ENEGEX LIMITED
ABN 28 160 818 986
ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED
30 June 2024
1
Corporate Directory
Directors
R. Steinepreis (Chairman)
N. Castleden
R.L. Clark
R.A. Sharpe
Company Secretary
A. Neuling
Registered Office and Principal
Administration Office
Unit 24,589 Stirling Highway
Cottesloe, WA 6011
Email:
admin@enegex.com.au
Phone:
08 6153 1861
Website:
www.enegex.com.au
Auditor
HLB Mann Judd
Level 4, 130 Stirling Street
Perth, WA 6000, Australia
Share Registry
Automic Pty Ltd
Level 3, 50 Holt Street
Surry Hills, NSW 2010, Australia
Telephone: 1300 288 664 (within Australia)
Telephone: +61 (2) 9698 5414 (outside
Australia)
Website: www.automic.com.au
Securities Exchange Listing
ASX Limited
Level 40, Central Park
152-159 St George’s Terrace
Perth, WA 6000 Australia
ENX Code: ENX - Ordinary Shares
Incorporated in the State of Victoria
17 October 2012
Review of Operations…………………..
2
Directors’ Report……………………….. 10
Remuneration Report………………….. 14
Directors’ Declaration………………….. 20
Statement of Profit or Loss and Other
Comprehensive Income……………….. 21
Statement of Financial Position………. 22
Statement of Changes in Equity……… 23
Statement of Cash Flows…………….. 24
Notes to the Financial Statements…… 25
Consolidated Entity Disclosure
Statement
41
Independent Auditor’s Report………..
42
Auditor’s Independence Declaration…. 46
Corporate Governance………………… 47
Additional ASX Information
48
Directors’ Report
2
Review of Operations
During the financial year ended 30 June 2024, your Company continued to actively explore and evolve
its exploration landholdings in the farming terrain of the West Yilgarn (Figure 1), continuing with
strategically targeted low-cost reconnaissance soil sampling of new gold and copper targets, in tandem
with review of multiple new project opportunities to build shareholder value.
Project generation work over the year has led to the successful identification and acquisition of two new
projects; Three Springs and Perenjori, the latter of which includes a significant zone of surface gold
anomalism at the Rocky Ridge gold prospect with excellent potential to deliver bedrock gold
mineralisation on further drilling. Drilling activity at Rocky Ridge is planned as soon as feasible following
current season harvest.
Business Development
Enegex remains well placed to pursue new advanced and early-stage mineral exploration opportunities
that complement its existing asset base in WA, or elsewhere where the Company sees potential to
generate significant shareholder returns. Our commodity preference remains gold and copper.
The Company has evaluated multiple commercial opportunities in the Western Yilgarn and elsewhere
over the year, and strategic licence applications will continue to be made as exploration opportunities
arise.
West Yilgarn Projects
The potential of the West Yilgarn to deliver large-scale discoveries is demonstrated by the significant
Gonneville Ni-Cu-PGE deposit by Chalice Mining Ltd (ASX: CHN), hosted within a mafic-ultramafic
intrusion, and the delineation of 2.84Mt of contained copper at the Caravel Copper Project (Caravel
Minerals Ltd ASX: CVV) in an area historically interpreted to be underlain by non-prospective granitic
geology. In addition, the multi-million-ounce Boddington copper-gold mine (Newmont Ltd), and the
Greenbushes Lithium Operations (Albemarle, IGO, Tianqi) demonstrate that discoveries in the
province can progress through feasibility studies and develop into highly lucrative mining operations.
Gold potential of the broader West Yilgarn area is highlighted by the 3.3 million ounce Mt Gibson gold
deposit of Capricorn Metals (ASX:CMM), emerging gold anomalies at the Barrabarra Project of
Chalice Mining, the Moora Cu-Au Project (ASX M16) Cu-Au, copper-gold mineralisation at Ularring
(ASX:CR1), a previously mined high-grade gold deposit at Pithara near Dalwallinu, and Enegex’s
Rocky Ridge Project (Figures 1 and 2).
Enegex has assembled a geology-based tenure position that is subdivided into five Project areas:
Perenjori, Three Springs, Miamoon, Walebing and Goomalling (Figure 1). These Projects lie
predominantly in flat lying private freehold land and offer an excellent low-cost operating environment
where access to exploration activities is subject to landowner consultation, consent and annual
cropping activity. We are pleased to report that the Company has seen excellent landowner support
across its Project areas and Enegex continues to work closely with landowners to minimise its impact
and work around farming schedules.
Directors’ Report
3
Once access is obtained for an area, the Company aims to define and quickly evaluate quality targets
using low-impact surface sampling techniques, particularly where prior geochemical coverage is wide
spaced or absent. Identified areas with significant gold or base metal anomalism are then further
evaluated and progressed using ground geophysical surveys and first-pass drilling.
Figure 1. Regional tenure showing Enegex licence holdings relative to nearby explorers and recent mineral
discoveries
The Company’s exploration program over the last 12 months has increased understanding of the
geology, structural targets and weathering profiles below the widespread soil and cover sequences
typical of the area (Figure 2). This improved geological framework has enabled Enegex to refine
geochemical thresholds and dispersion patterns, which in turn permits highly effective and rapid
evaluation including the turnover of less prospective tenure.
Directors’ Report
4
The Company uses field geology, past exploratory work, and proprietary geochemical and geophysical
datasets to define structural and lithological targets, and then applies first-stage and infill geochemical
sampling techniques to inexpensively assess those target areas.
Figure 2. Simplified GSWA Interpreted bedrock geology showing Enegex licences and recent mineral
discoveries.
Directors’ Report
5
Exploration Activities
Perenjori Project
The large Perenjori Project was secured during the year following regional structural interpretation and
targeting. The tenure covers several northwest trending aeromagnetic and gravity corridors thought to
be the continuation of the gneiss and partially preserved greenstone terrain in the Miamoon and eastern
Walebing areas. Aeromagnetic imagery indicates several prospective targets including structural
flexures and late intrusions with possible faulted contacts. Bedrock geology in the Project area is largely
obscured by laterite or shallow sandy soils.
A proprietary geochemical dataset comprising nearly 3,000 roadside surface sample points was
purchased, and programs of data compilation and soil sampling were undertaken to infill prior sample
lines that were up to 10km apart. This work identified the Rocky Ridge Gold Prospect (Figure 3) as a
key area of interest.
Figure 3. Perenjori Project area showing main target areas, proprietary surface sampling dataset,
Enegex auger sampling traverses, and the location of the Rocky Ridge Gold Prospect.
Rocky Ridge is a significant regional gold anomaly aligned along an arcuate aeromagnetic and gravity
corridor that extends over more than 20km and is interpreted to consist of mafic and felsic granulite.
The central and western part of the corridor contains a 6.5km trend of auger gold anomalism (Figure
4) that is strongly developed where the soil and laterite profile is shallow.
Directors’ Report
6
Auger grades commonly exceed 100ppb Au and are contourable over wide areas at >20ppb Au, often
separated by local sand or clay filled drainage channels that are likely to have obscured underlying
anomalism. Past RAB, aircore and limited RC drilling (Figure 5) has returned bedrock gold intercepts
that include 7m @ 2.52g/t Au EOH, 7m @ 1.14g/t Au EOH and 6m @ 0.98g/t Au, indicating potential
for commercial gold grades along the broader Rocky Ridge system.
Field investigation during the year has refined our understanding of the weathering and transported
soil profiles at Rocky Ridge. Sectional interpretation of past drilling confirm gold results report not only
to a transported laterite gravel horizon but also critically to underlying weathered bedrock, often near
at end of hole and encouragingly directly on the regional magnetic trend.
The dip and orientation of underlying bedrock mineralisation is yet to be determined, and the Company
believes that previous testing may not have been fully effective. Strike extensions remain completely
un-tested and aircore drill traverses are being designed to commence as soon as farm access allows.
A high-resolution UAV magnetic drone survey over the prospect is underway. Extensional drill targets
will be defined on the basis of auger anomalism and areas on the aeromagnetic trend that are
unsuitable for auger sampling.
Figure 4. Rocky Ridge Prospect – location of historical auger sampling and gold anomalism on
aeromagnetic imagery. Orange shading highlight areas of deeper cover where surface sampling may have
not been effective.
Directors’ Report
7
Figure 5. Rocky Ridge Gold Prospect – all historical drilling and peak downhole gold assays on
aeromagnetic imagery. Red outline shows the approximate area of the high-resolution UAV magnetic survey
now underway.
Three Springs Project
The Three Springs tenement was also acquired during the year to secure tenure across a series of
prospective aeromagnetic features interpreted to represent a folded-faulted greenstone and gneiss
terrane (Figure 6) reflecting an encouraging setting for gold similar to the geology at the Rocky Ridge
Gold Prospect.
