1
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
ANNUAL REPORT
30 JUNE 2024
Resource Base Limited
ABN 57 113 385 425
for the financial year ended 30 June 2024
CORPORATE INFORMATION
2
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
DIRECTORS
Mr Maurice Feilich
Non-Executive Chairman
Mr Brent Palmer
Executive Director
Mr Paul Hissey
Non-Executive Director
COMPANY SECRETARY
Mr Daniel Smith
REGISTERED AND PRINCIPAL OFFICE
Level 8, 99 St Georges Terrace
Perth WA 6000
Telephone (08) 9486 4036
Website www.resourcebase.com.au
POSTAL ADDRESS
PO Box 5638, St Georges Terrace
Perth WA 6831
AUDITORS
Moore Australia Audit (WA)
Exchange Plaza, 2 The Esplanade
Perth WA 6000
SHARE REGISTER
Computershare Investor Services Pty Limited
Level 17, 221 St Georges Terrace
Perth WA 6000
Resource Base Limited shares are listed on the Australian Securities Exchange (ASX code: RBX)
ACN
113 385 425
ABN
57 113 385 425
ASX Code
RBX
In this report, the following definitions apply:
“Board” means the Board of Directors of Resource Base Limited
“Resource Base” or the “Company” means Resource Base Limited ABN 57 113 385 425
CONTENTS
FOR THE YEAR ENDED 30 JUNE 2024
3
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
Contents
Directors’ Report
4
Remuneration Report
13
Auditor’s Independence Declaration
19
Consolidated Statement of Profit or Loss and Other Comprehensive Income
20
Consolidated Statement of Financial Position
21
Consolidated Statement of Cashflows
22
Consolidated Statement of Changes in Equity
23
Consolidated Notes to the Financial Statements
24
Consolidated Entity Disclosure Statement
45
Directors’ Declaration
46
Independent Auditor’s Report
47
Additional ASX Information
50
DIRECTORS REPORT
FOR THE YEAR ENDED 30 JUNE 2024
4
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
The directors present their report, together with the financial statements, on the consolidated entity (referred to
hereafter as the 'consolidated entity') consisting of Resource Base Limited (referred to hereafter as the 'company'
or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2024.
DIRECTORS
The following persons were directors of Resource Base Limited during the whole of the financial year and up to the
date of this report, unless otherwise stated:
Director
Position
Appointed
Brent Palmer
Non-Executive Director
Executive Director
29 September 2022
1 May 2023
Maurice Feilich
Non-Executive Chairman
29 September 2022
Paul Hissey
Non-Executive Director
12 July 2021
PRINCIPAL ACTIVITIES
During the financial year ended 30 June 2024 the Company’s primary focus was to advance development of its Mitre
Hill REE Project and the Wali and Ernst Lake lithium projects in Québec.
DIVIDENDS
There were no dividends paid, recommended, or declared during the current or previous financial year.
REVIEW OF OPERATIONS
James Bay Lithium Projects
On 1 May 2023, the Company announced that it has completed the acquisition of the Wali and Ernst Lake Lithium
Projects, located in the prolific James Bay Lithium District in northern west-central Québec, Canada (Acquisition)
(James Bay Projects). Details of the Acquisition are set out in the announcement dated 24 February 2023.
Figure 1: Location of the Wali and Ernst Lake Lithium projects James Bay Lithium Region over simplified geology
DIRECTORS REPORT
FOR THE YEAR ENDED 30 JUNE 2024
5
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
Wali Lithium Project Overview
The Wali Lithium Project comprises 100 mineral claims totalling 5,112 hectares (51.12 Km2) located in the James Bay
Region of northern west-central Québec. The Wali Project is located in the LaGrande sub-province of the Superior
Province, ~16km east of Patriot Battery Metals (ASX:PMT) Corvette prospect. The Property sits along the volcanic
belt and encompasses various intrusive suites including the lithium pegmatite prospective source rocks of the Vieux
Comptoir Granitic Suite which have been mapped on the property.
Regionally, the Vieux Comptoir Granitic Suite is known to host K-feldspar granite phases in pegmatite form which
may host an abundance of spodumene. Wali is underlain by the source rock (Vieux Comptoir suite) which would
have injected pegmatite dykes into those greenstone rocks in the region.
Geologically, the greenstone within the Wali Project is interpreted to be a ‘dismembered’ section of the same
greenstone belt that hosts Patriot’s CV5 discovery.
Ernst Lake Lithium Project Overview
The Ernst Lake Lithium Project comprises 109 mineral claims totaling 5,631.72 hectares (56.31 Km2), located in the
James Bay Region of northern west-central Québec.
The Ernst Lake Project is located directly along the Trieste formation like recent lithium discoveries made by
Winsome Resources Limited (ASX:WR1) on its Adina project. The Project is located just 13km south of the Adina
Project partly within the same greenstone belt which is prospective for lithium with over 10km of strike.
Summer Field Work Program
During the reporting period, the Company provided an update regarding the on ground field activities at the James
Bay Lithium projects. Field work identified an abundant number of outcropping pegmatites and boulders over both
projects. One of the significant finds within the first pass on-ground exploration is a topographic high with
encouraging potassium to rubidium ratios returned from a handheld XRF, indicating lithium bearing pegmatites
may be present. 141 rock-chip samples collected during the field program were sent to ALS Laboratories Val-d’Or,
Quebec for analysis, with results received following quarter end (refer ASX announcement dated 25 January 2024).
Wali Project sampling
The first pass exploration revealed a prospective zone of approximately 1.2 km2 with multiple pegmatitic outcrops
that returned anomalous lithium results in weathered rock-chip samples. The zone of discovered outcrops matches
regional trends and strikes seen elsewhere, within the James Bay region.
From the 87 samples submitted to ALS from the Wali project, 25 returned elevated lithium results, 22 of which are
isolated in the identified 1.2 km2 area of interest (highlighting its regional statistical significance) with a peak
Lithium grade of 89 ppm.
DIRECTORS REPORT
FOR THE YEAR ENDED 30 JUNE 2024
6
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
Figure 2: Wali Project with locations of Lithium samples
Ernst Lake Project sampling
The Ernst Lake project has exposed numerous pegmatites and outcrop-boulders. Of the 54 samples submitted for
assaying, 13 of the samples returned anomalous lithium results with a peak of 71 ppm Lithium.
Figure 3: Ernst Lake Project with locations of Lithium samples
DIRECTORS REPORT
FOR THE YEAR ENDED 30 JUNE 2024
7
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
Mitre Hill Project
The Mitre Hill Project tenements account for 7,022km2 including granted tenements and tenements under
application that are highly prospective for clay hosted Rare Earth Elements (REE) within the southern margin of the
Murray Basin on the South Australia / Victoria border. During the reporting period the Company released positive
assay results from aircore drilling at the 100% owned Mitre Hill Project tenements EL007646 and EL007647 located
in Victoria.
Figure 4: Mitre Hill REE Project tenement location.
Maiden JORC Resource
In 2023 the Company announced a maiden JORC Inferred Mineral Resource estimate of 21 Mt @ 767 ppm TREO
consists of thick zones of near-surface mineralisation. Significantly, the existing resource has the potential to
substantially grow in size and scale as the Mineral Resource estimate only incorporates 38-62% of the identified
Exploration Target drilled to date. The Company has also completed significant aircore drilling in Exploration
Lease EL 7646 located approximately six (6) km east of EL 7647 however is not included in this Mineral Resource
estimate. Resource Base also estimated an Exploration Target at EL007647 of 13 Mt – 34 Mt at 630-830 ppm
TREO.
Following completion of the maiden Mineral Resource estimate, the Company is evaluating a follow-up aircore
program to convert a portion of the Exploration Target to a JORC resource, and to test further extensions of
REE mineralisation the Mitre Hill REE project.
The Mineral Resource estimate and Exploration Target is set out in the Table below.
DIRECTORS REPORT
FOR THE YEAR ENDED 30 JUNE 2024
8
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
Table. Mitre Hill project (EL007647) Mineral Resources estimate and Exploration Target.
Resource
Classification
JORC
Tonnes
TREO
TREO –
CeO2
CREO
HREO
LREO
U3O8
ThO2
(Mt)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
Inferred
21
767
502
278
226
541
2
18
Total(1)
21
767
502
278
226
541
2
18
Exploration
Target (2)
13 - 34
630-830
420-550
230-300
190-250
440-580
2
17- 19
Notes:
(1)
Mineral Resources reported at a cut-off grade of 325 ppm TREO minus CeO2 (TREO-CeO2)
(2)
The Exploration Target is reported at a cut-off grade range of 225 ppm TREO-CeO2 to 425 ppm TREO minus CeO2 (TREO-CeO2). The potential quantity and grade
of the Exploration Target is conceptual in nature and is therefore an approximation. There has been insufficient exploration to estimate a Mineral Resource
and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target, being conceptual in nature, takes no
account of geological complexity, possible mining method or metallurgical recovery factors. The Exploration Target was estimated in order to provide an
assessment of the potential scale of exploration for the Mitre Hill project.
Figure 5: Plan view showing location of mineralised drill holes on EL007647, coloured by maximum TREO grade intercepted.
Resource Base, 14 December 2022.
DIRECTORS REPORT
FOR THE YEAR ENDED 30 JUNE 2024
9
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
ANNUAL RESOURCE AND RESERVE STATEMENT
Mineral Resource Summary as at 30 June 2024
Table. Mitre Hill project (EL007647) Mineral Resources estimate and Exploration Target.
