Peak Minerals Limited
ABN 74 072 692 365
Annual Report for the Year Ended 30 June 2024
For personal use only
Peak Minerals Limited
Contents
30 June 2024
1
Corporate directory
2
Directors’ report
3
Auditor’s independence declaration
19
Statement of profit or loss and other comprehensive income
20
Statement of financial position
21
Statement of changes in equity
22
Statement of cash flows
23
Notes to the financial statements
24
Consolidated entity disclosure statement
45
Director’s declaration
46
Independent auditor’s report
47
Shareholder information
51
Schedule of mining tenements
53
Mineral resource statement
54
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Peak Minerals Limited
Corporate directory
30 June 2024
2
Directors
Robert Boston (Non-Executive Chairman)
Oonagh Malone (Non-Executive Director)
Mathew O'Hara (Non-Executive Director)
Company Secretary
Mathew O’Hara
Registered office &
Level 1, Suite 23
Principal place of business
513 Hay Street
Subiaco, WA 6008
Ph. +61 8 6143 6748
Australian Business Number
74 072 692 365
Share register
Automic Registry Services
Level 5, 126 Phillip Street
Sydney NSW 2000
Ph. 1300 288 664
Auditor
HLB Mann Judd
Level 4, 130 Stirling Street
Perth WA 6000
Stock exchange listing
Australian Securities Exchange (ASX code: PUA)
Website
www.peakminerals.com.au
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Directors' report
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3
The directors present their report, together with the financial statements, on the consolidated entity consisting of Peak
Minerals Limited (Peak or the Company) and the entities it controlled at the end of, or during, the year ended 30 June 2024.
Review of Operations
During the financial year ended 30 June 2024, Peak identified and reviewed a number of opportunities with the aim of
strengthening its existing asset portfolio while continuing to pursue its Western Australian focused exploration programs at its
Green Rocks and Earaheedy projects.
Acquisition of Kitongo and Lolo Uranium Projects and Minta Rutile Project
During July 2024, the Company announced the execution of binding agreements to acquire an 80% interest in three separate
entities, Minta Resources Pty Ltd (Minta Resources), African Future Minerals Pty Ltd (AFM) and Rafia Mining Pty Ltd (Rafia
Mining), which together hold the following exploration permits in Cameroon:
•
6 exploration permits under valid application over approximately 2,400 km2 comprising the Kitongo and Lolo Projects
which are considered prospective for uranium; and
•
18 granted exploration permits and three exploration permits under valid application over approximately 8,800 km2
comprising the Minta Rutile Project which are considered prospective for rutile, zircon, gold and rare earths,
(together, referred to as the Projects).
The Kitongo and Lolo Uranium Projects are comprised of 6 exploration permits all under valid application. The merits of these
projects, and prospectivity for uranium, were confirmed by significant historical exploration, initially in the 1970’s, and more
recently in 2007 – 2011, when systematic exploration by Mega Uranium Ltd (TSX: MGA), following its acquisition of Nu Energy
Corporation in April 2007, produced highly encouraging results from drilling programs undertaken in 2008 and 2010. The Minta
Rutile Project is comprised of recently granted exploration permits over approximately 8,800km2. Recently completed data and
prospectivity analysis, mapping, grab and auger sampling have identified broad areas of high grade alluvial and eluvial rutile,
with zones of high-grade zircon and monazite.
Figure 1: Location map of the Kitongo and Lolo Uranium Projects and the Minta Rutile Project, Cameroon.
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Kitongo and Lolo Uranium Projects
The Kitongo and Lolo Uranium Projects were actively explored as early as the 1950’s by several companies and national
geological bodies, with intermittent exploration ongoing until 2011. The Kitongo and Lolo Project were both acquired by Mega
Uranium Ltd in April 2007, as part of its acquisition of TSX-listed Nu Energy Corporation in a transaction valued at
approximately CAD150 million. The Kitongo and Lolo Projects in Cameroon were Nu Energy Corporation’s only assets at the
time.
The Kitongo Project is located in the northwest of the Adamoua Province of Cameroon, approximately 130km from the rail
line in the city of Ngaoundere (refer Figure 2). The Kitongo Project is comprised of five exploration permits under valid
application over approximately 2,208km2.
Figure 2: Location map of the Kitongo Project.
During March 2009, Mega Uranium Ltd released results from an 11-hole diamond drilling program undertaken on the Kitongo
Project indicating the presence of high-grade uranium mineralisation which were disclosed publicly by Mega Uranium Ltd. The
Company is not able to verify any of the drill intercepts which are reported in the historical information currently available.
Information such as, sample preparation, analytical work and quality control procedure from the historical laboratories are not
available. Critical aspects like sample handling, preparation analytical methods and protocols are subsequently not known. With
the above factors being taken into account, the Company considers the historical drilling results only indicative of uranium
mineralisation in the area. When the Company is able to commence with the exploration activities on the Kitongo Project, on
ground exploration activities will be undertaken to confirm these results.
A recent site visit completed in 2023 found a historical mining exploration adit dug by an expedition conducted by the German
Federal Institute for Geosciences and Natural Resources (BGR) exploring for uranium in 1976 (Djapa and Thoste, The Kitongo
Uranium Occurrence in Northern Cameroon, 2008, IAEA-TC-542/25).
The Kitongo Project is located within the Panafrican Mobile Belt, formed during the Panafrican orogeny, and composed mainly
of the Lower Proterozoic Birimian lithologies metamorphosed at the conditions of amphibolite to greenschist facies. The belt
is known as an important host of uranium mineralisation, which includes the Lere deposit in Chad, and the Goble and Jos
Plateau deposits in Nigeria, and the Kitongo Project is located along this belt.
Within the project area, the host volcano-sedimentary sequence of the Poli Group consists of gneisses, amphibolites, mica
schists, mafic volcanics and various volcaniclastic rocks, intruded by the mafic dykes and the anorogenic granite and
granodiorites, which are potential source of uranium.
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Mineralisation is hosted by the albitites which are a product of Na (sodium)-alteration of the anorogenic granite. Alteration is
controlled by the shear-zones striking at 110o ENE and marking the contact of the Poli Group with the Kitongo granite (refer
Figure 3). The main uranium mineral is uraninite (UO2), which associates with minor U-titanite, pyrite and the base-metal
sulphides (sphalerite, galena, chalcopyrite).
Figure 3: Geological map of the Kitongo Project.
Two main types of uranium mineralisation identified at the Kitongo Project included the disseminated uranium mineralisation
and the high-grade uranium veins.
1. Disseminated type: This type of mineralisation occurs as irregularly disseminated uranium minerals and sulphides in
the albitites. The wall-rock albitites are characterised by presence of aegirine and hematite, the latter infills the late
fissures in the rocks. These albitites are notably differ from surrounding rocks by their distinctly red to reddish colour,
apparently reflecting higher intensity of their metasomatic alteration. This is the main type of mineralisation at the
project. Mineralised bodies are commonly 2 – 7m thick, with average grade often exceeding 1,000 ppm U3O8.
2. Vein type: The uranium is hosted by albitite veins and dykes. Grade of this type mineralisation is commonly high,
although veins are narrow, less then 1m. Uranium minerals associates with carbonates.
The mineralised sequence is overlain by a younger volcanic rock, suggesting that new discoveries can be made in the areas,
where zones of the albitite alteration are concealed under Paleozoic volcanics.
The Lolo Project is comprised of one exploration permit under valid application over 240 km2 and is located in the South Region
of Cameroon, approximately 70km southwest of the capital city of Yaounde and 111 km from the Kribi deep water port. The
Lolo Project is named after the town of Lolodorf which is located at the western part of the exploration permit and is easily
accessed by sealed road from Yaounde.
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Figure 4: Location map of the Lolo Project.
Uranium mineralisation at the Lolo Project associates with syenite intrusions that were delineated in 1982-1983 during
reconnaissance study by BRGM (BRGM, 1983: report 83 RDM 036 AF). The intrusions are expressed on the radiometric maps
as a chain of the radiometric anomalies, forming a coherent zone of approximately 80 kilometers long and 2 – 5 kilometers
wide. Mapping and sampling of these syenite intrusions, including a scout drilling, have identified uranium mineralisation
widespread throughout the belt, with the best results obtained in the eastern flank at the two sites colloquially referred as the
Awanda and Ngombas prospects.
Mapping of the uranium occurrences has shown that uranium minerals, mainly uraninite (UO2) and coffinite (U(SiO4)1-x(OH)4x),
are distributed preferably along the shear zones cutting the syenites.
Mega Uranium Limited completed a diamond drilling program in 2010 that tested a small portion of the 80-kilometre-long
prospective uraniferous belt and confirmed presence of high-grade mineralisation. The Company is not able to verify any of
the drill intercepts which are reported in the historical information currently available. Information such as, sample preparation,
analytical work and quality control procedure from the historical laboratories are not available. Critical aspects like sample
handling, preparation analytical methods and protocols are subsequently not known. With the above factors being taken into
account, the Company considers the historical drilling results only indicative of uranium mineralisation in the area. When the
Company is able to commence with the exploration activities on the Lolo Project, confirmation drilling, in conjunction with
other activities will be undertaken to confirm these results.
Grades up to 0.1% U3O8 (1,000ppm) were reported within an IAEA report in 1983, “Orientation Phase, Report on Cameroon”
(Michael de Trey and George W. Leney). The IAEA report assessed the uranium potential of the Lolo syenite belt and
determined that the presence of multiple uranium prospects had additional exploration potential.
Next Steps on the Kitongo and Lolo Projects
Following completion of the Acquisition, the Company proposes to undertake further due diligence on the Kitongo and Lolo
Projects, including compilation and analysis of all available historical data and preliminary exploration work at the project sites.
Based on the results of the due diligence, an initial exploration program will be prepared for the Kitongo and Lolo Projects.
Emphasis of the first phase of exploration will be made on the detailed geological mapping of the defined exploration targets,
that will be coupled with ground radiometric survey and geochemical exploration, including rock chip and soil sampling, that
will be a basis for defining potential drill targets. The Company will also commence engagement with relevant Government
authorities, regional stakeholders and local communities regarding the planned exploration programs.
The Company has engaged Mr Marat Abzalov to be the competent person for the uranium project and to design the upcoming
exploration programs. Mr Abzalov is a highly experienced uranium geologist and qualified competent person, having been the
initial competent person for Boss Energy Limited’s (ASX: BOE) Honeymoon Uranium Project in South Australia and various
other uranium projects globally.
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Minta Rutile Project
The Minta Rutile Project is comprised of 18 granted exploration permits and three exploration permits under valid application
across approximately 8,800km2 in a critically under-explored area of known rutile mineralisation in central Cameroon. The
Minta Project area was identified following a review of historic BRGM (The French Geological Survey) reports. A subsequent
review of historic data has demonstrated an absence of systematic exploration, or application of representative sampling and
analysis methods.
Initial reconnaissance sampling has assisted in delineating areas of high grade alluvial and eluvial rutile with no, or minimal
overburden. Zircon, gold and monazite have also been intersected through on-ground reconnaissance sampling.
