AN NUAL REPORT
30 JUN E 2023
PVW Resources Limited
Contents
30 June 2023
Corporate directory
Directors' report
Auditor's independence declaration
Consolidated statement of profit or loss and other comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows
Notes to the consolidated financial statements
Directors' declaration
Independent auditor's report to the members of PVW Resources Limited
Shareholder information
Corporate governance statement
Mining interest
Annual Mineral Resource Statement
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PVW Resources Limited
Corporate directory
30 June 2023
Directors
David Wheeler – Non-Executive Chairman
George Bauk – Executive Director
Colin McCavana – Non-Executive Director
Exploration Manager
Karl Weber
Company Secretary
Joe Graziano
Registered office
Level 3, 1138 Hay Street, West Perth, Western Australia, 6005
Share register
Auditor
Solicitors
Securities Exchange
Advance Share Registry
110 Stirling Highway, Nedlands, WA 6009
Postal address: PO Box 1156, Nedlands, WA 6909
Ph: +61 8 9389 8033
Fax: +61 8 9262 3723
Web: www.advancedshare.com.au
Hall Chadwick WA Audit Pty Ltd.
283 Rokeby Road, Subiaco WA 6008
Phone: +61 8 9426 0666
Fax: +61 8 9481 1947
Web: www.hallchadwickwa.com.au
Blackwall Legal
Level 26, 140 St Georges Terrace, Perth WA 6000
Australian Securities Exchange
Level 40, Central Park, 152-158 St Georges Terrace, Perth WA 6000
Ph within Australia: 131 ASX (131 279) or +61 2 9338 0000
Fax: +61 2 9227 0885
Web: www.asx.com.au
Stock exchange listing
PVW Resources Limited shares are listed on the Australian Securities Exchange
(ASX: PVW)
Website
www.pvwresources.com.au
1
PVW Resources Limited
Directors' report
30 June 2023
The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter
as the 'Group') consisting of PVW Resources Limited (referred to hereafter as the 'Company' or 'parent entity') and the
entities it controlled at the end of, or during, the year ended 30 June 2023.
Directors
The following persons were Directors of PVW Resources Limited during the whole of the financial year and up to the date
of this report, unless otherwise stated:
David Wheeler (Non-Executive Chairman)
George Bauk (Executive Director)
Colin McCavana (Non-Executive Director)
Information on Directors
Name:
Title:
Experience and expertise:
Other current directorships:
David Wheeler
Non-Executive Director - appointed 29 August 2017 (length of service 5 years
10 months), Non-Executive Chairman - appointed 11 September 2017 (length of
service 5 years 9 months)
Mr. Wheeler has more than 30 years of Senior Executive Management, Directorships,
and Corporate Advisory experience.
Mr. Wheeler is a foundation Director and Partner of Pathways Corporate a boutique
Corporate Advisory firm that undertakes assignments on behalf of family offices,
private clients, and ASX listed companies.
Mr. Wheeler has engaged in business projects in the USA, UK, Europe, NZ, China,
Malaysia, Singapore and the Middle East.
Mr. Wheeler is a Fellow of the Australian Institute of Company Directors and has
experience on public and private company boards, currently holding a number of
Directorships and Advisory positions in Australian companies.
Ragnar Metals Limited, Protean Energy Limited, Avira Resources Limited, Tyranna
Resources Limited, Cycliq Group Limited, Cradle Resources Limited, OZZ Resources
Limited, ColorTV Ltd and MOAB Limited.
Former directorships (last 3 years): Athena Resources Ltd, Health House International Ltd, Syntonic Limited, Blaze
Interests in shares:
Interests in options:
Interests in rights:
International Ltd and Wellfully Ltd.
583,333
1,600,000
800,000
Name:
Title:
Experience and expertise:
George Bauk
Executive Director - appointed 1 February 2021 (length of service 2 years 4 months)
Mr. Bauk is an experienced Executive/Director with 30 years in the resources industry.
Mr. Bauk has worked in global operational and corporate roles with Northern Minerals,
WMC Resources and Western Metals.
Mr. Bauk has a strong background in strategic management, business planning,
building teams, finance and capital/debt raising with a variety of commodities – in
particular rare earths, gold, nickel and uranium.
Mr. Bauk was Managing Director of Northern Minerals from 2010 to 2020. Mr. Bauk is
a Fellow of the CPA and is currently Chairman of: Lithium Australia, BlackEarth
Minerals and Valor Resources.
Lithium Australia Limited, Valor Resources Limited and BlackEarth Minerals NL.
Other current directorships:
Former directorships (last 3 years): Northern Minerals Limited and Gascoyne Resources Limited.
Interests in shares:
Interests in options:
Interests in rights:
2,625,120
-
1,600,000
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PVW Resources Limited
Directors' report
30 June 2023
Name:
Title:
Experience and expertise:
Colin McCavana
Non-Executive Director - appointed 1 February 2021 (length of service 2 years
4 months)
Mr. McCavana has over 40 years’ experience in the mining and resources sector and
has extensive experience in exploration, project development, construction, corporate
management, capital raising, financing, and operations.
Mr. McCavana has had extensive involvement in gold exploration and gold project
development including the successful development and operation of several carbon in
pulp and heap leach gold projects in Western Australia.
Mr. McCavana is also Chairman of Reward Minerals Limited.
Reward Minerals Limited
Other current directorships:
Former directorships (last 3 years): Northern Minerals Limited
Interests in shares:
Interests in options:
Interests in rights:
2,327,003
-
800,000
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all
other types of entities, unless otherwise stated.
'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and
excludes directorships of all other types of entities, unless otherwise stated.
Company secretary
Joe Graziano
Mr Graziano was appointed as Company secretary on 3 December 2018.
Up to 2014 Mr Graziano worked as a Chartered Accountant with corporate and company secretarial experience. Mr Graziano
has over 29 years’ experience providing a wide range of business, financial and strategic advice to small cap unlisted and
listed public companies and privately owned businesses in Western Australia’s resource-driven industries. Since 2014 he
has been focused on corporate advisory, company secretarial and strategic planning with listed corporations including
Mergers & Acquisitions, Capital Raisings, Corporate Governance, ASX compliance and structuring.
Mr Graziano is currently a director of Pathways Corporate Pty Ltd a specialised corporate advisory business.
Meetings of Directors
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2023, and
the number of meetings attended by each Director were:
David Wheeler
George Bauk
Colin McCavana
Full Board
Attended
Held
5
5
5
5
5
5
Held: represents the number of meetings held during the time the Director held office.
Principal activities
The principal activity of the Group constituted by PVW Resources Ltd and the entities it controlled during the year consisted
of gold and rare earth elements mineral exploration in Australia. There has been no significant change in the nature of
these activities during the year
Review of operations
Operationally throughout 2022-2023 period the Company progressed exploration for HREE mineralisation in the Tanami
while ensuring other projects were kept in good standing for future exploration efforts. The exciting discovery in the Tanami
of high grade Heavy Rare Earth Element (HREE) mineralisation in surface samples directed the focus of the Company into
the highly prospective region. The 2022 drilling campaign has confirmed both main prospects, Castella and Watts Rise
display the geology, mineralisation style and grades associated with hydrothermal unconformity related heavy rare earth
mineralisation. Regional Aircore drilling has identified HREE mineralisation in weathered mafic lithologies, a significant
target for future exploration.
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PVW Resources Limited
Directors' report
30 June 2023
Following the completion of Tanami Heritage and Environmental approvals in June 2022, the company immediately started
the drilling activities in the Tanami. Testing the priority Castella and Watts Rise prospects and extending the regional
drilling coverage were the main objectives of the campaign with the goal of identifying mineralisation and generating new
REE targets. The HREE mineralisation intersected did not have the widths required for ongoing drilling and follow up.
However, mapping and geochemistry are suggestive of a larger system at depth beneath the Watts Rise mineralisation.
The lateral extent of anomalous HREE intersections at Castella highlight the potential for a yet undiscovered control.
The Company continues to rationalise the tenement holdings, acquiring and divesting tenure that does or does not meet
expectations. The main goal is to identify a significant mineralised system or large deposit. Smaller discoveries will be
commercialised where possible, opportunities for divestment, acquisition and organic growth are prioritised as required.
PVW Resource’s exploration strategy is to identify and develop concepts into targets that can be tested and validated. As
positive results are received from quality, culturally and environmentally responsible exploration programs the projects
progress to assessment for economic mineral resources. The 2022 – 2023 field season saw 16,206m of air-core drilling
and 10,727m of Reverse Circulation (RC) drilling completed at the challenging Tanami Project without any safety,
environmental or cultural incidents.
Figure 1: Drill targets and detailed geological interpretation.
TANAMI
Over the past two years the company has exponentially increased the understanding of the HURREE mineralisation within
the Tanami Rare Earth Project. The 2022 drilling campaign has generated multiple regional HREE anomalies and has
provided a geochemical understanding applicable to regional exploration and existing prospect extensions.
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PVW Resources Limited
Directors' report
30 June 2023
Orion Metals Limited (‘Orion’) previously explored for gold and REE at the Castella prospect between 2010 and 2012. A
detailed review and compilation of the drilling data from this exploration phase has been completed by PVW, details of
which were reported in announcements ASX:PVW 23 Aug 2021, Tanami – Rare Earths Results Drive Exploration Program;
6 Sep 2021, Rare Earth Potential Identified at Kill Killi.
In 2021 REE mineralisation was recorded by PVW geologists at Castella over a strike length of approximately 2.2km with
elevated portable XRF measurements of yttrium. The rare earth mineralisation has mostly been observed within a basal
conglomerate unit of the Pargee Sandstone which unconformably overlies the older Killi Killi Formation. Where mineralised
the conglomerate unit is often strongly hematitic but also displays silicification and brecciation. Field work confirms the
mineralisation is both structurally and lithologically controlled. The REE mineralised “corridor” at Castella strikes
approximately west-northwest, with cross-cutting structures acting as structural traps for mineralisation along this trend,
and the basal conglomerate unit providing a suitable lithochemical host.
Figure 2: Tanami Project Location.
The contact between the Pargee Sandstone and the Killi Killi Formation is a regional-scale unconformity, over 18km of
strike within PVW tenure considered prospective for hydrothermal unconformity-related REE mineralisation, examples of
which occur across a large part of the Birrindudu Basin (eg. Browns Range, Boulder Ridge). The two main prospect areas,
Castella and Watts Rise occur 12km apart and are both located close to the contact between the Pargee Sandstone and
the Killi Killi Formation.
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PVW Resources Limited
Directors' report
30 June 2023
the xenotime and
PVW have undertaken multiple mineralogical, hyperspectral and metallurgical studies at Castella and Watts Rise. The
studies confirm
important mineral
associations. Metallurgical studies confirmed the amenability of the Tanami Rare Earth Project to known rare earth ore
beneficiation techniques currently being conducted on other heavy rare earth ores within Western Australia and
worldwide. Multielement assay results and the geochemical investigations on drill results in 2022 have provided PVW
geologists with considerable knowledge on the mineralisation system and the pathfinder geochemistry that will assist in
exploring for HURREE mineralisation.
florencite host mineralogy as well as
identifying
A detailed airborne survey flown in 2021 resulted in approximately 16,000 line km’s of new detailed magnetic and
radiometric date. This was integrated with existing airborne surveys and processed to undertake a regional interpretation
for the entire project, and a detailed interpretation to 10,000 scale over the Castella to Watts Rise trend. This survey has
aided in targeting the unconformity and structurally complex areas that were integral to the 2022 drilling campaign. In
addition to the airborne geophysics a detailed ground gravity survey we also completed in 2022 providing an insight into
subsurface structure and stratigraphy.
EXPLORATION
PVW Resources exploration drilling program in 2022 targeted faults and structures that transect the regional unconformity
potentially acting as conduits for mineralising fluids. Deposits of the HURREE style often have a small areal footprint (less
than 200m) requiring detailed geological mapping and close spaced drilling.
Tanami Project Regional Exploration Results
The air-core drilling has provided a first-pass test along 12km from the 18km Watts Rise – Castella regional trend defined
by exploration activities in 2021 and 2022. This regional air-core drilling program has identified exciting REE targets and
confirmed the potential of the project. These targets associated with structure and / or stratigraphy occur along the
unconformity and to the south (beneath) the unconformity within the Killi Killi Formation, also confirming a fertile basement
for TREO mineralisation.
Significant TREO assay results have been returned from the final batches of 2022 air-core samples, With all assays returned
the significant results include:
●
●
●
●
Monte Cristo Prospect 22TAAC0352: 10m @ 1,857ppm TREO (59ppm Dy2O3 468ppm Y2O3) from 19m
including 5m @ 3,071ppm TREO (95ppm Dy2O3 568ppm Y2O3) from 20m (65% HREO).
Monte Cristo Prospect 22TAAC0351: 11m @ 1,037ppm TREO from 22m.
Serpa Prospect 22TAAC0176: 6m @ 1,676ppm TREO from 35m.
Watts East Prospect 22TAAC134: 1m @ 7,032ppm TREO (634ppm Dy2O3 4394ppm Y2O3) from 30m (93%
HREO).
At Watts East highly elevated REE results of 1m @ 7,032ppm TREO at the bottom of the hole and with very high HREO
ratios at 93% suggest the target is an offset extension of Watts Rise.
The Serpa prospect is structurally controlled with mafic hosted mineralisation, open along strike within the Killi Killi
Formation and immediately below the unconformity. This style of mineralisation fits the Company’s exploration model.
The significant widespread TREO mineralisation at Monte Cristo is hosted by saprolite clay. The peak of the anomaly at 5m
@ 3,071ppm is open along strike and the fresh rock source for this mineralisation has not yet been tested. This provides
an excellent geochemical target and when put in a regional context provides an exciting new style of mineralisation.
The ground gravity surveys completed in late 2022 were processed and the initial interpretation has highlighted several
important outcomes, including the northeast breaks and a marked gravity low associated with alteration coincident and
adjacent to the Watts Rise REE anomaly.
