ABN 70 611 695 955
2023 Annual Report
Contents
Key Highlights .................................................................................................................................................. 3
1
Review of Operations ...................................................................................................................................... 5
2
ESG at Great Boulder ..................................................................................................................................... 18
3
Corporate Activities ....................................................................................................................................... 28
7
Directors’ Report ........................................................................................................................................... 32
8
9
Independence Declaration ............................................................................................................................ 44
10 Auditors Report ............................................................................................................................................. 45
11 Directors’ Declaration .................................................................................................................................... 49
12 Consolidated Statement of Profit or Loss and Other Comprehensive Income ............................................. 50
13 Consolidated Statement of Financial Position ............................................................................................... 51
14 Consolidated Statement of Changes in Equity .............................................................................................. 52
15 Consolidated Statement of Cash Flows ......................................................................................................... 53
16 Notes to the Financial Statements ................................................................................................................ 54
Information Required by the Australian Securities Exchange ....................................................................... 80
17
18 Corporate Directory ....................................................................................................................................... 83
Great Boulder Resources Limited – Annual Report 2023
2
1 Key Highlights
The Directors of Great Boulder Resources Ltd (Great Boulder, GBR or the
Company) are pleased to present the Annual Report for the Financial Year to
30 June 2023.
During the past year Great Boulder has made significant progress at its flagship Side Well Gold Project at
Meekatharra, Western Australia. The Company is focused on realising the enormous potential at Side Well as it
advances the project towards development. With regional exploration during the year defining hydrothermal
mineralisation over more than 14km of strike at Side Well the Company aims to deliver a one-million-ounce
mineral resource by the end of 2024.
Highlights during FY2023 include:
• A maiden mineral resource estimate (MRE) for Side Well was announced in February 2023. Containing
an Inferred 6.19Mt @ 2.6g/t Au for 518,000 ounces, this high-grade resource includes mineralisation
defined by drilling to date at Mulga Bill and Ironbark, which are less than 25km straight-line distance
from Westgold’s Bluebird mill.
• With the initial MRE based upon all drilling completed to the end of December 2022, ongoing drilling at
both deposits has continued to add ounces and increase confidence in the interpreted structural
orientations of high-grade mineralisation. The Company intends to update the resource, including
conversion of contained ounces from JORC Inferred to Indicated category, in the December quarter of
2023.
• Drilling at Mulga Bill in March 2023 intersected coarse visible gold in two separate zones in hole
23MBRC006A, with assay results up to 1m @ 3,160g/t Au from 114m. This is one of the highest-grade
exploration results reported worldwide during 2023.
•
• Auger sampling over the sub-cropping greenstones north and south of Ironbark has defined a
hydrothermal system spanning more than 14km of strike from the southern tenement boundary. This
stratigraphic sequence on the eastern side of the regional syncline is the equivalent of the rocks hosting
Paddy’s Flat on the western side, yet it remains largely explored.
In May 2023 the Company announced an Exploration Target for copper and silver mineralisation
associated with the intrusive-related system at Mulga Bill. Based upon assays from 90 holes within a
380m strike length, the exploration target is expected to grow as more mineralised intersections are
assayed.
In late June 2023 a mining lease application was pegged over the Ironbark deposit.
•
• Great Boulder negotiated a new Aboriginal heritage agreement with Traditional Owners of the country
east of Meekatharra, the Yugunga Nya people, and the next round of heritage surveys is scheduled during
late September 2023.
• All tenements within the large Wellington base metals project in the Earaheedy Basin were granted
between January and May 2023, and an Aboriginal heritage survey was completed with representatives
of the TMPAC group in preparation for a wide-spaced soil sampling program to commence later in the
year.
• The Company acquired a highly prospective tenement on the Gnaweeda greenstone belt, approximately
10km east of Side Well and immediately south of Meeka Metals Limited’s (ASX: MEK) Turnberry project.
• The Company also acquired a highly strategic and prospective parcel of tenements immediately south of
Side Well, extending the potential strike of the Ironbark corridor by 5km.
Great Boulder is also pleased to present the inaugural ESG report as part of this annual report.
With a growing high-grade mineral resource and a pipeline of highly prospective new targets at Side Well, Great
Boulder is well positioned to continue its record of outstanding exploration success in FY2024.
Great Boulder Resources Limited – Annual Report 2023
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Projects
Great Boulder’s flagship is the Side Well Gold Project at Meekatharra in Western Australia. Side Well hosts a
high-grade Inferred mineral resource estimate (MRE) of 518,000oz @ 2.6g/t Au, announced on February 1st 2023,
and the Company is now working towards its target of one million resource ounces. The Gnaweeda Project is
approximately 10km east of Side Well on the Goldfields Highway.
Wellington is a very large greenfields project within the Earaheedy Basin east of Wiluna, an area with potential
to become a world-class zinc-lead province. The Wellington target was identified by desktop studies in 2020 using
open-file GSWA surface geochemistry. Tenements were pegged in 2021 and granted in the first half of 2023. The
Company expects to commence field exploration at Wellington in early 2023.
Whiteheads is a large project north of Kalgoorlie with a large number of historical and recent gold prospects, as
well as potential for komatiite-hosted sulphide nickel occurrences north of the Silver Swan nickel mine. Much of
Great Boulder’s exploration work at Whiteheads has focused on the gold potential on the Arsenal Trend on the
eastern side of Whiteheads, with surface geochemistry and drilling discovering the Blue Poles deposit in 2020.
Table 1: FY23 exploration summary
Project
Side Well
Gnaweeda
Whiteheads
Subtotal
Type
AC Drill
RC Drill
Diamond Drill
Auger
Rock chips
Auger
Rock chips
Soil
Rock chips
Holes
205
181
5
Metres
17,430
33,585
1,158
391
52,173
Surface Samples
-
-
-
1,709
465
383
11
408
8
2,984
Drilling activity during the year was solely focused on gold targets within the Side Well project, including the
Mulga Bill, Flagpole and Loaded Dog prospects within the 6km-long Mulga Bill mineralised corridor as well as the
Ironbark discovery. Ironbark is approximately 1.4km southeast of Mulga Bill.
Total metres drilled was slightly lower than FY22, reflecting a more cautious approach to expenditure in light of
depressed market conditions in the second half of 2022. Despite this the total number of metres of RC drilling
was more than double last year’s total, reflecting the evolution of the prospects from geochemical targets
through to JORC-compliant mineral resources.
After acquiring the Gnaweeda project in December 2022 a small amount of wide-spaced reconnaissance auger
sampling was completed in June 2023. Further work will be planned once this program is complete.
At Whiteheads the only exploration activity for the year was a soil sampling program over the Painkiller and
Leachers prospects.
Great Boulder Resources Limited – Annual Report 2023
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Figure 1: Great Boulder’s projects.
2 Review of Operations
Side Well Gold Project
The Side Well project covers an area of 154km2 on the eastern side of the Meekatharra-Wydgee Greenstone Belt
immediately east of Meekatharra in Western Australia. Despite its proximity to Meekatharra and the historic
production centre at Paddy’s Flat the eastern side of the greenstone belt remains under-explored, and in some
areas unexplored. Systematic exploration by Great Boulder has defined a large-scale intrusive-related
mineralised system, and while drilling to date has been focused on the prospects identified at Mulga Bill and
Ironbark the Company has not yet seen the outer edges of this system.
The project comprises a 75% GBR-managed joint venture with Zebina Minerals Pty Ltd (E51/1905) and an 80%
joint venture with Wanbanna Pty Ltd over the balance of the tenements at the southern end of the project. The
combined holding includes more than 30km of strike, including the highly prospective mafic-ultramafic
stratigraphy on the eastern limb of the Polelle Syncline which is the stratigraphic equivalent of the Paddy’s Flat
gold camp on the western limb.
Great Boulder Resources Limited – Annual Report 2023
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is an area
The Polelle Syncline
thick core of
dominated by a
intermediate
volcaniclastics with
mafics, ultramafics and occasional BIF
units forming the outer limbs. Side Well
covers the central to eastern portion of
the syncline and is partially blanketed
by a thin layer of alluvial cover. As a
result of both the alluvial cover and its
stratigraphic position
the project
remains vastly under-explored relative
to its gold potential.
the
After acquiring an option to explore
Side Well in July 2020 the Company
following
commenced drilling
month, with a 12-hole RC validation
program
testing grade continuity
around previous intersections drilled
by Doray Minerals. Immediately after
this an Air-Core (AC) rig was mobilised
to site to commence the first of three
large drilling campaigns designed to
geochemical
provide
information through the regolith to the
fresh rock interface.
valuable
Figure 2: Side Well location plan
Multi-element geochemistry from AC
drilling quickly defined a series of gold
targets along the Mulga Bill corridor
associated with a broad bismuth
pathfinder anomaly. By February 2022 the corridor had been defined over a 6km strike extent, from the original
Doray drilling at Mulga Bill North to the new Flagpole prospect in the south. Mineralisation remains open along
strike, particularly at the north end where recent drilling at Mulga Bill North has intersected a number of high-
grade targets to follow up.
Wide-spaced auger sampling in late 2020 generated a 2-point gold anomaly at what is now the Ironbark deposit.
This was not drill tested until August 2021, when a series of AC fences returned a best intersection of 8m @
2.39g/t Au from 40m. Subsequent drilling quickly defined the Ironbark deposit, with high-grade mineralisation
extending from at or near surface over a strike length of more than 550m. Ironbark was included in the maiden
MRE announced in February 2023 with an Inferred resource of 87,000oz averaging 2.9g/t Au.
Great Boulder Resources Limited – Annual Report 2023
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Table 2: Side Well Mineral Resource Estimate, February 2023
Classification Deposit
Inferred
Mulga Bill
Type
Open Pit
Underground
Cut-off
0.5
1
Subtotal Mulga Bill
Ironbark
Open Pit
Underground
0.5
1
Subtotal Ironbark
Total Inferred
Subtotals are rounded for reporting purposes. Rounding errors may occur.
FY2023 Exploration
Maiden Mineral Resource at Mulga Bill and Ironbark
Tonnes
3,664,000
1,594,000
5,258,000
933,000
1,000
934,000
6,192,000
Au g/t
2.6
2.5
2.5
2.9
2.7
2.9
2.6
Ounces
301,000
130,000
431,000
87,000
0
87,000
518,000
At Mulga Bill an Inferred resource of 431,000oz @ 2.5g/t Au has been defined by drilling at the Central and HGV
(High-grade Vein) zones, which extend over a combined strike length of 1,100m from a cross-cutting Proterozoic
dyke in the northern part of the 6km Mulga Bill corridor. Within this area, a “gap zone” approximately 140m long
containing no defined mineral resources separates the HGV and Central areas. The gap area was poorly tested
by initial drilling when GBR was drilling from east to west, sub-parallel to west-dipping high-grade veins. Recent
and ongoing drilling in this area is now defining a series of subvertical mineralised lodes within the gap,
connecting the HGV and Central areas. These have been named the Malvern lodes.
RC drilling in the Central Zone at Mulga Bill during February 2023 intersected two spectacular 1m intersections
containing coarse visible gold. Hole 23MBRC006A intersected coarse gold from 114 to 115m down hole, and also
from 158 to 159m. These intersections subsequently assayed up to 3,160g/t Au, with final fire assay values for
the hole including:
• 7m @ 8.13g/t Au from 93m
• 6m @ 589.44g/t Au from 114m, including 1m @ 3,160g/t Au from 114m
• 6m @ 396.58g/t Au from 154m, including 1m @ 2,250g/t Au from 158m.
These are some of the highest-grade intersections reported worldwide this year and potentially the highest-
grade gold intersections by an ASX-listed company during 2023.
Great Boulder Resources Limited – Annual Report 2023
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Figure 3: The Polelle Syncline can be clearly seen in magnetic images, where the more magnetic greenstone
units forming the outer limbs of the syncline can be traced through Paddy’s Flat on the west side of the
greenstone belt around to Ironbark and Saltbush on the eastern limb. This area remains vastly under-
explored.
Mulga Bill Base Metals Exploration Target
Also at Mulga Bill, in May 2023 the Company announced an Exploration Target for intrusive-related copper and
silver mineralisation. After retrospectively assaying anomalous copper intervals from 90 holes over a strike of
approximately 380m the Company was able to define four north-south-striking subvertical Cu-Ag-Au lodes in
fresh rock capped by a sub-horizontal supergene layer. The Exploration Target ranges from 16,000t of contained
Cu to 40,000t Cu at a grade range of 0.2% to 0.4% Cu and 3g/t to 6g/t Ag.
The supergene enrichment layer occurs at the base of oxidation, where copper minerals such as malachite in the
lower saprolite grade into chalcopyrite in the fresh rock. Chalcopyrite is the dominant copper species in the
Great Boulder Resources Limited – Annual Report 2023
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subvertical lodes below this.
Table 3: Exploration Target summary table for Mulga Bill
Lower
Upper
Tonnes
8,000,000
Cu (%)
Ag (g/t) Cu (t)
Ag (oz)
Tonnes
Cu (%) Ag (g/t) Cu (t)
Ag (oz)
0.2
3.0
16,000
770,000
10,000,000
0.4
6.0
40,000
1,930,000
The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an
approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if
further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared
and reported in accordance with the 2012 edition of the JORC Code.
Figure 4: Copper-gold-silver lodes and selected intersections at Mulga Bill
The Cu-Au-Ag zones are thought to represent an early phase of intrusive-related mineralisation at Mulga Bill,
with the cross-cutting high-grade gold veins representing a later event during which gold remobilised into
orogenic positions. Copper and silver were not estimated in the maiden Side Well resource estimate as there
was insufficient data available at the time, but these are intended to be incorporated in the resource update in
Q4 2023.
The Company has continued to assay zones of anomalous copper mineralisation defined at the rig using handheld
pXRF measurements. Similar mineralisation has also been intersected in recent drilling at Mulga Bill North. As a
result of this ongoing work the Exploration Target is expected to increase as drilling continues.
Great Boulder Resources Limited – Annual Report 2023
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The base metal mineralisation at Mulga Bill has potential to add significant value to the project if the future
project economics are suitable for production of a high-grade copper-gold concentrate, similar to that currently
being produced at Silver Lake’s Deflector mine. All options will be considered in future studies.
Mulga Bill Corridor: Other Prospects
At Mulga Bill North recent AC and RC drilling combined with previous holes drilled by Doray Minerals has defined
a north-northeast-striking trend of gold mineralisation approximately 700m long. Gold mineralisation is
associated with bismuth, copper and silver pathfinders, suggesting the same mineralisation style as the Mulga
Bill area to the south. Given the scale of the target area Mulga Bill North remains relatively under-drilled, and
results suggest there may be multiple lode positions. Mulga Bill North remains open to the north and east as well
as at depth, and more drilling will be completed in the second half of 2023 to define an Inferred mineral resource
there as soon as possible.
Figure 5: This plan from May 2023 shows the mineral resource envelopes at Mulga Bill (yellow) and the less
well-drilled Mulga Bill North prospect, which exhibits the same geochemical signature as Mulga Bill.
At the Loaded Dog and Flagpole prospects within the southern half of the Mulga Bill corridor, additional AC and
RC drilling in the first half of 2023 returned several low-tenor anomalous gold results. More drilling is required,
particularly at the Flagpole prospect where a number of high-grade zones remain poorly defined.
Ironbark
At Ironbark, approximately 1,400m southeast of Mulga Bill, drilling during FY2023 extended the deposit to over
550m in length. Mineralisation is closed off at the north end by a cross-cutting fault. The initial Inferred mineral
resource of 87,000oz @ 2.9g/t Au has been infilled with two subsequent phases of RC drilling as well as three
Great Boulder Resources Limited – Annual Report 2023
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diamond holes, drilled for structural and mineralogical data. The Company expects a significant portion of
Ironbark’s mineral resource to be upgraded from the Inferred to Indicated JORC categories in the next resource
update.
A SAM (sub-audio magnetic) geophysical survey over Ironbark has confirmed the position of the cross-cutting
fault at the north end which was previously inferred from drilling, mapping and regional magnetic images. The
SAM images also show Ironbark’s mineralisation sitting within a resistive zone adjacent to a linear conductor
which is probably a shear. Similar features to the south and northeast of Ironbark have been partially tested by
AC drilling, with further work remaining to properly test the area. A possible target was identified northeast of
Ironbark where a resistive zone sits adjacent and parallel to an unexplained EM conductor. AC drilling over this
area returned a shallow intersection of 4m @ 0.67g/t Au from 16m in SWAC140, however the conductor has not
been explained and additional drilling may be completed in future.
Figure 6: Resistivity image for Ironbark. Conductive zones are shown as warm colours.
Regional Targets
In late 2022 the GBR field team commenced a regional program of mapping and auger sampling over the eastern
limb of the Polelle Syncline, covering an area of more than 14km of strike from the southern boundary of the
tenement up to the north of Ironbark. This area is collectively referred to as the Ironbark corridor.
