New Century Resources

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 101 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
ANNUAL REPORT
2022

Sustainable resource 
management driving 
significant value 
for the future.
NEW CENTURY RESOURCES LIMITED ABN 53 142 165 080
Directors
Robert McDonald (Chairman)
Patrick Walta (Managing Director)
Nick Cernotta (Non-Executive Director)
Kerry Gleeson (Non-Executive Director)
Peter Watson (Non-Executive Director)
Company secretary
Thomas Wilcox
Securities exchange
Australian Securities Exchange: ASX
Code: NCZ
Country of incorporation 
and domicile
Australia
Registered office 
and business address
Level 4, 360 Collins Street
Melbourne, Victoria 3000
Australia
T: +61 3 9070 3300
E: info@newcenturyresources.com
www.newcenturyresources.com
Auditors
Deloitte Touche Tohmatsu
477 Collins Street
Melbourne, Victoria 3000
Share registry
Automic Registry Services
Level 5
191 St Georges Terrace
Perth, Western Australia 6000
T: +61 2 9698 5414
Corporate Governance
New Century Resources' 2022 Corporate Governance Statement was 
released to ASX on 29 August 2022 and is available on the Company’s website. 
www.newcenturyresources.com
Corporate Directory

Inside this report
Company Profile	
2
Chairman’s Letter	
4
Managing Director’s Letter	
6
Operating and Financial Review	
8
Mineral Resources and 
Ore Reserves Statement	
28
Sustainability	
36
Directors’ Report	
40
Remuneration Report	
48
Auditor’s Independence Declaration	
67
Financial Report	
68
Directors’ Declaration	
121
Independent Auditor’s Report	
122
Shareholder Information	
128
NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 1 
APPENDIX 4E
Results for announcement to the market
Financial year ended 30 June 2022
REVENUE AND PROFIT
2022
$
2021
$
INCREASE/
(DECREASE)
%
Revenue
408,296,504
277,981,813
47
Net loss attributable to the parent entity
(28,318,613)
(10,817,168)
162
NET TANGIBLE ASSETS
2022
$
2021
$
Net tangible assets per share
0.79
0.72
Dividends
No dividend has been declared or paid by the Group during the financial year and the Board did not recommend a dividend. 
No dividends were declared or paid in the previous financial year.
Review of results
Refer to the Operating and Financial Review section.
Audit report
The Financial Statements and Remuneration Report have been subject to audit.

Century Tailings dam
Company Profile
2 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Global leaders 
in economic 
rehabilitation.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 3 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
New Century is a top-15 global zinc producer, 
operating Australia’s largest hydraulic mining 
operation at the Century Mine in Queensland; 
extracting, processing, and marketing zinc 
concentrate recovered from historical tailings. 
Since commencing operations at Century, 
New Century has produced almost 1 million 
tonnes of zinc concentrate. 
New Century is also actively progressing 
organic growth opportunities through in-situ 
projects at the Century Mine and the potential 
to restart copper production at the historically 
significant Mt Lyell Mine in Tasmania using 100% 
renewable energy. 
In addition, New Century is pursuing opportunities 
with industry peers to reprocess and rehabilitate 
contemporary and historical mineralised waste 
assets at operational and legacy mine sites. 
Under this model, New Century will employ 
its expertise in economic rehabilitation with 
partners to the benefit of shareholders and 
the environment.
Established in 2017, 
New Century Resources Limited 
(New Century or the Company)1 
is a leading mining, tailings 
management and economic 
rehabilitation company focused 
on sustainably producing metal 
from resource assets while 
rehabilitating legacy impacts  
to the environment. 
1	
New Century and the entities it controlled for the financial 
year ended 30 June 2022 are collectively referred to as 
the Group in this Annual Report.
OPERATING & FINANCIAL REVIEW

Chairman’s Letter
4 
Dear Fellow Shareholders,
We are pleased with the significant developments 
New Century has achieved during the 12 months 
to 30 June 2022; operationally, financially and 
strategically, we have advanced towards our 
goal of achieving leadership in diversified green 
metal production. 
From our tailings rehabilitation operation at Century in 
Northern Queensland, the Company produced 118,801 
tonnes of zinc in concentrate during the 12-month 
period to 30 June 2022, at an average price of 
US$1.57/lb with cash operating costs (C1) of US$0.92/
lb and All-in Sustaining Costs (AISC) of US$1.10/lb on a 
payable zinc basis. 
Plans to exploit the remaining higher grade hard rock 
in-situ resources at Century are being finalised. These 
plans will extend the life of the Century operation and 
increase metal production in the coming years.
In late 2021, we entered a strategic partnership with 
multinational precious metal producer, Sibanye-
Stillwater (JSE: SSW | NYSE: SBSW) through its 19.99% 
investment in the Company. This partnership is 
expected to enhance New Century’s ability to explore 
Australian and global opportunities that build upon our 
proven experience in economic rehabilitation. We look 
forward to providing further updates in future.
Since announcing the acquisition of the option to 
restart the historically significant Mt Lyell Copper Mine, 
we have built our team and progressed work with 
growing confidence that we can rapidly recommence 
operations. In May 2022, we provided a significant 
update centred on the release of the Ore Reserve that 
demonstrates the potential for multi-decade production 
of copper and gold. We are now optimising our 
development plans and the results of a Pre-Feasibility 
Study are imminent. 
During the year we took steps to underpin the 
future of the company by putting in place a new 
environmental bond facility for our Century operations, 
and by reducing the volatility of future cash flows 
from our engine room at Century through a zinc price 
hedging program. 

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 5 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
The commodities New Century is producing, or working 
to produce, such as copper, zinc and lead are essential 
for modern life and necessary for many of the global 
community’s priorities, particularly decarbonisation, 
electrification and infrastructure development. When 
considering this positive impact, we aim to go a 
step beyond. At the Century Mine in Queensland, 
we are generating cashflow from an environmental 
liability, reprocessing tailings waste while minimising 
the impact of historical operations. Through our in-
situ development potential at Silver King, East Fault 
Block and beyond, we will expand production while 
utilising the inherent value contained within Century’s 
sunk capital. At Mt Lyell we plan to install new surface 
infrastructure to produce copper and gold from an 
established underground mine, utilising the 100% 
renewable energy provided by Tasmania’s hydroelectric 
power grid. 
This focus on providing a net environmental benefit 
remains core to the New Century team, and I would 
like to commend them for the impact of their work. The 
team has continued to work innovatively and diligently 
during a difficult period in which COVID-19 continued 
to impact operations, maintaining our industry-leading 
safety record. 
During the year New Century did not return to the 
ASX 300 group of companies, an objective that I 
referred to in my address last year. Your Board is 
aware that the Company’s share price lags analysts’ 
estimates. With the future execution of the growth plans 
put in place during the year I expect the gap to narrow. 
The Board has elected not to declare a dividend for 
the year. 
Finally, I would like to thank you, the fellow owners of 
the Company, for your continued to support.
Yours sincerely,
Robert McDonald
CHAIRMAN 
The commodities 
New Century is 
producing, or 
working to produce, 
such as copper, 
zinc and lead are 
essential for modern 
life and necessary 
for many of the 
global community’s 
priorities, particularly 
decarbonisation, 
electrification and 
infrastructure 
development. 

Managing Director's Letter
6 
Dear Fellow Shareholders,
We are pleased to report the results of a strong 
year achieved against an uncertain macroeconomic 
environment and the continued presence of the 
COVID-19 pandemic. 
During the 2022 financial year we cemented the 
sustainable cashflow generation from hydraulic mining 
of tailings at Century, which underpin the future growth 
of the Group through our Century in-situ and Mt Lyell 
Copper Mine projects. 
In mining, processing and marketing 118,108 tonnes 
of zinc metal during the period, we met our revised 
guidance and maintained our position as a top-15 zinc 
producer globally. We expanded throughput during 
the 2022 financial year to take advantage of a rising 
price environment while protecting downside risk 
through hedging. 
This strong operational performance, as well as our 
marketing team’s ability to negotiate solid terms for 
the sale of our products, delivered a number of strong 
financial results during the period. Most notably, the 
annual operational cashflow generated from tailings 
reprocessing reached A$90.2 million for the first time 
(2021: A$38.2 million). 
During the period, our team achieved significant 
progress towards restarting the Mt Lyell Copper Mine 
and expanding our North Queensland operations 
through in-situ development at Century. Our Mt Lyell 
restart development work to date has delivered a 130% 
increase in Ore Reserve, with a mine life projected 
beyond 10 years on this Ore Reserve alone. 

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 7 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
We conducted an optimisation study that enhanced 
and reinforced Silver King and East Fault Block’s 
value-accretive potential, while securing all necessary 
environmental approvals. 
As an agile, innovative and efficient miner focused 
on generating superior returns from economic 
rehabilitation, we continue to explore future 
opportunities to sustainably produce green metals. We 
believe these opportunities will continue to benefit our 
existing and planned operations well into the future, 
aided further by our partnership with Sibanye Stillwater. 
We are proud of our partnership with the Traditional 
Owners of the lands on which we operate, and 
during the 12-month period we continued to 
make a meaningful contribution based on shared 
understanding and respect. 
Thank you for your support. We encourage you to stay 
informed about our operations and growth projects by 
subscribing to updates at our website. We also invite 
you to provide us with feedback and questions by 
emailing investorrelations@newcenturyresources.com 
or calling (03) 9070 3300. 
Yours sincerely,
Patrick Walta
MANAGING DIRECTOR
We are pleased to 
report the results of a 
strong year achieved 
against an uncertain 
macroeconomic 
environment and the 
continued presence 
of the COVID-19 
pandemic. 
OPERATING & FINANCIAL REVIEW

8 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Operating and 
Financial Review
Highlights
Full year revised guidance achieved: 
118,108t zinc metal at C1 costs 
of US$0.92/lb (payable zinc basis)
On-site cost control effective in limiting 
inflationary and supply chain pressures, 
with total site production costs2 
marginally lower
Continued advancement of operational 
efficiency initiatives, with the 
deployment of the Company’s first 
custom-built Next Generation Hydraulic 
Mining Cannon 
Secured option over the Mt Lyell 
Copper Mine in Tasmania, providing 
exposure to the key electrification metal 
within a tier 1 jurisdiction and with low-
carbon energy supply
Pragmatically investing operational 
cashflow into the Century in-situ mine 
life extension and Mt Lyell restart 
assessment
Continued navigation of the COVID-19 
pandemic with no material operational 
or financial impacts
Replaced the MMG environmental bond 
with a $180m Environmental Bond 
Facility fronted by Macquarie Bank Ltd
Execution of an additional major long-
term zinc hedging program to protect 
future cash flows and underpin growth
2	
Excludes off-site costs, such as treatment charges.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 9 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
NORTH QUEENSLAND 
OPERATIONS
Health and safety
During the financial year the Total Recordable Injury 
Frequency Rate (TRIFR) at the North Queensland Operations, 
and for the Group, rose from 1.4 to 3.6 (at 30 June 2022). 
While this remains well below the Queensland mining industry 
average of 7.53, it is a disappointing outcome for the Group. 
The Group is committed to achieving a zero TRIFR for all our 
operations in the coming financial year. Through the mantra 
of “Safety Starts With You” the Group continues to work to 
strengthen and refine its safety culture and safety systems, 
based on the belief that all of our people should safely return 
home at the end of each day. The Group has implemented 
numerous improvements to lower the risk and consequence 
of safety incidents and to incorporate learnings from 
such incidents. 
The reporting culture across our North Queensland 
Operations is robust. Extensive investigations following 
incidents, coupled with tangible actions, are central to the 
Group’s culture of continuous improvement in safety. 
During the financial year the Group transitioned to a new 
digital safety and risk management system, Donesafe, 
which offers improved customisation, user experience 
and transparency of safety data at all levels. 
COVID-19 management
The Group recorded a small number of COVID-19 cases 
during the height of the pandemic. A rigorous process of 
managing positive cases allowed the business to control 
infection numbers, care for those affected and continue 
operations with minimal interruption.
We are continuing to minimise the potential for the 
introduction and transmission of COVID-19 to our operations 
and the local communities in which we operate. This action 
involves exercising all precautions recommended by local, 
state, and federal health authorities, which are incorporated in 
our COVID-19 Management Plans. 
Hydraulic mining operations
The hydraulic mining operations at the Century Mine 
produced 8.54Mt of tailings ore at an average grade of 
2.94 percent zinc, for an average processing plant fresh tails 
throughput rate of 1,028 tonnes per operating hour. Pleasingly, 
no reportable safety incidents occurred during the year and 
the hydraulic mining operations maintained a TRIFR of zero for 
another year. 
Operational Performance
3	
As at 31 March 2021. Source: https://www.data.qld.gov.au/dataset/quarterly-mines-and-quarries-safety-statistics-data/resource/60fc8acd-7e7c-
48ac-808d-0c4dc3ca87e7.
1.0
2.0
3.0
4.0
5.0
6.0
7.0
0.0
8.0
TRIFR
Jun 21
Jul 21
Aug 21
Sep 21
Nov 21
Oct 21
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
Queensland Mining Industry TRIFR
New Century TRIFR (12-month rolling)
FIGURE 1: NEW CENTURY TRIFR VERSUS THE QUEENSLAND INDUSTRY AVERAGE

100
200
300
400
500
600
700
800
0
900
hours
Jul 21
Aug 21
Sep 21
Nov 21
Oct 21
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
Target Throughput Rate (tph)
Actual Throughput Rate (tph)
Actual Hours
Target Hours
1,103
1,146
1,122
977
1,122
942
1,103
1,026
1,015
995
1,016
901
1,016
978
1,020
1,041
1,014
1,052
1,051
1,069
1,051
1,044
1,051
1,031
200
400
600
800
1,000
0
tph
10 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Operational Performance (continued)
During the year production remained focused on the first 
bench of the tailings dam with additional equipment procured 
to enable the commencement of mining on the second bench 
of the tailings dam. Several upgrades to core machinery and 
equipment were completed during the period, including:
	
>
the overhaul of the track-mounted cannons to increase 
reliability and reduce maintenance costs; 
	
>
standardisation and improvement of the hydraulic mining 
cannon fleet, with electrical circuits and high-pressure 
swivels, upgraded engines, rams and cylinders replaced 
which provided additional safety and reliability measures 
to reduce the range of cannon motion; and
	
>
upgrades of the control system to Citec/Pi for uniformity 
with the concentrator. 
In May 2022, the hydraulic mining fleet was significantly 
advanced with the New Century designed Next Generation 
Hydraulic Mining Cannon becoming fully operational. The 
larger cannon is able to operate at higher throughput rates 
than earlier generations and is expected to reduce costs, 
increase operational efficiency and result in improved safety 
outcomes. Other potential benefits include: the ability to 
tow more flexi-hose to minimise pipe relocation work, the 
ability to move forwards under pressure, an on-board lighting 
mast to remove the requirement of a lighting tower on night 
shift and variable displacement hydraulic pumps to deliver 
smoother control of the discharge nozzle.
Excellent hydraulic mining operational performance 
was achieved during the wet season with minimal down 
time experienced.
FIGURE 2: ANNUAL HYDRAULIC MINING PERFORMANCE
200
400
600
800
0
1,000
Kt
1
3
5
7
9
-1
Mt
Jul 21
Aug 21
Sep 21
Nov 21
Oct 21
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
8.5Mt
Monthly Production Tonnage
(Concentrator Feed Tonnes)
Cumulative Monthly Production
(Concentrator Feed Tonnes)
Budget Monthly Tonnes
Actual Monthly Tonnes
Cumulative Target
Cumulative Actual
737
732
827
708
800
675
799
740
638
708
722
627
722
725
658
657
666
781
749
673
774
777
749
738

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 11 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
Processing plant performance 
and production
The Century processing plant produced 118,108t of zinc 
metal and 39,899kg of silver during the period. Zinc metal 
production was less than the previous period primarily due 
to the processing circuit having operated with the ball mill 
in bypass for extended periods during the year. The first 
instance of ball mill bypass followed an electrical failure in the 
mill motor during September 2021. A second period of bypass 
commenced when the replacement mill motor suffered 
from water damage during a significant weather event in 
January 2022. The motor was reinstalled on 21 February and 
continues to operate as expected. The Group's spare motor is 
currently being refurbished and a custom-built contemporary 
motor is also being manufactured. The custom motor includes 
many design features expected to increase equipment 
availability and will become the duty unit upon arrival at the 
Century Mine. Both existing motors will be maintained as 
critical spares. 
During the year the Group executed various improvement 
projects including works required to recirculate a portion 
of the cleaner circuit tails to the front of the flotation circuit. 
This resulted in the reprocessing of 408,480t of cleaner tails 
providing this material additional residence time. Including 
this recirculation, 8,948,889t of material was processed 
during the year. This project has resulted in a recovery 
uplift as the cleaner circuit is now operated in a closed-
circuit configuration with the only loss to final tails being via 
the scavenger circuit tails stream. The Group continues to 
work with industry experts Mineralis to achieve enhanced 
processing performance. Of note, the cleaner circuit still 
shows opportunities to improve the flotation conditions 
to maximise zinc recovery, specifically in relation to the 
dissolved oxygen levels in the slurry and particle liberation. 
Investigations and testwork are ongoing. 
The Century 
processing plant 
produced 118,108t 
of zinc metal and 
39,899kg of silver.
Hydraulic mining cannon operating on night shift 

Operational Performance (continued)
Concentrate product quality 
and treatment charges 
Concentrate quality was adversely impacted due to the 
ball mill operating in bypass and extensive rainfall events 
at Century. Despite this, the Group continued to deliver 
concentrates to market and build on its existing customer 
base. Early in the financial year, zinc prices resumed trending 
higher due to reduced European production as smelters 
in the region battled higher power prices. By early 2022 
the market saw an upturn in treatment charges levied on 
zinc concentrates as customers in Asia were able to source 
sufficient supply locally and take advantage of excess foreign 
produced concentrate normally consumed in Europe. The 
increase in spot treatment charges to as high as US$280 
per tonne resulted in the annual benchmark charge being 
set at US$230 per tonne plus price participation – which 
was reflective of the ease with which imported concentrate 
could be sourced by Asian smelters. This level was set in 
April 2022 for application across the entire 2022 calendar 
year. By comparison, the annual benchmark treatment charge 
for the 2021 calendar year was set at US$159 per tonne of 
concentrate when supply shortages were prevalent during 
the height of the COVID-19 pandemic.
Karumba Port Operations
The Karumba Port Operations received, processed and 
loaded 268,171 wet metric tonnes of zinc concentrates during 
the year, which was transshipped to ocean going vessels 
via the custom New Century-owned vessel the MV Wunma. 
Pleasingly this was completed without any recordable safety 
incidents, leading to the port operations maintaining a zero 
TRIFR for the third consecutive year.
The Karumba Port Operations again had a major focus on 
improving environmental performance, recording a second 
consecutive year of a reduction in dust deposition. With 
improvements identified by the site team actioned through a 
continuous improvement process, the team at Karumba had 
another successful year.
12 • NEW CENTURY RESOURCES ANNUAL REPORT 2022
Karumba Port Operations

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 13 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
With the potential reintroduction of in-situ mining activities at 
Century, numerous Life of Asset extension opportunities are 
being investigated. A blend up strategy is being considered 
when assessing the potential deposits with the aim of bringing 
forward higher grade ore to process alongside what will 
be an extended tailings Life of Mine. The identification and 
development of additional resources to extend the Life of 
Asset to 2030 and beyond remains a key focus for the Group.
Exploration activities
Geophysical IP surveys
During June to November 2021, Zonge Australia (Zonge) 
conducted Dipole-Dipole Induced Polarisation (DDIP) 
geophysical surveys at the Silver King and Watson’s Lode 
prospect areas.
Watson’s Lode/Lilydale area
A total of six lines totalling 33.6 line kilometres of data were 
collected in the Watson’s Lode/Lilydale area. All other lines 
informed the structural and stratigraphic interpretation used 
in assessing of the potential for Century style mineralisation in 
the area. Future drill targeting of the Century host sequence, 
proximal to the known vein structures, is planned to provide 
further structural and lithological context with respect to the 
prospectively of the area for a Century style body.
Century Life of Asset 
extension
As part of the Life of Asset planning 
process the Silver King and East Fault Block 
deposits have been identified as the best 
near-term feed sources for the Century 
processing plant. 
To maximise value from these deposits a separate processing 
facility is planned using a combination of new and existing 
infrastructure. Silver King and East Fault Block ore will be 
processed concurrently with the existing tailings circuit, rather 
than used as blending material as previously contemplated. 
A feasibility study was completed to assess the potential of 
this strategy and the results were released to the market in 
September 2021.
Building on the attractive returns identified in the feasibility 
study, the Group immediately commenced a detailed planning 
and optimisation study to further define the project costs and 
prepare for a final investment decision and project execution. 
The planning and optimisation study focused on completing 
Front-End Engineering Design (FEED) for the processing plant 
infrastructure, detailed mine planning, capital cost estimations 
and ancillary infrastructure upgrades required to support 
in-situ mining.
Further emphasis has been placed on completing the project 
master schedule, control budget and project scope. Some of 
the highlights include:
	
>
the placement of orders on long lead items to secure the 
project’s critical path and provide cost certainty;
	
>
the refinement of the Silver King mine plan to ensure 
capital development is as late as reasonably possible in 
the schedule;
	
>
the optimisation of metallurgical recoveries based on 
further analysis of the metallurgical test work;
	
>
securing the underground mining fleet; and
	
>
the availability of grid power to move the project off diesel 
generation for improved operating costs and carbon 
dioxide emission intensity.
Significantly improved economics and an improved 
production profile resulted from the optimisation study for 
Silver King and East Fault Block, with the results released 
in May 2022. A final investment decision is targeted for the 
second half of 2022.
Zinc bush at Watson's Lode 

14 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Operational Performance (continued)
Silver King area
DDIP arrays were completed across the Silver King field to 
test areas not captured by historic IP works. The objective 
was to compile new and historic Induced Polarisation (IP) 
works data to generate a contiguous model across the 
Silver King and Queenslander prospects seeking chargeable 
responses which may indicate the presence of additional 
Silver King style mineralisation. A total of 13 offset arrays 
were collected at Silver King providing 17.2 line kilometres. 
The survey was integrated with data collected by Zonge in 
2008 to generate a contiguous three-dimensional model. 
Chargeable responses were levelled against known geology 
and Silver King mineralisation to generate drill targets. 
The most notable chargeability response was at the northern 
extent of the survey at the Page Creek prospect. The highly 
chargeable zone is coincident with large outcropping quartz-
carbonate veins within the H3/2 stratigraphy. This unit is a 
common host for vein-style zinc-lead mineralisation across 
the field.
Exploration drilling
Drilling was completed by DDH1 Drilling utilising track 
and truck mounted rigs to improve all-weather availability. 
Systematic testing of both historic and newly generated 
targets sought to identify incremental feed sources to 
supplement known Mineral Resources and Ore Reserves to 
extend the Life of Asset at Century. During the period a total 
of 11,198m of diamond drilling was completed across ML90045 
(8,830m) and EPM10544 (2,368m). 
WATSON’S LODE NOTABLE INTERCEPTS
ELEMENT GRADES
HOLE #
INTERCEPT (m)
EST. TRUE WIDTH (m)
DEPTH (m)
Zn%
Pb%
Ag g/t
WLD22_05
4.8
2.4
87.0
13.6
0.1
0.5
WLD22_06
2.2
1.1
116.2
11.3
0.9
5.0
 
7.5
3.3
133.7
16.8
0.1
0.5
 
2.9
1.5
187.0
4.8
0.6
6.0
WLD22_08
3.4
1.7
34.2
10.2
0.05
5.0
 
2.8
1.4
51.8
9.1
2.9
11.0
 
3.1
1.5
74.4
4.3
0.05
5.0
WLD22_20
5.0
1.7
62.0
9.0
0.05
0.5
WLD22_21
2.1
1.0
89.8
23.8
1.7
12.0
WLD22_22
4.0
2.0
61.0
20.3
6.1
5.0
WLD22_24
7.0
3.5
66.3
40.4
2.8
28.0
A summary by target types is as follows:
Silver King type (vein breccia)
51 diamond drill holes were completed totalling 8,323m 
within the Silver King, Page Creek, Mended Hill, Spur Vein 
and Queenslander prospects. Holes targeted untested IP 
anomalies, historic workings and/or strike extents of structures 
in Silver King style vein breccias. While no significant 
mineralised zones were intersected, several narrow ore-grade 
intercepts were encountered which may justify future follow-up. 
Century type (Sedimentary Exhalative)
Nine holes were drilled during the period totalling 1,466m 
to test areas considered prospective for blocks of Century 
detached by the Lawn Hill Impact event or other Century style 
Sedimentary Exhalative deposits. Targets were identified 
from extensive three-dimensional modelling using drilling, 
geochemical and geophysical datasets. All holes drilled in 
the period intersected units deep below the Century host 
sequence.
Watson’s Lode resource definition drilling 
In September 2021 a maiden Mineral Resource was reported 
for the Watson’s Lode vein, located on EPM10544 some six 
kilometres southwest of the Century Tailings dam. In May 
2022 the Group commenced infill drilling of the main lode 
with the objective of upgrading confidence across the Mineral 
Resource to a level which supports the estimation of a future 
Ore Reserve. A total of 14 holes totalling 2,368m have been 
drilled including the following notable intercepts: 

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 15 
SUSTAINABILITY
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OPERATING & FINANCIAL REVIEW
Page Creek
Silver King
Queenslander
Brassy Knoll
Mended Hill
ML90058
Watson’s Lode
ML90058
EPM10544
Millennium
FIGURE 3:­ EXPLORATION PROSPECT DRILLING LOCATIONS

16 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Operational Performance (continued)
MT LYELL COPPER MINE
Since entering the Mt Lyell option agreement 
in December 2021, the Group has continued 
to verify the potential for restarting Mt Lyell 
as a substantial copper project within the 
tier-1 jurisdiction of Tasmania, Australia. 
The large Mineral Resource base of 1.1Mt 
copper and 0.94Moz gold has multiple 
development pathways underpinned by 
a low-cost, carbon-free power supply and 
potential multi-decade production of high-
quality, low-impurity copper concentrate. A 
future restart will offer net-environmental 
benefits to the mine and the immediate 
surrounding area. The Group is optimistic 
about defining a development case that 
offers clear economic benefits to the local 
community and Tasmania, and is attractive 
for all stakeholders.
The Group conducted an Ore Reserve Pre-Feasibility Study 
(Ore Reserve PFS) to define an initial Ore Reserve (23.9Mt 
at 1.14 percent CuEq) which was released to the ASX in 
June 2022, placing the Ore Reserve comfortably amongst 
the largest Australian copper mines. The Ore Reserve PFS 
was based on a 2.4Mtpa operation utilising the sub-level 
caving mining method on the Prince Lyell and Western 
Tharsis orebodies and conventional crush, grind and flotation 
to produce a copper concentrate for transport to Burnie.
The Group is continuing to evaluate all available restart 
options and to assess the capital and operating costs of 
the project in the ongoing Restart Pre-Feasibility Study 
(Restart PFS). 
The Group has commenced community engagement activities 
and is continuing work on the Restart PFS which is expected 
to be completed in the second half of 2022. A drill program 
focused on the upper levels of the Prince Lyell orebody is 
progressing ahead of schedule with samples now in the 
laboratory. The aim of the drill program is to upgrade the 
Mineral Resource category from Inferred to Indicated.
Source: S&P Global Market Intelligence, May 2022, minimum 50kt Cu metal & 0.50% Cu grade in Ore Reserve
FIGURE 4: TOP AUSTRALIAN COPPER MINES BY ORE RESERVE AND GRADE
150,000
300,000
450,000
600,000
0
750,000
tonnes
1.0
2.0
3.0
4.0
0.0
5.0
0.5
1.5
2.5
3.5
4.5
%
Olympic Dam
Carrapateena
Northparkes
Prominent Hill
Mt Isa Copper
Ernest Henry
CSA
Mt Lyell
Golden Grove
Capricorn Copper
DeGrussa
Woodlawn
Tritton
Copper Ore Reserve (tonnes)
Copper Grade (%) 
8.7Mt
2.3Mt

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 17 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
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SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
Mt Lyell Copper Mine

18 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
The Group’s earnings were strong 
throughout the financial year. In only its 
second year of commercial production, the 
Group generated EBITDA4 of $42.1 million. 
Earnings were impacted by the recognition 
of $7.6 million of expenses at Mt Lyell.
The Group recognised $56.7 million of depreciation within 
the period bringing net profit after tax (NPAT) to ($27.8) million. 
The Group expects depreciation expenses (which are non-
cash) to remain elevated over the life of the Century Tailings 
operation. Therefore, cash earnings are likely to continue to 
materially exceed NPAT in future reporting periods.
The macroeconomic environment was buoyant throughout 
the period. Inflationary pressures due to the COVID-19 
response and subsequent recovery, combined with 
geopolitical instability, led to record prices in base metals. The 
Group benefitted further as the Australian dollar remained low 
and its relationship with general commodity prices weakened.
Demand for zinc remained high and supply was severely 
impacted by geopolitical instability and rising energy prices 
which reduced smelter profitability, primarily in Europe. 
The zinc concentrate benchmark treatment charge is 
negotiated annually between Teck Resources and Korea 
Zinc Co. Ltd and traditionally forms the basis for pricing of 
zinc concentrate smelting contracts between global zinc 
concentrate producers and smelters. The reduction of smelter 
profitability and capacity impacted the demand for zinc 
concentrates which, while elevated, eased over the period. 
This subdued demand resulted in 2022 benchmark treatment 
charges being set at US$230 per tonne of concentrate. Price 
participation reappeared for the first time since 2019, meaning 
that during calendar year 2022 smelters will receive an 
additional US$0.05 per tonne of concentrate for every US$1 
above US$3,800 per tonne of refined zinc. 
The Group’s customers operated through the COVID-19 
response without material interruption. During the period the 
Group built on its existing and new relationships to continue to 
meet the strong global appetite for New Century concentrate. 
Bulk carriers have served the Australian shipping market 
throughout the COVID-19 response and the Group continued 
to deliver product to customers without incurring delays or 
other logistical issues. Shipping rates increased materially 
throughout the period, peaking in early 2022. The Group 
continues to take advantage of its favourable location, parcel 
size and shipping frequency by chartering vessels at highly 
competitive rates. 
Operating margins
FIGURE 5: NPAT, FINANCIAL YEAR 2022 VS 2021
-50
-60
-40
-30
-20
-10
0
10
20
30
$M
A
B
C
D
E
F
G
H
A 
NPAT for the year ended 30 June 2021
B 
Net revenue
C 
Production costs inc. employee benefits and inventory
D 
Other costs
E 
Depreciation
F  
Net financing expense
G 
Income tax expense
H 
NPAT for the year ended 30 June 2022
-10.8
30.4
-42.5
-19.4
-27.8
7.1
7.4
The Group’s EBITDA margin for the financial year was 
14 percent. Depreciation expense reduced the EBIT5 margin 
to (5 percent) while net financing expenses of $13.2 million 
reduced the profit before tax and NPAT margins to (9 percent). 
The Group recognised a small tax profit for the six-months 
ending 31 December 2021. However, a tax loss has 
been recognised for the full year ending 30 June 2022. 
Consequently, the Group paid no income tax in the period. 
4	
Earnings before interest, tax, depreciation and amortisation.
5	
Earnings before interest and tax.
Financial Performance

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 19 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
Revenue and sales costs
Revenue from the sale of concentrate totalled $408.3 million 
for the financial year. Fair value movements in trade 
receivables of ($22.5) million were exacerbated by losses 
on zinc hedging of ($78.7) million reducing total income to 
$307.2 million. 
A total of 245kdmt of zinc concentrate was sold during the 
year at an average realised price of US$3,661 per tonne of 
payable zinc and an average A$/US$ exchange rate of 0.73 
(both before hedging).
In April 2022 the benchmark treatment charge for zinc 
concentrate was materially increased from US$159 per dmt 
of concentrate to US$230 per tonne of concentrate, effective 
from 1 January 2022. Additionally, the benchmark includes 
price participation of US$0.05 per tonne of concentrate 
for every US$1 above US$3,800 per tonne of refined zinc. 
The Group bases approximately 85 percent of its sales on 
the benchmark treatment charge and achieved an average 
treatment charge of US$160 per tonne of concentrate for 
the full year. Average treatment charges in the second half 
of the financial year were US$181 per tonne of concentrate, 
some 30 percent above the US$140 per tonne of concentrate 
average achieved in the first half.
Operating and other costs
Total production costs of zinc concentrate sold (including 
salaries and corporate costs) were $252.4 million. A total of 
$7.6 million of exploration and evaluation costs was expensed 
during the period. Activities were focused on study works 
and care and maintenance expenditure at Mt Lyell and 
ongoing exploration at Century. 
Other costs of $75.0 million included $56.7 million of 
depreciation, $13.2 million of finance costs and a foreign 
exchange gain of $0.5 million. The Group accounts for leases 
within depreciation and finance costs in accordance with the 
Accounting Standards.
The Group’s C1 costs for the financial year were US$0.92 per 
payable pound of zinc metal.
The Group’s All In Sustaining Costs (AISC) for the financial 
year were US$1.10 per payable pound of zinc metal.
Cash flow
Cash flow from operating activities
Operating cash flow for the year totalled $52.4 million, 
an improvement of $14.2 million on the previous financial year. 
Net financing costs of $12.9 million (including deemed interest 
on leases) were recognised within operating cash flow, 
as were exploration and evaluation costs of $7.6 million, 
primarily related to ongoing works at Mt Lyell.
FIGURE 6: CASH FLOW WATERFALL
10
0
20
30
40
50
60
70
80
90
100
$M
A
B
C
D
E
A 
Balance 30 June 2021
B 
Cash flow from operations
C 
Cash flow from investing
D 
Cash flow from financing
E 
Balance 30 June 2022 
52.4
55.7 95.2
35.7
-48.7
Cash flow from investing activities
Cash outflows from investing activities for the year totalled 
$48.7 million. A total of $16.5 million was recognised as 
investments in property, plant and equipment including 
various other capital improvements across the Century 
Mine and Karumba Port Facility. A total of $15.0 million was 
capitalised against exploration and evaluation of near-mine 
deposits including Silver King and Millennium at Century. All 
Mt Lyell expenditure was recognised within cash flow from 
operating activities.
Cash flow from financing activities
Financing cash flows for the period totalled $55.7 million. 
In October 2021, the Group undertook a material strategic 
transaction that included a $116.7 million capital raise 
(before costs) and subsequent retirement of all debt 
instruments. Additionally, the funds were used to advance 
growth projects including the In-situ Feasibility Study and 
investments in other sustaining and growth capital projects. 
The Group was debt free on 30 June 2022 (excluding 
equipment loans totalling $0.4 million). 
Financing cash flows included $11.9 million of payments 
made against lease obligations. Under AASB 16, principal 
repayments against leases are recognised as financing 
cash flows.  

