Annual Report 2024
DGR Global Limited Annual Report for the year Ended 30 June 2024
Developing Tomorrow’s Resources, Today!
At DGR Global we are focused on an intergenerational, global search for tier one
resource projects that address the booming global demand for commodities. We
see this image as one that represents the speed in which the economy is gearing
towards clean, green energy projects, as well as being representative of the
forward thinking mindset required to develop world class projects that are
developing tomorrow’s resources today!
CORPORATE DIRECTORY
Directors
Company Secretary
Registered Office and Principal
Place of Business
Solicitors
Peter Wright - Non-Executive Chairman
Nicholas Mather - Managing Director
Brian Moller - Non-Executive Director
Ben Hassell - Non-Executive Director
Geoffrey Walker
Suite 9C
London Offices
30 Florence Street
Teneriffe Q 4005
Phone: (07) 3303 0680
Link Market Services Limited
10 Eagle Street
Brisbane Q 4000
Phone: 1300 554 474
BDO Audit Pty Ltd
Level 10
12 Creek Street
Brisbane Q 4000
Hopgood Ganim
Level 8, Waterfront Place
1 Eagle Street
Brisbane Q 4000
DGR Global Limited shares are listed on the Australian Securities Exchange
(ASX code: DGR)
www.dgrglobal.com.au
www.dgrglobal.com.au/corporate-governance
DGR Global Limited Annual Report for the year Ended 30 June 2024
2
Stock Exchange Listing
Auditor
Share Register
Corporate Governance
Statement
Website
DIRECTORS’ REPORT
Chairman’s letter
Dear Shareholders,
I am pleased to present the DGR Global Ltd Annual
Report for the 2024 Financial Year. Reflecting on the 2024
Financial Year, it is clear that in many respects, we have
seen the continuation of the challenges the company
encountered in the previous corresponding period.
The 2024 Financial Year saw the continuation of higher
interest rates as central banks focused on moderating
problematic inflation, curtailing demand and ultimately
reducing demand for commodities. Additionally, the global
economy continues to deal with ongoing conflicts in both
Eastern Europe and more recently the middle East.
Confronted
with
challenging
broader
economic
circumstances, DGR, its board, senior management, and
staff have continued to work together to manage to work
together to manage the company's asset portfolio in the best interests of all stakeholders.
DGR continued to reduce its costs over the financial year and subsequently vacated its long-term Brisbane
CBD offices for lower cost premises. DGR intends to continue the responsible use of its balance sheet and further
reduce costs to preserve shareholder equity given the continuing disparity between the company's market
capitalisation and asset backing.
Looking to the current financial year, I am encouraged by recent commentary and the subsequent softening
of interest rates by several prominent central banks, including the Federal Reserve in the United States. We
see the easing of interest rates globally as stimulating persistent sluggish global growth, which ultimately is
positive for any commodity-based portfolio.
During the reporting period, Administrators and Receivers were appointed to Armour Energy Limited, a company
in which DGR has made a material investment. DGR is currently progressing legal action and refrains from any
further comment while these proceedings are underway.
I would like to take this opportunity to thank all stakeholders for their continued support of the company, from my
fellow board members to staff both senior and junior, and of course our loyal and supportive shareholders.
Sincerely,
Peter Wright
CHAIRMAN
DGR Global Limited Annual Report for the year Ended 30 June 2024
3
DGR Global Limited Annual Report for the year Ended 30 June 2024
DIRECTORS’
REPORT
DIRECTORS’ REPORT
For the year ended 30 June 2024
The directors present their report, together with the financial statements, on the consolidated entity (referred to
hereafter as the 'Group') consisting of DGR Global Limited (referred to hereafter as the 'Company' or 'parent entity')
and the entities it controlled at the end of, or during, the year ended 30 June 2024.
DIRECTORS
The following persons were directors of DGR Global Limited during the whole of the financial year and up to the
date of this report, unless otherwise stated:
Peter Wright – Non-Executive Chairman
Nicholas Mather – Managing Director
Brian Moller – Non-Executive Director
Ben Hassell – Non-Executive Director
PRINCIPAL ACTIVITIES
During the financial year, the principal continuing activities of the Group was the generation of projects, and the
provision of services and support to sponsored listed companies, within the mineral resources industry. There were
no significant changes in the nature of the Group’s principal activities during the financial year.
DIVIDENDS
There were no dividends paid, recommended or declared during the current or previous financial year.
REVIEW OF OPERATIONS, MINERAL RESOURCES AND FUTURE DEVELOPMENTS
The loss for the Group after providing for income tax and non-controlling interest amounted to $46,649,731 (30 June
2023: $9,523,553).
(a) Capital Structure Changes During the Year
Ordinary Shares
The number of issued ordinary shares did not change materially during the financial year ended 30 June 2024
(2023: no changes to the number of issued ordinary shares).
Options
The Company granted 180,000,000 share options to Choice Investments (Dubbo) Pty Ltd (Choice) pursuant to a
Facility Agreement with Choice. There were no options granted during the 2023 financial year.
(b) Financial Position and Financial Performance for the Year
Financial Position
The net assets of the Group have decreased by $78,681,154 to $30,108,301 as at 30 June 2024 from $108,789,455
as at 30 June 2023. This decrease has primarily resulted from:
DGR Global Limited Annual Report for the year Ended 30 June 2024
5
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
▪
The net impairment and fair value movements in Armour Energy Ltd assets;
▪
Write off of exploration and evaluation assets;
▪
Decline in the fair value of listed securities;
▪
Sale of shares in Atlantic Lithium Limited; and
▪
Increase in borrowings;
During the past year the Group has continued investing in its mineral exploration tenements.
Financial Performance
For the year ended 30 June 2024, the Group loss after income tax was $50,432,793 (2023: $9,547,919). The loss for
the year has been largely driven by:
▪
The net impairment and fair value movements in Armour Energy Limited assets;
▪
Exploration and evaluation assets written off;
▪
Legal expense;
▪
Finance costs; partially offset by:
▪
Interest income; and
▪
Reversal of impairment of trade receivables.
Cash Flows
Cash outflows from operating activities were higher in the 30 June 2024 financial year when compared to 30 June
2023, mainly due to an increase in legal expenses, tax payments, finance costs, and administration and consulting
expenses.
There were net cash outflows from investing activities due to advances to the associate and expenditures on
exploration and evaluation assets being partially offset by proceeds from the realisation of certain investments.
The net cash inflows from investing activities for the prior financial year was due to the sale of Atlantic Lithium
Limited shares.
There were net cash inflows from financing activities due to the receipt of a loan from Choice Investments (Dubbo)
Pty Ltd and an increase in the loans from Equities First Holdings LLC.
(c) Review of Operations
DGR Global’s business is the creation of resource exploration, development, and mining companies. The business
uses the skills of a core team of talented exploration staff to identify resource projects capable of yielding world
class discoveries of commodities with enduring strong fundamentals. This is achieved through the identification of
commodities with a favourable 20-year demand, growth, and price outlook. DGR searches for geological terranes
with:
DGR Global Limited Annual Report for the year Ended 30 June 2024
▪
A demonstrated strong endowment for that commodity in an historically under-explored region
▪
Opportunity for the application of newly developed exploration and metallurgical techniques to assist in
the definition of economic resources
6
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
▪
Jurisdictions with improving socio-economic and regulatory frameworks
▪
Extensive available tenures
▪
Existing data sets which provide the basis for innovative reinterpretation
The previous resource exploration and funding activities of DGR’s key personnel underscore the opportunities
provided by the DGR business model. DGR Global does not generally purchase its exploration projects. DGR’s in-
house generative capabilities give the Company a strong competitive edge. DGR’s focus on provincial tenement
positions covering entire sedimentary basins or structural blocks where possible, delivers capital, government, and
major resource corporate attention. The Company maintains its cornerstone investor position in subsidiaries that
move to listing on a recognised stock exchange as illustrated in the following Figure 1.
Figure 1: DGR Global created investments (at 30th June 2024)
Corporate
Highlights for the Company During 2024 include:
▪
During the year limited field exploration and prospecting activities were undertaken. Significant weather
events in a number of DGR’s project/tenement areas and contractor availability during the period
affected planned field programmes. However, DGR and its related entities remained active and
continued to advance projects and plan exploration programmes within their respective portfolios as
reasonably permitted by the prevailing conditions.
▪
In April 2024 a rehabilitation plan was submitted to the QLD Government for the D’Aguilar Gold Project
and a decision taken to discontinue exploration activities and rehabilitate the area before relinquishing
the licences, hence the write-off of these assets. The write-off amounted to $5.698 million.
Armour Energy International
Kanywataba Project
DGR Global Limited Annual Report for the year Ended 30 June 2024
7
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
▪
The Company continues to focus on new project generation and value creation and also continues to
seek out new investment and development opportunities to drive the creation of new resource
companies.
▪
DGR, through its interest in Armour Energy International Pty Ltd, holds an 83.18% (Armour Energy (in
liquidation) holds 16.82%) interest in a highly prospective oil project in the Kanywataba Block, Uganda1.
▪
Supporting 39.34% owned, public, unlisted Auburn Resources Ltd capital raising preparations and
advancement towards potential ASX listing.
▪
Armour Energy Ltd - As previously disclosed to the ASX* post Armour Energy Ltd being placed into
receivership and administration on the 10th of November 2023. DGR Global Ltd (‘DGR’ or ‘the Company’)
had a material investment in Armour Energy Ltd (in liquidation) both via convertible notes and its position
as the company’s largest shareholder.
o
Accordingly, DGR Global Ltd progressed various Deeds of Company Arrangement (DOCA's) to
present to creditors at the second creditors meeting dated 19th of January 2024 which sought to
cater to all stakeholders’ interests including all creditors and shareholders of Armour Energy Limited
(in liquidation) and its subsidiaries.
o
DGRs DOCA's were voted against by creditors who supported the competing bid from ADZ Energy
Pty Ltd a company incorporated in Australia in October 2023. The competing bid focussed
primarily on the subsidiaries of Armour Energy Ltd (in liquidation), which has itself now been placed
into liquidation.
o
DGR contends that the receivers of Armour Energy Ltd (in liquidation) were invalidly appointed
and have commenced proceedings in relation to that, which are ongoing.
▪
In December 2023, DGR Global Ltd commenced legal proceedings in the Supreme Court of Queensland
in relation to the administration and receivership of the Armour Group (Proceedings). DGR continues to
prosecute the Proceeding (as defined in our previous Jan – Mar 2024 Quarterly Report).
In May 2024, DGR successfully defended an application by the Defendants to strike out or summarily dismiss
its claim, and the Court awarded DGR its costs for defending that application. DGR also succeeded in its
own application to amend its claim and join Shunkang and Baker & McKenzie as parties to the
Proceeding. As previously indicated, DGR has alleged certain claims under the Australian Consumer Law
against Shunkang and Baker & McKenzie, in addition to its other claims against the existing Defendants.
The Court recently ordered further timetabling directions for the Proceeding. Under that timetable, the
pleadings will close in the coming weeks, to be followed by disclosure and the filing of evidence. The
matter remains listed for a 10-day trial in early December 2024.
▪
HSEC for the group entities for which DGR acts as Operator, maintained a rolling 12-month TRIFR of 0.00
and recorded zero environmental incidents for the corresponding period, demonstrating DGR’s
continuous commitment to sustainable and safe operations.
DGR Global Limited Annual Report for the year Ended 30 June 2024
8
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Investment in Listed Companies
SolGold Plc (6.8%) – LSE/TSX: SOLG
www.solgold.com.au
▪
Focus on high-grade world-class copper gold porphyry systems at Cascabel in Ecuador. Cascabel is
proximate to Quito and seaports, is at low elevation, and has abundant water supplies and access to
hydropower.
▪
Exploration activities continue at a number of SolGold’s wholly owned Mineral Concessions in Ecuador.
▪
SolGold remains the dominant explorer in the country.
▪
Announcements of the successful completion of the new Cascabel Pre-Feasibility Study (PFS) and
Cascabel Complementary Investment protection Agreement (CIPA) were previously made. The PFS
revealed:
o
A global resource of nearly 4 bn tonnes containing 14.4 mt of copper, 36.6 m oz gold and 110 m
oz of silver.
o
A project assessed at PFS level, based on just 18% of the total resource tonnage at Cascabel
based on conservative metal prices of US$3.85 copper and US$1750/ oz gold prices.
o
Start-up rate of 12 mtpa, underground block cave building to 24 mtpa.
o
Production of a high-quality gold rich concentrate.
o
Environmentally acceptable footprint.
o
Project life for the study period only of 28 years.
o
NPV (discounted at 8%) of $3.2 bn after all taxes (reduced to $2.9 bn post US$750m stream).
o
IRR after tax of 24%.
o
Preproduction capital costs of US$1.55 bn.
▪
Signing of a Memorandum of Understanding (MOU) for sustainable Hydro-Solar energy at Cascabel
project.
▪
Key financial developments were released during the year.
▪
Signing of a Memorandum of Understanding (MOU) for sustainable Hydro-Solar energy at Cascabel
project.
▪
Key financial developments were released during the year.
▪
Signing by the Government of Ecuador of the Exploitation Contract for the Cascabel Project was
announced.
▪
After the end of the reporting period SolGold announced that it had entered into a syndicated gold
stream agreement for the provision of a USD750 million financing package for the Cascabel Project.
▪
DGR notes further that considerable upside exists to be refined during the DFS permitting and financing
phases through opportunities for:
o
benefits of increased copper prices US4$.20/lb and copper US$2300/oz currently representing a
notional increase in revenues of 9% for copper and 31% for gold before all expenses and tax
(approximately 15% blended).
o
increases in metallurgical recoveries especially gold.
o
expediting production by bringing the Tandayama resource to reserves status and production up
to 2 years sooner.
o
further resource definition on the Cascabel tenement.
o
further operating cost reductions through mine and mill optimisation and green power initiatives.
o
refinement of mine, mill and infrastructure design and capex.
DGR Global Limited Annual Report for the year Ended 30 June 2024
9
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
o
reduction in discount rates and cost of capital.
o
assessment of the long-term cash flow value of the other 82 % of the resource not assessed in the
study.
▪
SolGold released company updates, including updates in regard to Organisational Optimization and
Strategic Review.
▪
During the reporting year SolGold announced a 25-year term renewal for the Cascabel Project
Concession.
▪
Announcement of agreement with the Government of Ecuador on the terms and conditions in
preparation for execution of the Exploitation Agreement for the Cascabel Project
Copies of SolGold’s market releases are available on the Company’s website: www.solgold.com.au
Atlantic Lithium Limited (1.87%) – ASX:A11,LSE/AIM:ALL,OTCQX:ALLIF&GSE:ALLGH
www.atlanticlithium.com.au
▪
Atlantic’s focus remains on the Ewoyaa Lithium Project in Ghana. Atlantic continues to material progress
toward constructing and operating the project in parallel with strong demand for Lithium Concentrates as
the global economy shifts to a reduced carbon intensity.
▪
Atlantic Lithium has released a number of project related announcements and exploration updates during
the year.
▪
An update of activities at and assay results from the Company’s flagship Ewoyaa Lithium Project was
released.
▪
Announcement of further broad and high-grade assay results from the resource drilling completed during
2023 at the Company’s flagship Ewoyaa Lithium Project.
▪
It was announced that the Minerals Income Investment Fund of Ghana had completed a subscription for
$US5.0m Atlantic Lithium shares in line with the non-binding Heads of Terms previously announced.
▪
The appointment of Mr Edward Nana Yaw Koranteng as a Non-Executive Director was announced.
▪
Commencement of geological soil sampling, mapping and rock-chip sampling at the Senya Beraku
licence area was announced.
Copies of Atlantic Lithium’s market releases are available on the Company website www.atlanticlithium.com.au
DGR Global Limited Annual Report for the year Ended 30 June 2024
New Peak Metals Limited (2.7%) – ASX: NPM
www.newpeak.com.au
Copies of NewPeak Metal’s market releases are available on the company’s website: www.newpeak.com.au
10
▪
Focused on exploring for alternative world class gold deposits in multiple, diverse jurisdictions including
New Zealand, Argentina, Sweden, and Finland as well as other precious and base metals project
opportunities.
▪
Announcements of the respective sales of New Peak’s tenements in Finland and New Zealand were made,
with settlement of the Finland tenements confirmed in the current reporting period.
▪
Announcement was made of completion of a Binding Term Sheet to acquire North and South American
Lithium assets.
▪
Announcement of completion of the legal, financial and technical due diligence investigations for the
10
proposed acquisition of the George River Canadian Uranium, Rare Earth and Scandium Project.
▪
Various project updates were announced.
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Clara Resources Limited (11.92%) – ASX: C7A
www.clararesources.com.au
▪
Focussing on a diverse commodity base including cobalt, nickel, and metallurgical coal.
▪
Announcement of the completion of the sale documentation and payment for the Granville Tin Project
was made.
▪
Various updates were released both during and after the end reporting period regarding the acquisition
of the remaining 60% of Renison Coal Pty Ltd (owner of the Ashford Coking Coal Project) from Savannah
Goldfields Ltd.
▪
Announcement of the sale of Clara Resources’ holding in LSE-listed First Tin was made.
▪
Announcement of Clara Resourced now owning 100% of Renison Coal Pry Ltd was made.
▪
Several company updates were released.
Copies of Clara’s market releases are available on the company’s website: www.clararesources.com.au
Lakes Blue Energy NL (6.38%) – ASX: LKO
www.lakesblueenergy.com.au
▪
Focussing on realising the potential of the company’s diverse portfolio of projects to become a producer
of petroleum to meet Australian industry and household requirements, in both feedstock and energy
applications.
▪
Agreement with ADZ Energy Pty Ltd of sale terms by Lakes’ for PEP169 was announced.
▪
Acquisition of 100% ownership of PRL2 in the Gippsland Region of Victoria was announced.
▪
Variation to the farm-in arrangements for Lakes’ South Australian Arrowie Basin PELA’s was announced.
▪
DGR also holds 1million (16.67%) Royalty units in Lakes Blue Energy Victorian assets 10% Royalty Trust.
Copies of Lakes Blue Energy’s market releases are available on the company website:www.lakesblueenergy.com.au
Exploration and Development of Unlisted Subsidiaries and Projects
During the year the Group endeavoured to remain focused on advancing exploration projects within the parent
and subsidiary companies. Field reconnaissance and exploration programs were limited.
Significant activities which occurred during the year included:
Auburn Resources Limited (39.34%)
www.auburnresources.com.au
Auburn Resources is focused on the discovery and development of copper, gold, nickel, cobalt and zinc deposits
in Eastern Queensland and the Northern Territory.
▪
Large tonnage zinc, copper and gold focussed company with ongoing development of a number of
projects, including 4 district scale flagship projects in QLD and the NT.
▪
Potential for major copper gold discoveries at Mt Abbott, Calgoa and Marodian Projects2.
▪
Exploration targets defined for zinc at the Ban Ban Project.
▪
Under-explored areas of most endowed provinces with multiple Tier 1 targets.
▪
Field exploration mapping and first phase sampling programmes planned for multiple project areas to
commence in the second half of 2024.
DGR Global Limited Annual Report for the year Ended 30 June 2024
11
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Armour Energy International (83.18%)
Project: Kanywataba Block and Turaco Block | Area: 344km2 | Prospective for: Oil and Gas Location: Albertine
Graben, Uganda.
Inspired by the world’s conjugate margins where rich oil plays lie in porous and permeable sand traps along the
fractured edges of the earth’s seven major continental plates. These are Rift Basin settings and host 33% of the
world’s oil resources.
One of the world’s early forming conjugate margins is in the East African Rift system where the Albertine Graben is
located underneath Lake Albert.
The Albertine Graben lies on Uganda’s western border and is renowned as an exceptionally hydrocarbon-rich rift
basin.
The Kanywataba and Turaco exploration and evaluation assets of $11,051,191 were fully impaired during the
financial year ended 30 June 2024. The Group is currently still seeking to continue the project but until the Group
finds investors for the project, the exploration and evaluation assets do not meet the requirements of AASB 6 and
hence have been impaired.
Activities to date include:
Kanywataba Block
▪
Original 2D lines shot in 2010.
▪
Additional 2D seismic lines shot in 2021, focusing on quantifying and de-risking our portfolio.
Turaco Block
▪
Large 3D seismic coverage.
▪
3D reprocessing (390km2), geochemical analysis, AVO and attribute analysis & Miocene outcrop study.
Within the block there are multiple developed (untested) on-trend structural traps (3-way and 4-way dip
closures) and multiple untested stratigraphic traps.
The Kingfisher oil discovery (40km NE of Kanywataba) oil seeps confirm a local working petroleum system.
DGR Global Limited Annual Report for the year Ended 30 June 2024
12
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Figure 2: The Albertine Graben showing its location in Uganda
Pinnacle Gold Pty Ltd (94.34%)
Pinnacle Gold holds 6 Exploration Permits (EPMs) for gold, nickel, and antimony in North Queensland and 2 Mineral
Exploration Licenses (ELs) for gold and copper in the Northern Territory. The Queensland EPMs include substantial
gold exploration tenements south of Charters Towers, Qld. Most of the area is soil covered, with previous exploration
efforts by earlier explorers confined to areas of outcrop and focused on mapping and sampling known workings.
Only two areas have been drilled.To date there has been no wide ranging systematic geochemical survey
undertaken, yet the area clearly lies on potentially mineralising structures (Charters Towers – Black Jack – Mt
Leyshon). Significant stream sediment anomalisms may not all be due to the proximate small veins.
Pinnacle has reconsidered the exploration strategy for this mostly soil covered area, looking for large targets,
Pinnacle previously completed a field program of low gold detection limit soil lines on a grid pattern with infill
gridding of any elevated results. Historical initial shallow RC drilling on 2 of the EPMs returned mixed results,
warranting further exploration and drilling to better define drill targets.