Reconnaissance-scale auger soil sampling commenced following the grant of the licence, with the
initial phase of sampling collected at a wide 200m sample spacing along 17 lines at a nominal 800m
line spacing. The program was designed as a first pass test of a completely unexplored magnetic
terrain and covers less than half of the total Three Springs target area.
Directors’ Report
8
Anomalous gold results well above the regional anomalous threshold (~4ppb Au) were returned in
several locations. At this wide sample density and in predominantly soil and sand-covered regolith
setting, the anomalous sample points warrant infill and follow-up sampling. Follow up and extensional
exploration auger soil sampling will be completed after the cropping season.
Figure 6. Three Springs Project – exploration licence showing all historical auger sampling and gold
anomalism on aeromagnetic image including recently completed reconnaissance soil/auger sample lines.
Directors’ Report
9
Miamoon Project
The Miamoon tenement group saw selected tenure reduction during the year as first-pass soil sampling
reconnaissance was completed. The retained eastern Miamoon tenements cover a structural zone
interpreted to be a potential continuation of features related to the Caravel Copper Project and therefore
prospective for structural and porphyry style Cu-Au mineralisation. Retained western Miamoon
tenements host several unexplored magnetic and gravity bodies including previously identified ‘Spitfire’
and ‘Crusader’ targets that remain prospective for Ni-Cu-PGE styles. Land access restrictions have
prevented any progress on these targets. The Company continues to refine its targeting and undertake
reconnaissance sampling at Miamoon.
Walebing Project
The early stage Walebing Project is located immediately to the north of the Caravel Copper Project.
Limited soil sampling work allowed refining of the tenement position in this area. Landowner access
negotiations continue over the prospective eastern margin of the tenement that cover extensions of the
Wongan Hills greenstone belt.
Goomalling Project
The Company’s Goomalling tenure lies on-trend and approximately 10km southeast of Caravel
Minerals’ Opie Copper Mineral Resource (refer to https://caravelminerals.com.au). Mapped geology
is dominated by gneiss and meta sediments including banded iron formation and a late granitic
intrusion.
Enegex has been assessing an area of weakly elevated copper in soil in the northeastern part of the
tenement (Gladius Prospect), that is coincident with prospective magnetic and gravity responses.
Minor disseminated sulphides within a gneissic rock have been logged in old water bore drill cuttings
near the eastern tenement boundary. The Gladius area continues to be evaluated ahead of follow-up
work.
Green Hills
This Project was deemed to cover an area with limited future development opportunity and was
surrendered during the year.
The information in this report that relates to Exploration Results was previously reported in the ASX
announcements referenced below. The Company is not aware of any new information or data that
materially affects the information included in those market announcements.
Further details can be found in the following ASX announcements:
12 March 2024
Significant New Gold Prospects – West Yilgarn
18 January 2021
Priority Targets Emerging at Miamoon
Directors’ Report
10
Directors’ Report
The directors present their report on the consolidated entity consisting of Enegex Limited (“Enegex” or
“the Company”) and the entities it controlled at the end of, or during the year ended 30 June 2024.
Throughout the report, the consolidated entity is referred to as the group.
Principal Activity
The principal activity of the company during the financial year ended 30 June 2024 was the exploration
for natural resources.
Financial Results for the Year
The company recorded an operating loss after income tax for the year ended 30 June 2024 of $894,570
(2023: loss $1,528,429).
Significant Changes in State of Affairs
There have been no significant changes in the state of affairs during the financial year and to the date of
this report.
Dividends
No dividend has been paid, provided or recommended during the financial year and to the date of this
report.
Likely Developments and Expected Results
The likely developments in the company’s operations in future years and the expected result from those
operations are highly dependent on success in the permit areas in which the company holds an interest.
Review Of Financial Position
At 30 June 2024, the company had a working capital (current assets less current liabilities) surplus of
$1,555,004 (2023: Surplus $2,507,425).
Directors
The directors in office during the financial year and to the date of this report were:
R Steinepreis BJURIS LLB
Non-Executive Chairman – appointed 9 May 2023
Mr Steinepreis is a corporate and resources lawyer and Executive Chairman of Perth based corporate
law firm, Steinepreis Paganin. He has practised as a lawyer for over 35 years, acting as legal advisor
to a number of public companies, particularly in the energy and resources sector, on a wide range of
corporate matters.
Mr Steinepreis is currently a director of the following listed companies:
•
Meeka Metals Limited (ASX:MEL) - appointed 6 November 2012
•
Metalicity Limited (ASX: MCT) - appointed 6 February 2023.
Directors’ Report
11
In the last 3 years Mr Steinepreis has held the following directorships of listed companies:
•
Clearvue Technologies Limited (ASX:CPV) – resigned 10 February 2023
•
Apollo Consolidated Ltd (ASX: AOP) - resigned December 2021
•
PetroNor E&P limited (Listed on Oslo Axess) – resigned February 2022
At the date of this report Mr Steinepreis holds an interest in 26,666,667 ordinary shares and a total of
25,000,000 options.
N Castleden
Non-Executive Director – appointed 9 May 2023
Mr Castleden is a geologist with over 25 years of experience in the mineral exploration and
development industry. Mr Castleden was appointed Managing Director and CEO of Solstice Minerals
Limited (ASX: SLS) on 25 January 2023.
In the last 3 years Mr Castleden has held the following directorships of listed companies:
•
Apollo Consolidated Ltd (ASX: AOP) - resigned December 2021
•
Latitude Consolidated Limited (ASX:LCD) – resigned 1 April 2021
•
TNT Mines Limited (ASX:TIN) – resigned 23 October 2022
At the date of this report Mr Castleden holds an interest in 16,000,000 ordinary shares and a total of
25,000,000 options.
RL Clark B.Bus (dist), CA, MAICD, AGIA, ACIS
Non-Executive Director, Director since October 2015
Mrs Clark has more than 20 years’ experience focussed primarily on the natural resources sector. Her
experience includes business development, financial modelling and analysis, capital raising and
mergers and acquisitions, as well as managing joint venture partners, government, regulator and
investor relations.
Mrs Clark is currently a director of the following companies:
•
Octanex Limited (ASX:OXX until removed from official list on 6 June 2023) – appointed October
2014
•
Peako Limited (ASX:PKO) – appointed December 2014
At the date of this report Mrs Clark holds an interest in 75,000 ordinary shares and a total of 1,500,000
options.
Dr RA Sharpe B.Sc. (hons), PhD (Geology)
Non-Executive Director, appointed 31 January 2022
Dr Sharpe has over 30 years’ experience in green and brown field projects with a focus on the
exploration for and evaluation of gold and base metal projects in Australia, South America, West Africa,
Fiji, Solomon Islands and Mexico.
Dr Sharpe has a Bachelor of Science (Hons) from UTas, a PhD (Geology) from the Centre for Ore
Deposits and Earth Sciences (“CODES”) UTas and completed post-doctoral studies under an ARC
Fellowship at CODES.
Directors’ Report
12
Dr Sharpe currently holds no directorships in any other listed companies.
At the date of this report Dr Sharpe holds an interest in 60,833 ordinary shares and a total of 1,500,000
options.
Company Secretary
AJ Neuling – FCA, ICAEW, FCIS
Appointed 28 March 2023
Mr Neuling has 25 years’ corporate and financial experience, including more than 20 years across
various ASX-listed companies in the mineral exploration, mining, Oil & Gas and other sectors.
Board and Committee Meetings
The number of formal meetings of the Company’s board of directors and relevant committees attended
by each director are set out in the following table. All other matters that required formal Board
resolutions were dealt with via written circular resolutions. In addition, the directors met and
corresponded at numerous times throughout the financial year to discuss the Company' affairs. The
board undertakes all audit committee functions.
Directors’ Meetings
Held
Attended
R Steinepreis
8
8
N Castleden
8
8
R Clark
8
8
R Sharpe
8
8
Share Capital
Ordinary Shares
At 30 June 2024 the Company’s share capital consists of 368,916,018 ordinary fully paid shares (2023:
368,916,018).
During the year 1,000,000 options were issued and a total of 23,162,500 previously issued options have
expired, unexercised.
Directors’ Report
13
Options
Listed options
Movements during the year
2024
2023
Balance at beginning of year
-
6,292,055
Options granted
-
-
Options exercised
-
(2,742,307)
Options expired
-
(3,819,748)
Balance at end of year
-
-
Unlisted options
Movements during the year
2024
2023
Balance at beginning of year
95,662,500
28,662,500
Options granted
1,000,000
70,000,000
Options exercised
-
-
Options expired
(23,162,500)
(3,000,000)
Balance at end of year
73,500,000
95,662,500
During the year 1,000,000 unlisted options were granted to consultants and a total of 23,162,500
options expired unexercised.
Directors’ Report
14
Remuneration Report
This report is audited.
Directors / Executives
Position Held
R Steinepreis
Non-Executive Chairman
N Castleden
Non-Executive Director
RL Clark
Non-Executive Director
RA Sharpe
Non-Executive Director
During the year there were no employees or consultants to the company that meet the definition of key
management personnel, other than the directors.
