2022-23
Annual
Report
Jameson Resources Limited
ABN 89 126 398 294
Jameson
Resources
Leading the way
to a new era in
steelmaking coal
Jameson Resources Limited is an
Australian listed company focused
on the development of the Crown
Mountain Hard Coking Coal Project
located
south-east British
Columbia, Canada. Jameson also
owns tenements for the Dunlevy
Coal Project, in north-east British
Columbia.
in
For more details visit:
www.jamesonresources.com.au
Jameson Resources Limited | Annual Report 2022-23
Page 2 of 88
Table of Contents
Highlights
2022-23 In Review
Indigenous Nations Acknowledgement
Letter to Shareholders
About Jameson
Strategy
Steel – the building block of a low
carbon future
Assets
Sustainability – the four pillars
Corporate Governance & Risk
Management
Directors’ Report
• Directors
• Remuneration Report
Auditor’s Independence Declaration
Consolidated Financial Statements
Directors’ Declaration
Independent Auditor’s Report
Shareholdings
Mineral Tenements
Corporate Directory
4
5
6
7
9
10
12
14
28
29
32
33
39
46
47
80
81
85
87
88
Jameson Resources Limited | Annual Report 2022-23
Annual Report
2022-23
Page 3 of 88
Jameson Resources Limited | Annual Report 2022-23
Highlights
for the year ended 30 June 2023
August 2022
Based on the substantial
progress of the EA process
and with support of key
Indigenous Nations, the
Impact Assessment Agency of
Canada granted an extension
to the time limit for
completion of the
environmental assessment
for the Project
December 2022
Jameson pursues due
diligence and assessment of
potential investment
opportunities for near term
production in central
Queensland
March 2023
The Impact Assessment
Agency of Canada
completes Conformity
Review and provides
feedback on the Crown
Mountain Draft
Environmental Impact
Study
November 2022
Jameson Resources secures a
placement of A$5 million (at
70% premium to previous
share price) to fund continued
progress of the Crown
Mountain Project
January 2023
Execution of a landmark
Environmental Assessment
Process and Consent
Agreement with
Yaq̓it ʔa·knuqⱡi ‘it
First Nation for the Crown
Mountain Hard Coking
Coal Project
June 2023
Finalisation of a unique
Joint Assessment and
Engagement Plan by
Impact Assessment
Agency of Canada and the
BC Environmental
Assessment Office with
input from Indigenous
Nations
Page 4 of 88
2022-2023
in Review
Despite continued headwinds for development of
greenfield coal projects globally, the past year has
seen Jameson Resources Limited (JAL or the
Company) continue
significant
development milestones on progress of the
Crown Mountain Hard Coking Coal Project
(Project).
to achieve
During the period, against continued strong
demand from steelmakers, there was limited
supply of quality steelmaking coal leading to a
decline of exports from leading producers. This
continued excess of demand over supply resulted
in prices for Prime Low-Volatile Coking Coal
peaking at US$400/t with average pricing for the
period more than US$280/t. These levels remain
in excess of historical average pricing
well
confirming the acute demand for new supply of
premium steelmaking coal.
further enhances
The continued progress made at Crown Mountain
and the challenges for alternative greenfield
projects
the attractive
development opportunity which has been
recognised by the International Energy Agency as
“the most advanced steelmaking coal project in
Canada1”.
largest
committed
During the year, Nippon Steel Corporation,
Japan’s
to
steelmaker
investing US$1 Billion into acquiring an equity
interest associated with the planned separation
of Teck Resources’ Elk Valley Operations which
surround the Crown Mountain Project. Whilst
that separation has been delayed, Nippon Steel’s
substantial
commitment demonstrates
continued
leading
steelmakers to securing access to the premium
steelmaking coal of the Elk Valley.
the
the world’s
interest of
Jameson Resources Limited | Annual Report 2022-23
Highlights
The highlights for the 2023 financial year have
included:
• Execution of a
landmark Environmental
Assessment Process and Consent Agreement
with Yaq̓it ʔa·knuqⱡi ‘it First Nation for the
Crown Mountain Hard Coking Coal Project
• A placement of $5 million (at 70% premium to
previous share price) to fund continued
progress of Crown Mountain Environmental
Assessment Application
• Based on
substantial progress of
the
assessment and with the support of key First
Nations, the Impact Assessment Agency of
Canada granted an extension to the time limit
for
environmental
completion of
assessment for the Project.
the
• Consideration of a number of potential value-
add acquisitive growth opportunities whilst
approvals for the Crown Mountain Project are
being progressed.
Challenges and Risks
In contrast to the progress of the Crown
Mountain Project, the 2023 financial year has also
seen its share of challenges to other greenfield
developments around the world. This includes
the rejection of Glencore’s proposed Sukunka
Project in north east British Columbia due to
impact on threatened species and opposition
from
Indigenous Nations, whilst delays to
approvals of new projects in Australia have
occurred due in large part to opposition from
environmental groups.
the
challenges
Despite
faced by other
proponents, the Company has maintained its
unwavering commitment to progressing the
permitting of the Crown Mountain Project,
driving
it closer to obtaining the relevant
approvals to enable Final Investment Decision
(FID) and ultimately development.
1 International Energy Agency - Coal 2020
Page 5 of 88
Jameson Resources Limited | Annual Report 2022-23
Indigenous Nations Acknowledgment
Jameson acknowledges that the Crown Mountain Hard Coking Coal Project is located on lands within ʔakanuxunikJ ʔamakʔis in the East
Kootenay region of south-east British Columbia, Canada. These are the unceded ancestral lands of Yaq̓it ʔa·knuqⱡi ‘it First Nation over
which it declares and exercises its inherent aboriginal rights and title.
The lands are also part of the shared territories of the other Ktunaxa nations: ?Aq̓am First Nation, ʔakisq̓nuk First Nation and Yaq̓an
Nu?kiy First Nation and the Secwepemc (Shuswap), the Blackfoot Confederacy: Kainai (Blood), Piikani and Siksika; Stoney Nakoda:
Bearspaw, Chiniki, and Goodstoney; Tsuut’ina Nation; and Métis citizens.
Jameson acknowledge the many First Nations, Métis and Inuit who have lived in and cared for these lands for generations. We are
grateful for the traditional Knowledge Keepers and Elders who are still with us today, those who have gone before us and emerging. We
make this acknowledgement as an act of reconciliation and gratitude to those whose territory where our Project is located.
Jameson is committed to progressing design, assessment, development, operation, closure and long-term post-mining land use of the
Crown Mountain Project in close partnership with Indigenous Nations. Jameson believes that close engagement with and active
participation of Indigenous Nations in the design, regulation, implementation and monitoring of the project will lead to an improved
sustainable project for the environment and the community.
Jameson is committed to supporting the United Declaration on the Rights of Indigenous Peoples and in particular the right to Free, Prior
and Informed Consent (FPIC) in relation to the project assessment and permitting process.
Page 6 of 88
Jameson Resources Limited | Annual Report 2022-23
Letter to Shareholders
Progressing the Crown
Mountain Hard Coking Coal
Project in British Columbia
Dear Shareholder,
The past year has been a significant year for
your Company, Jameson Resources Limited, in
progressing the Crown Mountain Hard Coking
Coal Project (the Project) from the evaluation
phase into the detailed permitting phase. It
has been a year of highlights critical to moving
the Project closer to obtaining relevant
approvals to enable Final Investment Decision
(FID).
The Company is proud to have been able to
continue to progress the Project against
another year of significant challenges for
other greenfield coal developments.
We are pleased to note that during the year,
there has been continued strength in global
demand for seaborne steelmaking coal. This
robust demand and the challenges for current
and future supply supports the Company’s
view on the fundamentals of the steelmaking
coal market - that growth
in demand
continues to exceed the growth in supply, a
situation that provides an excellent platform
for development of Crown Mountain.
The Company progressed a number of
milestones and activities toward development
during the year, in particular the progress of
close engagement with Indigenous Nations,
Local, Provincial and Federal Government and
local communities and stakeholders.
The most significant milestone was the
execution in January 2023 of an EA Process
and Consent Agreement with Yaq̓it ʔa·knuqⱡi
‘it First Nation (also known as Tobacco Plains
First Nation), the Indigenous Nation which
exercises
inherent and Section 35
Constitution Act aboriginal rights and title
over the area in which the project is to be
developed.
its
This landmark agreement is a huge step in the
new era for natural resource development in
Jameson’s
Canada
commitment to establishing a new way of
doing business as part of the strategy towards
a new era for steelmaking coal.
demonstrates
and
The Company progressed a number of key
milestones and activities in the assessment
and permitting of the project during the
year.
Once finalised, the study, will be used as
a basis to assess opportunities to further
reduce carbon emissions form the
project.
The Project is being jointly assessed by
Provincial and Federal Regulators and the
EA Application has been developed to
requirements detailed
meet
in
the
Information Requirements
Application
issued
Columbia
by
Environmental Assessment Office (EAO)
and the EIS Guidelines issued by IAAC.
British
the
collection
The comprehensive EIS/EA Application
based on more than four years of detailed
comprehensive
and
data
technical evaluation. The design of the
Project includes accelerated reclamation
initiatives, best practice environmental
design, management and monitoring to
ensure protection of flora, fauna and water
quality in the Elk Valley.
Joint
unique
During the year, the EAO and IAAC finalised
and
a
Engagement Plan which governs the
process for how the two jurisdictions will
work together to assess the Project.
Assessment
The location and scale of the Project
provides a unique opportunity for the
development of a premium steelmaking
coal project with a substantially reduced
that of
impact
environmental
historical and current coal production.
than
Jameson recognises the critical ongoing
role of steelmaking coal in global economic
development and acknowledges increasing
concern about carbon emissions from the
steel industry.
During the year, Jameson initiated a review
of potential Greenhouse Gas Emissions
from the project to enable benchmarking
of the project with other current and
planned steelmaking coal production.
is currently being
That review which
finalised,
like other
that,
indicates
Canadian projects, carbon intensity of the
project is less than that of Australian, US or
other producer locations.
Jameson is committed to being an ESG
Leader among steelmaking coal developers
and that commitment includes:
•
Close engagement and participation
with Indigenous Nations in all aspects
of project development
Design of the project to seek to
identify all opportunities to reduce
environmental
impact and utilise
opportunities to offset impacts to
seek a net environmental benefit,
where possible
•
• Ongoing assessment of opportunities
to reduce carbon intensity of the
Project, where commercially feasible
and technology available
transparent
thorough
ensuring a
assessment
deep
and
process
engagement with Regulators and the
community.
•
include
The Company looks forward to the year
further
ahead which will
progress of key development milestones
formal
for Crown Mountain. The
Technical Review of
the EIS/EA
Application is expected to commence in
late 2023 and the company
looks
forward to working with regulators,
Indigenous Nations and
local
community to undertake review of the
comprehensive
the
Jameson is confident that the Project is the
right scale, location and design to ensure it
can be developed to establish a new
environmental
benchmark
sustainability.
for
Nicole Hollows
Chair
Michael Gray
Managing Director
28 September 2023
Page 7 of 88
Jameson Resources Limited | Annual Report 2022-23
Page 8 of 88
About Jameson
Jameson aspires to be an independent supplier of raw materials
committed to safeguarding the environment and contributing to
economic and community prosperity.
Jameson is a pure steelmaking coal Company with the primary
focus on its flagship asset the Crown Mountain Hard Coking Coal
Project, located in southeast British Columbia, Canada’s largest
steelmaking coal producing region.
its subsidiary NWP Coal Canada Ltd,
is
Jameson, through
developing the Crown Mountain Hard Coking Coal Project. The
Project is strategically located proximate to the electrical grid, gas,
all-seasons roads and Canadian Pacific’s rail line. This infrastructure
connects the Project to three deep water ports on the west coast
of British Columbia.
looking
is actively
Jameson
for other steelmaking coal
opportunities within the evaluation phase in developed countries
with low sovereign risk (i.e. Canada and Australia) to add value and
allow the Company to build on its strong foundation of the Crown
Mountain Hard Coking Coal Project in Jameson’s pursuit to become
a multi-asset resource Company that responsibly supplies raw
materials essential to improving people's lives.
Jameson Resources Limited | Annual Report 2022-23
The next
generation of the
Canadian
steelmaking coal
industry
Our Strategic Goals
Commercially Focused
Sustainable Growth
Engaged Stakeholders
Page 9 of 88
Jameson Resources Limited | Annual Report 2022-23
Dec Quarter 2023
Expected
commencement of
formal Public Technical
Review of EA/EIS
Jan 2023
Execution of landmark
EA Process and Consent
Agreement with Yaq̓it
ʔa·knuqⱡi ‘it First Nation
August 2021
BFS Yield Optimisation
Study completed
increasing NPV by 25%
over the 2020 BFS NPV
July 2020
Bankable Feasibility
Study (BFS) and
Environmental baseline
studies completed
2018
Bathurst Resources
Limited becomes a
strategic partner for the
Crown Mountain Project
July 2023
Finalisation of unique
Joint Assessment and
Engagement Plan by
IAAC and EAO
April 2022
Completion of
Environmental
Assessment Application
and submission to IAAC
for review
June 2021
Completion of all
technical assessments
for the Environmental
Assessment Application
2019
Initial coal qualities
testing results confirm
coking coal properties at
Crown Mountain
2014
Pre-Feasibility Study for
Crown Mountain Project
(CMP) completed
Page 10 of 88
Continued
Progress of the
Crown Mountain
Project along the
value
development
curve
Jameson Resources Limited | Annual Report 2022-23
Jameson Resources
An ESG Leader in Steelmaking Coal
Our vision
An independent supplier of raw
materials committed to safeguarding
the environment and contributing
economic and community prosperity
Jameson will deliver value and growth sustainably
through becoming an ESG Leader in Steelmaking
Coal development and production.
ESG Leadership will be achieved by:
•
•
•
•
•
•
Engagement and partnership with
Nations
Indigenous
Comprehensive Environmental Assessment
to
design, develop, operate and close a Project with a
reduced environmental footprint of historical and
current production
Investigation of options to reduce the carbon
intensity of production benchmarked against current
future steelmaking coal producers with
and
alternative sources of energy (eg. Hydro or wind)
Being open, transparent and working together with
all stakeholders
Being commercially focused, with a continuous
improvement mindset
Taking a pro-active approach to deliver its projects
responsibly and sustainably for all stakeholders.
Page 11 of 88
Jameson Resources Limited | Annual Report 2022-23
STEEL
The building block of a low
carbon future
Steel is essential for economic growth and the transition to a low carbon environment:
•
•
•
•
Essential for continued urbanisation and lifting global living standards
Enables the transition to renewable energy and net zero economy
Critical for infrastructure development, including that required to support electrification and
decarbonisation
Ideally suited to the circular economy – steel is the most recyclable of all major industrial materials
(>90% recycle rate) Arcelor Mittal 2023
Global Metal Production 2022
1,898
2,000
1,500
1,000
)
t
M
(
n
o
i
t
c
u
d
o
r
P
l
a
u
n
n
A
500
0
68
Al
Steel
22
Cu
13
Zn
5
Pb
3
Ni
Steel will be the foundation on which the transition to a lower carbon future will be built. All decarbonisation
technologies create substantial increased demand for materials. While focus has been on copper and battery
minerals, the greatest demand across all technologies is increased steel consumption(1). To achieve transition
to meet committed 2050 net zero targets, International Renewable Energy Agency (IRENA) estimates a total
investment of more than US$110 trillion in hydro, wind, solar and transmission networks with resulting
substantial increase in global steel demand(2)
Jameson and various other coal and steel producers, maintain that despite research and pilot scale projects in
steel production using DRI and Hydrogen, the majority of steel will continue to be produced in conventional
blast furnaces until at least 2050 (well after when production from Crown Mountain would be exhausted).
This position is consistent with that of the world’s leading export steelmaking coal producers which confirm
the continued high demand for high quality hard coking coal:
“We believe that a wholesale shift away from blast furnace steelmaking, which uses metallurgical
coal, is still decades in the future and that metallurgical coal will remain an essential input into the
steelmaking process, which is critical to support decarbonisation infrastructure” (BHP Managing
Director Mike Henry AFR 16 Aug-2022)
“Long-term demand for seaborne steelmaking coal will remain robust to 2050. At the same time,
supply growth is constrained. High-Quality Steelmaking Coal is Required for the Low-Carbon
Transition” (Teck - Steelmaking Coal Resilience May 2022)
(1) The role of critical minerals in energy transition. IEA2021
(2) World Energy Transitions Outlook 2022 IRENA,
Page 12 of 88
Jameson Resources Limited | Annual Report 2022-23
Case Study: Indigenous Engagement
The Crown Mountain Hard Coking Coal Project is located on lands within ʔakanuxunikb ʔamakʔis in the East
Kootenay region of south-east British Columbia, Canada. These are the unceded ancestral lands of Yaq̓it
ʔa·knuqⱡi ‘it First Nation (YQT) over which it declares and exercises its inherent aboriginal rights and title.
In January, Jameson’s Canadian subsidiary, NWP Coal Canada Limited (“NWP”) executed a landmark
Environmental Assessment Process and Consent Agreement (the “Agreement”) with Yaq̓it ʔa·knuqⱡi ‘it First
Nation for the Crown Mountain Project. Under the Agreement, YQT will act as a regulator and reviewer of the
Project and in so doing will fully engage in the Environmental Assessment of the Project for the purpose of
providing or withholding Free, Prior and Informed Consent to the Project following completion of the
Environmental Assessment.
This Agreement paves a new era of relationship-building with Indigenous Nations throughout the EA process
and for the lifetime of the Project garnering a mutual respect partnership between both parties.
“Yaq̓it ʔa·knuqⱡi ‘it is very pleased to see NWP committing to a consent-based
environmental assessment for the Project. For too long, Indigenous Nations have
not been brought to the table in decision-making directly affecting our rights and
interests. We look forward to working with NWP and the regulators as we exercise
our full seat at the table as a decision maker in our own territories.”.
Nasuʔkin Heidi Gravelle,
(Chief) Yaq̓it ʔa·knuqⱡi ‘it
“This is a huge step in the new era for natural
resource development in Canada. Jameson is
committed to designing and operating an improved
Project that incorporates building environmental
controls from the beginning with learnings from the
past and taking input and direction from Indigenous
Nations. Having support and a strongly built
relationship with YQT throughout the process and
timelines of the Project, ensures that NWP will
understand the
impacts of the Project on
Indigenous Nations
in
natural
resource
development.”
Michael Gray
Managing Director
Jameson Resources
Page 13 of 88
Jameson Resources Limited | Annual Report 2022-23
Case Study: Decarbonisation
The supply of steelmaking raw materials with a lower emission intensity is a major challenge to the steel
industry. The decline and depletion of existing steelmaking coal mines demands the development of new
supply of premium steelmaking coal, produced in a sustainable manner and with a lower emissions footprint.
The Crown Mountain Hard Coking Coal Project location and layout provides substantial opportunities for
decarbonisation to reduce Scope 1 and 2 GHG emissions compared with historical steelmaking coal
production.
