Grange Resources Limited Annual Report 2024

FY2024 Annual Report · Grange Resources Limited
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ANNUAL
REPORT2024

ANNUAL
REPORT2024
GRANGE RESOURCES LIMITED
BOARD OF DIRECTORS
Michelle Li 
 
Chairperson
Tianxiao Shen 
 
Non-Executive Director 
Jiajia Jiang 
 
Non-Executive Director (appointed on 25 September 2024)
Michael Dontschuk 
 
Non-Executive Director (resigned on 20 March 2024)
Fong Hoon 
 
Non-Executive Director (appointed on 17 April 2024)
Ajanth Saverimutto 
 
Non-Executive Director
Honglin Zhao  
 
Chief Executive Ofﬁ cer / Managing Director (retired on 15 July 2024)
Chongtao Xu 
 
Executive Director (resigned as Director on 10 April 2025)
COMPANY SECRETARY
Piers Lewis
REGISTERED OFFICE
Grange Resources Limited ABN 80 009 132 405
34a Alexander Street, BURNIE, TAS 7320
Telephone: + 61 (3) 6430 0222
Email: GRR.Info@grangeresources.com.au
SHARE REGISTRY
Automic Group
Level 5, 126 Phillip Street
Sydney, NSW 2000
AUDITORS
PricewaterhouseCoopers
2 Riverside Quay
SOUTHBANK, VIC 3006
STOCK EXCHANGE
Grange Resources Limited is listed on the ASX Limited 
(ASX Code: GRR) and the “OTC” Markets in Berlin, Munich, 
Stuttgart and Frankfurt in Germany (Code: WKN. 917447)
WEBSITE
www.grangeresources.com.au
This report has been printed on recycled paper.

GRANGE RESOURCES ANNUAL REPORT 2024
GRANGE RESOURCES ANNUAL REPORT 2024
3
ABOUT
GRANGE
OUR BUSINESS
Grange Resources Limited “Grange or the Company”, (ASX Code: GRR) is Australia’s most 
experienced magnetite producer with over 56 years of mining and production from its Savage 
River mine and has a potential projected mine life beyond 2040. 
Grange’s operations consist principally of owning and operating the Savage River integrated 
iron ore mining and pellet production business located in the north-west region of Tasmania. 
The Savage River magnetite iron ore mine is a long-life mining asset. At Port Latta, on the 
north-west coast of Tasmania, Grange owns a downstream pellet plant and port facility 
producing over 2.5 million tonnes of premium quality iron ore pellets annually, with plans to 
increase annual production.  Grange has a combination of spot and term contracted sales 
arrangements in place to deliver its pellets to customers throughout the Asia Paciﬁ c region 
and beyond.
In addition, Grange owns a major magnetite development project at Southdown, near Albany 
in Western Australia. The Southdown magnetite project, once developed, is expected to have 
the capacity to supply double the amount of iron ore produced at Savage River, at an initial 
annual production rate of 5 million tonnes of premium magnetite concentrate.  The Company 
is continuing to evaluate the strategic options in the project.
OUR PURPOSE
The responsible extraction of mineral resources to support sustainable development, 
growth and prosperity.
OUR VISION
We will produce high quality steel making raw materials economically and effectively. 
Our operations will be efﬁ cient, ﬂ exible, and stakeholder focused. 
OUR VALUES
We value
At Grange we all will… 
Safety

Work safely.
Respect

Lead & act with fairness, integrity, trust and respect.
Accountability

Be responsible & accountable for our actions.
Efﬁ ciency

Utilise our resources efﬁ ciently and effectively.
Sustainability

Engage with stakeholders and proactively manage our impact 
on their environment.
Teamwork

Work together openly and transparently.
People

Promote an inclusive and diverse environment in which our 
people can develop and prosper.
2

GRANGE RESOURCES ANNUAL REPORT 2024
Five key strategic drivers underpin the development of Grange’s 
business. These include: Delivering a sustainable Life-of-Mine-Plan; 
Integrating innovation into all aspects of the business; Building 
capacity and capability within our workforce; Developing strategic 
initiatives for future development and Driving shareholder value. 
Grange’s business and operational planning is directed to enact these 
strategies.
DELIVERING SUSTAINABLE
LIFE-OF-MINE-PLAN 
The Life-of-Mine-Plan is a key to underpin investment decisions and 
to optimise business execution.  
In early 2025, a progress review conﬁ rmed the technical and 
economic viability of underground mining below North Pit, integrating 
it with the current opencut mine at Savage River. Signiﬁ cant progress 
in exploration and preparatory works supports project execution in 
early 2026, with ﬁ rst ore expected between late 2028 and mid-2029. 
Risk reduction measures include re-commencing Centre Pit, building 
ore stockpiles, and investing in geotechnical controls. Centre Pit will 
be the main ore source for 2025, with North Pit Stage 7 delivering 
high-grade ore later in the year.
INTEGRATE INNOVATION
Innovation is critical to improving safety, efﬁ ciency and reducing 
cost.  Innovation tools are integrated into the business through 
our Management Operating System (MOS), and we are building 
capability with our people and systems.  These are considered 
both at the strategic level in the development of the plan and at 
the transactional level.  Application of new technology will support 
and improve operational outcomes.  Our focus is to: determine the 
potential to introduce automation into the operation; upgrade the 
equipment tracking system for the mine and optimise the mining 
cycle to reduce delay and increase efﬁ ciency; review the opportunity 
for sources and supply of energy; and build production capability for 
potential expansion of the operation.
BUILD CAPACITY & CAPABILITY
We recognise our people as our most valuable asset, with a committed 
workforce possessing strong skills and experience. To address the 
increasing competition for human resources and the risk of losing key 
technical staff, we are implementing strategies to retain employees, 
attract necessary skills, and enhance our brand communication 
to attract talent and build specialised expertise as we develop our 
optimised Life-of-Mine-Plan.
2025
PRIORITIES
5
OPERATIONAL OVERVIEW
• 
A continued focus on safety has been maintained across the business with over 
600 days Lost Time Injury Free (LTI) achieved.
• 
Mining activities have focused on the production of ore from Centre Pit and waste 
stripping on the east wall of North Pit with the continued reﬁ nement of pit designs.
• 
Ore delivered from the main ore zone at Centre Pit supporting over 2.6 million 
tonnes of concentrate production during the year.
• 
Pellet production of 2.47 million tonnes for the year compared to 2.34 million 
tonnes for the prior year.
• 
Deﬁ nitive feasibility study for underground mining in North Pit and integration into 
the current life-of-mine plan completed (see market release dated 28 February 2024).
• 
3 kilometres of lateral development and 95 metres of the ﬁ rst vertical shafts were 
completed in 2024 increasing geological and geotechnical conﬁ dence, and de-
risking future production rates and project costs estimates. 
• 
Project development timeline paused in December (see announcement 16 
December 2024) due to softening prices and while long term funding is pursued 
in 2025.  
FINANCIAL OVERVIEW  
• 
Total iron ore product sales of 2.53 million tonnes for the year compared to 2.64 
million tonnes for the prior year. 
• 
Proﬁ t after tax of $58.5 million for the year compared to $150.1 million for the prior 
year.
• 
Average realised product price (FOB Port Latta) of $182.94 per tonne for the year 
compared to $212.83 for the prior year.
• 
Unit C1 cash operating costs of $146.14 per tonne for the year compared to $136.65 
for the prior year.
• 
Cash and liquid investments of $298.05 million at the end of year compared to 
$282.6 million at the end of the prior year.
2024
OVERVIEW
$11M
ROYALTIES
$6M
PAYROLL TAX
>$154M
SPEND WITH LOCAL SUPPLIERS
$95M
WAGES
4

GRANGE RESOURCES ANNUAL REPORT 2024
ABOUT THE
GRANGE BUSINESS
MAGNETITE
Magnetite is a naturally occurring mineral commonly reﬁ ned 
into an iron ore concentrate and used for steel production. Iron 
ore makes up about ﬁ ve per cent of the Earth’s crust and most 
commonly occurs in the form of haematite or magnetite. Most 
of the magnetite mined is usually used to produce concentrate 
for pellet feed or pellets which are used to make steel.
Magnetite concentrate has internal thermal energy, meaning 
less energy is required as the magnetite is converted into 
haematite pellets.  This results in lower carbon dioxide emissions. 
The blast furnace chemically reduces iron oxide into liquid iron 
called ‘hot metal’. The iron ore and reducing agents (coke, coal 
and limestone) are combined. Pre-heated air is injected at 
the bottom of the combination for up to eight hours. The ﬁ nal 
product is a liquid which is drained and eventually reﬁ ned to 
produce steel.
Mining magnetite ore is capital intensive and requires signiﬁ cant 
downstream processing infrastructure including a beneﬁ ciation 
plant, a pellet plant and port facilities.  Magnetite products 
command a value premium above haematite ore products 
such as ﬁ nes and lump. This premium is derived on two fronts, 
through additional iron content, and a quality premium. 
As magnetite concentrate is a reﬁ ned product, it usually 
has higher iron content and lower impurities.  This can have 
beneﬁ cial quality and environmental outcomes for the steel 
maker.
Grange Resources Limited (Grange) owns and operates 
Australia’s oldest integrated iron ore mining and pellet 
production business located in the northwest region of 
Tasmania. The Savage River magnetite iron ore mine, 100km 
southwest of the city of Burnie, is a long-life mining asset set 
to continue operation to beyond 2038. At Port Latta, 70km 
northwest of Burnie, is Grange’s wholly owned pellet plant and 
port facility producing more than 2.5 million tonnes of premium 
quality iron ore pellets annually with plans to increase annual 
production. 
As well as this proﬁ table magnetite operation, Grange owns 
100% in of the Southdown magnetite mining project near 
Albany in Western Australia. 
7
DEVELOP STRATEGIC INITIATIVES
Grange is developing the capacity and capability to address new 
markets driven by change in climate. The company is committed to a 
low-carbon future and has a roadmap to reduce emissions, including 
energy reduction, furnace upgrades, heat recovery, technology 
application, and electric vehicles. The decarbonisation of the steel 
industry and the emergence of the “Green Steel” market present an 
opportunity for Grange to obtain a potential “Green Premium” for its 
low CO2 products. 
The Federal Government’s $1 billion Green Iron Fund supports green 
iron projects, and the North Pit Underground development aligns 
with its objectives, potentially reducing carbon emissions by 80% 
once fully developed.
DRIVE SHAREHOLDER VALUE
Grange 
will 
continue 
to 
demonstrate 
consistent 
ﬁ nancial 
performance to ensure sustainable long-term growth. By integrating 
the underground mine development with the current opencut mine 
and evaluating an extension of the Centre Pit mine plan, the Company 
aims to de-risk operations, enhance ﬂ exibility, extend the life-of-mine, 
reduce carbon emissions, and lower costs. This will position Grange 
well during cycles of lower iron ore prices.
6

GRANGE RESOURCES ANNUAL REPORT 2024
OUTLOOK 
We ﬁ nd ourselves in a time of signiﬁ cant geopolitical volatility, 
characterised by ongoing conﬂ icts, trade tensions, and polarisation 
at both domestic and international levels. As we look ahead to 2025, 
we anticipate further ﬂ uctuations; however, we remain united in our 
commitment to managing risk effectively. I am conﬁ dent that we 
have the right strategy in place to seize numerous opportunities while 
navigating the associated challenges.
Iron ore prices have recently dipped below U$100 per tonne, triggered 
by the implementation of tariffs by the US on Canada, Mexico, and 
China, which raised concerns about the potential for a damaging 
global trade war. Additionally, ongoing difﬁ culties within China’s 
property sector continue to impede price recovery.  The government’s 
stimulus efforts have yet to signiﬁ cantly impact construction material 
markets, thereby limiting the prospects for price increases. The 
delays in decarbonisation initiatives will also inﬂ uence pellet demand. 
Looking to 2025 and beyond, we can expect iron ore prices to be 
impacted by supply-side dynamics, as new mines and expansions are 
set to increase global production. While we may experience short-
term ﬂ uctuations due to global economic instability, the overarching 
trend suggests a return to stability as supply and demand come into 
balance over the long term. Furthermore, global steel production is 
projected to gradually recover in the medium term.
Despite the uncertain landscape we currently navigate, the long-
term outlook for our sector remains positive. We are committed to 
fostering a robust safety culture, encouraging our employees to 
propose innovative ideas to enhance and strengthen our business. 
Our strong balance sheet serves as a solid foundation for managing 
volatile markets, ensuring that we have the necessary capital to 
sustain our operations throughout the economic cycle.
While the road ahead may be challenging, our collective resilience 
and proactive strategies position us well to overcome obstacles and 
capitalise on future opportunities.
The Board and management team maintain a positive outlook for 
the pellet market, actively seeking opportunities for innovation, 
improvement, and productivity growth. The sector’s decarbonisation 
ambitions present a unique chance for our company to lead the way. 
Our commitment lies in expanding our business while simultaneously 
decarbonising, by providing high-quality, low-impurity iron ore pellet 
products that support the transition to a low-carbon economy 
and delivering attractive returns to our shareholders. We prioritise 
delivering value to our dedicated employees and shareholders.
The company’s strategic focus is on generating sustained shareholder 
value by safely producing high-quality iron ore products from our 
Savage River and Port Latta operations in Tasmania. Simultaneously, 
we ensure that permits and project assets for the Southdown project 
in Western Australia remain in good standing across all tenements. 
Our focused strategies include:
• 
Optimising the integration and transition of the Life of Mine Plan 
from open-cut to underground mining.
• 
Producing high-grade ore from the Centre Pit.
• 
Delivering on secured off-take agreements.
• 
Maintaining access to ore through ongoing investments in mine 
development.
• 
Preserving critical process infrastructure.
• 
Continuing to improve productivity and implement cost control 
measures.
• 
Expanding into new markets beyond the Asia-Paciﬁ c region.
In addition, the Company continually assesses and manages 
various business risks that could affect our operational and ﬁ nancial 
performance, as well as our ability to successfully deliver on strategic 
priorities. These risks include:
• 
Health, safety, and environmental concerns.
• 
Impacts of climate change on our operations.
• 
Volatility in the iron ore market and ﬂ uctuations in foreign exchange 
rates.
• 
Volatility in energy prices, availability, and tight labour markets.
• 
Production risks related to pit wall stability and aging infrastructure.
• 
Costs and delivery challenges associated with project evaluation 
and development.
• 
Risks associated with underground mining and the transition 
process.
We remain committed to exploring optimal solutions for these 
challenges, ensuring our company not only adapts but thrives in a 
dynamic market landscape.
Thank you
On behalf of Grange’s Board and management, once again, we would 
like to thank all of our employees for their dedication and hard work 
over the past year. We are proud of our excellent culture, capability 
and resilience to best place us for a prosperous future.  And to our 
shareholders, thank you for your continued support.
Michelle Li
Chairperson
Weidong Wang
Chief Executive Ofﬁ cer
9
DEAR SHAREHOLDERS,
The year 2024 presented signiﬁ cant challenges for Grange, yet it was 
also marked by strategic achievements, operational resilience, and 
progress toward our long-term vision. We adapted to dynamic market 
conditions and evolving stakeholder expectations. This report outlines 
our key accomplishments, ﬁ nancial performance, and roadmap for 
sustaining value creation.
Our robust results in 2024 were achieved through disciplined 
capital expenditure focused on safety, productivity, and future mine 
development. We maintained ﬁ nancial stability, enabling investment 
in long-term improvement projects and operational optimization. 
Prioritized the health and safety of our people and communities, 
embedding best practices across all operations. Our strategy aligns 
with shifting external risks and opportunities, ensuring readiness 
for long-term growth and balances immediate productivity with 
future mine life extension. By optimising operations, advancing 
development projects, and maintaining ﬁ nancial discipline, we are 
positioned to deliver sustained shareholder value, respond agilely to 
market shifts, and capitalise on growth opportunities. The Board’s 
proactive approach to risk management ensures we remain resilient 
in uncertain environments while safeguarding stakeholder interests.
2024 REVIEW
The iron ore market faced many challenges throughout 2024. Global 
steel demand has been relatively weak  particularly in the second 
half when the iron ore price fell to U$91 in September from U$144 
in January. As the world’s largest producer and exporter of steel, 
China’s production of crude steel declined due to ongoing issues in 
the property sector which have weighed down the steel and iron ore 
markets.
We continue to focus on building a safe culture. We have achieved 
over 600 days Lost Time Injury Free (LTIF). The Company delivered 
another year of strong ﬁ nancial results. We achieved a proﬁ t after tax 
of $58.5 million (2023: $150.1 million), revenues from mining operations 
of $520.8 million (2023: $614.7 million) with average product prices of 
$182.94 per tonne (2023: $212.83 per tonne) (FOB Port Latta). Total 
pellet production of 2.47 million tonnes (2023: 2.34 million tonnes) 
was achieved while  C1 cash operating costs increased to $146.14 per 
tonne (2023: $136.65 per tonne). The increase is largely due to the 
signiﬁ cant increase in energy costs and mining movement. A mid-
year dividend of 0.5 cents per share or $5.79 million was declared 
for shareholders this year. Cash and cash equivalents positioned at 
$298.05 million (2023: $282.6 million) at the end of the year. 
Mining activities have continued to focus on the cutbacks in both 
North Pit and Centre Pit. Ore from the main ore zone in Centre Pit 
has been delivered throughout the year. This has been blended 
with existing stockpiles to sustain production and yield high quality 
pellets. The cutback on the east wall of North Pit continues with the 
implementation of the reﬁ ned pit design. Centre Pit is delivering more 
ore than planned, with the head grade increasing as we progress 
deeper into the pit. This has supported strong production results 
from the concentrator. Wall instability in the south end of Centre 
Pit is being carefully monitored with a known and managed slope 
experiencing some movement through the winter months.  A step 
in from the highwall has been implemented to ensure continued 
ore development. The current mining of ore in Centre Pit and waste 
removal in North Pit will progress further in 2025. 
The Company completed the Deﬁ nitive Feasibility Study (DFS) for 
underground mining below North Pit and its integration with the 
company’s current open-cut mine. The ﬁ ndings of the DFS were 
integrated with the transition from open-cut mining to demonstrate 
the effective implementation of the underground project alongside 
the current operation. All environmental and development approvals 
were received in the third quarter after successful completion of the 
submission and review period. The development of the exploration 
decline saw over 3,000m of advance and the completion of the ﬁ rst 
raise bore hole in the southern primary ventilation circuit. The pilot 
hole for the second raise bore hole was also completed and reaming 
was commenced. Drilling for a diamond hole was also commenced 
in the geotechnical inspection drive. A dewatering system has 
been successfully implemented from the open pit and is effectively 
controlling water for the underground activities. Other preparation 
works were undertaken to address the project control system, power 
supply requirements and engineering for the material handling 
system. 
Furnace 4 has been consistently operating without the addition of 
anthracite throughout the year. This has resulted in a reduction in 
our coal use at Port Latta and consequently a reduction in CO2-e 
emissions associated with the combustion of coal. This improvement 
work has been well received by our customers and work will be 
continued for the rest of furnaces in the future.
During the year, the review of the Deﬁ nitive Feasibility Study for the 
Southdown Magnetite Project continued along with the search for 
equity investors. Once the appropriate partners have joined the 
Project, a bridging study phase will be undertaken, and a ﬁ nal project 
description and scope will be produced. This will allow the ﬁ nalisation 
of current environmental approvals. All existing tenements, approvals 
and project assets continue to be maintained in good order to 
facilitate the development of the Project.
• 
The Company’s decarbonisation initiatives progress forward. 
Recent project realignment with funding requirements for the 
development of the electric underground mine and increased 
technical engineering for furnace efﬁ ciency and heat recovery 
projects have increased the time required to reach our targets. In 
FY2024, Grange Resources remains steadfast in its commitment 
to identifying, mitigating, and managing climate-related risks 
and opportunities, reinforcing its dedication to sustainability and 
stakeholder transparency. Decarbonisation is core to our strategy. 
We have ambitious targets to reduce our emissions. We have 
developed a roadmap that should enable us to achieve our targets. 
The Company recognises recent market and policy shifts and will 
remain agile in our approach.  
Our executive team is driving this change, with the full support of the 
Board, reinforcing the importance of mindsets and behaviours that 
ensure everyone, everywhere in our operations feels safe, valued and 
empowered.
CHAIRPERSON’S &
CHIEF EXECUTIVE OFFICER’S 
REVIEW
8

GRANGE RESOURCES ANNUAL REPORT 2024
SAFETY PERFORMANCE
Grange operations have achieved over 600 days Lost Time Injury Free 
(LTIFR) and an exceptional Total Reportable Injury Frequency Rate 
(TRIFR) of 2.0 with only 4 Medical Treatment Injuries (MTIs) for the 
year. Management’s focus on lead indicators, hazard identiﬁ cation, 
and risk management has resulted in better-than-industry-standard 
lag indicators for 2024 and fewer reportable incidents. The workforce 
is commended for these results, especially given the involvement of 
new employees and short-term contractors.
With recent WHS legislation changes recognising psychosocial risk, 
the Company updated the HSE policy, endorsed by the CEO and 
COO. In 2024, there were fewer Disabling Injuries (DIs) than the 
previous year, with most being short-term injuries where workers 
contributed to training while away from normal duties. Contractors 
still make up a percentage of these statistics.
In 2024, Grange worked with the Hexagon HxGN MineProtect 
Operator Alertness System (OAS) and completed the rollout of the 
Hexagon Collision Avoidance System (CAS) for our large mining ﬂ eet. 
OAS has given us an advantage in fatigue management, helping 
identify fatigue before incidents occur. These systems are industry 
best practice and promise to reduce injuries from fatigue and reduced 
awareness, marking another continuous improvement milestone for 
Grange.
11
KEY OPERATING AND 
FINANCIAL HIGHLIGHTS
2.61Mt
CONCENTRATE PRODUCED
2.47Mt
PELLETS PRODUCED
A$146/t
C1 CASH OPERATING COST
2.53Mt
IRON ORE PRODUCT SALES
A$298M
CASH & LIQUID INVESTMENTS
A$59M
NPAT
$29M
DIVIDENDS PAID
5.04cents
EPS (DILUTED)
US$120
AVERAGE REALISED PRICE
(FOB PORT LATTA)
A$521M
CONSOLIDATED SALES REVENUE
(AVERAGE AUD:USD = 0.6577)
10

GRANGE RESOURCES ANNUAL REPORT 2024
ENERGY ALTERNATIVES
Early in 2020, Grange set out to investigate potential routes for 
carbon reduction at our Tasmanian operation.  It was identiﬁ ed that 
our two biggest contributors were our diesel usage from the mining 
ﬂ eet at Savage River and natural gas usage from the furnaces at the 
Port Latta Pellet Plant. Anthracite was identiﬁ ed as having the highest 
emissions per joule of energy. 
As part of our strategic vision to reduce emissions across the operation 
in 2023 we commenced a furnace efﬁ ciency program to remove the 
requirement for anthracite and reduce total energy requirement at 
Port Latta. The upgraded furnace continued to deliver enhanced 
performance in 2024 that saw during the period of July 2023 to 
June 2024 reduced anthracite usage of 2,741 tonnes, and subsequent 
reduced emissions produced by the burning of coal by 7,171 tonnes.1 
Grange continues to work with the Heavy Industry Low Carbon 
Transition Cooperative Research Centre (HILT-CRC) as a founding 
member and core partner. 
Projects and studies focus on investigating decarbonised production 
of green iron products from magnetite ores. We are considering 
technologies, data, and demonstrations at a sufﬁ cient scale to support 
end-use adoption of products, such as low-carbon induration routes 
(replacing natural gas with hydrogen and electrically generated heat), 
increased domestic pre-processing of magnetite concentrate before 
export, and unlocking new orebodies through low-carbon processing 
routes using hydrogen, electriﬁ cation, or solar thermal heat.
Grant funding of up to $20 million was awarded through the Powering 
the Regions Fund - Safeguard Transformation Stream - Round 1.  This 
funding highlighted Grange’s commitment to sustainability and 
innovation in the mining sector.  The grants support two key projects 
aimed at decarbonisation and sustainable practices and include 
the electriﬁ cation of underground operations at Savage River and 
furthering the elimination of Anthracite use in Furnaces at the Port 
Latta Pellet Plant.
Grange acknowledges the support of the Department of Climate 
Change, Energy, the Environment and Water, and the Department 
of Industry, Science and Resources. These projects are expected 
to signiﬁ cantly reduce carbon dioxide emissions and promote 
sustainable practices within the mining industry.
Grange produced emissions in the order of 0.11 t CO2 per tonne of 
pellet production in 2024, an 8% reduction on the previous year and 
continues to place the Company in the 2nd quartile of the emissions 
curve.2
Grange is well positioned to take advantage of any potential “Green” 
premiums as the “Green Steel” market evolves with having one of the 
lowest CO2 emissions per tonne of pellet produced.  
EXPLORATION AND EVALUATION 
There was no diamond drilling completed in 2024 on surface or 
underground for resource deﬁ nition or orebody knowledge. Drilling 
activities in 2024 focused on cover holes to inform and reduce the 
risk to underground development and the characterisation and 
performance assessment of waste dumps. To this end the following 
drilling was completed: 
• 
3 diamond drill holes (611m) were drilled as cover holes to evaluate 
planned ventilation raise locations. 
• 
4 Sonic holes (98m) were drilled in silts and sands on the east side 
of North Pit to evaluate soil properties as a waste rock cover.
• 
5 Sonic holes (69m) were drilled into selected waste dumps to 
provide soil moisture and oxygen level instrumentation.
• 
16 Sonic holes (189m) were drilled to prepare instrumentation 
sites for the South Deposit Tailings Storage Facility (SDTSF).  1 
diamond drill holes was completed for underground geotechnical 
modelling purposes.  
The Mineral Resource stands at 468 million tonnes at 44.3% DTR, 
maintaining a similar level of  resource from the 2023 annual report, 
with a small reduction due to mining depletion.  The decrease in total 
Mineral Resource is considered minor given the quantum of the total 
Mineral Resources, annual mine production levels, and the ongoing 
nature exploration activities. 
Further resource deﬁ nition drilling of North Pit from underground is 
expected to commence in 2026.  The aim is to improve conﬁ dence 
in the quantity and grade of the resource and further de-risk the Ore 
Reserve  for potential underground mining while also exploring the 
ore body at greater depth. 
1 This is reﬂ ected in Grange’s NGERs reporting for FY2024.
2Source: CRU
SCOPE 1 & 2 SITE EMISSIONS CURVE - PELLETS, 2024
Scope 1 + 2 emissions, kg CO2/t (Dry)
Cumulative pellet production, Mt
13
NORTH PIT UNDERGROUND DEVELOPMENT PROJECT
In January 2024 the company recommenced extension of the 
underground decline following the positive outcomes of the DFS. 
This supported positive  ﬁ nancial outcomes with an underground 
mine technically and economically viable for the North Pit ore 
body.  The ﬁ ndings of the DFS were integrated with the transition 
from opencut mining to demonstrate the effective implementation 
of the underground project alongside the current operation (see 
announcement 28 February 2024).
Unfortunately, the iron ore price forecast softened in 2024 and with 
the lower long term price forecast the company took a pause to 
the development while funding is sought to ensure the successful 
implementation of the project as planned (see announcement 16 
December 2024).  
The company remains ﬁ rmly committed to the project and has 
engaged the services of BurnVoir to facilitate ﬁ nding the optimum 
source of funding for the project (see announcement 29 January 
2025). Grange fully expects the pause to be temporary and is 
scheduling to commence development in 2026 after securing 
funding and the Final Investment Decision. 
2024 UNDERGROUND DEVELOPMENT 
A number of key developments were progressed through the year, 
establishing access and underground infrastructure to prepare the 
operation for the transition.
• 
3 kilometres of underground development was constructed. The 
decline now reaches a depth of -224mRL and is 110m above the 
planned extraction level 
• 
95m of vertical development for the ﬁ rst ventilation raise was 
completed in 2024 and reaming of the second exhaust raise was 
completed in March 2025. 
• 
The SLC Transition Mine layout was changed from transverse 
to longitudinal to maximise the free-face for cave initiation.  This 
was directly aligned to the North Pit wall to increase recovery and 
the production ramp-up. This change also reduces development 
through waste and the fault zone. 
• 
The work completed has increased geological and geotechnical 
conﬁ dence, and de-risked future production rates and project 
costs estimates.
12

