Corporate Directory
Chairman’s Letter
Review of Operations
Directors’ Report
Auditor’s Independence Declaration
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Directors’ Declaration
Independent Auditor’s Report
TABLE OF CONTENTS
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3
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1 | GRV – ANNUAL REPORT 2022
CORPORATE DIRECTORY
DIRECTORS
Mr Tony Leibowitz (Non-Executive Chairman)
Mr Neil Biddle (Non-Executive Director)
Mr Elias (Leo) Khouri (Non-Executive Director)
Mr Mark Turner (Executive Director and Chief Executive Officer)
JOINT COMPANY SECRETARIES
Alan Boys
Kurt Laney
REGISTERED OFFICE & PRINCIPAL PLACE OF BUSINESS
Suite 6, Level 5
189 Kent Street
Sydney NSW 2000
Tel: +61 2 8046 2799
SHARE REGISTRY
Link Market Services
Level 12, 680 George Street
Sydney NSW 2000
Tel: +61 2 82807111
AUDITORS
RSM Australia Partners
Level 13, 60 Castlereagh Street
Sydney NSW 2000
STOCK EXCHANGE
Australian Securities Exchange
20 Bridge Street
Sydney NSW 2000
ASX CODE
GRV
WEBSITE
www.greenvalemining.com
2| G R V – ANNUAL REPORT 2022
CHAIRMAN’S LETTER
supporting the Alpha project by producing carbon
credits to be utilised
in development and,
eventually, production. However, the Company’s
geothermal assets alone could present a significant
independent opportunity and allow the Company
to become a significant player in the renewable
energy sector within Queensland.
Whilst work advanced at Alpha, our team, led by
Matt Healy, has executed a highly encouraging
maiden exploration program at the Company’s
Georgina Basin IOCG Project in East Tennant Creek,
NT. The initial results and observations from this
program provide strong support for the region’s
potential for a major IOCG discovery.
Despite the promise of the Georgina Basin IOCG
project, the very significant opportunities of the
Alpha Torbanite Project and the Millungera
Geothermal Project have
led the Board to
determine that our future should focus on these
projects and should not continue to deploy scarce
resources and hold or manage the Georgina Basin
IOCG project directly.
Following lengthy negotiations, the Company has
entered into a conditional sale agreement with
Astro Resources NL with Astro to acquire an initial
80% of the Georgina Basin Project with a two-year
On
option to acquire the remaining 20%.
completion of the sale, Matthew Healy will join
Astro. Greenvale will receive approximately 19.9%
of Astro’s capital, allowing it to retain a passive
interest in the project. This transaction will allow
management
on
commercialising its bitumen and renewable energy
future under the direction of the CEO, Mark Turner.
focused
fully
be
to
The Board is unanimous in pursuing this strategic
direction and it has full confidence that Greenvale’s
team,
led by Mark Turner, can achieve the
Company’s objective of becoming a sustainable
producer of bituminous products to fulfil the
infrastructure needs of Australia.
I look forward to updating shareholders throughout
the coming year of the progress made across the
Company’s exciting projects.
Tony Leibowitz
Chairman
Dear Fellow Shareholders,
The past year has been an extremely challenging
one for the Company, with COVID once again
causing significant disruptions to our workforce,
consultants and suppliers, impacting the timely
delivery of tasks and affecting project timelines.
Against a backdrop of dramatically increasing prices
for petrochemical products, including bitumen, the
development of the Alpha Torbanite Project to
supply
locally sourced, sustainable bituminous
products presents an enormous opportunity for the
Company. The greatest challenge the Company
faces in unlocking the significant value of Alpha is
meeting the ever-increasingly stringent global and
community expectations concerning potential
environmental
impacts. Therefore, we are
committed to creating a sustainable pathway to the
development of Alpha.
Our extensive initial evaluations of processing the
Alpha torbanite via traditional retorting methods
led to suboptimal production outputs. Following
detailed investigations, we began assessing an
alternative processing route via liquefaction. From
our initial test results, liquefaction has delivered the
desired heavy oil fractions required to produce
bituminous products with a significantly improved
emissions profile. We are now proceeding with
further processing evaluations to support a project
feasibility study which should be delivered next
March.
In tandem with the evaluation of the Alpha project,
the Company is investigating several pathways for
investigation of
renewable energy offsets. An
geothermal energy opportunities
led to the
Company applying for a number of geothermal
exploration permits, including three within the
highly prospective Millungera Basin in northwest
Queensland. The Company will look to utilise binary
cycle geothermal technology to create power
utilising lower temperature feed from shallower
geothermal sources. Initially, the development of
Greenvale’s geothermal project areas will focus on
3| G R V – ANNUAL REPORT 2022
REVIEW OF OPERATIONS
Overview
During the year, the Company made significant progress across its two key projects, the Alpha Torbanite Project
in Queensland and the Georgina Basin IOCG Project in the Northern Territory.
At Alpha, the Company was pleased to announce to the market the Project’s maiden JORC Mineral Resource
Estimate (MRE) which confirmed Alpha’s exciting potential.
In line with the continued work at Alpha, Greenvale has developed a green energy strategy focused on finding a
shallow, exploitable geothermal source in Queensland. It is forecast that developing a geothermal power facility
will provide the Company with sufficient carbon credits for use at Alpha. More so, selling power into the local
grid or to direct users could present the Company with a significant opportunity.
During the year drilling also commenced at the Company’s Georgina Basin IOCG Project, with Greenvale’s field
team and drilling contractors successfully completing an initial three diamond core holes for a total depth of
2,246m.
Furthermore, the Company has also made key appointments at a Board and senior management level whilst
establishing clear strategies to continue the progress of the Company’s projects.
Key Personnel Changes
On 16 July 2021, the Company announced the appointment of Mr. Matthew Healy, a highly skilled geologist and
experienced Australian mining executive, as Chief Executive Officer. Mr Healy has a Master of Science with first-
class honours (Geology) from the University of Auckland and over 15 years of experience working at senior levels
within major mining companies and a number of ASX-listed explorers.
Before joining Greenvale Mining, Mr Healy held the position of Exploration Manager at Round Oak Minerals, a
wholly owned subsidiary of Washington H. Soul Pattinson & Co Ltd. As Exploration Manager, he was responsible
for managing a multidisciplinary team conducting exploration over a 104-tenement holding, covering an area of
3,200km2 across four Australian jurisdictions and with an annual exploration budget of up to $11 million.
On 14 December 2021, the Company announced the appointment of Mr. Mark Turner as Executive Director and
General Manager of the Alpha Torbanite Project in Queensland.
Mr. Turner is an engineer with over 20 years of energy experience and a proven track record of major project
delivery in the oil & gas, water, power, renewables and nuclear industries, Mr. Turner is a project management
specialist who is ideally qualified to lead the technical development of the Alpha Project.
His expertise encompasses all project phases (from concept and feasibility study to completion) and includes
approvals, safety, engineering, procurement, contracts, scope, scheduling, cost, quality, risk, reporting,
construction and commissioning. Throughout his career, Mr. Turner has held senior management and executive
positions with Jemena Ltd, Wood Group and WorleyParsons.
Mr. Turner commenced with the Company on 10 January 2022.
Unmarketable Parcel Sale
On 17 July 2021, the Company closed an unmarketable parcel sale facility. The total number of shareholders
holding unmarketable parcels of shares who did not elect to retain their holding was 120 and they held a total
of 52,339 Ordinary Shares. These shares were subsequently sold on market and the proceeds paid to these
holders.
4| G R V – ANNUAL REPORT 2022
REVIEW OF OPERATIONS
Alpha Torbanite Project
The Alpha Project advanced significantly in the 2022 financial year seeing the completion of crucial milestones
including the return of the modified fisher assay (MFA) results, the announcement of Alpha’s maiden JORC
mineral resource estimate (MRE), the completion of an extensive pyrolytic test work program, and the
commencement of the liquefaction test program.
The MFA results improved significantly on previously un-verified historical oil yield ranges published for the Alpha
Torbanite deposit, increasing the Company’s confidence in the commercial exploitability of the project and
demonstrating that the Alpha Project ranks amongst the highest-yielding deposits in the world when compared
with similar style deposits.
As outlined in the Company’s ASX release dated 08 December 2021, the oil yield values for the 12 Alpha samples
(Figure 1) were all extremely positive and were either in line with or above expectations. Of particular note, the
Torbanite delivered a top yield of 698ltrs per tonne, well above the previously stated upper yield of 650ltrs per
tonne.
As demonstrated in Table 1 (below), all three plies delivered exceptional results and confirm the exciting
commercial potential of the Alpha Project.
Figure 1: Comparison of MFA results between Torbanite and Cannel Coal samples
Table 1: Oil yield ranges for boreholes GM09CR, GM20C, GM21CR & GM28CR
Alpha Lower Seam
Oil Yield Range (LTOM)
Number of Samples
L1 – Upper Cannel Coal Ply
120 — > 160
LT – Torbanite Ply
290 — > 690
L2 – Lower Cannel Coal Ply
150 — > 200
4
4
4
5| G R V – ANNUAL REPORT 2022
REVIEW OF OPERATIONS
When compared to its peers, the high-yielding nature of the Alpha Torbanite Project is more evident (see Table
2). The oil yield results for the 2021 Alpha Torbanite samples are comparable to the lamosite samples from the
Mahogany Zone in the Green River Formation, Piceance Basin, Colorado, which is among the highest-yielding oil
shales in the world.
Even the average yields from the cannel coal plies at Alpha measure favourably when ranked among similar coal
and oil shale deposits globally.
Table 2: Comparative data of various oil shales
Deposit
Torbanite/Coal/
Oil shale
Alpha, Qld
Torbanite
Cannel coal
Green River (USA)
Oil shale
Rundle, Qld
Stuart, Qld
Duaringa, Qld
Condor, Qld
Julia Creek, Qld
Oil shale
Oil shale
Oil shale
Oil shale
Oil shale
Oil Yield (LTOM)
Range
50 - 620
50 - 150
45 - 460
50 - 200
50 - 220
50 - 130
50 - 120
50 - 100
Average
420
120
135
105
94
82
65
60
Source: Crisp, P.T., Ellis, J., Hutton, A.C., Korth, J, Martin F.A., and Saxby, J.D., 1987, Australian Oils Shales – A compendium of geological
and chemical data: North Ryde, NSW, Australia, CSIRO Inst. Energy and Earth Sciences, Division of Fossil Fuels, 109pp.
Alpha’s maiden MRE was announced to the market on the 10th March 2022, the MRE comprises a total inferred
Mineral Resource of 18.6Mt for the Alpha Deposit (see Table 3), including approximately 4.6Mt of the rare
torbanite, equal to a total of 21.29 million barrels of synthetic oil equivalent.
The Alpha Torbanite deposit consists of two seams, namely an Upper and Lower Seam which sit at the base of
the Colinlea Sandstone. The Lower Seam is equivalent to the ‘E’ seam within the Colinlea Sandstone within the
Galilee Basin.
The seam structure of the deposit is simple with the two seams – the Upper and Lower Seam – with an average
interburden of 16m. The interval between the two seams is dominantly quartzose to lithic sandstone with minor
conglomerate, siltstone and claystone (Figure 1).
Table 3: MDL 330 Inferred Mineral Resource estimate by seam and ply unit
Seam
/Ply
Area
(m2)
Volume
(cu m)
U
L1
LT
L2
2,587,232
2,733,615
6,322,012
6,466,130
6,242,029
6,081,965
3,878,046
2,344,780
Source: SRK analysis
Waste
Thickness
(m)
13.27
13.18
0.24
0.10
Waste
Volume
(bc m)
Tonnes
(Air-Dried)
Tonnes
(Dry)
Tonnes
(In-Situ)
77,182,496
3,280,338
3,362,346
3,253,002
111,466,664
7,912,602
8,082,663
7,824,017
1,174,048
4,595,434
4,614,875
4,576,094
522,118
2,862,935
2,930,975
2,837,184
Total
18,651,309
18,990,859
18,490,297
6| G R V – ANNUAL REPORT 2022
REVIEW OF OPERATIONS
Figure 2: Summary of the seam geology within MDL 330
The Upper Seam is classified as cannel coal and has an average thickness of ~1m and the Lower Seam has an
average thickness of ~2m. The Lower Seam is the main oil-yielding unit of the deposit. It consists of two main
types of oil shale, namely cannel coal and torbanite, which is olive-grey to olive-black and finely laminated. The
torbanite is lenticular in shape and has a variable thickness.
The Lower Seam can generally be split into three plies, as described below:
L1 – comprising a relatively clean cannel coal interval;
LT – comprising the main torbanite interval, including coal bands; and
L2 – comprising a relatively clean cannel coal interval.
The maiden MRE reinforces the rare and strategic nature of the Alpha Deposit, which is the only known Torbanite
Deposit of its kind in Australia.
The significant scale, high-quality and high-yielding nature of the deposit reinforces its strategic importance as a
long-life domestic supplier of high-value products including bitumen, critical to feeding major infrastructure
projects throughout Queensland.
During the year Greenvale engaged PROCOM Consultants (PROCOM) to secure a processing route that avoids
thermal decomposition of the kerogen within the torbanite and cannel coal via liquefaction
PROCOM utilised a Parr Reactor to break down the torbanite in a hydrogen-rich environment at a relatively low,
controlled temperature. It was hypothesised that this process would result in reduced carbon formation and
higher, heavier oil yields – the oil fractions requisite for producing bitumen.
On-site at Alpha, the Company has completed ecological and aquatic surveying and the planning of further
rehabilitation works. The environmental surveys, along with comprehensive rehabilitation planning, are essential
components of the eventual development approval at Alpha.
The MRE and the liquefaction test work, which commenced during the year, have set the foundation for
Greenvale’s ongoing Feasibility Study on the Project, which is being expanded to include an enhanced green
energy strategy based on the use of geothermal power.
7| G R V – ANNUAL REPORT 2022
REVIEW OF OPERATIONS
Competent Persons Statements – Alpha Project
The information in this report that relates to Exploration Results is based on information compiled by Mr Carl
D’Silva, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy (Member
number 333432).
Mr D’Silva is a full-time employee of SRK Consulting (Australasia) Pty Ltd, a group engaged by the Company in a
consulting capacity.
Mr D’Silva has sufficient experience that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012
Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
Mr D’Silva consents to the inclusion in the report of the matters based on his information in the form and context
in which it appears.
The Company confirms that it is not aware of any new information or data that materially affects the information
included in the Mineral Resource Estimate dated 9 March 2022 as announced to the ASX on that date and which
is available at www.greenvalemining.com. The Company confirms that in relation to the Alpha Torbanite Project
Mineral Resource Estimate, all material assumptions and technical parameters underpinning the estimate
continue to apply and have not materially changed when referring to its resource announcement made on 9
March 2022.
Figure 3: Executive Director and General Manager of the Alpha Torbanite Project, Mark Turner, inspecting
drill core at Stratum Reservoir Lab.
8| G R V – ANNUAL REPORT 2022
REVIEW OF OPERATIONS
Geothermal Projects
During the year, Greenvale began investigating several renewable energy solutions for offsetting at the Alpha
in nature, better
Project. The Company evaluated geothermal power as being truly dispatchable
environmentally, possessing a potentially smaller physical footprint and enjoying a longer plant life when
compared to other renewable energy alternatives.
to
the
in 2021, as part of the
Late
renewable energy preliminary
investigations,
Company
the Queensland
applied
Department of Natural Resources
Mines and Energy
four
geothermal licences. On the 16th
of
the Company
additional
three
announced
geothermal applications in the
exciting Millungera Basin region
in North-West Queensland.
June 2022,
for
The Millungera applications are
located approximately 120km
east of Mount Isa within the
North-West Minerals Province.
They lie in the catchment of the
$1.7 billion CopperString 2.0
project, which will
connect
remote parts of north-western
Queensland to existing power
infrastructure in Townsville.
of
the most
Not only is the Millungera Basin
one
highly
prospective areas geologically in
Australia for the discovery of a
potential geothermal resource,
is also of
but
considerable
and
economic importance given the
emerging
to
proximity
infrastructure and the North-West
Minerals Province.
the area
strategic
Figure 4: Simplified map of northwest Queensland showing the interpreted
subsurface distribution of the Millungera Basin. Also shown are Geoscience
Australia and industry seismic lines, as well as key historic drillholes.
