Focus Minerals Limited
ABN 56 005 470 799
Annual Report
For the year ended 31 December 2024
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 2
Corporate Directory
ABN 56 005 470 799
Directors
Wanghong Yang
Chairman – Executive
Lingquan Kong
Director – Executive
Gerry Fahey
Director – Independent
Richard O’Shannassy
Director – Independent
Zhongshan Song
Director – Non-Executive
Company Secretary
Nicholas Ong
Registered and Head Office
Level 5
8 St Georges Terrace
Perth WA 6000
PO Box 3233
East Perth WA 6892
Tel: +61 (0) 8 9215 7888
Share Registry
Auditor
Computershare Investor Services Pty Ltd
RSM Australia Partners
Level 17, 221 St Georges Terrace
Level 32 – Exchange Tower
Perth WA 6000
2 The Esplanade
Perth WA 6000
Bankers
Solicitors
National Australia Bank
HFW Australia
100 St Georges Terrace
Level 15, Brookfield Place – Tower 2
Perth WA 6000
123 St Georges Terrace, Perth, WA 6000
Bank of China Perth Branch
Stock Exchange Listing
Level 28, 77 St Georges Terrace
Australian Securities Exchange (ASX)
Perth WA 6000
ASX Symbol: FML
Industrial and Commercial Bank of China
Level 28, 44 St Georges Terrace
Perth WA 6000
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 3
Contents
Corporate Directory ............................................................................................................................................ 2
Chairman’s Report .............................................................................................................................................. 4
Directors’ Report ................................................................................................................................................ 5
Auditors Independence Declaration................................................................................................................. 38
Consolidated Financial Statements .................................................................................................................. 39
Notes to Consolidated Financial Statements ................................................................................................... 43
Directors’ Declaration ....................................................................................................................................... 83
Independent Auditor’s Report ......................................................................................................................... 85
ASX Additional Information .............................................................................................................................. 90
Interest in Mining Tenements .......................................................................................................................... 94
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 4
Chairman’s Report
Dear Shareholders,
It is with pleasure that I present to you the 2024 Annual Report for Focus Minerals Limited (Focus) (ASX:FML). The past
year saw Focus take steps in stabilising the Coolgardie Gold operations, and I am pleased to advise that substantial
progress was made in advancing the operations as we enter the new financial year.
Commissioning of the Three Mile Hill (TMH) plant had seen some teething issues at the beginning of the financial year.
Hard fresh materials from Greenfields increased maintenance time and costs, resulting in lower plant utilisation and
availability rates. Focus has since rectified these issues with the assistance of capable third-party contractors. We are now
seeing production throughput exceeding designed capacity towards the end of the financial year, and the gold recovery
rate is nearing the designed parameter of circa 92%.
Production at the Greenfields pits was temporarily halted due to a pit wall slip in July 2024. Focus’ mining team and
contractors responded swiftly and safely with the construction of a new access ramp to enable production to resume by
mid-August. Milling at the TMH plant however was uninterrupted during this period due to the availability of sufficient low-
grade stockpile to fill the gap in Greenfields pit ore.
The wall slip has reduced the workable floor area at Greenfields resulting a review of mining schedule and decision to
enter into intermittent toll milling arrangements to ensure the TMH plant is operating at capacity. Despite the challenges,
Focus mined approximately 969kt of ore and 3.55 million tonnes of waste from the Greenfields pit during the year.
Optimisation of processing saw approximately 1.24 million tonnes of ore being treated at the TMH plant, slightly exceeding
its nameplate capacity. Focus will continue to work on improving its mine plan and TMH plant availability rate to improve
the economics of the Coolgardie Gold operations.
During the year Focus has poured and sold a total of 30,214 ounces of its own gold. Focus’ decision to keep its gold
unhedged continues to deliver financial benefits as the Australian Dollar gold price reached record levels. Average gold
sale price achieved during the year was approximately A$3,714/oz.
Mining at the Greenfields pit is scheduled to end by April 2025 after which works will commence to transition the pit into
an in-pit tailings storage facility. Focus has received all relevant permitting to deposit tailings in the Greenfields pit. After
completion of mining at Greenfields, the mining team will mobilise to the Alicia and Dreadnought pits whilst finalising
permitting for the mining of CNX. Focus will continue to actively explore and bring online priority deposits for production
pipeline purposes.
Towards the end of the reporting period, Focus entered into a mining services agreement with Barminco for underground
development, production and mining support services at the Bonnie Vale Underground Mine. Bonnie Vale, once in
production, will become an important source of production ounces at the TMH plant due to its higher-grade nature. As
such, our underground mining team is accelerating the decline development at Bonnie Vale to bring first ore to mill earlier
than planned.
Finally, on behalf of your Board I wish to thank our shareholders both new and long-term for their ongoing support of Focus
Minerals Limited. We remain committed to continue driving operational excellence. We are confident that our ongoing
programs to improve safety, efficiency and mine life will deliver meaningful returns to our shareholders.
Yours faithfully,
Wanghong Yang
Chairman of the Board
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 5
Directors’ Report
The Directors present their report on the Group comprising of Focus Minerals Limited – the parent company (referred to
as “the Company”) – and its subsidiaries (together referred to as “the Group” or “Focus” or “consolidated entity”) at the end
of, or during the year ended 31 December 2024.
Operations Review
Overview
At Coolgardie, the Company’s focus has been optimising its TMH processing plant whilst ensuring sufficient ore supply to
meet with the gradual increase in processing capacity.
Notable achievements during the year are:
Focus sold a total of 30,214 ounces of its own gold at an average sale price of approximately A$3,714/oz. Focus will
continue to keep its gold unhedged to maximise revenue at the current record levels of Australian Dollar gold price.
Focus had overcome various technical issues identified during commissioning phase at the TMH plant. The plant was
commissioned using softer low grade historical stockpile and tailings whilst Greenfields ore production was ramping
up. Subsequent processing of significantly harder fresh Greenfields ore had increased the wear rates of the crushers,
impacted plant availability and increased maintenance costs. Focus moved quickly to engage a professional third-
party contractor to provide plant maintenance and engineering support. The technical issues are now resolved with
TMH plant processed approximately 1.24 million tonnes of ore during 2024, and in particular approximately 352kt of
ore in the last quarter of 2024.
Focus mined approximately 969kt of ore and 3.55 million tonnes of waste from the Greenfields pit during the year,
impacted by roughly six weeks of interruption due to pit wall slip in July 2024. Mining at Greenfields had resumed
mid-August with adjustments to initial mine plan due to confined space at pit floor. Mining at the Greenfields pit is
scheduled to end by April 2025.
The Company has completed lifting of the existing above ground Tailings Storage Facility,and works has commenced
to transition Greenfields pit into an in-pit tailings storage facility, providing tailings storage for approximately 5 years
of operations at the THM plant.
Focus has commenced stripping at the Alicia deposit in anticipation of mobilisation of the mining fleet to Alicia around
May 2025. Whilst Alicia is being mined, the Company will carry out a small grade control program at the Dreadnought
deposit before bringing it online for production.
Focus has entered into numerous agreements to toll treat third party ore to keep the TMH plant at or near capacity.
Running the plant at or exceeding its nameplate capacity with toll milling ore has enabled Focus to bring in extra
revenue and achieve lower cost per tonne of ore treated. Focus treated approximately 65kt tonnes of third-party ore
processed delivering 1,963 ounces for customers at 93% recovery.
All necessary site facilities and supporting infrastructure have been successfully established at the Bonnie Vale
Underground Mine. Barminco had mobilised to site and completed 23 meters of decline development at the end of
the reporting period. As at the date of writing, a total of 606.7 meters in development were achieved at Bonnie Vale.
The Company is expanding its Varischetti village from 100 rooms to 180 rooms to cater for additional personnel as
development at Bonnie Vale Underground Mine gains momentum. It is anticipated that the additional accommodation
plus ancillary support facilities will be operational by end of April 2025.
Meanwhile at the Laverton Gold Project (Laverton), the focus remained on advancing exploration and review of the
Company’s Mineral Resources with the aim of delivering sufficient open pit resources to underpin a mining operation.
Significant effort has been applied to rebuilding and expanding JORC compliant Central Laverton Mineral Resources.
These Mineral Resources have since been compiled and reported in the March Quarter 2024 increasing global Mineral
Resources at the Laverton Gold Project (LGP) by 6.2% (refer to ASX announcement dated 8 March 2024).
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 6
COOLGARDIE in detail
Total Coolgardie Gold Operations Mineral Resources at 31 December 2024:
Classification
Tonnage (Mt)
Au Grade (g/t)
Au Moz
Total Coolgardie Measured Mineral Resource
2.59
1.68
0.14
Total Coolgardie Indicated Mineral Resource
25.80
1.84
1.53
Total Coolgardie Inferred Mineral Resource Increase
16.17
1.96
1.02
Total Coolgardie 2024 Mineral Resource
44.56
1.87
2.68
Coolgardie Gold Operations Summary Mineral Reserves as at 31 December 2024 including: mining depleted Greenfields
Open Pit Reserve and summary stockpiles and ROM stocks:
2023
2024
Changes
Tonnes
MT
Grade
g/t
Ounces
Tonnes
MT
Grade
g/t
Ounces
Tonnes
MT
Grade
g/t
Ounces
Brilliant
Open Pit
Reserve
Proved
Probable
3.46
1.48
164,000
3.46
1.48
164,000
0
0
0
Total
3.46
1.48
164,000
3.46
1.48
164,000
0
0
0
CNX
Open Pit
Reserve
Proved
1.21
1.17
45,500
1.21
1.17
45,500
0
0
0
Probable
0.06
1.58
3,000
0.06
1.58
3,000
0
0
0
Total
1.27
1.19
48,500
1.27
1.19
48,500
0
0
0
Green Fields
Open Pit
Reserve
Proved
1.74
1.23
68,800
0.53
1.4
24,100
-1.21
0.17
-44,700
Probable
Total
1.74
1.23
68,800
0.53
1.4
24,100
-1.21
0.17
-44,700
Bonnie Vale
Underground
Reserve
Proved
Probable
0.93
5.94
177,900
0.93
5.94
177,900
0
0
0
Total
0.93
5.94
177,900
0.93
5.94
177,900
0
0
0
Stockpiles
and ROM
stocks
Proved
Probable
0.13
0.8
3,450
0.04
0.75
970
-0.09
-0.05
-2,480
Total
0.13
0.8
3,450
0.04
0.75
970
-0.09
-0.05
-2,480
Coolgardie
Total
Reserves
Total Proven
2.95
1.21
114,300
1.74
1.2
69,600
-1.21
-0.01
-44,700
Total Probable
4.58
2.37
348,350
4.49
2.4
345,870
-0.09
0.03
-2,480
Total
7.53
1.91
462,650
6.23
2.1
415,470
-1.3
0.19
-47,180
During 2024 drilling at Coolgardie was targeted in the following areas:
2024 Coolgardie Drilling Summary
RC Drill Meters
DD Drill Meters
Exploration at Various Prospects
11,409.00
Bonnie Vale (Pre-mining void checks, geotech, bores, infill)
5,110.40
721.20
Sterilisation drilling to support LOM
1,345.00
Total
17,864.40
721.20
% of drilling supporting LOM
36%
100%
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 7
LAVERTON in detail
The Company has continued to invest in exploration and review of its Mineral Resources. During the reporting period the
Company completing 9,753m RC and 1,116.6m diamond drilling. In addition, significant effort was made to review and
compile Mineral Resources in the Central Laverton part of the Project.
As at 31 December 2024, Laverton’s Total Mineral Resources comprised:
Classification
Tonnage (Mt)
Au Grade (g/t)
Au Moz
Total Laverton Measured Mineral Resource
0.39
1.67
0.02
Total Laverton Indicated Mineral Resource
48.04
1.48
2.28
Total Laverton Inferred Mineral Resource
24.63
2.06
1.63
Total Laverton 2024 Mineral Resource
73.06
1.68
3.94
The following Central Laverton Mineral Resources Estimates were updated to JORC 2012 standard during 2024:
Craigiemore trend comprising:
o
Golden Pinnacles,
o
Mary Mac North,
o
Mary Mac,
o
Mary Mac Hill and,
o
Craigiemore
West Laverton Trend comprising:
o
Rega,
o
West Laverton and,
o
Bulldog
Chatterbox Trend comprising:
o
Innuendo,
o
Whisper,
o
Rumor and,
o
Garden Well
Gladiator Trend comprising:
o
Gladiator Pit,
o
Gladiator West,
o
Murrays and,
o
Cousin Murrays
These Central Laverton Mineral Resource Estimates were released during the March Quarter 2024 (refer to ASX
announcement dated 8 March 2024). The updated Mineral Resources comprise:
Classification
Tonnage
(Mt)
Au Grade
(g/t)
Au Contained
Moz
Total Indicated
9.76
1.45
0.45
Total Inferred
8.41
1.32
0.36
Total Mineral Resource
18.17
1.39
0.81
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 8
Ore Reserves and Mineral Resources Tables
2023 / 2024 JORC 2012 Coolgardie Gold Project Ore Reserves Comparison Table
COOLGARDIE GOLD PROJECT
2023 Reserves
2024 Reserves
Change
Tonnes
Grade Au
g/t
Ounces
Tonnes
Grade Au
g/t
Ounces
Tonnes
Grade Au
g/t
Ounces
Mt
Mt
Mt
Brilliant Project – Open Pit Reserve
Proven
-
-
-
-
-
-
-
-
-
Probable
3.46
1.48
164,000
3.46
1.48
164,000
-
-
-
Total
3.46
1.48
164,000
3.46
1.48
164,000
-
-
-
CNX Project – Open Pit Reserve
Proven
1.21
1.17
45,500
1.21
1.17
45,500
-
-
-
Probable
0.06
1.58
3,000
0.06
1.58
3,000
-
-
-
Total
1.27
1.19
48,500
1.27
1.19
48,500
-
-
-
Greenfields Open Pit Reserve
(Mining Depleted)
Proven
1.74
1.23
68,800
0.53
1.4
24,100
-1.21
0.17
-44,700
Probable
-
-
-
Total
1.74
1.23
68,800
0.53
1.4
24,100
-1.21
0.17
-44,700
Bonnie Vale Project – Underground
Proven
-
-
-
-
-
-
Probable
0.93
5.94
177,900
0.93
5.94
177,900
-
-
-
Total
0.93
5.94
177,900
0.93
5.94
177,900
-
-
-
Bonnie Vale Tails Mining Stocks
(Mining Depleted)
Proven
-
-
-
-
-
-
Probable
0.07
0.71
1,600
-
-
-
-0.07
-0.71
-1,600
Total
0.07
0.71
1,600
-
-
-
-0.07
-0.71
-1,600
Tindals LG Mining Stocks
(Mining Depleted)
Proven
-
-
-
Probable
0.01
1.21
280
0.02
0.47
400
0.01
-0.74
120
Total
0.07
1.21
280
0.02
0.47
400
0.01
-0.74
120
Empress – Dreadnought LG Mining
Stocks (Mining Depleted)
Proven
-
-
-
-
-
-
-
-
-
Probable
0.01
0.85
370
-
-
-
-0.01
-0.85
-370
Total
0.01
0.85
370
-
-
-
-0.01
-0.85
-370
MILL ROM Stocks
Proven
-
-
-
Probable
0.04
0.88
1,200
0.02
0.96
570
-0.02
0.08
-630
Total
0.04
0.88
1,200
0.02
0.96
570
-0.02
0.08
-630
Total Coolgardie
Total Proven
2.95
1.21
114,300
1.74
1.2
69,600
-1.21
-0.01
-44,700
Total Probable
4.58
2.37
348,350
4.49
2.39
34,5870
-0.09
0.02
-2,480
Total Ore Reserves
7.53
1.91
462,650
6.23
2.1
415,470
-1.3
0.19
-47,180
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 9
2023 / 2024 JORC 2012 Ore Reserves Comparison Table
LAVERTON GOLD PROJECT
2023 Reserves
2024 Reserves
Change
Tonnes
Grade Au
g/t
Ounces
Tonnes
Grade
Au g/t
Ounces
Tonnes
Grade
Au g/t
Ounces
Mt
Mt
Mt
Karridale – Open Pit Reserve
Proven
-
-
-
-
-
-
-
-
-
Probable
5.8
1.1
205,000
5.8
1.1
205,000
-
-
-
Total
5.8
1.1
205,000
5.8
1.1
205,000
-
-
-
Burtville – Open Pit Reserve
Proven
-
-
-
-
-
-
-
-
-
Probable
3.5
0.9
103,000
3.5
0.9
103,000
-
-
-
Total
3.5
0.9
103,000
3.5
0.9
103,000
-
-
-
Beasley Creek – Open Pit Reserve
Proven
-
-
-
-
-
-
-
-
-
Probable
1.8
2.3
133,000
1.8
2.3
133,000
-
-
-
Total
1.8
2.3
133,000
1.8
2.3
133,000
-
-
-
Beasley Creek South – Open Pit Reserve
Proven
-
-
-
-
-
-
-
-
-
Probable
0.7
2.7
64,000
0.7
2.7
64,000
-
-
-
Total
0.7
2.7
64,000
0.7
2.7
64,000
-
-
-
Wedge – Open Pit Reserve
Proven
-
-
-
-
-
-
-
-
-
Probable
0.8
1.6
41,000
0.8
1.6
41,000
-
-
-
Total
0.8
1.6
41,000
0.8
1.6
41,000
-
-
-
Total Proven
-
-
-
-
-
-
-
-
-
Total Laverton
Total Probable
12.6
1.34
546,000
12.6
1.34
546,000
-
-
-
Total Ore Reserves
12.6
1.34
546,000
12.6
1.34
546,000
-
-
-
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 10
Mineral Resources Table
Coolgardie Gold Project
Coolgardie Surface Mineral Resources
Prospect
JORC
Classification
Tonnes
Grade
(g/t)
Ounces
Reporting
Cut-Off
Grade (g/t)
Alicia
JORC 2012
Indicated
625,000
1.41
28,200
0.7
JORC 2012
Inferred
2,000
1.12
100
JORC 2012
Total
627,000
1.41
28,300
Alicia ROM
JORC 2012
Indicated
43,000
0.77
1,100
NA
Big Blow - Mining
Depleted
JORC 2012
Measured
4,200
3.84
500
JORC 2012
Indicated
776,500
1.63
40,700
0.6
JORC 2012
Inferred
140,500
1.16
5,200
JORC 2012
Total
921,200
1.57
46,400
Bird in Hand
JORC 2004
Indicated
210,000
1.96
13,500
1.0
JORC 2004
Inferred
107,000
2.00
6,500
JORC 2004
Total
317,000
1.97
20,000
Bonnie Vale Open Pit
JORC 2012
Indicated
978,000
0.86
27,200
0.5
JORC 2012
Inferred
731,000
0.86
20,900
JORC 2012
Total
1,709,000
0.86
48,100
Cookes
JORC 2004
