ABN 49 119 057 457
for the Year Ended
30 June 2023
Cover Photo: Mount Thirsty Exploration
Table of Contents
Highlights for the Year to 30 June 2023
Corporate Directory
Review of Operations
Directors’ Report
Auditor’s Independence Declaration
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Independent Auditor’s Report
Additional Information for Listed Public Companies
Tenement Schedule
3
5
6
25
32
33
34
35
36
37
50
51
54
56
Ryberg field area
2
Highlights
Mt Thirsty PGE-Ni-Co-Mn-Sc Project, Western Australia (50% owned)
High grade drill intersections at Mt Thirsty (“MTJV”)
The MTJV returned further thick & high-grade nickel-cobalt-manganese-scandium results
including:
o MTRC035D: 44.0 metres @ 0.03% Co, 0.47% Ni, 0.16% Mn & 39.2g/t Sc from 2.0 metres,
including:
o MTRC013D: 59.0 metres @ 0.05% Co, 0.37% Ni, 0.35% Mn & 45.3g/t Sc from 10.0 metres.
A number of significant intersections were returned outside of the mineralisation indicating
there remains potential for an increase in JORC Resources:
o MTRC005D: 48.0 metres @ 0.08% Co, 0.44% Ni, 0.13% Mn & 47.6g/t Sc from 2.0 metres.
o MTRC006D: 70.0 metres @ 0.05% Co, 0.45% Ni, 0.47% Mn & 36.3/t Sc from 3.0 metres.
Mineral Resource Upgrade
The Mt Thirsty Cobalt-Nickel saw a 146% increase in the Mineral Resource Estimate this year
(Indicated & Inferred) to 66.2 million tonnes @ 0.06% cobalt, 0.43% nickel and 0.45%
manganese.
The deposit hosts the second highest Co-Ni ratio for similar predevelopment Co-Ni projects in
Australia and is uniquely positioned to potentially produce Pre-Cursor Cathode Active
material (pCAM), containing Co, Ni & Mn.
Scoping Study
A Scoping Study on the Mt Thirsty Project examining high-Pressure Acid Leach (“HPAL”)
production of pCAM4 is anticipated to be completed in FY2024.
o Addition of HPAL and pCAM to the project could potentially transform project
economics.
o Comparable HPAL projects typically receive Co and Ni recoveries of 90% and 92%,
respectively.
o pCAM typically receives a ~50% pricing premium over intermediatory products (MHP /
MSP).
o Ability to provide a sustainable source of low-cost & ethical critical minerals outside of
DRC, PRC & RF7.
3
Mestersvig Zn-Pb-Cu-Ag Project, Greenland (100% owned)
Elevated Pb-Zn-Cu-Ag assays for the 2022 drill program were received during the year.
The results confirm extension to the mineralisation witnessed at the historic Blyklippen mine,
extending south by approximately 13km to the Sortebjerg prospect.
Significant drill intercepts include:
o Blyklippen drilling:
▪ BKDD003: 5.60 m @ 9.2g/t Ag, 2.7% Pb and 2.2% Zn from 203.95 m
▪ BKDD004: 8.60 m @ 0.4% Pb and 2.2% Zn from 218.4 m
o Sortebjerg drilling:
▪
▪
▪
SBDD001: 2.70 m @ 6.0% Zn from 86.0 m
SBDD003: 4.50 m @ 7.7 g/t Ag and 23.8% Zn from 134.0 m
SBDD005: 1.42 m @ 6.7% Zn from 120.45 m
The Company intends to investigate possible third-party interest in collaboration, in some
form, for its Greenland tenements.
4
Corporate Directory
DIRECTORS:
Guy T Le Page B.A., B.Sc., B.App.Sc. (Hons), M.B.A., M.Fin.Plan., GradDipAppFin&Inv, GAICD,
F.FIN., MAusIMM (Executive)
Gregory H Solomon LLB (Non-Executive Chairman)
Douglas H Solomon B.Juris. LLB (Hons) (Non-Executive)
COMPANY SECRETARY:
Jamie M Scoringe B.Comm., Grad.Dip., CPA
REGISTERED OFFICE:
Level 15,
197 St Georges Terrace
Perth, Western Australia 6000
Tel: +61 8 9282 5889
Email: mailroom@conico.com.au
Website: www.conico.com.au
SOLICITORS:
Solomon Brothers
Level 15,
197 St Georges Terrace
Perth, Western Australia 6000
AUDITORS:
Nexia Perth Audit Services Pty Ltd
Level 3
88 William Street
Perth, Western Australia 6000
SHARE REGISTRY:
Advanced Share Registry Services
110 Stirling Highway
Nedlands, Western Australia 6009
STOCK EXCHANGE LISTING:
ASX Code: CNJ (ordinary shares) CNJO (listed options)
Quotation has been granted for all the ordinary shares of the company on all Member
Exchanges of the Australian Securities Exchange Limited.
5
Review of Operations
AUSTRALIA
Mt Thirsty Cobalt Project
(50% Conico Ltd: 50% Greenstone Resources Ltd – Joint Venture)
The Mt Thirsty Joint Venture (MTJV) is located 16 kilometres northwest of Norseman, Western Australia
(Figure 1).
The Project contains the Mt Thirsty cobalt-nickel oxide deposit with a JORC Resource of 26.9 Mt at
0.126% cobalt and 0.54% nickel1. A Pre-Feasibility Study of the Project was completed and
announced to the ASX on 20 February 2020. During the current financial year a drilling campaign
was completed.
Figure 1: Plan view of planned and completed drill hole collars and prospective ultramafic geological horizons.
1 ASX: CNJ 09/09/2019
6
Initially drilling for PGE-Cu Ni hard rock targets were focussed on testing the deeper ultramafic sill
horizons at Mt Thirsty, including any potential extensions to the palladium-platinum-gold-copper-
nickel Callisto discovery by Galileo Mining Ltd (ASX: GAL) (Galileo), located less than 200 metres from
the MTJV’s northern tenement boundary.
Table 1 shows the better intercepts for cobalt drilled over 2022 including the six best intercept from
MTRC011DA at the Mt Thirsty Project.
Table 1 Best cobalt intercepts of 20221
Drilling campaigns over 2023 outlined three distinct zones of horizontal mineralisation across the
eastern licence area:
1. Upper Zone: Nickel-Cobalt-Manganese-Scandium (Ni-Co-Mn-Sc)
The Upper Zone consisted of a weathered ultramafic peridotite rock hosting nickel-cobalt-
manganese-scandium mineralisation. Drilling over 2023 confirmed the presence of a lower, and
potentially higher-grade, Ni-Co-Mn-Sc zone, that is currently outside of the existing resource and
supported by historical drilling (Figure 1). Better intercepts included:
MTRC011DA: 78.0 metres @ 0.11% Co, 0.50% Ni, 1.38% Mn & 46.4g/t Sc from 3.0 metres, incl:
o
15.0 metres @ 0.45% Co, 0.91% Ni, 5.42% Mn & 40.9g/t Sc from 45.0 metres
MTRC065D: 45.0 metres @ 0.03% Co, 0.33% Ni, 0.23% Mn & 35.9g/t Sc from 5.0 metres, incl:
o
8.0 metres @ 0.08% Co, 0.54% Ni, 0.43% Mn & 40.3g/t Sc from 19.0 metres.
MTRC035D: 44.0 metres @ 0.03% Co, 0.47% Ni, 0.16% Mn & 39.2g/t Sc from 2.0 metres,
including:
▪
10.0 metres @ 0.09% Co, 0.71% Ni, 0.38% Mn & 23.0g/t Sc from 33.0 metres
MTRC013D: 59.0 metres @ 0.05% Co, 0.37% Ni, 0.35% Mn & 45.3g/t Sc from 10.0 metres,
including:
▪
11.0 metres @ 0.18% Co, 0.45% Ni, 1.15% Mn & 49.7g/t Sc from 39.0 metres
MTRC042D: 50.0 metres @ 0.05% Co, 0.45% Ni, 0.32% Mn & 36.2g/t Sc from 0.0 metres,
including:
▪
20.0 metres @ 0.09% Co, 0.55% Ni, 0.57% Mn & 28.9g/t Sc from 28.0 metres
MTRC008D: 33.0 metres @ 0.05% Co, 0.42% Ni, 0.40% Mn & 56.4g/t Sc from 1.0 metres
▪
12.0 metres @ 0.08% Co, 0.49% Ni, 0.67% Mn & 43.0g/t Sc from 17.0 metres
7
MTRC012D: 21.0 metres @ 0.08% Co, 0.59% Ni, 0.52% Mn & 36.1g/t Sc from 42.0 metres
▪
9.0 metres @ 0.06% Co, 0.86% Ni, 0.36% Mn & 33.9g/t Sc from 50.0 metres
MTRC009D: 24.0 metres @ 0.06% Co, 0.48% Ni, 0.32% Mn & 40.4g/t Sc from 0.0 metres
▪
4.0 metres @ 0.16% Co, 0.92% Ni, 0.86% Mn & 29.7g/t Sc from 17.0 metres
A combination of reverse circulation and diamond drilling allowed holes to be extended to an
average depth of ~350 metres below surface, significantly deeper than the air-core methods
previously utilised at Mt Thirsty. As a result of this shallow air-core drilling, large areas beneath the
existing
resource
remain untested. Furthermore, the FY2023 drill campaign employed a
comprehensive multi-element assay suite, serving to identify the presence of scandium which had
not previously been assayed for, and is not included within the existing resource estimate. The
potential addition of scandium to the existing Co-Ni Mt Thirsty Project (PFS released ASX: CNJ
20/02/2020) may provide a valuable by-product revenue stream.
The current price of scandium oxide is US$900,000/t; cobalt is US$33,000/t; nickel is US$19,900/t and
manganese is US$2,290/t2.
2. Lower Zone: Nickel (Ni)
The Lower Zone consisted of a chromium rich basalt hosting a thick horizon of continuous nickel
mineralisation. Nickel mineralisation was intersected in 8 out of 14 holes for which assays have been
received, with better results including:
MTRC009D: 21.8 metres @ 0.28% Ni & 49.8g/t Sc from 268.2 metres, incl:
o 7.8 metres @ 0.34% Ni & 57.2g/t Sc from 268.2 metres
MTRC007D: 33.5 metres @ 0.26% Ni & 35.8g/t Sc from 237.5 metres, incl:
o 11.0 metres @ 0.37% Ni & 49.7g/t Sc from 238.0 metres
MTRC012D: 19.8 metres @ 0.28% Ni & 49.7g/t Sc from 313.2 metres, incl:
o 8.0 metres @ 0.38% Ni & 49.3g/t Sc from 316.0 metres
The 2023 drilling has defined a continuous nickel horizon with a strike extent of 1,000 metres,
across strike of 400 metres and an average thickness of ~15.0 metres.
8
Figure 2: Cross-section showing significant intercepts from the 2022-2023 drilling campaign at Mt Thirsty including high-grade
intercepts lying outside of the JORC Resource.
3. Middle Zone: Palladium-Platinum-Gold-Copper-Nickel
The Middle Zone consisted of an intrusive gabbro sill hosting anomalous palladium-platinum-gold-
copper-nickel mineralisation (Callisto style). More significant results included:
MTRC006D: 9.0 metres @ 0.14g/t 3E*, 0.09% Ni & 0.02% Cu from 223.0 metres
MTRC005D: 6.5 metres @ 0.12g/t 3E, 0.09% Ni & 0.02% Cu from 292.0 metres
MTRC012D: 3.0 metres @ 0.10g/t 3E, 0.06% Ni & 0.01% Cu from 247.0 metres
*3E = Au+Pd+Pt (g/t)
Having intersected both the target horizon and anomalous platinum group element (PGE)
mineralisation, it is likely that secondary structural controls are influencing the spatial distribution of
high-grade Callisto style mineralisation in the region. Based on currently available information, it is
believed that regional folding has created structural traps serving to create localised zones of
sulphide accumulation which do not appear to repeat on the MTJV tenements.
