Intra Energy Corporation Limited
(ABN 65 124 408 751)
Annual Financial Report
For the year ended 30 June 2024
Contents
Page 2
Page
Corporate Directory
3
Chairman’s Report
4
Review of Operations
5
Directors’ Report
8
Consolidated Statement of Profit or Loss and Other Comprehensive Income
15
Consolidated Statement of Financial Position
16
Consolidated Statement of Cash Flows
17
Consolidated Statement of Changes in Equity
18
Notes to the financial statements
19
Consolidated Entities Disclosure Statement
45
Directors’ Declaration
46
Auditor’s Independence Declaration
47
Independent Auditor’s Report
48
ASX additional information
52
Corporate Directory
Page 3
DIRECTORS
Graeme Robertson (Chairman)
Benjamin Dunn (Managing Director)
Alan Fraser
COMPANY SECRETARY
Jack Rosagro
REGISTERED OFFICE - AUSTRALIA
Level 40, 2 Park Street
Sydney NSW 2000
Email: info@intraenergycorp.com.au
SHARE REGISTRY
Automic Group Pty Ltd
Level 5, 191 St Georges Terrace Perth WA 6000
T: 1300 288 664 (within Australia)
M: +61 2 9698 5414
F: +61 2 8583 3040
E hello@automicgroup.com.au
AUDITORS
Hall Chadwick
Level 40, 2 Park Street
Sydney NSW 2000
Telephone: (02) 9263 2600
Facsimile: (02) 9263 2800
INTERNET ADDRESS
www.intraenergycorp.com.au
ABN 65 124 408 751
ASX CODE (IEC)
Chairman’s Report
Page 4
“On behalf of the Board of Directors of Intra Energy Corporation Limited (“IEC”, “Intra Energy” or “the Company”), it is my
pleasure to comment on the operations of the Company during the past financial year and directions moving forward in the
current 2025 year.
Intra Energy is a mineral exploration and development company with a primary focus on the establishment of lithium
resources and a secondary focus on other minerals such as gold.
The Company has been very active over the period with preliminary exploration at its Yalgarra Concession in Western
Australia as well as at its Llama Lithium Project in Québec in Canada. Despite the identification of prospective geology at
Llama, groundwork was restricted due to forest fires and winter snow while at Yalgarra exploration was delayed due to
climatic problems and failure of local indigenous people to agree on cooperation.
However, during this period the Company was able to secure an 80% equity in Maggie Hays Hill Project in the Lake Johnston
Greenstone Belt in Western Australia. The Board decided on the basis of preliminary surveys, to give this concession its top
priority. The exploration, supervised by Todd Hibberd, IEC’s Principal Geologist, resulted in identification of extremely strong
lithium indications coupled with evidence of old gold workings in areas of significant quartz veining. A heritage survey was
completed with the traditional owners of the land and a 2,000 metre drilling was planned and in July 2024 1,960 metres of
reverse circulation drilling comprising of 1,300 metres in lithium targets and 660 metres in gold targets. Subject to laboratory
analysis the drilling intersected multiple substantial pegmatites indicative of the nearby Burmeister spodumene discovery by
TG Metals Limited (ASX-TG6) as well as gold mineralization.
Unfortunately, during this period of exciting discovery, lithium prices have dropped substantially in the world market and
currently lacks investor support. Nonetheless, the progressive development of batteries for either EVs or the more extensive
storage necessary to support renewable electricity, means that demand for lithium will increase and the Lake Johnston area
will become increasingly important as a potential major repository of lithium for battery development. On the other hand,
gold prices have risen over the last year in an increasingly uncertain environment and continue to gain investor support.
The Company intends to do further work in the Lake Johnston area and is also positioning itself in gold development while
waiting for lithium prices to readjust upwards.
The Board of IEC is fully involved in driving the Company forward in this disappointing market to create value for shareholders
and I would like to take this opportunity to thank my fellow Board members, Ben and Alan, and also our supportive
management team.”
Sincerely
Graeme Robertson
Chairman – Intra Energy Corporation Limited
Review of Operations
Page 5
AUSTRALIAN AND CANADIAN MINERAL EXPLORATION
Following the Board’s decision to exit the production of coal in Tanzania, exploration for new energy and battery materials
has been the Company’s focus.
The Company was active during the Year, conducting exploration at its Western Australian projects and Canadian Projects.
Following the acquisition of the Maggie Hays Hill and Gold Project IEC conducted an aggressive, tenement wide exploration
campaign. Under the skilful guidance of its Principal Geologist Mr Todd Hibberd, the Company moved the project from a
‘greenfield’ exploration project to identified, high quality gold and lithium drill targets, fully permitted to commence drilling
in the June Quarter.
It is expected that the lithium commodity price will increase in time, so exploration success in the near term at Maggie Hays
Hills, along with continued exploration at our exciting Llama Project in the Quebec Province of Canada, offers shareholders a
platform for future growth. In the meantime, the evidence of gold at MHH offers further compelling targets, especially given
the strong gold prices.
Western Australia
Maggie Hays Hill Lithium Project (80% ownership)
The MHH Project was acquired in January 2024 and is located at Lake Johnston, 130km west of Norseman and 250km
northwest of Esperance in the Great Southern region of Western Australia.
The Lake Johnston area is an emerging region for lithium exploration and development with the recent discovery of two
spodumene deposits within 25km of the Maggie Hays Project.
The MHH Project is adjacent to the Norseman-Hyden Road and the Maggie Hays and Emily Anne nickel mines and only 12km
from the processing plant at Emily Anne (Figure 1) and is accessible via well-formed tracks particularly the southern end. The
geology consists of NNW trending extensively faulted mafic and ultramafic rocks bounded by younger granitic rocks to the
west and east.
Importantly, the MHH Project is prospective for lithium, nickel, and gold.
Lithium spodumene targets include a series of pegmatite dykes outcropping along a 2.5km north-northwest trend. There is
also potential for pegmatites to the east and north. A key element of the lithium prospectivity is the presence of spodumene
and lepidolite in the same mafic rock sequence to the north and south of the tenement indicating that there are multiple LCT
fertile granitoids in the area.
Gold targets include a series of historical workings on the western and eastern sides of Maggie Hay Hill and multiple gold in
soil anomalies across the southern part of the tenement.
Exploration conducted prior to June 30 identified multiple highly anomalous lithium targets along a 300m wide, 2.5km
long trend and three compelling gold targets.
Subsequently the company planned a 2000 metre drilling program, submitted and received an approved environmental
program of work (“POW”) from the DEMIRS, and conducted a heritage survey with the traditional owners of the area.
Once approval was granted, the Company moved to commence drlling operations, which started after Financial Year.
Prior to 30 June 2024, preparation included earthworks including access tracks, drill pads and sumps with the 2,000m
drilling program to commence in early July and preliminary assays are expected in August 2024.
Lithium anomalism along the main trend is strongly supported by exceptionally high background levels of key pathfinder
elements including tantalum, niobium, and caesium. These zones are high priority drill targets, and the Company has
received approvals to conduct drilling.
The exploration also highlighted multiple gold targets including three zones of outcropping quartz veins extending along
at least 300 metres with rock chip sampling results up to 17.2 g/t gold. The Company has received approval to conduct
drilling on the gold targets.
Review of Operations
Page 6
Yalgarra Nickel-Copper-Lithium Project- Western Australia (70%)
The Yalgarra Ni-Cu-PGE Project is located 125km east of Kalbarri, Western Australia in the northern sector of the emerging
West Yilgarn Ni-Cu-PGE province.
Following field work conducted during the December 2023 Quarter by IEC’s Principal Geologist, Mr Todd Hibberd the
Company decided to focus on the newly acquired Maggie Hays Hills Project. For further information, please refer to the
ASX announcement on 14 November 2023.
Canada
Llama Lithium Project- Quebec, Canada (100%)
The Llama Lithium Project is situated in the James Bay region of Quebec, Canada and comprises 135 wholly owned mineral
claims consolidated into one block covering approximately 75km2 and was vended to IEC by the Dahrouge Group, a well-
respected Canadian based geological services company.
Exploration conducted in during the Year included an 11-day field program consisting of mapping, prospecting, and
geochemical rock sampling, where approximately 52 kilometres of ground traverses and a total of 83 rock samples were
collected and assays received. Several large pegmatite dykes with Lithium-Cesium-Tantalum (LCT) characteristics were
sampled, within one returning visible columbite mineralization.
Encouraged by the completion of the groundwork, the company completed a property-wide LIDAR Survey, which when
integrated with the first-pass rock sampling programs will provide an invaluable guide to future field work.
As the lithium commodity price fell during the year, the Company actively reviewed it’s exploration plans and decided to
postpone further fieldwork until 2025. The Company still holds a favourable view on lithium prices long term and will
return to the Llama Project when the Market has stabilised and will recognise the value in the Project.
Corporate
The Company was active during the Year completing the acquisitions in Canada and Western Australia.
During the September Quarter the Company Shareholders approved a conditional share placement to raise A$3.6 million
(before placement costs), issuing a total of 720,000,000 shares at an issue price at A$0.005 per share (Placement). and
360,000,000 free attaching options.
Wentworth Securities (Wentworth) acted as lead broker and advisor to IEC on the deal and capital raise.
The Placement will ensure that IEC is fully funded to undertake its exploration objectives at the Llama in Canada and Yalgarra
in Western Australia over the next 12 months.
In August, the Company appointed Mr Todd Hibberd as IEC’s Principal Geologist, with the primary task to advance the Yalgarra
Project in Western Australia as well as identify further projects that have immediate shareholder value and synergies with
existing projects.
In September, a further twelve claims were added to the Llama Project following the acquisition of “Project Charlie” from
Canadian Mining House (CMH). The acquisition was made following a recommendation from Dahrouge Geological Services
(DGS) adding both to the Llama land package and its prospectivity.
Consideration for the Charlie acquisition was:
•
a cash payment of C$120,000; and
•
the issue of 40,000,000 fully paid ordinary shares in IEC (Consideration Shares).
The Consideration Shares was issued utilising the Company’s Listing Rule 7.1 placement capacity and are subject to voluntary
escrow for a period up to and including 30 March 2024.
In November 2023 the Company successfully held its AGM with all Resolutions passed. This included the issue of Options
to Directors.
In January the Company entered into an agreement to acquire an 80% interest in the Maggie Hays Lithium project in the
Lake Johnston greenstone belt in Western Australia with shares and cash being issued to the Vendor on the following
terms:
Review of Operations
Page 7
.
a.
Consideration
The consideration payable by IEC for the acquisition is:
i.
A$175,000 cash;
ii.
30,000,000 fully paid ordinary shares in IEC (Shares) at a deemed issue price of $0.005 each, subject to
voluntary escrow of 3 months from the date of issue; and
iii.
1% gross revenue royalty, subject to the terms of a royalty agreement to be entered into between the
parties.
b.
Deferred Consideration
The deferred consideration payable by IEC is as follows:
i.
60,000,000 Shares at a deemed issue price of $0.005 per Share upon the achievement of five rock chip
samples taken from the Tenement with a grade of at least 1% Li2O (Milestone 1);
ii.
A$500,000 in cash or the equivalent in Shares (at IEC’s election) upon the completion of drilling
intercepts at the Tenement of equal to or greater than five (5) metres above with a grade of at least 1%
Li2O (Milestone 2); and
iii.
A$1,000,000 in cash or the equivalent in Shares (at IEC’s election) upon the definition an indicated
Mineral Resource for the Tenement with a delineation of at least 10 million tonne resources with a grade
of at least 1% Li2O (Milestone 3).
No subsequent corporate activity was undertaken.
Directors’ Report
Page 8
DIRECTORS
The names and details of the Company’s Directors in office during the financial year and until the date of this report are as
follows. The Directors were in office for the entire period unless otherwise stated.
Name
Position
Description
Graeme Robertson
BA, FAICD, MAIE
Non-Executive
Chairman
Graeme joined the Board in November 2010 as Non-Executive Chairman and was
appointed Executive Chairman in January 2011 and Non-Executive Chairman in October
2014. He has over forty years’ experience in the coal, infrastructure and power
development industries. Graeme is currently Chairman of the Intrasia Capital Pte Ltd in
Singapore a family office with corporate and financial services operating from Mauritius
into Africa.
From 1983 to 2005 Graeme was CEO and Managing Director of New Hope Corporation
Limited (ASX:NHC). During this period he pioneered the development of major
international companies including as President Director of Adaro Indonesia, the largest
single open cut coal mine in the Southern Hemisphere, President Director of Indonesia
Bulk Terminal, a 12 mtpa capacity bulk coal port and as an advisor to the development
of the 1,230MW Paiton Power station, the first IPP in Indonesia.
