ABN 92 114 187 978
Annual Report
30 June 2022
Renegade Exploration Limited
CONTENTS
Corporate Directory
Operations Report
Tenement Schedule
Directors’ Report
Corporate Governance Statement
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Cash Flows
Consolidated Statement of Changes in Equity
Notes to the Consolidated Financial Statements
Directors’ Declaration
Auditor’s Independence Declaration
Independent Auditor’s Report
Additional ASX Information
Page No
1
2
9
10
18
19
20
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22
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51
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Renegade Exploration Limited
2022 Annual Report
CORPORATE DIRECTORY
Directors
Mr. Robert Kirtlan (Chairman)
Mr. Mark Wallace (Non-Executive Director)
Mr. Mark Connelly (Non-Executive Director, appointed 17 February 2022)
Mr. Peter Voulgaris (Non-Executive Director, resigned 17 February 2022)
Company Secretary
Mr. Graeme Smith
Registered Office and Principal Place of Business
Level 1
982 Wellington Street
West Perth WA 6005
Australia
Telephone:
(+61) 409 842 354
Share Register
Automic Group
Level 5, 191 St. Georges Terrace,
Perth WA 6000
Telephone: (02) 9698 5414
Stock Exchange Listing
Renegade Exploration Limited shares
are listed on the Australian Securities
Exchange, the home branch being Perth.
ASX Code: RNX
Auditors
Stantons
Level 2, 40 Kings Park Road
West Perth WA 6005
Solicitors
Corrs Chambers Westgarth
Level 6, Brookfield Place Tower 2
123 St Georges Terrace
Perth WA 6000
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Operations Report
OVERVIEW
Renegade has had another busy and productive year including closing of the sale its Yandal East Project and
the introduction of the North Isa Project in Northwest Queensland. The Company saw an opportunity to expand
its footprint in this world class prolific copper province and the North Isa Project presented as an advanced
opportunity on attractive terms.
The North Isa Project was entered into in December 2021 with work commencing immediately. This culminated
in the Projects first drilling program in June 2022. Results have been encouraging and follow up programs are
currently underway.
Renegade continued to meet its commitment to the Carpentaria Joint Venture in Northwest Queensland. There
is potential drilling planned to occur on the JV’s permit located in the Duchess region. The Company also
continues to explore other opportunities within and around the JV area.
Renegade sees many opportunities to expand its mineral portfolio interests and will pursue those projects which
are either well advanced or well-priced and preferably leveraged to new age metals.
Funding continues to be provided from the ongoing proceeds of the Yukon Project sale and proceeds from the
Yandal East Project sale which provided cash, shares and a royalty. These transactions also resulted in the
Company reporting a profit of $976 637 for the year ended 30 June 2022.
NORTH ISA PROJECT
The North Isa Project (NIP) transaction was signed in December 2021 and work commenced immediately on a
substantial historical data base. The data included historical drilling, soil sampling and geophysical programs.
Some of this information has been reported to the Australian Securities Exchange (ASX) thru releases noted
below in accordance with JORC requirements.
The transaction is a Joint Venture with Renegade spending $500,000 over four years to acquire a 75% interest
with the partner to be carried thereafter to a Pre-Feasibility Study before contributing or diluting to a royalty.
RNX has now 30% stake following expenditure of $100,000.
Renegade conducted its own soil sampling programs and reinterpretation of historical data. This resulted in the
Lady Agnes prospect being elevated to priority target status over the Tulloch prospect (refer Figure 1). A
reverse circulation (RC) drilling rig was secured and ~1,200m of drilling for five holes (Figure 2 and 3) occurred
in June with the results released in an ASX Release dated 8 August 2022. The results were encouraging with
significant copper-gold in wide intersections up to 1.43% Cu and 0.9g/t Au in several holes. Better results
included:
LARC22 – 001:
17m @ 0.68% Cu, 0.24g/t Au from 85m including;
8m @ 1.07% Cu, 0.36g/t Au from 87m
6m @ 0.39% Cu, 0.29g/t Au from 133m including;
2m @ 1.04% Cu, 0.90g/t Au from 137m
LARC22 – 002:
30m @ 0.51% Cu, 0.06g/t Au from 118m including;
6m @ 1.22% Cu,0.14g/t Au from 123m
34m @ 0.66% Cu, 0.12g/t Au from 216m including;
6m @ 1.43% Cu, 0.24g/t Au from 237m
LARC22 – 003: 44m @ 0.54% Cu, 0.12g/t Au from 164m including;
4m @ 1.28% Cu, 0.16% Au from 200m
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Operations Report
Figure 1: EPM 27508 North Isa Project
Figure 2: Cross Section LARC22-03 and LARC22-05
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Operations Report
Figure 3: Cross Section LARC22-03 and LARC22-05
Note: Refer to the Competent Person Statement at the end of the Directors’ Report for complete details on all
relevant ASX Releases.
CARPENTARIA JOINT VENTURE (CJV)
In December 2020, Renegade agreed to acquire the Joint Venture Interest that Sovereign Metals Limited holds in the
Carpentaria Joint Venture Agreement (Carpentaria JVA, CJV) with Mount Isa Mines Limited (MIM), a subsidiary of
Glencore plc.
The CJV was initially formed in 2001, with Sovereign acquiring its interest in the joint venture in 2007. Since
2001, total expenditure on the Carpentaria JVA has been approximately $15m, with MIM contributing
approximately $11.6m and Sovereign contributing $2.9m over that time. Sovereign elected to cease contributing
to joint venture expenditure on the tenements, resulting in its joint venture interest reducing to the current
interest of approximately 23%. Renegade has contributed ~$136,000 since entering the CJV which preserves its
interest at 23%.
In consideration for acquiring the Carpentaria JVA interest from Sovereign, Renegade agreed to make the
following payments to Sovereign:
On completion of the acquisition, Renegade had to pay $100,000 or, at Sovereign’s election,
issue 15m Renegade shares to Sovereign (15m Renegade shares have been issued to
Sovereign);
On the 12-month anniversary of completion, Renegade will pay a further $100,000 or, at
Sovereign’s election, paid during financial year 2022 through issuance of 10m Renegade
shares to Sovereign (10m shares have been issued to Sovereign);
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Operations Report
On the 24-month anniversary of completion, Renegade will pay $150,000 or, at Sovereign’s
election, issue 10m Renegade shares to Sovereign.
The key terms of the Carpentaria JVA are as follows:
The partners contribute to the JVA in accordance with their respective
Joint Venture percentage interest;
In the event a partner elects not to contribute to joint venture expenditure,
its interest will dilute by 1% for every $200,000 spent by the other partner;
A partner can elect to sole risk prospects on the basis of the dilution
arrangements outlined above;
In the event a party’s joint venture interest dilutes to less than 10%,
the interest will convert to a 1.5% net smelter royalty; and
MIM is the manager of the Carpentaria JVA.
The Carpentaria JVA holds the following permits (Figure 1):
EPM 8586 (Mt Marathon);
EPM 8588 (Mt Avarice);
EPM 12180 (St Andrews Extended);
EPM 12561 (Fountain Range); and
EPM 12597 (Corella River).
Figure 4: Location of the Carpentaria JV Permits
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Operations Report
MONGOOSE PROSPECT
• Located 2km from Cloncurry townsite
• On strike from neighbouring Great Australia Mine
• On strike from neighbouring Taipan deposit
• Historical drilling information available and certifiable
• Recent drilling in 2013/2014 by MIM
• Numerous holes intersected ore grade mineralization
• Project has been under review since 2015
Encouraging Historical Results
• MGX009 16m @ 4.20% Cu and 0.43 g/t Au from 3m
• MGX019 12m @ 1.18% Cu and 0.24 g/t Au from 20m
• MGX002 17m @ 1.41% Cu and 0.29 g/t Au from 173 including;
• 4m @ 4.07% Cu and 0.90 g/t Au from 180m
MIM drilled 20 RC holes for 3,612m with no further work completed since 2014. Drilling was designed to test for
extensions of the neighbouring Taipan deposit and Paddock Lode mine. Mineralization remains open on strike
and at depth.
The Company has expressed an interest to the Carpentaria Joint Venture to seek a pathway to resume work at
Mongoose and other shallow prospects discovered during previous exploration work.
Figure 5. Mongoose Plan View
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Operations Report
Note: Refer Sovereign Metals Limited (ASX:SVM) ASX Release dated 25 March 2014. Nothing has come to the
attention of Renegade that causes it to question the accuracy or reliability of the information released by Sovereign
Metals Limited in that ASX release.
YUKON BASE METAL PROJECT, CANADA
On 5 October 2020, the Company announced it had entered into a Letter of Intent with Scharfe Holdings Inc
(Scharfe). The Sale and Purchase Agreement (SPA) was finalised on 30 November 2020 and executed with a
Scharfe subsidiary, Actium Resources Inc (together Scharfe).
The terms of the SPA included:
• Total consideration of A$1,650,000 in cash payments over three years, A$500,000 of exploration
expenditure on the Project by end of 2021 and a residual 1% NSR interest which Scharfe can acquire for
A$1m upon commercial production being achieved.
• The original payment terms were as follows:
I.
II.
III.
IV.
V.
Payment on documentation completion and signing
$250,000
Received
Payment on first anniversary of signing
$300,000
Due 30/11/21
Payment on second anniversary signing
$400,000
Due 30/11/22
Payment on third anniversary of signing
$700,000
Due 30/11/23
Scharfe can pay outstanding tranches at any time in advance of the 36-month anniversary date.
Scharfe has assumed operatorship of the Yukon Project on and from the Closing Date.
In July 2021, Renegade agreed to amend the terms of the Share Purchase Agreement with respect to the sale
of the Company’s Yukon Project with Scharfe Holdings Inc. (Scharfe) which included an immediate payment of
$500,000, received by the Company on 4 August 2021.
Scharfe is responsible for maintenance of all permits in accordance with the relevant requirements. If Scharfe
does not meet any of the cash consideration payments when due, the transaction may be terminated and
Renegade will be entitled to retain the Yukon Project.
Scharfe can pay the outstanding Tranches at any time in advance of the 36 month anniversary date.
The terms of the Share Purchase have been amended as follows:
a)
b)
c)
Tranche 2 and Tranche 3 was replaced with a payment of AUD500,000 on or before 30 July 2021.
The Company received this payment on 4 August 2021;
The deadline to spend CAD500,000 on the project has been amended from 31 December 2021 to 30
November 2023; and
If the Expenditure is not made by 30 November 2023, Scharfe will pay AUD300,000 to Renegade in
lieu of the Expenditure.
CORPORATE
The Company had 889,626,638 ordinary shares on issue and cash and cash equivalents of $517,861 at bank as
at 30 June 2022.
On 14 January 2022 Renegade received the second tranche of $400,000 from Strickland Metals in regard to the
sale of Yandal East project.
On 8 August 2022 Renegade advised it had entered into a formal Joint Venture Agreement with Burke copper Pty
Ltd at the North Isa Project.
The Company manages its costs in accordance with the projects it holds and the requirements these projects
have for either management or exploration funds. The Company is being managed by its directors and engages
external consultants with specific experience to its projects who provide advice as to how these projects are best
managed.
The Company continues to assess new opportunities presented. The board remains focused on gold and base
metal projects.
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Operations Report
COVID-19
The COVID-19 outbreak continued to develop in 2021 and 2022, with a significant number of infections. Measures
taken by various governments to contain the virus have affected economic activity. We have taken a number of
measures to monitor and prevent the effects of the COVID-19 virus such as safety and health measures for our
people.
At this stage, the impact on our business and results is limited. We will continue to follow the various national
institutes policies and advice and in parallel will do our utmost to continue our operations in the best and safest
way possible without jeopardising the health of our people.
Renegade Exploration Limited
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2022 Annual Report
Tenement Schedule
Australian
Projects
Tenement
Number
Tenement Type
Type of Interest
Interest at Start
of Year
North Isa Project
EPM27508
Exploration Licence
Option Agreement
0%
EPM8586
EPM8588
Exploration Licence
Exploration Licence
EPM12180
Exploration Licence
EPM12561
Exploration Licence
EPM12597
Exploration Licence
Direct
Direct
Direct
Direct
Direct
23.03%
23.03%
23.03%
23.03%
23.03%
Claim Numbers
Type of Interest
Interest at Start
of Year
1-8, 57-104
Claim owner
1-112, 115-116, 123-150
Claim owner
Carpentaria JVA
Canadian Projects
Yukon Base Metal
Project
Claim
Name
A
AMB
AMBfr
Andrew
Atlas
B
B
Bridge
Clear
Dasha
Data
Link
117-122, 151-162
1-10
1-6
53, 55, 57, 59, 61, 63, 65-74,
79-100, 105-126
127-194
1-8, 11-16, 19-32
1-25
1-6
1-320
1-231
Myschka
1-17, 19-96
Ozzie
Riddell
Scott
Shack
Sophia
TA
1-32
1-80
1-36
1-5
1-4
1-332
Claim owner
Claim owner
Claim owner
Claim owner
Claim owner
Claim owner
Claim owner
Claim owner
Claim owner
Claim owner
Claim owner
Claim owner
Claim owner
Claim owner
Claim owner
Claim owner
Claim owner
Interest
at End of
Year
0%
23.03%
23.03%
23.03%
23.03%
23.03%
Interest
at End of
Year
90%
90%
90%
90%
90%
90%
100%
90%
100%
90%
100%
100%
90%
90%
100%
90%
100%
90%
100%
90%
90%
90%
90%
90%
90%
100%
90%
100%
90%
100%
100%
90%
90%
100%
90%
100%
90%
100%
Mining Claims / Tenements held at 30 June 2022
Renegade Exploration Limited
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2022 Annual Report
Directors’ Report
The Directors present their report for Renegade Exploration Limited (“Renegade” or “the Company”) and its
subsidiaries (“the Group”) for the year ended 30 June 2022.