Significant intercepts from the upper Co-Ni-Mn-Sc zone include:
MTRC035D: 44.0 metres @ 0.03% Co, 0.47% Ni, 0.16% Mn & 39.2g/t Sc from 2.0 metres,
including:
▪
10.0 metres @ 0.09% Co, 0.71% Ni, 0.38% Mn & 23.0g/t Sc from 33.0 metres
MTRC013D: 59.0 metres @ 0.05% Co, 0.37% Ni, 0.35% Mn & 45.3g/t Sc from 10.0 metres,
including:
▪
11.0 metres @ 0.18% Co, 0.45% Ni, 1.15% Mn & 49.7g/t Sc from 39.0 metres
9
MTRC042D: 50.0 metres @ 0.05% Co, 0.45% Ni, 0.32% Mn & 36.2g/t Sc from 0.0 metres,
including:
▪
20.0 metres @ 0.09% Co, 0.55% Ni, 0.57% Mn & 28.9g/t Sc from 28.0 metres
MTRC008D: 33.0 metres @ 0.05% Co, 0.42% Ni, 0.40% Mn & 56.4g/t Sc from 1.0 metres
▪
12.0 metres @ 0.08% Co, 0.49% Ni, 0.67% Mn & 43.0g/t Sc from 17.0 metres
MTRC012D: 21.0 metres @ 0.08% Co, 0.59% Ni, 0.52% Mn & 36.1g/t Sc from 42.0 metres
▪
9.0 metres @ 0.06% Co, 0.86% Ni, 0.36% Mn & 33.9g/t Sc from 50.0 metres
MTRC009D: 24.0 metres @ 0.06% Co, 0.48% Ni, 0.32% Mn & 40.4g/t Sc from 0.0 metres
▪
4.0 metres @ 0.16% Co, 0.92% Ni, 0.86% Mn & 29.7g/t Sc from 17.0 metres
In late May the balance of the Phase 1 drill results were returned with further significant intercepts
outside of the mineralised envelope (figure 3) including;
MTRC005D: 48.0 metres @ 0.08%
Co, 0.44% Ni, 0.13% Mn & 47.6g/t Sc
from 2.0 metres,
including:
- 6.0 metres @ 0.14% Co, 0.62% Ni, 0.85%
Mn & 57.4/t Sc from 5.0 metres.
MTRC006D: 72.0 metres @ 0.05%
Co, 0.44% Ni, 0.47% Mn & 38.8g/t Sc
from 3.0 metres,
including:
- 26.0 metres @ 0.11% Co, 0.59% Ni,
1.06% Mn & 28.2g/t Sc from 47 metres
Figure 3: Plan of Mt Thirsty Project showing collar locations of recent RC drilling.
10
Lithium Pegmatite Exploration
Assay results from the maiden Lithium-Caesium-Tantalum (LCT) reverse-circulation drill campaign
were reported during the 2023 year. The 11-hole geochemical program was principally aimed at
assessing the western margin of the Mt Thirsty licences for LCT potential, with historical drilling and
mapping previously documenting pegmatites within the MTJV licence area. Importantly, 150 metres
to the west of licences held by the MTJV is the Mt Thirsty pegmatite where Galileo previously reported
a series of steeply dipping, north-south trending pegmatites. Six grab samples of micaceous
(lepidolite) pegmatite were sampled by Galileo returning an average assay grade of 2.3% Li2O, 1.87%
Rb and 476 ppm Ta2053.
Geological mapping in the area identified eight pegmatite outcrops on the western most margin of
the Mt Thirsty licences over a strike extent of 1,000 metres, however many of the historically
documented pegmatites are undercover and, as such, the initial LCT program was focused on
gathering important geochemical data to support future targeting.
No significant intercepts were received as part of the initial LCT drill campaign, however a more
detailed geochemical review of these results is ongoing.
1 Source: ASX: AML 09 November 2022; ASX: AML 09 November 2022; ASX:AML 28 January 2022; ASX:ACB 23 November 2022; ASX:ARL 11 February 2022;
2022.
ASX:AZY
2 Shanghai Metals Market (SMM)
3 www.galileomining.com.au/wp-content/uploads/2018/05/GAL-Prospectus.pdf
November
February
ASX:AML
ASX:ERM
ASX:AZY
January
August
2022;
2022;
2022;
17
28
10
03
11
GREENLAND
Overview
Conico Limited (“Conico” or “The Company”), has two projects on the underexplored east coast of
Greenland (Figure 4), held by its 100% owned subsidiary Longland Resources Ltd. The Ryberg Project
is a greenfields exploration project for precious and base metal occurrences in a large igneous
province, and Mestersvig which is a brownfields exploration project containing the historic Blyklippen
zinc-lead mine and surrounding prospective geology.
Focus is on the east coast of Greenland due to its underexplored nature, and close proximity to
Europe.
Figure 4: Conico’s Greenland exploration portfolio.
12
Mestersvig Zn-Pb-Ag-Cu Project, Greenland (CNJ: 100%)
10 diamond drill holes were completed, and 20 rock chip samples taken during 2022 field work.
Drilling targeted vein-hosted Zn-Pb-Cu-Ag mineralisation adjacent to the Blyklippen Mine, along
previously un-drilled segments of a fault structure linking the Blyklippen and Sortebjerg prospects.
Eight holes intersected base-metal sulphides hosted by massive quartz veins with assay results
confirming the presence of high-grade lead and zinc mineralisation. Rock chip samples were taken
as part of regional reconnaissance on the Blyklippen-Sortebjerg, Holberg and Nuldal veins. Seven
rock chip samples returned high-grade Pb, Zn, Cu, or Ag with grades up to 22.5% lead, 3.6% zinc, 3.1%
copper and 226 g/t silver.
Mineralisation in drill core and rock chips is analogous to that at the Blyklippen Mine, consisting of
quartz vein-hosted galena and/or sphalerite (Figure 5). BKDD005 intersected mineralisation grading
7.6% Pb over 0.67 m approximately 1.7 km south of the mine area. High-grade mineralisation grading
23.75% Zn over 4.5 m was intercepted 9 km south of Blyklippen, on a previously undrilled section of
the Blyklippen-Sortebjerg fault in hole SBDD003 (Figure 5). Further to this, many of the high-grade rock
chip samples we on sections of veins, or vein systems that have been untested by drilling.
Despite the challenging drilling circumstances (ASX announcement 25/11/2022), the Company
regards the 2022 drill season to have been a success. Drilling was limited to a small extent of the
known vein-bearing fault structures and confirmed that Pb-Zn-Cu-Ag mineralisation is present not just
adjacent to the historic Blyklippen Mine but also throughout a wider part of the project area. High-
grade mineralisation intersected down dip from the historic Blyklippen mine, along strike from
previous drilling at the Sortebjerg prospect, and high-grade galena-bearing rock chips located on
the Nuldal and Holberg veins, confirms the Company’s geological model and shows the exploration
potential of the project area.
Figure 5 SBDD003, showing quartz vein-hosted sphalerite mineralisation with assay samples highlighted in red and
annotated. The overall grade of the interval is 4.5 m @ 7.67 g/t Ag and 23.75% Zn from 134 m.
13
Figure 6 Plan map of 2022 and historic drilling at the Blyklippen historic mine, showing significant intercepts (non-verified
historical intercepts in grey boxes).
14
Figure 7 Map of the Sortebjerg prospect showing drill holes, with significant intercepts (non-verified historical intercepts in grey
boxes).
15
The Nuldal and Holberg fault systems host mineralised veins and are located on the eastern side of
the local graben (Figure 6). They are situated outside the main area of historical exploration which
has been previously focused on the Blyklippen-Sortebjerg fault on the western boundary of the
graben. No previous drilling is known on the Holberg fault and only limited drilling took place in
the1950s on the Nuldal fault, approximately 1 km to the south and 500 m lower in elevation from the
new high-grade rock chip samples. The Holberg fault has 9 km of un-drilled strike length, which
remains open along strike to the north and south. The Nuldal fault has 3 km of un-drilled strike length
and is also open along strike to the north and south. The Blyklippen-Sortebjerg, Holberg, and Nuldal
faults have all been shown to host high-grade Pb±Zn±Ag mineralisation.
In addition, a recent archive discovery of historical high-grade rock samples from Pingo Dal, 38 km
to the south of the Blyklippen mine (Figure 6) adds another prospect and new target to the Mestersvig
project. Similarities in metals, grades, and geology of the Pingo Dal prospect to the known Blyklippen
mineralisation suggest a much broader extent to the Mestersvig ore-district than was previously
known.
Nuldal Prospect Rock Chips
The Nuldal prospect (figures 8 & 9) contains a N-S trending fault, 6 km to the east of and sub-parallel
to the Blyklippen-Sortebjerg fault. The prospect was known from historical records and rock samples
returned from initial field visits by Conico in 2020 when two rock chip samples returned 60.7% Pb, 0.9%
Cu & 236 g/t silver, and 69.5% lead, 0.8% copper & 282 g/t silver (ASX announcement 08/12/2020).
Reconnaissance field mapping and sampling was conducted during the 2022 field season with
several rock chips from fault-hosted quartz veins containing base-metal sulphides returning significant
assay results of up to 22.2% Pb and 184g/t Ag. This area received only minor exploration in the 1950s
leading to a small number of drill holes on flatter ground, 1 km south and 500 m vertically below the
area of high-grade rock chips. The fault remains untested by drilling along most of its 3 km exposed
length. Several high-grade lead, silver, and copper-bearing mineralised outcrops have now been
identified along the Nuldal structure.
16
Figure 8 Massive galena outcropping at the Nuldal Prospect, the location of sample 9959 containing 183 g/t Ag and 21.6%
Pb. (The white marker is 12 cm long).
Holberg Prospect Rock Chips
The Holberg prospect contain a N-S trending fault, 4 km to the east of and sub-parallel to the
Blyklippen-Sortebjerg fault (figure 9). Reconnaissance mapping and sampling conducted during
2022 located multiple galena-bearing outcrops, with rock chips returning significant assay results of
up to 19.0% Pb, 17g/t Ag and 0.44% Cu. The Holberg vein system has never been drilled, and
mineralised quartz vein outcrops are known to extend along the structure’s strike for over 9 km.
Sortebjerg Prospect Rock Chips
The Sortebjerg prospect contains the southern continuation of the Blyklippen-Sortebjerg fault, from 9
to 13 km south of the historic Blyklippen mine (figure 9). Reconnaissance field mapping and sampling
was conducted during the 2022 field season along with limited drilling. The surface fieldwork
confirmed the location of historic mapped veins and outcrops with sample 9970 returning grades of
22.5% Pb and 226g/t Ag from an area of historical drilling. Conico’s drilling took place along strike to
the north of the historical drilling, including an intercept of 4.5 m @ 7.7 g/t Ag and 23.75% Zn in
SBDD003.
17
Pingo Dal Prospect
Figure 9: Prospects within the Ryberg Project area with reduced-to-pole magnetic
intensity data from the 2021 geophysical survey.
During archival research
in 2022 a
region of
anomalous
high-grade
rock
chip
samples
reported
in
historical
exploration work from the
1960s and
70s was
identified in the southern
part of
the
tenement
licence (figure 9), near the
Pingo
Dal
valley.
Anomalous samples are
spread over 2.6 km and,
as at Blyklippen, are
hosted
in
Permian
sandstones which appear
to be heavily faulted by
normal
faults
superimposing different
units of sandstone against
each other.