The targeted heat source for the Millungera Basin is high heat-producing intrusives underlying the basin. Granitic
bodies have been inferred from geophysical data to underlie the Millungera Basin and are possible Williams
Supersuite equivalents.
The plutons of the Williams Supersuite exhibit a high response on ternary radiometric images, and geochemical
analysis has shown them to be enriched in Uranium, Thorium and Potassium.
9| G R V – ANNUAL REPORT 2022
REVIEW OF OPERATIONS
Currently, in Australia, there are six major regions of geothermal activity: the Cooper Basin, South Australian
Heat Flow Anomaly (SAHFA), the Otway Basin, the Gippsland Basin, the Tasmania Basin and the northern Perth
Basin, as summarised below in Table 1. The heat flow value of 113.0 ±2.9mW/m2 from the Millungera Basin
exceeds maximum heat flow averages through all established geothermal fields determined in Australia to date.
Table 3: Heat flow values calculated for Australian geothermal fields (Global Heat Flow Database)
Prospective Area
Avg. Heat
Flow
(mW/m2)
Standard
Deviation
Minimum
Value
Maximum
Value
Count
Cooper Basin
SAHFA
Otway Basin
Gippsland Basin
Eastern Tasmania
Northern Perth Basin
Source: University of North Dakota, 2011
102
102
73
103
85
57
13
43
17
-
14
12
67
50
50
-
48
47
140
275
123
-
118
73
40
39
31
1
40
5
The geological profile of the Millungera Basin fits with the Company’s geothermal strategy to exploit shallower,
lower temperature sources utilising Binary Cycle technology. Binary Cycle systems have the ability to generate
geothermal power at lower temperatures via the use of a heat exchange process operating a turbine in a closed
loop.
Where appropriate, Greenvale has also applied for the corresponding mineral tenements over the new proposed
project areas and will assess the geothermal brine for a full suite of metals, including as a potential source of
lithium.
Upon grant of the EPG applications, the Company plans to commence a geothermal exploration drill program
within the Millungera Basin. The program will target depths in the region of 2km and a modelled temperature
range of 90-150°C. The priority of the drilling program will be to determine the stratigraphic and lithological
properties of the Millungera Basin. A heat flow profile across the entire well section will be produced, along with
an investigation of the initial producibility of the penetrated formations.
Management believes that, in the near term, the Company’s geothermal assets will allow for the offsetting of
development and production at Alpha. However, in the longer term, Greenvale’s geothermal capabilities could
potentially present a considerable opportunity and allow Greenvale to become a significant player in the
renewable energy sector within Queensland.
On the 1st of June 2022, the Company announced the strategic acquisition of a 51% stake in privately held
geothermal energy company Within Energy Pty Ltd (“Within Energy”), with the view of fast-tracking the
development of its geothermal assets. Established in 2021, Within Energy is an emerging participant in the
Australian green energy market, focused on establishing geothermal energy production in Queensland and
across Australia. On the 9th of August 2022, post the balance date of this report, it was announced to the market
that the proposed acquisition of Within Energy was discontinued by mutual agreement. During an extensive due
diligence period, both parties determined the proposed transaction will not deliver the benefits originally
envisaged.
10| G R V – ANNUAL REPORT 2022
REVIEW OF OPERATIONS
Georgina Basin IOCG Project, East Tenant Creek, Northern Territory
Over the course of the year, significant headway was made on the ground at Georgina with the commencement
of the Company’s maiden drill program for the area. The program saw the completion of three diamond core
holes for a total depth of approximately 2,250m. The campaign’s success was variable. However, the findings
from the program have been invaluable in expanding the Company’s technical understanding of the region and
its geology.
The geochemical, petrographic and geophysical information garnered from the Company’s first drill program at
Georgina will aid in future drill program planning and target identification. This more targeted approach will
undoubtedly aid in the success of the Company’s future exploration programs.
Figure 5: Georgina Basin –Greenvale’s strategic exploration footprint and neighbouring tenements.
11| G R V – ANNUAL REPORT 2022
REVIEW OF OPERATIONS
Table 4: Georgina Basin Drill Hole Details
Hole ID
East (MGA)
North (MGA)
Elevation
Azimuth
Dip
Depth (m)
KNRDD002 (Twin Peaks – West)
506771
7825392
250
170°
-61.5°
796.6m
KNRDD004 (Twin Peaks – East)
509608
7825960
251
160°
-61.5°
900.9m
KNXBA001RDD (Banks)
588116
7809650
225
127°
-75°
550m
KNRDD002 – Twin Peaks (West)
Completed in late 2021, KNRDD002 was the first hole investigated at the Company’s Twin Peaks dual
coincidental magnetic and gravity anomalies. The diamond core hole
intersected a sequence of
metasedimentary rocks and breccias through the target area, with hematite(-talc), hematite-quartz-chlorite and
sericite alteration observed, in line with expectations.
The rock types observed are consistent with the regionally important Warramunga Formation, and the alteration
observed is similar to the oxidised end-member Tennant Creek-style IOCG deposits. Oxidised end-member
Tennant Creek deposits, such as Nobles Nob and Eldorado, tend to be sulphur-poor and hematite-rich, with
oxidation of magnetite to hematite
Consistent with the Tennant Creek deposit model, drill-hole KNRDD002 showed strong hematitic alteration,
chlorite alteration and minimal magnetite, with no significant sulphide minerals observed.
In addition, trace native copper was observed on a slickenside shear (a slickenside is caused by frictional
movement between rocks along the sides of a fault) at approximately 732.5m down-hole, which may indicate
the presence of metals within fluids responsible for the observed alteration. As a result of observed veining and
alteration intersected in the drill core from 720m, the hole was extended by approximately 80m beyond its
designed depth to further evaluate the alterations observed.
As announced to the market on the 30th March 2022, assay results from diamond drill-hole KNRDD002 returned
a broad zone of anomalous geochemistry, variously including bismuth, silver, and uranium, from 758m down-
hole (approx. 650m vertically) to the end-of-hole depth at 796.6m, centring around an anomalous zone of gold
from 774-790m down-hole. In addition, copper mineralisation was identified in the hole with the three best one-
metre intersections grading 0.19%, 0.16% and 0.20% Cu from 669m, 709m and 712m, respectively.
Based on the results from petrographic microscopy of thin sections from KNRDD002, released to the market on
the 30th March 2022, it is believed the hole has largely intersected fine-grained alkali basaltic volcanics,
autobreccias and hyaloclastites, with lesser sandstone conglomerates. These rocks display alteration of chlorite,
sericite and alteration of magnetite to hematite, as previously interpreted, but also smectite and iron oxy-
hydroxide alteration.
While the geochemical results were initial deemed encouraging and in line with expectations, the petrographic
properties of the samples contravened previously held lines of thought. Observations of the core samples
appeared to indicate that the holes intersected metasediments and associated breccias.
It is hypothesised that the Twin Peaks’ coincident gravity and magnetic anomalies may be conceptually explained
by the presence of alkali basaltic rocks. However, it should be noted that the measured magnetic susceptibility
of the drill samples does not explain the magnetic anomaly entirely.
12| G R V – ANNUAL REPORT 2022
REVIEW OF OPERATIONS
KNRDD004 – Twin Peaks (East)
The second of two holes (KNRDD004) at the prospective Twin Peaks coincidental gravity and magnetic anomalies
was drilled to a total depth of 900.9m, intersecting basement rocks at 680.46m downhole (approximately 600m
vertically below the surface) comprising hematite and chlorite altered metasedimentary rocks and breccias.
KNRDD004 was extended significantly beyond its design depth of 750m, due to the prospective nature of
strongly hematite-altered rocks intersected. Following completion, the hole was cased with 50mm PVC ahead
of downhole geophysical surveying.
KNRDD004 intersected a zone of low-level copper-bismuth-molybdenum anomalism from 843.17m – 862m
down-hole (approx. 669m vertically), however, this zone occurs within a more felsic (low in iron-bearing
minerals) breccia which appears to be geochemically distinct from the intersections in hole KNRDD002.
Geophysical inversion modelling of previously acquired magnetic and gravity geophysical data covering part of
EL32295, along with the interpretation of the assay results from KNRDD002 & KNRDD004 led to a re-
prioritisation of the Company’s central tenements, particularly EL32295.
Figure 6: Drilling at the Georgina Basin IOCG Project, East Tennant Creek NT
13| G R V – ANNUAL REPORT 2022
REVIEW OF OPERATIONS
KNXBA001RDD – Banks
As reported on the 29th June 2022, the Company completed the first hole of the expanded field program at the
Company’s Banks target (KNXBA001RDD). The hole formed part of a significantly expanded drill program
announced at the start of 2022 covering multiple targets across the Company’s central tenement, EL32295.
Geophysical inversion modelling of previously acquired magnetic and gravity geophysical data covering part of
EL32295, together with the interpretation of recently received assay results from initial drilling at the Twin Peak
targets last year, led to a re-prioritisation of the Company’s central tenements, particularly two targets within
EL32295 – Leichhardt and Banks.
The Banks prospect overlies a near-coincident moderately magnetic and dense body to the north of a significant
north-east trending fault. The target area lies proximal to potential sub-surface granite interpreted at depth to
the southeast.
KNXBA001RDD was drilled to a total depth of 550m, with the hole intersecting Georgina basin limestone and
Helen Springs’ volcanics above a depth of 267.3m and Paleoproterozoic basement metasedimentary rocks
through to the end-of-hole. Basement rocks intersected micaceous meta-sediments, foliated, folded and
brecciated, with variably patchy to pervasive hematite alteration.
Other alteration recorded in preliminary logging includes sericite, K-spar and chlorite, all of which have been
observed in association with IOCG systems. Trace chalcopyrite (copper mineral) was observed in quartz,
carbonate, hematite, chalcopyrite-pyrite veinlets at 303.4m down-hole, indicating the presence of copper as
part of the system.
Early interpretations of the alteration and mineralogy intersected in KNXBA001RDD indicate that a hydrothermal
system may have been intersected. With the completion of the first Banks hole (KNXBA001RDD), drilling then
commenced at Leichhardt West, targeting a remnant magnetic high adjacent to an elevated gravity anomaly.
Figure 7: Overlay of Interpreted Gravity on Mawson, Banks & Leichhardt Magnetic Anomalies
14| G R V – ANNUAL REPORT 2022
REVIEW OF OPERATIONS
During the year, Greenvale’s 100%-owned subsidiary Knox Resources Pty Ltd, which holds the Georgina Project,
was awarded two co-funding grants by the NT Geological Survey, under round 15 of the Geophysics and Drilling
Collaborations program, for a combined maximum grant value of $253k:
1. Geophysical gravity and passive seismic surveying at the eastern area Ranken tenements – $82,413
(50% of eligible survey costs); and
2. Deep diamond drill hole at Leichhardt East – $171,050 (50% of eligible drilling costs).
On the 1st June 2022, Greenvale announced a shift in strategic direction for the Company and as such the Board
believes the Georgina Basin IOCG Project no longer fits within GRV’s asset profile.
The Company, therefore, agreed in principle to an offer from diversified international exploration company Astro
Resources NL (‘Astro’; ASX: ARO) to take an 80% stake in the Georgina Basin Project.
Greenvale will receive 1,150,000,000 (1.15 billion) fully paid ordinary Astro shares for the 80% stake in Knox
Resources Pty Ltd, the owner of the Georgina Basin IOCG Project. Of the Astro shares received, 80% will be
subject to escrow restrictions as stated in the announcement dated 1 June 2022. The offer represents
approximately 19.7% of Astro’s existing issued capital.
Additionally, GRV will also retain a 2% net smelter royalty for all future IOCG production from the existing Knox
tenements.
Greenvale will preserve a 20% shareholding in Knox and will be required to contribute to the funding of Knox on
a pro-rata basis. The Company will grant Astro the right to acquire the remaining 20% interest for shares or cash
(at the election of Astro) for a period of two years following the completion of the initial acquisition.
The value of the acquisition is to be based on an independent valuation to be commissioned by Astro and
Greenvale. The structure of this transaction ensures that Greenvale shareholders retain exposure to any future
upside potential at Georgina Basin whilst allowing Greenvale to focus its efforts on the development of the Alpha
Torbanite Project and the pursuit of commercially exploitable sources of geothermal energy.
Competent Persons Statements – Georgina Basin Project
The information in this report that relates to Exploration Results is based on information compiled by Mr
Matthew Healy, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy
(AusIMM Member number 303597).
Mr Healy is a full-time employee of the company and is eligible to participate in a performance rights incentive
plan of the Company.
Mr Healy has sufficient experience that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012
Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
Mr Healy consents to the inclusion in the report of the matters based on his information in the form and context
in which it appears.
15| G R V – ANNUAL REPORT 2022
DIRECTORS’ REPORT
The Directors present this report and the audited financial statements of Greenvale Mining Limited (“GRV”,
“Greenvale” or the “Company”) and its controlled entities (“Group”) for the year ended 30 June 2022.
DIRECTORS
The following persons held office as directors during the financial year and to the date of this report. Directors
were in office for the entire period and to the date of this report unless otherwise stated:
Name and
Qualifications
Tony Leibowitz
Chartered Accountant
(FCA)
Non-Executive
Chairman
Experience, special responsibilities and other directorships in listed entities.
Experience
Mr. Leibowitz has over 30 years of corporate finance, investment banking and
broad commercial experience and has a proven track record record of providing
the necessary skills and guidance to assist companies grow and generate sustained
shareholder value.
Previous roles include Chandler Macleod Limited and Pilbara Minerals Limited,
where as Chairman and an early investor in both companies, he was responsible
for substantial increases in shareholder value and returns. Mr Leibowitz was a
global partner at PriceWaterhouseCoopers and is a Fellow of the Institute of
Chartered Accountants in Australia.
Special Responsibilities
None
Directorships held in other listed entities during the three years prior to the
current year
Bardoc Gold Limited, Ensurance Limited and Trek Metals Limited
Neil Biddle
B.AppSc(Geology),
MAusIMM
Experience
Mr Biddle is a geologist and Corporate Member of the Australian Institute of Mining
and Metallurgy and has over 30 years’ professional and management experience
in the exploration and mining industry.
Managing Director to
31 August 2022
Non-Executive Director
From 1 September
2022
Mr Biddle was a founding Director of Pilbara Minerals Limited, serving as Executive
Director from May 2013 to August 2016 and serving as Non-Executive Director from
August 2016 to 26 July 2017. Through his career, Mr Biddle has served on the Board
of several ASX listed companies, including Managing Director of TNG Ltd from
1998-2007, Border Gold NL from 1994-1998 and Consolidated Victorian Mines Ltd
from 1991-1994
Special Responsibilities
None
Directorships held in other listed entities during the three years prior to the
current year
Bardoc Gold Limited, Trek Metals Limited
16| G R V – ANNUAL REPORT 2022
DIRECTORS’ REPORT
Name and
Qualifications
Elias (Leo) Khouri
Non-Executive Director
Experience, special responsibilities and other directorships in listed entities.
Experience
Mr Khouri has been involved in international financial equity markets since 1987
through his involvement in a wide range of companies listed on the ASX, AIM, TSX,
NYSE, NASDAQ, and/or the Frankfurt Stock Exchange.
Through Mr Khouri’s extensive experience in the equity markets he has developed
expertise in the corporate finance, advisory, capital raisings, joint venture and
farm-in negotiations for both listed and unlisted companies.
Mr Khouri has provided advisory services to a number of companies across a
funds management,
breadth of
telecommunications, media and entertainment, and the mining industry.
from bio-technology,
industries ranging
Special Responsibilities
Member of Audit & Risk Committee
Directorships held in other listed entities during the three years prior to the
current year
None
Dagmar Parsons
Dipl. Ing.(Th), MBA,
GAICD
Experience
Mrs Parsons has more than 25 years’ experience in the mining and resources
industry across a range of functions, working in senior executive roles with Worley
Parsons, AECOM and Downer.
Non-Executive Director
(Resigned 17 August
2022)
As a Mechanical Engineer, she has developed an in-depth knowledge of
engineering, manufacturing, and service industry environments in the mining, oil
and gas, power and infrastructure sectors.
