& Controlled Entities
Annual Report
For the year ended 30 June 2024
Krakatoa Resources Limited
& Controlled Entities
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CONTENTS
CORPORATE DIRECTORY ................................................................................................................... 3
DIRECTORS’ REPORT .......................................................................................................................... 4
AUDITOR’S INDEPENDENCE DECLARATION .................................................................................. 27
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
.............................................................................................................................................................. 28
CONSOLIDATED STATEMENT OF FINANCIAL POSITION ............................................................... 29
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ............................................................... 30
CONSOLIDATED STATEMENT OF CASH FLOWS ............................................................................ 30
NOTES TO THE FINANCIAL STATEMENTS ...................................................................................... 32
CONSOLIDATED ENTITY DISCLOSURE STATEMENT…………………………………………………53
DIRECTORS’ DECLARATION.............................................................................................................. 54
INDEPENDENT AUDITOR’S REPORT ................................................................................................ 55
ASX INFORMATION ............................................................................................................................. 58
SCHEDULE OF MINERAL TENEMENTS ............................................................................................ 60
Krakatoa Resources Limited
& Controlled Entities
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CORPORATE DIRECTORY
PRINCIPAL AND REGISTERED OFFICE
Level 8, 216 St Georges Terrace
Perth WA 6000
Tel: +61 8 9481 0389
Fax: +61 8 9463 6103
Email: admin@ktaresources.com
Web: https://ktaresources.com
CHIEF EXECUTIVE OFFICER
Mark Major
DIRECTORS
Colin Locke – Executive Chairman
Timothy Hogan – Non-Executive Director
David Palumbo – Non-Executive Director
COMPANY SECRETARY
David Palumbo
SHARE REGISTRAR
Computershare Investor Services Pty Ltd
Level 17, 221 St Georges Terrace
Perth WA 6000
Tel: +61 8 9323 2000
Fax: +61 8 9323 2033
Web: www.computershare.com.au
AUDITORS
RSM Australia Partners
Level 32, Exchange Tower
2 The Esplanade
PERTH WA 6000
STOCK EXCHANGE LISTING
Australian Securities Exchange
ASX Code: KTA
Krakatoa Resources Limited
& Controlled Entities
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DIRECTORS’ REPORT
Your directors present the following report on Krakatoa Resources Limited (the “Company”) and
controlled entities (referred to hereafter as the “Group”) for the financial year ended 30 June 2024.
DIRECTORS
The names of directors in office at any time during the financial year and up to the date of this report
are:
-
Colin Locke (Executive Chairman)
-
Timothy Hogan (Non-Executive Director)
-
David Palumbo (Non-Executive Director)
Unless noted above, all directors have been in office since the start of the financial year to the date of
this report.
COMPANY SECRETARY
The following persons held the position of Company secretary during the financial year:
-
David Palumbo
PRINCIPAL ACTIVITIES
The principal activity of the Group during the financial year was the acquisition and exploration of
resource-based projects.
OPERATING RESULTS
The loss of the Group after providing for income tax amounted to $3,206,442 (2023: $3,466,003).
FINANCIAL POSITION
As at 30 June 2024, the Group had a cash balance of $1,314,206 (2023: $951,702) and a net asset
position of $1,615,410 (2023: $885,866).
DIVIDENDS PAID OR RECOMMENDED
No dividends have been paid, and the directors do not recommend the payment of a dividend for the
financial year ended 30 June 2024.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
No significant changes in the state of affairs occurred during the financial year.
Krakatoa Resources Limited
& Controlled Entities
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DIRECTORS’ REPORT (CONT.)
REVIEW OF OPERATIONS
The Group is an ASX listed exploration and development company focussing on acquiring and
exploring high-quality projects within the states of Western Australia and New South Wales. The
operations strategy is to undertake systematic exploration with the potential to discover major
deposits on these project areas which will either be advanced by the Company or in a partnership
with a major mining company. During the financial period the company undertook significant
exploration over the course of the 12 months which resulted in identifying several high priority
geological targets in Western Australia. The Company also advanced the pathway for exploration on
the New South Wales targets of interest, pathing the way for future exploration.
Details of the project specific exploration operations are provided below.
Mt Clere Project – Prospective for REE, Au and Base Metals +/- PGE
During the financial year, the Mt Clere Project tenements were explored for rare earth elements, gold
and base metal occurrences. The project is located approximately 200km northwest of Meekatharra,
within the Narryer Terrane located in the north-western margins of the Yilgarn Craton in Western
Australia.The Narryer Terrane is thought to represent reworked remnants of greenstone sequences.
In previous reporting periods the Company discovered and drilled a major clay hosted rare earth
mineral project (Tower project). This culminated in a maiden Mineral Resources estimate of an
impressive 101Mt grading 849ppm total rare earth oxide (TREO); plus, the development of a
substantial Exploration Target (see previous annual and half yearly reports).
The Company followed up on many of the regional surface geochemical exploration targets identified
in previous Company exploration programs. The focus was to advance the exploration activities of
regional stream geochemical areas and investigate geological and geophysical features of interest
which may replicate the discovery success previously seen at Tower, while also investigating other
commodity opportunities within the extensive land holding.
The field team finished an intensive 8-month work campaign over the areas of interest in 2023, with
the following being undertaken:
•
~500 km2 of outcrop geological prospecting and mapping, with over 50% of the outcrop
visited to date.
•
179 rock and 2568 soil sampling to generate new targets across under-explored regions.
•
271 stream sediment sampling in areas where no exploration has been undertaken.
Of interested eight areas are considered to be anomalous and will be followed up in future exploration
programs.
One such area, considered a priority for the company, are the Stone Tank and Bullbadger prospects
(Figure 1) which are niobium and rare earth element gravity target which may be a hidden alkaline
intrusive system such as a carbonatite.
After initial identification an initial reconnaissance soil sampling program competed in late 2023. This
was followed by a more intensive grid spaced surface geochemical program where 450 soil samples
were collected. The subsequent results highlighted zones of enriched known carbonatite pathfinder
element (Nb-REE-Ti-P) signatures, which are encircled by an elevated U-Th-Cu-V zones (Figure 2).
A ground gravity survey was completed around the Stone Tank prospect late in the financial year. The
survey was undertaken at an initial 1km station spacing and reduced to 250m station spacing over the
areas which showed stronger amplitude gravity response (Figure 3).
These new ground gravity stations greatly improved the resolution and better defined the amplitudes
of gravity anomaly patterns within the Stone Tank prospect area, and have assisted with target
generation and ranking, modelling for future initial drill targeting. The modelling has defined two large
priority targets and three smaller secondary targets.
Krakatoa Resources Limited
& Controlled Entities
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DIRECTORS’ REPORT (CONT.)
Figure 1: Overview of niobium (Nb) assay stream sediment results (dots) across the southern
proportion of Krakatoa Resources Mt Clere tenements, overlain on satellite imagery showing the Nb
catchment areas of interest and location of the regional gravity high outline (white dashed line).
Krakatoa Resources Limited
& Controlled Entities
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Figure 2: Image showing Stone Tank - Bullbadger anomalous TREO soil results over RTP magnetics
with residual gravity high outline (MGA94 zone 55).
The larger and stronger amplitude gravity anomaly is identified as the Jagger target. It is an oblong
shaped anomaly with an extensive lateral extent of 1.5km by 0.8km and characterised by a discrete
and strong gravity response coincident with a highly magnetic feature, in a resistive zone adjacent to
a strong conductor. The target is positioned within a topographical low and cut by a creek bed.
The second significant target is identified as the Richards target. This target is a more elongated
gravity body around 1300m long by 450m wide body with a 800m long high density core. The target
has limited coincident magnetic anomaly response and runs adjacent to a medium elevated magnetic
ridge and is bound to the southern extent by magnetic low features which are interpreted as two key
interpreted structural features. This area is a more resistive zone and is located on the northern edge
of an intermittent dry creek bed.
A combined gravity and magnetic 3D inversion model has been created for the Jagger and Richards
area (Figure 3) which has defined the Jagger gravity anomaly to be sourced by a dense “heart
shaped” body coincident with a strong magnetic core, which may extend to over 1km in depth. The
Richards anomaly located to the northwest has a dense plugging “kidney shape” core encapsulated
within a less dense body which elongates parallel to the magnetic feature. Both targets are
considered priority targets for drilling in future programs.
Krakatoa Resources Limited
& Controlled Entities
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DIRECTORS’ REPORT (CONT.)
Figure 3: Top – Plan View, Middle – Cross section, Bottom – 3D Gravity and Magnetic
Inversion Model. Schematics of the modelled gravity anomalies (total bouguer 2.67g/cc
iso-surfaces, red>0.25g/cc, orange=0.13g/cc) combined with VRMI iso-surfaces (green
mesh 0.1SI, green solid 0.2SI units).
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& Controlled Entities
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DIRECTORS’ REPORT (CONT.)
King Tamba Project – Prospective for Ta, Rb, Nb, Sn, W, Li, +/- Base metals
The King Tamba Project (formerly known as Dalgaranga project) is located 80km northwest of Mount
Magnet in Western Australia and lies within the Dalgaranga Greenstone Belt. The Dalgaranga
Greenstone Belt is about 50km long and up to 20km wide and contains gold mineralisation
(Dalgaranga gold mine), a zinc deposit (Lasoda), graphite deposits, and occurrences of tantalum,
beryllium, tin, tungsten, lithium, and molybdenum related to LCT pegmatites.
During the period, the Company completed field mapping and confirmed the presence of additional
anomalous critical metals during surface geochemical sampling programmes. Several high-grade rock
samples were found (Wilson, Loader and MGM prospects) as well as a significant highly elevated
LCT soil anomalism over a span of 1.3km by 0.5km zone within a broader enriched 3km LCT corridor
(Figure 4).
The proceeding interpretation highlighted areas to be drill tested. This cumulated in the completion of
two targeted reverse circulation (RC) drilling programs which were completed during the period. One
under the high-grade rock prospects and the second over the extent of the soil anomaly.
The initial Phase 1 RC drilling program consisted of 16 holes, for 1806m of drilling; while Phase 2,
5966m of RC drilling was completed over 45 drill holes.
Majority of the holes drilled intersected pegmatites, some as thick as 39m.
Drilling intersected flat-lying pegmatites with multiply thick pegmatites of up to 39m thick in several
zones, with significant mineralised intersections (Figure 1) of:
•
17m @ 0.24% Li2O from 90m (DAL061)
•
7m @ 0.31% Li2O from 3m (DAL042)
•
6m @ 0.20% Cs2O from 7m (DAL042)
•
6m @ 0.25% Li2O from 4m (DAL086)
•
1m @ 0.51% Li2O from 74m (DAL046)
•
9m @ 605ppm Ta and 5m @ 305ppm Nb from 17m (DAL096)
A mineralised pegmatite remains open to the west (Figure 4).