Indicated
120,000
2.38
9,000
1.0
JORC 2004
Inferred
47,000
3.25
5,000
JORC 2004
Total
167,000
2.62
14,000
Cyanide
JORC 2004
Indicated
34,000
2.17
2,500
1.0
JORC 2004
Inferred
84,000
1.80
5,000
JORC 2004
Total
118,000
1.91
7,500
Low Grade
Stockpile: TMH,
Tindals East,
Bayleys, QOS,
Golden Bar,
Redemption
JORC 2012
Indicated
150,700
0.79
4,000
NA
Dreadnought
JORC 2012
Indicated
2,818,500
1.51
137,000
0.6
JORC 2012
Inferred
511,000
1.48
24,500
JORC 2012
Total
3,329,500
1.51
161,500
Empress
JORC 2012
Indicated
145,000
1.57
7,300
0.7
JORC 2012
Inferred
35,000
1.09
1,200
JORC 2012
Total
180,000
1.47
8,500
Friendship
JORC 2004
Inferred
100,000
1.43
4,500
1.0
Griffiths
JORC 2004
Inferred
104,000
2.74
9,000
1.0
Happy Jack
JORC 2012
Indicated
322,000
1.32
13,500
0.7
JORC 2012
Inferred
203,000
1.37
9,000
JORC 2012
Total
525,000
1.34
22,500
Patricia Jean
JORC 2012
Inferred
390,000
2.15
27,000
0.5
Jolly Briton
JORC 2012
Inferred
900,000
1.33
38,500
0.5
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 11
Coolgardie Surface Mineral Resources
Prospect
JORC
Classification
Tonnes
Grade
(g/t)
Ounces
Reporting
Cut-Off
Grade (g/t)
Perseverance
JORC 2004
Inferred
53,000
2.43
4,000
1.0
Tindals Pit
JORC 2004
Indicated
257,000
2.71
22,500
1.0
JORC 2004
Inferred
288,000
2.36
22,000
JORC 2004
Total
545,000
2.53
44,500
Undaunted / Lady
Charlotte
JORC 2012
Inferred
1,162,000
1.35
50,500
0.5
Brilliant
JORC 2012
Indicated
8,990,000
1.39
400,000
0.5
JORC 2012
Inferred
1,550,000
1.23
61,000
JORC 2012
Total
10,540,000
1.36
462,000
Green Light
JORC 2012
Indicated
445,000
1.14
16,500
0.5
JORC 2012
Inferred
773,000
1.18
29,000
JORC 2012
Total
1,218,000
1.17
45,500
CNX
JORC 2012
Measured
1,771,000
1.31
74,000
0.5
JORC 2012
Indicated
1,630,000
1.11
58,000
JORC 2012
Inferred
465,000
1.46
22,000
JORC 2012
Total
3,866,000
1.24
154,000
Greenfields – Mining
Depleted
JORC 2012
Measured
542,000
1.52
26,500
0.6
JORC 2012
Indicated
1,044,500
1.26
42,500
JORC 2012
Total
1,586,500
1.35
69,000
Hillside
JORC 2004
Inferred
437,000
4.42
62,000
1.0
Lindsays
JORC 2004
Indicated
4,350,000
1.70
238,000
1.0
JORC 2004
Inferred
1,490,000
1.60
77,000
JORC 2004
Total
5,840,000
1.67
315,000
King Solomon/
Queen Sheba
JORC 2004
Inferred
1,400,000
2.00
90,000
1.0
Lord Bob
JORC 2004
Inferred
820,000
1.60
42,000
0.8
Norris - Grosmont
JORC 2004
Inferred
1,620,000
2.44
127,000
1.0
Total CGP Open Pit Mineral
Resources
Measured
2,317,200
1.36
101,000
Indicated
22,939,200
1.44
1,061,500
Inferred
13,412,500
1.72
742,900
Total Coolgardie Surface
38,668,900
1.53
1,905,400
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 12
Coolgardie Underground Mineral Resources
Prospect
JORC
Classification
Tonnes
Grade (g/t)
Ounces
Reporting
Cut-Off
Grade (g/t)
Bird in Hand
JORC 2004
Indicated
282,000
3.07
28,000
JORC 2004
Inferred
90,000
2.76
8,000
2.0
JORC 2004
Total
372,000
3.00
36,000
Countess
JORC 2004
Measured
50,000
3.46
5,500
JORC 2004
Indicated
127,000
2.88
12,000
2.0
JORC 2004
Inferred
0
0.00
0
JORC 2004
Total
177,000
3.04
17,500
Cyanide
JORC 2004
Indicated
516,000
4.65
77,000
JORC 2004
Inferred
77,000
5.53
13,500
2.0
JORC 2004
Total
593,000
4.76
90,500
Empress
JORC 2004
Measured
13,000
4.10
2,000
JORC 2004
Indicated
175,000
3.40
19,000
JORC 2004
Inferred
13,000
7.50
3,000
2.0
JORC 2004
Total
201,000
3.71
24,000
Griffiths
JORC 2004
Inferred
39,000
2.90
4,000
2.0
Perseverance
JORC 2004
Measured
154,000
5.30
26,000
JORC 2004
Indicated
438,000
4.50
64,000
JORC 2004
Inferred
18,000
4.30
2,000
2.0
JORC 2004
Total
610,000
4.70
92,000
Tindals
JORC 2004
Measured
51,000
3.40
5,500
JORC 2004
Indicated
179,000
2.83
16,000
JORC 2004
Inferred
72,000
3.10
7,000
2.0
JORC 2004
Total
302,000
2.99
28,500
Brilliant
JORC 2012
Indicated
270,000
2.38
21,000
JORC 2012
Inferred
2,120,000
3.07
209,000
1.5
JORC 2012
Total
2,390,000
2.99
230,000
Quarry Reef
JORC 2012
Indicated
878,500
8.01
226,500
(Bonnie Vale)
JORC 2012
Inferred
325,500
2.58
27,000
1.5
JORC 2012
Total
1,204,000
6.54
253,500
Total GPG Underground Mineral
Resources
Measured
268,000
4.53
39,000
Indicated
2,865,500
5.03
463,500
Inferred
2,754,500
3.09
273,500
Total Coolgardie Underground
5,888,000
4.10
776,000
Coolgardie Total Surface and Underground Mineral Resources
Classification
Tonnes
Grade
(g/t)
Ounces
Total Measured Resource
2,585,200
1.68
140,000
Total Indicated Resource
25,804,700
1.84
1,525,000
Total Inferred Resource
16,167,000
1.96
1,016,400
TOTAL COOLGARDIE
44,556,900
1.87
2,681,400
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 13
Mineral Resources Table
Laverton Gold Project
Laverton Surface Mineral Resources
Prospect
JORC
Classification
Tonnes
Grade
(g/t)
Contained
Ounces
Reporting
Cut-Off
Grade
(g/t)
Admiral Hill
JORC 2004
Indicated
660,000
1.40
30,000
JORC 2004
Inferred
1,310,000
1.10
46,000
0.8
JORC 2004
Total
1,970,000
1.20
76,000
Barnicoat
JORC 2004
Indicated
340,000
1.30
14,000
JORC 2004
Inferred
250,000
1.00
8,000
0.5
JORC 2004
Total
590,000
1.17
22,000
Bells
JORC 2004
Indicated
594,000
1.99
38,000
JORC 2004
Inferred
36,000
1.44
2,000
0.5
JORC 2004
Total
630,000
1.96
40,000
Castaway
JORC 2004
Indicated
247,000
1.55
13,000
JORC 2004
Inferred
28,000
1.80
2,000
1.0
JORC 2004
Total
275,000
1.58
15,000
Grouse
JORC 2004
Indicated
447,000
1.69
24,000
JORC 2004
Inferred
27,000
1.33
1,000
1.0
JORC 2004
Total
474,000
1.67
25,000
Sickle
JORC 2004
Measured
390,000
1.65
21,000
JORC 2004
Indicated
198,000
2.56
16,000
1.0
JORC 2004
Inferred
152,000
3.11
15,000
JORC 2004
Total
740,000
2.19
52,000
Burtville
JORC 2012
Indicated
5,095,000
1.00
159,000
JORC 2012
Inferred
1,554,000
0.90
47,000
0.6
JORC 2012
Total
6,649,000
0.96
206,000
Karridale
JORC 2012
Indicated
22,149,000
1.36
968,500
JORC 2012
Inferred
5,584,000
1.22
219,000
0.6
JORC 2012
Total
27,733,000
1.33
1,187,500
Euro South
JORC 2012
Indicated
520,000
1.44
24,000
JORC 2012
Inferred
50,000
1.24
2,000
0.6
JORC 2012
Total
570,000
1.42
26,000
Euro North
JORC 2012
Indicated
560,000
2.08
37,500
JORC 2012
Inferred
270,000
2.07
18,000
0.6
JORC 2012
Total
830,000
2.08
55,500
Craggiemore
JORC 2012
Indicated
1,131,500
1.50
54,400
JORC 2012
Inferred
207,000
1.06
7,000
0.6
JORC 2012
Total
1,338,500
1.43
61,400
Mary Mac Hill /
JORC 2012
Indicated
408,000
1.30
17,200
Mary Mac North
JORC 2012
Inferred
142,500
1.09
5,000
0.6
JORC 2012
Total
550,500
1.25
22,200
Mary Mac South
JORC 2012
Indicated
992,000
1.31
41,700
JORC 2012
Inferred
380,000
1.55
18,900
0.6
JORC 2012
Total
1,372,000
1.38
60,600
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 14
Laverton Surface Mineral Resources
Prospect
JORC
Classification
Tonnes
Grade
(g/t)
Contained
Ounces
Reporting
Cut-Off
Grade
(g/t)
Golden Pinnacles
JORC 2012
Inferred
227,500
1.40
10,300
0.6
West Laverton /
JORC 2012
Indicated
1,113,000
1.80
64,500
Rega
JORC 2012
Inferred
1,835,000
1.53
90,400
0.6
JORC 2012
Total
2,948,000
1.63
154,900
Bulldog
JORC 2012
Inferred
667,500
1.42
30,400
0.6
Apollo
JORC 2012
Indicated
3,719,000
1.60
191,700
JORC 2012
Inferred
138,000
1.13
5,000
0.6
JORC 2012
Total
3,857,000
1.58
196,700
Inuendo
JORC 2012
Indicated
295,000
1.44
13,700
JORC 2012
Inferred
744,000
0.96
23,000
0.6
JORC 2012
Total
1,039,000
1.10
36,700
Eclipse (Garden Well)
JORC 2012
Indicated
195,000
1.67
10,500
JORC 2012
Inferred
99,000
0.97
3,100
0.6
JORC 2012
Total
294,000
1.43
13,600
Rumor
JORC 2012
Inferred
2,560,000
1.44
118,900
0.6
Gladiator North
JORC 2004
Indicated
48,000
1.70
3,000
JORC 2004
Inferred
123,000
1.60
6,000
1.0
JORC 2004
Total
171,000
1.63
9,000
Gladiator West
JORC 2012
Indicated
466,000
0.82
12,300
JORC 2012
Inferred
666,000
0.82
17,600
0.6
JORC 2012
Total
1,132,000
0.82
29,900
Gladiator / Murrays
JORC 2012
Indicated
144,500
1.09
5,100
JORC 2012
Inferred
739,500
1.16
27,500
0.6
JORC 2012
Total
884,000
1.15
32,600
Beasley Creek
JORC 2012
Indicated
3,727,000
2.04
244,000
JORC 2012
Inferred
386,000
1.64
20,500
0.5
JORC 2012
Total
4,114,000
2.00
264,500
Beasley Creek South
JORC 2012
Indicated
1,620,000
2.09
109,000
JORC 2012
Inferred
430,000
0.80
11,000
0.5
JORC 2012
Total
2,050,000
1.82
120,000
Telegraph
JORC 2012
Indicated
638,000
2.13
43,500
JORC 2012
Inferred
534,000
1.43
24,500
0.8
JORC 2012
Total
1,172,000
1.81
68,000
Wedge - Lancefield
North
JORC 2012
Indicated
2,660,000
1.70
141,000
JORC 2012
Inferred
750,000
1.10
27,000
0.8
JORC 2012
Total
3,410,000
1.50
168,000
Lancefield Far North
JORC 2012
Inferred
790,000
1.30
34,000
0.5
South Lancefield
JORC 2004
Indicated
72,000
4.00
9,000
0.8
JORC 2004
Inferred
3,000
5.00
1,000
JORC 2004
Total
75,000
4.04
10,000
Total LGP Open Pit Mineral Resources
Measured
390,000
1.67
21,000
Indicated
48,039,000
1.48
2,284,600
Inferred
20,684,000
1.26
841,100
Total Laverton Surface
69,113,000
1.42
3,146,700
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 15
Laverton Surface Mineral Resources
Prospect
JORC
Classification
Tonnes
Grade
(g/t)
Contained
Ounces
Reporting
Cut-Off
Grade
(g/t)
Laverton Underground
Prospect
JORC
Classification
Tonnes
Grade
(g/t)
Contained
Ounces
Reporting
Cut-Off
Grade
(g/t)
Lancefield
JORC 2012
Indicated
0
0.0
0
JORC 2012
Inferred
3,944,000
6.30
793,000
4.0
JORC 2012
Total
3,944,000
6.30
793,000
Total LPG Underground Mineral
Resources
Measured
0
0.0
0
Indicated
0
0.0
0
Inferred
3,944,000
6.30
793,000
Total Laverton Underground
3,944,000
6.30
793,000
Laverton Total Surface and Underground Mineral Resources
Classification
Tonnes
Grade
(g/t)
Ounces
Total Measured Resource
390,000
1.67
21,000
Total Indicated Resource
48,039,000
1.48
2,284,600
Total Inferred Resource
24,628,000
2.06
1,634,100
TOTAL LAVERTON
73,057,000
1.68
3,939,700
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 16
Mineral Resources Table – Comparison to Previous Year
Coolgardie Gold Project Resource Updates
2023
2024
Difference
Category
Tonnes Kt
Grade
g/t
Ounces
Koz
Cut Off
Category
Tonnes Kt
Grade
g/t
Ounces
Koz
Cut Off
Tonnes
Kt
Grade
g/t
Ounces
Koz
Cut Off
Greenfields
Open Pit
Measured
JORC
2012
1,368.04
1.52
67.00
0.6 g/t
JORC
2012
542.00
1.5201
26.50
0.6 g/t
-826.04
0.00
-40.50
Indicated
1,045.51
1.26
42.28
1,044.50
1.26
42.5
-1.01
0.00
0.22
Inferred
-
-
-
-
-
-
Total Greenfields
JORC
2012
2,413.55
1.41
109.28
0.6 g/t
JORC
2012
1,586.50
1.35
69.00
0.6 g/t
-827.05
-0.06
-40.28
Big Blow Low
Grade
Stockpile
Measured
JORC
2012
-
-
-
N/A
JORC
2012
-
-
-
N/A
-
-
-
N/A
Indicated
44.90
0.56
0.81
0.00
0.00
0
-44.90
-0.56
-0.81
Inferred
-
-
-
-
-
-
-
-
-
Total Big Blow LG Stockpile
JORC
2012
44.90
0.56
0.81
N/A
JORC
2012
0.00
0.00
0
N/A
-44.90
0.00
-0.81
N/A
Alicia ROM
Measured
JORC
2012
-
-
-
N/A
JORC
2012
-
-
-
N/A
-
-
-
N/A
Indicated
60.10
0.77
1.49
43.00
0.77
1.1
-17.10
0.00
-0.39
Inferred
-
-
-
-
-
-
-
-
-
Total Alicia ROM
JORC
2012
60.1
0.77
1.49
N/A
JORC
2012
43.0
1.08
1.49
N/A
-17.10
0.31
-0.39
N/A
Empress –
Dreadnought
LG Stockpile
Measured
JORC
2012
-
-
-
N/A
JORC
2012
-
-
-
N/A
-
-
-
N/A
Indicated
-
-
-
-
-
-
-
-
-
Inferred
13.77
0.85
0.37
0.00
0.00
0.00
-13.77
-0.85
-0.37
Empress – Dreadnought LG
Stockpile
JORC
2012
13.77
0.85
0.37
N/A
JORC
2012
0.00
0.00
0.00
N/A
-13.77
-0.85
-0.37
N/A
Bonnie Vale
historic tails
Measured
JORC
2012
-
-
-
0.4 g/t
JORC
2012
-
-
-
0.4 g/t
-
-
-
Indicated
178.60
0.77
4.41
0.00
0.00
0.00
-178.60
-0.77
-4.41
Inferred
-
-
-
-
-
-
-
-
-
Total Greenfields
JORC
2012
178.60
0.77
4.41
0.4 g/t
JORC
2012
0.00
0.00
0.00
0.4 g/t
-178.60
-0.77
-4.41
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 17
Central CGP Selected
Stockpiles and Tails
2023
2024
Difference
Category
Tonnes Kt
Grade
g/t
Ounces
Koz
Cut Off
Category
Tonnes Kt
Grade
g/t
Ounces
Koz
Cut Off
Tonnes
Kt
Grade
g/t
Ounces
Koz
Cut Off
TMH Greenfields
Low Grade
Stockpile
Indicated
JORC
2012
39.30
0.69
0.87
N/A
JORC
2012
0.00
0.00
0
N/A
-39.30
-0.69
-0.87
N/A
Tindals East Low
Grade Stockpile
Indicated
30.70
0.56
0.55
26.90
0.47
0.4
-3.80
-0.09
-0.15
Lyndsays Tails
vats 4 & 5
Indicated
18.00
0.63
0.36
18.00
0.63
0.36
-
-
-
Bayleys tails vats
1, 2 & 3
Indicated
77.70
0.91
2.28
77.70
0.91
2.28
-
-
-
Redemption Tails
Vat
Indicated
6.60
0.67
0.14
6.60
0.67
0.14
-
-
-
Queen of Sheba
tails vat
Indicated
1.10
0.67
0.03
1.10
0.67
0.03
-
-
-
Golden Bar tails
Vat
Indicated
20.30
1.11
0.73
20.30
1.11
0.73
-
-
-
Total Central Stockpiles and
Tails
JORC
2012
193.7
0.80
4.96
N/A
JORC
2012
150.60
0.81
3.94
N/A
-43.10
0.02
-1.02
N/A
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 18
Laverton Gold Project Resource Updates
2023
2024
Difference
Category
Tonnes Kt
Grade
g/t
Ounces
Koz
Cut Off
Category
Tonnes Kt
Grade
g/t
Ounces
Koz
Cut Off
Tonnes
Kt
Grade
g/t
Ounces
Koz
Cut Off
Golden
Pinnacles
Measured
-
-
-
JORC
2012
-
-
-
0.6 g/t
-
-
-
0.6 g/t
Indicated
-
-
-
-
-
-
-
-
-
Inferred
-
-
-
227.5
1.40
10.30
227.5
1.40
10.3
Total Golden Pinnacles
-
-
-
JORC
2012
227.50
1.40
10.30
0.6 g/t
227.50
1.40
10.30
0.6 g/t
Mary Mac
Hill and
North
Measured
JORC
2004
-
-
-
1 g/t
JORC
2012
-
-
-
0.6 g/t
-
-
-
-0.4g/t
Indicated
232.00
2.20
16
408.0
1.30
17.2
176.0
-0.90
1.2
Inferred
9.0
1.60
1.00
142.5
1.09
5.00
133.5
-0.51
4.0
Total Mary Mac
JORC
2004
241.00
2.18
17.00
1 g/t
JORC
2012
550.50
1.25
22.20
0.6 g/t
309.50
-0.93
5.20
-0.4g/t
Mary Mac
South
Measured
JORC
2004
-
-
-
1 g/t
JORC
2012
-
-
-
0.6 g/t
-
-
-
-0.4g/t
Indicated
435.00
1.59
22
992.0
1.31
41.7
557.0
-0.28
19.7
Inferred
90.0
1.81
5.00
380.0
1.55
18.90
290.0
-0.26
13.9
Total Mary Mac South
JORC
2004
525.00
1.63
27.00
1 g/t
JORC
2012
1,372.00
1.38
60.60
0.6 g/t
847.00
-0.25
33.60
-0.4g/t
Craggiemore
Measured
JORC
2004
-
-
-
1 g/t
JORC
2012
-
-
-
0.6 g/t
-
-
-
-0.4g/t
Indicated
575.00
2.16
40
1,131.5
1.50
54.4
556.5
-0.66
14.4
Inferred
113.0
2.74
10.00
207.0
1.06
7.00
94.0
-1.68
-3.0
Total Craggiemore
JORC
2004
688.00
2.26
50.00
1 g/t
JORC
2012
1,338.50
1.43
61.40
0.6 g/t
650.50
-0.82
11.40
-0.4g/t
West
Laverton /
Rega
Measured
JORC
2004
-
-
-
1 g/t
JORC
2012
-
-
-
0.6 g/t
-
-
-
-0.4g/t
Indicated
1,252.00
2.10
84.5
1,113.0
1.80
64.5
-139.0
-0.30
-20.0
Inferred
116.0
1.80
6.50
1,835.0
1.53
90.40
1,719.0
-0.27
83.9
Total West Laverton / Rega
JORC
2004
1,368.00
2.07
91.00
1 g/t
JORC
2012
2,948.00
1.63
154.90
0.6 g/t
1,580.00
-0.44
63.90
-0.4g/t
Bulldog
Measured
-
-
-
JORC
2012
-
-
-
0.6 g/t
-
-
-
0.6 g/t
Indicated
-
-
-
-
-
-
-
-
-
Inferred
-
-
-
667.5
1.42
30.40
667.5
1.42
30.40
Total Bulldog
-
-
-
JORC
2012
667.50
1.42
30.40
0.6 g/t
667.50
1.42
30.40
0.6 g/t
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 19
2023
2024
Difference
Category
Tonnes Kt
Grade
g/t
Ounces
Koz
Cut Off
Category
Tonnes Kt
Grade
g/t
Ounces
Koz
Cut Off
Tonnes
Kt
Grade
g/t
Ounces
Koz
Cut Off
Apollo
(Whisper)
Measured
JORC
2004
512.00
2.2
36.00
0.8 g/t
JORC
2012
-
-
-
0.6 g/t
-512.00
-2.2
-36.00
-0.2g/t
Indicated
910.00
2.00
59
3,719.0
1.60
191.7
2,809.0
-0.40
132.7
Inferred
560.0
3.03
54.00
138.0
1.13
5.00
-422.0
-1.90
-49.0
Total Apollo
JORC
2004
1,982.00
2.34
149.00
0.8 g/t
JORC
2012
3,857.00
1.58
196.70
0.6 g/t
1,875.00
-0.76
47.70
-0.2g/t
Eclipse
(Garden
Well)
Measured
JORC
2004
19.00
2.68
2.00
0.8 g/t
JORC
2012
-
-
-
0.6 g/t
-19.00
-2.68
-2.00
-0.2g/t
Indicated
63.00
1.77
4
195.0
1.67
10.5
132.0
-0.10
6.5
Inferred
152.0
1.70
8.00
99.0
0.97
3.10
-53.0
-0.73
-4.9
Total Eclipse
JORC
2004
234.00
1.80
14.00
0.8 g/t
JORC
2012
294.00
1.43
13.60
0.6 g/t
60.00
-0.36
-0.40
-0.2g/t
Innuendo
Measured
JORC
2004
-
-
-
1 g/t
JORC
2012
-
-
-
0.6 g/t
-
-
-
-0.4g/t
Indicated
180.00
2.90
17
295.0
1.44
13.7
115.0
-1.46
-3.3
Inferred
380.0
2.30
28.00
744.0
0.96
23.00
364.0
-1.34
-5.0
Total Innuendo
JORC
2004
560.00
2.49
45.00
1 g/t
JORC
2012
1,039.00
1.10
36.70
0.6 g/t
479.00
-1.40
-8.30
-0.4g/t
Rumor
Measured
JORC
2004
-
-
-
1 g/t
JORC
2012
-
-
-
0.6 g/t
-
-
-
-0.4g/t
Indicated
1,590.00
2.10
107
-
-
-
-1,590.0
-2.10
-107.0
Inferred
1,060.0
2.10
72.00
2,560.0
1.44
118.90
1,500.0
-0.66
46.9
Total Rumor
JORC
2004
2,650.00
2.10
179.00
1 g/t
JORC
2012
2,560.00
1.44
118.90
0.6 g/t
-90.00
-0.66
-60.10
-0.4g/t
Gladiator
West
Measured
-
-
-
JORC
2012
-
-
-
0.6 g/t
-
-
-
0.6 g/t
Indicated
-
-
-
466.0
0.82
12.3
466.0
0.82
12.3
Inferred
-
-
-
666.0
0.82
17.60
666.0
0.82
17.60
Total Gladiator West
-
-
-
JORC
2012
2,560.00
1.44
118.90
0.6 g/t
2,560.00
1.44
118.90
0.6 g/t
Gladiator
Pit, Murrays,
Cousin
Murray
Measured
-
-
-
JORC
2012
-
-
-
0.6 g/t
-
-
-
0.6 g/t
Indicated
-
-
-
144.5
1.09
5.1
144.5
1.09
5.1
Inferred
-
-
-
739.5
1.16
27.50
739.5
1.16
27.5
Total Gladiator / Murrays
-
-
-
JORC
2012
884.00
1.15
32.60
0.6 g/t
884.00
1.15
32.60
0.6 g/t
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 20
Competent Persons’ Statement
Resources
The information in this announcement that relates to previously announced Mineral Resource estimates was compiled by
Mr Alex Aaltonen, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Aaltonen is an
employee of Focus Minerals Limited. Mr Aaltonen has sufficient experience that 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.
Ms Hannah Kosovich, an employee of Focus Minerals compiled all updated Coolgardie Gold Project Mineral Resource
estimates reported in 2023. Ms Hannah Kosovich is a member of Australian Institute of Geoscientists and has sufficient
experience 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 Aaltonen, and Ms Hannah Kosovich consent to the inclusion in the report of the matters based on the information in the
form and context in which it appears.
Reserves
The information in this announcement that relates to CNX and Brilliant South open pit Ore Reserves estimates is based on
an assessment completed by Gary McCrae, a Competent Person who is a member of the Australasian Institute of Mining
and Metallurgy (AusIMM) with a chartered professional status in mining. Mr McCrae is employed by Minecomp Pty Ltd who
were engaged by FML to complete the open pit Mine Designs and compile open pit Ore Reserve estimates for the
Greenfields, CNX and Brilliant South Deposits. Mr McCrae has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity being undertaken 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 McCrae consents to the inclusion in any report or public announcement of the matters based on his
information in the form and context in which it appears.
