ACN 122 995 073
FINANCIAL REPORT
30 JUNE 2023
FINANCIAL REPORT
FOR THE YEAR ENDED 30 JUNE 2023
CORPORATE DIRECTORY
DIRECTORS’ REPORT
AUDITOR’S INDEPENDENCE DECLARATION
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF CASH FLOWS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DIRECTORS’ DECLARATION
INDEPENDENT AUDITOR’S REPORT
CORPORATE GOVERNANCE STATEMENT
ASX ADDITIONAL INFORMATION
SCHEDULE OF INTEREST IN MINING TENEMENTS
CONTENTS
2
3
18
19
20
21
22
23
44
45
48
48
52
1
CORPORATE DIRECTORY
CORPORATE DIRECTORY
Directors:
Mr Jim Malone
Mr David Sanders
Mr Cain Fogarty
Company Secretary:
Johnathon Busing
Registered Office:
168 Stirling Highway
Nedlands WA 6009
Share Registry:
Automic Group
Level 2/267 St Georges Terrace
Perth WA 6000
Telephone 1300 288 664
Banker:
Westpac Banking Corporation
Level 13, 109 St Georges Terrace
Perth WA 6000
Auditor:
BDO Audit (WA) Pty Ltd
Level 9 Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
Securities Exchange:
Listed on the Australian Securities Exchange, ASX Code: Si6, Si6OF
2
DIRECTORS’ REPORT
Dear Shareholders,
Welcome to the 2023 Annual Report for Si6 Metals (ASX: Si6), following a financial year which has delivered notable progress
at our projects in Botswana and Australia, and concluded with an exciting proposal to acquire new critical minerals projects in
Brazil.
This was my first financial year as the Independent and Non-Executive Chairman of Si6 Metals, having been appointed to the
position in August 2022. It has been a busy period for Si6 since I joined, culminating in June with the proposed expansion into
Brazil.
This move, to acquire a 50% interest in a portfolio of Brazilian lithium and rare earth elements assets subject to shareholder
approval has the potential to expand Si6’s portfolio of ‘supply-critical metals’ by adding the Brazilian interests to our assets in
Botswana.
The proposed expansion into Brazil has been accompanied by positive developments in Botswana. After several years of
patience, Si6 was delighted that its Botswanan subsidiary, Africa Metals Limited, received new licences for our key assets in
the country, the Ni-Cu-Co-PGE resource at Maibele North and high-grade Cu-Ag discoveries at Airstrip and Dibete.
After the licences being suspended for seven years further exploration and drilling activities have now commenced
In Western Australia, Si6 delivered encouraging results from its Phase 2 and 3 drilling programs at the Monument Gold Project
(MGP) which followed the mineral resource of 154koz reported by the Company in 2021. Si6 will continue to pursue
opportunities to unlock the potential of MGP and further investigate the high-priority targets which have been identified at
this landholding.
Thank you to our management team and employees for their efforts in helping Si6 undertake these activities over the past
financial year. In addition to my appointment, Si6 also welcomed Jim Malone as Managing Director and Johnathon Busing as
Company Secretary, with both playing an integral role in driving Si6 towards its current direction, as well as the recent
appointment of Cain Fogarty as a Non-Executive Director.
Finally, I would like to thank our shareholders for the confidence you have placed in the Company, including during the recent
Entitlement Offer undertaken by the Company. With a busy period ahead for Si6 Metals, I look forward to keeping you updated
on the latest progress at our growing portfolio of projects.
Yours sincerely,
Mr David Sanders
Non-Executive Chairman
3
DIRECTORS’ REPORT
The Directors of Si6 Metals Limited (“Si6” or “the Company”) present their report, together with the financial statements on
the consolidated entity consisting of Si6 Metals Limited and its controlled entities for the year ended 30 June 2023 (“the
Period”).
It is recommended that the Directors’ Report be read in conjunction with the annual financial statements for the year ended
30 June 2023 and considered together with any public announcement made by the Company during the period and up to the
date of this report.
DIRECTORS
The names of the Company’s Directors who held office during the Period and until the date of this report are set out below.
The Directors were in office for this entire Period unless otherwise stated.
Director
Mr Jim Malone
Position
Non-Executive Director
Executive Director
Managing Director
Duration of Appointment
Appointed 30 April 2023, then
Appointed 10 May 2023, then
Appointed 16 August 2023
Mr David Sanders
Non-Executive Chairman
Appointed 12 August 2022
Mr Cain Fogarty
Non-Executive Director
Appointed 1 September 2023
Mr Patrick Holywell
Non-Executive Director
Mr Joshua Letcher
Non-Executive Director
Mr Steven Groves
Non-Executive Director
COMPANY SECRETARY
Appointed 25 November 2019,
Resigned 12 August 2022
Appointed 21 August 2017,
Resigned 1 September 2023
Appointed 22 February 2017,
Resigned 30 March 2023
Mr Johnathon Busing
Mr Busing is a Chartered Accountant with more than 12 years’ experience including ASX financial reporting and corporate
compliance for clients in the mining and resources industry. He is currently Company Secretary of several ASX listed Companies.
PRINCIPAL ACTIVITIES
The Group’s principal activities during the period continue to be exploration at the Maibele Base Metal Project (Botswana) and
at the Monument Gold Project (Western Australia).
OPERATING RESULTS
The consolidated loss for the year attributable to the members of the Company was:
Operating loss after income tax
Net consolidated loss attributable to members of the Company
2023
$
2022
$
(1,913,296)
(2,829,722)
(1,913,296)
(2,829,722)
4
DIVIDENDS
As the Group’s principal activities are minerals exploration it has not as yet paid any dividends and does not see any short–
term return to shareholders via dividend payments.
DIRECTORS’ REPORT
REVIEW OF OPERATIONS AND ACTIVITIES
Botswana Projects
Si6’s wholly owned Botswanan subsidiary Africa Metals (Pty) Ltd has been issued new licences to replace the JV licences
previously in suspension for circa 7 years. These licences contain the advanced Ni-Cu-Co-PGE resource at Maibele North and
high-grade Cu-Ag discoveries at Airstrip and Dibete. The JV licences are owned by Africa Metals (Pty) Ltd as manager for a JV
beneficially owned 60% by Africa Metals (Pty) Ltd and 40% by BCL Investments (Pty) Ltd as at year end.
In recent years, Si6 has continued discussions regarding the reinstatement of the JV Licences with various stakeholders
including the liquidators of BCL and various Botswanan Government bodies including the Department of Mines, Ministry of
Minerals and Energy and the Department of Environmental Affairs (DEA).
Si6 is delighted that the new JV Licences have been issued allowing drilling to now take place. Drilling commenced at Dibete
on 6 September 2023. The drilling program, which will be a combination of RC and Diamond Drilling, will continue at Airstrip
and Maibele North.
Figure 1: Location of Si6’s base metals project in Botswana consisting of the JV Licences (light blue, “Si6 BCL JV”) and 100%-owned
licences (darker blue, “Si6 Metals”). The JV Licences contain the Ni/Cu and PGM resource at Maibele as well as the high grade Cu/Au
discoveries at Airstrip and Dibete.
Si6 is primarily exploring for base and precious metals in the Limpopo Mobile Belt in Botswana, a district known for hosting
major nickel and copper producing operations. The Company’s portfolio contains an advanced Ni-Cu-Co-PGE resource at
Maibele North and drilled high-grade Cu-Ag discoveries at Airstrip and Dibete. The project contains nickel sulphide
mineralisation related to ultramafic intrusions within mobile belt rocks and is broadly similar in style to other ultramafic
intrusion-related mobile belt nickel discoveries such as IGO’s Nova Bollinger (ASX:IGO), Chalice Mining’s Julimar (ASX:CHN) and
the globally significant Thompson Belt in Canada. It currently hosts a resource of 2.4Mt @ 0.72% Ni and 0.21% Cu + PGMs + Co
+ Au.
Si6 also has secondary exploration targets for pegmatite-hosted mineralisation and other commodities including rare earths
and gold. The portfolio contains Archean cratonic rocks as well as re-worked Archean rocks and has been shown to contain
5
DIRECTORS’ REPORT
evidence of pegmatite dykes throughout. The Company’s portfolio abuts the Zimbabwe border where the same belt of Archean
geology hosts one of the world’s largest lithium pegmatite mines at Bikita.
Monument Gold Project (MGP), Western Australia
Si6’s 100%-owned MGP currently contains a 3.3Mt @ 1.4g/t Au for 154koz gold resource along the banded iron formations
(BIF) (Figure 1). Drilling for Si6’s current 154koz gold resource was completed in 2021 with the resource calculated by CSA
Global and announced mid-2021 (see ASX release on 2 August 2021). MGP contains multiple target styles of gold mineralisation
including BIFs and basalt-hosted, however, significant potential for large-tonnage deposits exists in the intrusion hosted
targets.
Si6 is currently focused on prospects where geochemical analysis provides indications of the existence of fractionated, felsic
intrusives belonging to the sanukitoid suite of evolved intrusive rocks. Such prospects are significant when taking into
consideration the similarities with other gold-bearing sanukitoid intrusions such as Hemi (~11Moz) or Tropicana (~5Moz), as
well as other nearby bulk tonnage, multi-million-ounce projects such as the Wallaby (~7Moz) and Jupiter (~1.5Moz) projects.
The MGP lies directly adjacent to and along strike of Dacian Gold Ltd.’s (Dacian, ASX: DCN) ~2Moz Au Mt Morgan’s Project).
Figure 2: Location of Si6’s 100%-owned gold project in Western Australia.
6
DIRECTORS’ REPORT
Proposed Brazilian Acquisition
In June 2023, Si6 Metals Ltd announced that it has entered into a Term Sheet Agreement with Foxfire Metals Pty Ltd (“Foxfire
Metals”) whereby Foxfire Metals granted Si6 the exclusive right to acquire a 50% interest in a portfolio of 10 licences and
licence applications (“Tenements”) located in Brazil and then enter into a joint venture with respect to the Tenements.
The Tenements are prospective for Lithium (Li), Rare Earth Elements (REE), Gold (Au), Base Metals and Platinum Group
Elements (PGE), comprising over 17,000 hectares in three different states of Brazil. Seven of the Tenements are located in the
state of Minas Gerais, including five in the Lithium Valley and two in Caldera, one in the state of Ceará, and one in the vastly
underexplored state of Amazon, where REEs have been encountered by Foxfire Metals in the Tenement area.
Foxfire Metals is an associate of Mr Pat Volpe, a substantial shareholder in Si6, and as such, the proposed acquisition will
require Si6 shareholder approval pursuant to ASX Listing Rules 10.1 and 10.11 at the upcoming 2023 AGM and the notice of
meeting to approve the transaction must include a report on the transaction from an Independent Expert.
