Annual Report 2024
Gold Mountain Limited
ABN 79 115 845 942
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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CORPORATE DIRECTORY
GOLD MOUNTAIN LIMITED
ABN 79 115 845 942
Directors
David Evans Executive Director
Syed Hizam Alsagoff Non-executive Director
Aharon Zaetz Non-executive Director
Maris Lucila Seco Non-executive Director
Management
David Evans Executive Officer
Rhys Davies Company Secretary
Registered Office
24/589 Stirling Highway
Cottesloe WA 6011 Australia
Principal Place of Business
24/589 Stirling Highway
Cottesloe WA 6011 Australia
info@goldmountainltd.com.au
www.goldmountainltd.com.au
Share Register
Boardroom Pty Limited
Grosvenor Place, Level 12, 225 George Street,
SYDNEY NSW 2000,
GPO Box 3993, SYDNEY NSW 2001
Telephone: 1300 737 760
Facsimile: 1300 653 459
Solicitor
Atkinson Corporate Lawyers
99 St George’s Terrace
Perth, WA, 6000
Banker
National Australia Bank Limited
Auditor
KS Black & Co. Chartered Accountants
Level 1, 251 Elizabeth Street, SYDNEY NSW 2000
ASX: GMN
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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LETTER TO SHAREHOLDERS
Dear Shareholders,
On behalf of the Board of Gold Mountain Limited, I am pleased to present to you our Annual Report for the year to 30 June 2024.
During the 2024 financial year the Company has added a significant Niobium and REE portfolio in Brazil and the very exciting Green River
porphyry copper gold project in PNG.
The Company also continued lithium exploration in Brazil as well as commencing REE exploration. Management have identified numerous
very exciting drill targets and are anticipating final permits in order to commence its maiden drilling program. GMN intends to drill these
exciting targets in the coming year in the belief that the company is getting close to a possible discovery.
The Company has comprehensively reinterpreted the Wabag Project in PNG and has focused a new gold exploration program on Mamba
Creek EL2306. The Company also continued work on the Papua New Guinea Wabag copper gold exploration programs via detailed
geological analysis, reporting and desktop planning for future targeted gold and copper exploration.
I would also like to thank my fellow directors Syed Hizam Alsagoff and Aharon Zaetz for their continued support and encouragement in
setting the Company on an exciting new trajectory and clear pathway to success.
In the 2024/25 financial year, the company will continue to ramp up drilling programs and advanced exploration within its Brazil Rare Earths
Down Under Project and the Brazil lithium projects and work on the PNG tenements. In PNG the primary focus immediately is Mamba Creek
EL2306, with the aim to continue the review of gold assay results and continued implementation of a new targeted gold exploration and
drilling program.
In addition, we will continue to evaluate a range of diversification opportunities globally as we recognise opportunities for corporate business
development including value-added acquisitions, farm-ins, asset sales or mergers could de-risk investment and provide additional value
creation for our shareholders.
I extend my sincere thanks to those shareholders that have continued to help fund the Company throughout the year and in recent capital
raises and in particular the new cornerstone shareholders Integra Capital. I warmly welcome Lucila Seco who has joined to the Board of
Gold Mountain Ltd as a non-executive director.
To all shareholders of the Company, I thank you for your support and I genuinely believe Gold Mountain Limited is now positioned to
capitalise on significant exploration results and add major new value for shareholders across multi-commodities and emerging flagship
projects.
David Evans
Executive Director
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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TABLE OF CONTENTS
CORPORATE DIRECTORY ................................................................................................................................... 1
LETTER TO SHAREHOLDERS .............................................................................................................................. 2
TABLE OF CONTENTS .......................................................................................................................................... 3
DIRECTORS’ REPORT .......................................................................................................................................... 4
Interest in the Shares and Options of the Company ........................................................................................... 6
Operations Report .............................................................................................................................................. 9
Remuneration Report (Audited) ........................................................................................................................ 34
SCHEDULE OF TENEMENTS.............................................................................................................................. 40
AUDITOR’S INDEPENDENCE DECLARATION ................................................................................................... 47
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (for the year ended 30 June
2024) ..................................................................................................................................................................... 48
STATEMENT OF FINANCIAL POSITION (as at 30 June 2024) ........................................................................... 49
STATEMENT OF CHANGES IN EQUITY (for the year ended 30 June 2024) ...................................................... 50
STATEMENT OF CASHFLOWS (for the year ended 30 June 2024) .................................................................... 51
NOTES TO THE FINANCIAL STATEMENTS (for the year ended 30 June 2024) ................................................ 52
DIRECTORS’ DECLARATION .............................................................................................................................. 76
INDEPENDENT AUDITORS REPORT ................................................................................................................. 77
ADDITIONAL SHAREHOLDER INFORMATION (as at 23 September 2024) ....................................................... 81
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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DIRECTORS’ REPORT
Your Directors submit the annual financial report of Gold Mountain Limited for the financial year ended 30 June 2024. In order to comply with
the provisions of the Corporations Act, the Directors’ report as follows:
KEY MANAGEMENT PERSONNEL DISCLOSURES
DIRECTORS
The names of Directors who held office during or since the end of the year and until the date of this report are as follows.
Directors were in office for this entire period unless otherwise stated.
Aharon Zaetz
David Evans
Maria Lucila Seco (appointed 28 August 2024)
Syed Hizam Alsagoff
Names, qualifications, experience, and special responsibilities
Aharon Zaetz
Non-Executive Director
Qualifications
DipLaw
Experience
Mr Zaetz is a lawyer and experienced director. He brings many years of legal expertise in corporate law, mergers
and acquisitions, and business negotiations to his role including experience negotiating with tenement holders
and landowners. As a seasoned lawyer, Aharon has assisted clients at all stages of their business journeys, from
start-ups to established corporations. He is an experienced ASX investor and GMN shareholder
Interest in Shares and
Options
47,208,444 ordinary shares
2,666,667 quoted options exercisable at $0.01 expiring 7 March 2026 (GMNO)
12,513,514 quoted options exercisable at $0.0055 expiring 20 June 2027 (GMNOC)
15,000,000 quoted options exercisable at $0.01 expiring 15 December 2027 (GMNAAA)
10,000,000 performance rights A
10,000,000 performance rights B
Directorships held in
other listed entities
Resolution Minerals Ltd
Maria Lucila Seco
Non-Executive Director
Qualifications
Master of Laws (LL.M.)
Experience
Ms Seco is an experienced attorney, possessing a law degree from Universidad Católica Argentina and a Master
of Laws (LL.M.) from New York University, conferred in 2020. Her professional journey includes a distinguished
role as an International Associate with the Capital Markets team at Shearman & Sterling LLP in New York during
2022-2023. Additionally, Maria Lucila brings over eight years of experience from her tenure at top-tier law firms in
Argentina. She has cultivated a profound expertise in advising domestic and international clients on an array of
sophisticated corporate matters, including mergers and acquisitions, financing transactions, and other intricate
corporate dealings.
Interest in Shares and
Options
Nil
Directorships held in
other listed entities
No directorships held of ASX listed entities in the past three years.
Syed Hizam Alsagoff
Non-Executive Director
Qualifications
B.Sc (Finance/Economics)
Experience
Mr Alsagoff has extensive network and experience in investment and corporate strategies in Asia and globally, of
over 20 years’ experience in senior operational and corporate leadership roles in diverse sector operations across
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
5
several countries including distribution of industrial, electronic components and satellite manufacturing,
engineering, construction, property, and infra-structure development.
He is currently a board member and Audit Committee Chairman of Wasatah Capital, a private company in Saudi
Arabia.
Interest in Shares and
Options
26,815,483 ordinary shares
5,000,000 performance options exercisable at $0.1460 with vesting conditions expiring 31/12/2025 (GMNAT)
5,363,096 quoted options exercisable at $0.01 expiring 7 March 2026 (GMNO)
15,000,000 quoted options exercisable at $0.01 expiring 15 December 2027 (GMNAAA)
Directorships held in
other listed entities
Resolution Minerals Ltd
MANAGEMENT
David Evans
Executive Director
Qualifications
BSc
Experience
David Evans is the founder, executive director and a major shareholder of Mars Mines Limited with business
experience spanning over 30 years in the mining industry, financial services sector and more recently as an
entrepreneur and Company founder/Director.
Interest in Shares and
Options
703,280,281 ordinary shares
60,000,000 quoted options exercisable at $0.01 expiring 15 December 2027 (GMNAAA)
12,513,514 quoted options exercisable at $0.0055 expiring 20 June 2027 (GMNOC)
30,000,000 performance rights A
30,000,000 performance rights B
Directorships held in other
listed entities
No directorships held of ASX listed entities in the past three years
Rhys Davies
Company Secretary and Chief Financial Officer
Qualifications
BSc (Hons), CA, AGIA
Experience
Mr Davies is a Charted Accountant and Chartered Secretary with over 20 years experience as Chief Financial
Officer, company secretary and/or director of both ASX-listed and private companies across a range of sectors.
Rhys is a member of the Australian Institute of Company Directors and holds an Honours degree in Applied
Accounting from Oxford Brookes University in the UK.
Interest in Shares and
Options
833,333 Unlisted options (GMNAAC) expiring 28 February 2027 $0.01 exercise price
833,333 Unlisted options (GMNAAD) expiring 31 May 2027 $0.01 exercise price
833,333 Unlisted options (GMNAAE) expiring 31 August 2027 $0.01 exercise price
833,333 Unlisted options (GMNAAF) expiring 30 November 2027 $0.01 exercise price
833,333 Unlisted options (GMNAAG) expiring 28 February 2028 $0.01 exercise price
833,333 Unlisted options (GMNAAH) expiring 31 May 2028 $0.01 exercise price
833,333 Unlisted options (GMNAAI) expiring 31 August 2028 $0.01 exercise price
833,333 Unlisted options (GMNAAJ) expiring 30 November 2028 $0.01 exercise price
833,333 Unlisted options (GMNAAK) expiring 28 February 2029 $0.01 exercise price
833,333 Unlisted options (GMNAAL) expiring 31 May 2029 $0.01 exercise price
833,333 Unlisted options (GMNAAM) expiring 31 August 2029 $0.01 exercise price
833,333 Unlisted options (GMNAAN) expiring 30 November 2029 $0.01 exercise price
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Directorships held in other
listed entities
No directorships held of ASX listed entities in the past three years
Interest in the Shares and Options of the Company
DIRECTOR’S SHAREHOLDINGS
As at the date of this report, the interests of the Directors in the securities of Gold Mountain Limited are detailed in the section above.
Movement in equity instruments (other than options and rights)
As at the date of this report, the interests of the Directors in the securities of Gold Mountain Limited are:
Details of the movement in equity instruments (other than options and rights) held directly, indirectly, or beneficially by Directors and Key
Management Personnel and their related parties are as follows:
30 June 2024
Balance at
beginning of the
Year
Granted as
remuneration
during the Year
Issued on
Exercise of
Options during
the Year
Other
changes
during the
Year
Balance at end
of the Year
Syed Hizam Alsagoff
26,815,483
-
-
-
26,815,483
Aharon Zaetz
7,501,001
-
-
39,707,443
-
David Evans
182,102,741
-
-
521,177,540
703,280,281
Maria Lucila Seco
-
-
-
-
-
Total
216,419,225
-
-
550,884,983
767,304,208
30 June 2023
Balance at
beginning of the
Year
Granted as
remuneration
during the Year
Issued on
Exercise of
Options during
the Year
Other
changes
during the
Year
Balance at end
of the Year
Steven Larkins
3,000,000
-
-
(3,000,000)
-
Syed Hizam Alsagoff
26,815,483
-
-
-
26,815,483
Pay Chuan “Paul” Lim
91,380,000
-
-
(91,380,000)
-
Tim Cameron
2,118,462
-
-
(2,118,462)
-
Aharon Zaetz
-
-
-
7,501,001
7,501,001
David Evans
-
-
-
182,102,741
182,102,741
Total
123,313,945
-
-
93,105,280
216,419,225
Exercise of Options
No ordinary shares were issued by the Company during and/or since the end of the financial year as a result of the exercise of options by Directors
and Key Management Personnel and their related parties. There are no unpaid amounts on the shares issued.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Options and Rights Holdings
Details of movements in options and rights held directly, indirectly, or beneficially by Directors and Key Management Personnel and their related parties
are as follows:
30 June 2024
Balance at
beginning of the
Year
Granted as
remuneration
during the Year
Issued on
Exercise of
Options during
the Year
Other changes
during the Year
Balance at
end of the
Year
Syed Hizam Alsagoff
10,363,096
15,000,000
-
-
25,363,096
Aharon Zaetz
2,666,667
35,000,000
-
12,513,514
50,180,181
David Evans
92,239,167
60,000,000
-
(79,725,653)
132,513,514
Maria Lucila Seco
-
-
-
-
-
Total
105,268,930
110,000,000
-
(6,212,139
209,056,791
30 June 2023
Balance at
beginning of the
Year
Granted as
remuneration
during the Year
Issued on
Exercise of
Options during
the Year
Other changes
during the Year
Balance at
end of the
Year
Syed Hizam Alsagoff
7,433,382
-
-
2,929,714
10,363,096
Pay Chuan “Paul” Lim
21,398,333
-
-
(21,398,333)
-
Tim Cameron
20,133,333
30,000,000
-
(50,133,333)
-
Steven Larkins
1,566,666
-
-
(1,566,666)
-
Aharon Zaetz
-
-
-
2,666,667
2,666,667
David Evans
-
-
-
92,239,167
92,239,167
Total
50,531,714
30,000,000
-
24,737,216
105,268,930
Options on issue at the date of this report are:
ASX Code
Number
Expiry Date
Exercise price
GMNAAT
20,000,000
31/12/25
$0.1460
GMNAU
20,000,000
21/12/26
$0.1200
GMNO
643,661,063
7/3/26
$0.0100
GMNAW
10,000,000
24/11/24
$0.0300
GMNAX
10,000,000
24/11/25
$0.0350
GMNAY
10,000,000
24/11/26
$0.0400
GMNAAA
90,000,000
15/12/27
$0.0100
GMNAAP
51,538,369
20/6/27
$0.0046
GMNAAQ
51,538,369
20/6/27
$0.0056
GMNAAR
51,538,369
20/6/27
$0.0065
GMNAAC
4,166,667
28/2/27
$0.0100
GMNAAD
4,166,667
31/5/27
$0.0100
GMNAAE
4,166,666
31/8/27
$0.0100
GMNAAF
4,166,667
30/11/27
$0.0100
GMNAAG
4,166,667
28/2/28
$0.0100
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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GMNAAH
4,166,666
31/5/28
$0.0100
GMNAAI
4,166,667
31/8/28
$0.0100
GMNAAJ
4,166,667
30/11/28
$0.0100
GMNAAK
4,166,666
28/2/29
$0.0100
GMNAAL
4,166,667
31/5/29
$0.0100
GMNAAM
4,166,667
31/8/29
$0.0100
GMNAAN
4,166,666
30/11/29
$0.0100
Performance Rights A
57,500,000
N/A
N/A
Performance Rights B
57,500,000
N/A
N/A
GMNOC
434,899,128
20/6/27
$0.0055
Dividends
No dividends have been paid or declared since the start of the financial year and/or the Directors do not recommend the payment of a dividend
in respect of the financial year.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Operations Report
Principal Activities
The principal activity of the Company during the financial period was to acquire, explore and develop areas that are highly prospective for gold,
lithium, copper, niobium, REE and other precious and base metals and minerals in Brazil and Papua New Guinea.
Operating and Financial Review
(i)
Operations
Gold Mountain is an exploration company operating in Australia, Brazil and Papua New Guinea to acquire, explore and develop areas that are
highly prospective for a range of minerals.
The Company creates value for shareholders, through exploration activities which develop and quantify mineral assets. Once an asset has been
developed and quantified within the framework of the JORC guidelines the Company may elect to move to production, to extract and refine ore
which will then be available for sale as a primary product.
The Company is actively exploring and developing the tenements in Brazil and Papua New Guinea.
Please refer to the Review of Operations for more information on the status of the projects.
