FIN RESOURCES LIMITED
Annual Report
30 June 2024
finresources.com.au
ABN 25 009 121 644
CONTENTS
PAGE
Corporate Directory
1
Directors’ Report
2
Consolidated Statement of Profit or Loss and Other Comprehensive Income
17
Consolidated Statement of Financial Position
18
Consolidated Statement of Changes in Equity
19
Consolidated Statement of Cash Flows
20
Notes to the Consolidated Financial Statements
21
Consolidated Entity Disclosure Statement
39
Directors’ Declaration
40
Auditor’s Independence Declaration
41
Independent Auditor’s Report
42
ASX Additional Information
46
Tenements and Project Locations
48
CORPORATE DIRECTORY
Directors and Officers
Brian Talbot (Technical Director)
Jason Bontempo (Non-Executive Director)
Aaron Bertolatti (Director and Company Secretary)
Registered Office
First floor, 35 Richardson Street
WEST PERTH WA 6005
Share Registry
Computershare Investor Services Pty Ltd
Level 17, 221 St Georges Terrace
PERTH WA 6000
Auditor
Stantons
Level 2, 40 Kings Park Road
WEST PERTH WA 6005
Solicitors
Gilbert + Tobin
Level 16 Brookfield Place Tower 2
123 St Georges Terrace
PERTH WA 6000
Stock Exchange
Australian Securities Exchange
(Home Exchange: Perth, Western Australia)
ASX Code: FIN
Website
www.finresources.com.au
Directors’ Report
Fin Resources Limited
2
2024 Annual Report to Shareholders
The Directors present their report for Fin Resources Limited (“Fin Resources”, “Fin” or “the Company”) and
its subsidiaries (“the Group”) for the year ended 30 June 2024.
DIRECTORS
The names, qualifications and experience of the Company’s Directors in office during the year and until the
date of this report are as follows. Directors were in office for the entire year unless otherwise stated.
Brian Talbot
Technical Director – appointed 30 November 2021
Mr Talbot has over 25 years’ experience in the mining, minerals and chemical processing sector and holds a
bachelor’s degree in Chemical Engineering with Honours. Mr Talbot was previously Galaxy Resources
Limited’s (“Galaxy”) head of Australian Operations and the technical lead for the development of the
evaporation ponds and chemical processing of lithium salts.
Prior to joining Galaxy, Mr Talbot was at Bikita Minerals, a lithium mine in Zimbabwe where he achieved
increased product yield and capacity. Mr Talbot has also held the positions of mining company director,
general manager and metallurgist at various mine operations in Egypt and South Africa with diverse
experience in designing, planning and managing profitable mining operations.
Jason Bontempo
Non-Executive Director – appointed 12 July 2011
Mr Bontempo has over 20 years’ experience in public company management, corporate advisory,
investment banking and public company accounting, qualifying as a chartered accountant with Ernst &
Young. Mr Bontempo has worked primarily serving on the board and the executive management of minerals
and resources public companies focusing on advancing and developing mineral resource assets and
business development. Mr Bontempo also provides corporate advice services and the financing of resource
companies across multiple capital markets including resource asset acquisitions and divestments.
Aaron Bertolatti
Director – appointed 1 February 2023
Company Secretary – appointed 1 September 2014
Aaron Bertolatti is a qualified Chartered Accountant and Company Secretary with over 17 years’ experience
in the mining industry and accounting profession. Mr Bertolatti has both local and international experience
and provides assistance to a number of resource companies with financial accounting and stock exchange
compliance. Mr Bertolatti has significant experience in the administration of ASX listed companies, corporate
governance and corporate finance.
DIRECTORSHIPS OF OTHER LISTED COMPANIES
Directorships of other listed companies held by current directors in the 3 years immediately before the end
of the financial year are as follows:
Director
Company
Period of Directorship
Aaron Bertolatti
Megado Minerals Limited (ASX: MEG)
Director since February 2018
Jason Bontempo Odin Metals Limited (ASX: ODM)
Beacon Minerals Limited (ASX: BCN)
Gladiator Metals Corp. (TSXV: GLAD)
Director from February 2018 to August 2022
Director from November 2020 to January 2022
Director from October 2021 to current
Directors’ Report
Fin Resources Limited
3
2024 Annual Report to Shareholders
INTERESTS IN THE SECURITIES OF THE COMPANY
As at the date of this report, the interests of the Directors in the securities of Fin Resources Limited are:
Director
Ordinary Shares
Performance Options
Brian Talbot
100,000
7,500,000
Jason Bontempo
3,000,000
6,666,666
Aaron Bertolatti
4,000,000
-
RESULTS OF OPERATIONS
The Group’s net loss after taxation attributable to the members of Fin Resources for the year to 30 June
2024 was $3,606,080 (2023: net loss $2,649,462).
DIVIDENDS
No dividend was paid or declared by the Company during the year and up to the date of this report.
CORPORATE STRUCTURE
Fin Resources Limited is a company limited by shares, which is incorporated and domiciled in Australia.
NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
Fin is an ASX listed mineral exploration company with a portfolio of exploration assets that underpin growth
and provide exceptional opportunities for the Company with a focus on adding value through cost effective
exploration and discovery. Concurrent with progressing its North American and Australian projects, the
Company is continually evaluating additional exploration projects globally to add to its current portfolio.
REVIEW OF OPERATIONS
Mt Tremblant Lithium Projects
The Mt Tremblant Lithium Projects, comprises the Cancet West, Ross and the Gaspe Lithium Projects
(collectively the “MTLP”) located in Quebec, Canada. The MTLP comprises 480 granted mineral claims and
22 pending mineral claims covering a combined area of 138 km2.
Cancet West Lithium Project
During the year follow up fieldwork by Fin’s in country geological consultant, Mercator Geological Services
discovered the White Bear Lithium Discovery at the Cancet West Lithium Project (see Figure 1). Fin’s fieldwork
programmes identified abundant spodumene crystals (see Figure 2) within 5 pegmatite outcrops at White
Bear with exceptionally high grade lithium in rock chip results reported (6.85% Li2O & 6.50% Li2O)1.
A coarse (≤70cm), spodumene-bearing high-grade lithium mineralised zone has now been identified over
~300m strike length by 100m at its widest within five pegmatite outcrops at White Bear. These pegmatite
bodies may extend for significant distances, along strike and below surface. Large, up to 70cm long
spodumene crystals, trace lepidolite, coarse muscovite, tourmaline, blue-green beryl, coarse red garnets
and megacrystic feldspars were mapped within the pegmatite outcrops. Lichen cover over a number of the
outcrops made it difficult to identify some minerals, textures and megacryst grain sizes.
Channel sample results from the follow up field programme, extend over a significant strike length and
confirmed the exceptionally high-grade lithium results from the initial rock chip samples2:
▪ 23WB001 - 1m @ 2.39% Li2O
▪ 23WB002 - 1m @ 2.16% Li2O and 1m at 1.23%
▪ 23WB003 - 1m @ 1.09% Li2O
▪ 23WB004 - 1m @ 0.84% Li2O
1 ASX.FIN – Exceptionally High-Grade Lithium Confirmed at Cancet West – 20th November 2023
2 ASX.FIN – Multiple High-Grade Li2O Channel Samples at White Bear Confirms Extensive Drill Target – 4th December 2023
Directors’ Report
Fin Resources Limited
4
2024 Annual Report to Shareholders
Figure 1 | Fin’s Cancet West Project Location
Figure 2 | Map showing channel sample locations and significant results across the White Bear Lithium
Discovery
During the June Quarter the Company’s maiden diamond drilling campaign was successfully completed at
the White Bear Lithium Discovery at the Company’s Cancet West Project, where eight diamond drillholes
were completed for a total 1,009 metres.
Directors’ Report
Fin Resources Limited
5
2024 Annual Report to Shareholders
Subsequent to the end of the year, the Company received all of the assay results for the drilling program
(refer ASX announcement 30 July 2024). Significant results included:
o 2.15m @ 1.76% Li2O (including 1.0m @ 3.27% Li2O) from 10.45m down-hole depth (24-WB-008)
o 0.92m @ 2.39% Li2O from 17.85m down-hole depth (24-WB-003)
o 2.76m @ 1.68% Li2O from 11.75m down-hole depth (24-WB-004)
The drilling program was designed to test a coarse spodumene-bearing lithium mineralised zone, identified
over an approximately 300m strike by 100m at its widest, within five pegmatite outcrops at White Bear.
Previous rock chip samples from the discovery outcrop (see Figure 2 and 3) included 6.50% Li2O and 6.85%
Li2O (refer ASX announcement 20 November 2023).
Figure 3 | Cancet West Project - White Bear Prospect. Channel sample and Phase I drillhole locations
Five of the 8 completed diamond drill holes intersected visual megacrystic spodumene up to 15cm in length
(refer ASX announcement 22 May 2024). Spodumene crystals occur within an albite-quartz pegmatite zone
that has so far been confirmed over a strike length of 275 meters, based on diamond drilling and field
mapping. As part of the drilling program, the drill core was orientated using a Reflex core orientation tool.
Structural measurements were recorded, including the contact margins of the pegmatites.
The White Bear pegmatite has been intercepted over widths of up to 12 metres in hole 24-WB-008. Assay
results confirmed a lithium-bearing zone in hole 24-WB-008 of 2.76m @ 1.68% Li2O from 10.4m depth (Figure
4). Numerous other sub-parallel thinner pegmatites have also been intercepted, but not necessarily
spodumene-bearing. Generally, the pegmatites appear to be relatively flat-lying, shallow dipping to the
northwest, and open along strike and at depth.
The lithium intercepts are very shallow, less than 20 metres below surface.
Directors’ Report
Fin Resources Limited
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2024 Annual Report to Shareholders
All of drill core was logged and dispatched to Val d’Or, Quebec for cutting and submission to ActLabs for
analysis. Subsequent to the end of the June Quarter, the Company received all of the assay results from the
completed diamond drilling program (refer ASX announcement 30 July 2024).
Figure 4 | Cancet West Project - White Bear Prospect. Diamond drill core from Hole 24-WB-008, showing a 12
metre intercept of pegmatite (3.0m to 15.1m). Spodumene was identified within this intercept at various
depths, based on geological observations and confirmed with LIBS2 results. Subsequent assay results
confirmed the observations, with a best result of 3.27% Li2O from 10.45m to 11.45m downhole depths.
Final interpretation of the pegmatite occurrences will be completed to assist in vectoring and planning
further surface exploration and drilling. It is important to note that the extent of pegmatite occurrences
identified so far are restricted only by the small amount of work conducted to date. Further exploration
work is required to determine the potential for extensions to pegmatites identified so far, and to extend
along strike and at depth, as well as for additional pegmatites to the west.
The Company also plans to carry out a geophysical survey using LIDAR3 to better define the topographic
surface, beneath the tree canopies, and also assist in producing a surface digital elevation model (DEM) as
well as locating additional pegmatite outcrops that are potentially covered by thick undergrowth elsewhere
across the Project.
Further surface reconnaissance mapping and sampling will also be carried out following the LIDAR survey.
2 Laser Induced Breakdown Spectroscopy (LIBS) results or visual estimates of mineral abundance should never be considered a proxy
or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. While LIBS may
assist in geological interpretation and verifying lithium presence, they offer only an approximate concentration. Visual estimates
provide no information regarding impurities or deleterious physical properties relevant to valuation. Laboratory assays are required
for representative estimates of total Li or LiO2 content and other metal contents.
3 Light Detection and Ranging (LIDAR), is a remote sensing method that uses light in the form of a pulsed laser to measure ranges
(variable distances) to the Earth’s surface and can be flown by light aircraft or drones.
Directors’ Report
Fin Resources Limited
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2024 Annual Report to Shareholders
Ross Lithium and Uranium Project
A review of recent and historical work across the Ross Project has identified potential U-Th-REE bearing
pegmatites4.
Historical sampling completed in 2007 by Landmark Minerals Inc. across their Rupert River Uranium Project
(the western portion of which covers FIN’s Ross Project) reported a soil sample of up to 1,260 ppm U (1,486
ppm U308). This historical data combined with anomalous pathfinder elements including Total Rare Earth
Oxides (TREO) and Th levels in pegmatite samples 138203, 138204 and 138227 previously reported by FIN,
is potentially indicative of U-Th-REE bearing pegmatites that can show geochemical overlap with LCT
(Lithium- Caesium-Tantalum) pegmatites. The TREO and Th results, and historical Uranium results are
shown in Figure 5.
Analysis previously completed by Dr Neil Pendock identified a significant number of potential Uranium
occurrences across the Ross Project. Gas estimated from Sentinel-2 VNIR showed anomalous helium which
may originate from radioactive decay of Uranium.
Figure 5 | Total rare earth elements reported in rock grab samples and historical uranium results from the
Ross Lithium Project
FIN is planning to conduct geophysics surveys across the Ross and Cancet West Projects during the
Spring/Summer 2024 field season.
Sol Mar Project
During the year, Fin provided a Notice of Withdrawal to its Sol Mar JV partner North West Solar Salt Pty Ltd.
The withdrawal took effect during the March 24 Quarter. The Project rationalisation allows Fin to focus on
its core assets of Mt Tremblant and McKenzie Springs.
4 FIN ASX ANNOUNCEMENT – Uranium Prospectivity Identified at Ross Project – 5/03/2024.
Directors’ Report
Fin Resources Limited
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2024 Annual Report to Shareholders
McKenzie Springs Project
The McKenzie Springs, is located within the Kimberley Region of Western Australia, 85km north-east of the
township of Halls Creek. The Project covers an area of approximately 82km2 including identified nickel,
copper, cobalt and graphite occurrences. The McKenzie Springs Project is considered prospective for
magmatic Ni-Cu sulphide and PGE mineralisation.
A review of recent and historical work across the McKenzie Springs Project has identified several Ni-Cu
targets. Historical stream, rock chip, soil geochemical datasets have been reviewed in conjunction with FIN’s
soil geochemistry. Areas of known Ni-Cu anomalism were mapped to aid target generation5. Historical
stream sampling was completed by Australian Anglo-American Prospecting (Aust-Anglo) and re-reported by
Lionore. Aust-Anglo noted that “The Spring Creek complex is atypical of the “ultrabasic intrusions” of the area
being dominated by anorthosite. The mafic intrusion is, in turn, intruded by sulphide and olivine-bearing rocks
and should therefore be regarded as a prospective complex” (ref: WAMEX Report A18616).
A ground FLTEM survey has now been designed to test the interpreted gossan visited during the November
2023 field work program. The survey design has three 300m x 400m FLTEM loops, 100m spaced lines, 50m
station spacing with ~170 stations in total. The ground LFLTEM survey is intended to be carried out before
the wet season.
Figure 6| McKenzie Springs Project VTEM and Ni-Cu targets and FIN’s 2019 diamond drill holes
In addition to the ground FLTEM survey, a program of stream sediment and soil eochemistry sampling is
planned to commence during the H2 2024, along with outcrop mapping and rock chip sampling by a field
geologist.
