Platina Resources Limited Annual Report for the year ended 30 June 2024 0
Platina Resources Limited
ACN 119 007 939
ASX: PGM
Platina Resources Limited Annual Report for the year ended 30 June 2024 1
Contents
02
Corporate
Directory
03
Chairman’s Letter
06
Review of
Operations
07
Projects Overview
22
Investments
24
Cautionary
Statements
26
Tenement Position
27
Directors’ Report
32
Remuneration
Report
38
Auditor’s
Independence
Declaration
39
Consolidated
Financial
Statements
39
Consolidated
Statement of
Comprehensive
Income
40
Consolidated
Statement of
Financial Position
41
Consolidated
Statement of
Changes in Equity
42
Consolidated
Statement of Cash
Flows
43
Notes to the
Financial
Statements
67
Consolidated
Entity Disclosure
Statement
68
Declaration by
Directors
69
Independent
Auditor’s Report
74
Shareholder
Information
Platina Resources Limited Annual Report for the year ended 30 June 2024 2
Directors and Company Secretary
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
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.
Share Registry
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
Corporate Directory
Platina Resources Limited Annual Report for the year ended 30 June 2024 3
Chairman’s Letter
Dear shareholder
Platina is a well-funded gold exploration company leveraging its technical expertise and
experience to target high-potential, exploration projects in Western Australia’s premier gold
jurisdictions.
The cornerstones of our innovative gold strategy, which consists of advancing our projects through
exploration, feasibility, and permitting, and monetising through either sale, joint venture or development,
are built upon four pillars: 1) Place, 2) People, 3) Projects and 4) Payments.
1. Place
Our Western Australia gold projects present substantial potential for significant share price growth,
primarily driven by the opportunity for Tier 1 discoveries. Western Australia offers several key advantages
that enhance the attractiveness and feasibility of our projects:
a) Sophisticated Geological and Drilling Expertise: Western Australia boasts advanced geological
knowledge and drilling techniques, which are crucial for unlocking the full potential of our project
portfolio.
b) High-Quality Infrastructure: The region provides ready access to high-quality infrastructure, which
is closely located to our exploration and development sites, ensuring efficient operations and
logistics.
c) Processing and Toll Treatment Options: We have access to readily available processing and toll
treatment facilities, facilitating the potential to minimise capital investment and commence generating
cash flows quickly.
d) Corporate Appeal: The strategic location and robust infrastructure of Western Australia increase the
corporate appeal of our projects, attracting potential investors and partners.
These benefits collectively position our Western Australia gold projects as highly attractive investment
opportunities with significant upside potential. Platina will also consider new opportunities as and when
they may arise in Western Australia or elsewhere in Australia that meet our four pillars’ objectives.
2. People
The Company is led by a highly credentialed Board and management team, with a strong track record of
value creation for shareholders.
Platina’s Managing Director, Mr Corey Nolan, has 25 years’ experience as a mining executive and public
company director where he has focused on the acquisition, funding, exploration and development of
resource projects.
Prior to joining Platina, Mr Nolan was Chief Executive Officer at Sayona Mining Limited where he was
instrumental in the identification, negotiation, due diligence and financing of the acquisition of the Authier
Lithium Project in Canada before managing a major expansion of the project’s resource through
numerous metallurgical testing programs, a pre-feasibility study and definitive study.
Platina Resources Limited Annual Report for the year ended 30 June 2024 4
During his tenure, Sayona Mining’s market capitalisation materially increased and Mr Nolan raised a
significant amount of equity capital to fund the Quebec development strategy.
Mr Rohan Deshpande is the Company’s Perth-based Exploration Manager to advance our portfolio of
gold projects in Western Australia.
Mr Deshpande joined Platina from West Australian gold major De Grey Mining where, as Exploration
Manager - Hemi, he was one of the discovery team leaders on the multi-million ounce Hemi Gold Deposit
in the Pilbara.
Before this time, he worked for a combined period of more than 10 years as a geologist in West
Australia’s premier gold districts across the Pilbara region and Yilgarn Craton.
3. Projects
Platina Resources controls a portfolio of gold projects in the Yilgarn Craton and Ashburton Basins in
Western Australia.
Our projects are selected on the basis of the potential to achieve a 1Moz endowment. Greenstone belts
within the Archean age Yilgarn Craton and the Ashburton Basin provide this opportunity. Individual
projects are selected on the following criteria:
Located on craton and terrane boundaries with mantle tapping faults and shears;
Presence of second and third order structures along with dilatational jogs, folding and faulting
events; and
Presence of coarse grained igneous intrusives or Sanukitoid rocks.
Xanadu Gold Project
Located on 470km Nanjilgardy fault zone and its splays.
Regional scale geological setting adjacent to 1.44 million-ounce Mt Olympus deposit.
Diamond drilling planned to test deeper IP and AEM targets.
Discovery of the Hermes prospect in the central domain of the Xanadu Project requires follow up
exploration.
Brimstone Project
Located near Kalgoorlie in close proximity to the high-grade, Penny’s Find gold deposit owned by
Horizon Minerals Limited.
Situated within part of the well-endowed Kurnalpi Greenstone terrane on the same structure as
Penny’s Find.
Brimstone has immense appeal given the broad widths and high-grade gold mineralisation defined
from drilling.
Significant upside potential to expand the Garibaldi mineralisation and within the relatively under
explored tenement package.
Platina Resources Limited Annual Report for the year ended 30 June 2024 5
Beete Project
Possible extension of the Norseman greenstone belt through to Aruma’s Salmon Gum project.
Higginsville Shear Zone interpreted to traverse the entire strike length of the tenement.
95% of the tenement under shallow 6-20m transported regolith profile.
Major tenement wide aircore drilling program completed. 202 holes covering 6,331 metres across
gold, nickel and lithium targets. Number of arsenic and gold anomalies to be followed up with phase
2 air core drilling program 4QCY2024.
Mt Narryer Project
A joint venture with Chalice Mining Limited which leverages their existing geological knowledge and
technical capability they used to discover Julimar, and a strong balance sheet.
Small soil sampling and mapping program completed by Chalice. Follow up geophysics is planned.
Challa Gold Project
Located in the Sandstone province that has produced over 1.3 million ounces of gold.
Phase 2 aircore drilling program recently completed and assays pending.
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).
4. Payments
Platina currently has over A$12.7 million in cash and another A$4.48m1 in potential milestone payments
ahead and is well positioned to explore and appraise our existing assets as well as consider new project
acquisitions. Backed by our strong balance sheet we are able to maximise investment in-ground.
Yours faithfully,
Brian Moller
Non-Executive Chairman
1 Based on an exchange rate of A$/US$ 0.67 and comprising US$1.0m warranty retention bond and US$2.0m milestone payment
Platina Resources Limited Annual Report for the year ended 30 June 2024 6
Review of
Operations
Platina Resources Limited Annual Report for the year ended 30 June 2024 7
Projects Overview
Platina Resources Limited controls a portfolio of gold projects in the Yilgarn Craton and Ashburton
Basin in Western Australia, Australia’s most attractive mining jurisdiction and a global mining
powerhouse. 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.
Figure 1. Platina project locations.
Platina Resources Limited Annual Report for the year ended 30 June 2024 8
Xanadu Gold Project
Ashburton Basin, Western Australia
Ownership 100%
The 100% owned Xanadu Gold Project is located in Western Australia’s Ashburton Basin in close
proximity to Kalamazoo Resources’ Mt Olympus gold deposit (currently subject to a potential
acquisition by De Grey Mining for $30 million). 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.
The project is located on the 470km Nanjilgardy fault zone and its splays in a regional scale geological
setting adjacent to a million-ounce resource. There have been a number of multi-million ounce gold
discoveries on the trend, with Xanadu adjacent to the 1.44Moz Mt Olympus deposit. It flanks the Pilbara
Craton, a hot spot exploration destination following the Hemi (De Grey Mining) discovery.
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 2024 9
During the first quarter of CY2024, a total of 15 reverse circulation (RC) holes for 2,186m tested and
confirmed an 8km-long gold mineralised corridor within a regional scale structural setting at Xanadu
West. The campaign tested the Amphitheatre West extension, the Claudius prospect, and areas of strong
arsenic in rock chip anomalies at Pompeii (See Figure 3).
Assay results were reported in April 2024, confirming Xanadu West’s potential to host a large zone of
oxide mineralisation, with extremely encouraging intercepts showing mineralisation extends a further
500m west of the historical Amphitheatre pit and is still open down dip and along strike to the west.
Oxide gold mineralisation was intersected in three out of five holes drilled at the Amphitheatre West
prospect, including:
o
48m @ 0.53g/t Au from 76m (incl. 2m @ 1.93g/t from 76m & 1m @1.01g/t from 83m & 12m @
1.35g/t from 89m) in XARC016
o
11m @ 1.04g/t Au from 144m (incl. 2m @ 3.92g/t from 144m) in XARC018
o
15m @ 0.69g/t Au from 150m (incl. 5m @ 1.64g/t from 156m) in XARC019
The holes at Amphitheatre West were drilled on a 200m spacing, following up on the encouraging results
(7m @ 1.05g/t & 2m @ 1.16g/t) from Platina’s 2022 RC drilling at the prospect.