Sixty-four out of 145
samples are reported as
having
>1%Pb, with
thirteen out of
145
samples
reported
as
having >50% Pb, with a
further 18 samples having
>200 g/t Ag, the highest
grades being 76.9% and 380 g/t respectively. Mineralisation is reported to be quartz vein hosted and
fault controlled, with some mineralisation also occurring in strata-bound limestones. To the
Company’s knowledge no exploration work has been carried out at the location since the 1980s,
and only four short drill holes took place in 1957.
18
Ryberg Polymetallic Project, Greenland (100% owned)
Figure 10: Prospects within the Ryberg Project area with reduced-to-pole magnetic intensity data from the 2021 geophysical
survey.
A total of 11 diamond drill holes were completed across four prospects during the 2022 Greenland
field season, targeting Cu-Ni-Au- PGE mineralisation at the Sortekap, Miki, Cascata and Pyramid
prospects. Assay results were returned from the campaign for nine of the eleven holes and confirm
19
the presence of Cu-Ni-PGE mineralisation in dykes at the Miki and Sortekap prospects, and Au
mineralisation in a previously unknown zone of quartz veins in the Sortekap prospect.
While the mineralisation intercepted from the 2022 drilling is generally low grade, Conico considers
the season and new data collected to be a very successful outcome. Intercepting magmatic
sulphide-hosted Cu-Ni-PGE mineralisation, as well as identifying previously unknown quartz vein-
hosted gold mineralisation is a positive result for the season and provides building blocks for further
work. The Company is now seeking a joint venture (JV) partner to move the Ryberg Project forward.
Miki Prospect Detail and Drill Assays
The Miki Dyke (figure 10) is an NNE trending body of dolerite and gabbro intruded into units of local
basement gneiss. Six drill holes were completed along a 3,700 m length of the dyke where the surface
width of the dyke varies between approximately 160 m and 400 m. Mineralisation consisting of
chalcopyrite variably associated with bornite, pyrrhotite/pyrite, and magnetite was encountered
within the footwall of the dyke and the contact zone with the underlying gneiss.
Drill core samples were collected on-site for five of the six holes and shipped for preparation and
assay at an accredited laboratory in Ireland. Assay results from the 2022 Miki drilling included the
following:
MIDD011:
MIDD012:
6.00 m @ 0.27% Cu, 0.06% Ni, and 0.31 g/t 3E from 191 metres
1.00m @ 0.55% Cu, 0.11% Ni, and 0.78g/t 3E from 77 metres &
4.68 m @ 0.11% Cu, 0.03% Ni, and 0.19 g/t 3E from 205 metres
MIDD013:
1.00m @ 0.11% Cu, 0.04% Ni, and 0.21 g/t 3E from 37 metres &
2.00 m @ 0.12% Cu, 0.11% Ni, and 0.16 g/t 3E from 60 metres &
2.00 m @ 0.24% Cu, 0.05% Ni, and 0.20 g/t 3E from 102 metres &
8.00 m @ 0.22% Cu, 0.04% Ni, and 0.22 g/t 3E from 134 metres &
1.00 m @ 0.87% Cu, 0.08% Ni, and 0.17 g/t 3E from 145 metres
MIDD014:
9.72 m @ 0.17% Cu, 0.07% Ni, and 0.20 g/t 3E from 55 metres
Mineralisation intercepted in the footwall contact of the Miki dyke albeit low grade, is encouraging
as it confirms the targeted mineralisation style of Ni-Cu-PGE-bearing magmatic sulphides coalescing
due to gravity within a magma intrusion. The sulphide mineral types intercepted provide good
evidence that the dyke is fertile in Cu, Ni and PGE, and given the right structural environment and
orientation of the dyke, has the potential to further concentrate these economic sulphides into an
area of pooling. Future work will focus on identifying structural changes in the dyke that could
accommodate sulphide aggregation to higher grades and thicknesses.
20
Sortekap Prospect Detail and Drill Assays
Drilling at Sortekap (figures 10 & 11) targeted induced polarisation (IP) chargeability and magnetic
anomalies from 3D inversions of geophysical data collected in 2020 and 2021. SODD004 intersected
a zone of mineralisation (figure 11) in the footwall of a mafic dyke and the contact zone with the
underlying gneiss, coincidental with an IP chargeability anomaly. Mineralisation included weakly
disseminated and/or disseminated chalcopyrite with minor pentlandite. The presence of blebby
textured sulphides, as well as chalcopyrite and pentlandite is very encouraging as this indicates the
sulphides are magmatic and the magma system has the potential to further concentrate a dense
metal-bearing sulphide liquid within the magma system. Hole SODD005 intersected the same
mineralised zone along strike but assay results indicate weaker mineralisation.
The style of dyke and mineralisation seen in SODD004 (figure 11) and SODD005 resemble that seen in
drilling at the Miki Dyke prospect and on surface at the Togeda Prospect, approximately 11 km south
of Sortekap. This suggests either a continuation of dyke structures between Togeda and Sortekap
prospects or the presence of additional mineralised dykes within the Ryberg Project.
SODD006 intersected zone of quartz veins hosted in dolerite and amphibolite within an anomaly from
a 3D inversion model of the aeromagnetic data; assay results indicate the zone to be associated
with low-grade gold mineralisation. Assay results from the 2022 Sortekap drilling included the
following:
SODD004: 3.28 m @ 0.41% Cu, 0.07% Ni, and 1.12 g/t 3E from 105.5 m
(Including 1.00 m @ 0.83% Cu, 0.11% Ni and 2.49 g/t 3E from 105.5 m) &
1.00 m @ 0.17% Cu, 0.04% Ni, and 0.33 g/t 3E from 112.8 m &
SODD006: 5.57 m @ 0.15g/t Au from 344.43 m &
1.94 m @ 0.26 g/t Au from 383.2 m &
7.00 m @ 0.23 g/t Au from 395 m.
Figure 11 Image of drill core in SODD004 showing part of the interval containing 3.28 m @ 0.41% Cu, 0.07% Ni, and 1.12 g/t 3E
from 105.5m highlighted in magenta, and closeup of blebby magmatic sulphides expanded in red.
21
Cascata and Pyramid Reconnaissance Drilling
CADD003 was drilled to a depth of 416.5 m at Cascata (Figure 12) in 2022. The hole was located
approximately 1,600 m SW from the two holes drilled by Conico in 2021 to investigate the volcano-
sedimentary sequence and the proposed layered gabbroic intrusive intersected by previous drilling.
The hole drilled through dykes and volcaniclastic units containing weakly disseminated pyrite and
pyrrhotite before encountering a gabbro from 369 m to the end of the hole at 416.5 m. Forty-eight
samples to test the gabbroic intrusion and establish geochemical backgrounds were assayed with
no significant assays.
At Pyramid (Figure 12) PYDD001 was drilled to test under a ridge containing magnetite-altered float
rocks. The hole intersected a sequence of micaceous shales and calcareous sandstones but was
abandoned due to poor ground conditions before reaching the planned target depth. No samples
from this drill core were sent for analysis.
Figure 12 Prospects within the Ryberg Project area with reduced-to-pole magnetic intensity data from the 2021 geophysical
survey.
22
Corporate
Mr James Richardson resigned as a non-executive director of the Company on the 14th of October
2022 after a period of 13 years’ service.
Mr Aaron Gates resigned as Company Secretary of the Company on the 9th of January 2023.
Mr Jamie Scoringe was appointed as Company Secretary of the Company on the 9th of January
2023.
Mr Thomas Abraham-James resigned as a non-executive director of the Company on the 31st of
January 2023.
Capital Raisings
The Company finalised a non-renounceable, pro-rata rights offer to Conico shareholders (“Rights
Issue”) on record at 17th of March 2023, at an issue price of $0.01 per share, with one for two CNJO
options consistent with the placement. Upon closure of the rights issue, the Company announced on
the 26th of April 2023 that $651,265 had been raised (before expenses of the issue).
Further to a General Meeting of shareholders on the 20th of June 2023, the Shareholders resolved to
ratify the private placement undertaken in March 2023, and approve the issue of associated
24,999,967 CNJO options to those investors and 15,000,000 CNJO options to the Lead Manager.
Dispute with Drilling Contractor
The directors of Conico advise that Cartwright Drilling Inc (“Cartwright”), a drilling company
incorporated in Newfoundland (Canada) that was engaged by Conico to undertake diamond
drilling at the Ryberg and Mestersvig Projects over the 2022 Greenland field season, has commenced
an arbitration in Newfoundland to resolve a dispute in respect to invoices received by Conico from
Cartwright for the 2022 field season, which Conico has refused to pay.
It is the opinion of the board of Conico that the performance of Cartwright was materially deficient
in a number of key areas and not up to industry best practice and has caused loss to Conico through
scheduled drilling not having been completed.
The total amount of the invoices in dispute is C$1,419,203 (approximately A$1,575,315). Cartwright
currently hold a bond of C$300,000 on behalf of Conico. In the arbitration, Conico will also seek to
recover substantial damages from Cartwright. As of the date of this report, arbitration proceedings
are continuing.
23
Disclaimer
The interpretations and conclusions reached in this report are based on current geological theory and the best
evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are
founded on an assessment of probabilities and, however high these probabilities might be, they make no claim
for complete certainty. Any economic decisions that might be taken based on interpretations or conclusions
contained in this report will therefore carry an element of risk.
This report contains forward-looking statements that involve a number of risks and uncertainties. These forward-
looking statements are expressed in good faith and believed to have a reasonable basis. These statements
reflect current expectations, intentions or strategies regarding the future and assumptions based on currently
available information. Should one or more of the risks or uncertainties materialise, or should underlying
assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described
in this report. No obligation is assumed to update forward-looking statements if these beliefs, opinions and
estimates should change or to reflect other future developments.
Competent Person´s Statements
JORC Section
Competent Person
Employer
Professional
Membership
Guy Le Page
Director of Conico Ltd
MAusIMM
Project and
Discipline
Greenland
Exploration
Mt Thirsty
Exploration
Exploration
Results
Exploration
Results
Mt Thirsty Resource
Estimation
Mineral
Resources
Mt Thirsty Metallurgy
Exploration
Results and Ore
Reserves
Mt Thirsty Mining
Ore Reserves
Frank Blanchfield
Glenn Poole
David Reid
Peter Nofal
Employee of
Greenstone
Resources Ltd
Golder Associates Pty
Ltd
AMEC Foster Wheeler
Pty Ltd trading as
Wood
Snowden Mining
Industry Consultants
Pty Ltd
MAusIMM
MAusIMM
FAusIMM
FAusIMM
The information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves
for the Mt Thirsty Cobalt-Nickel Project and Exploration Results for the Greenland Projects is based
on and fairly represents information compiled by the Competent Persons listed in the table above.
The Competent Persons have sufficient relevant experience to the style of mineralisation and type
of deposits under consideration and to the activity for which they are undertaking to qualify as a
Competent Person as defined in the JORC Code (2012 Edition). For new information, the
Competent Persons consent to the inclusion in the report of the matters based on their information
in the form and context in which it appears. Previously announced information is cross referenced
to the original announcements. In these cases, the company is not aware of any new information
or data that materially affects the information presented and that the material assumptions and
technical parameters underpinning the estimates continue to apply and have not materially
changed. The company confirms that the form and context in which the Competent Persons’
findings are presented have not been materially modified
the original market
announcements.
from
24
DIRECTORS’ REPORT
The directors present their report together with the consolidated financial statements of the Group comprising
Conico Ltd (the Company) and its controlled entities and the Group’s interest in a joint venture for the financial
year ended 30 June 2023.