(ii)
Financial Performance & Financial Position
The financial results of the Company for the five (5) years to 30 June 2023 are:
30 June 2024
30 June 2023
30 June 2022
30 June 2021
30 June 2020
Cash and cash equivalents
865,503
1,302,567
660,525
780,283
1,835,586
Net assets
15,671,559
11,117,318
24,076,361
27,740,321
25,434,816
Revenue & financial income
59,841
16,734
152,383
888,163
105,844
Net loss after tax
(3,953,446)
(10,209,547)
(18,072,128)
(1,394,982)
(1,569,877)
EBITDAX
(1,816,052)
(1,221,478)
(1,194,228)
(1,394,982)
(1,569,877)
Share price at 30 June
$0.003
$0.007
$0.005
$0.030
$0.066
Loss per share (cents)
(0.14)
(0.62)
(0.91)
(0.18)
(0.25)
a)
Financial Performance
The net loss after tax of the Company for the financial year after tax amounted to $3,953,446 (2023: Loss $10,209,547).
The Company is creating value for shareholders through its exploration expenditure and currently has no revenue generating operations.
Revenue and financial income are generated from interest income from funds held on deposit and miscellaneous income. Due to the increase
in interest rates the company has increased the level of interest earned on funds.
During the year, the operations relating to the exploration projects continued and expanded as the Company undertook its exploration program,
accordingly, deferred exploration expenditure increased from $9,767,008 at 30 June 2023 FY to 14,497,057 at 30 June 2024 after taking into
account impairment of assets.
b)
Financial Position
The 30 June 2024 financial report has been prepared on the going concern basis that contemplates the continuity of normal business activities
and the realisation of assets and extinguishment of liabilities in the ordinary course of business. For the year ended 30 June 2024, the Company
recorded a loss after tax of $3,953,446 (2023: Loss $10,209,547) and had a net working capital surplus of $911,079 (30 June 2023: $1,342,964).
As the Company is an exploration and development entity, ongoing exploration and development activities are reliant on future capital raisings.
Based on these facts, the Directors consider the going concern basis of preparation to be appropriate for this financial report.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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(iii)
Business Strategies and Prospects for future financial years
The Company actively evaluates the prospects of each project as results from each program become available, these results are available via the
ASX platform for shareholders information. The Company then assesses the continued exploration expenditure and further asset development.
The Company will continue the evaluation of its mineral projects in the future and undertake generative work to identify and acquire new resource
projects.
There are specific risks associated with the activities of the Company and general risks which are largely beyond the control of the Company and
the Directors. The risks identified below, or other risk factors, may have a material impact on the future financial performance of the Company and
the market price of the Company’s shares.
a)
Operating Risks
The operations of the Company may be affected by various factors, including failure to locate or identify mineral deposits, failure to achieve
predicted grades in exploration and mining, operational and technical difficulties encountered in mining, sovereign risk difficulties in commissioning
and operating plant and equipment, mechanical failure or plant breakdown, unanticipated metallurgical problems which may affect extraction
costs, adverse weather conditions, industrial and environmental accidents, industrial disputes and unexpected shortages or increases in the costs
of consumables, spare parts, plant and equipment.
b)
Environmental Risks
The operations and proposed activities of the Company are subject to the laws and regulations of Australia, Brazil and Papua New Guinea
concerning the environment. As with most exploration projects and mining operations, the Company’s activities are expected to have an impact
on the environment, particularly if advanced exploration or mine development proceeds. It is the Company’s intention to conduct its activities to
the highest standard of environmental obligation, including compliance with all environmental laws.
c)
Economic
General economic conditions, movements in interest and inflation rates and currency exchange rates may have an adverse effect on the
Company’s exploration, development, and production activities, as well as on its ability to fund those activities.
d)
Market conditions
Share market conditions may affect the value of the Company’s quoted securities regardless of the Company’s operating performance. Share
market conditions are affected by many factors such as:
(i)
general economic outlook;
(ii)
introduction of tax reform or other new legislation;
(iii)
interest rates and inflation rates;
(iv)
changes in investor sentiment toward particular market sectors;
(v)
the demand for, and supply of, capital; and
(vi)
terrorism or other hostilities.
The market price of securities can fall as well as rise and may be subject to varied and unpredictable influences on the market for equities in
general and resource exploration stocks in particular. Neither the Company nor the Directors warrant the future performance of the Company or
any return on an investment in the Company.
e)
Additional requirements for capital
The Company’s capital requirements depend on numerous factors. Depending on the Company’s ability to generate income, the Company will
require further financing. Any additional equity financing will dilute shareholdings, and debt financing, if available, may involve restrictions on
financing and operating activities. If the Company is unable to obtain additional financing as needed, it may be required to reduce the scope of its
operations and scale back its exploration programs. There is however no guarantee that the Company will be able to secure any additional funding
or be able to secure funding on terms favourable to the Company.
f)
Speculative investment
The above list of risk factors ought not to be taken as exhaustive of the risks faced by the Company or by investors in the Company. The above
factors, and others not specifically referred to above, may in the future materially affect the financial performance of the Company and the value
of the Company’s shares. Potential investors should consider that the investment in the Company is speculative and should consult their
professional advisers before deciding whether to invest.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Corporate
Capital Raisings & Equity Securities
On 21 July 2023, the Company announced that it had raised $2.25 million via placement at an issue price of between $0.0075 and $0.0078
per share.
On 20 November 2023 the Company held its AGM and all resolutions were passed. This in particular required issue of 600,000,000 ordinary
GMN shares for the Brazilian Lithium project from Mars Mines Limited.
On 21 November 2023, 125,000,000 unlisted options exercisable at $0.012 each expired unexercised.
On 7 March 2024, the Company announced that it had raised $3 million via placement at an issue price of between $0.0037 per share free
attaching GMNOC options. On the 16 May 2024 the placement and the options were approved.
On 26 March 2024, 115,684,430 listed options exercisable at $0.02 each expired unexercised.
On 5 August 2024, the Company announced that it had raised $2.7 million via placement at an issue price of between $0.0037 per share with
free attaching GMNOC options. The options are subject to shareholder approval.
Board and Management
On 28 August 2024 the Company announced the appointment of Marie Lucila Seco as a non-executive director.
Annual General Meeting
On 20 November 2023, the Company announced that all resolutions put to shareholders at the 2023 Annual General Meeting were passed by
way of a poll.
Review of Operations
Brazil
Down Under-Ronaldinho-Ayrton Senna REE Projects
The company is currently primarily focused on exploring the province scale Down Under, Ayrton Senna and Ronaldinho project areas which
cover 2,387 km2 over airborne radiometric anomalies with a strong thorium signal and highly prospective for ultra-high-grade hard rock monazite
hosted REE-Nb-U-Sc mineralisation which is contiguous and along strike from ASX:BRE 510Mt Inferred Mineral Resource.
GMN conducted orientation sampling on eight different areas of known mineralisation to determine responses and obtained a range of TREE
values of 172-282 ppm TREE. GMN then applied exactly the same sampling and analytical techniques to regional sampling to define areas with
significant potential.
Figure 1 shows the comparison between the range of values in the orientation sampling, shown as arrows, compared to the actual reported
results for each different project area.
Figure
1.
Orientation range of 172ppm TREE to 282 ppm TREE shown as arrows compared to the range of values on individual project areas shown as
the colour graded bars with highest values in purple to lowest anomalous values in yellow.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
12
All our results compare favourably with then orientation samples, with the exception of Itagi, which has results that are comparable with known
mineralised areas.
The results from the samples from Irajuba are clearly outstanding compared to the orientation sample results and the anomalies, plotted as
catchment areas, are shown on figure 2.
Figure 2. Results of Stream Sediment sampling on Irajuba tenements. TREO values plotted as anomalous catchments and potential hard rock
monazite mineralisation anomalies plotted as coloured hexagons over the actual sample site
Iguatu Copper – Lithium Project
The Iguatu project covers a total of 1,322 km2 of ground considered to be prospective for the Olympic Dam subclass of Iron Oxide Copper Gold
(IOCG) deposits. These are structurally controlled post orogenic deposits that have potential to be very large scale and high-grade deposits.
They are characterised by a broad halo of iron alteration, often hematite or magnetite. Many occurrences of IOCG mineralisation are known in
the Iguatu region and extensively over large areas of the western part of the Borborema geological province.
All initial regional magnetic dipole type targets, in the Iguatu and Iguatu North project, potentially indicative of iron concentrations, have had
stream sediment sampling completed, with some magnetic anomalies associated with the geochemical copper and gold anomalies.
Many areas still remail to be sampled.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 3. Iguatu project tenements and prospect names.
Copper anomalies are widespread with five priority targets, however, the most interesting anomaly identified so far is at Quincuncá, is open in
all directions and has 38 km2 of anomalous copper within granted GMN tenements. Additional tenement applications have been made to cover
the areas to the west and northwest of the current anomalies.
Figure 4 shows the main copper anomaly at Quincuncá which has anomalous gold associated with parts of the copper anomaly.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 4. Copper anomalies identified in first pass regional scale stream sediment sampling at Quincuncá plotted as anomalous catchments.
Sample points with gold anomalies shown as green dots over the sample point.
The anomalous lithium results, accompanied by strongly correlated rubidium (Rb), beryllium (Be), caesium (Cs), niobium (Nb) and tin (Sn) are
strongly indicative of LCT type pegmatites, in an area now known to have evolved pegmatites present. The presence of artisanal gem quality
tourmaline workings, documented by the Geological Survey of Brazil, is considered very favourable for strongly evolved pegmatites, which could
be lithium rich.
Sample data were also interpreted for lithium and associated LCT elements with significant lithium and Li-Cs-Sn anomalies found in widespread
areas in Iguatu Central and in Iguatu North.
Pegmatites mapped in the area have variable but often northerly strike directions, and several pegmatite swarms are indicated by the stream
sediment sample results to date.
Figure 5 shows the lithium anomalies in one of the Iguatu North tenements where CPRM had mapped a pegmatite with NNW trend.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 5. Lithium anomalies identified in first pass regional scale stream sediment sampling at Iguatu North, plotted as anomalous catchments.
Figure 6 shows the anomalies interpreted from normalised lithium, caesium and tin data, the correlated elements of interest at Iguatu and Iguatu
North.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 6. Lithium – caesium - tin anomalies identified in first pass regional scale stream sediment sampling at Iguatu Central plotted as
anomalous catchments. Note, the normalised data do not have ppm values.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 7. Lithium – caesium - tin anomalies identified in first pass regional scale stream sediment sampling at Iguatu North plotted as anomalous
catchments. Note, the normalised data do not have ppm values.
Bananal Valley and Agua Boa Lithium Project
These projects lie within the Lithium Valley together with other GMN tenements and a series of major competitors including Sigma, Latin
Resources, Altas Lithium and Rio Tinto. Significant resources are present at the Sigma operating mine and also at the Latin Resources Colina
Deposit.
GMN has identified structural controls throughout the lithium valley that control the distribution of LCT pegmatite mineral occurrences and known
lithium occurrences.
Regional scale sampling and mapping was carried out over the Bananal Valley and Agua Boa tenements, with pegmatite occurrences identified
in both tenement areas.
Stream sediment sample data had peak values of 672 ppm lithium in Bananal Valley with 9 contiguous results with over 300 ppm lithium
and potential for significantly mineralised LCT pegmatites is considered to be very high.
Anomalies extend over 5 kilometres and 2 kilometres in Bananal Valley tenement and anomalies extend over 6 kilometres and 3 kilometres in
the Agua Boa tenement.
Figure 8 shows the distribution of GMN tenements in the Lithium Valley and significant competitors.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 8 Regional distribution of GMN tenements in the northern part of the Lithium Valley.
Figure 9 shows the structures mapped by GMN in the Salinas II project and the probable directions of the lithium pegmatite zones present.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 9. Location of the Agua Boa and Bananal Valley tenements in the GMN Salinas Project. Structures shown in grey were interpreted from
topography, magnetics and radiometric data. Red dots are known lithium bearing pegmatites compiled by CPRM.
Figure 10 shows the exceptionally high-grade stream sediment results at Bananal Valley with 9 results over 300 ppm in a single cluster of
results.
Figure 10. Highest priority target zone in the western part of the Bananal Valley tenement. Lithium anomalies are plotted as anomalous
catchments to indicate the large prospective area that is present. The eastern tenement also has excellent results with extensive strongly
anomalous results.
Figure 11 shows the very strongly anomalous results for the Agua Boa tenement which has two extensive anomalies present.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 11. Agua Boa lithium anomalous catchment results. The anomalies in the southern high order anomaly has a continuous strike length of
6 kilometres.
Salitre and Juremal Lithium Projects
A very major soil anomaly has been found at Salitre Project that is now drill ready. Substantial stream sediment anomalies have also been
identified at Juremal Project.
The Salitre anomaly is 4.5 km long by 1 km wide >60ppm anomaly and contains the LCT pegmatite pathfinder elements beryllium, caesium,
niobium and tin. The anomaly has potential to extend south to the lithium anomalies 4.5 km south at Salitre South.
Figure 12 shows the locations of the project areas and anomalies are shown as insets.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 12. Thematic maps of lithium anomalies at Juremal, Salitre projects and Li anomalous catchments at the Campo Formoso Project.
Serido Belt Lithium Projects
Figure 13 shows the CPRM Serido Belt lithium favourability map with the GMN lithium projects as well as major competitors.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 13. Serido Belt Lithium Favourability map showing GMN tenements and major competitors.
The Logradouro tenements lie within the more prospective areas of the CPRM Lithium Favourability Map (2022), and GMN has mapped over
250 pegmatites there. Soil sampling on anomalous catchments will develop drill targets on some of the known pegmatites.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 14. Logradouro anomalous catchments together with the mapped pegmatites in green. Li anomalies in stream sediment samples in
purple are 98-143 ppm and in red are 83-95 ppm.
This project is now ready for selected areas to be soil sampled and specific identified pegmatites to be drilled.
Solonopole Lithium Project
GMN holds 14 tenements covering an area of 277 km2 in the Solonopole region, a previous lithium producing area.
High grade results in the 434 stream sediment samples taken on the tenements demonstrate that Solonópole project has excellent lithium
potential with peak values of 173 ppm lithium.
High value assays in stream sediments confirm that the known past lithium producing belt extends into GMN tenements.
Two major anomaly clusters are the highest priority for follow up among seven probable lithium corridors identified, parallel to the known regional
lithium corridor.
Figure 15 shows the location of the Solonopole tenements in relation to CPRM mapped lithium occurrences and artisanal mines.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 15 Location of the Solonópole project and the historical lithium producers and occurrences.
Figure 16 shows GMN geochemical lithium anomalies and the distribution of all samples sites
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 16. Lithium anomalies plotted as anomalous stream sediment catchments with maximum value of 173 ppm lithium. Sites with lithium
mineralisation potential are shown clustered in several areas. Major structural direction in green interpreted from the distribution of stream
sediment lithium, tin and tantalum distributions. Note the green corridor direction is the same as that from the historical lithium occurrences and
mines north of the GMN tenements, shown on figure 16
Araxa Niobium-REE-Phosphate Project
GMN has secured 20 tenements, 19 granted, with a total area of 388.18 km2 for niobium, phosphate and REE in the Araxá region of Minas
Gerais, located about 450 km north of Sao Paulo in Minas Gerais.
The tenements are located among a group of carbonatites, including one which hosts the world’s largest niobium mine located in the Barreiro
carbonatite-alkaline igneous complex. The mine contains 94% of the world niobium reserves and Brazil has 82% of the world market for niobium.
Intense magnetic and radiometric anomalies similar to those over the Araxá mine carbonatite are present within the GMN tenements as well as
parts of the outer hydrothermally altered wall rocks that surround many of the carbonatites in the Araxa region and are up to 2.5 km wide.
The Araxá mine has total REE contents in the soil horizon between 0.3% and 1.3% with an average of 0.9%, in the laterite horizon between
0.5% and 4.4% with an average of 1.8%, and in the saprolite horizon between 0.4% and 7% with an average of 1.7%. Patches of the carbonatite
have high grade niobium up to 7% Nb2O5. Some of the high-grade areas are magmatic mineralisation while others are hydrothermal in origin.
Additional resources of P2O5 are also present that are processed to make concentrates at 33-35% P2O5. All resources exploited are in the
weathered zone of the carbonatite.
Figure 17 shows the known carbonatite related mineralisation as well as a manganese and a diamond occurrence.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 17. Magnetic image of the Araxa region showing the carbonatites and known mineral deposits and the intense magnetic highs shown
red and pink. GMN tenements are shown and cover similar intense magnetic highs and have coincident circular structural signatures similar to
those seen over other mapped carbonatites in the region.