His career has spanned both public and private developments including directorships
with the Port of Brisbane Authority and Washington H. Soul Pattinson & Co Ltd, one of
Australia’s oldest listed companies as well as AfrAsia Bank Ltd in Mauritius where he is
currently Chairman of the AfrAsia Foundation for education to the underprivileged.
Current directorships include Minbos Limited (ASX: MNB) and Ekada Capital Limited a
public non-listed company in Mauritius for wealth management.
Graeme was the recipient of the Asia 500 Award in 2000 and the Coaltrans Lifetime
Achievement Award in 2010 for his contribution to the coal industry. He is a Fellow of
the Australian Institute of Company Directors and a Member of the Australian Institute
of Energy.
Alan Fraser
Non-Executive
Director
(appointed 24
August 2018)
Mr Fraser has over 30 years’ experience in greenfield mineral exploration, project
management and mine construction. He has managed base metal and gold exploration
projects through the stages of tenement acquisition, joint venture negotiation,
obtaining regulatory approvals and the management of field exploration programs, at
times in remote locations. He has worked extensively across the Asis -Pacific region
especially in Australia and Asia.
Alan served as CEO of New Holland Mining Limited, an ASX listed gold and base metal
exploration and production company, now NuEnergy Gas Limited, having been a
director since 1992. Alan was instrumental in NuEnergy's acquisition of the coal and
unconventional gas assets in Indonesia. He stepped down as CEO to ensure new
leadership could move the company forward with its focused gas strategy. Alan was
engaged in the IPO and listing and served as MD and Chairman of Resource Base Limited
another ASX listed company engaged in gold exploration and production with activities
in Australia, retiring in 2016. Mr Fraser has a vast knowledge of working with ASX listed
companies and helping to create value for the Australian investment community.
Benjamin Dunn
Managing
Director
(appointed 23
April 2021)
Mr Dunn has over 20 years international experience in the Legal, Equity and Capital
Markets in Australian and Asia, primarily focused on the resources sector. Practicing law
before attaining an MBA from the Melbourne Business School, Mr Dunn has
subsequently held senior positions with international investment houses including
Citigroup, JP Morgan and CLSA.
COMPANY SECRETARY
Jack Rosagro
Company
Secretary
(Appointed
7
October 2021)
Jack Rosagro is a Chartered Company Secretary, a Fellow of Governance Institute of
Australia, and holds a Bachelor of Commerce majoring in Finance. He has 16 years’
experience in capital markets, share registry, and governance. He is currently the
company secretary for several ASX listed clients.
Directors’ Report
Page 9
CORPORATE STRUCTURE
IEC is a public company domiciled in Australia and listed on the Australian Stock Exchange (ASX:IEC). The Company has
prepared a consolidated financial report incorporating the entities that it controlled during the financial year, which are
outlined in Note 16 of the financial statements.
INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY AND RELATED BODIES CORPORATE
As at the date of this report, the interests of the Directors in the shares of the Company were:
Special Responsibilities
Ordinary Shares
Options
Exp 17/07/2025 @ $0.015
G Robertson
Non-Executive Chairman
147,181,585
25,000,000
B Dunn
Managing Director
32,271,000
25,000,000
A Fraser
Non-Executive Director
−
25,000,000
Profit/(Loss) Per Share
2024
2023
Basic profit/(loss) per share (cents)
(0.16)
3.06
NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
The principal activities of the Consolidated Group during the period were mineral exploration in Australia and Canada.
OPERATING REVIEW
The Consolidated Entity’s operations are discussed in detail on pages 5 to 7 of this Annual Financial Report.
REVIEW OF FINANCIAL POSITION
The Group incurred a net loss after tax (from continuing and discontinued operations) for the year ended 30 June 2024 of
($1,132,946) (30 June 2023: $20,121,000). As at 30 June 2024, the Group had a net asset position of $4,684,626 (30 June
2023: $982,344).
CAPITAL STRUCTURE
As at the date of signing this report, the Company had 1,690,781,585 fully paid ordinary shares on issue.
DIVIDEND
No dividend was paid or declared during the year ended 30 June 2024.
CASH FROM OPERATIONS
The net cash outflow from operating activities and investing activities of $3,492,799. The Group had cash at bank of
$1,180,646 (inclusive of cash held by discontinued operations) at 30 June 2024.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There are no significant changes to the state of affairs of the Company.
SIGNIFICANT EVENTS AFTER THE BALANCE DATE
There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or
event of a material and unusual nature likely, in the opinion of the Directors of the Company, to affect significantly the
operations of the Company, the results of those operations, or the state of affairs of the Company, in future financial years.
ENVIRONMENTAL REGULATION AND PERFORMANCE
The Company is subject to environmental regulations and is compliant with all aspects of environmental regulation in its
exploration and mining activities, including provision for environmental rehabilitation costs. The Directors are not aware of
any environmental law that is not being complied with.
Directors’ Report
Page 10
SHARES UNDER OPTION
As at 30 June 2024, the unissued ordinary shares of the Company under option are as follows.
No. of options
Grant date
Expiry Date
Exercise Price ($)
15,000,000
24 February 2022
28 February 2025
0.012
15,000,000
24 February 2022
28 February 2025
0.016
644,500,000
7 December 2023
17 July 2025
0.015
MEETINGS OF DIRECTORS
Directors
Attended
Available to attend
Mr G Robertson
7
7
Mr B Dunn
7
7
Mr A Fraser
7
7
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
The Company has entered into Directors’ Access Indemnity and Insurance Deeds (“Deed”) with each Director. Under the
Deed, the Company indemnifies the Directors to the maximum extent permitted by law and the Constitution against legal
proceedings, damage, loss, liability, cost, charge, expense, outgoing or payment (including legal expenses on a solicitor/client
basis) suffered, paid or incurred by the Directors in connection with the Directors being an officer of the Company, the
employment of the officer with the Company or a breach by the Company of its obligations under the Deed.
Also pursuant to the Deed, the Company must insure the Directors against liability and provide access to all board papers
relevant to defending any claim brought against the Directors in their capacity as officers of the Company. Amounts disclosed
for remuneration of directors and specified officers exclude insurance premiums of $97,275 (2023: $143,507) paid by the
Company in respect of liability for any current and former Directors, executive officers and secretaries of the Company and
its controlled entities. This amount has not been allocated to the individuals covered by the insurance policy as, based on all
available information, the Directors believe that no reasonable basis for such allocation exists.
CORPORATE GOVERNANCE
The Board of Directors of IEC is responsible for the corporate governance of the Company. The Board guides and monitors
the business and affairs of IEC on behalf of the shareholders by whom it is elected and to whom it is accountable.
The Company is committed to ensuring that its systems, procedures and practices reflect a high standard of corporate
governance. The Directors believe that the corporate governance framework is critical in maintaining high standards of
corporate governance and fostering a culture that values ethical behavior, integrity and respect to protect security holders’
and other stakeholders’ interests at all times.
During the year ended 30 June 2024, the Company’s corporate governance framework was consistent with the fourth edition
of the Corporate Governance Principles and Recommendations released by the ASX Corporate Governance Council.
The Company publishes its Corporate Governance statement on its website rather than in its Annual Report. The Corporate
Governance statement may be viewed or downloaded at: www.intraenergycorp.com.au. Copies of the Group policies
referred to in the Corporate Governance Statement are also posted on the website.
Directors Report
Page 11
REMUNERATION REPORT (AUDITED)
This report outlines the remuneration arrangements in place for key management personnel of the Company, in connection with the management of the affairs of the entity and its
subsidiaries, during the year to 30 June 2024.
Key management personnel have authority and responsibility for planning, directing and controlling the activities of the Company and the Consolidated Entity, including Directors of the
Company and other executives. Key management personnel comprise the Directors of the Company and executives of the Company and the Consolidated Entity.
A. REMUNERATION POLICY
Remuneration Committee
At 30 June 2024 the function of the Remuneration Committee (“the Committee”) was carried out by the Board.
The function of the Board in fulfilling its corporate governance responsibilities with respect to remuneration is by reviewing and making appropriate recommendations on:
(a) Remuneration packages of Non-Executive Directors, Executive Directors and Senior Management;
(b) Employee incentive and equity-based plans including the appropriateness of performance hurdles and total payments proposed.
Remuneration Policy
The Committee adopts the following policies on executive compensation and will bear these policies in mind during remuneration reviews:
All key executives should be paid fair market Total Fixed Remuneration (“TFR”) for their employment, taking into account their responsibilities and performance expectations.
The Committee’s policy is to remunerate Non-Executive Directors at market rates for comparable companies for time, commitment and responsibilities. The Committee determines
payments to the Non-Executive Directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when
needed. Fees for Non-Executive Directors are not linked to the performance of the Consolidated Entity. The Directors are not required to hold any shares in the Company under the
Company’s Constitution.
Executive Directors’ and Senior Management Remuneration
In considering the Company’s Remuneration Policy and levels of remuneration for Executives, the Committee makes recommendations that seek to:
•
Motivate Executive Directors and Senior Management to pursue long term growth and success of the Company within an appropriate control framework;
•
Demonstrate a clear correlation between Executives’ performance and remuneration; and
•
Align the interests of Executives with the long-term interests of the Company’s shareholders.
To the extent that the Company adopts a different remuneration structure for its Executive Directors, the Committee shall document its reasons for the purpose of disclosure to stakeholders.
Non-Executive Director Remuneration
In considering the Company’s Remuneration Policy and levels of remuneration for Non-Executive Directors, the Committee is to ensure that:
•
Fees paid to Non-Executive Directors are within the aggregate amount approved by shareholders and recommendations are made to the Board with respect to the need for increases
to this aggregate amount at the Company’s Annual General Meeting;
•
Non-Executive Directors are remunerated by way of fees (in the form of cash);
•
Non-Executive Directors are not provided with retirement benefits; and
•
Non-Executive Directors are not entitled to participate in equity-based remuneration schemes designed for Executives without due consideration and appropriate disclosure to the
Company’s shareholders.
Directors’ Report
Page 12
To the extent that the Company adopts a different remuneration structure for its Non-Executive Directors, the Committee shall document its reasons for the purpose of disclosure to stakeholders.
KEY MANAGEMENT PERSONNEL
During the year ended 30 June 2024, the Key Management Personnel (“KMP”) of IEC were:
Name
Position Held
Mr Graeme Robertson
Non-Executive Chairman
Mr Benjamin Dunn
Managing Director
Mr Alan Fraser
Non-Executive Director
B. DETAILS OF REMUNERATION
2024
Short-term
Post-Employment
Long-term
Share-based Payment
TOTAL
$
% of
Remuneration
granted as
options
%
Salary
and fees
$
Cash
bonus
$
Other monetary
benefits
$
Superannuatio
n
$
Retirement
Benefits
$
Long service
leave
$
Shares
$
Options
$
Incentive
plans
$
NON-EXECUTIVE DIRECTORS / KEY MANAGEMENT PERSONNEL
Mr G Robertson
85,000
–
–
–
–
–
–
9,748
–
94,748
10.29
Mr B Dunn
300,000
–
–
–
–
–
–
9,748
–
309,748
3.15
Mr A Fraser
40,000
–
–
–
–
–
–
9,748
–
49,748
19.59
Total
425,000
–
-
–
–
–
–
29,244
–
454,244
11.01
2023
Short-term
Post-Employment
Long-term
Share-based Payment
TOTAL
$
% of
Remuneration
granted as
options
%
Salary
and fees
$
Cash
bonus
$
Other monetary
benefits
$
Superannuatio
n
$
Retirement
Benefits
$
Long service
leave
$
Shares
$
Options
$
Incentive
plans
$
NON-EXECUTIVE DIRECTORS / KEY MANAGEMENT PERSONNEL
Mr G Robertson
85,000
–
–
–
–
–
–
–
–
85,000
–
Mr B Dunn
264,000
108,000
–
–
–
–
–
–
–
372,000
–
Mr A Fraser
40,000
–
–
–
–
–
–
–
–
40,000
–
Mr. Gigajule
Energy
13,336
–
–
–
–
–
–
–
–
13,336
–
Mr Jim Shedd
10,000
–
–
–
–
–
–
–
–
10,000
–
Total
412,336
108,000
-
–
–
–
–
–
520,336
–
1Appointed 23 April 2021, 2Resigned 9 February 2021, 3Resigned 16 May 2021
Directors’ Report
Page 13
C. CASH BONUSES
There were no cash bonuses paid during the year.