CORPORATE ACTIVITY
Board changes
On 15 August 2022, the Company announced the appointment of David Sanders as an Independent and Non-Executive
Chairman to the Company. Mr Sanders is a corporate lawyer with over 20 years’ experience and is currently corporate counsel
at law firm Bennett. He has advised numerous entities, including ASX-listed and private companies on capital raising, mergers
and acquisitions, commercial transactions and ASX and Corporations Act compliance, across a range of industries. In addition
to his legal qualifications, Mr Sanders has a Bachelor of Commerce and Graduate Diploma of Applied Finance and Investments.
In April 2023, the Company announced the appointments of Jim Malone as Non-Executive Director to replace Steve Groves
who has accepted another full-time role and Johnathon Busing as Company Secretary to replace Mr Mauro Piccini.
In May 2023, Jim Malone transitioned to Executive Director and post 30 June (16 August) was appointed Managing Director.
Mr Malone is a highly experienced mining executive who has a Bachelor of Commerce from University of Western Australia
and over 30 years’ business experience including 25 years in the resource/mining industry. He has previously been involved in
15 Resource/Mining Companies at Executive level including roles as Founder, Chair, Managing Director, Non-Executive
Director, and Company Secretary. Mr Malone has raised over $500 million in equity and debt for various listed ASX companies
and has worked in Perth, Melbourne, London, Santiago, Lima and New York and has managed exploration, development and
operating assets in Australia, Europe, Africa, Asia, North America, Central America and Latin America. Prior to entering the
mining industry, Mr Malone worked in the AFL football industry at both West Coast Eagles (1992-1994) and Richmond Football
Clubs, including a six-year stint as the CEO of the Tigers from 1994 until 2000.
Mr Busing is Chartered Accountant with more than 12 years’ experience including ASX financial reporting and corporate
compliance for clients in the mining and resources industry. He is currently Company Secretary of several ASX-listed
Companies.
On 1 September 2023, the company announced the appointment of Cain Fogarty as Non-Executive Director to replace Joshua
Letcher. Mr Letcher has resigned to concentrate on his potential upcoming lithium focused IPO for Melvista Resources Ltd. Mr
Letcher had been a Director of the Company since 2017 (6 years).
Mr Fogarty is a highly experienced geologist who graduated as a Geologist (Honours) from the University of New England and
in Mineral Economics from Curtin University and has over 20 years’ experience in geology working for several ASX listed
companies as Geologist, Chief Geologist and Exploration Manager in both Australia and Africa across several different
commodities. Mr Fogarty worked for four years for Equinox Resources and Barrick in Zambia on the Cu-Co Zambian copper
belt.
7
DIRECTORS’ REPORT
Financial position
The financial results of the Company for the year ended 30 June 2023 are:
Cash and cash equivalents
Net Assets
Other income
Net loss after tax
Significant Changes in the State of Affairs
2023
2022
$
614,675
660,286
22,755
(1,913,296)
$
2,510,618
2,536,393
42,275
(2,829,722)
There have been no significant changes to the state of affairs during the year ended 30 June 2023.
After Balance Date Events
In July 2023, the Company announced the Brazil acquisition and resolved to proceed with the acquisition subject to shareholder
approval.
In July 2023, the Company raised $951,682 via an entitlement issue comprising one (1) new share for every three (3) shares
held by eligible shareholders at an issue price of $0.006 per share, together with one (1) free attaching New Option for every
one (1) New Share subscribed for (exercisable at $0.01 on or before 30 June 2025). For every New Option that is exercised, the
company will issue an additional Piggyback Option exercisable at $0.02 on or before 30 June 2027.
In August 2023, the Company announced the issue of an additional 339,851,132 New shares and 339,851,132 New options,
raising $2,039,107, following the completion of the Shortfall Offer pursuant to the Non-Renounceable Pro-Rata Entitlement
Offer.
On 16 August 2023, Mr Jim Malone was appointed Managing Director.
On 1 September 2023 Mr Joshua Letcher retired as a Director and was replaced by Mr Cain Fogarty.
On 6 September 2023, the Company announced that drilling had commenced at Dibete, one of the Company’s flagship projects
in Botswana, with 15 drill holes planned.
Other than the matters discussed above, there has not arisen in the interval between the end of the financial year and the
date of this report, any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors of the
Company to affect the operations of the Group, the results of these operations or the state of affairs of the Group in
subsequent years.
Future Developments
The Group continues to consider the acquisition and development of other investments, within the mining industry.
Information on Directors
David Sanders – Non-Executive Chairman (appointed 15 August 2022)
Mr Sanders is a corporate lawyer with over 20 years’ experience and has advised numerous entities, including ASX-listed and
private companies on capital raising, mergers and acquisitions, commercial transactions and ASX and Corporations Act
compliance, across a range of industries. In addition to his legal qualifications, Mr Sanders has a Bachelor of Commerce and
Graduate Diploma of Applied Finance and Investments.
8
DIRECTORS’ REPORT
During the past three years, Mr Sanders held the following directorship in other ASX listed companies:
Javelin Resources Ltd (current)
SQX Resources Ltd (current)
Mantle Minerals Ltd (resigned 4 March 2021)
Mr Jim Malone – Managing Director (appointed 30 April 2023)
Mr Malone is a highly experienced mining executive who has a Bachelor of Commerce from University of Western Australia
and has had over 30 years business experience including 25 years in the resource /mining industry. He has previously been
involved in 15 Resource/Mining Companies at Executive level including roles as Founder, Chair, Managing Director, Non-
Executive Director and Company Secretary.
During the past three years, Mr Malone held the following directorship in other ASX listed companies:
EV Resources Ltd (Resigned 30 June 2022)
Mr Cain Fogarty – Non-Executive Director (appointed 1 September 2023)
Mr Fogarty is a highly experienced geologist who graduated as a Geologist (Honours) from the University of New England and
in Mineral Economics from Curtin University and has over 20 years’ experience in geology working for several ASX listed
companies as Geologist, Chief Geologist and Exploration Manager in both Australia and Africa across several different
commodities. Mr Fogarty worked for four years for Equinox Resources and Barrick in Zambia on the Cu-Co Zambian copper
belt.
Mr Joshua Letcher – former Non-Executive Director (resigned 1 September 2023)
Mr Letcher has experience working in various operational and technical roles within the African and Australian mining industry.
He was the founder of Allotropes Diamonds Pty Ltd and was responsible for its acquisition by Newfield Resources Ltd (ASX:
NWF) which provided the company with A$4M in working capital. As CEO of Allotropes, Mr Letcher was responsible for the
development of the project from exploration to trial mining. The roles in that capacity included project management, plant
construction and commissioning, exploration management and asset acquisition. Mr Letcher served in the Royal Australian
Navy and trained as a Mechanical Engineer.
During the past three years, Mr Letcher held the following directorships in other ASX listed companies:
Non-executive Director of Aldoro Resources Limited (resigned 11 March 2022).
Non-executive Chairman of Aurum Resources Limited (resigned 17 February 2023).
Patrick Holywell – former Executive Chairman (resigned 15 August 2022)
Mr Holywell has over fifteen years of experience in accounting, finance and corporate governance, including employment at
Deloitte and Patersons. He is a Chartered Accountant and a Fellow of the Governance Institute of Australia with the last ten
years focused on Director/CFO/Company Secretarial roles. He has held roles with various companies particularly in the
resources and technology space. Mr Holywell has completed a Bachelor of Commerce at UWA, a Graduate Diploma of
Chartered Accounting with the Institute of Chartered Accountants and the Company Directors Course with the Australian
Institute of Company Directors.
During the past three years, Mr Holywell held the following directorship in other ASX listed companies:
Redcastle Resources Ltd (resigned 31 July 2023)
Norfolk Metals Ltd (current)
Steven Groves – former Non-Executive Director (resigned 30 March 2023)
Mr Groves has a Bachelor of Applied Geology (Honours) and completed a Master’s of Economic Geology from CODES-SRC at
the University of Tasmania.
9
DIRECTORS’ REPORT
Mr Groves brings 25 years of geological experience in the mining industry including exploration and management roles with
BHP Billiton (ASX: BHP), Newmont Mining, Newcrest Mining (ASX: NCM), A-Cap Resources (ASX: ACB) and Botswana Metals.
During the past three years, Mr Groves held the following directorship in another ASX listed companies:
Non-Executive Director of Sultan Resources Ltd (current)
Managing Director of Resolution Minerals Ltd (resigned 07 November 2022)
Interests in Shares and Options of the Group and Related Bodies Corporate
The following table sets out persons who were directors at 30 June 2023 and that Director’s relevant interest in shares, options
and performance rights of the Group or a related body corporate as at the date of this report.
Director
Jim Malone
David Sanders
Joshua Letcher
Total
Directors Meetings
Ordinary
Shares
Listed Share
Options
Unlisted Share
Options
-
-
958,334
958,334
-
-
-
-
-
-
-
-
The number of meetings of the Group’s Board of Directors held during the year ended 30 June 2023, and the numbers of
meetings attended by each director were:
Name
Patrick Holywell
Steven Groves
Joshua Letcher
David Sanders
Jim Malone
Board of Directors
Number eligible to
attend
Number attended
1
4
7
7
3
1
4
7
7
3
In addition to the scheduled Board meetings, Directors regularly communicate by telephone, email or other electronic means,
and where necessary, circular resolutions are executed to effect decisions.
Due to the size and scale of the Group, there is no Remuneration & Nomination Committee or Audit & Risk Committee at
present. Matters typically dealt with by these Committees are, for the time being, managed by the Board. For details of the
function of the Board, refer to the Corporate Governance Statement.
REMUNERATION REPORT (AUDITED)
Remuneration Policy
Key Management Personnel (“KMP”) have authority and responsibility for planning, directing and controlling the activities of
the Group. KMP of the Group comprise of the Board of Directors.
The Group’s broad remuneration policy is to ensure the remuneration package properly reflects the person’s duties and
responsibilities and that remuneration is competitive in attracting, retaining and motivating people of the highest quality.
No remuneration consultants were employed during the financial year.
Voting and comments made at the Company's Annual General Meeting
At the 2022 Annual General Meeting, the resolution to adopt the Remuneration Report for the year ended 30 June 2022 was
passed without amendment by 98.87% of the vote on the resolution to adopt the Remuneration Report.
The Company did not receive any specific feedback at the Annual General Meeting regarding its remuneration practices.
