ABN 70 611 695 955
2024 Annual Report
Great Boulder Resources Limited – Annual Report 2024
2
Contents
1
Key Highlights ....................................................................................................................................................................... 3
2
Review of Operations ......................................................................................................................................................... 5
3
Corporate Activities .......................................................................................................................................................... 24
4
Directors’ Report............................................................................................................................................................... 26
5
Independence Declaration ............................................................................................................................................... 38
6
Auditors Report ................................................................................................................................................................. 39
7
Directors’ Declaration ...................................................................................................................................................... 44
8
Consolidated Statement of Profit or Loss and Other Comprehensive Income ................................................. 45
9
Consolidated Statement of Financial Position ............................................................................................................. 46
10
Consolidated Statement of Changes in Equity ............................................................................................................ 47
11
Consolidated Statement of Cash Flows ........................................................................................................................ 48
12
Notes to the Financial Statements ................................................................................................................................. 49
13
Consolidated Entity Disclosure Statement .................................................................................................................. 74
14
Information Required by the Australian Securities Exchange.................................................................................. 75
15
Corporate Directory......................................................................................................................................................... 78
Great Boulder Resources Limited – Annual Report 2024
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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 2024.
During the past year Great Boulder maintained its focus on the flagship Side Well Gold Project at Meekatharra,
Western Australia. Key milestones during the year included an update to the Side Well mineral resource which
increased the gold endowment by 150,000 ounces, confirmation of a new high-grade gold discovery at the
Saltbush prospect, and auger sampling over the Side Well South area which extended the known extent of
hydrothermal mineralisation to a total strike length of more than 18km.
Highlights during FY2024 include:
•
The mineral resource estimate for Side Well was updated in December 2023. Informed by infill and
extensional drilling at Mulga Bill and Ironbark, the total resource now stands at 7.45Mt @ 2.8g/t Au for
668,000oz Au with 51% of resource ounces in the higher confidence Indicated JORC category.
•
After completion of initial heritage surveys over the Ironbark Corridor in late 2023 exploration drilling
commenced at Saltbush in mid-December. With high-grade mineralisation intersected in the second
hole, Saltbush has now been defined over a strike of more than 300m and is expected to be included in
the next resource update in late 2024.
•
RC drilling at Mulga Bill continued to define additional ounces, with drilling in the second half of 2023
focused on the apparent gap between the Central and High-Grade Vein areas of the deposit. Continuous
mineralisation has been confirmed in this area which now forms part of the updated resource.
•
A joint venture over tenements immediately south of Side Well was announced in August 2023, giving
GBR 80% ownership of an additional 5km of highly prospective strike over the eastern stratigraphy south
of Saltbush. This area is currently referred to as Side Well South, with prospect names to be allocated as
exploration progresses.
•
Extensional RC drilling around the northern end of Mulga Bill in May 2024 discovered a new high-grade
vein striking north towards Mulga Bill North. With a headline intersection of 16m @ 13.83g/t Au this
discovery has the potential to extend Mulga Bill by up to 350m.
•
First-pass auger sampling over Side Well South identified two high-tenor geochemical targets. The
northern target is a 2.4km-long Ironbark-style Au-As-Sb anomaly centred around the historic Golden
Bracelet mine workings, and the southern target is a 1.4km-long Mulga Bill-style Au-Bi-Ag-Cu-Mo
anomaly. Initial drill testing of both areas is scheduled to commence in September/October 2024.
Table 1: Side Well Mineral Resource Estimate
Indicated
Inferred
Total
Deposit
Type
Cut-off Tonnes
(kt)
Au
(g/t)
Ounces Tonnes
(kt)
Au
(g/t)
Ounces Tonnes
(kt)
Au
(g/t)
Ounces
Mulga Bill Open Pit
0.5
1,667
3.1
169,000
2,982
1.9
183,000
4,649
2.4
352,000
U/ground
1.0
733
3.5
83,000
1,130
3.6
132,000
1,863
3.6
216,000
Subtotal
2,399
3.3
252,000
4,112
2.4
316,000
6,511
2.7
568,000
Ironbark
Open Pit
0.5
753
3.7
88,000
186
1.9
11,000
938
3.3
100,000
U/ground
1.0
0
0.0
0
0
0.0
0
0
0.0
0
Subtotal
753
3.7
88,000
186
1.9
11,000
938
3.3
100,000
Total
3,152 3.4
340,000
4,298 2.4
327,000
7,450 2.8
668,000
Subtotals are rounded for reporting purposes. Rounding errors may occur.
Great Boulder Resources Limited – Annual Report 2024
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Table 2: FY24 Exploration Summary
Project
Type
Holes
Metres
Surface Samples
Side Well
AC Drill
286
18,642
RC Drill
85
13,358
Auger/soil
962
Rock chips
132
Drill spoils
105
Polelle
AC drill
45
1,763
Auger/soil
695
Rock chips
81
Drill spoils
176
Gnaweeda
Auger
233
Whiteheads
Soil
353
Wellington
Soil
715
Subtotal
416
33,763
3,452
Figure 1: Great Boulder’s projects
Great Boulder Resources Limited – Annual Report 2024
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2 Review of Operations
Great Boulder’s tenements in the Meekatharra area cover 388km2 across three projects:
1. Side Well (157km2) is situated on the central and eastern parts of the Meekatharra-Wydgee Greenstone
Belt immediately east of Meekatharra abutting Westgold Limited’s Paddy’s Flat operations. Side Well
covers more than 30km of prospective and often unexplored terrain despite its proximity to a historic
gold field.
2. Polelle & Wanganui (170km2) are located south and southwest of Meekatharra respectively, with Polelle
occupying a prospective location in similar lithologies to Side Well. Polelle and Wanganui are being
explored under an option agreement with Castle Minerals pursuant to entering a joint venture.
3. Gnaweeda (61km2) is situated approximately 10km east of Side Well on the southern end of the
Gnaweeda Greenstone Belt.
Figure 2: GBR's projects around Meekatharra in Western Australia
Great Boulder Resources Limited – Annual Report 2024
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Side Well Gold Project
The Side Well project sits 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 very large intrusive-related mineralised system, with
hydrothermal mineralisation identified in surface geochemistry and drilling over more than 18km of strike.
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 initially focused its attention on Mulga Bill, which had some previous drilling by Doray Minerals,
and then Ironbark which was a new discovery. The exploration team has been able to apply its understanding of
these two mineralisation styles as a template for ongoing exploration in the area, using surface geochemistry
where appropriate to generate pathfinder anomalies for drill testing. This approach has now been validated by
the Saltbush discovery, which is an Ironbark lookalike.
The Polelle Syncline is an area
dominated by a thick core of
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.
Figure 3 shows the current
prospect locations within Side
Well. The red outline is an
approximate boundary of the
mafic-ultramafic
rocks
comprising the eastern limb of
the
Polelle
Syncline,
stratigraphically equivalent to
the Paddy’s Flat geology at
Meekatharra.
Figure 4: Side Well location plan
Figure 3: Prospect locations within the Side Well Gold Project
Great Boulder Resources Limited – Annual Report 2024
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Mulga Bill & Mulga Bill North
Currently the largest gold endowment within the project, the combined Mulga Bill – Mulga Bill North prospect is
more than 2.6km long and remains open to the north. The Mulga Bill resource occupies the southern 1.1km of
this zone, with an east-west Proterozoic dyke serving as a useful geographical marker between the two prospect
areas. The dyke is younger than the gold mineralisation, and hence while it cuts through the deposit it does not
truncate structures or continuity of mineralisation on either side.
Figure 5: The Mulga Bill resource area is expected to expend northwards with ongoing drilling
Mineralisation at Mulga Bill appears to have occurred in two stages. The first, most laterally continuous
mineralising event was an influx of intrusive-related fluids through north-south subvertical shears conformable
to local stratigraphy, with gold associated with pathfinder metals including silver, bismuth, copper and
molybdenum. This pathfinder association has been defined over a 6km zone from the southern Flagpole prospect
up to the northern extent of Mulga Bill North. Gold mineralisation in these zones tends to have excellent
continuity, forming subvertical lodes of lower-grade material within the resource.
Great Boulder Resources Limited – Annual Report 2024
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The second mineralisation event is thought to be a later orogenic event during which deformation caused west-
dipping cracks to open with subsequent vein formation and remobilisation of gold into high-grade vein positions.
These veins cross-cut stratigraphy, dipping west at approximately 45 degrees and plunging towards the north.
Structural continuity of the veins is good but gold grade varies significantly with local spikes in grade of more
than 100g/t relatively common. This has been dealt with in the resource estimate by using a conservative
approach to domaining and grade interpolation combined with two-staged top cuts, with higher top cuts applied
locally around very high-grade intersections and more conservative top cuts applied distally to prevent unrealistic
smearing of gold away from known high-grade data points.
The resource estimate for Mulga Bill currently stands at 568,000oz at an average grade of 2.7g/t Au (Table 3), of
which 44% is in the JORC Indicated category. Great Boulder commissioned engineering consultants Entech to
prepare a simple open pit optimisation on the resource, using high-level assumptions of engineering and cost
parameters. It must be stressed that this is not a mine design and the Company has not estimated an ore reserve
for Mulga Bill; the pit shape is simply being used as a guide for additional infill drilling to prioritise conversion of
inferred material to the higher confidence indicated category prior to any scoping studies next year.
Table 3: Mulga Bill mineral resource estimate (announced 16/11/2023)
Classification
Type
Cut-off
Tonnes
Au
Oz Au
Indicated
Open Pit
0.5
1,667,000
3.1
169,000
Underground
1.0
733,000
3.5
83,000
Inferred
Open Pit
0.5
2,982,000
1.9
183,000
Underground
1.0
1,130,000
3.6
132,000
Sub-Total Indicated
2,399,000
3.3
252,000
Sub-Total Inferred
4,112,000
2.4
315,000
Total
6,511,000
2.7
568,000
Numbers are rounded for reporting. Rounding errors may occur.
Figure 6: Recent drilling at the north end of Mulga Bill (announced June 2024)
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Drilling immediately north of the dyke in May 2024 intersected a new high-grade vein including a headline
intersection of 16m @ 13.83g/t Au from 107m in hole 24MBRC001. This vein appears to have the same west-
dipping, north-plunging orientation as those within the resource, and it has potential to extend Mulga Bill by up
to 350m north into the Mulga Bill area. Great Boulder has recently completed more drilling in this area with a
view to including it in a resource update planned for late 2024.