Auger sampling geochemistry defined a hydrothermal gold system extending more than 15km from the southern
boundary, a spatial area larger than the Paddy’s Flat gold field. Within this several large-scale, high priority drill
Great Boulder Resources Limited – Annual Report 2023
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targets were identified based upon a combination of gold, bismuth and arsenic anomalism. With auger sampling
spanning the greenstone contact with granite plutons to the east, a marked zonation of anomalous bismuth-
copper-molybdenum near the granite contact grades into anomalous silver and arsenic further west. This
represents a classic temperature gradient, with hotter elements proximal to the granite and cooler elements
dropping out further west within the greenstones.
Figure 7: Geochemical targets over 14km of strike within the Ironbark corridor. AC drilling
1km north of this brings the total coverage to more than 15km of strike.
During the mapping exercise a cluster of shallow historic workings near the south end of Side Well was mapped
and sampled. Niche samples taken from quartz veins in some of the old shafts returned gold assays as high as
14.85g/t Au, confirming the presence of gold very close to surface. Three RC holes nearby were identified as part
of a regional program drilled by Esso Australia Ltd in 1986, with a best intersection of 3m @ 7.42g/t Au from
14m. Originally referred to by Esso as the Jones Well prospect, this has been renamed Saltbush to avoid confusing
it with the existing Jones Well area in the northern part of the Side Well project. Saltbush is a priority target for
RC drilling as soon as Aboriginal heritage surveys have been completed.
The other geochemical targets within the Ironbark corridor will be systematically tested with AC drilling as soon
Great Boulder Resources Limited – Annual Report 2023
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as they are available following Aboriginal heritage surveys.
Elsewhere within the Side Well project there are many exploration targets that are yet to be tested, including
the high-grade Matilda prospect where drilling by Doray Minerals intersected 3m @ 35.5g/t Au. There is also an
unexplained gravity anomaly northeast of Mulga Bill within the volcaniclastic core of the Polelle syncline, a
possible Mulga Bill lookalike which remains untested by drilling. The new Wanbanna JV tenements (see below)
are also expected to generate priority targets for drill testing as soon as data compilation, mapping and surface
geochemistry is completed in that area.
New Tenements: Wanbanna JV
Subsequent to the end of FY2023, in August the Company announced a joint venture with private company
Wanbanna Pty Ltd over nine prospecting licences at the southern end of Side Well, covering the strike extension
of the prospective Ironbark stratigraphy within the eastern limb of the Polelle Syncline. This gives GBR access to
more than 5km of additional strike south of the Ironbark corridor. The Wanbanna tenement package will be
mapped as time permits, with auger sampling, target generation and drill testing to follow in due course.
Figure 8: The Wanbanna tenements extend GBR’s Ironbark stratigraphy coverage by more than 5km
Aboriginal Cultural Heritage & Land Access
During the first half of 2023 GBR commenced negotiations with the Traditional Owners of the Side Well area, the
Yugunga Nya People, regarding a heritage management and land access agreement. The Company did not
previously have a formal heritage agreement with the Yugunga Nya people, but in lieu of an agreement heritage
surveys were conducted on an as-required basis using the Yugunga Nya’s preferred anthropologist.
Great Boulder Resources Limited – Annual Report 2023
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As at the end of FY2023 GBR has an in-principle agreement for heritage management, one of the first companies
operating within the YN Native Title area to do so. The first heritage surveys under the new agreement are
scheduled to commence in late September 2023.
Figure 9: Gold sieved from Mulga Bill RC hole 23MBRC006A 114 – 115m.
Great Boulder Resources Limited – Annual Report 2023
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Whiteheads Gold Project
The Whiteheads project north of Kalgoorlie is an amalgamation of tenements including a farm-in agreement with
Mithril Resources Ltd on the western half of Whiteheads and a 75% joint venture with Zebina Minerals Pty Ltd in
the east. Both agreements were executed in late 2019.
Whiteheads is a large project with significant potential for gold and nickel. Straddling the boundary between the
Kalgoorlie and Kurnalpi terranes, the western side of Whiteheads has previously been explored for komatiite-
hosted nickel at the Wishbone and Drumstick prospects within the Kalgoorlie Terrane. The Carr Boyd nickel
project in the Kurnalpi Terrane immediately north of Whitehead highlights untested potential for magmatic-
hosted nickel sulphides. The eastern side of the project also includes a number of small-scale historic gold
workings dating back to the early 1900’s.
Much of the exploration conducted by previous explorers at Whiteheads has focused on gold exploration on the
eastern half of the project, within the Kurnalpi terrane, and nickel exploration on the western half within the
Kalgoorlie terrane. Interestingly, this means that a large portion of the western side of Whiteheads has received
very little attention from gold explorers.
Great Boulder’s exploration at Whiteheads has
been primarily focused on the gold potential.
Initial auger sampling and drilling on the Arsenal
Trend in the north-eastern area of Whiteheads
led to the discovery of Blue Poles, which was
defined by three rounds of RC drilling from late
2020. Blue Poles is a broad, plunging cigar-
shaped shoot of gold mineralisation up to 45m
wide over a strike extent of approximately 600m,
with drilling indicating potential for higher grade
primary mineralisation at depth to the south.
With field activity mainly focused on Side Well
limited work
during the year there was
completed at Whiteheads. A program of 408 soil
samples was completed in January 2023 over the
Painkiller and Leachers prospects looking for
gold and base metals anomalism. Results were
mixed: while no
significant base metal
anomalism was identified there are discrete
zones of gold anomalism that may merit further
work.
Figure 10: Whiteheads project location.
Further drilling is required on the Arsenal trend,
including the potential for deeper primary gold
mineralisation at the south end of Blue Poles. In
spite of this the Company remains focused on
Side Well, and as a result Whiteheads is now
under review. Great Boulder is considering options to sell or otherwise divest the project in order to concentrate
on resource definition and discovery at Side Well, and initial greenfields exploration at the Wellington base
metals project.
Great Boulder Resources Limited – Annual Report 2023
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Wellington zinc-lead Project
The Wellington Project is located in the Earaheedy Bason in central Western Australia, an area with the potential
to become a world-class zinc-lead province.
A desktop study of GSWA derived geochemical data by Great Boulder's geologists in 2020 identified a large target
in the Earaheedy Basin similar to Rumble Resources' recent large-scale Zn-Pb discovery at Chinook. With
increased focus on the Earaheedy following significant exploration success by Rumble in early 2021, Great
Boulder applied for exploration licences over the target in April 2021.
The Wellington Project comprises for five tenements covering an area of 1,134km2 including more than 60km of
prospective strike. All tenements were granted between January and May 2023. During the application process
the Company signed an Aboriginal heritage and land access agreement with the Tarlka Matuwa Piarku Aboriginal
Corporation (TMPAC) and the first heritage survey was completed in late May 2023.
Initial exploration at Wellington will consist of wide-spaced soil sampling on a 1 x 1km grid pattern. Multi-element
assay data from this survey will be used to plan and prioritise gravity surveys, follow-up soil sampling and field
mapping, all of which will be used for target generation and drill planning. Soil sampling is expected to commence
in October 2023 pending the availability of personnel, and the other activities will be scheduled as results are
received.
Figure 11: The Wellington target was identified by analysing WA Government surface geochemical data.
Great Boulder Resources Limited – Annual Report 2023
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Figure 12: Regional gravity image. Large-scale northwest-trending structures in the underlying Archaean
basement are likely to be a key feature focusing mineralisation at Wellington. The lighter-coloured gravity
high beneath Wellington is thought to be a wedge of Archaean greenstones.
Figure 13: Regional magnetic RTP image. A combination of gravity and magnetic
data will assist with mapping potential feeder structures.
Great Boulder Resources Limited – Annual Report 2023
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3 ESG at Great Boulder
While this is our first ESG Report1, in many ways, ESG has always been a focus at Great Boulder Resources. We
are proud to have a track record which demonstrates responsible operations, a focus on sustainable
development, and a history of constructive, respectful relationships with our stakeholders.
We believe that ESG performance is a reflection of a company’s values, and in April 2022 our leadership team
got together to define ours.
OUR VALUES
Respect/Honesty/Passion & commitment/Transparent communication/Pride
‘We take these values seriously, and you can see that reflected in the quality of the team
we have assembled to help the company grow. The performance, professionalism, and
alignment of this group is as good as I have seen in any company’– Gregory Hall, Non-
Executive Chairman
Our values guide our decision making and behaviour as we continue our mission to create sustainable value
through the discovery and development of mineral deposits using technical excellence and respectful
collaboration with all stakeholders.
In this, our inaugural ESG report, we aim to and provide our stakeholders with an overview of our areas of focus
and how a strategic approach to ESG will enable success.
OUR VISION
‘To be the best example for ethical exploration and mineral development.”
OUR MISSION
‘We create sustainable value through the discovery and development of mineral
deposits using technical excellence and respectful collaboration with all stakeholders.”
4 Our Reporting Framework
Our approach to ESG reporting has been developed in line with mining sector best-practice and incorporates the
following global standards: United Nations Sustainable Development Goals (SDGs), Global Reporting Initiative
(GRI), and the Taskforce on Climate-related Financial Disclosures (TCFD).
For Great Boulder, ESG reporting isn’t just a box-ticking exercise. We have always
endeavoured to have a positive impact wherever we can with all stakeholders. This
approach applies across all aspects of the business, from the local communities we work
in, to service providers, and our employees’– Andrew Paterson, Managing Director
1 This report covers the Financial Year 2023 (FY23) reporting period and is produced based on the organisational boundary
of Great Boulder Resources Limited.
Great Boulder Resources Limited – Annual Report 2023
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4.1
Sustainable Development Goals
Great Boulder supports the SDGs2 and their intention – “to promote prosperity while protecting the planet”. As
a mining exploration company, we support the shift to a more sustainable mining sector. We understand this
requires the industry to explore and extract responsibly, operate with less waste, use safer processes,
incorporate, and develop sustainable technologies, support the wellbeing of local communities, manage, and
reduce emissions, and improve how we manage natural resources.
We have has identified four SDGs that the Company most effectively aligns with and contributes to, based on
our current operations as a mineral explorer.
Table 1: Our contributions to the Sustainable Development Goals.
Sustainable Development Goal Our Alignment and Contribution
SDG 10 – Reduced inequality
In an industry and particularly a segment of the industry (mineral
explorers and developers) we champion and lead with gender
diversity at a leadership level with a 50:50 male:female gender
split on our Board.
We work constructively and openly with the Traditional Owners of
the lands on which we operate and aim to support them through
the generation of work and sustainable economic activity.
SDG 12 – Responsible
Consumption and Production
SDG 15 – Life on Land
SDG 16 – Peace, Justice and
Strong Institutions
Through our responsible exploration approach, we operate with
awareness of our impacts and a commitment to the sustainable
management of natural resources.
Through our responsible exploration approach, we work to ensure
we tread lightly and repair and restore the ecosystems in which
we operate through going above the minimum standard required.
We ensure that we operate with good governance and are
accountable and transparent at all times.
2 Sustainable Development Goals
Great Boulder Resources Limited – Annual Report 2023
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4.2 Global Reporting Initiative
The GRI Standards are the most widely used standards for ESG and sustainability reporting. They are used
extensively across the local and global mining and metals sectors and provide Great Boulder with a set of
principles and standards that support best-practice ESG reporting.
GRI Reporting Principles:
• Accuracy
• Balance
• Clarity
• Comparability
• Completeness
• Sustainability context
• Timeliness
• Verifiability
4.3
Taskforce on Climate-related Financial Disclosures
The TCFD was created in 2015 by the Financial Stability Board (FSB) to develop consistent climate-related
financial risk disclosures for use by companies, banks, investors to improve and increase reporting of climate-
related financial information.
Consisting of four disclosure areas (Governance, Strategy, Risk, Metrics), at this stage, our alignment is primarily
with the early consideration of climate risks from the perspective of an explorer and mine developer. In this
reporting period, we have taken the first step in understanding our emissions profile through a scope 1 and 2
GHG assessment which can be viewed on page 23. We intend to formally align to the TCFD recommendations
and/or any aligned regulatory requirements in coming years.
Great Boulder Resources Limited – Annual Report 2023
20
5
Stakeholder Engagement
At the heart of our ESG approach is meaningful engagement and constructive working relationships with all our
stakeholders. Through our day-to-day operations, we engage frequently in open dialogue which provides the
Company with insights to issues that are topical and of interest or concern to them.
In FY22, Great Boulder conducted a formal stakeholder engagement survey to collaboratively define and
prioritise the ESG topics that our stakeholders deemed the most important to them and to the sustainable
success of Great Boulder. This survey was sent out to stakeholders from seven different categories as defined in
Figure 1 below.
The survey identified six priority topics which were further validated by Great Boulder’s Leadership team:
Figure 1: Our valued stakeholder groups.
• Environmental Impact
• Waste Management
•
•
• Business Ethics
• Board Diversity
Local Community Impacts
Indigenous Relations and Partnerships
‘Through a focus on ESG, we aim to leave a positive impact on the environment and
communities within which we operate.’– Great Boulder ESG Leadership Survey
We are committed to conducting a formal stakeholder engagement survey every 2 years. A stakeholder
engagement register will also be developed to allow for the tracking of informal stakeholder engagements and
the issues discussed.
Great Boulder Resources Limited – Annual Report 2023
21
6 Material Topics
6.1
Environmental Impact
Responsible exploration
We plan and undertake our exploration activities to minimise any environmental disturbances. Any areas
disturbed are carefully rehabilitated to encourage restoration to pre-disturbance conditions. This includes
scarifying all clearances and the reintegration of topsoil to promote seed recruitment and reduce water erosion.
Our aim in doing so is to encourage the accelerated revegetation of all disturbed areas including drill holes, pads,
sumps, and tracks.
To ensure compliance with Department of Mines, Industry Regulation and Safety (DMIRS) standards, we conduct
Geographic Information System (GIS) rehabilitation reporting on disturbed and rehabilitated areas to ensure
accountability. GIS rehabilitation reporting is managed by our Exploration Manager, Daniel Doran, and is included
per requirement in our Mining Rehabilitation Fund (MRF) reporting.
As part of our exploration program, Great Boulder has disturbed 32.8Ha of land and revegetated/rehabilitated
35.3Ha of land. The rehabilitated area includes some disturbance from FY22 which was remediated this year.
Pastoral land consideration
For exploration programs located on land subject to pastoral leases, we manage land access and environmental
impacts in collaboration with neighbouring pastoral lease holders. We take a pragmatic approach to balance
their priorities and our program of work. The Company has now established a feedback loop with the pastoral
lease holders that ensures that exploration impacts on grazing activity and land are minimised. This includes the
effective management of waste as outlined in Waste Management of this report.
The Company has also conducted flora and fauna baseline surveys as per statutory requirements, which identifies
any flora and fauna risks. Any risks are then considered and incorporated into the planning of exploration
programs and mobilisation to avoid any adverse impacts on biodiversity.
In FY23, the flora and fauna survey conducted showed that there were no flora or fauna at risks on our active
exploration sites.
Greenhouse gas emissions
We acknowledge that climate risks for mining companies can be both physical and transitional. To manage these
risks, we have taken the first steps to understand our emissions profile. We tracked all relevant Scope 13 and 24
emissions activity data for all on-site (drilling and exploration) and corporate activities conducted in FY23. A GHG
emissions assessment was then conducted with reference to the GHG Protocol Corporate Standard and the
Australian National Greenhouse and Energy Reporting (Measurement) Determination 2008, using an operational
control approach. The emissions total and breakdown by scope is detailed in Table 2.
3 Greenhouse gas emissions emitted as a direct result of an activity, or series of activities at a facility level.
4 Greenhouse gas emissions emitted as an indirect result consumption of an energy commodity.
Great Boulder Resources Limited – Annual Report 2023
22
Table 2: Total Scope 1 and 2 GHG emissions associated with all activities conducted in FY23.
GHG Scope Category
Scope 1
Scope 2
Total (tCO2-e)
Emissions (tCO2-e)
685.36
3.99
689.35
As our operations evolve, so too will our emissions profile. The Company will continue to measure and assess
our Scope 1 and 2 emissions and will review this approach as required to meet the expectations of regulators,
investors, other stakeholders to effectively manage our climate impact.
With climate risk reporting mandates anticipated in the next 12 months, we are focused on ensuring that the
Company is prepared for these requirements.
6.2 Waste Management
Plastics
Exploration programs generate a substantial amount of plastic waste – plastic sample bags and core trays.
Through our regular engagement with pastoralists, we are aware of the negative impacts of this waste on
livestock. To avoid this, we endeavour to use plastic sample bags in a conscious manner and take additional
steps to ensure complete removal of plastic sample bags and other associated waste when conducting drilling
and sampling activities. We are currently exploring the feasibility of alternative material sample collection bags
(e.g., recyclable plastic bags, hessian, and paper bags) that offer a lower environmental impact.
In FY23 we utilised 108 core trays, 100% of which are made from recycled plastic. This supports plastic waste
circularity and reduces the amount of plastic entering landfill. We actively advocate for and encourage other
mining companies to increase their usage of recycled plastic core trays.
