RAIDEN RESOURCES LIMITED
ABN 68 009 161 522
ANNUAL REPORT - 30 JUNE 2023
1
Raiden Resources Limited
Contents
30 June 2023
3
Corporate directory
4
Directors' report
33
Auditor’s independence declaration
34
Consolidated statement of profit or loss and other comprehensive income
35
Consolidated statement of financial position
36
Consolidated statement of changes in equity
37
Consolidated statement of cash flows
38
Notes to the consolidated financial statements
61
Directors' declaration
62
Independent auditor's report to the members of Raiden Resources Limited
65
Corporate Governance Statement
Additional Shareholder Information 76
Sug
General information
The financial statements cover Raiden Resources Limited as a consolidated entity consisting of Raiden 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 Raiden
Resources Limited's functional and presentation currency.
Raiden Resources Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered
office and principal place of business is:
Registered address:
Suite 7, 63 Shepperton Rd
Victoria Park WA 6100
Principal place of business
Suite 7, 63 Shepperton Rd
Victoria Park WA 6100
A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report,
which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 21 September 2023.
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Raiden Resources Limited
Corporate directory
30 June 2023
Directors
Mr Dusko Ljubojevic - Managing Director
Mr Michael Davy - Non-Executive Chairman
Mr Dale Ginn – Non-Executive Director
Ms Kyla Garic - Non-Executive Director
Company secretary
Ms Kyla Garic
Registered office
Share registry
Auditor
Bankers
Suite 7, 63 Shepperton Rd
Victoria Park WA 6100
Automic Pty Ltd
Level 2, 267 St Georges Terrace
Perth WA 6000
RSM Australia Partners
Level 32, Exchange Tower, 2 The Esplanade
Perth WA 6000
NAB
197 St Georges Terrace
Perth WA 6000
Stock exchange listing
Raiden Resources Limited shares are listed on the Australian Securities Exchange
ASX code: RDN
Website
www.raidenresources.com.au
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Raiden Resources Limited
Directors' report
30 June 2023
Your Directors present their report together with the financial statements of Raiden Resources Limited (“the Company” or “RDN”)
and its subsidiaries (“the Group” or "Consolidated Entity") for the financial year ended 30 June 2023.
Directors
The names and the particulars of the Directors who held office during or since the end of the year and until the date of this report
are disclosed below. The Directors were in office for this entire period unless otherwise stated.
Name
Position
Appointed
Resigned / Ceased
Mr Dusko Ljubojevic
Mr Michael Davy
Mr Dale Ginn
Ms Kyla Garic
Mr Martin Pawlitschek
Managing Director
Non-Executive Chairman
Non-Executive Director
Non-Executive Director
Non-Executive Director
20 February 2018
29 June 2017
13 May 2021
1 April 2023
20 February 2018
-
-
-
-
1 April 2023
Company Secretary
Ms Kyla Garic held the position of Company Secretary at the end of the financial year.
Qualifications
Experience
B Com, MAcc, CA, FGIA, FGIS
Ms Garic was appointed as Company Secretary on 27 June 2017. Ms Garic is a Chartered Accountant
and Director of Onyx Corporate, a company specialising in company secretarial, corporate governance
and financial reporting.
Principal activities
During the year the principal activities of the Group were mineral exploration in Pilbara Region of Western Australia, Republic of
Serbia, and Republic of Bulgaria.
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Raiden Resources Limited
Directors' report
30 June 2023
Strategy and implementation
Throughout the reporting period, management defined a project prioritisation strategy in order to optimise the potential for a
substantial mineral discovery on the key projects, while retaining the upside potential throughout the entire portfolio through
strategic partnerships and sales.
One of the objectives of strategic partnerships is to reduce the Company’s holding and exploration costs, generate further income
(through cash and stock payments), through the portfolio, but to retain a discovery upside for shareholders across those projects.
On the basis of a technical review, it was determined to focus on certain key projects which present the highest likelihood for a
significant discovery and value generation while presenting the lowest technical risks.
A major technical milestone for the Company was the advancement of the Mt Sholl Ni-Cu-PGE deposit and - definition of the
maiden JORC mineral resource estimate and a significant JORC exploration target. It was determined that the Mt Sholl project
defined the lowest risk and highest potential for the company in the short to medium term. Specialist advisors were engaged to
lead the metallurgical studies, which remain ongoing at the date of this report. The metallurgical results are expected to assist
management in defining the ongoing exploration strategy for the project, namely the nature of mineralisation which will be
targeted during the following drilling campaigns.
As noted, the Company has engaged with multiple potential partners throughout the reporting period in relation to non-core
assets. As a result of this undertaking, management have secured strategic partnerships across the following non-core projects;
• Divestment of Yandicoogina project, where the company will retain a free carried interest in the project. At the date of
this report due diligence by the vendors is in progress.
• Divestment of Myrnas Hill project in August 2022 for $200,000 (settled via Cash and Script)
•
The Company entered into a strategic earn-in partnership with Velocity Minerals Ltd (“Velocity”), where Velocity has the
option to acquire up to a 75% project level interest in the Zlatusha project located in Bulgaria. The exclusive option to
earn interest via C$1m in staged cash and stock payments to the Company and where the Company will retain a
significant upside potential in the project. Velocity is also required to complete at least 28,000 meters of reverse
circulation drilling before the third anniversary of the Commencement Date and total of 40,000 meters of drilling and
PEA of the project to satisfy all the earn-in requirements.
The Company entered into a binding agreement with Konstantin Resources Limited over the Majdanpek West project in
Serbia. Under the agreement Konstantin pays a monthly maintenance fee and maintain the project in good standing until
the purchase price is settled. At settlement the company will retain a royalty over the project.
•
Management continues to engage with potential strategic partners regarding all the projects which are considered to be non-
core at this time, while at the same time adding value to these projects through high impact and low expenditure work programs
to maximise value.
Subsequent to the reporting period, the Company also entered into a strategic partnership over the Kalabak project, where the
company will retain a free-carried position until the project has been technically de-risked, further information is contained within
Matters Subsequent to the reporting period.
As has been announced subsequent to the reporting period, high-grade lithium bearing pegmatites have been discovered on the
Company’s Pilbara, Western Australian projects. Taking into account the market sentiment and lithium market supply-demand
fundamentals, lithium exploration, along with the advancement of the Mt Sholl Ni-Cu-PGE deposit are the key focus programs
over the short to medium term.
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Raiden Resources Limited
Directors' report
30 June 2023
Review of Operations
i. Financial Review
The consolidated loss for the year amounted to $5,695,299 (30 June 2022: loss of $4,785,771).
ii. Operations Review
During the year ended 30 June 2023, the following activities occurred:
Mt Sholl Project, Western Australia
During the year the company completed its maiden diamond drill program at the Mt Sholl Ni-Cu-PGE Project with a total of 39
diamond holes for 4,204m drilled between 19 September and 23 October 2022.
High-grade and broad zones of Ni-Cu-PGE sulphide mineralisation were intersected during the program and included notable
intercepts:
• 22B2DD0031
▪
•
22B2DD0052
▪
▪
• 22B2DD0073
▪
▪
▪
▪
▪
▪
• 22B2DD0135
▪
▪
• 22A1DD0024
▪
18.65m @ 0.56% Ni, 0.69% Cu, 1.16g/t 3Ea, 230ppm Co and 3.08g/t Ag (or 18.65m @ 1.21% Ni Eqb from 31m),
including;
1.8m @ 1.43% Ni, 0.99% Cu, 0.77g/t 3E, 515ppm Co and 3.92g/t Ag (or 1.8m @ 2.32% Ni Eq from 40.2m), and
0.3m @ 2.58% Ni, 1.23% Cu, 2.19g/t 3E, 686ppm Co and 10.00g/t Ag (or 4.14% Ni Eq from 26.8m)
21.49m @ 0.74% Ni, 1.08% Cu, 272ppm Co, 5.41g/t Ag & 1.11g/t 3E (or 21.49m @ 1.75% Ni Eq from 32.70m)
including:
8.0m @ 1.09% Ni, 1.51% Cu, 376ppm Co, 7.04g/t Ag & 1.43g/t 3E (or 8.0m @ 2.42% Ni Eq from 39m), and
2.0m @ 1.55% Ni, 1.83% Cu, 517ppm Co, 8.80g/t Ag & 1.49g/t 3E (or 2.0m @ 3.14% Ni Eq from 41.5m)
19.57m @ 0.75% Ni, 0.83% Cu, 0.94g/t 3E, 288ppm Co and 4.32g/t Ag (or 19.57m @ 1.58% Ni Eq from 36m),
including;
4.4m @ 1.17% Ni, 1.11% Cu, 1.24g/t 3E, 395ppm Co and 5.73g/t Ag (or 4.4m @ 2.26% Ni Eq from 42m), including;
and
0.9m @ 3.51% Ni, 1.46% Cu, 2.04g/t 3E, 1,200ppm Co and 6.24g/t Ag (or 0.9m @ 5.19% Ni Eq from 52.35m)
3.1m @ 1.69% Ni, 2.01% Cu, 2.79g/t 3E, 568ppm Co and 10.37g/t Ag (or 3.1m @ 3.83% Ni Eq) from 116.4m),
including;
0.3m @ 2.88% Ni, 0.61% Cu, 2.65g/t 3E, 1,340ppm Co, 4.30g/t Ag (or 0.3m @ 4.34% Ni Eq from 109.4m)
17m @ 0.76% Ni, 0.87% Cu, 1.11g/t 3E, 318ppm Co and 3.9g/t Ag (or 17m @ 1.67% Ni Eq from 92.8m), including7.5m
@ 1.16% Ni, 1.20% Cu, 1.70g/t 3E, 452ppm Co and 4.99g/t Ag (or 7.5m @ 2.47% Ni Eq7 from 133m)
a 3E = combined Pd, Pt & Au values
b Ni Eq = nickel equivalent grade (formula and assumptions can be found in Table 4 of the referenced announcements)
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Raiden Resources Limited
Directors' report
30 June 2023
• 22B1DD0024
▪
▪
• 22B1DD0014
▪
▪
• 22B1DD0034
▪
21m @ 0.65% Ni, 0.92% Cu, 0.84g/t 3E, 273ppm Co and 4.13g/t Ag (or 21m @ 1.48% Ni Eq) from 67m), including;
1m @ 1.68% Ni, 2.22% Cu, 1.52g/t 3E, 613ppm Co and 9.10g/t Ag (or 1m @ 3.51% Ni Eq) from 81.0m
28m @ 0.5% Ni, 0.78% Cu, 0.75g/t 3E, 210ppm Co and 4.17g/t Ag (or 28m @ 1.21% Ni Eq from 54m), including;
4m @ 1.46% Ni, 1.30% Cu, 1.15g/t 3E, 526ppm Co and 5.89g/t Ag (or 4m @ 2.63% Ni Eq from 73.0m)
21.5m @ 0.46% Ni, 0.73% Cu, 0.77g/t 3E, 198ppm Co and 3.82g/t Ag (or 21.5m @ 1.16% Ni Eq from 149m)
Figure 1: 22B2DD013 (115.05-119.62m – NQ core 47.6mm diameter) incl. 3.1m @ 3.83% Ni Eq from 116.4m Strongly
mineralised dolerite with densely disseminated fine-grained pyrrhotite, chalcopyrite, and pentlandite. 5
Figure 2: 22B2DD003 (26.8 -27.1 metre interval – NQ core 47.6mm diameter). 0.3m @ 4.14% Ni Eq Strongly mineralised
dolerite with fine-grained pyrrhotite, chalcopyrite and coarse minerals of pentlandite. Mineralisation is semi-massive and
interstitial. 1
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Raiden Resources Limited
Directors' report
30 June 2023
Figure 3: 22B2DD003 (40.2-42.0 metres – NQ core 47.6mm diameter) 1.8m @ 2.32% Ni Eq Strongly mineralised dolerite
with disseminated angular blebs of fine-grained pyrrhotite and pentlandite with minor chalcopyrite. 1
Figure 4: 22B2DD004 (25.1-25.6 metres – HQ core 61.1mm diameter) 0.5m @ 2.30% Ni Eq Strongly mineralised pyroxenite
with fine-grained massive to semi-massive pyrrhotite with coarse minerals of pentlandite within a 47-metre zone of sulphide
mineralisation. 1
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Raiden Resources Limited
Directors' report
30 June 2023
Mt Sholl Ni-Cu-PGE Mineral Resource Estimate
Based on the Mt Sholl diamond drilling program completed in October 2022 the Company was pleased to release on the 3 April
20239 a maiden JORC (2012) compliant Mineral Resource Estimate (MRE) for the Mt Sholl Nickel-Copper-PGE project.
The Mt Sholl resource is estimated to contain 23.4Mt @ 0.36% Ni, 0.40% Cu and 0.31 g/t 3E (0.60% Ni_Eq/1.54% Cu_Eq) for
83.9kt of contained Nickel, 93.7kt of contained Copper and 233,644oz of PGE’s, at a cut-off grade of 0.35% Ni_Eq cut-off for
open pit resources and at 0.5% Ni_Eq for underground resources (JORC 2012),
The above reported resource sits within a larger lower grade resource that at a 0.15% Ni_Eq cut-off contains:
40.4Mt @ 0.28% Ni, 0.28% Cu and 0.23 g/t 3E (0.45% Ni_Eq or 1.17% Cu_Eq) for 183.2kt of contained Nickel, 473.0kt of
contained Copper and 300,972 oz of PGE’s
and a further
JORC Exploration Target of 80 – 150Mt at a grade range of 0.45% - 0.75% Ni_Eq or 1.15% - 1.95% Cu_Eq*
*The potential quantity and grade of this exploration target is conceptual in nature, there is currently insufficient exploration
completed to support a mineral resource of this size and it is uncertain whether continued exploration will result in the estimation
of a JORC resource. The Exploration Target has been prepared in accordance with the JORC Code (2012).
Table 1: Mt Sholl Mineral Resource Estimate by classification reported above a 0.35% Ni_Eq cut-off for open pit resources
and at 0.5% Ni_Eq for underground resources9
Classification
Tonnes
Mt
Ni
%
Cu
%
Co
ppm
3E1
g/t
10.5
9.8
20.3
0.39
0.29
0.34
0.45
0.32
0.39
134
78
107
0.32
0.32
0.32
Ni
Metal
kt
41.0
28.4
69.34
Cu Metal
kt
3E
(Pd, Pt, Au)
oz
47.3
31.3
78.6
108,031
100,715
208,745
3.1
0.48
0.47
57
0.25
14.9
14.6
24,898
Open Pit
Indicated
Inferred
Total
Underground
Inferred
Notes:
• 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).
• Data is reported to significant figures and differences may occur due to rounding.
• Mineral Resources have been reported above a cut-off grade of 0.35 % Nickel equivalent for open pit resources and above
0.5% Nickel equivalent for underground resources.
• Bulk densities in the Basal unit are 3.06 and in Zone2 are 2.91. These figures represent averages of the values collected in the
•
respective domains from the 2022 drill program.
The Ni_Eq calculation represents total metal value for each metal summed and expressed in equivalent nickel grade and
tonnes. Commodity prices assumed in the calculation are noted below as is the formula used to calculate Ni_Eq.
Grade tonnage tables have been generated for the Mt Sholl Deposits according to classification. The grade tonnage table for the
Mineral Resource is shown in Table 2 and 3.
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Raiden Resources Limited
Directors' report
30 June 2023
Table 2: Mt Sholl OP Grade Tonnage Table9
Cutoff
NiEq
spot
CuEq
spot
Tonnage
Ni
Cu
Co
Pd
Pt
Au
Ag
0.05
0.1
0.15
0.2
0.25
0.3
0.35
0.4
0.45
0.5
0.55
0.6
0.65
0.7
0.75
0.8
0.85
0.9
0.95
0.4
0.41
0.43
0.46
0.5
0.54
0.58
0.62
0.68
0.74
0.79
0.85
0.89
0.94
0.99
1.03
1.08
1.13
1.17
1.02
1.06
1.11
1.18
1.28
1.39
1.49
1.6
1.75
1.91
2.04
2.2
2.33
2.48
2.62
2.76
2.93
3.08
3.24
41,690,380
0.25
39,844,827
0.25
37,334,108
0.26
33,662,504
0.28
28,734,183
0.30
24,220,815
0.32
20,289,730
0.34
16,826,941
0.36
12,914,532
0.40
10,144,603
0.43
8,232,309
6,525,899
5,432,384
4,461,138
3,684,694
3,024,598
2,432,489
2,003,463
1,638,103
0.46
0.50
0.53
0.56
0.59
0.62
0.65
0.68
0.72
0.24
0.25
0.26
0.28
0.32
0.35
0.39
0.43
0.48
0.53
0.57
0.62
0.65
0.69
0.72
0.76
0.80
0.83
0.85
82
84
87
90
96
102
107
113
121
127
133
143
150
158
166
174
186
196
205
0.15
0.16
0.17
0.18
0.20
0.23
0.24
0.26
0.28
0.30
0.31
0.33
0.35
0.37
0.39
0.41
0.43
0.45
0.47
0.03
0.03
0.03
0.03
0.04
0.04
0.04
0.05
0.05
0.06
0.06
0.07
0.07
0.07
0.08
0.08
0.09
0.09
0.09
0.02
0.02
0.03
0.03
0.03
0.03
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.05
0.05
0.05
0.05
0.05
0.05
0.61
0.63
0.64
0.66
0.69
0.74
0.76
0.83
0.91
1.01
1.09
1.19
1.26
1.34
1.42
1.52
1.63
1.72
1.79
Cutoff
NiEq
spot
CuEq
spot
0.5
0.55
0.6
0.65
0.7
0.75
0.8
0.85
0.9
0.95
1
0.73
0.78
0.82
0.87
0.92
0.98
1.03
1.1
1.17
1.24
1.29
1.89
2.03
2.17
2.32
2.47
2.65
2.83
3.03
3.30
3.55
3.72
Table 3: Mt Sholl UG Grade Tonnage Table9
Tonnage
Ni
Cu
Co
Pd
Pt
Au
Ag
3,097,720
2,480,931
2,031,555
1,627,127
1,298,219
1,021,575
800,026
621,857
464,810
363,849
309,418
0.48
0.52
0.55
0.59
0.64
0.69
0.74
0.79
0.86
0.92
0.96
0.47
0.50
0.52
0.54
0.57
0.58
0.60
0.63
0.64
0.67
0.69
57
57
57
59
66
74
82
93
105
121
129
0.18
0.19
0.21
0.22
0.23
0.23
0.24
0.25
0.27
0.28
0.28
0.04
0.04
0.04
0.05
0.05
0.05
0.05
0.05
0.06
0.06
0.06
0.03
0.04
0.04
0.04
0.04
0.04
0.05
0.05
0.06
0.06
0.06
0.43
0.45
0.48
0.53
0.59
0.66
0.66
0.66
0.65
0.70
0.69
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Raiden Resources Limited
Directors' report
30 June 2023
Figure 5: Mt Sholl project area with mineral resource and pit (0.35% Ni_Eq cut-off) locations6
The Company was also pleased to announce at the time of the maiden mineral resource estimate that it had defined an
Exploration Target in accordance with JORC 2012 reporting code, ranging from 80 – 150Mt at a grade range of 0.45% - 0.75%
Ni_Eq or 1.15% - 1.95% Cu_Eq*9
*The potential quantity and grade of this exploration target is conceptual in nature, there is currently insufficient exploration
completed to support a mineral resource of this size and it is uncertain whether continued exploration will result in the
estimation of a JORC resource. The Exploration Target has been prepared in accordance with the JORC Code (2012).