No on ground exploration activities were undertaken in the reporting year.
DGR Global Limited Annual Report for the year Ended 30 June 2024
13
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Pinnacle has reconsidered the exploration
strategy for this mostly soil covered area,
looking
for
large
targets,
Pinnacle
previously completed a field program of
low gold detection limit soil lines on a grid
pattern with infill gridding of any elevated
results. Historical initial shallow RC drilling on
2 of the EPMs returned mixed results,
warranting further exploration and drilling
to better define drill targets.
No on ground exploration activities were
undertaken in the reporting year.
Pinnacle Gold has secured tenure that is
thought to be highly prospective for gold
and copper in the Northern Territory on the
back of a successful NAGS survey that
identified a number of anomalous areas
within remote parts of the Northern Territory
and Queensland that have received
almost no historical exploration. Pinnacle
Gold was one of the first companies to
secure tenure as a direct result of the NAGS
survey and as such have started the pioneering phase into deeply covered unexplored Australian prospective
terrane.
Figure 5: NT stitched RTP magnetic image of the
Tennant Creek region showing anomolous gold MMI
catchments and EL location
Figure 4: Pinnacle Gold EL Locations Northern Territory
Figure 3: EPM Locations Queensland
DGR Global Limited Annual Report for the year Ended 30 June 2024
14
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Coolgarra Minerals Pty Ltd (100%)
Coolgarra Minerals is focussed on discovery and
development of gold, antimony, nickel and cobalt
and holds five granted EPMs to the south of Greenvale,
QLD and one EPM west of Theodore in Central
Queensland.
The southernmost permit covers substantial historic
gold workings at Janelle’s Hope and Wade’s with the
Northern tenement areas immediately adjacent to the
south of the Sconi nickel-cobalt project.
Initial exploration focused around several historical
small-scale mining areas, in particular Wally's Hope and
Janelle's Hope Prospects in the southern section of EPM
19270, and what is recorded as a long (several
kilometres) strata bound gold occurrence in the
northern section now referred to as Wade's Prospect.
Further exploration works are to be undertaken in the
2025 financial year.
Figure 7 below is a satellite image of the southern section of EPM 19270 showing the soil grid lines with a macro
view of the soil gold concentration contours at >25 ppb, > 50 ppb, and > 100 ppb.
Figure 7: Soil Sample Grid on southern section of EPM 19270
Figure 6: Coolgarra EPM Locations Queensland
DGR Global Limited Annual Report for the year Ended 30 June 2024
15
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Hartz Rare Earths Pty Ltd (100%)
Hartz Rare Earths (HRE) have applications for two Mineral Exploration Licenses (ELs) in the Northern Territory. The
project area is located approximately 855km south of Darwin and 420km north-west of Alice Springs.
The target is a uranium copper molybdenum anomalous area highlighted in the recent Geoscience Australia
survey. The geology and metal association indicate the potential for roll front uranium deposits within dry stream
channels on the margin of the Tanami Desert.
On grant of the exploration licenses, HRE is proposing to investigate this previously large unexplored target
specifically for uranium, copper, molybdenum and vanadium using a denser geochemical survey. Initially this will
involve further MMITM and conventional sampling, followed by traverses of shallow drilling.
Exploration is currently behind schedule as applications are still to be formally approved. The next stage will be
holding on-country meetings with Traditional Owners facilitated by the Central Land Council. This meeting is
currently scheduled for the second quarter of the 2025 financial year.
Figure 9: License application location map
Figure 8: Geoscience Australia MMITM stream sediment geochemistry map
DGR Global Limited Annual Report for the year Ended 30 June 2024
16
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Mineral Resources
Following a resource drilling programme that was announced to the ASX on 4 August 20144, the Shamrock Taillings
Dam contains a JORC 2012 compliant Mineral Resource of:
▪
Indicated: 770,000 tonnes @ 0.58 g/t Au for 450,000 grams (14,000 ounces) gold, and
▪
Inferred: 770,000 tonnes @ 11 g/t Ag for 8,242,400 grams (265,000 ounces) silver.
There has been no change to this Mineral Resource since that time.
Future Developments
DGR Global aims to hold its key positions in the listed resource companies that it has created as they mature and
develop. DGR has further unlisted subsidiaries that may progress to listing within the next 18–24 months, subject to
further exploration, development and market conditions.
Footnotes:
1AJQ ASX Release 14/9/17
2DGR ASX Release 20/5/19
3DGR ASX Releases 3/7, 5/7/17, 8/11/18
4DGR ASX Release 04/08/14
DGR Global Limited Annual Report for the year Ended 30 June 2024
17
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
Armour Energy Limited
Receivers and Managers, and Voluntary Administrators were appointed to Armour Energy Limited (Armour Energy)
on 10 November 2023 and Armour Energy was suspended from the ASX on the same date. On 19 January 2024,
the creditors of the Armour Energy Group of companies resolved that Armour Energy Limited be wound up, and
liquidators were appointed (refer to note 36). The Group has recognised a total loss of $24,337,800 for the year
ended 30 June 2024 as a result of the impairment and fair value movements in Armour Energy assets.
Facility Agreement
The Company entered into a Facility Agreement with Choice Investments (Dubbo) Pty Ltd (Choice). Under the
Facility Agreement, Choice has agreed to provide funding in a number tranches up to $10m, which can be
provided by Choice and/or Co-Lenders. To date, the Company has drawn down $5m on the facility. The interest
rate on the loan is 20% per annum, which is capitalised and payable on maturity, and the loan is repayable on 30
November 2024. The loan is secured by a general security agreement over the Group's assets.
On 28 February 2024, the Company issued 150,000,000 options (Tranche 1 and Tranche 2 Options) to Choice in
terms of the Facility Agreement. At an Extraordinary General Meeting held on 10 April 2024, the Company's
shareholders ratified the 150,000,000 options and approved the issue of a further 30,000,000 options to Choice
(Tranche 3 Options). The 30,000,000 options were issued on 3 May 2024.
Write off and Impairment of Exploration Assets
During the year ended 30 June 2024, the Group has written off and impaired exploration assets amounting to
$20,985,468.
The exploration assets written off amounted to $8,419,920 and were written off after they were determined to be
no longer core assets of the Group or worthwhile pursuing further.
Exploration assets, amounting to $12,565,548, have been impaired as they no longer meet the requirements of
AASB 6 due to the limited activity currently planned or underway on the tenements. These assets will require further
investment to pursue and are being assessed as to cost, viability and the ability to obtain external investment.
There were no other significant changes in the state of affairs of the Group during the financial year.
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
Subsequent to 30 June 2024 the Group were in breach of certain loan covenants. Refer to note 17 for details.
No other matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly
affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
DGR Global Limited Annual Report for the year Ended 30 June 2024
18
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
Other than the matters discussed above, in the Chairman's Letter and Review of Operations, Mineral Resources
and Future Developments, no other information on likely developments in operations of the Group and the
expected results of operations have been included in this report because the directors believe it would be likely to
result in the unreasonable prejudice to the Group.
ENVIRONMENTAL REGULATION
The Group is subject to environmental regulation in relation to its exploration activities and its Mining Leases. The
Group has conducted an extensive review of the environmental status of the Mining Leases and has estimated
the potential costs for future rehabilitation and restoration to be $1,476,516. There are no matters that have arisen
in relation to environmental issues up to the date of this report.
ENVIRONMENTAL MANAGEMENT
The group manages its environmental commitments and responsibilities for its mining leases (ML’s) under a Plan of
Operations that was approved by the Department of Environment and Science in January 2020. This Plan had a
notional expiry in December 2022; however, rehabilitation and site management operations continue under this
plan during the transition to a Progressive Closure and Rehabilitation Plan (PCRP) which is scheduled to be
submitted to the Department of Environment and Science for review and approval in April 2024.
The Group manages its environmental commitments and responsibilities for its Exploration permits (EPM’s) under
the specific requirements for the Environmental Authority that is issued for each tenement and under the
requirements of the Environmental Protection Act (EPA) and under the principles of the general duty of care.
MATERIAL BUSINESS RISKS
Significant Weather Events, Force Majeure
The performance of the company will continue to be influenced by the various external conditions both,
domestically and internationally, that directly and indirectly impact the various commodities that form the
company’s (and its subsidiaries') focus for exploration and mining. In addition, the company’s ability to continue
operating also has a degree of dependence on the health of the capital markets (both debt and equity) which
the company may need to access in order to fund potential future operations.
Significant weather events, especially flooding rain and tropical cyclones directly impact land and tenement
access and the ability to undertake field exploration work, as well as the additional risk of plant, equipment and
infrastructure damage and/or loss.
DGR Global Limited Annual Report for the year Ended 30 June 2024
19
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Operational Risks
Continued successful operations of the company and its subsidiaries will largely depend on the efficient and
successful implementation of its exploration, business development and commercial management. The operations
of the company and its subsidiaries may be disrupted by a variety of events, risks and hazards that are beyond the
control of the company.
Exploration has been and will continue to be influenced on occasions by unforeseen material and labour cost
changes, environmental considerations, extreme weather events, and other events, kinetic conflict, supply chain
disruptions, economic sanctions and an increasing nationalistic approach to global trade and other macro-
economic considerations.
Tenement Risks
All exploration permits in which the Group has an interest (directly or indirectly) will require compliance with certain
levels of expenditure and renewal from time to time. If for any reason expenditure requirements are not met or a
licence or permit is not renewed, then Group may suffer damage and as a result may be denied the opportunity
to develop certain mineral resources. The Group monitors reporting requirements and fees to ensure reports are
lodged and fees paid as required.
Land Access Risks
Land access is critical for exploration and evaluation to succeed. Access to land for exploration purposes can be
affected by factors such as land ownership and Native title claims.
The Group meets and communicates regularly with land owners and Native Title groups.
Government Policy and Taxation
Changes in relevant taxation, interest rates, other legal, legislative and administrative regimes, and Government
policies in Australia (at Federal and State level), may have an adverse effect on the assets, operations and
ultimately the financial performance of the Group. The Group is a member of the Association of Mining and
Exploration Companies (AMEC) and monitors possible policy changes through AMEC and the media, and
supports AMEC lobbying on relevant issues.
CLIMATE CHANGE RISK
The Group does not consider that it currently has a material exposure to the risks associated with Climate
Change. Accordingly, the Group does not consider it necessary to reflect any impact associated with Climate
Change risks (eg. impairments, provisions) in its financial statements for the year ended 30 June 2024. The Group
considers the following matters to be relevant to this conclusion:
I.
the Group’s activities are predominantly focussed on the discovery and definition phase of natural
resource projects. The Group is not yet in a mine planning, development, construction or operational
phase. Accordingly, having a predominantly greenfields exploration focus means that the Group currently
DGR Global Limited Annual Report for the year Ended 30 June 2024
20
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
has no significant man-made infrastructure that would be subject to the potential physical risks associated
with Climate Change. Furthermore, the Group has a minimal carbon footprint and negligible emissions;
II.
the Group’s mothballed “Shamrock” mine site in South East Queensland has been the subject of continued
rehabilitation, and the historical tailings storage facility is actively managed (under active supervision
conditions) to mitigate the risks associated with overspill into surrounding natural waterways as a result of
seasonal and potential extreme rainfall and weather events;
III.
the Group is not currently aware of any pending or proposed Climate Change related regulatory or
legislative changes that would materially impact it or its assets at this time;
IV.
the Group’s oil project in Uganda is still only at the preliminary exploration stage. The next stage of
exploration will include the acquisition and interpretation of seismic data, and a decision on drilling a
preliminary well. Both before and after the drilling of a preliminary well, the Group can decide to relinquish
the project on the basis of prospectivity and economic outlook;
V.
the balance of the Group’s exploration interests are predominantly focussed on minerals that are not
expected to be impacted by the various categories of risk associated with Climate Change. These
minerals include copper, nickel, gold and zinc;
VI.
other than as outlined above, the Group considers that it currently has limited exposure to the
technological market and reputational risks associated with Climate Change.
Peter Wright
Non-Executive Chairman
BCom, BEcon
INFORMATION ON DIRECTORS
Name:
Title:
Qualifications:
Experience and Expertise:
Peter Wright is a portfolio manager at Bizzell Capital Partners (BCP), a Brisbane
based Corporate Advisory and Funds Management Firm. Peter has over 20
years experience working primarily in asset transactions, corporate advisory
assignments, research and primary market transactions.
Other Current Directorships:
Greenwing Resources Limited (formerly Bass Metals Limited) (since 2 September
2016)
Laneway Resources Limited (since 31 October 2017)
Former Directorships (last 3 years): None
Chairman
Nil
Special
Responsibilities:
Interests in Shares:
Interests in Options:
Nil
DGR Global Limited Annual Report for the year Ended 30 June 2024
21
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Nicholas Mather
Executive Director
BSc (Hons,Geol), MAusIMM
Name:
Title:
Qualifications:
Experience and Expertise:
Nick Mather has 30 years of experience in exploration and resource company
management. His career has taken him to a variety of countries exploring for
precious and base metals and fossil fuels. He has focused his attention on the
identification of and investment in large resource exploration projects. Nick was
Managing Director of Bemax Resources NL and instrumental in the discovery of
the world-class Gingko mineral sand deposit in the Murray Basin in 1998. As an
Executive Director of Arrow Energy NL, Nick drove the acquisition and business
development of Arrow’s large Surat Basin Coal Bed Methane project in South
East Queensland. He was Managing Director of Auralia Resources NL, a junior
gold explorer before its $23 million merger with Ross Mining NL in 1995. He was
also a Non-Executive Director of Ballarat Goldfields NL, having assisted that
company in its re-emergence as a significant emerging gold producer.
Other Current Directorships:
Armour Energy Limited (in liquidation) (since 18 December 2009) (the company
was delisted from the ASX on 29 August 2024)
Lakes Blue Energy NL (formerly Lakes Oil NL) (since 7 February 2012)
Clara Resources Australia Limited (formerly Aus Tin Mining Limited) (since 21
October 2010)
NewPeak Metals Limited (formerly Dark Horse Resources Limited) (since 22
January 2003)
SolGold plc, which is dual-listed on the London Stock Exchange and the Toronto
Stock Exchange (since 11 May 2005)
DGR Global Limited Annual Report for the year Ended 30 June 2024
Former Directorships (last 3 years): Atlantic Lithium Limited (formerly IronRidge Resources Limited), which is listed on
the London Stock Exchange (AIM) (from 5 September 2007 to 28 June 2021)
Managing Director and Chief Executive Officer
Member of the Audit and Risk Committee and the Remuneration Committee
170,530,128
Special Responsibilities:
Interests in Shares:
Interests in Options:
Nil
22
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Name:
Title:
Qualifications:
Experience and Expertise:
Other Current Directorships:
Brian Moller
Non-Executive Director
LLB (Hons)
Brian Moller is a consultant in the Brisbane based law firm HopgoodGanim and
retired as a partner on 30 June 2024 having been a partner since 1983. He
practices almost exclusively in the corporate area with an emphasis on capital
raising, mergers and acquisitions. Brian holds an LLB Hons from the University of
Queensland and is a member of the Australian Mining and Petroleum Law
Association. Brian acts for many public listed resource and industrial companies
and brings a wealth of experience and expertise to the board particularly in the
corporate regulatory and governance areas.
Clara Resources Limited (formerly Aus Tin Mining Limited) (since 21 October
2010)
Platina Resources Limited (since 30 January 2007)
NewPeak Metals Limited (formerly Dark Horse Resources Limited) (since 22
January 2003)
Tempest Minerals Limited (formerly Lithium Consolidated Mineral Exploration
Limited) (since 13 October 2016)
Former Directorships (last 3
years):
Special Responsibilities:
Interests in Shares:
Interests in Options:
SolGold plc, dual-listed on the London Stock Exchange and the Toronto Stock
Exchange (from 11 May 2005 to 15 December 2021.
Tolu Minerals Ltd (formerly Lole Mining Ltd) (from 24 February 2022 to 17 June
2024)
DGR Global Limited Annual Report for the year Ended 30 June 2024
Nil
Member of the Audit and Risk Committee and the Remuneration Committee
9,933,170
23
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Ben Hassell
Non-Executive Director
B Acc, CA
Name:
Title:
Qualifications:
Experience and Expertise:
Ben Hassell has worked over a broad cross-section of industries, including
listed and non-listed companies. He also has extensive experience working
with private discretionary trusts, SMSFs and Private Ancillary Funds.
Importantly, Ben has worked at all levels - operational, management and
executive level - and has an excellent understanding of business at all phases
of its development. Ben also has extensive experience in Debt and Equity
Funding, Stakeholder Management and Regulatory Compliance. Ben’s
special areas of expertise are financial modelling, forecasting/projecting
and risk mitigation. Currently, Ben holds the position of Group General
Manager of the Samuel Group of Companies, a Brisbane based Investment
and Consultancy Group directing and managing a diverse portfolio
including cattle stations, listed mineral resource companies, rural and
residential Real Estate and philanthropic services associated with DGR CEO,
Nicholas Mather.
Other Current Directorships:
Former Directorships (last 3 years):
Member of the Audit and Risk Committee and the Remuneration Committee
Nil
Special Responsibilities:
Interests in Shares:
Interests in Options:
Nil
'Other current directorships' quoted above are current directorships for listed entities only and excludes
directorships of all other types of entities, unless otherwise stated.
'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and
excludes directorships of all other types of entities, unless otherwise stated.
Company Secretary
Geoffrey Walker is a Chartered Accountant with over 30 years of commercial experience including as Chief
Financial Officer of ASX-listed entities.
Meetings of Directors
The number of meetings of the Company's Board of Directors ('the Board') and of each Board committee held
during the year ended 30 June 2024, and the number of meetings attended by each director were:
DGR Global Limited Annual Report for the year Ended 30 June 2024
None
None
24
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Full Board
Audit and Risk
Management Committee Remuneration Committee
Attended
Held
Attended
Held
Attended
Held
Peter Wright
9
9
2
2
-
-
Nicholas Mather
9
9
2
2
-
-
Brian Moller
9
9
2
2
-
-
Ben Hassell
9
9
1
2
-
-
Held: represents the number of meetings held during the time the director held office or was a member of the
relevant committee.
The Remuneration Committee did not meet during the year. In view of the current size of the Board, the Board
considers it more effective to set aside time at Board meetings, where a non-executive director assumes the role
of chair to specifically address the matters that would have been ordinarily attended to by the Remuneration
Committee. The Board operates in accordance with the formal Remuneration Committee Charter, which has
been adopted by the Board and is available from the Corporate Governance section of the Company’s website.
REMUNERATION REPORT (AUDITED)
The remuneration report details the key management personnel remuneration arrangements for the Group, in
accordance with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the Company, directly or indirectly, including all directors.
The remuneration report is set out under the following main headings:
▪
Principles used to determine the nature and amount of remuneration
▪
Details of remuneration
▪
Service agreements
▪
Share-based compensation
▪
Additional information
▪
Additional disclosures relating to key management personnel
PRINCIPLES USED TO DETERMINE THE NATURE AND AMOUNT OF REMUNERATION
The performance of the Company depends upon the quality of its Directors and Executives. To prosper, the
Company must attract, motivate and retain highly skilled Directors and Executives.
DGR Global Limited Annual Report for the year Ended 30 June 2024
25
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
The Remuneration Committee of the Board of Directors is responsible for determining and reviewing compensation
arrangements for the Directors and the Executive team. The Remuneration Committee assesses the
appropriateness of the nature and amount of remuneration of such officers on a periodic basis by reference to
relevant employment market conditions with the overall objective of ensuring maximum stakeholder benefit from
the retention of a high-quality Board and Executive team. Such officers are given the opportunity to receive their
base remuneration in a variety of forms including cash and fringe benefits. It is intended that the manner of
payments chosen will be optimal for the recipient without creating undue cost for the Company. Further details on
the remuneration of Directors and Executives are set out in this Remuneration Report.
The Company aims to reward the Executive Director and Senior Management with a level and mix of remuneration
commensurate with their position and responsibilities within the Company. The Board’s policy is to align Director
and Executive objectives with shareholder and business objectives by providing a fixed remuneration component
and offering long-term incentives.
In accordance with best practice corporate governance, the structure of Non-Executive Director and Executive
Director and Senior Management remuneration is separate and distinct.
Non-Executive Directors Remuneration
The Board seeks to set aggregate remuneration at a level which provides the Company with the ability to attract
and retain Directors of the highest calibre, whilst incurring a cost which is acceptable to shareholders. The
Company’s specific policy for determining the nature and amount of remuneration of Board members of the
Company is as follows.
The Constitution of the Company provides that the Non-Executive Directors are entitled to remuneration as
determined by the Company in general meeting to be apportioned among them in such manner as the Directors
agree and, in default of agreement, equally. The aggregate remuneration currently determined by the Company
is $350,000 per annum. Additionally, Non-Executive Directors are entitled to be reimbursed for properly incurred
expenses.
If a Non-Executive Director performs extra services, which in the opinion of the Directors are outside the scope of
the ordinary duties of the Director, the Company may remunerate that Director by payment of a fixed sum
determined by the Directors in addition to or instead of the remuneration referred to above. However, no payment
can be made if the effect would be to exceed the maximum aggregate amount payable to Non-Executive
Directors. A Non-Executive Director is entitled to be paid travelling and other expenses properly incurred by them
in attending Director's or general meetings of the Company or otherwise in connection with the business of the
Company.
Directors may have the opportunity to qualify for participation in the Company's option plan, subject to corporate
governance considerations and the approval of shareholders.
The remuneration of Non-Executive Directors for the year ended 30 June 2024 is detailed in this Remuneration
Report.
DGR Global Limited Annual Report for the year Ended 30 June 2024
26
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Executive Director and Senior Management Remuneration
The Group aims to reward executives based on their position and responsibility, with a level and mix of
remuneration which has both fixed and variable components.