Jameson is actively pursuing decarbonisation opportunities for Crown Mountain, including:
• Use of hydro-generated electricity
• Working with contractors and equipment manufacturers to assess adoption of Electric mobile
equipment and use of regenerative braking
• Use of hyperbaric coal drying rather instead of thermal (gas-fired) drying
• Working with suppliers on rail transport and port loading for opportunities to reduce GHG
emissions and improved energy/fuel efficiencies
• Work with steelmaking customers to consider options to increase blast furnace efficiency through
maximising use of HCC and PCI and other GHG reduction initiatives.
Page 14 of 88
Jameson Resources Limited | Annual Report 2022-23
Case Study: Environmental Management
Crown Mountain has been designed to represent
a new standard in environmental management
of steelmaking coal projects. Key features:
• Cumulative Effects assessment across the
Elk Valley region and commitment to strict
licence conditions and
environmental
the Project’s
offsets
contribution to existing cumulative effects is
essentially unmeasurable
to ensure
that
• Active engagement and
involvement of
indigenous nations in project assessment
and ultimately enforcement
•
Layer cake waste dump design to provide
permanent source control of Selenium. No
ongoing management required or legacy
issues following mine closure
• Higher water recovery from product coal
total overall
reduces
and processing
additional water demand
•
Shallow coal seams ensures that less waste
rock is required to be excavated than in
current producing mines and
other
minimises total disturbance area
• No Tailings Dam – dry tailings and coarse
coal reject are placed in overburden dump
to facilitate Selenium source control plan
• Hyperbaric Drying – excess moisture is
removed from product coal via hyperbaric
drying reducing need for gas-fired thermal
drying as used in existing Canadian mines
• Opportunities
for decarbonisation and
reduced GHG emissions through use of
hydro-electricity, electric mobile fleet and
regenerative braking use of biodiesel and
conveyors where possible.
Page 15 of 88
Jameson Resources Limited | Annual Report 2022-23
Our Assets
Jameson owns
interests in two
steelmaking coal
prospects, Crown
Mountain and
Dunlevy, both located
in British Columbia,
Canada
Figure 1 Crown Mountain and Dunlevy Project Locations
Page 16 of 88
Jameson Resources Limited | Annual Report 2022-23
Crown Mountain
Ownership: 90% owned by NWP Coal Canada Limited
Jameson owns 77.94% of NWP Coal Canada Limited
Commodity: Hard Coking Coal (86%) and PCI (14%)
Location: Elk Valley, British Columbia, Canada
Figure 2 Crown Mountain Coal Licence Locations
Figure 2: Crown Mountain Coal Licence Locations
Page 17 of 88
Overview
The Crown Mountain Hard Coking Coal Project (Crown
Mountain) is a high-quality steelmaking coal opportunity for
development, located in the Elk Valley, British Columbia. It is
situated between two of Teck Resources operating mines -
~11km from Line Creek and ~8km from Elkview. The Project is
proximate to existing common user rail that accesses three
deep water ports on the West Coast of Vancouver, Canada.
Crown Mountain has been advanced through exploration and
coal quality work, Preliminary Economic Assessment, a Pre-
Feasibility Study completed in 2014, an Updated Pre-Feasibility
in 2017, the release of the Bankable Feasibility Study (BFS) in
July 2020 and the Yield Optimisation Study completed in Aug
2021.
The Crown Mountain Yield Optimisation Study (Aug 21) based
on the BFS, included the following highlights:
• Robust economic outcomes including a pre-tax NPV(10) of
US$469m and IRR of 40.2%, assuming purchase of the
mobile equipment, workshops and ancillary infrastructure
• Represents a compelling high quality coking coal
opportunity for development with a competitive operating
and capital cost structure and access to existing common
user rail and port infrastructure
• High quality low volatile (‘LV’) steelmaking coal, with the
Life of Mine (LOM) product mix being 86% Hard Coking Coal
(HCC) and 14% Pulverised Coal Injection (PCI) coal
• The mine plan is based on an average LOM production rate
of 1.96 Mtpa of saleable coal, 57.5 Mt Total Run of Mine
(ROM) from the North, East and South pits over 15 years.
At completion of the BFS, the Company also identified a
number of areas of potential optimisation to be evaluated, in
order to maximise the economic outcomes, whilst finalising the
relevant environmental and permitting approvals to be ready
for financial investment decision.
The Crown Mountain BFS was based on resources of 90.2Mt,
including 66.5Mt in the Measured and Indicated category
across three pits – North, East and South pits. There is 23.7Mt
of Inferred resource in the Southern Extension that sits outside
the aforementioned pits that could provide additional organic
growth through either extension of mine life or increased
annual production. Additional work is required to upgrade the
resource category, determine the coal quality and understand
production costs.
The HCC quality in the North and East pits is comparable to the
seaborne Low Volatile Matter (LV) Premium HCC Benchmark
and is expected to achieve this benchmark pricing. The HCC
quality in the South Pit is expected to receive a 10% discount to
the LV Premium HCC Benchmark as a result of a lower Coke
Strength after Reaction (CSR) and higher phosphorous than
that in the North and East pits.
The PCI is a Low to Mid Volatile PCI coal that compares
favourably with the Australian Low to Mid Volatile PCI coals on
the basis of ash, sulphur, carbon content and calorific value
which are the key determinants in coke replacement ratio.
Jameson Resources Limited | Annual Report 2022-23
Crown Mountain PCI coal’s coke replacement ratio is
similar to that achieved by the LV PCI coals produced in
Australia.
The defined mining parameters established by the BFS and
include average annual
Yield Optimisation Study
production of 1.96 Million Tonnes Per Annum (Mtpa) over
the life of mine. The Project has a favourable Run-of-Mine
(ROM) strip ratio 4.7:1 BCM:ROM tonnes and an average
plant yield of 48.7%. The first four years of mining occurs
in the North and East pits which is lower ROM strip ratio of
4.1 BCM:ROM tonnes and higher yield (61.2%), producing
up to 2.3 Mtpa. The mine then progresses to the South Pit
which is mined from the South to the North.
The Company has been progressing the environmental
permitting of the Project since 2014. That process
commenced with the Project Description, followed by the
successful
Information
Requirements (AIR) in 2018 that forms the basis for
Environmental Assessment Certificate Application (EA
Application).
the Application
receipt of
The Company completed all environmental technical
studies including baseline work, terrestrial modelling, flora
and fauna studies, air, ground water and surface water
modelling completed in June 2021.
The EA Application was completed in April 2022 and
submitted to the Impact Assessment Agency of Canada
(IAAC) for review. It is anticipated that the formal technical
review of the Application will commence in late 2023.
Page 18 of 88
Location and Tenure
The Project is located within the Elk Valley coal field in south-
eastern British Columbia. This region is the world’s second
largest basin for premium hard coking coal and is home to four
operating mines which produce over 20 million tonnes per
annum, representing a majority of Canada’s total coal exports.
is
Crown Mountain
in close proximity to two significant
steelmaking coal mines: Line Creek which is 12km to the north,
and Elkview which is 8km to the southwest (Figure 2). The Project
includes ten granted coal licences (418150, 418151, 418152,
418153, 418154, 418966, 419272, 419273, 419274, and 419275)
covering an area of 5,630 hectares.
Name
License
Number
Status
Area
(Ha)
Rent
(CAD)
North Block
South Block
Crown East
West Crown
Southern Extension
Northwest Extension
Grave Creek
Northern Extension
Alexander Creek
Grave Creek West
418150 Granted
334
$3,340
418151 Granted 1,001
167
418152 Granted
251
418153 Granted
835
418154 Granted
974
418966 Granted
779
419272 Granted
705
419273 Granted
335
419274 Granted
251
419275 Granted
Total 5,630
$10,010
$1,670
$2,510
$8,350
$6,818
$5,453
$4,935
$2,345
$1,757
$47,188
Table 1 Crown Mountain Coal Licence Summary Table (CAD)
Bankable Feasibility Study
July 2020
On 9 July 2020, the Company announced the robust economic
results of the Bankable Feasibility Study (BFS) for Crown
Mountain.
The Project has a low strip ratio, an average life of mine (LOM)
1.7Mtpa clean coal product operation at competitive operating
costs with direct access to global seaborne markets through one
of the three deep water ports on the west coast of British
Columbia.
The BFS demonstrated a technically and economically robust
Project that will produce an average of 86% LV HCC and 14% PCI
coal over the 15-year mine life (see Table 2 on the following
page). The study was led by Stantec Consulting’s (Stantec)
Vancouver office with other consultants engaged including
Sedgman Canada Limited (a member of CIMIC Group), and SRK
Consulting (SRK).
The BFS confirmed that Crown Mountain represents a compelling
high quality hard coking coal development opportunity with a
competitive operating and capital cost structure and access to
existing common user rail and port infrastructure.
Jameson Resources Limited | Annual Report 2022-23
The BFS also identified a number of optimisation opportunities
which could further improve the positive economics of the
Project. These included:
•
Yield Optimisation
•
Increased Coal Handling and Processing Plant (CHPP)
Utilisation
Review of CHPP Capital costs
Contract mining or mobile equipment leasing
Consideration of potential Build-Own-Operate-Transfer
options for the CHPP
Further exploration in Southern Extension area.
•
•
•
•
Yield Optimisation Study
August 2021
The Yield Optimisation Study,
opportunities to be progressed, involved the following:
first of
the
these
•
•
•
Assessing the ash yield curve of each coal block to assess
opportunities to improve CHPP yield
Testing of higher ash product coal samples to understand
any potential impact a higher ash product has on key coking
properties of the product
Assessment of the overall Project economics of producing a
higher ash product by analysing potential production
increase against any relative revenue discount due to a
higher ash product.
The Yield Optimisation Study confirmed reduced production cost
and increased sales volume resulted in an overall 25% increase in
pre-tax NPV10 to US$469 million, compared with that in the BFS.
In addition, the Study confirmed:
•
•
•
•
increased production and substantial improved potential
economic outcomes by increasing product ash levels from
9.5% to 10.5% for North and East pits product and from 9.5%
to 11.0% for South Pit product
Increased product ash levels enable increased processing
yield which results in a direct increase in product coal and
export sales
The study determined an increased Life-of-Mine product
yield of 52.9% compared with 48.8% in the BFS resulting in
an 8.4% increase in average annual product coal sales from
1.8 to 1.96 Mtpa
The increased yield and consequent increase in saleable
export product results in a 4% reduction in cash operating
costs
further
enhancing the Project’s attractive position on the cost curve.
to USD89.41/tonne,
(FOB Vancouver)
Page 19 of 88
Resources
Reserves
Jameson Resources Limited | Annual Report 2022-23
The JORC Code requires that at a minimum, a preliminary
feasibility study or feasibility study be completed as the basis
for the definition of reserve quantities. A feasibility study has
been undertaken for the Crown Mountain Property. The BFS
run-of-mine surface mineable reserve summary shown in Table
3 Run of mine surface mineable reserve summary (ktonnes) (as
at July 8 2020), identified 57.5 million as a coal reserve, of
which 43.6 million tonnes are in the Proven category and 13.9
million tonnes in the Probable category.
The updated 2021 Resources are provided in Table 2
Resource summary (Mtonnes) (as at July 8 2020) Resource
summary (Mtonnes) (as at 8 July 2020) below. All stated
resources are inclusive of the reserves.
The estimates have been prepared in accordance with the
requirements of the Canadian National Instrument (NI) 43-
101 and the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) Definition Standards. NI 43-101 is the
Canadian equivalent of the 2012 Joint Ore Reserves
Committee (JORC) Standard.
is an
A Qualified Person (Competent Person), who
employee of Stantec, validated the available geological
data, constructed the computer based geological model
and undertook resource estimation.
Table 2 Resource summary (Mtonnes) (as at July 8 2020)
Resource Area
North Pit
South Pit
South Extension2
Total
Measured
(Mt)
Indicated (Mt)
Measured &
Indicated (Mt)
Inferred (Mt)
Measured,
Indicated &
Inferred (Mt)
10.1
41.0
-
51.1
3.0
12.4
-
15.4
13.1
53.4
-
66.5
-
-
23.7
23.7
Table 3 Run of mine surface mineable reserve summary (ktonnes) (as at July 8 2020)
ASTM
Group
Bituminous
Area
North Pit
East Pit
South Pit
Sub-Total
Run of Mine Coal Reserves
(Ktonnes)
Proven
Probable
COKING
9,603
2,271
27,975
39,848
PCI
429
135
3,218
3,781
COKING
3,924
532
4,828
9,284
Total Proven & Probable
43,629
13,911
Total
Notes:
57,540
These are ROM (run-of-mine) tonnages prior to processing with as-received moisture content approx. 4%.
Reference point is before the rotary breaker.
Reserves within economic pit based on coking coal price range of CAD$187-$207/product tonne and PCI coal price of CAD$136/product tonne.
Rounding as required by reporting guidelines may result in apparent summation differences.
2 Southern Extension resource estimate is from the March 11, 2014 PFS report. No additional work has been completed on this portion of the Crown
Mountain deposit since 2014.
Page 20 of 88
13.1
53.4
23.7
90.2
PCI
1,068
46
3,514
4,627
Competent Persons Statement
Mineral Resource Estimate, Mineral Reserve Estimate and Bankable Feasibility Study Results
Jameson Resources Limited | Annual Report 2022-23
The information in this Annual Report relating to the Mineral Resource Estimate, Mineral Reserve Estimate and Bankable Feasibility
Study Results of the Company’s Crown Mountain Coal Project are extracted from the ASX Release entitled Crown Mountain Bankable
Feasibility Study announced on 9 July 2020 and is available to view on the ASX website (ASX:JAL), and the Company's website. The
Company confirms that it is not aware of any new information or data that materially affects the information included in the original
market announcement and, that all material assumptions and technical parameters underpinning the resource and reserve estimates
and bankable feasibility study results in the relevant market announcement continue to apply and have not materially changed. The
Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified
from the original market announcement.
Coal Quality and Exploration Results
The information in this Annual Report relating to the Coal Quality and Exploration Results on the Company’s Crown Mountain Coal
Project is extracted from the ASX Releases entitled “Crown Mountain Coal/Coke Testing Program Complete: Hard Coking Coal Confirmed
(Updated)” announced on 2 August 2019, and “Additional Testing Confirms Crown Mountain as Premium Hard Coking Coal” announced
23 April 2019, and are available to view on the ASX website (ASX:JAL), and the Company's website. The Company confirms that it is not
aware of any new information or data that materially affects the information included in the original market announcements and, that
all material assumptions and technical parameters underpinning the coal quality and exploration results in the relevant market
announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the
Competent Person’s findings are presented have not been materially modified from the original market announcement.
Page 21 of 88
Mining
Given the shallow geology of the resource, all mining at the
Crown Mountain Project will be open pit. Mining equipment
includes excavators, front end loaders, and haul trucks,
supported by dozers, backhoes, and blasthole drills. This type
of equipment is typical for Elk Valley mining operations and
includes equipment specific to selective mining in certain
thinner seams present on the property. The majority (90%) of
overburden removal is estimated to require blasting.
Processing
Coal processing occurs through a Coal Handling and Process
Plant (‘CHPP’) that is located near the North Pit. Coal will be
trucked to the CHPP where it will be processed. The average
LOM processing yield is 52.9%, delivering a clean coal, or
saleable coal resource of 28.5Mt at an average clean coal strip
ratio of 9.5:1 BCM:tonne clean coal.
The primary processing method is heavy media cyclone and
reflux classifier, supplemented by column cell flotation for fines
recovery. A hyperbaric filter is included in the plant design to
reduce the product moisture of the fine coal. The CHPP design
developed in the BFS has been maintained in the Yield
Optimisation Study but resultant plant yields have been
increased to reflect increased product recovery due to
Jameson Resources Limited | Annual Report 2022-23
increased target product ash levels. The resultant CHPP yield
for coking coal product from each Pit is summarised in Table 4
below.
Coal Quality
Coal from the Crown Mountain Project is modelled to be 86%
Premium low-volatile Hard Coking Coal and 14% mid-vol PCI
(Pulverised Coal Injection).
Washed coal will be conveyed down the mountain (3 km) and
then trucked approximately 15 km to a stockpile/loadout area
where the product will ultimately be loaded on train with a 152
railcars (16,000t capacity) on a new rail loop to be located
adjacent to Canadian Pacific’s (CP) existing common-user
railway. The loadout facility includes covered storage with a
batch weigh bulk loading system for accurate load control and
freight cost management.
Key features of the coking coal product are high CSR (Coke
Strength after Reaction) and
low volatile matter (VM)
consistent with similar Elk Valley coals. High CSR and low VM
are critical coke-making characteristics that determine demand
and relative market position for coking coals.
Crown
Mountain’s Hard Coking Coal product is comparable with the
established global Premium Low Vol Hard Coking Coals brands
as shown in Figure 3 below.
Table 4 Modelled Coking Coal Yields - BFS (Jul 2020) & Yield Optimisation Study (Aug 2021)
North Pit
East Pit
South Pit
Product Ash
(% ad)
9.5
Yield
(% ar)
56.6
Product Ash
(% ad)
9.5
Yield
(% ar)
47.0
Product Ash
(% ad)
9.5
Yield
(% ar)
41.2
10.5
57.8
10.5
49.7
11.0
47.6
BFS July 2020
Yield Optimisation
Study August 2021
Figure 3 Crown Mountain Low Vol Hard Coking Coal
Page 22 of 88
Jameson Resources Limited | Annual Report 2022-23
Infrastructure
Transport
The Project is located in an area with well supported
infrastructure for coal mining. Teck operates a total of four
coking coal mines in the Elk Valley and general vicinity of the
Project: one of these operations is south of Crown Mountain
and three are north. As a result, mainline rail, power,
supporting communities and services are all nearby.
CP’s rail is a combined 18 km from the wash plant: 3 km of
overland conveyor and a 15 km truck haul. Power lines will be
extended 14 km from the main transmission line to the
preparation plant. A natural gas line of similar length is planned
to provide heat for the plant, shop, and support facilities.
Existing access roads to the Project will be upgraded: these
roads have already been used for logging operations and
product transportation by a local quarry.
Water supply will originate from two sources: a sediment pond
located in the Alexander Creek drainage and a storage pond to
be located adjacent to Grave Creek. Seasonal flow studies and
estimated Project water requirements indicate this is a viable
solution.
The towns of Sparwood, Elkford, Fernie, and Crowsnest Pass
will be the source of the Crown Mountain workforce, and
house numerous mining-related service industries.
Once loaded onto rail, carrier CP will transport the coal to
either Westshore Terminals (‘Westshore’) near Vancouver, or
to Ridley Terminals (‘Ridley’) near Prince Rupert, where it will
be loaded into ships. Westshore, approximately 1,200 kms
distance is the terminal of choice for Crown Mountain coal,
with an estimated transportation cost (combined rail and port)
of USD29.25/tonne (July 2020 BFS).
Capacity expansion continues at the Vancouver ports.
Currently Teck is undertaking an expansion project at the
Neptune Terminal where they have publicly stated they will be
shipping coal from once it is complete and their Take or Pay
contract with Westshore expired in 2021. As a result, it is
believed Westshore will have available capacity when the first
coal from Crown Mountain is ready for shipment. All clean coal
production from Crown Mountain is assumed to be exported.
