2024
ANNUAL REPORT
ABN: 58 101 026 859
Annual Report For The Year Ended
30 June 2024
CONTENTS
Page
Chairman's Letter
1
Directors' Report
2
Auditor's Independence Declaration
20
Consolidated Statement of Profit or Loss and Other Comprehensive Income
21
Consolidated Statement of Financial Position
22
Consolidated Statement of Changes in Equity
23
Consolidated Statement of Cash Flows
24
Notes to the Financial Statements
25
Consolidated Entity Disclosure Statement
50
51
52
57
GLADIATOR RESOURCES LIMITED
AND CONTROLLED ENTITIES
Additional Information for Listed Public Companies
Independent Auditor's Report
Directors' Declaration
1
Dear Shareholders,
The Company has spent the last 12 months consolidating our assets and really ramping up
our exploration program in Tanzania. We divested all of our Australian gold leases to allow
us to focus on where we felt our strengths were, and that was on Uranium in Tanzania.
Tanzania remains one of the most exploration and developer-friendly regions in the world for
mining, and the supply/demand argument for Uranium in coming years is irrefutable, and so
it seemed the logical progression for future success.
A significant capital raise in March 2024 brought on some new investors and $4m in cash,
allowing us to fund the largest drilling program in the history of the Company, with the
primary target being the Mkuju region in Tanzania where we hold a number of leases. At the
time of writing, early results have been extremely promising, and we have commissioned an
independent group to carry out an assessment for potential In Situ Recovery (ISR) at Likuyu
North. ISR accounts for over 50% of the world’s uranium production, all from sandstone
hosted deposits, and the assessment will reveal the potential suitability of ISR which can
then help us make a decision as to whether to advance to a Scoping Study.
The drilling program just concluded was always intended to be very targeted so as to
maximise the way we spend shareholder monies, and the holes drilled and results achieved
to date have been extremely informative and will help shape our future programs. You can
be assured that will always look to maximise the value we get for each dollar spent, and it is
fair to say that our next program will be even further targeted than this one so as to
maximise value.
We are always reviewing our portfolio and learning from the new information as it becomes
available, and that may mean that we have a assets that do not meet our ever increasing
required levels of promise, and so we will continue to adjust our asset base as necessary.
We are confident that we are still in the right areas and have the right expertise to take
advantage of the future demand for Uranium, and that our results will speak for themselves
and gain market attention.
In closing, on behalf of the Board may I thank all of our shareholders for their ongoing
support. We remain confident in the future of the Company.
Yours sincerely,
Greg Johnson
Non Executive Chairman
Non-executive Chairman
Appointed 19 July 2022
Other current directorships of listed companies
None
Former directorships of listed companies in last three years
None
Non-executive Director
Appointed 19 July 2022
Other current directorships of listed companies
None
Former directorships of listed companies in last three years
None
Non-executive Director
Appointed 7 August 2023
Other current directorships of listed companies
Magnis Energy Technologies - appointed 16 June 2015
Former directorships of listed companies in last three years
None
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
The Directors of Gladiator Resources Limited, submit herewith the financial report of Gladiator Resources Limited and its subsidiaries ("the
Group") for the year ended 30 June 2024.
General Information
Directors
The names and details of the Group's Directors in office during the financial year and until the date of this report are as follows:
Directors were in office for this entire period unless otherwise stated.
Gregory Johnson
With more than 25 years of experience in the fund's management
industry, Greg has held senior Capital Raising and client relationship
roles at Macquarie, Perpetual, and Dimensional, and has led Client
Services teams at Deutsche Bank, Credit Suisse, and Macquarie
Funds Management. Greg is a qualified Director and a member of the
Australian Institute of Company Directors. His Board experience
includes 8 years as an Executive Director of Apostle Funds
Management (holder of an Australian Financial Services Licence) and 5
years as a non-Executive Director of the South Sydney Rabbitohs
Member Co Board, on which he continues to serve. Greg will provide
vast Financial Services experience building relationships with existing
and new investors.Building and maintaining relationships are the core
ethos of Greg's skills.
Matthew Boysen
Matthew is a self-made sophisticated investor owning and operating a
highly successful retail business that has and continues to experience
exponential growth on an annual basis. He has substantial marketing
and communication expertise which is reflected in his business success
and a straightforward appoach to delivering a Company's message to its
market. Communication and teamwork are his most important business
traits. Matthew has successfully invested in many exploration, energy
and mining companies during the past 20 years and understands the
flexibility required in the fast-paced environment in that ASX Mining
companies operate.
Peter Tsegas
Peter resides in Tanzania and has over 20 years of experience in Africa
engaging with both the private and government sector with mining
projects in several commodities including uranium. Peter was
instrumental in acquiring Gladiator’s uranium projects.
Peter has consulted to a number of Tanzanian government ministries
and to mining companies including Rio Tinto. He was founder and
managing director of Tancoal Energy Ltd which he successfully took
from exploration through to a Joint Venture with the Tanzanian
Government and then to production. Peter is presently a non-executive
director of Magnis Energy Technologies (ASX:MNS) and Mantra
Tanzania Limited.
2
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
Non-executive Director
Appointed 7 August 2023
Other current directorships of listed companies
None
Former directorships of listed companies in last three years
None
Non-executive Director
Appointed 7 August 2023
Other current directorships of listed companies
None
Former directorships of listed companies in last three years
Managing Director
Other current directorships of listed companies
Cassius Mining Limited - appointed 8 June 2017
Former directorships of listed companies in last three years
None
Executive Chairman
Other current directorships of listed companies
Cassius Mining Limited - appointed 31 October 2014
Former directorships of listed companies in last three years
None
Andrew Pedley
Mr Pedley holds a Master's degree in Geology from the Camborne
School of Mines in England and has worked as a geologist in Africa for
over 25 years including roles as Exploration Manager through to VP
Exploration.
Of particular relevance to Gladiator is that Mr. Pedley brings a wealth of
uranium experience starting with his time as Exploration Manager for
Uramin Inc in 2006, which sold to Areva for US$2.5B. Mr. Pedley brings
specific skills in the exploration for uranium and the delineation of
uranium Mineral Resource Estimates in accordance with JORC and
ASX listing rules. He has acted as a Competent Person (CP) on several
uranium projects and is a is a Registered Professional Natural Scientist
with the South African Council for Natural Scientific Professions
(SACNASP) and a Member of the Geological Society of South Africa
(GSSA). Mr. Pedley resides in South Africa.
Appointed 19 July 2022
Resigned 7 August 2023
Appointed 19 July 2022
Resigned 7 August 2023
David Chidlow
David has a very strong resource project management background over
40 years in planning, setting up and overseeing exploration and
development projects in many different countries under extremely
challenging conditions (logistically and operationally). He has worked on
international and domestic projects with many multinational oil majors
including Exxon Mobil, BP, Inpex, Oilsearch and Santos, together with
several years’ experience as Technical Director in minerals exploration
at ASX Board Level. David is a qualified Geologist and drilling engineer.
Given his readily transferable skill set, he provides a broad base of
operational and planning experience to significantly benefit Gladiator
Resources in its international and domestic exploration projects.
James Arkoudis
James has a background of over thirty successful years of commercial
experience as a solicitor. He has worked in a range of practices as well
as having been in house counsel for a large, listed property trust group,
and other commercial finance companies. James has broad experience
in litigation matters and has acted for numerous corporate clients
including mining companies in this regard. James has also served as a
director of several ASX listed mining companies for over the last 10
years. He has extensive mining experience both locally and in African
Jurisdictions.
Rod has 40 years of experience in the minerals industry across Africa,
Australia and South America, both in executive management roles and
metallurgical project development roles from exploration to production.
Rod has largely resided in Africa for nearly two decades and is currently
Project Director for Magnis Energy Technologies (ASX:MNS) Nachu
Graphite Project. Rod also played a key role in the development of
Mantra Resources Mkuju River uranium project and the commissioning
of Paladin Energy's (ASX:PDN) Langer Heinrich and Kayelekara
uranium projects. Prior to that Rod has worked for major miners
including Newcrest (ASX:NCM) and Barrick Gold (NYSE:GOLD).
Rod Chittenden
Avadale Resource Ltd: Aug 2020 - Oct 2021
3
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
Company Secretary
Appointed 3 April 2023
Shareholdings of directors and other key management personnel
Gregory Johnson
Matthew Boysen
Peter Tsegas
Andrew Pedley
Rod Chittenden
James Arkoudis1 (Resigned 7th August 2023)
David Chidlow2 (Resigned 7th August 2023)
Corporate Information
Corporate Structure
Principal Activities and Significant Changes in Nature of Activities
Dividends
Operating and Financial Review
Review of Operations
5,000,000
-
-
5,000,000
-
5,000,000
2,282,000
5,000,000
Share Options
Ordinary Shares
No dividends in respect of the current financial year have been paid, declared or recommended for payment.
Please refer to Review of Operations for more information.
Gladiator Resources Limited is a company limited by shares that is incorporated and domiciled in Australia. Refer to Note 9 for further details
of wholly owned subsidiaries under the Company's control.
The Company continues to engage in exploration activities, focusing on under-explored mineral properties.
During the financial year the Company successfully acquired a further Uranium exploration license in Tanzania, Africa. The Board has
continued searching for such opportunities, and the new Tanzanian Uranium License continues to fulfil the Board’s desire to introduce projects
with medium term development upside and an exposure to the energy market. The Company is now well positioned to profit from the
worldwide move to environmentally clean energy markets and economies ahead.
The Tanzanian acquisition of Zeus Resources (T) Ltd. (“Zeus”) was structured to hand effective management to the vendors of the projects
once the acquisition was completed, a resource reported and a development path finalized and it was always expected that the vendors would
have substantial Board representation once milestone shares were issued. This was completed in February 2023.
2,000,000
6,500,000
38,800,000
20,000,000
17,850,000
5,000,000
Mr Andrew Metcalfe (B.Bus, CPA, FGIA, GAICD) manages the
Company Secretary services of the Company. Mr. Metcalfe is an
experienced independent company secretary and business consultant,
and is well qualified for the position having been a company secretary
and governance advisor to ASX listed companies for over 25 years.
Andrew Metcalfe
The interest of each Director and any other key management personnel, directly and indirectly, in the shares and options of the Company at
the date of this report are as follows:
4
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
5
TANZANIAN URANIUM PROJECTS
Figure 1 shows the location of the Tanzanian Projects and Table 1 provides a list of the Prospecting Licenses (PLs) that
comprise each Project. In 2021 Gladiator announced its acquisition of a prospective Tanzanian exploration portfolio (GLA
announcement dated 11 August 2021) by entering into a binding Memorandum of Understanding (MOU) to acquire
Tanzanian company Zeus Resources (T) Limited (Zeus). This gave Gladiator 100% control of Prospecting Licenses (PLs)
in Tanzania. During the year Minjingu and Liwale were relinquished, leaving the 5 PLs listed in Table 1. Four of these
PLs are contiguous and make up the Mkuju Project where the Company believes has the potential to host a world-class
uranium deposit such as the Nyota deposit (20kms north of the Mkuju Project) which hosts a Measured and Indicated
Mineral Resource Estimate (MRE) of 187 Mt at 306 ppm U3O8 containing 124.6 Mlbs U3O8. Nyota is being developed
by uranium company Uranium One and is in the same geological basin as the Mkuju Project (Mkuju). During the year the
Company has carried out trenching and drilling at Mkuju, as described herein.
Figure 1: Prospecting Licenses held by Zeus Resources (T) Limited in Tanzania.
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
6
Table 1. Prospecting Licenses held by Zeus Resources (T) Limited in Tanzania.
Mkuju Uranium Project
Figure 2 shows the airborne radiometric image for the Mkuju Project and the main target areas, being Likuyu North,
Likuyu South and the Mtonya-SWC trend. The tenements were previously owned by Uranex Limited, Western Metals
Limited (WML) and Mantra Resources who carried out exploration up until 2012. Gladiator acquired all available
exploration data for the work up until 2012.
Figure 2: The Mkuju Project area over airborne radiometric data with important deposits and targets
labelled. The new SWC license is also shown.
