Annual Report
Year ending 30 June 2024
2024
ASX:DTR
ABN: 63 149 105 653
Corporate Directory
01
Review of Operations
02
Directors’ Report
08
Auditor’s Independence Declaration
18
Consolidated Statement of Profit or Loss and Other Comprehensive Income
19
Consolidated Statement of Financial Position
20
Consolidated Statement of Changes in Equity
21
Consolidated Statement of Cash Flows
22
Notes to the Financial Statements
23
Directors’ Declaration
51
Consolidated Entity Disclosure Statement
52
Independent Auditor’s Report
54
Additional Information
60
Contents
Corporate Directory
Directors & Officers
Mark Johnson AO - Chairman
Stephen Baghdadi - Managing Director
Gregory Hall - Non-Executive Director
Anthony Ferguson - Non-Executive Director
Bill Lannen - Non-Executive Director
John Smith - Company Secretary
Registered Office
Level 29, 2 Chifley Square
Sydney NSW 2000
Postal Address
Level 29, 2 Chifley Square
T: +61 (02) 9375 2353
E-mail: info@datelineresources.com.au
Website: www.datelineresources.com.au
Securities Exchange
Australian Securities Exchange Limited (“ASX”)
Home Exchange – Sydney
ASX Symbol – DTR (ordinary shares)
Australian Business Number
ABN 63 149 105 653
Bankers
Commonwealth Bank of Australia
48 Martin Place, Sydney NSW 2000
Website: www.commbank.com.au
Auditors
DFK Laurence Varnay Auditors Pty Ltd
Level 22, 222 Pitt Street, Sydney NSW 2000
Website: www.dfklv.com.au
Share Registry
Automic Group
GPO Box 5193, Sydney NSW 2001
Website: www.automicgroup.com.au
Solicitors
K & L Gates
Level 31, 1 O’Connell Street
Sydney NSW 2000
Website: www.klgates.com
Domicile and Country
of Incorporation
Australia
2024 Annual Report | 1
Review of Opera-ons
The Company’s assets during the repor4ng period were located in Fiji and the USA. The Company’s
main ac4vity during the period was gold and rare earths explora4on.
In FY23, the Company announced that it had divested the Gold Links Gold Project and associated
mining and processing infrastructure located in Colorado USA. The sale included guaranteed payments
and payments that are condi4onal on future produc4on milestones.
Explora4on at Colosseum during the repor4ng period was successful, with wide, high-grade intercepts
reported that allowed an increase in the Mineral Resource Es4mate for the project. The higher MRE
and a strong gold price environment led to the Company commencing a Scoping Study during the
current repor4ng period.
COLOSSEUM GOLD AND RARE EARTH PROJECT
Gold Drilling
Drilling at Colosseum during the repor4ng period was predominantly focused on the breccia pipe
below the South Pit. Post the end of the repor4ng period, the Company also announced wide
intercepts from below the North Pit.
At the South Pit, the following highlight diamond drill intercepts were returned:
•
81.3m @ 2.57g/t Au in hole CM23-11a
•
19.17m @1.81g/t Au in hole CM23-09
•
70.1m @ 6.53g/t Au in hole CM23-14, including 25.9m @ 15.31g/t Au
•
104.7m @ 3.65g/t Au in hole CM24-16, including 12.2m @ 8.40g/t Au
Figure 1: Sulphides in core in CM23-14
2 | Dateline Resources
Figure 2: Company owned diamond core drill rig mobilised to the Colosseum and drilling inside the Colosseum South pit.
The Company mobilised a reverse circula4on (RC) drill rig to Colosseum during the March quarter, with
the first results released during the June quarter, including:
•
25.9m @ 1.91g/t Au in hole RC24-003, including 3.05m @ 3.05g/t Au
•
3.05m @ 1.92g/t Au and 3.05m @ 2.95g/t Au in hole RC24-004
•
74.7m @ 4.27g/t Au in hole RC24-008, including 27.4m @ 7.82g/t Au
Figure 3: Company owned RC rig and compressor conducting infill drilling
2024 Annual Report | 3
Mineral Resource Es3mate Update
A major milestone for the project was achieved at the end of the repor4ng period with the defini4on
of an updated JORC-2012 Mineral Resource Es4mate (“MRE”) for the gold component of the
Colosseum Project. Dateline has es4mated a Total Mineral Resource Es4mate of 27.1Mt @ 1.26g/t Au
for 1,101,000 ounces at Colosseum, as shown in the table below.
The updated MRE represents a 35%, or 288koz, increase in the total MRE since it was first reported in
July 20221. Importantly, the Measured component of the MRE has increased by 77% in ounces to
455koz and 23% in grade to 1.47g/t Au.
Table 1: JORC-compliant Mineral Resource es-mate for Colosseum Gold Mine1
Cut-off
Grade g/t
Au
Tonnes
(Mt)
Grade g/t Au
Ounces
(koz)
%
Measured
0.50
9.60
1.47
455.0
41%
Indicated
0.50
7.23
1.21
281.4
26%
Inferred
0.50
10.27
1.10
364.6
33%
Total
0.50
27.10
1.26
1,101.0
100%
Mineral Dynamics – Ord & Hobbs Research
Ground-breaking research out of Western Australia, spearheaded by Mineral Dynamics, Dr Alison Ord
and Dr Bruce Hobbs, can assist mineral explora4on by focusing on the thermodynamics of
hydrothermal mineral systems, par4cularly gold deposits.
Their work challenges tradi4onal chemical-centric approaches, emphasising the significance of
oscilla4ng heat flow pajerns as crucial indicators for predic4ng gold deposit size.
Using data from established mining opera4ons, they provide tools for explorers to bejer understand
mineral systems by using established cumula4ve probability distribu4on func4ons to indicate the size
of the system that created the gold deposit.
Described below are the primary differences between the three main probability distribu4ons that are
most common for gold deposit analysis, Weibull, Fréchet and Log Normal:
•
Weibull Distribution: Typically associated with smaller mineral deposits with limited potential
range of mineralisation. Indicates rapid heat loss during mineralisation, characterized by a slow
birth, quick growth, and quick death of mineralisation flow rates.
•
Fréchet Distribution: Associated with larger mineral deposits with a broader potential range of
mineralisation. Suggests minimal heat loss during mineralisation, showing a stronger beginning
and an extended continuation of the flow-mineralising process.
•
Log Normal Distribution: Typically associated with very large mineral deposits with an extensive
potential range of mineralisation. Implies minimal heat loss and a prolonged mineralisation
process, with flow rates beginning slowly and continuing to accelerate.
1 ASX Announcement 6 June 2024 – 1.1Moz gold for updated Colosseum resource estimate
4 | Dateline Resources
Dateline provided drillhole data from four holes. Ord & Hobbs had no role in selec4ng the drillholes.
Two of the drillholes (CM23 -06 & CM23-08) were from the South breccia pipe and were completed
by Dateline Resources Limited and two were historic drill holes from the North breccia pipe that were
drilled by BP in the 1980’s (CP-59 and CP-89). All four drillholes were analysed as fiong a Log Normal
distribu4on.
Alison Ord commented “The data for all four drillholes are consistent with a Log Normal distribu3on”
Colosseum
data
for
holes
06,
89,
59
and
08
superimposed
on
Figure
5
of
Ord
and
Hobbs
(2023,
hKps://doi.org/10.1080/08120099.2023.2207628).DifferenRal entropy for individual drill holes from gold deposits of various quality in rank
order. Each colour represents a geographical locaRon for the data. Each symbol represents the best-fit probability distribuRon funcRon for
those data. Note that the data for hole 08 separated clearly into greater than and less than 7 ppm groups.
Rare Earths
During the September quarter2, the Company commissioned geophysicists to produce an updated
geophysical model for the Colosseum Project in order to remove the surface noise caused by historical
mining disturbance and determine targets adjacent to the pit for follow up.
The resultant model, announced post quarter end, has iden4fied a circular feature that looks to have
been preferen4ally intruded by the later breccia that hosts the gold mineralisa4on at Colosseum. The
gold deposit occurs in two hydrothermally altered 100 m.y. old (Mesozoic age) rhyolite breccia pipes
that were intruded into crystalline Precambrian basement rocks and previously overlying, thrust
faulted, Paleozoic sedimentary rocks.
2 ASX Announcement 30 October 2023 – September Quarterly Activities Report
2024 Annual Report | 5
One of the mapped fenite dykes was exposed along the eastern wall of the south mine pit. This further
accentuates the proximity of alkalic-carbona44c related rock in the area surrounding the rhyolite
breccia pipes.
The circular geophysical feature at Colosseum is similar to the geophysical feature at the Mountain Pass
Rare Earth Mine, 10km to the southeast of the Colosseum Mine. Mineralisa4on at Mountain Pass is
located on the flank of a high-density body.
Figure 4: Constrained gravity inversion models at 100m depth showing the original model that included noise effects from
the disturbed material (left) and the new model with the ‘noise effect’ removed.
USGS Age Da3ng3
In October 2022, geologists from the United States Geological Survey (USGS) and Dateline’s own REE
specialist Mr. Tony Mariano, visited Colosseum and collected samples, including those from a
shonkinite dyke within the Colosseum mine area4. The USGS is a science bureau within the United
States Department of the Interior with a budget of US$1.8 billion for 2024.
Using the available zircons in the samples collected, age da4ng was performed to obtain
geochronological data. Using a SHRIMP-RG ion microprobe5, the USGS researchers concluded that REE
concentra4ons and chondrite-normalised spectra for the Colosseum zircons are indis4nguishable from
the Mountain Pass Rare Earth mine zircons located 10km from Colosseum. This concurs with findings
from Mr. Mariano that the outcrops are gene4cally related and from the same period as the event that
created the Mountain Pass rare earths deposit.
3 ASX Announcement 13 February 2024 – Wide intersection 70.1m @ 6.53g/t gold at Colosseum Mine
4 ASX Announcement 20 March 2024 - USGS confirms Mountain Pass and Colosseum Zircons are indistinguishable - Amended
5 Geological Society of America Abstracts with Programs, Vol 56, No. 4 2024
6 | Dateline Resources
CORPORATE
Equity Placements
In October6, the Company undertook a par4ally underwrijen 1 for 1 non-renounceable rights issue
offer of new shares in Dateline at an issue price of $0.01 per New Share to Eligible Shareholders. The
Company received applica4ons for 427,502,707 new shares (raising a total of $4,275,027). This
included commitments by the Company’s Chairman Mr. Mark Johnson and Managing Director Mr.
Stephen Baghdadi to take up their full en4tlements and underwrite $1.5 million worth of any shorqall.
In February7, the Company announced it had received firm commitments to raise A$1,478,346 (before
costs) via the issue of 123,195,548 new Ordinary shares at A$0.012 per share that includes a 1-for-2
op4on three-year op4on exercisable at A$0.03 per share (Placement). The Placement was undertaken
at a 20% discount to the five-day VWAP. The Placement was conducted under the Company’s exis4ng
authori4es with 115,870,963 Ordinary shares issued under ASX Lis4ng Rule 7.1 and 7,324,585 under
ASX Lis4ng Rule 7.1a. 61,597,774 op4ons were issued subject to shareholder approval at a General
Mee4ng of shareholders.
Post the end of the repor4ng period, the Company announced a 2-for-3 renounceable rights issue at
an issue price of $0.006 per new share. Valid applica4ons for $4.56 million worth of new shares were
received8. In August 20249, a shorqall placement and follow on placement raised a further $1.66
million on the same terms.
Gold Links Sale Proceeds
In April 202410, the buyers of the Gold Links Mine sa4sfied their final payment of the cash considera4on
component of the Gold Links sale agreement. The balance owed to the Company for the sale of the
Gold Links Mine is con4ngent on produc4on milestones being met by the new owners.
6 ASX Announcement 31 October 2023 – Close of Rights Issue
7 ASX Announcement 21 February 2024 - $1.48m capital raising to advance Colosseum Exploration
8 ASX Announcement 31 July 2024 – Results of Renounceable Rights Issue
9 ASX Announcement 28 August 2024 - $1.66 million Rights Issue Shortfall Placed
10 ASX Announcement 30 April 2024 – March Quarterly Activities Report
2024 Annual Report | 7
Directors’
Report
8 | Dateline Resources
DATELINE RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The Directors submit their report on the consolidated entity (“the Group”), which consists of Dateline
Resources Limited (the “Company” or “Dateline”) and the entities it controlled during the financial year
ended 30 June 2024.
1.
INFORMATION ON DIRECTORS
The names and details of the Group’s Directors in office during the financial year and until the date of this
report are as follows. Directors were in office for the entire year unless otherwise stated.
Mr. Mark Johnson AO
Non-Executive Chairman (Appointed 22 April 2013)
LLB MBA (Harvard)
Mr. Johnson has worked in banking and corporate finance for more than forty years. He retired as Deputy
Chairman of Macquarie Bank in mid-2007 and now divides his time between work in the private and public
sectors.
Mr. Johnson is a senior adviser to Gresham Partners, and from 2002 to 2013 one of the three Australian
members of the APEC Business Advisory Council (ABAC).
During the past three years, Mr. Johnson held the following directorships in other ASX listed companies: NIL
Stephen Baghdadi
Managing Director and CEO (Appointed 3 July 2014)
Since 1993 Mr. Baghdadi has acted as an executive director for numerous ASX listed companies including the
Horizon group of companies, Afro-West, Alamain Investments, Marino as well as privately held controlling
interests in manufacturing, software development and property concerns. Mr. Baghdadi has completed
several transactions in Australia, South East Asia, Europe and North America and brings to the table the ability
to identify an undervalued asset or opportunity that has the potential to yield high returns.