Coal is sold FOB vessel.
Capital Expenditure
The Total Pre-Production Capital expenditure to support the
mining and processing operation has been estimated in the BFS
and Yield Optimisation Study to be USD352 million (CAD469m)
as detailed in Table 5 Pre-Production Capital Expenditure ($M)
(as at July 8, 2020) below.
Table 5 Pre-Production Capital Expenditure ($M) (as at July 8, 2020)
Pre-Production Capital*
Mobile Mining Equipment
Wash Plant and Coal Handling Facilities
Infrastructure (rail load-out, roads, power, offices, shop etc)
Pre-Strip and Indirects
SUBTOTAL – CAPITAL
Owners costs
Reclamation Security
Contingency
TOTAL CAPITAL
*Capital Expenditure has been converted from CAD to USD at 0.75
Note: Totals may be off due to rounding.
US$
92
102
78
37
309
9
2
31
352
Page 23 of 88
Environment and
Regulatory Approvals
Development of the Project will require approval from both
Provincial and Federal regulators. Jameson has prepared an
Environmental Assessment (EA) Application to meet the
comprehensive assessment requirements of both jurisdictions.
The EA Application was completed in April 2022 and submitted
to IAAC for review. It is anticipated that formal EA review will
commence in late 2023 involving a public comment period and
technical review by Regulators, Indigenous Nations groups and
other key stakeholders.
The duration of the assessment and review process is
dependent upon the extent of any subsequent Information
Requests and ongoing engagement with stakeholders.
Additional mine permits must be acquired by the Company
before construction can commence.
Indigenous Nations and
Community Engagement
Crown Mountain is located on lands within ʔakanuxunikJ
ʔamakʔis in the East Kootenay region of south-east British
Columbia, Canada. These are the unceded ancestral lands of
Yaq̓it ʔa·knuqⱡi ‘it First Nation over which it declares and
exercises its inherent aboriginal rights and title.
The lands are also part of the shared territories of the other
Ktunaxa nations: ?Aq̓am First Nation, ʔakisq̓nuk First Nation
Jameson Resources Limited | Annual Report 2022-23
and Yaq̓an Nu?kiy First Nation and the Secwepemc (Shuswap),
the Blackfoot Confederacy: Kainai (Blood), Piikani and Siksika;
Stoney Nakoda: Bearspaw, Chiniki, and GoodStoney; Tsuut’ina
Nation; and Métis citizens.
Jameson has undertaken extensive engagement with all of
these Indigenous Nations during planning of the Project and in
development of the EA and is seeking to undertake ongoing
engagement, close cooperation and open communication as
the Project moves forward.
The Company continues regular engagement with the local
governments (Councils, Mayors) of all the nearby towns
including Sparwood, Elkford, Fernie, the Regional District of
East Kootenay and the District of Crowsnest Pass located across
the Provincial border in Alberta. Through the EA development
process, Jameson has also had discussions with various non-
and
governmental organisations,
recreational clubs regarding their specific issues and concerns.
community
groups
Operating Costs
The mine operating cost estimate was developed in the BFS of
July 2020 to consider all site-based aspects of the mining
operation, (including coal processing, coal and waste loading
road
and haulage,
maintenance, water management, reclamation and site
administration) as well as all off-site costs (including rail and
port charges, marketing, royalties and corporate overhead
costs).
topsoil salvage and
replacement,
The total operating costs per product tonne from the BFS and
Yield Optimisation Study are summarised in Table 6 below:
Table 6 Total operating costs per product tonne from the BFS and Yield Optimisation Study
FOB Operating Cost* (USD)
Unit
BFS Jul-20
Yield Optimisation Study Aug-21
ROM Strip Ratio
Clean Coal Strip Ratio
Operating Costs – clean coal
Waste
ROM Coal Production
Preparation Plant
Clean Coal Handling
Reclamation
Minor Equipment Operating Costs
Free on Rail (FOR)
Marketing and Corporate
Administration
Rail and Port Charges
Royalty
Free on Board (‘FOB’) Cost
BCM:ROM tonne
BCM:t clean coal
4.7:1
10.3:1
USD/t
USD/t
USD/t
USD/t
USD/t
USD/t
USD/t
USD/t
USD/t
USD/t
USD/t
USD/t
31.94
6.77
10.02
2.34
0.14
1.00
52.22
1.01
5.90
29.25
4.79
93.17
*Operating costs have been converted from CAD to USD at 0.75
4.7:1
9.5:1
29.48
6.25
9.25
2.16
0.13
0.92
48.19
1.01
5.45
29.25
5.51
89.41
Page 24 of 88
Jameson Resources Limited | Annual Report 2022-23
Economic Outcomes
The key economic outcomes are as follows, and summarised in Table 7 below:
Table 7 Crown Mountain Project Key Economic Outcomes
Outcome*
Unit
Bankable Feasibility Study
(July 2020)
Yield Optimisation Study
(July 2021)
Total ROM Coal Mined
Mt ROM
Mine Life
Years
Average ROM Strip Ratio
bcm: ROM t
57.5
15
4.7
LOM Processing Yield
%
48. 8%
LOM Average Annual Exports
Mtpa
Total Clean Coal Production
Mt
Clean Coal Strip Ratio
Pre-production Capex**
Cash Cost
(FOB Vancouver)
Low Volatile Premium Hard
Coking Coal Benchmark
NPV(10) (Pre-tax)
NPV(10) (Post-tax)
IRR (Pre-tax)
IRR (Post-tax)
Net Cashflow (Pre-tax)
Net Cashflow (Post-tax)
bcm:
clean coal t
US$M
US$/t
US/t
US$M
US$M
%
%
US$m
US$m
1.8
26.27
10.29
309
$93.17
165
$376 M
$217 M
36.4%
27.2%
$1,029 M
$652 M
* Operating costs and capital expenditure have been converted from CAD to USD at 0.75
**Excludes Contingency, Owners Costs, Reclamation Security
57.5
15
4.7
52.9%
1.96
28.46
9.49
309
$89.41
165
$469 M
$276 M
40.2%
30.2%
$1,261 M
$797 M
Page 25 of 88
Investment Agreement with Bathurst Resources Limited
Jameson Resources Limited | Annual Report 2022-23
The Investment Agreement entered into between Jameson and
Bathurst in July 2018 provides Bathurst (through its wholly
owned Canadian subsidiary) options for investing in NWP and
provide funding for Crown Mountain costs. Bathurst invested
C$4 million in NWP for an 8 per cent common ownership
interest to sole fund the 2018 summer exploration program
and exercised Option One, investing an additional C$7.5 million
in September 2019 to sole fund the Bankable Feasibility Study
(BFS), increasing their common ownership interest in NWP to
20 percent.
The agreement also provides for:
•
up to a C$5million Advance of the total C$110,000,000
Tranche Two Option at Bathurst’s discretion to provide
funding towards pre-construction activities
• With the completion of the BFS and once the required
permits have been issued, Bathurst has a Tranche Two
option at their discretion, to sole fund the first C$110
million of construction costs, less any Tranche Two
Advances (C$2.6m to date), in the form of cash, which is
anticipated to represent the cash component of a project
financing package. Upon fully funding all tranches, which
total C$121.5 million, Crown Mountain will be a 50/50
joint venture between Jameson and Bathurst.
During the 2020 financial year, Bathurst provided C$2.6 million
for pre-construction activities, including completion of the BFS
and work undertaken on the EA Application as part of the
Advance to the Tranche Two Option, resulting in an additional
2.2% in Class B Preference shares.
Bathurst advised in 2020 that they will no longer exercise their
discretion and use the remaining C$2.4 million of the Option
Two Advance facility for sole funding of the Project costs.
Accordingly, Jameson and Bathurst have and will continue to
pro rata contribute the Project related costs in accordance with
their common ownership interests of 80:20 in NWP. Jameson
undertook an equity raising in November 2021 to ensure
Jameson can pay its share of Project related costs for the EA
Application, BFS optimisation work and other NWP costs to be
incurred during the 2022 financial year.
An additional equity raising will be required to be undertaken
in the December 2022 half, to fund Jameson’s 80% interest for
Crown Mountain Project costs for the near term to enable
continued progress of environmental approval process, further
ongoing engagement with Project stakeholders and related
administrative costs.
Page 26 of 88
Dunlevy
Ownership: 100% Dunlevy Energy Inc
Commodity: Steelmaking Coal
Location: Peace River, British Columbia
Jameson holds a 100% interest in the Dunlevy Project located
in the Peace River coal field district of North-East British
Columbia.
The Peace River coal field is estimated to have mineable
resources of over 1 billion tonnes of export quality coal (BC
Ministry of Energy and Mines). Production from the Peace
River coal field has included some of Canada’s major coking
coal and PCI mines – Willow Creek, Brule, Wolverine and Trend
– that are located along strike from the Project area.
Dunlevy is in a well-developed area where several major mines
and mining prospects are located, and is 90km from Fort St.
John, a regional commercial centre. All weather roads link
Dunlevy to Fort St. John and Chetwynd, where Canadian
National Railway’s track can be accessed. The rail provides
shipping options from each the three deep water ports on the
west coast of Vancouver.
There is also potential to reduce transportation costs by
utilising the large man-made Williston Lake bordering the
property to transport coal by barge to rail access.
Jameson executed a small drilling program at Dunlevy in the
summer of 2014.
Dunlevy’s coal licenses are in good standing with the Province.
Due to its early stage, no compliant coal resources have been
determined.
Dunlevy consists of 2 approved coal exploration licenses as
shown in Table 8 Dunlevy Coal License Summary Table below:
Table 8 Dunlevy Coal License Summary Table
Jameson Resources Limited | Annual Report 2022-23
Cancellation of 5 pending exploration license applications by
the British Columbian government in 2015 limited the potential
scale of the Dunlevy Project should it be ultimately developed.
Jameson determined that it was not in the Company’s best
interest to proceed any further with Dunlevy at that time,
choosing instead to devote available funds to Crown Mountain.
As Jameson has not completed any work on Dunlevy during the
past 5 years, please refer to the 2015 Annual Report for
information on Project details.
Annual rent on the exploration licenses has been paid and the
Project remains in good standing.
Based upon the discontinuation of activities on Dunlevy, the
Company elected in 2016 to write down the Project value to
nil.
Page 27 of 88
Jameson Resources Limited | Annual Report 2022-23
Sustainability – the four pillars1
Jameson believes that the United Nations Sustainable Development Goals (SDGs) provide a roadmap that
enable corporations to align their goals with the long term goals of society, and have chosen to adopt, and are
in the process of implementing, a four pillar approach to measuring performance – Principles of Governance,
Planet, People and Prosperity as outlined below.
Principles of
Governance
By operating in an open and transparent manner
through all stakeholder engagement and being
responsible, we strive to grow sustainably and
deliver long term value creation. We are focused
on managing our risks and continuous
improvement.
Planet
People
We are committed to developing the Crown
Mountain Hard Coking Coal Project and any other
future projects by being responsible, sustainable
and mindful in our approach to the natural
environment.
People relates to both our human and social
capital - our people are central to achieving
sustainable outcomes, through opportunities to
grow and by being inclusive we will build and
retain talent; and by working together in an open
and transparent manner, we seek to be a valued
community partner.
Prosperity
We are committed to being a valued community
partner through being responsible and addressing,
in an open and transparent manner, our social
license to operate that will lead to inclusive and
sustainable outcomes resulting in long term value
creation.
1 – Measuring Stakeholder Capitalism Towards Common Metrics and Consistent Reporting
of Sustainable Value Creation, September 2020
AFY24
Priorities
Page 28 of 88
Jameson Resources Limited | Annual Report 2022-23
Corporate Governance and
Risk Management
Jameson’s 2022 Corporate Governance Statement is available on Jameson’s website and is also released to the ASX as part of our
annual reporting.
The Corporate Governance Statement adopted by the Board reflects the Board’s endorsement and adoption of the
recommendations contained in the ASX Corporate Governance Council’s Principles and Recommendations.
Risk management is fundamental to maximising the value of our business and informing Jameson’s strategic planning and
establishment of key milestones and deliverables.
We believe that effective risk management enables us to identify priorities, allocate resources, demonstrate due diligence in
discharging legal and regulatory obligations, and meet the standards and expectations of our stakeholders.
Jameson’s risk management approach is a structured process to identify potential threats to the success of the business, and
includes defining our risk appetite and strategy for eliminating or minimising the impact of identified risks.
We particularly focus on strategic and material risks and Jameson is committed to ensuring that risk management is regarded as
an essential element in our management processes with linkages to every aspect of our business including progression of the
development of the Crown Mountain Hard Coking Coal Project, relationships with key stakeholders and suppliers and our treasury
and capital management activities.
Jameson’s Annual Report contains detailed discussion on a number of risks including Project risks. Set out below is a high level
summary of our material risks and how we manage them:
Protecting the Health, Safety and Wellbeing of our People
Jameson’s core values call out responsibility.
Responsibility for taking care of our own and each
other’s health and safety. We strive to ensure a
culture that promotes a safe workplace so that
everyone goes home safe every day.
• While safety risk is not currently our most significant risk we are
cognisant of the fact that mining operations by their very nature
carry associated health and safety risks. We plan to implement a
robust work-place health and
system ahead of
commencement of site works and mining activities. This will include
identifying critical safety risks, education programs and leaders who
embed a safety culture within our business.
safety
Managing Cyber Security Risks
loss of confidentiality,
Cyber threats are a constant challenge with risks
to the
integrity, or
availability of information, data, or information
required to operate the business.
•
Jameson IT management is outsourced. The outsourced provider
has systems in place to manage cyber-security risk and uses the
Australian Cyber-Security Centre’s Essential 8 approach as the
framework to support mitigating this risk.
Respecting and Consulting with Stakeholders on The Crown Mountain Project
Jameson acknowledges the many Indigenous
Nations, Métis and Inuit who have lived in and
cared for these lands for generations. We are
grateful for the traditional Knowledge Keepers
and Elders who are still with us today, those who
have gone before us and emerging leaders. We
make this acknowledgement as an act of
reconciliation and gratitude to those whose
territory where our Project is located.
• We believe in building long-term and meaningful relationships with
our many stakeholders. This requires listening to their concerns and
working constructively on solutions
•
Jameson actively engages and involves Indigenous Nations in the
Crown Mountain Project’s assessment including communicating the
potential impacts and benefits of the Project
• Karyn Lewis, experienced regulatory affairs expert joined the NWP
Project Team as Manager – Regulatory Affairs and works closely
with all stakeholders to educate and consult on the Crown
Mountain Project.
Page 29 of 88
Jameson Resources Limited | Annual Report 2022-23
Financial Sustainability Risk
Jameson is currently funding 80% of the Crown
Mountain Project costs, given our Joint Venture
partner Bathurst Resources Limited exercised
their discretion to no longer fund 100% of
cashcalls under the Tranche Two Cash Advance
Option. Jameson will be required to pro-rata fund
its 80% share of costs until Final Investment
Decision where Bathurst has the option to
exercise its discretion in relation to the Tranche
Two Option for C$107.4m remaining, that will
increase their shareholding to 50% if exercised.
Regulatory Approval Risk
There is a risk of changes to Government policy in
relation to environmental assessment or Climate
Change policy and that change could negatively
impact on the ability to secure approval for
development of the Project
Climate Change Risk
Jameson’s objective is to be the next generation
of steel making coal. It is committed to playing its
part in building a more sustainable world for the
future generations. How we go about this
requires focus, investment and close contact with
our many stakeholders. We believe that Jameson
can play its part in the transition towards a
sustainable society through careful planning for
Crown Mountain operations, once all approvals
have been received. A key part of the work we are
undertaking when planning the mine operations
is to explore ways to operate the mine sustainably
•
•
•
•
Increasing regulatory requirements under the EA Application
framework have resulted in a longer time than anticipated to
prepare and lodge the EA Application which has resulted in the
potential date for FID also being later than originally thought. This,
together with the need for Jameson to fund 80% of costs until such
time as Bathurst exercises its discretion in relation to the Tranche
Two Option, means Jameson will need to raise additional funds to
support the ongoing approval process and remain a going concern
Jameson has a long-standing and supportive shareholder base with
which we remain in constant contact. Jameson continually reviews
its funding requirements and plans
Jameson will continue to engage with existing shareholders and
potential investors and project financiers to ensure the advanced
position of the project and the environmental benefits of the
project compared to other steelmaking coal projects are well
understood.
Jameson is actively engaged with Federal and Provincial regulators
and policymakers to ensure that the potential regulatory changes
and the impact on project development are well understood. As
part of this strategy, the Company is keen to highlight the
comparative GHG benefits of the Project from a production and
product value-in-use.
• The Crown Mountain Project is in the EA Approval phase. It is
essential we understand the potential baseline impact on the
climate from our operations, when commenced. Work is underway
to assess the baseline and determine realistic and measurable
strategies that could serve to reduce the carbon footprint of our
Crown Mountain operations
• Specific risks to manage when CMP becomes operational include:
o
Impact of more frequent flooding or weather impacts on mining
operations
o use of heavy equipment on site to haul coal to the rail load out,
rail to the port and ship to customers
o societal expectations and potential negative views of Jameson’s
coal mining asset.
Acceleration of Transition Away from Coal Could Impact the Metallurgical Coal Price
The Crown Mountain Hard Coking Coal Project is
metallurgical coal which is used in blast furnaces
to make steel. Jameson acknowledges the
transition away from thermal coal to renewable
that
energy sources but also
alternative technologies for steelmaking could
become economical earlier, which
could
potentially hasten the transition away from blast
furnaces, reducing demand for metallurgical coal
recognises
• The risk also presents an opportunity for Jameson as any imbalance
in the coking coal market could lead to prolonged capacity pressure
in both the coking coal and coke markets, leading to elevated prices
• The Company is continuing to create relationships with leading
global steelmakers to ensure that it is informed of current status of
steel industry decarbonisation strategies and the role for premium
hard coking coal in reducing industry emissions
Page 30 of 88
Jameson Resources Limited | Annual Report 2022-23
Acceleration of Transition Away from Coal Could Impact the Metallurgical Coal Price
at a faster rate. This could impact the longer term
metallurgical coal price.
• As part of Jameson’s risk management approach it will give
consideration to the effect of longer-term coal prices and as part of
our scenario planning, actively evaluate the market for conditions
that could impact various scenarios and the Project.
Directors’ Report
Experienced, effective and
diverse leadership
Page 31 of 88
Jameson Resources Limited | Annual Report 2022-23
Directors’ Report
Experienced, effective and
diverse leadership
The Directors of Jameson Resources Limited
(“Jameson” or “the Company”) are pleased
to submit the Annual Financial Report of the
Company and
the
financial year ended 30 June 2023.
its subsidiaries
for
Directors
Company Secretary
Board Meetings
Remuneration Report
Lead Auditor’s Independence Declaration
Financial Statements and Notes
Directors’ Declaration
Independent Auditor’s Report
Shareholder Information
Schedule of Mineral Tenements
Corporate Directory
33
35
36
39
46
47
80
81
85
87
88
Page 32 of 88
Directors
Directors’ Report
Directors
Jameson Resources Limited | Annual Report 2022-23
Nicole Hollows
Independent, Non-Executive Chairman
Michael Gray
Managing Director
Bachelor of Business – Accounting
Graduate Diploma in Advanced Accounting (Distinction)
Chartered Accountant
Fellow Australian Institute of Company Directors
Graduate Diploma in Company Secretarial Practice
Member, Chief Executive Women
Bachelor of Engineering (Civil)
Master of Business Administration
Graduate Australian Institute of Company Directors
Appointed
15 March 2020
Subsidiary Responsibilities
Director, NWP Coal Canada Limited
Director, Dunlevy Energy Inc.
