Platina Resources Limited Annual Report for the year ended 30 June 2023 0
Platina Resources Limited
ACN 119 007 939
ASX: PGM
Annual Report 2023
For the year ended 30 June 2023
Platina Resources Limited Annual Report for the year ended 30 June 2023 1
Contents
02
Corporate
Directory
03
Chairman’s Letter
05
Operations
Review of
06
Projects Overview
23
Investments
24
Annual Mineral
Resources
and Ore Reserves
Statement
26
Statements
Cautionary
29
Tenement Position
30
Directors’ Report
36
Report
Remuneration
42
Declaration
Auditor’s
Independence
43
Statements
Consolidated
Financial
43
Consolidated
Statement of
Comprehensive
Income
44
Financial Position
Consolidated
Statement of
45
Changes in Equity
Consolidated
Statement of
46
Flows
Consolidated
Statement of Cash
47
Statements
Notes to the
Financial
74
Directors
Declaration by
75
Auditor’s Report
Independent
80
Information
Shareholder
Platina Resources Limited Annual Report for the year ended 30 June 2023 2
Platina Resources is exploring
for gold in one of the world’s
most prolific mineral provinces.
We have several high-potential, exploration
projects in a premier gold jurisdiction,
providing an opportunity for significant share
price upside leverage to discovery success.
Corporate Directory
Directors and Company Secretary
Share Registry
Brian Moller
Corey Nolan
Christopher Hartley
John Anderson
Paul Jurman (Company Secretary)
Head Office and Registered Office
Suite 9, Level 2, 389 Oxford Street
Mount Hawthorn WA 6016
Phone: +61 7 5580 9094
Fax: +61 8 9380 6761
www.platinaresources.com.au
Auditors
Bentleys
Level 9, 123 Albert Street
Brisbane QLD 4000
Tel: +61 7 3222 9777
www.bentleys.com.au
Link Market Services Limited
Level 12, 250 St Georges Terrace
Perth WA 6000
Tel: 1300 554 474
www.linkmarketservices.com.au
Stock Exchange Listing
Australian Securities Exchange Ltd
ASX Code: PGM
Australian Company Number
119 007 939
Solicitor
Hopgood Ganim Lawyers
Level 8, 1 Eagle Street
Brisbane QLD 4000
Platina Resources Limited Annual Report for the year ended 30 June 2023 3
Chairman’s Letter
Dear shareholder
The preceding 12 months have witnessed a period of profound transformation for Platina. In April
2023, the company achieved a significant milestone by entering into a binding sale agreement for
the Platina Scandium Project (PSP), with a potential value of up to US$14 million. This sale
represents the culmination of the strategic shift away from platinum and specialty metal projects,
marking a decisive transition towards gold projects. Platina's decision to redirect its focus stems
from its belief in its substantial expertise and experience in the realm of gold projects.
The sale of the PSP will also allow Platina shareholders to benefit from a significant injection of new
funding to advance its newly created gold portfolio and pursue other more advanced project
opportunities, minimising shareholder dilution.
Our updated strategic positioning offers an advantageous opportunity for substantial share price growth
tied to the success of our high-potential exploration projects in a top-tier gold jurisdiction.
Our vision is to become a leading gold company by exploring our high-potential projects and leveraging
cutting-edge technology, innovative strategies, and the knowledge of our highly skilled technical team.
Shareholder value is created by advancing these projects through exploration, feasibility, and permitting,
and monetising through either sale, joint venture or development.
Commitment to sustainable and responsible practises, ensures the long-term prosperity of local
communities, and the preservation of the environment and cultural heritage.
The cornerstones of our innovative gold strategy are built upon the following pillars:
Focused on Western Australia
• Operating within a premier mining jurisdiction that offers exceptional tier one discovery and appraisal
prospects
• Utilising sophisticated geological and drilling expertise
• Benefitting from high-quality infrastructure proximate to exploration and development opportunities
Strong Technical Proficiency
• Marrying geological interpretation with data-driven, inventive exploration targeting
•
•
Proven adeptness in feasibility assessment and permitting processes
Established track record in successfully identifying and executing new acquisitions
• Backed by a strong balance sheet to maximise investment in-ground
Platina Resources Limited Annual Report for the year ended 30 June 2023 4
Centred on Gold
• Capitalising on gold prices trading close to historic highs in both US$ and A$ denominations
• Augmented opportunities for project financing for exploration and development
Although our business currently maintains an environmentally conscious approach with minimal impact,
we remain acutely aware of the importance of meticulously overseeing every facet of land clearing and
water management for our exploration and appraisal activities.
We also respectfully acknowledge the Traditional Custodians of the land in which we operate. We pay our
respect to all the elders, past, present and emerging, who carry deep knowledge of these lands, and we
commit to being open to receive this knowledge and incorporate it into the work we do. We recognise
their continuing connection to the land, waters and culture in the areas we operate.
Platina now stands in a favourable position to effectively implement its strategy across its array of gold
projects. The plans for drilling, along with the progress in obtaining statutory and cultural heritage
approvals, are at an advanced stage, reflecting the company's commitment to enhancing value through
strategic drilling activities.
Yours faithfully,
Brian Moller
Non-Executive Chairman
Platina Resources Limited Annual Report for the year ended 30 June 2023 5
Review of
Operations
Platina Resources Limited Annual Report for the year ended 30 June 2023 6
Projects Overview
Platina Resources Limited controls a 100% interest in a portfolio of gold projects in the Yilgarn
Craton and Ashburton Basins in Western Australia following the sale of the Platina Scandium
Project subsequent to the financial year end. Throughout the year Platina has added shareholder
value by advancing these projects through exploration, feasibility, and permitting, and monetising
the projects through either sale, joint venture or development.
Xanadu Gold Project
Regional scale geological setting adjacent to million-ounce resource.
Maiden reverse circulation (RC) drilling program of 2,214m.
Discovery of the Hermes prospect in the central domain of the Xanadu Project.
Subsequent to financial year end, a major drilling program commenced with further exploration
planned.
Figure 1. Platina project locations.
Platina Resources Limited Annual Report for the year ended 30 June 2023 7
Brimstone Project
Located near Kalgoorlie in close proximity to the high-grade, Penny’s Find deposit.
Completion of a maiden aircore drilling program confirmed the presence of multiple new mineralised
gold structures, and planning has begun for a reverse circulation drilling program.
Beete Project
Possible extension of the Norseman greenstone belt.
Following a soil sampling program, planning is underway for an aircore drilling program late in 2023.
Binti Binti
Two Exploration Licences located approximately 50km north-east of Kalgoorlie and 30km west of
Northern Start’s Carosue Dam Gold mine.
Site visit and desktop compilation of geological and geophysical data was completed.
Mt Narryer Project
Entered into a joint venture with Chalice Mining Limited (Chalice, ASX: CHN).
Small soil sampling and mapping program completed by Chalice.
Opportunity to leverage the nickel, copper and platinum group metals (PGM) metal expertise Chalice
used to discover Julimar.
Challa Gold Project
Located in the Sandstone province that has produced over 1.3 million ounces of gold.
Assays received from Phase 1 aircore drilling program and a Phase 2 aircore drilling program will be
completed when a drilling rig becomes conveniently available in the area.
Jubilee Gold Project
Platina has applied for one Exploration Licence (E51/2132).
Jubilee is located in close proximity to a number of multi-million-ounce gold deposits (Yaloginda and
Paddy’s Flat) and gold processing plant infrastructure (Blue Bird).
Platina Scandium Project
One of the largest and highest-grade scandium deposits in the world.
In April 2023, signed a conditional binding sale agreement with a wholly owned subsidiary of Rio Tinto
Ltd to sell the project for up to US$14 million in cash.
On 30 August 2023, received US$7 million cash.
Platina Resources Limited Annual Report for the year ended 30 June 2023 8
Xanadu Gold Project
Ashburton Basin, Western Australia
Ownership 100%
The Xanadu Gold Project is located in the Ashburton Basin in close proximity to the multi-million
ounce Mt Olympus gold deposit owned by ASX-listed Kalamazoo Resources Limited (ASX: KZR).
Xanadu comprises seven prospecting licences and six exploration licences covering 554km2.
Access to the project is from the regional mining centre of Paraburdoo 38km to the north.
Xanadu has been the subject of a number of mainly shallow drilling programs and a historical gold heap
leach operation. The project has immense appeal given the number and width of economic grade gold
drill intercepts which have never been followed up with a systematic exploration campaign.
Xanadu is located within a large alteration system hosted within sediments and dolomites on the edge of
the Pilbara craton. The geological setting is considered prospective for intrusion related gold
mineralisation such as the Hemi discovery (De Grey Mining) and the Telfer Gold Mine (Newcrest) in the
Proterozoic sediments. The project also displays strong similarities to the Carlin gold deposits in Nevada,
USA.
Figure 2. Map showing the Xanadu Project location with interpreted regional geology underlain by Google
satellite image.
Platina Resources Limited Annual Report for the year ended 30 June 2023 9
Whilst we believe there is significant potential to expand upon the known oxide mineralisation, the longer
term objective is targeting primary mineralisation within the alteration core of the system which has never
been tested by historical drill programs.
Platina believes the project offers significant upside due to:
• A favourable regional scale structural setting, with the multi-million-ounce Mt Olympus gold deposit
situated 7km to the east of the Amphitheatre pit;
• Widespread gold mineralisation identified within a large and intense hydrothermal alteration system
which extends for over 10km in strike extent;
•
•
The host lithology, the Duck Creek Dolomite, is a highly reactive rock and favourable host to the
target intrusion related and Carlin styles of gold mineralisation; and
Immediate targets from surface and at depth within the interpreted east plunging alteration system.
Platina developed a significant number of drilling targets at Xanadu Central and Deeps following its
extensive exploration effort, including mapping, sampling, drilling and geophysics.
During the reporting period, Platina’s maiden reverse circulation drilling program at Xanadu of 2,214m
demonstrated the presence of gold mineralisation at depth and up to 900m on strike from untested
ground immediately to the west of the historic Amphitheatre open pit anomaly. While there has been very
sparse drilling conducted historically over this strike section, anomalous gold was intersected in the
majority of the holes along with encouraging gold assays. including 7m @ 1.05g/t Au from 168m in
XARC005 and 8m @ 1.79g/t Au from 38m in XARC009.
The program was widely spaced covering over 4km within the 10km mineralised and altered corridor.
Drilling has been valuable in identifying various stratigraphic horizons and mineralisation patterns which
has added to the knowledge of mineralisation controls. The detailed geochemical analysis of the samples
has helped define stratigraphic and alteration assemblages relating to vectoring gold mineralisation,
which will help in future targeting of the drilling. This definition will also be used to target the remaining
tenement package.
During the drilling program, most planned targets were tested, however, several holes ended shallower
due to the weathered clay chert-breccia intersected in the top part of most holes which caused the drill
rods to get bogged. Diamond drilling will be required to target mineralisation beyond approximately 200m
depth.
Assay results from the phase 1 reverse circulation drilling, include:
•
•
•
•
•
•
•
•
1m @ 0.94g/t Au from 45m in XARC002
2m @ 1.16g/t Au from 94m in XARC003
7m @ 1.05g/t Au from 168m in XARC005
1m @ 0.53g/t Au from 9m in XARC008
1m @ 1.57g/t Au from 23m in XARC009
8m @1.79g/t Au from 38m in XARC009 incl. 1m @ 8.37g/t from 43m
2m @ 0.95g/t Au from 53m in XARC009
2m @ 0.68g/t Au from 18m in XARC010
Platina Resources Limited Annual Report for the year ended 30 June 2023 10
Figure 3. 4km of the 10km mineralised corridor where RC drilling was carried out. Green lines indicate Platina’s
tenement boundary. Historic assays are in grey boxes and new assays are in blue boxes.
The results in drilling from holes XARC003 and XARC005 are considered extremely encouraging as a
down dip trend has been highlighted from strong surface expression of historic assays. Historic diamond
hole WDNS005 had intersected 14m @ 2.14g/t from 31m, this zone was located on the bottom of the clay
chert-breccia zone and top section of the sedimentary package.
XARC003 was planned with the aim to test a down dip extension of this historic intersection. Although no
gold assays were returned in the sedimentary stratigraphy of this hole, a 14m zone of massive sulphides
was intercepted. In this zone, 14m @ 593ppm of arsenic was intersected (minimum cut-off 117ppm with
no internal dilution) and just above this zone from 99-100m 8.3% Cu was also intersected. Further, 120m
down dip in XARC005 an aggregate zone of 43m @ 0.36g/t Au from 143m including an intersection of
7m @ 1.05g/t Au from 168m. Quartz stringers were associated with this zone. This intersection is
considered highly encouraging as it possibly highlights a potential structure feeder and deeper extension
of gold mineralisation. This also opens up the possibility of a replication of the style, structure and
mineralisation of the Amphitheatre pit.
Platina Resources Limited Annual Report for the year ended 30 June 2023 11
Figure 4. Shows section across XARC003 and XARC005 which lies west of the Amphitheatre pit. Section limits +/-
80m
During the period, Platina also announced the discovery of the Hermes prospect in the central domain of
the Xanadu Project. The new discovery includes a 1km gold mineralised structure and multiple parallel
zones within a broader mineralised corridor up to 80m wide. Geological mapping, rock chip sampling,
and geophysics have been used to define the structure.
The orientation of the mineralisation was revealed to be parallel to the west-north-west trending Howie’s
Hole fault, located 500m to the north, which runs in the vicinity of the Mt Olympus and Zeus gold
deposits. The mineralised zones were mapped to be closely associated with conglomerate lenses which
correlate with the Mt Olympus deposit style of mineralisation.
Subsequent to financial year end, cultural heritage and statutory approvals, drilling plans and earthworks
have been completed to facilitate multiple drilling programs at Xanadu, including reverse circulation
drilling at Hermes and Xanadu West, and diamond drilling Xanadu Deeps. The reverse circulation drill
program at Hermes was completed in September 2023 and assay results are expected in October 2023.
During the reporting period tenement Exploration Licence Application 52/3946 in the eastern section of
the project was approved and granted as an Exploration Licence.
Platina Resources Limited Annual Report for the year ended 30 June 2023 12
Figure 5. Map showing the area covered by June 2023 geological field mapping and rock chip sampling at the
Hermes prospect area. Labelled are only the rock chips with values >0.5g/t Au and >1000g/t As.
Platina Resources Limited Annual Report for the year ended 30 June 2023 13
Brimstone Gold Project
Eastern Goldfields, Western Australia
Ownership 100%
Platina’s Brimstone Gold Project covers 70km2 and is located 40km north-east of Kalgoorlie within
a proven gold district in close proximity to the Penny’s Find gold deposit and 25km from the
Kanowna Belle gold mine.
The tenement package includes five Prospecting Licences, one Mining Licence, one Miscellaneous
Licence and five Exploration Licences (1 granted and 4 pending).
Brimstone is an advanced stage exploration project with immense appeal given the previously drilled
broad widths and high-grade gold mineralisation. Interpreted geological structures cover up to 10km of
strike length of mineralisation on highly prospective greenstone rocks. There has been approximately
$5m of historical expenditure at Brimstone, including, over 964 holes drilled for a total of 51,638m. Most
drill holes were less than 50m in depth and 93% of holes were previously drilled to less than 100m in
depth. This historical work has never been followed up with a systematic exploration campaign, and
therein lies the opportunity.
During the period, the Company confirmed the presence of multiple new mineralised gold structures
after completing a maiden 4,381m aircore drilling program. The 85-hole program identified a strongly
mineralised 350m long structure at the Brandy Prospect, which could potentially extend up to 800m in
length, and at the Billabong North Prospect, which is defined over 120m. These mineralised structures
are open along strike and down dip.
Encouraged by the broad zones of mineralisation from the drilling program, the next step is reverse
circulation drilling below the shallow aircore anomalies to potentially identify broader and higher-grade
intersections like those seen at the Garibaldi Prospect, 1km to the east or the Penny’s Find gold deposit,
owned by Horizon Minerals Limited, 2.5km to the south.
Eight out of 14 aircore holes drilled on the Brandy structure and four out of nine holes drilled at Billabong
North intersected mineralisation. The Brandy shear zone is interpreted to be the northern extension of
the Penny’s Find shear zone, which hosts the Penny’s Find gold deposit and drilling on the Brandy
structure and Billabong North intersected mineralisation.
The Company is particularly pleased with the Brandy Prospect results as it replicates similar up dip
intercepts from the Penny’s Find gold deposit, which becomes a wider mineralised zone at depth. The
recent drilling has still not closed off the mineralisation and the 350m shear is expected to extend for up
to 800m.
Platina Resources Limited Annual Report for the year ended 30 June 2023 14
Figure 6. Brimstone’s northern acreage showing drill holes and structures.
Further drilling will be required at Old Camp to better define the mineralisation of the interpreted
structures from the recent results. Historical drilling at Old Camp has indicated the presence of a strong
northwest-southeast trending mineralised structure.
Significant assay results from the aircore drilling program, include:
Brandy
9m @ 0.9g/t Au from 32m to EOH in BSAC077 (incl. 6m @ 1.2g/t Au from 34m)
12m @ 0.3g/t Au from 24m in BSAC076
16m @ 0.4g/t Au from 20m in BSAC066 (incl. 4m @ 1.1g/t from 28m)
8m @ 0.6g/t Au from 16m in BSAC061
Platina Resources Limited Annual Report for the year ended 30 June 2023 15
Billabong North
8m @ 1.19g/t Au from 20m in BSAC054
8m @ 0.39g/t Au from 28m in BSAC050
4m @ 0.83g/t Au from 34m in BSAC049
Old Camp
4m @ 0.5g/t Au from 36m in BSAC040
Subsequent to the end of the period, a reverse circulation drill program to test the mineralisation at depth
and along strike at Brandy, Garibaldi and Old Camp commenced.
Figure 7. Location of the Brimstone Project in Western Australia
Platina Resources Limited Annual Report for the year ended 30 June 2023 16
Beete Gold Project
Western Australia, Australia
Ownership 100%
The Beete Project which lies 50km south-west of Norseman and covers 134km2 within what is
believed to be a possible extension of the Norseman greenstone belt, a prolific gold producing
region of more than 5Mozs. The Scotia Mining Centre is situated 10km to the north.