20 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Business strategy
The Group’s vision is to build a diversified 
mining company, respected by stakeholders 
and investment communities through 
our proven ability to manage long-term 
sustainable operations while generating 
strong shareholder returns.
We believe that sustainable resource management drives 
the creation of significant value for all stakeholders. From 
a solid foundation of the globally significant operation at 
Century, New Century is developing an agile and sustainable 
resources business. Our track record at Century and our 
plans for Mt Lyell form the basis of our strategy to provide 
metals and sustainable benefits to the environment and 
the community.
Using a growing track record in environmentally focused 
project development, execution and operations, the Group 
will target the acquisition of resource projects to deliver 
sustainable mine life extension and optimisation.
Beyond Century and Mt Lyell, the Group is focused on 
projects with the potential for extending the life of ageing 
mining operations and extracting value from tailings or 
remnant in-situ resources. Using the Group’s development 
approach, our aim is to increase economic returns and 
improve outcomes for stakeholders while implementing world 
class rehabilitation.
Aims and focus
Economic rehabilitation is a critical stage in the life cycle of all 
resource projects. The need for active rehabilitation planning 
and progressive execution in every stage of a mine’s life is 
growing in significance as traditional attitudes to the mining 
life cycle are challenged.
Conventionally, at the deemed exhaustion of the resource’s 
life, infrastructure, permits and licenses to operate have 
negligible value. This provides a unique opportunity to 
leverage sunk capital with limited incremental investment. 
The value of established processing and logistics supply 
chains is key to extending mine life. This allows lower 
grade material to be economically processed and for rapid 
project development thus delivering positive outcomes for 
communities, governments, and shareholders alike.
Wunma shipping vessel, Karumba Port Facility
Business Strategy and Prospects

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 21 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
The Group is commodity agnostic, with a focus on metals 
with established and transparent markets. The combination 
of metallurgical competency and diverse experience across 
commodities affords the ability to apply our business model 
across the industry. We will also utilise innovative corporate 
solutions and multi-commodity revenue streams to reduce risk 
and maximise value.
Building from this fundamental belief, the Group’s strategic 
objectives are to:
	
>
Grow our reputation as an industry leader in sustainable 
resource management, which includes the incorporation 
of economic rehabilitation into our operating philosophy
	
>
Monetise our know-how via service-based models for 
reprocessing, rehabilitation, and tailings management
	
>
Build a diverse multi-asset and commodity portfolio of 
projects which will allow us to grow our business
	
>
Generate shareholder returns at any stage of commodity 
cycles by:
•	
operating at sustainable positions on the cost curve in 
the markets the Group operates in; and
•	
considered capital deployment, mitigating risk where 
prudent and pursuing growth opportunistically.
Material business risks
Key risks which may materially impact the execution and 
achievement of the business strategies and financial 
prospects for the Group are summarised below and are risks 
largely inherent in the resources industry. This should not be 
taken to be a complete or exhaustive list of risks nor are risks 
disclosed in any particular order. Many of the risks are outside 
the control of New Century and its officers. In the course of 
normal operations the Group may face additional risks and 
uncertainties, including those not presently known.
The Board, its committees and management identify, manage 
and monitor current and emerging risks through the Group’s 
risk management framework. The framework is applied across 
the Group to provide protection from potential negative 
impacts as well as to contextualise the residual risks and 
strategic rewards available. The framework is designed 
to provide timely responses with which the Board and 
management can make and implement decisions.
The day-to-day operation of the Group’s risk management 
system is vested with management and regular updates are 
provided to the Board and its Committees.
Commodity prices, treatment charges and 
exchange rate risk
The Group principally derives its revenue from the sale of zinc 
and silver contained in its zinc concentrates. Consequently, 
any future earnings will be closely related to the price of 
these commodities, the treatment charges imposed by 
refiners or traders for zinc concentrate as well as the other 
terms of any off-take agreements that the Group has entered 
into or enters into.
The world market for minerals is subject to many variables 
outside of the control of the Group and may fluctuate 
markedly. Material price declines in the market price of 
zinc, material rises in treatment charges and/or material 
rises in the Australian dollar/United States dollar exchange 
rate could cause material decreases in forecasted revenue 
and profitability or even cause production from the Group’s 
operations to be rendered uneconomic.
Metals are principally traded throughout the world in US 
dollars. The Group’s cost base is substantially priced in 
Australian dollars with a smaller contribution in US dollars for 
such items as reagents and shipping. In the ordinary course, 
any significant and/or sustained rise in the exchange rate 
between the Australian dollar and the US dollar will have a 
materially adverse effect on the Group’s financial position. 
Conversely any significant and/or sustained fall in the 
exchange rate between the Australian dollar and the US dollar 
will have a material benefit on the Group’s financial position.
While many of these risks are outside of the control of 
the Group and its officers, the Group constantly assesses 
opportunities to hedge commodity prices and foreign 
exchange depending on market conditions and during the 
financial year took steps to hedge a further portion of its 
future production as a key mitigation. The Group endeavours 
to manage its exposure to material changes in treatment 
charges by incorporating a mix of benchmark and spot 
treatment charges into its sales contracts.
Economic 
rehabilitation is 
a critical stage in 
the life cycle of all 
resource projects.

22 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Business Strategy and Prospects (continued)
Production and development risks
The prospects of the Group should be considered in light of 
the risks, expenses and difficulties frequently encountered by 
companies at a similar stage of production and development. 
The Group’s initiatives to improve its production performance 
and/or meet its production schedule may not proceed 
to plan, with potential for delay in the timing of targeted 
production and metallurgical recoveries and/or a failure to 
achieve the level of targeted production and recoveries. If 
such circumstances occurred in conjunction with adverse 
market factors such as low zinc prices or high smelter 
treatment charges, this would adversely impact the Group’s 
financial performance.
Production failure of the Group’s operating plant and 
equipment and general unanticipated operational and 
technical difficulties may adversely affect the Group’s 
operations. The Group’s ability to sustain or increase its 
proposed forecast levels of production is dependent on its 
ability to achieve forecast geological interpretations, to attain 
anticipated mining rates and plant operating levels to conform 
to set budgets and plans, and the success of development 
projects associated with the life of business plan.
The business of mining, exploration and development is 
subject to a variety of risks and hazards such as mining 
accidents, flooding, environmental hazards, the discharge 
of toxic chemicals and other hazards. Such occurrences 
may delay production, increase production costs or result in 
the suspension or termination of mining leases or licences, 
damage to, and destruction of, mineral properties or 
production facilities, personal injury, environmental damage 
and legal liability.
The Group has plans in place to mitigate against production 
and development risks which are subject to regular review 
by senior management and the Board. In addition to the 
Group’s internal production and development expertise, the 
Group engages external experts and contractors in relation to 
production and development performance at Century.
Liquidity position and availability of funding
Given the Group’s sensitivity to movements in the Australian 
dollar price for its zinc concentrate production, if market 
conditions deteriorate the Group may need to raise additional 
funds via either debt or equity markets. There can be no 
assurance that sufficient debt or equity funding will be 
available on acceptable terms or at all.
The Group’s funding requirements are continuously reviewed 
through detailed internal cash flow models that are updated 
as required for external and internal factors. New Century 
endeavours to ensure that the best source of funding to 
maximise shareholder benefits and having regard to prudent 
risk management is obtained and is supported by economic 
and commercial analysis of all business undertakings.
In addition, the Group constantly assesses opportunities to 
hedge commodity prices and foreign exchange depending 
on market conditions and has recently taken steps to hedge a 
portion of its future production as a key mitigation.
Changes in capital and operating costs
Any significant unforeseen increases or decreases in the 
capital and operating costs associated with the Century Mine 
would impact the Group’s future cash flow and profitability. 
Capital and operating costs for the development of major 
projects in Australia can be highly sensitive to changes, 
positive or negative, in raw material prices as well as in labour 
and contractor costs.
To mitigate cost risks, the Group continues to focus 
on streamlining its operations and developing strong 
relationships with its people, business partners and suppliers. 
As with all capital-intensive mining operations, Century’s unit 
costs are highly susceptible to production rates. The Group 
invests heavily in preventative maintenance to maximise 
equipment availability and productivity.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 23 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
Compliance with Environmental 
Bond Facility
The Group is required to comply with the terms of its 
Environmental Bond Facility with Argonaut Insurance 
Company (Argo) and Macquarie Bank Limited (Macquarie) 
(EBF). The EBF requires the Group to comply with a number 
of covenants, which are typical for facilities of this nature and 
include financial covenants, production covenants, project 
specific covenants, information and financial reporting 
covenants, hedging covenants, environmental covenants, 
insurance covenants and other general covenants (including 
restrictions on distributions, incurring financial indebtedness, 
providing financial accommodation and guarantees and 
acquiring and disposing of assets, each with typical exceptions).
Non-compliance with such covenants will constitute an event 
of default (unless waived) if not remedied within certain cure 
periods. The occurrence of an event of default will entitle 
Argo and/or Macquarie to exercise certain rights, including 
the acceleration of repayment of outstanding moneys on 
the EBF and/or the zinc hedges and the enforcement of their 
security interests.
The exercise of such rights could have a material adverse 
effect on the Group's activities and financial condition.
Future capital requirements
In order to achieve the Group’s strategic objectives, the 
Group may require additional financing in the future. Any 
additional equity financing may be dilutive to shareholders 
or may be undertaken at lower prices than the then market 
price. Debt financing, if available, may involve restrictions on 
financing and operating activities, in addition to those that 
the Group is already obliged to comply with under existing 
finance arrangements.
There can be no assurance that appropriate capital or 
funding, if and when needed, will be available on terms 
favourable to the Group or at all. If the Group is unable 
to obtain additional financing as needed, or if operations 
do not generate sufficient revenues, this could have 
a material adverse effect on the Group’s activities and 
financial performance.
Pursuant to arrangements with Argo and Macquarie, the 
Group is required to amortise the EBF in full by 30 April 2025.
Amortisation of the EBF can be achieved through any 
combination of returning the environmental bonds to the 
issuing bank (including following a reduction of the underlying 
environmental bond liability) or lodging cash cover with the 
issuing bank.
The level of assurance bonding will reduce over time with 
ongoing rehabilitation activities. The replacement of the 
Macquarie as issuing bank could be achieved by way of a 
fee-paying arrangement with the Queensland government if 
the Group can meet the credit requirements, bonding facilities 
from other parties which could be in the form of a fee-based 
arrangement or alternatively through cash backing or through 
the form of a surety bond.
There is no guarantee the Group will generate sufficient 
operating profits from operations to completely cover its 
amortisation obligations in the EBF assuming it is not replaced 
by an alternative mechanism in this period. If the Group 
is unsuccessful in generating sufficient operating profits it 
will need to seek alternative coverage for the bond. The 
Group’s funding requirements are continuously reviewed 
through detailed internal cash flow models that are updated 
as required for external and internal factors. The Group 
endeavours to ensure that the best source of funding is 
obtained to maximise shareholder interests, having regard to 
prudent risk management and the economic and commercial 
analysis undertaken by the business.
Business development initiatives
The Group maintains an ongoing process for reviewing a 
range of resource assets within the base, precious and minor 
metals sectors for the purposes of assessing the suitability of 
these opportunities for potential corporate transactions.
As part of this strategy, the Group may make acquisitions 
or significant investments in companies, joint ventures, 
tenements or resource projects. In addition, the Group may 
also elect to issue shares or engage in capital raisings to 
fund investments, mergers or acquisitions that the Group 
may decide to undertake or if the opportunity arises. Any 
such future transactions would be accompanied by the risks 
commonly encountered in making acquisitions of companies 
or mining projects. 
This includes the potential dilution of shareholders’ holdings, 
an increase of the current debts of the Group or the 
imposition of further obligations on the Group subject to any 
contractual agreements, and the usual risks associated with 
mining projects.

24 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Business Strategy and Prospects (continued)
Health and safety
Mining activities have inherent health risks and hazards. 
The health and safety of our personnel, contractors and 
visitors remains the Group’s highest priority. The Group 
provides appropriate instructions, equipment, preventative 
measures, first aid information, medical facilities and training 
to all stakeholders, as well as undertaking independent audits, 
through its occupational health and safety management 
systems. While the Group has a strong record in achieving 
high quality safety performance at its sites, a serious site 
safety incident may expose the Group to significant penalties 
and the Group may be liable for compensation to any 
injured persons.
It is not possible to anticipate the effect on the Group’s 
business from any changes to workplace occupational health 
and safety legislation or directions or necessitated by concern 
for the health of the workforce. Such changes may have an 
adverse impact on the financial performance and/or financial 
position of the Group.
Native Title
Century Mining Limited (a subsidiary of the Group) is a party 
to the Gulf Communities Agreement and other cultural 
heritage and associated community Native Title agreements 
in connection with the Century Mine. The Group maintains a 
record of compliance with the Gulf Communities Agreement 
and associated community agreements and has no current 
need to negotiate any agreement to allow for the continuation 
of current activities or any future mining developments within 
the existing mining leases.
Issues may arise within local communities with potential 
to affect the Group’s operations materially and adversely. 
A failure to successfully resolve any local community 
issues could have a material and adverse effect upon the 
Group’s business, prospects, financial condition, and results 
of operations. 
In managing these risks, the Group has developed and 
implements management plans to address social impacts, 
engage with key stakeholder groups and ensure effective 
and lawful management of cultural heritage aspects.
Environmental risks
The Group’s operations are subject to rules and regulations 
regarding environmental matters and the discharge of 
hazardous wastes and materials. As with all mineral projects, 
the Group’s projects have a variety of environmental impacts. 
Ongoing operations are dependent on the Group satisfying 
environmental guidelines and, where required, obtaining 
relevant approvals from government authorities.
The Group conducts and intends to continue to conduct its 
activities in an environmentally responsible manner and in 
accordance with all applicable laws, regulations and approval 
conditions but may still be subject to accidents or other 
unforeseen events which may compromise its environmental 
performance and which may have adverse financial 
implications.
The Group’s founding value and core ethos is economic 
mining rehabilitation. As such, the Group is committed to 
reducing negative impacts on the environments in which 
it operates. The Group has a rigorous environmental 
management system in place which is designed to 
meet and exceed the extensive statutory and regulatory 
obligations that our operations are subject to.
Climate change risks
Climate change is a risk the Group has considered, particularly 
related to its operations in the mining industry. The climate 
change risks particularly attributable to the Group include:
	
>
The emergence of new or expanded regulations 
associated with the transitioning to a lower-carbon 
economy and market changes related to climate change 
mitigation. The Group may be impacted by changes to 
local or international compliance regulations related to 
climate change mitigation efforts, or by specific taxation or 
penalties for carbon emissions or environmental damage
	
>
Climate change may cause certain physical and 
environmental risks that cannot be predicted by the 
Company, including events such as increased severity 
of weather patterns and incidence of extreme weather 
events and longer-term physical risks such as shifting 
climate patterns.
The Group adopts a risk management approach in line with 
the recommendations of the Task Force on Climate-Related 
Financial Disclosures (TCFD) to address the risks to its 
operations associated with climate change. Risk management 
approaches include improving operational responses to 
the wet-season impacts on hydraulic mining operations, 
and maintaining close engagement with the Karumba Port 
Authority to ensure channel maintenance and dredging is 
undertaken in a manner that will ensure the potential impacts 
of severe weather are managed and addressed.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 25 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
Regulatory risks
The Group will incur ongoing costs and obligations 
associated with compliance with necessary regulations. 
Any failure to comply with regulations may result in additional 
costs for corrective measures, penalties or in restrictions 
on the Group’s proposed business operations. In addition, 
changes in regulations could require extensive changes 
to the Group’s operations, increased compliance costs or 
give rise to material liabilities, which could have a material 
adverse effect on the business, results of operations and 
financial condition of the Group.
Licences and permits
The Group’s exploration, mining, pipeline and shipping 
activities are dependent upon the maintenance of appropriate 
licences, leases, permits and regulatory consents which may 
be withdrawn or made subject to conditions. The maintaining 
of licences and approvals, obtaining renewals, or getting 
licences or approvals granted, often depends on the Group 
being successful in obtaining the required statutory approvals 
for its proposed activities. There is no assurance that 
renewals or amendments to the Group’s licences and permits 
will be obtained in a timely manner, or at all, and there is no 
assurance that new conditions will not be imposed.
Estimation of Mineral Resources 
and Ore Reserves
There is a degree of uncertainty to the estimation of 
Mineral Resources and Ore Reserves and corresponding 
grades being mined or dedicated to future production. 
Until Mineral Resources or Ore Reserves are actually mined 
and processed, the quantity of Mineral Resources and Ore 
Reserves must be considered as estimates only. In addition, 
the economic grade of Mineral Resources and Ore Reserves 
may vary depending on, among other things, zinc, lead and 
silver prices. Any material change in quantity and grades of 
Mineral Resources or Ore Reserves may affect the economic 
viability of the properties.
Fluctuation in the price of commodities including zinc, lead 
and silver, results of drilling, metallurgical testing and the 
evaluation of mine plans subsequent to the date of any 
Mineral Resource estimate may require revision of such 
estimate. Any material reductions in estimates of Mineral 
Resources and/or Ore Reserves, could have a material 
adverse effect on the Group’s financial condition.
The Group mitigates this risk by ensuring its Mineral Resource 
and Ore Reserve estimates are subject to appropriate 
levels of governance and internal controls. See the Mineral 
Resources and Ore Reserves Statement in the following 
section for further details.
Big Zinc open pit at Century

26 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Business Strategy and Prospects (continued)
Insurance risks
The Group maintains insurance coverage that is substantially 
consistent with mining industry practice. However, there is 
no guarantee that such insurance or any future necessary 
coverage will be available to the Group at economically viable 
premiums (if at all) or that, in the event of a claim, the level of 
insurance carried by the Group now or in the future will be 
adequate, or that a liability or other claim would not materially 
and adversely affect the Group’s business.
Offtake risks
The Group has numerous offtake contracts in place for the 
sale of zinc concentrate. There is a risk the Group is unable 
to consistently meet product specifications or delivery 
obligations under those agreements. In those circumstances, 
the Group’s liquidity may be adversely affected.
The Group’s cash flow and financial position will also depend 
on the performance by counterparties of their contractual 
obligations, including the timely payment in full of their 
purchases of product from the Group on the agreed terms 
and conditions. Title to the product typically does not 
transfer to the customer until the initial provisional payment 
is made. Typically, this will be between 80 percent and 100 
percent of the value of the product based on prices at the 
time of the sale.
Finalisation of these purchases of concentrate are payable 
in arrears, based on a reassessment of the quantity and 
specification of the product delivered and the zinc and silver 
prices over the quotational period. Any delay in receipt, or 
inability or refusal to pay in full by a customer of a finalised 
amount owing to the Group, will negatively impact the 
Group’s cash flow and financial position.
The Group may be required to pay additional amounts at 
the time of the finalisation of the contract if the final quantity, 
grade or market price has moved against the Group, or 
alternatively, receive additional amounts if the quantity, grade 
or market price has moved favourably for the Group.
Operational risks
In common with other enterprises in the minerals and mining 
industry, the Group’s mineral production, development and 
related mining activities, including the delivery of supplies and 
consumables and the transportation of products to customers 
are subject to conditions beyond the Group’s control that can 
reduce production and sales and/or increase costs. These 
conditions include, but are not limited to:
	
>
changes in legislative requirements (including those made 
in relation to COVID-19);
	
>
market conditions including exchange rates;
	
>
supply constraints and disruptions;
	
>
government policies;
	
>
abnormal or severe weather or climatic conditions;
	
>
natural disasters;
	
>
weather-related disruption to the Karumba channel;
	
>
unexpected maintenance, equipment or other technical 
problems;
	
>
key equipment failures;
	
>
industrial disruption; and
	
>
variations in geological conditions.
An inability to secure ongoing supply of goods and services 
at prices assumed within production budgets and targets, 
or a disruption to the supply chain when delivering goods 
to customers, could potentially impact the results of the 
Group’s operations, and in a worst-case scenario, result in the 
shutdown of the operation.
The Group has management systems in place to mitigate 
these risks, including in relation to inventory management, 
maintenance systems, contractor management and crisis and 
emergency response plans.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 27 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
COVID-19
The outbreak of, and response to, COVID-19 has had a 
material effect on global economic markets and the operation 
of a wide variety of businesses, including those in the 
mining industry. The global economic outlook continues to 
face uncertainty due to the pandemic, which has had and 
may continue to have a significant impact on the industry 
dynamics, the macro-economic environment, capital markets 
and valuations.
The Group’s share price may be adversely affected by 
the economic uncertainty or specific requirements for 
the operations triggered by the response to COVID-19. 
Further, any measures to limit the transmission of the virus 
implemented by national, state and local governments around 
the world (such as travel bans and quarantining) or deemed 
necessary by the Group to protect the health of its workforce 
may adversely impact the Group’s operations and affect its 
ability to continue as a going concern.
The Group has COVID-19 management plans in place to 
ensure the safety of its people and business partners, with 
extensive preventative and contingency measures in place.
Through the implementation of these measures and the 
efforts of our people and business partners, the Group has 
continued to operate at full capacity, aided by the remoteness 
of the Century project and the complete integration of the 
mine-to-port logistics infrastructure.
Government and legal risk
Changes in government, monetary policies, taxation and other 
laws can have a significant impact on the Group’s assets, 
operations and ultimately the financial performance of the 
Group. Such changes are likely to be beyond the control of 
the Group and may affect industry profitability as well as the 
Group’s capacity to explore and mine.
The Group is not aware of any reviews or changes that would 
adversely affect its permits. However, changes in community 
attitudes on matters such as taxation, competition policy and 
environmental issues may bring about reviews and possibly 
changes in government policies. There is a risk that such 
changes may affect the Group’s operations or development 
plans or its rights and obligations in respect of its permits. Any 
such government action may also require increased capital 
or operating expenditures and could prevent or delay certain 
operations by the Group.
The Group monitors legislative and regulatory developments 
in Australia and overseas and works to ensure that all 
stakeholder concerns are addressed fairly and managed.
Key personnel and labour market risk
The ability of the Group to achieve its strategic objectives 
depends upon the retention of key management and 
operational employees who constitute its technical, 
operational, marketing and corporate expertise. If the Group 
cannot secure and retain this expertise or if the services of 
key employees cease to be available to the Group, this may 
adversely affect the Group’s performance.
The ability of the Group to achieve its objectives also 
depends upon the retention of certain key external 
contractors that provide a number of important services 
and operational capabilities (for example, hydraulic 
mining, exploration, operation of the processing plant and 
maintenance) which are an important part of the Group’s 
overall technical and operational expertise. If the Group 
cannot secure and retain this technical expertise or if 
the services of such key external contractors cease to 
be available to the Group, this may adversely affect the 
Group’s performance.
While the ability of the Group to achieve its objectives may 
be affected by the matters mentioned above, the Group 
believes that generally appropriately skilled and experienced 
professionals and external contractors are available to 
provide services to the Group at market levels in the event 
some key management and operational personnel and 
external contractors cease to be available. However, this 
may not always be the case if there are travel and other 
restrictions imposed at a national, state and local level as 
a result of the COVID-19 pandemic.

28 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Mineral Resources and 
Ore Reserves Statement

FOR THE YEAR ENDED 30 JUNE 2022
NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 29 
CENTURY MINE – MINERAL RESOURCES AS AT 30 JUNE 2022
PROJECT
CATEGORY
Mt
Zn (%)
Pb (%)
Ag (g/t)
Zn (kt)
Pb (kt)
Ag (MOz)
Century Tailings
Measured
41.3
3.1
–
15
1,259
–
20.1
Silver King
Measured
1.0
5.1
5.7
58
48
54
1.8
 
Indicated 
2.1
5.0
5.2
44
106
111
3.0
 
Inferred
0.6
2.5
6.0
32
16
37
0.6
Deposit total
 
3.7
4.5
5.5
44
170
202
5.4
East Fault Block
Indicated 
0.6
9.8
1.1
51
63
7
1.1
South Block 
Indicated 
6.2
5.4
1.5
43
335
93
8.6
Watson's Lode
Inferred
1.7
7.7
2.0
10
134
35
0.6
Global Mineral Resources
Measured & Indicated
51.2
3.4
0.4
19
1,811
265
34.6
 
Inferred
2.3
6.5
3.1
16
150
72
1.2
Total
53.5
3.7
0.5
19
1,961
337
35.8
Note:
1. 	
Differences may occur in totals due to rounding
2. 	 Mineral Resources are reported inclusive of Ore Reserves
CENTURY MINE – MINERAL RESOURCES AS AT 30 JUNE 2021
PROJECT
CATEGORY
Mt
Zn (%)
Pb (%)
Ag (g/t)
Zn (kt)
Pb (kt)
Ag (MOz)
Century Tailings
Measured
53.0
3.0
–
14
1,604
–
24.0
Silver King
Measured
1.0
5.1
5.7
58
48
54
1.8
 
Indicated 
2.1
5.0
5.2
44
106
111
3.0
 
Inferred
0.6
2.5
6.0
32
16
37
0.6
Deposit total
 
3.7
4.5
5.5
44
170
202
5.4
East Fault Block
Indicated 
0.6
9.8
1.1
51
63
7
1.1
South Block 
Indicated 
6.2
5.4
1.5
43
335
93
8.6
Watson's Lode
Inferred
1.7
7.7
2.0
10
134
35
0.6
Global Mineral Resources
Measured & Indicated
62.9
3.4
0.4
19
2,156
265
38.5
 
Inferred
2.3
6.5
3.1
16
150
72
1.2
Total
65.2
3.5
0.5
19
2,306
337
39.7
Notes:
1. 	
Differences may occur in totals due to rounding
2. 	 Mineral Resources are reported inclusive of Ore Reserves
The Company advises that the decrease in Mineral Resources in 2022 is primarily the result of mining depletion at the Century 
Tailings deposit, with an additional reconciliation-based adjustment to the Century Tailings bulk density assumption.
The Competent Person considers the bulk processing of the tailings, in conjunction with high accuracy survey volumes, 
provides the best estimate of the bulk-density value for the deposit. The adjusted global bulk-density assumption for the Mineral 
Resource based on mine reconciliations is now 1.81g/cm3, from a previous value of 1.91g/cm3.
The Mineral Resource estimates for the in-situ deposits at Century Mine remain unchanged for the period.
The following information is provided in accordance with Listing Rule 5.21 and as at 30 June 2022.
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW

FOR THE YEAR ENDED 30 JUNE 2022
30 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Mineral Resources and Ore Reserves Statement (continued)
CENTURY MINE – ORE RESERVES AS AT 30 JUNE 2022
PROJECT
CATEGORY
Mt
Zn (%)
Pb (%)
Ag (g/t)
Zn (kt)
Pb (kt)
Ag (MOz)
Century Tailings
 
 
Open Pit
Proved
40.3
3.0
–
15
1,192
–
18.8
Silver King
 
 
Underground
Probable
1.7
4.7
6.9
83
78
114
4.5
Open Pit
Probable
0.3
5.1
5.1
42
13
13
0.4
Deposit total
 
2.0
5.5
5.2
70
91
127
4.9
East Fault Block
 
 
Open Pit
Probable
0.6
8.5
0.9
36
49
5
0.7
Global Ore Reserves
Proved
40.3
3.1
3.0
14
1,192
0
18.8
 
Probable
2.5
5.6
5.3
68
140
133
5.4
 Total
42.8
3.1
0.3
17
1,332
133
24.2
Note:
1. 	
Differences may occur in totals due to rounding
CENTURY MINE – ORE RESERVES AS AT 30 JUNE 2021
PROJECT
CATEGORY
MT
ZN (%)
PB (%)
AG (g/t)
ZN (kt)
PB (kt)
AG (MOz)
Century Tailings
 
 
Open Pit
Proved
49.3
3.0
–
14
1,473
–
22.0
Silver King
 
 
Underground
Probable
1.7
4.7
6.9
83
78
114
4.5
Open Pit
Probable
0.6
8.5
0.9
36
49
5
0.7
Deposit total
 
2.3
5.5
5.2
70
127
119
5.2
East Fault Block
 
 
Open Pit
Probable
0.3
5.1
5.1
42
13
13
0.4
Global Ore Reserves
Proved
49.3
3.1
3.0
14
1,473
0
22.0
 
Probable
2.5
5.6
5.3
68
140
133
5.4
 Total
51.8
3.1
0.3
17
1,613
133
27.4
Note:
1. 	
Differences may occur in totals due to rounding
The decrease in Ore Reserves at the Century Tailings deposit in the 2022 financial year is a result of mining depletion (9.0Mt). 
No adjustments to grade were considered necessary based on the mine reconciliations. The Competent Person considers 
the adjustment to be within the error margins of the relevant Ore Reserve category. Updated revenue and metal recovery 
factors were applied at 30 June 2021 as part of the broader in-situ Feasibility Study however this had no impact on the Tailings 
Ore Reserve.
There was no update to the Silver King or East Fault Block Ore Reserves. The Silver King and the East Fault Block Ore Reserves 
were finalised as part of the in-situ Feasibility Study. The study considers the integration of hard rock operations fed in parallel 
to the existing tailings operation. The Silver King and East Fault Block Ore Reserves as reported are dependent on the ongoing 
mining at Century Tailings.

FOR THE YEAR ENDED 30 JUNE 2022
NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 31 
Competent Person’s Statement — 
Century Tailings Mineral Resources and 
Ore Reserves
The information in this Annual Report that relates to Mineral 
Resources and Ore Reserves for the Century Tailings deposit 
is based on information compiled by Damian O’Donohue, 
a Competent Person who is a Member of the Australasian 
Institute of Mining and Metallurgy. Damian O’Donohue is 
a part-time employee of the Group. Damian O’Donohue 
has sufficient experience that is relevant to the style of 
mineralisation and type of deposit under consideration and 
to the activity being undertaken to qualify as a Competent 
Person as defined in the 2012 Edition of the ‘Australasian 
Code for Reporting of Exploration Results, Mineral Resources 
and Ore Reserves’ (JORC Code). Damian O’Donohue 
consents to the inclusion in this report of the matters based 
on his information in the form and context in which it appears.
Competent Person’s Statement — 
Century In-situ Mineral Resources
The information in this Annual Report that relates to 
Exploration Targets, Exploration Results and Mineral 
Resources at the Silver King and Watson's Lode deposits 
and other Century prospects is based on information 
compiled by Nick Spanswick, a Competent Person who 
is a member of the Australian Institute of Geoscientists. 
Nick Spanswick is a full-time employee of the Group. 
Nick Spanswick has sufficient experience that is relevant 
to the style of mineralisation and type of deposit under 
consideration and to the activity being undertaken, to 
qualify as a Competent Person as defined in the JORC Code. 
Nick Spanswick consents to the inclusion in this report of 
the matters based on his information in the form and context 
in which it appears. 
The information in this Annual Report that relates to 
Exploration Results and Mineral Resources at the East Fault 
Block and South Block deposits, is based on information 
compiled by Damian O'Donohue, a Competent Person who 
is a member of the Australian Institute of Geoscientists. 
Damian O'Donohue is a part-time employee of the Group. 
Damian O'Donohue has sufficient experience that is relevant 
to the style of mineralisation and type of deposit under 
consideration and to the activity being undertaken, to qualify 
as a Competent Person as defined in the JORC Code. 
Damian O'Donohue consents to the inclusion in this report 
of the matters based on his information in the form and 
context in which it appears.
Competent Person's Statement — 
Century In-situ Ore Reserves
The information in this Annual Report relating to the 
Estimation and Reporting of Ore Reserves at the Silver 
King and East Fault Block deposits is based on information 
compiled by Timothy Edwards, a Competent Person who 
is a member of the Australasian Institute of Mining and 
Metallurgy. Timothy Edwards is a full-time employee of the 
Group. Timothy Edwards has sufficient experience which is 
relevant to the style of mineralisation and type of deposit 
under consideration and to the activity being undertaken to 
qualify as a Competent Person as defined in the JORC Code. 
Timothy Edwards consents to the inclusion in this report of 
the matters based on his information in the form and context 
which it appears. 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW

FOR THE YEAR ENDED 30 JUNE 2022
32 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Mineral Resources and Ore Reserves Statement (continued)
Mt Lyell
Century
Zinc/Lead/Silver
Copper/Gold
Melbourne
Head Office
Our 
locations
Mt Lyell
Century

FOR THE YEAR ENDED 30 JUNE 2022
MT LYELL – MINERAL RESOURCES AS AT 30 JUNE 2022
ORE TONNES 
(Mt)
Cu GRADE 
(%)
Au GRADE 
(g/t)
CuEq GRADE 
(%)
COPPER METAL 
TONNES (kt)
GOLD OUNCES 
(koz)
UNDERGROUND
Prince Lyell North Flank 0.6% Cu cut-off 
Measured
–
–
–
–
–
–
Indicated
22.6
0.90
0.23
0.99
203
167
Inferred
2.9
0.94
0.24
1.04
27
22
Total
25.5
0.90
0.23
1.00
230
189
Western Tharsis 0.6% Cu cut-off
Measured
–
–
–
–
–
–
Indicated
6.4
1.07
0.26
1.18
68
53
Inferred
12.6
1.11
0.30
1.23
139
122
Total
19.0
1.10
0.29
1.21
207
175
Prince Lyell Deeps: In situ (1365-1000 RL) 0.8% Cu cut-off
Measured
3.5
1.22
0.30
1.35
43
34
Indicated
1.7
1.26
0.31
1.39
21
17
Inferred
2.1
1.17
0.29
1.29
25
20
Total
7.3
1.21
0.30
1.34
89
70
Prince Lyell Deeps: Ex situ (1365-1465 RL) 0.8% Cu cut-off
Measured
–
–
–
–
–
–
Indicated
–
–
–
–
–
–
Inferred
7.2
0.81
0.21
0.90
58
49
Total
7.2
0.81
0.21
0.90
58
49
Copper Chert 0.6% Cu cut-off
Measured
–
–
–
–
–
–
Indicated
3.2
1.70
0.76
2.02
54
78
Inferred
0.9
1.31
0.91
1.70
12
26
Total
4.1
1.61
0.79
1.95
66
105
Green/Cape Horn 0.6% Cu cut-off
Measured
–
–
–
–
–
–
Indicated
–
–
–
–
–
–
Inferred
8.2
1.02
n/a
1.02
84
–
Total
8.2
1.02
0.00
1.02
84
0
TOTAL UNDERGROUND
71.3
1.03
0.26
1.14
734
588
OPEN PIT
Royal Tharsis / Prince Lyell Upper Remnants 0.2% Cu cut-off
Measured
–
–
–
–
–
–
Indicated
–
–
–
–
–
–
Inferred
35.5
0.64
0.18
0.72
227
205
Total
35.5
0.64
0.18
0.72
227
205
North Lyell Remnants 0.2% Cu cut-off
Measured
–
–
–
–
–
–
Indicated
–
–
–
–
–
–
Inferred
33.6
0.64
0.15
0.70
215
162
Total
33.6
0.64
0.15
0.70
215
162
TOTAL OPEN PIT
69.0
0.64
0.17
0.71
442
367
TOTAL UNDERGROUND & OPEN PIT
140.3
0.84
0.22
0.93
1,176
955
Notes:
1.	
Table subject to rounding
2.	
CuEq (%) = Cu (%) + Au (ppm) * 0.43, CuEq calc. uses a copper recovery of 92%, gold recovery of 60%, copper price of US$8,780/t and a gold price of US$1,653/oz
NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 33 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW

FOR THE YEAR ENDED 30 JUNE 2022
34 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Mineral Resources at Mt Lyell were first reported to ASX in October 2021 and the Prince Lyell Resource was updated during 
2022. The update was necessary as a portion of the Mineral Resource (Prince Lyell North Flank) had no classification assigned 
in the initial report. This update added 5.6Mt of Indicated Mineral Resource.
All other Mineral Resources remain unchanged from the announcement in October 2021.
MT LYELL – ORE RESERVES AS AT 30 JUNE 2022
 
MINED ORE 
TONNES (Mt)
GRADE Cu 
(%)
GRADE Au
(g/t)
COPPER METAL 
TONNES (kt)
GOLD OUNCES 
(koz)
GRADE CuEq 
(%)
Prince Lyell
 
 
 
 
 
 
Probable
21.0
1.03
0.26
216
174
1.14
Western Tharsis
 
 
 
 
 
 
Probable
2.9
1.03
0.26
30
24
1.14
Total
23.9
1.03
0.26
246
198
1.14
Notes:
1.	
Table subject to rounding.
2.	
The Ore Reserve estimate for the sub-level cave (SLC) is based on a cut-off grade of 0.75% Cu.
3.	
Dilution is incurred due to the nature of the mining method & is inc. in the Ore Reserve estimate and originates from Measured, Indicated & Inferred 
Mineral Resources.
4.	
Studies have been completed to a Pre-Feasibility level. A Restart Pre-Feasibility Study is underway and is expected to be released to the ASX in 
Second Half (H2) of Calendar Year (CY) 2022.
5.	
Mineral Resources are inclusive of the Ore Reserves and Inferred ex situ (cave 1315-1465mL) excluded from Mineral Resources and Ore Reserves.
6.	
Multiple site visits have been conducted by the Competent Person.
7.	
CuEq (%) = Cu (%) + Au (ppm) * 0.43, CuEq calc. uses a copper recovery of 92%, gold recovery of 60%, copper price of US$8,780/t & a gold price of 
US$1,653/oz.