PL Number
Other Projects
Mkuju Project
%
Ownership
100
Project
MKUJU - Grand Central
21-Sep-25
Uranium
Licence
Period
Initial period
Initial period
Initial period
Initial period
Initial period
Initial period
Initial period
Initial period
Commodity
Uranium
Uranium
Uranium &
Phosphorus
Uranium
Uranium
Uranium
Uranium
PL11704/2021
100
Licence Holder
Zeus Resources (T)
Limited
Zeus Resources (T)
Limited
Zeus Resources (T)
Limited
Zeus Resources (T)
Limited
Zeus Resources (T)
Limited
Area in sq km
207.82
195.11
299.11
299.72
171.19
PL expiry date
21-Sep-25
18-May-27
100
100
PL11708/2021
PL11707/2021
PL11706/2021
PL11705/2021
LIWALE1
MINJINGU1
SOUTHWEST CORNER
PL11709/2021
PL11703/2021
PL12354/2023
MKUJU - Likuyu North
MKUJU - Mtonya
FOXY
ELAND
100
100
100
100
Zeus Resources (T)
Limited
Zeus Resources (T)
Limited
Zeus Resources (T)
Limited
299.70
294.70
46.66
21-Sep-25
21-Sep-25
21-Sep-25
21-Sep-25
21-Sep-25
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
7
Table 2 summarises the work completed during 2023-2024 at the Mkuju Project. In addition, a 182 line km radiometric
survey was completed at the SWC target during October 2023 and ground magnetic surveys at Likuyu North.
Table 2. Summary of the work at each target
Target
Type
Completed
No.
Total metres
SWC
Trenches
Sep & Oct 2023
5 trenches
402
SWC
Pits
Jun 2024
6 pits
25
SWC
Diamond core holes
Jun 2024
7 holes
706.7
Mtonya
Diamond core holes
Jun & Jul 2024
8 holes
839.8
Mtonya
Pits
Jun 2024
5 pits
17.5
Likuyu North
Diamond core holes
Aug & Sep 2024
8 holes
1252.7
SWC target exploration
Trenching
At the SWC target trenches were completed to test the anomalies defined by the ground radiometric survey. 5 trenches were
completed across the anomalies. These were reported on the 26th December 2023. Vertical intervals from gently dipping
mineralized layers included:
o
1.95m with an average grade of 1776ppm U3O8 in Trench 1
o
1.40m with an average grade of 3170ppm U3O8 in Trench 2
o
1.40m with an average grade of 3945ppm U3O8 in Trench 4
o
1.40m with an average grade of 4442ppm U3O8 in Trench 5
o
0.75m with an average grade of 7139ppm U3O8 in Trench 5
o
2.55m with an average grade of 2017ppm U3O8 in Trench 5
Drilling
During May 2024 a camp was constructed and a drilling and exploration crew was mobilized. The holes drilled at SWC are
shown on Figure 3. Table 3 provides the results of the SWC and Mtonya drilling.
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
8
Figure 3: Map of the SWC and Mtonya targets showing historic and Gladiators drilling
Drilling commenced at SWC during that month, to test the trenches and the down-dip extension of the mineralized layers. All
holes were vertical, drilling was by diamond core and the deepest was 188.7 metres. The results were reported in
announcements dated 24th June and 16th August 2024. Selected results are provided below:
o
SWDD001: 3.8m @ 2,458ppm eU3O8 from surface.
o
SWDD002: 2.4m @ 3,528ppm eU3O8 from surface.
o
SWDD005: 1.8m @ 3,089ppm eU3O8 from surface and 1.2m @ 988ppm eU3O8from 5.9m depth
o
SWDD006: 5.3m @ 143ppm eU3O8 from 3.0m depth
The trench and high-grade drilling intersections are interpreted to be the remains of a layer that is preserved on topographic
highs within a relatively downthrown block, as illustrated in Figure 4 a cross-sectional interpretation through SWC. Where the
layer is at or vey near surface as in SWDD001 and SWDD002 enrichment by supergene processes may have occurred whereas
where deeper and unaffected by the surficial enrichment as in SWDD006 grades are lower. No significant mineralisaton was
intersected deeper in the holes drilled at SWC.
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
9
Figure 4: Cross-sectional interpretation through SWC
Mtonya target exploration
After drilling at SWC the rig moved to test the extension of mineralisation reported in holes drilled between 2010-2012 at the
Mtonya deposit. The mineralisation in the historic holes is described in the announcement dated 9 October 2023. After drilling
3 holes at Mtonya Central (MTDD001 to MTDD003 on Figure 3) it was decided not to complete further wok. The holes did not
contain significant intervals and appear to be proximal to a fault, possibly part of a series of northeast-southwest oriented
‘bounding faults’ that broadly delineate and terminate the northwest margin of the mineralisation. Two holes were then drilled
towards the southern end of the corridor at the ‘Henri Prospect’ (Figure 3) to test the results reported for Reverse Circulation
(RC) holes drilled in 2006-2008 which ended at between 50 and 60 metres depth. MTDD004 intersected uranium at multiple
levels the best being 2.3m @ 372ppm eU3O8 from 6.16m depth. As is indicated on Figure 3, further work is required to test the
possibility of a large roll-front deposit in the area south of the Henri Prospect.
Table 3. Summary of intersections at SWC and Mtonya
Area
Hole ID
Depth from
(m)
Depth to (m)
thickness (m)
eU3O8 ppm
Southwest Corner
SWDD001
0.00
3.77
3.77
2 458
Southwest Corner
SWDD002
0.00
2.21
2.43
3 528
Southwest Corner
SWDD003
minor mineralised intervals only
Southwest Corner
SWDD004
no significant mineralisation
Southwest Corner
SWDD005
0.00
1.78
1.78
3 089
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
10
Table 3. Summary of intersections at SWC and Mtonya (cont.)
Area
Hole ID
Depth from
(m)
Depth to (m)
thickness (m)
eU3O8 ppm
Southwest Corner
and
5.85
7.04
1.19
988
Southwest Corner
SWDD006
3.00
8.27
5.27
143
Mtonya Central
MTDD001
minor mineralised intervals only
Mtonya Central
MTDD002
minor mineralised intervals only
Mtonya Central
MTDD003
minor mineralised intervals only
Mtonya - Henri
MTDD004
6.16
8.49
2.33
372
Mtonya - Henri
and
9.79
10.39
0.60
133
and
24.26
27.17
2.91
198
Mtonya - Henri
MTDD005
minor mineralised intervals only
*SWDD001 to 005 interval defines using a 400 ppm eU3O8 cut-off, SWDD006 and MTDD holes using a 100ppm cut off.
* All grades are equivalent uranium (denoted by the prefix ‘e’). The gamma-ray tool used was calibrated but may be subject to
‘radiogenic disequilibrium’ which can lead to overstatement or understatement of grade. Laboratory analyses are underway as
a verification check of the grades
Likuyu North exploration
At Likuyu North there is an existing deposit with a MRE of 7.7 Mt with an average grade of 267 ppm U3O8 containing 4.6
Mlbs U3O8 using a 100 ppm U3O8 cut-off. During the year, exploration was carried out with the intention of identifying
areas with potential for additional mineralisation, either extensions or ‘satellite’ deposits. A 327 line-km ground magnetic
survey was completed at Likuyu North on a 80m line spacing, to provide data to assist with the interpretation of the extent
and form of the controlling basin and structures. Figure 5 shows a 1st Vertical Derivative image of the magnetic data,
drillholes and the deposit extent.
During August 2024, 8 exploration holes totaling 1252.7m were drilled to test on strike and down-dip of the deposit, guided by
the magnetic data. Holes were between 63 and 225 m depth. As is shown on the cross-section in Figure 6, LNDD015 drilled to
test the downdip continuation of the deposit contains a ~5m mineralised interval based on the scintillometer. The hole could not
be logged with the down-hole gamma-ray tool (to determine eU3O8) due to a hole blockage but based on the scintillometer
readings on the core it has a mineralised interval of approximately 5 metres thickness centred on 135m downhole - this interval
is 100 m beyond the current MRE (pit-shell) and correlates with the main mineralised layer up-dip. The samples have been
dispatched to the laboratory for analysis.
LNDD020 was drilled to provide fresh drill-core to assist with initial assessment of the potential of In Situ Recovery (ISR) as a
mining method for the Likuyu North deposit. ISR accounts for over 50% of the worlds uranium production. The hole was
positioned in an area relatively central to the deposit known to have thick and high-grade mineralisation (Figure 6), hosted by
medium to coarse grained sandstone beds. LNDD020 contains 6 mineralised intervals (Table 4) including:
o
2.5 metres with an average grade of 438 ppm eU3O8 from 17.1m depth.
o
7.1 metres with an average grade of 1,963 ppm eU3O8 from 63.1m depth.
The drilling has furthered Gladiators understanding of the deposit – the mineralisation is interpreted to be controlled by a
southeast-dipping ‘stacked roll-front system’ (Figure 6) thought to have originated from groundwater flow the northwest (Figure
5). Towards the southeast, down-dip the rocks are increasingly comprised of reduced intervals and the mineralisation dissipates.
The uranium is best developed within the transitional or oxidised zones.
The other holes which tested on-strike/trend of the deposit did not identify new areas of significant mineralisation. These holes
are wide spaced and further work is justified to test up and down-dip, focusing om the transition of oxide to reduced rocks.
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
11
Figure 5: Ground magnetic image (1VD) with the Likuyu North deposit shown along with the interpreted
‘uranium-front’ and main structures. Gladiators’ recent holes are shown.
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
12
Figure 6: North-south cross-section showing the downhole logged eU3O8, mineralized layers and
oxide/transitional zones. LNDD015 and LNDD020 are shown.
Table 4. Mineralised intervals in LNDD020
From (m)
To (m)
Interval (m)
eU3O8 (ppm)
17.1
19.6
2.5
438
23.6
24.2
0.5
203
31.8
33.5
1.8
150
37.2
38.0
0.8
211
46.6
47.3
0.7
205
63.1
70.2
7.1
1 963
Further work
Referring to Figure 2, future drilling would likely be at Likuyu South, Likuyu North and at Mtonya. To test large areas, it is
proposed that a small air-core rig is used, to drill relatively close spaced holes, drilling to at least below the water table. Areas
of uranium in the shallow holes can be followed up with deeper holes. Informed by the drilling as it progresses, work would
focus on structural blocks that have evidence for a lateral transition from oxidised and reduced rocks, the setting for Likuyu
North and all roll-front uranium deposits.
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
13
Previous work and existing Mineral Resource Estimate (MRE) for Likuyu North
In April 2022 Gladiator an updated MRE for Likuyu North deposit was completed by the South African office of the MSA
Group, bringing into compliance with the JORC Code 2012 edition. The MRE is based on 27,225 m of drilling carried out
in 2011 and 2012 and is provided in Table 5 below. There is a total of 7.7 Mt with an average grade of 267 ppm U3O8
containing 4.6 Mlbs U3O8 using a 100 ppm U3O8 cut-off. The resources are within a conceptual pit shell (using USD70
per lb/U3O8) to fulfill the requirements of reasonable prospects for eventual economic extraction (RPEEE). Figures 7
and 8 illustrate the form of the deposit.
Table 5. MRE for the Likuyu North deposit with effective date 27 April 2022, reported using a 100ppm and 200ppm
U3O8 cut-off grades.
100 ppm U3O8 cut off
Tonnes (millions)
grade U3O8 ppm
contained U3O8
Mlbs
Indicated
3.1
333
2.3
Inferred
4.6
222
2.3
Total Inferred + Indicated
7.7
267
4.6
200 ppm U3O8 cut off
Tonnes (millions)
grade U3O8 ppm
contained U3O8
Mlbs
Indicated
1.9
448
1.9
Inferred
1.9
326
1.4
Total Inferred + Indicated
3.8
387
3.2
1.
Effective date 27 April 2022
2.
Note that the material under each cut-off grade are not in addition to each other, the 200 ppm cut-off MRE is a portion of
the 100 ppm cut-off MRE.
3.
The MRE assumes open pit mining within a conceptual pit shell based on a USD70/lb U 3 O 8 and 88% recovery.
4.
Figures have been rounded to the appropriate level of precision for the reporting of Mineral Resources, totals may not
add-up exactly.
5.
The MRE are stated as in situ dry metric tonnes.
Figure 7: Plan view of the block model for Likuyu North and line of cross section in Figure 8.
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
14
Figure 8: Cross section through the Likuyu North deposit along the line of section drawn on Figure 7.
AUSTRALIAN GOLD PROJECTS
In 2024 the Company sold the remaining Bendoc Australian gold exploration licence having surrendered all remaining
licences considered non-core to its operations in the prior year. There are no Australian gold exploration licences held at 30
June 2024.
Bendoc Gold Project
The Bendoc gold exploration licence was sold for $60,000. A loss on sale of $676,965 was incurred on disposal of the licence.
Rutherglen Gold Project
In July 2023 the Company considered this project as non-core, and subsequently cancelled the transfer of EL006331 to
Gladiator.
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
CORPORATE
Financial Overview
Operating results for the year
Review of financial position
Summary of options on issue
Expiry Date
30 June 2025
31 December 2026
31 December 2026
31 December 2026
Events after the reporting period
Environmental Issues
Meetings of Directors
Gregory Johnson (Appointed 19 July 2022)
Rod Chittenden (Appointed 7 August 2023)
Matthew Boysen (Appointed 19 July 2022)
Andrew Pedley (Appointed 19 July 2022)
Peter Tsegas (Appointed 7 August 2023)
James Arkoudis (Resigned 7 August 2023)
David Chidlow (Resigned 7 August 2023)
Indemnifying Officers or Auditor
The Company nor any of its related bodies corporate have not provided any insurance for any auditor of the Company or a related body
corporate.