10
DIRECTORS’ REPORT
Remuneration Governance, Structure and Approvals
Remuneration of Directors is currently set by the Board of Directors. The Board has not established a separate Remuneration
Committee at this point in the Group’s development, nor has the Board engaged the services of an external remuneration
consultant. It is considered that the size of the Board along with the level of activity of the Group renders this impractical. The
Board is primarily responsible for:
The over-arching executive remuneration framework;
Operation of the incentive plans which apply to executive directors and senior executives, including key performance
indicators and performance hurdles;
Remuneration levels of executives; and
Non-Executive Director fees.
Their objective is to ensure that remuneration policies and structures are fair and competitive and aligned with the long-term
interests of the Company.
Non-Executive Remuneration Structure
The remuneration of Non-Executive Directors consists of Directors’ fees, payable in arrears. The total aggregate fixed sum per
annum to be paid to Non-Executive Directors in accordance with the Company’s Constitution shall be no more than A$250,000
and may be varied by ordinary resolution of the Shareholders in a General Meeting.
Remuneration of Non-Executive Directors is based on fees approved by the Board of Directors and is set at levels to reflect
market conditions and encourage the continued services of the Directors. The chair’s fees are determined independently to
the fees of the Non-Executive Director’s based on comparative roles in the external market. In accordance with the Company’s
Constitution, the Directors may at any time, subject to the Listing Rules, adopt any scheme or plan which they consider to be
in the interests of the Company and which is designed to provide superannuation benefits for both present and future Non-
Executive Directors, and they may from time to time vary this scheme or plan.
The remuneration of Non-Executive Directors is detailed in KMP Remuneration table and their contractual arrangements are
disclosed below.
Remuneration may also include an invitation to participate in share-based incentive programmes in accordance with Company
policy.
The nature and amount of remuneration is collectively considered by the Board of Directors with reference to relevant
employment conditions and fees commensurate to a company of similar size and level of activity, with the overall objective of
ensuring maximum stakeholder benefit from the retention of high performing Directors.
Remuneration and Performance
The following table shows the gross revenue, losses, earnings per share (“EPS”) of the Company as at 30 June 2023.
Other income ($)
Net profit/(loss) after tax ($)
EPS (cents)
30-Jun-23
30-Jun-22
22,755
(1,913,296)
(0.13)
42,275
(2,829,722)
(0.14)
Relationship between Remuneration and Company Performance
Given the current phase of the Company’s development, the Board does not consider earnings during the current and previous
financial year when determining, and in relation to, the nature and amount of remuneration of KMP.
Executive Remuneration
The pay and reward framework for key management personnel may consist of the following areas:
a) Fixed Remuneration – base salary
b) Variable Short-Term Incentives
c) Variable Long-Term Incentives
11
DIRECTORS’ REPORT
The combination of these would comprise the key management personnel’s total remuneration.
a)
Fixed Remuneration – Base Salary
The fixed remuneration for each senior executive is influenced by the nature and responsibilities of each role and
knowledge, skills and experience required for each position. Fixed remuneration provides a base level of remuneration
which is market competitive and comprises a base salary inclusive of statutory superannuation. It is structured as a total
employment cost package.
Key management personnel are offered a competitive base salary that comprises the fixed component of pay and
rewards. External remuneration consultants may provide analysis and advice to ensure base pay is set to reflect the
market for a comparable role. No external advice was taken this year. Base salary for key management personnel is
reviewed annually to ensure the executives’ pay is competitive with the market. The pay of key management personnel
is also reviewed on promotion. There is no guaranteed pay increase included in any key management personnel’s
contract.
b)
c)
Variable Remuneration – Short -Term Incentives (STI)
Discretionary cash bonuses may be paid to senior executives annually, subject to the requisite Board and shareholder
approvals where applicable.
Variable Remuneration – Long-Term Incentives (LTI)
Options are issued at the Board’s discretion. Other than options disclosed in the Remuneration Report there have been
no options issued to employees at the date of this financial report.
KMP Remuneration for the year ended 30 June 2023
Details of the nature and amount of each major element of the remuneration of each KMP of Si6 Metals Limited for the year
ended 30 June 2023 are:
Short-term Benefits
Post-employment
Benefits
Share-Based
Payments
Total
$
Name
Mr P Holywell1
Mr S R Groves 2
Mr J Letcher3
Mr J Malone
Mr D Sanders
Total
Cash Salary & Fees
$
12,232
36,000
48,000
10,000
53,226
159,458
Other
$
-
-
-
-
-
-
Superannuation
$
-
-
-
-
5,589
5,589
1 Mr Holywell was appointed as director on 22 November 2019 and resigned on 12 August 2022.
2 Mr Groves was appointed as director on 27 June 2019 and resigned on 30 March 2023.
3 Mr Letcher was appointed as director on 21 August 2017 and resigned on 01 September 2023.
$
-
-
-
-
-
-
12,232
36,000
48,000
10,000
58,815
165,047
KMP Remuneration for the year ended 30 June 2022
Short-term Benefits
Post-employment
Benefits
Share-Based
Payments
Total
$
Name
Mr P Holywell
Mr S R Groves
Mr J Letcher
Total
Cash Salary & Fees
$
105,600
84,000
48,000
237,600
Other*
$
25,000
-
-
25,000
Superannuation
$
-
-
-
-
$
-
-
-
-
130,600
84,000
48,000
262,600
* A discretionary cash bonus of $25,000 was approved by the Board for Mr Holywell’ services during the year for special exertions and
additional services provided.
The following table shows the relative proportions of remuneration that are linked to performance and those that are fixed,
based on the amounts disclosed as statutory remuneration expense in the tables above.
12
DIRECTORS’ REPORT
Relative proportion of fixed vs variable remuneration expense
Name
Key Management Personnel
Mr P Holywell
Mr S R Groves
Mr J Letcher
Mr J Malone
Mr D Sanders
Fixed Remuneration
Variable Remuneration
At Risk – STI (%)
At Risk – LTI (%)
2023
2022
2023
2022
2023
2022
2023
2022
100%
100%
100%
100%
100%
81%
100%
100%
-
-
-
-
-
-
-
19% -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Key management personnel personal equity holdings
Number of Shares held directly or indirectly by Key Management Personnel
2023
Mr P Holywell
Mr S R Groves
Mr J Letcher
Mr J Malone
Mr D Sanders
Total
Balance
1.7.2022
Received as
Compensation
Issued on
Exercise of
Options
15,000,000
1,013,492
958,334
-
-
16,971,826
-
-
-
-
-
-
-
-
-
-
-
-
Net Change
Other*
15,000,000
1,013,492
-
-
-
16,013,492
Balance
30.6.2023
-
-
958,334
-
-
958,334
*Net Change Other represents balance held on resignation.
Number of Listed Options Held directly or indirectly by Key Management Personnel
2023
Balance
1.7.2022
Granted as
Compensation
Exercised
Lapsed/
Expired
Net Change
Other
Balance
30.6.2023
Vested and
exercisable
Mr P Holywell
Mr S R Groves
Mr J Letcher
Mr J Malone
Mr D Sanders
Total
1,000,000
-
-
-
-
1,000,000
-
-
-
-
-
-
-
-
-
-
-
-
(1,000,000)
-
-
-
-
(1,000,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Number of Unlisted Options Held directly or indirectly by Key Management Personnel
2023
Balance
1.7.2022
Granted as
Compensation
Exercised
Lapsed/
Expired
Net Change
Other
Balance
30.6.2023
Vested and
exercisable
Mr P Holywell
Mr S R Groves
Mr J Letcher
Mr J Malone
Mr D Sanders
Total
-
5,625,000
2,375,000
-
-
8,000,000
-
-
-
-
-
-
-
-
-
-
-
-
-
(5,625,000)
(2,375,000)
-
-
(8,000,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Share-based compensation
There were no share-based payment during financial year 2023.
Equity Instruments Issued on Exercise of Remuneration Options
There were no remuneration options exercised during the financial year (2022: nil).
13
DIRECTORS’ REPORT
Key terms of employment contracts
The key terms of appointment of Mr Jim Malone are formalised in a non-executive services agreement (dated 12 April 2023)
and are as follows:
Term of agreement - commencing 03 April 2023, subject to retirement by rotation under the Company’s constitution.
A fee of $36,000 p.a. (excluding GST).
On 10 May 2023, through ASX announcement, Mr Malone was appointed as Executive Director.
A fee of $15,000 plus GST per month.
After the successful completion of the Entitlement issue, Mr Malone assumed the full-time role as Managing Director of the
Company and are formalised in an employment agreement dated 20 September 2023. Major provisions of the agreement are
set out below:
Term of agreement - commencing 01 August 2023, either party may terminate the agreement by giving six months
written notice. The Company may elect to make payment to Mr Malone in lieu of notice for any or all of the notice
period.
A fee of $200,000 p.a. (excluding GST) plus statutory superannuation.
A bonus of $36,667 for the period to 30 June 2024 subject to meeting the bonus criteria set out in Schedule 1 of the
employment agreement.
The key terms of appointment of Mr David Sanders are formalised in a services agreement (dated 12 August 2022). Major
provisions of the agreement are set out below:
Term of agreement - commencing 12 August 2022, subject to retirement by rotation under the Company’s
constitution.
A fee of $60,000 p.a. (excluding GST) plus statutory superannuation.
The key terms of appointment of Mr Joshua Letcher are formalised in a non-executive services agreement (dated 21 August
2017 and varied on 24 May 2022) and are as follows:
A fee of $48,000 p.a. (including GST).
The key terms of appointment of Mr Patrick Holywell are formalised in a services agreement (dated 20 November 2019 and
varied on 24 May 2022) and are as follows:
A fee of $105,600 p.a. (excluding GST, inclusive of superannuation) plus vehicle allowance and phone allowance,
commencing from 01 May 2022.
The key terms of appointment of Mr Steven Groves are formalised in a services agreement (dated 21 December 2017 and
varied on 21 June 2022) and are as follows:
A fee of $48,000 p.a. (excluding GST, inclusive of superannuation).
Other transactions with Directors and related parties
During the 2023 financial year, Corporate Advisory fees of $59,541 were paid to Richmond Advisory Pty Ltd, a company in
which Jim Malone is a director (2022: nil). An amount of $6,004.75 for Richmond Advisory Pty Ltd was included in trade and
other payables.
Transactions with related parties are on normal commercial terms and conditions no more favourable than those available to
other parties unless otherwise stated.
Loans with KMP
There were no loans made to any KMP during the year ended 30 June 2023 (2022: nil).