Platina’s priority now is to test deeper airborne electromagnetic (AEM) and induced polarisation (IP)
targets (Figure 4) with up to four holes to try and unlock the deeper sulphide potential of the system.
Difficult ground conditions prevented the “Xanadu Deeps” targets from being tested during the RC
campaign. The diamond drilling program is planned in the 4QCY2024.
Figure 3. Map showing a plan view of the RC holes drilled at the Amphitheatre West prospect in February
2024.
Platina Resources Limited Annual Report for the year ended 30 June 2024 10
Figure 4. Geophysical targets at Xanadu Deeps.
The remaining 10 holes in this round of drilling also covered geophysical targets at Cleopatra South and
Big Bend as well as exploration and extension drilling at Pompeii and Claudius, respectively.
During September 2023, Platina completed an RC drilling program at its Hermes prospect, which shares
a similar mineralisation style and is situated on the same fault structure that hosts the nearby Mt Olympus
gold deposit. Results from the program were received in November 2023 and confirmed the presence of
a large-scale gold system over 600m x 600m open in all directions.
Comprising 2,272m over 10 RC holes, the drill campaign targeted multiple parallel zones of
mineralisation identified during field work completed in June 2023. The holes drilled were spaced
approximately 100m apart to test for the possibility of mineralisation north and south of the dip of the
structures. The mineralised zone to the south of the mapped 1km mineralised corridor at Hermes was
found to be open along strike and dip in all directions with two holes intersecting well mineralised wide
zones:
o
15m @ 0.88g/t Au from 20m (incl. 2m @ 2.05g/t from 24m & 2m @ 2.3g/t from 32m) in HERC009.
o
9m @ 0.62g/t Au from 26m (incl. 1m @ 1.3g/t from 28m & 1m @ 1.27g/t from 33m) in HERC010.
Similarly, a potential northern zone was intercepted in the drilling with 5m @ 0.7g/t Au from 82m (incl.
2m @ 1.26g/t from 82m) in HERC001. Drilling was concentrated within the main mapped 1km long
mineralised corridor where five out of seven holes intersected wide anomalous gold values within a 35 to
40m wide corridor over an approximate 600m strike length.
Further geological mapping and rock chip sampling has been carried out at the Hermes South zone in
August 2024 and results are awaited. Along with this a wide scale soil sampling program will also be
carried out on the eastern tenements of the Xanadu project in Q4 of CY2024.
Platina Resources Limited Annual Report for the year ended 30 June 2024 11
Figure 5. Map showing plan view of the broad scale exploration RC drill holes completed by Platina on the
Hermes prospect. (intersections labelled have a minimum of 0.1g/t Au cut-off with maximum consecutive
length of 5m internal dilution and >2gram x metre).
Platina Resources Limited Annual Report for the year ended 30 June 2024 12
Beete Gold Project
Western Australia, Australia
Ownership 100%
The Beete Gold Project is located in a historical high-grade mining district near Norseman, and
10km south of the 1Moz Scotia Mining centre and north of the Salmon Gums discovery.
Beete covers 134km2 within what is believed to be a possible extension of the Norseman greenstone belt,
a prolific gold producing region. The area has not historically been systematically explored. The projects
gold, nickel and lithium potential remains hidden under a shallow blanket of cover. It is located on
interpreted geophysical structures that Platina believes host gold mineralisation located north and south
of the tenement. Aruma Resources has reported a number of very-high-grade gold intersections at its
Salmon Gums project to the south, while the Norseman Mining Centre to the north has a resource
totalling nearly 5 million ounces.
Figure 6. Beete Gold Project location, south of Norseman.
Platina Resources Limited Annual Report for the year ended 30 June 2024 13
During the reporting period, Platina completed a maiden aircore drilling program at Beete. The program
comprised a total of 202 holes totalling 6,325m. The drilling was designed to test for bed rock anomalies
using targets generated through soil sample analysis and geophysical interpretations.
The drilling has confirmed the presence of a greenstone belt across the tenure (potentially the extension
of Norseman greenstone belt), which was previously interpreted to be the Albany Frazer Orogeny.
Further investigation will be carried out along this belt which could host high grade gold deposits like the
Norseman mineralisation trend to the north.
Along with the greenstone identification and NE-SW potential 4km Beete Mine Trend, the drilling has
served to interpret a major 16km long N-S shear zone. This shear zone starts from the north of the
tenure and traverses through the historical Beete Mine.
The target areas identified are predominantly defined by >10ppb gold and >100ppm arsenic clusters
over geophysical trends. These zones also correlate with multi-element geochemistry of elevated values
in bismuth, molybdenum, tin, lead, copper, silver, zinc, etc (Figure 7).
Anomalous gold and arsenic results at the bottom of holes from the program included:
1m @ 0.13g/t Au from 22m in BEAC020
1m @ 0.25g/t Au from 38m in BEAC124 & 3m @ 416ppm As from 36m and 2m @ 661ppm As
from 52m incl. 1m @ 1,180ppm As from 52m.
The next phase of exploration activities will comprise detailed geochemical analysis, close spaced drone
magnetic surveys over the interpreted targets areas and infill aircore drilling, planned in 4QCY2024.
Platina Resources Limited Annual Report for the year ended 30 June 2024 14
Figure 7. Beete Project’s acreage showing May-June 2024 aircore drill holes and generated targets over GSWA’s
reprocessed TMIRTP WA State merged magnetics.
Platina Resources Limited Annual Report for the year ended 30 June 2024 15
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.
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.
Further drilling is required at Brimstone to expand the size of the Garibaldi deposit and test the strike and
depth potential of Brandy and the southern tenements which still require cultural heritage clearances.
Figure 8. Brimstone Gold Project location, 40km north-east of Kalgoorlie and in close proximity to the Penny’s Find
gold deposit.
Platina Resources Limited Annual Report for the year ended 30 June 2024 16
During September 2023, Platina completed a phase 2 RC drilling program of 3,300m at the Brimstone
Project, which confirmed extensions to the mineralisation at the Garibaldi prospect and demonstrated the
potential of the Brandy and Old Camp prospects to host further mineralisation.
The program focused on priority targets including Garibaldi, Brandy and Old Camp, and followed a
successful maiden ~4,300m aircore drilling program completed in April 2023 which identified a strongly
mineralised 350m long structure at the Brandy Prospect, which could potentially extend up to 800m in
length. These mineralised structures are open along strike and down dip.
The drilling program was another important step towards expanding the areas of mineralisation at the
Brimstone Project. Garibaldi remains a high priority expansion opportunity after the program extended
the mineralisation strike extent from 130 to 200m.
The Garibaldi prospect includes a historical drill intersection of 55m @ 2.07 g/t Au and the system was
tested with RC drilling to identify any strike and depth extensions.
The drilling at Garibaldi returned a number of high-grade gold intersections down plunge and along strike
from existing mineralisation. The system is now interpreted to extend over 200m in strike and remains
open at depth. Significant intersections, include:
o
36m @ 1.92g/t Au from 68m (incl. 9m @ 6.03g/t from 73m) in BSRC005
o
42m @ 0.66g/t Au from 131m (incl. 17m @ 1.30g/t from 131m) in BSRC007
o
16m @ 0.97g/t Au from 77m (incl. 7m @ 2.01g/t from 80m) in BSRC010
44 samples were selected from the mineralised zones at the Garibaldi prospect for cyanide leach testing.
The Brandy prospect is interpreted to be located on the northern extension of the Penny’s Find shear
zone, approximately 2.5 km from Horizon Minerals’ Penny’s Find gold deposit and defined high-grade
mineral resource.
This campaign was drilled below the shallow aircore anomalies at Brandy to potentially identify broader
and higher-grade intersections like those seen at Garibaldi, or the Penny’s Find gold deposit to the south.
Three out of four holes at Brandy returned multiple vertically dipping zones of mineralisation across an
80m wide mineralised corridor along the Penny’s Find Shear Zone and under historical aircore drilling
intercepts. This confirms the presence of a major mineralised structure at the Brandy Prospect.
Significant intercepts include:
o
3m @ 1.53g/t Au from 45m (incl. 2m @ 2.08g/t from 46m) in BSRC002
o
6m @ 0.47g/t Au from 68m (incl. 1m @ 2.28g/t from 72m) in BSRC002
o
22m @ 0.39g/t Au from 100m in BSRC002
o
25m @ 0.17g/t Au from 176m in BSRC002
Old Camp has more than 500m of interpreted shear zone associated with a strong gold in soil anomaly
and only nine shallow RC drill holes within 150m of this zone. The depth and strike extensions of the
know mineralisation were targeted in the RC drilling with more work in the area warranted.
Platina Resources Limited Annual Report for the year ended 30 June 2024 17
Figure 9. Cross section showing BSRC005 drill hole from Garibaldi along with the interpreted geology and
mineralisation envelope. Section Limits +/-5m. New 2023 assays in blue and historical in grey are significant RC
intersections (minimum of 0.1g/t Au cut-off with maximum consecutive length of 4m internal dilution and >1gram x
m)
Platina Resources Limited Annual Report for the year ended 30 June 2024 18
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.