GRANGE RESOURCES ANNUAL REPORT 2024
HEALTH SAFETY AND ENVIRONMENT
OVERVIEW
Grange remains committed to responsible occupational health 
and safety management, along with sound environmental and 
social responsibility (HSE) practices. Our “Safety and Environment 
Management System” (SEMS) supports OHS & ESR policies and 
deﬁ nes the required standards for all Grange facilities. SEMS is 
continually monitored and updated to reﬂ ect changes in WHS 
regulations and best practices, ensuring compliance and continuous 
improvement.
The OHS policy is reviewed and signed off annually by our executive 
team, emphasizing the importance of safety systems. SEMS, an 
integral part of the Grange Management System (GMS), is supported 
by a management plan for 16 major hazards, including 4 Principal 
Mining Hazards as outlined in the Tasmanian Mining Legislation. 
SEMS is aligned with ISO 45001 & ISO 45003 Occupational Health 
& Safety Standards and ISO 14001 Environmental Management 
Standards, applicable to both national and international operations. 
It is also integrated into our Certiﬁ cate IV Leadership & Management 
training competency for current and aspiring leaders.
Grange’s OHS management team leaders actively participate in 
industry safety initiatives, such as the tripartite WHS Regulations 
review, the Mine Safety Steering Committee, and the Minerals 
Council of Australia (MCA) Fatality Prevention Project Working Group.
With an increased focus on managing psychosocial hazards at work 
and the introduction of a Code of Practice, Grange has enhanced 
its integrated OHS & ESR Management Systems with an employee 
psychosocial health survey and analysis. In 2024, we commenced the 
ﬁ rst year of the new “HSE Strategic Plan,” which includes consultation 
and training, and shared this plan via a MOS toolbox with key 
stakeholders. This plan references SEMS, our Mission Statement, and 
Safety Principles.
MISSION STATEMENT
To drive a continuous improvement culture involving everyone 
at Grange. We strive to eliminate injury, loss and waste, and create 
positive environmental outcomes adding value to the communities 
in which we operate. 
This will be achieved through effective adherence to management 
systems, integrated risk management practices, risk aware culture, 
demonstrable 
leadership, 
maintaining 
standards, 
monitoring 
performance and looking after our people.
SAFETY PRINCIPLES
• 
All injuries and loss events are preventable
• 
All hazards can be identiﬁ ed and their risks managed
• 
No task is so important that it cannot be done safely and 
respectfully
• 
Every person is accountable for their own safety and the safety of 
those around them
• 
Safety performance can always be improved
SAFETY PERFORMANCE
Grange is committed to providing safe systems and a safe workplace 
for everyone at every site. We expect the same level of commitment 
from all who work with and for us, ensuring that everyone returns 
home in the same or better condition than when they arrived. The 
Board has approved a 3-year HSE Strategic Plan, culminating in 2026.
Our systems’ effectiveness is demonstrated by consistent positive 
record book entries from WST inspector visits. In 2024, we maintained 
safety controls preventing business disruption and ensuring the 
health, safety, and wellbeing of our employees, contractors, and 
community.
Grange ensures compliance with legislative requirements across all 
operations, including Federal & State Work Health & Safety Legislation, 
Anti-Discrimination Legislation, Fair Work Australia Legislation, 
Rehabilitation & Workers Compensation Legislation, Environmental 
Legislation, Codes of Practice, industry standards, Whistleblower 
legislation, mining-speciﬁ c HSE legislation, and environmental licence 
conditions. Established systems track, monitor, and implement 
corrective actions for any non-compliance.
We continued to focus on reducing costs without compromising 
support services:
• 
Emergency Response Team (ERT) in-house training saved costs 
while maintaining high standards and improving underground 
rescue capability. 
• 
Monitored underground emergency refuge chambers and 
associated equipment to maintain compliance with industry 
standards and WST expectations. 
• 
Managed ERT size while increasing general ﬁ rst aid training 
coverage, ensuring competent personnel where needed. 
• 
Obtained Federal and State government training funds, reducing 
training costs and providing opportunities for young workers to 
commence apprenticeships. 
• 
The highwall scaling excavator development promises to restore 
lost berm catch capacity, clean batters, and improve mining safety, 
generating industry-wide interest. 
• 
Participation in the Insurance Underwriters safety audit provided 
initiatives to reduce insurance costs. 
• 
Investment in Mental Health and Wellbeing ﬁ rst aid training for 
Management and Contact Ofﬁ cers fostered an alert and caring 
worker relationship. 
• 
Focus on gender diversity, respect at work, and cultural awareness 
promoted the role of women in our workforce and supported 
greater diversity in our teams. 
• 
Strategic focus on “Critical Controls” further strengthened our risk 
management system and initiatives.
Grange recognises the importance of contractors’ safety management 
systems 
aligning 
with 
WorkSafe Tasmania 
and 
mine 
safety 
regulations, as well as our own safety standards. We incorporated and 
communicated new OHS & ESR requirements for contractors into 
our SEMS and other lead indicators, dedicated Area Inspections, and 
formalised Task Observations for management and key personnel. 
Lead indicators have been strengthened with speciﬁ c KPIs for the 
recommenced underground workings with our underground team 
and PYBAR. Completion and tracking of lead indicators using the 
iAuditor system have made the process more efﬁ cient, allowing more 
time for task observations. Lead Indicators have helped reduce risk 
exposures across all areas, evidenced by our continued excellent lost 
time injury (LTI) free record, with only 1 LTI in more than 7 years.
15
MINERAL RESOURCES AND ORE RESERVES STATEMENT
– SAVAGE RIVER OPERATIONS
The following tables show the Mineral Resources and Ore Reserves 
for the Savage River operations as at 31 December 2024. The mining 
of ore throughout the year focussed on ore supply from Centre Pit. 
The Mineral Resource has been depleted since the previous estimate 
dated 31 December 2023 as a result of mining. Ore Reserves have 
decreased by mining depletion from North Pit and Centre Pit along 
with reﬁ nement to mine designs, and updated production schedule.
Mineral Resources and Ore Reserves are categorised in accordance 
with the Australasian Code for Exploration Results, Mineral Resources 
and Ore Reserves of 2012 (JORC Code, 2012). Estimated Measured 
and Indicated Mineral Resources include those Mineral Resources 
modiﬁ ed to produce the estimated Ore Reserves. Mineral Resources 
which are not included in the Ore Reserves do not currently meet the 
required level of technical planning and economic viability hurdle at 
the time of last review. 
MINERAL RESOURCES
A summary of the total Mineral Resources for Savage River
as at 31 December 2024
As at December 2024
As at December 2023
Tonnes 
(Mt)
Grade 
% DTR 3
Tonnes 
(Mt) 
Grade 
% DTR1
Measured
166.9
51.8
169.1
52.0
Indicated
159.4
42.5
161.2
42.6
Inferred
141.5
37.5
141.5
37.5
Total
467.8
44.3
471.8
44.4
• Mineral resources are reported above a cut-off grade of 15% DTR.
ORE RESERVE
A summary of the Ore Reserve for Savage River as at 31 December 2024
As at December 2024
As at December 2023
Tonnes 
(Mt)
Grade 
% DTR 1
Tonnes 
(Mt) 
Grade 
% DTR1
Proved
31.8
45.4
34.7
45.7
Probable
68.3
45.2
74.5
44.1
Total
100.1
45.2
109.2
44.6
• Ore Reserves are reported above a cut-off grade of 15% DTR for Opencut and 28%-
30% DTR for Underground
Ore Reserves have decreased by 9.1 million tonnes due to mining 
depletion, updated open pit designs based on actual performance 
over the last 12 months, and reﬁ nements to the underground design. 
All underground Ore Reserves remain classiﬁ ed as Probable due to the 
inherent mixing that occurs in caving operations and lower conﬁ dence 
in the dilution and recovery modifying factors. The information in this 
report that relates to Mineral Resources and Ore Reserves is based on 
information compiled by Mr Ben Maynard, a Competent Person who 
is a Member of The Australasian Institute of Mining and Metallurgy. In 
producing this statement Mr Maynard has relied on documentation 
prepared by others and is satisﬁ ed that their work is acceptable and 
meets the required standard. Mr Maynard is a full-time employee, 
holds shares in Grange Resources, and is eligible to participate in 
short and long-term incentive schemes. Mr Maynard has sufﬁ cient 
experience which is relevant to the style of mineralisation and type 
of deposit under consideration and to the activity being undertaken 
to qualify as a Competent Person as deﬁ ned in the 2012 Edition of 
the ‘Australasian Code for Reporting of Exploration Results, Mineral 
Resources and Ore Reserves’. Mr Maynard consents to the inclusion 
in the report of the matters based on his information in the form and 
context in which it appears
For further information please refer to the Savage River Annual 
Resource and Reserve Statement, as at 31 December 2024, released 
31 March 2025 and, available at www.grangeresources.com.au/
announcements
 1 DTR (Davis Tube Recovery) is the percentage of material recovered using a laboratory scale version of the ore beneﬁ ciation process that 
separates magnetic from non-magnetic fractions. It is the most appropriate assay technique for determination of magnetite recovery from ore at 
Savage River
SCOPE 1 & 2 SITE EMISSIONS CURVE - STANDALONE PELLET PLANT, 2030
Scope 1 + 2 emissions, kg CO2/t (Dry)
Cumulative pellet production, Mt
14

GRANGE RESOURCES ANNUAL REPORT 2024
ENVIRONMENTAL 
LEGISLATIVE APPROVAL
Grange obtained approvals to operate in 1996 and 1997 under the Land 
Use Planning and Approvals Act 1993 (LUPA) and the Environmental 
Management and Pollution Control Act 1994 (EMPCA) as well as the 
Goldamere Pty Ltd (Agreement) Act 1996 and Mineral Resources 
Development Act 1995. This approval covers an expected mine and 
processing life at Savage River, gangue removal and concentrating 
at Savage River, and pelletising at Port Latta. The original land use 
permit conditions for Savage River and Port Latta are contained in 
Environmental Protection Notices 248/2 and 302/2 respectively.
Grange received planning approval from the Waratah Wynyard 
Council and the Tasmanian Environment Protection Authority 
for the construction of South Deposit Tailings Storage Facility in 
March 2014 under PCE 8808, as well as federal approval under the 
Environment Protection and Biodiversity Conservation Act 1999 
(EPBC) in April 2014 under EPBC approval 6393. South Deposit 
cutback was approved in August 2014 but is now largely regulated 
under the Centre Pit Expansion and South Deposit Backﬁ ll Dump 
through DA 216/2021 and Permit Conditions-Environmental No. 
10995. In January 2020, approval was granted under Environment 
Protection Notice 10006/2 for the North Pit Underground exploration 
decline. On 14 August 2024 Grange also received approval for North 
Pit Underground as an operational underground mine, under Permit 
Conditions-Environmental No. 12021.
GOLDAMERE ACT
The Goldamere Pty Ltd (Agreement) Act 1996 (referred to as the 
Goldamere Act) makes provisions for Grange’s operation under 
Tasmanian legislation and provides a framework for Grange to repay 
the Tasmanian Government for the purchase of the mine through 
remediation works. The Goldamere Act relieves Grange of any 
environmental liability in relation to legacy contamination, pollutants 
or pollution caused by operations prior to the date of the Goldamere 
Agreement (Royal Ascent received 16th December 1996). Where 
pollution is caused or might be caused by previous operations and 
that pollution may be impacting on Grange’s operations or discharges, 
Grange is indemniﬁ ed against that pollution. Notwithstanding, Grange 
is required to operate to Best Practice Environmental Management 
(BPEM). A signiﬁ cant variation to the Goldamere Agreement was 
signed on the 19 December 2014 which extends the Agreement until 
24 December 2034.  This variation also removed a signiﬁ cant number 
of redundant conditions. The amended Goldamere Agreement 
provides a framework for Grange to co-manage the Savage River 
Rehabilitation Project (SRRP) and carry out contracted works in lieu 
of paying the purchase price of the operation to the Government. 
The agreement also allows Grange to integrate its rehabilitation 
obligations with those of the State under the SRRP.
PLANNING APPROVALS
Grange obtained planning approval subject to a series of 
environmental permit conditions in January 1997.  Planning approval 
was issued by the Waratah Wynyard Council for Savage River, and 
by the Circular Head Council for Port Latta.  The approvals were 
conditional on the provision of an Environmental Management Plan 
(EMP) incorporating an Environmental Rehabilitation Plan (ERP) prior 
to the commencement of operations.  Various other studies were also 
required.  
Grange received planning approvals from the Waratah Wynyard 
Council for the South Deposit Tailings Storage Facility (SDTSF) 
during 2014, construction commenced in July 2014 and operation 
commenced in Q4 2018. 
Full approval of the Centre Pit Expansion and South Deposit Backﬁ ll 
Dump was achieved in 2022.
On 14 August 2024 Grange also received planning approval 
DA54/2024 for North Pit Underground.  
ENVIRONMENTAL MANAGEMENT PLANS
Grange’s Environmental Management Plan (EMP) was ﬁ rst approved 
by the (then) Department of Environment Parks, Heritage and the 
Arts when Savage River and Port Latta operations re-commenced in 
October 1997.  A later revision of the approval documents occurred 
on 6 October 2000 when Environmental Protection Notices (EPN) 
248/2 and 302/2 were issued to replace the environmental permit 
conditions for Savage River and Port Latta respectively.
Approvals are required from the Tasmanian EPA and relevant Councils 
for major infrastructure developments and operational expansions 
and changes. These approvals are in the form of development 
approvals, planning permits, approved EPN’s etc. Amendments can 
also be made to reﬂ ect changing operational circumstances and 
an increasing knowledge base and provide for changes to waste 
rock dumping plans and any proposed treatment facilities. Such 
amendments are enacted by the issue of planning permits, EPN’s or 
Permit Conditions Environmental (PCE)’s.
An amendment to the EMP was approved for an extension of mine 
and pelletising operations in early 2007 to approve the Mine Life 
Extension Plan. 
EMP and Environmental Rehabilitation Plan (ERP) reviews are 
submitted on a 3-yearly basis to EPA. Revised EMPs reﬂ ect BPEM, 
current mine planning, and focus on closure requirements and 
rehabilitation. A revised EMP was submitted to the EPA in December 
2024, and an updated ERP was provided to EPA in October 2023. 
The Tasmanian EPA issued EPN 10006/2 in January 2020, and PCE 
12021 in August 2024 enabling the construction of the North Pit 
Underground Project. The EMP and ERP have been updated to reﬂ ect 
the relevant changes that underground mining methodology will 
introduce.
SAVAGE RIVER REHABILITATION PROJECT 
(“SRRP”)
The Savage River Rehabilitation Project (SRRP) was initiated in 1997 as 
a collaboration between the government and the mining company, 
with the objective to mitigate the effects of historical pollution at 
Savage River. Grange has upheld this partnership model established 
by the SRRP and has been actively involved in addressing the legacy 
pollution issues at Savage River and Port Latta. 
The Goldamere Act set out the ﬁ nancial provisions for the SRRP and 
delineated the duties of a collaborative Management Committee. 
This Committee consists of two members from the EPA, one from 
Mineral Resources Tasmania (part of the Department of State 
Growth), and two from Grange Resources Tasmania. Funding for the 
SRRP is allocated across two accounts: the Environment Protection 
Fund, which is an interest-bearing statutory Trust, and the interest 
incurring Purchase Price account, which represents the debt owed 
to the Crown and is gradually settled by Grange over time through 
remediation works. 
Grange representatives meet with representatives from SRRP 
multiple times per year to develop and implement remediation works 
at Savage River and Port Latta.  Grange has collaboratively contracted 
with the SRRP for works including construction, management and 
development of waste rock dump covers, acid drainage pipelines 
and other remediation projects.  The SRRP objective is to capture 
and treat 65% of the site’s copper load to remove the possibility of an 
acutely toxic aquatic environment.  The scope of works to meet this 
objective has been completed and costed to feasibility level.  
A strategic plan outlining the works required to achieve the objective 
and repay Grange’s purchase price debt has been approved by 
the Tasmanian Environmental Protection Authority and is being 
implemented by the SRRP Committee.  This plan is updated annually 
to reﬂ ect the long-term risks and Grange’s latest mining plan. The 
SRRP Strategic Plan is publicly available via the EPA Tasmania website. 
17
SHARING AND LEARNING 
Grange embraces continuous learning and sharing of safety 
experiences. Alongside successful online induction programs, we 
conduct extensive on-site safety training, including work permit 
training, energy isolations, site and pit driving permits, simulation 
training for new operators, ﬁ re warden and extinguisher training, 
and refreshers on occupational ﬁ rst aid and road accident rescue 
entrapment release. Our effective online “Isolations” training package 
allows offsite contract workers to learn our systems before arriving 
on site.
In 2024, Grange continued training in the “ICAM” (Incident Cause 
Analysis Method) investigation process and developed a “Safety 
Dashboard” to collate information from the incident reporting system. 
This enhancement improved the daily review of incidents in pre-shift 
meetings, providing an effective view of newly raised incidents, open 
investigations, recently closed investigations, and actions in progress.
Throughout the year, Grange worked closely with the Ofﬁ ce of the 
Chief Inspector of Mines (OCIM), providing an outlet for GMIRM 
(Global Mining Industry Risk Management) training. We will 
continue this interaction in 2025. Our GMIRM seminars are open to 
other Tasmanian Mines and Mining contractors via the Tasmanian 
Minerals, Manufacturing and Energy Council (TMEC) to promote risk 
management throughout the industry.
Internally, Grange reviewed the HSR “Workgroups” to include an 
electrical workgroup and HSR/Deputy at Port Latta, with a similar 
process for the Savage River Concentrator workers in 2024. 
Additionally, the Company reinforced many site-wide health and 
safety programs aimed at improving employee wellbeing, including 
cancer awareness, heart safety awareness, respect at work, and 
mental health awareness/ﬁ rst aid.
Grange has a fully functional and qualiﬁ ed emergency response team 
(ERT) providing expert ﬁ rst aid and ﬁ rst response care to our sites 
and others in need, including road accidents in the Savage River and 
Port Latta areas. The company is a member of the Tasmanian Mines 
Emergency Response Committee (TMERC) and commits to providing 
assistance through Mutual Aid to other member sites as requested.
COMMITMENT TO SOCIAL RESPONSIBILITY
Grange remains committed to social responsibility by engaging with 
stakeholders and communities to understand and respond to their 
interests and concerns. We maintain regular dialogue with neighbours 
and communities near our operations and support the education 
sector through tours, school curriculum information, industry links, 
a graduate program, and work opportunities. In 2024, we hosted 
several work experience students and school tours.
Our management and workers actively participated in WorkSafe 
Tasmania (WST) workshops, sharing our Safety Management 
approach with other industry participants. Our interactions with 
WST have been positive and mutually beneﬁ cial. The inspectorate 
requested Grange’s participation in reviewing the Tasmanian “Mines 
Work Health & Safety (Supplementary Requirements) Regulations 
2012” during 2024. Additionally, our HSE team actively contributed to 
the Minerals Council Australia “Fatality Prevention Project.”
16

GRANGE RESOURCES ANNUAL REPORT 2024
ENVIRONMENTAL, SOCIAL,
AND GOVERNANCE (ESG) METRICS
Grange has adopted an Environmental, Social, and Governance (ESG) framework with 21 core 
metrics and disclosures as created by the World Economic Forum (WEF) and is establishing 
an impact measurement plan for each sustainability area which includes, but is not limited to, 
governance, anti-corruption practices, ethical behaviour, human rights, carbon emissions, land use, 
ecological sensitivity, water consumption, diversity and inclusion, pay equality and tax payments.
ESG REPORTING UPDATES
Grange continues to track progress along our road map to reduce emissions. This involves the:
• 
reduction in energy used per tonne of product
• 
upgrades to furnaces
• 
energy efﬁ ciency in the pellet plant
• 
application of technology and electric vehicles in the mining operation
• 
and alternative fuel sources
With a review of recent project realignment and funding requirements for the electric underground 
mine and furnace efﬁ ciency projects, the time required to complete our major projects has been 
extended.  We remain committed to maintaining our current emissions reduction targets:
•  CO2-e emission target reduction of 50% by 2030 
•  Target of Zero CO2-e (Scope 1 and 2) emissions by 2035
Progress to our targets is supported by several project achievements in 2024  including 3 kms of 
the underground development and the operational improvements to Furnace 4 which continues 
to operate successfully without the addition of anthracite. Detailed design work and engineering 
is progressing on the modiﬁ cations required for efﬁ ciency improvements to the other furnace 
lines.
19
PRINCIPAL ENVIRONMENTAL ISSUES
Waste Rock, Tailings and Water Management – Savage River
• 
Water, tailings and waste rock management at Savage River are 
principal environmental issues that entail several key strategies 
such as:
- 
Development of waste rock dumps which exclude oxygen to 
minimise the formation of acid mine drainage, and utilisation 
of these dumps to form seals on old waste rock dumps
- 
Tailings deposition and maintenance of saturated tailings; 
providing a centralised water treatment system using a 
disused pit to eliminate turbidity from mine runoff.
- 
Appropriate management and monitoring systems to ensure 
regulatory compliance in these areas. 
• 
Main Creek Tails Dam is effectively closed in terms of tailings 
deposition with ﬁ nal closure works being completed
Air Emissions Reduction Program – Port Latta
• 
Grange continued to work on quality and measurement systems 
to improve performance of the Port Latta operations especially 
in relation to air emissions. In particular, the focus is on the stable 
operation of furnaces.
REHABILITATION PLANS
Grange continues to plan for closure and departure on completion 
of the mining plan.  Principal issues related to mine closure include 
waste rock dump maintenance, tailings management, future use 
of infrastructure and a ﬁ ve-year post life of mine monitoring and 
maintenance plan. All of these aspects have been addressed in the 
ERP, which is submitted to EPA on an ongoing 3-yearly basis. 
18

GRANGE RESOURCES ANNUAL REPORT 2024
21
20

GRANGE RESOURCES ANNUAL REPORT 2024
ALBANY PORT
The study has adopted a transhipping methodology  utilising existing 
land within the Port, subject to commercial agreements with 
Southern Ports Authority. This design would incorporate the addition 
of a new wharf at Albany Port’s Berth 5, a ﬁ ltration plant, a concentrate 
stockpile shed, and a ship loading facility The magnetite concentrate 
will be loaded onto a Transhipment Vessel (TSV) and barged to the 
larger Cape sized vessels located at two existing anchorage points in 
King George Sound.
In addition to port access and commercial agreement negotiations, 
further work will increase stakeholder engagement and continue 
studies to assess the environmental, community and visual impacts, 
to facilitate new environmental and operational approvals. 
WATER
With the introduction of dry grinding and a reduced capacity in the 
concentrator, the annual make-up water demand for the 5mtpa option 
has been reduced from 12 gigalitres per year to 5 gigalitres per year. 
Therefore, the scale of the initial water infrastructure is signiﬁ cantly 
reduced. The feasibility study looked at alternatives to seawater 
desalination and has conﬁ rmed that water for the permanent 
operations phase could be supplied to the site from:
• 
Proposed Manypeaks and Wellstead South Boreﬁ elds water could 
be pumped to the site and treated with a brackish water treatment 
plant using reverse osmosis technology to produce Process and 
Potable Water. 
• 
Surface water run-off captured in the mine pit as well as ponds and 
drainage structures on the minesite. 
• 
Mine pit dewatering will intercept groundwater through ex-pit 
dewatering bores, and groundwater that seeps into the mine pit 
will be collected and pumped to dust suppression water storage 
dams. 
• 
Brine produced as by product from the brackish water treatment 
plant can be mixed in mine pit dewatering ponds and used for in-
pit dust suppression. 
In addition to the potential water sources above, which informed 
FS 2024, the desalination plant and the related piping to site will 
be considered in the bridging phase to allow for potential future 
production increases.  
Investigations into new dry magnetic separation methodologies may 
result in further reductions in project water demand.
POWER
FS 2024 has estimated the installed load at the mine/concentrator site 
to be 79.3 megawatts (MW).  Renewable power supplied to the mine-
site by a third party has been considered to minimise greenhouse gas 
(GHG) emissions and fossil fuel requirements. 
OPERATIONS
The project is committed to working with stakeholders and the 
community in the planning, implementation and operation of its 
projects as well as delivering possible future community beneﬁ ts 
including employing local people to work and service the mine, 
supporting local and regional economic development and investing 
in community initiatives.  The Southdown operation will be modelled 
on Grange’s existing Savage River operation in Tasmania operating on 
a 24/7 basis for 365 days per year.
MINERAL RESOURCES AND 
ORE RESERVES 
- SOUTHDOWN MAGNETITE PROJECT
MINERAL RESOURCES
The Mineral Resource estimate for the Southdown Magnetite Project 
as at 31 December 2024 is as follows: 
As at December 2024
Tonnes  (Mt)
Grade  % DTR *
Measured
423
37.8
Indicated
100
36.3
Inferred
734
31.1
Total
1,257
33.8
*  Davis Tube Recovery – a measure of recoverable magnetite
Mineral Resources are reported above a cut-off of 10% DTR
ORE RESERVES
The current Ore Reserve for the Southdown Magnetite Project as at 
31 December 2024 is based on the pit design and mining schedule 
developed during the Feasibility Study and includes modifying 
metallurgical factors and plant recovery. 
ROM (Mt)
DTR* (%)
Proven
-
-
Probable
412
34.7
Total
412
34.7
An additional 12 Mt of Inferred Resources is included within the 
designed pit.
The information in this report that relates to Mineral Resources 
at Southdown is based on, and fairly represents, information and 
supporting documentation prepared by Michael Everitt, a Competent 
Person who is a Member of The Australasian Institute of Mining and 
Metallurgy, who is a full-time employee of Grange Resources and who 
holds shares in Grange Resources as part of the company incentive 
scheme. Mr Everitt has sufﬁ cient experience which is relevant to the 
style of mineralisation and type of deposit under consideration and 
to the activity being undertaken to qualify as a Competent Person as 
deﬁ ned in the JORC Code (2012). Mr Everitt consents to the inclusion 
in this announcement of the matters based on his information in the 
form and context in which it appears.
The information that relates to the Mining aspects of the Ore 
Reserves is based on, and fairly represents, mine planning studies 
supervised by Frank Blanchﬁ eld. Information supplied by GRL relating 
to infrastructure, mining costs, environmental, permitting, and social 
licence studies and marketing and ﬁ nancial analyses were reviewed 
by Mr Blanchﬁ eld. Mr Blanchﬁ eld is an employee of Snowden Optiro 
and is a Fellow of the Australasian Institute of Mining and Metallurgy. 
Mr Blanchﬁ eld has sufﬁ cient experience that is relevant to the style 
of mineralisation and type of deposit under consideration and to the 
activity being undertaken to qualify as a Competent Person as deﬁ ned 
in the JORC Code (2012).  Mr Blanchﬁ eld consents to the inclusion in 
this announcement of the matters based on his information in the form 
and context in which it appears.
The information in this announcement that relates to metallurgical 
aspects supporting Mineral Resources and Ore Reserves is based on, 
and fairly represents, information and supporting documents prepared 
by or reviewed by Dean David, who has consulted on metallurgical 
aspects of the Southdown Project (as an employee of Wood) since 
2010. Mr David also has an ongoing consulting association with 
Grange Resources and the Savage River Operation in Tasmania dating 
back to 1996. Mr David is an employee of Wood and is a Fellow of The 
Australasian Institute of Mining and Metallurgy. Mr David has sufﬁ cient 
experience that is relevant to the style of mineralisation, type of deposit, 
the magnetite product under consideration and to the activity being 
undertaken to qualify as a Competent Person as deﬁ ned in the JORC 
Code (2012). Mr David consents to the inclusion in this announcement 
of the matters based on his information in the form and context in 
which it appears.
For further information please refer to the Southdown Feasibility 
Study Results Resource and Reserve Statement, as at 31st 
December 
2024, 
released 
April 
2025 
and, 
available 
at
www.grangeresources.com.au/announcements.
23
SOUTHDOWN MAGNETITE PROJECT 
PROJECT OVERVIEW
The Southdown Magnetite Project is located 90km from Albany in 
Western Australia’s Great Southern region and is an advanced project 
with more than 1.2 billion tonnes of high-quality Mineral Resources, 
including Ore Reserves of 412 million tonnes, both estimated using 
the guidelines of the JORC Code (2012 Edition).  During 2022-
2024 Grange conducted feasibility level studies, including further 
optimisation, into an alternative development option based on a 
reduction of the nominal concentrate production rate to 5mtpa with 
an initial mine life of 28 years. 
The Project is owned by Grange (100%) with a search underway to 
secure joint venture partners to develop the Project. A bridging phase 
will be undertaken in conjunction with the new investment partner 
to ﬁ nalise the development options and progress environmental 
approvals.
There remains the potential to substantially extend the mine life with 
further study of the eastern half of the Mineral Resource once the 
project is up and running. Potential also exists to expand concentrate 
production to 10 million tonnes per year with further future capital 
investment.
Grange recognises and respects the Traditional Owners of this 
Country and their connection to the lands, waters and skies. Grange 
would like to acknowledge the support and assistance of the Wagyl 
Kaip and Southern Noongar Native Title claimants, and the Menang 
people in the development to date of the Southdown Project.
APPROVALS
All material Commonwealth and State primary approvals relating 
to the 10mtpa FS 2012 have been secured and will continue to be 
maintained in good standing, including the Cape Riche desalinated 
water supply option, and the Berth 7 land reclamation and channel 
dredging option at the Port of Albany.  
The feasibility studies have been designed within the constraints of the 
current approvals as far as is possible, but the ﬁ nal project will require 
new or amended approvals at State and Commonwealth levels. 
The key changes relate to reduced footprint of the mine site, minor 
changes to the pipeline footprint determined from the recent studies, 
the inclusion of boreﬁ elds as a potential water supply, approval for 
project facilities to be constructed and operated at Albany Port Berth 
5, and transhipping operations in King George Sound. These changes 
were costed to feasibility study level of accuracy and included in the 
Project base case ﬁ nancial model.
To address these new aspects, a Revised Proposal for MS816 was 
lodged in February 2023, and a referral lodged in April 2023 for the 
transhipping operation by Southern Ports Authority. As the studies 
progressed it became apparent that further optimisation was possible 
which will result in further amendments to the project description. 
Grange has withdrawn the Revised Proposal and  SPA has withdrawn 
the related transhipping referral. Once the range of development 
options have been assessed in conjunction with the new investment 
partner, and the project deﬁ nition ﬁ nalised, updated referrals will be 
resubmitted for relevant changes across the project.
WORKING WITH THE COMMUNITY
Planning and preparation for the Southdown project has spanned 
almost twenty years, during which Grange has continuously 
maintained a project ofﬁ ce in Albany and has been working closely 
with key stakeholder organisations and community members.
Grange will continue to engage stakeholders and the community as 
the project progresses through the Albany Project Ofﬁ ce, information 
sessions, landowner discussions, brieﬁ ngs and presentations and a 
range of focused communications.
KEY COMPONENTS OF THE PROJECT
The Southdown Magnetite Project is proposed to be a pit to port 
operation involving:
· 
The construction and operation of an open cut magnetite mine 
and concentrator for producing magnetite concentrate at the 
mine site, near Wellstead.
· 
A 110km underground slurry pipeline to transport the magnetite 
concentrate from the mine site to the Port of Albany.
· 
Once the slurry reaches the Port, it will be dewatered and stored in 
a storage shed ready for shipping.
· 
The recycled water from the dewatering process will be pumped 
back to the mine site in a second pipeline following the same 
alignment as the slurry pipeline.
· 
When the concentrate is ready for shipping, it will be loaded on to 
a smaller transhipping vessel (TSV) via conveyors and a shiploader 
and transported by the TSV to be loaded onto larger vessels in King 
George Sound. This process is known as transhipping.
· 
Water supply options for the construction and operation of 
the mine include groundwater from local boreﬁ elds, or from a 
seawater desalination plant planned for Cape Riche, which already 
has environmental approvals. Electricity supply options for the 
project continue to focus on maximising access to renewable 
energy.
PROJECT OVERVIEW
GEOLOGY 
The currently deﬁ ned Resource extends over 11 kilometres of strike, 
with variable depths ranging from 50 metres below surface in the 
west to 555 metres below surface in the east. The deposit has been 
drilled and evaluated since its initial discovery in 1983, including an 
extensive program of resource drilling during 2011 for the feasibility 
study for a total of 401 diamond drill holes for 102km of drilling.  
MINING
Mining will be undertaken by conventional bulk mining methods 
utilising drill and blast, load and haul with 365-tonne class excavator 
in backhoe conﬁ guration and 194-tonne (payload) rigid rear dump 
trucks coupled to a run of mine (ROM) stockpile.  Ore will be trucked 
directly from the blasted faces to either direct tip into the primary 
crusher or onto the ROM stockpile to satisfy a nominal concentrate 
production rate of 5mtpa. 
The mining operation will draw heavily on Grange’s existing capability 
as Australia’s most experienced commercial producer of magnetite 
concentrate, to assist with start-up and ongoing operations.
ORE CRUSHING AND CONCENTRATION
Ore processing at the mine site consists of crushing and dry grinding 
with closed circuit dry magnetic separation, before water is added 
to facilitate a further series of magnetic separation steps to remove 
non-magnetic material, and reverse ﬂ oatation to remove the sulphide 
mineral Pyrrhotite, which will result in a magnetite concentrate at 
around 70% iron.
Process waste (tailings) will be produced in dry and wet components, 
with the wet tailings mixed with the dry to form an Agglomerated 
Tailing and sent to a dedicated dry stack waste facility.
TRANSPORTING THE CONCENTRATE SLURRY 110 KM TO THE PORT
Final magnetite concentrate will be thickened and transported 
through a 110 km pipeline to the Port of Albany.  Once the concentrate 
reaches the Port, it will be ﬁ ltered and stored ready for shipping. The 
excess water will be pumped back to the mine site in a return water 
pipeline, which runs parallel to the slurry pipeline. Around 85% of water 
pumped with the slurry will be returned to the mine site for re-use. 
22

