1
TALISMAN MINING LIMITED
ABN 71 079 536 495
ANNUAL REPORT
FOR THE YEAR ENDED
30 JUNE 2024
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Corporate Directory
DIRECTORS
Mr Kerry Harmanis
Non-Executive Chairman
Mr Andrew Munckton
Managing Director
Mr Jeremy Kirkwood
Non-Executive Director
Mr Brian Dawes
Non-Executive Director
Mr Peter Benjamin
Non-Executive Director
COMPANY SECRETARY
Mr Alex Neuling
REGISTERED & PRINCIPAL OFFICE
Suite 1 Ground Level – 33 Colin Street
West Perth WA 6005
Telephone +61 8 9380 4230
Facsimile +61 8 9382 8200
Website: www.talismanmining.com.au
AUDITORS
HLB Mann Judd
Level 4, 130 Stirling Street
Perth, Western Australia 6000
Telephone +61 8 9227 7500
Facsimile +61 8 9227 7533
SHARE REGISTRY
Link Market Services
Level 12, QV1 Building
250 St Georges Terrace
Perth, Western Australia 6000
Telephone +61 8 9211 6670
SECURITIES EXCHANGE LISTING
Australian Securities Exchange Limited
Level 40, Central Park
152-158 St Georges Terrace
Perth, Western Australia 6000
ASX Code: TLM
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TABLE OF CONTENTS
Letter from the Chairman
4
Review of Operations
5
Directors’ Report
20
Remuneration Report
25
Consolidated Entity Disclosure Statement
32
Auditor’s Independence Declaration
33
Independent Auditor’s Report
34
Financial Statements
38
Notes to the Consolidated Financial Statements
42
Directors’ Declaration
60
Additional Securities Exchange Information
61
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LETTER FROM THE CHAIRMAN
Dear Talisman Shareholder,
The past year has at times been one of great exhilaration and excitement as our team has taken important steps
towards our goal of making breakthrough discoveries within our high-quality exploration portfolio in the Lachlan
Fold Belt in NSW and South Australia’s Gawler Craton.
Despite the ongoing frustrations of weather-related delays in NSW, we have been able to execute significant drill
programs while continuing to expand our project pipeline with the addition of the Mabel Creek IOCG Project in
South Australia and, more recently, the high-potential Yarindury Copper-Gold Project in NSW. These projects will
help to ensure a more diverse and rounded portfolio where we will have the ability to achieve year-round access
for exploration.
In NSW, guided by an important strategic and technical re-think of our exploration priorities led by our Managing
Director Andrew Munckton and Exploration Manager Tim Sharp, we embarked on a major drilling campaign in early
September last year. This program initially tested four targets with two of them – Durnings and Rip N Tear –
resulting in significant greenfields discoveries.
At Rip N Tear, we have identified a large zone of silver-lead-zinc mineralisation extending over at least 1.8km. At
Durnings, we have discovered multiple zones of very high-grade base metal and copper-gold mineralisation within
what appears to be an extensive and significant mineralised system.
Follow-up geophysical work suggests we have plenty of unfinished work here – with strong down-hole EM
conductors identified recently which indicate the potential for extensions of the high-grade mineralisation in addition
to adjacent GAIP conductors that highlight prospective new zones for investigation.
We have a high degree of confidence in the potential of this discovery and we are looking forward to getting back
on the ground with a drill rig at Durnings in the December 2024 Quarter and hopefully delivering further results that
will change the face of the Company.
The recent addition of the Yarindury Project in the Macquarie Arc is a real coup for Talisman. Yarindury lies just
20km from Alkane Resources’ Boda-Kaiser copper-gold Project and 100km north of Newmont’s world-class Cadia
copper-gold mine. It sits on the same geological structures as a recent exciting discovery by Waratah Minerals,
just 5km from Cadia.
We are excited by this addition to our portfolio and, as we were finalising this report, a diamond drill rig is on its
way to site to begin a 5-hole drilling program. Previous drilling at this project confirmed the prospective geology
and returned anomalous copper but failed to test large magnetic geophysical anomalies.
During the year, we commenced our maiden exploration program at Mabel Creek in South Australia, where
Talisman has secured a significant land package approximately 30km west of Coober Pedy. Initial work has
included the acquisition of geological and geophysical datasets from the SA government database, discussions
and agreement with Traditional Owners and pastoral leaseholders on access to the project and a detailed
geophysical survey covering the most prospective locations. This survey has revealed a number of targets worthy
of drill testing and we expect to be on the ground drilling early next year.