The Company aims to reward the Executive Director and Senior Management with a level and mix of remuneration
commensurate with their position and responsibilities within the Company and so as to:
▪
Reward Executives for company and individual performance against targets set by reference
to appropriate benchmarks;
▪
Align the interests of Executives with those of shareholders;
▪
Link reward with the strategic goals and performance of the Company; and
▪
Ensure total remuneration is competitive by market standards.
The remuneration of the Executive Director and Senior Management may from time to time be fixed by the Board.
The remuneration will comprise a fixed remuneration component and also may include offering specific short and
long-term incentives, in the form of:
▪
Performance based salary increases and/or bonuses; and/or
▪
The issue of options.
During 2024 discretionary bonuses amounting to $50,000 were paid to Key Management Personnel (2023: $25,000).
There were no performance-based salary increases or options issued that were performance-related.
Directors may have the opportunity to qualify for participation in the Company's Option Plan, subject to corporate
governance considerations and the approval of shareholders. All employees have the opportunity to qualify for
participation in the DGR Global Employee Share Option Plan.
The remuneration of the Executive Director and Senior Management for the year ended 30 June 2024 is detailed
in this Remuneration Report.
Consolidated Entity Performance and Link to Remuneration
The Company and its subsidiaries’ principal activity is the generation of projects, and the provision of services and
support provided to sponsored listed companies, within the mineral resources industry and accordingly only
generates revenues for services and support provided and historically has generated losses.
During the year ended 30 June 2024, the market price of the Company’s ordinary shares ranged from a low of
$0.009 to a high of $0.040.
As the Company is still in the generation of projects and exploration stage, the link between remuneration,
company performance and shareholder wealth is tenuous. Share prices are subject to the influence of metals
prices and market sentiment toward the sector, and as such increases or decreases may occur quite independent
of Executive performance or remuneration.
DGR Global Limited Annual Report for the year Ended 30 June 2024
27
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Use of Remuneration Consultants
The company did not engage remuneration consultants to prepare a formal remuneration report during the
financial year ended 30 June 2024.
Voting and Comments made at the Company's 24 November 2023 Annual General Meeting ('AGM')
At the 24 November 2023 AGM, 84.67% of the votes received supported the adoption of the remuneration report
for the year ended 30 June 2023. The Company did not receive any specific feedback at the AGM regarding its
remuneration practices.
DETAILS OF REMUNERATION
Amounts of Remuneration
Details of the remuneration of key management personnel of the Group are set out in the following tables.
The key management personnel of the Group consisted of the following directors of DGR Global Limited:
▪
Peter Wright – Non-Executive Chairman
▪
Nicholas Mather – Executive Director
▪
Brian Moller – Non-Executive Director
▪
Ben Hassell – Non-Executive Director
And the following person:
▪
Geoffrey Walker – Company Secretary and Chief Financial Officer
Remuneration Details
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-based
payments
Cash salary
Cash
Non-cash
Super-
Long
service
Equity-
Termination
and fees
bonus
and other*
annuation
leave
settled
benefits
Total
2024
$
$
$
$
$
$
$
$
Non-Executive
Directors:
Peter Wright
100,000
50,000
22,628
-
-
-
-
172,628
Brian Moller
70,000
-
22,628
-
-
-
-
92,628
Ben Hassell
45,249
-
22,628
4,977
-
-
-
72,854
Executive
Directors:
Nicholas Mather
364,149
-
22,628
-
-
-
-
386,777
Other Key
Management
Personnel:
Geoffrey Walker
230,000
-
26,166
25,300
-
-
-
281,466
809,398
50,000
116,678
30,277
-
-
- 1,006,353
*
Non-cash and other short term benefits include provision of a car park and/or an allocation of the Company’s
Directors and Officers insurance premium and/or the movement in the annual leave provision.
DGR Global Limited Annual Report for the year Ended 30 June 2024
28
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-based
payments
Cash salary
Cash
Non-cash
Super-
Long service
Equity-
Termination
and fees
bonus
and other*
annuation
leave
settled
benefits
Total
2023
$
$
$
$
$
$
$
$
Non-Executive
Directors:
Peter Wright
100,000
25,000
19,726
-
-
-
-
144,726
Brian Moller
70,000
-
19,726
-
-
-
-
89,726
Ben Hassell(1)
13,227
-
5,636
1,389
-
-
-
20,252
Executive
Directors:
Nicholas
Mather(2)
403,079
-
19,726
-
-
-
-
422,805
Other Key
Management
Personnel:
Geoffrey
Walker(3)
230,000
-
33,880
23,792
-
-
-
287,672
816,306
25,000
98,694
25,181
-
-
-
965,181
*
Non-cash and other short term benefits include provision of a car park and/or an allocation of the Company’s
Directors and Officers insurance premium and/or the movement in the annual leave provision.
(1)
Ben Hassell was appointed a Director on 16 March 2023.
(2)
Included in Nick Mather's remuneration is backpay of $66,790 relating to Australian Consumer Price Index (CPI)
changes to Nick's base fee, that had not previously been accounted for. The remuneration reported in the
2023 financial report has been restated to include an additional back payment of $5,885.
(3)
The remuneration reported in the 2023 financial report for Geoffrey Walker has been restated to include the
increase in Geoffrey's annual leave provision of $14,154.
Performance Income as a Portion of Total Remuneration
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Fixed remuneration
At risk - STI
At risk - LTI
Name
2024
2023
2024
2023
2024
2023
Non-Executive Directors:
Peter Wright
71%
83%
29%
17%
-
-
Brian Moller
100%
100%
-
-
-
-
Ben Hassell
100%
100%
-
-
-
-
Executive Directors:
Nicholas Mather
100%
100%
-
-
-
-
Other Key Management
Personnel:
Geoffrey Walker
100%
100%
-
-
-
-
The proportion of the cash bonus paid/payable or forfeited is as follows:
Cash bonus paid/payable
Cash bonus forfeited
Name
2024
2023
2024
2023
Non-Executive Directors:
Peter Wright
100%
100%
-
-
DGR Global Limited Annual Report for the year Ended 30 June 2024
29
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
SERVICE AGREEMENTS
It is the Board’s policy that employment agreements or service contracts are entered into with all Executive
Directors, Executives and employees. Contracts do not provide for pre-determining compensation values or
method of payment. Rather the amount of compensation is determined by the Board in accordance with the
remuneration policy set out above.
The current employment agreement with the Managing Director has a notice period of three (3) months. All other
Executive employment agreements have between 1 and 3 months’ notice periods. No current employment
contracts contain early termination clauses. The terms of appointment for Non-Executive Directors are set out in
letters of appointment.
Certain Key Management Personnel are entitled to their statutory entitlements of accrued annual leave and long
service leave together with any superannuation on termination. No other termination payments are payable.
Managing Director
DGR Global Limited has an agreement with Samuel Capital Pty Ltd, an entity associated with Nicholas Mather, for
the provision of certain consultancy services by Nicholas Mather. The agreement was last updated on 1 July 2015.
Samuel Capital Pty Ltd will provide Nicholas Mather as the Managing Director of DGR Global Limited for a base
fee of $250,000 per annum. Effective 1 March 2017 the Managing Director’s base fee was increased to $300,000
per annum and adjusted subsequently for changes in CPI. The Managing Director's adjusted base fee for the 30
June 2024 financial year was $364,149. There is no fixed term specified in this agreement.
Under the terms of the present contract:
▪
Both DGR Global Limited and Samuel Capital Pty Ltd are entitled to terminate the contract upon giving
three (3) months written notice (6 months where triggered by a change of control);
▪
DGR Global Limited is entitled to terminate the agreement upon the happening of various events in
respect of Samuel Capital Pty Ltd’s solvency or other conduct or if Nicholas Mather ceases to be a
Director of DGR Global Limited;
▪
The contract provides for a six-monthly review of performance by DGR Global Limited. The Company
currently has not set any specific KPIs; and
▪
The contract provides for the provision of a car park.
There is no termination payment provided for in the Executive Service Contract with Samuel Capital Pty Ltd, other
than the agreed notice periods.
Senior Management
The base salary of senior management are as follows:
Position
Base Salary
Company Secretary and Chief Financial Officer
$230,000 (plus superannuation)
DGR Global Limited Annual Report for the year Ended 30 June 2024
30
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Employment contracts entered into with senior management contain the following key terms:
Event
Company Policy
Non-specific
Board discretion
Board discretion
1 - 3 months
Company may terminate at any time
None
Duration
Performance based salary increases and/or bonuses
Short and long-term incentives, such as options
Resignation / notice period
Serious misconduct
Payouts upon resignation or termination, outside industrial regulations (i.e.
‘golden handshakes’)
SHARE-BASED COMPENSATION
Issue of Shares
There were no shares issued to directors and other key management personnel as part of compensation during
the year ended 30 June 2024.
Options
There were no options over ordinary shares issued to directors and other key management personnel as part of
compensation that were outstanding as at 30 June 2024.
There were no options over ordinary shares granted to or vested by directors and other key management
personnel as part of compensation during the year ended 30 June 2024.
ADDITIONAL INFORMATION
The factors that are considered to affect total shareholders return ('TSR') are summarised below:
2024
2023
2022
2021
2020
Share price at financial year end (cents)
1.1
3.7
5.7
6.2
5.3
Basic earnings per share (cents per share)
(4.5)
(0.9)
(0.9)
(0.1)
(0.9)
ADDITIONAL DISCLOSURES RELATING TO KEY MANAGEMENT PERSONNEL
Shareholding
The number of shares in the Company and controlled subsidiaries held during the financial year by each director
and other member of the key management personnel of the Group, including their personally related parties is set
out below:
DGR Global Limited Annual Report for the year Ended 30 June 2024
31
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
DGR Global Limited Annual Report for the year Ended 30 June 2024
DGR Global Limited
Balance at
Received
Received on
Balance at
the start of
as part of
exercise of
Net change
the end of
the year
remuneration
options
other*
the year
Ordinary shares
Directors
Peter Wright
-
-
-
-
-
Nicholas Mather
170,530,128
-
-
-
170,530,128
Brian Moller
9,933,170
-
-
-
9,933,170
Ben Hassell
-
-
-
-
-
Other key management personnel
Geoffrey Walker
200,000
-
-
90,000
290,000
180,663,298
-
-
90,000
180,753,298
*
Includes the net balance of securities acquired or sold on market or pursuant to capital raisings during the
year and/or the balance held on appointment/resignation.
Auburn Resources Limited
Balance at
the start of
the year
Received
as part of
remuneration
Received on
exercise of
options
Net change
other*
Balance at
the end of
the year
Ordinary shares
Directors
Peter Wright
-
-
-
-
-
Nicholas Mather
-
-
-
-
-
Brian Moller
33,334
-
-
-
33,334
Ben Hassell
-
-
-
-
-
Other key management personnel
Geoffrey Walker
-
-
-
-
-
33,334
-
-
-
33,334
*
Includes the net balance of securities acquired or sold on market or pursuant to capital raisings during the
year and/or the balance held on appointment/resignation.
Pinnacle Gold Pty Limited
Balance at
the start of
the year
Received
as part of
remuneration
Received
on exercise
of options
Net change
other*
Balance at
the end of
the year
Ordinary shares
Directors
Peter Wright
-
-
-
-
-
Nicholas Mather
200,000
-
-
-
200,000
Brian Moller
-
-
-
-
-
Ben Hassell
-
-
-
-
-
Other key management personnel
Geoffrey Walker
-
-
-
-
-
200,000
-
-
-
200,000
*
Includes the balance of shares held on appointment/resignation, and shares acquired and sold for cash in
on-market transactions.
32
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
Option Holdings
The number of options over ordinary shares in the Company held during the financial year (including options issued
as part of capital raisings) by each director and other members of key management personnel of the Group,
including their personally related parties, is set out below:
DGR Global Ltd
Balance at
Expired/
Balance at
the start of
Granted as
forfeited/ net
the end of
the year
remuneration
Exercised
change other*
the year
Options over ordinary shares
Directors
Peter Wright
425,000
-
-
(425,000)
-
Nicholas Mather
11,683,684
-
-
(11,683,684)
-
Brian Moller
432,448
-
-
(432,448)
-
Ben Hassell
-
-
-
-
-
Other key management personnel
Geoffrey Walker
-
-
-
-
-
12,541,132
-
-
(12,541,132)
-
*
Includes the balance of options held on appointment/resignation, and options expired during the period.
Auburn Resources Limited
There were no options over ordinary shares in Auburn Resources Limited held during the financial year by Directors
or key management personnel.
Pinnacle Gold Pty Ltd
There were no options over ordinary shares in Pinnacle Gold Pty Ltd held during the financial year by Directors or
key management personnel.
Loans to Key Management Personnel and their Related Parties
There were no loans made, guaranteed or secured to directors and key management personnel by the entity or
any of its controlled entities.
Other Transactions with Key Management Personnel and their Related Parties
Mr Brian Moller (a Director), was a partner in the firm HopgoodGanim Lawyers until 30 June 2024. HopgoodGanim
Lawyers were paid $996,713 (2023: $145,191) for the provision of legal services to the Group during the year. The
services were based on normal commercial terms and conditions. At 30 June 2024 there was a balance of $16,309
owing (2023: $14,064) included within current liabilities.
DGR Global Limited Annual Report for the year Ended 30 June 2024
33
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
DGR Global Limited has a commercial agreement with Samuel Capital Pty Limited, an entity controlled by Nick
Mather (Managing Director), for the provision of administrative and marketing services. Samuel Capital Pty Limited
was paid $143,859 (2023: $111,756) for the provision of administrative and marketing services to the Group during
the year. The services were based on normal commercial terms and conditions. At 30 June 2024 there was a
balance of $8,740 owing (2023: $41,585) included within current liabilities.
THIS CONCLUDES THE REMUNERATION REPORT, WHICH HAS BEEN AUDITED.
SHARES UNDER OPTION
Unissued ordinary shares of DGR Global Limited under option at the date of this report are as follows:
Exercise
Number
Grant Date
Expiry date
price
under option
12 January 2024
19 January 2027
$0.030
30,000,000
19 January 2024
19 January 2027
$0.030 150,000,000
180,000,000
At the date of this report, there is no unissued ordinary shares of Auburn Resources Limited or Pinnacle Gold Pty Ltd
under option.
No person entitled to exercise the options had or has any right by virtue of the option to participate in any share
issue of the Company or of any other body corporate.
SHARES ISSUED ON THE EXERCISE OF OPTIONS
The following ordinary shares of DGR Global Limited were issued during the year ended 30 June 2024 and up to
the date of this report on the exercise of options granted:
Exercise
Number of
Date Options Granted
price
shares issued
8 February 2021
$0.120
2,500
INDEMNITY AND INSURANCE OF OFFICERS
The Company has indemnified the directors and executives of the Company for costs incurred, in their capacity
as a director or executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the Company paid a premium in respect of a contract to insure the directors and
executives of the Company against a liability to the extent permitted by the Corporations Act 2001. The contract
of insurance prohibits disclosure of the nature of the liability and the amount of the premium.
INDEMNITY AND INSURANCE OF AUDITOR
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor
of the Company or any related entity against a liability incurred by the auditor.
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of
the Company or any related entity.
DGR Global Limited Annual Report for the year Ended 30 June 2024
34
DIRECTORS’ REPORT
For the year ended 30 June 2024 (continued)
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 Company, or to intervene in any proceedings to which the Company is a party for the purpose
of taking responsibility on behalf of the Company for all or part of those proceedings.
NON-AUDIT SERVICES
There were no non-audit services provided during the financial year by the auditor.
OFFICERS OF THE COMPANY WHO ARE FORMER DIRECTORS OF BDO AUDIT PTY LTD
There are no officers of the Company who are former directors of BDO Audit Pty Ltd.
AUDITOR'S INDEPENDENCE DECLARATION
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is
set out immediately after this directors' report.
AUDITOR
BDO Audit Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations
Act 2001.
On behalf of the directors
___________________________
Nicholas Mather
MANAGING DIRECTOR
30 September 2024
DGR Global Limited Annual Report for the year Ended 30 June 2024
35
DGR Global Limited Annual Report for the year Ended 30 June 2024
FINANCIAL
REPORT
DGR Global Limited
Auditor's independence declaration
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd
ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a
UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme
approved under Professional Standards Legislation.
Level 10, 12 Creek Street
Brisbane QLD 4000
GPO Box 457 Brisbane QLD 4001
Australia
Tel: +61 7 3237 5999
Fax: +61 7 3221 9227
www.bdo.com.au
DECLARATION OF INDEPENDENCE BY R M SWABY TO THE DIRECTORS OF DGR GLOBAL LIMITED
As lead auditor of DGR Global Limited for the year ended 30 June 2024, I declare that, to the best of
my knowledge and belief, there have been:
1.
No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2.
No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of DGR Global Limited and the entities it controlled during the year.
R M Swaby
Director
BDO Audit Pty Ltd
Brisbane, 30 September 2024
CONTENTS
Consolidated statement of profit or loss and other comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows
Notes to the consolidated financial statements
Consolidated entity disclosure statement
Directors' declaration
Independent auditor's report to the members of DGR Global Limited
Shareholder information
General Information
The financial statements cover DGR Global Limited as a Group consisting of DGR Global Limited and the entities it
controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is
DGR Global Limited's functional and presentation currency.
DGR Global Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its
registered office and principal place of business is:
Suite 9C
London Offices
30 Florence Street
Teneriffe
QLD 4005
A description of the nature of the Group's operations and its principal activities are included in the directors' report,
which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 30 September
2024. The directors have the power to amend and reissue the financial statements.
DGR Global Limited Annual Report for the year Ended 30 June 2024
38
CONSOLIDATED STATEMENT OF PROFIT OR
LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 30 June 2024
Consolidated
Note
2024
2023
$
$
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
DGR Global Limited Annual Report for the year Ended 30 June 2024
4
164,667
456,323
12
(1,176,893)
(4,314,949)
5
981,980
760,372
6
945,316
2,211,795
36
(24,337,800)
353,127
19
1,082,947
-
13
-
840,104
(1,679,178)
(1,257,707)
14
(456,217)
(442,608)
(1,582,822)
(1,846,662)
15
(12,565,548)
-
15
(8,419,920)
(229,372)
(289,012)
(408,781)
10
-
(2,271,154)
(1,131,313)
(160,839)
20
-
(40,101)
7
(1,942,363)
(205,380)
(28,066,373)
(6,862,604)
(50,406,156)
(6,555,832)
8
(26,637)
(2,992,087)
(50,432,793)
(9,547,919)
22
(34,054,404) (47,624,232)
22
5,805,743
17,273,217
22
-
(42,000)
(28,248,661) (30,393,015)
(78,681,454) (39,940,934)
(3,783,062)
(24,366)
(46,649,731)
(9,523,553)
(50,432,793)
(9,547,919)
(3,783,062)
(24,366)
Revenue
Other Income and Losses
Share of losses of associates accounted for using the equity method
Other income
Interest income
Net impairment and fair value movements in Armour Energy Limited assets
Movement in fair value of derivative liability
Movement in fair value of Lakes Blue Energy NL convertible note receivable
Operating Expenses
Administration and consulting expenses
Depreciation and amortisation expense
Employee benefits expense
Exploration and evaluation assets impaired
Exploration and evaluation assets written off
Information technology
Impairment - trade receivables
Legal expenses
Rehabilitation expense
Finance costs
Total operating expenses
Loss before Income Tax Expense
Income tax expense
Loss after Income Tax Expense for the Year
Other Comprehensive Income
Items that will not be reclassified subsequently to profit or loss
Fair value gain on the revaluation of equity instruments at fair value through
other comprehensive income
Tax effect of net fair value gains on equity instruments
Share of other comprehensive income of associates
Other comprehensive income for the year, net of tax
Total Comprehensive Income for the Year
Loss for the year is attributable to:
Non-controlling interest
Owners of DGR Global Limited
Total comprehensive income for the year is attributable to:
Non-controlling interest
Owners of DGR Global Limited
(74,898,392) (39,916,568)
(78,681,454) (39,940,934)
Cents
Cents
Basic earnings per share
35
(4.5)
(0.9)
Diluted earnings per share
35
(4.5)
(0.9)
39
Consolidated
Note
2024
2023
$
$
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
DGR Global Limited Annual Report for the year Ended 30 June 2024
9
1,931,618
2,432,190
10
239,319
824,242
11
82,800
72,505
2,253,737
3,328,937
10
-
2,620,828
12
-
2,941,072
13
41,678,163
93,820,301
14
613,606
883,668
15
2,779,452
21,869,379
45,071,221 122,135,248
47,324,958 125,464,185
16
1,515,220
1,483,685
17
8,339,847
-
18
142,783
568,859
19
502,990
-
8
1,532,781
2,207,498
12,033,621
4,260,042
17
1,727,800
3,302,380
18
91,544
50,696
8
1,879,672
7,582,630
20
1,484,020
1,478,982
5,183,036
12,414,688
17,216,657
16,674,730
30,108,301 108,789,455
21
57,932,487
57,932,187
22
64,807,136
93,055,797
(92,052,424) (45,402,693)
30,687,199 105,585,291
(578,898)
3,204,164
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
As at 30 June 2024
Assets
Current Assets
Cash and cash equivalents
Trade and other receivables
Other assets
Total current assets
Non-Current Assets
Trade and other receivables
Investments accounted for using the equity method
Other financial assets
Property, plant and equipment
Exploration and evaluation
Total non-current assets
Total Assets
Liabilities
Current Liabilities
Trade and other payables
Borrowings
Lease liabilities
Derivative financial liabilities
Income tax
Total current liabilities
Non-Current Liabilities
Borrowings
Lease liabilities
Deferred tax
Provisions
Total non-current liabilities
Total Liabilities
Net Assets
Equity
Issued capital
Reserves
Accumulated losses
Equity attributable to the owners of DGR Global Limited Non-
controlling interest
Total Equity
30,108,301 108,789,455
40
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the year ended 30 June 2024
DGR Global Limited Annual Report for the year Ended 30 June 2024
Issued
Accumulated
Non-
controlling
Total equity
capital
Reserves
losses
interest
Consolidated
$
$
$
$
$
Balance at 1 July 2022
57,932,187 123,448,812
(35,879,140)
3,228,530
148,730,389
Loss after income tax expense for the year
-
-
(9,523,553)
(24,366)
(9,547,919)
Other comprehensive income for the year,
net of tax
-
(30,393,015)
-
-
(30,393,015)
Total comprehensive income for the year
-
(30,393,015)
(9,523,553)
(24,366)
(39,940,934)
Balance at 30 June 2023
57,932,187
93,055,797
(45,402,693)
3,204,164
108,789,455
Issued
Accumulated
Non-
controlling
Total equity
capital
Reserves
losses
interest
Consolidated
$
$
$
$
$
Balance at 1 July 2023
57,932,187
93,055,797
(45,402,693) 3,204,164 108,789,455
Loss after income tax expense for the year
-
-
(46,649,731) (3,783,062) (50,432,793)
Other comprehensive income for the year,
net of tax
-
(28,248,661)
-
- (28,248,661)
Total comprehensive income for the year
-
(28,248,661)
(46,649,731) (3,783,062) (78,681,454)
Transactions with owners in their capacity
as owners:
Contributions of equity, net of transaction
costs (note 21)
300
-
-
-
300
Balance at 30 June 2024
57,932,487
64,807,136
(92,052,424)
(578,898) 30,108,301
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
41
Consolidated
Note
2024
2023
$
$
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
DGR Global Limited Annual Report for the year Ended 30 June 2024
-
210,695
(4,775,548)
(3,749,741)
109,465
137,804
(299,609)
(205,380)
(598,569)
-
34
(5,564,261)
(3,606,622)
-
(12,009,502)
14
(4,648)
(20,195)
15
(1,895,541)
(4,593,114)
(94,312)
(58,841)
10
(2,750,000)
(2,000,000)
13
2,228,175
21,992,683
13
1,412,363
637,000
(1,103,963)
3,948,031
21
300
-
34
6,734,087
-
34
(566,735)
(485,417)
6,167,652
(485,417)
(500,572)
(144,008)
2,432,190
2,576,198
CONSOLIDATED STATEMENT OF
CASH FLOW
For the year ended 30 June 2024
Cash Flows from Operating Activities
Receipts in the course of operations (inclusive of GST)
Payments to suppliers and employees (inclusive of GST)
Interest received
Interest and other finance costs paid
Income taxes paid
Net cash used in operating activities
Cash flows from Investing Activities
Payments for other financial assets
Payments for property, plant and equipment
Payments for exploration and evaluation assets
Payments for security deposits
Loan advanced to associate
Proceeds from the sale of other financial assets
Receipt from repayment of corporate bonds
Net cash (used in)/from investing activities
Cash Flows from Financing Activities
Proceeds from issue of shares
Proceeds from borrowings
Payment of principal portion of lease liabilities
Net cash from/(used in) financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Cash and cash equivalents at the end of the financial year
9
1,931,618
2,432,190
42
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the year ended 30 June 2024 (continued)
NOTE 1. MATERIAL ACCOUNTING POLICY INFORMATION
The accounting policies that are material to the Group are set out either in the respective notes or below. The
accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated.