5
5
$0.050
1,250,000
The insurance policy does not contain details of the premium paid in respect of individual officers of the Company. Disclosure of the nature of
the liability cover and the premium paid is subject to a confidentiality clause under the insurance policy.
The Company has entered into an agreement with the Directors and certain officers to indemnify these individuals against any claims and
related expenses which arise as a result of work completed in their respective capabilities.
The Group is subject to and compliant with all aspects of environmental regulation of its exploration activities. The Directors are not aware of
any environmental law that is not being complied with.
Number eligible to
tt
d
Number attended
5
5
5
5
5
5
Prospecting licences 11706/2021 and 11707/2021 will be surrendered in September 2024 due to no activity at the leases this year, with focus
on other priorities. There are no other matters or circumstances that have arisen since 30 June 2024 that have significantly affected, or may
significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future
financial years.
5
5
$0.050
20,000,000
0
0
0
During the financial year, 5 meetings of directors (including committees of directors) were held.
Attendances by each director during the year were as follows:
Directors' Meetings
$0.020
50,126,923
86,376,923
During the year under review, there are a total of 86,626,923 unlisted options on issue.
Exercise Price
The loss for the Group is $2,378,107 (2023: loss of $1,442,989) which is largely consistent with expectations associated with the Group's
activities.
The net assets of the Group have increased by $2,732,181 from net assets of $2,211,457 to net assets of $4,943,638.
The Group's liabilities are represented solely by trade payables and accruals which will be settled on normal commercial terms.
Number of Options
$0.050
15,000,000
0
During the year, the Group entered into an insurance premium to insure certain officers of the Company and its controlled entities. The officers
of the Company covered by the insurance policy include the Directors named in this report.
The Directors' and Officers' Liability Insurance provides cover against all costs and expenses that may be incurred in defending civil or
criminal proceedings that fall within the scope of the indemnity and that may be brought against the officers in their capacity as officers of the
Company or a related body corporate.
15
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
Proceedings on Behalf of Company
Non-audit Services
Auditor’s Independence Declaration
REMUNERATION REPORT - AUDITED
Details of directors and other key management personnel
Gregory Johnson (appointed 19 July 2022)
Non-Executive Chairman
Matthew Boysen (appointed 19 July 2022)
Non-Executive Director
Peter Tsegas (Appointed 7 August 2023)
Non-Executive Director
Rod Chittenden (Appointed 7 August 2023)
Non-Executive Director
Andrew Pedley (Appointed 7 August 2023)
Non-Executive Director
David Chidlow (appointed 19 July 2022, resigned 7 August 2023)
James Arkoudis (appointed 19 July 2022, resigned 7 August 2023)
Remuneration Policy
Revenue
Net loss before tax
Net loss after tax
Share price at start of year
Share price at end of year
Dividends paid
Basic losses per share
30 June 2023
30 June 2022
30 June 2021
-
(2,378,107)
(1,442,989)
(793,738)
(309,910)
$0.015
$0.015
$0.015
$0.015
$0.015
$0.001
-
$0.015
(2,378,107)
(1,442,989)
(793,738)
(309,910)
-
-
-
-
-
-
(0.27)
(0.17)
(0.11)
(0.37)
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.
$0.015
Directors and other key management personnel of the Group during and since the end of the financial year are as follows:
The lead auditor's independence declaration for the year ended 30 June 2024 has been received and can be found on page 11 of the
Financial Report.
The Company's remuneration policy has been designed to align Director and Executive objectives with shareholder and business objectives
by providing remuneration packages comprising of a fixed remuneration component. The Board believes the remuneration policy for its
Directors and senior management to be appropriate and effective to attract and retain people with the necessary qualifications, skills and
experience to assist the company in achieving its desired results. Due to the size of the company, a remuneration committee has not been
formed.
Remuneration is reviewed on an annual basis, taking into consideration a number of performance indicators. While no performance based
remuneration component has been built into Director and senior management remuneration packages, it is envisaged that as the Company
further progresses, consideration will be given to this component of remuneration.
This remuneration report, which forms part of the Directors' report, sets out information about the remuneration of the Group's Directors and
other key management personnel for the year ended 30 June 2024. The prescribed details for each person covered by this report are detailed
below.
There were no non-audit services provided by the auditor during the period.
The Group's earnings and movements in shareholders' wealth for five years to 30 June 2024 are detailed in the following table:
30 June 2024
The Company was not a party to any such proceedings during the year.
16
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
Remuneration structure
Remuneration of Directors and Senior Management
Remuneration of Executive Directors
-
-
-
-
Remuneration of Non-Executive Directors
Group KMP
Gregory Johnson (appointed 19 July 2022)
Non-Executive Director
No fixed term
Matthew Boysen (appointed 19 July 2022)
Non-Executive Director
No fixed term
Peter Tsegas (appointed 7 August 2023)
Non-Executive Director
No fixed term
Andrew Pedley (appointed 7 August 2023)
Non-Executive Director
No fixed term
Rod Chittenden (appointed 7 August 2023)
Non-Executive Director
No fixed term
David Chidlow (appointed 19 July 2022)
Managing Director
Resigned 7 August 2023
James Arkoudis (appointed 19 July 2022)
Executive Chairman
Resigned 7 August 2023
Contract details (duration & termination)
Position Held as at 30 June 2024 and since
the end of the financial year
The Non-Executive Directors are paid a set amount per year. The Non-Executive Directors may receive consultant's fees through related
entities for services rendered on a commercial basis.
Two Executive Directors were engaged by the Company during or since the end of the financial year.
Objective
The Board seeks to set aggregate remuneration at a level which provides the Group with the ability to attract and retain Non-Executive
Directors of the highest calibre, whilst incurring a cost which is acceptable to shareholders.
In accordance with best practice corporate governance, the structure of Non-Executive and Executive director remuneration is separate and
distinct.
The Directors (both Executive and Non-Executive) and senior management of the Company received remuneration during the year
commencing 1 July 2023 and ending 30 June 2024 based on the following agreements:
Objective
The Board aims to reward Executive Directors with a level and mix of remuneration commensurate with their position and responsibilities
within the Company and so as to:
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 consultants as well as the fees paid to Non-Executive Directors of comparable
companies when undertaking the annual review process.
link reward with the strategic goals and performance of the Company; and
ensure total remuneration is competitive by market standards
Structure
reward Executives for Company, business unit and individual performance against targets set by reference to appropriate
benchmarks;
align the interest of Executive Directors with those of shareholders;
In determining the level and make-up of Executive Director remuneration, the Board considers external reports on market levels of
remuneration for comparable executive roles. It is the Board's policy that employment contracts are entered into with all senior Executive
Directors.
Structure
The Constitution and ASX Listing Rules specify that the aggregate remuneration of Non-Executive Directors shall be determined from time to
time by a general meeting of the Company's shareholders. An amount not exceeding the amount determined is then divided between the
Directors as agreed whilst maintaining a surplus amount that can be attributable to further Non-Executive Directors should they be appointed
at any time. The current aggregate remuneration amount is $396,000.
17
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
Remuneration of Directors and Other Key Management Personnel (KMP) for the Year Ended 30 June 2024
Group KMP
$
Remuneration of Directors and Other Key Management Personnel (KMP) for the Year Ended 30 June 2023
Group KMP
$
David Chidlow
James Arkoudis
Matthew Boysen
Gregory Johnson
Ian Hastings
Ian Richer
Shares options granted to directors and executives
Group KMP
Matthew Boysen
Andrew Pedley
Peter Tsegas
Greg Johnson
Rod Chittenden
David Chidlow
(appointed 19 July
2022)
42,151
-
-
42,151
-
-
-
Short-term Benefits
Salaries, fees and
leave
34,645
53,320
James Arkoudis
(appointed 19 July
2022)
33,834
-
47,694
-
-
47,694
62,613
76,037
-
62,613
76,037
Rod Chittenden
(appointed 7
August 2023)
-
-
350,294
-
-
-
-
Amount owing
as at 30 June
2024
-
-
-
53,320
Gregory Johnson
(appointed 19 July
2022)
Matthew Boysen
(appointed 19 July
2022)
-
Amount owing
as at 30 June
2023
-
-
-
Andrew Pedley
(appointed 7
August 2023)
Peter Tsegas
(appointed 7
August 2023)
$
350,294
-
-
Total
Share based
payments
-
-
-
Post employment
Superannuation
Share based
payment shares
-
33,834
-
-
44,446
-
-
44,446
-
-
The following options were granted to directors and executives during the financial year on the 19 December 2023. (2022: nil)
Table below shows the unlisted options issued to directors and executives during the year. The options have an expiry dates of 30 June 2025
and 31 December 2026. The exercise price of each tranch issued are 0.02 cents and 0.05 cents respectively.
-
-
-
-
-
93,950
-
-
-
-
34,645
$
$
$
$
-
Options Granted
Options Granted
Jun 25 - $0.02
15,000,000
-
-
1,500,000
-
-
5,000,000
-
-
15,000
-
-
15,000
299,538
-
-
299,538
Dec 25 - $0.05 cents
Options Granted
Dec 26 - $0.05 cents
-
5,000,000
5,000,000
93,950
-
80,088
-
-
80,088
-
-
Short-term Benefits
Salaries, fees and
leave
Post employment
Superannuation
Share based
payments
$
$
$
Share based
payment shares
Total
$
$
-
5,000,000
5,000,000
20,000
-
-
20,000
-
10,000,000
15,000,000
16,500,000
46,054
-
-
46,054
-
-
18
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
DIRECTORS' REPORT
Transactions with related parties:
i.
Director related entities
ii.
Reimbursement Transactions with related parties
-
-
This concludes the remuneration report, which has been audited
On behalf of the Directors
Greg Johnson
Director
Reimbursement of business expenses incurred by the Company and
initially settled by Greg Johnson. All expenses were incurred on an arm's
length basis.
147
-
10,000
62,613
44,446
The Directors' Report, incorporating the Remuneration Report, is signed in accordance with a resolution of the Board of Directors made
pursuant to s.298(2) of the Corporations Act 2001 .
Reimbursement of business expenses incurred by the Company and
initially settled by Austek MKII Pty Ltd. All expenses were incurred on an
arm's length basis.
Directors' fees payable to Austek MKII Pty Ltd, of which Mr David Chidlow
is a director and shareholder
Salary and wages paid to Mr Matthew Boysen, whom is a director and
shareholder.
Salary and wages paid to Mr James Arkoudis, whom was a director and is
a shareholder.
Director fees payable to GJ Executive Services, of which Mr Greg Johnson
is a director and shareholder.
Consulting fees payable to Anycall Pty Ltd, of which Mr Ian Richer is a
director and shareholder.
2024
2023
$
$
Salary and wages paid to Mr Rod Chittenden, whom is a director and
shareholder.
42,151
33,834
80,088
53,320
46,054
34,645
93,950
Directors' fees payable to Tomik Nominees Pty Ltd, of which Mr Ian
Hastings is a former director and shareholder.
-
Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties
unless otherwise stated.
The following transactions occurred with related parties:
2024
2023
Directors' fees payable to Anycall Pty Ltd, of which Mr Ian Richer is a
former director and shareholder.
-
5,000
-
20,000
$
$
Reimbursement of business expenses incurred by the Company and
initially settled by Rodney Chittenden. All expenses were incurred on an
arm's length basis.
6,690
Reimbursement of business expenses incurred by the Company and
initially settled by Minsearch Geological Consulting. All expenses were
incurred on an arm's length basis.
213
-
9,967
Director fees payable to Minsearch Geological Consulting, of which Mr
Andrew Pedley is a director and shareholder.
76,037
47,694
-
-
Director fees payable to Peter Tsegas, of which Mr Tsegas is a director
and shareholder.
-
19
Liability limited by a scheme approved under Professional Standards Legislation
Level 1 261 George Street
Sydney NSW 2000
PO Box H88
Australia Square NSW 1215
ABN: 56 136 616 610
Ph: (02) 9290 3099
Email:
add3@addca.com.au
Website:
www.addca.com.au
A D Danieli Audit Pty Ltd
Authorised Audit Company
ASIC Registered Number 339233
Audit & Assurance Services
Auditor’s Independence Declaration
Under Section 307c of The Corporations Act 2001
To the Directors of Gladiator Resources Limited
ABN 58 101 026 859
And Controlled Entities
I declare that, to the best of our knowledge and belief, during the year ended 30 June 2024, there have been no
contraventions of:
i.
the auditor independence requirements as set out in the Corporations Act 2001 in relation to the
audit; and
ii.
any applicable code of professional conduct in relation to the review.