Recent drilling (subsequent to 30 June 2024) at Mulga Bill North has also increased GBR’s confidence in its
understanding of the orientation and continuity of mineralisation, with a 400m-long zone of continuous shallow
gold mineralisation defined in the central part of the prospect. This area may connect to mineralisation further
south, as much of the early drilling at Mulga Bill North was drilled towards the west and hence is relatively
ineffective.
Figure 7: Recent drilling at Mulga Bill North
The Company intends to lodge a mining lease application over Mulga Bill as soon as it has confidently established
the limits of mineralisation. At this stage mineralisation is open to the north and east, and there is almost no
drilling to the west. Sterilisation drilling will be required prior to designing surface infrastructure including waste
dumps.
Great Boulder Resources Limited – Annual Report 2024
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Ironbark
There has been limited work completed at Ironbark during the year to 30 June as the deposit was already well
drilled with air-core, RC and diamond drilling. The Ironbark mineral resource estimate was updated in November
2023 and now stands at 100,000oz @ 3.3g/t Au, of which 88% is in the JORC Indicated category.
Table 4: Ironbark mineral resource estimate (announced 16/11/2023)
Classification
Type
Cut-off
Tonnes
Au
Oz Au
Indicated
Open Pit
0.5
753,000
3.7
88,000
Underground
1.0
0
0.0
0
Inferred
Open Pit
0.5
186,000
1.9
11,000
Underground
1.0
0
0.0
0
Sub-Total Indicated
753,000
3.7
88,000
Sub-Total Inferred
186,000
1.9
11,000
Total
939,000
3.3
99,000
Numbers are rounded for reporting. Rounding errors may occur.
The Ironbark mining lease application has now advanced to the stage of negotiating a mining agreement with
the Yugunga Nya Traditional Owner Group. Great Boulder is hoping to negotiate a project-wide mining
agreement as soon as possible such that the agreement can then be used to facilitate future mining lease
applications over Mulga Bill, Saltbush and other discoveries in preparation for development.
Saltbush
Drilling at Saltbush commenced immediately after receiving access approvals in mid-December 2023. Initial drill
targets were based upon mapping from a series of shallow historic shafts in the area, auger geochemistry and 3
RC holes drilled by Esso Exploration in 1986. High-grade mineralisation was confirmed almost immediately with
the intersection of 9m @ 5.20g/t Au from 15m in 23SBRC002.
Since that first program Great Boulder has completed more than 50 AC and 29 RC holes defining mineralisation
at Saltbush. Gold is concentrated around a lithological contact between a wedge of mafic and surrounding
ultramafics, adding weight to the Ironbark analogy. The mafic appears to be plunging shallowly to the north,
where it may be truncated by a cross-cutting structure striking northwest.
As a result of this drilling the mineralised extents at Saltbush are relatively well defined, and only a small amount
of RC drilling is required to enable initial resource estimation to JORC Inferred level. Diamond drilling will be
planned in future to confirm structural orientations and provide samples for density testing.
Saltbush also sits at the southern end of a large Au-As-Sb anomaly trending north-northwest for approximately
2km. Great Boulder has recently tested this area with wide-spaced fences of AC drilling, with results announced
13 August 2024. Further work is required to follow up an intersection of 0.4g/t Au in the northern-most fence of
holes coincident with strongly elevated arsenic.
Great Boulder Resources Limited – Annual Report 2024
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Figure 8: Recent results at Saltbush (June 2024)
Great Boulder Resources Limited – Annual Report 2024
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Figure 9: Cross-sectional interpretation of Saltbush mineralisation (June 2024)
Ironbark Corridor: geochemical targets
Great Boulder’s field team has collected approximately 3,000 auger samples along the eastern limb of the Polelle
Syncline, an area amenable to the use of surface geochemistry due to the absence of alluvial cover. This data set
covers a strike extent of approximately 18km, referred to collectively as the Ironbark Corridor.
Assessment of the multi-element auger geochemistry has identified two distinct target styles within the corridor.
The first is coincident anomalies of gold, arsenic and antimony (Au-As-Sb) which are analogous to the
geochemical fingerprint of the Ironbark discovery. Saltbush was the first new Ironbark-style geochemical target
to be tested using this template, with drill success at Saltbush providing early proof that the technique has merit.
The second target style is coincident gold, silver, bismuth, copper and molybdenum (Au-Ag-Bi-Cu-Mo): the Mulga
Bill pathfinder assemblage. These pathfinders are indicative of hotter, intrusive-related mineralisation whereas
the Ironbark assemblage is a typical orogenic gold indicator associated with many similar deposits in the WA
Goldfields.
Ironbark Corridor: Ironbark North
The area north of Ironbark contains both target styles highlighted as “hot” spots on contoured geochemistry
images (Figure 10). This was partially tested by wide-spaced fences of AC drilling (ASX announcement 22 April
2024) with several anomalous gold results requiring follow-up drilling.
Great Boulder Resources Limited – Annual Report 2024
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Figure 10: Initial auger geochemistry over the Ironbark corridor to Saltbush showing pathfinder
“hotspots” using the Ironbark assemblage (left) and Mulga Bill assemblage (right).
Ironbark Corridor: Side Well South
Following its exploration success at Saltbush, GBR personnel have now extended auger coverage approximately
5km further south to include the Side Well South area. This area is an 80:20 joint venture between Great Boulder
and private prospecting company Wanbanna Pty Ltd.
As announced on 15 July 2024, the new auger data revealed two very large, high-tenor pathfinder anomalies
(Figures 11 and 12). The general tenor of pathfinder anomalism appears to be increasing towards the south, and
these are the strongest surface anomalies identified to date at Side Well.
The northern anomaly is 2.4km long with strongly elevated gold, arsenic and antimony in the Ironbark style,
centred on the historic Golden Bracelet mine workings (Figure 11). Golden Bracelet sits within a small, excised
area approximately 400m wide which has been retained by Wanbanna Pty Ltd.
Great Boulder Resources Limited – Annual Report 2024
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Figure 11: A 2.4km-long Ironbark-style anomaly at Side Well South
The second anomaly is a Mulga Bill-style pathfinder assemblage 1.4km long, along strike from the first. This area
displays particularly high levels of bismuth anomalism.
Great Boulder completed initial heritage surveys over the Side Well South area using site avoidance methodology
in late July 2024, and reconnaissance AC drilling is planned to commence in late September. Initial exploration
will be completed on 200m-spaced drill lines to cover both targets as quickly as possible, with further work to be
planned once the initial results have been processed.
Great Boulder Resources Limited – Annual Report 2024
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Figure 12: A 1.4km-long Mulga Bill-style anomaly at Side Well South
Forward Planning: FY2025
Commencing in July 2024, GBR is undertaking a 21,000m drill program across multiple targets at Side Well:
•
AC drilling at Mulga Bill North
•
Regional AC drilling northwest of Saltbush
•
Resource extensional RC drilling north of the Mulga Bill resource
•
Two deep diamond holes testing the stacked high-grade vein system at Mulga Bill
•
Infill and extensional RC drilling within the Mulga Bill resource, including conversion of inferred resources
to indicated
•
Follow-up AC drilling at the Matilda prospect
•
Resource definition RC drilling at Saltbush
•
First-pass AC drilling at Side Well South
•
Resource definition RC drilling at Mulga Bill North.
Great Boulder Resources Limited – Annual Report 2024
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This work is planned to deliver an updated resource estimate by the end of 2024 as well as more comprehensive
metallurgical test results for Mulga Bill using samples collected during the RC drilling phases. The initial work at
Side Well South, plus ongoing drilling at Mulga Bill North, has potential for further resource updates in the first
half of 2025.
This will place Great Boulder in a good position to commence scoping studies at Side Well at an appropriate time.
Polelle & Wanganui Gold Projects
The Polelle and Wanganui projects are being explored by Great Boulder under an option agreement with Castle
Minerals Ltd, as announced in November 2023. Great Boulder may exercise the option to acquire a 75% interest
in the projects by paying Castle $100,000 in GBR scrip.
Polelle is located 8km southwest of Side Well and 7km east of Westgold’s Bluebird mill (Figure 13) and covering
approximately 22km of prospective strike within the Meekatharra-Wydgee Greenstone Belt immediately east of
Meekatharra in Western Australia. Lithologies within the project area are similar to those seen at Side Well,
sitting higher up in the stratigraphy and therefore slightly younger in age.
Figure 13: The Polelle and Wanganui projects
Great Boulder Resources Limited – Annual Report 2024
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Despite its proximity to Bluebird the Polelle area is significantly under-explored, with only a small number of
historic holes on record. Castle Minerals collected a large amount of soil sampling and auger data over the
project, and Great Boulder is continuing to increase geochemistry coverage to build a more comprehensive
picture of regional prospectivity.
An initial assessment of Castle’s surface data has identified a number of drill targets at Polelle, using the same
templates as those used successfully at Side Well. A small AC drilling program was completed in June 2024,
however access to priority areas was constrained to a limited number of drill lines within heritage surveys
completed by Castle in 2022. Despite not intersecting any significant gold, the drilling identified strong pathfinder
anomalism and the highest priority areas have not yet been tested.
Heritage surveys are planned for late 2024, with additional AC drilling to be completed once approvals are in
place.
Figure 14: GBR AC drilling and Castle heritage-cleared lines at the Polelle project
Great Boulder Resources Limited – Annual Report 2024
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The Wanganui project is located 19km west of Polelle, covering the western edge of the greenstone belt and
containing historic workings and two small pits mined by St Barbara in 2002. Gold mineralisation is controlled by
northeast-striking structures within the Nannine Tonalite.
Exploration by GBR at Wanganui has been limited to rock chip sampling and sampling any available historic drill
spoils for multi-element assaying.
Figure 15: The Wanganui gold project.
Great Boulder Resources Limited – Annual Report 2024
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Gnaweeda Project
The Gnaweeda tenement is located on the southern end of the Gnaweeda greenstone belt approximately 10km
east of Side Well. The tenement includes the southern end of the structures hosting Meeka Metals’ Turnberry
and St Annes deposits further north within the Gnaweeda Belt.
