below. The
accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated. Material account
policy information has also been included within the respective notes to which these policies are applicable. Refer to the
respective notes for further details.
New or amended Accounting Standards and Interpretations
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory,
have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2024. The
consolidated entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.
Going concern
The financial report has been prepared on the going concern basis, which assumes continuity of normal business activities
and the realisation of assets and the settlement of liabilities in the ordinary course of business.
For the year ended 30 June 2024, the Company incurred a net loss of $3,262,569, net cash outflows from operating activities
of $1,378,580 and cash outflows from investing activities of $844,353 and had a cash balance as at 30 June 2024 of
$1,974,288. The Directors have assessed that these conditions indicate that a material uncertainty exists that may cast
significant doubt on the entity’s ability to continue as a going concern, and therefore, that it may be unable to realise its assets
and discharge its liabilities in the normal course of business.
Notwithstanding the above, the Directors determined that the use of the going concern basis of accounting is appropriate in
preparing the financial report. The assessment of the going concern assumption is based on the group’s cash flow projections
and application of a number of judgements and estimates, resulting in the conclusion of a range of reasonably possible
scenarios. Included in the Directors going concern cash flow assessment is that sufficient funds can be secured if required by
a combination of capital raisings and deferment of forecast payments for exploration and evaluation activities.
Accordingly, the financial report has been prepared on the basis that the Group can continue normal business activities and
meet its commitments as and when they fall due, and the realisation of assets and liabilities in the ordinary course of business.
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').
Historical cost convention
The financial statements have been prepared under the historical cost convention.
Altair Minerals Limited
Notes to the financial statements
30 June 2024
Note 2. Material accounting policy information (continued)
25
Critical accounting estimates
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 consolidated entity'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 3.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only.
Supplementary information about the parent entity is disclosed in note 17.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Altair Minerals Limited
('Company' or 'parent entity') as at 30 June 2024 and the results of all subsidiaries for the year then ended. Altair Minerals
Limited and its subsidiaries together are referred to in these financial statements as the 'consolidated entity'.
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity
when the consolidated entity 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 consolidated entity. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity 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 consolidated entity.
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.
Where the consolidated entity 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 consolidated
entity 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.
Revenue recognition
The consolidated entity recognises revenue as follows:
Interest
Interest revenue is recognised as interest accrues using the effective interest method.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect
the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation
to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and
assumptions on historical experience and on other various factors, including expectations of future events, management
believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the
related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed
below.
Altair Minerals Limited
Notes to the financial statements
30 June 2024
Note 3. Critical accounting judgements, estimates and assumptions (continued)
26
Share-based payment transactions
The Company measures the cost of equity-settled transactions with employees, consultants and suppliers by reference to the
fair value of the equity instruments at the date at which they are granted. The fair value is determined by using the Black
Scholes model taking into account the terms and conditions upon which the instruments were granted. A significant judgement
comes from the expected price volatility of the underlying share. The accounting estimates and assumptions relating to equity-
settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual
reporting period but may impact profit or loss and equity.
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the consolidated entity considers it is probable
that future taxable amounts will be available to utilise those temporary differences and carry forward tax losses.
Exploration and evaluation costs
Exploration and evaluation costs have been capitalised on the basis that the consolidated entity will commence commercial
production in the future, from which time the costs will be amortised in proportion to the depletion of the mineral resources.
Key judgements are applied in considering costs to be capitalised which includes determining expenditures directly related to
these activities and allocating overheads between those that are expensed and capitalised. In addition, costs are only
capitalised that are expected to be recovered either through successful development or sale of the relevant mining interest.
Factors that could impact the future commercial production at the mine include the level of reserves and resources, future
technology changes, which could impact the cost of mining, future legal changes and changes in commodity prices. To the
extent that capitalised costs are determined not to be recoverable in the future, they will be written off in the period in which
this determination is made.
Impairment of exploration and evaluation costs
The consolidated entity assesses impairment of exploration and evaluation costs at each reporting date by evaluating
conditions specific to Altair Minerals and to the particular asset that may lead to impairment. If an impairment trigger exists,
the recoverable amount of the asset is determined. This involves fair value less costs of disposal or value-in-use calculations,
which incorporate a number of key estimates and assumptions.
At 30 June 2024, the consolidated entity impaired the carrying value of its exploration and evaluation costs by $1,670,961
(2023: $2,109,159).
Acquisition of Maple Minerals 2 Pty Ltd - Determination as an asset acquisition
On 21 July 2023, the Consolidated Entity acquired 100% of the issued capital of Maple Minerals 2 Pty Ltd (Maple Minerals),
which holds a number of claims in Canada which are prospective for Lithium.
The consolidated entity assessed the acquisition for existence of business elements under AASB-3 - Business Combinations
and determined it be accounted for as an asset acquisition based as below:
●
Maple Minerals has assets in the early exploration phase but has no production licence. There were no proven reserves.