5 FIN ASX Announcement– Exploration Results Confirm Nickel-Copper Sulphide Potential at McKenzie Springs, Western Australia –
30/01/2019.
Directors’ Report
Fin Resources Limited
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2024 Annual Report to Shareholders
The aim of the 2024 field work program is to improve on the current surface geochemistry and geophysical
coverage across the Spring Creek and McKenzie Springs Intrusions and delineate drill ready targets within
12kms of a critical metals mine and processing facility. Additionally, this program of work will help Fin to
define the most appropriate methods for Ni-Cu sulfide exploration within the McKenzie Springs Project area
and refine the methods to be used in the future for exploration success.
No New Exploration Information
This report contains references to prior exploration results, which have been cross-referenced to previous
market announcements made by the Company. There is no new exploration information in this
announcement. The Company confirms that it is not aware of any new information or data that materially
affects the information included in the relevant market announcements.
Competent Persons Statement
The information in this report that relates to Exploration Results is based on information compiled by FIN
and reviewed by Mr. Gary Powell who is a member of the Australian Institute Geoscientists. Mr. Powell is a
geological consultant to FIN and has sufficient experience, which is relevant to the style of mineralisation
and type of deposit under consideration and to the activity, which he is undertaking to qualify as a
Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves’. Mr. Powell consents to the inclusion in the report of the
matters based on his information in the form and context in which it appears.
Forward Looking Statements
This announcement contains ‘forward-looking information’ that is based on the Company’s expectations,
estimates and projections as of the date on which the statements were made. This forward-looking
information includes, among other things, statements with respect to the Company’s business strategy,
plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and
expectations, mineral reserves and resources, results of exploration and related expenses. Generally, this
forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’,
‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘would’, ‘could’,
‘should’, ‘scheduled’, ‘will’, ‘plan’, ‘forecast’, ‘evolve’ and similar expressions. Persons reading this
announcement are cautioned that such statements are only predictions, and that the Company’s actual
future results or performance may be materially different. Forward-looking information is subject to known
and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of
activity, performance, or achievements to be materially different from those expressed or implied by such
forward-looking information.
CORPORATE
Share and Option Issues
On 18 July 2023, the Company issued 2,500,000 shares to Mr James Barrie (Project Director) following twenty-
four months of continued service.
On 1 December 2023, the Company issued 5,000,000 options, with an exercise price of $0.02 and an expiry
of 1 December 2026, the Company’s Technical Project Adviser Tom Ridges.
The Company received funds totalling $448k during the period, following the conversion of unlisted options.
Options
Exercise Price
(A$)
Option Conversion
24,900,000
$0.018
448,200
Option Conversion
3,333,334
$0.00001
33
Total
28,233,334
448,233
On 30 June 2024, 38,600,000 unlisted options, exercisable at $0.018, expired unexercised.
Directors’ Report
Fin Resources Limited
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2024 Annual Report to Shareholders
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There have been no significant changes in the state of affairs of the Group during the financial year, other
than as set out in this report.
SIGNIFICANT EVENTS AFTER THE REPORTING DATE
There have been no other significant events subsequent to the end of the financial year to the date of this
report.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
The Directors have excluded from this report any further information on the likely developments in the
operations of the Group and the expected results of those operations in future financial years, as the
Directors believe that it would be speculative and prejudicial to the interests of the Group.
ENVIRONMENTAL REGULATIONS AND PERFORMANCE
The operations of the Group are presently subject to environmental regulation under the laws of Australia
and North America. The Group is, to the best of its knowledge, at all times in full environmental compliance
with the conditions of its licences.
MATERIAL BUSINESS RISKS
The Group considers the following to be the key material business risks:
i)
Access to and dependence on Capital Raisings
ii) Exploration Risks
iii) Geopolitics (Canada)
iv) Environmental
Future capital requirements
Mineral exploration companies (including the Company) do not generate cash revenue. The Company's
ability to meet its on-going operating costs and expenditure requirements will ultimately involve
expenditure that exceeds the estimated cash resources. Accordingly, the Company will be required to raise
new equity capital or access debt funding.
There can be no assurance as to the levels of future borrowings or further capital raisings that will be
required to meet the aims of the Company to explore and develop its projects or otherwise for the Company
to undertake its business. No assurance can be given that the Company will be able to procure sufficient
funding at the relevant times on the terms acceptable to it. Any additional equity financing will dilute
Shareholders, and debt financing, if available, may involve restrictions on financing and operating activities.
If the Company is unable to obtain additional financing as needed, it may be required to reduce the scope
of its operations and scale back its exploration programmes as the case may be. There is no guarantee that
the Company will be able to secure any additional funding or be able to secure funding on terms favourable
to the Company.
Risk of failure in exploration, development or production
Payment of compensation is ordinarily necessary to acquire participating interests. Also, surveying and
exploratory drilling expenses (exploration expenses) become necessary at the time of exploration activities
for the purpose of discovering resources. When resources are discovered, it is necessary to further invest in
substantial development expenses. There is, however, no guarantee of discovering resources on a scale that
makes development and production feasible.
The probability of such discoveries is considerably low despite various technological advances in recent
years, and even when resources are discovered the scale of the resource does not necessarily make
commercial production feasible. For this reason, the Group conservatively recognizes expenses related to
exploration investment in our consolidated financial statements.
Directors’ Report
Fin Resources Limited
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2024 Annual Report to Shareholders
To increase recoverable resources and production, the Group plans to always take an interest in promising
properties and plans to continue exploration investment. Although exploration and development (including
the acquisition of interests) are necessary to secure the resources essential to the Group’s future sustainable
business development, each type of investment involves technological and economic risks, and failed
exploration or development could have an adverse effect on the results of the Group’s operations.
Overseas Business Activities and Country Risk (Geopolitical Risk)
The Group engages in exploration activities outside of Australia, mainly in North America (Canada). The
success of the Group’s operation depends on the political stability in this country and the availability of
qualified and skilled workforce to support operations. While the operations of the Group in this country is
currently very stable, a change in the government may result in changes to the foreign investment laws and
these assets could have an adverse effect on the Group’s operational results. To manage this risk, the Group
ensures that all significant transactions in these countries are supported by robust contracts between the
company and third parties. We have a system in place for parent company level to continuously check the
country risk management before any significant investment is made. Furthermore, we have developed a
mechanism to counter legal risk, where foreign subsidiaries and management can receive appropriate legal
guidance regarding matters such as important agreements and lawsuits in foreign locations.
Environmental
The minerals and mining industry has become subject to increasing environmental regulations and liability.
The potential for liability is an ever-present risk. The operations and proposed activities of the Company are
subject to State and Federal laws, regulations and permits concerning the environment. If such laws are
breached or modified, the Company could be required to cease its operations and/or incur significant
liabilities including penalties, due to past or future activities. As with most exploration operations, the
Company’s activities are expected to have an impact on the environment.
There are certain risks inherent in the Company’s activities which could subject the Company to extensive
liability. The cost and complexity in complying with the applicable environmental laws and regulations may
affect the viability of potential developments of the Company's projects, and consequently the value of those
projects, and the value of the Company's assets. It may be required for the Company to conduct baseline
environmental studies prior to certain exploration or mining activities, so that environmental impact can be
monitored and minimised where ever possible. No baseline studies have been done to date, and a discovery
of endangered flora or fauna could, for example, prevent exploration and mining activity in certain areas.
SHARE OPTIONS
As at the date of this report there were 44,444,444 unissued ordinary shares under options. The details of
these securities are as follows:
Number
Type
Exercise Price $
Expiry Date
5,000,000
Unlisted Options
$0.02
1 December 2026
14,166,666
Performance Options
$0.00001
5 July 2026
25,277,778
Unlisted Options
$0.03
17 April 2025
44,444,444
No holder has any right under the options to participate in any other share issue of the Company or any
other entity. 38,600,000 options expired during the financial year. 28,233,334 options were exercised during
the year ended 30 June 2024. Refer to note 9 (e) for option movements during the financial year.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
The Company has made an agreement indemnifying all the Directors and Officers of the Company against
all losses or liabilities incurred by each Director or Officer in their capacity as Directors or Officers of the
Company to the extent permitted by the Corporations Act 2001.
Directors’ Report
Fin Resources Limited
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2024 Annual Report to Shareholders
The indemnification specifically excludes wilful acts of negligence. The Company paid insurance premiums
in respect of Directors’ and Officers’ Liability Insurance contracts for current officers of the Company,
including Officers of the Company’s controlled entities. The liabilities insured are damages and legal costs
that may be incurred in defending civil or criminal proceedings that may be brought against the officers in
their capacity as officers of entities in the Group.
DIRECTORS’ MEETINGS
During the financial year, in addition to frequent Board discussions, the Directors met regularly to discuss
all matters associated with investment strategy, review of opportunities, and other Company matters on an
informal basis. Circular resolutions were passed as necessary to execute formal Board decisions. The
number of meetings of Directors held during the year and the number of meetings attended by each
Director were as follows:
Director
Number of Meetings
Eligible to Attend
Number of Meetings
Attended
Brian Talbot
1
1
Jason Bontempo
1
1
Aaron Bertolatti
1
1
PROCEEDINGS ON BEHALF OF COMPANY
No person has applied for leave of the Court to bring proceedings on behalf of the Group or intervene in
any proceedings to which the Group is a party for the purpose of taking responsibility on behalf of the Group
for all or any part of those proceedings. The Group was not a party to any such proceedings during the year.
CORPORATE GOVERNANCE
In recognising the need for the highest standards of corporate behaviour and accountability, the Directors
of Fin Resources Limited support and have adhered to the principles of sound corporate governance. The
Board recognises the recommendations of the Australian Securities Exchange Corporate Governance
Council, and considers that Fin Resources complies to the extent possible with those guidelines, which are
of importance to the commercial operation of a junior listed resources company. During the financial year,
shareholders continued to receive the benefit of an efficient and cost-effective corporate governance policy
for the Company. The Company has established a set of corporate governance policies and procedures
which can be found, along with the Company’s Corporate Governance Statement, on the Fin Resources
website: finresources.com.au.
AUDITOR INDEPENDENCE AND NON-AUDIT SERVICES
Section 307C of the Corporations Act 2001 requires the Group’s auditors to provide the Directors of Fin
Resources with an Independence Declaration in relation to the audit of the financial report. A copy of that
declaration is included within this annual report. There were no non-audit services provided by the Group’s
auditor.
Officers of the company who are former partners of Stantons
There are no officers of the company who are former partners of Stantons.
Auditor
Stantons continue in office in accordance with section 327 of the Corporations Act 2001.
AUDITED REMUNERATION REPORT
This report, which forms part of the directors’ report, outlines the remuneration arrangements in place for
the key management personnel (“KMP”) of Fin Resources Limited for the financial year ended 30 June 2024.
The information provided in this remuneration report has been audited as required by Section 308(3C) of
the Corporations Act 2001.
Directors’ Report
Fin Resources Limited
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2024 Annual Report to Shareholders
The remuneration report details the remuneration arrangements for KMP who are defined as those persons
having authority and responsibility for planning, directing and controlling the major activities of the Group,
directly or indirectly, including any director (whether executive or otherwise) of the Group.
Details of Key Management Personnel
▪ Brian Talbot - Technical Director (appointed 30 November 2021)
▪ Jason Bontempo - Non-Executive Director (appointed 12 July 2011)
▪ Aaron Bertolatti – Director (appointed 1 February 2023) and Company Secretary (appointed 1
September 2014)
Remuneration Policy
The Board is responsible for determining and reviewing compensation arrangements for the Directors. The
Board assesses the appropriateness of the nature and amount of emoluments of such officers on a yearly
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. The expected
outcome of this remuneration structure is to retain and motivate Directors.
As part of its Corporate Governance Policies and Procedures, the board has adopted a formal Remuneration
Committee Charter and Remuneration Policy. The Board has elected not to establish a remuneration
committee based on the size of the organisation and has instead agreed to meet as deemed necessary and
allocate the appropriate time at its board meetings. Fees and payments to non‑executive directors reflect
the demands which are made on, and the responsibilities of the directors. Non‑executive directors’ fees and
payments are reviewed annually by the Board. Non‑executive directors do not receive performance-based
pay, other than performance rights issued in the prior year.
Level
Cash Remuneration
Technical Director
A$36,000
Non-Executive Director
Up to A$72,000
Additional fees
A Director may also be paid fees or other amounts as the Directors determine if a Director performs special
duties or otherwise performs services outside the scope of the ordinary duties of a Director. A Director may
also be reimbursed for out-of-pocket expenses incurred as a result of their directorship or any special
duties.
Remuneration Consultants
Remuneration consultants have not been used in determining the remuneration paid.
Retirement allowances for Directors
Superannuation contributions required under the Australian Superannuation Guarantee Legislation
continue to be made and are deducted from the directors’ overall fee entitlements where applicable.
Directors’ Report
Fin Resources Limited
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2024 Annual Report to Shareholders
Details of Remuneration
Details of the nature and amount of each element of the remuneration of each Director and Executive of
the Company for the year ended 30 June 2024 are as follows:
2024
Short term
Options
Shares
Super
$
Total
$
Option/
Share
related
%
Base
Salary
$
Director
Fees
$
Consulting
Fees
$
Share- Based
Payments
$
Share- Based
Payments
$
Directors
Jason Bontempo
-
64,865
-
-
-
7,135
72,000
-
Brian Talbot
-
36,000
-
20,569
-
-
56,569
36.4
Aaron Bertolatti1
-
36,000
60,000
-
-
3,960
99,960
-
- 136,865
60,000
20,569
-
11,095
228,529
9.0
1 Aaron Bertolatti received consultancy fees of $60,000 for company secretarial and accounting services
provided during the year.
The fees paid to Directors’ and Officers’ related entities were for the provision of management services of
the particular individual to the Group:
▪ BR Corporation Pty Ltd, an entity associated with Jason Bontempo.
▪ BT Lithium Pty Ltd and R-Tek International DMCC, entities associated with Brian Talbot.
▪ 1918 Consulting Pty Ltd, an entity associated with Aaron Bertolatti.
There were no other executive officers of the Group during the financial year ended 30 June 2024.
Details of the nature and amount of each element of the remuneration of each Director and Executive of
the Company for the year ended 30 June 2023 are as follows:
2023
Short term
Options
Shares
Super
$
Total
$
Option/
Share
related
%
Base
Salary
$
Director
Fees
$
Consulting
Fees
$
Share-
Based
Payments
$
Share-
Based
Payments
$
Directors
Gautam Varma1
-
-
271,320
-
62,000
-
333,320
18.6
Jason Bontempo2
-
36,000
30,000
-
-
3,420
69,420
-
Brian Talbot3
-
36,000
7,000
89,087
-
-
132,087
67.4
Aaron Bertolatti4
-
15,000
60,000
-
-
1,575
76,575
-
Management
James Barrie
250,000
-
-
-
-
26,250
276,250
-
250,000
87,000
368,320
89,087
62,000
31,245
887,652
17.0
1 Gautam Varma resigned on 31 January 2023.
2 Jason Bontempo received additional consulting fees totalling $30,000 for transactional services provided.
3 Brian Talbot received additional consulting fees totalling $7,000 for technical services provided.
4 Aaron Bertolatti was appointed as a director on 1 February 2023. He received consultancy fees of $60,000
for company secretarial services provided during the year.