The information in this announcement that relates to depleted Greenfields open pit Ore Reserves estimate is based on an
assessment completed by Steve Gardiner, a Competent Person who is a member of the Australasian Institute of Mining
and Metallurgy (AusIMM). Mr Steve Gardiner is employed by Focus Operation Limited. Mr Gardiner has sufficient
experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being
undertaken 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 Gardiner consents to the inclusion in any report or public
announcement of the matters based on his information in the form and context in which it appears.
The information in this announcement that relates to the Bonnie Vale underground Ore Reserve estimate is based on an
assessment completed by Mr Elias Mudzamba, a Competent Person who is a member of the Australasian Institute of
Mining and Metallurgy (AusIMM). Mr Mudzamba is a fulltime employee of Focus Minerals Pty Ltd. Mr Mudzamba has
sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity
being undertaken 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 Mudzamba consents to the inclusion in any report or
public announcement of the matters based on his information in the form and context in which it appears.
The information in this announcement that relates to Laverton Gold Project Ore Reserves is based on an assessment
completed by Mr Igor Bojanic who is a Fellow of the Australasian Institute of Mining and Metallurgy and is a full-time
employee of RPM Advisory Services Pty Ltd (RPMGlobal).
RPMGlobal and Mr Bojanic were engaged by FML to complete the Preliminary Feasibility Study investigating the technical
and financial viability of mining the Karridale, Burtville, Beasley Creek, Beasley Creek South and Wedge Mineral
Resources. Mt Bojanic has sufficient experience that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken 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 Bojanic consents to
the inclusion in any report or public announcement of the matters based on his information in the form and context in which
it appears
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 21
Focus Minerals confirms that to the best of its knowledge, Focus is not aware of any new information or data that
materially affects the information included in the relevant market announcements and, in the case of estimates of mineral
resources or ore reserves, that all material assumptions and technical parameters underpinning the estimates in the
relevant market announcements continue to apply and have not materially changed
Summary of Governance Arrangements and Internal Controls
Focus Minerals ensures that the Mineral Resources and Ore Reserve estimates are subject to governance arrangements
and internal controls up to a corporate level within the company. Internal and external reviews of the Mineral Resource
estimation procedures and results are carried out. An external consultancy firms have been used to generate the ore
reserves that were subject to internal reviews by the consultants.
The General Manager – Exploration, is responsible for monitoring the planning, prioritisation and progress of exploratory
and resource definition drilling programs across the company and the estimation and reporting of resources. These
definition activities are conducted within a framework of quality assurance and quality control protocols covering aspects
including drill hole location, sample collection, sample preparation and analysis as well as sample and data security.
Focus Minerals reports its Mineral Resources and Ore Reserves on an annual basis, in accordance with the Australasian
Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves (the JORC code) 2004 and 2012 Edition.
Mineral Resources are quoted inclusive of Ore Reserves. Competent Persons named by Focus Minerals are members of
the Australasian Institute of Mining and Metallurgy and/or the Australian Institute of Geoscientists and qualify as Competent
Persons as defined in the JORC Code
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 22
Directors
The directors of the Company at any time during or since the end of the year and up to the date of this report, unless
otherwise indicated, are:
Name
Designation & Independence Status
Wanghong Yang
Chairman – Executive
Lingquan Kong
Director – Executive
Gerry Fahey
Director – Independent
Richard O’Shannassy
Director - Independent
Zhongshan Song
Director – Non-Executive
Details of the Directors’ qualifications, experience, special responsibilities, and details of directorships of other listed
companies can be found on pages 23 to 24 and in the remuneration report on pages 27 to 34.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 23
Information on Directors, Officers and Senior Management
Directors
Designation &
Independence
Status
Experience, Expertise & Qualifications
Wanghong Yang
Appointed Executive
Chairman on 14th
October 2021
Chairman
Executive
Qualifications: B.Acc. MAppFin
Mr Yang was an Executive Director and Interim CEO of Focus
between 2013 and 2017. He was then appointed Vice President of
the Business Development Unit of Shandong Gold International Co.,
Ltd.
Prior to his role at Focus he worked at Shandong Gold International
Mining Corporation as Financial Controller. He joined Shandong Gold
Group in 2008 as the Group’s Senior Manager of Capital
Management before becoming the Deputy General Manager of
Shandong Gold International Mining Corporation Limited.
Mr Yang has a Bachelor’s degree in Accounting from Renmin
University of China and a Master’s degree in Applied Finance from
Macquarie University.
Directorships of other ASX listed companies: None
Interest in shares/options: Nil
Contractual rights to shares: Nil
Gerry Fahey
Appointed on
18 April 2011
Director
Independent
Qualifications: BSc (Hons) Geology, FAusIMM, MAIG, MAICD
Mr Fahey is a geologist with over 40 years’ experience. He was chief
geologist for Delta Gold between 1992-2002 where he gained
extensive resource, mine development and feasibility study
experience on projects including Kanowna Belle and Sunrise in
Australia and Ngezi Platinum in Zimbabwe. He formed FinOre Mining
Consultants in 2005, which merged with CSA Global in 2006 as their
Principal Mining Geologist specializing in mining geology, mine
development and training.
Mr Fahey is a former member of the Joint Ore Reserve Committee
(JORC) and a former Board Member (Federal Councillor) of the
Australian Institute of Geoscientists (AIG).
Directorships of other ASX listed companies:
Prospect Resources Limited (Non-Executive Director:
appointed July 2013, ongoing)
Battery Age Minerals Limited (Non-Executive Director:
appointed 2nd February 2023)
Interest in shares/options: 25,640 shares
Nil options
Contractual rights to shares: Nil
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 24
Directors
Designation &
Independence
Status
Experience, Expertise & Qualifications
Lingquan Kong
Appointed on 14th
January 2021
Director
Executive
Qualifications: Meng (Mining Engineering)
Mr Kong joined Focus in September 2019 as the company’s Principal
Mining Engineer. Prior to joining Focus, Mr Kong spent five years as
a Director and General Manager at Vatukoula Gold Mines in Fiji,
focusing on long term mine planning, production management, cost
assessment and stakeholder relations. During his time at Focus
Minerals, he has been pivotal in managing the pre-feasibility studies
for Coolgardie and Laverton, including mine planning and
engineering.
Directorships of other ASX listed companies:
Cardinal Resources Limited (appointed 1st February 2021).
Cardinal Resources Limited was delisted from ASX on 8th
February 2021
Interest in shares/options: Nil
Contractual rights to shares: Nil
Richard O’Shannassy
Appointed on 19th
November 2021
Director
Independent
Qualifications: B. Juris, LLB (Hons), Law
Mr O’Shannassy has more than 35 years of experience as a
commercial lawyer. He served on mining industry committees over
several years and is a member of Energy & Resources Law
Association and the Law Society of Western Australia.
Mr O’Shannassy was general counsel and company secretary at
Hardman Resources, a non-executive director of Avenira (formerly
Minemakers) and Key Petroleum Limited.
Directorships of other ASX listed companies:
Global Lithium Resources Limited (Non-Executive Director:
appointed 18th February 2025, ongoing)
Interest in shares/options: Nil
Contractual rights to shares: Nil
Zhongshan Song
Appointed on 20th April
2023
Director
Non-Executive
Qualifications: B.Acc
Mr Song has obtained bachelor of Accounting degree from Shandong
Business School and is a CPA based in China. He has more than 10
years’ experience in mining industry.
Directorships of other ASX listed companies: None
Interest in shares/options: Nil
Contractual rights to shares: Nil
Note: For director’s special responsibilities during the year ended 31 December 2024, please refer to the Remuneration
Report
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 25
Senior Management
Wanghong Yang – Executive Chairman
Please refer to the directors’ section for information about Mr Yang.
Lingquan Kong – Principal Engineer/ Director
Please refer to the directors’ section for information about Mr Kong.
Nicholas Ong – Company Secretary (contract)
Qualifications: B. Comm, MBA
Appointed: 19th October 2020
Mr Nicholas Ong has more than 16 years of experience in corporate governance and listing compliance, including 7 years
working as a Principal Advisor at the ASX. He is the Managing Director of Minerva Corporate and provides non-executive
director and Company Secretary services to several ASX listed companies. He is a fellow of the Governance Institute of
Australia.
Alex Aaltonen – General Manager Exploration
Qualifications: B.Sc Geology (Hons), MAUSIMM
Appointed: 19th February 2018
Mr Alex Aaltonen has more than 20 years of mining, resource development and exploration experience. He has worked in
geology management and leadership roles in Australia, Eastern Europe, Middle East, Asia and South America.
Mr Aaltonen has developed in depth experience in a broad range of deposit styles including gold, gold-copper-polymetallic,
IOCGU, uranium, vanadium-polymetallic, tin-tungsten and graphite. Mr Aaltonen has extensive experience in managing
and rejuvenating existing projects and or building teams and facilities for new projects.
Fengfan Sun – Chief Financial Officer
Qualifications: MBus (Financial Accounting), CPA
Appointed: 1st December 2020
Mr Fengfan Sun has many years of invaluable experience in leading and developing successful finance teams in listed
and unlisted gold companies. He was employed by Focus as a senior accountant from June 2013 to February 2018 and
was appointed as Focus Limited’s Chief Financial Officer in December 2020. Fengfan is responsible for managing the
financial aspects of Focus’ strategy which includes financial planning and reporting, capital management, tax, treasury
and investor relations.
Rodney Johns – Chief Operating Officer
Qualifications: B.appSc (Extractive Metallurgy)
Appointed: 9th November 2021 (former Independent Director)
Resigned: 15th July 2024
Mr Johns has extensive experience in the WA gold sector, having held senior positions at Delta Gold, Placer Dome, La
Mancha Resources and Echo Resources that included oversight and delivery of growth strategies, new processing plants
and mine optimisations. In addition to his current role as a consultant to the WA mining sector, Mr Johns was previously a
Non-Executive Director of Beacon Minerals Limited (ASX: BCN).
Wei Xie – Chief Operating Officer
Qualifications: Bachelor of Mechanical Engineering (Hons)
Appointed: 9th December 2024
Mr Xie is a proven operational manager with extensive experience in managing and running complex operations. His depth
of experience across multiple resources and industries ranging from mining and refining of Alumina, manufacturing of
Aluminium, Wet Processing of Iron Ore, Gold Processing, Underground, Open Pit and Complex Multi-pit Mining Operations
in socially sensitive areas across Australia and abroad. Mr Xie is an experienced catalyst for change and proficient at
building teams and empowering them to strive for excellence.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 26
Interests in the Shares and Options of the Company and Related Bodies Corporate
At the date of this report, the direct and indirect interests of directors in the shares and options of the Company were:
Ordinary Shares
Options (Unlisted)
Wanghong Yang
-
-
Gerry Fahey
25,640
-
Rodney Johns
-
-
Lingquan Kong
-
-
Richard O’Shannassy
-
-
Zhongshan Song
-
-
Directors’ Meetings
The number of meetings of directors (including meetings of committees of directors) held during the year and the number
of meetings attended by each director was as follows:
Board
Audit and Risk
Committee
Remuneration
and Nominations
Committee
Technical
Committee
A
B
A
B
A
B
A
B
Directors
Lingquan Kong
2
2
-
-
-
-
-
-
Wanghong Yang
2
2
-
-
-
-
-
-
Gerry Fahey
2
2
2
2
-
-
-
-
Zhongshan Song
2
1
-
-
-
-
-
-
Richard O’Shannassy
2
2
2
2
-
-
-
-
A – Number of meetings attended.
B – Number of meetings held during the time the director held office or was a member of the relevant committee during the year.
Capital Structure
Ordinary shares
As at the date of this report, the Company had on issue 286,558,645 fully paid ordinary shares.
Share Options
Options Issued
There were no options issued during the year ended 31 December 2024.
Options Exercised
There were no options exercised during the year ended 31 December 2024.
As at the date of this report, there are no unissued ordinary shares under options.
Principal Activities
The principal activity of the Company during the year was gold exploration and production in Western Australia.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 27
Remuneration Report (Audited)
This report, prepared in accordance with the Corporations Act 2001, contains detailed information regarding the
remuneration arrangements for the Directors and Senior Executives who are the ‘key management personnel’ (KMP) of
the Company and the Group. The Board formed the view that the three most senior people in the organisation, being the ,
Chief Financial Officer, Chief Operating Officer and General Manager – Exploration are, in addition to the directors, the
only executives who satisfy the “key management personnel” criteria during the period. The tables disclosing remuneration
for this period and comparatives only include these KMPs.
The KMP for the year ended 31 December 2024 are listed in the table below:
Director
Capacity
Change during the Year
Wanghong Yang
Executive Chairman
None
Gerry Fahey
Independent
None
Richard O’Shannassy
Independent
None
Lingquan Kong
Director, Executive
None
Zhongshan Song
Director, Non-Executive
None
Current Executive
Capacity
Change during the Year
Alex Aaltonen
General Manager – Exploration
None
Fengfan Sun
Chief Financial Officer
None
Rodney Johns
Chief Operating Officer
Resigned on 15th July 2024
Wei Xie
Chief Operating Officer
Appointed on 9th December 2024
Remuneration Objectives
It is the Company’s objective to provide maximum stakeholder benefit from the retention of a high-quality Board and
executive team by remunerating directors and key executives fairly and appropriately with reference to relevant
employment market conditions.
The expected outcomes of the remuneration structure are:
Retaining and motivating key executives; and
Attracting high quality management to the Company.
Remuneration and Nominations Committee Established
The Board is responsible for determining and reviewing compensation arrangements for the directors themselves and the
executive team. The Board has established a Remuneration and Nominations Committee, comprising all the non-executive
directors.
Members of the Remuneration and Nominations Committee during the year were:
Gerry Fahey - Committee Chairman; and,
Richard O’Shannassy
The Remuneration and Nominations Committee did not meet during the year.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 28
Compensation of Key Management Personnel
Remuneration Structure
In accordance with best practice of the Corporate Governance Principles and Recommendations 3rd Edition, the
remuneration structures for non-executive directors and executive directors are separate and distinct.
Remuneration and Nominations Committee
The Remuneration and Nominations Committee assesses the appropriateness of the nature and amount of remuneration
of directors and senior executives on a periodic basis by reference to relevant employment market conditions with an
overall objective of ensuring maximum stakeholder benefit from the retention of a high-quality Board and executive team,
subject to the following section relating to non-executive directors. The committee did not meet this year.
Non-Executive Director Remuneration
The Board seeks to set aggregate remuneration at a level that provides the Company with the ability to attract and retain
directors of the highest calibre, whilst incurring a cost that is acceptable to shareholders.
The amount of aggregate remuneration sought to be approved by shareholders and the manner in which it is apportioned
amongst directors is reviewed annually. The Board considers advice from external shareholders as well as the fees paid
to non-executive directors of comparable companies when undertaking the annual review process.
Each non-executive director receives a fee for being a director of the Company.
No retirement fees were paid to Directors during 2024 (2023: nil)
The committees of the Board, as of the date of this report, their Chair and members are presently as follows:
Board Member
Position
Audit & Risk
Remuneration and
Nominations
Wanghong Yang
Chair
Executive
-
-
Gerry Fahey
Director
Independent
C
C
Richard O’Shannassy
Director
Independent
M
M
Lingquan Kong
Director
Executive
-
-
Zhongshan Song
Director
Non-Executive
-
-
C=Chairman, M=Member
The following fees have applied:
Independent/Non-executive directors
$50,000 per annum
The compensation provided to the Directors in these circumstances is fixed, which reflects the time commitment and
responsibilities of their roles.
At present, the maximum aggregate remuneration of directors’ fees is $150,000 per annum of which $150,000 (2023:
$134,861) has been paid to the directors as fees during the year.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 29
Voting and comments made at the company's 2023 Annual General Meeting ('AGM')
At the 2023 AGM, 96.25% of the votes received supported the adoption of the remuneration report for the year ended 31
December 2023. The Company did not receive any specific feedback at the AGM regarding its remuneration practices.
Use of remuneration consultants
There is no use of any remuneration consultant for the year ended 31 December 2024.
Senior Executive and Executive Director Remuneration
Remuneration primarily consists of fixed and performance-based remuneration were determined by the Remuneration and
Nominations Committee. The Company had established an equity-based scheme that will allow the executive team to
share in the success of Focus. Any issue of an equity component to executive directors is subject to the approval of
shareholders in general meeting and it is a policy of the current Board that Directors do not participate in equity-based
proposals.
Fixed Remuneration
Fixed remuneration is reviewed by the Remuneration and Nominations Committee. The process consists of a review of
relevant comparative remuneration in the market and internally and, where appropriate, external advice on policies and
practices. The Committee has access to external, independent advice where necessary.
Senior managers are given the opportunity to receive their fixed (primary) remuneration in a variety of forms including cash
and fringe benefits such as motor vehicles and expense payment plans. It is intended that the manner of payment chosen
will be optimal for the recipient without creating additional cost for the Group.
Performance Based Remuneration
The short-term incentives ('STI') program is designed to align the targets of the business units with the performance hurdles
of executives. STI payments are granted to executives based on specific annual targets and key performance indicators
('KPI's') being achieved.
For the year ended 31 December 2024, the Company did not set any KPIs.
During the year ended 31 December 2024, discretionary bonus was awarded to Wei Xie - Chief Operating Officer.
The long-term incentives ('LTI') include share-based payments. Shares are awarded to executives over a period of three
years based on long-term incentive measures. These include increase in shareholders’ value relative to the entire market
and the increase compared to the consolidated entity's direct competitors
No options were issued during the year (2023: None). At this stage, no LTI programmes are in place.
Key Management Personnel Contracts
The key terms of the employment contracts for the key management personnel are summarised as follows:
Alex Aaltonen – General Manager – Exploration
Base Salary:
$290,000 per annum plus superannuation guarantee
Term:
Permanent starting from 19 February 2018
Termination:
Four weeks’ notice
Fengfan Sun – Chief Financial Officer
Base Salary:
$270,000 per annum plus superannuation guarantee
Term:
Permanent starting from 1 December 2020
Termination:
Four weeks’ notice
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 30
Rodney Johns – Chief Operating Officer
Base Salary:
$400,000 per annum plus superannuation guarantee
Term:
Permanent starting from 9 November 2021, resigned on 15 July 2024
Termination:
1 month notice
Wei Xie – Chief Operating Officer
Base Salary:
$400,000 per annum plus superannuation guarantee
Term:
Permanent starting from 9 December 2024
Termination:
Four weeks’ notice
Wanghong Yang – Executive Chairman
Base Salary:
$400,000 per annum plus superannuation guarantee
Other benefits
Apartment rent is covered by the company.
Term:
Permanent fixed term starting from 1 April 2022. Maximum period of 48 months
Termination:
Four weeks’ notice
Lingquan Kong – Principal Mining Engineer/ Director
Base Salary:
$300,000 per annum plus superannuation guarantee
Term:
Permanent fixed term from 7 August 2023. Maximum period of 48 months
Termination:
Four weeks’ notice
Remuneration Tables
Directors’ remuneration for the year ended 31 December 2024
Short-Term
Benefits
Post-Employment
Benefits
Total
Performance
Related
Salary
Fees
Bonus
Non-
Monetary
benefits
Super-
annuation
Other
$
$
$
$
$
$
$
%
Gerry Fahey
-
50,000
-
-
5,625
-
55,625
0%
Richard O’Shannassy
-
50,000
-
-
5,625
-
55,625
0%
Lingquan Kong
253,333
-
-
37,551
28,558
-
319,442
0%
Wanghong Yang
400,000
-
-
88,323
45,000
-
533,323
0%
Zhongshan Song
-
50,000
-
-
-
-
50,000
0%
Total
653,333
150,000
-
125,874
84,808
-
1,014,015
Directors’ remuneration for the year ended 31 December 2023
Short-Term
Benefits
Post-Employment
Benefits
Total
Performance
Related
Salary
Fees
Bonus
Non-
Monetary
benefits
Super-
annuation
Other
$
$
$
$
$
$
$
%
Gerry Fahey
-
50,000
-
-
5,375
-
55,375
0%
Richard O’Shannassy
-
50,000
-
-
5,375
-
55,375
0%
Lingquan Kong
230,958
-
-
19,388
24,826
-
275,172
0%
Wanghong Yang
400,000
-
-
65,726
43,000
-
508,726
0%
Zhongshan Song*
-
34,861
-
-
-
-
34,861
0%
Total
630,958
134,861
-
85,114
78,576
-
929,509
* Zhongshan Song was appointed on 20 April 2023.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 31
Remuneration of other key management personnel for the year ended 31 December 2024
Short-Term
Benefits
Post-Employment
Benefits
Total
Performance
Related
Salary
Others
Bonus
Non-
Monetary
benefits
Super-
annuation
Other
$
$
$
$
$
$
$
%
Alex
Aaltonen
290,000
-
-
-
32,625
-
322,625
0%
Fengfan Sun
270,000
-
-
-
30,375
-
300,375
0%
Rodney
Johns*
259,602
143,498
-
39,387
-
442,487
0%
Wei Xie**
26,923
-
11,090
-
4,371
-
42,384
41.19%
Total
846,525
143,498
11,090
-
106,758
-
1,107,871
*Rodney Johns resigned on 15 July 2024. Total remuneration includes final payments
**Wei Xie was appointed on 9 December 2024.
Remuneration of other key management personnel for the year ended 31 December 2023
Short-Term
Benefits
Post-Employment
Benefits
Total
Performance
Related
Salary
Others
Bonus
Non-
Monetary
benefits
Super-
annuation
Other
$
$
$
$
$
$
$
%
Alex
Aaltonen
290,000
-
-
-
31,175
-
321,175
0%
Fengfan Sun
270,000
-
-
-
29,025
-
299,025
0%
Rodney
Johns
400,000
-
-
-
43,000
-
443,000
0%
Total
960,000
-
-
-
103,200
-
1,063,200
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 32
Relationship between Remuneration and Focus Minerals’ Performance
The majority of salary is fixed while small portions of remuneration, such as bonus and share option, are linked to the
Company’s performance. Although there is some linkage to the Company’s performance, it is not closely aligned.
The following table shows key performance indicators for the Company over the last five reporting periods.