The area has not been systematically explored despite being situated in a historical mining district with a
number of small high-grade gold mines.
Beete is located on interpreted geophysical structures that Platina believes host gold mineralisation
trending north-south within the tenement. Aruma Resources has reported several very-high-grade gold
intersections at its Salmon Gums project to the south, while the Norseman Mining Centre to the north has
large gold resources and reserves.
During the reporting year, native title agreements were finalised and were followed up with a low-cost and
low-impact soil sampling program to help define target areas (including gold, nickel, lithium and rare
earths) for follow-up drilling. The entire tenement area where the soil samples were collected has
transported cover and little to no outcropping rocks. Most of the tenement area is heavily vegetated or
under farming land. A total of 757 coarse fraction (-1.27mm) soil samples were collected and assayed for
61 elements. No significant mineralisation was returned in these assays. It is noted that there were zones
and clusters of weak anomalous values (maximum 2-3 times the average crustal abundance) of multiple
indicator elements that were observed to be overlapping the interpreted geophysics targets.
Due to the presence of transported soil and alluvium from 4 to 50m thick across the tenement, no further
soil sampling programs will be conducted. Instead, the weak anomalous value assay locations
overlapping with the interpreted geophysics targets will be targeted by aircore drilling.
In addition, a reverse circulation drill program in the vicinity of the high-grade historical Beete Mine is
being planned for late in 2023 after the end of the wet season.
Platina Resources Limited Annual Report for the year ended 30 June 2023 17
Figure 8. Location of the Beete Project in Western Australia.
Platina Resources Limited Annual Report for the year ended 30 June 2023 18
Binti Binti
Western Australia, Australia
Ownership 100%
Binti Binti comprises two Exploration Licences located approximately 50km north-east of
Kalgoorlie and 30km west of Northern Star’s Carosue Dam Gold mine. Never explored, the area
once thought to be granites has been re-interpreted as a potential greenstone prospect.
Binti Binti is considered prospective for orogenic (lode) gold mineralisation given the historic Gindalbie
Goldfield and associated workings within the project tenure. During the reporting period, one site visit
and desktop compilation of geological and geophysical data was completed.
Figure 9. Binti Binti is located in close proximity to NuFortune’s Lindsay’s Gold Project, OzAurum’s Mulgabbie North
Project and Northern Star’s Carouse Dam Mine.
Platina Resources Limited Annual Report for the year ended 30 June 2023 19
Mt Narryer
Western Australia, Australia
Ownership 100% - Joint Venture with Chalice Mining (ASX: CHN)
Exploration licence (E 09/2423) at Mt Narryer South is located 580km north of Perth, in Western
Australia. The Mt Narryer area has not undergone intensive mineral exploration in the past due to
the lack of outcropping ‘greenstones’ that have hosted most of the main gold and base metal
deposits discovered to date in Western Australia.
During the period, Platina announced it had entered into a joint venture on the Mt Narryer Project with
Chalice Mining Limited (Chalice, ASX: CHN). Under the terms of the binding farm-in agreement, Chalice
will initially earn a 51% interest in the Project by spending A$600,000 over two years including a
minimum spend of $150,000 in the first year. Chalice can then earn an additional 24% interest by
spending a further $1.8 million over the following two years. Platina would then continue to be free cost
carried to completion of a Pre-Feasibility Study.
Chalice is listed on the Australian Securities Exchange with a current market capitalisation of
approximately $1 billion. In March 2020, Chalice made a major new greenfield PGE-nickel-copper-cobalt-
gold discovery at its Julimar Project, located approximately 480km south of Mt Narryer in the Western
Yilgarn Craton. A tier-1 scale maiden mineral resource has since been defined at Julimar.
The new joint venture offers a tremendous opportunity to leverage the nickel, copper and platinum group
metals (PGM) metal expertise that Chalice used to discover Julimar. Chalice has a proven, low-cost
model for discovering major mineral deposits using reconnaissance, geochemical sampling and
geophysical surveys backed by a bank of geological knowledge from its Ni-Cu-PGM discovery at Julimar.
Figure 10. Location of Mt Narryer Project in Western Australia.
Platina Resources Limited Annual Report for the year ended 30 June 2023 20
Challa Gold Project
Western Australia, Australia
Ownership 100%
The Challa project includes two exploration licences covering 293km2 located approximately
500km north-east of Perth in Western Australia. The Sandstone province has produced over 1.3
million ounces of gold from numerous underground and open pit mining operations, while Mt
Magnet produced over 6 million ounces since its discovery in 1891. Nearby, the Youanmi Gold
Mine produced 670,000 ounces of gold throughout its life and is currently the focus of new
resource drilling targeting high-grade gold zones.
Shallow transported sands and silts cover much of the project areas and a soil sampling technique has
been identified as a preferred methodology for identifying gold anomalies over potential gold systems at
depth. More than 3,547 soil samples have been completed by Platina across target areas interpreted
through geophysics and historical assay results.
Seven targets were defined and drilling to date across three targets has had limited success. The
remaining targets will be opportunistically drilled when an aircore rig is conveniently available in the
district.
Figure 11. The Challa Project lies on the Paynesville Gold Trend, within the prolific Sandstone province.
Platina Resources Limited Annual Report for the year ended 30 June 2023 21
Jubilee Gold Project
Western Australia, Australia
Ownership 100%
During the period, Platina applied for Exploration Licence (E51/2132) at the Jubilee Project. Jubilee
is located within the prolific gold producing Yilgarn Craton, 15 kilometres east of Meekatharra. The
exploration licence application cover 51 Blocks (156 km2). Jubilee is located in close proximity to a
number of multi-million-ounce gold deposits (Yaloginda and Paddy’s Flat) and gold processing
plant infrastructure (Blue Bird).
The Jubilee Project adjoins and is immediately east of the Great Boulder Resources’ (ASX: GBR) Side
Well project which hosts the high-grade Mulga Bill prospect. Recent drilling at Mulga Bill has intersected
very high-grade and large widths of gold mineralisation. According to Great Boulder, the Mulga Bill
prospect is over 6 kilometres in strike length and the mineralised system is open to the north, south and
to depth.
Figure 12. Location of Jubilee Project in Western Australia.
Platina Resources Limited Annual Report for the year ended 30 June 2023 22
Platina Scandium Project
New South Wales, Australia
The Platina Scandium Project (PSP) located in central New South Wales is one of the largest and
highest-grade scandium deposits in the world. A Definitive Feasibility Study was completed in late
2018 demonstrating the technical and economic viability of the project – see Table 1 results.
Stage 1 Annual Production
Stage 2 Annual Production (from Year 5)
Life-of-mine for financial model
20 tonnes
40 tonnes
30 years
Net Present Value (8%), real, after-tax
$US166 million
AUD$234 million
Internal Rate of Return, post-tax
Payback Period (undiscounted)
29%
5.3 years
Stage 1 Capital Expenditure
$US48.1 million
AUD$67.8 million
Stage 2 Capital Expenditure
$US11.1 million
AUD$15.6 million
Total Life-of-Project Capital Expenditure*
$US104.1 million
AUD$146.5 million
Life-of-Mine Average Cash Operating Costs#
Life-of-Mine Scandium Oxide Price
USD to AUD Exchange Rate
525/kg
1,550/kg
739/kg
2,183/kg
0.71
Table 1: Definitive Feasibility Study metrics
*Includes sustaining capital costs. #Mining, processing, general and administration costs. Excludes royalties.
In April 2023, Platina announced that it had signed a conditional binding sale agreement with a wholly
owned subsidiary of Rio Tinto Ltd to sell the project for up to US$14 million in cash.
The transaction was subject to final regulatory approval including New South Wales Ministerial Consent
for the transfer of the PSP.
Subsequent to the end of the period, on 30 August 2023, Platina received US$7 million cash. A further
US$1 million is held by Rio Tinto as a warranty retention payment re-payable after 30 months. Platina
may also receive future cash payments totalling US$6 million subject to Rio Tinto achieving project
milestones including granting of a Mining Lease. Platina has managed the sale process internally and no
corporate advisory or success fees were payable.
The sale unlocked value in the project where Platina had made a considerable investment advancing the
project through exploration to the Definitive Feasibility Study stage. The transaction with Rio Tinto is
congruent with Platina’s strategy of advancing projects along the value chain and monetising when a new
combination of technical, market or financial capability is required. This enables projects to achieve
optimal scale, minimises Platia’s capital outlay and accelerates returns to investors.
Platina Resources Limited Annual Report for the year ended 30 June 2023 23
Investments
At the end of the period, Platina held investments, including:
Major Precious Metals - Not listed - 49 million shares
Major is a Canadian mining and exploration company whose flagship Skaergaard Project hosts one of the
world’s largest undeveloped gold deposits and one of the largest palladium resources outside of South
Africa and Russia.
On 14 September 2022, Major’s shareholders approved a voluntary delisting of Major’s common shares
from the NEO Stock Exchange in Toronto. The Board of Major cited the rationale for the delisting was due
to the prolonged weak market conditions, owed greatly to a continued market-driven disconnect between
the share price of Major, relative to believed true asset value, would be in the best interests of its
shareholders to preserve its current business. The shares ceased trading on the NEO Stock Exchange on
7 October 2022.
www.majorprecious.com
Alien Metals - AIM.UFO - ~45 million shares
Exploration and mining project developer focused on precious and base metal projects including the
Hamersley Iron Ore Project, Elizabeth Hill Silver Project and the surrounding Munni Munni exploration
permits, all located within the Pilbara region of Western Australia, as well as two silver projects and a
copper-gold project in Mexico.
During the period, Platina sold 79.2 million Alien shares netting approximately $780,000. After the end of
the period, a further 15 million shares have been sold netting approximately $100,000.
www.alienmetals.uk
Blue Moon Zinc Corporation - TSXV.MOON - 0.6 million shares
The company is focused on its 100% owned advanced-stage Blue Moon zinc-silver project and the Yava
Project. The Blue Moon project is subject to a NI 43-101 Mineral Resource estimate and the resource is
open at depth and along strike and has favourable metallurgy. The Yava polymetallic project is on strike to
Glencore’s Hackett River deposit in Nunavut.
www.bluemoonmining.com
Nelson Resources - ASX.NES - 11.8 million shares
Nelson Resources is an ASX-listed gold exploration company with a portfolio of 1,641km² of wholly
owned gold projects located in Western Australia. Nelson’s flagship project is the 1,185km² Woodline
Project which is located at the boundary between the Proterozoic Albany-Fraser Orogen and the Archean
Yilgarn-Craton.
www.nelsonresources.com.au
Platina Resources Limited Annual Report for the year ended 30 June 2023 24
Annual Mineral Resources
and Ore Reserves Statement
Platina reviews and reports its Ore Reserve and Mineral Resources at least annually. The date of reporting is 30 June each
year, to coincide with the company’s end of financial year balance date. If there are any material changes to the Ore
Reserves and Mineral Resource estimates for our projects over the course of the year, we are required to report these
changes.
Platina Scandium Project (PSP), New South Wales
There has been no change in the PSP Mineral Resource estimate since last year’s Annual Mineral Resources and Ore
Reserves Statement.
PSP JORC (2012) Mineral Resource Estimate
Mineral Resources – at a 300ppm scandium cut-off
Classification
Tonnage
(Dry Mt)
Scandium
ppm
Platinum
(g/t)
Nickel
(%)
Cobalt
%
Scandia
(tonnes)*
Platinum
koz
Nickel
(tonnes)
Cobalt
(tonnes)
Measured
Indicated
Inferred
TOTAL
7.8
12.5
15.3
35.6
435
410
380
405
0.42
0.26
0.22
0.28
0.13
0.11
0.08
0.10
0.07
0.06
0.05
0.06
5,200
7,800
8,900
22,000
105
106
106
317
9,900
13,400
12,400
5,400
8,100
7,000
35,700
20,500
Mineral Resources – at a 600ppm scandium cut-off
Classification
Tonnage
(Dry Mt)
Scandium
ppm
Platinum
(g/t)
Nickel
(%)
Cobalt
%
Scandia
(tonnes)*
Platinum
koz
Nickel
(tonnes)
Cobalt
(tonnes)
Measured
Indicated
Inferred
TOTAL
0.74
0.75
0.26
1.76
685
670
645
675
0.39
0.32
0.22
0.34
0.17
0.14
0.10
0.15
0.16
0.11
0.07
0.12
800
800
300
9
8
2
1,300
1,100
300
1,200
800
200
1,800
19
2,600
2,200
Mineral Resources – at a 0.08% cobalt cut-off
Classification
Tonnage
(Dry Mt)
Scandium
ppm
Platinum
(g/t)
Measured
Indicated
Inferred
TOTAL
4.0
6.2
6.7
16.9
380
350
245
315
0.49
0.26
0.21
0.29
Nickel
(%)
0.29
0.20
0.21
0.22
Cobalt
%
Scandia
(tonnes)*
Platinum
koz
Nickel
(tonnes)
Cobalt
(tonnes)
0.14
0.12
0.11
0.12
2,340
3,340
2,520
8,210
63
51
45
11,610
12,380
13,910
5,690
7,440
7,270
160
37,900
20,410
*Scandium is typically sold as Scandia or Scandium Oxide (Sc2O3) product and is calculated from scandium metal content and
a 1.53 factor to convert to the oxide form
There has been no change in the PSP Ore Reserve estimate since last year’s Annual Statement.
Platina Resources Limited Annual Report for the year ended 30 June 2023 25
PSP JORC (2012) Ore Reserve Estimate
Ore Reserves – at a 450ppm scandium cut-off
Classification
Tonnage
(Dry Kt)
Scandium
ppm
Proven
Probable
TOTAL
3,054
972
4,027
575
550
570
Nickel
(%)
0.13
0.08
0.12
Cobalt
(%)
0.10
0.07
0.09
Scandia
(tonnes)*
Cobalt
(tonnes)
Nickel
(tonnes)
2,696
2,945
4,054
816
654
767
3,512
3,599
4,821
The information in this Director’s Report that relates to the PSP Mineral Resources and Ore Reserves was last
reported by the company in compliance with the 2012 Edition of the JORC Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves in market releases dated as follows:
• Platina Scandium Project - Positive Definitive Feasibility Study, 13 December 2018
• Platina Scandium Project Ore Reserve, 13 December 2018
• Owendale Measured, Indicated and Inferred Mineral Resource – 16 August 2018
The company confirms that it is not aware of any new information or data that materially affects the information
included in the market announcements referred to above and further confirms that all material assumptions
underpinning the production targets and all material assumptions and technical parameters underpinning the Ore
Reserve and Mineral Resource statements contained in those market releases continue to apply and have not
materially changed.
Competent Person Statement
The information in this Annual Mineral Resources and Ore Reserves Statement is based on, and fairly represents
information and supporting documentation prepared by Mr John Horton, Principal Geologist, who is a Fellow and
Chartered Professional of the Australasian Institute of Mining and Metallurgy and a full time employee of ResEval
Pty Ltd. Mr. Horton has sufficient experience that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012
Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr.
Horton has approved the Statement as a whole and consents to its inclusion in the Annual Report in the form and
context in which it appears.
Mineral Resource and Ore Reserve Governance Arrangements
The company ensures that all Mineral Resource or Ore Reserve estimates are subject to appropriate levels of
governance and controls.
Exploration results are collected and managed by qualified geologists. All data collection activities are conducted to
industry standards based on a framework of quality assurance and quality control protocols covering all aspects of
sample collection, topographical and geophysical surveys, drilling, sample preparation, physical and chemical
analysis, and data and sample management.
The Mineral Resource and Ore Reserve Estimates are prepared by qualified Independent Competent Persons. If
there is a material change in the estimate of a Mineral Resource or Ore Reserve, the estimate and supporting
documentation in question is reviewed by a suitably qualified independent Competent Person.
The company reports its Mineral Resources and Ore Reserves estimates on an annual basis in accordance with the
2012 JORC Code.
Platina Resources Limited Annual Report for the year ended 30 June 2023 26
Cautionary Statements
Forward-looking statements
This document may contain certain forward-looking statements. Such statements are only predictions,
based on certain assumptions and involve known and unknown risks, uncertainties and other factors, many
of which are beyond the Company’s control. Actual events or results may differ materially from the events
or results expected or implied in any forward-looking statement.
The inclusion of such statements should not be regarded as a representation, warranty or prediction with
respect to the accuracy of the underlying assumptions or that any forward-looking statements will be or
are likely to be fulfilled. Platina Resources Limited undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date of this document (subject to securities exchange
disclosure requirements).
The information in this document does not take into account the objectives, financial situation or particular
needs of any person or organisation. Nothing contained in this document constitutes investment, legal, tax
or other advice.
References to previous ASX releases
The information in this report that relates to exploration results were last reported by the company in
compliance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves in market releases dated as follows:
Platina acquires gold project in prolific gold province, 11 June 2020
Platina expanding presence in WA Goldfields, 23 July 2020
Platina builds gold presence in Western Australia, 4th April 2021
Platina moves closer to maiden drilling program at the Challa Gold Project, 31 March 2021
Platina geophysics identifies strong drill targets at Xanadu Gold Project in Western Australia, 22
February 2022
Platina to build gold presence in Western Australia, 3 August 2022
Pivotal Acquisition Builds WA gold footprint, 10 August 2022
Platina Projects Update, 10 October 2022
New gold exploration target identified at Xanadu, 21 February 2023
Maiden phase of exploration to commence at Brimstone Project, 1 March 2023
New mineralised structures identified at Brimstone, 1 June 2023
1km gold mineralised corridor identified at Xanadu Hermes Prospect, 10 July 2023
The company confirms that it is not aware of any new information or data that materially affects the
information included in the market announcements referred to above and further confirms that all
material assumptions underpinning the exploration results contained in those market releases continue to
apply and have not materially changed.