Figure 16: Gnaweeda Project
During the year Great Boulder collected 233 auger samples to complete the sample coverage over suitable
regolith areas at Gnaweeda.
Heritage surveys and first-pass AC drilling will be planned in conjunction with other priorities in the Meekatharra
region.
Great Boulder Resources Limited – Annual Report 2024
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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.
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 during the year there was limited
work
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.
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.
Figure 17: Whiteheads project location.
Great Boulder Resources Limited – Annual Report 2024
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Wellington zinc-lead Project
The Wellington Project is located in the Earaheedy Basin 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 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.
Figure 18: The Wellington target was identified by analysing WA Government surface geochemical data.
Although scavenging by Mn may be enriching some elements, scavenging by Fe is not apparent in the anomalous
samples.
Great Boulder Resources Limited – Annual Report 2024
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In October and November 2023 700 soil samples were collected across the Wellington tenements, sampling on
a 1km by 1km grid pattern to identify large-scale anomalies. The assay results confirm coincident zinc and lead
anomalism in the northwestern and eastern areas of the project, broadly matching the original GSWA sample
data which averaged 3 to 4km between samples. Zinc and lead anomalism is supported by strong pathfinder
anomalism including elevated Co, Cu, Mn, Ni, Tl and W. More distal anomalism is seen in Ag, As, Bi and Sb levels.
The levels of zinc and lead in soils are thought to be highly anomalous with peaks of 114ppm and 58.6ppm
respectively. These values compare favourably to the Rumble Resources (ASX:RTR) Navajo Deposit where partial
leach geochemistry (a different method than that used by GBR) has successfully defined targets at 4-7ppm zinc-
lead anomalism (RTR ASX announcement 16/2/2023). The Zinc and Lead anomalism at Wellington is associated
spatially with outcropping carbonate rocks of the Windidda formation.
Figure 19: Lead values (ppm Pb) in Wellington soil samples
Great Boulder intends to complete infill sampling within the anomalous areas before planning gravity surveys
and initial drilling. Timing of these activities will be confirmed at a later date.
Great Boulder Resources Limited – Annual Report 2024
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Figure 20: Zinc values (ppm Zn) in Wellington soil sampling
Great Boulder Resources Limited – Annual Report 2024
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3 Corporate Activities
On 7 August 2023, 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 2023, 150,000 placement shares were issued to director Karen O’Neill at 8.2c following receipt of
shareholder approval, raising $12,300.
On 28 August 2023, 799,000 options exercisable at 7.5c lapsed unexercised.
On 30 September 2023, 600,000 options exercisable at 10c lapsed unexercised.
On 16 October 2023, 2,402,163 shares were issued to creditors in lieu of services, to a value of $136,187.
On 30 November 2023, the Company signed a Heads of Agreement for an option to acquire 75% of Castle
Minerals’ (ASX:CDT) Polelle and Wanganui Gold Projects at Meekatharra. The Company issued 816,539 shares
valued at $50,000 as an option fee.
On 12 December 2023, the Company completed a $4.5m placement via the issue of 90,000,000 shares at 5c per
share before costs to fund Side Well Resource Expansion.
On 12 December 2023, 158,938 shares were issued to creditors in lieu of services, to a value of $10,000.
On 6 March 2024, 45,000,000 options were issued. These options were free attaching to the placement
completed during the period with an exercise price of 7.5c and expiring 31 January 2026. In addition, 5,000,000
options were issued to the brokers of the placement with an exercise price of 7.5c and expiring 31 January 2027.
On 19 March 2024, 1,519,992 shares were issued on exercise of options with an exercise price of 5.25c, raising
$79,800.
On 31 March 2024, 3,045,523 options exercisable at 5.25c lapsed unexercised.
On 8 April 2024, 334,644 shares were issued to creditors in lieu of services, to a value of $20,000.
On 17 May 2024, 5,714,286 shares were issued on exercise of options with an exercise price of 5.42c, raising
$309,714.
On 31 May 2024, 3,010,000 options exercisable at 12c lapsed unexercised.
Great Boulder Resources Limited – Annual Report 2024
25
The issued share capital of the Company at the date of this report is:
Class of Securities
Issued Capital
Ordinary fully paid shares
607,696,363
Unlisted Options (exercisable at $0.2033 and expiring 01/02/2025)
750,000
Unlisted Options (exercisable at $0.165 and expiring 31/03/2025)
2,500,000
Unlisted Options (exercisable at $0.14 and expiring 22/11/2025)
2,000,000
Unlisted Options (exercisable at $0.141 and expiring 01/07/2025)
500,000
Unlisted Options (exercisable at $0.137 and expiring 11/07/2025)
350,000
Unlisted Options (exercisable at $0.134 and expiring 18/07/2025)
200,000
Unlisted Options (exercisable at $0.129 and expiring 27/09/2025)
200,000
Unlisted Options (exercisable at $0.123 and expiring 30/04/2026)
2,000,000
Unlisted Options (exercisable at $0.075 and expiring 31/01/2026)
45,000,000
Unlisted Options (exercisable at $0.075 and expiring 31/01/2027)
5,000,000
Performance Rights (expiring 03/12/2024)
4,500,000
Performance Rights (expiring 03/12/2026)
10,500,000
Competent Person’s Statement
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 16 November
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.
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.
Great Boulder Resources Limited – Annual Report 2024
26
4 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 2024.
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
Hot Chili Limited, Harmony Gold, Hill 50 Gold and Northwest Resources, gaining practical and management
Great Boulder Resources Limited – Annual Report 2024
27
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 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:
Novo Resources Limited (ASX: NVO)(TSX: NVO) – Non-Executive Director- Current
Newfield Resources Limited (ASX: NWF) – Non-Executive Director – January 2023 – June 2023
Kingsrose Mining Limited (ASX: KRM) – Managing Director- November 2019 – December 2020
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
2024 amounted to a loss of $15,127,590 (2023: loss $3,227,405). This includes a one-off loss on deconsolidation
of Cosmo Metals Ltd of $9,068,209 and impairment of exploration and evaluation assets totalling $3,929,497.
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 23.
Significant Changes in the State of Affairs
On 31 March 2024 the company lost control of its subsidiary, Cosmo Metals Ltd, due to dilution of interest.
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 2024
28
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 2024 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
2023 to 30 June 2024, 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 2024
29
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.
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.
Great Boulder Resources Limited – Annual Report 2024
30
Matters Subsequent to the End of the Financial Year
On 11 July 2024, 251,169 shares were issued to creditors in lieu of services, to a value of $15,000.
On 16 July 2024, 2,194,403 options exercisable at 5.42c lapsed unexercised.
On 2 August 2024, 1,189,064 fully paid ordinary shares were granted to employees of the Company under the
Incentive Plan.
On 24 September 2024, the Company acquired an 80% interest in seven Prospecting Licences and one
Exploration Licence from Mark Selga and Wanbanna Pty Ltd. Consideration for the acquisition was $80,000 cash
(exc GST) and $80,000 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 24 September 2024, 750,000 options exercisable at 12.4c lapsed as the vesting condition could no longer be
met.
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
Ordinary
Shares
Performance
Rights
Options Over
Ordinary
Shares
Gregory C Hall
2,195,926
-
-
Andrew G Paterson
6,099,607
10,000,000
-
Melanie J Leighton
1,450,000
-
-
Karen A O’Neill
150,000
-
2,000,000
Directors’ Meetings
The number of directors’ meetings attended by each of the directors of the Company during the year were:
Full Board
Remuneration Committee
Director
Eligible Meetings
while in office
Eligible Meetings
attended
Eligible
Meetings while
in office
Eligible
Meetings
attended
Gregory C Hall
4
4
-
-
Andrew G Paterson
4
4
n/a
n/a
Melanie J Leighton
4
4
-
-
Karen A O’Neill
4
4
-
-
Great Boulder Resources Limited – Annual Report 2024
31
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 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 2024 and 30 June 2023, 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
2024
Short Term
Post-
Employment
Share based Payments
Performance
Linked
Name
Salary
$
Fees
$
Other
Benefits
$
Superannuation
$
Performance
Rights
$
Options
$
Total
$
%
Gregory C Hall (Non-
Executive Chairman)
-
70,000
-
7,729
-
-
77,729
-
Melanie J Leighton (Non-
Executive Director)
-
50,000
-
5,500
-
-
55,500
-
Andrew G Paterson
(Managing Director)
300,000
-
1,729
33,000
295,732
-
630,461
47%
Karen A O'Neill (Non-
Executive Director)
-
50,000
-
5,500
-
-
55,500
-
300,000
170,000
1,729
51,729
295,732
-
819,190
36%
* Remuneration for Andrew Paterson, as a non-executive director of Cosmo Metals Ltd, was included until 31 March 2024, at which
point the company lost control of this subsidiary due to dilution of interest.
Great Boulder Resources Limited – Annual Report 2024
32
2023
Short Term
Post-
Employment
Share based Payments
Performance
Linked
Name
Salary
$
Fees
$
Other
Benefits
$
Superannuation
$
Performance
Rights
$
Options
$
Total
$
%
Gregory C Hall (Non-
Executive Chairman)
-
69,936
-
7,478
-
-
77,414
-
Melanie J Leighton (Non-
Executive Director)
-
50,438
-
4,813
-
-
55,251
-
Andrew G Paterson
(Managing Director)
260,000
-
1,138
27,300
714,344
-
1,002,782
71%
Karen A O'Neill (Non-
Executive Director)
-
50,000
-
5,250
-
81,600
136,850
-
260,000
170,374
1,138
44,841
714,344
81,600
1,272,297
42%
Cosmo Metals Limited (Until 31 March 2024)
2024
Short Term
Post-
Employment
Share based Payments
Performance
Linked
Name
Salary
$
Fees
$
Other
Benefits
$
Superannuation
$
Performance
Rights
$
Options
$
Total
$
%
Andrew Paterson (Non-
Executive Director)
-
27,712
-
458
-
-
28,170
-
-
27,712
-
458
-
-
28,170
-
2023
Short Term
Post-
Employment
Share based Payments
Performance
Linked
Name
Salary
$
Fees
$
Other
Benefits
$
Superannuation
$
Performance
Rights
$
Options
$
Total
$
%
Andrew Paterson (Non-
Executive Director)
-
47,917
-
5,031
-
-
52,948
-
-
47,917
-
5,031
-
-
52,948
-
In accordance with the requirement of AASB 2 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 2024, 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
2024
Balance at the
start of the year
On Market
Purchase
Other changes
during the year
Balance at the
end of the year
Gregory C Hall
2,195,926
-
-
2,195,926
Andrew G Paterson
6,099,607
-
-
6,099,607
Melanie J Leighton
1,450,000
-
-
1,450,000
Karen A O'Neill
-
150,000
-
150,000
9,745,533
150,000
-
9,895,533
Great Boulder Resources Limited – Annual Report 2024
33
Options
Great Boulder Resources Limited
2024
Balance at the
start of the year
Granted as
compensation
Other changes
during the year
Balance at the
end of the year
Gregory C Hall
-
-
-
-
Andrew G Paterson
-
-
-
-
Melanie J Leighton
-
-
-
-
Karen A O'Neill
2,000,000
-
-
2,000,000
2,000,000
-
-
2,000,000
Performance Rights
Great Boulder Resources Limited
2024
Balance at the
start of the year
Granted as
compensation
Other changes
during the year
Balance at the
end of the year
Gregory C Hall
-
-
-
-
Andrew G Paterson
10,000,000
-
-
10,000,000
Melanie J Leighton
-
-
-
-
Karen A O'Neill
-
-
-
-
10,000,000
-
-
10,000,000
Share Based Compensation
Shares
No shares were issued to key management personnel as compensation during the year ended 30 June 2024
(2023: nil).