This is the end of the audited remuneration report
14
DIRECTORS’ REPORT
ADDITIONAL INFORMATION
Other income
EBITDA
EBIT
Loss after income tax
Share Price
Basic EPS (cent)
2023
$
22,755
(1,913,296)
(1,913,296)
(1,913,296)
0.005
(0.13)
2022
$
42,275
(2,823,482)
(2,829,024)
(2,829,722)
0.007
(0.14)
2021
$
11,119
(2,875,066)
(2,886,150)
(2,887,552)
0.012
(0.24)
2020
$
23,912
(686,375)
(686,375)
(686,375)
0.005
(0.11)
2019
$
18,547
(1,158,895)
(1,196,239)
(1,196,239)
0.005
(0.26)
The Company has not yet set measurable objectives for achieving gender diversity. The Company is currently not of a size that
justifies the establishment of measurable diversity objectives. As the Company develops, the Board will seek to develop a
reporting framework in the future to report the Company’s progress against the objectives and strategies for achieving a
diverse workplace which can be used as a guide to be used by the Company to identify new Directors, senior executives and
employees. The Company intends to appoint additional female Directors and employees should a vacancy arise, and
appropriately qualified and experienced individuals are available.
Operational and business risks
The Group’s activities have inherent risk and the Board is unable to provide certainty of the expected results of these activities,
or that any or all of these likely activities will be achieved. The material business risks faced by the Group that could influence
the Group’s future prospects, and how the Board manages these risks, are outlined below.
Access to and dependence on Capital Raisings
The development of the Group’s current of future projects may require additional funding. There can be no assurance that
additional capital financing will be available, if needed for exploration and operations, or that, if available, the terms of such
financing will be favourable to the Group.
Risk of failure in exploration
Payment of compensation is ordinarily necessary to acquire interest or participating interests in tenements. Also, surveying
and exploratory drilling expenses (exploration expenses) become necessary at the time of exploration activities for the purpose
of discovering resources.
There is, however, no guarantee of discovering resources on a scale that makes development and production feasible. The
probability of such discoveries is considerably low despite various technological advances in recent years, and even when
resources are discovered the scale of the reserves does not necessarily make commercial production feasible. For this reason,
the Group conservatively recognises expenses related to exploration expenditure in its consolidated financial statements. In
addition, if there are impossibilities of recovery of investment in an area of interest, the corresponding amount of investment
is recognised as an impairment while considering the recovery possibility of each project.
Although exploration (including the acquisition of interests) is necessary to secure the areas of interest or economically
recoverable reserves essential to the Group’s future sustainable business development, each type of investment involves
technological and economic risks, and failed exploration could have an adverse effect on the results of the Group’s operations.
Geopolitical Risk - Overseas Business Activities and Country Risk
The Group engages in exploration activities outside of Australia, mainly in Africa. The success of the Group’s operation depends
on the political stability in those countries and the availability of qualified and skilled workforce to support our operations.
While the operations of the Group in these countries is currently stable, a change in the government may result in changes to
the foreign investment laws and these assets could have an adverse effect on the Group’s operational results.
15
DIRECTORS’ REPORT
To manage this risk, the Group ensures that all significant transactions in these countries are supported by robust contracts
between the Group and third parties. The board has a process in place to continuously check the country risk management
before any significant investment is made. Furthermore, the board has developed a mechanism to counter legal risk, where
its foreign subsidiary and management can receive appropriate legal guidance regarding matters such as important
agreements and lawsuits in the foreign location.
Shares under option or issued on exercise of options
Details of unissued shares or interests under options as at the date of this report are:
Issuing entity
Grant date
Number of
shares under
option
Class of
shares
Exercise
price of
option
Expiry date of
options
Si6 Metals Limited
03 Aug 2023
498,464,833
Ordinary
$0.001
30 Jun 2025
Shares issued after the end of the financial year
In July 2023, 158,613,701 ordinary shares of the Company were issued via an entitlement issue comprising one (1) new share
for every three (3) shares held by eligible shareholders on the record date. In August 2023, 339,851,132 ordinary shares of the
Company were issued following the completion of the shortfall offer in relation to the Company’s completed entitlement offer.
At the date of this report, the total ordinary shares issued of the Company are as follows:
Issuing entity
Number of
shares issued
Class of shares
Amount paid
for shares
Amount unpaid
on shares
Si6 Metals Limited
1,993,859,425
Ordinary
$33,047,395
$NIL
Indemnification and insurance of officers and auditors
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 to ensure the Directors and Executives of the
Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure
of the nature of the liability and the amount of the premium.
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.
Environmental Regulations
The company is not currently subject to any specific environmental regulation. There have not been any known significant
breaches of any environmental regulations during the year under review and up until the date of this report.
AUDITOR
BDO Audit (WA) Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001.
16
DIRECTORS’ REPORT
Officers of the Company who are former partners of BDO Audit (WA) Pty Ltd
There are no officers of the Company who are former partners of BDO Audit (WA) Pty Ltd.
Auditor’s independence declaration
The auditor’s independence declaration under s 307C of the Corporations Act 2001 is set out on page 18 of the annual report.
This report is signed in accordance with a resolution of the Board of Directors.
Non-Audit Services
The Company may decide to employ the auditor on assignments additional to their statutory audit duties where the auditor’s
expertise and experience with the Company and/or the Company are important.
Refer to note 13 for details of the amounts paid or payable to the auditor for non-audit services provided during the year.
The Board of Directors has considered the position and is satisfied that the provision of the non-audit services is compatible
with the general standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that
the provision of non-audit services by the auditors, as set out below, did not compromise the auditor independent
requirements of the Corporations Act 2001 for the following reasons:
all non-audit services have been reviewed by the Board of Directors to ensure they do not impact the impartiality and
objectivity of the auditor; and
None of the services undermine the general principles relating to the auditor independence as set out in APES 110
Code of Ethics for Professional Accountants.
This report is signed in accordance with a resolution of Board of Directors.
Mr David Sanders
Chairman
28 September 2023
17
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
PO Box 700 West Perth WA 6872
Australia
DECLARATION OF INDEPENDENCE BY JARRAD PRUE TO THE DIRECTORS OF SI6 METALS LIMITED
As lead auditor of Si6 Metals Limited for the year ended 30 June 2023, I declare that, to the best of my
knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Si6 Metals Limited and the entities it controlled during the period.
Jarrad Prue
Director
BDO Audit (WA) Pty Ltd
Perth
28 September 2023
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia
Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO
International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability
limited by a scheme approved under Professional Standards Legislation.
1
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2023
Consolidated Group
Revenue and other income
Expenses
Administration and corporate expenses
Other expenses
Directors remuneration and fees
Professional fees
Marketing
Amortisation
Fair value gain/(loss)
Interest expense
Exploration expenses
Loss before Income Tax Expense
Income Tax Expense
Loss for the year attributable to owners of Si6 Metals Limited
Other Comprehensive Income for the year that may be subsequently
reclassified to the profit or loss
Exchange differences on translating foreign controlled operation
Total Comprehensive Loss attributable to owners of Si6 Metals
Limited
Notes
2023
2022
4
5a
5b
6
$
22,755
(271,858)
(128,934)
(165,047)
(496,886)
(109,780)
-
59,789
-
(823,335)
(1,913,296)
-
(1,913,296)
$
42,275
(290,209)
(104,617)
(262,600)
(288,960)
(123,776)
(5,542)
(103,208)
(698)
(1,692,387)
(2,829,722)
-
(2,829,722)
(6,044)
(7,296)
(1,919,340)
(2,837,018)
Basic Loss per Share (cents per share) & Diluted Loss per Share (cents
per share)
14
(0.13)
(0.14)
The accompanying notes form part of these financial statements.
19
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2023
Consolidated Group
Current Assets
Cash and Cash Equivalents
Trade and Other Receivables
Financial asset at fair value through
profit or loss
Total Current Assets
TOTAL ASSETS
Current Liabilities
Trade and other payables
Provisions
Total Current Liabilities
TOTAL LIABILITIES
NET ASSETS
Equity
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
Notes
7
8
9
10
11
12
2023
$
614,675
161,141
95,000
870,816
2022
$
2,510,618
120,371
26,000
2,656,989
870,816
2,656,989
199,403
11,127
210,530
210,530
660,286
28,659,812
785,764
(28,785,290)
660,286
89,669
30,927
120,596
120,596
2,536,393
28,616,579
791,808
(26,871,994)
2,536,393
The accompanying notes form part of these financial statements.
20
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For year ended 30 June 2023
Issued
Share
Capital
Share
Based
Payments
Reserve
Foreign
Currency
Translation
Reserve
Accumulated
Losses
Total
Equity
$
$
$
$
$
28,616,579
1,039,392
(247,583)
(26,871,994)
2,536,393
-)
-)
-)
43,233
-
-)
-)
-)
-)
-)
-)
(1,913,296)
(1,913,296)
(6,044)
(6,044)
-)
(6,044)
(1,913,296)
(1,919,340)
-)
-)
-)
-)
43,233
-
28,659,812
1,039,392
(253,628)
(28,785,290)
660,286
27,703,282
1,039,392
(240,287)
(24,042,272)
4,460,115
-)
-)
-)
493,488
419,809
-)
-)
-)
-)
-)
-)
(2,829,722)
(2,829,722)
(7,296)
(7,296)
-)
(7,296)
(2,829,722)
(2,837,018)
-)
-)
-)
-)
493,488
419,809
28,616,579
1,039,392
(247,583)
(26,871,994)
2,536,393
Balance at 1 July 2022
Loss after income tax for the year
Other Comprehensive income
Total comprehensive income/(loss)
Transactions with owners in their
capacity as owners
Shares issued during the year
Exercise of options
Balance at 30 June 2023
Balance at 1 July 2021
Loss after income tax for the year
Other Comprehensive income
Total comprehensive income/(loss)
Transactions with owners in their
capacity as owners
Shares issued during the year
Exercise of options
Balance at 30 June 2022
The accompanying notes form part of these financial statements.
21
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 June 2023
Cash Flows from Operating Activities
Payments to suppliers and employees
Interest received
Payments for interest
Exploration expenditure
Receipt of government grant
Net Cash Used in Operating Activities
Cash Flows Used In Investing Activities
Payment for an investment in listed shares
Net Cash Used In Financing Activities
Cash Flows from Financing Activities
Payments for lease liabilities
Payments of share capital issue costs
Proceeds from the exercise of options
Net Cash Received/(Used) From Financing Activities
Consolidated Group
Notes
2023
$
2022
$
(1,061,841)
13,290
-
(789,313)
9,465
(1,828,399)
(1,214,820)
714
(698)
(1,198,899)
-
(2,413,703)
7b
-
-
(38,087)
(38,087)
-
(61,500)
-
(61,500)
(9,449)
-
419,809
410,360
Net (Decrease) in Cash and cash equivalents held
Cash and cash equivalents at the Beginning of the Financial Year
Foreign currency effect on cash held
Cash and cash equivalents at the End of the Financial Year
(1,889,899)
2,510,618
(6,044)
614,675
(2,041,430)
4,559,417
(7,369)
2,510,618
7
The accompanying notes form part of these financial statements.