New or Amended Accounting Standards and Interpretations Adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted. The adoption of these new or amended Accounting Standards and Interpretations did not have a
material impact to the financial statements.
Basis of Preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting
Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations
Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International
Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB').
Historical Cost Convention
The financial statements have been prepared under the historical cost convention, except for the following:
▪
Financial assets carried at fair value through other comprehensive income – refer note 13;
▪
Investment in convertible notes carried at fair value through profit or loss – refer note 13; and
▪
Derivative financial liabilities – refer note 19.
Critical Accounting Estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant
to the financial statements, are disclosed in note 2.
Parent Entity Information
In accordance with the Corporations Act 2001, these financial statements present the results of the Group only.
Supplementary information about the parent entity is disclosed in note 31.
DGR Global Limited Annual Report for the year Ended 30 June 2024
43
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 1. Material accounting policy information (continued)
Principles of Consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of DGR Global
Limited ('Company' or 'parent entity') as at 30 June 2024 and the results of all subsidiaries for the year then
ended. DGR Global Limited and its subsidiaries together are referred to in these financial statements as the
'Group'.
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.
Derivative Financial Instruments
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and
are subsequently remeasured to their fair value at each reporting date. The accounting for subsequent changes
in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of
the item being hedged.
Derivatives are classified as current or non-current depending on the expected period of realisation.
Associates
Associates are entities over which the Group has significant influence but not control or joint control. Investments
in associates are accounted for using the equity method. Under the equity method, the share of the profits or
losses of the associate is recognised in profit or loss and the share of the movements in equity is recognised in
other comprehensive income. Investments in associates are carried in the statement of financial position at
cost plus post-acquisition changes in the Group's share of net assets of the associate. Goodwill relating to the
associate is included in the carrying amount of the investment and is neither amortised nor individually tested for
impairment. Dividends received or receivable from associates reduce the carrying amount of the investment.
When the Group's share of losses in an associate equals or exceeds its interest in the associate, including
any unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred
obligations or made payments on behalf of the associate.
The Group discontinues the use of the equity method upon the loss of significant influence over the associate
and recognises any retained investment at its fair value. Any difference between the associate's carrying
amount, fair value of the retained investment and proceeds from disposal is recognised in profit or loss.
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.
DGR Global Limited Annual Report for the year Ended 30 June 2024
44
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 1. Material Accounting Policy Information (continued)
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred
and the Group 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 Amortised Cost
A financial asset is measured at amortised cost only if both of the following conditions are met: (i) it is held within a
business model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual
terms of the financial asset represent contractual cash flows that are solely payments of principal and interest.
Financial Assets at Fair Value through Profit or Loss
Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified
in this category if acquired principally for the purpose of selling in the short term. Derivatives are classified as held
for trading unless they are designated as hedges. Assets in this category are classified as current assets. These assets
are measured at fair value with gains or losses recognised in the profit or loss.
Convertible note receivables are held at fair value through profit or loss as the convertible feature does not meet
the requirements of being held to collect solely payment of principal and interest and therefore cannot be carried
at amortised cost or at fair value through other comprehensive income. The coupon rate received periodically
over the term of the notes is classified as part of the fair value gain or loss in other income.
Financial Assets at Fair Value through Other Comprehensive Income
Equity investments are classified as being at fair value through Other Comprehensive Income. After initial
recognition at fair value (being cost), the Company has elected to present in Other Comprehensive Income
changes in the fair value of equity instrument investments.
Unrealised gains and losses on investments are recognised in the financial assets revaluation reserve until the
investment is sold or otherwise disposed of, at which time the cumulative gain or loss is transferred to retained
earnings.
Fair Value
Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied
to determine the fair value of all other financial assets and liabilities, where appropriate, including recent arm’s
length transactions, reference to similar instruments and option pricing models.
The Company subsequently measures all equity investments at fair value. Where the Company’s management
has elected to present fair value gains and losses on equity investments in other comprehensive income, there is
no subsequent reclassification of fair value gains and losses to profit or loss. Dividends from such investments
continue to be recognised in profit or loss as other revenue when the Company’s right to receive payments is
established (see note 12) and as long as they represent a return on investment.
DGR Global Limited Annual Report for the year Ended 30 June 2024
45
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 1. Material Accounting Policy Information (continued)
Changes in the fair value of financial assets at fair value through profit or loss are recognised in other income or
other expenses in the statement of profit or loss and other comprehensive income as applicable.
Impairment of Financial Assets
The Group 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 Group'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. Financial assets designated at fair value through OCI
(equity instruments) are not subject to impairment assessment.
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 mandatorily measured at fair value through other comprehensive income, the loss allowance
is recognised in other comprehensive income with a corresponding expense through profit or loss. In all other cases,
the loss allowance reduces the asset's carrying value with a corresponding expense through profit or loss.
Impairment of Non-fFnancial Assets
Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's
carrying amount exceeds its recoverable amount.
Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is
the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to
the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are
grouped together to form a cash-generating unit.
New Accounting Standards and Interpretations not yet Mandatory or Early Adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the Group for the annual reporting period ended 30 June 2024. The
Group has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.
DGR Global Limited Annual Report for the year Ended 30 June 2024
46
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
NOTE 2. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually evaluates its
judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.
Management bases its judgements, estimates and assumptions on historical experience and on other various
factors, including expectations of future events, management believes to be reasonable under the circumstances.
The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements,
estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities (refer to the respective notes) within the next financial year are discussed below.
Key Judgements - Working Capital Deficiency
As at 30 June 2024, the Group had a working capital deficiency of $9,779,884 (2023: $931,105) (current liabilities
exceeded current assets). This deficiency in working capital is primarily attributable to the following balances
included in current liabilities: a loan due to Equities First Holdings LLC of $3,283,030 that is repayable on 16
December 2024, a loan due to Choice Investments (Dubbo) Pty Ltd of $5,962,588 (including capitalised interest
and fees payable) that is repayable on 30 November 2024, and a tax liability of $1,532,781 that arose in the 30
June 2023 financial year. Subsequent to 30 June 2024 the Group were in breach of certain loan covenants. Refer
to note 17 for details.
The Directors consider that the Group has sufficient resources to meet all of its obligations as and when they fall
due. Therefore, the financial statements have been prepared on a going concern basis, which assumes that the
Group will be able to realise its assets and discharge its liabilities in the normal course of business.
In concluding this, the Directors have considered the Group’s liquidity position, any risks to the budgeted cash flows
and funding, and the Group’s outlook. Operating cash flow needs will be met from the current cash on hand
following the draw down of the Choice loan and realisation of the financial assets to the extent required, subject
to any consents required from the lenders. The Directors are confident that the Group’s remaining deficiency in
working capital arising from the short term loans will be addressed through new financing facilities that are currently
under negotiation and are expected to settle before the end of October. The Group has a number of financing
options open to it and, as a fall back position should a suitable financing solution be negotiated in time, also has
the option of the sale of listed investments. The market value of the Group’s listed investments at 30 June 2024 was
$39,446,621 (refer to note 13a)).
Key Judgements – Exploration & Evaluation Assets
The Group performs regular reviews on each area of interest to determine the appropriateness of continuing to
carry forward costs in relation to that area of interest. These reviews are based on detailed surveys and analysis of
drilling results performed to reporting date.
DGR Global Limited Annual Report for the year Ended 30 June 2024
47
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 2. Critical Accounting Judgements, Estimates and Assumptions (continued)
The Directors have assessed that for the exploration and evaluation assets recognised at 30 June 2024, the facts
and circumstances do not suggest that the carrying amount of an asset may exceed its recoverable amount. In
considering this the Directors have had regard to the facts and circumstances that indicate a need for an
impairment as noted in Accounting Standard AASB 6 Exploration for and Evaluation of Mineral Resources.
During the 30 June 2024 financial year, exploration assets written off amounted to $8,419,920 and were written off
after they were determined to be no longer core assets of the Group or worthwhile pursuing further. Additionally,
exploration assets amounting to $12,565,548 have been impaired as they no longer meet the requirements of AASB
6 due to the limited activity currently planned or underway on the tenements. These assets will require further
investment to pursue and are being assessed as to cost, viability and the ability to obtain external investment.
Exploration and evaluation assets at 30 June 2024 were $2,779,452 (2023: $21,869,379).
Key Judgements – Significant Influence over Associates
Where the Group currently holds between 20% and 50% of the issued ordinary shares of certain companies
management considered whether the Group has control over these companies and accordingly whether these
companies should be consolidated into the Group. Several factors including but not limited to the relative
proportion of other large shareholders, composition of the Board and the ability to direct decisions arrived at during
Board meetings were considered. Based on the factors considered, it was concluded that the Group does not
control these companies but rather has the ability to exert significant influence. Accordingly, the Group’s
investments in these companies have been accounted for under the equity accounting method.
Where the Group holds less than 20% of the issued ordinary shares of certain companies it was presumed pursuant
to AASB 128 Investments in Associates and Joint Ventures, that the Group cannot exercise significant influence
unless such influence can be clearly demonstrated. In determining whether the Group had significant influence,
factors such as representation on the board of directors, participation in policy making decision, material
transactions between the Group and the companies, interchange of managerial personnel or provision of essential
technical information is considered. Other factors considered to determine whether the Group had significant
influence included, the Group’s voting power in comparison to other shareholders, specific rights, corporate
governance arrangements and the power to veto significant financial and operating decisions.
The Group’s investment in Armour Energy Limited was 19.92%. As a result, management evaluated whether
significant influence existed. The Group was the largest shareholder in Armour Energy Limited by a significant
percentage. This resulted in the Group’s voting power being much larger than any other shareholder of Armour
Energy Limited, giving it the ability to exert significant influence. Additionally, judgement was exercised in
determining whether impairments could be reversed.
With respect to the Group’s investment in Atlantic Lithium Limited, SolGold plc, Clara Resources Limited and
NewPeak Metals Limited management concluded based on its professional judgment that there was no clearly
demonstrable evidence that indicated that the Group had significant influence.
DGR Global Limited Annual Report for the year Ended 30 June 2024
48
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 2. Critical Accounting Judgements, Estimates and Assumptions (continued)
Key judgements - Recognition of Investment in Atlantic Lithium Limited
Shares held by the Group in Atlantic Lithium Limited have been used as security for a loan advanced to DGR
Global Limited (refer to note 13). Title to 12,000,000 ordinary shares in Atlantic Lithium Limited, representing 98.77%
of the total number of shares owned by DGR at 30 June 2024, has been transferred to the lender in terms of a Deed
of Security. Although title in the shares has been transferred to the lender, the Directors have assessed that DGR
has retained substantially all the risks and rewards of ownership of the shares and continues to recognise the
investment in the shares.
Key Judgements and Estimates - Derivative Liability
The Company issued a loan with attached share options to the lender, Choice Investments (Dubbo) Pty Ltd. A key
judgement was made in determining the appropriate classification of the share options as a derivative liability
rather than equity. The share options fail to meet the "fixed-for-fixed" criterion under AASB 132, as the number of
shares issued may vary depending on future events. As a result, the share options were classified as a derivative
financial liability and not as an equity instrument.
A further judgement involved separating the share option feature from the loan. The share options, which represent
an embedded derivative, were separated from the host loan contract and accounted for independently. The
initial recognition of the loan component was based on the difference between the total consideration received
and the fair value of the embedded derivative, which was estimated using the Black-Scholes option pricing model.
The fair value of the embedded derivative is determined using inputs that are not based on observable market
data, which required management to make key assumptions about volatility, the risk-free interest rate, and other
factors. This valuation was reassessed at 30 June 2024, with changes in the fair value of the derivative being
recognised in the statement of profit or loss and other comprehensive income.
These judgements and estimates could have a material impact on the Group's financial statements, particularly in
relation to the classification and measurement of financial liabilities and equity.
NOTE 3. OPERATING SEGMENTS
Identification of Reportable Operating Segments
The Group has identified its operating segments based on the internal reports that are reviewed and used by the
Board of Directors (chief operating decision makers) in assessing performance and determining the allocation of
resources.
An operating segment is a component of the Group that engages in business activities from which it may earn
revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s
other components. An operating segment’s operating results are reviewed regularly by the chief operating
decision maker to make decisions about resources to be allocated to the segment and assess its performance,
and for which discrete financial information is available.
DGR Global Limited Annual Report for the year Ended 30 June 2024
49
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
The Group reports information to the Board of Directors along company lines. That is, the financial position of DGR
and each of its subsidiary companies is reported discreetly, together with an aggregated Group total. Accordingly,
each company within the Group that meets or exceeds the relevant threshold tests is separately disclosed below.
The financial information of the subsidiaries that do not exceed the relevant thresholds outlined above, and are
therefore not reported separately, is aggregated and disclosed as Other.
Intersegment Transactions
Corporate charges are allocated to segments based on the segments’ overall proportion of overhead
expenditure within the Group. The Board of Directors believes this is representative of likely consumption of head
office expenditure that should be used in assessing segment performance and cost recoveries.
Intersegment Receivables, Payables and Loans
Intersegment loans are initially recognised at the consideration received. Intersegment loans receivable and loans
payable that earn or incur non-market interest are not adjusted to fair value based on market interest rates.
Intersegment loans are eliminated on consolidation.
Operating Segment Information
Auburn
Armour Energy
DGR Global
Resources
International
Other
Total
Consolidated - 2024
$
$
$
$
$
164,667
-
-
-
164,667
945,316
-
-
-
945,316
1,109,983
-
-
-
1,109,983
(47,935,903)
(3,214,960) (10,159,770)
(1,628,290)
(62,938,923)
12,532,767
(50,406,156)
(26,637)
(50,432,793)
(1,176,893)
-
-
-
(1,176,893)
(23,716,972)
-
(620,828)
-
(24,337,800)
(6,728,243)
(3,203,991)
(9,544,099)
(1,509,135)
(20,985,468)
44,056,036
2,161,596
326,930
780,396
47,324,958
47,324,958
1,256,299
140,527
542,354
142,517
2,081,697
16,779,364
8,137
360,329
68,827
17,216,657
Revenue
Other revenue
Interest revenue
Total Revenue
Segment net loss before tax
Intersegment eliminations
Loss before income tax expense
Income tax expense
Loss after income tax expense
Material items include:
Share of losses of associate
Net impairment and fair value movements
in Armour Energy Limited assets
Exploration and evaluation assets impaired
and written off
Assets
Segment assets
Total assets
Total Assets includes:
Acquisition of non-current assets
Liabilities
Segment liabilities
Total Liabilities
17,216,657
DGR Global Limited Annual Report for the year Ended 30 June 2024
50
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 3. Operating segments (continued)
Auburn
Armour Energy
DGR Global
Resources
International
Other
Total
Consolidated - 2023
$
$
$
$
$
456,323
-
-
-
456,323
2,211,795
-
-
-
2,211,795
2,668,118
-
-
-
2,668,118
(6,162,300)
(61,866)
(291,046)
(40,620)
(6,555,832)
(6,555,832)
(2,992,087)
(9,547,919)
(4,314,949)
-
-
-
(4,314,949)
119,567,167
5,231,735
9,959,061
2,155,531
136,913,494
(11,449,309)
125,464,185
2,941,072
-
-
-
2,941,072
1,085,291
620,702
2,180,479
726,837
4,613,309
16,095,446
1,066,478
7,793,433
3,168,682
28,124,039
(11,449,309)
16,674,730
Revenue
Provision of services to external customers
Interest revenue
Total revenue
Segment net loss before tax
Loss before income tax expense
Income tax expense
Loss after income tax expense
Material Items include:
Share of losses of associates
Assets
Segment assets
Intersegment eliminations
Total assets
Total Assets includes:
Investments in associates
Acquisition of non-current assets
Liabilities
Segment liabilities
Intersegment eliminations
Total liabilities
NOTE 4. REVENUE
Consolidated
2024
2023
$
$
Management fees - related parties
164,667
456,323
Disaggregation of revenue is not presented as all revenue for the current and prior years was derived from the
provision of management fees.
Accounting Policy for Revenue Recognition
The Group generates revenue from the provision of management services to related entities. Revenue from
contracts with customers is recognised when control of the services is transferred to a customer at an amount that
reflects the consideration to which the Group expects to be entitled to receive in exchange for those services. The
Group’s performance obligation on management fees charged to related entities are fulfilled over time as the
Group provides those management services. Revenues are recognised over time, which are invoiced monthly
based on contractual terms.
DGR Global Limited Annual Report for the year Ended 30 June 2024
51
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
NOTE 5. OTHER INCOME
Consolidated
2024
2023
$
$
70,521
(151,334)
894,487
736,660
16,972
175,046
981,980
760,372
Foreign currency-related gains/(losses)
Capital raising and selling fees
Other - including wages recharges to other companies
Other income
Capital Raising and Selling Fees
Capital raising and selling fees represent fees received by the Company in connection with raising capital for other
entities and the placement of convertible notes. The fees are recognised as income on completion of the
respective transactions.