The Mt Sholl 2023 Exploration Target was estimated over six areas: strike and dip extensions to the A1, B1 B2, and Kudos deposit
areas, the southern plunge extensions to the B2 deposit, as well as the prospective northern contact zone between the A1 and
B1 deposits.
To put this into context historical drilling has tested only 39% of the potential strike extents of the Mt Sholl Ni-Cu-PGE bearing
geological units, 14% of the down-dip potential, and only 6% of the potential overall extent of the deposit.
The Company has also commenced with planning for the metallurgical studies, which are planned over the following reporting
period. The studies will be carried out on the core which was derived from the Company’s drilling campaign in late ’22. The
objective will be to optimise the recoveries and the concentrate grades.
The mineralisation at the A1, B1 and B2 deposits remain open in multiple directions, with the prospective contact between the
layered intrusive host rocks of all three deposits and the surrounding country rock, extending along strike and at depth currently
defined mineralisation. This prospective contact extends for a cumulative 10.5 kilometres across the project area, with only
approximately 4.3km drill tested to date (Figure 5). This presents an excellent opportunity to define further, near surface
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Raiden Resources Limited
Directors' report
30 June 2023
mineralisation on the project. The mineralisation also remains open to depth, further improving the outlook for resource growth
with additional drilling.
The Company has also commenced with metallurgical studies. The studies are being carried out on the core which was derived
from the Company’s drilling campaign in late ’22. The objective will be to optimise the recoveries and the concentrate grades.
Figure 6: Mt Sholl Project in relation to key infrastructure and nearby JORC (2012) Resources6,7,8
1 Refer to ASX Announcement dated 24 October 2022 “Drill assays confirm high-grade Ni-Cu-PGE Mineralisation”
2 Refer to ASX Announcement dated 17 March 2023 “Correction Announcement”
3 Refer to ASX Announcement dated 03 November 2022 “Further high-grade Ni-Cu-PGE drill assays at Mt Sholl”
4 Refer to ASX Announcement dated 19 December 2022 “Final Ni-Cu-PGE Drill assays, Resource Modelling underway”
5 Refer to ASX Announcement dated 23 November 2022 “High-grade Ni-Cu-PGE intercepts at B2 deposit”
6 Refer to ASX Announcement dated 17 November 2021 Large Ni-Cu-Co-PGE Sulphide ‘Exploration Target’ Defined at Mt Sholl
7 ASX:AZS 8 February 2023 28% Uplift in Mineral Resources at Andover Nickel Project
8 ASX:ARV 21 December 2018 Shallow Nickel-Copper Resource Defined at Radio Hill
9 Refer to ASX Announcement dated 3 April 2023 “Maiden Mineral Resource Estimate & JORC Exploration Target”
The Company confirms that it is not aware of any information or data that materially affects the information included in the
market announcements 1,2,3,4,5,6 and 9 and that all material assumptions and technical parameters underpinning the estimates
continue to apply.
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Raiden Resources Limited
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30 June 2023
Other Australian Projects
Yandicoogina
In May 2023 the Company entered into a binding letter of intent with LW Resources Pty Ltd (“LW Resources”), under which LW
Resources will acquire a 90% interest in the Yandicoogina project tenements.
Key Terms of the Agreement:
•
•
•
Within 5 days of the execution date of the LOI, LW Resources will pay Raiden $10,000 cash consideration for a 75-day
exclusivity and due diligence period.
At the expiration of the exclusivity period and subject to LW Resources being satisfied with the due diligence, the parties
will negotiate and enter into a binding definitive tenement sale agreement (“Definitive Agreement”).
The Definitive Agreement will include the consideration for the acquisition of the project tenements as follows:
o
o
Pay Raiden a $50,000 cash consideration:
Issue $100,000 in shares (Share Consideration), in a company that is listed on the Australian Securities Exchange
(“ASX”), at a deemed issue price equal to the 5-day VWAP of the ASX Listed Company immediately prior to the
date on which the Share Consideration is proposed to be issued.
Raiden will retain a 10% free carried interest in the property until completion of a positive feasibility study, at which time it can,
at its election, contribute pro-rata to any further expenditure; sell it’s 10% interest to a third party with LW Resources or its
Nominee maintaining a Right of First Refusal’ or dilute to a 1% Net Smelter Royalty over the mineral rights. At present time LW
Resources are still undertaking its due diligence over the project.
Myrnas Hill
Raiden entered into a binding term sheet with Askari Metals Ltd (ASX:AS2) for the sale of its Myrnas Hill Project (E45/4907) located
in the Pilbara region of Western Australia. The consideration comprised of $125,000 in Askari shares (Share Consideration) and
$75,000 (Cash Consideration). The transaction was settled and completed in September 2022.
Other
Management continued to engage with potential partners regarding the divestment and partnerships regarding non-core assets
in Australia, which will allow the Company to focus on progressing the Mt Sholl Ni-Cu-PGE sulphide project as well as the more
recently identified Lithium potential on the Mt Sholl, Roebourne, and Arrow Projects.
Exploration Activities in Bulgaria
Vuzel
During the reporting period, the Company commenced with a field campaign to follow up on the early drilling success on this
project, as reported by the Company on the 6th of July 2022. The objective of the ongoing campaign will be to gain a better
understanding of the structural controls of the high-grade mineralisation, which was intercepted in the maiden drilling campaign.
Activities will include further geological and structural mapping; outcrop sampling and soil sampling, which will be analysed for a
multi element suite of elements in order to determine whether the gold bearing structures have an associated multi-element
signature, which can be used to define the framework in more detail. On the basis of these results, the Company will plan a follow
up drill campaign on the project.
Zlatusha
On the 24th of January 2023, the Company announced that it has entered into an earn-in and cash/ script agreement with Velocity
Minerals Ltd (“Velocity”) in regard to the Zlatusha project in Bulgaria. Velocity’s team continue to make preparations in regard to
the summer field program on the Zlatusha project, which will include a permit wide magnetic geophysical survey and geochemical
sampling campaign. All exploration activities will be reported as Velocity report their results.
Subsequently to the execution of the agreement, the parties agreed to amend the terms of the first payment of option from
Velocity to Raiden. Under the original terms of the agreement Velocity was obliged to make a C$100k cash payment and a variable
13
Raiden Resources Limited
Directors' report
30 June 2023
(at Velocity’s discretion) C$100k cash/stock payment. Under the variation agreement Raiden agreed and received C$220k Velocity
stock payment as satisfaction of this milestone.
BG1 project
The Company continues to liaise with the Ministry of Energy in Bulgaria to execute the “exploration agreement” for this project
and no further activity was undertaken on the project during the reporting period.
Exploration Activities in Serbia
Donje Nevlje
The Company did not undertake any further field activities on this project during the reporting period, but the Company is
engaging with other parties about potential divestments and partnerships in relation to this project.
Tolisnica and Stanca
Upon review of all data sets generated by the Company, management concluded that the project is unlikely to generate a
discovery of significance to the Company and exited the project level joint venture with the local partner. The Company has not
retained any interest in the project.
Majdanpek West
During April 2023 the Company entered into a binding sale agreement with Konstantin Resources Limited (“Konstantin”) in regard
to its 100% owned Majdanpek West project in Serbia.
Key Terms of the Agreement:
•
•
•
•
Konstantin paid a $15,000 deposit to Raiden within 5 business days of execution of the agreement,
Konstantin will pay a monthly project maintenance fee for a period of 12 months from date of execution, or up to
payment of the purchase price (whichever occurs first),
$300,000 cash or stock* payment to be made for 100% of the project ownership, within 24 months from execution of
the agreement,
Konstantin shall maintain the project in good standing until the purchase price has been made,
• Raiden shall retain a 1% NSR over the project area with Konstantin having the option, but not the obligation to;
o Purchase 0.5% of the NSR for $300,000 at any time prior to publishing a Definitive Feasibility Study (“DFS”), or
o Purchase 0.5% of the NSR for $1m at any time after the publication of the DFS, but prior to commencement of
construction of a mine on the project area.
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Raiden Resources Limited
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iv. Corporate
In the September 2022 quarter Raiden received firm commitments to raise ~ $1.83 million via a Share Placement (“Placement”)
& underwritten Loyalty Option Placement (“Loyalty Option”).
The Placement comprised of two Tranches to raise $1,505,000 (before costs) through the issue of 215,000,000 new fully paid
ordinary shares at $0.007. Tranche 1, comprising of 67,109,738 ordinary fully paid shares was completed in August 2022 and
Tranche 2, comprising of 147,890,262 ordinary fully paid shares was completed in October 2022, subsequent to shareholder
approval.
In addition, Placement applicants will receive one (1) free attaching option for every two and half (2.5) placement shares subscribe
for under the Placement, exercisable at 1.5c each, expiring on 30 November 2024 (“Placement Options”).
Raiden also completed a loyalty offer on a one (1) for five (5) Loyalty Option to all eligible Raiden shareholders at a Record Date
being 1 November 2022 at a cost of $0.001 per option. The Loyalty Option was set on the same terms as the Placement Options
and raised an additional $326,488 before costs, the loyalty option was fully underwritten by CPS Capital.
The Company successfully applied for the Options issued under the Loyalty Option offer and the Placement Options to be quoted
on the ASX, under ASX ticker RDNOA.
Subsequently during the June 2023 quarter the Company successfully raised another $600,000 by issuing 200M shares at issue
price of $0.003 to sophisticated and professional investors (“Placement”).
The Company also undertook a Non-Renounceable Rights issue on the basis of 1 new share for every 4 shares held on the record
date, raising $602,060 (before costs). Under the Prospectus, the Company had capacity to issue a maximum 413,645,614 New
Shares, a total of 200,686,473 shares were subscribed for by eligible participants (“Rights”). A total of 212,959,141 Shortfall Shares
remaining available for placement at the Directors discretion within three months of the closing date. If the Shortfall Shares are
placed this would raise additional $638,877 (before costs).
v. Material Business Risks
The Board seeks to ensure that the process of risk identification, assessment and management is embedded in all aspects of the
Group’s operations and it monitors whether the level of compliance and governance within the Group is appropriate, with a
particular focus on the risk culture and risk reporting. There are a number of material risks to which the Group is exposed, and
the key material business risks are, in summary:
Future capital requirements
The Company has no operating revenue and is unlikely to generate any operating revenue unless and until the Company’s projects
are successfully explored, evaluated, developed and production commences. The future capital requirements of the Company will
depend on many factors including its business development activities.
In order to successfully evaluate and develop the projects and for production to commence, the Company will require further
financing in the future. Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than
the then market price or may involve restrictive covenants which limit the Company's operations and business strategy. Debt
financing, if available, may involve restrictions on financing and operating activities.
Although the Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital or
funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is unable to obtain
additional financing as needed, it may be required to reduce the scope of its activities and this could have a material adverse
effect on the Company's activities including resulting in the tenements being subject to forfeiture, and could affect the Company's
ability to continue as a going concern.
Operations risks
The operations of the Company may be affected by various factors, including:
(i)
(ii)
failure to locate or identify mineral deposits;
failure to achieve economic grades in exploration and forecast modelled grades, quantities and recoveries during
mining;
operational and technical difficulties encountered in mining;
(iii)
15
Raiden Resources Limited
Directors' report
30 June 2023
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
insufficient or unreliable infrastructure (such as power, water and transport);
difficulties in commissioning and operating plant and equipment;
mechanical failure or plant breakdown;
unanticipated metallurgical problems which may affect extraction costs;
adverse weather conditions; and
community and non-governmental organisation activities hindering operations.
In the event that any of these potential risks eventuate, the Company's operational and financial performance may be adversely
affected.
Government regulation and political risk in the mining industry
The Company’s operating activities are subject to laws and regulations governing expropriation of property, health and worker
safety, employment standards, waste disposal, protection of the environment, mine development, land and water use,
prospecting, mineral production, exports, taxes, labour standards, occupational health standards, toxic wastes, the protection of
endangered and protected species and other matters.
While the Company believes that its local and foreign incorporated subsidiaries are in substantial compliance with all material
current laws and regulations affecting its activities, future changes in applicable laws, regulations, agreements or changes in their
enforcement or regulatory interpretation could result in changes in legal requirements or in the terms of existing permits and
agreements applicable to the Group or its properties, which could have a material adverse impact on the Company's current
operations or planned development projects.
Failure to comply strictly with applicable laws, regulations and local practices relating to mineral right application and tenure,
could result in loss, reduction or expropriation of entitlements, or the imposition of additional local or foreign parties as joint
venture partners with carried or other interests. The occurrence of these various factors and uncertainties cannot be accurately
predicted and could have an adverse effect on the Company's operations or profitability.
Where required, obtaining necessary permits and licences can be a complex, time consuming process and the Company cannot
be sure whether any necessary permits will be obtainable on acceptable terms, in a timely manner or at all. The costs and delays
associated with obtaining necessary permits and complying with these permits and applicable laws and regulations could stop or
materially delay or restrict the Group from proceeding with any future exploration or development of its properties. Any failure
to comply with applicable laws and regulations or permits, even if inadvertent, could result in interruption or closure of
exploration, development or mining operations or material fines, penalties or other liabilities.
Tenure, access and grant of applications
The Group's operations are subject to receiving and maintaining licences and permits from appropriate governmental authorities.
Prior to any development on any of its properties, the Group’s must receive licences/permits from appropriate governmental
authorities. There is no certainty that the Group will continue to hold all licences/permits necessary to develop or continue
operating at any particular property.
Tenements are subject to the applicable mining acts and regulations in Western Australia, Serbia and Bulgaria. The Company is
required to comply with land access laws, water rights acts, and environmental, and cultural laws among others. Compliance with
these requirements appear manageable with consultation with the respective parties and government officials however, there is
a risk that for an unforeseen reason, the Company may not be granted the required licence or permits to carry out the proposed
works, which could lead to unforeseen delays or changes to proposed work programs, thus having the ability to materially impact
upon the Company's operations and financial circumstances.
Under mining law within the various jurisdictions that the Company operates within, an exploration licence can be revoked upon
the occurrence of specified events that are not remedied within prescribed periods. Such events include but are not limited to
not conducting exploration activities in accordance with the approved programme, conducting exploration activities outside of
the permit area, failing to submit annual reports, failing to undertake adequate rehabilitation works and failing to comply with
occupational health and safety laws.
Drilling and exploration programs
There are operational risks associated with the Group's drilling and exploration programs. The Group’s exploration programs may
be affected by a range of factors, including (but not limited to): geological and ground access conditions; unanticipated operational
and technical difficulties encountered in sampling and drilling activities; adverse weather conditions, environmental accidents,
16
Raiden Resources Limited
Directors' report
30 June 2023
and unexpected shortages or increases in the costs of consumables, spare parts, and labour; mechanical failure of operating plant
and equipment; prevention of access by reason of political or civil unrest, outbreak of hostilities, outbreak of disease or inability
to obtain regulatory consents or approvals; terms imposed by government on development of mining projects including
conditions such as equity participation, royalty rates and taxes; and risks of default or non-performance by third parties providing
essential services.
Exploration success
Mineral exploration and project development are high risk undertakings. There can be no assurance that further exploration on
the Group's projects will result in the discovery of an economic ore deposit. Even if an apparently viable deposit is identified, there
is no guarantee that it can be economically exploited. Until the Group is able to realise value from its mineral projects, it is likely
to incur ongoing operating losses.
Environmental and cultural
The operations of the Group are subject to laws and regulations concerning the environment. As with most exploration projects
and mining operations, the Group's activities are expected to have an impact on the environment, particularly if advanced
exploration or mine development proceeds. The Group intention to conduct its activities to the highest standard of environmental
obligation, including compliance with all environmental laws and regulations.
Mining operations have inherent risks and liabilities associated with safety and damage to the environment and the disposal of
waste products occurring as a result of mineral exploration and production. The occurrence of any such safety or environmental
incident could delay production or increase production costs. Events, such as unpredictable rainfall or bushfires may impact on
the Company's ongoing compliance with environmental legislation, regulations and licences. Significant liabilities could be
imposed on the Company for damages, clean-up costs or penalties in the event of certain discharges into the environment,
environmental damage caused by previous operations or noncompliance with environmental laws or regulations. The disposal of
mining and process waste and mine water discharge are under constant legislative scrutiny and regulation. There is a risk that
environmental laws and regulations become more onerous making the Company's operations more expensive. Approvals are
required for land clearing and for ground disturbing activities. Delays in obtaining such approvals can result in the delay to
anticipated exploration programmes or mining activities.
Metallurgy
Metal and/or mineral recoveries are dependent upon the metallurgical process, and by its nature contain elements of significant
risk such as:
(i)
(ii)
(iii)
identifying a metallurgical process through test work to produce a saleable metal and/or concentrate;
developing an economic process route to produce a metal and/or concentrate; and
changes in mineralogy in the ore deposit can result in inconsistent metal recovery, affecting the economic viability of the
project.