The initial Ore Reserve for Mt Lyell has been estimated after consideration of the level of confidence in the Mineral Resource 
and material and relevant modifying factors. 
Mineral Resources and Ore Reserves Statement (continued)
Mt Lyell Copper Mine underground

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 35 
Competent Person’s Statement — 
Mt Lyell Mineral Resources
The information in this Annual Report that relates to Mineral 
Resources for the Mt Lyell Copper Mine (comprising the Prince 
Lyell Deeps, Prince Lyell North Flank, Royal Tharsis/Prince 
Lyell Upper Remnants and North Lyell Remnants deposits) 
is based on information compiled by Danny Kentwell, a 
Competent Person who is a Member of the Australasian 
Institute of Mining and Metallurgy. Danny Kentwell is a full-
time employee of SRK Consulting. Danny Kentwell has been 
engaged by the Group in his capacity as an independent 
consultant. Danny Kentwell has sufficient experience that 
is relevant to the style of mineralisation and type of deposit 
under consideration and to the activity being undertaken to 
qualify as a Competent Person as defined in the JORC Code. 
Danny Kentwell consents to the inclusion in this report of the 
matters based on his information in the form and context in 
which it appears.
The information in this Annual Report that relates to Mineral 
Resources for the Mt Lyell Copper Mine (comprising the 
Western Tharsis, Green Horn/Cape Horn and Copper Chert 
deposits) is based on information compiled by David Slater, 
a Competent Person who is a Member of the Australasian 
Institute of Mining and Metallurgy. David Slater is a full-
time employee of SRK Consulting. Mr Slater was engaged 
by Copper Mines of Tasmania Pty Ltd in his capacity as 
an independent consultant. David Slater has sufficient 
experience that is relevant to the style of mineralisation and 
type of deposit under consideration and to the activity being 
undertaken to qualify as a Competent Person as defined in 
the JORC Code. David Slater consents to the inclusion in this 
report of the matters based on his information in the form and 
context in which it appears.
Competent Person’s Statement — 
Mt Lyell Ore Reserves
The information in this Annual Report that relates to Ore 
Reserves for the Prince Lyell and Western Tharsis deposits is 
based on information compiled by Brad Evans, a Competent 
Person who is a Fellow and Charter Professional of the 
Australasian Institute of Mining and Metallurgy. Brad Evans is 
a full-time employee of the Group. Brad Evans has sufficient 
experience that is relevant to the style of mineralisation and 
type of deposit under consideration and to the activity being 
undertaken to qualify as a Competent Person as defined in 
the JORC Code. Brad Evans consents to the inclusion in this 
report of the matters based on his information in the form and 
context in which it appears.
Governance and internal controls
New Century ensures that its Mineral Resource and Ore 
Reserve estimates are subject to appropriate levels of 
governance and internal controls. The Group’s Mineral 
Resources and Ore Reserves have been generated by 
independent external consultants and internal employees 
who are experienced in best practice modelling and 
estimation methods. Where applicable, the consultants 
have also undertaken review of the quality and suitability of 
the underlying information used to generate the resource 
estimations. The Mineral Resource and Ore Reserves 
estimates follow standard industry methodology using 
geological interpretation and assay results from samples won 
through drilling. The Group reports its Mineral Resources and 
Ore Reserves in accordance with the JORC Code. Competent 
Persons named by the Group qualify as Competent Persons 
as defined in the JORC Code. In addition to the arrangements 
and internal controls established by the Group, the Board 
oversees the governance of Mineral Resources and Ore 
Reserves. This includes the annual review and approval 
of the publicly reported Mineral Resources and Ore 
Reserves Statement.
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW

Sustainability
New Century has 
committed to enhanced 
sustainability reporting 
for the 2022 financial year.
36 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 

SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 37 
Following on from the previous year's strong 
performance in ESG achievements and 
transparency, New Century has committed 
to enhanced sustainability reporting for the 
2022 financial year.
Our vision has remained front of mind for the New Century 
Board, executive team and employees as we continue to 
integrate ESG considerations into our decision-making. 
During the reporting period, New Century entered into an 
option agreement with Vedanta Ltd for the acquisition of 
Copper Mines of Tasmania Pty Ltd, owner of the Mt Lyell 
Copper Mine. This transaction demonstrates the Group’s 
ongoing commitment to its vision by embracing opportunities 
for sustainable development, delivering on the needs of the 
present, with a view to achieving beneficial outcomes for 
future generations. The Group looks forward to progressing 
its investigations into the potential restart of the Mt Lyell 
Copper Mine during the coming financial year and integrating 
its sustainable development values into that operation.
In 2021, the Group released its inaugural Sustainability 
Report, adopting an approach of aligning its activities with the 
United Nations Sustainable Development Goals (UNSDGs) 
and reporting on how aspects of the Group’s activities and 
performance contributed to achievement of the UNSDGs. 
This year, the Board of New Century has resolved to build 
on the Group's commitment to transparent accountability by 
adopting the Towards Sustainable Mining (TSM) framework 
and incorporating TSM reporting alongside the Group’s 
reporting against the UNSDGs within the Sustainability Report 
for 2022 financial year.
Highlights
Development and adoption of a broader 
suite of ESG policies, in addition to the 
Group's Sustainability Policy
Implementation of the  
“Towards Sustainable Mining” 
accountability framework, delivering 
increased transparency on 
sustainability performance
Independent recognition as a 
top performer in sustainability 
metrics amongst our peers in the 
resources sector
2022 Queensland Resources  
Council Indigenous Awards,  
Highly Commended for New Century’s 
community-based training, and 
sustainable development program

38 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Sustainability (continued)
Environment and 
rehabilitation
There were no reportable environmental incidents at the 
Century Mine operations or at the Port of Karumba during 
the reporting period. New Century continues its focus on 
progressive rehabilitation at the Century Mine through the 
removal and reprocessing of waste from the tailings storage 
facility, and exposure of native earth below the tailings dam 
to enable further and final rehabilitation of that facility in the 
coming years.
The Group has also commenced rehabilitation trials within the 
tailings storage facility and evaporation dam with a view to 
establishing a preferred rehabilitation methodology once the 
material in the tailings storage facility has been removed.
Social and community 
engagement
New Century engages with the communities that host its 
operations on an ongoing and transparent basis. During 
the 2022 financial year, this engagement extended to new 
communities and stakeholder groups associated with the 
Mt Lyell Copper Mine in Queenstown, Tasmania. The Group 
has been encouraged by the enthusiasm of the communities 
in Tasmania for the proposed restart of the Mt Lyell Copper 
Mine. The Tasmanian Government has been supportive of the 
Group’s investigations to date and it continues to engage with 
a view to successfully completing feasibility investigations 
during 2023. The Group has also commenced a Social Impact 
Assessment for the proposed restart of operations at Mt Lyell, 
and this study will guide the Group’s approach to ensuring 
the Queenstown and broader Tasmanian communities 
can sustainably benefit from the proposed restart of 
mining operations.
At the Century Mine, the Group has continued its commitment 
to engagement and benefit-sharing under the auspices of 
the Gulf Communities Agreement. New Century’s approach 
to benefit sharing incorporates elements of community-
design leading to beneficial outcomes sought by the 
community to achieve stakeholder-identified sustainable 
development goals.
Some key outcomes and achievements 
during the reporting period include: 
Continued implementation of the community-based 
training and development program, supporting the 
following initiatives:
	
>
establishment of the Ngumari Waanyi Rangers;
	
>
launch of the Boodjamulla National Park Management 
Plan, to be jointly managed by the Waanyi People as 
Traditional Owners for the Park area; and
	
>
continued support for the Cowboys House boarding 
centre in Townsville, providing accommodation, learning 
and career support for students from the Gulf of 
Carpentaria and broader areas of North Queensland.
Community sponsorship programs supporting a range of 
community events and initiatives such as:
	
>
the Gregory River Canoe Marathon;
	
>
the Gregory Saddle Club Saddles and Paddles Event;
	
>
the Normanton Athletics Club, including assisting athlete 
attendance at the National Championships;
	
>
the Burke Shire Council – Health and Wellbeing Expo; and
	
>
the Royal Flying Doctor Service Charity Ball – Normanton. 
The Group was also pleased to be recognised this year with 
a Highly Commended Award as part of the Queensland 
Resources Council’s annual Indigenous Awards. The award 
recognised the Group’s excellence in delivering community-
focused training and development initiatives throughout the 
Gulf of Carpentaria.
Further reporting on sustainability performance will be 
included in the Group’s Sustainability Report to be published 
later in 2022.

39 
New Century’s Head of Corporate Sustainability, 
Shane Goodwin and Community Liaison Officer, Michelle 
Erbacher at the Queensland Resources Council’s 2022 
Indigenous Awards where the Group was recognised for 
its community-based training and development program.
Community support and participation is core to New 
Century’s approach to engagement, and this year the Group 
was able to sponsor and nominate a team to participate in 
the Gregory River Canoe Marathon.
Members of the New Century team join in the 
yabby races at the Gregory Saddle Club’s annual 
Saddles and Paddles event, part of the Group’s 
community support initiatives.
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW

40 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Directors’ Report

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 41 
The Directors present their report, together with the Financial Statements, on the consolidated entity (referred to hereafter 
as the Group) consisting of New Century Resources Limited (referred to hereafter as New Century or the Company) and the 
entities it controlled for the financial year ended 30 June 2022.
Directors
The Directors who held office during or since the end of the financial year and until the date of this report are set out below. 
Directors were in office for the entire period unless otherwise stated.
DIRECTOR
EXPERIENCE AND EXPERTISE
OTHER CURRENT 
LISTED ENTITY 
DIRECTORSHIPS
FORMER 
LISTED ENTITY 
DIRECTORSHIPS IN 
LAST THREE YEARS
NEW CENTURY 
SPECIAL 
RESPONSIBILITIES
CURRENT DIRECTORS
Robert 
McDonald
Chairman
Appointed on 
17 July 2019
B.Comm
MBA (Honours)
Robert McDonald has more than 40 years of broad 
experience in the international mining sector. His 
early career within the Rio Tinto Group involved 
various operational business development, deal 
making and strategic planning roles for Hamersley 
Iron, RTZ Services and Rio Tinto Minera SA. 
This experience was followed by 20 years of 
investment banking, initially with BA Australia, 
then as director and principal of Resource Finance 
Corporation, and subsequently as a Managing 
Director of N.M. Rothschild & Sons. In these roles 
he was responsible for a wide range of advisory 
services including company formation, M&A, 
business origination, strategic advice on value 
creation/recognition, risk management, fairness 
opinions, debt and equity capital raisings and 
corporate restructurings. 
Over the most recent decade Mr McDonald has 
continued as a trusted investment banking advisor 
to a selected group of major international mining 
and investment companies. He has also maintained 
an active involvement in publicly listed and private 
mining and mining service companies through 
various board roles including as Non-Executive 
Director and Chairman.
Cobalt Blue 
Holdings 
Limited
None
Chairman 
of the Board 
Member of 
Remuneration 
& Nomination 
Committee
Patrick 
Walta
Managing 
Director
Appointed on 
13 July 2017
B.Eng (Chem)
B.Sc
MBA
M.Sc (MinEcon)
Dip Proj Mgt
Patrick Walta is a qualified metallurgist, mineral 
economist and board executive with experience 
across both technical and commercial roles within 
the mining and water treatment industries. 
Mr Walta's experience within the mining industry 
includes public and private company management, 
mineral processing, M&A, IPOs, project management, 
feasibility studies, exploration activities, competitive 
intelligence and strategic planning. Mr Walta also 
has a broad level of resource industry experience 
through roles with the Rio Tinto Group, Citic 
Pacific Mining, Cradle Resources Limited, Carbine 
Resources Limited, Primary Gold Limited and Clean 
TeQ Limited.
None
None
Managing Director
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW

42 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Directors’ Report (continued)
DIRECTOR
EXPERIENCE AND EXPERTISE
OTHER CURRENT 
LISTED ENTITY 
DIRECTORSHIPS
FORMER 
LISTED ENTITY 
DIRECTORSHIPS IN 
LAST THREE YEARS
NEW CENTURY 
SPECIAL 
RESPONSIBILITIES
Nick
Cernotta
Non-Executive 
Director
Appointed on 
28 March 2019
B.Eng (Mining)
Nick Cernotta is a mining engineer who has held 
senior operational and executive roles in Australia 
and overseas for over 35 years. Mr Cernotta has 
considerable experience in the management and 
operation of large resource projects, having served 
as Director of Operations at Fortescue Metals Group, 
Chief Operating Officer (Underground, International 
and Engineering) at MacMahon Holdings Limited and 
as Director of Operations for Barrick (Australia Pacific) 
Pty Ltd, a subsidiary of Barrick Gold Corporation.
Mr Cernotta’s particular operational expertise is 
in managing safety, culture, production and cost 
efficiency, and organisational effectiveness.
Northern Star 
Resources 
Limited
Panoramic 
Resources 
Limited
Pilbara Minerals 
Limited
None
Chair of 
Remuneration 
& Nomination 
Committee
Member of Audit & 
Risk Committee
Member of 
Environmental, 
Social & Governance 
Committee
Member of Technical 
Oversight Committee
Kerry 
Gleeson
Non-Executive 
Director
Appointed on 
30 November 
2020
LLB (Hons)
FAICD
Kerry Gleeson is an experienced Non-Executive 
Director following a 30-year career as a senior 
executive and as a lawyer in both the United Kingdom 
and Australia. Ms Gleeson has significant experience 
in international governance, strategic M&A and 
complex corporate finance transactions, as well as in 
risk and crisis management.
Ms Gleeson was a member of the Group Executive 
at Incitec Pivot Limited for ten years until 2013, 
including as General Counsel & Company Secretary, 
with involvement across its international operations 
in explosives and chemicals, mining, transport and 
logistics. Ms Gleeson led Incitec Pivot’s Corporate 
Affairs function across government, media and 
regulatory affairs as well as leading international 
crises responses and major environmental 
remediation projects, and the Group’s Culture & 
Values and Diversity programs.
Earlier in her career, Ms Gleeson was a senior 
corporate lawyer with Australian law firm Blake 
Dawson Waldron (now Ashurst) in Melbourne which 
followed a ten-year career in the United Kingdom 
where she practised as a corporate finance lawyer 
focusing on M&A, IPOs and debt and equity financing.
Australian 
Strategic 
Materials 
Limited
Chrysos 
Corporation 
Limited
St Barbara 
Limited
None
Chair of 
Environmental, 
Social & Governance 
Committee
Member of 
Remuneration 
& Nomination 
Committee
Member of Audit & 
Risk Committee
Peter Watson
Non-Executive 
Director 
Appointed on 
22 January 2018
B.Eng (Chem) 
(Hons)
Dip Acc & Fin 
Mgt
FIEAust
GAICD
Peter Watson is a chemical engineer with over 30 years’ 
experience in the resources sector, both in Australia and 
overseas. Mr Watson has held technical and executive 
roles with a number of companies throughout his 
career, culminating in his appointment as the Managing 
Director & Chief Executive Officer of Sedgman Limited, 
a market leading engineering and mining services firm. 
Initially joining Sedgman as Chief Operating Officer 
Metals Division in 2010, Mr Watson successfully led 
and supported the development and execution of 
Engineering, Procurement and Construction (EPC) as 
well as Operations Contracts in excess of $2 billion 
as he progressed through roles as Executive General 
Manager (2011–2012) and Global Executive Director 
(2012–2014), before being made Managing Director & 
Chief Executive Officer (2014–2016). 
During his time at Sedgman, Mr Watson provided 
leadership and guidance across a suite of over ten 
large scale mine operations contracts and over 30 EPC 
contracts across a broad spectrum of commodities. 
Paladin Energy 
Limited
Strandline 
Resources 
Limited
None
Chair of Audit & Risk 
Committee
Chair of Technical 
Oversight Committee
Member of 
Environmental, 
Social & Governance 
Committee

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 43 
Company Secretary
Thomas Wilcox
Thomas Wilcox is an experienced legal and corporate governance executive with significant Australian and international 
experience in the resources sector. Mr Wilcox has extensive experience in areas including M&A, joint ventures, business 
development, corporate governance, ESG, business integrity, risk management and compliance, regulatory investigations and 
financing transactions.
Prior to joining New Century, Mr Wilcox has worked in a range of senior legal and governance roles at Newcrest Mining Limited, 
Kidman Resources Limited, CSG Limited and Rio Tinto Limited (including its ASX-listed subsidiary Energy Resources of Australia 
Limited).
Mr Wilcox holds a Master of Laws (LLM), a Bachelor of Laws (LLB) and a Bachelor of Commerce (B.Com) from the University of 
Melbourne and is a graduate of the Australian Institute of Company Directors.
Directors’ meetings
The number of Board and Committee meetings held, and the number of meetings attended by each of the Directors of the 
Company, during the financial year are shown below:
DIRECTOR
BOARD OF DIRECTORS
AUDIT & RISK 
COMMITTEE
REMUNERATION 
& NOMINATION 
COMMITTEE
ENVIRONMENTAL, 
SOCIAL & GOVERNANCE 
COMMITTEE
CURRENT 
DIRECTORS
Scheduled
Supplementary
Scheduled
Supplementary
Scheduled
Supplementary
Scheduled
Supplementary
Robert McDonald
6/6
18/18
–
–
4/4
1/1
–
–
Patrick Walta
 6/6
17/18
–
–
–
–
–
–
Nick Cernotta
6/6
18/18
4/4
1/1
4/4
1/1
2/2
–
Kerry Gleeson
6/6
17/18
4/4
1/1
4/4
1/1
2/2
–
Peter Watson
6/6
18/18
4/4
1/1
–
–
2/2
–
In addition to the meetings of Directors and Committees specified above, Directors attended additional meetings with 
Management in consideration of key strategic matters for the Group.
Principal activities
The principal activities of the Group for the financial year were the mining and processing of tailings dam materials containing 
zinc, sales of concentrate, undertaking mineral exploration activities and exploring business development opportunities. More 
information on the Group’s principal activities is set out in the Operating and Financial Review section.
Dividends
No dividend has been declared or paid by the Group during the financial year and the Directors do not at present recommend a 
dividend (30 June 2021: Nil).
Operating and financial review
Details of the review and results of New Century’s operational and financial performance, which forms part of the Directors’ 
Report, are set out in the Operating and Financial Review section.
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW

44 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Directors’ Report (continued)
Matters subsequent to the end 
of the financial year
On 26 August 2022 the Group executed an Amendment 
Letter with Macquarie Bank Limited (Macquarie) and 
Argonaut Insurance Company (Argo) amending the terms 
and conditions of the existing Environmental Bond Facility 
(Amended EBF).
The key commercial and legal terms of the Amended EBF are 
now as follows:
Environmental Bonding Facility terms
In November 2021, Argo provided an Environmental Bond 
Facility for A$180 million for the purpose of replacing the 
environmental rehabilitation bonds previously supported 
by MMG Limited and required to be presented to the 
Queensland State in respect of the Century Mine. 
Macquarie, as the Issuing Bank, fronts the environmental 
bonds. Macquarie has also entered into zinc hedging 
transactions with Century Mine Limited (CML), a wholly owned 
subsidiary of New Century.
The Facility Agreement sets out the terms and conditions 
applicable to the issuance of the environmental bonds, the 
fronting arrangements and the zinc hedging transactions 
provided by Macquarie. The EBF has now been amended as 
set out below.
Amortisation profile
The maturity date of the Amended EBF is 30 April 2025 
(previously 30 September 2024).
The Amended EBF amortises quarterly for four quarters at 
A$10.0 million per quarter commencing 3 April 2023 and 
finishing on 2 January 2024 and amortises thereafter from 
31 January 2024 at the rate of A$7.62 million per month with 
the last amortisation payment due on 30 April 2025. 
Amortisation of the Amended EBF can be achieved through 
any combination of returning the environmental bonds to the 
Issuing Bank (including following a reduction of the underlying 
environmental bond liability) or lodging cash cover with the 
Issuing Bank.
CML can make voluntary prepayments at any time with prior 
notice and all reductions by way of voluntary prepayments 
or scheduled amortisation are applied as a reduction to the 
next amortisation payment falling due. No prepayments or 
repayments may be redrawn.
Fees
On-going fees payable by CML under the Amended EBF: 
(a)	 Line Fee of 2.30% p.a. calculated on the total drawn 
balance of the Amended EBF commitment (less any cash 
cover provided); (previously 1.9% p.a.)
(b)	 Fronting Fee of 0.25% p.a. calculated on the total drawn 
balance of the Amended EBF commitment (less any cash 
cover provided); (unchanged)
(c)	 Amendment Line Fee of 2.5% p.a. calculated on the total 
drawn balance of the Amended EBF commitment (less any 
cash cover provided); (new)
(d)	 Annual Facility Fee of A$3.1 million (unchanged); and
(e)	 standard security trustee and agency fees (unchanged).
The Issuing Bank has customary rights to pay and walk from 
the performance bonds, which are strictly limited to events of 
illegality, impossibility and breaches of anti-money laundering 
or sanction requirements and where an event of default 
is subsisting.
Security (unchanged)
The customary security package includes a full suite of first 
ranking security over the Century Mine, including guarantees, 
mortgages (over mining tenures and real property), general 
security agreements, share pledges and subordination of 
intercompany loans (if applicable) is in place.
Representations, warranties, and 
undertakings (unchanged)
The EBF contains representations, warranties, and 
undertakings typical for a facility of this nature, including: 
(a)	 general undertakings (including restrictions on 
distributions, incurring financial indebtedness, providing 
financial accommodation and guarantees and acquiring 
and disposing of assets, each with typical exceptions);
(b)	 information undertakings (including financial reporting 
undertakings); 
(c)	 project specific undertakings (including rehabilitation 
undertakings);
(d)	 hedging undertakings; and 
(e)	 insurance undertakings.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 45 
Financial and production covenants and 
other restrictions
(a)	 The EBF contains financial covenants which are tested 
quarterly.
(b)	 “Minimum Liquidity” of no less than A$25 million on 
quarter-ends and A$15 million on month-ends between 
quarters which has been tested on and from 
31 December 2021.
(c)	 “Debt Service Cover Ratio” of no less than 1.2x to be 
tested on and from 30 June 2023 (previously 31 March 
2022 and which has been tested on and from 31 March 
2022 to 30 June 2022).
(d)	 “Project Life Cover Ratio” of no less than 1.7x which has 
been tested on and from 31 December 2021.
(e)	 Specified 6-month production hurdles commencing 
30 June 2023 (previously 30 September 2022) and tested 
quarterly varying from 54,000t of payable zinc metal 
over a six-month period to 30 June 2023, to a high of 
60,000t of payable zinc metal over the six-month period to 
31 March 2024.
The Amended EBF also includes specific limits on incurring 
additional financial indebtedness, disposing or acquiring 
assets, provision of guarantees or financial accommodation, 
and the distribution of dividends.
Review Events and Events of Default
The Amended EBF contains a number of Review Events, 
which can trigger a mandatory prepayment of the Amended 
EBF and the termination of the hedge position, if an 
agreement or remedy does not occur within specified 
timeframes. 
	
>
suspension of trading on the ASX for more than five 
consecutive days in any 12-month period; 
	
>
change of control;
	
>
changes to the “Rehabilitation Plan” which have a material 
adverse effect; 
	
>
failure to satisfy the minimum “Reserve Tail Ratio” 
requirement;
	
>
a 15% underachievement of forecast cashflows compared 
to the updated "Base Case Financial Model" (that is the 
August 2022 model whereas this was previously the 
original November 2021 model) using the same price 
assumption as the updated model for zinc, exchange rates 
and treatment charges;
	
>
certain material changes to the “Life of Mine Plan” or “Base 
Case Financial Model” which do not fall within specified 
exceptions; and
	
>
failure to forecast production in the latest “Life of Mine 
Plan” from the tailings operations continuing after the 
conclusion of the EBF and the existing hedging positions 
with Macquarie.
The EBF also contains customary events of default.
There have been no other events that have occurred 
subsequent to the reporting date which have significantly 
affected or may significantly affect the Group’s operations or 
results in future financial years.
Future developments, 
prospects and business 
strategies
Disclosure of further information regarding likely 
developments in the operations of the Group in future 
financial years and the expected results of those operations 
are set out in the Operating and Financial Review section as 
well as on the Company’s ASX announcements which are 
available at the Company’s website.
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW

46 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Directors' Report (continued)
Share options and performance rights
At the date of this report, the Group had the following options over ordinary shares and performance rights on issue:
TYPE OF OPTIONS AND 
PERFORMANCE RIGHTS
NUMBER OF OPTIONS AND 
PERFORMANCE RIGHTS
EXERCISE PRICE
$
EXPIRY 
DATE
Unquoted options issued to Director
66,667
8.40
18/09/2022
Unquoted options issued to Director
66,667
10.50
18/09/2022
Unquoted options issued to Värde Partners
1,666,667
3.75
17/07/2023
Unquoted options issued to Tectonic Advisory
666,668
3.75
04/12/2023
Unquoted options issued to MMG Management
666,667
2.325
30/11/2024
Class A performance rights (2020)
291,602
–
01/07/2024
Class B performance rights (2020)
83,317
–
01/07/2024
Class C performance rights (2020)
41,660
–
01/07/2024
Class D performance rights (2021)
894,866
–
01/07/2025
Performance rights (2020)
92,721
–
01/07/2024
Performance rights (2021)
255,293
–
01/07/2025
Performance rights (2022)
712,686
–
01/07/2026
Performance rights (2022)
234,983
–
01/07/2026
Total
5,740,464
Directors’ interests
The relevant interest of each Director in the share capital of the Group as at the date of this report is:
DIRECTORS
ORDINARY SHARES FULLY PAID
OPTIONS
PERFORMANCE RIGHTS
Direct
Indirect
Total
Direct
Indirect
Total
Direct
Indirect
Total
Robert McDonald
–
78,530
78,530
–
133,334
133,334
–
–
–
Patrick Walta
2,271,131
–
2,271,131
–
–
–
613,852
–
613,852
Nick Cernotta
–
103,048
103,048
–
–
–
–
–
–
Kerry Gleeson
7,056
7,055
14,111
–
–
–
–
–
–
Peter Watson
–
35,186
35,186
–
–
–
–
–
–
Total
2,278,187
223,819
2,502,006
–
133,334
133,334
613,852
–
613,852

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 47 
Indemnifying officers 
or auditor
The Company’s Constitution provides that, to the extent 
permitted by law, the Company must indemnify any person 
who is, or has been, a Director or Officer of the Company 
against any liability incurred by that person as a Director or 
Officer of the Company or a subsidiary of the Company and 
legal costs incurred by that person in defending an action 
for such liabilities. The Constitution further provides that the 
Company may enter into an agreement with any person who 
is, or has been, a Director or Officer of the Company or a 
subsidiary of the Company to indemnify the person against 
such liabilities. The Company has entered into Deeds of 
Indemnity, Insurance and Access with current and former 
Directors and Officers. The deeds address the matters set out 
in the Constitution.
The Company has paid premiums to insure all Directors and 
Officers against liabilities for costs and expenses incurred by 
them in defending any legal proceedings arising out of their 
conduct while acting in their capacity as Directors or Officers 
of the Company, other than conduct involving a wilful breach 
of duty in relation to the Company. 
Disclosure of the nature and the amount of the premium is 
prohibited by the confidentiality provisions of the insurance 
contracts. 
No indemnities have been given or agreed to be given or 
insurance premiums paid or agreed to be paid, during or 
since the financial year ended 30 June 2022, to any person 
who is or has been an auditor of the Company.
Audit, auditor’s independence 
declaration and non-audit 
services
Deloitte Touche Tohmatsu has been appointed as auditor of 
the Group in accordance with section 327 of the Corporations 
Act 2001 (Cth). The lead auditor’s independence declaration 
for the financial year ended 30 June 2022 has been received.
Details of amounts paid or payable to the auditor for non-audit 
services provided during the financial year by the auditor are 
outlined in Note 37 to the Financial Statements. The Directors 
are of the opinion that the non-audit services as disclosed in 
Note 37 to the Financial Statements do not compromise the 
external auditor’s independence.
Proceedings on behalf 
of the Group
No person has applied for leave of Court to bring 
proceedings on behalf of the Group or intervene in any 
proceedings to which the Group is a party for the purpose of 
taking responsibility on behalf of the Group for all or any part 
of those proceedings.
The Group was not a party to any such proceedings during 
the financial year.
Environmental regulations
The Group is required to carry out its activities in accordance 
with legislation and regulations in the areas in which it 
undertakes its exploration and development activities. The 
Group is not aware of any matter which requires disclosure 
with respect to any significant environmental regulation in 
respect of its operating activities.
Remuneration report
The remuneration report which has been audited by Deloitte 
Touche Tohmatsu forms part of the Directors’ Report.
Going concern
Refer to the Going Concern note under the Summary of 
significant accounting policies in Note 1 to the Financial 
Statements for a matter emphasised in relation to the Going 
Concern assumption.
Signed in accordance with a resolution of the Directors.
Robert McDonald
CHAIRMAN
29 August 2022
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW

48 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
The Remuneration Report, which has been audited, outlines the Director and executive remuneration arrangements for the 
Group in accordance with the requirements of the Corporations Act 2001 (Cth) (Corporations Act) and its Regulations.
This Remuneration Report is set out under the following main headings:
	
>
Key management personnel covered in this report
	
>
Principles used to determine the nature and amount of remuneration
	
>
Details of remuneration
	
>
Service agreements
	
>
Share-based compensation
	
>
Additional disclosures relating to key management personnel.
Key management personnel covered in this report
The Corporations Act and relevant Accounting Standards require disclosures in respect of “key management personnel” (KMP), 
being those persons having authority and responsibility for planning, directing and controlling the activities of the Group.
The KMP of the Group are listed below. Throughout this Remuneration Report the KMP who are not Non-Executive Directors are 
collectively referred to as Executive KMP.
TABLE 1 – KEY MANAGEMENT PERSONNEL (KMP)
NAME
POSITION
PERIOD OF KMP DURING THE YEAR
Current
Robert McDonald
Non-Executive Chairman
All of financial year 2022
Patrick Walta1
Managing Director
All of financial year 2022
Nick Cernotta
Non-Executive Director
All of financial year 2022
Kerry Gleeson
Non-Executive Director
All of financial year 2022
Peter Watson
Non-Executive Director
All of financial year 2022
Mark Chamberlain1
Chief Financial Officer
All of financial year 2022
Barry Harris1
Chief Operating Officer
All of financial year 2022
1	
Executive KMP.
Remuneration Report

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 49 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
Principles used to determine the nature and amount 
of remuneration
Remuneration governance
The Board recognises that the success of the business depends on the quality and engagement of its people. To ensure the 
Group continues to succeed and grow, it must attract, motivate and retain skilled Directors, executives and employees. The 
Board’s aim is to ensure that people and performance are a priority.
The Remuneration & Nomination Committee is responsible for the oversight of the Group’s remuneration framework and 
policies. The Board, upon recommendation of the Remuneration & Nomination Committee, determines the remuneration and 
key performance indicators for the Managing Director and other Executive KMP.
The objective of the Remuneration & Nomination Committee is to ensure that the remuneration framework and policies 
are suitable to attract and retain Directors, executives and employees who are incentivised to create sustained value for 
shareholders.
Remuneration philosophy
The remuneration framework and policies of the Group have been designed to be simple and transparent, to align employee 
and executive reward with the achievement of the Group’s strategic objectives over the medium and long term, and to 
encourage a ‘pay for performance’ culture.
The following guiding principles direct the Group’s remuneration approach. The remuneration structure aims to:
	
>
attract, retain and motivate the right calibre of people for the business;
	
>
provide strong linkage between incentive rewards and creation of value for shareholders;
	
>
reward the achievement of financial and strategic objectives; and
	
>
comply with applicable legal requirements and appropriate standards of governance.
Remuneration positioning
The Group’s approach to Total Fixed Remuneration (TFR) in the 2022 financial year was to position between the 50th and 75th 
percentiles of the market for a fully proficient and capable performer, whilst the total remuneration package (including both 
fixed and at-risk pay) reflects more typically the upper quartile pay position when superior levels of performance have been met 
or exceeded.
External benchmarking and market data
The Remuneration & Nomination Committee uses external benchmarking or market data in assessing the positioning and 
competitiveness of remuneration packages for KMP (both Non-Executive Directors and Executive KMP). For the purposes of 
assessing the appropriate levels of remuneration, the Remuneration & Nomination Committee considers the Company’s peers 
in the Australian resources sector in terms of a range of factors, including size, financial metrics, location, operational complexity 
and risk profile, and which are representative of those with which the Group may compete for talent.

50 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Remuneration Report (continued)
Executive KMP remuneration framework
Executive KMP remuneration is comprised of fixed and at-risk components, the purpose of which is to align executive reward 
with performance, shareholder outcomes and the Group’s goal of retaining and promoting high calibre people. TFR and at-risk 
remuneration are reviewed annually by the Remuneration & Nomination Committee. The total remuneration package (fixed and 
at-risk pay), reflects the upper quartile pay position where superior levels of performance have been achieved. An overview of 
the different components within the Executive KMP remuneration framework is set out in Table 2 below.
The Board considers that if the targets set for Executive KMP are successfully delivered, this will generate significant and 
sustained value for shareholders.
TABLE 2 – EXECUTIVE KMP REMUNERATION FRAMEWORK
COMPONENT
VEHICLE
PURPOSE
Total Fixed Remuneration (TFR)
Base salary, superannuation and non-cash 
benefits.
Pay for meeting role requirements with 
reference to industry benchmarking, 
experience and skills, size and complexity 
of role and proficiency.
Short Term Incentive (STI)
Cash based incentive that is set at a 
percentage of TFR for the achievement of 
individual and Company key performance 
indicators (KPIs) for the financial year.
Each year, the Board sets the KPIs for 
Executive KMP which include a mix of 
Company and individual performance 
objectives.
Cash based pay for the achievement of 
Company and individual KPIs.
The Board sets KPIs that are intended to 
drive performance without encouraging 
undue risk-taking and align the interests 
of the Executive KMP with those of 
shareholders.
Long Term Incentive (LTI)
The LTI component consists of a grant of 
performance rights to Executive KMP and 
other executives. Grants of performance 
rights are made by way of issue at nil cost 
at the time of grant and no exercise price 
on vesting. Vesting is contingent on the 
achievement of performance conditions set 
by the Board over a three-year period.
The number of performance rights issued 
is linked to TFR and the share price at 
the commencement of the three-year 
performance period.
Equity based pay for outperforming peers 
and creating value for shareholders over a 
long-term horizon.
The Board considers that the LTI plan aligns 
the interests of Executive KMP and other 
executives with those of shareholders by 
basing rewards on the delivery of the plan 
and strategic objectives for the Company 
which translate into longer term value for 
shareholders.
Total Fixed Remuneration
TFR is reviewed annually, typically at the commencement of the financial year. Any adjustments to the TFR of Executive KMP 
must be approved by the Board after recommendation by the Remuneration & Nomination Committee. The Managing Director 
determines the TFR of other senior executives within specified guidelines approved by the Board, on the recommendation of 
the Remuneration & Nomination Committee.
The TFR for Executive KMP is typically positioned between the 50th and the 75th percentiles of salaries for comparable roles at 
companies within the mining industry with which the Group competes for talent and equity investment. On 1 January 2022, the 
Managing Director’s TFR was aligned to the 75th percentile taking into account industry movements since the completion of the 
benchmarking survey, positioning the TFR of all Executive KMP in line with this benchmark. TFR is assessed on a case by case 
basis, taking into account role requirements and complexity, as well as individual experience, skills and proficiency. 