Talisman remains in a strong financial position after continuing to ‘live within our means’ during the year, reflecting
our disciplined and frugal approach to our exploration and corporate management.
During the 2024 financial year, we continued to receive monthly royalty payments from the operator of the
Wonmunna Iron Ore Project, Mineral Resources Ltd (MinRes) under our uncapped 1% gross revenue royalty. In
the 12 months to June 2024, MinRes delivered 10.4Mt of iron ore sales for its Pilbara Hub operations to Port
Hedland in Western Australia with Talisman receiving $7.8 million in royalty payments. Guidance for FY25 from
MinRes is for 9.0 to 10.0 million tonnes of iron ore sales from their Pilbara Hub.
At year end, we retained $4.9 million in cash and $0.3 million of investments which – complemented by a $0.8
million royalty payment received on 1 July 2024 and a healthy ongoing royalty income stream – puts us in a strong
financial position as we embark on a new phase of high-impact drilling.
We remain committed explorers with the unequivocal goal of making one or more discoveries of a size and grade
that will deliver a meaningful increase in shareholder value. With that in mind, the next 12 months promises to be
an exciting time for Talisman and, together with my fellow directors, I would like to thank my fellow shareholders
for your continued support and patience.
Yours faithfully,
Kerry Harmanis, Chairman
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REVIEW OF OPERATIONS
Overview
The last 12 months has seen Talisman Mining Limited (Talisman or the Company) continue to progress
exploration activities at the Lachlan Base Metals & Copper-Gold Project (Lachlan) in New South Wales and
commence exploration at the highly prospective Mabel Creek Copper-Gold project in South Australia (Mabel
Creek). In addition, throughout the financial year Talisman continued to review new precious and base metals
growth opportunities throughout Australia, focusing on value-accretive transactions with the potential to create
long-term shareholder value. This business development program resulted in the pegging of the Yarindury
Porphyry Copper-Gold Project in the Macquarie Arc of NSW subsequent to the end of the reporting period.
The Company continued to receive monthly royalty payments throughout the financial year from Mineral Resources
Ltd (MinRes), the operator of the Wonmunna Mine, which forms part of MinRes’s Pilbara Hub Iron Ore operations
in the Pilbara region of Western Australia. MinRes commenced production from Wonmunna in March 2021 and
Talisman is entitled to an uncapped 1% gross revenue royalty on all metals produced and sold from the mine.
The Pilbara Hub delivered 10.4 million tonnes of iron ore sales for the 12-month period ended 30 June 2024, with
Talisman receiving $7.8 million in royalty payments from the Wonmunna Mine. The potential ongoing Wonmunna
royalty revenue stream puts the Company in a unique funding position for a junior exploration company, allowing
Talisman to pursue systematic exploration on an ongoing basis at its Lachlan, Mabel Creek and Yarindury Projects
in combination with reviewing additional new metalliferous growth opportunities.
Talisman holds a highly prospective exploration portfolio in the Lachlan Fold Belt region of NSW spanning
approximately 6,000km2.
The Company commenced a 7,200m Reverse Circulation (RC) drilling campaign in September 2023 to test four
high-priority prospects at the Lachlan Project – Rip N Tear, Durnings, Noisy Ned and Carpina North – resulting in
significant base metals and copper-gold discoveries at both Rip N Tear and Durnings. The Durnings breakthrough
discovery will be followed up with extensive drilling programs in FY2025.
At the Mabel Creek Project, a ground geophysical survey commenced in the June 2024 Quarter, representing the
first on-ground exploration work to be undertaken on this project area for 14 years. The survey program will cover
the entire 1,048sqkm holding, including a number of prospective magnetic anomalies in the Mabel Creek area, with
results to be used to generate drill targets for a planned field program commencing in Q3 FY2025.
Subsequent to the end of the financial year, Talisman was granted a new tenement, EL 9679, named the “Yarindury
Project”, located 30km east of Dubbo in the Macquarie Volcanic Arc of central-western NSW. Yarindury contains
a number of porphyry-style magnetic targets with confirmed prospective geology and copper-gold anomalism.
An initial diamond drilling program comprising up to five holes has been planned to test large anomalies, with
drilling scheduled to commence in the September quarter .