2024
2023
2022
2021
2020
Revenue ($’000)
115,141
33,080
16,545
78
199
EBITDA ($’000)
26,760
1,431
(1,576)
(4,969)
(6,735)
EBIT ($’000)
13,533
(797)
(2,459)
(5,232)
(7,106)
Profit/(loss) attributable to
the owners of Focus
Minerals Ltd (‘$000’s)
3,006
(2,797)
(4,138)
(6,708)
(7,858)
Basic earnings/(loss) per
share (Cents per share)
1.05
(0.98)
(1.44)
(3.66)
(4.3)
Dividend declared
$
n/a
n/a
n/a
n/a
n/a
Share Price as at the end of
the year
$
0.17
0.185
0.255
0.39
0.34
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 33
Transactions and Balances with Related Parties
Summary of related party loans
Below is a summary of the related party loans
Related
Party
Loan Principal
Term
Interest
Date drawn
down
Balance
Payable as at
31st December
2024
Interest
accrued
during the
year
Shandong
Gold
Financial
Holdings
Group (Hong
Kong) Co.,
Limited
USD10,000,000
3 years
3% per
annum over
3-month
(the
“Interest
Period”)
Term SOFR
6th July
2022
USD10,000,000
converted to
AUD16,084,928
using exchange
rate of AUD1:
USD0.6217
AUD291,520
Shandong
Gold
International
Mining Co.,
Limited
USD34,000,000
3 years
3% per
annum over
3-month
(the
“Interest
Period”)
Term SOFR
2nd March
2023
USD34,000,000
converted to
AUD54,688,757
using exchange
rate of AUD1:
USD0.6217
AUD4,833,547
Shandong
Gold Group
Co Ltd
CNY38,800,000*
1 year
6.5000%
27th July
2023
RMB38,800,000
converted to
AUD8,551,341
using exchange
rate of AUD1:
RMB4.5373
AUD28,109
Shandong
Gold Group
Co Ltd
CNY100,000,000*
1 year
6.5000%
13th
November
2023
RMB98,000,000
converted to
AUD21,598,748
using exchange
rate of AUD1:
RMB4.5373
AUD86,092
Shandong
Gold Group
Co Ltd
CNY100,000,000
1 year
6.5000%
7th February
2024
RMB100,000,000
converted to
AUD22,039,539
using exchange
rate of AUD1:
RMB4.5373
AUD87,064
Shandong
Gold
Financial
Holdings
Group (Hong
Kong) Co.,
Limited
USD30,000,000
3 years
3% per
annum over
3-month
(the
“Interest
Period”)
Term SOFR
14th August
2024
USD20,000,000
converted to
AUD32,169,857
using exchange
rate of AUD1:
USD0.6217
AUD526,207
*Note that the loan facilities from Shandong Gold Group Co., Ltd of RMB38,800,000 and RMB100,000,000 were due and
payable on 26 July 2024 and 12 November 2024 respectively and subsequently extended to 26 July 2025 and 12
November 2025 respectively.
As at 31 December 2024, there is an accounts payable balance, representing Directors fees for the previous Chairman,
Mr Pei and current director Mr Song totalling $97,824 (2023:$68,230).
As at 31 December 2024, discretionary bonus payable to Wei Xie is $11,090 (2023:nil).
All transactions were made on normal commercial terms and conditions and at market rates.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 34
Additional disclosures relating to key management personnel
Shareholding
The number of shares in the company held during the financial year by each director and other members of key
management personnel of the consolidated entity, including their personally related parties, is set out below:
Balance at
the start of
the year
Received as
part of
remuneration
Additions
Disposals/other
Balance at the
end of the year
No.
No.
No.
No.
No.
Ordinary shares
Gerry Fahey
25,640
-
-
-
25,640
Richard O’Shannassy
-
-
-
-
-
Lingquan Kong
-
-
-
-
-
Wanghong Yang
-
-
-
-
-
Zhongshan Song
-
-
-
-
-
Alex Aaltonen
-
-
-
-
-
Fengfan Sun
-
-
-
-
-
Rodney Johns
-
-
-
-
-
Wei Xie
-
-
-
-
-
25,640
-
-
-
25,640
This is the end of remuneration report.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 35
Operating Result
The full-year profit after income tax for 2024 was $3,006,000 (2023: loss of $2,797,000).
As at 31 December 2024, the Company has a cash balance (consisting of cash and cash equivalent and short-term
deposits) of $16,500,000 (2023: $1,198,000).
Dividends
No dividends have been paid or provided during the year ended 31 December 2024 (2023: nil).
Significant Changes in the State of Affairs
Other than explained in the Review of Operations section above, there have been no significant changes in the state of
affairs of the Group to balance date.
Significant Events after Balance Date
In early January 2025, USD10 million (AUD15.9 million) was drawn down from the USD30.0 million loan which was secured
on 30 July 2024 from Shandong Gold International Mining Co Limited. USD20.0 million of the loan was drawn down with
USD10.0 million unutilised as at 31 December 2024.
Other than the above, there has not been any other matter or circumstance that has arisen after balance date that has
significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state
of affairs of the Group in future periods.
Material Business Risks
The material business risks the Group believes may have an impact on its operating and financial prospects are as follows:
Gold price and foreign exchange currency fluctuations
The Group is exposed to fluctuations in the gold and silver prices which can impact revenue. Management actively monitors
the price of gold and silver to ensure that the best prices are achieved on each sale. As the gold and silver sales are done
in Australian Dollar terms, the Group is exposed to currency fluctuation which may impact on the proceeds from each sale.
Mineral Resources and Ore Reserves
The Group’s Mineral Resources and Ore Reserves are estimates based largely on interpretations of geological data. No
assurances can be given that Resources and Reserves are accurate and that the indicated levels of gold and silver can
be recovered from any project. To reduce the risks the Group ensures estimates are determined in accordance with the
JORC Code and compiled or reviewed by qualified competent persons.
Government regulation
The Group’s operations and exploration are subject to extensive laws in Australia. The Group cannot give any assurances
that future amendments to current laws or regulations won’t have a material impact on its projects. The Group monitors
new laws and regulations to ensure compliance and address any impacts on projects as early as possible.
Exploration and development risk
There is a risk that Ore Reserves may be depleted and not offset by new discoveries or developments. Exploration for,
and development of, mineral deposits have some inherent risks that even careful evaluation and execution may not
produce results that were anticipated. Further, the discovery of an ore body may not ultimately be developed into producing
mines. There are significant costs in establishing Resources and Reserves, obtaining all necessary operating permits, and
to eventually developing a particular site.
Climate change
The Group acknowledges that its business may be impacted by the effects of climate change. The Group is committed to
understanding these risks and developing strategies to manage their impact.
Environmental, health and safety
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 36
The Group has environmental liabilities associated with each project which have arisen because of its mining operations
and exploration projects. The Group is subject to extensive laws and regulations governing the protection and management
of the health and safety of workers, the environment, waste disposal, mine development and rehabilitation and local cultural
heritage. Any non-compliance may result in regulatory fines and/or civil liability.
The Group seeks to comply with the required permits and approvals needed for each project. Any delays in obtaining these
approvals may affect the Group’s operations or its ability to continue its operations.
Cybersecurity
Our operations are supported by and dependent upon information technology managed internally and by the third party
providers who manage our cloud services. There is a risk that cyber attacks could cause business disruption, financial loss,
inappropriate disclosure of information or reputation damage.
The Group deployed a number of technical controls such as firewalls and antivirus software. The Group had implemented
a program at all staff level to educate them on cybersecurity awareness.
Likely Developments and Expected Results
Disclosure of information regarding the likely developments in the operations of the Group in future financial period and
the expected results of those operations is likely to result in unreasonable prejudice to the Group. Accordingly, this
information has not been disclosed in this report.
Environmental Regulations
The Group’s operations hold licences issued by the relevant regulatory authorities. These licences specify the limits and
regulate the management associated with the operations of the Group. At the date of this report the Group is not aware of
any breach of those environmental regulations which apply to the Group’s operations. The Group continues to comply with
its specified regulations.
Indemnification and Insurance of Directors and Officers
The Company has indemnified the directors and executives of the company for costs incurred, in their capacity as a director
or executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the Company paid a premium in respect of a contract to insure the directors and executives of
the company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits
disclosure of the nature of the liability and the amount of the premium.
Indemnity and insurance of auditor
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the
Company or any related entity against a liability incurred by the auditor.
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company
or any related entity.
Proceedings on Behalf of the Company
Other than as disclosed in this report no person has applied for leave of Court to bring proceedings on behalf of the
Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf
of the Company for all or any part of those proceedings.
No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under Section 237
of the Corporations Act 2001.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 37
Non-Audit Services
As outlined in note 21 to the financial statements, there is no non-audit services provided during the financial year.
The directors are of the opinion that the services as disclosed in note 21 to the financial statements do not compromise the
external auditor's independence requirements of the Corporations Act 2001 for the following reasons:
●
all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity
of the auditor; and
●
none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code
of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board, including
reviewing or auditing the auditor's own work, acting in a management or decision-making capacity for the company,
acting as advocate for the company or jointly sharing economic risks and rewards.
Officers of the Company Who are Former Partners of RSM Australia Partners
There are no officers of the company who are former partners of RSM Australia Partners.
Auditor’s Independence Declaration
The auditor’s independence declaration for the year ended 31 December 2024 has been received and can be found on
page 38 of the Financial Report.
Rounding of Amounts
The Company is of a kind referred to in Instrument 2016/191, issued by the Australian Securities and Investments
Commission, relating to the ‘rounding off’ of amounts in the Directors’ Report. Amounts in the Directors’ Report have been
rounded off in accordance with that Instrument to the nearest thousand dollars, or in certain cases, to the nearest dollar.
Auditor
RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the directors
Wanghong Yang
Chairman of the Board
31 March 2025
Perth
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the
members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm
which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Focus Minerals Limited for the year ended 31 December
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.
RSM AUSTRALIA
Perth, WA
ALASDAIR WHYTE
Dated: 31 March 2025
Partner
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 39
Consolidated Financial Statements
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Consolidated
Notes
2024
$’000
2023
$’000
Revenue from Contracts with Customers
2(a)
115,141
33,080
Interest Income
541
757
Other Income
2(b)
-
1,999
Expenses
Mining
(10,367)
(5,522)
Processing
(39,696)
(9,911)
Site Services
(2,175)
(1,497)
Government and Other Royalty Expenses
(2,543)
(992)
Changes in Inventories
(894)
4,287
Employee Expenses
(17,280)
(12,241)
Depreciation and Amortisation Expenses
2(c)
(13,227)
(2,228)
Finance Costs
2(c)
(11,068)
(2,757)
Loss on Disposal of Tenements
-
(4,943)
Care and Maintenance Costs
(464)
(608)
Corporate and Other Expenses
2(c)
(14,962)
(2,221)
Profit/(Loss) Before Income Tax for the year
3,006
(2,797)
Income Tax Expense
4
-
-
Profit/(Loss) After Income Tax for the year
3,006
(2,797)
Other Comprehensive Income for the year, net of tax
-
-
Total Comprehensive Profit/(Loss) for the year
3,006
(2,797)
Profit per Share
Basic Profit per Share (Cents Per Share)
5
1.05
(0.98)
Diluted Profit per Share (Cents Per Share)
5
1.05
(0.98)
The accompanying notes form part of these financial statements.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 40
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Consolidated
31 December
31 December
Notes
2024
$’000
2023
$’000
Assets
Current Assets
Cash and Cash Equivalents
6
16,500
1,198
Trade and Other Receivables
7
10,892
6,102
Inventories
23
6,766
5,401
Total Current Assets
34,158
12,701
Non-Current Assets
Cash and Cash Equivalents
6
6,655
6,008
Property, Plant and Equipment
8
89,237
85,315
Right-of-use Assets
9
3,543
4,219
Mine Properties
10A
64,016
19,364
Exploration and Evaluation Assets
10B
126,002
119,185
Total Non-Current Assets
289,453
234,091
Total Assets
323,611
246,792
Liabilities
Current Liabilities
Trade and Other Payables
11
27,973
16,906
Provisions
12
1,094
1,122
Borrowings
14
69,417
29,656
Lease Liabilities
13
1,379
1,223
Total Current Liabilities
99,863
48,907
Non-Current Liabilities
Trade and Other Payables
11
2,931
4,606
Provisions
12
35,850
33,102
Borrowings
14
86,859
64,327
Lease Liabilities
13
2,482
3,230
Total Non-Current Liabilities
128,122
105,265
Total Liabilities
227,985
154,172
Net Assets
95,626
92,620
Equity
Issued Capital
15(a)
453,119
453,119
Reserves
15(c)
(7,178)
(7,178)
Accumulated Losses
15(d)
(350,315)
(353,321)
Total Equity
95,626
92,620
The accompanying notes form part of these financial statements.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 41
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Issued
Capital
Accumulated
Losses
Reserves
Total
$’000
$’000
$’000
$’000
Balance as at 31 December 2022
453,119
(350,524)
(7,178)
95,417
Loss after income tax for the year
-
(2,797)
-
(2,797)
Other comprehensive income
-
-
-
-
Total Comprehensive Loss for the year
-
(2,797)
-
(2,797)
Balance as at 31 December 2023
453,119
(353,321)
(7,178)
92,620
Balance as at 1 January 2024
453,119
(353,321)
(7,178)
92,620
Profit after income tax for the year
-
3,006
-
3,006
Other comprehensive income
-
-
-
-
Total Comprehensive Profit for the year
-
3,006
-
3,006
Balance as at 31 December 2024
453,119
(350,315)
(7,178)
95,626
The accompanying notes form part of these financial statements.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 42
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Consolidated
Notes
2024
$’000
2023
$’000
Cash Flows from Operating Activities
Receipts from Customers (Including GST)
114,370
33,176
Payments to Suppliers and Employees (Including GST)
(77,148)
(31,164)
Royalties Paid
(2,543)
(992)
Other Income
-
40
Interest Received
541
757
Finance Costs
(5,783)
(3,184)
Net Cash from/(used) in Operating Activities
6(ii)
29,437
(1,367)
Cash Flows from Investing Activities
Proceeds from Sale of Non-Current Assets
-
19
Acquisition of Plant and Equipment
(12,581)
(60,463)
(Decrease)/ Increase in Deposits
(647)
7,738
Payments for Development Activities
(43,342)
(13,133)
Payments for Exploration Expenditure
(6,864)
(9,905)
Net Cash used in Investing Activities
(63,434)
(75,744)
Cash Flows from Financing Activities
Proceeds from Borrowings
51,067
80,220
Repayment of Borrowings
(421)
(20,027)
Repayment of Lease Liabilities
(1,357)
(691)
Net Cash from Financing Activities
49,289
59,502
Net increase/(decrease) in Cash and Cash Equivalents
15,292
(17,609)
Cash and Cash Equivalents at the Beginning of the Year
(Excluding restricted cash)
1,198
18,898
Effects of Exchange Rate Changes on Cash and Cash
Equivalents
10
(91)
Cash and Cash Equivalents at the End of the Year
(Excluding restricted cash)
6(i)
16,500
1,198
Restricted Cash
6,655
6,008
Cash, Cash Equivalents and Restricted Cash at the End of
the Year
23,155
7,206
The accompanying notes form part of these financial statements.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 43
Notes to Consolidated Financial Statements
Note 1: Summary of Material Accounting Policies
The principal accounting policies adopted in the preparation of these consolidated financial statements are set out below.
These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements
are for the Group consisting of Focus Minerals Ltd (‘the parent entity’ or “Focus”) and its subsidiaries (the ‘Group’ or
“Consolidated Entity”).
(a) 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.
(b) Basis of Preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards
and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as
appropriate for for-profit oriented entities. These financial statements also comply with International Financial
Reporting Standards as issued by the International Accounting Standards Board ('IASB').
The consolidated financial statements are presented in Australian dollars (AUD), which is also the functional currency
of the parent company. The financial report covers the consolidated financial statements of Focus Minerals Ltd and
controlled entities. Focus Minerals Ltd is a for-profit, listed public company, incorporated and domiciled in Australia.
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for, where applicable, the
revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through
other comprehensive income, investment properties, certain classes of property, plant and equipment and derivative
financial instruments.
(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.
The financial information for the parent entity, Focus Minerals Ltd, disclosed in Note 19 has been prepared on the
same basis as the consolidated financial statements other than investments in subsidiaries, which are held at cost.
(d) Going concern
The financial statements have been prepared on the going concern basis, which contemplates continuity of normal
business activities and the realisation of assets and discharge of liabilities in the normal course of business.
As disclosed in the financial statements, the Group derived a net profit of $3,006,000 with net cash inflow from
operating of $29,437,000 and net cash outflow from investing activities of $63,434,000 for the year ended 31
December 2024. As at that date, the Group had net current liabilities of $65,705,000, which include borrowings of
$69,417,000 classified as current. The Group had a cash balance of $16,500,000 as at reporting date.
These factors indicate a material uncertainty which may cast significant doubt as to whether the Group will continue
as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of
business and at the amounts stated in the financial report.
The Directors believe that there are reasonable grounds to believe that the Group will be able to continue as a going
concern after consideration of the following factors:
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The Group is expected to receive continuing support from its major shareholder, Shandong Gold Group Co., Ltd.
(“Shandong”). As disclosed in Note 22, in early January 2025, USD10 million (AUD15.9 million) was drawn down
from the USD30.0 million loan which was secured on 30 July 2024 from Shandong Gold International Mining Co
Limited.
As disclosed in Note 14, the Group believes that it will be able to negotiate a favourable outcome on refinancing
the outstanding loans with Shandong when it is due and payable; and
The Group has the ability to manage its cash flows and cash reserves within budget, including scaling down
operations and capital expenditure if required to curtail expenditure in the event insufficient cash is available, in
order to meet projected expenditure.
Accordingly, the Directors believe that the Group will be able to continue as a going concern and that it is appropriate
to adopt the going concern basis in the preparation of the financial report.
The financial report does not include any adjustments relating to the amounts or classification of recorded assets or
liabilities that might be necessary if the Group does not continue as a going concern.
(e) Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Executive Chairman.
(f) Principles of Consolidation
The consolidated financial statements incorporate the assets, liabilities and results of entities controlled by Focus
Minerals Ltd at the end of the reporting period and from time to time during the year. A controlled entity is any entity
over which Focus Minerals Limited has control of the entity, demonstrated by the Group’s exposure to, or rights to,
variable returns from its involvement with the entity and has the ability to affect those returns through its power to
direct the activities of the entity. In assessing the ability to control, the existence and effect of holdings of actual and
potential voting rights are also considered.
Where controlled entities have entered or left the Group during the year, the financial performance of those entities
are included only for the period of the year that they were controlled. A list of controlled entities is contained in Note
18 to the financial statements.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the
asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with
the policies adopted by the Group.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership
interest, without the loss of control, is accounted for as an equity transaction, where the difference between the
consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly
in equity attributable to the parent.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss
and other comprehensive income, statement of financial position and statement of changes in equity of the Group.
Losses incurred by the Group are attributed to the non-controlling interest in full, even if that results in a deficit balance.
Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-
controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The
Group recognises the fair value of the consideration received and the fair value of any investment retained together
with any gain or loss in profit or loss.
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(g) Foreign currency transactions
Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates
of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from
the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in profit or loss.
(h) Revenue Recognition
Revenue is recognised for the major business activities as follows:
Sale of gold and other metals
Revenue from the sale of goods is recognised at the point in time when the customer obtains control of the goods.
Control is generally considered to have passed when:
-
Physical possession and risk of goods are transferred.
-
Determination of accuracy of the metal content of the goods delivered; and
-
The refiner has no practical ability to reject the goods where it is within contractually specified terms.
Revenue from contracts with customers: Revenue is recognised at an amount that reflects the consideration to which
the consolidated entity is expected to be entitled in exchange for transferring goods or services to a customer. For
each contract with a customer, the consolidated entity: identifies the contract with a customer; identifies the
performance obligations in the contract; determines the transaction price which takes into account estimates of
variable consideration and the time value of money; allocates the transaction price to the separate performance
obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered; and
recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the
customer of the goods or services promised.
Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as
discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent events.
Such estimates are determined using either the 'expected value' or 'most likely amount' method. The measurement of
variable consideration is subject to a constraining principle whereby revenue will only be recognised to the extent that
it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The
measurement constraint continues until the uncertainty associated with the variable consideration is subsequently
resolved. Amounts received that are subject to the constraining principle are recognised as a refund liability.
Interest Income: Interest revenue is recognised on a time proportionate basis that takes into account the effective yield
on the financial asset.
Dividends: Revenue is recognised when the Group’s right to receive the payment is established.
Rental Income: Rental income from mining leases is accounted for on a straight-line basis over the lease term.
Contingent rental income is recognised as income in the periods in which it is earned.
(i)
Costs of Production
Cash costs of production include direct costs incurred for mining, processing and mine site administration, net of
costs capitalised to pre-strip and production stripping assets.
Royalty: Royalty expenses under existing royalty regimes are payable on sales and are therefore recognised as the
sale occurs.
Depreciation: Depreciation of mine specific plant and equipment and buildings and infrastructure is charged on a unit-
of-production basis over the mine inventory of the mine concerned (consistent with the Life of Mine plan), except in
the case of assets whose useful life is shorter than the life of the mine, in which case the straight-line method is used.
The unit of account is ounces of gold produced.
Amortisation: Mine properties are amortised on a unit-of-production basis over the mine inventory of the mine
concerned (consistent with the Life of Mine plan). The unit of account is ounces of gold produced.
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(j)
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification for the current reporting period.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the
Group’s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12
months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or
used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the Group’s normal operating cycle; it is
held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is
no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other
liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
(k) Cash and Cash Equivalents
Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand and short-term,
highly liquid deposits with an original maturity of three months or less. For the purposes of the statement of cash flows,
cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts
(l)
Trade and Other Receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method, less allowance for expected for credit losses. Trade receivables are generally due for settlement
within 30 days.
The Group has applied the simplified approach to measuring expected credit loses, which uses a lifetime expected
loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
(m) Non-current assets held for sale
Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale
transaction rather than through continuing use and a sale is considered highly probable. They are measured at the
lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets
arising from employee benefits, financial assets and investment property that are carried at fair value and contractual
rights under insurance contracts, which are specifically exempt from this requirement.
An impairment loss is recognised for any initial or subsequent write-down of the asset to fair value less costs to sell.
A gain is recognised for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any
cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of
the non-current asset is recognised at the date of derecognition.
Non-current assets are not depreciated or amortised while they are classified as held for sale. Interest and other
expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised.
Non-current assets classified as held for sale are presented separately from the other assets in the statement of
financial position. The liabilities of a disposal group classified as held for sale are presented separately from other
liabilities in the statement of financial.
A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and
that represents a separate major line of business or geographical area of operations, is part of a single co-ordinated
plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to
resale. The results of discontinued operations are presented separately in the statement of profit or loss and other
comprehensive income.
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(n) Inventories
Gold in circuit and ore stockpiles are physically measured or estimated and valued at the lower of cost and net
realisable value. Net realisable value less costs to sell is assessed annually based on the amount estimated to be
obtained from sale of the item of inventory in the normal course of business, less any anticipated costs to be incurred
prior to its sale.
Cost comprises direct materials, direct labour and an appropriate proportion of variable and fixed overhead
expenditure and depreciation and amortisation relating to mining activities, the latter being allocated on the basis of
normal operating capacity. Costs are assigned to individual items of inventory on the basis of weighted average costs.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of
completion and the estimated costs necessary to make the sale.
Inventories of consumable supplies and spare parts expected to be used in production are valued at the lower of
weighted average cost, which includes the cost of purchase as well as transportation and statutory charges, or net
realisable value. Any provision for obsolescence is determined by reference to specific stock items identified.