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PVW Resources Limited
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Figure 3: Drilling highlighting 2022-2023 results in RC and air-core drilling (ASX: PVW 09 February 2023, Multiple
new Heavy Rare Earth targets identified following exciting air-core results)
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PVW Resources Limited
Directors' report
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Figure 4: Tanami ground gravity survey results and initial interpretation. Watts Rise project gravity results at the
top of the image, Castella at the bottom.
Breccia Zone Target
The Watts Rise Breccia Zone Target includes an interpreted breccia at depth beneath Watts Rise TREO mineralisation and
breccia zone outcropping along strike for 1km to the north-west.
The identification of the breccia zone resulted from compilation of mapping undertaken by Carl Brauhart (ASX:PVW 29
November 2022, New Heavy Rare Earth Breccia target identified at Tanami Project, WA.). If drilling of the interpreted
breccia zone at depth beneath Watts Rise confirms mineralisation within the Killi Killi Formation, then the depth extensions
of the 1km long breccia zone to the north-west, and possible extensions under sand cover to the south-east become very
significant.
The Breccia Zone Target is a high-priority diamond drilling target. The geology intersected in the Watts Rise RC drilling
combined with the now extensive geochemical understanding and the TREO results combine to outline the compelling
Breccia Zone Target. The Company has been successful in securing an Exploration Incentive Scheme grant to test a number
of conceptual targets, including the Breccia Zone Target. Diamond drilling will be required to test for the interpreted Breccia
Zone as well as extensions along strike beneath air-core anomalies, and beneath laterally extensive unconformity hosted
HREE anomalies at Castella.
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Figure 5: Watts Rise Breccia Target, plan view above and schematic cross section (A-B cross section location
shown on the plan view above) For details of the Results and Breccia Target please refer to ASX:PVW 29
November 2022, New Heavy Rare Earth Breccia target identified at Tanami Project, WA.
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PVW Resources Limited
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Tanami Gold Results
Watts Rise RC drilling returned significant gold intersections that confirm historical results and confirm the gold
mineralisation is open at depth. Samples were collected as 1m resamples of previously reported significant 4m RC
composite gold intercepts. The resample results returned high grades, generally similar (to original 4m composite results)
widths including:
●
●
●
22TARC104 – 13m @ 3.72 g/t Au from 79m
including 2m @ 12.97 g/t Au from 79m
and including 1m @ 11.55 g/t Au from 83m
22TARC102 – 14m @ 1.08 g/t Au from 64m
including 1m @ 6.81 g/t Au from 76m
22TARC101 – 1m @ 5.48 g/t Au from 59m
Air-core results highlighted a 4km long zone of anomalous gold in the prospective Killi Killi Formation. In many areas the
gold anomalous intervals are associated with altered and veined sediments or intrusive mafic units of the Killi Killi
Formation. The anomalous gold combined with alteration and lithological changes is a positive association and may be an
indication of a large structure nearby.
Figure 6: Watts Rise RC drilling section with significant gold intervals and simplified geology with mineralisation
open at depth.
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PVW Resources Limited
Directors' report
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Figure 7: Regional air-core with maximum downhole gold results, historical gold results and geological
observations in air-core drilling (ASX : PVW 10 February 2023, Latest assays reinforce high-grade gold potential at
Tanami Gold Project, WA). For detail of all historical Tanami Project exploration data refer to ASX :PVW, Thred
Prospectus Appendix A - Independent Geologists Report, Appendix 1.
KALGOORLIE
The Kalgoorlie Project is situated 30km north of Kalgoorlie near the Broad Arrow Townsite and the Norton Gold Paddington
operations. The tenements are located between major operating gold mines including Golden Cities, Palm, Gordon Sirdar,
and Kanowna Bell.
Three project areas, Black Flag, King of the West, and Gordon Sirdar (including the Pappy Prospect) comprise the Kalgoorlie
Project a total area of approximately 150km2. Mineralisation occurring close to the areas is varied and demonstrates the
importance of understanding local geological controls.
Gold exploration drilling within the Project is surprisingly sparse and superficial given proximity to infrastructure and
operating gold mines. Often overlooked due to the granite dominated tenure, the large holding is a significant opportunity
for PVW Resources. Field activities during the year have been limited to rehabilitation while field work was focused on
exploration in the Tanami.
LEONORA
The Leonora Project is located approximately 55km northwest of Leonora in Western Australia. Access to tenements is
from the Goldfields Highway or from the Leonora – Agnew Rd at the Bannockburn Mine site. Being close to existing
infrastructure and well serviced towns ensures support for field activities. The Jungle Well and Jungle Well North project
areas are contiguous along the Mt Clifford Shear Zone. Brilliant Well is east of the Goldfields Highway and covers a
complicated greenstone / granite gneiss contact.
Numerous operating gold mines in the region include Thunderbox, and Darlot, with King of the Hills (Red 5) producing first
gold in June 2022.
Gold has been mined at Jungle Well, with mining of the shallow oxide Jungle Well pit in 1996. Explorers have targeted
Nickel at Jungle Well and base metals at Brilliant Well. Limited gold exploration has been completed and PVW believe there
is significant potential within all the projects. Field work during the year has been minimal with exploration in the Tanami
taking priority.
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PVW Resources Limited
Directors' report
30 June 2023
BALLINUE
Ballinue Project tenure in the Western Yilgarn Ni-Cu-PGE province, was granted in early 2022. PVW’s reconnaissance
exploration activities were completed, and the project was relinquished in early 2023. With no clear signs of mineralisation
at surface, the expenditure and holding costs were considered disproportionate to the likelihood of a significant discovery.
GASCOYNE PROJECT
PVW has secured a combined exploration package of 316km2 in the heart of the emerging Gascoyne REE Province in WA.
Tenure comprises one granted exploration licence and four applications (ASX:PVW 14 February 2023, PVW Acquires Highly
Prospective New Rare Earth Project in WA’s Gascoyne Province)
The package encompasses major structures covering highly prospective geological units including anomalous REE stream
sediment samples grading >1,000ppm TREO (total rare earths oxide).
The Gascoyne Province is one of the most exciting new REE provinces globally. Resources of note within the region include
the Yangibana Mine, owned by Hastings Technology Metals and a significant TREO resource at the Yin Project operated by
Dreadnought Resources.
The exploration tenure is near a number of recent REE discoveries and active explorers, including:
●
●
●
Kingfisher Mining Ltd - Two of the tenement applications E09/2752 and E09/2753 are situated ~15km south-east
from Kingfisher Mining’s (ASX: KFM) Arthur River Project, located along strike on the highly prospective Lockier Shear
Zone. (ASX:KFM 18 January 2023, Large Scale Carbonatite REE Targets Identified at Arthur River.)
Desert Metals Ltd (17km)
Krakatoa Resources Ltd (30km)
Figure 8: PVW Gascoyne Project location, showing active neighbours and TREO stream sediment results from
previous explorers activities. (ASX:PVW 14 February 2023, PVW Acquires Highly Prospective New Rare Earth
Project in WA’s Gascoyne Province)
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PVW Resources Limited
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30 June 2023
Figure 9: PVW Gascoyne Project location in a regional context with Hastings, Dreadnought and other active
explorers.
TOMKINSON (NT) PROJECT
The Company has been able to assess ground access and regional geology of two tenements EL33443 and EL33444
comprising the Tomkinson Project in the Northern Territory. The exploration licenses were applied for in December 2022
and were granted subsequent to the annual reporting period.
The Tomkinson Project is located over the Tomkinson Basin which has been identified by PVW as prospective for HURREE
mineralisation.
The Tomkinson Basin as part of the greater McArthur Basin, represents an under explored sedimentary basin at the right
age to host HURREE systems. Sediments were deposited at ~1.8 Ga and HURREE mineralisation occurred in similar
geological settings at ~ 1.64 Ga. The basin has potential to host base metals and manganese as demonstrated by the
Bootu Creek Manganese deposit located ~12 km to the south of PVW’s applications. Seismic and geochronology data
indicate that the McArthur Basin extends undercover connecting with the Tomkinson Province in the south, and the
Birrindudu Basin in the west (T.N. Blaikie and M. Kunzmann 2020. Geophysical interpretation and tectonic synthesis of the
Proterozoic southern McArthur Basin, northern Australia Precambrian Research 343 , 2020, 105728).
Logistically the project is well serviced with the Stuart Highway traversing the tenements north – south and located midway
between townships of Tennant Creek and Elliot. A network of station tracks provide access with local pastoralists providing
accommodation and messing facilities.
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PVW Resources Limited
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30 June 2023
Figure 10: PVW Tomkinson Project location, showing regional geology and structural features, stratiform Zn-Pb-Ag
deposits and Bootu Creek Manganese deposit (Modified after T.N. Blaikie and M. Kunzmann 2020)
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PVW Resources Limited
Directors' report
30 June 2023
Corporate
Financial results and condition
The loss for the Group after providing for income tax amounted to $6,087,324 (2022: $6,518,839).
The Group has a working capital surplus of $3,201,105 (2022: $9,053,046) and net cash outflows of $5,589,190 (2022:
inflow of $4,340,870).
Summary of results
Other income
Loss before income tax
Income tax expense
Loss attributable to owners
Other comprehensive loss
Consolidated
2023
$
2022
$
175,174
101,755
(6,087,324)
-
(6,087,324)
(6,518,839)
-
(6,518,839)
(6,087,324)
(6,518,839)
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the Group during the financial year.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Employees
The Group had six employees at 30 June 2023 (2022: six).
Likely developments and expected results of operations
Likely developments in the operations of the Group are set out in the above review of operations in this annual report. Any
future prospects are dependent upon the results of future exploration and evaluation.
Risk overview
The Group’s activities have inherent risk and the Board is unable to provide certainty of the expected results of these
activities. The material business risks that the Group faces that could influence the Group’s future prospects and how these
are managed, are outlined below.
Exploration and developmental risks
Mineral exploration and development is a speculative and high-risk undertaking that may be impeded by circumstances
and factors beyond the control of the Group. As the Group is an early-stage exploration Group, there can be no assurance
that exploration on the projects, or any other exploration properties that may be acquired in the future, will result in the
discovery of an economic mineral resource. Even if an apparently viable mineral resource is identified, there is no
guarantee that it can be economically exploited.
The future exploration activities of the Group may be affected by a range of factors including geological conditions,
limitation on activities due to seasonal weather patterns, unanticipated operations and technical difficulties, industrial and
environmental accidents, contractor performance and many other factors beyond the control of the Group.
Tenement grant and maintenance risks
The Group's mining exploration activities are dependent upon the grant, or as the case may be, the maintenance of
appropriate licenses, concessions, leases, permits and regulatory consents which may be withdrawn or made subject to
limitations. The maintaining of tenements, obtaining renewals, or getting tenements granted, often depends on the Group
being successful in obtaining the required statutory approvals, for its proposed activities and that the licenses, concessions
leases, permits and consents it holds will be renewed as and when required. There's is no assurance that such renewals
will be given as a matter of course and there is no assurance that new conditions will not be imposed in connection
therewith.
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Conditions to tenements
Interests in tenements in Western Australia are governed by legislation and are evidenced by the granting of leases and
licences by the State. The Group is subject to the Mining Act 1978 (WA) (Mining Act) and the Group has an obligation to
meet conditions that apply to the Tenements, including the payment of rent and prescribed annual expenditure
commitments.
The Tenements held by the Group are subject to annual review and periodic renewal. While it is the Group’s intention to
satisfy the conditions that apply to the Tenements, there can be no guarantees made that, in the future, the Tenements
that are subject to renewal will be renewed or that minimum expenditure and other conditions that apply to the Tenements
will be satisfied. Renewal conditions may include increased expenditure and work commitments or compulsory
relinquishment of areas of the tenements comprising the Projects. There is also a risk that the Tenement Applications will
not be granted to the Group. These events could have a materially adverse effect on the Group’s prospects and the value
of its assets.
Crown Land
The land subject to the tenements overlaps with Crown land, including pastoral leases. Upon commencing mining
operations on any of the Tenements, the Group may need to consider entering into a compensation and access agreement
with the lease holders to ensure the requirements of the Mining Act are satisfied and to avoid any disputes arising. In the
absence of agreement, the Warden’s Court determines compensation payable. The entry into these agreements may delay
the undertaking of activities, including the development of any future mines, and may mean that the Group cannot explore
all areas that it may prefer to explore for mineral development.
Native title and heritage matters
In relation to tenements which the Group has an interest in or will in the future acquire such an interest, there may be
areas over which legitimate common law native title rights of Aboriginal Australians exist. If native title rights do exist, the
ability of the Group to gain access to tenements (through obtaining consent of any relevant landowner), or to progress
from the exploration phase to the development and mining phases of operations may be adversely affected.
Grant of Future Authorisations to Explore and Mine
If the Group discovers an economically viable mineral deposit that it then intends to develop, it will, among other things,
require various approvals, licences and permits before it will be able to mine the deposit. There is no guarantee that the
Group will be able to obtain all required approvals, licences and permits. To the extent that required authorisations are not
obtained or are delayed, the Group’s operational and financial performance may be materially adversely affected.
Requirement for additional capital
Previous funds raised have been considered sufficient to meet the immediate objectives of the Group. Further funding may
be required by the Group in the event costs exceed estimates and to effectively implement its business and operational
plans in the future to take advantage of opportunities for acquisitions, joint ventures or other business opportunities, and
to meet any unanticipated liabilities or expenses which the Group may incur. There can be no assurance that additional
finance will be available when needed or, if available, the terms of the financing may be favourable to the Group.
Government policy changes
Adverse changes in government policies or legislation may affect ownership of mineral interests, taxation, royalties, land
access, labour relations, and mining and exploration activities of the Group. It is possible that the current system of
exploration and mine permitting in Western Australia may change, resulting in impairment of rights and possibly
expropriation of the Group’s properties without adequate compensation.
Global market and financial conditions
The mineral resource industry and other industries are impacted by global market and financial conditions. Some of the
key impacts of market uncertainty caused by the COVID-19 pandemic, global geopolitical tensions and inflationary
economic environments may result in contraction in credit markets resulting in widening of credit risk, devaluations and
volatility in global equity, commodity, foreign exchange and precious metal markets. Due to the current nature of the
Group’s activities a slowdown in the financial markets or other economic conditions may adversely affect the Group’s share
price, growth potential and ability to finance its activities.