Insurance risk
There are significant exploration and operating risks associated with exploring for minerals, including adverse weather conditions,
environmental risks and fire, all of which can result in injury to persons as well as damage to or destruction of the extraction plant,
equipment, production facilities and other property. In addition, the Company's subsidiaries will be subject to liability for
environmental risks such as pollution and abuse of the environment.
The Company intends to insure its operations in accordance with industry practice. However, in certain circumstances, such
insurance may not be of a nature or level to provide adequate insurance cover. The occurrence of an event that is not covered or
fully covered by insurance could have a material adverse effect on the business, financial condition and results of the Company
effected. In addition, in the future some or all of the Company's insurance coverage may become unavailable or prohibitively
expensive.
Commodity price volatility and exchange rate risk
The Company's ability to proceed with the development of its mineral projects and benefit from any future mining operations will
depend on market factors, some of which may be beyond its control. Consequently, any future earnings are likely to be closely
related to the price of copper and gold commodities and the terms of any off-take agreements that the Company enters into. The
world market for minerals is subject to many variables and may fluctuate markedly. These variables include world demand for
gold that may be mined commercially in the future from the Company's project areas, forward selling by producers and production
17
Raiden Resources Limited
Directors' report
30 June 2023
cost levels in major mineral-producing regions. Minerals prices are also affected by macroeconomic factors such as general global
economic conditions and expectations regarding inflation and interest rates. These factors may have an adverse effect on the
Company's exploration, development and production activities, as well as on its ability to fund those activities.
Metals are principally sold throughout the world in US dollars. The Company's cost base will be payable in various currencies. As
a result, any significant and/or sustained fluctuations in the exchange rate between the Serbian Dinar, Bulgarian Lev and the US
dollar could have a materially adverse effect on the Company's operations, financial position (including revenue and profitability)
and performance. The Company may undertake measures, where deemed necessary by the Board, to mitigate such risks.
Significant changes in the state of affairs
Refer to review of operations, there were no other significant changes in the state of affairs of the Group during the financial year.
Matters subsequent to the end of the financial year
Subsequent to balance date the following events occurred:
• Raiden to acquire an 80% interest in 5 tenements from Welcome Exploration Pty Ltd (“Welcome”):
o Raiden will pay the Vendor a $50k cash consideration fee and issue $365k in Raiden common shares; and
o The vendor 20% interest will be free-carried to a final investment decision to mine.
o The Company plans to undertook project wide evaluation of lithium hosting pegmatite potential prior to completion of
the transaction
• Raiden entered into agreement with Arrow Minerals Limited (ASX:AMD) to earn-in to 85% position of the Arrow Project
(E47/3476 & E47/3478) Lithium-Caesium-Tantalum (Li-Cs-Ta or “LCT”) rights, with option to purchase 100% of those rights:
o Raiden has an exclusive option for a staged earn-in to 85% of the Li-Cs-Ta rights over the two Arrow project tenements;
or
o Raiden has the exclusive right to purchase 100% of the Li-Cs-Ta rights within three months, by making a $250k cash
payment and issuing $250k in RDN shares to Arrow
o Raiden entered into a binding Letter Agreement with Velocity Minerals regarding the Kalabak project in Bulgaria, whereby
Velocity Minerals has the option to earn into a 75% project level position by;
o Within 30 days of the Commencement Date, refund Raiden for all environmental and
Ministerial work guarantees, which are in place in regard to the Kalabak project
o Completing at least 5,000 meters of reverse circulation or diamond drilling on the
Property before the fifth anniversary of the Commencement Date and
o Delivering an Inferred Mineral Resource estimate on a deposit located within the Property Area prepared in
accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), before the
fifth anniversary of the Commencement Date
o Raiden entered into At-the -Market Finance Facility providing the Company with Standby equity capital of up to $2 million
over a 3 year term, with Raiden retaining full control over all aspects whether and when it could utilise the facility.
o On 29 August 2023, Raiden announced that it had received a firm commitment from sophisticated, professional, and
institutional investors to raise $6 million via a share placement of 272,727,273 fully paid ordinary shares at issue price of
$0.022 per share. The Company had initially sought to raise $5 million, but due to strong interest it has elected to accept
oversubscriptions to an additional $1 million (with subscription amount subject to shareholder approval). The tranche 1
placement for $5 million was completed on 6 September 2023.
No other matter or circumstance has arisen since 30 June 2023 that has significantly affected, or may significantly affect the
consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial
years.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year (30 June 2022: Nil)
18
Raiden Resources Limited
Directors' report
30 June 2023
Likely developments and expected results of operations
The group anticipates to maintain the present level of exploration activities, however these activities may potentially increase or
decrease in scope and scale, dependent on ongoing exploration results. At this time future exploration results cannot be
reasonably estimated or predicted.
Information on likely developments in the operations of the consolidated entity and the expected results of operations have not
been included in this report because the directors believe it would be likely to result in unreasonable prejudice to the consolidated
entity.
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Raiden Resources Limited
Directors' report
30 June 2023
Annual Mineral Resource and Ore Reserve Statement as at 30 June 2023
In accordance with ASX Listing Rule 5.21, Raiden Resources reports its Mineral Resources and Reserves at least annually. The date
of reporting is 30 June each year, to coincide with the Company’s end of financial year end and closing. If there are any material
changes to its Mineral Resources or Ore Reserves over the course of the year, the Company is required to publish these changes
promptly
Mineral Resources
The Company’s maiden Mineral Resource for the Mt Sholl Ni-Cu-Co-PGE Project was previously reported on 3 April 2023. The Mt
Sholl Mineral Resource is currently the Company’s only reportable Mineral Resource and there were no material changes to the
previously reported statement
The Mineral Resource has been classified in the Indicated and Inferred categories, in accordance with the 2012 Australasian Code
for Reporting of Mineral Resources and Ore Reserves (JORC Code). A range of criteria has been considered in determining this
classification including geological continuity, data quality, drill hole spacing, modelling technique, estimation properties including
search strategy, number of informing data and average distance of data from blocks. The total Mineral Resource Estimate is shown
in Table 1.
Table 1: Mt Sholl Mineral Resource as at 30 June 2023 (rounded to nearest 0.1Mt; 0.1kt; 0.01%; 0.01g/t)
Classification
Open Pit
Indicated
Inferred
Total
Underground
Inferred
Ni_E
q
Cut-
off
0.35
0.35
Tonnes
Mt
Ni
%
Cu
%
Co
ppm
3E1
g/t
Ni Metal
kt
Cu Metal
kt
3E
(Pd, Pt, Au)
oz
10.5
9.8
20.3
0.39
0.29
0.34
0.45
0.32
0.39
134
78
107
0.32
0.32
0.32
41.0
28.4
69.34
47.3
31.3
78.6
108,031
100,715
208,745
0.5
3.1
0.48
0.47
57
0.25
14.9
14.6
24,898
Governance Arrangements and Internal Controls
Raiden has ensured that the Mineral Resource quoted is subject to good governance arrangements and internal controls. The
Mineral Resource reported has been generated by a consultant external to the Company who is experienced in best practice
modelling and estimation methods. The competent person has also undertaken reviews of the quality and suitability of the
underlying information used to generate the resource estimation. In addition, Raiden’ management carry out regular reviews and
audits of internal processes and of the external contractor that has been engaged by the Company.
Competent Person's Statement
Mineral Resource
The Company confirms it is not aware of any new information or data that materially affects the information included in the 3
April 2023 (Maiden Mineral Resource Estimate and JORC Exploration Target) and that information that relates to the Mt Sholl
Mineral Resource estimate and all material assumptions and technical parameters underpinning the estimate continue to apply
and have not materially changed from previously reported information. The Company confirms that the form and context in which
the Competent Person’s findings are presented have not been materially modified from the original market announcements.
Compliance Statement
The information in this report that relates to Exploration Results, including Mineral Resources and Exploration Targets has
previously been released to the ASX. The Company confirms that it is not aware of any new information or data that materially
affects the information included in the original market announcements and that, and all material assumptions and technical
parameters underpinning the previously reported information continue to apply. The Company confirms that the form and
context in which the Competent Person’s findings are presented have not been materially modified from the original market
announcements as referenced in this report.
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Raiden Resources Limited
Directors' report
30 June 2023
Schedule of Tenements
Mining tenement interests held:
Tenement reference and location
Donje Nevlje 310-02-1547/2015-02
Zapadni Majdanpek 310-02-1096/2016-02
Kalabak (Bulgaria) – Licence No. 405
Zlatusha (Bulgaria) – Licence No. 486
BG1 (Bulgaria) – Permit No. 527
Mt Sholl (E47/4309)
Mt Sholl (E47/3468)
Yandicoogina (E45/3571)
Yandicoogina (E45/3474)
Yandicoogina (M45/115)
Yandicoogina (M45/987)
Arrow (E47/3476)
Arrow (E47/3478)
Pyramid (E47/4300)
Welcome (E47/3339)
Welcome (E47/3181)
Welcome (P47/1762)
Welcome (P47/1787)
Welcome (P47/1788)
Welcome (P47/1789)
Welcome (P47/1790)
Welcome (P47/1791)
Welcome (P47/1792)
Welcome (P47/1793)
Welcome (P47/1794)
Welcome (P47/1795)
Andover (E47/3849)
Andover (E47/4061)
Andover (E47/4063)
Tabba Tabba (E45/6182)
Mt Sholl (P47/2024)
Pyramid (E47/4307)
Andover (P47/2028)
Andover (E47/4062)
Andover (E47/4603)
Location
Serbia
Serbia
Bulgaria
Bulgaria
Bulgaria
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Western Australia
Nature
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Status
Granted
Granted
Granted
Granted
Pending
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Granted
Application - pending
Application - pending
Application - pending
Application - pending
Application - pending
Interest
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
100%
100%
100%
80%
80%
Application - pending
100%
Beneficial percentage interests held in farm-in or farm-out agreements:
Tenement reference and location
Vuzela (Bulgaria) – Licence No. 522
Location
Bulgaria
Nature
Joint Venture
Arrow (Western Australia) – Lithium Rights
Western Australia
Earn-in
Status
Granted
Granted
Interest
51%
85%
a The Company has an agreement to earn-in up to 90% position within the project and an option to purchase 100% of the project. At the end of the year the Company held 51%
interest in Vuzel Minerals EOOD, which holds the Vuzel licence.
21
Raiden Resources Limited
Directors' report
30 June 2023
Information on directors and company secretary
Name:
Title:
Qualifications:
Experience and expertise:
Dusko Ljubojevic
Managing Director
B. Science - Geology (Honours)
Mr Ljubojevic is a geologist and resource industry entrepreneur with 18 years of industry
experience, which has spanned throughout Africa, Asia, North America and Europe. Mr
Ljubojevic has previously worked with several ASX listed companies throughout Africa;
consulted to clients throughout the resource industry spectrum, ranging from private
development companies in Asia and Africa, publicly listed junior and mid-tier exploration
companies, global ‘majors’, such as Barrick Gold and private equity funds.
Other current directorships:
Former directorships (last 3 years):
Special responsibilities:
Interests in shares:
Interests in rights:
Interests in listed options:
Name:
Title:
Qualifications:
Experience and expertise:
Other current directorships:
Former directorships (last 3 years):
Special responsibilities:
Interests in shares:
Interests in rights:
Interests in options:
Mr Ljubojevic has broad experience within the resource sector, which includes not only
exploration and mining technical aspects, but also has experience in corporate structuring,
negotiations and business development.
Nil
Nil
Nil
34,220,617 Ordinary Shares
7,500,000 Tranche 1 Performance Rights
2,500,000 Tranche 2 Performance Rights
8,750,000 Tranche 3 Performance Rights
6,250,000 Tranche 4 Performance Rights
5,486,098 Listed Options
Michael Davy
Non-Executive Chairman
BCom (Acc)
Mr Davy is an Australian executive and Accountant with over 17 years’ experience across
a range of industries. His last major role was Financial Controller of Songa Offshore (listed
Norwegian Oil and Gas drilling company acquired by Transocean Ltd [NYSE: RIG] in January
2018), where Mr Davy managed the finance function and team for the Australian
operations. Prior to that Mr Davy had worked in London for other large organisations in
the finance department. Mr Davy is currently a director and owner of a number of
successful private businesses, which are currently all run under one management. During
the past five years Mr Davy has held directorships in several ASX listed companies.
Arcadia Minerals Limited (appointed 6 October 2020)
Vanadium Resources Limited (appointed 1 December 2019)
Haranga Resources Limited (appointed 11 April 2022)
Nil
Nil
17,273,215 Ordinary Shares
5,100,000 Tranche 1 Performance Rights
1,700,000 Tranche 2 Performance Rights
5,950,000 Tranche 3 Performance Rights
4,250,000 Tranche 4 Performance Rights
2,763,714 Listed Options
22
Raiden Resources Limited
Directors' report
30 June 2023
Name:
Title:
Qualifications:
Experience and expertise:
Other current directorships:
Former directorships (last 3 years):
Special responsibilities:
Interests in shares:
Interests in rights:
Name:
Title:
Qualifications:
Experience and expertise:
Other current directorships:
Former directorships (last 3 years):
Interests in shares:
Interests in options:
Interests in rights:
Dale Ginn
Non-Executive Director
PGeo
Mr Ginn is an experienced mining executive and geologist of over 30 years based in central
Canada. He is the founder of numerous exploration and mining companies and has led and
participated in a variety of gold and base metal discoveries, many of which have entered
production. Mr Ginn has led or was part of the discovery teams for the Gladiator, Hinge,
007, 777, Trout Lake, Photo, Edleston and Tartan Lake deposits and received the Quebec
Discovery of the Year Golden Hammer award in 2018 for the Gladiator high grade gold
deposit. His contributions have led to approximately 10 million ounces in resource
generation as well as over $500 million in capital raised for exploration and development
projects. His experience has included both senior and junior companies such as Goldcorp,
Harmony Gold, Hudbay, Westmin, San Gold, Bonterra, Gatling Exploration and others.
While specialising in complex, structurally controlled gold deposits, he also has extensive
mine-operations, development and start-up experience.
In addition to operations experience, Mr. Ginn has most recently been extremely active as
a partner with RSD Capital of Vancouver in founding and creating start-up exploration
companies such as Pacton Gold, and successful spinoffs like Gatling Exploration. Dale is a
registered professional Geologist (P.Geo.) in the provinces of Ontario and Manitoba.
Renegade Gold Inc (formerly Pacton Gold) (TSXV) (appointed 30 June 2023)
Lithium One Metals Inc (formerly Norris Lithium) (TSXV) (appointed 13 September 2023)
Aston Minerals Limited (ceased 1 May 2023)
Nil
Nil
3,900,000 Tranche 1 Performance Rights
1,300,000 Tranche 2 Performance Rights
4,550,000 Tranche 3 Performance Rights
3,250,000 Tranche 4 Performance Rights
Kyla Garic
Non-Executive Director
Company Secretary
B Com, MAcc, CA, FGIA, FGIS
Ms Garic is a Chartered Accountant and Director of Onyx Corporate. Ms Garic was
appointed as Company Secretary on 27 June 2017. Ms Garic is a Chartered Accountant and
Director of Onyx Corporate, a company specialising in company secretarial, corporate
governance and financial reporting
Nil
Nil
2,214,286 Ordinary shares
354,285 Options
1,500,000 Tranche 1 Performance Rights
500,000 Tranche 2 Performance Rights
1,750,000 Tranche 3 Performance Rights
1,250,000 Tranche 4 Performance Rights
'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.
23
Raiden Resources Limited
Directors' report
30 June 2023
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:
Mr Dusko Ljubojevic
Mr Michael Davy
Mr Dale Ginn
Ms Kyla Garic
Mr Martin Pawlitschek
Number
attended
Number
eligible to
attend
4
4
2
2
2
4
4
4
2
2
Remuneration report (audited)
The remuneration report details the key management personnel (KMP) remuneration arrangements for the consolidated entity,
in accordance with the requirements of the Corporations Act 2001, as amended (the Act) 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 sections:
●
●
●
●
Executive remuneration arrangements
Details of remuneration
Share-based compensation
Additional disclosures relating to key management personnel
Details of the nature and amount of each element of the remuneration of each of the KMP of the consolidated entity for the year
ended 30 June 2023 are set out in the following tables:
Name
Position
Appointed
Resigned / Ceased
Mr Dusko Ljubojevic
Mr Michael Davy
Mr Dale Ginn
Ms Kyla Garic
Mr Martin Pawlitschek
Mr Warrick Clent
Managing Director
Non-Executive Chairman
Non-Executive Director
Non-Executive Director
Company Secretary
Non-Executive Director
Chief Operating Officer
20 February 2018
29 June 2017
13 May 2021
1 April 2023
27 June 2017
20 February 2018
23 September 2021
-
-
-
-
-
1 April 2023
-
Introduction
Key Management Personnel (KMP) has authority and responsibility for planning, directing and controlling the major activities of
the Group. KMP comprise the directors of the Company and identified key management personnel.
Compensation levels for KMP are competitively set to attract and retain appropriately qualified and experienced directors and
executives. The Board may seek independent advice on the appropriateness of compensation packages, given trends in
comparable companies both locally and internationally and the objectives of the Group’s compensation strategy.
Executive remuneration arrangements
The compensation structures are designed to attract suitably qualified candidates, reward the achievement of strategic objectives,
and achieve the broader outcome of creation of value for shareholders. Compensation packages may include a mix of fixed
compensation, equity-based compensation, as well as employer contributions to superannuation funds. Shares, options and other
equity instruments may only be issued subject to approval by shareholders in a general meeting.
At the date of this report the Company has two executive appointed, being Mr Dusko Ljubojevic as the Managing Director and Mr
Warrick Clent as the Chief Operating Officer . The terms of their Executive Employment Agreements with Raiden Resources
Limited are summarised in the following table.
24
Raiden Resources Limited
Directors' report
30 June 2023
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:
Mr Dusko Ljubojevic
Managing Director
The original service agreement commenced on 20 February 2018 (which represented 50%
of Mr Ljubojevic’s time) and was renegotiated on 12 February 2021 to reflect an increase
in time required (representing 80% of Mr Ljubojevic’s time) for the ongoing management
of the Company’s asset portfolio.