●
Input: There were no inputs to operations as Maple Minerals is at the exploration stage with no employees.
●
Processes: Maple Minerals had exploration program but no processes place to convert the inputs. There were no
production plans.
●
Output: There were no development plans and planned production.
With Maple Minerals' operation not meeting the criteria of a “business” under AASB-3 -Business Combinations, the
Consolidated Entity determined the acquisition to be accounted for as an asset acquisition.
Note 4. Operating segments
Identification of reportable operating segments
The Consolidated entity has identified its operating segments based on the investment decisions of the board and used by
the chief operating decision makers in assessing performance and in determining the allocation of resources. The
Consolidated entity operates in one segment being the evaluation and exploration of resources for mineral deposits.
Accounting policy for operating segments
Operating segments are presented using the 'management approach', where the information presented is on the same basis
as the internal reports provided to the Chief Operating Decision Makers ('CODM') being the Board of Directors. The CODM is
responsible for the allocation of resources to operating segments and assessing their performance.
Altair Minerals Limited
Notes to the financial statements
30 June 2024
27
Note 5. Employment expenses
Consolidated
2024
2023
$
$
Director fees
355,342
324,000
Superannuation expense
7,011
1,470
Share based payment expense
130,626
229,500
492,979
554,970
Note 6. Current assets - Cash and cash equivalents
Consolidated
2024
2023
$
$
Cash at bank
1,974,288
1,797,986
Accounting policy for cash and cash equivalents
Cash and cash equivalents includes 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.
Note 7. Non-current assets - exploration and evaluation
Consolidated
2024
2023
$
$
Exploration and evaluation assets
8,629,435
9,384,041
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below:
Capitalised
exploration
and
evaluation
expenditure
Consolidated
$
Balance at 1 July 2022
8,427,436
Expenditure capitalised during the year
3,065,764
Impairment of capitalised exploration and evaluation assets*
(2,109,159)
Balance at 30 June 2023
9,384,041
Expenditure capitalised during the year
526,793
Additions through asset acquisitions
763,826
Impairment of capitalised exploration and evaluation assets*
(1,670,961)
Settlement of outstanding fees
(374,264)
Balance at 30 June 2024
8,629,435
*
All expenditure impaired as at 30 June 2024 relates to Lake Torrens, Wee MacGregor, Mount Gordon mine, Mount
Success Mine, Mt Cobalt Mine and Canadian tenements.
Altair Minerals Limited
Notes to the financial statements
30 June 2024
Note 7. Non-current assets - exploration and evaluation (continued)
28
On 21 July 2023, the Company completed the acquisition of Maple Minerals 2 Pty Ltd which held a number of claims in
Canada which are prospective for Lithium. As part of the acquisition, the Company issued 50 million fully paid ordinary shares
(Consideration Shares) and 125,000,000 Performance Rights (Performance Rights) which will be exchanged for ordinary
shares upon the following vesting conditions being achieved:
(a) 62,500,000 Tranche 1 Performance Rights subject to the Company discovering and reporting in accordance with the
JORC code not less than five rock chip samples taken from the mining claims forming the projects at not less than 1% Li20
each. If the milestone for the conversion of Tranche 1 Performance Rights is not achieved by 48 months then Tranche 1
Performance Rights shall automatically lapse; and
(b) 62,500,000 Tranche 2 Performance Rights subject to the Company reporting in accordance with the JORC code a drill
intercept or channel sample of not less than 10 metres at not less than 1% Li20. If the milestone for the conversion of Tranche
2 Performance Rights is not achieved by 48 months then Tranche 2 Performance Rights shall automatically lapse.
The fair value of the Consideration Shares issued was $250,000. The fair value of the Performance Rights was determined
by using the Black Scholes valuation method, which concluded a fair value of $500,000. When assessing the asset acquisition
value, the Company assessed each of the non-vesting conditions (listed above) and determined that each tranche had a 50%
likelihood of the performance condition being achieved, therefore post this assumption being applied, the Performance Rights
have a value of $250,000. The total consideration paid for the assets was CAD$259,000 in cash and $500,000 in equity.
During the financial year ended 30 June 2024, the consolidated entity impaired the carrying value of its exploration and
evaluation costs by $1,670,961. This impairment related to the carrying value of the Company's Pyramid Lake, Wee Macgregor
and Lake Torrens projects where no significant exploration has been budgeted for the coming year. The impairment charge
also included the acquisition costs and exploration expenditure related to the Company's Canadian tenements following an
initial exploration programme which was completed during the year.
On the basis that the group will not generate any future economic returns from the projects noted above, all capitalised
exploration and evaluation costs as at 30 June 2024 were impaired accordingly.
The Company has a number of projects and is currently focusing on its South Australian and Queensland projects whilst
looking for new opportunities. The impairment may be reversed in the future if the Company conducts significant exploration
expenditure and makes a discovery.