Climate change regulation
Mining of mineral resources is relatively energy intensive and is dependent on the consumption of fossil fuels. Increased
regulation and government policy designed to mitigate climate change may adversely affect the Group’s cost of operations
and adversely impact the financial performance of the Group.
Matters subsequent to the end of the financial year
No matter or circumstance has arisen since 30 June 2023 that has significantly affected, or may significantly affect the
Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
16
PVW Resources Limited
Directors' report
30 June 2023
Environmental regulation
The Group is subject to environmental regulation in relation to its exploration activities. It aims to ensure that the highest
standard of environmental care is achieved, and that it complies with all relevant environmental legislation. The Directors
are not aware of any breaches during the period covered by this report.
Indemnity and insurance of officers
The Company has entered an Indemnity, Insurance and Access Deed with each Director. Pursuant to the Deed:
"The Director is indemnified by the Company against any liability incurred in that capacity as an officer of the Company to
the maximum extent permitted by law subject to certain exclusions."
The Company must keep a complete set of Company documents until the later of:
●
●
The date which is seven years after the Director ceases to be an officer of the Company; and
The date after a final judgment or order has been made in relation to any hearing, conference, dispute, enquiry or
investigation in which the Director is involved as a party, witness or otherwise because the Director is or was an
officer of the Company (Relevant Proceedings).
The Director has the right to inspect and copy a Company document in connection with any relevant proceedings during
the period referred to above.
Subject to the next sentence, the Company must maintain an insurance policy insuring the Director against liability as a
director and officer of the Company while the Director is an officer of the Company and until the later of:
●
●
The date which is seven years after the Director ceases to be an officer of the Company; and
The date any Relevant Proceedings commenced before the date referred to above have been finally resolved.
The Company may cease to maintain the insurance policy if the Company reasonably determines that the type of coverage
is no longer available.
During the financial year, the Company paid a premium in respect of a contract to insure the Directors and executives of
the Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits
disclosure of the nature of the liability and the amount of the premium.
Indemnity and insurance of auditor
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the
Company or any related entity against a liability incurred by the auditor.
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the
Company or any related entity.
Shares under option
Unissued ordinary shares of PVW Resources Limited under option at the date of this report are as follows:
Grant date
30 January 2021
26 October 2021
19 May 2022
Expiry date
29 January 2024
31 December 2023
19 May 2024
Exercise
price
Number
under option
$0.3000
$0.3000
$0.6000
2,400,000
3,000,000
4,200,000
9,600,000
No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of
the Company or of any other body corporate.
Shares issued on the exercise of options
There were no ordinary shares of PVW Resources Limited issued on the exercise of options during the year ended 30 June
2023 and up to the date of this report.
17
PVW Resources Limited
Directors' report
30 June 2023
Shares under performance rights
Unissued ordinary shares of PVW Resources Limited under performance rights at the date of this report are as follows:
Grant date
29 December 2020
07 September 2021
07 September 2021
11 April 2022
Expiry date
28 December 2025
07 September 2024
07 September 2024
11 April 2024
Number
under rights
3,200,000
850,000
850,000
125,000
5,025,000
No person entitled to exercise the performance rights had or has any right by virtue of the performance right to participate
in any share issue of the Company or of any other body corporate.
Shares issued on the exercise of performance rights
There were no ordinary shares of PVW Resources Limited issued on the exercise of performance rights during the year
ended 30 June 2023 and up to the date of this report.
Non-audit services
There were no non-audit services provided during the financial year by the auditor.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf
of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility
on behalf of the Company for all or part of those proceedings.
Remuneration report (audited)
The remuneration report details the key management personnel remuneration arrangements for the Group, in accordance
with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing and controlling
the activities of the entity, directly or indirectly, including all Directors.
The remuneration report is set out under the following main headings:
●
●
●
●
●
Principles used to determine the nature and amount of remuneration
Details of remuneration
Service agreements
Share-based compensation
Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
The objective of the Group's Executive reward framework is to ensure reward for performance is competitive and
appropriate for the results delivered. The framework aligns Executive reward with the achievement of strategic objectives
and the creation of value for shareholders, and it is considered to conform to the market best practice for the delivery of
reward. The Board of Directors ('the Board') ensures that Executive reward satisfies the following key criteria for good
reward governance practices:
●
●
●
●
●
competitiveness and reasonableness
acceptability to shareholders
performance linkage / alignment of Executive compensation
transparency
capital management
The remuneration policy has been tailored to increase the direct positive relationship between shareholders' investment
objectives and Directors' and Executives' performance. Currently, this may be facilitated through the issue of options to
Directors and Executives to encourage the alignment of personal and shareholder interests. The Company believes this
policy will be effective in increasing shareholder wealth. The Board's policy for determining the nature and amount of
remuneration for Board members and Senior Executive of the Company is as follows:
18
PVW Resources Limited
Directors' report
30 June 2023
Non-Executive Directors remuneration
Fees and payments to Non-Executive Directors reflect the demands and responsibilities of their role. Non-Executive
Directors' fees and payments are reviewed annually by the Nomination and Remuneration Committee. The Nomination and
Remuneration Committee may, from time to time, receive advice from independent remuneration consultants to ensure
Non-Executive Directors' fees and payments are appropriate and in line with the market. The chairman's fees are
determined independently to the fees of other Non-Executive Directors based on comparative roles in the external market.
The chairman is not present at any discussions relating to the determination of his own remuneration. Non-Executive
Directors do not receive share options or other incentives.
The Company's Constitution provides that Directors are entitled to be remunerated for their services as follows:
●
The total aggregate fixed sum per annum to be paid to the Directors (excluding salaries of Executive Directors) from
time to time will not exceed the sum determined by the Shareholders in general meeting and the total aggregate
fixed sum will be divided between the Directors as the Directors shall determine and, in default of agreement between
them, then in equal shares.
The Directors' remuneration accrues from day to day.
The total aggregate fixed sum per annum which may be paid to Non-Executive Directors is $300,000. This amount
cannot be increased without the approval of the Company's Shareholders.
●
●
The Directors are entitled to be paid reasonable travelling, accommodation and other expenses incurred by them
respectively in or about the performance of their duties as Directors.
Executive remuneration
The Company’s remuneration policy for Executive Directors and senior management is designed to promote superior
performance and long-term commitment to the Company. Executives receive a base remuneration which is market related
and may receive performance-based remuneration. The Board reviews Executive packages annually by reference to the
Company's performance, Executive performance, and comparable information from industry sectors and other listed
companies in similar industries. Executives are also entitled to participate in employee share and option schemes. An
Incentive Option Plan was approved by shareholders on 29 November 2022.
Fixed Remuneration
Other than statutory superannuation contribution, no retirement benefits are provided for Executive and Non-Executive
Directors of the Company. To align Directors' interests with shareholder interests, the Directors are encouraged to hold
shares in the company.
Performance Based Remuneration – Short-term and long-term incentive structure
The Board will review short-term and long-term incentive structures from time to time. Any incentive structure will be
aligned with shareholders' interests.
●
Short-term incentives - No short-term incentives in the form of cash bonuses were granted to Directors during the
year.
Long-term incentives - The Board has a policy of granting incentive options to Executives with exercise prices above
market share price. As such, incentive options granted to Executives will generally only be of benefit if the Executives
perform to the level whereby the value of the Group increases sufficiently to warrant exercising the incentive options
granted.
●
The Executive Directors will be eligible to participate in any short term and long-term incentive arrangements operated or
introduced by the Company (or any subsidiary) from time to time
Consolidated entity performance and link to remuneration
As the Group is in the early stages of development and commercialisation, the Board did not consider earnings during the
current and previous financial years when determining the nature and amount of remuneration of KMP.
Use of remuneration consultants
During the financial year, the Company did not engage any remuneration consultants.
Voting and comments made at the Company's 2022 Annual General Meeting ('AGM')
At the 29 November 2022 AGM, 99.91% of the votes received supported the adoption of the remuneration report for the
year ended 30 June 2022. The Company did not receive any specific feedback at the AGM regarding its remuneration
practices.
Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the Group are set out in the following tables.
19
PVW Resources Limited
Directors' report
30 June 2023
2023
David Wheeler
George Bauk
Colin McCavana
2022
David Wheeler
George Bauk
Colin McCavana
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary
and fees
$
Cash
bonus
$
Non-
Super-
monetary annuation
$
$
Long
service
leave
$
Equity-
settled
$
Total
$
60,000
250,000
48,000
358,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
60,000
250,000
48,000
358,000
Short-term benefits
Post-
employmen
t benefits
Long-term
benefits
Share-
based
payments
Cash salary
and fees
$
Cash
bonus
$
Non-
Super-
monetary annuation
$
$
Long
service
leave
$
Equity-
settled
$
Total
$
60,000
160,000
48,000
268,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
60,000
160,000
48,000
268,000
Service agreements
Remuneration and other terms of employment for key management personnel are formalised in service agreements.
Details of these agreements are as follows:
Name:
Title:
Agreement commenced:
Term of agreement:
Details:
Name:
Title:
Agreement commenced:
Term of agreement:
Details:
Name:
Title:
Agreement commenced:
Term of agreement:
Details:
David Wheeler
Non-Executive Chairman
29 August 2017
Mr Wheeler's appointment as a Non-Executive Chairman will terminate on the date
he retires by rotation under the Company’s Constitution but will continue for further
terms if he is re-elected at future annual general meetings.
Mr Wheeler was elected Chair by the Board of Directors on 11 September 2017. In
consideration for his services as a Chair and member of any Board committee, Mr
Wheeler is paid a set a monthly fee.
George Bauk
Executive Director
1 February 2021
Mr Bauk's appointment as a Executive Director will terminate on the date he retires
by rotation under the Company’s Constitution but will continue for further terms if he
is re-elected at future annual general meetings.
In consideration for his services as a Non-Executive Director and member of any
Board committee, Mr Bauk is paid a set a monthly fee.
Colin McCavana
Non-Executive Director
1 February 2021
Mr McCavana's appointment as a Non-Executive Director will terminate on the date
he retires by rotation under the Company’s Constitution but will continue for further
terms if he is re-elected at future annual general meetings.
In consideration for his services as a Non-Executive Director and member of any
Board committee, Mr McCavana is paid a set a monthly fee.
20
PVW Resources Limited
Directors' report
30 June 2023
Share-based compensation
Issue of shares
There were no shares issued to Directors and other key management personnel as part of compensation during the year
ended 30 June 2023.
Options
There were no options over ordinary shares issued to Directors and other key management personnel as part of
compensation that were outstanding as at 30 June 2023.
Performance rights
There were no performance rights over ordinary shares issued to Directors and other key management personnel as part
of compensation that were outstanding as at 30 June 2023.
Additional disclosures relating to key management personnel
Shareholding
The number of shares in the Company held during the financial year by each Director and other members of key
management personnel of the Group, including their personally related parties, is set out below:
Ordinary shares
David Wheeler
Colin McCavana
George Bauk
Balance at
the start of
the year
Movements
due to
reverse
acquisition
583,333
2,327,003
2,625,120
5,535,456
-
-
-
-
At
appointment/
resignation
Balance at
the end of the
year
Additions
-
-
-
-
-
-
-
-
583,333
2,327,003
2,625,120
5,535,456
Option holding
The number of options over ordinary shares in the Company held during the financial year by each Director and other
members of key management personnel of the Group, including their personally related parties, is set out below:
Balance at
the start of
the year
Granted
Exercised
other
Expired/
forfeited/
Balance at
the end of
the year
Options over ordinary shares
David Wheeler
1,600,000
1,600,000
-
-
-
-
-
-
1,600,000
1,600,000
Performance rights holding
The number of performance rights over ordinary shares in the Company held during the financial year by each Director
and other members of key management personnel of the Group, including their personally related parties, is set out below:
Performance rights over ordinary shares
David Wheeler
Colin McCavana
George Bauk
Balance at
the start of
the year
800,000
800,000
1,600,000
3,200,000
Granted
Vested
other
Expired/
forfeited/
Balance at
the end of
the year
-
-
-
-
-
-
-
-
-
-
-
-
800,000
800,000
1,600,000
3,200,000
Loans from/ to key management personnel and their related parties
The Group had no loans with key management personnel as at year end.
Other transactions with key management personnel and their related parties
During the year, payments were made to key management personnel and their related parties for director fees and rent.
Refer to note 24 for details on related party transactions.
This concludes the remuneration report, which has been audited.
21
PVW Resources Limited
Directors' report
30 June 2023
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out
immediately after this Directors' report.
This report is made in accordance with a resolution of Directors, pursuant to section 298(2)(a) of the Corporations Act
2001.