Competent Person Statement – Western Australian Exploration Projects
The information in this Report that relates to exploration results is based on information reviewed and
compiled by Mr Rohan Deshpande who is an employee of Platina Resources and Member of the
Australian Institute of Geoscientists (AIG). Mr Deshpande has sufficient experience which is relevant to
this style of mineralisation and type of deposit under consideration and to the overseeing activities which
he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian
Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr Deshpande
consents to the inclusion in the report of the matters based on his information in the form and context in
which it appears.
Platina Resources Limited Annual Report for the year ended 30 June 2023 27
References to JORC Mineral Resources and Ore Reserves in the Annual Report
Project / Owner / Source
Scotia Mining Centre
Category
Indicated
50% Tulla Resources and 50% Pantoro Limited
Inferred
Total
Norseman Gold Mineral Resource
Measured
50% Tulla Resources and 50% Pantoro Limited
Indicated
Source: PNR: Mineral Resource Statement
Inferred
Paulsens
Black Cat Syndicate
Source: ASX Presentation, 22 July 2022
Lindsay’s Gold Project
NuFortune Gold
Source: Presentation 14 Oct 2021
Karlawinda
Capricorn Metals
Source: www.capricornmetals.com.au
Mt Olympus
Kalamazoo
www.kzr.com.au
Carouse Dam
Northern Star
www.nsrltd.com.au
Total
Indicated
Inferred
Total
Indicated
Inferred
Total
Indicated
Inferred
Total
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
kt
g/t Au
Kozs
10,734
4,736
15,471
4,572
22,529
19,325
46,414
0.315
1,983
2,651
3,425
549
3,974
67,000
19,500
86,700
9,699
6,491
20,789
1,970
11,681
9,148
22,799
2.2
1.5
2.0
1.6
3.1
3.7
3.2
3.4
1.9
2.5
1.5
2.8
1.7
0.8
0.7
0.8
2.9
2.5
2.5
2.8
2.9
2.9
2.9
734
227
999
234
2,259
2,290
4,787
34
118
217
168.4
49.7
215.1
1,722
422
2,145
911
525
1,436
180
1,085
860
2,125
Platina Resources Limited Annual Report for the year ended 30 June 2023 28
Project / Owner / Source
Paddy’s Flat
Westgold Resources Ltd
Yaloginda
Westgold Resources Ltd
Andy Well
Meeka Gold Limited
Turnberry
Meeka Gold Limited
Category
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Indicated
Inferred
Total
kt
991
10,991
2,505
14,408
145
8,439
7,053
15,637
150
1,050
650
1,800
6,800
4,500
13,100
g/t Au
Kozs
4.32
1.72
2.22
1.99
3.42
1.82
1.46
1.67
11.4
9.3
6.5
8.6
1.6
1.8
2.6
138
604
179
921
16
494
330
840
55
315
135
505
355
255
1,115
This Annual Report has been authorised by Mr Corey Nolan, Managing Director of Platina
Resources Limited.
Platina Resources Limited Annual Report for the year ended 30 June 2023 29
Tenement Position
Platina Resources Limited held the following interests in tenements as at the date of this report:
Tenement ID
EL58/552
EL58/553
E51/2132
E09/2704
EL7644
EL52/3711
EL52/3758
EL52/3763
EL52/3764
EL52/3946
EL52/3692
PL 52/1592
PL 52/1593
PL 52/1594
PL 52/1595
PL 52/1596
PL 52/1597
PL 52/1598
M27/501
E27/568
P27/2249
P27/2250
P27/2251
P27/2318
P27/2393
L27/98
E27/689
E25/609
E63/2193
E28/3172
E31/1274
E25/630
E27/716
*Sold August 2023
Area
Challa
Challa
Location
WA, Australia
WA, Australia
Jubilee, Murchison Province
WA, Australia
Mt Narryer South
Owendale
WA, Australia
NSW, Australia
Peak Hill – Ashburton Basin
WA, Australia
Peak Hill – Ashburton Basin
WA, Australia
Peak Hill – Ashburton Basin
WA, Australia
Peak Hill – Ashburton Basin
WA, Australia
Peak Hill – Ashburton Basin
WA, Australia
Peak Hill – Ashburton Basin
WA, Australia
Peak Hill – Ashburton Basin
WA, Australia
Peak Hill – Ashburton Basin
WA, Australia
Peak Hill – Ashburton Basin
WA, Australia
Peak Hill – Ashburton Basin
WA, Australia
Peak Hill – Ashburton Basin
WA, Australia
Peak Hill – Ashburton Basin
WA, Australia
Peak Hill – Ashburton Basin
WA, Australia
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Beete
Binti Binti
Binti Binti
Brimstone
Brimstone
WA, Australia
WA, Australia
WA, Australia
WA, Australia
WA, Australia
WA, Australia
WA, Australia
WA, Australia
WA, Australia
WA, Australia
WA, Australia
WA, Australia
WA, Australia
WA, Australia
WA, Australia
Ownership
% Ownership
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
PGM
100
100
Not granted
100
-*
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Not granted
Not granted
100
100
100
Not granted
Not granted
Platina Resources Limited Annual Report for the year ended 30 June 2023 30
Photo
Directors
Report
Platina Resources Limited Annual Report for the year ended 30 June 2023 31
Directors Report
Your Directors present their report together with the
financial report for Platina Resources Limited (“the
Company”) and its controlled entities (“the Group” or
“the consolidated entity”) for the year ended 30 June
2023 and the auditor’s report thereon.
DIRECTORS
The following persons were Directors of Platina
Resources Limited during the financial year and up
the date of this report, unless otherwise stated:
Brian Moller
Non-Executive Chairman
LL.B (Hons)
Mr Moller was appointed as a Non-Executive Director
on 30 January 2007 and appointed Non-Executive
Chairman on 1 January 2017.
Mr Moller is a partner with HopgoodGanim Lawyers
and practices almost exclusively in the corporate area
with an emphasis on capital raising, mergers and
acquisitions and corporate restructuring. Mr Moller
acts for many publicly listed resource and industrial
companies in Australia, and regularly advises boards
of directors on corporate governance and related
issues.
During the past three years, Mr Moller has also served
as a director of the following ASX listed companies:
• DGR Global Ltd (since 2 October 2002)
Corey Nolan
Managing Director
B.Com, MMEE, GAICD
Mr Nolan is an accomplished public company director
whose nearly 30-year career in the resources industry
started on the ground in operations before spanning a
broad range of corporate roles from equities analyst
and corporate finance director to a number of senior
executive and board positions.
As Managing Director of ASX listed Platina Resources
Limited since August 2018, he has been instrumental
in restructuring the company’s project portfolio, which
has included the acquisition, funding, exploration and
development of new assets.
Prior to Platina, Mr Nolan was Chief Executive Officer
at Sayona Mining Limited where he led the acquisition
and development of the Authier Lithium Project in
Canada and chartered a substantial growth in the
company’s market capitalisation.
Mr Nolan is a Non-Executive Director of ASX-listed
Elementos Limited, a company he incorporated and
floated on the ASX in 2009 which is now developing
one of the world's highest-grade tin projects in Spain.
Mr Nolan’s qualifications include a Bachelor of
Commerce, Masters Degree in Mineral and Energy
Economics and graduate diploma from the Australian
Institute of Company Directors.
• Clara Resources Limited (since 1 December 2006)
- Chairman
During the past three years, Mr Nolan has also served
as a director of the following ASX listed companies:
• New Peak Metals Limited (since 22 January 2003)
• Elementos Limited (since 24 July 2009)
• Tempest Minerals Limited (since 13 October 2016)
– Chairman
• Mineral Commodities Limited (since 23 December
2022) - Chairman
Platina Resources Limited Annual Report for the year ended 30 June 2023 32
Christopher Hartley
Non-Executive Director
BSc; PhD; MIMMM; CEng; GAICD
Mr Anderson is also Chairman of Tolu Minerals
Limited, a PNG public company focussed on gold
exploration and appraisal.
Dr Hartley was appointed as a Non-Executive Director
on 1 January 2017.
Mr Anderson holds no other (ASX listed)
directorships.
Paul Jurman
Company Secretary – appointed 1 June 2016
B.Com, CPA
Mr Jurman is a Certified Practising Accountant with
over 15 years’ experience and has been involved with
a diverse range of Australian public listed companies
in company secretarial and financial roles. He is also
company secretary of ASX listed Carnavale
Resources Limited, Lord Resources Limited and
Tempest Minerals Limited.
DIRECTORS’ MEETINGS
The number of meetings of Directors (including
meetings of committees of directors) held during the
year and the number of meetings attended by each
Director was as follows:
Directors
Brian Moller
Corey Nolan
Christopher Hartley
John Anderson
Board
No. of
meetings
held while in
office
Meetings
attended
4
4
4
4
4
4
4
4
At present, the Company does not have any formally
constituted committees of the Board. The Directors
consider that the Group is not of a size nor are its
affairs of such complexity as to justify the formation of
special committees.
Dr Hartley has 40 years’ experience in the mining
industry in a variety of roles relating to management
and development of mining and metallurgical
operations. Most recently he spent five years with
Bloom Energy in the role of Technical Director
Strategic Materials, leading a team that established
secure and efficient supplies of scandium oxide for
their manufacturing operations in the USA. Prior to
that he held roles with BHP Billiton and its
predecessor Billiton, as well as working as an
independent consultant. He has been based in the
Netherlands, the UK, India and the USA and worked
on projects in many more countries.
During the past three years, Dr Hartley has also
served as a director of the following ASX listed
companies:
• Godolphin Resources Limited (since 9 January
2023)
John Anderson
Non-Executive Director
LL.B, B.Ec, GDCL, GAICD
Mr Anderson was appointed as a Non-Executive
Director on 9 April 2018.
Mr Anderson has had more than 25 years’ experience
in the resources sector with 12 of those in senior
executive roles at Santos Limited (Santos). He was
also a director of Darwin LNG for more than 8 years.
At Santos, Mr Anderson was responsible for leading
strategic projects, business development, mergers
and acquisitions, commercial and marketing and
trading. Mr Anderson also had roles leading two of
Santos' business units, in Western Australia and the
Northern Territory and in Asia Pacific in which he was
accountable for all activities from exploration through
to development, operations and sales.
Mr Anderson is an experienced executive in the
Australian and Asian energy markets with direct
international experience in the Asian region having led
businesses operating in the region for a number of
years including Santos’ significant investments in
Vietnam, Bangladesh, Malaysia, PNG and Indonesia.
He has extensive experience in Asia Pacific in LNG
projects and the commercialisation of undeveloped
resources, energy markets and more recently in
decarbonisation strategies and implementation.
Platina Resources Limited Annual Report for the year ended 30 June 2023 33
2023 is provided in this Financial Report and, in
particular, in the Review of Operations section
immediately preceding this Directors’ Report. The
Group’s financial position, financial performance and
use of funds information for the financial year is
provided in the financial statements that follow this
Directors’ Report.
The head of the UN World Health Organization
declared an end to COVID-19 as a public health
emergency in May 2023, whilst noting it remains a
global health threat. COVID-19 did not have a
significant direct financial impact on the Company
during the year. Staff have remained in good health
and the Company’s planned exploration programs
have not been impacted by COVID-19 in any
significant way.
As an exploration entity, the Group has no recurring
operating revenue or earnings and consequently the
Group’s performance cannot be gauged by reference
to those measures. Instead, the Directors’ consider
the Group’s performance based on the success of
exploration activity, acquisition of additional
prospective mineral interests and, in general, the
value added to the Group’s mineral portfolio during
the course of the financial year.
Whilst performance can be gauged by reference to
market capitalisation, that measure is also subject to
numerous external factors. These external factors can
be specific to the Group, generic to the mining
industry and generic to the stock market as a whole
and the Board and management would only be able to
control a small number of these factors.
The Group’s business strategy for the financial year
ahead and, in the foreseeable future, is to continue
exploration activity on the Group’s existing mineral
projects, identify and assess new mineral project
opportunities and review development strategies
where individual projects have reached a stage that
allows for such an assessment. Due to the inherent
risky nature of the Group’s activities, the Directors are
unable to comment on the likely results or success of
these strategies.
DIRECTORS’ INTERESTS IN SECURITIES
As at the date of this report, the interests of the
Directors in the shares and options of Platina
Resources Limited are shown in the table below:
Directors
Brian Moller
Corey Nolan
Ordinary
shares
Unlisted
options
-
3,500,000
400,000
12,000,000
Christopher Hartley
-
3,000,000
John Anderson
104,340
3,000,000
PRINCIPAL ACTIVITIES
The principal activities of the Group during the financial
year were acquiring, exploring and developing mineral
interests, prospective for precious metals and other
mineral deposits.
OPERATING RESULTS
The net loss of the Group for the year, after provision
for
income tax, amounted to $7,969,640 (2022:
$15,676,545).
DIVIDENDS PAID OR RECOMMENDED
There were no dividends paid or recommended during
the financial year.
REVIEW OF OPERATIONS
Information on the operations of the Group during the
financial year and up to the date of this report is set out
separately in the Annual Report under Review of
Operations.
REVIEW OF OPERATIONS / OPERATING AND
FINANCIAL REVIEW
The Group is primarily engaged in mineral exploration
in Australia. A review of the Group’s operations,
including information on exploration activity and
results thereof, financial position, strategies and
projects of the Group during the year ended 30 June
Platina Resources Limited Annual Report for the year ended 30 June 2023 34
The Group’s activities are also subject to numerous
risks, mostly outside the Board’s and management’s
control. These risks can be specific to the Group,
generic to the mining industry and generic to the
stock market as a whole. The key risks, expressed in
summary form, affecting the Group and its future
performance include but are not limited to:
• geological and technical risk posed to exploration
and commercial exploitation success;
• security of tenure including licence renewal,
inability to obtain regulatory or landowner consents
or approvals and native title issues;
• change in commodity prices and market
conditions;
• change in prices of listed investments and foreign
currencies;
• environmental and occupational health and safety
risks;
• government policy changes;
•
retention of key staff; and
• capital requirement and lack of future funding.
This is not an exhaustive list of risks faced by the
Group or an investment in it. There are other risks
generic to the stock market and the world economy as
a whole and other risks generic to the mining industry,
all of which can impact on the Group.
Treasury policy
The consolidated entity does not have a formally
established treasury function. The Board is
responsible for managing the consolidated entity’s
finance facilities. The Group does not currently
undertake hedging of any kind.
In August 2022, the Company advised it had
confirmed the allotment of 89.2 million ordinary
shares at $0.025 per share to raise $2.23 million to
sophisticated, professional and other exempt
investors,
In November 2022, the Company issued a total of
21,500,000 unlisted options to the Directors of the
Company and 2,000,000 options to the Company
Secretary;
In October 2022, 17.5 million unlisted options
expired unexercised;
In November 2022, 8 million unlisted options were
issued for lead manager services provided for the
capital raising undertaken in August 2022 and 1.5
million ordinary shares were issued for corporate
advisory services, following shareholder approval
received at a general meeting held in October
2022; and
In November 2022, the Company issued
80,645,159 ordinary shares and 100,000
Performance Shares, which will convert to
$1,000,000 in Shares if a JORC compliant Inferred
Mineral Resource above 100,000 ounces at 1.5g/t
is achieved within the Acquisition tenements,
based on a 5% discount to the 10-day VWAP at the
time the JORC Mineral Resource is announced
(Milestone) as consideration to acquire 100% of
Sangold Resources Pty Ltd
As at 30 June 2023 the Company had 623,180,331
ordinary shares, 100,000 Performance shares and
63,860,000 options on issue.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There were no significant changes in the state of
affairs of the Group in the financial year except as
disclosed in the Review of Operations.
Liquidity and funding
AFTER BALANCE DATE EVENTS
The consolidated entity has sufficient funds to finance
its operations and exploration activities, and to allow
the consolidated entity to take advantage of
favourable business opportunities, not specifically
budgeted for, or to fund unforeseen expenditure.
REVIEW OF FINANCIAL CONDITION
Capital structure
As at 30 June 2022 the Company had 434,382,342
ordinary shares and 49,860,000 options on issue.
During the year ended 30 June 2023, the following
securities were issued:
•
In August 2022, 17,452,830 shares were issued as
final share consideration for the acquisition of
100% of the Xanadu Gold Project.;
No matter or circumstance has arisen since the end of
the financial year, to the date of this report, that has
significantly affected, or may significantly affect, the
operations of the Group, the results of those
operations, or the state of affairs of the Group in future
financial years other than the following:
On 30 August 2023, the Company advised it had
received US$8 million in cash from the sale of the
Platina Scandium Project to a wholly owned
subsidiary of Rio Tinto Ltd (Rio Tinto), ), less a
US$1 million warranty retention payment which is
re-payable by Rio Tinto after 30 months if there are
no warranty breaches.
Platina Resources Limited Annual Report for the year ended 30 June 2023 35
LIKELY DEVELOPMENTS, EXPECTED RESULTS,
PROSPECTS AND BUSINESS STRATEGIES
Likely developments in the operations of the Group
and the expected results of those operations in
subsequent financial years have been discussed
where appropriate in the Annual Report under Review
of Operations.
There are no further developments of which the
Directors are aware which could be expected to affect
the results of the Group’s operations in subsequent
financial years. The Directors are unable to comment
on the likely results from the Company’s planned
exploration and pre-development activities due to the
speculative nature of such activities.
Risks
The prospects of the Group in progressing their
exploration projects in Australia may be affected by a
number of factors. These factors are similar to most
exploration companies moving through the exploration
phase and attempting to get projects into
development. Some of these factors include:
Exploration - the results of the exploration
activities may be such that the estimated
resources are insufficient to justify the
financial viability of the projects. Platina
Resources undertakes extensive exploration
and product quality testing prior to
establishing JORC compliant resource
estimates and to (ultimately) support mining
feasibility studies. The Group engages
external experts to assist with the evaluation
of exploration results and relies on third party
Competent Persons to prepare JORC
resource statements. Economic feasibility
modelling of projects will be conducted in
conjunction with third party experts and the
results of which will usually be subject to
independent third-party peer review.