Spills
Spills are a risk for all active mining explorers and producers. As part of our contractor due diligence, all
contractors must demonstrate preparedness for spill incidents and have spill protocols in place. This ensures that
in the case of a spill incident, environmental risks are minimised.
In FY23, Great Boulder is proud to share that there were zero environmental incidents on site. For FY24, the
Company will look to establish formalised procurement guidelines for contractors and suppliers and consider
environment and work health safety-linked performance targets for staff remuneration.
Forward looking ambitions for FY24:
• Conduct a review and feasibility of using of alternative material sample bags.
• Maintain 100% use of recycled plastic core trays.
• Establish formalised procurement guidelines for contractors and suppliers.
• Consider environment and work health safety-linked performance targets for staff remuneration.
Great Boulder Resources Limited – Annual Report 2023
23
6.3
Local Community Impacts
Having strong community relations and support is fundamental to our success not just as a mining company, but
also as a good corporate citizen. Since 2019, Great Boulder has been engaging and activating indigenous and at-
risk Laverton students by sponsoring a competition to design the cycling jersey for the Perth-Laverton Cycling
Classic. Great Boulder also sponsors arts programs at Laverton schools, previously by supporting the Children’s
Charity Network and more recently by direct support to the schools’ programs.
Case Study: Perth-Laverton Cycling Classic jersey design.
In 2021, the winner of the Laverton Classic jersey design competition was local Laverton student Jenae
Evans. As the Laverton schools were unable to hold the annual jersey design, Great Boulder opted to
continue it support by sponsoring Jenae to design the 2023 Perth-Laverton Cycling Classic jersey. Her
stunning jersey design was featured prominently at the Kent Street Gallery in Victoria Park for NAIDOC
2023, and the Company in conjunction with the Cycling Development Foundation helped bring Jenae
and her family to Perth for the week to attend the exhibition opening.
Since then, Jenae has won the Emerging Artist division of the 2023 Laverfest art competition and been
commissioned by the West Australian Government to design a mural for the refurbished Laverton
hospital.
This is an example of a small grassroots initiative which generated enormous community goodwill and
identified an extremely talented young indigenous artist. During Jenae’s trip to Perth, she was able to
visit the Art Department of the North Metropolitan TAFE and the design headquarters of Pedal Mafia
to discuss future opportunities for her art and graphic design skills.
Great Boulder would particularly like to thank Sabine Bird, coordinator at the Cycling Development
Foundation for scheduling and organising Jenae’s trip to Perth, and Brad Hall at the Exercise Institute
for his ongoing contribution to the Laverton community with the annual Laverton Classic cycling event.
Photo (from left to right): Jenae Evans at the Kent Street Gallery with her jersey design. Janae Evans
pictured together with cyclists that participated in Perth to Laverton Cycling Classic 2022.
As Great Boulder’s Side Well project continues to make headway in Meekatharra, the Company’s local
community support has increased too. In FY23, Great Boulder provided sponsorship to the Meekatharra Golf
Great Boulder Resources Limited – Annual Report 2023
24
Club which supports local community amenity and fellowship. The Company is planning to expand its local
community efforts in FY24, starting with planned ranger programs for local indigenous groups and cultural
awareness training for crew.
Creating and sharing economic value at a local level is an enduring focus. Local to Great Boulder means a business
that is physically located in the city (Perth) or town (Meekatharra, Kalgoorlie, and Wiluna). At the Perth corporate
office, the Company has purposefully selected to work with small-medium local businesses. At Meekatharra and
Kalgoorlie, whenever possible, we hire and purchase from the local community.
We are proud to share that the Company has spent AUD$3.8million on local suppliers.
Table 3: Amount spent on local suppliers broken down by region.
Location
Amount spent (AUD$)
Perth
$548,000
Meekatharra Kalgoorlie
$3,211,000
$50,000
Wiluna
$35,000
Percentage of procurement budget
spent (%)
8%
6.4
Indigenous Relations & Partnerships
1%
49%5
1%
We acknowledge and respect the Traditional Owners of the lands that we work on. We remain committed to
proactively managing constructive and mutually beneficial relationships with native title holders, supporting
their needs, and protecting indigenous culture and heritage. In FY23, Great Boulder conducted more than 10
engagements with local native title groups.
The Company is currently working with the Yugunga Nya Aboriginal Corporation to negotiate a mining agreement
for the Meekatharra projects. Our fundamental belief is that we can best support Traditional Owner groups
through a combination of career opportunities, business support, community benefits, and compensation.
In FY24, Great Boulder will record and report engagements and outcomes with landowners and indigenous
partners.
6.5 Business Ethics
Transparency & Disclosure
Having a team culture where employees and contractors feel safe and comfortable to speak up is important to
the continuous success of Great Boulder. In early 2023, there was an incident involving adverse behaviour by an
employee which impacted the team’s effectiveness. As a result, we engaged an independent HR consultant to
investigate the circumstances and conduct an employee culture survey. All employees were asked to complete
5 Kalgoorlie subtotal includes GBR’s main drilling contractors.
Great Boulder Resources Limited – Annual Report 2023
25
an anonymous online survey, followed by an individual face-to-face interview. All participants were also given
the opportunity to provide additional feedback via email.
The results saw our team culture was rated as good or higher by 80% of employees. Following this survey, the
Company has actioned on some recommendations and will conduct another employee culture survey in FY24 to
measure and monitor progress.
The Company’s response in this case demonstrated to all employees that we take team culture and alignment
seriously. Any employee can raise concerns with management, be treated with respect and have their concerns
addressed. In this example, our response turned a potential negative into a win for the team.
After our employee culture survey, we engaged an organisational psychologist to run a teambuilding workshop
which included psychometric testing of all employees from top-to-down. We have always known that Great
Boulder has a high-performing team. The outcome from this exercise measured that and further solidified our
claim of a high-performing team. We are justifiably proud of our group and the quality work they achieve in the
field.
‘This was cited in both the survey and the interviews, with team members often referring
to the ‘top-down’ approach as a strength and reason for the positive team culture.’ –
Team Culture Exercise & Recommendations (May 2023)
The Company firmly believes that transparency builds trust. In line with our Value of Transparent
Communication, we are committed to providing our stakeholders with continuous disclosures including annual
ESG reporting going forward.
In FY23, Great Boulder recorded zero non-compliance notices, fines, and breaches of policies.
Governance
Corporate policies provide clear, robust, and comprehensive guidance for companies and their stakeholders. In
FY23, Great Boulder conducted a policy suite review to identify gaps and missing policies. The Company has now
since rectified it and published its approved Environmental and Anti-Bribery and Corruption policies6 on Great
Boulder’s website.
In FY24, Great Boulder will ensure that anti-corruption-related policies (which includes the Whistleblower policy)
and environmental policy will be communicated to all Board members, employees, contractors, and suppliers.
6.6 Board Diversity
6 Both policies (Environmental and Anti-Bribery and Corruption) were published after the reporting period.
Great Boulder Resources Limited – Annual Report 2023
26
Gregory Hall
Non-Executive
Chairman
Melanie Leighton
Non-Executive Director
Andrew Paterson
Managing Director
Karen O’Neill
Non-Executive Director
As a lean team of nine full-time employees, bringing the right mix of skills and experience together is central to
our success, as is the culture at both a Board and operational level. Research studies have shown that diversity
(i.e., skills and gender) on corporate boards support stronger financial profits. In FY22, Great Boulder appointed
Non-Executive Director, Karen O’Neill bringing Great Boulder’s Board to a total of four members and achieving a
50:50 ratio of board gender diversity. The appointment of Karen has also improved the Board’s skills diversity,
in particular given her financial experience and expertise.
Figure 2: Great Boulder’s Board Skills Matrix for all four Board members.
Following Karen’s appointment, the Board completed its Board Skills Matrix (Figure 2) that assisted the Board to
identify the strengths, capabilities, and potential gaps. This also allows the Board to identify upskilling
opportunities for Board members. This will be reviewed annually.
Great Boulder Resources Limited – Annual Report 2023
27
7 Corporate Activities
On 22 November 2022, the Company issued 2,000,000 options ($0.14 expiring 22 November 2025) to a director,
Karen O’Neill. The fair value of the options issued was $81,600.
On 7 December 2022, the Company acquired a 100% interest in E51/1995 for consideration of $10,000 plus a 1%
gross revenue royalty.
On 7 December 2022, the Company acquired five tenements (Exploration Licences 27/658, 27/659, 27/660,
27/661 and 27/662) within the Whiteheads project area for consideration of $20,000 plus $40,000 in GBR shares
issued at a 20-day VWAP.
Between 25 January 2023 and 28 March 2023, the Company issued 2,500,000 options with various exercise prices
and expiry dates to employees, with 500,000 of these subsequently lapsing. The combined fair value of the
options issued was $93,110.
On 24 March, 2023 the Company completed a placement to raise approximately $1,500,000 by the issue of
18,000,000 shares at $0.082. In conjunction with the placement, on 1 May 2023 the company also completed an
oversubscribed 1 for 10 entitlement offer to raise approximately $4,500,000. 2,000,000 options ($0.123 expiring
30 April 2026) were issued to a broker for this capital raise.
Great Boulder Resources Limited – Annual Report 2023
28
The issued share capital of the Company at the date of this report is:
Class of Securities
Ordinary fully paid shares
Issued Capital
505,309,568
Unlisted Options (exercisable at $0.10 and expiring 30/09/2023)
Unlisted Options (exercisable at $0.0525 and expiring 31/03/2024)
Unlisted Options (exercisable at $0.0542 and expiring 19/05/2024)
Unlisted Options (exercisable at $0.12 and expiring 31/05/2024)
Unlisted Options (exercisable at $0.1108 and expiring 16/07/2024)
Unlisted Options (exercisable at $0.2033 and expiring 01/02/2025)
Unlisted Options (exercisable at $0.165 and expiring 31/03/2025)
Unlisted Options (exercisable at $0.14 and expiring 22/11/2025)
Unlisted Options (exercisable at $0.141 and expiring 01/07/2025)
Unlisted Options (exercisable at $0.137 and expiring 11/07/2025)
Unlisted Options (exercisable at $0.134 and expiring 18/07/2025)
Unlisted Options (exercisable at $0.124 and expiring 22/08/2025)
Unlisted Options (exercisable at $0.129 and expiring 27/09/2025)
Unlisted Options (exercisable at $0.123 and expiring 30/04/2026)
Performance Rights (expiring 03/12/2024)
Performance Rights (expiring 03/12/2026)
Competent Person’s Statement
600,000
4,565,515
5,714,286
3,010,000
2,194,403
750,000
2,500,000
2,000,000
500,000
350,000
200,000
750,000
200,000
2,000,000
4,500,000
10,500,000
Exploration information in this Annual Report is based upon work undertaken by Andrew Paterson who is a Member of the Australasian
Institute of Geoscientists (AIG). Mr Paterson has sufficient experience that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined in the 2012 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Paterson is Managing
Director of Great Boulder and consents to the inclusion in the report of the matters based on their information in the form and context
in which it appears.
The information that relates to Mineral Resources was first reported by the Company in its announcement to the ASX on 1 February 2023.
The Company is not aware of any new information or data that materially affects the information included in this announcement and that
all material assumptions and technical parameters underpinning the estimates continue to apply and have not material changed. The
Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified
from the original market announcement.
Great Boulder Resources Limited – Annual Report 2023
29
Forward Looking Statements
This Annual Report is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as
to the accuracy, reliability, relevance or completeness of the material contained in the Annual Report and nothing contained in the Annual
Report is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company hereby
excludes all warranties that can be excluded by law. The Annual Report contains material which is predictive in nature and may be affected
by inaccurate assumptions or by known and unknown risks and uncertainties, and may differ materially from results ultimately achieved.
The Annual Report contains “forward-looking statements”. All statements other than those of historical facts included in the Annual
Report are forward-looking statements including estimates of Mineral Resources. However, forward-looking statements are subject to
risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or
implied by such forward-looking statements. Such risks include, but are not limited to, copper, gold and other metals price volatility,
currency fluctuations, increased production costs and variances in ore grade recovery rates from those assumed in mining plans, as well
as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to
release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of the Annual Report,
or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should
consider seeking appropriate professional advice in reviewing the Annual Report and all other information with respect to the Company
and evaluating the business, financial performance and operations of the Company. Neither the provision of the Annual Report nor any
information contained in the Annual Report or subsequently communicated to any person in connection with the Annual Report is, or
should be taken as, constituting the giving of investment advice to any person.
Appendix – Tenement Schedule as at reporting date
Project
Tenement Status
Interest Comments
Whiteheads E27/538
Granted
Whiteheads E27/582
Granted
Whiteheads E27/584
Granted
Whiteheads E27/544
Granted
Whiteheads E27/588
Granted
Whiteheads E27/622
Granted
Whiteheads E27/644
Granted
Whiteheads P27/2439 Granted
Whiteheads E27/658
Granted
Whiteheads E27/659
Granted
Whiteheads E27/660
Granted
Whiteheads E27/661
Granted
Whiteheads E27/662
Granted
Side Well
E51/1905 Granted
Side Well
P51/2970 Granted
Side Well
P51/3018 Granted
Side Well
P51/3019 Granted
Side Well
P51/3022 Granted
Side Well
P51/3038 Granted
Side Well
P51/3057 Granted
Side Well
P51/3178 Granted
Side Well
Pending
P51/3278
Side Well
Pending
P51/3358
Side Well
Pending
P51/3360
Side Well
Pending
P51/3361
Side Well
P51/3362
Pending
Gnaweeda
E51/1995 Granted
51% Farm-in to 80% from Mithril Resources
51% Farm-in to 80% from Mithril Resources
51% Farm-in to 80% from Mithril Resources
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
80% Wanbanna joint venture
80% Wanbanna joint venture
80% Wanbanna joint venture
80% Wanbanna joint venture
80% Wanbanna joint venture
80% Wanbanna joint venture
80% Wanbanna joint venture
80% Wanbanna joint venture
100%
100%
100%
100%
100%
Great Boulder Resources Limited – Annual Report 2023
30
Wellington
Wellington
Wellington
Wellington
Wellington
E38/3622 Granted
E38/3751 Granted
E38/3752 Granted
E53/2242 Granted
E53/2243 Granted
100%
100%
100%
100%
100%
Great Boulder Resources Limited – Annual Report 2023
31
8 Directors’ Report
Your directors have pleasure in presenting their report, together with the financial statements, on the Group
(referred to hereafter as the “Group”), consisting of Great Boulder Resources Limited (referred to hereafter as
the “Company” or “Parent Entity”) and the entities it controlled at the end of the year ended 30 June 2023.
Directors
The names of the directors of Great Boulder Resources Limited during the financial year and to the date of this
report are:
Gregory C Hall (Non-Executive Chairman)
Andrew G Paterson (Managing Director)
Melanie J Leighton (Non-Executive Director)
Karen A O’Neill (Non-Executive Director)
Directors have been in office since the start of the financial period to the date of this report unless otherwise
stated.
Directors’ Information
Gregory C Hall, Non-Executive Chairman
Greg Hall is a director of Golden Phoenix International Pty Ltd a geological consulting company. Greg was Chief
Geologist for the Placer Dome Group from 2000 to 2006. He managed Placer Dome’s exploration activity in China
from 1993 to 2001. Before joining Placer Dome in 1988, he managed exploration in Western Australia for CSR
Limited. He made significant contributions to the discovery of Rio Tinto’s Yandi iron ore mine in the Pilbara region
of Western Australia and to Gold Field's Granny Smith gold mine in WA including Keringal, Wallaby and Sunrise
satellite gold mines. He was educated at the University of New South Wales and graduated with Bachelor of
Applied Science (First Class Honours) in 1973.
Current and former directorships:
Dateline Resources Ltd (ASX: DTR) – Non-Executive Director – Current
Zeus Resources Ltd (ASX:ZEU) – Non-Executive Director – up until December 2021
Andrew G Paterson, Managing Director
Andrew is a geologist with more than 25 years’ experience in mining and exploration in Australia and Papua New
Guinea. Andrew’s career has encompassed the gold, nickel, iron ore and lithium sectors, ranging from project
identification and grassroots exploration through to surface and underground operations. Andrew has a
Bachelor of Engineering (Mining Geology and Mineral Exploration) and a Graduate Diploma in Mining from Curtin
University. He is also a Member of the Australian Institute of Geoscientists and a Graduate member of the
Australian Institute of Company Directors.
Current and former directorships:
Cosmo Metals Ltd (ASX: CMO) – Non-Executive Director – Current
Melanie J Leighton, Non-Executive Director
Melanie Leighton is a geologist with over 20 years’ experience in the mining industry, spanning multiple
commodities and deposit types. Ms Leighton is a founding Director of Leighton Geoservices Pty Ltd, a consulting
firm providing corporate and geological services to the mineral resources sector with the mantra of bridging the
gap between technical, corporate and investor. Melanie has held management and senior geological roles with
Great Boulder Resources Limited – Annual Report 2023
32
Hot Chili Limited, Harmony Gold, Hill 50 Gold and Northwest Resources, gaining practical and management
experience within the areas of exploration, mining and resource development. Melanie also has considerable
experience in the areas of stakeholder engagement and investor relations.