On behalf of the Directors
___________________________
David Wheeler
Non-Executive Chairman
27 September 2023
Perth
22
PVW Resources Limited
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2023
Revenue
Other income
Interest income
Expenses
Exploration expense
Other expenses
Employee benefits expense
Depreciation and amortisation expense
Share based payments
Interest expense
Loss before income tax expense
Income tax expense
Loss after income tax expense for the year attributable to the owners of
PVW Resources Limited
Other comprehensive income for the year, net of tax
Total comprehensive income for the year attributable to the owners of
PVW Resources Limited
Basic earnings per share
Diluted earnings per share
Note
Consolidated
2023
$
2022
$
123,012
52,162
98,913
2,842
5
6
21
(4,671,013)
(790,388)
(593,702)
(136,306)
(66,995)
(4,094)
(3,077,238)
(869,687)
(554,252)
(113,962)
(1,998,908)
(6,547)
(6,087,324)
(6,518,839)
7
-
-
(6,087,324)
(6,518,839)
-
-
(6,087,324)
(6,518,839)
Cents
Cents
8
8
(6.27)
(6.27)
(8.49)
(8.49)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction
with the accompanying notes
24
PVW Resources Limited
Consolidated statement of financial position
As at 30 June 2023
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Other current assets
Total current assets
Non-current assets
Plant and equipment
Right-of-use assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Lease liabilities
Provisions
Other liabilities
Total current liabilities
Non-current liabilities
Lease liabilities
Provisions
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Total equity
Note
Consolidated
2023
$
2022
$
9
11
12
13
14
15
16
17
15
16
3,766,395
59,957
97,105
3,923,457
9,355,585
122,177
79,844
9,557,606
124,947
131,536
256,483
170,560
122,644
293,204
4,179,940
9,850,810
255,702
82,785
83,865
300,000
722,352
368,698
70,912
64,950
-
504,560
59,417
300,000
359,417
65,696
300,000
365,696
1,081,769
870,256
3,098,171
8,980,554
18
20
22,029,616 21,752,950
3,268,152
(22,127,872) (16,040,548)
3,196,427
3,098,171
8,980,554
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
25
PVW Resources Limited
Consolidated statement of changes in equity
For the year ended 30 June 2023
Consolidated
Balance at 1 July 2021
Issued
capital
$
Accumulated
losses
$
Share-based
payment
reserve
$
Total equity
$
13,119,269
(9,521,709)
587,122
4,184,682
Loss after income tax expense for the year
Other comprehensive income for the year, net of tax
Total comprehensive income for the year
-
-
(6,518,839)
-
-
(6,518,839)
-
-
-
(6,518,839)
-
(6,518,839)
Transactions with owners in their capacity as owners:
Performance rights issued (note 21)
Options issued
Share issued for the acquisition of Stark Resources(note 18)
Share issue costs
Shares issued under prospectus (note 18)
Performance share issued due to acquisition(note 21)
Performance rights vested
-
-
247,500
(1,113,819)
9,500,000
-
-
-
-
-
-
-
-
-
79,438
2,404,542
-
-
-
181,050
16,000
79,438
2,404,542
247,500
(1,113,819)
9,500,000
181,050
16,000
Balance at 30 June 2022
21,752,950 (16,040,548)
3,268,152
8,980,554
Consolidated
Balance at 1 July 2022
Issued
capital
$
Accumulated
losses
$
Share-based
payment
reserve
$
Total equity
$
21,752,950 (16,040,548)
3,268,152
8,980,554
Loss after income tax expense for the year
Other comprehensive income for the year, net of tax
Total comprehensive income for the year
-
-
(6,087,324)
-
-
(6,087,324)
-
-
-
(6,087,324)
-
(6,087,324)
Transactions with owners in their capacity as owners:
Share-based payments (note 21)
Share issued for the acquisition of Rare Metals Group Pty Ltd
and Tiger Metals Pty Ltd (note 18)
-
276,666
-
-
(71,725)
(71,725)
-
276,666
Balance at 30 June 2023
22,029,616 (22,127,872)
3,196,427
3,098,171
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
26
PVW Resources Limited
Consolidated statement of cash flows
For the year ended 30 June 2023
Cash flows from operating activities
Payments to suppliers and employees
Exploration and evaluation expenditure
Purchase of tenements
Interest received
Interest and other finance costs paid
Note
Consolidated
2023
$
2022
$
(1,212,149)
(4,290,524)
(40,000)
52,162
(4,094)
(1,625,655)
(2,700,225)
(15,000)
2,842
-
Net cash used in operating activities
10
(5,494,605)
(4,338,038)
Cash flows from investing activities
Payments for property, plant and equipment
Cash acquired from acquisition
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issue of shares
Share issue transaction costs
Repayment of lease liabilities
Net cash (used in)/from financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
18
(23,895)
400
(147,858)
-
(23,495)
(147,858)
-
-
(71,090)
9,503,420
(616,166)
(60,488)
(71,090)
8,826,766
(5,589,190)
9,355,585
4,340,870
5,014,715
Cash and cash equivalents at the end of the financial year
9
3,766,395
9,355,585
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
27
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 1. General information
The financial statements cover PVW Resources Limited as a Group consisting of PVW Resources Limited and the entities it
controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is PVW
Resources Limited's functional and presentation currency.
PVW Resources Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered
office and principal place of business is:
Level 3, 1138 Hay Street, West Perth, Western Australia, 6005
The Group is a mining and exploration company.
The financial statements were authorised for issue, in accordance with a resolution of Directors, on 23 September 2023.
Note 2. Significant accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out either in the respective
notes or below. These policies have been consistently applied to all the years presented, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian
Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
Going concern
The Group has a history of incurring trading losses and net cash outflows from operating activities. For the year ended 30
June 2023, the Group incurred a loss of $6,087,324 (2022: $6,518,839) and cash outflows from operating activities of
$5,494,605 (2022: $4,338,038). The business has been funded as required via capital raising activities. The Group has
the ability to reduce forecast expenditure if required and it is anticipated that additional capital can be raised in the future
if required.
The Directors have assessed the Group’s ability to continue as a going concern and have not identified any significant risks.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as
appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting
Standards as issued by the International Accounting Standards Board ('IASB').
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for, where applicable, the
revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other
comprehensive income, investment properties, certain classes of property, plant and equipment, share based payments
and derivative financial instruments.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a
higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial
statements, are disclosed in note 3.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the Group only.
Supplementary information about the parent entity is disclosed in note 26.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of PVW Resources Limited
('Company' or 'parent entity') as at 30 June 2023 and the results of all subsidiaries for the year then ended. PVW Resources
Limited and its subsidiaries together are referred to in these financial statements as the 'Group'.
28
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 2. Significant accounting policies (continued)
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is
transferred to the Group. They are de-consolidated from the date that control ceases.
Revenue recognition
The Group recognises revenue as follows:
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the
amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest
rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset
to the net carrying amount of the financial asset.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
Impairment of non-financial assets
Non-financial assets, other than deferred tax assets ("DTAs") are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount
by which the asset's carrying amount exceeds its recoverable amount.
Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the
present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or
cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to
form a cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset exceeds it recoverable amount. Impairment losses are
recognised in profit or loss.
New Accounting Standards and Interpretations not yet mandatory or early adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian
Accounting Standards Board ('AASB') that are mandatory for the current reporting period. There was no material impact
to Group accounting policies.
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory,
have not been early adopted by the Group for the annual reporting period ended 30 June 2023. The Group has not yet
assessed the impact of these new or amended Accounting Standards and Interpretations.
Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that
affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates
in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates
and assumptions on historical experience and on other various factors, including expectations of future events,
management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will
seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next
financial year are discussed below.
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity
instruments at the date at which they are granted. The fair value is determined by using Binomial or Black-Scholes model
taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and
assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and
liabilities within the next annual reporting period but may impact profit or loss and equity.
The Group measures the cost of cash-settled share-based payments at fair value at the grant date using the Binomial or
Black-Scholes model taking into account the terms and conditions upon which the instruments were granted.
29
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 3. Critical accounting judgements, estimates and assumptions (continued)
This fair value is expensed over the period until vesting with recognition of a corresponding liability. The liability is re-
measured to fair value at each balance date up to and including the settlement date with changes in fair value recognised
in profit or loss.
Allowance for expected credit losses
The allowance for expected credit losses assessment requires a degree of estimation and judgement. It is based on the
lifetime expected credit loss, grouped based on days overdue, and makes assumptions to allocate an overall expected
credit loss rate for each group. These assumptions include recent sales experience and historical collection rates.
Income tax
The Group is subject to income taxes in the jurisdictions in which it operates. Significant judgement is required in
determining the provision for income tax. There are many transactions and calculations undertaken during the ordinary
course of business for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated
tax audit issues based on the Group's current understanding of the tax law. Where the final tax outcome of these matters
is different from the carrying amounts, such differences will impact the current and deferred tax provisions in the period
in which such determination is made.
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the Group considers it is probable that
future taxable amounts will be available to utilise those temporary differences and losses.
Provision for rehabilitation
A provision for restoration and rehabilitation is recognised when there is a present obligation as a result of development
activities undertaken, it is probable that an outflow of economic benefits will be required to settle the obligation, and the
amount of the provision can be measured reliably. The estimated future obligations include the costs of abandoning sites,
removing facilities and restoring the affected areas.
The provision for future restoration costs is the best estimate of the present value of the expenditure required to settle the
restoration obligation at the balance date. Future restoration costs are reviewed annually and any changes in the estimate
are reflected in the present value of the restoration provision at each balance date.
The initial estimate of the restoration and rehabilitation provision is capitalised into the cost of the related asset and
amortised on the same basis as the related asset, unless the present obligation arises from the production of inventory in
the period, in which case the amount is included in the cost of production for the period. Changes in the estimate of the
provision for restoration and rehabilitation are treated in the same manner, except that the unwinding of the effect of
discounting on the provision is recognised as a finance cost rather than being capitalised into the cost of the related asset.
Note 4. Operating segments
Identification of reportable operating segments
The Group operates only in one business and geographical segment being predominantly in the area of mineral exploration
and exploitation in Western Australia. The Group considers its business operations in mineral exploration and exploitation
to be its primary reporting function.
These operating segments are based on the internal reports that are reviewed and used by the Board of Directors (who
are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the allocation
of resources. There is no aggregation of operating segments.
Accounting policy for operating segments
Unless otherwise stated, all amounts reported to the Board of Directors as the CODM with respect to operating segments,
are determined in accordance with AASB 8 Operating Segments.
30
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 5. Exploration expense
Personnel
Drilling
Tenement rents, rates and others
Tenement purchase1
Rehabilitation
General contractors
Other exploration expenses
Assaying
Vehicle running costs
Land use fees
Field provisions and accommodation
Consolidated
2023
$
2022
$
739,260
1,053,273
307,705
524,494
13,448
350,134
544,944
587,054
168,650
221,967
160,084
392,415
530,424
280,976
445,017
3,472
575,743
283,303
302,192
84,658
108,924
70,114
4,671,013
3,077,238
1 Tenement purchase relates to the acquisition of Tiger Metals Pty Ltd and Rare Metals Group Pty Ltd. See note 19 for
further details.
Accounting policy on exploration expenses
Exploration, evaluation and acquisition costs are expensed in the year they are incurred. Development costs are capitalised.
Development expenditure is recognised at cost less accumulated amortisation and any impairment losses. Exploration and
evaluation expenditure is classified as development expenditure once the technical feasibility and commercial viability of
extracting the related mineral resource is demonstrable. Where commercial production in an area of interest has
commenced, the associated costs together with any forecast future capital expenditure necessary to develop proved and
probable reserves are amortised over the estimated economic life of the mine on a units-of-production basis.
Changes in factors such as estimates of proved and probable reserves that affect unit-of-production calculations are dealt
with on a prospective basis.
Note 6. Other expenses
Accounting services
Marketing expense
Consultants
ASX cost
Other expenses
Consolidated
2023
$
2022
$
108,485
120,366
217,485
50,002
294,050
128,062
152,505
204,893
46,217
338,010
790,388
869,687
31
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 7. Income tax
Income tax expense
Current tax
Deferred tax - origination and reversal of temporary differences
Adjustment recognised for prior periods
Aggregate income tax expense
Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense
Tax at the statutory tax rate of 25% (2022:25%)
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Share-based payments
Current year tax losses not recognised
Current year temporary differences not recognised
Income tax expense
Consolidated
2023
$
2022
$
-
-
-
-
-
-
-
-
(6,087,324)
(6,518,839)
(1,521,831)
(1,629,710)
16,749
499,727
(1,505,082)
2,134,899
(629,817)
(1,129,983)
1,004,916
125,067
-
-
Consolidated
2023
$
2022
$
Tax losses not recognised
Unused tax losses for which no deferred tax asset has been recognised
Potential tax benefit @ 25% (2022:25%)
28,211,654 26,706,572
7,052,914
6,676,643
The above potential tax benefit for tax losses has not been recognised in the statement of financial position. These tax
losses can only be utilised in the future if the continuity of ownership test is passed, or failing that, the same business test
is passed.
The losses have not been brought to account because the Directors do not believe it is appropriate to regard realisation of
those deferred tax assets as being probable. The benefit of these deferred tax assets will only be obtained if:
●
●
●
The Group derives future assessable income of a nature and of an amount sufficient to enable the benefit from the
deductions for the temporary differences to be realized
The Group continues to comply with the conditions of deductibility imposed by tax legislation
No change in tax legislation adversely affect the Group is realizing the benefit from the deductions for the temporary
difference.
Accounting policy for income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable
income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary
differences, unused tax losses and the adjustment recognised for prior periods, where applicable.
32
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 7. Income tax (continued)
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when
the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted,
except for:
●
When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in
a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting
nor taxable profits; or
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and
the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the
foreseeable future.
●
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred
tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for
the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is
probable that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets
against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable
authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.
Note 8. Earnings per share
Consolidated
2023
$
2022
$
Loss after income tax attributable to the owners of PVW Resources Limited
(6,087,324)
(6,518,839)
Weighted average number of ordinary shares used in calculating basic earnings per share
97,110,980 76,790,151
Weighted average number of ordinary shares used in calculating diluted earnings per share 97,110,980 76,790,151
Number
Number
Basic earnings per share
Diluted earnings per share
Cents
Cents
(6.27)
(6.27)
(8.49)
(8.49)
The weighted average number of shares outstanding for the year ended 30 June 2023 is based on the weighted average
number of shares of PVW Resources Limited outstanding in the period following the acquisition.
Accounting policy for earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of PVW Resources Limited, excluding
any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding
during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account
the cost of servicing equity (other than dividends) and preference share dividends, the after income tax effect of dividends,
interest and other financing costs associated with dilutive potential ordinary shares that have been recognised as expenses,
other discretionary changes in revenues or expenses during the period that would result from the dilution of potential
ordinary shares, and the weighted average number of shares assumed to have been issued for no consideration in relation
to dilutive potential ordinary shares adjusted for any bonus element.
33
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 9. Cash and cash equivalents
Current assets
Cash at bank
Consolidated
2023
$
2022
$
3,766,395
9,355,585
Accounting policy for cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly
liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash
and which are subject to an insignificant risk of changes in value.