A phase 1 aircore drilling program was completed in 2022 and comprised three lines over two structural
target areas out of the seven identified by the soil program and magnetic reinterpretation. The final five
target areas were drilled in a phase 2 drilling program in August 2024 with 41 holes drilled over 1,856m.
Figure 10. Location of the planned Q3 2024 AC Drill Collars and 2022 Platina drilled AC collars over Total Magnetic
Intensity (80m) over WA v1 image.
Platina Resources Limited Annual Report for the year ended 30 June 2024 19
Binti Binti Project
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.
Apart from a reconnaissance visit no other site work was carried out during the reporting period.
Figure 11. 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 2024 20
Jubilee Gold Project
Western Australia, Australia
Ownership 100%
Jubilee is located within the prolific gold producing Yilgarn Craton, 15 kilometres east of
Meekatharra. The exploration licence application covers 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).
Subsequent to the end of the reporting period, on 11 July 2024, the previous Mining Act objection
holding up the application grant process was withdrawn. The tenement application is now subject to the
native title notification process under Section 29 of the Native Title Act 1993. Platina is now in the
process of negotiating suitable agreements with the relevant native title parties and is confident that
agreement can be achieved. Once agreements are finalised, the application will return to the mining
registrar for final assessment prior to grant, and the Company expects to be able to commence
exploration activities at that time.
Figure 12. Location of Jubilee Project in Western Australia.
Platina Resources Limited Annual Report for the year ended 30 June 2024 21
Mt Narryer Project
Western Australia, Australia
Joint Venture with Chalice Mining (ASX: CHN)
The Mt Narryer Project covers 211km2 and is an Earn-in Joint Venture with Chalice Mining Limited
(Chalice, ASX: CHN). Located in the western Yilgarn Craton, a prodigious gold and base metal
producing province and home to many successful mining operations.
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 has integrated detailed airborne magnetic survey results with exploration data collected during
2023 to define targets for further field validation.
Figure 13. Location of Mt Narryer Project in Western Australia.
Platina Resources Limited Annual Report for the year ended 30 June 2024 22
Investments
At the end of the period, Platina held investments, including:
Intrusion Precious Metals Corp. (formerly Major Precious Metals)
Not listed
49 million shares
Intrusion Precious Metals Corp. 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.
Alien Metals
AIM.UFO
44.5 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.
Blue Moon Mining
TSXV.MOON
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.
Subsequent to the end of the year, Platina sold all its Blue Moon shares and netted A$50,000.
Nelson Resources
ASX.NES
12.135 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.
Platina Resources Limited Annual Report for the year ended 30 June 2024 23
Corporate
Sale of the Platina Scandium Project finalised and milestone payments
In August 2023, Platina announced it had closed the sale of the Platina Scandium Project (PSP) to a
wholly owned subsidiary of Rio Tinto Ltd, Rio Tinto EN21 Op Co Pty Limited (Rio Tinto) and received
US$7 million (~A$10.8 million2) in cash from the sale. A US$1 million warranty retention payment which is
re-payable by Rio Tinto after 30 months if there are no warranty breaches is held on trust.
Subsequent to the end of the reporting period, Platina received its first milestone payment of US$4
million (~A$6 million3) from the sale of the PSP to Rio Tinto.
Platina may also receive future cash payments up to US$3 million (~A$4.48 million2) subject to Rio Tinto
achieving project permitting milestones and return of its warranty retention payment.
Proposed Sale of minimum holdings
Subsequent to the end of the reporting period, the company advised that pursuant to Platina's
Constitution, the Directors are implementing the "Sale of Minimum Holdings" procedure as set out in
Article 74 of the Company's Constitution.
This Annual Report has been authorised by Mr Corey Nolan, Managing Director of Platina
Resources Limited.
2 Based on an exchange rate of A$/US$ 0.6476
3 Based on an exchange rate of A$/US$ 0.67
Platina Resources Limited Annual Report for the year ended 30 June 2024 24
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:
10 July 2023, 1km gold mineralised corridor at Xanadu’s Hermes prospect, WA
30 Aug 2023, Closes Scandium Project sale and receives initial $10.8m
31 Aug 2023, PGM to launch a major drilling campaign across 3 projects
7 Sept 2023, Drilling starts at Xanadu Gold Project Hermes prospect WA
12 Sept 2023, Phase 2 drilling starts at Brimstone Gold Project WA
8 Nov 2023, Drilling confirms large-scale mineralised system at Hermes prospect
9 Nov 2023, Garibaldi mineralisation extended and new targets identified
4 April 2024, Extension of oxide gold mineralisation confirmed at Xanadu
8 July 2024, Receives US$4 million payment from sale of Scandium Project
8 Aug 2024, AC drilling identifies multiple gold targets at Beete
21 Aug 2024, Proposed sale of minimum holdings
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 2024 25
References to JORC Mineral Resources and Ore Reserves in the Annual Report
Project / Owner / Source
Category
kt
g/t Au
Kozs
Scotia Mining Centre
Indicated
10,734
2.2
734
Pantoro Limited
Inferred
4,736
1.5
227
www.pantoroltd.com.au
Total
15,471
2.0
999
Norseman Gold Mineral Resource
Measured
4,572
1.6
234
Pantoro Limited
Indicated
22,529
3.1
2,259
www.pantoroltd.com.au
Inferred
19,325
3.7
2,290
Total
46,414
3.2
4,787
Paulsens
Measured
170
10.2
55
Indicated
1,079
8.4
277
Black Cat Syndicate
Inferred
3,100
2.2
216
www.bc8.com.au
Total
4,289
9.4
548
Karlawinda
Indicated
67,000
0.8
1,722
Capricorn Metals
Inferred
19,500
0.7
422
www.capricornmetals.com.au
Total
86,700
0.8
2,145
Mt Olympus
Indicated
9,699
2.9
911
Kalamazoo
Inferred
6,491
2.5
525
www.kzr.com.au
Total
16,190
2.8
1,436
Carosue Dam
Measured
16,476
1.8
958
Northern Star
Indicated
31,814
2.2
2,220
www.nsrltd.com.au
Inferred
2,841
2.4
870
Total
61,131
2.1
4,048
Paddy’s Flat
Measured
991
4.32
138
Westgold Resources Ltd
Indicated
10,991
1.72
604
Inferred
2,505
2.22
179
www.westgold.com.au
Total
14,408
1.99
921
Yaloginda
Measured
1,033
4.03
134
Westgold Resources Ltd
Indicated
10,593
1.70
579
Inferred
2,415
1.86
144
www.westgold.com.au
Total
14,042
1.90
857
Andy Well
Measured
745
4.30
103
Meeka Gold Limited
Indicated
7,737
1.93
481
Inferred
6,981
1.48
332
www.meekametals.com.au
Total
15,464
1.84
916
Turnberry
Indicated
6,700
1.3
315
Meeka Gold Limited
Inferred
4,000
3.1
135
www.westgold.com.au
Total
10,700
2.0
690
Platina Resources Limited Annual Report for the year ended 30 June 2024 26
Tenement Position
Platina Resources Limited held the following interests in tenements as at the date of this report:
Tenement ID
Area
Location
Ownership
% Ownership
EL58/552
Challa
WA, Australia
PGM
100
EL58/553
Challa
WA, Australia
PGM
100
E51/2132
Jubilee, Murchison Province
WA, Australia
PGM
Not granted
E09/2704
Mt Narryer South
WA, Australia
PGM
100
EL52/3711
Peak Hill – Ashburton Basin
WA, Australia
PGM
100
EL52/3758
Peak Hill – Ashburton Basin
WA, Australia
PGM
100
EL52/3763
Peak Hill – Ashburton Basin
WA, Australia
PGM
100
EL52/3764
Peak Hill – Ashburton Basin
WA, Australia
PGM
100
EL52/3946
Peak Hill – Ashburton Basin
WA, Australia
PGM
100
EL52/3692
Peak Hill – Ashburton Basin
WA, Australia
PGM
100
PL52/1592
Peak Hill – Ashburton Basin
WA, Australia
PGM
100
PL52/1593
Peak Hill – Ashburton Basin
WA, Australia
PGM
100
PL52/1594
Peak Hill – Ashburton Basin
WA, Australia
PGM
100
PL52/1595
Peak Hill – Ashburton Basin
WA, Australia
PGM
100
PL52/1596
Peak Hill – Ashburton Basin
WA, Australia
PGM
100
PL52/1597
Peak Hill – Ashburton Basin
WA, Australia
PGM
100
PL52/1598
Peak Hill – Ashburton Basin
WA, Australia
PGM
100
M27/501
Brimstone
WA, Australia
PGM
100
E27/568
Brimstone
WA, Australia
PGM
100
P27/2249
Brimstone
WA, Australia
PGM
100
P27/2250
Brimstone
WA, Australia
PGM
100
P27/2251
Brimstone
WA, Australia
PGM
100
P27/2318
Brimstone
WA, Australia
PGM
100
P27/2393
Brimstone
WA, Australia
PGM
100
L27/98
Brimstone
WA, Australia
PGM
100
E27/702
Brimstone
WA, Australia
PGM
Not granted
E25/615
Brimstone
WA, Australia
PGM
Not granted
E63/2193
Beete
WA, Australia
PGM
100
E28/3172
Binti Binti
WA, Australia
PGM
100
E31/1274
Binti Binti
WA, Australia
PGM
100
E25/630
Brimstone
WA, Australia
PGM
Not granted
E27/716
Brimstone
WA, Australia
PGM
Not granted
Platina Resources Limited Annual Report for the year ended 30 June 2024 27
Photo
Directors
Report
Platina Resources Limited Annual Report for the year ended 30 June 2024 28
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
2024 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 specialises in capital markets, mergers and
acquisitions and corporate restructuring, and has
acted in numerous transactions and capital raisings in
the industrial, resources and energy sectors. He was
a partner at the legal firm, HopgoodGanim for 41
years and lead the Corporate Advisory and
Governance practice and remains a consultant to the
firm. Mr Moller acts for many publicly listed
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)
•
Clara Resources Limited (since 1 December 2006)
- Chairman
•
New Peak Metals Limited (since 22 January 2003)
•
Tempest Minerals Limited (since 13 October 2016)
– Chairman
•
Mineral Commodities Limited (since 23 December
2022) - Chairman
•
Tolu Minerals Limited (admitted to the official list
on ASX on 9 November 2023, appointed 24
February 2022, resigned 16 June 2024)
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 the Company 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.