NOTE 6. INTEREST INCOME
Consolidated
2024
2023
$
$
774,452
1,957,266
51,623
175,016
103,124
75,000
15,621
3,403
496
1,110
945,316
2,211,795
Interest on convertible notes
Interest on corporate bonds
Interest on loans to associate
Bank interest
Other interest income
NOTE 7. EXPENSES
Consolidated
2024
2023
$
$
1,781,448
107,716
39,669
97,664
121,246
-
1,942,363
205,380
Loss before income tax includes the following specific expenses:
Finance costs
Interest and finance charges paid/payable on borrowings
Interest and finance charges paid/payable on lease liabilities
Interest payable to the ATO
Finance costs expensed
Superannuation Expense
Defined contribution superannuation expense
102,647
102,238
DGR Global Limited Annual Report for the year Ended 30 June 2024
52
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
NOTE 8. INCOME TAX
Consolidated
2024
2023
$
$
-
2,207,498
102,785
784,589
(76,148)
-
26,637
2,992,087
(50,406,156)
(6,555,832)
(15,121,847)
(1,966,750)
Income Tax Expense
Current tax
Deferred tax
Adjustment recognised for prior periods
Aggregate income tax expense
Numerical Reconciliation of Income Tax Expense & Tax at the Statutory Rate
Loss before income tax expense
Tax at the statutory tax rate of 30%
Tax effect amounts which are not deductible/(taxable) in calculating taxable
income:
Capital gain
575,028
5,017,129
Other
114,184
(730)
(14,432,635)
3,049,649
(76,148)
-
-
(9,128)
4,250,053
(48,434)
10,285,367
-
26,637
2,992,087
Adjustment recognised for prior periods
Prior period adjustments
Derecognise tax losses
Derecognise temporary differences
Income tax expense
Deferred Tax
Opening
balance
Net credited to
income
Net credited to
other
comprehensive
income
Net
credited
to equity
Closing
balance
$
$
$
$
$
2,340,023
256,327
-
-
2,596,350
886,506
(611,652)
-
-
274,854
234,042
(14,952)
-
-
219,090
154,889
(96,307)
-
-
58,582
33,827
(20,120)
-
-
13,707
-
596,657
-
-
596,657
3,649,287
109,953
-
-
3,759,240
(9,666,768)
-
4,739,863
-
(4,926,905)
183,845
(183,845)
-
-
-
1,390,092
(2,455,972)
1,065,880
-
-
(2,963,631)
2,378,989
-
-
(584,642)
(115,841)
65,335
-
-
(50,506)
(59,614)
-
-
-
(59,614)
-
(17,245)
-
-
(17,245)
(11,231,917)
(212,738)
5,805,743
-
(5,638,912)
30 June 2024
Deferred Tax Aasset
Carried forward tax losses
Accruals/provisions
Capital raising costs expensed
Lease liabilities
Other temporary differences
Loans
Deferred Tax Liability
Financial assets at fair value through other
comprehensive income
Convertible note
Investment in associates
Exploration and evaluation assets
Right of use assets
Property, plant and equipment
Unrealised foreign exchange gains
Net deferred tax recognised
(7,582,630)
(102,785)
5,805,743
-
(1,879,672)
DGR Global Limited Annual Report for the year Ended 30 June 2024
53
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 8. Income Tax (continued)
Opening
balance
Net charged to
income
Net charged to
other
comprehensive
income
Net
credited
to equity
Closing
balance
$
$
$
$
$
3,900,648
(1,560,625)
-
-
2,340,023
301,764
584,742
-
-
886,506
361,513
(127,471)
-
-
234,042
276,243
(121,354)
-
-
154,889
-
33,827
-
-
33,827
4,840,168
(1,190,881)
-
-
3,649,287
(20,607,104)
-
10,940,336
-
(9,666,768)
(172,140)
355,985
-
-
183,845
(5,364,733)
421,944
6,332,881
-
1,390,092
(2,472,469)
(491,162)
-
-
(2,963,631)
(222,772)
106,931
-
-
(115,841)
(59,614)
-
-
-
(59,614)
(12,594)
12,594
-
-
-
(28,911,426)
406,292
17,273,217
-
(11,231,917)
(24,071,258)
(784,589)
17,273,217
-
(7,582,630)
30 June 2023
Deferred Tax Asset
Carried forward tax losses
Accruals/provisions
Capital raising costs expensed
Lease liabilities
Other temporary differences
Deferred Tax Liability
Financial assets at fair value through other
comprehensive income
Convertible note
Investment in associates
Exploration and evaluation assets
Right of use assets
Property, plant and equipment
Unrealised foreign exchange gains
Net deferred tax recognised
Deferred Tax Assets Not Recognised
Consolidated
2024
2023
$
$
Unrecognised tax losses
16,092,746
1,925,903
Unrecognised capital losses
67,848
67,848
Temporary differences (Unrealised capital losses)
34,284,556
-
Temporary differences (Unrealised capital losses) - OCI
12,715,217
-
63,160,367
1,993,751
Tax benefit at 25% (2023: 25%)
15,790,092
498,438
In order to recoup carried forward losses in future periods, either the Continuity of Ownership Test (COT) or Same
Business Test must be passed. The majority of losses are carried forward at 30 June 2024 under COT.
Deferred tax assets which have not been recognised as an asset, will only be obtained if:
(i)
the Company derives future assessable income of a nature and of an amount sufficient to enable the losses
to be realised;
(ii)
the Company continues to comply with the conditions for deductibility imposed by the law; and
(iii)
no changes in tax legislation adversely affect the Company in realising the losses.
Consolidated
2024
2023
$
$
Provision for Income Tax
Provision for income tax
1,532,781
2,207,498
DGR Global Limited Annual Report for the year Ended 30 June 2024
54
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 8. Income Tax (continued)
The Group is on a payment plan for income tax payable in relation to the 2023 financial year. Interest incurred to
30 June 2024 amounts to $121,246.
Accounting Policy for Income Tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the
applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities
attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where
applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied
when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively
enacted, except for:
▪
When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and that, at the time of the transaction, affects
neither the accounting nor taxable profits; or
▪
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint
ventures, and the timing of the reversal can be controlled and it is probably that the temporary
difference will not reverse in the foreseeable future.
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 recognised and unrecognised deferred tax assets are reviewed at each reporting date.
Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits
will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are
recognised to the extent that it is probable that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets
against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same
taxable authority on either the same taxable entity or different taxable entities which intend to settle
simultaneously.
DGR Global Limited and its wholly-owned Australian subsidiaries have formed an income tax consolidated group
under the tax consolidation regime. The Company is responsible for recognising the current tax assets and liabilities
and deferred tax assets attributable to tax losses for the tax consolidation group. The tax consolidated group have
entered a tax funding agreement whereby each company in the tax consolidation group contributes to the
income tax payable in proportion to their contribution to the net profit before tax of the tax consolidation group.
DGR Global Limited Annual Report for the year Ended 30 June 2024
55
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
NOTE 9. CASH AND CASH EQUIVALENTS
Consolidated
2024
2023
$
$
1,931,618
2,432,190
Current Assets
Cash at bank and in hand
NOTE 10. TRADE AND OTHER RECEIVABLES
Consolidated
2024
2023
$
$
73,531
2,604,675
Current Assets
Trade receivables
Less: Allowance for expected credit losses (a)
-
(2,488,026)
73,531
116,649
82,018
117,323
-
556,225
83,770
34,045
239,319
824,242
Other receivables
Interest receivable
GST receivable
Non-Current Assets
Loan to associate (b)
-
2,620,828
239,319
3,445,070
(a) Allowance for Expected Credit Losses
The ageing of the trade receivables and allowance for expected credit losses provided for are as follows:
Carrying amount
Allowance for expected
credit losses
2024
2023
2024
2023
Consolidated
$
$
$
$
Not past due
36,072
118,756
-
84,097
Past due 30-60 days
-
41,973
-
41,973
Past due >60 days
37,459
2,443,946
-
2,361,956
Total
73,531
2,604,675
-
2,488,026
As at 30 June 2024, included in trade receivables is one significant debtor accounting for 68% (2023: three
significant debtors accounting for 95%) of the total trade receivables.
Movements in the allowance for expected credit losses are as follows:
Consolidated
2024
2023
$
$
Opening balance
2,488,026
216,872
Additional provisions recognised
-
2,271,154
Receivables written off during the year as uncollectable
(1,301,065)
-
Unused amounts reversed*
(1,186,961)
-
Closing balance
-
2,488,026
*
Amounts receivable from Armour Energy Limited that were converted into Armour Energy Limited convertible
notes (note 13).
DGR Global Limited Annual Report for the year Ended 30 June 2024
56
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 10. Trade and Other Receivables (continued)
(b) Loan to Associate - Armour Energy Limited
Consolidated
2024
2023
$
$
Opening balance
2,620,828
620,828
Advances
2,750,000
2,000,000
Loan converted into convertible notes in Armour Energy Limited (note 13)
(2,363,370)
-
Impairment (note 36)
(3,007,458)
-
Closing balance
-
2,620,828
The loan to Armour Energy Limited was impaired as a result of the company being placed in voluntary
administration on 10 November 2023 and subsequently placed into liquidation on 19 January 2024 (refer to note
36).
Accounting Policy for Trade and Other Receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for
settlement within 30 days.
The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime
expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based
on days overdue.
NOTE 11. OTHER ASSETS
Consolidated
2024
2023
$
$
80,546
72,505
2,254
-
82,800
72,505
Current Assets
Prepayments
Cash held in lawyer's trust account
NOTE 12. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Consolidated
2024
2023
$
$
-
2,941,072
2,941,072
2,248,258
(1,176,893)
(4,314,949)
-
(42,000)
160,000
2,422,590
(1,924,179)
2,627,173
Non-Current Assets
Investment in Armour Energy Ltd
Reconciliation
Reconciliation of the carrying amounts at the beginning and end of the current and
previous financial year are set out below:
Opening carrying amount
Loss after income tax
Other comprehensive income
Additions - conversion of McArthur Oil & Gas Ltd notes into shares in Armour Energy
Ltd (note 13)
(Impairment)/reversal of impairment (note 36)
Closing carrying amount
-
2,941,072
DGR Global Limited Annual Report for the year Ended 30 June 2024
57
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 12. Investments Accounted for using the Equity Method (continued)
The Company's share of the associate's loss is based on the financial results of the associate for the period 1 July
2023 to 30 September 2023. The associate was placed in voluntary administration on 10 November 2023 and no
financial information is available post 30 September 2023. As a result of the associate being placed in voluntary
administration and subsequently into liquidation (19 January 2024), the investment has been fully impaired (refer
to note 36) and the Group no longer has significant influence over Armour Energy Ltd.
Interests in Associates
Information relating to Armour Energy Limited, that was material to the Group in the 30 June 2023 financial year, is
set out below:
Ownership interest
Principal place of business /
2023
Name
Country of incorporation
%
Australia
19.92%
Armour Energy Limited
Summarised Financial Information
Armour Energy Ltd
Ownership
interest
Current
assets
Non-current
assets
Current
liabilities
Non-current
liabilities
Revenue
Loss before tax
Other
comprehen-
sive
income
%
$
$
$
$
$
$
$
30 June 2023
19.92% 6,451,678 100,962,682 50,331,462 15,171,944 14,972,945
(21,660,815)
(210,837)
Reconciliation of the share of net assets to the carrying amount of the Group’s investment in associates
Consolidated
2023
$
Share of net assets
8,348,662
Goodwill
16,560,554
Net impairment
(21,968,144)
Closing carrying amount
2,941,072
NOTE 13. OTHER FINANCIAL ASSETS
Consolidated
2024
2023
$
$
39,446,621
75,681,695
-
14,986,540
-
1,014,836
Non-Current Assets
Financial assets at fair value through other comprehensive income (a)
Financial assets at fair value through profit or loss (b)
Corporate bonds (c)
Security bonds (d)
2,231,542
2,137,230
41,678,163
93,820,301
58
DGR Global Limited Annual Report for the year Ended 30 June 2024
58
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 13. Other Financial Assets (continued)
(a) Financial Assets at Fair Value through Other Comprehensive Income
Consolidated
2024
2023
$
$
Opening balance
75,681,695
142,524,263
Additions
47,505
1,964,347
Additions – transfer from prepaid capital
-
810,000
Disposals
(2,228,175) (21,992,683)
Fair value adjustment through other comprehensive income (note 22)
(34,054,404) (47,624,232)
Closing balance
39,446,621
75,681,695
Financial assets at fair value through other comprehensive income comprise an investment in the ordinary issued
capital of SolGold plc, listed on the London Stock Exchange (“LSE”) and Toronto Stock Exchange (“TSX”), an
investment in the ordinary issued capital of Atlantic Lithium Limited, listed on the LSE, an investment in the ordinary
issued capital of Canadian Nexus Team Ventures Corp, listed on the TSX, an investment in the ordinary issued
capital of Clara Resources Australia Ltd a company listed on the Australian Securities Exchange, an investment in
the ordinary issued capital of Lakes Blue Energy NL, a company listed on the Australian Securities Exchange, an
investment in the ordinary issued capital of NewPeak Metals Ltd a company listed on the Australian Securities
Exchange and an investment in the ordinary issued capital of Challenger Energy Group plc, listed on the London
Stock Exchange ("LSE").
Shares held in Atlantic Lithium Limited and SolGold plc have been used as security for loans advanced to DGR
Global Limited by Equities First Holdings LLC (the lender) (refer to note 17). Title to 12,000,000 ordinary shares in
Atlantic Lithium Limited and 15,000,000 ordinary shares in SolGold plc, representing 98.77% and 7.35%, respectively,
of the total number of shares owned by DGR at 30 June 2024, have been transferred to the lender in terms of a
Deed of Security. Although the title in the shares has been transferred to the lender, DGR has retained substantially
all the risks and rewards of ownership of the shares and continues to recognise the investment in the shares. At 30
June 2024, the 12,000,000 ordinary shares in Atlantic Lithium Limited and the 15,000,000 ordinary shares in SolGold
plc used as security for the loans had a fair value of $4,756,004 and $2,528,070, respectively. Additionally, all the
remaining shares owned by DGR Global Limited that have not been provided as security for the Equities First
Holdings LLC loans have been used as security for the loan advanced by Choice Investments (Dubbo) Pty Ltd
(refer to note 17).
Classification of Financial Assets at Fair Value through Other Comprehensive Income
For equity securities that are not held for trading, the Group has made an irrevocable election at initial recognition
to recognise changes in fair value through other comprehensive income rather than profit or loss.
DGR Global Limited Annual Report for the year Ended 30 June 2024
59
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 13. Other Financial Assets (continued)
Consolidated
2024
2023
$
$
Opening balance
14,986,540
7,192,614
Additions
- Lakes Blue Energy NL - convertible notes in lieu of interest
-
228,903
- McArthur Oil & Gas Ltd - redeemable exchangeable notes
-
11,428,000
- Loan to Armour Energy Limited converted into Armour Energy Limited convertible
notes (note 10)
2,363,370
-
- Armour Energy Limited - convertible notes in lieu of interest
576,250
-
- Interest - McArthur Oil & Gas Ltd - redeemable exchangeable notes
282,839
1,523,464
- Trade receivable balances converted into Armour Energy Limited convertible notes
2,408,665
-
Conversion
- McArthur Oil & Gas Ltd redeemable exchangeable notes into shares in Armour
Energy Ltd (note 12)
(160,000)
(2,422,590)
- Lakes Blue Energy NL convertible notes into shares in Lakes Blue Energy NL
-
(1,382,845)
Fair value adjustment through profit or loss
- Armour Energy Limited convertible notes/McArthur Oil & Gas Ltd redeemable
exchangeable notes (note 36)
(20,325,225)
(2,421,110)
- Lakes Blue Energy NL convertible notes
-
840,104
- Armour Energy Limited options (note 36)
(132,439)
-
Closing balance
-
14,986,540
Comprising the following financial assets:
McArthur Oil & Gas Ltd redeemable exchangeable notes
-
14,854,101
Armour Energy Ltd options
-
132,439
-
14,986,540
During the 2024 financial year, all McArthur Oil & Gas Limited redeemable exchangeable notes were converted
into Armour Energy Limited convertible notes. The fair value of the convertible notes was written down to $nil as a
result of Armour Energy Limited being placed in voluntary administration on 10 November 2023 and subsequently
placed into liquidation on 19 January 2024 (refer to note 36).
(c) Corporate Bonds at Amortised Cost
Consolidated
2024
2023
$
$
Opening balance
1,014,836
1,504,772
Reversal of impairment (note 36)
397,527
147,064
Repayment
(1,412,363)
(637,000)
Closing balance
-
1,014,836
On 29 March 2019, post the redemption of the Armour Energy convertible notes, the Company applied for a
$10,000,000 investment in the new secured and amortising notes (New Notes) in Armour Energy Limited. The offer
was managed by FIIG Securities Limited and the key terms of the New Notes were as follows:
▪
Issue Price: $1,000
▪
Interest Rate: 8.75%
▪
Interest Payments: Interest paid quarterly in arrears
▪
Term: 5 years
▪
Security: The New Notes are secured over all of the assets of the Armour Energy Limited.
DGR Global Limited Annual Report for the year Ended 30 June 2024
(b) Financial Assets at Fair Value through Profit or Loss
60
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 13. Other financial assets (continued)
(d) Security Bonds at Amortised Cost
Security bonds are held with the Department of Natural Resources and Mining as security for rehabilitation works
required and the lease of office premises.
(e) Fair Value
Refer to note 25 for fair value disclosures.
NOTE 14. PROPERTY, PLANT AND EQUIPMENT
Consolidated
2024
2023
$
$
Non-current assets
Land - at cost
345,000
345,000
Buildings - at cost
98,115
98,115
Less: Accumulated depreciation
(46,424)
(43,971)
51,691
54,144
Plant and equipment - at cost
363,061
363,061
Less: Accumulated depreciation
(362,546)
(361,933)
515
1,128
Site infrastructure - at cost
2,443,532
2,443,532
Less: Accumulated depreciation
(2,443,532)
(2,443,532)
-
-
Fixtures and fittings - at cost
114,414
114,414
Less: Accumulated depreciation
(112,054)
(110,953)
2,360
3,461
Computers and office equipment - at cost
239,648
234,999
Less: Accumulated depreciation
(227,632)
(218,428)
12,016
16,571
Right of use asset - property lease
2,355,757
2,174,250
Less: Accumulated depreciation
(2,153,733)
(1,710,886)
202,024
463,364
613,606
883,668
DGR Global Limited Annual Report for the year Ended 30 June 2024
61
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 14. Property, plant and equipment (continued)
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are
set out below:
Land
Buildings
Plant and
equipment
Fixtures and
fittings
Computers
and office
equipment
Right-of-use
asset -
property
lease
Total
Consolidated
$
$
$
$
$
$
$
Balance at 1 July 2022
345,000
48,553
3,002
1,658
16,782
891,086
1,306,081
Additions
-
7,949
-
2,643
9,603
-
20,195
Depreciation expense
-
(2,358)
(1,874)
(840)
(9,814)
(427,722)
(442,608)
Balance at 30 June 2023
345,000
54,144
1,128
3,461
16,571
463,364
883,668
Additions
-
-
-
-
4,648
181,507
186,155
Depreciation expense
-
(2,453)
(613)
(1,101)
(9,204)
(442,846)
(456,217)
515
2,360
12,015
202,025
613,606
Balance at 30 June 2024
345,000
51,691
Accounting Policy for Property, Plant and Equipment
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost
includes expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and
equipment (excluding land) over their expected useful lives as follows:
Buildings
2.5%
Plant and equipment
10% - 35%
Computers and office equipment
33.3%
Furniture and fittings
20%
Right-of-use asset - property lease
Lease term
NOTE 15. EXPLORATION AND EVALUATION
Consolidated
2024
2023
$
$
2,779,452
21,869,379
Non-Current Assets
Exploration and evaluation assets - at cost
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are
set out below:
DGR Global Limited Annual Report for the year Ended 30 June 2024
62
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 15. Exploration and Evaluation (continued)
Consolidated
$
Balance at 1 July 2022
17,505,637
Additions
4,593,114
Write off of assets
(229,372)
Balance at 30 June 2023
21,869,379
Additions
1,895,541
Impairment of assets
(12,565,548)
Write off of assets
(8,419,920)
Balance at 30 June 2024
2,779,452
Summary of significant tenements impaired and written-off:
Consolidated
2024
$
11,051,191
1,514,357
12,565,548
5,698,000
2,721,920
8,419,920
Impaired
Kanyawataba Block and Turaco Block (Uganda)
Other exploration assets (Australia)
Total impairments
Written-off
D'Aguilar Gold Project (Australia)
Other exploration assets (Australia)
Total write-offs
Accounting Policy for Exploration and Evaluation Assets
Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest.
Such expenditures comprise net direct costs and an appropriate portion of related overhead expenditure but do
not include overheads or administration expenditure not having a specific nexus with a particular area of interest.
These costs are only carried forward to the extent that they are expected to be recouped through the successful
development of the area or where activities in the area have not yet reached a stage which permits reasonable
assessment of the existence of economically recoverable reserves and active or significant operations in relation
to the area are continuing.
A regular review has been undertaken on each area of interest to determine the appropriateness of continuing to
carry forward costs in relation to that area of interest.
A provision is raised against exploration and evaluation assets where the Directors are of the opinion that the
carried forward net cost may not be recoverable or the right of tenure in the area lapses. The increase in the
provision is charged against the results for the year. Accumulated costs in relation to an abandoned area are
written off in full against profit in the year in which the decision to abandon the area is made.
When production commences, the accumulated costs for the relevant area of interest are amortised over the life
of the area according to the rate of depletion of the economically recoverable reserves.
DGR Global Limited Annual Report for the year Ended 30 June 2024
63
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 15. Exploration and Rvaluation (continued)
Costs of site restoration are provided over the life of the area from when exploration commences and are included
in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant, equipment
and building structure, waste removal, and rehabilitation of the site in accordance with clauses of mining permits.
Such costs have been determined using estimates of future costs, current legal requirements and technology on
an undiscounted basis.
Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs of site
restoration, there is uncertainty regarding the nature and extent of the restoration due to community expectations
and future legislation. Accordingly, the costs have been determined on the basis that restoration will be completed
within one year of abandoning the site.
NOTE 16. TRADE AND OTHER PAYABLES
Consolidated
2024
2023
$
$
1,031,106
830,368
230,940
397,536
242,915
248,895
10,259
6,886
1,515,220
1,483,685
Current Liabilities
Trade payables
Sundry payables and accrued expenses
Employee benefits
Other payables
Refer to note 24 for further information on financial instruments.
Accounting Policy for Trade and Other Payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial
year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not
discounted. The amounts are unsecured and are usually paid within 30-60 days of recognition.
NOTE 17. BORROWINGS
Consolidated
2024
2023
$
$
3,283,030
-
5,056,817
-
8,339,847
-
Current Liabilities
Secured: Equities First Holdings LLC - loan 1 (a)
Choice Investments (Dubbo) Pty Ltd - loan (b)
Non-Current lLabilities
Secured:
Equities First Holdings LLC - loan 1 (a)
-
3,302,380
Equities First Holdings LLC - loan 2 (a)
1,727,800
-
1,727,800
3,302,380
10,067,647
3,302,380
Refer to note 24 for further information on financial instruments.