Note 10. Cash flow information
Reconciliation of loss after income tax to net cash used in operating activities
Loss after income tax expense for the year
Adjustments for:
Depreciation and amortisation
Share-based payments
Interest expense
Purchase of subsidiary
Change in operating assets and liabilities:
Decrease/(increase) in trade and other receivables
Increase in other current assets
Decrease in trade and other payables
Increase in provisions
Net cash used in operating activities
Note 11. Trade and other receivables
Current assets
Trade receivables
GST receivable
Consolidated
2023
$
2022
$
(6,087,324)
(6,518,839)
136,307
66,995
993
484,495
113,962
1,998,908
6,548
430,017
62,221
(17,262)
(159,945)
18,915
(19,983)
(20,565)
(372,587)
44,501
(5,494,605)
(4,338,038)
Consolidated
2023
$
2022
$
27,681
32,276
-
122,177
59,957
122,177
Under the general approach to impairment, the Group has assessed there was no impairment to the working capital facility
for the year.
Accounting policy for other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective
interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within
30 days.
34
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 11. Trade and other receivables (continued)
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
Note 12. Plant and equipment
Non-current assets
Motor vehicles - at cost
Less: Accumulated depreciation
Plant and equipment - at cost
Less: Accumulated depreciation
Office equipment - at cost
Less: Accumulated depreciation
Consolidated
2023
$
2022
$
97,062
(32,058)
65,004
153,012
(93,551)
59,461
1,108
(626)
482
76,972
(18,704)
58,268
149,208
(37,519)
111,689
1,108
(505)
603
124,947
170,560
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below:
Consolidated
Balance at 1 July 2021
Additions
Depreciation expense
Balance at 30 June 2022
Additions
Depreciation expense
Balance at 30 June 2023
Plant and
equipment
$
Motor
vehicles
$
Office
equipment
$
Total
$
855
144,068
(33,235)
111,688
3,804
(56,031)
68,255
3,791
(13,777)
58,269
20,090
(13,355)
754
-
(151)
603
-
(121)
69,864
147,859
(47,163)
170,560
23,894
(69,507)
59,461
65,004
482
124,947
Accounting policy for plant and equipment
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes
expenditure that is directly attributable to the acquisition of the items. Cost includes expenditure that is directly attributable
to the acquisition of the asset.
Depreciation is calculated on a diminishing value basis to write off the net cost of each item of plant and equipment over
their expected useful lives as follows:
Motor Vehicles
Computer Equipment
Office Equipment
Plant and equipment
10 years
4 years
10 years
4 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting
date.
35
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 12. Plant and equipment (continued)
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to
the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.
Note 13. Right-of-use assets
Non-current assets
Land and buildings - right-of-use
Less: Accumulated depreciation
Office equipment - right-of-use
Less: Accumulated depreciation
Consolidated
2023
$
2022
$
274,696
(145,126)
129,570
196,105
(77,575)
118,530
6,440
(4,474)
1,966
4,293
(179)
4,114
131,536
122,644
Reconciliations
Reconciliations of the written down values at the beginning and end of the current financial year are set out below:
Consolidated
Balance at 1 July 2022
Additions1
Amortisation expense
Balance at 30 June 2023
Building
$
Office
equipment
$
Total
$
118,530
80,739
(69,699)
4,114
-
(2,148)
122,644
80,739
(71,847)
129,570
1,966
131,536
1 On 1 March 2023, the Group entered into a warehouse lease agreement for a 2-year term, with a 2-year lease extension.
The valuation for the warehouse lease is based on the present value of the lease payments, using an incremental borrowing
rate of 7.29% over a 4-year term. Lease extension options have been deemed by management to be reasonably certain
to be exercised.
Accounting policy for right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which
comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the
commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in
the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset,
and restoring the site or asset.
Right-of-use assets are amortised on a straight-line basis over the unexpired period of the lease or the estimated useful
life of the asset, whichever is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of
the lease term, the amortisation is over its estimated useful life. Right-of use assets are subject to impairment or adjusted
for any remeasurement of lease liabilities. The subsequent measurement of the right-of-use assets is at cost less
accumulated amortisation and impairment losses.
The Group has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with
terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss
as incurred.
36
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 14. Trade and other payables
Current liabilities
Trade payables
Accruals
Other payables
Consolidated
2023
$
2022
$
134,611
41,500
79,591
295,512
39,500
33,686
255,702
368,698
Refer to note 22 for further information on financial risk management.
Accounting policy for trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and
which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts
are unsecured and are usually paid within 30 days of recognition.
Due to the short term nature of these payables, their carrying value is assumed to approximate their fair value.
Note 15. Lease liabilities
Current liabilities
Lease liability
Non-current liabilities
Lease liability
Amounts recognised in profit or loss
Interest on lease liabilities
Amortisation
Consolidated
2023
$
2022
$
82,785
70,912
59,417
65,696
Consolidated
2023
$
2022
$
(4,094)
(66,800)
(6,547)
(66,800)
(70,894)
(73,347)
Accounting policy for lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present
value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease
or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Lease payments comprise of fixed
payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts
expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option
is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend
on an index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured
if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual
guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an
adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use
asset is fully written down.
37
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 16. Provisions
Current liabilities
Annual and long service leave
Non-current liabilities
Environmental
Consolidated
2023
$
2022
$
83,865
64,950
300,000
300,000
Rehabilitation
The provision for rehabilitation relates to the estimated cost of rehabilitation work to be carried out in relation to the Jungle
Well tenement.
Accounting policy for provisions
Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of a past event, it is
probable the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the
obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present
obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time
value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in
the provision resulting from the passage of time is recognised as a finance cost.
Accounting policy for employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave, long service leave and accumulating sick
leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be
paid when the liabilities are settled. Non-accumulating sick leave is expensed to profit or loss when incurred.
Note 17. Other liabilities
Current liabilities
Deferred consideration1
Consolidated
2023
$
2022
$
300,000
-
1 Deferred consideration relates to $300,000 payable to the vendors as part of the consideration payable for the Tiger
Metals Pty Ltd and Rare Metals Group Pty Ltd acquisition (see note 19 for further details).
Note 18. Issued capital
Ordinary shares - fully paid
98,463,602 96,335,413 22,029,616 21,752,950
Consolidated
2023
Shares
2022
Shares
2023
$
2022
$
38
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 18. Issued capital (continued)
Movements in ordinary share capital
Details
Date
Shares
Issue price
$
Balance
Share issued under placement
Share issue costs
Share issued on acquisition of Stark
Share issued under placement
1 July 2021
18 May 2022
9 September 2021
14 April 2022
71,085,412
5,603,648
-
1,500,001
18,146,352
$0.4000
$0.0000
$0.1650
$0.4000
13,119,269
2,241,459
(1,113,819)
247,500
7,258,541
Balance
Share issued on acquisition of Rare Metals Group &
Tiger Metals
Share issued to advisors
30 June 2022
96,335,413
21,752,950
17 February 2023
17 February 2023
1,578,189
550,000
$0.1300
$0.1300
205,166
71,500
Balance
30 June 2023
98,463,602
22,029,616
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in
proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and
the Company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each
share shall have one vote.
Capital risk management
The Group's objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can
provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce
the cost of capital. The capital structure of the Group consists of cash.
Accounting policy for issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax,
from the proceeds.
Note 19. Acquisition of Tiger Metals Pty Ltd and Rare Metals Group Pty Ltd
On 17 February 2023, the Company completed the acquisition of 100% of the issued capital in Tiger Metals Pty Ltd ("Tiger
Metals") and Rare Metals Group Pty Ltd ("Rare Metals Group"), the holders of the Gascoyne Project. The acquisition does
not meet the definition of a business combination under AASB 3 Business Combinations as Tiger Metals and Rare Metals
Group do not meet the definition of a business under AASB 3. Accordingly, the acquisition has been accounted for as asset
acquisition.
Key terms of the Gascoyne Project purchase agreement include:
●
●
●
●
●
The acquisition of the project tenement holders (being Rare Metals Group and Tiger Metals);
On execution of the purchase agreement, the payment of $40,000 cash and the issue of 1,578,189 PVW shares
(subject to 6 month escrow) to the vendors;
On the earlier of the date of grant of the pending tenements and 6 months after execution of the purchase agreement,
the issue to the vendors of PVW shares to the value of $200,000 (at an issue price equal to the 10-day VWAP of PVW
shares at the date of issue). As at 30 June 2023 the tenements remain pending;
A further issue to the vendors of PVW shares to the value of $400,000 (at an issue price equal to the 10-day VWAP
of PVW shares as at the date of issue) in the event of PVW’s drilling activity at the project results in an intersection
of at least 5 meters at 5,000 ppm TREO. The probability of this milestone being achieved is 25%; and
Payment of an asset introduction fee of 550,000 PVW shares at CPS Capital Group Pty Ltd.
The total consideration for the acquisitions is $616,665 as follows:
39
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 19. Acquisition of Tiger Metals Pty Ltd and Rare Metals Group Pty Ltd (continued)
●
●
●
●
●
Cash payment of $40,000.
1,578,189 fully paid ordinary shares of the Company valued at $205,165 using share price of $0.13 on acquisition
date.
Fully paid ordinary shares of the Company valued at $200,000 at acquisition and to be issued on the earlier of the
date of grant of the pending tenements and 6 months after execution of the purchase agreement. Refer to note 17
for details.
Fully paid ordinary shares of the Company valued at $100,000 at acquisition to be issued in the event of PVW’s drilling
activity at the project results in an intersection of at least 5 meters at 5,000 ppm TREO, based on 25% probability of
the milestone being achieved. Refer to note 17 for details.
550,000 fully paid ordinary shares of the Company valued at $71,500 using share price of $0.13 on acquisition date.
The fair value of identifiable assets and liabilities of Tiger Metals Pty Ltd as at the date of the acquisition is as follows:
Tiger Metals Group Pty Ltd
Current assets
Non-current liabilities
Net assets acquired
Rare Metals Group Pty Ltd
Current assets
Non-current liabilities
2023
$
300
(17,592)
(17,292)
2023
100
(29,357)
(29,257)
The Company recognised the amount of $524,494 as Exploration Expense in Profit or Loss (refer to note 5 for further
details).
Note 20. Reserves
Share-based payments reserve
Consolidated
2023
$
2022
$
3,196,427
3,268,152
Share-based payments reserve
The reserve is used to recognise the value of equity benefits provided to employees and Directors as part of their
remuneration, and other parties as part of their compensation for services.
40
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 20. Reserves (continued)
Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:
Consolidated
Balance at 1 July 2021
Issue of 1,700,000 performance rights on 7 September 2021
Vesting of performance rights issued on 29 December 2020
Issue of 1,800,000 performance rights on 20 July 2021
Issue of 1,800,000 performance rights on 11 April 2022
Issue of 3,000,000 options of 21 October 2021
Issue of 3,000,000 options of 26 October 2021
Consideration received for options on 28 October 2021
Consideration received for options on 20 May 2022
Issue of 4,200,000 options on 19 May 2022
Balance at 30 June 2022
Revaluation of 1,700,000 performance rights on 7 September 2021
Revaluation of 3,200,000 performance rights issued on 29 December 2020
Vesting of 1,800,000 performance rights issued on 20 July 2021
Expiry of 1,800,000 performance rights issued on 20 July 2021
Balance at 30 June 2023
Note 21. Share-based payments
Share-based
payment
reserve
$
587,122
181,050
16,000
71,452
7,986
895,133
1,008,337
3,000
420
497,652
3,268,152
(138,720)
(4,011)
63,615
7,391
3,196,427
Total expenses arising from share-based payment transactions recognised during the period were as follows:
Options issued
Performance rights issued
Performance rights vested
Performance rights expired
Options
Set out below are summaries of options granted:
Outstanding at the beginning of the financial year
Granted
Expired
Consolidated
2023
$
2022
$
-
-
59,604
7,391
1,903,470
79,438
16,000
-
66,995
1,998,908
Number of options
2022
2023
12,600,000
2,400,000
- 10,200,000
-
(3,000,000)
Outstanding at the end of the financial year
9,600,000 12,600,000
41
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 21. Share-based payments (continued)
2023
Grant date
Expiry date
30/01/2021
26/10/2021
19/05/2022
29/01/2024
31/12/2023
19/05/2024
Exercise
price
Balance at
the start of
the year
$0.3000
$0.3000
$0.6000
2,400,000
3,000,000
4,200,000
9,600,000
Granted
Exercised
Expired/
forfeited/
other
Balance at
the end of
the year
-
-
-
-
-
-
-
-
-
-
-
-
2,400,000
3,000,000
4,200,000
9,600,000
The weighted average remaining contractual life of options outstanding at the end of the financial year was 0.69 years
(2022:1.45).
Performance Rights
Set out below are summaries of performance rights granted :
Outstanding at the beginning of the financial year
Granted
Expired
Outstanding at the end of the financial year
2023
Grant date
Expiry date
29/12/2020
07/09/2021
07/09/2021
20/07/2021
20/07/2021
20/07/2021
20/07/2021
11/04/2022
11/04/2022
11/04/2022
11/04/2022
28/12/2025
07/09/2024
07/09/2024
20/07/2022
20/07/2022
20/07/2023
20/07/2023
11/04/2023
11/04/2023
11/04/2024
11/04/2024
Exercise
price
Balance at
the start of
the year
$0.0000
$0.0000
$0.0000
$0.0000
$0.0000
$0.0000
$0.0000
$0.0000
$0.0000
$0.0000
$0.0000
3,200,000
850,000
850,000
310,000
465,000
310,000
465,000
50,000
75,000
50,000
75,000
6,700,000
Number of rights
2023
2022
6,700,000
-
(900,000)
3,200,000
3,500,000
-
5,800,000
6,700,000
Expired/
forfeited/
other
Balance at
the end of
the year
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(310,000)
(465,000)
-
-
(50,000)
(75,000)
-
-
(900,000)
3,200,000
850,000
850,000
-
-
310,000
465,000
-
-
50,000
75,000
5,800,000
Granted
Exercised
-
-
-
-
-
-
-
-
-
-
-
-
42
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 21. Share-based payments (continued)
2022
Grant date
Expiry date
29/12/2020
07/09/2021
07/09/2021
20/07/2021
20/07/2021
20/07/2021
20/07/2021
11/04/2022
11/04/2022
11/04/2022
11/04/2022
28/12/2025
07/09/2024
07/09/2024
20/07/2022
20/07/2022
20/07/2023
20/07/2023
11/04/2023
11/04/2023
11/04/2024
11/04/2024
Exercise
price
Balance at
the start of
the year
Granted
Exercised
Expired/
forfeited/
other
Balance at
the end of
the year
$0.0000
$0.0000
$0.0000
$0.0000
$0.0000
$0.0000
$0.0000
$0.0000
$0.0000
$0.0000
$0.0000
3,200,000
-
-
-
-
-
-
-
-
-
-
3,200,000
-
850,000
850,000
310,000
465,000
310,000
465,000
50,000
75,000
50,000
75,000
3,500,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,200,000
850,000
850,000
310,000
465,000
310,000
465,000
50,000
75,000
50,000
75,000
6,700,000
During the year, the Directors have assessed the likelihood for the milestones for the performance rights being met.