Engagement of industry experts, Placer Consulting Pty Ltd (Placer), in the early stage of targeting has assisted in ensuring all
work is completed according to the reporting standards of the JORC Code (2012). Prospectivity review by Placer has focused
the next phase of exploration.
Initial exploration and analysis at the Minta Rutile Project has confirmed very high grade, shallow and broad areas of
mineralisation and target zones for drilling have already been identified.
Figure 5: Minta Rutile Project location map.
Zones of very high-grade zircon mineralisation were also identified in certain areas of the Minta Rutile Project. Initial exploration
has also intersected visible, alluvial and hard rock gold occurrences across the eastern tenement area that coincides with a
geophysical anomaly associated with granitic intrusion. Results from reconnaissance soil sampling and auger drilling undertaken
at the Minta Rutile Project are shown in Tables 1 and 2 below.
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Table 1: Mineral assemblage of the heavy mineral fraction from grab samples from 2022 (+45µm/ -1mm HM sink fraction, magnetic separation
and 300pt grain count – excludes coarse rutile). Coordinates in WGS 1984 UTM Zone 33N. All results are %.
Permit
North
East
Elev.
Sample ID
Rutile
Ilmenite
Leuc.
Zircon
Monazite
Kyanite
Minta Est
301312
509047
637
ME003
57.7
8.2
0.23
2.34
0.43
23.4
297869
508922
641
ME007
41.6
4.9
0
0.25
0.12
26
Minta Sud
243108
498376
673
MS001
51
1.6
0
2.79
0.05
15.5
243157
496336
677
MS003
33.3
0.2
0
2.24
0.07
11.4
231553
493460
683
MS004
21.9
14
0
30.62
0.14
10.2
242561
493099
671
MS006
4.8
0.1
0
0.19
0.13
18.4
243081
498362
672
MSS01
60.2
4.1
0
5.71
0.16
8.6
Afanloum
183362
454694
682
AL001
24.5
0.7
0.1
0.58
1.07
44.9
Table 2: Mineral assemblage results from auger drilling 2023 (+45µm/ -1mm HM sink fraction, magnetic separation and 300pt grain count–
excludes coarse rutile). Coordinates in WGS 1984 UTM Zone 33N. All results are %.
Permit
North
East
Elev.
Sample ID
Rutile
Ilmenite
Leuc.
Zircon
Kyanite
Minta Sud
232867
482982
697
A0009
64.02
4.12
1.31
2.15
9.27
237991
485704
664
A0014
46.95
2.63
0.35
2.9
18.87
244879
494337
673
A0025
33.04
0.39
0
0.22
12.22
243765
492036
677
A0044
1.56
10.93
0
2.03
14.92
250984
485377
687
A0046
10.31
3.71
0.55
0.55
45.21
235388
494718
675
A0056
29.73
10.99
0
2.01
47.41
Minta Est
296114
508746
645
B0008
13.07
0.65
0.24
1.83
40.98
297748
503383
653
B0009
1.93
0
0.22
0.3
2.89
Figures 6 and 7: Heavy mineral sands and in-situ heavy minerals sands from the Minta Rutile Project sampled areas.
Next Steps on the Minta Rutile Project
As part of the proposed Acquisition, the Company has acquired a comprehensive geological dataset which it will use with input
from Placer to design a systematic and targeted exploration plan for the most prospective areas of the tenement package, by
commodity type.
Exploration and QA/QC procedures will be implemented, on-site by Richard Stockwell (Placer, Principal Geologist) upon
commencement of the field season. Mr Stockwell has substantial experience across many global HMS and rutile projects and
has acted as the Competent Person for a number of ASX-listed companies with African projects.
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Following the completion of due diligence, and commencement of the field season, Peak will embark on an auger drilling
programme over high priority areas. Soil sampling and mapping will be conducted across other regional targets to validate the
prospectivity model and deliver additional targets into the project pipeline, where discovered.
Utilising mechanised drilling methods to effectively sample below the water table in alluvial target areas is considered critical
in understanding the true value of identified targets. These areas will be identified during the auger-drilling programme, during
which time a suitable drilling solution will be resolved.
The Company will also commence engagement with relevant Government authorities, regional stakeholders and local
communities regarding the planned exploration programs.
Key terms of the Acquisition
In consideration for the Acquisition, the Company will pay the following:
•
Upfront Consideration of 500,000,000 Shares at a deemed issue price of $0.002 per Share (approximate value of $1
million), which will be apportioned between the vendors of Minta Resources, African Future Minerals and Rafia Mining
(Vendors); and
•
Deferred Consideration:
o
500,000,000 Shares at a deemed issue price of $0.002 per Share (approximate value of $1 million), subject to
the Company achieving drill intercepts of over 5m minimum at a grade of 250ppm U3O8 from at least 2
individual drill holes at the Projects within 18 months of the date of completion of the Acquisitions (Tranche
1 Deferred Consideration); and
o
1,000,000,000 Shares at a deemed issue price of $0.002 per Share (approximate value of $2 million), subject
to the Company achieving at least 20Mlb mineralisation at a grade of at least 250ppm U3O8 within 36 months
of the date of completion of the Acquisitions (Tranche 2 Deferred Consideration).
Following completion of the Acquisition and until a decision to mine is made on any of the Projects, the Company will free
carry the Vendors at 20%. The Company also agrees to grant the Vendors an aggregate net smelter royalty of 2.5% payable in
respect of all metals and minerals produced from the Projects.
The issue of the Upfront Consideration and Deferred Consideration are all subject to the approval of Shareholders pursuant to
ASX Listing Rule 7.1, which was received on 16 September 2024.
The Company will also appoint one representative of the Vendors, Mr Phillip Gallager, to join as a non-executive director of
the Company. Mr Gallagher has had extensive experience in mineral exploration in West Africa having been the co-founder
and managing director of ASX-listed Canyon Resources Ltd (CAY) for 12 years and the Managing Director of ASX-listed African
Gold Limited (A1G) since August 2022. During Mr Gallagher’s tenure, Canyon Resources completed a successful IPO,
undertook numerous gold exploration programs in Burkina Faso and subsequently secured the world class Minim Martap
Bauxite Project in Cameroon. Mr Gallagher led and successfully finalised negotiations with the Government of Cameroon to
secure the Minim Martap Bauxite Project for Canyon Resources. He has previously held senior commercial and operational
roles in both private and public companies.
Western Australian Projects –Green Rocks and Earaheedy Projects
The Green Rocks project consists of approximately 260km2 of contiguous landholding located southeast of Meekatharra,
Western Australia.
During the year, the Company completed a review of all historical geophysical and geological databases across its existing
tenement package. This review has highlighted numerous targets along the extensions of the two styles of mineralisation at
Side Well, being the Mulga Bill style intermediate sulphide mineralisation and the Ironbark-style defined along the eastern
corridor of the Polelle syncline. Geological Survey of Western Australia mapping has shown the felsic volcanic and volcaniclastic
rocks, which host the Mulga Bill mineralisation in the core of the Polelle syncline, extend south into a package of prospecting
licences forming the northern extent of the Green Rocks project.
With a recent increase in the gold price, coupled with increased exploration activity in the region following discoveries by Great
Boulder Resources Ltd (ASX: GBR) at the neighbouring Side Well Gold project, the Company’s focus has been the gold potential
within the northern tenements of the Green Rocks project. To date, GBR have defined a resource of 6,511,000 tonnes at 2.7
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g/t Au for 568,000 ounces at its Mulga Bill project, forming the core of a larger global resource of 7,450,000 tonnes at 2.8 g/t
Au for 668,000 ounces across its Side Well project (Refer GBR announcement dated 16 November 2023). GBR have identified a
Bi-Mo-Ag-Au-Cu geochemical signature at Mulga Bill indicating a magmatic, intermediate sulphidation epithermal system,
which can be defined by induced polarization and gravity surveys.
The Company intends to undertake a preliminary soil sampling program over the defined targets to determine if geochemical
anomalies can be generated through the weathering profile, with air core drilling to follow if the weathering profile is deemed
to be too deep. The Company continues to assess next steps for the Earaheedy Project.
Victorian Project – Yendon Kaolin Project
The Yendon Kaolin project is located in the Ballarat-Bendigo zone of the Western division of the Lachlan Fold Belt. The
Company holds four licences in total: three exploration licenses (EL5457, EL6428 and EL8081) and one retention license
(RL6734) approximately 14 kms south-south-east of Ballarat, Victoria. RL6734 provides the licensee with tenure over the land
before progressing to a mining license.
During the year, the Company undertook preliminary field work in preparation for reconnaissance drilling across its exploration
licences to be conducted in the second half of 2024.
The Project is host to a resource completed in 2018 of 3.7Mt of 34.7% Al2O3 material with low level impurities such as Fe2O3,
Na2O and TiO2 (Table 3).
Table 3. 2018 Resource Estimation results by SRK Consulting
Corporate Activities
As announced on 5 July 2024, the Company received firm commitments to raise $750,000 (before costs) through a placement
of 375 million new fully paid ordinary shares at $0.002 per share to sophisticated investors (Placement). The Placement was
undertaken in two tranches with 156 million new shares issued under the Company’s Listing Rule 7.1, issued on 12 July 2024,
and 219 million new shares to be issued subject to Shareholder approval, which was received on 16 September 2024.
On 19 July 2024, the Company lodged a Prospectus for a non-renounceable pro-rata offer of ordinary fully paid shares at an
issue price of $0.002 each to Eligible Shareholders on the basis of 2 new shares for every 5 shares held on the Record Date
(Entitlement Offer). The Entitlement Offer was for 478,950,647 new shares, to raise up to $957,901 (before costs). The Offer
closed on 13 August 2024, with an amount of $574,537 raised under the Entitlement Offer and associated Shortfall Offer via
the issue of 287,268,355 new shares being issued on 20 August 2024.
Under the term of the Prospectus, the Company retains the ability to issue an additional 191,682,292 New Shares to raise an
additional $383,364 (before costs) under the Shortfall Offer within three months of the Entitlement Issue closing date.
On 16 September 2024, the Company held a General Meeting, with the following key items being approved:
•
Issue of 219 million shares under Tranche 2 of the Placement;
•
Issue of Upfront and Deferred Consideration under the Acquisition;
•
Issue of 90 million unquoted options to Yelverton Capital Pty Ltd (or its nominee) in consideration for corporate
advisory services;
•
Issue of up to 103,783,000 shares to Directors of the Company in lieu of directors’ fees payable; and
•
Issue of up to 55,000,000 shares to Konkera Corporate Pty Ltd in consideration for accounting and administrative
services provided.
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Competent Person’s Statement
The information in this announcement that relates to historical exploration results were reported by the Company in
accordance with listing rule 5.7 on 5 July 2024. The Mineral Resource Estimate for the Yendon Kaolin Project was first reported
in accordance with listing rule 5.8 on 12 February 2018. The Company confirms it is not aware of any new information or data
or any changes the underlying assumptions that materially affects the information included in the previous announcements.