Planning is near complete for sampling these tenements.
Papua New Guinea
Wabag Copper – Gold Project
An expert review of the Wabag Project was completed by Steve Garwin, an acknowledged world expert on porphyry copper deposits. All surface
and drill hole geochemistry and regional magnetic data was reviewed and a very solid foundation laid for further interpretation and exploration
to be carried out.
Targets of specific interest Identified were Mt Wipi and Mongae Creek-Monoyal and a regional grass roots area between Crown Ridge and
Mongae Creek-Monoyal.
A second review was undertaken by GMN senior geologists of the existing drill hole data, surface mapping and rock chip descriptions as well
as a further review of the detailed geochemical pattern in drill holes related back to surface geochemistry and structural interpretations.
Mongae Creek was identified as the principal target of interest with previous drilling intersections of occasional hotter fault controlled leakage of
porphyry style mineralisation from a body interpreted to be mainly at depth. Specific porphyry system drill targets were identified that will be
finalised following 3D geochemical modelling of the surface and drill hole geochemistry to obtain the depth to the top of the porphyry systems
present. Then specific drill holes can be designed to test the main porphyry systems present.
Mt Wipi remains a significant target, with surface geochemical data gaps to be filled prior to 3D geochemical modelling and drill hole designs.
The regional target between Crown Ridge and Mongae Creek identified initially by Garwin as a porphyry target area based on 2007-9 European
Union stream sediment geochemical data was identified by GMN as the probable source region for the clasts of epithermal gold bearing rock
and other rock types found in alluvial deposits at Crown Ridge and adjacent areas. This target area had never been followed up previously
despite the significant copper and copper/zinc anomalies present.
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Sampling on this target, now named Mamba Creek, will commence in the first week of September.
Figure 18 shows the location of the Wabag project, the Green River project and major structural elements that control the majority of major
copper and gold deposits in PNG.
Figure 18. Location of the Green River Project in relation to alluvial goldfields, transverse structures and the known extent of the Maramuni
Suite. Modified from Garwin et al (2005).
Figure 19 shows the location of the main target areas at Wabag
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 19. Main targets at Wabag Project.
The Mongae Creek copper anomalies highlight the structural zones which are conduits for hydrothermal fluids and the associated lower
temperature to epithermal mineralisation known in the area.
Figure 20 shows the principal targets at Mongae Creek and interpreted porphyry systems.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 20. Mongae Creek potassium thematic map from soil auger drilling, structural interpretation and vectoring from mineral alteration in
diamond drilling. Priority target drilling areas identified.
Figure 21 shows the interpreted sediment paleo-flows and source regions for the high grade epithermal gold found in alluvial deposits at Crown
Ridge.
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Figure 21. Mamba Creek anomalies, conglomerate source rocks and interpreted paleo-drainage directions.
Green River – Amanab Copper - Gold Project
The Green River tenement has now been granted and Amanab is waiting for the Wardens Hearings to be scheduled.
Reinterpretation of a 1997 aeromagnetic survey and all prior geochemical data was undertaken resulting in a revised geological interpretation
and a series of target areas for further exploration. Intrusive complexes were interpreted from the magnetic data which are in part coincident
with outcropping mapped intrusive occurrences, giving confidence in the geophysical interpretation.
High grade rock chip samples, to 8% copper, were recovered in the areas of reported or interpreted intrusives and form high priority follow up
areas. Some of these samples were from outcrops and others from float samples.
The intrusives are thought to belong to the Maramuni suite, the host to most major copper and gold deposits in PNG and West Irian in Indonesia.
Potential is considered to be very high for porphyry and epithermal mineralisation within the Green River and Amanab tenements.
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Figure 22. Location of strongly anomalous rock chip samples within granted EL 2786 and ELA 2808
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
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Figure 23. Copper thematic map from stream sediment sampling mainly from Carpenter Pacific stream sediment survey and percentage level
rock float sample locations. Intrusive float is close to source.
New Project Opportunities
Consistent with Gold Mountain’s ongoing strategy of continually reviewing new minerals project opportunities across lithium, copper, gold and
other battery minerals, the Company has been undertaking advanced due diligence on several prospective projects.
The Company believes that diversifying its commodity focus and/or jurisdictions will provide greater return to shareholders, including providing the
Company with exposure to the growth in demand for minerals in the battery minerals and EV sectors.
Risk management
Details of the Company’s Risk Management policies are contained within the Corporate Governance Statement.
Corporate Governance
A statement disclosing the extent to which the Company has followed the best practice recommendations set by the ASX Corporate Governance
Council during the period is displayed on the Company’s website.
Subsequent events after balance date
On 2 August 2024, the Company advised that there had been a successful placement of ordinary shares raising $2.7million before costs at an
issue price of $0.037.
On 28 August 2024, Ms Maria Lucila Seco was appointed as a Non-Executive Director.
There has not been any other matter or circumstance that has arisen after balance date that has significantly affected, or may significantly affect,
the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial periods.
Environmental legislation
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
33
The Company is subject to significant environmental and monitoring requirements in respect of its natural resource exploration activities. The
Directors are not aware of any significant breaches of these requirements during the period.
Identification of Insurance of Directors and Officers
The Company has agreed to indemnify all the Directors of the Company for any liabilities to another person (other than the Company or related
entity) that may arise from their position as Directors of the Company, except where the liability arises out of conduct involving a lack of good
faith.
During the financial year, GMN paid a premium in respect of a contract insuring the Directors and officers of the Company against any liability
incurred in the course of their duties to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the
nature of the liability and the amount of the premium.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
34
Remuneration Report (Audited)
The Board, in consultation with the Remuneration Committee, is responsible for determining and reviewing compensation arrangements for the
directors and executive management. The Board assesses the appropriateness of the nature and amount of remuneration of key personnel on
an annual basis. In determining the amount and nature of officers’ packages, the Board takes into consideration the Company’s financial and
operational performance along with industry and market conditions.
The Committee has the authority to retain any outside advisor at the expense of the Company, without the Board’s approval, at any time and
has the authority to determine any such advisor’s fees and other retention terms.
In setting corporate goals and objectives relevant to Senior Executives’ compensation, the Committee considers both short-term and long-term
compensation goals and the setting of criteria around this. In relation to setting Directors’ remuneration the Committee looks at and considers
comparative data from similar companies.
This report outlines the remuneration arrangements in place for Directors and Key Management Personnel of Gold Mountain Limited (the
“Company”) for the financial year ended 30 June 2024.
The following persons acted as Directors during or since the end of the financial year:
Aharon Zaetz
David Evans
Syed Hizam Alsagoff
Maria Lucila Seco
The term ‘Key Management Personnel’ is used in this remuneration report also refers to the following persons. Except as noted, the named
persons held their current position for the whole of the financial year and since the end of the financial year:
Rhys Davies
Remuneration Philosophy
The performance of the Company depends upon the quality of the Directors and executives. The philosophy of the Company in determining
remuneration levels is to:
•
set competitive remuneration packages to attract and retain high calibre employees;
•
link executive rewards to shareholder value creation; and
•
establish appropriate, demanding performance hurdles for variable executive remuneration
Remuneration Committee
The Remuneration Committee of the Board of Directors of the Company is responsible for determining and reviewing compensation
arrangements for the Directors and the Senior Management team.
The Remuneration Committee assesses the appropriateness of the nature and amount of remuneration of Directors and senior executives on
a periodic basis by reference to relevant employment market conditions with an overall objective of ensuring maximum stakeholder benefit from
the retention of a high quality Board and executive team.
Remuneration Structure
In accordance with best practice Corporate Governance, the structure of Non-Executive Director and executive remuneration is separate and
distinct.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
35
Non-Executive Director Remuneration
The Board seeks to set aggregate remuneration at a level that provides the Company with the ability to attract and retain Directors of the highest
calibre, whilst incurring a cost that is acceptable to shareholders.
Each Director is entitled to such remuneration from the Company as the Directors decide, but the total amount provided to all non-executive
directors must not exceed in aggregate the amount fixed by the Company in a general meeting. The aggregate remuneration for all non-executive
directors has been set at an amount of $300,000 per annum.
The ASX Listing Rules specify that the aggregate remuneration of Non-Executive Directors shall be determined from time to time by a general
meeting.
The amount of aggregate remuneration sought to be approved by shareholders and the manner in which it is apportioned amongst Directors is
reviewed annually. The Board considers advice from external shareholders as well as the fees paid to Non-Executive Directors of comparable
companies when undertaking the annual review process.
Each Director is entitled to receive a fee for being a Director of the Company.
The remuneration of Non-Executive Directors for the year ended 30 June 2024 is detailed in the Remuneration of Directors and named executives
section of this report on the following pages of this report.
Senior Manager and Executive Director Remuneration
Remuneration consists of fixed remuneration and Company options (as determined from time to time). In addition to the Company employees
and Directors, the Company has contracted key consultants on a contractual basis. These contracts stipulate the remuneration to be paid to the
consultants.
Fixed Remuneration
Fixed remuneration is reviewed annually by the Independent Directors’ Committee (which assumes the role of the Remuneration Committee).
The process consists of a review of relevant comparative remuneration in the market and internally and, where appropriate, external advice on
policies and practices. The Committee has access to external, independent advice where necessary.
Fixed remuneration is paid in the form of cash payments.
The fixed remuneration component of the five most highly remunerated Company executives is detailed in Table 1.1 & 1.2.
Employment Contracts
During the year and to the date of this report there was one new employment contract in relation to making Mr David Evans an executive Director.
The terms changed post year end and as of the date of this report are $240,000 per annum on a 2 year contract to 30 June 2025. Three months
termination notice is required from either party.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
36
Remuneration of Directors and Named Executives
Table 1.1: Directors’ and named executives remuneration for the year ended 30 June 2024
Short-term employee benefits
Post-employment benefits
Equity
Other
Total
%
Salary, Fees
and
Consulting
Bonuses
Non- Monetary
Benefits
Super-
annuation
Prescribed
Benefits
Options
Shares
Deferred
Benefits
Performance
Related
Syed Hizam Alsagoff
72,000
-
-
-
-
20,149
-
-
92,149
0%
Aharon Zaetz4
252,186
-
-
-
-
68,149
-
-
320,336
0%
David Evans
312,000
-
-
-
-
224,597
-
-
536,597
0%
Maria Lucila Seco 6
-
-
-
-
-
-
-
-
-
-
Rhys Davies 5
145,331
-
-
-
-
15,310
-
-
160,641
0%
Total
781,517
-
-
-
-
328,206
-
-
1,109,723
-
Table 1.2: Directors’ and named executives remuneration for the year ended 30 June 2023
Short-term employee benefits
Post-employment benefits
Equity
Other
Total
%
Salary, Fees
and
Consultancy
Bonuses
Non- Monetary
Benefits
Super-
annuation
Prescribed
Benefits
Options
Shares
Deferred
Benefits
Performance
Related
Tim Cameron 1
252,638
-
-
-
-
-
-
-
252,638
0%
Syed Hizam Alsagoff
12,000
-
-
-
-
-
-
-
12,000
0%
Pay Chuan “Paul” Lim
12,000
-
-
-
-
-
-
-
12,000
0%
Steven Larkins
12,000
-
-
-
-
-
-
-
12,000
0%
Eric Kam 2
88,000
-
-
-
-
-
-
-
88,000
0%
Daniel Smith 3
51,942
-
-
-
-
-
-
-
51,942
0%
Total
428,580
-
-
-
-
-
-
-
428,580
-
Notes:
1.
Paid to Esplanade Consultancy ATF The Ryki Trust for executive services of which Tim Cameron is related to the discretionary services management trust,
and R&E Solutions Pty Ltd, an entity associated with Tim Cameron.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
37
2.
Paid to Useful Ways Pty Ltd for corporate advisory services of which Eric Kam is a director and shareholder and Ekam Commercial of which Mr Kam is principal.
3.
Paid to Minerva Corporate Pty Ltd for corporate advisory services of which Daniel Smith is a director and shareholder.
4.
Paid to Consult4nts Pty Ltd for corporate advisory services and directors fees for which Aharon Zaetz is a director.
5.
Paid to Erasmus Consulting Pty Ltd to whom Mr Davies is a consultant.
6.
Ms Seco was not appointed until after the year end.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
38
Other Key Management Personnel Transactions
The Company has established the Gold Mountain Limited Employee Share Option Plan (ESOP) and a summary of the terms and conditions of the
Plan are set out below:
i.
All employees (full time and part time) will be eligible to participate in the Plan.
ii.
Options are granted under the Plan at the discretion of the board and if permitted by the board, may be issued to an employee’s
nominee.
iii.
Each option is to subscribe for one ordinary share in the Company and will expire 5 years from its date of issue. An option is
exercisable at any time from its date of issue provided all relevant vesting conditions, if applicable, have been met. Options will
be issued free. The exercise price of options will be determined by the board. The total number of shares the subject of options
issued under the Plan, when aggregated with issues during the previous 5 years pursuant to the Plan and any other employee
share plan, must not exceed 5% of the Company’s issued share capital.
iv.
If, prior to the expiry date of options, a person ceases to be an employee of the Company for any reason other than retirement
at age 60 or more (or such earlier age as the board permits), permanent disability, redundancy or death, the options
held by that person (or that person’s nominee) automatically lapse on the first to occur of a) the expiry of the period of
30 days from the date of such occurrence, and b) the expiry date. If a person dies, the options held by that person will be
exercisable by that person’s legal personal representative.
v.
Options cannot be transferred other than to the legal personal representative of a deceased option holder.
vi.
The Company will not apply for official quotation of any options.
vii.
Shares issued because of the exercise of options will rank equally with the Company’s previously issued shares.
viii.
Option holders may only participate in new issues of securities by first exercising their options.
ix.
Options are granted under the plan for no consideration.
x.
Each share option converts into one ordinary share of Gold Mountain Limited.
The Board may amend the terms and conditions of the plan subject to the requirements of the Listing Rules.
There have been no other transactions involving equity instruments other than those described in the tables above. For details of other transactions
with Key Management Personnel, refer to Note 18: Related Party Disclosures.
(End of Remuneration Report)
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
39
Directors’ Meetings
The number of meetings of Directors (including meetings of committees of Directors) held during the year and the number of meetings attended
by each Director was as follows:
Director
Board Meetings
Attended
Eligible to Attend
Syed Hizam Alsagoff
10
10
Aharon Zaetz
10
10
David Evans
10
10
Maria Lucila Seco
0
0
In addition, 16 circular resolutions were signed by the Board during the period.
Auditor Independence
Section 307C of the Corporations Act 2001 requires our auditors to provide the Directors of the Company with an Independence Declaration in
relation to the audit of the annual report. This Independence Declaration is set out on page 42, and forms part of this Directors’ report for the
year ended 30 June 2024.
Non-Audit Services
No amounts were paid or payable to the auditor for non-audit services provided during the year by the auditor are outlined in Note 19 to the
financial statements. The Directors are satisfied that the provision of non-audit services is compatible with the general standard of independence
for auditors imposed by the Corporations Act 2001.
The Directors are of the opinion that the services do not compromise the auditor’s independence as all non-audit services have been reviewed
to ensure that they do not impact the integrity and objectivity of the auditor and none of the services undermine the general principles relating to
auditor independence.
Signed in accordance with a resolution of the Directors.