Accordingly, $66,995 have been expensed during the year as share based payments.
The weighted average remaining contractual life of performance rights outstanding at the end of the financial year was
1.89 years (2022: 1.38 years).
Accounting policy for share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for
the rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of
cash is determined by reference to the share price.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined
using either the Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the
option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the
expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that
do not determine whether the Group receives the services that entitle the employees to receive payment. No account is
taken of any other vesting conditions.
For performance shares with price hurdles, a Trinomial Option Pricing model has been applied for milestones with market
conditions. A probability estimate determined by Directors have been applied for milestones with non-market performance
conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the
vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the
best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount
recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already
recognised in previous periods.
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying either the
Binomial or Black-Scholes option pricing model, taking into consideration the terms and conditions on which the award
was granted. The cumulative charge to profit or loss until settlement of the liability is calculated as follows:
●
during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by
the expired portion of the vesting period.
from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the
reporting date.
●
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the cash paid to
settle the liability.
43
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 21. Share-based payments (continued)
Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions
are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are
satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made.
An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair
value of the share-based compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the condition is treated as
a cancellation. If the condition is not within the control of the Group or employee and is not satisfied during the vesting
period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining
expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and
new award is treated as if they were a modification.
Note 22. Financial risk management
The main risk the Group is exposed to through its financial instruments are market risk, credit risk and liquidity risk
consisting of interest rate, foreign currency risk and equity price risk.
The Board of directors has overall responsibility for the establishment and oversight of the risk management framework.
The Board adopts practices designed to identify significant areas of business risk and to effectively manage those risks in
accordance with the Group's risk profile. This includes assessing, monitoring and managing risks for the Group and setting
appropriate risk limits and controls. The Group is not of a size nor is its affairs of such complexity to justify the establishment
of a formal system for risk management and associated controls. Instead, the Board approves all expenditure, is intimately
acquainted with all operations and discuss all relevant issues at the Board meetings. The operational and other compliance
risk management have also been assessed and found to be operating efficiently and effectively.
Market risk
Foreign currency risk
Exposure to foreign exchange risk may result in the fair value or future cash flows of a financial instrument fluctuating due
to movement in foreign exchange rates of currencies in which the Group holds financial instruments which are other than
the AUD functional currency of the Group.
The Group has no material exposure to foreign exchange risk.
Price risk
Price risk relates to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market prices. The Group does not presently hold material amounts subject to price risk. As such the Board
considers price risk as a low risk to the Group.
Interest rate risk
Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting period
whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments.
The Group is also exposed to earnings volatility on floating rate instruments.
Due to the low amount of debt exposed to floating interest rates, interest rate risk is not considered a high risk to the
Group. Movement in interest rates on the Group's financial liabilities and assets is not material.
The following table illustrates sensitivities to the Group's exposures to changes in interest rates. The table indicates the
impact on how profit and equity values reported at balance sheet date would have been affected by changes in the relevant
risk variable that management considers to be reasonably possible. These sensitivities assume that the movement in a
particular variable is independent of other variables.
The sensitivity analysis above is based on the interest rates in the period following the acquisition. There were no interest
rate exposure in the prior year.
44
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 22. Financial risk management (continued)
Credit risk
Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract
obligations that could lead to a financial loss to the Group. The objective of the Group is to minimise the risk of loss from
credit risk. Although revenue from operations is minimal, the Group trades only with creditworthy third parties. In addition,
receivable balances are monitored on an ongoing basis with the result that the Group's exposure to bad debts is
insignificant. The Group's maximum credit risk exposure is limited to the carrying value of its financial assets as indicated
on the statement of financial position.
Generally, trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include
the failure of a debtor to engage in a repayment plan, no active enforcement activity and a failure to make contractual
payments for a period greater than 1 year.
The Group has adopted a forward looking expected credit loss model. The Group uses the general approach to impairment,
as applicable under AASB 9: Financial Instruments. Under the general approach, at each reporting period, the Group
assesses whether the financial instruments are credit-impaired, and if:
●
●
the credit risk of the financial instrument has increased significantly since initial recognition, the Group measures the
loss allowance of the financial instruments at an amount equal to the lifetime expected credit losses; or
there is no significant increase in credit risk since initial recognition, the Group measures the loss allowance for that
financial instrument at an amount equal to 12-month expected credit losses.
Allowance for expected credit losses
The Group has recognised a loss of $nil (2022: $nil) in profit or loss in respect of the expected credit losses for the year
ended 30 June 2023.
Liquidity risk
Vigilant liquidity risk management requires the Group to maintain sufficient liquid assets (mainly cash and cash equivalents)
and available borrowing facilities to be able to pay debts as and when they become due and payable.The Group's approach
to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when
due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's
reputation.
The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and ensuring sufficient cash
and marketable securities are available to meet the current and future commitments of the Group.
Typically, the Group ensures that it has sufficient cash to meet expected operational expenses for a period of 60 days,
including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot
reasonably be predicted, such as natural disasters.
Remaining contractual maturities
The following tables detail the Group's remaining contractual maturity for its financial instrument liabilities. The tables have
been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial
liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining
contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial
position.
Consolidated - 2023
Non-derivatives
Non-interest bearing
Trade payables
Other payables
Total non-derivatives
Weighted
average
interest rate
%
1 year or less
$
Between 1
and 2 years
$
Between 2
and 5 years
$
Over 5 years
$
Remaining
contractual
maturities
$
-
-
134,611
79,591
214,202
-
-
-
-
-
-
-
-
-
134,611
79,591
214,202
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed
above.
45
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 22. Financial risk management (continued)
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
Note 23. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 2:
Principal place of business /
Country of incorporation
Ownership interest
2022
2023
%
%
Australia
Australia
Australia
Australia
Hong Kong
Hong Kong
Australia
Australia
Australia
Australia
100%
100%
100%
100%
100%
80%
100%
100%
100%
100%
100%
100%
100%
100%
100%
80%
100%
100%
-
-
Name
PVW Tanami Pty Ltd
PVW Leonara Pty Ltd
PVW Kalgoorlie Pty Ltd
PVW Exploration NL
ThredIt Limited
Thred Innovations Limited
AR Technologies Pty Ltd
Stark Resources Pty Ltd
Rare Metals Group Pty Ltd
Tiger Metals Pty Ltd
Note 24. Related party transactions
Parent entity
PVW Resources Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 23.
Key management personnel
Disclosures relating to key management personnel are set out in note 25 and the remuneration report included in the
Directors' report.
Transactions with related parties
There were no other transactions with related parties during the current and previous financial year.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Note 25. Key management personnel disclosures
Compensation
The aggregate compensation made to Directors and other members of key management personnel of the Group is set out
below:
Short-term employee benefits
Consolidated
2023
$
2022
$
358,000
268,000
46
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 25. Key management personnel disclosures (continued)
Other key management personnel transactions
A number of these companies transacted with the Group during the year. The terms and conditions of these transactions
were no more favourable than those available, or which might reasonably be expected to be available, in similar
transactions to non-key management personnel related companies on an arm’s length basis.
The aggregate value of transactions and outstanding balances relating to key management personnel and entities over
which they have control or significant influence were as follows:
Other income:
Rent income from BlackEarth Minerals NL1
Other income from BlackEarth Minerals NL1
Rent income from Valor Resources Limited2
Other income from Valor Resources Limited2
Expenses:
Consulting fees paid to Pathway Corporate Pty Ltd3 for Company Secretary and CFO role
Rent paid to Pathway Corporate Pty Ltd3 for office space
Consolidated
2023
$
2022
$
56,182
18,572
18,150
18,296
55,333
15,777
13,000
24,866
111,200
108,976
Consolidated
2023
2022
77,000
18,000
80,750
18,000
95,000
98,750
1 The Director, Mr George Bauk is the Non-Executive Chairman of Lithium Australia NL and BlackEarth Minerals NL
2 The Director, Mr George Bauk is the Executive Chairman of Valor Resources Limited
3 The Director, Mr David Wheeler is the Director of Pathways Corporate Pty Ltd
Related party payables outstanding at year end
George Bauk
Bell Bay Investments Pty Ltd
Valor Resources Limited
Note 26. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Loss after income tax
Total comprehensive income
Consolidated
2023
$
2022
$
18,333
4,400
-
18,333
4,400
1,100
22,733
23,833
Parent
2023
$
2022
$
(5,563,326)
(6,519,185)
(5,563,326)
(6,519,185)
47
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 26. Parent entity information (continued)
Statement of financial position
Total current assets
Total non-current assets
Total assets
Total current liabilities
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Share-based payments reserve
Accumulated losses
Total equity
Parent
2023
$
2022
$
3,895,668
9,440,541
505,048
4,400,716
287,823
9,728,364
860,343
316,651
442,202
1,302,545
431,159
747,810
3,098,171
8,980,554
22,029,615 21,752,950
3,268,152
(22,325,241) (16,040,548)
3,393,797
3,098,171
8,980,554
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2023 and 30 June 2022.
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2023 and 30 June 2022.
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2023 and 30 June 2022.
Note 27. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by Hall Chadwick WA Audit Pty Ltd.,
the auditor of the Company:
Audit services
Audit or review of the financial statements
Note 28. Commitments
Consolidated
2023
$
2022
$
26,500
24,500
In order to maintain current rights of tenure to exploration tenements, the Company is required to outlay rentals and to
meet the minimum expenditure requirements. These obligations are not provided for in the financial statements and are
payable:
48
PVW Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 28. Commitments (continued)
Exploration expenditure
Committed at the reporting date but not recognised as liabilities, payable:
Within one year
One to five years
More than five years
Consolidated
2023
$
2022
$
1,124,340
1,826,083
89,579
1,316,426
2,900,596
214,301
3,040,002
4,431,323
Note 29. Events after the reporting period
No matter or circumstance has arisen since 30 June 2023 that has significantly affected, or may significantly affect the
Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
49
PVW Resources Limited
Directors' declaration
30 June 2023
In the Directors' opinion:
●
●
●
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board as described in note 2 to the financial statements;
the attached financial statements and notes give a true and fair view of the Group's financial position as at 30 June
2023 and of its performance for the financial year ended on that date; and
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due
and payable.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the Directors
___________________________
David Wheeler
Non-Executive Chairman
27 September 2023
Perth
50
PVW Resources Limited
Shareholder information
30 June 2023
The shareholder information set out below was applicable as at 20 September 2023.
Distribution of equitable securities
Analysis of number of equitable security holders by size of holding:
Ordinary shares
Number
of holders
% of total Number
holders
of shares
% of total
shares
issued
1 to 1,000
1,001 to 5,000
5,001 to 10,000
10,001 to 100,000
100,001 and over
174
354
210
530
182
63,367
12.000
1,012,649
24.413
14.483
1,669,657
36.552 20,870,404
12.552 74,847,525
0.064
1.028
1.696
21.197
76.015
1,450
100.000 98,463,602
100.000
Holding less than a marketable parcel
-
-
-
-
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of quoted equity securities are listed below:
Ordinary shares
% of total
shares
Number
held
issued
CITICORP NOMINEES PTY LIMITED
SUNSET CAPITAL MANAGEMENT PTY LTD (SUNSET SUPERFUND A/C)
JHY INVESTMENTS PTY LTD
CELTIC FINANCE CORP PTY LTD
TOTODE PTY LTD (HINDMARSH INVESTMENT A/C)
TIMEVIEW ENTERPRISES PTY LTD
RIVERVIEW FLATS PTY LTD
BELL BAY INVESTMENTS PTY LTD (CJ & DD MCCAVANA FAMILY A/C)
LIND GLOBAL MACRO FUND LP
ONE MANAGED INVESTMENT FUNDS LIMITED (TI GROWTH A/C)
LIND GLOBAL FUND II LP
MR GAVIN JEREMY DUNHILL
MR DOMINIC VIRGARA
TENDEKA HOLDINGS PTY LTD (BULLER SUPER FUND A/C)
MRS ANN MAREE JOHNSON + MR DEAN ROBERT JOHNSON (LOVANDEE SUPER FUND A/C)
MAURER INVESTMENTS PTY LIMITED (MAURER FAMILY A/C)
JAMBER INVESTMENTS PTY LTD (THE AMBER SCHWARZ FAM A/C)
MR NATHAN RYAN WAGNER
PHILLIP HALL (THE HALL A/C)
MS YUE LIM
3,336,247
3,073,457
2,415,008
2,253,333
2,096,010
1,875,000
1,875,000
1,751,692
1,750,000
1,458,333
1,367,175
1,140,000
1,000,000
1,000,000
950,000
939,796
926,666
864,173
841,701
800,000
3.388
3.121
2.453
2.288
2.129
1.904
1.904
1.779
1.777
1.481
1.389
1.158
1.016
1.016
0.965
0.954
0.941
0.878
0.855
0.812
31,713,591
32.208
55
PVW Resources Limited
Shareholder information
30 June 2023
Unquoted equity securities
Options issued to Directors
Options issued to vendors
Performance rights issued to Directors
Performance rights issued to vendors
Performance rights issued to employees
Substantial holders
There are no substantial holders in the Company.
Voting rights
The voting rights attached to ordinary shares are set out below:
Number
on issue
Number
of holders
2,400,000
7,200,000
3,200,000
1,700,000
125,000
3
13
3
7
5
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each
share shall have one vote.
There are no other classes of equity securities.
Restricted securities
Class
Options
Other disclosures
Expiry date
24 January 2024
Number
of shares
2,400,000
In accordance with ASX Listing Rule 4.10.19, the Company confirms that for the time between reinstatement to the official
list of the ASX and 30 June 2023, the entity has used its cash and assets in a form readily convertible to cash at the time
of admission in a way consistent with its business objectives.