Special Responsibilities
Chair of Audit and Risk Committee
Directorships held in other listed entities during the three years prior to the
current year
Advanced Braking Technology Ltd
17| G R V – ANNUAL REPORT 2022
DIRECTORS’ REPORT
Name and
Qualifications
Mark Turner
B. Eng.(Hons)
Chief Executive Officer
(Appointed 1
September 2022)
(Previously appointed
Executive Director on
10 January 2022)
Experience, special responsibilities and other directorships in listed entities.
Experience
Mr. Turner is an engineer with over 20 years of energy experience and a proven
track record of major project delivery in the oil & gas, water, power, renewables
and nuclear industries. Mr. Turner is a project management specialist who is
ideally qualified to lead the technical development of the Alpha Project.
His expertise encompasses all project phases (from concept and feasibility study
to completion) and includes approvals, safety, engineering, procurement,
contracts, scope, scheduling, cost, quality, risk, reporting, construction and
commissioning. Across his career, Mr. Turner has held senior management and
executive positions with Jemena Ltd, Wood Group and WorleyParsons.
Alongside sitting on the Greenvale Board, Mr. Turner will also hold the role of
General Manager of the Alpha Project.
Special Responsibilities
None
Directorships held in other listed entities during the three years prior to the
current year
None
COMPANY SECRETARIES
Name and
Qualifications
Alan Boys
B.Com
Kurt Laney
B.Com., CA
Particulars
Mr. Boys has had a 37-year career as a Chartered Accountant including public
practice, financial consulting and public company directorships and provision of
company secretarial services.
He has been Company Secretary to a number of public companies in the minerals
exploration sector including Oklo Resources Ltd, Cashmere Iron Ltd and Pilbara
Minerals Limited
Mr Laney is an experienced Chartered Accountant specialising in the provision of
accounting, taxation, and corporate secretarial services. Mr Laney is an Associate
Director of Vince Fayad and Associates Pty Ltd, based in Sydney.
He is currently the joint Company Secretary and CFO of Polymetals Resources
Limited and Astro Resources NL. He has also previously provided accounting and
taxation services to the Company for a period of approximately four years.
CORPORATE GOVERNANCE
The directors of the Group support and adhere to the principles of corporate governance, recognizing the need
for the highest standard of corporate behaviour and accountability. During the year, the Group adopted a
revised Corporate Governance Plan considering the 4th edition of the Corporate Governance Principles and
Recommendations. Please refer to the Corporate Governance Statement on the Company’s website
https://greenvalemining.com/corporate/governance-policies/
PRINCIPAL ACTIVITIES
The principal activities of the Group during the 2021/22 financial year were to actively explore its minerals
development properties and to commence evaluation of possible mining and production of the Alpha Torbanite
project.
18| G R V – ANNUAL REPORT 2022
DIRECTORS’ REPORT
RESULT AND REVIEW OF OPERATIONS
The loss for the Group after income tax for the year amounted to $7,253,059 (2021: Loss of $1,059,866) and the
net assets of the Group at 30 June 2022 was $12,728,000 (2021: $13,274,634).
FINANCIAL POSITION
During the year, the Group’s net cash position declined from $9,854,270 to $4,342,113 as it pursued its active
exploration program. The Company is continually monitoring its outlays and is actively examining opportunities
to secure additional funding to meet its ongoing obligations and continue its exploration and project evaluation
programs. It has recently received two proposals to provide funding for its activities, which are being actively
pursued.
Subject to disclosures elsewhere in this report, the Directors believe the Group is in a stable financial position to
continue to explore and evaluate its projects.
DIVIDENDS
The Directors do not recommend the payment of a dividend and no amount has been paid or declared by way
of a dividend at the date of printing this Report.
EVENTS SUBSEQUENT TO REPORTING DATE
On 4 August 2022, the Company issued 333,333 vested Class 6 Performance Rights with an expiry date of
18/7/2025 (GRVAS), to an employee of the Company. On 11 August 2022, following the exercise of these
Performance Rights, 333,333 Ordinary shares in the Company were issued for nil consideration.
On 9 August 2022, the Company announced that the proposed conditional acquisition of Within Energy Pty Ltd,
originally announced on 1 June 2022, had been discontinued by mutual agreement.
On 17 August 2022, Mrs. Dagmar Parsons resigned as a Director of the Company. In accordance with the terms
of the Company’s Incentive Performance Rights and Option Plan, the 2,000,000 Class 4 Performance Rights
(GRVAR) subsequently lapsed.
On 26 August 2022, Mr Kurt Laney was appointed Joint Company Secretary.
On 31 August 2022, Mr. Neil Biddle stood down as Managing Director however remains a Non-Executive Director
of the Company. Concurrently, Executive Director Mr. Mark Turner was appointed Chief Executive Officer of the
Company.
On 19 September 2022, the Company entered the definitive agreements for the conditional sale of 80% of the
issued capital held by it in wholly owned subsidiary Knox Resources Pty Ltd. Originally announced to the ASX on
1 June 2022, the material terms of the agreement are unchanged and are consistent with the terms set out on
page 15 of this report.
On 28 September 2022, the Company announced a Share Purchase Plan to raise up to $2.4m by the issue of up
to 40,000,000 shares to eligible subscribers at $0.06 per share. The Plan is not underwritten.
Other than the above, there has not been any other matter or circumstance occurring subsequent to the end of
the financial year, that has significantly affected or may significantly affected or may significantly affect the
operations of the Group, the results of those operations, or state of affairs of the Group in future financial years.
19| G R V – ANNUAL REPORT 2022
DIRECTORS’ REPORT
DIRECTORS’ MEETINGS
The directors had eight (8) meetings during the year. The following table shows their attendance at Board
Meetings:
Name
Tony Leibowitz
Neil Biddle
Elias Khouri
Dagmar Parsons
Mark Turner
No. of meetings attended
8
8
8
8
3
Eligible to attend
8
8
8
8
4
BOARD COMMITTEES
During the year the Company established and Audit and Risk Committee.
The Audit and Risk Committee met twice and the attendance by directors was as follows:
Name
Elias Khouri
Dagmar Parsons
No. of meetings attended
2
2
Eligible to attend
2
2
Given its size and composition, the board considers that the in the year under review, no efficiencies or other
benefits would be gained by establishing a Remuneration or Nomination Committee. To assist the board to fulfill
its function, it has adopted charters for each of these committees, In accordance with the Company’s Board
Charter. The board carries out the duties that would ordinarily be carried out by the Remuneration and
Nominations Committees under the Charters in place for each of these.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
Other than detailed elsewhere in this report, there were no other significant changes in the nature of the
consolidated Groups principal activities during the financial year.
Further information on the financial performance of the Company is included in the Review of Operations.
ENVIRONMENTAL REGULATIONS
The Group’s mineral exploration activities are subject to environmental regulations under Commonwealth and
State legislation. The Group is not aware of any activity that has taken place on the leases which would give rise
to any environmental issue. The consolidated group entity is not aware of any instances of non-compliance with
the legislative requirements during the period covered by this report.
LIKELY DEVELOPMENTS
Likely developments, future prospects and business strategies of the operations of the Group and the expected
results of those operations have not been included in this Report as the Directors believe, on reasonable
grounds, that the inclusion of such information would be likely to result in unreasonable prejudice to the Group.
ENVIRONMENTAL ISSUES
The Group is aware of its environmental obligations with regards to its exploration activities and ensures that it
complies with all regulations when carrying out its exploration work.
The Directors of the Group are not aware of any breach of environmental legislation for the year under review.
20| G R V – ANNUAL REPORT 2022
DIRECTORS’ REPORT
INDEMNIFICATION AND INSURANCE OF OFFICERS AND AUDITORS
The Group has not agreed to indemnify any Director, officer or auditor against liabilities that may arise from
their position as director, officer or auditor except as follows:
Payment of premiums based on normal commercial terms and conditions to insure all Directors, offices and
employees of the Company against the cost and expenses in defending claims against the individual while
performing services for the Company: and,
Reasonable costs and associated expenses which is to do with any reasonable claim whilst performing their
duties against each Director.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied for leave of court to bring proceedings on behalf of the Company or intervene in any
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company
or any part of those proceedings.
The Group was not a party to any such proceedings during the year.
NON-AUDIT SERVICES
The Group may decide to employ the auditor on assignments additional to their statutory audit duties where
the auditor’s expertise and experience with the Company and/or Group is important. Should the Group engage
the auditor for non-audit related services, the provision of the non-audit services is compatible with the general
standard of independence for the auditors as imposed by the Corporations Act 2001.
During the financial year ended 30 June 2022, the Group’s auditors RSM Australia Partners were not engaged to
provide any non-audit services.
OFFICERS OF THE COMPANY WHO ARE FORMER PARTNERS OF RSM AUSTRALIA PARTNERS
There are no officers of the company who are former partners of RSM Australia Partners.
21| G R V – ANNUAL REPORT 2022
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
This report details the background, policy and amount of remuneration for each key management person of
Greenvale Mining Limited.
Remuneration Policy and Governance
The Board of Directors is responsible for determining and reviewing compensation arrangements for the
directors and the senior management. The Board assesses the appropriateness of the nature and amount of
remuneration of non-executive directors and executives on a periodic basis by reference to relevant
employment market conditions. The Company recognizes that it operates in a competitive environment and to
operate effectively, it must be able to attract, motivate and retain key personnel. The compensation structures
are designed to attract suitably qualified candidates, reward the achievement of strategic objectives and to
achieve the broader outcome of creation of value for shareholders. The compensation structures take into
account:
•
•
•
•
The capability and experience of the key management personnel;
Size of the Group;
The key management personnel’s ability to control the performance; and,
The group’s exploration success and results of project development.
The Board policy is to remunerate Non-Executive Directors at market rates for time, commitment and
responsibilities. Directors may also provide consultancy services to the Company and are paid at market rates.
Non-Executive Directors may also receive superannuation guarantee contributions mandated by the
government which was 10% (2021: 9.5%) and do not receive any other retirement benefits.
On 23rd March 2021, shareholders approved an Incentive Performance Rights and Option Plan (“Plan”) and the
participation by Directors in that Plan. Key management personnel and other employees are also entitled to
participate in the Plan. Any rights or options issued are valued using standard valuation techniques such as
Binomial and Black Scholes methodology.
The objectives of the Plan are to reward Directors and senior management in a manner that aligns remuneration
with creation of shareholder wealth. The amounts disclosed as part of remuneration for the financial year have
been determined by allocating the grant date fair value based on the probability of the vesting conditions being
achieved over the life of the rights or options.
The board has not taken independent advice on the appropriateness of compensation packages but as the
company’s number of employees expands, it will take independent advice as required.
Company Performance, Shareholder Wealth and Director and Executive Remuneration
The remuneration policy has been tailored to increase goal congruence between Shareholders, Directors and
Executives. Over time the remuneration package of key management personnel will consist of a performance-
based component consisting of the issue of performance rights to encourage the alignment of management and
Shareholders’ interests. The Board determines appropriate option or performance rights vesting conditions that
includes specific milestones and/or a premium over the prevailing share price to provide rewards over a period
of time. During the year the Company’s share price decreased from $0.34 at 30 June 2021 to $0.17 at 30 June
2022.
22| G R V – ANNUAL REPORT 2022
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED) (continued)
A summary of the operating losses and share prices at year end for the last five years are as follows:
Net loss
Share price at year end
Loss per share
2018
($425,941)
$0.02
($0.0046)
2019
($423,929)
$0.02
($0.0045)
2020
($494,626)
$0.031
($0.0051)
2021
($1,059,866)
$0.34
($0.0034)
2022
($7,253,059)
$0.17
($0.0183)
The policy has been deemed by the Board to be the most appropriate performance-based compensation method
for a company in the minerals exploration industry and undertaking studies to transition from explorer to
producer.
Key Management Personnel
The remuneration structure for key management personnel/Directors is based on a number of factors including
length of service, particular experience of the individual concerned and the requirements and overall
performance of the Company.
All non-executive directors have letters of appointment with standard terms and conditions.
Mr Neil Biddle was appointed as an Executive Director of the Company on 7 September 2020 and on 1 January
2021 was appointed as Managing Director. The contract as Managing Director was for a term of 12 months with
extension by mutual agreement. The contract may be terminated by one month’s prior notice by Mr. Biddle or
the Company or a shorter term by mutual agreement. This contract provides for a fixed monthly remuneration
of $25,000 per calendar month inclusive of superannuation and any other statutory entitlements. On 31 August
Mr Biddle stood down as Manager Director however, remains a non-executive Director of the Company.
Mr Matthew Healy was appointed as Chief Executive Officer of the company on 1 September 2021. His contract
provides for an annual remuneration of $300,000 plus superannuation with standard terms and conditions. Mr
Healy was granted 5,000,000 performance rights on 13 October 2021. On 31 August 2022, Mr Healy stood down
as Chief Executive Officer and assumed the role of General Manager of the Georgina Basin project pending
completion of the sale of the majority interest in Knox Resources Pty Ltd.
Mr Mark Turner was appointed as an executive Director on 10 January 2022. His contract provides for an annual
remuneration of $350,000 including superannuation with standard terms and conditions. Mr Turner received a
sign on bonus of $80,000, and upon completion of 12 months service will be receive another $80,000. In
accordance with his contract and subject to shareholder approval, performance rights will be granted to Mr
Turner. On 1 September Mr Turner was appointed as Chief Executive Officer of the Company.
Key management personnel have no entitlement to termination payments in the event of removal for
misconduct.
Fixed compensation consists of consists of base compensation (which is calculated on a total cost basis and
includes any FBT charges relating to employee benefits), as well as employer contribution to superannuation
funds. Compensation levels are reviewed regularly by the Board through a process that considers individual
performance against agreed key performance indicators and the overall performance and exploration success
of the Group.
23| G R V – ANNUAL REPORT 2022
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED) (continued)
With respect to long-term incentives, in March 2021, the Company established an Employee Performance Rights
and Option Plan. It provides for key management personnel, consultants and staff to receive performance rights
and /or options over ordinary shares. Any performance rights or options issued to Directors require prior
approval by shareholders.
The board will determine the proportion of fixed and variable compensation for each director and key
management personnel. The total fair value of the Performance Rights is calculated at the grant date and
amounts are allocated to remuneration over the vesting period as applicable.
The following table sets out the remuneration for the Directors and key management expensed during the 2022
financial year:
2022
Fixed remuneration
Variable remuneration
Salaries/
Director/
Consulting
Fees
$
172,500
276,432
82,500
60,5001
236,7392
250,0003
1,078,671
Super
Total
$
-
23,568
-
6,050
11,784
19,640
61,042
$
172,500
300,000
82,500
66,550
248,523
269,640
1,139,713
Perform.
Rights
$
1,190,000
763,049
714,000
323,206
-
756,139
3,746,394
Total
$
1,362,500
1,063,049
796,500
389,756
248,523
1,025,779
4,886,107
Value of
rights as %
of
Total
%
87.3%
71.8%
89.6%
82.9%
-
73.7%
76.7%
Tony Leibowitz
Neil Biddle
Elias Khouri
Dagmar Parsons
Mark Turner
Matthew Healy
Total
Note 1: Resigned 17 August 2022
Note 2: Appointed 10 January 2022
Note 3: Appointed 1 September 2021
2021
Fixed remuneration
Variable remuneration
Salaries/
Director/
Consulting
Fees
$
97,667
199,153
204,0001
-
179,3251
6,700
-
(36,774)2
(33,774)2
616,297
Super
Total
$
-
10,846
-
-
-
-
-
-
-
10,846
$
97,667
209,999
204,000
-
179,325
6,700
-
(36,774)
(33,774)
627,143
Perform.
Rights
$
1,121,451
-
-
-
-
-
-
-
1,121,451
Total
$
97,667
1,331,450
204,000
-
179,325
6,700
-
(36,774)
(33,774)
1,748,594
Value of
rights as %
of
Total
%
-
84.2%
-
-
-
-
-
-
-
64.1%
Tony Leibowitz
Neil Biddle
Elias Khouri
Dagmar Parsons
Vincent Fayad
Steven Gemell
Julian Gosse
Justin Dibb
Phillip Shamieh
Total
Note 1: Includes bonus of $150,000 approved at General Meeting held on 10/8/2020
Note 2: Represents over-accrual in prior years of directors’ fees to former directors.