David Evans
Executive Director
Dated this 26th day of September 2024
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
40
SCHEDULE OF TENEMENTS
Wabag Project and Green River Project Tenements – Papua New Guinea
Brazilian Project Tenements
Project
Tenement
ID
Area (ha)
Holder's name
Commodity
GMN
Ownership%
Agua Boa
831703/2022
1,898.71
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Ararenda
800370/2022
1,980.30
MARS GMN BRAZIL LTDA
Copper
75%
Ararenda
800371/2022
1,982.69
MARS GMN BRAZIL LTDA
Copper
75%
Ararenda
800372/2022
1,971.46
MARS GMN BRAZIL LTDA
Copper
75%
Ararenda
800373/2022
1,989.46
MARS GMN BRAZIL LTDA
Copper
75%
Ararenda
800520/2022
1,981.05
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Ararenda
800521/2022
1,344.04
MARS GMN BRAZIL LTDA
Copper
75%
Ararenda
800522/2022
1,990.80
MARS GMN BRAZIL LTDA
Copper
75%
Ararenda
800523/2022
1,990.72
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Ararenda
800524/2022
1,920.38
MARS GMN BRAZIL LTDA
Copper
75%
Ararenda
800525/2022
1,839.07
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Ararenda
800602/2022
1,983.65
MARS MINES BRASIL LTDA
Lithium
75%
Araxa
830326/2024
1,982.84
MARS GMN BRAZIL LTDA
Niobium
100%
Araxa
830327/2024
1,988.03
MARS GMN BRAZIL LTDA
Niobium
100%
Araxa
830328/2024
1,978.33
MARS GMN BRAZIL LTDA
Niobium
100%
Araxa
830329/2024
1,922.53
MARS GMN BRAZIL LTDA
Niobium
100%
Araxa
830330/2024
1,986.80
MARS GMN BRAZIL LTDA
Nickel
100%
Araxa
830331/2024
1,985.47
MARS GMN BRAZIL LTDA
Niobium
100%
License
License
Name
License Holder
GMN
Interest
Status
Area
km2
Granted
Expiry
EL1966
Sak Creek
Viva No.20 Limited
70%
Active - Renewal
Pending-MAC
102
27/06/2013
26/06/2023
EL1968
Crown Ridge
Viva No.20 Limited
70%
Active - Renewal
Pending-MAC
102
28/11/2013
27/11/2023
EL2306
Alukula /
Kompiam
Station
Khor ENG Hock & Sons
(PNG) Limited /
Abundance Valley (PNG)
Limited
70%
Active - Renewal
Pending-MAC
164
14/02/2015
13/12/2023
EL2563
Kompiam
Abundance Valley (PNG)
Limited
100%
Active - Renewal
Pending
164
23/01/2020
22/01/2022
EL2565
Londol
Viva Gold (PNG) Limited
100%
Active - Renewal
Pending
252
27/05/2019
26/05/2023
EL2632
Mt. Wipi
GMN 6768 (PNG) Limited
100%
Active- Renewal
submitted
252
14/08/2020
13/08/2024
EL2705
Yengit
Abundance Valley (PNG)
Limited
100%
Active
17
31/10/2023
30/10/2025
ELA2779
Nelemanda
Abundance Valley (PNG)
Limited
100%
Application in
time
102
ELA2786
Green River
Viva Gold (PNG) Limited
100%
Active – recalled,
objection lodged
498
22/4/2024
21/4/2026
ELA2808
Amanab
Viva Gold (PNG) Limited
100%
Application -
Wardens Hearing
to be scheduled
549
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
41
Araxa
830332/2024
1,985.45
MARS GMN BRAZIL LTDA
Niobium
100%
Araxa
830333/2024
1,988.98
MARS GMN BRAZIL LTDA
Niobium
100%
Araxa
830334/2024
1,983.89
MARS GMN BRAZIL LTDA
Niobium
100%
Araxa
830336/2024
1,989.17
MARS GMN BRAZIL LTDA
Niobium
100%
Araxa
830338/2024
1,987.46
MARS GMN BRAZIL LTDA
Niobium
100%
Araxa
830339/2024
1,987.58
MARS GMN BRAZIL LTDA
Niobium
100%
Araxa
830340/2024
1,986.78
MARS GMN BRAZIL LTDA
Niobium
100%
Araxa
830341/2024
1,988.91
MARS GMN BRAZIL LTDA
Niobium
100%
Araxa
830343/2024
1,988.24
MARS GMN BRAZIL LTDA
Niobium
100%
Araxa
830377/2024
1,986.33
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Araxa
830380/2024
1,985.72
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Araxa
830383/2024
1,975.34
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Araxa
830384/2024
1,988.29
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Araxa
830402/2024
1,110.54
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Ayrton Senna
871047/2024
1,978.38
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Ayrton Senna
871048/2024
1,981.21
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Ayrton Senna
871049/2024
1,985.51
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Ayrton Senna
871051/2024
1,978.30
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Ayrton Senna
871052/2024
1,981.37
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Ayrton Senna
871053/2024
1,987.98
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Ayrton Senna
871054/2024
1,987.36
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Ayrton Senna
871089/2024
1,980.78
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Ayrton Senna
871090/2024
1,986.71
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Ayrton Senna
871106/2024
1,977.14
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Ayrton Senna
871107/2024
1,987.82
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Ayrton Senna
871108/2024
1,986.32
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Ayrton Senna
871109/2024
1,987.46
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Bananal Valley
831700/2022
540.56
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Bananal Valley
831702/2022
1,623.69
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Bandarra
846078/2022
1,975.77
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Bandarra
846079/2022
1,999.76
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Bandarra
846080/2022
1,987.94
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Bandarra
848003/2023
1,363.63
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Bandarra
848004/2023
1,795.17
MARS MINES BRASIL LTDA
Copper
75%
Bandarra
848087/2022
1,951.39
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Campo Formoso
870210/2022
1,935.90
MARS MINES BRASIL LTDA
Lithium
75%
Campo Formoso
870211/2022
1,974.25
MARS MINES BRASIL LTDA
Lithium
75%
Campo Formoso
870212/2022
1,991.88
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Campo Formoso
870213/2022
1,995.18
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Campo Formoso
870214/2022
1,879.04
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Campo Formoso
870215/2022
1,511.30
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Casa Nova
870133/2023
1,239.09
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870134/2023
1,981.79
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870135/2023
1,877.38
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870136/2023
1,970.98
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870137/2023
1,975.64
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870138/2023
1,966.82
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870139/2023
1,962.82
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870140/2023
1,966.81
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870141/2023
1,973.41
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870142/2023
1,940.46
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870143/2023
1,988.83
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870144/2023
1,940.80
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870145/2023
1,870.02
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870163/2023
1,961.13
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870164/2023
1,969.83
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870165/2023
1,979.19
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870166/2023
1,885.85
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870167/2023
1,959.48
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870168/2023
1,974.56
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870169/2023
1,978.73
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870170/2023
1,961.99
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova
870171/2023
1,957.13
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova West
870185/2023
1,962.35
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova West
870186/2023
1,957.60
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova West
870187/2023
1,978.74
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova West
870188/2023
1,917.92
MARS MINES BRASIL LTDA
Copper
75%
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
42
Casa Nova West
870189/2023
1,980.74
MARS MINES BRASIL LTDA
Copper
75%
Casa Nova West
870190/2023
1,978.26
MARS MINES BRASIL LTDA
Copper
75%
Cerro-Dagua
848131/2022
1,980.72
QUANTUM LITIO BRASIL LTDA
Lithium
75%
Cerro-Dagua
848132/2022
1,885.99
QUANTUM LITIO BRASIL LTDA
Lithium
75%
Cerro-Dagua
848134/2022
1,104.27
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Chapada do Norte
831195/2023
1,987.79
MARS GMN BRAZIL LTDA
Lithium
75%
Chapada do Norte
831196/2023
1,986.32
MARS GMN BRAZIL LTDA
Lithium
75%
Chapada do Norte
831198/2023
1,979.32
MARS GMN BRAZIL LTDA
Lithium
75%
Chapada do Norte
831200/2023
1,983.93
MARS GMN BRAZIL LTDA
Lithium
75%
Cococi
800248/2022
1,994.59
MARS GMN BRAZIL LTDA
Copper
75%
Cococi
800255/2022
1,995.11
MARS GMN BRAZIL LTDA
Copper
75%
Cococi
800319/2022
1,977.57
MARS GMN BRAZIL LTDA
Copper
75%
Cococi
800320/2022
1,987.03
MARS GMN BRAZIL LTDA
Copper
75%
Cococi
800321/2022
1,978.52
MARS GMN BRAZIL LTDA
Copper
75%
Cococi
800322/2022
1,977.44
MARS GMN BRAZIL LTDA
Copper
75%
Coroaci
830616/2023
1,973.78
MARS MINES BRASIL LTDA
Lithium
75%
Coroaci
830617/2023
1,987.17
MARS MINES BRASIL LTDA
Lithium
75%
Coroaci
830618/2023
1,985.55
MARS MINES BRASIL LTDA
Lithium
75%
Coroaci
830622/2023
1,987.45
MARS MINES BRASIL LTDA
Lithium
75%
Coroaci
831203/2023
1,983.51
MARS GMN BRAZIL LTDA
Lithium
75%
Coroaci
831204/2023
1,980.59
MARS GMN BRAZIL LTDA
Lithium
75%
Cuite
848397/2023
1,984.30
MARS GMN BRAZIL LTDA
Lithium
100%
Custodia
840027/2022
1,955.24
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Custodia
840028/2022
1,988.74
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Custodia
840029/2022
1,957.62
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Custodia
840195/2018
1,599.49
MARS MINES BRASIL LTDA
Lithium
75%
Down Under
870177/2024
680.26
MARS GMN BRAZIL LTDA
REE
100%
Down Under
870178/2024
123.32
MARS GMN BRAZIL LTDA
REE
100%
Down Under
870179/2024
28.84
MARS GMN BRAZIL LTDA
REE
100%
Down Under
870180/2024
290.56
MARS GMN BRAZIL LTDA
REE
100%
Down Under
870181/2024
119.61
MARS GMN BRAZIL LTDA
REE
100%
Down Under
871110/2024
1,987.65
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871111/2024
1,988.13
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871112/2024
1,988.17
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871113/2024
1,974.74
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871137/2024
1,972.12
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871154/2024
1,920.61
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871158/2024
1,985.59
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871159/2024
1,987.22
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871162/2024
1,987.36
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871163/2024
1,988.77
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871164/2024
1,986.27
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871165/2024
1,985.44
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871167/2024
1,980.44
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871168/2024
1,986.43
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871169/2024
1,984.20
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871171/2024
1,944.97
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871172/2024
1,430.90
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871173/2024
1,985.16
QUANTUM LITIO BRASIL LTDA
Niobium
100%
Down Under
871188/2024
1,983.52
QUANTUM LITIO BRASIL LTDA
REE
100%
Down Under
871189/2024
1,982.46
QUANTUM LITIO BRASIL LTDA
REE
100%
Down Under
872218/2023
1,980.63
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872219/2023
1,982.27
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872220/2023
1,984.58
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872221/2023
1,984.14
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872222/2023
1,974.65
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872223/2023
1,985.85
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872224/2023
1,985.88
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872225/2023
1,985.10
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872226/2023
1,985.34
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872228/2023
1,986.26
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872229/2023
1,985.59
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872231/2023
1,913.79
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872232/2023
1,982.18
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872233/2023
1,987.20
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872234/2023
1,986.17
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872235/2023
1,984.99
MARS GMN BRAZIL LTDA
REE
100%
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
43
Down Under
872237/2023
1,986.46
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872238/2023
1,987.50
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872333/2023
1,314.96
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872334/2023
1,981.95
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872335/2023
1,979.88
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872336/2023
1,684.26
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872339/2023
1,917.73
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872340/2023
1,887.59
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872341/2023
1,950.80
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872342/2023
1,710.27
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872343/2023
1,871.39
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872344/2023
1,978.61
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872346/2023
1,955.75
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872350/2023
1,982.40
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872356/2023
1,757.46
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872373/2023
1,973.78
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872375/2023
1,987.07
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872377/2023
1,980.76
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872378/2023
1,984.77
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872379/2023
1,977.25
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872385/2023
1,981.03
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872411/2023
1,943.77
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872413/2023
1,983.21
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872414/2023
715.12
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872415/2023
1,958.12
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872416/2023
1,981.93
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872417/2023
1,982.97
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872418/2023
1,981.59
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872419/2023
1,020.09
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872420/2023
1,987.24
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872421/2023
1,983.85
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872422/2023
1,984.17
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872424/2023
1,979.94
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872425/2023
1,984.09
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872427/2023
1,962.54
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872428/2023
1,986.54
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872429/2023
1,985.03
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872430/2023
1,971.82
MARS GMN BRAZIL LTDA
REE
100%
Down Under
872431/2023
1,535.43
MARS GMN BRAZIL LTDA
REE
100%
Franciscopolis
831215/2023
1,987.45
MARS GMN BRAZIL LTDA
Lithium
100%
Franciscopolis
831216/2023
1,987.96
MARS GMN BRAZIL LTDA
Lithium
100%
Franciscopolis
831217/2023
1,986.33
MARS GMN BRAZIL LTDA
Lithium
100%
Franciscopolis
831218/2023
1,985.63
MARS GMN BRAZIL LTDA
Lithium
100%
Franciscopolis
831219/2023
1,984.80
MARS GMN BRAZIL LTDA
Lithium
100%
Ico
800016/2023
1,972.75
MARS MINES BRASIL LTDA
Copper
75%
Ico
800017/2023
1,981.58
MARS MINES BRASIL LTDA
Copper
75%
Ico
800018/2023
1,927.21
MARS MINES BRASIL LTDA
Copper
75%
Ico
800019/2023
1,967.84
MARS MINES BRASIL LTDA
Copper
75%
Ico
800020/2023
1,973.71
MARS MINES BRASIL LTDA
Copper
75%
Ico
800022/2023
1,977.35
MARS MINES BRASIL LTDA
Copper
75%
Ico
800023/2023
1,980.61
MARS MINES BRASIL LTDA
Copper
75%
Ico
800853/2022
1,793.68
Carlos Augusto Batista da Silveira
Lithium
75%
Iguatu
800064/2022
1,641.39
MARS GMN BRAZIL LTDA
Copper
75%
Iguatu
800065/2022
1,142.02
MARS GMN BRAZIL LTDA
Copper
75%
Iguatu
800073/2022
1,940.28
MARS GMN BRAZIL LTDA
Copper
75%
Iguatu
800074/2022
1,897.47
MARS GMN BRAZIL LTDA
Copper
75%
Iguatu
800075/2022
1,861.87
MARS GMN BRAZIL LTDA
Copper
75%
Iguatu
800076/2022
1,972.54
MARS GMN BRAZIL LTDA
Copper
75%
Iguatu
800077/2022
1,952.65
MARS GMN BRAZIL LTDA
Copper
75%
Iguatu
800078/2022
1,932.34
MARS GMN BRAZIL LTDA
Copper
75%
Iguatu
800096/2022
1,992.26
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800097/2022
1,961.62
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800098/2022
1,992.44
MARS GMN BRAZIL LTDA
Copper
75%
Iguatu
800101/2022
1,998.52
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800102/2022
1,991.99
MARS GMN BRAZIL LTDA
Copper
75%
Iguatu
800103/2022
1,898.89
MARS GMN BRAZIL LTDA
Copper
75%
Iguatu
800105/2022
1,988.31
MARS GMN BRAZIL LTDA
Copper
75%
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
44
Iguatu
800106/2022
1,993.09
MARS GMN BRAZIL LTDA
Copper
75%
Iguatu
800107/2022
1,929.28
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800108/2022
1,911.98
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800109/2022
1,988.41
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800110/2022
1,984.22
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800112/2022
1,928.39
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800113/2022
1,999.05
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800114/2022
1,114.12
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800115/2022
1,977.38
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800116/2022
1,994.08
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800117/2022
1,990.50
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800121/2022
1,990.50
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800122/2022
1,990.36
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800123/2022
1,990.30
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800124/2022
1,990.23
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800125/2022
1,990.15
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800126/2022
1,990.09
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800127/2022
1,990.01
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800128/2022
1,923.60
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800129/2022
1,976.16
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800130/2022
1,971.32
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800131/2022
1,922.43
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800132/2022
1,986.13
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800133/2022
1,974.04
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800137/2022
1,977.91
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800139/2022
1,984.97
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800140/2022
1,987.16
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800141/2022
1,973.33
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800143/2022
1,928.64
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800144/2022
1,969.50
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800145/2022
1,991.66
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800146/2022
1,950.79
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800147/2022
1,993.21
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800148/2022
1,993.02
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800149/2022
1,988.80
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800150/2022
1,993.35
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800151/2022
1,992.99
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800152/2022
1,993.17
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800153/2022
1,985.11
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800178/2022
1,902.80
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800251/2022
1,997.84
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800252/2022
1,998.91
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800253/2022
1,999.19
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu
800254/2022
1,998.17
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu North
800154/2022
1,971.14
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu North
800155/2022
1,999.04
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu North
800156/2022
1,999.06
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu North
800157/2022
1,999.16
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu North
800158/2022
1,988.99
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu North
800159/2022
1,988.37
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu North
800160/2022
1,999.45
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu North
800161/2022
1,999.49
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Iguatu North
800163/2022
1,965.63
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Jacurici
870216/2022
1,994.75
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Jacurici
870217/2022
1,947.17
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Juremal
870207/2022
1,990.23
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Juremal
870208/2022
262.39
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Juremal
870541/2022
1,969.35
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Juremal
870542/2022
1,999.75
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Juremal
870543/2022
1,988.98
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Juremal North
871298/2022
1,996.84
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Logradouro
848133/2022
1,999.78
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Logradouro