Current and former directorships:
Industrial Minerals Ltd (ASX: IND) – Non-Executive Director – Current
Karen O’Neill, Non-Executive Director
Karen is an experienced mining executive and finance professional with more than 30 years’ experience in
resources, investment banking and corporate finance. Karen has worked in operationally focused roles in the
resources industry in Australia, Africa and Asia including her most recent roles as Managing Director of Kingsrose
Mining Ltd, which saw a successful turnaround under her stewardship, and CEO of Koonenberry Gold Ltd through
a successful listing and capital raise. Karen holds an MBA and is a Fellow of the Governance Institute of Australia
and the UK and a Graduate Member of the Australian Institute of Company Directors.
Current and former directorships:
Kingsrose Mining Limited (ASX:KRM) – Managing Director – November 2019 to December 2020
Newfield Resources Limited (ASX: NWF) – Non-Executive Director – January 2023 – June 2023
Company Secretary – Melanie Ross
Melanie Ross was appointed on 28 March 2018 and is an accounting and corporate governance professional with
over 20 years’ experience in financial accounting and analysis, audit, business and corporate advisory services in
public practice, commerce and state government. She has a Bachelor of Commerce and is a member of the
Institute of Chartered Accountants in Australia and New Zealand and an associate member of the Governance
Institute of Australia. Ms Ross is currently a director of a corporate advisory company based in Perth that
provides corporate and other advisory services to public listed companies.
Principal Activities
During the year, the Group was principally involved in mineral exploration in Western Australia.
Results of Operations
The results for the Group after providing for income tax and non-controlling interest for the year ended 30 June
2023 amounted to a loss of $3,227,405 (2022: loss $3,101,402).
Dividends
No dividends were paid or declared since the end of the previous year. The directors do not recommend the
payment of a dividend.
Review of Operations
Refer to Operations Report on pages 5 to 17.
Significant Changes in the State of Affairs
There were no significant changes to the state of affairs, during or subsequent to the end of the reporting period,
other than what has been reported in other parts of this report.
Great Boulder Resources Limited – Annual Report 2023
33
Likely Developments and Expected Results of Operations
Further information on the likely developments in the operations of the Group and the expected results of
operations have been included in the review of operations.
Environmental Issues
The directors advise that during the year ended 30 June 2023 no claim has been made by any competent
authority that any environmental issues, condition of license or notice of intent has been breached.
The directors have considered compliance with the National Greenhouse and Energy Reporting Act 2007 which
requires entities to report annual greenhouse gas emissions and energy use. For the measurement period, 1 July
2022 to 30 June 2023, the Directors have assessed that there are no current reporting requirements but may be
required to do so in the future.
Material Business Risks
The Company’s exploration and evaluation operations will be subject to the normal risks of mineral exploration.
The material business risks that may affect the Company are summarised below.
Future capital raisings
The Company’s ongoing activities may require substantial further financing in the future. The Company will
require additional funding to continue its exploration and evaluation operations on its projects with the aim to
identify economically mineable reserves and resources. Any additional equity financing may be dilutive to
shareholders, may be undertaken at lower prices than the current market price and debt financing, if available,
may involve restrictive covenants which limit the Company’s operations and business strategy. Although the
Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital or
funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is
unable to obtain additional financing as needed, it may be required to reduce, delay or suspend its operations
and this could have a material adverse effect on the Company’s activities and could affect the Company’s ability
to continue as a going concern.
Exploration risk
The success of the Company depends on the delineation of economically mineable reserves and resources, access
to required development capital, movement in the price of commodities, securing and maintaining title to the
Company’s exploration and mining tenements and obtaining all consents and approvals necessary for the conduct
of its exploration activities. Exploration on the Company’s existing tenements may be unsuccessful, resulting in a
reduction in the value of those tenements, diminution in the cash reserves of the Company and possible
relinquishment of the tenements. The exploration costs of the Company are based on certain assumptions with
respect to the method and timing of exploration. By their nature, these estimates and assumptions are subject
to significant uncertainties and, accordingly, the actual costs may materially differ from these estimates and
assumptions.
Accordingly, no assurance can be given that the cost estimates and the underlying assumptions will be realised
in practice, which may materially and adversely affect the Company’s viability. If the level of operating
expenditure required is higher than expected, the financial position of the Company may be adversely affected.
Feasibility and development risks
It may not always be possible for the Company to exploit successful discoveries which may be made in areas in
which the Company has an interest. Such exploitation would involve obtaining the necessary licences or
clearances from relevant authorities that may require conditions to be satisfied and/or the exercise of discretions
by such authorities. It may or may not be possible for such conditions to be satisfied. Further, the decision to
proceed to further exploitation may require participation of other companies whose interests and objectives may
not be the same as the Company’s.
Great Boulder Resources Limited – Annual Report 2023
34
Regulatory risk
The Company’s operations are subject to various Commonwealth, State and Territory and local laws and plans,
including those relating to mining, prospecting, development permit and licence requirements, industrial
relations, environment, land use, royalties, water, native title and cultural heritage, mine safety and occupational
health. Approvals, licences and permits required to comply with such rules are subject to the discretion of the
applicable government officials.
No assurance can be given that the Company will be successful in maintaining such authorisations in full force
and effect without modification or revocation. To the extent such approvals are required and not retained or
obtained in a timely manner or at all, the Company may be limited or prohibited from continuing or proceeding
with exploration. The Company’s business and results of operations could be adversely affected if applications
lodged for exploration licences are not granted. Mining and exploration tenements are subject to periodic
renewal. The renewal of the term of a granted tenement is also subject to the discretion of the relevant Minister.
Renewal conditions may include increased expenditure and work commitments or compulsory relinquishment of
areas of the tenements comprising the Company’s projects. The imposition of new conditions or the inability to
meet those conditions may adversely affect the operations, financial position and/or performance of the
Company.
Mineral resource estimate risk
Mineral resource estimates are expressions of judgement based on knowledge, experience and industry practice.
These estimates were appropriate when made but may change significantly when new information becomes
available. There are risks associated with such estimates. Mineral resource estimates are necessarily imprecise
and depend to some extent on interpretations, which may ultimately prove to be inaccurate and require
adjustment. Adjustments to resource estimates could affect the Company’s future plans and ultimately its
financial performance and value. Commodity price fluctuations, as well as increased production costs or reduced
throughput and/or recovery rates, may render resources containing relatively lower grades uneconomic and may
materially affect resource estimations.
Environmental risk
The operations and activities of the Company are subject to the environmental laws and regulations of Australia.
As with most exploration projects and mining operations, the Company’s operations and activities are expected
to have an impact on the environment, particularly if advanced exploration or mine development proceeds. The
Company attempts to conduct its operations and activities to the highest standard of environmental obligation,
including compliance with all environmental laws and regulations. The Company is unable to predict the effect of
additional environmental laws and regulations which may be adopted in the future, including whether any such
laws or regulations would materially increase the Company’s cost of doing business or affect its operations in any
area. However, there can be no assurances that new environmental laws, regulations or stricter enforcement
policies, once implemented, will not oblige the Company to incur significant expenses and undertake significant
investments which could have a material adverse effect on the Company’s business, financial condition and
performance.
Availability of equipment and contractors
Prior to the COVID-19 pandemic, appropriate equipment, including drill rigs, was in short supply. There was also
high demand for contractors providing other services to the mining industry. The COVID-19 pandemic only served
to exacerbate these issues. Consequently, there is a risk that the Company may not be able to source all the
equipment and contractors required to fulfil its proposed activities. There is also a risk that hired contractors may
underperform or that equipment may malfunction, either of which may affect the progress of the Company’s
activities.
Great Boulder Resources Limited – Annual Report 2023
35
Occupational Health and Safety
Health and Safety actions are framed within the “Quality, Environment, Safety and Occupational Health
Integrated Policy” that states people´s health and safety is safeguarded within the different fields of our activity.
Great Boulder Resources Limited strictly follows. The plan covers specific areas such as the Compliance of Legal
and Other Standards, Risk Assessment and Control, Occupational Health, Emergency Response, Training,
Incidents - Corrective and Preventive Action, Management of Contractors and Suppliers, Audit and Management
Review.
Matters Subsequent to the End of the Financial Year
On 7 August, the Company acquired an 80% interest in nine Prospecting Licences from Wanbanna Pty Ltd.
Consideration for the acquisition was $60,000 cash and $60,000 in GBR scrip valued at a 5-day VWAP, and the
tenements will be operated as a joint venture with Wanbanna free-carried to a decision to mine.
On 9 August, 150,000 placement shares were issued to director Karen O’Neill at $0.082 following receipt of
shareholder approval, raising $12,300. On 28 August, 799,000 options exercisable at 7.5c lapsed unexercised.
Aside from the above, there were no significant changes to the state of affairs, during or subsequent to the end
of the reporting period, other than what has been reported in other parts of this report.
Security Holding Interests of Directors as at the Date of this Report
Directors
Gregory C Hall
Andrew G Paterson
Melanie J Leighton
Karen A O’Neill
Directors’ Meetings
Ordinary
Shares
Performance
Rights
2,195,926
6,099,607
1,450,000
150,000
-
10,000,000
-
-
Options Over
Ordinary
Shares
-
-
-
2,000,000
The number of directors’ meetings attended by each of the directors of the Company during the year were:
Director
Gregory C Hall
Andrew G Paterson
Melanie J Leighton
Karen A O’Neill
Full Board
Eligible Meetings
while in office
Eligible Meetings
attended
5
5
5
5
5
5
5
5
Remuneration Committee
Eligible
Eligible
Meetings
Meetings while
attended
in office
1
1
n/a
n/a
1
1
1
1
Great Boulder Resources Limited – Annual Report 2023
36
REMUNERATION REPORT (AUDITED)
The information provided in this remuneration report has been audited.
Principles used to Determine Amount and Nature of Remuneration
The objective of the Group’s executive reward framework is to ensure reward for performance is competitive
and appropriate for the results delivered. The Board ensures that executive reward satisfies the following key
criteria for good reward governance practises:
competitiveness and reasonableness
•
• acceptability to shareholders
•
transparency
The current base remuneration pool of $300,000 for non-executive directors was set and reported in the
Prospectus dated 12 September 2016. All director fees are periodically recommended for approval by
shareholders.
The current base remuneration pool of $300,000 for non-executive directors for Cosmo Metals Limited was set
and reported in the Prospectus dated 22 November 2021.
The Company’s policy regarding executive’s remuneration is that the executives are paid a commercial salary
and benefits based on the market rate and experience.
Long-term incentives include long service leave and share-based payments. The directors participate in a share
based incentive program designed to align the targets of the business units with the performance hurdles of
executives. These incentives are granted to executives based on specific JORC resource and share price targets
being achieved.
Use of Remuneration Consultants
During the financial year ended 30 June 2023 and 30 June 2022, the consolidated entity did not engage any
remuneration consultants.
Details of Remuneration of the Key Management Personnel of the Group
Details of the nature and amount of each element of remuneration of the Key Management Personnel of the
Group for the financial year are as follows:
Great Boulder Resources Limited
2023
Short Term
Post-
Employment
Share based Payments
Performance
Linked
Name
Gregory C Hall (Non-
Executive Chairman)
Melanie J Leighton (Non-
Executive Director)
Andrew G Paterson
(Managing Director)
Karen A O'Neill (Non-
Executive Director)
Salary
$
-
Fees
$
69,936
Other
Benefits
$
-
Superannuation
$
7,478
-
50,438
-
4,813
Performance
Rights
-
-
260,000
-
1,138
27,300
714,344
Options
$
-
Total
$
77,414
55,250
-
-
%
-
-
1,002,782
71%
-
50,000
-
5,250
-
81,600
136,850
-
260,000
170,373
1,138
44,841
714,344
81,600
1,272,296
42%
Great Boulder Resources Limited – Annual Report 2023
37
2022
Short Term
Post-
Employment
Share based Payments
Performance
Linked
Name
Gregory C Hall (Non-
Executive Chairman)
Melanie J Leighton (Non-
Executive Director)
Andrew G Paterson
(Managing Director)
Karen A O'Neill (Non-
Executive Director)
Salary
$
-
Fees
$
62,654
-
42,500
260,000
-
-
12,032
260,000
117,186
Cosmo Metals Limited
-
-
-
-
Other
Benefits
$
-
Superannuation
$
-
Performance
Rights
-
-
Options
$
-
Total
$
62,654
4,250
46,750
%
-
-
26,000
219,655
1,203
-
31,453
219,655
505,655
43%
13,235
-
628,294
35%
-
-
-
-
2023
Short Term
Post-
Employment
Share based Payments
Performance
Linked
Name
Andrew Paterson (Non-
Executive Director)
Salary
$
-
Fees
$
47,917
Other
Benefits
$
-
Superannuation
$
5,031
-
47,917
-
5,031
Performance
Rights
-
-
Options
$
-
Total
$
52,948
%
-
52,948
-
-
2022
Short Term
Post-
Employment
Share based Payments
Performance
Linked
Name
Andrew Paterson (Non-
Executive Director)
Salary
$
-
Fees
$
30,417
Other
Benefits
$
-
Superannuation
$
3,042
-
30,417
-
3,042
Performance
Rights
-
-
Options
$
97,200
Total
$
130,659
97,200
130,659
%
74%
74%
In accordance with the requirement of AASB2 Share based payments, the value disclosed is the portion of the
fair value of the options/performance rights recognised as an expense in the reporting period discounted for the
probabilities of not meeting the specific performance conditions. The amount included as remuneration is not
related to nor indicative of the benefit (if any) that may ultimately be realised should the options/performance
rights vest.
Key Management Personnel Interests in the Shares and Options of the Group
The number of shares and options in the Group held during the financial year, and up 30 June 2023, by each Key
Management Personnel of Great Boulder Resources Limited and its subsidiary Cosmo Metals Limited, including
their personally related parties, is set out below. There were no shares granted as compensation during the year.
Shares
Great Boulder Resources Limited
2023
Gregory C Hall
Andrew G Paterson
Melanie J Leighton
Karen A O'Neill
Balance at the
start of the year
1,996,296
2,855,704
1,450,000
-
6,302,000
On Market
Purchase
Other changes
during the year
199,630
243,903
-
-
443,533
-
3,000,0001
-
-
3,000,000
Balance at the
end of the year
2,195,926
6,099,607
1,450,000
-
9,745,533
1 During the year, 3,000,000 of Andrew Paterson’s performance rights vested and converted into fully paid ordinary shares.
Great Boulder Resources Limited – Annual Report 2023
38
Options
Great Boulder Resources Limited
2023
Gregory C Hall
Andrew G Paterson
Melanie J Leighton
Karen A O'Neill
Balance at the
start of the year
2,000,000
-
2,000,000
-
4,000,000
Granted as
compensation
-
-
-
2,000,000
2,000,000
Other changes
during the year
(2,000,000)1
-
(2,000,000)1
-
(4,000,000)
Balance at the
end of the year
-
-
-
2,000,000
2,000,000
1 During the year, Gregory Hall and Melanie Leighton both had 2,000,000 options expire unexercised.
Cosmo Metals Limited
2023
Andrew G Paterson
Performance Rights
Great Boulder Resources Limited
2023
Gregory C Hall
Andrew G Paterson
Melanie J Leighton
Karen A O'Neill
Balance at the
start of the year
1,000,000
1,000,000
Granted as
compensation
-
-
Other changes
during the year
Balance at the
end of the year
1,000,000
1,000,000
-
-
Balance at the
start of the year
-
13,000,000
-
-
13,000,000
Granted as
compensation
-
-
-
-
-
Other changes
during the year
-
(3,000,000)1
-
-
(3,000,000)
Balance at the
end of the year
-
10,000,000
-
-
10,000,000
1 During the year, 3,000,000 of Andrew Paterson’s performance rights vested and converted into fully paid ordinary shares.
Share Based Compensation
Shares
No shares were issued to key management personnel as compensation during the year ended 30 June 2023
(2022: nil).
Options
During the year 4,000,000 options issued to Gregory Hall and Melanie Leighton lapsed unexercised.
During the year 2,000,000 options were granted to Karen O’Neill.
The fair value of the options granted during the prior year was $81,600. These options vested immediately.
The value disclosed in the remuneration of key management personnel is the portion of the fair value of the
options recognised as expense in each reporting period in accordance with the requirement of AASB 2.
The terms and conditions of options affecting remuneration granted to Karen O’Neill in this and future reporting
years are as follows:
Employee
No. of
Options
granted
Value
Vesting
$
conditions
Karen O’Neill
81,600
Note 1
Note 1. The non-executive director options vest immediately on the date of issue and are not subject to any vesting conditions or exercise
conditions.