56
PVW Resources Limited
Corporate governance statement
30 June 2023
CORPORATE GOVERNANCE STATEMENT
The Board is responsible for establishing the Company’s corporate governance framework.
This Corporate Governance Statement is current as of 28 August 2023 and has been approved by the Board of the Company on
that date.
In establishing its corporate governance framework, the Board has referred to the 4th edition of the ASX Corporate Governance
Councils’ Corporate Governance Principles and Recommendations (“Recommendations”).
The Corporate Governance Statement discloses the extent to which the Company follows the Recommendations. The Company
will follow each recommendation where the Board has considered the recommendation to be an appropriate benchmark for its
corporate governance practices. Where the Company’s corporate governance practices will follow a recommendation, the Board
has made appropriate statements reporting on the adoption of the recommendation. In compliance with the “if not, why not”
reporting regime, where, after due consideration, the Company’s corporate governance practices will not follow a
recommendation, the Board has explained its reasons for not following the recommendation and disclosed what, if any, alternative
practices the Company will adopt instead of those in the recommendation.
The Company’s governance-related documents can be found on its website at pvwresources.com.au under the section
marked "About Us" under the heading “Governance”.
PRINCIPLES AND RECOMMENDATIONS COMPLY
(YES/NO)
EXPLANATION
Principle 1: Lay solid foundations for management and oversight
Recommendation 1.1
A listed entity should have and disclose a board charter setting
out:
(a) the respective roles and responsibilities of its board and
YES
management; and
(b) those matters expressly reserved to the board and those
delegated to management.
Recommendation 1.2
A listed entity should:
(a) undertake appropriate checks before appointing a director
or senior executive or putting someone forward for
election as a director; and
(b) provide security holders with all material information in its
possession relevant to a decision on whether or not to
elect or re-elect a director.
YES
Recommendation 1.3
A listed entity should have a written agreement with each
director and senior executive setting out the terms of their
appointment.
YES
The Company has established the respective roles and
responsibilities of its Board and management, and those
matters expressly reserved to the Board and those
delegated to management, and has documented this in
its Board Charter.
The responsibilities of the Board include but are not
limited to:
(a) setting and reviewing strategic direction and planning;
(b) reviewing financial and operational performance;
(c)
risks and
reviewing
risk
identifying principal
management strategies; and
(d) considering and
reviewing
significant
capital
investments and material transactions.
In exercising its responsibilities, the Board recognises
that there are many stakeholders in the operations of
the Company, including employees, shareholders, co-
ventures, the government and the community.
The Board carefully considers the character, experience,
education and skillset, as well as interests and
associations of potential candidates for appointment to
the Board and conducts appropriate checks to verify the
suitability of the candidate, prior to their election. The
Company has appropriate procedures in place to ensure
that material information relevant to a decision to elect
or re-elect a director, is disclosed in the notice of
meeting provided to shareholders.
The Company has a written agreement with each of the
Directors. The material terms of any employment,
service or consultancy agreement the Company, or any
of its child entities, has entered into with its Chief
Executive Officer, any of its directors, and any other
person or entity who is a related party of the Chief
Executive Officer or any of its directors will be disclosed
in accordance with ASX Listing Rule 3.16.4 (taking into
consideration the exclusions from disclosure outlined in
that rule).
57
PVW Resources Limited
Corporate governance statement
30 June 2023
PRINCIPLES AND RECOMMENDATIONS COMPLY
(YES/NO)
EXPLANATION
Recommendation 1.4
The company secretary of a listed entity should be accountable
directly to the board, through the chair, on all matters to do
with the proper functioning of the board.
YES
The Company Secretary is accountable to the Board for
facilitating the Company’s corporate governance processes
and the proper functioning of the Board. Each Director is
entitled to access the advice and services of the Company
Secretary.
In accordance with the Company’s Constitution, the
appointment or removal of the Company Secretary is a
matter for the Board as a whole. Details of the Company
Secretary’s experience and qualifications are set out in the
Annual Report.
The Company is committed to creating a diverse
working environment and promoting a culture which
embraces diversity and has adopted a written policy.
Given the size of the Company and scale of its
operations, however, the Board is of the view that the
setting of measurable objectives for achieving gender
diversity is not required at this time. Further as the
Company has not established measureable objectives
for achieving gender diversity, the Company has not
reported on progress towards achieving them.
NO
(not followed
in full)
Recommendation 1.5
A listed entity should:
(a) have and disclose a diversity policy;
(b) through its board or a committee of the board set
measurable objectives for achieving gender diversity in
the composition of its board, senior executives and
workforce generally; and
(c) disclose in relation to each reporting period:
(1) the measurable objectives set for that period to
achieve gender diversity;
(2) the entity’s progress towards achieving those
objectives; and
(3) either:
(A) (the respective proportions of men and women
on the board, in senior executive positions and
across the whole workforce (including how the
entity has defined “senior executive” for these
purposes); or
(B) if the entity is a “relevant employer” under the
Workplace Gender Equality Act, the entity’s
most recent “Gender Equality Indicators”, as
defined in and published under that Act.
If the entity was in the S&P / ASX 300 Index at the
commencement of the reporting period, the measurable
objective for achieving gender diversity in the composition of
its board should be to have not less than 30% of its directors
of each gender within a specified period.
Recommendation 1.6
A listed entity should:
(a) have and disclose a process for periodically evaluating the
performance of the board, its committees and individual
directors; and
(b) disclose for each reporting period whether a performance
evaluation has been undertaken in accordance with that
process during or in respect of that period.
Recommendation 1.7
A listed entity should:
(a) have and disclose a process
for evaluating the
performance of its senior executives at least once every
reporting period; and
(b) disclose for each reporting period whether a performance
evaluation has been undertaken in accordance with that
process during or in respect of that period.
NO
Whilst the Company has a written policy, the Board
recognises that as a result of the Company’s size and
the stage of the entity’s life as a public listed technology
company, the assessment of the directors’ and
executives’ overall performance and its own succession
plan is conducted on an informal basis. Whilst this is at
variance with the ASX Recommendations, the Directors
consider that at the date of this report an appropriate
and adequate process for the evaluation of Directors is
in place.
Refer above.
NO
Principle 2: Structure the board to add value
58
PVW Resources Limited
Corporate governance statement
30 June 2023
PRINCIPLES AND RECOMMENDATIONS COMPLY
(YES/NO)
EXPLANATION
YES
A Nomination Committee operated during FY18. The
Committee was comprised of 3 Independent Non-
Executive Directors.
The charter of the Committee is disclosed in the
Corporate Governance Policies on the Company’s
website.
The full board now perform the duties of the Committee.
Attendance is reported in the annual report.
Recommendation 2.1
The board of a listed entity should:
(a) have a nomination committee which:
(1) has at least three members, a majority of whom are
independent directors; and
(2) is chaired by an independent director,
and disclose:
(3) the charter of the committee;
(4) the members of the committee; and
(5) as at the end of each reporting period, the number
of times the committee met throughout the period
and the individual attendances of the members at
those meetings; or
(b) if it does not have a nomination committee, disclose that
fact and the processes it employs to address board
succession issues and to ensure that the board has the
appropriate balance of skills, experience, independence
and knowledge of the entity to enable it to discharge its
duties and responsibilities effectively.
Recommendation 2.2
A listed entity should have and disclose a board skill matrix
setting out the mix of skills and diversity that the board
currently has or is looking to achieve in its membership.
NO
(not followed
in full)
The details of the skill set of the current Board members
are set out in the description of each Director in the
Annual Report. The Board believes that the current skill
mix is appropriate given the Company’s size and the
stage of the entity’s life as a publicly listed technology
company.
Recommendation 2.3
A listed entity should disclose:
(a) the names of the directors considered by the board to be
independent directors;
(b) if a director has an interest, position, association or
relationship of the type described in Box 2.3 of the ASX
Corporate Governance Principles and Recommendation
(4th Edition), but the board is of the opinion that it does
not compromise the independence of the director, the
nature of the interest, position, association or relationship
in question and an explanation of why the board is of that
opinion; and
(c) the length of service of each director
Recommendation 2.4
A majority of the board of a listed entity should be independent
directors.
Recommendation 2.5
The chair of the board of a listed entity should be an
independent director and, in particular, should not be the same
person as the CEO of the entity.
Recommendation 2.6
A listed entity should have a program for inducting new
directors and providing appropriate professional development
opportunities for continuing directors to develop and maintain
the skills and knowledge needed to perform their role as a
director effectively.
YES
Mr David Wheeler has been an Independent Non-
Executive Chairman of the Company since prior the
reverse acquisition of PVW Resources NL.
Mr Colin McCavana has been appointed as an
Independent Non-Executive Director of the Company
since 1 February 2021.
YES
YES
NO
The Board comprises three Directors of whom two are
considered to be an Independent Director. The Board
considers that all Directors bring an independent
judgement to bear on Board decisions and that the
Board’s expertise and experience adds considerable
value to the Company.
Mr David Wheeler (Chair) was an Independent Non-
Executive Director of the Company from his appointment
on 30 August 2017. Mr Wheeler is considered to be the
most appropriate person to Chair the Board because of
his public company experience.
The Board recognises that as a result of the Company’s
size and the stage of the entity’s life as a publicly listed
technology company and has changed direction to be an
exploration company in the materials sector, the Board
has not put in place a formal program for inducting new
directors. However, it does provide a package of
information on commencement and
background
provides
the Company’s
interaction with
personnel to gain a stronger understanding of the
business. Similarly, the Company does not at this stage
provide professional development opportunities for
Directors. More formal processes for both of these areas
will be considered in the future as the Company
develops.
ready
Principle 3: Act ethically and responsibly
59
PVW Resources Limited
Corporate governance statement
30 June 2023
PRINCIPLES AND RECOMMENDATIONS COMPLY
(YES/NO)
EXPLANATION
Recommendation 3.1
A listed entity should articulate and disclose its values.
Recommendation 3.2
A listed entity should:
(a) have and disclose a code of conduct for its directors,
senior executives and employees; and
(b) ensure that the board or a committee of the board is
informed of any material breaches of that code.
YES
YES
The Company has disclosed through its Code of Conduct
that it is committed to promoting good corporate
conduct and governance. Refer to the company website
The Company is committed to promoting good corporate
conduct grounded by strong ethics and responsibility.
The Company has established a Code of Conduct
(Code), which addresses matters relevant to the
its
Company’s
stakeholders. It may be amended from time to time by
the Board, and is disclosed on the Company’s website.
The Code applies
to all Directors, employees,
contractors and officers of the Company.
legal and ethical obligations
to
Recommendation 3.3
A listed entity should:
(a) have and disclose a whistleblower policy; and
(b) ensure that the board or a committee of the board is
informed of any material incidents reported under that
policy.
Recommendation 3.4
A listed entity should:
(a) have and disclose an anti-bribery and corruption policy;
and
(b) ensure that the board or committee of the board is
informed of any material breaches of that policy.
YES
The Company has disclosed its whistleblower policy on
its website.
YES
The Company has disclosed these under its Corporate
Code of Conduct in its Corporate Governance Plan on its
website .
Principle 4: Safeguard integrity in financial reporting
Recommendation 4.1
The board of a listed entity should:
(a) have an audit committee which:
YES
PVW Resources was not a Company required by ASX
Listing Rule 12.7 to have an Audit Committee although
it is included in the ASX Recommendations. The Board
has not established an audit committee at this point in
the Company’s development. It is considered that the
size of the Board along with the level of activity of the
Company renders this impractical and the full Board
considers in detail all of the matters for which the
directors are responsible. The Board has adopted an
Audit Committee Charter which describes the role,
composition, functions and responsibilities of the Audit
Committee and is disclosed on the Company’s website.
(1) has at least three members, all of whom are non-
executive directors and a majority of whom are
independent directors; and
(2) is chaired by an independent director, who is not the
chair of the board,
and disclose:
(3) the charter of the committee;
(4) the relevant qualifications and experience of the
members of the committee; and
(5) in relation to each reporting period, the number of
times the committee met throughout the period and
the individual attendances of the members at those
meetings; or
(b) if it does not have an audit committee, disclose that fact
and the processes it employs that independently verify
and safeguard the integrity of its financial reporting,
including the processes for the appointment and removal
of the external auditor and the rotation of the audit
engagement partner.
Recommendation 4.2
The board of a listed entity should, before it approves the
entity’s financial statements for a financial period, receive from
its CEO and CFO a declaration that, in their opinion, the
financial records of the entity have been properly maintained
and that the financial statements comply with the appropriate
accounting standards and give a true and fair view of the
financial position and performance of the entity and that the
opinion has been formed on the basis of a sound system of
risk management and internal control which is operating
effectively.
YES
In accordance with ASX Recommendation 4.2 the Chief
Executive Officer (or their equivalent) and Chief
Financial Officer (or their equivalent) are required to
provide assurances that the written declarations under
s295A of the Corporations Act (and for the purposes of
ASX Recommendation 4.2) are founded on a sound
framework of risk management and internal control and
that the framework is operating effectively in all material
respects in relation to financial reporting risks. Both the
Chief Executive Officer and Chief Financial Officer
provide such assurances at the time the s295A
declarations are provided to the Board.
60
PVW Resources Limited
Corporate governance statement
30 June 2023
PRINCIPLES AND RECOMMENDATIONS COMPLY
(YES/NO)
EXPLANATION
Recommendation 4.3
A listed entity should disclose its process to verify the integrity
of any periodic corporate report it releases to the market that
is not audited or reviewed by an external auditor.
YES
The Company’s external audit function is performed by Hall
Chadwick WA Audit WA Pty Ltd (“Hall Chadwick”).
Representatives of Hall Chadwick will attend the Annual
General Meeting and be available to answer shareholder
questions regarding the audit.
Principle 5: Make timely and balanced disclosure
Recommendation 5.1
A listed entity should have and disclose a written policy for
complying with its continuous disclosure obligations under
listing rule 3.1..
YES
The Company operates under the continuous disclosure
requirements of the ASX Listing Rules and has adopted
a policy, which is disclosed on the Company’s website.