D. OPTIONS OR OTHER SHARE BASED PAYMENTS ISSUED AS PART OF REMUNERATION
There were no options issued or any other share-based payments as part of remuneration to Key Management Personnel
during the year (2023: Nil).
EMPLOYMENT CONTRACTS OF DIRECTORS AND EXECUTIVES
Mr Graeme Robertson‘s Non-Executive Chairman’s fees are $85,000 per annum.
Mr. Benjamin Dunn’s Managing Director ‘s fees are $300,000 per annum.
Mr Alan Fraser was employed as Non-Executive Director on 24 August 2018 and his Non-Executive Director’s fees are $40,000
per annum.
Each employment contract of Executive Directors and Executives includes:
•
Base total fixed remuneration (including superannuation) to be reviewed annually;
•
Provision made for the awarding of bonuses at the recommendation of the Committee (“STI”); and
•
Provision made for the award of performance share rights (“LTI”), subject to shareholder approval.
No payments were made under an LTI or STI scheme for the year ended 30 June 2024.
E. KEY MANAGEMENT PERSONNEL COMPENSATION – FULLY PAID SHARES
The numbers of shares in the Company held during the financial year or at time of resignation by each Director or KMP of IEC
are set out below:
2024
Balance at
beginning of year
Granted during
the year as
compensation
Received during
the year on
exercise of
options
Changes during
the year*
Balance at the
end of the year
Mr G Robertson
147,181,585
–
–
147,181,585
Mr B Dunn
22,085,000
–
–
3,271,000
32,271,000
Mr A Fraser
–
–
–
–
–
Total
169,266,585
–
–
3,271,000
179,452,585
2023
Balance at
beginning of year
Granted during
the year as
compensation
Received during
the year on
exercise of
options
Changes during
the year*
Balance at the
end of the year
Mr G Robertson
147,181,585
–
–
147,181,585
Mr B Dunn
20,625,000
–
–
1,460,000
22,085,000
Mr A Fraser
–
–
–
–
–
Total
167,806,585
–
–
1,460,000
169,266,585
F. LOANS TO OR FROM DIRECTORS AND EXECUTIVES
No loans were made to or by any Directors or Executives during the financial year (2023: None).
This concludes the remuneration report, which has been audited
Directors’ Report
Page 14
NON-AUDIT SERVICES
There were no fees for non-audit services paid to the external auditors or an affiliated entity of the external auditors during
the year ended 30 June 2024.
LEAD AUDITOR’S INDEPENDENCE DECLARATION
The lead auditor’s independence declaration is set out on page 47 and forms part of the Directors’ Report for the financial
year ended 30 June 2024.
This Directors’ Report, Remuneration Report and Corporate Governance Statement are made with a resolution of the
Directors.
GRAEME ROBERTSON
Chairman
Dated this 30 September 2024
Consolidated Statement of Profit or Loss and
Other Comprehensive Income
FOR THE YEAR ENDED 30 JUNE 2024
Page 15
CONSOLIDATED
2024
2023
NOTES
$
$
Other income
28,728
3,000
Foreign exchange gain
(5,123)
-
Compliance and regulatory expenses
(67,225)
(67,000)
Legal and professional expenses
(356,853)
(345,752)
Depreciation and amortisation
3
(1,204)
(2,101)
Remuneration and employee expenses
(425,000)
(520,336)
Exploration expenses
(27,555)
(58,186)
Impairment of mine development and exploration assets
(4,900)
(22,982)
Other expenses
(170,632)
(192,038)
Share based payments
(103,182)
-
Loss Before Income Tax
(1,132,946)
(1,205,395)
Income tax benefit
4
-
-
Loss from continuing operations
(1,132,946)
(1,205,395)
Disposal of Tanzania group
2c
-
21,528,682
Loss from discontinued operations
2a
-
(202,287)
Profit/(Loss) for the Year
(1,132,946)
20,121,000
Other Comprehensive Income
Foreign currency translation gain/(loss)
(9,470)
(367,000)
Total Comprehensive Profit/(Loss) for the Year
(1,142,416)
19,754,000
Net Loss for the Year Attributable to:
Shareholders of IEC
(1,142,416)
20,121,000
Non-controlling interest
-
-
(1,142,416)
20,121,000
Total Comprehensive Profit/(Loss) for the Year Attributable to:
Shareholders of IEC
(1,142,416)
19,754,000
Non-controlling interest
-
-
(1,142,416)
19,754,000
Profit/(Loss) per share
Profit/(Loss) per share (cents per share, basic and diluted)
7
(0.16)
3.06
Loss per share (cents per share, basic and diluted) on continuing
operations
7
(0.16)
(0.18)
Profit/(loss) per share (cents per share, basic and diluted) on
discontinued operations
7
-
3.24
The Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the
accompanying notes to the Financial Statements.
Consolidated Statement of Financial Position
AS AT 30 JUNE 2024
Page 16
CONSOLIDATED
2024
2023
NOTES
$
$
Assets
Current Assets
Cash and cash equivalents
1,180,646
1,298,915
Trade and other receivables
9
86,655
76,492
Disposal group/assets held for sale
2b
1,112
1,112
Total Current Assets
1,268,413
1,376,519
Non-Current Assets
Property, plant and equipment
10
-
1,203
Exploration expenditure
11
4,540,995
741,603
Total Non-Current Assets
4,540,995
742,806
Total Assets
5,809,408
2,119,325
Liabilities
Current Liabilities
Trade and other payables
13
250,782
262,981
Disposal group/liabilities related to assets held for sale
2b
874,000
874,000
Total Current Liabilities
1,124,782
1,136,981
Total Liabilities
1,124,782
1,136,981
Net Assets/(liabilities)
4,684,626
982,344
Equity
Issued capital
15
76,338,852
71,775,247
Reserves
16
656,897
3,396,466
Accumulated losses
(72,311,128)
(73,959,217)
Total equity attributed to equity holders of the Company
4,684,621
(1,212,496)
Non-controlling interest
18
5
(230,152)
Total Equity
4,684,626
(982,344)
The Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes to the Financial
Statements.
Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 30 JUNE 2024
Page 17
CONSOLIDATED
2024
2023
NOTES
$
$
Cash Flows from Operating Activities
Payments to suppliers and employees
(1,233,197)
(1,240,000)
Interest received / (paid)
28,728
3,000
Net cash (used in) provided from operating activities
20
(1,204,469)
(1,237,000)
Cash Flows from Investing Activities
Payment for mine development and capitalised exploration costs
(873,449)
(488,000)
Payment for purchase of subsidiary
(1,414,881)
-
Proceeds from deposit for sale of business
-
1,511,000
Net cash (used in) investing activities
(2,288,330)
1,023,000
Cash Flows from Financing Activities
Proceeds from issue of shares
3,600,000
500,000
Share and option issue costs
(216,000)
(30,000)
Net cash provided from (used in) financing activities
3,384,000
470,000
Net increase in cash and cash equivalents
(108,799)
256,000
Cash and cash equivalents at beginning of year
1,298,915
1,042,915
Effects of exchange rate changes on cash
(9,470)
-
Cash and Cash Equivalents at end of year
1,180,646
1,298,915
Cash and cash equivalents
1,180,646
1,298,915
Cash and Cash equivalents in the Statement of Cash Flows
1,180,646
1,298,915
For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at 30 June:
Cash at banks and on hand
1,180,646
1,298,915
Cash and cash equivalents
1,180,646
1,298,915
Cash and cash equivalents include bank overdrafts that are repayable on demand and form an integral part of the Group’s
cash management.
The Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes to the Financial
Statements.
Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 30 JUNE 2024
Page 18
ISSUED CAPITAL
ACCUMULATED
LOSSES
PERFORMANCE
RIGHTS
OPTION RESERVE
FOREIGN CURRENCY
TRANSLATION RESERVE
TOTAL
NON-CONTROLLING
INTEREST
TOTAL EQUITY
CONSOLIDATED
$
$
$
$
$
$
$
$
At 1 July 2023
71,775,247
(73,959,217)
794,701
2,601,765
-
1,212,496
(230,152)
982,344
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
Profit for the year
-
(1,132,946)
-
-
-
(1,132,946)
-
(1,132,946)
Other Comprehensive Income
Foreign currency translation differences
-
-
-
-
(9,470)
(9,470)
-
(9,470)
Total Comprehensive Income
-
(1,132,946)
-
-
(9,470)
(1,142,416)
-
(1,142,416)
TRANSACTIONS WITH OWNERS RECORDED DIRECTLY INTO EQUITY
Shares issued during the year
4,865,000
-
-
-
-
4,865,000
-
4,865,000
Share issue costs
(301,395)
-
-
-
-
(301,395)
-
(301,395)
Share based payment
-
-
65,359
215,729
-
281,088
-
281,088
Transfers
-
2,781,035
(794,701)
(2,216,486)
-
(230,152)
230,157
5
Balance at 30 June 2024
76,338,852
(72,311,128)
65,359
601,008
(9,470)
4,684,621
5
4,684,626
ISSUED CAPITAL
ACCUMULATED
LOSSES
PERFORMANCE
RIGHTS
OPTION RESERVE
FOREIGN CURRENCY
TRANSLATION RESERVE
TOTAL
NON-CONTROLLING
INTEREST
TOTAL EQUITY
CONSOLIDATED
$
$
$
$
$
$
$
$
At 1 July 2022
71,305,247
(94,080,217)
794,701
2,601,768
367,000
(19,011,501)
(19,624,152)
(38,635,653)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
Loss for the year
-
20,121,000
-
-
-
20,121,000
-
20,121,000
Other Comprehensive Income
Foreign currency translation differences
-
-
-
-
(367,000)
(367,000)
-
(367,000)
Total Comprehensive Income
-
20,121,000
-
-
-
19,754,000
-
19,754,000
TRANSACTIONS WITH OWNERS RECORDED DIRECTLY INTO EQUITY
Shares issued during the year
500,000
-
-
-
-
500,000
-
500,000
Share issue costs
(30,000)
-
-
-
-
(30,000)
-
(30,000)
Share based payments
-
-
-
(3)
-
(3)
19,394,000
19,393,997
Balance at 30 June 2023
71,775,247
(73,959,217)
794,701
2,601,765
-
1,212,496
(230,152)
982,344
The Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes to the Financial Statements.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 19
1. MATERIAL ACCOUNTING POLICY INFORMATION
Intra Energy Corporation Limited (“IEC” or “the Company”) is a company limited by shares, incorporated and domiciled in Australia. The shares
of Intra Energy Corporation Limited are publicly traded on the Australian Stock Exchange. The consolidated financial statements for the year
ended 30 June 2024 comprise the Company and its controlled entities (together referred to as “the Group” or “Consolidated Entity”) and the
Group’s interests in associates and jointly controlled entities. The Company is a for-profit entity and primarily is involved in mineral exploration
in Australia and the mining and sale of coal in Tanzania.
The consolidated financial statements were approved by the Board and authorised for issue on 30 September 2024.
A.
Going Concern
The consolidated financial statements have been prepared on a going concern basis, which assumes that the Group will be able to continue
trading, realise its assets and discharge its liabilities in the ordinary course of business for a period of at least 12 months from the date that these
financial statements are approved.
The Directors note that:
•
The Group made a loss of $1,132,946 from its continuing operations for the year 2024.
•
The Group incurred a net cash outflows from operating activities of $1,204,469 for the year ended 30 June 2024.
•
Successful capital raising in July 2023 for $3.4m before cost of capital.
In assessing the appropriateness of using the going concern assumption, the Directors have noted:
•
There are reasonable grounds to believe that the Group will be able to continue as a going concern as the Directors are satisfied that the
Group will be able to either secure additional working capital as required through raising additional capital or reducing the Group’s
discretionary spending.
•
Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.
•
A significant portion of the forecast expenditure to the end of December 2025 is discretionary, in that the Company has not entered into
any legally binding contractual arrangements for this expenditure.
The Group reached a point where it is unable to further postpone certain key activities under its exploration programme, the Group raised the
required capital to fund future planned exploration via issue of equity.
Whilst the Directors remain confident in the Group’s ability to access further working capital through debt, equity or asset sales if required, there
remains material uncertainty as to whether the Group will continue as a going concern.
Had the going concern basis not been used, adjustments would need to be made relating to the recoverability and classification of certain assets,
and the classification and measurement of certain liabilities to reflect the fact that the Group may be required to realise its assets and settle its
liabilities other than in the ordinary course of business, and at amounts different from those stated in the consolidated financial statements.