Director Remuneration
During the year under review, directors were remunerated a total of $140,000 (2023: $167,324).
There is no performance related remuneration for directors. There is no direct relationship between
remuneration of directors and the company’s performance for the last five years. Directors’
remuneration paid covers all board activities including serving on committees. Remuneration levels are
reviewed annually.
Additional information
The earning of the Consolidated Entity for the five years to 30 June 2023 are summarised below:
2024
2023
2022
2021
2020
$
$
$
$
$
Loss after income tax
(894,570)
(1,528,429)
(640,096)
(475,452)
(202,987)
Share price at financial year
end
(cents per share)
1.7
2.0
3.3
19.0
1.5
The directors do not receive employee benefits, including annual leave and long service leave, but
remuneration may include the grant of options (share based payments) over shares of the company
so as to align directors’ interests with that of the shareholders.
Directors’ Report
15
Remuneration Report (continued)
Components of directors’ compensation are disclosed below.
Short Term
Post
Employ-
ment
Equity
Settled
Total
Directors
Fees
$
Other
Fees (3)
$
Super
annuation
$
Options
(1)
$
$
Options as
% of Total
Year ended 30 June 2024
R Steinepreis (2)
35,000
-
-
-
35,000
-
N Castleden (2)
35,000
-
-
-
35,000
-
RL Clark
35,000
-
-
-
35,000
-
RA Sharpe
35,000
-
-
-
35,000
-
140,000
-
-
-
140,000
Year ended 30 June 2023
R Steinepreis (2)
5,082
-
-
-
5,082
-
N Castleden (2)
5,082
-
-
-
5,082
-
RL Clark
2,917
92,400
-
13,005
108,322
12%
RA Sharpe
35,000
3,840
-
6,503
45,343
14%
EG Albers (2)
-
-
-
-
-
-
AP Armitage (2)
-
-
-
4,335
4,335
100%
48,081
96,240
-
23,843
168,164
(1) The whole value of options granted during the year has been disclosed as remuneration rather than the amount vested.
(2) Roger Steinepreis and Nick Castleden were appointed as directors on 9 May 2023; Peter Armitage and Geoffrey Albers resigned
as directors on 9 May 2023 and 11 May 2023 respectively.
(3) Consulting fees charged by director-related entities.
No shares were issued to directors as part of compensation during the year ended 30 June 2024.
During the year, subject to shareholder approval, the Company has resolved to enter into arrangements
with directors individually to allow up to 100% of both accrued and ongoing director fees for the 2023,
2024 and 2025 financial years to be settled through the issue of ordinary shares in the Company.
Shares issued in settlement of director fees under the proposed arrangements will be issued at a 10%
discount to the volume weighted average price (VWAP) of the Company’s shares traded on ASX over
the month in which the relevant fees are or have been accrued. Shareholder approval will be sought
at the Company’s 2024 Annual General Meeting.
Other transactions with key management personnel
The Company incurred consulting fees with director-related entities on normal commercial terms and
conditions as follows:
Director
Director-related entity
Consulting Fees
Unpaid
30 June
2024
$
30 June
2023
$
30 June
2024
$
30 June
2023
$
RL Clark
Samika Pty Ltd
-
92,400
-
-
RA Sharpe
Sharpes Siding Pty Ltd
-
3,840
-
-
Directors’ Report
16
Remuneration Report (continued)
Key management personnel interest in equity holdings
Fully paid ordinary shares
Number of shares
at start of year
Shares Acquired
Number of shares
at end of year (1)
1 July 2023
30 June 2024
R Steinepreis(2)
26,666,667
-
26,666,667
N Castleden(2)
16,000,000
-
16,000,000
RL Clark
75,000
-
75,000
RA Sharpe
60,833
-
60,833
42,802,500
-
42,802,500
Unlisted options
No unlisted options were granted by the Company to directors during the financial year (2023:
2,750,000). Option exercise is conditional on continued involvement with the company.
Director Option Holdings
The table below details the terms and conditions of options held by directors:
Grant date
Expiry
date
Exercise
price
Value at
grant date
Vesting terms
Conditions
5/11/2020
2/11/2023
$0.092
$0.0301
Vesting over life of option
29/3/2021
29/3/2024
$0.013
$0.0378
Vested on grant
29/11/2021
24/11/2024
$0.014
$0.0349
Vested on grant
25/1/2022 – A
24/1/2024
$0.015
$0.0215
Vesting over life of option
Conditional on
continued involvement
25/1/2022 – B
24/1/2025
$0.015
$0.0244
Vesting over life of option
Conditional on
continued involvement
4/2/2022
30/6/2024
$0.14
N/a
Free-attaching options
25/11/2022
25/11/2024
$0.04
$0.0087
Vesting over life of option
Conditional on
continued involvement
9/5/2023 – A
30/6/2027
$0.02
N/a
Free-attaching options
9/5/2023 – B
1/7/2027
$0.04
N/a
Free-attaching options
Directors’ Report
17
Remuneration Report (continued)
The table below show a reconciliation of options held by each director from the beginning to the end
of the financial year:
2024
Name
and
Grant
Date
Number of
options at
start of
year
Options
granted as
compen-
sation
Options
exercised
/expired
during year
Other
changes
Number of options at end
of year
Total
Unvested
R Steinepreis
9/5/2023 - A
12,500,000
-
-
-
12,500,000
-
9/5/2023 – B
12,500,000
-
-
-
12,500,000
-
N Castleden
9/5/2023 - A
12,500,000
-
-
-
12,500,000
-
9/5/2023 – B
12,500,000
-
-
-
12,500,000
-
RL Clark
5/11/2020
3,000,000
-
(3,000,000)
-
-
-
25/11/2022
1,500,000
-
-
-
1,500,000
-
RA Sharpe
29/3/2021
500,000
-
(500,000)
-
-
-
25/1/2022 – A
750,000
-
(750,000)
-
-
-
25/1/2022 – B
750,000
-
-
-
750,000
-
25/11/2022
750,000
-
-
-
750,000
-
57,250,000
-
(4,250,000)
-
53,000,000
End of Remuneration Report
Indemnification of Officers
The Company has indemnified, to the extent permitted by law, the Directors and officers of the
Company against any liability incurred by a Director or officer in or arising out of the conduct of the
business of the Company or in or arising out of the discharge of that officer’s duties. No amount was
paid pursuant to these indemnities during the financial year, nor to the date of this report.
Environment, Health and Safety
The company has adopted an environmental, health and safety policy and conducts its operations in
accordance with industry best practice.
There were no known contraventions of any relevant environmental regulations by the company, its
subsidiary or by the operator of any of the permits in which an interest is held.
The company believes all injuries are avoidable and has policies and procedures to ensure employees
and contractors manage safety accordingly. The company monitors and evaluates its procedures.
During the year there were no known contraventions of health and safety by the company or reported
health and safety incidents.
Directors’ Report
18
Operating and Financial Risk
The Group faces and manages the following material business risks that could influence the Group’s
future prospects:
Operational risks
The Company may be affected by various operational factors. In the event that any of these potential
risks eventuate, the Company’s operational and financial performance may be adversely affected. No
assurances can be given that the Company will achieve commercial viability through the successful
exploration and/or mining of its tenement interests. Until the Company is able to realise value from its
projects, it is likely to incur ongoing operating losses.
The operations of the Company may be affected by various factors, including failure to locate or identify
mineral deposits, failure to achieve predicted grades in exploration and mining, operational and
technical difficulties encountered in mining, insufficient or unreliable infrastructure such as power, water
and transport, difficulties in commissioning and operating plant and equipment, unanticipated
metallurgical problems which may affect extraction costs, adverse weather conditions, industrial and
environmental accidents, industrial disputes and unexpected shortages or increases in the costs of
consumables, spare parts, plant and equipment.
The Company’s tenements are at various stages of exploration, and potential investors should
understand that mineral exploration and development are speculative and high-risk undertakings that
may be impeded by circumstances and factors beyond the control of the Company.
There can be no assurance that exploration of the Tenements, or any other exploration properties that
may be acquired in the future, will result in the discovery of an economic mineral resource. Even if an
apparently viable deposit is identified, there is no guarantee that it can be economically exploited.
There is no assurance that exploration or project studies by the Company will result in the definition of
an economically viable mineral. In the event the Company successfully delineates economic deposits
on any Tenement, it will need to apply for a mining lease to undertake development and mining on the
relevant Tenement. There is no guarantee that the Company will be granted a mining lease if one is
applied for and if a mining lease is granted, it will also be subject to conditions which must be met.
Further capital requirements
The Company’s projects may require additional funding in order to progress activities. There can be
no assurance that additional capital or other types of financing will be available if needed to further
exploration or possible development activities and operations or that, if available, the terms of such
financing will be favourable to the Company.