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 51 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
In approving the changes to TFR for Executive KMP for the 2022 financial year, the Board considered a range of 
factors including:
	
>
industry benchmarking and market data comparing remuneration positioning and competitiveness against the Group’s peers 
in the Australian resources sector in terms of market capitalisation, location and operational and risk profile;
	
>
the fact that, prior to the 2022 financial year, there had been only minor increases (or in some cases, no increases at all) to 
the TFR of Executive KMP since 1 July 2019. Over this period the TFR of Executive KMP, when assessed against the Group’s 
peers in the Australian resources sector, had fallen below the range targeted by the Board;
	
>
the continued growth and development of the Group, improved market conditions and the stabilisation of the Group’s 
operational and financial performance;
	
>
the recent tightening of labour markets in the resources sector, and the increased competition for high calibre executives, 
which is anticipated to continue in the short to medium term; and
	
>
the Board’s overall philosophy of ensuring that the Group’s remuneration framework and policies are suitable to attract, 
motivate and retain talented executives who are incentivised to create sustained value for shareholders.
During the 2022 financial year the Board exercised its discretion to conduct an out of cycle review of Patrick Walta’s TFR. 
Following the transformation growth transaction that was executed in the first half of the financial year the Board resolved to 
increase Mr Walta’s TFR from $575,000 (including superannuation) to $650,000 (including superannuation) with effect from 
1 January 2022. The Board also resolved that, for the purposes of determining Mr Walta’s STI and LTI entitlements, his TFR for 
the 2022 financial year will be taken to be $612,500 (being the average TFR during the period).
Short Term Incentives
All Executive KMP are eligible to participate in the Company’s STI plan which provides for a payment to made subject to the 
achievement of a number of measures related to individual and Company performance. The 2022 financial year STI plan for 
Executive KMP set a maximum value of 50 percent of TFR for the reporting period. 
The STI measures and weightings between individual and Company performance vary for Executive KMP, depending on the 
requirements of each role. The Managing Director’s maximum STI opportunity for the 2022 financial year is comprised of a 30 
percent weighting for Company performance and a 70 percent weighting for individual performance. For other Executive KMP, 
the maximum STI opportunity is comprised of either a 40 or 70 percent weighting for Company performance and a respective 
60 or 30 percent weighting for individual performance.
The individual objectives set for the 2022 financial year were stretch targets based on key strategic objectives for the Group 
over the period which the Board considered to underpin the Group’s growth plans and generate value for shareholders. 
The Company performance component of the STI opportunity relates to safety, production and cost metrics and is substantially 
aligned to previous years.
In consideration of ongoing labour market risks for key personnel, and as a once off measure to bolster the Group’s retention 
incentive objectives, the Board determined that Executive KMP would be eligible for a 50 percent uplift of their overall STI 
outcome for the 2022 financial year. The resulting uplift will be issued as equity and escrowed for 12 months.
The Board retains discretion under the STI plan rules in relation to the award, forfeiture or adjustment of any STI payment to 
ensure that it is appropriate and equitable, having regard to factors including the overall business performance.

52 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Remuneration Report (continued)
Long Term Incentives
The Group’s remuneration and incentive plans for Executive KMP and other executives and employees for the 2022 financial 
year were reviewed by the Remuneration & Nomination Committee and approved by the Board. The review was undertaken 
to ensure appropriateness of performance conditions (over the short and longer term), vesting scales, targets and gates to the 
circumstances that are anticipated to prevail over the measurement period and the expectations of shareholders and to also 
consider the strategic objectives of the Group going forward.
In October 2019, the Company received shareholder approval for the establishment of two employee incentive schemes, the 
General Employee Share Plan (GESP) and the Employee Share Incentive Plan (ESIP). Under these plans the Board may offer to 
eligible persons the opportunity to subscribe for such number of equity securities in the Company as the Board may determine, 
on the terms set out in the rules of the relevant plan. Both plans provide eligible employees with the opportunity to participate in 
the future growth of the Group. 
The GESP allows for eligible persons to subscribe for shares that may be subject to income tax exemptions or deferral, while the 
ESIP is a broader plan under which the Board may offer eligible persons to subscribe for shares and/or equity securities.
The Group is at an important stage of development with significant opportunities and challenges in both the near and longer 
term. The Board believes that incentivising the Group’s Executive KMP and other executives with performance rights under 
the ESIP is a prudent means of conserving the Group’s available cash reserves and aligning the efforts of those individuals in 
seeking to achieve growth of the share price and in the creation of shareholder value. The Board believes it is important to 
offer performance rights to continue to attract and maintain highly experienced and qualified employees and executives in a 
competitive market. 
The Company issued 433,758 performance rights to Executive KMP and 278,928 performance rights to other executives under 
the ESIP during the 2022 financial year, which are subject to the achievement of various conditions which must be achieved on 
or before the end of the assessment period on 1 July 2024. The performance rights expire on 1 July 2026. A summary of the 
vesting conditions of performance rights granted to Executive KMP and other executives under the ESIP for the 2022 financial 
year is set out in Table 3. Performance rights issued to the Managing Director were approved by shareholders at the 2021 
Annual General Meeting. 
The LTI opportunity for the 2022 financial year consists of the issue of performance rights and is set a maximum value of 
125 percent of TFR for the Managing Director and 75 percent of TFR for other Executive KMP and executives. In order for this 
component to be realised in full, the Group must outperform its peers on a relative Total Shareholder Return (TSR) basis, as 
compared against a Select Industry Group of peer companies (50 percent) and the companies comprising the ASX 300 Mining 
and Metals Index (50 percent).
Where a holder of performance rights becomes a “leaver” (as defined in the ESIP rules) all unvested performance rights will 
automatically be forfeited, unless the Board otherwise determines in its discretion to permit some or all of the performance to 
vest. The Board may exercise its discretion where “special circumstances” (as defined in the ESIP rules) exist, which include a 
person becoming a leaver as a result of death, total or permanent disability, retirement or redundancy.
The Company will seek shareholder approval to refresh the GESP and the ESIP at the 2022 Annual General Meeting.
The Board retains discretion under the LTI plan rules in relation to the award, forfeiture or adjustment of any LTI payment to 
ensure that it is appropriate and equitable, having regard to factors including the overall business performance.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 53 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
TABLE 3 – 2022 FINANCIAL YEAR PERFORMANCE RIGHTS VESTING CONDITIONS
CONDITION TYPE
CONDITION DESCRIPTION
PERFORMANCE RIGHT ALLOTMENT
Service Condition
Continuous employment with the Group over the 
assessment period (to 1 July 2024)
Mandatory requirement for the vesting of any 
performance rights
Relative TSR
Performance rights will proportionately vest 
according to the relative TSR of the Company 
measured for the three-year period from 1 July 2021 
to 30 June 2024
Up to 50% of total performance rights will vest on 
the basis of relative TSR, as compared against a 
Select Industry Group of peer companies. The peer 
companies are substantially aligned with those in 
the LTI plan for the 2021 financial year
Up to 50% of total performance rights will vest on 
the basis of relative TSR, as compared against the 
companies comprising the ASX 300 Mining and 
Metals Index
In both cases above, performance rights will vest as 
follows: 
Relative TSR is below the 50th percentile of the 
relevant comparator: 0% of performance rights vest
•	
Relative TSR is equal to 50th percentile of the 
relevant comparator: 50% of performance rights 
vest
•	
Relative TSR is between 50th and 75th 
percentile of the relevant comparator: pro rata 
vesting of performance rights between 50% and 
100% of performance rights vest
•	
Relative TSR is above the 75th percentile of 
the relevant comparator: 100% of performance 
rights vest.
The relative TSR calculation for the Company and the Select Industry Group of peer companies will be based on the percentage 
change in the share price over the three years from 1 July 2021 to 30 June 2024, including dividends (which are assumed 
to be reinvested). The percentage change will be calculated by comparing the 20-trading day Volume Weighted Average 
Price (VWAP) of shares in the period immediately before the start and end of the measurement period and will include the 
reinvestment of dividends.
The Company’s relative TSR comparative group of peer companies was determined by the Board, upon recommendation from 
the Remuneration & Nomination Committee. The selection criteria factored in company sector, size, complexity and risk profile 
to establish a representative group that reflects peers which the Group may compete with for executive talent.

54 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Remuneration Report (continued)
TABLE 4 – RELATIVE TSR PEER COMPANIES
PEER COMPANY
ASX CODE
Red River Resources Ltd 
RVR 
Blackstone Minerals Ltd 
BSX 
Image Resources NL 
IMA 
Venture Minerals Ltd 
VMS 
Medusa Mining Ltd 
MML 
Metals X Ltd 
MLX 
Poseidon Nickel Ltd 
POS 
Neometals Ltd 
NMT 
Core Lithium Ltd 
CXO 
Panoramic Resources Ltd 
PAN 
Pantoro Ltd 
PNR 
Base Resources Ltd 
BSE 
Aeris Resources Ltd 
AIS 
Venturex Resources Ltd 
VXR 
Aurelia Metals Ltd 
AMI 
Mincor Resources Ltd 
MCR 
Syrah Resources Ltd 
SYR 
Western Areas Ltd 
WSA 
Copper Mountain Mining Corp 
C6C 
The TSR performance of the Select Industry Group of peer companies will be adjusted or normalised by the Board in 
circumstances where one or more of those peers cease to be listed on the ASX or cease to remain a representative 
comparator.
A further 234,983 performance rights were issued to other senior employees of the Group under the ESIP which will vest and 
become convertible to shares subject only to the holder remaining employed by the Group on 1 July 2024. These performance 
rights will expire on 1 July 2026.
Looking ahead to the 2023 financial year
The Board has reviewed the remuneration structure for Executive KMP for the 2023 financial year in accordance with the 
Group’s remuneration philosophy and on the recommendation of the Remuneration & Nomination Committee.
The Board has approved an increase in TFR for Executive KMP of 3.5 percent in the 2023 financial year, which is reflective 
of broader increases across the Group’s workforce and the mining industry.
There are no substantive changes to the STI and LTI framework in the 2023 financial year.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 55 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
Non-Executive Director remuneration
The Board’s policy is for fees to Non-Executive Directors to be competitive to market for comparable companies for time, 
commitment and responsibilities. The Board determines payments to the Non-Executive Directors and reviews their 
remuneration annually, based on market practice, duties and accountability and Group-specific requirements which include a 
competent and seasoned Board.
Fees for Non-Executive Directors are not linked to the performance of the Group. However, to align Directors’ interests with 
shareholder interests, Directors are encouraged to hold shares in the Company. Some Non-Executive Directors have in limited 
historical circumstances received incentive options to secure their initial or ongoing services.
The Constitution and the ASX Listing Rules specify that the aggregate remuneration of Non-Executive Directors shall be 
determined from time to time by a general meeting of shareholders. At the Company’s Annual General Meeting held on 31 
October 2019, shareholders approved an increase of the aggregate remuneration fee pool to $900,000 per annum which was 
determined after reviewing similar companies listed on ASX. The Directors believe that this level of remuneration remains in line 
with corporate remuneration of similar companies. 
This shareholder approved level of permitted fees does not compel the Group to pay the entire amount in each financial year, 
rather the proposed limit ensures that the Group: 
	
>
maintains its capacity to remunerate both existing and any new Non-Executive Directors joining the Board; 
	
>
remunerates its Non-Executive Directors appropriately for the expectations placed upon them both by the Group and the 
regulatory environment in which it operates; 
	
>
has the ability to attract and retain Non-Executive Directors whose skills and qualifications are appropriate for a business of 
the size and nature of the Group; and
	
>
has the flexibility to appoint new Non-Executive Directors as it continues to evolve the Board in line with the needs and 
development of the Group. 
It is noted that the options issued to Robert McDonald in the 2020 financial year are subject to a price hurdle and, as such, 
could be viewed as performance-based options. The purpose of issuing these options was to:
	
>
attract the right calibre of individual to ensure that the Group has a skilled and experienced Board;
	
>
ensure that the Non-Executive Director is committed to the Group’s long-term aspirations by virtue of accepting such 
options; and
	
>
preserve the Group’s cash holdings.
During the financial year the Board proposed that Non-Executive Directors have the option to take part of their base 
remuneration in the form of shares. At the Company’s Annual General Meeting held on 30 November 2021, shareholders 
approved the issue of shares to the Non-Executive Directors as payment for up to 50 percent of their base remuneration for the 
2022 financial year. Shares were issued at a price calculated as the 20-trading day VWAP of the Company’s shares up to 1 July 
2021, which was $3.1890 ($0.2126 on a pre-consolidation basis). The number of shares issued to Non-Executive Directors during 
the financial year in lieu of base remuneration are set out in Table 17.

56 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Remuneration Report (continued)
Non-Executive Directors’ fees are reviewed annually by the Board. The remuneration for Non-Executive Directors during the 
2022 financial year is set out in Table 5.
TABLE 5 – NON-EXECUTIVE DIRECTORS’ FEES
ROLE
2022 FINANCIAL YEAR ($)3
Non-Executive Director base fee
90,000
Chairman of Board1
185,000
Remuneration & Nomination Committee Chair2
20,000
Remuneration & Nomination Committee Member2
10,000
Audit & Risk Committee Chair2
20,000
Audit & Risk Committee Member2
10,000
Environmental, Social & Governance Committee Chair2
20,000
Environmental, Social & Governance Committee Member2
10,000
Technical Oversight Committee Chair2
10,000
Technical Oversight Committee Member2
5,000
1	
The Chairman does not receive any fees for his membership of the Committees of the Board.
2	
With the exception of the Chairman, fees for chairing, or membership of, the Committees of the Board are payable in addition to Non-Executive 
Director base fees.
3	
Inclusive of superannuation.
Looking ahead to the 2023 financial year
The Board has reviewed the remuneration structure for Non-Executive Directors for the 2023 financial year to ensure the 
appropriateness and relevance of the fee structure.
The Board has resolved that there will be no increase in fees for Non-Executive Directors in the 2023 financial year. As fees 
are inclusive of superannuation, changes to the superannuation guarantee to 10.5 percent will not have any impact on overall 
fees paid.
The Board has resolved that, consistent with previous years, Non-Executive Directors will have the option to receive up to 
50 percent of their base remuneration in the form of shares (subject to shareholder approval). The primary objective of this 
offering is to facilitate the acquisition of shares by the Group’s Non-Executive Directors. To ensure alignment with the framework 
for issuing performance rights to Executive KMP, the number of shares to be issued will be calculated using the 20-trading day 
VWAP of the Company’s shares up to 1 July 2022, which was $1.8111. A resolution seeking approval of share-based remuneration 
(in lieu of fixed remuneration) will be put to shareholders at the Company’s 2022 Annual General Meeting.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 57 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
Additional information for consideration of shareholder wealth
Table 6 summarises the earnings of the Group and other factors that are considered to affect shareholder wealth for the five 
financial years to 30 June 2022. 
TABLE 6 – GROUP FINANCIAL INFORMATION
2022
20211
2020
2019
2018
EBITDA: Earnings before interest, tax, 
depreciation and amortisation2 – $
41,552,374
73,540,335
(5,616,151)
(11,797,417)
(128,029,083)
Loss after income tax attributable to 
shareholders – $
(28,318,613)
(10,817,168)
(8,107,272)
(21,502,018)
(119,021,291)
Share price at year end – $3
1.67
3.30
2.40
7.35
19.65
Movement in share price for the year – $3
(1.63)
0.90
(4.95)
(12.30)
16.65
Total dividends declared – cents
–
–
–
–
–
Returns of capital – cents
–
–
–
–
–
Basic loss per share – $3
(0.26)
(0.15)
(0.18)
(0.64)
(4.85)
1	
The Group commenced commercial production at the Century Mine on 1 July 2020.
2	
Refer to Note 3 to the Financial Statements for a reconciliation of EBITDA to Net Loss After Tax.
3	
Where applicable, amounts in the table above, have been adjusted for the 15:1 share consolidation which was implemented in December 2021.

TSR for the Company to 30 June 2022 is summarised below:
TABLE 7 – TOTAL SHAREHOLDER RETURN (TSR)
1 YEAR TSR (%)
2 YEAR TSR (%)
3 YEAR TSR (%)
New Century Resources Limited
(49.4)
(30.3)
(74.3)
The Board has regard to the overall performance of the Group over a number of years in assessing and ensuring proper 
alignment of ‘at risk’ remuneration to deliver fair and appropriate outcomes consistent with the Group’s performance. Full details 
of the Group’s operational and financial performance are set out in the Directors’ Report, including the Operating and Financial 
Review section of the Annual Report.
The Group’s ongoing Environmental, Social and Governance (ESG) performance is critical to maintaining its licence to operate, 
which in turn is fundamental to its ongoing financial performance. Details of the Group’s ESG performance will be set out in the 
Company’s annual Sustainability Report (to be released later in 2022) and Corporate Governance Statement (released with this 
Annual Report).
Voting and comments made at the Company’s 2021 Annual General Meeting
At the Company’s 2021 Annual General Meeting the Remuneration Report for the 2021 financial year was approved by 
shareholders with 99.70 percent of votes in favour. The Company did not receive any specific feedback from shareholders 
at the 2021 Annual General Meeting regarding its remuneration practices.

58 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Remuneration Report (continued)
Details of remuneration
TABLE 8 – KMP REMUNERATION 
SHORT-
TERM 
BENEFITS 
CASH 
SALARY 
AND FEES
($)
SHORT-
TERM 
INCENTIVE 
AWARDS1
($)
POST-
EMPLOYMENT 
BENEFITS 
SUPERANNUATION
($)
TERMINATION 
BENEFIT
($)
SHARE 
BASED 
PAYMENTS 
EXPENSES
($)
TOTAL
($)
PROPORTION 
OF 
REMUNERATION 
PERFORMANCE 
RELATED
(%)
2022
Non-Executive Directors
Robert McDonald
185,000
–
–
–
–
185,000
–
Nick Cernotta
122,727
–
12,273
–
–
135,000
–
Kerry Gleeson
118,182
–
11,818
–
–
130,000
–
Peter Watson
118,182
–
11,818
–
–
130,000
–
Executive Director
Patrick Walta
588,932
290,391
23,568
–
424,099
1,326,990
53.8
Executive KMP
Mark Chamberlain
412,432
177,514
23,568
–
255,278
868,792
49.8
Barry Harris
426,432
126,563
23,568
–
255,092
831,655
45.9
Total
1,971,887
594,468
106,613
–
934,469
3,607,437
–
2021
Non-Executive Directors
Robert McDonald
120,000
–
–
–
–
120,000
–
Nick Cernotta
100,000
–
9,500
–
–
109,500
–
Kerry Gleeson2
58,333
–
5,542
–
–
63,875
–
Bryn Hardcastle3
37,500
–
–
–
–
37,500
–
Peter Watson
110,000
10,450
120,450
Evan Cranston4
–
–
–
–
–
–
–
Executive Director
Patrick Walta
451,306
91,242
21,694
–
266,780
831,022
43.1
Executive KMP
Mark Chamberlain
350,000
63,719
21,694
–
175,536
610,949
39.2
Barry Harris5
350,306
55,800
21,694
–
173,640
601,440
38.1
Total
1,577,445
210,761
90,574
–
615,956
2,494,736
–
1	
Refer to Table 11 for STI outcomes.
2	
Kerry Gleeson was appointed as a Non-Executive Director on 30 November 2020.
3	
Bryn Hardcastle resigned as a Non-Executive Director on 30 November 2020. 
4	
Evan Cranston resigned as a Non-Executive Director on 9 July 2020.
5	
In addition to his base salary, Barry Harris cashed out annual leave entitlements of $107,955 during the 2021 financial year.

Movements in annual leave and long service leave provisions for KMP are not recognised as remuneration unless they are paid 
in cash.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 59 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
Executive KMP STI outcomes
For the reporting period to 30 June 2022, STI payments for Executive KMP were determined by assessing the degree of 
achievement of a number of measures related to individual and Company performance. The Board determined the individual 
component of each Executive KMP’s STI by their individual contribution to the Group’s key strategic and growth objectives. 
The weightings for individual and Company performance that comprise each Executive KMP’s overall STI opportunity are set 
out below:
	
>
Patrick Walta: individual performance (70 percent); Company performance (30 percent)
	
>
Barry Harris: individual performance (30 percent); Company performance (70 percent)
	
>
Mark Chamberlain: individual performance (60 percent); Company performance (40 percent)
Some of the detailed measures and outcomes for the individual STI assessment are commercially sensitive and are described in 
Table 9 in general terms only.
TABLE 9 – STI INDIVIDUAL OBJECTIVES
SUMMARY OF INDIVIDUAL KPI OBJECTIVES
Delivery of transformational growth transaction, including Century refinance and equity raise 
Development of in-situ feasibility studies in accordance with budget and schedule set by the Board 
Execution of material M&A transaction (includes options over assets) 
Development of financing strategy for key Group assets and objectives
The outcomes for each Executive KMP’s individual performance assessment for the 2022 financial year are set out below:
	
>
Patrick Walta: 60 percent (out of an available 70 percent)
	
>
Barry Harris: 30 percent (out of an available 30 percent)
	
>
Mark Chamberlain: 50 percent (out of an available 60 percent)
The outcomes of the Company component of the STI for the 2022 financial year are included in Table 10.
TABLE 10 – STI COMPANY PERFORMANCE
SAFETY (%)
PRODUCTION ($)
COSTS (%)
TOTAL (%)
Weighting
15.0
35.0
20.0
70.0
Outcome
7.5
–
–
7.5
The overall STI outcomes for each Executive KMP for the 2022 financial year are included in Table 11.
TABLE 11 – STI OUTCOMES
MAXIMUM STI OPPORTUNITY 
(50% OF TFR)1
($)
CASH STI 
AWARDED2
($)
STI UPLIFT 
(ISSUED AS EQUITY)
($)
AWARDED3
(%)
FORFEITED3
(%)
Patrick Walta
306,2504
193,594
96,7975
63.2
36.8
Mark Chamberlain
218,000
118,343
59,171
54.3
45.7
Barry Harris
225,000
84,375
42,188
37.5
62.5
1	
The STI for the 2022 financial year was supplemented by a once off measure to bolster the Group’s retention incentive objectives and comprises a 
50 percent uplift of each KMP’s STI outcome. The resulting uplift will be issued as equity and escrowed for 12 months.
2	
To be paid in the 2023 financial year.
3	
Excludes STI uplift (issued as equity).
4	
At the commencement of the 2022 financial year Patrick Walta’s TFR was $575,000 (including superannuation). The Board reviewed Mr Walta’s TFR 
following the transformation growth transaction that was executed in the first half of the financial year and resolved to increase it to $650,000 with 
effect from 1 January 2022. The Board has resolved that, for the purposes of determining Mr Walta’s STI and LTI entitlements, his TFR will be taken to 
be $612,500 (being his average TFR during the period).
5	
In accordance with ASX Listing Rule requirements, the issue of shares to Patrick Walta with a value equal to the 50 percent STI equity uplift will be 
subject to shareholder approval at the Company’s 2022 Annual General Meeting.

60 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Remuneration Report (continued)
Executive KMP LTI outcomes
In 2020 the Group issued performance rights (FY20 Performance Rights) to Executive KMP under the ESIP which were subject 
to the achievement of various conditions which must be achieved on or before 30 June 2022.
The performance period for the FY20 Performance Rights was the 2.667 year period from 31 October 2019 (being the date of 
shareholder approval of the ESIP) to 30 June 2022. The FY20 Performance Rights were assessed as follows:
TABLE 12 – FY20 LTI ASSESSMENT
PERFORMANCE 
RIGHTS
PERFORMANCE HURDLES, 
WEIGHTINGS AND OUTCOMES
PROPORTION OF RIGHTS TO VEST
NIL
(0 PERCENT)
MINIMUM
(50 PERCENT)
MAXIMUM
(100 PERCENT)
Class A
Performance 
hurdle
TSR relative to the performance of the 
companies comprising the S&P/ASX 300 
Metals and Mining Index
Weighting
70 percent
Actual score
The Company’s TSR during the 
performance period was (69.3) percent, 
which was in the 19th percentile of the 
companies comprising the S&P/ASX 300 
Metals and Mining Index
Outcome
Nil (below the 50th percentile); all rights 
lapse
•
Class B
Performance 
hurdle
Achievement of 500 tonnes of zinc 
produced on a daily average, determined 
over a period of two weeks
Weighting
20 percent
Actual score
The highest daily average of zinc 
produced over a two week period during 
the performance period was 397 tonnes 
(achieved in the two weeks ending 3 
June 2022)
Outcome
Nil (production rate not achieved); all 
rights lapse
•
Class C
Performance 
hurdle
Completion of a positive definitive 
feasibility study in relation to any in-situ 
Mineral Resources at the Century Zinc 
Mine
Weighting
10 percent
Actual score
Silver King and East Fault Block definitive 
feasibility study was completed during 
the performance period
Outcome
100 percent (definitive feasibility study 
completed); all rights vest
•

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 61 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
The FY20 Performance Rights issued to Patrick Walta had a share price condition requiring the Company’s share price to be 
more than $0.366 ($5.49 on a post-consolidation basis) on 1 July 2022 in order for the rights to vest. The FY20 Performance 
Rights issues to other Executive KMP did not have this share price condition. The Board has waived this condition for the 
Class C performance rights issued to Patrick Walta on the basis that the condition most appropriately applies to the Class A 
performance rights for which TSR is the performance hurdle. The Board is of the view that, given the nature of the performance 
hurdle for Class C performance rights (completion of a positive definitive feasibility study in relation to any in-situ Mineral 
Resources at the Century Zinc Mine) it is appropriate for Class C performance rights to vest independently of the share 
price condition.
TABLE 13 – LTI OUTCOMES
MAXIMUM LTI 
OPPORTUNITY 
(SHARES)
LTI AWARDED
(SHARES)1
AWARDED
(%)
FORFEITED
(%)
Patrick Walta
127,151
12,716
10.0
90.0
Mark Chamberlain
85,261
8,527
10.0
90.0
Barry Harris
82,759
8,276
10.0
90.0
1	
Shares to be issued in the 2023 financial year.
Performance rights vested and on issue
There are three LTI tranches relevant to the 2022 financial year, which are summarised below:
TABLE 14 – RIGHTS VESTED AND ON ISSUE
GRANT DATE / 
TRANCHE NAME
DESCRIPTION
PERFORMANCE 
HURDLES 
WEIGHTING
PERFORMANCE 
PERIOD
STATUS
20/01/2020
17/07/2020
(FY20 Performance 
Rights)
Granted as LTI remuneration in 
relation to the 2020 financial 
year and disclosed in the 
Notice of General Meeting 
dated 12 June 2020 and 2020 
Remuneration Report
Relative TSR
Production
Completion 
of a positive 
definitive 
feasibility study
70 percent
20 percent
10 percent
31 October 2019 
to 30 June 2022
Assessed as at 
30 June 2022 
and reported 
above
04/12/2020
(FY21 Performance 
Rights)
Granted as LTI remuneration 
in relation to the 2021 financial 
year and disclosed in the 
Notice of AGM dated 30 
November 2020 and 2021 
Remuneration Report
Relative TSR 
(Select Industry 
Group)
100 percent
1 July 2020 to 
30 June 2023
To be tested on 
30 June 2023
27/10/2021
(FY22 Performance 
Rights)
Granted as LTI remuneration 
in relation to the 2022 
financial year and disclosed 
in the Notice of AGM dated 
28 October 2021 and 2022 
Remuneration Report
Relative TSR 
(ASX 300 Mining 
and Metals 
Index)
Relative TSR 
(Select Industry 
Group)
50 percent


50 percent
1 July 2021 to 
30 June 2024
To be tested on 
30 June 2024

62 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Remuneration Report (continued)
The three LTI tranches are illustrated on a timeline in Table 15:
TABLE 15 – CURRENT LTI TIMELINE
FINANCIAL YEAR
2020
2021
2022
2023
2024
FY20 Performance Rights
2.667 year performance period, tested 30 June 2022
FY21 Performance Rights
3 year performance period, tested 30 June 2023
FY22 Performance Rights
3 year performance period, tested 30 June 2024
Other transactions with KMP
A number of KMP, or their related parties, hold positions in other entities that may result in them having control or significant 
influence over the financial or operating policies of those entities. Where the Group transacts with the KMP and their related 
parties, the terms and conditions of these transactions are no more favourable than those available, or which might reasonably 
be expected to be available, on similar transactions to non-KMP related entities on an arm’s length basis.
Service agreements
A summary of service agreements with those individuals who were Executive KMP during the 2022 financial year is set 
out below.
TABLE 16 – SUMMARY OF SERVICE AGREEMENTS
KMP
TERM OF 
AGREEMENT
ROLE
BASE SALARY OR 
FEE PER ANNUM FOR 
2022 INCLUDING ANY 
SUPERANNUATION
(NON-PERFORMANCE 
BASED)
($)
BASE SALARY OR 
FEE PER ANNUM FOR 
2023 INCLUDING ANY 
SUPERANNUATION
(NON-PERFORMANCE 
BASED)
($)
TERMINATION 
CONDITIONS
Patrick Walta
No specified term
Managing Director
650,0001
$672,7502
6 month notice 
period
Mark Chamberlain
No specified term
Chief Financial Officer
436,000
$451,2602
6 month notice 
period
Barry Harris
No specified term
Chief Operating Officer
450,000
$465,7502
3 month notice 
period
1	
At the commencement of the 2022 financial year Patrick Walta’s TFR was $575,000 (including superannuation). The Board reviewed Mr Walta’s 
TFR following the transformation growth transaction that was executed in the first half of the financial year and resolved to increase it to $650,000 
(including superannuation) with effect from 1 January 2022.
2	
The Board has approved an increase in TFR for Executive KMP of 3.5 percent for the 2023 financial year (inclusive of the increase in the 
superannuation guarantee from 10 percent to 10.5 percent) in recognition of increases across the Group’s broader workforce and the mining 
industry generally.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 63 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
Share-based payment compensation
Shares were issued to some Non-Executive Directors of the Group as part of their remuneration during the financial year, as set 
out below.
Shares
Shares that were issued during the financial year to KMP and that resulted in the recognition of remuneration expense are set 
out below:
TABLE 17 – SHARES ISSUED TO KMP AS REMUNERATION1
KMP
NUMBER OF SHARES 
ISSUED
SHARE PRICE
($)
REMUNERATION 
EXPENSE RECOGNISED 
DURING THE YEAR
($)
Robert McDonald
17,403
3.1890
55,500
Nick Cernotta
14,111
3.1890
45,000
Kerry Gleeson
14,111
3.1890
45,000
Peter Watson
8,467
3.1890
27,000
Total
54,092
172,500
1	
Where applicable, amounts in the table above, have been adjusted for the 15:1 share consolidation which was implemented in December 2021.
Performance rights and options
Details of performance rights and options over ordinary shares in the Group provided as remuneration to KMP are set out below. 
Each option and performance right is convertible into one ordinary share of the Company upon exercise or vesting. These 
options and performance rights were granted with nil additional consideration. A total of 150,000 options issued to current or 
previous KMP expired or lapsed during the financial year. 
The assessed fair value at grant date of options and performance rights granted to the individuals is allocated equally over 
the period from issue date to vesting date, and the amount is included in the remuneration tables below. Fair values at grant 
date are independently determined using a Black-Scholes option pricing model for options, and hybrid employee share option 
pricing model and a Monte Carlo simulation exercise for performance rights. The fair valuation takes into account the exercise 
price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying 
share, the expected dividend yield, the risk-free interest rate for the term of the option and the liquidity of the share market. 
Further details are set out in Note 34 to the Financial Statements.

64 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Remuneration Report (continued)
Performance rights
Performance rights that were on issue at the end of the financial year to KMP and that resulted in the recognition of 
remuneration expense are set out below. None of the below performance rights had vested at the end of the financial year.
TABLE 18 – PERFORMANCE RIGHTS ON ISSUE1
KMP
GRANT 
DATE
VESTING
DATE
EXPIRY 
DATE
NUMBER 
GRANTED
TOTAL FAIR VALUE 
OF PERFORMANCE 
RIGHTS GRANTED 
($)
FAIR VALUE OF 
PERFORMANCE 
RIGHTS 
RECOGNISED AS 
EXPENSE DURING 
THE YEAR 
($)
Patrick Walta
17/07/2020
01/07/2022
01/07/2024
127,151
268,923
100,846
Patrick Walta
04/12/2020
01/07/2023
01/07/2025
261,314
497,802
207,744
Patrick Walta
27/10/2021
01/07/2024
01/07/2026
225,384
346,528
115,509
Mark Chamberlain
20/01/2020
01/07/2022
01/07/2024
85,261
180,328
67,623
Mark Chamberlain
04/12/2020
01/07/2023
01/07/2025
169,942
323,739
135,104
Mark Chamberlain
27/10/2021
01/07/2024
01/07/2026
102,540
157,655
52,551
Barry Harris
20/01/2020
01/07/2022
01/07/2024
82,759
175,034
65,638
Barry Harris
04/12/2020
01/07/2023
01/07/2025
170,081
324,005
135,215
Barry Harris
27/10/2021
01/07/2024
01/07/2026
105,833
162,718
54,239
Total
934,469
1 	
Where applicable, amounts in the table above, have been adjusted for the 15:1 share consolidation which was implemented in December 2021.
Options 
Options that were provided to KMP in the previous financial years as set out in Tables 20 and 21 were fully expensed in 
the previous financial years. Therefore no remuneration expenses were recognised for these options during the current 
financial year.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 65 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
Additional disclosures relating to key management personnel
Movements in performance rights
The movement in performance rights held by each KMP of the Group during the financial year is as follows:
TABLE 19 – MOVEMENTS IN PERFORMANCE RIGHTS1
KMP
BALANCE AT 
BEGINNING 
OF YEAR
GRANTED AS 
REMUNERATION 
DURING THE 
YEAR
RIGHTS 
CONVERTED 
DURING THE 
YEAR
BALANCE AT 
END OF YEAR
VESTED 
DURING THE 
YEAR
VESTED AND 
CONVERTIBLE
Patrick Walta
388,464
225,384
–
613,848
–
–
Mark Chamberlain
255,203
102,540
–
357,743
–
–
Barry Harris
252,840
105,833
–
358,673
–
–
Total
896,507
433,757
–
1,330,264
–
–
1 	
Where applicable, amounts in the table above, have been adjusted for the 15:1 share consolidation which was implemented in December 2021.
Option holdings of Key Management Personnel
Details of all options held by KMP at the end of the financial year are shown below:
TABLE 20 – OPTIONS HELD BY KMP1
KMP
GRANT 
DATE
NUMBER 
GRANTED
FAIR VALUE 
OF OPTIONS 
AT GRANT 
DATE
($)
EXERCISE 
PRICE
($)
VESTING 
DATE
EXPIRY 
DATE
VESTED 
(%)
Non-Executive Directors
Robert McDonald
18/09/2019
66,667
126,700
8.40
18/09/2019
18/09/2022
100
Robert McDonald
18/09/2019
66,667
109,200
10.50
18/09/2019
18/09/2022
100
Executive Director
Patrick Walta
13/07/2017
466,667
576,730
3.75
13/07/2017
13/07/2022
100
1 	
Where applicable, amounts in the table above, have been adjusted for the 15:1 share consolidation which was implemented in December 2021.
Refer to Table 21 below for a reconciliation of the movement in all options held by KMP during the financial year.