Resource
Classification
JORC
Tonnes
TREO
TREO –
CeO2
CREO
HREO
LREO
U3O8
ThO2
(Mt)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
Inferred
21
767
502
278
226
541
2
18
Total(1)
21
767
502
278
226
541
2
18
MATERIAL BUSINESS RISKS
The Company has exposure to a number of material economic, environmental and social sustainability risks, as is
typical for a mineral exploration company. Some of these risks are mitigated by the use of safeguards and
appropriate controls, however, some of the risks are outside the control of the Directors and management of the
Company and cannot be mitigated.
The risks described in this section are not an exhaustive list of all the risks faced by the Company. The risks described
below could in the future materially affect the financial performance and position of the Company.
Security of Tenure
The exploration tenements comprising the Company’s projects are subject to the Mining Act and Mining Regulations
(or equivalent) in the relevant State or Territory jurisdictions. Exploration tenements are subject to periodic renewal,
which is subject to the discretion of the relevant authority and may be subject to conditions. Renewal conditions
may include increased expenditure and work commitments or compulsory relinquishment of areas of the tenements
comprising the Company’s projects. The imposition of new conditions or the inability to meet those conditions may
adversely affect the operations, financial position and/or performance of the Company.
Although the Company has no reason to think that the Company’s tenements will not be renewed, there is no
assurance that such renewals will be given as a matter of course and there is no assurance that new conditions will
not be imposed by the relevant granting authority. The Company considers the likelihood of tenure forfeiture to be
low given the laws and regulations governing exploration in the relevant State or Territory jurisdictions and the
ongoing expenditure budgeted by the Company.
Exploration and Development Risks
Resource exploration and development involves significant risks which only occasionally provide high rewards. In
addition to the normal competition for prospective ground and the high costs of discovery and development of an
economic deposit, factors such as demand for commodities, stock market fluctuations affecting access to new
capital, sovereign risk, environmental issues, labour disruption, project financing, and technical problems all affect
the ability of a company to profit from a discovery.
There is no assurance that the Company’s exploration operations will result in the discovery of an economic
resources. Even if an apparently viable deposit is identified, there is no guarantee that it can be economically
exploited. The success of the Company will also depend upon the Company having access to sufficient development
capital, being able to maintain title to its projects and obtaining all required approvals for its activities. In the event
that exploration programs prove to be unsuccessful this could lead to a diminution in the value of the tenements, a
reduction in the cash reserves of the Company and/or possible relinquishment of its projects.
Environmental Risk
The Company’s projects are subject to State and Federal laws and regulations regarding environmental matters. The
Governments and other authorities that administer and enforce environmental laws and regulations determine
these requirements.
DIRECTORS REPORT
FOR THE YEAR ENDED 30 JUNE 2024
10
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
Additional approvals may be required to undertake activities that are likely to impact the environment. Delays in
obtaining such approvals can result in the delay to anticipated exploration programs. As with most exploration
projects, the Company’s activities are expected to have an impact on the environment, particularly if advanced
exploration proceeds. It is the Company’s intention to conduct its activities to the highest standard of environmental
obligation, including compliance with all environmental laws. There is a risk that environmental laws and regulations
become more onerous with time making the Company’s activities more expensive.
Reliance on key personnel
The Company’s future depends, in part, on its ability to attract and retain key personnel. It may be particularly
difficult for the Company to attract and retain suitably qualified and experienced personnel, given the current high
demand in the industry and small size of the Company, relative to other industry participants. The Company’s future
also depends on the continued contributions of its key management and technical personnel, the loss of whose
services would be difficult to replace. In addition, the inability to continue to attract appropriately qualified
personnel could have a material adverse effect on the Company’s business.
Sovereign risks
The Company’s exploration and development activities of Wali and Ernst Lake Project are carried out in Canada.
As a result, the Company will be subject to political, social, economic and other uncertainties including, but
not limited to, changes in policies or the personnel administering them, foreign exchange restrictions, change
of law affecting foreign ownership, currency fluctuations, local beneficiation requirements, local content laws,
expropriation risk, royalties and tax increases in that country. Other potential issues contributing to
uncertainty such as repatriation of income, exploration licensing, environmental protection and Government
control over mineral properties, changes to political, legal, regulatory, fiscal and exchange control systems and
changes in Government may also impact the Company’s projects or operations.
Additional Requirement for Funding
The Company’s funding requirements depend on numerous factors including the Company’s future
exploration and work programs. Furthermore, the Company may require further capital in addition to current
cash reserves to fund future exploration activities. If required funding cannot be sourced, then this may limit
the capacity of the Company to execute its business strategy and exploration programs.
Additional equity funding, if available, may be dilutive to Shareholders and at lower prices than the current market
price. Debt funding, if available, may involve restrictions on financing and operating activities and be subject to risks
relating to movements in interest rates. Increases in interest rates may make it more expensive for the Company to
fund its operations.
FINANCIAL POSITION
The company made a loss for the year of $2,808,680 (2023: $4,035,805). Cash reserves were $553,281 (30 June
2023: $1,554,652).
DIRECTORS REPORT
FOR THE YEAR ENDED 30 JUNE 2024
11
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
CORPORATE ACTIVITIES
The Company’s AGM was held on 23 November 2023 with all resolutions passing by way of a poll.
During the period, the Company announced that 14,614,655 ordinary shares were released from escrow.
EVENTS SUBSEQUENT TO REPORTING DATE
There have been no other transactions or events of a material and unusual nature likely, in the opinion of the
Directors of the Company, to significantly affect the operations of the Company, the results of those operations, or
the state of affairs of the Company in future financial years.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
Likely developments in the operations of the consolidated entity are set out in the above review of operations in
this annual report. Any future prospects are dependent upon the results of future exploration and evaluation.
ENVIRONMENTAL REGULATION
The economic entity holds participating interests in a number of mining and exploration tenements. The various
authorities granting such tenements require the tenement holder to comply with the terms of the grant of the
tenement and all directions given to it under those terms of the tenement. There were no breaches of these
regulations during the 2024 or 2023 financial year.
AUDITOR’S INDEPENDENCE DECLARATION
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 forms
part of the Directors’ Report and is included on page 19.
DIRECTORS REPORT
FOR THE YEAR ENDED 30 JUNE 2024
12
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
DIRECTOR AND COMPANY SECRETARY INFORMATION
Mr Maurice Feilich | Non-Executive Chairman
Appointed 29 September 2022
Qualifications: Bachelor of Commerce with a major in Marketing & Business
Other current directorships: QX Resources Limited.
Former directorships (last 3 years): Nil.
Interests in Shares and Options over Shares in the Company: 1,333,333 shares, 2,000,000 unlisted options
Mr Feilich has been involved in investment markets for 30 years, commencing his career as an institutional derivative
broker at Mcintosh Securities (later Merrill Lynch) in 1998. He joined Tricom Equities in 2000 as head of Equities,
and in 2010 became a founding partner of Sanlam Private Wealth. Mr Feilich has a track record of success and solid
networks in the small resources sector and he has provided capital markets and funding support to a number of
listed companies.
Mr Brent Palmer | Executive Director
Appointed 29 September 2022
Qualifications: Bachelor of Commerce with a major in Property, Post Graduate in Mineral and Energy Economics.
Other current directorships: Nil.
Former directorships (last 3 years): Nil.
Interests in Shares and Options over Shares in the Company: 3,091,667 shares, 1,200,000 unlisted options, 500,000
performance rights (lapsed on 22 September 2024)
Mr Palmer holds a Bachelor of Commerce with a major in Property from Curtin University, together with a Post
Graduate degree in Mineral and Energy Economics from the WA School of Mines. Mr Palmer has circa 10 years’
experience in the capital markets, specialising in trading and analysis of small caps. He has built a comprehensive
network and strong stockbroker relationships across Australia.
Mr Palmer is a member of the Australian Institute of Company Directors.
Mr Paul Hissey | Non-Executive Director
Appointed 12 July 2021
Qualifications: Bachelor of Science (Hons) in Applied Geology, Graduate Diploma in Applied Finance, MBA.
Other current directorships: Nil.
Former directorships (last 3 years): Nil.
Interests in Shares and Options over Shares in the Company: Nil.
Mr Hissey has more than 20 years’ experience in the resources sector, split evenly between both mining and capital
markets. He commenced his career working in numerous open pit and underground, base and precious metals
operations in North Queensland, and lead the mine geology team at the world class Olympic Dam deposit in South
Australia for BHP. In addition, Mr Hissey worked as a UK-based technical consultant on a range of commodities
through Europe and Africa conducting due diligence and resource estimates, before returning to the Victorian gold
fields as a resource geologist and eventually transitioning to equities markets.
Mr Hissey spent a combined 10 years as a rated equity analyst with Goldman Sachs and Royal Bank of Canada writing
institutional research on the full suite of Australian publicly listed mining companies providing extensive exposure
to not only leading mining companies and their executives but also resource investors worldwide.
He holds a Bachelor of Science (Hons) in Applied Geology from the University of South Australia as well as a Graduate
Diploma in Applied Finance from Kaplan and an MBA from the Chifley Business School (La Trobe University). Mr
Hissey has been a Member of the AusIMM for more than 20 years.
DIRECTORS REPORT
FOR THE YEAR ENDED 30 JUNE 2024
13
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
Mr Daniel Smith | Company Secretary
Appointed 25 January 2023
Mr Smith is a Chartered Secretary who holds a BA, is a Fellow member of the Governance Institute of Australia, and
has in excess of 16 years primary and secondary capital markets expertise. Mr Smith is currently a Director and/or
Company Secretary of several AIM-listed and ASX-listed companies
MEETINGS OF DIRECTORS
The number of meetings of the company's Board of Directors ('the Board') held during the year ended 30 June 2024,
and the number of meetings attended by each director were:
Director
Directors’ meetings
Held while in office
Attended
Brent Palmer
2
2
Maurice Feilich
2
2
Paul Hissey
2
2
REMUNERATION REPORT (Audited)
The report details the nature and amount of remuneration for the Key management personnel of Resource Base
Limited in accordance with the requirements of the Corporations Act 2001 and its Regulations. For the purposes
of this report, the term “executive” encompasses all directors of the Company.