Directors
The names of directors in office at any time during or since the end of the year are:
Gregory H Solomon
Douglas H Solomon
Guy T Le Page
James B Richardson (resigned 14 October 2022)
Thomas Abraham-James (resigned 31 January 2023)
Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
Company Secretary
The following person held the position of Company Secretary at the end of the financial year and at the date
of this report:
Mr Jamie M Scoringe joined the company as Chief Financial Officer and Company Secretary on 9 January 2023.
Mr Scoringe is a Bachelor of Commerce, CPA and chartered Company Secretary, having completed a
graduate diploma in Company Secretarial practice. Mr Scoringe has over 30 years accounting experience
across a range of listed and private enterprise.
Principal Activities
The principal activity of the Group during the financial year ended 30 June 2023 was mineral exploration.
Operating Results
The loss of the Group after providing for income tax amounted to $885,659 (2022: $940,166). Cash outflow from
operating activities was $762,801 (2022: $817,980).
Dividends Paid or Recommended
No dividends were paid or declared for payment during the year.
Review of Mineral Exploration Operations
A comprehensive review of the operations of the Group during the year ended 30 June 2023 is set out in the
Review of Operations on Page 6.
Financial position
The net assets of the Group have increased by $4,460,514 from 30 June 2022, to $37,670,429 in 2023. This increase
is largely due to the capital raisings and investments in the Group’s tenements completed during the year.
The Group has reported a net loss for the year of $885,659 (2022: $940,166) and a cash outflow from operating
activities of $762,801 (2022: $817,980). The directors carefully manage expenditure and, subject to being able
to raise further finance, are of the view, based on cash flow forecasts, that the Group will be able to continue
its operations as a going concern. The continuing applicability of the going concern basis of accounting is
dependent upon the Group’s ability to source additional finance. The directors are confident that the Group
will be successful in securing additional funds, should the need arise. The directors are also aware that the Group
has the option, if necessary, to defer expenditure and reduce administration costs in order to minimise its capital
raising requirements.
Significant Changes in State of Affairs
In the opinion of the directors, other than disclosed elsewhere in this report, there were no significant changes
in the state of affairs of the Group that occurred during the year.
After Balance Date Events
No matters or circumstances have arisen since the end of the financial year which significantly affected or may
significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group
in future financial years.
Future Developments, Prospects and Business Strategies
The Group proposes to continue with its exploration and evaluation program as detailed in the Review of
Operations, with a summary of the risks associated with its strategies outlined below.
Greenland Investment Strategy
The Group holds (through a wholly owned subsidiary) two 100%-owned mineral projects in Greenland that it
commenced exploring in 2020, and which are considered to be prospective for copper, nickel, platinum group
elements (PGE), lead and zinc mineralisation.
25
DIRECTORS’ REPORT
Mount Thirsty Joint Venture Strategy
The Group also holds a 50% joint venture interest in a mineral project at Mt Thirsty, near Norseman in Western
Australia, with both a nickel, cobalt, manganese lateritic deposit and a hard rock prospect for nickel, cobalt,
PGE and other metals.
Mineral Exploration Risks
The Group faces the usual risks faced by “greenfield” exploration companies. In particular, the exploration results
it achieves may not result in the discovery of a commercially viable orebody. Further, Conico may have to raise
further funds from time to time to continue to fund the exploration, which may or may not be possible for various
reasons, including it not discovering a commercially viable orebody, and/ or weak market conditions and/ or
prices for the metals Conico is hoping to produce.
The Directors note untested, upside potential on all three of the aforementioned Conico projects.
The Group may choose to try to sell, or find a joint venture partner for, one or more of its assets, which may or
may not be possible.
Environmental Issues
The Group is the subject of environmental regulation with respect to mining exploration and will comply fully with
all requirements with respect to rehabilitation of exploration sites.
26
DIRECTORS’ REPORT
Information on Directors
Gregory H Solomon
Non-Executive Chairman
Qualifications
Experience
LLB
Appointed chairman March 2006. Board member since March 2006. A
solicitor with more than 30 years of Australian and international experience in
a wide range of areas including mining law, commercial negotiation
(including mining and exploration joint ventures) and corporate law. He is a
partner in the legal firm, Solomon Brothers and has previously held
directorships of various public companies since 1984.
Interest in Shares and Options
51,292,600 Ordinary Shares, 6,411,576 CNJO Options
Directorships in other listed
entities
Eden Innovations Ltd, Tasman Resources Ltd
Guy T Le Page
Qualifications
Experience
Executive
B.A., B.Sc.. B.App.Sc. (Hons).,M.B.A., M.Fin.Plan, GradDipAppFin&Inv, F.FIN.,
MAusIMM
Board member since 30 March 2006. Currently a corporate adviser
specialising in resources. He is actively involved in a range of corporate
initiatives from mergers and acquisitions, initial public offerings to valuations,
consulting and corporate advisory roles. He previously spent 10 years as an
exploration and mining geologist in Australia, Canada and the United States.
His experience spans gold and base metal exploration and mining geology.
Interest in Shares and Options
29,793,200 Ordinary Shares, 571,270 CNJO Options
Directorships in other listed
entities
Mt Ridley Mines Ltd, Tasman Resources Ltd
Douglas H Solomon
Non-Executive
Qualifications
Experience
BJuris LLB (Hons)
Board member since 30 March 2006. A Barrister and Solicitor with more than
30 years’ experience in the areas of mining, corporate, commercial and
property law. He is a partner in the legal firm, Solomon Brothers.
Interest in Shares and Options
51,651,400 Ordinary Shares, 6,456,426 CNJO Options
Directorships in other listed
entities
Eden Innovations Ltd, Tasman Resources Ltd
James B Richardson
Non-Executive (resigned 14 October 2022)
Interest in Shares and Options
48,416,668 Ordinary Shares, 3,458,334 CNJO Options
Thomas Abraham-James
Non-Executive (resigned 31 January 2023)
Interest in Shares and Options
28,843,795 Ordinary Shares, 5,000,000 4 cent ESOP Options
27
Remuneration Report (Audited)
This report details the nature and amount of remuneration for each director of Conico Ltd, and for the executives
receiving the highest remuneration.
Remuneration Policy
The remuneration policy of Conico Ltd has been designed to align director and executive objectives with
shareholder and business objectives by providing a fixed remuneration component and offering specific long-
term incentives based on key performance areas affecting the company’s financial results. The board believes
the remuneration policy to be appropriate and effective in its ability to attract and retain the best executives
and directors to run and manage the company, as well as create goal congruence between directors,
executives and shareholders.
The board’s policy for determining the nature and amount of remuneration for board members and senior
executives of the company is as follows:
All executives receive a base salary (which is based on factors such as length of service and experience),
superannuation, fringe benefits and options. Executives are also entitled to participate in the employee share
and option arrangements. All Australian directors and executives receive superannuation and do not receive
any other retirement benefits.
All remuneration paid to directors and executives is valued at the cost to the company and expensed. Options
are valued using the Black-Scholes methodology or an appropriate market-based pricing valuation
methodology. The board policy is to remunerate non-executive directors at market rates for time, commitment,
and responsibilities. The Group does not have a policy on directors hedging their shares.
The maximum aggregate amount of fees that can be paid to non-executive directors is subject to approval by
shareholders. Fees for non-executive directors are not linked to the performance of the company. However, to
align directors’ interests with shareholder interests, the directors are encouraged to hold shares in the company.
Details of Remuneration for Year Ended 30 June 2023
The remuneration for each director and each of the executive officers of the Group during the year was as
follows:
Key Management Person
Short-term Benefits
Post-
employment
benefits
Other
long-term
benefits
Term-
ination
Benefits
Share-based
payments
Total
Salary and
Fees
Cash
bonus
Other
benefit
Super-
annuation
Other
Other
Equity Options
$
$
$
$
$
$
$
$
$
2023
Gregory H Solomon
Douglas H Solomon
Guy T Le Page
James B Richardson1
Thomas Abraham-James2
Aaron P Gates3
Jamie M Scoringe3
2022
Gregory H Solomon
Douglas H Solomon
Guy T Le Page
James B Richardson
60,000
36,000
48,000
12,000
56,172
-
212,172
60,000
36,000
48,000
36,000
-
-
-
-
-
-
-
-
-
-
-
Thomas Abraham-James2
200,639 25,000
4,676
Aaron P Gates3
-
-
-
-
-
-
-
549
-
6,350
4,020
5,060
1,590
-
-
549
17,020
-
-
-
-
5,700
3,420
4,800
3,600
-
-
380,639 25,000
4,676
17,520
28
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
66,350
40,020
53,060
13,590
56,721
5,300
5,300
5,300 235,041
-
-
-
-
65,700
39,420
52,800
39,600
- 230,315
-
-
- 427,835
DIRECTORS’ REPORT
Remuneration Report (Audited - continued)
1 Mr Richardson resigned on 14 October 2022
2 Mr Abraham-James was engaged as a contractor by Longland Resources Ltd (a wholly owned subsidiary of
Conico Ltd) during the year. The above payments include contractor payments and directors fees. Mr
Abraham-James resigned on 31 January 2023.
3 Mr Gates and Mr Scoringe are remunerated by Princebrook Pty Ltd (a company in which Mr Gregory
Solomon and Mr Douglas Solomon have an interest) under the Management Services agreement with the
Company. During the year the Company paid $130,000 (2022: $144,000) to Princebrook Pty Ltd for
management services. The Management Services Agreement may be terminated by giving not less than
three months’ written notice. Mr Gates resigned and Mr Scoringe was appointed on 9 January 2023. Mr
Scoringe was granted 1,000,000 options in the company exercisable at $0.025 by 1 January 2026.
Number of Options Held by Key Management Personnel
Balance
1.7.2022
Granted as
Compen-
sation
Options
Exer-
cised
Net
Change
Other*
Balance
30.6.2023
Total
Vested
30.6.2023
Total Exer-
cisable
30.6.2023
Total
Unexer-
cisable
30.6.2023
Gregory H Solomon
Douglas H Solomon
Guy T Le Page
James B Richardson1
Thomas Abraham-
James1
Aaron P Gates1
Jamie M Scoringe2
3,205,788
3,228,213
571,270
3,458,334
5,000,000
1,475,000
-
-
-
-
-
-
- 1,000,000
Total
16,938,605 1,000,000
-
-
-
-
-
-
-
-
3,205,788 6,411,576 6,411,576 6,411,576
3,228,213 6,456,426 6,456,426 6,456,426
-
571,270
571,270
571,270
(3,458,334)
(5,000,000)
(1,475,000)
-
-
-
-
-
-
-
-
-
- 1,000,000 1,000,000 1,000,000
(3,499,333) 14,439,272 14,439,272 14,439,272
*Net Change Other refers to options that have been purchased, sold, lapsed or issued during the year.
1 Mr Richardson, Mr Abraham-James, Mr Gates resigned during the year.
2 Mr Scoringe was granted 1,000,000 options in the company exercisable at $0.025 by 1 January 2026.
-
-
-
-
-
-
-
-
Number of Shares Held by Key Management Personnel
Gregory H Solomon
Douglas H Solomon
Guy T Le Page
James B Richardson1
Thomas Abraham-James1
Aaron P Gates1
Jamie M Scoringe
Total
Balance
30.6.2022
Received as
Compensation
Options
Exercised
Net Change
Other*
Balance
30.6.2023
44,881,024
45,194,974
29,793,200
48,416,668
28,843,795
3,550,000
-
200,679,661
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,411,576 51,292,600
6,456,426 51,651,400
- 29,793,200
(48,416,668)
(28,843,795)
(3,550,000)
-
-
-
100,000
100,000
(67,842,461) 132,837,200
*Net Change Other refers to shares purchased, sold or other movements.