The agreement has no fixed terms with termination requiring three months’ written notice
to the Company or the Company providing 6 months’ notice to Mr Ljubojevic.
Executive salary of $208,000 per annum (inclusive of superannuation) commencing on 12
February 2021
Mr Warrick Clent
Chief Operating Officer
23 September 2021
The agreement has no set term and may be terminated with four weeks written notice by
Mr Clent or the Company and there are no termination benefits payable under the
agreement.
Executive Salary of $210,000 per annum (exclusive of superannuation) commencing 11
November 2021.
Non-Executive Director fee arrangements
The Board policy is to remunerate Non-Executive Directors at a level to comparable Companies for time, commitment, and
responsibilities. Directors’ fees cover all main Board activities and membership of any committee. The Board has no established
retirement or redundancy schemes in relation to Non-executive Directors.
The Non-Executive Directors have or may be provided with options that are meant to incentivise the Non-Executive Directors.
The board determines payments to the Non-Executive Directors and reviews their remuneration annually based on market
practice, duties, and accountability. Independent external advice will be sought when required.
The maximum aggregate amount of fees that can be paid to Non-Executive Directors is presently limited to an aggregate of
AU$225,000 per annum and any change is subject to approval by shareholders at the General Meeting. Fees for Non-Executive
Directors are not linked to the performance of the Company. However, to align Directors’ interests with shareholder interests,
the Directors are encouraged to hold shares in the Company.
Fees for the Non-Executive Directors for the financial year were $156,000 (30 June 2022: $156,000) and cover main Board
activities only. Non-Executive Directors may receive additional remuneration for other services provided to the Group. The key
terms of the Non-Executive Director service agreements existing at reporting date are as follows:
Name:
Title:
Agreement commenced:
Term of agreement:
Details:
Mr Michael Davy
Non-Executive Chairman
29 June 2017
The agreement has no set term of termination, Mr Davy can resign or be removed as a
director by way of resolution at any point. There are no termination benefits payable under
the agreement.
Non-Executive fee of $60,000 per annum. Reimbursement of reasonable business
expenses incurred in ordinary course of the businesses in accordance with Group’s
remuneration policies.
25
Raiden Resources Limited
Directors' report
30 June 2023
Name:
Title:
Agreement commenced:
Term of agreement:
Details:
Name:
Title:
Agreement commenced:
Term of agreement:
Details:
Name:
Title:
Agreement commenced:
Term of agreement:
Details:
Mr Dale Ginn
Non-Executive Director
12 May 2021
The agreement has no set term of termination, Mr Ginn can resign or be removed as a
director by way of resolution at any point. There are no termination benefits payable under
the agreement.
Non-Executive fee of $48,000 per annum. Reimbursement of reasonable business
expenses incurred in ordinary course of the businesses in accordance with Group’s
remuneration policies.
Ms Kyla Garic
Non-Executive Director
1 April 2023
The agreement has no set term of termination, Ms Garic can resign or be removed as a
director by way of resolution at any point. There are no termination benefits payable under
the agreement.
Non-Executive fee of $48,000 per annum. Reimbursement of reasonable business
expenses incurred in ordinary course of the businesses in accordance with Group's
remuneration policies.
Mr Martin Pawlitschek
Non-Executive Director (Resigned 1 April 2023)
20 February 2018
The agreement has no set term of termination, Mr Pawlitschek can resign or be removed
as a director by way of resolution at any point. There are no termination benefits payable
under the agreement.
Non-Executive fee of $48,000 per annum. Reimbursement of reasonable business
expenses incurred in ordinary course of the businesses in accordance with Group’s
remuneration policies.
Key management personnel have no entitlement to termination payments in the event of removal for misconduct.
Details of remuneration
The Key Management Personnel of Raiden Resources Limited includes the Directors and Chief Executive Officer of the Company.
Other than is set out below there are no other Key Management Personnel at 30 June 2023.
Amounts of remuneration
Details of the remuneration of key management personnel of the consolidated entity are set out in the following tables.
26
Raiden Resources Limited
Directors' report
30 June 2023
30 June 2023
Directors:
D Ljubojevic
M Davy
D Ginn
K Garic1
M Pawlitschek2
Other KMP
W Clent
Cash salary
and fees
$
207,996
60,000
48,000
12,000
36,000
210,000
573,996
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-based
payments
Cash
Non-
bonus monetary*
$
$
Super- Long service
leave
$
annuation
$
Equity-
settled
$
Total
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,654
5,654
22,050
22,050
-
-
-
-
-
-
-
-
-
-
-
-
-
-
207,996
60,000
48,000
12,000
36,000
237,704
601,700
1 Represents remuneration from 1 April 2023 to 30 June 2023.
2 Represents remuneration from 1 July 2022 to 1 April 2023.
*Represents movement in annual leave accrual
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-based
payments
30 June 2022
Directors:
D Ljubojevic
M Davy
M Pawlitschek
D Ginn
Other KMP
W Clent3
Cash salary
and fees
$
207,996
60,000
48,000
48,000
153,417
517,413
Cash
Non-
bonus monetary*
$
$
Super- Long service
leave
$
annuation
$
Equity-
settled
$
Total
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
455,775
309,927
237,003
237,003
663,771
369,927
285,003
285,003
5,429
5,429
13,417
13,417
-
-
172,263
- 1,239,708 1,775,967
3 Represents remuneration from 11 November 2021 to 30 June 2022.
*Represents movement in annual leave accrual
There was no performance based remuneration payable in financial year ended 30 June 2023 (30 June 2022: Nil)
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 (30 June 2022: $Nil).
Issue of 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 (30 June 2022: Nil).
There were no options over ordinary shares granted to or vested by directors and other key management personnel as part of
compensation during the year ended 30 June 2023 (30 June 2022: Nil).
27
Raiden Resources Limited
Directors' report
30 June 2023
Issue of Performance rights
The Company has the following Performance Rights on issue at the date of this report.
On 27 October 2021, the Company issued 73,000,000 performance rights subject to the following conditions:
●
●
●
●
Tranche 1: 21,900,000 Performance Rights subject to a 20-day VWAP of $0.055 or higher on or before the expiry date.
Tranche 2: 7,300,000 Performance Rights upon Raiden achieving a minimum of 7,500 metre drilling, in aggregate, across any
of the projects the Company has an interest in at the issue date of the Performance Rights and on or before the expiry date.
Tranche 3: 25,550,000 Performance Rights subject to a 20-day VWAP of $0.075 or a market capitalisation of A$100 million
over a period of 20 trading days on or before the expiry date.
Tranche 4: 18,250,000 Performance Rights subject to a 20-day VWAP of $0.100 or a market capitalisation of A$150 million
over a period of 20 trading days on or before the expiry date.
Of which, 68,000,000 Performance Rights were issued to the Company’s Directors as Management Performance Rights, as part
of the Company’s long-term strategy to remunerate the Board and 5,000,000 Performance Rights were issued to the Company
Secretary under Employee Incentive Security Plan. On 1 April 2023, the Company Secretary was appointed as Non-Executive
Director of the Company.
The terms and conditions of each grant of performance rights over ordinary shares affecting remuneration of directors and other
key management personnel in this financial year or future reporting years are as follows:
Class of Performance
Rights issued
Tranche 1
Tranche 2
Tranche 3
Tranche 4
Grant date
Expiry date
6 October 2021
6 October 2021
6 October 2021
6 October 2021
6 October 2024
6 October 2024
6 October 2024
6 October 2024
The Performance Rights were issued to Directors as follows:
Share price
hurdle for
vesting
Fair value
per right
at grant date
$0.055
$0.000
$0.075
$0.100
$0.0210
$0.0240
$0.0190
$0.0180
Director
Mr Mike Davy
Mr Dusko Ljubojevic
Mr Dale Ginn
Mr Martin Pawlitschek1
Total
Performance
Rights
Tranche 1
Performance
Rights
Tranche 2
Performance
Rights
Tranche 3
Performance
Rights
Tranche 4
Total
5,100,000
7,500,000
3,900,000
3,900,000
21,900,000
1,700,000
2,500,000
1,300,000
1,300,000
7,300,000
5,950,000
8,750,000
4,550,000
4,550,000
25,550,000
4,250,000
6,250,000
3,250,000
3,250,000
18,250,000
17,000,000
25,000,000
13,000,000
13,000,000
68,000,000
1 Balance as at resignation date, 1 April 2023.
Performance rights granted carry no dividend or voting rights.
28
Raiden Resources Limited
Directors' report
30 June 2023
Additional disclosures relating to key management personnel
KMP Ordinary Shareholdings
The number of shares in the company held during the financial year by each director and other members of key management
personnel of the consolidated entity, including their personally related parties, is set out below:
Ordinary shares
D Ljubojevic
M Davy
D Ginn
K Garic1
M Pawlitschek2
W Clent
Balance at
the start of
Received
as part of
the year remuneration
27,430,494
13,818,572
-
-
23,778,846
-
65,027,912
-
-
-
-
-
-
-
Disposals/
other
-
-
-
1,771,429
-
-
1,771,429
Balance at
the end of
the year
34,220,617
17,273,215
-
2,214,286
23,778,846
-
77,486,964
Additions
6,790,123
3,454,643
-
442,857
-
-
10,687,623
1 Appointed as Non-Executive Director on 1 April 2023.
2 Balance at the date of resignation, 1 April 2023.
KMP Performance Shareholdings
The number of performance shares in the company held during the financial year by each director and other members of key
management personnel of the consolidated entity, including their personally related parties, is set out below:
Performance shares
D Ljubojevic
M Davy
M Pawlitschek
D Ginn
W Clent3
3 Commenced on 11 November 2021.
Balance at
the start of
the year
17,187,500
-
17,187,500
-
-
34,375,000
Granted
Vested
Expired/
forfeited/
other
Balance at
the end of
the year
-
-
-
-
-
-
-
-
-
-
-
-
(17,187,500)
-
(17,187,500)
-
-
(34,375,000)
-
-
-
-
-
-
KMP Performance Rights Holdings
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 consolidated entity, including their personally related parties, is set out below:
Performance rights
D Ljubojevic
M Davy
D Ginn
K Garic4
M Pawlitschek5
W Clent
Balance at
the start of
the year
25,000,000
17,000,000
13,000,000
-
13,000,000
-
68,000,000
Granted
Vested
Expired/
forfeited/
other
Balance at
the end of
the year
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,000,000
-
-
5,000,000
25,000,000
17,000,000
13,000,000
5,000,000
13,000,000
-
73,000,000
4 Ms Garic was appointed as Non-Executive Director on the 1 April 2023. Performance right was granted to Ms Garic as part of
employee performance rights issued in November 2021 prior to appointment as Non-Executive Director.
5 Balance at the date of resignation, 1 April 2023.
29
Raiden Resources Limited
Directors' report
30 June 2023
KMP Listed Options Holdings
The number of listed options over ordinary shares in the company held during the financial year by each director and other
members of key management personnel of the consolidated entity, including their personally related parties, is set out below:
Listed options
D Ljubojevic
M Davy
D Ginn
K Garic
M Pawlitschek1
W Clent
Balance at
the start of
the year
Granted
Vested
Expired/
forfeited/
other
Balance at
the end of
the year
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,486,098
2,763,714
-
354,285
4,700,000
-
5,486,908
2,763,714
-
354,285
4,700,000
-
13,304,097
13,304,097
1 Balance at the date of resignation, 1 April 2023.
Loans to Key Management Personnel and their related parties
There were no loans to Key Management Personnel and their related parties during the financial year (30 June 2022: Nil).
Other transaction and balances with KMP and their related parties
The Group acquired services from entities that are controlled by members of the Group’s KMP. Transactions between related
parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise
stated.
Entity
Nature of
transaction
Key Management
Personnel
Onyx Corporate Pty
Ltd
Vuzel Minerals
EOOD
Company secretarial
and accounting fees
Loan receivable
Kyla Garic
Dusko Ljubojevic
Total
Expenses
2023
$
Total
Expenses
2022
$
Receivable
(Payable)
Balance
2023
$
Receivable
(Payable)
Balance
2022
$
27,750
-
-
-
30,573
-
-
452,569
On 1 April 2023, Ms Kyla Garic was appointed as Non-Executive Director of the Company. Since appointment, the value of
company secretarial and accounting service provided by Onyx Corporate Pty Ltd, a company related to Ms Garic totalled to
$27,750.
In 2022, the Company provided a loan of $452,569 to Vuzel Minerals EOOD, of which Mr Dusko Ljubojevic is a Director. At the
date of this report Vuzel Minerals EOOD is a 51% subsidiary of the Company.
There were no other related party transactions during the year.
Voting of shareholders at last year’s annual general meeting
At the AGM held on 29 November 2022, 99.01% of 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.
This concludes the remuneration report, which has been audited.
30
Raiden Resources Limited
Directors' report
30 June 2023
Shares under option or performance rights
Unissued ordinary shares of Raiden Resources Limited under option or performance rights at the date of this report are as follows:
Grant date
Expiry date
Exercise price
6 October 2021
17 January 2022
22 November 2022
6 October 2024
31 December 2023
31 November 2024
$0.001
$0.040
$0.015
Number under options or
performance rights
73,000,000
50,000,000
481,488,180
604,488,180
No person entitled to exercise the options or performance rights 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 or performance rights
There were no ordinary shares of Raiden Resources Limited issued on the exercise of options or performance rights during the
year ended 30 June 2023 and up to the date of this report.
Indemnity and insurance of officers and auditor
Indemnification
The Company must use its best endeavours to insure a Director or officer against any liability, which does not arise out of conduct
constituting a wilful breach of duty or a contravention of the Corporations Act 2001. The Company must also use its best
endeavours to insure a Director or officer against liability for costs and expenses incurred in defending proceedings whether civil
or criminal.
The Company indemnifies each of its Directors, Officers and Company Secretary. The Company indemnifies each Director or officer
to the maximum extent permitted by the Corporations Act 2001 from liability to third parties, except where the liability arises out
of conduct involving lack of good faith, and in defending legal and administrative proceedings and applications for such
proceedings.
The Company has not entered into any agreement with its current auditors indemnifying them against any claims by third parties
arising from their provision of audit services.
Insurance premium
During the financial year the Company paid insurance premiums to insure Directors and Officers against certain liabilities arising
out of their conduct while acting as an officer of the Group. Under the terms and conditions of the insurance contract, the nature
of the liabilities insured against, and the premium paid cannot be disclosed.
Proceedings on behalf of the company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of
the company, or to intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf
of the company for all or part of those proceedings.
Non-audit services
During the year RSM Australia Partners, the Company’s auditor did not provide any services other than statutory audit. Other
RSM Firms, provided other non-audit services totalling to $5,223. Details of their remuneration can be found in note 6 Auditor’s
Remuneration.
Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor are
outlined in note 6 to the financial statements.
The directors are satisfied that the provision of non-audit services during the financial year, by the auditor (or by another person
or firm on the auditor’s behalf), is compatible with the general standard of independence for auditors imposed by the
Corporations Act 2001.
31
Raiden Resources Limited
Directors' report
30 June 2023
The directors are of the opinion that the services as disclosed in note 6 to the financial statements do not compromise the external
auditor’s independence requirements of the Corporations Act 2001 for the following reasons:
●
all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of
the auditor; and
none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics
for Professional Accountants issued by the Accounting Professional and Ethical Standards Board, including reviewing or
auditing the auditor’s own work, acting in a management or decision-making capacity for the company, acting as advocate
for the company or jointly sharing economic risks and rewards.
●
Rounding
The Company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the “rounding off” of amounts in the
financial statements. Amounts in the financial statements have been rounded off in accordance with the instrument to the nearest
dollar.
Auditor’s independence declaration
A copy of the auditor’s independence declaration as required under section 207C of the Corporations Act is set out immediately
after this director’s report.
Auditor
RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001.