66 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Remuneration Report (continued)
Movements
The movement in options held by each KMP of the Group during the financial year is as follows:
TABLE 21 – MOVEMENTS IN OPTIONS HELD BY KMP1
KMP
BALANCE AT 
BEGINNING 
OF YEAR OR 
APPOINTMENT
GRANTED AS 
REMUNERATION 
DURING THE 
YEAR
OPTIONS 
EXERCISED 
DURING 
THE YEAR
LAPSED 
DURING THE 
YEAR
BALANCE 
AT END 
OF YEAR
VESTED 
DURING 
THE YEAR
VESTED AND 
EXERCISABLE
Non-Executive 
Directors
Robert McDonald
133,334
–
–
–
133,334
–
133,334
Nick Cernotta
133,334
–
–
(133,334)
–
–
–
Executive Director
Patrick Walta
466,667
–
–
–
466,667
–
466,667
733,335
–
–
(133,334)
600,001
–
600,001
Other KMP
Mark Chamberlain
16,667
–
–
(16,667)
–
–
–
Total
750,002
–
–
(150,001)
600,001
–
600,001
1	
Where applicable, amounts in the table above, have been adjusted for the 15:1 share consolidation which was implemented in December 2021. 
Shareholdings of KMP
The number of shares in the Company held by each KMP of the Group and their related parties during the financial year 
is as follows:
TABLE 22 – SHAREHOLDINGS OF KMP1
KMP
BALANCE AT 
BEGINNING OF 
YEAR
GRANTED AS 
REMUNERATION 
DURING THE YEAR
ISSUED ON 
EXERCISE OF 
OPTIONS DURING 
THE YEAR
OTHER CHANGES 
DURING THE YEAR
BALANCE AT END 
OF YEAR
Non-Executive 
Directors
Robert McDonald
48,901
17,403
–
12,226
78,530
Nick Cernotta
51,893
14,111
–
37,044
103,048
Kerry Gleeson
–
14,111
–
–
14,111
Peter Watson
21,375
8,467
–
5,344
35,186
Executive Director
Patrick Walta
2,228,120
–
–
43,011
2,271,131
2,350,289
54,092
–
97,625
2,502,006
Other KMP
Mark Chamberlain
137,879
–
–
–
137,879
Total
2,488,168
54,092
–
97,625
2,639,885
1	
Where applicable, amounts in the table above, have been adjusted for the 15:1 share consolidation which was implemented in December 2021. 
End of audited remuneration report

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 67 
 
 
 
 
Liability limited by a scheme approved under Professional Standards Legislation. 
Member of Deloitte Asia Pacific Limited and the Deloitte organisation. 
 
 
Deloitte Touche Tohmatsu 
ABN 74 490 121 060 
 
477 Collins Street 
Melbourne VIC 3000 
Australia 
 
Tel:   +61 3 9671 7000 
www.deloitte.com.au 
 
 
 
 
 
 
 
 
29 August 2022 
 
 
The Board of Directors 
New Century Resources Limited 
Level 4 
360 Collins Street  
Melbourne, VIC, 3000 
  
 
 
 
Dear Board Members 
 
Auditor’s Independence Declaration to New Century Resources Limited 
 
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration 
of independence to the directors of New Century Resources Limited. 
 
As lead audit partner for the audit of the financial statements of New Century Resources Limited for the year 
ended 30 June 2022, I declare that to the best of my knowledge and belief, there have been no contraventions 
of: 
 
• 
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and 
• 
any applicable code of professional conduct in relation to the audit.   
 
 
Yours sincerely 
 
 
 
 
DELOITTE TOUCHE TOHMATSU 
 
 
 
Suzana Vlahovic 
Partner 
Chartered Accountants 

68 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Financial Report
Contents
Consolidated Statement of 
Profit or Loss and Other 
Comprehensive Income	
69
Consolidated Statement of 
Financial Position	
70
Consolidated Statement of 
Changes in Equity	
71
Consolidated Statement of Cash Flows	 72
Notes to the Financial Statements	
73
Directors’ Declaration	
121
Independent Auditor’s Report	
122

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 69 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Consolidated Statement of Profit or Loss 
and Other Comprehensive Income
NOTE
2022
$
2021
$
Revenue
4
408,296,504
277,981,813
Fair value movements in trade receivables
4
(22,454,972)
5,621,245
Net fair value loss on zinc derivatives
4
(78,684,412)
(6,854,981)
Production costs
5
(208,185,098)
(181,375,095)
Employee benefits expense – labour costs
5
(46,135,194)
(37,879,441)
Change in zinc concentrate inventory
5
1,897,748
10,734,311
Depreciation and amortisation expense
6
(56,705,147)
(63,834,779)
Exploration and evaluation expenditure
7
(7,601,510)
(674,014)
Employee benefits – share based payments
34
(1,876,565)
(1,390,889)
Professional expenses
8
(4,224,643)
(6,337,140)
Foreign exchange gains
9
481,155
9,258,373
Finance income
10
143,893
52,312
Finance expenses
10
(13,309,733)
(20,575,036)
Gain on disposal of investments
11
–
4,232,252
Other income
12
39,361
223,901
Loss before income tax expense
(28,318,613)
(10,817,168)
Income tax expense
13
–
–
Loss for the year
(28,318,613)
(10,817,168)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss 
	
Cash flow hedges change in fair value
(39,856,698)
(15,450,738)
Other comprehensive loss for the year
(39,856,698)
(15,450,738)
Total comprehensive loss for the year
(68,175,311)
(26,267,906)
Loss for the year attributable to:
	
Members of the parent entity
(28,318,613)
(10,817,168)
Total comprehensive loss for the year attributable to:
	
Members of the parent entity
(68,175,311)
(26,267,906)
LOSS PER SHARE
NOTE
2022
$
2021
$
Basic and diluted loss per share
35
(0.26)
(0.15)
The accompanying notes form part of these Financial Statements.

70 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
NOTE
2022
$
2021
$
Cash and cash equivalents
14
95,171,196
35,696,665
Trade and other receivables
15
4,654,939
6,102,558
Inventories
16
32,640,362
24,030,514
Prepayments
17
7,846,148
3,566,880
Total current assets
140,312,645
69,396,617
Prepayments
17
1,799,164
–
Property, plant and equipment
18
246,819,761
275,788,162
Right-of-use assets
19
19,142,705
33,692,477
Exploration and evaluation assets
20
18,648,686
3,631,381
Financial assets – security guarantees
21
36,200,446
19,007,882
Total non-current assets
322,610,762
332,119,902
TOTAL ASSETS
462,923,407
401,516,519
Trade and other payables
22
81,496,461
66,216,906
Borrowings
23
158,839
25,834,224
Financial liability at fair value through profit or loss
24
–
3,127,663
Derivative financial instruments
25
47,030,971
7,350,005
Lease liabilities
19
6,922,746
10,143,098
Employee benefit provisions
26
4,516,621
4,022,460
Total current liabilities
140,125,638
116,694,356
Trade and other payables
22
5,297,601
–
Environmental rehabilitation provisions
27
179,045,498
176,146,970
Borrowings
23
231,450
13,226,824
Financial liability at fair value through profit or loss
24
–
3,704,246
Derivative financial instruments
25
21,948,764
9,945,477
Lease liabilities
19
12,709,304
24,097,611
Employee benefit provisions
26
702,955
–
Total non-current liabilities
219,935,572
227,121,128
TOTAL LIABILITIES
360,061,210
343,815,484
NET ASSETS
102,862,197
57,701,035
Issued capital
28
547,587,053
436,644,145
Accumulated losses
(389,417,420)
(363,492,372)
Cash flow hedge reserve
25
(55,307,436)
(15,450,738)
Foreign currency translation reserve
29
–
–
TOTAL EQUITY
102,862,197
57,701,035
The accompanying notes form part of these Financial Statements.
Consolidated Statement of Financial Position

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 71 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
2022
ORDINARY 
SHARES
$
ACCUMULATED 
LOSSES
$
CASH FLOW 
HEDGE 
RESERVE
$
FOREIGN 
CURRENCY 
TRANSLATION 
RESERVE
$
TOTAL
$
Balance at 1 July 2021
436,644,145
(363,492,372)
(15,450,738)
–
57,701,035
Comprehensive income
Loss for the year
–
(28,318,613)
–
–
(28,318,613)
Other comprehensive loss
–
–
(39,856,698)
–
(39,856,698)
Total comprehensive loss
–
(28,318,613)
(39,856,698)
–
(68,175,311)
Transactions with owners 
recorded directly in equity
Issue of shares – Note 28
117,061,453
–
–
–
117,061,453
Share issue costs – Note 28
(6,118,545)
517,000
–
–
(5,601,545)
Share based payment – Note 34
–
1,876,565
–
–
1,876,565
Balance at 30 June 2022
547,587,053
(389,417,420)
(55,307,436)
–
102,862,197
2021
ORDINARY 
SHARES
$
ACCUMULATED 
LOSSES
$
CASH FLOW 
HEDGE 
RESERVE
$
FOREIGN 
CURRENCY 
TRANSLATION 
RESERVE
$
TOTAL
$
Balance at 1 July 2020
402,588,543
(354,066,093)
-
4,053,375
52,575,825
Comprehensive income
Loss for the year
–
(10,817,168)
–
–
(10,817,168)
Other comprehensive loss
–
–
(15,450,738)
–
(15,450,738)
Total comprehensive loss
–
(10,817,168)
(15,450,738)
–
(26,267,906)
Transactions with owners 
recorded directly in equity
Amounts recognised in the profit and loss on 
disposal of subsidiary – Note 11
–
–
–
(4,053,375)
(4,053,375)
Issue of shares – Note 28
35,902,725
–
–
–
35,902,725
Share issue costs – Note 28
(1,847,123)
–
–
–
(1,847,123)
Share based payment – Note 34
–
1,390,889
–
–
1,390,889
Balance at 30 June 2021
436,644,145
(363,492,372)
(15,450,738)
–
57,701,035
The accompanying notes form part of these Financial Statements.
Consolidated Statement of Changes in Equity

72 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
NOTE
2022
$
2021
$
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
383,553,844
280,082,162
Payments to suppliers and employees
(310,673,047)
(233,740,059)
Interest received
129,807
52,312
Payments for financing expenses
(13,019,096)
(7,485,213)
Payments for exploration and evaluation expenses
7
(7,601,510)
(674,014)
Net cash inflow from operating activities
36
52,389,998
38,235,188
CASH FLOWS FROM INVESTING ACTIVITIES
Receipts from customers during development phase
18
–
6,484,154
Payments for property, plant and equipment
(16,469,182)
(17,461,283)
Payments for exploration and evaluation assets
20
(15,017,305)
(3,631,381)
Payments for security guarantees
(17,178,478)
(3,569,766)
Proceeds from disposal of investments
11
–
113,276
Proceeds from disposal of property, plant and equipment
12
–
176,007
Net cash (outflow) from investing activities
(48,664,965)
 (17,888,993)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for Varde borrowing – facility A
23
(15,411,557)
(30,174,998)
Payments for financial liability at fair value through profit and loss – facility A
24
(778,975)
(708,471)
Proceeds from Varde borrowing – facility B
23
(27,068,453)
–
Payments for Varde borrowing – facility B
23
–
(12,770,421)
Payments for financial liability at fair value through profit and loss – facility B
24
(389,488)
(605,164)
Proceeds from share issues
28
116,734,453
35,058,765
Payments for share issue costs 
28
(5,601,545)
(1,847,123)
Payments for lease liabilities
19
(11,888,045)
(13,824,600)
Proceeds from borrowings – equipment finance
23
329,394
295,100
Repayments of borrowings – equipment finance
23
(176,286)
(77,671)
Net cash inflow/(outflow) from financing activities
55,749,498
(24,654,583)
Net increase/(decrease) in cash and cash equivalents
59,474,531
(4,308,388)
Cash and cash equivalents at the beginning of the year
35,696,665
40,005,053
Cash and cash equivalents at the end of the year
14
95,171,196
35,696,665
The accompanying notes form part of these Financial Statements.
Consolidated Statement of Cash Flows

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 73 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
The Financial Statements and notes 
represent those of New Century Resources 
Limited (the Company) and its controlled 
entities (the Group). The separate Financial 
Statements of the parent entity have not 
been presented within this financial report 
as permitted by the Corporations Act 2001.
The Financial Statements for the Group were authorised 
for issue in accordance with a resolution by the Board of 
Directors on 29 August 2022.
Note 1. Summary of significant
accounting policies
Basis of preparation
The Financial Statements are general purpose Financial 
Statements that have been prepared in accordance with 
Australian Accounting Standards, Australian Accounting 
Interpretations, other authoritative pronouncements of 
the Australian Accounting Standards Board (AASB) and 
the Corporations Act 2001. The Group is a for-profit 
entity for financial reporting purposes under Australian 
Accounting Standards.
Australian Accounting Standards set out accounting policies 
that the AASB has concluded would result in Financial 
Statements containing relevant and reliable information 
about transactions, events and conditions. Compliance with 
Australian Accounting Standards ensures that the Financial 
Statements and notes also comply with International 
Financial Reporting Standards as issued by the IASB. Material 
accounting policies adopted in the preparation of these 
Financial Statements are presented below and have been 
consistently applied unless stated otherwise.
Except for cash flow information, the Financial Statements 
have been prepared on an accruals basis and are based 
on historical costs, modified, where applicable, by the 
measurement at fair value of selected non-current assets, 
financial assets and financial liabilities.
Going concern
The Financial Statements have been prepared on the going 
concern basis which assumes the continuity of normal 
business activity and the realisation of assets and the 
settlement of liabilities in the normal course of business for 
a period of at least 12 months from the date of signing the 
Financial Statements.
The principal activities of the Group for the financial year 
were the operation of the Century Mine which commenced 
commercial production on 1 July 2020. The operation involves 
the reprocessing of ore from a tailings storage facility and 
subsequent sale of zinc concentrate together with standard 
maintenance and minor capital growth activities. The Group 
also undertook mineral exploration activities and explored 
business development opportunities.
The Group incurred a net loss after tax of $28,318,613 during 
the Financial Year. However, Earnings Before Interest, Income 
Tax, Depreciation and Amortisation (EBITDA) for the year were 
$41,552,374. Net cash inflows from operating activities were 
$52,389,998 for the year.
As of 30 June 2022, the Group had a net current asset 
surplus of $187,007.
The determinations detailed below were made after taking 
into account the cash flow impact of the revised amortisation 
profile and the amended financial and operating covenants 
resulting from the recently agreed Amended Environmental 
Bond Facility (Amended EBF). Refer to note 42 for further 
details. 
The Group has prepared a cashflow forecast which has 
been approved by the Board, which indicates that, the Group 
expects to generate positive EBITDA and positive operating 
net cash inflows for financial year ending 30 June 2023. 
The expectations of continued positive operating cashflows 
are supported by the Group’s track record of net cash inflows 
from operating activities, the current favourable macro-
economic environment, and the zinc metal price hedge.
In addition, the Directors note the following relevant 
considerations:
	
>
As at 30 June 2022, the Group had total unrestricted 
cash and cash equivalents of $95,171,196 in addition to 
$2,368,406 of trade receivables and $12,632,059 of zinc 
concentrate inventories.
	
>
As at 25 August 2022, the Group’s unrestricted cash 
and cash equivalents were $35,559,793. Additionally, as 
at 31 July 2022 the Group had $8,013,795 of trade and 
other receivables and $29,084,486 of zinc concentrate 
inventories measured at cost. 
Notes to the Financial Statements

Notes to the Financial Statements
74 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
	
>
The cashflow forecast model is highly sensitive and the 
following factors could have a materially negative impact 
on the ability of the Group to meet its cashflow forecasts:
•	
Production – The hydraulic mining operations and 
processing plant at the Century Mine substantially 
performing below the head grade, production, zinc 
recovery rate and zinc concentrate grade estimates 
used for modelling purposes. 
The head grade, production, zinc recovery rate and 
zinc concentrate grade estimates used in the financial 
modelling were set by reference to the 2021-22, 
operating performance and the 2022-23 Group 
Budget and adjusted in part to reflect the recent 
improved plant performance following the execution of 
various capital works. 
The guidance of an external, industry-recognised 
metallurgy consultancy was also sought. This 
consultancy is forecasting production levels higher 
than those used in the financial modelling.
•	
Pricing and foreign exchange – An overall substantial 
negative shift in the macroeconomic environment 
for zinc, including the possible collective impact of a 
material fall in US dollar zinc prices, and/or a material 
rise in zinc treatment charges, the Australian dollar to 
US dollar exchange rate and shipping costs. 
However, the impact of a fall in the Australian dollar 
zinc price will be partially mitigated as a consequence 
of the Australian dollar zinc hedging in place.
•	
Timing – Unfavourable variability in the timing of 
receipts for the sale of product and other working 
capital movements.
Operating and financial covenants under the 
Amended EBF 
The Amended EBF incorporates a number of operating 
and financial covenants as generally seen in facilities of this 
nature. The primary operating covenant in the Amended EBF 
is a set of production hurdles to be tested quarterly from 30 
June 2023. 
Failure to achieve the targeted payable metal production may 
result, after the conclusion of a 45-day negotiation period 
to arrive at an adequate remedy and the failure of any such 
negotiations, in the declaration of an Event of Default by the 
EBF providers and the possible subsequent acceleration of 
the EBF amount of $160 million and the immediate termination 
of the hedge positions.
In evaluating the Group’s ability to meet these production 
targets the Directors took into account:
	
>
The current improved operating performance which in 
part is due to water chemistry issues being resolved, 
the demonstrated increased plant stability resulting from 
upgraded maintenance programs and no major outages 
being experienced.
	
>
The Group has the opportunity up to the end of 2022 to 
assess the operating performance at the Century Mine 
and determine whether any changes should be made 
to the operating settings to ensure that the payable zinc 
metal targets will be exceeded through a focus on metal 
output rather than on the efficiency of the resources use 
over the longer term.
In addition to the operating covenants above, failure to 
maintain the minimum liquidity requirement or any of the other 
financial covenants under the Amended EBF could result 
(after the application of any applicable cure period) in the 
declaration of an Event of Default by the relevant parties and 
possible subsequent acceleration of the Amended EBF and 
the immediate termination of the hedge positions.
Mitigating actions available to the Group
There are a number of actions the Group can take if Directors 
see as warranted to lessen the risk of insolvency or a breach 
of covenants under the Amended EBF. The effectiveness of 
each of these techniques will be assessed in the context of 
the economic and operating climate faced by the Group at 
the relevant time. 
These actions may include, amongst others:
(a)	 Initiating discussion with the EBF providers to amend 
the amortisation of the EBF to accord more with the 
macroeconomic conditions being encountered at the time 
and / or seeking required waivers. 
(b)	 Restructuring the EBF through another provider. 
(c)	 Ongoing judicious management by the Group’s Marketing 
team of the balance between spot and frame contracts, 
their tenor, their renewal terms and the mechanisms 
negotiated to provide for advance payment or other 
timing benefits in order to maximise the cashflow benefit.
(d)	 Executing continuing operational improvements designed 
to enhance the level of metal production.
(e)	 With the assistance of an external, industry-recognised 
metallurgy consultancy, continuing to implement a 
series of incremental projects designed to provide an 
improvement in the metal recoveries used.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 75 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
(f)	 Managing reagents and spares inventory based on 
experience to date to better maximise working capital 
efficiency.
(g)	 Pursuing a renewed drive to reduce or defer costs 
in partnership with our major suppliers. The Group’s 
experience of the initial impact of the COVID-19 pandemic 
crisis was that the Group’s partners were willing to work 
with the Company to find savings that ensured the 
continuous operation of the Century Mine during periods 
of difficulty.
(h)	 Seeking a divestment of assets.
(i)	 Pausing new growth initiatives.
(j)	 If justified accessing equity markets to assist in meeting 
the EBF amortisation profile or minimum liquidity and other 
financial covenants. 
As a result, the Directors are of the view that the Group 
will be able to meet its debts as and when they fall due 
and accordingly the Directors have prepared the Financial 
Statements on the going concern basis.
In the event that a breach of either of the operating or financial 
covenants under the Amended EBF occurs, and the Group 
is unable to successfully implement the mitigating actions 
detailed above, the environmental bond of $160 million may, 
at the initiation of the EBF providers, become immediately due 
and payable. Such a situation would indicate that a material 
uncertainty exists that may cast significant doubt on the 
Group’s ability to continue as a going concern and therefore 
whether it will be able to realise its assets and extinguish its 
liabilities in the normal course of business and at the amounts 
stated in the financial report. 
The financial report does not include any adjustments relating 
to the recoverability and the classification of recorded asset 
amounts or to the amounts and classification of liabilities that 
might be necessary should the Group not continue as a going 
concern.
Cash and cash equivalents
Cash and cash equivalents include cash on hand and 
deposits held at call with financial institutions which are readily 
convertible to known amounts of cash and which are subject 
to an insignificant risk of changes in value.
Revenue and provisionally priced contracts
Revenue from contracts with customers is recognised when 
control of the goods or services is transferred to the customer 
at an amount that reflects the consideration to which the 
Group expects to be entitled in exchange for those goods 
or services.
Revenue from the sale of zinc concentrate is recognised 
when the Group satisfies its performance obligations under its 
contract with the customer by transferring such goods to the 
customer’s control. The customer is generally deemed to have 
control when risk and title to the zinc concentrate passes to 
the customer.
Zinc concentrate revenue is generally recognised upon 
receipt of the bill of lading when the goods are delivered for 
shipment under Cost, Insurance and Freight (CIF) Incoterms. 
The terms of metal-in-concentrate sales contracts with third 
parties contain provisional pricing arrangements whereby 
the selling price for metal-in-concentrate is based on 
prevailing prices on a specified future date after shipment 
to the customer (quotation period). Adjustments to the sales 
price occur based on movements in quoted market prices 
up to the date of the final settlement period. The period 
between provisional invoicing and final settlement is typically 
between one and four months. Revenue and trade debtors 
on provisionally priced sales is recognised based on the 
estimated fair value of the total consideration receivable and 
is net of deductions related to treatment and refining charges. 
Subsequent changes in fair value are recognised in the 
statement of profit or loss and other comprehensive income 
each period until final settlement and presented as fair value 
movements in trade receivables. Refer to accounting policy for 
trade receivables disclosed below.

Notes to the Financial Statements
76 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Inventories
Zinc concentrate inventories are measured or estimated 
and valued at the lower of cost and net realisable value. 
Cost represents the weighted average cost and includes 
direct costs and an appropriate portion of fixed and variable 
production overhead expenditure, including depreciation 
and amortisation, incurred in converting materials into finished 
goods. Net realisable value is the estimated selling price 
in the ordinary course of business, less estimated costs of 
completion and estimated costs necessary to make the sale.
Spare parts and consumables are valued at cost and regularly 
assessed for obsolescence.
Trade and other payables
These amounts represent liabilities for goods, services and 
deferred proceeds provided to the Group prior to the end 
of financial year which remained unpaid. The amounts are 
unsecured and are usually paid within 30 days of recognition 
with the exception of deferred proceeds which generally 
have a longer settlement period.
Property, plant and equipment
Property, plant and equipment are measured on the cost basis 
and therefore carried at cost less accumulated depreciation 
and any accumulated impairment. In the event the carrying 
amount of property, plant and equipment is greater than the 
estimated recoverable amount, the carrying amount is written 
down immediately to the estimated recoverable amount and 
impairment losses are recognised in the statement of profit or 
loss and other comprehensive income. A formal assessment 
of recoverable amount is made when impairment indicators 
are present.
The carrying amount of property, plant and equipment is 
reviewed annually by the Group to ensure it is not in excess 
of the amount recoverable from these assets.
The cost of fixed assets constructed within the Group includes 
the cost of materials, direct labour, borrowing costs and an 
appropriate proportion of fixed and variable overheads. 
All sales proceeds earned during the development phase 
were offset against property, plant and equipment.
Subsequent costs are included in the asset’s carrying 
amount or recognised as a separate asset, as appropriate 
and only when it is probable that future economic benefits 
associated with the item will flow to the Group and the cost 
of the item can be measured reliably. All other costs including 
repairs and maintenance are recognised as expenses in the 
statement of profit or loss and other comprehensive income 
during the financial year in which they are incurred.
Depreciation
Depreciation of assets commences when the assets are 
ready for their intended use. Capital Work in Progress, 
which relates mainly to works at the Century Mine, is not 
depreciated until each asset is ready for its intended use. 
Once the asset is ready for its intended use, Capital Work in 
Progress is reclassified to relevant categories within property, 
plant and equipment. Depreciation commences from that time 
on the units of production basis over the life of the mine. All 
other assets are depreciated on a straight-line basis.
Items of property, plant and equipment are derecognised 
upon disposal or when no future economic benefits are 
expected from their continued use. Any gain or loss arising 
on the disposal of an asset is determined as the difference 
between the net disposal proceeds and the carrying 
amount of the asset and is recognised as other income or 
other expenses in the statement of profit or loss and other 
comprehensive income.
Impairment of assets
At each reporting date, the Group reviews the carrying 
amounts of its property, plant and equipment to determine 
whether there is any indication that those assets have 
suffered an impairment loss. If any such indication exists, 
the recoverable amount of the asset is estimated to determine 
the extent of the impairment loss (if any). Where the asset 
does not generate cash flows that are independent from 
other assets, the Group estimates the recoverable amount 
of the cash-generating unit to which the asset belongs. 
When a reasonable and consistent basis of allocation can 
be identified, corporate assets are also allocated to individual 
cash-generating units, or otherwise they are allocated to 
the smallest group of cash-generating units for which a 
reasonable and consistent allocation basis can be identified. 

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 77 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Recoverable amount is the higher of fair value less costs 
of disposal and value in use. In assessing value in use, the 
estimated future cash flows are discounted to their present 
value using a pre-tax discount rate that approximates current 
market assessments of the time value of money and the risks 
specific to the asset for which the estimates of future cash 
flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) 
is estimated to be less than its carrying amount, the carrying 
amount of the asset (or cash-generating unit) is reduced to 
its recoverable amount. An impairment loss is recognised 
immediately in the statement of profit or loss and other 
comprehensive income, unless the relevant asset is carried 
at a revalued amount, in which case the impairment loss is 
treated as a revaluation decrease and to the extent that the 
impairment loss is greater than the related revaluation surplus, 
the excess impairment loss is recognised in the statement 
of profit or loss and other comprehensive income. 
Where an impairment loss subsequently reverses, the carrying 
amount of the asset (or cash-generating unit) is increased to 
the revised estimate of its recoverable amount, but so that 
the increased carrying amount does not exceed the carrying 
amount that would have been determined had no impairment 
loss been recognised for the asset (or cash-generating unit) 
in prior financial years. A reversal of an impairment loss is 
recognised immediately in the statement of profit or loss and 
other comprehensive income to the extent that it eliminates 
the impairment loss which has been recognised for the asset 
in prior financial years. Any increase in excess of this amount 
is treated as a revaluation increase.
Leases
At inception of a contract, the Group assesses whether a 
contract is, or contains, a lease. A contract is, or contains, 
a lease if the contract conveys the right to control the use 
of an identified asset for a period of time in exchange for 
consideration. To assess whether a contract conveys the 
right to control the use of an identified asset, the Group 
uses the definition of a lease in AASB 16 Leases.
The Group recognises a right-of-use asset and a lease liability 
at the lease commencement date. The right-of-use asset is 
initially measured at cost, which comprises the initial amount 
of the lease liability adjusted for any lease payments made at 
or before the commencement date.
The right-of-use asset is subsequently amortised using either 
straight line or units of production method as relevant to the 
type of asset. In addition, the right-of-use asset is periodically 
adjusted by impairment losses, if any, and adjusted for certain 
remeasurements of the lease liability.
The lease liability is initially measured at the present value 
of the lease payments that are not paid at the commencement 
date, discounted using an incremental borrowing rate. The 
lease liability is subsequently measured by increasing the 
carrying amount to reflect interest on the lease liability and 
by reducing the carrying amount to reflect the lease payments 
made. The lease liability is remeasured when there is a 
modification in the lease contract, which can include a change 
in future lease payments or lease terms. When the lease 
liability is remeasured, a corresponding adjustment is made 
to the carrying amount of the right-of-use asset.
The Group presents the right-of-use assets and lease 
liabilities separately in the statement of financial position.
Exploration and evaluation expenditure
Exploration and evaluation expenditure is recognised in 
the statement of profit or loss and other comprehensive 
income as incurred, unless the expenditure is expected 
to be recouped through successful development and 
exploitation of the area of interest, or alternatively by its 
sale, in which case it is recognised as an asset on an area 
of interest basis.
When exploration and evaluation assets are capitalised they 
are classified as tangible or intangible according to the nature 
of the assets. As the assets are not yet ready for use they are 
not depreciated. 
Exploration and evaluation assets are assessed for 
impairment if:
	
>
sufficient data exists to determine technical feasibility 
and commercial viability; or 
	
>
other facts and circumstances suggest that the carrying 
amount exceeds the recoverable amount.
For the purposes of impairment testing, exploration and 
evaluation assets are allocated to cash-generating units to 
which the exploration activity relates. The cash generating 
units (CGU) are not larger than the area of interest.

Notes to the Financial Statements
78 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Once the technical feasibility and commercial viability of 
the extraction of mineral reserves in an area of interest are 
demonstrable, exploration and evaluation assets attributable 
to that area of interest are first tested for impairment and 
then reclassified to relevant categories within property, 
plant and equipment.
Provisions
Provisions are recognised when the Group has a present 
obligation (legal or constructive) as a result of a past event, 
it is probable that the Group will be required to settle that 
obligation and a reliable estimate can be made of the amount 
of the obligation. The amount recognised as a provision is 
the best estimate of the consideration required to settle the 
present obligation at the reporting date, taking into account 
the risks and uncertainties surrounding the obligation. Where 
a provision is measured using the cash flows estimated to 
settle the present obligation, its carrying amount is the present 
value of those cash flows (when the effect of the time value of 
money is material). When some or all of the economic benefits 
required to settle a provision are expected to be recovered 
from a third party, a receivable is recognised as an asset if it 
is virtually certain that reimbursement will be received and 
the amount of the receivable can be measured reliably.
Mine rehabilitation, restoration and 
dismantling obligations
Provisions relating to mine rehabilitation, restoration and 
dismantling obligations are recognised at the commencement 
of the mining project and/or construction of the assets where a 
legal or constructive obligation exists at that time. Provisions are 
made for the estimated cost of rehabilitation, decommissioning 
and restoration relating to areas disturbed during mining and 
exploration operations up to the reporting date. 
Provision has been made for all the disturbed areas at 
the reporting date based on current estimates of costs to 
rehabilitate such areas, discounted to their present value 
based on expected future cash flows. The estimated costs 
include the current cost of rehabilitation necessary to meet 
legislative requirements. Changes in estimates are dealt with 
on a prospective basis as they arise.
These costs are based on judgements and assumptions 
regarding dates, technologies and industry practice. 
A corresponding asset is recognised within mine property 
and development assets to the extent that it is probable that 
future economic benefits associated with the restoration 
expenditure will flow to the Group. The capitalised cost of 
this asset is amortised over the life of the mine.
Changes in the liability relating to mine rehabilitation, 
restoration and dismantling obligations are added to or 
deducted from the related asset (where it is probable that 
future economic benefits will flow to the Group). Over time 
the present value of the liability is adjusted for changes in 
the risk adjusted pre-tax discount rate appropriate to the 
risk inherent in the liability. The unwinding of the discount is 
recorded as a non-cash accretion charge within finance costs.
The costs of the restoration are brought to account in 
the statement of profit or loss and other comprehensive 
income through depreciation of the associated assets 
over the economic life of the mine with which these 
costs are associated.
The provisions referred to above do not include any amounts 
related to remediation costs associated with unforeseen 
circumstances or potential future areas of disturbance.
Employee benefits
A provision is made for the Group’s liability for employee 
benefits arising from services rendered by employees up to 
and including the balance date. Short-term employee benefits 
are expensed as the related service is provided. A liability is 
recognised for the amount expected to be paid if the Group 
has a present legal or constructive obligation to pay this 
amount as a result of past service provided by the employee 
and the obligation can be reliably estimated. Employee 
benefits that are expected to be settled wholly within one 
financial year have been measured at the amounts expected 
to be paid when the liability is settled including related on-
costs. Employee benefits not expected to be wholly settled 
within one financial year have been measured at the present 
value of the estimated future cash outflows to be made for 
those benefits including on-costs. In determining the liability, 
consideration is given to employee wages increases and the 
probability that the employee will satisfy vesting requirements. 
These cash flows are discounted using market yields on 
corporate bonds with terms to maturity that match the 
expected timing of cash flows.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 79 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Equity-settled compensation
Share-based payments to employees are measured at the fair 
value of the instruments on grant dates and amortised over 
the vesting periods. 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 goods or services cannot be 
reliably measured, and are recorded at the date the goods or 
services are received. The corresponding amount is recorded 
in accumulated losses, a component of equity. 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 is based on the number of 
equity instruments that eventually vest. The Group measures 
fair value for share-based payments using the Black-Scholes 
model or hybrid employee share option pricing model. 
The fair value determined at the grant date of the equity-
settled share-based payments is expensed on a straight-line 
basis over the vesting period, based on the Company’s 
estimate of shares that will eventually vest.
Income tax
The income tax expense benefit for the financial year 
comprises current income tax expense (income) and 
deferred tax expense (income). Current income tax expense 
recognised in the statement of profit or loss and other 
comprehensive income is the tax payable on taxable income. 
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 financial year as well unused tax losses.
Current and deferred income tax expense (income) is 
recognised or credited outside the statement of profit or loss 
and other comprehensive income when the tax relates to 
items that are recognised outside the statement of profit or 
loss and other comprehensive income.
Except for business combinations, no deferred income tax is 
recognised from the initial recognition of an asset or liability, 
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 and their measurement also 
reflects the manner in which management expects to recover 
or settle the carrying amount of the related asset or liability. 
With respect to non-depreciable items of property, plant and 
equipment measured at fair value and items of investment 
property measured at fair value, the related deferred tax 
liability or deferred tax asset is measured on the basis that 
the carrying amount of the asset will be recovered entirely 
through sale.
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) a legally 
enforceable right of set-off exists; and (b) 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 financial years in which 
significant amounts of deferred tax assets or liabilities are 
expected to be recovered or settled.
Foreign currency transactions and balances
Functional and presentation currency
The functional currency of each of the Group’s entities 
is measured using the currency of the primary economic 
environment in which that entity operates. The Financial 
Statements are presented in Australian dollars, which is the 
parent entity’s functional currency.