Native title and Aboriginal Heritage
There are areas of the Company’s projects over which legitimate common law and/or statutory Native
Title rights of Aboriginal Australians exist. Where Native Title rights do exist, the Company must obtain
consent of the relevant landowner to progress the exploration, development and mining phases of
operations. Where there is an Aboriginal Site for the purposes of the Aboriginal Heritage legislation,
the Company must obtain consents in accordance with the legislation.
Directors’ Report
19
The Company’s activities are subject to Government regulations and approvals
The Company is subject to certain Government regulations and approvals. Any material adverse
change in government policies or legislation in Western Australian and Australia that affect mining,
processing, development and mineral exploration activities, export activities, income tax laws, royalty
regulations, government subsidiaries and environmental issues may affect the viability and profitability
of any planned exploration or possible development of the Company’s portfolio of projects.
Global conditions
General economic conditions, movements in interest and inflation rates and currency exchange rates
may have an adverse effect on the Company’s exploration, development and production activities, as
well as on its ability to fund those activities. General economic conditions, laws relating to taxation,
new legislation, trade barriers, movements in interest and inflation rates, currency exchange controls
and rates, national and international political circumstances (including outbreaks in international
hostilities, wars, terrorist acts, sabotage, subversive activities, security operations, labour unrest, civil
disorder, and states of emergency), natural disasters (including fires, earthquakes and floods), and
quarantine restrictions, epidemics and pandemics, may have an adverse effect on the Company’s
operations and financial performance, including the Company’s exploration, development and
production activities, as well as on its ability to fund those activities.
General economic conditions may also affect the value of the Company and its market valuation
regardless of its actual performance.
Events Since Balance Date
There has been no significant after balance date event up to the date of signing this report.
Proceedings On Behalf Of the Company
There are no proceedings on behalf of the company.
Auditor Independence and Non-Audit Services
A copy of the Auditor’s Independence Declaration, as required under Section 307C of the Corporations
Act 2001, is attached on page 50 and forms part of this Directors’ Report for the year ended 30 June
2023.
No fees were paid to the auditor for non-audit services.
Signed in accordance with a resolution of the directors.
N Castleden
Director
Perth, 24 September 2024
Directors’ Report
20
Directors’ Declaration
The directors of the company declare that:
1.
The financial statements, comprising the statement of profit or loss and other comprehensive
income, statement of financial position, statement of cash flows, statement of changes in equity,
and accompanying notes, are in accordance with the Corporations Act 2001 and
(a)
comply with Accounting Standards and the Corporations Regulations 2001;
(b)
give a true and fair view of the company’s financial position as at 30 June 2024 and of
its performance for the year ended on that date; and
(c)
the financial statements and notes also comply with International Financial Reporting
Standards as disclosed in Note 1(a).
2.
In the directors’ opinion, there are reasonable grounds to believe that the company will be able
to pay its debts as and when they become due and payable.
3.
The remuneration disclosures included in pages 14 to 17 of the Directors’ Report, (as part of the
audited Remuneration Report), for the year ended 30 June 2024, comply with section 300A of
the Corporations Act 2001.
4.
The directors have been given the declarations by the executive officer and the financial officer
required by section 295A of the Corporations Act.
5.
the information disclosed in the Consolidated Entity Disclosure Statement on page 41 is true and
correct.
This declaration is made in accordance with a resolution of the Board of Directors and is signed for
and on behalf of the directors by:
N Castleden
Director
Perth, 24 September 2024
Directors’ Report
21
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the Year Ended 30 June 2024
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income is to be read in
conjunction with the accompanying notes.
Note
2024
$
2023
$
Other income
2
45,315
105,678
Expenses:
Administration and compliance
(114,101)
(247,605)
Employee benefits
(63,481)
(110,108)
Director fees
(99,891)
(48,081)
Consulting and legal fees
(68,369)
(113,702)
Impairment recognised
(354,206)
(1,012,140)
Share based payments
(62,855)
(24,686)
Occupancy expenses
(36,145)
(43,836)
Other
2
(140,837)
(33,949)
(894,570)
(1,528,429)
Loss before income tax expense
(894,570)
(1,528,429)
Income tax expense
3
-
-
Loss for the year
(894,570)
(1,528,429)
Items that will not be reclassified subsequently to
profit or loss
Changes in financial assets at fair value through other
comprehensive income
-
3,851
Total comprehensive loss for the year
(894,570)
(1,524,578)
cents
cents
Basic loss per share (cent per share)
19
(0.24)
(0.78)
Diluted loss per share (cent per share)
19
(0.24)
(0.78)
Directors’ Report
22
Consolidated Statement of Financial Position at 30 June 2024
The above Consolidated Statement of Financial Position is to be read in conjunction with the
accompanying notes.
Note
2024
$
2023
$
Current Assets
Cash and cash equivalents
4
1,801,724
2,577,336
Trade and other receivables
5
-
17,025
Prepayments
6
-
14,552
Total Current Assets
1,801,724
2,608,913
Non-Current Assets
Financial assets at fair value through other
comprehensive income
8
-
-
Exploration and evaluation expenditure
7
1,138,933
1,018,226
Total Non-Current Assets
1,138,933
1,018,226
Total Assets
2,940,657
3,627,139
Current Liabilities
Trade and other payables
9
227,348
84,296
Provisions
19,372
17,191
Total Liabilities
246,720
101,487
Net Assets
2,693,937
3,525,652
Equity
Issued capital
11
7,247,851
7,247,851
Reserves
12
405,687
342,832
Accumulated losses
13
(4,959,601)
(4,065,031)
Total Equity
2,693,937
3,525,652
Directors’ Report
23
Consolidated Statement of Changes in Equity
for the Year Ended 30 June 2024
Issued
capital
Accumulated
losses
Reserves
Total Equity
$
$
$
$
At 1 July 2022
4,382,529
(2,530,390)
188,083
2,040,222
Loss for the year
-
(1,528,429)
-
(1,528,429)
Revaluation of financial asset
(net of tax)
-
-
3,851
3,851
Total comprehensive loss for
the year
-
(1,528,429)
3,851
(1,524,578)
Transfer accumulated losses on
sale of financial asset
-
(6,212)
6,212
-
Issue of Shares
3,074,822
-
-
3,074,822
Costs of Issue
(209,500)
-
120,000
(89,500)
Grant of Options
-
-
24,686
24,686
At 30 June 2023
7,247,851
(4,065,031)
342,832
3,525,652
At 1 July 2023
7,247,851
(4,065,031)
342,832
3,525,652
Loss for the year
-
(894,570)
-
(894,570)
Total comprehensive loss for
the year
-
(894,570)
-
(894,570)
Grant of Options
-
-
62,855
62,855
At 30 June 2024
7,247,851
(4,959,601)
405,687
2,693,937
The above Consolidated Statement of Changes in Equity is to be read in conjunction with the
accompanying notes.
Directors’ Report
24
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2024
The above Statement of Cash Flows is to be read in conjunction with the accompanying notes.
Note
2024
$
2023
$
Cash Flows from Operating Activities
Payments to suppliers
(379,515)
(617,804)
Administration fees received
17,025
52,444
Net cash outflow in operating activities
20
(362,490)
(565,360)
Cash Flows from Investing Activities
Interest received
42,562
2,704
Payments to suppliers – exploration
(455,684)
(641,738)
Proceeds on sale of exploration asset
-
75,000
Proceeds on sale of financial asset
8
-
14,922
Net cash outflow from investing activities
(413,122)
(549,112)
Cash Flows from Financing Activities
Proceeds from share issues
-
2,880,000
Proceeds from exercise of options
-
74,822
Costs of issue
-
(89,500)
Repayment of borrowings
10
-
(120,000)
Proceeds from borrowings
10
-
240,000
Net cash inflow in financing activities
-
2,985,322
Net
increase/(decrease)
in
cash
and
cash
equivalents
(775,612)
1,870,850
Cash and cash equivalents at the beginning of the
year
2,577,336
706,486
Cash and cash equivalents at year end
1,801,724
2,577,336
Directors’ Report
25
Notes to the Consolidated Financial Statements
30 June 2024
Note 1 - Material Accounting Policies
Enegex Limited (“Enegex” or “the company” or “the group”) is a for-profit company incorporated and
domiciled in Australia with its registered office and principal place of business located Unit 24, 589
Stirling Highway, Cottesloe WA 6011. The consolidated financial report of the company for the year
ended 30 June 2024 comprises the company and its subsidiaries (together referred to as the
“consolidated entity” or “the group”) and the consolidated entity’s interest in joint operations. Financial
information for Enegex Limited as an individual entity is included in Note 24. The financial report was
authorised by the directors for issue on 24 September 2024. The principal activity of the company
during the year was natural resources exploration, evaluation and investment.
(a)
Statement of compliance
The consolidated financial report is a general purpose financial report which has been prepared in
accordance with Australian Accounting Standards, including the Accounting Interpretations, issued by
the Australian Accounting Standards Board (‘AASB’) and the Corporations Act 2001. The financial
report of the company complies with International Financial Reporting Standards and interpretations
adopted by the International Accounting Standards Board.