During the exploration and development phase, where the cost of extracting the ore exceeds the likely recoverable
amount, gold in circuit and ore stockpile inventory is written down to net realisable value.
(o) Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost,
which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or
before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except
where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing
the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated
useful life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain ownership of the
leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are
subject to impairment or adjusted for any remeasurement of lease liabilities.
The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease liability for short-
term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are
expensed to profit or loss as incurred.
(p) Impairment of Financial Assets
The accounting policy for impairment of financial assets is explained in note 1(r).
(q) Income Tax
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered
from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are
enacted or substantively enacted by the reporting date.
Deferred income tax is provided on all temporary differences at the reporting date between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences except:
When the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a
transaction that is not a business combination and that, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; or
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When the taxable temporary difference is associated with investments in subsidiaries, associates or interests in
joint ventures, and the timing of the reversal of the temporary difference can be controlled and it is probable that
the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that
it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset
to be utilised.
Unrecognised deferred income tax assets attributable to income tax losses are reassessed at each reporting date and
are recognised to the extent that it has become probable that future taxable profits will be available to allow the deferred
tax asset to be recovered.
Determination of future taxable profits requires estimates and assumptions as to future events and outcomes, in
particular, whether successful development and commercial exploitation, or alternatively sale, of the respective areas
of interest will be achieved. This includes estimates and judgements about commodity prices, ore resources, exchange
rates, future capital requirements, future operational performance and the timing of estimated cash flows. Changes in
these estimates and assumptions could impact on the amount and probability of estimated taxable profits and
accordingly the recoverability of deferred tax assets.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively
enacted at the reporting date.
Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax
assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the
same taxation authority.
Focus Minerals Ltd and its wholly-owned Australian controlled entities have implemented the tax consolidation
legislation. As a consequence, these entities are taxed as a single entity and the deferred tax assets and liabilities of
these entities are set off in the consolidated financial statements.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or
directly in equity, respectively.
(r) Financial Instruments
Financial assets
Classification:
The Group classifies its financial assets in the following measurement categories:
those to be measured subsequently at fair value, and
those to be measured at amortised cost.
The classification depends on whether the financial asset is an equity instrument or a debt instrument, the Group’s
business model for managing the financial assets and the contractual terms of the cash flows.
Measurement:
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at
fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial
asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
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Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected
to present fair value gains and losses on equity investments which are not held for trading, in OCI, there is no
subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment.
Dividends from such investments continue to be recognised in profit or loss as other income when the Group’s right
to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the statement of profit
or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at
FVOCI are not reported separately from other changes in fair value.
Debt instruments
Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and
the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies
its debt instruments:
Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent
solely payments of principal and interest are measured at amortised cost. Interest income from these financial
assets is included in finance income using the effective interest rate method. Any gain or loss arising on
derecognition is recognised directly in profit or loss and presented in other gains/(losses), together with foreign
exchange gains and losses. Impairment losses are presented as separate line item in profit or loss.
FVPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on
a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within
other gains/(losses) in the period in which it arises.
FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the
assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in
the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest
revenue and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset
is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or
loss and recognised in other gains/(losses). Interest income from these financial assets is included in finance
income using the effective interest rate method. Foreign exchange gains and losses are presented in other
gains/(losses) and impairment expenses are presented as separate line item in profit or loss.
Impairment:
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.
For trade receivables, the Group applies the simplified approach permitted by AASB 9, which requires expected
lifetime losses to be recognised from initial recognition of the receivables.
Financial liabilities
Financial liabilities held for trading are measured at FVPL, and all other financial liabilities are measured at amortised
cost.
(s) Goods and Services Tax (“GST”)
Revenues, expenses and assets are recognised net of the amount of GST except:
When the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in
which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as
applicable; and
Receivables and payables, which are stated with the amount of GST included.
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The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or
payables in the statement of financial position.
Cash flows are included in the statement of cash flow on a gross basis and the GST component of cash flows arising
from investing and financing activities, which is recoverable from, or payable to, the taxation authority, are classified
as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation
authority.
(t) Property, Plant and Equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses.
Such cost includes the cost of replacing parts that are eligible for capitalisation when the cost of replacing the parts is
incurred. Similarly, when each major inspection is performed, its cost is recognised in the carrying amount of the plant
and equipment as a replacement only if it is eligible for capitalisation.
Depreciation
Depreciation on mobile plant is calculated on a straight-line basis over the estimated useful life of the assets being 2
– 25 years.
Depreciation of underground assets is calculated on a unit of production basis over the period of the life of mine plan.
Depreciation of the mill treatment assets is calculated on a unit of production basis over the period of the life of mine
plan.
The assets’ residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at the
end of each reporting period.
Impairment
The carrying values of plant and equipment and capital work in progress are reviewed for impairment when events or
changes in circumstances indicate that the carrying value may be impaired. Where this is the case then the
recoverable amount of this plant and equipment is estimated.
The recoverable amount of plant and equipment is the higher of fair value less costs of disposal 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 an asset that does not generate largely independent cash inflows, recoverable amount is determined for the cash-
generating unit to which the asset belongs, unless the asset’s value in use can be estimated to be close to its fair
value.
Impairment exists when the carrying value of an asset or cash-generating units exceeds its estimated recoverable
amount. The asset or cash-generating unit is then written down to its recoverable amount.
For plant and equipment, impairment losses are recognised in profit or loss.
De-Recognition and Disposal
An item of plant and equipment is derecognised upon disposal or when no further future economic benefits are
expected from its use or disposal.
Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognised.
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(u) Exploration and Evaluation Assets
Exploration and evaluation assets incurred by or on behalf of the Group is accumulated separately for each area of
interest. Such expenditure comprises direct costs and does not include general overheads or administrative
expenditure not having a specific nexus with a particular area of interest.
Exploration expenditure for each area of interest is carried forward as an asset provided the rights to tenure of the
area of interest are current and one of the following conditions is met:
The exploration and evaluation expenditures are expected to be recouped through successful development and
exploitation of the area of interest, or alternatively, by its sale; or
Exploration and evaluation activities in the area of interest have not, at the reporting date, reached a stage which
permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active
and significant operations in, or in relation to, the area of interest is continuing.
Exploration expenditure is written off when it fails to meet at least one of the conditions outlined above or an area of
interest is abandoned.
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, or when the cash
generating unit that exploration expenditure assets are a part of are tested for impairment. When facts and
circumstances suggest that the carrying amount exceeds the recoverable amount the impairment loss will be
measured and disclosed in accordance with AASB 136 Impairment of Assets.
When a decision is made to develop an area of interest, all carried forward exploration expenditure in relation to the
area of interest is transferred to Mine Properties and Development.
(v) Mine Properties
Mine properties include aggregate expenditure in relation to mine construction, mine development, exploration and
evaluation expenditure where a development decision has been made and acquired mineral interests.
Expenditure incurred in constructing a mine by, or on behalf of, the Group is accumulated separately for each area of
interest in which economically recoverable reserves and resources have been identified. This expenditure includes
direct costs of construction, drilling costs and removal of overburden to gain access to the ore, borrowing costs
capitalised during construction and an appropriate allocation of attributable overheads. Further, any revenue
generated during the pre-production phase of mining is recorded in profit and loss as revenue with appropriate costs
of production allocated and charged to profit or loss.
Mine development represents expenditure in respect of exploration and evaluation, overburden removal based on
underlying mining activities and related mining data and construction costs and development incurred by or on behalf
of the Group previously accumulated and carried forward in relation to properties in which mining has now commenced.
Such expenditure comprises direct costs and an appropriate allocation of directly related overhead expenditure.
All expenditure incurred prior to commencement of production from each development property is carried forward to
the extent to which recoupment out of future revenue from the sale of production, or from the sale of the property, is
reasonably assured. When further development expenditure is incurred in respect of a mine property after
commencement of commercial production, such expenditure is carried forward as part of the cost of the mine property
only when future economic benefits are reasonably assured, otherwise the expenditure is classified as part of the cost
of production and expensed as incurred. Such capitalised development expenditure is added to the total carrying value
of mine development being amortised.
Mine development costs (as transferred from exploration and evaluation and/or mines under construction) are
amortised on a units-of-production basis over the life of mine to which they relate. In applying the units of production
method, amortisation is calculated using the expected total contained ounces as determined by the life of mine plan
specific to that mine property. For development expenditure undertaken during production, the amortisation rate is
based on the ratio of total development expenditure (incurred and anticipated) over the expected total contained
ounces as estimated by the relevant life of mine plan to achieve a consistent amortisation rate per ounce. The rate
per ounce is typically updated annually as the life of mine plans are revised.
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Mineral interests comprise identifiable exploration and evaluation assets, mineral resources and ore reserves, which
are acquired as part of a business combination or joint venture acquisition and are recognised at fair value at the date
of acquisition. Where possible, mineral interests are attributable to specific areas of interest and are classified within
mine properties.
(w) Development Expenditure
Once a mining project has been established as commercially viable and technically feasible, expenditure, other than
that on land, buildings and plant and equipment, is capitalised under development expenditure. Development
expenditure costs include past capitalised exploration and evaluation costs, preproduction development costs,
development excavation, development studies and other subsurface expenditure pertaining to that area of interest.
Costs related to surface plant and equipment and any associated land and buildings are accounted for as property,
plant and equipment.
Development costs are accumulated in respect of each separate area of interest. Costs associated with commissioning
new assets in the period before they are capable of operating in the manner intended by management, are capitalised.
Development costs incurred after the commencement of production are capitalised to the extent they are expected to
give rise to a future economic benefit.
When an area of interest is abandoned or the Directors decide that it is not commercial or technically feasible, any
accumulated cost in respect of that area is written off in the financial period the decision is made. Each area of interest
is reviewed at the end of each accounting period and accumulated cost written off to the profit or loss to the extent
that they will not be recoverable in the future.
Amortisation of carried forward exploration and development costs is charged on a unit of production basis over the
life of economically recoverable reserves once production commences.
Development assets are assessed for impairment if facts and circumstances suggest that the carrying amount exceeds
the recoverable amount. For the purposes of impairment testing, development assets are allocated to cash-generating
units to which the development activity relates. The cash generating unit shall not be larger than the area of interest.
(x) Development Stripping
Overburden and other mine waste materials are often removed during the initial development of a mine in order to
access the mineral deposit. This activity is referred to as development stripping. The directly attributable costs
(inclusive of an allocation of relevant operational overhead expenditure) are capitalised as development costs.
Capitalisation of development stripping costs ceases and amortisation of those capitalised costs commences upon
extraction of ore. Amortisation of capitalised development stripping costs is determined on a unit of production basis
for each separate area of interest.
Capitalised development and production stripping costs are classified as ‘Development Expenditure’. Development
stripping costs are considered in combination with other assets of an operation for the purpose of undertaking
impairment assessments.
Removal of waste material normally continues throughout the life of a mine. This activity is referred to as production
stripping and commences upon extraction of ore.
(y) Intangible Assets
Software
Significant costs associated with software are deferred and amortised on a straight‐line basis over the period of their
expected benefit, being their finite life of 3 years.
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(z) Impairment of Non-Financial Assets
Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested
annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired.
Other non‐financial assets are reviewed for impairment whenever events or changes in circumstances indicate that
the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's
carrying amount exceeds its recoverable amount.
Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use
is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to
the asset or cash generating unit to which the asset belongs. Assets that do not have independent cash flows are
grouped together to form a cash‐generating unit.
(aa) Trade and Other Payables
Trade and other payables are recognised originally at fair value and subsequently measured at amortised cost using
the effective interest rate method. Trade and other payables represent liabilities for goods and services provided to
the Group prior to the end of each reporting period that are unpaid and arise when the Group becomes obliged to
make future payments in respect of the purchase of goods and services. Trade and other payables are presented as
current liabilities unless payment is not due within 12 months from the reporting date.
(bb) Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event,
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a
reliable estimate can be made of the amount of the obligation.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects
the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is
recognised as a borrowing cost.
(cc) Lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the
present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit
in the lease or, if that rate cannot be readily determined, the consolidated entity's incremental borrowing rate. Lease
payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on
an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option
when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable
lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are
remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate
used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability
is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount
of the right-of-use asset is fully written down.
(dd) Employee Benefits
Wages, Salaries and Annual Leave
Liabilities for wages and salaries, including non-monetary benefits, leave-in-lieu (“Toil”) and annual leave expected
to be settled within 12 months of the reporting date are recognised in other payables in respect of employees’ services
up to the reporting date. They are measured at the amounts expected to be paid when the liabilities are settled.
Liabilities for non-accumulating sick leave are recognised when the leave is taken and are measured at the rates paid
or payable.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 54
Defined Contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred.
Long Service Leave
The liability for long service leave is recognised in the provision for employee benefits and measured as the present
value of expected future payments to be made in respect of services provided by employees up to the reporting date
using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience
of employee departures, and period of service.
Expected future payments are discounted using market yields at the reporting date on corporate bonds with terms to
maturity and currencies that match, as closely as possible, the estimated future cash outflows.
Termination Benefits
Termination benefits are payable when employment is terminated before the normal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits
when it is demonstrably committed to either terminating the employment of current employees according to a detailed
formal plan without possibility of withdrawal or to providing termination benefits as a result of an offer made to
encourage voluntary redundancy. Benefits falling due more than 12 months after the end of the reporting period are
discounted to present value.
(ee) Borrowings
Borrowings:
Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction costs.
They are subsequently measured at amortised cost using the effective interest method.
Finance Cost:
Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are expensed
in the period in which they are incurred.
(ff) Fair Value Measurement
When an asset or liability, financial or non‐financial, is measured at fair value for recognition or disclosure purposes,
the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date; and assumes that the transaction will take place
either: in the principal market; or in the absence of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or liability,
assuming they act in their economic best interests. For non‐financial assets, the fair value measurement is based
on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising
the use of unobservable inputs.
(gg) Share-Based Payment Transactions
Equity Settled Transactions
The Group provides benefits to certain third parties and employees (including senior executives) in the form of share-
based payments. Third parties and employees render services to the Group in exchange for shares or rights over
shares (“equity-settled transaction”).
The cost of these equity-settled transactions with third parties and employees is measured by reference to the fair
value of the equity instruments at the date at which they are granted. The fair value is determined using an appropriate
model.
In valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions linked
to the price of the shares of Focus Minerals Ltd (market conditions) if applicable.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 55
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period
in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant beneficiary
becomes fully entitled to the award (“vesting date”).
The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects
(i) the extent to which the vesting period has expired and (ii) the Group’s best estimate of the number of equity
instruments that will ultimately vest. No adjustment is made for the likelihood of market performance conditions being
met as the effect of these conditions is included in the determination of fair value at grant date. The profit or loss
charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and
end of that period.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is only conditional
upon a market condition.
If an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense
not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled
award and designated as a replacement award on the date that it is granted, the cancelled and new award are treated
as if they were a modification of the original award.
The dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation of earnings
per share (see Note 5).
(hh) Issued Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options
are shown in equity as a deduction, net of tax, from the proceeds.
(ii) Provision for Rehabilitation
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it
is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be
reliably estimated. The mining, extraction and processing activities of the Group give rise to obligations for site
restoration and rehabilitation. Restoration and rehabilitation obligations can include facility decommissioning and
dismantling, removal or treatment of waste materials, land rehabilitation and site restoration. Provisions for the cost of
each rehabilitation program are recognised at the time that environmental disturbance occurs.
Provision for rehabilitation is initially measured at the expected value of future cash flows required to rehabilitate the
relevant site, discounted to their present value. The judgements and estimates applied for the estimation of the
rehabilitation provisions are discussed in Note 1(mm).
When provisions for rehabilitation are initially recognised, the corresponding cost is capitalised into the cost of the
related assets and is amortised using the units of production method over the life of the mine. The value of the provision
is progressively increased over time as the effect of discounting unwinds, creating an expense recognised in finance
costs.
At each reporting date, provision for rehabilitation is re-measured to account for any new disturbance, updated cost
estimates, inflation, changes to the estimated reserves and lives of operations, new regulatory requirements,
environmental policies and revised discount rates. Changes to the provision for Rehabilitation liability are added to or
deducted from the related rehabilitation asset and amortised accordingly.
(jj) Government Grants
Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant
will be received and the Group will comply with all attached conditions. Government grants relating to costs are
deferred and recognised in the profit or loss over the period necessary to match them with the costs that they are
intended to compensate. If the assets related to government grants have been fully impaired, amortised or depreciated,
the grant received is recorded in the statement of profit or loss as other income.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 56
(kk) Earnings per Share
Basic earnings per share is calculated as net result attributable to members of the parent, adjusted to exclude any
costs of servicing equity (other than dividends) and preference share dividends, divided by the weighted average
number of ordinary shares, adjusted for any bonus element.
Diluted loss per share is calculated as net result attributable to members of the parent, adjusted for:
Costs of servicing equity (other than dividends) and preference share dividends.
The after-tax effect of dividends and interest associated with dilutive potential ordinary shares that have been
recognised as expenses; and
Other non-discretionary changes in revenues or expenses during the period that would result from the dilution of
potential ordinary shares; divided by the weighted average number of ordinary shares and dilutive potential
ordinary shares, adjusted for any bonus element.
(ll) Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in
presentation for the current financial year.
(mm)
Critical Accounting Estimates and Judgements
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the consolidated entity’s accounting policies. The
areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant
to the financial statements, are disclosed below.
Exploration and Evaluation Expenditure
The Group’s accounting policy for exploration and evaluation expenditure results in expenditure being capitalised
for an area of interest where it is considered likely to be recoverable by future exploitation or sale or where the
activities have not reached a stage which permits a reasonable assessment of the existence of reserves. This
policy requires management to make certain estimates as to future events and circumstances, in particular
whether an economically viable extraction operation can be established. Any such estimates and assumptions
may change as new information becomes available. If, after having capitalised the expenditure under the policy,
a judgement is made that recovery of the expenditure is unlikely, the relevant capitalised amount will be written
off to profit and loss.
Restoration and Rehabilitation Provision
The Group’s accounting policy for the recognition of restoration and rehabilitation provision requires significant
estimates including the magnitude of possible works required for the removal of infrastructure and of rehabilitation
works, future cost of performing the work, the inflation and discount rates and the timing of cash flows. These
uncertainties may result in future actual expenditure differing from the amounts currently provided. When these
factors change or become known in the future, such differences will impact the mine rehabilitation provision in the
period in which they change or become known.
Estimation of Useful Lives of Assets
The Group determines the estimated useful lives and related depreciation and amortisation charges for its
property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a
result of technical innovations or some other event. The depreciation and amortisation charge will increase where
the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have
been abandoned or sold will be written off or written down.
Unit-of-production Method of Depreciation/Amortisation
The Group uses the unit-of-production basis when depreciating/amortising life of mine specific assets which
results in a depreciation/amortisation charge proportionate to the depletion of the anticipated remaining life of
mine production. Each asset’s economic life, which is assessed annually, has due regard for both its physical life
limitations and to present assessments of economically recoverable mine plan of the mine property at which it is
located. These calculations require the use of estimates and assumptions.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 57
Provision for Impairment of Inventories
The provision for impairment of inventories assessment requires a degree of estimation and judgement. The level
of the provision is assessed by taking into account the recent change in technology, the ageing of inventories and
other factors that affect inventory obsolescence.
Development Stripping
The Group capitalises stripping costs incurred during the production phase of mining. As a result, the Group
distinguishes between the production stripping that relates to the extraction of inventory and that which relates to
the stripping asset.
The Group has identified its production stripping for each surface mining operation it identifies the separate
components of the ore bodies for each of its mining operations. An identifiable component is a specific volume of
the ore body that is made more accessible by the stripping activity. Judgement is required to identify and define
these components, and also to determine the expected volumes of waste to be stripped and ore to be mined in
each of these identified components
These assessments are undertaken for each individual identified component based on life of mine strip ratio.
Judgement is also required to identify a suitable production measure to be used to allocate production stripping
costs between inventory and any stripping activity asset for each identified component.
Tailings Storage Facility (TSF) Capitalisation
The Group capitalises stripping costs and mining cost incurred as part of the cost of a TSF. As a result, the Group
distinguishes between the mining cost between those that relates to the extraction of inventory and that which
relates to the TSF.
The Group has identified the separate components of the ore bodies that relates to both the TSF. Judgement is
required to identify and define these components, and also to determine the expected volumes of waste to be
capitalised and ore to be mined in each of these identified components
These assessments are undertaken for each individual identified component based on the waste to ore ratio.
Judgement is also required to identify a suitable production measure to be used to allocate costs between
inventory and the TSF for each identified component.
Impairment of Assets
Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount
exceeds its recoverable amount. An impairment loss is recognised for the amount by which the asset’s carrying
amount exceeds its recoverable amount. The recoverable amount is assessed by reference to either the ‘value-
in-use’ (being the net present value of expected future cash flows of the relevant cash generating unit) or the ‘fair
value less cost of disposal’. In determining value-in-use, future cash flow forecasts for each cash generating unit
(i.e. each mine) are prepared utilising management’s latest estimates of mine life, mineral resource and ore
reserve recovery, operating and development costs, royalties and taxation, and other relevant cash inflows and
outflows. Cash flow scenarios for a range of commodity prices and foreign exchange rates are assessed using
internal and external market forecasts, and the present value of the forecast cash flows is determined utilising a
discount rate based on industry weighted average cost of capital. The Group’s cash flows are most sensitive to
movements in iron ore prices, the discount rate and key operating costs. Variations to the expected future cash
flows, and the timing thereof, could result in material changes to any impairment assessment or losses recognised,
if any, which could in turn impact future financial results
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets
(cash-generating units or CGU). The Group has three cash generating units, Coolgardie Gold Mine, Coolgardie
exploration, and Laverton exploration. Refer note 8 for further details on impairment.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 58
Determination of mineral resources and ore reserves
The determination of reserves impacts the accounting for asset carrying values, depreciation and amortisation
rates and provisions for decommissioning and restoration. The information in this report as it relates to ore
reserves, mineral resources or mineralisation is reported in accordance with the AusIMM “Australian Code for
reporting of Identified Mineral Resources and Ore Reserves”. The information has been prepared by or under
supervision of competent persons as identified by the Code.
There are numerous uncertainties inherent in estimating mineral resources and ore reserves and assumptions
that are valid at the time of estimation which may change significantly when new information becomes
available. Changes in the forecast prices of commodities, exchange rates, production costs, ore grades and/or
recovery rates may change the economic status of reserves and may, ultimately, result in the reserves being
restated.
(nn) Rounding
The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and
Investments Commission, relating to ‘rounding-off’. Amounts in this report have been rounded off in accordance with
that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.