Remuneration consists of a fixed remuneration and a long-term incentive portion as considered appropriate. The
Board believes that options are an effective remuneration tool which preserves the cash reserves of the company
whilst providing valuable remuneration.
The remuneration report is set out under the following main headings:
•
Principles used to determine the nature and amount of remuneration
•
Details of remuneration
•
Executive service agreements
•
Non-executive director service contracts
•
Share-based compensation
•
Additional information
•
Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
The Board has structured a remuneration framework that is market competitive and complementary to the reward
strategy of the consolidated entity and company.
The reward framework is designed to align rewards to shareholders' interests. The Board have considered that it
should seek to enhance shareholders' interests by:
•
focus on sustained growth in shareholder wealth through growth in share price, and delivering constant
or increasing return on assets as well as focusing the directors on key non-financial drivers of value; and
•
attracting and retains high calibre executives.
In accordance with best practice corporate governance, the structure of non-executive director and executive
director remuneration is separate.
Non-executive directors’ remuneration
Non-executive directors' fees are paid within an aggregate limit which is approved by the shareholders from time
to time. Retirement payments, if any, are agreed to be determined in accordance with the rules set out in the
Corporations Act at the time of the Directors retirement or termination. Non-Executive Directors remuneration
DIRECTORS REPORT
FOR THE YEAR ENDED 30 JUNE 2024
14
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
may include an incentive portion of bonuses and/or options as considered appropriate by the Board, which may
be subject to shareholder approval in accordance with the ASX listing rules.
The amount of aggregate remuneration sought to be approved by shareholders and the manner in which it is
apportioned amongst directors is reviewed annually. The Board considers the amount of director fees being paid
by comparable companies with similar responsibilities and the experience of the non-executive directors when
undertaking the annual review process.
The Company determines the maximum amount for remuneration, including thresholds for share-based
remuneration, for directors by resolution. Currently, the maximum amount of remuneration allocated to all non-
executive directors approved by shareholders is $300,000. Further details regarding components of director and
executive remuneration are provided in the remuneration report.
Executive remuneration
In determining the level and make up of executive remuneration, the Board negotiates a remuneration to reflect
the market salary for a position and individual of comparable responsibility and experience. Due to the limited size
of the Company and of its operations and financial affairs, the use of a separate remuneration committee is not
considered appropriate. Remuneration is regularly compared with the external market by participation in industry
surveys and during recruitment activities generally. If required, the Board may engage an external consultant to
provide independent advice in the form of a written report detailing market levels of remuneration for comparable
executive roles.
Company performance, shareholder wealth and director and executive remuneration
The remuneration policy has been tailored to increase goal congruence between shareholders, directors and
executives. The achievement of this aim has been through the issue of options to directors to encourage the
alignment of personal and shareholder interests. The recipients of the options are responsible for growing the
Company and increasing shareholder value. If they achieve this goal, the value of the options granted to them will
also increase. Therefore, the options provide an incentive to the recipients to remain with the Company and to
continue to work to enhance the Company’s value.
Use of remuneration consultants
The company has not made use of remuneration consultants during the current or prior financial years.
Voting and comments made at the Company's 2023 Annual General Meeting ('AGM')
On 23 November 2023 the Remuneration Report was carried on a poll. 99.98% of votes cast on the poll in support
of the adoption of the remuneration report for the year ended 30 June 2023.
Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the consolidated entity are set out in the following
tables.
30 June 2024
Short Term Employment
Benefits
Post
Employment
Benefits
Termination
Benefits
Equity Settled
Share Based
Payments
Total
Salary & Fees
Bonus
Super-
annuation
Salary
Options
$
$
$
$
$
$
Non-Executive Directors
Maurice Feilich
60,000
-
6,600
-
-
66,600
Paul Hissey
50,000
-
5,500
-
-
55,500
Executives
Brent Palmer
150,000
-
16,500
-
-
166,500
Daniel Smith
48,000
-
-
-
-
48,000
Total Remuneration
308,000
-
28,600
-
-
336,600
DIRECTORS REPORT
FOR THE YEAR ENDED 30 JUNE 2024
15
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
All remuneration for the directors and executives paid in the year ended 30 June 2024 was fixed.
30 June 2023
Short Term Employment
Benefits
Post
Employment
Benefits
Termination
Benefits
Equity Settled
Share Based
Payments
Total
Salary & Fees
Bonus
Super-
annuation
Salary
Options
$
$
$
$
$
$
Non-Executive Directors
Maurice Feilich (appointed
29 September 2022)
45,455
-
4,773
-
97,597
147,825
Paul Hissey
50,000
-
5,250
-
-
55,250
Executives
Brent Palmer1
46,273
-
4,859
-
48,799
99,931
Daniel Smith2
44,000
-
-
-
-
44,000
Total Remuneration
185,728
-
14,882
-
146,396
347,006
Note:
1. Brent Palmer was appointed 29 September 2022 and has become a full-time executive director since 1
May 2023.
2. Daniel Smith was appointed the Company Secretary 25 January 2023.
Executive service agreements (ESA)
Remuneration and other terms of employment for key management personnel are formalised in the Executive
Service Agreements (ESA). Details of these agreements are as follows:
Name:
Brent Palmer
Title:
Executive Director
Agreement commenced:
1 May 2023
Details:
$150,000 per year plus statutory superannuation
Termination:
One month’s notice
Name:
Daniel Smith (under a consultancy agreement with Minerva Corporate Pty
Ltd)
Title:
Company Secretary
Agreement commenced:
25 January 2023
Details:
$4,000 + GST per month for company secretarial service.
The Company also engaged Minerva Corporate Pty Ltd, of which Daniel
Smith is a director, to provide chief financial officer services for a monthly
fee of $4,000 + GST.
Expenses
The Company will reimburse the Executive for all reasonable expenses incurred by them in the performance of all
duties in connection with the business of the Company.
The EAS otherwise contains provisions considered standard for an agreement of its nature (including
representations and warranties and confidentiality provisions).
Non-executive director service contracts
On appointment to the Board all non-executive directors enter into a service agreement with the Company in the
form of a letter of appointment. The term of appointment of all non-executive directors is subject to re-nomination
and re-election and Annual General Meetings. There is no notice period required by non-executive directors and
non-executive directors are not entitled to annual or long service leave benefits.
DIRECTORS REPORT
FOR THE YEAR ENDED 30 JUNE 2024
16
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
Share-based compensation
Issue of shares
There were no shares issued to directors and other key management personnel as part of compensation during
the year ended 30 June 2024.
Options
There were no options issued to directors and other key management personnel as part of compensation during
the year ended 30 June 2024.
Key management personnel equity holdings
Fully paid ordinary shares
The movement during the reporting period in the number of ordinary shares in the Company held, directly, indirectly, or
beneficially by each key management person, including their related parties, is as follows:
Held at
30 June 2023
Converted upon
vesting of options or
performance rights
Acquired during
the year
Disposed during
the year
Held at 30 June
2024
Maurice Feilich
1,333,333
-
-
-
1,333,333
Paul Hissey
-
-
-
-
-
Brent Palmer
3,091,667
-
-
-
3,091,667
Daniel Smith
-
-
-
-
-
Options over ordinary shares
Held at
30 June 2023
Additions during the
year
Converted to
shares during the
year
Lapsed or
Expired during
the year
Held at 30 June
2024
Maurice Feilich
2,000,000
-
-
-
2,000,000
Paul Hissey
-
-
-
-
-
Brent Palmer
1,200,000
-
-
-
1,200,000
Daniel Smith
-
-
-
-
-
Performance Rights
Held at
30 June 2023
Additions during the
year
Converted to
shares during the
year
Lapsed or
Expired during
the year
Held at 30 June
2024
Maurice Feilich
-
-
-
-
-
Paul Hissey
-
-
-
-
-
Brent Palmer 1
500,000
-
-
-
500,000
Daniel Smith
-
-
-
-
-
1 Brent Palmer’s 500,000 performance rights lapsed on 22 September 2024.
DIRECTORS REPORT
FOR THE YEAR ENDED 30 JUNE 2024
17
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
Additional information
The earnings of the consolidated entity for the five years to 30 June 2024 are summarised below:
2024
2023
2022
2021
2020
$
$
$
$
$
Loss before income tax
(2,808,680)
(4,035,805)
(2,190,286)
(1,659,785)
(897,898)
Loss after income tax
(2,808,680)
(4,035,805)
(2,190,286)
(1,659,785)
(897,898)
Share price at financial year end*
0.034
0.18
0.13
-
-
Basic loss per share (cents per
share)
(3.40)
(6.35)
(4.36)
(6.97)
(3.27)
*: The company was suspended from official quotation at 30 June 2019 and was removed from the Official List of
ASX on 20 November 2020 and was subsequently requoted on the Official List of the ASX on 12 July 2021 after a
successful IPO.
Additional disclosures relating to key management personnel
Shareholding
The movement during the reporting period in the number of ordinary shares in Resource Base Limited held
directly, indirectly or beneficially, by each key management personnel including their related parties, is as follows:
Held at start of the
year
Granted as
compensation
Purchases
Held at the end of
the year
number
number
number
number
Maurice Feilich
1,333,333
-
-
1,333,333
Brent Palmer
3,091,667
-
-
3,091,667
Paul Hissey
-
-
-
-
4,425,000
-
-
4,425,000
Options
The movement during the reporting period in the number of options in Resource Base Limited held directly,
indirectly or beneficially, by each key management personnel including their related parties, is as follows:
Held at start of the
year
Granted as
compensation
Purchases
Held at the end of
the year
number
number
number
number
Maurice Feilich
2,000,000
-
-
2,000,000
Brent Palmer
1,200,000
-
-
1,200,000
Paul Hissey
-
-
-
-
3,200,000
-
-
3,200,000
- End of Remuneration Report -
Shares under option
There were 20,185,640 ordinary shares of Resource Base Limited under option outstanding at 30 June 2024.