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
___________________________
Michael Davy
Non-Executive Chairman
21 September 2023
32
RSM Australia Partners
Level 32, Exchange Tower
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Raiden Resources Limited for the year ended 30 June
2023, I declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
(ii)
The auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
Any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA PARTNERS
Perth, WA
Dated: 21 September 2023
ALASDAIR WHYTE
Partner
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent
accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
Raiden Resources Limited
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2023
Other income
Accounting and other professional fees
Administrative costs
Corporate expenses
Depreciation
Exploration and evaluation expenditure
Legal fees
Marketing and investor relations
Share based payments
Impairment of assets
Loss before income tax expense
Income tax expense
Loss after income tax expense for the year
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations
Other comprehensive (loss)/ income for the year, net of tax
Total comprehensive(loss)/ income for the year
Loss for the year is attributable to:
Non-controlling interest
Owners of Raiden Resources Limited
Total comprehensive (loss)/income for the year is attributable to:
Non-controlling interest
Owners of Raiden Resources Limited
Earnings per share for profit attributable to the owners of Raiden Resources Limited
Basic earnings per share
Diluted earnings per share
7
7
Note 30 June 2023 30 June 2022
$
$
506,812
7,927
(170,238)
(146,422)
(499,140)
(4,850)
(2,364,488)
(134,650)
(83,086)
-
(2,799,237)
(230,694)
(239,473)
(393,532)
(10,368)
(2,289,786)
(168,938)
(130,044)
(1,330,863)
-
(5,695,299)
(4,785,771)
-
-
(5,695,299)
(4,785,771)
10
19
4
18
(48,958)
52,503
(48,958)
52,503
(5,744,257)
(4,733,268)
(11,844)
(5,683,455)
-
(4,785,771)
(5,695,299)
(4,785,771)
(11,844)
(5,732,413)
-
(4,733,268)
(5,744,257)
(4,733,268)
Cents
(0.35)
(0.35)
Cents
(0.36)
(0.36)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
34
Raiden Resources Limited
Consolidated statement of financial position
As at 30 June 2023
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Financial assets
Other current assets
Non-current assets
Plant and equipment
Exploration and evaluation expenditure
Financial asset
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Employee benefits
Other liabilities
Total current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Equity attributable to the owners of Raiden Resources Limited
Non-controlling interest
Total equity
Note 30 June 2023 30 June 2022
$
$
8
9
12
10
11
12
14
15
16
17
18
18
737,795
40,309
224,475
39,959
1,042,538
536,163
51,152
-
47,668
634,983
52,387
9,328,173
-
9,380,560
60,326
11,737,601
452,569
12,250,496
10,423,098
12,885,479
363,582
11,083
227,404
602,069
161,182
-
263,189
424,371
602,069
424,371
9,821,029
12,461,108
26,690,549
1,911,382
(18,769,058)
9,832,873
(11,844)
23,912,859
1,633,852
(13,085,603)
12,461,108
-
9,821,029
12,461,108
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
35
Raiden Resources Limited
Consolidated statement of changes in equity
For the year ended 30 June 2023
Issued
capital
Share-
based
payments
reserves
Option
Reserve
Foreign
currency
reserves
Accumulated
losses
Total equity
$
$
$
$
$
Balance at 1 July 2021
20,436,221
47,037
163,200
40,249
(8,299,832) 12,386,875
Loss after income tax expense
for the year
Other comprehensive income for
the year, net of tax
Total comprehensive income for
the year
Transactions with owners in their
capacity as owners:
Performance rights recognised
during the year
Issue of shares
-
-
-
-
3,476,638
1,330,863
-
-
-
-
-
-
-
(4,785,771) (4,785,771)
52,503
-
52,503
52,503
(4,785,771) (4,733,268)
-
-
- 1,330,863
- 3,476,638
Balance at 30 June 2022
23,912,859
1,377,900
163,200
92,752 (13,085,603) 12,461,108
Issued
capital
Share-based
payments
reserves
Option
reserve
Foreign
currency
reserves
Accumulated
losses
Non-
controlling
interest
Total equity
Balance at 1 July 2022
23,912,859
1,377,900
163,200
92,752 (13,085,603)
- 12,461,108
$
$
$
$
$
$
$
Loss after income tax expense for
the year
Other comprehensive income for
the year, net of tax
Total comprehensive income for
the year
Transactions with owners in their
capacity as owners:
Issue of shares, net of costs note
18
Issue of options note 18
-
-
-
2,777,690
-
-
-
-
-
-
-
(5,683,455)
(11,844) (5,695,299)
(48,958)
-
-
(48,958)
(48,958)
(5,683,455)
(11,844) (5,744,257)
326,488
-
-
-
-
- 2,777,690
326,488
-
Balance at 30 June 2023
26,690,549
1,377,900
489,688
43,794 (18,769,058)
(11,844) 9,821,029
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
36
Raiden Resources Limited
Consolidated statement of cash flows
For the year ended 30 June 2023
Cash flows from operating activities
Payments to suppliers and employees
Payments for exploration and evaluation activity
Interest received
Note 30 June 2023 30 June 2022
$
$
(846,953)
(2,187,224)
2,074
(1,037,685)
(2,957,529)
309
Net cash used in operating activities
29
(3,032,103)
(3,994,905)
Cash flows from investing activities
Payments for exploration licence and acquisition
Cash acquired on the transaction
Proceeds from sale of financial assets
Proceeds from sale of tenements
Net cash from/(used in) investing activities
Cash flows from financing activities
Proceeds from issue of share
Proceeds from issue of options
Payment of capital raising costs
Net cash from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Effects of exchange rate changes on cash and cash equivalents
11
18
-
84,158
162,763
92,500
(671,164)
65,829
-
-
339,421
(605,335)
2,707,047
326,489
(142,960)
2,500,000
-
(75,000)
2,890,576
2,425,000
197,894
536,163
3,738
(2,175,240)
2,696,735
14,668
Cash and cash equivalents at the end of the financial year
8
737,795
536,163
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
37
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 1. 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 consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian
Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for
for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by
the International Accounting Standards Board ('IASB').
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation
of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other comprehensive
income, investment properties, certain classes of property, plant and equipment and derivative financial instruments.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management
to exercise its judgement in the process of applying the consolidated entity's accounting policies. The areas involving a higher
degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are
disclosed in note 2.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only.
Supplementary information about the parent entity is disclosed in note 24.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Raiden Resources Limited
('company' or 'parent entity') as at 30 June 2023 and the results of all subsidiaries for the year then ended. Raiden Resources
Limited and its subsidiaries together are referred to in these financial statements as the 'consolidated entity'.
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity when
the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to
affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the consolidated entity. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset
transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies
adopted by the consolidated entity.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest,
without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred
and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss and other
comprehensive income, statement of financial position and statement of changes in equity of the consolidated entity. Losses
incurred by the consolidated entity are attributed to the non-controlling interest in full, even if that results in a deficit balance.
38
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 1. Significant accounting policies (continued)
Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-
controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The consolidated
entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain
or loss in profit or loss.
Foreign currency translation
The financial statements are presented in Australian dollars, which is Raiden Resources Limited's functional and presentation
currency.
Foreign currency transactions
Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at
financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or
loss.
Foreign operations
The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date.
The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which
approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences are recognised
in other comprehensive income through the foreign currency reserve in equity.
The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.
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.
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the consolidated
entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after
the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for
at least 12 months after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the consolidated entity's normal operating cycle; it is
held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no
unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are
classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
Investments and other financial assets
Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial
measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either
amortised cost or fair value depending on their classification. Classification is determined based on both the business model within
which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is
being avoided.
39
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 1. Significant accounting policies (continued)
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the
consolidated entity has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation
of recovering part or all of a financial asset, its carrying value is written off.
Financial assets at amortised cost
A financial asset is measured at amortised cost only if both of the following conditions are met: (i) it is held within a business
model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual terms of the financial
asset represent contractual cash flows that are solely payments of principal and interest.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified as financial
assets at fair value through profit or loss. Typically, such financial assets will be either: (i) held for trading, where they are acquired
for the purpose of selling in the short-term with an intention of making a profit, or a derivative; or (ii) designated as such upon
initial recognition where permitted. Fair value movements are recognised in profit or loss.
Impairment of financial assets
The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are either measured at
amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the
consolidated entity's assessment at the end of each reporting period as to whether the financial instrument's credit risk has
increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue
cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit
loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default
event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined
that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount
of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls
over the life of the instrument discounted at the original effective interest rate.
For financial assets mandatorily measured at fair value through other comprehensive income, the loss allowance is recognised in
other comprehensive income with a corresponding expense through profit or loss. In all other cases, the loss allowance reduces
the asset's carrying value with a corresponding expense through profit or loss.
Impairment of non-financial assets
Non-financial assets 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.
Goods and Services Tax ('GST') and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable
from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable
from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which
are recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
40
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 1. Significant accounting policies (continued)
Provisions
Provisions are recognised when the consolidated entity has a present (legal or constructive) obligation as a result of a past event,
it is probable the consolidated entity 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.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have
not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2023. The consolidated entity
has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.
Note 2. 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
Share-based payments are measured at the fair value of goods or services received or the fair value of the equity instruments
issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the
goods or services are received. The fair value of options is determined using the Black-Scholes valuation model. The number of
shares and options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognised
for services received as consideration for the equity instruments granted is based on the number of equity instruments that
eventually vest.
Coronavirus (COVID-19) pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had, or may have, on
the consolidated entity based on known information. This consideration extends to the nature of the products and services
offered, customers, supply chain, staffing and geographic regions in which the consolidated entity operates. Other than as
addressed in specific notes, there does not currently appear to be either any significant impact upon the financial statements or
any significant uncertainties with respect to events or conditions which may impact the consolidated entity unfavourably as at
the reporting date or subsequently as a result of the Coronavirus (COVID-19) pandemic.
Exploration and evaluation costs
Certain exploration and evaluation costs have been capitalised on the basis that the Group will commence commercial production
in the future, from which time the costs will be amortised in proportion to the depletion of the mineral resources. Key judgements
are applied in considering costs to be capitalised which includes determining expenditures directly related to these activities and
allocating overheads between those that are expensed and capitalised. In addition, costs are only capitalised that are expected
to be recovered either through successful development or sale of the relevant mining interest. Factors that could impact the
future commercial production at the mine include the level of reserves and resources, future technology changes, which could
impact the cost of mining, future legal changes and changes in commodity prices. To the extent that capitalised costs are
determined not to be recoverable in the future, they will be written off in the period in which this determination is made.
41
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 3. Going concern
The financial statements have been prepared on a going concern basis, which contemplates the continuity of normal business
activity and the realisation of assets and the settlement of liabilities in the ordinary course of business.
As disclosed in the financial statements the Group incurred a loss of $5,695,299 for the year ended 30 June 2023 (30 June 2022:
$4,785,771 and had net cash outflows from operating activities of $3,032,103 for the year ended 30 June 2023 (30 June 2022:
$3,994,905. As at that date the Group had net current assets of $440,469 (30 June 2022: $210,612) and net assets of $9,821,029
(30 June 2022: $12,461,108) respectively.
The Directors believe that it is reasonably foreseeable that the Group will continue as a going concern and that it is appropriate
to adopt the going concern basis in the preparation of the financial report after consideration of the following factors:
●
Subsequent to year end the Group raised $5 million (before cost) with additional $1 million to be received in oversubscription
subject to shareholder approval.
The Group has historically demonstrated its ability to raise funds to satisfy its immediate cash requirements.
The Directors also have reason to believe that in addition to the cash flow currently available, additional funds from sale of
non-core assets are expected.
●
●
Note 4. Income tax
The financial statements for the year ended 30 June 2023 comprise the results of the Group. The legal parent is incorporated and
domiciled in Australia where the applicable tax rate is 30%. Two of the Group’s subsidiaries are incorporated in the Republic of
Serbia where the applicable tax rate is 15%. Two subsidiaries are incorporated in Bulgaria where the applicable tax rate is 10%.
(a) Income tax expense
Current tax
Deferred tax
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 30%
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Non-deductible expenditure
Adjustments for differences in tax rates
Benefits from tax loss not brought to account
Income tax expense
Tax losses not recognised
Unused tax losses for which no deferred tax asset has been recognised
Potential tax benefit @ 30%
42
30 June 2023 30 June 2022
$
$
-
-
-
-
-
-
(5,695,299)
(4,785,771)
(1,708,590)
(1,435,731)
894,203
46,205
768,182
428,252
50,367
957,112
-
-
30 June 2023 30 June 2022
$
$
5,342,920
5,567,379
1,602,876
1,670,214
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 4. Income tax (continued)
The Group has the following tax losses arising in entities in Australia, Republic of Serbia and Republic of Bulgaria that are available
indefinitely to be offset against the future taxable profits of the Group.
Tax loss carried forward
Australia
Republic of Serbia
Republic of Bulgaria
Unrecognised deferred tax asset
Australia
Republic of Serbia
Republic of Bulgaria
5,237,145
100,901
4,874
5,046,554
520,825
-
5,342,920
5,567,379
1,587,254
15,622
-
1,594,454
75,760
-
1,602,876
1,670,214
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.
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.
43
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 5. Key management personnel
Refer to the Remuneration Report contained in the Directors' Report for details of the remuneration paid or payable to each
member of the Group's key management personnel (KMP) for the year ended 30 June 2023.
The total remuneration paid to KMP during the year are as follows:
Short-term employee benefits
Post-employment benefits
Equity settled
30 June 2023 30 June 2022
$
$
573,996
22,050
-
517,413
13,417
1,239,708
596,046
1,770,538
Loans to Key Management Personnel
To the best of the Directors' knowledge, they are not aware of any loans to Key Management Personnel during the financial year.
Other KMP Transactions
For other KMP transactions refer to note 23.
Note 6. Remuneration of auditors
Remuneration of the auditor of the Group for:
Audit services - RSM Australia Partners
Audit or review of the financial statements - Australia
Other services - RSM Serbia d.o.o Beograd
Other services - Serbia
Note 7. Loss per share
Loss after income tax
Non-controlling interest
30 June 2023 30 June 2022
$
$
41,800
38,250
5,223
10,529
47,023
48,779
30 June 2023 30 June 2022
$
$
(5,695,299)
11,844
(4,785,771)
-
Loss after income tax attributable to the owners of Raiden Resources Limited
(5,683,455)
(4,785,771)
Weighted average number of ordinary shares used in calculating basic loss per share
1,640,519,362 1,336,240,485
Weighted average number of ordinary shares used in calculating diluted loss per share
1,640,519,362 1,336,240,485
Number
Number
44
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 7. Loss per share (continued)
Basic earnings per share
Diluted earnings per share
Cents
(0.35)
(0.35)
Cents
(0.36)
(0.36)
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 Raiden 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 after
income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average
number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.
Note 8. Cash and cash equivalents
Cash at bank
Total cash and cash equivalents
Accounting policy for cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions
Note 9. Trade and other receivables
CURRENT
Other receivables (a)
Total other receivables
30 June 2023 30 June 2022
$
$
737,795
737,795
536,163
536,163
30 June 2023 30 June 2022
$
$
40,309
51,152
40,309
51,152
(a) Other receivables are non-interest bearing and have payment terms between 30 and 60 days. Due to the nature of the
receivables the Group has recognised expected credit losses of nil for the year ended 30 June 2023 (30 June 2022: nil).
Accounting policy for trade and 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.
The consolidated entity has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected
loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
45
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 10. Plant and equipment
Plant and equipment at cost
Opening balance at 1 July
(Disposal)/Additions
Closing balance at 30 June
Accumulated depreciation
Opening balance at 1 July
Depreciation expense
Closing balance at 30 June
Net book value
30 June 2023 30 June 2022
$
$
111,817
(3,088)
108,729
115,966
(4,148)
111,818
(51,492)
(4,850)
(56,342)
(41,124)
(10,368)
(51,492)
52,387
60,326
Accounting policy for property, 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.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding
land) over their expected useful lives as follows:
Plant and equipment and vehicles
3-15 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.
Leasehold improvements are depreciated over the unexpired period of the lease or the estimated useful life of the assets,
whichever is shorter.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the
consolidated entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.
Note 11. Exploration and evaluation expenditure
(a) Non-current
Exploration expenditure capitalised:
Exploration and evaluation cost
Net carrying value
(b) Movement in carrying amount
Carrying amount at the beginning of year
Addition of exploration and evaluation at cost
Less: impairment of exploration and evaluation
FX Adjustment
Carrying amount at the end of year
46
30 June 2023 30 June 2022
$
$
9,328,173
11,737,601
9,328,173
11,737,601
11,737,601
366,330
(2,799,237)
23,479
10,603,091
1,134,510
-
-
9,328,173
11,737,601
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 11. Exploration and evaluation expenditure (continued)
The carrying amount of the Group’s exploration and evaluation assets are reviewed at each reporting date to determine whether
there is indication of impairment or impairment reversal. Where an indication of impairment exists, a formal estimate of the
recoverable amount is made.
The impairment expense of $2,799,237 (2022: Nil) recognised for the year ended 30 June 2023 relates to the non-core permits
Yandicoogina and Boodalyerrie which were acquired in 2021 as part of the acquisition of Pilbara Corporation Pty Ltd.
Accounting policy for exploration and evaluation expenditure
The Group accounts for exploration and evaluation activities by using successful efforts method of accounting. Under this method,
only those costs that lead directly to the discovery, acquisition, or development of specific discrete mineral reserves are
capitalised. Costs that are known to fail to meet this criteria (at the time of occurrence) are generally charged to the statement of
profit or loss and other comprehensive income as an expense in the period they are incurred.
Accounting for exploration and evaluation expenditure is assessed separately for each area of interest. Each area of interest is an
individual geological area which is considered to constitute a favourable environment for the presence of a mineral deposit or has
been proved to contain such deposit.
Exploration and evaluation costs are written off in the year they are incurred, apart from exploration licence and acquisition costs.
Licence costs paid in connection with a right to explore in an existing exploration area are capitalised and reviewed at each
reporting period to confirm that there is no indication that the carrying amount exceeds the recoverable amount. This review
includes the following:
• Confirming that exploration activities are still under way or firmly planned; or
• It has been determined; or
• Work is under way to determine that the discovery is economically viable based on a range of technical consideration and
sufficient progress is being made on establishing development plans and timing.
Acquisition costs are carried forward where a right to explore in the area of interest is current and are expected to be recouped
through sale or successful development of the area of interest. Where an area of interest is abandoned or the Board decide that
there no future activity is planned or the licence has been relinquished or has expired, the carrying value of the licence and
acquisition costs are written off in the financial period the decision is made through statement of profit or loss and other
comprehensive income.
Note 12. Financial assets
Investments
30 June 2023 30 June 2022
$
$
224,475
-
Refer to note 22 for further information on fair value measurement.
Note 13. Asset acquisition
The Company has an Agreement with Ridge Minerals OOD to earn-in up to 90% position in Vuzel Minerals EOOD (which holds the
Vuzel permit) and an option to purchase 100% of the project. Under the Stage 1 Earn-In, Raiden was required to expand not less
than A$350,000 of exploration expenditure on Vuzel permit.
During the year ended 30 June 2023, Company completed the Stage 1 Earn-In by expending $453,169 on the project. This resulted
in Raiden's holding increasing to 51% equity interest in Vuzel Minerals EOOD.
The net asset position of Vuzel Minerals EOOD at completion date was as follows:
47
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 13. Asset acquisition (continued)
Fair value of net assets acquired as follows:
Cash and cash equivalents
Exploration and evaluation expenditure
Non-controlling interest
Net liabilities acquired
Consideration
Cash consideration
Note 14. Trade and other payables
Trade payables
Other payables
(a) Fair Value
$
84,158
361,578
7,433
453,169
453,169
453,169
30 June 2023 30 June 2022
$
$
194,837
168,745
88,988
72,194
363,582
161,182
Due to short term nature of these payables, their carrying value is assumed to approximate their fair value.
Accounting policy for trade and other payables
These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial
year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The
amounts are unsecured and are usually paid within 30 days of recognition.
Note 15. Employee benefits
Annual leave
Accounting policy for employee benefits
30 June 2023 30 June 2022
$
$
11,083
-
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service 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.
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred.
48
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 16. Other liabilities
Other liabilities (a)
30 June 2023 30 June 2022
$
$
227,404
263,189
(a) Other liabilities relate to deferred consideration of $227,404 (2022: $263,189) payable to Pacton Gold Inc. in relation to the
acquisition of Pacton Tenements.