Krakatoa Resources Limited
& Controlled Entities
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Figure 4: Location of Phase 1 (yellow) and 2 (green) drill holes completed during the
period including those completed in January 2024; showing lithium in soil anomaly,
and significant drill intersections.
Turon Project – Au, +/-Cu
The Turon Project covers an area of 120km2. It is situated approximately 50km east of the Company's
Belgravia Project and 60km northeast of Newcrest Mining's Cadia Valley Operations, in the Hill End
Synclinorial Zone, NSW. The geology at Turon bears many similarities in terms of host-rocks,
structural and mineralisation-style to other high-grade turbidite-hosted gold deposits, including
Fosterville in the Bendigo-Ballarat zone, central Victoria.
During the financial year the Company announced the results of some rock sampling which returned
highly encouraging copper – gold grades from the southern areas of the Turon exploration lease.
Extensive historical alluvial (gold) workings occur within the area along with several hard rock
workings for copper and gold. Although the main target style on EL8942 is orogenic/lode gold (Hill
End Mine), there are also several intrusive-related targets yet to be examined.
Various rock samples collected from the Jews Creek area, were a historical copper mineralisation
occurs on the margins of a Devonian quartz-rich, chlorite-altered intrusive, returned impressive values
of 1.235g/t Au, 39.1g/t Ag, 10.45% Cu, 331ppm La, 45.3ppm Mo, 4850ppm Pb, 19.6ppm Sn and
1330ppm Zn (sample R1026) (Figure 5). The samples represent mullock samples of gossanous,
Krakatoa Resources Limited
& Controlled Entities
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veined and silicified igneous and metasedimentary rocks with abundant secondary Cu minerals
(malachite, azurite, chrysocolla and possibly chalcocite).
All four samples returned over 2.2% Cu, averaging 4.83% Cu with a maximum of 10.45% (sample
R1026; Figure 5); for Au, they averaged 0.500g/t with a maximum of 1.235g/t. Base and pathfinder
metals indicative of an intrusive-related system were strongly anomalous in these rocks. Furthermore,
the samples were also strongly anomalous in rare earth elements.
Several shallow prospecting pits located in the area have been excavated into the massive intrusive
host rock. The causative intrusive, as defined (by the NSWGS) occurs over > 1km of strike and
extends north into the adjacent property. The northern extent of the Jews Ck North was not field
checked during the period and will be part of the future exploration efforts.
Other samples were taken to the south of Jews Creek at areas identified as Mt Rosette and dry creek.
These samples were were collected along the main ridgeline and 2 samples further northwest in the
flats where an extensive quartz vein system occurs over several kilometers of strike. These pitted,
sulfide-bearing sampled returned low gold values but were anomalous for pathfinders including As,
Be and Sb. The main Mt Rosette adit and mineral occurrence associated with a reported gold-bearing
quartz vein lies lower in the topography and was not visited during the year.
The Company endeavors to expand on this exploration efforts at Turon in the coming financial year.
Past explorers report numerous significant gold grades from chip and mullock sampling along the
length of the gold workings, including 1,535g/t, 135g/t, 26g/t, 14.6g/t, 12.55g/t and 11.3 g/t Au.
Figure 5: Jews Creek area showing interpreted intrusive and recent KTA rock-chip samples (MGA94
zone 55)
Krakatoa Resources Limited
& Controlled Entities
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Belgravia Project – Cu, Au,
The Belgravia Project covers an area of 80km2 and is located in the central part of the Molong
Volcanic Belt (MVB), Lachlan Fold Belt, NSW. It contains the same rocks (Fairbridge Volcanics and
Oakdale Formation), or their lateral equivalents, that respectively host the giant Cadia-Ridgeway mine
35km south and Alkane Resources' Boda discovery 65km north. Historical exploration at Belgravia
has failed to adequately consider the regolith and tertiary basalt (up to 40m thick) that obscures much
of the prospective geology. The Project contains six targets (Figure 6) with considerable exploration
potential for porphyry Cu-Au and associated skarn mineralisation.
During the reporting period the Company reviewed the eastern prospects and is looking to advance
its exploration efforts in this zone over the course of the next few years.
Krakatoa Resources Limited
& Controlled Entities
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Figure 6 Belgravia project location map, prospects and major copper & gold mines and deposits on
regional bedrock geology.
Krakatoa Resources Limited
& Controlled Entities
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DIRECTORS’ REPORT (CONT.)
Competent Person’s Statement
The information in this announcement is based on, and fairly represents information compiled by Mark
Major, Krakatoa Resources CEO, who is a Member of the Australasian Institute of Mining and
Metallurgy and a full-time employee of Krakatoa Resources. Mr Major has sufficient experience
relevant to the style of mineralisation and type of deposit under consideration, and to the activity
which he has undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint
Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves. Mr Major consents to the inclusion in this announcement of the matters
based on this information in the form and context in which it appears.
The information in this report which relates to Mineral Resources for the Tower rare earth deposit is
based upon and fairly represents information compiled by Mr Greg Jones who is a Fellow of the
Australasian Institute of Mining and Metallurgy. Mr Jones is a full-time employee of IHC Mining and
has sufficient experience relevant to the style of mineralisation, the type of deposit under
consideration and to the activity which he is undertaking to qualify as a Competent Person as defined
in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves”. The Company confirms that it is not aware of any new information or data that
materially affects the information included in the relevant market announcement (ASX announcement
dated 21 November 2022) and that all material assumptions and technical parameters underpinning
the estimates in the relevant market announcement (ASX announcement dated 21 November 2022)
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 (ASX announcement dated 21 November 2022).
Krakatoa Resources Limited
& Controlled Entities
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DIRECTORS’ REPORT (CONT.)
INFORMATION ON DIRECTORS
Colin Locke
Executive Chairman
From 1984 to 1993, Colin Locke worked in the mining industry
processing base and precious metals. During this time, he traded
resource stocks and international futures contracts.
In 1993, Mr. Locke joined an Australian commodity and futures
broking firm as an investment advisor and became a Director in
1994. In 1998 Mr. Locke founded a boutique Australian Financial
Services firm and held the position of Managing Director from
1999 until 2010.
In 2007 Mr. Locke held the role of Corporate Advisor during the
acquisition process for the Mayoko iron ore project in the
Republic of Congo that was subsequently taken over in 2010 for
circa AUD 50mi and later on sold for over 300mi.
From 2008, Mr. Locke focused on natural resources exploration
pursuits through the Indonesian archipelago and founded
Western Mining Network Ltd, (now Aston Minerals Limited, ASO)
where he held the role of Executive Director from 2010 until
2012.
Mr. Locke brings to the board and shareholders a mining related
background with business management and financial experience
spanning over 30 years. He currently serves on the board of
Rubix Resources Limited (ASX: RB6).
Interest in Securities
1,329,000 Fully paid ordinary shares
Directorships held in other
listed entities
Rubix Resources Limited
Krakatoa Resources Limited
& Controlled Entities
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DIRECTORS’ REPORT (CONT.)
Timothy Hogan
Non-Executive Director
Mr. Hogan has approximately 25 years’ experience in the
stockbroking industry in Australia, initially as a founding private
client advisor at Hogan and Partners. Mr. Hogan has provided
corporate and execution services for a wide variety of corporate
and private clients.
Mr. Hogan is currently a Director of Barclay Wells Limited, a
boutique advisory firm that specialises in Australian resource
stocks and has assisted many companies from their initial capital
raising and flotation on the ASX through to production. Mr. Hogan
brings extensive experience and a wide range of contacts that
will benefit the Company.
Interest in Securities
400,000 Fully paid ordinary shares
Directorships held in other
listed entities
None
David Palumbo
Non-Executive Director & Company Secretary
Mr Palumbo is a Chartered Accountant and graduate of the
Australian Institute of Company Directors with over fourteen
years’ experience
across company secretarial, corporate
advisory and financial management and reporting of ASX listed
companies. Mr Palumbo is an employee of Mining Corporate Pty
Ltd, where he has been actively involved in numerous corporate
transactions. Mr Palumbo is currently a Non-Executive Director of
Albion Resources Limited (ASX: ALB) and Rubix Resources
Limited (RB6).
Interest in Securities
4,500,000 Fully paid ordinary shares
Directorships held in other
listed entities
Albion Resources Limited
Rubix Resources Limited
REMUNERATION REPORT (AUDITED)
This report details the nature and amount of remuneration for each director of Krakatoa Resources
Limited and for the executives receiving the highest remuneration.
Krakatoa Resources Limited
& Controlled Entities
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DIRECTORS’ REPORT (CONT.)
1. Employment Agreements
Mr Colin Locke has worked for the Group in an executive capacity as Executive Chairman since his
appointment on 6 August 2015. Under the terms of his agreement, his remuneration is subject to
annual review. Under the terms of his existing agreement, his remuneration is $160,000 (plus
superannuation). Under the terms of his agreement, Mr Locke received reimbursements for travel and
other expenses related to his employment during the financial year. The executive agreement may be
terminated by either party with 3 months’ written notice.
Mark Major was appointed as Chief Executive Officer, effective from 14 October 2020. Under the terms
of the executive agreement, Mr Major is entitled to receive a base salary of $200,913 per annum (plus
superannuation), which is subject to annual review and mandatory increases in superannuation
legislation. The executive agreement may be terminated by either party with 3 months’ written notice.
Appointments of non-executive directors Timothy Hogan and David Palumbo are formalised in the form
of service agreements between themselves and the Group. Their engagements have no fixed term but
cease on their resignation or removal as a director in accordance with the Corporations Act 2001. Mr
Hogan is entitled to $40,000 per annum plus superannuation and Mr Palumbo is entitled to $66,600 per
annum including superannuation.
Key management personnel have no entitlement to termination payments in the event of removal for
misconduct.
Use of Remuneration Consultants
During the financial year ended 30 June 2024, there was no use of remuneration consultants by the
Group.
2. Remuneration policy
The Group’s remuneration policy has been designed to align director and executive objectives with
shareholder and business objectives by providing a fixed remuneration component and offering
specific long-term incentives based on key performance areas affecting the Group’s financial results.
The board believes the remuneration policy to be appropriate and effective in its ability to attract and
retain the best executives and directors to run and manage the Group, as well as create goal
congruence between directors, executives and shareholders.
The board’s policy for determining the nature and amount of remuneration for board members and
senior executives of the Group is as follows:
•
The remuneration policy, setting the terms and conditions for the executive directors and other
senior executives, was developed by the board.
•
All executives receive a base salary (which is based on factors such as length of service and
experience), superannuation and are entitled to the issue of share options.