Exercise
price
$0.14
Expiry date
22/11/2025
Grant date
22/11/2022
2,000,000
Fair value
per option
at grant
date
$0.0408
Great Boulder Resources Limited – Annual Report 2023
39
Performance Rights
During the year, 3,000,000 performance rights held by Andrew Paterson vested and were converted to shares
following the announcement of a maiden mineral resources in excess of 500,000oz JORC resources at 1g/t Au or
equivalent at the Side Well Gold Project.
The terms and conditions of the remaining performance rights affecting remuneration granted to key
management personnel in this and future reporting years are as follows:
Tranche
Tranche 1
Tranche 2
Tranche 3
Tranche 6
Tranche 7
No. of Rights
granted
500,000
1,000,000
1,500,000
3,000,000
4,000,000
Grant date
8/11/2021
8/11/2021
8/11/2021
8/11/2021
8/11/2021
Vesting
conditions
See Below
See Below
See Below
See Below
See Below
Expiry date
3/12/2024
3/12/2024
3/12/2024
3/12/2026
3/12/2026
Exercise
price
n/a
n/a
n/a
n/a
n/a
Fair value
of rights at
grant date
$0.0144
$0.0133
$0.01236
$0.15
$0.15
Value
$
72,000
133,000
185,400
270,000
300,000
Vesting Conditions of Remaining Performance Rights:
Tranche
Tranche 1
Tranche 2
Tranche 3
Tranche 6
Tranche 7
Vesting condition
Vesting date
30-day VWAP exceeds 20 cents
30-day VWAP exceeds 30 cents
30-day VWAP exceeds 40 cents
750,000oz JORC resources at 1g/t Au or equivalent
1,000,000oz JORC resources at 1g/t Au or equivalent
3 years from grant
3 years from grant
3 years from grant
5 years from grant
5 years from grant
Service Contracts
Andrew Paterson - Managing Director
The Company has entered into an Executive Services Agreement with its Managing Director, Mr Andrew
Paterson, in relation to his employment by the Company.
The material terms of this agreement are as follows:
Mr Paterson is employed as the Managing Director.
(a)
(b) Mr Paterson will be paid an annual salary of $300,000 plus statutory superannuation, effective from 1
July 2023.
(c) Mr Paterson’s employment may be terminated by the Company giving 6 months’ notice. The Company
may otherwise terminate his employment immediately for cause (e.g. serious misconduct).
Great Boulder Resources Limited – Annual Report 2023
40
Non-Executive Directors
The Company has entered into a letter of engagement with each Non-Executive Director confirming their
appointment and terms of the engagement.
Each Non-Executive Director is entitled to be paid an annual director's fee as follows:
Mr Hall
Ms O’Neill
Ms Leighton
$70,000
$50,000
$50,000
The director’s fees are exclusive of statutory superannuation.
Related Party Transactions
During the financial year, there are no other transactions with key management personnel and their related
parties.
Additional information
The earnings of the Group for the five years to 30 June 2023 are summarised below:
2023
2022
2021
2020
2019
Other income
EBITDA
EBIT
Loss after income tax
47,248
(3,445,932)
(3,559,872)
(3,574,154)
3,675
(3,199,415)
(3,277,650)
(3,293,528)
86,586
69,945
(682,170) (2,263,141)
(738,527) (2,308,610)
(752,371) (2,312,943)
18,540
(1,353,836)
(1,353,836)
(1,353,836)
The factors that are considered to affect total shareholders return ('TSR') are summarised below.
2023
2022
2021
2020
2019
Share price at financial year end ($)
Basic earnings per share (cents per share)
0.07
(0.73)
0.071
(0.83)
0.091
(0.35)
0.026
(1.92)
0.0525
(1.68)
At the 2022 AGM, 99.5% of the votes received supported the adoption of the remuneration report for the year
ended 30 June 2022. The Company did not receive any specific feedback at the AGM regarding its remuneration
practices.
[End of Remuneration Report]
Great Boulder Resources Limited – Annual Report 2023
41
Shares under Option
There were 38,633,204 ordinary shares under option as at 30 June 2023 (2022: 24,133,204).
Shares Issued on the Exercise of Options
There were nil options exercised during the year ended 30 June 2023 (2022: 3,964,769).
Options Lapsed/ Forfeited During the Year
4,500,000 options lapsed during the year (2022: 4,750,000).
No options were forfeited during the year (2022: Nil).
Indemnification and Insurance of Directors and Officers
During the financial year, the Company maintained an insurance policy which indemnifies the Directors and
Officers of Great Boulder Resources Limited in respect of any liability incurred in connection with the
performance of their duties as Directors or Officers of the Company. The Company's insurers have prohibited
disclosure of the amount of the premium payable and the level of indemnification under the insurance contract.
Indemnification and Insurance of Auditor
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the
auditor of the Company or any related entity against a liability incurred by the auditor.
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of
the Company or related entity.
Officers of the Company who are Former Partners of RSM Australia Partners.
There are no officers of the Company who are former partners of RSM Australia Partners.
Auditor
RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001.
Proceedings on Behalf of Company
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company
for all or any part of those proceedings.
The Company was not a party to any such proceedings during the year.
Non-Audit Services
The Board of Directors is satisfied that the provision of non-audit services during the year is compatible with the
general standard of independence for auditors imposed by the Corporations Act 2001. The directors are satisfied
that the services disclosed below did not compromise the external auditor’s independence for the following
reasons:
• all non-audit services are reviewed and approved by the directors prior to commencement to ensure
they do not adversely affect the integrity and objectivity of the auditor; and
Great Boulder Resources Limited – Annual Report 2023
42
•
the nature of the services provided does not compromise the general principles relating to auditor
independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the
Accounting Professional and Ethical Standards Board.
Non-audit services that have been provided by the entity’s auditor, RSM Australia Partners, have been disclosed
in Note 19.
Auditors Independence Declaration
The lead auditor’s independence declaration for the year ended 30 June 2023 has been received and is included
within this annual report.
Corporate Governance Statement
The Board is responsible for the overall corporate governance of the Company, and it recognises the need for
the highest standards of ethical behaviour and accountability. It is committed to administering its corporate
governance structures to promote integrity and responsible decision making.
The Company’s corporate governance structures, policies and procedures are described in its Corporate
Governance Statement which is available on the Company’s website at:
http://www.greatboulder.com.au/corporate-governance/
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
Andrew Paterson
Managing Director
Perth
27 September 2023
Great Boulder Resources Limited – Annual Report 2023
43
RSM Australia Partners
Level 32, Exchange Tower
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Great Boulder Resources Limited for the year ended 30 June
2023, I declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
The auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
Any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA PARTNERS
Perth, WA
Dated: 27 September 2023
AIK KONG TING
Partner
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent
accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
INDEPENDENT AUDITOR’S REPORT
To the Members of GREAT BOULDER RESOURCES LIMITED
Opinion
We have audited the financial report of Great Boulder Resources Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2023, the consolidated
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and
the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including
a summary of significant accounting policies, and the directors' declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i)
Giving a true and fair view of the Group's financial position as at 30 June 2023 and of its financial
performance for the year then ended; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent
accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key Audit Matter
How our audit addressed this matter
Share-based Payment
Refer to Note 17 in the financial statements
During the year, the Group issued options to key
management personnel, employees and brokers.
Additionally, the Group also have performance rights
on issue which are subject to vesting conditions.
Our audit procedures included:
Assessing the Group’s accounting policy for
Accounting
Australian
with
compliance
Standards;
Management has accounted for these instruments in
accordance with AASB 2 Share-Based Payment.
Obtaining an understanding of the terms and
conditions of these instruments granted;
We determined this to be a key audit matter due to:
Assessing the completeness of the instruments
The complexity of the accounting associated
with
and
these
management estimation in determining the fair
value of these instruments granted;
instruments
recording
Management
judgement
to
determine the probability of vesting conditions of
these instruments and the inputs used in the
valuation model to value these instruments; and
required
is
The recognition of the share-based payment
expense is complex due to the variety of vesting
conditions attached to these instruments.
granted/expired/lapsed at reporting date;
Assessing the appropriateness of management’s
valuation methodology used to determine the fair
value of these instruments granted;
Testing the key inputs used in the valuation model
for each instrument granted;
Critically assessing management’s determination
of the vesting probability of each instrument;
Assessing the adequacy and accuracy of the
relevant disclosures in the financial statements.
Key Audit Matter
How our audit addressed this matter
Carrying Value of Exploration and Expenditure
Refer to Note 10 in the financial statements
The Group has capitalised exploration and
evaluation expenditure, with a carrying value of
$25,332,192 as at 30 June 2023.
We determined this to be a key audit matter due to
the significant management judgments involved in
assessing the carrying value of the assets including:
Determination of whether the exploration and
evaluation expenditure can be associated with
finding specific mineral resources and the basis
on which that expenditure is allocated to an area
of interest;
Assessing whether exploration and evaluation
activities have reached a stage at which the
existence of economically recoverable reserves
may be determined; and
Assessing whether any indicators of impairment
are present and if so, judgement applied to
determine and quantify any impairment loss.
Our audit procedures included:
Assessing the Group’s accounting policy for
compliance with Australian Accounting Standards;
Testing that the rights to tenure of the areas of
interest are current;
Testing a sample of additions to supporting
documentation and ensuring
the amounts
capitalised during the year are in compliance with
the Group’s accounting policy and relate to the
area of interest;
Assessing
and
evaluating management’s
determination of whether indicators of impairment
existed as the reporting date;
Assessing
and
evaluating management’s
determination of the impairment loss recognised
for the year ended 30 June 2023;
Assessing management’s determination
that
exploration and evaluation activities have not yet
reached a stage where the existence or otherwise
of economically recoverable reserves may be
reasonably determined;
reviewing
Enquiring with management and
budgets and other documentation
to gain
evidence that active and significant operations in,
or in relation to, the area of interest will be
continued in the future; and
Assessing the adequacy of the disclosures in the
financial statements.
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Group's annual report for the year ended 30 June 2023, but does not include the financial report and the
auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: https://www.auasb.gov.au/auditors_responsibilities/ar2.pdf. This
description forms part of our auditor's report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included within the directors' report for the year ended 30 June 2023.
In our opinion, the Remuneration Report of Great Boulder Resources Limited, for the year ended 30 June 2023,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
RSM AUSTRALIA PARTNERS
Perth, WA
Dated: 27 September 2023
AIK KONG TING
Partner
11 Directors’ Declaration
In the directors' opinion:
•
•
•
•
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting
Standards, the Corporations Regulations 2001 and other mandatory professional reporting
requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as
issued by the International Accounting Standards Board as described in note 1 to the financial
statements;
the attached financial statements and notes give a true and fair view of the Group's financial position as
at 30 June 2023 and of its performance for the financial year ended on that date; and
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable.
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
Andrew Paterson
Managing Director
27 September 2023
Perth
Great Boulder Resources Limited – Annual Report 2023
49
12 Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2023
Other income
Depreciation
Legal and professional fees
Employee benefits expense
Administration expenses
Project evaluation costs
Impairment of exploration and evaluation expenditure
Finance costs
Share based payments
Loss before income tax
Income tax expense
Loss after income tax
Other comprehensive income
Total comprehensive loss
Note
2023
$
2022
$
4
5
10
17
6
47,248
47,248
3,675
3,675
(113,939)
(107,764)
(897,689)
(1,266,256)
-
(11,081)
(14,283)
(1,210,390)
(78,235)
(88,081)
(381,574)
(1,414,614)
(126,781)
(339,131)
(15,878)
(852,909)
(3,574,154)
(3,293,528)
-
-
(3,574,154)
(3,293,528)
-
-
(3,574,154)
(3,293,528)
Total comprehensive loss attributable to:
Equity holders of Great Boulder Resources Limited
Non-controlling interest
Total comprehensive loss
26
(3,227,405)
(346,749)
(3,574,154)
(3,101,402)
(192,126)
(3,293,528)
Basic and diluted loss per share attributable to ordinary
equity holders of the Company (cents)
18
(0.73)
(0.83)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in
conjunction with the accompanying notes
Great Boulder Resources Limited – Annual Report 2023
50
13 Consolidated Statement of Financial Position
As at 30 June 2023
Note
2023
$
2022
$
Current Assets
Cash and cash equivalents
Trade and other receivables
Total current assets
Non-Current Assets
Plant and equipment
Exploration and evaluation expenditure
Right-of-use assets
Total non-current assets
Total Assets
Current Liabilities
Trade and other payables
Provisions
Lease liabilities
Total current liabilities
Non-Current Liabilities
Provisions
Lease liabilities
Total non-current liabilities
Total Liabilities
Net Assets
7
8
9
10
11
12
13
14
13
14
4,937,271
596,834
5,534,105
9,078,113
367,712
9,445,825
327,907
343,149
25,332,192 16,353,489
133,496
25,749,571 16,830,134
89,472
31,283,676 26,275,959
1,195,796
145,523
49,821
1,391,140
323,179
60,120
40,732
424,031
3,486
59,599
63,085
728
109,894
110,622
1,454,225
534,653
29,829,451 25,741,306
Equity
Contributed equity
Reserves
Accumulated losses
Equity attributable to equity holders of Great Boulder Resources
Limited
15
16
16
34,219,782 28,149,900
1,874,879
2,423,396
(8,866,103)
(11,890,708)
24,752,470 21,158,676
Non-Controlling Interest
27
5,076,981
4,582,630
Total Equity
29,829,451 25,741,306
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying
notes
Great Boulder Resources Limited – Annual Report 2023
51
14 Consolidated Statement of Changes in Equity
For the year ended 30 June 2023
Contributed
Equity
$
Share
Based
Payment
Reserves
$
28,149,900 1,874,879
-
-
40,000
-
-
-
5,866,345
265,398
675,000
(675,000)
-
(87,600)
280,166 1,210,390
Accumulated
Losses
Total
Non-
Controlling
interest
Total Equity
$
(8,866,103)
$
21,158,676
$
4,582,630
$
25,741,306
(3,227,405)
(3,227,405)
(346,749)
(3,574,154)
(3,227,405)
(3,227,405)
(346,749)
(3,574,154)
-
-
-
40,000
6,131,743
-
87,600
-
-
1,490,556
-
-
-
-
-
40,000
6,131,743
-
-
1,490,556
(791,629)
(164,671)
115,200
(841,100)
841,100
-
Balance at 1 July 2022
Loss for the year
Total Comprehensive
Income for the year
Acquisition of exploration
project
Shares issued (net of
costs)1
Conversion of performance
rights
Expiry of options
Share based payments
Adjustment due to change
in ownership interest
Balance at 30 June 2023
34,219,782 2,423,396
(11,890,708) 24,752,470
5,076,981 29,829,451
1 includes options issued to brokers as share issue costs.
Balance at 1 July 2021
Loss for the year
Total Comprehensive
Income for the year
Recognition of non-
controlling interest
Acquisition of exploration
project
Shares issued (net of costs)
Exercise of options
Expiry of options
Share based payments
21,705,412 1,012,066
-
-
(6,237,266)
(3,101,402)
16,480,212
(3,101,402)
- 16,480,212
(3,293,528)
(192,126)
-
-
(3,101,402)
(3,101,402)
(192,126)
(3,293,528)
(4,811,567)
(491,138)
361,681
(4,941,024)
4,941,024
-
175,000
95,676
-
270,676
-
270,676
10,670,507
400,548
-
10,000
643,300
(127,050)
(110,884)
852,909
-
-
110,884
-
11,313,807
273,498
-
862,909
(166,268) 11,147,539
-
-
-
273,498
-
862,909
Balance at 30 June 2022
28,149,900 1,874,879
(8,866,103) 21,158,676
4,582,630 25,741,306
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying
notes
Great Boulder Resources Limited – Annual Report 2023
52
15 Consolidated Statement of Cash Flows
For the year ended 30 June 2023
Cash Flows from Operating Activities
Payments to suppliers and employees
Other receipts
Interest paid
Interest received
Note
2023
$
2022
$
(2,010,141)
18,633
(153)
42,497
(2,001,901)
-
-
3,675
Net cash used in operating activities
22(b)
(1,949,164)
(1,998,226)
Cash Flows from Investing Activities
Receipts of government grants
Payments for exploration and evaluation
Payments for plant and equipment
Net cash used in investing activities
Cash Flows from Financing Activities
Proceeds from issue of shares (net of costs)
Proceeds from the exercise of options
Repayments of lease liabilities
Net cash provided by financing activities
Net increase in cash and cash equivalents
224,313
(8,527,360)
(4,039)
376,047
(7,228,098)
(210,675)
(8,307,086)
(7,062,726)
6,170,745 11,157,534
273,498
(53,096)
-
(55,337)
6,115,408 11,377,936
(4,140,842)
2,316,984
Cash and cash equivalents at the beginning of the year
9,078,113
6,761,129
Cash and cash equivalents at the end of the year
22(a)
4,937,271
9,078,113
The above Consolidated Statement of Cash Flows should be read on conjunction with the accompanying notes
Great Boulder Resources Limited – Annual Report 2023
53
16 Notes to the Financial Statements
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Great Boulder Resources Limited (the “Company”) and its legal subsidiaries together are referred to in this
financial report as the Group.