The fees paid to Directors’ and Officers’ related entities were for the provision of management services of
the particular individual to the Group:
▪ BR Corporation Pty Ltd, an entity associated with Jason Bontempo.
▪ BT Lithium Pty Ltd and R-Tek Group Pty Ltd, entities associated with Brian Talbot.
▪ V2 Ventures Pte Ltd, an entity associated with Gautam Varma.
▪ 1918 Consulting Pty Ltd, an entity associated with Aaron Bertolatti.
Directors’ Report
Fin Resources Limited
15
2024 Annual Report to Shareholders
There were no other executive officers of the Group during the financial year ended 30 June 2023.
Shareholdings of Key Management Personnel
The number of shares in the Company held during the financial year by each Director and specified executives
of the Group, including their personally related parties, is set out below.
Balance at the
start of the year
or date of
appointment
Granted during
the year as
compensation
On exercise of
share options/
Performance
Options
Other changes
during the year
Balance at the
end of the year
Directors
Jason Bontempo
9,000,000
-
-
(6,000,000)
3,000,000
Brian Talbot
100,000
-
-
-
100,000
Aaron Bertolatti
4,000,000
-
-
-
4,000,000
All equity transactions with key management personnel other than arising from the exercise of remuneration
options have been entered into under terms and conditions no more favourable than those the Company
would have adopted if dealing at arm’s length.
Performance Options Holdings of Key Management Personnel
The numbers of options over ordinary shares in the Company held during the financial year by each Director
of Fin Resources Limited and specified executives of the Group, including their personally related parties, are
set out below:
Performance Options Affecting Remuneration
The terms and conditions of Performance Options affecting remuneration in the current or future reporting
years are as follows:
Grant
Date
Grant
Number
Expiry
date/last
exercise
date
Exercise
price
$
Value at
grant date1
$
Number
vested
Vested
%
Value vested
during the
year
$
Max
value yet
to vest
$
Director
Brian Talbot
29/11/21
7,500,000 05/07/26 0.00001
195,002
-2
-
20,569
-
1 The value at grant date has been calculated in accordance with AASB 2 Share based payments.
2 Tranche 1, Tranche 2 and Tranche 3 Options vest upon the 5-day VWAP of the Company’s shares reaching at
least $0.054, $0.072 and $0.090, respectively, before the expiry date. In addition to these conditions, 50% of
the Performance Options will vest following completion of 12 months of continued service as a director and
the remaining 50% will vest following completion of 24 months of continued service as a director.
Balance at
the start of
the year or
date of
appointment
Granted
during the
year as
compensation
Exercised
during the
year
Other
changes
during the
year
Balance at
the end of
the year
Exercisable
Un-
exercisable
Directors
Jason Bontempo
10,000,000
-
-
(3,333,334)
6,666,666
-
6,666,666
Brian Talbot
7,500,000
-
-
-
7,500,000
-
7,500,000
Aaron Bertolatti
500,000
-
-
(500,000)
-
-
-
Directors’ Report
Fin Resources Limited
16
2024 Annual Report to Shareholders
Service Agreements
Non-Executive Director Service Agreements
Company Secretary, Aaron Bertolatti (1918 Consulting Pty Ltd) is engaged under an Executive Agreement
dated 1 May 2018. Under the agreement Mr. Bertolatti is paid an annual fee of A$60,000. The Agreement
may be terminated by the Company without notice or without cause by giving three months’ notice in writing
or payment in lieu of notice. The Agreement may also be terminated by Mr. Bertolatti by providing three
months’ notice in writing.
Non-Executive Director Service Agreements
On appointment to the Board, all non-executive directors enter into a service agreement with the Group in
the form of a letter of appointment. The letter summarises the Board policies and terms, including
compensation ranging from $39,960 to $72,000 per annum (including Superannuation), relevant to the
director. There is no termination clause included in the letter.
Loans to Directors and Executives
There were no loans to Directors and executives during the financial year ended 30 June 2024.
END OF AUDITED REMUNERATION REPORT
Additional Information
The earnings of the Group for the five years to 30 June 2024 are summarised below:
2024
2023
2022
2021
2020
$
$
$
$
$
Other income
93,876
70,333
6,600
23,752
39,191
Loss after income tax
(3,606,080)
(2,649,462)
(5,015,072)
(880,124)
(295,317)
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 ($)
0.008
0.014
0.014
0.044
0.015
Total dividends declared (cents per share)
-
-
-
-
-
Basic loss per share (cents per share)
(0.56)
(0.46)
(0.90)
(0.29)
(0.10)
Voting and comments made at the Company's 2023 Annual General Meeting
Fin Resources Limited received 99.1% of “yes” votes on its remuneration report for the 2023 financial year.
The Company did not receive any specific feedback at the AGM or throughout the year on its remuneration
practices.
Signed on behalf of the board in accordance with a resolution of the Directors.
Aaron Bertolatti
Director and Company Secretary
Perth, Western Australia
30 September 2024
Fin Resources Limited
Fin Resources Limited
17
2024 Annual Report to Shareholders
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the year ended 30 June 2024
Note
30-Jun-24
30-Jun-23
$
$
Continuing operations
Consultancy fees
(137,150)
(98,000)
Corporate and compliance expense
(159,083)
(307,620)
Employee benefits expense
(145,277)
(138,669)
Share based payments
18
(111,732)
(188,309)
Loss on foreign exchange
(16,260)
-
Exploration expenditure written off
7
(2,817,510)
(1,764,446)
Other expenses
(312,944)
(222,751)
Total expenses
(3,699,956)
(2,719,795)
Other income
93,876
70,333
Loss before income tax from continuing operations
(3,606,080)
(2,649,462)
Income tax expense
3
-
-
Loss after income tax from continuing operations
(3,606,080)
(2,649,462)
Loss for the year
(3,606,080)
(2,649,462)
Other comprehensive income
Items that may be reclassified to profit and loss
27
-
Other comprehensive income for the year net of tax
27
-
Total comprehensive loss for the year
(3,606,053)
(2,649,462)
Loss attributable to:
Owners of the parent
(3,606,053)
(2,649,462)
Non-controlling interests
-
-
(3,606,053)
(2,649,462)
Total comprehensive loss attributable to:
Owners of the parent
(3,606,053)
(2,649,462)
Non-controlling interests
-
-
(3,606,053)
(2,649,462)
Loss per share
From continuing operations
Basic and diluted loss per share (cents)
14
(0.56)
(0.46)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction
with the accompanying notes.
Fin Resources Limited
Fin Resources Limited
18
2024 Annual Report to Shareholders
Consolidated Statement of Financial Position
as at 30 June 2024
30-Jun-24
30-Jun-23
Note
$
$
Current Assets
Cash and cash equivalents
4
879,637
2,269,837
Trade and other receivables
5
204,778
45,232
Other assets
6
12,999
13,898
Other financial assets
100
100
Total Current Assets
1,097,514
2,329,067
Non-Current Assets
Exploration and evaluation expenditure
7
2,323,046
3,509,302
Total Non-Current Assets
2,323,046
3,509,302
Total Assets
3,420,560
5,838,369
Current Liabilities
Trade and other payables
8
738,037
85,969
Provisions
-
24,039
Total Current Liabilities
738,037
110,008
Total Liabilities
738,037
110,008
Net Assets
2,682,523
5,728,361
Equity
Issued capital
9
37,118,818
36,670,335
Reserves
10
5,875,236
5,763,477
Accumulated losses
11
(40,311,531)
(36,705,451)
Total Equity
2,682,523
5,728,361
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Fin Resources Limited
Fin Resources Limited
19
2024 Annual Report to Shareholders
Consolidated Statement of Changes in Equity
for the year ended 30 June 2024
Issued capital
$
Accumulated
losses
$
Reserves
$
Total
$
Balance at 1 July 2022
35,691,562
(34,313,785)
5,862,379
7,240,156
Total comprehensive loss for the year
Loss for the year
-
(2,649,462)
-
(2,649,462)
Other comprehensive income
-
-
-
-
Total comprehensive loss for the year
-
(2,649,462)
-
(2,649,462)
Transactions with owners in their
capacity as owners
Shares issued during the year
1,044,358
-
-
1,044,358
Cost of issue
(65,585)
-
-
(65,585)
Share-based payment (note 18)
-
257,796
(98,902)
158,894
Balance at 30 June 2023
36,670,335
(36,705,451)
5,763,477
5,728,361
Balance at 1 July 2023
36,670,335
(36,705,451)
5,763,477
5,728,361
Total comprehensive loss for the year
Loss for the year
-
(3,606,080)
-
(3,606,080)
Other comprehensive income
-
-
27
27
Total comprehensive loss for the year
-
(3,606,080)
27
(3,606,053)
Transactions with owners in their
capacity as owners
Shares issued during the year
448,483
-
-
448,483
Share-based payment (note 18)
-
-
111,732
111,732
Balance at 30 June 2024
37,118,818 (40,311,531)
5,875,236
2,682,523
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Fin Resources Limited
Fin Resources Limited
20
2024 Annual Report to Shareholders
Consolidated Statement of Cash Flows
for the year ended 30 June 2024
Note
30-Jun-24
30-Jun-23
$
$
Cash flows from operating activities
Payments to suppliers and employees
(636,762)
(645,039)
Interest received
28,498
70,333
Net cash (used in) operating activities
4
(608,264)
(574,706)
Cash flows from investing activities
Payments for exploration expenditure
(1,229,443)
(1,066,825)
Net cash (used in) investing activities
(1,229,443)
(1,066,825)
Cash flows from financing activities
Proceeds from issue of shares
448,483
550,358
Payments for share issue costs
-
(33,000)
Net cash provided by financing activities
448,483
517,358
Net (decrease) in cash and cash equivalents
(1,389,224)
(1,124,173)
Cash and cash equivalents at beginning of year
2,269,837
3,394,010
Effect of exchange rate fluctuations on cash
(976)
-
Cash and cash equivalents at the end of the year
4
879,637
2,269,837
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
21
2024 Annual Report to Shareholders
1. Corporate Information
The financial report of Fin Resources Limited (“Fin Resources”, “Fin” or “the Company”) and its subsidiaries (the
“Group”) for the year ended 30 June 2024 was authorised for issue in accordance with a resolution of the
Directors on 30 September 2024. Fin Resources is a company limited by shares incorporated in Australia
whose shares are publicly traded on the Australian Securities Exchange. The nature of the operations and the
principal activities of the Company are described in the Directors’ Report.
2. Summary of Material Accounting Policies
(a) Basis of preparation
The financial statements are general-purpose financial statements, which have been prepared in accordance
with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative
pronouncements of the Australian Accounting Standards Board. The financial statements have also been
prepared on a historical cost basis. The presentation currency is Australian dollars.
(b) Statement of compliance
The financial report complies with Australian Accounting Standards, which include Australian equivalents to
International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial report,
comprising the financial statements and notes thereto, complies with International Financial Reporting
Standards (IFRS).
(c) 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 19.
(d) Basis of consolidation
The consolidated financial statements incorporate all of the assets, liabilities and results of the parent (Fin
Resources Limited) and all of the subsidiaries. Subsidiaries are those entities over which the Company has the
power to govern the financial and operating policies so as to obtain benefits from their activities. The existence
and effect of potential voting rights that are currently exercisable or convertible are considered when
assessing whether a Company controls another entity. A list of the subsidiaries is provided in note 13(b).
In preparing the consolidated financial statements, all intercompany balances and transactions, income and
expenses and profit and losses resulting from intra-company transactions have been eliminated in full.
Unrealised losses are also eliminated unless costs cannot be recovered. Non-controlling interests in the
results and equity of subsidiaries are shown separately in the Consolidated Statement of Profit or Loss and
Other Comprehensive Income and Consolidated Statement of Financial Position, respectively.
(e) Going Concern
The financial report has been prepared on a going concern basis, which contemplates the continuity of normal
business activity and the realisation of assets and the settlement of liabilities in the ordinary course of
business. The Company incurred a loss of $3,606,080 (2023: $2,649,462) and had net cash outflows from
operating and investing activities of $608,264 (2023: $574,706) and $1,229,443 (2023: $1,066,825) respectively
for year ended 30 June 2024. As at that date, the Company had net current assets of $359,477 (2023:
$2,219,059). The Group is dependent upon raising capital to meet its planned and budgeted exploration
activities as well as corporate overheads requirements in the next 12 months. The Group's capacity to raise
additional funds will be impacted by the success of the ongoing exploration activities and market conditions.
These conditions indicate a material uncertainty that may cast significant doubt about the Group's ability to
continue as a going concern. Should the entity not be able to continue as a going concern, it may be required
to realise its assets and discharge its liabilities other than in the ordinary course of business, and at amounts
that differ from those stated in the financial statements. The financial report does not include any adjustments
relating to the recoverability and classification of recorded asset amounts or liabilities that might be necessary
should the entity not continue as a going concern.
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
22
2024 Annual Report to Shareholders
(f) Cash and cash equivalents
Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid
investments that are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value. Bank overdrafts are shown within borrowings in current liabilities in the Consolidated
Statement of Financial Position.
(g) Employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave, long
service leave, and sick leave when it is probable that settlement will be required and they are capable of being
measured reliably.
Liabilities recognised in respect of employee benefits expected to be settled within 12 months, are measured
at their nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities
recognised in respect of employee benefits which are not expected to be settled within 12 months are
measured as the present value of the estimated future cash outflows to be made by the Group in respect of
services provided by employees up to reporting date.
(h) Fair Value of Assets and Liabilities
The Group measures some of its assets and liabilities at fair value on either a recurring or non-recurring basis,
depending on the requirements of the applicable Accounting Standard. Fair value is the price the Group
would receive to sell an asset or would have to pay to transfer a liability in an orderly (i.e. unforced) transaction
between independent, knowledgeable and willing market participants at the measurement date.
As fair value is a market-based measure, the closest equivalent observable market pricing information is used
to determine fair value. Adjustments to market values may be made having regard to the characteristics of
the specific asset or liability. The fair values of assets and liabilities that are not traded in an active market are
determined using one or more valuation techniques. These valuation techniques maximise, to the extent
possible, the use of observable market data.
To the extent possible, market information is extracted from either the principal market for the asset or
liability (i.e. the market with the greatest volume and level of activity for the asset or liability) or, in the absence
of such a market, the most advantageous market available to the entity at the end of the reporting period (i.e.
the market that maximises the receipts from the sale of the asset or minimises the payments made to transfer
the liability, after taking into account transaction costs and transport costs). For non-financial assets, the fair
value measurement also takes into account a market participant's ability to use the asset in its highest and
best use or to sell it to another market participant that would use the asset in its highest and best use.