•
Incentive paid in the form of share options are intended to align the interests of directors and
Group with those of the shareholders.
The performance of executives is measured against criteria agreed annually with each executive and is
based predominantly on the forecast growth of the Group’s shareholders’ value. The board may,
however, exercise its discretion in relation to approving incentives, bonuses and options, and can
recommend changes to the committee’s recommendations. Any changes must be justified by reference
to measurable performance criteria. The policy is designed to attract the highest calibre of executives
and reward them for performance that results in long-term growth in shareholder wealth.
Krakatoa Resources Limited
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DIRECTORS’ REPORT (CONT.)
Executives are also entitled to participate in the employee share and option arrangements. All
remuneration paid to directors and executives is valued at the cost to the Group and expensed, or
capitalised to exploration expenditure if appropriate. Options, if given to directors and executives in
lieu of remuneration, are valued using the Black-Scholes methodology. The board policy is to
remunerate non-executive directors at market rates for time, commitment and responsibilities. The
remuneration committee determines payments to the non-executive directors and reviews their
remuneration annually, based on market practice, duties and accountability. Independent external
advice is sought when required.
The maximum aggregate amount of fees that can be paid to directors is $300,000. Fees for non-
executive directors are not linked to the performance of the Group. However, to align directors’
interests with shareholder interests, the directors are encouraged to hold shares in the Group and are
able to participate in the employee share option plan.
3. Performance-based remuneration
There were no performance-based incentives offered to the board or employees during the financial
year.
Voting and comments made at the company's 2023 Annual General Meeting ('AGM')
At the 2023 AGM, 99.61% of the votes received supported the adoption of the remuneration report for
the year ended 30 June 2023. The company did not receive any specific feedback at the AGM
regarding its remuneration practices.
4. Details of remuneration for the year ended 30 June 2024
The remuneration for each director and key management personnel of the Group during the financial
year ended 30 June 2024 and 30 June 2023 was as follows:
2024
Short-term
Benefits
Post-
employment
Benefits
Other
Long-term
Benefits
Share based
Payment
Total
Perfor-
mance
Related
Value of
Options /
Rights Re-
muneration
Directors and Key
Management
Person
Cash, salary &
commissions
Super-
annuation
Other
Shares
Options /
Rights
$
$
$
$
$
$
%
%
Colin Locke
160,000
17,600
-
-
-
177,600
-
-
Timothy Hogan
40,000
4,400
-
-
-
44,400
-
-
David Palumbo
59,955
6,595
-
-
-
66,550
-
-
Mark Major
200,913
22,100
-
-
-
223,013
-
-
460,868
50,695
-
-
-
511,563
-
-
Krakatoa Resources Limited
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DIRECTORS’ REPORT (CONT.)
2023
Short-term
Benefits
Post-
employment
Benefits
Other
Long-term
Benefits
Share based
Payment
Total
Perfor-
mance
Related
Value of
Options /
Rights Re-
muneration
Directors and Key
Management
Person
Cash, salary &
commissions
Super-
annuation
Other
Shares
Options /
Rights
$
$
$
$
$
$
%
%
Colin Locke
160,000
16,800
-
-
-
176,800
-
-
Timothy Hogan
40,000
4,200
-
-
-
44,200
-
-
David Palumbo
60,000
6,300
-
-
-
66,300
-
-
Mark Major
200,913
21,096
-
-
-
222,009
-
-
460,913
48,396
-
-
-
509,309
-
-
5. Equity holdings of key management personnel
Shareholdings
Number of shares held by key management personnel during the financial year ended 30 June 2024
was as follows:
2024
Balance
1.7.2023
No.
Received as
Compensation
No.
Options
Exercised
No.
Net Change
Other
No.
Balance
30.6.2024
No.
Directors and Key
Management
Person
Colin Locke
1,129,000
-
-
200,000
1,329,000
Timothy Hogan
400,000
-
-
-
400,000
David Palumbo
4,000,000
-
-
500,000
4,500,000
Mark Major
-
-
-
-
-
Total
5,529,000
-
-
700,000
6,229,000
Option holdings
Number of options held by key management personnel during the financial year ended 30 June 2024
was as follows:
2024
Balance
1.7.2023
No.
Received as
Compensation
No.
Options
Expired
No.
Net Change
Other
No.
Balance
30.6.2024
No.
Directors and Key
Management
Person
Colin Locke
4,000,000
-
(4,000,000)
-
-
Timothy Hogan
3,000,000
-
(3,000,000)
-
-
David Palumbo
2,100,000
-
(2,100,000)
-
-
Mark Major
10,000,000
- (10,000,000)
-
-
Total
19,100,000
- (19,100,000)
-
-
Krakatoa Resources Limited
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DIRECTORS’ REPORT (CONT.)
Share performance rights
Number of performance rights held by key management personnel during the financial year ended 30
June 2024 was as follows:
2024
Balance
1.7.2023
No.
Received as
Compensation
No.
Rights
Expired
No.
Net Change
Other
No.
Balance
30.6.2024
No.
Directors
and
Key Management
Person
Colin Locke
7,500,000
-
(7,500,000)
-
-
Timothy Hogan
-
-
-
-
-
David Palumbo
-
-
-
-
-
Mark Major
7,500,000
-
(7,500,000)
-
-
Total
15,000,000
- (15,000,000)
-
-
6. Other transactions with key management personnel
During the previous financial year, the Company paid C29 Metals Limited (CEO Mark Major was an
Executive Director) for the services of its Exploration Manager, per the Secondment Agreement,
signed 18 January 2021.
The Company also receipted monies from C29 Metals, for the use of its office lease, and Plant and
Equipment.
The Company also paid Albion Resources Limited (of which David Palumbo is a Non-Executive
Director) for use of its office lease in the previous financial year, until the Company took assignment of
the lease on 1 March 2023. The Company also receipted monies from Albion Resources for the
secondment of its employee.
The Company receipted monies from Rubix Resources Limited (of which Colin Locke and David
Palumbo are Non-Executive Directors) for use of the Company’s office premises.
All transactions were made on normal commercial terms and conditions and at market rates.
Consolidated
2024
2023
$
$
The following transactions occurred with related parties:
Payments to C29 Metals Limited for secondment services
-
19,578
Monies receipted from C29 Metals Limited
-
(3,560)
-
16,018
Payments to Albion Resources Limited for use of its office lease
-
27,082
Receipts from Albion Resources Limited for secondment of employee
-
(401)
-
26,681
Receipts from Rubix Resources Limited for use of KTA office premises
11,014
6,559
Current amount payable to Colin Locke for reimbursement of corporate
costs
-
6,317
Krakatoa Resources Limited
& Controlled Entities
– 21 –
DIRECTORS’ REPORT (CONT.)
There were no other related party transactions during the year ended 30 June 2024 (2023: Nil).
7. Equity instruments granted as compensation
There were no equity instruments granted as compensation during the year.
8. Group Performance
The earnings of the consolidated entity for the five years to 30 June 2024 are summarised below:
End of “Remuneration Report (Audited)”
2024
2023
2022
2021
2020
$
$
$
$
$
Sales revenue
-
-
-
-
-
EBITDA
(3,166,045)
(3,417,968)
(4,314,173)
(3,719,276)
(2,650,603)
EBIT
(3,201,510)
(3,458,145)
(4,318,516)
(3,719,276)
(2,650,603)
(Loss) after income tax
(3,206,442)
(3,466,003)
(4,318,516)
(3,719,276)
(2,650,603)
The factors that are considered to affect total shareholder return (“TSR) are summarised below:
2024
2023
2022
2021
2020
Share price at financial year end ($)
0.013
0.024
0.047
0.048
0.038
Dividends declared (cents per share)
-
-
-
-
-
Basic loss per share (cents per share)
(0.71)
(1.00)
(1.43)
(1.38)
(1.47)
Krakatoa Resources Limited
& Controlled Entities
– 22 –
DIRECTORS’ REPORT (CONT.)
SHARES UNDER OPTION
There are no unissued ordinary shares of Krakatoa Resources Limited under option at the date of this
report.
MEETINGS OF DIRECTORS
The number of Directors' meetings held during the financial year and the number of meetings attended
by each Director are:
Directors’ Meetings
Director
Number eligible to attend
Number attended
Colin Locke
5
5
Timothy Hogan
5
5
David Palumbo
5
5
EVENTS AFTER THE REPORTING PERIOD
No matters or circumstances have arisen since the end of the financial period 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 periods.
RISK MANAGEMENT
The Board of Directors review the key risks associated with conducting exploration and evaluation
activities in Australia and steps to manage those risks. The key material risks faced by the Group
include:
Exploration and development
The future value of the Group will depend on its ability to find and develop resources that are
economically recoverable. Mineral exploration and development is a speculative undertaking that may
be impeded by circumstances and factors beyond the control of the Group. Success in this process
involves, among other things; discovery and proving-up an economically recoverable resource or
reserve, access to adequate capital throughout the project development phases, securing and
maintaining title to mineral exploration projects, obtaining required development consents and
approvals and accessing the necessary experienced operational staff, the financial management,
skilled contractors, consultants and employees.
The Group is entirely dependent upon its projects, which are the sole potential source of future
revenue, and any adverse development affecting these projects would have a material adverse effect
on the Group, its business, prospects, results of operations and financial condition.
Economic Conditions
Factors such as (but not limited to) political movements, stock market fluctuations, interest rates,
inflation levels, commodity prices, foreign exchange rates, industrial disruption, taxation changes and
legislative or regulatory changes, may all have an adverse impact on operating costs, the value of the
Group’s projects, the profit margins from any potential development and the Company’s share price.
Krakatoa Resources Limited
& Controlled Entities
– 23 –
DIRECTORS’ REPORT (CONT.)
Reliance on key personnel
The Group’s success is to a large extent dependent upon the retention of key personnel and the
competencies of its directors, senior management, and personnel. The loss of one or more of the
directors or senior management could have an adverse effect on the Group’s. There is no assurance
that engagement contracts for members of the senior management team personnel will not be
terminated or will be renewed on their expiry. If such contracts were terminated, or if members of the
senior management team were otherwise no longer able to continue in their role, the Group would
need to replace them which may not be possible if suitable candidates are not available.
Future funding risk
Continued exploration and evaluation is dependent on the Company being able to secure future
funding from equity markets. The successful development of a mining project will depend on the
capacity to raise funds from equity and debt markets. The Company will need to undertake
equity/debt raisings for continued exploration and evaluation. There can be no assurance that such
funding will be available on satisfactory terms or at all at the relevant time. Any inability to obtain
sufficient financing for the Group’s activities and future projects may result in the delay or cancellation
of certain activities or projects, which would likely adversely affect the potential growth of the Group.