Committee Responsibilities
Chairman, Nomination and Remuneration Committee
Member, Audit and Risk Committee (Chairman up to January 2021)
Experience
Ms Hollows has over 21 years’ experience in the resources sector
and has been responsible for exploration, evaluation, financing,
development and operations of steelmaking coal mines. Her
experience spans operational management, strategy, accounting
and finance, mergers and acquisitions, risk management and
corporate governance. Ms Hollows previous roles include Chief
Executive Office/Managing Director of Macarthur Coal Limited
(acquired by Peabody Energy), Managing Director of AMCI
Australia and Southeast Asia, and Chief Executive Officer of
Sunwater Limited.
Ms Hollows is a Non-Executive director of Downer EDI Limited,
Qube Holdings Limited and Chief Executive Women. She was
previously a member of the advisory committee member of the
Salvation Army Queensland Advisory Council.
Directorships of Other Listed Entities
Downer EDI Limited (ASX: (DOW) 19 June 2018 to current)
QUBE Holdings Limited (ASX: QUB) (19 October 2020 to current)
Appointed
1 March 2021
Subsidiary Responsibilities
President, NWP Coal Canada Limited
Committee Responsibilities
Standing Invitee to all Committees.
Experience
development,
Mr. Gray is an experienced resource executive with over 30
years’ experience in resource and infrastructure development.
Mr. Gray’s experience in permitting, capital markets, financing
implementation of product
including development and
marketing
stakeholder
customer
and
engagement, and mine construction and operations bode well
for Jameson’s strategy of becoming an independent, growth-
oriented steelmaking coal developer focused on delivering
sustainable outcomes. Mr. Gray was the Chief Executive Officer
responsible for the successful development and operations of
the Middlemount Coal Project that was acquired by Peabody as
part of their acquisition of Macarthur Coal and more recently has
industry
provided consulting advice within the resource
including involvement in the development of the Bluff PCI
project in Central Queensland and the successful acquisition of
the Colton Coal Project.
Directorships of Other Listed Entities
Nil
Directorships of Listed Entities Held In Past 3 Years
Resource Generation Limited (ASX: RES) (30 November 2018 to
4 February 2022).
Location
Mr Gray is based in Brisbane.
Page 33 of 88
Location
Ms Hollows is based in Brisbane.
Directors (cont.)
Directors’ Report
Jameson Resources Limited | Annual Report 2022-23
Joel Nicholls
Independent, Non-Executive Director
Steve van Barneveld
Independent, Non-Executive Director
Bachelor of Commerce
Chartered Accountant
Graduate Diploma Mineral Exploration Geoscience
Bachelor of Mineral Technologies (Hons 1)
Appointed
15 September 2016
Subsidiary Responsibilities
Director, NWP Coal Canada Limited
Director, Dunlevy Energy Inc.
Committee Responsibilities
Chairman Audit, Risk and Sustainability Committee
Member Nomination and Remuneration Committee
Experience
Mr Nicholls has over 16 years financial and technical
experience in the resources industry. He formerly worked
for PricewaterhouseCoopers
in Transaction Services,
focused on mergers and acquisitions with buy side and sell
side due diligence across a broad range of industries. Mr
Nicholls runs a private resource fund and has experience in
analysing and investing in a wide selection of commodities
across multiple jurisdictions, from early-stage exploration
through to production. Mr Nicholls is skilled in project
identification, and technical and economic evaluation.
Directorships of Other Listed Entities
Nil.
Location
Mr Nicholls is based in Melbourne.
Appointed
21 February 2014
Subsidiary Responsibilities
Director, NWP Coal Canada Limited
Director, Dunlevy Energy Inc.
Committee Responsibilities
Member, Audit, Risk and Sustainability Committee
Member Nomination and Remuneration Committee
Experience
Mr van Barneveld has over 30 years of experience in the
mining services sector, a significant portion of which has
been spent with Sedgman Pty Limited, a
leading
international designer and builder of coal handling and
processing plants. Mr van Barneveld, commencing as a
process engineer, has held senior executive positions
within Sedgman, overseeing a period of significant growth
and international expansion. He has extensive experience
in asset development, design, construction, and
operations management.
Directorships of Other Listed Entities
Nil
Location
Mr van Barneveld is based in Perth.
Page 34 of 88
Company Secretary
Directors’ Report
Jameson Resources Limited | Annual Report 2022-23
Lisa Dalton
Company Secretary
Bachelor Applied Science (Medial Laboratory Science)
Masters Applied Science (Medical Laboratory Science)
Bachelor of Law (First Class Honours)
Fellow Australian Institute of Company Directors
Fellow Governance institute of Australia
Appointed
8 October 2020
Subsidiary Responsibilities
Secretary, NWP Coal Canada Limited
Secretary, Dunlevy Energy Inc.
Experience
Lisa is an experienced Director, Chief Executive Officer,
Senior Executive and Company Secretary having worked in a
range of industries including healthcare, medical, water
resources, energy, manufacturing, childcare, energy, mining
and construction sectors. Lisa has experience in leading
strategy development and
teams
implementation, governance, risk management, internal
cultural
audit,
improvement,
human
communication,
relations and program
management. She has strong capability in capital raising and
mergers and acquisitions having responded to numerous
take-over approaches and supported significant capital
raisings for growth.
resources,
stakeholder
responsible
for
Lisa is currently Chairman of Second Skin Pty Ltd, a Non-
Executive Director of Healthia Limited (ASX: HLA) and the
Queensland Department of Regional Development,
Manufacturing and Water and is Deputy Chair of the
Advisory Council of Marist College Ashgrove. She is also
Company Secretary of PWR Holdings Limited (ASX: PWH).
Location
Ms Dalton is based in Brisbane.
The Company Secretary is appointed by
the Board in accordance with the
Constitution and all Directors have right
access to the Company Secretary.
The Company Secretary is charged with
facilitating the Company’s corporate
governance processes and so holds
primary responsibility for ensuring that
the Board processes and procedures run
efficiently and effectively. The Company
Secretary is accountable to the Board,
through the Chairman, on all governance
matters and reports directly to the
Chairman as the representative of the
Board.
Page 35 of 88
Directors’ Report
Jameson Resources Limited | Annual Report 2022-23
Board Meetings
Our Corporate
Structure
Principal
Activities
Review of
Operations
During the Reporting Period, the Board held 19 Board meetings. Attendance at those
meetings is summarised below:
Table 9 Directors' Meetings
Name
Board Meetings
Audit and Risk
Committee
Meetings
Nomination and
Remuneration
Committee
Meetings
A1
19
19
19
19
B2
19
19
19
19
Nicole Hollows
Steve van Barneveld
Joel Nicholls
Michael Gray3
1. Meetings held and director able to attend
2. Meetings attended
3. Michael Gray has a standing invite to attend Committee meetings but is not a member
A1
2
2
2
-
A1
3
3
3
-
B2
3
3
3
-
B2
2
2
2
-
Jameson Resources Limited is a public company listed on the ASX (Code: JAL) and is
incorporated in Western Australia. The Company has a 77.94% interest in NWP Coal
Canada Limited (NWP) which holds a 90% interest in the Crown Mountain Hard Coking
Coal Project and a 100% direct interest in the Dunlevy Coal Project, both located in
British Columbia, Canada. In October 2019, a subsidiary of Bathurst Resources Limited
(ASX: BRL) (Bathurst or BRL) acquired a 20% interest in NWP in common shares by
exercising its Tranche One Option and an additional 2.2% in Class B Preference shares,
exercising its Tranche Two Advance Option of C$2.6 million. Bathurst holds a Tranche
Two Option, at their discretion, to increase their ownership interest to 50%, subject
to certain milestones and additional payments.
Jameson Resources Limited and its subsidiaries, NWP and Dunlevy Energy Inc. are
collectively referred to as Jameson, or the Group, as the context requires.
The principal activity of the Group during the financial year was advancing the
Company’s Crown Mountain Hard Coking Coal Project (“Crown Mountain”) through
the evaluation phase which has now commenced into the permitting phase. All
technical assessments for the Environmental Assessment Application were completed
in June 2021 and the EA Application was lodged with IAAC in April 2022.
Management also evaluates other coal opportunities that present themselves from
time-to-time.
There were no significant changes in the nature of the Group’s principal activities
during the financial year
Please refer to pages 5 to 36 of the Annual Report for a detailed Review of Operations.
A high-level summary is provided below:
The past year has seen its share of highlights and challenges for Jameson Resources
Limited (JAL or the Company), resulting in the following key deliverables:
•
•
•
•
•
Execution of a one-of-a-kind Environmental Assessment Process and Consent
Agreement with Yaq̓it ʔa·knuqⱡi ‘it First Nation for the Crown Mountain Hard
Coking Coal Project
a strategic placement of $5 million (at 70% premium to previous share price) to
fund continued progress of Crown Mountain Environmental Assessment
Application
Based on substantial progress of the assessment and with the support of key
First Nations, the Impact Assessment Agency of Canada granted an extension to
the time limit for completion of the environmental assessment for the Project.
The Impact Assessment Agency of Canada provides feedback on the Crown
Mountain Draft Environmental Impact Study following Conformity Review
Consideration of a number of potential value-add acquisitive growth
opportunities whilst approvals for the Crown Mountain Project are being
progressed.
Page 36 of 88
Directors’ Report
Jameson Resources Limited | Annual Report 2022-23
Operating
Results
The loss, after tax, attributable to the Group for the financial year ended 30 June
2023, amounted to $1,921,508 (2022: loss of $909,006).
Dividend Paid or
Recommended
The Directors do not recommend the payment of a dividend in respect of the
financial year and no amount has been paid or declared by way of a dividend since
the start of the financial year to the date of this Report.
Significant
Changes in
State of Affairs
.
Other than as stated above, there were no significant changes in the state of affairs of
the Company during the financial year.
Subsequent
Events
No matters or circumstances have arisen since the year end which significantly
affected or may significantly affect the operations of the Group, the results of those
operations, or the state of affairs of the Group in future financial years.
Future
Developments
Environmental
Issues
Jameson is focusing its efforts on the development of the Crown Mountain Hard
Coking Coal Project in British Columbia, Canada and working with Bathurst Resources
Limited to advance its Environmental Assessment permitting and related activities.
In parallel with progress of the EA Application, management will seek to evaluate other
opportunities, predominantly focused on steelmaking coal, in developed nations (e.g.,
Canada and Australia).
Work on the Dunlevy Project has been suspended and will be reviewed periodically in
light of market conditions and company priorities. Management will also evaluate
other opportunities that may present themselves from time-to-time, both in coal and
other commodities.
Further details are contained in the “Our Assets” section of the Annual Report
commencing on page 16.
The Group’s operations are subject to significant environmental regulations in
Western Canada in respect of its mining exploration activities.
The Company is aware of its environmental obligations with regards to its exploration
and evaluation activities and ensures that it complies with all regulations when
carrying out any exploration and evaluation work.
The Directors of the Company are not aware of any breaches of environmental
regulations for the year covered by this report.
The Directors have considered the National Greenhouse and Energy Reporting Act
2007 (the NGER Act) which introduces a single national reporting framework for the
reporting and dissemination of information about the greenhouse gas emissions,
greenhouse gas projects, and energy use and production of corporations. At the
current stage of development, the Directors have determined that the NGER Act will
have no effect on the Company for the current or subsequent financial year. The
Directors will reassess this position as and when the need arises.
Indemnifying
Officers or
Auditor
In accordance with the constitution, except as may be prohibited by the Corporations
Act, 2001 every officer, auditor or agent of the Company shall be indemnified out of the
property of the Company against any liability incurred by him in his capacity as officer,
auditor or agent of the Company or any related corporation in respect of any act or
omission whatsoever and howsoever occurring or in defending any proceedings,
whether civil or criminal.
The Group has a Directors and Officers insurance policy in place.
Page 37 of 88
Directors’ Report
Jameson Resources Limited | Annual Report 2022-23
Proceedings
on behalf of
the Company
Auditor’s
Independence
Declaration
Non-Audit
Services
Unissued
Shares Under
Option
Interest in
Shares and
Options
No person has applied for leave of Court to bring proceedings on behalf of the Company
or to intervene in any proceedings to which the Company is a party for the purpose of
taking responsibility on behalf of the Company for all or any part of these proceedings.
The Company was not a party to any such proceedings during the year.
The lead auditor’s independence declaration for the year ended 30 June 2022 has been
received and can be found on page 48 of the annual report and forms part of this
Directors’ Report.
No non-audit services were provided by the Company’s auditors during the year.
At the date of this report unissued ordinary shares of the Company under option are:
Table 10 Unissued Shares Under Option
Number of Shares
Expiry Date
31 December 2023
31 December 2023
31 December 2024
31 December 2024
30 June 2025
31 December 2025
31 December 2025
During the year, no shares were issued upon the exercise of options.
Exercise Price
$0.50
$0.20
$0.30
$0.10
$0.40
$0.50
$0.10
1,200,000
500,000
500,000
1,400,000
500,000
1,000,000
1,440,000
The following relevant interests in shares and options of the Company or a related body
corporate were held by the directors as at the date of this report.
Table 11 Interest in shares, options
Name
Number of Shares
Number of Options
Nicole Hollows1
Steve van Barneveld2
Joel Nicholls3
Michael Gray4
1. 500,000 shares and 2,500,000 options are held by Nimami Pty Ltd .
500,000
520,000
7,730,000
1,000,000
2,500,000
600,000
600,000
2,840,000
Ms Hollows is a director of the trustee and beneficiary of the trust
2. 100,000 shares are held by The van Barneveld Share Trust, an entity related to Steve van
Barneveld. 600,000 options are held by Dalmeny Investments Pty Ltd , an entity in which Mr van Barneveld is a beneficiary
3. 7,000,000 shares are held by Walloon Securities Pty Ltd, an entity of which Mr Nicholls is a
director. 300,000 shares and 600,000 options are held by Willow Grove Equity Pty Ltd, an
entity of which Mr Nicholls is a director. 430,000 shares are held by JHNKMS Pty Ltd , an entity in which Mr Nicholls is a beneficiary
4. 500,000 shares are owned by EWAM Energy Pty Ltd ATF the EWAM Energy Trust, an entity in
which Mr Gray is a beneficiary. 500,000 shares are owned by Bond Street Custodians Limited -
A/C Portfolio Serv ATF for the Maree and Michael Gray Super Fund of which Mr Gray is a
beneficiary. 2,840,00 unlisted options are held by EWAM Energy Pty Ltd ATF EWAM Energy
Trust, of which Mr Gray is a beneficiary.
Page 38 of 88
Remuneration Report
Jameson Resources Limited | Annual Report 2022-23
Remuneration Report
This report outlines the remuneration arrangements in place for the Key Management Personnel (KMP) of the Company for the
financial year ended 30 June 2023. The information provided in this Remuneration Report has been audited as required by Section
308(3C) of the Corporations Act 2001.
The Remuneration Report details the remuneration arrangements for Key Management Personnel who are defined as those
persons having authority and responsibility for planning, directing and controlling the major activities of the Company and the
Group, directly or indirectly, including any Director (whether executive or otherwise) of the parent company.
Key
Management
Personnel
The KMP during the year and at the date of this report are:
•
•
•
• Michael Gray (Managing Director)
Nicole Hollows (Independent, Non-Executive Chairman)
Steve van Barneveld (Independent, Non-Executive Director)
Joel Nicholls (Independent, Non-Executive Director)
Executive Key
Management
Personnel
Remuneration
Policy
Jameson’s Remuneration Framework and Policy has been designed to align Executive KMP
objectives with shareholder and business objectives. It has regard to shareholders’
interests by:
•
•
Focusing Executive KMP on sustained growth and key non-financial drivers of value
Attracting and retaining high calibre Executive KMP.
Executive KMP remuneration comprises two elements:
Fixed remuneration, and
1.
2. Performance linked or “at risk” remuneration (short- and long-term components).
Fixed Remuneration
Fixed remuneration is a function of size and complexity of the role, individual
responsibilities, experience, skills and market remuneration levels. This consists of cash
salary, salary sacrifice items, employer superannuation, annual leave provisions and any
fringe benefits tax charges related to employee benefits. The opportunity to salary sacrifice
benefits on a tax-compliant basis is available.
The Board determines an appropriate level of fixed remuneration for the senior executives
following recommendations from the Nomination and Remuneration Committee. The
Nomination and Remuneration Committee has the delegated authority from the Board to
engage independent remuneration consultants as it sees fit.
At Risk Remuneration
Annual Cash Bonus – Short Term Incentive Plan (STIP)
•
Under the plan, participants have an opportunity to receive an annual cash bonus
calculated as a percentage of their total fixed remuneration (TFR) and conditional on the
achievement of short-term financial and non-financial performance measures at both a
corporate and individual level.
Long Term Incentives (LTI)
•
In FY2020, the company adopted an Employee Incentive Plan (EIP) for Directors and
Executives. The EIP allows the company to grant options to eligible participants and it
serves as the vehicle for long term incentive offering to provide incentive and reward for
eligible participants and align the interests of participants more closely with the interests
of the shareholders. Long term incentive options were issued to the Managing Director
during the reporting period. Refer to Table 13 Long Term Incentive Option Conditions for
further details.
Remuneration
Governance
Board
The Board’s policy for determining the nature and amount of remuneration for board
members and the Managing Director is delegated to the Nomination and Remuneration
Page 39 of 88
Remuneration Report
Jameson Resources Limited | Annual Report 2022-23
Remuneration
Governance
(continued)
Committee (NRC), which considers all remuneration matters for Executive and Non-
Executives Directors and makes recommendations to the Board.
Nomination and Remuneration Committee (NRC)
The NRC reviews the Managing Director’s (MD) compensation arrangements annually by
reference to the Group’s performance, the MD’s performance, the MD’s roles and
responsibilities and benchmarks this against salary information from peer group companies
in comparable industry sectors and other listed companies in similar industries. The NRC will
assess the appropriateness of the nature and quantum of emoluments of such officers by
reference to relevant employment market conditions with the overall objective of ensuring
maximum stakeholder benefit from the retention of a high-quality board and executive team
and report its recommendations to the Board for final determination.
In determining competitive remuneration rates, the Board also seeks independent advice, if
required, on local and international trends among comparative companies and industry
generally.
Share Ownership and Trading
The Board encourages KMP to hold shares in the Company. The Company has a Share
Trading Policy which directors and employees are required to comply with.