B.
Statement of compliance and basis of preparation
The financial report is a general-purpose financial report that has been prepared in accordance with Australian Accounting Standards, Australian
Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.
The financial report of Intra Energy Corporation Limited (“IEC” or “the Company”) and controlled entities (“the Group” or “Consolidated Entity”),
and IEC as an individual parent entity (“IEC Parent” or “Parent Entity”) complies with all Australian equivalents to International Financial
Reporting Standards (AIFRS) and International Financial Reporting Standards (IFRS).
b.i Reporting Basis and Conventions
The financial report has been prepared on an accruals basis and is based on historical costs other than financial assets and financial liabilities for
which the fair value basis of accounting has been applied.
There are no material accounting policies adopted by the Company in the preparation of the financial report. The accounting policies have been
consistently applied, unless otherwise stated.
Separate financial statements for IEC Parent, as an individual entity have not been presented within this financial report. Financial information
for IEC Parent as an individual entity is included in Note 24 as permitted by the Corporations Act 2001.
C.
Principles of consolidation
The consolidated financial statements incorporate all assets, liabilities and results of the parent (Intra Energy Corporation Limited) and all of the
subsidiaries.
c.i Business combinations
Business combinations occur where an acquirer obtains control over one or more businesses.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 20
1. MATERIAL ACCOUNTING POLICY INFORMATION (CONT.)
The purchase method of accounting is used to account for all business combinations, unless it is a combination involving entities or businesses
under common control.
Cost is measured as the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of exchange. All
transaction costs incurred in relation to business combinations, other than those associated with the issue of a financial instrument, are
recognised as expenses in profit or loss when incurred. Where equity instruments are issued in an acquisition, the fair value of the instruments
is their published market price as at the date of exchange unless, in rare circumstances, it can be demonstrated that the published price at the
date of exchange is an unreliable indicator of fair value and that other evidence and valuation methods provide a more reliable measure of fair
value. Transaction costs arising on the issue of equity instruments are expensed in the period incurred.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values
at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of the cost of acquisition over the fair value of the
Group’s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the Group’s share of the fair
value of the identifiable net assets of the
subsidiary acquired, the difference is recognised directly in the Consolidated Statement of Profit or Loss and Other Comprehensive Income, but
only after a reassessment of the identification and measurement of the net assets required.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at
the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be
obtained from an independent financier under comparable terms and conditions.
c.ii Subsidiaries
Subsidiaries are entities controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements
from the date that control commences until the date that control ceases.
The parent controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to
affect those returns through its power over the entity. A list of the subsidiaries is provided in Note 15.
Intercompany transactions, balances and unrealised gains or losses on transactions between group entities are fully eliminated on consolidation.
The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group.
Intercompany transactions, balances and unrealised gains or losses on transactions between group entities are fully eliminated on consolidation.
The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group.
c.iii Transactions eliminated on consolidation
All balances and transactions, arising from transactions between entities within the group are eliminated in preparing the consolidated financial
statements.
c.iv Non-controlling interests
Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as “non-controlling interests”. Non-controlling
interests are measured at their proportionate share of the acquiree’s identifiable net assets at the acquisition date. Changes in the Group’s
interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
c.v Equity accounted investments
A joint venture is an arrangement in which the Group has joint control whereby the Group has rights to the net assets of the arrangement, rather
than rights to its assets and obligations for its liabilities. The financial statements include the Group’s share of the total recognised gains and
losses on an equity accounted basis subsequent to initial recognition at cost, which includes transaction costs.
When the Group’s share of losses exceeds its interest in a joint venture, the Group’s carrying amount is reduced to $nil and recognition of further
losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of a joint
venture.
Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group’s interest in the joint
ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting
policies of joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 21
1. MATERIAL ACCOUNTING POLICY INFORMATION (CONT.)
Associates are all entities over which the group has significant influence but not control or joint control, generally accompanying a shareholding
of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially
being recognised at cost.
D.
Income tax
Tax expense comprises current and deferred tax and is recognised in the statement of profit or loss or the statement of comprehensive income
according to the accounting treatment of the related transaction.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax in respect of previous
years.
Deferred tax expense represents the tax expense in respect of the future tax consequences of recovering or settling the carrying amount of an
asset or liability. Both are calculated using tax rates for each jurisdiction, enacted or substantially enacted at the reporting date, and for deferred
tax those that are expected to apply when the asset is realised or the liability is settled.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. Deferred tax is not recognised for:
•
arising on the initial recognition or assets or liabilities, other than on a business combination, that affect neither accounting or taxable
profit;
•
arising from the recognition of goodwill; and
•
relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future.
E.
Property, Plant and Equipment
Each class of plant and equipment is carried at cost less any accumulated depreciation and impairment losses.
Plant and equipment are measured on the cost basis. The carrying amount of plant and equipment is reviewed annually by Directors to ensure
it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows
which will be received from the assets’ employment and subsequent disposal. The expected net cash flows have been discounted to their present
values in determining recoverable amounts.
e.i Depreciation
The depreciable amount of all fixed assets is depreciated on a straight-line basis over the asset’s useful life to the consolidated group commencing
from the time the asset is held ready for use.
The useful lives used for each class of depreciable asset are:
Class of fixed asset
Useful life
Office Equipment
4 to 8 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated
recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are included in the profit
or loss.
F.
Exploration, evaluation and acquisition expenditure
Acquisition costs are accumulated in respect of each separate area of interest. Acquisition costs are carried forward where right of tenure of the
area of interest is current and they are expected to be recouped through sale or successful development and exploitation of the area of interest
or, where exploration and evaluation activities in the area of interest have not yet reached a stage that permits reasonable assessment of the
existence of economically recoverable reserves. Where an area of interest is abandoned or the Directors decide that it is not commercial, any
accumulated acquisition costs in respect of that area are written off in the financial period the decision is made. Each area of interest is also
reviewed at the end of each accounting period and accumulated
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 22
1. MATERIAL ACCOUNTING POLICY INFORMATION (CONT.)
acquisition costs written off to the extent that they will not be recoverable in the future. Amortisation is not charged on acquisition costs carried
forward in respect of areas of interest in the development phase until production commences.
G.
Inventories
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on average costs over the relevant period
of production and includes expenditure in accumulating the inventories, production costs and other costs incurred in bringing them to their
existing location and condition. Stockpile tonnages are verified by periodic surveys.
H.
Overburden removal costs
Overburden and other mine waste materials are often removed during the initial development of a mine site in order to access the mineral
deposit. This activity is referred to as development stripping. The directly attributable costs are initially capitalised as mine development costs.
Capitalising of development stripping costs ceases at the time that saleable mineral rights begin to be extracted from the mine.
Production stripping commences at the time that saleable materials begin to be extracted from the mine and normally continues through the
life of a mine. The costs of production stripping are capitalised to the cost of inventory, and charged to the income statement upon sale of
inventory in cost of goods sold.
I.
Development expenditure
When a mining project has been established as commercially viable and technically feasible, expenditure other than that on land, buildings and
plant equipment is capitalised under development expenditure. Development expenditure costs include previously capitalised exploration and
evaluation costs, pre-production development costs, development excavation, development studies and other subsurface expenditure
pertaining to that area of interest.
Costs related to surface plant and equipment and any associated land and buildings are accounted for as property, plant and equipment.
Development costs are accumulated in respect of each separate area of interest. Costs associated with commissioning new assets in the period
before they are capable of operating in the manner intended by management, are capitalised. Development costs incurred after the
commencement of production are capitalised to the extent they are expected to give rise to a future economic benefit. Amortisation of carried
forward exploration and development costs is charged on a unit of production basis over the life of economically recoverable reserves.
When an area of interest is abandoned or the Directors decide it is not commercial or technically feasible, any accumulated cost in respect of
that area is written off in the financial period the decision is made. Each area of interest is reviewed at the end of each accounting period and
accumulated cost written off to the Statement of Comprehensive Income to the extent that they will not be recoverable in the future.
Development assets are assessed for impairment if facts and circumstances suggest that the carrying amount exceeds the recoverable amount.
For the purpose of impairment testing, development assets are allocated to cash generating units to which the development activity relates. The
cash generating unit shall not be larger than the area of interest.
J.
Rehabilitation expenditure
The mining, extraction and processing activities of the Group give rise to obligations for site rehabilitation. Rehabilitation obligations can include
facility decommissioning and dismantling, removal or treatment of waste materials, land rehabilitation and site restoration. The extent of work
required and the associated costs are estimated
based on feasibility and engineering studies using current restoration standards and techniques. Provisions for the cost of each rehabilitation
programme are recognised at the time that environmental disturbance occurs.
Rehabilitation provisions are initially measured at the expected value of future cash flows required to rehabilitate the relevant site, discounted
to their present value. The value of the provision is progressively increased over time as the effect of discounting unwinds. When provisions for
rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future
economic benefits of the operation. The capitalised cost of rehabilitation activities is recognised in ‘Development Expenditure’ as rehabilitation
assets and amortised accordingly.
Where rehabilitation is expected to be conducted systematically over the life of the operation, rather than at the time of closure, provision is
made for the present obligation or estimated outstanding continuous rehabilitation work at each balance date and the costs are recognised
based on a consideration of the period which the rehabilitation is expected to occur.
K.
Segment Reporting
Segment results are reported to the Board of Directors (chief operating decision maker) and include items directly attributable to a segment as
well as those that can be allocated on a reasonable basis. Unless stated otherwise, all amounts reported to the Board of Directors as the chief
decision maker with respect to operating segments are determined in accordance with accounting policies that are consistent with those
adopted in the Annual Financial Statements of the Company.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 23
1. MATERIAL ACCOUNTING POLICY INFORMATION (CONT.)
L.
Financial Instruments
l.i Recognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions to the instrument. For
financial assets, this is the date that the Group commits itself to either the purchase or sale of the asset.
Financial instruments (except for trade receivables) are initially measured at fair value plus transaction costs, except where the instrument is
classified "at fair value through profit or loss", in which case transaction costs are expensed to profit or loss immediately.
Trade receivables are initially measured at the transaction price if the trade receivables do not contain a significant financing component or if
the practical expedient was applied as specified in AASB 15.63.
l.ii Financial liabilities
All financial liabilities are subsequently measured at amortised cost using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest expense in profit or
loss over the relevant period. The effective interest rate is the internal rate of return of the financial asset or liability. That is, it is the rate that
exactly discounts the estimated future cash flows through the expected life of the instrument to the net carrying amount at initial recognition.
A financial liability cannot be reclassified.
l.iii Financial assets
Financial assets are subsequently measured at:
•
amortised cost;
•
fair value through other comprehensive income; or
•
fair value through profit or loss.
Measurement is on the basis of two primary criteria:
•
the contractual cash flow characteristics of the financial asset; and
•
the business model for managing the financial assets.
A financial asset that meets the following conditions is subsequently measured at amortised cost:
•
the financial asset is managed solely to collect contractual cash flows; and
•
the contractual terms within the financial asset give rise to cash flows that are solely payments of principal and interest on the principal
amount outstanding on specified dates.
A financial asset that meets the following conditions is subsequently measured at fair value through other comprehensive income:
•
the contractual terms within the financial asset give rise to cash flows that are solely payments of principal and interest on the principal
amount outstanding on specified dates;
•
the business model for managing the financial assets comprises both contractual cash flows collection and the selling of the financial asset.
By default, all other financial assets that do not meet the measurement conditions of amortised cost and fair value through other comprehensive
income are subsequently measured at fair value through profit or loss.
The initial designation of the financial instruments to measure at fair value through profit or loss is a one-time option on initial classification and
is irrevocable until the financial asset is derecognised.
l.iv Derecognition
Derecognition refers to the removal of a previously recognised financial asset or financial liability from the statement of financial position.
A liability is derecognised when it is extinguished (ie when the obligation in the contract is discharged, cancelled or expires). An exchange of an
existing financial liability for a new one with substantially modified terms, or a substantial modification to the terms of a financial liability is
treated as an extinguishment of the existing liability and recognition of a new financial liability.
The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-
cash assets transferred or liabilities assumed, is recognised in profit or loss.
A financial asset is derecognised when the holder's contractual rights to its cash flows expires, or the asset is transferred in such a way that all
the risks and rewards of ownership are substantially transferred.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 24
1. MATERIAL ACCOUNTING POLICY INFORMATION (CONT.)
All of the following criteria need to be satisfied for derecognition of financial asset:
•
the right to receive cash flows from the asset has expired or been transferred;
•
all risk and rewards of ownership of the asset have been substantially transferred; and
•
the Group no longer controls the asset.