Unforeseen expenditure risk
Exploration and evaluation expenditures and development expenditures may increase significantly
above existing projected costs. Although the Group is not currently aware of any such additional
expenditure requirements, if such expenditure is subsequently incurred, this may adversely affect the
expenditure proposals of the Group and its proposed business plans.
Environmental, weather & climate change
The highest priority climate related risks include reduced water availability, extreme weather events,
changes to legislation and regulation, reputational risk, and technological and market changes. Mining
and exploration activities have inherent risks and liabilities associated with safety and damage to the
environment, including the disposal of waste products occurring as a result of mineral exploration and
production, giving rise to potentially substantial costs for environmental rehabilitation, damage control
and losses. Delays in obtaining approvals of additional remediation costs could affect profitable
development of resources.
Cyber Security and IT
The Group relies on IT infrastructure and systems and the efficient and uninterrupted operation of
core technologies. Systems and operations could be exposed to damage or interruption from system
failures, computer viruses, cyber-attacks, power or telecommunication provider’s failure or human
error.
Krakatoa Resources Limited
& Controlled Entities
– 24 –
DIRECTORS’ REPORT (CONT.)
INDEMNITY AND INSURANCE OF AUDITOR
The Group has not, during or since the end of the financial year, indemnified or agreed to indemnify
the auditor of the Group or any related entity against a liability incurred by the auditor.
During the financial year, the Group has not paid a premium in respect of a contract to insure the
auditor of the Group or any related entity.
ENVIRONMENTAL ISSUES
The Group’s operations are subject to significant environmental regulation under the law of the
Commonwealth and State in relation to discharge of hazardous waste and materials arising from any
mining activities and development conducted by the Group on any of its tenements. To date there
have been no known breaches of any environmental obligations.
INDEMNIFYING AND INSURANCE OF OFFICERS
The Group has entered into deeds of indemnity with each director and the company secretary
whereby, to the extent permitted by the Corporations Act 2001, the Group agreed to indemnify each
director against all loss and liability incurred as an officer of the Group, including all liability in
defending any relevant proceedings.
The Group has paid premiums to insure each of the directors and the company secretary against
liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of
their conduct while acting in the capacity of director of the Group, other than conduct involving a wilful
breach of duty in relation to the Group. The disclosure of the amount of the premium is prohibited by
the insurance policy.
FUTURE DEVELOPMENTS, PROSPECTS AND BUSINESS STRATEGIES
Further information, other than as disclosed this report, about likely developments in the operations of
the Group and the expected results of those operations in future periods has not been included in this
report as disclosure of this information would be likely to result in unreasonable prejudice to the
Group.
Krakatoa Resources Limited
& Controlled Entities
– 25 –
DIRECTORS’ REPORT (CONT.)
PROCEEDINGS ON BEHALF OF THE GROUP
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave 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 part of those
proceedings.
NON-AUDIT SERVICES
The following fees were paid or payable to the auditor for non-audit services provided during the year
ended 30 June 2024:
$
—
taxation services
1,000
The directors are satisfied that the provision of non-audit services during the year by the auditor is
compatible with the general standard of independence for auditors imposed by the Corporations Act
2001.
The directors are of the opinion that the non-audit services provided by the auditor do not compromise
the auditor’s independence requirements of the Corporations Act 2001 for the following reasons:
•
all non-audit services have been reviewed and approved to ensure that they do not impact the
integrity and objectivity of the auditor; and
•
none of the services provided undermine the general principles relating to auditor independence
as set out in APES 110 Code of Ethics for Professional Accountants issued by the Accounting
Professional and Ethical Standards Board.
OFFICERS OF THE COMPANY WHO ARE FORMER PARTNERS OF RSM AUSTRALIA
PARTNERS
There are no officers of the Group who are former partners of RSM Australia partners.
ROUNDING OF AMOUNTS
The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian
Securities and Investments Commission, relating to 'rounding-off'. Amounts in this report have been
rounded off in accordance with that Corporations Instrument to the nearest dollar.
AUDITOR’S INDEPENDENCE DECLARATION
A copy of the auditor’s independence declaration as required under section 307C of the Corporations
Act 2001 is set out immediately after this directors report.
AUDITOR
RSM Australia Partners continues in office in accordance with section 327C of the Corporations Act
2001.
Krakatoa Resources Limited
& Controlled Entities
– 26 –
DIRECTORS’ REPORT (CONT.)
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the
Corporations Act 2001
On behalf of the directors
Colin Locke
Executive Chairman
Dated: 27 September 2024
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by
the members of the RSM network. Each member of the RSM network is an independent accounting and consulting
firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Krakatoa Resources Limited for the year ended 30 June
2024, I declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA
Perth, WA
TUTU PHONG
Dated: 27 September 2024
Partner
Krakatoa Resources Limited
& Controlled Entities
– 28 –
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
Note
2024
$
2023
$
Other income
2
39,335
21,246
Administration expense
2
(129,934)
(434,541)
Compliance and regulatory expense
(391,391)
(243,937)
Employee benefits expense
2
(349,647)
(306,846)
Exploration expenditure and project evaluation costs
(2,273,224)
(2,453,096)
Depreciation
2
(101,581)
(40,177)
Share based payment expense
14
-
(8,652)
Loss before income tax expense
(3,206,442)
(3,466,003)
Income tax expense
3
-
-
Loss after income tax for the year
(3,206,442)
(3,466,003)
Other comprehensive income
Other comprehensive income for the year, net of tax
-
-
Total comprehensive loss for the year
(3,206,442)
(3,466,003)
Loss attributable to members of the parent entity
(3,206,442)
(3,466,003)
Basic and diluted loss per share (cents per share)
4
(0.71)
(1.00)
The accompanying notes form part of these financial statements.
Krakatoa Resources Limited
& Controlled Entities
– 29 –
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
Note
2024
$
2023
$
CURRENT ASSETS
Cash and cash equivalents
5
1,314,206
951,702
Trade and other receivables
6
31,898
48,297
Other Assets
7
193,385
26,262
TOTAL CURRENT ASSETS
1,539,489
1,026,261
NON-CURRENT ASSETS
Trade and other receivables
6
23,000
68,000
Plant and equipment
8
167,891
203,356
Right-of-use assets
9
62,685
89,725
TOTAL NON-CURRENT ASSETS
253,576
361,081
TOTAL ASSETS
1,793,065
1,387,342
CURRENT LIABILITIES
Trade and other payables
10
86,016
383,584
Provisions
11
23,673
22,314
Lease liabilities
9
62,095
55,588
TOTAL CURRENT LIABILITIES
171,784
461,486
NON-CURRENT LIABILITIES
Lease liabilities
9
5,871
39,990
TOTAL NON-CURRENT LIABILITIES
5,871
39,990
TOTAL LIABILITIES
177,655
501,476
NET ASSETS
1,615,410
885,866
EQUITY
Issued capital
12
26,421,762
22,485,776
Reserves
13
-
3,301,922
Accumulated losses
(24,806,352)
(24,901,832)
TOTAL EQUITY
1,615,410
885,866
The accompanying notes form part of these financial statements.
Krakatoa Resources Limited
& Controlled Entities
– 30 –
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
Note
Issued
Capital
Accumulated
Losses
Reserves
Total
$
$
$
$
Balance at 1 July 2022
21,968,622
(21,435,829)
3,293,270
3,826,063
Loss for the year
-
(3,466,003)
- (3,466,003)
Other comprehensive income
-
-
-
-
Total comprehensive loss
-
(3,466,003)
- (3,466,003)
Transactions with owner directly
recorded in equity
Shares issued during the year
12
560,000
-
-
560,000
Less: transaction costs arising from
issue of shares
12
(42,846)
-
-
(42,846)
Share-based payments
14
-
-
8,652
8,652
Balance at 30 June 2023
22,485,776
(24,901,832)
3,301,922
885,866
Balance at 1 July 2023
22,485,776
(24,901,832)
3,301,922
885,866
Loss for the year
-
(3,206,442)
- (3,206,442)
Other comprehensive income
-
-
-
-
Total comprehensive loss
-
(3,206,442)
- (3,206,442)
Transactions with owner directly
recorded in equity
Shares issued during the year
12
4,174,768
-
-
4,174,768
Less: transaction costs arising from
issue of shares
12
(238,782)
-
-
(238,782)
Transfer from reserves for expired
options and performance rights
14
-
3,301,922
(3,301,922)
-
Balance at 30 June 2024
26,421,762
(24,806,352)
-
1,615,410
The accompanying notes form part of these financial statements.
Krakatoa Resources Limited
& Controlled Entities
– 31 –
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
Note
2024
$
2023
$
CASH FLOWS FROM OPERATING ACTIVITIES
Interest income
654
216
Other income
25,980
21,030
Payments to suppliers and employees
(946,463)
(834,060)
Payment for exploration and evaluation expenditure and
project evaluation costs
(1,982,034)
(2,873,895)
Lease interest repaid
(4,931)
(7,858)
Net cash used in operating activities
15
(2,906,794)
(3,694,567)
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for plant and equipment
-
(78,351)
Net cash used in investing activities
-
(78,351)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares and options
3,574,768
560,000
Payment of transaction costs associated with capital
raising
(238,782)
(42,846)
Lease repayments
(66,688)
(13,459)
Net cash provided by financing activities
3,269,298
503,695
Net increase/(decrease) in cash held
362,504
(3,269,223)
Cash at beginning of financial year
951,702
4,220,925
Cash at end of financial year
5
1,314,206
951,702
The accompanying notes form part of these financial statements.
Krakatoa Resources Limited
& Controlled Entities
– 32 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 1:
MATERIAL ACCOUNTING POLICIES INFROMATION
These financial statements and notes represent those of Krakatoa Resources Limited (the
“Company”) and its controlled entities (the “Group” or “consolidated entity”). Krakatoa Resources
Limited is a listed public Company, incorporated and domiciled in Australia.
The financial statements were authorised for issue on 27 September 2024 by the directors.
Basis of Preparation
These general-purpose financial statements have been prepared in accordance with Australian
Accounting Standards and Interpretations issued by the Australian Accounting Standards Board
('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial
statements also comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board ('IASB').
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for, where
applicable, the revaluation of financial assets and liabilities at fair value through profit or loss, financial
assets at fair value through other comprehensive income, investment properties, certain classes of
property, plant and equipment and derivative financial instruments.
All amounts are presented in Australian dollars unless otherwise stated.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It
also requires management to exercise its judgement in the process of applying the consolidated
entity's accounting policies. The areas involving a higher degree of judgement or complexity, or areas
where assumptions and estimates are significant to the financial statements, are disclosed in note 1
(s).
Significant accounting policies
Material accounting policies adopted in the preparation of this financial report are presented below.