DIRECTORS
The names, qualifications and experience of the Directors in office during the year and until the date of this
report are as follows. Directors were in office for this entire period unless otherwise stated.
Mr. Robert Kirtlan
Chairman
Mr Kirtlan had a background in accounting and finance prior to working for major investment banks in Sydney
and New York focusing on global mining. He has been involved in the mining industry for approximately 25
years arranging equity and debt financing for junior and major mining companies. More lately he has taken
active roles in the financing, management and development of exploration opportunities across a broad
spectrum of commodities in various countries.
Mr. Kirtlan is a Director of Currie Rose Resources Inc and.in the last three years was a Director of Vault
Intelligence Limited which was taken over in October 2020 (appointed 30 November 2011, resigned
19/10/2020).
Mr. Mark Connelly (appointed 17 February 2022)
Non-Executive Director
Mark Connelly has a proven track record in the mining industry with over thirty years’ experience and is well
credentialled to join the Renegade Board to add experience and depth to the existing team.
In recent years he was the CEO of Papillon Resources and Adamus Resources. Both companies were
acquired in by way of takeovers with Papillon valued at over USD570m. Papillon was developing the Fekola
gold deposit in Mali and Adamus Resources was a gold production company based in Ghana.
Prior to this Mark Connelly worked held senior management roles at Inmet Mining and Newmont Mining and
also as COO at Endeavour Mining following its acquisition of Adamus Resources.
Mr Connelly is a Director of Calidus Resources Limited, Chesser Resources Limited, Omnia Metals Limited,
BeMetals Corp Inc, and Oklo Resources Limited. Within the last three years Mr Connelly has been a director
of Barton Gold (January 2021 to April 2022), Emmerson plc (July 2018 to June 2021), Tao Commodities
Limited (May 2018 to May 2021), Primero Group (April 2018 to February 2021), West African Resources
Limited (September 2015 to May 2020).
Mr. Mark Wallace
Non-Executive Director
Mr Wallace is a finance professional with a background in economics and finance. He has spent almost 20
years working for both major and boutique Investment Banks specialising in the Global Materials and Energy
sectors. He spent the bulk of his career in London and Sydney identifying, advising and financing early stage
and pre-development mining and energy companies.
Mr Wallace is Managing Director of Gold 50 Limited (ASX:G50).
Mr. Peter Voulgaris (resigned 17 February 2022)
Non-Executive Director
Mr Voulgaris has over 20 years of international mine operations, project management and development
experience. His operational experience includes roles with Mount Isa Mines’ Hilton/George Fisher lead-zinc-
silver, Placer Dome’s Osborne copper-gold and Granny Smith gold, and Newmont’s Callie gold mine.
Mr Voulgaris acquired significant mine development and project management experience as Technical
Services Manager at Ivanhoe’s world class Oyu Tolgoi copper-gold project in Mongolia and as Expansion
Study Manager for MMG at the Sepon copper-gold mine in Laos.
Mr Voulgaris is the former Vice President of Business Development for the TSX listed Minco Group of
Companies and is currently Principal of Elysium Mining Ltd, consulting to TSX listed developers, miners, and
project manager for the Pegmont Project for Vendetta Mining (TSX: VTT).
Mr Voulgaris is a Director of Vendetta Mining Corp. (TSX:VTT)
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Directors’ Report
COMPANY SECRETARY
Mr. Graeme Smith
Mr Smith is the principal of Wembley Corporate Services Pty Ltd which provide corporate secretarial, CFO and
governance services. Mr Smith has over 30 years of experience in company secretarial work.
INTERESTS IN THE SECURITIES OF THE COMPANY
As at the date of this report, the interests of the Directors in the securities of the Company were:
Director
Ordinary Shares
Options over
R. Kirtlan
M. Wallace
M. Connelly
13,014,285
48,100,000
-
Ordinary Shares
30,000,000
25,000,000
-
RESULTS OF OPERATIONS
The Group’s net profit after taxation attributable to the members of Renegade Exploration Limited for the year
was $976,637 (2021: loss of $1,087,548).
DIVIDENDS
No dividend was paid or declared by the Group in the year and up to the date of this report.
CORPORATE STRUCTURE
Renegade Exploration Limited is a company limited by shares that is incorporated and domiciled in Australia.
SIGNIFICANT CHANGE OF AFFAIRS
Other than as disclosed elsewhere within this report, there has been no significant change of affairs during the
year ended 30 June 2022.
NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
During the financial year, the Group’s principal activity was mineral exploration. There have been no changes in
the principal activities from prior years. During the year, the Group entered into a Joint Venture at the North Isa
Project in Queensland, Australia and sold its Yandal East Project.
Brief summaries of these transactions are listed below.
YUKON BASE METAL PROJECT, CANADA
Renegade finalized a Sale and Purchase Agreement (SPA) on 30 November 2020 with a Scharfe subsidiary,
Actium Resources Inc (together Scharfe). Scharfe assumed operatorship of the Yukon Project on and from the
Closing Date
In July 2021, Renegade agreed to amend the terms of the Share Purchase Agreement with respect to the sale
of the Yukon Project with Scharfe which included an immediate payment of $500,000 paid to the Company on 4
August 2021.
Scharfe is responsible for maintenance of all permits in accordance with the relevant requirements. If Scharfe
does not meet any of the cash consideration payments when due, the transaction may be terminated, and
Renegade will be entitled to retain the Yukon Project.
NORTH ISA PROJECT JOINT VENTURE
The North Isa Project (NIP) transaction was signed in December 2021 and work commenced immediately on
a substantial historical data base. The data included historical drilling, soil sampling and geophysical programs.
Some of this information has been reported to the Australian Stock Exchange (ASX) thru releases noted below
in accordance with JORC12 requirements.
The transaction is a Joint Venture with Renegade spending $500,000 over four years to acquire a 75% interest
with the partner to be carried thereafter to a Pre-Feasibility Study before contributing or diluting to a royalty.
As at the signing date Renegade now has a 30% stake following expenditure of $100,000.
Renegade completed its first drilling program in June 2022.
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Directors’ Report
CARPENTARIA JOINT VENTURE (CJV) INTEREST ACQUISITION
In December 2020, Renegade agreed to acquire the Joint Venture Interest that Sovereign Metals Limited holds in the
Carpentaria Joint Venture Agreement (Carpentaria JVA, CJV) with Mount Isa Mines Limited (MIM), a subsidiary of
Glencore plc.
The CJV was initially formed in 2001, with Sovereign acquiring its interest in the joint venture in 2007. Since
2001, total expenditure on the Carpentaria JVA has been approximately $15m, with MIM contributing
approximately $12m and Sovereign contributing $2.9m over that time. Sovereign elected to cease contributing
to joint venture expenditure on the tenements, resulting in its joint venture interest reducing to the current
interest of approximately 23%.
Renegade has been a contributing partner to the CJV and maintains its 23%.
EMPLOYEES
The Group had no full time employees at 30 June 2022 (2021: no employees).
REVIEW OF OPERATIONS
Refer to the Operations Report preceding this Directors’ Report.
SIGNIFICANT EVENTS AFTER THE REPORTING DATE
Renegade sold a portion of its share portfolio in late August 2022 for net proceeds of $399,269. Other than as
disclosed elsewhere within this report, there were no other subsequent events after the reporting date.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
The Group will continue to carry out its business plan, by:
•
•
•
•
contribution to the Carpentaria Joint Venture and North Isa JV and enhancing potential value;
pursuing the acquisition of additional projects with synergy to those currently in the Group’s asset
portfolio;
continuing to meet its commitments relating to exploration tenements and carrying out further
exploration, permitting activities and project development; and
prudently managing the Group’s cash to be able to take advantage of any future opportunities that
may arise to add value to the business.
ENVIRONMENTAL REGULATION AND PERFORMANCE
The Group carries out operations that are subject to environmental regulations under both Federal, Territorial
and Provincial legislation in Canada and Australia. The Group has formal procedures in place to ensure
regulations are adhered to. The Group is not aware of any breaches in relation to environmental matters.
SHARE OPTIONS
As at the date of this report, there were 70,000,000 unlisted options over ordinary shares. The details of the
options at the reporting date are as follows:
Number
70,000,000
Exercise
Price
$0.005
Expiry Date
30 November 2023
No option holder has any right under the options to participate in any other share issue of the Company or any
other entity.
No options were exercised during the financial year.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
The Company has made agreements indemnifying all the Directors and Officers of the Company against all
losses or liabilities incurred by each Director or Officer in their capacity as Directors or Officers of the Company
to the extent permitted by the Corporations Act 2001. The indemnification specifically excludes wilful acts of
negligence. The Company paid insurance premiums in respect of Directors’ and Officers’ Liability Insurance
contracts for current Officers of the Company, including Officers of the Company’s controlled entities. The
liabilities insured are damages and legal costs that may be incurred in defending civil or criminal proceedings
that may be brought against the Officers in their capacity as officers of entities in the Group. The total amount
of insurance premiums paid has not been disclosed due to confidentiality reasons.
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Directors’ Report
DIRECTORS’ MEETINGS
During the financial year, in addition to regular informal Board discussions, the number of Director’s meetings
held during the year, and the number of meetings attended by each Director were as follows:
Name
Number of Meetings
Number of Meetings
Eligible to Attend
Attended/Circular
/Circular Resolutions
Mr. Robert Kirtlan
Mr. Peter Voulgaris
Mr. Mark Wallace
Mr Mark Connelly
6
2
6
4
Resolutions
6
2
6
4
PROCEEDINGS ON BEHALF OF COMPANY
No person has applied for leave of court to bring proceedings on behalf of the Company or 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 any part of those proceedings. The Company was not a party to any such proceedings during the
year.
CORPORATE GOVERNANCE
In recognising the need for the highest standards of corporate behaviour and accountability, the Directors of
the Company support and have adhered to the principles of sound corporate governance. The Board
recognises the recommendations of the Australian Securities Exchange Corporate Governance Council, and
considers that the Company is in compliance with those guidelines to the extent possible, which are of
importance to the commercial operation of a junior listed resources Company. The Company’s Corporate
Governance Statement and disclosures are available on the Company’s website.
AUDITOR’S INDEPENDENCE AND NON-AUDIT SERVICES
Section 307C of the Corporations Act 2001 requires the Group’s auditors to provide the Directors of Renegade
Exploration Limited with an Independence Declaration in relation to the audit of the full-year financial report. A
copy of that declaration is included at page 52 of this report. There were no non-audit services provided by the
Company’s auditor during the year ended 30 June 2022.
REMUNERATION REPORT (AUDITED)
This report outlines the remuneration arrangements in place for key management personnel of Renegade
Exploration Limited in accordance with the requirements of the Corporations Act 2001 and its Regulations. For
the purpose of this report, Key Management Personnel (KMP) are defined as those persons having authority and
responsibility for planning, directing and controlling the major activities of the Company and the Group, directly or
indirectly, including any director (whether executive or otherwise) of the Parent entity.
Details of Key Management Personnel
Mr. Robert Kirtlan
Chairman
Mr. Mark Wallace
Mr. Mark Connelly
Non-Executive Director
Non-Executive Director (appointed 17/02/2022)
Mr. Peter Voulgaris
Non-Executive Director (resigned 17/02/2022)
Remuneration Policy
The Board is responsible for determining and reviewing compensation arrangements for the Directors and
management. The Board assesses the appropriateness of the nature and amount of emoluments of such
officers on a periodic basis by reference to relevant employment market conditions with the overall objective
of ensuring maximum stakeholder benefit from the retention of a high quality board and executive team. The
Company does not link the nature and amount of the emoluments of such officers to the Group’s financial or
Renegade Exploration Limited
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2022 Annual Report
Directors’ Report
operational performance. The lack of a performance link at this time is not considered to have a negative
impact on retaining and motivating Directors.
As part of its Corporate Governance Policies and Procedures, the Board has adopted a formal Remuneration
Committee Charter. Due to the current size of the Company and number of Directors, the Board has elected
not to create a separate Remuneration Committee but has instead decided to undertake the function of the
Committee as a full Board under the guidance of the formal charter. The Company has no policy on executives
and directors entering into contracts to hedge their exposure to options or shares granted as part of their
remuneration package.
The rewards for Directors’ have no set or pre-determined performance conditions or key performance
indicators as part of their remuneration due to the current nature of the business operations. The Board
determines appropriate levels of performance rewards as and when they consider rewards are warranted. No
remuneration consultants were used during the year.