The principal accounting policies adopted in the preparation of the financial statements are set out below. These
policies have been consistently applied to all the years presented, unless otherwise stated.
Great Boulders Resources Limited is a for profit public Company, limited by shares and domiciled in Australia.
New, revised or amending Accounting Standards and Interpretations adopted
The Group has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by
the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the Group for the annual reporting period ended 30 June 2023. The
Group's has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.
(a)
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting
Standards and Interpretations issued by the Australia Accounting Standards Board (‘AASB’) and the Corporations
Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with the
International Financial Reporting Standards (IFRS).
These financial statements also comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board.
The financial report was authorised for issue on 27 September 2023 by the Board of Directors.
The functional and presentation currency of Great Boulder Resources Limited is Australian Dollars.
The directors have prepared the financial statements on a going concern basis, which contemplates continuity
of normal business activities and the realisation of assets and extinguishment of liabilities in the normal course
of business.
Historical cost convention
These financial statements have been prepared under the historical cost convention, as modified by the
revaluation of available-for-sale financial assets.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Great Boulder
Resources Limited (‘Company' or 'Parent Entity') as at 30 June 2023 and the results of all subsidiaries for the year
then ended. Great Boulder Resources Limited and its subsidiaries together are referred to in these financial
statements as the 'Group'.
Great Boulder Resources Limited – Annual Report 2023
54
Subsidiaries are all 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.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of
the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in
ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference
between the consideration transferred and the book value of the share of the non-controlling interest acquired
is recognised directly in equity attributable to the parent.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit
or loss and other comprehensive income, statement of financial position and statement of changes in equity of
the Group. Losses incurred by the Group are attributed to the non-controlling interest in full, even if that results
in a deficit balance.
Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-
controlling interest in the subsidiary together with any cumulative translation differences recognised in equity.
The Group recognises the fair value of the consideration received and the fair value of any investment retained
together with any gain or loss in profit or loss.
(b)
Income tax
The Group adopts the liability method of tax-effect accounting whereby the income tax expense is based on the
profit adjusted for any non-assessable or disallowed items.
Deferred tax is accounted for using the statement of balance sheet liability method in respect of temporary
differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial
statements. No deferred income tax will be recognised from the initial recognition of an asset or liability,
excluding a business combination, where there is no effect on accounting or taxable profit or loss.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or
liability is settled. Deferred tax is credited in the statement of comprehensive income except where it relates to
items that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied
when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively
enacted, except for:
• When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset
or liability in a transaction that is not a business combination and that, at the time of the transaction,
affects neither the accounting nor taxable profits; or
• When the taxable temporary difference is associated with interests in subsidiaries, associates or joint
ventures, and the timing of the reversal can be controlled and it is probable that the temporary
difference will not reverse in the foreseeable future.
The amount of benefits brought to account or which may be realised in the future is based on the assumption
that no adverse change will occur in income taxation legislation and the anticipation that the Group will derive
sufficient future assessable income to enable the benefit to be realised and comply with the conditions of
deductibility imposed by the law.
Great Boulder Resources Limited – Annual Report 2023
55
(c)
Revenue recognition
Interest revenue
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of
calculating the amortised cost of a financial asset and allocating the interest income over the relevant period
using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through
the expected life of the financial asset to the net carrying amount of the financial asset.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
(d)
R&D Tax Incentive and other government grants
The Australian Government has provided a tax incentive, in the form of a refundable tax offset of 43.5% (2022:
43.5%), for eligible research and development expenditure. Management have assessed refundable R&D tax
incentive based on the research and development activities and expenditure during the period, which are likely
to be eligible under the scheme. Amounts received are subject to Group’s continued eligibility to the scheme.
Recognition of the R&D tax incentive has been to offset against any capitalised exploration and evaluation
expenditure.
Other government grants relating to costs are deferred and recognised in profit or less over the period necessary
to match them with the costs that they are intended to compensate.
(e)
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification.
An asset is current when: it is expected to be realised or intended to be sold or consumed in normal operating
cycle; it is held primarily for the purpose of trading; it is expected to be realised within twelve months after the
reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle
a liability for at least twelve months after the reporting period. All other assets are classified as non-current.
A liability is current when: it is expected to be settled in normal operating cycle; it is held primarily for the purpose
of trading; it is due to be settled within twelve months after the reporting period; or there is no unconditional
right to defer the settlement of the liability for at least twelve months after the reporting period. All other
liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
(f)
Exploration and evaluation expenditure
Exploration and evaluation expenditure in relation to separate areas of interest for which rights of tenure are
current is carried forward as an asset in the consolidated statement of financial position where it is expected
that the expenditure will be recovered through the successful development and exploitation of an area of
interest, or by its sale; or exploration activities are continuing in an area and activities have not reached a stage
which permits a reasonable estimate of the existence or otherwise of economically recoverable reserves. Where
a project or an area of interest has been abandoned, the expenditure incurred thereon is written off in the year
in which the decision is made.
Great Boulder Resources Limited – Annual Report 2023
56
(g)
Plant and equipment
Plant and equipment
Plant and equipment are measured on the cost basis less depreciation and impairment losses.
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Group and the
cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of
comprehensive income during the financial period in which they are incurred.
Each class of plant and equipment is carried at cost or fair value less, where applicable, any accumulated
depreciation and impairment losses.
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the
recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net
cash flows that will be received from the assets’ employment and subsequent disposal. The expected net cash
flows have been discounted to their present values in determining recoverable amounts.
Depreciation
The depreciable amount of all plant and equipment is depreciated on a diminishing value over their useful lives
to the Group commencing from the time the asset is held ready for use.
The depreciation rates used for each class of depreciable assets are:
Class of Fixed Asset
Plant and Equipment
Depreciation Rate
10-33%
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.
An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount
is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and
losses are included in the statement of comprehensive income.
(h)
Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at
cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments
made at or before the commencement date net of any lease incentives received, any initial direct costs incurred,
and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling
and removing the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the
estimated useful life of the asset, whichever is the shorter. Where the entity expects to obtain ownership of the
leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are
subject to impairment or adjusted for any remeasurement of lease liabilities.
The entity has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases
with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to
profit or loss as incurred.
Great Boulder Resources Limited – Annual Report 2023
57
(i)
Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the
financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and
are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.
(j)
Equity-based payments
Equity-based compensation benefits can be provided to suppliers and employees. The fair value of options and
performance rights granted are recognised as an employee benefit expense with a corresponding increase in
contributed equity. The fair value is measured at grant date and recognised over the period during which the
recipient becomes unconditionally entitled to the options and performance rights.
The fair value at grant date is independently determined using a valuation model that takes into account the
exercise price, the term of the instrument, the vesting and performance criteria, the impact of dilution, the non-
tradeable nature of the option, the share price at grant date and expected price volatility of the underlying share,
the expected divided yield and the risk-free interest rate for the term of the instrument.
Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market
conditions are considered to vest irrespective of whether or not that market condition has been met, provided
all other conditions are satisfied.
(k)
Earnings per share
Basic earnings per share
Basic earnings per share is determined by dividing the profit attributable to equity holders of the Group,
excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary
shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the
year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account the after income tax effect of interest and other financing costs associated with dilutive potential
ordinary shares and the weighted average number of shares assumed to have been issued for no consideration
in relation to dilutive potential ordinary shares.
(l)
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker. The chief operating decision maker, who is responsible for allocating resources and
assessing performance of the operating segments, has been identified as the board of directors.
(m)
Impairment of assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment.
Assets that are subject to amortisation are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for
the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is
the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment,
assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating
units).
Great Boulder Resources Limited – Annual Report 2023
58
(n)
Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-
term, highly liquid investments with original maturities of three months or less that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts.
(o)
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events,
it is more likely than not that an outflow of resources will be required to settle the obligation and the amount
has been reliably estimated.
(p)
GST
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is
not recoverable from the taxation. In this case it is recognised as part of the cost of acquisition of the asset or as
part of the expense.
Receivables and payables are stated as inclusive of the amount of GST receivable or payable. The net amount of
GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the
statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing
activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows.
(q)
Lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the
present value of the lease payments to be made over the term of the lease, discounted using the interest rate
implicit in the lease or, if that rate cannot be readily determined, the entity's incremental borrowing rate. Lease
payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend
on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase
option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties.
The variable lease payments that do not depend on an index or a rate are expensed in the period in which they
are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are
remeasured if there is a change in the following: future lease payments arising from a change in an index or a
rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease
liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the
carrying amount of the right-of-use asset is fully written down.
(r)
Borrowings
Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction
costs. They are subsequently measured at amortised cost using the effective interest method.
Where there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting
date, the loans or borrowings are classified as non-current.
The component of the convertible notes that exhibits characteristics of a liability is recognised as a liability in the
statement of financial position, net of transaction costs.
Great Boulder Resources Limited – Annual Report 2023
59
(s)
Finance costs
Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are
expensed in the period in which they are incurred, including interest on short-term and long-term borrowings.
(t)
Issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction,
net of tax, from the proceeds.
(u)
Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for
settlement within 30 days.
The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime
expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on
days overdue.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
(v)
Employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected
to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid
when the liabilities are settled.
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting
date are measured at 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 outflows.
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they are
incurred.
Share based payments
Equity-settled compensation benefits are provided to employees. Equity-settled transactions are awards of
shares, or options over shares, that are provided to employees in exchange for the rendering of services.
Great Boulder Resources Limited – Annual Report 2023
60
(w)
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the Group only.
Supplementary information about the parent entity is disclosed in Note 28.
2. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial 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
including expectations of future events; management believes to be reasonable under the
factors,
circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results.
The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are
discussed below.
Exploration and evaluation expenditure
Exploration and evaluation expenditure has been capitalised on the basis that the Group will commence
commercial production in the future, from which time the costs will be amortised in proportion to the depletion
of the mineral resources. Key judgements are applied in considering costs to be capitalised which includes
determining expenditures directly related to these activities and allocating overheads between those that are
expensed and capitalised. In addition, costs are only capitalised that are expected to be recovered either through
successful development or sale of the relevant mining interest. Factors that could impact the future commercial
production at the mine include the level of reserves and resources, future technology changes, which could
impact the cost of mining, future legal changes and changes in commodity prices. To the extent that capitalised
costs are determined not to be recoverable in the future, they will be written off in the period in which this
determination is made.
Share based payment transactions
The Group measures the cost of equity-settled transactions with suppliers and employees by reference to the
fair value of the equity instruments at the date at which they are granted. The fair value is determined by using
either the Binomial or Hoadleys Hybrid ESO model taking into account the terms and conditions upon which the
instruments were granted. The accounting estimates and assumptions relating to equity-settled share based
payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting
period but may impact profit or loss and equity.
3. SEGMENT INFORMATION
The Group has identified its operating segments based on the internal reports that are reviewed and used by the
board of directors (chief operating decision makers) in assessing performance and determining the allocation of
resources.
The Group operates as a single segment which is mineral exploration and in a single geographical location which
is Australia.
Great Boulder Resources Limited – Annual Report 2023
61
4. OTHER INCOME
Other income
5. EXPENSES
Depreciation
Plant and equipment
Office right-of-use assets
Superannuation expense
Defined contribution superannuation expense
6.
INCOME TAX EXPENSE
(a) Reconciliation of income tax expense to prima
facie tax payable
Loss before income tax
Prima facie income tax at 25% (2022: 25%)
Tax loss not recognised
Income tax expense
(b) Tax losses:
2023
$
47,248
47,248
2023
$
69,915
44,024
113,939
2022
$
3,675
3,675
2022
$
42,569
35,666
78,235
226,387
226,387
118,215
118,215
2023
$
2022
$
(3,574,154)
(893,539)
893,539
-
(3,293,528)
(823,382)
823,382
-
Unused tax losses for which no deferred tax asset has been
recognised
Potential tax benefit @ 25% (2022: 25%)
19,329,738
15,901,522
5,798,921
3,975,381
The directors estimate that the potential deferred tax asset at 30 June 2023 in respect of tax losses not brought
to account is $5,798,921 (2022: $3,975,381 ).
The benefit for tax losses will only be obtained if:
(i)
(ii)
The Group derives income, sufficient to absorb tax losses; and
There is no change to legislation to adversely affect the Company and its subsidiaries in realising the
benefit from the deduction of the losses.
Great Boulder Resources Limited – Annual Report 2023
62
7. CASH AND CASH EQUIVALENTS
Cash at bank
Cash on deposit
8. TRADE AND OTHER RECEIVABLES
GST receivable
Other receivables (i)
Prepayments
2023
$
4,882,750
54,521
4,937,271
2023
$
238,766
245,714
112,354
596,834
2022
$
9,023,592
54,521
9,078,113
2022
$
62,942
223,888
80,882
367,712
(i)
Other receivables includes a research and development grant receivable of $214,255 as at 30 June
2023 (2022: $223,888). The Group incurs expenditure on research and development and is eligible
to receive a refundable tax offset under the Research and Development Tax Incentive. The expected
refund is offset against the exploration and evaluation expenditure previously capitalised.
9. PLANT AND EQUIPMENT
Plant and equipment at cost
Less provision for depreciation
Reconciliations:
Plant and equipment
Carrying amount at the beginning of the year
Additions
Depreciation
Carrying amount at the end of the year
2023
$
574,029
(246,122)
327,907
343,149
54,673
(69,915)
327,907
2022
$
519,356
(176,207)
343,149
221,073
164,645
(42,569)
343,149
Great Boulder Resources Limited – Annual Report 2023
63
10. EXPLORATION AND EVALUATION EXPENDITURE
Exploration and evaluation – at cost
Carrying amount at the beginning of the year
Acquisitions during the year (i)
Capitalised mineral exploration and evaluation expenditure
Impairment and write-off of exploration and evaluation
costs (ii)
Carrying amount at the end of the year
2023
$
25,332,192
16,353,489
70,000
8,919,784
2022
$
16,353,489
9,613,815
445,676
6,633,129
(11,081)
(339,131)
25,332,192
16,353,489
(i)
The Company incurred acquisition costs relating to the following projects:
a. Whiteheads Project:
The Company completed an acquisition with Dolerite Investments Pty Ltd (Dolerite) to purchase
five tenements (Exploration Licences 27/658, 27/659, 27/660, 27/661 and 27/662) within the
Whiteheads project area.
Total consideration of $60,000 comprised of:
$20,000 cash, and
442,512 fully paid ordinary shares with a fair value of $40,000 (refer to note 17).
b. Gnaweeda Project
A 100% interest in E51/1995 was acquired from Empire Resources Ltd (ASX:ERL) for
consideration of AUD10,000 plus a 1% gross revenue royalty.
(ii)
In the current year, the Company relinquished tenement rights over the Mirra Well project.
The ultimate recoupment of exploration and evaluation expenditure carried forward is dependent on successful
development and commercial exploration or, alternatively, sale of the respective areas.
Great Boulder Resources Limited – Annual Report 2023
64
11. RIGHT OF USE ASSETS
Right-of-use asset at cost – office
Accumulated depreciation – office
Reconciliations:
Lease asset
Carrying amount at the beginning of the year
Additions (i)
Depreciation
Carrying amount at the end of the year
2023
$
197,830
(108,358)
89,472
133,496
-
(44,024)
89,472
2022
$
197,830
(64,334)
133,496
104,501
64,661
(35,666)
133,496
The Group leases land and buildings for its office and warehouses under agreements of between three and six
years with, in some cases, options to extend.
12. TRADE AND OTHER PAYABLES
Trade payables and accruals
13. PROVISIONS
Employee entitlements
Current
Non-Current
14. LEASE LIABILITIES
Current
Non-Current
2023
$
1,195,796
1,195,796
2023
$
145,523
3,486
149,009
2023
$
49,821
59,599
109,420
2022
$
323,179
323,179
2022
$
60,120
728
60,848
2022
$
40,732
109,894
150,626
Refer to Note 25 for further information on financial instruments.