They have been consistently applied unless otherwise stated.
Rounding of amounts
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian
Securities and Investments Commission, relating to 'rounding-off'. Amounts in this report have been
rounded off in accordance with that Corporations Instrument to the nearest dollar.
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued
by the Australia Accounting Standards Board (‘AASB’) that are mandatory for the current reporting
period.
Any new or amended Accounting Standards or Interpretations that not yet mandatory have not been
early adopted.
Krakatoa Resources Limited
& Controlled Entities
– 33 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 1:
MATERIAL ACCOUNTING POLICIES INFORMATION (CONT.)
Accounting Policies
a) Basis of Consolidation
The consolidated financial statements incorporate the financial statements of the Company and
entities (including special purpose entities) controlled by the Company (its subsidiaries).
Income and expense of subsidiaries acquired or disposed of during the year are included in profit or
loss from the effective date of acquisition and up to the effective date of disposal, as appropriate.
Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the
non-controlling interests even if this results in the non-controlling interests having a deficit balance.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring their
accounting policies into line with those used by other members of the Group. All intra-group
transactions, balances, income and expenses are eliminated in full on consolidation.
Changes in the Company’s ownership interests in subsidiaries that do not result in the Company
losing control are accounted for as equity transactions. The carrying amounts of the Company’s
interests and the non-controlling interests are adjusted to reflect the changes in their relative interests
in the subsidiaries. Any difference between the amount by which the non-controlling interests are
adjusted and the fair value of the consideration paid or received is recognised directly in equity and
attributed to owners of the Company.
Where the consolidated entity loses control over a subsidiary, it derecognises the assets including
goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative
translation differences recognised in equity. The consolidated entity recognises the fair value of the
consideration received and the fair value of any investment retained together with any gain or loss in
profit or loss.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the
Group only. Supplementary information about the parent entity is disclosed in note 23.
b) Income Tax
The income tax expense (revenue) for the period comprises current income tax expense (income) and
deferred tax expense (income).
Current income tax expense charged to the profit or loss is the tax payable on taxable income
calculated using applicable income tax rates enacted, or substantially enacted, as at reporting date.
Current tax liabilities (assets) are therefore measured at the amounts expected to be paid to
(recovered from) the relevant taxation authority.
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability
balances during the period as well unused tax losses. Current and deferred income tax expense
(income) is charged or credited directly to equity instead of the profit or loss when the tax relates to
items that are credited or charged directly to equity.
Krakatoa Resources Limited
& Controlled Entities
– 34 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 1:
MATERIAL ACCOUNTING POLICIES INFORMATION (CONT.)
Deferred tax assets and liabilities are ascertained based on temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred
tax assets also result where amounts have been fully expensed but future tax deductions are
available. No deferred income tax will be recognised from the initial recognition of an asset or liability,
excluding a business combination, where there is no effect on accounting or taxable profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the
period when the asset is realised or the liability is settled, based on tax rates enacted or substantively
enacted at reporting date. Their measurement also reflects the manner in which management expects
to recover or settle the carrying amount of the related asset or liability. Deferred tax assets relating to
temporary differences and unused tax losses are recognised only to the extent that it is probable that
future taxable profit will be available against which the benefits of the deferred tax asset can be
utilised.
Where temporary differences exist in relation to investments in subsidiaries, branches, associates,
and joint ventures, deferred tax assets and liabilities are not recognised where the timing of the
reversal of the temporary difference can be controlled and it is not probable that the reversal will occur
in the foreseeable future.
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is
intended that net settlement or simultaneous realisation and settlement of the respective asset and
liability will occur. Deferred tax assets and liabilities are offset where a legally enforceable right of set-
off exists, the deferred tax assets and liabilities relate to income taxes levied by the same taxation
authority on either the same taxable entity or different taxable entities where it is intended that net
settlement or simultaneous realisation and settlement of the respective asset and liability will occur in
future periods in which significant amounts of deferred tax assets or liabilities are expected to be
recovered or settled.
c) Exploration and Evaluation Expenditure
Exploration and evaluation expenditure, including the costs of acquiring tenements, are expensed as
incurred. Expensing exploration and evaluation expenditure as incurred is irrespective of whether or
not the Board believe expenditure could be recouped from either a successful development and
commercial exploitation or sale of the respective assets.
d) 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.
Krakatoa Resources Limited
& Controlled Entities
– 35 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 1:
MATERIAL ACCOUNTING POLICIES INFORMATION (CONT.)
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income
are classified as financial assets at fair value through profit or loss. Typically, such financial assets will
be either: (i) held for trading, where they are acquired for the purpose of selling in the short-term with
an intention of making a profit, or a derivative; or (ii) designated as such upon initial recognition where
permitted. Fair value movements are recognised in profit or loss.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments which
the 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 interest rate.
For financial assets measured at fair value through other comprehensive income, the loss allowance
is recognised within other comprehensive income. In all other cases, the loss allowance is recognised
in profit or loss.
e) Impairment of Assets
At the end of each reporting date, the Group assesses whether there is any indication that an asset
may be impaired. The assessment will include the consideration of external and internal sources of
information including dividends received from subsidiaries, associates or jointly controlled entities
deemed to be out of pre-acquisition profits. If such an indication exists, the recoverable amount of the
asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the
asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is
expensed.
Impairment testing is performed annually for intangible assets with indefinite lives. Where it is not
possible to estimate the recoverable amount of an individual asset, the Group estimates the
recoverable amount of the cash-generating unit to which the asset belongs.
f)
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-
term highly liquid investments with original maturities of 3 months or less.
Krakatoa Resources Limited
& Controlled Entities
– 36 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 1:
MATERIAL ACCOUNTING POLICIES INFORMATION (CONT.)
g) Revenue
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable
to the financial assets.
All revenue is stated net of the amount of goods and services tax (GST”).
h) Finance costs
Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance
costs are expensed in the period in which they are incurred.
i)
Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount
of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the
GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense.
Receivables and payables in the statement of financial position are shown inclusive of GST.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST
component of investing and financing activities, which are disclosed as operating cash flows.
j)
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 Collectability of
trade and other receivables is reviewed on an ongoing basis. Debts which are known to be
uncollectable are written off.
k) Trade and other payables
These amounts represent liabilities for goods and services provided to the Group before the end of
the financial period and which are unpaid. The amounts are unsecured and usually paid within 30
days of recognition.
l)
Employee Benefits
Provision is made for the Group’s obligation for short-term employee benefits. Short-term employee
benefits are benefits (other than termination benefits) that are expected to be settled wholly before 12
months after the end of the annual reporting period in which the employees render the related service,
including wages, salaries and sick leave. Short-term employee benefits are measured at the
(undiscounted) amounts expected to be paid when the obligation is settled.
The Group’s obligations for short-term employee benefits such as wages, salaries and sick leave are
recognised as a part of current trade and other payables in the statement of financial position. The
Group’s obligations for employees’ annual leave and long service leave entitlements are recognised
as provisions in the statement of financial position.
Defined contribution superannuation expense
Contributions to defined contributions superannuation plans are in the period in which they are
incurred.
Share-based payments
The consolidated entity operates equity-settled share-based payment employee share and option
schemes. The fair value of the equity to which employees become entitled is measured at grant date
and recognised as an expense over the vesting period, with a corresponding increase to an equity
account.
Krakatoa Resources Limited
& Controlled Entities
– 37 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 1:
MATERIAL ACCOUNTING POLICIES INFORMATION (CONT.)
Share based payments to non-employees are measured at the fair value of goods or services
received or the fair value of the equity instruments issued, if it is determined the fair value of the good
or services cannot be reliably measured and are recorded at the date the goods or services are
received. The corresponding amount is shown in the option reserve.
The fair value of shares is ascertained as the market bid price. The fair value of options is ascertained
using an appropriate valuation model which incorporates all market vesting conditions. The number of
shares and options expected to vest is reviewed and adjusted at the end of each reporting period
such that the amount recognised for services received as consideration for the equity instruments
granted shall be based on the number of equity instruments that eventually vest.
m) Issued capital
Ordinary shares are classified as equity. Costs directly attributable to the issue of shares or options
are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly
attributable to the issue of new shares or options, or for the acquisition of a business, are included in
the cost of the acquisition as part of the purchase consideration.
n) Earnings per share
Basic earnings per share
Basic earnings per share is determined by dividing the net profit after income tax attributable to
members of the Group, excluding any costs of servicing equity other than ordinary shares, by the
weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus
elements in ordinary shares issued during the year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
take into account the after income tax effect of interest and other financing costs associated with
dilutive potential ordinary shares and the weighted average number of shares assumed to have been
issued for no consideration in relation to dilutive potential ordinary shares.
o) Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to
changes in presentation for the current financial year.
p) Plant and Equipment
Land and buildings are shown at fair value, based on periodic, at least every 3 years, valuations by
external independent valuers, less subsequent depreciation and impairment for buildings. The
valuations are undertaken more frequently if there is a material change in the fair value relative to the
carrying amount. Any accumulated depreciation at the date of revaluation is eliminated against the
gross carrying amount of the asset and the net amount is restated to the revalued amount of the
asset. Increases in the carrying amounts arising on revaluation of land and buildings are credited in
other comprehensive income through to the revaluation surplus reserve in equity. Any revaluation
decrements are initially taken in other comprehensive income through to the revaluation surplus
reserve to the extent of any previous revaluation surplus of the same asset. Thereafter the
decrements are taken to profit or loss.
Plant and equipment is stated at historical cost less accumulated depreciation and impairment.
Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Krakatoa Resources Limited
& Controlled Entities
– 38 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 1:
MATERIAL ACCOUNTING POLICIES INFORMATION (CONT.)
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property,
plant and equipment (excluding land) over their expected useful lives as follows:
Plant and equipment
2-10 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate,
at each reporting date.
Leasehold improvements are depreciated over the unexpired period of the lease or the estimated
useful life of the assets, whichever is shorter.
An item of property, plant and equipment is derecognised upon disposal or when there is no future
economic benefit to the Group. Gains and losses between the carrying amount and the disposal
proceeds are taken to profit or loss. Any revaluation surplus reserve relating to the item disposed of is
transferred directly to retained profits.
q)
Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is
measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable,
any lease payments made at or before the commencement date net of any lease incentives received,
any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of
costs expected to be incurred for dismantling and removing the underlying asset, and restoring the
site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or
the estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects
to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its
estimated useful life. Right-of use assets are subject to impairment or adjusted for any
remeasurement of lease liabilities.
The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease
liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease
payments on these assets are expensed to profit or loss as incurred.
r)
Critical Accounting Estimates and Judgments
The directors evaluate estimates and judgments incorporated into the financial report based on
historical knowledge and best available current information. Estimates assume a reasonable
expectation of future events and are based on current trends and economic data, obtained both
externally and within the Group.