25
GRANGE RESOURCES ANNUAL REPORT 2024
FINANCIAL
REPORT
31 DECEMBER 2024
CONTENTS
Directors’ report 
26
Auditor’s independence declaration 
41
Consolidated statement of comprehensive income 
42
Consolidated statement of ﬁ nancial position 
43
Consolidated statement of changes in equity 
44
Consolidated statement of cash ﬂ ows 
45
Notes to the consolidated ﬁ nancial statements 
46
Consolidated entity disclosure statement 
67
Directors’ declaration 
67
Independent auditor’s report to the members
of Grange Resources Limited 
68
 
GENERAL INFORMATION
The ﬁ nancial statements cover Grange Resources Limited as a Group 
consisting of Grange Resources Limited and the entities it controlled at 
the end of, or during, the year. The ﬁ nancial statements are presented in 
Australian dollars, which is Grange Resources Limited’s functional and 
presentation currency.
Grange Resources Limited is a listed public company limited by shares, 
incorporated and domiciled in Australia. Its registered ofﬁ ce and 
principal place of business is:
34a Alexander Street, Burnie, Tasmania, 7320 
 
A description of the nature of the Group’s operations and its principal 
activities are included in the directors’ report, which is not part of the 
ﬁ nancial statements.
The ﬁ nancial statements were authorised for issue, in accordance with 
a resolution of directors, on 28 February 2025. The directors have the 
power to amend and reissue the ﬁ nancial statements.
AUSTRALIA’S
MOST EXPERIENCED 
MAGNETITE PRODUCER
Grange Resources Limited
ABN    80 009 132 405
Principles and
Recommendations
Reference
Departure
 Explanation
2.4
A majority of the Directors are not 
independent directors.
The Board is currently comprised of ﬁ ve non-executive Directors, 
and one executive Director, three are independent. Accordingly, 
a majority of Directors are not independent.
7.3(a) 
A separate internal audit function has 
not been formed. 
The Board monitors the need for an internal audit function. The 
Company has not had an internal audit function for the past 
ﬁ nancial year. Due to the size of the Company, the Board does 
not consider it necessary to have an internal audit function. The 
Company’s Management periodically undertakes an internal 
review of ﬁ nancial systems and processes and where systems 
are considered to require improvement these systems are 
developed. The Board also considers external reviews of speciﬁ c 
areas and monitors the implementation of system improvements. 
The Company has also appointed Deloitte Australia to periodically 
conduct internal review of the Company’s ﬁ nancial system.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the directors
 
 
 
Michelle Li
Chairperson of the Board of Directors
28 February 2025
CORPORATE GOVERNANCE STATEMENT
Grange is committed to creating and building sustainable value for shareholders and protecting stakeholder interests. The Company recognises 
that high standards of corporate governance are essential to achieving that objective. 
The Board has the responsibility for ensuring Grange is properly managed so as to protect and enhance shareholders’ interests in a manner that 
is consistent with the Company’s responsibility to meet its obligations to all stakeholders. For this reason, the Board is committed to applying 
appropriate standards of corporate governance across the organisation. 
As part of its commitment to enhancing its corporate governance, and as a listed company, the Board has adopted relevant practices which are 
consistent with the Australian Securities Exchange (“ASX”) Corporate Governance Principles. The 2024 corporate governance statement was 
approved by the Board on 17 February 2025.
Details of the Company’s corporate governance practices are included in the Corporate Governance Statement and Appendix 4G which have 
been announced on the ASX and can be located on our Company’s website www.grangeresources.com.au in the Corporate Governance and 
Policies section in the About Us area. This facilitates transparency about Grange’s corporate governance practices and assists shareholders and 
other stakeholders make informed judgments. 
ASX BEST PRACTICE RECOMMENDATIONS
The following table lists the departures from the ASX Best Practice Recommendations applicable to the Company as at the date of its ﬁ nancial 
year end, being 31 December 2024. Where the Company considers that it is divergent from these recommendations, or that it is not practical 
to comply, there is an explanation of the Company’s reasons set out in the following table.
24

27
GRANGE RESOURCES ANNUAL REPORT 2024
AJANTH SAVERIMUTTO
BEng (Mining) Hons, BBus (Accounting) 
Independent Non-executive Director and Member of the Audit and 
Risk Committee
Mr Saverimutto is a Mining Engineer and Accountant with over  25 
years’ experience in the resources industry. Mr Saverimutto has 
extensive Corporate and Senior Management experience in a number 
of ASX-listed and private companies. Currently Mr Saverimutto 
is Managing Director of ASX listed Wildcat Resources, a mineral 
exploration company. Mr Saverimutto’s previous positions include 
President and Director of privately held Black Mountain Metals, 
Managing Director of ASX listed Venturex Resources, Managing 
Director and Founder of privately held Australian company Salt Lake 
Mining. 
Mr Saverimutto has held senior operational roles including Mining 
Manager for leading international copper producer Freeport 
McMoRan (NYSE: FCX), Chief Operating Ofﬁ cer of ASX listed gold 
miner Unity Mining and Mining Manager for BHP Billiton – Stainless 
Steel Materials.  
TIANXIAO SHEN
Non-independent non-executive Director
Tianxiao Shen is currently the deputy general manager of Shagang 
International (Singapore) Pte. Ltd., a subsidiary of Jiangsu Shagang 
Group, China’s largest private-owned steel conglomerate. Ms. Shen 
has extensive experience in raw material procurement and trade, 
company management, and supply chain operation management 
and investment planning.
JIAJIA JIANG
Non-independent 
non-executive 
Director, 
Member 
of 
the 
Remuneration and Nomination Committee
Mr Jiang currently holds the position of investment Management 
Director in Shagang Group Investment Holding Co Ltd, being 
responsible for venture capital investment and project post 
investment management. Prior to this appointment Mr. Jiang joined 
Shagang group in 2013 as an Assistant Director of the investment 
Department of Shagang Group. 
Mr Jiang holds a Bachelor of Law degree majoring in economic law.
Mr Jiang was appointed to the board on 25 September 2024.
  
COMPANY SECRETARY
MR PIERS LEWIS
BComm, CA, AGIA 
Mr Lewis has more than 25 years’ global corporate experience. Mr 
Lewis is currently company secretary of Almonty Industries Inc. and 
serves as chairman of Aurumin Limited and on the Board of Noronex 
Limited.
In 2001 Mr Lewis qualiﬁ ed as a Chartered Accountant with Deloitte 
(Perth) and has extensive and diverse ﬁ nancial and corporate 
experience from previous senior management roles with Credit 
Suisse (London), Mizuho International and NAB Capital. Mr Lewis is 
also a Chartered Company Secretary. 
26
FINANCIAL REPORT
INFORMATION ON DIRECTORS
MICHELLE LI
PhD, GAICD 
Independent Non-executive Chairperson, Member of the Audit and 
Risk Committee, Member of the Remuneration and Nomination 
Committee
Dr Li has more than 30 years of international mining experience, 
including senior executive roles with mining companies such as Citic 
Paciﬁ c, Rio Tinto and Iluka Resources. 
Dr Li has a PhD from the University of Queensland and was previously 
a non-executive Director of Ardiden Limited, Orion Metals Limited 
and Sherwin Iron Limited.
 
HONGLIN ZHAO 
Managing Director, Chief Executive Ofﬁ cer 
Mr Zhao is a former Director of Shagang International (Australia) Pty 
Ltd, former Director and General Manager of Shagang (Australia) 
Pty Ltd, and former Director of Jiangsu Shagang Group, ultimate 
shareholder of Shagang International Holdings Limited and China’s 
largest private steel company.  
Mr Zhao has over 40 years’ experience in the industry and was 
previously the Commander of Project Development Headquarters 
with Shagang. Mr Zhao has extensive project management and 
implementation experience and expertise. 
Mr Zhao retired on 15 July 2024.
 
CHONGTAO XU
Executive Director
Mr Xu is a former head of the steel merger & acquisition division of 
Shagang Investment Holding Co Ltd, the investment arm of China’s 
largest private steel company. Mr Xu specialises in investment of 
upstream and downstream processes for steel producers.
Mr Xu has extensive management experience in private equity 
projects. Mr Xu managed a portfolio with a marketable value of over 
four billion Australian dollars. Mr Xu holds a Master of Science (Hons) 
from University College London.
Mr Xu resigned as Director on 10 April 2025.
MICHAEL DONTSCHUK
Independent Non-executive Director, Chairperson of the Audit and 
Risk Committee, Chairperson of the Remuneration and Nomination 
Committee
Mr Dontschuk is a ﬁ nance professional with over 35 years’ experience 
in investment, ﬁ nance, treasury and ﬁ nancial risk management. He 
currently is a professional NED and sits on a number of company 
boards including Public Trustee (Tasmania) and Australia Ratings.
Previously Mr Dontschuk has been Group Treasurer of Grange 
Resources, Group Treasurer of ANZ Bank, Managing Director of 
Treasury Corporation Victoria, President and Director of the Finance 
and Treasury Association of Australia and has worked extensively in 
corporate ﬁ nancial advisory and investment banking including with 
Oakvale Capital and Bankers Trust. 
Mr Dontschuk resigned on 20 March 2024.
 
FONG HOON
MBus, CA, FCPA, FGIA, GAICD
Independent Non-executive Director, Chairperson of the Audit and 
Risk Committee, Chairperson of the Remuneration and Nomination 
Committee 
Mr Hoon, a chartered accountant with a masters degree in business, 
has a strong background in commercial, ﬁ nancial and audit matters 
and has extensive Australian and South East Asian business network 
across a wide range of sectors.
Mr Hoon was appointed to the Board on 17 April 2024.
DIRECTORS’ REPORT
The directors present their report, together with the ﬁ nancial statements, on the consolidated entity (the ‘Group’) consisting of Grange 
Resources Limited (‘Grange’, ‘Grange Resources’ or ‘the Company’) and the entities it controlled at the end of, or during, the year ended 31 
December 2024.
DIRECTORS
The following persons were directors of Grange Resources Limited during the whole of the ﬁ nancial year and up to the date of this report, unless 
otherwise stated:
Michelle Li  
Chairperson
Honglin Zhao 
Managing Director (retired on 15 July 2024)
Chongtao Xu 
Executive Director 
Michael Dontschuk 
Non-Executive Director (resigned on 20 March 2024)
Fong Hoon 
Non-Executive Director (appointed on 17 April 2024)
Ajanth Saverimutto 
Non-Executive Director
Tianxiao Shen 
Non-Executive Director 
Jiajia Jiang 
Non-Executive Director (appointed on 25 September 2024)

29
GRANGE RESOURCES ANNUAL REPORT 2024
All environmental and development approvals were received in the 
third quarter after successful completion of the submission and 
review period. 
The development of the exploration decline saw 3,000m of advance 
and the completion of the ﬁ rst raise bore hole in the southern primary 
ventilation circuit. The pilot hole for the second raise bore hole was 
also completed and reaming was commenced. Drilling for a diamond 
hole was also commenced in the geotechnical inspection drive. A 
dewatering system has been successfully implemented from the 
open pit and is effectively controlling water for the underground 
activities. Other preparation works were undertaken to address the 
project control system, power supply requirements and engineering 
for the material handling system.  
 
CENTRE PIT EXTENSION
The Company is evaluating an extension of the Centre Pit mine 
plan as an alternative feed source to complement the North Pit 
Underground Development. Pursuing parallel development of Centre 
Pit is expected to de-risk the broader Savage River Operations and 
enhance operational ﬂ exibility.
 
PORT LATTA IMPROVEMENT PROJECTS 
Modiﬁ cation and improvement on Furnace 4 has been consistently 
operating without the addition of anthracite throughout the year. 
This has resulted in a reduction in our coal use at Port Latta and 
consequently a reduction in CO2-e emissions associated with 
the combustion of coal. Design work on Furnace lines 3 & 5 were 
progressed in order to apply further efﬁ ciency improvements in the 
future.
 
FINANCIAL POSITION 
Grange’s net assets increased during the year to $1,061.3 million (31 
December 2023: $1,031.3 million). The key movements in net assets 
during the year are a result of the following:  
 
• 
An increase in ﬁ nancial assets by $53.5 million
• 
An increase in inventories of $45.9 million
• 
An increase in property plant and equipment and mine properties 
and development of $39.1 million and $18.0 million respectively
• 
A decrease in trade and other payables $7.8 million
• 
A decrease in trade and other receivables $60.4 million
• 
A decrease in cash and cash equivalents by $38.3 million
• 
An increase in deferred tax liability by $15.5 million
• 
An increase in provisions by $18.9 million
 
STATEMENT OF CASH FLOWS 
NET CASH FLOWS FROM OPERATING ACTIVITIES 
Net cash inﬂ ows from operating activities for the year were $239.9 
million (2023: inﬂ ows $267.1 million), decreased compared to prior 
year mainly due to lower prices achieved, lower quantities sold and 
higher operating costs compared to the previous year. 
NET CASH FLOWS FROM INVESTING ACTIVITIES 
Net cash outﬂ ows from investing activities for the period were 
$253.4 million (2023: outﬂ ows $241.9 million), principally related to 
expenditures for mine properties and development ($113.7 million), 
property, plant and equipment of ($86.1 million) and payments for 
term deposits ($53.8 million).
NET CASH FLOWS FROM FINANCING ACTIVITIES 
Net cash outﬂ ows from ﬁ nancing activities for the period were $30.7 
million (2023 outﬂ ow: $25.2 million), principally related to the payment 
of 2023 ﬁ nal dividend and 2024 interim dividend ($28.9 million), and 
repayment of lease liabilities ($1.8 million).
ESG REPORTING AND INITIATIVES 
Grange published its baseline Environmental, Social, and Governance 
(ESG) report with disclosures on 21 core metrics set by the World 
Economic Forum (WEF) in its standardised and globally recognised 
Stakeholder Capitalism Metrics ESG framework.
This new global environment is challenging the traditional 
expectations of corporations and redirecting investment capital. 
Grange is committed to aligning the business, where applicable, 
to the sustainable development goals that provide a roadmap to 
sustainability and resilience. 
The baseline report demonstrates Grange’s commitment to aligning 
its business practices, where applicable, with the Sustainable 
Development Goals, that offer guidance on sustainability and 
resilience. The report describes the progress Grange has made 
against the four pillars of the framework for Governance, Planet, 
People and Prosperity. 
Most notably, Grange has developed a road map to reduce emissions. 
This will involve the reduction in energy used per tonne of product; 
upgrades to furnaces; energy efﬁ ciency in the pellet plant; application 
of technology and electric vehicles in the mining operation; and 
alternative fuel sources.
Management reafﬁ rms the Company’s decarbonisation initiatives and 
continues to make forward progress in the pursuit of decarbonisation. 
With a review of recent project realignment and funding requirements 
for the electric underground mine and furnace efﬁ ciency projects, the 
time required to complete our major projects has been extended.  We 
remain committed to maintaining our current emissions reduction 
targets:
•  CO2-e emission target reduction of 50% by 2030 
•  Target of Zero CO2-e (Scope 1 and 2) emissions by 2035
Supporting projects, including 3 kms of the underground development 
and the operational improvements to Furnace 4 which continues to 
operate successfully without the addition of anthracite, were achieved 
in 2024. Detailed design work and engineering is progressing on the 
modiﬁ cations required for efﬁ ciency improvements to the other 
furnace lines. 
 
SOUTHDOWN MAGNETITE PROJECT 
The Southdown Magnetite Project, situated 90km from the city 
of Albany in Western Australia, is an advanced project with over 1.2 
billion tonnes of high-quality resource and access to established 
infrastructure. 
During the year, the review of the Deﬁ nitive Feasibility Study for the 
Southdown Magnetite Project continued along with the search for 
equity investors. Once the appropriate partners have joined the 
Project, a bridging study phase will be undertaken, and a ﬁ nal 
project description and scope will be produced. This will 
28
DIRECTORS’ REPORT
PRINCIPAL ACTIVITIES
During the period, the principal continuing activities of the Group 
consisted of the mining, processing and sale of iron ore; and the 
ongoing exploration, evaluation and development of mineral 
resources. 
 
DIVIDENDS
Dividends paid during the ﬁ nancial year were as follows:
2024
$'000
2023
$'000
Fully franked interim dividend for 
the half year ended 30 June 2024 - 
0.5 cents per share
5,787 
- 
Fully franked ﬁ nal dividend for the 
year ended 31 December 2023 - 2.0 
cents per share
23,147 
- 
Fully franked ﬁ nal dividend for the 
year ended 31 December 2022 - 2.0 
cents per share 
- 
23,147 
28,934 
23,147 
OPERATING AND FINANCIAL REVIEW
Key Highlights 
MINING OPERATIONS
• 
Pellet production of 2.47 million tonnes for the year compared to 
2.34 million tonnes for the prior year.
• 
Total iron ore product sales of 2.53 million tonnes for the year 
compared to 2.64 million tonnes for the prior year.
• 
Proﬁ t after tax of $58.5 million for the year compared to $150.1 
million for the prior year, on revenues from operations of $520.8 
million compared to $614.7 million for the prior year.
• 
Average realised product price (FOB Port Latta) of A$182.94 per 
tonne for the year compared to A$212.83 per tonne for the prior 
year.
• 
Unit C1 cash operating costs of $146.14 per tonne for the year 
compared to $136.65 for the prior year. 
• 
Cash and liquid investments of $298.05 million at the end of year 
compared to $282.6 million at the end of the prior year (refer to the 
consolidated statement of cash ﬂ ows).
Safety performance 
A focus on safety has been maintained across the business with over 
600 days Lost Time Injury Free achieved.  
Key Metrics
Key revenue metrics for the year ended 31 December 2024 and the 
preceding 2023 year were as follows:  
2024
2023
Iron Ore Pellet Sales (dmt)
2,363,528
2,503,588
Iron Ore Concentrate Sales (dmt)
20
24
Iron Ore Chip Sales (dmt)
169,321
139,010
Total Iron Ore Product Sales (dmt)
2,532,869
2,642,622
Average Realised Product Price 
(US$/t FOB Port Latta)*
120.31
142.06
Average Realised Exchange Rate 
(AUD:USD)
0.6577
0.6675
Average Realised Product Price 
(A$/t FOB Port Latta)
182.94
212.83
*adjusted for the costs of freight and ﬁ nal pricing settlements on provisional settlements 
as per sales agreements. Pricing is typically ﬁ nalised in one to three months after 
shipment month. 
Key operating metrics for the year ended 31 December 2024 and the 
preceding 2023 year were as follows:
2024
2023
Total BCM Mined
16,249,582
17,529,864
Total Ore BCM
2,274,113
1,033,932
Concentrate Produced (t) 
2,611,876
2,589,144
Weight Recovery (%) 
41.0
44.4
Pellets Produced (t)
2,469,650
2,341,654
Pellets Stockpile (t)
242,913
136,791
"C1" Operating Cost (A$/t 
Concentrate Produced)
146.14
136.65
Note: “C1” costs are the cash costs associated with producing iron ore products without 
allowance for mine development, deferred stripping and stockpile movements, and also 
excludes royalties, sustaining capital, depreciation and amortisation costs.
Mining activities have continued to focus on the cutbacks in both 
North Pit and Centre Pit. Ore from the main ore zone in Centre Pit 
has been delivered throughout the year. This has been blended 
with existing stockpiles to sustain production and improve pellet 
quality. The cutback on the east wall of North Pit continues with the 
implementation of the reﬁ ned pit design. Centre Pit is delivering more 
higher-grade ore than planned, with the head grade increasing as we 
progress deeper into the pit. This has supported strong production 
results from the concentrator. Wall instability in the south end of 
Centre Pit is being carefully monitored. This is a known and managed 
slope that has experienced some movement through the winter 
months and a step in from the highwall has been implemented to 
ensure continued ore development. The current mining of Centre Pit 
and North Pit will progress further in 2025.
NORTH PIT UNDERGROUND
DEVELOPMENT PROJECT 
The Company completed the Deﬁ nitive Feasibility Study (DFS) for 
underground mining below North Pit and its integration with the 
company’s current open-cut mine. The ﬁ ndings of the DFS were 
integrated with the transition from open-cut mining to demonstrate 
the effective implementation of the underground project alongside 
the current operation (see market release dated 28 February 2024).

31
GRANGE RESOURCES ANNUAL REPORT 2024
MOUNT WINDSOR JOINT VENTURE 
Grange is a minority partner (30%) in the Mt Windsor project in 
North Queensland which is now being rehabilitated for future lease 
relinquishment. An ongoing Transitional Environment Program has 
been entered into voluntarily to identify and remediate various sources 
of pollution on site. A comprehensive plan has been developed and 
instigated to manage the leases with relinquishment expected in 
2045.  
During the ﬁ nancial year there were no breaches of licence conditions 
relevant to the Mt Windsor project.  
NATIONAL GREENHOUSE AND ENERGY REPORTING ACT 2007
The National Greenhouse and Energy Reporting Act 2007 requires 
the Group to report its annual greenhouse gas emissions and energy 
use by 31 October each year. The Group has implemented systems 
and processes for the collection and calculation of the data required 
and has submitted its annual reports through the Emissions and 
Energy Reporting System (EERS) by 31 October each year. 
NATIONAL GREENHOUSE AND ENERGY REPORTING 
(SAFEGUARD MECHANISM) RULE 2015 
The Safeguard Mechanism applies to designated large facilities 
and is triggered when the facility exceeds 100,000t CO2-e as per 
Division 8 of NEGR (Safeguard Mechanism) Rule 2015. The entity with 
operational control of a designated large facility is responsible for 
meeting safeguard requirements, including that the facility must keep 
net emissions at or below baseline emission levels. Grange has two 
facilities which trigger the Safeguard Mechanism. Grange submitted 
an application for an emissions intensity determination for the 
Savage River facility and applied the Best Practice Emissions Intensity 
value for the Port Latta facility in accordance with Section 17 of the 
Safeguard Rule. The Savage River Mine facility successfully received 
conﬁ rmation of our application of a Multi Year Monitoring Period.
NATIONAL ENVIRONMENT PROTECTION
(NATIONAL POLLUTANT INVENTORY) MEASURE 1998 
The Group is required to report its emissions of speciﬁ c pollutants 
each year in line with National Pollutant Inventory (NPI) reporting 
requirements. The reporting period is a standard ﬁ nancial year and 
is due by 30 September each year. Both Savage River Mine and Port 
Latta Pelletising Plant are subject to NPI statutory reporting each year, 
and the total emissions reported are publicly available.  
RENEWABLE ENERGY (ELECTRICITY) ACT 2000 
In recognition that the Renewable Energy Targets scheme may 
increase costs to Companies that carry on Emissions Intensive 
Trade Exposed (EITE) activities, the exemption provisions under 
the Renewable Energy (Electricity) Act 2000 as amended allow a 
prescribed person to apply for an exemption certiﬁ cate in relation to 
the electricity supplied to an EITE activity carried on at a site. Subject 
to agreement from the prescribed person an exemption certiﬁ cate 
may be traded to the liable entity for the electricity supplied, and 
provides the liable entity with exemption from liability for a certain 
amount of megawatt-hours of electricity in the given calendar year. 
Grange has received exemption certiﬁ cates under this scheme.
CLIMATE CHANGE RISK AND 
OPPORTUNITIES
In FY2024, Grange Resources remains steadfast in its commitment 
to identifying, mitigating, and managing climate-related risks 
and opportunities, reinforcing its dedication to sustainability and 
stakeholder transparency. This disclosure draws on the insights 
provided in FY2023 while outlining our roadmap for enhanced 
compliance with the Australian Accounting Standards Board’s (AASB) 
S2 Climate-Related Disclosures by FY2025.
KEY CLIMATE RISKS AND OPPORTUNITIES
Building on the risks disclosed in FY2023, the Group has continued 
to assess climate-related risks and opportunities. While further risks 
are still being evaluated, the following is a non-exhaustive collection 
of physical and transition risks that have already been identiﬁ ed as 
potentially material to our operations and ﬁ nancial performance.
PHYSICAL RISKS
Changes in weather patterns may lead to:
• 
Concentrated rainfall events
• 
Reduced rainfall
• 
Rising sea levels
• 
Higher maximum and lower minimum temperatures
These changes may result in operational impacts such as:
• 
Delays in ship loading, leading to demurrage costs
• 
Damage to assets
• 
Restricted access to Savage River, affecting the supply of parts and 
workforce mobility
• 
Reduced access to groundwater
• 
Risks to on-site electrical infrastructure
• 
Delays in mining operations
TRANSITION RISKS
• 
Policy and legal risks: Stricter government regulations on carbon 
emissions may increase energy costs or limit energy availability. 
In particular, the introduction of the Safeguard Mechanism could 
drive up costs if emissions reductions are delayed or not achieved.
• 
Market and Technology Risk: Shifting consumer demand for low-
carbon goods and services may impact our market position. One 
notable example is the Carbon Border Adjustment Mechanism 
(CBAM) which could restrict access to key markets. 
The Group acknowledges the challenges and opportunities 
presented by the global transition to a low-carbon economy. Key 
initiatives to position Grange as a leader in low-carbon emissions 
include reducing CO₂ emissions per tonne of pellet produced and 
exploring opportunities in the emerging “Green Steel” market.
FY2024 PROGRESS AND FY2025 ROADMAP
The Group has initiated steps to strengthen its governance and risk 
assessment processes while preparing for full compliance with AASB 
S2 standards by FY2025. These initiatives include:
• 
Governance Enhancements: Formalising oversight mechanisms 
for climate-related risks at the executive and board levels.
• 
Risk and Opportunity Evaluation: Developing a structured 
approach to assess material climate-related risks across our 
operations, including physical and transition risks.
• 
Scenario Analysis: Beginning work on scenario analysis to evaluate 
potential ﬁ nancial and operational impacts under different climate 
scenarios.
• 
Mitigation and Adaption Strategies: Identifying and prioritising 
initiatives to mitigate identiﬁ ed risks and leverage opportunities to 
support long-term sustainability and business continuity.
To support in the delivery of these initiatives, the Group has engaged 
external consultants to support a comprehensive evaluation to be 
completed in FY2025. This evaluation will enable Grange to provide 
a robust, detailed climate risk disclosure in alignment with AASB S2 
requirements.
30
DIRECTORS’ REPORT
allow the ﬁ nalisation of current environmental approvals. All existing 
tenements, approvals and project assets continue to be maintained in 
good order to facilitate the development of the Project.
  
SIGNIFICANT CHANGES IN THE
STATE OF AFFAIRS
There were no signiﬁ cant changes in the state of affairs of the Group 
during the ﬁ nancial year.
MATTERS SUBSEQUENT TO THE END OF THE 
FINANCIAL YEAR
No matter or circumstance has arisen since 31 December 2024 that 
has signiﬁ cantly affected, or may signiﬁ cantly affect the Group’s 
operations, the results of those operations, or the Group’s state of 
affairs in future ﬁ nancial years.
  
LIKELY DEVELOPMENTS AND EXPECTED 
RESULTS OF OPERATIONS
Grange’s strategic focus is to generate shareholder value by safely 
producing high quality iron ore products from its Savage River and 
Port Latta operations in Tasmania and continuing to assess the 
feasibility of a major iron ore development project at Southdown, near 
Albany in Western Australia. The Group’s current strategic priorities 
include:
SAVAGE RIVER AND PORT LATTA OPERATIONS  
• 
Optimising the integration and transition of the Life of Mine Plan 
from open cut to underground
• 
Producing high grade ore from Centre Pit
• 
Delivering on secured off take agreements
• 
Maintaining access to ore with continuing investment in mine 
development
• 
Maintaining critical process infrastructure 
• 
Continuing focus on improving productivity and implementing 
cost control projects 
SOUTHDOWN MAGNETITE PROJECT
• 
Ensuring that all tenements, permits and project assets remain in 
good standing and securing joint venture partners.
RISK MANAGEMENT 
The Group continues to assess and manage various business risks 
that could impact the Group’s operating and ﬁ nancial performance 
and its ability to successfully deliver strategic priorities including:  
• 
Fluctuations in iron ore market and movements in foreign 
exchange rates 
• 
Volatility in the energy prices and availability 
• 
Geotechnical risks including wall stability
• 
Production risks and costs associated with aging infrastructure
• 
Project evaluation and development
• 
Health, safety and environment 
• 
Impacts of climate change on our business
• 
Risks associated with underground mining
 
RISK MITIGATION STRATEGIES INCLUDE THE FOLLOWING: 
• 
Optimise timing of sales to the ﬂ uctuations in iron ore prices and 
demands from different markets 
• 
Focussed program of geotechnical wall monitoring, modelling and 
redesign work to mitigate potential stability issues
• 
Continue disciplined and rigorous review process regarding 
budget development and cost control to ensure investment 
directed to highest priority areas while reducing overall operating 
costs
• 
Hedging strategies for key energy exposures
• 
A well developed tool kit to ensure projects are adequately planned 
and peer reviewed prior to commitment and execution
• 
Outstanding safety record is supported by comprehensive safety 
system that enables management to develop a resilient safety 
culture and ensure our stewardship over the environment  
• 
Initiatives to progressively decarbonise the operation
  
ENVIRONMENTAL REGULATION
The mining and exploration tenements held by the Group contain 
environmental requirements and conditions that the Group must 
comply with. These conditions and regulations cover environmental 
aspects such as acid mine drainage management, river water quality, 
the management of the storage of hazardous materials and mine site 
rehabilitation, etc.
The Group is subject to signiﬁ cant environmental legislation and 
regulation in respect of its mining, processing and exploration 
activities as set out below: 
SAVAGE RIVER AND PORT LATTA OPERATIONS
The Group obtained approvals to operate in 1996 and 1997 under 
the Land Use Planning and Approvals Act 1993 (LUPA) and the 
Environmental Management and Pollution Control Act 1994 (EMPCA) 
as well as the Goldamere Agreement Act 1996 and Mineral Resources 
Development Act 1995. The original land use permit conditions 
for Savage River and Port Latta are contained in Environmental 
Protection Notices 248/2 and 302/2 respectively. Environmental 
Management Plans were submitted for Savage River and Port Latta 
on 21 December 2010 and most recently updated and submitted to 
EPA on 18 December 2024. The extension of the project’s life was 
approved by the Department of Tourism, Arts and the Environment 
on 12 March 2007 and together with the Goldamere Agreement Act 
1996 and the environmental permits, is the basis for the management 
of all environmental aspects of the mining leases. The Group has been 
relieved of any environmental obligation in relation to contamination, 
pollutants or pollution caused by operations prior to the date of the 
Goldamere Agreement Act (Royal Ascent received 16 December 
1996). Grange received planning approval from the Waratah Wynyard 
Council and the Tasmanian Environment Protection Authority for the 
construction of South Deposit Tailings Storage Facility in March 2014 
under PCE 8808, as well as federal approval under the Environment 
Protection and Biodiversity Conservation Act 1999 in April 2014 under 
EPBC approval 6393. South Deposit cutback was approved in August 
2014 but is now largely regulated under the Centre Pit Expansion 
and South Deposit Backﬁ ll Dump through DA 216/2021 and Permit 
Conditions-Environmental No. 10995. In January 2020, approval was 
granted under Environment Protection Notice 10006/2 for the North 
Pit Underground exploration decline. On 6 August 2024 the Group 
also received approval for North Pit Underground as an operational 
underground mine, under Permit Conditions-Environmental No. 
12021.
SOUTHDOWN MAGNETITE PROJECT
There have been no activities on the Southdown Magnetite Project 
which would cause a breach of environmental legislation.