Directors
The following persons were directors of Peak Minerals Limited during the whole of the financial year and up to the date of this
report, unless otherwise stated:
Robert Boston
Non-Executive Chairman
Oonagh Malone
Non-Executive Director
Mathew O’Hara
Non-Executive Director
Principal Activities
During the financial year the consolidated entity continued to pursue its Western Australian focused exploration programs on
its emerging magmatic sulphide province. Post year end, on 5 July 2024, the Company announced the execution of three
binding agreements to acquire an 80% interest in 3 separate entities, which together hold 22 exploration permits and
exploration permit applications in Cameroon.
Operating Results
The loss for the consolidated entity for the year ended 30 June 2024 after providing for income tax amounted to $902,265
(2023: loss of $1,649,926).
Financial Position
The net liabilities of the consolidated entity as at 30 June 2024 are $658,270 (2023: net assets of $278,376).
Dividends Paid or Recommended
There were no dividends paid, recommended or declared during the current or previous financial year.
Environmental Regulations
The consolidated entity is required to carry out the exploration and evaluation of their Western Australia exploration tenements
in accordance with various Commonwealth and State Government Acts and Regulations. In regard to environmental
considerations, the Company and its controlled entities are required to obtain approval from various State regulatory
authorities before any exploration requiring ground disturbance is carried out. It is normally a condition of such regulatory
approval that any area of ground disturbed during the Company’s activities is rehabilitated in accordance with various
guidelines. The Company considers it and its controlled entities have complied with all applicable regulations when carrying
out exploration work.
The consolidated entity's Victorian mineral tenements are issued by the Department of Primary Industry - Minerals (DPI) and
the consolidated entity operates under environmental licences and conditions issued by the DPI and the Environmental
Protection Authority. The conditions of these tenements and licences require the preparation of environmental reports,
monitoring and ongoing rehabilitation for exploration and mining activities. The consolidated entity has statutory obligations
to protect the environment in which it is exploring and operating.
Before commencing ground, intrusive work or work involving the removal or damage of native vegetation within an Exploration
Licence in Victoria, each licence is subject to a rehabilitation bond to the satisfaction of the Minister. The licensee must also
notify the Earth Resources Regulation (ERR) Regional Manager and the Crown land Manager, if Crown land is involved, of the
nature of the proposed works, and obtain approvals for the proposed works to commence. All reasonable care must be taken
to avoid, minimize and/or offset the removal and disturbance of native vegetation and faunal habitats. Special conditions,
assessments and exclusions may also apply to Box-Ironbark regions to identify areas or sites to be avoided.
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While environmental reports are not generally required where only low impact exploration activities are being undertaken (as
within the Victorian Exploration Licences) the licensee must operate under the Code of Practice For Mineral Exploration
(Mineral Resources (Sustainable Development) Act 1990) and be aware of, and manage, multiple potential issues that may arise.
During the reporting period the consolidated entity met its obligations pursuant to environmental legislation. Directors are
not aware of any regulations or requirements that were not being complied with.
Information on Directors
Name:
Robert Boston
Title:
Non-Executive Chairman - appointed 14 December 2020
Qualifications:
B.Comm, B.LLB, Grad Dip App.Fin, Dip Man
Experience and expertise:
Mr Boston has more than 15 years in the mining industry. An experienced resources
executive, having held positions in legal, business development, strategy, marketing and
commercial roles within BHP Billiton Limited, Rio Tinto Limited and Poseidon Nickel
Limited and continues to advise a number of junior resources companies. Mr Boston has
multi commodity expertise in exploration, early stage resource development, M&A,
joint ventures and marketing. Prior to this Mr Boston worked for national law firms
Freehills and Mallesons Stephen Jaques in their Corporate, Projects and Finance areas
and is admitted to the Supreme Court of Western Australia and High Court of Australia.
Other current directorships:
Regener8 Resources NL (since 22 March 2022)
Former directorships (last 3 years):
Minrex Resources Limited (from 16 June 2023 to 30 November 2023)
Interests in shares:
3,733,765 fully paid ordinary shares
Interests in options:
15,000,000 unlisted options
Name:
Oonagh Malone
Title:
Non-Executive Director - appointed 11 May 2021
Experience and expertise:
Oonagh Malone is a principal of a corporate advisory firm which provides company
secretarial and administrative services. As well as a number of previous ASX non-
executive directorships, she has over a decade of experience in administrative and
company secretarial roles for listed companies. Ms Malone is a member of the
Governance Institute of Australia. She currently acts as company secretary for ASX-
listed companies Aston Minerals Limited, Benz Mining Corp, Caprice Resources Ltd,
Carbine Resources Ltd, African Gold Limited, RareX Ltd, Firebird Metals Ltd and
Riversgold Ltd.
Other current directorships:
None
Former directorships (last 3 years):
Carbine Resources Limited (ASX: CRB) (from 3 October 2022 to 31 May 2024)
Interests in shares:
2,800,000 fully paid ordinary shares
Interests in options:
15,000,000 unlisted options
Name:
Mathew O'Hara
Title:
Non-Executive Director & Company Secretary - appointed 21 June 2021
Qualifications:
B.Comm, CAANZ, MAICD
Experience and expertise:
Mr O’Hara is a Chartered Accountant with extensive professional experience in capital
markets, financing, financial accounting and governance and has been employed by, and
acted as Director, Company Secretary and Chief Financial Officer of several listed
companies, predominantly in the resources sector. Prior to these roles, he spent more
than a decade working as an associate director at an international accounting firm in
both the Corporate Finance/Advisory and Audit divisions.
Other current directorships:
Benz Mining Corp (TSXV: BZ, ASX: BNZ) (since 27 April 2020), African Gold Limited
(ASX: A1G) (since 1 April 2020), Pearl Gull Iron Limited (ASX: PLG) (since 31 March
2023)
Former directorships (last 3 years):
Nil
Interests in shares:
7,246,169 fully paid ordinary shares
Interests in options:
15,000,000 unlisted options
For personal use only
Peak Minerals Limited
Directors' report
30 June 2024
13
Meetings of Directors
The number of meetings of the Company's Board of Directors (Board) held during the year ended 30 June 2024, and the
number of meetings attended by each director were:
Full Board
Attended
Held
Robert Boston
5
5
Oonagh Malone
5
5
Mathew O’Hara
5
5
Options and Performance Rights on Issue
At the date of this report, there are no quoted share options or performance rights on issue. There are 45,000,000 unquoted
share options on issue with the following terms.
Unquoted Options (Number)
Exercise price ($)
Expiry Date
22,500,000
$0.030
31 December 2024
22,500,000
$0.050
31 December 2024
No person entitled to exercise the options or performance rights had or has any right by virtue of the option or performance
right to participate in any share issue of the Company or of any other body corporate.
Shares issued on the exercise of Options and Performance Rights
No ordinary shares of Peak Minerals Limited were issued during the year ended 30 June 2024 (2023: 5,866) and up to the date
of this report on the exercise of listed options granted. There were no ordinary shares of Peak Minerals Limited issued on the
exercise of performance rights during the year ended 30 June 2024 and up to the date of this report.
Risk Management
The Company takes a proactive approach to risk management. The Board is responsible for ensuring that risks, including
emerging risks, and also opportunities, are identified on a timely basis and the Company’s objectives and activities are aligned
with the risks and opportunities identified by the Board. The Board has a number of mechanisms in place to ensure that
management’s objectives and activities are aligned with the risks identified by the Board. These include the following:
•
Board approval of a strategic plan designed to meet stakeholders needs and manage business risk; and
•
Implementation of Board approved budgets and Board monitoring of progress against those budgets
Indemnity and insurance of officers
The Company has indemnified the directors and executives of the Company for costs incurred, in their capacity as a director
or executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the Company paid a premium in respect of a contract to insure the directors and executives of the
Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure
of the nature of the liability and the amount of the premium.
Indemnity and insurance of auditor
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the
Company or any related entity against a liability incurred by the auditor.
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company
or any related entity.
For personal use only
Peak Minerals Limited
Directors' report
30 June 2024
14
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf
of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility
on behalf of the Company for all or part of those proceedings.
Non-audit services
There were no non-audit services provided during the financial year by the auditor.
Officers of the Company who are former partners of HLB Mann Judd
There are no officers of the Company who are former partners of HLB Mann Judd.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out
immediately after this directors' report.
Remuneration Report (Audited)
The remuneration report details the Key Management Personnel (KMP) remuneration arrangements for the consolidated
entity, in accordance with the requirements of the Corporations Act 2001 and its Regulations.
KMP are those persons having authority and responsibility for planning, directing and controlling the activities of the entity,
directly or indirectly, including all directors.
The remuneration report is set out under the following main headings:
•
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
Principles used to determine the nature and amount of remuneration
The objective of the consolidated entity's executive reward framework is to ensure reward for performance is competitive and
appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and
the creation of value for shareholders, and it is considered to conform to the market best practice for the delivery of reward.
The Board of Directors (the Board) ensures that executive reward satisfies the following key criteria for good reward
governance practices:
•
competitiveness and reasonableness
•
acceptability to shareholders
•
performance linkage / alignment of executive compensation
•
transparency
The Board is responsible for determining and reviewing remuneration arrangements for its directors and executives. The
performance of the consolidated entity depends on the quality of its directors and executives. The remuneration philosophy is
to attract, motivate and retain high performance and high quality personnel.
The Board has structured an executive remuneration framework that is market competitive and complementary to the reward
strategy of the consolidated entity.
The reward framework is designed to align executive reward to shareholders' interests. The Board have considered that it
should seek to enhance shareholders' interests by:
For personal use only
Peak Minerals Limited
Directors' report
30 June 2024
15
•
having economic profit as a core component of plan design
•
focusing on sustained growth in shareholder wealth, consisting of dividends and growth in share price, and delivering
constant or increasing return on assets as well as focusing the executive on key non-financial drivers of value
•
attracting and retaining high calibre executives
Additionally, the reward framework should seek to enhance executives' interests by:
•
rewarding capability and experience
•
reflecting competitive reward for contribution to growth in shareholder wealth
•
providing a clear structure for earning rewards
In accordance with best practice corporate governance, the structure of non-executive director and executive director
remuneration is separate.
Non-executive directors’ remuneration
Fees and payments to non-executive directors reflect the demands and responsibilities of their role. Non-executive directors'
fees and payments are reviewed annually by the Board. The chairman's fees are determined independently to the fees of other
non-executive directors based on comparative roles in the external market. The chairman is not present at any discussions
relating to the determination of his own remuneration.
The Company may issue options to non-executive directors, subject to shareholder approval, in circumstances where it
determines this to be appropriate, including where this is a non-cash method of compensating Directors in line with current
market practices aligned with Shareholder interests. In December 2021, shareholders approved the issue of options to non-
executive directors in recognition of additional services provided by them beyond the scope of normal non-executive director
duties, for which no additional cash remuneration had been received.