Options
The fair value of the 2,000,000 options granted to Karen O’Neill during the prior year was $81,600. These options
vested immediately.
Performance Rights
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
No. of Rights
granted
Grant date
Vesting
conditions
Expiry date
Exercise
price
Fair value
of rights at
grant date
Value
$
Tranche 1
500,000
8/11/2021
See Below
3/12/2024
n/a
$0.0144
72,000
Tranche 2
1,000,000
8/11/2021
See Below
3/12/2024
n/a
$0.0133
133,000
Tranche 3
1,500,000
8/11/2021
See Below
3/12/2024
n/a
$0.01236
185,400
Tranche 6
3,000,000
8/11/2021
See Below
3/12/2026
n/a
$0.15
270,000
Tranche 7
4,000,000
8/11/2021
See Below
3/12/2026
n/a
$0.15
300,000
Vesting Conditions of Remaining Performance Rights:
Tranche
Vesting condition
Vesting date
Tranche 1
30-day VWAP exceeds 20 cents
3 years from grant
Tranche 2
30-day VWAP exceeds 30 cents
3 years from grant
Tranche 3
30-day VWAP exceeds 40 cents
3 years from grant
Tranche 6
750,000oz JORC resources at 1g/t Au or equivalent
5 years from grant
Tranche 7
1,000,000oz JORC resources at 1g/t Au or equivalent
5 years from grant
Great Boulder Resources Limited – Annual Report 2024
34
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:
(a)
Mr Paterson is employed as the Managing Director.
(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).
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
$70,000
Ms O’Neill
$50,000
Ms Leighton
$50,000
The director’s fees are exclusive of statutory superannuation.
Related Party Transactions
During the financial year, there are no other transactions with key management personnel and their related
parties.
Additional information
The earnings of the Group for the five years to 30 June 2024 are summarised below:
2024
2023
2022
2021
2020
Other income
53,743
47,248
3,675
86,586
69,945
EBITDA
(15,325,704)
(3,445,932) (3,199,415)
(682,170)
(2,263,141)
EBIT
(15,428,042)
(3,559,872) (3,277,650)
(738,527)
(2,308,610)
Loss after income tax
(15,438,907)
(3,574,154) (3,293,528)
(752,371)
(2,312,943)
Great Boulder Resources Limited – Annual Report 2024
35
The factors that are considered to affect total shareholders return ('TSR') are summarised below.
2024
2023
2022
2021
2020
Share price at financial year end ($)
0.06
0.07
0.071
0.091
0.026
Basic earnings per share (cents per share)
(2.76)
(0.73)
(0.83)
(0.35)
(1.92)
At the 2023 AGM, 96.5% of the votes received supported the adoption of the remuneration report for the year
ended 30 June 2023. 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 2024
36
Shares under Option
There were 58,500,000 ordinary shares under option as at the date of this report (2023: 38,633,204).
Shares Issued on the Exercise of Options
There were 7,234,278 options exercised during the year ended 30 June 2024 (2023: nil).
Options Lapsed/ Forfeited During the Year
7,454,523 options lapsed during the year (2023: 4,500,000).
No options were forfeited during the year (2023: 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.
Great Boulder Resources Limited – Annual Report 2024
37
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
•
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 21.
Auditors Independence Declaration
The lead auditor’s independence declaration for the year ended 30 June 2024 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
26 September 2024
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the
members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm
which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Great Boulder Resources Limited for the year ended 30 June
2024, I declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA
Perth, WA
AIK KONG TING
Dated: 26 September 2024
Partner
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the
members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm
which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
www.rsm.com.au
INDEPENDENT AUDITOR’S REPORT
To the Members of 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 2024, the consolidated
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and
the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including
a material accounting policy information, the consolidated entity disclosure statement and the directors'
declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i) giving a true and fair view of the Group's financial position as at 30 June 2024 and of its financial
performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 1 in the financial statements, which indicates that the Group had incurred a net loss
after tax of $15,438,907 and had net cash outflows from operating activities and investing activities of $1,981,749
and $6,020,358 respectively for the year ended 30 June 2024. These conditions, along with other matters as set
forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to
continue as a going concern. Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have
determined the matters described below to be the key audit matters to be communicated in our report.
Key Audit Matter
How our audit addressed this matter
Assessment of investment in Cosmo Metals Limited
Refer to Note 28 in the financial statements
During the year, the Group's shareholding in Cosmo
Metals Limited (CMO) had diluted from 43.04% to
19.5% as at 30 June 2024. As a result of dilution, the
Group reassessed its control in CMO and determine
that it has loss of control in CMO.
The Group recognised the loss on deconsolidation
in CMO of $9,068,209 in the consolidated statement
of profit or loss and other comprehensive income.
We consider this to be key audit matter due to the
significant management judgments and estimates
involved in assessing the date loss of control,
recognition of the investment as a financial asset
and accounting for deconsolidation from the Group.
Our audit procedures included:
•
Critically assessing management’s determination of
events occurred that trigger the loss of control in
CMO;
•
Critically assessing management’s accounting for
deconsolidation, including loss of control date and
the net assets of CMO at deconsolidation;
•
Assessing
management’s
accounting
for
its
remaining interest in CMO on initial recognition and
subsequent measurement at reporting date; and
• Assessing the adequacy of the disclosures in the
financial statements.
Key Audit Matter
How our audit addressed this matter
Exploration and evaluation expenditure
Refer to Note 10 in the financial statements
The Group has capitalised exploration and evaluation
expenditure, with a carrying value of $17,237,359 as
at 30 June 2024.
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 related 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 2024;
•
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;
•
Enquiring with management and reviewing 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 2024 but does not include the financial report and the
auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly, we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a.
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view
in accordance with Australian Accounting Standards and the Corporations Act 2001; and
b.
the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i.
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view
and is free from material misstatement, whether due to fraud or error; and
ii.
the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether
due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: https://www.auasb.gov.au/admin/file/content102/c3/ar2_2020.pdf . This
description forms part of our auditor's report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included within the directors' report for the year ended 30 June 2024.
In our opinion, the Remuneration Report of Great Boulder Resources Limited, for the year ended 30 June 2024,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
RSM AUSTRALIA
Perth, WA
AIK KONG TING
Dated: 26 September 2024
Partner
Great Boulder Resources Limited – Annual Report 2024
44
7 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 2024 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 information disclosed in the attached consolidated entity disclosure statement is true and correct.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act
2001.
On behalf of the directors
Andrew Paterson
Managing Director
26 September 2024
Perth
Great Boulder Resources Limited – Annual Report 2024
45
8 Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2024
Note
2024
$
2023
$
Other income
4
53,743
47,248
53,743
47,248
Depreciation
5
(102,338)
(113,939)
Legal and professional fees
(146,826)
(107,764)
Employee benefits expense
(639,036)
(897,689)
Administration expenses
(1,193,389)
(1,266,256)
Project evaluation costs
(23,118)
-
Impairment of exploration and evaluation expenditure
10
(3,929,497)
(11,081)
Gain on financial assets held at fair value
12
100,000
-
Loss on deconsolidation
28
(9,068,209)
-
Finance costs
(10,865)
(14,283)
Share based payments
19
(479,372)
(1,210,390)
Loss before income tax
(15,438,907)
(3,574,154)
Income tax expense
6
-
-
Loss after income tax
(15,438,907)
(3,574,154)
Other comprehensive income
-
-
Total comprehensive loss
(15,438,907)
(3,574,154)
Total comprehensive loss attributable to:
Equity holders of Great Boulder Resources Limited
(15,127,590)
(3,227,405)
Non-controlling interest
(311,317)
(346,749)
Total comprehensive loss
(15,438,907)
(3,574,154)
Basic and diluted loss per share attributable to ordinary
equity holders of the Company (cents)
20
(2.76)
(0.73)
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 2024
46
9
Consolidated Statement of Financial Position
As at 30 June 2024
Note
2024
$
2023
$
Current Assets
Cash and cash equivalents
7
2,927,558
4,937,271
Trade and other receivables
8
799,003
596,834
Total current assets
3,726,561
5,534,105
Non-Current Assets
Plant and equipment
9
307,725
327,907
Exploration and evaluation expenditure
10
17,237,359
25,332,192
Right-of-use assets
11
42,365
89,472
Financial assets at fair value through profit or loss
12
1,100,000
-
Total non-current assets
18,687,449
25,749,571
Total Assets
22,414,010
31,283,676
Current Liabilities
Trade and other payables
13
622,044
1,195,796
Provisions
14
161,395
145,523
Lease liabilities
15
42,115
49,821
Borrowings
16
24,359
-
Total current liabilities
849,913
1,391,140
Non-Current Liabilities
Provisions
14
6,131
3,486
Lease liabilities
15
23,211
59,599
Borrowings
16
80,975
-
Total non-current liabilities
110,317
63,085
Total Liabilities
960,230
1,454,225
Net Assets
21,453,780
29,829,451
Equity
Contributed equity
17
40,281,678
34,219,782
Reserves
18
1,864,074
2,423,396
Accumulated losses
18
(20,691,972) (11,890,708)
Equity attributable to equity holders of Great Boulder Resources
Limited
21,453,780
24,752,470
Non-Controlling Interest
29
-
5,076,981
Total Equity
21,453,780
29,829,451
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying
notes
Great Boulder Resources Limited – Annual Report 2024
47
10 Consolidated Statement of Changes in Equity
For the year ended 30 June 2024
Contributed
Equity
Share
Based
Payment
Reserves
Accumulated
Losses
Total
Non-
Controlling
interest
Total Equity
$
$
$
$
$
$
Balance at 1 July 2023
34,219,782
2,423,396
(11,890,708)
24,752,470
5,076,981
29,829,451
Loss for the year
-
-
(15,127,590) (15,127,590)
(311,317) (15,438,907)
Total Comprehensive
Income for the year
-
-
(15,127,590) (15,127,590)
(311,317)
(15,438,907)
Transactions with non-
controlling interest
(764,527) (205,151)
-
(969,678)
969,678
-
Derecognition of non-
controlling interest
314,929 (650,555)
6,070,968
5,735,342 (5,735,342)
-
Acquisition of exploration
project
116,000
-
-
116,000
-
116,000
Issue of options
-
90
-
90
-
90
Shares issued (net of
costs)1
5,405,047
507,026
-
5,912,073
-
5,912,073
Conversion of options
824,260 (434,746)
-
389,514
-
389,514
Expiry of options
- (255,358)
255,358
-
-
-
Share based payments
166,187
479,372
-
645,559
-
645,559
Balance at 30 June 2024
40,281,678
1,864,074
(20,691,972)
21,453,780
-
21,453,780
1 includes options issued to brokers as share issue costs.