The table below shows the performance of the Group as measured by earnings / (loss) per share for the
previous five years:
As at 30 June
2022
2021
Profit/(Loss) per share (cents)
0.09
(0.10)
Share price at reporting date
0.6
0.6
2020
(0.12)
0.5
2019
(0.09)
0.2
2018
(0.15)
1.1
2017
(0.17)
0.7
(cents)
Details of the nature and amount of each element of the emoluments of each Director and Executive of the
Company for the financial year are as follows:
2022
Base Directors Consulting
Payments
Employment
Short term
Share Based
Post
Salary
Fees
Fees
-
Superannuation
Total
Director
Mr. Robert Kirtlan
Mr. Peter Voulgaris
Mr. Mark Wallace
Mr Mark Connelly
$
-
-
-
-
$
$
-
230,500
16,000
-
-
77,000
16,000
-
32,000
307,500
Performance
Rights
$
-
-
-
21,770
21,770
$
-
-
-
-
-
$
230,500
16,000
77,000
37,770
361,270
2021
Base Directors Consulting
Payments
Employment
Short term
Share Based
Post
Salary
Fees
Fees
- Options Superannuation
Total
Director
Mr. Robert Kirtlan
Mr. Peter Voulgaris
Mr. Mark Wallace
$
-
-
-
-
$
$
$
-
122,000
24,0001
-
-
75,000
24,000
197,000
142,110
23,685
118,425
284,220
$
-
-
-
-
$
264,110
47,685
193,425
505,220
1 This amount has not been paid during the year but has been accrued.
Renegade Exploration Limited
14
2022 Annual Report
Directors’ Report
Share options issued as part of the remuneration to Directors are not subject to a performance hurdle as these
options are issued as a form of retention bonus and incentive to contribute to the creation of shareholder
wealth.
The terms and conditions of each grant of options affecting remuneration in the current reporting period of
KMP are as follows:
Grant
Date
Grant
Expiry
Fair Value
Exercise
Total
Vested
%
Number
Date/Last
per Option
Price per
Value
Vested
30 June 2022
Date
Date
$
Exercise
at Grant
Option
Granted
R. Kirtlan
30/11/20
30,000,000
30/11/23
$0.0047
$0.005
$142,110
30,000,000
100%
M. Wallace
30/11/20
25,000,000
30/11/23
$0.0047
$0.005
$118,425
25,000,000
100%
P. Voulgaris
30/11/20
5,000,000
30/11/23
$0.0047
$0.005
$23,685
5,000,000
100%
There were no alterations to the terms and conditions of options granted as remuneration since their grant
date. There were no forfeitures during the period. No options were exercised during the year ended 30 June
2022 (2021: Nil).
60,000,000 unlisted options expiring 30 November 2023 were granted to directors as part of a remuneration
during the 2021 year. On resignation, any unvested options will be forfeited unless otherwise agreed by the
Board.
Part of Mr Connelly's remuneration is represented by the grant of 10 million Performance Rights. The
Performance Rights have not been issued during the period as they are subject to Shareholders' approval,
however, a provisional valuation was performed and the resulting expense of $21,770 was recognised in the
year. The final valuation will be performed upon obtaining Shareholders’ approval and the resulting expense
will be trued up in accordance with AASB 2 – Share-based Payments.
Shareholdings of Key Management Personnel
The number of shares in the Company held during the financial year by Key Management Personnel of Renegade
Exploration Limited, including their personally related parties, is set out below.
30 June 2022
Mr. Robert Kirtlan
Mr. Mark Connelly
Mr. Mark Wallace
Mr. Peter Voulgaris1
30 June 2021
Mr. Robert Kirtlan
Mr. Peter Voulgaris
Mr. Mark Wallace
Balance at the
Granted during
Exercised during
Other changes
Balance at the
start of the year
the year as
the year
during the year
end of the year
compensation
10,014,285
-
48,100,000
-
7,000,000
-
48,100,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,000,000
13,014,285
-
-
-
-
48,100,000
-
3,014,285
10,014,285
-
-
-
48,100,000
Renegade Exploration Limited
15
2022 Annual Report
Directors’ Report
Option holdings of Key Management Personnel
The numbers of options over ordinary shares in the Company held during the financial year by Key Management
Personnel of Renegade Exploration Limited and of the Group, including their personally related parties, are set
out below:
Balance at
Granted during
Exercised
Other
Balance at
% vested
the start of
the year as
during the year
changes
the end of
30 June 2022
the year
compensation
during the
the year
Mr. Robert Kirtlan
Mr. Peter Voulgaris1
Mr. Mark Wallace
Mr. Mark Connelly
30,000,000
5,000,000
25,000,000
-
-
-
-
-
year
-
-
-
-
- 30,000,000
100%
(5,000,000)
-
-
- 25,000,000
100%
-
-
-
Balance at
Granted during
Exercised
Expired
Balance at
% vested
the start of
the year as
during the year
during the
the end of
30 June 2021
the year
compensation
year
the year
Mr. Robert Kirtlan
Mr. Peter Voulgaris
15,000,000
30,000,000
- (15,000,000) 30,000,000
-
5,000,000
-
-
5,000,000
100%
100%
Mr. Mark Wallace
15,000,000
25,000,000
- (15,000,000) 25,000,000
100%
1 Resigned 17 February 2022.
Executive Directors and Key Management Personnel
There are no executive directors.
The former Chief Executive Officer, Mr. Ben Vallerine, consults to the Company and is remunerated on a daily
rate basis as required.
Non-Executive Directors
Mr Kirtlan and Mr Wallace have consulting agreements to the Company. Mr Kirtlan’s agreement is for 12
months and provides his services for a minimum of 10 days per month. The Fee for this service is $10,000 per
month and a daily fee of up to $1,500 for days in excess of 10 days per month. Mr Wallace’s agreement
provides his services for a minimum of 2 days per month. The Fee for this service is $4,000 per month and a
daily fee of $1,500 for days in excess of 2 days per month or as otherwise agreed.
Mr Connelly agreement provides his services for a minimum of 2 days per month. The Fee for this service is
$4,000 per month and a daily fee of $1,500 for days in excess of 2 days per month or as otherwise
The aggregate remuneration for non-executive Directors fees has been set at an amount not to exceed
$250,000 per annum. This amount may only be increased with the approval of Shareholders at a general
meeting.
END OF REMUNERATION REPORT (Audited)
Signed on behalf of the board in accordance with a resolution of the Directors.
Robert Kirtlan
Chairman
30 September 2022
Renegade Exploration Limited
16
2022 Annual Report
Directors’ Report
Competent Person Statement and Geological Information Sources
The information in this report that relates to exploration results and information for the Carpentaria Joint Venture Project
(Mongoose Prospect) is based on information provided by Mt Isa Mines Limited and Released by Sovereign Metals Limited
(ASX:SVM) to the ASX on 25 March 2014 (see ASX release titled “Drilling by Glencore Returns Copper Mineralisation”). The
information has been reviewed by Mr Peter Smith, BSc (Geophysics) (Sydney), who is a consultant to the Company. Mr Smith
is a Member of the Australian Institute of Geoscientists. Mr Smith has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as
defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results (JORC Code). Mr Smith consents
to the inclusion in the report of the matters based on the information in the form and context in which it appears.
Nothing has come to the attention of the Company that causes it to question the accuracy or reliability of Sovereign Metals
Limited information as released to the ASX on 25 March 2014.
Information on the North Isa Project, the subject of this ASX Release, is sourced from the Queensland Department of
Resources and data supplied by Mt Isa Mining Limited.
The information in this announcement that relates to geological information for the North Isa Project is based on information
compiled by Mr Peter Smith, who is a consultant to the Company. Mr Smith is a Member of the Australian Institute of
Geoscientists. Mr Smith has sufficient experience which is relevant to the style of mineralisation and type of deposit under
consideration and the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the
Australasian Code for Reporting of Exploration Results (JORC Code). Mr Smith consents to the inclusion in the report of the
matters based on the information in the form and context in which it appears.
The information in this announcement that relates to drilling information for the North Isa Project is based on information
compiled by Mr Simon Fleming, who is a consultant to the Company. Mr Fleming is a Fellow of the Australian Institute of
Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Fleming has sufficient experience which
is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as
a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results (JORC
Code). Mr Fleming consents to the inclusion in the report of the matters based on the information in the form and context in
which it appears.
The references in this announcement to Exploration Results were reported in accordance with Listing Rule 5.7 in the
announcements:
Announcement Title
Date
Promising Lady Agnes Results and Data Review
23 March 2022
Lady Agnes Rocks
21 April 2022
Key Targets Successfully Drill Tested at Lady Agnes
22 June 2022
Up to 1.43% Cu, 0.9g/t Au Intersected at Lady Agnes
8 August 2022
The Company confirms that it is not aware of any new information or data that materially affects the information included in
the previous market announcements noted above.
Caution Regarding Forward Looking Statements
This report may contain forward looking statements which involve a number of risks and uncertainties. These forward
looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current
expectations, intentions or strategies regarding the future and assumptions based on currently available information.
Should one or more risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may
vary from the expectations, intentions and strategies described in this report. The forward looking statements are made as
at the date of this report and the Company disclaims any intent or obligation to update publicly such forward looking
statements, whether as the result of new information, future events or results or otherwise.
Renegade Exploration Limited
17
2022 Annual Report
Corporate Governance Statement
To ensure the Company operates effectively and in the best interests of shareholders, having regard to the
nature of the Company’s activities and its size, the Board has adopted the revised Corporate Governance
Principles and Recommendations 4th Edition issued by the ASX Corporate Governance Council. The
Company’s Corporate Governance Statement and Appendix 4G are available on the Company’s website:
www.renegadeexploration.com
Renegade Exploration Limited
18
2022 Annual Report
Renegade Exploration Limited
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2022
Revenues from continuing operations
Interest revenue
Other income
Gain on revaluation of financial asset
Gain on sale of project
Revenue
Consultants, employees and directors’ fees
Share based payments
Audit and tax fees
Insurance
Accounting fees
Computer and website expenses
Rent and outgoings
Travel and accommodation
Listing and registry fees
Legal expenses
Other expenses
Income/(Loss) from continuing operations before
income tax
Income/(Loss) from discontinued operations
Income tax expense
Income/(Loss) from operations after tax attributable to
members of the parent entity
Other comprehensive income net of tax
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
Other comprehensive income for the year
Total comprehensive Income/(loss) for the year
attributable to members of the parent entity
Profit/(Loss) per share from continuing operations
Basic profit/(loss) per share (cents per share)
Diluted profit/(loss )per share (cents per share)
Profit/(Loss) per share from discontinued operations
Basic profit/(loss) per share (cents per share)
Diluted profit/(loss) per share (cents per share)
7
6
8
17
21
21
21
21
Notes
10
11
2022
$
136
-
210,000
1,214,776
1,424,912
(274,104)
26
(21,770)
(44,594)
(32,334)
(36,000)
(6,368)
(22,441)
(62,478)
(33,077)
(11,521)
(56,983)
2021
$
232
1,000
8,000
-
9,232
(240,143)
(331,589)
(45,239)
(31,967)
(36,000)
(4,407)
(7,502)
(8,321)
(34,957)
(34,997)
(46,679)
823,242
(812,569)
153,395
(274,979)
-
-
976,637
(1,087,548)
50,762
50,762
6,889
6,889
1,027,399
(1,080,659)
0.09
0.09
0.02
0.02
(0.10)
(0.10)
(0.03)
(0.03)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying
notes.