The fair value of liabilities and the entity's own equity instruments (excluding those related to share-based
payment arrangements) may be valued, where there is no observable market price in relation to the transfer
of such financial instruments, by reference to observable market information where such instruments are
held as assets. Where this information is not available, other valuation techniques are adopted and, where
significant, are detailed in the respective note to the consolidated financial statements.
Valuation techniques
In the absence of an active market for an identical asset or liability, the Group selects and uses one or more
valuation techniques to measure the fair value of the asset or liability, The Group selects a valuation technique
that is appropriate in the circumstances and for which sufficient data is available to measure fair value. The
availability of sufficient and relevant data primarily depends on the specific characteristics of the asset or
liability being measured. The valuation techniques selected by the Group are consistent with one or more of
the following valuation approaches:
− Market approach: valuation techniques that use prices and other relevant information generated by
market transactions for identical or similar assets or liabilities.
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
23
2024 Annual Report to Shareholders
− Income approach: valuation techniques that convert estimated future cash flows or income and expenses
into a single discounted present value.
− Cost approach: valuation techniques that reflect the current replacement cost of an asset at its current
service capacity.
− Each valuation technique requires inputs that reflect the assumptions that buyers and sellers would use
when pricing the asset or liability, including assumptions about risks. When selecting a valuation technique,
the Group gives priority to those techniques that maximise the use of observable inputs and minimise the
use of unobservable inputs.
Inputs that are developed using market data (such as publicly available information on actual transactions)
and reflect the assumptions that buyers and sellers would generally use when pricing the asset or liability are
considered observable, whereas inputs for which market data is not available and therefore are developed
using the best information available about such assumptions are considered unobservable.
Fair value hierarchy
AASB 13 requires the disclosure of fair value information by level of the fair value hierarchy, which categorises
fair value measurements into one of three possible levels based on the lowest level that an input that is
significant to the measurement can be categorised into as follows:
Level 1
Measurements based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the
entity can access at the measurement date.
Level 2
Measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset
or liability, either directly or indirectly.
Level 3
Measurements based on unobservable inputs for the asset or liability.
The fair values of assets and liabilities that are not traded in an active market are determined using one or
more valuation techniques. These valuation techniques maximise, to the extent possible, the use of
observable market data. If all significant inputs required to measure fair value are observable, the asset or
liability is included in Level 2. If one or more significant inputs are not based on observable market data, the
asset or liability is included in Level 3.
The Group would change the categorisation within the fair value hierarchy only in the following circumstances:
i. if a market that was previously considered active (Level 1) became inactive (Level 2 or Level 3) or vice
versa; or
ii. if significant inputs that were previously unobservable (Level 3) became observable (Level 2) or vice versa.
When a change in the categorisation occurs, the Group recognises transfers between levels of the fair value
hierarchy (i.e. transfers into and out of each level of the fair value hierarchy) on the date the event or change
in circumstances occurred.
(i) Financial instruments
Financial assets
Except for those trade receivables that do not contain a significant financing component and are measured
at the transaction price in accordance with AASB 15, all financial assets are initially measured at fair value
adjusted for transaction costs (where applicable).
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
24
2024 Annual Report to Shareholders
For the purpose of subsequent measurement, financial assets other than those designated and effective as
hedging instruments, are classified into the following categories upon initial recognition:
▪ amortised cost;
▪ fair value through other comprehensive income (FVOCI); and
▪ fair value through profit or loss (FVPL).
Classifications are determined by both:
▪ the contractual cash flow characteristics of the financial assets; and
▪ the entities business model for managing the financial asset.
Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not
designated as FVPL):
▪ they are held within a business model whose objective is to hold the financial assets and collect its
contractual cash flows; and
▪ the contractual terms of the financial assets give rise to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method.
Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents,
trade and most other receivables fall into this category of financial instruments.
Financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss,
loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge,
as appropriate.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs
unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial
liabilities are measured at amortised cost using the effective interest method except for derivatives and
financial liabilities designated at FVPL, which are carried subsequently at fair value with gains or losses
recognised in profit or loss.
All interest-related charges and, if applicable, gains and losses arising on changes in fair value that are
recognised in profit or loss.
Impairment
From 1 July 2018, the Group assesses on a forward-looking basis the expected credit losses associated with
its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on
whether there has been a significant increase in credit risk.
Recognition, initial measurement and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual
provisions of the financial instrument. Financial instruments (except for trade receivables) are measured
initially at fair value adjusted by transactions costs, except for those carried “at fair value through profit or
loss”, in which case transaction costs are expensed to profit or loss. Where available, quoted prices in an active
market are used to determine the fair value. In other circumstances, valuation techniques are adopted.
Subsequent measurement of financial assets and financial liabilities are described below.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire,
or when the financial asset and all substantial risks and rewards are transferred. A financial liability is
derecognised when it is extinguished, discharged, cancelled or expires.
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
25
2024 Annual Report to Shareholders
(j) Goods and services tax
Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except:
i.
where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as
part of the cost of acquisition of an asset or as part of an item of expense; or
ii.
for receivables and payables which are recognised inclusive of GST.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of
receivables or payables. Cash flows are included in the cash flow statement on a gross basis. The GST
component of cash flows arising from investing and financing activities which is recoverable from, or payable
to, the taxation authority is classified as operating cash flows.
(k) Impairment of assets
At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any).
Where the asset does not generate cash flows that are independent from other assets, the Group estimates
the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In 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 for which the
estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-
generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-
generating unit) is reduced to its recoverable amount. An impairment loss is recognised in profit or loss
immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is
increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying
amount does not exceed the carrying amount that would have been determined had no impairment loss been
recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised
in profit or loss immediately.
(l) Income tax
Current tax
Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the
taxable profit or tax loss for the period. It is calculated using tax rates and tax laws that have been enacted
or substantively enacted by reporting date. Current tax for current and prior periods is recognised as a liability
(or asset) to the extent that it is unpaid (or refundable).
Deferred tax
Deferred tax is accounted for using the statement of financial position liability method in respect of temporary
differences arising from differences between the carrying amount of assets and liabilities in the financial
statements and the corresponding tax base of those items. In principle, deferred tax liabilities are recognised
for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that
sufficient taxable amounts will be available against which deductible temporary differences or unused tax
losses and tax offsets can be utilised.
However, deferred tax assets and liabilities are not recognised if the temporary differences giving rise to them
arise from the initial recognition of assets and liabilities (other than as a result of a business combination)
which affects neither taxable income nor accounting profit. Furthermore, a deferred tax liability is not
recognised in relation to taxable temporary differences arising from goodwill.
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
26
2024 Annual Report to Shareholders
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries,
branches, associates and joint ventures except where the Group is able to control the reversal of the
temporary differences and it is probable that the temporary differences will not reverse in the foreseeable
future. Deferred tax assets arising from deductible temporary differences associated with these investments
and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits
against which to utilise the benefits of the temporary differences and they are expected to reverse in the
foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s)
when the asset and liability giving rise to them are realised or settled, based on tax rates (and tax laws) that
have been enacted or substantively enacted by reporting date. The measurement of deferred tax liabilities
and assets reflects the tax consequences that would follow from the manner in which the Group expects, at
the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets
and liabilities are offset when they relate to income taxes levied by the same taxation authority and the
company/Group intends to settle its current tax assets and liabilities on a net basis.
Current and deferred tax for the period
Current and deferred tax is recognised as an expense or income in the statement of profit or loss and other
comprehensive income, except when it relates to items credited or debited directly to equity, in which case
the deferred tax is also recognised directly in equity, or where it arises from the initial accounting for a
business combination, in which case it is taken into account in the determination of goodwill or excess.
(m) Payables
Trade payables and other accounts payable are recognised when the Group becomes obliged to make future
payments resulting from the purchase of goods and services.
(n) Revenue recognition
The Group has applied AASB 15 Revenue from Contracts with Customers using the cumulative effective
method. The Group does not have any revenue from contracts with customers.
Interest revenue
Revenue is recognised as interest accrues using the effective interest method. This is a method of calculating
the amortised cost of a financial asset and allocating the interest income over the relevant period using the
effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the
expected life of the financial asset to the net carrying amount of the financial asset.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
(o) Exploration and evaluation expenditure
Exploration and evaluation expenditures in relation to each separate area of interest are recognised as an
exploration and evaluation asset in the year in which they are incurred where the following conditions are
satisfied:
(i)
the rights to tenure of the area of interest are current; and
(ii) at least one of the following conditions is also met:
(a) the exploration and evaluation expenditures are expected to be recouped through successful
development and exploration of the area of interest, or alternatively, by its sale; or
(b) exploration and evaluation activities in the area of interest have not at the balance 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.
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
27
2024 Annual Report to Shareholders
Exploration and evaluation assets are initially measured at cost and include acquisition of rights to explore,
studies, exploratory drilling, trenching and sampling and associated activities and an allocation of depreciation
and amortisation of assets used in exploration and evaluation activities. General and administrative costs are
only included in the measurement of exploration and evaluation costs where they are related directly to
operational activities in a particular area of interest.
Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that
the carrying amount of an exploration and evaluation asset may exceed its recoverable amount. The
recoverable amount of the exploration and evaluation asset (for the cash generating unit(s) to which it has
been allocated being no larger than the relevant area of interest) is estimated to determine the extent of the
impairment loss (if any).
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised
estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed
the carrying amount that would have been determined had no impairment loss been recognised for the asset
in previous years.
Where a decision has been made to proceed with development in respect of a particular area of interest, the
relevant exploration and evaluation asset is tested for impairment and the balance is then reclassified to
development. Where an area of interest is abandoned, any expenditure carried forward in respect of that
area is written off.
(p) Interests in joint ventures
Joint arrangements represent the contractual sharing of control between parties in a business venture where
unanimous decisions about relevant activities are required. Separate joint venture entities providing joint
ventures with an interest to net assets are classified as a "joint venture" and accounted for using the equity
method.
Joint venture operations represent arrangements whereby joint operators maintain direct interests in each
asset and exposure to each liability of the arrangement. The Group's interests in the assets, liabilities, revenue
and expenses of joint operations are included in the respective line items of the consolidated financial
statements. Gains and losses resulting from sales to a joint operation are recognised to the extent of the other
parties' interests. When the Group makes purchases from a joint operation, it does not recognise its share of
the gains and losses from the joint arrangement until it resells those goods/assets to a third party.
(q) Share-based payments
Equity-settled share-based payments with employees and others providing similar services are measured at
the fair value of the equity instrument at the grant date. Fair value is measured either with reference to the
value of the goods and services provided or by use of a Black-Scholes model. The expected life used in the
model has been adjusted, based on management’s best estimate, for the effects of non-transferability,
exercise restrictions, and behavioural considerations. Further details on how the fair value of equity-settled
share-based transactions has been determined can be found in note 18.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a
straight-line basis over the vesting period, based on the Group’s estimate of shares that will eventually vest.
Equity-settled share-based payment transactions with other parties are measured at the fair value of the
goods and services received, except where the fair value cannot be estimated reliably, in which case they are
measured at the fair value of the equity instruments granted, measured at the date the entity obtains the
goods or the counterparty renders the service.
For cash-settled share-based payments, a liability equal to the portion of the goods or services received is
recognised at the current fair value determined at each reporting date.
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
28
2024 Annual Report to Shareholders
(r) Segment reporting
Operating segments are identified and segment information disclosed on the basis of internal reports that
are regularly provided to, or reviewed by, the Group’s chief operating decision maker which, for the Group, is
the board of directors. In this regard, such information is provided using different measures to those used in
preparing the Consolidated Statement of Profit or Loss and Other Comprehensive Income and Consolidated
Statement of Financial Position. Reconciliations of such management information to the statutory information
contained in the annual financial report have been included.
(s) Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group’s accounting policies, which are described in note 2, management is required
to make judgments, estimates and assumptions about carrying values of assets and liabilities that are not
readily apparent from other sources. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under the circumstance, the results
of which form the basis of making the judgments.
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.
Key sources of estimation uncertainty
The following are the key assumptions concerning the future, and other key sources of estimation uncertainty
at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year:
Exploration and Evaluation Expenditure
The Group capitalises expenditure relating to exploration and evaluation where it is considered likely to be
recoverable or where the activities have not reached a stage which permits a reasonable assessment of the
existence of reserves. While there are certain areas of interest from which no reserves have been extracted,
the directors are of the continued belief that such expenditure should not be written off since feasibility
studies in such areas have not yet concluded.
Share-based payment transactions:
The Group measures the cost of equity-settled transactions with employees and third parties by reference to
the fair value of the equity instruments at the date at which they are granted. The fair value at the grant date
is determined using the Black and Scholes option pricing model taking into account the terms and conditions
upon which the instruments were granted.
(t) 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.
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
29
2024 Annual Report to Shareholders
2024
$
2023
$
3.
Income Tax
(a) Income tax expense
Major component of tax expense for the year:
Current tax
-
-
Deferred tax
-
-
-
-
(b) Numerical reconciliation between aggregate tax expense
recognised in the statement of comprehensive income and tax
expense calculated per the statutory income tax rate
Loss from before income tax expense
(3,606,080)
(2,649,462)
Tax at the Australian rate of 25% (2023: 25%)
(901,520)
(662,366)
Tax-effect of:
Other non-deductible expense
32,285
69,833
Revenue losses and other deferred tax balances not recognised
869,235
592,533
Income tax expense
-
-
(c) Unrecognised deferred tax assets @ 25% (2023: 25%):
Carry forward revenue losses (Domestic)
4,498,166
3,770,860
Carry forward revenue losses (Foreign @ 28%)
268,247
-
Carry forward capital losses
1,130,358
1,130,358
Capital raising costs
12,742
31,634
Other
9,065
13,010
5,918,578
4,945,862
(d) Unrecognised deferred tax liabilities @ 25% (2023: 25%):
Exploration expenditure (Domestic)
(217,302)
(221,666)
Exploration expenditure (Foreign @ 28%)
(267,942)
-
Other
(3,250)
(3,474)
(488,494)
(225,140)
Net deferred tax assets not brought to account
5,430,084
4,720,722
The benefit for tax losses will only be obtained if:
i. the Company derives future assessable income in Australia of a nature and of an amount sufficient to
enable the benefit from the deductions for the losses to be realised;
ii. the Company continues to comply with the conditions for deductibility imposed by tax legislation in
Australia; and
iii. no changes in tax legislation in Australia adversely affect the Company in realising the benefit from the
deductions for the losses.
(e) Tax consolidation
Fin Resources Limited and its wholly owned Australian resident subsidiaries have formed a tax consolidated
group with effect from 1 July 2009. Fin Resources Limited is the head entity of the tax consolidated group.