(oo) 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.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 59
Note 2: Revenues and Expenses
Consolidated
31 December
2024
$’000
31 December
2023
$’000
(a) Revenue from contracts with customers
Gold sales ***
112,214
33,034
Silver Sales ***
113
46
Toll Treatment
2,814
-
Total revenue from contracts with customers
115,141
33,080
*** All revenue is derived in Australia, with goods transferred at a point in time.
(b) Other income
Sundry income
-
40
Gain on disposal of assets
-
18
Net foreign exchange gains
-
1,941
Total other income
-
1,999
(c) Expenses
Depreciation and Amortisation Expenses
Depreciation – Plant and equipment
7,249
1,058
Depreciation – Right-of-use assets
1,322
893
Amortisation – Mine Development
4,656
277
Total depreciation and amortisation expenses
13,227
2,228
Finance Expenses
Interest provision – Asset Retirement Obligation
947
1,067
Interest expense paid/payable on lease liabilities
365
263
Interest expense paid/payable on borrowings
9,407
1,177
Other finance costs
349
250
Total finance expenses
11,068
2,757
Corporate and other expenses
Professional services and consulting fees
580
531
Short-term lease payments
86
55
Net foreign exchange loss
11,557
-
Other corporate expense
2,739
1,635
Total corporate and other expenses
14,962
2,221
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 60
Note 3: Segment Reporting
All Focus Minerals Limited’s subsidiaries are wholly owned. The Group has two reportable segments, as described below,
which are the Group’s strategic business units. The business units are managed separately as they require differing
processes and skills. The Executive Chairman (who is identified as the Chief Operating Decision Maker, ‘CODM’) reviews
EBITDA (earnings before interest, tax, depreciation and amortisation) and internal management reports on each of these
business units on a monthly basis.
Types of products and services
The principal products and services of the operating segments are the mining and exploration operations predominantly in
Australia.
Major customers
During the year ended 31 December 2024, $112,327,000 (2023: $33,080,000) of the Group’s external revenue was derived
from sales to the Perth Mint in Western Australia.
Segment Financial Information for the year ended 31 December 2024 is presented below:
2024
2024
2024
2024
Coolgardie
Laverton
Corporate
Consolidated
$’000
$’000
$’000
$’000
Revenue from Contracts with Customers
115,141
-
-
115,141
Interest Revenue
87
149
305
541
Other Income
-
-
-
-
Total Revenue
115,228
149
305
115,682
EBITDA
45,952
(503)
(18,689)
26,760
Interest Revenue
541
Depreciation and Amortisation Expenses
(13,227)
Finance cost
(11,068)
Profit before income tax expense
3,006
Income tax expense
-
Profit after income tax expense
3,006
Current Assets
21,913
77
12,168
34,158
Non-Current Assets
222,394
66,013
1,046
289,453
TOTAL ASSETS
244,307
66,090
13,214
323,611
Current Liabilities
20,767
11
79,085
99,863
Other Non-Current Liabilities
21,437
18,862
87,823
128,122
TOTAL LIABILITIES
42,204
18,873
166,908
227,985
NET ASSETS/(LIABILITIES)
202,103
47,217
(153,694)
95,626
Capex expenditure data is not currently tracked or provided to the CODM at operating segment level therefore the
breakdown is not disclosed.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 61
Segment Financial Information for the year ended 31 December 2023 is shown below.
2023
2023
2023
2023
Coolgardie
Laverton
Corporate
Consolidated
$’000
$’000
$’000
$’000
Revenue from Contracts with Customers
33,080
-
-
33,080
Interest Revenue
152
124
481
757
Other Income
11
6
1,982
1,999
Total Revenue
33,243
130
2,463
35,836
EBITDA
5,740
(461)
(3,848)
1,431
Interest Revenue
757
Depreciation and Amortisation Expenses
(2,228)
Finance cost
(2,757)
Loss before income tax expense
(2,797)
Income tax expense
-
Loss after income tax expense
(2,797)
Current Assets
10,856
105
1,740
12,701
Non-Current Assets
169,685
63,910
496
234,091
TOTAL ASSETS
180,541
64,015
2,236
246,792
Current Liabilities
14,284
54
34,569
48,907
Other Non-Current Liabilities
22,432
18,280
64,553
105,265
TOTAL LIABILITIES
36,716
18,334
99,122
154,172
NET ASSETS/(LIABILITIES)
143,825
45,681
(96,886)
92,620
Capex expenditure data is not currently tracked or provided to the CODM at operating segment level therefore the
breakdown is not disclosed.
.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 62
Note 4: Income Tax
Consolidated
31 December
2024
$’000
31 December
2023
$’000
The prima facie income tax expense on pre-tax accounting
loss from operations reconciles to the income tax expense in
the financial statements as follows:
Accounting loss before tax
3,006
(2,797)
Tax at the statutory income tax rate of 30% (2023: 30%)
902
(839)
Tax effect of amount which we are not deductible/(taxable) in
calculating taxable income:
Non-deductible/(Other deductible) expense
8,110
(1,594)
Fixed assets
47
(1)
Rehabilitation provision
743
320
Immediate deduction for exploration costs
(2,045)
(1,473)
Deferred tax assets including tax losses (brought to account)
not recognised
(7,757)
3,587
Income tax expense/(benefit) recognised in profit or loss
-
-
The tax rate used in the above reconciliation is the corporate tax rate of 30% payable by Australian corporate entities on
taxable profits under Australian tax law. The Company has tax losses arising in Australia. The tax benefit of these losses
is available indefinitely for offset against future taxable profits of the companies in which the losses arose, subject to
ongoing conditions for deductibility being met.
Tax Consolidation
The Company and its 100% owned controlled entities have formed a tax consolidated group. Members of the Group
have entered into a tax sharing arrangement with effect from 30 June 2013 in order to allocate income tax expense to
the wholly owned controlled entities on pro-rata basis. The agreement provides for the allocation of income tax liabilities
between the entities should the head entity default on its tax payment obligations. At balance date, the possibility of
default is remote. The head entity of the tax consolidated group is Focus Minerals Ltd.
Tax Effect Accounting by Members of the Tax Consolidated Group
Members of the tax consolidated group have entered into a tax funding agreement with effect from 30 June 2013. The
tax funding agreement provides for the allocation of current taxes to members of the tax consolidated group. Deferred
taxes are allocated to members of the tax consolidated group in accordance with a group allocation approach which is
consistent with the principles of AASB 112 Income Taxes. The allocation of taxes under the tax funding agreement is
recognised as an increase/decrease in the controlled entities intercompany accounts with the tax consolidated group
head company, Focus Minerals Ltd.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 63
Unrecognised deferred tax balances
A net deferred tax balance has not been recognised in respect to the following items.
Consolidated
31 December
2024
$’000
31 December
2023
$’000
Deferred tax assets unrecognised:
Other deductible expenses
6,656
(1,415)
Rehabilitation provision
10,755
9,930
Inventory
(599)
78
Tax losses (revenue in nature)
154,722
161,137
Capital losses
4,338
4,338
Exploration & evaluation expenditure
(37,801)
(35,755)
Total
138,070
138,313
The deductible temporary differences and tax losses do not expire under current tax legislation. Deferred tax assets have
not been recognised in respect of these items because it is not probable that future taxable profit will be available against
which the Company can utilise the benefits thereof.
Note 5: Profit per Share
Consolidated
31 December 2024
Cents per Share
31 December 2023
Cents per Share
Basic Profit/(Loss) per share:
Total Basic Profit/(Loss) per Share
1.05
(0.98)
Diluted Profit/(Loss)per share
Total Diluted Profit/(Loss) per Share
1.05
(0.98)
Net Profit/(Loss)used in the calculation of basic profit/loss per share
($000)
3,006
(2,797)
Weighted average number of ordinary shares for the purposes of basic
profit/loss per share
286,558,645
286,558,645
Adjustments for calculation of diluted profit/loss per share:
-
-
Weighted average number of ordinary shares for the purposes of diluted
profit/loss per share
286,558,645
286,558,645
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 64
Note 6: Cash, Cash Equivalents and Restricted Cash
Consolidated
31 December
31 December
2024
$’000
2023
$’000
Current Assets
Cash and cash equivalents
16,500
1,198
Other Financial Assets
Non-Current Assets
Non-current – Restricted cash
6,655
6,008
Cash and cash equivalents
Cash at bank earns interest at floating rates based on daily deposit rates.
Cash deposits are made for varying periods up to three months, depending on the immediate cash requirements of the
Group, and earn interest at the respective commercial short-term deposit rates which is recognised as cash and cash
equivalents.
Restricted cash
Restricted cash includes performance bonds totalling $4.6 million (2023: $5.6 million) have been issued by a bank on
behalf of the Group in respect of Western Australian mining tenements. The Group has indemnified the bank against any
loss arising from the performance bonds and the indemnity is secured against cash deposits. Those are recognised as
restricted cash.
In addition, security deposits totalling $2.1 million (2023: $209,000) are held on Focus’ behalf. These are also classified as
restricted cash.
(i)
Reconciliation to Statement of Cashflows
For the purposes of the Statement of Cash Flows, cash and cash equivalents comprise cash on hand and at bank. Cash
and cash equivalents as shown in the Statement of Cash Flows is:
Consolidated
31 December
2024
$’000
31 December
2023
$’000
Cash, cash equivalents and restricted cash (Excluding restricted cash)
23,155
7,206
Less: Restricted cash not available for use
(6,655)
(6,008)
Cash and cash equivalents as per statement of cash flows (Excluding
restricted cash)
16,500
1,198
Restricted Cash
6,655
6,008
Cash, Cash Equivalents and Restricted Cash at the End of the Year
23,155
7,206
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 65
(ii)
Reconciliation of Profit/(Loss) for the Year to Net Cash Flows from Operating Activities
Consolidated
31 December
2024
$’000
31 December
2023
$’000
Net profit/(loss)for the year
3,006
(2,797)
Adjustments for:
Depreciation/amortisation expense
13,227
2,228
Proceeds from sale of non-current assets
-
(19)
Loss on disposal of tenements
-
4,943
Finance costs (non-cash)
947
1,067
Foreign exchange movement
11,557
(1,942)
(Increase)/decrease in assets:
Current receivables
(4,790)
(1,115)
Inventories
(1,365)
(4,287)
Increase/(decrease) in liabilities
Current payables
7,970
446
Provisions
243
800
Operating Lease
(1,358)
(691)
Net cash used in operating activities
29,437
(1,367)
(iii)
Non-cash investing and financing activities
Consolidated
31 December
2024
$’000
31 December
2023
$’000
Additions to the right-of-use assets
646
4,318
Total
646
4,318
(iv)
Changes in liabilities arising from financing activities
Consolidated
Borrowings
$’000
Lease liability
$’000
Balance as at 1 January 2023
34,760
811
Net cash from/(used) in financing activities
60,193
(691)
Non-cash movements
(970)
4,333
Balance as at 31 December 2023
93,983
4,453
Net cash from/(used in) financing activities
50,726
(1,358)
Non-cash movements
11,567
766
Balance as at 31 December 2024
156,276
3,861
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 66
Note 7: Trade and Other Receivables
Consolidated
31 December
31 December
2024
$’000
2023
$’000
Gold Sales Receivable
4,014
2,961
Proceeds receivable from Rights Issue
216
216
Goods and Services Tax Receivable
1,466
634
Other receivables
5,196
2,291
10,892
6,102
There is no expected credit loss provision for the year ended 31 December 2024 (31 December 2023: Nil)
Note 8: Property, Plant and Equipment
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below.
Non-current
Land&
Buildings
$’000
Furniture &
fittings
$’000
Plant &
Equipment
$’000
Motor
Vehicles
$’000
Assets
in
progres
s
$’000
Total
$’000
At 31 December 2023
Cost
9,327
1,107
102,098
705
12,026
125,263
Accumulated depreciation
(101)
(1,057)
(25,180)
(418)
-
(26,756)
Accumulated Impairment loss
(25)
(2)
(13,165)
-
-
(13,192)
Net carrying amount
9,201
48
63,753
287
12,026
85,315
Year ended
31 December 2024
Opening net book amount
9,201
48
63,753
287
12,026
85,315
Additions/transfer from WIP
-
-
-
11,171
11,171
Net transfer from Work in
Progress to Plant and
Equipment
-
6
10,932
-
(10,938)
-
Depreciation expense
(628)
(43)
(6,515)
(63)
-
(7,249)
Assets disposed
-
(321)
(118)
(38)
-
(477)
Accumulated depreciation on
disposals
-
321
118
38
-
477
Closing carrying amount
8,573
11
68,170
224
12,259
89,237
At 31 December 2024
Cost
9,327
792
112,912
667
12,259
135,957
Accumulated depreciation
(729)
(779)
(31,577)
(443)
-
(33,528)
Accumulated Impairment loss
(25)
(2)
(13,165)
-
-
(13,192)
Net carrying amount
8,573
11
68,170
224
12,259
89,237
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 67
Non-current
Land&
Buildings
$’000
Furniture &
fittings
$’000
Plant &
Equipment
$’000
Motor
Vehicles
$’000
Assets
in
progres
s
$’000
Total
$’000
At 31 December 2022
Cost
25
1,094
37,850
656
17,612
57,237
Accumulated depreciation
-
(999)
(24,353)
(427)
-
(25,779)
Accumulated Impairment loss
(25)
(2)
(13,165)
-
-
(13,192)
Net carrying amount
-
93
332
229
17,612
18,266
Year ended
31 December 2023
Opening net book amount
-
93
332
229
17,612
18,266
Additions/transfer from WIP
9,302
13
64,264
116
68,109
141,804
Net transfer from Work in
Progress to Plant and
Equipment
-
-
-
-
(73,695)
(73,695)
Depreciation expense
(101)
(58)
(843)
(56)
-
(1,058)
Assets disposed
-
-
(16)
(67)
-
(83)
Accumulated depreciation on
disposals
-
-
16
65
-
81
Closing carrying amount
9,201
48
63,753
287
12,026
85,315
At 31 December 2023
Cost
9,327
1,107
102,098
705
12,026
125,263
Accumulated depreciation
(101)
(1,057)
(25,180)
(418)
-
(26,756)
Accumulated Impairment loss
(25)
(2)
(13,165)
-
-
(13,192)
Net carrying amount
9,201
48
63,753
287
12,026
85,315
The Group has three cash generating units, Coolgardie Gold Mine, Coolgardie exploration, and Laverton exploration.
The relevant CGU for testing is the Coolgardie Gold Mine.
Impairment of mine properties – in production, capital work in progress and property, plant and equipment
The future recoverability of capitalised mine properties, capital work in progress and property, plant and equipment is
dependent on a number of key factors including; gold prices, discount rates used in determining the estimated discounted
cash flows of CGUs, foreign exchange rates, the level of proved and probable reserves and measured, indicated and
inferred mineral resources included in the determination of fair value less cost to dispose (‘fair value’), future technological
changes which could impact the cost of mining, and future legal changes (including changes to environmental restoration
obligations).
Fair value is estimated based on discounted cash flows using market-based commodity price and exchange assumptions,
estimated quantities of recoverable minerals, production levels, operating costs and capital requirements, based on CGU
life of mine (‘LOM’) plans. The Consolidated Entity considers this valuation approach to be consistent with the approach
taken by market participants.
In determining the fair value of CGUs, future cash flows were discounted using rates based on the Consolidated Entity’s
estimated weighted average cost of capital. When it is considered appropriate to do so, an additional premium is applied
with regard to the geographic location and nature of the CGU. Life of mine operating and capital cost assumptions are
based on the Consolidated Entity’s latest budget and LOM plans. Operating cost assumptions reflect the expectation that
costs will, over the long term, have a degree of positive correlation to the prevailing commodity price assumptions.
The Consolidated Entity determined that the carrying amount of the CGU in the statement of financial position has not
exceeded the fair value of that CGU as assessed by the Directors as at 31 December 2024.
Key assumptions for this review:
Gold price ($ per oz): $4,200/oz
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 68
Commodity prices are estimated with reference to forecasts provided by market analysts. The rates applied to the
valuation have regard to observable market data.
Discount rate: 7.30% (post tax, nominal basis)
In determining the fair value of the CGU, the future cash flows were discounted using rates based on the consolidated
entity’s estimated weighted average cost of capital, with an additional premium applied having regard to the geographic
location of the CGU (where applicable).
Life-of-mine (LOM) assumption and Gold production:
The life-of-mine is based on the latest LOM operating plans, forecasted to 2030. The total gold production forecasted
within the LOM is 383,187 ounces.
Operating and capital costs:
Life-of-mine operating and capital cost assumptions are based on the Consolidated Entity’s latest forecasts and LOM
operating plans. Operating cost assumptions reflect the expectation that costs will, over the long term, have a degree of
positive correlation to the prevailing commodity price and exchange rate assumptions.
Sensitivity analysis:
Any variation in the key assumptions used to determine fair value would result in a change of the assessed fair value. It
is estimated that adverse changes in the following key assumptions would have the following approximate impact on the
fair value of the CGU that has been subject to impairment testing:
Decrease
$000
Change of:
Gold price decreased by 20%
147,148
Discount rate at 10%&5.25%
380,935
Changes in the gold price and discount rate assumption above are assumed to move in isolation, while other assumptions
are held constant.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 69
Note 9: Right-of-use Assets
The Group leases land and buildings for its offices. In some cases, the agreements have options to extend. The leases
have various escalation clauses. On renewal, the terms of the leases are renegotiated.
The Group also leases land and buildings for staff accommodation under agreements of less than two years. These
leases are either short-term or low-value, so have been expensed as incurred and not capitalised as right-of-use assets.
The group also lease motor vehicles. The agreements are for 48 months with no option to extend.
Consolidated
31 December
31 December
2024
$’000
2023
$’000
Right-of-use Assets:
Land and Buildings
2,604
2,238
Less: Accumulated Depreciation
(749)
(529)
Net Carrying Value
1,855
1,709
Plant & Equipment
3,086
3,086
Less: Accumulated Depreciation
(1,398)
(576)
Net Carrying Value
1,688
2,510
Total
3,543
4,219
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below:
Land and buildings –
Right of Use
Plant & Equipment –
Right of Use
Total
31 December
31 December
31 December
Consolidated
$'000
$'000
$'000
Balance at 31 December 2022
109
685
794
Additions
1,958
2,360
4,318
Depreciation Expense
(358)
(535)
(893)
Balance at 31 December 2023
1,709
2,510
4,219
Additions
646
-
646
Depreciation Expense
(500)
(822)
(1,322)
Disposed
(280)
-
(280)
Accumulated Depreciation Expense
280
-
280
Balance at 31 December 2024
1,855
1,688
3,543
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 70
Note 10A: Mine Properties
Mine Properties
Consolidated
$’000
At 31 December 2023
Cost
89,366
Accumulated amortisation
(65,634)
Accumulated Impairment
(4,368)
Net Carrying amount
19,364
Movement Summary:
Carrying amount at beginning of the year
19,364
Add – expenditure capitalised
47,777
Add – Exploration asset transferred to Mine Development
-
Changes in Rehabilitation Provision estimates
1,531
Less – Amortisation
(4,656)
Carrying amount at end of the year
64,016
At 31 December 2024
Cost
138,674
Accumulated amortisation
(70,290)
Accumulated Impairment
(4,368)
Net Carrying amount
64,016
Mine Properties
Consolidated
$’000
At 31 December 2022
Cost
69,726
Accumulated amortisation
(65,358)
Accumulated Impairment
(4,368)
Net Carrying amount
-
Movement Summary:
Carrying amount at beginning of the year
-
Add – expenditure capitalised
17,288
Add – Exploration asset transferred to Mine Development
2,353
Less – Amortisation
(277)
Carrying amount at end of the year
19,364
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 71
At 31 December 2023
Cost
89,366
Accumulated amortisation
(65,634)
Accumulated Impairment
(4,368)
Net Carrying amount
19,364
Mine properties include aggregate expenditure in relation to mine construction, mine development, construction of tailings
dams, exploration and evaluation expenditure where a development decision has been made and acquired mineral
interests. Expenditure includes direct cost of construction, drilling costs and removal of overburden to gain access to the
ore and an appropriate allocation of attributable overheads.
Mine development costs are amortised on a units-of-productions basis over the life of mine to which they relate.
Impairment assessment of mine properties is disclosed under note 8.
Note 10B: Exploration and Evaluation Assets
Exploration & Evaluation Assets
Consolidated
31 December
31 December
2024
$’000
2023
$’000
Exploration and evaluation assets – at cost
126,002
119,185
Movement Summary:
The value of the Group’s interest in exploration and evaluation assets is dependent upon:
-
the continuance of the Group’s rights to tenure of the areas of interest;
-
the results of future exploration;
-
the recoupment of costs through successful development and exploitation of the areas of interest, or
alternatively, by their sale; and
-
no significant changes in laws and regulations that greatly impact the Group’s ability to maintain tenure.
Carrying amount at beginning of the year
119,185
116,625
Add – exploration expenditure capitalised
6,817
9,856
Less – write-off of tenements allowed to lapse, dropped or sold
-
(4,943)
Less – Exploration asset transferred to Mine Development
-
(2,353)
Carrying amount at end of the year
126,002
119,185
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 72
Note 11: Trade and Other Payables
Consolidated
31 December
31 December
2024
$’000
2023
$’000
Trade payables and other payables
30,444
21,179
Payroll tax and other statutory liabilities
460
333
30,904
21,512
Current
27,973
16,906
Non-current
2,931
4,606
30,904
21,512
Note 12: Provisions
Employee Benefits – Amounts not expected to be settled within the next 12 months
The current provision for employee benefits includes all unconditional entitlements where employees have completed the
required period of service and also those where employees are entitled to pro-rata payments in certain circumstances. The
entire amount is presented as current, since the Group does not have an unconditional right to defer settlement. However,
based on past experience, the Group does not expect all employees to take the full amount of accrued leave or require
payment within the next 12 months.
Rehabilitation
The provision represents the present value of estimated costs for future rehabilitation of land explored or mined by the
Group at the end of the exploration or mining activities.
Movements in provisions
Movements in each class of provision during the current financial year, are set out below:
Consolidated
31 December
31 December
2024
$’000
2023
$’000
Current
Employee benefits
Balance at the beginning of the year
1,122
379
(Utilised)/increase in provision during the year
(28)
743
Balance at the year end
1,094
1,122
Non-current
Employee benefits
Balance at the beginning of the year
226
168
Increase in provision during the year
270
58
Balance at the year end
496
226
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 73
Provision for Rehabilitation
Balance at the beginning of the year
32,876
31,809
Additional provisions recognised
1,531
-
Unwinding discount
947
1,067
Balance at the year end
35,354
32,876
Total
35,850
33,102
Note 13: Lease Liabilities
Consolidated
31 December
31 December
2024
$’000
2023
$’000
Current
Lease Liabilities
1,379
1,223
Non-current
Lease Liabilities
2,482
3,230
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 74
Note 14: Borrowings
Consolidated
31 December
31 December
2024
2023
$’000
$’000
Current Liabilities
Related Party Loans
68,275
28,593
Insurance Premium Finance
1,142
1,063
69,417
29,656
On 26 July 2023, the Group secured a new RMB38.8 million loan facility with Shandong Gold Group Co., Limited. The
unsecured loan is payable 1 year after drawdown and subsequently extended to July 2025. Interest is payable quarterly in
arrears at 6.5% per annum. The loan has been fully drawn down. The loan amount owing of RMB38.8 million has been
revalued to an AUD amount using the year end exchange rate of AUD1:RMB4.5373.