Balance at 1 July 2022
28,149,900
1,874,879
(8,866,103)
21,158,676
4,582,630
25,741,306
Loss for the year
-
-
(3,227,405)
(3,227,405)
(346,749)
(3,574,154)
Total Comprehensive
Income for the year
-
-
(3,227,405)
(3,227,405)
(346,749)
(3,574,154)
Acquisition of exploration
project
40,000
-
-
40,000
-
40,000
Shares issued (net of
costs)1
5,866,345
265,398
-
6,131,743
-
6,131,743
Conversion of performance
rights
675,000
(675,000)
-
-
-
-
Expiry of options
-
(87,600)
87,600
-
-
-
Share based payments
280,166
1,210,390
-
1,490,556
-
1,490,556
Adjustment due to change
in ownership interest
(791,629)
(164,671)
115,200
(841,100)
841,100
-
Balance at 30 June 2023
34,219,782
2,423,396
(11,890,708)
24,752,470
5,076,981
29,829,451
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying
notes
Great Boulder Resources Limited – Annual Report 2024
48
11 Consolidated Statement of Cash Flows
For the year ended 30 June 2024
Note
2024
$
2023
$
Cash Flows from Operating Activities
Payments to suppliers and employees
(2,039,914)
(2,010,141)
Other receipts
26,896
18,633
Interest paid
(2,913)
(153)
Interest received
47,224
42,497
Rental bonds
(13,042)
-
Net cash used in operating activities
24(b)
(1,981,749)
(1,949,164)
Cash Flows from Investing Activities
Receipts of government grants
217,701
224,313
Payments for exploration and evaluation
(5,359,204)
(8,527,360)
Payments for plant and equipment
(12,177)
(4,039)
Proceeds from sale of plant and equipment
25,000
-
Loss of cash on deconsolidation
(891,678)
-
Net cash used in investing activities
(6,020,358)
(8,307,086)
Cash Flows from Financing Activities
Proceeds from issue of shares (net of costs)
5,657,124
6,170,745
Proceeds from the exercise of options
389,514
-
Repayment of borrowings
(2,531)
-
Repayment of lease liabilities
(51,713)
(55,337)
Net cash provided by financing activities
5,992,394
6,115,408
Net increase in cash and cash equivalents
(2,009,713)
(4,140,842)
Cash and cash equivalents at the beginning of the year
4,937,271
9,078,113
Cash and cash equivalents at the end of the year
24(a)
2,927,558
4,937,271
The above Consolidated Statement of Cash Flows should be read on conjunction with the accompanying notes
Great Boulder Resources Limited – Annual Report 2024
49
12 Notes to the Financial Statements
1. SUMMARY OF MATERIAL 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
AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition
of Accounting Estimates makes amendments to various Australian Accounting Standards and AASB Practice
Statement 2 Making Materiality Judgements change the way in which accounting policies are disclosed in
financial reports. The amendments require disclosure of material accounting policy information rather significant
accounting policies and are effective for annual reporting periods beginning on or after 1 January 2023.
Accounting policy disclosure has been updated in line with this standard.
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 2024. The
Group's has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.
(a)
Going concern
These financial statements are prepared on a going concern basis. The Group had incurred a net loss after tax of
$15,438,907, cash outflows from operating activities of $1,981,749 and cash outflows from investing activities
of $6,020,358 for the year ended 30 June 2024. As at that date, the Group had net current assets of $2,876,648.
Whilst the above conditions indicate a material uncertainty which may cast significant doubt over the Group’s
ability to continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities
in the normal course of business and at the amounts stated in the financial report, the Directors believe that
there are reasonable grounds to believe that the Group will be able to continue as a going concern, after
consideration of the following factors:
a) In accordance with the Corporations Act 2001, the Company has plans to raise further working capital
through the issue of equity during the financial year ended 30 June 2025; and
b) The Directors of the Company expect that major shareholders of the Company will support fundraising
activities.
On this basis, the Directors are of the opinion that the financial statements should be prepared on a going
concern basis and that the Group will be able to pay its debts as and when they fall due and payable.
Great Boulder Resources Limited – Annual Report 2024
50
Should the Group be unable to continue as a going concern it may be required to realise its assets and discharge
its liabilities other than in the normal course of business and at amounts different to those stated in the financial
statements. The financial statements do not include any adjustments relating to the recoverability and
classification of asset carrying amounts or the amount of liabilities that might result should the Group be unable
to continue as a going concern and meet its debts as and when they fall due.
(b)
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 26 September 2024 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 2024 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'.
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.
Great Boulder Resources Limited – Annual Report 2024
51
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.
(c)
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.
(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% (2023:
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.
Great Boulder Resources Limited – Annual Report 2024
52
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.
(g)
Financial Assets
Investments and other financial assets are initially measured at fair value. Transaction costs are included as part
of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are
subsequently measured at either amortised cost or fair value depending on their classification. Classification is
determined based on both the business model within which such assets are held and the contractual cash flow
characteristics of the financial asset unless an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred
and the consolidated entity has transferred substantially all the risks and rewards of ownership. When there is
no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are
classified as financial assets at fair value through profit or loss. Typically, such financial assets will be either: (i)
held for trading, where they are acquired for the purpose of selling in the short-term with an intention of making
a profit, or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value movements
are recognised in profit or loss.
(h)
Fair Value Measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure
purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date; and assumes that the
transaction will take place either: in the principal market; or in the absence of a principal market, in the most
advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or
liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement
is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs
and minimising the use of unobservable inputs.
Great Boulder Resources Limited – Annual Report 2024
53
Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects
the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting
date and transfers between levels are determined based on a reassessment of the lowest level of input that is
significant to the fair value measurement.
For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise
is either not available or when the valuation is deemed to be significant. External valuers are selected based on
market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from
one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the
latest valuation and a comparison, where applicable, with external sources of data.
(i)
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
Depreciation Rate
Plant and Equipment
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.
(j)
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.
Great Boulder Resources Limited – Annual Report 2024
54
(k)
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.
(l)
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.
(m)
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.
(n)
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.
(o)
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).
(p)
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 30.
Great Boulder Resources Limited – Annual Report 2024
55
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
factors, including expectations of future events; management believes to be reasonable under the
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.
Fair value measurement hierarchy
The consolidated entity is required to classify all assets and liabilities, measured at fair value, using a three level
hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being: Level
1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date; Level 2: Inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly or indirectly; and Level 3: Unobservable inputs for the asset or liability.
Considerable judgement is required to determine what is significant to fair value and therefore which category
the asset or liability is placed in can be subjective.
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 2024
56
4. OTHER INCOME
2024
2023
$
$
Other income
53,743
47,248
53,743
47,248
5. EXPENSES
2024
2023
$
$
Depreciation
Plant and equipment
57,770
69,915
Office right-of-use assets
44,568
44,024
102,338
113,939
Impairment of exploration and evaluation expenditure
(3,929,497)
(11,081)
Superannuation expense
Defined contribution superannuation expense
163,944
226,387
163,944
226,387
6. INCOME TAX EXPENSE
2024
2023
$
$
(a) Reconciliation of income tax expense to prima
facie tax payable
Loss before income tax
(15,438,907)
(3,574,154)
Prima facie income tax at 25% (2023: 25%)
(3,859,727)
(893,539)
Tax loss not recognised
3,859,727
893,539
Income tax expense
-
-
(b) Tax losses:
Unused tax losses for which no deferred tax asset has been
recognised
37,910,495
19,329,738
Potential tax benefit @ 25% (2023: 25%)
9,477,624
5,798,921
The directors estimate that the potential deferred tax asset at 30 June 2024 in respect of tax losses not brought
to account is $9,477,624 (2023: $5,798,921).
