Great Northern Minerals Limited
ABN 22 000 002 111
Consolidated Annual Report
For the Year Ended 30 June 2023
Contents
Annual Report 2023
Corporate Directory ................................................................................................................................ 1
Directors’ Report ..................................................................................................................................... 2
Auditors’ Independence Declaration .................................................................................................... 22
Consolidated Statement of Profit or Loss and Other Comprehensive Income .................................... 23
Consolidated Statement of Financial Position ...................................................................................... 24
Consolidated Statement of Changes in Equity ...................................................................................... 25
Consolidated Statement of Cash Flows ................................................................................................ 26
Notes to the Consolidated Financial Statements ................................................................................. 27
Directors’ Declaration ........................................................................................................................... 57
Independent Auditors’ Report .............................................................................................................. 58
ASX Additional Information .................................................................................................................. 63
Interest in Tenements ........................................................................................................................... 65
Annual Report 2023
Corporate Directory
Directors
Mr. Ariel (Eddie) King (Non-Executive Chairman)
Mr. Cameron McLean (CEO & Managing Director)
Mr. Simon Coxhell (Non-Executive Director)
Mr. Donald Garner (Non-Executive Director)
Company Secretary
Miss Aida Tabakovic
Registered Office &
Principal Place of Business
Level 1, 33 Colin Street
West Perth WA 6005 Australia
Website
www.greatnorthernminerals.com.au
Share Registry
Auditors
Legal Advisors
Computershare Investor Services Pty Ltd
Level 17, 221 St Georges Terrace
Perth WA 6000 Australia
T: 1300 787 272
William Buck Audit (WA) Pty Ltd
Level 3, 15 Labouchere Road
South Perth WA 6151 Australia
Nova Legal
Level 2, 50 Kings Park Road
West Perth WA 6005 Australia
Stock Exchange
ASX: GNM
Listed Options: GNMOC
1 | P a g e
Directors’ Report
Your Directors present their Report on Great Northern Minerals Limited (the “Company” or “GNM”) and its
controlled entities (the “Group”) for the financial year ended 30 June 2023.
Annual Report 2023
Directors
The names of the Directors who held office during or since the end of the year:
• Mr Ariel (Eddie) King – Non-Executive Chairman (appointed 22 May 2023)
• Mr Cameron McLean – CEO & Managing Director
• Mr Simon Coxhell – Non-Executive Director
• Mr Donald Garner – Non-Executive Director (appointed 1 November 2022)
• Mr Kim Robinson – Non-Executive Chairman (resigned 22 May 2023)
• Mr Simon Peters – Non-Executive Director (resigned 30 September 2022)
Information on Directors
Ariel (Eddie) King
Non-Executive Chairman
Appointment Date
22 May 2023
Qualifications
Bachelor of Commerce
BEng (Mining)
Experience
Interests in shares
and options as at
date of report
Other directorships
in listed entities held
in the previous 3
years
Mr King is a qualified Mining Engineer. Mr King holds a Bachelor of Commerce and
Bachelor of Engineering from the University of Western Australia. Mr King’s
experience includes being a manager for an investment banking firm, where he
specialised in the technical and financial analysis of bulk commodity and other
resource projects for investment and acquisition. Mr King is also a director of CPS
Capital Group, one of Australia’s most active stockbroking and corporate advisory
firms specialising in small to medium high growth companies.
• 2,126,667 Fully Paid Ordinary Shares
• 2,100,000 Listed Options exercisable at $0.06 on or before 1 July 2025
• Non-Executive Chairman of Bindi Metals Ltd (since 25 May 2021)
• Executive Chairman of Rubix Resources Ltd (since 30 June 2021)
• Non-Executive Director of M3 Mining Ltd (since 16 November 2020)
• Non-Executive Director of Noble Helium Ltd (since 15 December 2021)
• Executive Director of Ragnar Metals Ltd (since 10 February 2017)
• Non-Executive Director of Queensland Pacific Metals Ltd (since 26 March
2018)
• Non-Executive Chairman of Eastern Resources Ltd (since 10 July 2017)
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Annual Report 2023
Cameron McLean
CEO & Managing Director
Appointment Date
15 October 2018
Qualifications
-
Experience
Interest in shares
and options as at
date of report
Other directorships
in listed entities held
in the previous 3
years
Mr McLean has more than 20 years’ experience leading and managing a range of
commercial activities, including co-directing London business, iBase Limited in the
geo-technology sector and as CFO at Snowden Mining Industry Consultants and
Atrum Coal and held a position as a GM Comercial at Kagara Limited. Mr McLean
has a background in accounting and finance with experience originating at
Western Mining in Melbourne. Mr McLean is the founder and major shareholder
of the mining investment platform, Mineral Intelligence.
• 2,126,667 Fully Paid Ordinary Shares
• 3,000,000 Listed Options exercisable at $0.06 on or before 1 July 2025
• Non-Executive Director of Bindi Metals Limited (since 25 May 2021)
• Non-Executive Director of Queensland Pacific Metals Limited (previously
Pure Minerals Limited) (30 November 2018 – 24 September 2021)
• Non-Executive Chairman of DC Two Limited (1 September 2020 - 31 August
2021)
Simon Coxhell
Non-Executive Director
Appointment Date
1 April 2020
Qualifications
BSc, Masters Qualifying
Experience
Interests in shares
and options as at
date of report
Other directorships
in listed entities held
in the previous 3
years
Mr Coxhell is a geologist with 34 years of diverse experience encompassing all
aspects of the resource sector including exploration, resource development,
metallurgical considerations and mining.
Over the last 20 years he has had significant corporate experience on ASX listed
Boards in senior executive appointments and between 2016-2018 led Echo
Resources Limited (ASX: EAR) as Managing Director/CEO, elevating and growing
the company from an $8 million dollar market capitalisation exploration focused
company to an emerging gold producer with a maximum market capitalisation of
$182 million dollars, centred on the re-establishment of the Bronzewing Gold
Mine. Over a 3-year period he developed the gold resource base of Echo from
100,000 resource ounces to a total resource base of 1.7 million ounces of gold,
and a maiden reserve of 800,000 ounces, for the Stage 1 and Stage 2 development
option, in August 2018. Northern Star purchased a 19% holding on market in late
2018 to become the largest shareholder and in August 2019 launched a successful
takeover of Echo with an implied value of $244 million.
• 322,451 Fully Paid Ordinary Shares
• 3,000,000 Listed Options exercisable at $0.06 on or before 1 July 2025
• Non-Executive Director of Blaze Minerals Limited (April 2019 to July 2022)
• Managing Director of Blaze Minerals Limited (since July 2022)
3 | P a g e
Donald Garner
Non-Executive Director
Appointment Date
1 November 2022
Qualifications
BSc (Hons) Geology, MSc., MAusIMM, MSEG
Annual Report 2023
Mr Garner is a senior resource industry executive combining his investment
banking skill set with a professional background and early career as a geologist
with over 25 years’ experience in the resources sector.
He holds a BSc (Hons) in Exploration and Mining Geology from Cardiff University,
an MSc in Mineral Industry Operation, Design and Management from Leeds
University and an MSc (Distinction) in Mineral Project Appraisal from the Royal
School of Mines (Imperial College).
He is an experienced ASX resource company executive with a proven track record
in business development and executing value creative transactions, he led Red
River Resources (ASX:RVR) from 2014 to 2021, initially as Managing Director then
as Executive Director as RVR grew from a listed shell to a company worth in-excess
of $200m. He is currently the Managing Director of Iltani Resources (ASX:ILT).
He has diverse experience and background across multiple commodities and
lobal experience
projects (exploration, development and operation); and
(Australia, Asia, Russia, South America and Africa) combined with an in-depth
understanding of the production chain (exploration, development and mining).
• 40,000 Fully Paid Ordinary Shares
• 3,000,000 Listed Options exercisable at $0.06 on or before 1 July 2025
• Managing Director of Red River Resources (March 2014 - April 2021)
• Managing Director of Iltani Resources since (since August 2021)
Experience
Interest in shares
and options as at
date of report
Other directorships
in listed entities held
in the previous 3
years
Company Secretary
Miss Aida Tabakovic was appointed as the Company Secretary on 19 August 2019. Miss Tabakovic has over
11 years’ experience in the accounting profession. She holds a double degree in Accounting and Finance and
a Postgraduate Degree in Business Law. Miss Tabakovic provides services to a number of ASX listed
companies specialising in financial accounting and reporting and corporate compliance. Miss Tabakovic has
also been involved in listing a number of junior exploration companies on the ASX.
4 | P a g e
Annual Report 2023
Review of Operations
Great Northern Mineral’s key project is the Golden Ant Gold-Antimony Project located 200km northwest of
Townsville in Northern Queensland. The Project originally consisted of the Amanda Bell Goldfield (Camel
Creek and Golden Cup) and the Big Rush Goldfield, which were mined from 1989 to 1998 producing
approximately 150,000 oz Au. In February 2023, GNM completed the sale of the Big Rush Gold Project
following a review of projects in the Company’s portfolio.
North of Camel Creek is the Douglas Creek Intrusion Related Gold System (IRGS) prospect which was
discovered during a reconnaissance sampling program in May 2022.
In May 2023, GNM completed the 100% acquisition of two projects in southern Finland prospective for
lithium, supporting a new focus on global critical minerals. The projects are located 115km north-east of
Helsinki and share similarities to the Cinovec deposit in Czech Republic.
Figure 1 Camel Creek, Golden Cup and Big Rush Location Plan
GOLDEN ANT PROJECT
Golden Cup Drilling Program
The Golden Cup mine lies 15km to the south east of the Camel Creek mine and has a current JORC Resource
of 0.3Mt @ 3.4 g/t Au. During the year a total of 11 RC holes for 1,022 metres were drilled at Golden Cup
which were announced in October 2022. The program was designed to test the extensions of the high grade
gold mineralisation at depth.
Notable intercepts were:
• GCRC093 (7.0m @ 4.6 g/t Au from 61m down-hole inc. 2.0m @ 14.3 g/t from 61m down-hole);
• GCRC094 (6.0m @ 7.4 g/t Au from 67m down-hole inc. 3.0m @ 11.3 g/t Au from 68m down-hole);
and
• GCRC084 (10.0m @ 2.1 g/t Au from 45m down-hole inc. 2.0m @ 5.4 g/t Au 48m down-hole).
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Table 1 Golden Cup RC Drilling Material Intersections
Annual Report 2023
Hole ID
GCRC082
And
And
GCRC083
GCRC084
inc.
GCRC086
GCRC087
And
GCRC088
inc.
GCRC090
inc.
GCRC091
GCRC093
inc.
GCRC094
inc.
GCRC096
And
GCRC098
And
*down hole width only
From
35.00
40.00
46.00
39.00
45.00
48.00
42.00
30.00
40.00
45.00
49.00
51.00
51.00
68.00
61.00
61.00
67.00
68.00
53.00
86.00
71.00
100.00
To
36.00
42.00
49.00
41.00
55.00
50.00
45.00
33.00
42.00
50.00
50.00
53.00
52.00
70.00
68.00
63.00
73.00
71.00
55.00
87.00
72.00
102.00
Intersection*
1.00
2.00
3.00
2.00
10.00
2.00
3.00
3.00
2.00
5.00
1.00
3.00
1.00
2.00
7.00
2.00
6.00
3.00
2.00
1.00
1.00
2.00
Gold
2.4
1.9
1.6
2.2
2.1
5.4
1.5
1.4
2.9
2.0
5.0
3.2
6.2
3.2
4.6
14.3
7.4
11.3
2.3
1.9
2.2
1.4
Silver
2.4
0.5
1.6
1.1
1.6
2.6
1.1
0.9
2.2
6.5
20.3
1.0
1.8
4.7
1.1
2.1
1.7
2.0
3.9
0.5
0.9
0.4
Figure 2 Golden Cup Long Section
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Annual Report 2023
The intersections returned have confirmed the steep south plunging gold shoots, as indicated from the
previous drilling and mining history. These are obvious areas to focus future drilling programs on and is
consistent with a similar orientation to the high-grade shoots observed at Camel Creek.
Table 2 Golden Ant Project Mineral Resource at a 0.5 g/t Gold cut off
Camel Creek (1)
Golden Cup (2)
Resource
Classification
Indicated
Inferred
Sub Total
Indicated
Inferred
Sub Total
Tonnes
(kt)
1,440
970
2,410
-
279
279
2,410
279
6,128
Gold
(g/t)
2.7
2.4
2.6
-
3.4
3.4
2.6
3.4
2.0
Antimony
(Sb %)
0.4%
0.3%
0.4%
-
-
-
0.4%
-
-
Contained Gold
(koz)
127
75
202
-
30
30
202
30
386
Contained Antimony
(tonnes)
5,700
3,300
9,000
-
-
-
9,000
-
-
Camel Creek
Golden Cup
Golden Ant Project
Tonnages and grades are rounded. Discrepancies in totals may exist due to rounding.
(1) Widenbar & Associates 3 March 2022
(2) Great Northern Minerals ASX release dated 9 December 2019
Total
Sale of the Big Rush Gold Project
Following the project portfolio review, in March 2023 GNM announced the completion of the sale of the Big
Rush Gold Project to Great Eastern Gold Ltd.
The key terms of the Agreement were as follows:
• Agreement to sell 100% of the issued share capital of Alphadale Pty. Ltd (which owns ML 10168,
10175 and 10192) and a 100% legal and beneficial interest in EPM 27283;
• Total consideration paid was $250,000 (in cash) of which $25,000 was a non-refundable exclusivity
fee and the balance, being $225,000, was paid on completion; and
• The Group has no remaining obligations in respect of the liabilities for environmental bonds and
rehabilitation costs.