During the past three years, Mr. Baghdadi held the following directorships in other ASX listed companies: NIL
Mr. Gregory Hall
Non-Executive Director (Appointed 19 January 2015)
B. Applied Geology (1st Class Honors)
Mr. Hall is an exploration geologist with over 50 years of international experience. From 1988-2006, he was
employed by the Placer Dome group of companies, serving as Chief Geologist-World Wide during the last
five years he was there.
Placer Dome was later acquired by Barrick Gold Corporation in early 2006.
Over the course of his career, Mr. Hall had a senior role in the discoveries of both Gold Field's Granny Smith
mine and Rio Tinto's Yandi iron ore mine. In addition, he took part in the discoveries of Keringal and Wallaby
gold mines in Australia's Eastern Goldfields, as well as the definition of AngloGold Ashanti's Sunrise gold
mine.
During the past three years, Mr. Hall held the following directorships in other ASX listed companies:
•
Non-Executive Chairman of Greater Boulder Resources Limited (current);
2024 Annual Report | 9
3 | P a g e
DATELINE RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Mr. Anthony Ferguson
Non-Executive Director (Appointed 29 August 2019)
MBA (Dist), B.Sc, B.E (Hons)
Mr. Ferguson is an investor, entrepreneur and an investment banker.
The majority of Mr. Ferguson’s career was with Macquarie Group where he established and led the natural
resources team that advised on many major transactions in the mining industry. He established Macquarie’s
presence in Canada, headed Macquarie’s Asian investment banking operations, established and led the Asia
Resources Fund. Mr. Ferguson’s career included three years as Managing Director and Head of Investment
Banking at Rothschild Australia and a Global Partner of Rothschild Investment Bank.
Before commencing his investment banking career Tony practiced as an engineer and worked at Rio Tinto’s
Woodlawn Mine.
During the past three years, Mr. Ferguson held the following directorships in other ASX listed companies: NIL
Mr. Francis William Lannen
Non-Executive Director (Appointed 15 January 2021)
B.E (Mining)(Hons)
Mr. Lannen is a Mining Engineer with a Bachelor of Engineering (Mining) Honors, from the University of
Sydney and holds statutory qualifications as a Mine Manager of underground and open pit mines in both
NSW and Tasmania.
Mr. Lannen’s early career was with Aberfoyle Ltd where he worked in both technical and operating rolls at
Cleveland Tin, Ardlethan Tin and the Melbourne head office. His last project was to take the Hellyer base
metal mine in Tasmania from feasibility to full production as the mine manager.
In 1990, Mr. Lannen started Mancala Pty Ltd, a specialist mining contractor and mine engineering group and
managed Mancala’s operations for over 25 years. As a mine contractor, Mancala has successfully completed
projects in both metalliferous and coal in Australia and offshore. Projects have included whole of mine
contracts in open pit and underground as well as specialist contracts in the development and recovery of
shafts. Several key projects involved mechanized mining of narrow vein deposits.
During the past three years, Mr. Lannen held the following directorships in other ASX listed companies: NIL
2.
INFORMATION ON COMPANY SECRETARY
Mr. John Smith
(Appointed 5 October 2022)
B. Com, MBA, FCPA
Mr. Smith is a Certified Practicing Accountant with over 40 years’ experience as CFO and Company
Secretary of ASX listed and unlisted companies.
10 | Dateline Resources
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DATELINE RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
3.
DIRECTORS’ SHAREHOLDINGS
The following table sets out each current Director’s relevant interest in shares and rights or options to acquire
shares of the Company as at the date of this report.
Directors
Fully Paid Ordinary Shares
Unlisted Share Options
Mark Johnson
293,129,004
5,426,046
Stephen Baghdadi
200,589,838
4,926,046
Gregory Hall
4,349,995
4,926,046
Anthony Ferguson
21,378,333
5,426,046
Francis Lannen
4,713,023
-
524,160,193
20,704,184
4.
DIRECTORS’ MEETINGS
Directors
Number Eligible to
Attend
Number Attended
Mark Johnson
9
9
Stephen Baghdadi
9
9
Gregory Hall
9
9
Anthony Ferguson
9
9
Francis Lannen
9
9
Functions normally assigned to an Audit Committee and Remuneration Committee are undertaken by the
full Board.
5.
DIVIDENDS
No dividend has been paid during the financial year and no dividend is recommended for the financial year.
6.
PRINCIPAL ACTIVITIES
Dateline Resources Limited (ASX: DTR) is an Australian publicly listed company focused on mining and
exploration in North America. The Company owns 100% of the Colosseum Gold-REE Project in California.
The Colosseum Gold Mine is located in the Walker Lane Trend in East San Bernardino County, California. On 6
June 2024, the Company announced to the ASX that the Colosseum Gold mine has a JORC-2012 compliant
Mineral Resource estimate of 27.1Mt @ 1.26g/t Au for 1.1Moz. Of the total Mineral Resource, 455koz @ 1.47/t
Au (41%) are classified as Measured, 281koz @1.21g/t Au (26%) as Indicated and 364koz @ 1.10g/t Au (33%) as
Inferred.
The Colosseum is located less than 10km north of the Mountain Rare Earth mine. Work has commenced on
identifying the source of the mantle derived rocks that are associated with carbonatites and are located at
Colosseum.
2024 Annual Report | 11
5 | P a g e
DATELINE RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
7.
FINANCIAL REVIEW
(a)
Financial Performance & Financial Position
The financial results of the Group for the year ended 30 June 2024 and 2023 are:
(b)
Business Strategies and Prospects for future financial years
The Group actively evaluates the prospects of each project as results from each program become available,
these results are available via the ASX platform for shareholders information. The Group then assesses the
continued exploration expenditure and further asset development. The Group will continue the evaluation
and development of its existing mineral projects.
There are specific risks associated with the activities of the Group and general risks which are largely beyond
the control of the Group and the Directors. The risks identified below, or other risk factors, may have a
material impact on the future financial performance of the Group and the market price of the Company’s
shares.
(i) Operating Risks
The operations of the Group may be affected by various factors, including failure to locate or identify mineral
deposits, failure to achieve predicted grades in exploration and mining, operational and technical difficulties
encountered in mining, difficulties in commissioning and operating plant and equipment, mechanical failure
or plant breakdown, unanticipated metallurgical problems which may affect extraction costs, adverse
weather conditions, industrial and environmental accidents, industrial disputes and unexpected shortages
or increases in the costs of consumables, spare parts, plant and equipment.
(ii) Permitting and Regulatory Risks
Mineral exploration and commercialization activities are subject to diverse regulatory and permitting
frameworks across different jurisdictions. These frameworks introduce potential risks, as regulatory changes,
permitting delays, or non-compliance can impact project timelines and viability.
(iii) Environmental Risks
The operations and proposed activities of the Group are subject to the laws and regulations of Australia, the
USA and the Republic of Fiji concerning the environment. As with most exploration projects and mining
operations, the Group’s activities are expected to have an impact on the environment, particularly if
advanced exploration or mine development proceeds. It is the Group’s intention to conduct its activities to
the highest standard of environmental obligation, including compliance with all environmental laws.
(iv) Economic
General economic conditions, movements in interest and inflation rates and currency exchange rates may have
an adverse effect on the Group’s exploration, development and production activities, as well as on its ability to
fund those activities.
(v) Market conditions
Share market conditions may affect the value of the Company’s quoted securities regardless of the
Company’s operating performance. Share market conditions are affected by many factors such as:
30-Jun-24
30-Jun-23
% Change
Cash & Cash equivalents ($)
849,473
928,940
-8.6%
Net Assets ($)
3,585,666
11,063,873
-67.6%
Revenue ($)
-
858,199
-100.0%
Net Profit (Loss) After Tax ($)
(17,237,428)
(11,123,199)
55.0%
Profit/(Loss) per Share (Cents)
(1.42)
(1.88)
-24.2%
Dividend ($)
-
-
-
12 | Dateline Resources
6 | P a g e
DATELINE RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
i.
general economic outlook;
ii.
introduction of tax reform or other new legislation;
iii. interest rates and inflation rates;
iv. Commodity prices;
v.
changes in investor sentiment toward particular market sectors;
vi. the demand for, and supply of, capital; and
vii. terrorism or other hostilities.
The market price of securities can fall as well as rise and may be subject to varied and unpredictable
influences on the market for equities in general and resource exploration stocks in particular. Neither the
Company nor the Directors warrant the future performance of the Company or any return on an investment
in the Company.
8.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
On 13 June 2023, the Company announced that it had executed a binding agreement with MW Sorter LLC for
the sale of Gunnison Gold Pty Ltd, the entity that owns all of the Colorado assets including the Gold Links and
Lucky Strike mill. Consideration for the sale will be paid in accordance with the details below and transfer of
ownership took place on 31 December 2023. The transaction values and payment schedules are listed below
and are not affected by the timing of any regulatory approval process.
Cash Consideration
•
US$325,000 (A$500,000) - received.
•
US$500,000 (A$770,000) – received.
•
US$500,000 (A$770,000) – received.
•
US$500,000 (A$770,000) – received.
•
US$450,000 (A$690,000) has been paid via the acquisition of plant & equipment (US$313k, A$508k)
and a prepayment (US$137k, A$205k) for services to be provided by MW Sorter LLC.
Performance Payments
•
US$2 million (A$3.08m) cash upon the production of the first ounce of gold at the Lucky Strike mill.
•
US$500k (A$770k) cash upon the production of 500 ounces of gold in a continuous seven (7) day period at
the Lucky Strike mill.
•
US$1 million (A$1.54m) cash upon the production of 2,000 ounces of gold in a continuous seven (30) day
period at Lucky Strike mill.
•
US$2 million (A$3.08m) cash upon the production of 32,000 ounces of gold in a continuous twelve (12)
month period at the Lucky Strike mill.
Novation of Liabilities
•
Bank liabilities of approximately US$9.6 million (A$14.77m) will remain with the USA subsidiaries of
Gunnison Gold Pty Ltd. Dateline will have no further obligations to service or repay that debt.
•
Approximately US$2.2 million (A$3.4m) in trade creditors and equipment lease liabilities will remain with
the USA subsidiaries of Gunnison Gold Pty Ltd. Dateline will have no further obligations to service or repay
those amounts.
•
Dateline will have no ongoing obligations for any environmental or other commitments.
2024 Annual Report | 13
7 | P a g e
DATELINE RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Loss on Sale of Gunnison Gold Pty Ltd
As detailed above the Group sold it’s subsidiary Gunnison Gold Pty Ltd for cash consideration of USD2,275,000
and various performance payments. The loss on sale is calculated as follows:
Sale Price
$3,427,689
Debt forgiven
($15,064,671)
Carrying value of deficiency in net assets
$2,134,966
Loss on sale of Gunnison Gold Pty Ltd
($9,502,016)
9.
AFTER BALANCE SHEET DATE EVENTS
On 8 July 2024, the Company announced 2 for 3 renounceable rights issue of new shares in the Company at an
issue price of $0.006 per new share to existing shareholders. For every 2 shares subscribed for, participating
shareholders would receive 1 attaching option (quoted) to acquire 1 fully paid ordinary share with an exercise
price of $0.02 and a term of 24 months.
On 31 July 2024, the Company announced that the above 2 for 3 renounceable rights issue had closed with valid
applications of $4,559,798 (759,966,244 shares / 379,983,122 options).
On 28 August 2024, the Company announces that the shortfall from the above 2 for 3 renounceable rights issue
of $1,270,390 had been placed (211,731,723 shares / 105,865,862 options), and that there was excess demand
of $392,611 (65,434,944 shares / 32,717,472 options). Please see table below:
Funds raised
Shares
Options
Rights issue (31 July)
$4,559,798
759,966,244
379,983,122
Shortfall placed
$1,270,390
211,731,723
105,865,862
Follow-on Placement
$392,610
65,434,944
32,717,472
Total
$6,222,798
1,037,132,911
518,566,456
No other matter or event has arisen since 30 June 2024 that would be likely to materially affect the
operations of the Group, or the state of affairs of the Company not otherwise disclosed in the Group’s
financial report.
10. ENVIRONMENTAL ISSUES
The Group needs to comply with environmental regulations at the sites where it has exploration activities.
The Board is not aware of any breach of environmental requirements as they apply to the Group.
14 | Dateline Resources
8 | P a g e
DATELINE RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
11. REMUNERATION REPORT (Audited)
The Board of Dateline Resources Limited is responsible for determining and reviewing the remuneration of
the Directors of the Company, within parameters approved by shareholders. No performance hurdles have
been imposed so far, due to the size of the Group and the structure of the remuneration in respect of the non-
executive Directors. Remuneration is not related to the company’s financial performance. Accounting and
administration services were provided by consultants at reasonable commercial rates.
The Company's Key Management Personnel comprise all the Directors.
Company Secretarial services were provided by Mr. J Smith.
Remuneration of executives and consultants, whenever appointed, is determined by market conditions and is
not linked to the Group’s performance. There are no service agreements in place relating to Directors' fees
paid.
No equity- based payments or other benefits were paid to Directors or consultants during the year under
review; no shares or options were issued by way of remuneration.