Renegade Exploration Limited
19
2022 Annual Report
Renegade Exploration Limited
Consolidated Statement of Financial Position
As at 30 June 2022
CURRENT ASSETS
Cash and cash equivalents
Other receivables and prepayments
Financial assets /Investments
Assets held for sale
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Notes
18
9
10
2022
$
517,861
88,519
2,215,000
2021
$
361,705
91,307
45,000
5
1,138,966
2,638,511
3,960,346
3,136,523
Deferred exploration and evaluation expenditure
13
TOTAL NON-CURRENT ASSETS
997,944
997,944
460,349
460,349
TOTAL ASSETS
4,958,290
3,596,872
CURRENT LIABILITIES
Trade and other payables
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables
TOTAL NON-CURRENT LIABILITIES
14(a)
14(b)
1,238,713
1,238,713
876,464
876,464
-
-
150,000
150,000
TOTAL LIABILITIES
1,238,713
1,026,464
NET ASSETS
EQUITY
Contributed equity
Reserves
Accumulated losses
TOTAL EQUITY
3,719,577
2,570,408
15
17
16
44,956,501
44,856,501
(65,134)
(137,666)
(41,171,790)
(42,148,427)
3,719,577
2,570,408
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Renegade Exploration Limited
20
2022 Annual Report
Renegade Exploration Limited
Consolidated Statement of Cash Flows
For the year ended 30 June 2022
Notes
2022
$
2021
$
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees
Interest received
Other income
(307,201)
(530,281)
136
-
232
1,000
NET CASH FLOWS (USED IN) OPERATING ACTIVITIES
18(b)
(307,065)
(529,049)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration & evaluation
Payments received for sale of subsidiary
Cash transferred to assets held for sale
Proceeds from sale of assets
NET CASH FLOWS FROM/(USED IN)
INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares
Transaction costs of issue of shares
NET CASH FLOWS FROM FINANCING ACTIVITIES
Net increase /(decrease) in cash and cash equivalents
FX movement
Cash and cash equivalents at beginning of year
CASH AND CASH EQUIVALENTS AT END OF YEAR
18(a)
(823,905)
(535,362)
500,000
(13,349)
800,000
250,000
(2,013)
-
462,746
(287,375)
-
-
-
155,681
475
361,705
517,861
750,000
(19,907)
730,093
(86,331)
6,019
442,017
361,705
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Renegade Exploration Limited
21
2022 Annual Report
Renegade Exploration Limited
Consolidated Statement of Changes in Equity
For the year ended 30 June 2022
At 1 July 2021
Profit for the year
Other comprehensive income/(loss)
Total comprehensive income for the year
Transactions with owners in their capacity as owners
Share issue
Share based payments
At 30 June 2022
At 1 July 2020
(Loss) for the year
Other comprehensive income/(loss)
Total comprehensive (loss) for the year
Transactions with owners in their capacity as owners
Share issue
Transaction costs on share issue
Share based payments
Issued
Capital
$
Accumulated
Losses
$
Share
Based
Payment
Reserves
$
Foreign
Currency
Translation
Reserves
$
Total
$
44,856,501
(42,148,427)
331,589
(469,255)
2,570,408
-
-
-
976,637
-
976,637
100,000
-
-
-
-
-
-
-
21,770
-
976,637
50,762
50,762
50,762
1,027,399
-
-
100,000
21,770
44,956,501
(41,171,790)
353,359
(418,493)
3,719,577
Issued
Capital
$
Accumulated
Losses
$
Share
Based
Payment
Reserves
$
Foreign
Currency
Translation
Reserves
$
Total
$
44,012,408
(45,179,407)
4,118,528
(476,144)
2,475,385
-
-
-
(1,087,548)
-
(1,087,548)
864,000
(19,907)
-
-
-
-
-
-
-
-
-
331,589
-
(1,087,548)
6,889
6,889
6,889
(1,080,659)
-
-
-
-
864,000
(19,907)
331,589
-
Transferred from Share Based Payment Reserve
4,118,528
(4,118,528)
At 30 June 2021
44,856,501
(42,148,427)
331,589
(469,255)
2,570,408
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Renegade Exploration Limited
22
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
1. Corporate Information
The financial report of Renegade Exploration Limited (“Renegade” or “the Company”) and its subsidiaries (“the
Group”) for the year ended 30 June 2022 was authorised for issue in accordance with a resolution of the Directors
on 30 September 2022.
Renegade Exploration Limited is a public company limited by shares incorporated and domiciled in Australia whose
shares are publicly traded on the Australian Securities Exchange. It is a “for profit” entity.
The nature of the operations and principal activities of the Group are described in the Directors’ report.
2. Going Concern
The financial statements have been prepared on a going concern basis which the directors believe to be appropriate.
The directors are confident that the Group will be able to maintain sufficient levels of working capital to continue as
a going concern and continue to pay its debts as and when they fall due.
For the year ended 30 June 2022, the Group incurred a profit before tax of $976,637 (2021: loss of $1,087,548) and
incurred net cash inflows of $155,681 (2021: $86,331 net outflows). At 30 June 2022, the Group had net current
assets of $2,721,633 (2021: $2,260,059).
The financial report has been prepared on the going concern basis, which contemplates continuity of normal business
activities and realisation of assets and settlement of liabilities in the ordinary course of business.
The Group’s ability to continue as a going concern is dependent upon it maintaining sufficient funds for its operations
and commitments. The Directors continue to be focused on meeting the Group’s business objectives and is mindful
of the funding requirements to meet these objectives. The Directors consider the basis of going concern to be
appropriate for the following reasons:
• The current cash of the Group relative to its fixed and discretionary commitments;
• The contingent nature of certain of the Group’s project expenditure commitments;
• The ability of the Group to terminate certain agreements without any further on-going obligation beyond what
has accrued up to the date of termination;
• The underlying prospects for the Group to raise funds from the capital markets and sale of its assets;
• With the disposal of the Yandal East Project, the Company received $800,000 during the reporting period , and
subsequent to the reporting date has sold 8 million Strickland shares to realise a further $399,269. The
Company retains 62 million shares valued at circa $1.3m and has a final payment of $700,000 due on the Yukon
Sale Agreement. The Company is in a a healthy financial position to continue work on its current assets and any
future assets acquired and is not requiring short to medium term financing from capital markets; and
• The fact that future exploration and evaluation expenditure are generally discretionary in nature (ie. at the
discretion of the Directors having regard to an assessment of the progress of works undertaken to date and the
prospects for the same). Subject to meeting certain expenditure commitments, further exploration activities may
be slowed or suspended as part of the management of the Group’s working capital.
The Directors are confident that the Group can continue as a going concern and as such are of the opinion that the
financial report has been appropriately prepared on a going concern basis.
Should the Group be unable to undertake the initiatives disclosed above, there is uncertainty which may cast doubt
as to whether or not the Group will be able to continue as a going concern and whether it will realise its assets and
extinguish its liabilities in the normal course of business and at the amounts stated in the financial statements.
The financial statements do not include any adjustments relating to the recoverability and classification of recorded
asset amounts nor to the amounts and classification of liabilities that might be necessary should the Group not
continue as a going concern.
Renegade Exploration Limited
23
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
3. Summary of Significant Accounting Policies
Basis of Preparation
The financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of
the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian
Accounting Standards Board. The financial report has also been prepared on a historical cost basis, modified where
applicable by the measurement of fair value of selected non-current assets, financial assets, and financial liabilities. The
shares in Rafaella Resources and Strickland Metals are carried at fair value and not at historical cost.
The financial report is presented in Australian dollars.
(a) Compliance Statement
The financial report complies with Australian Accounting Standards as issued by the Australian Accounting Standards Board
and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.
(b) New and Revised Accounting Standards Adopted by the Group
The Group has considered the implications of new and amended Accounting Standards as listed below and no changes are
required to the Group’s accounting policies. the Directors have reviewed all of the new and revised Standards and
Interpretations issued by the AASB that are relevant to the Company and effective for the annual financial statements
beginning on or after 1 July 2021. As a result of this review, the Directors have determined that their application to the
financial statement is either not relevant or not material.
• AASB 2021-3: Amendments to Australian Accounting Standards – COVID-19 Related Rent Concessions beyond
30 June 2021
• AASB 2020-8: Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform – Phase 2
Other standards not yet applicable
AASB 2020-1: Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-
current
The amendment amends AASB 101 to clarify whether a liability should be presented as current or non-current. The
Group plans on adopting the amendment for the reporting period ending 30 June 2024. The amendment is not
expected to have a material impact on the financial statements once adopted.
AASB 2020-3: Amendments to Australian Accounting Standards – Annual Improvements 2018-2020 and Other
Amendments
AASB 2020-3: Amendments to Australian Accounting Standards – Annual Improvements 2018-2020 and Other
Amendments is an omnibus standard that amends AASB 1, AASB 3, AASB 9, AASB 116, AASB 137 and AASB 141.
The Group plans on adopting the amendment for the reporting period ending 30 June 2023. The impact of the initial
application is not yet known.
AASB 2021-2: Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of
Accounting Estimates
The amendment amends AASB 7, AASB 101, AASB 108, AASB 134 and AASB Practice Statement 2. These
amendments arise from the issuance by the IASB of the following International Financial Reporting Standards:
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) and Definition of Accounting
Estimates (Amendments to IAS 8).
The Group plans on adopting the amendment for the reporting period ending 30 June 2024. The impact of the initial
application is not yet known.
Renegade Exploration Limited
24
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
AASB 2021-5: Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities
arising from a Single Transaction
The amendment amends the initial recognition exemption in AASB 112: Income Taxes such that it is not applicable to leases
and decommissioning obligations – transactions for which companies recognise both an asset and liability and that give rise
to equal taxable and deductible temporary differences. The Group plans on adopting the amendment for the reporting period
ending 30 June 2024. The impact of the initial application is not yet known.
(c) Basis of Consolidation
The consolidated financial statements incorporate all of the assets, liabilities and results of the parent (Renegade Exploration
Limited) and all of the subsidiaries. Subsidiaries are entities the parent controls. The parent controls an entity when it 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 over the entity. A list of the subsidiaries is provided in Note 12.
The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the Group from the
date on which control is obtained by the Group. The consolidation of a subsidiary is discontinued from the date that control
ceases. Intercompany transactions, balances and unrealised gains or losses on transactions between Group entities are
fully eliminated on consolidation. Accounting policies of subsidiaries have been changed and adjustments made where
necessary to ensure uniformity of the accounting policies adopted by the Group.
Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as “non-controlling interests".
The Group initially recognises non-controlling interests that are present ownership interests in subsidiaries and are entitled
to a proportionate share of the subsidiary's net assets on liquidation at either fair value or at the non-controlling interests'
proportionate share of the subsidiary's net assets. Subsequent to initial recognition, non-controlling interests are attributed
their share of profit or loss and each component of other comprehensive income. Non-controlling interests are shown
separately within the equity section of the statement of financial position and statement of comprehensive income.
Deconsolidation of Subsidiary
Subsidiaries are entities controlled by the Company. The Company controls an entity when it 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 over the
entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control
commences until the date that control ceases. As a result of the sale of its wholly owned subsidiary, Renegade derecognises
the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the
subsidiary. Any resulting gain or loss is recognised in profit or loss.
(d) Income tax
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from
or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted by the balance date.
Deferred income tax is provided for on all temporary differences at balance date between the tax base of assets and liabilities
and their carrying amounts for financial reporting purposes.
No deferred income tax will be recognised from the initial recognition of goodwill or of an asset or liability, excluding a
business combination, where there is no effect on accounting or taxable profit or loss.
Renegade Exploration Limited
25
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
No deferred income tax will be recognised in respect of temporary differences associated with investments in subsidiaries if
the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary differences will
not reverse in the near future.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or liability is
settled. Deferred tax is credited to Profit or Loss except where it relates to items that may be credited directly to equity, in
which case the deferred tax is adjusted directly against equity.
Deferred income tax assets are recognised for all deductible temporary differences, carry forward of unused tax assets and
unused tax losses to the extent that it is probable that future tax profits will be available against which deductible temporary
differences can be utilised.
The amount of benefits brought to account or which may be realised in the future is based on tax rates (and tax laws) that
have been enacted or substantially enacted at the balance date and the anticipation that the Group will derive sufficient
future assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the
law. The carrying amount of deferred tax assets is reviewed at each balance date and only recognised to the extent that
sufficient future assessable income is expected to be obtained.
Income taxes relating to items recognised directly in equity are recognised in equity and not in the Profit or Loss.
(e) Cash and cash equivalents
Cash and cash equivalents in the Consolidated Statement of Financial Position include cash on hand, deposits held at call
with banks and other short term highly liquid investments with original maturities of three months or less. Bank overdrafts
are shown as current liabilities in the Consolidated Statement of Financial Position. For the purpose of the Consolidated
Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as described above, net of
outstanding bank overdrafts.
(f) Trade and other receivables
Trade receivables, which generally have 30 - 90 day terms, are recognised and carried at original invoice amount less an
allowance for any uncollectible amounts.
Collectability of trade receivables is reviewed on an ongoing basis. Individual debts that are known to be uncollectible are
written off when identified. An impairment provision is recognised when there is objective evidence that the Group will not
be able to collect the receivable. Financial difficulties of the debtor, default payments or debts more than 60 days overdue
are considered objective evidence of impairment. The amount of the impairment loss is the receivable carrying amount
compared to the present value of estimated future cash flows, discounted at the original effective interest rate.
(g) Property, plant and equipment
Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and
impairment losses.
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when
it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be
measured reliably. Repairs and maintenance expenditure is charged to Profit or Loss during the financial period in which it
is incurred.
Depreciation
The depreciable amount of most of the fixed assets are depreciated on a diminishing balance method and some of the fixed
assets are depreciated on a straight-line basis over their useful lives to the Group commencing from the time the asset is
held ready for use.
Renegade Exploration Limited
26
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
The depreciation rates used for each class of depreciable assets are:
Class of Fixed Asset
Plant and equipment
Computer Equipment
Furniture and Fittings
Camp Buildings
Depreciation Rate
10% to 25%
45%
20%
10%
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.
Derecognition
Additions of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are
expected from its use or disposal.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses
are recognised in the Profit or Loss.
Impairment
Carrying values of plant and equipment are reviewed at each balance date to determine whether there are any objective
indicators of impairment that may indicate the carrying values may be impaired.
Where an asset does not generate cash flows that are largely independent it is assigned to a cash generating unit and the
recoverable amount test applied to the cash generating unit as a whole.
Recoverable amount is determined as the greater of fair value less costs to sell and value in use. The assessment of value
in use considers the present value of future cash flows discounted using an appropriate pre-tax discount rate reflecting the
current market assessments of the time value of money and risks specific to the asset. If the carrying value of the asset is
determined to be in excess of its recoverable amount, the asset or cash generating unit is written down to its recoverable
amount.