22
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a)
Reporting Entity
Si6 Metals Limited (referred to as “Company” or “parent entity”) is a company domiciled in Australia. The address of
the Company’s registered office and principal place of business is disclosed in the Corporate Directory of the Financial
Report. The consolidated financial statements of the Company as at and for the year ended 30 June 2023 comprise the
Company and its subsidiaries (together referred to as the “Consolidated Entity” or the “Group”).
(b)
Basis of Preparation
Statement of compliance
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards
and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as
appropriate for for-profit oriented entities. These financial statements also comply with International Financial
Reporting Standards as issued by the International Accounting Standards Board ('IASB').
Basis of measurement
The consolidated financial statements have been prepared on a going concern basis in accordance with the historical
cost convention, unless otherwise stated.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity
only. Supplementary information about the parent entity is disclosed in Note 20.
Basis of preparation and changes to the Group’s accounting policies
The consolidated entity has adopted all of the new or amended Accounting Standards and interpretations issued by
the Australian Accounting Standards Board (‘AASB”) that are mandatory for the current reporting period. No new
standards have had a significant impact on the Company’s financial statements.
Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been
early adopted by the consolidated entity.
Significant Judgements and Estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving
a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial
statements are disclosed in Note 2.
23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(c) Going Concern
The financial report has been prepared on a going concern basis, which contemplates the continuity of normal business
activity and the realisation of assets and the settlement of liabilities in the normal course of business. The Company
incurred a net loss of $1,913,296 for the year ended 30 June 2023 and had a net cash outflow from operations including
exploration and evaluation activities of $1,851,154 for the financial year. Notwithstanding this, the financial report has
been prepared on a going concern basis which the Directors consider to be appropriate based upon the available
unrestricted cash assets of $614,675 as at reporting date.
The ability of the group to continue as a going concern is dependent on the Company being able to raise additional
funds as required to meet ongoing and budgeted exploration commitments and for working capital. These conditions
indicate a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going
concern and, therefore, it may be unable to realise its assets and discharge its liabilities in the normal course of business.
The Directors believe that they will be able to raise additional capital as required and are in the process of evaluating
the Company’s cash requirements. The Directors believe that the Company will continue as a going concern. As a result,
the financial report has been prepared on a going concern basis. However, should the Company be unsuccessful in
undertaking additional raisings, the Company may not be able to continue as a going concern. No adjustments have
been made relating to the recoverability and classification of liabilities that might be necessary should the Company
not continue as a going concern.
Should the going concern basis not be appropriate, the entity may have to realise its assets and extinguish its liabilities
other than in the ordinary course of business and at amounts different from those stated in the financial report. No
allowance for such circumstances has been made in the financial report.
(d) Principles of Consolidation
Subsidiaries
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Si6 Metals Limited
(‘Company’ or ‘parent entity’) as at 30 June 2023 and the results of all subsidiaries for the year then ended. Si6 Metals
Limited and its subsidiaries together are referred to in this financial report as the consolidated entity.
Subsidiaries are all entities (including special purpose entities) over which the consolidated entity has the power to
govern the financial and operating policies, generally accompanying a shareholding of more than one-half of the voting
rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered
when assessing whether the consolidated entity controls another entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They are
de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between consolidated entity companies are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the
asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with
the policies adopted by the consolidated entity.
The acquisition method of accounting is used to account for business combinations by the consolidated entity.
(e) Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Board.
24
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(f)
Foreign Currency Translation
Functional and presentation currency
Items included in the financial statements of each of the consolidated entity’s entities are measured using the currency
of the primary economic environment in which the entity operates (“functional currency”). The consolidated financial
statements are presented in Australian dollars, which is Si6 Metals Limited’s functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and
from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in profit or loss.
Consolidated entity companies
The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy)
that have a functional currency different from the presentation currency are translated into the presentation currency
as follows:
• Assets and liabilities for each statement of financial position account presented are translated at the closing rate at
•
the date of that statement of financial position;
Income and expenses for each statement of profit or loss and other comprehensive income account are translated
at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates
prevailing on the transaction dates, in which case income and expenses are translated at the dates of the
transactions); and
• All resulting exchange differences are recognised in other comprehensive income and included in the foreign
currency translation reserve in the statement of financial position.
On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of
borrowings and other financial instruments designated as hedges of such investments, are recognised in other
comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are
repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.
(g) Revenue Recognition and other Income
The consolidated entity recognises revenue and other income as follows:
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the consolidated entity is expected to be
entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the
consolidated entity: identifies the contract with a customer; identifies the performance obligations in the contract;
determines the transaction price which takes into account estimates of variable consideration and the time value of
money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone
selling price of each distinct good or service to be delivered; and recognises revenue when or as each performance
obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised.
25
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(g) Revenue Recognition and other Income (continued)
Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as
discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent events.
Such estimates are determined using either the 'expected value' or 'most likely amount' method. The measurement of
variable consideration is subject to a constraining principle whereby revenue will only be recognised to the extent that
it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The
measurement constraint continues until the uncertainty associated with the variable consideration is subsequently
resolved. Amounts received that are subject to the constraining principle are initially recognised as deferred revenue in
the form of a separate refund liability.
Interest
Interest revenue is recognised as interest accrues using the effective interest method.
Other income
Other income is recognised when it is received or when the right to receive payment is established.
(h) Income Tax
The income tax expense or revenue for the period is the tax payable on the current period’s taxable income based on
the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable
to temporary differences and to unused tax losses.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred
tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not
accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination
that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is
determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting
period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax
liability is settled.
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.
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax
bases of investments in foreign operations where the Company is able to control the timing of the reversal of the
temporary differences and it is probable that the differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities
are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to
realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or
directly in equity, respectively.
26
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(i) Leases
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the
net present value of the fixed lease payments discounted using the incremental borrowing rate in the lease. Right-of-
use assets are measured at cost comprising the amount of the initial measurement of the lease liability, depreciated
over the lease term on a straight-line basis.
(j) Exploration and evaluation expenditure
The Group expenses exploration and evaluation expenditure as incurred in respect of each identifiable area of
interest until a time where an asset is in development.
Exploration and Evaluation expenditure
Exploration for and evaluation of mineral resources is the search for mineral resources after the entity has obtained
legal rights to explore in a specific area as well as the determination of the technical feasibility and commercial
viability of extracting mineral resource. Exploration and evaluation expenditure are expensed to the profit or loss as
incurred except when existence of a commercially viable mineral reserves has been established and it is anticipated
that future economic are more likely than not to be generated as a result of the expenditure.
(k) Cash and Cash Equivalents
Cash on hand and in bank and short-term deposits are stated at nominal value. For the purpose of the statement of
cash flows, cash includes cash on hand and in bank, and bank securities readily convertible to cash, net of outstanding
bank overdrafts.
(l) Trade and Other Receivables
Trade and other receivables include amounts due from customers for goods sold and services performed in the ordinary
course of business. Receivables expected to be collected within 12 months of the end of the reporting period are
classified as current assets. All other receivables are classified as non-current assets.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses (ECL). The ECL is based
on either the 12-month or lifetime ECL. The 12-month ECL is the portion of lifetime ECLs that results from default events
on a financial instrument that are possible within 12 months after the reporting date. When there has been a significant
increase in credit risk since origination, the allowance will be based on the lifetime ECL.
(m) Investments and other financial assets
Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the
initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently
measured at either amortised cost or fair value depending on their classification. Classification is determined based on
both the business model within which such assets are held and the contractual cash flow characteristics of the financial
asset, unless an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the
consolidated entity has transferred substantially all the risks and rewards of ownership. When there is no reasonable
expectation of recovering part or all of a financial asset, it's carrying value is written off.
Financial assets at fair value through profit or loss
Equity investments that are held for trading and for which the entity has not elected to recognise fair value gains and
losses through other comprehensive income are classified as financial assets at fair value through profit or loss.
27
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(m) Investments and other financial assets (continued)
Impairment of financial assets
The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are either
measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance
depends upon the consolidated entity's assessment at the end of each reporting period as to whether the financial
instrument's credit risk has increased significantly since initial recognition, based on reasonable and supportable
information that is available, without undue cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected
credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is
attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit
impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset's
lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the
probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the
original effective interest rate.
For financial assets measured at fair value, a fair value loss is recognised in profit or loss.
(n) Impairment of Assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets
that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs
to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which
there are separately identifiable cash flows. Where an impairment loss subsequently reverses, the carrying amount of
the asset, other than goodwill, is increased to the revised estimate of its recoverable amount, but only to the extent
the increased carrying amount does not exceed the carrying amount that would have been determined had no
impairment loss been recognised in prior years. A reversal of an impairment loss is recognised immediately in profit or
loss.
(o) Trade and Other Payables
Liabilities are recognised for amounts to be paid in the future for goods and services received whether
or not billed to the Group. Trade payables are usually settled within 30 days of recognition.
(p) Employee Benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be
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.
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date
are recognised in non-current liabilities, provided there is an unconditional right to defer settlement of the liability. The
liability is measured as the present value of expected future payments to be made in respect of services provided by
employees up to the reporting date using the projected unit credit method. Consideration is given to the expected
future wage and salary levels, experience of employee departures and periods of service. Expected future payments
are discounted using market yields at the reporting date on national government bonds with terms to maturity and
currency that match, as closely as possible, the estimated future cash outflows.
28
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(q) Share-based Payments
Equity-settled share-based compensation benefits are provided to Key Management Personnel and employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange
for the rendering of services.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined
using an appropriate valuation model that takes into account the exercise price, the term of the option, the impact of
dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield
and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine
whether the consolidated entity receives the services that entitle the employees to receive payment. No account is
taken of any other vesting conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the
vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the
best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount
recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts
already recognised in previous periods.
Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to market
conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other
conditions are satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made.
An additional expense is recognised, over the remaining vesting period, for any modification that increases the total
fair value of the share-based compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy the
condition is treated as a cancellation. If the condition is not within the control of the consolidated entity or employee
and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining
vesting period, unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining
expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled
and new award is treated as if they were a modification.
(r) Contributed equity
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of
tax, from the proceeds.