A D DANIELI AUDIT PTY LTD
Sam Danieli
Sydney, 13 September 2024
2024
2023
Note
$
$
Continuing operations
Interest Income
30,888
8,219
Other Revenue
15,243
109,173
Audit expenses
(5,224)
(14,079)
Accounting expenses
(48,141)
(32,009)
Company secretarial fees
(41,610)
(50,456)
Consultancy fees
-
(44,910)
Directors' benefits expense
(177,109)
(130,456)
Exploration expenditure written off
(749,944)
(469,053)
Fees and permits
(15,154)
(1,101)
Insurance
(29,343)
(39,459)
Legal costs
(18,153)
(22,572)
Loss on sale of tenement
(676,964)
-
Rent and outgoings
(53,311)
-
Share registry maintenance fees
(24,851)
(19,381)
Share based payment expense
-
(492,000)
Travel and accomodation
(11,752)
(6,706)
Option expense
(161,660)
-
Other expenses
(411,022)
(238,199)
Loss before income tax
(2,378,107)
(1,442,989)
Tax expense
3
-
-
Net loss for the year
(2,378,107)
(1,442,989)
Other comprehensive income:
Items that will be reclassified subsequently to profit or loss when specific
conditions are met:
Exchange differences on translating foreign operations, net of tax
(16,024)
40,547
Total other comprehensive income/(loss) for the year
(16,024)
40,547
Total comprehensive income for the year
(2,394,131)
(1,402,442)
Earnings per share
From continuing and discontinued operations:
Basic and diluted loss per share (cents)
6
(0.37)
(0.27)
The accompanying notes form part of these financial statements.
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
Consolidated Group
21
2024
2023
Note
$
$
Assets
Current Assets
Cash and cash equivalents
7
3,472,659
204,504
Trade and other receivables
8
3,190
9,757
Other assets
13
43,460
23,985
Total Current Assets
3,519,309
238,246
Non-Current Assets
Plant and Equipment
10
101,591
793
Exploration expenditure
11
1,279,459
1,874,722
Intangible assets
9,12
168,452
168,452
Total Non-Current Assets
1,549,502
2,043,967
Total Assets
5,068,811
2,282,213
Liabilities
Current Liabilities
Trade and other payables
14
125,173
70,756
Total Current Liabilities
125,173
70,756
Total Liabilities
125,173
70,756
Net Assets
4,943,638
2,211,457
Equity
Issued capital
15
31,364,202
26,359,006
Reserves
21
262,356
157,267
Retained earnings
(26,682,920)
(24,304,816)
Total Equity
4,943,638
2,211,457
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
Consolidated Group
The accompanying notes form part of these financial statements.
22
Share Capital
Retained
Earnings
Foreign
Currency
Translation
Reserve
Option
Reserve
Total
$
$
$
$
$
25,867,006
(22,861,827)
37,229
225,809
3,268,217
-
(1,442,989)
-
-
(1,442,989)
Other comprehensive income for the year
-
-
40,547
-
40,547
-
(1,442,989)
40,547
-
(1,402,442)
Transactions with owners, in their capacity as owners, and other transfers
492,000
-
-
-
492,000
-
-
(37,229)
-
(37,229)
Options issued during the year
-
-
-
(109,089)
(109,089)
492,000
-
(37,229)
(109,089)
345,682
26,359,006
(24,304,816)
40,547
116,720
2,211,457
26,359,006
(24,304,816)
40,547
116,720
2,211,457
-
(2,378,107)
-
-
(2,378,107)
-
-
(16,024)
-
(16,024)
-
(2,378,107)
(16,024)
-
(2,394,131)
Transactions with owners, in their capacity as owners, and other transfers
5,214,635
-
-
-
5,214,635
(209,439)
-
(40,544)
-
(249,983)
-
-
-
161,660
161,660
5,005,196
-
(40,544)
161,660
5,126,312
31,364,202
(26,682,923)
(16,021)
278,380
4,943,638
The accompanying notes form part of these financial statements.
Reserve
Balance at 30 June 2023
Loss for the year
Balance at 30 June 2024
Total comprehensive income for the year
Shares issued during the year
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
Balance at 1 July 2022
Consolidated Group
Total transactions with owners and other transfers
Options issued during the year
Comprehensive income
Total comprehensive income for the year
Shares issued during the year
Total transactions with owners and other transfers
Transaction costs net of tax
Balance at 1 July 2023
Comprehensive income
Loss for the year
Other comprehensive income for the year
Transaction costs net of tax
23
Note
2024
2023
$
$
Cash Flows from Operating Activities
Other Income
46,131
8,219
Payments to suppliers and employees
(810,139)
(679,879)
Net cash generated by operating activities
17a
(764,008)
(671,660)
Cash Flows from Investing Activities
Payments for exploration expenditure
(839,241)
(582,137)
Payments for plant & equipment
(105,119)
-
Net cash (used in)/generated by investing activities
(944,360)
(582,137)
Cash Flows from Financing Activities
Proceeds from issue of shares
4,994,635
-
Proceeds from exercise of options
220,000
-
Transaction costs
(209,438)
-
Net cash provided by (used in) financing activities
5,005,197
-
Net increase in cash held
3,296,829
(1,253,797)
Cash and cash equivalents at beginning of financial year
204,504
1,450,959
Cash acquired from acquisition of subsidiary
-
-
Effect of exchange rates on cash holdings in foreign currencies
(28,674)
7,342
Cash and cash equivalents at end of financial year
7
3,472,659
204,504
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 87 604 871 712
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
Consolidated Group
The accompanying notes form part of these financial statements.
24
(a)
(b)
Australian Accounting Standards set out accounting policies that the Australian Accounting Standards Board has concluded would result in
financial statements containing relevant and reliable information about transactions, events and conditions. Compliance with Australian
Accounting Standards ensures that the financial statements and notes also comply with the International Financial Reporting Standards.
These financial statements also comply with the International Financial Reporting Standards issued by the International Accounting
Standards Board (IASB). Material accounting policies adopted in the preparation of financial statements are presented below and have been
consistently applied unless stated otherwise.
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The Directors of Gladiator Resources Limited and its subsidiaries ("the Group") submit herewith the annual report of the Group for the
financial year ended 30 June 2024. The separate financial statements of the parent entity, Gladiator Resources Limited, have not been
presented within this financial report as permitted by the Corporations Act 2001 . Refer to Note 2 for the Parent information.
Summary of Significant Accounting Policies
Note 1
Basis of Preparation
The financial statements were authorised for issue on 13 September 2024 by the directors of the company.
Except for cash flow information, the financial statements have been prepared on an accrual basis and are based on historical costs,
modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.
The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting
Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the
Corporations Act 2001 . The Group is a for-profit entity for financial purposes under the Australian Accounting Standards.
Principles of Consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Gladiator Resources Limited ("Company"
or "Parent entity") as at 30 June 2024 and the results of all subsidiaries for the year then ended. Gladiator Resources Limited and its
subsidiaries together are referred to in these financial statements as the 'consolidated group'. A list of controlled entities is contained in
Note 9 to the financial statements.
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls and has the ability to
affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which
control is transferred to the consolidated entity. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity 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 consolidated group.
Income Tax
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 consolidated group. Losses incurred by
the consolidated group are attributed to the non-controlling interest in full, even if that results in a deficit balance.
Where the consolidated 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 consolidated 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.
The income tax expense/income for the year comprises current income tax expense/income and deferred tax expense/income.
Current income tax expense charged to profit or loss is the tax payable on taxable income for the current period. Current tax
liabilities/assets are measured at the amounts expected to be paid to (recovered from) the relevant taxation authority using tax rates (and
tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well as unused tax
losses.
25
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note 1: Summary of Significant Accounting Policies (continued)
-
-
(c)
is not a business combination; and
Current and deferred income tax expense/income is charged or credited outside profit or loss when the tax relates to items that are
recognised outside profit or loss or arising from a business combination.
A deferred tax liability shall be recognised for all taxable temporary differences, except to the extent that the deferred tax liability arises
from: (a) the initial recognition of goodwill; or (b) the initial recognition of an asset or liability in a transaction which: (i) is not a business
combination; and (ii) at the time of the transaction, affects neither accounting profit nor taxable profit /tax loss.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that
future taxable profit will be available against which the benefits of the deferred tax asset can be utilised, unless the deferred tax asset
relating to temporary differences arises from the initial recognition of an asset or liability in a transaction that:
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net settlement or
simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax assets and liabilities are offset
where: (i) a legally enforceable right of set-off exists; and (ii) the deferred tax assets and liabilities relate to income taxes levied by the
same taxation authority on either the same taxable entity or different taxable entities where it is intended that net settlement or
simultaneous realisation and settlement of the respective asset and liability will occur in future periods in which significant amounts of
deferred tax assets or liabilities are expected to be recovered or settled.
Plant and Equipment
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable
that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other
repairs and maintenance are recognised as expenses in profit or loss during the financial period in which they are incurred.
at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).
Except for business combinations, no deferred income tax is recognised from the initial recognition of an asset or liability, where there is
no effect on accounting or taxable profit or loss.
Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint ventures, deferred tax
assets and liabilities are not recognised where the timing of the reversal of the temporary difference can be controlled and it is not
probable that the reversal will occur in the foreseeable future.
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount
from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the
asset's employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining
recoverable amounts.
Each class of plant and equipment is carried at cost or fair value as indicated less, where applicable, any accumulated depreciation and
impairment losses.
The cost of fixed assets constructed within the consolidated group includes the cost of materials, direct labour, borrowing costs and an
appropriate proportion of fixed and variable overheads.
Plant and equipment
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised or the
liability is settled and their measurement also reflects the manner in which management expects to recover or settle the carrying amount
of the related asset or liability. With respect to non-depreciable items of property, plant and equipment measured at fair value and items
of investment property measured at fair value, the related deferred tax liability or deferred tax asset is measured on the basis that the
carrying amount of the asset will be recovered entirely through sale. When an investment property that is depreciable is held by the entity
in a business model whose objective is to consume substantially all of the economic benefits embodied in the property through use over
time (rather than through sale), the related deferred tax liability or deferred tax asset is measured on the basis that the carrying amount
of such property will be recovered entirely through use.
Plant and equipment are measured on the cost basis and therefore carried at cost less accumulated depreciation and any accumulated
impairment. In the event the carrying amount of plant and equipment is greater than the estimated recoverable amount, the carrying
amount is written down immediately to the estimated recoverable amount and impairment losses are recognised either in profit or loss. A
formal assessment of recoverable amount is made when impairment indicators are present (refer to Note 1(g) for details of impairment).
26
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note 1: Summary of Significant Accounting Policies (continued)
(d)
(e)
At inception of a contract, the Group assesses if the contract contains or is a lease. If there is a lease present, a right-of-use asset and a
corresponding lease liability is recognised by the Group where the Group is a lessee. However, all contracts that are classified as short-
term leases (lease with remaining lease term of 12 months or less) and leases of low-value assets are recognised as an operating
expense on a straight-line basis over the term of the lease.
Initially, the lease liability is measured at the present value of the lease payments still to be paid at commencement date. The lease
payments are discounted at the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses the
incremental borrowing rate.
The depreciation rates used for each class of depreciable assets are:
Class of Fixed Asset
Costs of site restoration are provided for over the life of the project from when exploration commences and are included in the costs of
that stage. Site restoration costs include the dismantling and removal of mining plant, equipment and building structures, waste removal,
and rehabilitation of the site in accordance with local laws and regulations and clauses of the permits. Such costs have been determined
using estimates of future costs, current legal requirements and technology on an undiscounted basis.
Any changes in the estimates for the costs are accounted for on a prospective basis. In determining the costs of site restoration, there is
uncertainty regarding the nature and extent of the restoration due to community expectations and future legislation. Accordingly the costs
have been determined on the basis that the restoration will be completed within one year of abandoning the site.
Leases (the Group as lessee)
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to capitalise costs in relation to
that area.
20% - 25%
Computer Equipment and Plant Equipment
The depreciable amount of all fixed assets including buildings and capitalised leased assets, but excluding freehold land, is depreciated
on a straight-line basis over the asset’s useful life to the Consolidated Group commencing from the time the asset is held ready for use.
Leasehold improvements are depreciated over the shorter of either the unexpired term of the lease or the estimated useful lives of the
improvements.
Depreciation
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
Exploration, evaluation and development expenditures incurred are capitalised in respect of each identifiable area of interest. These
costs are only capitalised to the extent that they are expected to be recovered through the successful development of the area or where
activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable
reserves.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its
estimated recoverable amount.