Regulatory and Sovereign - the Group
operates in Australia and deals with local
regulatory authorities in relation to the
exploration of its properties. The Group may
not achieve the required local regulatory
approvals to continue exploration or properly
assess development prospects. The Group
takes appropriate legal and technical advice
to ensure it manages its compliance
obligations appropriately.
• Social Licence to Operate – the ability of the Group
to secure and undertake exploration and
development activities within prospective areas is
also reliant upon satisfactory resolution of native
title and (potentially) overlapping tenure. To
address this risk, the Group develops strong, long
term effective relationships with landholders with a
focus on developing mutually acceptable access
arrangements. The Group takes appropriate legal
and technical advice to ensure it manages its
compliance obligations appropriately. Mining
tenements that the Group currently holds, or has
applied for, are subject to Native Title claims. The
Group has a policy that is respectful of the Native
Title rights and is continuing to negotiate with
relevant indigenous bodies.
• Environmental - All phases of mining and
exploration present environmental risks and
hazards. Platina’s operations in Australia are
subject to environmental regulation pursuant to a
variety of state and municipal laws and regulations.
Environmental legislation provides for, among other
things, restrictions and prohibitions on spills,
releases or emissions of various substances
produced in association with mining operations.
Compliance with such legislation can require
significant expenditures and a breach may result in
the imposition of fines and penalties, some of
which may be material. Environmental legislation is
evolving in a manner expected to result in stricter
standards and enforcement, larger fines and
liabilities and potentially increased capital
expenditures and operating costs.
Environmental assessments of proposed projects
carry a heightened degree of responsibility for
companies and directors, officers and employees.
The Group assesses each of its projects very
carefully with respect to potential environmental
issues, in conjunction with specific environmental
regulations applicable to each project, prior to
commencing field exploration. Periodic reviews are
undertaken once field exploration commences.
• Safety - Safety is of critical importance in the
planning, organisation and execution of Platina
Resources’ exploration activities. Platina
Resources is committed to providing and
maintaining a working environment in which its
employees are not exposed to hazards that will
jeopardise an employee’s health, safety or the
health and safety of others associated with our
business. Platina Resources recognise that safety
is both an individual and shared responsibility of all
employees, contractors and other persons involved
with the operation of the organisation. The Group
has a comprehensive Safety and Health
Platina Resources Limited Annual Report for the year ended 30 June 2023 36
Management system, which is designed to
minimise the risk of an uncontrolled safety and
health event and to continuously improve safety
culture within the organisation.
• Funding - the Group will require additional funding
to continue exploration and potentially move from
the exploration phase to the development phases
of its projects. There is no certainty that the Group
will have access to available financial resources
sufficient to fund its exploration, feasibility or
development costs at those times. The Group has
no material financial commitments.
• Market - there are numerous factors involved with
exploration and early stage development of its
projects, including variance in commodity price
and labour costs, which can result in projects
being uneconomical.
ENVIRONMENTAL REGULATIONS
The Group’s operations are subject to significant
environmental regulation under the laws of Australia.
The Group has a policy of complying with
its
environmental obligations and, at the date of this
report, is not aware of any breach of such regulations.
REMUNERATION REPORT (AUDITED)
This report outlays the remuneration arrangements in
place for the Key Management Personnel (as defined
under section 300A of the Corporations Act 2001) of
Platina Resources Limited. The information provided
in this remuneration report has been audited as
required by section 308(3C) of the Corporations Act
2001.
The following were Key Management Personnel of the
consolidated entity at any time during the year and
unless otherwise indicated were Key Management
Personnel for the year:
Details of Key Management Personnel
(i) Directors
Brian Moller
Corey Nolan
Non-Executive Chairman
Managing Director
Christopher Hartley
Non-Executive Director
John Anderson
Non-Executive Director
There have been no changes of Key Management
Personnel after the reporting date and up to the date
the financial report was authorised for issue.
Remuneration philosophy
The Board reviews the remuneration packages
applicable to the executive Directors and non-
executive Directors on an annual basis. The broad
remuneration policy is to ensure the remuneration
package properly reflects the person’s duties and
responsibilities and level of performance and that
remuneration is competitive in attracting, retaining and
motivating people of the highest quality. Independent
advice on the appropriateness of remuneration
packages is obtained, where necessary, although no
such independent advice was sought during the
financial year.
Remuneration is not linked to past company
performance but rather towards generating future
shareholder wealth through share price performance.
As a minerals explorer, the Company does not
generate operating revenues or earnings and
company performance, at this stage, can only be
judged by exploration success and, ultimately,
shareholder value. Market capitalisation is one
measure of shareholder value but this is subject to
many external factors over which the Company has no
control. Consequently linking remuneration to past
performance is difficult to implement and not in the
best interests of the Company. Presently, total fixed
remuneration for senior executives is determined by
reference to market conditions and incentives for out-
performance rights over unissued shares. The
Directors believe that this best aligns the interests of
the shareholders with those of the senior executives.
All remuneration paid to key management personnel
is valued at cost to the Group and charged to the
profit and loss account as an expense or capitalised
as part of exploration expenditure as appropriate.
Shares given to directors and executives are valued as
the difference between the market price of those
shares and the amount paid by the director or
executive. Options and performance rights are valued
using the Black-Scholes methodology. There are no
schemes for retirement benefits other than statutory
superannuation for executive directors.
Voting and comments made at the Company’s 2022
Annual General Meeting (AGM): – At the 2022 AGM,
less than 2% of the votes received (excluding
abstentions) did not support the adoption of the
remuneration report for the year ended 30 June 2022.
The Company did not receive any specific feedback at
the AGM regarding its remuneration practices.
Platina Resources Limited Annual Report for the year ended 30 June 2023 37
Remuneration committee
Given the size and scale of the Company’s operations,
the full Board has undertaken the roles previously
undertaken by the Remuneration Committee. The
Board is considered to have sufficient legal, corporate,
commercial and industry experience in the context of
the Company’s affairs to properly assess the
remuneration issues required by the Group.
The Board assesses the appropriateness of the nature
and amount of remuneration of Directors and senior
managers on a periodical basis by reference to
relevant employment market conditions with the
overall objective of ensuring maximum stakeholder
benefit from the retention of a high quality board and
management team.
Remuneration structure
In accordance with best practice corporate
governance, the structure of non-executive Directors
and executive Director remuneration is separate and
distinct.
Non-executive Directors remuneration
Objective
The Board seeks to set aggregate remuneration at a
level which provides the Company with the ability to
attract and retain directors of the highest calibre,
whilst incurring a cost which is acceptable to
shareholders.
Structure
The Constitution and the ASX Listing Rules specify
that the aggregate remuneration of non-executive
Directors shall be determined from time to time by a
general meeting. An amount not exceeding the
amount determined is then divided between the
Directors as agreed. The present limit of approved
aggregate remuneration is $250,000 per year.
The Board reviews the remuneration packages
applicable to the non-executive Directors on an annual
basis. The Board considers fees paid to non-
executive directors of comparable companies when
undertaking the annual review process.
The appointment conditions of the non-executive
Chairman and the non-executive Directors are
formalised in service agreements. Under the
Constitution of the Group, these appointments, if not
terminated sooner, end on the date of retirement by
rotation. The Constitution requires one third of
Directors retire each year at a general meeting of
shareholders. If re-elected at future general meetings
of shareholders, the appointments continue for further
terms.
It has been agreed that the non-executive Directors
shall each receive a fee of $50,000 plus statutory
superannuation per annum effective from their
appointment date. Mr Moller, as Chairman, is entitled
to a fee of $57,800 per annum. Non-executive
Directors may also be remunerated for additional
specialised services performed at the request of the
Board.
The remuneration of the non-executive Directors for
the year ending 30 June 2023 and 30 June 2022 is
detailed in Table 1 of this report.
Managing Director’s remuneration
Objective
The company aims to reward the Managing Director
with a level of remuneration commensurate with his
position and responsibilities within the Company and
so as to:
• align the interests of the Managing Director with
those of shareholders;
•
link reward with the strategic goals and
performance of the Company; and
• ensure total remuneration is competitive by market
standards.
Structure
Remuneration consists of the following key elements:
• Fixed remuneration
• Variable remuneration
Fixed remuneration
The level of fixed remuneration is set so as to provide
a base level of remuneration that is both appropriate
to the position and is competitive in the market.
Fixed remuneration is reviewed annually by the Board
and the process consists of a review of company-
wide, business unit and individual performance,
relevant comparative remuneration in the market and
internal and, where appropriate, external advice on
policies and practice.
Platina Resources Limited Annual Report for the year ended 30 June 2023 38
Employee Option Incentive Plan (EOIP)
Shareholders last approved the Platina Resources
Limited EOIP at the General Meeting on 16 October
2020. The EOIP is designed to provide incentives,
assist in the recruitment, reward and retention of
employees or key consultants. Participation in the
plan is at the Board’s discretion and no individual has
a contractual right to participate in the plan or receive
any guaranteed benefit.
Mr Nolan is entitled to an annual salary of $310,000,
including statutory superannuation and the
termination period for both Platina and Mr Nolan is
two months. Mr Nolan can also receive an annual
bonus of up to 50% of the annual remuneration
(excluding the statutory superannuation) upon the
achievement of certain performance criteria. The
duties are those as are customarily expected of a
Managing Director and, from time to time, delegated
by the Board.
Executive Director remuneration for the year ending
30 June 2023 and 30 June 2022 is detailed in Table 1
of this report.
Variable remuneration – Long Term Incentive (‘LTI’)
Objective
The objective of the LTI plan is to reward executives
and senior managers in a manner that aligns this
element of remuneration with the creation of
shareholder wealth.
As such LTI grants are only made to executives who
are able to influence the generation of shareholder
wealth and thus have a direct impact on the Group’s
performance.
Structure
LTI grants to Key Management Personnel are
delivered in the form of options and performance
rights. The issue of options / performance rights as
part of the remuneration packages of executive and
non-executive directors is an established practice of
junior public listed companies and, in the case of the
Company, has the benefit of conserving cash whilst
properly rewarding each of the directors.
Performance Rights Plan (PRP)
Shareholders approved the Company’s PRP at the
Annual General Meeting held on 30 November 2021.
The PRP is designed to provide a framework for
competitive and appropriate remuneration so as to
retain and motivate skilled and qualified personnel
whose personal rewards are aligned with the
achievement of the Company’s growth and strategic
objectives.
Platina Resources Limited Annual Report for the year ended 30 June 2023 39
Table 1: Remuneration details
The following table details, in respect to the financial years ended 30 June 2023 and 2022, the components of
remuneration for each key management person of the Group.
Short term employee
benefit
Post-
employment
benefits
Termination
benefits
Equity
% of
Remuner-
ation as
Share-
based
payment
Key Management Personnel
Salary &
Fees
Other
$
$
Directors
Brian Moller (Non-Executive Chairman)
2023 (i)
2022
Corey Nolan (Managing Director & CEO)
2023 (i)
2022
Christopher Hartley (Non-Executive
Director)
2023(i)
2022
John Anderson (Non-Executive Director)
2023 (i)
2022
Total, all specified Directors
2023
2022
57,800
57,800
286,432
286,432
50,000
50,000
50,000
50,000
444,232
444,232
-
-
-
-
-
-
-
-
-
-
Superannuat
ion/
retirement
benefits
Other
Share-
based
payment
Total
$
-
-
23,568
23,430
5,250
5,000
5,250
5,000
34,068
33,430
$
$
$
%
-
-
-
-
-
-
-
-
-
-
23,933
81,733
29.28
-
57,800
-
65,288
375,288
17.40
-
309,862
-
20,514
75,764
27.08
-
55,000
-
20,514
75,764
27.08
-
55,000
-
130,249
608,549
-
477,662
(i)
In December 2022, following shareholder approval, 21.5 million options were issued as part of the
remuneration package for the Company’s directors and the charge to the profit and loss account for the
reporting period was $130,249.
Platina Resources Limited Annual Report for the year ended 30 June 2023 40
Shareholdings of Key Management Personnel
The numbers of shares in the Company held during the financial period by Directors and other Key Management
Personnel, including shares held by entities they control, are set out below:
Balance
1 July 2022
Granted as
compensation
Performance
Rights Converted
Net Change Other
Balance
30 June 2023
Directors
Brian Moller
Corey Nolan
Christopher
Hartley
-
400,000
-
John Anderson
104,340
Paul Jurman
Total
-
504,340
Option holdings of Key Management Personnel
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
400,000
-
104,340
-
504,340
The numbers of options in the Company held during the financial period by Directors and other Key Management
Personnel, including options held by entities they control, are set out below:
Directors
Brian Moller
Corey Nolan
Christopher
Hartley
Balance
1 July 2022
Options Granted
as compensation
Options Exercised
/ Expired
Net Change Other
2,500,000
3,500,000
(2,500,000)
9,000,000
12,000,000
(9,000,000)
2,000,000
3,000,000
(2,000,000)
John Anderson
2,000,000
3,000,000
(2,000,000)
Total
15,500,000
21,500,000
(15,500,000)
The Options were provided at no cost and expire on 30 November 2025.
Performance Rights of Key Management Personnel
Balance
30 June 2023
3,500,000
12,000,000
3,000,000
3,000,000
21,500,000
-
-
-
-
-
There were no performance rights in the Company held during the financial period by Directors and other Key
Management Personnel.
Loans to Key Management Personnel and their related parties
There were no loans outstanding at the reporting date to Key Management Personnel and their related parties.
Other Transactions with Key Management Personnel
A number of Key Management Personnel, or their related parties, held positions in other entities that result in them
having control or significant influence over the financial or operating policies of these entities. Transactions between
related parties are on normal commercial terms and conditions unless otherwise stated.
During the year ending 30 June 2023, HopgoodGanim, a legal firm of which Mr Brian Moller is a partner was paid
legal fees by the Group of $105,789 (2022: $28,314). There was an amount of $3,900 payable at balance date.
End of Remuneration Report
Platina Resources Limited Annual Report for the year ended 30 June 2023 41
INDEMNIFICATION AND INSURANCE OF
DIRECTORS, OFFICERS AND AUDITOR
CORPORATE GOVERNANCE
Each of the Directors of Platina Resources Limited has
entered into a Deed with Platina Resources Limited
under the terms of which the Company has provided
certain contractual rights of access to its books and
records to those Directors.
Platina Resources Limited has insured all of the
Directors and officers of Platina Resources Limited.
The contract of insurance prohibits the disclosure of
the nature of the liabilities covered and amount of the
premium paid. The Corporations Act does not require
disclosure of the information in these circumstances.
PROCEEDINGS ON BEHALF OF THE
CONSOLIDATED ENTITY
No person has applied for leave of Court to bring
proceedings on behalf of the Group or intervene in
any proceedings to which the Group is a party for the
purpose of taking responsibility on behalf of the Group
for all or any part of those proceedings.
Moreover, the Group was not a party to any such
proceedings during the year.
NON-AUDIT SERVICES
There have been no non-audit services provided by
the Company’s auditor during the year (2022: Nil).
AUDITOR’S INDEPENDENCE DECLARATION
The lead auditor’s independence declaration for the
year ended 30 June 2023 has been received and can
be found on the following page.
The Board of the Company is responsible for the
corporate governance of the Company and guides
and monitors the business and affairs on behalf of the
shareholders by whom they are elected and to whom
they are accountable. The Company’s governance
approach aims to achieve exploration, development
and financial success while meeting stakeholders’
expectations of sound corporate governance
practices by proactively determining and adopting the
most appropriate corporate governance
arrangements.
ASX Listing Rule 4.10.3 requires listed companies to
disclose the extent to which they have followed the
recommendations set by the ASX Corporate
Governance Council during the reporting period. The
Company has disclosed this information on its website
at www.platinaresources.com.au/corporate-
governance. The Corporate Governance Statement is
current as at 30 June 2023, and has been approved
by the Board of Directors.
The Company’s website at www.
platinaresources.com.au contains a corporate
governance section that includes copies of the
Company’s corporate governance policies.
This report is signed in accordance with a resolution
of the directors.
Corey Nolan
Managing Director
Brisbane
Date: 27 September 2023
AUDITOR’S INDEPENDENCE DECLARATION
UNDER SECTION 307C OF THE CORPORATIONS ACT 2001
TO THE DIRECTORS OF PLATINA RESOURCES LIMITED
I declare that, to the best of my knowledge and belief, during the year ended 30 June 2023 there have been:
i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in
relation to the audit; and
ii. no contraventions of any applicable code of professional conduct in relation to the audit.
Bentleys Brisbane Partnership
Chartered Accountants
Ashley Carle
Partner
Brisbane
27 September 2023
A member of Bentleys, a network of independent advisory and accounting firms located throughout Australia, New Zealand and China that trade as Bentleys. All members of the Bentleys Network are affiliated only, are separate legal entities and not in partnership. Liability limited by a scheme approved under Professional Standards Legislation. A Member of Allinial Global – an association of independent account and consulting firms.
Platina Resources Limited Annual Report for the year ended 30 June 2023 43
Consolidated
Financial
Statements
Consolidated Statement of Comprehensive Income
for the Year Ended 30 June 2023
Note
30 June 2023
30 June 2022
$
$
Revenue and other income
Administration expenses
Depreciation and amortisation expense
Employee benefits expense
Exploration costs expensed
Foreign exchange gain / (loss)
Marketing expenses
Professional services
Share based payments expensed
Net fair value gain / (loss) on fair value of equity investments
Operating Loss
Loss before income tax
Income tax benefit/(expense)
Net loss for the year
Other comprehensive income net of tax
Total comprehensive loss of year
Earnings per share
Basic loss per share ($ per share)
Diluted loss per share ($ per share)
2
3
3
4
7
7
The accompanying notes form part of these financial statements.