During the past three years, Mr Nolan has also served
as a director of the following ASX listed companies:
•
Elementos Limited (since 24 July 2009)
Christopher Hartley
Non-Executive Director
BSc; PhD; MIMMM; CEng; GAICD
Dr Hartley was appointed as a Non-Executive Director
on 1 January 2017.
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)
Platina Resources Limited Annual Report for the year ended 30 June 2024 29
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.
During the past three years, Mr Anderson has also
served as a director of Tolu Minerals Limited (since 1
April 2021) (Chairman), which listed on ASX on 10
November 2023.
Paul Jurman
Company Secretary – appointed 1 June 2016
B.Com, CPA
Mr Jurman is a Certified Practising Accountant with
over 20 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, Desert
Metals 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:
Board
Directors
No. of
meetings
held while in
office
Meetings
attended
Brian Moller
4
4
Corey Nolan
4
4
Christopher Hartley
4
4
John Anderson
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.
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
Ordinary
shares
Unlisted
options
Brian Moller
-
3,500,000
Corey Nolan
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 profit of the Group for the year, after provision
for income tax, amounted to $13,978,685 (2023: net
loss of $7,969,640).
Platina Resources Limited Annual Report for the year ended 30 June 2024 30
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 2024 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.
As an exploration entity, the Group has minimal
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.
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.
Liquidity and funding
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 2023 the Company had 623,180,331
ordinary shares, 100,000 Performance shares and
63,860,000 options on issue.
During the year ended 30 June 2024, the following
securities were issued:
In November 2023, the Company issued a total of
6,000,000 unlisted Options to Mr Rohan
Deshpande, Group Exploration Manager; and
Platina Resources Limited Annual Report for the year ended 30 June 2024 31
In October 2023, 26,360,000 unlisted options
expired unexercised.
As at 30 June 2024 the Company had 623,180,331
ordinary shares, 100,000 Performance shares and
43,500,000 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.
AFTER BALANCE DATE 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 8 July 2024, the Company advised it had
received its first milestone payment of US$4
million in cash from the sale of the Platina
Scandium Project to a wholly owned subsidiary of
Rio Tinto Ltd (Rio Tinto).
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. 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
Platina Resources Limited Annual Report for the year ended 30 June 2024 32
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
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
Non-Executive Chairman
Corey Nolan
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
Platina Resources Limited Annual Report for the year ended 30 June 2024 33
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 2023
Annual General Meeting (AGM): – At the 2023 AGM,
less than 10% of the votes received (excluding
abstentions) did not support the adoption of the
remuneration report for the year ended 30 June
2023. The Company did not receive any specific
feedback at the AGM regarding its remuneration
practices.
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 $77,700 (effective from 1 January 2024,
previously 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 2024 and 30 June 2023 is
detailed in Table 1 of this report.
Platina Resources Limited Annual Report for the year ended 30 June 2024 34
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.
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.
A cash incentive bonus was paid to the Managing
Director as part of the incentive structure related to
the successful sale of the Platina Scandium project.
This bonus serves to reward the Managing Director
for his contribution to securing and completing the
transaction. The sale process was also completed
without the payment of any corporate advisory fees.
The incentive was designed to align with the
company's strategic goals, ensuring that the
Managing Director was motivated to achieve a timely
and favourable outcome in the sale process. By
linking this bonus to the sale, the company aimed to
incentivise high performance, driving the project’s
successful conclusion while delivering value to
shareholders.
Executive Director remuneration for the year ending
30 June 2024 and 30 June 2023 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.
Employee Option Incentive Plan (EOIP)
Shareholders last approved the Platina Resources
Limited EOIP at the Annual General Meeting on 23
November 2023. 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.
Platina Resources Limited Annual Report for the year ended 30 June 2024 35
Table 1: Remuneration details
The following table details, in respect to the financial years ended 30 June 2024 and 2023, the components of
remuneration for each key management person of the Group.
Key Management Personnel
Short term employee
benefit
Post-
employment
benefits
Termination
benefits
Equity
% of
Remuner-
ation as
Share-
based
payment
Salary &
Fees
Other
Superannuat
ion/
retirement
benefits
Other
Share-
based
payment
Total
$
$
$
$
$
$
%
Directors
Brian Moller (Non-Executive Chairman)
2024
67,750
-
-
-
-
67,750
-
2023 (i)
57,800
-
-
-
23,933
81,733
29.28
Corey Nolan (Managing Director & CEO)
2024 (ii)
282,601
125,000
27,399
-
-
435,000
-
2023 (i)
286,432
-
23,568
-
65,288
375,288
17.40
Christopher Hartley (Non-Executive
Director)
2024
50,000
-
5,500
-
-
55,500
-
2023 (i)
50,000
-
5,250
-
20,514
75,764
27.08
John Anderson (Non-Executive Director)
2024
50,000
-
5,500
-
-
55,500
-
2023 (i)
50,000
-
5,250
-
20,514
75,764
27.08
Total, all specified Directors
2024
450,351
125,000
38,399
-
-
613,750
2023
444,232
-
34,068
-
130,249
608,549
(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 prior
reporting period was $130,249.
(ii)
During the year ended 30 June 2024, following a performance review conducted by the Board it was resolved
that Mr Nolan would be paid a cash bonus in recognition of his performance during the period.
Platina Resources Limited Annual Report for the year ended 30 June 2024 36
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:
Directors
Balance
1 July 2023
Granted as
compensation
Performance
Rights Converted
Net Change Other
Balance
30 June 2024
Brian Moller
-
-
-
-
-
Corey Nolan
400,000
-
-
-
400,000
Christopher
Hartley
-
-
-
-
-
John Anderson
104,340
-
-
-
104,340
Total
504,340
-
-
-
504,340
Option holdings of Key Management Personnel
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
Balance
1 July 2023
Options Granted
as compensation
Options Exercised
/ Expired
Net Change Other
Balance
30 June 2024
Brian Moller
3,500,000
-
-
-
3,500,000
Corey Nolan
12,000,000
-
-
-
12,000,000
Christopher
Hartley
3,000,000
-
-
-
3,000,000
John Anderson
3,000,000
-
-
-
3,000,000
Total
21,500,000
-
-
-
21,500,000
The Options were provided at no cost and expire on 30 November 2025.
Performance Rights of Key Management Personnel
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 2024, HopgoodGanim, a legal firm of which Mr Brian Moller was a partner until
30 June 2024 was paid legal fees by the Group of $19,876 (2023: $105,789). No amount was payable at
balance date.
End of Remuneration Report
Platina Resources Limited Annual Report for the year ended 30 June 2024 37
INDEMNIFICATION AND INSURANCE OF
DIRECTORS, OFFICERS AND AUDITOR
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 (2023: Nil).
AUDITOR’S INDEPENDENCE DECLARATION
The lead auditor’s independence declaration for the
year ended 30 June 2024 has been received and can
be found on the following page.
CORPORATE GOVERNANCE
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 2024, 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: 25 September 2024
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.
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 2024
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
25 September 2024
Platina Resources Limited Annual Report for the year ended 30 June 2024 39
Consolidated Financial Statements
Consolidated Statement of Comprehensive Income
for the Year Ended 30 June 2024
Note
30 June 2024
30 June 2023
$
$
Revenue and other income
2
18,600,729
23,104
Administration expenses
(279,245)
(337,005)
Depreciation and amortisation expense
3
(5,508)
(5,825)
Employee benefits expense
(744,076)
(444,383)
Exploration costs expensed
(2,820,472)
(2,095,981)
Foreign exchange gain / (loss)
(121,484)
54,053
Marketing expenses
(86,935)
(84,396)
Professional services
(252,631)
(255,710)
Share based payments expensed
3
(75,880)
(173,924)
Net fair value gain / (loss) on fair value of equity investments
(235,813)
(4,649,573)
Operating Profit / (Loss)
13,978,685
(7,969,640)
Profit / (Loss) before income tax
13,978,685
(7,969,640)
Income tax benefit/(expense)
4
-
-
Net profit / (loss) for the year
13,978,685
(7,969,640)
Other comprehensive income net of tax
-
-
Total comprehensive profit /(loss) of year
13,978,685
(7,969,640)
Earnings per share
Cents
Cents
Basic earnings / (loss) per share ($ per share)
7
0.022
(0.014)
Diluted earnings / (loss) per share ($ per share)
7
0.021
(0.014)
The accompanying notes form part of these financial statements.