ASX listing rules require the aggregate non-executive directors' remuneration be determined periodically by a general meeting.
The maximum aggregate amount of fees that can be paid to non-executive directors is subject to approval by shareholders at
the Annual General Meeting (currently $250,000). Fees for non-executive directors are not linked to the performance of the
Group.
Executive remuneration
The consolidated entity aims to reward executives based on their position and responsibility, with a level and mix of
remuneration which has both fixed and variable components. The executive remuneration and reward framework has up to
four components:
•
base pay and non-monetary benefits
•
short-term performance incentives
•
share-based payments
•
other remuneration such as superannuation and long service leave
The combination of these comprises the executive's total remuneration. Not all components may be implemented at any one
time for a particular executive.
Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, are reviewed annually by the Board
based on individual and business unit performance, the overall performance of the consolidated entity and comparable market
remunerations.
Executives may receive their fixed remuneration in the form of cash or other fringe benefits (for example motor vehicle
benefits) where it does not create any additional costs to the consolidated entity and provides additional value to the executive.
The short-term incentives (STI) program is designed to align the targets of the business units with the performance hurdles of
executives. STI payments may be granted to executives based on specific annual targets and key performance indicators (KPI's)
being achieved. KPI's include profit contribution, customer satisfaction, leadership contribution and product management.
The long-term incentives (LTI) include long service leave and share-based payments. Shares may be awarded to executives
over a period of approximately three years based on long-term incentive measures. These may include achievement of specified
For personal use only
Peak Minerals Limited
Directors' report
30 June 2024
16
performance milestones or increase in shareholders’ value relative to the entire market and the increase compared to the
consolidated entity's direct competitors.
Consolidated entity performance and link to remuneration
Remuneration is not currently directly linked to the performance of the consolidated entity, except to the extent that the
entity's performance is reflected by its share price. The table below sets out information about the Company’s earnings and
movements in share value for the last 5 financial years.
2024
2023
2022
2021
2020
Net (loss) after tax ($)
(902,265)
(1,649,926)
(5,622,154)
(9,368,482)
(2,904,273)
Basic (loss) per share (cents)
(0.09)
(0.16)
(0.63)
(1.69)
(1.29)
Share price at year end (cents)
0.3
0.2
1.0
1.8
2.1
Total dividend (cents per share)
-
-
-
-
-
Voting and comments made at the Company's Annual General Meeting ('AGM')
At the 2023 AGM, 90.29% of the votes received supported the adoption of the remuneration report for the year ended 30
June 2023. The Company did not receive any specific feedback at the AGM regarding its remuneration practices.
Details of remuneration
Amounts of remuneration
Details of the remuneration of KMP of the consolidated entity are set out in the following table.
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary Termination
Non-
Super-
Long
service
Equity-
and fees
payment
monetary annuation
leave
settled
Total
30 June 2024
$
$
$
$
$
$
$
Non-Executive Directors:
Robert Boston
72,072
-
-
7,928
-
-
80,000
Oonagh Malone
60,000
-
-
-
-
-
60,000
Mathew O'Hara*
90,000
-
- -
-
-
-
90,000
Executive Directors:
Jennifer Neild (i)
32,779
-
-
1,817
-
-
34,596
254,851
-
-
9,745
-
-
264,596
*Includes Non-Executive Director and Company Secretarial fees.
(i) Resigned on 31 July 2023. Payments include annual leave entitlements paid out on resignation.
For personal use only
Peak Minerals Limited
Directors' report
30 June 2024
17
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary Termination
Non-
Super-
Long
service
Equity-
and fees
payment
monetary
annuation
leave
settled
Total
30 June 2023
$
$
$
$
$
$
$
Non-Executive Directors:
Robert Boston
72,398
-
-
7,602
-
-
80,000
Oonagh Malone
64,000
-
-
-
-
-
64,000
Mathew O'Hara*
90,000
-
-
-
-
-
90,000
Executive Directors:
Jennifer Neild
199,095
-
-
20,905
-
-
220,000
425,493
-
-
28,507
-
-
454,000
*Includes both Non-Executive Director and Company Secretarial fees.
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Fixed remuneration
At risk - STI
At risk - LTI
Name
30-Jun-24
30-Jun-23
30-Jun-24
30-Jun-23
30-Jun-24
30-Jun-23
Non-Executive Directors:
Robert Boston
100%
100%
-
-
-
-
Oonagh Malone
100%
100%
-
-
-
-
Mathew O'Hara
100%
100%
-
-
-
-
Executive Directors:
Jennifer Neild
100%
100%
-
-
-
-
Share-based compensation
Issue of Shares
There were no shares issued to KMP as part of compensation during the year ended 30 June 2024.
Issue of Options
There were no options over ordinary shares issued to KMP as part of compensation during the year ended 30 June 2024.
Options granted carry no dividend or voting rights.
Issue of Performance Rights
There were no performance rights over ordinary shares issued to KMP as part of compensation during the year ended 30
June 2024.
Additional disclosures relating to Key Management Personnel
Shareholdings
The number of shares in the Company held during the financial year by each KMP of the consolidated entity, including their
personally related parties, is set out below:
For personal use only
Peak Minerals Limited
Directors' report
30 June 2024
18
Balance at
start of year
Received as
part of
remuneration
Shares
Purchased
Other
Balance at
end of year or
resignation
Ordinary shares:
-
Robert Boston
2,666,975
-
-
-
2,666,975
Oonagh Malone
2,000,000
-
-
-
2,000,000
Mathew O'Hara
5,175,834
-
-
-
5,175,834
Jennifer Neild*
2,000,000
-
-
-
2,000,000
11,842,809
-
-
-
11,842,809
* Resigned on 31 July 2023
Option Holdings
The number of options over ordinary shares in the Company held during the financial year by each KMP of the consolidated
entity, including their personally related parties, is set out below:
Balance at
start of year
Granted
Exercised
Expired/
Cancelled
Balance at
end of year or
resignation
Options:
Robert Boston
15,000,000
-
-
-
15,000,000
Oonagh Malone
15,000,000
-
-
-
15,000,000
Mathew O'Hara
17,000,000
-
-
(2,000,000)
15,000,000
Jennifer Neild*
30,000,000
-
-
-
30,000,000
77,000,000
-
-
(2,000,000)
75,000,000
* Resigned on 31 July 2023. These 30,000,000 options were subsequently cancelled on 30 September 2023.These options had vested in full.
Other transactions with KMP and their related parties
Refer to note 25 and 31 for details of other transactions with KMP and their related parties.
This concludes the remuneration report, which has been audited.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
The consolidated entity disclosure statement is true and correct.
___________________________
Robert Boston
Chairman
19 September 2024
For personal use only
19
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the consolidated financial report of Peak Minerals Limited for the
year ended 30 June 2024, I declare that to the best of my knowledge and belief, there have been
no contraventions of:
a)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit;
and
b)
any applicable code of professional conduct in relation to the audit.
Perth, Western Australia
19 September 2024
D I Buckley
Partner
For personal use only
Peak Minerals Limited
Statement of profit or loss and other comprehensive income
For the year ended 30 June 2024
Consolidated
Note
30-Jun-24
30-Jun-23
$
$
The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
20
Other income
72,158
90,157
Interest revenue
3,403
20,468
Grant income
5
-
132,000
Exploration and evaluation expenditure
6
(252,561)
(1,165,828)
Depreciation
(1,102)
(3,249)
Impairment of assets
13
(100,000)
Administration
7
(624,163)
-
(6
(723,474)
(1,5
Loss before income tax expense
(902,265)
(1,649,926)
Income tax expense
8
-
-
Loss after income tax expense
(902,265)
(1,649,926)
Loss after income tax expense for the year attributable to the owners of Peak
Minerals Limited
18
(902,265)
(1,649,926)
Other comprehensive income for the year, net of tax
-
-
Total comprehensive loss for the year attributable to the owners of Peak Minerals
Limited
(902,265)
(1,649,926)
Cents
Cents
Basic loss per share
30
(0.09)
(0.16)
Diluted loss per share
30
(0.09)
(0.16)
For personal use only
Peak Minerals Limited
Statement of financial position
As at 30 June 2024
Consolidated
Note
30-Jun-24
30-Jun-23
$
$
The above statement of financial position should be read in conjunction with the accompanying notes
21
Assets
Current assets
Cash and cash equivalents
9
74,789
815,734
Trade and other receivables
10
62,078
166,271
Total current assets
136,867
982,005
Non-current assets
Other financial assets
11
20,000
20,000
Property, plant and equipment
12
2,170
3,272
Exploration and evaluation
13
-
100,000
Total non-current assets
22,170
123,272
Total assets
159,037
1,105,277
Liabilities
Current liabilities
Trade and other payables
14
811,444
806,029
Employee benefits
15
-
20,872
Other financial liabilities
5,863
-
Total current liabilities
817,307
826,901
Total liabilities
817,307
826,901
Net assets/(liabilities)
(658,270)
278,376
Equity
Issued capital
16
93,619,443
93,653,824
Reserves
17
213,750
1,150,323
Accumulated losses
18
(94,491,463)
(94,525,771)
Total equity/(deficiency)
(658,270)
278,376
For personal use only
Peak Minerals Limited
Statement of changes in equity
For the year ended 30 June 2024
The above statement of changes in equity should be read in conjunction with the accompanying notes
22
Issued
Accumulated
Total equity
capital
Reserves
losses
Consolidated
$
$
$
$
Balance at 1 July 2022
93,653,694
1,193,656
(92,875,845)
(1,971,505)
Loss after income tax expense for the year
-
-
(1,649,926)
(1,649,926)
Other comprehensive income for the year, net of tax
-
-
-
-
Total comprehensive loss for the year
-
-
(1,649,926)
(1,649,926)
Transactions with owners in their capacity as owners:
Share-based payments/(reversed) (note 31)
-
(43,333)
-
(43,333)
Issues of shares on exercise of options
130
-
-
130
Balance at 30 June 2023
93,653,824
1,150,323 (94,525,771)
278,376
Issued
Accumulated
Total equity
capital
Reserves
losses
Consolidated
$
$
$
$
Balance at 1 July 2023
93,653,824
1,150,323
(94,525,771)
278,376
Loss after income tax expense for the year
-
-
(902,265)
(902,265)
Other comprehensive income for the year, net of tax
-
-
-
-
Total comprehensive loss for the year
-
-
(902,265)
(902,265)
Transactions with owners in their capacity as owners:
Transfer of cancelled options
-
(144,000)
144,000
-
Transfer of expired options expense
-
(792,573)
792,573
-
Transaction costs (note 16)
(34,381)
-
-
(34,381)
Balance at 30 June 2024
93,619,443
213,750
(94,491,463)
(658,270)
For personal use only
Peak Minerals Limited
Statement of cash flows
For the year ended 30 June 2024
Consolidated
Note
30-Jun-24
30-Jun-23
$
$
The above statement of cash flows should be read in conjunction with the accompanying notes
23
Cash flows from operating activities
Payments to suppliers and employees
(753,719)
(1,669,696)
Interest received
1,723
20,468
Payments for acquisition of tenements
4,000
-
Government grants and tax incentives received
29,040
105,600
Net cash (used in)/from operating activities
29
(718,956)
(1,543,628)
Cash flows from investing activities
None
-
-
Net cash from investing activities
-
-
Cash flows from financing activities
Proceeds from issue of shares
16
-
130
Share issue transaction costs
-
(4)
Repayment of lease liabilities
(21,989)
-
Net cash (used in)/from financing activities
(21,989)
126
Net (decrease) in cash and cash equivalents
(740,945)
(1,543,502)
Cash and cash equivalents at the beginning of the financial year
815,734
2,359,236
Cash and cash equivalents at the end of the financial year
9
74,789
815,734
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
24
Note 1. General information
The financial statements cover Peak Minerals Limited as a consolidated entity consisting of Peak Minerals Limited and the
entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is
Peak Minerals Limited's functional and presentation currency.