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
30
2024 Annual Report to Shareholders
2024
$
2023
$
4.
Cash and Cash Equivalents
Reconciliation of cash
Cash comprises of:
Cash at bank
879,637
2,269,837
Reconciliation of operating loss after tax to net cash flow from
operations
Loss after tax
(3,606,080)
(2,649,462)
Non-cash items
Share-based payments expense
111,732
188,309
Foreign exchange
1,003
-
Exploration expenditure written off
2,947,980
1,764,446
Change in assets and liabilities
Decrease / (increase) in trade and other receivables and other assets
45,261
2,447
Decrease / (increase) in exploration and evaluation expenditure
-
69,850
Increase / (decrease) in trade and other payables
(108,160)
49,704
Net cash flow (used in) operating activities
(608,264)
(574,706)
5.
Trade and Other Receivables - Current
Trade debtors
-
19,624
GST/VAT receivable
204,778
25,608
204,778
45,232
Trade debtors and GST receivable are non-interest bearing and generally receivable on 30-day terms. They are
neither past due nor impaired. The amount is fully collectable. Due to the short-term nature of these
receivables, their carrying value is assumed to approximate their fair value.
6.
Other Assets
Prepayments
12,999
13,898
7.
Exploration and Evaluation Expenditure
Opening balance
3,509,302
3,852,412
Acquisition of exploration tenements
-
582,000
Expenditure capitalised during the year
1,631,254
839,336
Exploration expenditure written off
(2,817,510)1
(1,764,446)
Closing balance
2,323,046
3,509,302
1 Following a review by directors during the year, it was decided that exploration and evaluation expenditure
in relation to the Company’s Sol Mar Project would be impaired in full. The impairment expense recognised
during the year was $2,817,510. The Company provided a Notice of Withdrawal to its Sol Mar JV partner North
West Solar Salt Pty Ltd during March 2024 quarter.
The ultimate recoupment of costs carried forward for exploration expenditure is dependent on the successful
development and commercial exploitation or sale of the respective mining areas.
8.
Trade and Other Payables
Trade payables, other payables and accruals
738,037
85,969
738,037
85,969
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
31
2024 Annual Report to Shareholders
2024
$
2023
$
9.
Issued Capital
(a) Issued and paid up capital
Issued and fully paid 649,268,700 (2023: 618,535,366)
37,118,018
36,669,535
Converting preference shares 2,006 (2023: 2,006)
800
800
37,118,818
36,670,335
30 June 2024
30 June 2023
No.
$
No.
$
(b) Movements in ordinary shares on issue
Opening balance
618,535,366
36,669,535
556,404,810
35,690,762
Shares issued to Project Manager - $0.0001
2,500,000
250
-
-
Shares issued on exercise of options
28,233,334
448,233
-
-
Shares issued to Project Manager - $0.0001
-
-
3,575,000
358
Shares issued to Managing Director
-
-
4,000,000
62,000
Shares issued via $0.018 placement
-
-
30,555,556
550,000
Shares issued as consideration for acquisition
-
-
24,000,000
432,000
Transaction costs on share issue
-
-
-
(65,585)
Closing balance
649,268,700
37,118,018
618,535,366
36,669,535
Fully paid ordinary shares carry one vote per share and carry the rights to dividends.
30 June 2024
30 June 2023
No.
$
No.
$
(c) Movements in converting preference shares
Opening balance
2,006
800
2,006
800
Closing balance
2,006
800
2,006
800
The converting preference shares do not have any voting rights but are entitled to the payment of a dividend.
The conversion terms for these shares have now expired.
(d) Capital risk management
The Group’s capital comprises share capital, reserves less accumulated losses amounting to a net equity of
$2,682,523 at 30 June 2024 (2023: $5,728,361). The Group manages its capital to ensure its ability to continue
as a going concern and to optimise returns to its shareholders. The Group was ungeared at year end and not
subject to any externally imposed capital requirements. Refer to note 15 for further information on the Group’s
financial risk management policies.
(e) Share Options
As at 30 June 2024 there were 44,444,444 unissued ordinary shares under options. The details of these
securities are as follows:
Type
Exercise
price $
Expiry
date
Opening
balance
Issued
during
the year
Converted
during
the year
Expired/
lapsed
during
the year
Closing
balance
Unlisted Options
$0.018
30-Jun-24
63,500,000
- (24,900,000) (38,600,000)
-
Performance Options $0.00001
5-Jul-26
17,500,000
-
(3,333,334)
- 14,166,666
Unlisted Options
$0.02
1-Dec-26
-
5,000,000
-
-
5,000,000
Unlisted Options
$0.03
17-Apr-25
25,277,778
-
-
-
25,277,778
106,277,778
5,000,000 (28,233,334) (38,600,000) 44,444,444
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
32
2024 Annual Report to Shareholders
No holder has any right under the options or performance rights to participate in any other share issue of
the Company or any other entity.
2024
$
2023
$
10.
Reserves
Option, performance rights, share based payments and option premium
reserves
5,875,236
5,763,477
Movements in Reserves
Opening balance
5,763,477
5,862,379
Foreign exchange translation difference
27
-
Transfer to retained earnings following option expiry
-
(257,796)
Share-based payments (note 18 (a))
111,732
158,894
Closing balance
5,875,236
5,763,477
The foreign exchange differences arising on translation of foreign controlled entities are taken to the foreign
currency translation reserve. The share based payments reserve arises on the grant of share options to
Directors, Executives and senior employees as part of their remuneration, to consultants for services provided
and as consideration for project acquisitions (refer to note 18).
Further information about share-based payments to employees is made in the remuneration report. This
reserve also includes subscription proceeds from options.
11. Accumulated losses
Movements in accumulated losses were as follows:
Opening balance
(36,705,451)
(34,313,785)
Transfer to retained earnings following option expiry
-
257,796
Loss for the year
(3,606,080)
(2,649,462)
Closing balance
(40,311,531)
(36,705,451)
12. Auditor’s Remuneration
The auditor of Fin Resources Limited is Stantons
Amounts paid or due and payable for:
- an audit or review of the financial report
53,659
42,500
13. Key Management Personnel Disclosures
(a) Remuneration of Key Management Personnel
Details of the nature and amount of each element of the emolument of each Director and Executive of the
Company for the financial year are as follows:
Short term employee benefits
196,865
705,320
Share-based payments
20,569
151,087
Other employee expense (superannuation)
11,095
31,245
Total remuneration
228,529
887,652
Transactions with key management personnel were made at arm’s length at normal market prices and normal
commercial terms. There were no other transactions with key management personnel for the year ended 30
June 2024.
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
33
2024 Annual Report to Shareholders
(b) Subsidiaries
The consolidated financial statements include the financial statements of Fin Resources Limited and the
subsidiaries listed in the following table:
Equity Holding
Name of Entity
Country of Incorporation
30 June 2024
30 June 2023
Komodo Energy Pty Ltd
Australia
100%
100%
Sol Mar Holdings Pty Ltd
Australia
100%
100%
Sugarbay Investments Pty Ltd
Australia
100%
100%
Stirling One Metals Limited
Australia
100%
100%
McKenzie Springs Pty Ltd
Australia
100%
100%
Fin Resources (Canada) Ltd
Canada
100%
100%
(c) Loans to/from related parties
There were no loans made or outstanding to Directors of Fin Resources and other key management personnel
of the Group, including their personally related parties.
14.
Loss per Share
Basic Loss per share amounts are calculated by dividing net loss for the year attributable to ordinary equity
holders of the parent by the weighted average number of ordinary shares outstanding during the year. The
following reflects the loss and share data used in the basic and diluted earnings per share computations:
Loss attributable to owners of the parent
(3,606,080)
(2,649,462)
Number of Shares
Weighted average number of ordinary shares used in calculating basic
loss per share:
639,168,152
571,270,637
Effect of dilution:
Share options
-
-
Adjusted weighted average number of ordinary shares used in
calculating diluted loss per share:
639,168,152
571,270,637
Loss per share
From continuing operations (cents)
(0.56)
(0.46)
There have been no other transactions involving ordinary shares or potential ordinary shares since the
reporting date and before the completion of these financial statements.
15.
Financial Risk Management
The Group does not enter into or trade financial instruments, including derivative financial instruments, for
speculative purposes. The use of financial derivatives is governed by the Group’s policies approved by the
Board of Directors, which provide written principles on the use of financial derivatives.
Significant accounting policies
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the
basis of measurement and the basis on which income and expenses are recognised, in respect of each class of
financial asset, financial liability and equity instrument are disclosed in note 2 to the consolidated financial
statements.
2024
$
2023
$
2024
2023
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
34
2024 Annual Report to Shareholders
(a) Liquidity Risk
The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing
facilities by continuously monitoring forecast and actual cash flows and matching the maturity profiles of
financial assets and liabilities. The Group does not have non-current financial liabilities.
(b) Interest Rate Risk
Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair
value of financial instruments. The Group’s exposure to market risk for changes to interest rate risk relates
primarily to its earnings on cash. The Group manages the risk by investing in short term deposits.
Interest rate sensitivity
The following table demonstrates the sensitivity of the Group’s consolidated statement of profit or loss and
other comprehensive income to a reasonably possible change in interest rates, with all other variables
constant.
Change in Basis Points
Effect on Post Tax Loss ($)
Increase/(Decrease)
Effect on Equity including
retained earnings ($)
Increase/(Decrease)
2024
2023
2024
2023
Increase 75 basis points
6,597
17,024
6,597
17,024
Decrease 75 basis points
(6,597)
(17,024)
(6,597)
(17,024)
A sensitivity of 75 basis points has been used as this is considered reasonable given the current level of both
short term and long-term Australian Dollar interest rates. The change in basis points is derived from a review
of historical movements and management’s judgement of future trends.
(c) Credit Risk Exposures
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial
loss to the Group. The Group has adopted the policy of dealing with creditworthy counterparties and obtaining
sufficient collateral or other security where appropriate, as a means of mitigating the risk of financial loss from
defaults. The Group measures credit risk on a fair value basis. The Group does not have any significant credit
risk exposure to a single counterparty or any group of counterparties having similar characteristics. The
carrying amount of financial assets recorded in the consolidated financial statements, net of any provisions for
losses, represents the Group’s maximum exposure to credit risk without taking account of the fair value of any
collateral or other security obtained.
Cash and cash equivalents AA
879,637
2,269,837
Trade and other receivables
204,778
45,232
Other financial assets
100
100
1,084,515
2,315,169
(d) Capital Risk Management
When managing capital, management’s 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. Management also aims to
maintain a capital structure that ensures the lowest cost of capital available to the entity. In order to maintain
or adjust the capital structure, the entity may adjust the amount of dividends paid to shareholders, return
capital to shareholders, issue new shares, enter into joint ventures or sell assets.
There is no current intention to incur debt funding on behalf of the Company as on-going exploration
expenditure will be funded via cash reserves, equity or joint ventures with other companies. The Company is
not subject to any externally imposed capital requirements.
2024
$
2023
$
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
35
2024 Annual Report to Shareholders
(e) Foreign exchange risk
The Group operated in Australia and Canada in the year ended 30 June 2024 and had exposure to foreign
exchange risk.
(f) Fair value estimation
The Directors consider that the carrying amount of financial assets and financial liabilities recorded in the
financial statements approximates their fair value. The Group has performed sensitivity analysis that
demonstrates the effect on the current year results and equity which could result from a change in these risks.
Financial risk management objectives
The Group’s corporate treasury function provides services to the business, co-ordinates access to domestic and
international financial markets, monitors and manages the financial risks relating to the operations of the
Group through internal risk reports which analyse exposures by degree and magnitude of risks. These risks
include market risk (including currency risk, fair value interest rate risk and price risk), credit risk, liquidity risk
and cash flow interest rate risk.
Level 1 ($)
Level 2 ($)
Level 3 ($)
Total ($)
2024 Financial Assets
Financial assets at fair value through profit and loss
100
-
-
100
100
-
-
100
2023 Financial Assets
Financial assets at fair value through profit and loss
100
-
-
100
100
-
-
100
Included within Level 1 of the hierarchy are listed investments. The fair values of these financial assets have
been based on the closing quoted prices at reporting date, excluding transaction costs.
16.
Dividends
No dividend was paid or declared by the Company in the year ended 30 June 2024 or the year since the end of
the financial year and up to the date of this report. The Directors do not recommend that any amount be paid
by way of dividend for the financial year ended 30 June 2024.
17.
Contingent Liabilities and Contingent Assets
In May 2023, Fin completed the acquisition of a 100% interest in the Mt Tremblant Lithium Projects, comprised
of the Cancet West, Ross and the Gaspe Lithium Projects located in Quebec, Canada. As consideration for the
acquisition for a 100% interest, Fin:
▪ issued 24,000,000 fully paid ordinary shares under Listing Rule 7.1 to the Vendor (or their nominee/s); and
▪ paid A$150,000 cash.
The following will also be payable, subject to the relevant technical performance milestone being met within
the timeframe:
Tranche Value of Shares
Milestone
End Date
1
A$375,000 worth of
FIN Shares at the
deemed issue price
FIN announcing to the ASX geochemistry exploration
results which report one or more results of 2% Li2O grade
per tonne or higher in Spodumene or Pegmatites
(1000ppm for clay) in respect of the Tenements
24 months
after
completion
2
A$375,000 worth of
FIN Shares at the
deemed issue price
FIN announcing to the ASX drilling results which report at
least one drill intercept result of greater than 10 metres at
1% or more Li2O per tonne in respect of the Tenements
24 months
after
completion
3
A$500,000 worth of
FIN Shares at the
deemed issue price
FIN announcing to the ASX an inferred mineral resource of
at least 10 million tonnes at >1% Li2O or more contained
within the Tenements
48 months
after
completion
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
36
2024 Annual Report to Shareholders
* The deemed issue price for each tranche of FIN Shares is proposed to be equal to the 30-day VWAP of FIN Shares
up to the date on which the relevant milestone is met. These FIN Shares will be issued subject to shareholder
approval being obtained under Listing Rule 7.1. If shareholder approval is not obtained, the relevant milestone
value of FIN Shares will be paid in cash.
18.