(h) Exploration expenditure
Exploration and evaluation expenditure incurred by or on behalf of the Group is accumulated separately for each area of
interest. Such expenditure comprises net direct costs and an appropriate portion of related overhead expenditure but does
not include general overheads or administrative expenditure not having a specific nexus with a particular area of interest.
Each area of interest is limited to a size related to a known or probable mineral resource capable of supporting a mining
operation.
Exploration and evaluation expenditure for each area of interest is carried forward as an asset provided that one of the
following conditions is met:
•
•
such costs are expected to be recouped through successful development and exploitation of the area of
interest or, alternatively, by its sale; or
exploration and evaluation activities in the area of interest have not yet reached a stage which permits a
reasonable assessment of the existence or otherwise of economically recoverable reserves, and active
and significant operations in relation to the area are continuing.
Expenditure which fails to meet the conditions outlined above is written off, furthermore, the directors regularly review the
carrying value of exploration and evaluation expenditure and make write downs if the values are not expected to be
recoverable.
Renegade Exploration Limited
27
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
Identifiable exploration assets acquired are recognised as assets at their cost of acquisition, as determined by the
requirements of AASB 6 Exploration for and Evaluation of Mineral Resources. Exploration assets acquired are reassessed
on a regular basis and these costs are carried forward provided that at least one of the conditions referred to in AASB 6 is
met.
Exploration and evaluation expenditure incurred subsequent to acquisition in respect of an exploration asset acquired, is
accounted for in accordance with the policy outlined above for exploration expenditure incurred by or on behalf of the entity.
Acquired exploration assets are not written down below acquisition cost until such time as the acquisition cost is not expected
to be recovered.
When an area of interest is abandoned, any expenditure carried forward in respect of that area is written off.
Expenditure is not carried forward in respect of any area of interest/mineral resource unless the Group’s rights of tenure to
that area of interest are current.
(i)
Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such
indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset’s
recoverable amount. An asset’s recoverable amount is the higher of its fair value less costs to sell and its value in use and
is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those
from other assets or categories of assets and the asset's value in use cannot be estimated to be close to its fair value. In
such cases the asset is tested for impairment as part of the cash generating unit to which it belongs. When the carrying
amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash-generating unit is considered
impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses
relating to continuing operations are recognised in those expense categories consistent with the function of the impaired
asset unless the asset is carried at revalued amount (in which case the impairment loss is treated as a revaluation decrease).
An assessment is also made at each reporting date as to whether there is any indication that previously recognised
impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated.
A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the
asset’s recoverable amount since the last impairment loss was recognised. If that is the case the carrying amount of the
asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have
been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is
recognised in profit or loss unless the asset is carried at revalued amount, in which case the reversal is treated as a
revaluation increase.
After such a reversal the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount,
less any residual value, on a systematic basis over its remaining useful life.
(j) Assets held for sale and disposal groups
Non-current assets held for sale and disposal groups are presented separately in the current section of statement of financial
position when the following criteria is met: the group is committed to selling the asset or disposal group, an active plan of
sale has commenced, and in the judgement of Group management it is highly probable that the sale will be completed within
12 months. Immediately before the initial classification of the assets and disposal groups as held for sale, the carrying
amounts of the assets (or all the assets and liabilities in the disposal groups) are measured in accordance with the applicable
accounting policy. Assets held for sale and disposal groups are subsequently measured at the lower of their carrying amount
and fair value less cost to sell. Assets held for sale are no longer amortised or depreciated.
Renegade Exploration Limited
28
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
(k) Trade and other payables
Liabilities for trade creditors and other amounts are measured at amortised cost, which is the fair value of the consideration
to be paid in the future for goods and services received that are unpaid, whether or not billed to the Group.
(l) Contributed equity
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. Incremental costs directly attributable to the issue of new
shares or options, or for the acquisition of a business, are included in the cost of the acquisition as part of the purchase
consideration.
(m) Revenue
Revenue is recognised and measured by the fair value of the consideration received or receivable to the extent that it is
probable that the economic benefits will flow to the Group and the revenue is capable of being reliably measured. The
following specific recognition criteria must also be met before revenue is recognised:
Interest income
Revenue is recognised as the interest accrues (using the effective interest method), which is the rate that exactly discounts
estimated future cash receipts through the expected life of the financial instrument) to the net carrying amount of the financial
asset.
(n) Grant Revenue
Government grants are recognised at fair value where there is reasonable assurance that the grant will be received, and all
grant conditions will be met. Grants relating to expense items are recognised as income over the periods necessary to match
the grant to the costs they are compensating. Grants relating to assets are credited to deferred income at fair value and are
credited to income over the expected useful life of the asset on a straight-line basis.
(o) Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Group, excluding any
costs of servicing equity other than dividends, by the weighted average number of ordinary shares, adjusted for any bonus
elements.
Diluted earnings per share
Diluted earnings per share is calculated as net profit or loss attributable to members of the Group, adjusted for:
•
•
costs of servicing equity (other than dividends);
the after tax effect of dividends and interest associated with dilutive potential ordinary shares that
have been recognised as expenses; and
•
other non-discretionary changes in revenues or expenses during the period that would result from
the dilution of potential ordinary shares;
divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus
elements.
Renegade Exploration Limited
29
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
(p) Share based payment transactions
The Group provides benefits to individuals acting as, and providing services similar to employees (including Directors) of the
Group in the form of share based payment transactions, whereby individuals render services in exchange for shares or rights
over shares (‘equity settled transactions’).
There is currently an Employee Share Option Plan (ESOP) in place, which provides benefits to Directors and individuals
providing services similar to those provided by an employee.
The cost of these equity settled transactions with employees is measured by reference to the fair value at the date at which
they are granted. The fair value is determined by using the Black-Scholes formula taking into account the terms and
conditions upon which the instruments were granted, as discussed in note 26.
In valuing equity settled transactions, no account is taken of any performance conditions, other than conditions linked to the
price of the shares of Renegade Exploration Limited (‘market conditions’).
The cost of the equity settled transactions is recognised, together with a corresponding increase in equity, over the period in
which the performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to
the award (‘vesting date’).
The cumulative expense recognised for equity settled transactions at each reporting date until vesting date reflects (i) the
extent to which the vesting period has expired and (ii) the number of awards that, in the opinion of the Directors of the group,
will ultimately vest. This opinion is formed based on the best available information at balance date. No adjustment is made
for the likelihood of the market performance conditions being met as the effect of these conditions is included in the
determination of fair value at grant date. The profit or loss charge or credit for a period represents the movement in cumulative
expense recognised at the beginning and end of the period.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a
market condition.
Where the terms of an equity settled award are modified, as a minimum an expense is recognised as if the terms had not
been modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of the
modification, as measured at the date of the modification.
Where an equity settled award is cancelled, it is treated as if it had vested on the date of the cancellation, and any expense
not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award,
and designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they
were a modification of the original award, as described in the previous paragraph.
The dilutive effect, if any, of outstanding options is reflected in the computation of loss per share (see note 21).
(q) Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not
recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition
of the asset or as part of an item of the expense. Receivables and payables in the Statement of Financial Position are shown
inclusive of GST.
The net amount of GST recoverable from, or payable to, the Australian Tax Office is included as part of receivables or
payables in the Consolidated Statement of Financial Position.
Cash flows are presented in the Consolidated Statement of Cash Flows on a gross basis, except for the GST component of
investing and financing activities, which is receivable from or payable to the ATO, are disclosed as operating cash flows.
Renegade Exploration Limited
30
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
(r)
Investments in controlled entities
All investments are initially recognised at cost, being the fair value of the consideration given and including acquisition
charges associated with the investment. Subsequent to the initial measurement, investments in controlled entities are carried
at cost less accumulated impairment losses.
(s) Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each entity within the Group are measured using the currency of the primary
economic environment in which the entity operates (‘the functional currency’). The functional and presentation currency of
Renegade Exploration Limited is Australian dollars. The functional currency of the overseas subsidiary is Canadian dollars.
Transactions and balances
Foreign currency transactions are translated into the functional currency 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 year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised
in the profit or loss.
Group entities
The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy)
that have a functional currency different from the presentation currency are translated into the presentation currency as
follows:
•
•
•
•
assets and liabilities are translated at the closing rate at the date of that Statement of Financial Position;
income and expenses are translated at average exchange rates (unless this is not a reasonable approximation of
the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the
transactions);
retained earnings are translated at the exchange rates prevailing at date of transaction; and
all resulting exchange differences are recognised as a separate component of equity.
On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of
borrowings and other financial instruments designated as hedges of such investments, are taken to shareholders’ equity.
When a foreign operation is sold the exchange differences relating to that entity are recognised in the profit or loss, as part
of the gain or loss on sale where applicable.
(t) Leases
Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset, but not the legal
ownership, that are transferred to entities in the economic entity are classified as finance leases.
Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair value of the
leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease
payments are allocated between the reduction of the lease liability and the lease interest expense for the period.
Leased assets are depreciated on a straight-line basis over their estimated useful lives where it is likely that the Group will
obtain ownership of the asset or over the term of the lease. Leases are classified as operating leases where substantially all
the risks and benefits remain with the lessor.
Payments in relation to operating leases are charged as expenses in the periods in which they are incurred. Lease
incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the
lease term.
Renegade Exploration Limited
31
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
(u) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the
operating segments, has been identified as the Board of Directors of Renegade Exploration Limited.
(v) Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation.
Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the
reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating
to any provision is presented in the profit or loss net of any reimbursement.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows
at a pre-tax rate that reflects current market assessments of the time value of money, and where appropriate, the risks
specific to the liability.
Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
(w) Fair Value Hierarchy
Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three
(3) levels of a fair value hierarchy. The three (3) levels are defined based on the observability of significant inputs to the
measurement, as follows:
•
•
•
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly
Level 3: unobservable inputs for the asset or liability
At balance date the Group does not have financial assets or financial liabilities subject to this criteria and carrying values are
assumed to approximate fair values. Other than investment in share of Rafaella Resources Limited and Strickland Metals
which are Tier 1 assets.
(x) Fair Value of Assets and Liabilities
The Group measures some of its assets and liabilities at fair value on either a recurring or non-recurring basis, depending
on the requirements of the applicable Accounting Standard.
Fair value is the price the Group would receive to sell an asset or would have to pay to transfer a liability in an orderly (i.e.
unforced) transaction between independent, knowledgeable and willing market participants at the measurement date.
As fair value is a market-based measure, the closest equivalent observable market pricing information is used to determine
fair value. Adjustments to market values may be made having regard to the characteristics of the specific asset or liability.
The fair values of assets and liabilities that are not traded in an active market is determined using one or more valuation
techniques. These valuation techniques maximise, to the extent possible, the use of observable market data.
To the extent possible, market information is extracted from either the principal market for the asset or liability (i.e. the market
with the greatest volume and level of activity for the asset or liability) or, in the absence of such a market, the most
advantageous market available to the entity at the end of the reporting period (i.e. the market that maximises the receipts
from the sale of the asset or minimises the payments made to transfer the liability, after taking into account transaction costs
and transport costs).
Renegade Exploration Limited
32
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
For non-financial assets, the fair value measurement also takes into account a market participant's ability to use the asset
in its highest and best use or to sell it to another market participant that would use the asset in its highest and best use.
These valuation techniques maximise, to the extent possible, the use of observable market data. If all significant inputs
required to measure fair value are observable, the asset or liability is included in Level 2. If one or more significant inputs
are not based on observable market data, the asset or liability is included in Level 3.
The Group would change the categorisation within the fair value hierarchy only in the following circumstances:
(i) if a market that was previously considered active (Level 1) became inactive (Level 2 or Level 3) or vice versa; or
(ii) if significant inputs that were previously unobservable (Level 3) became observable (Level 2) or vice versa. When a
change in the categorisation occurs, the Group recognises transfers between levels of the fair value hierarchy
(i.e. transfers into and out of each level of the fair value hierarchy) on the date the event or change in circumstances
occurred.)
(y) Financial Instruments
Recognition, initial measurement and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the
financial instrument. Financial instruments (except for trade receivables) are measured initially at fair value adjusted by
transactions costs, except for those carried “at fair value through profit or loss”, in which case transaction costs are expensed
to profit or loss. Where available, quoted prices in an active market are used to determine the fair value. In other
circumstances, valuation techniques are adopted. Subsequent measurement of financial assets and financial liabilities are
described below.
Trade receivables are initially measured at the transaction price if the receivables do not contain a significant financing
component in accordance with AASB 15.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the
financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised when it is
extinguished, discharged, cancelled or expires.
Classification and subsequent measurement
Financial assets
Except for those trade receivables that do not contain a significant financing component and are measured at the transaction
price in accordance with AASB 15, all financial assets are initially measured at fair value adjusted for transaction costs
(where applicable).
For the purpose of subsequent measurement, financial assets other than those designated and effective as hedging
instruments, are classified into the following categories upon initial recognition:
•
•
•
amortised cost;
fair value through other comprehensive income (FVOCI); and
fair value through profit or loss (FVPL).
Classifications are determined by both:
•
•
The contractual cash flow characteristics of the financial assets; and
The entities business model for managing the financial asset.
Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as
FVPL):
Renegade Exploration Limited
33
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
•
•
they are held within a business model whose objective is to hold the financial assets and collect its contractual cash
flows; and
the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest
on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted
where the effect of discounting is immaterial. The Group’s cash and cash equivalents, trade and most other receivables fall
into this category of financial instruments.