33
GRANGE RESOURCES ANNUAL REPORT 2024
• 
acceptable to shareholders, transparent and easily understood; 
• 
competitive and reasonable, enabling the company to attract 
and retain key talents who share the same values with Grange 
Resources; and
• 
aligned to the Company’s strategic and business objectives and 
the creation of shareholder value. 
Using external remuneration sector comparative data, the Group 
has structured an executive remuneration framework that is market 
competitive and complementary to the reward strategy of the 
organisation. The framework is reviewed regularly along with the 
remuneration strategy review. 
The framework provides a mix of ﬁ xed and variable pay, and a blend of 
short and long term incentives detailed as follows:  
FIXED REMUNERATION 
Fixed remuneration is reviewed annually by the Remuneration and 
Nomination Committee. The process consists of a review of Group 
and individual performance, relevant comparative remuneration 
externally and internally and, where appropriate, external advice on 
policies and practices.  
Executives are given the opportunity to receive their ﬁ xed (primary) 
remuneration in a variety of forms including cash and fringe beneﬁ ts. 
It is intended that the manner of payment chosen is optimal for the 
recipient without creating any undue cost for the Group. 
There are no guaranteed ﬁ xed pay increases included in any 
executives’ contracts. 
VARIABLE REMUNERATION – SHORT TERM INCENTIVE (“STI”)  
The objective of the STI is to link the achievement of the Company’s 
annual operational targets (usually reﬂ ected in the approved budgets) 
and an individual’s personal targets with the remuneration received 
by selected executive directors and senior employees responsible 
for meeting those targets. Payments are made as a cash incentive 
payable after the ﬁ nancial statements have been audited and released 
to the Australian Securities Exchange (“ASX”). 50% of the STI relates to 
the achievement of company performance goals and 50% relates to 
the attainment of agreed personal performance goals.  
VARIABLE REMUNERATION - LONG TERM INCENTIVE (“LTI”)  
a) Deferred Cash  
A 3-year deferred cash long term incentive program applicable to 
H Zhao, S Phan, and B Maynard commenced in 2019 with the ﬁ nal 
tranche paid in 2024.  This long-term incentive program was replaced 
by a share-based payment scheme in 2022.
A 3-year deferred cash long term incentive started in 2023 for C Xu 
and G Bramich with the ﬁ nal tranche to be paid in 2026. 
The deferred cash scheme is to reward selected executive directors 
and senior employees with a cash payment which is linked to the 
Company satisfying performance hurdles and subject to ongoing 
employment with Grange. The deferred cash component is 
determined by measuring the Company’s progress made on: 
• 
Development of mineral assets (weighting 35%) 
• 
Mine development (weighting 20%)
• 
Downstream process improvement (weighting 15%) 
• 
Financial returns (weighting 20%) 
• 
Safety and sustainability (weighting 10%) 
The deferred cash component is determined based on the Company’s 
performance for the year ended 31 December, with 33.3% payable on 
31 December the ﬁ rst following year, 33.3% payable on 31 December 
the second following year, and the balance payable on the following 
31 December (i.e. 3 years after the relevant calculation date). Payment 
of deferred cash is subject to continuing employment with Grange at 
the scheduled date of the payment.
b) Rights to Grange Shares
The Company granted performance rights in 2022 and 2023 to three 
key management personnel and in 2024 to ﬁ ve key management 
personnel, in three tranches to be settled by issuance of shares. Each 
right is entitled to one equity share with a vesting date of 31 December 
2024 for performance rights granted in 2022. 
Tranche 1 (with a weighting of 35%), has a total shareholder return 
(TSR) hurdle, tranche 2 (35% weighting) has a return on equity (ROE) 
hurdle and tranche 3 (30% weighting) has hurdles relating to non-
market business objectives.
(iv) Relationship between remuneration and Grange Resources performance
The table below shows key performance indicators of Company performance over the past ﬁ ve years. 
2020
2021
2022
2023
2024
Revenue from Operations
$ million
526.3
781.7
594.6
614.7
520.8
Proﬁ t after tax 
$ million
203.2
321.6
171.7
150.1
58.5
Basic earnings per share
Cents
17.64
27.84
14.84
12.97
5.06
Dividend payments
$ million
23.1
162.0
138.9
23.1
28.9
Share price (last trade day 
of ﬁ nancial year)
Cents
29.5
75.5
84.5
46.5
22.0
(v) Non-executive director remuneration policy 
Fees and payments to Non-executive Directors reﬂ ect the 
responsibilities and demands made on them. Non-executive Directors’ 
fees and payments are reviewed periodically by the Board. The Board 
also considers comparative market data and if required the advice 
of independent remuneration consultants to ensure Non-executive 
Directors’ fees and payments are appropriate and in line with the 
market. The Chairperson’s fees are determined independently to the 
fees of Non-executive Directors based on comparative roles in the 
external market.  
The Chairperson’s remuneration is inclusive of committee fees 
while other Non-executive Directors who chair a Committee receive 
additional yearly fees. The Deputy Chairperson is also entitled to 
receive an additional yearly fee. The current base fees were reviewed 
with effect from 1 June 2021.
Non-executive Directors’ fees are determined within an aggregate 
Directors’ fee pool limit, which is periodically reviewed for adequacy. 
Any increase to the aggregate Directors’ fee pool is submitted to 
shareholders for approval. The maximum currently stands at $800,000 
per annum and was approved by shareholders at the Annual General 
Meeting on 26 November 2010. Non-executive Directors do not 
receive performance-based pay.  
32
DIRECTORS’ REPORT
REMUNERATION REPORT
The remuneration report details the key management personnel 
remuneration arrangements for the Group, in accordance with the 
requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and 
responsibility for planning, directing and controlling the activities of 
the entity, directly or indirectly, including all directors.
(i) Key management personnel disclosed in this report (please refer to 
pages 26-27 for details about each director)
NON-EXECUTIVE DIRECTORS 
Michelle Li 
Michael Dontschuk (resigned on 20 March 2024)
Fong Hoon (appointed on 17 April 2024)
Ajanth Saverimutto 
Tianxiao Shen
Jiajia Jiang (appointed on 25 September 2024)
EXECUTIVE DIRECTORS 
Position
Honglin Zhao (retired on 15 July 2024)   
Managing Director
 
Chief Executive Ofﬁ cer
Chongtao Xu (resigned on 10 April 2025) 
Executive Director
OTHER KEY MANAGEMENT PERSONNEL 
Position
Weidong Wang (appointed on 15 July 2024) Chief Executive Ofﬁ cer 
Steven Phan 
Chief Financial Ofﬁ cer
Ben Maynard 
Chief Operating
 
Ofﬁ cer                     
Grant Bramich  (effective 1 January 2024) 
General Manager
 
Operations
 
(ii) Remuneration governance 
The Board has an established Remuneration and Nomination 
Committee to assist in overseeing the development of policies and 
practices which enable the Company to attract and retain capable 
Directors and employees, reward employees fairly and responsibly 
and meet the Board’s oversight responsibilities in relation to corporate 
governance practices. 
The Remuneration and Nomination Committee is composed of Mr 
Fong Hoon (Independent Non-executive Director and Committee 
Chairperson), 
Dr 
Michelle 
Li 
(Independent 
Non-executive 
Chairperson) and Mr Jiajia Jiang (Non-executive Director).
The 
responsibilities 
and 
functions 
for 
the 
Remuneration 
and 
Nomination 
Committee 
include 
reviewing 
and 
making 
recommendations on the following:  
• 
Equity based executive and employee incentive plans; 
• 
Recruitment, 
retention, 
succession 
planning, 
performance 
measurement and termination policies and procedures for Non-
executive Directors, Executive Directors and Key Management 
Personnel; 
• 
The remuneration of the Executive Director, Chief Executive 
Ofﬁ cer, Chief Financial Ofﬁ cer, Chief Operating Ofﬁ cer and the 
General Manager Operations;
• 
Periodically assessing the skills required by the Board;
• 
Recommend processes to evaluate the performance of the Board, 
its Committees and individual Directors; and
• 
Reviewing governance arrangements pertaining to remuneration 
matters. 
The Charter is reviewed annually, and remuneration strategies are 
reviewed regularly.
(iii) Executive remuneration philosophy and framework  
It is the Company’s objective to provide maximum stakeholder 
beneﬁ t from the retention of a small high-quality executive team 
by remunerating Executive Directors and executives fairly and 
appropriately with reference to relevant market conditions. To assist 
in achieving this objective, the Board attempts to link the nature and 
amount of executives’ emoluments to the Company’s performance. 
The remuneration framework aims to ensure that remuneration 
practices are:  
MEETINGS OF DIRECTORS
The number of meetings of the company’s Board of Directors (‘the Board’) and of each Board committee held during the year ended 31 
December 2024, and the number of meetings attended by each director were:
Full Board
Nomination and
Remuneration Committee
Audit and Risk Committee
Attended
Held
Attended
Held
Attended
Held
M Li
10
10
6
6
6
6
H Zhao1
4
4
-
-
-
-
C Xu5
10
10
-
-
-
-
M Dontschuk2
1
2
1
2
2
2
F Hoon3
7
7
2
2
4
4
A Saverimutto
10
10
-
-
6
6
T Shen
10
10
6
6
-
-
J Jiang4
2
4
-
-
-
-
Held: represents the number of meetings held during the time the director held ofﬁ ce or was a member of the relevant committee.
1 Mr Zhao retired as a director of the Company 15 July 2024
2 Mr Dontschuk resigned as a director of the Company 20 March 2024
3 Mr Hoon was appointed as a director of the Company 17 April 2024
4 Mr Jiang was appointed as a director of the Company 25 September 2024
5 Mr Xu resigned as Director on 10 April 2025

35
GRANGE RESOURCES ANNUAL REPORT 2024
TABLE 2: REMUNERATION FOR THE YEAR ENDED 31 DECEMBER 2023 
Fixed Remunerations
Variable Remunerations
Salary & 
Fees
*
Non-
Monetary 
Beneﬁ ts
*
Annual 
Leave
^
Long 
Service 
Leave
**
Superan-
nuation
***
STI
*
LTI Cash
**
LTI Rights
****
Total
Perfor-
mance 
Related
$
$
$
$
$
$
$
$
$
%
Non-Executive 
Directors
M Li
210,000
-
-
-
-
-
-
-
210,000
-
Y Jia
67,864
-
-
-
-
-
-
-
67,864
-
M Dontschuk
101,349
-
-
-
10,895
-
-
-
112,244
-
A Saverimutto
91,500
-
-
-
-
-
-
-
91,500
-
T Shen
2,617
-
-
-
-
-
-
-
2,617
-
Sub-total Non-
Executive Directors
473,330
-
-
-
10,895
-
-
-
484,225
Executive Directors
H Zhao(4)
591,107
121,927
(19,263)
(94,575)
63,579
111,654
33,072
104,005
911,506
27% 
C Xu (7)
193,996
11,767
10,712
1,872
20,893
34,619
6,403
-
280,262
15% 
Key Management
S Phan
382,080
-
11,035
14,416
41,096
72,206
17,101
66,769
604,703
26% 
B Maynard
424,765
5,538
7,161
20,136
45,687
78,999
19,012
71,428
672,726
25% 
Sub-total Key 
Management 
Personnel
1,591,948
139,232
9,645
(58,151)
171,255
297,478
75,588
242,202
2,469,197
25%
TOTAL
2,065,278
139,232
9,645
(58,151)
182,150
297,478
75,588
242,202
2,953,422
21%
Refer to 2024 remuneration table for footnote references
TABLE 3: RELATIVE PROPORTIONS LINKED TO PERFORMANCE
The relative proportions of remuneration that are linked to performance and those that are ﬁ xed are as follows:
Fixed Remuneration
At Risk - STI
At Risk - LTI
Name
Dec-24
Dec-23
Dec-24
Dec-23
Dec-24
Dec-23
Executive Directors
H Zhao
75% 
73% 
12% 
12% 
14% 
15% 
C Xu
84% 
85% 
10% 
12% 
7% 
3% 
Key Management Personnel
W Wang
81% 
-
13% 
-
6% 
-
S Phan
72% 
74% 
12% 
12% 
16% 
14% 
B Maynard
74% 
75% 
11% 
12% 
15% 
13% 
G Bramich
81% 
-
10% 
-
9% 
-
(vii) Contractual arrangements with executive KMPs
Components
CEO description
Senior executive description
Fixed remuneration
$401,400
Range between $228,575 and $496,175
Contract duration
Ongoing contract
Ongoing contract
Notice by the individual/company
3 months
1 to 3 months
Termination of employment (without cause)
Entitlement to pro-rata STI for the year. 
Unvested LTI will re-main on foot subject 
to achievement of the performance 
hurdles at the original date of testing.
The board has discretion to award a 
greater or lower amount.
Entitlement to pro-rata STI for the year.
Unvested LTI will remain on foot subject to 
achievement of the performance hurdles at the 
original date of testing. 
The board has discretion to award a greater or 
lower amount.
Termination of employment (with cause) or by the 
individual
All discretionary incentives not payable 
and all unvested LTI will lapse.
Vested and unexercised LTI can be 
exercised within a period of 30 days from 
termination.
All discretionary incentives not payable and all 
unvested LTI will lapse.
Vested and unexercised LTI can be exercised within 
a period of 30 days from termination.
34
DIRECTORS’ REPORT
Board of Directors
Chairperson (1)
$210,000
Deputy Chairperson
  $92,000
Non-executive Director
  $81,000
Audit and Risk Committee
Chairperson
  $15,750
Committee Member
  $10,500
Remuneration and Nomination Committee 
Chairperson
  $15,750
Committee Member
    $7,500
(1) The Chairperson is not paid any additional amounts for Committee membership.
vi) Details of remuneration
Details of the remuneration of the key management personnel of the Group are set out in the following tables. 
TABLE 1: REMUNERATION FOR THE YEAR ENDED 31 DECEMBER 2024
Fixed Remunerations
Variable Remunerations
Salary & 
Fees
*
Non-
Monetary 
Beneﬁ ts
*
Annual 
Leave
^
Long 
Service 
Leave
**
Superan-
nuation
***
STI
*
LTI Cash
**
LTI Rights
****
Total
Perfor-
mance 
Related
$
$
$
$
$
$
$
$
$
%
Non-Executive 
Directors
M Li
210,000
-
-
-
-
-
-
-
210,000
-
M Dontschuk(1)
25,338
-
-
-
2,787
-
-
-
28,125
-
F Hoon(2)
70,272
-
-
-
7,972
-
-
-
78,244
-
A Saverimutto
91,500
-
-
-
-
-
-
-
91,500
-
T Shen
87,604
-
-
-
-
-
-
-
87,604
-
J Jiang(3)
30,509
-
-
-
-
-
-
-
30,509
-
Sub-total Non-
Executive Directors
515,223
-
-
-
10,759
-
-
-
525,982
Executive Directors
H Zhao(4)
487,695
68,253
(64,623)
(101,810)
35,386
66,986
11,053
67,253
570,193
25% 
C Xu (7)
205,000
25,062
5,078
2,749
23,062
30,649
6,403
13,909
311,912
16% 
Key Management
W Wang(5)
176,969
20,375
12,804
1,367
20,351
36,032
-
17,287
285,185
19% 
S Phan
382,080
-
3,410
17,848
42,984
73,109
5,716
95,698
620,845
28% 
B Maynard
445,000
21,274
8,993
30,301
50,113
85,645
6,354
106,809
754,489
26% 
G Bramich(6)
281,960
21,028
13,244
(9,748)
31,720
40,464
17,752
19,130
415,550
19% 
Sub-total Key 
Management 
Personnel
1,978,704
155,992
(21,094)
(59,293)
203,616
332,885
47,278
320,086
2,958,174
  24%
TOTAL
2,493,927
155,992
(21,094)
(59,293)
214,375
332,885
47,278
320,086
3,484,156
20%
(1) M Dontschuk resigned as independent non-executive director on 20 March 2024.
(2) F Hoon was appointed as independent non-executive director on 17 April 2024.
(3) J Jiang was appointed as independent non-executive director on 25 September 2024.
(4) H Zhao retired as chief executive ofﬁ cer on 15 July 2024. His 2024 LTI rights granted to be settled in cash 
    rather than shares when they vest in 2027. 
(5) W Wang was appointed as chief executive ofﬁ cer on 15 July 2024.
(6) G Bramich appointed to KMP effective 1 January 2024.
(7) C Xu resigned as Director on 10 April 2025.
 
*    Short-term beneﬁ ts as per Corporation Regulations 2M.3.03 (1) Item 6
**   Other long-term beneﬁ ts as per Corporation Regulation 2M.3.03 (1) Item 8. 
***  Post-employment beneﬁ ts.
**** Equity-settled share-based payments as per Corporation Regulations 2M.3.03(1) Item 11.
 ^   Annual leave liability is expected to be fully settled within one year.

37
GRANGE RESOURCES ANNUAL REPORT 2024
PERFORMANCE CONDITIONS FOR EACH TRANCHE ARE AS FOLLOWS:
Tranche 1 (2022, 2023 and 2024) 35% Weighting
Performance Level
Annualised Grange TSR Compared to TSR of  
the ASX 300 Metals and Mining TR Index
% of Tranche Vesting
Stretch
 ≥ Index TSR + 9% TSR CAGR
100%
Between Target and Stretch
 > Index TSR + 2% TSR CAGR & ''Index TSR + 9% TSR CAGR
Pro-rata
Target
 Index TSR + 2% TSR CAGR
50%
Between Threshold and Target
 > Index TSR & Index TSR + 2% TSR CAGR
Pro-rata
Threshold
 = Index TSR
25%
Below Threshold
< Index TSR
0%
Note: a Gate TSR being positive applies to this metric (will not pay out if TSR is not >0%)
Tranche 2 (2022, 2023 and 2024) 35% Weighting
Performance conditions
Return on Equity
% of Tranche Vesting
Stretch
 ≥ 15% ROE
100%
Between Target and Stretch
 > 8% ROE & 15% ROE
Pro-rata
Target
    8% ROE (Cost of Equity)
50%
Between Threshold and Target
 > 6% ROE & 8% ROE
Pro-rate
Thresho ld
 = 6% ROE
25%
Below Threshold
<  6% ROE
0%
Tranche 3 (2024) 30% Weighting
Strategic Area
Milestone
% of Tranche Vesting
Deliver Sustainable LOMP
Complete NPUG Infrastructure Construction
30%
Deliver Sustainable LOMP
Complete NPUG Material Handling System and meet its 
commissioning conditions
30%
Develop Strategic Initiatives
Secure at least one JV partner for Southdown Project (signed 
binding agreement)
10%
Develop Strategic Initiatives
Deliver goals on Grange Carbon emission roadmap
15%
Future Development
Provide 3 major projects for board review for potential purchase
15%
Tranche 3 (2022 and 2023) 30% Weighting
Strategic Area
Milestone
% of Tranche Vesting
Southdown Project
Complete DFS
16.67%
Southdown Project
Complete Executable Finance Plan 
16.67%
Capital Management
Implement the plan to systematically identi-fy the best use of 
capital with rigorous invest-ment decision framework, including 
dividend policy.
33.33%
Future Development
Provide 3 major projects for board review for potential purchase
33.33%
THE TERMS AND CONDITIONS OF EACH GRANT OF PERFORMANCE RIGHTS ARE AS FOLLOWS:
Grant
Date
Vesting and 
Exercise Date
Expiry Date
Exercise
Price
Value per Rights
at Grant Date
Performance
Achieved
Tranche 1 
11 June 2024
31 December 2026
None
Nil
$91,497
To be determined
15 July 2024
31 December 2026
None
Nil
$31,237
To be determined
Tranche 2
11 June 2024
31 December 2026
None
Nil
$164,805
To be determined
15 July 2024
31 December 2026
None
Nil
$56,263
To be determined
Tranche 3
11 June 2024
31 December 2026
None
Nil
$70,631
To be determined
15 July 2024
31 December 2026
None
Nil
$24,113
To be determined
36
DIRECTORS’ REPORT
(viii) Service agreements
On appointment to the Board, all Non-executive Directors sign a letter 
of appointment with the Company. The document details the term 
of appointment, the role, duties and obligations of the Directors as 
well as the likely time commitment and performance expectations 
and review arrangements and circumstances relating to the vacation 
of ofﬁ ce. In addition, it also summarises the major Board policies and 
terms, including compensation, relevant to the ofﬁ ce of Director. 
Remuneration and other terms of employment for the executives 
are formalised in service agreements. Each of the agreements 
provides for the provision of ﬁ xed pay, performance related variable 
remuneration and other beneﬁ ts. The agreements with executives are 
ongoing and provide for termination of employment at any time by 
giving three months’ notice or by the Company paying an amount 
equivalent to three months remuneration in lieu of notice. 
SHARE-BASED COMPENSATION
Grange Resources Limited (Parent Company) granted performance 
rights in three tranches to be settled by issuance of shares to three key 
management personnel. Each right is entitled to one equity share with 
a vesting date of 31 December 2024 for those granted in May 2022, 
vesting date of 31 December 2025 for those granted in December 
2023 and vesting date of 31 December 2026 for those granted in June 
and July 2024.
Executive KMP participate, at the board’s discretion, in the LTIP 
comprising annual grants of rights which are subject to TSR hurdles 
(tranche 1) and series of non-market based business objectives 
(tranche 2 and 3). The agreements with executives are ongoing and 
provide for termination of employment at any time by giving three 
months’ notice or by the Company paying an amount equivalent to 
three months remuneration in lieu of notice.
(ix) Details of STI and LTI (share-based payment) held by key management personnel 
PERFORMANCE BASED REMUNERATION GRANTED AND FORFEITED DURING THE YEAR.
Short Term Incentive
Total STI Bonus 
(Cash)
% of Target STI 
% of Maximum STI 
% Maximum STI
Total STI
2024
Maximum Opportunity
Awarded
Awarded
Forfeited
Awarded
$
%
%
%
$
H Zhao
106,426
76% 
63% 
37% 
66,986
C Xu
43,886
84% 
70% 
30% 
30,649
W Wang
55,933
77% 
64% 
36% 
36,032
S Phan
102,245
86% 
72% 
28% 
73,109
B Maynard
119,082
86% 
72% 
28% 
85,645
G Bramich
56,589
86% 
72% 
28% 
40,464
484,161
332,885
STI amounts are inclusive of superannuation.
Long Term Incentive
Total LTI Bonus (Cash) 
Share-based Payment Rights
2024
Maximum Opportunity
Awarded
Awarded
Value Granted
Awarded
$
%
$
$
$
H Zhao
-
-
-
-
68,002
C Xu
-
-
-
50,795
-
W Wang
-
-
-
111,613
-
S Phan
-
-
-
94,672
58,630
B Maynard
-
-
-
111,602
60,776
G Bramich
-
-
-
69,864
-
438,546
187,408
Feature
Description
Opportunity/Allocation
CEO - 50% of Fixed Remuneration; Other Key Management Personnel - 40% of ﬁ xed remuneration.
Performance Hurdles
Tranche 1 performance rights is subject to a TSR performance vesting conditions
Tranche 2 and 3 performance rights are not subject to a TSR Hurdle and require a series of non-market based 
business objectives to be met for the rights to be exercised.
Exercise Price
$ Nil
Forfeiture and Termination
In the event of a termination of employment by the Company for cause, all unvested rights will be forfeited unless 
otherwise determined by the Board.
Cessation of employment in other cases will generally result in pro-rate forfeiture of the rights.
Measurement Period
Performance rights granted in May 2022 - 22 February 2022 to 30 December 2024
Performance rights granted in November 2023 - 1 January 2023 to 30 December 2025
Performance rights granted in June and July 2024 - 1 January 2024 (June) and 15 July 2024 (July) to 31 December 
2026
Fair value Measurement at 
Grant Date
Tranche 1 is estimated using a Monte Carlo Model and Tranche 2 and 3 using Black-Scholes option pricing

39
GRANGE RESOURCES ANNUAL REPORT 2024
(x) Loans to key management personnel
There were no loans to key management personnel during the year.  
(xi) Other transactions with directors and key management personnel
T Shen is an employee of Shagang International (Singapore) Pte and J 
Jiang is an employee of Shagang Investment Holding Co. Ltd. These 
are subsidiaries of Jiangsu Shagang Group (Shagang) to which sales 
of iron ore products are made under long-term off-take agreements. 
Transactions between Shagang and Grange must be approved by 
non-associated shareholders of Shagang, or approved by the Grange 
independent directors.
Aggregate amounts of each of the above types of other transactions:
2024
$
2023
$
Sales of Iron Ore Products
Pellets
145,130,239
220,269,938
The following balances are outstanding at the end of the reporting 
period in relation to the above transactions: 
2024
$
2023
$
Trade receivables (sales of 
iron ore products)
Pellets
(414,256)
7,769,554
INDEMNITY AND INSURANCE OF OFFICERS
During the ﬁ nancial period, the Company has paid premiums in 
respect of Directors’ and Ofﬁ cers’ Liability Insurance and Company 
Reimbursement policies, which cover all Directors and Ofﬁ cers of the 
Group to the extent permitted under the Corporations Act 2001. The 
policy conditions preclude the Group from any detailed disclosures.  
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied to the Court under section 237 of the 
Corporations Act 2001 for leave to bring proceedings on behalf of the 
company, or to intervene in any proceedings to which the company 
is a party, for the purpose of taking responsibility on behalf of the 
company for all or part of those proceedings. No proceedings have 
been brought or intervened in on behalf of the company with leave of 
the Court under section 237 of the Corporations Act 2001.   
INDEMNITY AND INSURANCE OF AUDITOR
The Company has entered into an agreement to indemnify its auditor, 
PwC, against any claims or liabilities (including legal costs) asserted 
by third parties arising out of their services as auditor of the Company, 
where the liabilities arise as a direct result of the Company’s breach of 
its obligations to the Auditors, unless prohibited by the Corporations 
Act 2001.
AUDIT AND NON-AUDIT SERVICES
The Board of Directors has considered the position and, in accordance 
with advice received from the Company’s Audit and Risk Committee, 
is satisﬁ ed 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 satisﬁ ed that the 
provision of non-audit services by the auditor, as set out below, did 
not compromise the auditor independence requirements of the 
Corporations Act 2001 for the following reasons:  
• 
all non-audit services have been reviewed by the Audit and Risk 
Committee to ensure they do not impact the im-partiality and 
objectivity of the auditor; and 
• 
none of the services undermine the general principles relating 
to auditor independence as set out in APES 110 Code of Ethics 
forProfessional Accountants. 
During the year the following fees were paid or payable for services 
provided by the auditor of the parent entity, its related practices and 
non-related audit ﬁ rms:
2024
$
2023
$
Assurance Services
PwC Australia
Audit and review of 
ﬁ nancial reports
294,450
267,950
Other assurance services
96,500
11,000
Network ﬁ rms of PwC 
Australia 
-
22,786
Total assurance services  
390,950
301,736
Non-Assurance Services 
PwC Australia
Taxation compliance 
services
-
18,797
Total remuneration paid
390,950
320,533
It is the Group’s policy to employ PwC on assignments additional to 
their statutory audit duties where PwC’s expertise and experience 
with the Group are important. These assignments are principally tax 
consulting and advice or where PwC is awarded assignments on a 
competitive basis. It is the Group’s policy to seek competitive tenders 
on all major consulting assignments. 
OFFICERS OF THE COMPANY WHO ARE FORMER PARTNERS 
OF PRICEWATERHOUSECOOPERS
There are no ofﬁ cers of the Company who are former partners of 
PricewaterhouseCoopers.
ROUNDING OF AMOUNTS
The Company is of a kind referred to in Corporations Instrument 
2016/191, issued by the Australian Securities and Investments 
Commission, relating to ‘rounding-off’. Amounts in this report have 
been rounded off in accordance with that Corporations Instrument 
to the nearest thousand dollars, or in certain cases, the nearest dollar.
38
DIRECTORS’ REPORT
Grant
Date
Vesting and 
Exercise Date
Expiry Date
Exercise
Price
Value per Rights
at Grant Date
Performance
Achieved
Tranche 1 
19 December 2023
31 December 2025
15 years from grant
Nil
$64,988
To be determined
Tranche 2
19 December 2023
31 December 2025
15 years from grant
Nil
$259,950
To be determined
Tranche 3
19 December 2023
31 December 2025
15 years from grant
Nil
$111,407
To be determined
Grant
Date
Vesting and 
Exercise Date
Expiry Date
Exercise
Price
Value per Rights
at Grant Date
Performance
Achieved
Vested %
Tranche 1 
11 May 2022
31 December 2024
24 May 2037
Nil
$51,374
-61.65%
-
27 May 2022
31 December 2024
24 May 2037
Nil
$40,231
-61.65%
-
30 May 2022
31 December 2024
24 May 2037
Nil
$36,726
-61.65%
-
Tranche 2
11 May 2022
31 December 2024
24 May 2037
Nil
$64,723
31.63%
90.37% 
27 May 2022
31 December 2024
24 May 2037
Nil
$48,204
31.63%
90.37% 
30 May 2022
31 December 2024
24 May 2037
Nil
$44,406
31.63%
90.37% 
Tranche 3
11 May 2022
31 December 2024
24 May 2037
Nil
$27,738
25.00%
83.33% 
27 May 2022
31 December 2024
24 May 2037
Nil
$20,659
25.00%
83.33% 
30 May 2022
31 December 2024
24 May 2037
Nil
$22,202
25.00%
83.33% 
RECONCILIATION OF PERFORMANCE RIGHTS HELD BY EACH KEY MANAGEMENT PERSONNEL
2024
Name and
Grant Date
Balance at 
the Start of 
the year
Unvested
Performance
rights granted
in 2024
Vested
Number
Vested
%
Exercised
Number
Other 
changes
Unattained 
(forfeited)
Balance at the
end of the year
Unvested
Balance at the
end of the year
Vested
H Zhao
968,441
-
(60,716)
6.27% 
-
-
(493,675)
414,050
60,716
B Maynard
557,782
456,943
(41,886)
4.13% 
-
-
(38,794)
934,045
41,886
S Phan
503,867
387,627
(39,455)
4.43% 
-
-
(35,252)
816,787
39,455
W Wang
-
456,989
-
-
-
-
-
456,989
-
C Xu
-
207,976
-
-
-
-
-
207,976
-
G Bramich
-
286,052
-
-
-
-
-
286,052
-
SHAREHOLDINGS  
The number of shares in the Company held during the period by each Director of Grange Resources Limited and other key management 
personnel of the Group, including their personally related parties, are set out below: 
31 December 2024
Balance
Balance
1 January 2024
On vesting 
rights
On market 
purchases
On market 
disposals
Other
31 December 2024
Director of Grange Re-sources Limited
 M Li
13,507
-
-
-
-
13,507
 M Dontschuk1
23,000
-
-
-
-
23,000
 H Zhao2
1,727,702
-
-
-
-
1,727,702
 F Hoon
-
-
-
-
-
-
 A Saverimutto
-
-
-
-
-
-
 C Xu
-
-
-
-
-
-
 T Shen
-
-
-
-
-
-
 J Jiang
-
-
-
-
-
-
Key Management Personnel
 B Maynard
68,122
-
-
-
-
68,122
 S Phan
-
-
-
-
-
-
 W Wang
-
-
-
-
-
-
 G Bramich3
61,084
-
-
-
-
61,084
1,893,415
-
-
-
-
1,893,415
1M Dontschuk resigned on 20 March 2024,    2H Zhao retired on 15 July 2024,  3G Bramich appointed to KMP effective 1 January 2024 

41
GRANGE RESOURCES ANNUAL REPORT 2024
 
PricewaterhouseCoopers, ABN 52 780 433 757 
2 Riverside Quay, SOUTHBANK  VIC  3006, GPO Box 1331, MELBOURNE  VIC  3001 
T: 61 3 8603 1000, F: 61 3 8603 1999, www.pwc.com.au 
Liability limited by a scheme approved under Professional Standards Legislation. 
 