On derecognition of a financial asset measured at amortised cost, the difference between the asset's carrying amount and the sum of the
consideration received and receivable is recognised in profit or loss.
l.v Impairment
The Group recognises a loss allowance for expected credit losses on financial assets that are measured at amortised cost or fair value through
other comprehensive income.
Loss allowance is not recognised for:
•
financial assets measured at fair value through profit or loss; or
•
equity instruments measured at fair value through other comprehensive income.
Expected credit losses are the probability-weighted estimate of credit losses over the expected life of a financial instrument. A credit loss is the
difference between all contractual cash flows that are due, and all cash flows expected to be received, all discounted at the original effective
interest rate of the financial instrument.
The Group uses the following approaches to impairment, as applicable under AASB 9: Financial Instruments:
•
the general approach
•
the simplified approach
General approach
Under the general approach, at each reporting period, the Group assesses whether the financial instruments are credit-impaired, and if:
•
the credit risk of the financial instrument has increased significantly since initial recognition, the Group measures the loss allowance of the
financial instruments at an amount equal to the lifetime expected credit losses; or
•
there is no significant increase in credit risk since initial recognition, the Group measures the loss allowance for that financial instrument at
an amount equal to 12-month expected credit losses.
Simplified approach
The simplified approach does not require tracking of changes in credit risk at every reporting period, but instead requires the recognition of
lifetime expected credit loss at all times. This approach is applicable to trade receivables which do not contain a significant financing component.
In measuring the expected credit loss, a provision matrix for trade receivables was used taking into consideration various data to get to an
expected credit loss (i.e. diversity of customer base, appropriate groupings of historical loss experience, etc).
Recognition of expected credit losses in financial statements
At each reporting date, the Group recognises the movement in the loss allowance as an impairment gain or loss in the statement of profit or loss
and other comprehensive income.
The carrying amount of financial assets measured at amortised cost includes the loss allowance relating to that asset.
For financial assets that are unrecognised (eg loan commitments yet to be drawn, financial guarantees), a provision for loss allowance is created
in the statement of financial position to recognise the loss allowance.
M. Foreign Currency Transactions and Balances
m.i.
Functional and Presentation Currency
The functional currency of each of the Group’s entities is measured using the currency of the primary economic environment in which that entity
operates. The consolidated financial statements are presented in Australian dollars which is the parent entity’s functional and presentation
currency.
m.ii. Transactions and balances
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the transaction. Foreign
currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried
at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date
when fair values were determined.
Exchange differences arising on the translation of monetary items are recognised in the Consolidated Statement of Profit or Loss and Other
Comprehensive Income, except where deferred in Other Comprehensive Income as a qualifying cash flow or net investment hedge. Exchange
differences arising on the translation of non-monetary items are recognised directly in Other Comprehensive
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 25
1. MATERIAL ACCOUNTING POLICY INFORMATION (CONT.)
Income to the extent that the gain or loss is directly recognised in other comprehensive income; otherwise the exchange difference is recognised
in the Consolidated Statement of Profit or Loss and Other Comprehensive Income.
m.iii. Group Companies
The financial results and position of foreign operations whose functional currency is different from the Company’s presentation currency are
translated as follows:
•
assets and liabilities are translated at year-end exchange rates prevailing at that reporting date; and
•
income and expenses are translated at average exchange rates for the year.
Exchange differences arising on translation of foreign operations are transferred directly to the group’s foreign currency translation reserve in
the Statement of Financial Position. These differences are recognised in the Consolidated Statement of Profit or Loss and Other Comprehensive
Income in the year in which the operation is disposed.
N. Employee Benefits
Provision is made for the Group’s liability for employee benefits arising from services rendered by employees to reporting date. Employee
benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled,
plus related on-costs. Employee benefits payable later than one year have been measured at the present value of the estimated future cash
outflows to be made for those benefits.
n.i Short-term employee benefits
Provision is made for the Group’s obligation for short-term employee benefits. Short-term employee benefits are benefits (other than
termination benefits) that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the
employees render the related service, including wages, salaries and sick leave. Short-term employee benefits are measured at the (undiscounted)
amounts expected to be paid when the obligation is settled.
The Group’s obligations for short-term employee benefits such as wages, salaries and sick leave are recognised as part of current trade and other
payables in the statement of financial position. The Group’s obligations for employees’ annual leave and long service leave entitlements are
recognised as provisions in the statement of financial position.
n.ii Share-based payments
The Group provides benefits to employees (including Directors) of the Company and receives services from suppliers and consultants, in the
form of share-based payment transactions, whereby employees or suppliers and consultants render services in exchange for shares or rights
over shares (“equity-settled transactions”). The cost of these equity settled transactions with employees or suppliers and consultants is
measured by reference to the fair value of the services provided or, if this cannot be reliably measured, the fair value at the date at which the
instruments are granted. The fair value of the instrument is determined by an internal valuation and an external valuation using the Black-Scholes
model.
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the year in which the performance
conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (“vesting date”). The cumulative
expense recognised for equity-settled transactions at each reporting date until vesting date reflects (i) the extent to which the vesting period
has expired and (ii) the number of awards that, in the opinion of the Directors of the Company, will ultimately vest.
This opinion is formed based on the best available information at reporting date. No adjustment is made for the likelihood of market performance
conditions being met as the effect of these conditions is included in the determination of fair value at grant date. No expense is recognised for
awards that do not ultimately vest, except for awards where vesting is conditional upon market condition. Where an equity-settled award is
cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately.
However, if
a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled and
new award are treated as if they were a modification of the original award.
O. Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow
of economic benefits will result and that outflow can be reliably measured.
Provisions are measured using the best estimate of the amounts required to settle the obligation at the end of the reporting date.
P.
Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with banks, other short-term highly liquid investments with original
maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the
Statement of Financial Position.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 26
1. MATERIAL ACCOUNTING POLICY INFORMATION (CONT.)
Q. Revenue recognition
The Group produces and sells a range of thermal coal products. Revenue from the sale of coal is recognised when control of the product has
transferred to the customer. Control of the product is considered transferred to the customer at the time of delivery,
usually on Free on Board ("FOB") basis or a Cost and Freight ("CFR") basis. For CFR contracts the performance obligation relating to freight
services is accounted for as a separate performance obligation.
A receivable is recognised when control of the products is delivered as this is the point in time that the consideration is unconditional and when
control of the product is transferred to the customer. From time to time, the Group receives prepayment before control of the product has
transferred to the customer. Such prepayments are recognised as contract liabilities.
Some of the Group's coal sales contracts are long-term supply agreement which stipulate the nominal annual quantity and price negotiation
mechanism. For those contracts, the actual quantity and transaction price applicable for future shipments are only negotiated or determined
prior to the beginning of, or a date which is after, each contract year or delivery period. The transaction price for a future shipment is based on,
or derived from, a market price prevailing at the time of the future shipment. As the future market price for coal is highly susceptible to factors
outside the Group's influence, the transaction price for a shipment is not readily determinable until or nearing the time of the shipment. As a
result, the Group has concluded that a contract with the customer does not exist for those shipments for which the actual delivery quantity and
transaction price have not yet been negotiated or determined.
R.
Finance income and finance expense
Finance income and expenses are recognised using the effective interest rate method, which, for floating rate financial assets and liabilities is
the rate inherent in the instrument.
All finance income and expenses are stated net of the amount of goods and services tax (GST) and local value added tax (VAT).
S.
Goods and Service Tax (GST) and Value Added Tax (VAT)
Revenues, expenses and assets are recognised net of the amount of respective GST or VAT, except where the amount of GST or VAT incurred is
not recoverable from the relevant Tax Office. In these circumstances the GST or VAT is recognised as part of the cost of acquisition of the asset
or as part of an item of the expense. Receivables and payables in the Consolidated Statement of Financial Position are shown inclusive of GST
or VAT.
Cash flows are presented in the Consolidated Statement of Cash Flows a gross basis, except for the GST or VAT component of investing and
financing activities, which are disclosed as operating cash flows.
T.
Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The
amounts are unsecured and are usually paid within 30 days of recognition.
U.
Leases
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 is 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 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 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 as mentioned above, any lease payments made at
or before the commencement date, as well as any initial direct costs.
The subsequent measurement of the right-of-use assets is at cost less accumulated depreciation and impairment losses.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 27
1. MATERIAL ACCOUNTING POLICY INFORMATION (CONT.)
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 exercising a purchase option, the
specific asset is depreciated over the useful life of the underlying asset.
V.
Earnings per share
v.i. Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company, excluding any costs of servicing equity
other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus
elements in ordinary shares issued during the year.
v.ii. Diluted earnings per share
Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take into account the after income tax
effect of interest and other financing costs associated with dilutive potential ordinary shares.
W. Assets held for sale
Non-current assets and disposal groups are classified as held for sale and measured at the lower of carrying amount and fair value less costs to
sell, where the carrying amount will be recovered principally through sale as opposed to continued use. No depreciation or amortisation is
charged against assets classified as held for sale.
Classification as “held for sale” occurs when: management has committed to a plan for immediate sale; the sale is expected to occur within one
year from the date of classification; and active marketing of the asset has commenced. Such assets are classified as current assets.
A discontinued operation is a component of an entity, being a cash-generating unit (or a group of cash generating units), that either has been
disposed of, or is classified as held for sale, and: represents a separate major line of business or geographical area of operations; is part of a
single coordinated plan to dispose of a separate major line of business or geographical area of operations; or is a subsidiary acquired exclusively
with the view to resale.
Impairment losses are recognised for any initial or subsequent write-down of an asset (or disposal group) classified as held for sale to fair value
less costs to sell. Any reversal of impairment recognised on classification as held for sale or prior to such classification is recognised as a gain in
Consolidated Profit or Loss and Other Comprehensive Income in the period in which it occurs.
X.
Impairment of non-financial assets
At each reporting date, the Group reviews the carrying values of its tangible and intangible assets to determine whether there is any indication
that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value
less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount
is expensed to the Consolidated Statement of Profit or Loss and Other Comprehensive Income.
Impairment testing is performed annually for goodwill and intangible assets with indefinite lives. Where it is not possible to estimate the
recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Y.
Critical accounting judgments and key sources of estimation uncertainty
In the application of the Group’s accounting policies, which are described in Note 1, management is required to make judgments, estimates and
assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated
assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results
of which form the basis of making the judgments. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in
which the estimate is revised if the revision affects only that period or, in the period of the revision and future periods if the revision affects both
current and future periods.
The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have
a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year:
•
Recoverability of exploration and evaluation expenditure
The recoverability of the capitalised acquisition expenditure recognised as a non-current asset is dependent upon the successful
development, or alternatively sale, of the respective tenements which comprise the assets.
•
Inventories
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on average costs over the relevant
period of production and includes expenditure in accumulating the inventories, production costs and other costs incurred in bringing them
to their existing location and condition. Stockpile tonnages are verified by periodic surveys.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 28
1. MATERIAL ACCOUNTING POLICY INFORMATION (CONT.)
•
Rehabilitation
The extent of work required and the associated costs are estimated based on feasibility and engineering studies using current restoration
standards and techniques. Provisions for the cost of each rehabilitation programme are recognised at the time that environmental
disturbance occurs.
•
Impairment of non-financial assets
The Group assesses impairment at the end of each reporting period by evaluating conditions and events specific to the Group that may be
indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using value-in-use calculations which incorporate
various key assumptions. In light of lengthy negotiations with the Tanzanian and Malawi government in relation to the divestment process
and ongoing logistical issues with the operation of the mine, the Group recognised a full impairment on the carrying value of its Tanzanian
and Malawian subsidiaries.
Z.
Comparative figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial
year.
2. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
a. Discontinued operations
Tanzanian Operations
In November 2021, the Company signed a Share Purchase Agreement (“Agreement”) whereby the Company would transfer ownership of Intra
Energy Tanzania Limited (“IETL”), which holds the Company’s Tanzanian coal interests, to a local Tanzanian company. Consideration is US$2
million cash paid in two equal tranches, with the first tranche having been received in November 2021, second tranche having been received 14
March 2023. Shareholders approved the sale at an extraordinary general meeting held on 22 February 2022 and with the final payment the sale
has been finalised. The Tanzanian Operations have been recognised as fully disposed of in the reporting period 30 June 2023.