Directors
Position
Duration of Appointment
Mark Johnson
Non-Executive Chairman
Appointed 22 April 2013
Stephen Baghdadi
Managing Director
Appointed 4 July 2014
Gregory Hall
Non-Executive Director
Appointed 19 January 2015
Anthony Ferguson
Non-Executive Director
Appointed 29 August 2019
Francis Lannen
Non-Executive Director
Appointed 15 January 2021
Details of remuneration of the KMP of Dateline Resources Limited are shown below:
Position
2024
2023
Mr Johnson
Director
-
$45,000
Mr Johnson
Consultant
-
-
Mr Baghdadi
Director
-
-
Mr Baghdadi
Consultant
$480,000 $480,000
Mr Hall
Director
-
$45,000
Mr Hall
Consultant
-
-
Mr Ferguson
Director
-
$45,000
Mr Ferguson
Consultant
-
-
Mr Lannen
Director
-
$45,000
Mr Lannen
Consultant
-
-
Total
$480,000 $660,000
It should be noted that the $45,000 paid to each non-executive director in the year ended 30 June 2023, was
via the issuance of shares and not a cash payment.
Dateline Resources Limited, as an ASX listed company, has produced the Remuneration Report in
accordance with Section 300A of the Corporations Act 2001.
2024 Annual Report | 15
9 | P a g e
DATELINE RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Key management personnel holdings
(i) UNLISTED OPTIONS OF KMP'S
Details of unlisted options held directly, indirectly or beneficially by key management personnel and their
related parties at any time during the financial year ended 30 June 2024 are set out below. There were no
unlisted options issued or held by key management personnel in the year ended 30 June 2024.
Company Directors
and Related Parties
Opening
Balance
Received as
Remuneration
Exercise
of Options
Net Change
Other
Closing
Balance
Mr Johnson
5,426,046
-
-
-
5,426,046
Mr Baghdadi
4,926,046
-
-
-
4,926,046
Mr Hall
4,926,046
-
-
-
4,926,046
Mr Ferguson
5,426,046
-
-
-
5,426,046
20,704,184
-
-
-
20,704,184
(ii) NON RECOURSE LOANS OF KMP'S
During the 2021 year, there were Non-Recourse Loans issued to 2 Directors (and approved by
shareholders at a General meeting held on 21 May 2021 which under AASB2 are considered to be options.
These amounts are listed below.
Company Directors
and Related Parties
Opening
Balance
Received as
Remuneration
Exercise
of Options
Net Change
Other
Closing
Balance
Mr Baghdadi
1,132,990
-
-
-
1,132,990
Mr Lannen
169,949
-
-
-
169,949
1,302,939
-
-
-
1,302,939
(iii) SHAREHOLDINGS OF KMP'S
Details of shares held directly, indirectly or beneficially by key management personnel and their related
parties at any time during the financial year ended 30 June 2024 are set out below.
Company Directors
and Related Parties
Opening
Balance
Received as
Remuneration
Exercise
of Options
Net Change
Other
Closing
Balance
Mr Johnson
121,629,633
-
-
171,503,202
293,132,835
Mr Baghdadi
46,894,119
-
-
153,695,719
200,589,838
Mr Hall
4,349,995
-
-
-
4,349,995
Mr Ferguson
21,378,333
-
-
-
21,378,333
Mr Lannen
4,713,023
-
-
-
4,713,023
198,965,103
-
-
325,198,921
524,164,024
Details of shares held directly, indirectly or beneficially by key management personnel and their related
parties at any time during the financial year ended 30 June 2023 are set out below:
Company Directors
and Related Parties
Opening
Balance
Received as
Remuneration
Exercise
of Options
Net Change
Other
Closing
Balance
Mr Johnson
96,394,958
2,250,000
-
22,984,675
121,629,633
Mr Baghdadi
26,078,541
-
-
20,815,578
46,894,119
Mr Hall
2,099,995
2,250,000
-
-
4,349,995
Mr Ferguson
9,011,111
2,250,000
-
10,117,222
21,378,333
Mr Lannen
2,463,023
2,250,000
-
-
4,713,023
136,047,628
9,000,000
-
53,917,475
198,965,103
As the Company is not yet in the production phase, and therefore not generating revenue, there is no
direct link between performance and shareholder wealth.
16 | Dateline Resources
10 | P a g e
DATELINE RESOURCES LIMITED
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The adoption of the Remuneration Report for the financial year ended 30 June 2023 was put to the
shareholders of the Company at the Annual General Meeting held 30 November 2023. The resolution was
passed by a poll of shareholders without amendment. The Company did not receive any specific feedback at
the AGM or throughout the year on its remuneration practices.
End of remuneration report.
12. OPTIONS
At the date of this report, there were 741,244,557 options as depicted below:
Total
Listed
Unlisted
Exercise Price
Expiry Date
19,704,184
-
19,704,184
$0.0958
11 Dec 2024
10,937,500
-
10,937,500
$0.1350
14 Oct 2025
1,000,000
-
1,000,000
$0.1350
17 Oct 2025
15,587,500
-
15,587,500
$0.1350
19 Dec 2025
75,100,000
-
75,100,000
$0.0300
12 May 2026
13,550,000
-
13,550,000
$0.0300
18 May 2026
527,084,427
527,084,427
-
$0.0200
03 Aug 2026
6,666,504
-
6,666,504
$0.0300
09 Aug 2026
71,614,442
-
71,614,442
$0.0300
08 Apr 2027
741,244,557
527,084,427 142,545,688
19,704,184 options are vesting in 3 equal tranches. The first at a production rate of 30k tonnes p.a. The second
upon proven JORC reserve of 60k tonnes and the third at a production rate of 60k tonnes p.a.
13. PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring
proceedings on behalf of the Group, or to intervene in any proceedings to which the Group is a party, for the
purposes of taking responsibility on behalf of the Group for all or part of those proceedings.
14. INDEMNIFICATION OF OFFICERS AND AUDITORS
During the financial year no premium was paid to insure Directors against claims while acting as a Director.
No indemnity has been granted to the Auditor of the Company.
15. NON-AUDIT SERVICES
No non-audit services were provided by DFK Laurence Varnay Auditors Pty Ltd to the Group during the financial
year.
16. LEAD AUDITOR’S INDEPENDENCE DECLARATION
The lead auditor’s independence declaration as required under section 307C of the Corporations Act 2001 for
the financial year ended 30 June 2024 has been received and can be found on page 11.
17. CONSOLIDATED ENTITY DISCLOSURE (CEDS) DECLARATION
Directors declare that information disclosed in the consolidated entity disclosure statement prepared as
required by s295 (3A)a) of the Corporations Act 2001 is true and correct.
Signed in accordance with a resolution of the Board of Directors, pursuant to section 298(2)(a) of the
Corporations Act 2001.
Mr. Mark Johnson
Non-Executive Chairman
19 September 2024
2024 Annual Report | 17
Dateline Resources Limited
ABN: 63 149 105 653
Lead Auditor’s Independence Declaration under
Section 307C of the Corporations Act 2001 to the Directors
of Dateline Resources Limited
I declare that, to the best of my knowledge and belief, in relation to the audit for the year ended
30 June 2024, there have been:
i.
No contraventions of the auditor independence requirements as set out in the
Corporations Act 2001 in relation to the audit; and
ii.
No contraventions of any applicable code of professional conduct in relation to the
audit.
This declaration is in respect of Dateline Resources Limited and the entities it controlled during
the year.
DFK Laurence Varnay Auditors Pty Ltd
Faizal Ajmat
Director
Sydney
Dated: 19th day of September 2024
11
18 | Dateline Resources
12 | P a g e
DATELINE RESOURCES LIMITED
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
Note
30-Jun-24
30-Jun-23
$
$
Continuing operations
Revenue from operations
-
858,199
Debts Forgiven
-
7,361,276
Loss on sale of Gunnison Gold Pty Ltd
(9,502,016)
-
Unrealised exchange gain/(loss)
(554,161)
(747,998)
Interest expense
(388,971)
(1,750,954)
Borrowing costs
-
(39,439)
Employee and contractor costs
(732,530)
(5,968,054)
Mining and exploration expenses
(536,771)
(4,925,510)
Depreciation expense
(1,038,284)
(1,161,562)
Option valuation expenses
(545,475)
(189,897)
Administration expenses
6
(3,939,220)
(4,559,260)
Loss from continuing operations before income tax
(17,237,428) (11,123,199)
Income tax expense
7
-
-
Loss from continuing operations after income tax
(17,237,428) (11,123,199)
Other comprehensive loss
Items that may be reclassified subsequently to loss:
Foreign Currency Translation Reserve
2,671,570
(388,139)
Total comprehensive loss for the period
(14,565,858) (11,511,338)
Loss for the year is attributable to:
Owners of the Company
(17,237,428) (11,123,199)
(17,237,428) (11,123,199)
Total comprehensive loss for the year attributable to:
Owners of the Company
(14,565,858) (11,511,338)
(14,565,858) (11,511,338)
Loss per share from continuing operations
attributable to the ordinary equity holders of the Company:
Basic and diluted loss per share – cents per share
18
(1.42)
(1.88)
This Consolidated Statement of Profit or Loss and Other Comprehensive Income is to be read in
conjunction with the accompanying notes
2024 Annual Report | 19
13 | P a g e
DATELINE RESOURCES LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 30 JUNE 2024
Note
30-Jun-24
30-Jun-23
$
$
Current Assets
Cash & cash equivalents
8
849,473
928,940
Trade & other receivables
9
288,986
102,943
Financial assets
10
1,684,555
1,935,089
Total Current Assets
2,823,014
2,966,972
Non-Current Assets
Plant & equipment land & buildings
11
547,621
17,890,385
Exploration & evaluation expenditure
12
6,520,400
16,243,470
Right-of-use assets
19
137,960
231,638
Total Non-Current Assets
7,205,981
34,365,493
TOTAL ASSETS
10,028,995
37,332,465
Current Liabilities
Trade & other payables
13
888,731
5,009,693
Financial liabilities to related parties
14
4,128,527
5,318,474
Short term loans
15
1,286,062
1,468,167
Lease liabilities
20
53,792
76,886
Total Current Liabilities
6,357,112
11,873,220
Non- Current Liabilities
Financial liabilities to related parties
14
-
926,560
Long term loan
15
-
13,263,574
Lease liabilities
20
86,217
205,238
Total Non-Current Liabilities
86,217
14,395,372
TOTAL LIABILITIES
6,443,329
26,268,592
NET ASSETS
3,585,666
11,063,873
Equity attributable to the equity holders of the Company
Contributed equity
16(a)
65,325,502
58,783,327
Reserves
17
3,021,491
335,991
Accumulated losses
(64,761,327)
(48,055,445)
TOTAL EQUITY
3,585,666
11,063,873
This Consolidated Statement of Financial Position is to be read in conjunction with the accompanying notes
20 | Dateline Resources
14 | P a g e
DATELINE RESOURCES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
Issued
Capital
Accumulated
Losses
Option
Valuation
Reserve
Share Based
Payments
Reserve
Foreign
Currency
Reserve
TOTAL
$
$
$
$
$
$
Balance as at 1 July, 2023
58,783,327
(48,055,446)
1,036,373
1,680,846
(2,381,227)
11,063,873
Total loss
-
(17,237,428)
-
-
-
(17,237,428)
Total other comprehensive income
-
-
-
-
2,671,570
2,671,570
Total comprehensive loss for the year
-
(17,237,428)
-
-
2,671,570
(14,565,858)
Transactions with owners in their
capacity as owners :
Option expired
531,547
(531,547)
-
Options issued
-
-
545,476
-
-
545,476
Contributions of equity
6,542,175
-
-
-
-
6,542,175
Balance as at 30 June, 2024
65,325,502
(64,761,327)
1,050,302
1,680,846
290,343
3,585,666
Issued
Capital
Accumulated
Losses
Option
Valuation
Reserve
Share Based
Payments
Reserve
Foreign
Currency
Reserve
TOTAL
$
$
$
$
$
$
Balance as at 1 July, 2022
46,986,850
(37,223,639)
1,137,873
1,680,846
(1,993,088)
10,588,842
Total loss
-
(11,123,199)
-
-
-
(11,123,199)
Total other comprehensive income
-
-
-
-
(388,139)
(388,139)
Total comprehensive loss for the year
-
(11,123,199)
-
-
(388,139) (11,511,338)
Transactions with owners in their
capacity as owners :
Option expired
-
291,392
(291,392)
-
-
-
Options issued
-
-
189,892
-
-
189,892
Contributions of equity
11,796,477
-
-
-
-
11,796,477
Balance as at 30 June, 2023
58,783,327
(48,055,446)
1,036,373
1,680,846
(2,381,227)
11,063,873
This Consolidated Statement of Changes in Equity is to be read in conjunction with the accompanying notes
2024 Annual Report | 21
15 | P a g e
DATELINE RESOURCES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
Note
30-Jun-24
30-Jun-23
$
$
Cash flows used in operating activities
Payment to suppliers and employees
(5,254,792)
(12,828,854)
Revenue from operations
-
862,610
Interest (paid) / received
(388,971)
(1,750,954)
Net cash flows used in operating activities
8a
(5,643,763)
(13,717,198)
Cash flows used in investing activities
Payment for property, plant & equipment
(992,872)
(812,655)
Investment in term deposits
278
(458)
Investment in unrelated companies
-
(437,276)
Deposits refunded /(paid)
(58,330)
282,183
Proceeds from sale of Investments/ PPE
3,427,689
-
Payment for exploration & evaluation
expenditure
(1,082,157)
(777,621)
Net cash flows from investing activities
1,294,608
(1,745,827)
Cash flows from financing activities
Advance of related party loans
(2,116,507)
1,923,131
Proceeds from issue of shares
6,619,871
12,811,230
Transaction costs from the issue of shares
(77,696)
(1,014,753)
Proceeds from borrowings (net of
repayment)
(155,980)
775,759
Borrowing costs
-
(39,439)
Net cash flows from financing activities
4,269,688
14,455,928
Net increase/(decrease) in cash and cash
equivalents
(79,467)
(1,007,097)
Cash and cash equivalents at beginning of year
928,940
1,936,037
Cash and cash equivalents at end of year
8
849,473
928,940
This Consolidated Statement of Cash Flows is to be read in conjunction with the accompanying notes
22 | Dateline Resources
16 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
1
REPORTING ENTITY
The financial report includes financial statements for the consolidated entity consisting of Dateline Resources
Limited (the “Company”) and the entities it controlled during the year (“the Group”). The Company is a
company limited by shares incorporated in Australia whose shares are publicly traded on the Australian
Securities Exchange Limited (“ASX”). The Company is a for-profit entity for the purposes of preparing financial
statements. The address of its registered office and principal place of business is disclosed in the Corporate
Directory of the annual report.