Financial assets at fair value through other comprehensive income (Equity instruments)
The Group measures debt instruments at fair value through OCI if both of the following conditions are met:
•
•
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding; and
The financial asset is held within a business model with the objective of both holding to collect contractual cash
flows and selling the financial asset.
For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or
reversals are recognised in the statement of profit or loss and computed in the same manner as for financial assets measured
at amortised cost. The remaining fair value changes are recognised in OCI.
Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated
at fair value through OCI when they meet the definition of equity under AASB 132Financial Instruments: Presentation and
are not held for trading.
Financial assets at fair value through profit or loss (FVPL)
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value.
Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near
term.
Financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and
borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group
designated a financial liability at fair value through profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives
and financial liabilities designated at FVPL, which are carried subsequently at fair value with gains or losses recognised in
profit or loss.
All interest-related charges and, if applicable, gains and losses arising on changes in fair value are recognised in profit or
loss.
Impairment
The Group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at
amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase
in credit risk. For trade receivables, the Group applies the simplified approach permitted by AASB, which requires expected
lifetime losses to be recognised from initial recognition of the receivables.
4. Critical accounting estimates and judgments
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under
the circumstances.
Renegade Exploration Limited
34
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Determination of mineral resources and ore reserves
Renegade Exploration Limited estimates its mineral resources and ore reserves in accordance with the Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2004 (the ‘JORC code’). The information on
mineral resources and ore reserves was prepared by or under the supervision of Competent Persons as defined in the JORC
code. The amounts presented are based on the mineral resources and ore reserves determined under the JORC code.
There are numerous uncertainties inherent in estimating mineral resources and ore reserves and assumptions that are valid
at the time of estimation may change significantly when new information becomes available.
Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the economic
status of reserves and may, ultimately, result in the reserves being restated. Such changes in reserves could impact on
depreciation and amortisation rates, asset carrying values, deferred stripping costs and provisions for decommissioning and
restoration.
Capitalised exploration and evaluation expenditure
The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number of factors, including
whether the Group decides to exploit the related lease itself or, if not, whether it successfully recovers the related exploration
and evaluation asset through sale.
Factors which could impact the future recoverability include the level of proved, probable and inferred mineral resources,
future technological changes which could impact the cost of mining, future legal changes (including changes to environmental
restoration obligations) and changes to commodity prices.
To the extent that capitalised exploration and evaluation expenditure is determined not to be recoverable in the future, this
will reduce profits and net assets in the period in which this determination is made.
In addition, exploration and evaluation expenditure is capitalised if activities in the area of interest have not yet reached a
stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves. To the
extent that it is determined in the future that this capitalised expenditure should be written off, this will reduce profits and net
assets in the period in which this determination is made.
Share based payment transactions
The Group measures the cost of equity settled transactions with employees by reference to the fair value of the equity
instruments at the date at which they are granted. The fair value is determined by using the Black Scholes formula taking
into account the terms and conditions upon which the instruments were granted, as discussed in note 26.
Functional currency translation reserve
Under the Accounting Standards, each entity within the Group is required to determine its functional currency, which is the
currency of the primary economic environment in which the entity operates. Management considers the Canadian subsidiary
to be a foreign operation with Canadian dollars as the functional currency. In arriving at this determination, management has
given priority to the currency that influences the labour, materials and other costs of exploration activities as they consider
this to be a primary indicator of the functional currency.
Deferred taxation
Deferred tax assets are only recognised for deductible temporary differences and unused tax losses when management
considers that it is probable that future taxable profits will be available to utilise those assets.
Renegade Exploration Limited
35
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
5.
Assets Held for Sale
Deferred exploration and evaluation expenditure
Cash and cash equivalents
Other receivables and prepayments
Assets Held for Sale
2022
$
2021
$
1,125,547
2,614,328
13,349
70
2,013
22,170
1,138,966
2,638,511
During the financial year 2021, the Company entered into two contracts for sale of its Yukon (Canada) and Yandal East
(Australia) projects. During the reporting period, the transaction for sale of Yandal East project was completed. Gain on sale
of assets is calculated and recognised in the profit or loss statement. At the reporting date, the transaction for sale of Yukon
(Canada) is not complete, so the assets related to said project have been classified as held for sale.
6. Profit/(Loss) from Discontinued Operations
Other income
Consultants, directors and employee benefits
Exploration Costs Written off
General office expenses
Other expenses
2022
$
161,717
-
-
(5,528)
(2,794)
2021
$
-
(12,332)
(256,146)
(6,206)
(295)
Income/(Loss) from discontinued operations
153,395
(274,979)
7. Other expenses
Conferences and seminars
Printing and stationery
Telecommunications
Others
Total other expenses
8.
Income Tax
a) Income tax expense
Current tax
Deferred tax
Income tax expense
2022
$
13,180
2,308
-
41,495
56,983
2021
$
-
4,950
182
41,547
46,679
2022
2021
$
-
-
-
$
-
-
-
(b) Numerical reconciliation between aggregate tax expense recognised in the statement of profit or loss and
other comprehensive income and tax expense calculated per the statutory income tax rate
Renegade Exploration Limited
36
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
A reconciliation between tax expense and the product of accounting profit
before income tax multiplied by the Company’s applicable tax rate is as
follows:
Income/(Loss) from all operations before income tax expense
Tax at the company rate of Aus. 25%, Canada 27% (2021:
Aus.26%, Canada 27%)
Allowable deductions
Tax effect of permanent differences
Other non-deductible expenses
Other non-assessable income
Income tax benefit not brought to account
Income tax expense
(c) Deferred tax
Statement of financial position
2022
$
2021
$
976,637
(1,087,548)
247,227
(285,818)
(28,006)
(31,353)
5,443
7,375
(52,500)
(179,539)
-
86,213
16,900
-
214,058
-
The following deferred tax balances have not been brought to account:
2022
2021
Liabilities
Capitalised exploration and evaluation expenditure
Prepayments
Unrealised gain on shares
Offset by deferred tax assets
Deferred tax liability recognised
Assets
Losses available to offset against future taxable income
(Aus. at 25%, Canada 27%)
Foreign exchange loss
Share issue cost deductible over five years
Accrued expenses
Deferred tax assets offset against deferred tax liabilities
Deferred tax assets not brought to account as realisation is not regarded
as probable
Deferred tax asset recognised
Unused tax losses
Potential tax benefit of unused tax losses not recognised a
Aus.25%, Canada 27% (2021: Aus. 26%, Canada 27%)
540,521
8,319
54,500
675,047
6,684
-
(603,340)
(681,731)
-
-
13,394,780
13,787,903
-
(117,314)
2,986
7,375
11,561
16,250
13,405,141
13,698,400
(603,340)
(681,731)
(12,801,801)
(13,016,669)
-
-
48,259,323
52,066,678
12,801,801
13,016,669
The benefit for tax losses will only be obtained if:
(i)
the Company derives future assessable income in Australia of a nature and of an amount sufficient to enable
the benefit from the deductions for the losses to be realised;
Renegade Exploration Limited
37
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
(ii)
the Company continues to comply with the conditions for deductibility imposed by tax legislation in Australia;
and
(iii)
no changes in tax legislation in Australia, adversely affect the Company in realising the benefit from the
deductions for the losses.
(d) Tax consolidation
Renegade Exploration has not formed a tax consolidation group and there is no tax sharing agreement.
9. Other Receivables and Prepayments - Current
GST / VAT receivable
Debtors
Rental Bond
Other Receivables
Prepayments
Total other receivables and prepayments - current
2022
$
42,627
7,515
5,100
-
33,277
88,519
2021
$
59,432
-
-
5,140
26,735
91,307
Trade debtors, other debtors and goods and services tax are non-interest bearing and generally receivable on 30 day terms.
They are neither past due nor impaired. The amount is fully collectible. Due to the short term nature of these receivables,
their carrying value is assumed to approximate their fair value.
2022
$
2021
$
10. Carrying value of Financial assets
2,215,000
45,000
Movements in financial
assets
Balance at beginning of
period
Investment in quoted
securities1
Fair value adjustment2
Balance at end of period
2022
2021
Number
of shares
$
Number
of shares
$
500,000
45,000
-
40,000,000
1,960,000
500,000
-
40,500,000
210,000
2,215,000
-
500,000
-
37,000
8,000
45,000
1 Renegade holds 500,000 shares of Rafaella Resources (30 June 2021: 500,000). During the reporting period, the Company
was issued 40,000,000 shares @ $0.049 on 16 July 2021 of Strickland Metals Limited (ASX: STK) as part of the consideration
for sale of Yandal East Project.
2At the reporting date, the fair value adjustment of $210,000 comprises of $240,000 gain on revaluation of Strickland shares
less $30,000 loss on revaluation of Rafaella Resources shares.
Renegade Exploration Limited
38
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
11. Gain on Sale of Project
$
$
2022
2021
Fair value of Consideration received1
Less: Carrying value of assets as at date of sale
Gain on sale of project
2,760,000
(1,545,224)
1,214,776
-
-
-
On 9 June 2021, the Company announced the sale of its Yandal East Project to Strickland Metals Limited. The sale
transaction was completed on 16 July 2021, gain on sale of assets is calculated and recognised in the profit or loss statement.
1 This includes $800,000 received in cash as part of the consideration and remaining was paid by issuance of 40 million
shares to Renegade on 16 July 2021, the fair value of the 40 million shares was measured at $1,960,000
(40,000,000@$.049) on 16 July 2021.
12. Investments in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 3 (c). Details of subsidiaries are as follows:
Name
Country of incorporation
% Equity Interest
Overland Resources Yukon Limited
Renegade Exploration (QLD) Pty Ltd
Canada
Australia
13. Deferred Exploration and Evaluation Expenditure
Exploration and evaluation expenditure
At cost
Accumulated provision for impairment
Less : Assets classified as held for sale
Total exploration and evaluation
Carrying amount at beginning of the year
Exploration and evaluation expenditure during the year
Impairment/written off
Reclassified as assets held for sale
Net exchange differences on translation
Carrying amount at end of year
2022
100%
100%
2021
100%
100%
2022
$
2021
$
997,944
38,004,030
-
-
(34,929,353)
(2,614,328)
997,944
460,349
460,349
2,050,477
537,595
1,272,458
-
-
-
(256,146)
(2,614,328)
7,888
997,944
460,349
The recoverability of the carrying amount of the capitalised exploration and evaluation expenditure is dependent
on the successful development and commercial exploitation, or alternatively the sale, of the respective areas of
interest.
Renegade Exploration Limited
39
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
14. Current and Non-Current Liabilities
(a) Current Trade and other payables
Trade payables1
Accruals
CJV Consideration payable2
PAYG Payable
Superannuation Payable
Premium Funding less Unexpired Interest
Advance for sale of Yukon Project3
2022
$
251,640
53,059
150,000
4,348
2,864
26,802
750,000
1,238,713
2021
$
391,334
209,439
-
-
-
25,691
250,000
876,464
1Due to the short-term nature of these payables, their carrying value is assumed to approximate their fair value.
2 Includes $150,000 remaining payable for acquisition of 23.03% interest in Carpentaria JV. The amount is due to be paid
on 10 May 2023
3 This represents the payments received from Scharfe as part of the total consideration of $1,650,000 for sale of the Yukon
Project as per the Share Purchase Agreement (SPA) signed on 30 November 2020. In July 2021, the Group agreed to
amend the terms of the SPA with respect to the sale of the Company’s Yukon Project with Scharfe Holdings Inc. (Scharfe)
which included an immediate payment of $500,000, paid to the Company on 4 August 2021. The terms of the Share Purchase
have been amended as follows:
a) Tranche 2 and Tranche 3 was replaced with a payment of AUD500,000 on or before 30 July 2021, which the
Company received on 4 August 2021;
b) The deadline to spend CAD500,000 on the project has been amended from 31 December 2021 to 30 November
2023; and
c) If the Expenditure is not made by 30 November 2023, Scharfe will pay AUD300,000 to Renegade in lieu of the
Expenditure.
(b) Non-Current Trade and Other Payables
CJV Consideration payables
2022
$
-
-
2021
$
150,000
150,000
1 This represents the amount payable to Sovereign Metals Limited as part of the consideration for acquiring a 23.03% interest
in the Carpentaria JV. As per the terms of the agreement, the amount is payable by 10 May 2023 hence been reclassified
as a current liability.
15. Contributed Equity
(a) Issued and paid up capital
Ordinary shares fully paid
2022
$
2021
$
44,956,501
44,856,501
Renegade Exploration Limited
40
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
2022
2021
Number of
shares
$
Number of
shares
$
(b) Movements in ordinary shares on issue
Balance at beginning of year
879,626,638
44,856,501
712,626,638
44,012,408
Shares issue at $0.005 on 12 October 2020
Shares issue at $0.007 on 23 February 2021
Shares issue at $0.007 on 10 May 2021
-
-
-
-
-
-
150,000,000
2,000,000
15,000,000
Shares issue at $0.010 on 13 May 2022
10,000,000
100,000
Transaction costs on share issue
-
-
-
-
750,000
14,000
100,000
-
(19,907)
Balance at end of year
889,626,638
44,956,501
879,626,638
44,856,501
(c) Ordinary shares
The Group does not have authorised capital nor par value in respect of its issued capital. Ordinary shares have the right to
receive dividends as declared and, in the event of a winding up of the Company, to participate in the proceeds from sale of
all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to
one vote, either in person or proxy, at a meeting of the Company.