Malawian Operations
The Malawi Group is presented as discontinued operations. The carrying value of the assets were fully impaired as at 30 June 2016 and the
mining license has been relinquished. The Malawi Group was in the process of being wound up at the reporting date 30 June 2023.
Financial information relating to the discontinued operations is set out below. The financial performance of the discontinued operations which
is included in loss from discontinued operations in the statement of profit or loss and other comprehensive income, is as follows:
2024
2023
$
$
Malawian Operations
Revenue
-
-
Expenses
-
(202,287)
Loss before income tax
-
(202,287)
Income tax (expense)/benefit
-
-
Loss from discontinued operation, net of tax
-
(202,287)
2024
2023
$
$
Total net profit from discontinued operations
Tanzanian operations
-
-
Malawian operations
-
(202,287)
Total net Profit / (loss)
-
(202,287)
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 29
b. Assets and liabilities of disposal group held for sale
Malawian Operations
The carrying value assets and liabilities of the group of entities to be wound down have been presented as a Disposal Group at the reporting
date.
2024
2023
$
$
Assets held for sale
Cash and cash equivalents
1,112
1,112
Total assets held for sale - Malawi
1,112
1,112
2024
2023
$
$
Liabilities related to assets held for sale
Trade and other payables
874,000
874,000
Total liabilities related to assets held for sale - Malawi
874,000
874,000
All Operations
2024
2023
$
$
Total assets held for sale
Malawian operations
1,112
1,112
Total assets held for sale
1,112
1,112
Total liabilities related to assets held for sale
Malawian operations
874,000
874,000
Total liabilities related to assets held for sale
874,000
874,000
c. Disposal of Tanzanian operations
At the date of disposal, the carrying amounts of the Tanzania operations’ net assets were as follows:
2023
$
Cash and cash equivalents
169,000
Trade and other payables
(34,889,000)
Interest bearing liabilities
(1,383,000)
Lease liabilities
(330,000)
Provision for rehabilitation
(946,000)
Total Net Liabilities
(37,379,000)
Total consideration received in cash
2,861,083
Net liabilities derecognised
37,379,000
Non-controlling interest derecognised
(19,393,848)
Foreign currency translation reserve realised
682,447
Gain on disposal of Tanzanian operations
21,528,682
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 30
2. DEPRECATION AND AMORTISATION
CONSOLIDATED
2024
2023
$
$
Loss before income tax includes the following specific expenses:
Depreciation and amortisation
Depreciation
Plant and equipment
-
2,409
Total
-
2,409
3. INCOME TAX
CONSOLIDATED
2024
2023
$
$
(a) Numerical reconciliation of income tax expense to prima facie tax payable
Loss from ordinary activities before income tax expense
(1,132,946)
(1,205,395)
Profit from sale of operations before income tax expenses
-
21,528,682
Loss from discontinued ordinary activities before income tax expense
-
(203,287)
Prima facie tax/(benefit) on profit/(loss) from ordinary activities at 25% (2023:
25%)
(283,237)
(301,349)
Non-deductible expenditure
28,610
15,183
Tax effect of temporary differences not recognised
(198,886)
(13,745,231)
Tax effect of current year tax profits/(losses) for which no deferred tax asset has
been recognised
453,513
14,031,397
Income tax (benefit)/ expense
-
-
(b) Unrecognised temporary differences
Deferred Tax Assets (at 25%)
Temporary differences
121,281
88,419
Carry forward revenue tax losses
5,75,554
5,124,013
Carry forward capital tax losses
13,974,150
13,641,169
Carry forward foreign tax losses
1,972
-
Total
19,672,957
18,853,601
Deferred Tax Liabilities (at 25%)
Capitalised tenement acquisition costs
129,681
114,794
Prepayment
7,926
7,394
Total
137,607
122,188
The deferred tax asset and deferred tax liability have not been bought to account as it is unlikely they will arise unless the company generates
sufficient revenue to utilise them.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 31
5. KEY MANAGEMENT PERSONNEL COMPENSATION
The following persons were Key Management Personnel of the Company during the financial year:
Non-Executive Directors
Executive Directors
Senior Management
Mr G Robertson (Chairman)
Mr B Dunn (Managing Director)
Mr A Fraser
2024
2023
KEY MANAGEMENT PERSONNEL COMPENSATION
$
$
Short-term employee benefits
425,000
520,336
Share-based payments
29,244
-
Total Compensation
454,244
520,336
Details on the remuneration paid to the non-executive directors and executive directors who at any point during the year had authority and
responsibility for planning, directing and controlling the activities of Intra energy Corporation Limited are provided under Section B of the
Remuneration Report.
EQUITY INSTRUMENT DISCLOSURES RELATING TO KEY MANAGEMENT PERSONNEL
Options provided as remuneration and shares issued on exercise of such options
There were no options issued or any other share based payments as part of remuneration to Key Management Personnel during the year.
6. AUDITOR’S REMUNERATION
CONSOLIDATED
2024
$
2023
$
Auditors of the Group - Hall Chadwick
Audit services
Audit and review of financial reports
53,500
53,216
Total
53,500
53,216
7. EARNINGS PER SHARE
2024
2023
Basic and diluted loss per share
Loss from continuing operations attributable to the ordinary equity holders of the
Company
(1,132,946)
(1,202,900)
Profit/(loss) from discontinued operations attributable to the ordinary equity holders of
the Company
-
21,326,395
Loss/(loss) attributable to the ordinary equity holders of the Company
(1,132,946)
20,123,495
Weighted average number of ordinary shares outstanding during the year used in
calculating basic EPS
725,404,045
657,979,387
Profit/(Loss) per share (cents) – basic and diluted from continuing operations
(0.16)
3.24
Loss per share (cents) – basic and diluted from discontinued operations
-
(0.18)
Profit/(Loss) per share (cents) – basic and diluted
(0.16)
3.06
8. DIVIDENDS
No dividend was paid or declared during the year ended 30 June 2024 and 30 June 2023.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 32
9. TRADE AND OTHER RECEIVABLES
CONSOLIDATED
2024
$
2023
$
Current
Other receivables
54,950
46,917
Prepayments
31,705
29,575
Total
86,655
76,492
10. PROPERTY, PLANT AND EQUIPMENT
30 June 2024
Office Equipment
$
Total
$
Year ended 30 June 2023
At 1 July 2022, net of accumulated depreciation
1,203
1,203
Depreciation charge
(1,203)
(1,203)
At 30 June 2024, net of accumulated depreciation
-
-
At 30 June 2024
At cost
3,612
3,612
Accumulated depreciation and impairment
(3,612)
(3,612)
Net carrying value
-
-
30 June 2023
Office Equipment
$
Total
$
Year ended 30 June 2022
At 1 July 2022, net of accumulated depreciation
3,612
3,612
Depreciation charge
(2,409)
(2,409)
At 30 June 2023, net of accumulated depreciation
1,203
1,203
1,203
1,203
At 30 June 2023
At cost
3,612
3,612
Accumulated depreciation and impairment
(2,409)
(2,409)
Net carrying value
1,203
1,203
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 33
11. EXPLORATION EXPENDITURE
CONSOLIDATED
2024
2024
$
$
Opening balance
741,603
334,600
Exploration expenditure
3,804,292
429,985
Impairment
(4,900)
(22,982)
Net carrying value
4,540,995
741,603
12. TRADE AND OTHER PAYABLES
CONSOLIDATED
2024
2023
$
$
Current
Trade payables
218,282
191,981
Accruals and other payables
32,500
71,000
Total
250,782
262,981
13. ISSUED CAPITAL
2024
Issue price
2024
2023
Issue price
2023
No.
$ per share
$
No.
$ per share
$
Balance at the beginning of the year:
705,781,585
71,775,247
605,781,585
71,305,247
Shares issued
720,000,000 2
0.005
3,600,000
100,000,000 1
0.005
500,000
Shares issued – Llama Lithium Project 3
195,000,000
0.005
975,000
-
-
-
Shares issued – Llama Lithium Project 4
40,000,000
0.005
200,000
-
-
-
Shares issued – Maggie Hays Hill Lithium
Project 5
30,000,000
0.005
90,000
-
-
-
Shares issue costs
-
-
(301,395)
-
-
(30,000)
Balance at the end of the year
1,690,781,585
76,338,852
705,781,585
71,775,247
* Rounding to thousand.
Fully paid ordinary shares carry one vote per share and carry the rights to dividends.
1 On 23 December 2022, 100,000,000 shares were issued at $0.005 per share under a cleansing prospectus.
2 On 17 July 2023, 720,000,000 placement to raise $3.6m to ensure that the company is fully funded to complete the acquisition and
undertake its exploration objectives at the Llama Lithium Project over a 12 month forecast period. The funds were also applied to the
Company’s existing projects and working capital.
3 On 17 July 2023, 195,000,000 shares were issued at $0.005 per share as part of the consideration for 100% ownership of 123 mineral
claims comprising the Llama Lithium Project
4 On 3 October 2023, 40,000,000 shares were issued at $0.008 per share to acquire 100% ownership of 12 mineral claims within the
James Bay region of Quebec, Canada.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 34
13. ISSUED CAPITAL (Cont’d)
5 On 7 February 2024, 30,000,000 shares were issued at $0.005 per share as part of the acquisition of an 80% interest in the Maggie
Hays Hill Lithium project in the Lake Jonston region of Western Australia.
14. RESERVES
14(a) Options reserve
2024
2024
2023
2023
No.
$
No.
$
Balance at the beginning of the year
30,000,000
2,601,766
30,000,000
2,601,766
Expired options1
-
(2,216,487)
-
-
Options issued2
75,000,000
29,244
Options issued3
22,000,000
8,575
Options issued4
97,500,000
92,511
-
-
Options issued5
90,000,000
85,395
-
-
Balance at the end of the year
314,500,000
601,008
30,000,000
2,601,766
1.
Expired options valuation moved to accumulated losses.
2.
75,000,000 options were issued as a reward and incentive on 7 December 2023. 25,000,000 options issued to Mr. Bengamin Dunn,
25,000,000 to Mr. Alan Fraser and 25,000,000 to Mr. Graeme Robertson.
3.
22,000,000 advisor options were issued as a reward and to incentivize external services providers and contractors of the company
on 9 October 2023.
4.
97,500,000 options issued to the vendors as part of the consideration for the Llama Lithium Project as at 17 July 2023.
5.
90,000,000 options were issued to the broker as part of the $3.6m capital raise during the period as free-attaching options as at
17 July 2023.
6.
360,000,000 options were issued to the vendors as free-attaching options as part of 720,000,000 ordinary shares issued as part of
the consideration of the Llama Lithium Project as at 17 July 2023.
14(b) Performance Rights reserve
2024
2024
2023
2023
No.
$
No.
$
Balance at the beginning of the year
-
794,701
-
794,701
Vesting of performance rights2
-
65,359
-
-
Lapsed performance rights1
-
(794,701)
-
-
Balance at the end of the year
-
65,359
-
794,701
1.
Lapsed performance rights valuation moved to accumulated losses.
2.
The Company continues to amortise the fair value of the performance rights.
14(c) Foreign currency translation reserve
CONSOLIDATED
2024
2023
$
$
Balance at the beginning of the year
-
367,000
Foreign currency translation differences
(9,470)
(367,000)
Balance at the end of the year
(9,470)
-
Foreign currency translation reserve recognises exchange differences arising on translation of the foreign controlled entities.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 35
15. SUBSIDIARIES AND JOINTLY CONTROLLED ENTITIES
The Consolidated Financial Statements incorporate the assets, liabilities and results of the following subsidiaries in accordance
with accounting policy described in Note 1.
Name of Entity
Country of
incorporation
Class of share
Equity (%)*
2024
Equity (%)*
2023
Intra Energy Canadian Holding Limited
Canada
Ordinary
100%
100%
Intrafrican Resources Limited
Mauritius
Ordinary
100%
100%
AAA Drilling Limited
Tanzania
Ordinary
100%
100%
Intra Energy Limited*
Mauritius
Ordinary
100%
100%
East Africa Mining Limited *
Mauritius
Ordinary
100%
100%
Intra Energy Trading (Malawi) Limited
Malawi
Ordinary
100%
100%
Malcoal Mining Limited
Malawi
Ordinary
90%
90%
Pamodzi Power Limited
Malawi
Ordinary
100%
100%
Intra Eastern Land Pty Ltd
Australia
Ordinary
100%
100%
*Entity in the process of being wound up at the reporting date.