Note 17. Issued capital
30 June 2023
Shares
30 June 2022
Shares
30 June 2023
$
30 June 2022
$
(a) Issued capital
2,055,268,930 1,417,442,132
26,690,549
23,912,859
(b) Movements in ordinary share capital of the Company during the period was as follows:
Details
Date
Shares
$
Balance
Selective buy back (Acuity Capital) *
Issue of shares on acquisition of Welcome tenements
Fair value adjustment in accordance with AASB 2
Issue of shares under placement
Issue of broker shares
Issue of shares on acquisition of Zelenrok EOOD
Fair value adjustment in accordance with AASB 2
Issue of shares on acquisition of Welcome tenements
Fair value adjustment in accordance with AASB 2
Less: capital raising costs
Balance
Issue of shares under the Placement (Tranche 1)
Issue of shares under the Placement (Tranche 1)
Issue of shares to supplier
Issue of shares under Placement
Issue of shares under Non-Renounceable Rights Issue
Less: capital raising costs
1 July 2021
18 October 2021
25 October 2021
25 October 2021
8 November 2021
8 November 2021
29 April 2022
29 April 2022
27 May 2022
27 May 2022
30 June 2022
9 August 2022
10 October 2022
28 November 2022
17 April 2023
8 June 2023
1,248,641,496
(21,000,000)
18,935,808
-
125,000,000
3,750,000
38,326,654
-
3,788,174
-
-
1,417,442,132
67,109,738
147,890,262
22,140,325
200,000,000
200,686,473
-
20,436,221
-
500,000
(26,605)
2,500,000
75,000
1,000,000
(463,427)
50,000
(8,330)
(150,000)
23,912,859
469,768
1,035,232
213,604
600,000
602,060
(142,974)
Balance
30 June 2023
2,055,268,930
26,690,549
* The shares were held by Acuity Capital Pty Ltd, under the capacity to issue shares under a Controlled Placement Deed. In the
event that Acuity Capital Pty Ltd remained in possession of the collateral shares at the expiry of the Controlled Placement Deed,
these shares were to be bought back and cancelled by the Company for nil consideration. During the financial year, the shares
were bought back and cancelled by the Company.
Ordinary shares
Ordinary shareholders are entitled to participate in dividends and the proceeds on winding up of the Company in proportion to
the number of and amounts paid on the shares held. Every ordinary shareholder present at a meeting in person or by proxy is
entitled to one vote on a show of hands or by poll. Shares have no par value.
49
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 17. Issued capital (continued)
Capital Management
Due to the nature of the Group’s activities, the Group does not have ready access to credit facilities, with the primary source of
funding being equity raisings. Therefore, the focus of the Group’s capital risk management is the current working capital position
against the requirements of the Group to meet research and development programs and corporate overheads. The Group’s
strategy is to ensure appropriate liquidity is maintained to meet anticipated operating requirements, with a view to initiating
appropriate capital raisings as required. Any surplus funds are invested with major financial institutions.
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 18. Reserves
(a) Reserve
Options reserve
Performance rights reserve
Foreign currency reserve
Non-controlling interest
Total reserves
(b) Option Reserve
Opening balance at 1 July 2021
Issue of free attaching listed options
Balance at 30 June 2022
Opening balance at 1 July 2022
Issue of free attaching listed options
Issue of listed options
Issue of listed options
Balance at 30 June 2023
(c) Performance Rights Reserve
Opening balance at 1 July 2021
Lapse of performance rights
Issue of performance rights (Tranche 1)
Issue of performance rights (Tranche 2)
Issue of performance rights (Tranche 3)
Issue of performance rights (Tranche 4)
Balance at 30 June 2022
Opening balance at 1 July 2022
Balance at 30 June 2023
01/07/2021
17/01/2022
01/07/2022
22/11/2022
22/11/2022
22/11/2022
01/07/2021
02/08/2021
27/10/2021
27/10/2021
27/10/2021
27/10/2021
01/07/2022
50
30 June 2023 30 June 2022
$
$
489,688
1,377,900
43,794
(11,844)
163,200
1,377,900
92,752
-
1,899,538
1,633,852
No
$
-
50,000,000
50,000,000
50,000,000
155,000,000
164,719,447
161,768,733
531,488,180
163,200
-
163,200
163,200
-
164,719
161,769
489,688
13,000,000
(13,000,000)
21,900,000
7,300,000
25,550,000
18,250,000
73,000,000
47,037
-
455,520
52,998
495,670
326,675
1,377,900
73,000,000
73,000,000
1,377,900
1,377,900
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 18. Reserves (continued)
(d) Foreign currency reserve
Opening balance at 1 July 2021
Difference arising on translation
Balance at 30 June 2022
Opening balance at 1 July 2022
Difference arising on translation
Balance at 30 June 2023
(e) Non-controlling interest
Opening balance at 1 July 2022
Movement
Closing balance at 30 June 2023
40,249
52,503)
92,752
92,752
48,958
43,794
-
(11,844)
(11,844)
Accounting Policy for reserves
Foreign currency reserve
The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign operations
to Australian dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign operations.
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.
Note 19. Share-based payments
The following share-based payment arrangement existed at 30 June 2023:
●
On 27 October 2021, the Company issued 73,000,000 performance rights subject to the following conditions:
(a) 21,900,000 Tranche 1 Performance Rights subject to a 20-day VWAP of $0.055 or higher on or before the expiry date
(b) 7,300,000 Tranche 2 Performance Rights upon Raiden achieving a minimum of 7,500 metre drilling, in aggregate, across any
of the projects the Company has an interest in at the issue date of the Performance Rights and on or before the expiry date
(c) 25,550,000 Tranche 3 Performance Rights subject to a 20-day VWAP of $0.075 or a market capitalisation of A$100 million
over a period of 20 trading days on or before the expiry date
(d) 18,250,000 Tranche 4 Performance Rights subject to a 20-day VWAP of $0.100 or a market capitalisation of A$150 million
over a period of 20 trading days on or before the expiry date
Of which, 68,000,000 Performance Rights were issued to the Company’s Directors as Management Performance Rights, as part
of the Company’s long-term strategy to remunerate the Board. 5,000,000 Performance Rights were issued to the Company
Secretary under Employee Incentive Security Plan. On 1 April 2023, the Company Secretary was appointed as Non-Executive
Director of the Company.
●
On 8 November 2021, the Company issued 3,750,000 fully paid ordinary shares at $0.02 to Broker for their services relating
to the capital raising under the Placement. The value of the services provided was $75,000.
51
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 19. Share-based payments (continued)
A summary of the inputs used in the valuation of the Performance Rights is as follows:
Exercise price
Spot price
Grant date
Expected volatility
Expiry date
Expected dividends
Risk free interest rate
Performance Hurdle
Value per right
Number of rights
Probability
Number of rights expected to vest
Total value of share-based payments and
expense recognised at 30 June 2022
Tranche 1
Performance
Rights
Tranche 2
Performance
Rights
Tranche 3
Performance
Rights
Tranche 4
Performance
Rights
$0.001
$0.025
6 October 2021
116%
6 October 2024
Nil
0.32%
Refer above
$0.0208
21,900,000
N/A
21,900,000
$455,520
$0.001
$0.025
6 October 2021
116%
6 October 2024
Nil
0.32%
Refer above
$0.0242
7,300,000
30%
2,190,000
$52,998
$0.001
$0.025
6 October 2021
116%
6 October 2024
Nil
0.32%
Refer above
$0.0194
25,550,000
N/A
25,550,000
$495,670
$0.001
$0.025
6 October 2021
116%
6 October 2024
Nil
0.32%
Refer above
$0.0179
18,250,000
N/A
18,250,000
$326,675
During the year ended 30 June 2023 a total of $Nil was recognised as share-based payment expense (2022: $1,330,863).
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
consolidated entity receives the services that entitle the employees to receive payment. No account is taken of any other vesting
conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting
period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of
the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss
for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.
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.
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.
52
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 19. Share-based payments (continued)
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An
additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the
share-based compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy the condition is
treated as a cancellation. If the condition is not within the control of the consolidated entity or employee and is not satisfied
during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award
is forfeited.
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 20. Operating segments
Segment Information
Identification of reportable operating segments
The Group has identified one operating segment based on the internal reports that are reviewed and used by the Board of
Directors (the chief operating decision makers) in assessing performance and in determining the allocation of resources. The
Group’s sole operating segment is consistent with the presentation of these consolidated financial statements.
Accounting policy for operating segments
Operating segments are presented using the 'management approach', where the information presented is on the same basis as
the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation of
resources to operating segments and assessing their performance.
Note 21. Financial instruments
Financial risk management policies
The Group’s financial instruments consist mainly of deposits with banks, other debtors and accounts payable. The main purpose
of non-derivative financial instruments is to raise finance for Group’s operations.
Specific Financial Risk Exposures and Management
The main risk the Group is exposed to through its financial instruments are market risk (including fair value and interest rate risk)
and cash flow interest rate risk, credit risk and liquidity risk.
(a) Interest rate risk
From time to time the Group has significant interest-bearing assets, but they are as a result of the timing of equity raising and
capital expenditure rather than a reliance on interest income. The interest rate risk arises on the rise and fall of interest rates. The
Group’s income and operating cash flows are not expected to be materially exposed to changes in market interest rates in the
future and the exposure to interest rates is limited to the cash and cash equivalents balances.
The Group’s exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result of changes
in market interest rates and the effective weighted average interest rates on classes of financial assets and financial liabilities, is
below:
53
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 21. Financial instruments (continued)
Financial assets
- Within one year
Cash and cash equivalents
Other receivables
Financial assets
Total financial assets
Financial liabilities
- Within one year
Trade and other Payables
Other liabilities
Floating
interest rate
$
Non-interest
bearing
$
Floating
interest rate
$
Non-interest
bearing
$
2023
$
2022
$
737,795
-
-
737,795
-
40,309
-
40,309
737,795
40,309
-
778,104
536,163
-
-
536,163
-
24,262
452,569
476,831
536,163
24,262
452,569
1,012,994
-
-
-
(363,582)
(227,404)
(590,986)
(363,582)
(227,404)
(590,986)
-
-
-
(161,182)
(263,189)
(424,371)
(161,182)
(263,189)
(424,371)
Net financial assets
737,795
(550,677)
187,118
536,163
52,460
588,623
Sensitivity Analysis
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 reporting 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.
Movement in Profit ($) Movement in Equity ($)
30 June 2023
30 June 2022
+/-1% in interest rates
+/-1% in interest rates
6,370
16,164
6,370
16,164
(b) Credit risk
The maximum exposure to credit risk is limited to the carrying amount, net of any provisions for impairment of those assets, as
disclosed in the Statement of Financial Position and notes to the financial statements.
Credit risk related to balances with banks and other financial institutions is managed by the Group in accordance with approved
Board policy. Such policy requires that surplus funds are only invested with counterparties with a Standard and Poor’s rating of at
least AA-. The following table provides information regarding the credit risk relating to cash and money market securities based
on Standard and Poor’s counterparty credit ratings.
Note
2023
2022
Cash and cash equivalents ($) - AA Rated
note 8
737,795
536,163
(c) Liquidity risk
Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting its
obligations related to financial liabilities. 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 maintaining adequate reserves by routinely monitoring forecast and actual cash flows. The
Group has no access to credit standby facilities or arrangements for further funding or borrowings in place. The financial liabilities
of the Group are confined to trade and other payables as disclosed in the Statement of Financial Position. All trade and other
payables are non-interest bearing and due within 12 months of the reporting date.
54
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 21. Financial instruments (continued)
2023
Interest rate
%
Less than 6
months
$
6-12 months
$
1-2 years
$
2-5 years
$
Over 5 years
$
Total
contractual
cash flows
$
Carrying
amount
assets /
(liabilities)
$
Financial liabilities
at amortised cost
Trade and other
payable
Other liabilities
-
-
(363,582)
(227,404)
(590,986)
-
-
-
-
-
-
-
-
-
-
-
-
(363,582)
(227,404)
(363,582)
(227,404)
(590,986)
(590,986)
2022
Interest rate
%
Less than 6
months
$
6-12 months
$
1-2 years
$
2-5 years
$
Over 5 years
$
Total
contractual
cash flows
$
Carrying
amount
assets /
(liabilities)
$
Financial liabilities
at amortised cost
Trade and other
payables
Other liabilities
-
-
(161,182)
(263,189)
(424,371)
-
-
-
-
-
-
-
-
-
-
-
-
(161,182)
(263,189)
(161,182)
(263,189)
(424,371)
(424,371)
(d) Net fair value of financial instruments
Fair value estimation
Due to the short-term nature of the receivables and payables the carrying value approximates fair value.
(e) Financial arrangements
The Group had no other financial arrangements in place at 30 June 2023 (30 June 2022: Nil) based on the information available
to the current board.
(f) Currency risk
The currency risk is the risk that the value of financial instruments will fluctuate due to change in foreign exchange rates. Currency
risk arises when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not
the Group’s functional currency. The Group is exposed to foreign exchange risk arising from various currency exposures primarily
with respect to the Australian Dollar (AUD), the Group’s functional currency. The Group’s policy is not to enter into any currency
hedging transactions.
Cash and cash equivalents
Serbian Dinar (RDS)
Bulgarian Lev (BGN)
Foreign
Currency
2023
Equivalent
AUD
Foreign
Currency
2022
Equivalent
AUD
447,301
145,866
6,164
120,352
327,220
94,584
4,230
73,337
55
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 22. Fair value measurement
Accounting policy for fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value
is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the
absence of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they
act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use.
Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,
are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
Note 23. Related party transactions
Subsidiaries
Interests in subsidiaries are set out in note 25.
(a) Key management personnel
Disclosures relating to key management personnel are set out in note 5 and the remuneration report included in the directors'
report.
(b) Other transactions and balance with KMP and their related parties
The Group acquired services from entities that are controlled by members of the Group’s KMP. Transactions between related
parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise
stated.
Entity
Nature of
transactions
Key Management
Personnel
Onyx Corporate Pty
Ltd
Vuzel Minerals
EOOD
Company secretarial
and accounting fees
Loan receivable
Kyla Garic
Dusko Ljubojevic
Total Revenue / (Expenses)
2022
$
2023
$
Receivable/
(Payable)Bala
nce
2023
$
Receivable/
(Payable)
Balance
2022
$
(27,750)
-
-
-
(30,573)
-
-
452,569
On 1 April 2023, Ms Kyla Garic was appointed as Non-Executive Director of the Company. Since appointment, the value of
company secretarial and accounting service provided by Onyx Corporate Pty Ltd, a company related to Ms Garic totalled to
$27,750.
During the prior financial year the Company provided a loan of $452,569 to Vuzel Minerals EOOD, of which Mr Dusko Ljubojevic
is a Director. At the date of this report Vuzel Minerals EOOD is a 51% subsidiary of the Company.
There were no other related party transactions during the year.
Note 24. Parent entity information
The following information has been extracted from the books and records of the legal parent Raiden Resources Limited and has
been prepared in accordance with Australian Accounting Standards and the accounting policies as outlined in note 1.
56
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 24. Parent entity information (continued)
(a) Financial position of Raiden Resources Limited
Assets
Current assets
Non-Current assets
Total assets
Liabilities
Current liabilities
Total liabilities
Net assets
Shareholders Equity
Issued capital
Reserves
Accumulated losses
Shareholders Equity
(b) Financial Performance of Raiden Resources Limited
Loss for the year
Total comprehensive loss
30 June 2023 30 June 2022
$
$
909,547
9,511,382
10,420,929
524,181
11,688,905
12,213,086
(586,197)
(586,197)
(415,750)
(415,750)
9,834,732
11,797,336
45,186,271
1,541,100
(36,892,639)
42,082,093
1,541,099
(31,825,856)
9,834,732
11,797,336
30 June 2023 30 June 2022
$
$
(5,066,783)
(5,066,783)
(5,266,324)
(5,266,324)
(c) Guarantees entered into by Raiden Resources Limited for the debts of its subsidiaries
There are no known guarantees entered into by Raiden Resources Limited for the debts of its subsidiaries as at 30 June 2023 (30
June 2022: Nil).
(d) Contingent assets and liabilities of Raiden Resources Limited
There were no known contingent assets and liabilities as at 30 June 2023 (30 June 2022: Nil).
(e) Commitments by Raiden Resources Limited
There were no known commitments as at 30 June 2023 (30 June 2022: Nil).
(f) Significant accounting policies
Raiden Resources Limited accounting policies do not differ from the Group as disclosed in notes to the financial statements.
Note 25. Controlled entities consolidated
The subsidiaries listed below have share capital consisting solely of ordinary shares held directly by the Company. The proportion
of ownership interests held equals the voting rights held by the Company. Each subsidiary’s principal place of business is also its
country of incorporation. The subsidiaries management accounts used in the preparation of these financial statements have also
been prepared as at the same reporting date as the Group’s financial statements.
57
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 25. Controlled entities consolidated (continued)
Controlled entities
Timok Resources Pty Ltd
Pilbara Gold Corporation Pty Ltd
Skarnore Resources d.o.o., Belgrade
Kingstown Resources d.o.o, Belgrade
Western Tethyan EOOD
Zelenrok EOOD
Principal place of business /
Country of incorporation
Ownership interest
30 June 2023 30 June 2022
%
%
Australia
Australia
Republic of Serbia
Republic of Serbia
Republic of Bulgaria
Republic of Bulgaria
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiary with non-controlling
interests in accordance with the accounting policy described in note 1:
Principal place of
business /
Country of
incorporation
Principal activities
Ownership
interest
Non-controlling interest
Ownership
interest
30 June 2023 30 June 2022 30 June 2023 30 June 2022
%
%
Parent
Ownership
interest
Ownership
interest
%
%
Republic of Bulgaria
Exploration
51%
1%
49%
99%
Name
Vuzel Minerals
EOOD
Note 26. Commitments
Exploration expenditure commitments
Within one year
Longer than one year and not longer than five years
Longer than five years
30 June 2023 30 June 2022
$
$
980,053
1,348,600
160,000
910,459
2,485,889
50,500
2,488,653
3,446,848
Note 27. Contingent assets and liabilities
The Group has no known contingent assets and liabilities as at 30 June 2023 (30 June 2022: Nil).