Table 12 Executive Remuneration Mix
Executive
Remuneration
Mix
Executive
Position
Michael
Gray
Managing
Director
FY2023
Total Fixed
Remuneration
(inclusive of
superannuation)
(TFR)
$288,000 per
annum
(0.8 FTE)
STI
(Max % of
TFR)
STI Cash Bonus
earned
(including
super)
Up to 50%
$47,988
LTI
(Max % of
TFR)
Number of LTI
options
granted
Up to 50%
1,440,000
LTI Options
Michael Gray was awarded a cash bonus of $47,988 under the Short-Term incentive Plan
measured against KPIs over the 2023 financial year. Following shareholder approval in November
2022, Michael Gray was also granted 1,440,000 long term incentive options, the terms and
conditions of which are summarised in Table 13 Long Term Incentive Option Conditions below
Entitlement
Each Long-Term Incentive Option entitles the Managing Director to subscribe for one Share in
Jameson upon exercise of the Long-Term Option.
Long Term
Incentive
Options
Awarded to
Managing
Director
Table 13 Long Term Incentive Option Conditions
Total Number of Options
1,440,000
Exercise Price per
Option
A$0.10
Performance Period
Performance Period 1 July 2022 to 30 June 2025 (3 Years)
Value of Options
The value of Options over ordinary shares in the Company
granted to Michael Gray as remuneration during the reporting
period is $27,317, to be expensed over the vesting period
Performance Hurdles for
Options
• Tranche 1 – 33.3% (480,000) of the Options will vest if
finance is secured to enable a final investment decision (FID)
to proceed with development of the Crown Mountain
Project on or before 3o June 2025
Page 40 of 88
Remuneration Report
Jameson Resources Limited | Annual Report 2022-23
• Tranche 2 - 33.3% (480,000) of the Options are subject to
FID for commencement of construction at Crown Mountain
by 30 Jun 2025 with supporting pre-development and
operational plans.
• Tranche 3 - 33.3% (480,000) of the Options will vest if JAL
Board approves a value accretive acquisition or merger
before 31 Dec 2024.
• Achieve the Performance Hurdles during the Performance
Period
• Remain employed by Jameson in capacity of Managing
Director up until and including 31 August 2025 (Vesting
Date)
Vesting Conditions
Vesting Date
31 August 2025
Exercise Period
Exercisable between 1 September 2025 and Expiry Date of
Options, subject to Share Trading Policy restrictions
Expiry Date of Options
31 December 2025 . A Long Term Incentive Option not
exercised before the Expiry Date will automatically lapse on the
Expiry Date.
Disposal Restrictions
Shares held in escrow for 12 months and share sale only in
accordance with Share Trading Policy (unless required to sell to
satisfy tax liability)
Vesting Upon a Change of
Control Event
Notice of Exercise
Exercise Date
Timing of issue of Shares
on exercise
If a Change of Control Event occurs then the Board has absolute
discretion to determine if a pro-rata portion of the vesting Long
Term Incentive Options are eligible to be received based upon
the relevant performance of the Company and the holder, the
Vesting Conditions and any other circumstances which it
considers are relevant in relation to the change of control.
The Long Term Incentive Options may be exercised during the
Exercise Period by notice in writing to the Company in the
manner specified on the Long Term Option certificate (Notice
of Exercise) and payment of the Exercise Price for each Long
in Australian currency by
Term Option being exercised
electronic funds transfer or other means of payment acceptable
to the Company.
A Notice of Exercise is only effective on and from the later of the
date of receipt of the Notice of Exercise and the date of receipt
of the payment of the Exercise Price for each Long Term Option
being exercised in cleared funds (Exercise Date).
Within 15 Business Days after the Exercise Date, the Company
will:
•
•
issue the number of Shares required under these terms
and conditions in respect of the number of Director
Options specified in the Notice of Exercise and for which
cleared funds have been received by the Company
if required, give ASX a notice that complies with section
708A(5)(e) of the Corporations Act, or, if the Company is
unable to issue such a notice, lodge with ASIC a prospectus
prepared in accordance with the Corporations Act and do
all such things necessary to satisfy section 708A(11) of the
Page 41 of 88
Long Term
Incentive
Options
Awarded to
Managing
Director
(continued)
Remuneration Report
Jameson Resources Limited | Annual Report 2022-23
Long Term
Incentive Options
Awarded to
Managing Director
(continued)
Executive
Remuneration
Outcomes
Corporations Act to ensure that an offer for sale of the
Shares does not require disclosure to investors, and
•
if admitted to the official list of ASX at the time, apply for
official quotation on ASX of Shares issued pursuant to the
exercise of the Long-Term Incentive Options.
If a notice delivered under paragraph (ii) for any reason is not
effective to ensure that an offer for sale of the Shares does not
require disclosure to investors, the Company must, no later
than 20 Business Days after becoming aware of such notice
being ineffective, lodge with ASIC a prospectus prepared in
accordance with the Corporations Act and do all such things
necessary to satisfy section 708A(11) of the Corporations Act to
ensure that an offer for sale of the Shares does not require
disclosure to investors.
Shares issued on exercise
Shares issued on exercise of the Long Term Incentive Options
rank equally with the then issued shares of the Company.
Reconstruction of capital
Participation in new
issues
issued capital of the Company
If at any time the
is
reconstructed, all rights of a Long Term Option holder are to be
changed in a manner consistent with the Corporations Act and
the Listing Rules at the time of the reconstruction.
There are no participation rights or entitlements inherent in the
Long Term Incentive Options and holders will not be entitled to
participate in new issues of capital offered to Shareholders
during the currency of the Long Term Incentive Options without
exercising the Long Term Incentive Options.
Change in exercise price
A Long Term Option does not confer the right to a change in
Exercise Price or a change in the number of underlying
securities over which the Long Term Option can be exercised.
Transferability
The Long Term Incentive Options are not transferable.
The MD received a base salary, statutory superannuation and Long-Term Incentive Options
during the reporting period. He also became entitled to a cash bonus under the STIP.
The NRC reviewed the performance of the MD relevant during the reporting period. This
evaluation is based on criteria that includes the business performance of the Company and
whether strategic objectives in terms of project development, were achieved.
The MD had Key Performance Indicators attached to his STIP during the reporting period. The
KPIs and the outcome achieved were:
Table 14 Executive Remuneration Outcomes for STIP
Short Term Incentive Plan
Environment, Social and Governance Performance
Project Execution
Corporate Growth
Corporate Funding and Investor Relations
TOTAL CASH BONUS
Long Term Incentive Plan
LTI Options granted following shareholder approval in
November 2022
1. Earned in FY2023 but paid in FY2024. Includes superannuation.
Status of KPIs
Partially met
Partially met
Partially met
Partially met
$47,9881
No. of LTI Options
1,440,000
Page 42 of 88
Remuneration Report
Jameson Resources Limited | Annual Report 2022-23
Non-Executive
Directors’
Remuneration
Policy
The Board policy is to remunerate Non-Executive Directors at market rates for comparable
companies for time, commitment and responsibilities. The Board determines payments to the
Non-Executive Directors and reviews their remuneration periodically, based on market
practice, duties and accountability. Independent external advice is sought when required.
In addition, Non-Executive Directors also, subject to approval of shareholders are entitled to
receive options under the Employee Incentive Plan.
Director Fees
The maximum aggregate amount of fee pool that can be paid in total to non-executive
directors is currently at $300,000 per annum as approved by shareholders at the 2020 AGM.
Fees for non-executive directors are not linked to the performance of the Group.
Non-Executive Director fees for FY2023 were:
Table 15 Non-Executive Director Fees
Director
Position
Nicole Hollows
Steve van
Barneveld
Joel Nicholls
Chairman
Chairman Nomination and
Remuneration Committee
Member Audit and Risk Committee
Member Due Diligence Committee
Non-Executive Director
Chairman Audit and Risk Committee
Member Nomination and
Remuneration Committee
Member Due Diligence Committee
Non-Executive Director
Member Audit and Risk Committee
Member Nomination and
Remuneration Committee
Member Due Diligence Committee
FY2023
Annual Fee (inclusive
of superannuation)
$105,000 per annum
$54,750 per annum
$54,750 per annum
An additional fee of A$5,000 was paid to each Non-Executive Director due to establishment
of Due Diligence Committee (being the Board) associated with a large potential transaction
that Jameson was evaluating during the year, evident by the number of Board meetings held.
Director Options
All Non-Executive Directors hold options, the issue of which were approved by shareholders.
Further details of the equity incentives granted are detailed in Note 20 of the Company’s
financial statements.
Voting at the
Company’s Prior
Annual General
Meeting
The adoption of the Remuneration Report for the financial year ended 30 June 2022 was put
to the shareholders of the Company at the Annual General Meeting held on 22 November
2022. The Company received 99.99% of the vote, of those shareholders who exercised their
right to vote, in favour of the Remuneration Report for the 2022 financial year. The
resolution was passed without amendment by way of poll. The Company did not receive any
specific feedback at the AGM or throughout the year on its remuneration policies.
Employment
contracts of key
management
personnel
Key Management Personnel employment terms are formalised in a service agreement, a
summary of which is set out below.
Name: Mr Michael Gray, Managing Director
Employing Company: Jameson Resources Limited
Terms of Agreement: 0.8 Full Time Equivalent
Total Fixed Remuneration: $300,000 (base salary plus superannuation) from 1 July 2023
which equates to a full time equivalent TFR of $375,000 per annum
Termination Notice Period: 3 months in writing by either party
All non-executive Directors were appointed by a letter of appointment. Directors can retire in
writing, as set out in the Constitution.
Page 43 of 88
Remuneration Report
Jameson Resources Limited | Annual Report 2022-23
Table 16 Statutory Remuneration Table, Directors and Executives
Short-term benefits
Cash
Bonus
Non-cash
benefits
Total
Post
Employ-
ment
Benefits
Super
benefits
Termin-
ation
benefits
Long-term
benefits
Equity-based
payments
Total
Long service
leave
Options3
Proportion of
remuneration
performance
related
$
$
$
$
$
$
$
$
%
Name
Year
Cash
salary &
fees
$
Non-Executive and Executive Directors
Current
Nicole Hollows1
Non-Executive
Chairman
2022
2023
100,000
105,000
105,000
100,000
-
-
50,000
4,725
45,000
4,500
50,000
4,725
45,000
4,500
-
-
-
-
-
-
2023
50,000
2022
45,000
2023
50,000
2022
45,000
2023
260,500
47,988
1,703
310,203 27,500
2022
258,306
43,549
17,779
319,634 23,568
2023
465,500
47,988
1,703
515,191 36,950
2022
448,306
43,549
17,779
509,634 32,568
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
32,203
137,203
51,833
151,833
-
-
-
-
54,725
49,500
54,725
49,500
19,590
357,293
5,561
348,763
51,793
603,934
57,394
599,596
23.5
34.1
-
-
-
-
5.5
1.6
-
-
Steve van Barneveld
Non-Executive Director
Joel Nicholls
Non-Executive
Director2
Michael Gray
Managing Director
Total - KMP
Remuneration
1.
2.
3.
FY2023 fees paid to Manimi Pty Ltd, a company of which Ms Hollows is a director and shareholder
Joel Nicholls was Executive Director up until 28 Feb 2021 and was remunerated for this role. Michael Gray was appointed Managing Director
from 1 March 2021 at which time Joel Nicholls resumed the role of Non-Executive Director. He held the role of Non-Executive Director
throughout all of FY2023
The Directors have not received this amount and the options may have no actual financial value unless exercised. Securities may also be issued
to the recipient at a share issue price lower than valued and recognised in the financial report. Note that the valuation does not reflect the value
of the equity benefits received for tax purposes.
Shares
held by
Key
Management
Personnel
(KMP)
All equity dealings with directors have been entered into with terms and conditions no more
favourable than those that the Company would have adopted if dealing at arms’ length. The
relevant interests of each director in share capital at the date of this report are as follows:
Table 17 Shares Owned by Key Management Personnel
Shares owned by KMP
Name
Opening
Balance
1 July 2022
Shares acquired
during the year
Shares
disposed of
during the
year
Other
Closing
Balance
30 June 2023
500,000
Non-Executive Directors
Nicole
Hollows1
Steve van
Barneveld2
Joel Nicholls3
Executive Director
Michael Gray4
1,000,000
1. 500,000 shares held by Nimami Pty Ltd , an entity of which by Ms Hollows is a
1,000,000
7,730,000
7,730,000
520,000
520,000
500,000
-
-
-
-
-
-
-
-
-
-
-
beneficiary.
2. 100,000 shares are held by The van Barneveld Share Trust, an entity related to Steve van Barneveld.
3. 7,000,000 shares are held by Walloon Securities Pty Ltd, an entity of which Mr Nicholls is a director.
300,000 shares are held by Willow Grove Equity Pty Ltd, an entity of which Mr Nicholls is a director.
430,000 shares are held by JHNKMS Pty Ltd ATF KMS Super Fund, an entity in which Mr Nicholls is a
beneficiary
4. 500,000 shares held by Bond Street Custodians Limited - A/C Portfolio Services of which Mr Gray is a beneficiary. 500,000 shares held by EWAM Energy Pty Ltd of which
Mr Gray is a director and shareholder.
Page 44 of 88
Remuneration Report
Jameson Resources Limited | Annual Report 2022-23
Table 18 Options Owned by Key Management Personnel
Options owned by KMP
Name
Opening
Balance
1 July 2022
Granted as
remuneration
during the year
Exercised/
lapsed
Total vested
as at 30
June 2022
Total
exercisable as
at
30 June 2023
Shares
held by
Key
Management
Personnel
(cont)
2,500,000
Non-Executive Directors
Nicole
Hollows1
Steve van
Barneveld2
Joel Nicholls3
Executive Director
Michael
Gray4
1,000,000
1,000,000
1,400,000
-
-
-
400,000
400,000
1,440,000
-
-
-
-
-
2,500,000
600,000
600,000
2,840,000
1. 2,500,000 options are held by Nimami Pty Ltd , an entity of which by Ms
Hollows is a beneficiary
2. 600,000 options are held by Dalmeny Investments Pty Ltd ATF the Dalmeny Trust, an entity in which Mr
van Barneveld is a beneficiary.
3. 600,000 options are held by Willow Grove Equity Pty Ltd, an entity of which Mr Nicholls is a director
4. 2,840,000 options are held by EWAM Energy Pty Ltd of which Mr Gray is a director and shareholder
No performance rights were issued as remuneration during the reporting period to KMP.
No compensation options were exercised during the reporting period. 800,000 options lapsed on
31 December 2022.
Loans to KMP
No loans were made to key management personnel of the Company during the financial year or the
prior corresponding period.
Other transactions and balances with KMP
Other than as stated above, there have been no other transactions with KMP during the reporting
period.
End of Remuneration Report
Signed in accordance with a resolution of the Board of Directors.
Nicole Hollows
Non-Executive Chairman
Dated this 28th day of September 2023
Page 45 of 88
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the consolidated financial report of Jameson Resources Limited for
the year ended 30 June 2023, I declare that to the best of my knowledge and belief, there have
been no contraventions of:
a)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit;
and
b)
any applicable code of professional conduct in relation to the audit.
Perth, Western Australia
28 September 2023
M R Ohm
Partner
Page 4
of 88
6
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2023
Other income
Foreign exchange gain/(loss)
Employee benefits expense
Corporate and compliance fees
Insurance expenses
Equity based payments
Administration expenses
Exploration expenses
Depreciation and amortisation
Note
3
14(a)
2023
$
5,065
30,895
(556,627)
(1,156,635)
(110,979)
(51,793)
(28,029)
-
(3,405)
2022
$
559
122,180
(542,942)
(265,423)
(104,005)
(57,394)
(30,603)
(28,148)
(3,230)
Profit/(Loss)) before income tax
(1,871,508)
(909,006)
Income tax benefit
4
-
-
Profit/(loss) after income tax
(1,871,508)
(909,006)
Other comprehensive income, net of income tax
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations
437,343
1,664,280
Other comprehensive income for the period, net of tax
437,343
1,664,280
Total comprehensive (loss)/income for the period
(1,434,165)
755,274
(Loss)/profit attributable to:
Members of the parent
Non-controlling interests
Total comprehensive (loss)/income attributable to:
Members of the parent
Non-controlling interests
Basic loss per share (cents)
Fully diluted loss per share (cents)
15
15
16
16
(1,810,193)
(61,315)
(1,871,508)
(1,393,585)
(40,580)
(1,434,165)
(0.48)
(0.48)
(860,643)
(48,363)
(909,006)
(1,044,091)
1,799,365
755,274
(0.25)
(0.25)
The accompanying notes form part of these financial statements
Page 47 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Other receivables
Deferred exploration and evaluation expenditure
Other non-current assets
Property, plant and equipment
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
Provisions
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Other payables
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
Equity attributable to the members of the parent
Non-controlling interest
TOTAL EQUITY
Note
5
6(a)
6(b)
7
8
9
10
11
12
13
14
15
2023
$
2022
$
2,514,359
140,137
104,743
2,759,239
1,221,214
41,151,150
204,665
28,714
42,605,743
45,364,982
342,440
75,723
418,163
30,794
30,794
448,957
1,737,369
51,238
101,815
1,890,422
1,208,826
37,782,482
202,588
31,841
39,225,737
41,116,159
188,279
73,971
262,250
30,482
30,482
292,732
44,916,025
40,823,427
43,892,700
12,280,900
39,082,446
11,812,499
(21,488,141)
(19,677,948)
34,685,459
31,216,997
10,230,566
44,916,025
9,606,430
40,823,427
The accompanying notes form part of these financial statements
Page 48 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2023
Balance at 1 July 2022
Profit/(loss) for the period
Exchange differences arising on translation of foreign
operations
Total comprehensive (loss) for the period
Transactions with owners in their capacity as owners:
Options issued during the period
Share Capital
Capital raising costs
Transactions with non-controlling interests:
Cash Contributed - unissued shares in NWP
Issued Capital
$
39,082,446
-
-
-
Accumulated
Losses
$
(19,677,948)
(1,810,193)
-
(1,810,193)
Equity
Based
Payment
Reserve
$
1,635,748
-
-
-
Foreign
Currency
Translation
reserve
$
1,197,477
-
416,608
416,608
-
5,000,000
(189,746)
-
-
-
-
-
51,793
-
-
-
-
-
-
-
Contribution
Reserve
$
8,979,274
-
Total
$
31,216,997
(1,810,193)
Non-controlling
Interest
$
9,606,430
(61,315)
Total
$
40,823,427
(1,871,508)
-
-
-
-
-
-
416,608
20,735
437,343
(1,393,585)
(40,580)
(1,434,165)
51,793
5,000,000
(189,746)
-
-
-
51,793
5,000,000
(189,746)
-
664,716
664,716
Balance at 30 June 2023
43,892,700
(21,488,141)
1,687,541
1,614,085
8,979,274
34,685,459
10,230,566
44,916,025
The accompanying notes form part of these financial statements
Page 49 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY continued
For the year ended 30 June 2022
Balance at 1 July 2021
Profit/(loss) for the period
Exchange differences arising on translation of foreign
operations
Total comprehensive (loss) for the period
Issued
Capital
$
36,122,722
-
Accumulated
Losses
$
(18,817,305)
(860,643)
-
-
-
(860,643)
Transactions with owners in their capacity as owners:
Options issued during the period
Share Capital
Capital raising costs
Transactions with non-controlling interests:
Cash contributed unissued shares in NWP (already in prior
year NCI)
Cash Contributed - unissued shares in NWP
-
3,141,000
(181,276)
-
-
-
-
-
-
-
Equity
Based
Payment
Reserve
$
1,578,354
-
-
-
57,394
-
-
-
-
Foreign
Currency
Translation
reserve
$
1,380,926
-
(183,449)
(183,449)
-
-
-
-
-
Contribution
Reserve
$
8,979,274
-
Total
$
29,243,971
(860,643)
Non-controlling
Interest
$
7,061,655
(48,363)
Total
$
36,305,626
(909,006)
-
-
-
-
-
-
-
(183,449)
1,847,729
1,664,280
(1,044,092)
1,799,366
755,274
57,394
3,141,000
(181,276)
-
-
-
57,394
3,141,000
(181,276)
-
-
(752,307)
1,497,716
(752,307)
1,497,716
Balance at 30 June 2022
39,082,446
(19,677,948)
1,635,748
1,197,477
8,979,274
31,216,997
9,606,430
40,823,427
The accompanying notes form part of these financial statements
Page 50 of 88
Remuneration Report
Jameson Resources Limited | Annual Report 2022-23
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 June 2023
Note
2023
$
2022
$
Cash flows from operating activities
Interest received
Other income
Payments to suppliers and employees
Payments for exploration and evaluation
Net cash flows (used in) operating activities
17
Cash Flows from investing activities
Payments for exploration and evaluation
Payments for other non-current assets
Net cash flows (used in) investing activities
Cash flows from financing activities
Proceeds from share issue
Cash calls from Bathurst
Payments for share issue costs
Net cash flows from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 July
Foreign currency translation on cash held
Cash and cash equivalents at 30 June
5,116
121,451
(1,854,100)
-
(1,727,533)
(2,967,821)
-
(2,967,821)
5,000,000
658,718
(189,746)
5,468,972
773,618
1,737,369
3,372
2,514,359
552
254,539
(968,769)
(27,892)
(741,570)
(3,712,526)
(96,551)
(3,809,077)
3,141,000
763,384
(181,276)
3,723,108
(827,539)
2,605,476
(40,568)
1,737,369
The accompanying notes form part of these financial statements
Page 51 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1.