Exploration and Development Expenditure
Accumulated costs in relation to an abandoned area are written off in full against profit or loss in which the decision to abandon the area
is made.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are recognised
in profit or loss in the period in which they arise. Gains shall not be classified as revenue. When revalued assets are sold, amounts
included in the revaluation surplus relating to that asset are transferred to retained earnings.
When production commences, the accumulated costs for the relevant area of interest are amortised over the life of the area according to
the rate of depletion of the economically recoverable reserves.
Depreciation Rate
The Group as lessee
27
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note 1: Summary of Significant Accounting Policies (continued)
(f)
—
—
—
—
—
—
—
—
amortised cost; or
fair value through profit or loss.
A financial liability is measured at fair value through profit and loss if the financial liability is:
a contingent consideration of an acquirer in a business combination to which AASB 3: Business Combinations applies;
held for trading; or
initially designated as at fair value through profit or loss.
All other financial liabilities are subsequently measured at amortised cost using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest expense in
profit or loss over the relevant period. The effective interest rate is the internal rate of return of the financial asset or liability. That is, it is
the rate that exactly discounts the estimated future cash flows through the expected life of the instrument to the net carrying amount at
initial recognition.
Financial instruments are subsequently measured at:
Right-of-use assets are depreciated over the lease term or useful life of the underlying asset whichever is the shortest. Where a lease
transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group anticipates to exercise a purchase
option, the specific asset is depreciated over the useful life of the underlying asset.
Financial Instruments
Classification and Subsequent Measurement
Trade receivables are initially measured at the transaction price if the trade receivables do not contain a significant financing component
or if the practical expedient was applied as specified in AASB 15.63.
Recognition and Initial Measurement
it is incurred for the purpose of repurchasing or repaying in the near term;
part of a portfolio where there is an actual pattern of short-term profit taking; or
a derivative financial instrument (except for a derivative that is in a financial guarantee contract or a derivative that is in an effective
hedging relationship).
A financial liability is held for trading if:
Financial liabilities
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions to the instrument.
For financial assets, this is the date that the Group commits itself to either the purchase or sale of the asset (i.e. trade date accounting is
adopted).
Financial instruments (except for trade receivables) are initially measured at fair value plus transactions costs except where the
instrument is classified ‘at fair value through profit or loss’ in which case transaction costs are expensed to profit or loss immediately.
Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are
adopted.
Lease payments included in the measurement of the lease liability are as follows:
– fixed lease payments less any lease incentives;
– variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;
– the amount expected to be payable by the lessee under residual value guarantees;
– the exercise price of purchase options, if the lessee is reasonably certain to exercise the options;
– lease payments under extension options, if lessee is reasonably certain to exercise the options; and
– payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
The right-of-use assets comprise the initial measurement of the corresponding lease liability as mentioned above, any lease payments
made at or before the commencement date as well as any initial direct costs. The subsequent measurement of the right-of-use assets is
at cost less accumulated depreciation and impairment losses.
28
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note 1: Summary of Significant Accounting Policies (continued)
—
—
—
—
—
—
—
—
—
—
—
fair value through other comprehensive income; or
Financial assets are subsequently measured at:
amortised cost;
the business model for managing the financial assets.
A financial asset that meets the following conditions is subsequently measured at amortised cost:
The change in fair value of the financial liability attributable to changes in the issuer's credit risk is taken to other comprehensive
income and is not subsequently reclassified to profit or loss. Instead, the change in credit risk is transferred to retained earnings
upon derecognition of the financial liability. If taking the change in credit risk in other comprehensive income enlarges or creates an
accounting mismatch, then these gains or losses should be taken to profit or loss rather than other comprehensive income.
A financial liability cannot be reclassified.
the contractual terms within the financial asset give rise to cash flows that are solely payments of principal and interest on the
principal amount outstanding on specified dates;
the business model for managing the financial assets comprises both contractual cash flows collection and the selling of the
financial asset.
the financial asset is managed solely to collect contractual cash flows; and
A financial asset that meets the following conditions is subsequently measured at fair value through other comprehensive income:
The initial designation of the financial instruments to measure at fair value through profit or loss is a one-time option on initial
classification and is irrevocable until the financial asset is derecognised.
The Company initially designates a financial instrument as measured at fair value through profit or loss if:
Derecognition
Derecognition refers to the removal of a previously recognised financial asset or financial liability from the statement of financial position.
Derecognition of financial liabilities
A liability is derecognised when it is extinguished (i.e. when the obligation in the contract is discharged, cancelled or expires). An
exchange of an existing financial liability for a new one with substantially modified terms, or a substantial modification to the terms of a
financial liability is treated as an extinguishment of the existing liability and recognition of a new financial liability.
it is a hybrid contract that contains an embedded derivative that significantly modifies the cash flows otherwise required by the
contract.
Measurement is on the basis of two primary criteria:
it is in accordance with the documented risk management or investment strategy, and information about the groupings was
documented appropriately, so that the performance of the financial liability that was part of a group of financial liabilities or financial
assets can be managed and evaluated consistently on a fair value basis;
it eliminates or significantly reduces a measurement or recognition inconsistency (often referred to as “accounting mismatch”) that
would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases;
The Company initially designates a financial instrument as measured at fair value through profit or loss if:
Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a
designated hedging relationship.
fair value through profit or loss.
the contractual terms within the financial asset give rise to cash flows that are solely payments of principal and interest on the
principal amount outstanding on specified dates.
By default, all other financial assets that do not meet the measurement conditions of amortised cost and fair value through other
comprehensive income are subsequently measured at fair value through profit or loss.
Financial assets
29
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note 1: Summary of Significant Accounting Policies (continued)
—
—
—
—
—
—
—
—
—
—
5
5
5
5
—
—
—
—
On derecognition of a debt instrument classified at fair value through other comprehensive income, the cumulative gain or loss
previously accumulated in the investment revaluation reserve is reclassified to profit or loss.
the right to receive cash flows from the asset has expired or been transferred;
all risk and rewards of ownership of the asset have been substantially transferred; and
the Company no longer controls the asset (i.e. the Company has no practical ability to make a unilateral decision to sell the asset to
a third party).
On derecognition of a financial asset measured at amortised cost, the difference between the asset's carrying amount and the sum of
the consideration received and receivable is recognised in profit or loss.
The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any
non-cash assets transferred or liabilities assumed, is recognised in profit or loss.
Derecognition of financial assets
A financial asset is derecognised when the holder's contractual rights to its cash flows expires, or the asset is transferred in such a way
that all the risks and rewards of ownership are substantially transferred.
All of the following criteria need to be satisfied for derecognition of a financial asset:
the simplified approach
General approach
Under the general approach, at each reporting period, the Group assesses whether the financial instruments are credit-impaired, and if:
the credit risk of the financial instrument has increased significantly since initial recognition, the Group measures the loss allowance
of the financial instruments at an amount equal to the lifetime expected credit losses; or
there is no significant increase in credit risk since initial recognition, the Group measures the loss allowance for that financial
instrument at an amount equal to 12-month expected credit losses.
On derecognition of an investment in equity which was elected to be classified under fair value through other comprehensive income, the
cumulative gain or loss previously accumulated in the investment revaluation reserve is not reclassified to profit or loss, but is transferred
to retained earnings.
Impairment
The Group recognises a loss allowance for expected credit losses on:
loan commitments that are not measured at fair value through profit or loss; and
financial guarantee contracts that are not measured at fair value through profit or loss.
Loss allowance is not recognised for:
financial assets measured at fair value through profit or loss; or
equity instruments measured at fair value through other comprehensive income.
Expected credit losses are the probability-weighted estimate of credit losses over the expected life of a financial instrument. A credit loss
is the difference between all contractual cash flows that are due and all cash flows expected to be received, all discounted at the original
effective interest rate of the financial instrument.
The Group uses the following approaches to impairment, as applicable under AASB 9: Financial Instruments :
the general approach; and
financial assets that are measured at amortised cost or fair value through other comprehensive income;
lease receivables;
contract assets (e.g. amounts due from customers under construction contracts);
30
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note 1: Summary of Significant Accounting Policies (continued)
—
—
(g)
(h)
Simplified approach
The simplified approach does not require tracking of changes in credit risk at every reporting period, but instead requires the recognition
of lifetime expected credit loss at all times. This approach is applicable to:
trade receivables or contract assets that result from transactions within the scope of AASB 15: Revenue from Contracts with
Customers and which do not contain a significant financing component; and
Where it is not possible to estimate the recoverable amount of an individual asset, the entity estimates the recoverable amount of the
cash-generating unit to which the asset belongs.
Investments in Associates
An associate is an entity over which the company has significant influence. Significant influence is the power to participate in the
financial and operating policy decisions of the entity but is not control or joint control of those policies. Investments in associates are
accounted for in the financial statements by applying the equity method of accounting, whereby the investment is initially recognised at
cost (including transaction costs) and adjusted thereafter for the post-acquisition change in the company’s share of net assets of the
associate. In addition, the Company’s share of the profit or loss and other comprehensive income is included in the financial statements.
The carrying amount of the investment includes, when applicable, goodwill relating to the associate. Any discount on acquisition,
whereby the Company’s share of the net fair value of the associate exceeds the cost of investment, is recognised in profit or loss in the
period in which the investment is acquired.
In measuring the expected credit loss, a provision matrix for trade receivables was used taking into consideration various data to get to
an expected credit loss (i.e. diversity of customer base, appropriate groupings of historical loss experience, etc.).
The requirements of AASB 128: Investments in Associates and Joint Ventures and AASB 9: Financial Instruments are applied to
determine whether it is necessary to recognise any impairment loss with respect to the Group’s investment in an associate or a joint
venture. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with
AASB 136: Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs
of disposal) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal
of that impairment loss is recognised in accordance with AASB 136 to the extent that the recoverable amount of the investment
subsequently increases.
Impairment of Assets
At the end of each reporting period, the company assesses whether there is any indication that an asset may be impaired. The
assessment will include the consideration of external and internal sources of information, including dividends received from subsidiaries,
associates or joint ventures deemed to be out of pre-acquisition profits. If such an indication exists, an impairment test is carried out on
the asset by comparing the recoverable amount of the asset, being the higher of the asset’s fair value less costs of disposal and value in
use, to the asset’s carrying amount. Any excess of the asset’s carrying amount over its recoverable amount is recognised immediately in
profit or loss, unless the asset is carried at a revalued amount in accordance with another Standard (e.g. in accordance with the
revaluation model in AASB 116: Property, Plant and Equipment ). Any impairment loss of a revalued asset is treated as a revaluation
decrease in accordance with that other Standard.
Impairment testing is performed annually for goodwill, intangible assets with indefinite lives and intangible assets not yet available for
use
When an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have
been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an
impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the
reversal of the impairment loss is treated as a revaluation increase.
lease receivables.
Profits and losses resulting from transactions between the Company and the associate are eliminated to the extent of the Company’s
interest in the associate.
When the Company’s share of losses in an associate equals or exceeds its interest in the associate, the Company discontinues
recognising its share of further losses unless it has incurred legal or constructive obligations or made payments on behalf of the
associate. When the associate subsequently makes profits, the Company will resume recognising its share of those profits once its
share of the profits equals the share of the losses not recognised.
31
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note 1: Summary of Significant Accounting Policies (continued)
(i)
—
—
—
(j)
(k)
(l)
income and expenses are translated at exchange rates on the date of transaction; and
all resulting exchange differences are recognised in other comprehensive income.
Exchange differences arising on translation of foreign operations with functional currencies other than Australian dollars are recognised
in other comprehensive income and included in the foreign currency translation reserve in the statement of financial position and
allocated to non-controlling interest where relevant. The cumulative amount of these differences is reclassified into profit or loss in the
period in which the operation is disposed.
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that
an outflow of economic benefits will result and that outflow can be reliably measured.
Provisions
Foreign Currency Transactions and Balances
Functional and presentation currency
The functional currency of the Company is the currency of the primary economic environment in which that entity operates. The financial
statements are presented in Australian dollars, which is the Company’s functional currency.
Transaction and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the
transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical
cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported
at the exchange rate at the date when fair values were determined.
Exchange differences arising on the translation of monetary items are recognised in profit or loss, except exchange differences that arise
from net investment hedges.
Exchange differences arising on the translation of non-monetary items are recognised directly in other comprehensive income to the
extent that the underlying gain or loss is recognised in other comprehensive income, otherwise the exchange difference is recognised in
the profit or loss.
The Company
The financial results and position of foreign operations whose functional currency is different from the entity’s presentation currency are
translated as follows:
Revenue from the sale of goods is recognised at the point of delivery as this corresponds to the transfer of significant risks and rewards
of ownership of the goods and the cessation of all involvement in those goods.
Interest revenue is recognised using the effective interest method.