(b)
Basis of preparation
The consolidated financial report is presented in Australian dollars which is the company’s functional
currency and is prepared on the accrual and historical cost basis. The preparation of a financial report
in conformity with Australian Accounting Standards requires management to make judgements,
estimates and assumptions that affect the application of policies and reported amounts of assets and
liabilities, income and expenses. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under the circumstances, the
results of which form the basis of making the judgements about carrying values of assets and liabilities
that are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and future
periods.
Judgements made by management in the application of Australian Accounting Standards that have a
significant effect on the financial report and estimates with a significant risk of material adjustment in
the next year are discussed in note 1(f).
Going concern
The financial statements have been prepared on the going concern basis, which contemplates the
continuity of normal business activity and the commercial realisation of the Company’s assets and the
settlement of liabilities in the normal course of business.
For the year ended 30 June 2024 the Group incurred a net cash outflow from operating and investing
activities of $775,612 (2023: $1,114,472) and a net loss after tax of $894,570 (2023: $1,528,429). As
at 30 June 2024, the Group has positive working capital of $1,555,004 (2023: $2,507,425).
Directors’ Report
26
Notes to the Consolidated Financial Statements
30 June 2024
Note 1 - Significant Accounting Policies (continued)
Based on cashflow forecasts prepared for existing commitments, Directors expect that the Group will
continue as a going concern for at least 12 months from the signing of annual financial report.
The accounting policies set out below have been applied consistently to all periods presented in the
financial report.
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.
AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies
and Definition of Accounting Estimates makes amendments to various Australian Accounting
Standards and AASB Practice Statement 2 Making Materiality Judgements change the way in which
accounting policies are disclosed in financial reports. The amendments require disclosure of material
accounting policy information rather than significant accounting policies and are effective for annual
reporting periods beginning on or after 1 January 2023. Accounting policy disclosure has been updated
in line with this standard. All other new standards had no material effect.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not
been early adopted.
(c)
Exploration and evaluation expenditure
Exploration and evaluation assets, including the costs of acquiring permits or licences, are capitalised
as exploration and evaluation assets on an area of interest basis. Exploration and evaluation assets
are only recognised if the rights to tenure of the area of interest are current and either:
i.
the expenditures are expected to be recouped through successful development and exploitation
of the area of interest, or alternatively, by its sale or partial sale: or
ii.
activities in the area of interest have not at the reporting date, reached a stage which permits a
reasonable assessment of the existence or otherwise of economically recoverable reserves and
active and significant operations in, or in relation to, the area of interest are continuing.
The tests contained in AASB6.20 are applied to determine whether exploration and evaluation assets
are assessed for impairment indicators:
1) the exploration and evaluation tenure right has expired or are expected to expire in the near future
and is not expected to be renewed.
2) substantive expenditure on further exploration for and evaluation of mineral resources in the
specific area is neither budgeted nor planned.
3) exploration for and evaluation of mineral resources in the specific area have not led to the
discovery of commercially viable quantities of mineral resources and the entity has decided to
discontinue such activities in the specific area.
Directors’ Report
27
Notes to the Consolidated Financial Statements
30 June 2024
Note 1 - Significant Accounting Policies (continued)
4) sufficient data exist to indicate that, although a development in the specific area is likely to proceed,
the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from
successful development or by sale.
Proceeds from the sale of exploration permits or recoupment of exploration costs from farm-in
arrangements are credited against exploration costs previously capitalised. Any excess of the proceeds
overs costs recouped are accounted for as a gain on disposal.
Restoration, rehabilitation and environmental costs necessitated by exploration and evaluation
activities are provided for as part of the cost of those activities. Costs are estimated on the basis of
current legal requirements, anticipated technology and future costs that have been discounted to their
present value. Estimates of future costs are reassessed at each reporting date.
(d)
Impairment of assets
The carrying amounts of the company’s assets are reviewed at each reporting date to determine
whether there are indicators of impairment. Where impairment indicators exist, recoverable amount is
determined, and impairment losses are recognised in profit or loss where the asset's carrying value
exceeds its recoverable amount. Recoverable amount is the higher of an asset's fair value less costs
to sell and value in use. For the purpose of assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset.
Where it is not possible to estimate recoverable amount for an individual asset, recoverable amount is
determined for the cash-generating unit to which the asset belongs.
(e)
Income tax
Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is
recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in
which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for
the year, using tax rates enacted or substantively enacted at the statement of financial position date,
and any adjustment to tax payable in respect of previous years.
Deferred tax is provided using the statement of financial position liability method, providing for
temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes.
The initial recognition of assets or liabilities that do not affect accounting nor taxable profit is not
provided for in determining deferred tax amounts. The amount of deferred tax provided is based on
the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using
tax rates enacted or substantively enacted at the statement of financial position date. A deferred tax
asset is recognised only to the extent that it is probable that future taxable profits will be available
against which the asset can be applied. Deferred tax assets are reduced to the extent that it is no
longer probable that the related tax benefit will be realised.
Directors’ Report
28
Notes to the Consolidated Financial Statements
30 June 2024
Note 1 - Significant Accounting Policies (continued)
The Company recognises deferred tax assets arising from unused tax losses of the company to the
extent that is probable that future taxable profits of the company will be available against which the
asset can be utilised.
(f)
Accounting estimates and judgements
Management determines the development, selection and disclosure of the company’s critical
accounting policies and estimates and the application of these policies and estimates. Other than as
disclosed in these notes there are no estimates and judgements that are considered to have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year.
Management has determined that realisation of the estimated deferred tax asset arising from tax losses
and temporary differences is not probable and has not brought to account the asset at balance date
(Note 3).
Per Note 1(c) and 1(d) management exercise judgement as to the whether exploration expenditure is
assessed for impairment. Any judgement may change as new information becomes available. If, after
having capitalised exploration and evaluation expenditure, management concludes that the capitalised
expenditure is unlikely to be recovered by future sale or exploitation, then the relevant capitalised
amount will be written off through profit or loss and other comprehensive income.
(g)
Share-based payment transactions
Equity settled transactions
The fair value of options granted are recognised as an expense with a corresponding increase in equity.
The fair value is measured at grant date and recognised over the period during which the grantee
become unconditionally entitled to the options.
The fair value at grant date is independently determined using an option pricing model that takes into
account the exercise price, the term of the option, the impact of dilution, the share price at grant date
and expected price volatility of the underlying share, the expected dividend yield and the risk-free
interest rate for the term of the option.
The fair value of the options granted is adjusted to reflect market vesting conditions but excludes the
impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-
market vesting conditions are included in assumptions about the number of options that are expected
to become exercisable. At each reporting date, the entity revises its estimate of the number of options
that are expected to become exercisable. The expense recognised each period takes into account the
most recent estimate. The impact of the revision to original estimates, if any, is recognised in the
statement of profit or loss and other comprehensive income with a corresponding adjustment to equity.
Directors’ Report
29
Notes to the Consolidated Financial Statements
30 June 2024
Note 2 – Other Income and Expenses
Note 3 - Income Tax Benefit
Unrecognised deferred tax assets
The estimated deferred tax assets arising from tax losses and temporary differences not brought to
account at balance date as realisation of the benefit is not probable:
Note
2024
$
2023
$
Interest income
42,561
2,704
Gain on sale of exploration tenement
-
50,530
Geological fee income – director related
15
2,754
52,444
45,315
105,678
Exploration expenditure – not capitalised
131,624
32,530
Investor relations fees
7,198
1,200
Other expenses
2,015
219
140,837
33,949
2024
$
2023
$
Components of income tax benefit
Current tax benefit
(268,371)
(382,108)
Deferred tax asset not brought to account
268,371
382,108
Income tax benefit
-
-
Reconciliation between tax benefit and pre-tax loss
Loss before tax
(894,570)
(1,528,429)
Income tax using statutory income tax rate of 30%
(2023: 25%)
(268,371)
(382,108)
Tax benefit
(268,371)
(382,108)
Deferred tax asset not brought to account
268,371
382,108
Income tax benefit
-
-
Tax losses carried forward
6,008,644
5,119,239
Temporary differences
(703,315)
(1,001,035)
5,305,329
4,118,204
Directors’ Report
30
Notes to the Consolidated Financial Statements
30 June 2024
Note 4 - Cash and Cash Equivalents
Note 5 - Trade and Other Receivables
The carrying amount of all receivables is equal to their fair value as they are short term. None of the
receivables have a loss allowance as there aren’t any expected shortfalls in contractual cash flows.
The maximum credit risk for the company is the gross value of all receivables. All receivables are non-
interest bearing.
Note 6 - Prepayments
As at 30 June 2024 the company has no tenement applications for which rent has been prepaid.