DOUGLAS CREEK PROJECT
Douglas Creek Drilling Program
During the year the Company completed an initial RC program of a total of 20 holes for 1,080 metres at the
Douglas Creek Intrusion Related Gold System (IRGS) Deposit. The program was proposed to test and define
the subsurface nature of the mineralisation at Douglas Creek and the orientation of any containing structure.
Three of the anomalous soil and rock targets that produced some of the higher polymetallic geochemistry,
namely; Zones 1, 2 and 4, were selected for drill testing.
Drilling intersected a mineralised low angle structure with widespread disseminated sulphide mineralisation,
with up to 5% visible pyrite and 1% chalcopyrite.
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Annual Report 2023
Material assay results from the drilling program include:
• DCRC15 intercepted 1.0m @ 2.1 g/t Au, 28.1 g/t Ag, 0.1% Cu & 0.2% Pb, from 9m down-hole;
• DCRC01 intercepted 7.0m @ 20.7 g/t Ag, 0.1% Cu & 0.3% Pb from 12m down-hole; and
• DCRC012 intercepted 2.0m @ 0.8 g/t Au, 41.2 g/t Ag, 0.1% Cu & 0.1% Pb, from 9m down-hole.
Douglas Creek samples have been sent to the University of Tasmania (UTAS) for vectoring and fertility studies
using Porphyry Indicator Minerals for concealed deposits (PIMS). Results are expected in the December
quarter which will assist in scheduling the next phase of exploration.
Table 3 Douglas Creek RC Drilling Material Intersections
Hole ID
DCRC01
DCRC09
DCRC12
DCRC13
DCRC15
DCRC20
DCRC20
*down hole width only
Zone From (m) To (m)
19.00
12.00
31.00
30.00
8.00
6.00
27.00
26.00
10.00
9.00
48.00
47.00
52.00
50.00
4
1
2
2
2
1
1
Intersection (m)* Au (g/t) Ag (g/t)
20.7
17.1
41.2
10.6
28.1
17.5
18.7
7.00
1.00
2.00
1.00
1.00
1.00
2.00
0.0
0.2
0.8
0.3
2.1
0.1
0.0
Bi (g/t)
109
422
729
112
675
344
78
Cu (%) Pb (%)
0.3%
-
0.1%
-
0.2%
-
0.1%
0.1%
0.7%
0.1%
0.2%
0.1%
0.3%
0.2%
FINLAND LITHIUM ACQUISITION
In May 2023 GNM completed the acquisition of Stedle Exploration AB which has two highly prospective
lithium projects in Finland being:
• Sukula Project, Reservation Permit (174.3km2); and
• Kuusisuo Project, Reservation Permit (362km2).
The projects contain extensive evidence for lithium mineralisation of two important deposit styles:
•
Lithium-bearing LCT-type pegmatites at Sukula Project. Several mapped rare metal pegmatites have
never been assayed for lithium. The Sukula Project is located in close proximity to extensive known
lithium pegmatite swarms including the Kietyonmaki swarm where the United Lithium Corporation
(CSE: ULTH) have discovered drill intersections of up to 42m at 1.1% Li2O; and
• Granite-hosted greisen mineralisation at the Kuusisuo Project, including historical drill intersections
of 61.5m at 0.22% Li2O including 17.4m at 0.35% Li2O with similar style and potential to the Cinovec
Deposit in the Czech Republic held by European Metals Holdings Limited (ASX: EMH) (708.2Mt at
0.42% Li2O).
Both projects have excellent access to high quality infrastructure in a top mining jurisdiction and are located
in the proximity of Europe’s thriving battery metal industry.
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Annual Report 2023
Figure 3 Simplified bedrock geology map of Finland showing the location of Finland lithium occurrences and
deposits and the location of GNM’s new Kuusisuo Project and Sukula Project
Figure 4 Geology map of the Sukula Project area showing the location of the known mapped Rare Element
pegmatites (Adapted from Ahtola, Kuusela, 2012)
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Annual Report 2023
Sukula Lithium Project
The Sukula Project is located in southern Finland roughly 115km northeast of Helsinki and comprises
174.3km2 (Figure 3). The project area was selected since it comprises the northern portion of the well-known
Somero LCT pegmatite field with one of the highest densities of mapped rare metal pegmatites in Finland
(Figure 4).
There are a number of nearby advanced lithium pegmatites adjacent to the licenses including the
Kietyonmaki lithium pegmatite swarm has been defined over an area of 300m by 200m and drilling has
intersected up to 42m at 1.1% Li2O from 17.9m including 9m at 2.0% Li2O (See ULTH announcement 14
February 2012). Kietyonmaki is located only 2km west of the reservation outline and rare metal pegmatites
have been mapped 2.5km along strike to the east on the Sukula license and never been assayed (Figure 4).
This is one priority area for rock sampling by GNM in the upcoming summer field programs.
The Hirvikallio lithium pegmatite dyke is located only 400m south of the reservation outline (Figure 4) where
historical drilling intersected a 15.5m wide lithium-bearing pegmatite including 5.0m at 2.3% Li2O and 3m at
2.3% Li2O (See ASX:RMI announcement 9 November 2022). Field work will also be a high priority in the area
north of the license to assess for LCT pegmatite extensions into that area.
A very large granite pegmatite has been mapped central to the project area with dimensions 8km by 1.2km
with known rare metal occurrences and again there are no known rock assays in these areas. The lack of rock
assays across this large-scale pegmatite is surprising so this is another priority area for rock sampling
programs by GNM.
Another high priority area has been highlighted from the Finland rock chip database near the western license
border where a rock sample returned 703 ppm Li2O in a felsic volcanic rock which is unusually elevated.
Further work is also warranted in this area to assess if LCT pegmatites are the source for the unusually
elevated lithium in that area.
GNM considers the Sukula Project area to be a highly fertile area for LCT pegmatites with an ideal geological
setting for the formation of lithium pegmatite deposits.
Kuusisuo Lithium Project
The large 362km2 project tenure is located in southern Finland around 160km northeast of Helsinki (Figure
3). The area was selected due to the Kuusisuo lithium occurrence located central to a very large
Mesoproterozoic aged Rapakivi granite intrusive complex.
Historical work on the Kuusisuo Project indicates the occurrence has been drilled with several holes where
selected assays indicate extensive granite-hosted ‘greisen-style’ lithium mineralisation and also indications
of tin in places. Highlight drilling intersections include:
• 61.5m at 0.22% Li2O from 7.9m in R4 including 17.35m at 0.35% Li2O;
• 66.95m at 0.21% Li2O from 12.15m in R7 including 18.15m at 0.27% Li2O;
• 18.95m at 0.13% Li2O from 46.75m in R9; and
• 5.15m at 0.15% Li2O, 0.24% SnO2 from 73.2m in R10 incl. 0.45m at 1.22% SnO2, 0.05% Li2O.
10 | P a g e
Annual Report 2023
Granite-hosted greisen-style lithium mineralisation at the Kuusisuo Project is very similar to the lithium-tin
mineralisation at the Cinovec Deposit in Czech Republic (European Metals) that hosts the largest lithium
resources in Europe of 708.2Mt at 0.42% Li20 and 500 ppm Sn (See EMH Announcement 19 January 2022).
At least 150km2 of the Kuusisuo Project is covered by the highly prospective Rapakivi intrusive complex which
the Company considers is highly prospective for giant lithium-tin deposits similar to Cinovec.
The Kuusisuo Project is also highly prospective for lithium-cesium-tantalum (“LCT”) pegmatites given the
close proximity to the Rakokivenmäki Lithium Pegmatite where assays of up to 0.68% Li2O have been
recorded (Mattila, E, 1984) and has been mapped for 3km extending into the Kuusisuo Reservation for at
least 500m where further work is warranted (Figure 3). In addition, multiple granite suites on the Kuusisuo
Project are highly fertile for the formation of LCT pegmatites and throughout.
Further sampling and mapping continues in Finland building a coverage of pegmatite samples across the
Sukula and Kuusisuo Reservations and progressing toward a drill program. Assays from two sampling
programs are expected in September 2023. Applications are underway to progress the Reservations to
Exploration permits.
Competent Persons Statement – Exploration Results
The information in this report that relate to Australian Exploration Results is based on information compiled under the
supervision of Simon Coxhell. Mr Coxhell is a member of the Australasian Institute of Mining and Metallurgy and has
sufficient experience of relevance to the styles 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.” Mr Coxhell consents to the inclusion
in this report of the matters based on his information in the form and context in which they appear.
This report's information related to Finland Exploration Results is based on information and data compiled or reviewed
by Mr Leo Horn. Mr Horn is a consultant for Stedle Exploration AB. Mr Horn is a Member of the Australasian Institute
of Geologists (AIG). Mr Horn has sufficient experience relevant to the style of mineralisation under consideration and
to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves
Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
Accordingly, Mr Horn consents to the inclusion of the matters based on the information compiled by him, in the form
and context it appears.
This Review of Operations contains information extracted from ASX market announcements reported in
accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves” (2012 JORC Code). Further details (including 2012 JORC Code reporting tables
were applicable) of exploration results referred to in this Review of Operations can be found in the following
announcements lodged on the ASX:
Date
11 July 2022
25 July 2022
27 July 2022
11 August 2022
14 September 2022 Douglas Creek Exploration Update
30 September 2022 GNM Project Review
Announcement
Drilling to commence at Golden Cup
Drilling Commences at Golden Cup
Three High Grade Zones Defined at Douglas Creek Discovery
Golden Cup Drilling Defines New Mineralisation
11 | P a g e
Annual Report 2023
Date
25 October 2022
26 October 2022
27 October 2022
7 November 2022
23 December 2022
30 January 2023
2 February 2023
20 February 2023
1 March 2023
26 April 2023
22 May 2023
Announcement
Sale of Big Rush Gold Project
High Grade Intersects from Golden Cup Assays
Douglas Creek Drilling Update
Drilling Commences at Douglas Creek
Extension to the Sale of Big Rush Gold Project
Big Rush Sale Moving to Completion
Successful Completion of Douglas Creek Drill Program
Prospective Rare Earth Tenement Granted in NSW
Big Rush Sale Completed
GNM to Acquire Lithium Projects in Finland and Capital Raise
Completion of Acquisition of Finland Lithium Projects
Governance Arrangements
The Company seeks to ensure the reporting of Mineral Resources and Ore Reserves is in accordance with
Industry best practice and Listing Rules. All current Mineral Resources and Ore Reserves have been compiled
by independent consultants recognised for their expertise in the estimation of coal resources and reserves.
The estimates have been reviewed by an independent consultant considered to be a Competent Person
under the JORC Code 2012 to ensure that the resource reports comply with the listing rules.
Likely Developments and Expected Results of Operations
Further information, other than as disclosed in this report, about likely developments in the operations of
the Company and the expected results of those operations in future periods has not been included in this
report as disclosure of this information would be likely to result in unreasonable prejudice to the Group.
Environmental Regulations
The Group’s operations are subject to various environmental laws and regulations under the relevant
government’s legislation. Full compliance with these laws and regulations is regarded as a minimum standard
for all operations to achieve.
Instances of environmental non-compliance by an operation are identified either by external compliance
audits or inspections by relevant government authorities. There have been no significant known breaches by
the Group during the financial year.
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Annual Report 2023
Dividends Paid or Declared
No dividends were paid or declared since the start of the financial year (2022: Nil).
Operating Results
During the financial year, the Group recorded a consolidated profit of $1,371,740 (2022: consolidated loss of
$6,927,148) after providing for income tax. The consolidated profit is mainly due to the sale of the Big Rush
Gold Project during the year which has resulted in a gain on disposal of subsidiary. Refer to Note 26 Disposal
of Subsidiary – Alphadale Pty Ltd for further details.
The Directors are committed to carefully utilising current resources, reviewing potentially markets for output,
partners and other funding initiatives.
Corporate
On 30 September 2022, Mr Simon Peters resigned as the Non-Executive Director of the Company.
On 2 November 2022, the Company announced the appointment of Mr Donald Garner as Non-Executive
Director, effective 1 November 2022.
On 26 April 2023, the Company announced it was undertaking a capital raising of $1,250,000 (before costs)
(“Placement”) through the issue of up to 500,000,000 Shares (pre-Consolidation) (or being 33,333,333 (post-
Consolidation)) (“Placement Shares”) to sophisticated and professional investors at an issue price of $0.0025
per new Share. The Placement also consisted of an issue of 500,000,000 (pre-Consolidation) (or being
33,333,333 (post-Consolidation)) free attaching listed Options in the Company on a 1:1 basis (exercisable at
$0.06 (post-Consolidation) with an expiration date of 1 July 2025) (“Placement Options”). The Placement
was issued in two separate tranches as follows:
• A total of 317,262,744 Placement Shares (pre-Consolidation) (being 21,150,850 (post-Consolidation))
were issued on 8 May 2023 pursuant to the Company’s existing capacity available under Listing Rules
7.1 and 7.1A (“Tranche 1”); and
• The remaining 182,737,256 Placement Shares (pre-Consolidation) (being 12,182,484 (post-
Consolidation)) (“Tranche 2”) and 500,000,000 (pre-Consolidation) (being 33,333,333 (post-
Consolidation)) Placement Options were issued on 14 June 2023 as approved by shareholders at the
General Meeting held on 13 June 2023.
Refer to the Notice of Meeting dated 8 May 2023 for further details on the Placement.
On 23 May 2023, the Company announced the appointment of Mr Ariel (Eddie) King as a Non-Executive
Chairman effective from 22 May 2023, replacing Mr Kim Robinson.
On 20 June 2023, the Company consolidated its issued capital on a 15:1 basis (“Consolidation”). All issued
capital amounts within this report are disclosed on a post-Consolidation basis, unless stated otherwise.