23,104
2,255,248
(337,005)
(5,825)
(444,383)
(2,095,981)
54,053
(84,396)
(255,710)
(173,924)
(226,647)
(6,393)
(394,274)
(881,876)
397,172
(79,995)
(250,813)
(9,002)
(4,649,573)
(16,479,965)
(7,969,640)
(15,676,545)
(7,969,640)
(15,676,545)
-
-
(7,969,640)
(15,676,545)
-
-
(7,969,640)
(15,676,545)
Cents
(0.014)
(0.014)
Cents
(0.036)
(0.036)
Platina Resources Limited Annual Report for the year ended 30 June 2023 44
Consolidated Statement of Financial Position
as at 30 June 2023
Note
30 June 2023
30 June 2022
$
$
Current Assets
Cash and cash equivalents
Trade and other receivables
Other current assets
Total Current Assets
Non-Current Assets
Property, plant and equipment
Financial assets at FVTPL
Exploration
acquisition costs
and
evaluation
expenditure
–
Other non-current assets
Total Non-Current Assets
TOTAL ASSETS
Current Liabilities
Trade and other payables
Total Current Liabilities
Non-Current Liabilities
Provision for Long service leave
Total Non-Current Liabilities
TOTAL LIABILITIES
NET ASSETS
Equity
Issued capital
Share-issue costs
Share-based payments reserve
Accumulated losses
8
9
13
10
11
12
13
14
14
15
16
496,065
46,993
16,274
559,332
7,603
522,817
4,311,856
30,333
4,872,609
5,431,941
572,562
572,562
15,789
15,789
588,351
1,222,365
17,486
12,996
1,252,847
13,428
5,897,399
1,550,975
32,099
7,493,901
8,746,748
437,040
437,040
-
-
437,040
4,843,590
8,309,708
59,876,370
(3,322,046)
56,554,324
1,113,676
(52,824,410)
55,402,571
(3,135,853)
52,266,718
897,760
(44,854,770)
TOTAL EQUITY
4,843,590
8,309,708
The accompanying notes form part of these financial statements.
Platina Resources Limited Annual Report for the year ended 30 June 2023 45
Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2023
Share Capital
Ordinary
Share-based
Payments
Reserve
Accumulated
Losses
$
$
$
Total
$
Balance at 1 July 2021
52,266,718
888,758
(29,178,225)
23,977,251
Options expensed / issued
-
9,002
-
9,002
Sub total
52,266,718
897,760
(29,178,225)
23,986,253
Total Comprehensive profit / (loss)
-
-
(15,676,545)
(15,676,545)
Balance at 30 June 2022
52,266,718
897,760
(44,854,770)
8,309,708
Issue of shares
Share issue costs
4,473,799
(186,193)
-
-
Options expensed / issued
-
215,916
-
-
-
4,473,799
(186,193)
215,916
Sub total
56,554,324
1,113,676
(44,854,770)
12,813,230
Total Comprehensive profit / (loss)
-
-
(7,969,640)
(7,969,640)
Balance at 30 June 2023
56,554,324
1,113,676
(52,824,410)
4,843,590
The accompanying notes form part of these financial statements
Platina Resources Limited Annual Report for the year ended 30 June 2023 46
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2023
Cash Flows from Operating Activities
Payments to suppliers and employees
Interest received
Other receipts
Other receipts – GST received / paid on sale of exploration
tenements
Note
2023
$
2022
$
(1,375,102)
(1,219,789)
1,406
21,713
(223,000)
270
22,093
223,000
Net cash used in operating activities
18
(1,574,983)
(974,426)
Cash Flows from Investing Activities
Cash acquired on acquisition of Sangold Resources Pty Ltd
Payments of security deposit
Receipts from refund of security deposit
Payments for purchase of property, plant and equipment
Payments for purchase of investments
Receipts from sale of investments
Receipts from sale of exploration tenements
Exploration and evaluation expenditure – acquisition costs (net)
Exploration and evaluation expenditure
Net cash used in investing activities
Cash Flows from Financing Activities
Proceeds from issue of shares and options
Share Issue costs
Net cash provided by / (used in) financing activities
Net increase / (decrease) in cash held
Cash and cash equivalents at beginning of year
Effects of exchange rate fluctuations on the balances of cash held in
foreign currencies
Cash and cash equivalents at end of financial year
8
The accompanying notes form part of these financial statements.
547
(10,000)
11,766
-
(30,339)
779,914
-
(273,232)
(1,745,259)
(1,266,603)
2,230,000
(144,201)
2,085,799
(755,787)
1,222,365
29,487
496,065
-
-
10,000
(11,133)
-
3,031
250,000
(10,967)
(636,572)
(395,641)
-
(5,295)
(5,295)
(1,375,362)
2,594,200
3,527
1,222,365
Platina Resources Limited Annual Report for the year ended 30 June 2023 47
Notes to the Financial
Statements
for the year ended 30
June 2023
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
The principal accounting policies adopted in the
preparation of these consolidated financial statements
are set out below. These policies have been
consistently applied to all the periods presented,
unless otherwise stated. The financial statements are
for the Consolidated Entity (or “Group”) consisting of
Platina Resources Limited (“Company”) and the
entities it controlled from time to time throughout the
year. For the purpose of preparing the consolidated
financial statements, the Company is a for-profit entity.
a. Basis of preparation
The financial report is a general purpose financial
report that has been prepared in accordance with
Australian Accounting Standards, other
authoritative pronouncements of the Australian
Accounting Standards Board, the Corporations Act
2001 and other requirements of the law and
Australian equivalents to International Financial
Reporting Standards (AIFRS). The financial report
has been prepared on a historical cost basis,
except where otherwise stated.
The financial report is presented in Australian
dollars.
The Company is a listed public company,
incorporated and domiciled in Australia that has
operated during the year in Australia. The Group’s
principal activities are evaluation and exploration of
mineral interests, prospective for precious metals
and other mineral deposits.
b. Statement of compliance with IFRS
The financial report was authorised for issue on the
date the director’s report was signed. It complies
with Australian Accounting Standards, which
include Australian equivalents to International
Financial Reporting Standards (AIFRS).
Compliance with AIFRS ensures that the financial
report, comprising the financial statements and
notes thereto, complies with International Financial
Reporting Standards (IFRS).
c. Going Concern
The financial report for the year ended 30 June
2023 is prepared on a going concern basis, which
contemplates the continuity of normal business
activity and the commercial realisation of the
Group’s assets and the settlement of liabilities in
the normal course of business.
The Group has recorded a loss after tax of
$7,969,640 for the year ended 30 June 2023
(2022: $15,676,545) which included unrealised Net
fair value losses on equity investments of
$4,649,573. The Group has experienced net
operating and investing cash outflows of
$2,841,586 (2022: $1,370,067) and continues to
incur expenditure on its exploration projects
drawing on its cash balances, without a consistent
source of income. As at 30 June 2023, the Group
had $496,065 (30 June 2022: $1,222,365) in cash
and cash equivalents.
Subsequent to the end of the reporting period, the
Company advised it had received US$8 million in
cash from the sale of the Platina Scandium Project
to a wholly owned subsidiary of Rio Tinto Ltd (Rio
Tinto), less a US$1 million warranty retention
payment which is re-payable by Rio Tinto after 30
months if there are no warranty breaches.
Management has prepared a detailed cash flow
forecast for the next 12 months from the date of
this report, and the directors are satisfied that the
going concern basis of preparation is appropriate
and as a result the directors do not believe there is
any material uncertainty in respect of the
Company's ability to continue as a going concern
for the foreseeable future.
Platina Resources Limited Annual Report for the year ended 30 June 2023 48
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
d. Basis of Consolidation
Controlled Entities
The financial results of controlled entities are
included in the consolidated financial statements
from the date control commences until the date
control ceases.
The acquisition of subsidiaries is accounted for
using the purchase method of accounting. The
purchase method of accounting involves allocating
the cost of the business combination to the fair
value of the assets acquired and the liabilities and
contingent liabilities assumed at date of
acquisition.
Details of controlled entities at balance date are
included in Note 22.
e. New standards and interpretations not yet adopted
A number of new standards and interpretations are
effective for annual reporting periods beginning
after 1 July 2023 and earlier application is
permitted, however the Company has not early
adopted the new or amended standards in
preparing these financial statements. The new
standards relate to very specific circumstances
that are not likely to be applicable to the Company.
f.
Income Tax
The income tax expense (benefit) for the year
comprises current income tax expense (income)
and deferred tax expense (income).
Current income tax expense charged to the profit
or loss is the tax payable on taxable income
calculated using applicable income tax rates
enacted, or substantially enacted, as at the end of
the reporting period. Current tax liabilities (assets)
are therefore measured at the amounts expected
to be paid to (recovered from) the relevant taxation
authority.
Deferred income tax expense reflects movements
in deferred tax asset and deferred tax liability
balances during the year as well as unused tax
losses.
Current and deferred income tax expense (income)
is charged or credited directly to equity instead of
the profit or loss when the tax relates to items that
are credited or charged directly to equity.
Deferred tax assets and liabilities are ascertained
based on temporary differences arising between
the tax bases of assets and liabilities and their
carrying amounts in the financial statements.
Deferred tax assets also result where amounts
have been fully expensed but future tax deductions
are available. No deferred income tax will be
recognised from the initial recognition of an asset
or liability, excluding a business combination,
where there is no effect on accounting or taxable
profit or loss.
Deferred tax assets and liabilities are calculated at
the tax rates that are expected to apply to the
period when the asset is realised or the liability is
settled, based on tax rates enacted or substantially,
enacted at the end of the reporting period. Their
measurement also reflects the manner in which
management expects to recover or settle the
carrying amount of the related asset or liability.
Deferred tax assets relating to temporary
differences and unused tax losses are recognised
only to the extent that it is probable that future
taxable profit will be available against which the
benefits of the deferred tax asset can be utilised.
Current tax assets and liabilities are offset where a
legally enforceable right to set-off exists and it is
intended that net settlement or simultaneous
realisation and settlement of the respective asset
and liability will occur. Deferred tax assets and
liabilities are offset where a legally enforceable
right of set-off exists, the deferred tax assets and
liabilities relate to income taxes levied where it is
intended that net settlement or simultaneous
realisation and settlement of the respective asset
and liability will occur in future periods in which
significant amounts of deferred tax assets or
liabilities are expected to be recovered or settled.
Platina Resources Limited Annual Report for the year ended 30 June 2023 49
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
i. Financial Instruments
Recognition
g. Property, Plant and Equipment
Each class of property, plant and equipment is carried
at cost less, where applicable, any accumulated
depreciation and impairment losses.
Plant and equipment
Plant and equipment are measured on the cost basis.
The carrying amount of plant and equipment is
reviewed annually by directors to ensure it is not in
excess of the recoverable amount from these assets.
The expected net cash flows have been discounted to
their present values in determining recoverable
amounts.
All repairs and maintenance are charged to the
statement of comprehensive income during the
financial period in which they are incurred.
Depreciation
The depreciable amount of all fixed assets is
depreciated on a straight-line basis over their useful
lives to the Group commencing from the time the asset
is held ready for use.
The depreciation rates used for each class of
depreciable assets are:
Class of Fixed
Asset
Depreciation Rate
Plant and equipment
7.5% -40%
Gains and losses on disposals are determined by
comparing proceeds with the carrying amount. These
gains and losses are included in the statement of
comprehensive income.
h. Leases
At inception of a contract, the Group assesses whether
a contract is, or contains, a lease. A contract is, or
contains, a lease if the contract conveys the right to
control the use of an identified asset for a period of
time in exchange for consideration. To assess whether
a contract conveys the right to control the use of an
identified asset, the Group uses the definition of a lease
in AASB 16. Since the date of inception of the new
standard, the Group has not entered into any contracts
that contain a lease. As a result, no detailed accounting
policy for leases is disclosed in this report. In the event
a contract is entered into that contains a lease, the
Group will develop a policy based on the requirements
of AASB 16.
Financial instruments are initially measured at fair
value on trade date, which includes transaction costs,
when the related contractual rights or obligations exist.
Subsequent to initial recognition these instruments are
measured as set out below.
Financial assets at amortised cost
These financial assets consist of trade and other
receivables, which are measured at cost less any
accumulated impairment losses. There is a significant
concentration of credit risk with the Australia Taxation
Office, however management considers the credit risk
of this entity to be extremely low.
Individually significant receivables are considered for
impairment when they are past due or when other
objective evidence is received that a specific
counterparty will default. Receivables that are not
considered to be individually impaired are reviewed for
impairment in groups, which are determined by
reference to the industry and region of a counterparty
and other shared credit risk characteristics. The
impairment loss estimate is then based on recent
historical counterparty default rates for each identified
group.
Financial Assets at fair value through profit or loss
Financial assets are valued at ‘fair value through profit
or loss’ when they are either held for trading for the
purpose of short-term profit taking, derivatives not
held for hedging purposes, or when they are
designated as such to avoid an accounting mismatch
or to enable performance evaluation where a group of
financial assets is managed by Key Management
Personnel on a fair value basis in accordance with a
documented risk management or investment strategy.
Such assets are subsequently measured at fair value
with changes in carrying value being included in profit
or loss.
Financial liabilities
Non-derivative financial liabilities are recognised at
amortised cost, comprising original debt less principal
payments and amortisation.
Fair Value
Fair value is determined based on current bid prices
for all quoted investments.
Platina Resources Limited Annual Report for the year ended 30 June 2023 50
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
m. Cash and Cash Equivalents
i. Financial Instruments (continued)
Impairment
At each reporting date, the Group assesses whether
there is objective evidence that a financial instrument
has been impaired.
j.
Impairment of Assets
At each reporting date, the Group reviews the
carrying values of its tangible and intangible assets to
determine whether there is any indication that those
assets have been impaired. If such an indication
exists, the recoverable amount of the asset, being the
higher of the asset’s fair value less costs to sell and
value in use, is compared to the asset’s carrying
value. Any excess of the asset’s carrying value over
its recoverable amount is expensed to profit and loss.
Where it is not possible to estimate the recoverable
amount of an individual asset, the Group estimates
the recoverable amount of the cash-generating unit to
which the asset belongs.
k. Employee Benefits
Short-term employee benefits, including wages and
payments made to defined contribution
superannuation funds, are recognised when incurred.
Provision is made for the Group’s liability for
employee benefits arising from services rendered by
employees to balance date. Employee benefits that
are expected to be settled within one year have been
measured at the amounts expected to be paid when
the liability is settled. Other non-current employment
benefit obligations are discounted using market yields
on corporate bonds.
l. Equity settled compensation
The Group operates share-based compensation
plans for employees. The element over the exercise
price of the employee services rendered in exchange
for the grant of shares and options is recognised as
an expense in the statement of comprehensive
income. The total amount to be expensed over the
vesting period is determined by reference to the fair
value of the options granted.
Cash and cash equivalents include cash on hand,
deposits held at call with banks, other short-term
highly liquid investments with original maturities of
twelve months or less, and bank overdrafts. Where
applicable, bank overdrafts are shown within short-
term borrowings in current liabilities on the
statement of financial position.
n. Revenue and Other income
Interest revenues are recognised on a proportional
basis taking into account the interest rates
applicable to the financial assets.
All revenue is stated net of the amount of goods
and services tax (GST).
Other income is recognised when the Group
obtains a contractual right to control the income.
o. Goods and Services Tax (GST)
Revenues, expenses and assets are recognised
net of the amount of GST, except where the
amount of GST incurred is not recoverable from
the Australian Tax Office. In these circumstances,
the GST is recognised as part of the cost of
acquisition of the asset or as part of an item of the
expense. Receivables and payables in the
statement of financial position are shown inclusive
of GST.
Cash flows are presented in the statement of cash
flows on a gross basis, except for the GST
component of investing and financing activities,
which are disclosed as operating cash flows.
p. Provisions
Provisions are recognised when the Group has a
legal or constructive obligation, as a result of past
events, for which it is probable that an outflow of
economic benefit will result and that outflow can
be reliably measured.
No provision has yet been recognised for mine
restoration and rehabilitation costs because the
definition above has not yet been satisfied in
relation to any of the areas of interest operated by
the Group.
Platina Resources Limited Annual Report for the year ended 30 June 2023 51
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
q. Trade and Other Payables
Trade and other payables represent the liability
outstanding at the end of the reporting period for
goods and services received by the Group during
the reporting period which remains unpaid. The
balance is recognised as a current liability with the
amount being normally paid within 30 days of
reconciliation of the liability.
r. Critical Accounting Estimates and Judgments
The Directors evaluate estimates and judgments
incorporated into the financial statements based on
historical knowledge and best available current
information. Estimates assume a reasonable
expectation of future events and are based on
current trends and economic data, obtained both
externally and within the Group.
Key Judgements - Share Based Payments
The Group measures the cost of equity-settled
transactions by reference to the fair value of the
equity instruments at the date at which they are
granted. The fair value of options with non-market
conditions is determined by an internal valuation
using a Black-Scholes option pricing model taking
into account the terms and conditions upon which
the instruments were granted. The fair value of
performance rights with market conditions is
determined by using a Black-Scholes option
pricing model or Barrier model simulation taking
into account the terms and conditions upon which
the instruments were granted.
Exploration and evaluation expenditure
The Group’s accounting policy for exploration and
evaluation expenditure is set out in Note 1 (u). The
application of this policy necessarily requires the
Board to make certain estimates and assumptions
as to future events and circumstances. Any such
estimates and assumptions may change as new
information becomes available. If, after having
capitalised expenditure under this policy, it is
concluded that the expenditures are unlikely to be
recoverable by future exploitation or sale, then the
relevant capitalised amount will be written off to
the statement of comprehensive income.
The Board determines when an area of interest
should be abandoned. When a decision is made
that an area of interest is not commercially viable,
all costs that have been capitalised in respect of
that area of interest are written off. The Directors’
decision is made after considering the likelihood of
finding commercially viable reserves.
s. Foreign Currency Transactions and Balances
Functional and presentation currency
The functional currency of each of the Group’s
entities is measured using the currency of the
primary economic environment in which that entity
operates. The consolidated financial statements
are presented in Australian dollars, which is the
parent entity’s functional currency.
Transactions and balances
Foreign currency transactions are translated into
functional currency using the exchange rates
prevailing at the date of the transaction. Foreign
currency monetary items are translated at the year-
end exchange rate. Non-monetary items
measured at historical cost continue to be carried
at the exchange rate at the date of the transaction.
Non-monetary items measured at fair value are
reported at the exchange rate at the date when fair
values were determined.