Dividend revenue is recognised when the right to receive a dividend has been established. Dividends received from associates and joint
ventures are accounted for in accordance with the equity method of accounting. The carrying amount of the investment in the associate
must be decreased by the amount of dividends received or receivable from the associate.
assets and liabilities are translated at exchange rates prevailing at the end of the reporting period;
Provisions are measured using the best estimate of the amounts required to settle the obligation at the end of the reporting period.
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand and deposits available on demand with banks.
Revenue and Other Income
Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts and
volume rebates allowed. When the inflow of consideration is deferred it is treated as the provision of financing and is discounted at a
rate of interest that is generally accepted in the market for similar arrangements. The difference between the amount initially recognised
and the amount ultimately received is interest revenue.
32
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note 1: Summary of Significant Accounting Policies (continued)
(m)
(n)
(o)
(p)
(q)
Key Judgements
Where the Group retrospectively applies an accounting policy, makes a retrospective restatement or reclassifies items in its financial
statements, an additional (third) statement of financial position as at the beginning of the preceding period in addition to the minimum
comparative financial statements is presented.
Critical Accounting Estimates and Judgements
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective
interest method, less any provision for impairment. Refer to Note 1(f) for further discussion on the determination of impairment losses.
Trade and Other Payables
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current
financial year.
Revenue recognition relating to the provision of services is determined with reference to the stage of completion of the transaction at the
end of the reporting period where the outcome of the contract can be estimated reliably. Stage of completion is determined with
reference to the services performed to date as a percentage of total anticipated services to be performed. Where the outcome cannot
be estimated reliably, revenue is recognised only to the extent that related expenditure is recoverable.
Finance income is recognised on a straight-line basis over the period of the lease term so as to reflect a constant periodic rate of return
on the net investment.
Exploration and Evaluation Expenditure
Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable
from the Australian Taxation Office (ATO).
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or
payable to, the ATO is included with other receivables or payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are
recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customers or payments to
suppliers.
Trade and Other Receivables
Trade and other receivables include amounts due from customers for goods sold and services performed in the ordinary course of
business. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All
other receivables are classified as non-current assets.
Comparative Figures
Trade and other payables represent the liabilities for goods and services received by the entity that remain unpaid at the end of the
reporting period. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the
liability. Trade and other payables are initially measured at fair value and subsequently measured at amortised cost using the effective
interest method.
Exploration expenditures incurred are capitalised in respect of each identifiable area of interest. These costs are only capitalised to the
extent that they are expected to be recovered through the successful development of the area or where activities in the area have not yet
reached a stage that permits reasonable assessment of the existence of economically recoverable reserves.
Accumulated costs in relation to a relinquished area are written off in full against the profit or loss in the year in which the decision to
abandon the area is made.
The directors evaluate estimates and judgements incorporated into the financial statements based on historical knowledge and best
available current information. Estimates assume a reasonable expectation of future events and are based on current trends and
economic data, obtained both externally and within the company.
When production commences, the accumulated costs for the relevant area of interest will be amortised over the life of the area
according to the rate of depletion of the economically recoverable reserves.
33
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note 1: Summary of Significant Accounting Policies (continued)
(r)
2024
2023
$
$
Statement of Financial Position
Assets
Current Assets
3,389,254
226,296
Non-current Assets
2,678,378
2,098,042
Total Assets
6,067,632
2,324,338
Liabilities
Current Liabilities
82,787
70,561
Non-current Liabilities
-
-
Total Liabilities
82,787
70,561
Net Assets
5,984,845
2,253,777
Equity
Issued Capital
31,364,202
26,359,006
Accumulated losses
(25,657,739)
(24,221,951)
Reserves
278,382
116,722
Total Equity
5,984,845
2,253,777
Statement of Profit or Loss and Other Comprehensive Income
Loss for the year
(1,435,789)
(1,404,491)
Other comprehensive income
-
-
Total comprehensive income
(1,435,789)
(1,404,491)
Contingent liabilities
Note 2
The Directors have prepared a cashflow forecast for the next 12 months based on best estimates of future inflows and outflows of cash
to support the Group's ability to continue as a going concern. The Directors are confident that they can raise capital when required as
they have been successful in the past.
The following information has been extracted from the books and records of the financial
information of the parent entity set out below and has been prepared in accordance with
Australian Accounting Standards.
Going Concern
The financial report has been prepared on the going concern basis, which contemplates the continuity of normal business activity and
the realisation of assets and settlement of liabilities in the ordinary course of business.
The Group generated a loss of $2,378,107 (2023: loss of $1,442,989) and net cash outflows from the operating activities of $764,008
(2023: outflows of $671,660) for the year ended 30 June 2024. As of that date, the Group had net assets of $4,943,638 (2023: net
assets of $2,211,457). These conditions indicate a material uncertainty that may cast significant doubt concerning the ability of the Group
to continue as a going concern.
Gladiator Resources Limited has no commitments and contingent liabilities at the date of this report.
Parent Information
34
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2024
2023
Note
$
$
(a)
—
(594,527)
(360,747)
—
594,527
360,747
-
-
Nil
Nil
2024
2023
Note
$
$
(b)
Tax losses
Unused tax losses for which no deferred tax asset has been recognised
10,901,650
10,307,123
-
-
-
2024
2023
Note
$
$
(c)
Tax losses
(Loss) from continuing operations
(2,378,107)
(1,442,989)
Income tax (benefit) calculated at 25% (2023: 25%)
(594,527)
(360,747)
Effect of non-deductible/(deductible) expenses
377,670
(40,237)
Effect of unused tax losses and tax offsets not recognised as deferred tax
216,857
400,984
Income tax attributable to entity
-
-
Balance of franking account at year end
consolidated group
Deferred tax not brought to account
Add:
Income tax attributable to entity
Tax effect of:
The prima facie tax on profit from ordinary activities before income tax is
reconciled to income tax as follows:
Prima facie tax payable on profit from ordinary activities before income tax at
25% (2023: 25%)
Consolidated Group
Potential deferred tax assets attributable to tax losses and exploration expenditure carried forward have not been brought to account at
30 June 2024 because the directors do not believe it is appropriate to regard realisation of the deferred tax assets as probable at this
point in time. These benefits will only be obtained if:
the company derives future assessable income of a nature and of an amount sufficient to enable the benefit from the
deductions for the loss and exploration expenditure to be realised;
the company continues to comply with conditions for deductibility imposed by law; and
no changes in tax legislation adversely affect the company in realising the benefit from the deductions for the loss and
Consolidated Group
The prima facie tax on profit from ordinary activities before income tax is
reconciled to income tax as follows:
Consolidated Group
Note 3
Tax Expense
35
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2024
2023
$
$
Short-term employee benefits
350,294
299,538
350,294
299,538
2024
2023
$
$
Remuneration of the auditor, of the respective company and its subsidiaries, for:
—
5,224
26,601
—
-
-
5,224
26,601
2024
2023
$
$
(a)
(2,378,107)
(1,442,989)
(2,378,107)
(1,442,989)
No.
No.
(b)
645,056,279 538,213,740
645,056,279 538,213,740
(0.37)
(0.27)
Earnings per Share
Note 4
Key Management Personnel Compensation
Total KMP compensation
Note 6
Reconciliation of earnings to profit or loss
Refer to the Remuneration Report contained in the Directors’ Report for details of the remuneration paid or payable to each member of the
Group’s key management personnel (KMP) for the year ended 30 June 2024.
Earnings per share
Earnings used in the calculation of dilutive EPS
other matters
Note 5
Auditor’s Remuneration
auditing or reviewing the financial statements
The totals of remuneration paid to KMP of the company and the Group during the year are as follows:
Loss
Weighted average number of ordinary shares outstanding during the year
used in calculating basic EPS
Consolidated Group
Consolidated Group
Weighted average number of ordinary shares outstanding during the year
used in calculating dilutive EPS
36
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note
2024
2023
$
$
3,472,659
204,504
3,472,659
204,504
3,472,659
204,504
3,472,659
204,504
2024
2023
$
$
—
3,190
9,757
3,190
9,757
Credit risk
2024
2023
(a)
Financial Assets Measured at Amortised Cost
Note
$
$
Trade and other Receivables
— Total current
3,190
9,757
— Total non-current
-
-
Total financial assets measured at amortised cost
20
3,190
9,757
Total current trade and other receivables
The Group has no significant concentration of credit risk with respect to any single counter party or group of counter parties other than those
receivables specifically provided for and mentioned within Note 8. The class of assets described as Trade and Other Receivables is
considered to be the main source of credit risk related to the Group.
Other receivables
Current
Note 7
Trade and Other Receivables
Note 8
Cash and cash equivalents
Reconciliation of cash
Cash at bank and on hand
Cash and Cash Equivalents
Consolidated Group
Cash and cash equivalents at the end of the financial year as shown in the
statement of cash flows is reconciled to items in the statement of financial
position as follows:
Consolidated Group
Consolidated Group
GST/VAT receivables
37
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
(a)
Information about Principal Subsidiaries
2024
(%)
2023
(%)
100%
100%
100%
100%
100%
100%
100%
100%
(b)
Significant Restrictions
(c)
Acquisition of Controlled Entities
Fair value
$
Purchase Consideration
-
Fully paid ordinary shares (i)
78,140
78,140
Less:
Cash and cash equivalents
10,875
Capitalised exploration expenditure
644,858
Plant and Equipment
994
Trade and other payables
(4,260)
Loans
(742,779)
Identifiable assets acquired and liabilities assumed
(90,312)
Goodwill provisionally accounted for
168,452
(i)
Ownership interest held by
the Group
On 24 May 2022, the Company announced it has received stamping of share transfers enabling the completion of the acquisition of
100% of the issued capital of Zeus.
The total acquisition price of $78,140. This was satisfied via the issuance of 6,000,000 fully paid ordinary shares at $0.013 per share.
Australia
Ion Resources Pty Ltd
Ferrous Resources Pty Ltd
Australia
Zeus Resources (T) Limited
Principal place of
business
Ecochar Pty Ltd
Australia
On 12 September 2021, the Company entered into a Share Purchase Agreement with Zeus Resources (T) Limited ("Zeus") and the
existing shareholders of Zeus to acquire 100% of the issued share capital of Zeus, together with a Services Agreement with Zeus'
Managing Director Mr Peter Tsegas to issue Milestone Shares subsequent to the achievement of certain outcomes.
Tanzania
Subsidiary financial statements used in the preparation of these consolidated financial statements have also been prepared as at the
same reporting date as the Group’s financial statements.
At 30 June 2022, other than milestone payments as disclosed in the Directors' Report, there were no outstanding amounts payable
to the vendors of Zeus Resources (T) Limited.
Interests in Subsidiaries
The consideration paid to acquire Zeus Resources (T) Limited includes 6,000,000 fully paid ordinary shares issued in the Group.
The fair value of the shares in the Group has been determined based on the current market price of the shares at the date of
acquisition.
The subsidiaries listed below have share capital consisting solely of ordinary shares or ordinary units which are held directly by the
Group. The proportion of ownership interests held equals the voting rights held by the Group. Each subsidiary’s principal place of
business is also its country of incorporation.
Note 9
There are no significant restrictions over the Group's ability to access or use assets and settle liabilities of the Group.
Name of subsidiary
38
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2024
2023
$
$
108,283
1,057
(6,692)
(264)
101,591
793
(a)
Plant &
Equipment
Total
$
$
1,016
1,016
Acquisitions
107,224
107,224
(6,649)
(6,649)
101,591
101,591
2024
2023
$
$
Non-Current
Mineral exploration and evaluation expenditure
Balance at beginning of year
1,874,722
1,765,354
Current year expenditure capitalised
832,645
578,420
Impairment
(1,427,908)
(469,052)
1,279,459
1,874,722
Included in impairment is the loss on sale of the Bendoc tenement.
-
-
-
Consolidated Group
Consolidated Group
The value of the Company's interest in exploration expenditure is dependent upon the:
continuance of the economic entity's right to tenure to the areas of interest;
the results of future exploration; and
the recoupment of costs through successful development and exploitation of the areas of interest, or alternatively, by their sale.
The company has impaired the Marymia licence in Western Australia and the Rutherglen licence in Victoria.
Movements in Carrying Amounts
Balance at 30 June 2024
Property, Plant and Equipment
Note 10
PLANT AND EQUIPMENT
Consolidated Group:
Balance at end of year
Movements in carrying amounts for each class of property, plant and equipment between the beginning and the end of the current
financial year.
Capitalised exploration expenditure of $832,645 relates to the Zeus tenements in Tanzania and the Bendoc licence held in Australia.