Lachlan Lead-Zinc-Silver-Copper-Gold Project, NSW
Talisman’s Lachlan Project consists of four discrete project areas – the Central Lachlan Lead-Zinc-Silver, Dandaloo
Copper, Hillston Copper-Gold and Elvis Porphyry Copper-Gold Projects, which cover a combined area of over
6,000km2 of granted exploration tenure in the highly prospective Cobar Basin Rift and Junee-Narromine Volcanic
mineral belts of NSW (Figure 1). These mineral belts are well-established mining districts with multiple operating
long-life gold and base metal mines and several recent significant exploration discoveries including Aurelia Metals’
Federation polymetallic deposit and Peel Mining’s Mallee Bull, Wagga Tank and Southern Nights deposits.
Following the appointment of Andrew Munckton as Managing Director in August 2023 and Tim Sharp as Exploration
Manager in September 2023, Talisman undertook a review of ongoing exploration workstreams across the Lachlan
Project. This review was informed by two regional-scale geophysical surveys completed in FY23 – a 15,456-line-
kilometre Airborne Gravity Gradiometric (AGG) survey and a 6,285-line-kilometre Airborne Electro-Magnetic (AEM)
survey. These surveys revealed a multitude of geophysical targets that were integrated with ground-based
geological and structural mapping programs and geochemical soil sampling. This exploration review determined
that while the Company’s previous drill testing had focused mainly on geophysical targets, future programs would
focus on those targets that were also supported by strong geological and geochemical evidence.
This allowed Talisman to re-prioritise its exploration efforts, with a 7,200m RC drilling campaign commencing in
September 2023 to test four high-priority prospects – Durnings, Rip & Tear, Noisy Ned and Carpina North (Figure
2).
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Figure 1: Talisman’s Lachlan Pb-Zn-Ag-Cu-Au Project, showing key tenements, nearby mines and prospects and underlying
magnetics.
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Figure 2: Lachlan Project location plan highlighting prospect locations along the Canbelego Mineral-Hill Volcanic Belt
DURNINGS
The Durnings Prospect is located approximately 25km north of Condobolin and 35km south-east of the Rip N Tear
discovery within the Lachlan Project area (see Figure 2 and Figure 3). Durnings is a lightly explored project defined
by strongly anomalous base metal soil geochemistry and contains two large, coherent conductive GAIP anomalies
located along strike from and to the east of previous RC drilling results returned from earlier exploration by Talisman
Mining (see ASX announcement 15 May 2023).
The prospect is situated within a complex structural setting associated with NNW trending faults interpreted to be
part of the Mineral Hill Fault Zone, which provides a pathway for mineralised fluids to move upwards from deeper
local granite intrusions.
An initial program of RC drilling totalling six holes (DRRC0006-DRRC0011) for 1,710m was completed in late
November 2023 targeted at the western GAIP anomaly. All six RC holes drilled at approximately 200m spacing
were designed to target a buried GAIP anomaly modelled to between 50m and 200m below surface.
Results from this program confirmed two broad zones of disseminated galena, silver, sphalerite, chalcopyrite and
gold associated with strong sulphide mineralisation in sericite altered volcaniclastic rocks.
Highlights from the program included:
Southern Anomaly
DRRC00061
•
24m at 1.5% Pb, 15.6g/t Ag, 0.2% Zn, 0.02% Cu, 0.04g/t Au from 18m to 42m and;
•
42m at 2.3% Pb, 25.3g/t Ag, 1.3% Zn, 0.09% Cu, 0.43g/t Au from 244m to 286m end of hole (eoh)
including:
o
20m at 3.9% Pb, 45.2g/t Ag, 2.1% Zn, 0.16% Cu and 0.73g/t Au from 260m to 280m
o
6m at 10.3% Pb, 126g/t Ag, 3.5% Zn, 0.4% Cu and 1.93g/t Au from 274m to 280m.
8
DRRC00071
•
8m at 0.5% Pb, 2.1g/t Ag, 1.3% Zn, 0.02% Cu, 0.11g/t Au from170m-178m.
Northern Anomaly
DRRC00081
•
28m at 0.4% Pb, 7.8g/t Ag, 0.7% Zn, 0.02% Cu, 0.11g/t Au from 4m to 32m including:
o
10m at 0.5% Pb, 10.8g/t Ag, 1.8% Zn, 0.03% Cu, 0.15g/t Au from 22m to 32m
•
30m at 0.4% Pb, 2.7g/t Ag, 0.8% Zn, 0.01% Cu, 0.07g/t Au from 124m to 154m
DRRC00091
•
4m at 0.1% Pb, 14.1g/t Ag, 0.1% Zn, 0.77% Cu, 0.42g/t Au from 32m to 36m and;
•
6m at 0.5% Pb, 5.4g/t Ag, 0.7% Zn, 0.19% Cu, 0.29g/t Au from 74m to 80m.