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
using a valuation model taking into account the terms and conditions upon which the instruments
were granted. The accounting estimates and assumptions relating to equity-settled share-based
payments would have no impact on the carrying amounts of assets and liabilities within the next
annual reporting period but may impact profit or loss and equity.
Krakatoa Resources Limited
& Controlled Entities
– 39 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 1:
MATERIAL ACCOUNTING POLICIES INFORMATION (CONT.)
s) 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 Group'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 Group'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.
t)
Leases
A lease liability is recognised at the commencement date of a lease. The lease liability is initially
recognised at the present value of the lease payments to be made over the term of the lease,
discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the
Company’s incremental borrowing rate. Lease payments comprise of fixed payments less any lease
incentives receivable, variable lease payments that depend on an index or a rate, amounts expected
to be paid under residual value guarantees, exercise price of a purchase option when the exercise of
the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease
payments that do not depend on an index or a rate are expensed in the period in which they are
incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying
amounts are remeasured if there is a change in the following: future lease payments arising from a
change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and
termination penalties. When a lease liability is remeasured, an adjustment is made to the
corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is
fully written down.
Krakatoa Resources Limited
& Controlled Entities
– 40 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2024
$
2023
$
NOTE 2:
OTHER INCOME AND EXPENSES
Other income
Interest income
654
216
Other Income
38,681
21,030
39,335
21,246
Loss before income tax from continuing operations
includes the following specific expenses:
Administration expense
Short-term lease payments
-
21,686
Bank charges
811
1,447
Interest charges paid/payable on lease liabilities
4,932
7,858
Net foreign exchange loss
13
656
Other administrative expenses
124,178
402,894
129,934
434,541
Employee benefits expense
Salaries and directors’ fees
279,144
229,512
Defined contribution superannuation expense
70,503
77,334
349,647
306,846
Depreciation
Plant and equipment
35,465
26,718
Buildings right-of-use assets
66,116
13,459
101,581
40,177
NOTE 3:
INCOME TAX EXPENSE
a.
Reconciliation of income tax expense to
prima facie tax payable:
Loss from ordinary activities before income tax
expense
(3,206,442)
(3,466,003)
Prima facie tax benefit on loss from ordinary
activities before income tax at 30% (2023: 30%)
(961,933)
(1,039,801)
Increase/(decrease) in income tax due to:
-
Capital raising costs
(70,489)
(56,166)
-
Losses
and
temporary
differences
not
recognised
1,032,422
1,095,967
Income tax attributable to the Group
-
-
b.
Unused tax losses and temporary differences
for which no deferred tax asset has been
recognised at 30% (2023: 30%):
Deferred tax assets have not been
recognised in respect of the following:
Tax revenue losses
25,318,393
21,936,128
Krakatoa Resources Limited
& Controlled Entities
– 41 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 3:
INCOME TAX EXPENSE (CONT.)
2024
$
2023
$
NOTE 4:
EARNINGS PER SHARE
Loss used to calculate basic EPS
(3,206,442)
(3,466,003)
No.
No.
Weighted average number of ordinary shares outstanding
during the period used in calculating basic and diluted EPS
450,885,564
347,940,686
Cents
Cents
Basic and diluted loss per share
(0.71)
(1.00)
2024
$
2023
$
NOTE 5: CASH AND CASH EQUIVALENTS
Cash at bank
1,314,206
951,702
1,314,206
951,702
NOTE 6: TRADE AND OTHER RECEIVABLES
Current
GST receivable
18,834
48,297
Other receivables
13,064
31,898
48,297
Non-Current
Other receivables
23,000
68,000
23,000
68,000
Allowance for expected credit losses
The consolidated entity has not recognised a loss in respect of the expected credit losses for the year
ended 30 June 2024 and 30 June 2023.
Potential deferred tax assets attributable to tax losses and exploration expenditure carried
forward have not been brought to account at 30 June 2024 because the directors do not
believe it is appropriate to regard realisation of the deferred tax assets as probable at this point
in time. These benefits will only be obtained if:
-
the Group derives future assessable income of a nature and of an amount sufficient to
enable the benefit from the deductions for the loss and exploration expenditure to be
realised;
-
no changes in tax legislation adversely affect the Group in realising the benefit from the
deductions for the loss and exploration expenditure.
Krakatoa Resources Limited
& Controlled Entities
– 42 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 7: OTHER ASSETS
2024
$
2023
$
Other assets
193,385
26,262
193,385
26,262
NOTE 8: PLANT AND EQUIPMENT
Equipment at cost
234,416
234,416
Equipment – accumulated depreciation
(66,525)
(31,060)
167,891
203,356
Equipment
Balance at the beginning of the year
203,356
151,723
Additions
-
78,351
Disposals
-
-
Depreciation
(35,465)
(26,718)
Balance at the end of the year
167,891
203,356
NOTE 9: RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
a. Right-of-use assets
Office lease at cost
103,184
103,184
Office lease – accumulated depreciation
(67,293)
(13,459)
Warehouse lease at cost
42,870
-
Warehouse lease – accumulated depreciation
(16,076)
-
62,685
89,725
Leases
Balance at the beginning of the year
89,725
-
Additions
42,870
103,184
Depreciation
(69,910)
(13,459)
Balance at the end of the year
62,685
89,725
b. Lease Liabilities
Office Lease
67,966
95,578
Current
62,095
55,588
Non-Current
5,871
39,990
Total
67,966
95,578
Effective 1 March 2023, the Company signed an agreement with Albion Resources Limited to transfer
their existing lease to Krakatoa for shared office premises at Level 4, 172 St Georges Terrace, Perth
WA 6000, that Albion no longer utilises. There was under 12 months left on the lease.
Commencing 1 October 2023, the Company signed an agreement for a 24 month lease for a storage
warehouse in East Victoria Park, WA, Australia. The agreement included standard commercial terms.
NOTE 10: TRADE AND OTHER PAYABLES
Trade payables and accrued expenses
86,016
383,584
86,016 383,584
Trade creditors, excluding related party payables, are expected to be paid on 30-day terms.
Krakatoa Resources Limited
& Controlled Entities
– 43 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 11: PROVISIONS
2024
$
2023
$
CURRENT
Employee benefits
23,673
22,314
23,673
22,314
Amounts not expected to be settled within the next 12 months
The current provision for employee benefits includes all unconditional entitlements where employees
have completed the required period of service and also those where employees are entitled to pro-
rata payments in certain circumstances. The entire amount is presented as current, since the
consolidated entity does not have an unconditional right to defer settlement. However, based on past
experience, the consolidated entity does not expect all employees to take the full amount of accrued
leave or require payment within the next 12 months.
NOTE 12: ISSUED CAPITAL
2024
No.
2024
$
2023
No.
2023
$
Fully paid ordinary shares with no par value 472,107,220
26,421,762 363,376,584
22,485,776
a)
Ordinary shares
At the beginning of reporting period
363,376,584
22,485,776 344,709,917
21,968,622
Shares issued during the year:
-
28 April 2023 (i)
-
-
18,666,667
560,000
-
19 July 2023 (ii)
63,000,000
2,268,000
-
-
-
25 September 2023 (iii)
8,521,333
306,768
-
-
-
6 December 2023 (iv)
37,209,303
1,600,000
-
-
Less capital raising costs
-
(238,782)
-
(42,846)
Net share capital
472,107,220
26,421,762 363,376,584
22,485,776
(i)
18,666,667 shares were issued on 28 April 2023 at an issue price of $0.03 per share to
raise $560,000 before costs.
(ii)
On 19 July 2023, the Company issued 63,000,000 fully-paid ordinary shares at an
issue price of $0.036 per share to raise $2,268,000 before costs.
(iii)
On 25 September 2023, the Company issued 8,521,333 fully-paid ordinary shares at an
issue price of $0.036 per share to raise $306,768 before costs.
(iv)
On 6 December 2023, the Company issued 37,209,303 fully-paid ordinary shares at an
issue price of $0.043 per share to raise $1,600,000 before costs. As part of the
placement, $600,000 was non-cash payment to Top Drill Pty Ltd for exploration service
credits. As at the balance date 30 June 2024, the Company still had $109,718 in
exploration drilling service credits.
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of
the company in proportion to the number of and amounts paid on the shares held. The fully paid
ordinary shares have no par value and the company does not have a limited amount of authorised
capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote
and upon a poll each share shall have one vote.
Krakatoa Resources Limited
& Controlled Entities
– 44 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 12: ISSUED CAPITAL (CONT.)
Share buy-back
There is no current on-market share buy-back.
b)
Capital risk management
The Group’s objectives when managing capital are to safeguard its ability to continue as a going
concern, so that it may continue to provide returns for shareholders and benefits for other
stakeholders. The Group’s capital includes ordinary share capital and financial liabilities, supported by
financial assets.
Due to the nature of the Group’s activities, being mineral exploration, it does not have ready access to
credit facilities, with the primary source of funding being equity raisings. Accordingly, the objective of
the Group’s capital risk management is to balance the current working capital position against the
requirements of the Group to meet exploration programmes and corporate overheads. This is
achieved by maintaining appropriate liquidity to meet anticipated operating requirements, with a view
to initiating appropriate capital raisings as required. The Group is not subject to any externally imposed
capital requirements.
The capital risk management policy remains unchanged from the 30 June 2024 Annual Report.
2024
2023
$
$
Cash and cash equivalents
1,314,206
951,702
Trade and other receivables
31,898
48,297
Other assets
216,385
26,262
Trade and other payables
(86,016)
(383,584)
Provisions
(23,673)
(22,314)
Lease liabilities
(67,966)
(55,588)
Working capital position
1,384,834
564,775
Krakatoa Resources Limited
& Controlled Entities
– 45 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 13: RESERVES
2024
$
2023
$
(a) Share based payment reserve
-
3,301,922
(b) Movement in share-based payment reserve
No.
$
Balance at 1 July 2022
41,200,000
3,293,270
Options vested during the period
-
8,652
Balance at 30 June 2023
41,200,000
3,301,922
Balance at 1 July 2023
41,200,000
3,301,922
29 November 2023 (i)
(41,200,000)
-
Transfer of expired reserves to retained earnings
-
(3,301,922)
Balance at 30 June 2024
-
-
(i) On 29 November 2023, the following options and Share Performance Rights expired/lapsed.
-
21,200,000 unlisted options exercisable at $0.075 expired.
-
5,000,000 unlisted options exercisable at $0.15 expired.
-
5,000,000 share performance rights with a vesting share price hurdle of $0.20 lapsed.
-
5,000,000 share performance rights with a vesting share price hurdle of $0.30 lapsed.