Share-Based Payments
(a) Recognised share-based payment transactions
Share-based payment transactions recognised either as operational expenses in the consolidated statement
of profit or loss and other comprehensive income or as capitalised project acquisition costs in equity during
the year were as follows:
2024
$
2023
$
Employee, Consultant and Director share-based payments (note 18 (b))
111,732
89,087
Share-based payments to suppliers (note 18 (c))
-
37,222
Movement in share option reserve
111,732
126,309
Shares issued to Managing Director (note 9(b))
-
62,000
Total share-based payments expense
111,732
188,309
Share-based payment transactions arising from the issuance of options that have been recognised within
reserves in the consolidated statement of financial positions as follows:
Share-based payment expense (as above)
111,732
126,309
Share-based payment to suppliers (note 18(c))
-
32,585
Transferred to retained earnings following option expiry
-
(257,796)
Share-based payments recognised in reserves
111,732
(98,902)
(b) Employee, Consultant and Director share-based payments
The fair value at grant date of options granted during the year was determined using either the Black Scholes
option pricing model or the Monte Carlo simulation methodology which takes into account the exercise price,
the term of the option, the share price at grant date, the expected price volatility of the underlying share and
the risk-free interest rate for the term of the option. The table below summarises options granted during the
year ended 30 June 2024:
Grant
Date
Expiry
date
Exercise
price per
option
Balance at
start of the
year
Granted
during the
year
Exercised
during the
year
Expired /
lapsed
during
the year
Balance at
end of the
year
Exercisable at
end of
the year
$
Number
Number
Number
Number
Number
Number
01/12/2023 01/12/2026
$0.02
-
5,000,0001
-
-
5,000,000
5,000,000
1 Options were issued to the Company’s Technical Project Adviser Tom Ridges. The value per option issued
was $0.018 ($91,164).
The expense recognised during the half year period in respect of performance rights granted in prior periods
was $20,568. The model inputs, not included in the table above, for options granted during the year included:
a)
options were granted for nil consideration;
b)
expected life of the options of 3 years;
c)
share price at grant date of $0.027;
d)
expected volatility ranging from 100%;
e)
expected dividend yield of nil; and
f)
a risk-free interest rate of 4.00%.
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
37
2024 Annual Report to Shareholders
(c) Share-based payment to suppliers
There were no unlisted options issued to suppliers during the year ended 30 June 2024.
The Company issued unlisted options to provide consideration to advisors for services rendered during the
year ended 30 Jun 2023. These options have been valued using the Black-Scholes option pricing model. The
table below summarises options granted:
Grant Date Expiry date
Exercise
price per
option
Balance at
start of
the year
Granted
during the
year
Exercised
during the
year
Expired
during the
year
Balance at
end of the
year
Exercisable at
end of the
year
$
Number
Number
Number
Number
Number
Number
29/03/2023 17/04/2025
0.03
-
4,000,0001
-
-
4,000,000
4,000,000
17/04/2023 17/04/2025
0.03
-
6,000,0002
-
-
6,000,000
6,000,000
-
10,000,000
-
-
10,000,000
10,000,000
1 The value per option issued was $0.0081.
2 The value per option issued was $0.0062.
The expense recognised in respect of the 4,000,000 options granted to the lead manager in relation to the
capital raising during the prior year was $32,585. This amount was recognised as a capital raising cost. The
expenses recognised in respect of the 6,000,000 options granted to advisors during the prior year was
$37,222. This amount was recognised as a share-based payment expense.
The model inputs, not included in the table above, for options granted during the year included:
a)
options were granted for nil consideration;
b)
expected life of the options of 2 years;
c)
share price at grant date ranging from $0.016 to $0.019;
d)
expected volatility of 100%;
e)
expected dividend yield of nil; and
f)
a risk-free interest rate ranged of 3.75%
19.
Parent Entity Information
The following details information related to the parent entity, Fin Resources Limited, at 30 June 2024. The
information presented here has been prepared using consistent accounting policies as presented in note 2.
2024
$
2023
$
Current assets
882,642
2,329,067
Total assets
2,690,762
5,838,369
Current liabilities
(7,185)
(110,008)
Total liabilities
(7,185)
(110,008)
Net assets
2,683,577
5,728,361
Issued capital
37,118,818
36,670,335
Reserves
5,875,208
5,763,477
Accumulated losses
(40,310,449)
(36,705,451)
2,683,577
5,728,361
Loss of the parent entity
(3,604,992)
(2,649,462)
Other comprehensive income for the year
-
-
Total comprehensive loss of the parent entity
(3,604,992)
(2,649,462)
The parent company has not provided any guarantees and does not have any other commitments or
contingent assets or liabilities that are not disclosed elsewhere in the financial report.
Fin Resources Limited
Notes to the Consolidated Financial Statements for the year ended 30 June 2024
Fin Resources Limited
38
2024 Annual Report to Shareholders
20.
Commitments
In order to maintain an interest in the exploration tenements in which the Group is involved, the Group is
committed to meet the conditions under which the tenements were granted and the obligations of any joint
venture agreements. The timing and amount of exploration expenditure commitments and obligations of the
Group are subject to the minimum expenditure commitments required as per the Mining Act, as amended, and
may vary significantly from the forecast based upon the results of the work performed which will determine
the prospectivity of the relevant area of interest.
These obligations are not provided for in the financial report and are payable. The annual minimum
expenditure commitment on the Group’s tenements is $94,600.
21.
Segment Information
The Group has identified its operating segments based on the internal reports that are reported to the Board
(the chief operating decision makers) in assessing performance and in determining the allocation of resources.
The Board as a whole will regularly review the identified segments in order to allocate resources to the segment
and to assess its performance.
The Group operates predominately in one industry, being the exploration of minerals. The main geographic
areas that the entity operates in are Australia and Canada. The parent entity is registered in Australia. The
Group has exploration assets located in Canada. The following table presents revenue, expenditure and certain
asset and liability information regarding geographical segments for the year ended 30 June 2024 and 30 June
2023.
Australia
Canada
Total
$
$
$
Year ended 30 June 2024
Other income
65,378
-
65,378
Interest income
28,498
-
28,498
Segment revenue
93,876
-
93,876
Result
Loss before tax
(3,606,080)
-
(3,606,080)
Income tax expense
-
-
-
Loss for the year
(3,606,080)
-
(3,606,080)
Asset and liabilities
Segment assets
981,146
2,439,414
3,420,560
Segment liabilities
7,184
730,853
738,037
Year ended 30 June 2023
Other income
-
-
-
Interest income
70,333
-
70,333
Segment revenue
70,333
-
70,333
Result
Loss before tax
(2,649,462)
-
(2,649,462)
Income tax expense
-
-
-
Loss for the year
(2,649,462)
-
(2,649,462)
Asset and liabilities
Segment assets
5,142,822
695,547
5,838,369
Segment liabilities
110,008
-
110,008
22.
Subsequent Events
There are no other significant events subsequent to the end of the financial year to the date of this report,
which significantly affect the operations of the Group, the results of those operations or the state of affairs
of the Group in future financial years.
Consolidated Entity Disclosure Statement - 30 June 2024
Fin Resources Limited
39
2024 Annual Report to Shareholders
Name of Entity
Entity Type
% of
share
capital
held
Country of
incorporation
Australian
resident or
foreign resident
(for tax purposes)
Foreign tax
jurisdiction(s)
of foreign
residents
Fin Resources Ltd
Body Corporate
-
Australia
Australian
N/A
Komodo Energy Pty Ltd
Body Corporate
100
Australia
Australian
N/A
Sol Mar Holdings Pty Ltd
Body Corporate
100
Australia
Australian
N/A
Sugarbay Investments Pty Ltd
Body Corporate
100
Australia
Australian
N/A
Stirling One Metals Ltd
Body Corporate
100
Australia
Australian
N/A
McKenzie Springs Pty Ltd
Body Corporate
100
Australia
Australian
N/A
Fin Resources (Canada) Ltd
Body Corporate
100
Canada
Foreign
Canada
Basis of preparation
The consolidated entity disclosure statement (CEDS) has been prepared in accordance with the Corporations
Act 2001 and includes information for each entity that was part of the consolidated entity as at the end of the
financial year in accordance with AASB 10 Consolidated Financial Statements.
Determination of tax residency
Section 295 (3A)(vi) of the Corporation Act 2001 defines tax residency as having the meaning in the Income
Tax Assessment Act 1997. The determination of tax residency involves judgement as there are different
interpretations that could be adopted, and which could give rise to a different conclusion on residency.
Directors’ Declaration
Fin Resources Limited
40
2024 Annual Report to Shareholders
In accordance with a resolution of the Directors of Fin Resources Limited, state that:
1. In the opinion of the Directors:
a) the consolidated financial statements and notes of Fin Resources Limited and its subsidiaries (the
“Group”) for the year ended 30 June 2024 are in accordance with the Corporations Act 2001, including:
i.
giving a true and fair view of the Group’s consolidated financial position as at 30 June 2024 and
of its performance for the year ended on that date; and
ii.
complying with Accounting Standards (including the Australian Accounting Interpretations), the
Corporations Regulations 2001 and other mandatory professional reporting requirements; and
b) the consolidated financial statements and notes also comply with International Financial Reporting
Standards as disclosed in note 2.
2. The information disclosed in the Consolidated Entity Disclosure Statement is true and correct as at 30 June
2024.
3. There are reasonable grounds to believe that the Group will be able to pay its debts as and when they
become due and payable.
4. This declaration has been made after receiving the declarations required to be made by the Directors in
accordance with sections of 295A of the Corporations Act 2001 for the financial year ended 30 June 2024.
On behalf of the Board
Aaron Bertolatti
Director and Company Secretary
Perth, Western Australia
30 September 2024
Liability limited by a scheme approved under Professional Standards Legislation
PO Box 1908
West Perth WA 6872
Australia
Level 2, 40 Kings Park Road
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
Stantons Is a member of the Russell
Bedford International network of firms
30 September 2024
Board of Directors
Fin Resources Limited
Level 1, 35 Richardson Street
West Perth, WA 6005
Dear Directors
RE:
FIN RESOURCES LIMITED
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following
declaration of independence to the directors of Fin Resources Limited.
As Audit Director for the audit of the financial statements of Fin Resources 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:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
Yours sincerely
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
Martin Michalik
Director
Liability limited by a scheme approved under Professional Standards Legislation
PO Box 1908
West Perth WA 6872
Australia
Level 2, 40 Kings Park Road
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
Stantons Is a member of the Russell
Bedford International network of firms
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
FIN RESOURCES LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Fin Resources 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 consolidated financial
statements, including material accounting policies, 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 then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards
Board's APES 110: Code of Ethics for Professional Accountants (including Independence Standards) (the
Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical
responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Group, would be in the same terms if given to the directors as at the time of this auditor’s
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material Uncertainty Relating to Going Concern
Without modifying our audit opinion expressed above, attention is drawn to the following matter.
As referred to in Note 2(e) to the financial statements, the consolidated financial statements have been prepared
on a going concern basis. At 30 June 2024, the Group had incurred a loss of $3,606,080 and had net cash
outflows from operating and investing activities of $608,264 and $1,229,443 respectively for year ended 30 June
2024. As at that date, the Company had net current assets of $359,477. The consolidated entity’s ability to
continue operations is dependent upon the future successful raising of necessary funding through equity or
borrowings, successful exploitation of the consolidated entity’s capitalised exploration assets and/or sale of core
assets. This indicates that a material uncertainty exists that may cast significant doubt on the consolidated
entity’s ability to continue as a going concern.
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. In addition to the matter described in the Material Uncertainty Related to Going Concern section,
we have determined the matters described below to be Key Audit Matters to be Communication in our report.
Key Audit Matters
How the matters were addressed in the audit
Carrying Value of Exploration and Evaluation
Assets
As at 30 June 2024, exploration and evaluation
expenditure assets totaled $2,323,046 (refer to
Note 7 to the financial statements).
The carrying value of exploration and evaluation
expenditure assets is a key audit matter due to:
▪
The significance of the capitalised exploration
and evaluation expenditure representing 68%
of total assets;
▪
The necessity to assess management’s
application of the requirements of the
accounting standard Exploration for and
Evaluation of Mineral Resources (“AASB 6”),
in light of any indicators of impairment that
may be present; and
▪
The assessment of significant judgements
made by management in relation to the
capitalised
exploration
and
evaluation
expenditure
Inter alia, our audit procedures included the
following:
i.
Verifying the Group’s right to tenure over
exploration assets
by
corroborating the
ownership of the relevant licences for mineral
resources to government registries and
relevant third-party documentation;
ii.
Reviewing the directors’ assessment of the
carrying value of the capitalised exploration
and evaluation costs, ensuring the veracity of
the
data
presented
and
assessing
management’s
consideration
of
potential
impairment indicators, commodity prices and
the stage of the Group’s projects also against
AASB 6;
iii. Evaluation
of
Group
documents
for
consistency with the intentions for continuing
exploration and evaluation activities in areas of
interest and corroborated in discussions with
management. The documents we evaluated
included:
▪
Minutes of the board and management;
and
▪
Announcements made by the Group to the
Australian Securities Exchange; and
iv. Consideration
of
the
requirements
of
accounting standard AASB 6 and reviewed the
financial statements to ensure appropriate
disclosures are made.
Key Audit Matters
How the matters were addressed in the audit
Measurement of Share-based Payments
The Company has recorded a share-based
payment expense of $111,732 for the financial
year ended 30 June 2024.
During the year, the Company issued 5,000,000
unlisted options which were fair valued at $0.018
per option in lieu of services for advisors, totalling
$91,164.
Furthermore, the Company has also recognised a
share-based payment expense of $20,568 for the
vesting of options issued in the prior years.
Measurement of share-based payments was a
key audit matter due to the complex and
judgemental estimates used in determining the
fair value of the share-based payments.
Inter alia, our audit procedures included the
following:
i.
Assessing the relevant agreements to obtain
an understanding of the contractual nature
and terms and conditions of the share-based
payment arrangements;
ii. Assessing the assumptions used in the
Company’s valuation of share options being
the share price of the underlying equity,
interest rate, volatility, dividend yield, time to
maturity (expected life) and grant date;
iii. Assessing the allocation of the share-based
payment expense over the relevant period;
and
iv. Assessing
the
appropriateness
of
the
disclosures in Note 18 to the consolidated
financial statements.
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 opinion 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 Group 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 (other than the consolidated entity disclosure statement); 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 from
misstatement whether due to fraud and 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.
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.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the financial report.
The procedures selected depend on the auditor's judgement, including the assessment of the risks of material
misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation of the financial report that gives a true and fair view
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 entity's internal control.
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.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report.
We 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.
We 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.
We obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the financial report. We are responsible for the direction,
supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in Internal control that we identify during our
audit.
The Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements.
We also provide the Directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Directors, we determine those matters that were of most significance
in the audit of the financial report of the current period and are therefore 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 in pages 12 to 16 of the directors’ report for the year ended
30 June 2024.
In our opinion, the Remuneration Report of Fin Resources Limited for the year ended 30 June 2024 complies
with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Group 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.
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(An Authorised Audit Company)
Martin Michalik
Director
West Perth, Western Australia
30 September 2024
ASX Additional Information
Fin Resources Limited
46
2024 Annual Report to Shareholders
Additional information required by the Australian Stock Exchange Ltd and not shown elsewhere in this report
is as follows. The information is current at 13 September 2024.
Distribution of Share Holders
Ordinary Shares
Number of Holders
Number of Shares
%
1 - 1,000
65
13,726
0.00
1,001 - 5,000
93
290,452
0.04
5,001 - 10,000
56
439,744
0.07
10,001 - 100,000
727
27,739,763
4.28
100,001 - and over
421
620,785,015
95.61
TOTAL
1,362
649,268,700
100
There were 869 holders of ordinary shares holding less than a marketable parcel.