If the entity reacquires its own equity instruments, for example as a result of a share buy-back, those instruments are
deducted from equity and the associated shares are cancelled. No gain or loss is recognised in the profit or loss and the
consideration paid including any directly attributable incremental costs (net of income taxes) is recognised directly in
equity.
29
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(s) Earnings Per Share
Basic earnings per share
Basic earnings per share are calculated by dividing:
•
The profit attributable to owners of the Company, 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 year and excluding treasury shares.
Diluted earnings per share
Diluted earnings per share adjust 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 additional ordinary shares that would have been outstanding assuming the
conversion of all dilutive potential ordinary shares.
(t) Goods and Services Tax (“GST”)
Revenue, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not
recoverable from the taxation authority. In this case it is recognised as part of the cost of 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 taxation authority is included as a current asset or liability in the statement of
financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing and financing
activities which are recoverable from, or payable to, the taxation authority are presented as operating cash flows.
Commitments and contingencies are disclosed net of amount of GST recoverable from, or payable to, the tax
authorities.
(u) Current and Non-Current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the
consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised
within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being
exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as
non-current.
A liability is classified as current when: it is either expected to be settled in the consolidated entity's normal operating
cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period;
or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period.
All other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
30
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(v) Dividends
Dividends are recognised when declared during the financial year and are no longer at the discretion of the Company.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS AND ASSUMPTIONS
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect
the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation
to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and
assumptions on historical experience and on other various factors, including expectations of future events management
believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the
related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Share based payments
The consolidated entity measures the cost of equity-settled transactions with service providers by reference to the fair value
of the equity instruments at the date at which they are granted. The fair value is determined by using an appropriate valuation
model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates
and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets
and liabilities within the next annual reporting period but may impact profit or loss and equity.
SEGMENT INFORMATION
NOTE 3
The consolidated entity operates within two geographical segments within mineral exploration being Australia and Botswana.
The segment information provided to the chief operating decision maker is as follows:
Year Ended 30 June 2023
Revenue and other income
Result (loss)
Total assets
Total liabilities
Year Ended 30 June 2022
Revenue and other income
Result (loss)
Total assets
Total liabilities
Botswana
$
(22)
(233,370)
9,457
(21,106)
2,396
(338,648)
17,616
(25,402)
Total
$
22,755
(1,913,296)
870,816
(210,530)
42,275
(2,829,722)
2,656,989
(120,596)
Australia
$
22,777
(1,679,926)
861,359
(189,424)
39,879
(2,491,074)
2,639,373
(95,194)
31
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 4
REVENUE AND OTHER INCOME
Income from Ordinary Activities
Interest revenue
Sundry income
Government co-funded drilling
NOTE 5
EXPENDITURE
5(a) Professional Fees
Legal Fees
Corporate advisory
Accounting and audit fees
Consulting fees
5(b) Exploration Expenditure
Exploration Expenditure
Consolidated Group
2023
$
2022
$
13,290
(22)
9,487
22,755
714
2,396
39,165
42,275
Consolidated Group
2023
$
93,304
196,907
65,631
141,044
496,886
2023
$
2022
$
89,315
99,608
52,593
47,444
288,960
2022
$
823,335
823,335
1,692,387
1,692,387
32
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 INCOME TAX EXPENSE
Consolidated Group
2023
$
2022
$
The prima facie tax on loss from ordinary activities before income tax is reconciled
to income tax as follows:
(Loss) before income tax expense
(1,913,296)
(2,829,722)
Prima facie (tax benefit) on (loss) from ordinary activities before income tax at
30% (2022: 30%)
(573,989)
(848,917)
Add:
Tax effect of:
- Accrued expenses
- Non-deductible expenses
- Foreign tax rate differential
Less
Tax effect of:
- Other deductible items
- Non-assessable income
- Prepayments
Tax losses for the year
13,843
68,560
18,670
-
274,949
27,092
25,209
(51,662)
(10,572)
(509,941)
(47,875)
-
(12,553)
(607,304)
Prior year tax losses not previously brought to account
(4,087,877)
(3,480,573)
The Directors estimate that the potential deferred income tax assets at 30 June in
respect of tax losses not brought to account is:
Tax benefits not recognised during the year
Income Tax Expense for the year
(4,597,849)
(4,087,877)
4,597,849
4,087,877
-
-
Tax benefits are not brought to account for the year ended 30 June 2023 (2022: nil) as the certainty of recovery cannot yet
be reliably determined at this stage of the Group’s development.
33
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 CASH AND CASH EQUIVALENTS
Cash at bank and in hand
Term deposits held
NOTE 7A CASH FLOW INFORMATION
(a) Reconciliation of cash
For the purposes of the statement of cash flows, cash includes cash on hand and at
bank and short term deposits at call, net of outstanding bank overdrafts. Cash as at
the end of the financial year as shown in the statement of cash flows is reconciled to
the related items in the statement of financial position.
Cash at bank and on hand
(b) Reconciliation of cash
Operating Loss after income tax
Non–cash flows in loss:
- Depreciation
- Disposal loss on ROU Assets
-
-
Exploration expenditure (non-cash)
Fair value loss/(gain) on investment in listed shares
Working capital:
-
(Increase)/decrease in trade and other receivables
-
Increase/(decrease) in trade and other payables
-
Increase/(decrease) in provisions
Net cash (outflow) from operating activities
Consolidated Group
2022
2023
$
$
604,491
10,184
614,675
2,500,543
10,075
2,510,618
Consolidated Group
2023
$
2022
$
614,675
2,510,618
(1,913,296)
(2,829,722)
-
-
34,022
5,542
37,052
493,488
(59,789)
103,208
20,730
109,734
(19,800)
(1,828,399)
(47,788)
(160,107)
(15,376)
(2,413,703)
34
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 8 TRADE AND OTHER RECEIVABLES
Current
Trade and other receivables
Prepayments
GST receivable
Consolidated Group
2022
2023
$
$
19,956
102,028
39,157
161,141
3,230
66,788
50,353
120,371
Receivables past due but not considered impaired are $nil (2022: $nil). Other receivables are non-interesting bearing and are
generally on terms of 30 days. Information about the Group’s exposure to credit risk is provided in note 19.
NOTE 9 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
1,000,000 (2022: 1,000,000) fully paid ordinary shares held in Cobre Limited
2023
$
2022
$
95,000
95,000
26,000
26,000
The share price at year end was $0.095 and an unrealised fair value gain of $69,000 was recognised (2022: ($103,136)).
NOTE 10 TRADE AND OTHER PAYABLES
Current
Trade payables
Accrued remuneration owing to Directors
Accrued professional fees & operating expenses
Other payables
Information about the Group’s exposure to credit risk is provided in note 19.
Consolidated Group
2023
$
122,351
10,000
50,142
16,910
199,403
2022
$
58,166
-
14,000
17,503
89,669
35
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 11 ISSUED CAPITAL
1,495,394,592 (2022: 1,488,189,079) fully paid ordinary shares
(a)
Ordinary Shares
Consolidated Group
2023
$
2022
$
28,659,812
28,616,579
Date
Issue price
No. of Shares
$
Movement in ordinary shares on issue
Balance at the beginning of the year
Issue of shares – Monument Acquisition
Conversion of options
Issue of shares
Balance at the end of year
1 July 2021
23 August 2021
Various
30 June 2022
30 June 2022
-
1,393,260,264
27,703,282
$0.013
$0.008
$0.005
34,883,721
453,488
52,476,504
419,809
7,568,590
40,000
1,488,189,079
28,616,579
Balance at the beginning of the year
Issue of shares
1 July 2022
09 November 2022
-
$0.005(1)
Balance at the end of year
30 June 2023
1,488,189,079
7,205,513
1,495,394,592
28,616,579
43,233
28,659,812
(1) On 9 November 2022, the Company issued 7,205,513 shares to Prospect Drilling Pty Ltd in lieu of services rendered. The
volume weighted average price (VWAP) for the 5 days prior to the date of issue was 0.525 cents per share and the shares were
issued at a 10% discount to the 5 day VWAP, being, 0.472 cents per share.
NOTE 12 RESERVES
Share-based payments reserve (a)(i)
Foreign currency translation reserve (b)
Movement reconciliation
Share-based payments reserve (a) (i)
Balance at the beginning of the year
Balance at the end of the year
Movement reconciliation
Foreign currency translation reserve (b)
Balance at the beginning of the year
Other comprehensive income
Balance at the end of the year
2023
$
2022
$
1,039,392
(253,628)
785,764
1,039,392
(247,584)
791,808
1,039,392
1,039,392
1,039,392
1,039,392
(247,584)
(6,044)
(253,628)
(240,287)
(7,296)
(247,583)
Share-based payment reserve
The share-based payment reserve is used to record the value of share-based payments provided to outside parties, and
share-based remuneration provided to employees and directors.
36
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 13 REMUNERATION OF AUDITORS
Amounts received or due and receivable by BDO Audit (WA) Pty Ltd for:
Audit or review of the financial statements
Other services - BDO Corporate Tax (WA) Pty Ltd
Tax compliance
NOTE 14 LOSS PER SHARE (“LPS”)
a) Reconciliation of losses to profit or loss
Loss used to calculate basic and diluted loss per share
Consolidated Group
2022
2023
$
$
37,548
32,804
17,083
54,631
19,789
52,593
Consolidated Group
2023
$
2022
$
(1,913,296)
(2,829,722)
b) Weighted average number of ordinary shares used in the calculation of basic
and diluted loss per share
1,488,729,792
1,983,259,676
Basic and diluted loss per share ($0.13) (2022: ($0.14)).
NOTE 15 CONTROLLED ENTITY
Country of
Incorporation
Principal Activity
African Metals (Pty) Ltd
Botswana
Mineral Exploration
Monument Exploration Pty Ltd
Australia
Mineral Exploration
Class of
Share
Ordinary
Ordinary
Equity Holding
2023
%
100
100
2022
%
100
100
37
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 16 COMMITMENTS
Committed Exploration Expenditure
Payable
-
-
-
not later than 12 months
between 12 months and 5 years
greater than 5 years
Consolidated Group
2023
$
2022
$
1,219,990
1,880,200
683,823
829,787
-
-
3,100,190
1,513,610
The commitments relate to the Prospecting licences issued to African Metals (Pty) Ltd by the Department of Mines in Botswana
and the licences issued to Monument Exploration Project Pty Ltd (an asset acquisition of the Company and its licences occurred
during the financial year). Expenditures are required to maintain the right of tenure to exploration until the expiry of the
licences. These obligations are subject to renegotiation upon expiry of the tenements and are not provided for in the financial
statements.