DGR Global Limited Annual Report for the year Ended 30 June 2024
64
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 17. Borrowings (continued)
(a) Equities First Holdings LLC
Loan 1
On 16 December 2021, DGR Global Limited (DGR) entered into a loan agreement with Equities First Holdings LLC
(EFH). EFH advanced £1,679,302 (GBP) to DGR. The loan is secured by 12,000,000 ordinary shares held by DGR in
Atlantic Lithium Limited (refer note 13). The loan bears interest at 3.5% per annum and is repayable on 16 December
2024.
Loan 2
On 21 September 2023, DGR Global Limited (DGR) entered into a loan agreement with Equities First Holdings LLC
(EFH). EFH advanced £911,121 (GBP) to DGR. The loan is secured by 15,000,000 ordinary shares held by DGR in
SolGold plc (refer note 13). The loan bears interest at 3.75% per annum and is repayable on 21 September 2025.
(b) Choice Investments (Dubbo) Pty Ltd
In January 2024, the Company entered into a Facility Agreement with Choice Investments (Dubbo) Pty Ltd
(Choice). Under the Facility Agreement, Choice has agreed to provide funding in a number tranches up to $10m,
which can be provided by Choice and/or Co-Lenders. To date the Company has drawn down $5m on the facility.
The interest rate on the loan is 20% per annum, which is capitalised and payable on maturity, and the loan is
repayable on 30 November 2024.
The Company has granted 180,000,000 options (Tranche 1, 2 and 3 options) to Choice in terms of the Facility
Agreement (refer to note 19).
Capitalised interest of $1,268,149 is included in the loan balance. Total transaction costs (comprising legal fees,
establishment costs and back-end fee) were $491,565 and unamortised transaction costs of $366,960 have been
offset against the loan at 30 June 2024.
The loan is secured by a general security agreement entered into by DGR Global Limited and its wholly-owned
subsidiaries: DGR Energy Pty Ltd, Coolgarra Minerals Pty Ltd, Hartz Rare Earths Pty Ltd, Tinco Australia Pty Ltd and
DRG Bolivia Pty Ltd (the Grantors). Each Grantor has granted a security interest in its Collateral. Collateral means,
in respect of each Grantor, all present and after-acquired, and other future, property. It includes anything in
respect of which that Grantor has at any time a sufficient right, interest or power to grant a security interest; and
all real and personal property, things in action, goodwill and uncalled and called but unpaid capital, wherever
located.
DGR Global Limited Annual Report for the year Ended 30 June 2024
65
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 17. Borrowings (continued)
Consolidated
2024
2023
$
$
Opening balance
-
-
Loan advanced
5,000,000
-
Accrual of transaction costs
241,565
-
Transaction costs offset against the loan
(241,565)
-
Derivative liability - share options (note 19)
(1,585,937)
-
Accrual of back-end fee
250,000
-
Accrued interest
1,268,149
-
Amortised finance costs
124,605
-
Closing balance
5,056,817
-
On the issuance of the loan with attached share options, where the share options are for a fixed number of shares
for a fixed value, there is an equity component, otherwise the whole instrument is a financial liability.
When it is determined that the whole instrument is a financial liability and no equity instrument is identified, the
share option is separated from the host debt and classified as a derivative liability. The carrying value of the host
contract, at initial recognition, is determined as the difference between the consideration received and the fair
value of the embedded derivative. The host contract is subsequently measured at amortised cost using the
effective interest rate method. The embedded derivative is subsequently measured at fair value at the end of
each reporting period through the statement of profit or loss and other comprehensive income.
Covenants
During the year ended 30 June 2024, DGR was in breach of the monthly reporting covenant and, subsequent to
year end, was in breach of the minimum cash balance financial covenant, in relation to the Choice Loan Facility.
The Directors note the following regarding the breaches:
(a) The non-compliance with the monthly reporting covenant is not an Event of Default unless Choice were to first
give 5 business days’ notice to DGR to remedy the non-compliance, failing which, if not remedied,
Choice could then consider an Event of Default had arisen and demand repayment of all moneys owing
under the loan agreement.
(b) The non-compliance post 30 June 2024 with the minimum cash balance requirement under the loan
agreement is an Event of Default which allows Choice to demand repayment of all moneys owing under the
loan agreement.
(c)
Choice has not issued any formal notice under the loan agreement in respect of non-compliance with
covenants under that agreement. Accordingly, it is presently unable to exercise any rights with respect to
dealing in the SolGold plc shares subject to the Deed of Security given by DGR to Choice.
DGR Global Limited Annual Report for the year Ended 30 June 2024
66
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 17. Borrowings (continued)
If demand for repayment was made by Choice, it has the following rights:
(a) it can exercise its rights as a mortgagee to sell such number of Solgold plc shares as required to repay the
moneys owing; and
(b) it can, inter alia , use the power of attorney contained in the Deed of Security to sell the SolGold plc shares in
the name of DGR Global Ltd.
Financing arrangements
Unrestricted access was available at the reporting date to the following lines of credit:
Consolidated
2024
2023
$
$
Total Facilities
Equities First Holdings LLC - loan 1
3,283,030
3,302,380
Equities First Holdings LLC - loan 2
1,727,800
-
Choice Investments (Dubbo) Pty Ltd
10,000,000
-
15,010,830
3,302,380
Used at the Reporting Date
Equities First Holdings LLC - loan 1
3,283,030
3,302,380
Equities First Holdings LLC - loan 2
1,727,800
-
Choice Investments (Dubbo) Pty Ltd
5,000,000
-
10,010,830
3,302,380
Unused at the Reporting Date
Equities First Holdings LLC - loan 1
-
-
Equities First Holdings LLC - loan 2
-
-
Choice Investments (Dubbo) Pty Ltd
5,000,000
-
5,000,000
-
NOTE 18. LEASE LIABILITIES
Consolidated
2024
2023
$
$
142,783
568,859
91,544
50,696
234,327
619,555
Current Liabilities
Lease liability - land and buildings
Non-Current Liabilities
Lease liability - land and buildings
Refer to note 24 for further information on financial instruments.
During the 2024 financial year, the Company entered into a new office lease for 2 years.
DGR Global Limited Annual Report for the year Ended 30 June 2024
67
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 18. Lease Liabilities (continued)
Movements in Carrying Value of Leases
Consolidated
2024
2023
$
$
Opening balance
619,555
1,104,972
Additions
181,507
-
Interest expense
39,669
97,664
Lease payments
(606,404)
(583,081)
Closing balance
234,327
619,555
NOTE 19. DERIVATIVE FINANCIAL LIABILITIES
Consolidated
2024
2023
$
$
Current liabilities
Derivative liability - share options
502,990
-
Consolidated
2024
2023
$
$
Opening balance
-
-
Issued during the year
1,585,937
-
Fair value movement
(1,082,947)
-
Closing balance
502,990
-
The derivative instrument relates to share options issued to a lender, Choice Investments (Dubbo) Pty Ltd (refer to
note 17).
The share options derivative liability amount represents the additional value provided to the lender compared to
a standard loan that does not include an option to convert the share options into ordinary shares of DGR Global
Limited. For accounting purposes, the share options feature is accounted for separately from the loan as a
derivative financial instrument and is carried at fair value.
The fair value of the derivative was estimated using the Black-Scholes option pricing model using inputs that are
not based on observable market data.
The key inputs into the valuation model at initial recognition and reporting date were:
Share price at
Exercise
Expected
Dividend
Risk-free
Fair value at
Valuation date
Expiry date
valuation date
price
volatility
yield
interest rate
valuation date
19/01/2024
19/01/2027
$0.020
$0.03
80%
-
3.867%
$0.00881
30/06/2024
19/01/2027
$0.011
$0.03
80%
-
4.107%
$0.00279
Refer to note 24 for further information on financial instruments.
Refer to note 25 for further information on fair value measurement.
DGR Global Limited Annual Report for the year Ended 30 June 2024
68
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
NOTE 20. PROVISIONS
Consolidated
2024
2023
$
$
7,504
2,466
1,476,516
1,476,516
1,484,020
1,478,982
Non-Current Liabilities
Long service leave Site
restoration
Site Restoration
The Group has conducted an extensive review of the environmental status of the Mining Leases with a view to
making an assessment of the appropriate provision it should make for liabilities in respect of rehabilitation and
restoration. In the course of this exercise, advice was received from different parties providing estimations on the
potential costs for future rehabilitation and restoration. Based on this information, the Group has provided in
respect of these restoration liabilities, an amount of $1,476,516.
NOTE 21. ISSUED CAPITAL
Consolidated
2024
2023
2024
2023
Shares
Shares
$
$
1,043,695,978
1,043,69
3,478
57,932,487
57,932,187
Ordinary shares - fully paid
Movements in ordinary hare capital
Details
Date
Shares
Issue price
$
Balance
1 July 2022
1,043,693,478
57,932,187
Balance
30 June 2023
1,043,693,478
57,932,187
Options exercised
25 September 2023
2,500
$0.120
300
Balance
30 June 2024
1,043,695,978
57,932,487
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company
in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par
value and the Company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a
poll each share shall have one vote.
Options
As at 30 June 2024, there were 180,000,000 unissued ordinary shares of DGR Global Ltd under option, held as follows:
Options on Issue in DGR Global Limited
Number
Exercise Price $
Expiry
Unquoted options
180,000,000
0.030
19/01/2027
DGR Global Limited Annual Report for the year Ended 30 June 2024
69
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 21. Issued capital (continued)
Share Buy-Back
There is no current on-market share buy-back.
Capital Risk Management
Management controls the capital of the Group in order to provide capital growth to shareholders and ensure the
Group can fund its operations and continue as a going concern. The Group’s capital comprises equity as shown
on the statement of financial position. There are no externally imposed capital requirements. Management
effectively manages the Group’s capital by assessing the Group’s financial risk and adjusting its capital structure
in response to changes in these risks and the market. These responses include the management of share issues.
The capital risk management policy remains unchanged from the 2023 Annual Report.
NOTE 22. RESERVES
Consolidated
2024
2023
$
$
29,152,116
57,400,777
8,798,531
8,798,531
18,002,422
18,002,422
8,854,067
8,854,067
64,807,136
93,055,797
Financial assets at fair value through other comprehensive income reserve
Share-based payments reserve
Change in proportionate interest reserve
Profit reserve
Share-Based Payments Reserve
The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their
remuneration, and other parties as part of their compensation for services.
Change in Proportionate Interest Reserve
The change in proportionate interest reserve is used to recognise differences between the amount by which non-
controlling interests are adjusted and any consideration paid or received which may arise as a result of transactions
with non-controlling interests that do not result in a loss of control.
Financial Assets Revaluation Reserve
Changes in the fair value of investments, such as equities, classified as financial assets at fair value through other
comprehensive income, are recognised in other comprehensive income, as described in note 1 and accumulated
in this separate reserve within equity.
Profit Reserve
The profit reserve is used to quarantine annual profits when available. This allows the Company to be able to pay
dividends to shareholders at its discretion.
DGR Global Limited Annual Report for the year Ended 30 June 2024
70
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 22. Reserves (continued)
Movements in Reserves
Movements in each class of reserve during the current and previous financial year are set out below:
Financial
assets
revaluation
reserve
Share-based
payments
reserve
Change in
proportionate
interest reserve Profit reserve
Total
Consolidated
$
$
$
$
$
Balance at 1 July 2022
87,793,792
8,798,531
18,002,422
8,854,067 123,448,812
Revaluation - gross
(47,624,232)
-
-
- (47,624,232)
Deferred tax
17,273,217
-
-
-
17,273,217
Share of other comprehensive income in
associate (net of tax)
(42,000)
-
-
-
(42,000)
Balance at 30 June 2023
57,400,777
8,798,531
18,002,422
8,854,067
93,055,797
Revaluation - gross
(34,054,404)
-
-
- (34,054,404)
Deferred tax
5,805,743
-
-
-
5,805,743
Balance at 30 June 2024
29,152,116
8,798,531
18,002,422
8,854,067
64,807,136
NOTE 23. DIVIDENDS
There were no dividends paid, recommended or declared during the current or previous financial year.
NOTE 24. FINANCIAL INSTRUMENTS
General Objectives, Policies and Processes
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This
note describes the Group’s objectives, policies and processes for managing those risks and the methods used to
measure them. Further quantitative information in respect of these risks is presented throughout these financial
statements.
There have been no substantive changes in the Group’s exposure to financial instrument risks, its objectives, policies
and processes for managing those risks, or the methods used to measure them from previous periods unless
otherwise stated in this note. The Group’s financial instruments consist mainly of deposits with banks, receivables
and payables, shares in listed corporations, investments in convertible notes and corporate bonds.
The Board has overall responsibility for the determination of the Group’s risk management objectives and policies
and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating
processes that ensure the effective implementation of the objectives and policies to the Group’s finance function.
The Group's risk management policies and objectives are designed to minimise the potential impacts of these risks
on the results of the Group where such impacts may be material.
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting
the Group’s competitiveness and flexibility. Further details regarding these matters are set out below.
DGR Global Limited Annual Report for the year Ended 30 June 2024
71
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 24. Financial Instruments (continued)
Consolidated
2024
2023
$
$
1,931,618
2,432,190
239,319
3,445,070
39,446,621
75,681,695
-
14,986,540
2,231,542
2,137,230
-
1,014,836
43,849,100
99,697,561
1,515,220
1,483,685
234,327
619,555
10,067,647
3,302,380
502,990
-
12,320,184
5,405,620
Financial Assets
Cash and cash equivalents
Trade and other receivables
Financial assets at fair value through other comprehensive income
Financial assets at fair value through profit or loss
Security bonds
Corporate bonds
Financial Liabilities
Trade and other payables
Lease liabilities
Borrowings
Derivative financial liabilities
Market risk
Foreign Currency Risk
The Group is exposed to foreign currency risk principally from commercial transactions and valuations of assets
that are denominated in a currency that is not the Group's functional currency, Australian Dollars.
The table below demonstrates the sensitivity to a reasonably possible change in the United States dollar and the
Pound Sterling (GBP) against the Australian dollar for commercial transactions entered into by the Group. The
Group did not have any significant foreign exchange exposure on commercial transactions at 30 June 2024.
Change in US
dollar rate
Effect on profit
before tax
Change in GBP
rate
Effect on profit before tax
%
$
%
$
2023
10%
28,453
10%
81,708
(10%)
(34,776)
(10%)
(99,865)
The table below demonstrates the sensitivity to a reasonably possible change in the Pound Sterling (GBP) against
the Australian dollar for financial assets held at fair value through other comprehensive income that are
denominated in GBP:
Change in GBP
rate
Effect on equity
%
$
2024
10%
3,420,404
(10%)
(3,420,404)
2023
10%
6,212,693
(10%)
(6,212,693)
DGR Global Limited Annual Report for the year Ended 30 June 2024
72
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 24. Financial instruments (continued)
Price Risk
The Group has performed a sensitivity analysis relating to its exposure to equity securities price risk. The sensitivity
demonstrates the effect on pre-tax profit and equity which could result from a change in these risks. The Group’s
exposure to equity securities price risk arises from investments held by the Group and classified in the statement of
financial position either as at fair value through other comprehensive income (FVOCI) or at fair value through profit
or loss (FVPL).
The effect on equity as a result of changes in equity security prices would be as follows:
Average price increase
Average price decrease
Consolidated - 2024
% change
Effect on loss
before tax
Effect on other
components
of equity
% change
Effect on loss
before tax
Effect on other
components
of equity
Equity securities
15%
-
5,917,556
15%
-
(5,917,556)
Average price increase
Average price decrease
Consolidated - 2023
% change
Effect on loss
before tax
Effect on other
components
of equity
% change
Effect on loss
before tax
Effect on other
components
of equity
Equity securities
15%
2,228,115
13,580,369
15%
(2,228,115) (13,580,369)
Pre-tax profit for the period would increase/decrease as a result of gains/losses on equity securities classified as at
FVPL. Other components of equity would increase/decrease as a result of gains/losses on equity securities classified
as at FVOCI. There were no securities at FVPL at 30 June 2024.
The analysis assumes all other variables remain constant. It also assumes the investment in SolGold plc, Canadian
Nexus Team Ventures Corp (formerly Block X Capital Corp.), Clara Resources Australia Ltd (formerly Aus Tin Mining
Ltd), NewPeak Metals Ltd, Lakes Blue Energy NL (formerly Lakes Oil NL), Atlantic Lithium Ltd (formerly IronRidge
Resources Ltd) and Challenger Energy Group plc, were remeasured to fair value on 30 June 2024 (and that the
15% change had occurred as at that date).
It should be noted that the investment in the associate is not included in the above analysis as it is outside the
scope of Accounting Standard AASB 9 Financial Instruments, as it is accounted for in accordance with Accounting
Standard AASB 128 Investments in Associates and Joint Ventures.
Interest Rate Risk
The objective of interest rate risk management is to manage and control interest rate risk exposures with
acceptable parameters while optimising the return. Interest rate risk is managed with a mixture of fixed and floating
rate instruments. For further details on interest rate risk refer to the tables below:
DGR Global Limited Annual Report for the year Ended 30 June 2024
73
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 24. Financial instruments (continued)
Weighted
average
effective
interest rate*
Floating
interest rate
Fixed interest
rate
Non-interest
bearing
Total carrying
amount
%
$
$
$
$
0.01%
1,931,618
-
-
1,931,618
-
-
-
239,319
239,319
-
-
-
41,678,163
41,678,163
1,931,618
-
41,917,482
43,849,100
-
-
-
1,515,220
1,515,220
7.00%
-
234,327
-
234,327
41.74%
-
9,693,042
-
9,693,042
-
-
-
502,990
502,990
2024
Financial Assets
Cash and cash equivalents
Trade and other receivables
Other financial assets
Total financial assets
Financial Liabilities
Trade and other payables
Lease liabilities
Borrowings**
Derivative financial liabilities
Total financial liabilities
-
9,927,369
2,018,210
11,945,579
Weighted average
effective interest rate*
Floating
interest rate
Fixed interest
rate
Non-interest
bearing
Total carrying
amount
%
$
$
$
$
0.01%
2,432,190
-
-
2,432,190
10.00%
-
2,000,000
1,445,070
3,445,070
14.60%
-
15,868,937
77,951,364
93,820,301
2,432,190
17,868,937
79,396,434
99,697,561
-
-
-
1,483,685
1,483,685
12.00%
-
619,555
-
619,555
3.50%
-
3,302,380
-
3,302,380
2023
Financial Assets
Cash and cash equivalents
Trade and other receivables
Other financial assets
Total financial assets
Financial Liabilities
Trade and other payables
Lease liabilities
Borrowings
Total financial liabilities
-
3,921,935
1,483,685
5,405,620
*
On interest bearing portion
**
Excludes borrowing costs
At 30 June 2024, if interest rates had increased by 25 basis points (bps) from the year-end rates with all other
variables held constant, pre-tax loss for the year would have been $4,829 lower (2023 changes of 25 bps: pre-tax
loss $6,582 lower), as a result of higher interest income from cash and cash equivalents.
Credit Risk
Credit risk is the risk that the other party to a financial instrument will fail to discharge their obligation resulting in the
Group incurring a financial loss. This usually occurs when counterparties fail to settle their obligations owing to the
Group. The Group’s objective is to minimise the risk of loss from credit risk exposure.
DGR Global Limited Annual Report for the year Ended 30 June 2024
74
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 24. Financial Instruments (continued)
The maximum exposure to credit risk, excluding the value of any collateral or other security, in the event other
parties fail to discharge their obligations under financial instruments in relation to each class of financial asset at
reporting date is the carrying amount in the statement of financial position which, for the relevant assets, is
summarised in the table above.
Credit risk is reviewed regularly by the Board and the audit committee. It primarily arises from exposure to
receivables as well as through deposits with financial institutions. There is no collateral held as security.
The Group’s material credit risk exposure is to loans with related parties, related party debtors, investments in
convertible notes and corporate bonds.
Liquidity Risk
Liquidity risk is the risk that the Group may encounter difficulties raising funds to meet financial obligations as they
fall due. The objective of managing liquidity risk is to ensure, as far as possible, that the Group will always have
sufficient liquidity to meets its liabilities when they fall due, under both normal and stressed conditions.
Liquidity risk is reviewed regularly by the Board and the audit committee.
The Group manages liquidity risk by monitoring forecast cash flows and liquidity ratios such as working capital. The
Group’s working capital, being current assets less current liabilities, has increased from a deficit of $931,105 at 30
June 2023 to a deficit of $9,779,884 at 30 June 2024.
Remaining Contractual Maturities
The following tables detail the Group's remaining contractual maturity for its financial instrument liabilities. The
tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date
on which the financial liabilities are required to be paid. The tables include both interest and principal cash flows
disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in
the statement of financial position.
6 Months or less
6-12 Months
1-3 Years
Over 3 Years
Remaining
contractual
maturities
Consolidated - 2024
$
$
$
$
$
1,515,220
-
-
-
1,515,220
96,529
55,917
93,958
-
246,404
9,481,923
29,988
1,741,551
-
11,253,462
Non-Derivatives
Non-interest bearing Trade
and other payables
Interest-Bearing - fixed rate
Lease liability
Borrowings
Total non-derivatives
11,093,672
85,905
1,835,509
-
13,015,086
DGR Global Limited Annual Report for the year Ended 30 June 2024
75
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 24. Financial Instruments (continued)
6 Months or less
6-12 Months
1-3 Years
Over 3 Years
Remaining
contractual
maturities
Consolidated - 2023
$
$
$
$
$
Non-derivatives
Non-interest bearing
Trade and other payables
1,483,685
-
-
-
1,483,685
Interest-bearing - fixed rate
Lease liability
302,227
304,177
50,696
-
657,100
Borrowings
54,545
54,545
3,171,407
-
3,280,497
Total non-derivatives
1,840,457
358,722
3,222,103
-
5,421,282
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually
disclosed above.