Shares issued on the exercise of options
There were no ordinary shares of Resource Base Limited issued on the exercise of options during the year ended
30 June 2024 and up to the date of this report.
DIRECTORS REPORT
FOR THE YEAR ENDED 30 JUNE 2024
18
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
Indemnity and insurance of officers
The company has indemnified the directors and executives of the company for costs incurred, in their capacity as
a director or executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year the Company paid a premium in respect of a contract insuring the Directors and officers
of the Company and its controlled entities against any liability incurred in the course of their duties to the extent
permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability
and the amount of the premium.
Indemnity and insurance of auditor
The company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor
of the company or any related entity against a liability incurred by the auditor.
During the financial year, the company has not paid a premium in respect of a contract to insure the auditor of the
company or any related entity.
Proceedings on behalf of the company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings
on behalf of the company, or to intervene in any proceedings to which the company is a party for the purpose of
taking responsibility on behalf of the company for all or part of those proceedings.
Non-audit services
There were no other non-audit services provided during the financial year by the auditor.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is
set out immediately after this directors' report.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations
Act 2001.
On behalf of the Directors,
Maurice Feilich | Non-Executive Chairman
30 September 2024
Moore Australia Audit (WA) – ABN 16 874 357 907.
An independent member of Moore Global Network Limited - members in principal cities throughout the world.
Liability limited by a scheme approved under Professional Standards Legislation.
Moore Australia Audit (WA)
Level 15, Exchange Tower,
2 The Esplanade, Perth, WA 6000
PO Box 5785, St Georges Terrace, WA 6831
T +61 8 9225 5355
F +61 8 9225 6181
www.moore-australia.com.au
Auditor’s Independence Declaration
Under Section 307c of the Corporations Act 2001
To the directors of Resource Base Limited
I declare that, to the best of my knowledge and belief, during the year ended 30 June 2024, there have
been:
a)
no contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit, and
b)
no contraventions of any applicable code of professional conduct in relation to the audit.
Moore Australia Audit (WA)
Chartered Accountants
SL Tan
Partner – Audit and Assurance
Moore Australia Audit (WA)
Perth
30th day of September 2024
19
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
20
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
30 Jun 2024
30 Jun 2023
Notes
$
$
Interest revenue
4
13,287
7,978
Other income
4
-
16,525
Expenses
Compliance and regulatory costs
(99,899)
(119,721)
Consulting and professional fees
(103,930)
(50,732)
Employee benefits
4
(289,620)
(520,584)
Share based payments expense
12
-
(288,487)
Other expenses
(215,327)
(309,173)
Finance costs
4
-
(21,387)
Exploration expenses
(9,830)
(33,010)
Impairment for exploration and evaluation assets
7
(2,103,361)
(2,717,214)
Loss before income tax expense
(2,808,680)
(4,035,805)
Income tax expense
5
-
-
Loss after income tax expense for the year attributable
to the owners of Resource Base Limited
(2,808,680)
(4,035,805)
Other comprehensive income for the year, net of tax
36,182
-
Total comprehensive loss for the year attributable to the
owners of Resource Base Limited
(2,772,498)
(4,035,805)
Earnings per share for loss attributable to the owners of
Resource Base Limited
Basic loss per share (cents per share)
23
(3.40)
(6.35)
Diluted loss per share (cents per share)
23
(3.40)
(6.35)
The above consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the
accompanying notes.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
21
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 Jun 2024
30 Jun 2023
Notes
$
$
Assets
Current assets
Cash and cash equivalents
6
553,281
1,554,652
Term deposits
31,828
31,828
Prepayments
3,911
51,457
Total current assets
589,020
1,637,937
Non-current assets
Exploration and evaluation
7
2,561,657
4,067,550
Plant and equipment
8
1,310
194,755
Other assets
30,600
30,600
Total non-current assets
2,593,567
4,292,905
Total assets
3,182,587
5,930,842
Liabilities
Current liabilities
Trade and other payables
9
87,631
64,408
Provisions
1,473
453
Total current liabilities
89,104
64,861
Total non-current liabilities
-
-
Total liabilities
89,104
64,861
Net assets
3,093,483
5,865,981
Equity
Issued capital
10
29,766,069
29,766,069
Reserves
11
1,560,744
1,524,562
Accumulated losses
(28,233,330)
(25,424,650)
Total equity
3,093,483
5,865,981
The above consolidated statement of financial position is to be read in conjunction with the accompanying notes.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
22
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
CONSOLIDATED STATEMENT OF CASH FLOWS
30 Jun 2024
30 Jun 2023
Notes
$
$
Cash flows from operating activities
Receipts from other income
-
10,000
Payments to suppliers and employees
(548,290)
(1,164,664)
Payments for exploration expenditure
(9,830)
-
(558,120)
(1,154,664)
Interest received
13,287
7,978
Interest and other finance costs paid
-
(21,387)
Net cash flows used in operating activities
22
(544,833)
(1,168,073)
Cash flows from investing activities
Proceeds from disposal of plant and equipment
90,455
106,500
Investments in term deposit
-
(31,828)
Payments for exploration expenditure
(583,402)
(1,303,518)
Payments for plant and equipment
-
(37,299)
Net cash flows used in investing activities
(492,947)
(1,266,145)
Cash flows from financing activities
Proceeds from share issue
-
2,024,490
Share issue costs
-
(122,716)
Proceeds from borrowings
-
51,795
Repayment of borrowings
-
(108,666)
Net cash flows generated from financing activities
-
1,844,903
Net decrease in cash and cash equivalents
(1,037,780)
(589,315)
Effect on FX rates change on cash
36,409
-
Cash and cash equivalents at beginning of period
1,554,652
2,143,967
Cash and cash equivalents at end of period
6
553,281
1,554,652
The above consolidated statement of cash flows is to be read in conjunction with the accompanying notes.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
23
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Issued Capital
Reserves
Accumulated
losses
Total equity
$
$
$
$
Balance at 1 July 2022
26,821,292
1,616,075
(21,388,845)
7,048,522
Loss for the year
-
-
(4,035,805)
(4,035,805)
Total comprehensive loss for the year
-
-
(4,035,805)
(4,035,805)
Transactions with owners in their capacity
as owners
Shares issued
3,067,490
(380,000)
-
2,687,490
Costs of shares issued
(122,713)
-
-
(122,713)
Options issued
-
288,487
-
288,487
Balance at 30 June 2023
29,766,069
1,524,562
(25,424,650)
5,865,981
Balance at 1 July 2023
29,766,069
1,524,562
(25,424,650)
5,865,981
Loss for the year
-
-
(2,808,680)
(2,808,680)
Total comprehensive loss for the year
-
-
(2,808,680)
(2,808,680)
Exchange difference on translating foreign
operations
-
36,182
-
36,182
Balance at 30 June 2024
29,766,069
1,560,744
(28,233,330)
3,093,483
The above consolidated statement of changes in equity is to be read in conjunction with the accompanying notes.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
24
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
1.
CORPORATE INFORMATION
Resource Base Limited (“Resource Base” or the “Company”) is a company domiciled in Australia. The Company’s
registered office and its principal place of business is Level 8, 99 St Georges Terrace, Perth, Western Australia.
Resource Base’s principal activity is mineral exploration and it is a for-profit entity for the purposes of preparing the
financial statements.
These financial statements are for Resource Base and its controlled entities (“the Group”) and are presented in the
Australian currency. The Consolidated Financial Statements were authorised for issue by the directors on 30
September 2024. The directors have the power to amend and reissue the Financial Statements.
2.
STATEMENT OF MATERIAL ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the financial statements are set out below. These
policies have been consistently applied to all the years presented, unless otherwise stated.
2.1.
Adoption of new and amended accounting standards
New and revised Standards and amendments thereof and interpretations effective for the current year that are
relevant to the Group include:
AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of
Accounting Estimates;
AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules.
The Group has adopted all of the new, revised or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period, and
determined that there was no material impact on its financial statements in the current reporting year.
At the date of authorisation of the Financial Statements, the Standards applicable to the Group’s business listed
below were in issue but not yet effective. The potential effect of the revised Standards on the Group’s financial
statements has not yet been determined.
AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor
and its Associate or Joint Venture (as amended), effective for annual reporting periods beginning on or after 1
January 2025;
AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants, effective for
annual reporting periods beginning on or after 1 January 2024;
AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback, effective for
annual reporting periods beginning on or after 1 January 2024;
AASB 2023-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements, effective for annual
reporting periods beginning on or after 1 January 2024;
IFRS 18 Presentation and Disclosure in Financial Statements, effective for annual reporting periods beginning on or
after 1 January 2027.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
25
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
2.2.
Basis of preparation
These general purpose financial statements have been prepared in accordance with the Corporations Act 2001 (Cth)
(Corporations Act) and Australian Accounting Standards and other authoritative pronouncements issued by the
Australian Accounting Standards Board (AASB). Compliance with Australian Accounting Standards ensure the
financial statements and notes comply with International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB). Consequently, this financial report has complied with IFRS as
issued by the IASB.