The nature of the operations and principal activities of the Group are described in the Directors’ Report.
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently in these financial statements.
(a)
Statement of compliance
The financial report is a general-purpose financial report which has been prepared in accordance with
Australian Accounting Standards (AASBs) (including Australian Interpretations) adopted by the Australian
Accounting Standards Board (AASB) and the Corporations Act 2001. The financial report of the Group also
complies with International Financial Reporting Standards (IFRSs) and interpretations adopted by the
International Accounting Standards Board.
The financial statements were approved by the Board of Directors on 19 September 2024.
(b)
Basis of measurement
The financial statements have been prepared on a historical cost basis unless otherwise stated.
(c)
Principles of consolidation
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to
affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated
from the date on which control is transferred to the group. They are deconsolidated from the date that
control ceases. The acquisition method of accounting is used to account for business combinations by the
Group.
Intercompany transactions, balances and unrealised gains on transactions between group companies are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment
of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the group.
(d)
Foreign currency transactions
(i) Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency
of the primary economic environment in which the entity operates (“the functional currency”).
The consolidated financial statements are presented in Australian dollars, which is Dateline Resources
Limited, Dateline Fiji Pty Limited and Gunnison Gold Pty Limited’s functional and presentation currency.
2024 Annual Report | 23
17 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at
year end exchange rates are generally recognised in profit or loss. They are deferred in equity if they relate
to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net
investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented
in the income statement, within finance costs. All other foreign exchange gains and losses are presented in
the income statement on a net basis within other income or other expenses.
(e)
Revenue recognition
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the consolidated entity is
expected to be entitled in exchange for transferring goods or services to a customer. For each contract with
a customer, the consolidated entity: identifies the contract with a customer; identifies the performance
obligations in the contract; determines the transaction price which takes into account estimates of variable
consideration and the time value of money; allocates the transaction price to the separate performance
obligations on the basis of the relative stand-alone selling price of each distinct good or service to be
delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that
depicts the transfer to the customer of the goods or services promised.
Variable consideration within the transaction price, if any, reflects concessions provided to the customer
such as discounts, rebates and refunds, any potential bonuses receivable from the customer and any other
contingent events. Such estimates are determined using either the 'expected value' or 'most likely amount'
method. The measurement of variable consideration is subject to a constraining principle whereby revenue
will only be recognised to the extent that it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur. The measurement constraint continues until the uncertainty
associated with the variable consideration is subsequently resolved. Amounts received that are subject to
the constraining principle are recognised as a refund liability.
Sale of goods
Sale of goods is recognised at the point of sale, which is where the customer has taken delivery of the goods,
the risks and rewards are transferred to the customer and there is a valid sales contract. Amounts disclosed
as revenue are net of sales returns and trade discounts.
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.
24 | Dateline Resources
18 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
(f)
New accounting standards and interpretations
The Group has applied all new, revised or amending Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board that are mandatory for the current reporting period. These and
together with other amending Accounting Standards and Interpretations did not result in any material
adjustments to the amounts recognised or disclosures in the financial report.
(g)
Going concern
The financial report has been prepared on a going concern basis, which contemplates the continuity of
normal business activities and the realisation of assets and liabilities in the normal course of business.
During the year, the consolidated entity incurred a net loss of $17,237,428 (2023: $11,123,199 loss) a net cash
outflow of $79,467 (2023: $1,007,097) and net cash out flow from operations of $5,643,763 (2023:
$13,717,198). As at 30 June 2024, the consolidated entity also had a working capital deficit of
$3,534,098 (2023: deficit $8,906,248).
The ability of the Group to continue as a going concern is dependent upon the Group being able to generate
sufficient funds to satisfy exploration commitments and working capital requirements. The Company has
taken steps to ensure that it has adequate working capital to not only satisfy existing commitments but to
also future expenditure required to meet its objectives. These include
•
A capital raising in July 2024 of $4,559,798,
•
A capital raising in August 2024 of $1,663,000,
•
The consolidated entity’s projected cash flow analysis supporting its ability to meet its financial
obligations, whereby we will control expenditure according to our level of cash inflows.
•
Additional funding that may be raised through various transactions including future fundraising from
financial institutions and the market; and
•
Issuing equity to settle future liabilities, if appropriate.
As a result of the above, the Company is able to execute its corporate strategy, and the directors believe that
the going concern basis for the preparation of the financial report of the Group is appropriate. Should the
Company not be able to execute its corporate strategy there will be a material uncertainty that exists relating
to events or conditions that may cast significant doubt on the Company’s ability to continue as a going
concern. No adjustment has been made in relation to the recoverability and classification of recorded assets
amounts and classification of liabilities that might be necessary should the consolidated entity not continue
as a going concern.
(h)
Reverse Acquisition Accounting
Dateline Resources Limited is listed on the Australian Securities Exchange. Dateline Resources Limited
completed the legal acquisition of Dateline Fiji Pty Limited on 3rd October 2013.
Under the principles of AASB 3 Business Combinations Dateline Fiji Pty Limited was deemed to be the acquirer
for accounting purposes. Therefore, the transaction has been accounted for as a reverse acquisition under
AASB3. Accordingly, the consolidated financial statements of Dateline Resources Limited have been prepared
as a continuation of the consolidated financial statements of Dateline Fiji Pty Limited.
2024 Annual Report | 25
19 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
(i)
Income tax
Deferred income tax is provided on all temporary differences at the balance sheet date between the tax
bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax is recognised except where the deferred income tax liability arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither the accounting profit nor taxable profit; and in respect of taxable temporary
differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred
tax assets are only recognised to the extent that it is probable that the temporary differences will not reverse
in the foreseeable future and the group is able to control the timing of the reversal of the temporary
differences.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is
probable that future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to
the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of
the deferred income tax asset to be utilised.
Deferred tax assets and deferred tax liabilities shall be offset only if:
(j)
there is a legally enforceable right to set-off current tax assets against current tax liabilities; and
(ii) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation
authority on either:
(a) the same taxable entity; or
(b) different taxable entities which intend either to settle current tax liabilities and assets on a net
basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which
significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the
year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been
enacted or substantially enacted at the balance sheet date.
Income taxes relating to items recognised directly in equity are recognised in equity and not in the Statement
of Profit or Loss and Other Comprehensive Income.
(i)
Other taxes
Revenues, expenses, assets and liabilities are recognised net of the amount of GST except where the GST
incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case
the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as
applicable; and receivables and payables are stated with amounts of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of
receivables or payables in the Statement of Financial Position.
Commitments or contingencies are disclosed net of the amount of GST recoverable from, or payable to, the
taxation authority.
(j)
Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly
liquid investments with original maturities of three months or less that are readily convertible to known
amounts of cash and which are subject to an insignificant risk or changes in value, and bank overdrafts.
(k)
Plant and equipment
Owned assets
Items of plant and equipment are stated at cost less accumulated depreciation (see below) and any
impairment losses.
26 | Dateline Resources
20 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-
constructed assets includes the cost of materials and direct labour, any other costs directly attributable to
bringing the asset to a work condition for its intended use, and the costs of dismantling and removing the
items and restoring the site on which they are located. Purchased software that is integral to the functionality
of the related equipment is capitalised as part of that equipment.
When parts of an item of plant and equipment have different useful lives, they are accounted for as separate
items (major components).
Subsequent costs
The Group recognises in the carrying amount of an item of plant and equipment the cost of replacing part of
such an item when that cost is incurred if it is probable that the future economic benefits embodied within
the item will flow to the Group and the cost of the item can be measured reliably. All other costs are
recognised in the profit or loss as an expense as incurred.
Depreciation
Depreciation is charged to the profit or loss using a straight-line method over the estimated useful lives of
each part of an item of plant and equipment.
The estimated useful lives in the current financial year are as follows:
-
Plant and equipment 3 years.
-
Office equipment 3 years.
-
Fixtures and fittings 3 years.
-
Motor Vehicles 3 years.
-
Mining equipment 10 years.
The residual value, the useful life and the depreciation method applied to an asset are reassessed at least
annually. Depreciation is commenced on plant, property and equipment once they are ready for use.
(l)
Exploration and evaluation
Exploration costs are accounted for under the "Area of Interest" method, whereby costs are carried forward
provided that rights to tenure of the area of interest are current and either there is a reasonable probability
of recoupment through successful development and exploitation or by their sale, or exploration activities in
the area have not reached a stage which permits a reasonable assessment of the existence or otherwise of
economically recoverable mineral reserves and active and significant operations in, or in relation to, the area
are continuing. The ultimate recoupment of costs carried forward in respect of areas of interest still in the
exploration or evaluation phases is dependent upon successful development and commercial exploitation,
or alternatively, sale of the respective areas. Exploration & Evaluation Assets are assessed for impairment
when facts and circumstances suggest that the carrying amount exceeds the recoverable amount.
(m)
Trade and other payables
Trade payables and other payables are carried at amortised costs and represent liabilities for goods and
services provided to the Group prior to the end of the financial year that are unpaid and arise when the
Group becomes obliged to make future payments in respect of the purchase of these goods and services.
(n)
Contributed equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of tax, from the proceeds.
2024 Annual Report | 27
21 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
(o)
Earnings per share
Basic earnings per share
Basic earnings per share is determined by dividing net profit or loss after income tax attributable to members
of the Group, 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 year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take
into account the after-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.
(p)
Investments and other financial assets
Investments and other financial assets are initially measured at fair value. Transaction costs are included as
part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are
subsequently measured at either amortised cost or fair value depending on their classification. Classification
is determined based on both the business model within which such assets are held and the contractual cash
flow characteristics of the financial asset unless, an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been
transferred and the consolidated entity has transferred substantially all the risks and rewards of ownership.
When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is
written off.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are
classified as financial assets at fair value through profit or loss. Typically, such financial assets will be either:
(i) held for trading, where they are acquired for the purpose of selling in the short-term with an intention of
making a profit, or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value
movements are recognised in profit or loss.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments which the
consolidated entity intends to hold for the foreseeable future and has irrevocably elected to classify them as
such upon initial recognition.
Impairment of financial assets
The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are
either measured at amortised cost or fair value through other comprehensive income. The measurement of
the loss allowance depends upon the consolidated entity's assessment at the end of each reporting period
as to whether the financial instrument's credit risk has increased significantly since initial recognition, based
on reasonable and supportable information that is available, without undue cost or effort to obtain.
28 | Dateline Resources
22 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month
expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit
losses that is attributable to a default event that is possible within the next 12 months. Where a financial
asset has become credit impaired or where it is determined that credit risk has increased significantly, the
loss allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss
recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls
over the life of the instrument discounted at the original effective interest rate.
For financial assets measured at fair value through other comprehensive income, the loss allowance is
recognised within other comprehensive income. In all other cases, the loss allowance is recognised in profit
or loss.
(q)
Share Based Payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in
exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of
services, where the amount of cash is determined by reference to the share price.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently
determined using either the Binomial or Black-Scholes option pricing model that takes into account the
exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price
volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of
the option, together with non-vesting conditions that do not determine whether the consolidated entity
receives the services that entitle the employees to receive payment. No account is taken of any other vesting
conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity
over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair
value of the award, the best estimate of the number of awards that are likely to vest and the expired portion
of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount
calculated at each reporting date less amounts already recognised in previous periods.
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by
applying either the Binomial or Black-Scholes option pricing model, taking into consideration the terms and
conditions on which the award was granted. The cumulative charge to profit or loss until settlement of the
liability is calculated as follows:
•
during the vesting period, the liability at each reporting date is the fair value of the award at that date
multiplied by the expired portion of the vesting period.
•
from the end of the vesting period until settlement of the award, the liability is the full fair value of the
liability at the reporting date.
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the
cash paid to settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to
market conditions are considered to vest irrespective of whether or not that market condition has been met,
provided all other conditions are satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not
been made. An additional expense is recognised, over the remaining vesting period, for any modification that
increases the total fair value of the share-based compensation benefit as at the date of modification.
2024 Annual Report | 29
23 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy
the condition is treated as a cancellation. If the condition is not within the control of the consolidated entity
or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised
over the remaining vesting period, unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any
remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled
award, the cancelled and new award is treated as if they were a modification.
(r)
Borrowings
Loans and borrowings are initially recognised at the fair value of the consideration received, net of
transaction costs. They are subsequently measured at amortised cost using the effective interest method.
(s)
Convertible Notes
The component of the convertible notes that exhibits characteristics of a liability is recognised as a liability
in the statement of financial position, net of transaction costs.
On the issue of the convertible notes the fair value of the liability component is determined using a market
rate for an equivalent non-convertible bond and this amount is carried as a non-current liability on the
amortised cost basis until extinguished on conversion or redemption. The increase in the liability due to the
passage of time is recognised as a finance cost. The remainder of the proceeds are allocated to the conversion
option that is recognised and included in shareholders equity as a convertible note reserve, net of transaction
costs. The carrying amount of the conversion option is not remeasured in the subsequent years. The
corresponding interest on convertible notes is expensed to profit or loss.