REPORTING ENTITY
Jameson Resources Limited (‘the Company’) is a for profit Australian publicly traded company listed on the Australian Securities
Exchange (‘ASX’). The Company is focused on the development of the Crown Mountain Hard Coking Coal Project, located in British
Columbia, Canada. The address of the registered office is Level 4, Deutsche Bank Place, 126 Phillip Street, Sydney NSW 2000.
The consolidated financial statements were authorised for issue by the Board of Directors on 28 September 2023
2.
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The consolidated financial statements of the Group are general purpose financial statements for the year ended 30 June 2023
prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting
Standards Board (AASB) and the Corporations Act 2001.
The consolidated financial statements of Jameson Resources Ltd also comply with International Financial Reporting Standards (IFRS)
as issued by the International Accounting Standards Board (IASB).
The consolidated financial statements have been prepared on historical cost basis and are presented in Australian dollars which is
the functional currency of the Group, unless otherwise noted.
The accounting policies adopted in the preparation of this consolidated financial report have been consistently applied to all periods
presented, unless otherwise stated.
New or mandated Accounting Standards and Interpretations adopted
In the year ended 30 June 2023, the Company adopted all the new and revised Standards and Interpretations issued by the AASB
that are relevant to its operations and effective from 1 July 2022. It has been determined that there is a no material impact from
other revised standards and interpretations including those standards on issue but not yet effective.
Principles of consolidation
Subsidiaries are entities controlled by the Group. The Group controls an entity when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and can affect those returns through its power to direct the activities of the entity. The
financial statements of the subsidiaries are included in the consolidated financial statements from the date that control commences
until the date that control ceases. They are deconsolidated from the date that control ceases.
The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent
accounting policies. Investments in subsidiaries are accounted for at cost in the parent entity’s financial statements.
In preparing the consolidated financial statements, all intercompany balances and transactions, income and expenses and profit and
losses resulting from intra-group transactions have been eliminated in full. Subsidiaries are fully consolidated from the date on which
control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group.
Control exists where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits
from its activities.
The acquisition of subsidiaries has been accounted for using the purchase method of accounting. The purchase method of accounting
involves allocating the cost of the business combination to the fair value of the assets acquired and the liabilities and contingent
liabilities assumed at the date of acquisition. Accordingly, the consolidated financial statements include the results of subsidiaries
for the period from their acquisition.
Non-controlling interests are measured at their proportionate share of the acquiree’s identifiable net assets at the acquisition date.
Change of the Groups’ interest in subsidiary that do not result in loss of control are accounted for as equity transactions.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
Page 52 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 | STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
Going Concern
This consolidated financial report has been prepared on the going concern basis, which assumes continuity of normal business
activities and the realisation of assets and the settlement of liabilities in the ordinary course of business.
The Group has a loss after tax of $1,871,508 (2022 loss: $909,006). The Group had net cash outflows from operations and investing
activities of $4,695,354 (2022: $4,550,647). The Group has no source of operating cash inflows other than interest income and funds
sourced through capital raising activities. At 30 June 2023, the Group has cash and cash equivalents totalling $2,514,359 (2022:
$1,737,369) and net working capital (current assets less current liabilities) of $2,341,076 (2022: $1,628,172).
The Group’s cashflow forecast for FY24 and beyond reflects that the Group will be required to raise additional capital during the 12-
month period. The Directors consider that the Group is a going concern and recognises that additional funding is required to ensure
that it can continue to fund its operations during the twelve-month period from the date of this Report. The Directors believe that
such additional funding, as the Group has successfully accessed previously, can be derived from raising additional capital to fund the
Group’s ongoing operational and capital requirements, as and when required.
Accordingly, the Directors believe that the Group will be able to obtain sufficient funding to enable it to continue as a going concern
and that it is appropriate to adopt that basis in the preparation of the financial report.
Should the group not be successful in obtaining adequate funding, there is a material uncertainty that may cast significant doubt as
to the ability of the group to continue as a going concern and whether it will be able to realise its assets and extinguish its liabilities
in the ordinary course of business.
Segment Information
(i)
Identification of reportable segments
The Company has identified its operating segments based on the internal reports that are reviewed and used by the chief operating
decision maker (being the Board of Directors) in assessing performance and determining the allocation of resources.
The Company is managed primarily on the basis of evaluation of its coal exploration tenements in Canada and its corporate activities.
Operating segments are therefore determined on the same basis.
Reportable segments disclosed are based on aggregating operating segments where the segments are considered to have similar
economic characteristics.
(ii) Types of reportable segments
Coal exploration and evaluation
Segment assets, including acquisition costs of exploration licenses and all expenses related to the licenses in Canada are reported on
in this segment.
Corporate
Corporate, including treasury, corporate and regulatory expenses arising from operating an ASX listed entity. Segment assets,
including cash and cash equivalents, and investments in financial assets are reported in this segment.
(iii) 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 operating decision maker with respect to
operating segments are determined in accordance with accounting policies that are consistent to those adopted in the annual
financial statements of the Company.
Page 53 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 | STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
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.
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. Segment liabilities include trade and other payables.
Foreign Currency Translation
Both the functional and presentation currency of Jameson Resources Limited is Australian dollars. Each entity in the Group
determines its own functional currency and items included in the financial statements of each entity are measured using that
functional currency.
The functional currency of the foreign operations, NWP Coal Canada and Dunlevy Energy Inc is Canadian dollars, (CAD).
Foreign currency transactions
Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at
financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or
loss.
Foreign operations
The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date.
The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which
approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences are recognised in
other comprehensive income through the foreign currency reserve in equity.
The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.
Significant accounting estimates and judgements
The preparation of these financial statements requires the use of certain critical accounting estimates. It also requires management
to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving higher degree of judgement
or complexity, or areas where assumptions and estimates are significant to the financial statements are:
Exploration and evaluation expenditure:
•
•
•
•
The future recoverability of capitalised exploration expenditure is dependent on a number of factors, including whether the
Group decides to exploit the related lease itself or, if not, whether it successfully recovers the related exploration and evaluation
asset and expenditure through sale.
Factors that could impact the future recoverability include the level of reserves and resources, future technological changes
which could impact the cost of mining, future legal changes (including changes to environmental restoration obligations) and
changes to commodity prices.
To the extent that capitalised exploration and evaluation expenditure is determined not to be recoverable in the future, profits
and net assets will be reduced in the period in which this determination is made.
In addition, exploration and evaluation is capitalised if activities in the area of interest have not yet reached a stage that permits
a reasonable assessment of the existence or otherwise of economically recoverable reserves. To the extent it is determined in
the future that this capitalised expenditure should be written off, profits and net assets will be reduced in the period in which
this determination is made.
Page 54 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 | STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
Share-based payment transactions:
•
The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity
instruments at the date at which they are granted. The fair value is determined by an external valuer using a Black and Scholes
model, from assumptions provided by the Company. The fair value is expensed over the vesting period.
Determination of fair values
Several of the Group’s accounting policies and disclosures require the determination of fair value for both financial and non-financial
assets and liabilities. When measuring fair value of an asset or liability, the Group uses market observable data as far as possible.
The fair value of an asset or liability is measured using the assumptions that market participants would use when pricing the asset
or liability, assuming that market participants act in their best economic interest. A fair value measurement of a non-financial asset
takes into account a market participant’s ability to generate economic benefits by using the asset in the highest and best use or by
selling it to another market participant that would use the asset in its highest and best use.
Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as
follows:
•
•
•
Level 1 – quoted (unadjusted) market price in active markets for identical assets or liabilities
Level 2 – valuation techniques for which the lowest level input that is significant to the fair value measurement is directly
or indirectly observable; and
Level 3 – valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.
If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy,
then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input
that is significant to the entire measurement.
Finance Income
Finance income comprises interest income on funds invested. Interest income is recognised as it accrues in profit or loss, using the
effective interest method which is the rate that exactly discounts estimated future cash receipts over the expected life of the financial
asset to the gross carrying amount of the financial asset.
Income Tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income
tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences,
unused tax losses and the adjustment recognised for prior periods, where applicable.
Deferred tax assets and liabilities are required to be measured at the tax rate that is expected to apply in the future income year
when the asset is realised or the liability is settled. The Directors have determined that the deferred tax balances be measured at
the tax rates stated.
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or
paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
enacted by the balance date.
Deferred income tax is provided on all temporary differences at the statement of financial position date between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused
tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences
and the carry-forward of unused tax credits and unused tax losses can be utilised, except:
Page 55 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 | STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
•
•
when the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an
asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; or
when the deductible temporary difference is associated with investments in subsidiaries, associates or interests in joint
ventures, in which case a deferred tax asset is only recognised to the extent that it is probable that the temporary difference
will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilised.
The carrying amount of deferred income tax assets is reviewed at each balance date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.
Unrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent that it has become
probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is
realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance
date.
Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against
current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority.
Goods and services tax
Revenues, expenses and assets are recognised net of the amount of GST (Goods and Services Tax) except:
•
•
when the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the
GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
receivables and payables, which are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the
statement of financial position.
Cash flows are included in the Statement of Cash Flows on a gross basis and the GST component of cash flows arising from investing
and financing activities, which is recoverable from, or payable to, the taxation authority are classified as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current classification. An asset is
classified as current when: it is either expected to be realised or intended to be sold or consumed in the consolidated entity's normal
operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting
period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12
months after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the consolidated entity's normal operating cycle; it is held
primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional
right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-
current.
Deferred tax assets and liabilities are always classified as non-current.
Page 56 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 | STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid
investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are
subject to an insignificant risk of changes in value. For the statement of cash flows presentation purposes, cash and cash equivalents
also includes bank overdrafts, which are shown within borrowings in current liabilities on the statement of financial position. Cash
at bank earns interest at floating rates based on daily bank deposit rates.
Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest
method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days.
The Reclamation Bonds are a condition of the Mines Act Permit for the Crown Mountain and Dunlevy Projects. The Bonds are placed
as security in the form of a certified cheque or held in trust at a nominated bank as a Safe Keeping Agreement.
The Bonds are returned once the BC Ministry of Energy and Mines has inspected the site following completion of exploration and
reclamation.
Exploration and evaluation assets
Exploration and evaluation expenditure in relation to separate areas of interest for which rights of tenure are current is carried
forward as an asset in the statement of financial position where it is expected that the expenditure will be recovered through the
successful development and exploitation of an area of interest, or by its sale; or exploration activities are continuing in an area and
activities have not reached a stage which permits a reasonable estimate of the existence or otherwise of economically recoverable
reserves. Where a project or an area of interest has been abandoned, the expenditure incurred thereon is written off in the year in
which the decision is made.
The recoupment of costs carried forward in relation to areas of interest in the exploration and evaluation phases is dependent on
the successful development and commercial exploitation or sale of the respective areas.
Exploration and evaluation assets are assessed for impairment if sufficient data exists to determine technical feasibility and
commercial viability, and facts and circumstances suggest that the carrying amount of the asset exceeds the recoverable amount.
Such indicators of impairment include the following:
•
•
•
•
the right to explore has expired during the period or will expire in the near future and is not expected to be renewed
substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted
nor planned
exploration and evaluation in the specific area has not led to the discovery of commercially viable quantities of mineral
resources and the entity has decided to discontinue such activities in the specific area, or
sufficient data exists to indicate that the carrying amount of the asset is unlikely to be recovered in full from successful
development or by sale even if development in the specific area is likely to proceed.
For the purpose of impairment testing, exploration and evaluation assets are allocated to cash-generating units consistent with
exploration activity. The cash generating units are not larger than the areas of interest.
Property, Plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the asset. Purchased software that is integral to the
functionality of the related equipment is capitalised as part of that equipment.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major
components) of property, plant and equipment.
Page 57 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 | STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal
with the carrying amount of property, plant and equipment and is recognised net within other income/other expenses in profit or
loss.
Depreciation
Depreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its
residual value. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an
item of property, plant and equipment since this most closely reflects the expected pattern of consumption of the future economic
benefits embodied in the asset. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is
reasonably certain that the Group will obtain ownership by the end of the lease term.
The estimated useful lives for the current and prior period are as follows:
§
§
Plant and equipment – over 5 to 15 years (diminishing value)
Computer equipment – 3 years (diminishing value)
The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at each financial year
end.
For an asset that does not generate largely independent cash inflows, recoverable amount is determined for the cash-generating
unit to which the asset belongs, unless the asset's value in use can be estimated to be close to its fair value.
An impairment exists when the carrying value of an asset or cash-generating units exceeds its estimated recoverable amount. The
asset or cash-generating unit is then written down to its recoverable amount with the impairment loss recognised in the statement
of profit or loss and other comprehensive income.
Derecognition and disposal
An item of plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its
use or disposal.
Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in profit or loss in the year the asset is derecognised.
Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
Investments and other financial assets
Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial
measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either
amortised cost or fair value depending on their classification. Classification is determined based on both the business model within
which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being
avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the consolidated
entity has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering
part or all of a financial asset, its carrying value is written off.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified as financial assets
at fair value through profit or loss. Typically, such financial assets will be either:
§
§
held for trading, where they are acquired for the purpose of selling in the short-term with an intention of making a profit, or a
derivative; or
designated as such upon initial recognition where permitted. Fair value movements are recognised in profit or loss.
Page 58 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 | STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments which the consolidated entity intends
to hold for the foreseeable future and has irrevocably elected to classify them as such upon initial recognition.
Impairment of financial assets
The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are either measured at
amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the
consolidated entity's assessment at the end of each reporting period as to whether the financial instrument's credit risk has increased
significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort
to obtain.
Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss
allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event
that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit
risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount of expected
credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life
of the instrument discounted at the original effective.
Impairment of non-financial assets
Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its
recoverable amount. Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-
use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or
cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a
cash-generating unit.
Trade and other payables
These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial year
and which are unpaid. Due to their short-term nature, they are measured at amortised cost and are not discounted. The amounts
are unsecured and are usually paid within 30 days of recognition.
Employee benefits
•
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled
wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled.
•
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are
measured at the present value of expected future payments to be made in respect of services provided by employees up to
the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels,
experience of employee departures and periods of service. Expected future payments are discounted using market yields at
the reporting date on corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated
future cash outflows.
•
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred.
Page 59 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 | STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
•
Equity settled transactions
Equity-settled share-based compensation benefits are provided to employees. Equity-settled transactions are awards of
shares, or options over shares, that are provided to employees in exchange for the rendering of services.
The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using
either the Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the option,
the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected
dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not
determine whether the consolidated entity receives the services that entitle the employees to receive payment. No account
is taken of any other vesting conditions.
The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting
period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate
of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit
or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous
periods.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An
additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value
of the share-based compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy the condition
is treated as a cancellation. If the condition is not within the control of the consolidated entity or employee and is not satisfied
during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the
award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense
is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award
is treated as if they were a modification.
Issued capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in
equity as a deduction, net of tax, from the proceeds.
Earnings per share
Basic earnings/(loss) per share is calculated as net profit or loss attributable to members of the parent, adjusted to exclude any costs
of servicing equity (other than dividends) and preference share dividends, divided by the weighted average number of ordinary
shares, adjusted for any bonus element.
Diluted earnings/(loss) per share is calculated as net profit or loss attributable to members of the parent, adjusted for:
§
§
§
costs of servicing equity (other than dividends) and preference share dividends
the after-tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as
expenses, and
other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential
ordinary shares; divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted
for any bonus element.
Page 60 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3.
CORPORATE AND COMPLIANCE EXPENSES
Accounting and Audit Fees
ASX Fees
Company Secretarial Fees
Other
Legal Fees
4.
INCOME TAX
The components of tax (benefit) comprise:
Current tax
Deferred tax
Income tax benefit reported in Statement of Profit or Loss and Other
Comprehensive Income
(i) Mining Tax Credit (Canada)
The prima facie tax benefit on loss from ordinary activities before
income tax is reconciled to the income tax as follows:
Prima facie tax benefit on loss from ordinary activities before income tax
at 30% (2022: 30%) from ordinary operations
Add tax effect of:
- Revenue losses not recognised
- Other non-allowable items
- Other deferred tax balances not recognised
Less tax effect of:
- Other non-assessable items
- Other deferred tax balances not recognised
Mining Tax Credit (Canada)
Income tax benefit reported in Statement of Profit or Loss and Other
Comprehensive Income (benefit)
Unrecognised deferred tax assets at 30% (2022:30%) (Note 1):
Carry forward revenue losses
Carry forward capital losses
Capital raising costs
Unrealised FX gains/losses
Provisions and accruals
2023
$
125,151
34,374
55,000
303,943
638,167
1,156,635
2023
$
-
-
-
2022
$
124,542
64,639
45,000
24,624
6,618
265,423
2022
$
-
-
-
(561,452)
(272,702)
274,494
104,018
182,940
197,705
69,549
5,448
-
-
-
-
-
2,328,339
222,091
192,797
21
41,245
2,784,493
-
-
-
-
-
2,915,241
222,091
14,774
129
25,973
3,178,208
Page 61 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 | INCOME TAX continued
The tax benefits of the above deferred tax assets will only be obtained if:
§
§
§
the company derives future assessable income of a nature and of an amount sufficient to enable the benefits to be utilised
the company continues to comply with the conditions for deductibility imposed by law, and
no changes in income tax legislation adversely affect the company in utilising the benefits.