The Group anticipates future expenditure on its current rights of tenure to exploration and mining tenements up until their
expiry. In the event the Group does not meet the minimum exploration expenditure the licences may be cancelled or not
renewed.
NOTE 17 CONTINGENT LIABILITIES
Magogaphate Tenement
Although the Group acquired a 100% interest in the Magogaphate group of tenements in Botswana from A-Cap Resources
Limited in 2007, Mr Bruce Edds has retained a right to a 5% net profits share. The Group therefore, has a contingent liability
to Mr Edds should it establish a profitable mining operation on those tenements. The 5% net profits share interest is limited
to the three tenements subject to joint venture with BCL, namely PL2477/2023, PL2478/2023 and PL2479/2023 (replacing
previous licences PL 110/1994, PL 111/1994 and PL 54/1998). A profitable mining operation has not yet been established and
accordingly there have been no payments to Mr Edds.
NOTE 18 RELATED PARTY INFORMATION
Details relating to key management personnel, including remuneration paid, are below.
Key Management Personnel Compensation
Short-term benefits
Total
2023
$
165,047
165,047
2022
$
262,600
262,600
38
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 18 RELATED PARTY INFORMATION (CONTINUED)
Related Party Transactions
Director fees paid to Upgrade Fund Pty Ltd(i)
Director fees paid to PWT Corporate Pty Ltd(ii)
Corporate Advisory fees paid to Richmond Advisory Pty Ltd(iii)
Total
(i) An entity in which Joshua Letcher is a Director.
(ii) An entity in which Patrick Holywell is a Director.
(iii) An entity in which Jim Malone is a Director.
All amounts above are exclusive of GST.
2023
$
-
-
59,541
59,541
2022
$
48,000
130,600
-
178,600
Expenses paid by, or for, Directors and related entity were, or will be, reimbursed at cost.
The Company previously had a motor vehicle amount of $96,140 financed at an interest rate of 2.98%, expiring December
2026. During the 2022 financial year, the finance lease was paid out by Patrick Holywell, a previous director of the Company,
and ownership of the vehicle was subsequently transferred to the director.
The Company has provided at call interest free unsecured loans to its wholly owned subsidiary African Metals (Pty) Ltd and
Monument Exploration Pty Ltd to pay operational and exploration costs.
Terms and conditions
All transactions were made on normal commercial terms and conditions and at market rates.
NOTE 19 FINANCIAL RISK MANAGEMENT
The Group’s financial instruments consist mainly of deposits with banks, an investment in equity securities and accounts
receivable and payable.
Treasury Risk Management
The Board of Directors meets on a regular basis to analyse financial risk exposure and to evaluate treasury management
strategies in the context of the most recent economic conditions and forecasts. The Board’s overall risk management strategy
seeks to assist the Group in meeting its financial targets, whilst minimising potential adverse effects on financial performance.
Financial Risk Exposures and Management
The main risk the group is exposed to through its financial instruments is liquidity risk.
Liquidity Risk
Liquidity risk arises from the possibility that the group might encounter difficulty in settling its debts or otherwise meeting its
obligations related to financial liabilities. The group manages liquidity risk by monitoring forecast cash flows and only investing
surplus cash with major financial institutions.
39
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 19 FINANCIAL RISK MANAGEMENT (CONTINUED)
Maturity analysis:
Consolidated
2023
Financial liabilities
Trade and other payables
<6 months
$
6-12 months
$
1-5 years
$
>5 years
$
Total
$
(199,403)
-
-)
-)
(199,403)
Consolidated
2022
<6 months
$
6-12 months
$
1-5 years
$
>5 years
$
Total
$
Financial liabilities
Trade and other payables
(89,669)
-
-)
-)
(89,669)
Interest rate risk
The Group is exposed to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result of
changes in the market interest rates on interest bearing financial instruments. The Group’s exposure to this risk relates
primarily to the Group’s cash and any cash on deposit. The Group does not use derivatives to mitigate these exposures.
The Group manages its exposure to interest rate risk by holding certain amounts of cash in fixed and floating interest rate
facilities. At the reporting date, the interest rate profile of the Group’s interest-bearing financial instruments was:
Cash and cash equivalents
2023
2022
Weighted
average
interest rate (i)
0.79%
Balance
$
614,675
Weighted
average interest
rate (i)
0.02%
Balance
$
2,510,618
(i) This interest rate represents the average interest rate for the period.
Sensitivity
Within the analysis, consideration is given to potential renewals of existing positions and the mix of fixed and variable
interest rates. The following sensitivity analysis is based on the interest rate risk exposures in existence at the reporting
date. The 1% increase and 1% decrease in rates is based on reasonably expected possible changes over a financial year,
using the observed range of historical rates for the preceding five-year period.
At 30 June 2023, if interest rates had moved, as illustrated in the table below, with all other variables held constant,
post-tax losses and equity would have been affected as follows:
Judgements of reasonably possible
movements:
+ 1.0% (100 basis points)
- 1.0% (100 basis points)
Profit higher/(lower)
2022
2023
$
$
6,147
(6,147)
25,106
(25,106)
Credit risk
Credit risk arises from the financial assets of the Company, which comprise cash and cash equivalents and trade and other
receivables. The Company’s exposure to credit risk arises from potential default of the counterparty, with maximum exposure
equal to the carrying amount of the financial assets.
40
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 19 FINANCIAL RISK MANAGEMENT (CONTINUED)
The Company’s policy is to trade only with recognised, creditworthy third parties. It is the Company’s policy that all customers
who wish to trade on credit terms will be subject to credit verification procedures.
In addition, receivable balances are monitored on an ongoing basis with the result that the Company’s exposure to bad debts
is not significant. There are no significant concentrations of credit risk within the Company except for cash and cash
equivalents. The Company’s cash accounts are held with Westpac, their credit rating is AA- by S&P Global and Moody’s.
Price risk
The group’s exposure to equity securities price risk arises from a publicly traded investment in the ASX. To manage price risk,
the group regularly monitors the price of the equity security to determine its investment position. The loss of the Company
in the securities market were to
would
decrease/(increase) by 5%.
increase/(decrease) by $4,750/($4,750) (2022:$1,300/($1,300))
if prices
Foreign Currency Risk
The Group undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk through
foreign exchange rate fluctuations. The Group also has exposure to foreign exchange risk due to the currency cash reserves
and other balances denominated in foreign currencies. The Group does not actively manage foreign currency risk and does
not make use of derivative financial instruments.
The following sensitivity is based on the foreign currency risk exposures in existence at the reporting date.
At 30 June 2023, had the Australian Dollar/Botswana Pula exchange rate moved, as illustrated in the table below with all other
variables held constant, post-tax profit would have been affected as shown.
Judgments of
reasonable
possible
movements
AUD/BWP +5%
AUD/BWP -5%
Post-tax Loss
Higher/(Lower)
Other Comprehensive
Income
Higher/(Lower)
Equity
Higher/(Lower)
2023
$
11,669
(11,669)
2022
$
16,932
2023
$
11,366
2022
$
16,568
2023
$
23,035
(16,932)
(11,366)
(16,568)
(23,035)
2022
$
33,500
(33,500)
Management believes the reporting date risk exposures are representative of the risk exposure inherent in the financial
instruments.
The net fair values of financial assets and liabilities approximate their carrying values due to their short-term nature.
Capital Risk Management
The Group manages its capital to ensure that Companies in the Group will be able to continue as a going concern while
maximising the return to stakeholders through the optimisation of the debt to equity balance. The Group’s focus has been to
raise sufficient funds through equity to fund exploration and resource development activities.
The Group’s overall strategy remains unchanged from 2022. Risk management policies and procedures are established with
regular monitoring and reporting. The capital structure of the Group consists of cash and cash equivalents and equity
attributable to equity holders of the parent, comprising of issued capital, reserves and accumulated losses as disclosed in Notes
11 and 12 respectively.
The Group operates in Australia and Botswana. None of the Group’s companies are subject to externally imposed capital
requirements.
41
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 20 PARENT ENTITY DISCLOSURES
Financial Position
Assets
Current assets
Total assets
Liabilities
Current liabilities
Total liabilities
Issued capital
Reserves
Accumulated losses
Total equity
Financial Performance
Loss for the year
Other comprehensive income
Total comprehensive loss
2023
$
2022
$
861,359
861,359
2,639,373
2,639,373
184,619
184,619
95,194
95,194
28,536,812
28,616,579
1,039,392
1,039,392
(28,899,464)
(27,111,792)
676,740
2,544,179
(1,787,672)
(2,845,166)
-
-
(1,787,672)
(2,845,166)
Guarantees, contingent liabilities and contractual commitments
The subsidiary company has expenditure commitments to maintain its current rights of tenure to exploration and mining
tenements up until the expiry of the leases including its joint venture commitments. These obligations are subject to
renegotiation upon expiry of the leases and are not provided for in the financial statements. The parent entity may provide
funds to ensure the subsidiary company can fulfil these commitments as well as any other operating commitments.
NOTE 21 EVENTS AFTER THE END OF THE REPORTING PERIOD
In July 2023, the Company announced the completion of due diligence on the Rare Earth Elements (REE) and Lithium assets
portfolio in Brazil and resolved to proceed with the acquisition, which will be subject to shareholder approval.
In July 2023, the Company raised $951,682 via an entitlement issue comprising one (1) new share for every three (3) shares
held by eligible shareholders at an issue price of $0.006 per share, together with one (1) free attaching New Option for every
one (1) New Share subscribed for (exercisable at $0.01 on or before 30 June 2025). For every New Option that is exercised, the
company will issue an additional Piggyback Option exercisable at $0.02 on or before 30 June 2027.
In August 2023, the Company announced the issue of an additional 339,851,132 New shares and 339,851,132 New options,
raising $2,039,107, following the completion of the Shortfall Offer pursuant to the Non-Renounceable Pro-Rata Entitlement
Offer. Subsequently, Mr Jim Malone was appointed Managing director effective from 16 August 2023.
On 16 August 2023, Mr Jim Malone was appointed Managing Director.
On 1 September 2023 Mr Joshua Letcher retired as a Director and was replaced by Mr Cain Fogarty.
42
NOTE 21 EVENTS AFTER THE END OF THE REPORTING PERIOD (CONTINUED)
In September 2023, the Company announced that drilling has commenced at Dibete, one of the Company’s flagship projects
in Botswana, with 15 drill holes planned.
Other than the matters discussed above, there has not arisen in the interval between the end of the financial year and the
date of this report, any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors of the
Company to affect the operations of the Group, the results of these operations or the state of affairs of the Group in
subsequent years.