-
5,000,000 share performance rights with a vesting share price hurdle of $0.40 lapsed.
NOTE 14: SHARE BASED PAYMENTS
Below is a summary of share-based payments made by the group:
2024
$
2023
$
Employee options
-
8,652
-
8,652
Krakatoa Resources Limited
& Controlled Entities
– 46 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
a)
Options
There were no options issued during the financial year ended 30 June 2024 (2023: $8,652
vested). All options issued in the previous financial periods lapsed, details per the below:
Set out below is a summary of options on issue (now expired) by the Group:
b)
Performance Rights
On 30 November 2020, the Group issued 7,500,000 Performance Rights to the Group’s CEO,
Mark Major which vested on a pro-rata basis 12 months after his employment commenced
which was on 14 October 2021. These Performance Rights vested in full during the 30 June
2022 (2022: $82,182 in value vested) financial period and lapsed on 29 November 2023.
On 30 November 2020, the Group issued and 7,500,000 Performance Rights to Executive
Chairman Colin Locke following shareholder approval at the Group’s AGM. These
Performance Rights were recognised in full during the 30 June 2021 financial period and
lapsed on 29 November 2023.
2024
Grant Date
Expiry
Date
Exercise
Price
Balance at
the Start of
the year
Granted
Exercised
Forfeited
Other/Expired
Balance at
the end of
the year
30/11/2020
29/11/2023
0.075
15,000,000
-
-
(15,000,000)
-
15/01/2021
29/11/2023
0.075
1,200,000
-
-
(1,200,000)
-
2/08/2021
29/11/2023
0.075
5,000,000
-
-
(5,000,000)
-
29/04/2022
29/11/2023
0.15
5,000,000
-
-
(5,000,000)
-
26,200,000
-
-
(26,200,000)
-
weighted average exercise price
0.09
-
-
-
0.00
2023
Grant Date
Expiry
Date
Exercise
Price
Balance at
the Start of
the year
Granted
Exercised
Forfeited
Other/Expired
Balance at
the end of
the year
30/11/2020
29/11/2023
0.075
15,000,000
-
-
- 15,000,000
15/01/2021
29/11/2023
0.075
1,200,000
-
-
-
1,200,000
2/08/2021
29/11/2023
0.075
5,000,000
-
-
-
5,000,000
29/04/2022
29/11/2023
0.15
5,000,000
-
-
-
5,000,000
26,200,000
-
-
-
26,200,000
weighted average exercise price
0.09
-
-
-
0.09
Krakatoa Resources Limited
& Controlled Entities
– 47 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 17:
KEY MANAGEMENT PERSONNEL COMPENSATION
Remuneration of Key Management Personnel
The totals of remuneration paid to the KMP of the Group during the year are as follows:
2024
2023
$
$
Short-term employee benefits
460,868
460,913
Post-employment benefits
50,695
48,396
Share based payments
-
-
Total remuneration
511,563
509,309
2024
$
2023
$
NOTE 15: RECONCILIATION OF CASH FLOW FROM
OPERATIONS WITH LOSS AFTER INCOME TAX
Loss after income tax
(3,206,442)
(3,466,003)
Non-cash-flows in loss:
Share based payments
-
8,652
Exploration drilling services (non-cash)
490,282
Depreciation expense
101,581
40,177
Changes in assets and liabilities:
Trade and other receivables
16,398
145,935
Other assets
(12,404)
43,335
Trade payables and accruals
(297,568)
(444,125)
Provisions
1,359
(22,538)
Cash flow used in operations
(2,906,794)
(3,694,567)
Non-Cash Investing & Financing Activities:
2024
$
2023
$
Additions to the right-of-use assets
42,870
103,184
NOTE 16: REMUNERATION OF AUDITORS
2024
$
2023
$
Audit Services – RSM Australia Partners
Audit and review of the financial statements
39,500
37,750
Other services – RSM Australia Pty Ltd
Preparation of tax return
1,000
1,000
40,500
38,750
Krakatoa Resources Limited
& Controlled Entities
– 48 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 18:
RELATED PARTY TRANSACTIONS
During the previous financial year, the Company paid C29 Metals Limited (CEO Mark Major was an
Executive Director) for the services of its Exploration Manager, per the Secondment Agreement,
signed 18 January 2021.
The Company also receipted monies from C29 Metals, for the use of its office lease, and Plant and
Equipment.
The Company also paid Albion Resources Limited (of which David Palumbo is a Non-Executive
Director) for use of its office lease in the previous financial year, until the Company took assignment of
the lease on 1 March 2023. The Company also receipted monies from Albion Resources for the
secondment of its employee.
The Company receipted monies from Rubix Resources Limited (of which Colin Locke and David
Palumbo are Non-Executive Directors) for use of the Company’s office premises.
All transactions were made on normal commercial terms and conditions and at market rates.
Consolidated
2024
2023
$
$
The following transactions occurred with related parties:
Payments to C29 Metals Limited for secondment services
-
19,578
Monies receipted from C29 Metals Limited
-
(3,560)
-
16,018
Payments to Albion Resources Limited for use of its office lease
-
27,082
Receipts from Albion Resources Limited for secondment of employee
-
(401)
-
26,681
Receipts from Rubix Resources Limited for use of KTA office premises
11,014
6,559
Current amount payable to Colin Locke for reimbursement of corporate
costs
-
6,317
There were no other related party transactions during the year ended 30 June 2024 (2023: Nil).
NOTE 19: CONTINGENT LIABILITIES
The Group has given bank guarantees at 30 June 2024 of $15,132 in relation to the office lease
(2023: $15,132).
NOTE 20:
EVENTS AFTER THE REPORTING PERIOD
There were no significant events after the reporting date 30 June 2024.
No other matters or circumstances have arisen since the end of the financial period 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 periods.
Krakatoa Resources Limited
& Controlled Entities
– 49 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 21:
COMMITMENTS
In order to maintain current rights of tenure to Western Australia exploration tenements, the Group is
required to perform minimum exploration requirements specified by the Department of Mines and
Petroleum of $938,940 (2023: $875,440). The Group is able to reduce its tenure and commitment at
its election.
In order to maintain current rights of tenure to the New South Wales exploration tenements, the Group
is required to perform minimum exploration requirements specified by the NSW Resources Regulator
of $40,320 (2023: $146,660).
The Group has no other commitments.
NOTE 22:
CONTROLLED ENTITIES
Equity Holding Equity Holding
Country of Incorporation
2024
2023
%
%
Subsidiaries of Krakatoa Resources Ltd:
Krakatoa Australia Pty Ltd
Australia
100
100
Krakatoa Minerals Pty Ltd
Australia
100
100
Krakatoa Minerals – SMC Limited
Uganda
100
100
2634501 Ontario Limited
Canada
100
100
NOTE 23:
PARENT ENTITY DISCLOSURES
Financial position
2024
$
2023
$
Assets
Current assets
1,538,148
1,022,293
Non-current assets
230,576
293,081
Total assets
1,768,724
1,315,374
Liabilities
Current liabilities
171,784
449,770
Non-current liabilities
5,871
39,990
Total liabilities
177,655
489,760
Equity
Issued capital
26,421,761
22,485,776
Accumulated losses
(28,131,433)
(24,962,084)
Reserves
3,301,922
3,301,922
Total equity
1,592,250
825,614
Financial performance
2024
$
2023
$
(Loss) for the year
(3,170,530)
(3,429,629)
Total comprehensive (loss) for the year
(3,170,530)
(3,429,629)
Krakatoa Resources Limited
& Controlled Entities
– 50 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Guarantees and Contingencies:
Krakatoa Resources Limited entered into a bank guarantees in relation to its office lease (refer to
Note 19. The Company has not entered into any other guarantees in the current or previous financial
year.
Other Commitments:
Krakatoa Resources Limited has no commitment to acquire property, plant and equipment (Note 21).
NOTE 24:
OPERATING SEGMENTS
The Group has identified its operating segments based on the internal reports that are used by the
Board (the chief operating decision makers) in assessing performance and in determining the
allocation of resources.
The operating segments are identified by the Board based on the phase of operation within the mining
industry. For management purposes, the Group has organised its operations into two reportable
segments on the basis of stage of development as follows:
•
Development assets; and
•
Exploration and evaluation assets, which includes assets that are associated with the
determination and assessment of the existence of commercial economic reserves.
The Board as a whole will regularly review the identified segments in order to allocate resources to the
segment and to assess its performance.
During the year ended 30 June 2024, the Group had no development assets. The Board considers
that it has only operated in one segment, being mineral exploration.
The Group is domiciled in Australia. All revenue from external customers are only generated from
Australia. No revenues were derived from a single external customer.
NOTE 25:
FINANCIAL RISK MANAGEMENT
The Group has exposure to the following risks from their use of financial instruments:
-
credit risk;
-
liquidity risk; and
-
market 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 of Directors has overall responsibility for the establishment and oversight of the risk
management framework. Management monitors and manages the financial risks relating to the
operations of the Group through regular reviews of the risks.
Credit risk
The maximum exposure to credit risk, excluding the value of any collateral or other security, at
reporting date to recognised financial assets, is the carrying amount, net of any provisions for
impairment of those assets, as disclosed in the statement of financial position and notes to the
financial statements.
The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining
sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults.
The Group’s exposure and the credit ratings of its counterparties are continuously monitored and the
aggregate value of transactions is spread amongst approved counterparties.
Krakatoa Resources Limited
& Controlled Entities
– 51 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 25:
FINANCIAL RISK MANAGEMENT (CONT.)
Credit risk (cont.)
Credit risk related to balances with banks and other financial institutions is managed by the board.
The board’s policy requires that surplus funds are only invested with counterparties with a Standard &
Poor’s rating of at least AA-. All of the Group’s surplus funds are invested with AA Rated financial
institutions.
The credit risk for counterparties included in cash and cash equivalents at 30 June 2023 is detailed
below:
2024
$
2023
$
Financial assets:
Cash and cash equivalents
- AA rated counterparties
1,314,206
951,702
The Group does not have any material credit risk exposure to any single receivable or Group of
receivables under financial instruments entered into by the Group.
Liquidity risk
The responsibility with liquidity risk management rests with the Board of Directors. The Group
manages liquidity risk by monitoring forecast cash flows and ensuring that adequate working capital is
maintained. The Group’s policy is to ensure that it has sufficient cash reserves to carry out its planned
exploration activities over the next 12 months.
Remaining contractual maturities
The following tables detail the consolidated entity's remaining contractual maturity for its financial
instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of
financial liabilities based on the earliest date on which the financial liabilities are required to be paid.
The tables include both interest and principal cash flows disclosed as remaining contractual maturities
and therefore these totals may differ from their carrying amount in the statement of financial position.