16. NON-CONTROLLING INTEREST
CONSOLIDATED
2024
2023
$
$
Total non-controlling interest
5
(230,152)
At 30 June 2024, The Company’s subsidiary East Africa Mining Limited owns 90% of Malcoal and 10% is owned by Consolidated Mining
Industries Limited, a private Malawian entity.
17. COMMITMENTS
17(a) Operating Commitments
The Company has minimum exploration commitments for its Australian-based projects as follows:
-
$20,000 annual commitment in relation to the Louth project tenement; and
-
minimum in-ground expenditure of $600,000 within 2 years of grant of the Yalgarra tenement i.e., by March 2024. At 30 June
2024, the company has exceeded the minimum in-ground expenditure of $600,000 of exploration expenditure in relation to the
Yalgarra tenement.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 36
18. CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Directors are not aware of any other contingent liabilities or contingent assets at 30 June 2024.
19. SEGMENT REPORTING
The Group operates in three geographical segments being Australia, Africa and Canada.
Segment information
The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors
(chief operating decision maker) in assessing performance and determining the allocation of resources. The Group’s business is the
exploration & evaluation of Lithium and gold.
Basis of Accounting for purposes of reporting by operating segments
Accounting policies adopted
Unless stated otherwise, all amounts reported to the Board of Directors as the chief decision maker with respect to operating
segments are determined in accordance with accounting policies that are consistent with those adopted in the annual Financial
Statements of the Group.
Inter-segment loans payable and receivable are initially recognised at the consideration received net of transaction costs. If inter-
segment loans receivable and payable are not on commercial terms, these are not adjusted to fair value based on market interest
rates.
Segment assets
Where an asset is used across multiple segments, the asset is allocated to the segment that receives the majority of economic value
from the asset. In the majority of instances, segment assets are clearly identifiable on the basis of their nature and physical location.
Unless indicated otherwise in the segment assets note, investments in financial assets, deferred tax assets and intangible assets have
not been allocated to operating segments.
Segment liabilities
Liabilities are allocated to segments where there is a direct nexus between the incurrence of the liability and the operations of the
segment. Borrowings and tax liabilities are generally considered to relate to the Group as a whole and are not allocated. Segment
liabilities include trade and other payables.
Notes to and forming part of the segment information
The consolidation adjustments represent the elimination of inter-segment loan balances and transactions.
Accounting policies
Segment information is prepared in conformity with the accounting policies of the entity as per Accounting Standard AASB 8
Operating Segments.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2023
19. SEGMENT REPORTING (CONT’D)
Page 37
Geographical Segment
Australia
Period Ended
30 June 24
$
Australia
Period Ended
30 June 23
$
Africa
Period Ended
30 June 24
$
Africa
Period Ended
30 June 23
$
Canadia
Period Ended
30 June 24
$
Canadia
Period Ended
30 June 23
$
Eliminations
Period Ended
30 June 24
$
Eliminations
Period Ended
30 June 23
$
Consolidated
Period Ended
30 June 24
$
Consolidated
Period Ended
30 June 23
$
Other income
28,728
6,177
-
-
-
-
-
-
28,728
3,000
Other operating expenses
(1,147,564)
(1,183,312)
-
-
(8,005)
-
-
-
(1,155,569)
(1,183,312)
Loss before impairment, depreciation,
(1,118,836)
(1,180,312)
-
-
(8,005)
-
-
-
(1,126,841)
(1,180,312)
Impairment
(4,900)
(22,982)
-
-
-
-
-
-
(4,900)
(22,982)
Depreciation
(1,204)
(2,101)
-
-
-
-
-
-
(1,204)
(2,101)
Amortisation
-
-
-
-
-
-
-
–
-
-
Results from operating activities
(1,124,940)
(1,205,395)
-
-
(8,005)
-
-
-
(1,132,945)
(1,205,395)
Finance income
-
-
-
-
-
-
-
-
-
-
Finance expenses
-
-
-
-
-
-
-
-
-
-
Loss before tax
(1,124,940)
(1,205,395)
-
-
(8,005)
-
-
-
(1,132,945)
(1,205,395)
Income tax benefit/(expense)
-
-
-
-
-
-
-
-
-
-
Net Loss from continuing operations
(1,124,940)
(1,205,395)
-
-
(8,005)
-
-
-
(1,132,945)
(1,205,395)
Disposal of Tanzania Group
-
2,861,083
-
-
-
-
-
18,667,599
-
21,528,682
Loss from discontinued operations
-
-
-
(203,287)
-
-
-
1000
-
(202,287)
Exchange difference foreign operations
-
-
-
-
(9,471)
-
-
(367,000)
(9,471)
(367,000)
Profit/(loss) for the year
(1,124,940)
1,658,184
-
(203,287)
(17,476)
-
-
18,301,599
(1,142,416)
19,754,000
Total Assets
5,825,772
2,118,213
-
-
(17,476)
-
-
-
5,808,296
2,118,213
Total Liabilities
(250,782)
(262,981)
-
-
-
-
-
-
(250,782)
(262,981)
Assets held for sale
-
-
1,112
1,112
-
-
-
-
1,112
1,112
Liabilities held for sale
-
-
(874,000)
(874,000)
-
-
-
-
(874,000)
(874,000)
Net Assets / (Liabilities)
5,574,989
1,855,232
(872,888)
(872,888)
(17,476)
-
-
-
4,684,626
982,344
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 38
20. CASH FLOW INFORMATION
2024
2023
$
$
Profit / (Loss) before income tax
(1,132,946)
20,121,000
Non-cash flows in loss
Depreciation and amortisation
1,204
2,101
Loss on disposal of assets
-
(21,528,682)
Impairment of assets
4,900
22,982
Foreign exchange losses
-
-
Exploration costs
-
58,186
Share based payments
103,182
-
Change in inventories
-
-
Change in receivables
(10,164)
61,057
Change in provisions
-
-
Change in trade payables and employee benefits
(170,645)
26,356
Net cash (used in) provided from operating activities
(1,204,469)
(1,237,000)
21. SHARE BASED PAYMENTS
21(a) Options
Grant date
Expiry date
Share price at
grant date ($)
Exercise price
($)
Expected
volatility
Dividend
yield
Risk-free
interest rate
Fair value at
grant date ($)
24 Feb 2022
28 Feb 2025
0.017
0.012
125%
0%
1.57%
0.013159
24 Feb 2022
28 Feb 2025
0.017
0.016
125%
0%
1.57%
0.012527
7 Dec 2023
17 Jul 2025
0.003
0.015
100%
0%
4.01%
0.0004
9 Oct 2023
17 Jul 2025
0.003
0.015
100%
0%
3.98%
0.0004
17 Jul 2023
17 Jul 2025
0.003
0.015
100%
0%
4.04%
0.0004
17 Jul 2023
17 Jul 2025
0.003
0.015
100%
0%
4.04%
0.0004
On 3 March 2022, 15,000,000 options with an exercise price of $0.012 and expiring 28 February 2025 and 15,000,000 options
with an exercise price of $0.016 and expiring 28 February 2025, were issued to the Lead Manager (or nominees) as
consideration for the provision of lead manager services and bookrunner services relating to marketing and corporate
advisory services (promotional activities) pursuant to the Lead Manager mandate.
On 7 December 2023, 25,000,000 options were issued to Mr. Beniamin Dunn, Mr. Graeme Robertson and Mr. Alan Fraser
each with an exercise price of $0.015 and expiring 17 July 2025 as a reward and incentive.
On 9 October 2023, 22,000,000 advisor options were issued as a reward and to incentivise external services providers and
contractors of the company with an exercise price of $0.015 and expiring 17 July 2025 as a reward and incentive
On 17 July 2023, 97,500,000 options issued to the vendors as part of the consideration for the Llama Lithium Project with an
exercise price of $0.015 and expiring 17 July 2025 as a reward and incentive.
On 17 July 2023, 90,000,000 were issued to the broker as part of the $3.6m capital raise during the period as free-attaching
options with an exercise price of $0.015 and expiring 17 July 2025 as a reward and incentive.
360,000,000 options were issued to the vendors as free-attaching options as part of 720,000,000 ordinary shares issued as
part of the consideration of the Llama Lithium Project as at 17 July 2023.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 39
The options were valued using the Black-Scholes model and vested immediately on grant date. The valuation model inputs
used to determine the fair value at the grant date, are as follows:
21(b) Performance rights
The company entered into a binding agreement with DGRM and Hale Court Holdings Pty Ltd (Vendors) to acquire 100%
ownership of 123 mineral claims comprising the Llama Lithium Project. As part of the consideration 150,000,000 performance
rights vesting into shares in the company on a 1:1 basis subject to satisfaction of specific milestones. At the reporting date no
milestones have been reached. No performance rights were issued in the 2024 or 2023 years.
22. RELATED PARTY TRANSACTIONS
Details relating to Key Management Personnel are disclosed in Note 5 and remuneration report contained in the directors’
report.
22(a) Transactions with related parties
There are no transactions with related parties. All related party transactions are on normal commercial terms and conditions.
23. FINANCIAL RISK MANAGEMENT
Exposure to credit and interest rate risks arises in the normal course of the Group’s businesses. The Group has exposure to
the following risks from their use of financial instruments:
•
Credit Risk
•
Liquidity Risk
•
Market risk i) Interest rate risk, ii) Foreign currency risk
This note presents information about the Group’s exposure to each of the above risks, their objectives, policies and processes
for measuring and managing risk, and the management of capital. Further quantitative disclosures are included throughout
this financial report.
The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework.
Risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits
and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed to reflect
changes in market conditions and the Group’s activities. The Group, through their training and management standards and
procedures, aim to develop a disciplined and constructive control environment in which all employees understand their roles
and obligations.
23(a) Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its
contractual obligations and arises principally from the Group’s receivables from customers and investment securities.
Exposure to credit risk
The carrying amount of the Group’s financial assets represents the maximum credit exposure. The Group’s maximum
exposure to credit risk at the reporting date was:
2024
2023
$
$
Trade and other receivables
86,655
76.492
Cash and cash equivalents
1,180,646
1.298.915
Total
1,267,301
1,375.407
Trade and other receivables
Some of the Group’s receivables relate to GST and other taxation (including VAT) due from the Australian and Canadian
taxation offices.
Cash and cash equivalents
Cash and cash equivalents comprise of cash on hand and demand deposits. The Group limits its credit risk by holding its cash
balance and demand deposits with reputable counterparties with acceptable credit ratings.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 40
23. FINANCIAL RISK MANAGEMENT (CONT’D)
23(b) 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’s approach
to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due,
under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s
reputation. The Board monitors liquidity risk on a monthly basis.
The Group’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due.
To achieve this aim, it seeks to maintain cash balances to meet expected requirements for a period.
The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the
impact of netting agreements:
30 June 2024
CARRYING
AMOUNT
$
CONTRACTUAL
CASH FLOWS
$
6 MONTHS
OR LESS
$
6 – 12
MONTHS
$
1 – 2
YEARS
$
2 – 5
YEARS
$
MORE THAN 5
YEARS
$
Non-derivative financial liabilities
Current
Trade and other payables
250,782
250,782
250,782
–
–
–
–
Total
250,782
250,782
250,782
–
–
–
–
30 June 2023
CARRYING
AMOUNT
$
CONTRACTUAL
CASH FLOWS
$
6 MONTHS
OR LESS
$
6 – 12
MONTHS
$
1 – 2
YEARS
$
2 – 5
YEARS
$
MORE THAN 5
YEARS
$
Non-derivative financial liabilities
Current
Trade and other payables
262,981
262,981
262,981
–
–
–
–
Total
261,981
262,981
262,981
–
–
–
–
Cash and receivables
The following are the contractual maturities of financial assets including receivables.
30 June 2024
CARRYING
AMOUNT
$
CONTRACTUAL
CASH FLOWS
$
6 MONTHS
OR LESS
$
6 – 12
MONTHS
$
1 – 2
YEARS
$
2 – 5
YEARS
$
MORE THAN 5
YEARS
$
Financial assets
Cash
1,180,646
1,180,646
1,180,646
–
–
–
–
Trade and other receivables
86,655
86,655
86,655
–
–
–
–
Total
1,267,301
1,267,301
1,267,301
–
–
–
–
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 41
23. FINANCIAL RISK MANAGEMENT (CONT’D)
30 June 2023
CARRYING
AMOUNT
$
CONTRACTUAL
CASH FLOWS
$
6 MONTHS
OR LESS
$
6 – 12
MONTHS
$
1 – 2
YEARS
$
2 – 5
YEARS
$
MORE THAN 5
YEARS
$
Financial assets
Cash
1,298,915
1,298,915
1,298,915
–
–
–
–
Trade and other receivables
76,492
76,492
76,492
–
–
–
–
Total
1,375,407
1,375,407
1,375,407
–
–
–
–
23(c) Market risk
Market risk is the risk that changes in market prices, such as interest rates and equity prices will affect the Group’s income
or the value of its holdings of financial instruments. The objective of market risk management is to manage and control
market risk exposures within acceptable parameters, while optimising the return.