Note 7 - Exploration and Evaluation
The ultimate recoupment of exploration and evaluation expenditure carried forward is dependent on
successful development and exploitation, or alternatively sale of the respective area of interest. Factors
that could impact the future recoverability include the level of reserves and resources, future
technological changes, costs of drilling and production, production rates, future legal changes
(including changes to environmental restoration obligations) and changes to commodity prices.
2024
$
2023
$
Cash at bank and on hand
1,801,724
2,577,336
Other receivables
-
17,025
-
17,025
Prepaid tenement rent
Balance at start for year
14,552
14,552
Refund of prepaid tenement rent on application withdrawal
(14,552)
-
Balance at end of the year
-
14,552
Balance at start for year
1,018,226
1,473,059
Costs for the year
474,913
581,777
Tenement sold
-
(24,470)
Impairment recognised
(354,206)
(1,012,140)
Balance at end of year
1,138,933
1,018,226
Directors’ Report
31
Notes to the Consolidated Financial Statements
30 June 2024
Note 8 - Financial Assets at Fair Value through other Comprehensive Income
Note 9 - Trade and Other Payables
Trade payables are current liabilities which result in their fair value being equal to the current carrying
amount.
(a) During the year, subject to shareholder approval, the Company has resolved to enter into
arrangements with directors individually to allow up to 100% of both accrued and ongoing director
fees for the 2023, 2024 and 2025 financial years to be settled through the issue of ordinary shares
in the Company. Shares issued in settlement of director fees under the proposed arrangements will
be issued at a 10% discount to the volume weighted average price (VWAP) of the Company’s
shares traded on ASX over the month in which the relevant fees are or have been accrued.
Shareholder approval will be sought at the Company’s 2024 Annual General Meeting.
Note 10 - Borrowings
On 15 March 2023 a line of credit was advanced by Australis Finance Pty Ltd, a director-related entity,
for up to $240,000 at 0% interest and maturity of 15 May 2023. The line of credit was utilised in full and
repaid in full on 9 May 2023 by a cash settlement of $120,000 and the issue of 8 million ordinary shares
at $0.015 per share.
2024
$
2023
$
Investments in listed equities
Balance at beginning of year
-
11,071
Fair value movement
-
3,851
Sale of investment
-
(14,922)
Balance at end of year
-
-
Other payables and accrued expenses
124,684
71,215
Director-related entities – other payables (a)
102,664
13,081
Balance at end of year
227,348
84,296
2024
$
2023
$
Opening balance
-
-
Funds advanced
-
240,000
Borrowings repaid
-
(240,000)
Closing balance
-
-
Directors’ Report
32
Notes to the Consolidated Financial Statements
30 June 2024
Note 11 - Issued Capital
2024
2024
2023
2023
Issued Capital
Shares
$
Shares
$
Ordinary shares fully paid
368,916,018
7,247,851
368,916,018
7,247,851
Ordinary Shares
Balance at beginning of year
368,916,018
7,247,851
166,443,711
4,382,529
Shares issued
Options exercised
(a)
-
-
2,472,307
74,822
Placement
(b)
-
-
200,000,000
3,000,000
Costs of issue
(c)
-
-
-
(209,500)
Balance at end of year
368,916,018
7,247,851
368,916,018
7,247,851
Ordinary Shares
Ordinary shares entitle the holder to receive dividends as declared and, in the event of winding up the
company, to participate in the proceeds from the sale of all surplus assets in proportion to the number
of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in
person or by proxy, at a meeting of the company. The company does not have a limited authorised
capital and issued shares have no par value.
a) Shares issued following the exercise of listed options exercisable on or before 31 August 2022 at
$0.03 per option.
b) On 9 May 2023, the Company raised $3,000,000 before costs through the issue of 200,000,000
ordinary shares at $0.015 per share. The shares were issued with 27,500,000 free-attaching
options exercisable at $0.02 on or before 30 June 2027 and 27,500,000 free-attaching options
exercisable at $0.04 on or before 1 July 2027. A further 10,000,000 options were issued to the
lead brokers as a share-based payment (see note 16).
c) Costs of issue includes a share-based payment of $120,000 for the options issued to the lead
brokers noted above.
Share Options
Movements during the year
2024
Unlisted
2023
Unlisted
2024
Listed
2023
Listed
Balance at beginning of the year
95,662,500
28,662,500
-
6,292,055
Options Granted –
Share based payments
1,000,000
15,000,000
Options Granted –
non share based payments
-
55,000,000
Options Lapsed
(23,162,500)
(3,000,000)
-
(3,819,748)
Options Exercised
-
-
(2,472,307)
Balance at end of year
73,500,000
95,662,500
-
-
Directors’ Report
33
Notes to the Consolidated Financial Statements
30 June 2024
Options Granted during the year
For details of options granted as share-based payments see Note 16.
Share options outstanding at the end of the year have the following expiry dates and exercise prices:
Grant date
Expiry date
Exercise
price
Share-
based
payment?
Number on
issue at 30
June 2024
Number on
issue at 30
June 2023
30 September 2020
31 August 2022
$0.03
N
-
-
6 November 2020
5 November 2023
$0.092
Y
-
3,000,000
31 March 2021
29 March 2024
$0.13
Y
-
1,750,000
29 November 2021
25 November 2024
$0.14
Y
250,000
250,000
25 January 2022 – A
24 January 2024
$0.15
Y
-
750,000
25 January 2022 – B
24 January 2025
$0.20
Y
750,000
750,000
4 February 2022
30 June 2024
$0.14
N
-
16,412,500
23 February 2022 – A
22 February 2024
$0.15
Y
-
1,250,000
23 February 2022 – B
22 February 2025
$0.20
Y
750,000
750,000
23 February 2022 – C
22 February 2026
$0.25
Y
750,000
750,000
25 November 2022
25 November 2024
$0.04
Y
5,000,000
5,000,000
9 May 2023 – A
30 June 2027
$0.02
N
27,500,000
27,500,000
9 May 2023 – B
1 July 2027
$0.04
N
27,500,000
27,500,000
9 May 2023 – C
30 June 2027
$0.02
Y
5,000,000
5,000,000
9 May 2023 – D
1 July 2027
$0.04
Y
5,000,000
5,000,000
19 October 2023
1 July 2027
$0.04
Y
1,000,000
-
73,500,000
95,662,500
Note 12 - Reserves
The following table shows a breakdown of the balance sheet line item “Reserves” and the movements
in these reserves during the year. A description of the nature and purpose of each reserve is provided
below the table.
2024
$
2023
$
Financial assets at fair value through other
comprehensive income
-
-
Share-based payments
405,687
342,832
405,687
342,832
Directors’ Report
34
Notes to the Consolidated Financial Statements
30 June 2024
Nature and purpose of reserves
Financial assets at fair value through other comprehensive income (FVOCI)
The group has elected to recognise changes in the fair value of certain investments in equity securities
in other comprehensive income (OCI). These changes are accumulated with the FVOCI reserve within
equity. The group transfers amounts from this reserve to retained earnings when the relevant equity
securities are derecognised.
Share based payments
The reserve relates to share options granted by the Company to its employees and to consultants and
advisors in consideration for services provided. Further information about share-based payments is set
out in note 16.
Note 13 - Accumulated losses
2024
$
2023
$
Balance at beginning of the year
-
(10,063)
Transfer to retained earnings
-
6,212
Revaluation
-
3,851
Balance at end of the year
-
-
2024
$
2023
$
Balance at beginning of the year
342,832
198,146
Accounting
value
of
share-based
payments
recognised in the year (see note 16)
62,855
144,686
Balance at end of the year
405,687
342,832
2024
$
2023
$
Balance at beginning of the year
(4,065,031)
(2,530,390)
Loss for the year
(894,570)
(1,528,429)
Transfer from Financial Assets at FVOCI
-
(6,212)
Balance at end of the year
(4,959,601)
(4,065,031)
Directors’ Report
35
Notes to the Consolidated Financial Statements
30 June 2024
Note 14 - Key Management Personnel
Detailed remuneration disclosures are provided in the remuneration report on pages 15 to 18.
Note 15 - Related Party Transactions
The consolidated financial statements of the Group include:
Name
2024 Interest
2023 Interest
Country of Incorporation
Ellendale South Pty Ltd
100%
100%
Australia
Diamandia Pty Ltd
100%
100%
Australia
During the year services were provided under normal commercial terms and conditions by director-
related entities as disclosed below together with amounts payable as at 30 June 2024.
Amounts paid
Payable at
Entity
Related
director
Service
2024
$
2023
$
30/06/24
$
30/06/23
$
Steinepreis
Paganin
RC
Steinepreis
Legal services
16,790
N/a
-
N/a
Samika Pty Ltd
RL Clark
Consulting services
-
92,400
-
-
Exoil Pty Ltd
EG
Albers(1)
Office services
N/a
53,592
N/a
-
Natural Resources
Group Pty Ltd
EG Albers Management of exploration
tenements
N/a
10,000
N/a
-
Sharpes Siding Pty
Ltd(1)
RA Sharpe Geological services
-
3,840
-
-
Octanex Limited
EG Albers
& RL Clark
Accounting and
administrative support
- 137,112
-
-
Peako Limited
EG Albers
& RL Clark
Geological services
1,687
36,822
-
5,441
18,477 333,766
-
5,441
(1) EG Albers resigned as director 11 May 2023.