(t)
Critical accounting estimates and judgments
The preparation of financial statements requires management to make judgments, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,
income and expenses. The Directors evaluate estimates and judgments incorporated into the financial report
based on historical knowledge and best available current information. Estimates assume a reasonable
expectation of future events and are based on current trends and economic data, obtained both externally
and within the Group. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised and in any future periods affected.
In particular, information about significant areas of estimation uncertainty and critical judgments in applying
accounting policies that have the most significant effect on the amount recognised in the financial
statements are described in the following notes.
(i)
Exploration & Evaluation Expenditure
The Group’s accounting policy for exploration and evaluation is set out in Note 2(l) above. If, after having
capitalised expenditure under this policy, the Directors conclude that the Group is unlikely to recover the
expenditure by future exploration or sale, then the relevant capitalised amount will be written off to the
Statement of Profit or Loss and Other Comprehensive Income.
(ii)
Discounting
The Group has discounted non-interest bearing payables to the vendors of acquired subsidiaries, refer note
13. This discount rate is reviewed annually.
30 | Dateline Resources
24 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
(iii)
Share Based Payments
The consolidated entity measures the cost of equity-settled transactions with employees by reference to the
fair value of the equity instruments at the date at which they are granted. The fair value is determined by
using the Black-Scholes model taking into account the terms and conditions upon which the instruments
were granted. The accounting estimates and assumptions relating to equity-settled share-based payments
would have no impact on the carrying amounts of assets and liabilities within the next annual reporting
period but may impact profit or loss and equity. Refer to note 17 for further information.
(iv)
Lease term
The lease term is a significant component in the measurement of both the right-of-use asset and lease
liability. Judgement is exercised in determining whether there is reasonable certainty that an option to
extend the lease or purchase the underlying asset will be exercised, or an option to terminate the lease will
not be exercised, when ascertaining the periods to be included in the lease term. In determining the lease
term, all facts and circumstances that create an economical incentive to exercise an extension option, or not
to exercise a termination option, are considered at the lease commencement date. Factors considered may
include the importance of the asset to the consolidated entity's operations; comparison of terms and
conditions to prevailing market rates; incurrence of significant penalties; existence of significant leasehold
improvements; and the costs and disruption to replace the asset. The consolidated entity reassesses whether
it is reasonably certain to exercise an extension option, or not exercise a termination option, if there is a
significant event or significant change in circumstances.
(v)
Incremental borrowing rate
Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is
estimated to discount future lease payments to measure the present value of the lease liability at the lease
commencement date. Such a rate is based on what the consolidated entity estimates it would have to pay a
third party to borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with
similar terms, security and economic environment.
(vi)
Renewal of Matai Holdings Tenements – SPL 1387 and SPL 1396
A subsidiary, Matai Holdings (Fiji) Limited Special Prospecting License (SPL) 1387 and SPL 1396 expired on 26
August 2020 and is undergoing renewal which is subject to assessment of local authorities being Mineral
Resources Department of Fiji (MRD). This has prolonged due to covid 19 and request for further information
from time to time. On 8 September 2024, MRD has requested for additional information mainly to do with
revised Environmental Management Plan (EMP) as part of ordinary course of the tenement renewal process.
Board is confident that the SPL 1396 and SPL 1387 will be renewed within 30 days following the submission
of requested information to MRD. Total Exploration & Evaluation expenditure incurred by Matai Holdings
(Fiji) Limited up to 30 June 2024 as disclosed in note 12 is AUD $4,574,700.
(u)
Inventory
Inventories are stated at the lower of cost and net realisable value on a 'first in first out' basis. Cost comprises
direct materials and delivery costs, direct labour, import duties and other taxes, an appropriate proportion
of variable and fixed overhead expenditure based on normal operating capacity.
Cost is determined on the following basis:
(a)
Gold and other metals on hand is valued on an average total production cost method
(b)
Ore stockpiles are valued at the average cost of mining and stockpiling the ore, including haulage
(c)
A proportion of related depreciation and amortisation charge is included in the cost of inventory
Stock in transit is stated at the lower of cost and net realisable value. Cost comprises of purchase and delivery
costs, net of rebates and discounts received or receivable.
2024 Annual Report | 31
25 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs
of completion and the estimated costs necessary to make the sale.
(v)
Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured
at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease
payments made at or before the commencement date net of any lease incentives received, any initial direct
costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be
incurred for dismantling and removing the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the
estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain
ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life.
Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.
The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease liability for
short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these
assets are expensed to profit or loss as incurred.
(w)
Lease Liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised
at the present value of the lease payments to be made over the term of the lease, discounted using the
interest rate implicit in the lease or, if that rate cannot be readily determined, the consolidated entity's
incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable,
variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value
guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to
occur, and any anticipated termination penalties. The variable lease payments that do not depend on an
index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts
are remeasured if there is a change in the following: future lease payments arising from a change in an index
or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties.
When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to
profit or loss if the carrying amount of the right-of-use asset is fully written down.
(x)
Finance costs
Finance costs attributable the group’s financial arrangements are capitalised as part of the borrowing and
amortised over the term of that borrowing or financial instrument. All other finance costs are expensed in
the period in which they are incurred.
32 | Dateline Resources
26 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
3
SEGMENT INFORMATION
AASB 8 requires operating segments to be identified on the basis of internal reports about components of
the Group that are regularly reviewed by the chief operating decision maker in order to allocate resources
to the segment and to assess its performance.
The segments are consistent with the internal management reporting information that is regularly reviewed
by the chief operating decision maker, being the Board of Directors.
The reportable segments are based on aggregated operating segments determined by the similarity of
economic characteristics, the nature of the activities and the regulatory environment in which those
segments operate.
Management has identified three reportable operating segments based on the three principal locations of
its projects – Australia, USA and Fiji. Unallocated results, assets and liabilities represent corporate amounts
that are not core to the reportable segments. Segment assets include the costs to acquire tenements and
the capitalised exploration costs of those tenements.
30 June 2024
Australia
USA
Fiji Consolidation
Entries
TOTAL
A$
A$
A$
A$
A$
Revenues
-
-
-
-
-
Segment Result
(13,100,791)
(4,136,637)
-
-
(17,237,428)
Total Segment Assets
13,739,733
4,394,462
4,603,386
(12,708,587)
10,028,995
Total Segment Liabilities
2,930,519
(10,457,868)
(5,358,611)
6,442,631
(6,443,329)
30 June 2023
A$
A$
A$
A$
A$
Revenues
-
858,199
-
-
858,199
Segment Result
4,309,051
(15,436,661)
4,411
-
(11,123,199)
Total Segment Assets
63,705,755
36,969,205
4,543,585
(67,886,080)
37,332,465
Total Segment Liabilities
(11,083,124)
(44,553,854)
(5,296,024)
34,664,410
(26,268,592)
2024 Annual Report | 33
27 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
8
CASH & CASH EQUIVALENTS
30-Jun-24
30-Jun-23
$
$
Cash at bank and in hand
849,473
928,940
849,473
928,940
Reconciliation of net (loss) after tax to net cash flows used in operating activities
30-Jun-24
30-Jun-23
$
$
8a
Net profit / (loss) after income tax
(17,237,428)
(11,123,199)
Adjustments for:
Depreciation
1,038,284
1,161,562
Debt forgiveness
-
(7,361,276)
Foreign exchange
554,161
747,998
Share based payments and option valuation
545,475
189,897
Proceeds from sale of Investment/PPE
9,502,016
-
Borrowing costs
-
39,439
Finance costs
388,971
-
Change in assets and liabilities
(Increase)/decrease in trade and other receivables
(186,043)
(66,284)
Increase/(decrease) in trade and other payables
(249,199)
1,346,414
Increase/(decrease) in inventory
-
1,348,251
Net cash flows used in operating activities
(5,643,763)
(13,717,198)
34 | Dateline Resources
28 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
9
TRADE & OTHER RECEIVABLES
30-Jun-24
30-Jun-23
$
$
Other receivables
288,986
102,943
288,986
102,943
(a)
Trade receivables past due but not impaired
There were no trade receivables past due but not impaired
(b)
Fair value and credit risk
Due to the short-term nature of these receivables, their carrying amount is assumed to
approximate their fair value.
The maximum exposure to credit risk at the reporting date is the carrying amount of each class
of receivables mentioned above. Refer to Note 21 for more information on the risk
management policy of the Group and the credit quality of the Group’s trade receivables.
10
FINANCIAL ASSETS
30-Jun-24
30-Jun-23
$
$
Current
ANZ term deposits
13,264
13,542
Exploration deposits
1,234,015
1,484,271
Investments in unrelated companies
437,276
437,276
1,684,555
1,935,089
Exploration deposits:
Deposits held as security by government authorities
24,545
318,607
Amounts held in escrow for exploration contractors
1,209,470
1,165,664
1,234,015
1,484,271
2024 Annual Report | 35
29 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
11
PLANT & EQUIPMENT LAND & BUILDINGS
30-Jun-24
30-Jun-23
$
$
Carrying amount of plant & equipment land & buildings
547,621
17,890,385
(a)
Plant and Equipment
At Cost
523,801
298,272
Less accumulated depreciation
(8,060)
(101,459)
Total plant and equipment
515,741
196,813
Movement during the year
Balance at the beginning of the year
196,813
171,770
Additions
523,801
46,471
Disposals
(196,813)
-
Depreciation expense
(8,060)
(21,428)
Balance at the end of the year
515,741
196,813
(b) Office Equipment
At Cost
20,980
77,162
Less accumulated depreciation
(20,980)
(69,086)
Total office equipment
-
8,076
Movement during the year
Balance at the beginning of the year
8,076
14,849
Additions
-
Disposals
(8,076)
-
Depreciation expense
-
(6,773)
Balance at the end of the year
-
8,076
(c)
Mining equipment
At Cost
426,563
8,151,069
Less accumulated depreciation
(426,563)
(2,459,335)
Total mining plant & equipment
-
5,691,734
Movement during the year
Balance at the beginning of the year
5,691,734
6,378,359
Additions
426,563
204,473
Disposals
(5,691,734)
(20,431)
Depreciation expense
(426,563)
(870,667)
Balance at the end of the year
-
5,691,734
(d) Mining Land & Buildings
At Cost
11,938,350
11,938,350
Total Mining land and buildings
11,938,350
11,938,350
Movement during the year
Balance at the beginning of the year
11,938,350
11,376,640
Additions/(Disposal)
(11,938,350)
561,710
Balance at the end of the year
-
11,938,350
36 | Dateline Resources
30 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
30-Jun-24
30-Jun-23
(e) Furniture & Fixtures
$
$
At Cost
-
21,362
Less accumulated depreciation
-
(8,658)
Total Furniture & Fixtures
-
12,704
Movement during the year
Balance at the beginning of the year
12,704
19,861
Additions
-
Disposals
(12,704)
(1,551)
Depreciation expense
(5,606)
Balance at the end of the year
-
12,704
(f)
Motor Vehicles
At Cost
42,508
182,125
Less accumulated depreciation
(10,627)
(139,417)
Total Motor Vehicles
31,881
42,708
Movement during the year
Balance at the beginning of the year
42,708
152,695
Additions
42,508
-
Disposals
(42,708)
(60,057)
Depreciation expense
(10,627)
(49,930)
Balance at the end of the year
31,881
42,708
12
EXPLORATION & EVALUATION EXPENDITURE
Carrying amount of exploration expenditure
6,520,400
16,243,470
Movement during the year
Balance at the beginning of the year
16,243,470
15,465,849
Expenditure (written off) / incurred during the year
(9,723,070)
777,621
Balance at the end of the year
6,520,400
16,243,470
Exploration and evaluation expenditure capitalised relates to expenditure incurred and capitalised for
the Udu Polymetallic Exploration Project in Fiji, the Gold Links Project located in Colorado USA and the
Colosseum Project in California USA. This expenditure has been accounted for in accordance with
AASB 6 Exploration for and Evaluation of Mineral Resources. The fair value of the tenements acquired
on acquisition of Gunnison Gold Pty Ltd has also been accounted for here.
The ultimate recoupment of costs carried forward for exploration expenditure is dependent on the
successful development and commercial exploitation, or alternatively, the sale of the respective area
of interest and also dependent on the Group’s ability to renew the expired tenements without
exception.
2024 Annual Report | 37
31 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
13
TRADE & OTHER PAYABLES
30-Jun-24
30-Jun-23
$
$
Current
Trade and sundry creditors
791,375
4,088,374
Accruals
97,356
921,319
888,731
5,009,693
Current trade & other payables are non-interest bearing and are settled on 30 day terms.