(i) Interest rate risk
Profile
At the reporting date the interest rate profile of the Group’s interest-bearing financial instruments was:
30 June 2024
AVERAGE INTEREST RATE
%
FLOATING INTEREST
RATE %
TOTAL
$
Financial assets
Cash and cash equivalents
3.5%
–
1,180,646
Trade and other receivables
3.5%
–
86,655
Total
3.5%
–
1,267,301
Financial liabilities
–
–
–
Current
Trade and other payables
–
–
250,782
Total
–
–
250,782
NET FINANCIAL ASSETS
–
–
1,016,519
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 42
23. FINANCIAL RISK MANAGEMENT (CONT’D)
30 June 2023
AVERAGE INTEREST RATE
%
FLOATING INTEREST
RATE %
TOTAL
$
Financial assets
Cash and cash equivalents
3.5%
–
1,298,915
Trade and other receivables
3.5%
–
76,492
Total
3.5%
–
1,375,407
Financial liabilities
–
–
–
Current
Trade and other payables
–
–
262,981
Total
–
–
262,981
NET FINANCIAL ASSETS
–
–
1,112,426
The Group’s cash at bank and on hand and short-term deposits had a weighted average floating interest rate at year end
of 3.5%. The Company currently does not engage in any hedging or derivative transactions to manage interest rate risk.
Interest rate sensitivity
A sensitivity of 10% has been selected as this is considered reasonable given the current level of both short term and
long-term interest rates. A 10% movement in interest rates at the reporting date would have increased (decreased) equity
and profit and loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign
currency rates, remain constant.
PROFIT OR LOSS
EQUITY
30 June 2024
10% INCREASE $
10% DECREASE $
10% INCREASE $
10% DECREASE $
Financial assets
Cash and cash equivalents
118,065
(118,065)
118,065
(118,065)
Total
118,065
(118,065)
118,065
(118,065)
PROFIT OR LOSS
EQUITY
30 June 2023
10% INCREASE $
10% DECREASE $
10% INCREASE $
10% DECREASE $
Financial assets
Cash and cash equivalents
129,892
(129,892)
129,892
(129,892)
Total
129,892
(129,892)
129,892
(129,892)
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 43
23. FINANCIAL RISK MANAGEMENT (CONT’D)
Foreign currency risk
As a result of activities overseas, the Group’s Consolidated Statement of Financial Position can be affected by movements in
exchange rates.
The Group also has transactional currency exposures. Such exposure arises from transactions dominated in currencies other
than the functional currency of the entity.
The Group currently does not engage in any hedging or derivative transactions to manage foreign currency risk.
The Group has exposure to foreign currency risk through the Group’s 90% interest in Malcoal Mining Limited whose functional
currencies are Malawian Kwacha. Foreign currency risk arises on translation of the net assets of these entities to Australian
dollars. The foreign currency gains or losses arising from this risk are recorded through the foreign currency translation
reserve. However, these interests have been reclassified as discontinued operations / assets held for sale under AASB 5 Non-
current Assets Held for Sale and Discontinued Operations and accordingly, are not dealt with in this note. The foreign currency
risk on the remaining Tanzanian operations is not considered to be significant as these operations are dormant.
The above analysis assumes that all other variables, in particular interest rates and equity prices, remain constant.
23(d) Fair value versus carrying amounts
The Group’s carrying mounts of fair value assets and liabilities equate to their corresponding fair values.
23(e) Capital management
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence. There were
no changes in the Group’s approach to capital management during the year. Neither the Group nor any of its subsidiaries are
subject to externally imposed capital requirements.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
Page 44
24. PARENT ENTITY DISCLOSURES
Financial Position of Intra Energy Corporation Limited
2024
2023
$
$
Assets
Current Assets
Cash and cash equivalents
1,180,646
1,298,915
Trade and other receivables
69,411
76,492
Total Current Assets
1,250,057
1,375,407
Non-Current Assets
Property, plant and equipment
-
1,204
Exploration expenditure
4,559,351
741,603
Investment in subsidiaries
-
-
Investments
-
-
Total Non-Current Assets
5,809,408
742,807
Total Assets
5,809,408
2,118,214
Current Liabilities
Trade and other payables
250,782
262,981
Employee Benefits
-
-
Deferred Revenue
-
-
Total Liabilities
250,782
262,981
Net Assets
4,308,569
1,855,233
Equity
Issued capital
76,338,852
71,775,247
Reserves
666,367
2,455,209
Accumulated losses1
(72,696,650)
(72,375,223)
Total Equity
4,308,569
1,855,233
1. Movement between reverses and accumulated loss $4,239,341 including impairment of asset at the parent level.
Financial Performance of Intra Energy Corporation Limited
2024
2023
$
$
Loss for the year
4,560,768
1,658,184
Total Comprehensive Income
4,560,768
1,658,184
The parent entity has not entered into any guarantees in relation to debts of its subsidiaries, has no contingent liabilities and
has no commitments for the acquisition of property, plant and equipment.
25. SUBSEQUENT EVENTS
There are no significant subsequent events.
Consolidated Entity Disclosure Statement
Page 45
Name of Entity
Type of
entity
Trustee,
partner or
participant in
joint venture
% of share
capital held
Country of
incorporatio
n
Australian resident
or foreign resident
(for tax purposes)
Foreign tax jurisdiction(s)
of foreign residents
Intra Energy
Corporation Limited
Parent Entity
N/a
100%
Australia
Australian
Australia
Intra Energy
Canadian Holding
Limited
Body
Corporate
N/a
100%
Canada
Foreign
Canada
Intrafrican Resources
Limited
Body
Corporate
N/a
100%
Mauritius
Foreign
N/a
AAA Drilling Limited
Body
Corporate
N/a
100%
Tanzania
Foreign
N/a
Intra Energy Limited
Body
Corporate
N/a
100%
Mauritius
Foreign
N/a
East Africa Mining
Limited
Body
Corporate
N/a
100%
Mauritius
Foreign
N/a
Intra Energy Trading
(Malawi) Limited
Body
Corporate
N/a
100%
Malawi
Foreign
N/a
Malcoal Mining
Limited
Body
Corporate
N/a
90%
Malawi
Foreign
N/a
Pamodzi Power
Limited
Body
Corporate
N/a
100%
Malawi
Foreign
N/a
Intra Eastern Land
Pty Ltd
Body
Corporate
N/a
100%
Australia
Australian
Australia
Intra Energy Corporation Limited (the 'head entity') and its wholly-owned Australian subsidiaries have formed an income tax
consolidated group under the tax consolidation regime.
Directors’ Declaration
Page 46
In the directors' opinion:
•
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
•
the attached financial statements and notes comply with International Financial Reporting Standards as issued by
the International Accounting Standards Board as described in note 1 to the financial statements;
•
the attached financial statements and notes give a true and fair view of the consolidated entity's financial position
as at 30 June 2024 and of its performance for the financial year ended on that date;
•
there are reasonable grounds to believe that the company will be able to pay its debts as and when they become
due and payable;
•
at the date of this declaration, there are reasonable grounds to believe that the members of the Extended Closed
Group will be able to meet any obligations or liabilities to which they are, or may become, subject by virtue of the
deed of cross guarantee described in note 61 to the financial statements; and
•
the information disclosed in the attached consolidated entity disclosure statement is true and correct.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the directors
___________________________
GRAEME ROBERTSON
Chairman
Dated this 30 September 2023
PERTH
ASX Additional Information
FOR THE YEAR ENDED 30 JUNE 2024
Page 52
Additional information required by the Australian Securities Exchange Limited and not shown elsewhere in this report is as
follows. The information is current as at 24 September 2024.
(a)
Distribution of Equity Securities
The numbers of shareholders, by size of holding, in each class of share are:
NUMBER
OF
HOLDERS
NUMBER OF SHARES
PERCENTAGE OF
SHARES
1
−
1,000
61
11,246
0.00%
1,001
−
5,000
70
202,211
0.01%
5,001
−
10,000
90
732,599
0.04%
10,001
−
100,000
234
10,529,883
0.62%
100,001
−
and over
489
1,679,305,646
99.32%
944
1,690,781,585
100.00%
The number of shareholders holding less than a marketable parcel of shares are:
561
(b)
Twenty Largest Shareholders
The names of the twenty largest holders of quoted shares are:
NUMBER OF
SHARES
PERCENTAGE OF
ORDINARY SHARES
1
DG RESOURCE MANAGEMENT LTD
156,000,000
9.23
2
ASPAC MINING LIMITED
131,387,065
7.77
3
BNP PARIBAS NOMINEES PTY LTD
60,805,131
3.60
4
CITICORP NOMINEES PTY LIMITED
46,343,370
2.74
5
HALE COURT HOLDINGS PTY LTD
39,000,000
2.31
6
MR WILLIAM MAXWELL LANGLEY & MISS SACHA AYTON
38,800,000
2.29
7
MR ROBERT GEMELLI
33,350,000
1.97
8
OXLEY PROPERTY NOMINEES PTY LTD
30,050,000
1.78
9
GLOBAL URANIUM AND ENRICHMENT LIMITED
30,000,000
1.77
10
BB CAPITAL PTY LTD
28,000,000
1.66
11
MR SCOTT DAVID DEAKIN
27,303,832
1.61
12
SOL SAL INVESTMENTS PTY LTD
24,777,563
1.47
13
GOLDEN DRAGON RESOURCES PTE LTD
22,500,000
1.33
14
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
20,072,900
1.19
14
MR BOBBY VINCENT LI
18,611,108
1.10
15
BNP PARIBAS NOMS PTY LTD
18,593,333
1.10
16
MS CHUNYAN NIU
18,284,026
1.08
17
MR JACK THOMAS JOHNS & MRS GABRIELLE LOUISE JOHNS
18,000,000
1.06
17
STATE ONE CAPITAL GROUP P/L
17,627,447
1.04
18
VIDOG CAPITAL PTY LTD
16,647,500
0.98
19
MR SCOTT DAVID DEAKIN
27,303,832
1.61
20
SOL SAL INVESTMENTS PTY LTD
24,777,563
1.47
TOTAL
796,153,275
BALANCE OF REGISTER
894,628,310
GRAND TOTAL
1,690,781,585
ASX Additional Information
FOR THE YEAR ENDED 30 JUNE 2024
Page 53
(c)
Shareholders by location
No. of Holders
No. of Shares
Australian holders
915
1,499,836,363
Overseas holders
29
190,945,222
944
1,690,781,585
(d)
Substantial Shareholders
The names of substantial shareholders who have notified the Group in accordance with section 671B of the Corporations Act
2001 are:
NUMBER OF SHARES
PERCENTAGE OF
ORDINARY SHARES
DG RESOURCE MANAGEMENT
156,000,000
9.23%
ASPAC MINING LIMITED AND ASSOCIATES
147,181,585
8.70%
OPTION HOLDINGS
Class
Terms
No. of Options
A
Exercisable at $0.012 each, expiring 28 February 2025
15,000,000
B
Exercisable at $0.016 each, expiring 28 February 2025
15,000,000
C
Exercisable at $0.015 each, expiring 17 July 2025
644,500,000
674,500,000
Options Range
Unlisted Options
No. of Holders
No. of Options
1 – 1,000
0
0
1,001 – 5,000
0
0
5,001 – 10,000
0
0
10,001 – 100,000
0
0
100,001 and over
140
674,500,000
140
674,500,000
The following option holders hold more than 20% of a particular class of the Company’s Unlisted Options.
Holder
Class A
Class B
CG NOMINEES (AUSTRALIA) PTY LTD
7,500,000
7,500,000
MR JACK THOMAS JOHNS
5,437,500
3,437,500
Schedule of Mining Tenements
AREA OF INTEREST
TENEMENTS
INTEREST
Australia
Western Australia
E70/5464
70%
Western Australia
E63/2039
80%
New South Wales
ELA9314
100%
Canada
Quebec
CDC No 2687313 to 2687316
CDC No 2687376 to 2687494
100%