58
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 28. Events subsequent to reporting date
Subsequent to balance date the following events occurred:
• Raiden acquired an 80% interest in 5 tenements from Welcome Exploration Pty Ltd (“Welcome”):
o Raiden will pay the Vendor a $50k cash consideration fee and issue $365k in Raiden common shares; and
o The vendor 20% interest will be free-carried to a final investment decision to mine.
o The Company plans to undertake project wide evaluation of lithium hosting pegmatite potential prior to completion of
the transaction.
• Raiden entered into agreement with Arrow Minerals Limited (ASX:AMD) to earn-in to 85% position of the Arrow Project
(E47/3476 & E47/3478) Lithium-Caesium-Tantalum (Li-Cs-Ta or “LCT”) rights, with option to purchase 100% of those rights:
o Raiden has an exclusive option for a staged earn-in to 85% of the Li-Cs-Ta rights over the two Arrow project tenements;
or
o Raiden has the exclusive right to purchase 100% of the Li-Cs-Ta rights within three months, by making a $250k cash
payment and issuing $250k in RDN shares to Arrow
• Raiden entered into a binding Letter Agreement with Velocity Minerals regarding the Kalabak project in Bulgaria, whereby
Velocity Minerals has the option to earn into a 75% project level position by;
o Within 30 days of the Commencement Date, refund Raiden for all environmental and
Ministerial work guarantees, which are in place in regard to the Kalabak project
o Completing at least 5,000 meters of reverse circulation or diamond drilling on the
Property before the fifth anniversary of the Commencement Date and
o Delivering an Inferred Mineral Resource estimate on a deposit located within the Property Area prepared in
accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), before the
fifth anniversary of the Commencement Date
o Raiden entered into At-the -Market Finance Facility providing the Company with Standby equity capital of up to $2 million
over a 3 year term, with Raiden retaining full control over all aspects whether and when it could utilise the facility.
o On 29 August 2023, Raiden announced that it had received a firm commitment from sophisticated, professional, and
institutional investors to raise $6 million via a share placement of 272,727,273 fully paid ordinary shares at issue price of
$0.022 per share. The Company had initially sought to raise $5 million, but due to strong interest it has elected to accept
oversubscriptions to an additional $1 million (with subscription amount subject to shareholder approval). The tranche 1
placement for $5 million was completed on 6 September 2023.
No other matter or circumstance has arisen since 30 June 2023 that has significantly affected, or may significantly affect the
consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial
years.
59
Raiden Resources Limited
Notes to the consolidated financial statements
30 June 2023
Note 29. 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
Impairment of non-current assets
Net fair value gain on other financial assets
Share-based payments
Foreign exchange loss
Change in operating assets and liabilities:
Trade and other receivables
Prepayments
Financial assets
Payables
Increase in other provisions
Net cash used in operating activities
30 June 2023 30 June 2022
$
$
(5,695,299)
(4,785,771)
4,849
2,799,237
(224,475)
-
76,025
10,368
-
-
1,330,863
119,781
10,842
7,708
(224,475)
202,402
11,083
36,113
(7,717)
(452,569)
(245,973)
-
(3,032,103)
(3,994,905)
Credit Standby Facilities
As at 30 June 2023 the Group does not have any credit standby facilities.
Non-Cash investing and financing activities
The non-cash investing and financing activities included the issue of shares to acquire assets and disclosed in note 17.
60
Raiden 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 1 to the financial statements;
the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 30
June 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
___________________________
Michael Davy
Non-Executive Chairman
21 September 2023
61
RSM Australia Partners
Level 32, Exchange Tower
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
RAIDEN RESOURCES LIMITED
Opinion
We have audited the financial report of Raiden Resources Limited (the Company) and its subsidiaries (the Group),
which comprises the consolidated statement of financial position as at 30 June 2023, the consolidated statement
of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended, and notes to the financial statements, including a
summary of significant accounting policies, and the directors' declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i)
Giving a true and fair view of the Group's financial position as at 30 June 2023 and of its financial
performance for the year then ended; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent
accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key Audit Matter
Exploration and Evaluation Expenditure
Refer to Note 11 in the financial statements
The Group has capitalised exploration and
evaluation expenditure with a carrying value of
$9,328,173 as at 30 June 2023.
We considered this to be a key audit matter due to
the significant management judgments involved in
assessing the carrying value of the asset including:
Determination of whether the expenditure can
be associated with finding specific mineral
resources, and
that
expenditure is allocated to an area of interest;
the basis on which
Determination of whether exploration activities
have progressed to the stage at which the
existence of an economically recoverable
mineral reserve may be assessed;
Assessing the risk of impairment of assets with
tenements
and
Boodalyerrie region. An impairment charge of
$2,799,237 was recorded against exploration
and evaluation expenditure; and
the Yandicoogina
in
Assessing whether
of
impairment are present, and if so, judgments
applied
to determine and quantify any
impairment loss.
indicators
any
How our audit addressed this matter
Our audit procedures included:
Assessing
the Group’s accounting policy
for
compliance with Australian Accounting Standards;
Assessing whether the Group’s right to tenure of
each relevant area of interest are current;
Agreeing on a sample basis, additions of capitalised
exploration
expenditure
to
and evaluation
including assessing
supporting documentation,
whether amounts are capital in nature and relate to
the relevant area of interest;
Assessing the appropriateness of the Group’s
impairment charge recorded against the assets
associated with the tenements in the Yandicoogina
and Boodalyerrie region;
Assessing
and
evaluating management’s
assessment that no indicators of impairment existed
at the reporting date;
Assessing management’s determination
that
exploration and evaluation activities have not yet
reached a stage where the existence or otherwise
of economically recoverable reserves may be
reasonably determined;
Enquiring with management and assessing budgets
and other supporting documentation to corroborate
that active and significant operations in, or relation
to, each relevant area of interest will be continued in
the future; and
Assessing the appropriateness of the disclosures in
financial report.
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Group's annual report for the year ended 30 June 2023 but does not include the financial report and the
auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporation Act 2001 and for such internal
control as the directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar2.pdf. This
description forms part of our auditor's report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included within the directors' report for the year ended 30 June 2023.
In our opinion, the Remuneration Report of Raiden Resources Limited, for the year ended 30 June 2023, complies
with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
RSM AUSTRALIA PARTNERS
Perth, WA
Dated: 21 September 2023
ALASDAIR WHYTE
Partner
Raiden Resources Limited
Corporate Governance Statement
30 June 2023
Introduction
CORPORATE GOVERNANCE STATEMENT
Raiden Resources Limited (Company) has established a corporate governance framework, the key features of which are set out in this statement.
In establishing its corporate governance framework, the Company refers to the recommended corporate governance practices for ASX listed
entities set out in the ASX Corporate Governance Council Principles and Recommendations (4th Edition) (Principles and Recommendations).
During the period 1 July 2022 to 30 June 2023 (Reporting Period), the Company's governance framework was consistent with reference to the
4th edition of the Principles and Recommendations.
This Corporate Governance Statement discloses the extent to which the Company followed the recommendations set out in the Principles and
Recommendations (Recommendations) for the Reporting Period. The Recommendations are not mandatory, however, the Recommendations
not followed have been identified and reasons have been provided for not following them along with what (if any) alternative governance
practices the Company adopted in lieu of the recommendation.
The information in the statement is current at 21 September 2023 and was approved by a resolution of the Board on the 21 September 2023.
Corporate governance policies and procedures
The Company has adopted the following suite of corporate governance policies and procedures (together, the Corporate Governance Policies):
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Statement of Values
Board Charter
Corporate Code of Conduct
Audit and Risk Committee Charter
Remuneration Committee Charter
Nomination Committee Charter
Performance evaluation Policy
Continuous Disclosure Policy
Risk Management Policy
Trading Policy
Diversity Policy
Shareholder Communications Strategy
Whistleblower Protection Policy
Anti-Bribery and Anti-Corruption Policy
Annexure A – Definition of independence
Annexure B - Procedure for the selection, appointment and rotation of external auditor
The Company’s Corporate Governance Policies are available on the Company’s website at https://raidenresources.com.au/corporate-
governance/
65
Raiden Resources Limited
Corporate Governance Statement
30 June 2023
Recommendations
Comply Explanation
Principle 1: Lay solid foundations for management and oversight
Recommendation 1.1
A listed entity should have and disclose a charter which:
Yes
(a) sets out the respective roles and responsibilities of
the board, the chair and management; and
(b)
includes a description of those matters expressly
reserved to the board and those delegated to
management.
Recommendation 1.2
A listed entity should:
Yes
(a) undertake appropriate checks before appointing a
person, or putting forward to security holders a
candidate for election, as a director; and
(b) provide security holders with all material
information relevant to a decision on whether or
not to elect or re-elect a director.
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
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.
Recommendation 1.5
A listed entity should:
(a) have and disclose a diversity policy;
(b) through its board or committee of the board set
measurable objectives
for achieving gender
diversity in the composition of the board, senior
executives and workforce generally; and
Yes
No
(c) disclose in relation to each reporting period:
(i) the measurable objectives set for that period
to achieve gender diversity;
(ii) the entity’s progress towards achieving those
objectives; and
(iii) either:
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, which
is disclosed on the Company’s website.
(a) The Board undertakes appropriate checks before appointing
a person, these checks were undertaken for all Directors
during the Reporting Period or putting
forward to
shareholders a candidate for election as a director and
provides shareholders with all material information in its
possession relevant to a decision on whether to elect or re-
elect a director. The checks that are undertaken are set out in
the Nomination Committee Charter.
(b) The Company provided all material
information
to
Shareholders in relation to:
-
the re-election of Director Michael Davy at the annual
general meeting on 29 November 2022.
The Nomination Committee Charter outlines the requirement to
have a written agreement with each Director and senior executive
of the Company which sets out the terms of that Director’s or
senior executive’s appointment.
The Company has a written agreement with each of its Directors,
including its Executive 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 (or equivalent), any of its
directors, and any other person or entity who is related party of the
Chief Executive Officer or any of its directors has been disclosed in
accordance with ASX Listing Rule 3.16.4 (taking into consideration
the exclusions from disclosure outlined in that rule).
The Company Secretary was during the reporting period
accountable directly to the Board, through the Chair, on all matters
to do with the proper functioning of the Board.
The Company has a Diversity Policy, which is disclosed on the
include
Company's website. The Diversity Policy does not
requirements for the Board to set measurable objectives for
achieving gender diversity and to assess annually both the
objectives and the Company’s progress in achieving them. The
Board has not set measurable objectives for achieving gender
diversity.
Given the Company’s stage of development and the number of
employees, the Board considers it is not practical to set measurable
objectives for achieving gender diversity at this time.
The respective proportions of men and women on the Board, in
senior executive positions and across the whole organisations are
set out in the following table. Senior executives for these purposes
mean those persons who report directly to the chief executive
officer (or equivalent):
66
Raiden Resources Limited
Corporate Governance Statement
30 June 2023
Recommendations
(A)
the respective proportions of men and
women on
in senior
the board,
executive positions and across the
whole workforce (including how the
entity has defined “senior executive” for
these purposes); or
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 the Workplace Gender
Equality Act.
(B)
Comply Explanation
Board of Raiden
Senior executives
Total
Male
3
1
4
Female
1
-
1*
Total
4
1
6
*During the year, Ms Kyla Garic was appointed as Non-Executive
Director of Raiden Resources.
Recommendation 1.6
A listed entity should:
Yes
(a) have and disclose a process for periodically
evaluating the performance of the board, its
committees and individual directors; and
(b) disclose in relation to each reporting period,
whether a performance evaluation was undertaken
in the reporting period in accordance with that
process during or in respect of that period.
(a) The Company’s Nomination Committee (or, in its absence, the
Board) is responsible for evaluating the performance of the
Board, its committees and individual Directors on an annual
basis. It may do so with the aid of an independent advisor. The
process for this is set out in the Company’s Corporate
Governance Plan which is available on the Company’s
website.
(b) The Company’s Corporate Governance Plan requires the
Board to disclose whether or not performance evaluations
were conducted during the relevant reporting period. The
Company intends to complete performance evaluations in
respect of the Board, its committees (if any) and individual
Directors for each financial year in accordance with the above
process.
Performance evaluation of the Board or individual Directors were
completed in June 2023.
Yes
The Company had two senior executive, Mr Dusko Ljubojevic and
Mr Warrick Clent. An executive review was completed for Mr
Ljubojevic during the Reporting 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.
67
Raiden Resources Limited
Corporate Governance Statement
30 June 2023
Recommendations
Comply Explanation
Principle 2: Structure the board to add value
Recommendation 2.1
The board of a listed entity should:
Yes
(a)
(a) have a nomination committee which:
(i)
has at least three members, a majority of
whom are independent directors; and
is chaired by an independent director,
(b)
(ii)
and disclose:
(iii)
(iv)
(v)
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 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.
Yes
The Company did not have a separate Nomination
Committee. The Company’s Nomination Committee Charter
provides for the creation of a Nomination Committee (if it is
considered it will benefit the Company), with at least three
members, a majority of whom are independent Directors,
and which must be chaired by an independent Director.
The Company does not have a Nomination Committee as the
Board considers the Company will not currently benefit from
its establishment. In accordance with the Company’s Board
Charter, the Board carries out the duties that would
ordinarily be carried out by the Nomination Committee
under the Nomination Committee Charter, including the
following processes to address succession issues and to
ensure the Board has the appropriate balance of skills,
experience, independence and knowledge of the entity to
enable
its duties and responsibilities
effectively:
it to discharge
(i) devoting time at least annually to discuss Board
succession matters and updating the Company’s
Board skills matrix; and
(ii) all Board members being involved in the Company’s
nomination process to the maximum extent permitted
under the Corporations Act and ASX Listing Rules
Details of director attendance at meetings of the full Board, during
the reporting period, are set out in a table in the Directors’ Report
in the Company’s 2023 Annual Report.
Under the Nomination Committee Charter (in the Company’s
Corporate Governance Plan), the Nomination Committee (or, in its
absence, the Board) is required to prepare a Board skill matrix
setting out the mix of skills and diversity that the Board currently
has (or is looking to achieve) and to review this at least annually
against the Company’s Board skills matrix to ensure the
appropriate mix of skills and expertise is present to facilitate
successful strategic direction.
The Board has identified the appropriate mix of skills and diversity
required of its members to operate efficiently and effectively.
The Company’s Board Skills Matrix can be found at Appendix 1.
68
Raiden Resources Limited
Corporate Governance Statement
30 June 2023
Recommendations
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.
No
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
Yes
Comply Explanation
Yes
The board considered the independence of Directors with regards
in Box 2.3 of the ASX Principle and
to factors set out
Recommendations. During the Reporting Period the Company had
one independent director Mr Michael Davy.
Names of Directors during the Reporting Period and their length
of service up to the date of this statement, or their resignation
date is noted below:
Name
Mr Michael Davy
Non-Exec Chairman
Mr Dusko Ljubojevic
Managing Director
Mr Martin Pawlitschek
Non-Exec Director
Mr Dale Ginn
Non-Exec Director
Ms Kyla Garic
Non-Executive Director
Length of Service
6 years, 3 months3
5 years, 6 months4
5 years, 1 months5
2 year, 4 months6
6 months7
The Company’s Board Charter requires that, where practical, the
majority of the Board should be independent.
The Board recognises the importance of the appropriate balance
between independent and non-independent representation on
the Board. However, the Board considered that a Board weighted
towards industry and technical experience is appropriate at the
stage of the Company’s development.
As the Company's operations progress, the Board will review the
composition of the Board, including independence of its Directors.
The Board Charter provides that, where practical, the Chair of the
Board should be an independent Director and should not be the
CEO/Managing Director.
The Non-executive Chair of the Board is Mr Michael Davy. Mr Davy
is considered to be an independent Director and he is not the
CEO/Managing Director.
In accordance with the Company’s Board Charter, the Nominations
Committee (or, in its absence, the Board) is responsible for the
approval and review of induction and continuing professional
development programs and procedures for Directors to ensure
that they can effectively discharge their responsibilities. The
Company Secretary is responsible for facilitating inductions and
professional development.
3 At the date of this statement
4 At the date of this statement
5 At the resignation date
6 At the date of this statement
7 At the date of this statement
69
Raiden Resources Limited
Corporate Governance Statement
30 June 2023
Recommendations
Comply Explanation
Principle 3: Instil a culture of acting lawfully, ethically and responsibly
Recommendation 3.1
(a) A listed entity should articulate and disclose its
Yes
Raiden’s mission is to drive shareholder value by making world-
class discoveries, through ethical and safe exploration.
values.
Recommendation 3.2
A listed entity should:
(a) have a code of conduct for its directors, senior
Yes
executives and employees; and
(b) ensure that the board or a committee of the Board
is informed of any material breaches of that code
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 a committee of the Board
is informed of any material breaches reported
under that policy.
Yes
Yes
Core Values are as follows:
-
-
-
-
-
-
Integrity
Respect
Care
Responsibility
Invested
Trust
The Company’s Statement of Values are disclosed with the
published Corporate Governance Plan on the Company’s website.
The Company’s Corporate Code of Conduct applies to the
Company’s Directors, senior executives and employees.
The Company’s Corporate Code of Conduct (which forms part of
the Company’s Corporate Governance Plan) is available on the
Company’s website.
The Company’s Whistleblower Policy (which forms part of the
Company’s Corporate Governance Plan) is available on the
Company’s website.
The Company’s Anti-bribery and Corruption Policy (which forms
part of the Company’s Corporate Governance Plan) is available on
the Company’s website.
70
Raiden Resources Limited
Corporate Governance Statement
30 June 2023
Recommendations
Comply Explanation
Yes
The Company did not have an Audit and Risk Committee.
Given the current size and composition of the Board, the Board
believes that there would be no efficiencies gained by establishing
a separate Audit and Risk Committee. Accordingly, the Board
performs the role of the Audit and Risk Committee.
Although the Board does not have a separate Audit and Risk
Committee, it had adopted an Audit and Risk Committee Charter,
which is disclosed on the Company’s website.