 
 
Auditor’s Independence Declaration 
As lead auditor for the audit of Grange Resources Limited for the year ended 31 December 2024, I 
declare that to the best of my knowledge and belief, there have been:  
(a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in 
relation to the audit; and 
(b) no contraventions of any applicable code of professional conduct in relation to the audit. 
This declaration is in respect of Grange Resources Limited and the entities it controlled during the 
period. 
  
Chris Dodd 
Melbourne 
Partner 
PricewaterhouseCoopers 
  
28 February 2025 
 
40
DIRECTORS’ REPORT

43
GRANGE RESOURCES ANNUAL REPORT 2024
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Note
2024
$’000
2023
$’000
Assets
Current assets
Cash and cash equivalents
13, 3
71,449 
109,706 
Trade and other receivables
14
14,232 
74,612 
Inventories
15
225,718 
179,816 
Other ﬁ nancial assets
3
228,527 
175,030 
Total current assets
539,926 
539,164 
Non-current assets
Other ﬁ nancial assets
3
1,404 
1,363 
Property, plant and equipment
17
287,543 
248,475 
Right-of-use assets
18
1,263 
2,096 
Mine properties and development
19
461,031 
443,038 
Receivables
16
10,153 
10,009 
Total non-current assets
761,394 
704,981 
Total assets
1,301,320 
1,244,145 
Liabilities
Current liabilities
Trade and other payables
20, 3
42,598 
50,380 
Lease liability
18
1,266 
1,442 
Provisions
21
24,280 
25,560 
Total current liabilities
68,144 
77,382 
Non-current liabilities
Government grants
23
1,550 
- 
Lease liability
18
57 
773 
Deferred tax liabilities
22
69,402 
53,938 
Provisions
21
100,906 
80,726 
Total non-current liabilities
171,915 
135,437 
Total liabilities
240,059 
212,819 
Net assets
1,061,261 
1,031,326 
Equity
Contributed Equity
25
331,513 
331,513 
Reserves
(1,657)
(1,977)
Retained earnings
26
731,405 
701,790 
Total equity
1,061,261 
1,031,326 
The above consolidated statement of ﬁ nancial position should be read in conjunction with the accompanying notes
42
FINANCIAL REPORT
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Note
2024
$’000
2023
$’000
Consolidated
Revenue from Operations
5,6
520,805 
614,744 
Cost of Sales
7
(450,419)
(394,690)
Gross proﬁ t from operations
70,386 
220,054 
Administrative Expenses
8
(5,675)
(5,053)
Exploration and Evaluation Expenditures
(3,809)
(15,570)
Other Income (Expense)
9
157 
3,870 
Operating proﬁ t before ﬁ nance costs
61,059 
203,301 
Finance Income
10
23,263 
15,915 
Finance Expenses
11
(3,318)
(4,121)
Proﬁ t before income tax expense
81,004 
215,095 
Income tax expense
12
(22,455)
(64,991)
Proﬁ t after income tax expense for the year
26
58,549 
150,104 
Other comprehensive income for the year, net of tax
- 
- 
Total comprehensive income for the year
58,549 
150,104 
Cents
Cents
Basic earnings per share
35
5.06
12.97
Diluted earnings per share
35
5.04
12.96
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes

45
GRANGE RESOURCES ANNUAL REPORT 2024
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Note
2024
$’000
2023
$’000
Cash ﬂ ows from operating activities
Receipts from customers and other debtors (inclusive of goods and 
services tax)
580,665 
611,719 
Payments to suppliers and employees (inclusive of goods and services tax) 
(344,351)
(312,843)
236,314 
298,876 
Interest received
17,622 
13,830 
Interest and other ﬁ nance costs paid
(171)
(257)
Income taxes paid
(13,845)
(45,341)
Net cash inﬂ ow from operating activities
34
239,920 
267,108 
Cash ﬂ ows from investing activities
Payments for property, plant and equipment
17
(86,087)
(104,401)
Payments for mine properties and development
19
(113,700)
(153,791)
Proceeds from sale of property, plant and equipment
112 
11 
(Payments)/proceeds for term and security deposits
(53,844)
16,281 
Proceeds from commodity options
143 
- 
Net cash outﬂ ow from investing activities
(253,376)
(241,900)
Cash ﬂ ows from ﬁ nancing activities
Dividends paid to shareholders
28
(28,934)
(23,147)
Repayment of lease liabilities
(1,795)
(2,040)
Net cash outﬂ ow from ﬁ nancing activities
(30,729)
(25,187)
Net (decrease)/increase in cash and cash equivalents
(44,185)
21 
Cash and cash equivalents at the beginning of the ﬁ nancial year
109,706 
108,411 
Effects of exchange rate changes on cash and cash equivalents
5,928 
1,274 
Cash and cash equivalents at the end of the ﬁ nancial year
13
71,449 
109,706 
The above consolidated statement of cash ﬂ ows should be read in conjunction with the accompanying notes
44
FINANCIAL REPORT
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Issued capital
$’000
Reserves
$’000
Retained earnings
$’000
Total equity
$’000
Balance at 1 January 2023
331,513
(2,220)
574,833
904,126
Proﬁ t after income tax expense for the year
-
-
150,104
150,104
Other comprehensive income for the year, net of tax
-
-
-
-
Total comprehensive income for the year
-
-
150,104
150,104
Transactions with owners in their capacity as owners:
Share-based payments  (note 24)
-
243
-
243
Dividends paid (note 28)
-
-
(23,147)
(23,147)
Balance at 31 December 2023
331,513
(1,977)
701,790
1,031,326
Issued capital
$’000
Reserves
$’000
Retained earnings
$’000
Total equity
$’000
Balance at 1 January 2024
331,513
(1,977)
701,790
1,031,326
Proﬁ t after income tax expense for the year
-
-
58,549
58,549
Other comprehensive income for the year, net of tax
-
-
-
-
Total comprehensive income for the year
-
-
58,549
58,549
Transactions with owners in their capacity as owners:
Share-based payments (note 24)
-
320
-
320
Dividends paid (note 28)
-
-
(28,934)
(28,934)
Balance at 31 December 2024
331,513
(1,657)
731,405
1,061,261
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes

47
GRANGE RESOURCES ANNUAL REPORT 2024
Non-monetary items that are measured in terms of historical cost in 
foreign currency are translated using the exchange rate as at the date 
of the initial transaction. Non-monetary items measured at fair value in 
a foreign currency are translated using the exchange rates at the date 
when the fair value was determined. 
(iii) Group companies 
The results and ﬁ nancial position of all the Group entities (none of 
which has the currency of a hyperinﬂ ationary economy) that have 
a functional currency different from the presentation currency are 
translated into the presentation currency as follows: 
• 
assets and liabilities for each balance sheet presented are 
translated at the closing rate at the date of that balance sheet, 
• 
income and expenses for each income statement are translated 
at average exchange rates (unless this is not a reasonable 
approximation of the cumulative effect of the rates prevailing on 
the transaction dates, in which case income and expenses are 
translated at the dates of the   transactions), and
• 
all resulting exchange differences are recognised in other 
comprehensive income.
On consolidation, exchange differences arising from the translation 
of any net investment in foreign entities, and of borrowings and other 
ﬁ nancial instruments designated as hedges of such investments, 
are recognised in other comprehensive income. When a foreign 
operation is sold or any borrowings forming part of the net investment 
are repaid, a proportionate share of such exchange differences are 
reclassiﬁ ed to the income statement, as part of the gain or loss on sale 
where applicable. Goodwill and fair value adjustments arising on the 
acquisition of a foreign entity are treated as assets and liabilities of the 
foreign entities and translated at the closing rate.
(E) BUSINESS COMBINATIONS 
The acquisition method of accounting is used to account for all 
business combinations, regardless of whether equity instruments 
or other assets are acquired. The consideration transferred for the 
acquisition of a subsidiary comprises the 
• 
fair values of the assets transferred
• 
liabilities incurred to the former owners of the acquired business
• 
equity interests issued by the Group
• 
fair value of any asset or liability resulting from a contingent 
consideration arrangement, and
• 
fair value of any pre-existing equity interest in subsidiary
Identiﬁ able assets acquired, and liabilities and contingent liabilities 
assumed in a business combination are, with limited exceptions, 
measured initially at their fair values at the acquisition date. The Group 
recognises any non-controlling interest in the acquired entity on 
an acquisition-by-acquisition basis either at fair value or at the non-
controlling interest’s proportionate share of the acquired entity’s net 
identiﬁ able assets. Acquisition-related costs are expensed as incurred. 
The excess of the
• 
Consideration transferred,
• 
amount of any non-controlling interest in the acquired entity, and
• 
acquisition-date fair value of any previous equity interest in the 
acquired entity
over the fair value of the net identiﬁ able assets acquired is recorded 
as goodwill. If those amounts are less than the fair value of the net 
identiﬁ able assets of the subsidiary acquired, the difference is 
recognised directly in proﬁ t or loss as a bargain purchase. Where 
settlement of any part of cash consideration is deferred, the amounts 
payable in the future are discounted to their present value as at the 
date of exchange. The discount rate used is the entity’s incremental 
borrowing rate, being the rate at which a similar borrowing could be 
obtained from an independent ﬁ nancier under comparable terms 
and conditions.
Contingent consideration is classiﬁ ed either as equity or a ﬁ nancial 
liability. Amounts classiﬁ ed as a ﬁ nancial liability are subsequently 
remeasured to fair value with changes in fair value recognised in proﬁ t 
or loss.
If the business combination is achieved in stages, the acquisition date 
carrying value of the acquirer’s previously held equity interest in the 
acquiree is remeasured to fair value at the acquisition date. Any gains 
or losses arising from such remeasurement are recognised in proﬁ t 
or loss.
(F) REVENUE RECOGNITION AND OTHER INCOME
Revenue is recognised for the major business transactions as follows: 
Sale of ore and the related freight revenue
Sales revenue is recognised on individual sales when control transfers 
to the customer. In most instances, control passes and sales revenue 
is recognised when the product is delivered to the vessel on which 
it will be transported. There may be circumstances when judgment 
is required when recognising revenue based on the ﬁ ve-step model 
below:
(i)
Identify the contract(s) with a customer
(ii)
Identify the performance obligations in the contact 
(iii)
Determine the transaction price 
(iv)
Allocate the transaction price to the performance of 
obligations in the contract.
(v)
Recognise revenue when (or as) the entity satisﬁ es the 
performance obligation. 
The Group sells a portion of its product on Cost and Freight (CFR). 
For CFR contracts passes and sales revenue is recognised when the 
product is delivered to the vessel on which it will be transported. 
Using the 5-step model above, the Group has determined that 
freight services are a separate performance obligation. Therefore, the 
revenue for shipping services is recognised as the Group satisﬁ es the 
performance obligation over time rather than at point when product 
is transferred to the vessel on which the product will be shipped.
Typically, the Group has a right to payment at the point that control of 
the goods passes including a right, where applicable, to payment for 
provisionally priced products and unperformed freight services. Cash 
received before control passes is recognised as a contract liability. 
The amount of consideration does not contain a signiﬁ cant ﬁ nancing 
component as payment terms are less than one year.
Interest income 
Interest income is recognised on a time proportion basis using the 
effective interest method.
Distribution income 
Distribution income from short term managed funds is recognised 
when the right to receive the income has been established.  
(G) LEASES 
The Group leases ofﬁ ce spaces, mobile radars, forklifts, and motor 
vehicles with lease terms between 1 to 5 years but may have 
extension options as described below. Lease terms are negotiated on 
an individual basis and contain a wide range of different terms and 
conditions. 
Leases are recognised as a right-of-use asset and a corresponding 
liability at the date at which the leased asset is available for use by 
the Group. Each lease payment is discounted using the Group’s 
incremental borrowing rate and is allocated between the 
46
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1.
SUMMARY OF MATERIAL
ACCOUNTING POLICIES
The accounting policies that are material to the Group are set out 
below. The accounting policies adopted are consistent with those of 
the previous ﬁ nancial year, unless otherwise stated.
(A) BASIS OF PREPARATION
This general purpose ﬁ nancial report has been prepared in accordance 
with Australian Accounting Standards and Interpretations issued by 
the Australian Accounting Standards Board and the Corporations Act 
2001. Grange Resources Limited is a for-proﬁ t entity for the purpose 
of preparing the ﬁ nancial statements.
Compliance with IFRS 
The consolidated ﬁ nancial statements of the Grange Resources 
Limited Group also comply with International Financial Reporting 
Standards (IFRS) as issued by the International Accounting Standards 
Board (IASB).
Historical cost convention 
These ﬁ nancial statements have been prepared under the historical 
costs convention, except for certain assets which, as noted, are at fair 
value. 
New and amended standards adopted by the Group
The Group has applied the following standards and amendments for 
the ﬁ rst time for their annual reporting period commencing 1 January 
2024:  
• 
AASB 2020-1 Amendments to Australian Accounting Standards – 
Classiﬁ cation of Liabilities as Current or Non-current [AASB 101] 
• 
AASB 2022-6 Amendments to Australian Accounting Standards – 
Non-current Liabilities with Covenants [AASB 101]
• 
AASB 2022-5 Amendments to Australian Accounting Standards – 
Lease Liability in a Sale and Leaseback [AASB 16]; and
• 
AASB 2023-1 Amendments to Australian Accounting Standards – 
Supplier Finance Arrangements [AASB 7 & AASB 107]
The amendments listed above did not have any impact on the 
amounts recognised in prior periods and are not expected to 
signiﬁ cantly affect the current or future periods.  
New standards and interpretations not yet adopted
Certain new accounting standards and interpretations have been 
published that are not mandatory for 31 December 2024 reporting 
periods and have not been early adopted by the Group. Management 
is currently assessing the detailed implications of applying the new 
standard on the Group’s consolidated ﬁ nancial statements.
Comparative ﬁ gures 
Where necessary, comparative ﬁ gures have been adjusted to conform 
to changes in the presentation in the current period.
Critical accounting estimates
The preparation of ﬁ nancial statements requires the use of certain 
critical accounting estimates. It also requires management to exercise 
its judgement in the process of applying the Group’s accounting 
policies. The areas involving a higher degree of judgement or 
complexity, or areas where assumptions and estimates are signiﬁ cant 
to the ﬁ nancial statements, are disclosed in note 4.  
(B) PRINCIPLES OF CONSOLIDATION
(i) Subsidiaries
The consolidated ﬁ nancial statements incorporate the assets and 
liabilities of all subsidiaries of Grange Resources Limited as at 31 
December 2024 and the results of all subsidiaries for the year then 
ended. Grange Resources Limited and its subsidiaries together are 
referred to in this ﬁ nancial report as the Group or the consolidated 
entity.
Subsidiaries are those entities over which the Group has control. The 
Group controls an entity when the Group is exposed to, or has rights 
to, variable returns from its involvement with the entity and has the 
ability to affect those returns through its power to direct the activities 
of the entity. 
Subsidiaries are fully consolidated from the date on which control is 
transferred to the Group. They are de-consolidated from the date that 
control ceases. Details of subsidiaries are set out in note 32. 
The acquisition method of accounting is used to account for business 
combinations by the Group (refer to note 1(e)).
Intercompany transactions, balances and unrealised gains on 
transactions between Group companies are eliminated. Unrealised 
losses are also eliminated unless the transaction provides evidence 
of the impairment of the asset transferred. Accounting policies 
of subsidiaries have been changed where necessary to ensure 
consistency with the policies adopted by the Group.
 (ii) Joint arrangements 
Joint operations 
The Group recognises its direct right to the assets, liabilities, revenues 
and expenses of joint operations and its share of any jointly held or 
incurred assets, liabilities, revenues and expenses. These have been 
incorporated in the ﬁ nancial statements under the appropriate 
headings. Details of the joint operations are set out in note 33.  
(C) 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 identiﬁ ed as the Chief Executive Ofﬁ cer. 
Refer to note 5 for further information on segment descriptions.  
(D) FOREIGN CURRENCY TRANSLATION
(i) Functional and presentation currency
Items included in the ﬁ nancial statements of each of the Group’s 
entities are measured using the currency of the primary economic 
environment in which the entity operates (‘the functional currency’). 
The consolidated ﬁ nancial statements are presented in Australian 
dollars, which is Grange Resources Limited’s functional and 
presentation currency. 
(ii) Transactions and balances 
All foreign currency transactions during the ﬁ nancial period are 
translated into the functional currency using the exchange rate 
prevailing at the dates of the transactions. Foreign exchange gains 
and losses resulting from the settlement of such transactions and 
from the translation at period end exchange rates of monetary assets 
and liabilities denominated in foreign currencies are recognised in the 
proﬁ t and loss, except when they are deferred in equity as qualifying 
cash ﬂ ow hedges and qualifying net investment hedges or are 
attributable to part of the net investment in a foreign operation.

49
GRANGE RESOURCES ANNUAL REPORT 2024
The net amount of GST recoverable from, or payable to, the taxation 
authority is included as part of receivables or payables in the balance 
sheet. 
Cash ﬂ ows are included in the consolidated statement of cash ﬂ ows 
on a gross basis and the GST component of cash ﬂ ows arising from 
investing and ﬁ nancing activities, which is recoverable from, or 
payable to, the taxation authority, are presented as operating cash 
ﬂ ows.  
Commitments and contingencies are presented net of the amount of 
GST recoverable from, or payable to, the taxation authority. 
(M) PROPERTY, PLANT AND EQUIPMENT 
Land and buildings and plant and equipment are measured at cost 
less, where applicable, any accumulated depreciation, amortisation 
or impairment in value. Cost includes expenditure that is directly 
attributable to the acquisition of the item. In the event that all or part 
of the purchase consideration is deferred, cost is determined by 
discounting the amounts payable in the future to their present value 
as at the date of acquisition. 
Subsequent costs are included in the asset’s carrying amount or 
recognised as a separate asset, as appropriate, only when it is probable 
that future economic beneﬁ ts associated with the item will ﬂ ow to 
the Group and the cost of the item can be measured reliably. The 
carrying amount of any component accounted for as a separate asset 
is derecognised when replaced. All other repairs and maintenance 
are charged to the income statement during the reporting period in 
which they are incurred.
Land is not depreciated. Assets under construction are measured at 
cost and are not depreciated until they are ready and available for 
use. Depreciation on assets is calculated using either a straight-line 
or diminishing value method to allocate the cost, net of their residual 
values, over the estimated useful lives or the life of the mine, whichever 
is shorter. Leasehold improvements and certain leased plant and 
equipment are depreciated over the shorter lease term. 
Other non-mine plant and equipment typically has the following 
estimated useful lives: 
Buildings
10 to 17 years
Plant and Equipment
 4 to 17 years
Computer Equipment
 3 to 5 years
The assets residual values, useful lives and amortisation methods are 
reviewed and adjusted if appropriate, at each ﬁ nancial period end.
An item of property, plant and equipment is derecognised upon 
disposal or when no further economic beneﬁ ts are expected from its 
use or disposal.
Any gain or loss arising on derecognition of the asset (calculated as 
the difference between the net disposal proceeds and the carrying 
amount of the asset) is included in the income statement in the period 
the asset is derecognised. 
The carrying value of property, plant and equipment is assessed 
annually for impairment in accordance with note 1(q). 
(N) EXPLORATION AND EVALUATION
Exploration and evaluation expenditure comprise costs which are 
directly attributable to: 
• 
research and analysing exploration data
• 
conducting geological studies, exploratory drilling and sampling
• 
examining and testing extraction and treatment methods
• 
compiling pre-feasibility and deﬁ nitive feasibility studies
 
Exploration and evaluation expenditure also include the costs 
incurred in acquiring rights, the entry premiums paid to gain access 
to areas of interest and amounts payable to third parties to acquire 
interests in existing projects. 
Exploration and evaluation expenditure is charged against proﬁ t and 
loss as incurred; except for expenditure incurred after a decision to 
proceed to development is made, in which case the expenditure is 
capitalised as an asset. 
(O) MINE PROPERTIES AND DEVELOPMENT 
Mine properties and development represent the accumulation of all 
exploration, evaluation and development expenditure incurred by, not 
on behalf of, the entity in relation to areas of interest in which mining 
of a mineral resource has commenced. 
Where further development expenditure is incurred in respect of 
a production property after the commencement of production, 
such expenditure is carried forward as part of the cost of that 
production property only when substantial future economic beneﬁ ts 
arise, otherwise such expenditure is classiﬁ ed as part of the cost of 
production. 
Costs on production properties in which the Group has an interest 
are amortised over the life of the area of interest to which such costs 
relate on the production output basis. Changes to the life of the area 
of interest are accounted for prospectively.
The carrying value of each mine property and development are 
assessed annually for impairment in accordance with note 1(q).
(P) DEFERRED STRIPPING COSTS 
Stripping (i.e. overburden and other waste removal) costs incurred 
in the production phase of a surface mine are capitalised to the 
extent that they improve access to an identiﬁ ed component of the 
ore body and are subsequently amortised on a systematic basis over 
the expected useful life of the identiﬁ ed component of the ore body. 
Capitalised stripping costs are disclosed as a component of Mine 
Properties and Development.
Components of an ore body are determined with reference to life 
of mine plans and take account of factors such as the geographical 
separation of mining locations and/or the economic status of mine 
development decisions.
Capitalised stripping costs are initially measured at cost and represent 
an accumulation of costs directly incurred in performing the stripping 
activity that improves access to the identiﬁ ed component of the ore 
body, plus an allocation of directly attributable overhead costs. The 
amount of stripping costs deferred is based on a relevant production 
measure which uses a ratio obtained by dividing the tonnage of waste 
mined by the quantity of ore mined for an identiﬁ ed component of 
the ore body. Stripping costs incurred in the period for an identiﬁ ed 
component of the ore body are deferred to the extent that the current 
period ratio exceeds the expected ratio for the life of the identiﬁ ed 
component of the ore body. Such deferred costs are then charged 
against the income statement on a systematic units of production 
basis over the expected useful life of an identiﬁ ed component of the 
ore body. 
Changes to the life of mine plan, identiﬁ ed components of an ore 
body, stripping ratios, units of production and expected useful life are 
accounted for prospectively. 
Deferred stripping costs form part of the total investment in a 
cash generating unit, which is reviewed for impairment if events or 
changes in circumstances indicate that the carrying value may not 
be recoverable.
 
48
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
liability and ﬁ nance cost. The ﬁ nance cost is charged to proﬁ t or loss 
over the lease period as to produce a constant periodic rate of interest 
on the remaining balance of the liability for each period – refer to note 
11. The right of use asset is depreciated over the shorter of the asset’s 
useful life and the lease term on a straight-line basis. 
Assets and liabilities arising from a lease are initially measured on a 
present value basis. Lease payments included in the measure of the 
lease liability comprise: 
• 
ﬁ xed payments less any lease incentives 
• 
variable lease payments that are based on an index or rate
• 
amounts expected to be payable under residual value guarantees 
(H) CASH AND CASH EQUIVALENTS 
Cash and cash equivalents comprise cash on hand, deposits held 
at call with ﬁ nancial institutions, other short-term, highly liquid 
investments with original maturities of three months or less that are 
readily convertible to amounts of cash and which are subject to an 
insigniﬁ cant risk of changes in value. Bank overdrafts are shown within 
borrowings in current liabilities on the balance sheet. 
(I) TRADE AND OTHER RECEIVABLES
Trade receivables are recognised initially at fair value and subsequently 
measured at amortised cost using the effective interest method, less 
loss allowance.
As permitted by AASB 9, the Group applies the ‘simpliﬁ ed approach’ 
to trade receivable balances and the ‘general approach’ to all 
other ﬁ nancial assets. The simpliﬁ ed approach requires expected 
lifetime credit losses to be recognised from initial recognition of 
the receivables. The general approach incorporates a review for any 
signiﬁ cant increase in counterparty credit risk since inception.
The expected credit losses (ECL) review include assumptions about 
the risk of default and expected credit loss rates. In determining the 
recoverability of a trade or other receivable using the ECL model, the 
Group performs a risk analysis considering the type and age of the 
outstanding receivables, the creditworthiness of the counterparty, 
contract provisions, letter of credit and timing of payment.  
(J) INVENTORIES 
Raw materials and stores, ore stockpiles, work in progress and ﬁ nished 
goods are stated at the lower of cost and net realisable value. Cost 
is determined primarily on the basis of weighted average costs and 
comprises of the cost of direct materials and the costs of production 
which include: 
• 
labour costs, materials and contractor expenses which are directly 
attributable to the extraction and processing of ore;
• 
depreciation of property, plant and equipment used in the 
extraction and processing of ore; and
• 
production overheads directly attributable to the extraction and 
processing of ore
Stockpiles represent ore that has been extracted and is available for 
further processing. If there is signiﬁ cant uncertainty as to when the 
stockpiled ore will be processed it is expensed as incurred. Where 
the future processing of the ore can be predicted with conﬁ dence 
because it exceeds the mine’s cut-off grade, it is valued at the lower 
of cost and net realisable value. Work in progress inventory includes 
partly processed material. Quantities are assessed primarily through 
surveys and assays.
Net realisable value is the estimated selling price in the ordinary 
course of business less the estimated costs of completion and the 
estimated costs necessary to make the sale. 
 