13 | P a g e
Annual Report 2023
Share Options
As at the date of this report, the Company has the following shares under option on issue:
Listed Options
Unlisted Options
Unlisted Options
Unlisted Options
Total Options
Exercise Price
$0.06
$0.36
$0.435
$0.495
Expiry Date
1 July 2025
19 November 2023
19 November 2023
19 November 2023
No. of Options
66,333,333
1,484,161
1,484,161
1,484,161
70,785,816
On 1 November 2022, the Company’s 244,528,099 listed options (pre-Consolidation) (ASX:GNMOF)
exercisable at $0.01 expired unexercised.
On 30 June 2023, the Company received the exercise form and funds for the exercise of 25,057 listed options
(ASX:GNMOB). The shares were issued subsequent to year end.
On 1 July 2023, the Company’s 31,285,417 listed options (ASX:GNMOB) exercisable at $0.33 expired
unexercised.
There were no other ordinary shares issued on the exercise of options since 30 June 2023.
Events after Reporting Date
On 1 July 2023, the Company’s 31,285,417 listed options (ASX:GNMOB) exercisable at $0.33 (on a post-
consolidation basis) expired unexercised.
On 4 July 2023, the Company issued 25,057 fully paid ordinary shares (on a post-consolidation basis) on the
exercise of options.
There are no other matters or circumstances which have arisen since the end of the year which will
significantly affect, or may significantly affect, the state of affairs or operations of the reporting entity in
future financial years.
Meeting of Directors
During the financial year, 3 Directors’ meetings were held. Attendances by each Director during the year
were as follows:
Director
Ariel (Eddie) King
Cameron McLean
Simon Coxhell
Donald Garner
Simon Peters
Kim Robinson
Eligible to Attend
-
3
3
2
1
3
Number Attended
-
3
2
2
1
2
14 | P a g e
Annual Report 2023
Remuneration Report (Audited)
The information provided in this remuneration report has been audited as required by Section 308(3C) of the
Corporations Act 2001. This report details the nature and amount of remuneration for each director of Great
Northern Minerals Limited, and for the executives of the Group.
Remuneration Policy
Remuneration levels for the executives are competitively set to attract the most qualified and experienced
candidates, taking into account prevailing market conditions and the individual’s experience and
qualifications. During the period, the Group did not have a separately established remuneration committee.
The Board is responsible for determining and reviewing remuneration arrangements for the executive and
non-executive Directors.
The remuneration policy of Great Northern Minerals Limited has been designed to align Director and
Executives’ objectives with shareholder and business’ objectives by providing a fixed remuneration
component for short-term incentives and offering specific long-term incentives, based on key performance
areas affecting the Group's financial results. The Board of Great Northern Minerals Limited believes the
remuneration policy to be appropriate and effective in its ability to attract and retain the best Executives and
Directors to run and manage the Group, as well as create goal congruence between Directors, Executives and
shareholders.
The Board's policy for determining the nature and amount of remuneration for the Board members and
Senior Executives of the Group is as follows:
•
•
•
•
•
The remuneration policy, setting the terms and conditions for the executive directors and other
senior executives was developed by the Board and legal advisors. All executives receive a base
salary (which is based on factors such as length of service and experience) and superannuation
where applicable. The Board reviews executive packages annually by reference to the Group’s
performance, executive performance and comparable information from industry sectors and
other listed companies in similar industries;
The Board may exercise discretion in relation to approving incentives, bonuses and options. The
policy is designed to attract and retain the high calibre of executives and reward them for
performance that results in long term growth in shareholder wealth.
Executives will also be entitled to participate in future employee share and option arrangements;
The Executive Directors and Executives receive a superannuation guarantee contribution
required by the government, which during the reporting period was 10.5%, and do not receive
any other retirement benefits. Some individuals may choose to sacrifice part of their salary to
increase payments towards superannuation;
All remuneration paid to Directors and Executives is valued at the cost to the Group and
expensed. Shares allocated to Directors and Executives are valued as the difference between the
market price of those shares and the amount paid by the director or executive. Options are
valued using appropriate methodologies.
15 | P a g e
Annual Report 2023
The Board’s policy is to remunerate Non-Executive Directors at market rates for comparable companies for
time, commitment and responsibilities. The Board determines payments to the non-executive directors and
reviews their remuneration annually, based on market practice, duties and accountability. Independent
external advice is sought when required. No such advice was obtained during the year. Fees for Non-
Executive Directors are not linked to the performance of the Group. However, to align Directors’ interests
with shareholder interests, the Directors are encouraged to hold shares in the Company and can participate
in the employee option plan.
Non-Executive Directors’ Remuneration
All Non-Executive Directors are entitled to receive up to $50,000 per annum for their roles as Directors of the
Company and the Chairman is entitled to receive up to $50,000 per annum.
The Company's Constitution provides that the remuneration of Non-Executive Directors will not be more
than the aggregate fixed sum determined by a general meeting. Before a determination is made by the
Company in a general meeting, the aggregate sum of fees payable by the Company to the Non-Executive
Directors is a maximum of $200,000 per annum, as approved at the 2018 Annual General Meeting. Summary
details of remuneration of the Non-Executive Directors are provided in the table below. The remuneration is
not dependent on the satisfaction of a performance condition.
Directors are entitled to be paid reasonable travelling, accommodation and other expenses incurred in
consequence of their attendance at meetings of Directors and otherwise in the execution of their duties as
Directors. A Director may also be paid additional amounts as fees or as the Directors determine where a
Director performs extra services or makes any special exertions, which in the option of the Directors are
outside the scope of the ordinary duties of a Director.
Other Executives Remuneration
Mr Cameron McLean – CEO & Managing Director (appointed 12 October 2018)
Mr McLean’s employment terms are governed by a Service Agreement. The terms of the agreement can be
terminated by either party providing three months written notice. Mr McLean is entitled to receive a
Director’s Fee of $200,000 per annum (exclusive of statutory superannuation).
On termination, the Executives are entitled to be paid those outstanding amounts owing to the Executives
for the period up until the Termination Date. The Executives do not have any entitlement to any payment
relating to any period after the Termination Date.
Subject to the ASX Listing Rules and the Corporations Act 2001, if the appointment of the Executive is
terminated as a result of a change in control of the Company, the Company will pay to the Executive three
months’ worth of Executive Service Fees as liquidated damages for the Executive’s loss of engagement. If the
Corporations Act 2001 or the ASX Listing Rules restricts the amount that can be paid to the Executive on
termination to an amount less than that calculated, then the amount can be paid under the Corporations Act
2001 and the ASX Listing Rules without approval of the Company’s shareholders.
16 | P a g e
Annual Report 2023
Additional information
No performance-based bonuses have been paid to KMP during the financial year. It is the intent of the Board
to include performance bonuses as part of remuneration packages when mine production commences.
Details of Remuneration
Details of remuneration of the Directors and KMP of the Group are set out below:
Short-
Term
Benefits
Cash Fees
and Salary
$
Post-
Employment
Benefits
Super-
annuation
$
200,000
200,000
21,000
20,000
5,542
-
50,000
195,867
33,333
-
45,833
50,000
10,000
40,000
344,708
485,867
-
-
-
19,587
3,500
-
-
-
-
-
24,500
39,587
Year
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Share-Based Payments
Equity
$
Options(vi)
$
Performance
Related
%
Total
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
33,000
-
254,000
220,000
13%
-
33,000
-
33,000
-
33,000
-
-
-
-
-
38,542
-
83,000
215,454
69,833
-
45,833
50,000
10,000
40,000
132,000
-
501,208
525,454
86%
-
40%
-
47%
-
-
-
-
-
26%
-
Executive Director
Cameron McLean
Non-Executive
Directors
Ariel (Eddie) King(i)
Simon Coxhell(ii)
Donald Garner(iii)
Kim Robinson(iv)
Simon Peters(v)
TOTAL
Notes:
(i) Mr King was appointed as a Non-Executive Chairman effective 22 May 2023.
(ii) Mr Coxhell transitioned from his role as an Executive Technical Director to a Non-Executive Director effective 1 July 2022.
(iii) Mr Garner was appointed as a Non-Executive Director effective 1 November 2022.
(iv) Mr Robinson resigned as a Non-Executive Chairman effective 22 May 2023.
(v) Mr Peters resigned as a Non-Executive Director effective 30 September 2022.
(vi) On 29 June 2023, the Company issued a total of 12,000,000 listed options to the Directors and/or their nominees, as
approved by shareholders at the General Meeting held on 13 June 2023. Refer to Note 16 for further details.
17 | P a g e
The following table provides employment details of persons who were, during the financial year, members
of Key Management Personnel of the Group. The table also illustrates the proportion of remuneration that
was fixed and at risk.
Annual Report 2023
Directors
Cameron McLean
Ariel (Eddie) King
Simon Coxhell
Donald Garner
Kim Robinson
Simon Peters
Fixed Remuneration
%
100
100
100
100
100
100
At Risk Long-Term
Remuneration
%
-
-
-
-
-
-
Other Transactions with KMP
Transactions with Managing Director – Cameron McLean
During the financial year, Mineral Intelligence Pty Ltd (“Mineral Intelligence”), a company which Mr McLean
has an interest in, made a loan repayment of $2,343 to GNM. The terms of the transaction were on a no
interest basis. There is no outstanding balance payable by Mineral Intelligence to GNM as at 30 June 2023.
During the 2019 financial year, Mineral Intelligence loaned $11,000 to Ion Minerals Pty Ltd, a subsidiary of
GNM. The terms of the transaction were on a no interest basis. The funds have since been repaid in full to
Mineral Intelligence and there is no outstanding balance payable to Mineral Intelligence as at 30 June 2023.
Transactions with Non-Executive Chairman – Ariel (Eddie) King
During the year ended 30 June 2023, fees of $30,151 (inclusive of GST) were paid to CPS Capital Group Pty
Ltd, a company of which Mr King is a Director of, for capital raising services.
On 29 June 2023, the Company also issued a total of 20,000,000 listed options to CPS Capital Group Pty Ltd
as the Lead Manager of the capital raise as approved by shareholders at the General Meeting held on 13 June
2023. The listed options are exercisable at $0.06 on or before 1 July 2025. Refer to Note 16 for further details.
No loans have been made to any KMP or any of their related parties during the 2023 financial year. There
were no further transactions with KMPs including their related parties other than those disclosed above.
18 | P a g e
Number of Shares Held by KMP as at 30 June 2023
The number of fully paid ordinary shares in GNM held by each KMP of the Group during the financial year is
as follows:
Annual Report 2023
Directors
Cameron McLean
Ariel (Eddie) King(i)
Simon Coxhell
Donald Garner(ii)
Kim Robinson(iii)
Simon Peters(iv)
Total Shares
Notes:
Balance as at
1 July 2022
24,752,980
31,900,000
4,836,759
600,000
3,503,759
6,265,360
71,858,858
Consolidation of
Capital(v)
(23,102,779)
(29,773,333)
(4,514,308)
(560,000)
(3,270,175)
(5,847,669)
(67,068,264)
Net Change
Other
-
-
-
-
-
-
-
Balance as at
30 June 2023
1,650,201
2,126,667
322,451
40,000
233,584
417,691
4,790,594
(i) Mr King was appointed as a Non-Executive Chairman effective 22 May 2023. The opening balance included represents the
balance held as at appointment date.
(ii) Mr Garner was appointed as a Non-Executive Director effective 1 November 2022. The opening balance included represents
the balance held as at appointment date.
(iii) Mr Robinson resigned as a Non-Executive Chairman effective 22 May 2023. The closing balance included represents the
balance held as at resignation date.
(iv) Mr Peters resigned as a Non-Executive Director effective 30 September 2022. The closing balance included represents the
balance held as at resignation date.
(v) On 20 June 2023, the Company consolidated its issued capital on a 15:1 basis.
Number of Options Held by KMP as at 30 June 2023
The number of shares under option in GNM held by each KMP of the Group during the financial year is as
follows:
Directors
Cameron
McLean
Ariel (Eddie)
King(i)
Simon Coxhell
Donald
Garner(ii)
Kim
Robinson(iii)
Simon
Peters(iv)
Total Options
Balance as at
1 July 2022
Consolidation
of Capital(v)
Issued(vi)
Lapsed/
Expired(vii)
Balance as at
30 June 2023
Vested and
Exercisable
8,947,999
(1,875,974)
3,000,000
(6,938,025)
3,134,000
3,134,000
1,803,572
6,187,970
(1,683,333)
(175,439)
3,000,000
3,000,000
-
(6,000,000)
3,120,239
3,012,531
3,120,239
3,012,531
6,000,000
(2,800,000)
3,000,000
(3,000,000)
3,200,000
3,200,000
6,187,970
(175,439)
-
(6,000,000)
12,531
N/A
3,327,534
32,455,045
(305,698)
(7,015,883)
-
12,000,000
(3,000,000)
(24,938,025)
21,836
12,501,136
N/A
12,466,770
19 | P a g e
Annual Report 2023
Notes:
(i) Mr King was appointed as a Non-Executive Chairman effective 22 May 2023. The opening balance included represents the
balance held as at appointment date.
(ii) Mr Garner was appointed as a Non-Executive Director effective 1 November 2022. The opening balance included represents
the balance held as at appointment date.
(iii) Mr Robinson resigned as a Non-Executive Chairman effective 22 May 2023. The closing balance included represents the
balance held as at resignation date.
(iv) Mr Peters resigned as a Non-Executive Director effective 30 September 2022. The closing balance included represents the
balance held as at resignation date.
(v) On 20 June 2023, the Company consolidated its issued capital on a 15:1 basis.