14
FINANCIAL LIABILITIES TO RELATED PARTIES
30-Jun-24
30-Jun-23
$
$
Current
Loan - Mr. Mark Johnson
3,528,527
5,318,474
Loan - Mr. Stephen Baghdadi
600,000
-
4,128,527
5,318,474
Non-Current
Convertible Notes Mr. Mark Johnson
-
926,560
-
926,560
Loans from Directors – Mr. Johnson
Interest for the year ended 30 June 2024 was $316,427. Total interest of $651,902 has been accrued
as at 30 June 2024. Refer to the table below for a summary of loans outstanding to Mr. Johnson as at
30 June 2024.
Loan
Date
Principal
Repayments
Principal
Outstanding
Interest
Loan
Outstanding
Interest
Rate
31 Dec 2021
300,000
$
300,000
$
-
$
19,973
$
19,973
$
5%
28 Apr 2022
1,000,000
$
420,000
$
-
$
50,548
$
50,548
$
5%
01 May 2023
580,000
$
580,000
$
-
$
14,540
$
14,540
$
5%
20 May 2022
700,000
$
700,000
$
-
$
50,726
$
50,726
$
5%
03 Jun 2022
1,000,000
$
826,374
$
173,626
$
77,874
$
251,500
$
5%
01 Nov 2022
1,250,000
$
-
$
1,250,000
$
208,219
$
1,458,219
$
10%
17 Nov 2022
500,000
$
-
$
500,000
$
81,096
$
581,096
$
10%
23 Nov 2022
300,000
$
-
$
300,000
$
48,164
$
348,164
$
10%
02 Dec 2022
75,000
$
-
$
75,000
$
11,856
$
86,856
$
10%
09 Dec 2022
428,000
$
-
$
428,000
$
66,838
$
494,838
$
10%
11 Jan 2023
150,000
$
-
$
150,000
$
22,068
$
172,068
$
10%
TOTAL
6,283,000
$
2,826,374
$
2,876,626
$
651,902
$
3,528,528
$
LOANS FROM MARK JOHNSON AS AT 30 JUNE 2024
Loans from Directors - Mr. Baghdadi
Mr. Baghdadi made a short-term loan of $600,000 in June 2024 which was repaid by the Company on
2 August 2024. No interest was payable.
38 | Dateline Resources
32 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
Convertible Notes Mr. Johnson
At a General Meeting of the Company’s shareholders held on 21 May 2021, it was approved that the
Company issue to Mr. Mark Johnson 3,853,552 unsecured Convertible Notes in accordance with the
convertible note subscription agreement entered into by the Company on 20 April 2021.
The consideration for the issuance of these Convertible Notes was the cancellation/extinguishment
by Mr. Johnson of all amounts owing by the Company to Mr. Johnson (or his nominee) immediately
after the completion of a debt novation agreement which was also presented to and passed by
shareholders at the same General Meeting.
On 28 May 2021, the Company received from Mr. Johnson a Conversion Notice to covert 865,000
Convertible Notes into 8,650,000 shares at an issue price of $0.10 per share. Mr. Johnson converted a
further 1,100,000 Convertible Notes to 11,000,000 shares in July 2021 and another 916,992 to
9,619,920 shares in June 2022. This reduced the Convertible Notes outstanding as at 30 June 2022 to
$926,560 (2022: $1,008,311). There was an interest expense adjustment of $81,751 in the year ended
30 June 2023 which reduced the balance outstanding to $926,560. The Company has the option of
repaying the outstanding balance in cash.
On 3 November 2023 the Company elected to repay Mr. Johnson the outstanding balance of
$926,560 plus accrued interest as at that date of $177,040.
15
LOANS
30-Jun-24
30-Jun-23
$
$
Current
Short term loans
1,286,062
1,210,436
Loan US Eagle Federal Credit Union
-
257,731
1,286,062
1,468,167
Long Term
Loan US Eagle Federal Credit Union
-
14,172,620
Less: capitalised borrowing costs
-
(849,293)
Other loans
-
(59,753)
-
13,263,574
On 13 June 2023, the Company announced that it had executed a binding agreement with MW Sorter LLC
for the sale of Gunnison Gold Pty Ltd, the entity that owns all of the Colorado assets including the Gold
Links and Lucky Strike mill. Consideration for the sale will be paid in accordance with the details below
and transfer of ownership took place on 31 December 2023.
As a result the long terms loans of $13,263,574 as at 30 June 2023 remain with MW Sorter LLC. Refer
Note 8 of the Directors’ Report (Novation of Liabilities).
2024 Annual Report | 39
33 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
16.
CONTRIBUTED EQUITY
Consolidated
30-Jun-24
30-Jun-23
(a)
Share Capital
Ordinary Capital - Number of Shares
1,457,546,951
856,871,409
Ordinary Capital - Paid Up
$65,325,502
$58,783,327
(b)
Movements in Share Capital
Consolidated
No. of shares
$
1 July 2024
Opening Balance
856,871,409
58,783,327
10 Aug 2023
Issue of shares
28,571,428
600,000
03 Nov 2023
Issue of shares
427,502,707
4,275,018
11 Jan 2024
Issue of shares
16,610,620
166,106
29 Feb 2024
Issue of shares
123,228,883
1,478,747
24 May 2024
Issue of shares
4,761,904
100,000
Share Issue Costs
-
(77,696)
Closing Balance
1,457,546,951
65,325,502
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the
Company in proportion to the number of and amounts paid on the shares held. At shareholders
meetings, each ordinary share is entitled to one vote per share when a poll is called, otherwise each
shareholder has one vote on a show of hands.
At 30 June 2024 there were 1,457,546,951 (2023: 856,871,409) fully paid ordinary shares on issue,
which are freely tradeable, other than 1,694,916 escrowed until 14 April 2025, 14,610,620 until 31
December 2025 and 4,761,904 until 9 August 2026.
There are no preference shares on issue.
Capital Management
The Group’s capital includes share capital, reserves and accumulated losses. The Group’s objectives
when managing capital are to safeguard the Group’s ability to continue as a going concern, so that it
can continue to provide returns for shareholders and benefits for other stakeholders. The Group
manages the capital structure and makes adjustments to it in light of changes in economic conditions
and the risk characteristics of the underlying assets. In order to achieve this, the Group may issue new
shares in order to meet its financial obligations. There are no externally imposed capital requirements.
17
RESERVES
30-Jun-24
30-Jun-23
$
$
Option Valuation Reserve
1,050,304
1,036,373
Foreign Currency Translation Reserve
290,341
(2,381,228)
Share Based Payments Reserve
1,680,846
1,680,846
3,021,491
335,991
Foreign Currency Translation Reserve
The foreign currency translation reserve records exchange differences arising on translation of
foreign controlled subsidiaries.
40 | Dateline Resources
34 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
Option Valuation Reserve
Issue
Date
Removal
Or Lapse
Date
Number
of Options
Exercise
Price
Expiry
Date
Option
Expense
Opening Balance 1 July 2022
$1,137,873
14 Oct 22
11,937,500
$0.0135
14 Oct 25
115,732
19 Dec 22
15,587,500
$0.0135
19 Dec 25
41,350
12 May 23
75,100,000
$0.0300
12 May 26
28,700
18 May 23
13,550,000
$0.0300
18 May 26
4,110
30 Jun 23
(19,704,181)
(291,392)
Closing Balance 30 June 2023
$1,036,373
14 Oct 22
11,937,500
$0.1350
14 Oct 25
162,748
19 Dec 22
15,587,500
$0.1350
19 Dec 25
77,938
12 May 23
75,100,000
$0.0300
12 May 26
215,287
18 May 23
13,550,000
$0.0300
18 May 26
35,230
10 Aug 23
6,666,504
$0.0300
09 Aug 26
24,911
08 Apr 24
71,614,442
$0.0300
08 Apr 27
29,362
30-Jul-23
(7,000,000)
(267,522)
30-Jun-24
(10,000,000)
(264,022)
Closing Balance 30 June 2024
$1,050,305
All issued options have been valued by an independent expert using the Black Scholes Model.
On 11 December 2020, 19,704,184 options were issued to directors as approved by shareholders at
the Annual general Meeting on 4 December 2020. The assessed fair value at grant date of options
issued was $456,133. The fair value at grant date is determined using the Black Scholes Model. The
options vest in 3 equal tranches. The first at 30k tonnes of production. The second at 60k tonnes of
reserves and the third at 60k tonnes of production.
$149,785 was recognised in the year ended 30 June 2021 and $141,607 was recognised in the
options reserve in the year ended 30 June 2022.
On 13 June 2023, the Company announced that it had executed a binding agreement with MW
Sorter LLC for the sale of Gunnison Gold Pty Ltd, the entity that owns all of the Colorado assets
including the Gold Links and Lucky Strike mill. As a result it was decided that the options would not
be exercised and their total expense of $291,392 was removed from the reserve.
On 30 July 2023 7,000,000 unlisted options expired - $267,522 was removed from the reserve.
On 30 June 2024, 10,000,000 unlisted options expired - $264,022 was removed from the reserve.
Share Based Payments Reserve
On 28 May 2021 (after receiving the approval of shareholders at a General Meeting on 21 May 2021),
the Company did issue to related parties a total of 18,883,179 fully paid ordinary shares (Mr.
Baghdadi: 16,420,156 and Mr. Lannen: 2,463,023). These shares were issued with the consideration
payable by Mr. Baghdadi and Mr. Lannen for the shares funded by an interest free and limited
recourse loan advanced by the Company. Under AASB2, the issuance of these shares is treated as
share-based payments, the cost of these were independently valued (using an option pricing model)
at $1,302,939 and are recorded in the Share Based Payments Reserve.
2024 Annual Report | 41
35 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
On 14 July 2021 the Company issued to two employees 400,000 and 200,000 fully paid ordinary
shares. These shares were issued with the consideration payable by the employees for the shares
funded by interest free and limited recourse loans of $40,000 and $20,000 advanced by the Company,
secured against the 400,000 and 200,000 ordinary shares respectively. Under AASB2, the issuance of
these shares is treated as share-based payments, the cost of these were independently valued (using
an option pricing model) at $20,746 and are recorded in the Share Based Payments Reserve.
On 30 July 2021 7,000,000 options were issued to PAC Partners. The assessed fair value at grant date
of options issued was $357,161. The fair value at grant date is determined using the Black Scholes
Model.
18
EARNINGS PER SHARE
The calculation of basic loss per share at 30 June 2024 was based on the loss attributable to ordinary
shareholders of $17,237,428 (2023: loss $11,123,199) and a weighted average number of shares
outstanding during the financial year ended 30 June 2024 of 1,212,784,621 (2023: 592,885,314)
calculated as follows :
(a)
Basic (loss) per share
30-Jun-24
30-Jun-23
Net (loss) per share attributable to ordinary
equity holders of the Company ($)
($17,237,428)
($11,123,199)
Weighted average number of ordinary shares
1,212,784,621
592,885,314
Continuing operations
Basic loss per share (cents)
(1.42)
(1.88)
(b) Diluted (loss) per share
Potential ordinary shareholders are not considered dilutive, thus diluted profit/(loss) per share
is the same as basic loss per share.
19
RIGHT-OF-USE ASSETS (NON-CURRENT)
Lease - Right of use
171,260
619,277
Less: Accumulated depreciation
(33,300)
(387,639)
137,960
231,638
Additions to the right-of-use assets during the year were $171,260.
The consolidated entity leases premises under agreements between one to three years within some
cases, options to extend. The leases have various escalation clauses. On renewal, the terms of the leases
are renegotiated. The consolidated entity leases other equipment under agreements of less than one
year, are either short-term or low-value, so have been expensed as incurred and not capitalised as right-
of-use-assets.
20
LEASE LIABILITIES
30-Jun-24
30-Jun-23
$
$
Lease liabilities (current)
53,792
76,886
Lease liabilities (non-current)
86,217
205,238
42 | Dateline Resources
36 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
21 FINANCIAL RISK MANAGEMENT
The Group's principal financial instruments consist of deposits with banks, receivables, other
financial assets and payables. At the reporting date, the Group had the following mix of financial
assets and liabilities.
30-Jun-24
30-Jun-23
$
$
Financial Assets
Cash & cash equivalents
849,473
928,940
Trade & other receivables
288,986
102,943
Financial Assets
1,684,555
1,935,089
2,823,014
2,966,972
Financial Liabilities
Trade & other payables
888,731
5,009,693
Financial liabilities to related parties - current
4,128,527
4,391,914
Financial liabilities to related parties - non current
-
926,560
Short term loans
1,286,062
1,468,167
Lease Liabilities
140,009
282,124
Long term loan
-
13,263,574
6,443,329
25,342,032
Net exposure
(3,620,315)
(22,375,060)
The main risks arising from the Group’s financial instruments are interest rate risk, credit risk, foreign
currency risk and liquidity risk. The Group uses different methods to measure and manage different
types of risks to which it is exposed. Primary responsibility for identification and control of financial
risks rests with the Board of Directors.
(a)
Interest rate risk
Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in
market interest rates. The Group is exposed to interest rate risk as it invests funds at both fixed and
floating interest rates. The risk is managed by maintaining an appropriate mix between fixed and
floating rate deposits.
2024 Annual Report | 43
37 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
Financial Assets
30-Jun-24
30-Jun-23
$
$
Cash and cash equivalents
849,473
928,940
Financial Liability - long term loan
-
13,263,574
Sensitivity
Based on the cash and cash equivalent held on 30 June 2024, had the interest rate increased by 1%,
the group’s post-tax loss would have been decreased by $8,494 and had the interest rate decreased by
1%, the group's post tax loss would have been increased by $8,494. Based on the cash and cash
equivalent held on 30 June 2023, had the interest rate increased by 1%, the group’s post-tax loss
would have been decreased by $9,289 and had the interest rate decreased by 1% the group's post tax
loss would have been increased by $9,289.
The Company has no long term loans as at 30 June 2024 (2023 US$9,380,290: A$13,263,571). Interest
for the year ended 30 June 2023 was payable monthly at the US Prime Rate plus 2.75% p.a.
Based on the borrowings held on 30 June 2023, had the interest rate increased by 1%, the group’s
post-tax loss would have been increased by US$93,802 ($A132,635) and had the interest rate
decreased by 1% the group's post tax loss would have been decreased by US$93,802 ($A132,635).