Peak Minerals Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered
office and principal place of business is:
Level 1, Suite 23
513 Hay Street
Subiaco, WA 6008
A description of the nature of the consolidated entity's operations and its principal activities are included in the directors'
report, which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 19 September 2024. The
directors have the power to amend and reissue the financial statements.
Note 2. Material accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out either in the respective
notes or below. These policies have been consistently applied to all the years presented, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
AASB 101 (Presentation of Financial Statements) has been applied and material accounting policies narratives have been
revised where appropriate.
Going concern
The financial report has been prepared on the going concern basis, which contemplates continuity of normal business activities
and realisation of assets and liabilities in the ordinary course of business. The going concern of the consolidated entity is
dependent upon it maintaining sufficient funds for its operations and commitments.
The cash balance as at 30 June 2024 was $74,789 (30 June 2023: $815,734).
The consolidated entity made a loss after tax of $902,265 for the year ended 30 June 2024 (30 June 2023: loss of $1,649,926)
and the net cash used in operating activities was $718,956 (30 June 2023: $1,543,628 net outflow).
Notwithstanding these results, the directors believe that the consolidated entity will be able to continue as a going concern
and as a result the financial statements have been prepared on a going concern basis. The accounts have been prepared on
the assumption that the company is a going concern for the following reasons:
●
the ability of the consolidated entity to scale back parts of its operations and reduce costs if required;
●
the Board is of the opinion that the consolidated entity has, or shall have access to, sufficient funds to meet the planned
corporate activities and working capital requirements; and
●
as the Company is an ASX-listed entity, the consolidated entity has the ability to raise additional funds if required.
Refer to Note 28 for capital raised subsequent to the year-end.
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
Note 2. Material accounting policies (continued)
25
In the event that the Group is unable to achieve the actions noted above, there is a material uncertainty that may cast
significant doubt on the ability of the consolidated entity to continue as a going concern and as a result, it may be required to
realise its assets at amounts different to those currently recognised, settle liabilities other than in the ordinary course of
business and make provisions for other costs which may arise as a result of cessation or curtailment of normal business
operations.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001, as appropriate
for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as
issued by the International Accounting Standards Board (IASB).
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for, where applicable, the
revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other
comprehensive income, investment properties, certain classes of property, plant and equipment and derivative financial
instruments.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the consolidated entity's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial
statements, are disclosed in note 3.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Peak Minerals Limited
(Company or parent entity) as at 30 June 2024 and the results of all subsidiaries for the year then ended. Peak Minerals
Limited and its subsidiaries together are referred to in these financial statements as the 'consolidated entity'.
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity
when the consolidated entity 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 to direct the activities of the entity. Subsidiaries are fully consolidated from
the date on which control is transferred to the consolidated entity. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset
transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies
adopted by the consolidated entity.
Revenue recognition
Interest income
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the
amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate,
which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the
net carrying amount of the financial asset.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
Note 2. Material accounting policies (continued)
26
Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable
income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary
differences, unused tax losses and the adjustment recognised for prior periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the
assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:
●
When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor
taxable profits; or
●
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the
timing of the reversal can be controlled, and it is probable that the temporary difference will not reverse in the
foreseeable future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future
taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax
assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the
carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable
that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against
current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on
either the same taxable entity or different taxable entities which intend to settle simultaneously.
Grant income
Government grant income compensates the Group for expenses incurred and is recognised in profit or loss as other income
in the period in which the grant application is lodged.
All revenue is stated net of Goods and Services Tax (GST).
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory,
have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2024. The consolidated
entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.
Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect
the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation
to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and
assumptions on historical experience and on other various factors, including expectations of future events, management
believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the
related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed
below.
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
Note 2. Material accounting policies (continued)
27
a) Impairment
The consolidated entity assesses impairment at each reporting date by evaluating conditions specific to the consolidated
entity that may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is
determined. Calculations used to assess recoverable amounts incorporate a number of key estimates.
It is reasonably possible that the underlying metal price assumption may change which may then impact the estimated life of
mine determinant and may then require a material adjustment to the carrying value of mining plant and equipment, mining
infrastructure and mining development assets. Furthermore, the expected future cash flows used to determine the value-in-
use of these assets are inherently uncertain and could materially change over time. They are significantly affected by a number
of factors including reserves and production estimates, together with economic factors such as metal spot prices, discount
rates, estimates of costs to produce reserves and future capital expenditure.
b) Exploration and evaluation costs
In accordance with accounting standard AASB 6 Exploration for and Evaluation of Mineral Resources the consolidated entity
decides, for each area of interest, whether expenditures incurred in the exploration for and evaluation of mineral resources in
that area of interest shall be either:
(a) expensed as incurred; or
(b) partially or fully capitalised, and recognised as an exploration and evaluation asset if the relevant requirements of
paragraph Aus7.2 of AASB 6 are satisfied.
For areas of interest where the consolidated entity decides to capitalise exploration and evaluation costs, these costs have
been capitalised on the basis that the consolidated entity will commence commercial production in the future, from which
time the costs will be amortised in proportion to the depletion of the mineral resources. Key judgements are applied in
considering costs to be capitalised which includes determining expenditures directly related to these activities and allocating
overheads between those that are expensed and capitalised. In addition, costs are only capitalised that are expected to be
recovered either through successful development or sale of the relevant mining interest. Factors that could impact the future
commercial production at the mine include the level of reserves and resources, future technology changes, which could impact
the cost of mining, future legal changes and changes in commodity prices. To the extent that capitalised costs are determined
not to be recoverable in the future, they will be written off in the period in which this determination is made.
Note 4. Operating segments
Identification of reportable operating segments
The Company is organised into one operating segment, being mineral exploration and evaluation operations. This operating
segment is based on the internal reports that are reviewed and used by the Board of Directors (who are identified as the Chief
Operating Decision Makers (CODM)) in assessing performance and in determining the allocation of resources.
The CODM reviews expenditure reports on exploration projects. The accounting policies adopted for internal reporting to
the CODM are consistent with those adopted in the financial statements.
The information is reported to the CODM on a monthly basis.
Accounting policy for operating segments
Operating segments are presented using the 'management approach', where the information presented is on the same basis
as the internal reports provided to the CODM. The CODM is responsible for the allocation of resources to operating segments
and assessing their performance.
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
28
Note 5. Other and Grant income
Consolidated
30 June 2024 30 June 2023
$
$
Grant Income*
-
132,000
*The company was a successful applicant in the Western Australian Government’s Exploration Incentive Scheme co-funded drilling program.
Note 6. Exploration and evaluation expenditure expensed
Consolidated
30 June 2024 30 June 2023
$
$
Yendon Kaolin Project - Victoria
69,424
82,329
Green Rocks and Earaheedy Projects – Western Australia
183,137
1,083,499
Total
252,561
1,165,828
Note 7. Administration expenses
Consolidated
30 June 2024
30 June 2023
$
$
Directors’ fees (including share based payments)
200,000
204,000
Other employee costs (including share based payments)
4,843
9,460
Audit and tax fees
34,590
34,450
Insurance
29,781
51,319
Share registry fees
17,931
40,402
ASX fees
21,163
40,288
Other net administration costs
315,855
343,555
Total
624,163
723,474
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
29
Note 8. Income tax expense
Consolidated
30 June 2024 30 June 2023
$
$
Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense
(902,265)
(1,649,926)
Tax at the statutory tax rate of 30% (2023: 25%)
(270,680)
(412,482)
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Share-based payments
-
(10,833)
Deduction for equity raising costs recorded in equity
(52,096)
(54,541)
(322,776)
(477,856)
Current year tax losses and temporary differences not recognised
322,776
477,856
Income tax expense
-
-
Consolidated
30 June 2024 30 June 2023
$
$
Tax losses not recognised
Unused tax losses for which no deferred tax asset has been recognised
72,521,510
70,481,098
Potential tax benefit @ 30% (2023: 25%)
21,753,753
17,620,274
The above potential tax benefit for tax losses has not been recognised in the statement of financial position. These tax losses
can only be utilised in the future if the continuity of ownership test is passed, or failing that, the same business test is passed.
Consolidated
30 June 2024 30 June 2023
$
$
Deferred tax assets not recognised
Deferred tax assets not recognised comprises temporary differences attributable to:
Non-deductible amounts as temporary differences
7,566
10,218
Capital raising costs
73,903
96,404
Total deferred tax assets not recognised
81,469
106,622
The above potential tax benefit, which excludes tax losses, for deductible temporary differences has not been recognised in
the statement of financial position as the recovery of this benefit is uncertain.
Note 9. Cash and cash equivalents
Consolidated
30 June 2024 30 June 2023
$
$
Cash at bank
74,789
815,734
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
30
Note 10. Trade and other receivables
Consolidated
30 June 2024 30 June 2023
$
$
Trade Receivable
2,030
36,430
Other receivables
34,335
61,325
Prepayments
14,938
26,297
GST receivable
10,775
42,219
Total
62,078
166,271
Note 11. Other financial assets
Consolidated
30 June 2024 30 June 2023
$
$
Performance guarantee bonds (Yendon Kaolin Project)
20,000
20,000
Total
20,000
20,000
Note 12. Property, plant and equipment
Consolidated
30 June 2024 30 June 2023
$
$
Plant and equipment - at cost
2,106,707
2,106,707
Less: Accumulated depreciation
(2,104,537)
(2,103,435)
Total
2,170
3,272
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below:
Plant &
equipment
Consolidated
$
Net Balance at 1 July 2022
6,521
Net Transfers in/(out)
-
Depreciation expense
(3,249)
Net Balance at 30 June 2023
3,272
Net Transfers in/(out)
-
Depreciation expense
(1,102)
Balance at 30 June 2024
2,170
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
Note 12. Non-current assets - property, plant and equipment (continued)
31
Accounting policy for property, plant and equipment
Plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Such cost
includes the cost of replacing parts that are eligible for capitalisation when the cost of replacing the parts is incurred. Similarly,
when each major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a
replacement only if it is eligible for capitalisation.