24| G R V – ANNUAL REPORT 2022
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED) (continued)
Performance Rights
The Performance Rights granted are to incentivize the personnel to work towards and provide rewards for
achieving increases in the Company’s value as determined by the underlying exploration and feasibility results,
market price of its shares and length of tenure with the Company. The Company has the following Performance
Rights issued to Directors, executives, staff and consultants in existence during the current and prior reporting
periods.
Class Grant Date
Expiry
Date
Number
Performance Rights 2022
Vested
during
year
Rights
Exercised
Rights
Expired
Rights
Vested at
30/6/22
1
2
2
3
41
5
23/03/2021 22/03/2024 15,000,000 15,000,000
12/10/2025
6/08/2021
15/07/2021 12/10/2025
3/08/2024
4/08/2021
6/12/2025
7/12/2021
6/12/2024
7/12/2021
-
-
-
-
-
-
Note 1: Dagmar Parson resigned on 17 August 2022, rights will lapse after that date
1,800,000
5,000,000
3,000,000
2,000,000
8,000,000
-
-
-
-
-
-
-
-
-
-
-
15,000,000
-
-
-
-
-
Rights
Unvested
at
30/6/2022
-
1,800,000
5,000,000
3,000,000
2,000,000
8,000,000
Class Grant Date
Expiry
Date
Number
Performance Rights 2021
Vested
during
year
Rights
Exercised
Rights
Expired
1
23/03/2021 22/03/2024 15,000,000
-
-
-
Rights
Vested
at
30/6/21
-
Rights
Unvested
at
30/6/2021
15,000,000
A valuation of the Performance Rights issued during the year was undertaken with the following factors and
assumptions being used to determine the fair value of each right on the grant date. In line with good practice a
revision of the probabilities is taken at each reporting date. Any changes are reflected in the valuation of the
Performance Rights over the vesting period.
Grant Date
Number
23/3/2021
5,000,000
Expiry Date
Class 1 A Performance Rights
Valuation prior
to
Probability
$664,500
22/3/2024
Probability
Valuation
right
per
100%
$0.1329
Vesting Conditions
The 30-day VWAP being greater than 20 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
25| G R V – ANNUAL REPORT 2022
REMUNERATION REPORT (AUDITED) (continued)
Grant Date
Number
23/3/2021
5,000,000
Expiry Date
Class 1 B Performance Rights
Valuation prior
to
Probability
$641,500
22/3/2024
DIRECTORS’ REPORT
Probability
Valuation per
right
100%
$0.1283
Vesting Conditions
The 30-day VWAP being greater than 30 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
Grant Date
Number
23/3/2021
5,000,000
Expiry Date
Class 1 C Performance Rights
Valuation prior
to
Probability
$578,500
22/3/2024
Probability
Valuation per
right
100%
$0.1157
Vesting Conditions
The 30-day VWAP being greater than 40 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
Grant Date
Number
15/07/2021
6/08/2021
1,666,666
600,000
Expiry Date
Class 2 A Performance Rights
Valuation prior
to
Probability
$509,833
$278,040
12/10/2025
12/10/2025
Probability
Valuation per
right
100%
100%
$0.3059
$0.4634
Vesting Conditions
The 30-day VWAP being greater than 50 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
Grant Date
Number
15/07/2021
6/08/2021
1,666,666
600,000
Expiry Date
Class 2 B Performance Rights
Valuation prior
to
Probability
$494,833
$275,280
12/10/2025
12/10/2025
Probability
Valuation per
right
100%
100%
$0.2969
$0.4588
Vesting Conditions
The 30-day VWAP being greater than 60 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 24 months.
26| G R V – ANNUAL REPORT 2022
REMUNERATION REPORT (AUDITED) (continued)
Grant Date
Number
15/07/2021
6/08/2021
1,666,666
600,000
Expiry Date
Class 2 C Performance Rights
Valuation prior
to
Probability
$460,833
$270,000
12/10/2025
12/10/2025
DIRECTORS’ REPORT
Probability
Valuation per
right
100%
100%
$0.2765
$0.4500
Vesting Conditions
The 30-day VWAP being greater than 70 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 36 months.
Grant Date
Number
4/08/2021
1,500,000
Expiry Date
Class 3 A Performance Rights
Valuation prior
to
Probability
$759,000
3/08/2024
Probability
Valuation
right
per
100%
$0.5060
Vesting Conditions
The 30-day VWAP being greater than 50 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
Grant Date
Number
4/08/2021
1,500,000
Expiry Date
Class 3 B Performance Rights
Valuation prior
to
Probability
$733,200
3/08/2024
Probability
Valuation per
right
100%
$0.4888
Vesting Conditions
The 30-day VWAP being greater than 60 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
Grant Date
Number
7/12/2021
1,000,000
Expiry Date
Class 4 A Performance Rights
Valuation prior
to
Probability
$242,800
6/12/2025
Probability
Valuation
right
per
100%
$0.2428
Vesting Conditions
The 30-day VWAP being greater than 50 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
27| G R V – ANNUAL REPORT 2022
REMUNERATION REPORT (AUDITED) (continued)
Grant Date
Number
7/12/2021
1,000,000
Expiry Date
Class 4 B Performance Rights
Valuation prior
to
Probability
$233,200
6/12/2025
DIRECTORS’ REPORT
Probability
Valuation per
right
100%
$0.2332
Vesting Conditions
The 30-day VWAP being greater than 50 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 24 months.
Grant Date
Number
7/12/2021
4,000,000
Expiry Date
Class 5 A Performance Rights
Valuation prior
to
Probability
$971,200
6/12/2024
Probability
Valuation
right
per
100%
$0.2428
Vesting Conditions
The 30-day VWAP being greater than 50 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
Grant Date
Number
7/12/2021
4,000,000
Expiry Date
Class 5 B Performance Rights
Valuation prior
to
Probability
$932,800
6/12/2024
Probability
Valuation per
right
100%
$0.2332
Vesting Conditions
The 30-day VWAP being greater than 60 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
28| G R V – ANNUAL REPORT 2022
REMUNERATION REPORT (AUDITED) (continued)
KEY MANAGEMENT PERSONNEL EQUITY HOLDINGS
DIRECTORS’ REPORT
Number of Shares Held by Key Management Personnel:
The number of ordinary shares held by Key Management Personnel of the group during the financial year is as
follows:
2022
Balance
1 July 2021
Rights
received as
compensation
exercised
Net change
Other
Balance on
appointment
or resignation
Balance
30 June 2022
Directors
Tony Leibowitz
Neil Biddle
Elias Khouri
Dagmar Parsons3
Mark Turner1
Key Management
Matthew Healy2
22,763,358
28,039,387
41,879,789
-
-
-
-
-
-
-
-
1,015,777
-
51,000
-
-
92,682,534
Note1: Mark Turner was appointed as an Executive Director on 10 January 2022
Note2: Matthew Healy was appointed as Chief Executive Officer on 1 September 2021
Note 3: Dagmar Parsons resigned on 17 August 2022
-
1,216,777
-
-
-
-
-
-
-
-
-
22,763,358
29,055,164
41,879,789
51,000
-
-
93,749,311
2021
Balance
1 July 2020
Net change
Other
Balance on
appointment
or resignation
Balance
30 June 2021
15,202,631
27,207,606
Tony Leibowitz1
Neil Biddle1
Elias Khouri
Dagmar Parsons2
Vincent Fayad3
Stephen Gemell4
Julian Gosse5
-
-
21,419,388
-
1,156,057
-
6,337,882
28,913,327
Note1: Tony Leibowitz and Neil Biddle were appointed on 7 September 2020
Note2: Dagmar Parsons was appointed on 26 June 2021
Note3: Vincent Fayad retired on 27 November 2020 and the amount shown in the balance represents his holding at that date
Note4: Stephen Gemell resigned on 7 September 2020 and the amount shown in the balance represents his holding at that date
Note5: Julian Gosse resigned on 1 September 2020 and the amount shown in the balance represents his holding at that date
7,560,727
981,781
20,460,401
-
3,031,057
-
-
32,033,966
-
(4,187,114)
-
(6,337,882)
31,885,241
22,763,358
28,039,387
41,879,789
-
-
-
-
92,682,534
Rights
received as
compensation
exercised
-
-
-
-
-
-
-
-
29| G R V – ANNUAL REPORT 2022
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED) (continued)
Analysis of Performance Rights Held by Key Management Personnel
The number of Performance Rights Held by Key management personnel during the current and previous financial
years are as follows:
2022
Balance
1 July 2021
Granted as
compensation
Directors
Tony Leibowitz
Neil Biddle
Elias Khouri
Dagmar Parsons1
Mark Turner
Key Management
Matthew Healy
-
15,000,000
-
-
-
5,000,000
-
3,000,000
2,000,000
-
Vested
During the
year
-
15,000,000
-
-
-
Balance
30 June 2022
Vested and
exercisable
5,000,000
15,000,000
3,000,000
2,000,000
-
-
15,000,000
-
-
-
-
15,000,000
5,000,000
15,000,000
-
15,000,000
5,000,000
30,000,000
-
15,000,000
Note 1: Dagmar Parsons resigned on 17 August 2022 and performance rights have lapsed.
2021
Directors
Neil Biddle
Balance
1 July 2020
Granted as
compensation
Vested
During the
year
Balance
30 June 2021
Vested and
exercisable
-
15,000,000
-
15,000,000
-
Options Held by Key Management Personnel
No options were held by Key Management Personnel during the current or prior reporting periods.
Key Management Personnel Loans
At the date of this report there were no loans or interest payable to any Directors (2021: nil).
30| G R V – ANNUAL REPORT 2022
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED) (continued)
Related Party Transactions
Transactions between related parties are on normal commercial terms and conditions and no more favourable
than those available to other parties unless otherwise stated.
Key management person
Transaction
Description
Transaction Value
Year ended 30 June
Balance outstanding
As at 30 June
2022
$
2021
$
2022
$
2021
$
Mr. Leibowitz and Mr.
Biddle are directors of
Bardoc Gold Limited
Rentals and office
support services paid
to Bardoc Gold Limited
18,355
14,920
-
-
Kalonda Pty Ltd (company
associated with Mr.
Leibowitz)
Hatched Creek Pty Ltd
(company associated with
Mr. Biddle)
Mining Investments
Limited (company
associated with Mr.
Khouri)
Gemell Mining Services
Pty Ltd (company
associated with
Mr.Gemell)
Mr. Fayad –
Vince Fayad & Associates
Pty Ltd
Mr. Fayad –
Vince Fayad & Associates
Pty Ltd
Director’s fees
172,500
97,667
19,250
10,000
Director’s fees
-
60,000
Director’s fees
82,500
204,000
Director’s fees
Director’s fees
Provision of services
related to various
corporate matters
-
-
-
6,700
158,700
20,625
-
-
-
-
-
-
-
-
-
-
31| G R V – ANNUAL REPORT 2022
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED) (continued)
SHARE OPTIONS & PERFORMANCE RIGHTS
Unissued Shares under Option
No options were held by Key Management Personnel during the current or prior reporting periods.
Performance Rights
At the date of this report, the number of Performance Rights of the Company under issue are:
Grant Date
23/3/2021
15/07/2021
6/08/2021
4/08/2021
7/12/2021
Expiry Date
22/3/2024
12/10/2025
12/10/2025
3/08/2024
6/12/2024
Class
1
2
2
3
5
Number of Rights
15,000,000
5,000,000
1,800,000
3,000,000
8,000,000
32,800,000
End of Audited Remuneration Report.
CORPORATE GOVERNANCE STATEMENT
The Company’s Corporate Governance Statement is set out on the Company’s website at:
https://greenvalemining.com/corporate/governance-policies/
AUDITOR INDEPENDENCE
The Auditor’s independence declaration for the year ended 30 June 2022 has been received and can be found
on page 33.
Signed in accordance with a resolution of the Directors made pursuant to s298 (2) (a) of the Corporations Act
2001.
Neil Biddle
Director
Dated 30th September 2022
32| G R V – ANNUAL REPORT 2022
RSM Australia Partners
Level 13, 60 Castlereagh Street Sydney NSW 2000
GPO Box 5138 Sydney NSW 2001
T +61 (0) 2 8226 4500
F +61 (0) 2 8226 4501
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Greenvale Mining Limited and its controlled entities for the
year ended 30 June 2022, I declare that, to the best of my knowledge and belief, there have been no
contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA PARTNERS
Peter Kanellis
Partner
Sydney, NSW
Dated: 30 September 2022
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
33
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the
RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2022
Note
Consolidated
2022
$
Consolidated
2021
$
Continuing operations
Other income
Administrative expenses
Director emoluments
Share based payments expense
Impairment charges
LOSS BEFORE INCOME TAX FROM
CONTINUING OPERATIONS
Income tax benefit
Loss after income tax expense from continuing
operations
Profit after income tax expense from
discontinued operations
2
3
16
4
5
27
56,838
103,609
(1,041,761)
(591,932)
(5,668,076)
(54,454)
(465,162)
(601,672)
(1,121,451)
-
(7,299,385)
(2,084,676)
-
-
(7,299,385)
(2,084,676)
46,326
1,024,810
LOSS AFTER INCOME TAX FOR THE YEAR
(7,253,059)
(1,059,866)
OTHER COMPREHENSIVE INCOME
-
-
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
(7,253,059)
(1,059,866)
Loss for the year is attributable to:
Owners of Greenvale Mining Limited
Non-controlling interest
Total comprehensive loss for the year is
attributable to:
Continuing operations
Discontinued operations
Owners of Greenvale Mining Limited
(7,253,059)
-
(7,253,059)
(7,299,385)
46,326
(7,253,059)
(1,059,866)
-
(1,059,866)
(2,084,676)
1,024,810
(1,059,866)
27
Earnings per share for profit/loss from continuing operations attributable to the owners of Greenvale Mining
Limited:
(0.67)
Basic loss per share (cents)
7
(0.67)
7
Diluted loss per share (cents)
Earnings per share for profit from discontinued operations attributable to the owners of Greenvale Mining
Limited:
Basic loss per share (cents)
Diluted loss per share (cents)
Earnings per share for profit attributable to the owners of Greenvale Mining Limited:
(0.34)
Basic loss per share (cents)
7
Diluted loss per share (cents)
(0.34)
7
This consolidated statement of profit or loss and other comprehensive income should be read in conjunction
with the notes to the financial statements.
(1.84)
(1.84)
(1.83)
(1.83)
0.33
0.33
0.01
0.01
7
7
34| G R V – ANNUAL REPORT 2022
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
Financial
Note
19(b)
8
9
27
10
11
12
13
12
27
12
14
15
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other assets
Assets held for sale
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Exploration and evaluation
Plant and equipment
Right of use assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Lease liability
Liabilities directly associated with assets
classified as held for sale
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Lease liability
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
Consolidated
2022
$
Consolidated
2021
$
4,342,113
83,200
56,446
4,907,205
9,388,964
3,942,430
184,502
96,814
4,223,746
9,854,270
130,394
50,643
-
10,035,307
3,476,370
71,863
-
3,548,233
13,612,710
13,583,540
349,510
36,214
433,253
818,977
65,733
65,733
884,710
308,906
-
-
308,906
-
-
308,906
12,728,000
13,274,634
25,699,045
6,865,527
(19,836,572)
24,432,696
1,425,451
(12,583,513)
12,728,000
13,274,634
This consolidated statement of financial position should be read in conjunction with the notes to the financial
statements.