DRRC00101
•
10m at 0.9% Pb, 7.1g/t Ag, 2.2% Zn, 0.04% Cu, 0.24g/t Au from 156m to 166m and;
•
10m at 0.4% Pb, 3.9g/t Ag, 0.7% Zn, 0.01% Cu, 0.39g/t Au from 232m to 242m end of hole.
Follow-up RC and diamond drilling commenced at Durnings in March 2024, comprising four diamond cores drilled
to extend RC holes from the November 2023 RC program (DRRC0006, DRRC0008, DRRC0010 and DRRC0011)
that were suspended in mineralisation, as well as an additional eleven RC holes to test up-dip and immediately
along strike from discovery hole, DRRC0006.
Exceptional assay results from diamond drill-hole, DRRCD0019, drilled adjacent to the discovery hole
DRRCD0006, confirmed two zones of strong, high-grade mineralisation in the Southern Durnings area – an Upper
Zone of base metals mineralisation and a Lower Zone of copper-gold mineralisation.
The Lower Zone target is coincident with a broad chargeability model located at approximately 300m below surface
from re-processed Pole-Dipole Induced polarisation (PDIP) survey data over the area.
The diamond core in DRRCD00192 intersected two significant zones of sulphide mineralisation containing galena,
sphalerite and chalcopyrite in various styles and forms. These include:
Base Metals Zones2
•
7.5m at 1.5% Pb, 2.2% Zn, 23.6g/t Ag, 0.3% Cu, 0.31g/t Au from 198m to 205.5m
•
7.4m at 6.7% Pb, 2.9% Zn, 137g/t Ag, 0.2% Cu, 0.24g/t Au from 218.8m to 226.2m including:
o
1.7m at 26.5% Pb, 7.8% Zn, 558g/t Ag, 0.7% Cu, 0.81g/t Au from 224.5m to 226.2m
containing 1.1m of massive sulphide.
Copper-Gold Zones2
•
28.3m at 4.03g/t Au, 0.9% Cu, 3.8% Pb, 0.7% Zn, and 26.5g/t Ag from 370.5m to 398.8m down-hole,
including:
o
10.0m at 7.94g/t Au, 1.0% Cu, 9.9% Pb, 1.5% Zn and 61.3g/t Ag from 374m to 384m down-
hole, including:
3.5m at 21.2g/t Au, 1.6% Cu, 11.8% Pb, 2.4% Zn and 84.7g/t Ag from 379.5m down-
hole; and
7.8m at 4.11g/t Au, 1.8% Cu, 1.0% Pb, 0.6% Zn, and 16.3g/t Ag from 391m to
398.8m.
In addition, a new high-grade copper-gold and base metal zone was discovered in the Northern Durnings area in
hole, DRDD00232, located 400m north-east of the intercepts in DRRCD0019 and DRRCD0006:
•
4m at 12.6g/t Au, 0.5% Cu, 0.4% Pb, 0.6% Zn and 11.4g/t Ag from 90m, including:
o
1m at 44.4g/t Au, 1.1% Cu, 0.5% Pb, 0.6% Zn and 29.0g/t Ag
•
13m at 1.35g/t Au, 0.3% Cu, 2.7% Pb, 0.3% Zn and 18.1g/t Ag from 65m, including:
o
7m at 2.79g/t Au, 0.5% Cu, 4.9% Pb, 0.5% Zn and 31.4g/t Ag from 65m, including:
1m at 12.2 g/t Au, 2.3% Cu, 1.6% Pb, 1.0% Zn and 47.4g/t Ag
Note 1. ASX:TLM - 27 March & 29 April 2024. Note 2. ASX:TLM - 7 June 2024
9
This hole was drilled as a follow-up to RC hole DRRC00013 (completed in FY2023) which returned:
•
8m at 6.3g/t Au, 0.77% Cu, 0.27% Pb, 0.36% Zn and 6.3g/t Ag from 82m, including:
o
2m at 17.5g/t Au, 1.4% Cu, 0.32% Pb, 0.36% Zn and 12.8g/t Ag from 88m.
Collectively, the results show that Durnings is emerging as a significant greenfields base and precious metal
discovery, with substantial potential for Talisman’s shareholders.
Figure 3: Durnings Project RC drilling and follow-up RC and diamond drilling over GAIP survey image.
Durnings – Next Steps
Stage 3 exploration at the Southern Durnings area is scheduled to commence in the September quarter and will
consist of step-out drilling along strike and down/up dip guided by DHEM plates and modelled structural trends of
the high-grade base metals and copper-gold zones intersected in DRRCD0006 and DRRCD0019.