These Consolidated Financial Statements have been prepared on the historical cost basis, except for certain financial
instruments that are measured at fair values at the end of each reporting period, as explained in the accounting
policies below. Historical cost is generally based on the fair values of the consideration given in exchange for assets.
All amounts are presented in Australian dollars.
2.3.
Going concern basis
This report has been prepared on the going concern basis, which contemplates the continuity of normal business
activity and the realisation of assets and settlement of liabilities in the normal course of business.
The Group incurred a net loss after tax for the year ended 30 June 2024 of $2,808,680 (2023: $4,035,805) and
experienced net cash outflows from operating activities of $544,833 (2023: $1,168,073). At 30 June 2024, the cash
and cash equivalents balance was $553,281 (2023: $1,554,652).
The ability of the Group to continue as a going concern is principally dependent upon the ability of the Company
raising capital from equity and debt markets as completed during the year and managing cashflow in line with
available funds. These conditions indicate a material uncertainty that may cast significant doubt on whether the
Group is able to continue as a going concern.
The Directors have prepared a cash flow forecast, which indicates that the Group will have sufficient cash flows to
meet all currently forecasted commitments and working capital requirements for the 12 month period from the
date of signing this financial report.
Company may need to raise further capital in order to fund future exploration programs.
Based on the cash flow forecasts, and other factors referred to above, the directors are satisfied that the going
concern basis of preparation is appropriate. In particular, given the Company’s history of raising capital to date, the
Directors are confident of the Company’s ability to raise additional funds as and when they are required, should the
need arise.
The financial statements do not include any adjustments relating to the recoverability and classification of asset
carrying amounts or to the amount and classification of liabilities that might result should the Group be unable to
continue as a going concern and meet its debts as and when they fall due.
2.4.
Principles of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled
by the Company (its subsidiaries) made up to 30 June 2024. Control is established when the Company:
-
has the power over the investee;
-
is exposed, or has rights, to variable returns from its involvement with the investee;
-
has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control listed above.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
26
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the
Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the
year are included in profit or loss from the date the Company gains control until the date when the Company ceases
to control the subsidiary. Where necessary, adjustments are made to the financial statements of subsidiaries to
bring the accounting policies used into line with the Group’s accounting policies. All intragroup assets and liabilities,
equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated
on consolidation.
2.5.
Operating segments
Operating segments are presented using the 'management approach', where the information presented is on the
same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is
responsible for the allocation of resources to operating segments and assessing their performance. The CODM are
the board of directors.
2.6.
Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the
applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities
attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where
applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied
when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively
enacted, except for:
-
When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and that, at the time of the transaction, affects
neither the accounting nor taxable profits; or
-
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint
ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference
will not reverse in the foreseeable future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable
that future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.
Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will
be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised
to the extent that it is probable that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets
against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same
taxable authority on either the same taxable entity or different taxable entities which intend to settle
simultaneously.
2.7.
Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term,
highly liquid investments with original maturities of three months or less that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value.
2.8.
Plant and equipment
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost
includes expenditure that is directly attributable to the acquisition of the items.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
27
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
Depreciation is calculated on a straight-line basis to write off the net cost of each item of plant and equipment
(excluding land) over their expected useful lives as follows:
Plant and equipment
5 years
Computer equipment
3-5 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each
reporting date.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit
to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.
2.9.
Exploration and evaluation
Expenditure on acquisition, exploration and evaluation relating to an area of interest is carried forward where rights
to tenure of the area of interest are current and;
-
It is expected that expenditure will be recouped through successful development and exploitation of the
area of interest or alternatively by its sale; and/or
-
Exploration and evaluation activities are continuing in an area of interest but at balance date have not yet
reached a stage which permits a reasonable assessment of the existence or otherwise of economically
recoverable reserves.
Where the technical feasibility and commercial viability of extracting a mineral resource have been demonstrated
then any capitalised exploration and evaluation expenditure is reclassified as capitalised “mine properties in
development”. Prior to reclassification, capitalised exploration and evaluation expenditure is assessed for
impairment.
Exploration and evaluation assets are reviewed at each reporting date for indicators of impairment and are tested
for impairment where such indicators exist. If testing performed indicates that the carrying value might not be
recoverable the asset is written down to its recoverable amount. Any such impairment is recognised in profit or loss
for the year.
Accumulated costs in relation to an abandoned area are written off to profit or loss in the period in which the
decision to abandon the area in made.
An impairment loss is reversed to the extent that the asset’s carrying amount does not exceed the recoverable
amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would
have been determined had no impairment loss been recognised for the asset in previous years.
2.10.
Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial
year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not
discounted. The amounts are unsecured and are usually paid within 30 days of recognition.
2.11.
Provisions
Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of a past event,
it is probable the Group will be required to settle the obligation, and a reliable estimate can be made of the amount
of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle
the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the
obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to
the liability. The increase in the provision resulting from the passage of time is recognised as a finance cost.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
28
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
2.12.
Employee benefits
Accumulation Superannuation Funds
Obligations for contributions to accumulation superannuation funds are recognised as an expense in profit or loss
when they are due.
Short-Term Benefits
Liabilities for wages and salaries, including non-monetary benefits, and annual leave expected to be wholly settled
within 12 months of the reporting date are recognised in current liabilities in respect of employees’ services up to
the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.
Long-Term Benefits
Liabilities for long service leave not expected to be settled wholly within 12 months after the end of the period in
which the employees render the related service are recognised in the provision for employee benefits and measured
as the present value of expected future payments to be made in respect of services provided by employees up to
the end of the reporting date.
2.13.
Share based payments
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. In valuing equity settled transactions, no account
is taken of any performance conditions, other than conditions linked to the price of the shares of Resource Base
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 statement of comprehensive income 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 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 cost of equity-settled transactions with non-employees is measured by reference to the fair value of goods and
services received unless this cannot be measured reliably, in which case the cost is measured by reference to the
fair value of the equity instruments granted.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
29
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
2.14.
Issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net
of tax, from the proceeds.
2.15.
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss attributable to the owners of Resource Base
Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of
ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during
the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary
shares and the weighted average number of shares assumed to have been issued for no consideration in relation to
dilutive potential ordinary shares.
2.16.
Goods and services tax ('GST') and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not
recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or
as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST
recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement
of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing
activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax
authority.
2.17.
Financial Instruments
Financial assets and financial liabilities are recognised in the Group’s consolidated statement of financial position
when the Group becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value, except for trade and other receivables
that do not have a significant financing component which are measured at transaction price. Transaction costs that
are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial
assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the
financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to
the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately
in profit or loss.
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular
way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame
established by regulation or convention in the marketplace. All recognised financial assets are measured
subsequently in their entirety at either amortised cost or fair value, depending on the classification of the financial
assets.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
30
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
The Group classifies its financial assets into:
-
Debt instruments at amortised cost.
Debt instruments that meet the following conditions are measured subsequently at amortised cost:
-
The financial asset is held within a business model whose objective is to hold financial assets in order to
collect contractual cash flows;
-
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.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating
interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated
future cash receipts (including all fees and points paid or received that form an integral part of the effective interest
rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life
of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument
on initial recognition.
The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition
minus the principal repayments, plus the cumulative amortisation using the effective interest method of any
difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying
amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire,
or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to
another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and
continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated
liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of
a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised
borrowing for the proceeds received.
2.18.
Impairment of plant and equipment
At each reporting date, the Group reviews the carrying amounts of its plant and equipment to determine whether
there is any indication that those assets have suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the
asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable
amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation
can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are
allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can
be identified.
Recoverable amount is the higher of fair value less costs of disposal and value in use. 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 for which the estimates of future
cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the
carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is
recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the
impairment loss is treated as a revaluation decrease and to the extent that the impairment loss is greater than the
related revaluation surplus, the excess impairment loss is recognised in profit or loss.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
31
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
When an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount
that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal
of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued
amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.19.
Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the reported amounts in the financial statements. Management continually evaluates its judgements and
estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its
judgements, estimates and assumptions on historical experience and on other various factors, including
expectations of future events, management believes to be reasonable under the circumstances. The resulting
accounting judgements and estimates will seldom equal the related actual results. Judgements, estimates and
assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities (refer to the respective notes) within the next financial year are discussed below.
Exploration and evaluation
The Group’s policy for exploration and evaluation is discussed in Note 2.9. The application of this policy requires
management to make certain assumptions as to future events and circumstances. Any such estimates and
assumptions may change as new information becomes available. If, after having capitalised exploration and
evaluation expenditure, management concludes that the capitalised expenditure is unlikely to be recovered by
future sale or exploration, then the relevant capitalised amount will be written off through the profit or loss. The
carrying amount of exploration and evaluation is disclosed in the note.
Share based payments
The Group’s policy for share based payments is discussed in Note 2.13. 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 Black Scholes model.
For asset acquisitions settled via share-based payment arrangements, the Group measures the cost of the asset at
the fair value of the asset acquired, or if this cannot be determined, at the fair value of the equity instruments.
3.
OPERATING SEGMENTS
Identification of reportable operating segments
The consolidated entity is organised into one operating segment, being the exploration of minerals in Australia and
Canada. This operating segment is based on the internal reports that are reviewed and used by the Board of
Directors (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in
determining the allocation of resources of the $2.56million in capitalised exploration and evaluation assets as of 30
June 2024, $1.74million (2023: $1.22million) pertain to tenements located in Canada with the balance in Australia.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
32
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
4.