Notes to the Financial Statements
80 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Transactions and balances
Foreign currency transactions are translated into functional 
currency using the exchange rates prevailing at the date 
of the transaction. Foreign currency monetary items are 
translated at the financial year-end exchange rate. Non-
monetary items measured at historical cost continue to be 
carried at the exchange rate at the date of the transaction. 
Non-monetary items measured at fair value are reported at the 
exchange rate at the date when fair values were determined.
Exchange differences arising on the translation of monetary 
items are recognised in the statement of profit or loss and 
other comprehensive income, except where deferred in 
equity as a qualifying cash flow or net investment hedge.
Exchange differences arising on the translation of 
non-monetary items are recognised directly in other 
comprehensive income to the extent that the underlying 
gain or loss is recognised in other comprehensive income; 
otherwise the exchange difference is recognised in the 
statement of profit or loss and other comprehensive income.
Group companies
The financial results and position of foreign operations, whose 
functional currency is different from the Group’s presentation 
currency, are translated as follows:
	
>
assets and liabilities are translated at exchange rates 
prevailing at the end of the financial year;
	
>
income and expenses are translated at average exchange 
rates for the financial year; and
	
>
retained earnings are translated at the exchange rates 
prevailing at the date of the transaction.
Exchange differences arising on translation of foreign 
operations with functional currencies other than Australian 
dollars are recognised in other comprehensive income 
and included in the foreign currency translation reserve 
in the statement of financial position. These differences 
are recognised in the statement of profit or loss and other 
comprehensive income in the financial year in which the 
operation is disposed of.
Borrowing costs 
Borrowing costs directly attributable to the acquisition, 
construction or production of an asset that necessarily takes a 
substantial period of time to get ready for its intended use or 
sale are capitalised as part of the cost of the asset. All other 
borrowing costs are expensed in the period in which they 
occur. Borrowing costs consist of interest and other costs that 
the Group incurs in connection with the borrowing of funds.
Financial instruments
Recognition
The Group recognises financial assets and financial liabilities 
on the date that they are originated. All other financial assets 
are recognised initially on the trade date at which the Group 
becomes a party to the contractual provisions of the instrument. 
Classification and subsequent measurement
Financial instruments are initially measured at fair value. 
Transaction costs that are directly attributable to the 
acquisition or issue of financial assets or financial liabilities 
(other than financial assets and liabilities at fair value through 
profit or loss) are added to or deducted from the fair value 
of the financial assets or liabilities. Transaction costs directly 
attributable to the acquisition of financial assets or liabilities 
at fair value through profit or loss are recognised immediately 
in the statement of profit or loss and other comprehensive 
income. All recognised financial instruments are subsequently 
measured at fair value or amortised cost using the effective 
interest method.
Amortised cost
Amortised cost is calculated as the amount at which the 
financial asset or financial liability is measured at initial 
recognition less principal repayments and any reduction for 
impairment, and adjusted for any cumulative amortisation of 
the difference between that initial amount and the maturity 
amount calculated using the effective interest method.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 81 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
The effective interest method
The effective interest method is used to allocate interest 
income or interest expense over the relevant period and is 
equivalent to the rate that discounts estimated future cash 
payments or receipts (including fees, transaction costs and 
other premiums or discounts) over the expected life (or when 
this cannot be reliably predicted, the contractual term) of the 
financial instrument to the net carrying amount of the financial 
asset or financial liability. Revisions to expected future net 
cash flows will necessitate an adjustment to the carrying 
amount with a consequential recognition of an income or 
expense item in the statement of profit or loss and other 
comprehensive income. 
Fair value
The Group measures some of its assets and liabilities at fair 
value on either a recurring or non-recurring basis, depending 
on the requirements of the applicable Accounting Standard.
Fair value is the price the Group would receive to sell an asset 
or would have to pay to transfer a liability in an orderly (i.e. 
unforced) transaction between independent, knowledgeable 
and willing market participants at the measurement date.
As fair value is a market-based measure, the closest 
equivalent observable market pricing information is used to 
determine fair value. Adjustments to market values may be 
made having regard to the characteristics of the specific asset 
or liability. The fair values of assets and liabilities that are not 
traded in an active market are determined using one or more 
valuation techniques. These valuation techniques maximise, 
to the extent possible, the use of observable market data.
To the extent possible, market information is extracted from 
either the principal market for the asset or liability (i.e. the 
market with the greatest volume and level of activity for the 
asset or liability) or, in the absence of such a market, the most 
advantageous market available to the entity at the end of the 
reporting period (i.e. the market that maximises the receipts 
from the sale of the asset or minimises the payments made to 
transfer the liability, after taking into account transaction costs 
and transport costs).
For non-financial assets, the fair value measurement also takes 
into account a market participant’s ability to use the asset in its 
highest and best use or to sell it to another market participant 
that would use the asset in its highest and best use.
The fair value of liabilities and the entity’s own equity 
instruments (excluding those related to share-based payment 
arrangements) may be valued, where there is no observable 
market price in relation to the transfer of such financial 
instruments, by reference to observable market information 
where such instruments are held as assets. Where this 
information is not available, other valuation techniques are 
adopted and, where significant, are detailed in the respective 
note to the Financial Statements.
Embedded derivatives 
An embedded derivative is a component of a hybrid contract 
that also includes a non-derivative host – with the effect that 
some of the cash flows of the combined instrument vary in a 
way similar to a stand-alone derivative. Derivatives embedded 
in hybrid contracts with a financial asset host within the scope 
of AASB 9 Financial Instruments are not separated. The entire 
hybrid contract is classified and subsequently measured as 
either amortised cost or fair value as appropriate. Derivatives 
embedded in hybrid contracts with hosts that are not financial 
assets within the scope of AASB 9 Financial Instruments 
(e.g. financial liabilities) are treated as separate derivatives 
when they meet the definition of a derivative, their risks 
and characteristics are not closely related to those of the 
host contracts and the host contracts are not measured at 
fair value through profit or loss. If the hybrid contract is a 
quoted financial liability, instead of separating the embedded 
derivative, the Group generally designates the whole hybrid 
contract at fair value through profit or loss. An embedded 
derivative is presented as a non-current asset or non-current 
liability if the remaining maturity of the hybrid instrument to 
which the embedded derivative relates is more than 12 months 
and is not expected to be realised or settled within 12 months.
Valuation techniques
In the absence of an active market for an identical asset or 
liability, the Group selects and uses one or more valuation 
techniques to measure the fair value of the asset or liability. 
The Group selects a valuation technique that is appropriate in 
the circumstances and for which sufficient data is available to 
measure fair value. The availability of sufficient and relevant 
data depends on the specific characteristics of the asset or 
liability being measured. The valuation techniques selected 
by the Group are consistent with one or more of the following 
valuation approaches:
	
>
Market approach: valuation techniques that use prices 
and other relevant information generated by market 
transactions for identical or similar assets or liabilities.

Notes to the Financial Statements
82 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
	
>
Income approach: valuation techniques that convert 
estimated future cash flows or income and expenses into 
a discounted present value.
	
>
Cost approach: valuation techniques that reflect the current 
replacement cost of an asset at its current service capacity.
Each valuation technique requires inputs that reflect the 
assumptions that buyers and sellers would use when pricing 
the asset or liability, including assumptions about risks. When 
selecting a valuation technique, the Group gives priority 
to those techniques that maximise the use of observable 
inputs and minimise the use of unobservable inputs. Inputs 
that are developed using market data (such as publicly 
available information on actual transactions) and reflect the 
assumptions that buyers and sellers would generally use 
when pricing the asset or liability are considered observable, 
whereas inputs for which market data is not available and 
therefore are developed using the best information available 
about such assumptions are considered unobservable.
Fair value hierarchy
AASB 13 Fair Value Measurement requires the disclosure of 
fair value information by level of the fair value hierarchy, which 
categorises fair value measurements into one of three possible 
levels based on the lowest level that an input that is significant 
to the measurement can be categorised into as follows:
Level 1
Measurements based on quoted prices 
(unadjusted) in active markets for identical 
assets or liabilities that the entity can access at 
the measurement date.
Level 2
Measurements based on inputs other than 
quoted prices included in Level 1 that are 
observable for the asset or liability, either 
directly or indirectly.
Level 3
Measurements based on unobservable inputs 
for the asset or liability.
The fair values of assets and liabilities that are not traded 
in an active market are determined using one or more 
valuation techniques. These valuation techniques maximise, 
to the extent possible, the use of observable market data. 
If all significant inputs required to measure fair value are 
observable, the asset or liability is included in Level 2. If one 
or more significant inputs are not based on observable market 
data, the asset or liability is included in Level 3.
The Group would change the categorisation within the fair 
value hierarchy only in the following circumstances:
	
>
if a market that was previously considered active (Level 1) 
became inactive (Level 2 or Level 3) or vice versa; or
	
>
if significant inputs that were previously unobservable 
(Level 3) became observable (Level 2) or vice versa.
When a change in the categorisation occurs, the Group 
recognises transfers between levels of the fair value 
hierarchy (i.e. transfers into and out of each level of the 
fair value hierarchy) on the date the event or change in 
circumstances occurred.
The Group has no assets or liabilities measured at fair value, 
except for financial liabilities at fair value through profit or loss. 
While assets acquired and liabilities assumed in business 
combinations have been measured at their acquisition 
date fair values, in accordance with AASB 3 Business 
Combinations, these initial measurements have formed the 
costs of the assets acquired and liabilities assumed for the 
purpose of other accounting standards.
Financial assets
Financial assets are classified at initial recognition, and 
subsequently measured at amortised cost, fair value through 
OCI, or fair value through profit or loss. 
The classification of financial assets at initial recognition 
that are debt instruments depends on the financial asset’s 
contractual cash flow characteristics and the Group’s 
business model for managing them. With the exception of 
trade receivables that do not contain a significant financing 
component or for which the Group has applied the practical 
expedient, the Group initially measures a financial asset at its 
fair value plus, in the case of a financial asset not at fair value 
through profit or loss, transaction costs. Trade receivables that 
do not contain a significant financing component or for which 
the Group has applied the practical expedient for contracts 
that have a maturity of one year or less, are measured at the 
transaction price as disclosed in accounting policy for trade 
receivables note below.
In order for a financial asset to be classified and measured 
at amortised cost or fair value through OCI, it needs to give 
rise to cash flows that are ‘Solely Payments of Principal and 
Interest (SPPI)’ on the principal amount outstanding. This 
assessment is referred to as the SPPI test and is performed 
at an instrument level. Financial assets with cash flows that 
are not SPPI are classified and measured at fair value through 
profit or loss, irrespective of the business model.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 83 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Impairment of financial assets
The Group recognises a loss allowance for expected 
credit losses on investments in debt instruments that are 
measured at amortised cost or at Fair Value Through Other 
Comprehensive Income (FVTOCI), lease receivables, other 
receivables and contract assets, as well as on financial 
guarantee contracts. The amount of Expected Credit Losses 
(ECL) is updated at each reporting date to reflect changes in 
credit risk since initial recognition of the respective financial 
instrument. The Group always recognises lifetime ECL for 
other receivables, contract assets and lease receivables. 
The expected credit losses on these financial assets are 
estimated using a provision matrix based on the Group’s 
historical credit loss experience, adjusted for factors that are 
specific to the debtors, general economic conditions and 
an assessment of both the current as well as the forecast 
direction of conditions at the reporting date, including time 
value of money where appropriate. For all other financial 
instruments, the Group recognises lifetime ECL when there 
has been a significant increase in credit risk since initial 
recognition. However, if the credit risk on the financial 
instrument has not increased significantly since initial 
recognition, the Group measures the loss allowance for that 
financial instrument at an amount equal to 12‑month ECL. 
Lifetime ECL represents the expected credit losses that will 
result from all possible default events over the expected life 
of a financial instrument. In contrast, 12‑month ECL represents 
the portion of lifetime ECL that is expected to result from 
default events on a financial instrument that are possible 
within 12 months after the reporting date.
Financial liabilities
All financial liabilities are measured subsequently at amortised 
cost using the effective interest method or at fair value 
through profit or loss. A financial liability is designated as at 
fair value through profit or loss upon initial recognition if it 
forms part of a contract containing one or more embedded 
derivatives, and AASB 9 Financial Instruments permits the 
entire combined contract to be designated as at fair value. 
Derecognition
Financial assets are derecognised when the contractual right 
to receipt of cash flow expires or the asset is transferred to 
another party whereby the entity no longer has any significant 
continuing involvement in the risks and benefits associated 
with the asset. Financial liabilities are derecognised when 
the related obligations are discharged, cancelled or have 
expired. The difference between the carrying amount of the 
financial liability extinguished or transferred to another party 
and the fair value of consideration paid, including the transfer 
of non-cash assets or liabilities assumed, is recognised in the 
statement of profit or loss and other comprehensive income.
Trade receivables
Trade receivables (subject to provisional pricing) are not 
interest bearing, but as discussed in the accounting policy 
for Financial Assets above, are exposed to future commodity 
price movements over the quotation period and, hence, fail 
the SPPI test and are measured at fair value up until the date 
of settlement. These trade receivables are initially measured 
at the amount which the Group expects to be entitled, being 
the estimate of the price expected to be received at the end 
of the quotation period. Approximately 90 percent of the 
provisional invoice (based on the provisional price which is 
calculated as the average price in the week prior to the sale) 
is received in cash, generally when the bill of lading is issued, 
which reduces the initial receivable recognised under AASB 
15 Revenue from Contracts with Customers. The quotational 
periods can range between one and four months and final 
payment is generally due within 5 business days of the end of 
the quotational period.
Derivatives
Derivatives are initially recognised at fair value at the 
date when derivative contracts are entered into and are 
subsequently remeasured to their fair value at the end of the 
reporting period. The resulting gain or loss is recognised in 
profit or loss unless the derivative is designated and effective 
as a hedging instrument, in which event the timing of the 
recognition in profit or loss depends on the nature of the 
hedge relationship.

Notes to the Financial Statements
84 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
At the inception of the hedging relationship the Group 
documents the relationship between the hedging instrument 
and the hedged item, along with its risk management 
objectives and its strategy for undertaking the hedge 
transactions. Furthermore, at the inception of the hedge and 
on an ongoing basis, the Group documents whether the 
hedging instrument is effective in offsetting changes in cash 
flows of the hedged item attributable to the hedged risk. For 
the hedge effectiveness assessment, the Group considers 
whether the hedging instrument is effective in offsetting 
changes in cash flows of the hedged item attributable to the 
hedged risk, which is when the hedging relationship meets all 
of the following hedge effectiveness requirements:
	
>
there is an economic relationship between the hedged 
item and the hedging instrument;
	
>
the effect of credit risk does not dominate the value 
changes that result from that economic relationship; and
	
>
the hedge ratio of the hedging relationship is the same 
as that resulting from the quantity of the hedged item that 
the Group actually hedges and the quantity of the hedging 
instrument that the entity actually uses to hedge that 
quantity of hedged item.
The effective portion of changes in the fair value of the 
hedging instrument designated as cash flow hedges is 
recognised in other comprehensive income and accumulated 
under the heading of cash flow hedge reserve, limited to 
the cumulative change in fair value of the hedged item 
from inception of the hedge. The gain or loss relating to the 
ineffective portion is recognised immediately in profit or loss. 
As to cash flow statements disclosure, payments received or 
made in respect of the commodity hedge form part of ‘cash 
flow from operating activities’.
Fair values for derivative instruments are determined using 
assumptions based on market conditions existing at the 
reporting date. Derivatives embedded in non-derivative 
contracts are recognised separately unless they are closely 
related to the host contract, in which case they are accounted 
together with the host contract.
Goods and Services Tax (GST) and other 
indirect taxes
Revenues, expenses and assets are recognised net of the 
amount of GST except where the GST incurred on a purchase 
of goods and services is not recoverable from the taxation 
authority, in which case the GST is recognised as part of the 
cost of acquisition of the asset or as part of the expense item 
as applicable.
Consequently the amount of GST recoverable from, 
or payable to, the taxation authority is included as 
part of receivables and payables in the statement of 
financial position.
Cash flows are included in the statement of cash flows on 
a gross basis and the GST component of cash flows arising 
from investing and financing activities, which is recoverable 
from, or payable to, the taxation authority, is classified as 
operating cash flows included in receipts from customers 
or payments to suppliers. Commitments and contingencies 
are disclosed net of the amount of GST recoverable from, or 
payable to, the taxation authority. 
Dividends 
The Company recognises a liability to pay a dividend when 
the distribution is authorised and the distribution is no longer 
at the discretion of the Company. As per Section 254T(1) of 
the Corporations Act 2001, a distribution is authorised when it 
is approved by the shareholders. A corresponding amount is 
recognised directly in equity.
Contributed equity
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issuance of new 
shares or options are shown in equity as a deduction, net of 
tax, from the proceeds of issuance.
Principles of consolidation
The Financial Statements incorporate all of the assets, 
liabilities and results of the parent (New Century Resources 
Limited) and all of the subsidiaries (including any structured 
entities). Subsidiaries are entities the parent controls. The 
parent controls an entity when it is exposed to, or has rights 
to, variable returns from its involvement with the entity and 
has the ability to affect those returns through its power over 
the entity. A list of the subsidiaries is provided in Note 31 to 
the Financial Statements.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 85 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
The assets, liabilities and results of all subsidiaries are fully 
consolidated into the Financial Statements of the Group from 
the date on which control is obtained by the Group. The 
consolidation of a subsidiary is discontinued from the date 
that control ceases. Intercompany transactions, balances and 
unrealised gains or losses on transactions between Group 
entities are fully eliminated on consolidation. Accounting 
policies of subsidiaries have been changed and adjustments 
made where necessary to ensure uniformity of the accounting 
policies adopted by the Group.
Equity interests in a subsidiary not attributable, directly or 
indirectly, to the Group are presented as 'non-controlling 
interests'. The Group initially recognises non-controlling 
interests that are present ownership interests in subsidiaries 
and are entitled to a proportionate share of the subsidiary’s 
net assets on liquidation at either fair value or at the non-
controlling interests’ proportionate share of the subsidiary’s 
net assets. Subsequent to initial recognition, non-controlling 
interests are attributed their share of profit or loss and each 
component of other comprehensive income. Non-controlling 
interests are shown separately within the equity section of the 
statement of financial position and statement of profit or loss 
and other comprehensive income.
Parent entity financial information
The financial information for the parent entity, New Century 
Resources Limited, disclosed in Note 30 to the Financial 
Statements, has been prepared on the same basis as the 
Group Financial Statements, except as set out below. 
Investments in subsidiaries
Investments in subsidiaries are accounted for at the lower of 
cost and recoverable amount in the Financial Statements of 
New Century Resources Limited. 
Tax consolidation legislation
New Century Resources Limited and its wholly-owned 
Australian controlled entities have implemented the tax 
consolidation legislation. The Group is now treated as a 
consolidated tax entity.
The head entity, New Century Resources Limited, and the 
controlled entities in the tax consolidated group account 
for their own current and deferred tax amounts. These 
tax amounts are measured as if each entity in the tax 
consolidated group continues to be a standalone taxpayer in 
its own right. 
In addition to its own current and deferred tax amounts, New 
Century Resources Limited also recognises the current tax 
liabilities (or assets) and the deferred tax assets arising from 
unused tax losses and unused tax credits assumed from the 
controlled entity in the tax consolidated group. 
New Century Resources Limited will be responsible for any 
current tax payable, current tax receivable and deferred tax 
assets relating to unused tax losses or unused tax credits of 
the wholly owned subsidiary, which are transferred to New 
Century Resources Limited under tax consolidation legislation.
The head entity may also require payment of interim funding 
amounts to assist with its obligations to pay tax instalments.
Assets or liabilities arising with the tax consolidated entity are 
recognised as current amounts receivable from or payable 
to other entity in the Group. Any difference between the 
amounts assumed and amounts receivable or payable are 
recognised as a contribution to (or distribution from) wholly-
owned tax consolidated entity.
New and amended accounting policies 
adopted by the Group
No new Accounting Standards or Interpretations were applied 
by the Group during the year. 
New accounting standards for application 
in future years
Accounting Standards and Interpretations issued by the 
AASB that are not yet mandatorily applicable to the Group, 
together with an assessment of the potential impact of such 
pronouncements on the Group when adopted in future 
financial years, are detailed below:
	
>
Property, Plant and Equipment – Proceeds before 
Intended Use (applicable from 1 July 2022 for the Group)
	
>
Deferred taxes arising on leases, decommissioning 
liabilities and similar transactions (applicable from 
1 January 2023 for the Group).
Other mandatory Accounting Standards and Interpretations 
issued and available for early adoption but not applied by the 
Group or not available for early adoption which will become 
mandatory in subsequent financial years have not been 
included above as they are not expected to have a material 
impact on the Financial Statements.
Restatement of comparative information
Some amounts in the comparative financial year have been 
restated or reclassified to conform to the current financial year 
disclosure. This includes the restatement of certain amounts 
following the share consolidation during the year as set out in 
Note 28 to the Financial Statements.

Notes to the Financial Statements
86 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Note 2. Critical accounting 
judgements, estimates and 
assumptions
Estimates and judgements are continually evaluated and 
are based on experience and other factors, including 
expectations of future events that are believed to be 
reasonable under the circumstances. The Group makes 
estimates and assumptions concerning the future. The 
resulting accounting estimates may differ from the actual 
results. The critical estimates and judgements that have a 
significant risk of causing a material adjustment to the carrying 
amounts of assets and liabilities within the next financial year 
are discussed below.
Going concern
For the reasons detailed in Note 1 to the Financial Statements, 
the financial report is prepared on a going concern basis.
Mine rehabilitation, restoration and 
dismantling obligations
Provision is made for the anticipated costs of future 
restoration and rehabilitation of mining areas from which 
natural resources have been extracted in accordance with 
the accounting policy. These provisions which include future 
cost estimates associated with reclamation, plant closures, 
waste site closures, monitoring, demolition of equipment, 
decontamination, water purification and permanent storage of 
historical residues, are discounted to their present value.
At each reporting date the rehabilitation liability is remeasured 
in line with changes in discount rates, and timing or amounts 
of the costs to be incurred. Rehabilitation, restoration 
and dismantling provisions are adjusted for changes in 
estimates. Adjustments to the estimated amount and timing 
of future rehabilitation and restoration cash flows are a 
normal occurrence in light of the significant judgements and 
estimates involved.
Uncertainty exists as to the amount of rehabilitation 
obligations which will be incurred due to the impact of 
changes in environmental legislation, and many other factors, 
including future developments, plant closure dates, changes 
in technology, inflation/deflation and changes in interest and 
discount rates. A change in any of the assumptions used 
may have a material impact on the carrying value of mine 
rehabilitation, restoration and dismantling provisions. The 
provision at reporting date represents management’s best 
estimate of the present value of the future rehabilitation costs 
required to satisfy the rehabilitation plan submitted to the 
regulatory authorities.
Recoverability of assets
At the end of each reporting period, the Group assesses 
whether there is any indication that an asset may be impaired. 
If any such indication exists, the recoverable amount of the 
asset is estimated to determine the extent of the impairment 
loss (if any). 
The recoverable amount of each cash-generating unit (CGU) 
is determined as the higher of the asset’s fair value less 
costs to sell and its value in use. The recoverable amount 
assessments require the use of estimates and assumptions 
including discount rates, exchange rates, commodity prices, 
future capital requirements and future operating performance, 
as well as the value that a market participant would place 
on any resources which have yet to be proven as reserves 
associated with the CGU. 
A change in any of the critical assumptions listed will alter the 
value as initially determined and may therefore impact the 
carrying value of assets. 
Status of asset commissioning
The Group exercised judgment in the prior year in assessing 
the status of commissioning of the Century Mine for 
accounting purposes in order to determine whether the 
mining project was substantially complete and ready for its 
intended purpose. The key criteria used to determine the 
status of commissioning of the mining project related to the 
achievement of ‘commercial levels of production’, including 
but not limited to the following:
	
>
Completion of a reasonable period of testing of the mine 
plant and equipment;
	
>
Level of capital expenditure incurred compared with the 
original cost estimate;
	
>
Majority of the assets making up the mining project are 
substantially complete and ready for use;
	
>
Completion of a reasonable period of testing of the mine 
plant and equipment;
	
>
The ore grade mined is economic and consistent with the 
overall mine plan;
	
>
The ability to produce concentrate in saleable form (within 
specifications); and 
	
>
The ability to sustain continuous production of concentrate. 
As a result of this assessment, the Group determined that 
Century Mine commenced commercial production for 
accounting purposes on 1 July 2020.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 87 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
When a mine development/construction project moves 
into the production phase, the capitalisation of certain mine 
development/construction costs ceases. At this point all 
related amounts are reclassified from Capital work in progress 
to relevant categories within Property, Plant and Equipment 
and depreciation/amortisation commences. Subsequent costs 
are either regarded as forming part of the cost of inventory or 
expensed, except for expenses that qualify for capitalisation 
relating to mining asset additions or improvements.
Commencement of commercial production on 1 July 2020 
had a direct impact on the following items in the statement of 
profit or loss and other comprehensive income and statement 
of financial position:
	
>
Revenue – refer Note 4;
	
>
Fair value movements in trade receivables – refer Note 4;
	
>
Production costs – refer Note 5;
	
>
Employee benefits – refer Note 5;
	
>
Depreciation and amortisation expense – refer Note 6;
	
>
Finance expenses – refer Note 10;
	
>
Trade debtors – refer Note 15;
	
>
Inventories – refer Note 16; and
	
>
Property, plant and equipment – refer Note 18.
Development expenditure is capitalised provided that 
commercial viability conditions continue to be satisfied. 
Proceeds from the sale of the product sold during the 
development phase were netted against development 
expenditure. 
Income tax and deferred tax assets 
and liabilities
The Group is subject to income taxes of Australia and 
jurisdictions where it has foreign operations. Significant 
judgement is required in determining the group provision for 
income taxes. There are many transactions and calculations 
undertaken during the ordinary course of business for 
which the ultimate tax determination is uncertain for which 
provisions are based on estimated amounts. Where the final 
tax outcome of these matters is different from the amounts 
that were initially recorded, such differences will impact the 
current and deferred tax provision in the period in which the 
determination is made.
Deferred tax assets are recognised for deductible temporary 
differences and unused tax losses only if it is probable 
that future taxable profits will be available to utilise those 
temporary differences and losses, and the tax losses continue 
to be available having regard to the nature and timing of their 
origination and compliance with the relevant tax legislation 
associated with their recoupment.
Assumptions about the generation of future taxable profits 
depend on estimates of future cash flows. These estimates 
are based on future production and sales volumes, operating 
costs, restoration costs, capital expenditure and other 
capital transactions. Judgements are also required about 
the application of income tax legislation. These judgements 
and assumptions are subject to risk and uncertainty, which 
may impact the amount of deferred tax assets and liabilities 
recognised and the amount of other tax losses and temporary 
differences not yet recognised. 
Exploration and evaluation expenditure 
For exploration and evaluation expenditure, judgement is 
required to determine whether future economic benefits 
are likely, from either exploitation or sale, or whether 
activities have not reached a stage that permits a reasonable 
assessment of the existence of reserves.
The estimates directly impact when the Group capitalises 
exploration and evaluation expenditure. The capitalisation 
policy requires the Group to make certain estimates and 
assumptions as to future events and circumstances, in 
particular, the assessment of whether economic quantities of 
reserves will be found. Any such estimates and assumptions 
may change as new information becomes available. The 
recoverable amount of capitalised expenditure relating 
to undeveloped mining projects (projects for which the 
decision to mine has not yet been approved at the required 
authorisation level within the Group) can be particularly 
sensitive to variations in key estimates and assumptions. If 
a variation in key estimates or assumptions has a negative 
impact on the recoverable amount it could result in a 
requirement for impairment or write-down.
Contingencies
By their nature, contingencies will only be resolved when 
one or more uncertain future events occur or fail to occur. 
Determination of the Group’s contingent liabilities disclosed 
in the Financial Statements requires the exercise of significant 
judgement regarding the outcome of future events.
COVID-19
Whilst the COVID-19 pandemic has not materially adversely 
impacted the asset recoverability or financial results of the 
Group during the financial year, the potential for increased 
volatility in commodity prices and foreign exchange rates and 
restrictions on movement of people and materials remains 
and may cause adverse impacts in the future.

Notes to the Financial Statements
88 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Note 3. Operating segments
The Group has determined the operating segments based 
on the reports reviewed by the Board of Directors in order to 
make strategic decisions. The Board considers how resources 
are allocated and how performance is assessed and has 
identified two reportable segments being Australia (which 
constitutes the Century Mine, pipeline and Karumba Port 
Facility) and United States of America (which constitutes the 
Kodiak Project that was disposed of in February 2021).
Unless stated otherwise, all amounts reported to the Board, 
being the chief operating decision maker with respect to 
operating segments, are determined in accordance with 
accounting policies that are consistent to those adopted in 
the annual Financial Statements of the Group.
Segment assets and liabilities are presented net of any 
intersegment borrowings. 
Segment information
AUSTRALIA
2022
$
USA
2022
$
TOTAL
2022
$
AUSTRALIA 
2021
$
USA
2021
$
TOTAL
2021
$
Revenue
408,296,504
–
408,296,504
277,981,813
–
277,981,813
Fair value movements in trade 
receivables
(22,454,972)
–
(22,454,972)
5,621,245
–
5,621,245
Net fair value loss in zinc derivatives
(78,684,412)
–
(78,684,412)
(6,854,981)
–
(6,854,981)
Production costs
(208,185,098)
–
(208,185,098)
(181,375,095)
–
(181,375,095)
Employee benefits expense – labour 
costs
(46,135,194)
–
(46,135,194)
(37,879,441)
–
(37,879,441)
Change in zinc concentrate inventory
1,897,748
–
1,897,748
10,734,311
–
10,734,311
Exploration and evaluation expenditure
(7,601,510)
–
(7,601,510)
(102,664)
(571,350)
(674,014)
Employee benefits – share based 
payments
(1,876,565)
–
(1,876,565)
(1,390,889)
–
(1,390,889)
Professional expenses
(4,224,643)
–
(4,224,643)
(6,214,551)
(122,589)
(6,337,140)
Foreign exchange gains/(losses)
481,155
–
481,155
9,258,373
–
9,258,373
Gain on disposal of investments
–
–
–
–
4,232,252
4,232,252
Other income
39,361
39,361
223,901
–
223,901
Earnings/(loss) before interest, income 
tax, depreciation and amortisation 
('EBITDA')
41,552,374
–
41,552,374
70,002,022
3,538,313
73,540,335
Depreciation and amortisation expenses
(56,705,147)
–
(56,705,147)
(63,834,779)
–
(63,834,779)
Earnings/(loss) before interest and 
income tax ('EBIT')
(15,152,773)
–
(15,152,773)
6,167,243
3,538,313
9,705,556
Net financing (expense)/income
(13,165,840)
–
(13,165,840)
(20,522,862)
138
(20,522,724)
Earnings/(loss) before income tax 
('EBT')
(28,318,613)
–
(28,318,613)
(14,355,619)
3,538,451
(10,817,168)
Income tax expense
–
–
–
–
–
–
Net loss for the year attributable 
to equity holders of New Century 
Resources Limited
(28,318,613)
–
(28,318,613)
(14,355,619)
3,538,451
(10,817,168)
The total revenue of $408,296,504 comprises sales to customers in Australia of $77,954,032 and in Asia of $330,342,472. 
All customers individually accounted for more than 10 percent of revenue. 

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 89 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Segment assets and liabilities
AUSTRALIA
2022
$
USA
2022
$
TOTAL
2022
$
AUSTRALIA 
2021
$
USA
2021
$
TOTAL
2021
$
Current assets 
140,312,645
–
140,312,645
69,396,617
–
69,396,617
Non-current assets
322,610,762
–
322,610,762
332,119,902
–
332,119,902
Total assets
462,923,407
–
462,923,407
401,516,519
–
401,516,519
Current liabilities
140,125,638
–
140,125,638
116,694,356
–
116,694,356
Non-current liabilities
219,935,572
–
219,935,572
227,121,128
–
227,121,128
Total liabilities
360,061,210
–
360,061,210
343,815,484
–
343,815,484
Note 4..Revenue and other related items
2022
$
2021 
$
Revenue from sale of zinc concentrates
408,296,504
277,981,813
Other related items:
Fair value movements in trade receivables
(22,454,972)
5,621,245
Net fair loss on zinc derivatives (refer Note 25)
(78,684,412)
(6,854,981)
The Group commenced commercial production at the Century Mine on 1 July 2020. From 1 July 2020, revenue from the sale 
of zinc together with the associated costs of producing zinc has been recognised in the statement of profit or loss and other 
comprehensive income.
Fair value movements in trade receivables arise from subsequent changes in provisionally priced zinc sales and are recognised 
in the statement of profit or loss and other comprehensive income.
Note 5..Production costs and other related items
2022
$
2021 
$
Production costs
(208,185,098)
(181,375,095)
Employee benefits expense – labour costs
(46,135,194)
(37,879,441)
Change in zinc concentrate inventory (refer Note 16)
1,897,748
10,734,311
Total
(252,422,544)
(208,520,225)
The production costs represent all costs incurred in the production of zinc concentrate. The majority of the employee benefits 
expense directly relate to the production of zinc concentrate.

Notes to the Financial Statements
90 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Note 6. Depreciation and amortisation expense
2022
$
2021 
$
Depreciation and amortisation of property, plant and equipment – refer Note 18
(46,418,204)
(52,470,400)
Amortisation of right-of-use assets – refer note 19
(10,286,943)
(11,364,379)
(56,705,147)
(63,834,779)
Note 7. Exploration and evaluation expenditure
2022
$
2021 
$
Mt Lyell Projects costs
7,529,970
–
Century Project costs 
71,540
(102,664)
Kodiak Project costs
–
(571,350)
(7,601,510)
(674,014)
In accordance with the Group’s accounting policy, exploration and evaluation expenditure is either expensed as incurred or 
capitalised based on facts and circumstances relevant to each area of interest. All exploration and evaluation expenditure in 
relation to the Mt Lyell project are expensed under the Group’s accounting policy which considers the project ineligible for 
capitalisation under AASB 6 – Exploration for and Evaluation of Mineral Resources.
Note 8. Professional expenses
2022
$
2021 
$
Professional expenses
(4,224,643)
(6,337,140)
The professional expenses recognised during the year are mainly attributable to the pursuit of business 
development opportunities.
Note 9. Foreign exchange gains
2022
$
2021 
$
Foreign exchange gains
481,155
9,258,373
Foreign exchange gains primarily relate to the revaluation of US dollar denominated borrowings (Note 23) and of deferred 
proceeds (Note 22).

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 91 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Note 10. Finance income/expenses
2022
$
2021 
$
FINANCE INCOME
Interest received
143,893
52,312
FINANCE EXPENSES
Unwind of discount relating to mine restoration provisions – refer Note 27
(1,917,907)
(1,392,771)
Unwind of discount relating to lease liabilities – refer Note 19
(1,542,215)
(2,298,729)
Amortisation for effective borrowing rate – Facility A – refer Note 23
(346,514)
(4,382,750)
Amortisation for effective borrowing rate – Facility B – refer Note 23
(1,518,535)
(2,395,572)
Interest expense – Facility A
(470,722)
(2,103,943)
Interest expense – Facility B
(843,017)
(2,619,714)
Loan amendment fee – Varde
(47,912)
(2,620,000)
Derecognition of financial liability – Facility A – refer Note 22
3,991,806
–
Derecognition of financial liability – Facility B – refer Note 22
1,205,412
–
Fee paid to Varde on finalisation of borrowings
(7,839,294)
–
Fair value adjustments to Varde options – refer Note 24
750,000
–
Interest expense on equipment finance – refer Note 23
(13,104)
–
Interest expense on Environmental Bond Facility
(1,773,121)
–
Amortisation of Environmental Bond Facility establishment costs
(899,582)
–
Interest on deferred proceeds
(440,109)
(1,016,201)
Interest on MMG bank guarantee support
(1,387,224)
(1,596,577)
Other
(217,695)
(148,779)
(13,309,733)
(20,575,036)
No borrowing costs were capitalised during the financial year (30 June 2021: nil).
Note 11. Gain on disposal of investments
2022
$
2021 
$
Gain on disposal – Kodiak Project
–
4,232,252
In the prior financial year, a strategic decision was made by the Group to suspend work on the definitive feasibility study 
for the Kodiak Project located in Alabama, USA. The Project had been put in care and maintenance and the Group 
was considering its options with regards to the future of the Project. In February 2021, the Group sold its interest in the 
Kodiak Project. 