1 Mr Richardson, Mr Abraham-James, Mr Gates resigned during the year.
29
DIRECTORS’ REPORT
Directors Meetings
During the financial year, five meetings of directors were held. Attendances by each director were as
follows:
Directors’ Meetings
Number eligible
to attend
Number
attended
Circulatory
Resolutions
5
5
5
1
4
5
5
4
1
4
4
4
4
1
4
Gregory H Solomon
Douglas H Solomon
Guy T Le Page
James B Richardson
Thomas Abraham-James
Indemnifying Officers
The company has arranged for an insurance policy to insure the directors against liabilities for costs and
expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the
capacity of director of the company, other than conduct involving a wilful breach of duty in relation to the
company. The total premium payable was $24,064.
Proceedings on Behalf of Group
No person has applied for leave of Court to bring proceedings on behalf of the Group or intervene in any
proceedings to which the Group is a party for the purpose of taking responsibility on behalf of the Group for all
or any part of those proceedings. The Group was not a party to any such proceedings during the year.
Options
At the date of this report, the unissued ordinary shares of Conico Ltd under option are as follows:
Grant Date
Date of Expiry
Exercise Price
Number of Options
22 September 2020
21 September 2023
24 November 2020
24 November 2023
15 January 2021
15 January 2024
19 May 2021
30 September 2024
22 September 2021
30 November 2024
Various
6 May 2022
16 Dec 2022
Various
20 January 2024
3 May 2025
1 January 2026
31 December 2026
$0.022
$0.040
$0.040
$0.040
$0.100
$0.070
$0.016
$0.025
$0.026
1,000,000
6,000,000
2,300,000
10,000,000
33,500,000
75,496,307
1,000,000
1,000,000
281,140,659
411,436,966
During the year ended 30 June 2023, no ordinary shares of Conico Ltd were issued on the exercise of options
granted under the Conico Ltd Employee Share Option Plan. No shares have been issued since in terms of the
plan.
No person entitled to exercise the options had or has any right by virtue of the option to participate in any share
issue of any other body corporate.
Non-audit Services
No fees for non-audit services were paid/payable to the external auditors during the year ended 30 June 2023.
30
DIRECTORS’ REPORT
Auditor’s Independence Declaration
The auditor’s independence declaration for the year ended 30 June 2023 has been received and can be found
on page 32.
Signed in accordance with a resolution of the Board of Directors.
Gregory H Solomon
Chairman
Dated this 21st day of September 2023
31
To the directors of Conico Limited
Auditor’s independence declaration under section 307C of the Corporations Act 2001
As lead auditor for the audit of the financial statements of Conico Limited for the financial year ended 30
June 2023, I declare that to the best of my knowledge and belief, there have been no contraventions of:
(a)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(b)
any applicable code of professional conduct in relation to the audit.
Yours sincerely
Nexia Perth Audit Services Pty Ltd
M. Janse Van Nieuwenhuizen
Director
Perth
21 September 2023
32
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME FOR YEAR ENDED 30 JUNE 2023
Other Income
Accounting and audit
Depreciation and amortisation
Employee benefits expense
Finance costs
Foreign exchange gain/(loss)
Insurance expense
Legal and other consultants
Management fees
Media and marketing
Other expenses
Rent
Travel and accommodation
Loss before income tax
Income tax benefit
Loss for the year
Other Comprehensive Income
Items that may be reclassified to profit or loss:
Foreign currency translation reserve
Income tax relating to comprehensive income
Total other comprehensive income
Note
2
Consolidated
2023
$
2022
$
90,048
(63,759)
(9,552)
1,940
(33,944)
(5,055)
(199,320)
(206,620)
(298)
(1,033)
(29,818)
(159,770)
(130,000)
(161,185)
(207,366)
(3,184)
(10,422)
-
2,018
(42,404)
(96,998)
(144,000)
(190,285)
(152,744)
(9,176)
(62,898)
(885,659)
(940,166)
3
-
-
(885,659)
(940,166)
1,338,261
(497,020)
-
-
1,338,261
(497,020)
Total Comprehensive income/(loss) attributable to
members of the parent entity, net of tax
452,602
(1,437,186)
Basic/Diluted loss per share (cents per share)
5
(0.06)
(0.09)
The accompanying notes form part of these financial statements.
33
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
Exploration and evaluation assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Provisions
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
Note
Consolidated
2023
$
2022
$
7
8
9
10
12
13
14
15
733,915
79,409
813,324
4,916,710
398,863
5,315,573
554,094
64,870
36,854,447
28,939,207
37,408,541
29,004,077
38,221,865
34,319,650
538,936
538,936
12,500
12,500
847,234
847,234
262,500
262,500
551,436
1,109,734
37,670,429
33,209,916
43,658,621
39,980,010
2,788,412
1,120,851
(8,776,604)
(7,890,945)
37,670,429
33,209,916
The accompanying notes form part of these financial statements.
34
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR YEAR ENDED 30 JUNE 2023
Consolidated Group
Ordinary
Share Capital
Foreign
Currency
Translation
Reserve
Option
Reserve
Retained
Earnings
Total
$
$
$
$
$
Balance at 30 June 2021
31,425,251
(21,279)
1,429,050
(6,950,779)
25,882,243
Shares issued (net of costs)
8,554,759
Issue of options
Net loss for the year
Other comprehensive income
Total comprehensive income / (loss)
-
-
-
-
-
-
-
(497,020)
(497,020)
-
210,100
-
-
8,554,759
210,100
-
-
-
(940,166)
(940,166)
-
(497,020)
(940,166)
(1,437,186)
Balance at 30 June 2022
39,980,010
(518,299)
1,639,150
(7,890,945)
33,209,916
Shares issued (net of costs)
3,678,611
Issue of options
Net loss for the year
Other comprehensive income
Total comprehensive income / (loss)
-
-
-
-
-
-
-
1,338,261
1,338,261
-
329,300
-
-
3,678,611
329,300
-
-
-
(885,659)
(885,659)
-
1,338,261
(885,659)
452,602
Balance at 30 June 2023
43,658,621
819,962
1,968,450
(8,776,604)
37,670,429
The accompanying notes form part of these financial statements.
35
CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 JUNE 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Payments to suppliers and employees
Interest paid
Interest received
R&D tax rebate
Note
Consolidated
2023
$
2022
$
101,443
1,586
(872,142)
(820,009)
-
7,898
-
-
443
-
Net cash provided by/(used in) operating activities
20
(762,801)
(817,980)
CASH FLOWS FROM INVESTING ACTIVITIES
Exploration and evaluation expenditure
Payments for property, plant & equipment
Net cash provided by/(used in) investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from share issues (net of costs)
Repayment of loans
Net cash provided by/(used in) financing activities
Net increase/(decrease) in cash held
Net increase/(decrease) due to foreign exchange
movements
Cash at beginning of financial year
Cash at end of financial year
(6,803,258)
(6,876,744)
(612,206)
(46,171)
(7,415,464)
(6,922,915)
4,002,611
8,758,559
-
4,002,611
(4,175,654)
(7,141)
4,916,710
733,915
-
8,758,559
1,017,664
(19,206)
3,918,252
4,916,710
7
The accompanying notes form part of these financial statements.
36
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
The financial report is a general-purpose financial report that has been prepared in accordance with Australian
Accounting Standards, including Australian Accounting Interpretations, other authoritative pronouncements of
the Australian Accounting Standards Board and the Corporations Act 2001. The financial report of Conico
Limited and its controlled entities (Group) complies with International Financial Reporting Standards (IFRS).
The financial report covers the consolidated group of Conico Ltd and its controlled entities as at and for the
year ended 30 June 2023. Conico Ltd is a listed public company, incorporated and domiciled in Australia. The
Group is a for-profit entity and primarily is involved in mineral exploration for cobalt, nickel and manganese. The
financial report was authorised for issue on the 21st of September 2023 by the Board of Directors.
The following is a summary of the material accounting policies adopted by the Group in the preparation of the
financial report. The accounting policies have been consistently applied, unless otherwise stated.
Basis of Preparation
The accounting policies set out below have been consistently applied to all years presented.
Reporting Basis and Conventions
The financial report has been prepared on an accruals basis and is based on historical costs modified by the
revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis
of accounting has been applied. These consolidated financial statements are presented in Australian dollars.
The functional currency of Longland Resources Limited is British Pound Sterling. The functional currency of all
other Group entities is Australian dollars.
Going Concern
These financial statements have been prepared on a going concern basis, which contemplates continuity of
normal business activities and the realisation of assets and extinguishment of liabilities in the ordinary course of
business.
The Group has reported a net loss for the year of $885,659 (2022: $940,166) and a cash outflow from operating
activities of $762,801 (2022: $817,980). The directors carefully manage expenditure and, subject to being able
to raise further finance, are of the view, based on cash flow forecasts, that the Group will be able to continue
its operations as a going concern. The continuing applicability of the going concern basis of accounting is
dependent upon the Group’s ability to source additional finance. The directors are confident that the Group
will be successful in securing additional funds, should the need arise. The directors are also aware that the Group
has the option, if necessary, to defer expenditure and reduce administration costs in order to minimise its capital
raising requirements.
Based on these facts, the directors consider the going concern basis of preparation to be appropriate for this
financial report. Should the Company be unsuccessful in securing additional finance, there is a material
uncertainty which may cast significant doubt whether the Group will be able to continue as a going concern
and therefore, whether it will realise its assets and extinguish its liabilities in the normal course of business and at
the amounts stated in the financial report.
The financial statements do not include any adjustments relative to the recoverability and classification of
recorded asset amounts or, to the amounts and classification of liabilities that might be necessary should the
entity not continue as a going concern.
Accounting Policies
a. Principles of Consolidation
A controlled entity is any entity Conico Ltd 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.
A list of controlled entities is contained in Note 16 to the financial statements. All controlled entities have a
June financial year-end.
All inter-company balances and transactions between entities in the consolidated group, including any
unrealised profits or losses, have been eliminated on consolidation. Accounting policies of controlled entities
have been changed where necessary to ensure consistencies with those policies applied by the parent
entity.
b. Interests in a Joint Operation
The consolidated financial statements include the assets that the Group controls and the liabilities that it
incurs in the course of pursuing the joint operation and the expenses that the Group incurs and its share of
the income that it earns from the joint operation. Details of the Group’s interests are shown at Note 11.
37
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
c. Income Tax
The charge for current income tax expense is based on the profit for the year adjusted for any non-assessable
or disallowed items. It is calculated using the tax rates that have been enacted or are substantially enacted
by the balance sheet date.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised
or liability is settled. Deferred tax is credited in the income statement except where it relates to items that
may be credited directly to equity, in which case the deferred tax is adjusted directly against equity.
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements.
No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a
business combination, where there is no effect on accounting or taxable profit or loss.
Deferred tax assets are recognised for unused tax losses, tax credits and deductible temporary differences,
to the extent that it is probable that future tax profits will be available against which they can be utilised.
The amount of benefits brought to account or which may be realised in the future is based on the assumption
that no adverse change will occur in income taxation legislation and the anticipation that the group will
derive sufficient future assessable income to enable the benefit to be realised.
The R&D tax offset is recognised upon receipt.
d. Property, Plant and Equipment
Plant and equipment are measured on the cost basis.
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of
the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected
net cash flows that will be received from the asset’s employment and subsequent disposal. The expected
net cash flows have been discounted to their present values in determining recoverable amounts.