Accumulated depreciation
Note 11
Exploration Expenditure
At cost
Balance at 1 July 2023
Depreciation expense
Total plant and equipment
39
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note 11: Exploration Expenditure (continued)
Impairment Indicators
-
-
-
-
-
-
2024
2023
$
$
168,452
168,452
-
-
168,452
168,452
168,452
168,452
Goodwill
Total
$
$
168,452
168,452
-
-
168,452
168,452
Evidence is available of obsolescence or physical damage of an asset;
Intangible Assets
Note 12
Cost
Consolidated Group
Goodwill
Net carrying amount
Accumulated impairment losses
Balance at the beginning of the year
Additions
Total intangible assets
Consolidated Group:
Closing value at end of the year
Year ended 30 June 2024
The net assets of the Group exceeds its market capitalisation.
Ultimate recovery of deferred exploration and evaluation costs is dependent upon the success of pre-feasibility studies, exploration and
evaluation or sale or farm-out of the exploration interest. Broadly, the Company has three cost centres, Corporate, Pre-feasibility and
Exploration. Where identifiable, costs associated with the Pre-feasibility and Exploration cost centres are capitalised. These costs are
annually reviewed for impairment and a charge is made direct to the Statement of profit or loss and other comprehensive income of the
Company where an impairment is identified.
The Group has reviewed all of its tenements and has only carried forward the expenses on the tenements that give rise to a potential
economic benefit to the Company through development or exploration.
The period for which the entity has the right to explore in the specific area has expired during the period or will expire in the near
future, and is not expected to be renewed;
Substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor
planned;
Exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable
quantities of mineral resources and the entity has decided to discontinue such activities in the specific area;
Sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the
exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale;
40
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2024
2023
$
$
37,505
13,985
5,955
10,000
43,460
23,985
Total Other Assets
Current
43,460
23,985
Non-Current
-
-
43,460
23,985
2024
2023
$
$
19,417
6,735
105,756
64,021
125,173
70,756
2024
2023
$
$
(a)
Financial liabilities at amortised cost classified as trade and other payables
Trade and other payables
— Total current
125,173
70,756
— Total non-current
-
-
Financial liabilities as trade and other payables
125,173
70,756
2024
2023
$
$
31,364,202
26,359,006
31,364,202
26,359,006
No.
$
No.
$
546,169,904
29,482,995 522,169,904
32,114,984
212,126,923
5,214,635
24,000,000
492,000
-
(3,333,428)
-
(3,123,989)
758,296,827
31,364,202 546,169,904
29,482,995
At the end of the reporting period
At the beginning of the reporting period
Shares issued during the year
Less: Transaction costs
Trade payables
Trade and Other Payables
Prepayments
Note 13
Other Assets
Sundry payables and accrued expenses
Note 15
758,296,827 fully paid ordinary shares (2023: 546,169,904)
Unsecured liabilities
Note 14
Consolidated Group
Consolidated Group
Consolidated Group
The Group has authorised share capital amounting to 546,169,904 ordinary shares.
Consolidated Group
Ordinary Shares
2024
2023
Issued Capital
Consolidated Group
Current
Current
Deposits paid
41
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note 15: Issued Capital (continued)
(b)
2024
2023
No.
No.
At the beginning of the reporting period
40,125,000
37,250,000
Issued during the financial year
58,251,923
20,000,000
Consolidated during the year
-
-
Expired during the financial year
(12,000,000)
(17,125,000)
Balance at the end of the financial year
86,376,923
40,125,000
Exercisable at the end of the financial year
86,376,923
40,125,000
Details of options on issue as at the date of this report are as follows:
Number
Issue Date
Expiry Date
Exercise
Price
$
Unlisted options issued
50,126,923
31/07/2023
30/06/2025
$0.020
Unlisted options issued
1,250,000
15/04/2024
31/12/2026
$0.050
Unlisted options issued
15,000,000
19/12/2023
31/12/2026
$0.050
Unlisted options issued
20,000,000
31/12/2022
31/12/2026
$0.050
86,376,923
(c)
Capital Management
2024
2023
Note
$
$
-
-
7
(3,472,659)
(204,504)
(3,472,659)
(204,504)
4,943,638
2,211,457
1,470,979
2,006,953
N/A
N/A
Management effectively manages the Group’s capital by assessing the Group's financial risks and 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.
Gearing ratio
There have been no changes in the strategy adopted by management to control the capital of the Group since the prior year.
Consolidated Group
Total borrowings
Less cash and cash equivalents
Net debt
Total equity
Total capital
Options
Consolidated Group
Management controls the capital of the Group in order to maintain a sustainable debt to equity ratio, generate long-term shareholder
value and ensure that the Group can fund its operations and continue as a going concern.
The Group’s debt and capital include ordinary share capital and financial liabilities, supported by financial assets.
The Group is not subject to any externally imposed capital requirements.
The following reconciles the outstanding unlisted options to subscribe for fully paid ordinary shares in the Company at the beginning and
end of the financial year.
42
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
(i) Segment performance
Australia
Tanzania
Total
30 June 2024
$
$
$
REVENUE
Other revenue
(15,243)
-
(15,243)
Interest Income
(30,888)
-
(30,888)
Total segment revenue
(46,131)
-
(46,131)
Reconciliation of segment revenue to group revenue
Total group revenue
(46,131)
-
(46,131)
Directors' benefits expense
177,109
-
177,109
Consultancy fees
-
-
-
Travel and accomodation
9,906
1,846
11,752
Exploration expenditure written off
28,059
736,302
764,361
Other expenses
1,266,847
204,169
1,471,016
1,481,921
942,317
2,424,238
Segment loss before tax
2,378,107
Australia
Tanzania
Total
30 June 2023
$
$
$
REVENUE
Other revenue
(109,173)
-
(109,173)
Interest revenue
(8,219)
-
(8,219)
Total segment revenue
(117,392)
-
(117,392)
Reconciliation of segment revenue to group revenue
Total group revenue
(117,392)
-
(117,392)
Directors benefits expense
113,646
16,810
130,456
Consulting fees
44,910
-
44,910
Travel and accommodation
3,193
3,513
6,706
Exploration written off
469,053
-
469,053
Other expenses
891,081
18,175
909,256
1,521,883
38,498
1,560,381
Segment loss before tax
1,442,989
Segment information
Expenses
Note 16
General Information
Identification of reportable segments
The Group has identified its operating segments based on the internal reports that are reviewed and used by the board of directors (chief
operating decision makers) in assessing performance and in determining the allocation of resources.
Expenses
Unless stated otherwise, all accounts are reported to the Board of Directors, being the chief decision makers with respect to operation
segments, which are determined in accordance with accounting policies that are consistent to those adapted in the annual financial
statements of the consolidated entity.
Operating Segments
43
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note 16: Operating Segments (continued)
(ii) Segment assets
Australia
Tanzania
Total
30 June 2024
$
$
$
Segment assets
Segment assets
3,575,934
1,492,877
5,068,811
Reconciliation of segment assets to group assets
Intersegment eliminations
-
-
-
Total group assets
3,575,934
1,492,877
5,068,811
Australia
Tanzania
Total
30 June 2023
$
$
$
Segment assets
Segment assets
1,120,135
1,162,078
2,282,213
Reconciliation of segment assets to group assets
Intersegment eliminations
-
-
-
Total group assets
1,120,135
1,162,078
2,282,213
(iii) Segment liabilities
Australia
Tanzania
Total
30 June 2024
$
$
$
Segment liabilities
Segment liabilities
82,786
42,387
125,173
Reconciliation of segment liabilities to group liabilities
Intersegment eliminations
-
-
-
Total group liabilities
82,786
42,387
125,173
Australia
Tanzania
Total
30 June 2023
$
$
$
Segment liabilities
Segment liabilities
70,564
192
70,756
Reconciliation of segment liabilities to group liabilities
-
-
-
Intersegment eliminations
-
-
-
Total group liabilities
70,564
192
70,756
44
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2024
2023
$
$
(a)
(2,378,107)
(1,442,989)
Option Income
-
(109,174)
Option expense
161,660
-
Share based payment expense
-
492,000
Depreciation
6,434
-
Impairment
727,532
-
676,964
469,053
6,567
23,548
(19,475)
31,722
54,417
(135,820)
(764,008)
(671,660)
(a)
i.
ii.
Loss on sale of tenement
Consolidated Group
Other than the following, the directors are not aware of any significant events since the end of the reporting period.
Note 18
Related Party Transactions
Note 19
Related Parties
Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly,
including any director (whether executive or otherwise) of that entity are considered key management personnel.
For details of disclosures relating to key management personnel, refer to Note 4.
Cash Flow Information
Increase/(decrease) in trade payables and accruals
Net cash generated by operating activities
Reconciliation of Cash Flows from Operating Activities with Profit after
Income Tax
Note 17
Non-cash flows in profit
Events After the Reporting Period
(Increase)/decrease in prepayments
Propecting licences PL11706/2021 and PL11707/2021 held in Tanzania are due for renewal September 2024, however will be surrendered
due to no activity at the leases this year, with focus on other priorities.
Loss after income tax
Changes in assets and liabilities, net of the effects of purchase and disposal
of subsidiaries:
(Increase)/decrease in trade and term receivables
Other Related Parties
Other related parties include entities controlled by the ultimate parent entity and entities over which key management personnel have
joint control.
Key Management Personnel:
The Group's main related parties are as follows:
45
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note 19: Related Party Transactions (continued)
(b)
2024
2023
$
$
i.
-
20,000
-
5,000
-
10,000
62,613
44,446
33,834
80,088
53,320
46,054
42,151
-
76,037
-
47,694
-
34,645
93,950
(c)
2024
2023
$
$
-
9,967
Reimbursement Transactions with related parties
Consolidated Group
Directors' fees payable to Anycall Pty Ltd, of which Mr Ian Richer is a former director and
shareholder
Director fees payable to Minsearch Geological Consulting, of which Mr Andrew Pedley is a
director and shareholder.
Consulting fees payable to Anycall Pty Ltd, of which Mr Ian Richer is a director and
shareholder.
Salary and wages paid to Mr Rod Chittenden, whom is a director and shareholder.
Director fees paid to Peter Tsegas, whom is a director and shareholder
Consolidated Group
Transactions with related parties:
Director related entities
Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other
parties unless otherwise stated.
Directors' fees payable to Tomik Nominees Pty Ltd, of which Mr Ian Hastings is a former
director and shareholder
The following transactions occurred with related parties:
Reimbursement of business expenses incurred by the Company and initially settled by
Austek MKII Pty Ltd. All expenses were incurred on an arm's length basis.
Director fees payable to GJ Executive Services, of which Mr Greg Johnson is a director and
shareholder.
Salary and wages paid to Mr James Arkoudis, whom is a director and shareholder.
Salary and wages paid to Mr Matthew Boysen, whom is a director and shareholder.
Directors' fees payable to Austek MKII Pty Ltd, of which Mr David Chidlow is a director and
shareholder
46
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2024
2023
Note
$
$
Financial Assets
—
7
3,472,659
204,504
—
8
3,190
9,757
Total Financial Assets
3,475,849
214,261
Financial Liabilities
—
14
125,173
70,756
Total Financial Liabilities
125,173
70,756
Financial Risk Management Policies
a.
Credit risk
b.
Liquidity risk
Financial liability and financial asset maturity analysis
Consolidated Group
2024
$
2023
$
2024
$
2023
$
2024
$
2023
$
2024
$
2023
$
Financial liabilities due for payment
125,173
70,756
-
-
-
-
125,173
70,756
125,173
70,756
-
-
-
-
125,173
70,756
Total expected
outflows
Within 1 Year
Over 5 years
Total
1 to 5 years
Trade and other
payables
• maintaining a reputable credit profile;
• managing credit risk related to financial assets;
• only investing surplus cash with major financial institutions; and
• comparing the maturity profile of financial liabilities with the realisation profile of financial assets
The following table details the Group's remaining contractual maturity for its financial liabilities and financial assets.
Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting its obligations
related to financial liabilities. The Group manages this risk through the following mechanisms:
• preparing forward-looking cash flow analyses in relation to its operating, investing and financing activities;
Consolidated Group
The totals for each category of financial instruments, measured in accordance with AASB 9: Financial Instruments as detailed in the
accounting policies to these financial statements, are as follows:
Financial Risk Management
The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar
characteristics. The credit risk on liquid funds and derivative financial instruments is limited as the counterparties are banks with high
credit ratings assigned by international credit rating agencies.
The Group’s financial instruments consist mainly of deposits with banks, short-term investments, accounts receivable and payable.
trade and other payables
Note 20
Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that
could lead to a financial loss to the Group.
Financial assets at amortised cost
Financial liabilities at amortised cost
trade and other receivables
cash and cash equivalents
The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represent the Group's
maximum exposure to credit risk.