Fair Value of Financial Instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
NOTE 25. FAIR VALUE MEASUREMENT
Fair Value Hierarchy
The following tables detail the Group's assets and liabilities, measured or disclosed at fair value, using a three level
hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at
the measurement date
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly
Level 3: Unobservable inputs for the asset or liability
Level 1
Level 2
Level 3
Total
Consolidated - 2024
$
$
$
$
Assets
Financial assets at fair value through other comprehensive
income
39,446,621
-
-
39,446,621
Total assets
39,446,621
-
-
39,446,621
Liabilities
Derivative financial liabilities
-
-
(502,990)
(502,990)
Total liabilities
-
-
(502,990)
(502,990)
Level 1
Level 2
Level 3
Total
Consolidated - 2023
$
$
$
$
Assets
Financial assets at fair value through other
comprehensive income
75,681,695
-
-
75,681,695
Financial assets at fair value through profit or loss
132,439
-
14,854,101
14,986,540
Total assets
75,814,134
-
14,854,101
90,668,235
DGR Global Limited Annual Report for the year Ended 30 June 2024
76
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 25. Fair Value Measurement (continued)
There were no transfers between levels during the financial year.
Valuation Techniques for Fair Value Measurements Categorised within Level 1
The financial assets at fair value through other comprehensive income are measured based on the quoted
market prices at 30 June 2024 and 30 June 2023.
Valuation tTechniques for Fair Value Measurements Categorised within Level 2 and Level 3
Level 2:
The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific
estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in
level 2.
Level 3:
Financial Assets at Fair Value through Profit or Loss
All financial assets at fair value through profit or loss at 30 June 2024 were impaired. These assets comprised
redeemable exchangeable notes and options in Armour Energy Limited that were written down to $nil as a result
of Armour Energy Limited being placed in voluntary administration on 10 November 2023 and subsequently placed
into liquidation on 19 January 2024 (refer note 36).
The financial assets at fair value through profit or loss at 30 June 2023 comprised redeemable exchangeable notes
in McArthur Oil & Gas Limited (MOG). The notes comprised a debt component and an equity component. The
debt component was valued using a discounted cash flow method and the equity component was valued as an
option. The combined value of the debt and equity components comprised the total fair value of the respective
notes. At the date of valuation, the conversion of the notes into shares was uncertain. Additionally, the
Company's notes could have been redeemed where there was an Exit Event or an Event of Default and if
either of these events occurred, then the notes would be repaid at face value, thereby forfeiting the equity
exchange. At the date of valuation of 30 June 2023, management expected that the IPO and Exit event were
not going to occur, and the outcome would be that the notes would be redeemed via either cash or a swap for
different convertible notes. Therefore, without a conversion to shares there was no equity uplift and no equity
value in the redeemable exchangeable notes.
DGR Global Limited Annual Report for the year Ended 30 June 2024
77
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 25. Fair Value Measurement (continued)
Derivative Financial Liabilities
The fair value of the derivative financial liabilities has been estimated using the Black-Scholes option pricing model.
The significant input to the pricing model is the expected volatility of the share price of DGR Global Limited which
was based on the volatility of a group of operationally similar ASX-listed companies to DGR Global Limited. A
reasonably possible change in volatility would not have a material impact on the value of the share options. Refer
to note 19 for details of the significant inputs to the valuation.
Level 3 Financial Instruments
Movements in level 3 financial instruments during the current and previous financial year are set out below:
Financial assets at fair
value through profit or
loss
Derivative
financial
liabilities
Total
Consolidated
$
$
$
Balance at 1 July 2022
7,060,175
-
7,060,175
Additions
13,180,366
-
13,180,366
Losses recognised in profit or loss
(1,581,005)
-
(1,581,005)
Disposals
(3,805,435)
-
(3,805,435)
Balance at 30 June 2023
14,854,101
-
14,854,101
Additions
5,631,124
(1,585,937)
4,045,187
Gains recognised in profit or loss
-
1,082,947
1,082,947
Conversion into shares in Armour Energy Ltd
(160,000)
-
(160,000)
Losses recognised in profit or loss (note 36)
(20,325,225)
-
(20,325,225)
Balance at 30 June 2024
-
(502,990)
(502,990)
Total losses for the previous year included in profit or loss that
relate to level 3 assets held at the end of the previous year
(1,581,005)
-
(1,581,005)
Total losses for the current year included in profit or loss that
relate to level 3 assets held at the end of the current year
(20,325,225)
-
(20,325,225)
Total gains for the current year included in other comprehensive
income that relate to level 3 assets held at the end of the current
year
-
1,082,947
1,082,947
NOTE 26. KEY MANAGEMENT PERSONNEL DISCLOSURES
Compensation
The aggregate compensation made to directors and other members of key management personnel of the Group
is set out below:
Consolidated
2024
2023
$
$
Short-term employee benefits
976,076
940,000
Post-employment benefits
30,277
25,181
1,006,353
965,181
DGR Global Limited Annual Report for the year Ended 30 June 2024
78
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
NOTE 27. REMUNERATION OF AUDITORS
During the financial year the following fees were paid or payable for services provided by BDO Audit Pty Ltd, the
auditor of the Company:
Consolidated
2024
2023
$
$
Audit services - BDO Audit Pty Ltd
Audit or review of the financial statements
322,030
276,895
NOTE 28. CONTINGENT LIABILITIES
On or about 8 September 2017 DGR Global Limited and Armour Energy Limited agreed that Armour Energy Limited
would hold an 83.18% interest in the exploration licence that was subsequently granted to it by the Ugandan
government on 14 September 2017 (and the associated Production Sharing Agreement (the PSA)), on trust for DGR
Global Limited (the Letter Agreement). The 83.18% interest was transferred to DGR Global in December 2021
through the issue of 3,066,000 shares in Armour Energy International Pty Ltd to DGR Global Limited. The Exploration
Licence was renewed for a further two year term on 13 September 2019 (the Renewed Licence) and the term has
been further extended due to various conditions of Force Majeure through to 28 May 2023. The licence was
renewed for a further two year period on 12 May 2023. On or about 18 December 2019, DGR Global Limited and
Armour Energy Limited entered into a deed of guarantee and indemnity (the Deed of Guarantee and Indemnity)
pursuant to which DGR Global Limited indemnifies and will keep Armour Energy Limited indemnified against a
maximum of 83.18% of Armour’s liability for: a) all costs associated with complying with the obligations under the
Renewed Licence; and b) any claim, demand, debt, action, proceeding, cost, charge, expense, damage, loss or
other liability related to the renewed Licence (other than where the same arises solely as a consequence of the
fraud, misconduct, negligence or material breach of the PSA, Letter Agreement or the Deed of Guarantee and
Indemnity by Armour Energy). Furthermore, DGR Global Limited agrees to guarantee and indemnify Armour Energy
Limited for the due, punctual and complete performance by Armour Energy Limited’s subsidiary (Armour Uganda),
of all of its obligations under the Renewed Licence, once the Renewed Licence has been transferred to Armour
Uganda. DGR Global Limited estimates its current contingent liability under the Deed of Guarantee and Indemnity
at approximately US$7.5 million.
DGR Global Limited Annual Report for the year Ended 30 June 2024
79
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
NOTE 29. COMMITMENTS
Consolidated
2024
2023
$
$
19,869,595
3,420,383
Future Exploration
The Group has certain obligations to expend minimum amounts on exploration in
tenement areas, or obligations to complete defined exploration programs (with
budgets submitted). These obligations may be varied from time to time and are
expected to be fulfilled in the normal course of operations of the Group.
Committed at the reporting date but not recognised as liabilities, payable:
Within one year
One to five years
11,751,248
33,450,793
31,620,843
36,871,176
To keep the exploration permits in good standing, work programs should meet certain minimum expenditure
requirements. If the minimum expenditure requirements are not met, the Group has the option to negotiate new
terms or relinquish the tenements. The Group also has the ability to meet expenditure requirements by joint venture
or farm-in agreements.
From 1 September 2023, the Queensland Government reduced the rent for new and existing exploration permits
for minerals to $nil for 5 years. No rent will need to be paid for exploration permits for minerals (EPMs) with granted
or anniversary dates between 1 September 2023 and 31 August 2028. EPMs are granted for up to 5 years, and
consequently, no rental commitments have been disclosed for the next 5 years.
NOTE 30. RELATED PARTY TRANSACTIONS
Parent Entity
DGR Global Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 32.
Associates
Interests in associates are set out in note 12.
Key Management Personnel
Disclosures relating to key management personnel are set out in note 26 and the remuneration report included in
the directors' report.
Transactions with Related Parties
The following transactions occurred with related parties:
DGR Global Limited Annual Report for the year Ended 30 June 2024
80
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 30. Related Party Transactions (continued)
Consolidated
2024
2023
$
$
Provision of services to:
Armour Energy Limited (a)
164,667
456,000
Interest revenue:
Loans to Armour Energy Limited
103,124
75,000
Corporate Bonds with Armour Energy Limited
51,623
175,016
Redeemable exchangeable notes with McArthur Oil and Gas Limited
282,839
1,814,197
Convertible notes with Armour Energy Limited
469,863
-
Payment for goods and services:
Payment for services from Hopgood Ganim Lawyers (b)
996,713
145,191
Payment for services from Samuel Capital Pty Limited (c)
143,859
111,756
(a) DGR Global Limited had a commercial agreement with Armour Energy Limited for the provision of
administrative services. In consideration for the provision of the services, DGR Global Limited received a
monthly administration fee.
(b) Mr Brian Moller (a Director) was a partner in the firm HopgoodGanim Lawyers and retired on 30 June 2024.
HopgoodGanim provides legal services to the Group based on normal commercial terms and conditions.
(c)
DGR Global Limited has a commercial agreement with Samuel Capital Pty Limited, an entity controlled by
Nick Mather, for the provision of administrative and marketing services.
Receivable from and Payable to Related Parties
The following balances are outstanding at the reporting date in relation to transactions with related parties:
Consolidated
2024
2023
$
$
Current receivables:
Trade receivables - Armour Energy Limited
-
1,375,497
Trade receivables - McArthur Oil and Gas Limited
-
903,540
Trade receivables - other related parties
-
310,643
Interest receivable from McArthur Oil & Gas Limited
-
439,500
Interest receivable from Armour Energy Limited
-
116,725
Non-current financial assets:
Corporate bonds - Armour Energy Limited
-
1,014,836
Redeemable exchangeable notes - McArthur Oil and Gas Limited
-
14,854,101
Current payables:
Trade payables - HopgoodGanim Lawyers
16,309
14,064
Trade payables - Samuel Capital Pty Limited
8,740
41,585
DGR Global Limited Annual Report for the year Ended 30 June 2024
81
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 30. Related party transactions (continued)
Loans to/from Related Parties
The following balances are outstanding at the reporting date in relation to loans with related parties:
Consolidated
2024
2023
$
$
Non-Current Receivables:
Loan to associate
-
2,620,828
The loan to the associate was unsecured and had no fixed repayment terms. Interest was charged at 10% per
annum on $2,000,000 and the remaining balance was interest free. The loan was impaired in the 2024 financial
year.
NOTE 31. PARENT ENTITY INFORMATION
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Parent
2024
2023
$
$
Loss after income tax
(47,962,540)
(9,154,386)
Other comprehensive income for the year, net of tax
(28,248,661) (30,393,015)
Total comprehensive income
(76,211,201) (39,547,401)
DGR Global Limited Annual Report for the year Ended 30 June 2024
82
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 31. Parent entity information (continued)
Statement of Financial Position
Parent
2024
2023
$
$
Total current assets
2,144,061
4,061,127
Total non-current assets
44,039,813
117,649,731
Total assets
46,183,874
121,710,858
Total current liabilities
11,596,328
3,680,758
Total non-current liabilities
5,183,036
12,414,688
Total liabilities
16,779,364
16,095,446
Net assets
29,404,510
105,615,412
Equity
Issued capital
57,932,487
57,932,188
Financial assets at fair value through other comprehensive income reserve
29,152,115
57,400,776
Share-based payments reserve
8,798,531
8,798,531
Profit reserve
8,854,067
8,854,067
Accumulated losses
(75,332,690)
(27,370,150)
Total equity
29,404,510
105,615,412
At 30 June 2024, the Company’s investments in associates and investments at fair value through other
comprehensive income (excluding investments in Corporate Bonds and investments in unlisted corporate entities)
are as follows:
Quoted value
Listed Investments
Number of shares Share price*
$
1,250
C$0.07
96
204,151,800
£0.0876 33,899,087
8,034,007
A$0.020
160,680
23,851,041
A$0.014
333,917
12,148,875
£0.206
4,743,884
3,748,699
-
-
114,914,001
£0.001
308,957
Other Financial Assets at Fair Value through Other Comprehensive
Income:
Canadian Nexus Team Ventures Corp. (formerly Block X Capital Inc.)
SolGold Plc
NewPeak Metals Limited
Clara Resources Australia Limited (formerly Aus Tin Mining Limited)
Atlantic Lithium Limited (formerly IronRidge Resources Limited)
Lakes Blue Energy NL (formerly Lakes Oil NL)**
Challenger Energy Group Plc
Total Quoted Value
39,446,621
DGR Global Limited Annual Report for the year Ended 30 June 2024
83
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 31. Parent entity information (continued)
*
Share price represents the market quoted price for listed investments at 30 June 2024. All quoted values above
are level 1 in the fair value hierarchy.
**
Lakes Blue Energy NL has been suspended from the ASX since 2 October 2023.
Guarantees Entered into by the Parent Entity in Relation to the Debts of its Subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2024 and 30 June 2023.
Contingent Liabilities
Refer to note 28 for details of the parent entity's contingent liabilities.
Capital Commitments – Property, Plant and Equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2024 and 30 June
2023.
Significant Accounting Policies
The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 1, except
for the following:
▪
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
▪
Investments in associates are accounted for at cost, less any impairment, in the parent entity.
▪
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt
may be an indicator of an impairment of the investment.
DGR Global Limited Annual Report for the year Ended 30 June 2024
84
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
DGR Global Limited Annual Report for the year Ended 30 June 2024
NOTE 32. INTERESTS IN SUBSIDIARIES
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 1:
Ownership interest
Principal place of business /
2024
2023
Name
Country of incorporation
%
%
Auburn Resources Limited*
Australia
39%
39%
Barlyne Mining Pty Limited*
Australia
39%
39%
Pennant Resources Pty Limited*
Australia
39%
39%
Ripple Resources Pty Limited*
Australia
39%
39%
DGR Energy Pty Limited***
Australia
100%
100%
Coolgarra Minerals Pty Limited
Australia
100%
100%
DGR Zambia Limited
Zambia
100%
100%
Hartz Rare Earths Pty Limited
Australia
100%
100%
Pinnacle Gold Pty Limited
Australia
94%
94%
Tinco Pty Limited
Australia
100%
100%
DGR Bolivia Pty Limited
Australia
100%
100%
Andean Explomining SRL
Bolivia
100%
100%
Armour Energy International Limited**
Australia
83%
83%
Armour Energy (Uganda) - SMC Limited**
Uganda
83%
83%
DGR Energy Turaco Uganda - SMC Limited***
Uganda
100%
100%
Conjugate Energy Limited
United Kingdom
50%
50%
*
Auburn Resources Limited is the immediate parent of Barlyne Mining Pty Limited, Pennant Resources Pty
Limited and Ripple Resources Pty Limited. These companies are wholly owned and directly held by Auburn
Resources Limited and indirectly by DGR Global Limited.
**
Armour Energy International Limited is the immediate parent of Armour Energy (Uganda) - SMC Limited.
*** DGR Energy Pty Limited is the immediate parent of DGR Energy Turaco Uganda - SMC Limited.
Summarised Financial Information
Summarised financial information of the subsidiary with non-controlling interests that are material to the Group are
set out below:
85
85
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 32. Interests in subsidiaries (continued)
Auburn Resources Ltd
2024
2023
$
$
13,668
20,341
2,147,928
5,242,948
2,161,596
5,263,289
1,211,302
1,066,478
1,211,302
1,066,478
950,294
4,196,811
(3,235,547)
(61,868)
(3,235,547)
(61,868)
Summarised Statement of Financial Position
Current assets
Non-current assets
Total assets
Current liabilities
Total liabilities
Net assets
Summarised Statement of Profit or Loss and other Comprehensive Income
Expenses
Loss before income tax expense
Income tax expense
-
-
Loss after income tax expense
(3,235,547)
(61,868)
Other comprehensive income
-
-
(3,235,547)
(61,868)
(215,191)
11,909
(156,054)
(620,702)
365,286
610,907
(5,959)
2,114
(1,973,684)
(37,528)
595,583
2,569,267
Total comprehensive income
Statement of Cash Flows
Net cash (used in)/from operating activities
Net cash used in investing activities
Net cash from financing activities
Net increase/(decrease) in cash and cash equivalents
Other Financial Information
Loss attributable to non-controlling interests
Accumulated non-controlling interests at the end of reporting period
Significant Restrictions
There are no significant restrictions on the ability of DGR Global Limited to access the assets of the subsidiaries with
non-controlling interests.
Transactions with Non-Controlling Interests
There were no transactions with non-controlling interests during the year ended 30 June 2024.
NOTE 33. EVENTS AFTER THE REPORTING PERIOD
Subsequent to 30 June 2024 the Group were in breach of certain loan covenants. Refer to note 17 for details.
No other matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly
affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
DGR Global Limited Annual Report for the year Ended 30 June 2024
86
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
For the year ended 30 June 2024 (continued)
NOTE 34. CASH FLOW INFORMATION
Reconciliation of Loss After Income Tax to Net Cash used in Operating Activities
Consolidated
2024
2023
$
$
(50,432,793)
(9,547,919)
456,217
442,608
24,337,800
(353,127)
20,985,468
229,372
1,176,893
4,314,949
(1,082,947)
(840,104)
-
2,271,154
-
(2,191,867)
1,642,754
-
(25,637)
185,518
Loss after income tax expense for the year
Adjustments for:
Depreciation
Net impairment and fair value movements in Armour Energy Limited assets
Exploration assets impaired and written-off
Share of loss - associates
Movement in fair value of options, convertible note receivable and derivative liability
Impairment - trade receivables
Interest receivable on convertible notes capitalised
Finance costs - non-cash
Foreign currency differences
Change in Operating Assets and Liabilities:
Increase in trade and other receivables
(2,076,362)
(1,073,642)
Decrease in deferred tax assets
5,805,743
-
Increase in prepayments
(8,041)
(25,634)
Increase in other operating assets
(2,254)
-
Increase/(decrease) in trade and other payables
31,535
(39,327)
Increase/(decrease) in provision for income tax
(674,717)
2,207,498
Increase/(decrease) in deferred tax liabilities
(5,702,958)
784,589
Increase/(decrease) in employee benefits
5,038
(10,791)
Increase in other provisions
-
40,101
Net cash used in operating activities
(5,564,261)
(3,606,622)
Changes in Liabilities Arising from Financing Activities
Loan - Equities
First Holdings
LLC
Loan - Choice
Investments
(Dubbo) Pty
Ltd
Derivative
financial
liability -
Choice loan
Leases
Total
Consolidated
$
$
$
$
$
Balance at 1 July 2022
3,116,862
-
-
1,104,972
4,221,834
Net cash used in financing activities
-
-
-
(485,417)
(485,417)
Exchange differences
185,518
-
-
-
185,518
Balance at 30 June 2023
3,302,380
-
-
619,555
3,921,935
Net cash from/(used in) financing activities
1,734,087
5,000,000
-
(566,735)
6,167,352
Accrued interest
-
1,268,149
-
-
1,268,149
Additions - office lease
-
-
-
181,507
181,507
Accrual of transaction costs
-
241,565
-
-
241,565
Transaction costs offset against the loan
-
(241,565)
-
-
(241,565)
Bifurcation of derivative instrument
-
(1,585,937)
1,585,937
-
-
Accrual of back-end fee
-
250,000
-
-
250,000
Amortisation of transaction costs
-
124,605
-
-
124,605
Exchange differences
(25,637)
-
-
-
(25,637)
Changes in fair values
-
-
(1,082,947)
-
(1,082,947)
Balance at 30 June 2024
5,010,830
5,056,817
502,990
234,327
10,804,964
DGR Global Limited Annual Report for the year Ended 30 June 2024
87
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
NOTE 35. EARNINGS PER SHARE
Consolidated
2024
2023
$
$
Loss after income tax
(50,432,793)
(9,547,919)
Non-controlling interest
3,783,062
24,366
Loss after income tax attributable to the owners of DGR Global Limited
(46,649,731)
(9,523,553)
Number
Number
Weighted average number of ordinary shares used in calculating basic
earnings per share
1,043,695,390
1,043,693,478
Weighted average number of ordinary shares used in calculating diluted
earnings per share
1,043,695,390
1,043,693,478
Cents
Cents
Basic earnings per share
(4.5)
(0.9)
Diluted earnings per share
(4.5)
(0.9)
Options granted are not included in the determination of diluted earnings per share as they are considered to be
anti-dilutive.
NOTE 36. ARMOUR ENERGY LIMITED
Receivers and Managers, and Voluntary Administrators were appointed to Armour Energy Limited (Armour Energy)
on 10 November 2023 and Armour Energy was suspended from the ASX on the same date. On 19 January 2024,
the creditors of the Armour Energy Group of companies resolved that Armour Energy Limited be wound up, and
liquidators were appointed. Additionally, the respective creditors of Armour Energy's subsidiaries resolved:
▪
McArthur Oil and Gas Ltd and McArthur NT Pty Ltd be wound up; and
▪
Armour Energy (Surat Basin) Pty Ltd, Armour Energy (Victoria) Pty Ltd, CoEra Pty Ltd, Holloman Petroleum
Pty Ltd, and Cordillo Energy Pty Ltd (DOCA Companies) enter into a deed of company arrangement
with ADZ Energy Pty Ltd (ADZ).