INCOME AND EXPENSES
30 Jun 2024
30 Jun 2023
$
$
Income from continuing operations includes the following
revenue items:
Interest income
13,287
7,978
Gain on disposal of plant and equipment
-
6,525
Other income
-
10,000
13,287
24,503
Loss for the year includes the following specific expenses:
Depreciation - Plant and equipment
26,639
56,529
Finance costs:
-
Premium Funding Costs
-
21,387
26,639
77,916
Employee benefits expenses include:
-
Salaries and wages
150,000
309,346
-
Directors’ Fees
110,000
135,761
-
Superannuation
28,600
74,877
-
Others
1,020
600
289,620
520,584
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
33
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
5.
INCOME TAX EXPENSE
30 Jun 2024
30 Jun 2023
$
$
Numerical reconciliation of income tax benefit and tax at
the statutory rate
Loss before income tax expense from continuing
operations
(2,808,680)
(4,035,805)
(2,808,680)
(4,035,805)
Tax at the statutory tax rate of 25% (2023: 25%)
(702,170)
(1,008,951)
Tax effect amounts which are not deductible/(taxable) in
calculating taxable income:
Non-deductible expenditure
539,708
735,885
Section 40-880 deduction
(35,086)
(35,086)
Current year tax losses not recognised
189,344
371,330
Current year temporary differences not recognised
(8,204)
(63,178)
-
-
Tax losses not recognised
Unused tax losses for which no deferred tax asset has
been recognised
12,381,936
11,624,562
Potential tax benefit @ 25% (2023: 25%)
3,095,484
2,906,141
The above potential tax benefit for tax losses has not been recognised in the statement of financial position. These
tax losses can only be utilised in the future if the continuity of ownership test is passed, or failing that, the same
business test is passed.
The taxation benefits of tax losses and temporary differences not brought to account will only be obtained if:
i.
the consolidated entity derives future assessable income of a nature and of an amount sufficient to enable
the benefit from the deductions for the losses to be realised;
ii.
the consolidated entity continues to comply with the conditions for deductibility imposed by law; and
iii.
no change in tax legislation adversely affects the consolidated entity in realising the benefits from
deducting the losses.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
34
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
6.
CASH AND CASH EQUIVALENTS
30 Jun 2024
30 Jun 2023
$
$
Cash at bank
553,281
1,554,652
553,281
1,554,652
Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months
or less. The carrying amount of these assets is approximately equal to their fair value. Cash and cash equivalents at
the end of the year as shown in the consolidated statement of cash flows can be reconciled to the related items in
the consolidated reporting position as shown above.
7.
EXPLORATION AND EVALUATION
30 Jun 2024
30 Jun 2023
$
$
Black Range Project
Acquisition cost
1,638,000
1,638,000
Exploration and evaluation phases - at cost
1,079,213
1,079,213
Impairment provision
(2,717,213)
(2,717,213)
Net carrying amount Black Range Project
-
-
Mitre Hill Project
Acquisition cost
1,707,114
1,707,114
Exploration and evaluation phases - at cost
1,216,247
1,144,809
Impairment provision
(2,103,361)
-
Net carrying amount Mitre Hill Project
820,000
2,851,923
Wali and Ernst Lake Project
Acquisition cost
1,063,763
1,063,763
Exploration and evaluation phases - at cost
677,894
151,865
Net carrying amount Wali and Ernst Lake Project
1,741,657
1,215,628
Total Exploration and Evaluation
2,561,657
4,067,551
The recoverability of the carrying amount of these capitalised exploration and evaluation assets is dependent on
successful development out commercial exploitation, or alternatively, sale of the respective area of interest.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
35
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
8.
PLANT AND EQUIPMENT
IT
Vehicles
Equipment
Total
$
$
$
$
At 1 July 2022
13,798
136,301
227,088
377,187
Additions
996
555
35,747
37,298
Depreciation
(8,115)
(39,631)
(72,009)
(119,755)
Disposals
(2,750)
(97,225)
-
(99,975)
At 30 June 2023
3,929
-
190,826
194,755
Cost
16,664
-
262,835
279,499
Accumulated Depreciation
(12,735)
-
(72,009)
(84,744)
At 30 June 2023
3,929
-
190,826
194,755
At 1 July 2023
3,929
-
190,826
194,755
Additions
-
-
-
-
Depreciation
(2,619)
-
(24,020)
(26,639)
Disposals
-
-
(166,806)
(166,806)
At 30 June 2024
1,310
-
-
1,310
Cost
3,929
-
-
3,929
Accumulated Depreciation
(2,619)
-
-
(2,619)
At 30 June 2024
1,310
-
-
1,310
9.
TRADE AND OTHER PAYABLES
30 Jun 2024
30 Jun 2023
$
$
Trade payables
33,802
26,167
Other payables and accruals
53,829
38,241
Total trade and other payables
87,631
64,408
Trade payables are unsecured and are usually paid within 30 days of recognition. The carrying amounts of trade
and other payables are assumed to be the same as their fair values, due to their short-term nature.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
36
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
10.
ISSUED CAPITAL
30 June
2024
30 June
2023
30 June
2024
30 June
2023
No. shares
No. shares
$
$
Share capital
Opening
82,684,485
54,291,152
29,766,069
26,821,292
Conversion of performance rights
-
2,000,000
-
380,000
Placement 8 December 2022
-
8,060,000
-
604,500
Placement shares issued to directors
-
1,333,333
-
100,000
Shares issued as consideration for the
acquisition of Wali and Ernst Lake Lithium
Project
-
6,000,000
-
663,000
Placement 18 May 2023
-
11,000,000
-
1,319,990
Share issue costs
-
-
-
(122,713)
Ordinary shares fully paid shares
82,684,485
82,684,485
29,766,069
29,766,069
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company
in proportion to the number of, and amounts paid on the shares held. The fully paid ordinary shares have no par
value and the company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll
each share shall have one vote.
Capital risk management
The Group's objectives when managing capital are to safeguard its ability to continue as a going concern, so that it
can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital
structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may issue new shares in order to meets its financing
requirements.
The Group is subject to certain financing arrangements and meeting these are given priority in all capital risk
management decisions. There have been no events of default on the financing arrangements during the financial
year.
The capital risk management policy remains unchanged from the 30 June 2023 Annual Report.
11.
RESERVES
30 Jun 2024
30 Jun 2023
$
$
Options reserve
1,524,562
1,524,562
Foreign currency translation reserve
36,182
-
1,560,744
1,524,562
Nature and purpose of reserves:
The options reserve is used to recognise the fair value of options issued but not exercised.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
37
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
The foreign currency reserve is used to recognise exchange differences arising from the translation of the financial
statements of foreign subsidiary to Australian dollars.
Movement of Performance rights
Number
$
Performance rights at 30 June 2022
4,000,000
380,000
Converted to ordinary shares
(2,000,000)
(380,000)
Issued for Wali & Ernst Lake Project
8,000,000
-
Performance rights at 30 June 2023 and 30 June 2024
10,000,000
-
There were no movements of performance rights during year.
Movement of options on issue:
Note
Number
$
Options on issue at 30 June 2022
15,185,640
1,236,075
Granted – employee options
3,000,000
146,396
Granted - Consultant options
2,000,000
142,091
Options on issue at 30 June 2023 and 30 June 2024
20,185,640
1,524,562
There were no movements of options on issue during the year.
12.
SHARE-BASED PAYMENTS
The Company provides benefits to employees (including directors) of the Company in the form of share-based
payment transactions, whereby employees render services in exchange for options to acquire ordinary shares.
Options are granted under the plan for no consideration.
In addition to options issued to employees, the Company may also issue unlisted options to other parties.
The table below summarises the share-based payment employee options outstanding at year end:
2024
2023
Number
Weighted average
exercise price
cents
Number
Weighted average
exercise price
cents
Outstanding at the beginning
of the year
15,500,000
0.23
10,500,000
0.25
Granted
-
-
5,000,000
0.20
Forfeited/cancelled/expired
-
-
-
-
Outstanding at year end
15,500,000
0.23
15,500,000
0.23
Exercisable at year end
15,500,000
0.23
15,500,000
0.23
Nil unlisted options as share-based payments lapsed or expired during the year (2023: Nil). The weighted average
remaining contractual life of share options outstanding at the end of the financial year was 1.02 years (2023: 2.02
years) and the exercise prices ranged from 20 cents to 25 cents (2023: 20 cents - 25 cents).
There was no share-based payment expense recognised during the year.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
38
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
13.
DIVIDENDS
There were no dividends paid, recommended or declared during the current or previous financial year.
14.
FINANCIAL INSTRUMENTS
Financial risk management objectives
The Group's activities can expose it to a variety of financial risks: market risk (including foreign currency risk, price
risk and interest rate risk), credit risk and liquidity risk. The Group's overall risk management program focuses on
the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial
performance of the Group. The Group uses different methods to measure different types of risk to which it is
exposed. These methods include sensitivity analysis in the case of interest rate, foreign exchange and other price
risks, ageing analysis for credit risk and beta analysis in respect of investment portfolios to determine market risk.
Risk management is carried out by the Board of Directors ('the Board'), which identifies, evaluates and hedges
financial risks within the consolidated entity's operating units where considered appropriate.
Market risk
Foreign currency risk
The Group is subject to foreign currency risk as it has a project in Canada and make payments in Canadian dollars.
The Group monitors the foreign currency risks by establishing cashflow forecasts and regularly reviews exchange
rates movements.
Price risk
The Group is not subject to significant levels of price risk in relation to its financial instruments.
Interest rate risk
The Group is not subject to significant levels of interest rate in relation to its financial instruments.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss
to the Group. The Group has a strict code of credit, including obtaining agency credit information, confirming
references and setting appropriate credit limits. The Group obtains guarantees where appropriate to mitigate credit
risk. The maximum exposure to credit risk at the reporting date to recognised financial assets is $589,020 (2023:
$1,637,937). Of this, $585,109 (2022: $1,586,480) is held in bank deposits and are held at financial institutions with
a minimum AA credit rating. The Group does not hold any collateral.