Top Twenty Share Holders
The names of the twenty largest holders of quoted equity securities are listed below:
Name
Shares
%
10 BOLIVIANOS PTY LTD
44,287,647
6.82
AKJ ENTERPRISES PTY LTD
42,749,999
6.58
NORTH WEST SOLAR SALT PTY LTD
40,000,000
6.16
FREEDOM TRADER PTY LTD
39,873,925
6.14
J & J BANDY NOMINEES PTY LTD
27,000,000
4.16
J & J BANDY NOMINEES PTY LTD
18,000,000
2.77
MS NICOLE GALLIN + MR KYLE HAYNES
17,500,000
2.70
MAX CAP INVESTMENTS PTY LTD
12,024,614
1.85
SURF COAST CAPITAL PTY LTD
11,333,335
1.75
RAJR HOLDINDS PTY LTD
11,111,111
1.71
STRATA NOMINEES PTY LTD
10,333,334
1.59
TEN BRICKS PTY LTD
10,000,000
1.54
ZESSHAM PTY LTD
10,000,000
1.54
HELMET NOMINEES PTY LTD
9,556,391
1.47
MR MARK MITCHERSON
8,157,111
1.26
MISHTALEM PTY LTD
7,500,000
1.16
MR ANDREW CLAYTON
7,000,000
1.08
SAMMY RESOURCES PTY LTD
6,000,000
0.92
GROUND RISK PTY LTD
5,829,485
0.90
NETWEALTH INVESTMENTS LIMITED
5,500,001
0.85
Total Top Twenty Share Holders
343,756,953
52.95
Substantial Shareholders
Name
Shares
%
10 BOLIVIANOS PTY LTD
44,287,647
6.82
AKJ ENTERPRISES PTY LTD
42,749,999
6.58
NORTH WEST SOLAR SALT PTY LTD
40,000,000
6.16
FREEDOM TRADER PTY LTD
39,873,925
6.14
On-Market Buy Back
There is no current on-market buy back.
Voting Rights
All ordinary shares carry one vote per share without restriction. Options have no voting rights.
ASX Additional Information
Fin Resources Limited
47
2024 Annual Report to Shareholders
Use of Proceeds
In accordance with listing rule 4.10.19, the Company confirms that it has used cash and assets in a form readily
convertible to cash in a way consistent with its business objectives during the financial year ended 30 June
2024.
Unquoted Equity Securities
Options
Number
Class
Holders with more than 20%
14,166,666
Performance Options over ordinary shares
exercisable at $0.00001 on or before 5 July 2026.
- Strata Nominees Pty Ltd 6,666,666
options
- R-Tek Group Pty Ltd 7,500,000 options
25,277,778
Unlisted Options over ordinary shares
exercisable at $0.03 on or before 17 April 2025.
- 10 Bolivianos Pty Ltd 7,875,000 options
5,000,000
- Unlisted Options over ordinary shares
exercisable at $0.02 on or before 1 December
2026.
- Thomas Lawson Ridges 5,000,000
options
Tenements and Project Locations
Fin Resources Limited
48
2024 Annual Report to Shareholders
AUSTRALIA
Tenement ID
Jurisdiction
Status
Area
Holders
E80/4808
WA
Granted
81.6 km²
Fin Resources Limited (70%)
Sammy Resources Pty Ltd (30%)
Notes:
* Subject to receipt of ministerial consent to the transfer of the 80% from North West Solar Salt Pty Ltd.
** Transfer of tenement from North West Solar Salt Pty Ltd awaiting ministerial consent (see the Company’s ASX announcement dated 7
January 2022).
km2 – Square Kilometres
CANADA
Project
Title No
Status
Expiry Date
Area (Ha)
Ross
2724252
Active
06/02/2026 23:59
53
Ross
2724253
Active
06/02/2026 23:59
53
Ross
2724254
Active
06/02/2026 23:59
53
Ross
2724255
Active
06/02/2026 23:59
53
Ross
2724256
Active
06/02/2026 23:59
53
Ross
2724257
Active
06/02/2026 23:59
53
Ross
2724258
Active
06/02/2026 23:59
53
Ross
2724259
Active
06/02/2026 23:59
53
Ross
2724260
Active
06/02/2026 23:59
52.99
Ross
2724261
Active
06/02/2026 23:59
52.99
Ross
2724262
Active
06/02/2026 23:59
52.99
Ross
2724263
Active
06/02/2026 23:59
52.99
Ross
2724264
Active
06/02/2026 23:59
52.99
Ross
2724265
Active
06/02/2026 23:59
52.99
Ross
2724266
Active
06/02/2026 23:59
52.99
Ross
2724267
Active
06/02/2026 23:59
52.99
Ross
2724268
Active
06/02/2026 23:59
52.98
Ross
2724269
Active
06/02/2026 23:59
52.98
Ross
2724270
Active
06/02/2026 23:59
52.98
Ross
2724271
Active
06/02/2026 23:59
52.98
Ross
2724272
Active
06/02/2026 23:59
52.98
Ross
2724273
Active
06/02/2026 23:59
52.98
Ross
2724274
Active
06/02/2026 23:59
52.98
Ross
2724275
Active
06/02/2026 23:59
52.98
Ross
2724276
Active
06/02/2026 23:59
52.97
Ross
2724277
Active
06/02/2026 23:59
52.97
Ross
2724278
Active
06/02/2026 23:59
52.97
Ross
2724279
Active
06/02/2026 23:59
52.97
Ross
2724280
Active
06/02/2026 23:59
52.97
Ross
2724281
Active
06/02/2026 23:59
52.97
Ross
2724282
Active
06/02/2026 23:59
52.97
Ross
2724283
Active
06/02/2026 23:59
52.97
Ross
2724284
Active
06/02/2026 23:59
52.97
Ross
2724285
Active
06/02/2026 23:59
52.97
Ross
2724286
Active
06/02/2026 23:59
52.97
Project
Title No
Status
Expiry Date
Area (Ha)
Ross
2724287
Active
06/02/2026 23:59
52.97
Ross
2724288
Active
06/02/2026 23:59
52.97
Ross
2724289
Active
06/02/2026 23:59
52.97
Ross
2724290
Active
06/02/2026 23:59
52.97
Ross
2724291
Active
06/02/2026 23:59
52.96
Ross
2724292
Active
06/02/2026 23:59
52.96
Ross
2724293
Active
06/02/2026 23:59
52.96
Ross
2724294
Active
06/02/2026 23:59
52.96
Ross
2724295
Active
06/02/2026 23:59
52.96
Ross
2724296
Active
06/02/2026 23:59
52.96
Ross
2724297
Active
06/02/2026 23:59
52.96
Ross
2724298
Active
06/02/2026 23:59
52.96
Ross
2724299
Active
06/02/2026 23:59
52.96
Ross
2724300
Active
06/02/2026 23:59
52.96
Ross
2724301
Active
06/02/2026 23:59
52.95
Ross
2724302
Active
06/02/2026 23:59
52.95
Ross
2724303
Active
06/02/2026 23:59
52.95
Ross
2724304
Active
06/02/2026 23:59
52.95
Ross
2724305
Active
06/02/2026 23:59
52.95
Ross
2724306
Active
06/02/2026 23:59
52.95
Ross
2724307
Active
06/02/2026 23:59
52.95
Ross
2724308
Active
06/02/2026 23:59
52.95
Ross
2724309
Active
06/02/2026 23:59
52.95
Ross
2724310
Active
06/02/2026 23:59
52.95
Ross
2724311
Active
06/02/2026 23:59
52.95
Ross
2724312
Active
06/02/2026 23:59
52.95
Ross
2724313
Active
06/02/2026 23:59
52.94
Ross
2724314
Active
06/02/2026 23:59
52.94
Ross
2724315
Active
06/02/2026 23:59
52.94
Ross
2724316
Active
06/02/2026 23:59
52.94
Ross
2724317
Active
06/02/2026 23:59
52.94
Ross
2724318
Active
06/02/2026 23:59
52.94
Ross
2724319
Active
06/02/2026 23:59
52.94
Ross
2724320
Active
06/02/2026 23:59
52.94
Ross
2724321
Active
06/02/2026 23:59
52.94
Tenements and Project Locations
Fin Resources Limited
49
2024 Annual Report to Shareholders
Project
Title No
Status
Expiry Date
Area (Ha)
Ross
2724322
Active
06/02/2026 23:59
52.93
Ross
2724323
Active
06/02/2026 23:59
52.93
Ross
2724324
Active
06/02/2026 23:59
52.93
Ross
2724325
Active
06/02/2026 23:59
52.93
Ross
2724326
Active
06/02/2026 23:59
52.93
Ross
2724327
Active
06/02/2026 23:59
52.93
Ross
2724328
Active
06/02/2026 23:59
52.92
Ross
2724329
Active
06/02/2026 23:59
52.92
Ross
2724330
Active
06/02/2026 23:59
52.96
Ross
2724331
Active
06/02/2026 23:59
52.96
Ross
2724332
Active
06/02/2026 23:59
52.96
Ross
2724333
Active
06/02/2026 23:59
52.96
Ross
2724334
Active
06/02/2026 23:59
52.96
Ross
2724335
Active
06/02/2026 23:59
52.96
Ross
2724336
Active
06/02/2026 23:59
52.96
Ross
2724337
Active
06/02/2026 23:59
52.95
Ross
2724338
Active
06/02/2026 23:59
52.95
Ross
2724339
Active
06/02/2026 23:59
52.95
Ross
2724340
Active
06/02/2026 23:59
52.95
Ross
2724341
Active
06/02/2026 23:59
52.95
Ross
2724342
Active
06/02/2026 23:59
52.95
Ross
2724343
Active
06/02/2026 23:59
52.95
Ross
2724344
Active
06/02/2026 23:59
52.95
Ross
2724345
Active
06/02/2026 23:59
52.94
Ross
2724346
Active
06/02/2026 23:59
52.94
Ross
2724347
Active
06/02/2026 23:59
52.94
Ross
2724348
Active
06/02/2026 23:59
52.94
Ross
2724349
Active
06/02/2026 23:59
52.94
Ross
2724350
Active
06/02/2026 23:59
52.94
Ross
2724351
Active
06/02/2026 23:59
52.93
Ross
2724352
Active
06/02/2026 23:59
52.92
Ross
2724353
Active
06/02/2026 23:59
52.91
Ross
2724354
Active
06/02/2026 23:59
52.91
Ross
2724355
Active
06/02/2026 23:59
52.91
Ross
2727484
Active
08/02/2026 23:59
52.97
Ross
2727485
Active
08/02/2026 23:59
52.96
Ross
2727486
Active
08/02/2026 23:59
52.96
Ross
2727487
Active
08/02/2026 23:59
52.96
Ross
2727488
Active
08/02/2026 23:59
52.96
Ross
2727489
Active
08/02/2026 23:59
52.95
Ross
2727490
Active
08/02/2026 23:59
52.95
Ross
2727491
Active
08/02/2026 23:59
52.95
Ross
2727492
Active
08/02/2026 23:59
52.94
Ross
2727493
Active
08/02/2026 23:59
52.94
Ross
2727494
Active
08/02/2026 23:59
52.97
Ross
2727495
Active
08/02/2026 23:59
52.97
Project
Title No
Status
Expiry Date
Area (Ha)
Ross
2727496
Active
08/02/2026 23:59
52.97
Ross
2727497
Active
08/02/2026 23:59
52.96
Ross
2727498
Active
08/02/2026 23:59
52.95
Ross
2727499
Active
08/02/2026 23:59
52.95
Ross
2727500
Active
08/02/2026 23:59
52.95
Ross
2727501
Active
08/02/2026 23:59
52.95
Ross
2727502
Active
08/02/2026 23:59
52.94
Ross
2727503
Active
08/02/2026 23:59
52.94
Ross
2727504
Active
08/02/2026 23:59
52.91
Ross
2727505
Active
08/02/2026 23:59
52.91
Ross
2727506
Active
08/02/2026 23:59
52.96
Ross
2727507
Active
08/02/2026 23:59
52.96
Ross
2727508
Active
08/02/2026 23:59
52.95
Ross
2727509
Active
08/02/2026 23:59
52.95
Ross
2727510
Active
08/02/2026 23:59
52.94
Ross
2727511
Active
08/02/2026 23:59
52.94
Ross
2727512
Active
08/02/2026 23:59
52.94
Ross
2727513
Active
08/02/2026 23:59
52.93
Ross
2727514
Active
08/02/2026 23:59
52.93
Ross
2727515
Active
08/02/2026 23:59
52.93
Ross
2727516
Active
08/02/2026 23:59
52.93
Ross
2727517
Active
08/02/2026 23:59
52.93
Ross
2727518
Active
08/02/2026 23:59
52.93
Ross
2727519
Active
08/02/2026 23:59
52.93
Ross
2727520
Active
08/02/2026 23:59
52.93
Ross
2727521
Active
08/02/2026 23:59
52.92
Ross
2727522
Active
08/02/2026 23:59
52.92
Ross
2727523
Active
08/02/2026 23:59
52.92
Ross
2727524
Active
08/02/2026 23:59
52.92
Ross
2727525
Active
08/02/2026 23:59
52.92
Ross
2727526
Active
08/02/2026 23:59
52.92
Ross
2727527
Active
08/02/2026 23:59
52.92
Ross
2727528
Active
08/02/2026 23:59
52.92
Ross
2727529
Active
08/02/2026 23:59
52.92
Ross
2727530
Active
08/02/2026 23:59
52.91
Ross
2727531
Active
08/02/2026 23:59
52.91
Ross
2727532
Active
08/02/2026 23:59
52.91
Ross
2736731
Active
15/02/2026 23:59
52.99
Ross
2736732
Active
15/02/2026 23:59
52.98
Ross
2736733
Active
15/02/2026 23:59
52.98
Ross
2736734
Active
15/02/2026 23:59
52.98
Ross
2758019
Active
29/03/2026 23:59
52.93
Ross
2758020
Active
29/03/2026 23:59
52.65
Ross
2758021
Active
29/03/2026 23:59
49.90
Ross
2758022
Active
29/03/2026 23:59
51.95
Ross
2766286
Active
15/05/2026 23:59
53.00
Tenements and Project Locations
Fin Resources Limited
50
2024 Annual Report to Shareholders
Project
Title No
Status
Expiry Date
Area (Ha)
Ross
2766287
Active
15/05/2026 23:59
53.00
Ross
2768560
Active
25/05/2026 23:59
53.00
Ross
2766288
Active
25/05/2026 23:59
52.99
Ross
2768561
Active
25/05/2026 23:59
52.99
Ross
2768562
Active
25/05/2026 23:59
52.99
Ross
2768563
Active
25/05/2026 23:59
52.98
Ross
2782758
Active
28/07/2026 23:59
52.93
Ross
2786394
Active
16/08/2026 23:59
52.93
Ross
2786395
Active
16/08/2026 23:59