On 12 November 2023, the Group secured an additional RMB100.0 million loan facility with Shandong Gold Group Co.,
Limited. The unsecured loan is payable, 1 year after drawdown and subsequently extended to November 2025. Interest is
payable quarterly in arrears at 6.5% per annum. The loan has been fully drawn down. On 11 November 2024, the Group
partially repaid RMB2.0 million to Shandong Gold Group Co., Limited. The loan amount owing of RMB98.0 million has
been revalued to an AUD amount using the year end exchange rate of AUD1:RMB4.5373.
On 7 February 2024, the Group secured an additional RMB100.0 million loan facility with Shandong Gold Group Co.,
Limited. The unsecured loan is payable, 1 year after drawdown. Interest is payable quarterly in arrears at 6.5% per annum.
The loan has been fully drawn down. The loan amount owing of RMB100.0 million has been revalued to an AUD amount
using the year end exchange rate of AUD1:RMB4.5373.
On 8 December 2021, the Group secured USD10 million in funding with Shandong Gold Financial Holdings Group
(HongKong) Co., Limited. The unsecured loan is payable, 3 years after drawdown. Interest is payable quarterly in arrears
at 3% per annum over the USD London Inter Lender Offered Rate. The loan was fully drawn down in October 2022. The
loan amount owing of USD10.0 million has been revalued to an AUD amount using the period end exchange rate of
AUD1:USD0.6217.
Non-Current Liabilities
Related Party Loans
86,859
64,327
On 19 January 2023, the Group secured an additional USD35.0 million loan facility with Shandong Gold International
Mining Co., Limited. The unsecured loan is payable, 3 years after drawdown. Interest is payable quarterly in arrears at 3%
per annum over the USD London Inter Lender Offered Rate. USD34.0 million of the loan has been drawn down with USD1
million unutilised as at 31 December 2024. The loan amount owing of US34.0 million has been revalued to an AUD amount
using the year end exchange rate of AUD1:USD0.6217.
On 30 July 2024, the Group secured an additional USD30.0 million in funding with Shandong Gold International Mining Co
Limited. The unsecured loan is payable, 3 years after drawdown. Interest is payable quarterly in arrears at 3% per annum
term secured overnight financing rate. USD20.0 million of the loan has been drawn down with USD10.0 million unutilised
as at 31 December 2024. The loan amount owing of USD20.0 million has been revalued to an AUD amount using the
period end exchange rate of AUD1:USD0.6217
Consolidated
31 December
31 December
2024
2023
$’000
$’000
Total facilities
Related Party Loans
173,267
94,382
Used at the reporting date
Related Party Loans
155,134
92,920
Unused at the reporting date
Related Party Loans
18,133
1,462
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 75
Note 15: Issued Capital and Reserves
Authorised Capital
The Company does not have an Authorised Capital and there is no par value for ordinary shares.
(a) Ordinary shares
31 December 2024
31 December 2023
No. of
shares
$’000
No. of shares
$’000
Issued capital
286,558,645
453,119
286,558,645
453,119
Movements in Ordinary Capital
Details
Date
Shares
Issue price
$’000
Balance
1 January 2023
286,558,645
453,119
Balance
31 December 2023
286,558,645
453,119
Balance
31 December 2024
286,558,645
453,119
Share Issue Details
During the year, there were no new shares issued new shares issued (2023: nil).
Voting Entitlements
At each shareholder’s meeting each ordinary share is entitled to one vote on the calling of a poll, otherwise each
shareholder is entitled to one vote on a show of hands.
(b) Capital Management
Management controls the capital of the Group in order to ensure the Group can fund its operations; continue as a going
concern and ensure compliance with banking covenants. The Group’s debt and capital includes ordinary share capital and
financial liabilities supported by financial assets and cash and cash equivalents. There are no externally imposed capital
requirements. Management effectively manages the Group’s capital by assessing the Group’s financial risks, adjusting its
capital structure in response to changes in these risks and in the market. These responses include the management of
debt levels, distributions to shareholders and share issues.
(c) Reserves
Consolidated
31 December
31 December
2024
$’000
2023
$’000
Acquisition reserve
(7,178)
(7,178)
(7,178)
(7,178)
The acquisition reserve resulted from acquisition of Focus Minerals (Laverton) Pty Ltd.
(d) Accumulated Losses
Consolidated
31 December
31 December
2024
$’000
2023
$’000
Accumulated losses at beginning of the year
(353,321)
(350,524)
Net profit/(loss) for the year
3,006
(2,797)
Accumulated losses at end of the year
(350,315)
(353,321)
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 76
(e) Dividends
No dividends have been paid or provided for during the year ended 31 December 2024 (2023: Nil).
(f) Options
Options Issued
No options were issued in the year ended 31 December 2024 (2023: Nil).
Options Exercised
There were no options exercised during the year ended 31 December 2024 (2023: Nil).
Options Lapsed
During the year ended 31 December 2024, there were no options expired (2023: Nil).
Options Outstanding
There were no options outstanding as at 31 December 2024 (2023: Nil).
Note 16: Financial Instruments
The Group’s financial instruments consist mainly of deposits with banks, local money market instruments, and short-term
investments, accounts receivable and payable, convertible notes and derivatives.
The main purpose of non-derivative financial instruments is to raise finance for group operations.
The Group may consider the use of derivatives from time to time for hedging purposes such as forward gold sales
agreements. The Group does not speculate in the trading of derivative instruments.
Treasury Risk Management
Risks are reviewed by the Audit and Risk Committee which consists of non-executive directors and senior staff by invitation.
This includes the analysis of financial risk exposure and to evaluate treasury management strategies in the context of the
most recent economic conditions and forecasts.
The committee’s overall risk management strategy seeks to assist the Group in meeting its financial targets, whilst
minimising potential adverse effects on financial performance.
The Audit and Risk Committee operates under policies approved by the board of directors. Risk management policies are
reviewed and approved by the Board on a regular basis. These include the use of hedging derivative instruments, credit
policies and future cash flow requirements.
Financial Risk Exposures and Management
The main risks the Group is exposed to through its financial instruments are market risk (including interest rate risk and
price risk), credit risk and liquidity risk.
Price risk
The Group is exposed to bullion price risk. This arises from the gold in-circuit and ore stockpiles held as inventories.
The policy of the Group is to sell gold at the spot price and has not entered into any hedging contracts. The Group’s
revenue was exposed to fluctuations in the price of gold. If the average selling price of gold of $3,714 (2023: $3,023) for
the financial year had increased/decreased by 10%, the change in the profit before income tax for the Group would have
been an increase/decrease of $11,221,000 (2023: $3,303,000).
Interest Rate Risk
The Group is exposed to interest rate risk through its short term and long term borrowing in USD. As the borrowings are
periodically contractually repriced, the group is exposed to the risk of future changes in market interest rates. The Group’s
short term borrowing in RMB is maintained at fixed rate.
Credit Risk
The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised
financial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement
of financial position and notes to the financial statements.
Credit risk is managed on a group basis and reviewed regularly by the finance department. It arises from exposures to
approved customers as well as deposits with financial institutions.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 77
The Audit and Risk Committee monitors credit risk by actively assessing the rating quality and liquidity of counter parties:
only approved banks and financial are utilised;
all potential customers are rated for credit worthiness taking into account their size, market position and financial
standing.
The Group currently holds its cash and cash equivalents with various financial institutions, all of which hold a credit rating
of AA. The Group believes the credit risk exposure to these counterparties is manageable.
Credit risk for derivative financial instruments arises from the potential failure by counter-parties to the contract to meet
their obligations.
Liquidity Risk
The Group manages liquidity risk by monitoring forecast project and operating cash flows and ensuring that a minimum
level of uncommitted cash is available for immediate use and consists of cash on deposit and/or utilised borrowing facilities.
Sensitivity Analysis
Interest Rate Analysis
At 31 December 2024, the Group had $6,600,000 invested in security deposits and performance bonds and $16,500,000
in cash and cash equivalents and short-term deposits. A 1% increase in the interest rate would impact the interest earned
by $66,000. A 1% decrease in the rate would reduce interest earned by $66,000.
Maturities of Financial Liabilities
The table below analyses the Group’s financial liabilities into relevant maturity groupings based on their contractual
maturities for non-derivative financial liabilities.
Contractual maturities of
financial liabilities
Weighted
average
interest
rate
Less
than12
months
Between
1 and 2
years
Between
2 and 5
years
Over
5 years
Total
%
$’000
$’000
$’000
$’000
$’000
At 31 December 2024
Non-derivatives
Trade payables and other
payables
-
2,376
2,376
Related Party Loan
(RMB238.8 million)
6.50%
52,391
52,391
Related Party Loan
(USD10 million)
8.38%
16,377
16,377
Related Party Loan
(USD34 million)
8.13%
6,837
54,689
61,526
Related Party Loan
(USD30 million)
7.87%
526
32,170
32,696
Insurance premium
finance
4.00%
1,142
-
-
-
1,142
Lease liabilities
6.09%
1,379
1,004
1,295
183
3,861
At 31 December 2023
Non-derivatives
Trade payables and other
payables
-
16,906
4,606
-
-
21,512
Related Party Loan
(RMB138.8 million)
6.50%
28,592
-
-
-
28,592
Related Party Loan
(USD10 million)
8.28%
-
14,620
-
-
14,620
Related Party Loan
(USD34 million)
8.08%
-
-
49,708
-
49,708
Insurance premium
finance
3.27%
1,063
-
-
-
1,063
Lease liabilities
6.50%
1,223
1,232
1,610
388
4,453
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 78
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed
above.
Foreign currency risk
The consolidated entity undertakes certain transactions denominated in foreign currency and is exposed to foreign
currency risk through foreign exchange rate fluctuations.
Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities
denominated in a currency that is not the entity's functional currency. The risk is measured using sensitivity analysis and
cash flow forecasting.
The carrying amount of the consolidated entity's foreign currency denominated financial assets and financial liabilities at
the reporting date were as follows:
Liabilities
2024
2023
Consolidated
$'000
$'000
US dollars
102,944
64,328
Chinese yuan
52,190
28,593
155,134
92,921
The consolidated entity had net liabilities denominated in foreign currencies of $155,134,000 (foreign currency assets: nil)
as at 31 December 2024 (2023: $92,921,000, nil foreign currency assets). Based on this exposure, had the Australian
dollar weakened by 10%/strengthened by 10% (2023: weakened by 10%/strengthened by 10%) against these foreign
currencies with all other variables held constant, the consolidated entity's profit before tax for the year would have been
$15,513,400 lower/$15,513,400 higher (2023: $9,292,100 lower/$9,292,100 higher) and equity would have been
$15,513,400 lower/$15,513,400 higher (2023: $9,292,100 lower/$9,292,100 higher). The percentage change is the
expected overall volatility of the significant currencies, which is based on management’s assessment of reasonable
possible fluctuations taking into consideration movements over the last 6 months each year and the spot rate at each
reporting date.
The actual foreign exchange loss for the year ended 31 December 2024 was $11,557,000 (2023: gain of $1,941,000).
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
Note 17: Commitments and Contingencies
Operating Mining tenement expenditure commitments
As at 31 December 2024, the Group has committed, under tenement landholding conditions, to spend a minimum of $3.3
million per annum (2023: $3.2 million).
For the Laverton tenements, the commitment for 2024 is $2.2 million (2023: $2.0 million).
For the Coolgardie tenements, the commitment for 2024 is $1.1 million (2023: $1.2 million).
Contingent Asset
On 18th September 2020, Focus Minerals Limited entered an agreement to terminate the Coolgardie Rare Metals Venture
with Lithium Australia NL. Under the terms of the agreement, Focus Minerals Limited agreed to transfer 3 prospecting
licenses in exchange for a conditional grant of royalty equal to 20% of the statutory royalty paid to the State of Western
Australia. The licenses were transferred on 24th September 2021. Focus has lodged consent caveats to protect Focus
interest in the royalties. As at balance date, the related mining lease application (as conversion of the prospecting licenses)
is still pending, therefore the likelihood, amount, and timing of receiving future royalties under the agreement is unknown.
Because the royalty income is not virtually certain, no asset has been recognised within these financial statements.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 79
Contingent Liability
The Group has given security deposits as at 31 December 2024 of $223,000 (2023: $166,000) to various landlords. In
addition, the Group also has bank guarantees of $13.3 million (2023: $13.3 million) to the department of mines for mining
tenements.
Capital Commitments
The Group has the following capital commitments in relation to capital projects:
Consolidated
2024
2023
$'000
$'000
Capital commitments
Within one year
2,491
278
Note 18: Controlled Entities
The consolidated financial statements include the financial statements of Focus Minerals Ltd and the subsidiaries listed
below:
Name
Country of
Incorporation
% Equity Interest
31 December
2024
31 December
2023
Focus Operation Pty Ltd
Australia
100%
100%
Focus Minerals (Laverton) Pty Ltd
Australia
100%
100%
Note 19: Parent Entity
Set out below is the supplementary information about the parent entity.
Parent Entity
2024
2023
Results of the parent entity
$’000
$’000
Profit/(Loss) for the year
3,006
(2,797)
Other comprehensive income
-
-
Total comprehensive loss for the year
3,006
(2,797)
Financial position of parent entity at year end
Current assets
12,167
1,740
Total assets
262,534
191,743
Current Liabilities
63,000
34,569
Total liabilities
166,908
99,123
Total net asset
95,626
92,620
Total equity of parent entity comprising of:
Share capital
453,119
453,119
Accumulative losses
(357,493)
(360,499)
Total equity
95,626
92,620
Contingent Liability
There are no contingent liabilities as at 31 December 2024 (2023: Nil).
Ultimate Controlling Entity
The ultimate parent at 31 December 2024 and 2023 was Shandong Gold International Mining Co., Limited which owned
63.19% (2023: 63.19%) of the company’s shares.
Financial Support for controlled entities
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 80
The parent entity, Focus Minerals Ltd is providing and will continue to provide financial support to all its controlled entities.
Mining tenement expenditure commitment
As at 31 December 2024, the parent company has committed, under tenement landholding conditions, to spend a minimum
of $1.1 million per annum (2023: $1.1 million).
Significant accounting policies
The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 1, except for the
following:
●
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
●
Investments in joint ventures are accounted for at cost, less any impairment, in the parent entity.
●
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an
indicator of an impairment of the investment.
Note 20: Related Party Disclosure
Parent Entity
Focus Minerals Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in Note 18.
Compensation
The aggregate compensation made to directors and other members of key management personnel of the Group is set out
below:
31 December 2024
31 December 2023
$
$
Short-term employee benefits
1,930,320
1,810,933
Post-employment benefits
191,566
181,775
2,121,886
1,992,708
Terms and Conditions of Transactions with Related Parties
Sales to and purchases from related parties are made in arm’s length transactions both at normal market prices and on
normal commercial terms.
Transactions and Balances with Related Parties
During the year, the Group has obtained multi loans from Shandong Gold entities, details are stated in Note 14:
The balance of the loan payable to related parties was as follows:
Related Party
2024
2023
$’000
$’000
Shandong Gold Group Co. Ltd
52,190*
28,592*
Shandong Gold Financial Holdings Group (Hong Kong) Co., Ltd
48,255**
14,620**
Shandong Gold International Mining Co., Ltd
54,689**
49,708**
* RMB236.8 million converted to AUD using an exchange rate of 4.5373.
** USD64.0 million converted to AUD using an exchange rate of 0.6217.
Total interest charged on the related party loans for the year ended 31 December 2024 was $10,030,000 (2023:
$5,141,000), Amount of interest payable at 31 December 2023 was $7,856,000 (2023: $2,866,000).
In addition, there was a payment of director fees $50,000 to Mr Song, who was appointed on 20 April 2023. As at 31
December 2024, the accounts payable balance for Shandong Gold director fees was $97,824 (2023: $68,230).
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 81
As at 31 December 2024, bonus payable balance to Directors was Nil (2023: Nil).
As at 31 December 2024, bonus payable balance to Key Management Personnel was $11,090 (2023: Nil).
Note 21: Auditors’ Remuneration
During the financial year the following fees were paid or payable for services provided by Accounting Firm RSM Australia,
the auditor of the company, its network firms and unrelated firms.
31 December 2024
31 December 2023
$000
$000
RSM Australia Partners - Audit and review of the financial statements
139
104
Total
139
104
Note 22: Significant Events after Balance Date
In early January 2025, USD10 million (AUD15.9 million) was drawn down from the USD30.0 million loan which was secured
on 30 July 2024 from Shandong Gold International Mining Co Limited. USD20.0 million of the loan was drawn down with
USD10.0 million unutilised as at 31 December 2024.
Other than the above, there has not been any other matter or circumstance that has arisen after balance date that has
significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state
of affairs of the Group in future periods.
Note 23: Inventories
Consolidated
31 December
31 December
2024
$’000
2023
$’000
Current
Consumables
4,568
2,309
Gold in circuits
355
2,551
Ore stockpile
1,843
541
6,766
5,401
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 82
CONSOLIDATED ENTITIES DISCLOSURE STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
Entity name
Entity type
Place formed
/Country of
incorporation
Ownership
interest
%
Tax
residency
Focus Minerals Limited
Body corporate
Australia
100.00%
Australia *
Focus Minerals (Laverton) Pty Limited
Body corporate
Australia
100.00%
Australia *
Focus Operations Pty Limited
Body corporate
Australia
100.00%
Australia *
*Focus Minerals Limited (the 'head entity') and its wholly owned Australian subsidiaries have formed an income tax
consolidated group under the tax consolidation regime
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 83
Directors’ Declaration
In the directors’ opinion:
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
●
the attached financial statements and notes comply with International Financial Reporting Standards as issued by
the International Accounting Standards Board as described in note 1 to the financial statements;
●
the attached financial statements and notes give a true and fair view of the Group's financial position as at
31 December 2024 and of its performance for the financial year ended on that date;
●
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable; and
●
The information disclosed in the attached consolidated entity disclosure statement is true and correct.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the directors
Wanghong Yang
Chairman of the Board
31 March 2025
Perth
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 84
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the
members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm
which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
www.rsm.com.au
INDEPENDENT AUDITOR’S REPORT
To the Members of Focus Minerals Limited
Opinion
We have audited the financial report of Focus Minerals Limited (the Company) and its subsidiaries (the Group),
which comprises the consolidated statement of financial position as at 31 December 2024, the consolidated
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and
the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including
material accounting policy information, 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 31 December 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 (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 1, which indicates that the Group derived a net profit of $3,006,000 with net cash inflow
from operating of $29,437,000 and net cash outflow from investing activities of $63,434,000 for the year ended
31 December 2024. As at that date, the Group had net current liabilities of $65,705,000. These events or
conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast
significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of
this matter.
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 the key audit matters to be communicated in our report.
Key Audit Matter
How our audit addressed this matter
Carrying Value of Property, Plant and Equipment, and Mining Properties
Refer to Note 8 and 10 in the financial statements
The Group has property, plant and equipment, and
mining
properties
with
carrying
values
of
$89,237,000 and $64,016,000, respectively as at 31
December 2024.
The Group is required to assess for indicators of
impairment. Where an indicator of impairment exists
for a cash generating unit (CGU), an impairment test
is performed for that CGU.
An assessment of indicators of impairment was
undertaken at 31 December 2024 and impairment
testing was conducted on the Coolgardie Gold Mine
CGU, as set out in Note 8 of the financial report.
The Coolgardie Gold Mine CGU's recoverable
amount is determined by the Group based on a fair
value less cost to dispose discounted cash flow
forecast, which among other estimates include gold
price, discount rate, life of mine, operating and capital
costs and future mining plans.
We considered this a key audit matter due to
significant management judgments and estimates
required in determining the estimated recoverable
amount of the Coolgardie Gold Mine CGU.
Our audit procedures included:
• Assessing the Group’s accounting policy for
compliance with Australian Accounting Standards;
• Critically assessing and evaluating management’s
assessment of impairment indicators and the
conclusion reached;
• Assessing whether the Coolgardie Gold Mine CGU
included all directly attributable assets and
liabilities;
• Assessing whether the valuation methodology
applied by the Group, utilising a discounted cash
flow model to estimate the recoverable amount of
the Coolgardie Gold Mine CGU, was consistent with
the basis required by Australian Accounting
Standards;
• Assessing the reasonableness of Board-approved
cash flow projections and life of mine models, and
key macro-economic assumptions used in the
impairment models;
• Examining the information provided by the Group’s
experts, including assessment of the competence,
qualifications and the objectivity of experts;
• Assessing key assumptions such as gold price,
discount rates, mine operating costs and capital
expenditures, including undertaking sensitivity
analysis on assumptions; and
• Assessing the appropriateness of disclosure in the
financial statements.
Carrying Value of Exploration and Evaluation Assets
Refer to Note 10 in the financial statements
The
Group
has
capitalised
exploration
and
evaluation
assets
with
a
carrying
value
of
$126,002,000 as at 31 December 2024.
Our audit procedures included:
•
Assessing the Group’s accounting policy for
compliance with Australian Accounting Standards;
Key Audit Matter
How our audit addressed this matter
We considered this to be a key audit matter due to
the significant management judgments involved in
assessing the carrying value of the asset, including:
•
Determination of whether the exploration and
evaluation assets can be associated with finding
specific mineral resources and the basis on
which that expenditure is allocated to an area of
interest;
•
Assessing whether exploration activities have
reached a stage at which the existence of
economically recoverable reserves may be
determined; and
•
Assessing whether any indicators of impairment
are present and, if so, judgment applied to
determine and quantify any impairment loss.
•
Obtaining a schedule of the areas of interest held
by the Group and testing on a sample basis that the
right to tenure of each relevant area of interest
remained current at the reporting date;
•
Testing a sample of additions to supporting
documentation
and
ensuring
the
amounts
capitalised during the year comply with the Group’s
accounting policy and relate to the area of interest;
•
Assessing
management’s
determination
that
exploration activities have not yet progressed to the
stage where the existence or otherwise of
economically
recoverable
reserves
may
be
determined;
•
Enquiring with management and reading budgets
and other documentation as evidence that active
and significant operations in, or relation to, the area
of interest will be continued in the future;
•
Assessing
and
evaluating
management’s
assessment of whether indicators of impairment
existed at the reporting date; and
•
Assessing the appropriateness of the disclosures
in the financial statements.
Provision for Rehabilitation
Refer to Note 12 in the financial statements
The Group has a provision for rehabilitation
obligations of $35,354,000 as at 31 December 2024.