Plant and equipment
4 - 5 years
Office furniture and equipment
3 - 10 years
Laptops
2 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.
Impairment
The carrying values of plant and equipment are reviewed for impairment at each reporting date with the recoverable amount
being estimated when events or changes in circumstances indicate that the carrying value may be impaired.
The recoverable amount of plant and equipment is the higher of fair value less costs to sell 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 reflects current
market assessments of the time value of money and the risks specific to the asset.
For an asset that does not generate largely independent cash flows, recoverable amount is determined for the cash-generating
unit to which the asset belongs, unless the asset's value in use can be estimated to be close to its fair value.
An impairment exists when the carrying amount of an asset or cash-generating units exceeds its estimated recoverable
amount. The asset or cash- generating unit is then written down to its recoverable amount. For plant and equipment,
impairment losses are recognised in the income statement.
Note 13. Exploration and evaluation
Consolidated
30 June 2024 30 June 2023
$
$
Exploration and evaluation phase - Yendon Alumina project (at cost)
1,615,495
1,615,495
Less: Impairment
(1,615,495)
(1,515,495)
Total
-
100,000
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
Note 13. Non-current assets - exploration and evaluation (continued)
32
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below:
High Purity
Alumina
project
Total
Consolidated
$
$
Balance at 30 June 2022
100,000
100,000
Impairment of assets
-
-
Balance at 30 June 2023
100,000
100,000
Impairment of assets
(100,000)
(100,000)
Balance at 30 June 2024
-
-
Impairment – Yendon Kaolin Project
During the year ended 30 June 2021, the Group recorded an impairment expense of $1,515,495 arising on the write down
of the Group's Yendon Kaolin Project. The Board noted that this project remained on hold following the prioritisation of the
consolidated entity’s efforts towards its copper and gold projects in Western Australia, and pending developments in the high
purity alumina market, and determined that it was therefore not likely that the Group would progress the Yendon Kaolin
Project in the short term. Accordingly, in the year to 30 June 2024 the Board reviewed the project's carrying value and
concluded that, in light of the current status of this project, it was prudent to write down its carrying value to nil.
Accounting policy for exploration and evaluation assets
Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest. These costs
are only carried forward to the extent that they are expected to be recouped through the successful development of an area
or where activities in the area have not yet reached a stage, which permits reasonable assessment of the existence of
economically recoverable reserves. Accumulated costs in relation to an abandoned area are written off in full against profits
in the year which the decision to abandon the area is made.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward
costs in relation to that area of interest.
Costs of site restoration are provided over the life of the facility from where exploration commences and are included in the
costs of that stage. Site restoration costs include the dismantling and removal of mining plant, equipment and building
structure, waste removal, and rehabilitation of the site in accordance with clauses of the mining permits. Such costs have
been determined using estimates of future costs, current legal requirements and technology and discounted by the
consolidated entity's cost of capital to the present value.
Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs of site restoration,
there is uncertainty regarding the nature and extent of the restoration due to community expectations and future legislation.
Accordingly, the costs have been determined on the basis that the restoration will be completed within one year of abandoning
the site.
Exploration and evaluation assets are tested for impairment each year. When the facts and circumstances suggest that the
carrying amount exceeds the recoverable amount, the carrying amount is written down to its likely recoverable amount. The
recoverability of the carrying amount is dependent on successful development and commercialisation or alternatively sale of
the respective areas of interest.
In relation to the Green Rocks and Earaheedy projects, the Company currently expenses all exploration and evaluation
expenditure as incurred.
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
33
Note 14. Trade and other payables
Consolidated
30 June 2024 30 June 2023
$
$
Trade payables
403,750
486,970
Other payables
407,694
319,059
Total
811,444
806,029
Refer to note 22 for further information on financial instruments.
Accounting policy for trade and other payables
These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial
year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The
amounts are unsecured and are usually paid within 30 days of recognition.
Note 15. Employee benefits (Current)
Consolidated
30 June 2024 30 June 2023
$
$
Annual leave *
-
20,872
* Prior year annual leave balance in relation to Jennifer Neild who resigned on the 31 May 2023. By the 31 October 2023, J
Neild was paid $34,596 inclusive of annual leave entitlements.
Note 16. Issued capital
Consolidated
30 June 2024
30 June 2023 30 June 2024 30 June 2023
Shares
Shares
$
$
Ordinary shares - fully paid
1,041,476,617
1,041,476,617
93,619,443
93,653,824
Movements in ordinary share capital
Details
Date
Shares
Issue price
$
Balance at 30 June 2022
1,041,476,617
93,653,824
Options exercised
21 December 2022
5,866
$0.0220
130
Balance at 30 June 2023
1,041,476,617
93,653,824
Transaction costs
-
(34,381)
Balance at 30 June 2024
1,041,476,617
93,619,443
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share
shall have one vote.
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
Note 16. Issued capital (continued)
34
Share buy-back
There is no current on-market share buy-back.
Capital risk management
The consolidated entity's objectives when managing capital is to safeguard its ability to continue as a going concern, so that
it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to
reduce the cost of capital.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated as
total borrowings less cash and cash equivalents.
In order to maintain or adjust the capital structure, the consolidated entity may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
The consolidated entity would look to raise capital when an opportunity to invest in a business or company was seen as value
adding relative to the current Company's share price at the time of the investment. The consolidated entity is not actively
pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in order to
maximise synergies.
The consolidated entity is subject to certain financing arrangements covenants and meeting these is given priority in all capital
risk management decisions. There have been no events of default on the financing arrangements during the financial year.
The capital risk management policy remains unchanged from the 2023 Annual Report.
Accounting policy for issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax,
from the proceeds.
Note 17. Reserves
Consolidated
30 June 2024 30 June 2023
$
$
Options reserve
213,750
1,150,323
Options reserve
The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their
remuneration, and other parties as part of their compensation for services.
Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:
30 June 2024 30 June 2023
Consolidated
$
$
Balance at 1 July 2023
1,150,323
1,193,656
Share-based payments transferred to accumulated losses
(936,573)
(43,333)
Balance at 30 June 2024
213,750
1,150,323
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
35
Note 18. Accumulated losses
Consolidated
30 June 2024 30 June 2023
$
$
Accumulated losses at the beginning of the financial year
(94,525,771)
(92,875,845)
Share-based payments transferred from option reserve
936,573
-
Loss after income tax expense for the year
(902,265)
(1,649,926)
Balance at 30 June 2024
(94,491,463)
(94,525,771)
Note 19. Financial instruments
Financial risk management objectives
The consolidated entity'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 consolidated entity'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 consolidated entity.
The consolidated entity uses derivative financial instruments such as forward foreign exchange contracts to hedge certain
risk exposures. Derivatives are exclusively used for hedging purposes, i.e. not as trading or other speculative instruments.
The consolidated entity 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.
Risk management is carried out by senior finance executives (Finance) under policies approved by the Board of Directors
(Board). These policies include identification and analysis of the risk exposure of the consolidated entity and appropriate
procedures, controls and risk limits. Finance identifies, evaluates and hedges financial risks within the consolidated entity's
operating units. Finance reports to the Board on a monthly basis.
The consolidated entity's financial instruments as at year end are as follows:
Consolidated
30 June 2024 30 June 2023
$
$
Financial assets
Cash at bank
74,789
815,734
Trade and other receivables
62,078
166,271
Total financial assets
136,867
982,005
Financial liabilities
Trade and other payables
811,444
806,029
Other financial liabilities
5,863
-
Total financial liabilities
817,307
806,029
Market risk
The consolidated entity is not exposed to any significant market risk.
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
Note 19. Financial instruments (continued)
36
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
consolidated entity. The consolidated entity has a strict code of credit, including obtaining agency credit information,
confirming references and setting appropriate credit limits. The consolidated entity obtains guarantees where appropriate to
mitigate credit risk. The maximum exposure to credit risk at the reporting date to recognised financial assets is the carrying
amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to
the financial statements. The consolidated entity does not hold any collateral.
Liquidity risk
Vigilant liquidity risk management requires the consolidated entity to maintain sufficient liquid assets (mainly cash and cash
equivalents) and available borrowing facilities to be able to pay debts as and when they become due and payable.
The consolidated entity manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by
continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities.
Remaining contractual maturities
The following tables detail the consolidated entity's remaining contractual maturity for its financial instrument liabilities. The
tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which
the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining
contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position.
Weighted
average
interest rate 1 year or less
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Remaining
contractual
maturities
Consolidated - 30 June 2023
%
$
$
$
$
$
Non-derivatives
Non-interest bearing
Trade payables
-
403,750
-
-
-
403,750
Other financial liabilities
-
407,694
-
-
-
407,694
Total non-derivatives
811,444
-
-
-
811,444
Weighted
average
interest rate
1 year or less
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Remaining
contractual
maturities
Consolidated - 30 June 2024
%
$
$
$
$
$
Non-derivatives
Non-interest bearing
Trade payables
-
811,444
-
-
-
811,444
Other financial liabilities
-
5,863
-
-
-
5,863
Total non-derivatives
817,307
-
-
-
817,307
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above.
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
37
Note 20. Fair value measurement
Accounting policy for fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair
value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date; and assumes that the transaction will take place either: in the principal
market; or in the absence of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming
they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best
use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair
value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
The fair values of all assets and liabilities approximates their carrying values.
Note 21. Key management personnel disclosure
Compensation
The aggregate compensation made to directors and other members of key management personnel of the consolidated entity
is set out below:
Consolidated
30 June 2024 30 June 2023
$
$
Short-term employee benefits
254,851
425,493
Post-employment benefits
9,745
28,507
Total
264,596
454,000
Note 22. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by HLB Mann Judd, the auditor of the
Company:
Consolidated
30 June 2024 30 June 2023
$
$
Audit or review of the financial statements
30,000
36,000
Note 23. Contingent liabilities
Yendon Kaolin Project
Under the terms of the Asset Sale Agreement in relation to the acquisition of the Yendon Kaolin Project and all of the ordinary
shares in Pure Alumina Pty Ltd (since renamed Yendon HPA Pty Ltd), there were several future contingent payments. On
completion of a Definitive Feasibility Study (DFS) the Company was required to pay a success fee of $1.5 million settled by
the issue of shares. If the DFS was not completed within 2 years of the completion date of the acquisition (i.e., by 28 August
2019) the Company was required to pay the vendors $8,333 per month until the earlier of the completion of the DFS or 30
June 2022. The amount of the success fee accrued as at 30 June 2024, totaling $283,333, and has been recognised in trade
and other payables in the consolidated statement of financial position as at 30 June 2024.
In addition to the above, upon completion of a legally binding offtake agreement over all of the product from the project for
a period of at least 1.5 times the project payback period, the Company is required to pay a success fee of $0.5 million settled
by the issue of shares.
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
38
Note 24. Commitments
Commitments relating to tenements
As a condition of its tenements the consolidated entity has minimum annual expenditure commitments. These minimum
commitments totalled $1,230,751 as at 30 June 2024 (30 June 2023: $1,258,284). This balance fluctuates based on the
expiration and renewal of tenements.