848135/2022
1,955.29
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Pedra Grande
831704/2022
1,980.08
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Pedro Avelino
848396/2023
1,821.31
MARS GMN BRAZIL LTDA
Lithium
100%
Ronaldinho
870478/2024
1,985.85
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870479/2024
1,976.10
QUANTUM LITIO BRASIL LTDA
REE
100%
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
45
Ronaldinho
870481/2024
1,984.38
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870482/2024
1,983.38
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870483/2024
1,984.22
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870484/2024
1,985.00
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870486/2024
1,987.71
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870489/2024
1,963.77
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870491/2024
1,979.43
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870494/2024
1,986.59
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870495/2024
1,970.00
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870496/2024
1,986.88
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870497/2024
1,986.22
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870498/2024
1,987.45
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870499/2024
1,975.51
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870500/2024
1,987.06
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870501/2024
1,961.44
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870502/2024
1,987.84
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870504/2024
1,985.02
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870505/2024
1,985.01
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870506/2024
1,920.41
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870508/2024
1,983.63
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870509/2024
1,946.27
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870510/2024
1,987.01
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870513/2024
1,897.57
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870514/2024
1,986.20
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870515/2024
1,985.00
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870516/2024
1,979.28
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870518/2024
1,979.79
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870519/2024
1,982.35
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870525/2024
1,979.88
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870526/2024
1,968.42
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870527/2024
1,066.18
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870528/2024
1,974.31
QUANTUM LITIO BRASIL LTDA
REE
100%
Ronaldinho
870529/2024
1,987.40
QUANTUM LITIO BRASIL LTDA
REE
100%
Salinas
831696/2022
979.15
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Salinas
831697/2022
618.53
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Salinas
831698/2022
1,455.51
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Salinas South
830542/2023
1,987.08
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830544/2023
1,986.91
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830546/2023
1,981.50
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830547/2023
1,981.70
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830549/2023
1,496.30
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830553/2023
1,969.81
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830554/2023
1,995.48
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830556/2023
1,980.98
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830557/2023
1,982.85
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830558/2023
1,980.92
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830559/2023
1,985.11
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830560/2023
1,985.68
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830562/2023
1,975.75
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830563/2023
1,975.77
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830564/2023
1,985.35
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830565/2023
1,973.03
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830566/2023
1,985.29
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830567/2023
1,982.90
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830568/2023
1,931.79
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830569/2023
1,972.77
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830605/2023
1,976.04
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830606/2023
1,971.54
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830607/2023
1,984.11
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830609/2023
1,983.76
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830610/2023
1,976.26
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830611/2023
1,808.55
MARS MINES BRASIL LTDA
Lithium
75%
Salinas South
830612/2023
1,971.58
MARS MINES BRASIL LTDA
Lithium
75%
Sao Juliao
800249/2022
1,986.16
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Sao Juliao
800250/2022
1,998.32
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Sao Juliao
800317/2022
1,984.82
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Sao Juliao
800318/2022
1,988.27
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
46
Sao Juliao
803035/2022
1,993.94
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Sao Juliao
803036/2022
1,082.49
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Sao Juliao
803053/2022
1,992.05
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Sao Juliao
803054/2022
1,961.81
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Sao Juliao
803055/2022
1,994.55
TATIANA BARBOSA DE SOUZA LIBARDI
Copper
75%
Sao Tome
848395/2023
1,942.57
MARS GMN BRAZIL LTDA
Lithium
75%
Serrote Verde
846115/2022
1,998.77
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Solonopole
800416/2022
1,976.35
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Solonopole
800417/2022
1,976.35
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Solonopole
800418/2022
1,977.29
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Solonopole
800419/2022
1,987.36
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Solonopole
800420/2022
1,973.73
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Solonopole
800421/2022
1,990.48
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Solonopole
800422/2022
1,979.94
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Solonopole
800423/2022
1,995.76
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Solonopole
800424/2022
1,962.42
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Solonopole
800425/2022
1,997.13
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Solonopole
800426/2022
1,966.24
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Solonopole
800427/2022
1,966.24
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Solonopole
800428/2022
1,991.00
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
Solonopole
800429/2022
1,989.47
TATIANA BARBOSA DE SOUZA LIBARDI
Lithium
75%
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
48
STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME (for the year
ended 30 June 2024)
Note
2024
$
2023
$
Other income
3
59,841
16,734
59,841
16,734
Administration costs
(885,357)
(340,556)
Depreciation and amortisation expense
(8,744)
(57,989)
Options expense
(334,389)
-
Impairments expense
(2,128,650)
(8,988,069)
Investor and public relations expense
(97,110)
(78,009)
Legal and professional costs
(278,954)
(235,859)
Other expenses
(280,083)
(525,799)
Loss before income tax expense
(3,953,446)
(10,209,547)
Income tax expense
5
-
-
Net loss for the period
Attributable to the owners of Gold Mountain Limited
(3,953,446)
(10,209,547)
Other comprehensive income
Foreign exchange movement
(13,807)
(1,383)
Total other comprehensive income for the year, net of tax
(3,821,353)
(10,210,930)
Total comprehensive loss for the period attributable to:
Owners of Gold Mountain Limited
(3,821,353)
(10,210,930)
Non-Controlling Interests
67
386
Loss per share
Basic loss per share (cents)
16
(0.14)
(0.62)
Diluted loss per share (cents)
N/A
N/A
The statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
49
STATEMENT OF FINANCIAL POSITION (as at 30 June 2024)
Note
2024
$
2023
$
ASSETS
CURRENT ASSETS
Cash and cash equivalents
6
865,503
1,302,567
Trade and other receivables
7
229,126
199,290
TOTAL CURRENT ASSETS
1,094,629
1,501,857
NON-CURRENT ASSETS
Plant and equipment
8
212,868
61,791
Deferred exploration and evaluation expenditure
9
14,497,057
9,767,008
Investments
10
50,555
50,555
TOTAL NON-CURRENT ASSETS
16,760,480
9,879,354
TOTAL ASSETS
15,855,109
11,381,211
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
11
183,550
263,893
TOTAL CURRENT LIABILITIES
183,550
263,893
TOTAL LIABILITIES
183,550
263,893
NET ASSETS
15,671,559
11,117,318
EQUITY
Issued capital
12
59,577,333
51,662,667
Reserves
13
1,696,814
1,103,860
Accumulated losses
(45,607,042)
(41,653,596)
Total equity attributable to equity holders of the Company
15,667,105
11,112,932
Non-controlling interest
4,454
4,387
TOTAL EQUITY
15,671,559
11,117,318
The statement of financial position should be read in conjunction with the accompanying notes.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
50
STATEMENT OF CHANGES IN EQUITY (for the year ended
30 June 2024)
Issued Capital
Reserves
Accumulated
Losses
Non
Controlling
Interest
Total
$
$
$
$
$
Balance at 1 July 2022
47,104,019
38,000
(31,443,663)
105
15,698,461
Comprehensive Income
-
-
-
-
-
Net loss for the period
-
-
(10,209,933)
386
(10,209,547)
Other comprehensive income
-
(1,383)
-
-
(1,383)
Total comprehensive income
for the year
-
(1,383)
(10,209,933)
386
(10,210,930)
Transactions with owners in
their capacity as owners
Issue of share capital
5,314,671
-
-
-
5,314,671
Share issue costs
(756,023)
-
-
-
(756,023)
Options movement
-
1,067,243
-
-
1,067,243
Non-Controlling interests on
acquisition
-
-
-
3,896
3,896
Total transactions with owners
in their capacity as owners
4,558,648
1,067,243
-
3,896
5,629,787
Balance at 30 June 2023
51,662,667
1,103,860
(41,653,596)
4,387
11,117,318
Balance at 1 July 2023
51,662,667
1,103,860
(41,653,596)
4,387
11,117,318
Comprehensive Income
-
-
-
-
-
Net loss for the period
-
-
(3,953,446)
67
(3,935,379)
Other comprehensive income
-
(13,807)
-
-
(13,807)
Total comprehensive income
for the year
-
(13,807)
(3,953,446)
67
(3,967,186)
Transactions with owners in
their capacity as owners
Issue of share capital
8,916,400
-
-
-
8,916,400
Share issue costs
(1,001,735)
-
-
-
(1,001,735)
Options movement
-
606,761
-
-
606,761
Non-Controlling interests on
acquisition
-
-
-
-
-
Transactions with owners in
their capacity as owners
7,914,665
606,761
-
-
8,521,426
Balance at 30 June 2024
59,577,333
1,696,814
(45,607,042)
4,454
15,671,559
The statement of changes in equity should be read in conjunction with the accompanying notes.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
51
STATEMENT OF CASHFLOWS
(for the year ended 30 June 2024)
Note
2024
$
2023
$
Cash flows from operating activities
Interest received
17,567
12,374
Payments to suppliers and employees
(1,542,345)
(1,097,373)
Net cash (used in) provided by operating activities
23
(1,524,778)
(1,084,999)
Cash flows from investing activities
Payments for plant and equipment
(9,692)
-
Payments for exploration and evaluation
(3,820,638)
(1,980,414)
Net cash (used in) provided by investing activities
(3,830,330)
(1,980,414)
Cash flows from financing activities
Proceeds from issue of shares
4,919,038
3,928,792
Payments for share issue costs
-
(209,900)
Proceeds from borrowings
19,650
22,736
Repayment of borrowings
(20,644)
(34,173)
Net cash provided by (used in) financing activities
4,918,044
3,707,455
Net increase/(decrease) in cash and cash equivalents
(437,064)
642,042
Cash and cash equivalents at beginning of financial year
1,302,567
660,525
Cash and cash equivalents at end of financial year
6
865,503
1,302,567
he statement of cashflows should be read in conjunction with the accompanying notes.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
52
NOTES TO THE FINANCIAL STATEMENTS
(for the year ended 30 June 2024)
This financial report includes the financial statements and notes of Gold Mountain Limited.
Number
Notes to the Financial Statements
1
Summary of significant accounting policies
2
Operating segments
3
Revenue & other income
4
Loss for the year
5
Income tax expense
6
Current assets - Cash and cash equivalents
7
Current assets - Trade and other receivables
8
Non-current assets Plant and equipment
9
Non-current assets Deferred exploration and evaluation expenditure
10
Non-current assets Investments
11
Current liabilities Trade and other payables
12
Contributed equity
13
Reserves
14
Share based payments
15
Related party disclosures and Key Management Personnel compensation
16
Loss per share
17
Financial Risk Management
18
19
Parent Entity Information
20
Dividends
21
Events subsequent to reporting date
22
Controlled entities
23
Cash flow information
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
53
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES
a.
Basis of Preparation
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
(AASB) and the Corporations Act 2001.
Australian Accounting Standards set out accounting policies that the AASB 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 International Financial Reporting Standards as issued by the IASB. Material
accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied
unless otherwise stated.
The financial statements have been prepared on an accruals 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
b.
Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current
financial year.
When the Company applies an accounting policy retrospectively, makes a retrospective restatement or reclassifies items in its financial
statements, financial statements as at the beginning of the earliest comparative period will be disclosed.
c.
Principles of consolidation
Business combinations
For every business combination, the Company identifies the acquirer, which is the combining entity that obtains control over the other
combining entities. An investor controls an investee when it is exposed to, or has rights to, variable returns from its involvement with the
investee and has the ability to affect those returns through its power over the investee. In assessing control, the Company takes into
consideration potential voting rights that are currently exercisable. The acquisition date is the date on which control is transferred from
the acquirer.
Interests in equity-accounted investees
The
interests in equity-accounted investees comprise the interest in a joint venture. A joint venture is a joint arrangement,
whereby the Group and other parties have joint control and have rights to the net assets of the arrangement. The interest in the joint
venture is accounted for using the equity method. It is recognised initially at cost, which includes transaction costs. Subsequent to initial
recognition, the consolidated financial statements include the
share of the profit or loss and other comprehensive income of
equity-accounted investees, until the date on which significant influence or joint control ceases.
Joint arrangements
Under AASB 11, the Company has classified its interests in joint arrangements as either joint operations (if the Group has rights to the
assets, and obligations for the liabilities, relating to an arrangement) or joint ventures (if the Group has rights only to the net assets of an
arrangement).
When making this assessment, the Company considered the structure of the arrangements, the legal form of any separate vehicles, the
contractual terms of the arrangements and other facts and circumstances.
The Company did not have any joint arrangements at the start of the financial year.
d.
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. If such an indication exists, an impairment test
alue less costs to sell
cognised
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). Any impairment loss of a revalued asset is treated as a revaluation decrease in accordance
with that Standard.
Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the
cash-generating unit to which the asset belongs.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
54
e.
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits available on demand with banks and other short-term highly liquid investments
with original maturities of three months or less.
f.
Provisions
Provisions are recognised when the Company 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 are measured using the best estimate of the amounts required to settle the obligation at the end of the reporting period.
g.
Trade and other payables
Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the
Company during the reporting period which remain unpaid. The balance is recognised as a current liability with the amounts normally paid
within 30 days of recognition of the liability.
h.
Income Tax
The income tax expense (revenue) 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. Current tax liabilities (assets) are measured
at the amounts expected to be paid to (recovered from) the relevant taxation authority.
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well unused
tax losses.
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.
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.
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.
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:
(a) a legally enforceable right of set-off exists; and (b) 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.
i.
Exploration and Development Expenditure
Exploration and evaluation expenditures in relation to each separate area of interest are recognised as an exploration and evaluation
asset in the year in which they are incurred where the following conditions are satisfied:
(i)
The rights to tenure of the area of interest are current; and
(ii)
at least one of the following conditions is also met:
(a)
the exploration and evaluation expenditures are expected to be recouped through successful development and
exploration of the area of interest, or alternatively, by its sale; or
(b)
exploration and evaluation activities in the area of interest have not at the reporting date reached a stage which permits
a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant
operations in, or in relation to, the area of interest are continuing.
Exploration and evaluation assets are initially measured at cost and include acquisition of rights to explore, studies, exploratory drilling,
trenching, and sampling and associated activities and an allocation of depreciation and amortised of assets used in exploration and
evaluation activities. General and administrative costs are only included in the measurement of exploration and evaluation costs where
they are related directly to operational activities in a particular area of interest.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
55
Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying amount of an
exploration and evaluation asset may exceed its recoverable amount. The recoverable amount of the exploration and evaluation asset
(for the cash generating unit(s) to which it has been allocated being no larger than the relevant area of interest) is estimated to determine
the extent of the impairment loss (if any). Where an impairment loss subsequently reverses, the carrying amount of the asset is increased
to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying
amount that would have been determined had no impairment loss been recognised for the asset in previous years.
Where a decision has been made to proceed with development in respect of a particular area of interest, the relevant exploration and
evaluation asset is tested for impairment and the balance is then reclassified to development.
Costs of site restoration are provided 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 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.
j.
Revenue and Other Income
Revenue is measured at the fair value of the consideration received or receivable. 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.
All revenue is stated net of the amount of goods and services tax (GST).
k.
Earnings (Loss) per share
Basic earnings per share is calculated as net profit attributable to members of the parent, adjusted to exclude any costs of servicing equity
(other than dividends) divided by the weighted average number of ordinary shares, adjusted for any bonus element.
Diluted earnings per share is calculated as net profit attributable to members, adjusted for:
(i)
costs of servicing equity (other than dividends);
(ii)
the after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as
expenses; and
(iii)
other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential ordinary
shares; divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus
element.
l.
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.
m.
Plant and Equipment
Each class of plant and equipment is carried at cost or fair value as indicated less, where applicable, any accumulated depreciation and
impairment losses.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
56
Plant and equipment
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 or
as a revaluation decrease if the impairment losses relate to a revalued asset. A formal assessment of recoverable amount is made when
impairment indicators are present.
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 fro
employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining
recoverable amounts.
is probable
that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other
repairs and maintenance are charged to the statement of profit or loss and other comprehensive income during the financial period in
which they are incurred.