Notes to the Financial Statements
92 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
The Kodiak Project constituted a reportable segment, the USA segment, as set out in Note 3 to the Financial Statements. 
In the prior financial year, a non-cash gain of $4,232,252 was recognised as follows:
2022
$
2021 
$
Proceeds from disposal
–
113,276
Carrying value of financial guarantee bonds
–
(751,721)
Carrying value of rehabilitation provision
–
827,774
Net carrying value of other assets and liabilities
–
(10,452)
Foreign currency translation reserve released to income statement
–
4,053,375
Net gain on disposal
–
4,232,252
Note 12. Other income
2022
$
2021 
$
Gain on sale of property, plant and equipment
–
176,007
Other income
39,361
47,894
Total
39,361
223,901
The Group recognises other income from sources including residential rents and asset disposals. 
Note 13. Income tax
2022
$
2021 
$
NUMERICAL RECONCILIATION OF INCOME TAX LOSS TO PRIMA FACIE TAX PAYABLE
Loss from operations before income tax expense
(28,318,613)
(10,817,168)
Tax benefit at the Australian tax rate of 30% (2021: 30%)
(8,495,584)
(3,245,150)
Tax effect amounts which are not deductible in calculating taxable income:
Tax effect of different tax rate of overseas subsidiaries
–
14,346
Foreign currency translation reserve 
–
(1,235,855)
Share based payments
562,970
417,267
Other
442,519
–
Income tax benefits not recognised
7,490,095
4,049,392
Income tax expense
–
–
UNRECOGNISED TAX BALANCES
Deferred tax assets – gross tax losses
189,952,219
207,609,130
Tax benefit of gross tax losses at 30 percent
56,985,666
62,282,739
Temporary differences at 30 percent
57,864,545
46,399,028
Total tax losses and temporary differences not recognised at 30 percent
114,850,211
108,681,767

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 93 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
The above temporary differences and tax losses have not been brought to account as they do not meet the recognition 
criteria as per the Group’s accounting policy. The benefit of these deferred tax assets 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 temporary differences to be realised;
	
>
the Group continues to comply with the conditions for deductibility imposed by tax legislation; and
	
>
no changes in tax legislation adversely affect the entity in realising the benefit from the deductions for the 
temporary differences.
No franking credits are available (30 June 2021: Nil).
Note 14. Cash and cash equivalents
2022
$
2021 
$
Cash at bank
95,171,196
35,696,665
The effective interest rate on cash at bank is disclosed in Note 40 to the Financial Statements.
The amount of cash and cash equivalents held as USD at 30 June 2022 was valued at A$59,174,437 at the reporting date 
(2021: A$12,181,750).
Note 15. Trade and other receivables
2022
$
2021 
$
Trade receivables
2,368,406
4,697,924
GST receivables
–
1,404,634
Other receivables
2,286,533
–
4,654,939
6,102,558
The expected credit loss on all receivables was nil. The GST balance in the current year was a payable – refer to Note 22 to the 
Financial Statements.
Note 16. Inventories
2022
$
2021 
$
Zinc concentrates – at cost
12,632,059
10,734,311
Consumables and spare parts – at cost
20,008,303
13,296,203
32,640,362
24,030,514
Zinc concentrates and consumables inventories are carried at the lower of cost and net realisable value.

Notes to the Financial Statements
94 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Note 17.	Prepayments
2022
$
2021 
$
Prepayments – current
7,846,148
3,566,880
Prepayments – non-current
1,799,164
–
9,645,312
3,566,880
The increase in prepayments is mainly due to the capitalisation of the Environmental Bond Facility establishment costs and 
the timing of large and irregular payments including insurance policies and local government rates.
Note 18..Property, plant and equipment
2022
LAND AND 
BUILDINGS
$
MINING 
DEVELOPMENT, 
PLANT AND 
EQUIPMENT
$
CAPITAL 
WORK IN 
PROGRESS
$
TOTAL
$
At cost
–
338,210,463
7,497,902
345,708,365
Accumulated depreciation 
–
(98,888,604)
–
(98,888,604)
–
239,321,859
7,497,902
246,819,761
Movements in carrying value
Balance 1 July 2021
–
270,632,976
5,155,186
275,788,162
Additions
–
14,126,466
2,342,716
16,469,182
Depreciation expense for the year
–
(46,418,204)
–
(46,418,204)
Impact of change in rehabilitation discount rate – refer Note 27
–
980,621
–
980,621
Balance at 30 June 2022
–
239,321,859
7,497,902
246,819,761
2021
LAND AND 
BUILDINGS
$
MINING 
DEVELOPMENT, 
PLANT AND 
EQUIPMENT
$
CAPITAL 
WORK IN 
PROGRESS
$
TOTAL
$
At cost
–
323,103,376
5,155,186
328,258,562
Accumulated depreciation 
–
(52,470,400)
–
(52,470,400)
–
270,632,976
5,155,186
275,788,162
Movements in carrying value
Balance 1 July 2020
2,171,694
447,541
358,667,633
361,286,868
Reclassification between categories
(2,171,694)
360,839,327
(358,667,633)
–
Additions
–
8,306,097
5,155,186
13,461,283
Depreciation expense for the year
–
(52,470,400)
–
(52,470,400)
Reduction in rehabilitation provision capitalised – refer Note 27
–
(33,676,871)
–
(33,676,871)
Impact of change in rehabilitation discount rate – refer Note 27
–
(6,328,564)
–
(6,328,564)
Proceeds from sales of zinc concentrate in development phase
–
(6,484,154)
–
(6,484,154)
Balance at 30 June 2021
–
270,632,976
5,155,186
275,788,162

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 95 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
All proceeds earned from the sale of pre-commissioning zinc concentrate in the prior financial years have been offset against 
property, plant and equipment in accordance with the Group’s accounting policy. The $6,484,154 of proceeds during the prior 
year that had been offset against property, plant and equipment relates to pre-commissioning zinc concentrate sales made by 
30 June 2020 with proceeds finalised during the 30 June 2021 financial year.
Note 19. Leases
As a lessee, the Group leases assets, including corporate office space and certain mining equipment at the Century Mine.
Right-of-use assets
The movement in the right-of-use assets is reconciled below:
2022
$
2021 
$
Balance at beginning of the year
33,692,477
44,430,521
Adjustments due to modification of lease rental rates
(4,458,062)
626,335
Additions 
195,233
–
Amortisation
(10,286,943)
(11,364,379)
Balance at end of the year
19,142,705
33,692,477
Lease liabilities
The movement in the lease liabilities is reconciled below:
2022
$
2021 
$
Balance at beginning of the year
34,240,709
45,140,245
Adjustments due to modification of lease rental rates
(4,458,062)
626,335
Additions
195,233
–
Interest unwind
1,542,215
2,298,729
Lease payments
(11,888,045)
(13,824,600)
Balance at end of the year
19,632,050
34,240,709
Disclosed as
Current
6,922,746
10,143,098
Non-current
12,709,304
24,097,611
Balance at end of the year
19,632,050
34,240,709
The interest unwind relating to leased assets at Century Mine was capitalised to Property, plant and equipment in the prior year.

Notes to the Financial Statements
96 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Lease liabilities are payable as follows:
2022
$
2021 
$
Less than one year (gross amount)
7,673,321
11,793,310
Between one and five years (gross amount)
13,804,261
26,073,989
Total (gross amount)
21,477,582
37,867,299
Less: future interest
(1,845,532)
(3,626,590)
Carrying value
19,632,050
34,240,709
Note 20..Exploration and evaluation assets
2022
$
2021 
$
Exploration and evaluation assets
18,648,686
3,631,381
In accordance with the Group’s accounting policy, exploration and evaluation expenditure is either expensed as incurred or 
capitalised based on facts and circumstances in relation to each area of interest. The increase in exploration and evaluation 
assets during the year relates to capitalisation of expenditure incurred for studies into the potential development of various 
in-situ deposits at the Century Mine.
All exploration and evaluation expenditure in relation to the Mt Lyell project are expensed under the Group’s accounting 
policy which considers the project ineligible for capitalisation under AASB 6 – Exploration for and Evaluation of Mineral 
Resources – refer to Note 7 to the Financial Statements.
Note 21..Financial assets – security guarantees
2022
$
2021 
$
Deposits held as security guarantees
36,200,446
19,007,882
Deposits held as security guarantees are for the benefit of other parties in guarantee of obligations. They may bear interest 
with the interest rate dependent on the term and nature of the deposits. They are valued at the face value of the term 
deposits. The increase in deposits held as security guarantees during the year is mainly attributable to the increase in the 
environmental guarantees associated with the Environmental Bond Facility – refer Note 30 to the Financial Statements for 
further details.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 97 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Note 22..Trade and other payables
2022
$
2021 
$
Trade and other payables
69,856,592
45,435,168
Deferred proceeds
16,164,532
20,781,738
GST payable
772,938
–
Total trade and other payables
86,794,062
66,216,906
Disclosed as
Current
81,496,461
66,216,906
Non-current – refer Note 32
5,297,601
–
Balance at 30 June
86,794,062
66,216,906
Included in $69,856,592 of trade and other payables are $11,656,908 owing to customers resulting from mark to market 
adjustments on provisionally priced sales.
Proceeds of $16,164,532 (2021: $20,781,738) against which revenue has not been recognised by 30 June 2022 has been 
treated as deferred proceeds. This will be recognised as revenue in the statement of profit or loss and other comprehensive 
income in the subsequent financial year. Deferred proceeds are generally settled within three months. 
The GST balance in the prior year was a receivable – refer to Note 15 to the Financial Statements.
Note 23.	Borrowings
2022
$
2021 
$
Secured – current
Varde Facility A
–
14,409,828
Varde Facility B
–
11,326,897
Other borrowings – Equipment finance
158,839
97,499
Total current
158,839
25,834,224
Secured – non-current
Varde Facility B
–
13,100,246
Other borrowings – Equipment finance
231,450
126,578
Total non-current
231,450
13,226,824
Total
Varde Facility A
–
14,409,828
Varde Facility B
–
24,427,143
Other borrowings – Equipment finance
390,289
224,077
Total borrowings at 30 June
390,289
39,061,048

Notes to the Financial Statements
98 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Description of the borrowing facilities
During the year, the Group repaid all borrowings from Varde Partners including the extinguishment of the silver royalties 
which were classified as a financial liability at fair value through profit or loss in Note 24 to the Financial Statements.
The Group secured a financing facility with Varde (Varde Facility A) in February 2019 and expanded the facilities (Varde 
Facility B) in January 2020. The details of these facilities are summarised below.
FACILITY
VARDE FACILITY A 
A$60 MILLION FACILITY
VARDE FACILITY B 
A$40 MILLION FACILITY 
Facility type
Senior secured (all assets)
Senior secured (all assets)
Facility amount
A$60,000,000 (US$42,900,000)
A$40,000,000 (US$28,000,000)
Term
2.5 years from February 2019
2.5 years from January 2020
Interest rate
8% per annum
8% per annum
Silver royalty
20% of payable silver production limited 
to 4 years (capped at US$5 million)
10% of payable silver production limited 
to 4 years (no cap)
Options
None
1,666,667 (25 million pre share consolidation) 
options at $3.75 ($0.25 pre share consolidation) 
per share, 3.5-year term
Movements during the year
The movement in Varde Facility A is reconciled below:
2022
$
2021 
$
Opening balance
14,409,828
44,109,467
Adjustment for effective borrowing rate
346,514
4,382,750
Repayments
(15,411,557)
(30,174,998)
Exchange differences
655,215
(3,907,391)
Balance at end of year
–
14,409,828
The movement in Varde Facility B is reconciled below:
2022
$
2021 
$
Opening balance
24,427,143
38,021,558
Adjustment for effective borrowing rate
1,518,535
2,395,572
Repayments
(27,068,453)
(12,770,421)
Exchange differences
1,122,775
(3,219,566)
Balance at end of year
–
24,427,143

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 99 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
The movement in Other borrowings – Equipment Finance is reconciled below:
2022
$
2021 
$
Opening balance
224,077
295,100
Borrowings obtained
329,394
–
Interest
13,104
6,648
Repayments
(176,286)
(77,671)
Balance at end of the period
390,289
224,077
During the year, the Group acquired machinery for its Century Mine on equipment finance.
Note 24..Financial liability at fair value through profit or loss
2022
$
2021 
$
Current
Varde Facility A – silver royalties
–
1,920,000
Varde Facility B – silver royalties
–
1,207,663
Total current
–
3,127,663
Non-current
Varde Facility A – silver royalties
–
2,635,381
Varde Facility B – silver royalties
–
318,865
Varde Facility B – options
–
750,000
Total non-current
–
3,704,246
Total
Varde Facility A – silver royalties
–
4,555,381
Varde Facility B – silver royalties
–
1,526,528
Varde Facility B – options
–
750,000
Balance at 30 June
–
6,831,909
Refer to Note 23 to the Financial Statements for further details on extinguishment of the silver royalties.
Options – Refer to Note 23 to the Financial Statements for further details regarding the options issued to Varde under the 
Varde loan facilities. The fair value of these options was nil at 30 June 2022 (30 June 2021: $750,000).

Notes to the Financial Statements
100 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Movements
The movement in financial liability at fair value through profit or loss for Varde Facility A was as follows.
2022
$
2021 
$
Opening balance
4,555,381
5,741,880
Derecognition of financial liability
(3,991,806)
–
Repayments
(778,975)
(708,471)
Exchange differences
215,400
(478,028)
Balance at end of year
–
4,555,381
The movement in financial liability at fair value through profit or loss for Varde Facility B was as follows.
2022
$
2021 
$
Opening balance
1,526,528
2,308,069
Derecognition of financial liability
(1,205,412)
–
Repayments
(389,488)
(605,164)
Exchange differences
68,372
(176,377)
Balance at end of year
–
1,526,528
Note 25. Derivative financial instruments 
During the current and prior years, the Group entered into various derivative instruments to hedge price risk on a portion of 
the Century Mine’s planned zinc concentrate production. The Group’s profitability and cash flow are sensitive to the realised 
Australian dollar zinc price. Having regard to the favourable spot and forward prices at the time, hedging in the form of 
Australian dollar zinc swap contracts and US dollar zinc put option contracts were entered into by the Group. 
Zinc put option contracts
In the prior year, the total net fair value loss on zinc derivatives recognised as an expense was $5,010,237 arising from the 
purchase of US dollar zinc put option contracts. The US dollar zinc put option contracts were not designated for hedge 
accounting. Any fair value movements in the hedge instruments were immediately recognised in the statement of profit or 
loss and other comprehensive income. These contracts were fully settled by 30 June 2021.
Zinc swap contracts
The Australian dollar zinc swap contracts were designated as cash flow hedges and were assessed to be fully effective in 
managing the underlying risk of fluctuations in the Australian dollar zinc price. 

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 101 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Set out below are the key balances arising from the hedge accounting of the zinc swap contracts.
2022
$
2021 
$
Net fair value loss on zinc derivatives (expense)
(78,684,412)
(1,844,744)
Derivative financial instruments – current liability
47,030,971
7,350,005
Derivative financial instruments – non-current liability
21,948,764
9,945,477
Cash flow hedge reserve
(55,307,436)
(15,450,738)
The movement in the Cash Flow Hedge Reserve was as follows:
2022
$
2021 
$
Opening balance
(15,450,738)
–
Effective portion of gain or loss on hedging instrument
(118,541,110)
(17,295,482)
Reclassification to profit and loss as hedged item recognised in the profit and loss
78,684,412
1,844,744
Closing balance
(55,307,436)
(15,450,738)
During the prior year ended 30 June 2021, the Group entered into a fixed for variable swap agreement with Macquarie Bank 
Limited (Macquarie) to hedge the Australian dollar zinc price on 90,000 tonnes of zinc being a portion of forecast future 
sales exposure. As at 30 June 2021, the hedge position was 90,000 tonnes with the fixed price set at A$3,717 per tonne. 
The hedge is to be settled in equal portions of 2,500 tonnes per month from July 2021 through June 2024 inclusive.
During the current year, the Group entered into a second fixed for variable swap agreement with Macquarie to hedge the 
Australian dollar zinc price on an additional 90,000 tonnes of zinc being a portion of forecast future sales exposure. As at 
30 June 2022, the hedge position was 67,500 tonnes with the fixed price set at A$3,938 per tonne. The hedge is to be 
settled in equal portions of 3,750 tonnes per month from January 2022 through December 2023 inclusive.
As at 30 June 2022, the combined hedge position was 127,500 tonnes with a weighted average fixed price of 
A$3,834 per tonne. 
The following table contains details of the hedging instrument(s) used in the Group’s hedging strategy:
FAVOURABLE/
(UNFAVOURABLE) 
CHANGES IN FAIR VALUE 
USED FOR MEASURING 
INEFFECTIVENESS
CASH FLOW 
HEDGES 
ZINC SWAP 
DERIVATIVE 
FINANCIAL 
LIABILITIES
TERM
CARRYING 
AMOUNT OF 
HEDGING 
INSTRUMENT
$
HEDGING 
INSTRUMENT
$
HEDGED 
ITEM
$
SETTLED 
PORTION OF 
HEDGING 
INSTRUMENT 
REALISED 
LOSSES
$
AMOUNT 
RECLASSIFIED 
FROM CFHR TO 
P&L AS HEDGED 
ITEM RECOGNISED 
IN P&L
$ 
HEDGING 
LOSS 
RECOGNISED 
IN CFHR
$
Cash flow hedges:
As at 
30 June 2022
July 2021 
to June 
2024
(68,979,735)
(68,979,735)
68,979,735
(57,855,807)
(78,684,412)
55,307,436
As at 
30 June 2021
July 2021 
to June 
2024
(17,295,482)
(17,295,482)
17,295,482
–
(1,844,744)
15,450,738

Notes to the Financial Statements
102 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
The following table details the sensitivity of the Group’s financial assets to movements in commodity prices. Financial 
assets arising from revenue on provisionally priced sales are recognised at the estimated fair value of the receivable and 
subsequently remeasured at each reporting date. At the reporting date, if the commodity prices increased/(decreased) by 
10 percent and all other variables were held constant, the Group’s post-tax profit would have changed as set out below:
30 JUNE 2022
30 JUNE 2021
COMMODITY
COMMODITY 
PRICE 
MOVEMENT 
(DECREASE)/ 
INCREASE IN 
PROFIT 
$
(DECREASE)/ 
INCREASE IN 
OCI
$
COMMODITY 
PRICE 
MOVEMENT
INCREASE/
(DECREASE) IN 
PROFIT 
$
INCREASE/ 
(DECREASE) IN 
OCI
$ 
Zinc
+10%
400,867
(42,589,832)
+10%
5,677,971
(30,312,448)
Zinc
-10%
(400,867)
42,589,832
-10%
(5,677,971)
30,346,844
Note 26..Employee benefit provisions
2022
$
2021 
$
Balance at 1 July
4,022,460
2,642,422
Movement for the year
1,197,116
1,380,038
Balance at 30 June
5,219,576
4,022,460
Disclosed as
Current
4,516,621
4,022,460
Non-current
702,955
–
Balance at 30 June
5,219,576
4,022,460
Employee benefits provision represents the annual leave and long service leave entitlements of the employees.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 103 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Note 27..Environmental rehabilitation provisions
2022
$
2021 
$
Provision for mine site restoration – non-current
Balance at 1 July
176,146,970
215,587,408
Reduction in rehabilitation provision capitalised – refer to Note 18
–
(33,676,871)
Impact of change in discount rate – refer to Note 18
980,621
(6,328,564)
Interest unwind
1,917,907
1,392,771
Reduction due to disposal of business
–
(827,774)
Balance at 30 June
179,045,498
176,146,970
Movements in balances for the separate areas are as follows:
Century Mine
Balance at 1 July
176,146,970
214,759,634
Reduction in rehabilitation provision capitalised
–
(33,676,871)
Impact of change in discount rate
980,621
(6,328,564)
Interest unwind
1,917,907
1,392,771
Balance at 30 June
179,045,498
176,146,970
Kodiak Project (disposed)
Balance at 1 July
–
827,774
Reduction due to disposal of business
–
(827,774)
Balance at 30 June
–
–
The Group assumes the rehabilitation will be carried out at the end of life of the Group’s mining operations in estimating the 
environmental rehabilitation provisions. 
The provision for mine site restoration constitutes a critical accounting judgement – refer to Note 2 to the Financial 
Statements.
The impact of change in discount rate amounts reflects adjustments to the discount rate during the relevant years. The 
discount rate employed by the Group is the relevant risk-free Australian Government bond rate.
The reduction in provision estimate in the prior year reflect revisions in mine rehabilitation cost estimates that were 
approved by the Queensland Department of Environment and Science in January 2021. A corresponding adjustment in 
Property, plant and equipment was recognised in accordance with the Group’s accounting policy – refer to Note 16 to the 
Financial Statements.
The reduction due to disposal of business reflects the disposal of the Kodiak Project during the prior year. All associated 
rehabilitation provision obligations have transferred to the purchasers.

Notes to the Financial Statements
104 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Note 28. Issued capital
Holders of ordinary shares have the right to receive dividends as declared and in the event of winding up the parent 
entity, to participate in the proceeds from the sale of all surplus assets in proportion to the number of shares held and the 
amount paid up. At shareholders’ meetings each ordinary share is entitled to one vote when a poll is called, otherwise each 
shareholder has one vote on a show of hands.
The Group completed a 15:1 share consolidation in December 2021 following approval by shareholders in November 2021. 
The share consolidation involved the conversion of every 15 fully paid ordinary share on issue into 1 fully paid ordinary 
share. Where the share consolidation resulted in a shareholder having a fractional entitlement to a share, the entitlement 
was rounded up to the next whole number of shares. Pursuant to the share consolidation, the number of shares on issue 
reduced from 1,725,753,750 to 115,052,085.
The movements in issued capital during the year were as follows:
2022
NUMBER OF 
SHARES
2022 
$
Opening balance – 1 July 2021
1,209,928,046
436,644,145
Shares issued on 28 October 2021 at 15.95 cents under Employee share plan
968,258
154,500
Shares issued on 3 November 2021 at 15.50 cents under institutional placement 
212,375,434
32,918,192
Shares issued on 26 November 2021 at 15.50 cents under pro rata entitlement offer
302,482,012
46,884,715
Number of shares prior to 15:1 share consolidation
1,725,753,750
516,601,552
Share consolidation of 15:1 shares on 1 December 2021
(1,610,701,665)
–
Number of shares post 15:1 share consolidation
115,052,085
516,601,552
Shares issued on 7 December 2021 at $3.18 in lieu of non-executive fees
54,092
172,500
Shares issued on 7 December 2021 $2.33 under placement 
15,884,526
36,931,523
Shares issued on 9 December 2021 at $2.33 under cleansing prospectus
10
23
Total 
130,990,713
553,705,598
Costs arising from issue of shares
–
(6,118,545)
Closing balance – 30 June 2022
130,990,713
547,587,053
Total cost for issue of shares of $6,118,545 includes $517,000 of fair value of options granted to a consultant for capital 
raising costs. Total cash paid for share issue costs therefore was $5,601,545. 
The table below sets out the total shares issued split between shares issued for cash and shares issued that did not result 
in receipt of cash:
2022
CASH
$
NON-CASH 
$
TOTAL 
$
Shares issued on 28 October 2021 at 15.95 cents under Employee share plan
–
154,500
154,500
Shares issued on 3 November 2021 at 15.50 cents under institutional placement
32,918,192
–
32,918,192
Shares issued on 26 November 2021 at 15.50 cents under pro rata entitlement offer
46,884,715
–
46,884,715
Shares issued on 7 December 2021 at $3.18 in lieu of non-executive director fees
–
172,500
172,500
Shares issued on 7 December 2021 $2.33 under placement 
36,931,523
–
36,931,523
Shares issued on 9 December 2021 at $2.33 under cleansing prospectus
23
–
23
 
116,734,453
327,000
117,061,453

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 105 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
2021
NUMBER OF 
SHARES
2021
$
Opening balance – 1 July 2020
978,598,739
402,588,543
Shares issued on 1 December 2020 at 15 cents under placement and non-renounceable 
entitlement offer
226,185,578
35,058,765
Shares issued on 1 December 2020 at 15 cents in lieu of professional services fees
115,585
17,915
Shares issued on 4 December 2020 at 15 cents in lieu of professional services fees 
3,900,916
604,645
Shares issued on 4 December 2020 at 22 cents under Employee share plan
541,491
117,900
Shares issued on 11 December 2020 at 18 cents in lieu of non-executive director fees
585,737
103,500
Total shares issued
231,329,307
35,902,725
Costs arising from the issue of shares
–
(1,847,123)
Closing balance – 30 June 2021
1,209,928,046
436,644,145
The table below sets out the total shares issued split between shares issued for cash and shares issued that did not result in 
receipt of cash:
2021
CASH
$
NON-CASH 
$
TOTAL 
$
Shares issued on 1 December 2020 at 15 cents under placement and non-
renounceable entitlement offer
35,058,765
–
35,058,765
Shares issued on 1 December 2020 at 15 cents in lieu of professional services fees
–
17,915
17,915
Shares issued on 4 December 2020 at 15 cents in lieu of professional services fees
–
604,645
604,645
Shares issued on 4 December 2020 at 22 cents under Employee share plan
–
117,900
117,900
Shares issued on 11 December 2020 at 18 cents in lieu of non-executive director fees
–
103,500
103,500
 
35,058,765
843,960
35,902,725
Options over ordinary shares
Each option entitles the holder to subscribe for one share upon exercise of each option. Further details of the total options 
on issue by the Company are disclosed in Note 34 to the Financial Statements.
Capital management
The Company’s debt and capital includes ordinary share capital and financial liabilities, supported by financial assets.
The Board effectively manages the Group’s capital by assessing the Group’s financial risks and adjusting its capital structure 
in response to changes in these risks and in the market. These responses include the management of debt and equity 
levels. The Board frequently review budgets and budget variance analyses that include cash flow and working capital 
projections to ensure the prudent management of capital. There has been no change in the strategy adopted by the Board 
to manage the capital of the Group during the financial year.
Note 29.	Foreign currency translation reserve
The foreign currency translation reserve related to exchange differences arising on translation of the Kodiak Project 
which had a functional currency other than Australian dollars. These exchange differences were recognised as a gain in 
the statement of profit or loss and other comprehensive income in February 2021 upon the disposal of the Kodiak Project. 
Refer Note 11 to the Financial Statements.

Notes to the Financial Statements
106 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Note 30.	Parent entity
The following information has been extracted from the books and records of the parent entity (New Century Resources 
Limited) and has been prepared in accordance with the Accounting Standards.
Statement of financial position
2022
$
2021 
$
Current assets
2,514,783
1,620,940
Non-current assets
241,733,308
147,793,798
Total assets
244,248,091
149,414,738
Current liabilities
3,231,179
1,535,447
Non-current liabilities
110,358
147,493
Total liabilities
3,341,537
1,682,940
Net assets
240,906,554
147,731,798
Equity
Issued capital
547,587,053
436,644,145
Accumulated losses
(306,680,499)
(288,912,347)
Total equity
240,906,554
147,731,798
Statement of profit or loss and other comprehensive income
Total loss for the financial year
(19,660,616)
(11,776,265)
Total comprehensive loss
(19,660,616)
(11,776,265)
The non-current assets of the Company mainly represent a receivable from its subsidiary, Century Mining Limited. The 
receivable is unsecured with no fixed repayment terms. This receivable was deemed recoverable at 30 June 2022 based 
on the expected positive cash flows of Century Mining Limited. The accumulated losses balance is reconciled as follows:
2022
$
2021 
$
Balance at 1 July
(288,912,347)
(278,526,971)
Total loss for the financial year
(20,161,717)
(11,776,265)
Share based payments expense credited to equity
1,876,565
1,390,889
Share issue costs credited to equity
517,000
–
Balance at 30 June
(306,680,499)
(288,912,347)
Guarantees
Under the terms of the Environmental Bond Facility, each entity within the Group has guaranteed the punctual performance 
of each entity’s obligations under that facility. The Environmental Bond Facility is disclosed in more detail at Note 39 to the 
Financial Statements. 
Contingent liabilities and Commitments
Refer to Note 38 for Contingent liabilities and Note 39 for Commitments.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 107 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Note 31. Controlled entities
Information about principal subsidiaries
Set out below are the Group’s subsidiaries at 30 June 2022. The subsidiaries listed below have share capital consisting solely 
of ordinary shares, which are held directly by the Group, and the proportions of ownership interests held equals the voting 
rights held by the Group. Each subsidiary’s country of incorporation or registration is also its principal place of business.
OWNERSHIP INTEREST HELD 
BY THE GROUP
NAME OF SUBSIDIARY 
PRINCIPAL PLACE OF BUSINESS
2022
%
2021 
%
Attila Resources (US) Pty Ltd
Australia
100
100
Century Bull Pty Ltd 
Australia
100
100
Century Mine Rehabilitation Project Pty Ltd
Australia
100
100
Century Mining Limited
Australia
100
100
PCML SPC Pty Ltd
Australia
100
100
SPC1 Pty Ltd
Australia
100
100
SPC2 Pty Ltd
Australia
100
100
Investment Co Pty Ltd
Australia
100
100
Since the acquisition on 13 July 2017, the Group also owns 1 Class C share in ABDT Pty Ltd, the trustee of the Aboriginal 
Development Benefits Trust (ADBT), which is a charitable trust established pursuant to the GCA for the delivery of economic 
benefits to the Native Title Groups and other Aboriginal peoples living in communities across the Lower Gulf Region.
Summarised financial information of subsidiaries with material non-controlling interests
Set out below is the summarised financial information for each subsidiary that had non-controlling interests that were 
material to the Group. These are entities related to the Kodiak Project operation that were disposed of during the year.
SUMMARISED FINANCIAL PERFORMANCE BEFORE INTRA-GROUP ELIMINATIONS
2022
$
2021 
$
Revenue
–
–
Loss before income tax
–
(693,939)
Income tax expense
–
–
Post-tax loss 
–
(693,939)
Other comprehensive income
–
–
Total comprehensive income
–
(693,939)
Profit attributable to non-controlling interests
–
–
Distributions paid to non-controlling interests
–
–

Notes to the Financial Statements
108 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
SUMMARISED FINANCIAL PERFORMANCE AFTER INTRA-GROUP ELIMINATIONS
2022
$
2021 
$
Cash and cash equivalents at beginning of year
–
52,116
Net cash flow for operating activities
–
(565,661)
Net cash flow for investing activities
–
(139)
Net cash flow for financing activities
–
513,684
Cash and cash equivalents at end of year
–
–
The Kodiak Project’s net cash from financing activities for 2021 solely comprised movements in intra-group loan account 
balances.
Note 32..Significant related party transactions and balances
The significant related party transactions and balances during the financial year were as follows:
Key Management Personnel (KMP)
KMP are any people having authority and responsibility for planning, controlling and directing the activities of the entity, 
directly or indirectly, including any director (whether executive or otherwise). For further disclosures relating to KMP refer to 
Note 33 to the Financial Statements.
The Group pays a 2 percent net smelter royalty from operations at the Century Mine to Royaltyone Pty Ltd, a company which 
is a related party to the Group’s Managing Director. During the financial year $7,108,810 was recognised as an expense 
(2021: $4,608,799) of which $5,297,601 was accrued. Under the terms of a deed with the providers of the EBF, payment of the 
royalty in cash is prohibited until the EBF has reached final maturity unless certain liquidity and production targets are met. 
Otherwise, the royalty can be paid in shares in the Company. The accrued amount is disclosed in the financial statements as a 
non-current liability.
Other
A number of KMP, or their related parties, hold positions in other entities that may result in them having control or significant 
influence over the financial or operating policies of those entities. Where the Group transacts with the KMP and their 
related parties, the terms and conditions of these transactions are no more favourable than those available, or which might 
reasonably be expected to be available, on similar transactions to non-KMP related entities on an arm’s length basis.
Note 33.	Interests of KMP 
Refer to the remuneration report contained in the Directors’ Report for additional details of the remuneration paid or payable 
to each member of the KMP for the financial year.
The totals of remuneration paid to KMP during the financial year are as follows:
SHORT-TERM 
BENEFITS
$
SHORT-TERM 
INCENTIVE 
AWARDS
$
POST-
EMPLOYMENT 
BENEFITS
$
OTHER 
LONG-TERM 
BENEFITS
$
TERMINATION 
BENEFITS
$
SHARE-
BASED 
PAYMENTS
$
TOTAL KMP 
COMPENSATION
$
2022 Total
1,971,887
594,468
106,613
–
–
934,469
3,607,437
2021 Total
1,577,445
210,761
90,574
–
–
615,956
2,494,736
Other KMP transactions
For details of other transactions with KMP, refer to Note 32 to the Financial Statements for Significant related party 
transactions and balances.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 109 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Note 34. Share based payments
Where applicable, amounts below have been adjusted for the 15:1 share consolidation which was implemented in 
December 2021.
The following table summarises the share options and performance rights outstanding as at 30 June 2022: 
2022
2021

NUMBER
WEIGHTED 
AVERAGE FAIR 
VALUE

NUMBER
WEIGHTED 
AVERAGE FAIR 
VALUE
Outstanding at the beginning of the year
5,942,773
1.50
8,328,621
3.90
Granted during the year
947,661
1.54
1,150,152
2.40
Lapsed during the year
(2,150,000)
0.90
(2,400,000)
1.50
Other adjustments during the year
28
1.70
(1,136,000)
3.90
Outstanding at end of the year
4,740,462
1.70
5,942,773
1.50
Details of performance rights recognised as an expense during the financial year are as follows:
For the financial year-ended 30 June 2022
2022
ISSUE DATE
EXPIRY DATE
FAIR VALUE 
PER RIGHT
$
NUMBER
TOTAL FAIR 
VALUE
$
AMOUNT 
RECOGNISED AS 
EXPENSE DURING 
THE YEAR
$
Performance rights
20/01/2020
01/07/2024
2.25
382,137
820,736
307,776
Performance rights
17/07/2020
01/07/2024
2.25
127,151
268,923
100,846
Performance rights
04/12/2020
01/07/2025
2.40
894,864
2,134,251
711,417
Performance rights
04/12/2020
01/07/2025
3.30
238,541
769,295
256,432
Performance rights
22/03/2021
01/07/2025
2.55
16,747
43,253
14,418
Performance rights
27/10/2021
01/07/2026
1.50
722,277
1,110,501
370,167
Performance rights
28/10/2021
01/07/2026
1.50
225,384
346,528
115,509
Total
1,876,565

Notes to the Financial Statements
110 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
These performance rights have been valued using the hybrid employee share option pricing model with the following 
additional parameters:
2022
NUMBER 
OF RIGHTS
GRANT DATE 
SHARE PRICE 
$
TERM 
YEARS
VOLATILITY 
%
INTEREST 
RATE
 %
GRANT 
DATE
FAIR VALUE 
PER RIGHT
$
TOTAL FAIR 
PRICE
$
Performance rights
382,137
3.75
3
80
0.30
20/01/2020
2.25
820,736
Performance rights
127,151
3.00
3
80
0.30
17/07/2020
2.25
268,923
Performance rights
894,864
3.30
3
80
0.30
04/12/2020
2.40
2,134,251
Performance rights
238,541
3.30
3
80
0.30
04/12/2020
3.30
769,295
Performance rights
722,277
2.33
3
80
0.67
27/10/2021
1.50
1,110,501
Performance rights
225,384
2.33
3
80
0.67
28/10/2021
1.50
346,528
For the financial year-ended 30 June 2021
2021
ISSUE DATE
EXPIRY DATE
FAIR VALUE 
PER RIGHT
$
NUMBER
TOTAL FAIR 
VALUE
$
AMOUNT 
RECOGNISED AS 
EXPENSE DURING 
THE YEAR
$
Performance rights
20/01/2020
01/07/2024
2.25
382,137
820,736
307,776
Performance rights
17/07/2020
01/07/2024
2.25
127,151
268,923
100,846
Performance rights
04/12/2020
01/07/2025
2.40
894,864
2,134,251
711,417
Performance rights
04/12/2020
01/07/2025
3.30
238,541
769,295
256,432
Performance rights
22/03/2021
01/07/2025
2.55
16,747
43,253
14,418
Total
1,390,889
These performance rights have been valued using the hybrid employee share option pricing model with the following 
additional parameters:
2021
NUMBER 
OF RIGHTS
GRANT DATE 
SHARE PRICE 
$
TERM 
YEARS
VOLATILITY 
%
INTEREST 
RATE
 %
GRANT 
DATE
FAIR VALUE 
PER RIGHT
$
TOTAL FAIR 
PRICE
$
Performance rights
382,137
3.75
3
80
0.30
20/01/2020
2.25
820,736
Performance rights
127,151
3.00
3
80
0.30
17/07/2020
2.25
268,923
Performance rights
894,864
3.30
3
80
0.30
04/12/2020
2.40
2,134,251
Performance rights
238,541
3.30
3
80
0.30
04/12/2020
3.30
769,295
The 16,747 performance rights granted on 22 March 2021 were valued based on the volume weighted average price 
of $2.55 per share for the preceding five days.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 111 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Note 35. Earnings per share
The following reflects the profit or loss used in the basic and diluted earnings per share calculations:
2022
$
2021 
$
Basic/dilutive earnings per share
Basic loss per share – dollars
(0.26)
(0.15)
Weighted average number of ordinary shares outstanding during the year used in calculation of 
basic earnings per share – number of ordinary shares
110,862,446
74,151,569
Net loss used in the calculation of basic earnings per share – dollar
(28,318,613)
(10,817,168)
Due to the Group being in a loss position, potential ordinary shares such as share options and performance rights are 
considered anti-dilutive and therefore earnings per share are not diluted.
Where applicable, amounts below have been adjusted for the 15:1 share consolidation which was implemented in 
December 2021.