Exchange differences arising on the translation of
monetary items are recognised in profit or loss,
except where deferred in equity as a qualifying
cash flow or net investment hedge.
Exchange differences arising on the translation of
non-monetary items are recognised directly in
other comprehensive income to the extent that the
underlying gain or loss is recognised in other
comprehensive income; otherwise the exchange
difference is recognised in profit or loss.
Foreign exchange differences relating to qualifying
assets are capitalised. Costs incurred in mining
exploration are considered to be part of qualifying
assets and can be capitalised.
t. Government Grants
To the extent that contributions or rebates are
received from taxation authorities, they are
recognised in profit and loss as an Income Tax
Benefit.
Platina Resources Limited Annual Report for the year ended 30 June 2023 52
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
u. Acquisition, Exploration and Evaluation Expenditure
Acquisition costs of mining tenements are
accumulated in respect of each identifiable area of
interest. These costs are only carried forward to
the extent that the Group’s rights of tenure to that
area of interest are current and that the costs are
expected to be recouped through the successful
development of the area or where activities in the
area have not yet reached a stage that permits
reasonable assessment of the existence of
economically recoverable reserves.
Costs in relation to an abandoned area are written
off in full against profit or loss in the year in which
the decision to abandon the area is made. Each
area of interest is also reviewed annually and
acquisition costs written off to the extent that they
will not be recoverable in the future. Exploration,
evaluation and development costs of mining
tenements are written off as incurred.
v. Comparative Information
Where necessary, comparative financial
information may be adjusted to improve
comparability, or as required by the adoption of
new or revised accounting standards.
Platina Resources Limited Annual Report for the year ended 30 June 2023 53
NOTE 2 REVENUE
Interest revenue – Banks
Other income
Other income – Sale of Exploration Projects1
Other income – profit on disposal of investments2
2023
$
1,391
21,713
-
-
23,104
2022
$
124
22,093
2,230,000
3,031
2,255,248
1. During the year ended 30 June 2022, Platina received $250,000 cash and AUD $1,980,000 million worth of London Stock
Exchange Alternative Investment Market listed, Alien Metals Ltd (Alien, AIM: UFO) shares (138,703,396 shares, based on the
15 day VWAP price per UFO share at date of contract) for the sale of its 30% interest in the Munni Munni Project in Western
Australia.
2. During the year ended 30 June 2022, the Platina disposed of its rights entitlement in Nelson Resources Limited.
NOTE 3 PROFIT / (LOSS) FOR THE YEAR
Profit / (Loss) for the year is derived after charging the following significant
expenses:
Depreciation of property, plant and equipment
Share-based payments expensed
NOTE 4 INCOME TAX EXPENSE
(a) The components of tax expense comprise:
Current tax
Deferred tax
Income tax expense/(benefit) reported in statement of comprehensive income
(b) The prima facie income tax on the loss is reconciled to the income tax
expense/(benefit) as follows:
Prima facie tax benefit / (expense) on loss from ordinary activities before income tax
25% (2022: 25%)
Add tax effect of:
-
-
-
non-allowable items
share options / performance rights expensed during period
reversal of net fair value loss / (gain) of equity investments designated at FVOCI
Less tax effect of
non-assessable non-exempt income
2023
$
(5,825)
(173,924)
2023
$
-
-
-
2022
$
(6,393)
(9,002)
2022
$
-
-
-
(1,992,410)
(3,919,136)
707
43,481
-
445
2,251
-
(1,948,222)
(3,916,440)
-
-
Benefit of tax losses and temporary differences not brought to accounts
1,948,222
3,916,440
R&D tax offset (benefit)
Income tax attributable to the Group
-
-
2023
$
-
-
2022
$
(c) Unrecognised deferred tax balances
Net unrecognised deferred tax balances for tax losses and temporary differences
8,954,635
6,915,750
Platina Resources Limited Annual Report for the year ended 30 June 2023 54
NOTE 5 KEY MANAGEMENT PERSONNEL
(a) Names and positions held by Group key management personnel in office at any time during the financial year are:
Director
Position
Brian Moller
Non-Executive Chairman
Corey Nolan
Managing Director
Christopher Hartley
Non-Executive Director
John Anderson
Non-Executive Director
The key management personnel compensation included in “Employee benefits expense” and “Exploration
Expenditure” is as follows:
Short-term employee
benefits
Post-employment benefits
Termination benefits
Share-based payments
2023
$
444,232
34,068
-
130,249
608,549
2022
$
444,232
33,430
-
-
477,662
Individual Directors’ and executives’ compensation disclosures
Information regarding individual Directors’ and executives’ compensation and some equity instruments disclosures as
permitted by Schedule 5B to the Corporations Regulations 2001 is provided in the Remuneration Report section of the
Directors’ Report. Apart from the details disclosed in this note, no Director has entered into a material contract with
the Company or the Group since the end of the previous financial year and there were no material contracts involving
Directors’ interests existing at year-end.
Loans to Key Management Personnel and their related parties
There were no loans outstanding at the reporting date to Key Management Personnel and their related parties.
Other Transactions with Key Management Personnel
A number of Key Management Personnel, or their related parties, held positions in other entities that result in them
having control or significant influence over the financial or operating policies of these entities. Transactions between
related parties are on normal commercial terms and conditions unless otherwise stated.
During the year ending 30 June 2023, HopgoodGanim, a legal firm of which Mr Brian Moller is a partner was
paid legal fees by the Group of $105,789 (2022: $28,314). There was an amount of $3,900 payable at the
balance date.
Platina Resources Limited Annual Report for the year ended 30 June 2023 55
NOTE 6 AUDITOR’S REMUNERATION
Remuneration of the auditor of the Group for
- auditing or reviewing the financial reports
- non-audit services
NOTE 7 PROFIT / (LOSS) PER SHARE
Basic profit / (loss) per share ($ per share)
Diluted profit / (loss) per share ($ per share)
Reconciliation of earnings to profit or loss:
Profit / (Loss) for the period
Earnings used to calculate basic EPS
Earnings used in the calculation of dilutive EPS
2023
$
48,250
-
48,250
2023
$
(0.014)
(0.014)
(7,969,640)
(7,969,640)
(7,969,640)
2023
Number
2022
$
46,500
-
46,500
2022
$
(0.036)
(0.036)
(15,676,545)
(15,676,545)
(15,676,545)
2022
Number
Weighted average number of ordinary shares on issue in calculating
basic EPS
Weighted average number of options outstanding
Weighted average number of ordinary shares outstanding during the
period used in calculating dilutive EPS
577,817,947
434,382,342
55,928,493
577,817,947
44,418,904
434,382,342
Anti-dilutive options on issue not used in dilutive EPS calculation
55,928,493
44,418,904
NOTE 8 CASH AND CASH EQUIVALENTS
Cash at bank and in hand
Cash and cash equivalents
2023
$
496,065
496,065
2022
$
1,222,365
1,222,365
The average effective interest rate on short-term bank deposits was 1.35% (2022 = 0.02%). These deposits have an average
maturity of 6 months.
The cash and cash equivalents balance above reconciles to the statement of cash flows.
NOTE 9 TRADE AND OTHER RECEIVABLES
CURRENT
Sundry Debtors / GST receivable
Interest receivable
Total Receivables
2023
$
46,942
51
46,993
2022
$
17,421
65
17,486
Platina Resources Limited Annual Report for the year ended 30 June 2023 56
NOTE 10 PROPERTY, PLANT AND EQUIPMENT
PLANT AND EQUIPMENT
Plant and equipment:
At cost
Accumulated depreciation
Total Plant and Equipment
(a) Movements in Carrying Amounts
2023
$
42,573
(34,970)
7,603
2022
$
42,573
(29,145)
13,428
Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the
end of the current financial year:
Plant and Equipment
Balance at 1 July 2021
Additions
Depreciation expense
Balance at 30 June 2022
Additions
Depreciation expense
Balance at 30 June 2023
NOTE 11 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets at fair value through profit or loss
Listed equity securities – Investment in Blue Moon Zinc Corp.
Listed equity securities – Investment in Major Precious Metals Corp
Listed equity securities – Investment in Nelson Resources Limited
Listed equity securities – Investment in Alien Metals Limited
Total
(i) Classification of financial assets at fair value through profit or loss
2023
$
-
47,872
-
60,678
414,267
522,817
$
11,133
8,688
(6,393)
13,428
-
(5,825)
7,603
2022
$
-
206,753
3,939,789
66,745
1,684,112
5,897,399
The Group classifies its equity based financial assets at fair value through profit or loss in accordance with
AASB 9. They are presented as current assets if they are expected to be sold within 12 months after the end of
the reporting period; otherwise they are presented as non-current assets. Changes in the fair value of financial
assets are recognised in the statement of profit or loss as applicable.
(ii) Amounts recognised in profit or loss
Changes in the fair values of financial assets at fair value have been recorded through profit or loss,
representing a net loss of $4,649,573 for the period. (2022: $16,479,965).
On 14 September 2022, shareholders of Major Precious Metals Corp (Major) approved a voluntary delisting of
Major’s common shares from the NEO Stock Exchange in Toronto. The Board of Major cited the rationale for
the delisting was due to the prolonged weak market conditions, owed greatly to a continued market-driven
disconnect between the share price of Major, relative to believed true asset value, would be in the best interests
of its shareholders to preserve its current business. The shares ceased trading on the NEO Stock Exchange on
7 October 2022. As a consequence, the directors have revalued the carrying value of the investment in Major
to nil due to the inability to accurately determine the value of the investment at balance date.
Platina Resources Limited Annual Report for the year ended 30 June 2023 57
NOTE 11 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued)
(iii) Fair value measurement of financial instruments
Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped
into three (3) levels of a fair value hierarchy. The three (3) levels are defined based on the observability of
significant inputs to the measurement, as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly or indirectly
Level 3: unobservable inputs for the asset or liability
The following table shows the levels within the hierarchy of financial assets and liabilities measured at fair value on a
recurring basis:
June 2023
Listed equity securities
Fair value at 30 June 2023
June 2022
Listed equity securities
Fair value at 30 June 2022
Level 1
$
522,817
522,817
Level 1
$
5,897,399
5,897,399
Level 2
Level 3
$
-
-
$
-
-
Level 2
Level 3
$
-
-
$
-
-
NOTE 12 EXPLORATION AND EVALUATION EXPENDITURE
Balance at beginning of the period
Capitalised
Impaired
Exploration and evaluation expenditure capitalised – at cost
2023
$
1,550,975
2,768,495
(7,614)
4,311,856
Total
$
522,817
522,817
Total
$
5,897,399
5,897,399
2022
$
-
1,550,975
-
1,550,975
Recoverability of the carrying amount of exploration assets is dependent on the successful exploration and sale of
minerals. Impairment losses are recognised on certain areas of interest where management has surrendered the lease
or where there is considered to be little or no chance of recovery of expenses through production. Capitalised amounts
represent acquisition costs for areas of interest. All subsequent costs are expensed.
NOTE 13 OTHER CURRENT AND NON-CURRENT ASSETS
CURRENT
Prepayments
NON-CURRENT
Security and credit card deposits and rental bond
2023
$
16,274
16,274
30,333
30,333
2022
$
12,996
12,996
32,099
32,099
Platina Resources Limited Annual Report for the year ended 30 June 2023 58
NOTE 14 TRADE, OTHER PAYABLES AND PROVISIONS
CURRENT
Trade payables
Sundry payables and accrued expenses
Employee benefits
NON-CURRENT
Employee benefits
NOTE 15 ISSUED CAPITAL
Fully paid ordinary shares 623,380,331 (2022: 434,382,342)
Share issue costs
2023
$
263,195
245,725
63,642
572,562
15,789
15,789
2023
$
59,876,370
(3,322,046)
56,554,324
2022
$
117,432
267,438
52,170
437,040
-
-
2022
$
55,402,571
(3,135,853)
52,266,718
(a) Ordinary Shares
Movements in Ordinary Shares
Balance at 1 July 2022
- In August 2022, shares were issued pursuant to a placement of
shares
- In August 2022, shares were issued as partial consideration for the
Xanadu Gold Project
- In November 2022, shares were issued for corporate advisory
services
- In November 2022, shares were issued as partial consideration to
acquire 100% of Sangold Resources Pty Ltd
Less: Share issue costs
Balance at 30 June 2023
Number of Shares
$
434,382,342
89,200,000
17,452,830
1,500,000
52,266,718
2,230,000
593,396
37,500
80,645,159
1,612,903
-
623,180,331
(186,193)
56,554,324
Ordinary shares participate in dividends and the proceeds on the winding up of the Group in proportion to the
number of shares held. At Shareholders meetings, on a show of hands, every member present in person or by
proxy, or attorney or representative has one vote and upon a Poll every member present in person, or by proxy,
attorney or representative shall in respect of each fully paid share held, have one vote for the share, but in respect of
partly paid shares, shall have such number of votes being equivalent to the proportion which the amount paid (not
credited) is of the total amounts paid and payable in respect of those shares (excluding amounts credited).
b) Quoted Options
There were no quoted options during the year ended 30 June 2023.
(c) Unlisted Options
For information relating to the Group’s employee option plan, including details of options issued, exercised and
lapsed during the financial period and the options outstanding at period-end refer to Note 19 Share-based
Payments. For information relating to share options issued to Key Management Personnel during the financial
period, refer to Note 19 Share-based Payments.
Platina Resources Limited Annual Report for the year ended 30 June 2023 59
NOTE 15 ISSUED CAPITAL (Continued)
2023 - Options to take up ordinary shares in the capital of the Company have been granted as follows:
Exercise
Period
Note
Exercise
Price
Opening
Balance
1 July 2022
Options
Issued
2022/23
Options
Exercised/
Expired
2022/23
Number
Number
Number
Closing
Balance
30 June
2023
Number
Vested /
Exercisable
30 June
2023
Number
Options expiring 16 October 2022
$0.08 11,500,000
Options expiring 16 October 2022
$0.09
3,000,000
Options expiring 16 October 2022
$0.105
3,000,000
Options expiring 16 October 2023
$0.10 26,360,000
Options expiring 23 August 2024
$0.09
2,000,000
Options expiring 23 November 2024
$0.105
2,000,000
Options expiring 23 May 2025
$0.12
2,000,000
-
-
-
-
-
-
-
Options expiring 11 November 2024
Options expiring 30 November 2025
Options expiring 30 November 2025
Options expiring 30 November 2025
(i)
(ii)
(ii)
(ii)
$0.045
$0.04
$0.06
$0.08
-
8,000,000
- 15,500,000
-
-
4,000,000
4,000,000
(11,500,000)
(3,000,000)
(3,000,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
26,360,000
26,360,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
8,000,000
8,000,000
15,500,000
15,500,000
4,000,000
4,000,000
4,000,000
4,000,000
Weighted average exercise price ($)
0.096
0.049
0.086
0.075
0.075
49,860,000 31,500,000
(17,500,000)
63,860,000
63,860,000
(i)
(ii)
In November 2022, 8 million options were issued for lead manager services provided in the capital raising undertaken in
August 2022.
In December 2022, following shareholder approval, 23.5 million options were issued as part of the remuneration package
for the Company’s directors and company secretary.
2022 - Options to take up ordinary shares in the capital of the Company have been granted as follows:
Exercise
Period
Note
Exercise
Price
Opening
Balance
1 July 2021
Options
Issued
2021/22
Options
Exercised/
Expired
2021/22
Number
Number
Number
Options expiring 16 October 2022
$0.08 11,500,000
Options expiring 16 October 2022
$0.09
3,000,000
Options expiring 16 October 2022
$0.105
3,000,000
Options expiring 16 October 2023
$0.10 26,360,000
-
-
-
-
Options expiring 23 August 2024
Options expiring 23 November 2024
Options expiring 23 May 2025
(i)
(i)
(i)
$0.09
$0.105
$0.12
-
-
-
2,000,000
2,000,000
2,000,000
43,860,000
6,000,000
-
-
-
-
-
-
-
-
Closing
Balance
30 June
2022
Number
Vested /
Exercisable
30 June
2022
Number
11,500,000
11,500,000
3,000,000
3,000,000
3,000,000
3,000,000
26,360,000
26,360,000
2,000,000
2,000,000
2,000,000
-
-
-
49,860,000
43,860,000
Weighted average exercise price ($)
0.094
0.105
0.096
0.094
(i)
In May 2022, the Company issued 6 million options as part of the remuneration package for the Company’s Group
Exploration Manager.
None of the options had any voting rights, any entitlement to dividends or any entitlement to the proceeds of
liquidation in the event of a winding up.
Platina Resources Limited Annual Report for the year ended 30 June 2023 60
NOTE 15 ISSUED CAPITAL (Continued)
(d) Performance Rights
There are no Performance Rights over ordinary shares in the capital of the Company that have been granted during
the year ended 30 June 2023 or 30 June 2022.
(e) Performance Shares
2023 - Performance shares in the Company have been granted as follows:
Exercise
Price
Note
Expiry date
Opening
Balance
1 July 2022
Granted
2022/2023
Vested and
converted
into shares
2022/2023
Forfeited
during the
period
2022/2023
Number
Number
Number
Number
Nil
(i)
21-Oct-2027
-
-
100,000
100,000
-
-
Closing
Balance
30 June
2023
Number
100,000
100,000
Vested /
Exercisable
30 June
2023
Number
-
-
(i)
In November 2022, the Company issued 100,000 Performance Shares as part of the acquisition of Sangold Resources
Pty Ltd which will convert to $1,000,000 in Shares if a JORC compliant Inferred Mineral Resource above 100,000 ounces
at 1.5g/t is achieved within the Acquisition tenements, based on a 5% discount to the 10-day VWAP at the time the JORC
Mineral Resource is announced (Milestone). Each Performance Share will lapse on 21 October 2027 (Expiry Date).
Performance Shares have been issued to acquire Sangold Resources Pty Ltd and provide the Company with a means to
compensate the vendors in proportion to subsequent success in developing the exploration projects acquired.
(f) Capital Management
Management controls the capital of the Group in order to maintain a good debt to equity ratio, provide the
shareholders with adequate returns and ensure that the Group can fund its operations and continue as a going
concern.