Depreciation
The depreciable amount of all fixed assets is depreciated on a straight-
from the time the asset is held ready for use.
The depreciation rates used for each class of depreciable assets are:
Class of Fixed Asset
Depreciation Rate
Plant and equipment
20%-32%
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in
the statement of profit or loss and other comprehensive income. When revalued assets are sold, amounts included in the revaluation
surplus relating to that asset are transferred to retained earnings.
Leases (the Group as lessee)
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 the 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.
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.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
57
Subsequently, the lease liability is measured by a reduction to the carrying amount of any payments made and an increase to reflect any
interest on the lease liability.
The right-of-use assets is an initial measurement of the corresponding lease liability less any incentives and initial direct costs.
Subsequently, the measurement is the cost less accumulated depreciation (and impairment if applicable).
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.
n.
Financial Instruments
Initial recognition and measurement
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 transaction 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.
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.
Classification and subsequent measurement
Financial liabilities
Financial liabilities are subsequently measured at:
amortised cost; or
fair value through profit or loss.
A financial liability is measured at fair value through profit or 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.
A financial liability is held for trading if 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).
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.
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, it 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.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
58
Financial guarantee contracts
A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it
incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument.
Financial guarantee contracts are initially measured at fair value (and if not designated as at fair value through profit or loss and do not
arise from a transfer of a financial asset) and subsequently measured at the higher of:
the amount of loss allowance determined in accordance to AASB 9.3.25.3; and
the amount initially recognised less accumulative amount of income recognised in accordance with the revenue recognition
policies.
Financial asset
Financial assets are subsequently measured at:
amortised cost;
fair value through other comprehensive income; or
fair value through profit or loss
on the basis of the two primary criteria:
the contractual cash flow characteristics of the financial asset; and
the business model for managing the financial assets.
A financial asset is subsequently measured at amortised cost if it meets the following conditions:
the financial asset is managed solely to collect contractual cash flows; and
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.
A financial asset is subsequently measured at fair value through other comprehensive income if it meets the following conditions:
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; and
the business model for managing the financial asset comprises both contractual cash flows collection and the selling of the
financial asset.
By default, all other financial assets that do not meet the conditions of amortised cost and the fair value through other comprehensive
income's measurement condition are subsequently measured at fair value through profit or loss.
The Group initially designates a financial instrument as measured at fair value through profit or loss if:
it eliminates or significantly reduces a measurement or recognition
that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases;
it is in accordance to the documented risk management or investment strategy and information about the groupings was
documented appropriately, so as 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; and
it is a hybrid contract that contains an embedded derivative that significantly modifies the cash flows otherwise required by the
contract.
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.
Equity instruments
At initial recognition, as long as the equity instrument is not held for trading or is not a contingent consideration recognised by an
acquirer in a business combination to which AASB 3 applies, the Group made an irrevocable election to measure any subsequent
changes in fair value of the equity instruments in other comprehensive income, while the dividend revenue received on underlying
equity instruments investments will still be recognised in profit or loss.
Regular way purchases and sales of financial assets are recognised and derecognised at settlement date in accordance with the
Group's accounting policy.
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.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
59
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 the following criteria need to be satisfied for the derecognition of a financial asset:
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 Group no longer controls the asset (i.e. it has no practical ability to make unilateral decisions 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.
On derecognition of a debt instrument classified as fair value through other comprehensive income, the cumulative gain or loss
previously accumulated in the investment revaluation reserve is reclassified to profit or loss.
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 investments 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:
financial assets that are measured at amortised cost or fair value through other comprehensive income;
lease receivables;
contract assets (e.g. amount due from customers under contracts);
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 use the following approaches to impairment, as applicable under AASB 9:
the general approach;
the simplified approach;
the purchased or originated credit impaired approach; and
low credit risk operational simplification.
General approach
Under the general approach, at each reporting period, the Group assessed whether the financial instruments are credit impaired, and
if:
the credit risk of the financial instrument increased significantly since initial recognition, the Group measured the loss allowance
of the financial instruments at an amount equal to the lifetime expected credit losses; and
there was no significant increase in credit risk since initial recognition, the Group measured the loss allowance for that financial
instrument at an amount equal to 12-month expected credit losses.
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 results from transactions that are within the scope of AASB 15: Revenue from Contracts
with Customers, that contain a significant financing component; and
lease receivables.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
60
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 its customer base, appropriate groupings of its historical loss experience, etc).
Purchased or originated credit impaired approach
For a financial asset that is considered to be credit impaired (not on acquisition or originations), the Group measured any change in its
imated future
ss as an
impairment gain or loss.
Evidence of credit impairment includes:
significant financial difficulty of the issuer or borrower;
a breach of contract (e.g. default or past due event);
where a lender has granted to the borrower a concession, due to the borrower's financial difficulty, that the lender would not
otherwise consider;
it is probable the borrower will enter bankruptcy or other financial reorganisation; and
the disappearance of an active market for the financial asset because of financial difficulties.
Low credit risk operational simplification approach
If a financial asset is determined to have low credit risk at the initial reporting date, the Group assumed that the credit risk has not
increased significantly since initial recognition and, accordingly, can continue to recognise a loss allowance of 12-month expected credit
loss.
In order to make such determination that the financial asset has low credit risk, the Group applied its internal credit risk ratings or other
methodologies using a globally comparable definition of low credit risk.
A financial asset is considered to have low credit risk if:
there is a low risk of default by the borrower;
the borrower has strong capacity to meet its contractual cash flow obligations in the near term; and
adverse changes in economic and business conditions in the longer term, may, but not necessarily, reduce the ability of the
borrower to fulfil its contractual cash flow obligations.
A financial asset is not considered to carry low credit risk merely due to existence of collateral, or because a borrower has a lower risk
of default than the risk inherent in the financial assets, or lower than the credit risk of the jurisdiction in which it operates.
Recognition of expected credit losses in financial statements
At each reporting date, the Group recognised the movement in the loss allowance as an impairment gain or loss in the statement of
profit or loss and other comprehensive income.
The carrying amount of financial assets measured at amortised cost includes the loss allowance relating to that asset.
Assets measured at fair value through other comprehensive income are recognised at fair value with changes in fair value recognised
in other comprehensive income. The amount in relation to change in credit risk is transferred from other comprehensive income to profit
or loss at every reporting period.
For financial assets that are unrecognised (e.g. loan commitments yet to be drawn, financial guarantees), a provision for loss allowance
is created in the statement of financial position to recognise the loss allowance.
Impairment of Assets
At the end of each reporting period, the Group assesses whether there is any indication that an asset may be impaired. The
assessment will include considering external sources of information 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 ass
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.
Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of
the cash-generating unit to which the asset belongs.
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
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
61
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.
o.
Employee Benefits
the reporting
period. Employee benefits that are expected to be settled within one (1) year have been measured at the amounts expected to be paid
when the liability is settled. Employee benefits payable later than one (1) year have been measured at the present value of the estimated
future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wages increases and
the probability that the employee may satisfy vesting requirements. Those cash flows are discounted using market yields on national
government bonds with terms to maturity that match the expected timing of cash flows.
p.
Rounding of Amounts
The parent entity has applied the relief available to it under ASIC Class Order 98/100 and accordingly, amounts in the financial statements
q.
Critical Accounting Estimates and Judgments
The directors evaluate estimates and judgments 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.
Key estimates
(i)
Impairment
The Company assesses impairment at the end of each reporting period by evaluating conditions and events specific to the Company
that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using value-in-use
calculations which incorporate various key assumptions.
Key judgments
(i)
Exploration and evaluation expenditure
The Company capitalises expenditure relating to exploration and evaluation where it is considered likely to be recoverable or where
the activities have not reached a stage that permits a reasonable assessment of the existence of reserves. While there are certain
areas of interest from which no reserves have been extracted, the directors are of the continued belief that such expenditure should
not be written off since feasibility studies in such areas have not yet concluded.
r.
Going concern
The financial statements have been prepared on the going concern basis, the validity of which depends upon the positive cash position. The
s of assets or other
initiatives, to enable the Company to fund its currently planned activities for at least the next twelve months from the date of signing these
financial statements. Should new opportunities present that require additional funds the Directors will take action to reprioritise activities,
dispose of assets and or raise further funds.
Notwithstanding this issue, accordingly the Directors have prepared the financial statements of the Company on a going concern basis. In
arriving at this position, the Directors have considered the following pertinent matter:
-
going
concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do
so.
ers set out above
will be achieved and therefore the financial statements have been prepared on a going concern basis.
s.
Issued capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as
a deduction from the proceeds.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
62
t.
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief
operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been
identified as the Board of Directors of Gold Mountain Limited.
u.
Associates
Associates are entities over which the Company has significant influence but not control or joint control. Investments in associates are
accounted for using the equity method. Under the equity method, the share of the profits or losses of the associate is recognised in profit or
loss and the share of the movements in equity is recognised in other comprehensive income. Investments in associates are carried in the
statement of financial position at cost plus post-acquisition changes in the Company s share of net assets of the associates. Dividends
received or receivable from associates reduce the carrying amount of the investment.
ong-term
receivables, the consolidated entity does not recognise further losses, unless it has incurred obligations or made payments on behalf of the
associate.
v.
Joint Ventures
A joint venture is a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control. The
Company s interest in joint venture entities are accounted for using the proportionate consolidation method of accounting. The Company
recognises its interest in the assets that it controls and the liabilities that it incurs and the expenses that it incurs and its share of the income
that it earns from the sale of goods or services by the joint venture, classified according to the nature of the assets, liabilities, income or
expense.
Profits or losses on transactions establishing the joint venture entities and transactions with the joint venture are eliminated to the extent of
the Company s ownership interest until such time as they are realised by the joint venture entity on consumption or sale, unless they relate
to an unrealised loss that provides evidence of the impairment of an asset transferred.
The Company discontinues the use of proportionate consolidation from the date on which it ceases to have joint control over a jointly
controlled entity.
w.
Fair Value of Assets and Liabilities
Equity Instruments
The fair value of available-for-sale financial assets is determined by reference to their quoted closing bid price at the reporting date.
Trade and Other Receivables
The fair value of trade and other receivables is estimated as the present value of future cash flows, discounted at the market rate of interest
at the reporting date. This fair value is determined for disclosure purposes. Due to the short-term nature of other receivables, their carrying
value is assumed to approximate their fair value.
Non-Derivative Financial Liabilities
Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows,
discounted at the market rate of interest at the reporting date.
x.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been
early adopted by the Company for the annual reporting period ended 30 June 2024
new or amended Accounting Standards and Interpretations are that they will have no material effect.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
63
NOTE 2: OPERATING SEGMENTS
Segment Information
Identification of reportable segments
During the year, the Company operated principally in one business segment being mineral exploration and in three geographical segments being Australia,
Brazil and Papua New Guinea.
geographical segments are shown below.
June 2024
June 2023
Total
Australia
Brazil
PNG
Total
Australia
Brazil
PNG
$
$
$
$
$
$
$
$
REVENUE
Revenue
59,841
59,841
-
-
16,734
16,734
-
-
Total segment revenue
59,841
59,841
-
16,734
16,734
-
RESULTS
Net loss before income tax
(3,953,446)
(1,824,796)
-
(2,128,650)
(10,209,547)
(1,219,935)
(1,543)
(8,988,069)
Income tax
-
-
-
-
-
-
Net loss
(3,953,446)
(1,824,796)
-
(2,128,650)
(10,209,547)
(1,219,935)
(1,543)
(8,988,069)
ASSETS AND LIABILITIES
Assets
15,855,109
736,770
9,246,553
5,871,786
11,381,211
382,798
2,986,864
8,011,549
Liabilities
183,550
92,069
91,481
-
263,892
263,272
620
-
NOTE 3: REVENUE AND OTHER INCOME
2024
$
2023
$
a.
Revenue
Other income
Other
38,008
-
Interest received 1
17,567
12,374
Rental income
-
-
Foreign exchange gains
4,266
4,360
Government grants and cash boost
-
-
Total other income
59,841
16,734
Total revenue
59,841
16,751
1 Interest received from:
Bank
17,567
11,585
Other
-
789
17,567
12,374
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
64
NOTE 4: LOSS FOR THE YEAR
2023
$
2022
$
Loss before income tax includes the following specific expenses:
Consultants fees
429,357
68,140
Legal costs
88,499
71,544
Rental expense on operating leases
-
-
a. Significant expenses
The following significant expense items are relevant in explaining the financial performance:
Impairments Write Off expense
2,128,650
8,988,069
NOTE 5: INCOME TAX EXPENSE
2024
$
2023
$
The prima facie tax on the loss before income tax is reconciled to income tax as follows:
Loss before income tax expense
(3,953,446)
(10,209,547)
Prima facie tax benefit on the loss before income tax at 25%
(2023: 25%)
(988,362)
(2,552,387)
Add:
Tax effect of:
Other non-allowable items
532,163
4,221,975
(456,199)
2,247,017
Less:
Tax effect of:
Other deductible expenses
(1,686,307)
(1,070,035)
Future tax benefits not brought to account
(2,142,506)
1,213,952
Income tax attributable to the Company
-
-
The Company has tax losses arising in Australia of $21,536,986 (2023: $19,394,480) that are available indefinitely to offset against future taxable
profits.
Deferred tax assets not brought to account, the benefits of which will only be realised if the conditions for deductibility set out in Note 1(h) occur.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
65
NOTE 6: CASH AND CASH EQUIVALENTS
2024
$
2023
$
Cash at bank
249,117
35,099
Short-term bank deposits
616,386
1,267,468
865,503
1,302,567
Reconciliation of cash
Cash 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:
Cash and cash equivalents
865,503
1,302,567
Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between one
day and three months, depending on the immediate cash requirements of the Company, and earn interest at the respective short-term deposit
rates.
NOTE 7: TRADE AND OTHER RECEIVABLES
2023
$
2022
$
Current
PNG Project Advance
-
75,000
Other receivables
229,126
124,290
Total current trade and other receivables
229,126
199,290
NOTE 8: PLANT AND EQUIPMENT
2024
$
2023
$
Plant and equipment at cost
847,004
667,187
Accumulated depreciation
(634,136)
(605,396)
212,868
61,791
Reconciliation of the carrying amount of plant and equipment at the beginning and end of the
current and previous financial year:
Carrying amount at beginning of the year
61,791
64,118
Additions
183,265
57,582
Depreciation expense
(32,188)
(59,909)
Carrying amount at end of the year
212,868
61,791
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
66
NOTE 9: DEFERRED EXPLORATION AND EVALUATION EXPENDITURE
2024
$
2023
$
Assets in Development
Balance at the beginning of the year
9,767,008
9,132,679
Expenditure incurred
6,745,228
3,634,329
Impairment loss on existing tenements
(2,015,179)
(3,000,000)
Net carrying value
14,497,057
9,767,008
Recoverability of the carrying amount of deferred exploration and evaluation expenditure is dependent on the successful development and
t each half year,
or at a period other than that should there be an indication of impairment.
NOTE 10: INVESTMENTS
2024
$
2023
$
Non-Current
Gold nuggets
50,555
50,555
50,555
50,555
NOTE 11: TRADE AND OTHER PAYABLES
2024
$
2023
$
Current
Unsecured liabilities:
Trade payables and accrued expenses
179,533
243,443
Amounts payable to Director and related entities
4,017
20,450
183,550
263,893
NOTE 12: CONTRIBUTED EQUITY
2024
2024
2023
2024
Number of
shares
$
Number of
shares
$
(a) Ordinary shares
Ordinary Shares, issued
3,777,743,450
64,582,641
1,969,932,614
56,208,730
Share issue costs
(5,005,308)
(4,546,063)
Total issued capital
59,577,333
51,662,667
Ordinary shares carry one vote per share and carry the rights to dividends.
Ordinary shares participate in dividends and the proceeds on winding-up of the parent entity in proportion to the number of shares held.