During the Reporting Period, items that are usually required to be
discussed by an Audit and Risk Committee are marked as separate
agenda items at Board meetings when required, and when the
Board convened to address matters as the Audit and Risk
Committee it carried out the functions which are delegated to it in
the Company’s Audit and Risk Committee Charter. The Board deals
with any conflicts of interest that occur when it performs the
functions of an Audit and Risk, Committee by ensuring that any
Director with a conflicting interest is not party to the relevant
discussions.
The Company has an established Procedure for the Selection,
Appointment and Rotation of its External Auditor, which is an
annexure to the Corporate Governance Plan.
Details of director attendance at meetings of the full Board, during
the reporting period, are set out in a table in the Directors’ Report
of the Company 2023 Annual Report.
Yes
During the Reporting Period, The Board received a signed
declaration from the CFO and CEO
in accordance with
Recommendation 4.2 and Section 295A of the Corporations Act
2001 prior to the approval of the Company’s financial statements.
Principle 4: Safeguard integrity in financial reporting
Recommendation 4.1
The board of a listed entity should:
(a) have an audit committee which:
(i)
(ii)
has at least three members, all of whom are
non-executive directors and a majority of
whom are independent directors; and
is chaired by an independent director, who
is not the chair of the board,
and disclose:
(iii)
(iv)
(v)
the charter of the committee;
the relevant qualifications and experience of
the members of the committee; and
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)
it employs
the processes
if it does not have an audit committee, disclose that
fact and
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.
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
Principle 5: Make timely and balanced disclosure
Recommendation 5.1
Yes
A listed entity should have and disclose a written policy
for complying with its continuous disclosure obligations
under the Listing Rules 3.1.
The Company is committed to providing clear, concise and accurate
reports so investors can make informed decisions. The Company
ensure that all periodic corporate reports (quarterly cash flow
reports) are subject to robust preparation and review from
management and full board sign off prior to lodgement with ASX.
A declaration is then provided by the CFO and CEO to the Board
noting compliance with section 286 of the Corporations Act 2001,
the appropriate accounting standards and with listing Rule 19.11A.
The Company has adopted a Continuous Disclosure Policy which
sets out the processes the Company follows to comply with its
continuous disclosure obligations under the ASX Listing Rules and
other relevant legislation.
The Company’s Continuous Disclosure Policy (which forms part of
the Company’s Corporate Governance Plan) is available on the
Company’s website.
71
Raiden Resources Limited
Corporate Governance Statement
30 June 2023
Recommendations
Comply Explanation
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
the ASX Market
Announcements Platform ahead of the presentation.
on
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.
Recommendation 6.2
A listed entity should design and implement an investor
relations program to facilitate effective two-way
communication with investors.
Recommendation 6.3
A listed entity should disclose the policies and processes
it has in place to facilitate and encourage participation at
meetings of security holders.
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
send
communications to, the entity and its security registry
electronically.
communications
from,
and
Yes
The Board receives copies of all material market announcements
promptly after they have been released on the ASX.
Yes
The Company announces all investor and analyst presentations on
the ASX Market Announcements Platform ahead of the
presentation date.
Yes
Yes
Yes
Yes
Yes
Information about the Company and its governance practices are
available on its website:
https://raidenresources.com.au/corporate-governance/
The Company has adopted a Shareholder Communications
Strategy which aims to promote and facilitate effective two-way
communication with investors. The Strategy outlines a range of
ways in which information is communicated to shareholders and is
available on the Company’s website as part of the Company’s
Corporate Governance Plan.
Shareholders are encouraged to participate at all general meetings
and AGMs of the Company. Upon the despatch of any notice of
meeting to Shareholders, the Notice material states that all
Shareholders are encouraged to participate at the meeting.
Communication to Shareholders is facilitated by the production of
the annual report, half-yearly report and announcement which all
are made available on the Company’s website. In addition, all
shareholders are encouraged to attend and participate in the
Annual General Meeting and use the opportunity to ask questions
during the meeting. The external auditor also attends the AGM and
is available to answer shareholder questions about the conduct of
the audit and the preparation and content of the auditor’s report.
The Company ensures that all resolutions posed during
shareholder meetings are decided by poll rather than a show of
hands.
The Shareholder Communication Strategy provides that security
holders can register with the Company to receive email
notifications when an announcement is made by the Company to
the ASX, including the release of the Annual Report, half yearly
reports and quarterly reports. Links are made available to the
Company’s website on which all information provided to the ASX is
immediately posted.
72
Raiden Resources Limited
Corporate Governance Statement
30 June 2023
Recommendations
Comply 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,
Yes
The Company did not have a separate Risk Committee.
Please refer to disclosure in relation to Recommendation 4.1
above.
each of which:
(i)
(ii)
and disclose:
(iii)
(iv)
(v)
has at least three members, a majority of
whom are independent directors; and
is chaired by an independent director,
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:
Yes
(a)
review the entity’s risk management framework
with management at least annually to satisfy itself
that it continues to be sound, to determine
whether there have been any changes in the
material business risks the entity faces and to
ensure that they remain within the risk appetite set
by the board; and
(b) disclose in relation to each reporting period,
whether such a review has taken place.
Recommendation 7.3
A listed entity should disclose:
Yes
(a)
(b)
if it has an internal audit function, how the function
is structured and what role it performs; or
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 risk
management and internal control processes.
The Audit and Risk Committee Charter requires that the Audit and
Risk Committee (or, in its absence, the Board) should, at least
annually, satisfy itself that the Company’s risk management
framework continues to be sound.
The Board continues to review the risk profile of the Company and
monitors risk throughout the reporting period.
The Company does not have an internal audit function. The Audit
and Risk Committee Charter provides for the Audit and Risk
Committee to monitor the need for an internal audit function.
As set out in Recommendation 7.1, the Board is responsible for
overseeing the establishment and implementation of effective risk
management and
internal control systems to manage the
Company’s material business risks and for reviewing and
monitoring the Company’s application of those systems.
The Board devotes time formally at Board meetings and informally
through regular communication to fulfilling the roles and
responsibilities associated with overseeing risk and maintaining the
entity’s risk management framework and associated internal
compliance and control procedures.
73
Raiden Resources Limited
Corporate Governance Statement
30 June 2023
Recommendations
Comply Explanation
Yes
Yes
Yes
The Audit and Risk Committee Charter requires the Audit and Risk
Committee (or, in its absence, the Board) to assist management
determine whether the Company has any material exposure to
economic, environmental and social sustainability risks and, if it
does, how it manages or intends to manage those risks.
The Company is currently exposed to minimal environmental and
social risks due to its present size and magnitude of operations.
The Company does not have a Remuneration Committee. The
Company’s Corporate Governance Plan contains a Remuneration
Committee Charter that provides for the creation of a
Remuneration Committee (if it is considered it will benefit the
Company), with at least three members, a majority of whom must
be independent Directors, and which must be chaired by an
independent Director.
The Company does not have a Remuneration Committee as the
Board considers the Company will not currently benefit from its
establishment. In accordance with the Company’s Board Charter,
the Board carries out the duties that would ordinarily be carried out
by the Remuneration Committee under the Remuneration
Committee Charter including the following processes to set the
level and composition of remuneration for Directors and senior
executives and ensuring that such remuneration is appropriate and
not excessive:
The Board devotes time at Board meetings to assess the level and
composition of remuneration for Directors and senior executives
as necessary when there are changes to Company, Director or
executives’ circumstances which
level and/or
composition of remuneration may require amendment to achieve
consistency with the revised circumstance.
indicate the
The Company’s Corporate Governance Plan requires the Board to
disclose its policies and practices regarding the remuneration of
Directors and senior executives. Details of the Company’s policies
and practices regarding the remuneration of non-executive
directors and the remuneration of executive directors and other
senior executives for the Reporting Period are set out in the
Company’s Remuneration Report of the Annual Report.
N/A
The Company does not have an equity-based remuneration policy
in place.
Recommendation 7.4
A listed entity should disclose whether, and if so how, it
has regard to economic, environmental and social
sustainability risks and, if it does, how it manages or
intends to manage those risks.
Principle 8: Remunerate fairly and responsibly
Recommendation 8.1
The board of a listed entity should:
(a) have a remuneration committee which:
(i)
(ii)
has at least three members, a majority of
whom are independent directors; and
is chaired by an independent director,
and disclose:
(iii)
(iv)
(v)
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 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 and ensure that the different
roles and responsibilities of non-executive directors
compared to executive directors and other senior
executives are reflected in the level and composition of
their remuneration.
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.
74
Raiden Resources Limited
Corporate Governance Statement
30 June 2023
CORPORATE GOVERNANCE STATEMENT – APPENDIX 1
BOARD SKILLS MATRIX
The Board has identified that the appropriate mix of skills and diversity required of its members to operate effectively and efficiently is achieved
by personnel having substantial skills and experience in the following Industry Skills: Health and Safety; Operations and Technical; Mineral
Exploration and Mining Skills; Capital Management; and Commercial Negotiation Skills.
The skills and experience of the Board in each of these areas is summarised as follows:
In addition, directors of the Company are expected to be knowledgeable and experienced in the following areas: Legal; Accounting and finance;
Information technology; Corporate governance; Risk and compliance oversight; Director duties and responsibilities; Strategic expertise;
Commercial experience; and Executive management.
The skills and experience of the Board in each of these areas is summarised as follows:
Gaps in the collective skills of the Board are considered regularly by the full Board in its capacity as the Nomination and Remuneration Committee.
75
Raiden Resources Limited
Additional Shareholder Information
30 June 2023
Additional information required by the ASX Listing Rules and not disclosed elsewhere in this report is set out below. The information is effective
as at 11 September 2023.
Ordinary Share Capital
2,289,359,839 fully paid ordinary shares are held by 3,008 individual holders.
Voting Rights
The voting rights attached to each class of equity security are as follows:
• Ordinary Shares: Each ordinary share is entitled to vote when a poll is called, otherwise each member present at a meeting or by proxy
has one vote on a show of hands.
•
Listed Options and Performance Rights: Listed Options and Performance Rights do not carry any voting rights.
Twenty Largest Shareholders
Rank Name
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
KITARA INVESTMENTS PTY LTD
UBS NOMINEES PTY LTD
DC & PC HOLDINGS PTY LTD
CITICORP NOMINEES PTY LIMITED
COMSEC NOMINEES PTY LIMITED
ROMFAL SIFAT PTY LTD
MR MARTIN JOACHIM PAWLITSCHEK
DONALD KIMBERLEY NORTH
34 SOUTH ADVISORY LIMITED
FORSYTH BARR LTD
BNP PARIBAS NOMINEES PTY LTD
KOJIN PTY LTD
1
2
3
4
5
6
7
8
9
10
11
12
13
14 MR NEIL JAMES WADDINGTON
15 MR KEVIN GRANT CECIL HART
16
17
18
19
20 MR SERGEY FOMINYKH
Total top 20
Others
Total Ordinary Shares on Issue
DAVY CORP PTY LTD
ARKALYA PTY LTD
SUNSET CAPITAL MANAGEMENT PTY LTD
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
Holding
187,892,111
105,259,078
91,969,696
79,600,000
28,406,569
25,979,056
25,000,000
23,778,846
22,723,982
22,256,867
22,140,325
20,925,372
20,479,167
20,000,000
18,500,000
17,273,215
17,000,000
16,666,661
15,817,970
15,000,000
796,668,915
1,492,690,924
2,289,359,839
%
8.21%
4.60%
4.02%
3.48%
1.24%
1.13%
1.09%
1.04%
0.99%
0.97%
0.97%
0.91%
0.89%
0.87%
0.81%
0.75%
0.74%
0.73%
0.69%
0.66%
34.80%
65.20%
100.00%
Substantial Shareholders
The names of the substantial shareholders as at 11 September 2023 are set out below.
Name
Pacton Gold Pty Ltd HSBC Custody Nominees (Australia) Limited
Kitara Investments Pty Ltd
Holding
164,035,075
118,759,078
%
7.16%
5.19%
Distribution of shares
A distribution schedule of the number of holders of shares is set out below.
Range
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
Total
Fully Paid Ordinary Shares
Total Units
16,473
64,093
119,772
70,622,922
2,218,536,579
2,289,359,839
No. Holders
84
28
15
1,323
1,558
3,008
%
0.00%
0.00%
0.01%
3.08%
96.91%
100.00%
76
Raiden Resources Limited
Additional Shareholder Information
30 June 2023
Restricted Securities
As at 11 September 2023 there are no restricted securities.
Listed Options
As at 11 September 2023 there were 50,000,000 Listed options expiring 31/12/2023 @ $0.04 on issue.
Twenty Largest Option Holders
Rank Name
MR PETER ANDREW PROKSA
KITARA INVESTMENTS PTY LTD
MR JOHN PAUL SORBARA
1
2
3
4 WAYNE DUNLOP SUPERANNUATION PTY LTD
FUND A/C>
5
MR SUFIAN AHMAD
6
FINEPOINT HOLDINGS PTY LTD
7
KONKERA PTY LTD
8
MR MATTHEW CHARLES NEWHAM
9
ARKALYA PTY LTD
10
BENEFICO PTY LTD
11 MR JESSE THOMAS MOUNT
12
13 M & K KORKIDAS PTY LTD
14 MRS SHAINA BRADLEY
15
16 MR VASUDEVAN SREEDHARAN PILLAI
17
COMSEC NOMINEES PTY LIMITED
18
TRIZ CORPORATE PTY LTD
19
ROMFAL SIFAT PTY LTD
20 MR WAYNE CHARLES DUNLOP
Total
Others
Total Listed Options on Issue
DR JUSTIN BRIAN VIVIAN
Holding
6,000,000
5,400,000
4,200,000
3,000,000
3,000,000
2,000,000
1,500,000
1,144,195
1,110,000
1,076,260
1,000,000
1,000,000
1,000,000
998,299
900,000
883,000
863,408
800,000
750,000
700,000
37,325,162
12,674,838
50,000,000
Distribution of listed options
A distribution schedule of the number of holders of listed options expiring 31/12/2023 @ $0.04 is set out below.
Range
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
Total
No. Holders
0
0
0
5
60
65
Listed Options
Total Units
0
0
0
436,592
49,563,408
50,000,000
77
%
12.00%
10.80%
8.40%
6.00%
6.00%
4.00%
3.00%
2.29%
2.22%
2.15%
2.00%
2.00%
2.00%
2.00%
1.80%
1.77%
1.73%
1.60%
1.50%
1.40%
74.65%
25.35%
100.00%
%
0.00
0.00
0.00
0.87%
99.13%
100.00%
Raiden Resources Limited
Additional Shareholder Information
30 June 2023
As at 11 September 2023 there were 481,488,180 Listed options expiring 30/11/2024 @ $0.015 on issue.
Twenty Largest Option Holders
Rank Name
DC & PC HOLDINGS PTY LTD
MR AARON HOLT
MR SUFIAN AHMAD
MR PETER ANDREW PROKSA
KITARA INVESTMENTS PTY LTD
KAAI PTY LTD
MR BENJAMIN JOHN HIPKIN
MR JUSTIN MICHAEL WALTER GARNETT
MS SIHOL MARITO GULTOM
CELTIC CAPITAL PTY LTD
1
2
3
4
5
6
7
8
9
10
11 MR PETER ANDREW PROKSA
12 MR PAUL ANTONY STONEHAM
13
CPS CAPITAL NO 5 PTY LTD
14
NETSHARE NOMINEES PTY LTD
15
ARKALYA PTY LTD
16 MORSEC NOMINEES PTY LTD
17
18
19 MR DENTON PULMANO & MRS VIOLETA PULMANO
PROFESSIONAL PAYMENT SERVICES PTY LTD
S/F A/C>
20 MR JASON ERIC CARTMELL
Total
Others
Total Listed Options on Issue
Holding
89,000,000
21,002,500
20,560,000
19,000,000
18,801,815
17,000,000
15,062,216
11,000,000
10,000,000
10,000,000
8,000,000
7,790,100
7,500,000
6,513,636
6,142,500
6,115,496
5,000,000
5,000,000
5,000,000
%
18.48%
4.36%
4.27%
3.95%
3.90%
3.53%
3.13%
2.28%
2.08%
2.08%
1.66%
1.62%
1.56%
1.35%
1.28%
1.27%
1.04%
1.04%
1.04%
4,708,322
293,196,585
188,291,595
481,488,180
0.98%
60.89%
39.11%
100.00%
Distribution of listed options
A distribution schedule of the number of holders of listed options expiring 30/11/2024 @ $0.015 is set out below.
Range
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
Total
No. Holders
6
14
16
101
242
379
Listed Options
Total Units
559
53,117
120,040
4,953,573
476,360,891
481,488,180
%
0.00%
0.01%
0.02%
1.03%
98.94%
100.00%
Unmarketable Parcels
There were 155 shareholders with less than marketable parcels totalling 534,139 shares based on the share price of $0.037 as at close of
business 8 September 2023.
On-market Buy Back
There is currently no on-market buy-back program.
Unquoted Securities
As at 11 September 2023 the following unquoted securities are on issue:
TRANCHE 1 PERFORMANCE RIGHTS
TRANCHE 2 PERFORMANCE RIGHTS
TRANCHE 3 PERFORMANCE RIGHTS
TRANCHE 4 PERFORMANCE RIGHTS
21,900,000 Tranche 1 Performance Rights – 4 holders
Holder Name
34 SOUTH ADVISORY LIMITED
DAVY CORP PTY LTD
78
Number on Issue
21,900,000
7,300,000
25,550,000
18,250,000
Number of holders
5
5
5
5
Holding
7,500,000
5,100,000
% IC
34.25%
23.29%
Raiden Resources Limited
Additional Shareholder Information
30 June 2023
7,300,000 Tranche 2 Performance Rights – 4 holders
Holder Name
34 SOUTH ADVISORY LIMITED
DAVY CORP PTY LTD
25,550,000 Tranche 3 Performance Rights – 4 holders
Holder Name
34 SOUTH ADVISORY LIMITED
DAVY CORP PTY LTD
18,250,000 Tranche 4 Performance Rights – 4 holders
Holder Name
34 SOUTH ADVISORY LIMITED
DAVY CORP PTY LTD
Holding
2,500,000
1,700,000
Holding
8,750,000
5,950,000
Holding
6,250,000
4,250,000
% IC
34.25%
23.29%
% IC
34.25%
23.29%
% IC
34.25%
23.29%
79