(K) INCOME TAX 
The income tax expense or beneﬁ t for the period is the tax payable 
on the current period’s taxable income based on the applicable 
income tax rate for each jurisdiction adjusted by changes in deferred 
tax assets and liabilities attributable to temporary differences and to 
unused tax losses.
The current income tax charge is calculated on the basis of the tax 
laws enacted or substantively enacted at the end of the reporting 
period in the countries where the Group’s subsidiaries operate 
and generate taxable income. Management periodically evaluates 
positions taken in tax returns with respect to situations in which 
applicable tax regulation is subject to interpretation. It establishes 
provisions where appropriate on the basis of amounts expected to be 
paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on 
temporary differences arising between the tax bases of assets and 
liabilities and their carrying amounts in the consolidated ﬁ nancial 
statements. However, deferred tax liabilities are not recognised if they 
arise from the initial recognition of goodwill. Deferred income tax is 
also not accounted for if it arises from initial recognition of an asset or 
liability in a transaction other than a business combination that at the 
time of the transaction affects neither accounting nor taxable proﬁ t 
or loss. Deferred income tax is determined using tax rates (and laws) 
that have been enacted or substantially enacted by the end of the 
reporting period and are expected to apply when the related deferred 
income tax asset is realised, or the deferred income tax liability is 
settled. 
Deferred tax assets are recognised for deductible temporary 
differences and unused tax losses, only if it is probable that future 
taxable amounts will be available to utilise those temporary differences 
and losses. In assessing the recoverability of deferred tax assets, the 
Group relies on the same forecast assumptions used elsewhere in 
the ﬁ nancial statements and in other management reports, which, 
among other things, reﬂ ect the potential impact of climate-related 
development on the business, such as increased cost of production 
as a result of measures to reduce carbon emission.
Deferred tax liabilities and assets are not recognised for temporary 
differences between the carrying amount and the tax bases of 
investments in foreign operations where the Group is able to control 
the timing of the reversal of the temporary differences and it is 
probable that the differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally 
enforceable right to offset current tax assets and liabilities and when 
the deferred tax balances relate to the same taxation authority. 
Current tax assets and tax liabilities are offset where the entity has 
a legally enforceable right to offset and intends either to settle on a 
net basis, or to realise the asset and settle the liability simultaneously. 
Grange Resources Limited and its wholly-owned Australian controlled 
entities have implemented the tax consolidation legislation. As a 
consequence, Grange Resources Limited and its subsidiaries are 
taxed as a single entity and the deferred tax assets and liabilities of the 
Group are set off in the consolidated ﬁ nancial statements.
(L) GOODS AND SERVICES TAX (GST)
Revenues, expenses and assets are recognised net of the amount of 
GST except: 
• 
when GST incurred on a purchase of goods and services is not 
recoverable from taxation authority, in which case the GST is 
recognised as part of the cost of acquisition of the asset or as part 
of the expense item as applicable; and
• 
receivables and payables, which are stated with the amount of 
GST included
 

51
GRANGE RESOURCES ANNUAL REPORT 2024
(W) PROVISIONS 
Provisions are recognised when the Group has a present obligation, 
it is probable that there will be a future sacriﬁ ce of economic beneﬁ ts 
and a reliable estimate can be made of the amount of the obligation. 
When the Group expects some or all of a provision to be recovered 
from a third party, for example under an insurance contract, the 
receivable is recognised as a separate asset but only when the 
reimbursement is virtually certain, and it can be measured reliably. 
The expense relating to any provision is presented in the income 
statement net of any reimbursement. 
If the effect of the time value of money is material, provisions are 
discounted using a pre-tax rate that reﬂ ects the current market 
assessment of the time value of money. Where this is the case, its 
carrying amount is the present value of these estimated future cash 
ﬂ ows. When discounting is used, the increase in the provision due to 
the passage of time is recognised as a ﬁ nance cost.
The impact of climate-related matters on remediation of sites is 
considered with determining the decommissioning liability. The 
Group also constantly monitors new government legislation in 
relation to climate-related matters. At the current time, no climate 
related matters and legislation that is expected to have a material 
impact on the Group’s decommissioning liability.
Decommissioning and restoration 
Decommissioning and restoration provisions include the dismantling 
and demolition of infrastructure and the removal of residual materials 
and remediation of disturbed areas. The provision is recognised 
in the accounting period when the obligation arising from the 
related disturbance occurs, whether this occurs during the mine 
development or during the production phase, based on the net 
present value of estimated future costs. The costs are estimated on 
the basis of a closure plan. The cost estimates are calculated annually 
during the life of the operation to reﬂ ect known developments and 
are subject to formal review at regular intervals. 
The amortisation or ‘unwinding’ of the discount applied in 
establishing the net present value of provisions is charged to the 
income statement in each accounting period. The amortisation of the 
discount is shown as a ﬁ nancing cost, rather than as an operating cost. 
Other movements in the provisions for close down and restoration 
costs, including those resulting from new disturbance, updated cost 
estimates, changes to the lives of operations and revisions to discount 
rates are capitalised within mine properties and development, to the 
extent that any amount of deduction does not exceed the carrying 
amount of the asset. Any deduction in excess of the carrying amount 
is recognised in the income statement immediately. If an adjustment 
results in an addition to the cost of the related asset, consideration 
will be given to whether an indication of impairment exists, and the 
impairment policy will apply. These costs are then depreciated over 
the life of the area of interest to which they relate. 
(X) EMPLOYEE ENTITLEMENTS 
Wages, salaries and sick leave 
Liabilities for wages and salaries, including non-monetary beneﬁ ts 
and accumulating sick leave expected to be settled within 12 months 
of the reporting date are recognised in other payables in respect of 
employees’ services up to the reporting date and are measured at the 
amounts expected to be paid when the liabilities are settled.
Annual leave 
Liabilities for annual leave expected to be settled within 12 months 
of the reporting date are recognised in the provision for employee 
beneﬁ ts in respect of employees’ services up to the reporting date 
and are measured at the amounts expected to be paid when the 
liabilities are settled.
Long service leave 
The liability for long service leave is recognised in the provision for 
employee beneﬁ ts and measured as the present value of expected 
future payments to be made in respect of services provided by 
employees up to the reporting date using the projected unit credit 
method.
Consideration is given to expected future wage and salary levels, 
experience of employee departures and periods of service. Expected 
future payments are discounted using market yields at the reporting 
date on corporate bonds with terms to maturity and currency that 
match, as closely as possible, the estimated future cash outﬂ ows.
Deﬁ ned contribution superannuation funds
Contributions to deﬁ ned contribution funds are recognised as an 
expense in the income statement as they become payable.
 Share-based payments
Senior Executives of the Group receive remuneration in the form 
of share-based payments, whereby employees render services in 
exchange for equity instruments (equity-settled transactions). 
The fair value of performance rights granted is recognised as an 
employee beneﬁ ts expense with a corresponding increase in equity. 
The total amount to be expensed is determined by reference to the 
fair value of the options granted.
• 
including any market performance conditions 
• 
excluding the impact of any service and non-market performance 
vesting conditions 
• 
including the impact of any non-vesting conditions 
The total expense is recognised over the vesting period, which is the 
period over which all of the speciﬁ ed vesting conditions are to be 
satisﬁ ed. At the end of each period, the entity revises its estimates of 
the number of performance rights that are expected to vest based 
on the non-market vesting and service conditions. It recognises the 
impact of the revision to original estimates, if any, in proﬁ t or loss, with 
a corresponding adjustment to equity. 
The dilutive effect of outstanding performance rights is reﬂ ected as 
additional share dilution in the computation of diluted earnings per 
share (further details are given in note 35).
(Y) CONTRIBUTED EQUITY 
Ordinary share capital is recognised at the fair value of the 
consideration received by the Company. Any transaction costs arising 
on the issue of ordinary shares are recognised directly in equity as a 
reduction, net of tax, of the share proceeds received. 
(Z) DIVIDENDS 
Provision is made for the amount of any dividend declared, being 
appropriately authorised and no longer at the discretion of the entity, 
on or before the end of the ﬁ nancial period but not distributed at 
balance date. 
(AA) EARNINGS PER SHARE (EPS) 
Basic earnings per share 
Basic earnings per share is calculated by dividing:  
• 
the proﬁ t attributable to equity holders of the Company, excluding 
any costs of servicing equity other than ordinary shares;
• 
by the weighted average number of ordinary shares outstanding 
during the ﬁ nancial year, adjusted for bonus elements in ordinary 
shares issued during the period and excluding treasury shares.
 
50
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Q) IMPAIRMENT OF ASSETS 
At each reporting date, the Group assesses whether there is 
any indication that an asset, including capitalised development 
expenditure, may be impaired. Where an indicator of impairment 
exists, the Group makes a formal estimate of the recoverable amount. 
Where the carrying amount of an asset exceeds its recoverable 
amount the asset is considered impaired and is written down to its 
recoverable amount. Impairment losses are recognised in the income 
statement. 
Recoverable amount is the greater of fair value less costs of disposal 
and value in use. For the purposes of assessing impairment, assets are 
grouped at the lowest levels for which there are separately identiﬁ able 
cash inﬂ ows which are largely independent of the cash inﬂ ows from 
other assets or groups of assets (cash generating units). 
Where there is no binding sale agreement or active market, fair value 
less costs of disposal is based on the best information available to 
reﬂ ect the amount the Group could receive for the cash generating 
unit in an arm’s length transaction. In assessing fair value, the estimated 
future cash ﬂ ows are discounted to their present value using a post-
tax discount rate that reﬂ ects current market assessments of the time 
value of money and the risks speciﬁ c to the asset. 
An assessment is also made at each reporting date as to whether 
there is any indication that previously recognised impairment losses 
may no longer exist or may have decreased. If such indication exists, 
the recoverable amount is estimated. A previously recognised 
impairment loss is reversed only if there has been a change in the 
estimates used to determine the asset’s recoverable amount since 
the last impairment loss was recognised. If that is the case the 
carrying amount of the asset is increased to its recoverable amount. 
That increased amount cannot exceed the pre-impairment value, 
adjusted for any depreciation that would have been recognised on 
the asset had the initial impairment loss not occurred. Such reversal is 
recognised in proﬁ t or loss. 
After such a reversal the depreciation charge is adjusted in future 
periods to allocate the asset’s revised carrying amount, less any 
residual value, on a systematic basis over its remaining useful life. 
The Group assesses where climate risks could have a signiﬁ cant 
impact, such as the introduction of emission reduction legislation that 
may increase mining and production costs. At present, albeit climate-
related risks should be factored into the commodity price, this has no 
direct impact on the Group’s asset recoverable value.
(R) INVESTMENTS AND OTHER FINANCIAL ASSETS 
The Group’s other ﬁ nancial assets consist of: 
• 
Term deposits with maturity of over three months from the date of 
acquisition.
• 
Derivatives
Derivatives are initially recognised at fair value on the date a derivative 
contract is entered into and are subsequently remeasured to their 
fair value at the end of each reporting period. The accounting for 
subsequent changes in fair value depends on whether the derivative 
is designated as a hedging instrument, and if so, the nature of the 
item being hedged. Changes in the fair value of any derivative 
instrument that does not qualify for hedge accounting are recognised 
immediately in proﬁ t or loss and are included in other income or other 
expenses. 
The full fair value of a hedging derivative is classiﬁ ed as a non-current 
asset or liability when the remaining maturity of the hedged item is 
more than 12 months; it is classiﬁ ed as a current asset or liability when 
the remaining maturity of the hedged item is less than 12 months. 
 
(S) ORE RESERVES
The Company estimates its mineral resources and ore reserves 
based on information compiled by Competent Persons as deﬁ ned in 
accordance with the Australasian Code for Reporting of Exploration 
Results, Mineral Resources and Ore Reserves of December 2012 
(the JORC 2012 code). Reserves, and certain mineral resources 
determined in this way, are used in the calculation of depreciation, 
amortisation and impairment charges, the assessment of life of mine 
stripping ratios and for forecasting the timing of the payment of close 
down and restoration costs. 
In assessing the life of a mine for accounting purposes, mineral 
resources are only taken into account where there is a high degree of 
conﬁ dence of economic extraction. 
(T) TRADE AND OTHER PAYABLES 
Trade payables and other payables are carried at amortised cost and 
represent liabilities for goods and services provided to the Group 
prior to the end of the ﬁ nancial period that are unpaid. Trade payables 
and other payables arise when the Group becomes obliged to make 
future payments in respect of the purchase of these goods and 
services. The amounts are unsecured and are usually paid within 30 
days of recognition. 
(U) BORROWINGS 
All borrowings are initially recognised at the fair value of the 
consideration received, less transaction costs. After initial recognition, 
borrowings are subsequently measured at amortised cost. Fees paid 
on the establishment of loan facilities are recognised as transaction 
costs of the loan to the extent that it is probable that some or all of 
the facility will be drawn down. In this case the fee is deferred until 
the draw down occurs. To the extent there is no evidence that it is 
probable that some or all of the facility will be drawn down, the fee is 
capitalised as a prepayment for liquidity services and amortised over 
the period of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation 
speciﬁ ed in the contract is discharged, cancelled or expired. 
Borrowings are classiﬁ ed as current liabilities unless the Group has 
an unconditional right to defer settlement of the liability for at least 12 
months after the reporting date. 
Borrowing costs
Borrowing costs incurred for the construction of any qualifying asset 
are capitalised during the period of time that is required to complete 
and prepare the asset for its intended use or sale. Other borrowing 
costs are expensed in the period which they are incurred. 
(V) GOVERNMENT GRANTS
Government grants are recognised where there is reasonable 
assurance that the grant will be received and all attached conditions 
will be complied with. When the grant relates to an expense item, it is 
recognised as income on a systematic basis over the periods that the 
related costs, for which it is intended to compensate, are expensed. 
When the grant relates to an asset, it is recognised as income in equal 
amounts over the expected useful life of the related asset.
When the Group receives grants of non-monetary assets, the asset 
and the grant are recorded at nominal amounts and released to proﬁ t 
or loss over the expected useful life of the asset, based on the pattern 
of consumption of the beneﬁ ts of the underlying asset by equal annual 
instalments.

53
GRANGE RESOURCES ANNUAL REPORT 2024
Financial assets at fair value through proﬁ t or loss (FVPL)
The Group classiﬁ es the following ﬁ nancial assets at fair value through 
proﬁ t or loss (FVPL) 
2024
$’000
2023
$’000
Derivative Financial Instruments
Current
1,927
2,130
Non-current
1,404
1,363
3,331
3,493
Amounts recognised in proﬁ t or loss  
During the year, the following losses were recognised in proﬁ t or loss: 
2024
$’000
2023
$’000
Fair value loss on derivative ﬁ nancial 
instrument at FVPL
(19)
(68)
(A) MARKET RISK  
(i) Foreign exchange risk
The Group operates internationally and is exposed to foreign 
exchange risk arising from various currency exposures, primarily with 
respect to the US dollar. 
Foreign exchange risk arises from commercial transactions, given that 
the Group’s sales revenues are denominated in US dollars and the 
majority of its operating costs are denominated in Australian dollars, 
and recognised assets and liabilities denominated in a currency that 
is not the entity’s functional currency. 
The risk is measured using sensitivity analysis and cash ﬂ ow 
forecasting. The Group’s exposure to US dollar denominated foreign 
currency risk at the reporting date, expressed in Australian dollars, 
was as follows: 
2024
$’000
2023
$’000
Cash and cash equivalents
37,026
85,078
Trade and other receivables
731
57,728
Trade and other payables
(730)
(119)
Net US dollar surplus
37,027
142,687
Group sensitivity 
Based on the ﬁ nancial instruments held at 31 December 2024, had 
the Australian dollar weakened/strengthened by 10% against the US 
dollar with all other variables held constant, the Group’s post tax proﬁ t 
for the ﬁ nancial period would have been $2.4 million higher / $2.9 
million lower (2023: $9.1 million higher / $11.1 million lower), mainly as 
a result of foreign exchange gains/losses on US dollar denominated 
cash and cash equivalents, term deposits and receivables as detailed 
in the above table.
(ii) Price risk 
The Group is exposed to commodity price risk. During current and 
prior years, the price of iron ore pellets is based on a price index used 
in the market. At this time, the Group does not manage its iron ore 
price risk with ﬁ nancial instruments. 
Going forward, the Group may consider using ﬁ nancial instruments 
to manage commodity price risk given exposures to market prices 
arising from the adoption of index based market pricing mechanisms. 
Short term managed funds are exposed to price risk arising from 
investments held by the fund for which the future prices are 
uncertain. The investment manager moderates this risk through a 
careful selection of securities within speciﬁ ed limits. The fund actively 
maintains a high level of diversiﬁ cation in its holdings, thus potentially 
reducing the amount of risk in the fund. 
(iii) Cash ﬂ ow and fair value interest rate risk
The Group’s main interest rate risk arises from cash and cash 
equivalents, term deposits and short-term managed funds. 
For short term managed funds, the interest-bearing ﬁ nancial assets 
in each of the Funds expose it to risks associated with the effects 
of ﬂ uctuations in the prevailing levels of market interest rates on its 
ﬁ nancial position and cash ﬂ ows. The main interest rate risk arises 
from the Fund’s investments in bonds. 
The Group analyses its interest rate exposure on a dynamic basis. 
Various scenarios are simulated taking into consideration reﬁ nancing, 
renewal of existing positions, alternative ﬁ nancing and hedging. 
Based on these scenarios, the Group calculates the impact on proﬁ t 
and loss of a deﬁ ned interest rate shift. No ﬁ nancial instruments are 
used to manage interest rate risk.
(B) CREDIT RISK 
Credit risk is managed on a Group basis. Credit risk arises from 
cash and cash equivalents and deposits with banks and ﬁ nancial 
institutions, as well as credit exposures to customers, including 
outstanding receivables and committed transactions. 
The Group is exposed to a concentration of risk with sales of iron 
ore being made to a limited number of customers. The maximum 
exposure to credit risk at the reporting date is limited to the carrying 
value of trade receivables, cash and cash equivalents and deposits 
with banks and ﬁ nancial institutions. As at 31 December 2024, there 
are $0.18 million in trade receivables (2023: $0.18 million) that are 
past due. The other classes within trade and other receivables do not 
contain impaired assets and are not past due. 
(C) LIQUIDITY RISK 
Prudent liquidity risk management implies maintaining sufﬁ cient 
cash and marketable securities, the availability of funding through 
an adequate amount of committed credit facilities and the ability 
to close out market positions. The Group manages liquidity risk by 
continuously monitoring forecast and actual cash ﬂ ows and matching 
the maturity proﬁ les of ﬁ nancial assets and liabilities. 
Maturities of ﬁ nancial liabilities 
The table below analyses the Group’s ﬁ nancial liabilities into relevant 
maturity groupings based on the remaining period as at the reporting 
date to the contractual maturity date. The amounts disclosed in the 
table are the contractual undiscounted cash ﬂ ows.  
52
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Diluted earnings per share 
Diluted earnings per share adjusts the ﬁ gures used in the determination 
of basic earnings per share to take into account: 
• 
the after-income tax effect of interest and other ﬁ nancing costs 
associated with the dilutive potential ordinary shares; and
• 
the weighted average number of additional ordinary shares that 
would have been outstanding assuming the conversion of all 
dilutive potential ordinary shares.
(AB) PARENT ENTITY FINANCIAL INFORMATION 
The ﬁ nancial information for the parent entity, Grange Resources 
Limited, disclosed in note 36 has been prepared on the same basis as 
the consolidated ﬁ nancial statements, except as set out below. 
Investments in subsidiaries, associates and joint venture entities
Investments in subsidiaries and joint venture entities are accounted 
for at cost in the ﬁ nancial statements of Grange Resources Limited. 
Dividends received from associates are recognised in the parent 
entity’s proﬁ t or loss, rather than being deducted from the carrying 
amount of these investments. 
Financial guarantees 
Where the parent entity has provided ﬁ nancial guarantees in relation 
to loans and payables of subsidiaries for no compensation, the fair 
values of these guarantees are accounted for as contributions and 
recognised as part of the cost of the investment.  
(AC) ROUNDING OF AMOUNTS 
The Group is of a kind referred to in ASIC Legislative Instrument 
2016/191 Class, issued by the Australian Securities and Investments 
Commission, relating to the “rounding off” of amounts in the ﬁ nancial 
report. Amounts in the ﬁ nancial report have been rounded off in 
accordance with the instrument to the nearest thousand dollars, or in 
certain cases, the nearest dollar.
NOTE 2.
CLIMATE-RELATED MATTERS
The Group considers climate-related matters in estimates and 
assumptions, where appropriate. This assessment includes a wide 
range of possible impacts on the Group due to both physical and 
transition risks. The Group is closely monitoring relevant changes 
and development such as new climate-related legislation although 
climate-related risks might not currently have a signiﬁ cant impact 
on measurement of items in the ﬁ nancial statements. The items and 
considerations that might mostly directly to be impacted by climate-
related matters are:
• 
Useful life of property, plant and equipment. When reviewing the 
residual values and expected useful lives of assets, the Group 
considers climate-related matters, such as climate-related 
legislation and regulations that may restrict the use of assets or 
require signiﬁ cant capital expenditures,
• 
Decommissioning 
Liability. 
The 
impact 
of 
climate-related 
legislation and regulations is considered in estimating the timing 
and future costs of decommissioning,
• 
The Group constantly monitors climate-related risks, including 
physical risks and transition risks when measuring the recoverable 
amount. While the Group does not believe its operation is 
currently signiﬁ cantly exposed to physical risks, the value in use 
may be impacted in several different ways by transition risk, such 
as climate-related legislation, climate-related regulations and 
changes in demand for the Group’s product.
NOTE 3.
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT OBJECTIVES
The Group’s activities expose it to a variety of ﬁ nancial risks: market 
risk (including currency risk, interest rate risk and price risk), credit 
risk and liquidity risk. The Group’s overall risk management program 
focuses on the unpredictability of ﬁ nancial markets and seeks to 
minimise potential adverse effects on the ﬁ nancial performance of 
the Group. The Group has used derivative ﬁ nancial instruments such 
as foreign exchange contracts and forward commodity contracts to 
manage certain risk exposures. Derivatives are exclusively used for 
hedging purposes, i.e. not as trading or other speculative instruments. 
The Group uses different methods to measure different types of risks 
to which it is exposed. These methods include sensitivity analysis in 
the case of interest rate, foreign exchange and commodity price risks 
and aging analysis for credit risk.
Risk management is carried out by the management team following 
guidance received from the Audit and Risk Committee. 
No events occurred in the current and prior periods that give rise to 
material items of income or expense as a result of climate.
The Group holds the following ﬁ nancial instruments:
2024
$’000
2023
$’000
Financial Assets
Cash and Cash Equivalent
71,449 
109,706 
Trade and other receivables
24,271 
82,956 
Other ﬁ nancial assets 
229,931 
176,393 
325,651 
369,055 
Financial Liabilities
Trade and other payables
42,598 
50,380 
42,598 
50,380 
2024
$’000
2023
$’000
Other ﬁ nancial assets (current)
Term deposits
226,600
172,900
Derivatives
1,927
2,130
228,527
175,030
Other ﬁ nancial assets (non-current)
Derivatives
1,404
1,363
Net debt reconciliation
This section sets out an analysis of net debt and the movements in net 
debt for each of the periods presented.
2024
$’000
2023
$’000
Net debt reconciliation
Cash and cash equivalents
71,449
109,706
Liquid investments
226,600
172,900
Lease liability
(1,323)
(2,215)
Net cash, cash equivalent and liquid 
investments
296,726
280,391

55
GRANGE RESOURCES ANNUAL REPORT 2024
NOTE 4.
CRITICAL ACCOUNTING ESTIMATES
AND JUDGEMENTS
The preparation of the ﬁ nancial statements requires management to 
make judgements, estimates and assumptions that affect the reported 
amounts in the ﬁ nancial statements. Management continually 
evaluates its judgements and estimates in relation to assets, liabilities, 
contingent liabilities, revenue and expenses. Management bases its 
judgements, estimates and assumptions on historical experience 
and on other various factors, including expectations of future events, 
management believes to be reasonable under the circumstances. 
There are no critical accounting judgements, estimates and 
assumptions that are likely to affect the current or future ﬁ nancial 
years.
Estimates and judgements are continually evaluated and are based 
on historical experience and other factors, including expectations of 
future events that may have a ﬁ nancial impact on the entity and that 
are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. 
The resulting accounting estimates will, by deﬁ nition, seldom equal 
the related actual results. The estimates and assumptions that have 
a signiﬁ cant risk of causing a material adjustment to the carrying 
amounts of assets and liabilities within the next ﬁ nancial year are 
discussed below.
(A) NET REALISABLE VALUE OF INVENTORIES 
The Group reviews the carrying value of its inventories at each 
reporting date to ensure that the cost does not exceed net 
realisable value. Estimates of net realisable value include a number 
of assumptions, including commodity price expectations, foreign 
exchange rates and costs to complete inventories to a saleable 
product. As at 31 December 2024 the net realisable value exceeded 
cost for all signiﬁ cant inventory balances.
(B) ASSESSMENT OF CGU RECOVERABLE VALUE
Methodology  
The recoverable amount of each CGU has been estimated using a 
fair value less costs of disposal basis. The costs of disposal have been 
estimated by management based on prevailing market conditions. 
The fair value assessment is categorised within level 3 in the fair value 
hierarchy. An impairment loss is recognised for a CGU when the 
recoverable amount is less than the carrying amount.
Fair value is estimated based on the net present value of estimated 
future cash ﬂ ows for a CGU. Future cash ﬂ ows are based on a number 
of assumptions, including commodity price expectations, foreign 
exchange rates, reserves and resources and expectations regarding 
future operating performance and capital requirements which are 
subject to risk and uncertainty. An adverse change in one or more of 
the assumptions used to estimate fair value could result in a reduction 
of the CGU’s fair value.
Operating performance
(production, operating costs and capital costs) 
Life of mine production, operating cost and capital cost assumptions 
are based on the Group’s most recent life of mine plan approved by 
the Board. The underground mine will transition the current North Pit 
open cut mining to an underground block cave and sub-level cave 
mine over the next 5 years. The transition to underground mining has 
been integrated with the current open cut mining operations. Total 
capital investment in the underground mine is expected to be 
approximately $890 million over several years with the majority of 
the investment expected to be made between 2026 to 2030. The 
underground mine is expected to deliver a substantial reduction in life-
of-mine operating costs of 30%. Once in production, the underground 
mine will reduce carbon emissions by 80% at the Savage River Mine 
in line with the Company’s environment, social and governance (ESG) 
initiatives to develop Green Pellet Production. Mineral resources and 
ore reserves not in the most recent life of mine plan are not included 
in the determination of the recoverable amount.  
While the Group acknowledges that factors such as future changes 
to the regulatory framework in response to climate change could 
impact future recoverability, these factors have not been included 
in our assumptions. While the Group acknowledges that the world 
is moving to a low-carbon future and it must address the risks and 
opportunities that climate change may bring, the Group has not 
identiﬁ ed any immediate ﬁ nancial impacts of climate change risk in 
the short term. 
(C) STRIPPING COSTS IN THE PRODUCTION PHASE
OF A SURFACE MINE (INTERPRETATION 20) 
The application of Interpretation 20 requires management judgement 
in determining whether a surface mine is in the production phase and 
whether the beneﬁ ts of production stripping activities will be realised 
in the form of inventory produced through improved access to ore.
Judgement is also applied in identifying the component of the ore 
body and the manner in which stripping costs are capitalised and 
amortised. There are a number of uncertainties inherent in identifying 
components of the ore body and the inputs to the relevant production 
methods for capitalising and amortising stripping costs and these 
assumptions may change signiﬁ cantly when new information 
becomes available. Such changes could impact on capitalisation 
and amortisation rates for capitalised stripping costs and deferred 
stripping asset values. 
(D) DETERMINATION OF MINERAL RESOURCES
AND ORE RESERVES 
Mineral resources and ore reserves are based on information 
compiled by a Competent Person as deﬁ ned in accordance with 
the Australasian Code for Reporting of Exploration Results, Mineral 
Resources and Ore Reserves (the JORC 2012 code). There are 
numerous uncertainties inherent in estimating ore reserves and 
assumptions that are valid at the time of estimation may change 
signiﬁ cantly when new information becomes available. Changes in 
forecast prices of commodities, exchange rates, production costs or 
recovery rates may change the economic status of ore reserves and 
may, ultimately, result in the reserves being restated. Such changes in 
reserves could impact on depreciation and amortisation rates, asset 
carrying values and provisions for rehabilitation.  
(E) PROVISION FOR DECOMMISSIONING
AND RESTORATION COSTS 
Decommissioning and restoration costs are a normal consequence 
of mining, and the majority of this expenditure is incurred at the 
end of a mine’s life. In determining an appropriate level of provision, 
consideration is given to the expected future costs to be incurred, the 
timing of these expected future costs (largely dependent on the life 
of the mine), and the estimated future level of inﬂ ation, with reference 
to analysis performed by internal and external experts.
The ultimate cost of decommissioning and restoration is uncertain 
and costs can vary in response to many factors including changes 
to the relevant legal requirements, changes to mine plan, and the 
emergence of new restoration techniques or experience at other 
mine sites. The expected timing of expenditure can also change, for 
example in response to changes in reserves or to production rates. 
Certain rehabilitation activities are undertaken as part of the mining 
operations included in the life of mine plan. Should the life of mine plan 
be amended in the future to exclude these activities, the provision for 
rehabilitation would increase correspondingly. 
Changes to any of the estimates could result in signiﬁ cant changes to 
the level of provisioning required, which would in turn impact future 
ﬁ nancial results. These estimates are reviewed annually and adjusted 
where necessary to ensure that the most up to date data is used. 
54
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(D) CAPITAL RISK MANAGEMENT 
When managing capital, the Group’s objective is to safeguard the 
ability to continue as a going concern so that the Group continues to 
provide returns for shareholders and beneﬁ ts for other stakeholders, 
and to maintain an optimal capital structure to reduce the cost of 
capital. 
Management 
is 
constantly 
reviewing 
and 
adjusting, 
where 
necessary, the capital structure. This involves the use of corporate 
forecasting models which enable analysis of the Group’s ﬁ nancial 
position including cash ﬂ ow forecasts to determine future capital 
management requirements. To ensure sufﬁ cient funding, a range of 
assumptions are modelled. 
(E) DERIVATIVES 
The Group uses derivative ﬁ nancial instruments, such as foreign 
currency and commodity options to hedge its foreign currency risks 
and commodity price risks, respectively. Such derivative ﬁ nancial 
instruments are initially recognised at fair value on the date on which a 
derivative contract is entered into and are subsequently remeasured 
at fair value using valuation techniques which employs the use of 
market observable inputs. Derivatives are carried as ﬁ nancial assets 
when the fair value is positive and as ﬁ nancial liabilities when the fair 
value is negative. 
Classiﬁ cation of derivatives 
Derivatives are classiﬁ ed as held for trading and accounted for at fair 
value through proﬁ t or loss. They are presented as current assets or 
liabilities if they are expected to be settled within 12 months after the 
end of the reporting period. 
The Group has the following derivative ﬁ nancial instruments:
2024
$’000
2023
$’000
Electricity ﬁ xed forward
2,716
3,233
Diesel commodity swap
613
185
Foreign currency options
2
75
3,331
3,493
Derivatives (current)
1,927
2,130
Derivatives (non-current)
1,404
1,363
3,331
3,493
(F) RECOGNISED FAIR VALUE MEASUREMENTS 
This section explains the judgements and estimates made in 
determining the fair values of the ﬁ nancial instruments that are 
recognised and measured at fair value in the ﬁ nancial statements. 
To provide an indication about the reliability of the inputs used in 
determining fair value, the Group has classiﬁ ed its ﬁ nancial instruments 
into the three levels prescribed under the accounting standards.  
Level 1: The fair value of ﬁ nancial instruments traded in active markets 
(such as publicly traded derivatives and equity securities) is based on 
quoted market prices at the end of the reporting period. The quoted 
market price used for ﬁ nancial assets held by the Group is the current 
bid price. These instruments are included in level 1.  
Level 2: The fair value of ﬁ nancial instruments that are not traded 
in an active market (for example, over-the-counter derivatives) is 
determined using valuation techniques which maximise the use of 
observable market data and rely as little as possible on entity-speciﬁ c 
estimates. If all signiﬁ cant inputs required to fair value an instrument 
are observable, the instrument is included in level 2.  
Level 3: If one or more of the signiﬁ cant inputs is not based on 
observable market data, the instrument is included in level 3. Speciﬁ c 
valuation techniques used to value the derivative ﬁ nancial instruments 
mainly include determining the fair value of forward contracts using 
forward rates at the balance sheet date provided by the dealers. 
The following table presents the Group’s assets and liabilities 
measured and recognised at fair value at 31 December 2024 and 31 
December 2023. 
2024
Level 1
$’000
Level 2
$’000
Level 3
$’000
Total
$’000
Financial Assets
Derivative ﬁ nancial
Instruments
-
3,331
-
3,331
Trade receivables -
embedded derivatives
-
3,224
-
3,224
-
6,555
-
6,555
2024
Level 1
$’000
Level 2
$’000
Level 3
$’000
Total
$’000
Financial Assets
Derivative ﬁ nancial
Instruments
-
3,493
-
3,493
Trade receivables -
embedded derivatives
-
15,799
-
15,799
-
19,292
-
19,292
2024
Less 
than 6 
months
$’000
6-12 months
$’000
Between 1 
and 2 years
$’000
Between 2 
and 5 years
$’000
Over 5 years
$’000
Total 
contractual 
cash ﬂ ows
$’000
Carrying 
amount 
liabilities
$’000
 Trade and other payables
42,598
-
-
-
-
42,598
42,598
 Lease liabilities
862
431
57
-
-
1,350
1,323
43,460
431
57
-
-
43,948
43,921
2023
Less 
than 6 
months
$’000
6-12 months
$’000
Between 1 
and 2 years
$’000
Between 2 
and 5 years
$’000
Over 5 years
$’000
Total 
contractual 
cash ﬂ ows
$’000
Carrying 
amount 
liabilities
$’000
 Trade and other payables
50,380
-
-
-
-
50,380
50,380
 Lease liabilities
951
525
714
100
-
2,290
2,215
51,331
525
714
100
-
52,670
52,595