35| G R V – ANNUAL REPORT 2022
Equity
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
Issued
Capital
$
Reserves
$
Outside
equity
interests
$
Accumulated
Losses
$
Total
Equity
$
Balance as at 30 June 2020
13,289,480
Loss after income tax
expense for the year
Total comprehensive
income for the year
Transactions with owners in
their capacity as owners:
Contributions of equity, net
of transaction costs
Equity settled employee
payments expense
Issue of 2,000,000 options
exercisable at $0.05 expiring
1 December 2023
Transfer to Issued Capital
upon exercise of options
Issue of 4,000,000 options
exercisable at $0.35 expiring
29 April 2023
Reversal of minority interest
on disposal of subsidiary
company
Balance as at 30 June 2021
Loss after income tax
expense for the year
Total comprehensive
income for the year
Transactions with owners in
their capacity as owners:
Contributions of equity, net
of transaction costs
Equity settled share-based
payments expense
Transfer to Issued Capital
upon exercise of options
Balance as at 30 June 2022
-
-
-
-
-
-
10,989,216
-
-
1,121,451
154,000
154,000
(154,000)
-
304,000
587,543
(11,523,647)
2,353,376
-
-
-
-
-
-
-
(1,059,866)
(1,059,866)
(1,059,866)
(1,059,866)
-
-
-
-
-
10,989,216
1,121,451
154,000
-
304,000
-
24,432,696
-
1,425,451
(587,543)
-
-
(12,583,513)
(587,543)
13,274,634
-
-
1,038,349
-
-
-
-
5,668,076
228,000
25,699,045
(228,000)
6,865,527
-
-
-
-
-
-
(7,253,059)
(7,253,059)
(7,253,059)
(7,253,059)
-
-
1,038,349
5,668,076
-
(19,836,572)
-
12,728,000
This consolidated statement of changes in equity should be read in conjunction with the notes to the financial
statements
36| G R V – ANNUAL REPORT 2022
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2022
OPERATING ACTIVITIES
Interest received
Other income
Payments to suppliers and employees
Note
Consolidated
2022
$
10,158
100,330
(1,360,024)
NET CASH USED IN OPERATING ACTIVITIES
19(a)
(1,249,536)
Consolidated
2021
$
6,370
-
(1,323,061)
(1,316,691)
INVESTING ACTIVITIES
Payments for exploration expenditure
Proceeds from sale of interest in mining
claim
Proceeds from sale of shares
Payments for plant and equipment
Payments for security deposits
Proceeds from tenement bond
Proceeds from sale of plant and equipment
NET CASH PROVIDED BY /(USED IN)
INVESTING ACTIVITIES
FINANCING ACTIVIES
Repayment of lease liabilities
Proceeds from capital raising (net of costs)
NET CASH PROVIDED FROM FINANCING
ACTIVITIES
(4,337,209)
(1,640,584)
-
-
(813,233)
(122,548)
-
23,636
(5,249,354)
(46,227)
1,038,349
1,000,000
719,036
(72,465)
(2,238)
8,203
-
11,952
-
11,069,373
992,122
11,069,373
Net (decrease)/increase in cash held
Cash at the beginning of the financial year
CASH AT THE END OF THE FINANCIAL YEAR
19(b)
(5,506,768)
9,854,270
4,347,502
9,764,634
89,636
9,854,270
This consolidated statement of cash flows should be read in conjunction with the notes to the financial
statements
37| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
This financial report for the year ended 30 June 2022 of consists of Greenvale Mining Limited (the Company)
and its controlled subsidiaries (the Group or Consolidated Entity).
Greenvale is a listed public company limited by shares, incorporated and domiciled in Australia whose shares
are publicly traded on the Australian Securities Exchange.
A description of the nature of the Group's operations and its principal activities are included in the directors'
report, which is not part of the financial statements.
The financial statements were authorised for issue on 30th September 2022 by the directors of the Company.
The principal accounting policies adopted in the preparation of the financial statements are set out below. These
policies have been consistently applied to all the years presented, unless otherwise stated.
PARENT ENTITY INFORMATION
In accordance with the Corporations Act 2001, these financial statements present the results of the Group only.
Supplementary information about the parent entity is disclosed in Note 26.
A. BASIS OF PREPARATION
The financial report is a general-purpose financial report which has been prepared in accordance with Australian
Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the
Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The Group is a for profit entity
for financial reporting purposes under Australian Accounting Standards.
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.
Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply
with International Financial Reporting Standards.
The financial report has been prepared on an accrual basis and is based on historical costs, modified, where
applicable, by the measurement at fair value of selected non-current assets, financial assets and financial
liabilities. Material accounting policies adopted in preparation of this financial report are presented below and
have been consistently applied unless otherwise stated.
The financial statements are presented in Australian dollars which is the Company’s functional and presentation
currency.
B. PRINCIPLES OF CONSOLIDATION
The consolidated financial statements incorporate the assets, liabilities and results of entities controlled by the
Company at the end of the reporting period. A controlled entity is any entity over which the Company has the
ability and right to govern the financial and operating policies so as to obtain benefits from the entity’s activities.
In preparing the consolidated financial statements, all inter-group balances and transactions between entities
in the consolidated group have been eliminated in full on consolidation.
Where controlled entities have entered or left the consolidated entity during the year, the financial performance
of those entities is included only for the period of the year that they were controlled.
38| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
C.
INCOME TAX
Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss
except to the extent that it relates to items recognised directory in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or
substantively enacted at the reporting date. Current tax liabilities / (assets) are therefore measured at the
amounts expected to be paid to / (recovered from) the relevant taxation authority. Deferred tax expense
reflects movements in deferred tax asset and liability balances during the year as well as unused tax losses.
Current and deferred income tax expense is charged or credited to equity instead of the profit or loss when the
tax relates to items that are credited or charged directly to equity.
C.
INCOME TAX (CONTINUED)
Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result
where amounts have been fully expensed but future tax deductions are available. No deferred income tax will
be recognised from the initial recognition of an asset or liability, excluding a business combination, where there
is no effect on accounting or taxable profit or loss.
Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when
they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Their
measurement also reflects the manner in which management expects to recover or settle the carrying amount
or the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent
that it is probable that future taxable profit will be available, against which the benefits of the deferred tax asset
can be utilised.
D. EXPLORATION AND EVALUATION EXPENDITURE
Exploration and evaluation costs are capitalised as exploration and evaluation assets on a project-by-project
basis pending determination of the technical feasibility and commercial viability of the project. The capitalised
costs are presented as both tangible or intangible exploration and evaluation assets according to the nature of
the assets acquired. When a licence is relinquished or a project abandoned, the related costs are recognised in
the statement of comprehensive income immediately.
Exploration and evaluation assets are assessed for impairment if (i) sufficient data exists to determine technical
feasibility and commercial viability, and (ii) facts and circumstances suggest that the carrying amount exceeds
the recoverable amount. For the purposes of impairment testing, exploration and evaluation assets are
allocated to cash-generating units consistent with the determination of reportable segments.
Upon determination of proven reserves, intangible exploration and evaluation assets attributable to those
reserves are first tested for impairment and then reclassified from exploration and evaluation assets to a
separate category within tangible assets.
Amortisation is not charged on exploration and evaluation assets until they are available for use.
Pre-licence costs are recognised in the statement of comprehensive income as incurred. Expenditure deemed
unsuccessful is recognised in the statement of comprehensive income immediately.
39| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
E. CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash balances and call deposits.
F. SHARE CAPITAL
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares
and share options are recognised as a deduction from equity, net of any related income tax benefit.
G. OTHER INCOME
Financial income comprises interest income. Interest income is recognised in the statement of comprehensive
income as it accrues, using the effective interest rate method.
H. CURRENT & NON-CURRENT CLASSIFICATION
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in
normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12
months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged
or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-
current.
A liability is classified as current when: it is either expected to be settled in normal operating cycle; it is held
primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there
is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period.
All other liabilities are classified as non-current.
I.
IMPAIRMENT
The carrying amount of non-financial assets other than exploration and evaluation assets are reviewed each
reporting date whether there is any indication of impairment. If any such indications exist, the assets
recoverable amount is estimated.
An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds
its recoverable amount. Impairment losses are recognised in the statement of comprehensive income.
Calculation of recoverable amount:
The recoverable amount of receivables is calculated as the present value of estimated future cash flows,
discounted at the original effective interest rate.
The recoverable amount of other assets is the greater of their net selling price and value in use. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax discounted
rate that reflects current market assessment of the time value and the risks specific to the asset.
J. GOODS AND SERVICES TAX (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST
incurred is not recoverable from the taxation authority. In these circumstances, the GST is recognised as part of
the cost of acquisition of the asset or as part of the expense.
Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from,
or payable to, the ATO is included as a current asset or liability in the statement of financial position.
40| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
K. EARNINGS PER SHARE
The Company presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is
calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted
average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the
profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares
outstanding for the effects of any dilutive potential ordinary shares, which comprise convertible notes and share
options granted.
L. TRADE AND OTHER RECEIVABLES
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less any allowance for expected credit losses. Trade receivables are generally due
for settlement within 30 days.
The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime
expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based
on days overdue.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
M.
TRADE AND OTHER PAYABLES
Trade payables and other payables are carried at amortised costs and represent liabilities for goods and services
provided by the Group prior to the end of the financial year that are unpaid and arise when the Group becomes
obligated to make future payments in respect of the purchase of these goods and services. The amounts are
unsecured and are usually paid within 30 days of recognition.
N. OPERATING SEGMENTS
Operating segments are presented using the 'management approach', where the information presented is on
the same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is
responsible for the allocation of resources to operating segments and assessing their performance.
O. DISCONTINUED OPERATIONS
A discontinued operation is a component of the consolidated entity that has been disposed of or is classified as
held for sale and that represents a separate major line of business or geographical area of operations, is part of
a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired
exclusively with a view to resale. The results of discontinued operations are presented separately on the face of
the statement of profit or loss and other comprehensive income.
P.
EMPLOYEE BEENFITS
Short-term employee benefits:
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected
to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid
when the liabilities are settled.
41| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
EMPLOYEE BEENFITS (CONTINUED)
Other long-term employee benefits:
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting
date are measured at the present value of expected future payments to be made in respect of services provided
by employees up to the reporting date using the projected unit credit method. Consideration is given to expected
future wage and salary levels, experience of employee departures and periods of service. Expected future
payments are discounted using market yields at the reporting date on corporate bonds with terms to maturity
and currency that match, as closely as possible, the estimated future cash outflows.
Defined contribution superannuation expense:
Contributions to defined contribution superannuation plans are expensed in the period in which they are
incurred.
Share-based payments:
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in
exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of services,
where the amount of cash is determined by reference to the share price.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently
determined using either the Binomial or Black-Scholes option pricing model that takes into account the exercise
price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility
of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option,
together with non-vesting conditions that do not determine whether the consolidated entity receives the
services that entitle the employees to receive payment. No account is taken of any other vesting conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity
over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value
of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the
vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at
each reporting date less amounts already recognised in previous periods.
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying
either the Binomial or Black-Scholes option pricing model, taking into consideration the terms and conditions
on which the award was granted. The cumulative charge to profit or loss until settlement of the liability is
calculated as follows:
•
•
during the vesting period, the liability at each reporting date is the fair value of the award at that date
multiplied by the expired portion of the vesting period.
from the end of the vesting period until settlement of the award, the liability is the full fair value of the
liability at the reporting date.
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the
cash paid to settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to
market conditions are considered to vest irrespective of whether that market condition has been met, provided
all other conditions are satisfied.
42| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
EMPLOYEE BEENFITS (CONTINUED)
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been
made. An additional expense is recognised, over the remaining vesting period, for any modification that
increases the total fair value of the share-based compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy
the condition is treated as a cancellation. If the condition is not within the control of the consolidated entity or
employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over
the remaining vesting period, unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any
remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled
award, the cancelled and new award is treated as if they were a modification.
Q.
LEASES
The Group as lessee
At inception of a contract, the Group assesses if the contract contains or is a lease. If there is a lease present,
a right-of-use asset and a corresponding lease liability are recognised by the Group where the Group is a lessee.
However, all contracts that are classified as short-term leases (ie a lease with a remaining lease term of 12
months or less) and leases of low-value assets are recognised as an operating expense on a straight-line basis
over the term of the lease.
Initially the lease liability is measured at the present value of the lease payments still to be paid at the
commencement date. The lease payments are discounted at the interest rate implicit in the lease. If this rate
cannot be readily determined, the Group uses the incremental borrowing rate.
Lease payments included in the measurement of the lease liability are as follows:
•
•
•
•
•
•
fixed lease payments less any lease incentives;
variable lease payments that depend on an index or rate, initially measured using the index or rate at
the commencement date;
the amount expected to be payable by the lessee under residual value guarantees;
the exercise price of purchase options, if the lessee is reasonably certain to exercise the options;
lease payments under extension options, if the lessee is reasonably certain to exercise the options; and
payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to
terminate the lease.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, any lease
payments made at or before the commencement date and any initial direct costs. The subsequent
measurement of the right-of-use assets is at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the lease term or useful life of the underlying asset, whichever is the
shortest.
Where a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the
Group anticipates to exercise a purchase option, the specific asset is depreciated over the useful life of the
underlying asset.
43| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
LEASES (CONTINUED)
Lease term
The lease term is a significant component in the measurement of both the right-of-use asset and lease liability.
Judgement is exercised in determining whether there is reasonable certainty that an option to extend the lease
or purchase the underlying asset will be exercised, or an option to terminate the lease will not be exercised,
when ascertaining the periods to be included in the lease term. In determining the lease term, all facts and
circumstances that create an economical incentive to exercise an extension option, or not to exercise a
termination option, are considered at the lease commencement date. Factors considered may include the
importance of the asset to the Group's operations; comparison of terms and conditions to prevailing market
rates; incurrence of significant penalties; existence of significant leasehold improvements; and the costs and
disruption to replace the asset. The Group reassesses whether it is reasonably certain to exercise an extension
option, or not exercise a termination option, if there is a significant event or significant change in
circumstances.
Incremental borrowing rate
Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is
estimated to discount future lease payments to measure the present value of the lease liability at the lease
commencement date. Such a rate is based on what the Group estimates it would have to pay a third party to
borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with similar terms,
security and economic environment.
R.
PROPERTY, PLANT & EQUIPMENT
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost
includes expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a written down basis to write off the net cost of each item of property, plant and
equipment (excluding land) over their expected useful lives as follows:
Plant and equipment
Computers, software and Tech
Equipment’s
Furniture and fixtures
Leasehold improvements
7-13 years
2-3 years
6 years
6 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each
reporting date.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic
benefit to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to
profit or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained
profits.
S. NEW ACCOUNTING STANDARDS AND INTERPRETATIONS NOT YET MANDATORY OR EARLY ADOPTED
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted.
44| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually evaluates
its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.
Management bases its judgements, estimates and assumptions on historical experience and on other various
factors, including expectations of future events, management believes to be reasonable under the
circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results.
The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are
discussed below.
Estimation of useful lives of assets:
The consolidated entity determines the estimated useful lives and related depreciation and amortisation charges
for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly
as a result of technical innovations or some other event. The depreciation and amortisation charge will increase
where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets
that have been abandoned or sold will be written off or written down.
Income tax:
The consolidated entity is subject to income taxes in the jurisdictions in which it operates. Significant judgement
is required in determining the provision for income tax. There are many transactions and calculations
undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The
consolidated entity recognises liabilities for anticipated tax audit issues based on the consolidated entity's
current understanding of the tax law. Where the final tax outcome of these matters is different from the carrying
amounts, such differences will impact the current and deferred tax provisions in the period in which such
determination is made.
Recovery of deferred tax assets:
Deferred tax assets are recognised for deductible temporary differences only if the consolidated entity
considers it is probable that future taxable amounts will be available to utilise those temporary differences and
losses.
Goodwill and other indefinite life intangible assets:
The consolidated entity tests annually, or more frequently if events or changes in circumstances indicate
impairment, whether goodwill and other indefinite life intangible assets have suffered any impairment, in
accordance with the accounting policy stated in note 1. The recoverable amounts of cash-generating units have
been determined based on value-in-use calculations. These calculations require the use of assumptions,
including estimated discount rates based on the current cost of capital and growth rates of the estimated future
cash flows. Impairment of non-financial assets other than goodwill and other indefinite life intangible assets.
The consolidated entity assesses impairment of non-financial assets other than goodwill and other indefinite life
intangible assets at each reporting date by evaluating conditions specific to the consolidated entity and to the
particular asset that may lead to impairment. If an impairment trigger exists, the recoverable amount of the
asset is determined. This involves fair value less costs of disposal or value-in-use calculations, which incorporate
a number of key estimates and assumptions.
Share-based payment transactions:
The consolidated entity measures the cost of equity-settled transactions with employees by reference to the fair
value of the equity instruments at the date at which they are granted. The fair value is determined by using
either the Binomial or 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. Refer to note 15 for further information.
45| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Coronavirus (COVID-19) pandemic:
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had,
or may have, on the consolidated entity based on known information. This consideration extends to the nature
of the products and services offered, customers, supply chain, staffing and geographic regions in which the
consolidated entity operates. Other than as addressed in specific notes, there does not currently appear to be
either any significant impact upon the financial statements or any significant uncertainties with respect to events
or conditions which may impact the consolidated entity unfavourably as at the reporting date or subsequently
as a result of the Coronavirus (COVID-19) pandemic.
2. OTHER INCOME
Interest
Contract labour hire
Other income
Tenement bond refund
Changes in fair value of financial assets
TOTAL OTHER INCOME
3. ADMINISTRATIVE EXPENSES
Wages and salaries
Consultants’ fees
Compliance and legal fees
Marketing and investor relations
Travel
Depreciation & amortisation expense
Other administrative expenses
TOTAL ADMINISTRATIVE EXPENSES
4.
IMPAIRMENT CHARGES
Impairment of capitalised exploration &
evaluation expenditure
TOTAL IMPAIRMENT CHARGES
2022
$
10,158
26,677
20,003
-
-
56,838
2022
$
150,061
246,580
175,259
81,967
110,212
48,001
229,681
1,041,761
2022
$
54,454
54,454
2021
$
6,370
-
-
8,203
89,036
103,609
2021
$
37,359
170,448
95,710
102,616
22,396
-
36,633
465,162
2021
$
-
-
46| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5.
INCOME TAX BENEFIT
(a) Tax benefit
Current tax benefit
Deferred tax benefit
Income tax benefit
2022
$
-
-
-
2021
$
-
-
-
A reconciliation of the income tax expense (benefit) applicable to the accounting loss before income tax at the
statutory income tax rate to income tax expense at the Company’s effective income tax rate for the years ended
30 June 2022 and 2021 is as follows:
Accounting loss before income tax
Income tax using corporate rate of 25%
(2021: 26%)
Increase in income tax expense due to:
Non-deductible expenses
Tax losses and other timing differences not
brought to the account
INCOME TAX BENEFIT
6. DEFERRED TAX ASSETS
Deferred tax assets – not recognised
Deferred tax assets arising from tax losses
calculated at 25% (2021: 26%):
Tax losses
Capital losses
Timing differences
Exploration expenditure
2022
$
2021
$
(7,253,059)
(1,059,869)
(1,813,265)
(275,566)
1,423,112
390,153
-
2022
$
4,128,855
290,011
109,462
(1,688,878)
2,839,450
293,646
(18,080)
-
2021
$
2,653,612
290,011
151,867
(612,890)
2,482,600
47| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
LOSS PER SHARE
7.
The calculation of basic loss and diluted earnings per share at 30 June 2022 was based on the loss attributable
to ordinary shareholders of $7,253,059 (2021: $1,059,866) and the weighted average number of ordinary shares
outstanding during the financial year ended 30 June 2022 of 396,573,947 (2021: 311,142,925), calculated as
follows:
Earnings per share from continuing operations
Profit/(loss) after income tax attributable to the owners of
Greenvale Mining Limited
Basic and diluted loss per share (cents)
Earnings per share from discontinued operations
Profit after income tax attributable to the owners of
Greenvale Mining Limited
Basic and diluted profit per share (cents)
Earnings per share for profit/(loss)
Profit/(loss) after income tax attributable to the owners of
Greenvale Mining Limited
Basic and diluted loss per share (cents)
Weighted average number of ordinary shares used in
calculating basic EPS:
Fully paid ordinary shares
8. TRADE AND OTHER RECEIVABLES
tax and other
Current
Trade receivables
Goods and
receivables
Security deposits
services
9. OTHER ASSET
Current
Prepayments
2022
$
2021
$
(7,299,385)
(1.84)
(2,084,676)
(0.67)
46,326
0.01
1,024,810
0.33
(7,253,059)
(1.83)
2022
No of shares
(1,059,866)
(0.34)
2021
No of shares
396,573,947
311,142,925
2022
$
22,003
53,697
7,500
83,200
2022
$
56,446
56,446
2021
$
-
123,156
7,238
130,394
2021
$
50,643
50,643
48| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
10. EXPLORATION AND EVALUATION EXPENDITURE
Exploration and evaluation phase costs
carried forward at cost:
(a) Movements in carrying amounts
Carrying amount at beginning of year
Additions for the period
Classified as held for sale (Note 27)
Impairment of expenditure
Carrying amount at end of year
Note
2022
$
2021
$
3,942,430
3,476,370
3,476,370
4,620,883
(4,100,369)
(54,454)
3,942,430
1,526,878
1,949,492
-
-
3,476,370
The expenditure above relates principally to the exploration and evaluation phase. The ultimate recoupment of
this expenditure is dependent upon the successful development and commercial exploitation, or alternatively,
sale of the respective areas of interest, at amounts at least equal to book value.
11. PROPERTY, PLANT & EQUIPMENT
Motor vehicles and caravans- at cost
Less: Accumulated depreciation
Plant and equipment – at cost
Less: Accumulated depreciation
Computers, Software and Tech Equip – at cost
Less: Accumulated depreciation
Furniture and fixtures – at cost
Less: Accumulated depreciation
Leasehold improvements – at cost
Less: Accumulated depreciation
2022
$
-
-
-
44,236
-
44,236
129,691
(17,842)
111,849
11,482
(1,033)
10,449
19,965
(1,997)
17,968
2021
$
73,125
(1,262)
71,863
-
-
-
-
-
-
-
-
-
-
-
-
Total
184,502
71,863
49| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
11. PROPERTY, PLANT & EQUIPMENT (CONTINUED)
2022
$
2021
$
Reconciliations of the written down values at the
beginning and end of the current and previous
financial year are set out below:
Motor vehicles and caravans
At cost at beginning of period
Additions
Disposal – discontinued operations
Accumulated depreciation
At end of period
Plant and equipment
At cost at cost at beginning of period
Additions
Accumulated depreciation
At end of period
Computers, Software and Tech Equip
At cost at cost at beginning of period
Additions
Accumulated depreciation
At end of period
Furniture and fixtures
At cost at cost at beginning of period
Additions
Accumulated depreciation
At end of period
Leasehold improvements
At cost at cost at beginning of period
Additions
Accumulated depreciation
At end of period
Total
71,863
-
(71,863)
-
-
-
44,236
-
44,236
-
129,691
(17,842)
111,849
-
11,482
(1,033)
10,449
-
19,965
(1,997)
17,968
184,502
-
73,125
-
(1,262)
71,863
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
71,863
50| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
12. LEASES
Building – right-of-use assets
Less: Accumulated depreciation
(a) Amounts recognised in the balance sheet
Right-of-use asset
Reconciliations of the written down values at the
beginning and end of the current and previous
financial year are set out below:
Balance at beginning of period
Right-of-use assets recognised during period
Less: Depreciation
Closing balance
Lease liabilities
Balance at beginning of period
Lease liabilities recognised during the period
Add: Interest
Less: Payments
Closing balance Total
Closing balance – Current
Closing balance – Non-Current
(b) Amounts recognised
statement of profit or loss
in the consolidated
Depreciation of right-of-use asset
Interest expense on lease liabilities
(c) Leasing Activities
2022
$
128,044
(31,230)
96,814
-
128,044
(31,230)
96,814
-
128,044
7,997
(34,093)
101,948
36,214
65,734
31,230
7,997
2021
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The Company has entered into the following lease during the reporting period:
1. an office lease for the premises at Level 1, 606 Sherwood Road, Sherwood QLD. The lease commenced on 1
September 2021 and the term expires on 30 January 2025.
The lease is recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is
available for use by the Company. Each lease payment is allocated between the liability and finance cost. The
finance cost is charged to profit or loss over the lease period as to produce a constant periodic rate of interest on
the remaining balance of the liability for each period. The right-of-use asset is amortised over the shorter of the
asset’s useful life and the lease term on a straight-line basis.
51| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
13. TRADE AND OTHER CREDITORS
Current
Trade creditors
Accruals and other payables
Provision for annual leave
14. ISSUED CAPITAL
Issued capital movement
Balance at beginning of year
Transfer from Reserves
Issued 28 July 2020
Issued 10 August 2020
Issued 11 August 2020
Issued 11 August 2020
Issued 1 December 2020
Issued 22 March 2021
Issued 26 April 2021
Issued 30 April 2021
Issued 15 June 2021
Issued 13 August 2021
Issued 19 August 2021
Less: capital raising costs
As at 30 June 2022
a) Ordinary shares fully paid
2022
$
116,235
177,036
56,239
349,510
2021
$
208,011
100,895
-
308,906
Number of
shares
2022
393,944,826
-
-
-
-
-
-
-
-
-
-
2,000,000
1,000,000
-
396,944,826
2022
$
Number of
shares
2021
2021
$
24,432,696
228,000
-
-
-
-
-
-
-
-
-
700,000
350,000
(11,651)
25,699,045
116,694,196
-
112,831,902
4,166,667
2,368,421
34,784,178
70,584,240
34,615,222
1,000,000
15,900,000
1,000,000
-
-
-
393,944,826
13,289,480
154,400
2,143,806
125,000
101,842
660,899
1,341,101
4,499,989
50,000
3,180,000
50,000
-
-
(1,163,821)
24,432,696
Ordinary shares participate in dividends and are entitled to one vote per share at shareholders meetings. In the
event of winding up the Company, ordinary shareholders rank after creditors and are entitled to any proceeds of
liquidation in proportion to the number of shares held.
b) Unissued shares under option
Unissued ordinary shares of the Company under option as at 30 June 2022 are as follows:
Options with an expiry date of 29/4/2023 and exercise
price of $0.35 (GRVAO)
2022
1,000,000
2021
4,000,000
52| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
14. ISSUED CAPITAL (CONTINUED)
c)
Capital management
Management controls the capital of the Company to maintain a good debt to equity ratio, provide the
shareholders with adequate returns and ensure that the company can fund its operations and continue as a going
concern. The Company’s debt and capital includes ordinary share capital and financial liabilities, supported by
financial assets. There are no externally imposed capital requirements. Management effectively manages the
Company’s capital by assessing its financial risks and adjusting its capital structure in response to changes in these
risks and in the market. These responses include the management of debt levels, distributions to shareholders
and share issues.
There have been no changes in the strategy adopted by management to control the capital of the Company since
the prior year.
15. RESERVES
Options Reserve (a)
Performance Rights Reserve (b)
(a) Options Reserve
Balance at the beginning of the year
Issue of 2,000,000 options exercisable at
$0.05 expiring 1 December 2023
Issue of 4,000,000 options exercisable at
$0.35 expiring 29 April 2023
Transfer to Issued Capital (Note 14)
Balance at the end of the year
(b) Performance Rights Reserve
Balance at the beginning of the year
Equity settled employee payments expense
Balance at the end of the year
2022
$
76,000
6,789,527
6,865,527
304,000
-
-
(228,000)
76,000
1,121,451
5,668,076
6,789,527
(c) Movement in options
Balance at the beginning of the year
Options exercised and transferred to contributed equity (GRVAO)
Balance at the end of the year
(d) Movement in performance rights
Balance at the beginning of the year
Class 2 Performance rights issued 13 October 2021 and expiring 12 October 2025
Class 3 Performance rights issued 10 August 2021 and expiring 3 August 2024
Class 4 Performance rights issued 22 December 2021 and expiring 6 December 2025
Class 4 Performance rights issued 22 December 2021 and expiring 6 December 2024
Balance at the end of the year
53| G R V – ANNUAL REPORT 2022
2021
$
304,000
1,121,451
1,425,451
-
154,400
304,000
(154,400)
304,000
-
1,121,451
1,121,451
4,000,000
(3,000,000)
1,000,000
15,000,000
6,800,000
3,000,000
2,000,000
8,000,000
34,800,000
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
16. SHARE-BASED PAYMENTS
Share Options
Unlisted share options GRVAO (3,000,000 options) were exercised during the period. There were no share
options granted during the period.
Performance Rights
The Company has the following Performance Rights issued to Directors, executives, staff and consultants in
existence during the current and prior reporting periods.
Class Grant Date
Expiry
Date
Number
Performance Rights 2022
Vested
during
year
Rights
Exercised
1
2
2
3
41
5
23/03/2021 22/03/2024 15,000,000 15,000,000
6/08/2021
12/10/2025
15/07/2021 12/10/2025
3/08/2024
4/08/2021
6/12/2025
7/12/2021
6/12/2024
7/12/2021
1,800,000
5,000,000
3,000,000
2,000,000
8,000,000
-
-
-
-
-
-
-
-
-
-
-
Rights
Expired
Rights
Vested at
30/6/22
-
-
-
-
-
-
15,000,000
-
-
-
-
-
Rights
Unvested
at
30/6/2022
-
1,800,000
5,000,000
3,000,000
2,000,000
8,000,000
Class Grant Date
Expiry
Date
Number
Performance Rights 2021
Vested
during
year
Rights
Exercised
Rights
Expired
1
23/03/2021 22/03/2024 15,000,000
-
-
-
Rights
Vested
at
30/6/21
-
Rights
Unvested
at
30/6/2021
15,000,000
A valuation of the Performance Rights issued during the year was undertaken with the following factors and
assumptions being used to determine the fair value of each right on the grant date. In line with good practice a
revision of the probabilities is taken at each reporting date. Any changes are reflected in the valuation of the
Performance Rights over the vesting period.
Grant Date
Number
23/3/2021
5,000,000
Expiry Date
Class 1 A Performance Rights
Valuation prior
to
Probability
$664,500
22/3/2024
Probability
Valuation
right
per
100%
$0.1329
Vesting Conditions
The 30-day VWAP being greater than 20 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
54| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
16. SHARE-BASED PAYMENTS (CONTINUED)
Grant Date
Number
23/3/2021
5,000,000
Expiry Date
Class 1 B Performance Rights
Valuation prior
to
Probability
$641,500
22/3/2024
Probability
Valuation per
right
100%
$0.1283
Vesting Conditions
The 30-day VWAP being greater than 30 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
Grant Date
Number
23/3/2021
5,000,000
Expiry Date
Class 1 C Performance Rights
Valuation prior
to
Probability
$578,500
22/3/2024
Probability
Valuation per
right
100%
$0.1157
Vesting Conditions
The 30-day VWAP being greater than 40 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
Grant Date
Number
15/07/2021
6/08/2021
1,666,666
600,000
Expiry Date
Class 2 A Performance Rights
Valuation prior
to
Probability
$509,833
$278,040
12/10/2025
12/10/2025
Probability
Valuation per
right
100%
100%
$0.3059
$0.4634
Vesting Conditions
The 30-day VWAP being greater than 50 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
Grant Date
Number
15/07/2021
6/08/2021
1,666,666
600,000
Expiry Date
Class 2 B Performance Rights
Valuation prior
to
Probability
$494,833
$275,280
12/10/2025
12/10/2025
Probability
Valuation per
right
100%
100%
$0.2969
$0.4588
Vesting Conditions
The 30-day VWAP being greater than 60 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 24 months.
55| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
16. SHARE-BASED PAYMENTS (CONTINUED)
Grant Date
Number
15/07/2021
6/08/2021
1,666,666
600,000
Expiry Date
Class 2 C Performance Rights
Valuation prior
to
Probability
$460,833
$270,000
12/10/2025
12/10/2025
Probability
Valuation per
right
100%
100%
$0.2765
$0.4500
Vesting Conditions
The 30-day VWAP being greater than 70 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 36 months.
Grant Date
Number
4/08/2021
1,500,000
Expiry Date
Class 3 A Performance Rights
Valuation prior
to
Probability
$759,000
3/08/2024
Probability
Valuation
right
per
100%
$0.5060
Vesting Conditions
The 30-day VWAP being greater than 50 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
Grant Date
Number
4/08/2021
1,500,000
Expiry Date
Class 3 B Performance Rights
Valuation prior
to
Probability
$733,200
3/08/2024
Probability
Valuation per
right
100%
$0.4888
Vesting Conditions
The 30-day VWAP being greater than 60 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
Grant Date
Number
7/12/2021
1,000,000
Expiry Date
Class 4 A Performance Rights
Valuation prior
to
Probability
$242,800
6/12/2025
Probability
Valuation
right
per
100%
$0.2428
Vesting Conditions
The 30-day VWAP being greater than 50 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
56| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
16. SHARE-BASED PAYMENTS (CONTINUED)
Grant Date
Number
7/12/2021
1,000,000
Expiry Date
Class 4 B Performance Rights
Valuation prior
to
Probability
$233,200
6/12/2025
Probability
Valuation per
right
100%
$0.2332
Vesting Conditions
The 30-day VWAP being greater than 50 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 24 months.