Notes to the Financial Statements
112 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Note 36.	Cash-flow information
Reconciliation of cashflow from operations with loss after income tax
2022
$
2021 
$
Loss after income tax
(28,318,613)
(10,817,168)
Adjustments for:
Depreciation of property, plant and equipment
46,418,204
52,470,400
Amortisation of right-of-use assets
10,286,943
11,364,379
Amortisation of environmental bond facility establishment costs
899,582
–
Adjustment for effective borrowing rate – Facility A
346,514
4,382,750
Adjustment for effective borrowing rate – Facility B
1,518,535
2,395,572
Derecognition of financial liability – Facility A
(3,991,806)
–
Derecognition of financial liability – Facility B
(1,205,412)
–
Interest unwind on rehabilitation provision
1,917,907
1,392,771
Interest unwind on lease liabilities
1,542,215
2,298,729
Interest unwind on equipment finance
13,104
6,648
Interest accrued on security guarantees
(14,086)
–
Share based payments
1,876,565
1,390,889
Gain on sale of subsidiary – Kodiak Project
–
(4,232,252)
Gain on disposal of property, plant and equipment
–
(176,007)
Fees and employee share plan settled in shares
327,000
843,960
Foreign exchange (gains)/losses
2,061,757
(7,815,359)
Fair value loss on zinc derivatives
78,684,412
1,844,744
Zinc derivatives payments
(57,855,807)
–
Fair value adjustments to Varde options
(750,000)
–
Changes in assets and liabilities
Trade and other receivables
1,447,620
7,396,966
Inventories
(8,609,848)
(17,958,514)
Prepayments
(6,978,014)
(1,456,882)
Trade and other payables
11,576,110
(6,476,476)
Employee benefits provision
1,197,116
1,380,038
Net cash inflow/(outflow) from operating activities
52,389,998
38,235,188
Non-cash financing and investing activities
The Group did not have any non-cash financing and investing activities during the financial year, except as disclosed 
in Note 28 to the Financial Statements.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 113 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Note 37.	Remuneration of auditors
2022
$
2021 
$
Deloitte Touche Tohmatsu
Audit or review of the financial report of the Group
290,000
200,000
Other assurance and agreed-upon-procedures under 
other legislation or contractual arrangement
– Taxation services
54,000
25,000
– Other non-audit services
–
9,600
344,000
234,600
Note 38. Contingent liabilities
Environmental bonding
The previous environmental guarantees provided to 
the Queensland Government for the Century Mine were 
backed by MMG Limited (MMG) pursuant to the Bank 
Guarantee Support Agreement that was entered into 
at the time of the initial acquisition of the Century Mine 
by the Group. During the year, this was replaced by a 
$180,000,000 Environmental Bond Facility (EBF) issued 
by Macquarie Bank Limited (Macquarie) and backed 
by a $160,000,000 surety provided through Argonaut 
Insurance Company (Argo) and $20,000,000 of cash 
backing provided directly by the Group. The EBF was 
initially expected to amortise over 21 equal monthly 
payments from January 2023 through to final maturity of 
the facility in September 2024. Subsequent to year-end, 
on 26 August 2022, the Group executed an Amendment 
Letter with Macquarie and Argo amending the terms and 
condition of the existing EBF. The key commercial and 
legal terms of the Amended EBF are set out in Note 42 to 
the Financial Statements. 
As at 30 June 2022, the total environmental bond 
provided to the Queensland Government for the Century 
Mine was $185,916,150 which was made up of a guarantee 
provided by Macquarie of $160,000,000 and restricted 
cash provided by the Group of $25,916,150.
Deeds of indemnity
The Group has granted indemnities under Deeds of 
Indemnity with current and former Executive and Non-
executive Directors and officers. Each Deed of Indemnity 
indemnifies the relevant director or officer to the fullest 
extent permitted by law for liabilities incurred while acting 
as an officer of the Group, its related bodies corporate and 
any associated entity, where such an office is or was held 
at the request of the Company. Under these indemnities, 
the Company meets the legal costs incurred by Company 
officers in responding to investigations by regulators and 
may advance funds to meet defence costs in litigation, to 
the extent permitted by the Corporations Act 2001.
Other
The Company and its controlled entities are defendants 
from time to time in other legal proceedings or disputes, 
arising from the conduct of their business. The Group 
does not consider that the outcome of any of these 
proceedings or disputes is likely to have a material effect 
on the Company’s or the Group’s financial position.

Notes to the Financial Statements
114 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Note 39. Commitments
Mt Lyell Copper Mine
During the year, the Group executed an Option 
Agreement with Monte Cello B.V. (MCBV), a subsidiary 
of Vedanta Limited (Vedanta) for the acquisition of 
Copper Mines of Tasmania Pty Ltd (CMT), owner of the 
Mt Lyell Copper Mine (Mt Lyell) in Tasmania. The Option 
Agreement followed the Group’s announcement on 
27 October 2021 that it had entered into a binding term 
sheet to acquire CMT from MCBV following a two-year 
period to evaluate the potential for restart of operations 
at Mt Lyell. During the option period, the Group will 
investigate the refurbishment or replacement of the 
existing infrastructure for tailings reprocessing, with 
subsequent integration of in-situ ore processing to follow. 
The Option Agreement includes a minimum expenditure 
commitment by the Company of US$10 million over the 
option period towards development and exploration, 
in addition to the capped reimbursement of care and 
maintenance costs of US$13 million. The option period 
commenced on 5 November 2021. Should the option to 
acquire be exercised, the acquisition consideration will 
be by way of a capped royalty paid over time from the 
operations.
The minimum expenditure and the reimbursement of 
care and maintenance costs constitute a commitment at 
30 June 2022.
Community commitments
Community commitments relate to the Group’s contractual 
obligations under the Gulf Communities Agreement with 
the local communities. The estimated commitments in 
respect of community expenses which are not recognised 
as liabilities as at 30 June 2022 are approximately 
$32,000,000 (2021: $36,000,000). These payments are 
expected to be made over the life of the Century Mine. 
Take or pay contracts
The Group has entered into take or pay contracts for 
electricity and gas for its Century Mine. The aggregate 
future take or pay commitment as at 30 June 2022 was 
$120,000,000 (30 June 2021: $145,000,000). These 
payments are expected to be made over the life of the 
Century Mine.
Capital commitments
The Group did not have any significant commitments for 
capital expenditure contracted for at the reporting date 
that were not recognised as liabilities.
Note 40. Financial instruments
Overview
The Group has exposure to the following financial risks from 
its use of financial instruments:
	
>
commodity price risk
	
>
liquidity risk
	
>
credit risk
	
>
interest rate risk; and 
	
>
foreign exchange risk.
This note presents information about the Group’s 
exposure to each of the above risks. 
Financial risk management policies and objectives
The Board has overall responsibility for the establishment 
and oversight of the risk management framework. Risk 
management policies are established by the Board to 
identify and analyse the risks faced by the Group, to set 
appropriate risk limits and controls, and to monitor risks 
and adherence to limits.
The Group's activities expose it to a variety of financial 
risks: market risk (including price risk and interest rate 
risk), credit risk and liquidity risk. The Group's overall risk 
management program focuses on the unpredictability of 
financial markets and seeks to minimise potential adverse 
effects on the financial performance of the Group. The 
Group uses different methods to measure different types 
of risk to which it is exposed. These methods include 
sensitivity analysis in the case of interest rate and other 
price risks and ageing analysis for credit risk in respect of 
investment portfolios to determine market risk.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 115 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Measurement of financial instruments
The following financial assets and liabilities are carried at fair 
value using the level two valuation technique:
	
>
Trade receivables
	
>
Derivative financial instruments
	
>
Financial liability at fair value through profit or loss.
The following financial assets and liabilities are carried 
at amortised cost which approximates fair value:
	
>
Cash and cash equivalents
	
>
Other receivables
	
>
Financial assets – security guarantees
	
>
Trade and payables
	
>
Borrowings.
Financial assets and liabilities
The Group recognised the following financial assets and 
liabilities at the end of the financial year:

2022
$
2021 
$
Financial assets
Cash and cash equivalents
95,171,196
35,696,665
Trade receivables
2,368,406
4,697,924
Non-current financial assets
36,200,446
19,007,882
Total financial assets
133,740,048
59,402,471
Financial liabilities
Trade and other payables (excluding deferred proceeds)
69,856,592
45,435,168
Borrowings 
390,289
39,061,048
Financial liability at fair value through profit or loss
–
6,831,909
Derivative financial instruments
68,979,735
17,295,482
Total financial liabilities
139,226,616
108,623,607
Commodity price risk and management
The Group is exposed to commodity price volatility on the sale 
of zinc concentrates which are priced on, or benchmarked to, 
open market exchanges. During the year, the Group entered 
into various derivative instruments to hedge price risk on 
a portion of the Century Mine’s planned zinc concentrate 
production. Refer to Note 25 to the Financial Statements for 
further details.
Liquidity risk and management
Liquidity risk is the risk that the Group will encounter difficulty 
in meeting the obligations associated with its financial 
liabilities that are settled by delivering cash or another 
financial asset. The Group’s approach to managing liquidity 
is to ensure that it will have sufficient cash to meet its 
liabilities when they are due, under both normal and stressed 
conditions, without incurring unacceptable losses or risking 
damage to the Group’s reputation.
Prudent liquidity risk management implies maintaining 
sufficient cash and marketable securities, the availability 
of funding through an adequate amount of credit facilities 
or other fund-raising initiatives. 
The Board frequently reviews budget variance analyses that 
include working capital projections to monitor working capital 
requirements and optimise cash utilisation.

Notes to the Financial Statements
116 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Contractual maturities
The following are the contractual maturities of financial liabilities:
2022
TOTAL
$
UNDER 6 
MONTHS
$
6-12 MONTHS
$
 
1-2 YEARS
$
2-5 YEARS
$
Trade and other payables
69,856,592
69,856,592
–
–
–
Borrowings
390,289
100,198
102,028
180,810
7,253
Derivative financial instruments
75,257,479
26,678,952
22,788,524
25,790,003
–
Total
145,504,360
96,635,742
22,890,552
25,970,813
7,253
2021
TOTAL
$
UNDER 6 
MONTHS
$
6-12 MONTHS
$
1-2 YEARS
$
2-5 YEARS
$
Trade and other payables
45,435,168
45,435,168
–
–
–
Borrowings
39,061,048
20,121,590
5,712,634
13,201,082
25,742
Financial liability at fair value 
through profit or loss
6,831,909
1,114,510
1,454,896
2,897,548
1,364,955
Derivative financial instruments
18,179,066
3,759,315
3,690,562
6,206,802
4,522,387
Total
109,507,191
70,430,583
10,858,092
22,305,432
5,913,084
Financing activities
The table below details changes in Group’s assets and liabilities arising from financing activities, including both cash and 
non-cash changes. Assets and liabilities arising from financing activities are those for which cash flows were, or future cash 
flows will be classified in the Group’s consolidated cash flow statement as cash flows from financing activities.
1 JULY 
2021
$
FINANCING 
CASH 
INFLOWS
$
FINANCING 
CASH 
OUTFLOWS
$
FOREIGN 
EXCHANGE 
ADJUSTMENT
$
FAIR VALUE 
ADJUSTMENT
$
DE-
RECOGNITION
$
30 JUNE 
2022
$
2022
Borrowings
39,061,048
329,394
(42,656,296)
1,777,990
1,878,153
–
390,289
Financial liability at 
fair value through 
profit or loss
6,831,909
–
(1,168,463)
283,772
(750,000)
(5,197,218)
–
Total
45,892,957
329,394
(43,824,759)
2,061,762
1,128,153
(5,197,218)
390,289
1 JULY 
2020
$
FINANCING 
CASH 
INFLOWS
$
FINANCING 
CASH 
OUTFLOWS
$
FOREIGN 
EXCHANGE 
ADJUSTMENT
$
FAIR VALUE 
ADJUSTMENT
$
DE-
RECOGNITION
$
30 JUNE 
2021
$
2021
Borrowings
82,131,025
295,100
(43,023,089)
(7,126,958)
6,784,970
–
39,061,048
Financial liability at 
fair value through 
profit or loss
8,799,949
–
(1,313,635)
(654,405)
–
–
6,831,909
Total
90,930,974
295,100
(44,336,724)
(7,781,363)
6,784,970
–
45,892,957

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 117 
Notes to the Financial Statements
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Credit risk and management
Credit risk refers to the risk that counterparties will default on their contractual obligations resulting in financial loss to the 
Group. The Group has adopted the policy of only dealing with creditworthy counterparties and obtaining sufficient collateral 
or other security where appropriate, as a means of mitigating the risk of financial loss from defaults.
Shipments of concentrate are not discharged until provisional invoices have been paid. All concentrate customers who 
wish to trade on credit terms are subject to a credit risk analysis at least annually. The Group obtains sufficient collateral 
(such as a letter of credit) from customers where determined appropriate, as a means of mitigating the risk of financial loss 
from defaults.
The carrying amount of financial assets recorded in the Financial Statements, net of any provisions for losses, represents the 
Group’s maximum exposure to credit risk without taking account of the value of any collateral or other security obtained.
Interest rate risk and management
Interest rate risk is managed with a mixture of fixed and floating rate debt. The Group’s exposure to interest rate risk and the 
effective weighted average interest rate for each class of financial assets and financial liabilities is set out in the following table:
2022

WEIGHTED 
AVERAGE 
INTEREST 
RATE
%

FLOATING 
INTEREST 
RATE
$
FIXED 
INTEREST 
MATURING 
IN 1 YEAR OR 
LESS
$

FIXED 
INTEREST 
MATURING IN 
OVER 1 YEAR
$

NON-INTEREST 
BEARING
$

TOTAL
$
Financial assets
Cash and cash equivalents
1.6
23,269,825
–
–
71,901,371
95,171,196
Trade receivables
–
–
–
–
2,368,406
2,368,406
Non-current financial assets
1.6
–
4,131,681
20,014,086
12,054,679
36,200,446
Financial liabilities
Trade and other payables 
–
–
–
–
(69,856,592)
(69,856,592)
Borrowings
3.5
–
(158,839)
(231,450)
–
(390,289)
Derivative financial instruments
–
–
–
–
(68,979,735)
(68,979,735)
Net financial assets/(liabilities)
23,269,825
3,972,842
19,782,636
(52,511,871)
(5,486,568)

118 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
2021

WEIGHTED 
AVERAGE 
INTEREST 
RATE
%

FLOATING 
INTEREST 
RATE
$
FIXED 
INTEREST 
MATURING 
IN 1 YEAR OR 
LESS
$

FIXED 
INTEREST 
MATURING IN 
OVER 1 YEAR
$

NON-INTEREST 
BEARING
$

TOTAL
$
Financial assets
Cash and cash equivalents
0.1
20,942,594
–
–
14,754,071
35,696,665
Trade and other receivables
–
–
–
–
4,697,924
4,697,924
Non-current financial assets
0.1
–
2,131,682
–
16,876,200
19,007,882
Financial liabilities
Trade and other payables 
–
–
–
–
(45,435,168)
(45,435,168)
Borrowings
8.0
–
(25,834,224)
(13,226,824)
–
(39,061,048)
Financial liability at fair value 
through profit or loss
–
–
–
–
(6,831,909)
(6,831,909)
Derivative financial instruments
–
–
–
–
(17,295,482)
(17,295,482)
Net financial assets/(liabilities)
20,942,594
(23,702,542)
(13,226,824)
(33,234,364)
(49,221,136)
Foreign exchange risk and management
Exposure to foreign exchange risk may result in the fair value or future cash flows of a financial instrument fluctuating due 
to movement in foreign exchange rates of currencies in which the Group holds financial instruments which are other than 
the AUD functional currency of the Group. As at 30 June 2021, the group had USD denominated net financial liabilities of 
A$53,414,882 (2021: A$49,797,596). In respect of this USD foreign currency risk exposure in existence at the balance date 
a sensitivity of 10 percent higher and 10 percent lower has been applied in the US dollar against the Australia dollar. With all 
other variables held constant, post tax loss and equity would have been affected by approximately $5,000,000 
(2021: A$5,000,000).
Note 41. Dividends
No dividend has been declared or paid by the Group during the financial year and the Board did not recommend a dividend. 
No dividends were declared or paid in the previous financial year.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 119 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2022
Notes to the Financial Statements
Note 42. Matters subsequent to 
the end of the financial year
On 26 August 2022 the Group executed an Amendment 
Letter with Macquarie Bank Limited (Macquarie) and 
Argonaut Insurance Company (Argo) amending the terms 
and conditions of the existing Environmental Bond Facility 
(Amended EBF).
The key commercial and legal terms of the Amended EBF 
are now as follows:
Environmental Bonding Facility terms
In November 2021, Argo provided an Environmental Bond 
Facility for A$180 million for the purpose of replacing the 
environmental rehabilitation bonds previously supported 
by MMG Limited and required to be presented to the 
Queensland State in respect of the Century Mine. 
Macquarie, as the Issuing Bank, fronts the environmental 
bonds. Macquarie has also entered into zinc hedging 
transactions with Century Mine Limited (CML), a wholly owned 
subsidiary of New Century.
The Facility Agreement sets out the terms and conditions 
applicable to the issuance of the environmental bonds, the 
fronting arrangements and the zinc hedging transactions 
provided by Macquarie. The EBF has now been amended as 
set out below.
Amortisation profile
The maturity date of the Amended EBF is 30 April 2025 
(previously 30 September 2024).
The Amended EBF amortises quarterly for four quarters at 
A$10.0 million per quarter commencing 3 April 2023 and 
finishing on 2 January 2024 and amortises thereafter from 
31 January 2024 at the rate of A$7.62 million per month with 
the last amortisation payment due on 30 April 2025. 
Amortisation of the Amended EBF can be achieved through 
any combination of returning the environmental bonds to the 
Issuing Bank (including following a reduction of the underlying 
environmental bond liability) or lodging cash cover with the 
Issuing Bank.
CML can make voluntary prepayments at any time with prior 
notice and all reductions by way of voluntary prepayments 
or scheduled amortisation are applied as a reduction to the 
next amortisation payment falling due. No prepayments or 
repayments may be redrawn.
Fees
On-going fees payable by CML under the Amended EBF: 
(a)	 Line Fee of 2.30% p.a. calculated on the total drawn 
balance of the Amended EBF commitment (less any cash 
cover provided); (previously 1.9% p.a.)
(b)	 Fronting Fee of 0.25% p.a. calculated on the total drawn 
balance of the Amended EBF commitment (less any cash 
cover provided); (unchanged)
(c)	 Amendment Line Fee of 2.5% p.a. calculated on the total 
drawn balance of the Amended EBF commitment (less any 
cash cover provided); (new)
(d)	 Annual Facility Fee of A$3.1 million (unchanged); and
(e)	 standard security trustee and agency fees (unchanged).
The Issuing Bank has customary rights to pay and walk from 
the performance bonds, which are strictly limited to events of 
illegality, impossibility and breaches of anti-money laundering 
or sanction requirements and where an event of default 
is subsisting.
Security (unchanged)
The customary security package includes a full suite of first 
ranking security over the Century Mine, including guarantees, 
mortgages (over mining tenures and real property), general 
security agreements, share pledges and subordination of 
intercompany loans (if applicable) is in place.
Representations, warranties, and 
undertakings (unchanged)
The EBF contains representations, warranties, and 
undertakings typical for a facility of this nature, including: 
(a)	 general undertakings (including restrictions on 
distributions, incurring financial indebtedness, providing 
financial accommodation and guarantees and acquiring 
and disposing of assets, each with typical exceptions);
(b)	 information undertakings (including financial reporting 
undertakings); 
(c)	 project specific undertakings (including rehabilitation 
undertakings);
(d)	 hedging undertakings; and 
(e)	 insurance undertakings.

Notes to the Financial Statements
120 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
FOR THE YEAR ENDED 30 JUNE 2022
Financial and production covenants and 
other restrictions
(a)	 The EBF contains financial covenants which are tested 
quarterly.
(b)	 “Minimum Liquidity” of no less than A$25 million on 
quarter-ends and A$15 million on month-ends between 
quarters which has been tested on and from 
31 December 2021.
(c)	 “Debt Service Cover Ratio” of no less than 1.2x to be 
tested on and from 30 June 2023 (previously 31 March 
2022 and which has been tested on and from 31 March 
2022 to 30 June 2022).
(d)	 “Project Life Cover Ratio” of no less than 1.7x which has 
been tested on and from 31 December 2021.
(e)	 Specified 6-month production hurdles commencing 
30 June 2023 (previously 30 September 2022) and tested 
quarterly varying from 54,000t of payable zinc metal 
over a six-month period to 30 June 2023, to a high of 
60,000t of payable zinc metal over the six-month period 
to 31 March 2024.
The Amended EBF also includes specific limits on incurring 
additional financial indebtedness, disposing or acquiring 
assets, provision of guarantees or financial accommodation, 
and the distribution of dividends.
Review Events and Events of Default
The Amended EBF contains a number of Review Events, 
which can trigger a mandatory prepayment of the Amended 
EBF and the termination of the hedge position, if an 
agreement or remedy does not occur within specified 
timeframes. 
	
>
suspension of trading on the ASX for more than five 
consecutive days in any 12-month period; 
	
>
change of control;
	
>
changes to the “Rehabilitation Plan” which have a material 
adverse effect; 
	
>
failure to satisfy the minimum “Reserve Tail Ratio” 
requirement;
	
>
a 15% underachievement of forecast cashflows compared 
to the updated "Base Case Financial Model" (that is the 
August 2022 model whereas this was previously the 
original November 2021 model) using the same price 
assumption as the updated model for zinc, exchange rates 
and treatment charges;
	
>
certain material changes to the “Life of Mine Plan” or 
“Base Case Financial Model” which do not fall within 
specified exceptions; and
	
>
failure to forecast production in the latest “Life of Mine 
Plan” from the tailings operations continuing after the 
conclusion of the EBF and the existing hedging positions 
with Macquarie.
The EBF also contains customary events of default.
There have been no other events that have occurred 
subsequent to the reporting date which have significantly 
affected or may significantly affect the Group’s operations or 
results in future financial years.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 121 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
Directors' Declaration
The Directors of the Company declare that:
1.	 the Financial Statements and notes, as set out on 
pages 68 to 120 are in accordance with the Corporations 
Act 2001 and:
	
a.	
comply with Accounting Standards, which, as 
stated in accounting policy Note 1 to the Financial 
Statements, constitutes explicit and unreserved 
compliance with International Financial Reporting 
Standards (IFRS); and
	
b.	
give a true and fair view of the financial position 
as at 30 June 2022 and of the performance 
for the financial year ended on that date of the 
Company and Group;
2.	 in the Directors’ opinion there are reasonable grounds 
to believe that the Company and the Group will be 
able to pay its debts as and when they become due 
and payable.
This declaration has been made after receiving the 
declarations required to be made to the Directors in 
accordance with Section 295A of the Corporations Act 
2001 for the financial year ended 30 June 2022.
This declaration is made in accordance with a resolution 
of the Board of Directors.
Robert McDonald
CHAIRMAN
29 August 2022
 

122 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Independent 
Auditor's Report

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 123 
 
Liability limited by a scheme approved under Professional Standards Legislation. 
Member of Deloitte Asia Pacific Limited and the Deloitte organisation. 
 
Deloitte Touche Tohmatsu 
ABN 74 490 121 060 
 
477 Collins Street 
Melbourne VIC 3000 
Australia 
 
Tel: +61 3 9671 7000 
www.deloitte.com.au 
 
 
 
 
 
Independent Auditor’s Report  
to the members of New Century Resources Limited 
Report on the Audit of the Financial Report 
Opinion 
 
We have audited the financial report of New Century Resources Limited (the “Company”) and its subsidiaries (the 
“Group”) which comprises the consolidated statement of financial position as at 30 June 2022, the consolidated 
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and 
the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including 
a summary of significant accounting policies and other explanatory information, and the directors’ declaration. 
 
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, 
including: 
• 
Giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its financial 
performance for the year then ended; and   
• 
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 & Ethical Standards Board’s APES 
110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to 
our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance 
with the Code. 
 
We 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. 
 
Material Uncertainty Related to Going Concern 
 
We draw attention to Note 1 in the financial report, which indicates that the Group incurred a net loss of $28,318,613 
during the year ended 30 June 2022.  As stated in Note 1, these events or conditions, along with other matters as 
set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt of the Group’s ability 
to continue as a going concern. Our opinion is not modified in respect of this matter. 
 
 
 

124 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
 
Our procedures in relation to going concern included, but were not limited to: 
• 
Evaluating the directors’ assessment in relation to going concern and inquiring of management and the 
directors in relation to events and conditions that may impact the assessment on the Group’s ability to pay 
its debts as and when they fall due; 
• 
Assessing the Group’s compliance with financial and non-financial covenants associated with the Group’s 
Amended Environmental Bond Facility;  
• 
Challenging the key assumptions contained in the Group’s cash flow forecast including the timing of 
expected cash flows; 
• 
Performing stress tests for a range of reasonably possible scenarios on the Group’s cash flow forecast for 
at least 12 months from the date of signing the financial statements; and 
• 
Assessing the appropriateness of the going concern disclosures included in Note 1 to the financial 
statements. 
 
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 for the current period. These matters were addressed in the context of our audit of the financial 
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. 
In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have 
determined the matters described below to be the key audit matters to be communicated in our report. 
 
Key Audit Matter 
How the scope of our audit responded to the Key Audit 
Matter 
Derivative financial instruments 
The Group has entered into derivative financial 
instruments which are recorded at fair value to 
economically hedge the Group’s exposure to 
variability in cash flows due to movements in the zinc 
price and the foreign exchange rate between 
AUD/USD, arising from highly probable forecast zinc 
sales. As at 30 June 2022, derivative financial 
instruments totaled $68,979,735 (current liabilities of 
$47,030,971 
and 
non-current 
liabilities 
of 
$21,948,764).  
 
The Group has applied cash flow hedge accounting 
for the derivative financial instruments and has 
recognised $55,307,436 in the cash flow hedge 
reserve at 30 June 2022 representing the effective 
portion of the hedges.  
 
We consider this to be a Key Audit Matter as 
significant judgement is required by management in 
the valuation of and accounting for these financial 
instruments including: 
• understanding and applying contract terms; and 
• forecasting future zinc prices and AUD/USD 
foreign exchange rates in the short and long 
term. 
 
Our audit procedures included, but were not limited 
to:  
• Obtaining an understanding of the internal risk 
management process and the key controls 
associated 
with 
the 
derivative 
financial 
instruments contracts; 
• Obtaining an understanding of the relevant 
derivative financial instruments contract terms 
to assess the appropriateness of the relevant 
accounting applied in accordance with AASB 9 
Financial Instruments; 
• In conjunction with our Deloitte Treasury 
specialists, testing on a sample basis, the 
existence and valuation of financial instruments 
including: 
o assessing hedge documentation and 
hedge effectiveness where appropriate; 
o evaluating the integrity of the valuation 
models; and  
o assessing 
the 
incorporation 
of 
the 
contract terms and the key assumptions 
into the valuation models, including zinc 
prices and foreign exchange rates by 
comparing to market data. 
We have also assessed the appropriateness of the 
disclosures included in Notes 1, 25 and 40 to the 
financial statements. 

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 125 
 
Key Audit Matter 
How the scope of our audit responded to the Key Audit 
Matter 
Capitalisation 
of 
exploration 
and 
evaluation 
expenditure 
As at 30 June 2022 the Group has exploration and 
evaluation assets of $18,648,686 relating to the 
Group’s capitalisation of expenditure incurred for the 
feasibility study into the potential development of in-
situ deposits at the Century Mine, as disclosed in 
Note 20. 
 
A high level of judgement is required by management 
in the application of the industry specific accounting 
standard AASB 6 Exploration for and Evaluation of 
Mineral Resources (“AASB 6”), in particular the 
assessment of the conditions allowing capitalisation 
of relevant expenditure and the assessment of the 
presence of any impairment indicators. 
 
Accordingly we consider this to be a Key Audit 
Matter. 
 
 
Our procedures included, but were not limited to: 
• Obtaining an understanding of the internal risk 
management process and the key controls 
associated with the exploration and evaluation 
expenditure; 
• Assessing the tenements in which the Group 
holds an interest and the exploration programs 
planned for those tenements; 
• Assessing the Group’s rights to tenure by 
corroborating to government registries;  
• Evaluating management’s assessment that no 
indicators of impairment exist with reference to 
the potential indicators of impairment, as 
outlined within AASB 6; and 
• Testing the expenditure on a sample basis to 
underlying records and concluding whether the 
expenditure 
has 
been 
accounted 
for 
appropriately in accordance with AASB 6.  
We also assessed the appropriateness of the 
disclosures included in Notes 1, 2 and 20 to the 
financial statements. 
 
Other Information  
 
The directors are responsible for the other information. The other information comprises the information included 
in the Group’s annual report for the year ended 30 June 2022, but does not include the financial report and our 
auditor’s report thereon.  
 
Our opinion on the financial report does not cover the other information and we do not express any form of 
assurance conclusion thereon.  
 
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing 
so, consider whether the other information is materially inconsistent with the financial report or our knowledge 
obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, 
we conclude that there is a material misstatement of this other information, we are required to report that fact. We 
have nothing to report in this regard. 
 
Responsibilities of the Directors for the Financial Report 
 
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair 
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control 
as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair 
view and is free from material misstatement, whether due to fraud or error. 
 
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a 
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of 
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic 
alternative but to do so.  

126 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
 
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. 
 
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and 
maintain professional scepticism throughout the audit. We also: 
• 
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, 
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and 
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from 
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, 
misrepresentations, or the override of internal control.  
• 
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are 
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 
Group’s internal control.  
• 
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and 
related disclosures made by the directors.  
• 
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on 
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast 
significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty 
exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report 
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence 
obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to 
cease to continue as a going concern.  
• 
Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and 
whether the financial report represents the underlying transactions and events in a manner that achieves fair 
presentation.  
• 
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business 
activities within the Group to express an opinion on the financial report. We are responsible for the direction, 
supervision and performance of the Group audit. We remain solely responsible for our audit opinion.  
 
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and 
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.  
 
We also provide the directors with a statement that we have complied with relevant ethical requirements regarding 
independence, and to communicate with them all relationships and other matters that may reasonably be thought 
to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.  
 
From the matters communicated with the directors, we determine those matters that were of most significance in 
the audit of the financial report of the current period and are therefore the key audit matters. We describe these 
matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in 
extremely rare circumstances, we determine that a matter should not be communicated in our report because the 
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such 
communication. 

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 127 
 
Report on the Remuneration Report 
 
Opinion on the Remuneration Report 
 
We have audited the Remuneration Report included in pages 48 to 66 of the Directors’ Report for the year ended 
30 June 2022.  
 
In our opinion, the Remuneration Report of New Century Resources Limited, for the year ended 30 June 2022, 
complies with section 300A of the Corporations Act 2001.  
 
Responsibilities  
 
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in 
accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the 
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.  
 
 
 
 
 
DELOITTE TOUCHE TOHMATSU 
 
 
 
 
Suzana Vlahovic 
Partner 
Chartered Accountants 
Melbourne, 29 August 2022 
 
 

128 • NEW CENTURY RESOURCES ANNUAL REPORT 2022 
Shareholder Information
The shareholder information set out below is based on information available as at 1 August 2022.
Distribution of equity securities
The number of equity security holders, by size of holding, in the Company is:
SPREAD OF HOLDERS
NUMBER OF HOLDERS
NUMBER OF SHARES
1 – 1,000
2,056
745,496
1,001 – 5,000
1,077
2,559,531
5,001 – 10,000
281
2,038,687
10,001 – 100,000
342
10,163,477
100,001 and over
67
115,483,522
Total
3,823
130,990,713
Holding less than a marketable parcel
989
124,574
Equity security holders
The names of the twenty largest registered holders of quoted equity securities are listed below:
SHAREHOLDER
NUMBER HELD
% OF ISSUED SHARES
1
Sibanye Gold (Proprietary) Limited
26,184,675
19.99
2
Citicorp Nominees Pty Limited
11,359,577
8.67
3
HSBC Custody Nominees (Australia) Limited 
10,649,093
8.13
4
HSBC Custody Nominees (Australia) Limited – A/C 2
9,945,947
7.59
5
J P Morgan Nominees Australia Pty Limited
7,528,924
5.75
6
CS Fourth Nominees Pty Limited 
6,624,117
5.06
7
HSBC
6,318,574
4.82
8
Thebes Offshore Master Fund LP
4,698,437
3.59
9
Mrs Kay Mitris
2,769,799
2.11
10
Mr John Carr 
2,331,902
1.78
11
SPARTA AG
2,298,298
1.75
12
Mr Patrick Christopher Andrew Walta 
2,271,131
1.73
13
Konkera Pty Ltd
2,103,031
1.61
14
BNP Paribas Nominees Pty Ltd 
1,688,935
1.29
15
BNP Paribas Nominees Pty Ltd ACF Clearstream
1,650,947
1.26
16
Delphi Unternehmensberatung Aktiengesellschaft
1,346,131
1.03
17
Delphi Unternehmensberatung Aktiengesellschaft
1,276,354
0.97
18
Woodross Nominees Pty Ltd
1,192,714
0.91
19
BNP Paribas Noms Pty Ltd 
867,953
0.66
20
BNP Paribas Noms Pty Ltd 
860,215
0.66
Total
103,966,754
79.37
There are 130,990,713 ordinary fully paid shares currently listed and trading on the Australian Securities Exchange.
There is no on-market buy back taking place currently.

NEW CENTURY RESOURCES ANNUAL REPORT 2022 • 129 
SUSTAINABILITY
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL REPORT
SHAREHOLDER INFORMATION
OPERATING & FINANCIAL REVIEW
Voting Rights
On a show of hands every shareholder present at a meeting 
in person or by proxy, attorney or representative shall have 
one vote. On a poll every shareholder present at a meeting in 
person or by proxy, attorney or representative shall have one 
vote for each share held.
Unquoted Equity Securities
Options
The number of unquoted options on issue was 3,133,336 and 
the number of holders of those options was six. The persons 
that hold 20 percent or more of this class of unquoted equity 
securities are:
CLASS
HOLDER
NUMBER
Unquoted options
Aus Funding I Pte Ltd
1,666,667
Unquoted options
MMG Management Pty Ltd
666,667
Unquoted options
Tectonic Advisory
666,668
Performance rights
The number of performance rights on issue under the Group’s 
Employee Incentive Share Plan was 2,607,128 and the number 
of holders of those performance rights was 22.
Information on shareholding
Shareholders who require information about their 
shareholding should contact the Company’s share registry.
Shareholders who have changed their address should advise 
the change in writing to:
Automic Registry Services
Level 5
191 St Georges Terrace
Perth, Western Australia 6000
Telephone: +61 2 9698 5414
Sponsored shareholders should note, however, that they 
should contact their sponsored broker to initiate a change 
of address.
Schedule of Mining Tenements
Below is a list of mining tenements held by the Group as at 
the date of this report:
PROJECT
LOCATION
STATUS
INTEREST
CENTURY ZINC MINE, QUEENSLAND, AUSTRALIA
ML 90058
Mt Isa
Granted
100%
ML 90045
Mt Isa
Granted
100%
EPM 10544
Mt Isa
Granted
100%
EPM 26722
Mt Isa
Granted
100%