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy
counterparties and obtaining sufficient collateral where appropriate, as a means of mitigating the risk
of financing loss from defaults. The Group’s exposure and the credit ratings of its counterparties are
continuously monitored and the aggregate value of transactions concluded is spread amongst
approved counterparties.
The carrying amount of financial assets recorded in the financial statements, net of any provision for
losses, represents the Group’s maximum exposure to credit risk. All trade and other receivables are
due within 30 days and none are past due.
(i) Cash and cash equivalents
The Group’s primary banker is Commonwealth Bank of Australia (2023: Commonwealth Bank of
Australia). The Board considers the use of this financial institution, which has a short term rating of AA-
from Standards and Poors to be sufficient in the management of credit risk with regards to these funds.
30-Jun-24
30-Jun-23
$
$
Cash and cash equivalents
849,473
928,940
(ii) Trade & other receivables
While the Group has policies in place to ensure that transactions with third parties have an appropriate
credit history, the management of current and potential credit risk exposures is limited as far as is
considered commercially appropriate. Up to the date of this report, the Board has placed no
requirement for collateral on existing debtors.
44 | Dateline Resources
38 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
(b)
Foreign currency risk
The group operates internationally and is exposed to foreign exchange risk arising from various currency
exposures, primarily with respect to the US and Fijian dollar. Foreign exchange risk arises from future
commercial transactions and recognised financial assets and financial liabilities denominated in a currency
that is not the Company’s functional currency. The risk is measured using sensitivity analysis and cash flow
forecasting. The group's exposure to foreign currency risk at the end of the reporting period, expressed in
Australian Dollars, was as follows:
30-Jun-24
30-Jun-23
$
$
Cash at bank and short term bank deposits
30,652
534,547
Financial assets
1,247,279
1,497,813
Payables
(475,547)
(3,703,263)
Borrowings
(140,009)
(13,952,987)
662,375
(15,623,890)
SENSITIVITY
At 30 June 2024, had the Australian dollar weakened by 10% against the US and Fijian dollar, with all other
variables being constant, the net assets of the group would have increased by $66,237 (2023: reduced by
$1,562,389) and loss would have reduced by $66,237 (2023: Increased by $1,562,389).
Liquidity risk management
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with
financial liabilities.
Ultimate responsibility for liquidity risk management rests with the Board of Directors, who have built an
appropriate liquidity risk management framework for the management of the Group’s short, medium and
long-term funding and liquidity management requirements.
The Group manages liquidity risk by continually monitoring cash reserves and cash flow forecasts to ensure
that financial commitments can be met as and when they fall due.
The terms of the group’s financial liabilities are detailed in notes 13, 14 and 15.
2024 Annual Report | 45
39 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
22
KEY MANAGEMENT PERSONNEL DISCLOSURES
(a)
Key management personnel compensation
Information regarding individual Directors and Executive compensation and some equity instruments
disclosures as permitted by Corporations Regulation 2M.3.03 is provided in the remuneration report section
of the Directors’ report.
30-Jun-24
30-Jun-23
$
$
Compensation by category
Short term employee benefits
480,000
660,000
480,000
660,000
(b)
Material contracts
(i)
Directors’ Deeds of Indemnity
With every Director appointment, the Group enters into a deed of indemnity, insurance and access with each
of its Directors. Under these deeds, the Group agrees to indemnify each Director to the extent permitted by
the Corporations Act 2001 against any liability arising as a result of the Director acting in the capacity as a
Director of the Group. The Group is also required to maintain insurance policies for the benefit of the
Directors and must also allow the Directors to inspect Group documents in certain circumstances.
(ii)
Loans to Directors
On 28 May 2021 (after receiving the approval of shareholders at a General Meeting on 21 May 2021), the
Company did issue to related parties a total of 18,883,179 fully paid ordinary shares (Mr. Stephen
Baghdadi: 16,420,156 and Mr. Bill Lannen-: 2,463,023). These shares were issued with the consideration
payable by Mr. Baghdadi and Mr. Lannen for the shares funded by an interest free and limited recourse
loan advanced by the Company. Under AASB2, the issuance of these shares is treated as share-based
payments, the cost of these were independently valued (using an option pricing model) at $1,302,939 and
are recorded in the Share Based Payments Reserve (Note 17).
Other Fees Paid to/accrued for Directors
Other than that provided in the remuneration section of the Directors’ report, there were no other fees
paid to Directors.
(iii)
Balances outstanding
As at 30 June 2024 the following amounts were unpaid to KMP and or Directors:
30-Jun-24
30-Jun-23
$
$
Mr Baghdadi
-
132,000
46 | Dateline Resources
40 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
23
RELATED PARTY DISCLOSURES
(i)
Key management personnel
Disclosures relating to directors and executives are set out in note 22 Key Management Personnel
Disclosures.
(ii) Transactions with related parties
FINANCIAL LIABILITIES TO RELATED PARTIES
30-Jun-24
30-Jun-23
$
$
Current
Loan - Mr. Mark Johnson
3,528,527
5,318,474
Loan - Mr. Stephen Baghdadi
600,000
-
4,128,527
5,318,474
Non-Current
Convertible Notes Mr. Mark Johnson
-
926,560
-
926,560
Directors Loans
Loans from Directors – Mr. Johnson
Interest for the year ended 30 June 2024 was $316,427. Total interest of $651,902 has been accrued as at
30 June 2024. Refer to the table below for a summary of loans outstanding to Mr. Johnson as at 30 June
2024.
Loans from Directors - Mr. Baghdadi
Mr. Baghdadi made a short-term loan of $600,000 in June 2024 which was repaid by the Company on 2
August 2024. No interest was payable. (Refer note 14)
Convertible Notes Mr. Johnson
At a General Meeting of the Company’s shareholders held on 21 May 2021, it was approved that the
Company issue to Mr. Mark Johnson 3,853,552 unsecured Convertible Notes in accordance with the
convertible note subscription agreement entered into by the Company on 20 April 2021.
The consideration for the issuance of these Convertible Notes was the cancellation/extinguishment by Mr.
Johnson of all amounts owing by the Company to Mr. Johnson (or his nominee) immediately after the
completion of a debt novation agreement which was also presented to and passed by shareholders at the
same General Meeting.
On 28 May 2021, the Company received from Mr. Johnson a Conversion Notice to convert 865,000
Convertible Notes into 8,650,000 shares at an issue price of $0.10 per share. Mr. Johnson converted a
further 1,100,000 Convertible Notes to 11,000,000 shares in July 2021 and another 916,992 to 9,619,920
shares in June 2022. This reduced the Convertible Notes outstanding as at 30 June 2022 to $926,560 (2022:
$1,008,311). There was an interest expense adjustment of $81,751 in the year ended 30 June 2023 which
reduced the balance outstanding to $926,560. The Company has the option of repaying the outstanding
balance in cash.
On 3 November 2023 the Company elected to repay Mr. Johnson the outstanding balance of $926,560 plus
accrued interest as at that date of $177,040.
2024 Annual Report | 47
41 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
(iii) Subsidiaries and associates
Country of
Ownership
Interest (%)
Ownership
Interest (%)
Name of subsidiary
Incorporation
30.6.24
30.6.23
Dateline Fiji Pty Limited
Australia
100%
100%
Matai Holdings (Fiji) Ltd
Fiji
100%
100%
Golden Phoenix Resources Limited
Australia
100%
100%
Golden Phoenix Australia Pty Ltd
Australia
100%
100%
Colosseum Mines Pty Ltd
Australia
100%
100%
24
COMMITMENTS
(a)
Operating Commitments
There were no operating commitments at year end
(b)
Exploration and Evaluation Commitments
There were no exploration and evaluation commitments at year end.
25
SUBSEQUENT EVENTS
On 8 July 2024, the Company announced 2 for 3 renounceable rights issue of new shares in the Company at
an issue price of $0.006 per new share to existing shareholders. For every 2 shares subscribed for,
participating shareholders would receive 1 attaching option (quoted) to acquire 1 fully paid ordinary share
with an exercise price of $0.02 and a term of 24 months.
On 31 July 2024, the Company announced that the above 2 for 3 renounceable rights issue had closed with
valid applications of $4,559,798 (759,966,244 shares / 379,983,122 options).
On 28 August 2024, the Company announces that the shortfall from the above 2 for 3 renounceable rights
issue of $1,270,390 had been placed (211,731,723 shares / 105,865,862 options), and that there was excess
demand of $392,611 (65,434,944 shares / 32,717,472 options). Please see table below:
Funds raised
Shares
Options
Rights issue (31 July)
$4,559,798
759,966,244
379,983,122
Shortfall placed
$1,270,390
211,731,723
105,865,862
Follow-on Placement
$392,610
65,434,944
32,717,472
Total
$6,222,798
1,037,132,911
518,566,456
No other matter or event has arisen since 30 June 2024 that would be likely to materially affect the
operations of the Group, or the state of affairs of the Company not otherwise disclosed in the Group’s
financial report.
48 | Dateline Resources
42 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
26
CONTINGENT LIABILITIES
For the year ended 30 June 2024 and for the year ended 30 June 2023, the following contingent liabilities
existed.
As part of the restructuring for the conversion of previous Long Term Loans (royalty payments) to a
contingent liability, a fee of $US500,000 is payable by Fossil Creek Mines LLC (FCM) to Park Creek Mineral
Management LLC (PCMM) on or before July 1, 2024. If FCM fails to pay US$500,000 to PCMM on or before
1 July, 2024, then Dateline Resources Limited will assume this contingent liability.
Colosseum Gold Mine
In March 2021, the Company entered into an agreement with LAC Minerals (USA) LLC, a wholly owned
subsidiary of Barrick Gold Corporation to acquire the Colosseum Gold Mine, located in San Bernardino
County, California. Colosseum was originally discovered in the early 1970’s, with production of ~344,000
ounces of gold between 1988 and 1993 from two open pits. At the time of suspension of operations, the
gold price was at a cyclical low below $350/oz.
In October 2021 Dateline announced that all outstanding conditions precedent for the completion of the
acquisition had been fulfilled. As part of the transaction, Dateline has provided US$770,000 in
reclamation bonds to replace the Barrick bonds with the relevant authorities. At this time the Company
cannot reliably estimate the cost or timing of any remediation expenditure that may be required.
As part of the acquisition a further payment of US$1,500,000 to Barrick will be payable following
successful completion of a bankable feasibility study or commencement of site development for the
extraction of ore or sale of the properties. Barrick is also entitled to a 2.5% Net Smelter Return royalty
for all future production of any metals from the mine.
27 DIVIDENDS
No dividend has been paid during the financial year and no dividend is recommended for the financial
year.
2024 Annual Report | 49
43 | P a g e
DATELINE RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
28
REMUNERATION OF AUDITORS
30-Jun-24
30-Jun-23
DFK Laurence Varnay Auditors Pty Ltd
An audit or review of the financial report of the Company
49,177
54,750
49,177
54,750
29
PARENT ENTITY INFORMATION
(a)
Financial Position
30-Jun-24
30-Jun-23
Assets
$
$
Current assets
9,691,610
20,649,313
Non-current assets
437,276
28,245,150
Total Assets
10,128,886
48,894,463
Liabilities
Current liabilities
5,792,661
7,616,609
Non-Current liabilities
80,659
1,007,219
Total Liabilities
5,873,320
8,623,828
Net Assets
4,255,566
40,270,635
Equity
Issued equity
63,697,421
57,321,342
Reserves
3,326,437
3,146,400
Retained earnings
(62,768,292)
(20,197,107)
Total Equity
4,255,566
40,270,635
(b) Financial Performance
Profit/(Loss) for the year
(42,571,185)
(2,798,851)
Other comprehensive income
-
7,361,276
Total Comprehensive Income
(42,571,185)
4,562,425
(c)
Guarantees Entered Into By The Parent Entity
No guarantees have been entered into by the parent entity in relation to the debts of its
subsidiaries.
(d) Commitments And Contingencies of the Parent Entity
There were no commitments and contingencies for the parent entity as at 30 June 2024
or 30 June 2023 other than that disclosed in notes 24 and 26.
30
ENTITIES ACQUIRED DURING THE YEAR
Year ended 30 June 2024 - NIL
Year ended 30 June 2023 - NIL
50 | Dateline Resources
44 | P a g e
DATELINE RESOURCES LIMITED
DIRECTORS’ RESOLUTION
FOR THE YEAR ENDED 30 JUNE 2004
In the Directors’ opinion:
a) the financial statements and notes set out on pages 12 to 46 are in accordance with the Corporations Act
2001, including:
(i)
complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements, and
(ii) giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its performance
for the financial year ended on that date, and
b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable.
Note 2(a) confirms that the financial statements also comply with International Financial Reporting
Standards as issued by the International Accounting Standards Board.
The Directors have been given the declarations by the Equivalent Chief Executive Officer and the Equivalent
Chief Financial Officer required by Section 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the directors.
On behalf of the Board of Directors
Mr. Mark Johnson
Non-Executive Chairman
19 September 2024
2024 Annual Report | 51
45 | P a g e
DATELINE RESOURCES LIMITED
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
FOR THE YEAR ENDED 30 JUNE 2004
Consolidated Entity Disclosure Statement (CEDS)
Basis of Preparation:
This Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the
Corporation Act 2001 and includes required information for each entity that was part of the consolidated
entity as at 30 June 2024.
Consolidated Entity
This CEDS includes only those entities consolidated as at 30 June 2024 in accordance with AASB 10
Consolidated Financial Statements.