At the shareholders meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a
show of hands.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
67
(b) Movements in ordinary shares on issue
Number of
shares
Issue Price
$
Date
Particulars
At 30 June 2022
767,724,924
40,955,834
19-09-22
Ordinary shares issued
30,000,000
$0.0060
180,000
30-09-22
Ordinary shares issued
260,000,000
$0.0060
1,560,000
21-11-22
Ordinary shares issued
95,000,000
$0.0060
570,000
03-01-23
Ordinary shares issued
266,666,667
$0.0075
2,000,000
19-01-23
Ordinary shares issued
16,666
$0.0400
667
13-02-23
Ordinary shares issued
125,000,000
$0.0080
1,000,000
30-06-23
Share Issue Costs
(756,023)
At 30 June 2023
1,969,932,614
51,662,667
31-07-23
Ordinary shares issued
277,795,325
$0.0075
2,083,465
31-07-23
Ordinary shares issued
21,350,646
$0.0078
166,535
15-12-23
Ordinary shares issued
600,000,000
$0.0055
3,330,000
08-02-24
Ordinary shares issued
8,880,000
$0.0030
26,400
19-03-24
Ordinary shares issued
697,627,103
$0.0037
2,581,220
24-05-24
Ordinary shares issued
35,000,000
$0.0040
140,000
24-05-24
Ordinary shares issued
113,183,708
$0.0037
418,780
20-06-24
Ordinary shares issued
54,054,054
$0.0037
200,000
30-06-24
Share Issue Costs
(1,001,734)
At 30 June 2024
3,777,743,450
59,577,333
Information on options is included in Note 15: Share Based Payments.
(d) Capital Management
t they may
continue to
2024 financial year.
requirements of the Company to meet
anticipated
operating requirements, with a view to initiating appropriate capital raisings as required.
There are no externally imposed capital requirements.
response to changes in these risks and in the market. These responses include the management of debt levels, budgeting and share issues.
There have been no changes in the strategy adopted by management to control the capital of the Company since the prior year.
NOTE 13: RESERVES
2024
2023
Reserves
$
$
Foreign currency translation reserve
(15,190)
(1,383)
Share based payments reserve
1,566,104
1,105,243
1,550,914
1,103,860
Movements in the Foreign Currency Translation Reserve
At 1 July
(1,383)
-
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
68
NOTE 13: RESERVES
Foreign Currency Translation
(13,807)
(1,401)
At 30 June
(15,190)
(1,401)
Movements in options over ordinary shares on issue
At 1 July
1,105,243
38,000
Options expense amortised
460,861
1,067,243
At 30 June
1,566,104
1,105,243
NOTE 14: SHARE BASED PAYMENTS
2024
2023
$
$
(a) Share-based payments
Expense arising from the grant of options
(460,861)
(1,067,243)
Total Share Based Payments
(460,861)
(1,067,243)
(b) Movements in unlisted options
The following table details the number, weighted average exercise prices (WAEP) and movements in share options issued as capital raising
purposes, employment incentives or as payments to third parties for services during the year.
2024
2024
2023
2023
Number
WAEP
Number
WAEP
Outstanding at the beginning of the year
195,000,000
$0.024
156,128,978
$0.112
Options granted during the year
294,615,107
155,000,000
Options lapsed during the year
(125,000,000)
(116,128,978)
Options exercised during the year
-
-
-
-
Outstanding at the end of the year
364,615,107
195,000,000
(c) Options exercisable at reporting date
2024
Exercise
2023
Exercise
Number
Price
Number
Price
Unlisted performance ESOP options (GMNAT) expiring 31
December 2025
20,000,000
$0.1460
20,000,000
$0.1460
Unlisted options (GMNAU) expiring 21 December 2026
20,000,000
$0.1200
20,000,000
$0.1200
Listed options (GMNOB) expiring 25 March 2024
-
$0.0200
115,864,430
$0.0200
Listed options (GMNO) expiring 07 March 2026
643,661,063
$0.0100
643,661,063
$0.0100
Unlisted options (GMNAW) expiring 24 November 2024
10,000,000
$0.0300
10,000,000
$0.0300
Unlisted options (GMNAX) expiring 24 November 2025
10,000,000
$0.0350
10,000,000
$0.0350
Unlisted options (GMNAY) expiring 24 November 2026
10,000,000
$0.0400
10,000,000
$0.0400
Unlisted options (GMNAV) expiring 21 November 2023
-
$0.0120
125,000,000
$0.0120
Unlisted options (GMNAAA) expiring 15 December 2027
90,000,000
$0.0100
Unlisted options (GMNAAP) expiring 20 June 2027
51,538,369
$0.0046
Unlisted options (GMNAAQ) expiring 20 June 2027
51,538,369
$0.0056
Unlisted options (GMNAAR) expiring 20 June 2027
51,538,369
$0.0065
Unlisted options (GMNAAC) expiring 28 February 2027
4,166,667
$0.0100
Unlisted options (GMNAAD) expiring 31 May 2027
4,166,667
$0.0100
Unlisted options (GMNAAE) expiring 31 August 2027
4,166,666
$0.0100
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
69
NOTE 14: SHARE BASED PAYMENTS
Unlisted options (GMNAAF) expiring 30 November 2027
4,166,667
$0.0100
Unlisted options (GMNAAG) expiring 28 February 2028
4,166,667
$0.0100
Unlisted options (GMNAAH) expiring 31 May 2028
4,166,666
$0.0100
Unlisted options (GMNAAI) expiring 31 August 2028
4,166,667
$0.0100
Unlisted options (GMNAAJ) expiring 30 November 2028
4,166,667
$0.0100
Unlisted options (GMNAAK) expiring 28 February 2029
4,166,666
$0.0100
Unlisted options (GMNAAL) expiring 31 May 2029
4,166,667
$0.0100
Unlisted options (GMNAAM) expiring 31 August 2029
4,166,667
$0.0100
Unlisted options (GMNAAN) expiring 30 November 2029
4,166,666
$0.0100
Unlisted Performance Rights A
57,500,000
N/A
Unlisted Performance Rights B
57,500,000
N/A
Listed Options (GMNOC) expiring 20 June 2027
434,899,128
$0.0055
Exercisable at reporting date
1,558,175,298
954,525,493
(d) Fair value of unlisted options
The fair value of the options granted is estimated as at the date of grant using a Black-Scholes model taking into
account the terms and conditions upon which the options were granted. The model inputs for options granted during
the year ended 30 June 2024 included:
a)
Exercise price: $0.0046 - $0.010
b)
Grant Date: 20 November 2023 20 June 2024
c)
Expiry Date: 28 February to 30 November 2029
d)
Share Price at Grant: $0.003 - $0.005
e)
Expected Volatility: 100%
f)
Risk Free interest rate: 4.35%
NOTE 15: RELATED PARTY DISCLOSURES AND KEY MANAGEMENT PERSONNEL COMPENSATION
Related Parties
a.
i.
Key management personnel:
Any person(s) having authority and responsibility for planning, directing and controlling the activities of the Company, directly or
indirectly, including any director (whether executive or otherwise), are considered key management personnel.
The directors in office during the year were as follows:
Aharon Zaetz
David Evans
Syed Hizam Alsagoff
Rhys Davies
i.
Other related parties
Mars Mines Limited
Mars Mines Brasil Ltda
Key Management Personnel compensation
2024
$
2023
$
Salary & Fees
781,517
497,707
Post employment benefits
-
11,908
Termination benefits
-
50,909
Share based payments
328,206
60,687
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
70
NOTE 15: RELATED PARTY DISCLOSURES AND KEY MANAGEMENT PERSONNEL COMPENSATION
1,109,723
621,211
For details of disclosures relating to key management personnel, refer to Key Management Personnel disclosures Directors and Remuneration
Report.
b.
Transactions with other related parties:
At the AGM on 20 November 2023 shareholders approved the issue of shares to Mars Mines Limited for the previously announced
transaction. 600,000,000 ordinary GMN shares were issued on 15 December 2023.
c.
Amounts payable from related parties:
2024
$
2023
$
Trade and other receivables:
-
47
Mars Mines Brazil Limited
47
47
Total trade and other payable related party amounts
47
-
d.
Amounts payable to related parties:
2024
$
2023
$
Trade and other payables:
4,017
9,450
Amounts payable to Directors and related entities, as follows:
Directors fees
(20,000)
9,450
Corporate advisory services and other consultancy services
24,017
-
Total trade and other payable related party amounts
4,017
9,450
NOTE 16: LOSS PER SHARE
2023
$
2023
$
a.
Basic Loss per share
I
Basic Loss (cents per share)
(0.14)
(0.62)
ii.
Net loss used to calculate basic loss per share
(3,807,546)
(10,209,547)
No.
No.
iii.
Weighted average number of ordinary shares outstanding during the year used in calculating basic
loss per share
2,788,450,533
1,646,613,731
b.
Diluted loss per share
the conversion of these options would result in a decrease in the net loss per share.
Not applicable
Not applicable
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
71
NOTE 17: FINANCIAL RISK MANAGEMENT
-term investments, accounts
receivable and payable, loans to and from related parties, bills and leases.
non-derivative financial assets. These have been drawn up based on undiscounted contractual maturities of the financial assets including interest
that will be earned on those assets except where the Company anticipates that the cash flow will occur in a different period.
Financial Risk Management Policies
The Board has overall responsibility for the establishment and oversight of the risk management framework. The Board reviews and agrees policies
for managing each of these risks as summarised below. The Audit and Risk Committee (ARC) has been delegated responsibility by the Board of
Directors for, among other issues, monitoring and managing financial risk exposures of the Company. The ARC
risk management policies and exposures and approves financial transactions within the scope of its authority. It also reviews the effectiveness of
internal controls relating to commodity price risk, counterparty credit risk, currency risk, financing risk and interest rate risk.
The ARC
adverse
effects on financial performance. Its functions include the review of the use of hedging derivative instruments, credit risk policies and future cash
flow requirements.
Specific Financial Risk Exposures and Management
The main risks the Company is exposed to through its financial instruments are credit risk, liquidity risk and market risk consisting of interest rate
bjectives, policies and processes for
measuring and managing risk, and the management of capital.
a.
Credit risk
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 Company.
Credit risk is managed through the maintenance of procedures (such procedures include the utilisation of systems for the approval,
granting and renewal of credit limits, regular monitoring of exposures against such limits and monitoring of the financial stability of
significant customers and counterparties), ensuring to the extent possible, that customers and counterparties to transactions are of sound
credit worthiness. Such monitoring is used in assessing receivables for impairment. Depending on the division within the Company, credit
terms are generally 14 to 30 days from the invoice date.
Risk is also minimised through investing surplus funds in financial institutions that maintain a high credit rating, or in entities that the
FRMC has otherwise cleared as being financially sound. Where the Company is unable to ascertain a satisfactory credit risk profile in
relation to a customer or counterparty, the risk may be further managed through title retention clauses over goods or obtaining security
by way of personal or commercial guarantees over assets of sufficient value which can be claimed against in the event of any default.
Credit risk exposures
The maximum exposure to credit risk by class of recognised financial assets at the end of the reporting period excluding the value of any
collateral or other security held, is equivalent to the carrying value and classification of those financial assets (net of any provisions) as
presented in the statement of financial position.
The Company has no significant concentrations of credit risk with any single counterparty or company of counterparties. Details with
respect to credit risk of trade and other receivables are provided in Note 7.
Trade and other receivables that are neither past due nor impaired are considered to be of high credit quality.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
72
NOTE 17: FINANCIAL RISK MANAGEMENT
b.
Liquidity risk
Liquidity risk arises from the possibility that the Company might encounter difficulty in settling its debts or otherwise meeting its obligations
related to financial liabilities. The Company manages this risk through the following mechanisms:
preparing forward-looking cash flow analysis in relation to its operational, investing and financing activities;
using derivatives that are only traded in highly liquid markets;
-
monitoring undrawn credit facilities;
-
obtaining funding from a variety of sources;
-
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.
therefore
differ from that disclosed. The timing of cash flows presented in the table to settle financial liabilities reflects the earliest contractual
c.
Market risk
Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and equity prices will affect the
the holdings of financial instruments. The Company is exposed to movements in market interest rates on
short term deposit. The policy is to monitor the interest rate yield curve out to 120 days to ensure a balance is maintained between the
liquidity of cash assets and the interest rate return. The Company does not have short or long term debt, and therefore this risk is minimal.
The Company limits its exposure to credit risk by only investing in liquid securities and only with counterparties that have acceptable credit
ratings.
d.
Interest rate risk
Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting period whereby a future
change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments. The Company is also exposed to
earnings volatility on floating rate instruments. The Company is exposed to interest rate risk as the Company deposits the bulk of its cash
reserves in Term Deposits. The risk is managed by the Company by maintaining an appropriate mix between short term and medium-term
y risk management
section of this note.
Interest rate sensitivity
At 30 June 2024, the effect on loss and equity as a result of changes in the interest rate, with all other variable remaining constant would
be as follows:
2024
$
2023
$
Increase in interest rate by 1%
8,655
13,026
Decrease in interest rate by 1%
(8,655)
(13,026)
Interest rate risk is not material to the Company.
The totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these
financial statements, are as follows:
Note
2024
2023
Floating
Interest
Rate
Non-interest
bearing
Fixed
Interest
Rate
Total
2024
Floating
Interest
Rate
Non-interest
bearing
Fixed
Interest
Rate
Total
2023
Financial Assets
Cash and cash equivalents
6
865,503
-
-
865,503
1,302,567
-
-
1,302,567
Trade and other receivables
7
-
229,126
-
229,126
-
304,290
-
304,290
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
73
NOTE 17: FINANCIAL RISK MANAGEMENT
Total financial assets
865,503
229,126
-
1,094,629
1,302,567
304,290
- 1,606,857
Financial liabilities at amortised cost:
Financial Liabilities
- Trade and other payables
11
-
183,550
-
183,550
-
263,893
-
263,893
Total financial liabilities
-
183,550
-
183,550
-
263,893
-
325,426
Net Financial Assets
865,503
45,576
-
911,079
1,302,567
40,397
-
1,342,964
NOTE 18: AUDITOR'S REMUNERATION
2024
$
2023
$
Remuneration of the auditor of the Company for:
Auditing and reviewing the financial statements
32,120
44,300
32,120
44,300
NOTE 19: PARENT ENTITY INFORMATION
The following information relates to the parent entity, Gold Mountain Limited. The information presented has been prepared using accounting policies
that are consistent with those presented in Note 1.
2024
2023
ASSETS
$
$
Current assets
2,598,059
1,615,294
Non current assets
12,418,191
9,751,518
TOTAL ASSETS
15,763,591
11,366,812
LIABILITIES
Current liabilities
92,072
263,272
Non current liabilities
-
-
TOTAL LIABILITIES
92,072
263,272
NET ASSETS
15,671,519
11,103,540
EQUITY
Issued capital
59,577,333
51,590,354
Reserves
1,712,003
1,177,556
Accumulated losses
(45,617,817)
(41,664,370)
TOTAL EQUITY
15,671,519
11,103,540
FINANCIAL PERFORMANCE
Profit (loss) for the year
(3,953,447)
(10,220,812)
Other comprehensive income/(loss) for the year
-
-
Total comprehensive profit/(loss)
(3,953,447)
(10,220,812)
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
74
NOTE 19: PARENT ENTITY INFORMATION
Remuneration Commitments
There are no remuneration commitments apart from ongoing director and management fees incurred on a monthly basis.
Guarantees
Gold Mountain Limited did not commit to nor make guarantees of any form as at 30 June 2024.
Contingent liabilities
There are no contingent liabilities as at 30 June 2024.
Exploration licence expenditure requirements
The Company holds seven (10) exploration licences in Papua New Guinea and is required to incur expenditures in total of $648k (PGK 1.5 million).
The Company currently holds 374 licences in Brazil. There is no formal expenditure requirement per tenement however a budgeted expenditure is
provided as part of the application process. It is anticipated that expenditure of $7,500,000 (BRL 28,200,000) will be incurred over the next 3 years
NOTE 20: DIVIDENDS
The Directors of the Company have not declared any dividends for the year ended 30 June 2024.
NOTE 21: EVENTS SUBSEQUENT TO REPORTING DATE
On the 5 August 2024, the Company announced a successful placement of ordinary shares had raised $2.7m before costs.
There has not been any other matter or circumstance that has arisen after balance date that has significantly affected, or may significantly affect, the
operations of the Company, the results of those operations, or the state of affairs of the Company in future financial periods.