The benefit for tax losses will only be obtained if:
(i)
The Group derives income, sufficient to absorb tax losses; and
(ii)
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 2024
57
7. CASH AND CASH EQUIVALENTS
2024
2023
$
$
Cash at bank
727,558
4,882,750
Cash on deposit
2,200,000
54,521
2,927,558
4,937,271
8. TRADE AND OTHER RECEIVABLES
2024
2023
$
$
GST receivable
110,504
238,766
Other receivables (i)
561,645
245,714
Prepayments
100,203
98,745
Security Bonds
26,651
13,609
799,003
596,834
(i)
Other receivables includes a research and development grant receivable of $554,864 as at 30 June
2024 (2023: $214,255). 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
2024
2023
$
$
Plant and equipment at cost
560,884
574,029
Less provision for depreciation
(253,159)
(246,122)
307,725
327,907
Reconciliations:
Plant and equipment
Carrying amount at the beginning of the year
327,907
343,149
Additions
123,897
54,673
Disposals
(37,453)
-
Deconsolidation of subsidiary
(51,395)
-
Depreciation
(55,231)
(69,915)
Carrying amount at the end of the year
307,725
327,907
Great Boulder Resources Limited – Annual Report 2024
58
10. EXPLORATION AND EVALUATION EXPENDITURE
2024
2023
$
$
Exploration and evaluation – at cost
17,237,359
25,332,192
Carrying amount at the beginning of the year
25,332,192
16,353,489
Acquisitions during the year (i)
182,000
70,000
Capitalised mineral exploration and evaluation
expenditure
5,165,605
8,919,784
Deconsolidation of subsidiary (ii)
(9,512,941)
-
Impairment and write-off of exploration and
evaluation costs (iii)
(3,929,497)
(11,081)
Carrying amount at the end of the year
17,237,359
25,332,192
(i)
The Company incurred acquisition costs relating to the following projects:
a. Sidewell Project:
On 7 August 2023, the Company acquired an 80% interest in nine Prospecting Licences from
Wanbanna Pty Ltd. Consideration for the acquisition was $60,000 cash (exc GST) and $66,000 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.
b. Polelle and Wanganui Project
On 30 November 2023, the Company signed a Heads of Agreement for an option to acquire 75%
of Castle Minerals Limited (ASX:CDT) Polelle and Wanganui Gold Projects at Meekatharra. The
Company issued 816,539 shares valued at $50,000 as an option fee.
(ii)
On 31 March 2024 the company lost control of its subsidiary, Cosmo Metals Ltd, due to
dilution of interest.
(iii)
Included within this balance is an impairment charge against the Whitehead project of
$3,788,418. The project was impairment based on a formal director’s assessment of the
carrying value and the potential value that could be realised for this project in a
transaction if it were to be disposed of.
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.
11. RIGHT OF USE ASSETS
2024
2023
$
$
Right-of-use asset at cost – office
197,830
197,830
Accumulated depreciation – office
(155,465)
(108,358)
42,365
89,472
Reconciliations:
Lease asset
Carrying amount at the beginning of the year
89,472
133,496
Depreciation
(47,107)
(44,024)
Carrying amount at the end of the year
42,365
89,472
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.
Great Boulder Resources Limited – Annual Report 2024
59
12. FINANCIAL ASSETS
2024
2023
$
$
Financial assets - held for trading – ASX listed shares
1,100,000
-
1,100,000
-
On 31 March 2024 the company lost control of its subsidiary, Cosmo Metals Ltd, due to dilution of interest. The
fair value of the shares held in Cosmo at that time was $1,000,000. These shares were revalued at 30 June 2024
to $1,100,000, resulting in a fair value gain of $100,000 recorded in the Statement of Profit and Loss.
13. TRADE AND OTHER PAYABLES
2024
2023
$
$
Trade payables and accruals
622,044
1,195,796
622,044
1,195,796
14. PROVISIONS
2024
2023
$
$
Employee entitlements
Current
161,395
145,523
Non-Current
6,131
3,486
167,526
149,009
15. LEASE LIABILITIES
2024
2023
$
$
Current
42,115
49,821
Non-Current
23,211
59,599
65,326
109,420
Refer to Note 27 for further information on financial instruments.
16. BORROWINGS
2024
2023
$
$
Vehicle Finance
-
Current
24,359
-
Non-Current
80,975
-
105,334
-
Refer to Note 27 for further information on financial instruments
Great Boulder Resources Limited – Annual Report 2024
60
17. CONTRIBUTED EQUITY
(a) Ordinary Shares - fully paid
Date
Details
Issue Price
($)
No. of Shares
Value
($)
For the year ended 30 June 2024:
1 Jul 2023
Balance 1 July – Ordinary Shares
504,256,998
34,219,782
9 Aug 2023
Shares issued for tenement acquisition
0.073
902,570
66,000
9 Aug 2023
Director shares issued under placement
0.082
150,000
12,300
16 Oct 2023
Shares issued in settlement of creditor
0.056
2,239,966
126,187
16 Oct 2023
Shares issued in settlement of creditor
0.062
162,197
10,000
30 Nov 2023
Shares issued under placement
0.050
49,000,000
2,450,000
12 Dec 2023
Shares issued under placement
0.050
41,000,000
2,050,000
12 Dec 2023
Shares issued for tenement acquisition
0.061
816,539
50,000
12 Dec 2023
Shares issued in settlement of creditor
0.063
158,938
10,000
19 Mar 2024
Exercise of Broker Options
0.053
1,519,992
79,800
8 Apr 2024
Shares issued in settlement of creditor
0.060
334,644
20,000
17 May 2024
Exercise of Options
0.054
5,714,286
309,714
Shares issued by Cosmo Metals Limited
as part of a placement
1,702,293
Exercise of options – Transfer from
Reserves
434,746
Less costs of issue
(809,546)
Transactions with non-controlling interest
(764,527)
Deconsolidation of subsidiary
314,929
30 Jun 2024
Balance 30 June– Ordinary Shares
606,256,130
40,281,678
For the year ended 30 June 2023:
1 Jul 2022
Balance 1 July – Ordinary Shares
422,872,173
28,149,900
9 Dec 2022
Shares issued in settlement of creditor
0.089
3,150,277
280,166
9 Dec 2022
Shares issued for tenement acquisition
0.090
442,512
40,000
17 Feb 2023
Conversion of Performance Rights
0.150
4,500,000
675,000
23 Mar 2023
Shares issued under placement
0.082
18,000,000
1,476,000
21 Apr 2023
Shares issued under non-renounceable
rights issue
0.082
36,076,620
2,958,283
1 May 2023
Shares issued under placement
0.082
12,195,122
1,000,000
1 May 2023
Shares issued under non-renounceable
rights issue
0.082
7,020,294
575,664
Less costs of issue
(711,840)
15 June 2023
Shares issued by Cosmo Metals Limited
as part of a placement
568,238
Transactions with non-controlling interest
– dilution of interest
(791,629)
30 Jun 2023
Balance 30 June – Ordinary Shares
504,256,998
34,219,782
(i)
Refer to note 19 for shares issued as share based payments.
Great Boulder Resources Limited – Annual Report 2024
61
(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.
18. RESERVES AND ACCUMULATED LOSSES
2024
2023
$
$
(a) Accumulated losses
Accumulated losses at the beginning of the year
(11,890,708)
(8,866,103)
Net loss for the year
(15,127,590)
(3,227,405)
Expiry of options
255,358
87,600
Transactions with non-controlling interest
-
115,200
Derecognition of non-controlling interest
6,070,968
-
Accumulated losses at the end of the year
(20,691,972)
(11,890,708)
(b) Reserves
Options reserve
The options reserve is used to recognise the fair value of options issued.
2024
2023
$
$
Balance at the beginning of the year
1,697,398
1,545,396
Share based payment expense
35,773
138,875
Options issued for capital raising costs
507,026
265,398
Issue of options in Cosmo Metals Ltd
90
-
Transfer to issued capital upon exercise of options
(434,746)
-
Transfer to accumulated losses upon expiry of options
(255,358)
(87,600)
Derecognition of non-controlling interest
(650,555)
-
Transactions with non-controlling interest – dilution of interest
(205,151)
(164,671)
Balance at the end of the year
694,477
1,697,398
Great Boulder Resources Limited – Annual Report 2024
62
Movement in Unlisted Options
2024
2023
Options
Options
Balance at beginning of the year
40,633,204
34,133,204
Options issued during the year
50,000,000
11,000,000
Options exercised during the year
(7,234,278)
-
Options expired during the year (i)
(21,954,523)
(4,500,000)
Balance at end of the year
61,444,403
40,633,204
(i)
Includes 14,500,000 unlisted options issued by Cosmo Metals Limited, subsidiary of the
Parent Entity. On 31 March 2024 the company lost control of its subsidiary, Cosmo Metals
Ltd, due to dilution of interest.
Listed Options
There were no listed options over ordinary shares in the Group at 30 June 2024 (2023: Nil).
Performance rights reserve
The performance rights reserve is used to recognise the fair value of performance rights
issued.
2024
2023
$
$
Balance at the beginning of the year
725,998
329,483
Share based payment expense
443,599
1,071,515
Conversion of performance rights
-
(675,000)
Balance at the end of the year
1,169,597
725,998
Movement in Performance Rights
2024
2023
PRs
PRs
Balance at beginning of the year
15,000,000
19,500,000
Conversion of performance rights
-
(4,500,000)
Balance at end of the year
15,000,000
15,000,000
Great Boulder Resources Limited – Annual Report 2024
63
19. 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 2024:
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
Number
exercisable
at end of
year
28/08/2020
28/08/2023
$0.075
799,000
-
(799,000)
-
-
-
17/09/2020
30/09/2023
$0.10
600,000
-
(600,000)
-
-
-
11/05/2021
31/03/2024
$0.0525
4,565,515
-
(3,045,523)
(1,519,992)
-
-
11/05/2021
19/05/2024
$0.0542
5,714,286
-
-
(5,714,286)
-
-
16/07/2021
16/07/2024
$0.0542
2,194,403
-
-
-
2,194,403
2,194,403
16/07/2021
31/05/2024
$0.12
3,010,000
-
(3,010,000)
-
-
-
12/11/2021
12/11/2024
$0.25*
5,000,000
-
(5,000,000)*
-
-
-
18/01/2022
01/02/2025
$0.2033
750,000
-
-
-
750,000
750,000
31/01/2022
31/01/2025
$0.25*
5,000,000
-
(5,000,000)*
-
-
-
31/03/2022
31/03/2025
$0.165
2,500,000
-
-
-
2,500,000
2,500,000
1/07/2022
15/09/2025
$0.25*
500,000
-
(500,000)*
-
-
-
22/11/2022
22/11/2025
$0.14
2,000,000
-
-
-
2,000,000
2,000,000
15/12/2022
28/08/2025
$0.12
750,000
-
-
-
750,000
750,000
14/12/2022
27/09/2025
$0.01
200,000
-
-
-
200,000
200,000
20/12/2022
1/07/2025
$0.14
500,000
-
-
-
500,000
500,000
18/01/2023
18/07/2025
$0.13
200,000
-
-
-
200,000
200,000
18/01/2023
11/07/2025
$0.14
350,000
-
-
-
350,000
350,000
1/05/2023
30/04/2026
$0.12
2,000,000
-
-
-
2,000,000
2,000,000
21/06/2023
21/06/2026
$0.11*
4,000,000
-
(4,000,000)*
-
-
-
12/12/2023
31/01/2027
$0.075
-
5,000,000
-
-
5,000,000
5,000,000
27/02/2024
31/01/2026
$0.075
-
45,000,000
-
-
45,000,000
45,000,000
40,633,204
50,000,000
(21,954,523)
(7,234,278)
61,444,403
61,444,403
Weighted average exercise price ($)
0.136
0.075
0.169
0.054
0.085
0.085
* Options issued by Cosmo Metals Limited, subsidiary of the Parent Entity. On 31 March 2024 the company lost
control of its subsidiary, Cosmo Metals Ltd, due to dilution of interest.