57
GRANGE RESOURCES ANNUAL REPORT 2024
NOTE 7.
COST OF SALES
2024
$’000
2023
$’000
Mining Costs
223,562 
204,807 
Production costs
162,654 
150,989 
Changes in Inventories
(47,788)
(5,064)
Freight costs
57,442 
52,328 
Government royalties
10,551 
23,150 
Depreciation and amortisation 
expense
48,557 
55,474 
Mine properties and development
- Amortisation expense
11,318 
9,414 
Deferred Stripping
- Amounts capitalised during the year
(113,266)
(152,223)
- Amortisation expense
99,511 
57,332 
Foreign exchange gain
(2,122)
(1,517)
450,419 
394,690 
Depreciation and
amortisation expense
Land and buildings 
1,978
1,655
Plant and equipment
(including right of use of assets)
45,783
48,815
Computer equipment 
795
5,004
48,556
55,474
NOTE 8.
ADMINISTRATIVE EXPENSES
2024
$’000
2023
$’000
Salaries
3,055
3,600
Consultancy Fee
1,669
1,444
Others
951
9
5,675
5,053
NOTE 9.
OTHER INCOME (EXPENSE)
2024
$’000
2023
$’000
Income from sale of royalty tenements
- 
8,000 
Rent Income
235 
191 
Other (expense) income 
(196)
440 
Gain (Loss) on the disposal of property, 
plant and equipment and mine 
properties and de-velopment
40 
(3,558)
Loss on derecognition of right of use 
of assets
- 
(810)
Provision for rehabilitation - change in 
estimate
78 
(393)
157 
3,870 
NOTE 10.
FINANCE INCOME
2024
$’000
2023
$’000
Interest income received or receivable
17,335 
14,638 
Exchange gains on foreign currency 
deposit
5,928 
1,277 
23,263 
15,915 
NOTE 11.
FINANCE EXPENSES
2024
$’000
2023
$’000
Provisions: unwinding of discounts
- Decommissioning and Restorations
3,088
2,981
Interest charges on lease liabilities
72
160
Other interest charges
139
912
Loss on ﬁ nancial instruments
19
68
3,318
4,121
NOTE 12.
INCOME TAX EXPENSE
2024
$’000
2023
$’000
(a)   Income tax expense 
Current tax
14,239
35,230
Tax refund on prior years tax return 
amendments
(3,464)
-
Adjustment to tax of prior period 
(3,756)
248
Tax refund receivable on North Pit 
Underground Decline 
-
(6,812)
Total current tax expense
7,019
28,666
Deferred income tax
Increase in net deferred tax liability
15,464
36,422
Movements in unrecognised 
deferred tax
(28)
(97)
Total deferred tax expense
15,436
36,325
Total income tax expense
22,455
64,991
(b)   Numerical reconciliation of  
         income tax expense to prima 
         facie tax payable
Proﬁ t from continuing operations 
before income tax expense
81,004
215,095
Tax expense at the Australian tax 
rate of 30% (2023: 30%)
24,301
64,528
Tax effect of amounts which 
are not deductible (taxable) in 
calculating taxable in-come:
Sundry Items
(57)
312
Environmental protection and 
repair and maintenance projects 
claimed in the prior year income 
tax return
1,995
-
26,239
64,840
Movement in unrecognised 
deferred tax assets relating to 
temporary differences
(28)
(97)
Adjustment to tax of prior period
(3,756)
248
(3,784)
151
Total income tax expense
22,455
64,991
56
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5.
SEGMENT INFORMATION
(A) DESCRIPTION OF SEGMENTS 
Operating segments are determined based on the reports reviewed 
by the Chief Executive Ofﬁ cer, who is the Group’s chief operating 
decision maker in terms of allocating resources and assessing 
performance. 
The Group has one reportable segment, being the exploration, 
evaluation and development of mineral resources and iron ore 
mining operations. The Chief Executive Ofﬁ cer allocates resources 
and assesses performance, in terms of revenues earned, expenses 
incurred and assets employed, on a consolidated basis in a manner 
consistent with that of the measurement and presentation in the 
ﬁ nancial statements.
Exploration, evaluation and development projects (including the 
Southdown project) are not deemed reportable operating segments 
at this time as the ﬁ nancial performance of these operations is not 
separately included in the reports provided to the Chief Executive 
Ofﬁ cer. These projects may become segments in the future. 
Ore Mining
2024
$’000
2023
$’000
Revenue from external customers
520,805
614,744
Timing of Revenue Recognition
   At a point in time - pellets
463,363
562,416
   Over time - freight
57,442
52,328
The following table presents revenues from sales of iron ore based on 
the geographical location of the port of discharge.
Segment revenues from sale to
external customers
2024
$’000
2023
$’000
Ore Mining
  Australia
47,360
36,078
  China
141,582
261,251
  South Korea
264,611
257,940
  Indonesia
67,234
59,695
  New Zealand
18
-
  Malaysia
-
1,199
  Turkey
-
(1,419)
Total Revenue
520,805
614,744
Sales of iron ore products to Jiangsu Shagang International Trade Co., 
Ltd, a wholly owned subsidiary of Jiangsu Shagang Group, under long-
term off-take agreements (shipment to China) amounted to $145.13 
million / 27.87% of mining revenue (2023: $220.3 million / 35.8%).
Segment assets and capital are allocated based on where the assets 
are located. The consolidated assets of the Group were predominately 
located in Australia as at 31 December 2024 and 31 December 2023. 
The total costs incurred during the current and comparative periods 
to acquire segment assets were also predominately incurred in 
Australia. 
NOTE 6.
REVENUE FROM OPERATIONS
2024
$’000
2023
$’000
Revenue from 
Contracts with 
Customers
Other Revenue/ 
(Loss)
Total Revenues
Revenue from 
Con-tracts with 
Customers
Other Revenue/ 
(Loss)
Total Revenues
From mining operations
Sales of iron ore
522,521
(1,716)
520,805
603,759
10,985
614,744
Revenue from contracts with provisional pricing is recognised based 
on the estimated forward prices, where available, which the Group 
expects to receive at the end of the quotation period. Where an 
estimated forward price is not available, spot prices are applied as 
management’s best estimate of the provisional prices. The quotation 
period exposure is considered to be an embedded derivative and 
forms part of trade receivables. The subsequent changes in the fair 
value were recognised in the statement of proﬁ t or loss and other 
comprehensive income as other revenue (loss). Changes in fair value 
over, and until the end of the quotation period, are estimated by 
reference to updated forward market prices.

59
GRANGE RESOURCES ANNUAL REPORT 2024
NOTE 17.
PROPERTY, PLANT AND EQUIPMENT
Land and 
Building
$’000
Plant and 
Equipment
$’000
Computer 
Equipment
$’000
Assets Under 
Construction
$’000
Total
$’000
At 1 January 2024
Cost
68,804
528,880
15,879
46,812
660,375
Accumulated depreciation and impairment
(35,613)
(362,393)
(13,894)
-
(411,900)
Net book amount
33,191
166,487
1,985
46,812
248,475
Year ended 31 December 2024
Opening net book amount
33,191
166,487
1,985
46,812
248,475
Additions
-
-
-
86,827
86,827
Disposal- net book value
(41)
(15)
(16)
-
(72)
Depreciation charge
(2,029)
(44,120)
(797)
-
(46,946)
Impairment
-
-
-
-
-
Transfer from assets under construction
5,929
43,518
223
(49,670)
-
Transfer to mine properties and development
-
-
-
(434)
(434)
Other transfers
-
-
-
(307)
(307)
Closing net book amount
37,050
165,870
1,395
83,228
287,543
At 31 December 2024
Cost
74,690
568,195
14,883
83,228
740,996
Accumulated depreciation and Impairment
(37,640)
(402,325)
(13,488)
-
(453,453)
Net book amount
37,050
165,870
1,395
83,228
287,543
Land and 
Building
$’000
Plant and 
Equipment
$’000
Computer 
Equipment
$’000
Assets Under 
Construction
$’000
Total
$’000
At 1 January 2023
Cost 
50,584
406,836
10,056
104,081
571,557
Accumulated depreciation and impairment
(33,948)
(330,425)
(9,355)
-
(373,728)
Net book amount
16,636
76,411
701
104,081
197,829
Year ended 31 December 2023
Opening net book amount
16,636
76,411
701
104,081
197,829
Additions
-
-
-
91,510
91,510
Acquisition of remaining interest in Southdown 
(note 33)
15,737
2
1
-
15,740
Disposal - net book value
-
(12)
-
-
(12)
Depreciation charge
(1,656)
(47,080)
(5,007)
-
(53,743)
Transfer from assets under construction
2,474
137,166
6,290
(145,930)
-
Transfer to MP&D
-
-
-
(356)
(356)
Other transfers
-
-
-
(2,493)
(2,493)
Closing net book amount 
33,191
166,487
1,985
46,812
248,475
At 31 December 2023
Cost
68,804
528,880
15,879
46,812
660,375
Accumulated depreciation and impairment
(35,613)
(362,393)
(13,894)
-
(411,900)
Net book amount
33,191
166,487
1,985
46,812
248,475
58
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2024
$’000
2023
$’000
(c)   Taxation Losses 
Unused taxation losses for which 
no deferred tax asset has been 
recognised
1,069
5,429
Potential tax beneﬁ t @ 30% 
321
1,629
NOTE 13.
CASH AND CASH EQUIVALENTS
2024
$’000
2023
$’000
Cash at bank and in hand
22,221
3,303
Short-term deposits
49,228
106,403
Cash and Cash Equivalents
71,449
109,706
Cash and cash equivalents as per 
consolidated statement of cash ﬂ ows
71,449
109,706
Total cash is held in trading accounts or term deposits with major 
ﬁ nancial institutions under normal terms and conditions appropriate 
to the operation of the accounts. These deposits earn interest at 
rates set by these institutions. As at 31 December 2024 the weighted 
average interest rate on the Australian dollar accounts was 5.22% (31 
December 2023: 5.17%) and the weighted average interest rate on the 
United States dollar accounts was 6.79% (31 December 2023: 8.15%).
(A)  RISK EXPOSURE 
The Group’s exposure to interest rate risk is discussed in note 3. The 
maximum exposure to credit risk at the reporting date is the carrying 
amount of each class of cash and cash equivalents mentioned above. 
NOTE 14.
TRADE AND OTHER RECEIVABLES
2024
$’000
2023
$’000
Trade receivables 
752
57,729
Security deposits
323
323
Other receivables
12,529
14,895
Prepayments 
628
1,665
14,232
74,612
Trade receivables include provisionally priced receivables relating to 
sales contracts where the selling price is determined after delivery to 
the customers, based on the market price at the relevant quotation 
point stipulated in the contract (note 6 – Revenue from Operations). 
The quotation period exposure is considered to be an embedded 
derivative and not separated from the entire balance. The entire 
balance is accounted for as one instrument and measured at fair 
value.  
Trade receivables - embedded derivative due to quotation period 
exposure is considered as level 2 in fair value hierarchy (note 3)
Security deposits comprise restricted deposits that are used for 
monetary backing for performance guarantees. 
(A) IMPAIRED TRADE RECEIVABLES 
Information regarding the impairment of trade and other receivables 
is provided in note 3.
(B) FOREIGN EXCHANGE AND INTEREST RATE RISK 
Information about the Group’s exposure to foreign currency risk and 
interest rate risk in relation to trade and other receivables is provided 
in note 3.  
(C) FAIR VALUE AND CREDIT RISK 
Due to the short-term nature of these receivables, their carrying 
amount is assumed to be their fair value. The maximum exposure to 
credit risk at the end of the reporting period is the carrying amount 
of each class of receivables mentioned above. Refer to note 3 for 
more information on the credit quality of the Group’s trade and other 
receivables.
NOTE 15.
INVENTORIES
2024
$’000
2023
$’000
Stores and spares
57,617
59,504
Ore stockpiles 
118,473
84,528
Work in progress 
11,483
11,591
Finished goods (at lower of cost and 
net realisable value)
38,145
24,193
225,718
179,816
Ore stockpiles, work in progress, ﬁ nished goods and stores and spares 
are valued at the lower of weighted average cost and estimated net 
realisable value. A credit of $47.79 million in 2024 and a credit of $5.06 
million in 2023 were recognised for the movements in stockpiles 
(note 7). 
NOTE 16.
RECEIVABLES
2024
$’000
2023
$’000
Security deposits
10,153
10,009
Non-current security deposits consist of restricted deposits that are 
used for monetary backing for performance guarantees.  
(A) RISK EXPOSURE 
Information about the Group’s exposure to credit risk, foreign 
exchange risk and interest rate risk in relation to security deposits 
is provided in note 3. The maximum exposure to credit risk at the 
reporting date is the carrying amount of each class of receivables 
mentioned above.   

61
GRANGE RESOURCES ANNUAL REPORT 2024
The following amounts reﬂ ect leave that is not expected to be taken 
or paid within the next 12 months.
2024
$’000
2023
$’000
Current leave obligations expected to 
be settled after 12 months
10,703 
9,581 
Movements in provision for decommissioning and restoration 
(current) are set out below
2024
$’000
2023
$’000
Balance at beginning of year
3,130
1,323
Payments
(152)
(342)
Transfers from non-current provisions
(1,953)
2,149
Balance at the end of the year
1,025
3,130
Provisions (Non-Current)
2024
$’000
2023
$’000
Leave obligations
3,335
2,864
Employee beneﬁ ts
141
98
Decommissioning and restoration
97,430
77,764
100,906
80,726
Movements in provision for decommissioning and restoration are set 
out below
2024
$’000
2023
$’000
Balance at beginning of the year 
77,764
77,586
Change in estimate
15,119
1,068
Unwinding of discount 
3,088
2,981
Transfers to current provisions 
1,953
(2,149)
Rehabilitation work completed
(494)
(1,722)
97,430
77,764
The main component of the provision for decommissioning and 
restoration costs is for the Group’s obligation to rehabilitate the 
Savage River and Port Latta sites for the disturbance caused by its 
operations. The rehabilitation provision also includes an obligation 
under the Tasmanian Goldamere Pty Ltd Act 1996 to repay the 
Tasmanian Government for part of the purchase of the mine through 
expenditure on remediation.
NOTE 22.
DEFERRED TAX ASSETS (LIABILITIES)
2024
$’000
2023
$’000
The balance comprises temporary 
differences attributable to:
Deferred Tax Assets
Property, plant and equipment 
7,010 
15,150 
Decommissioning and restoration 
27,671 
22,396 
Employee beneﬁ ts
8,019 
7,617 
Trade receivables
53 
56 
Trade payable
18 
14 
Total deferred tax assets
42,771 
45,233 
Deferred tax liabilities
Mine properties and development
(103,064)
(91,013)
Foreign exchange
(992)
(270)
Inventory
(7,116)
(6,838)
Derivatives
(999)
(1,048)
Prepayments
(2)
(2)
Total deferred tax liabilities
(112,173)
(99,171)
Total net deferred tax assets
(liabilities)
(69,402)
(53,938)
 NOTE 23.
GOVERNMENT GRANTS
During the year the Group received government grants of $1.55m for 
the underground mining and decarbonisation projects and there are 
no unfulﬁ lled conditions or contingencies attached to these grants.
These grants will be recognised as an income in equal amounts 
over the expected useful life of the related assets. During the 
year, no amount was released to the consolidated statement of 
comprehensive income.
NOTE 24.
SHARE-BASED PAYMENT
Grange Resources Limited (Parent Company) granted performance 
rights in three tranches and to be settled by issuance of shares to key 
management personnel. Each right is entitled to one equity share 
with a vesting date of 31 December 2024, 31 December 2025 and 31 
December 2026.
Tranche 1 requires a total share return (TSR) hurdle while Tranche 2 and 
Tranche 3 requires a series of non-market-based business objectives. 
The fair value at grant date for tranche 1 is estimated using a Monte 
Carlo model, adjusted to take account of the Shareholder Return 
(“TSR”) target required for the Performance Rights to vest while for 
tranche 2 and 3 using a Black-Scholes option pricing. The fair value at 
the grant date was estimated using the following assumptions: 
2024 Performance Rights
Tranche 1
Tranche 2
Tranche 3
Grant Date
11 June 2024 / 
15 July 2024
11 June 2024 / 
15 July 2024
11 June 2024 / 
15 July 2024
The life of performance rights (years)
2.6
2.6
2.6
Share price at grant dates
$0.345
$0.345
$0.345
Expected volatility
60%
60%
60%
Dividend yield
5.8%
5.8%
5.8%
Risk free interest rates
4%
4%
4%
TSR at measurement dates (tranche 1 only relative to index)
-21.5%
N/A
N/A
The assessed fair value at grant date of options granted in 2024
$0.166
$0.299
$0.299
60
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 18.
RIGHT-OF-USE ASSETS
This note provides information for leases where the Group is a lessee. 
(I) AMOUNTS RECOGNISED IN THE BALANCE SHEET 
The balance sheet shows the following amounts relating to leases: 
2024
$’000
2023
$’000
Right-of-use assets
Land and buildings
44
117
Plant and equipment
1,219
1,979
Total right-of-use assets
1,263
2,096
Lease liabilities
Current 
1,266
1,442
Non-current 
57
773
Total lease liabilities 
1,323
2,215
Additions to the right-of-use assets during the 2024 were $.90 million 
(2023 - nil).
The total cash outﬂ ow from repayment of leases in 2024 excluding 
interest repayment was $1.80 million (2023 - $2.04 million).
(II) AMOUNTS RECOGNISED IN THE STATEMENT OF
PROFIT OR LOSS 
The statement of proﬁ t or loss shows the following amounts relating to 
leases:  
2024
$’000
2023
$’000
Depreciation charge of right of use 
assets
Land and buildings 
(73)
(73)
Plant and equipment 
(1,663)
(1,736)
(1,736)
(1,809)
Interest expense (included in ﬁ nance 
cost)
72
160
Expense relating to short-term leases 
(included in cost of sales)
294
302
NOTE 19.
MINE PROPERTIES AND DEVELOPMENT
2024
$’000
2023
$’000
Mine properties and development
(at cost) 
674,761
659,205
Accumulated amortisation and 
impairment 
(520,220)
(508,902)
Net book amount
154,541
150,303
Deferred stripping costs
(net book amount)
306,490
292,735
Total mine properties and
developments
461,031
443,038
Movements in mine properties and development are set out below:
2024
$’000
2023
$’000
Mine properties and development
Opening net book amount
150,303
163,108
Current year expenditure capitalised
434
356
Change in rehabilitation estimate
22,298
39
Change in discount rate
(7,176)
(178)
Amortisation Expense
(11,318)
(9,414)
Transfer to PPE
-
(61)
Disposal 
-
(3,547)
Closing net book amount
154,541
150,303
Deferred stripping costs
Opening net book amount
292,735
197,844
Current year expenditure capitalised
113,266
152,223
Amortisation expense
(99,511)
(57,332)
Closing net book amount
306,490
292,735
NOTE 20.
TRADE AND OTHER PAYABLES
2024
$’000
2023
$’000
Trade payables
38,027 
38,249 
Contract Liabilities
2,662 
2,662 
Tax payable
- 
6,224 
Other payables
1,909 
3,245 
42,598 
50,380 
(A) RISK EXPOSURE  
Trade payables are non-interest bearing and are normally settled 
on repayment terms between 7 and 30 days. Information about the 
Group’s exposure to foreign exchange risk is provided in note 3.  
NOTE 21.
PROVISIONS
Provisions (Current)
2024
$’000
2023
$’000
Leave Obligations
20,472
19,131
Employee beneﬁ ts
2,783
3,299
Decommissioning and restoration
1,025
3,130
24,280
25,560
The leave obligations cover the Group’s liabilities for long service leave 
and annual leave which are classiﬁ ed as either current or non-current 
beneﬁ ts. The current portion of this liability includes all of the accrued 
annual leave, the unconditional entitlements to long service leave 
where employees have completed the required period of service 
and also for those employees that are entitled to pro-rata payments 
in certain circumstances. The entire amount of the provision of $20.5 
million (2023: $19.1 million) is presented as current, since the Group 
does not have an unconditional right to defer settlement for any of 
these obligations. However, based on past experience, the Group 
does not expect all employees to take the full amount of accrued 
leave or require payment within the next 12 months. 

63
GRANGE RESOURCES ANNUAL REPORT 2024
The key assumptions which are used by the Directors in determining 
the recoverable amount for the Group’s Savage River CGU were in 
the following ranges:
Assumptions
2025
as at 31 
December 
2024
2026 - 2030
Long Term 
2031+
Iron ore pellets (FOB 
Port Latta) (US$ per 
DMT)
US$119
US$115 - 
US$124
US$126 - 
US$139
AUD:USD exchange 
rate
$0.6350
$0.6700 - 
$.6900
$0.6900
Capital expenditures
$95.5 million
$1.1 billion
$162.9 million
Post-tax nominal 
discount rate
10.5%
Proven ore reserves 
in accordance with 
JORC 2012
34.7 million 
tonnes
Probable ore reserves 
in accordance with 
JORC 2012
74.5 million 
tonnes
Management has determined each of the above key assumptions as 
follows:
Commodity prices and foreign exchange rates
Commodity prices and foreign exchange rates are estimated with 
reference to analysis performed by an external party and are updated 
at least once every six months, in-line with the Group’s reporting 
dates. The iron ore pellet price assumptions are based market indices 
adjusted for premiums supported by sales arrangements achieved by 
the Group, net of freight.
Operating performance
(production, operating costs and capital costs) 
The Company completed the Deﬁ nitive Feasibility Study (DFS) for 
underground mining below North Pit and its integration with the 
Company’s current open-cut mine. The ﬁ ndings of the DFS were 
integrated with the transition from open-cut mining to demonstrate 
the effective implementation of the underground project alongside 
the current operation (see market release dated 28 February 2024).
Life of mine production, operating cost and capital cost assumptions 
are based on the Group’s most recent life of mine plan approved by 
the Board. The underground mine will transition the current North Pit 
open cut mining to an underground block cave and sub-level cave 
mine over the next 5 years. The transition to underground mining 
has been integrated with the current open cut mining operations. 
The Company is also evaluating an extension of the Centre Pit mine 
plan as an alternative feed source to complement the North Pit 
Underground Development. Pursuing parallel development of the 
Centre Pit is expected to de-risk the broader Savage River Operations 
and enhance operational ﬂ exibility.
The Company has appointed a leading independent ﬁ nance advisory 
group as ﬁ nancial adviser to assist in arranging an attractive and 
ﬂ exible funding package for the development of the Company’s 
100%-owned North Pit Underground Project. 
While the Group acknowledges that factors such as future changes 
to the regulatory framework in response to climate change could 
impact future recoverability, these factors have not been included 
in our assumptions. While the Group acknowledges that the world 
is moving to a low-carbon future and it must address the risks and 
opportunities that climate change may bring, the Group has not 
identiﬁ ed any immediate ﬁ nancial impacts of climate change risk in 
the short term. 
 
Climate-related matters
The Group constantly monitors the latest government legislation in 
relation to climate-related matters. At the current time, no legislation 
has been passed that will impact the Group. The Group will adjust 
the key assumptions used in fair value calculations and sensitivity to 
changes in assumptions should a change be required. 
Discount rate  
To determine the recoverable amount, the estimated future cash 
ﬂ ows have been discounted to their present value using a post-tax 
real discount rate that reﬂ ects a current market assessment of the 
time value of money and risks speciﬁ c to the asset.
(iii) Impacts 
The Group has conducted a carrying value analysis and has not 
identiﬁ ed impairment to its net assets carrying value as at 31 
December 2024.
(iv) Sensitivity Analysis
Increase in discount rates or changes in other key assumptions, such 
decrease iron ore pellet price, increase AUD:USD exchange rate or 
increase the operating costs may cause the recoverable amount to 
fall below carrying value.
The below sensitivities indicate the degree to actual outcomes would 
need to vary from management estimates for the recoverable amount 
of the mining properties to equal its carrying value.
• 
Iron ore pellet price decrease by $0.6 per dmt
• 
The exchange rate (USD/AUD) increased by $0.003
• 
The operating costs increase by 0.7%
• 
13 basis point increase in discount rate
Due to the interrelated nature of the assumptions, movements in any 
one variable can have an indirect impact on others and individual 
variables rarely change in isolation. Additionally, management can be 
expected to respond to some movements to mitigate downsides and 
take advantage of upsides, as circumstances allow. 
NOTE 28.
DIVIDENDS
2024
$’000
2023
$’000
Fully franked interim dividend for half 
year ended 30 June 2024 - 5.0 cents 
per share
5,787
-
Fully franked ﬁ nal dividend for the year 
ended 31 December 2023 - 2.0 cents 
per share
23,147
-
Fully franked ﬁ nal dividend for the year 
ended 31 December 2022 - 2.0 cents 
per share
-
23,147
28,934
23,147
31 December
2024
$’000
31 December
2023
$’000
Franking credits available for subsequent reporting periods
Based on a tax rate of 30%
(2023 - 30%)
102,481
103,818
The above amounts are calculated from the balance of the franking 
account as at the end of the reporting period, adjusted for franking 
credits and debits that will arise from the settlement of liabilities or 
receivables for income tax and dividends after the end of the year.
62
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 25.
CONTRIBUTED EQUITY
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the 
proceeds of winding up of the Company in proportion to the number 
of and amounts paid on the shares held. Ordinary shares entitle their 
holder to one vote per share, either in person or by proxy, at a meeting 
of the Company. Ordinary shares have no par value and the Company 
does not have a limited amount of authorised share capital. 
Number of 
Shares
$’000
Balance at 1 Jan 2024 / 31 Dec 2024
1,157,338,698
331,513
NOTE 26.
RETAINED EARNINGS
Retained earnings attributable to owners of Grange Resources
2024
$’000
2023
$’000
Movements in retained earnings 
were as follows
Balance at the beginning of the year
701,790
574,833
Proﬁ t for the year
58,549
150,104
Dividends paid
(28,934)
(23,147)
Balance at the end of the year
731,405
701,790
NOTE 27.
IMPAIRMENT OF NON-CURRENT ASSETS
At each reporting date, the Group assesses whether there is any 
indication that an asset should be impaired. The Group considers 
the relationship between its market capitalisation and its book value, 
among other factors, when reviewing for indicators of impairment. 
As at 31 December 2024, the market capitalisation of the Group was 
below the book value of its net assets and the iron ore price prices 
decreased since the end of 2024 indicating a potential trigger for 
impairment of assets.
Impairment Testing
(i) Methodology  
The recoverable amount of each CGU has been estimated using a 
fair value less costs of disposal basis. The costs of disposal have been 
estimated by management based on prevailing market conditions. 
The fair value assessment is categorised within level 3 in the fair value 
hierarchy. An impairment loss is recognised for a CGU when the 
recoverable amount is less than the carrying amount.
Fair value is estimated based on the net present value of estimated 
future cash ﬂ ows for a CGU. Future cash ﬂ ows are based on a number 
of assumptions, including commodity price expectations, foreign 
exchange rates, reserves and resources and expectations regarding 
future operating performance and capital requirements which are 
subject to risk and uncertainty. An adverse change in one or more of 
the assumptions used to estimate fair value could result in a reduction 
of the CGU’s fair value.
Estimates of future commodity prices are based on the Group’s best 
estimate of future market prices with reference to external market 
analysts’ forecasts. Management has reﬁ ned the pricing methodology 
to rely on blended pricing of two experts’ price forecasts in 65% Fe 
Fines to ensure a balanced and reasonable outlook on commodity 
prices.
(ii) Key assumptions
The impairment model has been developed based on the assumption 
that project investment will commence in early 2026, with the initial 
extraction of underground ore anticipated between late 2028 and 
mid-2029.
2023 Performance Rights
Tranche 1
Tranche 2
Tranche 3
Grant Date
19 December 2023
19 December 2023
19 December 2023
The life of performance rights (years)
2
2
2
Share price at grant dates
$0.435
$0.435
$0.435
Expected volatility
60%
60%
60%
Dividend yield
9.2%
9.2%
9.2%
Risk free interest rates
3.8%
3.8%
3.8%
TSR at measurement dates (tranche 1 only relative to in-dex)
-46.2%
N/A
N/A
The assessed fair value at grant date of options granted in 2023
$0.091
$0.364
$0.364
The fair values of the performance rights at grant date are expensed over the vesting period taking into account the vesting probability. The 
Group has recognised employee beneﬁ ts expense of $.32 million (2023: $.24 million).
Movements of share-based payment rights during the year:
2024
2023
As at 1 January
2,030,090
295,729
Granted during the year
1,795,587
1,734,361
Forfeited during the year
(567,721)
-
Vested during the year
(142,057)
-
Balance end of the year (Unvested)
3,115,899
2,030,090
Balance end of the year (Vested)
142,057
-
As at 31 December
3,257,956
2,030,090