Accounting policy for exploration and evaluation assets
Exploration and evaluation expenditure in relation to separate areas of interest for which rights of tenure are current is carried
forward as an asset in the statement of financial position where it is expected that the expenditure will be recovered through
the successful development and exploitation of an area of interest or its sale. Alternatively, exploration activities are continuing
in an area and activities have not reached a stage which permits a reasonable estimate of the existence or otherwise of
economically recoverable reserves. Where a project or an area of interest has been abandoned, the expenditure incurred
thereon is written off in the year in which the decision is made.
Note 8. Current liabilities - trade and other payables
Consolidated
2024
2023
$
$
Trade payables
411,886
989,287
Accrued expenses
73,311
42,000
GST payable
17,417
-
Funds received in advance for placement
-
36,140
502,614
1,067,427
Refer to note 11 for further information on financial instruments.
Altair Minerals Limited
Notes to the financial statements
30 June 2024
Note 8. Current liabilities - trade and other payables (continued)
29
Accounting policy for trade and other payables
These amounts represent liabilities for goods and services provided to the consolidated entity 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. The
amounts are unsecured and are usually paid within 30 days of recognition.
Note 9. Equity - issued capital
Consolidated
2024
2023
2024
2023
Shares
Shares
$
$
Ordinary shares - fully paid
4,296,577,517 2,113,244,184
26,892,094
24,136,719
Movements in ordinary share capital
Details
Date
Shares
Issue price
$
Balance
1 July 2022
1,627,660,808
21,673,473
Shares issued for share placement
30 December 2022
145,583,376
$0.006
873,500
Acquisition of remaining 20% in Olympic Domain
tenements
27 April 2023
40,000,000
$0.005
200,000
Shares issued in lieu of acquisition
25 May 2023
300,000,000
$0.005
1,500,000
Less: capital raising costs
-
-
(110,254)
Balance
30 June 2023
2,113,244,184
24,136,719
Issue of shares for the asset acquisition of Maple
Minerals 2 Pty Ltd (Refer to Note 7)
21 July 2023
50,000,000
$0.005
250,000
Issue of placement shares
21 July 2023
50,000,000
$0.005
250,000
Issue of placement shares
21 December 2023
316,986,000
$0.00125
380,383
Issue of placement shares
19 February 2024
933,014,000
$0.00125
1,119,617
Issue of shares for settlement of liabilities
19 February 2024
125,000,000
$0.00125
150,000
Issue of placement shares
16 May 2024
708,333,333
$0.00125
850,000
Less: capital raising costs
-
-
(244,625)
Balance
30 June 2024
4,296,577,517
26,892,094
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion
to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company
does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share
shall have one vote.
Share buy-back
There is no current on-market share buy-back.
Capital risk management
The consolidated entity's objectives when managing capital is to safeguard its ability to continue as a going concern, so that
it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to
reduce the cost of capital.
In order to maintain or adjust the capital structure, the consolidated entity may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Altair Minerals Limited
Notes to the financial statements
30 June 2024
Note 9. Equity - issued capital (continued)
30
The consolidated entity would look to raise capital when an opportunity to invest in a business or company was seen as value
adding relative to the current Company's share price at the time of the investment. The consolidated entity is not actively
pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in order to
maximise synergies.
The Company seeks to ratify its placement capacity at each Annual General Meeting and General Meeting.
The capital risk management policy remains unchanged from previous financial years.
Accounting policy for issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax,
from the proceeds.
Note 10. Equity - dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Note 11. Financial instruments
Financial risk management objectives
The Consolidated entity's activities expose it to financial risks such as market risk (foreign currency risk and price risk) and
liquidity risk. The Consolidated entity's overall risk management program focuses on the unpredictability of financial markets
and seeks to minimise potential adverse effects on the financial performance of the Consolidated entity. The Consolidated
entity uses different methods to measure different types of risk to which it is exposed. These methods include maturity analysis
in the case of liquidity risk.
Risk management is carried out by the Board of Directors ('the Board'). These policies include identification and analysis of
the risk exposure of the Consolidated entity and appropriate procedures, controls and risk limits.
Market risk
Foreign currency risk
The consolidated entity undertakes certain transactions denominated in foreign currency and is exposed to foreign currency
risk through foreign exchange rate fluctuations.
Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities
denominated in a currency that is not the entity's functional currency. The Company was not subject to significant foreign
currency risk during the financial year.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
consolidated entity. The consolidated entity has a strict code of credit, including obtaining agency credit information, confirming
references and setting appropriate credit limits. The consolidated entity obtains guarantees where appropriate to mitigate
credit risk. The maximum exposure to credit risk at the reporting date to recognised financial assets is the carrying amount,
net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the
financial statements. The consolidated entity does not hold any collateral.
The Consolidated entity has adopted a lifetime expected loss allowance in estimating expected credit losses to trade
receivables. As at 30 June 2024, the expected credit loss was $nil (2023: $nil).