The weighted average remaining contractual life of options outstanding at the end of the financial year is 1.55
years (2023: 1.52 years).
(b) Recognised share based payment expense
2024
2023
$
$
Options issued to directors and employees as
incentive
(i)
35,774
138,875
Performance rights issued to directors and
employees as incentive
(ii)
443,598
1,071,515
Options issued to brokers and advisors in lieu of
cash for services provided
(iii)
147,000
265,398
Less amounts recognised within equity as a cost of
capital raised
(147,000)
(265,398)
Options issued for acquisition of exploration &
(iv)
-
-
Great Boulder Resources Limited – Annual Report 2024
64
evaluation assets
Shares issued for acquisition of exploration &
evaluation assets
(iv)
116,000
40,000
Shares issued to settle creditor (v)
166,187
280,166
Less amounts capitalised within Consolidated
Statement of Financial Position
(282,187)
(320,166)
479,372
1,210,390
(i)
Options issued to directors and employees as incentive
During the prior 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 in that year.
During the prior year, 2,500,000 options were granted to employees as incentive for services provided with
500,000 of these options subsequently lapsing. $35,774 has been expensed in the Consolidated Statement of
Profit or Loss and Other Comprehensive Income.
(ii)
Performance rights issued to directors and employees as incentive
An expense of $443,598 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, 5,000,000 options 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 2024.
The inputs have been detailed below for each issue:
Input
GBR
Broker Options
Number of options
5,000,000
Grant date
12/12/2023
Vesting date
immediately
Expiry date (years)
4.00
Underlying share price
$0.064
Exercise price
$0.075
Volatility
100%
Risk free rate
3.94%
Early exercise multiple
2.5
Dividend yield
0%
Value per option
$0.0294
Total fair value of options
$147,000
Great Boulder Resources Limited – Annual Report 2024
65
(iv)
Shares and options issued for acquisition of exploration & evaluation assets
As disclosed in Note 10, during the year the Group issued 902,570 fully paid ordinary shares to Wanbanna Pty
Ltd as consideration for acquiring nine tenements within the Sidewell project area. The shares were issued at
$0.073 per share, to the value of $66,000.
The Group also issued 816,539 fully paid ordinary shares to Castle Minerals Ltd as consideration for an option to
acquire 75% of the Polelle and Wanganui Gold Projects at Meekatharra. The shares were issued at $0.061 per
share, to the value of $50,000.
(v)
Shares and options issued to settle creditor
During the year the Group issued 2,239,966 fully paid ordinary shares to an outstanding creditor in part
settlement of the outstanding liability for drilling services. The shares were issued at $0.056 per share, to the
value of $126,187.
The Group also issued 655,779 fully paid ordinary shares to an outstanding creditor in part settlement of the
outstanding liability for legal services. The shares were issued at $0.061 per share, to the value of $40,000.
20. LOSS PER SHARE
2024
$
2023
$
Loss after tax attributable to the owners of Great Boulder
Resources Limited
(15,438,907)
(3,227,405)
Basic and diluted loss per share (cents)
(2.76)
(0.73)
Unexercised options are not dilutive.
The weighted average number of ordinary shares on issue used in
the calculation of basic loss per share
559,646,971
441,223,665
The weighted average number of ordinary shares and potential
ordinary shares used as the denominator in calculating diluted loss
per share
559,646,971
441,223,665
21. REMUNERATION OF AUDITORS
2024
$
2023
$
Remuneration of the auditor for:
- Auditing and reviewing of financial reports
44,000
63,226
- Tax services
19,750
53,694
63,750
116,920
Great Boulder Resources Limited – Annual Report 2024
66
22. 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
(Chairman)
Andrew G Paterson
(Managing Director)
Melanie J Leighton
(Non-Executive Director)
Karen O’Neill
(Non-Executive Director)
Cosmo Metals Limited
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
deconsolidation 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
2024
$
2023
$
Short-term benefits
470,000
430,374
Post-employment benefits
51,729
44,841
Other benefits
1,729
1,138
Share based payments
295,732
795,944
819,190
1,272,297
Cosmo Metals Limited (Until 31 March 2024)
2024
$
2023
$
Short-term benefits
27,712
47,917
Post-employment benefits
458
5,031
Share based payments
-
-
28,170
52,948
Combined
2024
$
2023
$
Short-term benefits
497,712
478,291
Post-employment benefits
52,187
49,872
Other benefits
1,729
1,138
Share based payments
295,732
795,944
847,360
1,325,245
Great Boulder Resources Limited – Annual Report 2024
67
23. RELATED PARTIES
Parent entity
Great Boulder Resources Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in Note 28.
Key management personnel
Disclosures relating to key management personnel are set out in Note 22.
Transactions with related parties
The following transactions occurred with Cosmo Metals Limited (post deconsolidation):
2024
$
Sharing of Rental costs
6,164
Recharge of expenditure
4,979
Andrew Paterson is Director of Cosmo Metals Limited.
Receivable from and payable to related parties
The following balances are outstanding at the reporting date in relation to transactions with related parties:
2024
$
Trade receivables from Cosmo Metals Limited
6,780
Trade payables to Cosmo Metals Limited
5,476
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Terms and conditions
All transactions were made on normal commercial terms and conditions and at market rates.
24. 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:
2024
2023
$
$
Cash and cash equivalents
2,927,558
4,937,271
2,927,558
4,937,271
Great Boulder Resources Limited – Annual Report 2024
68
(b) Reconciliation of Net Cash used in Operating Activities to Operating Loss
2024
2023
$
$
Loss for the year
(15,438,907)
(3,574,154)
Depreciation
102,339
113,939
Share based payments
479,372
1,210,390
Impairment of exploration and evaluation costs
(excluding R&D tax incentive)
3,929,497
11,081
Fair value adjustments
(100,000)
Loss on deconsolidation
9,068,209
-
Net cash flows from operating activities before
change in assets and liabilities
(1,959,490)
(2,238,744)
Change in operating assets and liabilities during
the year:
Decrease in trade and other receivables
17,082
(12,814)
(Decrease)/increase in trade and other payables
(70,782)
216,163
Increase in provisions
31,441
86,231
Net cash outflow from operating activities
(1,981,749)
(1,949,164)
(c) Non cash investing and financing activities
The Group issued 902,570 fully paid ordinary shares to Wanbanna Pty Ltd as consideration for acquiring
nine tenements within the Sidewell project area. The shares were issued at $0.073 per share, to the
value of $66,000, as disclosed in Note 10.
The Group issued 816,539 fully paid ordinary shares to Castle Minerals Ltd as consideration for an option
to acquire 75% of the Polelle and Wanganui Gold Projects at Meekatharra. The shares were issued at
$0.061 per share, to the value of $50,000, as disclosed in Note 10.
During the year the Group issued 2,239,966 fully paid ordinary shares to an outstanding creditor in part
settlement of the outstanding liability for drilling services. The shares were issued at $0.056 per share,
to the value of $126,187, as disclosed in Note 19.
The Group also issued 655,779 fully paid ordinary shares to an outstanding creditor in part settlement of
the outstanding liability for legal services. The shares were issued at $0.061 per share, to the value of
$40,000, as disclosed in Note 19.
There were no other non-cash investing and financing activities during the year.
25. COMMITMENTS FOR EXPENDITURE
Exploration Commitments
2024
2023
$
$
Within one year
1,260,080
1,683,160
Later than one year but not later than five years
-
-
1,260,080
1,683,160
Great Boulder Resources Limited – Annual Report 2024
69
26. CONTINGENT ASSETS AND LIABILITIES
The Group has no contingent assets or contingent liabilities.
27. FINANCIAL RISK MANAGEMENT
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.
(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.
Great Boulder Resources Limited – Annual Report 2024
70
(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.
Weighted
average
interest rate
1 year or
less
Between
1 and 2
years
Between
2 and 5
years
Over 5
years
Remaining
contractual
maturities
2024
%
$
$
$
$
$
Non-derivatives
Non-interest bearing
Trade and other
payables
-
622,044
-
-
-
622,044
Interest bearing
Lease liability
11%
42,115
23,211
-
-
65,326
Borrowings
6.25%
24,359
24,359
56,616
105,334
Total non-derivatives
688,518
47,570
56,616
-
792,704
2023
Non-derivatives
Non-interest bearing
Trade and other
payables
-
1,195,796
-
-
-
1,195,796
Interest bearing
Lease liability
11%
49,821
38,877
20,722
-
109,420
Total non-derivatives
1,245,617
38,877
20,722
-
1,305,216
Great Boulder Resources Limited – Annual Report 2024
71
28. 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
Principal place of
business /
Country of
Incorporation
Class of shares
Ownership interest
2024
%
2023
%
GBR Whiteheads Pty Ltd
Australia
Ordinary
100
100
GBR Side Well Pty Ltd
Australia
Ordinary
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.
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
2024
%
2023
%
2024
%
2023
%
Cosmo Metals
Limited (i)
Australia
Ordinary
19.5%
43.04
-
56.96
(i)
On 31 March 2024 the company lost control of its subsidiary, Cosmo Metals Ltd, due to dilution of
interest. The retained investment in Cosmo Metals limited was immediately fair valued to
$1,000,000. Subsequent to year end the fair value of this investment increased in value to $1,100,000
(refer Note 12), resulting in a fair value gain of $100,000 through the Statement of Profit or Loss and
other Comprehensive Income. Cosmo Metals Limited was deconsolidated at 31 March 2024,
resulting in a loss on deconsolidation of $9,068,209. The net assets of Cosmo Metals Limited at the
time of deconsolidation were $10,068,208.