Platina Resources Limited Annual Report for the year ended 30 June 2024 40
Consolidated Statement of Financial Position
as at 30 June 2024
Note
30 June 2024
30 June 2023
$
$
Current Assets
Cash and cash equivalents
8
7,555,662
496,065
Trade and other receivables
9
6,687,738
46,993
Other current assets
13
20,105
16,274
Total Current Assets
14,263,505
559,332
Non-Current Assets
Other receivables
9
1,499,475
-
Property, plant and equipment
10
5,757
7,603
Financial assets at FVTPL
11
166,470
522,817
Exploration
and
evaluation
expenditure
–
acquisition costs
12
4,311,856
4,311,856
Other non-current assets
13
20,333
30,333
Total Non-Current Assets
6,003,891
4,872,609
TOTAL ASSETS
20,267,396
5,431,941
Current Liabilities
Trade and other payables
14
1,347,890
572,562
Total Current Liabilities
1,347,890
572,562
Non-Current Liabilities
Provision for Long service leave
14
21,351
15,789
Total Non-Current Liabilities
21,351
15,789
TOTAL LIABILITIES
1,369,241
588,351
NET ASSETS
18,898,155
4,843,590
Equity
Issued capital
59,876,370
59,876,370
Share-issue costs
(3,322,046)
(3,322,046)
15
56,554,324
56,554,324
Share-based payments reserve
16
1,189,556
1,113,676
Accumulated losses
(38,845,725)
(52,824,410)
TOTAL EQUITY
18,898,155
4,843,590
The accompanying notes form part of these financial statements.
Platina Resources Limited Annual Report for the year ended 30 June 2024 41
Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2024
Share Capital
Ordinary
Share-based
Payments
Reserve
Accumulated
Losses
Total
$
$
$
$
Balance at 1 July 2022
52,266,718
897,760
(44,854,770)
8,309,708
Issue of shares
4,473,799
-
-
4,473,799
Share issue costs
(186,193)
-
-
(186,193)
Options expensed / issued
-
215,916
-
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
Options expensed / issued
-
75,880
-
75,880
Sub total
56,554,324
1,189,556
(52,824,410)
4,919,470
Total Comprehensive profit / (loss)
-
-
13,978,685
13,978,685
Balance at 30 June 2024
56,554,324
1,189,556
(38,845,725)
18,898,155
The accompanying notes form part of these financial statements
Platina Resources Limited Annual Report for the year ended 30 June 2024 42
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2024
Note
30 June 2024
30 June 2023
$
$
Cash Flows from Operating Activities
Payments to suppliers and employees
(1,533,087)
(1,375,102)
Interest received
234,672
1,406
Other receipts
-
21,713
Other receipts – GST paid on sale of exploration tenements
-
(223,000)
Net cash used in operating activities
18
(1,298,415)
(1,574,983)
Cash Flows from Investing Activities
Cash acquired on acquisition of Sangold Resources Pty Ltd
-
547
Payments of security deposit
-
(10,000)
Receipts from refund of security deposit
10,000
11,766
Payments for purchase of property, plant and equipment
(3,662)
-
Payments for purchase of investments
-
(30,339)
Receipts from sale of investments
100,776
779,914
Receipts from sale of exploration tenements
10,793,888
-
Exploration and evaluation expenditure – acquisition costs (net)
(62,186)
(273,232)
Exploration and evaluation expenditure
(2,430,886)
(1,745,259)
Net cash provided by / (used in) investing activities
8,407,930
(1,266,603)
Cash Flows from Financing Activities
Proceeds from issue of shares and options
-
2,230,000
Share Issue costs
-
(144,201)
Net cash provided by) financing activities
-
2,085,799
Net increase / (decrease) in cash held
7,109,515
(755,787)
Cash and cash equivalents at beginning of year
496,065
1,222,365
Effects of exchange rate fluctuations on the balances of cash held in
foreign currencies
(49,918)
29,487
Cash and cash equivalents at end of financial year
8
7,555,662
496,065
The accompanying notes form part of these financial statements.
Platina Resources Limited Annual Report for the year ended 30 June 2024 43
Notes to the
Financial
Statements
for the year ended
30 June 2024
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
2024 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.
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 2024 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
Platina Resources Limited Annual Report for the year ended 30 June 2024 44
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
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.
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.
Platina Resources Limited Annual Report for the year ended 30 June 2024 45
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
i. Financial Instruments
Recognition
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.
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.
m. Cash and Cash Equivalents
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.
Platina Resources Limited Annual Report for the year ended 30 June 2024 46
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
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.
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.
Platina Resources Limited Annual Report for the year ended 30 June 2024 47
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
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.
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 2024 48
NOTE 2 REVENUE
2024
2023
$
$
Interest revenue – Banks
258,772
1,391
Other income
-
21,713
Other income – Sale of Exploration Projects1
18,341,957
-
18,600,729
23,104
1. On 30 August 2023 the Company finalized the sale of the Platina Scandium Project to a wholly owned subsidiary of Rio Tinto
Ltd for US$8 million. Of this amount, US$1 million is a warranty retention amount which is payable by Rio Tinto after 30
months, if there are no warranty breaches. In June 2024, Rio Tinto advised it had satisfied the first milestone and payment
for the deferred consideration of US$4 million was received in July 2024.
NOTE 3 PROFIT / (LOSS) FOR THE YEAR
2024
2023
$
$
Profit / (Loss) for the year is derived after charging the following significant
expenses:
Depreciation of property, plant and equipment
(5,508)
(5,825)
Share-based payments expensed
(75,880)
(173,924)
NOTE 4 INCOME TAX EXPENSE
2024
2023
$
$
(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% (2023: 25%)
3,494,671
(1,992,410)
Add tax effect of:
-
non-allowable items
227
707
-
share options / performance rights expensed during period
18,970
43,481
3,513,868
(1,948,222)
Less tax effect of
non-assessable non-exempt income
-
-
Benefit of tax losses and temporary differences not brought to accounts
(3,513,868)
1,948,222
Income tax attributable to the Group
-
-
2024
2023
$
$
(c) Unrecognised deferred tax balances
Net unrecognised deferred tax balances for tax losses and temporary differences
5,353,113
8,954,635
Platina Resources Limited Annual Report for the year ended 30 June 2024 49
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:
2024
2023
$
$
Short-term employee
benefits
575,351
444,232
Post-employment benefits
38,399
34,068
Termination benefits
-
-
Share-based payments
-
130,249
613,750
608,549
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 2024, HopgoodGanim, a legal firm of which Mr Brian Moller was a partner until
30 June 2024 was paid legal fees by the Group of $19,876 (2023: $105,789). There was an amount of $Nil
payable at the balance date.
NOTE 6 AUDITOR’S REMUNERATION
2024
2023
$
$
Remuneration of the auditor of the Group for
- auditing or reviewing the financial reports
50,700
48,250
- non-audit services
-
-
50,700
48,250
Platina Resources Limited Annual Report for the year ended 30 June 2024 50
NOTE 7 PROFIT / (LOSS) PER SHARE
2024
2023
$
$
Basic profit / (loss) per share ($ per share)
0.022
(0.014)
Diluted profit / (loss) per share ($ per share)
0.021
(0.014)
Reconciliation of earnings to profit or loss:
Profit / (Loss) for the period
13,978,685
(7,969,640)
Earnings used to calculate basic EPS
13,978,685
(7,969,640)
Earnings used in the calculation of dilutive EPS
13,978,685
(7,969,640)
2024
2023
Number
Number
Weighted average number of ordinary shares on issue in calculating
basic EPS
623,180,331
577,817,947
Weighted average number of options outstanding
48,819,344
55,928,493
Weighted average number of ordinary shares outstanding during the
period used in calculating dilutive EPS
671,999,675
577,817,947
Anti-dilutive options on issue not used in dilutive EPS calculation
-
55,928,493
NOTE 8 CASH AND CASH EQUIVALENTS
2024
2023
$
$
Cash at bank and in hand
7,555,662
496,065
Cash and cash equivalents
7,555,662
496,065
The average effective interest rate on short-term bank deposits was 4.12% (2023 = 1.35%). 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
2024
2023
$
$
CURRENT
Trade Debtors / Sundry Debtors / GST receivable
6,663,587
46,942
Interest receivable
24,151
51
Total Receivables
6,687,738
46,993
NON-CURRENT
Trade Debtors (i)
1,499,475
-
Total Receivables
1,499,475
-
(i)
Represents the US$1 million warranty retention associated with the sale of the Platina Scandium Project to a wholly
owned subsidiary of Rio Tinto Ltd.