Altair Minerals Limited
Notes to the financial statements
30 June 2024
Note 11. Financial instruments (continued)
31
Liquidity risk
Ultimate responsibility for liquidity risk management rests with the board of directors, who have built an appropriate liquidity
risk management framework for the management of the Consolidated entity’s short, medium and long-term funding and
liquidity management requirements. The Consolidated entity manages liquidity risk through capital raising activities, and
continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
The Consolidated entity did not have any undrawn facilities at its disposal as at reporting date. Vigilant liquidity risk
management requires the Consolidated entity to maintain sufficient liquid assets (mainly cash and cash equivalents) and
available borrowing facilities to be able to pay debts as and when they become due and payable.
The consolidated entity manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by
continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities.
As at year end all liabilities had maturities no greater than 60 days (2023: 60 days).
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
Note 12. Key management personnel disclosures
Directors
The following persons were Key Management Personnel of Altair Minerals Limited during the financial year:
Mr Mordechai Benedikt (Non-Executive Chairman)
Mr Nachum Labkowski (Non-Executive Director)
Mr Jamie Larmont (Non-Executive Director)
Appointed on the 21 March 2024
Mr Faheem Ahmed (Chief Executive Officer)
Appointed on the 21 March 2024
Mr Andrew Graham (Chief Executive Officer and Executive
Director)
Resigned on the 21 March 2024
Compensation
The aggregate compensation made to Directors and other members of key management personnel of the consolidated entity
is set out below:
Consolidated
2024
2023
$
$
Short-term employee benefits
489,445
468,000
Share-based payments
130,626
229,500
620,071
697,500
Note 13. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by William Buck, the auditor of the
Company:
Consolidated
2024
2023
$
$
Audit services - William Buck
Audit or review of the financial statements
54,250
38,470
Note 14. Contingent liabilities
There are no contingent liabilities as at the end of the financial year (2023: nil).
Altair Minerals Limited
Notes to the financial statements
30 June 2024
32
Note 15. Commitments
The Consolidated entity has to perform minimum exploration work and expend minimum amounts of money on its tenements.
The overall expenditure requirement tends to be limited in the normal course of the Consolidated entity's tenement portfolio
management through expenditure exemption approvals and expenditure reductions through relinquishment of parts of the
whole of tenements deemed on prospective. Should the Consolidated entity wish to preserve interest in its current tenements
the amount which may be required to be expended is as follows:
Consolidated
2024
2023
$
$
Exploration expenditure commitments
Within one year
647,000
472,200
One to five years
3,413,000
2,278,800
4,060,000
2,751,000
Within the mineral industry it is common practice for companies to farm-out, transfer or sell a portion of their exploration rights
to third parties or to relinquish some exploration and mining tenements altogether, and as a result obligations will be
significantly reduced or extinguished altogether. During prior years the Company concluded a number of farm-out agreements
which resulted in the Company only being responsible for a share of the work programs. The farm-in partners also expended
funds on the permits during the year which resulted in work programs for certain years being met.
Note 16. Related party transactions
Subsidiaries
Interests in subsidiaries are set out in note 18.
Key management personnel
Disclosures relating to key management personnel are set out in note 12 and the remuneration report included in the Directors'
report.
Andrew Graham received his Chief Executive Officer and director fees through an associated entity, Mineral Strategies Pty
Ltd.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Note 17. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Parent
2024
2023
$
$
Loss after income tax
(2,718,786)
(3,646,749)
Total comprehensive loss
(2,718,786)
(3,646,749)
Altair Minerals Limited
Notes to the financial statements
30 June 2024
Note 17. Parent entity information (continued)
33
Statement of financial position
Parent
2024
2023
$
$
Total current assets
3,341,776
3,082,190
Total assets
11,971,211
11,297,135
Total current liabilities
502,614
1,067,427
Total liabilities
502,614
1,067,427
Equity
Issued capital
26,892,094
24,136,719
Share based payments options reserve
485,000
1,161,435
Accumulated losses
(15,908,497) (15,068,446)
Total equity
11,468,597
10,229,708
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2024 (30 June 2023: nil).
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2024 (30 June 2023: nil)
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2024 (30 June 2023: nil)
Note 18. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance
with the accounting policy described in note 2:
Ownership interest
Principal place of business /
2024
2023
Name
Country of incorporation
%
%
Charge Lithium Ltd
Australia
100%
100%
Cobalt X Pty Ltd
Australia
100%
100%
Maple Minerals 2 Pty Ltd
Australia
100%
-
Cohiba Ontario Pty Ltd
Canada
100%
-
Note 19. Events after the reporting period
No other matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly affect the
consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial
years.