2024
$
2023
$
Short-term employee benefits
140,000
144,321
Post-employment benefits
-
-
Share-based payments
-
23,843
140,000
168,164
Directors’ Report
36
Notes to the Consolidated Financial Statements
30 June 2024
During the year services were provided under normal commercial terms and conditions to director-
related entities as disclosed below together with amounts receivable as at 30 June 2024. The
amounts exclude GST.
Services sold
Receivable at
Entity
Related
director
Service
2024
$
2023
$
30/06/24
$
30/06/23
$
Peako Limited
EG Albers
& RL Clark
Geological
19,778
51,534
- 17,024
Octanex Limited
EG Albers
& RL Clark
Geological
-
910
-
-
19,778
52,444
- 17,024
Note 16 - Share Based Payments
During the financial year, options granted as share-based payments were valued using the Black-Scholes
Option valuation model. Details were as follows:
Employee/
Consultants
Number issued
1,000,000
Grant date
19 October 2023
Expiry date
1 July 2027
Exercise price
$0.04
Share price at approval date
$0.02
Expected volatility
90%
Option life (years)
3.7
Dividend yield
-
Risk-free interest rate
4.13%
Other
Continued involvement
Fair value at grant date
$0.0101
$10,100
2024
$
2023
$
Share based payment expense net of forfeiture of options:
Directors
31,056
33,532
Consultants and employee
31,799
(8,846)
Balance at end of year
62,855
24,686
Share issue expense
-
120,000
Total share-based payments
62,855
144,686
Directors’ Report
37
Notes to the Consolidated Financial Statements
30 June 2024
The table below summarises options granted as share-based payments:
2024
2023
Number of
options
Weighted
average
exercise
price
Number of
options
Weighted
average
exercise
price
As at 1 July
22,550,000
$0.0232
12,250,000
$0.1308
Granted during the year
1,000,000
$0.04
15,000,000
$0.0333
Lapsed during the year
(6,750,000)
$0.119
(4,700,000)
$0.0779
Balance at 30 June
16,800,000
22,550,000
Exercisable
16,800,000
22,550,000
In the financial year, 6,750,000 (2023: 4,700,000) options lapsed unexercised as a result of holders no
longer meeting the option conditions.
Details of expiry dates and exercise prices of share options outstanding at the end of the year is included
in Note 11.
Note 17 - Financial Instruments
Purchases and sales of financial assets and financial liabilities are recognised on trade date; the date
on which the company commits to purchase or sell the financial assets or financial liabilities. Financial
assets are derecognised when the rights to receive cash flows from the financial assets have expired
or have been transferred and the company has transferred substantially all the risks and rewards of
ownership.
Exposure to credit, interest rate, liquidity and currency risks arises in the normal course of the
company’s business. The company’s overall risk management approach is to identify the risks and
implement safeguards which seek to minimise potential adverse effects on the financial performance
of the company.
Credit risk
Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations. At balance date there were no significant concentrations of credit
risk for the company. The maximum exposure to credit risk of financial assets is represented by the
carrying amounts of each financial asset in the statement of financial position.
Interest rate risk
All financial liabilities and financial assets at floating rates expose the company to cash flow interest rate
risk. The company has no exposure to interest rate risk at balance date, other than in relation to cash
and cash equivalents which attract a floating interest rate. Details of cash and cash deposits can be found
in Note 4. At balance date a 1% (100 basis point) increase/ decrease in the interest rate would improve
/ worsen the company’s post tax profit by $21,895 (2023: $16,419).
Directors’ Report
38
Notes to the Consolidated Financial Statements
30 June 2024
Note 17 - Financial Instruments (Continued)
Liquidity risk
Liquidity risk is monitored to ensure sufficient monies are available to meet contractual obligations as and
when they fall due. All financial assets and liabilities have a maturity date of less than 12 months.
Foreign currency risk
The consolidated entity is exposed to foreign currency risk arising from purchases of goods and services
that are denominated in a currency other than the Australian dollar functional currency. Data processing
by overseas suppliers are usually denominated in US dollars. To this extent, the consolidated entity is
exposed to exchange rate fluctuations between the Australian and US dollar. At 30 June 2024 the
consolidated entity has no foreign currency exposure (2023: $nil).
Capital Management
When managing capital, directors’ objective is to ensure the entity continues as a going concern as well
as to maintain optimal returns to shareholders and benefits for other stakeholders.
It is the company’s plan that capital will be raised by any one or a combination of the following manners:
placement of shares to excluded offerees, pro-rata issue to shareholders, the exercise of outstanding
options, and/or a further issue of shares. Should these methods not be considered to be viable, or in the
best interests of shareholders, then it would be the company’s intention to meet its exploration obligations
by either partial sale of its interests or farmout, the latter course of action being part of its overall strategy.
The company is not subject to any externally imposed capital requirements.
Note 18 - Segment Information
The company has adopted AASB 8 Operating Segments whereby segment information is presented
using a 'management approach', i.e., segment information is provided on the same basis as information
used for internal reporting purposes by the board of directors.
At regular intervals the board is provided management information at a company level for the company’s
cash position, the carrying values of exploration permits and a company cash forecast for the next twelve
months of operation.
On this basis, no segment information is included in these financial statements.
All interest received has been derived in Australia. All exploration permits and activity is in Australia.
Directors’ Report
39
Notes to the Consolidated Financial Statements
30 June 2024
Note 19 - Loss per Share
The loss and weighted average number of ordinary shares used in the calculation of basic and dilutive
loss per share is as follows:
Despite having options on issue, basic and dilutive loss per share are the same as there is a loss
position and to include options would be anti-dilutive.
Note 20 - Reconciliation of Loss to Net Cash Outflow from Operating Activities
Note 21 - Auditor’s Remuneration
Amounts received or due and receivable by the auditor of the Company for:
2024
$
2023
$
Net loss for the year
(894,570)
(1,528,429)
The weighted average number of ordinary shares
368,916,018
197,022,515
Total basic and dilutive loss per share (cents)
(0.242)
(0.776)
Loss after income tax
(894,570)
(1,528,429)
Investing and financing income
(42,562)
1,146
Gain on sale of exploration asset
-
(50,530)
Exploration impairment
354,206
1,012,140
Non-capitalised exploration expense
-
32,530
Capitalisation of salary costs
-
-
Share based payments
62,855
24,686
Employee provisions
2,180
3,999
Changes in Assets and Liabilities:
Movement in payables
17,024
(43,807)
Movement in receivables
138,377
(17,095)
Net cash outflow from operating activities
(362,490)
(565,360)
Audit of the full year and review of the half year financial reports
38,490
53,909
Other assurance services
-
-
38,490
53,909
Directors’ Report
40
Notes to the Consolidated Financial Statements
30 June 2024
Note 22 - Exploration and Evaluation Expenditure Commitments
The consolidated entity’s minimum expenditure requirements in exploration permits held by the
consolidated entity at reporting date:
Estimated expenditure, arising from exploration work programmes which, may, subject to negotiation
and approval, be varied. They may also be satisfied by farmout, sale, relinquishment or surrender.
Note 23 - Events since Balance Date
There has been no significant after balance date event up to the date of signing this report.
Note 24 - Parent Entity Information
Current assets
1,792,717
2,589,827
Non-current assets
1,148,252
1,367,715
Total assets
2,941,969
3,957,542
Current liabilities
248,033
101,216
Non-current liabilities
-
-
Total liabilities
248,033
101,216
Contributed equity
7,247,851
7,247,851
Financial assets at fair value through other comprehensive
income reserve
-
-
Options reserve
405,687
342,832
Accumulated losses
(4,959,601)
(3,734,357)
Total equity
2,693,937
3,856,326
Loss for the year
(1,225,244)
(1,197,956)
Other comprehensive income for the year
-
3,851
Total comprehensive income for the year
(1,225,244)
(1,194,105)
No dividends were paid by the parent entity in 2024 (2023: Nil).
2024
$
2023
$
Payable not later than one year
675,500
601,250
Payable later than one year but not later than four years
1,742,875
1,286,250
Payable not later than one year
2,418,375
1,887,500
2024
$
2023
$
Directors’ Report
41
Consolidated entity disclosure statement
As at 30 June 2024
Entity name
Entity type
Place formed/
Country of
incorporation
Ownership
interest
‘%
Tax
residency
Diamandia Pty Ltd
Body corporate
Australia
100.00%
Australia1
Ellendale South Pty Ltd
Body corporate
Australia
100.00%
Australia1
Dynamo Emea Pty Ltd
Body corporate
Australia
75.00%
Australia
Dynamo Gold
International Ltd
Body corporate
UK
75.00%
UK/Australia
1. Enegex Limited (the ‘head entity’) and its wholly-owned Australian subsidiaries have formed an income
tax consolidated group under the tax consolidation regime.