Platina Resources Limited Annual Report for the year ended 30 June 2024 51
NOTE 10 PROPERTY, PLANT AND EQUIPMENT
2024
2023
$
$
PLANT AND EQUIPMENT
Plant and equipment:
At cost
46,235
42,573
Accumulated depreciation
(40,478)
(34,970)
Total Plant and Equipment
5,757
7,603
(a) Movements in Carrying Amounts
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 2022
13,428
Additions
-
Depreciation expense
(5,825)
Balance at 30 June 2023
7,603
Additions
3,662
Depreciation expense
(5,508)
Balance at 30 June 2024
5,757
NOTE 11 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
2024
2023
$
$
Financial assets at fair value through profit or loss
-
-
Listed equity securities – Investment in Blue Moon Zinc Corp.
26,311
47,872
Listed equity securities – Investment in Major Precious Metals Corp
-
-
Listed equity securities – Investment in Nelson Resources Limited
36,407
60,678
Listed equity securities – Investment in Alien Metals Limited
103,752
414,267
Total
166,470
522,817
(i)
Classification of financial assets at fair value through profit or loss
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 $235,813 for the period. (2023: $4,649,573).
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 2024 52
NOTE 12 EXPLORATION AND EVALUATION EXPENDITURE
2024
2023
$
$
Balance at beginning of the period
4,311,856
1,550,975
Capitalised
-
2,768,495
Impaired
-
(7,614)
Exploration and evaluation expenditure capitalised – at cost
4,311,856
4,311,856
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
2024
2023
$
$
CURRENT
Prepayments
20,105
16,274
20,105
16,274
NON-CURRENT
Security and credit card deposits and rental bond
20,333
30,333
20,333
30,333
NOTE 14 TRADE, OTHER PAYABLES AND PROVISIONS
2024
2023
$
$
CURRENT
Trade payables
425,291
263,195
Sundry payables and accrued expenses
848,838
245,725
Employee benefits
73,761
63,642
1,347,890
572,562
NON-CURRENT
Employee benefits
21,351
15,789
21,351
15,789
NOTE 15 ISSUED CAPITAL
2024
2023
$
$
Fully paid ordinary shares 623,380,331 (2023: 623,380,331)
59,876,370
59,876,370
Share issue costs
(3,322,046)
(3,322,046)
56,554,324
56,554,324
There was no movement in ordinary shares during the period.
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 2024.
Platina Resources Limited Annual Report for the year ended 30 June 2024 53
NOTE 15 ISSUED CAPITAL (Continued)
(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.
2024 - 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 2023
Options
Issued
2023/24
Options
Exercised/
Expired
2023/24
Closing
Balance
30 June
2024
Vested /
Exercisable
30 June
2024
Number
Number
Number
Number
Number
Options expiring 16 October 2023
(ii)
$0.10
26,360,000
-
(26,360,000)
-
-
Options expiring 23 August 2024
$0.09
2,000,000
-
-
2,000,000
2,000,000
Options expiring 23 November 2024
$0.105
2,000,000
-
-
2,000,000
2,000,000
Options expiring 23 May 2025
$0.12
2,000,000
-
-
2,000,000
2,000,000
Options expiring 11 November 2024
$0.045
8,000,000
-
-
8,000,000
8,000,000
Options expiring 30 November 2025
$0.04
15,500,000
-
-
15,500,000
15,500,000
Options expiring 30 November 2025
$0.06
4,000,000
-
-
4,000,000
4,000,000
Options expiring 30 November 2025
$0.08
4,000,000
-
-
4,000,000
4,000,000
Options expiring 27 November 2026
(i)
$0.04
-
2,000,000
-
2,000,000
2,000,000
Options expiring 27 November 2026
(i)
$0.06
-
2,000,000
-
2,000,000
2,000,000
Options expiring 27 November 2026
(i)
$0.08
-
2,000,000
-
2,000,000
2,000,000
63,860,000
6,000,000
(26,360,000)
43,500,000
43,500,000
Weighted average exercise price ($)
0.075
0.060
0.100
0.058
0.058
(i)
In November 2023, the Company issued 6 million options as part of the remuneration package for the Company’s Group
Exploration Manager.
(ii)
These options expired unexercised.
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
Closing
Balance
30 June
2023
Vested /
Exercisable
30 June
2023
Number
Number
Number
Number
Number
Options expiring 16 October 2022
$0.08
11,500,000
-
(11,500,000)
-
-
Options expiring 16 October 2022
$0.09
3,000,000
-
(3,000,000)
-
-
Options expiring 16 October 2022
$0.105
3,000,000
-
(3,000,000)-
-
-
Options expiring 16 October 2023
$0.10
26,360,000
-
-
26,360,000
26,360,000
Options expiring 23 August 2024
$0.09
2,000,000
-
-
2,000,000
2,000,000
Options expiring 23 November 2024
$0.105
2,000,000
-
-
2,000,000
2,000,000
Options expiring 23 May 2025
$0.12
2,000,000
-
-
2,000,000
2,000,000
Options expiring 11 November 2024
(i)
$0.045
-
8,000,000
-
8,000,000
8,000,000
Options expiring 30 November 2025
(ii)
$0.04
-
15,500,000
-
15,500,000
15,500,000
Options expiring 30 November 2025
(ii)
$0.06
-
4,000,000
-
4,000,000
4,000,000
Options expiring 30 November 2025
(ii)
$0.08
-
4,000,000
-
4,000,000
4,000,000
49,860,000
31,500,000
(17,500,000)
63,860,000
63,860,000
Weighted average exercise price ($)
0.096
0.049
0.086
0.075
0.075
Platina Resources Limited Annual Report for the year ended 30 June 2024 54
NOTE 15 ISSUED CAPITAL (Continued)
(i)
In November 2022, 8 million options were issued for lead manager services provided in the capital raising undertaken in
August 2022.
(ii)
(ii) 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.
(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 2024 or 30 June 2023.
(e) Performance Shares
2024 - Performance shares in the Company have been granted as follows:
Exercise
Price
Note
Expiry date
Opening
Balance
1 July 2023
Granted
2023/2024
Vested and
converted
into shares
2023/2024
Forfeited
during the
period
2023/2024
Closing
Balance
30 June
2024
Vested /
Exercisable
30 June
2024
Number
Number
Number
Number
Number
Number
Nil
(i)
21-Oct-2027
100,000
-
-
-
100,000
-
100,000
-
-
-
100,000
-
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
Closing
Balance
30 June
2023
Vested /
Exercisable
30 June
2023
Number
Number
Number
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.
(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 2024 55
NOTE 16 SHARE BASED PAYMENTS RESERVE
2024
2023
$
$
Share-based payments reserve
1,189,556
1,113,676
1,189,556
1,113,676
Share-based Payments Reserve
The share-based payments reserve records items recognised as expenses on valuation of share options and performance rights.
2024
2023
$
$
Movement during the year
Opening balance
1,113,676
897,760
-
Options issued to Group Exploration manager
75,880
29,999
-
Options issued to directors and key management personnel
-
143,925
-
Issue of options to Lead manager as part of the agreement in
connection with the placement of shares in August 2022
-
41,992
Closing balance
1,189,556
1,113,676
NOTE 17 COMMITMENTS
(a) Tenement Commitments
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 $145,500 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 $277,520 annually (2022: $267,520).
The Group owns a 100% interest in the Mt Narryer Gold Project and in order to meet minimum expenditure
requirements it must expend $69,000. During the prior 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 $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.
The Group owns 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 $194,360 (2023: $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 2024 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 2024 56
NOTE 18 CASH FLOW INFORMATION
2024
2023
$
$
(a) Reconciliation of Cash Flow from Operations with Profit / (Loss)
after Income Tax
Profit / (Loss) after income tax
13,978,685
(7,969,640)
Non-cash flows in profit / (loss)
Depreciation
5,508
5,825
Exploration and evaluation expenditure expensed
2,624,376
2,095,981
Share based payments expensed
75,880
173,924
Net fair value gain / (loss) on fair value of equity investments designated at
FVTPL
122,464
4,649,573
Profit on disposal of exploration tenements
(18,341,957)
-
Other income – loss on disposal of investments
113,349
-
Foreign exchange loss/ (gain)
69,676
(54,053)
Changes in assets and liabilities
(Increase)/decrease in prepayments
(3,831)
(3,279)
(Increase)/decrease in other current assets
(43,054)
(213,945)
Increase/(decrease) in trade payables and accruals
84,808
(286,629)
Increase/(decrease) in provisions
15,681
27,260
Cash flow from operations
(1,298,415)
(1,574,983)
b)
Non-Cash Financing and Investing Activities
There were no non-cash financing and investing activities during the period.
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 (2023: nil). Refer to Note 15(d) for additional information.
Employee Option Incentive Plan (“EOIP”)
Shareholders last approved the Platina Resources Limited EOIP at the General Meeting on 23 November 2023. 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. 6,000,000 options were issued to the Group Exploration
Manager, Mr Rohan Deshpande under the EOIP in 2024 (2023: 2,000,000 – Company Secretary).
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.
Platina Resources Limited Annual Report for the year ended 30 June 2024 57
NOTE 19 SHARE BASED PAYMENTS (continued)
Refer to Note 15(c) for additional information.