43
DIRECTORS’ DECLARATION
In the Directors’ opinion:
a)
b)
c)
The financial statements and accompanying notes are in accordance with the Corporations Act 2001, including:
i) complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements; and
ii) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2023 and of its performance
for the year ended on that date.
The financial statements and notes comply with International Financial Reporting Standards as described in Note 1 to
the financial statements.
There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the
Directors by:
Mr David Sanders
Chairman
28 September 2023
44
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9
Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Si6 Metals Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Si6 Metals Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2023, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
to the financial report, including a summary of significant accounting policies and the directors’
declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2023 and of its
financial performance for the year ended on that date; 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 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 confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
1
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd
ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International
Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme
approved under Professional Standards Legislation.
Material uncertainty related to going concern
We draw attention to Note 1 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 and therefore the group 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. In addition to the matter described in the Material uncertainty
related to going concern section, we have determined the matters described below to be the key audit
matters to be communicated in our report.
Accuracy & Validity of Exploration and Evaluation Expenditure
Key audit matter
How the matter was addressed in our audit
During the year ended 30 June 2023, the Group
Our procedures included, but were not limited to:
incurred significant expenditure in relation to its
exploration and evaluation activities as recognised
within the consolidated statement of comprehensive
income. Notes 1(j) and 5(b) include related disclos-
ures and associated accounting policies.
•
Obtaining a schedule of the areas of interest
held by the Group and testing on a sample
basis whether the rights to tenure of those
areas of interest to which expenditure
relates remained current at balance date;
•
Testing on a sample basis, exploration and
This is a key audit matter due to the volume of
evaluation expenditure to supporting
transactions and significance of the exploration and
documentation considering the nature and
evaluation expenditure incurred during the year.
the validity of expenditure; and
•
Assessing the adequacy of related disclosures
within the financial report.
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2023, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
2
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at 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.
3
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 10 to 14 of the directors’ report for the
year ended 30 June 2023.
In our opinion, the Remuneration Report of Si6 Metals Limited, for the year ended 30 June 2023,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit (WA) Pty Ltd
Jarrad Prue
Director
Perth, 28 September 2023
4
CORPORATE GOVERNANCE STATEMENT
The Company has elected to publish its Corporate Governance Statement on its website in accordance with ASX Listing Rule
4.10.3.
A copy of the Corporate Governance Statement can be found at:
https://www.si6metals.com/about-us/corporate-governance/
ASX ADDITIONAL INFORMATION
Additional information required by the Australian Securities Exchange and not shown elsewhere in this Annual Report is as
follows. The information is current as of 18 September 2023.
DISTRIBUTION OF EQUITY SECURITIES
Ordinary share capital
1,993,859,425 fully paid shares held by 3,986 individual shareholders. All issued ordinary shares carry one vote per
share and carry the rights to dividends.
The number of shareholders, by size of holding, is:
Range
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
Total
Holders
95
37
25
2,043
1,786
3,986
Units
14,289
110,923
194,964
98,604,207
1,894,935,042
1,993,859,425
Percentage
0.00%
0.01%
0.01%
4.95%
95.04%
100.00%
48
TWENTY LARGEST SHAREHOLDERS
Position
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Holder Name
Patrick Volpe
MRS YIHONG WU
Michael Schloman
Halcyon One Pty Ltd
MS CHUNYAN NIU
DISCOVEX RESOURCES LIMITED
CITICORP NOMINEES PTY LIMITED
BNP PARIBAS NOMINEES PTY LTD
AUSTRALIAN LEISURE EQUITY PTY LTD
MR ARTHUR IOANNOU &
MS OLIVIA KEENE
MR REUBEN MICHAEL CIAPPARA
Craig Nash
MERRILL LYNCH (AUSTRALIA) NOMINEES PTY
LIMITED
PROSPECT DRILLING PTY LTD
MR ALEX PO-TSUN CHU
MR COLIN MACKAY
Patrick Holywell
TPC CONSULTING PTY LTD
MR JI XIONG
MR MARK JOHN KOCSIS &
MRS BETSEY MAY KOCSIS
Holding
202,666,668
38,066,667
37,250,000
35,139,037
23,968,331
24,836,411
22,817,555
21,318,139
20,000,000
19,866,667
19,500,000
19,015,402
16,000,186
14,774,103
14,734,348
14,000,000
13,000,000
12,837,666
12,013,010
12,000,735
% IC
10.16%
1.91%
1.87%
1.76%
1.20%
1.25%
1.14%
1.12%
1.00%
1.00%
0.98%
0.95%
0.80%
0.74%
0.74%
0.70%
0.65%
0.64%
0.60%
0.60%
Total
603,308,426
30.26%
SUBSTANTIAL SHAREHOLDERS
Substantial shareholders in the Company are:
Patrick Volpe & associated entities
Ordinary Shares
Number
Percentage
202,666,668
10.16%
VOTING RIGHTS
The voting rights attaching to each class of equity security are set out below:
Ordinary Shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share
shall have one vote.
Options
Options carry no voting rights.
Options
498,464,833 listed $0.01 options expiring 30 June 2025 are held by 337 option holders. All listed options carry no
voting rights.
49
The number of option holders, by size of holding, is:
Range
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
Total
TWENTY LARGEST OPTION HOLDERS – SI6OF
Position
1
2
3
4
5
6
7
7
8
9
10
11
11
12
13
14
14
14
14
14
15
15
15
15
15
16
17
18
Holder Name
Patrick Volpe
MS CHUNYAN NIU
M T & G K INVESTMENTS PTY LTD
TPC CONSULTING PTY LTD
Halcyon One Pty Ltd
MR COLIN MACKAY
MR SCOTT ARTHUR CLUFF
MR MARK TRENT
Patrick Holywell
MRS YIHONG WU
IMAX BUSINESS GROUP PTY LTD
PHEAKES PTY LTD
MR HAMISH BRUCE MACPHERSON
SALTINI PTY LTD
CITICORP NOMINEES PTY LIMITED
LUCERNEVALE PASTORAL PTY LTD
RIYA INVESTMENTS PTY LTD
CUSTODIAL SERVICES LIMITED
MR ALEXANDER LEWIT
MR PETER ROBERT JUSTIN CLARKE
FRANGIPANNI INVESTMENTS PTY LTD
HARTKON INVESTMENTS PTY LTD
GOODEN INVESTMENTS PTY LTD
MR MARK SKINNER
MR DAYMON MAGDY SAID
MR ARTHUR IOANNOU &
MS OLIVIA KEENE
MR PATRICK HOLYWELL
MR ANTHONY CRAIG PATERSON
50
Holders
5
7
15
97
213
337
Units
186
25,330
115,797
4,346,461
493,977,059
498,464,833
Percentage
0.00%
0.01%
0.02%
0.87%
99.10%
100.00%
Holding
50,666,667
30,245,581
18,000,000
12,837,666
12,534,760
12,000,000
10,000,000
10,000,000
9,999,999
9,494,445
9,000,000
8,333,333
8,333,333
7,500,000
6,294,602
6,000,000
6,000,000
6,000,000
6,000,000
6,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
4,966,667
4,440,320
4,200,000
% IC
10.16%
6.07%
3.61%
2.58%
2.51%
2.41%
2.01%
2.01%
2.01%
1.90%
1.81%
1.67%
1.67%
1.50%
1.26%
1.20%
1.20%
1.20%
1.20%
1.20%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
0.89%
0.84%
Position
19
20
20
20
Holder Name
I AND J CONSULTING PTY LTD
MR IAN THOMPSON &
MR PETER RANDAL THOMPSON
5150 CAPITAL PTY LTD
MR HUGH JAMES PILGRIM
Total
UNMARKETABLE PARCELS
Holding
4,166,666
4,000,000
4,000,000
4,000,000
300,014,039
% IC
0.84%
0.80%
0.80%
0.80%
60.19%
There were 1,604 holders of less than a marketable parcel of ordinary shares, which as at 18 September 2023 was 51,111.
RESTRICTED / UNQUOTED SECURITIES
There are no restricted or unquoted securities on issue.
ON-MARKET BUY-BACK
There is currently no on-market buyback program for any of ‘SI6 Metals’ listed securities.
SECURITIES EXCHANGE
The Company is listed on the Australian Securities Exchange under the code SI6.
ACQUISITION OF VOTING SHARES
No issues of securities have been approved for the purposes of Item 7 of Section 611 of the Corporations Act 2001.
TAX STATUS
The Company is treated as a public company for taxation purposes.
FRANKING CREDITS
The Company has no franking credits.
51
SCHEDULE OF INTERESTS IN MINING TENEMENTS AS AT 30 JUNE 2023
EXPLORATION AREAS HELD IN BOTSWANA
The Company holds the following prospecting licences in Botswana (all held by African Metals (Pty) Ltd):
Tenement
Area sqkm
Renewal / Expiry
Date
Percentage
Holding
Comment
PL183/2021
PL 006/2021
PL 007/2021
PL186/2020
PL188/2020
PL136/2021
PL222/2022
PL2477/2023
PL2478/2023
PL2479/2023
652
460
256
100
210
96
45
27
35
79
31/12/2024
30/06/2024
30/06/2024
31/12/2023
31/12/2023
30/09/2024
30/09/2025
31/03/2026
31/03/2026
31/03/2026
100
100
100
100
100
100
100
60
60
60
Active
Active
Active
Active
Active
Active
Active
Farm-in agreement with BCL Ltd
(currently in liquidation)
Farm-in agreement with BCL Ltd
(currently in liquidation)
Farm-in agreement with BCL Ltd
(currently in liquidation)
EXPLORATION AREAS HELD IN WESTERN AUSTRALIA
The Company holds the following licences in Western Australia (all held by Monument Exploration Pty Ltd):
Tenement
E39/1846
E39/1866
E39/2024
E39/2035
E39/2036
E39/2139
E39/2394
P39/5837
P39/5855
P39/5880
P39/5899
P39/5910
P39/6051
Renewal /
Expiry Date
16/06/2025
1/02/2027
2/07/2028
2/07/2028
2/07/2028
21/07/2025
30/10/2026
3/07/2027
15/05/2027
1/10/2026
30/10/2026
6/04/2024
Percentage
Holding
Comment
100
100
100
100
100
100
100
100
100
100
100
100
100
Active
Active
Active
Active
Active
Active
Pending Application
Active
Active
Active
Active
Active
Active
52
P39/6052
P39/6053
P39/6054
P39/6055
P39/6056
P39/6057
P39/6058
6/04/2024
6/04/2024
5/08/2024
1/12/2024
1/12/2024
2/12/2024
2/12/2024
100
100
100
100
100
100
100
Active
Active
Active
Active
Active
Active
Active
53