Liquidity risk
Vigilant liquidity risk management requires the Group to maintain sufficient liquid assets (mainly cash and cash
equivalents) and available borrowing facilities to be able to pay debts as and when they become due and payable.
The Group manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by
continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and
liabilities.
Remaining contractual maturities
The following tables detail the Group's remaining contractual maturity for its financial instrument liabilities. The
tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date
on which the financial liabilities are required to be paid. The tables include both interest and principal cash flows
disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in
the statement of financial position.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
39
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
Weighted
average interest
rate
1 year or less
Between 1 and
2 years
Between 2 and
5 years
Remaining
contractual
maturities
2023
%
$
$
$
$
Trade payables
-
26,167
-
-
26,167
Other payables
-
38,241
-
-
38,241
Total non-derivatives
-
64,408
-
-
64,408
2024
Trade payables
-
33,802
-
-
33,802
Other payables
-
53,829
-
-
53,829
Total non-derivatives
87,631
-
-
87,631
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually
disclosed above.
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
15.
KEY MANAGEMENT PERSONNEL DISCLOSURES
The following persons were directors of Resource Base Limited during the financial year:
Maurice Felich (appointed 29 September 2022)
Brent Palmer (appointed 29 September 2022)
Paul Hissey
Compensation
The aggregate compensation made to directors and other members of key management personnel of the
consolidated entity is set out below:
30 Jun 2024
30 Jun 2023
$
$
Short-term employee benefits
308,000
185,728
Superannuation
28,600
14,882
Share based payments
-
146,396
336,600
347,006
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
40
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
16.
REMUNERATION OF AUDITORS
During the financial year the following fees were paid or payable for services provided by the auditor to the
company:
30 Jun 2024
30 Jun 2023
$
$
Audit services – BDO Audit (WA) Pty Ltd
Audit or review of the financial statements
-
9,300
Audit services - Moore Australia (Audit) WA
Audit or review of the financial statements
31,300
30,000
Non audit services
-
-
31,300
39,300
17.
COMMITMENTS
30 Jun 2024
30 Jun 2023
$
$
Exploration expenditure – Mitre Hill Project
Within 1 year
416,100
159,050
One year or later but no later than 5 years
1,730,500
835,936
2,146,600
994,986
Exploration expenditure – Wali & Ernst Lake Project
Within 1 year
30,710
600,000
One year or later but no later than 5 years
38,670
156,690
69,380
756,690
Exploration expenditure – Total
Within 1 year
446,810
759,050
One year or later but no later than 5 years
1,769,170
759,050
2,215,980
1,751,676
In order to maintain current rights of tenure to the exploration lease the Company was required to meet minimum
expenditure requirements of the State Mines Departments. These obligations are not recorded in the financial
statements.
18.
RELATED PARTY TRANSACTIONS
Parent entity
Resource Base Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 20.
Key management personnel
Disclosures relating to key management personnel are set out in note 15 and the remuneration report included in
the directors' report.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
41
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
19.
PARENT ENTITY INFORMATION
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
30 Jun 2024
30 Jun 2023
$
$
Statement of profit or loss and other comprehensive income
Loss after income tax
(698,254)
(4,012,910)
Total comprehensive Loss
(698,254)
(4,012,910)
Statement of financial position
Total current assets
2,276,988
1,668,537
Total assets
5,252,991
5,954,032
Total current liabilities
62,075
64,862
Total liabilities
62,075
64,862
Net (liabilities) / assets
5,190,916
5,889,170
Equity
Issued capital
29,766,069
29,766,069
Option reserve
1,524,561
1,524,561
Accumulated losses
(26,099,714)
(25,401,460)
5,190,916
5,889,170
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2024 and 30 June 2023.
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2024 and 30 June 2023.
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment at as 30 June 2024 and 30 June
2023.
Significant accounting policies
The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 2, except
for, Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
42
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
20.
INTERESTS IN SUBSIDIARIES
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiary in
accordance with the accounting policy described in note 2:
Principal place of business /
30 Jun 2024
30 Jun 2023
Name
Country of incorporation
%
%
Mitre Hill Pty Ltd
Australia
100
100
Black Range Victoria (2021) Pty Ltd
Australia
100
100
RBX Lithium Resources Canada Inc
Canada
100
100
21.
EVENTS SUBSEQUENT TO REPORTING DATE
There have been no other transactions or events of a material and unusual nature likely, in the opinion of the
Directors of the Company, to significantly affect the operations of the Company, the results of those operations, or
the state of affairs of the Company in future financial years.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
43
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
22.
RECONCILIATION OF LOSS AFTER INCOME TAX TO NET CASH USED IN
OPERATIONS
30 Jun 2024
30 Jun 2023
$
$
Loss after income tax expense for the year
(2,808,680)
(4,035,805)
Adjustments for:
Depreciation and amortisation
26,639
56,529
Share based payments expense
-
288,487
Impairment provision
2,103,361
2,717,214
Loss on disposal of plant and equipment
76,352
(6,525)
Effect on FX rates change on cash
(32)
-
Change in operating assets and liabilities:
Decrease/(increase) in trade and other receivables
47,545
15,113
Decrease/(increase) in other operating assets
-
-
Increase/(decrease) in trade and other payables
8,962
(203,086)
Increase in other provisions
1,020
-
Net cash used in operating activities
(544,833)
(1,168,073)
23.
EARNINGS PER SHARE
30 Jun 2024
30 Jun 2023
Number
Number
Weighted average number of ordinary shares used in
calculating basic earnings per share
Basic
82,684,485
63,563,207
Diluted
82,684,485
63,563,207
Earnings per share for loss from continuing operations
$
$
Loss after income tax attributable to the owners of
Resource Base Limited
(2,808,680)
(4,035,805)
Cents
cents
Basic loss per share
(3.40)
(6.35)
Diluted loss per share
(3.40)
(6.35)
Potential ordinary shares have not been included in the above number as they would be anti-dilutive.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
44
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
24.
CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Contingent Consideration – Mitre Hill Project
Pursuant to the Mitre Hill Pty Ltd Acquisition Agreement, as set out in section 4.2.2 of the Short form Prospectus
dated 1 October 2021, on completion the of the Acquisition the Company issued on 23 December 2021, 4,000,000
Performance Shares to the Vendors pro rata, each to convert into one (1) Share upon the satisfaction of the following
milestones:
a) (Tranche 1): 2,000,000 Performance Rights shall vest upon the Purchaser achieving, at ten (10) contiguous
drill holes at least 50 metres apart on the ELs, intercept grades of a minimum of 600ppm total rare earth
oxides (TREO) over at least one (1) metre, within fifteen (15) months of the Drop-Dead Date: and
b) (Tranche 2): 2,000,000 Performance Rights shall vest upon the announcement by the Purchaser of a of a
JORC compliant Inferred Mineral Resource (as defined in the JORC Code 2012 Edition) on the Els of 30
million tonnes or greater, grading a minimum of 700ppm TREO or greater, within two (2) years from the
Drop-Dead Date.
Pursuant to the Mitre Hill Pty Ltd Acquisition Agreement the Company agreed pay to the Vendors a royalty of 1% of
the net smelter return on all minerals (on a pro-rata basis), mineral products and concentrates, produced and sold
from the ELs (or any tenement(s) which may be granted in lieu of or relate to the same ground as the ELs);
On 23 August 2022, the Company announced the vesting of the Tranche 1 performance rights, the rights were valued
at $380,000 and included as consideration in the accounts at 30 June 2022.
The Tranche 2 performance rights have been assessed by management as future obligations whose existence will
be confirmed by uncertain future events that are not wholly within the control of the entity.
Contingent Consideration – Wali & Ernst Lake Project
Pursuant to the Wali & Ernst Lake Project Acquisition Agreement, as announced to the market on 24 February 2023,
on completion the of the Acquisition the Company issued 8,000,000 performance rights convertible to fully paid
ordinary shares, upon the achievement of diamond drill results with at least 20m intercept at 1% lithium at either
of the Projects on or before 31 December 2024.
The fair value of the performance rights that were issued under the arrangements of the project acquisition was
deemed to be nil as the probability of conditions being met was assessed at 0% on acquisition date. There are no
contingent assets at the reporting date.
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
45
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
Set out below is a list of entities that are consolidated in this set of Consolidated financial statements at the end of
the financial year.
Body corporates
Tax residency
Entity name
Entity type
Place formed
or
incorporated
% of share
capital held
Australian
or foreign
Foreign
jurisdiction
2024
2023
Resource Base Limited
(the Company)
Body corporate
Australia
N/A
N/A
Australian
N/A
Mitre Hill Pty Ltd
Body corporate
Australia
100%
100%
Australian
N/A
Black Range Victoria (2021)
Pty Ltd
Body corporate
Australia
100%
100%
Australian
N/A
RBX Lithium Resources
Canada Inc
Body corporate
Canada
100%
100%
Foreign
Canada
DIRECTORS’ DECLARATION
FOR THE YEAR ENDED 30 JUNE 2024
46
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
In accordance with a resolution of the Directors of Resource Base Limited, I state that:
(1)
In the opinion of the Directors:
(a) the financial statements and notes set out on pages 20 to 45 and the Directors’ Report are in
accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the Company's financial position as at 30 June 2024 and of its
performance for the year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and
(b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when
they become due and payable; and
(c) the consolidated entity disclosure statement on page 45 is true and correct.
(2)
The Directors draw attention to Note 2.2 to the financial statements, which includes a statement of
compliance with International Financial Reporting Standards.
(3)
The Directors have been given the declarations by the chief executive officer and chief financial
officer for the year ended 30 June 2024 required by section 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Board of Directors.