The following share-based payment arrangements existed at 30 June 2024:
a. Unlisted Options
30 June 2024
30 June 2023
Number of
Options
Weighted Average
Exercise Price ($)
Number of
Options
Weighted Average
Exercise Price ($)
Outstanding at beginning of the
year
63,860,000
0.075
49,860,000
0.094
Granted
6,000,000
0.060
31,500,000
0.049
Expired
(26,360,000)
0.100
(17,500,000)
0.086
Outstanding at end of the year
43,500,000
0.058
63,860,000
0.075
Exercisable at end of the year
43,500,000
0.058
63,860,000
0.075
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):
2024
2024
2023
2023
Number
$
Number
$
Options to directors and company secretary (i)
-
-
23,500,000
143,925
Options to Group Exploration manager (ii)
6,000,000
75,880
6,000,000
29,999
Total
6,000,000
75,880
29,500,000
173,924
(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 prior 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 prior period was $29,999. In November 2023,
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 $75,880.
The following table lists the inputs to the model used for the financial period ended 30 June 2024 and 30 June
2023.
(a)
Grant date
27 November
2023
5 December
2022
11 November
2022
27 May 2022
(b)
Exercise price
$0.04, $0.06 and
$0.08
$0.04, $0.06 and
$0.08
$0.045
$0.09, $0.105 and
$0.12
(c)
Expiry date
27 November
2026
30 November
2025
11 November
2024
23 August 2024, 23
November 2024 and
23 May 2025
(d)
Share price at grant date
$0.027
$0.018
$0.02
$0.036
(e)
Expected price volatility of
the Company’s shares
97%
86%
86%
73%
(f)
Risk-free interest rate
4.35%
3.10%
2.85%
0.35%
(g)
Discount
for
market
vesting condition
Nil
Nil
Nil
Nil
During the year ended 30 June 2024, no options were exercised.
b.
Performance Rights
There are no Performance Rights to subscribe for ordinary shares in the capital of the Company as at 30 June 2024
and 30 June 2023.
Platina Resources Limited Annual Report for the year ended 30 June 2024 58
NOTE 19 SHARE-BASED PAYMENTS (Continued)
c.
Performance Shares
Performance shares in the Company granted as at 30 June 2024 are as follows:
Exercise
price
Note
Expiry date
Opening
Balance
1 July 2023
Granted
Vested and
converted
into shares
during the
period
Forfeited
during the
period
Closing
Balance
30 June
2024
Vested /
Exercisable
30 June
2024
Number
Number
Number
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.
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.
Platina Resources Limited Annual Report for the year ended 30 June 2024 59
NOTE 20 OPERATING SEGMENTS (Continued)
(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
i. Segment Performance
Australia
All Other
Segments
Total
$
$
$
30 June 2024
REVENUE
Interest revenue
258,772
-
258,772
Other revenue
18,341,957
-
18,341,957
Total segment revenue
18,600,729
-
18,600,729
Reconciliation of segment revenue to Group revenue
Total Group revenue
18,600,729
Reconciliation of segment result of Group net loss after tax
Segment net profit / (loss) before tax
15,780,257
-
15,780,257
Income tax benefit
-
-
-
Amounts not included in segment result but reviewed by Board
- Net fair value gain / (loss) on fair value
of equity investments
(24,271)
(211,542)
(235,813)
- Corporate charges
-
(1,560,251)
(1,560,251)
- Depreciation and amortisation
-
(5,508)
(5,508)
Net Profit / (Loss) after tax from
continuing operations
13,978,685
Platina Resources Limited Annual Report for the year ended 30 June 2024 60
NOTE 20 OPERATING SEGMENTS (Continued)
Australia
North America
All Other
Segments
Total
$
$
$
30 June 2023
REVENUE
Interest revenue
1,391
-
-
1,391
Other revenue
21,713
-
-
21,713
Total segment revenue
23,104
-
-
23,104
Reconciliation of segment revenue to Group revenue
Total Group revenue
23,104
Reconciliation of segment result of Group net loss after
tax
Segment net profit / (loss)
before tax
(2,072,877)
-
-
(2,072,877)
Income tax benefit
-
-
-
-
Amounts not included in segment result but reviewed by
Board
- - Net fair value gain / (loss)
on fair value of equity
investments
(36,406)
(4,613,167)
(4,649,573)
- Corporate charges
-
-
(1,241,365)
(1,241,365)
- Depreciation and amortisation
-
-
(5,825)
(5,825)
Net Profit / (Loss) after tax from
continuing operations
(7,969,640)
ii. Segment Assets
Australia
All Other
Segments
Total
$
$
$
30 June 2024
Reconciliation of segment assets to Group
assets
Segment Assets
4,348,263
130,063
4,478,326
Unallocated Assets
- Corporate
15,789,070
Total Group Assets
20,267,396
Segment Asset Increases (Decreases)
Capitalised expenditure for the period
- Exploration and Other
-
-
-
Platina Resources Limited Annual Report for the year ended 30 June 2024 61
NOTE 20 OPERATING SEGMENTS (Continued)
Australia
All Other
Segments
Total
$
$
$
30 June 2023
Reconciliation of segment assets to Group
assets
Segment Assets
4,372,534
462,139
4,834,673
Unallocated Assets
-
- Corporate
597,268
Total Group Assets
5,431,941
Segment Asset Increases (Decreases)
Capitalised expenditure for the period
- Exploration and Other
2,760,881
-
2,760,881
iii. Segment Liabilities
Australia
All Other
Segments
Total
$
$
$
30 June 2024
Reconciliation of segment liabilities to Group
liabilities
1,369,241
-
1,369,241
Total Group Liabilities
1,369,241
1,369,241
Australia
All Other
Segments
Total
$
$
$
30 June 2023
Reconciliation of segment liabilities to Group
liabilities
588,351
-
588,351
Total Group Liabilities
588,351
588,351
Platina Resources Limited Annual Report for the year ended 30 June 2024 62
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 2024 63
NOTE 21 FINANCIAL RISK MANAGEMENT (Continued)
Weighted
Average
Effective
Interest Rate
Floating
Interest Rate
Less than 1
year
Fixed Interest
Rate
Non-Interest
Bearing
Total
2024
Financial Assets
Cash and cash equivalent assets
4.12%
123,041
7,047,445
385,176
7,555,662
Security deposits and deposits at
financial institutions
4.75%
-
20,333
-
20,333
Financial assets at FVTPL
-
-
-
166,470
166,470
Other financial assets
-
-
-
6,687,738
6,687,738
Other receivables
-
-
-
1,499,475
1,499,475
Total Financial Assets
123,041
7,067,778
8,738,859
15,929,678
Financial Liabilities
Other financial liabilities
-
-
1,347,890
1,347,890
Total Financial Liabilities
-
-
1,347,890
1,347,890
2023
Financial Assets
Cash and cash equivalent assets
1.35%
495,951
-
114
496,065
Security deposits and deposits at
financial institutions
0.74%
-
30,333
-
30,333
Financial assets at FVTPL
-
-
-
522,817
522,817
Other financial assets
-
-
-
46,993
46,993
Total Financial Assets
495,951
30,333
569,924
1,096,208
Financial Liabilities
Other financial liabilities
-
-
572,562
572,562
Total Financial Liabilities
-
-
572,562
572,562
Foreign exchange risk
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 2024 64
NOTE 22 PLATINA RESOURCES LIMITED PARENT INFORMATION
2024
2023
$
$
a. Platina Resources Limited
ASSETS
Current assets
14,263,391
559,215
Non-current assets
6,003,900
4,872,619
TOTAL ASSETS
20,267,291
5,431,834
LIABILITIES
Current liabilities
1,347,890
572,562
Non-current liabilities
21,351
15,789
TOTAL LIABILITIES
1,369,241
588,351
NET ASSETS
18,898,050
4,843,483
EQUITY
Issued capital
59,876,370
59,876,370
Share issue costs
(3,322,046)
(3,322,046)
56,554,324
56,554,324
Share-based payments reserve
1,189,556
1,113,676
Accumulated Losses
(38,845,830)
(52,824,517)
TOTAL EQUITY
18,898,050
4,843,483
FINANCIAL PERFORMANCE
Profit / (loss) for the period
13,978,687
(7,969,745)
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.
b. Interest in Subsidiaries
Company Name
Country of
Incorporation
Percentage Owned (%)*
2024
2023
Parent Entity
Platina Resources Limited
Australia
Subsidiaries
Platina (South America) Pty Ltd
Australia
100
100
Red Heart Mines Pty Ltd
Australia
100
100
Platina Scandium Pty Ltd
Australia
100
100
Sangold Resources Pty Ltd
Australia
100
100
Skaergaard Holdings Pty Ltd1
Australia
100
100
Coolabah Resources Pty Ltd
Australia
100
100
Platina Resources Limited Annual Report for the year ended 30 June 2024 65
NOTE 22 PLATINA RESOURCES LIMITED PARENT INFORMATION (continued)
* 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 2024 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.
During and subsequent to the end of the period, Platina has received US$11 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$2 million subject to Rio Tinto achieving project milestones including granting of a Mining
Lease.
There are no known contingent liabilities as at 30 June 2024 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 2024.
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.
Platina Resources Limited Annual Report for the year ended 30 June 2024 66
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 8 July 2024, the Company advised it had received its first milestone payment of US$4 million in cash
from the sale of the Platina Scandium Project to a wholly owned subsidiary of Rio Tinto Ltd (Rio Tinto).