Determination of Tax Residence
Section 295 (3A) of the Corporations Act 2001 defines tax residency as having the meaning in the Income
Tax Assessment Act 1997. The determination of tax residency involves judgment as there are currently
several different interpretations that could be adopted, and which could give rise to a different conclusion
on residency. In determining tax residency, the consolidated entity has applied the following
interpretations:
Australian tax residency:
The consolidated entity has applied current legislation and judicial precedent, including having regard to
the Tax Commissioner's public guidance.
Foreign tax residency
Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to
assist in its determination of tax residency to ensure applicable foreign tax legislation has been complied
with.
Partnerships and Trusts
Australian tax law does not contain specific residency tests for partnerships and trusts. Generally, these
entities are taxed on a flow-through basis so there is no need for a general residence test. There are some
provisions which treat trusts as residents for certain purposes, but this does not mean the trust itself is an
entity that is subject to tax. Additional disclosures on the tax status of partnerships and trusts have been
provided where relevant.
52 | Dateline Resources
46 | P a g e
DATELINE RESOURCES LIMITED
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
FOR THE YEAR ENDED 30 JUNE 2004
Name of entity
Type of
Entity
Trustee,
partner or
participant
in joint
Venture
% of
share
capital
held
Country of
Incorporation
Australian
resident or
foreign
resident
(for tax
purpose)
Foreign tax
jurisdiction
of foreign
residents
Dateline Resources Ltd
Body
Corporate
N/A
N/A
Australia
Australian
N/A
Matai Holdings (Fiji) Ltd
Body
Corporate
N/A
100
Fiji
Foreign
Resident
N/A
Dateline Fiji Pty
Limited
Body
Corporate
N/A
100
Australia
Australian
N/A
Golden Phoenix
Resources Limited
Body
Corporate
N/A
100
Australia
Australian
N/A
Golden Phoenix
Australia Pty Ltd
Body
Corporate
N/A
100
Australia
Australian
N/A
Colosseum Mines Pty
Ltd
Body
Corporate
N/A
100
Australia
Australian
N/A
This declaration is made in accordance with a resolution of the directors.
On behalf of the Board of Directors
Mr. Mark Johnson
Non-Executive Chairman
19 September 2024
2024 Annual Report | 53
Dateline Resources Limited
ABN: 63 149 105 653
Independent Auditor’s Report to the shareholders of Dateline Resources Limited
Report on the Audit of the Financial Report
Opinion
We have audited the Financial Report of Dateline Resources Limited (the Company) and
Controlled Entities (the Group), which comprises the consolidated statement of financial
position as at 30 June 2024, the consolidated statement of profit or loss and other
comprehensive income, the consolidated statement of changes in equity and the consolidated
statement of cash flows for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies and other explanatory information, and
the directors' declaration.
In our opinion:
a) The accompanying Financial Report of the Company is in accordance with the
Corporations Act 2001, including:
(i) giving a true and fair view of the Group's financial position as at 30 June 2024
and of their financial performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations
Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities
under those standards are further described in the Auditor's Responsibilities for the Audit of
the Financial Report section of our report.
We are independent of the Group in accordance with the auditor independence requirements
of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and
Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including
Independence Standards) (the code) that are relevant to our audit of the financial report in
Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which
has been given to the directors of the Company, would be in the same terms if given to the
directors as at the time of this auditor's report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
54 | Dateline Resources
Emphasis of Matter - Material Uncertainty Regarding Going Concern
We draw attention to Note 2(g) in the Financial Report, which indicates that the Group incurred
a net loss of $17,237,428 (2023: $11,123,199) during the year ended 30 June 2024 and, as
of that date, the current liabilities exceeded its current assets by $3,534,098 (2023: deficit
$8,906,248). As stated in Note 2(g), these events, or conditions, along with other matters as
set forth, indicate that a material uncertainty exists that may cast significant doubt on the
Group’s ability to continue as a going concern. Our opinion is not modified in respect of this
matter.
Emphasis of Matter - Renewal of Matai Holdings Tenements - SPL 1387 and SPL 1396
A subsidiary, Matai Holdings (Fiji) Limited Special Prospecting Licence (SPL) 1387 and SPL
1396 expired on 26 August 2020. The company has applied for renewal of both SPL with
Mineral Resources Department of Fiji (MRD) which has prolonged due to covid 19 and request
for further information from time to time. On 8 September 2024, MRD has requested for
additional information mainly to do with revised Environmental Management Plan (EMP) as
part of ordinary course of the tenement renewal process. As disclosed in note 2(t (vi), Board
strongly believes that once the EMP documents are submitted, the Director of Mines, will
renew SPL 1396 and SPL 1387. Total Exploration & Evaluation expenditure incurred by Matai
Holdings (Fiji) Limited as disclosed in note 12 is AUD 4,574,700 and this may be impaired if
the SPL is not renewed.
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 for the year ended 30 June 2024. 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.
Apart from above the key audit matters are:
Key audit matters
How our audit addressed the key audit
matters
Going concern
Refer to Note 2(g)
We identified going concern as a key audit
matter due to the significant level of
judgement required in evaluating the
Group's assessment of going concern and
the events or conditions that may cast
significant doubt on their ability to continue
as a going concern as disclosed in Note
2(g).
The Directors have determined that the
going concern basis of accounting is
appropriate in preparing the financial report
based on cash flow projections which
included a number of assumptions and high
level of judgements. The directors are of the
opinion that the range of possible outcomes
Our audit procedures in relation to going
concern included but were not limited to:
•
We critically analysed The Group's
forecasts for the next 12 months from
the date of signing the financial
statements by assessing key cash
inflows and outflows:
-
We reviewed the financial position and
assessed a number of key ratios;
-
Reviewed FY 2025 YTD cash inflows
and outflow results against forecast;
and
2024 Annual Report | 55
Key audit matters
How our audit addressed the key audit
matters
considered in arriving at this judgement
does not give rise to a material uncertainty
casting significant doubt on the Group’s
ability to continue as a going concern. The
levels
of
uncertainty
was
critically
scrutinised, as it related to the Group’s
ability to continue as a going concern, within
the
assumptions
and
judgements,
concentrating on:
• capital raising of $4,559,798 in July 2024
and $1,663,000 in August 2024;
• Additional funding raised through future
fundraising from financial institutions and
the market; and
• Issuing equity to settle future liabilities, if
appropriate.
-
Reviewed subsequent bank
statements upto date of signing to
validate assumptions made in forecast.
Option Valuation – Note 17
The Group often provides benefits to
Directors and others via share-based
payment transactions, whereby the
Directors or others render services and
receive shares or the option to purchase
shares. These share-based payment
transactions are classified by the Group as
equity settled share-based payment
transactions.
This is a key audit matter because the
expense recognised incorporates a
judgemental value. Black Scholes model’s
include inputs which require judgement.
The share-based payment expenses were
split between share-based payment
expenses / reserves or option valuation
expenses / reserves, depending on their
type as requested by management,
however, are all captured under AASB 2
Share Based Payments.
Options issued to directors were valued by
management using a Black Scholes model,
and the vesting periods were determined by
the directors. These options were
accounted for in the option valuation
reserve.
Limited recourse share purchase loans,
which were accounted for as options under
AASB 2 Share Based Payments were
valued with the assistance of an expert
Our audit procedures included but were not
limited to:
•
Only options were issued in FY 2024
so obtaining agreements for options
and assessing the accounting
treatment in conjunction with the
terms;
•
Considering the design and
implementation of controls surrounding
review of valuations at the Board level
•
Obtaining management or expert
valuation using Black Scholes models
and supporting the inputs in the
calculations to publicly available data;
•
Considering the objectivity,
competence and capabilities
management expert used; and
•
Examining the disclosures made in the
financial report.
56 | Dateline Resources
Key audit matters
How our audit addressed the key audit
matters
valuer who also used a Black Scholes
model. The limited recourse share
purchase loans are within the share-based
payments reserve.
The impact on the financial report for the
year ended 30 June 2024 reflected a profit
or loss charge of $545,476 to option
valuation expense.
Other Information
The directors are responsible for the other information. The other information comprises the
information included in the Group’s annual report for the year ended 30 June 2024 but does
not include the financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we
do not express any form of assurance conclusion thereon. In connection with our audit of the
financial report, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on
the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that
gives a true and fair view in accordance with Australian Accounting Standards and the
Corporations Act 2001 and for such internal control as the directors determine is necessary to
enable the preparation of the financial report that gives a true and fair view and is free from
material misstatement, whether due to fraud or error. In preparing the financial report, the
directors are responsible for assessing the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the Group or to cease operations,
or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a
whole is free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance
but is not a guarantee that an audit conducted in accordance with Australian Auditing
Standards will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
the financial report.
2024 Annual Report | 57
Auditor's Responsibilities for the Audit of the Financial Report (Cont’d)
As part of an audit in accordance with the Australian Auditing Standards, we exercise
professional judgement and maintain professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial report,
whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide
a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Group’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by the directors.
•
Conclude on the appropriateness of the directors’ use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
the Group’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the financial report or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or conditions may cause
the Group to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial report,
including the disclosures, and whether the financial report represents the
underlying transactions and events in a manner that achieves fair presentation.
•
Obtain sufficient appropriate audit evidence regarding the financial information of
the entities or business activities within the Group to express an opinion on the
financial report. We are responsible for the direction, supervision and performance
of the Group audit. We remain solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where
applicable, related safeguards.
From the matters communicated with the directors, we determine those matters that were of
most significance in the audit of the financial report of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest
58 | Dateline Resources
benefits of such communication.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included on pages 15-17 of the Directors'
Report for the year ended 30 June 2024.
In our opinion, the Remuneration Report of Dateline Resources Limited, for the year ended
30 June 2024 complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our
responsibility is to express an opinion on the Remuneration Report, based on our audit
conducted in accordance with Australian Auditing Standards.
DFK Laurence Varnay Auditors Pty Ltd
Faizal Ajmat
Director
Sydney
Dated:19th day of September 2024
2024 Annual Report | 59
DATELINE RESOURCES LIMITED
ADDITIONAL INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024
The following additional information was applicable as at 24 September 2024.
1.
Number of Holders of each class of equity security and the voting rights attached:
Class of Security
No. of Holders
Voting Rights Attached
Ordinary Shares
1,310
Each shareholder is entitled to one vote per share held
Unlisted Options
323
N/A
Listed Options
170
There are a total of 2,494,679,862 ordinary fully paid shares on issue. There 21,067,440 shares subject
to voluntary escrow.
2.
Distribution schedule of the number of holders of fully paid ordinary shares is as follows:
Distribution
of Holders
Number of Fully Paid
Ordinary Shareholders
1 - 1,000
136
1,001 - 5,000
95
5,001 - 10,000
83
10,001 - 100,000
399
100,001 and above
595
3.
Holders of non-marketable parcels
Holders of non-marketable parcels are deemed to be those who shareholding is valued at less than
$500.
• There are 631 shareholders who hold less than a marketable parcel of shares.
• The number of fully paid ordinary shareholdings held in less than marketable parcels is 12,863,0220.
4.
Substantial shareholders
As at report date there are two substantial shareholders.
5.
Share buy-backs
There is no current on-market buy-back scheme.
60 | Dateline Resources
DATELINE RESOURCES LIMITED
ADDITIONAL INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024
6.
Top 20 Shareholders
The top 20 largest fully paid ordinary shareholders together held 61.09% of the securities in this class
and are listed below:
7.
Unquoted Equity Securities
The Company has no listed unquoted equity securities on issue
8.
Interest in Mining Licences
The Company is an exploration entity, below is a list of its interest in licences, where the licences are
situated and the percentage of interest held.
Project
Description / Number
Ownership
Location
Colosseum Permitted Mine
3 Patented Claims
100%
California USA
Colosseum Permitted Mine
80 Unpatented Claims
100%
California USA
Udu
SPL1387
100%
Fiji
Udu
SPL1396
100%
Fiji
Holder Name
Holding
% IC
1 MR MARK RODERICK GRANGER JOHNSON
488,344,007
19.58%
2 MR STEPHEN BAGHDADI
335,316,397
13.44%
3 SOUTHERN CROSS EXPLORATION N.L.
96,317,698
3.86%
4 MW SORTER PTY LTD
85,059,049
3.41%
5 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
80,368,955
3.22%
6 MURTAGH BROS VINEYARDS PTY LTD
57,666,665
2.31%
7 MR THOMAS FRITZ ENSMANN
40,000,000
1.60%
8 MR ANDREW JOHN PATTERSON
36,962,000
1.48%
9 HANIAN INVESTMENTS PTY LTD
35,650,000
1.43%
10 NOBLE INVESTMENTS SUPERANNUATION FUND PTY LTD
34,000,000
1.36%
11 ROOKHARP CAPITAL PTY LIMITED
33,333,334
1.34%
12 MURTAGH BROS VINEYARDS PTY LTD
28,477,098
1.14%
13 MUTUAL TRUST PTY LTD
24,614,644
0.99%
14 BICKHAM COURT SUPERANNUATION PTY LTD
24,567,621
0.98%
15 ONE MANAGED INVESTMENT FUNDS LIMITED
22,976,190
0.92%
16 CITICORP NOMINEES PTY LIMITED
21,187,318
0.85%
17 MR MARK CHARLES PATERSON & MR GAVIN BENJAMIN EDDY
20,833,333
0.84%
18 MR RYAN JAMES ROWE
20,000,000
0.80%
19 MR NICHOLAS DERMOTT MCDONALD
20,000,000
0.80%
20 MATTHEW BURFORD SUPER FUND PTY LTD
18,330,714
0.73%
Total
1,524,005,023
61.09%
Total issued capital - selected security class(es)
2,494,679,862 100.00%
2024 Annual Report | 61
ASX:DTR
ABN: 63 149 105 653