Altair Minerals Limited
Notes to the financial statements
30 June 2024
34
Note 20. Reconciliation of loss after income tax to net cash used in operating activities
Consolidated
2024
2023
$
$
Loss after income tax expense for the year
(3,262,569)
(3,647,329)
Adjustments for:
Share-based payments
130,625
229,500
Impairment of exploration and evaluation assets
1,670,962
2,109,159
Change in operating assets and liabilities:
Decrease/ (increase) in prepayments
(6,942)
(4,108)
Decrease/ (increase) in trade and other receivables
8,438
(621,520)
Increase/ (decrease) in trade and other payables
(554,930)
77,772
Increase/ (decrease) in employee benefits
(133,656)
-
Increase/ (decrease) in other assets
769,492
-
Net cash used in operating activities
(1,378,580)
(1,856,526)
Note 21. Loss per share
Consolidated
2024
2023
$
$
Loss after income tax attributable to the owners of Altair Minerals Limited
(3,262,569)
(3,647,329)
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings per share
2,844,461,061 1,737,155,793
Weighted average number of ordinary shares used in calculating diluted earnings per share
2,844,461,061 1,737,155,793
Cents
Cents
Basic earnings per share
(0.115)
(0.210)
Diluted earnings per share
(0.115)
(0.210)
No options or performance rights have been included in the weighted average number of ordinary shares for the purposes of
calculating diluted EPS as they do not meet the requirements for inclusion in AASB 133 “Earnings per Share”. The rights to
options are non-dilutive as the Consolidated entity is loss generating.
Accounting policy for earnings per share
Basic loss per share
Basic loss per share is calculated by dividing the profit attributable to the owners of Altair Minerals Limited, excluding any
costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during
the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.
Diluted loss per share
Diluted loss per share adjusts the figures used in the determination of basic earnings per share to take into account the after
income tax effect of interest and other financing costs associated with 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.
Altair Minerals Limited
Notes to the financial statements
30 June 2024
35
Note 22. Share-based payments
Options
Set out below are summaries of options granted during the year and on issue at the end of the financial year from equity-
settled share-based payment transactions:
2024
Balance at
Balance at
Exercise
the start of
the end of
Grant date
Expiry date
price
the year
Granted
Exercised
Expired
the year
18/12/2020
18/12/2023
$0.01
54,000,000
-
-
(54,000,000)
-
27/08/2021
18/12/2023
$0.02
14,000,000
-
-
(14,000,000)
-
26/11/2021
17/12/2024
$0.02
45,000,000
-
-
-
45,000,000
21/07/2023
30/12/2024
$0.01
-
40,000,000
-
-
40,000,000
113,000,000
40,000,000
-
(68,000,000)
85,000,000
During the financial year the consolidated entity issued 40,000,000 listed options as part of a capital raising mandate. The
options are listed on ASX and a value of $80,000 was recorded for the options during the year.
As part of the share placements during the financial year, 979,166,666 free attaching options were issued with an exercise
price of $0.003 expiring 3 years from issue and 350,000,000 listed ALROB options exercisable at $0.01 (1 cent) per option,
on or before 30 December 2024.
2023
Balance at
Balance at
Exercise
the start of
the end of
Grant date
Expiry date
price
the year
Granted
Exercised
Expired
the year
18/12/2020
18/12/2023
$0.01
54,000,000
-
-
-
54,000,000
27/08/2021
27/08/2024
$0.02
14,000,000
-
-
-
14,000,000
26/11/2021
17/12/2024
$0.02
45,000,000
-
-
-
45,000,000
113,000,000
-
-
-
113,000,000
Set out below are the options exercisable at the end of the financial year:
2024
2023
Grant date
Expiry date
Number
Number
18/12/2020
18/12/2023
-
24,000,000
27/08/2021
18/12/2023
-
14,000,000
26/11/2021
17/12/2024
45,000,000
-
23/07/2023
30/12/2024
40,000,000
-
85,000,000
38,000,000
Reconciliation of share based payments expense recorded in the statement of profit and loss relating to each class of share
based payment:
Consolidated
30 June 2024 30 June 2023
Options issued to directors, management, and consultants
130,625
229,500
Altair Minerals Limited
Notes to the financial statements
30 June 2024
Note 22. Share-based payments (continued)
36
Performance rights
On 21 July 2023, the Company completed the acquisition of Maple Minerals 2 Pty Ltd which held a number of claims in
Canada which are prospective for Lithium. As part of the acquisition, the Company issued 125,000,000 Performance Rights
(Performance Rights) which will be exchanged for ordinary shares upon the following vesting conditions being achieved:
(a) 62,500,000 Tranche 1 Performance Rights subject to the Company discovering and reporting in accordance with the
JORC code not less than five rock chip samples taken from the mining claims forming the projects at not less than
1% Li20 each. If the milestone for the conversion of Tranche 1 Performance Rights is not achieved by 48 months then
Tranche 1 Performance Rights shall automatically lapse; and
(b) 62,500,000 Tranche 2 Performance Rights subject to the Company reporting in accordance with the JORC code a
drill intercept or channel sample of not less than 10 metres at not less than 1% Li20. If the milestone for the conversion
of Tranche 2 Performance Rights is not achieved by 48 months then Tranche 2 Performance Rights shall automatically
lapse.