The Continuous Disclosure Policy sets out policies and
procedures for the Company’s compliance with its
continuous disclosure obligations under the ASX Listing
Rules, and addresses financial markets communication,
media contact and continuous disclosure issues. It forms
part of the Company’s corporate policies and procedures
and is available to all staff.
The Company Secretary manages the policy. The policy
will develop over time as best practice and regulations
change and the Company Secretary will be responsible
for communicating any amendments.
Recommendation 5.2
A listed entity should ensure that its board receives copies of
all material market announcements promptly after they have
been made.
Recommendation 5.3
A listed entity that gives a new and substantive investor or
analyst presentation should release a copy of the presentation
materials on the ASX Market Announcements Platform ahead
of the presentation.
YES
The Company Secretary provides confirmation to every
director once an announcement has been lodged on the
ASX Platform
YES
Company presentation is released on ASX Market
Announcements Platform and our website.
Principle 6: Respect the rights of security holders
Recommendation 6.1
A listed entity should provide information about itself and its
governance to investors via its website.
YES
The Company keeps investors informed of its corporate
governance, financial performance and prospects via its
website – pvwresources.com.au. Investors can access
copies of all announcements to the ASX, notices of
meetings, annual reports and financial statement, and
investor presentations via the ‘Investors’ section and
can access general information regarding the Company
on our website.
61
PVW Resources Limited
Corporate governance statement
30 June 2023
PRINCIPLES AND RECOMMENDATIONS COMPLY
(YES/NO)
EXPLANATION
Recommendation 6.2
A listed entity should have an investor relations program that
facilitates effective two-way communication with investors.
YES
In
the
affairs.
accordance with
The Board aims to ensure that shareholders are informed
of all major developments affecting the Company’s state
ASX
of
Recommendations, information is communicated to
shareholders as follows:
the annual financial report which includes relevant
information about the operations of the Company
during the year, changes in the state of affairs of the
entity and details of future developments, in addition
to the other disclosures required by the Corporations
Act 2001;
the half yearly financial report lodged with the ASX
and ASIC and sent to all shareholders who request
it;
notifications relating to any proposed major changes
in the Company which may
impact on share
ownership rights that are submitted to a vote of
shareholders;
notices of all meetings of shareholders;
publicly released documents including full text of
notices of meetings and explanatory material made
available
at
on
pvwresouces.com.au; and
Company’s website
the
Recommendation 6.3
A listed entity should disclose how it facilitates and encourages
participation at meetings of security holders.
YES
disclosure of the Corporate Governance practices and
communications strategy on the entity’s website.
the Company aims
While
to provide sufficient
information to Shareholders about the Company and its
activities, it understands that Shareholders may have
specific questions and require additional information. To
ensure that Shareholders can obtain all relevant
information to assist them in exercising their rights as
Shareholders, the Company has made available a
telephone number and relevant contact for Shareholders
to make their enquiries.
The Board encourages full participation of shareholders at
the Annual General Meeting to ensure a high level of
accountability and identification with the Company’s
strategy and goals. Important issues are presented to the
shareholders as single resolutions. The external auditor of
the Company is also invited to the Annual General Meeting
of shareholders and is available to answer any questions
concerning the conduct, preparation and content of the
auditor’s report. Pursuant to section 249K of the
Corporations Act 2001 the external auditor is provided with
a copy of
related
communications received by shareholders.
the notice of meeting and
Recommendation 6.4
A listed entity should ensure that all substantive resolutions at
a meeting of security holders are decided by a poll rather than
by a show of hands.
Recommendation 6.5
A listed entity should give security holders the option to receive
communications from, and send communications to, the entity
and its security registry electronically.
YES
The Company has adopted this recommendation prior to
its re-admission to the ASX.
YES
The Company provides its investors the option to receive
communications from and send communications to, the
Company and the share registry electronically.
62
PVW Resources Limited
Corporate governance statement
30 June 2023
PRINCIPLES AND RECOMMENDATIONS COMPLY
(YES/NO)
EXPLANATION
Principle 7: Recognise and manage risk
Recommendation 7.1
The board of a listed entity should:
(a) have a committee or committees to oversee risk, each of
YES
which:
(1)
(2)
has at least three members, a majority of
whom are independent directors; and
is chaired by an independent director,
and disclose:
(3)
(4)
(5)
the charter of the committee;
the members of the committee; and
as at the end of each reporting period, the
number of times the committee met
throughout the period and the individual
attendances of the members at those
meetings; or
(b) if it does not have a risk committee or committees that
satisfy (a) above, disclose that fact and the process it
employs for overseeing the entity’s risk management
framework.
Recommendation 7.2
The board or a committee of the board should:
(a) review the entity’s risk management framework at least
annually to satisfy itself that it continues to be sound and
that the entity is operating with due regard to the risk
appetite set by the board; and
(b) disclose, in relation to each reporting period, whether
such a review has taken place
YES
Recommendation 7.3
A listed entity should disclose:
(a) if it has an internal audit function, how the function is
YES
structured and what role it performs; or
(b) if it does not have an internal audit function, that fact and
the processes it employs for evaluating and continually
improving the effectiveness of its governance, risk
management and internal control processes..
Recommendation 7.4
A listed entity should disclose whether it has any material
exposure to environmental or social risks and, if it does, how
it manages or intends to manage those risks.
YES
Due to the size of the Board, the Company does not
have a separate Risk Committee. The Board is
responsible for the oversight of the Company’s risk
management and control framework. The Board has
adopted a Risk Management Policy, which is disclosed
on the Company’s website.
The Board recognises that there are inherent risks
associated with the Company’s operations including
commercial, technological legal and other operational
risks. The Board endeavours to mitigate such risks by
continually reviewing the activities of the Company in
order to identify key business and operational risks and
ensuring that they are appropriately assessed and
managed. No formal report in relation to the Company’s
management of its material business risks is presented
to the Board. The Board reviews the risk profile of the
Company and monitors risk informally throughout the
year.
The Company does not have an internal audit function.
This is the case due to the size of the Company and the
stage of life of the entity. To evaluate and continually
improve the effectiveness of the Company’s risk
management and internal control processes, the Board
relies on ongoing reporting and discussion of the
management of material business risks as outlined in
the Company’s Risk Management Policy.
As already outlined above in relation to various ASX
Recommendations, the Company constantly monitors
and reviews the key risks that affect the Company and
the management of those risks. The risks which the
Company has identified that it has a material exposure
to are its ability to raise funds within an acceptable time
frame and on terms acceptable to it (“Capital Risk”); and
that its existing projects, or any other projects that it
may acquire in the future, will be able to be economically
exploited (“Economic Risk”). The manner in which the
Company manages those risks, in the case of Capital
Risk, to monitor the market and investment appetite
and to raise further required capital in a timely manner
such that the Company’s operations are adequately
funded; in the case of Economic Risk, to adopt a
diversified portfolio approach and to also adopt a
focused approach, seeking to lay off risk where possible.
More information about the Company’s management of
risk can be found in the prospectus released 12
December 2016.
63
PVW Resources Limited
Corporate governance statement
30 June 2023
PRINCIPLES AND RECOMMENDATIONS COMPLY
(YES/NO)
EXPLANATION
Principle 8: Remunerate fairly and responsibly
Recommendation 8.1
The board of a listed entity should:
(a) have a remuneration committee which:
YES
(1) has at least three members, a majority of whom are
independent directors; and
(2) is chaired by an independent director,
and disclose:
(3) the charter of the committee;
(4) the members of the committee; and
(5) as at the end of each reporting period, the number
of times the committee met throughout the period
and the individual attendances of the members at
those meetings; or
(b) if it does not have a remuneration committee, disclose
that fact and the processes it employs for setting the level
and composition of remuneration for directors and senior
executives and ensuring that such remuneration is
appropriate and not excessive.
Recommendation 8.2
A listed entity should separately disclose its policies and
practices regarding the remuneration of non-executive
directors and the remuneration of executive directors and
other senior executives.
Recommendation 8.3
A listed entity which has an equity-based remuneration
scheme should:
(a) have a policy on whether participants are permitted to
enter into transactions (whether through the use of
derivatives or otherwise) which limit the economic risk of
participating in the scheme; and
(b) disclose that policy or a summary of it.
A Nomination Committee operated during FY18. The
Committee was comprised of 3 Independent Non-
Executive Directors.
The charter of the Committee is disclosed in the
Corporate Governance Policies on the Company’s
website.
Due to the size of the Board, the full board now perform
the duties of the Committee.
Attendance is reported in the annual report.
YES
N/A
Details of the Company’s policies on remuneration are
set out in the Company’s “Remuneration Report” in each
Annual Report published by the Company. This
disclosure will include a summary of the Company’s
policies regarding the deferral of performance-based
remuneration and
the reduction, cancellation or
clawback of the performance-based remuneration in the
event of serious misconduct or a material misstatement
in the Company’s financial statements.
The Company’s Security Trading Policy includes a
statement prohibiting directors, officers and employees
from dealing at any time in financial products such as
warrants, futures or other financial products issued over
THD markets, but does not specifically prohibit entering
into transactions (whether through the use of derivatives
or otherwise) which limit the economic risk of their
security holding in the Company or of participating in
unvested entitlements under any equity based
remuneration schemes.
Security Trading Policy
In accordance with ASX Listing Rule 12.9, the
Company has adopted a trading policy which sets out
the following information:
a) closed periods in which directors, employees and
contractors of the Company must not deal in the
Company’s securities;
b) trading in the Company’s securities which is not
subject to the Company’s trading policy; and
c) the procedures for obtaining written clearance for
trading in exceptional circumstances.
The Company’s Security Trading Policy is available on the
Company’s website.
64
PVW Resources Limited
Mining interest
30 June 2023
INTERESTS IN MINING TENEMENTS HELD
Project
Tenement
Location
Ballinue
Leonora
Kalgoorlie
Tanami
Western
Australia
Western
Australia
Western
Australia
Western
Australia
E09/2601
E59/2585
E59/2586
E37/909
E37/1254
M37/135
P37/9312
E37/1394
E27/571
E27/614
P24/5290
P24/5291
P24/5292
P24/5293
P24/5294
P24/5397
P24/5398
P24/5399
E24/214
P24/5302
P24/5303
P24/5304
P24/5305
P24/5306
P24/5307
P24/5308
P24/5309
P24/5310
P24/5311
P24/5312
P24/5313
P24/5314
P24/5266
P24/5267
P24/5268
P24/5269
P24/5270
P24/5271
E80/4029
E80/4197
E80/4558
E80/4869
E80/4919
E80/4920
E80/4921
E80/5187
E80/5188
E80/5189
Ownership
at the
beginning
of the
year*
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Ownership
at the end
of the
year
Acquired
during
the year
Disposed
of during
the year
-
-
-
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100%
100%
100%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
65
PVW Resources Limited
Mining interest
30 June 2023
Project
Tenement
Location
E80/5190
E80/5249
E80/5250
E80/5694
E80/5695
E80/5696
E80/5697
Tomkinson
Range
EL33443
EL33444
Northern
Territory
Ownership
at the
beginning
of the
year*
100%
100%
100%
100%
100%
100%
100%
Ownership
at the end
of the
year
Acquired
during
the year
Disposed
of during
the year
100%
100%
100%
100%
100%
100%
100%
100%
100%
-
-
-
-
-
-
-
100%
100%
-
-
-
-
-
-
-
* Represents PVW Resource Ltd ownership at the beginning of the year.
66
PVW Resources Limited
Annual Mineral Resource Statement
30 June 2023
ANNUAL MINERAL RESOURCE STATEMENT
In accordance with ASX Listing Rule 5.21, the Company reviews and reports its Mineral Resources at least annually.
The date of reporting is 30 June each year, to coincide with the Company’s end of financial year balance date. If
there are any material changes to its Mineral Resources over the course of the year, the Company is required to
promptly report these changes.
LEONARA
Given the positive results and the compilation of PVW Resource NL’s maiden JORC 2012 compliant Resource at the
Jungle Well Project, the complete Mineral Resource Estimate summary, and supporting information, including the
JORC Table 1, sections 1-3 are located on the PVW Resources Ltd website and are provided in the Company’s ASX
announcement dated 15 Feb 2021 titled “Prospectus” Appendix A - Independent Geologists Report, 2.4 Mineral
Resource Estimation – Jungle Well Deposit.
Jungle Well Deposit
November Inferred Mineral Resource Estimate (0.5g/t Au Cut-off)
Type
LG Stockpile
Oxide
Transitional
Fresh
Total
Tonnes (kt)
Au (g/t)
Au Ounces (oz)
7
210
309
208
735
1.3
1.0
1.1
1.4
1.1
300
6,800
10,600
9,200
26,800
MATERIAL CHANGES AND RESOURCE STATEMENT COMPARISON
The Company is not aware of any new information or data that materially affects the information as previously
released and all material assumptions and technical parameters underpinning the estimates continue to apply and
have not materially changed.
COMPETENT PERSON’S STATEMENT
The Mineral Resource has been compiled under the supervision of Mr. Shaun Searle who is a director of Ashmore
Advisory Pty Ltd and a Registered Member of the Australian Institute of Geoscientists. Mr. Searle has sufficient
experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity
that he has undertaken to qualify as a Competent Person as defined in the JORC Code.
All Mineral Resources figures reported in the table above represent estimates at November 2019. Mineral Resource
estimates are not precise calculations, being dependent on the interpretation of limited information on the location,
shape and continuity of the occurrence and on the available sampling results. The totals contained in the above table
have been rounded to reflect the relative uncertainty of the estimate. Rounding may cause some computational
discrepancies.
Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (The Joint Ore Reserves Committee Code – JORC 2012 Edition).
Governance Arrangements and Internal Controls
PVW Resources Limited has ensured that the Mineral Resources quoted are subject to good governance arrangements
and internal controls. The Mineral Resources reported have been generated by an independent external consultant
who is experienced in best practices in modelling and estimation methods. The consultant has also undertaken
reviews of the quality and suitability of the underlying information used to determine the resource estimate. In
addition, PVW Resources Limited’s management carry out regular reviews and audits of internal processes and
external contractors that have been engaged by the Company or its joint venture partners.
67