(vi) On 29 June 2023, the Company issued a total of 12,000,000 listed options to the Directors and/or their nominees, as
approved by shareholders at the General Meeting held on 13 June 2023. The listed options are exercisable at $0.06 on or
before 1 July 2025. The options have been valued using the Black-Scholes Model using the following inputs (on a post-
Consolidation basis):
Options:
Grant date
Expiry date
Risk-free rate (%)
Expected Volatility (%)
Dividend Yield
Share price at date of issue ($)
Exercise price ($)
Number of options
Value per option ($)
Total value of options ($)
13 June 2023
1 July 2025
3.98%
100.00%
Nil
$0.03
$0.06
12,000,000
$0.01100
$132,000.00
(vii) These options expired unexercised on 1 November 2022.
Options granted carry no dividend or voting rights. When exercisable, each option is convertible into one
fully paid ordinary share.
Performance-Based Remuneration
The Group currently has no performance-based remuneration component built into director and executive
remuneration packages due to the stage of the Group’s development, as such no link between remuneration
and financial performance currently exists.
The table below sets out summarised information about the Group’s earnings and movement in share price
for the five years to 30 June 2023:
2022
$
4,259
2021
$
21,998
2019
2023
$
$
4,358,862
498,997
1,371,740 (6,927,148) (3,515,446) (3,336,423) (3,052,814)
1,371,740 (6,927,148) (3,515,446) (3,336,423) (3,052,814)
0.1
2020
$
315,861
0.019
0.004
0.011
0.028
Income
Net Profit/(Loss) Before Tax
Net Profit/ (Loss) After Tax Benefit
Share Price at End of Year (Cents)
End of Remuneration Report (Audited)
20 | P a g e
Annual Report 2023
Indemnifying Officers or Auditors
No indemnities have been given or insurance premiums paid, during or since the end of the financial year,
for any person who is or has been an officer or auditor of the Group.
Proceedings on Behalf of Company
No person has applied for leave of Court under s237 of the Corporations Act 2001 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 period.
Corporate Governance Statement
The Company has disclosed
https://www.greatnorthernminerals.com.au/index.php/corporate-governance/
its corporate governance statement on the Company’s website at:
Auditors’ Independence Declaration
The auditors’ independence declaration for the year ended 30 June 2023 has been received and can be found
on page 22 of the financial report. The auditors, William Buck Audit (WA) Pty Ltd, continue in office in
accordance with Section 327 of the Corporations Act 2001. There were no non-audit services provided by the
auditors during the year.
This report is signed in accordance with a resolution of the Board of Directors.
Ariel (Eddie) King
Non-Executive Chairman
28 September 2023
21 | P a g e
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE
CORPORATIONS ACT 2001 TO THE DIRECTORS OF GREAT NORTHERN
MINERALS LIMITED
I declare that, to the best of my knowledge and belief during the year ended 30 June 2023 there have been:
— no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in
relation to the audit; and
— no contraventions of any applicable code of professional conduct in relation to the audit.
William Buck Audit (WA) Pty Ltd
ABN 67 125 012 124
Amar Nathwani
Director
Dated this 28th day of September 2023
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 30 June 2023
Annual Report 2023
Notes
30 June 2023
$
30 June 2022
$
Other income
Gain on disposal of subsidiary
Interest income
Depreciation and amortisation
Corporate and administration expenses
Exploration and tenement costs
Impairment on exploration & evaluation expenditure
Finance expenses
Profit/(Loss) for the year before income tax
Income tax expense
Net Profit/(Loss) for the year
Other comprehensive income:
Other comprehensive income for the year, net of tax
Total Comprehensive Profit/(Loss) for the year
26
9, 10
4
12
4
5
Profit/(Loss) for the year attributable to:
Owners of Great Northern Minerals Ltd
Non-controlling interests
Profit/(Loss) for the year
Total Comprehensive Profit/(Loss) for the year
attributable to:
Owners of Great Northern Minerals Ltd
Non-controlling interests
Total Comprehensive Profit/(Loss) for the year
49,400
4,282,378
27,084
(41,132)
(1,211,957)
(1,732,448)
-
(1,585)
1,371,740
-
1,371,740
1,800
-
2,459
(41,816)
(1,095,144)
(1,195,393)
(4,595,795)
(3,259)
(6,927,148)
-
(6,927,148)
-
1,371,740
-
(6,927,148)
1,363,852
7,888
1,371,740
(6,925,387)
(1,761)
(6,927,148)
1,363,852
7,888
1,371,740
(6,925,387)
(1,761)
(6,927,148)
Profit/(Loss) per share attributable to the owners of
Great Northern Minerals Ltd:
Basic and diluted (cents per share)
6
1.16
(7.12)
The consolidated statement of profit or loss and other comprehensive income should be read in conjunction
with the accompanying notes.
23 | P a g e
Consolidated Statement of Financial Position
As at 30 June 2023
Current Assets
Cash and cash equivalents
Trade and other receivables
Prepayments
Total Current Assets
Non-Current Assets
Plant and equipment
Right-of-use asset
Exploration and evaluation assets
Total Non-Current Assets
Total Assets
Current Liabilities
Trade and other payables
Lease liabilities
Provision
Total Current Liabilities
Non-Current Liabilities
Lease liabilities
Provision
Total Non-Current Liabilities
Total Liabilities
Net Assets
Equity
Issued Capital
Reserves
Accumulated losses
Equity attributable to owners of the Parent Entity
Non-controlling interests (60% Ion Minerals Pty Ltd)
Total Equity
Annual Report 2023
Notes
30 June 2023
$
30 June 2022
$
7
8
9
10
12
13
10
14
10
14
15
16
1,229,194
69,532
28,135
1,326,861
73,896
11,435
3,318,767
3,404,098
2,748,871
71,437
29,125
2,849,433
78,297
40,415
3,231,691
3,350,403
4,730,959
6,199,836
133,967
11,670
-
145,637
179,310
33,319
4,345,852
4,558,481
-
2,218,108
2,218,108
11,669
2,218,108
2,229,777
2,363,745
6,788,258
2,367,214
(588,422)
87,562,103
954,331
(84,930,513)
3,585,921
(1,218,707)
2,367,214
86,341,207
702,511
(86,405,545)
638,173
(1,226,595)
(588,422)
The consolidated statement of financial position should be read in conjunction with the accompanying notes.
24 | P a g e
Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2023
Annual Report 2023
Issued Capital
$
Reserves
$
Accumulated
Losses
$
Non-
Controlling
Interests
$
Total
$
86,341,207
-
702,511
-
(86,405,545)
1,363,852
(1,226,595)
7,888
(588,422)
1,371,740
-
-
-
-
-
-
-
1,363,852
7,888
1,371,740
1,220,896
-
-
-
363,000
(111,180)
-
-
111,180
-
-
-
1,220,896
363,000
-
87,562,103
954,331
(84,930,513)
(1,218,707)
2,367,214
83,498,248
-
702,511
-
(79,480,158)
(6,925,387)
(1,224,834)
(1,761)
3,495,766
(6,927,148)
-
2,842,560
400
-
-
-
-
-
-
-
-
-
(6,925,387)
(1,761)
(6,927,148)
-
-
-
-
-
-
2,842,560
400
-
86,341,207
702,511
(86,405,545)
(1,226,595)
(588,422)
Balance as at
1 July 2022
Profit for the year
Other comprehensive
income
Total comprehensive
income for the year
Transactions with owners,
recorded directly in equity
Shares issued
(net of costs)
Issue of options
Options expired
Balance as at
30 June 2023
Balance as at
1 July 2021
Loss for the year
Other comprehensive
income
Total comprehensive
income for the year
Transactions with owners,
recorded directly in equity
Shares issued
(net of costs)
Issue of options
Options expired
Balance as at
30 June 2022
The consolidated statement of financial position should be read in conjunction with the accompanying notes.
25 | P a g e
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2023
Cash Flows from Operating Activities
Payments to suppliers and employees
Payments for exploration and evaluation
Interest received
Interest paid
Net Cash Outflow from Operating Activities
Cash Flows from Investing Activities
Acquisition of subsidiary
Acquisition of property, plant and equipment
Acquisition of exploration assets/tenements
Proceeds from disposal of subsidiary
Net Cash Inflow from Investing Activities
Cash Flows from Financing Activities
Proceeds from issue of shares
Proceeds from unissued shares
Transaction costs
Repayment of lease liabilities
Repayment of borrowings
Net Cash Inflow from Financing Activities
Annual Report 2023
Notes
30 June 2023
$
30 June 2022
$
17(a)
26
(731,402)
(2,123,180)
27,084
(1,585)
(2,829,083)
(455,862)
(1,500,306)
2,459
(3,259)
(1,956,968)
(52,500)
(7,751)
(10,000)
250,000
179,749
1,250,000
8,269
(84,104)
(33,508)
(11,000)
1,129,657
(1,519,677)
2,748,871
1,229,194
-
-
-
-
-
3,000,000
-
(157,040)
(33,508)
-
2,809,452
852,484
1,896,387
2,748,871
Net increase/(decrease) in cash and cash equivalents held
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
7
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.
26 | P a g e
Annual Report 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
1. Corporate Information
The consolidated financial report of Great Northern Minerals Limited for the year ended 30 June
2023 was authorised for issue in accordance with a resolution of the Directors on 28 September 2023
and covers Great Northern Minerals Limited as an individual entity as well as the consolidated entity
consisting of Great Northern Minerals Limited and its subsidiaries (“the Group”) as required by the
Corporations Act 2001.
The financial report is presented in the Australian currency.
Great Northern Minerals Limited is a for profit company limited by shares incorporated in Australia
whose shares are publicly traded on the Australian Securities Exchange.
2. Summary of Significant Accounting Policies
a) Basis of Preparation
The financial report is a general-purpose financial statement that has been prepared in
accordance with Australian Accounting Standards, Australian Accounting Interpretations,
other authoritative pronouncements of the Australian Accounting Standards Board and the
Corporations Act 2001.
Australian Accounting Standards set out accounting policies that the AASB has concluded
would result in a financial report containing relevant and reliable information about
transactions, events and conditions. The financial statements and notes comply with
International Financial Reporting Standards. Material accounting policies adopted in the
preparation of this financial report are presented below and have been consistently applied
unless otherwise stated.
The financial report has been prepared on an accruals basis and is based on historical costs,
modified, where applicable, by the measurement at fair value of financial assets.
b) Principles of Consolidation
Subsidiaries
The Group financial statements consolidate those of Great Northern Minerals Limited
(“Parent”), and all of its subsidiaries as of 30 June 2023. The Parent controls a subsidiary if it
is exposed, or has rights, to variable returns from its involvement with the subsidiary and has
the ability to affect those returns through its power over the subsidiary.
All transactions and balances between Group companies are eliminated on consolidation,
including unrealised gains and losses on transactions between Group companies. Amounts
reported in the financial statements of subsidiaries have been adjusted where necessary to
ensure consistency with the accounting policies adopted by the Group.
27 | P a g e
Annual Report 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
2. Summary of Significant Accounting Policies (continued)
b) Principles of Consolidation (continued)
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during
the year are recognised from the effective date of acquisition, or up to the effective date of
disposal, as applicable.
Subsidiaries are accounted for in the Parent financial statements at cost. A list of subsidiary
entities is contained in Note 11 to the financial statements. All subsidiaries have a 30 June
financial year end.
c) Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided
to the Directors. The Directors are responsible for allocating resources and assessing the
performance of the operating segments.
d) Government Grants
Assistance received from the government by way of grant or other forms of assistance
designed to provide an economic benefit to the Group, is presented in the statement of
financial position as deferred income, in instances where the grant is related to assets. In all
other cases, grant money is presented in the profit and loss as other income. Grants are
recognised when there is reasonable assurance that conditions will be complied with and the
grant will be received.
e) Income Tax
The income tax expense for the period is the tax payable on the current period's taxable
income based on the applicable income tax rate for each jurisdiction adjusted by changes in
deferred tax assets and liabilities attributable to temporary differences between the tax base
of assets and liabilities and their carrying amounts in the financial statements, and to unused
tax losses.
Deferred tax assets and liabilities are recognised for all temporary differences, between
carrying amounts of assets and liabilities for financial reporting purposes and their respective
tax bases, at the tax rates expected to apply when the assets are recovered or liabilities
settled, based on those tax rates which are enacted or substantively enacted for each
jurisdiction. Exceptions are made for certain temporary differences arising on initial
recognition of an asset or a liability if they arose in a transaction, other than a business
combination, that at the time of the transaction did not affect either accounting profit or
taxable profit.
28 | P a g e
Annual Report 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
2. Summary of Significant Accounting Policies (continued)
e) Income Tax (continued)
Deferred tax assets are only recognised for deductible temporary differences and unused tax
losses if it is probable that future taxable amounts will be available to utilise those temporary
differences and losses.
Deferred tax assets and liabilities are not recognised for temporary differences between the
carrying amount and tax bases of investments in subsidiaries, associates and interests in joint
ventures where the parent entity is able to control the timing of the reversal of the temporary
differences and it is probable that the differences will not reverse in the foreseeable future.
Great Northern Minerals Limited and its wholly owned Australian subsidiaries have
implemented the tax consolidation legislation. Consequently, these entities are taxed as a
single entity and the deferred tax assets and liabilities of these entities are set off in the
consolidated financial statements. Current and deferred tax is recognised in profit or loss
except to the extent that it relates to items recognised in other comprehensive income or
directly in equity. In this case, the tax is also recognised in other comprehensive income or
directly in equity.
f)
Impairment of Non-Financial Assets
At each reporting date the Group assesses whether there is any indication that individual
assets are impaired. Where impairment indicators exist, the recoverable amount is
determined, and impairment losses are recognised in the Consolidated Statement of Profit
or Loss and Other Comprehensive Income where the asset's carrying value exceeds its
recoverable amount.