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 2024 67
Consolidated Entity Disclosure
Statement
Basis of Preparation
This Group Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act 2001. It
includes certain information for each entity that was part of the Group at the end of the financial year.
Determination of Tax Residency
Section 295 (3A) of the Corporation Acts 2001 defines tax residency as having the meaning in the Income Tax
Assessment Act 1997. The determination of tax residency involves judgment as there are currently several different
interpretations that could be adopted, and which could give rise to a different conclusion on residency.
In determining tax residency, the Group has applied the following interpretations:
Australian tax residency
The Group has applied current legislation and judicial precedent, including having regard to the Tax Commissioner's
public guidance in Tax Ruling TR 2018/5.
Foreign tax residency
Where necessary, the Group has used independent tax advisers in foreign jurisdictions to assist in determining tax
residency and ensure compliance with applicable foreign tax legislation.
Partnerships and Trusts
Australian tax law does not contain specific residency tests for partnerships and trusts. Generally, these entities are
taxed on a flow-through basis, so there is no need for a general residence test. Some provisions treat trusts as
residents for certain purposes, but this does not mean the trust itself is an entity that is subject to tax.
Details of entities within the consolidated group
Name of Entity
Type
of Entity
Trustee,
partner
or
participan
t
in joint
venture
Country
of
incorporation
% of
share
capital
held
Australian
resident or
foreign
resident (for
tax
purposes)
Foreign tax
jurisdiction
of foreign
residents
Platina Resources
Limited
Body Corporate
N/A
Australia
N/A
Australian
N/A
Platina (South America)
Pty Ltd
Body Corporate
N/A
Australia
100
Australian
N/A
Red Heart Mines Pty Ltd
Body Corporate
N/A
Australia
100
Australian
N/A
Platina Scandium Pty
Ltd
Body Corporate
N/A
Australia
100
Australian
N/A
Sangold Resources Pty
Ltd
Body Corporate
N/A
Australia
100
Australian
N/A
Skaergaard Holdings
Pty Ltd
Body Corporate
N/A
Australia
100
Australian
N/A
Coolabah Resources Pty
Ltd
Body Corporate
N/A
Australia
100
Australian
N/A
Platina Resources Limited Annual Report for the year ended 30 June 2024 68
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 2024 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.
d. the information disclosed in the attached Group entity disclosure statement is true and correct.
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 2024.
This declaration is signed in accordance with a resolution of the Board of Directors.
Corey Nolan
Managing Director
Brisbane
Date: 25 September 2024
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
Report on the Audit of the Financial Report
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 2024 and the consolidated statement of profit and loss and other 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, the consolidated entity disclosure statement 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 2024 and of its
financial performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Financial Report section of our report. We are independent of the Group in accordance with the
auditor independence requirements of the Corporations Act 2001 and the ethical requirements of
the 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 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.
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
Exploration and evaluation expenditure- capitalised
costs - $4,311,856
As disclosed in Note 12, the Group recognised deferred
exploration and evaluation expenditure assets of
$4,311,856.
The carrying value of exploration and evaluation
expenditure is assessed for impairment by the Group
when facts and circumstances indicate that the
exploration and evaluation expenditure may exceed its
recoverable amount.
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 2024, this was
a key audit matter.
Our procedures included, amongst others:
•
Considering the Group’s process for identifying and
considering indicators of impairment and the
completeness of the matters identified
•
Considering the Group’s right to explore in the
relevant exploration area which included obtaining
and assessing supporting documentation such as
license
agreements
and
extension
of
term
applications
•
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.
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 losses ($235,813) relating to the
investments is one of the largest line items in
the Consolidated Statement of Comprehensive
Income.
Our procedures included, amongst others:
•
Evaluating management’s assessment of how such
assets should be classified, having regard to the
requirements of AASB 9 Financial Instruments,
AASB 11 Joint Arrangements and AASB 128
Investments in Associates and Joint Ventures
•
Obtaining from management a schedule of
investment held by the Group and vouching the
ownership of the investments to supporting
documentation.
•
Reviewing managements’ assessment of the fair
value of the investments by reference to quoted
prices in active markets and foreign exchange rates
(where applicable) and ensuring that all gains and
losses have been treated appropriately.
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)
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 2024 but does not
include the financial report and our auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a) the financial report that gives a true and fair view in accordance with Australian Accounting
Standards and the Corporations Act 2001; and
b) the consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i) the financial report that gives a true and fair view and is free from material misstatement,
whether due to fraud or error; and
ii) The consolidated entity disclosure statement that is true and correct and is free of
misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to liquidate the Group or to
cease operations, or 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.
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 an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Group's internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the directors.
•
Conclude on the appropriateness of the directors' use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Group's ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor's report to the related disclosures in the financial report or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions
may cause the Group to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and
events in a manner that achieves fair presentation
•
Obtain sufficient appropriate audit evidence regarding the financial information of the entities
or business activities within the Group to express an opinion on the financial report. We are
responsible for the direction, supervision and performance of the Group audit. We remain
solely responsible for our audit opinion.
We communicate with 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 pages 33 to 37 of the directors' report for the
year ended 30 June 2024.
In our opinion, the Remuneration Report of Platina Resources Limited, for the year ended 30 June
2024, complies with section 300A of the Corporations Act 2001.
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)
Report on the Remuneration Report (Continued)
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
25 September 2024
Platina Resources Limited Annual Report for the year ended 30 June 2024 74
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 20 September 2024.
(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
1 - 1,000
118
19,752
0.00%
1,001 - 5,000
137
417,545
0.07%
5,001 - 10,000
211
1,775,280
0.28%
10,001 - 100,000
1,010
41,909,927
6.73%
100,001 and over
528
579,057,827
92.92%
Total
2,004
623,180,331
100.00%
The number of shareholders holding less than a marketable parcel was 803 and they hold a total of 7,718,937 shares.
Unquoted equity securities
Class
Number
Number of
Holders
Notes
Options exercisable at $0.105 expiring 23 Nov 2024
2,000,000
1
1
Options exercisable at $0.12 expiring 23 May 2025
2,000,000
1
1
Options exercisable at $0.045 expiring 11 Nov 2024
8,000,000
2
2
Options exercisable at $0.04 expiring 30 Nov 2025
15,500,000
5
3
Options exercisable at $0.06 expiring 30 Nov 2025
4,000,000
1
4
Options exercisable at $0.08 expiring 30 Nov 2025
4,000,000
1
4
Options exercisable at $0.04 expiring 27 Nov 2026
2,000,000
1
5
Options exercisable at $0.06 expiring 27 Nov 2026
2,000,000
1
5
Options exercisable at $0.08 expiring 27 Nov 2026
2,000,000
1
5
Performance Shares
100,000
6
6
Holders of more than 20% of this class of options and the Performance Shares :
1. Rohan Deshpande
2,000,000 options
2. Zenix Nominees Pty Ltd
7,000,000 options
3. Corey Nolan
4,000,000 options
3. Brian Moller
3,500,000 options
4. Corey Nolan
4,000,000 options
5. Rohan Deshpande
2,000,000 options
6. Brimstone Resources Ltd
22,500 Performance Shares
Platina Resources Limited Annual Report for the year ended 30 June 2024 75
Twenty largest holders
The names of the twenty largest holders, in each class of quoted security are:
i. Ordinary shares:
#
Registered Name
Number
% of total shares
1
CAIRNGLEN INVESTMENTS PTY LTD*
85,982,007
13.80%
2
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
27,994,598
4.49%
3
BRIMSTONE RESOURCES LTD
25,250,000
4.05%
4
BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM
18,288,332
2.93%
5
STEPHEN FRANCIS PEARSON
11,391,047
1.83%
6
CALLITON PTY LTD
11,000,000
1.77%
7
BNP PARIBAS NOMINEES PTY LTD
10,870,893
1.74%
8
MR GABRIEL CHIAPPINI & MRS ROSA CHIAPPINI
10,514,813
1.69%
9
CORPORATE CAMPAIGNS PTY LTD
10,514,813
1.69%
10
BNP PARIBAS NOMS PTY LTD
8,864,949
1.42%
11
MR MICHAEL WONG
8,500,212
1.36%
12
CITICORP NOMINEES PTY LIMITED
8,343,716
1.34%
13
SINO PORTFOLIO INTERNATIONAL LIMITED
7,900,000
1.27%
14
YANDAL INVESTMENTS PTY LTD
7,000,000
1.12%
15
BARTORILLA ENTERPRISES PTY LTD
7,000,000
1.12%
16
YARRAANDOO PTY LTD
5,320,000
0.85%
17
MRS ANNE MAREE RICHARDSON
5,000,000
0.80%
18
TEGAR PTY LTD
4,901,400
0.79%
19
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
4,827,891
0.77%
20
NOVASC PTY LTD
4,308,712
0.69%
Top 20
283,773,383
45.52%
Total
623,180,331
100.00%
* Merged holding
Platina Resources Limited Annual Report for the year ended 30 June 2024 76
Substantial Shareholders
Substantial shareholders as shown in substantial 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
No securities are subject to escrow
(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 2024 0
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