Great Boulder Resources Limited – Annual Report 2023
65
15. CONTRIBUTED EQUITY
(a) Ordinary Shares - fully paid
Date
Details
Issue Price
($)
No. of Shares
Value
($)
For the year ended 30 June 2023:
1 Jul 2022
9 Dec 2022
9 Dec 2022
17 Feb 2023
23 Mar 2023
21 Apr 2023
Balance 1 July – Ordinary Shares
Shares issued in settlement of creditor
Shares issued for tenement acquisition
Conversion of Performance Rights
Shares issued under placement
Shares issued under non-renounceable
rights issue
Shares issued under placement
Shares issued under non-renounceable
rights issue
Less costs of issue
Shares issued by Cosmo Metals Limited
as part of a placement
Transactions with non-controlling interest
– dilution of interest
Balance 30 June 2023 – Ordinary Shares
1 May 2023
1 May 2023
15 June 2023
30 Jun 2023
For the year ended 30 June 2022:
1 Jul 2021
16 Jul 2021
16 Jul 2021
3 Sep 2021
8 Sep 2021
8 Sep 2021
10 Sep 2021
16 Sep 2021
16 Sep 2021
23 Mar 2022
6 Apr 2022
15 Jun 2022
Balance 1 July – Ordinary Shares
Shares issued under option agreement (i)
Shares issued in lieu of cash
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Shares issued under placement
Exercise of options
Transfer from option reserve
Less costs of issue
Shares issued by Cosmo Metals Limited
as part of Initial Public Offer
Recognition of non-controlling interest at
Initial Public Offer
Balance 30 June 2022 – Ordinary Shares
31 Jan 2022
30 Jun 2022
0.089
0.090
0.150
0.082
0.082
0.082
0.082
422,872,173
3,150,277
442,512
4,500,000
18,000,000
36,076,620
28,149,900
280,166
40,000
675,000
1,476,000
2,958,283
12,195,122
7,020,294
1,000,000
575,664
(711,840)
568,238
(791,629)
504,256,998
34,219,782
0.0797
0.0904
0.0525
0.075
0.10
0.12
0.10
0.12
0.04
0.11
0.04
352,965,961
2,194,403
110,676
373,769
201,000
350,000
760,000
50,000
230,000
1,000,000
63,636,364
1,000,000
21,705,412
175,000
10,000
19,623
15,075
35,000
91,200
5,000
27,600
40,000
7,000,000
40,000
127,050
(1,431,493)
5,102,000
(4,811,567)
422,872,173
28,149,900
(i)
Refer to note 17 for shares issued as share based payments.
Great Boulder Resources Limited – Annual Report 2023
66
(b) Terms and Conditions of Contributed Equity
Ordinary Shares
Ordinary shares have the right to receive dividends as declared and, in the event of winding up the Group, to
participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid
up on shares held.
Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Group.
(c) Capital Risk Management
The Group’s objectives when managing capital are to safeguard their ability to continue as a going concern, so
that they can continue to provide returns to shareholders and benefits for other stakeholders and to maintain
an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may issue new shares, pay dividends or return
capital to shareholders.
Capital is calculated as ‘equity’ as shown in the statement of financial position, and is monitored on the basis of
funding exploration activities.
16. RESERVES AND ACCUMULATED LOSSES
(a) Accumulated losses
Accumulated losses at the beginning of the year
Net loss for the year
Expiry of options
Transactions with non-controlling interest – dilution of interest
Accumulated losses at the end of the year
2023
$
2022
$
(8,866,103)
(3,227,405)
87,600
115,200
(11,890,708)
(6,237,266)
(3,101,402)
110,884
361,681
(8,866,103)
(b) Reserves
Options reserve
The options reserve is used to recognise the fair value of options issued.
Balance at the beginning of the year
Share based payment expense
Options issued for capital raising costs
2023
$
1,545,396
138,875
265,398
2022
$
1,012,066
523,426
643,300
Options issued for acquisition of exploration & evaluation assets
-
95,676
Transfer to issued capital upon exercise of options
Transfer to accumulated losses upon expiry of options
Transactions with non-controlling interest – dilution of interest
Balance at the end of the year
-
(87,600)
(164,671)
1,697,398
(127,050)
(110,884)
(491,138)
1,545,396
Great Boulder Resources Limited – Annual Report 2023
67
Movement in Unlisted Options
Balance at beginning of the year
Options issued during the year
Options exercised during the year
Options expired during the year
Balance at end of the year (i)
2023
Options
2022
Options
34,133,204
22,903,570
7,000,000
-
(4,500,000)
36,633,204
19,944,403
(3,964,769)
(4,750,000)
34,133,204
(i)
Includes 10,500,000 unlisted options issued by Cosmo Metals Limited, subsidiary of the
Parent Entity (2022: 10,000,000).
Listed Options
There were no listed options over ordinary shares in the Group at 30 June 2023 (2022: Nil).
Performance rights reserve
The performance rights reserve is used to recognise the fair value of performance rights
issued.
Balance at the beginning of the year
Share based payment expense
Conversion of performance rights
Balance at the end of the year
Movement in Performance Rights
Balance at beginning of the year
Rights issued during the year
Conversion of performance rights
Balance at end of the year
2023
$
329,483
1,071,515
(675,000)
725,998
2022
$
-
329,483
-
329,483
2023
PRs
19,500,000
-
(4,500,000)
15,000,000
2022
PRs
-
19,500,000
-
19,500,000
Great Boulder Resources Limited – Annual Report 2023
68
17. SHARE BASED PAYMENTS
Below are details of share based payments made during the current year and prior financial years.
(a) Options granted
Set out below is a summary of options granted as at 30 June 2023:
Grant date
Expiry date
Exercise
Price
Balance at
start of year
Granted
during
the year
Expired
during
the year
Exercised
during
the year
Balance at
end of year
28/08/2020
17/09/2020
02/12/2020
11/05/2021
11/05/2021
16/07/2021
16/07/2021
12/11/2021
18/01/2022
31/01/2022
31/03/2022
1/07/2022
22/11/2022
19/02/2023
15/12/2022
14/12/2022
20/12/2022
18/01/2023
18/01/2023
1/05/2023
21/06/2023
28/08/2023
30/09/2023
30/06/2023
31/03/2024
19/05/2024
16/07/2024
31/05/2024
12/11/2024
01/02/2025
31/01/2025
31/03/2025
15/09/2025
22/11/2025
20/08/2025
28/08/2025
27/09/2025
1/07/2025
18/07/2025
11/07/2025
30/04/2026
21/06/2026
$0.075
$0.10
$0.074
$0.0525
$0.0542
$0.0542
$0.12
$0.25*
$0.2033
$0.25*
$0.165
$0.25*
$0.14
$0.13
$0.12
$0.01
$0.14
$0.13
$0.14
$0.12
$0.11*
799,000
600,000
4,000,000
4,565,515
5,714,286
2,194,403
3,010,000
5,000,000
750,000
5,000,000
2,500,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
500,000
2,000,000
500,000
750,000
200,000
500,000
200,000
350,000
2,000,000
4,000,000
-
-
(4,000,000)
-
-
-
-
-
-
-
-
-
-
(500,000)
-
-
-
-
-
-
-
Weighted average exercise price ($)
34,133,204
0.132
11,000,000
0.127
(4,500,000)
0.080
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Number
exercisable
at end of
year
799,000
600,000
-
4,565,515
5,714,286
2,194,403
3,010,000
5,000,000
750,000
5,000,000
2,500,000
-
2,000,000
-
750,000
200,000
500,000
200,000
350,000
2,000,000
4,000,000
799,000
600,000
-
4,565,515
5,714,286
2,194,403
3,010,000
5,000,000
750,000
5,000,000
2,500,000
500,000
2,000,000
-
750,000
200,000
500,000
200,000
350,000
2,000,000
4,000,000
40,633,204
0.136
40,133,204
0.135
* Options issued by Cosmo Metals Limited, subsidiary of the Parent Entity.
The weighted average remaining contractual life of options outstanding at the end of the financial year is 1.52
years (2022: 2.00 years).
(b) Recognised share based payment expense
Options issued to directors and employees as
incentive
Performance rights issued to directors and
employees as incentive
Options issued to brokers and advisors in lieu of
cash for services provided
Less amounts recognised within equity as a cost of
capital raised
Options issued for acquisition of exploration &
(i)
(ii)
(iii)
(iv)
2023
$
2022
$
138,875
523,426
1,071,515
329,483
265,398
643,300
(268,398)
(643,300)
-
95,676
Great Boulder Resources Limited – Annual Report 2023
69
evaluation assets
Shares issued for acquisition of exploration &
evaluation assets
Shares issued to settle creditor (v)
Less amounts capitalised within Consolidated
Statement of Financial Position
(iv)
40,000
280,166
175,000
-
(320,166)
(270,676)
1,210,390
852,909
(i)
Options issued to directors and employees as incentive
During the year, 2,000,000 options were granted to a director Karen O’Neill as incentive for services provided
and $81,600 expensed in the Consolidated Statement of Profit or Loss and Other Comprehensive Income.
During the year, 2,500,000 options were granted to employees as incentive for services provided with 500,000
of these options subsequently lapsing. $18,228 has been expensed in the Consolidated Statement of Profit or
Loss and Other Comprehensive Income.
During the year, 500,000 options in Cosmo Metals Limited, subsidiary of the Parent Entity, were granted to an
employee of Cosmo Metals Limited as incentive for services provided as at 30 June 2023. The employee's
contract was terminated during the financial year and management determined the options would forfeit in full.
Nil expense was recognised in the Consolidated Statement of Profit or Loss and Other Comprehensive Income.
The fair value of the services could not be reliably measured and therefore, a Lattice ESO model was used to
determine the value of each of these the options issued during the year ended 30 June 2023.
An expense of $39,046 was recognised in the Consolidated Statement of Profit or Loss and Other Comprehensive
Income for options issued in prior periods, expensed over the vesting period.
The inputs have been detailed below for each issue:
Input
Employee 1
Employee 2
Employee 3
Employee 4
Employee 5
Number of options
Grant date
Vesting date
Expiry date (years)
Underlying share price
Exercise price
Volatility
Risk free rate
Early exercise multiple
Dividend yield
Value per option
Total fair value of options
Share based payment expense
recognised for the year ended
30 June 2023
500,000
19/02/2023
20/08/2025
2.5
$0.084
$0.129
100%
3.49%
2.5
0%
0.0386
$19,300
750,000
15/12/2022
28/08/2025
2.7
$0.087
$0.124
100%
3.15%
2.5
0%
0.0490
$36,750
200,000
14/12/2022
27/09/2025
2.8
$0.09
$0.129
100%
3.08%
2.5
0%
0.0483
$9,660
500,000
200,000
20/12/2022 18/01/2023
01/07/2025 18/07/2025
2.5
$0.089
$0.134
100%
3.15%
2.5
0%
0.0456
$9,120
2.5
$0.095
$0.141
100%
3.30%
2.5
0%
0.0445
$22,250
-
$7,335
$1,879
$4,623
$1,630
Great Boulder Resources Limited – Annual Report 2023
70
Input
Employee 6
Number of options
Grant date
Vesting date
Expiry date (years)
Underlying share price
Exercise price
Volatility
Risk free rate
Early exercise multiple
Dividend yield
Value per option
Total fair value of options
Share based payment expense recognised for the
year ended 30 June 2023
Karen O’Neill
Options
2,000,000
Cosmo
Options
250,000
22/11/2022 01/07/20
22/11/2022 01/07/20
3.21
$0.16
$0.25
100%
3.01%
2.5
0%
$0.0796
$19,900
3.00
$0.086
$0.14
100%
3.23%
2.5
0%
$0.0408
$81,600
Cosmo
Options
250,000
01/07/20
01/01/20
3.21
$0.16
$0.25
100%
3.01%
2.5
0%
0.0830
$20,750
350,000
18/01/2023
11/07/2025
2.5
$0.089
$0.137
100%
3.15%
2.5
0%
$0.0438
$15,330
$2,761
$81,600
$18,700
$12,315
(ii)
Performance rights issued to directors and employees as incentive
An expense of $1,071,515 was recognised in the Consolidated Statement of Profit or Loss and Other
Comprehensive Income for performance rights issued in prior periods, expensed over the vesting period.
(iii)
Options issued to brokers and advisors in lieu of cash for services provided
During the year, 2,000,000 options were issued to brokers and advisors in lieu of cash for capital raising services
provided.
During the year, 4,000,000 options in Cosmo Metals Limited, subsidiary of the Parent Entity, were issued to
brokers and advisors in lieu of cash for capital raising services provided.
The fair value of the services could not be reliably measured and therefore, a Lattice ESO model was used to
determine the value of the options issued during the year ended 30 June 2023.
The inputs have been detailed below for each issue:
Input
Number of options
Grant date
Vesting date
Expiry date (years)
Underlying share price
Exercise price
Volatility
Risk free rate
Early exercise multiple
Dividend yield
Value per option
Total fair value of options
GBR
Broker Options
2,000,000
01/05/2023
immediately
3.00
$0.088
$0.123
100%
3.01%
2.5
0%
$0.0433
$86,600
CMO
Broker Options
4,000,000
21/06/2023
Immediately
3.00
$0.1014
$0.1125
100%
3.93%
2.5
0%
$0.0447
$178,800
Great Boulder Resources Limited – Annual Report 2023
71
(iv)
Shares and options issued for acquisition of exploration & evaluation assets
As disclosed in Note 10, during the year the Group issued 442,512 fully paid ordinary shares to Dolerite
Investments Pty Ltd (“Dolerite”) as consideration for acquiring purchase five tenements within the Whiteheads
project area. The shares were issued at $0.09 per share, to the value of $40,000.
(v)
Shares and options issued to settle creditor
During the year the Group issued 3,150,277 fully paid ordinary shares to an outstanding creditor in part
settlement of the outstanding liability for drilling services. The shares were issued at $0.09 per share, to the value
of $280,166.
18. LOSS PER SHARE
Loss after tax attributable to the owners of Great Boulder
Resources Limited
Basic and diluted loss per share (cents)
Unexercised options are not dilutive.
The weighted average number of ordinary shares on issue used in
the calculation of basic loss per share
The weighted average number of ordinary shares and potential
ordinary shares used as the denominator in calculating diluted loss
per share
19. REMUNERATION OF AUDITORS
Remuneration of the auditor for:
- Auditing and reviewing of financial reports
- Tax services
- Preparation of investigating accountants report
2023
$
2022
$
(3,227,405)
(0.73)
(3,101,402)
(0.83)
441,223,665
371,884,534
441,223,665
371,884,534
2023
$
63,226
53,694
-
116,920
2022
$
57,000
16,475
12,000
85,475
Great Boulder Resources Limited – Annual Report 2023
72
20. KEY MANAGEMENT PERSONNEL DISCLOSURES
(a) Directors
Great Boulder Resources Limited
The following persons were directors of Great Boulder Resources Limited during the financial year and up to the
date of this report unless otherwise stated:
Gregory C Hall
Andrew G Paterson
Melanie J Leighton
Karen O’Neill
Cosmo Metals Limited
(Chairman)
(Managing Director)
(Non-Executive Director)
(Non-Executive Director)
The following persons were directors of Cosmo Metals Limited (subsidiary of Great Boulder Resources Limited)
and were deemed to be key management personnel of the Group during the financial year and up to the date of
this report unless otherwise stated:
Andrew G Paterson
(Non-Executive Director)
(b) Company Secretary
Melanie Ross (for both Great Boulder Resources Limited and its subsidiary Cosmo Metals Limited)
(c) Details of Remuneration of Key Management Personnel:
Great Boulder Resources Limited
Short-term benefits
Post-employment benefits
Other benefits
Share based payments
Cosmo Metals Limited
Short-term benefits
Post-employment benefits
Share based payments
Combined
Short-term benefits
Post-employment benefits
Other benefits
Share based payments
2023
$
430,373
44,841
1,138
795,944
1,272,296
2023
$
47,917
5,031
-
52,948
2023
$
478,290
49,872
1,138
795,944
1,325,244
2022
$
377,186
31,453
-
219,655
628,294
2022
$
30,417
3,042
97,200
130,659
2022
$
407,603
34,495
-
316,855
758,953
Great Boulder Resources Limited – Annual Report 2023
73
21. RELATED PARTIES
Parent entity
Great Boulder Resources Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in Note 26.
Key management personnel
Disclosures relating to key management personnel are set out in Note 20.
Transactions with related parties
During the financials year, there were no other transactions with related parties.
22. CASH FLOW INFORMATION
(a) Reconciliation of Cash
For the purposes of the statement of cash flows, cash includes cash on hand and in banks and
investments in money market instruments, net of outstanding bank overdrafts. Cash at the end of
the financial year as shown in the statement of cash flows is reconciled to the related items in the
statement of financial position as follows:
Cash and cash equivalents
2023
$
4,937,271
4,937,271
2022
$
9,078,113
9,078,113
(b) Reconciliation of Net Cash used in Operating Activities to Operating Loss
Loss for the year
Depreciation
Share based payments
Impairment of exploration and evaluation costs
(excluding R&D tax incentive)
Net cash flows from operating activities before
change in assets and liabilities
Change in operating assets and liabilities during
the year:
Decrease in trade and other receivables
(Decrease)/increase in trade and other payables
Increase in provisions
Net cash outflow from operating activities
2023
$
(3,574,154)
113,939
1,210,390
2022
$
(3,293,528)
78,235
852,909
11,081
339,131
(2,238,744)
(2,023,253)
(12,814)
216,163
86,231
(1,949,164)
32,965
(33,340)
25,402
(1,998,226)
(c) Non cash investing and financing activities
During the current year, the Group issued 442,512 fully paid ordinary shares to Dolerite Investments Pty
Ltd (“Dolerite”) as consideration for acquiring purchase five tenements within the Whiteheads project
area. This has been recognised as exploration and evaluation with a value of $40,000 as disclosed in Note
Great Boulder Resources Limited – Annual Report 2023
74
10.