Where it is not possible to estimate the recoverable amount for an individual asset,
recoverable amount is determined for the cash-generating unit to which the asset belongs.
g) Cash and Cash Equivalents
For the purposes of the Statement of Cash Flows, cash and cash equivalents includes cash on
hand and at bank, deposits held at call with financial institutions, other short term, highly
liquid investments with 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.
29 | P a g e
Annual Report 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
2. Summary of Significant Accounting Policies (continued)
h) Plant and Equipment
Each class of plant and equipment is carried at cost as indicated less, where applicable, any
accumulated depreciation and impairment losses. Cost includes expenditure that is directly
attributable to the asset.
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is
not in excess of the recoverable amount from these assets. The recoverable amount is
assessed on the basis of the expected net cash flows that will be received from the asset's
employment and subsequent disposal. The expected net cash flows have not been
discounted to their present values in determining recoverable amounts.
Depreciation
The depreciable amount of all fixed assets is depreciated on a straight-line basis over the
asset's useful life to the Group commencing from the time the asset is held ready for use.
Depreciation methods, useful lives and residual values are reviewed at each reporting date
and adjusted if appropriate.
Depreciation on other assets is calculated on a straight-line basis over the estimated useful
life of the asset as follows:
Class of Asset:
• Office Equipment – 3-10 Years
i) Right-of-Use Assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use
asset is measured at cost, which comprises the initial amount of the lease liability, adjusted
for, as applicable, any lease payments made at or before the commencement date net of any
lease incentives received, any initial direct costs incurred, and, except where included in the
cost of inventories, an estimate of costs expected to be incurred for dismantling and
removing the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the
lease or the estimated useful life of the asset, whichever is the shorter. Where the
consolidated entity expects to obtain ownership of the leased asset at the end of the lease
term, the depreciation is over its estimated useful life. Right-of-use assets are subject to
impairment or adjusted for any re-measurement of lease liabilities.
The right-of-use asset will be depreciated on a straight-line basis over the unexpired period
of the lease. The asset will be subjected to impairment or adjusted for any re-measurement
of lease liabilities.
30 | P a g e
Annual Report 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
2. Summary of Significant Accounting Policies (continued)
j) Exploration and Evaluation Assets
Exploration and evaluation expenditure is generally written off in the year it is incurred,
except for acquisition costs which are carried forward where right to tenure of the area of
interest (i.e. tenement) is current and is expected to be recouped through sale or successful
development and exploitation of the area of interest, or where exploration and evaluation
activities in the area of interest have not reached a stage that permits reasonable assessment
of the existence of economically recoverable reserves.
A regular review is undertaken of each area of interest to determine the appropriateness of
continuing to carry forward costs in relation to the area of interest. The carrying value of any
capitalised expenditure is assessed by the Directors each year to determine if any provision
should be made for the impairment of the carrying value. The appropriateness of the Group’s
ability to recover these capitalised costs has been assessed at year end and the Directors are
satisfied that the value is recoverable. The carrying value of exploration and evaluation
expenditure assets are assessed for impairment at an overall level whenever facts and
circumstances suggest that the carrying amount of the assets may exceed recoverable
amount. An impairment exists when the carrying amount of the assets exceed the estimated
recoverable amount. The assets are then written down to their recoverable amount. Any
impairment losses are recognised in the income statement.
k) 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.
Assets and liabilities measured at fair value are classified, into three levels, using a fair value
hierarchy based on the lowest level of input that is significant to the entire fair value
measurement, being; level 1, quoted prices 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 assets or liabilities, either directly or
indirectly; and level 3, unobservable inputs for the assets and liabilities. 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.
31 | P a g e
Annual Report 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
2. Summary of Significant Accounting Policies (continued)
k) Fair Value Measurement (continued)
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.
l)
Investments and Other 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 Group 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.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity
investments which the Group intends to hold for the foreseeable future and has irrevocably
elected to classify them as such upon initial recognition.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on financial assets which
are either measured at amortised cost or fair value through other comprehensive income.
The measurement of the loss allowance depends upon the Group's assessment at the end
of each reporting period as to whether the financial instrument's credit risk has increased
significantly since initial recognition, based on reasonable and supportable information that
is available, without undue cost or effort to obtain.
32 | P a g e
Annual Report 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
2. Summary of Significant Accounting Policies (continued)
l) Investments and Other Financial Assets (continued)
Where there has not been a significant increase in exposure to credit risk since initial
recognition, a 12-month expected credit loss allowance is estimated. This represents a
portion of the asset's lifetime expected credit losses that is attributable to a default event
that is possible within the next 12 months. Where a financial asset has become credit
impaired or where it is determined that credit risk has increased significantly, the loss
allowance is based on the asset's lifetime expected credit losses. The amount of expected
credit loss recognised is measured on the basis of the probability weighted present value of
anticipated cash shortfalls over the life of the instrument discounted at the original effective
interest rate.
For financial assets measured at fair value through other comprehensive income, the loss
allowance is recognised within other comprehensive income. In all other cases, the loss
allowance is recognised in profit or loss.
m) Trade and Other Receivables
Trade receivables are initially recognised at fair value and subsequently measured at
amortised cost using the effective interest method, less any allowance for expected credit
losses. Trade receivables are generally due for settlement within 30 days.
The Company has applied the simplified approach to measuring expected credit losses, which
uses a lifetime expected loss allowance. To measure the expected credit losses, trade
receivables have been grouped based on days overdue.
n) Lease Liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is
initially recognised at the present value of the lease payments to be made over the term of
the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be
readily determined, the consolidated entity's incremental borrowing rate. Lease payments
comprise of fixed payments less any lease incentives receivable, variable lease payments that
depend on an index or a rate, amounts expected to be paid under residual value guarantees,
exercise price of a purchase option when the exercise of the option is reasonably certain to
occur, and any anticipated termination penalties. The variable lease payments that do not
depend on an index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The
carrying amounts are remeasured if there is a change in the following: future lease payments
arising from a change in an index or a rate used; residual guarantee; lease term; certainty of
a purchase option and termination penalties. When a lease liability is remeasured, an
adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying
amount of the right-of-use asset is fully written down.
33 | P a g e
Annual Report 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
2. Summary of Significant Accounting Policies (continued)
o) Trade and Other Payables
Trade and other payables represent liabilities for goods and services provided to the Group
prior to the year end 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.
p) Contributed Equity
Ordinary shares are classified as equity. Costs directly attributable to the issue of new shares
are shown as a deduction from the equity proceeds, net of any income tax benefit. Costs
directly attributable to the issue of new shares associated with the acquisition of a business
or an asset are included as part of the purchase consideration.
q) Earnings per Share
Basic Earnings per Share
Basic earnings per share is calculated by dividing the profit attributable to owners of Great
Northern Minerals Limited by the weighted average number of ordinary shares outstanding
during the financial year, adjusted for bonus elements in ordinary shares during the year.
Diluted Earnings per Share
Earnings used to calculate diluted earnings per share are calculated by adjusting the basic
earnings by the after-tax effect of dividends and interest associated with dilutive potential
ordinary shares. The weighted average number of shares used is adjusted for the weighted
average number of ordinary shares that would be issued on the conversion of all the dilutive
potential ordinary shares into ordinary shares.
r) Revenue
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is
a method of calculating the amortised cost of a financial asset and allocating the interest
income over the relevant period using the effective interest rate, which is the rate that
exactly discounts estimated future cash receipts through the expected life of the financial
asset to the net carrying amount of the financial asset.
Other income
Other revenue is recognised when it is received or when the right to receive payment is
established.
s) Critical accounting estimates and judgements
The Directors evaluate estimates and judgments incorporated into the financial report based
on historical knowledge and best available current information. Estimates assume a
reasonable expectation of future events and are based on current trends and economic data,
obtained both externally and within the Group.
34 | P a g e
Annual Report 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
2. Summary of Significant Accounting Policies (continued)
s) Critical accounting estimates and judgements (continued)
Exploration and evaluation costs
Exploration and evaluation costs relating to acquisition of tenements have been capitalised
and are only carried forward to the extent that they are expected to be recouped through
the successful development of the area or where activities in the area have not yet reached
a stage that permits reasonable assessment of the existence of economically recoverable
reserves.
Share-based payment transactions
The Group measures the cost of equity-settled transactions 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 Black-Scholes 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.
Rehabilitation provision
The Group has provided $2,218,108 for rehabilitation costs for historic workings at the
Group’s Golden Cup and Camel Creek projects.
The Queensland Government’s
Environmental Rehabilitation Cost (“ERC”) calculator has been used to estimate the
provision. The ERC calculator provides a range of estimates and the Group has adopted the
highest value generated. The provision has been updated to apply cost increases to the
value derived from the ERC calculator.
A surety of $53,914 for the ERC has been provided under the assurance requirements of the
Environmental Protection Act (QLD) 1994. The financial assurance requirements of this Act
were replaced by the assurance requirements of the Mineral and Energy Resources (Financial
Provisioning Act) 2018 and the Financial Provisioning Scheme (“Scheme”). Existing sureties
were transferred to the Scheme in 2019.
Under the Scheme, a surety ranging from 1% of the expected ERC to 100% would need to be
provided to the Scheme Manager. The directors have received advice that the trigger to
update the surety would be for the Group to start the application to commence mining at
the site. As part of the application process, the Group would need to seek an Environmental
Authority (EA) amendment and then apply for an ERC renewal. At the date of this report, the
Group has not applied for mining approval and has not received any communication from
the Scheme regarding Golden Cup and Camel Creek. The Group continues to conduct and
submit routine water testing results at the Camel Creek project as directed by the
Queensland Department of Environment & Science.
35 | P a g e
Annual Report 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
2. Summary of Significant Accounting Policies (continued)
Key judgements are applied in considering the costs to be capitalised which includes
determining expenditures directly related to these activities and allocating overheads
between those that are expensed and capitalised.
t) Goods and Services Tax (GST)
Revenues and expenses are recognised net of GST except where GST incurred on a purchase
of goods and services is not recoverable from the taxation authority, in which case the GST
is recognised as part of the cost of acquisition of the asset or as part of the expense item.
Receivables and payables are stated with the amount of GST included. The net amount of
GST recoverable from, or payable to, the taxation authority is included as part of receivables
or payables in the statement of financial position. Cash flows are included in the Statement
of Cash Flows on a gross basis and the GST component of cash flows arising from investing
and financing activities, which is recoverable from, or payable to, the taxation authority, are
classified as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from,
or payable to, the taxation authority.
u) Provisions
Provisions are recognised when the Group has a present (legal or constructive) obligation as
a result of a past event, it is probable the Group will be required to settle the obligation, and
a reliable estimate can be made of the amount of the obligation. The amount recognised as
a provision is the best estimate of the consideration required to settle the present obligation
at the reporting date, taking into account the risks and uncertainties surrounding the
obligation. If the time value of money is material, provisions are discounted using a current
pre-tax rate specific to the liability. The increase in the provision resulting from the passage
of time is recognised as a finance cost.
v) New accounting standards for application in the current period
During the year ended 30 June 2023, the Company has adopted all of the new or amended
Standards and Interpretations issued by the Australian Accounting Standards Board (AASB)
that are relevant and mandatory for the current reporting period. Any new or amended
Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted.
The Directors have determined that there is no material impact of the new and revised
Standards and Interpretations on the Company and, therefore, no material change.
36 | P a g e
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
2. Summary of Significant Accounting Policies (continued)
Annual Report 2023
New Accounting Standards and Interpretations Not Yet Mandatory or Early Adopted
At the date of authorisation of the financial statements, the Company has not applied the
new and revised Australian Accounting Standards, Interpretations and amendments that
have been issued but are not yet effective. Based on a preliminary review of the standards
and amendments, the Directors do not anticipate a material change to the Company’s
accounting policies, however further analysis will be performed when the relevant standards
are effective.
w) Going Concern
For the year ended 30 June 2023 the Group recorded a consolidated profit of $1,371,740
(2022: loss of $6,927,148) and net operating cash out flows of $2,829,083 (2022: $1,956,968).
As at 30 June 2023, the Group reported net current assets of $1,181,224 (2022: net current
liabilities of $1,709,048). The cash outflows reflected the Group’s acquisition of projects and
funding of its exploration programme at the Company’s Gold Projects at Golden Cup, Camel
Creek in North Queensland, Rylstone REE Project at New South Wales and its newly acquired
lithium tenement portfolio in Finland.
In February 2023, the Group completed the sale of the Big Rush Gold Project to a third party
who acquired all the assets and assumed all the liabilities in respect of the project, including
the amount payable to the Queensland Treasury and paid the Group $250,000 in total. With
the completion of the sale of the Big Rush Gold Project, the amount of $4,345,852 which
related to the project’s rehabilitation provision has been removed from the Group’s current
liabilities.
The Group has a provided a surety for Environmental Rehabilitation Costs (“ERC”) of $53,914
in respect of the Cup and Camels Creek projects to the QLD Government under the assurance
requirements of the Environmental Protection Act (QLD) 1994. The financial assurance
requirements of this Act were replaced by the assurance requirements of the Mineral and
Energy Resources (Financial Provisioning Act) 2018 and the Financial Provisioning Scheme
(“Scheme”). Existing sureties were transferred to the Scheme in 2019. A provision of
$2,218,108 has been recognised by the Group for the estimated rehabilitation costs in
respect of these projects.
Based on the transitional guidance issued by the QLD Government and external advice, the
Group does not expect a demand for an increase in the surety until such time as the Group
makes an application to commence mining. These projects were at the exploration stage as
at the date of this report and the directors do not expect to make an application in the period
ending 12 months from the date of this report.
As at 30 June 2023 the Group had cash on hand of $1,229,194 (2022: $2,748,871) to fund its
operations. Management have prepared a cashflow forecast for the period ending 12 months
37 | P a g e
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
Annual Report 2023
from the date of this report. The forecast indicates a capital raising will be required to be
undertaken by the Company over the coming 12 months.