The fair value of the Performance Rights was determined by using the Black Scholes valuation method, which concluded a
fair value of $500,000. When assessing the asset acquisition value, the Company assessed each of the non-vesting conditions
(listed above) and determined that each tranche had a 50% likelihood of the performance condition being achieved, therefore
post this assumption being applied, the Performance Rights have a value of $250,000.
Accounting policy for share-based payments
Equity-settled share-based compensation benefits are provided to employees, consultants and suppliers.
Equity-settled transactions are awards of shares, performance rights or options over shares, that are provided to employees
in exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where
the amount of cash is determined by reference to the share price.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is determined using the 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 price volatility of the underlying share, the expected dividend yield and the risk free interest
rate for the term of the option, together with non-vesting conditions that do not determine whether the company receives the
services that entitle the employees to receive payment. No account is taken of any other vesting conditions.
The cost of equity-settled transactions are usually recognised as an expense with a corresponding increase in equity over the
vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best
estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised
in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in
previous periods.
The cost of equity-settled transactions can also be recognised as capital raising costs recorded against equity, with the same
recognition approach as above.
Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions
are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are
satisfied.
Altair Minerals Limited
Consolidated entity disclosure statement
As at 30 June 2024
37
Place formed /
Ownership
interest
Entity name
Entity type
Country of incorporation
%
Tax
residency/jurisdiction
Altair Minerals Limited
Body Corporate
Australia
100.00% Australia
Charge Lithium Ltd
Body Corporate
Australia
100.00% Australia
Cobalt X Ltd
Body Corporate
Australia
100.00% Australia
Maple Minerals 2 Pty Ltd
Body Corporate
Australia
100.00% Australia
Cohiba Ontario Pty Ltd
Body Corporate
Canada
100.00% Australia and Canada
Basis of preparation
This Consolidated entity disclosure statement (CEDS) has been prepared in accordance with the Corporations Act 2001 and
includes information for each entity that was part of the Consolidated Entity as at the end of the financial year in accordance
with AASB 10 Consolidated Financial Statements.
Determination of tax residency
Section 295 (3A)(vi) of the Corporation Act 2001 defines tax residency as having the meaning in the Income Tax Assessment
Act 1997. The determination of tax residency involves judgement as there are different interpretations that could be adopted,
and which could give rise to a different conclusion on residency.
In determining tax residency, the Group has applied the following interpretations:
Australian tax residency
The Group has applied current legislation and judicial precedent, including having regard to the Tax Commissioner's public
guidance in Tax Ruling TR 2018/5.
Foreign tax residency
Where necessary, the Group has used independent tax advisers in foreign jurisdictions to assist in its determination of tax
residency to ensure applicable foreign tax legislation has been complied with (see section 295(3A)(vii) of the Corporations Act
2001).
Partnerships and Trusts
None of the entities noted above were trustees of trusts within the Group, partners in a partnership within the Group or
participants in a joint venture within the Group
Altair Minerals Limited
Directors' declaration
30 June 2024
38
In the Directors' opinion:
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
●
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board as described in note 2 to the financial statements;
●
the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at
30 June 2024 and of its performance for the financial year ended on that date;
●
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due
and payable; and
●
the information disclosed in the attached consolidated entity disclosure statement is true and correct.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the Directors
___________________________
Mordechai Benedikt
Non-executive Chairman
30 September 2024
Level 20, 181 William Street, Melbourne VIC 3000
+61 3 9824 8555
vic.info@williambuck.com
williambuck.com
William Buck is an association of firms, each trading under the name of William Buck
across Australia and New Zealand with affiliated offices worldwide.
Liability limited by a scheme approved under Professional Standards Legislation.
Independent auditor’s report to the members of Altair Minerals
Limited
Report on the audit of the financial report
Our opinion on the financial report
In our opinion, the accompanying financial report of Altair Minerals Limited (formerly known as Cohiba
Minerals Limited) (the Company) and its subsidiaries (the Group) is in accordance with the Corporations
Act 2001, including:
— 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
— complying with Australian Accounting Standards and the Corporations Regulations 2001.
What was audited?
We have audited the financial report of the Group, which comprises:
— the consolidated statement of financial position as at 30 June 2024,
— the consolidated statement of profit or loss and other comprehensive income for the year then ended,
— the consolidated statement of changes in equity for the year then ended,
— the consolidated statement of cash flows for the year then ended,
— notes to the financial statements, including material accounting policy information,
— the consolidated entity disclosure statement, and
— the directors’ declaration.
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 & 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 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.
1. Carrying
value and
capitalisation of
exploration and
evaluation
assets
Area of focus
(refer also to notes 3 & 7)
The Group incurred exploration and
evaluation costs related to exploration
projects. For the year ended 30 June 2024,
the group recognised an impairment loss of
$1,670,961 related to capitalised
exploration and evaluation costs.