65
GRANGE RESOURCES ANNUAL REPORT 2024
Amounts outstanding under the long term off-take agreement with 
Shagang are unsecured whereas amounts outstanding in respect 
of spot sales are secured against an irrevocable letter of credit. All 
outstanding balances will be settled in cash. The credit balance of the 
receivables in the current year represents the ﬁ nal price adjustments 
due to the quotation periods and ﬁ nal discharge port results. 
There is no allowance account for impaired receivables in relation to 
any outstanding balances with related parties, and no expense has 
been recognised during the year in respect of impaired receivables 
due from related parties (2023: Nil).
Long term off-take agreement
Grange Resources (Tasmania) Pty Ltd (Grange Tasmania) is party 
to a long term off-take agreement (Pellets and Chips) with Jiangsu 
Shagang International Trade Co. Ltd (Shagang), a wholly owned 
subsidiary of Jiangsu Shagang Group Co. Ltd, who, as at 28 February 
2025, holds 47.93% (28 February 2024: 47.93%) of the issued ordinary 
shares of Grange. 
Pellets
The key terms of the agreement with Shagang, as advised to the ASX 
on 23 April 2021, are as follows:
(i) The sale of 1 million dry metric tonnes of iron ore pellets per 
annum until 20321
(ii) The price for the iron ore pellets will be based on a price index 
used by other market participants as agreed by the parties having 
regard to: 
 
a) seaborne iron ore supply and demand conditions
 
b) available published price benchmarks for iron ore; and
 
c) product quality differentials.
Transactions between Shagang and Grange must be approved by 
non-associated shareholders of Grange, or approved by the Grange 
independent directors.
1The contract was amended to 0.6 million tonnes with the remaining 0.4 million tonnes 
assigned to another buyer for a period of 3 years commencing 1 April 2024. 
NOTE 32.
SUBSIDIARIES
The consolidated ﬁ nancial statements incorporate the assets, 
liabilities and results of the following subsidiaries in accordance with 
the accounting policy described in note 1.
Percentage of equity 
interest held by the Group
Name
2024
%
2023
%
Ever Green Resources Co., Limited(1)
100
100
Grange Tasmania Holdings Pty Ltd(2)
-
100
Beviron Pty Ltd(2)
-
100
Grange Resources (Tasmania) Pty Ltd
100
100
Grange Capital Pty Ltd
100
100
Grange Administrative Services Pty Ltd 
100
100
Barrack Mines Pty Ltd
100
100
Bamine Pty Ltd
100
100
BML Holdings Pty Ltd
100
100
Horseshoe Gold Mine Pty Ltd
100
100
Grange Resources (Southdown) Pty Ltd 
100
100
Southdown Project Management Pty Ltd
100
100
Grange Resources Investments Pty Ltd 
100
100
(1) Ever Green Resources Co., Limited is incorporated in Hong Kong, and registered as a 
foreign company under the Corporations Act 2001. It is currently progressing through 
the process of deregistration.
(2) Beviron Pty Ltd and Grange Tasmania Holding Pty Ltd were deregistered in 2024.
NOTE 33.
INTEREST IN JOINT OPERATIONS
% Interest
Name of Joint Operation
2024
2023
Reward - Copper / Gold
31.15
31.15
Highway – Copper
30.00
30.00
Reward Deeps / Conviction - Copper
30.00
30.00
Mt Windsor Exploration - Gold / Base 
Metals 
30.00
30.00
Durack / Wembley – Exploration Gold    
15.00
15.00
The joint operations are not separate legal entities. They are contractual 
arrangements between the participants for the sharing of costs and 
output and do not in themselves generate revenue and proﬁ t.
Mt Windsor Exploration is a joint venture between BML Holdings 
Pty Limited, a subsidiary of Grange Resources Limited, and Thalanga 
Copper Mines Pty Ltd. The joint venture was engaged in ore mining 
and is now being rehabilitated for future lease relinquishment. The 
principal place of business of the joint venture is at Norton Rose 
Fullbright, Level 6, 60 Martin Place, Sydney, New South Wales, 2000.
The Southdown Magnetite Project, situated 90km from the city 
of Albany in Western Australia, is an advanced project with over 1.2 
billion tonnes of high quality resource and access to established 
infrastructure. Progress of the deﬁ nitive feasibility study on a 5 Mtpa 
development case is under review. In 2023, the Company completed 
the reacquisition of 30% interest in the Project. Grange Resources 
Limited now holds 100 per cent ownership in the Project. The 
reacquisition was as an acquisition of asset and the consideration 
paid of $15.1 million and transfer duty $0.8 million of were allocated to 
identiﬁ able assets and liabilities as follows:
2023
$’000
Property, plant and equipment
15,740
Other assets
139
Liabilities
(16)
Total acquisition costs
15,863
NOTE 34.
RECONCILIATION OF PROFIT AFTER 
INCOME TAX TO NET CASH INFLOW FROM 
OPERATING ACTIVITIES
2024
$’000
2023
$’000
Proﬁ t for the year
58,549
150,104
Unwinding of discount
3,088
2,981
Depreciation and amortisation
48,683
55,552
Mine properties and development 
amortisation
110,829
66,746
Other non-cash income
(404)
(145)
Interest expense
75
815
Proceeds from sale of property, plant 
and equipment
(112)
(11)
Loss on disposal of property plant and 
equipment
72
3,558
Loss on derecognition of right of use 
assets
-
810
Loss on ﬁ nancial instruments
19
68
Net unrealised foreign exchange gain
(5,928)
(1,274)
Change in operating assets and liabilities
(Increase) decrease in trade and other 
receivables
61,009
(16,191)
64
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 29.
REMUNERATION OF AUDITORS
During the period the following fees were paid or payable for services 
provided by the auditor of the parent entity, its related practices and 
non-related audit ﬁ rms.
2024
$
2023
$
Assurance Services
PwC Australia
Audit and review of ﬁ nancial reports
294,450
267,950
Other assurance services
96,500
11,000
Network ﬁ rms of PwC Australia
-
22,786
390,950
301,736
Non-Assurance Services
PwC Australia
Taxation compliance services
-
18,797
Total remuneration paid
390,950
320,533
NOTE 30.
COMMITMENTS AND CONTINGENCIES
(A)  TENEMENT EXPENDITURE COMMITMENTS
In order to maintain the mining and exploration tenements in which the 
Group is involved, the Group is committed to meet conditions under 
which the tenements were granted. If the Group continues to hold 
those tenements, the minimum expenditure requirements (including 
interests in joint venture arrangements) will be approximately:
2024
$’000
2023
$’000
Within one year
459
514
After one year but not later than 5 years
1,646
1,671
Later than 5 years
1,287
1,696
3,392
3,881
(B) CAPITAL EXPENDITURE COMMITMENTS
Capital expenditure obligations at the end of the reporting period but 
not recognised as liabilities are as follows:
2024
$’000
2023
$’000
Within one year
8,367
9,642
(C) BANK GUARANTEES
Bank guarantees have been provided on the Group’s behalf to secure, 
on demand by the Minister for Mines and Energy for the State of 
Queensland, any sum to a maximum aggregate amount of $2,012,963 
(2023: $2,012,963), in relation to the rehabilitation of the Highway 
Reward project.
A Bank guarantee has been provided by Grange Resources (Tasmania) 
Pty Ltd, held by the Tasmanian Government, as required under 
Environmental Management and Pollution Control Act 1994 (EMPCA) 
for the amount of $3,412,151 (2023: $3,268.311).
A Bank guarantee has been provided by Grange Resources 
(Tasmania) Pty Ltd, held by the National Australia Bank, as required 
under the Goldamere Agreement and applicable Deeds of Variation, 
for the amount of $2,800,000 (2023: $2,800,000). This amount is a 
guarantee against the purchase price outstanding with the Tasmanian 
government as speciﬁ ed in the Goldamere Agreement. 
 
A Bank guarantee has been provided by Grange Resources Limited, 
held by the National Australia Bank, as required under the Capacity 
Auction Agreement governed by the Australian Energy Market 
Operator Limited (AEMO) for the amount of $1,000,000 (2023: 
$1,000,000).
A Bank guarantee has been provided by Grange Resources Limited 
for the lease of ofﬁ ce in Perth, Western Australia for $39,182 (2023: 
$39,182).
No material losses are anticipated in respect to the above bank 
guarantees and the rehabilitation provisions include these amounts. 
(D) CONTINGENT ASSETS AND LIABILITIES
The Group did not have any material contingent assets or liabilities at 
the Balance Sheet Date.
NOTE 31.
RELATED PARTY TRANSACTIONS
(A) ULTIMATE PARENT
Grange Resources Limited (Grange) is the ultimate Australian parent 
company. 
(B) SUBSIDIARIES
Interests in subsidiaries are set out in note 32.
(C) KEY MANAGEMENT PERSONNEL COMPENSATION
2024
$
2023
$
Short term employee beneﬁ ts 
2,446,487
2,038,303
Post-employment beneﬁ ts
203,616
171,255
Long-term beneﬁ ts
(59,293)
(58,151)
Long-term incentives
47,278
75,588
Share-based payments
320,086
242,202
2,958,174
2,469,197
(D) TRANSACTIONS WITH RELATED PARTIES
During the year the following transactions occurred with related 
parties:
2024
$
2023
$
 Sales of iron ore products
145,130,239
220,269,938
Sales of iron ore products to Jiangsu Shagang International Trade 
Co., Ltd, a wholly owned subsidiary of Jiangsu Shagang Group, under 
long-term off-take agreements.  
During the year, 700,873 dry metric tonnes of iron ore products 
were sold to Shagang in accordance with the terms of the long term 
off-take agreements (2024 Contract Year (1 April 2023 to 31 March 
2024): 950,240) (2023 Contract Year (1 April 2022 to 31 March 2023): 
1,027,521).
(E) OUTSTANDING BALANCES ARISING FROM TRANSACTIONS 
WITH RELATED PARTIES
The following balances are outstanding at the end of the reporting 
period in relation to transactions with related parties:
2024
$
2023
$
Trade receivables (payables)
(sales of iron ore products)
 Pellets
(414,256)
7,769,554

67
GRANGE RESOURCES ANNUAL REPORT 2024
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
Name of entity
Type of entity
Trustee, 
partner or 
participant 
in JV
Country of 
Incorporation
% of share 
capital
Australian 
resident 
or foreign 
resident
Foreign 
resident 
Jurisdiction
Grange Resources Limited
Body corporate
Australia
-
Australian
n/a
Grange Resources (Tasmania) Pty Ltd
Body corporate
Australia
100.00% 
Australian
n/a
Grange Capital Pty Ltd
Body corporate
Australia
100.00% 
Australian
n/a
Grange Administrative Services Pty Ltd
Body corporate
Australia
100.00% 
Australian
n/a
Barrack Mines Pty Ltd
Body corporate
Australia
100.00% 
Australian
n/a
Bamine Pty Ltd
Body corporate
Australia
100.00% 
Australian
n/a
BML Holdings Pty Ltd
Body corporate
JV Partner
Australia
100.00% 
Australian
n/a
Horseshoe Gold Mine Pty Ltd
Body corporate
Australia
100.00% 
Australian
n/a
Grange Resources (Southdown) Pty Ltd
Body corporate
Australia
100.00% 
Australian
n/a
Southdown Project Management Pty Ltd
Body corporate
Australia
100.00% 
Australian
n/a
Grange Resources Investments Pty Ltd
Body corporate
Australia
100.00% 
Australian
n/a
Ever Green Resources Co. Limited
Body corporate
Hong Kong
100.00% 
Foreign
Hong Kong
DIRECTORS’ DECLARATION
In the directors’ opinion:
 
• 
the attached ﬁ nancial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 
2001 and other mandatory professional reporting requirements;
 
• 
the attached ﬁ nancial statements and notes comply with International Financial Reporting Standards as issued by the International 
Accounting Standards Board as described in note 1 to the ﬁ nancial statements;
 
• 
the attached ﬁ nancial statements and notes give a true and fair view of the Group’s ﬁ nancial position as at 31 December 2024 and of its 
performance for the ﬁ nancial year ended on that date;
 
• 
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; and
 
• 
the information disclosed on page 67 consolidated entity disclosure statement is true and correct.
 
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the directors
 
 
 
 
Michelle Li
Chairperson of the Board of Directors
 
28 February 2025
  
66
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Increase in inventories
(45,902)
(16,912)
Increase in deferred tax liability
15,464
36,422
Decrease in trade and other payables 
(excluding tax payable)
(1,558)
(7,383)
Increase in other provisions
1,339
1,928
Decrease in provision for income tax 
payable
(6,853)
(9,960)
Increase in deferred grants
1,550
-
Net cash inﬂ ow from operating activities
239,920
267,108
NOTE 35.
EARNINGS PER SHARE
2024
Cents
2023
Cents
Basic earnings per share
From continuing operations 
attributable to the ordinary equity 
holders of the Company
5.06
12.97
Diluted earnings per share
From continuing operations 
attributable to the ordinary equity 
holders of the Company
5.04
12.96
(A) RECONCILIATIONS OF EARNINGS USED IN CALCULATING
EARNINGS PER SHARE
2024
$’000
2023
$’000
Basic earnings per share
From continuing operations 
attributable to the ordinary equity 
holders of the Company
58,549
150,104
Diluted earnings per share
Proﬁ t attributable to the ordinary 
equity holders  of the Company used 
in calculating diluted earnings per
share from continuing operations
58,549
150,104
(B) WEIGHTED AVERAGE NUMBER OF SHARES USED AS THE 
DENOMINATOR
2024
Number
2023
Number
Weighted average number of ordinary 
shares used as the denominator in 
calculating basic earnings per share
1,157,338,698
1,157,338,698
Weighted average number of ordinary 
shares used as the denominator in 
calculating diluted earnings per share
1,160,596,654
1,158,380,716
Weighted average number of ordinary shares in calculating diluted 
earnings per shares includes options of 3,257,956 over ordinary 
shares.
NOTE 36.
PARENT ENTITY INFORMATION
(A) SUMMARY FINANCIAL INFORMATION
The individual ﬁ nancial statements for the parent entity show the 
following aggregate amounts:
2024
$’000
2023
$’000
Balance Sheet
Current Assets
7,377
8,090
Total Assets
818,606
860,602
Current liabilities
1,010
7,588
Total liabilities
32,362
38,988
Shareholders' equity
    Contributed equity
392,475
392,475
    Reserves   
31,807
31,434
    Retained proﬁ ts
361,962
397,705
Total Equity
786,244
821,614
Loss for the year
(6,810)
(178,650)
Total comprehensive loss for the year
(6,810)
(178,650)
(B) CONTINGENT LIABILITIES OF THE PARENT ENTITY
Pursuant to the terms of an agreement dated 21 November 2003, 
under which the Company purchased certain tenements comprising 
the Southdown project, the Company is required to make a further 
payment of $1,000,000 to MedAire, Inc upon commencement of 
commercial mining operations from those tenements.
NOTE 37.
EVENTS OCCURRING AFTER THE 
REPORTING PERIOD
No matter or circumstance has arisen since 31 December 2024 that 
has signiﬁ cantly affected, or may signiﬁ cantly affect the Group’s 
operations, the results of those operations, or the Group’s state of 
affairs in future ﬁ nancial years.

69
GRANGE RESOURCES ANNUAL REPORT 2024
 
Our audit approach 
An audit is designed to provide reasonable assurance about whether the financial report is free from 
material misstatement. Misstatements may arise due to fraud or error. They are considered material if 
individually or in aggregate, they could reasonably be expected to influence the economic decisions of 
users taken on the basis of the financial report. 
We tailored the scope of our audit to ensure that we performed enough work to be able to give an 
opinion on the financial report as a whole, taking into account the geographic and management 
structure of the Group, its accounting processes and controls and the industry in which it operates. 
Audit scope 
Key audit matters 
● 
Our audit focused on where the Group made 
subjective judgements; for example, significant 
accounting estimates involving assumptions and 
inherently uncertain future events. 
● 
Amongst other relevant topics, we communicated 
the following key audit matters to the Audit and 
Risk Committee: 
− 
Carrying value assessment for the Savage 
River cash generating unit (CGU) 
− 
Accounting for the cost of rehabilitation 
● 
These are further described in the Key audit 
matters section of our report. 
Key audit matters 
Key audit matters are those matters that, in our professional judgement, were of most significance in 
our audit of the financial report for the current period. The key audit matters were addressed in the 
context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do 
not provide a separate opinion on these matters. Further, any commentary on the outcomes of a 
particular audit procedure is made in that context.  
Key audit matter 
How our audit addressed the key audit matter 
Carrying value assessment for the Savage River 
cash generating unit (CGU) 
(Refer to note 27)  
The carrying value assessment of the Savage River 
CGU, which consists of the mine and pelletising plant, 
was a key audit matter given the significance of the 
carrying amount to the consolidated statement of 
financial position and the significant judgements and 
assumptions. The revised life of mine plan has 
incorporated the Stage 2 Central Pit mining up to 
2029, followed closely with the commencement of 
underground mining in 2029. The impairment model 
has been developed based on the assumption that 
project investment will commence in early 2026, with 
We performed the following procedures, amongst 
others: 
We developed our understanding of the process by 
which the cash flow forecasts were prepared, tested 
the mathematical accuracy of the discounted cash 
flow model, and assessed that the methodology 
utilised to determine the recoverable amount was 
consistent with Australian Accounting Standards. 
We assessed: 
● 
the long term pellet price and AUD/USD 
exchange rate assumptions by agreeing 
them to analysis performed by external 
68
INDEPENDENT AUDITOR’S REPORT
 
PricewaterhouseCoopers, ABN 52 780 433 757 
2 Riverside Quay, SOUTHBANK  VIC  3006, GPO Box 1331, MELBOURNE  VIC  3001 
T: 61 3 8603 1000, F: 61 3 8603 1999, www.pwc.com.au 
Liability limited by a scheme approved under Professional Standards Legislation. 
 
 
Independent auditor’s report 
To the members of Grange Resources Limited 
Report on the audit of the financial report 
Our opinion 
In our opinion: 
The accompanying financial report of Grange Resources Limited (the Company) and its controlled 
entities (together the Group) is in accordance with the Corporations Act 2001, including: 
(a) giving a true and fair view of the Group's financial position as at 31 December 2024 and of its 
financial performance for the year then ended  
(b) complying with Australian Accounting Standards and the Corporations Regulations 2001. 
What we have audited 
The Group financial report comprises: 
● 
the consolidated statement of financial position as at 31 December 2024 
● 
the consolidated statement of comprehensive income for the year then ended 
● 
the consolidated statement of changes in equity for the year then ended 
● 
the consolidated statement of cash flows for the year then ended 
● 
the notes to the consolidated financial statements, including material accounting policy 
information and other explanatory information  
● 
the consolidated entity disclosure statement as at 31 December 2024 
● 
the directors’ declaration. 
Basis for opinion 
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under 
those standards are further described in the Auditor’s responsibilities for the audit of the financial 
report section of our report. 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 
for our opinion. 
Independence 
We are independent of the Group in accordance with the auditor independence requirements of the 
Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical 
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence 
Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also 
fulfilled our other ethical responsibilities in accordance with the Code. 

71
GRANGE RESOURCES ANNUAL REPORT 2024
 
the financial report and our auditor’s report thereon. Prior to the date of this auditor's report, the other 
information we obtained included the Directors' Report, Corporate Governance Statement. We expect 
the remaining other information to be made available to us after the date of this auditor's report.  
Our opinion on the financial report does not cover the other information and we do not and will not 
express an opinion or any form of assurance conclusion thereon through our opinion on the financial 
report. We have issued a separate opinion on the remuneration report. 
In connection with our audit of the financial report, our responsibility is to read the other information 
and, in doing so, consider whether the other information is materially inconsistent with the financial 
report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. 
If, based on the work we have performed on the other information that we obtained prior to the date of 
this auditor’s report, we conclude that there is a material misstatement of this other information, we are 
required to report that fact. We have nothing to report in this regard. 
When we read the other information not yet received, if we conclude that there is a material 
misstatement therein, we are required to communicate the matter to the directors and use our 
professional judgement to determine the appropriate action to take. 
Responsibilities of the directors for the financial report 
The directors of the Company are responsible for the preparation of the financial report in accordance 
with Australian Accounting Standards and the Corporations Act 2001, including giving a true and fair 
view, and for such internal control as the directors determine is necessary to enable the preparation of 
the financial report that is free from material misstatement, whether due to fraud or error. 
In preparing the financial report, the directors are responsible for assessing the ability of the Group to 
continue as a going concern, disclosing, as applicable, matters related to going concern and using the 
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease 
operations, or have no realistic alternative but to do so. 
Auditor’s responsibilities for the audit of the financial report 
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is 
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that 
an audit conducted in accordance with the Australian Auditing Standards will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered material 
if, individually or in the aggregate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of the financial report. 
A further description of our responsibilities for the audit of the financial report is located at the Auditing 
and Assurance Standards Board website at:  
MYYUXFZFXGLT[FZRJINFG\[OHLWJFWDUIK. This description forms part of our auditor's 
report. 
70
INDEPENDENT AUDITOR’S REPORT
 
Key audit matter 
How our audit addressed the key audit matter 
the initial extraction of underground ore anticipated 
between late 2028 and mid-2029. 
There were a number of factors in the assessment 
requiring judgement by the Group including:  
● 
the pellet (final product) price and the 
AUD/USD exchange rates  
● 
the discount rate  
● 
estimation uncertainty associated with 
forecast of capital expenditure 
● 
Proven and probable ore reserves in 
accordance with JORC 2012 
The Group prepared a discounted cash flow model 
(‘the model’) to determine the recoverable amount of 
the Savage River CGU balance, which requires a 
number of assumptions as described in Note 27. 
 
parties and comparing them to economic 
and industry forecasts 
● 
the discount rate by assessing the cost of 
capital for the Group, assisted by PwC 
valuation experts, and comparing the rate to 
market data 
● 
the operating and capital expenditure 
forecasts were consistent with the board 
approved life of mine plan. 
● 
the level of reserve assumed in the life of 
mine plan by comparing to the most recent 
Annual Resource & Reserve Statement. 
● 
the reasonableness of disclosures made in 
the financial report in line with requirements 
of Australian Accounting Standards 
 
Accounting for the cost of rehabilitation 
(Refer to note 21)  
The main component of the provision for 
decommissioning and restoration costs is for the 
Group’s obligation to rehabilitate the Savage River 
and Port Latta sites for the disturbance caused by its 
operations. The rehabilitation provision also includes 
an obligation under the Tasmanian Goldamere Pty 
Ltd Act 1996 to repay the Tasmanian Government for 
part of the purchase of the mine through expenditure 
on remediation. 
Given the financial significance of this balance and 
the judgments involved in accounting for the cost of 
rehabilitation, this was a key audit matter. 
 
To assess the accounting for the cost of rehabilitation, 
we performed the following procedures, amongst 
others: 
● 
Obtained the Group’s calculation of the 
rehabilitation provision. We checked the 
mathematical accuracy on a selection of 
calculations and whether the timing of the 
cash flows in the rehabilitation models was 
consistent with the latest life of mine plan. 
● 
Assessed whether the discount rates used in 
the rehabilitation models were reasonable by 
comparing them to market data. 
● 
Where external and internal experts were 
used by the Group to estimate remediation 
costs, we assessed our ability to use their 
estimates, considering their objectivity, 
competency and capability and assessing 
that the scope of work they performed was 
appropriate for the purposes of the estimate. 
● 
Compared the Group’s significant 
assumptions on rehabilitation costs to other 
similar costs in the business or external data 
where appropriate.  
Other information 
The directors are responsible for the other information. The other information comprises the 
information included in the annual report for the year ended 31 December 2024, but does not include 

73
GRANGE RESOURCES ANNUAL REPORT 2024
72
INDEPENDENT AUDITOR’S REPORT
 
Report on the remuneration report 
Our opinion on the remuneration report 
We have audited the remuneration report included in the directors’ report for the year ended 31 
December 2024. 
In our opinion, the remuneration report of Grange Resources Limited for the year ended 31 December 
2024 complies with section 300A of the Corporations Act 2001. 
Responsibilities 
The directors of the Company are responsible for the preparation and presentation of the 
remuneration report in accordance with section 300A of the Corporations Act 2001. Our responsibility 
is to express an opinion on the remuneration report, based on our audit conducted in accordance with 
Australian Auditing Standards.  
  
  
PricewaterhouseCoopers 
  
  
Chris Dodd 
Melbourne 
Partner 
28 February 2025 
 

75
GRANGE RESOURCES ANNUAL REPORT 2024
LIST OF SIGNIFICANT ASX 
ANNOUNCEMENTS
From 1 January 2024 through to 30 January 2025
Date  
Announcement   
29-Jan-25 
GRR - Quarterly Report for 3 months ended 31 
December 2024
16-Dec-24 
Market Update
30-Oct-24 
Amended Quarterly Activities Report
29-Oct-24 
GRR - Quarterly Report for 3 months ended 30 
September 2024
25-Sep-24
Initial Director's Interest Notice
25-Sep-24
Board Appointment
06-Sep-24
S&P DJI Announces September 2024 Quarterly 
Rebalance
23-Aug-24
Dividend/Distribution - GRR
23-Aug-24
Half Yearly Report and Accounts
23-Aug-24
Appendix 4D - Half Year Ending 30 June 2024
22-Aug-24
Investor Presentation
23-Jul-24
GRR - Quarterly Report for 3 months ended 30 
June 2024
15-Jul-24
Final Director's Interest Notice
15-Jul-24
CEO Commences
14-Jun-24
Change of Director's Interest Notice x 2
13-Jun-24
Notiﬁ cation regarding unquoted securities - GRR
13-Jun-24
Notiﬁ cation regarding unquoted securities - GRR
28-May-24
CEO Appointment
14-May-24
Results of Meeting
14-May-24
AGM Presentation
26-Apr-24
GRR - Quarterly Report for 3 months ended 31 
March 2024
17-Apr-24
Initial Director's Interest Notice
17-Apr-24
Director Appointment
15-Apr-24
Annual Report to shareholders
15-Apr-24
Notice of Annual General Meeting/Proxy Form
28-Mar-24
Date of AGM
20-Mar-24
Final Director's Interest Notice
20-Mar-24
Board Update
12-Mar-24
Change of Share Registry
28-Feb-24
Corporate Governance Statement
28-Feb-24
Appendix 4G
28-Feb-24
Dividend/Distribution - GRR
28-Feb-24
Grange Full Yr Statutory Accts 12 Months Ended 
31 Dec 2023
28-Feb-24
Grange Resources Limited Appendix 4E - 31 
December 2023
28-Feb-24
Proposed issue of securities - GRR
28-Feb-24
Savage River Mineral Resources and Ore Reserves 
Update
28-Feb-24
Underground DFS shows value uplift and long-life 
mine
25-Jan-24
GRR - Quarterly Report for 3 months ended 31 
December 2023
02-Jan-24
Board Update
ASX ADDITIONAL INFORMATION
Additional information required by the Australian Securities Exchange 
Limited and not shown elsewhere in this report is as follows.  The 
shareholder information set out below was applicable as at 28 
January 2025 except where otherwise indicated.
ORDINARY SHARES
Twenty Largest Shareholders as at 28 January 2025
The twenty largest holders of ordinary fully paid shares are listed 
below:
Name
Number  
%
Shagang International Holdings Ltd (Hong Kong)
   
554,762,656
47.9
Paciﬁ c International Co (Hong Kong)
     
28,652,426
2.5
RQI Investors (Australia)
     
28,493,930 
2.5
DFA Australia Ltd. (Australia)
     21,503,961
1.9
Dimensional Fund Advisors LP (United States)
     15,700,644 
1.4
UBS AG (Switzerland)
14,492,885
1.3
Macquarie Investment Management Ltd. 
(Australia)
     9,880,323
0.9
Rathvale Pty Ltd (Australia)
       
9,873,250 
0.9
Interactive Brokers - Private Clients
(Various Countries)
       
8,978,548 
0.8
ABN AMRO Bank NV (Netherlands)
       7,433,804 
0.6
LSV Asset Management (United States)
       6,561,311 
0.5
HUB 24 Services - Private Clients (Australia)
       
5,984,632 
0.5
First Sentier Investors Ltd (Australia)
       5,626,257 
0.5
Stubbe, E.F.L. (Netherlands)
5,300,000
0.5
American Century Investment Management, 
Inc. (United States)
5,041,129
0.4
Charisma Foundation for Sustainable Develop-
ment (Switzerland)
4,763,076
0.4
Goldman Sachs International
(Collateral Account) (United Kingdom)
4,657,383
0.4
Barclays Capital Securities Limited
(United Kingdom)
4,557,851
0.4
Acadian Asset Management LLC
(United States)
4,502,468
0.4
Swiss Trading Overseas Corp (Panama)
4,372,000
0.4
Sub-total 
751,138,534
64.9
74
FINANCIAL REPORT
TENEMENT SCHEDULE
as at 28 February 2025
PROSPECT
TENEMENT
INTEREST
TASMANIA 
Savage River
2M/2001
100% (1)
14M/2007
100% (1)
11M/2008
100% (1)
4M/2019
100% (1)
EL30/2003
100% (1)
EL8/2014
100%(1)
WESTERN AUSTRALIA
Southdown
M70/1309
100% (3) (4)
G70/217
100% (4)
R70/61
100%(4)
L70/185
100%(4)
L70/186
100%(4)
L70/188
100%(2) (4)
L70/201
100%(2) (4)
L70/225
100%(2) (4)
Wembley
M52/801
15% (5) (6)
QUEENSLAND
Mt Windsor JV
ML 1571
30% (7)
ML 1734
30% (7)
ML 1739
30% (7)
ML 10028
30% (7)
ML 1758
30% (7)
Notes:
1. Held by Grange Resources (Tasmania) Pty Ltd.
2. Under application.
3. Subject to conditional purchase agreement with Medaire Inc. 
4. Held 100% by Grange Resources Ltd 
5. Subject to 1% Net Smelter Return royalty with Lac Minerals (Australia) NL
6. Subject to joint venture agreement with Aragon Resources Pty Ltd
7. Subject to joint venture agreement with Thalanga Copper Mines Pty Limited

76
FINANCIAL REPORT
DISTRIBUTION OF EQUITY SECURITIES
Analysis of number of shareholders by size and holding:
Ordinary 
Shares
Director 
Options
Employee 
Options
Other 
Options
1 -  1,000
1,445
- 
 -
-
1,001 - 10,000
4,716
- 
-
-
10,001 - 100,000
3,322
- 
 -
-
100,001 - and over
669
- 
 -
-
Total
10,152
0 
0
0
The number of shareholders holding less than a marketable parcel of 
Ordinary Shares at 28 January 2025 was 1,445.
VOTING RIGHTS
All fully paid ordinary shares carry one vote per share without 
restriction.
SUBSTANTIAL SHAREHOLDERS
An extract of the Company’s Register of Substantial Shareholders as 
at 28 January 2025 is set out below:
Name
Number of 
Fully Paid 
Ordinary 
Shares
Voting Power
Shagang International Holdings Ltd 
(Hong Kong)
554,762,656
47.9%
SECURITIES SUBJECT TO VOLUNTARY 
ESCROW
The following securities are subject to voluntary escrow:
Class of Security
Number of 
Securities
Escrow period 
ends
Fully Paid Ordinary Shares            
Nil
Not applicable
UNQUOTED SECURITIES
Security Code
Security Name
Total Holders
Total Holdings
GRRPR1
Performance 
Rights 
3
295,728
GRRPR2
Performance 
Rights
3
1,734,360
GRRPR3
Performance 
Rights
5
2,088,210
DISTRIBUTION OF UNQUOTED SECURITIES
Analysis of number of security holders by size and holding:
Performance 
Rights
Director 
Options
Employee 
Options
Other 
Options
1 -  1,000
- 
- 
 -
-
1,001 - 10,000
- 
- 
-
-
10,001 - 100,000
2
- 
 -
-
100,001 - and over
1
- 
 -
-
Total
3
0 
0
0
SUBSTANTIAL UNQUOTED 
SECURITYHOLDERS 
An extract of the Company’s Register of Substantial Unquoted 
Securityholders as at 28 January 2025 is set out below:
Name
Number of 
Performance 
Rights
Voting Power
Mr Honglin Zhao
1,577,709
38.31%
Mr Ben Maynard
1,014,725
24.64%
Mr Steven Phan
891,492
21.65%
Mr Grant Bramich
286,053
6.95%
Chongtao Xu
207,976
5.05%
Honglin Zhao
140,343
3.41%

Burnie Ofﬁ ce - Tasmania
(Registered Ofﬁ ce)
34A Alexander Street
Burnie, TAS 7320
PO Box 659
Burnie, TAS 7320
+61 (3) 6430 0222
grr.info@grangeresources.com.au