These conditions indicate a material uncertainty that may cast significant doubt about the
Group’s ability to continue as a going concern and realise its assets and extinguish its
liabilities in the normal course of business and at the amounts stated in the financial report.
After considering the above factors, the directors consider it appropriate to prepare the
financial report on a going concern basis.
3. Auditors’ Remuneration
Remuneration of the auditor of the parent entity for:
Audit services
Total auditor’s remuneration
4. Corporate and Administration Costs
Marketing expenses
Compliance and regulatory fees
Employee benefit expenses
Legal fees
Consulting fees
Other expenses
Employee benefit expenses – Share-based payment
(Note 16)
Total corporate and administration costs
30 June 2023
$
30 June 2022
$
56,700
56,700
33,643
33,643
30 June 2023
$
66,504
325,255
369,209
95,037
40,000
172,952
30 June 2022
$
91,703
276,445
525,454
14,088
37,965
149,489
143,000
1,211,957
-
1,095,144
38 | P a g e
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
5. Income Tax Expense
(a) The major components of income tax expense comprise
of:
Income tax expense
(b) The prima facie tax benefit from the profit/(loss) before
income tax is reconciled to the income tax as follows:
Net profit/(loss) before tax
Prima facie tax expense/(benefit) on profit/(loss) from
ordinary activities before income tax at 30% (2022: 30%)
Add/(Less) tax effect of:
• Share-based payments expense
• Non-deductible expenses
• Other assessable income
•
• Derecognition of previously recognised tax losses
• Non-assessable income
• Movement in unrecognisable temporary differences
• Deductible equity raising costs
Income tax attributable to the parent entity
Losses not brought to account
(c) Unrecognised temporary differences
Deductible temporary difference
Tax revenue losses
Tax capital losses
Total unrecognised deferred tax assets
Annual Report 2023
30 June 2023
$
30 June 2022
$
-
-
1,371,740
(6,927,148)
411,522
(2,078,144)
42,900
22,551
285,396
604,725
-
(290,700)
(1,030,839)
(45,555)
-
458,743
5,795,512
3,209,831
9,464,086
-
1,379,396
-
703,712
18,659
-
17,390
(41,013)
-
130,644
5,124,494
3,209,831
8,464,969
Deferred tax assets are only recognised for deductible temporary differences and unused tax losses
if it is probable that future taxable amounts will be available to utilise those temporary differences
and losses. Availability of losses is subject to passing the required tests under the ITAA 1997/1936.
39 | P a g e
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
6. Earnings per Share
Annual Report 2023
Reconciliation of Loss used to calculate Profit/(Loss)
per Share:
Profit/(Loss) used to calculate basic and diluted EPS
30 June 2023
$
30 June 2022
$
1,371,740
(6,925,388)
Weighted average number of ordinary shares
outstanding during the year used to calculate:
Basic and diluted EPS
30 June 2023
Number
118,325,539
30 June 2022
Number
97,315,727
Notes:
(i) An adjustment has been made to the weighted average number of ordinary shares for 2022 due to the
Consolidation of capital.
The options outstanding at 30 June 2023 have no dilutive effects on the earnings per share
calculation.
7. Cash and Cash Equivalents
Cash at bank
Short-term bank deposits
Total cash and cash equivalents
30 June 2023
$
30 June 2022
$
1,180,592
48,602
1,229,194
2,700,675
48,196
2,748,871
As at 30 June 2023 there is a restriction on available cash of $48,602 (2022: $48,196). The Group has
a number of short-term deposits held as a security for various active North Queensland exploration
licences.
8. Trade and Other Receivables
Current
Other receivables
Total trade and other receivables
30 June 2023
$
30 June 2022
$
69,532
69,532
71,437
71,437
Other receivables represent receivables due from the Australian Taxation Office for BAS Quarterly
Returns in the total amount of $36,322, office bond in the amount of $23,687, and other immaterial
receivable amounts totalling $9,523, which are not impaired and will be receivable.
40 | P a g e
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
9. Plant and Equipment
Plant and equipment
At cost
Accumulated depreciation
Total plant and equipment
Movement in Carrying Amounts:
Office Equipment
Balance at the beginning of the year
Additions
Disposals
Depreciation expense
Balance at the end of the year
10. Right-of-Use Asset
Annual Report 2023
30 June 2023
$
30 June 2022
$
141,075
(67,179)
73,896
78,297
7,751
-
(12,152)
73,896
133,323
(55,027)
78,297
91,133
-
-
(12,835)
78,297
The Company entered into a rental lease for their office premises in September 2018. The term of
the lease is five years, with the option to extend for another three years. The value of the right-of-
use asset was calculated based on the particulars of the lease. Variables which were taken into
account include the lease term, rent per annum, clauses for rent increases, rent abatements, and the
option to extend (the option to extend was not taken into account, as the Company has not made a
firm decision on this matter). The right-of-use asset will be depreciated over the lease term, the
depreciation expense and lease liability will be expensed. In subsequent reporting periods, the right-
of-use asset will be revalued to reflect the remaining life of the lease.
Set out below are the carrying amounts of right-of-use assets recognised and the movements during
the period:
Right-of-Use Assets
Balance at the beginning of the year
Depreciation expense
Balance at the end of the year
Lease Liabilities
Balance at the beginning of the year
Accretion of interest
Repayments
30 June 2023
$
30 June 2022
$
40,415
(28,980)
11,435
44,988
1,585
(34,903)
69,395
(28,980)
40,415
75,237
3,259
(33,508)
41 | P a g e
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
Balance at the end of the year
Lease Liabilities
Lease liabilities – current
Lease liabilities – non current
Depreciation expense for right-of-use assets
Interest expense on lease liabilities
Total amount recognised in profit or loss
11. Controlled Entities
Annual Report 2023
30 June 2023
$
11,670
30 June 2022
$
44,988
11,670
-
28,980
1,585
30,565
33,319
11,669
28,980
3,259
32,239
Controlled Entities
Greenpower Group Pty Ltd
Greenpower Gold Pty Ltd
Northern Exploration Pty Ltd
Sawells Pty Ltd
Greengrowth Energy Pty Ltd
Greenpower Chemicals Pty Ltd
Greenpower Guyana Pty Ltd
Ion Minerals Pty Ltd
Golden Ant Pty Ltd
Stedle Exploration (AB)
Alphadale Pty. Ltd
Principal
Activity
Country of
Incorporation
Investment
Investment
Exploration
Exploration
Non-trading
Non-trading
Investment
Exploration
Exploration
Exploration
Exploration
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Sweden
Australia
Percentage Owned (%)
2022
100%
100%
100%
100%
95%
100%
100%
40%
100%
-
100%
2023
100%
100%
100%
100%
95%
100%
100%
40%
100%
100%
-
42 | P a g e
Annual Report 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
11. Controlled Entities (continued)
Summarised Financial Information on Subsidiaries with Material Non-Controlling Interests
Set out below is the summarised financial information for Ion Minerals Pty Ltd which has a non-
controlling interest material to Great Northern Minerals Limited.
Summarised Statement of Financial Position
Current
Assets
Liabilities
Total Current Net Assets
Non-Current
Assets
Liabilities
Total Non-Current Net Assets
Summarised Statement of Profit or Loss and Other
Comprehensive Income
Revenue
Profit/(Loss) before income tax
Income tax
Total comprehensive loss for the year
Total comprehensive loss attributable to NCI
12. Exploration and Evaluation Assets
Exploration and evaluation permits
Exploration expenditure capitalised
Reconciliation of the carrying amount of exploration
and evaluation expenditure:
Carrying amount at the beginning of the year
Stedle Exploration AB – exploration costs(i)
Impairment of exploration and evaluation expenditure
Rehabilitation provision asset
Other exploration expenditure consideration capitalised
Disposal of subsidiary(ii)
Carrying amount at the end of the year
30 June 2023
$
30 June 2022
$
7,588
(954,447)
(946,859)
7,750
(967,755)
(960,005)
-
-
-
-
(13,146)
-
(13,146)
(7,888)
-
-
-
-
(2,935)
-
(2,935)
(1,761)
30 June 2023
$
30 June 2022
$
3,318,767
3,231,691
3,231,691
327,076
-
-
10,000
(250,000)
3,318,767
1,491,475
-
(4,595,795)
6,334,511
1,500
-
3,231,691
43 | P a g e
Annual Report 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
12. Exploration and Evaluation Assets (continued)
Notes:
(i) On 22 May 2023, the Group announced that it had completed 100% acquisition of a lithium tenement portfolio in
Finland. GNM paid $25,000 cash and issued $275,000 worth of fully paid ordinary shares in the capital of the Company
at a deemed issue price of $0.0025 per share (110,000,000 fully paid ordinary shares (pre-Consolidation)) as
consideration for the Acquisition. Previously, the Company paid the Vendor a non-refundable deposit of $27,500
(inclusive of GST) cash for the exclusive option to acquire 100% of the issued capital in Stedle Exploration AB. Refer to
Note 25 Acquisition of Subsidiary for further details.
(ii) On 28 February 2023, the Group disposed of its 100% interest in Alphadale Pty. Ltd (“Alphadale”) and a 100% legal
and beneficial interest in EPM27283 held by Northern Exploration Pty Ltd. $250,000 comprised of exploration and
evaluation assets in respect of the Big Rush project which was sold on 28 February 2023 along with the related
rehabilitation liability and the remaining balance primarily comprises the evaluation costs of Golden Cup and Camel
Creek. Refer to Note 26 Disposal of Subsidiary for further details.
Exploration permits
Refer to Interests in Exploration Tenements section at the end of this consolidated financial report
for the list of exploration licences held by the Group.
13. Trade and Other Payables
Current
Trade payables
Other payables
Total trade and other payables
14. Provisions
Current
Provision for exploration asset rehabilitation
Non-Current
Provision for exploration asset rehabilitation
30 June 2023
$
30 June 2022
$
96,498
37,469
133,967
119,954
59,355
179,310
30 June 2023
$
30 June 2022
$
-
-
2,218,108
2,218,108
4,345,852
4,345,852
2,218,108
2,218,108
44 | P a g e
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
14. Provisions (continued)
Movement in the provision for exploration asset
rehabilitation:
Current
Balance at the beginning of the year
Arising during the year
Sale of the Big Rush Project(i)
Reclassification to / (from) current provisions
Balance at the end of the year
Non-Current
Balance at the beginning of the year
Arising during the year
Reclassification to / (from) non-current provisions
Balance at the end of the year
Annual Report 2023
30 June 2023
$
30 June 2022
$
4,345,852
-
(4,345,852)
-
-
2,218,108
-
-
2,218,108
-
4,170,316
-
175,536
4,345,852
229,450
2,164,194
(175,536)
2,218,108
Notes:
(i) On 28 February 2023, following the sale of the Big Rush Project, the estimated rehabilitation costs relating to the
project, which amounted to a total of $4,345,852, was removed from Current Provisions.
The Group has provided $2,218,108 for rehabilitation costs for historic workings at the Group’s
Golden Cup and Camel Creek projects. The Queensland Government’s Environmental Rehabilitation
Cost (“ERC”) calculator has been used to estimate the provision. The ERC calculator provides a range
of estimates and the Group has adopted the highest value generated. The provision has been
updated to apply cost increases to the value derived from the ERC calculator.
A surety of $53,914 for the ERC has been provided under the assurance requirements of the
Environmental Protection Act (QLD) 1994. The financial assurance requirements of this Act were
replaced by the assurance requirements of the Mineral and Energy Resources (Financial Provisioning
Act) 2018 and the Financial Provisioning Scheme (“Scheme”). Existing sureties were transferred to
the Scheme in 2019.
Under the Scheme, a surety ranging from 1% of the expected ERC to 100% would need to be provided
to the Scheme Manager. The QLD Government has issued guidance on financial assurance
requirements under the new 2018 act. Per the Guidance, the ERC for projects transitioning from the
old act to the new act is set at the bond paid under the old act i.e. $53,914. Section 2.2 of the
Guidance states that where the ERC amount is less than $100,000, there is no requirement to change
the form of the surety over the ERC period.
45 | P a g e
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
14. Provisions (continued)
Annual Report 2023
The directors have received advice that the trigger to update the surety would be for the Group to
start the application to commence mining at the site, based on the transitional provisions of the
Scheme. As part of the application process, the Group would need to seek an Environmental
Authority (EA) amendment and then apply for an ERC renewal. At the date of this report, the Group
has not applied for mining approval and has not received any communication from the Scheme
regarding Golden Cup and Camel Creek. The Group continues to conduct and submit routine water
testing results at the Camel Creek project as directed by the Queensland Department of Environment
& Science.
15. Issued Capital
154,604,020 fully paid ordinary shares (post-
Consolidation)
(2022: 1,709,050,976 fully paid ordinary shares (pre-
Consolidation))
Balance at the beginning of year
Shares issued during the year (pre-Consolidation)(i)
Shares issued for acquisition of Stedle Exploration AB
(pre-Consolidation)
Consolidation of capital (15:1 basis)
Capital raising costs
Balance at the end of the year
30 June 2023
$
30 June 2022
$
87,782,103
86,340,808
30 June 2023
Number of Shares
1,709,050,976
500,000,000
30 June 2023
$
86,341,207
1,250,000
110,000,000
(2,164,446,956)
-
154,604,020
275,000
-
(304,104)
87,562,103
Notes:
(i) On 26 April 2023, the Company announced a placement comprising of fully paid ordinary shares to be issued at
an issue price of $0.025 per share (pre-Consolidation), to raise a total of $1,250,000. This was completed over
two tranches:
• On 8 May 2023, a total of 317,262,744 Tranche 1 Placement Shares (pre-Consolidation) were issued by
the Company; and
• On 14 June 2023, the remaining 182,737,256 Tranche 2 Placement Shares (pre-Consolidation) were
issued by the Company, as approved by shareholders at the General Meeting on 13 June 2023.