Weighted
average
interest rate
1 year or
less
Between 1
and 2 years
Between 2
and 5 years
Over 5
years
Remaining
contractual
maturities
Consolidated -
2024
%
$
$
$
$
$
Non-derivatives
Non-interest
bearing
Trade and other
payables
-
86,016
-
-
-
86,016
Interest-bearing -
fixed rate
Lease liability –
Office
5.40%
39,990
-
-
-
39,990
Lease liability -
Warehouse
7.94%
22,105
5,871
-
-
27,976
Total non-
derivatives
148,111
-
-
-
148,111
Krakatoa Resources Limited
& Controlled Entities
– 52 –
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NOTE 25:
FINANCIAL RISK MANAGEMENT (CONT.)
Liquidity risk (Cont.)
Remaining contractual maturities (cont.)
Weighted
average
interest rate
1 year or
less
Between 1
and 2 years
Between 2
and 5 years
Over 5
years
Remaining
contractual
maturities
Consolidated - 2023
%
$
$
$
$
$
Non-derivatives
Non-interest bearing
Trade and other
payables
-
383,584
-
-
-
383,584
Interest-bearing - fixed
rate
Lease liability
5.40%
55,588
39,990
-
-
95,578
Total non-derivatives
439,172
39,990
-
-
479,162
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.
Interest rate risk
The Group does not have any exposure to interest rate risk as there were no external borrowings at
30 June 2024 (2023: Nil). Interest bearing assets are all short-term liquid assets and the only interest
rate risk is the effect on interest income by movements in the interest rate. There is no other material
interest rate risk.
NOTE 26: DIVIDENDS
There were no dividends declared or paid by the Company during the year, and no dividend is
recommended (2023: nil).
Krakatoa Resources Limited
& Controlled Entities
– 53 –
Consolidated Entity Disclosure Statement
As at 30 June 2024
Name of entity
Body corporate,
partnership, or
trust
Ownership
interest (%)
as at 30
June 2024
Country of
incorporation
Tax
residency
Foreign tax
jurisdiction(s) of
foreign
residents
Krakatoa
Resources
Limited
Body Corporate
n/a
Australia
Australian
n/a
Krakatoa
Australia Pty Ltd
Body Corporate
100
Australia
Australian
n/a
Krakatoa
Minerals Pty Ltd
Body Corporate
100
Australia
Australia
n/a
Krakatoa
Minerals – SMC
Limited
Body Corporate
100
Uganda
Foreign
Uganda
2634501 Ontario
Limited
Body Corporate
100
Canada
Foreign
Canada
The Company includes the Consolidated Entity Disclosure Statement in line with S295(3A(a)) of the
Corporations Act 2001.
Krakatoa Resources Limited
& Controlled Entities
– 54 –
DIRECTORS’ DECLARATION
In the directors' opinion:
●
the attached financial statements and notes comply with the Corporations Act 2001, the
Accounting Standards, the Corporations Regulations 2001 and other mandatory professional
reporting requirements;
●
the attached financial statements and notes comply with International Financial Reporting
Standards as issued by the International Accounting Standards Board as described in note 1 to
the financial statements;
●
the attached financial statements and notes give a true and fair view of the consolidated entity's
financial position as at 30 June 2024 and of its performance for the financial year ended on that
date; and
●
there are reasonable grounds to believe that the company will be able to pay its debts as and
when they become due and payable.
●
The information disclosed in the attached consolidated entity disclosure statement is true and
correct.
The directors have been given the declarations required by section 295A of the Corporations Act
2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the
Corporations Act 2001.
On behalf of the Board
Colin Locke
Executive Chairman
Dated: 27 September 2024
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the
members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm
which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF KRAKATOA RESOURCES LIMITED
Opinion
We have audited the financial report of Krakatoa Limited (Company) and its subsidiaries (Group), which
comprises the consolidated statement of financial position as at 30 June 2024, the consolidated statement of profit
or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated
statement of cash flows for the year then ended, and notes to the financial statements, including material
accounting policy information, the consolidated entity disclosure statement and the directors' declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i)
Giving a true and fair view of the Group's financial position as at 30 June 2024 and of its financial
performance for the year then ended; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
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.
Key audit matter
How our audit addressed this matter
Exploration expenditure and project evaluation costs
Refer to consolidated statement of profit or loss and other comprehensive income
The Group incurred exploration expenditure and
project evaluation costs of $2,273,224 during the year
ended 30 June 2024. In accordance with its
accounting policy, the Group expenses these costs as
incurred.
We considered this to be a key audit matter because
it is the Group’s most significant item in the
consolidated statement of profit or loss and other
comprehensive income.
Our audit procedures included;
•
Assessing whether the Group’s accounting policy
for exploration expenditure and project evaluation
costs is in compliance with Australia Accounting
Standards;
•
Obtaining evidence that the right to tenure of the
exploration areas of interests are valid; and
•
On
a
sample
basis,
agreeing
exploration
expenditure and project evaluation costs to
supporting documentation.
Other information
The directors are responsible for the other information. The other information comprises the information included
in the Group's annual report for the year ended 30 June 2024 but does not include the financial report and the
auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the financial report
The directors of the Company are responsible for the preparation of:
a. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in
accordance with Australian Accounting Standards and the Corporations Act 2001; and
b. the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act
2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i.
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view
and is free from material misstatement, whether due to fraud or error; and
ii.
the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due
to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor's responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: https://www.auasb.gov.au/admin/file/content102/c3/ar2_2020.pdf. This
description forms part of our auditor's report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors' report for the year ended 30 June 2024.
In our opinion, the Remuneration Report of Krakatoa Resources Limited, for the year ended 30 June 2024,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
RSM AUSTRALIA
Perth, Western Australia
TUTU PHONG
Dated: 27 September 2024
Partner
Krakatoa Resources Limited
& Controlled Entities
– 58 –
ASX INFORMATION
AS AT 23 SEPTEMBER 2024
The following additional information is required by the ASX Limited in respect of listed public
companies and was applicable at 23 September 2024.
1.
Shareholder and Option holder information
a.
Number of Shareholders and Option Holders
Shares
As at 23 September 2024, there were 2,204 shareholders holding a total of 472,107,220 fully
paid ordinary shares.
Options
As at 23 September 2024, there were no Options on issue.
Share Performance Rights
As at 23 September 2024, there were no Share Performance Rights on issue.
b.
Distribution of Equity Securities
Fully paid ordinary shares
Number (as at 23 September 2024)
Category (size of holding)
Shareholders
Ordinary Shares
1 – 1,000
96
9,264
1,001 – 5,000
47
199,721
5,001 – 10,000
264
2,311,699
10,001 – 100,000
1,169
51,156,166
100,001 – and over
628
418,430,370
2,204
472,107,220
The number of shareholdings held in less than marketable parcels is 1,105 shareholders
amounting to 19,330,739 shares.
c.
The names of substantial shareholders listed in the company’s register as at 23 September
2024 are:
Shareholder
Ordinary Shares
%Held of Total
Ordinary Shares
Lafras Luitingh
52,038,182
11.01%
Helmsdale Investments Pty Ltd
25,545,834
5.62%
d. Voting Rights
The voting rights attached to the ordinary shares are as follows:
Krakatoa Resources Limited
& Controlled Entities
– 59 –
Each ordinary share is entitled to one vote when a poll is called, otherwise each member
present at a meeting or by proxy has one vote on a show of hands.
e.
20 Largest Shareholders as at 23 September 2024 — Ordinary Shares
Number of
Ordinary
Fully Paid
Shares Held
% Held of
Issued
Ordinary
Capital
1
MR LAFRAS LUITINGH
52,038,182
11.02
2
HELMSDALE INVESTMENTS PTY LTD
26,545,834
5.62
3
MR GRAHAM GEOFFREY WALKER
10,300,000
2.18
4
CITICORP NOMINEES PTY LIMITED
9,537,500
2.02
5
SUNSEEKER ENTERPRISES PTY LTD
6,445,000
1.37
6
LDU PTY LTD
5,751,154
1.22
7
MRS SALLY JUDITH MARANO
5,000,000
1.06
8
SENESCHAL (WA) PTY LTD
5,000,000
1.06
9
KLINGBIEL HOLDINGS PTY LTD
4,132,141
0.88
10
SANCOAST PTY LTD
4,000,000
0.85
11
MR TIMOTHY DONALD WAINWRIGHT
4,000,000
0.85
12
BNP PARIBAS NOMINEES PTY LTD
3,794,240
0.80
13
MRS MEILY DAHLIA EVIANA
3,750,000
0.79
14
PROF YEW KWANG NG
3,500,000
0.74
15
MR NATHAN ROGERS
3,260,520
0.69
15
KEBIN NOMINEES PTY LTD
3,199,118
0.68
15
HONNAMMA PTY LTD
3,000,000
0.64
18
SUNSEEKER ENTERPRISES PTY LTD
3,000,000
0.64
19
MR PETER MURRAY HOFFMAN
2,653,212
0.56
20
MR DAMIEN MICHAEL ANTHONY TRINDER
2,622,864
0.56
161,529,765
34.23
2.
The name of the company secretary is David Palumbo.
3.
The address of the principal registered office in Australia is:
Level 8, 216 St Georges Terrace Perth WA 6000
4.
Registers of securities are held at the following address:
Computershare Investor Services Pty Ltd, Level 17, 221 St Georges Terrace, Perth WA 6000
5.
Stock Exchange Listing
Quotation has been granted for all the ordinary shares of the company on all Member
Exchanges of the ASX Limited.
Krakatoa Resources Limited
& Controlled Entities
– 60 –
SCHEDULE OF MINERAL TENEMENTS
AS AT 26 SEPTEMBER 2024
Project
Tenement
Interest held by
Krakatoa Resources Limited
Belgravia
EL8153
100%
Turon
EL8942
100%
Rand
EL9000
100%
Rand
EL9276
100%
Rand
EL9277
100%
Rand
EL9366
100%
Mt Clere
E09/2357
100%
Mt Clere
E52/3730
100%
Mt Clere
E52/3731
100%
Mt Clere
E52/3836
100%
Mt Clere
E52/3873
100%
Mt Clere
E52/3876
100%
Mt Clere
E52/3877
100%
Mt Clere
E51/1994
100%
Mt Clere
E52/3938
100%
Mt Clere
E52/3962
100%
Mt Clere
E52/3972
100%
Mac Well
E59/2175
100%
King Tamba
P59/2082
100%
King Tamba
P59/2140
100%
King Tamba
P59/2141
100%
King Tamba
P59/2142
100%
King Tamba
E59/2389
100%
King Tamba
E59/2503
-
All tenements not indicated as 100% owned are under application.