The proportion of ownership interest is equal to the proportion of voting power held.
29. NON-CONTROLLING INTEREST
2024
2023
$
$
Interest in:
Contributed equity
-
5,436,439
Reserves
-
655,810
Accumulated losses
-
(1,015,268)
-
5,076,981
On 31 March 2024 the company lost control of its subsidiary, Cosmo Metals Ltd, due to dilution of interest.
Great Boulder Resources Limited – Annual Report 2024
72
30. PARENT ENTITY INFORMATION
2024
2023
$
$
Statement of Profit or Loss
Loss after income tax
9,824,144
2,887,521
Total Comprehensive Loss
9,824,144
2,887,521
Statement of Financial Position
Total current assets
3,726,561
4,795,062
Total assets
22,414,010
27,029,236
Total current liabilities
849,910
1,049,412
Total liabilities
960,227
1,112,161
Equity
Contributed equity
40,281,679
35,112,402
Reserves
1,864,076
1,927,858
Accumulated losses
(20,691,972)
(11,123,185)
Total Equity
21,453,783
25,917,075
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2024 (2023: nil).
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2024 (2023: nil).
Significant accounting policies
The accounting policies of the parent entity are consistent with those of the Group, as disclosed in Note 1.
31. EVENTS OCCURRING AFTER REPORTING DATE
On 11 July 2024, 251,169 shares were issued to creditors in lieu of services, to a value of $15,000.
On 16 July 2024, 2,194,403 options exercisable at 5.42c lapsed unexercised.
On 2 August 2024, 1,189,064 fully paid ordinary shares were granted to employees of the Company under the
Incentive Plan.
On 24 September 2024, the Company acquired an 80% interest in seven Prospecting Licences and one
Exploration Licence from Mark Selga and Wanbanna Pty Ltd. Consideration for the acquisition was $80,000 cash
(exc GST) and $80,000 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 24 September 2024, 750,000 options exercisable at 12.4c lapsed as the vesting condition could no longer be
met.
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 2024
73
32. FAIR VALUE MEASUREMENT
The following tables detail the consolidated entity's assets and liabilities, measured or disclosed at fair value,
using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value
measurement, being:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access
at the measurement date
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly or Indirectly
Level 3: Unobservable inputs for the asset or liability
Level 1
Total
$
$
Interest in:
Ordinary shares at fair value through profit or loss
1,100,000
1,100,000
1,100,000
1,100,000
There were no transfers between levels during the financial year.
The carrying amounts of trade and other receivables and trade and other payables are assumed to
approximate their fair values due to their short-term nature.
The fair value of financial liabilities is estimated by discounting the remaining contractual maturities at the
current market interest rate that is available for similar financial liabilities.
Great Boulder Resources Limited – Annual Report 2024
74
13 Consolidated Entity Disclosure Statement
As at 30 June 2024
Basis of Preparation
This consolidated entity disclosure statement (CEDS) has been prepared in accordance with the Corporations Act 2001 and
includes information for each entity that was part of the consolidated entity as at the end of the financial year in accordance
with AASB 10 Consolidated Financial Statements.
Name of entity
Country of
Incorporation
Entity Type
Ownership
Interest
Tax
Residency
Foreign
Jurisdiction
GBR Whiteheads Pty
Ltd
Australia
Body Corporate
100%
Australia
N/A
GBR Side Well Pty Ltd
Australia
Body Corporate
100%
Australia
N/A
Great Boulder Resources Limited – Annual Report 2024
75
14 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 25 September 2024.
(a) Corporate Governance Statement
The Company’s 2024 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:
Shareholders
Units
% of Issued
1
-
1,000
67
16,599
0.00%
1,001
-
5,000
210
780,948
0.13%
5,001
-
10,000
451
3,632,981
0.60%
10,001
-
100,000
1,400
58,611,913
9.64%
100,001 &
Over
746
544,653,922
89.63%
2,874
607,696,363
100.00%
(c) Less than marketable parcels
Minimum $500.00 parcel at $0.061 per unit – 499 holders, holding 2,221,366 shares (total of 0.37% of issued
capital).
(c) The names of the twenty largest shareholders as at 25 September 2024 who between them held 36.03% of the
issued capital are listed below:
Number of Ordinary
Shares
%
1
RETZOS HOLDINGS
38,429,903
6.32%
2
ZEBINA HOLDINGS
33,381,903
5.49%
3
SANDHURST TRUSTEES LTD
23,621,160
3.89%
4
BELL POTTER NOMINEES LTD
19,801,008
3.26%
5
M NARDO INVESTMENTS PTY LTD
12,801,904
2.11%
6
MR RICHARD THOMAS HAYWARD DALY & MRS SARAH KAY DALY
12,429,175
2.05%
7
LION SELECTION GROUP LIMITED
10,321,512
1.70%
8
BNP PARIBAS NOMINEES PTY LTD
9,062,603
1.49%
9
LEMPIP NOMINEES PTY LTD
7,000,000
1.15%
10
MR ROBERT BRUCE MCDOWELL
6,600,000
1.09%
11
CITICORP NOMINEES PTY LIMITED
6,408,261
1.05%
12
ANDREW PATERSON
6,099,607
1.00%
13
WERSMAN NOMINEES PTY LTD
6,000,000
0.99%
14
RRX MACQUARIE PTY LTD
4,815,938
0.79%
15
MR DANIEL BERNARD CLOUGH
4,737,500
0.78%
16
SAM GOULOPOULOS PTY LTD
4,193,894
0.69%
17
BLACK INTERNATIONAL PTY LTD
4,000,000
0.66%
18
SHAYDEN NOMINEES PTY LTD
3,800,655
0.63%
19
ATLANTIS MG PTY LTD
3,617,052
0.60%
20
PYXIS HOLDINGS PTY LTD
3,600,000
0.59%
220,722,075
36.32%
Great Boulder Resources Limited – Annual Report 2024
76
(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
38,429,903
ZEBINA MINERALS
33,381,903
(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 25 September 2024 was as follows:
-
1 Optionholder holding 750,000 options, exercise price of $0.2033, expiring 1 February 2025
-
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 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
-
107 Optionholders holding 45,000,000 options, exercise price of $0.075, expiring 31 January 2026
-
6 Optionholders holding 5,000,000 options, exercise price of $0. 075, expiring 31 January 2027
(g) Unlisted performance rights securities on issue as at 25 September 2024 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.
(h) On-market buy-back:
There is no current on-market buy-back facility.
Great Boulder Resources Limited – Annual Report 2024
77
(i)
Tenement Schedule as at Reporting Date
Project
Tenement
Status
Interest
Comments
Whiteheads
E27/538
Granted
51%
Farm-in to 80% from Mithril Resources
Whiteheads
E27/582
Granted
51%
Farm-in to 80% from Mithril Resources
Whiteheads
E27/584
Granted
51%
Farm-in to 80% from Mithril Resources
Whiteheads
E27/544
Granted
75%
Zebina Minerals joint venture
Whiteheads
E27/588
Granted
75%
Zebina Minerals joint venture
Whiteheads
E27/622
Granted
75%
Zebina Minerals joint venture
Whiteheads
E27/644
Granted
75%
Zebina Minerals joint venture
Whiteheads
P27/2439
Granted
75%
Zebina Minerals joint venture
Whiteheads
E27/658
Granted
75%
Zebina Minerals joint venture
Whiteheads
E27/659
Granted
75%
Zebina Minerals joint venture
Whiteheads
E27/660
Granted
75%
Zebina Minerals joint venture
Whiteheads
E27/661
Granted
75%
Zebina Minerals joint venture
Whiteheads
E27/662
Granted
75%
Zebina Minerals joint venture
Side Well
E51/1905
Granted
75%
Zebina Minerals joint venture
Side Well
P51/2970
Granted
80%
Wanbanna joint venture
Side Well
P51/3018
Granted
80%
Wanbanna joint venture
Side Well
P51/3019
Granted
80%
Wanbanna joint venture
Side Well
P51/3022
Granted
80%
Wanbanna joint venture
Side Well
P51/3038
Granted
80%
Wanbanna joint venture
Side Well
P51/3057
Granted
80%
Wanbanna joint venture
Side Well
P51/3058
Granted
80%
Wanbanna joint venture
Side Well
P51/3178
Granted
80%
Wanbanna joint venture
Side Well
P51/3278
Pending
80%
Wanbanna joint venture
Side Well
P51/3358
Pending
100%
New application
Side Well
M51/911
Pending
100%
New application
Side Well
P51/3360
Pending
100%
New application
Side Well
P51/3361
Pending
100%
New application
Side Well
P51/3362
Pending
100%
New application
Side Well
P51/3374
Pending
100%
New application
Polelle
E 51/1843
Granted
0%
Castle Minerals option
Polelle
E51/2209
Pending
100%
New application
Polelle
P 51/3190
Granted
0%
Castle Minerals option
Polelle
P 51/3191
Granted
0%
Castle Minerals option
Polelle
P 51/3192
Granted
0%
Castle Minerals option
Polelle
P 51/3193
Granted
0%
Castle Minerals option
Polelle
P 51/3194
Granted
0%
Castle Minerals option
Polelle
P 51/3195
Granted
0%
Castle Minerals option
Polelle
P 51/3196
Granted
0%
Castle Minerals option
Polelle
P 51/3197
Granted
0%
Castle Minerals option
Wanganui
E 51/1703
Granted
0%
Castle Minerals option
Gnaweeda
E51/1995
Granted
100%
Wellington
E38/3622
Granted
100%
Wellington
E38/3751
Granted
100%
Wellington
E38/3752
Granted
100%
Wellington
E53/2242
Granted
100%
Wellington
E53/2243
Granted
100%
Great Boulder Resources Limited – Annual Report 2024
78
15 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
Facsimile:
08 9315 5004
Registered Office
Level 1, 51 Colin Street
West Perth WA 6005
Telephone: 08 9321 6037
Facsimile:
08 9315 5004
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
National Australia Bank
100 St Georges Terrace
Perth WA 6000
Stock Exchange
Securities are listed on the Australian
Securities Exchange (ASX Code: GBR)
Website
http://www.greatboulder.com.au/