46 | P a g e
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
15. Issued Capital (continued)
Annual Report 2023
The Company has no authorised share capital or par value in respect of its issued shares.
Ordinary shares participate in dividends and the proceeds on winding up of the parent entity in
proportion to the number of shares held. At the shareholders meetings, each ordinary share is
entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of
hands.
Capital Risk Management
The Group's and the Parent’s objectives when managing capital are to safeguard their ability to
continue as a going concern, so that they can continue to provide returns for 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 pay dividends to shareholders,
return capital to shareholders, issue new shares or sell assets. During the 2023 financial year, the
Group's strategy, which was unchanged from 2022, was to maintain minimum borrowings outside of
trade and other payables.
16. Reserves
Share Based Payments Reserve
Total Reserves
Share Based Payments Reserve
Opening balance
Options issued – Directors and Company Secretary(i)
Options issued – Lead Manager(ii)
Options expired
Closing balance
30 June 2023
$
954,331
954,331
30 June 2022
$
702,511
702,511
702,511
143,000
220,000
(111,180)
954,331
702,511
-
-
702,511
Notes:
(i) On 29 June 2023, the Company issued a total of 13,000,000 listed options to the Directors, Company Secretary
and/or their nominees, as approved by shareholders at the General Meeting held on 13 June 2023. The listed
options are exercisable at $0.06 on or before 1 July 2025.
47 | P a g e
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
16. Reserves (continued)
(ii) The options have been valued using the Black-Scholes Model using the following inputs (on a post-Consolidation
Annual Report 2023
basis):
Options:
Grant date
Expiry date
Risk-free rate (%)
Expected Volatility (%)
Dividend Yield
Share price at date of issue ($)
Exercise price ($)
Number of options
Value per option ($)
Total value of options ($)
13 June 2023
1 July 2025
3.98%
100.00%
Nil
$0.03
$0.06
13,000,000
$0.011
$143,000
(iii) On 29 June 2023, the Company issued a total of 20,000,000 listed options to the Lead Manager of the capital raise
as approved by shareholders at the General Meeting held on 13 June 2023. The listed options are exercisable at
$0.06 on or before 1 July 2025. The options have been valued using the Black-Scholes Model using the following
inputs (on-a post-Consolidation basis):
Options:
Grant date
Expiry date
Risk-free rate (%)
Expected Volatility (%)
Dividend Yield
Share price at date of issue ($)
Exercise price ($)
Number of options
Value per option ($)
Total value of options ($)
13 June 2023
1 July 2025
3.98%
100.00%
Nil
$0.03
$0.06
20,000,000
$0.011
$220,000
Share Based Payments Reserve
The share-based payments reserve records items recognised as expenses on valuation of share
options issued to employees and advisers for capital raising purposes. The exercise price of the share
options is determined by the Directors in their absolute discretion and set out in the Offer provided
that the exercise price is not less than the average Market Price on ASX on the five trading days prior
to the day the Directors resolve to grant the Options. Any options that are not exercised by their
expiry date will lapse. Upon exercise, these options will be settled in ordinary fully paid shares of the
Company. The Options can be exercised in whole or part at any time up to and including the Expiry
Date by lodging the Option Exercise Notice accompanied by the payment of the exercise price.
48 | P a g e
Annual Report 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
16. Reserves (continued)
Share Option Valuation
The fair value of the equity-settled listed share options granted under the share-based payments is
valued at the date of grant as the market price of the listed options as at grant date.
The fair value of the equity-settled unlisted share options granted under the share-based payments
is estimated at the date of grant using a Black Scholes model, which takes into account factors
including the options exercise price, the volatility of the underlying share price, the risk-free interest
rate, the market price of the underlying shares at grant date, historical and expected dividends and
the expected life of the option.
17. Cash Flow Information
a. Reconciliation of Cash Flow from Operations
Impairment of exploration assets
Net Profit/ (Loss) for the year
Cash flows excluded from loss attributable to operating
activities
Non cash flows in profit/(loss):
• Depreciation
•
• Share based payments
• Gain on disposal of subsidiary
Changes in assets and liabilities, net of the effects of
purchase and disposal of subsidiaries
• Decrease/(Increase) in receivables
•
Net cash outflow from operating activities
(Decrease)/Increase in trade payables and accruals
30 June 2023
$
1,371,740
30 June 2022
$
(6,927,148)
41,132
-
143,000
(4,282,378)
41,816
4,595,795
-
-
2,895
(105,472)
(2,829,083)
272,484
60,085
(1,956,968)
b. Non-Cash Financing and Investing Activities
During the year the Group had no non-cash financing and investing activities.
49 | P a g e
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
18. Project Expenditure Commitments
Planned project expenditure commitments contracted
for:
Exploration Permits
Payable:
• not later than 12 months(i)
• between 12 months and 5 years
• more than 5 years
Annual Report 2023
30 June 2023
$
30 June 2022
$
1,209,904
1,209,904
190,667
1,019,237
-
1,209,904
1,569,923
1,569,923
501,408
964,475
104,040
1,569,923
Notes:
(i) During the year, the Group spent $1,726,654 on granted tenement licences and $5,793 on application licences.
The amounts detailed above are the minimum expenditure required to maintain ownership of the
current tenements held. An obligation may be cancelled if a tenement is surrendered.
19. Related Party Transactions
Parent Entity
The ultimate parent entity within the Group is Great Northern Minerals Limited.
Subsidiaries
Interests in subsidiaries are set out in Note 11.
Compensation
The aggregate compensation made to Directors and other members of Key Management Personnel
of the Group is set out below:
Short-term employee benefits
Post-employment benefits
Share-based payments
Total Compensation paid to KMP
30 June 2023
$
344,708
24,500
132,000
501,208
30 June 2022
$
485,867
39,587
-
525,454
50 | P a g e
Annual Report 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
19. Related Party Transactions (continued)
Transactions with Managing Director – Cameron McLean
During the financial year, Mineral Intelligence Pty Ltd (“Mineral Intelligence”), a Company which Mr
McLean has an interest in, made a loan repayment of $2,343 to GNM. The terms of the transaction
were on a no interest basis. There is no outstanding balance payable by Mineral Intelligence to GNM
as at 30 June 2023.
During the 2019 financial year, Mineral Intelligence loaned $11,000 to Ion Minerals Pty Ltd, a
subsidiary of GNM. The terms of the transaction were on a no interest basis. The funds have since
been repaid in full to Mineral Intelligence and there is no outstanding balance payable to Mineral
Intelligence as at 30 June 2023.
Transactions with Non-Executive Chairman – Ariel (Eddie) King
During the year ended 30 June 2023, fees of $30,151 (inclusive of GST) were paid to CPS Capital Group
Pty Ltd, a company of which Mr King is a Director of, for capital raising services.
On 29 June 2023, the Company also issued a total of 20,000,000 listed options to CPS Capital Group
Pty Ltd as the Lead Manager of the capital raise as approved by shareholders at the General Meeting
held on 13 June 2023. The listed options are exercisable at $0.06 on or before 1 July 2025. Refer to
Note 16 for further details.
No loans have been made to any KMP or any of their related parties during the 2023 financial year.
There were no further transactions with KMPs including their related parties other than those
disclosed above.
All transactions were made on normal commercial terms and conditions and at market rates.
20. Contingent Liabilities
The Group has provided two bank guarantees, one in favour of the Minister of Energy and Resources
with respect to a security deposit and another, in favour of the Minister of Energy and Resources
Victoria with respect to a contract performance for the financial year ending 30 June 2020. The total
of these guarantees at 30 June 2023 was $33,008 with a financial institution (2022: $32,660).
21. Financial Risk Management
a. Financial Risks
The main risks the Group is exposed to through its financial instruments are interest rate risk
and liquidity risk.
Exposure to interest rate, liquidity and credit risk arises in the normal course of the Group’s
business. The Group does not hold or issue derivative financial instruments.
51 | P a g e
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
21. Financial Risk Management (continued)
Annual Report 2023
The Group uses different methods as discussed below to manage risks that arise from these
financial instruments. The objective is to support the delivery of the financial targets while
protecting future financial security. Primary responsibility for the identification and
management of financial risks rests with the Board.
Liquidity Risk
The Company manages liquidity risk by maintaining sufficient cash facilities to meet the
operating requirements of the business. The responsibility for liquidity risk management
rests with the Board of Directors. The Company manages liquidity risk by monitoring forecast
cash flows and ensuring that adequate working capital is maintained. The Company’s policy
is to ensure that it has sufficient cash reserves to carry out its planned exploration activities
over the next 12 months.
Interest rate risk
Interest rate risk arises from the possibility that changes in interest rates will affect future
cash flows or the fair value of financial instruments.
The Company’s exposure to market risk for changes to interest rate risk relates primarily to
its cash balances.
b. Credit Risk
The Group has no significant concentrations of credit risk other than cash at bank which is
held with the Commonwealth Bank of Australia and Westpac Bank both AA- rated Australian
banks. The maximum exposure to credit risk at reporting date is the carrying amount (net of
provision of expected credit losses) of those assets as disclosed in the statement of financial
position and notes to the financial statements.
As the Group does not presently have any debtors, lending, significant stock levels or any
other credit risk, a formal credit risk management policy is not maintained. Credit risk
represents the risk that the counterparty to the financial instrument will fail to discharge an
obligation and cause the Group to incur a financial loss.
52 | P a g e
Annual Report 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
21. Financial Risk Management (continued)
c. Liquidity Risk
Liquidity risk is the risk that the Group may encounter difficulties raising funds to meet
commitments associated with financial instruments (e.g. borrowing repayments). The Group
manages liquidity risk by monitoring forecast cash flows. The Group did not have any
undrawn facilities at its disposal as at reporting date. The table below reflects the Group’s
undiscounted contractual maturity analysis for financial liabilities and receivables. Balances
due within 12 months equal their carrying balances as the impact of discounted cashflows is
not significant. The table below provides a summary of the Company’s contractual maturities
of financial liabilities and financial assets.
Details
< 1Year
1-2 Years
2-5 Years
> 5 Years
Total
30 June 2023
Financial Assets
Cash and cash
equivalents
Trade and other
receivables
Financial Liabilities
Trade and other
payables
Accrued expenses
Net Financial Assets
30 June 2022
Financial Assets
Cash and cash
equivalents
Trade and other
receivables
Financial Liabilities
Trade and other
payables
Accrued expenses
Provision (ERC Surety)
Net Financial Liabilities
Carrying
Amount
$
$
$
$
$
$
1,229,194
49,019
(110,967)
(23,000)
1,144,246
2,748,871
71,437
(119,955)
(59,355)
(4,345,852)
(1,704,874)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,229,194
1,229,194
49,019
49,019
(110,967)
(110,967)
(23,000)
1,144,246
(23,000)
1,144,246
2,748,871
2,748,871
71,437
71,437
(119,955)
(119,955)
(59,355)
(4,345,852)
(1,704,874)
(59,355)
(4,345,852)
(1,704,874)
22. Events after Reporting Date
On 1 July 2023, the Company’s 31,285,417 listed options (ASX:GNMOB) exercisable at $0.33 (on a
post-consolidation basis) expired unexercised.
On 4 July 2023, the Company issued 25,057 fully paid ordinary shares (on a post-consolidation basis)
on the exercise of options.
There are no other matters or circumstances which have arisen since the end of the year which will
significantly affect, or may significantly affect, the state of affairs or operations of the reporting entity
in future financial years.
53 | P a g e
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
23. Segment Reporting
Annual Report 2023
AASB 8 requires operating segments to be identified on the basis of internal reports about
components of the Group that are regularly reviewed by the chief operating decision maker in order
to allocate resources to the segment and to assess its performance.
The Group predominantly operates in one segment, being exploration activities throughout
Australia. The Group via a heads of agreement was funding exploration in Guyana undertaken by
Great Northern Minerals (previously Greenpower Energy Limited) exploration partner and operator
Guyana Strategic Metals Inc., a Canadian registered entity. The Company has fully impaired all the
costs incurred and funded for operations in Guyana over the last financial years, as its focus is on its
Australian Projects.
Information regarding the non-current assets by geographical location is reported for Australian and
Finland exploration assets only. Refer to Note 12 Exploration and Evaluation Assets.
24. Parent Entity
The following information has been extracted from the books and records of the parent, Great
Northern Minerals Limited and has been prepared in accordance with Accounting Standards.
The financial information for the parent entity, Great Northern Minerals Limited has been prepared
on the same basis as the consolidated financial statements.
Investments in subsidiaries
Investments in subsidiaries, are accounted for at cost in the financial statements of the parent entity.
Consolidated Statement of Financial Position
Assets
Current assets
Non-current assets
Total Assets
Liabilities
Current liabilities
Non-current liabilities
Total Liabilities
Net Assets
30 June 2023
$
30 June 2022
$
1,192,118
3,629,536
4,821,654
118,034
53,914
171,948
4,649,706
2,774,238
4,010,896
6,785,134
367,746
11,669
379,416
6,405,719
54 | P a g e
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
24. Parent Entity (continued)
Equity
Issued capital
Accumulated losses
Share Based Payments Reserve
Total Equity
Consolidated Statement of Profit or Loss and Other
Comprehensive Income
Total loss for the year
Total comprehensive loss
25. Acquisition of Subsidiary – Stedle Exploration AB
Annual Report 2023
30 June 2023
$
30 June 2022
$
87,562,097
(83,866,722)
954,331
4,649,706
86,341,201
(80,637,994)
702,511
6,405,719
(2,914,430)
(2,914,430)
(2,087,208)
(2,087,208)
On 22 May 2023, the Company completed the acquisition of Stedle Exploration AB (“Stedle”) which
holds a 100% legal and beneficial interest in the Sukula and Kuusisuo Projects in Finland.