The main risks the Group is exposed to through its financial instruments are credit risk, liquidity risk and market risk consisting of interest rate
risk, foreign currency risk and other price risk (commodity and equity price risk). There have been no substantive changes in the types of
risks the Group is exposed to, how these risks arise, or the Board’s objectives, policies and processes for managing or measuring the risks
from the previous period.
47
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note 20: Financial Risk Management (continued)
Consolidated Group
2024
$
2023
$
2024
$
2023
$
2024
$
2023
$
2024
$
2023
$
Financial Assets - cash flows realisable
3,472,659
204,504
-
-
-
-
3,472,659
204,504
3,190
9,757
-
-
-
-
3,190
9,757
3,475,849
214,261
-
-
-
-
3,475,849
214,261
3,350,676
143,505
-
-
-
-
3,350,676
143,505
c.
Market Risk
i.
Interest rate risk
Sensitivity Analysis
Profit
Equity
Year ended 30 June 2024
$
$
26,045
26,045
Profit
Equity
Year ended 30 June 2023
$
$
1,534
1,534
Within 1 Year
Total anticipated
inflows
Cash and cash
equivalents
Net (outflow) / inflow
on financial
instruments
A sensitivity analysis has been determined based on the exposure to interest rates at reporting date with the stipulated change taking place at
the beginning of the financial year and held constant throughout the reporting period.
Total
Over 5 years
+/- 0.75% in interest rates
Consolidated Group
These sensitivities assume that the movement in a particular variable is independent of other variables.
Consolidated Group
1 to 5 years
Trade, term and loan
receivables
Fair values derived may be based on information that is estimated or subject to judgment, where changes in assumptions may have a
material impact on the amounts estimated. Areas of judgement and the assumptions have been detailed below. Where possible, valuation
information used to calculate fair value is extracted from the market, with more reliable information from markets that are actively traded. In
this regard, fair values for listed securities are obtained from quoted market bid prices. Where securities are unlisted and no market quotes
are available, fair value is obtained using discounted cash flow analysis and other valuation techniques commonly used by market
Differences between fair values and carrying amounts of financial instruments with fixed interest rates are due to the change in discount rates
being applied by the market since their initial recognition by the Group.
+/- 0.75% in interest rates
There have been no changes in any of the methods or assumptions used to prepare the above sensitivity analysis from the prior year.
Fair Values
Fair value estimation
The fair values of financial assets and financial liabilities are presented in the following table and can be compared to their carrying amounts
as presented in the statement of financial position.
The Group's exposure to market risk primarily consists of financial risks associated with changes in interest rates as detailed below. As
the level of risk is low, the Group does not use any derivatives to hedge its exposure.
48
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 859
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note 20: Financial Risk Management (continued)
Note
Carrying
Amount
Fair Value
Carrying
Amount
Fair Value
Consolidated Group
$
$
$
$
Financial assets
Financial assets at amortised cost:
Cash and cash equivalents
7
3,472,659
3,472,659
204,504
204,504
Trade and other receivables
8
3,190
3,190
9,757
9,757
Total financial assets
3,475,849
3,475,849
214,261
214,261
Financial liabilities at amortised cost
Trade and other payables
14
125,173
125,173
70,756
70,756
Total financial liabilities
125,173
125,173
70,756
70,756
(i)
2024
2023
$
$
Option reserves
278,380
116,721
Foreign Currency Translation Reserve
(16,024)
40,546
262,356
157,267
Sydney NSW 2000
1 Castlereagh Street
Sydney NSW 2000
Gladiator Resources Limited
Suite 11.01
The principal places of business are:
1 Castlereagh Street
Suite 11.01
The registered office of the company is:
Gladiator Resources Limited
Company Details
Note 23
Note 21
Reserves
All subsidiaries and controlled entities are dependent on the Parent Company, Gladiator Resources Limited.
The fair values disclosed in the above table have been determined based on the following methodologies:
2024
2023
Note 22
Economic Dependency
Consolidated Group
Cash and cash equivalents, trade and other receivables, and trade and other payables are short-term instruments in nature whose
carrying amounts are equivalent to their fair values.
49
Entity Name
Entity Type
Place formed/ Countr Ownership
Tax
of incorporation
Interest
Residency
Gladiator Resources Ltd
Body Corporate
N/A
Australia *
Ion Resources Pty Ltd
Body Corporate
100%
Australia *
Ferrous Resources Pty Ltd
Body Corporate
100%
Australia *
Zeus Resources (T) Ltd
Body Corporate
100%
Tanzania
At the end of the financial year, no entity within the consolidated entity was a trustee of a trust within the consolidated
entity, a partner in a partnership within the consolidated entity, or a participant in a joint venture within the consolidated
entity.
* Gladiator Resources Limited (the 'head entity') and its wholly-owned Australian subsidiaries have formed
an income tax consolidated group under the tax consolidation regime for the 30 June 2024 financial year.
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
AS AT 30 JUNE 2024
Australia
Australia
Australia
Tanzania
50
1.
2.
3.
13th
day of
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 850
DIRECTORS' DECLARATION
In accordance with a resolution of the directors of Gladiator Resources Limited, the directors of the company
declare that:
Director
the financial statements and notes, as set out on pages 21 to 49, are in accordance with the Corporations Act
2001 and:
(a) comply with Australian Accounting Standards applicable to the entity, which, as stated in accounting
policy Note 1 to the financial statements, constitutes compliance with International Financial Reporting
Standards; and
(b) give a true and fair view of the financial position as at 30 June 2024 and of the performance for the year
ended on that date of the consolidated group;
in the directors' opinion there are reasonable grounds to believe that the company will be able to pay its debts
as and when they become due and payable; and
the directors have been given the declarations required by section 295A of the Corporations Act 2001 from
the Chief Executive Officer and Chief Financial Officer.
Gregory Johnson
Dated this
September
2024
51
Independent Auditor’s Report
To the Members of
Gladiator Resources Limited
ABN 58 101 026 859
And Controlled Entities
Report on the audit of the Financial Report
Opinion
We have audited the consolidated financial report of Gladiator Resources Limited and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2024, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies, and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act
2001, including:
(i)
giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its financial
performance for the year then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Group in accordance with the auditor independence requirements
of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (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.
Liability limited by a scheme approved under Professional Standards Legislation
Level 1 261 George Street
Sydney NSW 2000
PO Box H88
Australia Square NSW 1215
ABN: 56 136 616 610
Ph: (02) 9290 3099
Email:
add3@addca.com.au
Website:
www.addca.com.au
A D Danieli Audit Pty Ltd
Authorised Audit Company
ASIC Registered Number 339233
Audit & Assurance Services
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.
Key Audit Matter
How our Audit Addressed the Key Audit Matter
Exploration Expenditure
During the year, the group incurred exploration
expenditure of $832,645.
We have evaluated the appropriateness of
capitalisation policies, performed tests of details
on costs capitalised and assessed the timeliness of
the transfer of assets in the course of
development. There were no exceptions noted
from our testing.
In performing these procedures, we challenged
the judgements made by management including:
•
The nature of underlying costs capitalised as
part of the costs of the exploration,
evaluation and development asset; and
•
The allocation of costs to each tenement.
Based on our work, we noted no significant issues
on the capitalisation of costs incurred.
Impairment consideration of exploration
expenditure
During the year, the group impaired $1,427,908 of
exploration expenditure related to the loss on sale
of the Bendoc tenement and impairment of the
Marymia licence and Rutherglen licence in Australia.
Impairment consideration of exploration expenditure
We have evaluated the appropriateness of
management’s assessment that there is no
suggestion that the carrying amount of exploration
expenditure may exceed its recoverable amount and
therefore, determined there is no requirement to
test for impairment in respect to the exploration
expenditure.
Our procedures included challenging management
on the suitability and reasonableness of these
assumptions, through performing the following:
• Review of geological data in respect to
independent reports and ASX announcements;
• Assessing the budgeted expenditure on further
exploration and evaluation of the tenement; and
Based on our procedures, we noted that the
exploration expenditure is fairly stated.
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 30 June 2024, but does not include the financial
report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such
internal control as the directors determine is necessary to enable the preparation of the financial report that
gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations,
or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with the Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of this
financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial report, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
•
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial report or, if such disclosures are inadequate, to
modify our opinion.
•
Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Group to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and events in a
manner that achieves fair presentation.
•
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the financial report. We are
responsible for the direction, supervision and performance of the Group audit. We remain solely
responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the financial report of the current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included on pages 16 to 19 of the directors’ report for the year
ended 30 June 2024.
In our opinion, the Remuneration Report of Gladiator Resources Limited, for the year ended 30 June 2024,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an
opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing
Standards.
A D Danieli Audit Pty Ltd
Sam Danieli
Director
Sydney, 13 September 2024
1.
Shareholding
a.
Distribution of Shareholders
Holders
Ordinary
Preference
171
85,372
0.01
97
271,278
0.04
94
810,025
0.11
712
33,095,430
4.36
466
724,034,722
95.48
1,540
758,296,827
100.00
b.
c.
Shareholder
Ordinary
Preference
98,391,394
12.975%
71,367,666
9.412%
52,947,195
6.982%
45,500,000
6.000%
38,800,000
5.117%
d.
Voting Rights
–
–
e.
Name
Number of Ordinary
Fully Paid Shares
Held
% Held
of Issued
Ordinary Capital
1.
98,391,394
12.98%
2.
71,367,666
9.41%
3.
52,947,195
6.98%
4.
45,500,000
6.00%
5.
38,800,000
5.12%
6.
20,305,734
2.68%
7.
19,816,586
2.61%
8.
17,850,000
2.35%
9.
17,179,500
2.27%
10.
14,550,000
1.92%
11.
12,350,000
1.63%
12.
11,340,344
1.50%
13.
10,100,000
1.33%
14.
8,333,333
1.10%
15.
7,958,750
1.05%
16.
7,000,000
0.92%
17.
5,975,028
0.79%
18.
5,800,000
0.77%
19.
5,205,329
0.69%
20.
5,000,000
0.66%
475,770,859
62.7%
RS CAPITAL INVESTMENTS PTY LIMITED
MR JONATHAN GEOFFERY DAVIS
WEALTHYSTAR GROUP LIMITED
MR VICENCO ALAC
MILILA TOSCANA PTY LTD
JKB ALPHA PTY LTD
MR BILL RONTZIOKOS & MISS GEORGINA VARDAKAS
MR FRANK POULLAS
DISTINGTON HOLDINGS PTY LIMITED
STONE INVESTMENTS & HOLDINGS PTY LIMITED
M & K KORKIDAS PTY LTD
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 850
ADDITIONAL INFORMATION FOR LISTED PUBLIC COMPANIES
The following information is current as at 1 September 2024:
CITICORP NOMINEES PTY LIMITED
Category (size of holding)
CITICORP NOMINEES PTY LIMITED
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
BNP PARIBAS NOMINEES PTY LTD
MR FRANK POULLAS
Number
Number
The number of shareholdings held in less than marketable parcels is 9,301,186 (724 holders, 1.2%).
100,001 – and over
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
The names of the substantial shareholders listed in the holding company’s register are:
MR MATTHEW JOHN BOYSEN
MRS MARIA RONTZIOKOS & MR FOTIOS RONTZIOKOS
These shares have no voting rights.
20 Largest Shareholders — Ordinary Shares
BNP PARIBAS NOMINEES PTY LTD
MR FRANK POULLAS
Redeemable and convertible preference shares
Each ordinary share is entitled to one vote when a poll is called, otherwise each member present at a meeting or by proxy has
one vote on a show of hands.
The voting rights attached to each class of equity security are as follows:
DW ACCOUNTING & ADVISORY PTY LTD
MR PETER TSEGAS
Ordinary shares
MR MATTHEW JOHN BOYSEN
TOMIK NOMINEES PTY LTD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
57
GLADIATOR RESOURCES LIMITED AND CONTROLLED ENTITIES
ABN: 58 101 026 850
ADDITIONAL INFORMATION FOR LISTED PUBLIC COMPANIES
2.
3.
The name of the company secretary is Mr Andrew Metcalfe.
4.
Registers of securities are held at the following address:
Boardroom Limited
Level 8, 210 George St
Sydney NSW 2000
5.
Stock Exchange Listing
Quotation has been granted for all the ordinary shares of the company on all Member Exchanges of the Australian Securities Exchange
Limited.
6.
Unquoted Securities
Options over Unissued Shares:
A total of 86,376,923 options are on issue with varying exercise prices and expiration terms.
7.
Schedule of Tenements
Schedule of Tenements as at June 30,2024 is as per page 6.
The address of the principal registered office in Australia is Suite 1, Level 11, 1 Castlereagh St, Sydney NSW 2000. Telephone +61 2
8397 9888.
58
GLADIATOR
RESOURCES
Suite 1, Level 11,
1 Castlereagh St,
Sydney NSW 2000
info@gladiatorresources.au