NOTE 22: CONTROLLED ENTITIES
Controlled Entities Consolidated
Country of Incorporation
Percentage Owned (%)
Subsidiaries of Gold Mountain Limited:
Viva No. 20 Limited
Papua New Guinea
70%
GMN 6768 (PNG) Limited
Papua New Guinea
100%
Viva Gold (PNG) Limited
Papua New Guinea
100%
Abundance Valley (PNG) Limited
Papua New Guinea
100%
Mars GMN Brazil Ltda
Brazil
75%
GMN Brazil Pty Ltd
Australia
75%
Quantum Litio Brasil Ltda
Brazil
100%
Alderan GMN Mars Pty Ltd
Australia
75%
Unless otherwise stated, the subsidiary listed above has share capital consisting solely of ordinary shares, which are held directly by the group,
and the proportion of ownership interests held equals to the voting rights held by the group. The country of incorporation or registration is also
their principal place of business.
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
75
NOTE 23: CASH FLOW INFORMATION
2024
$
2023
$
Reconciliation of Net Cash (used in) provided by operating activities with Loss after Income
Tax
Loss
(3,807,546)
(10,209,547)
Non-cash flows in profit:
Options expense
188,489
(117,928)
Impairments expense
2,128,650
16,877,900
Depreciation expense
8,744
140,195
Changes in assets and liabilities
(Increase)/decrease in trade and other receivables
(11,558)
20,362
Increase/(decrease) in trade payables and other payables
(31,557)
(1,056,267)
Net Cash (used in) provided by operating activities
(1,524,778)
(1,084,999)
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
76
In the opinion of the Directors of Gold Mountain Limited (the Company):
1.
The financial statements and notes thereto, as set out on pages 48 to 75 are in accordance with the Corporations Act 2001 including:
a.
24 and of its performance for the year
then ended; and
b.
complying with Accounting Standards and Corporations Regulations 2001; and
2.
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
3.
The financial statements and notes thereto are in accordance with International Financial Reporting Standards issued by the
International Accounting Standards Board.
This declaration has been made after receiving the declarations required to be made to the Directors in accordance with Section 295A of the
Corporations Act 2001 for the financial year ended 30 June 2024.
This declaration is signed in accordance with a resolution of the Board of Directors.
David Evans
Executive Director
Dated this 26th day of September 2024
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
81
ADDITIONAL SHAREHOLDER INFORMATION (as at 23
September 2024)
A.
Corporate Governance
A statement disclosing the extent to which the Company has followed the best practice recommendations set by the ASX Corporate
B.
Shareholding
1.
Substantial holdings
Shareholders
Substantial Holding
% of Issued
Capital
1
Mars Mines Limited
651,666,667
14.457%
2
Magnus Capital SA
621,621,622
13.,791%
3
Pellegri International Corp
270,270,270
5.996%
4
Citicorp Nominees Pty Limited
253,473,156
5.,623%
2.
Number of holders in each class of equity securities and the voting rights attached (as at 23 September 2024)
Ordinary Shares
uly
authorised representative has one vote. On a poll every member present in person or by proxy or attorney or duly authorised
representative has one vote for every fully paid ordinary share held.
Options
There were twenty five (25) classes of options with 302 holders of listed options (GMNO), 61 holders of listed options (GMNOC)
and 9 individual holders of unquoted options at 23 September 2024.
Option Code
Exercise
Price
Holders
Units
Unlisted performance ESOP options (GMNAT) expiring 31
December 2025
$0.1460
3
20,000,000
Unlisted options (GMNAU) expiring 21 December 2026
$0.1200
2
20,000,000
Listed options (GMNO) expiring 07 March 2026
$0.0100
302
643,661,063
Unlisted options (GMNAW) expiring 24 November 2024
$0.0300
1
10,000,000
Unlisted options (GMNAX) expiring 24 November 2025
$0.0350
1
10,000,000
Unlisted options (GMNAY) expiring 24 November 2026
$0.0400
1
10,000,000
Unlisted options (GMNAAA) expiring 15 December 2027
$0.0100
3
90,000,000
Unlisted options (GMNAAP) expiring 20 June 2027
$0.0046
1
51,538,369
Unlisted options (GMNAAQ) expiring 20 June 2027
$0.0056
1
51,538,369
Unlisted options (GMNAAR) expiring 20 June 2027
$0.0065
1
51,538,369
Unlisted options (GMNAAC) expiring 28 February 2027
$0.0100
5
4,166,667
Unlisted options (GMNAAD) expiring 31 May 2027
$0.0100
5
4,166,667
Unlisted options (GMNAAE) expiring 31 August 2027
$0.0100
5
4,166,666
Unlisted options (GMNAAF) expiring 30 November 2027
$0.0100
5
4,166,667
Unlisted options (GMNAAG) expiring 28 February 2028
$0.0100
5
4,166,667
Unlisted options (GMNAAH) expiring 31 May 2028
$0.0100
5
4,166,666
Unlisted options (GMNAAI) expiring 31 August 2028
$0.0100
5
4,166,667
Unlisted options (GMNAAJ) expiring 30 November 2028
$0.0100
5
4,166,667
Unlisted options (GMNAAK) expiring 28 February 2029
$0.0100
5
4,166,666
Unlisted options (GMNAAL) expiring 31 May 2029
$0.0100
5
4,166,667
Unlisted options (GMNAAM) expiring 31 August 2029
$0.0100
5
4,166,667
Unlisted options (GMNAAN) expiring 30 November 2029
$0.0100
5
4,166,666
Unlisted Performance Rights A
N/A
5
57,500,000
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
82
Unlisted Performance Rights B
N/A
5
57,500,000
Listed Options (GMNOC) expiring 20 June 2027
$0.0055
61
434,899,128
Total on Register
447
1,558,175,298
3.
Distribution schedule of the number of holders in each class of equity security as at close of business
on 23 September 2024.
Ordinary Shares
Spread of Holdings
Holders
Units
% of Issued Capital
1 - 1,000
53
4,727
< 0.01
1,001 - 5,000
25
90,798
<0.01
5,001 - 10,000
111
1,033,128
0.02
10,001 - 100,000
559
29,394,091
0.65
100,001+
1,138
4,476,950,441
99.32
Total on Register
1,886
4,507,473,185
100%
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
83
Listed Options (GMNO)
Spread of Holdings
Holders
Units
% of Issued GMNO
1 - 1,000
5
1,584
0.000
1,001 - 5,000
17
52,210
0.010
5,001 - 10,000
14
111,420
0.020
10,001 - 100,000
75
3,897,788
0.610
100,001+
191
639,598,061
99.370
Total on Register
302
643,598,061
100%
Listed Options (GMNOC)
Spread of Holdings
Holders
Units
% of Issued GMNOC
1 - 1,000
1
1
<0.01
1,001 - 5,000
0
0
0.00
5,001 - 10,000
0
0
0
10,001 - 100,000
5
467,567
0.11
100,001+
55
433,198,212
99.89
Total on Register
61
433,665,780
100%
Marketable Parcel
There are 51 non-marketable parcels at 23 September 2024, representing 2,927 shares.
4.
Twenty largest holders of each class of quoted equity security
The names of the twenty largest holders of each class of quoted security, the number of equity security each holds
and the percentage of capital each holds (as at 23 September 2024) is as follows:
Ordinary Shares Top 20 holders and percentage held
Shareholder
Holding
% of Issued
Capital
1
MARS MINES LIMITED
651,666,667
14.457%
2
MAGNUS CAPITAL S A
621,621,622
13.791%
3
PELLEGRI INTERNATIONAL CORP
270,270,270
5.996%
4
CITICORP NOMINEES PTY LIMITED
253,473,156
5.623%
5
MS CHUNYAN NIU
100,018,188
2.219%
6
KADOO PTY LIMITED
94,594,596
2.099%
7
MR CHIPS SUPER PTY LTD
88,397,272
1.961%
8
10 BOLIVIANOS PTY LTD
72,423,784
1.607%
9
MR SHERMAN ALVO FRANCIS PICARDO
60,358,108
1.339%
10
RIGI INVESTMENTS PTY LIMITED
54,054,055
1.199%
11
MR DAVID ANDREW EVANS
51,613,607
1.145%
12
BNP PARIBAS NOMINEES PTY LTD
47,488,666
1.054%
13
DIMENSIONAL HOLDINGS PTY LTD
45,888,578
1.018%
14
SKYLINE APPAREL PTY LIMITED
43,866,666
0.973%
15
MR LIANG JIANG
40,051,881
0.889%
16
RAM SYSTEMS PTY LIMITED
40,000,000
0.887%
17
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
33,052,826
0.733%
18
BNP PARIBAS NOMINEES PTY LTD
32,066,550
0.711%
19
MR PAUL NAGLE
31,000,000
0.688%
20
THE SUMMIT HOTEL BONDI BEACH PTY LTD
28,130,715
0.624%
TOP 20 TOTAL
2,660,037,207
59.014%
Other shareholders
1,847,435,978
40.986%
TOTAL ISSUED CAPITAL
4,507,473,185
100.00%
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
84
Listed Options (GMNO) Top 20 holders and percentage held
Optionholder
Holding
% of Issued
Listed
Options
1
MS CHUNYAN NIU
116,114,222
18.040%
2
DIMENSIONAL HOLDINGS PTY LTD
34,574,893
5.372%
3
MR NING XIE
21,700,000
3.371%
4
MR SHERMAN ALVO FRANCIS PICARDO
21,000,000
3.263%
5
FINCLEAR SERVICES PTY LTD
20,300,316
3.154%
6
DIMENSIONAL HOLDINGS PTY LTD
20,000,000
3.107%
7
MR VINCENZO BRIZZI & MRS RITA LUCIA BRIZZI
18,000,000
2.797%
8
MR JASON RABBITT
15,000,000
2.330%
9
CAP HOLDINGS PTY LTD
15,000,000
2.330%
10
SHALULAH FAMILY INVESTMENTS PTY LTD
15,000,000
2.330%
11
MRS BELINDA POZNIK
14,598,189
2.268%
12
TRAYBURN PTY LTD
13,000,000
2.020%
13
EMERGING EQUITIES PTY LTD
11,769,456
1.829%
14
MR STEPHEN WILLIAM HAIGH & MRS BEVERLEY MAY HAIGH
11,666,666
1.813%
15
TORO OSO PTY LTD
10,000,000
1.554%
16
AUSTRALASIAN MICROBIAL SUPPLIES PTY LTD
10,000,000
1.554%
17
NATIONAL WOMENS FITNESS ACADEMY PTY LTD
10,000,000
1.554%
18
MRS JIEYA ZHU
9,000,000
1.398%
19
MR MICHAEL JOHN BENSON
8,321,353
1.293%
20
MR JOHN RICHARD TURNER
8,000,000
1.243%
TOP 20 TOTAL
403,045,095
62.618%
Other optionholders (GMNO)
240,615,968
37.382%
TOTAL ISSUED LISTED OPTIONS
643,661,063
100%
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
85
Listed Options (GMNOC) Top 20 holders and percentage held
Optionholder
Holding
% of Issued
Listed
Options
1
PELLEGRI INTERNATIONAL CORP
135,135,135
31.161%
2
KADOO PTY LIMITED
33,783,784
7.790%
3
RIGI INVESTMENTS PTY LIMITED
27,027,028
6.232%
4
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
24,324,324
5.609%
5
MR BIN LIU
19,221,299
4.432%
6
CHIFLEY PORTFOLIOS PTY LTD
13,513,514
3.116%
7
ONE MANAGED INVESTMENT FUNDS LIMITED
13,513,514
3.116%
8
MR DAVID ANDREW EVANS
13,513,514
3.116%
9
SORE TOOTH PTY LIMITED
13,513,514
3.116%
10
AHARON ZAETZ
13,513,514
3.116%
11
MR MOBEEN IQBAL
11,850,000
2.733%
12
MR SEBASTIAN ANDREW MARR
10,810,811
2.493%
13
SUBURBAN HOLDINGS PTY LIMITED
10,295,271
2.374%
14
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
10,135,136
2.337%
15
INBOCALUPO PTY LTD
6,756,757
1.558%
16
REID ACQUISITIONS PTY LTD
6,418,919
1.480%
17
RIYA INVESTMENTS PTY LTD
5,675,676
1.309%
18
CITICORP NOMINEES PTY LIMITED
5,000,001
1.153%
19
MR SHERMAN ALVO FRANCIS PICARDO
5,000,000
1.153%
20
NINKASI PTY LIMITED
5,000,000
1.153%
TOP 20 TOTAL
384,001,711
88.548%
Other optionholders (GMNOC)
49,664,069
11.452%
TOTAL ISSUED LISTED OPTIONS
433,665,780
100.000%
5.
Company Secretary
The name of the Company Secretary is Rhys Davies.
24/589 Stirling Highway
Cottesloe, WA 6011
Telephone: +61 497 846 996
info@goldmountainltd.com.au
www.goldmountainltd.com.au
24/589 Stirling Highway
Cottesloe, WA 6011
Telephone: +61 497 846 996
Address and telephone details of the office at which a registry of securities is kept:
Boardroom Pty Limited
Grosvenor Place, Level 12, 225 George Street, SYDNEY NSW 2000
GPO Box 3993, SYDNEY NSW 2001
Telephone: 1300 737 760 (In Australia)
+61 2 9290 9600 (International)
Facsimile: 1300 653 459
GOLD MOUNTAIN LIMITED ANNUAL REPORT 2024
86
Ordinary Shares ASX Code: GMN
Listed Options (exercise price $0.01 expiring 7 March 2026) ASX Code: GMNO
Listed Options (exercise price $0.0055 expiring 20 June 2027) ASX Code: GMNOC
Restricted Securities
600,000,000 GMN Ordinary shares are under escrow which ends on 15 December 2024
Options
Option Code
Exercise
Price
Units
Restriction
Unlisted performance ESOP options (GMNAT) expiring 31
December 2025
$0.1460
20,000,000
ESOP Vesting over 3 periods of 12
months per period
Unlisted options (GMNAU) expiring 21 December 2026
$0.1200
20,000,000
N/A
Listed options (GMNO) expiring 07 March 2026
$0.0100
643,661,063
N/A
Unlisted options (GMNAW) expiring 24 November 2024
$0.0300
10,000,000
N/A
Unlisted options (GMNAX) expiring 24 November 2025
$0.0350
10,000,000
N/A
Unlisted options (GMNAY) expiring 24 November 2026
$0.0400
10,000,000
N/A
Unlisted options (GMNAAA) expiring 15 December 2027
$0.0100
90,000,000
N/A
Unlisted options (GMNAAP) expiring 20 June 2027
$0.0046
51,538,369
N/A
Unlisted options (GMNAAQ) expiring 20 June 2027
$0.0056
51,538,369
N/A
Unlisted options (GMNAAR) expiring 20 June 2027
$0.0065
51,538,369
N/A
Unlisted options (GMNAAC) expiring 28 February 2027
$0.0100
4,166,667
N/A
Unlisted options (GMNAAD) expiring 31 May 2027
$0.0100
4,166,667
N/A
Unlisted options (GMNAAE) expiring 31 August 2027
$0.0100
4,166,666
N/A
Unlisted options (GMNAAF) expiring 30 November 2027
$0.0100
4,166,667
Vesting if Contractor or employee as
at 30 November 2024
Unlisted options (GMNAAG) expiring 28 February 2028
$0.0100
4,166,667
Vesting if Contractor or employee as
at 28 February 2025
Unlisted options (GMNAAH) expiring 31 May 2028
$0.0100
4,166,666
Vesting if Contractor or employee as
at 31 May 2025
Unlisted options (GMNAAI) expiring 31 August 2028
$0.0100
4,166,667
Vesting if Contractor or employee as
at 31 August 2025
Unlisted options (GMNAAJ) expiring 30 November 2028
$0.0100
4,166,667
Vesting if Contractor or employee as
at 30 November 2025
Unlisted options (GMNAAK) expiring 28 February 2029
$0.0100
4,166,666
Vesting if Contractor or employee as
at 28 February 2026
Unlisted options (GMNAAL) expiring 31 May 2029
$0.0100
4,166,667
Vesting if Contractor or employee as
at 31 May 2026
Unlisted options (GMNAAM) expiring 31 August 2029
$0.0100
4,166,667
Vesting if Contractor or employee as
at 31 August 2026
Unlisted options (GMNAAN) expiring 30 November 2029
$0.0100
4,166,666
Vesting if Contractor or employee as
at 30 November 2026
Unlisted Performance Rights A
N/A
57,500,000
N/A
Unlisted Performance Rights B
N/A
57,500,000
N/A
Listed Options (GMNOC) expiring 20 June 2027
$0.0055
434,899,128
N/A
Review of Operations
11 of this Annual Report.
Schedule of Tenements
40 of this Annual Report.