42
INDEPENDENT AUDITOR’S REPORT
To the Members of Enegex Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Enegex Limited (“the Company”) and its controlled entities (“the
Group”), which comprises the consolidated statement of financial position as at 30 June 2024, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of cash flows for the year then ended, notes to the financial
statements, including material accounting policy information, the consolidated entity disclosure statement
and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act
2001, including:
(a) giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its financial
performance for the year then ended; and
(b) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Group in accordance with the auditor independence requirements
of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (“the Code”) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
We 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.
43
Key Audit Matter
How our audit addressed the key audit matter
Exploration and Evaluations of Assets
Refer to Note 7
In accordance with AASB 6 Exploration for and
Evaluation of Mineral Resources, the Group
capitalises exploration and evaluation expenditure.
Our audit focused on the Group’s assessment of
the
capitalised
exploration
and
evaluation
expenditure, as this is one of the most significant
assets of the Group and is material to the users of
the financial statements.
Our procedures included but were not limited to the
following:
-
We obtained an understanding of the key
processes associated with management’s
review of the carrying values of each area of
interest;
-
We considered the Directors’ assessment of
potential indicators of impairment;
-
We obtained evidence that the Group has
current rights to tenure of its areas of interest;
-
We examined the exploration budget for the
coming period and discussed with management
the nature of planned ongoing activities;
-
We enquired with management, reviewed ASX
announcements and reviewed minutes of
Directors’ meetings to ensure that the Group
had not resolved to discontinue exploration and
evaluation at any of its areas of interest;
-
We substantiated a sample of capitalised
expenditure to underlying support; and
-
We examined the disclosures made in the
financial report.
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 30 June 2024, but does not include the financial
report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report, or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
(a) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
(b) the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and
44
for such internal control as the directors determine is necessary to enable the preparation of:
(a) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view and is free from material misstatement, whether due to fraud or error; and
(b) the consolidated entity disclosure statement that is true and correct and is free from material
misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations,
or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of this
financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement
and maintain professional scepticism throughout the audit. We also:
−
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
−
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
−
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
−
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the financial report or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Group to cease to continue as a going concern.
−
Evaluate the overall presentation, structure and content of the financial report, including the disclosures,
and whether the financial report represents the underlying transactions and events in a manner that
achieves fair presentation.
45
We communicate with the directors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats
or safeguards applied.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the financial report of the current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
REPORT ON THE REMUNERATION REPORT
Opinion on the Remuneration Report
We have audited the Remuneration Report included within the Directors’ Report for the year ended 30 June
2024.
In our opinion, the Remuneration Report of Enegex 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.
HLB Mann Judd
D I Buckley
Chartered Accountants
Partner
Perth, Western Australia
24 September 2024
46
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Enegex Limited for the year ended 30 June
2024, I declare that to the best of my knowledge and belief, there have been no contraventions of:
a)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit;
and
b)
any applicable code of professional conduct in relation to the audit.
Perth, Western Australia
24 September 2024
D I Buckley
Partner
Directors’ Report
47
Corporate Governance Statement
The Company’s Corporate Governance Plan is available in full on the Company’s website at
https://www.enegex.com/corporate-governance and contains the following documents:
Corporate Governance Statement dated 24 September 2024
Board and Committee Charters:
• Board Charter
• Audit Committee Charter
• Nomination and Remuneration Committee Charter
Documentation of Policies and Procedures:
• Code of Ethics
• Continuous Disclosure Policy
• Share Trading Policy
• Whistleblower Protection Policy
• Anti-Bribery and Corruption Policy
The Corporate Governance Statement discloses the extent to which the Company follows the
recommendations set by the ASX Corporate Governance Council in its publication Corporate
Governance Principles and Recommendations
– 4th Edition (Recommendations). The
Recommendations are not mandatory, however the Recommendations that will not be followed have
been identified and reasons provided for not following them along with what (if any) alternative
governance practices the Company intends to adopt in lieu of the recommendation.
Due to the current size and nature of the existing Board and the magnitude of the Company’s
operations, the Board does not consider that the Company will gain any benefit from individual Board
committees and that its resources would be better utilised in other areas as the Board is of the strong
view that at this stage the experience and skill set of the current Board is sufficient to perform these
roles. Under the Company’s Board Charter, the duties that would ordinarily be assigned to individual
committees are currently carried out by the full Board under the written terms of reference for those
committees.
Directors’ Report
48
Additional Securities Exchange Information
The shareholder information set out below was applicable at 4 September 2024 except where
otherwise stated.
1. Twenty largest holders of quoted equity securities
Shareholder
Number Percentage
ASIAGO PTY LTD
26,666,667
7.23
MR
ROGER
STEINEPREIS
&
MRS
JACQUELINE
STEINEPREIS
26,666,667
7.23
MR ERNEST GEOFFREY ALBERS
18,132,612
4.92
MR DAVID NICHOLAS CASTLEDEN
16,000,000
4.34
RAM PLATINUM PTY LTD
14,270,334
3.87
YARRAANDOO PTY LTD
13,350,000
3.62
IGN (TT) PTY LTD
10,000,000
2.71
MRS ERMIONE RIMPAS
8,100,000
2.20
AUSTRALIS FINANCE PTY LTD
8,000,000
2.17
MR ROSS DI BARTOLO
7,877,521
2.14
AURALANDIA PTY LTD
7,875,001
2.13
GASCORP AUSTRALIA PTY LTD
7,145,482
1.94
JORLYN INVESTMENTS PTY LTD
7,000,000
1.90
SANPEREZ PTY LTD
6,758,667
1.83
PINVESTMENT PTY LTD
6,666,664
1.81
MR DOMINIC VIRGARA
6,000,000
1.63
HARRY HINDSIGHT PTY LTD
5,000,000
1.36
PERTH SELECT SEAFOODS PTY LTD
5,000,000
1.36
MR MICHAEL GEORGE FAULKNER & MRS JENNIFER
KAYE FAULKNER
4,215,000
1.14
MR ERNEST GEOFFREY ALBERS
3,903,090
1.06
SACROSANT PTY LTD
3,827,497
1.04
MR JEREMY DAVID DUNLOP
3,333,333
0.90
Total Top 20
215,788,535
58.49
Other
153,127,483
41.51
Total ordinary shares on issue
368,916,018
100.00
Directors’ Report
49
Additional Securities Exchange Information
2. Substantial shareholders
The following table details the Company’s substantial shareholders as extracted from the Company’s
registers of substantial shareholders:
Name
Number of
ordinary shares
Percentage
Date of last
notice
ALBERS GROUP
57,328,283
15.54%
9/5/2023
ASIAGO PTY LTD
26,666,667
7.23%
9/5/2023
MR ROGER STEINEPREIS &
MRS
JACQUELINE
STEINEPREIS
26,666,667
7.23%
9/5/2023
3. Distribution of holders of equity securities
Fully paid ordinary
shares
Unlisted options
1 - 1,000
211
-
1,001 - 5,000
265
-
5,001 – 10,000
206
-
10,001 – 100,000
499
-
100,001 and over
223
14
1,404
14
Number on issue
368,916,018
73,500,000
Holding
less
than
a
marketable parcel
968
-
4. Voting rights
See Note 11 to the Financial Statements
5. Restricted securities
There are currently no restricted securities at the date of this report.:
6. Unquoted equity security holdings greater than 20%
Options
Number
MR DAVID NICHOLAS CASTLEDEN
25,000,000
MR ROGER STEINEPREIS & MRS JACQUELINE
STEINEPREIS
25,000,000
Directors’ Report
50
7. On-market buy-back
There is currently no on-market buy back program for any of the Company’s listed securities.
8. Company secretary, registered and principal administrative office and share registry
The Company Secretary is Mr Alex Neuling.
The Company’s principal and registered office is at Unit 24, 589 Stirling Highway, Cottesloe WA 6011,
telephone number +61 8 6153 1861.
The Company’s share registry is maintained by Automic Group, Level 5, 191 St Georges Terrace,
Perth WA 6000, telephone number 1300 288 644.
9. Tenement listing
Tenement
Number
Location
Status
% Interest
E70/5440
South-West Terrane, WA
Granted
100%
E70/5446
South-West Terrane, WA
Granted
100%
E70/5458
South-West Terrane, WA
Granted
100%
E70/5460
South-West Terrane, WA
Granted
100%
E70/5580
South-West Terrane, WA
Granted
100%
E70/6524
South-West Terrane, WA
Granted
100%
E70/6525
South-West Terrane, WA
Granted
100%
E70/6526
South-West Terrane, WA
Granted
100%
E70/6527
South-West Terrane, WA
Granted
100%
E70/6591
South-West Terrane, WA
Granted
100%
E70/6597
South-West Terrane, WA
Granted
100%