(d) Capital Risk Management
The Group’s capital comprises share capital, reserves less accumulated losses amounting to $3,719,577 at 30 June 2022
(2021: $2,570,408). The Group manages its capital to ensure its ability to continue as a going concern and to optimise
returns to its shareholders. The Group was ungeared at year end and not subject to any externally imposed capital
requirements. Refer to note 25 for further information on the Group’s financial risk management policies.
(e) Share options
At 30 June 2022, there were 70,000,000 unissued ordinary shares under options (2021: 70,000,000 options). No options
were exercised during the financial year. Since the end of the financial year, no options have been issued, exercised or
expired.
No option holder has any right under the options to participate in any other share issue of the Company or any other entity.
Information relating to the Renegade Exploration Limited Employee Share Option Plan, including details of options issued
under the plan, is set out in note 26.
16. Accumulated losses
Movements in accumulated losses were as follows:
At 1 July
Income/(Loss) for the year
Transfer from Reserves1
At 30 June
2022
$
2021
$
(42,148,427)
(45,179,407)
976,637
(1,087,548)
-
4,118,528
(41,171,790)
(42,148,427)
1 Amount represents the reserve created for the issuance of options to directors and consultants in the prior years
which has been transferred to accumulated losses upon expiry of the options not exercised.
Renegade Exploration Limited
41
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
17. Reserves
Share based payments reserve
Foreign currency translation reserve
At 30 June
Movement in reserves:
Share based payments reserve
Balance at beginning of year
Transfer to Accumulated losses
Equity benefits expense
Balance at end of year
Foreign currency translation reserve
Balance at beginning of year
Foreign currency translation
Balance at end of year
2022
$
2021
$
353,359
331,589
(418,493)
(469,255)
(65,134)
(137,666)
331,589
4,118,528
-
(4,118,528)
21,770
353,359
331,589
331,589
2022
$
2021
$
(469,255)
(476,144)
50,762
6,889
(418,493)
(469,255)
The foreign currency translation reserve is used to record the currency difference arising from the translation of the financial
statements of the foreign operation.
18. Cash and Cash Equivalents
(a) Reconciliation of cash
Cash balance comprises:
Cash and cash equivalents
(b) Reconciliation of the net income/(loss) after
tax to the net cash flows from operations
Net Income/(loss) after tax
Adjustments for:
Share Based Payments
Gain on revaluation of investment
Provision for impairment of exploration expenditure
Gain on sale of project
Changes in operating assets and liabilities:
Increase/(Decrease) in other receivables/prepayments
Increase/(Decrease) in trade and other payables
(Decrease) in Provision
Net cash flow used in operating activities
2022
$
2021
$
517,861
361,705
976,637
(1,087,548)
21,770
(210,000)
-
(1,214,776)
331,589
(8,000)
-
-
24,885
94,419
82,575
310,137
-
(157,802)
(307,065)
(529,049)
Renegade Exploration Limited
42
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
Cash flows from Investing activities
Cash flow from investing activities includes non-cash investing activities of $100,000 (2021: $114,000). The amount
represents payments made by issuance of 10,000,000 shares at $0.01 each for the acquisition of tenement rights and
interest in the Carpentaria JV.
19. Expenditure Commitments
Under the terms and conditions of being granted exploration licenses, the Group may have annual commitments for the term
of the license. These are as follows:
Australia
20. Subsequent events
2022
$
2021
$
150,000
150,000
Renegade has sold 8 million shares of Strickland Metals in August 2022 for net proceeds of $399,269. In August 2022 (Ref
ASX announcement 08 August 2022), Renegade has entered into a formal joint venture agreement with Burke Copper Pty
Ltd for the North Isa Project. Other than as disclosed elsewhere within this report there are no matters or circumstances
have arisen since the end of the financial period which significantly affected or may significantly affect the operations of the
Company, the results of those operations, or the state of affairs of the Company in future financial years.
21. Profit/(Loss) per share
Gain/(Loss) used in calculating basic and dilutive EPS
2022
$
2021
$
976,637
(1,087,548)
Number of Shares
2022
2021
Weighted average number of ordinary shares used in calculating basic
earnings / (loss) per share:
880,941,706 822,678,693
Effect of dilution:
Share options
-
-
Adjusted weighted average number of ordinary shares used in calculating
diluted profit/( loss) per share:
907,191,706 822,678,693
Basic and Diluted profit/( loss )per share (cents per share) from continuing
operations
Basic and Diluted profit/( loss) per share (cents per share) from
discontinued operations
0.09
(0.10)
0.02
(0.03)
The 70,000,000 options outstanding at 30 June 2022 (2021: 70,000,000 options) have a dilutive effect on the profit /(loss)
per share calculation.
There have been no transactions involving ordinary shares or potential ordinary shares that would significantly change the
number of ordinary shares or potential ordinary shares outstanding between the reporting date and the date of completion
of these financial statements.
Renegade Exploration Limited
43
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
22. Auditor’s remuneration
The auditor of Renegade Exploration Limited and its subsidiaries is Stantons International Audit and Consulting Pty Ltd.
Amounts received or due and receivable by Stantons International Audit and Consulting Pty Ltd for:
2022
$
39,500
-
39,500
2021
$
37,000
3,000
40,000
Audit or review of the current year financial report of the Company
Accrued audit fee for previous year
Total auditor’s remuneration
23. Key Management Personnel Disclosures
(a) Details of Key Management Personnel
Mr. Robert Kirtlan
Chairman
Mr. Peter Voulgaris
Non-Executive Director
(resigned 17/02/2022)
Mr. Mark Wallace
Non-Executive Director
Mr. Mark Connelly
Non-Executive Director
(appointed 17/02/2022)
(b) Remuneration of Key Management Personnel
Details of the nature and amount of each element of the emolument of each Director and Executive of the Group for the
financial year are as follows:
Short term employee benefits
Share based payments
Total remuneration
2022
$
339,500
21,770
2021
$
221,000
284,220
361,270
505,220
24. Related Party Disclosures
The ultimate parent entity is Renegade Exploration Limited.
There were no related party disclosures for the year ended 30 June 2022 (2021: Nil).
25. Financial Instruments and Financial Risk Management
Exposure to interest rate, liquidity and credit risk arises in the normal course of the Group’s business. The Group does not
hold or issue derivative financial instruments.
The Company uses different methods as discussed below to manage risks that arise from financial instruments. The
objective is to support the delivery of the financial targets while protecting future financial security.
Renegade Exploration Limited
44
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
(a)
Liquidity Risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities.
The Group manages liquidity risk by maintaining sufficient cash facilities to meet the operating requirements of the business
and investing excess funds in highly liquid short term investments. The responsibility for liquidity risk management rests with
the Board of Directors.
Alternatives for sourcing our future capital needs include our cash position and the issue of equity instruments. These
alternatives are evaluated to determine the optimal mix of capital resources for our capital needs. We expect that in absence
of a material adverse change in a combination of our sources of liquidity, present levels of liquidity will be adequate to meet
our expected capital needs.
Maturity analysis for financial liabilities
Financial liabilities of the Group comprise trade and other payables. As at 30 June 2022 and 30 June 2021, all financial
liabilities are contractually maturing within 60 days.
(b)
Interest Rate Risk
Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair value of
financial instruments.
The Group’s exposure to market risk for changes to interest rate risk relates primarily to its earnings on cash and term
deposits. The Group manages the risk by investing in short term deposits.
Cash and cash equivalents
Interest rate sensitivity
2022
$
2021
$
517,861
361,705
The following table demonstrates the sensitivity of the Group’s consolidated statement of profit or loss and other
comprehensive income to a reasonably possible change in interest rates, with all other variables constant.
Change in Basis Points
Effect on Post Tax Loss
Effect on Equity
Judgements of reasonably possible
movements
Increase 100 basis points
Decrease 100 basis points
Increase/(Decrease)
including accumulated losses
2022
$
5,179
(5,179)
Increase/(Decrease)
2021
$
3,617
(3,617)
2022
$
5,179
(5,179)
2021
$
3,617
(3,617)
A sensitivity of 100 basis points has been used as this is considered reasonable given the current level of both short term
and long term interest rates. The change in basis points is derived from a review of historical movements and management’s
judgement of future trends. The analysis was performed on the same basis in 2021.
(c) Credit Risk Exposures
Credit risk represents the risk that the counterparty to the financial instrument will fail to discharge an obligation and cause
the Group to incur a financial loss. The Group’s maximum credit exposure is the carrying amounts on the Consolidated
statement of financial position. The Group holds financial instruments with credit worthy third parties.
Renegade Exploration Limited
45
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
At 30 June 2022, the Group held cash and bank deposits. Cash and short term deposits were held with financial institutions
with a rating from Standard & Poors of A or above (long term). The Group has no past due or impaired debtors as at 30 June
2022 (2021: Nil).
(d) Foreign Currency Risk Exposure
As a result of operations in Canada and expenditure in Canadian dollars, the Group’s statement of financial position can be
affected by movements in the CAD$/AUD$ exchange rates. The Group seeks to mitigate the effect of its foreign currency
exposure by holding cash in Canadian dollars to match expenditure commitments.
Sensitivity analysis:
The table below summarises the FX exposure on the net monetary position of parent and the subsidiary against its respective
functional currency, expressed in group’s presentation currency. If the AUD/CAD rates moved by +10%, the effect on
comprehensive loss would be as follows:
Financial Assets denominated in foreign currency in the books of
2022
2021
Renegade Exploration Limited Australia
Loan to subsidiary Overland Resources Yukon Limited (in CAD), net of
provision for impairment
Loan to subsidiary Overland Resources Yukon Limited (in AUD), net of
provision for impairment
Percentage shift of the AUD / CAD exchange rate
Total effect on comprehensive loss of positive movements
Total effect on comprehensive loss of negative movements
-
-
10%
A$
-
-
-
-
10%
A$
-
-
(e) Fair Value
The aggregate net fair values of the Consolidated Entity’s financial assets and financial liabilities both recognised and
unrecognised are as follows:
Carrying Amount in
the Financial
Statements
2022
$
Aggregate Net Fair
Value
2022
$
Carrying Amount in
the Financial
Statements
2021
$
Aggregate Net Fair
Value
2021
$
Financial Assets
Cash Assets
Receivables
517,861
55,242
517,861
55,242
Investment in Shares
2,215,000
2,215,000
361,705
64,571
45,000
361,705
64,571
45,000
Financial Liabilities
Payables
1,238,713
1,238,713
876,464
876,464
The following methods and assumptions are used to determine the net fair value of financial assets and liabilities.
Cash assets and financial assets and financial liabilities are carried at amounts approximating fair value because of their
short term nature to maturity.
Renegade Exploration Limited
46
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
26. Share Based Payment Plans
(a) Share based payments
The Group has established an employee share option plan (ESOP). The objective of the ESOP is to assist in the recruitment,
reward, retention and motivation of employees of the Company. Under the ESOP, the Directors may invite individuals acting
in a manner similar to employees to participate in the ESOP and receive options. An individual may receive the options or
nominate a relative or associate to receive the options. The plan is open to executive officers and employees of the Group.
Details of options granted under ESOP are as follows:
2022
Grant date Expiry date Exercise
Balance at
Granted
Exercised
Expired
Balance at
Exercisable
price
start of the
during the
during the
during the
end of the
at end of the
year
year
year
year
year
year
Number
Number
Number
Number
Number
30/11/2020 30/11/2023 $0.005
30,000,000
30/11/2020 30/11/2023 $0.005
25,000,000
30/11/2020 30/11/2023 $0.005
5,000,000
30/11/2020 30/11/2023 $0.005
5,000,000
30/11/2020 30/11/2023 $0.005
5,000,000
Weighted remaining contractual
life (years)
70,000,000
2.42
Weighted average exercise price
$0.005
2021
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30,000,000
30,000,000
25,000,000
25,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
70,000,000
70,000,000
1.42
1.42
$0.005
$0.005
Grant
Expiry date Exercise
Balance at
Granted
Exercised
Expired
Balance at
Exercisable at
date
price
start of the
during the
during the
during the
end of the
end of the
year
year
year
year
year
year
Number
Number
Number
Number
Number
26/04/18 31/03/2021 $0.025
15,000,000
26/04/18 31/03/2021 $0.035
15,000,000
-
-
30/11/20 30/11/2023 $0.005
30/11/20 30/11/2023 $0.005
30/11/20 30/11/2023 $0.005
30/11/20 30/11/2023 $0.005
30/11/20 30/11/2023 $0.005
-
-
-
-
-
30,000,000
25,000,000
5,000,000
5,000,000
5,000,000
30,000,000
70,000,000
-
-
-
-
-
-
-
-
(15,000,000)
-
-
(15,000,000)
-
-
-
-
-
30,000,000
30,000,000
25,000,000
25,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
(30,000,000) 70,000,000
70,000,000
Weighted remaining contractual
life (years)
0.75
Weighted average exercise price
$0.025
2.42
2.42
$0.005
$0.005
Renegade Exploration Limited
47
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
Fair Value of Options
Options were priced using the Black -Scholes pricing model. Expected volatility is based on the historical share price volatility
over the past 12 months from the grant date. Where relevant, the fair value of the options has been adjusted based on
management’s best estimate for the effects of non-transferability of the options. No options were granted during the period.