On 22 January 2024, Armour Energy Limited sold its interests in the DOCA Companies to ADZ with completion
occurring on the same day. Additionally, Armour Energy and MNT sold their interests in certain Northern Territory
tenements to a subsidiary of ADZ. As a consequence of the above and satisfaction of other conditions, the DOCA
was effectuated and the "Armour Energy Creditors Trust" was established.
While Armour Energy Limited retains some residual assets such as its investments in Conjugate Energy Limited (UK
incorporated company) and Auburn Resources Limited, as a result of the ADZ transaction and the transfer of its
employees, its primary operations have now ceased.
Management have determined that, in light of the uncertainty of any returns to creditors and shareholders from
the liquidation process, the carrying amount of remaining shares and receivables has been assessed as $nil.
DGR Global Limited Annual Report for the year Ended 30 June 2024
88
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 30 June 2024 (continued)
Note 36. Armour Energy Limited (continued)
Net impairment and fair value movements in Armour Energy Limited assets:
Consolidated
Note
2024
2023
$
$
Reversal of impairment - corporate bond investments
13(c)
397,527
147,064
(Impairment)/reversal of impairment - investment in associate
12
(1,924,179)
2,627,173
Movement in fair value of options
13(b)
(132,439)
-
Movement in fair value of convertible note receivable
13(b)
(20,325,225)
(2,421,110)
Impairment - interest receivable
10
(532,987)
-
Impairment - loan to Armour Energy Limited
10(b)
(3,007,458)
-
Reversal of impairment of trade receivables
10(a)
1,186,961
-
Net impairment and fair value movements in Armour Energy Limited assets
(24,337,800)
353,127
DGR Global Limited Annual Report for the year Ended 30 June 2024
89
CONSOLIDATED ENTITY DISCLOSURE
STATEMENT
For the year ended 30 June 2024 (continued)
Entity Name
Entity type
Place formed/
Country of
incorporation
Ownership
interest
%
Australian or
foreign resident
Foreign
tax
residency
DGR Global Limited (parent entity)
Body Corporate Australia
Australian
N/A
Auburn Resources Limited
Body Corporate Australia
39%
Australian
N/A
Barlyne Mining Pty Limited
Body Corporate Australia
39%
Australian
N/A
Pennant Resources Pty Limited
Body Corporate Australia
39%
Australian
N/A
Ripple Resources Pty Limited
Body Corporate Australia
39%
Australian
N/A
DGR Energy Pty Limited
Body Corporate Australia
100%
Australian
N/A
Coolgarra Minerals Pty Limited
Body Corporate Australia
100%
Australian
N/A
DGR Zambia Limited
Body Corporate Zambia
100%
Australian
N/A
Hartz Rare Earths Pty Limited
Body Corporate Australia
100%
Australian
N/A
Pinnacle Gold Pty Limited
Body Corporate Australia
94%
Australian
N/A
Tinco Pty Limited
Body Corporate Australia
100%
Australian
N/A
DGR Bolivia Pty Limited
Body Corporate Australia
100%
Australian
N/A
Andean Explomining SRL
Body Corporate Bolivia
100%
Australian
N/A
Armour Energy International Limited
Body Corporate Australia
83%
Australian
N/A
Armour Energy (Uganda) - SMC Limited
Body Corporate Uganda
83%
Australian
N/A
DGR Energy Turaco Uganda - SMC Limited Body Corporate Uganda
100%
Australian
N/A
Conjugate Energy Limited
Body Corporate United
Kingdom
50%
Australian
N/A
Basis of Preparation
This Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act
2001. It includes certain information for each entity that was part of the Group at the end of the financial year.
Determination of Tax Residency
Section 295 (3A) of the Corporation Acts 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. It should
be noted that the definitions of ‘Australian resident’ and ‘foreign resident’ in the Income Tax Assessment Act 1997
are mutually exclusive. This means that if an entity is an ‘Australian resident’ it cannot be a ‘foreign resident’ for the
purposes of disclosure in the CEDS.
In determining tax residency, the Group has applied the following interpretations:
(a) Australian Tax Residency
The Group has applied current legislation and judicial precedent, including having regard to the Tax
Commissioner's public guidance in Tax Ruling TR 2018/5.
(b) Foreign Tax Residency
Where necessary, the Group has used independent tax advisers in foreign jurisdictions to assist in determining tax
residency and ensure compliance with applicable foreign tax legislation.
DGR Global Limited Annual Report for the year Ended 30 June 2024
90
DIRECTORS’ DECLARATION
For the year ended 30 June 2024 (continued)
In the Directors' opinion:
▪
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting
Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
▪
the attached financial statements and notes comply with international Financial Reporting Standards as
issued by the international Accounting Standards Board as described in note 1 to the financial statements;
▪
the attached financial statements and notes give 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;
▪
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable; and
▪
the information disclosed in the attached consolidated entity disclosure statement is true and correct.
___________________________
Nicholas Mather
MANAGING DIRECTOR
30 September 2024
DGR Global Limited Annual Report for the year Ended 30 June 2024
91
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd
ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a
UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme
approved under Professional Standards Legislation.
Tel: +61 7 3237 5999
Fax: +61 7 3221 9227
www.bdo.com.au
Level 10, 12 Creek Street
Brisbane QLD 4000
GPO Box 457 Brisbane QLD 4001
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of DGR Global Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of DGR Global Limited (the Company) and its subsidiaries (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 report, including material accounting policy information, the consolidated entity
disclosure statement and the directors’ declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd
ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a
UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme
approved under Professional Standards Legislation.
Accounting treatment for Armour Energy Limited related assets
Key audit matter
How the matter was addressed in our audit
Refer to Note 36 in the annual report.
On 10 November 2023, Armour Energy Limited was
placed into voluntary administration. At this date, the
Group held a number of financial assets relating to
shares, options, corporate bonds and convertible note
receivables with Armour Energy Limited and their
subsidiary, McArthur Oil and Gas Limited.
This was a key audit matter due to the materiality of
the impairments and fair value adjustments and the
level of procedures undertaken to review
managements assessments of these balances.
We have performed the following audit procedures:
•
Evaluated management’s assessment on the
accounting treatment of Armour Energy Limited
related assets as at 30 June 2024.
•
Reviewed management’s calculation of the
group’s share of the associate’s profit/loss until
the date of administration to ensure the
disclosure is appropriate.
•
Evaluated management’s workings on all Armour
Energy related assets held by DGR to review the
accounting treatment both of movements during
the year and year end balances.
•
Reviewed the disclosures in the financial report.
Carrying value of exploration and evaluation assets
Key audit matter
How the matter was addressed in our audit
Refer to Note 15 in the annual report.
The Group carries exploration and evaluation assets as
at 30 June 2024 in accordance with the Group’s
accounting policy for exploration and evaluation
assets.
The recoverability of exploration and evaluation asset
is a key audit matter due to the significance of the
total balance and the level of procedures undertaken
to evaluate management’s application of the
requirements of AASB 6 Exploration for and Evaluation
of Mineral Resources (‘AASB 6’) in light of any
indicators of impairment that may be present.
Our audit procedures, amongst others, included:
•
Obtaining evidence that the Group has valid rights
to explore in the areas represented by the
capitalised exploration and evaluation
expenditure by obtaining supporting
documentation such as license agreements and
also considering whether the Group maintains the
tenements in good standing.
•
Making enquiries of management with respect to
the status of ongoing exploration programs in the
respective areas of interest and assessing the
Group’s cash flow budget for the level of
budgeted spend on exploration projects and held
discussions with management of the Group as to
their intentions and strategy.
•
Enquiring of management, reviewing ASX
announcements and reviewing directors' minutes
to ensure that the Group had not decided to
discontinue activities in any applicable areas of
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd
ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a
UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme
approved under Professional Standards Legislation.
Key audit matter
How the matter was addressed in our audit
interest and to assess whether there are any other
facts or circumstances that existed to indicate
impairment testing was required.
•
Evaluating management’s support and calculations
for the impairment and write off expense by
checking:
-
The allocation of the expenditure across the
relevant tenements;
-
The mathematical accuracy of the amount
impaired or written down.
Reviewed the disclosures in the financial report.
Classification and carrying value of financial assets at fair value through other comprehensive
income
Key audit matter
How the matter was addressed in our audit
Refer to Note 13 of the financial report.
The Group carries investments in listed shares which
are carried at fair value through other comprehensive
income.
The classification and carrying amount of financial
assets at fair value through other comprehensive
income is a key audit matter due:
•
the determination of whether the company does
not hold significant influence in an investment
and therefore carries the investment at fair value
through other comprehensive income is a matter
that requires significant judgement;
•
the significance of the total balance.
Our audit procedures, amongst others, included:
•
Evaluating management’s assessment of whether
significant influence existed.
•
Obtaining from management a schedule of
investments held by the Group and vouching the
movements to supporting documentation.
•
Agreeing a sample of the additions and disposals
of investments during the year to supporting
documentation, and ensuring that gains and losses
arising were treated appropriately.
•
Reviewing management’s assessment of the fair
value of the investments by reference to quoted
prices in active markets, ensuring that
management have considered the effect of
foreign exchange and that all gains and losses
have been treated appropriately.
•
Reviewing the adequacy of the disclosures of
investments, including the fair value disclosures,
by comparing these disclosures to our
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd
ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a
UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme
approved under Professional Standards Legislation.
Key audit matter
How the matter was addressed in our audit
understanding the nature of the investment and
the applicable accounting standards.
Other information
The directors are responsible for the other information. The other information comprises the
information contained in the Directors’ report for the year ended 30 June 2024, but does not include
the financial report and our auditor’s report thereon, which we obtained prior to the date of this
auditor’s report, and the Annual Report, which is expected to be made available to us after that date.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
identified above 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 on the other information that we obtained prior to the date
of this auditor’s report, 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.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to the directors and will request that it is corrected. If it is not
corrected, we will seek to have the matter appropriately brought to the attention of users for whom
our report is prepared.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a)
the financial report that gives a true and fair view in accordance with Australian Accounting
Standards and the Corporations Act 2001 and
b)
the consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i)
the financial report that gives a true and fair view and is free from material misstatement,
whether due to fraud or error; and
ii)
the consolidated entity disclosure statement that is true and correct and is free of misstatement,
whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd
ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a
UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme
approved under Professional Standards Legislation.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 19 to 26 of the directors’ report for the
year ended 30 June 2024.
In our opinion, the Remuneration Report of DGR Global 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.
BDO Audit Pty Ltd
R M Swaby
Director
Brisbane, 30 September 2024
SHAREHOLDER INFORMATION
For the year ended 30 June 2024 (continued)
The shareholder information set out below was applicable as at 27 September 2024.
Distribution of Equitable Securities
Analysis of number of equitable security holders by size of holding:
Ordinary shares
% of total
Number
shares
of holders
issued
1 to 1,000
201
12.98
1,001 to 5,000
146
9.43
5,001 to 10,000
181
11.69
10,001 to 100,000
508
32.83
100,001 and over
512
33.07
1,548
100.00
Holding less than a marketable parcel
753
48.64
DGR Global Limited Annual Report for the year Ended 30 June 2024
97
SHAREHOLDER INFORMATION
For the year ended 30 June 2024 (continued)
Equity security holders
Twenty Largest Quoted Equity Security Holders
The names of the twenty largest security holders of quoted equity securities are listed below:
Ordinary shares
% of total
shares
Number held
issued
Citicorp Nominees Pty Limited
215,308,607
20.63
Samuel Holdings Pty Ltd - The Samuel Discretionary A/C
86,641,924
8.30
J P Morgan Nominees Australia Pty Limited
63,533,773
6.09
Nicholas Mather & Judith Mather - Mather Super Fund
53,839,375
5.16
Rookharp Capital Pty Limited
38,040,017
3.64
BNP Paribas Nominees Pty Ltd - Ib Au Noms Retailclient Drp
20,297,881
1.94
Samuel Holdings Pty Ltd - Samuel Discretionary A/C
19,958,285
1.91
Mr Martin James Hickling & Mrs Jane Frances Hickling - M & J Hickling Super A/C
18,500,000
1.77
Fortunato Pty Ltd - The Mascolo Family A/C
17,789,527
1.70
Charles & Cornelia Goode Foundation Pty Ltd - CCG Foundation A/C
15,145,552
1.45
W & E Maas Holdings Pty Ltd
14,423,077
1.38
Mr Jeffrey Douglas Pappin
12,810,701
1.23
Pinegold Pty Ltd - Greg Runge Family S/F A/C
12,000,000
1.15
Dr Steven G Rodwell
11,030,508
1.06
Frasama Pty Ltd - Jdp Super Fund A/C
8,504,167
0.81
Mr Samuel James Nichols
8,045,875
0.77
Hayes Pastoral Corporation Pty Ltd
7,521,610
0.72
Mr Richard Cooney
7,246,870
0.69
Mr William Gregory Runge & Mrs Wendy Kay Runge - The Greg Runge Fund A/C
7,200,000
0.69
Mather Foundation Limited - The Mather Foundation A/C
7,020,788
0.67
644,858,537
61.76
DGR Global Limited Annual Report for the year Ended 30 June 2024
98
SHAREHOLDER INFORMATION
For the year ended 30 June 2024 (continued)
Unquoted Equity Securities
Number
Number
on issue
of holders
180,000,000
1
Options over ordinary shares issued
Substantial Holders
Substantial holders in the Company are set out below:
Ordinary shares
% of total
shares
Number held
issued
215,308,607
20.63
86,641,924
8.30
63,533,773
6.09
53,839,375
5.16
Citicorp Nominees Pty Limited
Samuel Holdings Pty Ltd - The Samuel Discretionary A/C
J P Morgan Nominees Australia Pty Limited
Nicholas Mather & Judith Mather - Mather Super Fund
Voting Rights
The voting rights attached to ordinary shares are set out below:
Ordinary Shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a
poll each share shall have one vote.
There are no other classes of equity securities.
DGR Global Limited Annual Report for the year Ended 30 June 2024
99
SHAREHOLDER INFORMATION
For the year ended 30 June 2024 (continued)
Tenements
Tenure Type, Number and Name
Current Holder
Registered
Interest of Holder
(%)
Expiry Date
Status
ML 3678 - United Reefs Mine
DGR Global Ltd
100
31/05/2030
Granted
ML 3741 - Shamrock Extended
DGR Global Ltd
100
30/09/2030
Granted
ML 3748/ 50291 - Black Shamrock
DGR Global Ltd
100
30/04/2029
Granted
ML3749 - North Chinaman
DGR Global Ltd
100
31/07/2027
Granted
ML 3752 - Shamrock Tailings
DGR Global Ltd
100
31/01/2030
Granted
ML 3753 - Shamrock Tailings Exte
DGR Global Ltd
100
31/08/2030
Granted
ML 50148 - Tableland
DGR Global Ltd
100
30/04/2029
Granted
EPM 19270 - Pandanus Creek
Coolgarra Minerals Pty Ltd
100
17/09/2024
Pending1
EPM 26265 - Britannia
Coolgarra Minerals Pty Ltd
100
15/03/2023
Surrendered
EPM 26355 - Big Rush
Coolgarra Minerals Pty Ltd
100
12/07/2024
Pending1
EPM 26382 - Crooked Creek
Coolgarra Minerals Pty Ltd
100
08/05/2023
Surrendered
EPM 26386 - Roebourne
Coolgarra Minerals Pty Ltd
100
23/11/2026
Granted
EPM 27061 - Wade Creek
Coolgarra Minerals Pty Ltd
100
20/05/2025
Granted
EPM 25525 - Mabel Jane
Pinnacle Gold Pty Ltd
100
14/01/2026
Granted
EPM 25963 - Leyshonview
Pinnacle Gold Pty Ltd
100
23/12/2026
Granted
EPM 25964 - Blind Freddy
Pinnacle Gold Pty Ltd
100
23/12/2026
Granted
EPM 25965 - Black Knob
Pinnacle Gold Pty Ltd
100
23/12/2026
Granted
EPM 25966 - Bulldog
Pinnacle Gold Pty Ltd
100
23/12/2026
Granted
EPM 27289 - Rannes West
Pinnacle Gold Pty Ltd
100
16/10/2024
Pending1
EL 32032 - Blue Bush Bore
Pinnacle Gold Pty Ltd
100
08/07/2025
Granted
EL 32031 - Corella
Pinnacle Gold Pty Ltd
100
08/07/2025
Granted
EPM 19379 - Three Sisters
Auburn Resources Ltd
100
29/01/2024
Pending1
EPM 25948 - Hawkwood
Auburn Resources Ltd
100
10/02/2024
Surrendered
EPM 26013 - Walkers Road
Auburn Resources Ltd
100
13/03/2024
Surrendered
EPM 26248 - Titi Creek
Auburn Resources Ltd
100
29/01/2023
Surrendered
EPM 26245 - Nerangy
Auburn Resources Ltd
100
14/05/2023
Surrendered
EPM 26526 - Auburn
Auburn Resources Ltd
100
03/01/2024
Surrendered
EPM 26259 - Therevale
Auburn Resources Ltd
100
23/08/2023
Surrendered
EPM 18534 - Quaggy Creek
Auburn Resources Ltd
100
11/10/2023
Surrendered
EPM 26523 - Calrossie
Auburn Resources Ltd
100
10/12/2026
Granted
EPM 27217 - Quaggy Extended
Auburn Resources Ltd
100
27/08/2025
Surrendered
EPM 27403 - Hawkwood Extended
Auburn Resources Ltd
100
02/12/2025
Surrendered
EPM 27404 - Calrossie Extended
Auburn Resources Ltd
100
02/12/2025
Granted
EPM 27405 - Quaggy South
Auburn Resources Ltd
100
09/03/2026
Surrendered
EPM 27406 - Hawkwood South
Auburn Resources Ltd
100
02/12/2023
Surrendered
EPM27614 - Argyle Creek
Auburn Resources Ltd
100
24/06/2024
Pending1
EPM 15134 - Gayndah
Barlyne Mining Pty Ltd
100
29/09/2024
Pending1
EPM 18451 - Calgoa
Barlyne Mining Pty Ltd
100
20/05/2026
Granted
EPM 19087 - Mt Abbott
Barlyne Mining Pty Ltd
100
28/07/2023
Pending1
EPM 26274 - Euri Creek
Barlyne Mining Pty Ltd
100
28/05/2025
Granted
EPM 26607 - Otter Ridge
Barlyne Mining Pty Ltd
100
12/07/2024
Pending1
EPM 27250 - Kolbar
Barlyne Mining Pty Ltd
100
15/07/2026
Granted
DGR Global Limited Annual Report for the year Ended 30 June 2024
100
SHAREHOLDER INFORMATION
For the year ended 30 June 2024 (continued)
DGR Global Limited Annual Report for the year Ended 30 June 2024
Tenure Type, Number and Name
Current Holder
Registered
Interest of
Holder
(%)
Date of Expiry Status
EPM 26769 - Stockhaven
Pennant Resources Pty Ltd
100
27/08/2024
Pending1
NT EL 32006 - Victoria River Downs Pennant Resources Pty Ltd
100
06/05/2025
Surrendered
NT EL 32008 - Cooee Hill
Pennant Resources Pty Ltd
100
06/05/2025
Surrendered
NT EL 32009 - Williams Creek
Pennant Resources Pty Ltd
100
06/05/2025
Surrendered
NT EL 32010 - Lagoon Creek West
Pennant Resources Pty Ltd
100
06/05/2025
Surrendered
NT EL 32011 - Lagoon Creek
Pennant Resources Pty Ltd
100
06/05/2025
Surrendered
NT EL 32012 - Lansen Creek
Pennant Resources Pty Ltd
100
06/05/2025
Surrendered
NT EL 32013 - Parsons Creek
Pennant Resources Pty Ltd
100
06/05/2025
Surrendered
NT EL 32014 - Newcastle Creek
Pennant Resources Pty Ltd
100
06/05/2025
Surrendered
NT EL 32039 - Bullock Creek
Pennant Resources Pty Ltd
100
04/07/2025
Surrendered
NT EL 31980 - Tanumbirini North
Pennant Resources Pty Ltd
100
06/05/2025
Surrendered
NT EL 31981 - Tanumbirini South
Pennant Resources Pty Ltd
100
06/05/2025
Surrendered
NT EL 32002 - Tanumbirini East
Pennant Resources Pty Ltd
100
06/05/2025
Surrendered
EPM25802 - Walford East (Sth N)
Ripple Resources Pty Ltd
100
19/05/2026
Granted
EPM19833 - South Nicholson
Ripple Resources Pty Ltd
100
10/02/2025
Granted
EPM19835 - Shadforth East (Sth N) Ripple Resources Pty Ltd
100
10/09/2024
Pending1
EPM19836 - Shadforth (Sth N)
Ripple Resources Pty Ltd
100
10/09/2024
Pending1
EPM25504 - Argyle Creek (Sth N)
Ripple Resources Pty Ltd
100
09/11/2024
Pending1
EPM25505 - Border (Sth N)
Ripple Resources Pty Ltd
100
10/08/2023
Pending1
EPM26497 - South Nicholson
Ripple Resources Pty Ltd
100
19/10/2024
Pending1
EPM30494 - Statler & Waldorf
Ripple Resources Pty Ltd
100
07/04/2024
Granted
EPM30817 - Victoria River Downs
Ripple Resources Pty Ltd
100
14/02/2025
Granted
EPM30818 - Birrindudu (VRD)
Ripple Resources Pty Ltd
100
14/02/2025
Granted
EPM31012 - Carpentaria
Ripple Resources Pty Ltd
100
29/09/2024
Granted
Kanywataba
Armour Energy Uganda SMC Ltd
100
12/05/2025
Granted
Turaco
DGR Energy Turaco Uganda -
SMC Ltd
100
12/05/2027
Granted
1Pending tenements are those that have renewals or applications currently lodged.
101
101
DGR Global Limited
ABN 67 052 354 837