52.93
Ross
2786396
Active
16/08/2026 23:59
52.93
Ross
2786397
Active
16/08/2026 23:59
52.93
Ross
2786398
Active
16/08/2026 23:59
52.93
Ross
2786399
Active
16/08/2026 23:59
52.92
Ross
2786400
Active
16/08/2026 23:59
52.92
Ross
2786401
Active
16/08/2026 23:59
52.92
Ross
2786402
Active
16/08/2026 23:59
52.92
Ross
2786403
Active
16/08/2026 23:59
52.91
Ross
2786404
Active
16/08/2026 23:59
52.91
Ross
2786405
Active
16/08/2026 23:59
52.91
Ross
2786406
Active
16/08/2026 23:59
52.90
Ross
2786407
Active
16/08/2026 23:59
52.90
Ross
2786408
Active
16/08/2026 23:59
52.92
Project
Title No
Status
Expiry Date
Area (Ha)
Cancet West (E)
2726037
Active
07/02/2026 23:59
51.2
Cancet West (E)
2726038
Active
07/02/2026 23:59
51.19
Cancet West (E)
2726039
Active
07/02/2026 23:59
51.19
Cancet West (E)
2726040
Active
07/02/2026 23:59
51.19
Cancet West (E)
2726041
Active
07/02/2026 23:59
51.19
Cancet West (E)
2726042
Active
07/02/2026 23:59
51.18
Cancet West (E)
2726043
Active
07/02/2026 23:59
51.18
Cancet West (E)
2726044
Active
07/02/2026 23:59
51.18
Cancet West (E)
2726045
Active
07/02/2026 23:59
51.18
Cancet West (E)
2726046
Active
07/02/2026 23:59
51.18
Cancet West (E)
2726047
Active
07/02/2026 23:59
51.18
Cancet West (E)
2726048
Active
07/02/2026 23:59
51.17
Cancet West (E)
2726049
Active
07/02/2026 23:59
51.17
Cancet West (E)
2726050
Active
07/02/2026 23:59
51.17
Cancet West (E)
2726051
Active
07/02/2026 23:59
51.17
Cancet West (E)
2726052
Active
07/02/2026 23:59
51.17
Cancet West (E)
2726053
Active
07/02/2026 23:59
51.17
Cancet West (E)
2726054
Active
07/02/2026 23:59
51.16
Cancet West (E)
2726055
Active
07/02/2026 23:59
51.16
Cancet West (E)
2726056
Active
07/02/2026 23:59
51.21
Cancet West (E)
2726057
Active
07/02/2026 23:59
51.21
Project
Title No
Status
Expiry Date
Area (Ha)
Cancet West (E)
2726058
Active
07/02/2026 23:59
51.21
Cancet West (E)
2726059
Active
07/02/2026 23:59
51.21
Cancet West (E)
2726060
Active
07/02/2026 23:59
51.21
Cancet West (E)
2726061
Active
07/02/2026 23:59
51.21
Cancet West (E)
2726062
Active
07/02/2026 23:59
51.2
Cancet West (E)
2726063
Active
07/02/2026 23:59
51.2
Cancet West (E)
2726064
Active
07/02/2026 23:59
51.2
Cancet West (E)
2726065
Active
07/02/2026 23:59
51.2
Cancet West (E)
2726066
Active
07/02/2026 23:59
51.2
Cancet West (E)
2726067
Active
07/02/2026 23:59
51.2
Cancet West (E)
2726068
Active
07/02/2026 23:59
51.2
Cancet West (E)
2726069
Active
07/02/2026 23:59
51.2
Cancet West (E)
2726070
Active
07/02/2026 23:59
51.19
Cancet West (E)
2726071
Active
07/02/2026 23:59
51.19
Cancet West (E)
2726072
Active
07/02/2026 23:59
51.19
Cancet West (E)
2726073
Active
07/02/2026 23:59
51.19
Cancet West (E)
2726074
Active
07/02/2026 23:59
51.19
Cancet West (E)
2726075
Active
07/02/2026 23:59
51.19
Cancet West (E)
2726076
Active
07/02/2026 23:59
51.19
Cancet West (E)
2726077
Active
07/02/2026 23:59
51.19
Cancet West (E)
2726078
Active
07/02/2026 23:59
51.18
Cancet West (E)
2726079
Active
07/02/2026 23:59
51.18
Cancet West (E)
2726080
Active
07/02/2026 23:59
51.18
Cancet West (E)
2726081
Active
07/02/2026 23:59
51.18
Cancet West (E)
2726082
Active
07/02/2026 23:59
51.17
Cancet West (W)
2727942
Active
08/02/2026 23:59
51.21
Cancet West (W)
2727943
Active
08/02/2026 23:59
51.21
Cancet West (W)
2727944
Active
08/02/2026 23:59
51.21
Cancet West (W)
2727945
Active
08/02/2026 23:59
51.21
Cancet West (W)
2727946
Active
08/02/2026 23:59
51.21
Cancet West (W)
2727947
Active
08/02/2026 23:59
51.21
Cancet West (W)
2727948
Active
08/02/2026 23:59
51.21
Cancet West (W)
2727949
Active
08/02/2026 23:59
51.2
Cancet West (W)
2727950
Active
08/02/2026 23:59
51.2
Cancet West (W)
2727951
Active
08/02/2026 23:59
51.2
Cancet West (W)
2727952
Active
08/02/2026 23:59
51.2
Cancet West (W)
2727953
Active
08/02/2026 23:59
51.2
Cancet West (W)
2727954
Active
08/02/2026 23:59
51.2
Cancet West (W)
2727955
Active
08/02/2026 23:59
51.19
Cancet West (W)
2768550
Active
25/05/2026 23:59
51.22
Cancet West (W)
2768551
Active
25/05/2026 23:59
51.21
Cancet West (W)
2768552
Active
25/05/2026 23:59
51.21
Cancet West (W)
2768553
Active
25/05/2026 23:59
51.20
Cancet West (W)
2768554
Active
25/05/2026 23:59
51.20
Cancet West (W)
2768555
Active
25/05/2026 23:59
51.19
Cancet West (W)
2768556
Active
25/05/2026 23:59
51.19
Tenements and Project Locations
Fin Resources Limited
51
2024 Annual Report to Shareholders
Project
Title No
Status
Expiry Date
Area (Ha)
Cancet West (W)
2768557
Active
25/05/2026 23:59
51.19
Cancet West (W)
2768558
Active
25/05/2026 23:59
51.19
Cancet West (W)
2768559
Active
25/05/2026 23:59
51.19
Cancet West (W)
2786366
Active
16/08/2026 23:59
51.22
Cancet West (W)
2786367
Active
16/08/2026 23:59
51.22
Cancet West (W)
2786368
Active
16/08/2026 23:59
51.22
Cancet West (W)
2786369
Active
16/08/2026 23:59
51.22
Cancet West (W)
2786370
Active
16/08/2026 23:59
51.22
Cancet West (W)
2786371
Active
16/08/2026 23:59
51.21
Cancet West (W)
2786372
Active
16/08/2026 23:59
51.21
Cancet West (W)
2786373
Active
16/08/2026 23:59
51.21
Cancet West (W)
2786374
Active
16/08/2026 23:59
51.21
Cancet West (W)
2786375
Active
16/08/2026 23:59
51.21
Cancet West (W)
2786376
Active
16/08/2026 23:59
51.21
Cancet West (W)
2786377
Active
16/08/2026 23:59
51.21
Cancet West (W)
2786378
Active
16/08/2026 23:59
51.20
Cancet West (W)
2786379
Active
16/08/2026 23:59
51.20
Cancet West (W)
2786380
Active
16/08/2026 23:59
51.20
Cancet West (W)
2786381
Active
16/08/2026 23:59
51.20
Cancet West (W)
2786382
Active
16/08/2026 23:59
51.19
Cancet West (W)
2786383
Active
16/08/2026 23:59
51.19
Cancet West (W)
2786384
Active
16/08/2026 23:59
51.19
Cancet West (W)
2786385
Active
16/08/2026 23:59
51.19
Cancet West (W)
2786386
Active
16/08/2026 23:59
51.19
Cancet West (W)
2786387
Active
16/08/2026 23:59
51.19
Cancet West (W)
2786388
Active
16/08/2026 23:59
51.18
Cancet West (W)
2786389
Active
16/08/2026 23:59
51.18
Cancet West (W)
2786390
Active
16/08/2026 23:59
51.18
Cancet West (W)
2786391
Active
16/08/2026 23:59
51.17
Cancet West (W)
2786392
Active
16/08/2026 23:59
51.17
Cancet West (E)
2786393
Active
16/08/2026 23:59
51.17
Cancet West (W)
2797954
Active
11/10/2026 23:59
51.13
Cancet West (W)
2797955
Active
11/10/2026 23:59
51.12
Cancet West (W)
2797956
Active
11/10/2026 23:59
51.22
Cancet West (W)
2797957
Active
11/10/2026 23:59
51.22
Cancet West (W)
2797958
Active
11/10/2026 23:59
51.22
Cancet West (W)
2797959
Active
11/10/2026 23:59
51.22
Cancet West (W)
2797960
Active
11/10/2026 23:59
51.22
Cancet West (W)
2797961
Active
11/10/2026 23:59
51.22
Cancet West (W)
2797962
Active
11/10/2026 23:59
51.22
Cancet West (W)
2797963
Active
11/10/2026 23:59
51.18
Cancet West (W)
2797964
Active
11/10/2026 23:59
51.18
Cancet West (W)
2797965
Active
11/10/2026 23:59
51.17
Cancet West (W)
2797966
Active
11/10/2026 23:59
51.16
Cancet West (W)
2797967
Active
11/10/2026 23:59
51.16
Cancet West (W)
2797968
Active
11/10/2026 23:59
51.16
Project
Title No
Status
Expiry Date
Area (Ha)
Cancet West (W)
2797969
Active
11/10/2026 23:59
51.16
Cancet West (W)
2797970
Active
11/10/2026 23:59
51.16
Cancet West (W)
2797971
Active
11/10/2026 23:59
51.15
Cancet West (W)
2797972
Active
11/10/2026 23:59
51.15
Cancet West (W)
2797973
Active
11/10/2026 23:59
51.15
Cancet West (W)
2797974
Active
11/10/2026 23:59
51.15
Cancet West (W)
2797975
Active
11/10/2026 23:59
51.15
Cancet West (W)
2797976
Active
11/10/2026 23:59
51.15
Cancet West (W)
2797977
Active
11/10/2026 23:59
51.15
Cancet West (W)
2797978
Active
11/10/2026 23:59
51.15
Cancet West (W)
2797979
Active
11/10/2026 23:59
51.15
Cancet West (W)
2797980
Active
11/10/2026 23:59
51.15
Cancet West (W)
2797981
Active
11/10/2026 23:59
51.15
Cancet West (W)
2797982
Active
11/10/2026 23:59
51.14
Cancet West (W)
2797983
Active
11/10/2026 23:59
51.14
Cancet West (W)
2797984
Active
11/10/2026 23:59
51.14
Cancet West (W)
2797985
Active
11/10/2026 23:59
51.14
Cancet West (W)
2797986
Active
11/10/2026 23:59
51.14
Cancet West (W)
2797987
Active
11/10/2026 23:59
51.14
Cancet West (W)
2797988
Active
11/10/2026 23:59
51.14
Cancet West (W)
2797989
Active
11/10/2026 23:59
51.14
Cancet West (W)
2797990
Active
11/10/2026 23:59
51.14
Cancet West (W)
2797991
Active
11/10/2026 23:59
51.14
Cancet West (W)
2797992
Active
11/10/2026 23:59
51.14
Cancet West (W)
2797993
Active
11/10/2026 23:59
51.14
Cancet West (W)
2797994
Active
11/10/2026 23:59
51.13
Cancet West (W)
2797995
Active
11/10/2026 23:59
51.13
Cancet West (W)
2797996
Active
11/10/2026 23:59
51.13
Cancet West (W)
2797997
Active
11/10/2026 23:59
51.13
Cancet West (W)
2797998
Active
11/10/2026 23:59
51.13
Cancet West (W)
2797999
Active
11/10/2026 23:59
51.12
Cancet West (W)
2799181
Active
16/10/2026 23:59
51.12
Cancet West (W)
2799182
Active
16/10/2026 23:59
51.12
Cancet West (W)
2799183
Active
16/10/2026 23:59
51.11
Cancet West (W)
2799184
Active
16/10/2026 23:59
51.11
Cancet West (W)
2799185
Active
16/10/2026 23:59
51.11
Cancet West (W)
2799186
Active
16/10/2026 23:59
51.11
Cancet West (W)
2799187
Active
16/10/2026 23:59
51.11
Cancet West (W)
2799188
Active
16/10/2026 23:59
51.1
Cancet West (W)
2799189
Active
16/10/2026 23:59
51.1
Cancet West (W)
2799190
Active
16/10/2026 23:59
51.1
Project
Title No
Status
Expiry Date
Area (Ha)
Gaspe
2633303
Active
16/01/2025 23:59
56.42
Gaspe
2633304
Active
16/01/2025 23:59
56.42
Gaspe
2633305
Active
16/01/2025 23:59
56.42
Tenements and Project Locations
Fin Resources Limited
52
2024 Annual Report to Shareholders
Project
Title No
Status
Expiry Date
Area (Ha)
Gaspe
2633306
Active
16/01/2025 23:59
56.42
Gaspe
2633307
Active
16/01/2025 23:59
56.41
Gaspe
2633308
Active
16/01/2025 23:59
56.41
Gaspe
2633309
Active
16/01/2025 23:59
56.4
Gaspe
2633310
Active
16/01/2025 23:59
56.4
Gaspe
2633311
Active
16/01/2025 23:59
56.4
Gaspe
2633312
Active
16/01/2025 23:59
56.4
Gaspe
2633313
Active
16/01/2025 23:59
56.39
Gaspe
2633314
Active
16/01/2025 23:59
56.39
Gaspe
2633315
Active
16/01/2025 23:59
56.39
Gaspe
2633316
Active
16/01/2025 23:59
56.39
Gaspe
2633317
Active
16/01/2025 23:59
56.39
Gaspe
2633318
Active
16/01/2025 23:59
56.38
Gaspe
2633319
Active
16/01/2025 23:59
56.38
Gaspe
2633650
Active
23/01/2025 23:59
56.42
Gaspe
2633651
Active
23/01/2025 23:59
56.41
Gaspe
2633652
Active
23/01/2025 23:59
56.41
Gaspe
2633653
Active
23/01/2025 23:59
56.41
Gaspe
2633654
Active
23/01/2025 23:59
56.4
Gaspe
2633655
Active
23/01/2025 23:59
56.4
Tenements and Project Locations
Fin Resources Limited
53
2024 Annual Report to Shareholders
Location of the Company’s Projects in Quebec, Canada