During the year the Group issued 3,150,277 fully paid ordinary shares to an outstanding creditor in part
settlement of the outstanding liability for drilling services with a fair value of $280,166, as disclosed in
Note 17.
During the current year, 2,000,000 options were issued to brokers and advisors in lieu of cash for capital
raising services provided, with a fair value of $86,600, as disclosed in Note 17.
During the year, 4,000,000 options in Cosmo Metals Limited, subsidiary of the Parent Entity, were issued
to brokers and advisors in lieu of cash for capital raising services provided, with a fair value of $178,800.
As disclosed in Note 17.
There were no other non-cash investing and financing activities during the year.
23. COMMITMENTS FOR EXPENDITURE
Exploration Commitments
Within one year
Later than one year but not later than five years
24. CONTINGENT ASSETS AND LIABILITIES
The Group has no contingent assets or contingent liabilities.
25. FINANCIAL RISK MANAGEMENT
2023
$
1,683,160
-
1,683,160
2022
$
868,160
-
868,160
The Group’s principal financial instruments comprise receivables, payables, cash and short-term deposits. The
Group manages its exposure to key financial risks in accordance with the Group’s financial risk management
policy. The objective of the policy is to support the delivery of the Group’s financial targets while protecting
future financial security.
The main risks arising from the Group’s financial instruments are interest rate risk, credit risk and liquidity risk.
The Group uses different methods to measure and manage different types of risks to which it is exposed. These
include monitoring levels of exposure to interest rates and assessments of market forecasts for interest rates.
Ageing analysis of and monitoring of receivables are undertaken to manage credit risk, liquidity risk is monitored
through the development of future rolling cash flow forecasts.
The Board reviews and agrees policies for managing each of these risks as summarized below.
Primary responsibility for identification and control of financial risks rests with the Board. The Board reviews
and agrees policies for managing each of the risks identified below, including for interest rate risk, credit
allowances and cash flow forecast projections.
Risk Exposures and Responses
(a)
Interest rate risk exposure
The Group is not materially exposed to interest rate risk.
Great Boulder Resources Limited – Annual Report 2023
75
(b)
Credit risk exposure
Credit risk arises from the financial assets of the Group, which comprise deposits with banks and trade and other
receivables. The Group’s exposure to credit risk arises from potential default of the counter party, with the
maximum exposure equal to the carrying amount of these instruments. The carrying amount of financial assets
included in the statement of financial position represents the Group’s maximum exposure to credit risk in relation
to those assets.
The Group does not hold any credit derivatives to offset its credit exposure.
The Group trades only with recognised, credit worthy third parties and as such collateral is not requested nor is
it the Group’s policy to securities it trades and other receivables.
Receivable balances are monitored on an ongoing basis with the result that the Group does not have a significant
exposure to bad debts.
There are no significant concentrations of credit risk within the Group.
(c)
Liquidity risk
Liquidity risk arises from the financial liabilities of the Group and the Group’s subsequent ability to meet their
obligations to repay their financial liabilities as and when they fall due.
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and, the
availability of funding through the ability to raise further equity or through related party entities. Due to the
dynamic nature of the underlying businesses, the Board aims at maintaining flexibility in funding through
management of its cash resources. The Group has no financial liabilities at the year-end other than normal trade
and other payables incurred in the general course of business.
Remaining contractual maturities
The following tables detail the Group's remaining contractual maturity for its financial instrument liabilities. The
tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest
date on which the financial liabilities are required to be paid. The tables include both interest and principal cash
flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying
amount in the consolidated statement of financial position.
Great Boulder Resources Limited – Annual Report 2023
76
Weighted
average
interest rate
%
1 year or
less
$
Between
1 and 2
years
$
Between
2 and 5
years
$
Over 5
years
$
Remaining
contractual
maturities
$
-
1,195,796
-
-
-
1,195,796
11%
49,821
1,245,617
38,877
38,877
20,722
20,722
-
-
109,420
1,305,216
-
323,179
-
-
11%
40,732
363,911
58,169
58,169
51,725
51,725
-
-
-
323,179
150,626
473,805
2023
Non-derivatives
Non-interest bearing
Trade and other
payables
Interest bearing
Lease liability
Total non-derivatives
2022
Non-derivatives
Non-interest bearing
Trade and other
payables
Interest bearing
Lease liability
Total non-derivatives
26. SUBSIDIARIES
(a)
Ultimate Controlling Entity
Great Boulder Resources Limited is the ultimate controlling entity for the Group.
(b)
Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following wholly-
owned subsidiary in accordance with the accounting policy described in Note 1.
Name of entity
GBR Whiteheads Pty Ltd
GBR Side Well Pty Ltd
Principal place of
business /
Country of
Incorporation
Australia
Australia
Class of shares
Ownership interest
Ordinary
Ordinary
2023
%
100
100
2022
%
100
100
The proportion of ownership interest is equal to the proportion of voting power held.
There are no significant restrictions over the Group’s ability to access or use assets and settle liabilities.
Great Boulder Resources Limited – Annual Report 2023
77
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiary
with non-controlling interests in accordance with the accounting policy described in Note 1.
Name of entity
Principal place
of business /
Country of
Incorporation
Class of
shares
Parent
Ownership interest
Non-controlling interest
Ownership interest
2023
%
2022
%
49.5
2023
%
56.96
2022
%
50.5
Cosmo Metals
Limited (i)
Australia
Ordinary
43.04
(i)
Cosmo Metals Limited was incorporated on 26 August 2021. On 28 January 2022, the Group
completed the spin-out of its 100% owned Yamarna Copper-Nickel-Cobalt Project into a dedicated
ASX-listed battery metal focused vehicle, Cosmo Metals Limited (“Cosmo”). Following the spin-out
Great Boulder Resources Limited retained control over this entity with a 49.5% holding of ordinary
shares. Since this time the holding has further diluted as a result of share issues by Cosmo to 43.04%.
The proportion of ownership interest is equal to the proportion of voting power held.
Summarised financial information
Set out below is summarised financial information for each subsidiary that has non-controlling interests that are
material to the Group. The amounts disclosed for each subsidiary are before inter-company eliminations.
Summarised statement of financial position
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net assets
Summarised statement of profit or loss and other
comprehensive income
Other income
Expenses
Loss for the year
Other comprehensive income
Total comprehensive loss
Statement of cash flows
Net cash used in operating activities
Net cash used in investing activities
Net cash from financing activities
Net (decrease) / increase in cash and cash equivalents
Cosmo Metals Limited
2023
$
2022
$
744,313
8,515,398
9,259,711
346,998
335
347,333
8,912,378
3,162,211
6,033,192
9,195,403
121,859
-
121,859
9,073,544
11,640
(698,273)
(686,633)
-
(686,633)
1,874
(1,098,522)
(1,096,648)
-
(1,096,648)
(601,859)
(2,408,916)
564,467
(2,446,308)
(585,593)
(1,049,835)
4,694,185
3,058,757
Other financial information
Loss attributable to non-controlling interests
Accumulated non-controlling interests at the end of the year
(346,749)
5,076,981
(192,126)
4,582,630
Great Boulder Resources Limited – Annual Report 2023
78
27. NON-CONTROLLING INTEREST
Interest in:
Contributed equity
Reserves
Accumulated losses
2023
$
2022
$
5,436,439
655,810
(1,015,268)
5,076,981
4,645,299
491,138
(553,807)
4,582,630
The non-controlling interest has a 56.96% (2022: 50.5%) equity holding in Cosmo Metals Limited.
28. PARENT ENTITY INFORMATION
Statement of Profit or Loss
Loss after income tax
Total Comprehensive Loss
Statement of Financial Position
Total current assets
Total assets
Total current liabilities
Total liabilities
Equity
Contributed equity
Reserves
Accumulated losses
Total Equity
2023
$
2022
$
2,887,521
2,887,521
2,196,880
2,196,880
4,795,062
27,029,236
1,049,412
1,112,161
35,112,402
1,927,858
(11,123,185)
25,917,075
6,283,614
22,080,557
302,172
412,794
28,597,557
1,393,468
(8,323,262)
21,667,763
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2023 (2022: nil).
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2023 (2022: nil).
Significant accounting policies
The accounting policies of the parent entity are consistent with those of the Group, as disclosed in Note 1.
29. EVENTS OCCURRING AFTER REPORTING DATE
On 7 August, the Company acquired an 80% interest in nine Prospecting Licences from Wanbanna Pty Ltd.
Consideration for the acquisition was $60,000 cash and $60,000 in GBR scrip valued at a 5-day VWAP, and the
tenements will be operated as a joint venture with Wanbanna free-carried to a decision to mine.
On 9 August, 150,000 placement shares were issued to director Karen O’Neill at $0.082 following receipt of
shareholder approval, raising $12,300. On 28 August, 799,000 options exercisable at 7.5c lapsed unexercised.
Aside from the above, there were no significant changes to the state of affairs, during or subsequent to the end
of the reporting period, other than what has been reported in other parts of this report.
Great Boulder Resources Limited – Annual Report 2023
79
17 Information Required by the Australian Securities Exchange
Additional information required by Australian Securities Exchange Ltd and not shown elsewhere in this report is as follows.
The information is current as at 26 September 2023.
(a) Corporate Governance Statement
The Company’s 2023 Corporate Governance Statement has been released as a separate document and is located
on our website at https://www.greatboulder.com.au/our-company/corporate-governance/
(b) Distribution of Fully Paid Ordinary Shares
Analysis of number of shareholders by size of holding:
-
1
-
1,001
-
5,001
-
10,001
100,001 & Over
1,000
5,000
10,000
100,000
Shareholders
Units
% of Issued
66
236
468
1,431
720
2,921
16,254
880,152
3,681,375
58,536,088
442,195,699
505,309,568
0.00%
0.17%
0.73%
11.58%
87.51%
100.00%
(c) Less than marketable parcels
Minimum $500.00 parcel at $0.060 per unit – 560 holders, holding 2,532,980 shares (total of 0.50% of issued
capital).
(c) The names of the twenty largest shareholders as at 26 September 2023 who between them held 28.53% of the
issued capital are listed below:
RETZOS HOLDINGS
ZEBINA MINERALS PTY LTD
1
2
3 M NARDO INVESTMENTS PTY LTD
4
MR RICHARD THOMAS HAYWARD DALY & MRS SARAH KAY DALY
BNP PARIBAS NOMINEES PTY LTD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
BELL POTTER NOMINEES LTD
5
6
7
8 MR ANDREW GEORGE PATERSON
9 MR ROBERT BRUCE MCDOWELL
10
LION SELECTION GROUP LIMITED
11
SESNA PTY LTD
12 MR DANIEL BERNARD CLOUGH
12 BLACK INTERNATIONAL PTY LTD
13 MR DAVID ROTHWELL
14 WERSMAN NOMINEES PTY LTD
15
16
17
18
19 MISS RUTH AMANDA STROPPIANA
20
JETOSEA PTY LTD
SHAYDEN NOMINEES PTY LTD
LAMBRO HOLDINGS PTY LTD
CITICORP NOMINEES PTY LIMITED
SAM GOULOPOULOS PTY LTD
Number of Ordinary
Shares
31,399,159
20,017,617
10,935,000
10,625,244
10,218,791
7,598,818
6,293,712
6,099,607
5,495,685
5,321,512
5,000,000
4,000,000
4,000,000
3,970,364
3,760,034
3,643,468
3,500,000
3,448,269
3,352,060
2,976,420
2,764,956
154,420,716
%
6.21%
3.96%
2.16%
2.10%
2.02%
1.50%
1.25%
1.21%
1.09%
1.05%
0.99%
0.79%
0.79%
0.79%
0.74%
0.72%
0.69%
0.68%
0.66%
0.59%
0.55%
30.56%
Great Boulder Resources Limited – Annual Report 2023
80
(d) Substantial Shareholders
The names of substantial shareholders and the number of equity securities as disclosed in their most recent
substantial shareholder notices received by the Company are:
Holder Name
Shares
RETZOS HOLDINGS
31,399,159
(e) Voting Rights
On a poll, holders of fully paid ordinary shares have one vote per share, whilst holders of partly paid shares have
such number of votes equivalent to the proportion paid up in respect of their shares.
(f) Unquoted equity securities (Options) on issue as at 26 September 2023 was as follows:
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2 Optionholders holding 600,000 options, exercise price $0.10, expiring 30 September 2023
3 Optionholders holding 4,565,515 options, exercise price $0.0525, expiring 31 March 2024
1 Optionholder holding 5,714,286 options, exercise price $0.0542, expiring 19 May 2024
3 Optionholders holding 3,010,000 options, exercise price $0.12, expiring 31 May 2024
1 Optionholder holding 2,194,403 options, exercise price $0.1108, expiring 16 July 2024
1 Optionholder holding 750,000 options, exercise price of $0.2033, expiring 4 January 2023
6 Optionholders holding 2,500,000 options, exercise price of $0.165, expiring 31 March 2025
1 Optionholder holding 2,000,000 options, exercise price of $0.14, expiring 22 November 2025
1 Optionholder holding 500,000 options, exercise price of $0.141, expiring 1 July 2025
1 Optionholder holding 350,000 options, exercise price of $0.137, expiring 11 July 2025
1 Optionholder holding 200,000 options, exercise price of $0.134, expiring 18 July 2025
1 Optionholder holding 750,000 options, exercise price of $0.124, expiring 28 August 2025
1 Optionholder holding 200,000 options, exercise price of $0.129, expiring 27 September 2025
6 Optionholders holding 2,000,000 options, exercise price of $0.123, expiring 30 April 2026
(g) Unlisted performance rights securities on issue as at 26 September 2023 was as follows:
2 performance right holders holding a total of 15,000,000 rights. The performance rights have various expiry dates
ranging from 3 December 2024 to 3 December 2026. The performance rights do not have voting rights.
Great Boulder Resources Limited – Annual Report 2023
81
(h) Tenement Schedule as at Reporting Date
Project
Tenement Status
Interest Comments
Whiteheads E27/538
Granted
Whiteheads E27/582
Granted
Whiteheads E27/584
Granted
Whiteheads E27/544
Granted
Whiteheads E27/588
Granted
Whiteheads E27/622
Granted
Whiteheads E27/644
Granted
Whiteheads P27/2439 Granted
Whiteheads E27/658
Granted
Whiteheads E27/659
Granted
Whiteheads E27/660
Granted
Whiteheads E27/661
Granted
Whiteheads E27/662
Granted
Side Well
E51/1905 Granted
Side Well
P51/2970 Granted
Side Well
P51/3018 Granted
Side Well
P51/3019 Granted
Side Well
P51/3022 Granted
Side Well
P51/3038 Granted
Side Well
P51/3057 Granted
Side Well
P51/3178 Granted
Side Well
Pending
P51/3278
Side Well
Pending
P51/3358
Side Well
Pending
P51/3360
Side Well
Pending
P51/3361
Side Well
P51/3362
Pending
Gnaweeda
E51/1995 Granted
Wellington
E38/3622 Granted
Wellington
E38/3751 Granted
Wellington
E38/3752 Granted
Wellington
E53/2242 Granted
Wellington
E53/2243 Granted
51% Farm-in to 80% from Mithril Resources
51% Farm-in to 80% from Mithril Resources
51% Farm-in to 80% from Mithril Resources
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
75% Zebina Minerals joint venture
80% Wanbanna joint venture
80% Wanbanna joint venture
80% Wanbanna joint venture
80% Wanbanna joint venture
80% Wanbanna joint venture
80% Wanbanna joint venture
80% Wanbanna joint venture
80% Wanbanna joint venture
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Great Boulder Resources Limited – Annual Report 2023
82
18 Corporate Directory
Directors
Gregory C Hall (Non-Executive Chairman)
Andrew G Paterson (Managing Director)
Melanie J Leighton (Non-Executive Director)
Karen A O'Neill (Non-Executive Director)
Company Secretary
Melanie Ross
Principal Place of Business
Level 1, 51 Colin Street
West Perth WA 6005
Telephone: 08 9321 6037
08 9315 5004
Facsimile:
Registered Office
Level 1, 51 Colin Street
West Perth WA 6005
Telephone: 08 9321 6037
08 9315 5004
Facsimile:
Solicitors
Blackwall Legal
Level 26, 140 St George’s Terrace
PERTH WA 6000
Auditors
RSM Australia Partners
Level 32 Exchange Tower
2 The Esplanade
PERTH WA 6000
Share Registry
Automic Registry Services
Level 5
191 St Georges Terrace
PERTH WA 6000
Telephone: 1300 288 664
Bankers
Westpac Banking Corporation
Hannan Street
Kalgoorlie WA 6430
Stock Exchange
Securities are listed on the Australian
Securities Exchange (ASX Code: GBR)
Website
http://www.greatboulder.com.au/
Great Boulder Resources Limited – Annual Report 2023
83