Maurice Feilich | Non-Executive Chairman
30 September 2024
Moore Australia Audit (WA) – ABN 16 874 357 907
An independent member of Moore Global Network Limited - members in principal cities throughout the world.
Liability limited by a scheme approved under Professional Standards Legislation.
Moore Australia Audit (WA)
Level 15, Exchange Tower
2 The Esplanade, Perth, WA 6000
PO Box 5785, St Georges Terrace, WA 6831
T +61 8 9225 5355
F +61 8 9225 6181
www.moore-australia.com.au
Independent Auditor’s Report
To the members of Resource Base Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Resource Base Limited (the Company) and its subsidiaries (the
“Group”), which comprises the consolidated statement of financial position as at 30 June 2024, 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 material accounting policy information, the consolidated entity disclosure
statement 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 2024 and of its financial
performance for the year then ended; and
ii.
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Group in accordance with the auditor independence requirements
of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (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.
Emphasis of Matter - Material Uncertainty related to Going Concern
We draw attention to Note 2.3 in the financial report which describes the events and/or conditions which
give rise to the existence of a material uncertainty that may cast significant doubt about the Group’s ability
to continue as a going concern. Should the Group be unable to raise sufficient capital to fund its future
working capital and exploration programs, it may be unable to realise its assets and discharge its liabilities
in the normal course of business. Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial report of the current period. These matters were addressed in the context of our audit
of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
47
Key audit matter
How the matter was addressed in our audit
carrying value of capitalised exploration & evaluation assets
Refer to Note 2.19 Critical accounting judgements, estimates and assumptions, Note 7
Exploration & Evaluation Assets
Capitalised exploration and evaluation
assets of approximately $2.56 million
represent the Group’s single largest
asset.
Asset valuation is considered a key
audit matter as the ability to recognise
and to continue to defer exploration
and evaluation assets under AASB 6:
Exploration for and Evaluation of
Mineral Resource is impacted by the
Group’s ability, and intention, to
continue with the operating activities or
its ability to realise this value through
development or sale.
We considered it necessary to assess
whether facts and circumstances
existed to suggest that the carrying
value of these assets may exceed its
recoverable amount.
Our procedures included, amongst others:
•
Addressed the Group’s assessment of the ability to
continue to defer the exploration and evaluation assets
under AASB 6.
•
Ensuring that the Group has the ongoing right to explore
in the relevant exploration areas of interests by
performing tenement title searches on government
websites, reviewing various internal reports, ASX
releases and discussions with management.
•
Assessing the carrying value of these assets for any
indicators of impairment through discussions with
management, review of ASX announcements to-date on
the Group’s current activities and review of other
documents.
•
Substantiated a sample of exploration expenditure
incurred during the year against supplier invoices.
•
Ensuring the Group is committed to continue exploration
and evaluation activity in the relevant areas of interest
including assessing their expenditures that have been
planned or budgeted for.
•
Considered the Group’s market capitalisation at balance
date as an indicator of impairment.
•
Assessed the appropriateness of the disclosures
contained 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 2024 but does not include the financial
report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
When we read the annual report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to the directors and will request that it is corrected. If it is not corrected,
we will seek to have the matter appropriately brought to the attention of users for whom our report is
prepared.
48
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a) the financial report (other than the consolidated entity disclosure statement) that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
b) the consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001, and
c) for such internal control as the directors determine is necessary to enable the preparation of:
i.
the financial report (other than the consolidated entity disclosure statement) that gives a
true and fair view and is free from material misstatement, whether due to fraud or error;
and
ii.
the consolidated entity disclosure statement that is true and correct and is free of
misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations,
or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted
in accordance with the Australian Auditing Standards will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of this financial report. A further description of our responsibilities for the audit of the financial report
is
located
on
the
Auditing
and
Assurance
Standards
Board
website
at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf. This description forms part of our
auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report as included in the directors’ report for the year ended 30 June
2024.
In our opinion, the Remuneration Report of Resource Base Limited, for the year ended 30 June 2024
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.
SL Tan
Moore Australia Audit (WA)
Partner – Audit and Assurance
Chartered Accountants
Moore Australia Audit (WA)
Perth
30th day of September 2024
49
ADDITIONAL ASX INFORMATION
50
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
Additional information required by ASX Listing Rules and not shown elsewhere in the report is set out below. The
information is current as of 19 September 2024.
1.
CORPORATE GOVERNANCE
Pursuant to the ASX Listing Rules, the Company’s Corporate Governance Statement will be released in conjunction
with this report. The Company’s Corporate Governance Statement is available on the Company’s website at:
https://resourcebase.com.au/about-us/corporate-governance/
2.
SUBSTANTIAL SHAREHOLDERS
The there were no substantial shareholders as at 19 September 2024.
3.
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 at all general meetings of the Company. Each shareholder entitled to vote
may vote in person or by proxy, attorney or representative or, if a determination has been made by the Board in
accordance with clause 13.35 of the Company’s constitution, by Direct Vote.
On a poll, every person present who is a Shareholder or a proxy, attorney or representative of a Shareholder (or where
a Direct Vote has been lodged) shall, in respect of each fully paid Ordinary Share held, or in respect of which they are
appointed a proxy, attorney or representative, have one vote for the Share.
Options
There are no voting rights attached to any class of options on issue.
4.
NON-MARKETABLE PARCELS
As at 19 September 2024, based on the Company’s closing share price of $0.034, an unmarketable parcel comprised
14,706 fully paid ordinary shares. There were 218 holders holding less than a marketable parcel of shares, for a total
of 1,230,302 fully paid ordinary shares.
5.
EQUITY SECURITIES
Analysis of equity securities on issue and the number of holders by size of holding as at 19 September 2024:
Ordinary Shares
Range
Number of
holders
Number of
securities
%
1
-
1,000
35
6,016
0.01
1,001
-
5,000
81
262,943
0.32
5,001
-
10,000
75
635,430
0.77
10,001 -
100,000
212
9,112,167
11.02
100,001
and over
125
72,667,929
87.89
Total
528
82,684,485
100.00
ADDITIONAL ASX INFORMATION
51
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
Unlisted options exercisable at $0.20 on or before 5 July 2026
Range
Number of
holders
Number of
securities
%
1
-
1,000
-
-
-
1,001
-
5,000
-
-
-
5,001
-
10,000
-
-
-
10,001 -
100,000
-
-
-
100,001
and over
6
7,185,640
100.00
Total
6
7,185,640
100.00
6.
UNQUOTED EQUITY SECURITY HOLDERS
As at 19 September 2024 the following classes of unquoted securities had holders with equal to or more than 20% of
that class on issue:
Unlisted options exercisable at $0.20 on or before 5 July 2026
Interest (%)
ASIPAC GROUP PTY LTD
23.46
MOLO CAPITAL PTY LTD
20.87
JOANNE GREEN
20.87
7.
TWENTY LARGEST SHAREHOLDERS
The twenty largest holders of ordinary fully paid shares at 19 September 2024 are set out below:
Name
Number of ordinary
shares held
%IC
1
BNP PARIBAS NOMINEES PTY LTD
7,123,566
8.62
2
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
3,867,623
4.68
3
HARBOUR VIEW CAPITAL PTY LTD
3,830,000
4.63
4
KINJUSCA PTY LTD
3,195,478
3.86
5
SAILORS OF SAMUI PTY LTD
3,177,000
3.84
6
MR ALAN CONIGRAVE
2,041,723
2.47
7
MR KEMPARAJU DANIGOWDA
1,889,430
2.29
8
PUNTERO PTY LTD
1,839,316
2.22
9
BLACKBIRD CAPITAL PTY LTD
1,775,000
2.15
10
MR SIMON CLARKSON
1,766,163
2.14
11
BRENT GRAEME PALMER
1,675,000
2.03
12
SCINTILLA STRATEGIC INVESTMENTS LIMITED
1,556,562
1.88
13
ZERRIN INVESTMENTS PTY LTD
1,476,786
1.79
14
MS ELIZABETH KATE WHITING + MRS WENDY ANN WHITING
1,400,000
1.69
15
MR ADRIAN ALEXANDER VENUTI
1,350,000
1.63
16
JEC CAPITAL PTY LTD
1,266,667
1.53
17
EULU INVESTMENTS PTY LTD
1,115,000
1.35
18
ASHBURTON FINANCE PTY LTD
1,000,000
1.21
19
KHAZA NOMINEES PTY LTD
1,000,000
1.21
20
MR MICHAEL SHIRLEY
1,000,000
1.21
Total
43,345,314
52.42
8.
RESTRICTED SECURITIES
There are no restricted securities on issue.
9.
ON-MARKET BUY-BACK
There is no current on-market buy-back.
ADDITIONAL ASX INFORMATION
52
RESOURCE BASE LIMITED ACN 113 385 425
Level 8/99 St Georges Terrace, Perth WA 6000
T. +61 8 9486 4036
E. admin@resourcebase.com.au
W. www.resourcebase.com.au
10.
MINING TENEMENT INTERESTS
Current interests in tenements held by RBX and its subsidiaries at 19 September 2024 are listed below:
Project
Location
Tenements Currently Held
Beneficial Interest
held
Mitre Hill Project
Victoria, Australia
EL7646 EL7640 EL7641 EL7647
100%
South Australia, Australia
EL6708
100%
Ernst Lake
Quebec, Canada
109 claims
2684840 to 2684881 and
2689914 to 2689917 and 2696399
to 2696400 and 2705256 to
2705316
100%
Wali
Quebec, Canada
100 claims
2662066 to 2662105 and 2668944
to 2668976 and 2671306 to
2671319 and 2672867 to 2672879
100%