The depreciation rates used for each class of depreciable assets are:
Plant and equipment
15 –50%
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains
and losses are recognised in profit or loss.
e. Exploration and Evaluation Expenditure
Exploration, evaluation and development expenditure incurred is accumulated in respect of each
identifiable area of interest. These costs are only carried forward where right of tenure is current and to the
extent that they are expected to be recouped through the successful development of the area or where
activities in the area have not yet reached a stage that permits reasonable assessment of the existence of
economically recoverable reserves.
Accumulated costs in relation to an abandoned area are written off in full against profit in the year in which
the decision to abandon the area is made.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to
carry forward costs in relation to that area of interest.
Costs of site restoration are provided over the life of the facility from when exploration commences and are
included in the costs of that stage. Any changes in the estimates for the costs are accounted on a
prospective basis. In determining the costs of site restoration, there is uncertainty regarding the nature and
extent of the restoration due to community expectations and future legislation.
f.
Impairment of Non-financial Assets
At each reporting date, the Group reviews the carrying values of its non-financial / tangible and intangible
assets to determine whether there is any indication that those assets have been impaired. If such an
indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to
sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over
its recoverable amount is expensed to the Statement of Profit or Loss and Other Comprehensive Income.
Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the
recoverable amount of the cash-generating unit to which the asset belongs
g. Cash and cash equivalents
Cash in the statement of financial position comprises cash at bank and in hand and short-term deposits, with
an original maturity of three months or less, that are readily convertible to known amounts of cash, and that
are subject to an insignificant risk of changes in value.
For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of cash and cash
equivalents as defined above, net of outstanding bank overdrafts.
38
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
h. Financial Instruments
Recognition
Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the
related contractual rights or obligations exist. Subsequent to initial recognition these instruments are
measured as set out below.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not
quoted in an active market and are stated at amortised cost using the effective interest rate method.
The Group makes use of a simplified approach in accounting for trade and other receivables and records
the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash
flows, considering the potential for default at any point during the life of the financial instrument. In
calculating, the entity uses its historical experience, external indicators and forward-looking information to
calculate the expected credit losses.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the
redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest
method. Borrowings are removed from the balance sheet when the obligation specified in the contract is
discharged, cancelled or expired.
Impairment
At each reporting date, the Group assesses at a specific asset level whether there is objective evidence that
a financial instrument has been impaired. Impairment losses are recognised in the Statement of Profit or Loss
and Other Comprehensive Income.
i. Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events,
for which it is probable that an outflow of economic benefits will result and that outflow can be reliably
measured.
j. Revenue
Revenue is measured at the transaction price received or receivable (which excludes estimates of variable
consideration) allocated to the performance obligation satisfied and represents amounts receivable for
services provided in the normal course of business, net of discounts, VAT, GST and other sales related taxes.
As the expected period between transfer of a promised service and payment from the customer is one year
or less then no adjustment for a financing component has been made.
Revenue arising from the provision of services is recognised when and to the extent that the customer
simultaneously receives and consumes the benefits of the Group’s performance or the Group does not
create an asset with an alternative use but has an enforceable right to payment for performance completed
to date.
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of
calculating the amortised cost of a financial asset and allocating the interest income over the relevant
period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts
through the expected life of the financial asset to the net carrying amount of the financial asset.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
k. Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes
in presentation for the current financial year.
l. New accounting standards and interpretations
The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian
Accounting Standards Board (the AASB) that are relevant to their operations and effective for the current
year.
39
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
m. Segment reporting
Segment results that are reported to the Group’s board of directors (the chief operating decision maker)
include items directly attributable to a segment as well as those that can be allocated on a reasonable
basis.
n. Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares
are recognised as a deduction from equity.
o. New accounting standards and interpretations not yet adopted
A number of new standards and amendments to standards are effective for annual periods beginning after
1 July 2022, and have not been applied in preparing these consolidated financial statements. Management
are of the view that these standards and amendments will not have a significant impact on the financials.
p. Share-based payments
The Group provides benefits to employees (including senior executives) of the Group in the form of share-
based payments. The cost of these share-based payments is measured by reference to the fair value of the
equity instruments at the date at which they are granted. The fair value at grant date is measured by use of
the Black-Scholes Option Pricing Model. The expected life used in the model has been adjusted, based on
management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural
considerations.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a
straight-line basis over the vesting period, based on the entity’s estimate of shares that will eventually vest.
For cash-settled share-based payments, a liability equal to the portion of the goods or services received is
recognised at the current fair value determined at each reporting date.
q. Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the net profit/loss attributable to the owners of Conico
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 earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
consider 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.
r. Critical accounting judgements, estimates and assumptions
Judgements made by management in the application of IFRS that have significant effects on the financial
statements and estimates with a significant risk of material adjustments in the next year are disclosed, where
applicable, in the relevant note to the financial statements. The following are the key assumptions
concerning the future, and other key sources of estimation uncertainty at the balance date, that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year:
Impairment
The Group assesses impairment at each reporting date by evaluating conditions specific to the Group that
may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset
is determined. The Company did not recognise any impairment charges on any of its tenements during the
year (2022: nil).
Exploration and evaluation costs carried forward
The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number
of factors, including whether the Group decides to exploit the related lease itself or, if not, whether it
successfully recovers the related exploration and evaluation asset through sale.
40
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
r. Critical accounting judgements, estimates and assumptions continued
Exploration and evaluation costs carried forward continued
Factors which could impact the future recoverability include the level of proved, probable and inferred
mineral resources, future technological changes which could impact the cost of mining, future legal
changes (including changes to environmental restoration obligations) and changes to commodity prices. To
the extent that capitalised exploration and evaluation expenditure is determined not to be recoverable in
the future, this will increase losses and reduce net assets in the period in which this determination is made. In
addition, exploration and evaluation expenditure is capitalised if activities in the area of interest have not
yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically
recoverable reserves. To the extent that it is determined in the future that this capitalised expenditure should
be written off, this will increase losses and reduce net assets in the period in which this determination is made.
Share-based payments
The Company makes equity settled share-based payments to certain employees and consultants, which are
measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period,
based on the Company’s estimate of shares that will eventually vest. The fair values are determined using
the Black-Scholes Option Pricing Model. Vesting assumptions are reviewed during each reporting period to
ensure they reflect current expectations.
Loans to controlled entities
The directors believe that the recoupment of the inter-company receivables from Conico Ltd to Australian
Cobalt Ltd (formerly Meteore Metals Pty Ltd) and Longland Resources Ltd is dependent on the successful
development and commercial exploitation or, alternatively, the sale of the exploration assets held by the
controlled entity.
NOTE 2: OTHER INCOME
— interest received
— other income
Total Other Income
NOTE 3: INCOME TAX BENEFIT
Consolidated
2023
$
2022
$
7,898
82,150
90,048
443
1,497
1,940
a.
The prima facie tax on loss from ordinary activities before income tax is reconciled to the income tax as
follows:
Prima facie tax payable on loss from ordinary activities before
income tax at 25% (2022: 25%)
(221,415)
(244,443)
Tax effect of:
—
—
Current year temporary differences not recognised
Current year tax losses not recognised
Income tax (expense) / benefit
b.
Components of deferred tax
Unrecognised deferred tax asset – losses
Unrecognised deferred tax liability – provisions and accruals
Unrecognised deferred tax asset – capital raising costs
9,372
561,801
212,042
(317,358)
-
-
5,813,067
5,825,066
(8,040)
665,520
258,865
562,861
Unrecognised deferred tax liabilities – exploration and evaluation
(5,584,851)
(3,750,282)
Net Unrecognised deferred tax assets
885,696
2,896,510
Deferred tax assets have not been brought to account as it is not probable within the immediate future that tax
profits will be available against which deductible temporary differences and tax losses can be utilised. The
benefit of the tax losses will only be obtained if the Group complies with conditions imposed by the relevant tax
legislation.
41
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
NOTE 4: AUDITOR’S REMUNERATION
Remuneration of the auditor
NOTE 5: LOSS PER SHARE
a.
Reconciliation of loss to profit or loss
Profit/(loss)
Loss used to calculate basic EPS
b.
Weighted average number of ordinary shares outstanding during
the year used in calculating basic EPS
Loss per share – cents per share
Consolidated
2023
$
2022
$
34,256
21,475
(885,659)
(940,165)
(885,659)
(940,165)
1,469,769,132 1,034,941,587
(0.06)
(0.09)
As the Company has incurred a loss, any exercise of options would be antidilutive, therefore the diluted and
basic earnings per share are equal.
NOTE 6: EMPLOYEE BENEFITS
a.
Employee benefits expense
Expenses recognised for employee benefits are analysed below:
Short-term employee benefits
Post-employment benefits
Share-based payments
Capitalised in exploration and evaluation assets
Total
b.
Share-based employee remuneration
695,810
407,315
17,020
5,300
17,520
6,100
(518,810)
(224,315)
199,320
206,620
Included under employee benefits expense in the statement of profit or loss and other comprehensive income
is $5,300 (2022: $6,100) which relates, in full, to equity settled share-based payment transactions.
All options granted to personnel/key consultants are over ordinary shares in Conico Ltd, which confer a right
of one ordinary share for every option held. When issued, the shares carry full dividend and voting rights.
NOTE 7: CASH AND CASH EQUIVALENTS
Cash at bank
Reconciliation of cash
Cash at the end of the financial year as shown in the consolidated statement
of cash flows is reconciled to items in the Statement of financial position as
follows:
Cash and cash equivalents
NOTE 8: OTHER CURRENT ASSETS
Prepayments
GST Recoverable
733,915
4,916,710
733,915
4,916,710
733,914
4,916,710
733,914
4,916,710
19,335
60,074
79,409
374,597
24,266
398,863
42
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
NOTE 9: PLANT AND EQUIPMENT
Equipment:
At cost
Accumulated depreciation
Total Plant and Equipment
a.
Movements in Carrying Amounts
Consolidated
2023
$
2022
$
759,917
147,712
(205,824)
(82,842)
554,094
64,870
Movement in the carrying amount between the beginning and the end of the current financial year.
Opening balance
Assets purchased
Disposals
Net exchange differences
Depreciation expense
Closing balance
b.
Impairment losses
64,870
562,398
-
64,481
54,920
49,527
(2,885)
(4,213)
(137,655)
(32,479)
554,094
64,870
The total impairment loss recognised in the consolidated statement of profit or loss and other comprehensive
income during the current year amounted to $Nil (2022: $Nil).
NOTE 10: EXPLORATION AND EVALUATION ASSETS
Balance at the beginning of the financial year
Expenditure incurred during the year
Net exchange differences
Balance at the end on the financial year
28,939,207
22,272,897
6,763,407
6,456,342
1,151,833
209,968
36,854,447
28,939,207
Capitalised costs amounting to $6,803,258 (2022: $6,876,744) have been included in cash flows from investing
activities in the statement of cash flows for the consolidated entity.
NOTE 11: JOINT OPERATION
A wholly controlled entity, Australian Cobalt Ltd (formerly Meteore Metals Pty Ltd), has a 50% interest in the Mt
Thirsty Joint Venture, whose principal activity is the development of the Mt Thirsty nickel, cobalt and
manganese project. The consolidated financial statements include the assets that the Group controls and the
liabilities that it incurs in the course of pursuing the joint operation and the expenses that the Group incurs and
its share of the income that it earns from the joint operation.