Exploration commitments
30 June 2024 30 June 2023
$
$
Due within 1 year
585,724 567,663
Due greater than 1 year and less than 5 years
645,027
690,621
Total
1,230,751
1,258,284
Note 25. Related party transactions
As at 30 June 2024 , the amounts owed to KMP’s for director and company secretarial services are below:
Company Name
KMP
30 June 2024 30 June 2023
$
$
Malone Corporate Services
Oonagh Malone
66,000
-
RAB Nominees Pty Ltd
Robert Boston
85,885
-
Redgate Corporate Pty Ltd
Mathew O’Hara
99,000
-
Total
250,885
-
Amounts are inclusive of GST
Note 26. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Parent
30 June 2024 30 June 2023
$
$
Loss after income tax
(902,266)
(9,261,029)
Total comprehensive loss
(902,266)
(9,261,029)
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
Note 26. Parent entity information (continued)
39
Statement of financial position
Parent
30 June 2024 30 June 2023
$
$
Total current assets
117,536
519,417
Total assets
119,706
642,689
Total current liabilities
777,976
364,313
Total liabilities
777,976
364,313
Total net assets / (liabilities)
(658,270)
278,376
Equity
Issued capital
93,619,443
9,653,823
Options reserve
213,750
1,150,323
Accumulated losses
(94,491,463) (94,525,770))
Total equity/(deficiency)
(658,270)
278,376
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2024 (30 June 2023: nil).
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2024 (30 June 2023: nil).
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2024 (30 June 2023: nil).
Significant accounting policies
The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed in note 2, except
for the following:
●
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
Note 27. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance
with the accounting policy described in note 2:
Ownership interest
Principal place of business /
30 June 2024 30 June 2023
Name
Country of incorporation
%
%
Yendon HPA Pty Ltd
Australia
100%
100%
HEGL Investments Pty Ltd
Australia
100%
100%
Greenrock Metals Pty Ltd
Australia
100%
100%
CU WA Pty Ltd
Australia
100%
100%
CU2 WA Pty Ltd
Australia
100%
100%
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
40
Note 28. Events after the reporting period
•
On 5 July 2024, the Company announced the execution of three binding agreements to acquire an 80% interest in 3
separate entities, which together hold 22 exploration permits and exploration permit applications in Cameroon
(Acquisition). On 16 September 2024, the Company held a General Meeting of Shareholders who approved, among
other things, the issue of the Upfront Consideration Shares and the Deferred Consideration Shares in relation to the
Acquisition.
•
On 5 July 2024, the Company announced it had received firm commitments to raise $750,000 (before costs) through
a placement of 375 million new fully paid ordinary shares at $0.002 per share to sophisticated investors (Placement).
The Placement was to be undertaken in two tranches with 156 million new shares issued under the Company’s Listing
Rule 7.1, which were issued on 12 July 2024, and 219 million new shares to be issued subject to Shareholder approval,
which was received on 16 September 2024. These 219 million shares will be issued in due course.
•
On 19 July 2024, the Company lodged a Prospectus for a non-renounceable pro-rata offer of fully paid ordinary
shares at an issue price of $0.002 each to Eligible Shareholders on the basis of 2 new shares for every 5 shares held
on the Record Date (Entitlement Offer). The Entitlement Offer was for 478,950,647 new shares, to raise up to
$957,901 (before costs). The Entitlement Offer closed at 5:00pm (AWST) on 13 August 2024 and raised $574,537.
A total of 287,268,355 shares were issued in relation to the Entitlement Offer on 20 August 2024. The Company has
the ability to issue an additional 191,682,292 fully paid ordinary shares to raise an additional $383,364 (before costs)
under the Shortfall Offer within three months of the Entitlement Issue closing date.
•
On 16 September 2024, the Company held a General Meeting of Shareholders who approved, among other things,
the issue of 101,783,000 fully paid ordinary shares to Directors in lieu of outstanding Directors fees up until May
2024, totaling $203,566. At the same meeting, Shareholders also approved the issue of 55,000,000 to Konkera
Holdings Pty Ltd (and unrelated party) in lieu of outstanding fees totaling $110,000. These 156,783,000 will be issued
in due course
No other matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly affect the
consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial
years.
Note 29. Reconciliation of loss after income tax to net cash used in operating activities
Consolidated
30 June 2024 30 June 2023
$
$
Loss after income tax expense for the year
(902,265)
(1,649,926)
Adjustments for:
Depreciation and amortisation
1,102
3,249
Share-based payments
-
(43,333)
Impairment of assets
100,000
-
Capital raising costs (non-cash)
(34,381)
-
Change in operating assets and liabilities:
Increase in trade and other receivables
92,834
112,943
Increase in prepayments
11,358
3,969
Increase/ (decrease) in trade and other payables
26,662
56,826
Increase/(decrease) in other provisions
(14,266)
(27,356)
Net cash used in operating activities
(718,956)
(1,543,628)
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
41
Note 30. Earnings per share
Consolidated
30 June 2024 30 June 2023
$
$
Loss after income tax attributable to the owners of Peak Minerals Limited
(902,265)
(1,649,926)
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings per share 1,041,373,837
1,041,373,837
Weighted average number of ordinary shares used in calculating diluted earnings per
share
1,041,373,837
1,041,373,837
Cents
Cents
Basic loss per share
(0.09)
(0.16)
Diluted loss per share
(0.09)
(0.16)
Accounting policy for earnings per share
Basic earnings loss per share
Basic earnings/loss per share is calculated by dividing the profit/loss attributable to the owners of Peak Minerals Limited,
excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares
outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.
Diluted earnings/loss per share
Diluted earnings/loss per share adjusts the figures used in the determination of basic earnings/loss per share to take into
account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and
the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential
ordinary shares.
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
42
Note 31. Share-based payments
Shares and options issued to employees and third parties in return for services
The Company may, from time to time, issue shares or options to employees and third parties as consideration for goods and/or
services provided to the consolidated entity by those parties. All such transactions are settled in equity and vest immediately,
unless otherwise stated.
Consolidated
An overview of the share-based payments expense is as follows:
30 June 2024
30 June 2023
$
$
Options issued to KMP as remuneration
-
-
Expense associated with performance rights issued to employee as remuneration *
-
(43,333)
Share-based payments recorded in statement of profit or loss and other comprehensive
income
-
(43,333)
*In the current year, there has been a transfer of the expired share based payment
charges within equity as seen in Note 17.
(a) Options
Set out below are summaries of unquoted options on issue at the end of the financial year:
Number of
options
Weighted
average
exercise price
Number of
options
Weighted
average
exercise price
30 June 2024 30 June 2024 30 June 2023 30 June 2023
Outstanding at the beginning of the financial year
190,000,000
$0.0443 211,000,000
$0.0443
Granted
-
-
-
-
Expired/Cancelled
(145,000,000)
$0.0476
(21,000,000)
$0.0307
Outstanding at the end of the financial year
45,000,000
$0.0400 190,000,000
$0.0458
Exercisable at the end of the financial year
45,000,000
$0.0400 190,000,000
$0.0458
30 June 2024
Balance at
Expired/
Balance at
Exercise
the start of
forfeited/
the end of
Grant date
Expiry date
price
the year
Granted
Exercised
other
the year
22/12/2020
31/12/2024
$0.0470
15,000,000
-
-
(15,000,000)
-
08/10/2021
31/12/2024
$0.0470 100,000,000
-
- (100,000,000)
-
31/12/2021
31/12/2024
$0.0300
32,500,000
-
-
(10,000,000)
22,500,000
31/12/2021
31/12/2024
$0.0500
32,500,000
-
-
(10,000,000)
22,500,000
31/12/2021
31/12/2024
$0.0700
10,000,000
-
-
(10,000,000)
-
190,000,000
-
-
(145,000,000)
45,000,000
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
43
30 June 2023
Balance at
Expired/
Balance at
Exercise
the start of
forfeited/
the end of
Grant date
Expiry date
price
the year
Granted
Exercised
other
the year
17/08/2020
30/12/2022
$0.0301
20,000,000
-
- (20,000,000)
-
17/08/2020
30/12/2022
$0.0435
1,000,000
-
-
(1,000,000)
-
22/12/2020
31/12/2024
$0.0470
15,000,000
-
-
-
15,000,000
08/10/2021
31/12/2024
$0.0470 100,000,000
-
-
- 100,000,000
31/12/2021
31/12/2024
$0.0300
32,500,000
-
-
-
32,500,000
31/12/2021
31/12/2024
$0.0500
32,500,000
-
-
-
32,500,000
31/12/2021
31/12/2024
$0.0700
10,000,000
-
-
-
10,000,000
211,000,000
-
- (21,000,000) 190,000,000
The weighted average exercise price of unquoted options outstanding at the end of the financial year was $0.0400 (30 June
2023: $0.0458).
The weighted average remaining contractual life of unquoted options outstanding at the end of the financial year was 0.12
years (30 June 2022: 0.81 years).
Accounting policy for share-based payments
Equity-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the
rendering of services.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using
either the Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the option,
the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend
yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine
whether the consolidated entity receives the services that entitle the employees to receive payment. No account is taken of
any other vesting conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting
period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate
of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit
or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous
periods.
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the cash paid to
settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions
are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are
satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An
additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of
the share-based compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy the condition is
treated as a cancellation. If the condition is not within the control of the consolidated entity or employee and is not satisfied
during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the
award is forfeited.
For personal use only
Peak Minerals Limited
Notes to the financial statements
30 June 2024
44
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense
is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award
is treated as if they were a modification.
For personal use only
Peak Minerals Limited
Consolidated entity disclosure statement
30 June 2024
45
Consolidated entity disclosure statement as at 30 June 2024
Basis of preparation
The consolidated entity disclosure statement has been prepared in accordance with the s295(3A) of the Corporation Act
2001 and includes the required information for Peak Minerals Ltd and the entities it controls.
Tax residency
S295(3A) of the Corporations Act 2001 defined tax residency as having the meaning in the Income Tax assessment Act
1997. The determination of tax residency may involve judgement as there are different interpretations that could be
adopted and which could give rise to different conclusions regarding residency.
In determining tax residency, the consolidated entity has applied the following interpretations:
Australia tax residency
Current legislation and judicial precent has been applied, including having regard to the Tax Commissioner’s public guidance.
None of the entities in the schedule below are trustees, partnerships or joint ventures.