The purchase consideration is 110,000,000 shares (pre-Consolidation) in
Great Northern Minerals Limited at a fair value of $0.0025 per share
Cash consideration
Non-refundable deposit for exclusive option
The Company has determined the fair value of the assets and liabilities of
Stedle as at the date of the acquisition as follows:
Cash and cash equivalents
Receivables
Exploration and evaluation assets
Creditors
Loan payable
30 June 2023
$
275,000
25,000
27,500
52,500
4,570
1,501
327,076
(775)
(4,872)
327,500
55 | P a g e
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
26. Disposal of Subsidiary – Alphadale Pty Ltd
Annual Report 2023
On 28 February 2023, the Company disposed of its 100% interest in Alphadale Pty. Ltd (“Alphadale”)
(which owns ML10168, ML10175 and ML10192) and a 100% legal and beneficial interest in
EPM27283 held by Northern Exploration Pty Ltd.
Cash proceeds received on disposal
Less fair value of the assets and liabilities of Alphadale as at the date of the
disposal:
Exploration assets
Liabilities
Gain on disposal of subsidiary
$
250,000
(346,698)
4,379,076
4,282,378
56 | P a g e
Annual Report 2023
Directors’ Declaration
In accordance with a resolution of the Directors of Great Northern Mineral Limited, the Directors of the
Company declare that:
1. the financial statements, notes and the remuneration report in the Directors’ Report are in
accordance with the Corporations Act 2001, including:
a) giving a true and fair view of the financial position of the Consolidated Group as at 30 June
2023 and of its performance for the year ended on that date; and
b) complying with Australian Accounting Standards (including International Financial Reporting
Standards) and the Corporations Regulations 2001;
2.
in the Directors' opinion, there are reasonable grounds to believe that the company will be able to
pay its debts as and when they become due and payable.
This declaration has been made after receiving the declarations required to be made to the directors in
accordance with sections of 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Board of Directors.
Ariel (Eddie) King
Non-Executive Chairman
28 September 2023
57 | P a g e
Great Northern Minerals Limited
Independent auditor’s report to members
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Great Northern Minerals Limited (the Company and its subsidiaries
(the Group)), which comprises the consolidated statement of financial position as at 30 June 2023, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies and other explanatory
information, and the directors’ declaration.
In our opinion, the accompanying financial report of the Group, is in accordance with the Corporations Act
2001, including:
(i) giving a true and fair view of the Group’s financial position as at 30 June 2023 and of its financial
performance for the year ended on that date; 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 (including Independence
Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
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 2(w) in the financial report, which indicates that the Group reported a
consolidated profit of $1,371,740 and incurred net operating cash outflows of $2,829,083 during the year
ended 30 June 2023. As stated in Note 2(w), these events or conditions 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 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.
CARRYING VALUE OF EXPLORATION COSTS CAPITALISED
Area of focus
Refer also to notes 2(j), 2(s) & 12
How our audit addressed it
As at 30 June 2023, the carrying value of the
Group’s exploration and evaluation assets
amounted to $3,318,767. The carrying value of
these costs represents a significant asset of Great
Northern Minerals Limited and its controlled
entities.
This is considered a key audit matter as significant
judgement is applied in determining whether the
assets continue to meet the recognition criteria in
AASB 6 Exploration for and Evaluation of Mineral
Resources. As noted in Note 2(s) of the financial
report, significant judgement is required in
determining whether facts and circumstances
indicate that the exploration and evaluation assets
should be tested for impairment.
Our audit procedures focussed on evaluating
management’s assessment of whether the
exploration and evaluation assets continue to meet
the recognition criteria of AASB 6 Exploration for
and Evaluation of Mineral Resources, including:
— Obtaining evidence that the Group has valid
rights to explore the areas for which the
exploration costs have been capitalised;
— Enquiring of management and reviewing the
cashflow forecast and ASX announcements to
verify that substantive expenditure on further
exploration for and evaluation of mineral
resources in the Group’s areas of interest is
planned and compared these to the minimum
expenditure requirements of the licence
expenditure requirements;
— Enquiring of management, reviewing
announcements made and reviewing minutes of
director meetings to verify that management had
not decided to discontinue activities in any of the
areas of interest that has capitalised exploration
costs;
— Assessing a sample of expenses capitalised in
the year to source documents and
— Assessing the adequacy of the related
disclosures in the financial report.
DISPOSAL OF BIG RUSH PROJECT
Area of focus
Refer also to notes 12, 14, & 26
How our audit addressed it
On 28 February 2023, the Group disposed of its
100% interest in the Big Rush project through the
sale of its subsidiary Alphadale Pty Ltd resulting in
a $4.3m gain on disposal recognised in the year
ended 30 June 2023.
Our audit procedures included:
— Reviewing the terms of the sale outlined in the
terms sheet.
2
This was a key audit matter because of the
derecognition of the rehabilitation liabilities
attached to the project leading to the gain on
disposal for the year ended 30 June 2023.
— Verifying the Group had no further liabilities or
obligations for rehabilitation costs subsequent to
sale of the project by a detailed analysis of the
sale and purchase contract for the project.
REHABILITATION PROVISION
Area of focus
Refer also to notes 2(s) & 14
As at 30 June 2023, the Group reported an
Estimated Rehabilitation Cost (ERC) provision for
the Golden Cup and Camel Creek project in
respect of historical works at the project of $2.2m
This was a key audit matter because of the
judgement required in estimating the ERC
provision as at 30 June 2023.
— Enquiring on the tax consequences of the
disposal of the subsidiary.
— Evaluating the accuracy of the calculation of the
gain on disposal recognised and verifying assets
and liabilities derecognised to supporting
documentation.
How our audit addressed it
Our audit procedures included:
— Obtaining and evaluating a report from Group’s
external environmental expert.
— Evaluating and challenging management’s
assessment as to the basis for the
measurement of the rehabilitation provision.
— Reviewing copies of the most recent
correspondence between the Group and the
Department of Environment and Science (QLD).
— Reading the guidance issued by the Department
of Environment and Science (QLD) on
transitional arrangements for Environmental
Assurances in respect of Environmental
Rehabilitation Costs for mining projects
following the replacement of the previous
legislation by the Mineral and Energy Resources
(Financial Provisioning Act) 2018 and the
Financial Provisioning Scheme (“Scheme”).
— Assessing the adequacy of the Group’s
disclosure in the annual financial report in
respect of the rehabilitation provision.
Other Information
The directors are responsible for the other information. The other information comprises the information in
the Group’s annual report for the year ended 30 June 2023 but does not include the financial report and the
auditor’s report thereon.
3
Our opinion on the financial report does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true
and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for
such internal control as the directors determine is necessary to enable the preparation of the financial
report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with the Australian Auditing Standards will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of this financial report.
A further description of our responsibilities for the audit of these financial statements is located at the
Auditing and Assurance Standards Board website at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our independent auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 15 to 20 of the directors’ report for the year
ended 30 June 2023.
In our opinion, the Remuneration Report of Great Northern Minerals Limited, for the year ended 30 June
2023, complies with section 300A of the Corporations Act 2001.
4
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.
William Buck Audit (WA) Pty Ltd
ABN 67 125 012 124
Amar Nathwani
Director
Dated this 28th day of September 2023
5
ASX Additional Information
Additional information required by the ASX Limited Listing Rules and not disclosed elsewhere in this report
is set out below. This information is effective as at 27 September 2023.
Annual Report 2023
Distribution of Shareholders
Holding Range
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 – 500,000
500,001 and over
Total
Number of Holders
107
102
324
665
205
61
1,464
Number of Shares
42,852
275,023
2,361,035
22,620,589
44,602,195
84,727,383
154,629,077
The number of shareholders holding less than a marketable parcel is 810.
Top 20 Shareholders
Rank Name
JETOSEA PTY LTD
1 MR GAVIN JEREMY DUNHILL
2
3 SUNSET CAPITAL MANAGEMENT PTY LTD
4 STEVSAND PTY LTD
5 MR ERNST KOHLER
6 EQUITY TRUSTEES LIMITED
7 MS NICOLE GALLIN + MR KYLE HAYNES
8 MR POH SENG TAN
9 ROOKHARP CAPITAL PTY LIMITED
10 MR LEO SAMSON HORN
11 KING CORPORATE PTY LTD
12 MR ALISTAIR WILLIAMS
13 PARKRANGE NOMINEES PTY LTD
14 NYSHA INVESTMENTS PTY LTD
15 BUSHWOOD NOMINEES PTY LTD
16 HARDMAIL PTY LTD
16 SHRIVER NOMINEES PTY LTD
18 PROF YEW KWANG NG
19 GRIMALA PTY LTD
20 AJ LOO HOLDINGS PTY LTD
20 MR CRAIG LONGMUIR
Top 20 holders of Fully Paid Ordinary Shares
Total Remaining Holders Balance
Securities
6,700,000
6,279,876
5,756,122
5,193,334
4,521,107
4,266,082
2,666,667
2,600,000
2,233,116
2,163,334
2,126,667
2,010,913
1,888,889
1,713,334
1,491,382
1,333,334
1,333,334
1,244,445
1,133,334
1,000,000
1,000,000
58,655,270
95,973,807
%
4.33
4.06
3.72
3.36
2.92
2.76
1.72
1.68
1.44
1.40
1.38
1.30
1.22
1.11
0.96
0.86
0.86
0.80
0.73
0.65
0.65
37.93
62.07
63 | P a g e
Annual Report 2023
Top 20 Option Holders for ‘GNMOC’ Listed Options exercisable at $0.06 on or before 1 July 2025
Rank Name
JETOSEA PTY LTD
1 CELTIC CAPITAL PTY LTD
2 CPS CAPITAL NO 5 PTY LTD
3 CALE CONSULTING PTY LTD
3 GOATFELL SUPER FUND PTY LTD
3 SC LOCK PTY LTD
6
6 SUNSET CAPITAL MANAGEMENT PTY LTD
8 STEVSAND PTY LTD
9 KING CORPORATE PTY LTD
10 SABSIEN PTY LTD
11 NYSHA INVESTMENTS PTY LTD
12 MR WILLIAM DAVID SEGALL + MS RUTH ELEANOR AGNES BROWN
13 HARDMAIL PTY LTD
13 PARKRANGE NOMINEES PTY LTD
13 SHRIVER NOMINEES PTY LTD
16 PROF YEW KWANG NG
17 BL CAPITAL PTY LTD
18 CINQUE HOLDINGS PTY LTD
19 AJ LOO HOLDINGS PTY LTD
19 RIYA INVESTMENTS PTY LTD
Top 20 holders of Listed Options exercisable at $0.06 on or before 1 July
2025
Total Remaining Holders Balance
Securities
10,752,000
6,375,000
3,000,000
3,000,000
3,000,000
2,666,667
2,666,667
2,400,000
2,100,000
1,765,261
1,713,333
1,497,436
1,333,333
1,333,333
1,333,333
1,244,444
1,228,171
1,030,235
1,000,000
1,000,000
50,439,213
%
16.21
9.61
4.52
4.52
4.52
4.02
4.02
3.62
3.17
2.66
2.58
2.26
2.01
2.01
2.01
1.88
1.85
1.55
1.51
1.51
76.04
15,894,120
23.96
Voting Rights
The voting rights attached to each class of equity security are as follows:
Ordinary shares
• Each ordinary share is entitled to one vote when a poll is called, otherwise each member present at
a meeting or by proxy has one vote on a show of hands.
Options
• Options granted carry no dividend or voting rights. When exercisable, each option is convertible
into one fully paid ordinary share.
Unquoted Securities
The Company has the following unquoted securities on issue as at the date of this report:
• 1,484,161 options exercisable at $0.36 on or before 19 November 2023;
• 1,484,161 options exercisable at $0.435 on or before 19 November 2023; and
• 1,484,161 options exercisable at $0.495 on or before 19 November 2023.
64 | P a g e
Annual Report 2023
Interest in Tenements
PROJECT
TENEMENT
NUMBER
LOCATION OF
TENEMENT
STATUS
Golden Ant – Golden Cup
ML4536
Golden Ant – Camel Creek ML4522
Golden Ant – Camel Creek ML4523
Golden Ant – Camel Creek ML4524
Golden Ant – Camel Creek ML4525
Golden Ant – Camel Creek ML4534
Golden Ant – Camel Creek ML4540
Golden Ant – Camel Creek ML6952
Black Mountain
Black Mountain II
Kangaroo Hills
Red Mountain
Amanda Bell Extensions
Mudgee
EPM27522
EPM28598
EPM26637*
EPM28249
EPM28301
EL9519
Queensland, Australia Granted
Queensland, Australia Granted
Queensland, Australia Granted
Queensland, Australia Granted
Queensland, Australia Granted
Queensland, Australia Granted
Queensland, Australia Granted
Queensland, Australia Granted
Queensland, Australia Granted
Queensland, Australia Application
Queensland, Australia Granted
Queensland, Australia Granted
Queensland, Australia Granted
Granted
NSW, Australia
Kuusisuo
Ojankylӓ
Notes:
VA2023:0010
VA2023:0011
Finland
Finland
Application
Application
BENEFICIAL
INTEREST
100%
100%
100%
100%
100%
100%
100%
100%
100%
Application only
100%
100%
100%
100%
Application only
Application only
*Part of Joint Venture with NorthX Pty Ltd.
** Upon grant date, Great Northern Minerals to spend A$1M in the ground over a period of 3 years (from the grant date) to earn
51% interest in EPM 26637. With the grant of the tenement, the Company is now responsible for managing all aspects of the
tenement.
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