Share of joint operation results and financial position:
Current Assets
Non-Current Assets
Total Assets
Current Liabilities
Total Liabilities
Revenue
Expenses
Profit / (Loss) before income tax
Income tax expense
Profit / (Loss) after income tax
NOTE 12: TRADE AND OTHER PAYABLES
Trade payables
Sundry payables and accrued expenses
43
177,815
5,593
5,180,341
3,571,136
5,358,156
3,576,729
324,813
324,813
-
(94,642)
(94,642)
-
70,245
82,745
-
(7,481)
(7,481)
-
(94,642)
(7,481)
225,163
313,773
109,755
737,479
538,936
847,234
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
NOTE 13: PROVISIONS
Opening balance
Movements
Closing balance
Consolidated
2023
$
2022
$
262,500
262,500
(250,000)
-
12,500
262,500
The remaining balance relates to a rehabilitation provision for the Mount Thirsty project. Included in the prior
year was a provision from the 2004 acquisition whereby a royalty sum is payable to prior owners of the Mount
Thirsty tenements which is only due and payable when and if the tenements commence commercial
production. Upon review of the acquisition agreement during the period, the provision was reversed to the
acquisition cost of the assets given the circumstances for the provision to be incurred had not been met. The
provision will be reinstated when and if the tenements commence commercial production.
NOTE 14: ISSUED CAPITAL
1,570,094,946 (2022: 1,358,268,874) ordinary shares
43,547,621
39,980,010
2014
2014
2023
2022
No.
No.
2023
$
2022
$
a.
Ordinary shares
At the beginning of reporting period
1,358,268,874
916,367,041 39,980,010
31,425,251
Shares issued during the year (net of costs)
208,876,374
425,054,000
3,566,919
5,880,992
Shares issued through exercise of options
2,949,698
16,847,833
111,692
2,673,767
Total shares issued during the year (net of
costs)
211,826,072
441,901,833
3,678,611
8,554,759
At reporting date
1,570,094,946 1,358,268,874 43,658,621
39,980,010
Ordinary shares participate in dividends and in the proceeds of winding up in proportion to the number of
shares held. At the shareholders’ meetings each ordinary share is entitled to one vote when a poll is called,
otherwise each shareholder has one vote on a show of hands. The Company has no authorised share capital
or par value. All issued shares are fully paid.
b.
Options
At the beginning of reporting period
Issued to shareholders and investors as free attaching options
Issued to brokers as lead manager or underwriter
Issued to Key Management Personnel or employees
Total options issued during the year
Options lapsed during the year
Options exercised during the year
At reporting date
c.
Capital Management
2023
No.
2022
No.
325,823,399
99,144,140
57,563,265
179,027,092
30,000,000
63,500,000
1,000,000
1,000,000
88,563,265
243,527,092
-
-
(2,949,698)
(16,847,833)
411,436,966
325,823,399
Management controls the working capital of the Company in order to maximise the return to
shareholders and ensure that the Company can fund its operations and continue as a going concern.
Management effectively manages the Company’s capital by assessing the Company’s financial risks
and adjusting its capital structure in response to changes in these risks and in the market. These responses
include the management of expenditure and debt levels, distributions to shareholders and capital
raisings. There have been no changes in the strategy adopted by management to control the capital
of the Company since the prior year.
44
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
NOTE 15: RESERVES
a.
Option Reserve
The option reserve records items recognised as expenses on valuation of share options.
b.
Foreign Currency Translation Reserve
The foreign currency translation reserve records exchange differences arising on the translation of
foreign subsidiaries.
NOTE 16: CONTROLLED ENTITIES
Country of
Percentage Owned (%)
Controlled Entities
Incorporation
Australian Cobalt Ltd (formerly Meteore Metals Pty Ltd)
Australia
Longland Resources Ltd
United Kingdom
NOTE 17: PARENT COMPANY INFORMATION
Assets
Current assets
Non-current assets
Total Assets
Liabilities
Current liabilities
Total liabilities
Equity
Issued capital
Accumulated losses
Reserves
Option reserve
Total reserves
Financial performance
Profit / (Loss) for the year
Other comprehensive income
Total comprehensive loss
Contingent Liabilities and Commitments
2023
100
100
2023
$
2022
100
100
2022
$
554,232
4,811,198
36,101,547 28,700,712
36,655,779 33,511,910
74,607
74,607
119,239
119,239
43,658,621 39,980,010
(9,045,900)
(8,226,489)
1,968,450
1,639,150
1,968,450
1,639,150
(819,421)
(848,935)
-
-
(819,421)
(848,935)
The Directors are not aware of any contingent liabilities or capital commitments as at 30 June 2023.
Guarantees in respect of the debts of its subsidiaries
The parent entity has provided a guarantee to Cartwright Drilling Inc. in relation to the drilling program
undertaken in Greenland in 2022 by its subsidiary Longland Resources Ltd. There are no other parent
entity guarantees in respect of the debts of its subsidiary at 30 June 2023.
NOTE 18: COMMITMENTS
a.
Capital Expenditure Commitments
Payable:
—
—
not later than 12 months
greater than12 months
45
Consolidated
2023
$
2022
$
-
-
-
-
-
-
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
NOTE 18: COMMITMENTS (CONTINUED)
b.
Exploration Expenditure Commitments
In order to maintain current rights of tenure to exploration tenements, the company is required to
perform minimum exploration work to meet the requirements specified by various governments. It is
anticipated that expenditure commitments for the twelve months will be tenement rentals of $3,120
(2022: $20,000) and exploration expenditure of $415,752 (2022: $nil).
NOTE 19: SHARE-BASED PAYMENTS
All options granted are over ordinary shares in Conico Ltd, which confer a right of one ordinary share for every
option held. When issued, the shares carry full dividend and voting rights.
Share-based payments - Options
2023
2022
Outstanding at the beginning of the year
Granted
Exercised
Lapsed
Outstanding at year-end
Exercisable at year-end
Number of
Options
Number of
Options
Weighted
Average
Exercise
Price
$
Weighted
Average
Exercise
Price
$
72,800,000
31,000,000
(2,500,000)
0.042
0.047
0.040
57,000,000
31,000,000
(15,200,000)
0.050
0.026
0.040
-
-
-
-
101,300,000
0.044
72,800,000
0.042
101,300,000
0.044
72,800,000
0.042
The options outstanding at 30 June 2023 had a weighted average exercise price of $0.044 and a weighted
average remaining contractual life of 1.96 years.
For the options granted during the current financial year, the valuation model inputs used to determine the
fair value at the grant date, are as follows:
Grant Date
Expiry
Date
Share Price at
Grant Date
Exercise Price
Expected
volatility
Dividend
yield
Risk-free
interest rate
Fair value at
grant date
10/08/2022 20/01/2024
16/12/2022 01/01/2026
26/04/2023 31/12/2026
$0.034
$0.008
$0.009
$0.07
$0.026
$0.026
137%
143%
151%
-
-
-
1.85%
3.10%
3.60%
$0.0146
$0.0033
$0.0070
The following options were exercised during the year ended 30 June 2023:
Expiry Date
Exercise Price
Number of options
24/11/2023
$0.04
2,500,000
NOTE 20: CASH FLOW INFORMATION
a. Reconciliation of Cash Flow from Operations with Loss after Income Tax
Loss after income tax
Non-cash flows in profit/(loss)
Depreciation
Options expense
Changes in assets and liabilities, net of non-cash payments
(Increase)/decrease in trade and term receivables
Increase/(decrease) in trade payables and accruals*
Cash flow used in operations
* - Net of Exploration and Evaluation cash flows.
2023
$
2022
$
(885,659)
(940,166)
9,552
5,300
5,055
6,100
319,454
(87,211)
(211,448)
198,242
(762,801)
(817,980)
46
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
NOTE 21: RELATED PARTY TRANSACTIONS
Transactions between related parties are on normal commercial terms and
conditions no more favourable than those available to other parties unless
otherwise stated.
Transactions with related parties:
Key Management Personnel
Management fees and administration fees paid to Princebrook Pty Ltd, a
company in which Mr GH Solomon and Mr DH Solomon have an interest. At 30
June 2023 $nil (2022: $12,000) was included in Trade and Other Payables owing to
Princebrook Pty Ltd.
Legal and professional fees and reimbursed expenses paid to Solomon Brothers, a
firm of which Mr GH Solomon and Mr DH Solomon are partners.
Corporate advisory fees paid to RM Corporate Finance Pty Ltd, a company in
which Mr G T Le Page and Mr J B Richardson have an interest.
Website development, media and marketing fees paid/payable to RM Corporate
Finance Pty Ltd, a company in which Mr G Le Page and Mr J Richardson have an
interest.
Placement fees paid/payable to RM Corporate Finance Pty Ltd, a company in
which Mr G Le Page and Mr J Richardson have an interest.
Associated Companies
2023
$
2022
$
130,000
144,000
26,996
60,669
42,000
42,000
2,855
8,340
60,000
290,280
Reimbursement to Tasman Resources Ltd (which has a 10.8% interest in the
Company) for employee costs on an hourly basis, in relation to Tasman staff utilised
by the Company.
-
605
NOTE 22: SEGMENT REPORTING
The Group has identified its operating segments based on the internal reports that are reviewed and used by
the Board of Directors (chief operating decision maker) in assessing performance and determining the
allocation of resources. The following have been identified as individual segments:
Greenland
Conico holds a 100% in both the Ryberg and Mestersvig Projects in Greenland. The Ryberg Project that covers
an area of 4,521km² containing the Sortekap gold prospect and the Miki Fjord & Togeda Cu-Ni-Co-PGE-Au
magmatic sulphide prospects. The Mestersvig Project containing the historic Blyklippen Pb-Zn mine and
Sortebjerg Pb-Zn prospect.
Mt Thirsty JV
Conico holds a 50% interest in the Mt Thirsty Cobalt Project, located 16km north-northwest of Norseman,
Western Australia. The Project contains the Mt Thirsty Cobalt-Nickel (Co-Ni) Oxide Deposit that has the potential
to emerge as a significant cobalt producer. In addition to the Co-Ni Oxide Deposit, the Project also hosts nickel
sulphide (Ni-S) mineralisation.
Unallocated
Unallocated items comprise items that cannot be directly attributed to the Greenland Exploration or the Mt
thirsty JV segments and corporate costs which includes those expenditures supporting the business during the
period.
The segment information for the reportable segments for the year ended 30 June 2023 is as follows
47
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
NOTE 22: SEGMENT REPORTING (CONTINUED)
Year ended 30 June 2023
Segment loss before tax
Impairment of assets
Capital expenditure additions
Segment assets
Segment liabilities
Year ended 30 June 2022
Segment loss before tax
Impairment of assets
Capital expenditure additions
Segment assets
Segment liabilities
Greenland
Mt Thirsty JV
Unallocated
$
$
$
Total
$
(885,659)
(885,659)
-
-
7,126,418
19,472,815
(165,133)
-
-
6,426,443
13,337,359
(658,249)
17,631,632
1,117,418
(311,696)
(74,607)
-
-
1,610,524
-
-
79,426
-
-
-
-
-
8,736,942
38,221,865
(551,436)
-
6,505,869
34,319,650
(1,109,734)
(940,165)
(940,165)
16,022,428
4,959,863
(332,246)
(119,239)
NOTE 23: CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Per note 13, the Group reversed a provision previously recognised on acquisition for a future royalty payment
of $500,000 ($250,000 as applicable to Conico as 50% Joint Venture Partner) if and when the Mount Thirsty
project commences production.
The directors of Conico advise that Cartwright Drilling Inc (“Cartwright”), a drilling company incorporated in
Newfoundland (Canada) that was engaged by Conico to undertake diamond drilling at the Ryberg and
Mestersvig Projects over the 2022 Greenland field season, has commenced an arbitration in Newfoundland to
resolve a dispute in respect to invoices received by Conico from Cartwright for the 2022 field season, which
Conico has refused to pay.
It is the opinion of the board of Conico that the performance of Cartwright was materially deficient in a number
of key areas and not up to industry best practice and has caused loss to Conico through scheduled drilling
not having been completed.