The Group holds the right to explore and
evaluate those projects through either a
direct ownership of the underlying Area of
Interest or through Farm-in Arrangements
with third parties (who hold the underlying
right to the Area of Interest). Specific costs
related to such ‘Area of Interest’ activity are
capitalised where the AASB 6 Exploration
for and Evaluation of Mineral Resources
criteria is met.
There is a risk that the Group may lose or
relinquish its rights to further explore and
evaluate those areas of interest and
therefore amounts capitalised to the
statement of financial position from the
current and historical periods be no longer
recoverable.
Where tenements are no longer forecast to
incur further investment, this is an indicator
of impairment.
Due to the judgements involved in
assessing recoverability of capitalised
exploration and evaluation assets, this was
considered a Key Audit Matter.
How our audit addressed the key
audit matter
Our audit procedures included:
— Understanding and vouching the
underlying contractual entitlement to
explore and evaluate each area of
interest, be this through Farm-in
Arrangement and/or directly through
to the underlying tenement, including
an evaluation of the requirement to
renew that tenement at its expiry;
— Examining project spend per each
area of interest and comparing this
spend to the minimum expenditure
requirements set out in the underlying
tenement expenditure plan;
— Performing sample tests of project
spend to each area of interest to
ensure that it is directly attributable to
that area of interest and recognised in
accordance with AASB 6;
— Reviewing management’s impairment
assessment paper including vouching
any renewal licenses to support and
forecast capital expenditures at
individual tenements;
— Agreeing the impairment loss
recognised to management’s
underlying measurement models for
individual tenements.
We also assessed the adequacy of the
Group’s disclosures in respect of
capitalised exploration costs,
impairment loss recognised and the
planned expenditures under either
direct tenement.
Other information
The directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 30 June 2024 but does not include the financial
report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
2. Accounting
for an asset
acquisition
Area of focus
(refer also to notes 3 & 7)
As at 21 July 2023, the Group acquired
100% of the issued share capital and
gained control of Maple Minerals 2 Pty Ltd.
The arrangement was considered an asset
acquisition as the definition of a business
within AASB 3 Business Combinations was
not met, with the consideration paid to the
vendor including cash and issuance of
equity.
The equity consideration arrangement to
the vendor included the issuance of 50
million shares, and 125 million
performance rights. The performance rights
arrangement was considered to meet the
definition of a share-based payment in
scope of AASB 2 Share Based Payments,
with management assessing the
arrangement as being equity-settled and
measured the fair value of the award on
grant date. The rights issued were valued
using a Black Scholes model and $250,000
was recognised as part of the deemed
consideration paid.
Due to the judgements and estimates
required in the appropriate valuation and
recognition of the consideration paid, this
matter was considered to be a Key Audit
Matter.
How our audit addressed the key
audit matter
Our audit procedures included:
— Reviewing the terms and conditions of
the executed sale and purchase
agreement, including nature of the
assets and activities acquired;
— Assessing consideration of AASB 3
Business Combinations and
subsequent accounting as an asset
acquisition;
— Agreeing initial consideration paid to
underlying support including bank
statements and share registry for
issuance of equity shares to the
vendor;
— Understanding the terms of the
performance rights issued to the
vendor including the number of rights
issued, grant date, expiry date,
exercise price and the presence of
any market or non-market conditions;
— Assessing the appropriateness of the
Black Scholes model inputs used by
management to determine the
valuation of the performance rights
and examining the key inputs used in
the model; and
— Assessing the adequacy of the
Group’s disclosures in the financial
report for the acquisition of the asset
including requirements of AASB 2 for
the performance rights.
Responsibilities of the directors for the financial report
The directors of the Company are responsible for the preparation of:
— the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
— 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:
— the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view and is free from material misstatement, whether due to fraud or error; and
— the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether
due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with the Australian Auditing Standards will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Our opinion on the Remuneration Report
In our opinion, the Remuneration Report of Altair Minerals Limited, for the year ended 30 June 2024,
complies with section 300A of the Corporations Act 2001.
What was audited?
We have audited the Remuneration Report included within the directors’ report on pages 12 to 17 for the
year ended 30 June 2024.
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.
William Buck Audit (Vic) Pty Ltd
ABN 59 116 151 136
R. P. Burt
Director
Melbourne, 30 September 2024
Altair Minerals Limited
Shareholder information
30 June 2024
44
The shareholder information set out below was applicable as at 25 September 2024.