Grant Date
Number
7/12/2021
4,000,000
Expiry Date
Class 5 A Performance Rights
Valuation prior
to
Probability
$971,200
6/12/2024
Probability
Valuation
right
per
100%
$0.2428
Vesting Conditions
The 30-day VWAP being greater than 50 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
Grant Date
Number
7/12/2021
4,000,000
Expiry Date
Class 5 B Performance Rights
Valuation prior
to
Probability
$932,800
6/12/2024
Probability
Valuation per
right
100%
$0.2332
Vesting Conditions
The 30-day VWAP being greater than 60 cents per share at any time subsequent to the date of the grant and
other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death)
the holder is engaged with the company for a period of 12 months.
57| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
17. FINANCIAL RISK MANAGEMENT
a) Financial risk management policies
The Group’s financial instruments consist mainly of deposits with banks. The Group does not use derivative
financial instruments to hedge exposure to financial risks.
I.
Treasury risk management
There have been no changes in the Group’s approach to capital management during the year. The
Group is not subject to any externally imposed capital requirements.
II.
Other market price risk
Equity price risk arises from available-for-sale equity securities. Management monitors the securities
in its investment portfolio based on market indices. Material investments within the portfolio are
managed on an individual basis and any buy or sell decisions are approved by the Board.
III.
Capital management
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market
confidence and to sustain future developments of the business.
IV.
Financial risk exposures and management
The main risks the Group is exposed to through its financial instruments are interest rate risk, liquidity
risk, credit risk and price risk.
Interest rate risk
The Group does not enter into interest rate swaps, forward rate agreements or interest rate options to
manage cash flow risks associated with interest rates on borrowings that are floating, or to alter interest
rate exposures arising from mismatches in repricing dates between assets and liabilities.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
The Group manages liquidity risk by monitoring forecast cash flows and ensuring that access to
adequate funding is maintained.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the consolidated entity. The consolidated entity has no customers and exposure to
credit risk. The consolidated entity does not hold any collateral.
The consolidated entity has no credit risk exposure with any one party.
Price risk
The Group is exposed to commodity price risk through its interests to the Alpha mining lease. Changes
in market price for oil impact the economic viability of the mining leases. The Group has not entered
into any hedges in relation to these commodities. It is not possible to quantify the effect on profit or
equity of any change in commodity prices.
58| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
17. FINANCIAL RISK MANAGEMENT (CONTINUED)
Financial Instruments
I.
Financial instrument composition and maturity analysis
The tables below reflect the undiscounted contractual settlement terms for financial instruments of a
fixed period of maturity.
30 June 2022
Effective
Interest Rate
2022
%
Financial Assets
Cash and cash equivalents
Trade and other receivables
Held for sale
Financial Liabilities
Trade and other payables
Lease liabilities
Liabilities associated with held for
sale
0.2%
-
-
-
-
-
Carrying
Amount
2022
$
4,342,113
139,646
4,907,205
349,510
101,948
433,253
Contractual
Cash Flows
2022
$
-
-
-
-
-
-
30 June 2021
Financial Assets
Cash and cash equivalents
Trade and other receivables
Financial Liabilities
Trade and other payables
II.
Fair values
Effective
Interest Rate
2021
%
Carrying
Amount
2021
$
Contractual
Cash Flows
2021
$
0.2%
-
9,854,270
130,394
-
308,906
-
-
-
Within
1 Year
2022
$
4,342,113
139,646
4,907,205
1 to 5
Years
2022
$
-
-
-
349,510
36,214
-
65,734
433,253
-
Within
1 Year
2021
$
9,854,270
130,394
308,906
1 to 5
Years
2021
$
-
-
-
The methods of estimating fair value are outlined in the relevant notes to the financial statements. All
financial assets and liabilities recognised in the statement of financial position, whether they are carried
at cost or fair value, are recognised at amounts that represent a reasonable approximation of fair values
unless otherwise stated in the applicable notes.
59| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
18. CONTROLLED ENTITES
Name
Principal Activity
Country of
Incorporation
Share
Class
Ownership Interest
2022
2021
Unlisted Companies
Greenvale Gold Pty Limited
Investment
Australia
`
Ordinary
100.00%
100.00%
Knox Resources Pty Ltd
Mineral exploration
Australia
Ordinary
100.00%
100.00%
Alpha Resources Pty Ltd
Mineral exploration
Australia
Ordinary
100.00%
99.99%
19. CASH FLOW INFORMATION
(a) Reconciliation of cash flows from operations with
profit after income tax
(Loss) after income tax
Non cash flows in operating activities:
Depreciation
Share based payments expense
Surplus on disposal of subsidiary company
Operating expenses settled by way of share issues
(Profit)/loss on sale of plant and equipment
-
-
-
-
-
-
Finance cost of leasing liabilities
Changes in assets and liabilities:
2022
$
2021
$
(7,253,059)
(1,059,866)
55,681
5,668,076
-
-
(2,096)
10,448
122
1,121,451
(1,036,811)
240,095
-
-
-
-
-
(Decrease)/Increase in trade payables
444,128
(467,041)
Decrease/(Increase)
in
trade
and other
receivables
Decrease/(Increase) in other assets
(114,838)
(57,876)
(96,473)
(18,168)
NET CASH USED IN OPERATING ACTIVITIES
(1,249,536)
(1,316,691)
(b) Reconciliation of cash and cash equivalents
Cash at bank
Cash at bank attributable to discontinued operations
4,342,113
5,388
4,347,502
9,854,270
-
9,854,270
60| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
20. KEY MANAGEMENT PERSONNEL COMPENSATION
Refer to the remuneration report contained in the directors’ report for details of the remuneration paid or
payable to each member of the Group’s key management personnel (KMP) for the year ended 30 June 2022.
The totals of remuneration paid to KMP of the company and the Group during the year are as follows:
The key management personnel compensation is as
follows:
Short-term employee benefits
Other long-term benefits
Share-based payments
2022
$
1,078,671
61,042
3,746,394
4,886,107
2021
$
616,297
10,846
1,121,451
1,748,594
Information regarding individual directors’ compensation is provided in the remuneration report section of the
directors’ report. Apart from the details disclosed in this note, no director has entered into a material contract
with the Company during the year and there were no material contracts involving directors’ interests existing at
year end.
Short-term employee benefits
These amounts include fees and benefits paid to the non-executive chair and non-executive directors as well as
fees, fringe benefits and cash bonuses awarded to the executive director and other KMP.
Post-employment benefits
These amounts are the current years’ estimated cost of providing for the Group’s superannuation contributions
made during the year.
Further information in relation to KMP remuneration can be found in the directors’ report.
61| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
21. RELATED PARTY AND KEY MANAGEMENT PERSONNEL TRANSACTIONS
The terms and conditions of related party and key management personnel transactions are no more favourable
than those available, or which might reasonably be expected to be available, on similar transactions to unrelated
entities on an arm’s length basis. Transactions with related parties and key management personnel are
summarised in the table below:
Key management person
Transaction
Description
Transaction Value
Year ended 30 June
Balance outstanding
As at 30 June
2022
$
2021
$
2022
$
2021
$
Mr. Leibowitz and Mr.
Biddle are directors of
Bardoc Gold Limited
Rentals
office
and
support services paid to
Bardoc Gold Limited.
18,355
14,920
-
-
Kalonda Pty Ltd (company
associated
with Mr.
Leibowitz)
Hatched Creek Pty Ltd
(company associated with
Mr. Biddle)
Mining
Limited
associated
Khouri)
Investments
(company
with Mr.
Gemell Mining Services Pty
Ltd (company associated
with Mr.Gemell)
Vince Fayad & Associates
Pty Ltd (company
associated with Mr. Fayad)
Vince Fayad & Associates
Pty Ltd (company
associated with Mr Fayad)
Alan Boys & Associates Pty
Ltd (company associated
with Mr. Alan Boys)
Director’s fees
172,500
97,667
19,250
10,000
Director’s fees
-
60,000
Director’s fees
82,500
204,000
Director’s fees
Director’s fees
Company secretarial
and accounting
services
Provision of services of
Alan Boys and staff to
provide Accounting
and Company
Secretarial services
-
-
-
6,700
158,700
20,625
154,297
82,500
-
-
-
-
-
-
-
-
-
-
-
-
62| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
22. CONTINGENT LIABILITIES
There is a liability of $80,000 on Mr Mark Turner completing 12 months of service on 10 January 2023.
There have been no material changes in contingent liabilities since the last reporting date.
23. COMMITMENTS FOR EXPENDITURE
Mineral Tenements
In order to maintain the mineral tenements in which the company and other party is involved, the Company’s
100% subsidiary Alpha Resources Pty Ltd is committed to fulfil the minimum annual expenditure conditions for
their licences under which the tenements are granted. The minimum estimated expenditure requirements in
accordance with the requirements of the Queensland Department of Natural Resources and Mines, are as
follows.
Payable:
-
-
no later than 1 year
between 1 year and 5 years
Consolidated
2022
$
1,430,625
1,893,045
3,323,670
2021
$
733,100
3,442,055
4,175,155
These requirements are expected to be fulfilled in the normal course of operations and may be varied from time
to time subject to approval by the grantor of titles. The estimated expenditure represents potential expenditure
which may be avoided by relinquishment of tenure. Exploration expenditure commitments beyond twelve
months cannot be reliably determined and represent the best estimate of the expenditure requirements on the
understanding that the licenses continue to be held. The commitment for expenditure in relation to discontinued
operations are $236,850 for 'no later than one year' and $94,050 for 'between 1 and 5 years'.
24. AUDITORS’ REMUNERATION
Audit of the financial reports
Non-audit services – tax compliance
The auditor of the financial statements is RSM Australia Partners.
2022
$
61,570
-
61,570
2021
$
32,820
-
32,820
63| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
25. SEGMENT REPORTING
Identification of Reportable Segments
The Company has identified its operating segments based on the internal reports that are reviewed and used by
the Board of Directors (chief operating decision makers) in assessing performance and determining the
allocation of resources. The Company is managed on the basis of its development and exploration of the group’s
mineral interests in the geographical regions of Queensland and its corporate activities in Australia.
Segment Performance – June 2022
Queensland
Corporate
Total
Revenue
Interest revenue
Other income
Total Group revenue
Segment profit/(loss)
Administrative expenses
Director emoluments
Share based payments expense
Write-down on tenement expense
Total Group profit/(loss)
Segment assets
Cash and cash equivalents
Exploration and evaluation expenditure
Trade and other receivables
Plant and equipment
Right of use assets
Other assets
Total Group assets
Segment liabilities
Trade and other payables
Lease liabilities
Total Group liabilities
$
2
-
2
$
10,158
46,680
56,838
$
10,158
46,680
56,838
(1,327)
-
-
(54,454)
(55,779)
(1,040,434)
(591,932)
(5,668,076)
-
(7,243,606)
(1,041,761)
(591,932)
(5,668,076)
(54,454)
(7,299,385)
4,210
3,942,430
28,100
93,650
-
35,480
4,103,870
4,337,904
-
55,100
90,852
96,814
20,965
4,601,635
4,342,113
3,942,430
83,200
184,502
96,814
56,446
8,705,505
79,280
-
79,280
270,229
101,948
372,177
349,510
101,947
451,457
64| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
25. SEGMENT REPORTING (CONTINUED)
Segment Performance – June 2021
Revenue
Interest revenue
Other income
Total Group revenue
Segment profit/(loss)
Administrative expenses
Director emoluments
Share based payments expense
Total Group profit/(loss)
Segment assets
Cash and cash equivalents
Exploration and evaluation expenditure
Trade and other receivables
Plant and equipment
Other assets
Total Group assets
Segment liabilities
Trade and other payables
Total Group liabilities
Queensland
$
Northern
Territory
$
-
-
-
(2,192)
-
-
(2,192)
Corporate
Total
$
6,370
97,239
103,609
$
6,370
97,239
103,609
(462,970)
(601,672)
(1,121,451)
(2,082,484)
(465,162)
(601,672)
(1,121,451)
(2,084,676)
-
-
-
-
-
-
-
157,705
2,604,922
72,771
-
8,217
2,843,615
61,384
871,448
24,236
71,863
13,357
1,042,288
9,635,181
-
33,387
-
29,069
9,697,637
9,854,270
3,476,370
130,394
71,863
50,643
13,583,540
165,107
165,107
52,048
52,048
91,751
91,751
308,906
308,906
Reconciliation of assets
Segment operating assets
Assets held for sale
Total assets
Segment operating liabilities
Liabilities directly associated with assets held for sale
Total Liabilities
2022
$
2021
$
8,705,505
4,907,205
13,612,710
451,457
433,253
884,710
13,583,540
-
13,835,540
308,906
-
308,906
65| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
26. PARENT ENTITY DISCLOSURE
Current assets
Non-current assets
TOTAL ASSETS
Current liabilities
Non-current assets
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
STATEMENT OF COMPREHENSIVE INCOME
Total Loss for the year
Total Comprehensive loss for the year
2022
$
4,413,967
7,844,784
12,258,751
306,444
65,733
372,177
2021
$
9,697,636
2,817,869
12,515,505
91,750
-
91,750
11,886,574
12,423,755
25,699,045
6,865,527
(20,677,998)
11,886,574
24,432,696
1,425,451
(13,434,392)
12,423,755
(7,243,606)
(7,243,606)
(2,111,082)
(2,111,082)
Greenvale Mining Limited does not as at 30 June 2022:
•
•
hold any deed of cross guarantee for the debts of its subsidiary company (2021: Nil);
have commitments for the acquisition of property, plant and equipment (2021: Nil)
Significant accounting policies
The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed in
note 1, except for the following:
•
•
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt
may be an indicator of an impairment of the investment.
66| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
27. DISCONTINUED OPERATIONS
For the Year ended 30 June 2022
On 1 June 2022, the Company announced the conditional sale to Astro Resources NL (Astro) of 80% of its interest
in its wholly owned subsidiary, Knox Resources Pty Ltd (Knox). The key terms of the transaction are:
(i)
(ii)
(iii)
(iv)
The issue to the Company of 1,150,000,000 Astro ordinary shares;
The grant to the Company of a 2% net smelter royalty (NSR) for all IOCG products exploited from
the existing tenements of Knox at the time of settlement;
A two-year option from the date of settlement to acquire the balance of the Knox shares held by
the Company for a price to be determined by independent valuation via cash or the issue of Astro
shares; or
The grant by the Company of a five-year option to Astro to acquire the NSR, settled by either cash
or shares at Astro’s election.
(i)
(ii)
The proposed transaction was conditional upon the following key conditions:
The finalisation of Astro’s due diligence on Knox;
The Company and Astro entering into a mutually acceptable sale and purchase agreement for the
proposed acquisition; and,
Astro obtaining shareholder approval for the proposed acquisition.
(iii)
On 19 September 2022, the Company and Astro entered into definitive agreements for the transaction on the
above terms, the key outstanding condition for completion of the transaction being the approval by Astro’s
shareholders which is being considered at an Astro general meeting to be held in November 2022.
In accordance with these circumstances and pursuant to AASB5, the Company is required to reflect at balance
date that Knox is an asset held for sale and to be a discontinued operation of the Group. With Knox being
classified as discontinued operations, the Northern Territory segment is no longer presented in the segment
note for 2022.
For the Year ended 30 June 2021
On 4 September 2021 the Company sold its wholly owned subsidiary Greenvale Gold Basin Pty Ltd, for cash
consideration of $1.000,000, share consideration of $630,000 and other consideration of $1,587, being total
consideration received of $1,631,587. This resulted in a profit on disposal after income tax of $1,036,811.