The total amount of the invoices in dispute is C$1,419,203 (approximately A$1,575,315). Cartwright currently
hold a bond of C$300,000 on behalf of Conico. In the arbitration, Conico will also seek to recover substantial
damages from Cartwright. As of the date of this report, arbitration proceedings are continuing.
The Directors are not aware of any other contingent assets or contingent liabilities as at 30 June 2023 (30
June 2022: Nil).
NOTE 24: EVENTS AFTER THE REPORTING DATE
No matters or circumstances have arisen since the end of the financial year which significantly affected or
may significantly affect the operations of the Group, the results of those operations, or the state of affairs of
the Group in future financial years.
48
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
NOTE 25: FINANCIAL INSTRUMENTS
a.
Financial Risk Exposures and Management
The main risks the Company is exposed to through its financial instruments are interest rate risk, liquidity
risk and credit risk.
i.
Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. The Group has minimal exposure to interest
rate risk, the only asset / liability affected by changes in market interest rates is Cash and cash
equivalents.
ii.
Liquidity Risk
The Company manages liquidity risk by monitoring forecast cash flows and ensuring that
adequate funding is maintained. The Company’s operations require it to raise capital on an on-
going basis to fund its planned exploration programs and to commercialise its tenement assets.
If the Company does not raise capital in the short term, it can continue by reducing planned but
not committed exploration expenditure until funding is available. All financial liabilities are
expected to be settled within 6 months.
The Company manages liquidity risk by continuously monitoring forecast and actual cash flows
and matching the maturity profiles of financial assets and liabilities. Surplus funds are invested in
short-term bank deposits.
iii.
Foreign currency risk
The Group is exposed to fluctuations in foreign currencies arising from the purchase of goods and
services in currencies other than the companies’ functional currency. The risk is measured using
sensitivity analysis and cash flow forecasting. At 30 June 2023 the effect on the loss as a result of
a 10% increase in the value of the Australian dollar, with all other variables remaining constant
would be a decrease in loss by approximately $14,500 (2022: $10,000). Exploration expenditure
relating to the Greenland project is largely in currencies other than the companies’ functional
currency, changes in the foreign exchange rates will affect the cost of exploration on the
Greenland project and may affect decisions regarding the quantum of exploration completed
in any period.
iv.
Maturity of Financial liabilities
The group holds no interest-bearing liabilities whereby the period extends longer than six months.
Trade payables and executive held credit cards do not bear interest if paid within terms, where
this is typically less than 30 days. (2022: $nil)
b.
Financial Instruments
i.
Net Fair Values
The aggregate net fair values of the financial assets and financial liabilities, at the reporting date,
are approximated by their carrying value.
NOTE 26: COMPANY DETAILS
The registered office of the company is:
The principal place of business is:
Conico Ltd
Level 15,
Conico Ltd
Level 15,
197 St Georges Terrace
197 St Georges Terrace
Perth Western Australia 6000
Perth Western Australia 6000
49
DIRECTORS’ DECLARATION
In the opinion of the directors of Conico Ltd (the “Company”):
a.
the financial statements and notes set out on pages 33 to 49 and the Remuneration disclosures that are
contained in pages 28 to 29 of the Remuneration Report in the Directors’ Report, are in accordance with
the Corporations Act 2001, including:
(i)
(ii)
giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its
performance, for the financial year ended on that date; and
complying with Australian Accounting Standards
Interpretations) and the Corporations Regulations 2001; and
(including
the Australian Accounting
(iii)
complying with International Financial Reporting Standards as disclosed in Note 1; and
b.
there are reasonable grounds to believe that the Group will be able to pay its debts as and when they
become due and payable.
The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the
Non-Executive Chairman and Chief Financial Officer for the financial year ended 30 June 2023.
This declaration is made in accordance with a resolution of the Board of Directors.
Gregory H Solomon
Chairman
Dated this 21st day of September 2023
50
Independent Auditor’s Report to the Members of Conico Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Conico Limited (“the Company”) and its subsidiaries (“the Group”)),
which comprises the consolidated statement of financial position as at 30 June 2023, the consolidated
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity
and the consolidated statement of cash flows for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies, and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act
2001, including:
(i) giving a true and fair view of the Group’s financial position as at 30 June 2023 and of its performance
for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the ‘auditor’s responsibilities for the audit of the financial report’ section
of our report. We are independent of the Group in accordance with the 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 confirm that the independence declaration required by the Corporations Act 2001, which has been given
to the directors of the Company, would be in the same terms if given to the directors as at the time of this
auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material uncertainty relating to going concern
We draw attention to Note 1 in the financial report, which indicates that the Company incurred a net loss of
$885,659 during the year ended 30 June 2023 and had net current assets of $274,388. As stated in Note 1,
these events or conditions, along with other matters as set forth in the note, indicate that a material
uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial report of the current period. These matters were addressed in the context of our audit
of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
51
Key audit matter
How our audit addressed the key audit matter
Capitalisation of exploration and
evaluation assets
Refer to Note 10 (Exploration and evaluation
assets)
Our procedures focused on evaluating
management’s assessment of the exploration and
evaluation asset’s carrying value. These procedures
included, amongst others:
and
As at 30 June 2023 the carrying value of
Exploration
assets was
$36,854,447 (2022: $28,939,207). The Group’s
accounting policy in respect of exploration and
evaluation assets is outlined in Note 1e.
evaluation
This is a key audit matter due to the fact that
significant judgement is applied in determining
and
whether
the
evaluation assets
recognition criteria in terms of AASB 6 Exploration
for and Evaluation of Mineral Resources.
exploration
to meet
capitalised
continue
the
• verifying whether the rights to tenure of the
area of interest remained current at balance
date;
• obtaining evidence of the future intention for
the area of interest; and
• obtaining an understanding of the status of
ongoing exploration programs for the area of
interest.
We also assessed the appropriateness of the
accounting treatment and disclosure in terms of
AASB 6.
Other Information
The directors are responsible for the other information. The other information comprises the information in
the Group’s annual report for the year ended 30 June 2023, but does not include the financial report and the
auditor’s report thereon.
Our opinion on the financial report does not cover the other information and 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 the other
information we are required to report that fact. We have nothing to report in this regard.
Directors’ responsibility for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such
internal control as the directors determine is necessary to enable the preparation of the financial report that
gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have
no realistic alternative but to do so.
52
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 Australian
Auditing and Assurance Standards Board website at:
https://www.auasb.gov.au/admin/file/content102/c3/ar2_2020.pdf. This description forms part of our
auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 28 to 29 of the Directors’ Report for the year
ended 30 June 2023.
In our opinion, the Remuneration Report of Conico Limited for the year ended 30 June 2023 complies with
section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an
opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing
Standards.
Nexia Perth Audit Services Pty Ltd
M. Janse Van Nieuwenhuizen
Director
Perth
21 September 2023
53
ADDITIONAL INFORMATION FOR LISTED PUBLIC COMPANIES
1. Shareholding as at 19 September 2023
a. Distribution of Shareholders
Category (size of holding)
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 – and over
Number of
Shareholders
78
58
151
1,368
1,346
3,001
b.
The number of shareholders that held in less than marketable parcels at 19 September 2023 was 1,352.
c.
The names and relevant interests of the substantial shareholders listed in the holding company’s register
as at 19 September 2023 are:
Shareholder
Tasman Resources Ltd
d. Voting Rights
Number of Ordinary shares
132,403,387
Each ordinary share is entitled to one vote when a poll is called, otherwise each member present at a
meeting or by proxy has one vote on a show of hands.
e
20 Largest Shareholders — Ordinary Shares
Name
1.
2.
BNP Paribas Nominees Pty Ltd Acf Clearstream
Tasman Resources Ltd
3. March Bells Pty Ltd
4.
BNP Paribas Nominees Pty Ltd
5. Arkenstone Pty Ltd
6. Mr Thomas Abraham-James
7. Mr Serdar Semirli
8. HSBC Custody Nominees (Australia) Limited
9. Citicorp Nominees Pty Ltd
10. Mr Nai Pei Li
11. Custodial Services Ltd
12. Bnp Paribas Nominees Pty Ltd
13. Mr Anthony Ford
14. Apostman Superannuation Pty Ltd
15. Mr Guy + Mrs Le Page
16. Mr David Kenley
17. J & J Bandy Nominees Pty Ltd
18. Tadea Pty Ltd
19. Mr Peter Richards
20. Mr Brian Berude
Number
Shares Held
% of Issued
Capital
168,650,723
132,403,387
49,018,861
41,358,761
38,887,213
28,843,795
26,009,499
24,756,292
23,959,533
21,000,000
18,050,000
16,334,547
14,000,027
13,333,334
13,243,118
11,740,000
11,500,000
10,900,000
10,180,000
9,366,800
10.74%
8.43%
3.12%
2.63%
2.48%
1.84%
1.66%
1.58%
1.53%
1.34%
1.15%
1.04%
0.89%
0.85%
0.84%
0.75%
0.73%
0.69%
0.65%
0.60%
683,535,890
43,53%
54
e
20 Largest holders — CNJO Options
Name
1. M1nt Property Pty Ltd
2.
Tasman Resources Ltd
3. Mr Constandine Koundouris
4.
5.
Joarch Jagia Investments Pty Ltd
Paul Thomson Furniture Pty Ltd
6. Mr Anthony Ford
7. Mr Gazi Habib
8. Mr Matthew Torenius & Mr Tuomo Torenius
9. March Bells Pty Ltd
10. Gazump Resources Pty Ltd
11. Hardy Road Investments Pty Ltd
12. Peloton Capital Pty Ltd
13. Peloton Capital Pty Ltd
14. Arkenstone Pty Ltd
15. Lawrence Crowe Consulting Pty Ltd
16. Mr David Moses
17. Ms Catherine Zanevra
18. Baowin Investments Pty Ltd
19. BNP Paribas Nominees Pty Ltd ACF Clearstream
20. Mr Sean Vereker Shepperson
Number
Shares Held
% of Issued
Capital
29,493,067
16,550,424
14,335,780
9,500,000
9,039,906
8,700,027
7,500,000
6,300,000
6,127,358
5,756,853
5,500,000
5,000,000
5,000,000
4,860,902
3,000,000
3,000,000
2,750,000
2,662,222
2,334,303
2,267,962
10.49%
5.89%
5.10%
3.38%
3.22%
3.09%
2.67%
2.24%
2.18%
2.05%
1.96%
1.78%
1.78%
1.73%
1.07%
1.07%
0.98%
0.95%
0.83%
0.81%
149,678,804
53.24%
2. Unquoted Securities – Options as at 19 September 2023
Holder Name
Date of Expiry
Exercise Price
Number on issue
Various
Various
Various
Various
Various
Various
T Sant
J Scoringe
21 September 2023
$0.022
24 November 2023
15 January 2024
20 January 2024
30 September 2024
30 November 2024
3 May 2025
1 January 2026
$0.04
$0.04
$0.07
$0.04
$0.10
$0.016
$0.025
1,000,000
6,000,000
2,300,000
75,496,307
10,000,000
33,500,000
1,000,000
1,000,000
130,296,307
Number of
holders
2
6
2
101
2
77
1
1
191
55
TENEMENT SCHEDULE
Number
Interest %
Location
E63/1790
P63/2045
E63/1267
R63/4
G(A)63/93
M(A)63/669
M(A)63/670
MEL 2017/06
MEL-S 2019/38
MEL 2020/64
MPL 2019/39
MEL-S 2021/24
50
50
50
50
50
50
50
100
100
100
100
100
WA
WA
WA
WA
WA
WA
WA
Greenland
Greenland
Greenland
Greenland
Greenland
56
Level 15, 197 St Georges Terrace
Perth, Western Australia 6000
Telephone: +81 8 9282 5889
Email:
mailroom@conico.com.au
Website: www.conico.com.au