Ownership interest
30 June
2024
30 June
2023
Name
Entity type
Country of
incorporation
Australian
or foreign
tax resident
Foreign
jurisdiction of
foreign residence
%
%
Yendon HPA Pty Ltd
Body Corporate Australia
Australian
N/A
100%
100%
HEGL Investments Pty Ltd
Body Corporate Australia
Australian
N/A
100%
100%
Greenrock Metals Pty Ltd
Body Corporate Australia
Australian
N/A
100%
100%
CU WA Pty Ltd
Body Corporate Australia
Australian
N/A
100%
100%
CU2 WA Pty Ltd
Body Corporate Australia
Australian
N/A
100%
100%
‘
For personal use only
Peak Minerals Limited
Director’s declaration
30 June 2024
46
In the directors' opinion:
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
●
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board as described in note 2 to the financial statements;
●
the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at
30 June 2024 and of its performance for the financial year ended on that date;
●
the consolidated entity disclosure statement is true and correct; and
●
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due
and payable.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the directors
___________________________
Robert Boston
Chairman
19 September 2024
For personal use only
47
INDEPENDENT AUDITOR’S REPORT
To the Members of Peak Minerals Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Peak Minerals Limited (“the Company”) and its controlled entities
(“the Group”), which comprises the statement of financial position as at 30 June 2024, the statement of profit
or loss and other comprehensive income, the statement of changes in equity and the statement of cash
flows for the year then ended, notes to the financial statements, including material accounting policy
information, the consolidated entity disclosure statement and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act
2001, including:
(a)
giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its financial
performance for the year then ended; and
(b)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Group in accordance with the auditor independence requirements
of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (“the Code”) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 2 in the financial report, which indicates that a material uncertainty exists that
may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified
in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial report of the current period. These matters were addressed in the context of our audit
of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
We have determined there are no key audit matters to be communicated in our report other than the matter
described in the Material Uncertainty Related to Going Concern section above.
For personal use only
48
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 30 June 2024 but does not include the financial
report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report, or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
(a)
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
(b)
the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
(a)
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view and is free from material misstatement, whether due to fraud or error; and
(b)
the consolidated entity disclosure statement that is true and correct and is free from material
misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations,
or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of this
financial report.
For personal use only
49
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement
and maintain professional scepticism throughout the audit. We also:
−
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
−
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
−
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
−
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the financial report or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Group to cease to continue as a going concern.
−
Evaluate the overall presentation, structure and content of the financial report, including the disclosures,
and whether the financial report represents the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with the directors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats
or safeguards applied.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the financial report of the current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
REPORT ON THE REMUNERATION REPORT
Opinion on the Remuneration Report
We have audited the Remuneration Report included within the Directors’ Report for the year ended 30 June
2024.
In our opinion, the Remuneration Report of Peak Minerals Limited for the year ended 30 June 2024 complies
with Section 300A of the Corporations Act 2001.
For personal use only
50
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with Section 300A of the Corporations Act 2001. Our responsibility is to express an
opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing
Standards.
HLB Mann Judd
D I Buckley
Chartered Accountants
Partner
Perth, Western Australia
19 September 2024
For personal use only
Peak Minerals Limited
Shareholder information
30 June 2024
51
Class of Shares and Voting Rights
The voting rights attached to the Fully Paid Ordinary Shares of the Company are:
a)
at a meeting of members or classes of members each member entitled to vote may vote in person or by proxy or by
attorney; and
b)
on a show of hands every person that is present, who is a member, has one vote, and on a poll every person present in
person or by proxy or attorney has one vote for each ordinary share held.
Options do not carry any voting rights.
Distribution of Shareholders (as at 10 September 2024)
Spread of Holdings
Number of Holders
Number of Shares
0 – 1,000
159
68,562
1,001 – 5,000
115
273,420
5,001 – 10,000
56
408,048
10,001 – 100,000
669
31,227,925
Over 100,001
790
1,452,667,017
1,789
1,484,644,972
There are 1,263 holders of unmarketable parcels comprising a total of 76,732,606 ordinary shares.
There is no current on-market buy back taking place.
Company Secretary
Mathew O’Hara
Registered Office
Suite 23, 513 Hay Street
Subiaco WA 6008
Telephone: (08) 6143 6748
Share Registry
Automic Registry Services
Level 5, 126 Phillip Street
Sydney NSW 2000
Phone (within Australia) 1300 288 664
Phone (outside Australia) +61 2 9698 5414
Substantial Shareholders (based on Substantial Shareholder Notices lodged with ASX)
Based on publicly available information as at the date of this Annual Report no persons (together with their associates) have a
relevant interest in 5% or more of the Shares on issue.
For personal use only
Peak Minerals Limited
Shareholder information
30 June 2024
52
Twenty Largest Registered Shareholders (as at 10 September 2024)
Name
Number of Shares
%
1
Cityscape Asset Pty Ltd
58,333,336
3.93%
2
Kendali Pty Ltd
57,591,337
3.88%
3
Kitara Investments Pty Ltd
39,360,001
2.65%
4
Mr Gavin Jeremy Dunhill
38,000,000
2.56%
5
Sunset Capital Management Pty Ltd
30,500,000
2.05%
6
Wilhenlu Pty Ltd
29,120,000
1.96%
7
Citicorp Nominees Pty Ltd
27,131,258
1.83%
8
Konkera Pty Ltd
25,040,000
1.69%
9
Sancoast Pty Ltd
25,000,000
1.68%
10
Mr Jethro James Lyons
23,813,605
1.60%
11
Konkera Pty Ltd
22,000,000
1.48%
12
Mr Andrew Neil Taylor
22,000,000
1.48%
13
Hammerhead Holdings Pty Ltd
21,000,000
1.41%
14
Kingslane Pty Ltd
20,000,001
1.35%
15
BNP Paribas Nominees Pty Ltd
15,868,902
1.07%
16
Longreach 52 Pty Ltd
15,866,668
1.07%
17
Stevechem Pty Ltd
15,600,000
1.05%
18
Mr Yang Ye
15,025,000
1.01%
19
Celtic Finance Corp Pty Ltd
14,560,000
0.98%
20
Cardrona Energy Pty Ltd
14,560,000
0.98%
TOTAL
530,370,108
35.71%
Unquoted Securities (as at 10 September 2024)
Class
Terms
Number
PUAAI
Unquoted Options exercisable at $0.03 expiring on or before 31-Dec-24
22,500,000
PUAAJ
Unquoted Options exercisable at $0.05 expiring on or before 31-Dec-24
22,500,000
Unquoted Securities >20% Holders (as at 10 September 2024)
Class
Holder
Number
%
PUAAI
RAB Nominees Pty Ltd
7,500,000
33.33%
PUAAI
Ms Oonagh Jane Malone
7,500,000
33.33%
PUAAI
Mrs Phillipa Lee O’Hara
7,500,000
33.33%
PUAAJ
RAB Nominees Pty Ltd
7,500,000
33.33%
PUAAJ
Ms Oonagh Jane Malone
7,500,000
33.33%
PUAAJ
Mrs Phillipa Lee O’Hara
7,500,000
33.33%
For personal use only
Peak Minerals Limited
Shareholder information
30 June 2024
53
Schedule of Tenements as at 30 June 2024
Project
Tenement
% held
Green Rocks (WA)
Exploration Licence No E51/17161
100%
Green Rocks (WA)
Exploration Licence No E51/1889
100%
Green Rocks (WA)
Exploration Licence No E51/1832
80%
Green Rocks (WA)
Exploration Licence No E51/1934
100%
Green Rocks (WA)
Exploration Licence No E51/1990
100%
Green Rocks (WA)
Exploration Licence No E51/2011
100%
Green Rocks (WA)
Prospecting Licence No 5103199
100%
Green Rocks (WA)
Prospecting Licence No 5103200
100%
Green Rocks (WA)
Prospecting Licence No 5103201
100%
Green Rocks (WA)
Prospecting Licence No 5103202
100%
Green Rocks (WA)
Prospecting Licence No 5103203
100%
Green Rocks (WA)
Prospecting Licence No 5103204
100%
Green Rocks (WA)
Prospecting Licence No 5103205
100%
Green Rocks (WA)
Prospecting Licence No 5103219
100%
Green Rocks (WA)
Prospecting Licence No 5103220
100%
Green Rocks (WA)
Prospecting Licence No 5103221
100%
Green Rocks (WA)
Prospecting Licence No 5103222
100%
Green Rocks (WA)
Prospecting Licence No 5103223
100%
Green Rocks (WA)
Prospecting Licence No 5103224
100%
Green Rocks (WA)
Prospecting Licence No 5103225
100%
Green Rocks (WA)
Prospecting Licence No 5103226
100%
Green Rocks (WA)
Prospecting Licence No 5103227
100%
Green Rocks (WA)
Prospecting Licence No 5103228
100%
Green Rocks (WA)
Prospecting Licence No 5103229
100%
Green Rocks (WA)
Prospecting Licence No 5103230
100%
Green Rocks (WA)
Prospecting Licence No 5103231
100%
Green Rocks (WA)
Prospecting Licence No 5103232
100%
Green Rocks (WA)
Prospecting Licence No 5103233
100%
Green Rocks (WA)
Prospecting Licence No 5103234
100%
Green Rocks (WA)
Prospecting Licence No 5103235
100%
Green Rocks (WA)
Prospecting Licence No 5103236
100%
Green Rocks (WA)
Prospecting Licence No 5103237
100%
Green Rocks (WA)
Prospecting Licence No 5103238
100%
Green Rocks (WA)
Prospecting Licence No 5103274
100%
Green Rocks (WA)
Prospecting Licence No 5103275
100%
Green Rocks (WA)
Prospecting Licence No 5102091
100%
Earaheedy (WA)
Exploration Licence No E52/3751 1
100%
Yendon (Vic)
Exploration Licence No EL/5457
100%
Yendon (Vic)
Exploration Licence No EL/6428
100%
Yendon (Vic)
Retention Licence app No RL6734
100%
Yendon (Vic)
Exploration Licence No EL/8081
100%
Notes to Schedule of Tenements:
1 – The transfer of the Tenement’s/Application’s registered ownership to Greenrock Metals Pty Ltd/CU WA Pty Ltd/CU2 WA Pty Ltd (controlled entities of
Peak Minerals Limited) is currently being processed by the Western Australia Department of Mines, therefore the current recorded holder of the
tenement/application for tenement is a third party.
For personal use only
Peak Minerals Limited
Shareholder information
30 June 2024
54
Mineral Resource Statement
The following information is provided in accordance with Listing Rule 5.21 and as at 30 June 2024.
Mineral Resource Estimation Governance Statement
Peak Minerals Limited ensures that the Mineral Resource Estimate is subject to appropriate levels of governance and internal
controls. The Mineral Resource Estimate has been generated by independent external consultants, SRK Consulting, who are
experienced in best practices in 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 estimation. The Mineral
Resource Estimate follows standard industry methodology using geological interpretation and assay results from samples won
through drilling.
Peak Minerals Limited reports its Mineral Resources in accordance with the “Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves” (the JORC Code) (2012 Edition). Competent Persons named by the Company
qualify as Competent Persons as defined in the JORC Code.
Mineral Resource for Yendon Kaolin Project, Victoria
The table below sets out the Mineral Resources as at 30 June 2024 (estimated in February 2018) for the Yendon Kaolin Project,
Victoria. The Company confirms there has been no change from the prior year.
For personal use only