Note 1 - the corporate tax rate for eligible companies reduced from 30% to 25% on 30 June 2022 providing certain turnover
thresholds and other criteria are met. It is likely that Jameson’s corporate tax rate will continue as 30%. Deferred tax assets and
liabilities are required to be measured at the tax rate that is expected to apply in the future income year when the asset is realised
or the liability is settled. The Directors have determined that the deferred tax balances be measured at the tax rates stated.
5.
CASH AND CASH EQUIVALENTS
Cash at Bank
Cash at bank earns interest at floating rates based on daily bank deposit rates.
6.
TRADE AND OTHER RECEIVABLES
a.) Current trade and other receivables
Net tax receivable (GST)
b.) Non-current other receivables
Reclamation bonds
2023
$
2,514,359
2,514,359
2022
$
1,737,369
1,737,369
2023
$
140,137
140,137
2022
$
51,238
51,238
1,221,214
1,221,214
1,208,826
1,208,826
The Reclamation bonds are a condition of the Mines Act Permit for the Crown Mountain and Dunlevy Projects. The bonds are placed
as security in the form of a certified cheque or held in trust at a nominated bank as a Safe Keeping Agreement. The Bonds are
returned once the BC Ministry of Energy and Mines has inspected the site following completion of exploration and reclamation.
Page 62 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
7.
EXPLORATION AND EVALUATION EXPENDITURE
Opening balance
Expenditure capitalised
Foreign currency translation
2023
$
37,782,482
2,983,549
385,119
41,151,150
2022
$
32,658,050
3,532,880
1,591,552
37,782,482
The carrying amount of the exploration and evaluation assets relates to the exploration capitalised on Crown Mountain Hard Coking
Coal Project in British Columbia, Canada.
At 30 June 2023, the Group assessed the carry amount of the assets for impairment. On the basis of the forecast project valuation
from the BFS and Yield Optimisation Study (NPV10 of USD469M at Hard Coking Coal Price of USD165) with allowance for additional
risk weighting due to the unpermitted status of the project, it was identified that no impairment triggers were present (2022: Nil).
The recoupment of exploration costs carried forward in relation to the assets in the exploration phase is dependent on the successful
development and commercial exploitation or sale of the respective areas.
8.
OTHER NON-CURRENT ASSETS
Canwel Options
2023
$
204,665
204,665
2022
$
202,588
202,588
In April 2019, the company entered into a 5-year agreement with Canwel Timber Ltd, a company based in Vancouver, British
Columbia, with two options and first right to purchase 142 hectares of land southeast of Elkford (Northern option) and 131 hectares
to the north of Teck’s Line Creek rail loadout, on the Elk River (Southern option) for a price of CAD $450,000 respectively. The Group
is required to make an annual non-refundable payment of CAD $45,000 per option to ensure it continues to have first right for the
land. 50% of the initial payment and 50% of each annual payment will be applied on account of the purchase price if the option is
duly exercised. The options will expire in April 2025 and can be exercised on or before the expiry date. Jameson is not committed to
this purchase and can terminate the contract at any time without recourse.
Page 63 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
9.
PLANT AND EQUIPMENT
Plant and Equipment
Plant and equipment at cost
Less: accumulated depreciation
Computer Equipment
Computer equipment at cost
Less: accumulated depreciation
Total Plant and Equipment
Movements in Plant and Equipment
Movements in Plant and Equipment
Balance at beginning of the year
Depreciation expense
Foreign currency translation
Balance at end of the year
Movements in Computer Equipment
Movements in Computer Equipment
Balance at beginning of the year
Depreciation expense
Foreign currency translation
Balance at end of the year
2023
$
99,270
(74,411)
24,859
24,031
(20,176)
3,855
28,714
27,533
(2,915)
241
24,859
4,308
(490)
37
3,855
2022
$
98,263
(70,730)
27,533
23,971
(19,663)
4,308
31,841
29,002
(2,844)
1,375
27,533
4,481
(386)
213
4,308
Page 64 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
10.
TRADE AND OTHER PAYABLES
Accrued expenses
Trade creditors
Payroll liabilities
11.
PROVISIONS
Employee entitlements
2023
$
222,022
93,096
27,322
342,440
2023
$
75,723
75,723
Employee entitlements include accrued bonuses to directors of $48,000 (2022: $43,549).
12.
NON-CURRENT LIABILITIES
Bathurst Bonds
2023
$
30,794
30,794
2022
$
162,691
14,833
10,755
188,279
2022
$
73,971
73,971
2022
$
30,482
30,482
Page 65 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
13.
ISSUED CAPITAL
Number
2023
$
Fully paid ordinary shares
391,511,100
43,892,700
At beginning of the reporting period
348,203,312
39,082,446
Number
2022
$
Movements in ordinary shares on issue
Placement November 2022
Capital raising costs
43,307,788
-
391,511,100
Number
5,000,000
(189,746)
43,892,700
2022
$
Fully paid ordinary shares
348,203,312
39,082,446
At beginning of the reporting period
303,331,890
36,122,722
Number
2022
$
Movements in ordinary shares on issue
Placement December 2021
SPP January 2022 @ $0.07 per share
Capital raising costs
39,285,715
5,585,707
-
348,203,312
2,750,000
391,000
(181,276)
39,082,446
Page 66 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
14.
RESERVES
Equity Based Payment Reserve
Foreign Currency Translation Reserve
Contribution Reserve
Equity Based Payment Reserve:
Opening Balance
Share based payment expense
2023
$
1,687,541
1,614,085
8,979,274
12,280,900
2023
$
1,635,748
51,793
1,687,541
2022
$
1,635,748
1,197,477
8,979,274
11,812,499
2022
$
1,578,354
57,394
1,635,748
This reserve is used to record the value of equity benefits provided to directors as part of their remuneration. Refer to Note 20.
Foreign Currency Translation Reserve:
Opening balance
Foreign exchange differences
2023
$
1,197,477
416,608
1,614,085
2022
$
1,380,926
(183,449)
1,197,477
The foreign currency reserve records exchange differences arising on translation of the subsidiary’s functional currency (Canadian
Dollars) into presentation currency.
Contribution Reserve:
Opening balance
Contribution by BRL in relation to NWP
2023
$
8,979,274
-
8,979,274
2022
$
8,979,274
-
8,979,274
The contribution reserve represents the excess of the consideration received from Bathurst Resources Limited compared to the non-
controlling interest (NCI) in NWP Coal Canada Limited share of the carrying book value. The carrying book value is determined at the
date of the corresponding increase in NCI interest of Bathurst Resources Limited, for which the consideration received relates. Cash
call contributions to 30 June 2023 have been recognised directly into NCI as a result of the shareholder’s agreement and shares
issued per the loan conversion agreement.
Page 67 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
15.
NON-CONTROLLING INTEREST AND AGREEMENT WITH BATHURST RESOURCES LIMITED
On 29 June 2018, the Company and NWP Coal Canada Ltd entered into an Investment Agreement and Shareholders Agreement with
Bathurst Resources Limited, a coal operator in New Zealand.
Key terms of the agreements are as follows:
Initial payment of C$4 million (received 13 July 2018) and converted to 8,000,000 fully paid ordinary shares in NWP Coal Canada Inc.,
for an initial 8% interest
•
•
•
a Tranche One Option of C$7.5 million; (completed 2 Oct 2019), for a further 12% interest in ordinary shares
a Tranche Two Option cash advance of up to C$5 million (C$2.6 million drawn) and converted to 2.2% Class B Preference
Shares. Class B preference shares automatically convert into fully paid ordinary shares of NWP upon the completion of the
Tranche Two Option
a final Tranche Two Option of C$107.4 million (C$110 million less any amounts drawn under the Tranche Two Option cash
advance).
As a result of the above funding, Bathurst’s ownership interest in NWP as at 1 July 2020 amounted to 22.2% ownership interest, 20%
ordinary shares and 2.2% Class B Preference shares.
From 1 July 2020, Jameson and Bathurst continued to contribute cash calls for NWP in their ordinary share ownership interests,
being 80% and 20% respectively. The funding was initially recorded as unissued shares.
Effective 27 June 2022, all debt owing by NWP to Jameson and Bathurst pursuant to the Shareholder Loans was converted to equity
by issuing shares. Jameson received 658,172 shares at a deemed issue price of C$8.58 per share equivalent to C$5,647,121 and
Bathurst received 164,543 shares at a deemed issue price of C$8.58 per share equivalent to C$1,411,780. There was no change to
the ownership interests for Jameson and Bathurst of 80% and 20% respectively on ordinary shares. However, including preference
shares, the overall ownership interests have changed to 77.94% and 22.06% for Jameson and Bathurst, respectively, (2022: 77.94%
and 22.06%).
The non-controlling interest in NWP for the period is a net loss of $61,315 as a result of NWP reporting a net loss of $277,946.
Page 68 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 15 | NON-CONTROLLING INTEREST AND AGREEMENT WITH BATHURST RESOURCES LIMITED continued
Movements in Equity on issue:
Common shares
At beginning of the reporting period
Movements in common shares on issue
Ordinary Shares - June @C$8.58 per share
2023
Number
2023
A$
2022
Number
2022
A$
2,464,543
13,668,822
2,300,000
12,171,106
-
-
164,543
1,497,716
At end of reporting period
2,464,543
13,668,822
2,464,543
13,668,822
Preference shares
At beginning of the reporting period
Movements in preference shares on issue
Preference shares - July 2020@C$7.97 per share
2023
Number
2023
A$
2022
Number
2022
A$
326,182
2,896,502
326,182
2,896,502
-
-
-
-
At end of reporting period
326,182
2,896,502
326,182
2,896,502
NCI Percentage
Summarised financial position
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total Liabilities
Total net assets
Accumulated NCI
Summarised Statement of Profit or Loss and Other Comprehensive
Income
Profit/(loss) for the year
Other comprehensive income
Total comprehensive income/(loss)
NWP Coal Canada Ltd
NWP Coal Canada Ltd
2023
A$
22.06%
2022
A$
22.06%
1,622,917
41,384,529
43,007,446
(211,510)
(4,505,716)
(4,717,226)
1,510,825
38,016,911
39,527,736
(151,319)
(1,180,192)
(1,331,511)
38,290,220
38,196,225
10,230,566
9,606,430
(61,315)
20,735
(40,580)
(48,363)
1,847,729
1,799,366
Page 69 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
16.
EARNINGS PER SHARE
2023
$
2022
$
(Loss)/Profit used in the calculation of basic loss per share:
(1,810,193)
(860,643)
Weighted average number of ordinary shares outstanding during the
reporting period used in calculation of basic loss per share:
376,561,014
329,474,275
Number of shares
Number of shares
Weighted average number of ordinary shares outstanding during the
reporting period used in calculation of diluted profit/(loss) per share:
376,561,014
329,474,275
17.
CASH FLOW FROM OPERATIONS
Reconciliation of cash and cash equivalent:
Cash at Bank
2023
$
2022
$
2,514,359
1,737,369
Reconciliation of cash flows from operating activities with loss after
income tax
Profit/(loss) after income tax
(1,871,508)
(909,006)
Add: Non-cash items:
- Depreciation
- Equity based payments
- Exchange differences on translation
- Income tax benefit (BCMETC) classified as investing activity
Changes in assets and liabilities
-Decrease/(Increase) in trade and other receivables
-Increase/(Decrease) in trade and other payables and provision
Net cash outflows from operating activities
Non-cash financing and investing activities
3,405
51,793
(129,490)
-
(91,603)
309,870
(1,727,533)
3,230
57,394
(122,180)
-
67,620
161,372
(741,570)
There were no non-cash financing or investing activities during the financial year ended 30 June 2023 (2022: Nil).
Page 70 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
18.
SEGMENT REPORTING
2023
Corporate
$
Exploration
$
Total
$
Segment loss for the year
(1,576,576)
(294,932)
(1,871,508)
Segment assets
Segment liabilities
2,326,237
(206,653)
43,038,745
(242,304)
45,364,982
(448,957)
2022
Corporate
$
Exploration
$
Total
$
Segment loss for the year
(735,228)
(173,778)
(909,006)
Segment assets
Segment liabilities
1,556,958
(110,931)
39,559,201
(181,801)
41,116,159
(292,732)
There is no revenue attributable to external customers for the year ended 30 June 2023 (2022: Nil).
Reportable segment assets are located in Canada and Australia.
19.
KEY MANAGEMENT PERSONNEL DISCLOSURES
Key management personnel compensation:
Short-term employee benefits
Post-employment benefits
Share based payments
There are no other transactions with directors or other related parties.
2023
$
515,191
36,950
51,793
603,934
2022
$
509,634
32,568
57,394
599,596
Page 71 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
20.
SHARE BASED PAYMENTS
Director Options
In January 2022 and November 2022, the Company issued 1,400,000 and 1,440,000 Director Options respectively to Mr Michael
Gray as a reward and incentive as follows:
Director Options
Tranche
January 2022
1
2
3
4
November 2022
1
2
3
No. of Options
Exercise Price
Expiry Date
Vesting Period Expiry
280,000
280,000
420,000
420,000
480,000
480,000
480,000
A$0.10
A$0.10
A$0.10
A$0.10
A$0.10
A$0.10
A$0.10
14/01/2025
14/01/2025
14/01/2025
14/01/2025
31/12/2025
31/12/2025
31/12/2025
14/09/2024
14/09/2024
14/09/2024
14/09/2024
31/08/2025
31/08/2025
31/08/2025
The fair value of the Incentive Options granted are estimated at the date of grant using the Black Scholes option and binomial pricing
model and based on the assumptions set out below:
January 2022
Assumptions:
Valuation date
Market price of Shares
Exercise price
Expiry date
Risk free interest rate
Dividend Yield
Expected future volatility
Indicative value per CEO Option
Number of options
Total Value of CEO Options $
November 2022
Assumptions:
Valuation date
Market price of Shares
Exercise price
Expiry date
Risk free interest rate
Dividend Yield
Expected future volatility
Indicative value per CEO Option
Number of options
Total Value of CEO Options $
Director Options
Tranche 1
Director Options
Tranche 2
Director Options
Tranche 3
Director Options
Tranche 4
14/01/2022
$0.09
$0.10
14/01/2025
0.96%
0
90%
$0.02
280,000
6,487
14/01/2022
$0.09
$0.10
14/01/2025
0.96%
0
90%
$0.02
280,000
6,487
14/01/2022
$0.09
$0.10
14/01/2025
0.96%
0
90%
$0.02
420,000
9,731
14/01/2022
$0.09
$0.10
14/01/2025
0.96%
0
90%
$0.02
420,000
9,731
Director Options
Tranche 1
Director Options
Tranche 2
Director Options
Tranche 3
26/10/2022
$0.065
$0.10
31/12/2025
3.55%
0
90%
$0.019
480,000
9,107
26/10/2022
$0.065
$0.10
31/12/2025
3.55%
0
90%
$0.019
480,000
9,107
26/10/2022
$0.065
$0.10
31/12/2025
3.55%
0
90%
$0.019
480,000
9,107
Page 72 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 20 | SHARE BASED PAYMENTS continued
As at 30 June 2023, management has provided the best estimate of the number of options expected to vest. The options have been
valued in accordance with AASB2 Share Based Payment and bought to account over their vesting periods. The length of the expected
vesting period is consistent with the expiry dates for the options, and a value of $51,793 in total has been expensed for the year
(2022: $57,394), in relation to share-based payments in existence during the year.
The following table illustrates the number and weighted average exercise prices (WAEP) of and movements in share options during
the year:
2023
Grant date
Expiry date
Exercise
price
Balance at the
start of the year
Granted
Exercised
Expired/
cancelled
Balance at the
end of the year
31/12/2022
31/12/2022
31/12/2023
19/11/2023
19/11/2024
19/05/2025
19/11/2025
14/01/2025
14/01/2025
14/01/2025
14/01/2025
31/12/2025
31/12/2025
31/12/2025
$0.40
$0.40
$0.50
$0.20
$0.30
$0.40
$0.50
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
15/11/2017
27/11/2018
27/11/2018
19/11/2020
19/11/2020
19/11/2020
19/11/2020
14/01/2022
14/01/2022
14/01/2022
14/01/2022
02/12/2022
02/12/2022
02/12/2022
2022
666,667
800,000
1,200,000
500,000
500,000
500,000
1,000,000
280,000
280,000
420,000
420,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
480,000
480,000
480,000
6,566,667
1,440,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(666,667)
(800,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,200,000
500,000
500,000
500,000
1,000,000
280,000
280,000
420,000
420,000
480,000
480,000
480,000
(1,466,667)
6,540,000
Grant date
Expiry date
Exercise
price
Balance at the
start of the year
Granted
Exercised
Expired/
cancelled
Balance at the
end of the year
15/11/2017
15/11/2017
27/11/2018
27/11/2018
27/11/2018
19/11/2020
19/11/2020
19/11/2020
19/11/2020
14/01/2022
14/01/2022
14/01/2022
14/01/2022
31/12/2021
31/12/2022
31/12/2021
31/12/2022
31/12/2022
19/11/2023
19/11/2024
19/05/2025
19/11/2025
14/01/2025
14/01/2025
14/01/2025
14/01/2025
$0.30
$0.40
$0.30
$0.40
$0.50
$0.20
$0.30
$0.40
$0.50
$0.10
$0.10
$0.10
$0.10
1,250,000
666,667
400,000
800,000
1,200,000
500,000
500,000
500,000
1,000,000
-
-
-
-
-
-
-
-
-
-
-
-
-
280,000
280,000
420,000
420,000
6,816,667
1,400,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(1,250,000)
-
(400,000)
-
-
-
-
-
-
-
-
-
-
-
666,667
-
800,000
1,200,000
500,000
500,000
500,000
1,000,000
280,000
280,000
420,000
420,000
(1,650,000)
6,566,667
Page 73 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 20 | SHARE BASED PAYMENTS continued
Set out below are the options exercisable at the end of the financial year:
Grant date
Expiry date
15/11/2017
27/11/2018
27/11/2018
19/11/2020
31/12/2022
31/12/2022
31/12/2022
19/11/2023
2023
Number
-
-
1,200,000
1,500,000
2,700,000
2022
Number
666,667
800,000
1,200,000
500,000
3,166,667
The weighted average share price during the financial year was $0.28 (2022: $0.35).
The weighted average remaining contractual life of options outstanding at the end of the financial year was 1.66 years (2022: 1.77
years).
Page 74 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
21.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The main risks arising from the Group’s financial instruments are market risk, currency risk and interest rate 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.
The Board has overall responsibility for the establishment and oversight of the risk management framework. The Board reviews and
agrees policies for managing each of these risks and they are summarised below.