Distribution of equitable securities
Analysis of number of equitable security holders by size of holding:
Ordinary shares
Options over ordinary
shares
% of total
% of total
Number
shares
Number
shares
of holders
issued
of holders
issued
1 to 1,000
138
-
1
-
1,001 to 5,000
14
-
-
-
5,001 to 10,000
16
-
-
-
10,001 to 100,000
817
0.97
-
-
100,001 and over
1,239
99.03
150
100.00
2,224
100.00
151
100.00
Holding less than a marketable parcel
1,183
1.59
-
-
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of quoted equity securities are listed below:
Ordinary
ordinary
Shares
shares
% of total
shares
Number held
issued
Fadi Diab
446,109,166
10.38
Mr David Dominic Pevcic
333,333,250
7.76
Kobala Investments Pty Ltd (Fernando Edward Family A/C)
275,000,000
6.40
Mr Bilal Ahmed
266,000,000
6.19
Jascot Rise Pty Ltd
245,550,001
5.72
Miss Ifrah Nishat
213,557,500
4.97
Mr Agha Shahzad Pervez
213,500,000
4.97
Mr David Dominic Pevcic
167,500,000
3.90
Citicorp Nominees Pty Limited
54,894,203
1.28
Jamora Nominees Pty Ltd (Kaboonk Discretionary A/C)
51,764,711
1.20
Green Investments Pty Ltd
46,375,743
1.08
Mr Jinggang Li
45,280,000
1.05
Sredins Super Fund Pty Ltd
45,125,044
1.05
Olympic Domain Pty Ltd
40,000,000
0.93
Vicex Holdings Proprietary Limited (Vicex Super A/C)
37,321,203
0.87
KG Venture Holdings Pty Ltd
35,121,594
0.82
BNP Paribas Nominees Pty Ltd (IB AU NOMS Retail Client)
34,212,865
0.80
Mr Peter James Jesson
32,117,007
0.75
Mrs Peiming Li
28,686,000
0.67
952i Capital Pty Ltd
27,833,333
0.65
2,639,281,620
61.44
Altair Minerals Limited
Shareholder information
30 June 2024
45
Options over
ordinary
ordinary
shares
shares %
of total
options
Mr Insaf Mohamed Liyaul Fouz
60,000,000
12.96
Kobala Investments Pty Ltd (Fernando Edward Family A/C)
50,000,000
10.80
Ms Chunyan Niu
35,000,000
7.56
Mr Mobeen Iqbal
25,000,000
5.40
Jamora Nominees Pty Ltd (Kaboonk Discretionary A/C)
20,000,000
4.32
Mr Peter Andrew Proksa
20,000,000
4.32
Mr Sufian Ahmad
20,000,000
4.32
S H Rayburn Nominees Pty Ltd (S H Rayburn Family A/C)
16,279,867
3.52
Mr Fadi Diab
10,000,000
2.16
KG venture holdings Pty Ltd (KG venture holdings A/C>
10,000,000
2.16
Mouch Pty Ltd (Mouch family A/C>
9,209,747
1.99
Dhaliwal super Pty Ltd (Dhaliwal super fund A/C>
9,110,386
1.97
Kalcon investments Pty Ltd
8,000,000
1.73
Onkaparinga river Pty Ltd (Haven holdings A/C>
8,000,000
1.73
Neave Trading Pty Ltd
6,000,000
1.30
Mr Kalistus Yara
6,000,000
1.30
Synod Nominees Pty Ltd
5,250,000
1.13
Tikva Nominees Pty Ltd (Tikva A/C)
5,000,000
1.08
Mr Roderick Anthony Nicholas
5,000,000
1.08
Mr Ryan A McMahon
5,000,000
1.08
332,850,000
71.91
Unquoted equity securities
Number
Number
on issue
of holders
Options over ordinary shares - options exercisable at $0.04 on or before 17 December 2024
45,000,000
3
Options over ordinary shares options exercisable at $0.003 on or before 19 February 2027
625,000,000
10
Options over ordinary shares - options exercisable at $0.003 on or before 16 May 2027
354,166,666
8
Class A Performance Rights
62,500,000
5
Class B Performance Rights
62,500,000
5
Substantial holders
Substantial holders in the Company are set out below:
Ordinary shares
% of total
shares
Number held
issued
David Pevcic
500,833,250
11.66
Fadi Diab and Diab Future Pty Ltd ATF Diab Family Super Fund A/C
446,109,166
10.38
Bilal Ahmad
265,166,750
6.17
Jacot Rise Pty Ltd and Mordechai Benedikt
245,526,096
5.71
Kobala Investments Pty Ltd (Fernando Edward Family A/C)
209,166,167
4.87
Voting rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
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.
Altair Minerals Limited
Shareholder information
30 June 2024
46
There are no other classes of equity securities.
Tenements
Description
Tenement number
Interest
owned %
Western Australia
E74/594
100.00
Queensland
EPM 26379
100.00
Queensland
EPM26376
100.00
Queensland
EPM26377
100.00
Queensland
EPM26378
100.00
Queensland
ML 2054
80.00
Queensland
ML 2773
80.00
Queensland
ML 90098
80.00
South Australia
EL 6118
100.00
South Australia
EL 6119
100.00
South Australia
EL 6120
100.00
South Australia
EL 6121
100.00
South Australia
EL 6122
100.00
South Australia
EL 6183
100.00
South Australia
EL 6675
100.00
Corporate Governance Statement
The Company’s 2024 Corporate Governance Statement has been released to ASX on this day and is available on the
Company’s website at: https://www.altairminerals.com.au/our-company/corporate-governance/