We considered this to be a key audit matter due to
the
significant
management
judgments
and
estimates involved in assessing the provision for
rehabilitation, including:
• Determination of costs to be incurred in future
years and their timing;
• Complexity involved in the quantification of the
provision based on areas disturbed; and
• The methodology used to calculate the provision
amount.
Our audit procedures included:
• Assessing the Group’s accounting policy for
compliance with Australian Accounting Standards;
• Obtaining an understanding of the process involved
in the determination of this provision;
• Assessing the mathematical accuracy of the model
used to calculate the provision;
• Assessing the reasonableness of the inflation rate,
discount rate and timing of the rehabilitation
cashflows assumptions used in the model;
• Assessing areas of disturbances and management
cost estimates;
• Assessing the work performed by management’s
expert, including the competency and objectivity of
the expert; and
• Assessing the appropriateness of the disclosures in
the 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 31 December 2024 but does not include the financial report and
the auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a.
The financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
b.
The consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i.
The financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view and is free from material misstatement, whether due to fraud or error; and
ii.
the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether
due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf This
description forms part of our auditor's report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 31 December 2024.
In our opinion, the Remuneration Report of Focus Minerals Limited for the year ended 31 December 2024,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
RSM AUSTRALIA
Perth, WA
ALASDAIR WHYTE
Dated: 31 March 2025
Partner
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 90
ASX Additional Information
Additional information required by the Australian Securities Exchange Listing Rules and not disclosed elsewhere in this
report.
The information was prepared based on share registry information processed up to 18 March 2025.
Range of Units
Range
Total holders
Units
% Units
1 - 1,000
971
433,249
0.15
1,001 - 5,000
1,441
3,521,757
1.23
5,001 - 10,000
366
2,726,037
0.95
10,001 - 100,000
500
15,337,185
5.35
100,001 Over
131
264,540,417
92.32
Rounding
0.00
Total
3,409
286,558,645
100.00
Unmarketable Parcels
Minimum Parcel Size
Holders
Units
Minimum $ 500.00 parcel at $ 0.21 per unit
2,381
1,806
1,832,617
Substantial Shareholders
As at 18 March 2025, the following had notified the Company as being substantial shareholders:
Shandong Gold International Mining Corporation Limited
181,079,908 ordinary shares
Voting Rights
All ordinary shares carry one vote per share without restriction. Options for ordinary shares do not carry any voting rights.
Statement of Quoted Securities
Quoted on the Australian Securities Exchange are 286,558,645 ordinary shares.
On-Market Buy Back
There is no current on-market buy back.
Restricted Securities
There are no restricted securities on issue.
Adjustments to financial Information presented in 30 June 2024 Half Year Report
In finalising the 31 December 2024 Full Year Financial Statements and their audit, and following detailed discussions with
the Company’s auditors, the Company has concluded that the Mining, Depreciation & Amortisation expenses presented in
the Statement of Profit or Loss for the half year ended 30 June 2024 had been incorrectly included in the Mining,
Depreciation & Amortisation expenses at the Greenfields pit. The Greenfields pit will be converted to an in-pit tailings
storage facility (“IPTSF”) once mining operations cease at the pit. This resulted in the net loss before tax presented in the
Statement of Profit or Loss for the half year ended 30 June 2024 being $23,112,757 higher, whilst the Mine Properties in
the Statement of Financial Position being $23,112,757 lower.
The combined effect of the above was a decrease in the net loss for the half year ended 30 June 2024 attributable to
members of $23,112,757 and an increase in Net Assets in the Statement of Financial Position as at 30 June 2024 of
$23,112,757.
The following tables show the effect of these matters on the Company’s Consolidated Statement of Profit or Loss and
Consolidated Statement of Financial Position versus those presented in the 30 June 2024 Half Year Report. These specific
restatement adjustments will be included in the Company’s 30 June 2025 half year accounts.
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 91
Consolidated Statement of Profit or Loss for the Half Year Ended 30 June 2024
Consolidated
30 June 2024
30 June 2024
$’000
$’000
$’000
Reported
Adjustment
Restated
$’000
Revenue from continuing operations
41,224
41,224
Interest income
139
139
Other income
-
-
Expense
Mining
(22,430)
18,012
(4,418)
Processing
(16,338)
(16,338)
Site services
(702)
(702)
Government & other royalty expenses
(981)
(981)
Changes in inventories
2,200
2,200
Depreciation and amortisation
(9,811)
5,100
(4,711)
Finance costs
(5,948)
(5,948)
Loss on disposal of tenements
-
-
Employee expense
(9,105)
(9,105)
Care and maintenance expenses
(447)
(447)
Corporate and other expenses
(3,666)
(3,666)
Exploration expenses
(22)
(22)
Loss before income tax expense for
the period
(25,887)
23,112
(2,775)
Income tax expense
-
Loss after income tax for the period
(25,887)
(2,775)
Other comprehensive income for the
period, net of tax
-
Total comprehensive loss for the
period
(25,887)
(2,775)
Earnings per Share
Basic loss per share (cents per share)
(9.03)
(0.97)
Diluted loss per share (cents per share)
(9.03)
(0.97)
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 92
Consolidated Statement of Financial Position for the Half Year Ended 30 June 2024
30 June 2024
30 June 2024
$’000
$’000
Reported
Adjustment
Restated
Assets
Current Assets
Cash and cash equivalents
6,564
6,564
Trade and other receivables
4,826
4,826
Inventories
8,709
8,709
Total Current Assets
20,099
20,099
Non-Current Assets
Cash and cash equivalents -restricted
5,052
5,052
Plant and equipment
82,447
82,447
Right-of-use assets
4,207
4,207
Mine properties
17,184
23,112
40,296
Exploration and evaluation assets
122,217
122,217
Total Non-Current Assets
231,107
23,112
254,219
Total Assets
251,206
23,112
274,318
Liabilities
Current Liabilities
Trade and other payables
25,017
25,017
Provisions
1,240
1,240
Borrowings
49,754
49,754
Lease liabilities
1,447
1,447
Total Current Liabilities
77,458
77,458
Non-Current Liabilities
Trade and other payables
3,768
3,768
Provisions
33,657
33,657
Borrowings
66,425
66,425
Lease liabilities
3,165
3,165
Total Non-Current Liabilities
107,015
107,015
Total Liabilities
184,473
184,473
Net Assets
66,733
23,112
89,845
Equity
Issued capital
453,119
453,119
Reserves
(7,178)
(7,178)
Accumulated losses
(379,208)
23,112
(356,096)
Total Equity
66,733
89,845
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 93
Twenty Largest Shareholders of Each Class of Quoted Securities
Ordinary Fully Paid Shares (ungrouped) as at 18 March 2025
Rank
Name
Units
% Units
1
SHANDONG GOLD INTERNATIONAL MINING CORPORATION
LIMITED
180,079,908
62.84
2
BNP PARIBAS NOMINEES PTY LTD
11,738,946
4.10
3
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
8,305,804
2.90
4
CITICORP NOMINEES PTY LIMITED
6,493,575
2.27
5
BNP PARIBAS NOMS PTY LTD
4,158,301
1.45
6
BNP PARIBAS NOMINEES PTY LTD
4,064,182
1.42
7
MR NANSEN NAIDOO
3,049,830
1.06
8
KAHUNA CLOTHING AND TRADING CO PTY LTD
2,000,493
0.70
9
RP ADMIN PTY LTD
1,608,037
0.56
10
MRS ETERNALINA ELLIS
1,600,000
0.56
11
MOCOCO PTY LTD
1,389,407
0.48
12
MR NANSEN NAIDOO
1,251,214
0.44
13
MR YIFEI WANG
1,247,489
0.44
14
MRS SUZANNE JOY ROBERTSON
1,230,000
0.43
15
ERIC'S PTY LIMITED
1,100,000
0.38
16
MR ZHAOYA WANG
950,000
0.33
17
MR PETER LOUIS THOMAS + MRS LEAH ADELAIDE THOMAS
885,000
0.31
18
SWISS TRADING OVERSEAS CORP
883,740
0.31
19
FOCUS MINERALS LIMITED
863,483
0.30
20
MR GEORGE SCOTT MILLING + MRS STEPHANIE MAY MILLING
829,299
0.29
Totals: Top 20 holders of ORDINARY SHARES (Total)
233,728,708
81.56
Total Remaining Holders Balance
52,829,937
18.44
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 94
Interest in Mining Tenements
Coolgardie Gold Project - Focus Minerals Ltd and its 100% subsidiaries
State
Project
Tenement
Status
Interest
State
Project
Tenement
Status
Interest
WA
Bayleys
M15/0150
Live
100%
WA
Infrastructure
L15/0063
Live
100%
WA
Bayleys
M15/0630
Live
100%
WA
Infrastructure
L15/0077
Live
100%
WA
Bayleys
M15/1434
Live
100%
WA
Infrastructure
L15/0078
Live
100%
WA
Bayleys
M15/1788
Live
100%
WA
Infrastructure
L15/0088
Live
100%
WA
Bayleys
P15/5717
Live
100%
WA
Infrastructure
L15/0090
Live
100%
WA
Bayleys
P15/6254
Live
100%
WA
Infrastructure
L15/0095
Live
100%
WA
Bayleys
P15/6256
Live
100%
WA
Infrastructure
L15/0096
Live
100%
WA
Bayleys
P15/6868
Live
100%
WA
Infrastructure
L15/0114
Live
100%
WA
Bonnie Vale
M15/0277
Live
100%
WA
Infrastructure
L15/0116
Live
100%
WA
Bonnie Vale
M15/0365
Live
100%
WA
Infrastructure
L15/0119
Live
100%
WA
Bonnie Vale
M15/0595
Live
100%
WA
Infrastructure
L15/0122
Live
100%
WA
Bonnie Vale
M15/0662
Live
100%
WA
Infrastructure
L15/0123
Live
100%
WA
Bonnie Vale
M15/0711
Live
100%
WA
Infrastructure
L15/0126
Live
100%
WA
Bonnie Vale
M15/0770
Live
100%
WA
Infrastructure
L15/0127
Live
100%
WA
Bonnie Vale
M15/0852
Live
100%
WA
Infrastructure
L15/0130
Live
100%
WA
Bonnie Vale
M15/0857
Live
100%
WA
Infrastructure
L15/0161
Live
100%
WA
Bonnie Vale
M15/0877
Live
100%
WA
Infrastructure
L15/0164
Live
100%
WA
Bonnie Vale
M15/0981
Live
100%
WA
Infrastructure
L15/0168
Live
100%
WA
Bonnie Vale
M15/1384
Live
100%
WA
Infrastructure
L15/0169
Live
100%
WA
Bonnie Vale
M15/1444
Live
100%
WA
Infrastructure
L15/0171
Live
100%
WA
Bonnie Vale
M15/1760
Live
100%
WA
Infrastructure
L15/0172
Live
100%
WA
Bonnie Vale
M15/1853
Pending
0%
WA
Infrastructure
L15/0173
Live
100%
WA
Bonnie Vale
P15/5159
Live
100%
WA
Infrastructure
L15/0174
Live
100%
WA
Bonnie Vale
P15/5702
Live
100%
WA
Infrastructure
L15/0175
Live
100%
WA
Bonnie Vale
P15/5703
Live
100%
WA
Infrastructure
L15/0177
Live
100%
WA
Bonnie Vale
P15/5704
Live
100%
WA
Infrastructure
L15/0179
Live
100%
WA
Bonnie Vale
P15/6598
Live
100%
WA
Infrastructure
L15/0186
Live
100%
WA
Bonnie Vale
P15/6670
Live
100%
WA
Infrastructure
L15/0193
Live
100%
WA
Bonnie Vale
P15/6777
Live
100%
WA
Infrastructure
L15/0194
Live
100%
WA
Bonnie Vale
P15/6801
Pending
0%
WA
Infrastructure
L15/0200
Live
100%
WA
Gunga
P15/6825
Pending
0%
WA
Infrastructure
L15/0211
Live
100%
WA
Gunga
P15/6826
Pending
0%
WA
Infrastructure
L15/0283
Live
100%
WA
Gunga
P15/6827
Pending
0%
WA
Infrastructure
L15/0294
Live
100%
WA
Gunga
P15/6828
Pending
0%
WA
Infrastructure
L15/0371
Live
100%
WA
Infrastructure
G15/0007
Live
100%
WA
Infrastructure
L15/0403
Pending
0%
WA
Infrastructure
G15/0046
Pending
0%
WA
Infrastructure
L15/0405
Pending
0%
WA
Infrastructure
L15/0027
Live
100%
WA
Infrastructure
L15/0421
Pending
0%
WA
Infrastructure
L15/0028
Live
100%
WA
Infrastructure
L15/0455
Pending
0%
WA
Infrastructure
L15/0034
Live
100%
WA
Infrastructure
L15/0458
Pending
0%
WA
Infrastructure
L15/0042
Live
100%
WA
Infrastructure
L15/0459
Live
100%
WA
Infrastructure
L15/0051
Live
100%
WA
Londonderry
P15/5964
Live
100%
WA
Infrastructure
L15/0059
Live
100%
WA
Londonderry
P15/5966
Live
100%
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 95
State
Project
Tenement
Status
Interest
State
Project
Tenement
Status
Interest
WA
Londonderry
P15/5967
Live
100%
WA
Three Mile Hill
M15/0645
Live
100%
WA
Londonderry
P15/5968
Live
100%
WA
Three Mile Hill
M15/0781
Live
100%
WA
Londonderry
P15/5971
Live
100%
WA
Three Mile Hill
M15/0827
Live
100%
WA
Londonderry
P15/5972
Live
100%
WA
Three Mile Hill
M15/1341
Live
100%
WA
Londonderry
P15/6118
Live
100%
WA
Three Mile Hill
M15/1357
Live
100%
WA
Londonderry
P15/6119
Live
100%
WA
Three Mile Hill
M15/1358
Live
100%
WA
Londonderry
P15/6120
Live
100%
WA
Three Mile Hill
M15/1359
Live
100%
WA
Londonderry
P15/6121
Live
100%
WA
Three Mile Hill
M15/1432
Live
100%
WA
Londonderry
P15/6122
Live
100%
WA
Three Mile Hill
P15/6541
Live
100%
WA
Londonderry
P15/6123
Live
100%
WA
Tindals
M15/0023
Live
100%
WA
Londonderry
P15/6176
Live
100%
WA
Tindals
M15/0237
Live
100%
WA
Londonderry
P15/6177
Live
100%
WA
Tindals
M15/0410
Live
100%
WA
Londonderry
P15/6178
Live
100%
WA
Tindals
M15/0411
Live
100%
WA
Lord Bob
M15/0385
Live
100%
WA
Tindals
M15/0412
Live
100%
WA
Lord Bob
M15/1789
Live
100%
WA
Tindals
M15/0646
Live
100%
WA
Lord Bob
P15/5712
Live
100%
WA
Tindals
M15/0660
Live
100%
WA
Lord Bob
P15/5939
Live
100%
WA
Tindals
M15/0675
Live
100%
WA
Lord Bob
P15/6102
Live
100%
WA
Tindals
M15/0958
Live
100%
WA
Norris
M15/0384
Live
100%
WA
Tindals
M15/0966
Live
100%
WA
Norris
M15/0515
Live
100%
WA
Tindals
M15/1114
Live
100%
WA
Norris
M15/0761
Live
100%
WA
Tindals
M15/1262
Live
100%
WA
Norris
M15/0791
Live
100%
WA
Tindals
M15/1293
Live
100%
WA
Norris
M15/0871
Live
100%
WA
Tindals
M15/1294
Live
100%
WA
Norris
M15/1153
Live
100%
WA
Tindals
M15/1433
Live
100%
WA
Norris
M15/1422
Live
100%
WA
Tindals
M15/1461
Live
100%
WA
Norris
M15/1793
Live
100%
WA
Tindals
P15/6251
Live
100%
WA
Norris
M15/1918
Pending
0%
WA
Tindals
P15/6252
Live
100%
WA
Norris
P15/6002
Live
100%
WA
Tindals
P15/6253
Live
100%
WA
Norris
P15/6033
Live
100%
WA
Tindals
P15/6257
Live
100%
WA
Norris
P15/6605
Live
100%
WA
Tindals
P15/6333
Pending
0%
WA
Norris
P15/6633
Live
100%
WA
Tindals
P15/6335
Live
100%
WA
Norris
P15/6639
Live
100%
WA
Norris
P15/6667
Live
100%
WA
Norris
P15/6785
Live
100%
WA
Norris
P15/6915
Pending
0%
WA
Three Mile Hill
M15/0154
Live
100%
WA
Three Mile Hill
M15/0636
Live
100%
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 96
Laverton Gold Project - Focus Minerals Ltd and its 100% subsidiaries
State
Project
Tenement
Status
Interest
State
Project
Tenement
Status
Interest
WA
Admiral Hill -
Barnicoat
E38/1864*
Live
100%
WA
Central
Laverton
M38/0364*
Live
100%
WA
Admiral Hill -
Barnicoat
E38/3232
Live
100%
WA
Central
Laverton
M38/1187*
Live
100%
WA
Admiral Hill -
Barnicoat
E38/3238
Live
100%
WA
Chatterbox
E38/3639
Live
100%
WA
Admiral Hill -
Barnicoat
E38/3565
Live
100%
WA
Chatterbox
E38/3821
Live
100%
WA
Admiral Hill -
Barnicoat
E38/3661
Live
100%
WA
Chatterbox
E38/3823
Pending
0%
WA
Admiral Hill -
Barnicoat
E38/3691
Live
100%
WA
Chatterbox
E38/3830
Live
100%
WA
Admiral Hill -
Barnicoat
E38/3824
Pending
0%
WA
Chatterbox
E38/3832
Live
100%
WA
Admiral Hill -
Barnicoat
M38/0264*
Live
100%
WA
Chatterbox
M38/0049*
Live
100%
WA
Admiral Hill -
Barnicoat
M38/0318*
Live
100%
WA
Chatterbox
M38/0101*
Live
100%
WA
Admiral Hill -
Barnicoat
M38/0376*
Live
100%
WA
Chatterbox
M38/0535*
Live
100%
WA
Admiral Hill -
Barnicoat
M38/0377*
Live
100%
WA
Chatterbox
M38/0693*
Live
100%
WA
Admiral Hill -
Barnicoat
M38/0387*
Live
100%
WA
Infrastructure
G38/0020
Live
100%
WA
Admiral Hill -
Barnicoat
M38/0401*
Live
100%
WA
Infrastructure
G38/0024
Live
100%
WA
Admiral Hill -
Barnicoat
M38/0507*
Live
100%
WA
Infrastructure
G38/0025
Live
100%
WA
Admiral Hill -
Barnicoat
M38/1032*
Live
100%
WA
Infrastructure
G38/0033
Live
100%
WA
Admiral Hill -
Barnicoat
M38/1042*
Live
100%
WA
Infrastructure
L38/0034
Live
100%
WA
Admiral Hill -
Barnicoat
P38/4519
Live
100%
WA
Infrastructure
L38/0052
Live
100%
WA
Burtville
E38/1642*
Live
100%
WA
Infrastructure
L38/0053
Live
100%
WA
Burtville
E38/2032*
Live
100%
WA
Infrastructure
L38/0054
Live
100%
WA
Burtville
E38/3050**
Live
100%
WA
Infrastructure
L38/0055
Live
100%
WA
Burtville
E38/3051**
Live
100%
WA
Infrastructure
L38/0056
Live
100%
WA
Burtville
E38/3088
Live
100%
WA
Infrastructure
L38/0057
Live
100%
WA
Burtville
E38/3217
Live
100%
WA
Infrastructure
L38/0063
Live
100%
WA
Burtville
E38/3659
Live
100%
WA
Infrastructure
L38/0075
Live
100%
WA
Burtville
E38/3816
Pending
0%
WA
Infrastructure
L38/0076
Live
100%
WA
Burtville
M38/0008*
Live
100%
WA
Infrastructure
L38/0078
Live
100%
WA
Burtville
M38/0073*
Live
91%
WA
Infrastructure
L38/0092
Live
100%
WA
Burtville
M38/0089*
Live
91%
WA
Infrastructure
L38/0101
Live
100%
WA
Burtville
M38/0261*
Live
100%
WA
Infrastructure
L38/0108
Live
100%
WA
Burtville
M38/1281*
Live
100%
WA
Infrastructure
L38/0152
Live
100%
WA
Burtville
P38/4547
Live
100%
WA
Infrastructure
L38/0153
Live
100%
WA
Central Laverton
E38/3424
Live
100%
WA
Infrastructure
L38/0160
Live
100%
WA
Central Laverton
E38/3858
Pending
0%
WA
Infrastructure
L38/0165
Live
100%
WA
Central Laverton
E38/3859
Pending
0%
WA
Infrastructure
L38/0166
Live
100%
WA
Central Laverton
M38/0143*
Live
100%
WA
Infrastructure
L38/0173
Live
100%
WA
Central Laverton
M38/0236*
Live
100%
WA
Infrastructure
L38/0177
Live
100%
WA
Central Laverton
M38/0270*
Live
100%
WA
Infrastructure
L38/0179
Live
100%
WA
Central Laverton
M38/0342*
Live
100%
WA
Infrastructure
L38/0183
Live
100%
WA
Central Laverton
M38/0345*
Live
100%
WA
Infrastructure
L38/0231
Live
100%
WA
Central Laverton
M38/0363*
Live
100%
WA
Infrastructure
L38/0335
Live
100%
Focus Minerals Ltd – Annual Report for the year ended 31 December 2024
Page | 97
State
Project
Tenement
Status
Interest
State
Project
Tenement
Status
Interest
WA
Infrastructure
L38/0336
Live
100%
WA
Lancefield
M38/1272*
Live
100%
WA
Infrastructure
L38/0337
Live
100%
WA
Lancefield
P38/4347
Live
100%
WA
Infrastructure
L38/0338
Live
100%
WA
Lancefield
P38/4348
Live
100%
WA
Infrastructure
L38/0339
Pending
0%
WA
Lancefield
P38/4349
Live
100%
WA
Lake Carey
E38/2873
Live
100%
WA
Prendergast
E38/1725*
Live
100%
WA
Lancefield
E38/3186
Live
100%
WA
Prendergast
E38/1869*
Live
100%
WA
Lancefield
M38/0037*
Live
100%
WA
Prendergast
E38/2862**
Live
100%
WA
Lancefield
M38/0038*
Live
100%
WA
Prendergast
P38/4551
Live
100%
WA
Lancefield
M38/0159*
Live
100%
WA
Lancefield
M38/0547
Live
100%
* and ** see note within Royalty Agreements section for the Laverton Gold Project.
Tenement Abbreviations:
E
=
Exploration Licence
P
=
Prospecting Licence
M
=
Mining Lease
L
=
Miscellaneous Licence
G
=
General Purpose Licence