The Group’s debt and capital includes ordinary share capital and financial liabilities, supported by financial assets.
There are no externally imposed capital requirements.
Management effectively manages the Group’s capital by assessing the Group’s financial risks and adjusting its capital
structure in response to changes in these risks and in the market. These responses include the management of debt
levels, distributions to shareholders and share issues.
There have been no changes in the strategy by management to control the capital of the Group since the prior year.
This strategy is to ensure that the Group has no debts.
Platina Resources Limited Annual Report for the year ended 30 June 2023 61
NOTE 16 SHARE BASED PAYMENTS RESERVE
Share-based payments reserve
Share-based Payments Reserve
2023
$
1,113,676
1,113,676
2022
$
897,760
897,760
The share-based payments reserve records items recognised as expenses on valuation of share options and performance rights.
Movement during the year
Opening balance
- Options issued to Group Exploration manager
- Options issued to directors and key management personnel
-
Issue of options to Lead manager as part of the agreement in
connection with the placement of shares in August 2022
Closing balance
NOTE 17 COMMITMENTS
(a) Tenement Commitments
2023
$
897,760
29,999
143,925
41,992
1,113,676
2022
$
888,758
9,002
-
-
897,760
The Group has certain statutory obligations to expend minimum amounts on exploration in tenement areas. These
obligations may be varied from time to time and are expected to be fulfilled in the normal course of operations of the
Group.
The Group owns a 100% interest in the Challa Gold Project, comprising E58/552 and E58/553 and in order to
meet minimum expenditure requirements it must expend $97,000 annually (2022: $97,000).
The Group owns a 100% interest in the Xanadu Gold Project and in order to meet minimum expenditure
requirements it must expend $267,520 annually (2022: $119,520).
During the period, the Group was granted a 100% interest in the Mt Narryer Gold Project (applied for July 2020)
and in order to meet minimum expenditure requirements it must expend $69,000. During the period, Platina
announced it had joint ventured the Mt Narryer Project to Chalice Mining Limited (Chalice, ASX: CHN). Under
the terms of the binding farm-in agreement, Chalice will initially earn a 51% interest in the Project by spending a
$600,000 over two years including a minimum spend of $150,000 in the first year. Chalice can then earn an
additional 24% interest by spending a further $1.8 million over the following two years. Platina would then
continue to be free cost carried to completion of a Pre-Feasibility Study.
During the period, Platina completed the acquisition of Sangold Resources Pty Ltd, owner of the of the
Brimstone, Binti Binti and Beete Gold Projects. In order to maintain current rights concerning the Brimstone,
Binti Binti and Beete Gold Projects, the Group has certain commitments to meet minimum expenditure
requirements. The current annual minimum lease expenditure commitments on this tenement package is
$174,360.
To keep tenements in good standing, work programs should meet certain minimum expenditure requirements. The
Group has the option to negotiate new terms or relinquish the tenements and also to meet expenditure requirements
by joint venture or farm-in arrangements.
For the financial year ending June 2023 the Group may seek to renegotiate tenement arrangements or apply for
exemptions against expenditure in relation to those tenements which did not have sufficient expenditure recorded
against them in the prior 12 months of their term. In the event that renegotiation does not occur or exemption for
these tenements is not granted, the tenements may not be renewed. If the Group decides to relinquish certain
leases and/or does not meet these obligations, assets recognised in the balance sheet may require review to
determine the appropriateness of carrying values.
Platina Resources Limited Annual Report for the year ended 30 June 2023 62
NOTE 18 CASH FLOW INFORMATION
(a) Reconciliation of Cash Flow from Operations with Profit / (Loss)
after Income Tax
Profit / (Loss) after income tax
Non-cash flows in profit / (loss)
Depreciation
Exploration and evaluation expenditure written off
Share based payments expensed
Net fair value gain / (loss) on fair value of equity investments designated at
FVTPL
Other income – Sale of Munni Munni
Other income – profit on disposal of investments
Foreign exchange loss/ (gain)
Changes in assets and liabilities
(Increase)/decrease in prepayments
(Increase)/decrease in other current assets
Increase/(decrease) in trade payables and accruals
Increase/(decrease) in provisions
Cash flow from operations
b) Non-Cash Financing and Investing Activities
2023
$
2022
$
(7,969,640)
(15,676,545)
5,825
2,095,981
173,924
4,649,573
-
-
(54,053)
(3,279)
(213,945)
(286,629)
27,260
(1,574,983)
6,393
881,876
9,002
16,479,965
(2,230,000)
(3,031)
(397,172)
(2,539)
53,588
(111,983)
16,020
(974,426)
In August 2022, the Company issued 17,452,830 shares (deemed price of $0.034 per share) as deferred consideration
for the purchase of a 100% interest in the Xanadu Gold Project.
In November 2022, the Company issued 80,645,159 shares (deemed price of $0.02 per share) as partial consideration
to acquire 100% of Sangold Resources Pty Ltd, owner of the Brimstone, Binti Binti and Beete Gold Projects.
NOTE 19 SHARE BASED PAYMENTS
Performance Rights Plan (PRP)
Shareholders approved the Company’s PRP at the Annual General Meeting held on 30 November 2022. The PRP
was designed to provide a framework for competitive and appropriate remuneration so as to retain and motivate
skilled and qualified personnel whose personal rewards are aligned with the achievement of the Company’s growth
and strategic objectives.
During the financial year, the Company did not grant any performance rights over unissued ordinary shares in the
Company (2022: nil). Refer to Note 15(d) for additional information.
Platina Resources Limited Annual Report for the year ended 30 June 2023 63
NOTE 19 SHARE BASED PAYMENTS (continued)
Employee Option Incentive Plan (“EOIP”)
Shareholders last approved the Platina Resources Limited EOIP at the General Meeting on 8 October 2020. The
EOIP allows Directors from time to time to invite eligible employees to participate in the Plan and offer options to
those eligible persons. The Plan is designed to provide incentives, assist in the recruitment, reward, retention of
employees and provide opportunities for employees (both present and future) to participate directly in the equity of
the Company. The contractual life of each option granted is three years or as otherwise determined by the Directors.
There are no cash settlement alternatives. 2,000,000 options were issued to the Company Secretary, Mr Paul
Jurman under the EOIP in 2023 (2022: 6,000,000 – Group Exploration Manager).
Non - Plan based payments
The Company also makes share-based payments to consultants and / or service providers from time to time, not
under any specific plan. Specific shareholder approval was obtained for any share-based payments to directors and
officers of the parent entity.
21.5 million options were issued to directors during the year ended 30 June 2023. In November 2022, 8 million
options were issued for lead manager services provided in the capital raising undertaken in August 2022.
Refer to Note 15(c) for additional information.
The following share-based payment arrangements existed at 30 June 2023:
a. Unlisted Options
30 June 2023
30 June 2022
Number of
Options
Weighted Average
Exercise Price ($)
Number of
Options
Weighted Average
Exercise Price ($)
Outstanding at beginning of the
year
Granted
Expired
Outstanding at end of the year
Exercisable at end of the year
49,860,000
0.094
43,860,000
31,500,000
(17,500,000)
63,860,000
63,860,000
0.049
0.086
0.075
0.075
6,000,000
-
49,860,000
43,860,000
Expenses arising from share-based payment transactions - Unlisted Options
Share-based payments, are as follows (with additional information provided in Note 15 and 16 above):
2023
Number
2023
$
2022
Number
Options to directors and company secretary (i)
23,500,000
143,925
-
Options to Group Exploration manager (ii)
6,000,000
29,999
6,000,000
Total
29,500,000
173,924
6,000,000
0.094
0.105
-
0.096
0.094
2022
$
-
9,002
9,002
(i)
In December 2022, following shareholder approval, 23.5 million options were issued as part of the remuneration
package for the Company’s directors and company secretary whose combined value was $143,925 and this
amount was charged to the profit and loss account for the reporting period. Refer to Note 15(c) and Note 16 for
additional information.
(ii)
In May 2022, 6,000,000 options were issued to the Group Exploration manager, Mr Rohan Deshpande under the
EOIP and the charge to the profit and loss account for the period was $29,999 (2022: $9,002).
Platina Resources Limited Annual Report for the year ended 30 June 2023 64
NOTE 19 SHARE-BASED PAYMENTS (Continued)
The following table lists the inputs to the model used for the financial period ended 30 June 2023 and 30 June 2022.
(a) Grant date
(b)
Exercise price
(c)
Expiry date
5 December 2022
$0.04, $0.06 and
$0.08
30 November 2025
11 November 2024
11 November 2022
$0.045
27 May 2022
$0.09, $0.105 and $0.12
(d) Share price at grant date
(e)
(f)
Expected price volatility of the
Company’s shares
Risk-free interest rate
(g) Discount
condition
for market
vesting
$0.018
86%
3.10%
Nil
$0.02
86%
2.85%
Nil
During the year ended 30 June 2023, no options were exercised.
b. Performance Rights
23 August 2024, 23
November 2024 and 23 May
2025
$0.036
73%
0.35%
Nil
There are no Performance Rights to subscribe for ordinary shares in the capital of the Company as at 30 June 2023
and 30 June 2022.
c. Performance Shares
Performance shares in the Company granted as at 30 June 2023 are as follows:
Exercise
price
Note
Expiry date
Granted
Opening
Balance
1 July 2022
Number
Number
Vested and
converted
into shares
during the
period
Number
Forfeited
during the
period
Closing
Balance
30 June
2023
Vested /
Exercisable
30 June
2023
Number
Number
Number
Nil
(i)
21-Oct 2027
-
-
100,000
100,000
-
-
100,000
100,000
-
-
(i)
In November 2022, the Company issued 100,000 Performance Shares as part of the acquisition of Sangold
Resources Pty Ltd which will convert to $1,000,000 in Shares if a JORC compliant Inferred Mineral Resource
above 100,000 ounces at 1.5g/t is achieved within the Acquisition tenements, based on a 5% discount to the
10-day VWAP at the time the JORC Mineral Resource is announced (Milestone). Each Performance Share
will lapse on 21 October 2027 (Expiry Date).
Performance Shares have been issued to acquire Sangold Resources Pty Ltd and provide the Company with
a means to compensate the vendors in proportion to subsequent success in developing the exploration
projects acquired.
Platina Resources Limited Annual Report for the year ended 30 June 2023 65
NOTE 20 OPERATING SEGMENTS
The Group operates predominately in mineral exploration with a focus on platinum group metals, zinc and gold and
base metals.
Segment Information
Identification of reportable segments
The Group has identified its operating segments based on the internal reports that are reviewed and used by the
Board of Directors (chief operating decision makers) in assessing performance and determining the allocation of
resources.
The Group is managed primarily on the basis of geographical locations as these locations have notably different risk
profiles and performance assessment criteria. Operating segments are therefore determined on the same basis.
Reportable segments disclosed are based on aggregating operating segments where the segments are considered
to have similar economic characteristics and are similar with respect to any external regulatory requirements.
Basis of accounting for purposes of reporting by operating segments:
(a) Accounting policies adopted
Unless stated otherwise, all amounts reported to the Board of Directors, being the chief decision maker with respect
to operating segments, are determined in accordance with accounting policies that are consistent to those adopted
in the annual financial statements of the Group.
(b) Segment assets
Where an asset is used across multiple segments, the asset is allocated to that segment that receives majority
economic value from that asset. In the majority of instances, segment assets are clearly identifiable on the basis of
their nature and physical location.
(c) Segment liabilities
Liabilities are allocated to segments where there is a direct nexus between the incurrence of the liability and the
operations of the segment. Segment liabilities include trade and other payables.
(d) Unallocated items
The following items of revenue, expenses, assets and liabilities are not allocated to operating segments as they are
not considered part of the core operations of any segment:
• Derivatives
•
Impairment of assets and other non-recurring items of revenue or expense
• Deferred tax assets and liabilities
• Current tax liabilities
• Other financial liabilities
•
Intangible assets
• Discontinuing operations
• Depreciation
• Corporate charges
Platina Resources Limited Annual Report for the year ended 30 June 2023 66
NOTE 20 OPERATING SEGMENTS (Continued)
i. Segment Performance
Australia All Other Segments
30 June 2023
REVENUE
Interest revenue
Other revenue
Total segment revenue
$
1,391
21,713
23,104
Reconciliation of segment revenue to Group
revenue
Total Group revenue
Reconciliation of segment result of Group net
loss after tax
Segment net profit / (loss)
before tax
Income tax benefit
(2,072,877)
-
Amounts not included in segment result but
reviewed by Board
$
-
-
-
-
-
Total
$
1,391
21,713
23,104
23,104
(2,072,877)
-
- Net fair value gain / (loss) on
fair value of equity investments
- Corporate charges
- Depreciation and amortisation
Net Loss after tax from
continuing operations
(36,406)
(4,613,167)
(4,649,573)
-
-
(1,241,365)
(1,241,365)
(5,825)
(5,825)
(7,969,640)
Platina Resources Limited Annual Report for the year ended 30 June 2023 67
NOTE 20 OPERATING SEGMENTS (Continued)
Australia
North America All Other Segments
30 June 2022
REVENUE
Interest revenue
Other revenue
Total segment revenue
$
124
2,255,124
2,255,248
Reconciliation of segment revenue to Group
revenue
Total Group revenue
Reconciliation of segment result of Group net
loss after tax
Segment net profit / (loss)
before tax
Income tax benefit
1,373,372
-
Amounts not included in segment result but
reviewed by Board
- - Net fair value gain / (loss)
on fair value of equity
investments
- Corporate charges
- Depreciation and amortisation
Net Loss after tax from
continuing operations
(260,914)
-
-
ii. Segment Assets
30 June 2023
Reconciliation of segment assets to Group
assets
Segment Assets
Unallocated Assets
- Corporate
Total Group Assets
Segment Asset Increases (Decreases)
Capitalised expenditure for the period
$
-
-
-
-
-
Total
$
124
2,255,124
2,255,248
2,255,248
1,373,372
-
(16,219,051)
(16,479,965)
(563,559)
(6,393)
(563,559)
(6,393)
(15,676,545)
-
-
-
-
-
-
-
Australia
$
All Other
Segments
$
Total
$
4,372,534
462,140
4,834,674
-
597,267
5,431,941
- Exploration and Other
2,760,881
-
2,760,881
Platina Resources Limited Annual Report for the year ended 30 June 2023 68
NOTE 20 OPERATING SEGMENTS (Continued)
30 June 2022
Reconciliation of segment assets to Group
assets
Segment Assets
Unallocated Assets
- Corporate
Total Group Assets
Segment Asset Increases (Decreases)
Capitalised expenditure for the period
Australia
$
All Other
Segments
$
Total
$
1,617,720
5,830,653
7,448,373
-
1,298,375
8,746,748
- Exploration and Other
10,967
-
10,967
iii. Segment Liabilities
30 June 2023
Reconciliation of segment liabilities to Group
liabilities
Total Group Liabilities
30 June 2022
Reconciliation of segment liabilities to Group
liabilities
Total Group Liabilities
Australia
$
588,351
588,351
Australia
$
437,040
437,040
All Other
Segments
$
-
All Other
Segments
$
-
Total
$
588,351
588,351
Total
$
437,040
437,040
Platina Resources Limited Annual Report for the year ended 30 June 2023 69
NOTE 21 FINANCIAL RISK MANAGEMENT
Financial Risk Management Policies
The Group’s financial instruments consist mainly of deposits with banks, short term investments, accounts
receivable and accounts payable.
The main risks and related risk management policies arising from the Group’s financial instruments are summarised
below.
Credit Risk
The maximum exposure to credit risk at balance date to recognised financial assets, net of any provisions for
doubtful debts, is disclosed in the statement of financial position and notes to and forming part of the financial
report.
Interest Rate Risk
The Group’s exposure to interest rate risk is the risk that an increase or decrease in market interest rates will result
in increased or reduced revenue from interest receipts. The Group’s exposure to interest rate risk is minimal.
Liquidity Risk
The Group manages liquidity risk by monitoring forecast cash flows. The Group’s operations require the raising of
capital on an on-going basis to fund its planned exploration program and to commercialise its tenement assets.
The Group’s past success in the raising of capital will ensure it can continue as a going concern and proceed with
planned exploration expenditure.
Net Fair Values
The net fair values of financial assets and financial liabilities approximate their carrying value. No financial assets
and financial liabilities are readily traded on organised markets in standardised form, except for the financial assets
at fair value through profit or loss, as disclosed in Note 11. The aggregate net fair values and carrying amounts of
financial assets and financial liabilities are disclosed in the statement of financial position and in the notes to and
forming part of the financial report.
The Group’s exposure to interest rate risk and effective average interest rate for classes of financial assets and
financial liabilities is set out below.
Platina Resources Limited Annual Report for the year ended 30 June 2023 70
NOTE 21 FINANCIAL RISK MANAGEMENT (Continued)
Weighted
Average
Effective
Interest Rate
Floating
Interest Rate
Less than 1
year
Fixed Interest
Rate
Maturing
Non-Interest
Bearing
2023
Financial Assets
Cash and cash equivalent assets
1.35%
495,951
-
0.74%
-
-
-
-
-
30,333
114
-
-
-
522,817
46,993
Total
496,065
30,333
522,817
46,993
495,951
30,333
569,924
1,096,208
-
-
-
-
572,562
572,562
572,562
572,562
Security deposits and deposits at
financial institutions
Financial assets at FVTPL
Other financial assets
Total Financial Assets
Financial Liabilities
Other financial liabilities
Total Financial Liabilities
2022
Financial Assets
Cash and cash equivalent assets
0.02%
120,031
-
1,102,334
1,222,365
Security deposits and deposits at
financial institutions
Financial assets at FVTPL
Other financial assets
Total Financial Assets
Financial Liabilities
Other financial liabilities
Total Financial Liabilities
Foreign exchange risk
0.75%
-
-
-
-
-
32,099
-
32,099
-
-
5,897,399
17,486
5,897,399
17,486
120,031
32,099
7,017,219
7,169,349
-
-
-
-
437,040
437,040
437,040
437,040
Exposure to foreign exchange risk may result in fair value or future cash flows of a financial instrument fluctuating
due to movement in foreign exchange rates of currencies in which the Group makes purchases or holds financial
instruments which are other than the AUD functional currency.