The weighted average exercise price of options granted during the 2021 year was $0.005.
The inputs to the Black-Scholes pricing model were as follows:
Inputs
Number of Options
Grant date
Grant date fair value
Exercise price
Expected volatility
Implied option life (years)
Expected dividend yield
Risk-free rate
Current year Options
70,000,000
30/11/2020
$0.004737
$0.005
186.57%
3.0
n/a
0.11%
(b) Other share-based payments
Part of Mr Connelly's remuneration is represented by the grant of 10 million Performance Rights. The Performance Rights
have not been issued during the period as they are subject to Shareholders' approval, however, a provisional valuation was
performed and the resulting expense of $21,770 was recognised in the year. The final valuation will be performed upon
obtaining Shareholders’ approval and the resulting expense will be trued up in accordance with AASB 2 – Share-based
Payments.
27. Contingent Assets and Liabilities
The Company expects to receive $700,000 for the sale of its subsidiary Overland Resources Yukon Limited by 30 November
2023 as per the Sale and Purchase Agreement (SPA) refer ASX announcement 05 October 2020 and the subsequent
variations to the terms refer ASX announcement 28 July 2021. Renegade has entered into an Option Agreement on 6
December 2021 with Burke Copper Pty Ltd (the detailed terms are disclosed in the corporate information section of the
financial report) to acquire up to a 75% interest in the North Isa Project. The Option agreement includes a commitment that
Renegade will spend $400,000 in the period of thirty -six (36) months following exercise of the Option to earn its full 75%
interest.
There are no known contingent liabilities as at 30 June 2022 (2021: Nil).
Renegade Exploration Limited
48
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
28. Operating Segment
For management purposes, the Group is organised into two geographical operating segment, Australia and Canada, which
involves mining exploration for zinc and gold. All of the Group’s activities are interrelated, and discrete financial information
is reported to the Board (Chief Operating Decision Makers) as a single segment. Accordingly, all significant operating
decisions are based upon analysis of the Group as one segment. The financial results from this segment are equivalent to
the financial statements of the Group as a whole. The following table shows the assets and liabilities of the Group by
geographic region:
Current Assets
Australia
Canada
Non-Current Assets
Australia
Canada
Total Assets
Current Liabilities
Australia
Canada
Non-Current Liabilities
Australia
Canada
Total Liabilities
29. Dividends
2022
$
2021
$
2,821,380
2,039,097
1,138,966
1,097,426
997,944
460,349
-
-
4,958,290
3,596,872
1,238,713
-
-
-
594,294
282,170
150,000
-
1,238,713
1,026,464
No dividend was paid or declared by the Company in the period since the end of the financial year and up to the date
of this report. The Directors do not recommend that any amount be paid by way of dividend for the financial year ended
30 June 2022 (2021: Nil). The balance of the franking account as at 30 June 2022 is Nil (2021: Nil).
Renegade Exploration Limited
49
2022 Annual Report
Renegade Exploration Limited
Notes to the consolidated financial statements for the financial year ended 30 June 2022
30. Information relating to Renegade Exploration Limited (“the parent entity”)
Current assets
Non-current assets
Total Assets
Current liabilities
Non-current liabilities
Total Liabilities
Net Assets
Issued capital
Accumulated losses
Share based payment reserve
Total Equity
2022
$
2021
$
2,821,380
2,039,107
997,944
460,349
3,819,324
2,499,456
1,238,713
594,294
-
150,0000
1,238,713
744,294
2,580,611
1,755,162
44,956,501
44,856,501
(42,729,249)
(43,432,928)
353,359
331,589
2,580,611
1,755,165
Profit /(Loss) of the parent entity
Total comprehensive income/(loss) of the parent entity
703,679
(812,568)
703,679
(812,568)
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
Guarantees provided
Contingent liabilities of the parent entity
Commitment for the acquisition of property, plant and equipment by the parent entity
Not longer than one year
Longer than one year and not longer than five years
Longer than five years
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Renegade Exploration Limited
50
2022 Annual Report
Renegade Exploration Limited
DIRECTORS' DECLARATION
In accordance with a resolution of the directors of Renegade Exploration Limited, I state that:
In the opinion of the directors:
(a)
the financial statements and notes of the consolidated entity are in accordance with the Corporations Act 2001,
including:
(i)
(ii)
giving a true and fair view of the consolidated entity’s financial position as at 30 June 2022 and of its
performance for the year ended on that date; and
complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and
the Corporations Regulations 2001;
(b)
(c)
(d)
the financial statements and notes also comply with International Financial Reporting Standards as disclosed in note
3(a); 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.
this declaration has been made after receiving the declarations required to be made to the Directors in accordance
with section 295A of the Corporations Act 2001 for the financial year ended 30 June 2022.
On behalf of the Board,
Robert Kirtlan
Chairman
30 September 2022
Renegade Exploration Limited
51
2022 Annual Report
PO Box 1908
West Perth WA 6872
Australia
Level 2, 40 Kings Park Road
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
30th September 2022
Board of Directors
Renegade Exploration Limited
Level 1
982 Wellington Street
West Perth WA 6005
Dear Directors
RE:
RENEGADE EXPLORATION LIMITED
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following
declaration of independence to the directors of Renegade Exploration Limited.
As Audit Director for the audit of the financial statements of Renegade Exploration Limited for the year
ended 30 June 2022, I declare that to the best of my knowledge and belief, there have been no
contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
Yours sincerely
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(An Authorised Audit Company)
Samir R Tirodkar
Director
Liability limited by a scheme approved under Professional Standards Legislation
Stantons Is a member of the Russell
Bedford International network of firms
PO Box 1908
West Perth WA 6872
Australia
Level 2, 40 Kings Park Road
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
RENEGADE EXPLORATION LIMITED
Report on the Audit of the Financial Report
Our Opinion
We have audited the financial report of Renegade Exploration Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2022, 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 2022 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Liability limited by a scheme approved under Professional Standards Legislation
Stantons Is a member of the Russell
Bedford International network of firms
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 year. 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 Matters
How the matter was addressed in the audit
Carrying value of the Deferred exploration
and evaluation expenditure and the Assets
held for sale
As at 30 June 2022, Deferred exploration and
evaluation expenditure totalled $997,944 (refer to
Note 13 of the financial report) and the Assets
held for sale related to Deferred exploration and
evaluation expenditure totalled $1,125,547 (refer
to Note 5 of the financial report).
The carrying value of these assets is a key audit
matter due to:
• The significance of their amount as they
represent the largest assets and constitute
43% of the total assets.
to assess management’s
• The necessity
the
the requirements of
application of
accounting standard Exploration for and
Evaluation of Mineral Resources (“AASB 6”),
in light of any indicators of impairment that
may be present and the requirements of the
accounting standard Non-current Assets
Held for Sale and Discontinued Operations
(“AASB 5”).
• The assessment of management's significant
judgements
capitalised
concerning
exploration and evaluation expenditure.
the
Inter alia, our audit procedures included the
following:
i.
Assessing the Group’s right to tenure over
exploration assets by corroborating the
ownership of the relevant licences for
mineral resources to government registries
and relevant third-party documentation.
ii. Reviewing the directors’ assessment of the
carrying value of the capitalised exploration
and evaluation costs, ensuring the veracity
of
the data presented and assessing
management’s consideration of potential
impairment indicators, commodity prices
and the stage of the Group’s projects also
against AASB 6.
the
documents
intentions
for
iii. Evaluating Group’s
consistency with
for
continuing exploration and evaluation
interest and
activities
corroborated
with
documents we
management.
evaluated included:
in areas of
in
The
discussions
▪ Minutes of meetings of the Board and
management;
Announcements made
the
Company to the Australian Securities
Exchange; and
Cash flow forecasts.
by
▪
▪
iv. Considering the requirements of accounting
standard AASB 6 and
the
financial statements to ensure appropriate
disclosures are made; and
reviewing
v. Considering the requirements of accounting
standard AASB 5 and ensuring correct
reclassification has been presented and
adequate disclosures made in the 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 2022 but does not include the financial report
and our auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we
have performed, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such
internal control as the directors determine is necessary to enable the preparation of the financial report that
gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or has no
realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with the Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of this
financial report.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the financial report.
The procedures selected depend on the auditor's judgement, including the assessment of the risks of material
misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the entity's preparation of the financial report that gives a true
and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity's internal control.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial
report.
We conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the
financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Group to cease to continue as a going concern.
We evaluate the overall presentation, structure and content of the financial report, including the disclosures,
and whether the financial report represents the underlying transactions and events in a manner that achieves
fair presentation.
We obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the financial report. We are responsible for the direction,
supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in Internal control that we identify
during our audit.
The Auditing Standards require that we comply with relevant ethical requirements relating to audit
engagements. We also provide the Directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 13 to 16 of the directors’ report for the year
ended 30 June 2022. In our opinion, the Remuneration Report of Renegade Exploration Limited for the year
ended 30 June 2022 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.
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(An Authorised Audit Company)
Samir R Tirodkar
Director
West Perth, Western Australia
30th September 2022
Renegade Exploration Limited
ASX Additional Information
Additional information required by the Australian Securities Exchange Limited Listing Rules and not disclosed elsewhere in
this report. The additional information was applicable as at 21 September 2022.
DISTRIBUTION OF SECURITY HOLDERS
Analysis of numbers of listed equity security holders by size of holding:
Category
1
1,001
5,001
10,001
100,001
-
-
-
-
1,000
5,000
10,000
100,000
and over
Number of
Shareholders
Total Units
41
10
16
255
463
785
7,906
28,244
136,183
17,320,397
872,133,908
879,626,638
0.00%
0.00%
0.02%
1.95%
98.03%
100%
There are 237 shareholders holding less than a marketable parcel of ordinary shares.
SUBSTANTIAL SHAREHOLDERS
Holder Name
Holding
SIERRA WHISKEY PTY LIMITED
48,100,000
% IC
5.41%
VOTING RIGHTS
The voting rights attached to each class of equity security are as follows:
ORDINARY SHARES
Each ordinary share is entitled to one vote when a poll is called otherwise each member present at a meeting or by proxy has
one vote on a show of hands.
OPTIONS
These securities have no voting rights.
TOP 20 SHAREHOLDERS
Renegade Exploration Limited
57
2022 Annual Report
Renegade Exploration Limited
Position
1
2
3
4
4
5
6
7
8
9
10
11
12
13
14
15
16
17
17
17
17
17
17
17
18
19
20
20
Holder Name
SIERRA WHISKEY PTY LIMITED
MS PHAROTH SAN & MR KADEN SAN
BARTORILLA ENTERPRISES PTY LTD
MR MARK TRENT
SOVEREIGN METALS LIMITED
MR MICHAEL ZOLLO
MR PAUL NOBLE BENNETT
ZEBINA MINERALS PTY LTD
VERMAR PTY LTD
MR ANTON WASYL MAKARYN & MRS MELANIE
FRANCES MAKARYN
OUTLAND INVESTMENTS PTY LTD
MR PAUL NOBLE BENNETT
MR ANTHONY NEWMAN
CAP HOLDINGS PTY LTD
MR ADRIAN ALEXANDER VENUTI
168 SC WEALTH INVESTMENT PTY LTD
RESOURCE INVESTMENT CAPITAL HOLDINGS PTY LTD
MR MICHAEL DAVIES
RIDGEFIELD CAPITAL ASSET MANAGEMENT LP
MR GRANT MICHAEL ROBERTS
GECKO RESOURCES PTY LTD
VERMAR PTY LTD
V & F TRUDA PTY LTD
M T & G K INVESTMENTS PTY LTD
MR PAUL NOBLE BENNETT
ARK SECURITIES & INVESTMENTS PTY LTD
SCOR GO LUATH LIMITED
GIOJAZ MANAGEMENT PTY LTD
Holding
48,100,000
32,893,625
31,000,000
25,000,000
25,000,000
22,000,000
21,593,455
18,000,000
15,000,000
14,683,639
14,500,000
14,400,000
12,872,760
12,100,000
12,000,000
11,699,869
11,005,000
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
9,575,000
8,014,285
8,000,000
8,000,000
% IC
5.41%
3.70%
3.48%
2.81%
2.81%
2.47%
2.43%
2.02%
1.69%
1.65%
1.63%
1.62%
1.45%
1.36%
1.35%
1.32%
1.24%
1.12%
1.12%
1.12%
1.12%
1.12%
1.12%
1.12%
1.08%
0.90%
0.90%
0.90%
Total
445,437,633
50.07%
Unquoted Equity Securities
Class
Number of
securities
Number
of holders
Holders with
more than 20%
Options exercisable at $0.005 on or before 30/11/2023
70,000,000
5
Sierra Whiskey Pty Ltd
Romford Consulting Pty Ltd
Renegade Exploration Limited
58
2022 Annual Report