Financial performance information
Total revenue
Total expenses
Profit/(loss) from discontinued operations before income tax
expense
Income tax expense
Profit/(loss) from discontinued operations after income tax
expense
2022
$
75,749
(29,423)
2021
$
-
(12,001)
46,326
(12,001)
-
-
46,326
(12,001)
Profit realised on disposal after income tax expense
-
1,036,811
Profit after income tax expense from discontinued operations
46,326
1,024,810
67| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
27. DISCONTINUED OPERATIONS (CONTINUED)
Cash flow information
Net cash used in operating activities
Net cash provided by investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash equivalents from discontinued
operations
Carrying amounts of assets and liabilities classified as held for sale
2022
$
(210,986)
167,123
(12,133)
2021
$
(38,860)
87,909
-
(55,996)
49,049
Cash and cash equivalents
Trade and other receivables
Other assets
Exploration and evaluation
Property, plant and equipment
Right of use asset
Assets held for sale
Trade and other payables
Lease liabilities
Liabilities directly associated
with assets held for sale
Net assets directly associated
with discontinued operations
Carrying amount of assets and liabilities disposed
Exploration and evaluation
Total assets
Total liabilities
Net assets
Details of the disposal
Total sale consideration
Carrying amount of investment
Profit on disposal before income tax
Profit on disposal after income tax
2022
$
5,388
162,032
52,074
4,100,369
542,797
44,545
4,907,205
387,637
45,616
433,253
4,473,952
2022
$
-
-
-
-
2022
$
-
-
-
-
2021
$
-
-
-
-
-
-
-
-
-
-
-
2021
$
1,175,018
1,175,018
-
1,175,018
2021
$
1,631,587
(594,776)
1,036,811
1,036,811
68| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
27. DISCONTINUED OPERATIONS (CONTINUED)
The primary consideration for the disposal of its interests in Knox are listed securities in Astro, the fair value of
which will not be determined until the settlement date. Accordingly, on any settlement of this transaction the
actual amounts as to total sale consideration, the carrying amount of the investment, the profit on disposal and
income tax expense, are all subject to variation based on evolving events and the variation from that shown may
be material.
28. SUBSEQUENT EVENTS
On 4 August 2022, the Company issued 333,333 vested Class 6 Performance Rights with an expiry date of
18/7/2025 (GRVAS), to an employee of the Company. On 11 August 2022, following the exercise of these
Performance Rights, 333,333 Ordinary shares in the Company were issued for nil consideration.
On 9 August 2022, the Company announced that the proposed conditional acquisition of Within Energy Pty Ltd,
originally announced on 1 June 2022, had been discontinued by mutual agreement.
On 17 August 2022, Mrs. Dagmar Parsons resigned as a Director of the Company. In accordance with the terms
of the Company’s Incentive Performance Rights and Option Plan, the 2,000,000 Class 4 Performance Rights
(GRVAR) subsequently lapsed.
On 26 August 2022, Mr Kurt Laney was appointed Joint Company Secretary.
On 31 August 2022, Mr. Neil Biddle stood down as Managing Director however remains a Non-Executive Director
of the Company. Concurrently, Executive Director Mr. Mark Turner was appointed Chief Executive Officer of the
Company.
On 19 September 2022, the Company entered into a Share Sale and Purchase Agreement for the conditional
sale of 80% of the issued capital held by it in wholly-owned subsidiary Knox Resources Pty Ltd. Originally
announced to the ASX on 1 June 2022, the key terms of the agreement are:
On 28 September 2022, the Company announced a Share Purchase Plan to raise up to $2.4m by the issue of up
to 40,000,000 shares to eligible subscribers at $0,06 per share. The Plan is not underwritten.
Other than the above, there has not been any other matter or circumstance occurring subsequent to the end of
the financial year, that has significantly affected or may significantly affected or may significantly affect the
operations of the Group, the results of those operations, or state of affairs of the Group in future financial years.
Declaration
69| G R V – ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DIRECTOR'S DECLARATION
The directors of the Company declare that:
a)
the financial statements and notes thereto are in accordance with the Corporations Act 2001 and:
i.
ii.
comply with Corporations Regulation 2001, Accounting Standards, which, as stated in
accounting policy note 1 to the financial statements, constitutes explicit and unreserved
compliance with International Financial Reporting Standards; and
give a true and fair view of the financial position as at 30 June 2022 and of the performance
for the year ended on that date of the Group;
b)
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; and
c)
the directors have been given the declarations required by s 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Board of Directors.
On behalf of the Directors:
Neil Biddle
Director
Perth, 30th September 2022
70| G R V – ANNUAL REPORT 2022
INDEPENDENT AUDITOR’S REPORT
To the Members of Greenvale Mining Limited
RSM Australia Partners
Level 13, 60 Castlereagh Street Sydney NSW 2000
GPO Box 5138 Sydney NSW 2001
T +61 (0) 2 8226 4500
F +61 (0) 2 8226 4501
www.rsm.com.au
Opinion
We have audited the financial report of Greenvale Mining Limited (the Company) and its subsidiaries (the Group),
which comprises the consolidated statement of financial position as at 30 June 2022, the consolidated statement
of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of
cash flows for the year then ended, and notes to the financial statements, including a summary of significant
accounting policies, and the directors' declaration.
In our opinion the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i)
giving a true and fair view of the Group's financial position as at 30 June 2022 and of its financial
performance for the year then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
71
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent
accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
Key Audit Matter
How our audit addressed this matter
Carrying value of capitalised exploration and evaluation
Refer to Note 10 in the financial statements
As disclosed in note 10, the Group held capitalised
of
evaluation
exploration
$3,942,430 as at 30 June 2022 which represents a
significant asset of the Group.
expenditure
and
The carrying value of exploration and evaluation
assets is subjective based on Group’s ability, and
intention, to continue to explore the asset. The
carrying value may also be impacted by the mineral
reserves and resources may not be commercially
viable for extraction. This creates a risk that the
amounts stated in the financial statements may not
be recoverable.
Share-Based Payments
Refer to Note 16 in the financial statements.
During the year, the Group entered into the following
share-based payment arrangements:
- the issue of 19.8 million performance rights to the
executive director.
have
these
Management
arrangements in accordance with AASB 2 Share-
Based Payments.
accounted
for
We consider this to be a key audit matter because
of:
- the complexity of the accounting required to value
the instruments;
- the judgmental nature of inputs into the valuation
models, including the likelihood of vesting conditions
being met, and
the appropriate valuation
methodology to apply;
Our audit procedures included the following:
• Considering the Group’s right to explore in the
relevant exploration area which included obtaining
and assessing supporting documentation such as
obtaining independent searches of the company’s
tenement holdings
• Considering the Group’s intention to carry out
significant exploration and evaluation activity in the
included an
relevant exploration area which
assessment of the Group's future cash flow
forecasts and enquired of management and the
Board of Directors as to the intentions and strategy
of the Group
•
•
•
Assessing recent exploration activity in a given
exploration license area to determine if there are
any negative indicators that would suggest a
potential impairment of the capitalized exploration
and evaluation expenditure
Assessing the commercial viability of results
relating to exploration and evaluation activities
carried out in the relevant license area
Assessing the ability to finance any planned future
exploration and evaluation activity.
Our audit procedures included, among others:
• Reviewing
the
terms and conditions of
the
instruments issued;
• Reviewing management's expert's valuation
their
report, giving due consideration
independence and capability;
to
•
Engaging an auditor's expert
the
valuation methodology and report produced, due to
the complexity of the valuation and the materiality
of the underlying balances;
to review
• Reviewing the valuation methodology to ensure it
is in compliance with AASB 2;
Verifying
underlying model;
the mathematical accuracy of
the
Testing the inputs to the valuation model for
reasonableness by critically evaluating the key
assumptions used, considering the market, the
grant-date share price and current-date share
•
•
72
- the variety of conditions associated with each
instrument;
- the non-routine nature of the transactions;
- management engaged a third party as expert for
the valuation process.
price, the expected volatility in the share price, the
vesting period, and the number of instruments
expected to vest;
• Recalculating
the value of
the share-based
payment expense to be recognised and the
reserve balance, for accuracy, factoring in any
cancellations, modifications, expiry, or vesting; and
• Reviewing
the adequacy of
relevant
disclosures, including the disclosures in respect of
judgments made, in the financial statements.
the
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Group's annual report for the year ended 30 June 2022, but does not include the financial report and the
auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar2.pdf.
This description forms part of our auditor's report.
73
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 22 to 32 of the directors' report for the year ended
30 June 2022.
In our opinion, the Remuneration Report of Greenvale Mining Limited for the year ended 30 June 2022, complies
with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
RSM AUSTRALIA PARTNERS
Peter Kanellis
Partner
Sydney, NSW
Dated: 30 September 2022
74
ADDITIONAL STATUTORY INFORMATION
Additional information included in accordance with the Listing Rules of the Australian Securities Exchange
Limited. The information is current as at 21 September 2022.
Quotation
Listed securities in Greenvale Mining Limited are quoted on the Australian Securities Exchange under
ASX code GRV (Fully Paid Ordinary Shares).
Class of Shares and Voting Rights
There are 2,214 holders of 397,278,159 ordinary fully paid shares of the Company. The voting rights
attached to the ordinary shares are in accordance with the Company’s Constitution being that:
(a) each shareholder entitled to vote may vote in person or by proxy, attorney or Representative
(b) on a show of hands, every person present who is a Shareholder or a proxy, attorney
representative of a shareholder has one vote; and,
(c) on a poll, every person present who is a shareholder or a proxy, attorney or representative of a
shareholder shall, in respect of each fully paid share held by them, or in respect of which they are
appointed a proxy, attorney or representative, have one vote for each share held.
There are no voting rights attached to the options or rights in the Company. There are no restricted
securities or securities subject to ASX or voluntary escrow. There is no current on-market buy-back.
Substantial Shareholders
The names of the substantial shareholders listed on the Companies register as at 21 September 2021
are:
Biddle Partners Pty Ltd
Registered address is PO Box 216, North Fremantle WA 6159
Holder of: 29,055,164 fully paid shares
Latest notice received: 2 December 2020
Mining Investments Limited
Registered address is PO Box 87, Byblos, Lebanon
Holder of: 22,460,968 fully paid shares
Latest notice received: 22 March 2021
Gun Capital Management Pty Ltd
Registered address is PO Box 405, Newport VIC 3015
Holder of: 19,418,821 fully paid shares
Latest notice received: 22 March 2021
Kalonda Pty Ltd & Tony Leibowitz
Registered Address is PO Box 199, Bondi Junction NSW 1355
Holder of: 22,763,358 fully paid shares
Latest notice received: 17 August 2020
75| G R V – ANNUAL REPORT 2022
ADDITIONAL STATUTORY INFORMATION
Distribution of Share and Option Holders
(a) Fully Paid Ordinary Shares
Size of Holding
1-1,000
1,001-5,000
5,001-10,000
10,001-100,000
100,001 and over
Total
Total Holders
104
546
317
880
367
2,214
Units
37,870
1,568,653
2,520,194
32,723,700
360,427,742
397,278,159
%
0.01
0.39
0.63
8.24
90.72
100%
(b) Options Class GRVAO unlisted options with an exercise price of $0.35 and expiry 30/4/23
Size of Holding
100,001 over
Total
Total Holders
1
1
Units
1,000,000
1,000,000
%
100%
100%
(c) The number of shareholders holding an unmarketable parcel is 781.
Twenty Largest Shareholders
The twenty largest shareholders at 21 September 2022 were:
NAME OF ORDINARY SHAREHOLDER
No. Of
ORDINARY
SHARES
% SHARES
HELD
32,395,502
28,905,164
20,581,172
19,418,821
12,650,000
10,851,000
7,460,968
7,000,000
6,447,570
5,500,000
5,000,000
4,515,000
4,499,000
4,003,158
3,514,317
3,507,946
3,500,000
3,279,073
3,276,847
3,080,000
189,385,538
8.15
7.28
5.18
4.89
3.18
2.73
1.88
1.76
1.62
1.38
1.26
1.14
1.13
1.01
0.88
0.88
0.88
0.83
0.82
0.78
47.67
BIDDLE PARTNERS PTY LTD
KALONDA PTY LTD
1 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
2
3
4 GUN CAPITAL MANAGEMENT PTY LTD
5 MR ALEX JORDAN
6 GOTHA STREET CAPITAL PTY LTD
7 MINING INVESTMENTS LIMITED
8 MR SCOTT DOUGLAS AMOS & MRS KAREN ELIZABETH AMOS
9 MR JOHN ALEXANDER YOUNG & MRS CHERYL KAYE YOUNG
10 MR BENJAMIN GORDON PRICE
11 MOMENTUM NORTH PTY LTD
12
13 COOPS SUPER PTY LTD
14 CHURCH STREET TRUSTEES LIMITED
15
16 WISHART SUPER CORP PTY LTD
17 1 PLUS 4 PTY LTD
18 N & J SINCLAIR PTY LTD
19 NETWEALTH INVESTMENTS LIMITED
20 MR FLOYD BARRY AQUINO
STEVE COOPER & ASSOCIATES PTY LTD
STARCHASER NOMINEES PTY LTD
Total
76| G R V – ANNUAL REPORT 2022
ADDITIONAL STATUTORY INFORMATION
Unquoted Securities
(a) Options
Expiry Date
30/4/2023
Exercise Price
$0.35
Quantity
1,000,000
Number of Holders
1
(b) Performance Rights
Expiry Date
22/3/2024
12/10/2025
4/8/2024
6/12/2024
Class
1
2
3
5
Quantity
15,000,000
6,800,000
3,000,000
8,000,000
Number of Holders
1
2
2
2
Company Secretary
The names of the Joint Company Secretaries are Alan Boys and Kurt Laney.
Principal Registered Office
The address of the principal registered office in Australia is:
Suite 6, Level 5
189 Kent Street
Sydney NSW 2000
Tel: +61 2 8046 2799
Register of Securities
Link Market Services
Level 12, 680 George Street
Sydney NSW 2000
Telephone: +612 82807111
77| G R V – ANNUAL REPORT 2022
ADDITIONAL STATUTORY INFORMATION
Schedule of Tenements
Alpha Project, Queensland
Tenement
MDL 330
EPM 27718
%age Ownership Owned by
100%
100%
Alpha Resources Pty Ltd
Alpha Resources Pty Ltd
Status
Current to 31 January 2027
Current to 14 February 2026
Geothermal Projects, Queensland
Tenement
%age Ownership
Of Applicant
Applicant
Location
Status
EPM 28265
EPM 28266
EPM 28487
EPM 28488
EPM 28489
EPG 2021
EPG 2022
EPG 2023
EPG 2024
EPG 2025
EPG 2029
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Alpha Resources Pty Ltd
Alpha Resources Pty Ltd
Greenvale Mining Ltd
Greenvale Mining Ltd
Greenvale Mining Ltd
Alpha Resources Pty Ltd
Alpha Resources Pty Ltd
Greenvale Mining Ltd
Greenvale Mining Ltd
Greenvale Mining Ltd
Greenvale Mining Ltd
Winton
Quilpie
Julia Creek
Longreach
Ouchy
Winton
Quilpie
Julia Creek
Lara Downs
Ouchy
Longreach
Under Application
Under Application
Under Application
Under Application
Under Application
Under Application
Under Application
Under Application
Under Application
Under Application
Under Application
Georgina Basin Project, Northern Territory
Tenement
EL 32281
EL 32282
EL 32283
EL 32285
EL 32286
EL 32295
EL 32296
EL 32820
EL 32964
%age Ownership
100%
100%
100%
100%
100%
100%
100%
100%
100%
Owned by
Knox Resources Pty Ltd
Knox Resources Pty Ltd
Knox Resources Pty Ltd
Knox Resources Pty Ltd
Knox Resources Pty Ltd
Knox Resources Pty Ltd
Knox Resources Pty Ltd
Knox Resources Pty Ltd
Knox Resources Pty Ltd
Status
Current to 22 September 2026
Current to 22 September 2026
Current to 22 September 2026
Current to 22 September 2026
Current to 22 September 2026
Current to 22 September 2026
Current to 22 September 2026
Current to 15 June 2028
Current to 29 June 2029
Georgina Basin, Northern Territory
Tenement
EL 32280
EL 32284
EL 32821
EL 32965
%age Ownership
Of Applicant
100%
100%
100%
100%
Applicant
Status
Knox Resources Pty Ltd
Knox Resources Pty Ltd
Knox Resources Pty Ltd
Knox Resources Pty Ltd
Under Application
Under Application
Under Application
Under Application
78| G R V – ANNUAL REPORT 2022