The investments held in Blue Moon Zinc Corp, Major Precious Metals and Alien Metals Ltd, as disclosed in Note 11,
are denominated in US dollars, Canadian dollars and British pounds respectively. Foreign exchange exposures are
not hedged.
Platina Resources Limited Annual Report for the year ended 30 June 2023 71
NOTE 22 PLATINA RESOURCES LIMITED PARENT INFORMATION
a. Platina Resources Limited
ASSETS
Current assets
Non-current assets
TOTAL ASSETS
LIABILITIES
Current liabilities
Non-current liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Share issue costs
Share-based payments reserve
Accumulated Losses
TOTAL EQUITY
FINANCIAL PERFORMANCE
Profit / (loss) for the period
2023
$
559,215
4,872,619
5,431,834
572,562
15,789
588,351
4,843,483
59,876,370
(3,322,046)
56,554,324
1,113,676
(52,824,517)
4,843,483
2022
$
1,252,846
7,493,900
8,746,746
437,040
-
437,040
8,309,706
55,402,571
(3,135,853)
52,266,718
897,760
(44,854,772)
8,309,706
(7,969,745)
(15,676,545)
Contingent liabilities of the parent entity
The parent entity’s contingent liabilities are noted in Note 23.
Commitments for the acquisition of property, plant and equipment by the parent entity
The parent entity has not made any commitments for the acquisition of property, plant and equipment.
For details on commitments, see Note 17.
Platina Resources Limited Annual Report for the year ended 30 June 2023 72
NOTE 22 PLATINA RESOURCES LIMITED PARENT INFORMATION (Continued)
b. Interest in Subsidiaries
Company Name
Parent Entity
Country of
Incorporation
Percentage Owned (%)*
2023
2022
Platina Resources Limited
Australia
Subsidiaries
Platina (South America) Pty Ltd Australia
Red Heart Mines Pty Ltd
Platina Scandium Pty Ltd
Sangold Resources Pty Ltd
Australia
Australia
Australia
Skaergaard Holdings Pty Ltd1
Australia
Coolabah Resources Pty
Ltd
Australia
100
100
100
100
100
100
100
100
100
-
100
100
* Percentage of voting power is in proportion to ownership
1. Skaergaard Holdings Pty Ltd is the parent entity of Coolabah Resources Pty Ltd.
None of the subsidiaries have traded during the year and do not have any assets and liabilities.
c. Amounts Outstanding from Related Parties
There are no amounts outstanding from related parties.
NOTE 23 CONTINGENT ASSETS / LIABILITIES
There are no known contingent assets as at 30 June 2023 other than as below;
Platina Scandium Project (PSP)
In April 2023, Platina announced that it had signed a conditional binding sale agreement with a wholly owned
subsidiary of Rio Tinto Ltd to sell the project for up to US$14 million in cash.
The transaction was subject to final regulatory approval including New South Wales Ministerial Consent for the
transfer of the PSP, which was received in August 2023.
Subsequent to the end of the period, on 30 August 2023, Platina received US$7 million cash. A further US$1 million
is held by Rio Tinto as a warranty retention payment re-payable after 30 months. Platina may also receive future
cash payments totalling US$6 million subject to Rio Tinto achieving project milestones including granting of a
Mining Lease.
Platina Resources Limited Annual Report for the year ended 30 June 2023 73
NOTE 23 CONTINGENT ASSETS / LIABILITIES (Continued)
There are no known contingent liabilities as at 30 June 2023 other than as below;
In accordance with the tenement acquisition agreements entered into by the Group the following deferred
consideration may become payable in future periods:
Challa Gold Project
•
A 0.75% gross gold royalty is payable on any gold produced from the tenements and a milestone payment of
$100,000 is payable on reporting of a JORC (2012) Mineral Resource of 50,000 oz of gold or a decision to mine.
Xanadu Gold Project
•
•
A milestone payment of $200,000 on reporting of a JORC (2012) Mineral Resource of 100,000 oz of gold; and
A 1% gross gold royalty is payable on any gold produced from the Prospecting Licenses and a further 1% new
smelter royalty payable on all the tenements. Platina can buy back 50% of the net smelter royalty for $1 million.
Sangold Pty Ltd Acquisition – owner of the Brimstone, Binti Binti and Beete Gold Projects
•
100,000 Performance Shares were issued to the vendors of Sangold Resources Pty ltd which will convert into
such number of Shares to be determined by dividing $1,000,000 by the Issue Price of Performance Shares on
the achievement of a JORC compliant Inferred Mineral Resource above 100,000 ounces at 1.5g/t is achieved
within the Acquisition tenements.
NOTE 24 RELATED PARTY TRANSACTIONS
There have been no other transactions with key management personnel during the year ended 30 June 2023.
Key Management Personnel
Disclosures relating to Key Management Personnel are set out in Note 5.
For full details refer to the Remuneration Report included in the Director’s Report.
NOTE 25 SUBSEQUENT EVENTS
No matter or circumstance has arisen since the end of the financial year, to the date of this report, that has
significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the
state of affairs of the Group in future financial years other than the following:
On 30 August 2023, the Company advised it had received US$8 million in cash from the sale of the Platina
Scandium Project to a wholly owned subsidiary of Rio Tinto Ltd (Rio Tinto), ), less a US$1 million warranty
retention payment which is re-payable by Rio Tinto after 30 months if there are no warranty breaches.
The financial report was authorised for issue on the date the Director’s Report was signed. The Board has the power
to amend and re-issue the financial report.
Platina Resources Limited Annual Report for the year ended 30 June 2023 74
Declaration by
Directors
In the opinion of the Directors of Platina Resources
Limited (the ‘Company’):
a. the accompanying financial statements and notes
are in accordance with the Corporations Act 2001
including:
i. giving a true and fair view of the Consolidated
Entity’s financial position as at 30 June 2023
and of its performance for the year then ended;
and
ii. complying with Australian Accounting
Standards, the Corporations Regulations 2001,
professional reporting requirements and other
mandatory requirements;
b. there are reasonable grounds to believe that the
Company will be able to pay its debts as and when
they become due and payable; and
c. the financial statements and notes thereto are in
accordance with International Financial Reporting
Standards issued by the International Accounting
Standards Board.
This declaration has been made after receiving the
declarations required to be made to the Directors in
accordance with Section 295A of the Corporations
Act 2001 for the financial year ended 30 June 2023.
This declaration is signed in accordance with a
resolution of the Board of Directors.
Corey Nolan
Managing Director
Brisbane
Date: 27 September 2023
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF PLATINA RESOURCES LIMITED
Opinion
We have audited the financial report of Platina Resources Limited (“the Company”), and its controlled
entities (the “Group”), which comprises the consolidated statement of financial position as at 30 June 2023
and the consolidated statement of comprehensive income, consolidated statement of changes in equity
and consolidated statement of cash flows for the year then ended, notes comprising a summary of
significant accounting policies and other explanatory information, and the director’s declaration.
In our opinion, the consolidated financial report of the Group is in accordance with the Corporations Act
2001, including:
(i) giving a true and fair view of the Group’s financial position as at 30 June 2023 and of its financial
performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Group in accordance with the auditor independence requirements
of the Corporations Act 2001 and the ethical requirements of the Australian Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to
our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in
accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the time
of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial report of the current period. These matters were addressed in the context of our audit
of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. In addition to the matter described in the Material Uncertainty Related to Going
Concern section, we have determined the matters described below to be the key audit matters to be
communicated in our report.
A member of Bentleys, a network of independent advisory and accounting firms located throughout Australia, New Zealand and China that trade as Bentleys. All members of the Bentleys Network are affiliated only, are separate legal entities and not in partnership. Liability limited by a scheme approved under Professional Standards Legislation. A Member of Allinial Global – an association of independent account and consulting firms.
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF PLATINA RESOURCES LIMITED
(CONTINUED)
Key Audit Matters (Continued)
Key Audit Matter
How our audit addressed the key audit matter
Going Concern
Our procedures included, amongst others:
As disclosed in Note 1c., the Group has recorded a loss
after tax of $7,969,640, net operating and investing cash
outflows of $2,841,586 and continues
incur
expenditure on its exploration projects drawing on its
cash balances, without a consistent source of income.
to
Obtaining cashflow forecasts for the Group
Reviewing the assumptions in the forecasts
for reasonableness and consistency with our
knowledge of the business
Agreeing the receipt of funds from the post
balance date of the Platina Scandium Project
to bank statement.
Exploration and evaluation expenditure- capitalised
costs - $4,311,856
Our procedures included, amongst others:
As disclosed in Note 12, the Group recognised deferred
exploration and evaluation expenditure assets of
$4,311,856.
Considering
the Group’s process
for
identifying and considering
indicators of
impairment and the completeness of the
matters identified
The carrying value of exploration and evaluation
expenditure is assessed for impairment by the Group
when
the
exploration and evaluation expenditure may exceed its
recoverable amount.
facts and circumstances
indicate
that
The determination as to whether there are any indicators
to
require deferred exploration and evaluation
expenditure to be assessed for impairment, involves a
number of judgements, including assessing the intention
of the Group to carry out significant exploration and
evaluation activity in the near future, and, whether there
is sufficient information available to conclude that the
area of interest is not commercially viable. Due to the
size of
the deferred exploration and evaluation
expenditure asset relative to the Group’s total assets
and the judgement involved in assessing whether
indicators of impairment exist at 30 June 2023, this was
a key audit matter.
Considering the Group’s right to explore in the
relevant exploration area which
included
supporting
obtaining
documentation such as license agreements
and extension of term applications
assessing
and
Considering the Group’s intention to carry out
significant exploration and evaluation activity
in the relevant exploration area which included
assessment of the Group’s cash-flow forecast
models and enquiries as to the intentions and
strategy of the Group
Assessing the ability to finance any planned
future exploration and evaluation activity
Assessing the adequacy of disclosures in the
financial report.
A member of Bentleys, a network of independent advisory and accounting firms located throughout Australia, New Zealand and China that trade as Bentleys. All members of the Bentleys Network are affiliated only, are separate legal entities and not in partnership. Liability limited by a scheme approved under Professional Standards Legislation. A Member of Allinial Global – an association of independent account and consulting firms.
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF PLATINA RESOURCES LIMITED
(CONTINUED)
Key Audit Matters (Continued)
Key Audit Matter
How our audit addressed the key audit matter
Financial Assets at Fair Value Through P&L -
$522,817
As disclosed in Note 11, the Group has acquired (either
through sale of assets or direct purchase) a number of
investments in entities that are publicly traded on
exchanges in Australia and overseas.
The financial assets at fair value through profit or loss is
considered to be a key audit matter due to:
Foreign currency considerations for the three
investments.
The investments are the second largest asset on
the Consolidated Statement of Financial
Position.
Unrealised
the
investments is the largest line item in the
Consolidated Statement of Comprehensive
Income.
losses ($4.6m) relating
to
Our procedures included, amongst others:
Evaluating management’s assessment of how
such assets should be classified, having
the requirements of AASB 9
regard
Instruments, AASB 11 Joint
Financial
Arrangements and AASB 128 Investments in
Associates and Joint Ventures.
to
Obtaining from management a schedule of
investment held by the Group and vouching
the ownership of the investments to supporting
documents.
Reviewing managements’ assessment of the
fair value of the investments by reference to
quoted prices in active markets and foreign
exchange
(where applicable) and
ensuring that all gains and losses have been
treated appropriately.
rates
Information Other than the Financial Report and Auditor's Report Thereon
The directors are responsible for the other information. The other information comprises the information
included in the Group's annual report for the year ended 30 June 2023 but does not include the financial
report and our auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
A member of Bentleys, a network of independent advisory and accounting firms located throughout Australia, New Zealand and China that trade as Bentleys. All members of the Bentleys Network are affiliated only, are separate legal entities and not in partnership. Liability limited by a scheme approved under Professional Standards Legislation. A Member of Allinial Global – an association of independent account and consulting firms.
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF PLATINA RESOURCES LIMITED
(CONTINUED)
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true
and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for
such internal control as the directors determine is necessary to enable the preparation of the financial
report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with the Australian Auditing Standards will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of this financial report.
As part of an audit in accordance with 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.
A member of Bentleys, a network of independent advisory and accounting firms located throughout Australia, New Zealand and China that trade as Bentleys. All members of the Bentleys Network are affiliated only, are separate legal entities and not in partnership. Liability limited by a scheme approved under Professional Standards Legislation. A Member of Allinial Global – an association of independent account and consulting firms.
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF PLATINA RESOURCES LIMITED
(CONTINUED)
Auditor’s Responsibilities for the Audit of the Financial Report (Continued)
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the financial report. We are responsible
for the direction, supervision and performance of the Group audit. We remain solely responsible for
our audit opinion.
We communicate with those charged with governance 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, related safeguards.
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 in the directors' report for the year ended 30 June
2023.
In our opinion, the Remuneration Report of Platina Resources Limited, for the year ended 30 June 2023,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Group 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.
Bentleys Brisbane Partnership
Chartered Accountants
Ashley Carle
Partner
Brisbane
27 September 2023
A member of Bentleys, a network of independent advisory and accounting firms located throughout Australia, New Zealand and China that trade as Bentleys. All members of the Bentleys Network are affiliated only, are separate legal entities and not in partnership. Liability limited by a scheme approved under Professional Standards Legislation. A Member of Allinial Global – an association of independent account and consulting firms.
Platina Resources Limited Annual Report for the year ended 30 June 2023 80
Shareholder
Information
Additional information required by the Australian Securities Exchange and not shown elsewhere in this report is as
follows. The information is current as at 22 September 2023.
(a) Distribution of equity securities
The number of holders, by size of holding, in each class of security are:
Ordinary Shares
Number of
Holders
Number
Total percentage
118
147
247
1,025
526
2,063
19,512
454,863
2,083,240
41,953,709
578,669,007
623,180,331
0.00%
0.07%
0.33%
6.73%
92.87%
100.00%
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
Total
The number of shareholders holding less than a marketable parcel was 814 and they hold a total of 6,840,445 shares.
Class
Unquoted equity securities
Number
Number of
Holders
Notes
Options exercisable at $0.10 expiring 16 Oct 2023
26,360,000
Options exercisable at $0.09 expiring 23 Aug 2024
Options exercisable at $0.105 expiring 23 Nov 2024
Options exercisable at $0.12 expiring 23 May 2025
Options exercisable at $0.045 expiring 11 Nov 2024
2,000,000
2,000,000
2,000,000
8,000,000
Options exercisable at $0.04 expiring 30 Nov 2025
15,500,000
Options exercisable at $0.06 expiring 30 Nov 2025
Options exercisable at $0.08 expiring 30 Nov 2025
Performance Shares
4,000,000
4,000,000
100,000
Holders of more than 20% of this class of options:
1. Palisades Gold Corp Limited 19,360,000 options
2,000,000 options
2. Rohan Deshpande
7,000,000 options
3. Zenix Nominees Pty Ltd
4,000,000 options
4. Corey Nolan
3,500,000 options
4. Brian Moller
22,500 Performance Shares
5. Brimstone Resources Ltd
5
1
1
1
2
5
1
1
6
1
2
2
2
3
4
4
4
5
Platina Resources Limited Annual Report for the year ended 30 June 2023 81
Twenty largest holders
The names of the twenty largest holders, in each class of quoted security are:
i. Ordinary shares:
Number
% of total shares
Registered Name
CAIRNGLEN INVESTMENTS PTY LTD*
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
BRIMSTONE RESOURCES LTD
BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM
STEPHEN FRANCIS PEARSON
BNP PARIBAS NOMINEES PTY LTD
11,578,722
AITAKU2 PTY LTD
11,107,307
MR GABRIEL CHIAPPINI & MRS ROSA CHIAPPINI
11,107,307
#
1
2
3
4
5
6
7
8
9
CORPORATE CAMPAIGNS PTY LTD
10
CALLITON PTY LTD
11
BNP PARIBAS NOMS PTY LTD
12 MR MICHAEL WONG
13
CITICORP NOMINEES PTY LIMITED
14
SINO PORTFOLIO INTERNATIONAL LIMITED
15
YANDAL INVESTMENTS PTY LTD
16
YARRAANDOO PTY LTD
17
TEGAR PTY LTD
18 MINERAL EDGE PTY LTD
19
NOVASC PTY LTD
20
BOND STREET CUSTODIANS LIMITED
Top 20
Total
* Merged holding
82,244,872
27,994,598
27,741,935
19,810,263
12,032,916
11,107,307
11,000,000
8,891,422
8,500,212
7,911,771
7,900,000
7,000,000
5,320,000
4,901,400
4,485,241
4,308,712
4,211,385
13.20%
4.49%
4.45%
3.18%
1.93%
1.86%
1.78%
1.78%
1.78%
1.77%
1.43%
1.36%
1.27%
1.27%
1.12%
0.85%
0.79%
0.72%
0.69%
0.68%
289,155,370
623,180,331
46.40%
100.00%
Platina Resources Limited Annual Report for the year ended 30 June 2023 82
Substantial Shareholders
in substantial
Substantial shareholders as shown
shareholder notices received by Platina Resources Limited
are:
Name of Shareholder:
Ordinary
Shares:
Cairnglen Investments Pty Ltd
82,544,872
(b) Voting rights
All ordinary shares carry one vote per share without
restriction.
Options and performance rights do not carry voting rights.
(c) Restricted securities
Securities subject to escrow on issue are as follows:
77,419,353 fully paid ordinary shares are held in voluntary
escrow until 11 November 2023.
(d) On-market buy back
There is not a current on-market buy-back in place.
Platina Resources Limited Annual Report for the year ended 30 June 2023 83
Platina Resources Limited
c/- Corporate Consultants Pty Ltd
Level 2, Suite 9,
389 Oxford Street
Mount Hawthorn, WA, 6016
Phone: +61 8 9380 6789
Email: admin@platinaresources.com.au
www.platinaresources.com.au
ABN 25 119 007 939
ASX PGM