The Group’s principal financial instruments comprise cash and short-term deposits. The main purpose of the financial instruments is
to earn the maximum amount of interest at a low risk to the Group. The Group also has other financial instruments such as trade
debtors and creditors which arise directly from its operations.
(a) Market Risk
Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and equity prices will affect the
Group’s income or the value of its holdings of financial instruments.
The Group is exposed to movements in market interest rates on short term deposits. The policy is to monitor the interest rate yield
curve out to 120 days to ensure a balance is maintained between the liquidity of cash assets and the interest rate return. The Group
does not have short- or long-term debt, and therefore this risk is minimal.
(b)
Currency Risk
Foreign exchange risk arises from future commitments, assets and liabilities that are denominated in a currency that is not the
functional currency of the Group. The Group deposits are denominated in both Canadian and Australian dollars. Bathurst provides
funding at agreed Canadian amounts for each Tranche of funding. At the year end the majority of deposits were held in Canadian
dollars. Currently, there are no foreign exchange programs in place. Based upon the above, the impact of reasonably possible
changes in foreign exchange rates for the Group and the minimal cash balance in NWP at 30 June, and any movement is not material.
(c)
Interest Rate Risk
Interest rate risk arises when the fair value or future cash flows of a financial instrument fluctuates due to changes in market interest
rates. The table below shows a sensitivity analysis of the Group’s exposure to such changes.
(d) Credit Risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The
Group has adopted the policy of only dealing with creditworthy counterparties and obtaining sufficient collateral or other security
where appropriate, as a means of mitigating the risk of financial loss from defaults.
The Group operates in the mining exploration sector; it therefore does not supply products and have trade receivables and is not
exposed to credit risk in relation to trade receivables. The Group does not have any significant credit risk exposure to any single
counterparty or any Company of counterparties having similar characteristics.
The Group’s maximum exposure to credit risk at each balance date in relation to each class of recognised financial assets is the
carrying amount, net of any allowance for doubtful debts, of those assets as indicated in the statement of financial position. The
maximum credit risk exposure of the Group at 30 June 2023 is nil (2022: nil). There are no impaired receivables at 30 June 2023
(2022: Nil).
(e) 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 Group manages liquidity risk by monitoring forecast cash flows on a rolling monthly basis and entering into supply contracts
which can be cancelled within a short timeframe. The Group does not have any significant liquidity risk as the Group does not have
any collateral debts.
(f) Capital Management
The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern, so it may continue to
provide returns for shareholders and benefits for other stakeholders.
Page 75 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 21 | FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES continued
Due to the nature of the Group’s activities, being mineral exploration, it does not have ready access to credit facilities and therefore is
not subject to any externally imposed capital requirements, with the primary sources of project funding to date being the investment
by Bathurst Resources Limited (Bathurst) and raising funds from equity markets. Accordingly, the objective of the Group’s capital risk
management is to balance the current capital position against the requirements to meet progressing evaluation work (such as Bankable
Feasibility Study and Environment Assessment Certificate Application), project related costs and corporate overheads. To date this has
been achieved in part by maintaining open communication with Bathurst to ensure the appropriate liquidity to meet anticipated
operating requirements for which Bathurst contributes and ensuring that sufficient funding is available in Jameson Resources Limited
to achieve the strategic objectives as set out by the Board. Going forward, operations budget and cashflow forecasts are monitored to
ensure sufficient funding for Jameson to meet expenditure requirements given that Bathurst have advised they will no longer be sole
funding contributions required for the Crown Mountain Hard Coking Coal Project.
The directors consider that the carrying value of the financial assets and financial liabilities recognised in the consolidated financial
statement approximate their fair value.
30-Jun-23
Financial assets
Non-interest bearing
Variable interest rate instruments
Fixed interest rate instruments
Financial liabilities
Non-interest bearing
Net financial assets
30-Jun-22
Financial assets
Non-interest bearing
Variable interest rate instruments
Fixed interest rate instruments
Financial liabilities
Non-interest bearing
Net financial assets
Weighted
Average
Effective
Interest
Rate
%
0.01%
Weighted
Average
Effective
Interest
Rate
%
0.01%
Less than 1
month
1 to 3
months
3 months to
1 year
1 to 5 years
Total
$
363,667
-
2,150,692
2,514,359
342,440
2,171,919
$
-
-
-
-
-
-
$
-
-
-
-
-
-
$
$
1,211,214
-
-
1,574,881
-
2,150,692
1,211,214
3,725,573
30,794
1,180,420
373,234
3,32,339
Less than 1
month
1 to 3
months
3 months to
1 year
1 to 5 years
Total
$
291,359
-
1,446,010
1,737,369
188,279
1,549,090
$
-
-
-
-
-
-
$
-
-
-
-
-
-
$
$
1,208,826
-
-
1,500,185
-
1,446,010
1,208,826
2,946,195
30,482
218,761
1,178,344
2,727,434
Page 76 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 21 | FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES continued
Net fair value of financial assets and liabilities
The carrying amount of financial assets and liabilities approximates fair value because of their short-term maturity.
(g) Interest Rate Sensitivity Analysis
At 30 June 2023, the effect on loss and equity as a result of changes in the interest rate, with all other variable remaining constant
would be as follows:
CHANGE IN LOSS
Increase in interest rate by 1%
Decrease in interest rate by 1%
CHANGE IN EQUITY
Increase in interest rate by 1%
Decrease in interest rate by 1%
2023
$
Change
25,144
(25,144)
Change
(25,144)
25,144
2022
$
Change
17,374
(17,374)
Change
(17,374)
17,374
Page 77 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
22.
PARENT ENTITY DISCLOSURES
a) Financial position
Assets
Current assets
Non-current assets
Total assets
Liabilities
Current liabilities
Net Assets
Equity
Issued capital
Accumulated losses
Reserves
Total equity
b) Financial performance
Loss for the year
Other comprehensive income
Total comprehensive loss
c) Contingent liabilities
2023
$
2,361,793
17,943,674
20,305,467
2022
$
1,591,428
15,332,846
16,924,274
206,653
20,098,814
110,931
16,813,343
43,892,700
(25,481,426)
1,687,540
20,098,814
39,082,446
(23,904,850)
1,635,747
16,813,343
2023
$
(1,576,576)
-
(1,576,576)
2022
$
(735,228)
-
(735,228)
As at 30 June 2023, the Company had no contingent liabilities (2022: Nil).
d) Contractual Commitments
As at 30 June 2023, the Company had no contractual commitments (2022: Nil).
e) Guarantees entered into by parent entity
As at 30 June 2023, the Company had not entered into any guarantees (2022: Nil).
23.
INTEREST IN SUBSIDIARIES
The following companies are subsidiaries of Jameson Resources Limited.
Name
Country of Incorporation
Percentage of equity interest held by Consolidated Entity
NWP Coal Canada Ltd
Dunlevy Energy Inc.
Canada
Canada
2023
%
77.9
100
2022
%
77.9
100
Page 78 of 88
Financial Report Year Ended 30 June 2023
Jameson Resources Limited | Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
24.
CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
Dunlevy Energy Inc. acquisition
As a condition for the acquisition of Dunlevy Energy Inc. and the Dunlevy Project, Jameson agreed to pay Mr Ken Murfitt C$250,000
(plus Canadian HST) upon commencement of commercial production from the Dunlevy Project.
25.
REMUNERATION OF AUDITORS
During the year, the following fees were paid or were payable to the auditor of the Company, its related practices and non-related
audit firms:
Fees to the Group auditor for:
Auditing the statutory financial report of the parent covering the group
26.
EVENTS SUBSEQUENT TO REPORTING DATE
There were no events after the reporting date.
2023
$
51,211
51,211
2022
$
42,163
42,163
Page 79 of 88
Directors’ Declaration
DIRECTORS’ DECLARATION
1.
In the opinion of the Directors of Jameson Resources Limited (the ‘Company’):
a.
the financial statements, notes and the additional disclosures are in accordance with the Corporations Act
2001 including:
I.
giving a true and fair view of the Group’s financial position as at 30 June 2023 and of its performance
for the year then ended; and
ii.
complying with Australian Accounting Standards (including the Australian Accounting Interpretations)
and the Corporations Regulations 2001.
b.
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable; and
c. the financial statements and notes thereto are in accordance with International Financial Reporting Standards
issued by the International Accounting Standards Board.
2.
This declaration has been made after reviewing the declarations required to be made to the Directors in accordance
with Section 295A of the Corporations Act 2001 for the financial year ended 30 June 2023.
This declaration is signed in accordance with a resolution of the Board of Directors.
Nicole Hollows
Chairman
Dated: 28 September 2023
Michael Gray
Managing Director
Page 80 of 88
INDEPENDENT AUDITOR’S REPORT
To the Members of Jameson Resources Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Jameson Resources Limited (“the Company”) and its controlled
entities (“the Group”), which comprises the consolidated statement of financial position as at 30 June 2023,
the consolidated statement of comprehensive income, the consolidated statement of changes in equity and
the consolidated statement of cash flows for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies, and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act
2001, including:
(a) giving a true and fair view of the Group’s financial position as at 30 June 2023 and of its financial
performance for the year then ended; and
(b)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Group in accordance with the auditor independence requirements
of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (“the Code”) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 2 in the financial report, which indicates that a material uncertainty exists that
may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified
in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial report of the current period. These matters were addressed in the context of our audit
of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have
determined the matters described below to be the key audit matters to be communicated in our report.
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of 88
1
Key Audit Matter
How our audit addressed the key audit
matter
Carrying value of exploration and evaluation
Note 7
The Group has capitalised exploration and
evaluation expenditure of $41,151,150 as at 30
June 2023.
Our audit procedures determined that the carrying
value of exploration and evaluation expenditure
was a key audit matter as it was an area which
required the most audit effort, required the most
communication with
charged with
governance and was determined to be of key
importance to the users of the financial statements.
those
Our procedures included but were not
limited to the following:
- We obtained an understanding of the key
processes associated with management’s
review of the exploration and evaluation
asset carrying values;
- We considered the Directors’ assessment
of potential indicators of impairment in
addition to making our own assessment;
- We obtained evidence that the Group has
current rights to tenure of its areas of
interest;
- We discussed with management
nature of planned ongoing activities;
the
- We
tested additions
to exploration
expenditure on a sample basis during the
year;
- We enquired with management, and
reviewed ASX announcements and
minutes of Directors’ meetings to ensure
that
to
discontinue exploration and evaluation at
its areas of interest; and
the Group had not decided
- We examined the disclosures made in the
financial report.
Information Other than the Financial Report and Auditor’s Report Thereon
The directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 30 June 2023, but does not include the financial report
and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report, or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such
Page 8
of 88
2
internal control as the directors determine is necessary to enable the preparation of the financial report that
gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no
realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of this
financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement
and maintain professional scepticism throughout the audit. We also:
−
−
−
−
−
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial report, including the disclosures,
and whether the financial report represents the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
Page 8
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3
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats
or safeguards applied.
From the matters communicated with the directors, we determine those matters that were of most significance
in the audit of the financial report of the current period and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
REPORT ON THE REMUNERATION REPORT
Opinion on the Remuneration Report
We have audited the Remuneration Report included within the Directors’ Report for the year ended 30 June
2023.
In our opinion, the Remuneration Report of Jameson Resources Limited for the year ended 30 June 2023
complies with Section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on
the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
HLB Mann Judd
Chartered Accountants
Perth, Western Australia
28 September 2023
M R Ohm
Partner
Page 8
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4
Shareholder Information
Jameson Resources Limited | Annual Report 2022-23
Corporate Governance
A statement disclosing the extent to which the Company has followed the best practice recommendations set by the ASX Corporate
Governance Council during the reporting period is contained within the Corporate Governance Statement and is available on the
Company’s website.
Shareholdings
Substantial Shareholders
The names of the substantial shareholders as advised to the company (as at 8 September 2023):
Shareholder
TIMOTHY LYONS AND RELATED ENTITIES
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
OCELTIP COAL 2 PTY LTD
OCELTIP COAL 1 PTY LTD
ROBERT DEVEREUX
Holding Balance
23,630,117
22,659,864
21,653,894
21,653,894
20,341,463
% Issued Capital Held
6.04%
5.79%
5.53%
5.53%
5.20%
Unquoted Securities
Class of Equity Security
50 cent options expiring 31 December 2023
20 cent options expiring 31 December 2023
30 cent options expiring 31 December 2024
10 cent options expiring 31 December 2024
40 cent options expiring 30 June 2025
50 cent options expiring 31 December 2025
10 cent options expiring 31 December 2025
TOTAL
Number
1,200,000
500,000
500,000
1,400,000
500,000
1,000,000
1,440,000
6,540,000
Number of Security Holders
2
1
1
1
1
1
1
Names of persons holding greater than 20% of a class of unquoted equities
Class of Un-Quoted Equity Security
Number
Holder
50 cent options expiring 31 December 2023
600,000
50 cent options expiring 31 December 2023
600,000
20 cent options expiring 31 December 2023
500,000
30 cent options expiring 31 December 2024
500,000
10 cent options expiring 31 December 2024
1,400,000
40 cent options expiring 30 June 2025
500,000
50 cent options expiring 31 December 2025
1,000,000
10 cent options expiring 31 December 2025
1,440,000
WILLOW GROVE EQUITY PTY LTD
(Joel Nicholls)
DALMENY INVESTMENTS PTY LTD
(Steve van Barneveld)
NIMAMI PTY LTD
(Nicole Hollows)
NIMAMI PTY LTD
(Nicole Hollows)
EWAM ENERGY PTY LTD (Michael Gray)
NIMAMI PTY LTD
(Nicole Hollows)
NIMAMI PTY LTD (
Nicole Hollows)
EWAM ENERGY PTY LTD (Michael Gray)
Number of holders in each class of equity securities and the voting rights attached
•
•
•
There are 603 holders of ordinary shares. Each shareholder is entitled to one vote per share held
There are 0 holders of listed options
On a poll every shareholder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and each share is
entitled to one vote.
Page 85 of 88
Distribution schedule of the number of holders in each class of equity security as at 8 September 2023
Number Held as at 8
September 2023
No of Holders of Fully Paid
Ordinary Shares
Total Shares
% Issued Share Capital
1-1,000
1,001 - 5,000
5,001 – 10,000
10,001 - 100,000
100,001 and over
Totals
50
64
89
201
199
603
7,203
196,695
816,567
8,406,815
382,083,820
391,511,100
0.00%
0.05%
0.21%
2.15%
97.59%
100.0%
Marketable Parcel
Holders of less than a marketable parcel: fully paid shares
46
Twenty largest holders of each class of quoted equity security
The names of the twenty largest holders of each class of quoted equity security, the number of equity security each holds and the
percentage of capital each holds (as at 8 September 2023) is as follows:
#
Holder Name
1
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
2
OCELTIP COAL 1 PTY LTD
2
OCELTIP COAL 2 PTY LTD
3
PERTH INVESTMENT CORPORATION LTD
4
CENTRAL T PTY LTD
5
HILLBOI NOMINEES PTY LTD
ZERO NOMINEES PTY LTD
6
7 WHOLESALERS (MORLEY) PTY LTD
8
9
10
11
12
13
14 MR TIMOTHY GUY LYONS & MRS HEATHER MARY LYONS
15
15 WALLOON SECURITIES PTY LTD
16
17 GOLDFIRE ENTERPRISES PTY LTD
18 GAB SUPERANNUATION FUND PTY LTD
19
20
BNP PARIBAS NOMS PTY LTD
MR ROBERT SIMEON LORD
SPAR NOMINEES PTY LTD
BNP PARIBAS NOMINEES PTY LTD
DEERING NOMINEES PTY LTD
PASSCHENDAELE RIDGE PTY LIMITED
EUGOB NOMINEES PTY LTD
RPM SUPER PTY LTD
BURRA PTY LTD
CITICORP NOMINEES PTY LIMITED
Totals
Total Issued Capital
Restricted Securities
There are no restricted securities on issue at the current date.
Holding % Issued Capital
5.79%
5.53%
5.53%
4.60%
4.21%
4.13%
3.71%
2.82%
2.62%
2.58%
2.37%
2.32%
2.12%
1.93%
1.91%
1.79%
1.79%
1.78%
1.75%
1.74%
1.64%
1.54%
64.20%
100.00%
22,659,864
21,653,894
21,653,894
17,999,140
16,485,328
16,169,017
14,522,088
11,056,667
10,263,000
10,100,000
9,284,796
9,101,102
8,300,000
7,540,983
7,461,100
7,000,000
7,000,000
6,979,867
6,850,000
6,815,000
6,410,000
6,043,893
251,349,633
391,511,100
Page 86 of 88
Schedule of Mineral Tenements
Jameson Resources Limited provides details of the Company’s consolidated interests in mineral tenements at the end of the reporting
period which reflects Jameson’s 77.94% interest in NWP Coal Canada Limited which holds a 90% interest and 100% interest in various
licences that form part of the Crown Mountain Hard Coking Coal Project, and a 100% direct interest in the Dunlevy Steelmaking Coal
Project located in British Columbia.
Project
Crown Mountain – North Block
Crown Mountain – South Block
Crown Mountain – West Crown
Crown Mountain – Southern Extension
Crown Mountain – Crown East
Crown Mountain – Northwest Extension
Crown Mountain – Northern Extension
Crown Mountain – Grave Creek
Crown Mountain – Alexander Creek
Crown Mountain – Grave Creek West
Dunlevy
Dunlevy
Location
British Columbia, Canada
418150
418151
418152
418153
418154
418430
419273
419272
419274
419275
418441
418442
Jameson Resources Limited
ownership %
77.94%
77.94%
77.94%
77.94%
77.94%
77.94%
77.94%
77.94%
77.94%
77.94%
100%
100%
Consolidated
Interest
90%
90%
90%
90%
90%
100%
100%
100%
100%
100%
100%
100%
Page 87 of 88
DIRECTORS
Ms Nicole Hollows
(Non-Executive Chairman)
Mr Michael Gray
(Managing Director)
Mr Joel Nicholls
(Non-Executive Director)
Mr Steve van Barneveld
(Non-Executive Director)
COMPANY SECRETARY
Ms Lisa Dalton
REGISTERED OFFICE
Jameson Resources Limited
Level 4, Deutsche Bank Place
126 Phillip Street
SYDNEY NSW 2000
Telephone: + 61(8) 9200 4473
Email: admin@jamesonresources.com.au
POSTAL ADDRESS
Jameson Resources Limited
PO Box 274
ASHGROVE WEST BRISBANE QLD 4060
Telephone: + 61(8) 9200 4473
NWP Coal Canada Ltd
Suite 810, 789 West Pender St
VANCOUVER BC V6C 1H2
Telephone: +1(604) 629 8605
AUDITORS
HLB Mann Judd
(WA Partnership)
Level 4,130 Stirling Street
PERTH WA 6000
SHARE REGISTRY
Automic Pty Ltd
Level 2, 267 St Georges Terrace
PERTH WA 6000
GPO Box 5193,
Sydney, NSW 2000
Telephone: 1300 288 664 (within Australia)
Email: hello@automic.com.au
SECURITIES EXCHANGE
Australian Securities Exchange Limited
(Home Exchange: Perth, Western Australia)
Code: JAL
Page 88 of 88