Step-out drilling will also target a high conductivity DHEM plate modelled between DRRC0015 and DRRCD0020,
along strike from DRRCD0019.
Further drilling at Durnings North will aim to extend up-dip and along strike with step-out drilling guided by modelled
structural trends of the recent high-grade base metals and copper-gold zones intersected in DRDD0023.
Planning and approval applications for Stage 3 drilling is complete with commencement of drilling awaiting access
after an extended period of wet weather.
RIP N TEAR
Rip N Tear is located approximately 35km north of Condobolin on EL8615 and approximately 20km north-west of
the Company’s Durnings discovery. The Rip N Tear prospect is an under-explored target defined by strongly
anomalous base metal soil geochemistry containing two large, coherent conductive MLEM anomalies (ASX
announcement 8 May 2023).
The prospect is situated within a complex structural setting associated with NNE and NE trending faults which are
interpreted to provide a pathway for mineralised fluids from local granite intrusions.
Drilling at Rip N Tear during FY2024 was designed to test the two conductive anomalies at depth.
Note 3. ASX:TLM 15 May 2023& ASX:TLM 6 June 2022.
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Drilling results highlights included:
Northern MLEM Anomaly4, 5
MYRC0002
•
192m at 1.32% Pb, 10.1g/t Ag, 0.06% Zn from 40m to 232m end-of-hole;
MYRC0003
•
80m at 1.56% Pb, 14.7g/t Ag, 0.11% Zn from 188m to 268m end-of-hole;
MYRC0008
•
26m at 0.5% Pb, 5.2 g/t Ag, 0.01% Zn, from 152 to 178m end-of-hole;
MYRC0009
•
58m at 0.6% Pb, 5.2g/t Ag, 0.04% Zn from 100m to 158m
•
4m at 0.4% Pb, 5.1g/t Ag, 0.06% Zn from 162m to 166m end-of-hole.
MYRCD0002:
Diamond wedge:
•
70.1m at 1.31% Pb, 12.0g/t Ag, 0.01% Zn from 177.9m to 248m; and
•
24m at 0.80% Pb, 9.9g/t Ag, 0.01% Zn from 270.6m to 294.6m
Combining the parent RC hole with the diamond wedge results in:
•
208.0m at 1.2% Pb, 8.9g/t Ag, 0.06% Zn from 40m to 248m; and
•
24m at 0.80% Pb, 9.9g/t Ag, 0.01% Zn from 270.6m to 294.6m
MYRCDD0003
Diamond Tail:
•
41m at 0.3% Pb, 10.4g/t Ag, 0.02% Zn from 272m to 313m, including:
o
21m at 0.5% Pb, 11.5g/t Ag, 0.02% Zn from 272m to 293m
Combining the parent RC hole with the diamond tail results in:
•
105.0m at 1.3% Pb, 13.5g/t Ag, 0.09% Zn from 188m to 293m.
MYRCD0009
Diamond Tail:
•
19m at 1.4% Pb, 12.2g/t Ag, from 167m to 186.0m
Combining the parent RC hole with the diamond tail results in:
•
86m at 0.8% Pb, 6.6/t Ag, 0.04% Zn from 100m to 186m
MYDD0012
Diamond:
•
87m at 0.5% Pb, 5.3g/t Ag, 0.05% Zn from 261m to 348m, including:
•
38.4m at 0.6% Pb, 5.8g/t Ag, 0.04% Zn from 309.6m to 348m
MYRCD0002W (Diamond Wedge from MYRCD0002)
•
156m at 1.26% Pb, 12.6g/t Ag, 0.01% Zn from 148.0m to 304.0m, including:
o
10m at 7.41% Pb, 59.2g/t Ag, 0.01% Zn from 294m to 394m
MYDD0013
•
10.9m at 0.5% Pb, 10.1g/t Ag, 0.54% Zn from 183.1m to 194m.
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Southern MLEM Anomaly4, 5
•
MYRC0004 – 18m at 0.28% Pb, 5.2g/t Ag and 0.01% Zn from 142m to 160m
•
MYRC0005 – 6m at 0.81% Pb and 5.6g/t Ag from 44m to 50m
•
MYRC0006 – 10m at 0.85% Pb, 3.3g/t Ag and 0.02% Zn from 246m to 256m
•
MYRC0007 – 10m at 0.81% Pb, 12.4g/t Ag and 0.04% Zn from 222m to 232m
•
MYRCD0004 – 59.2m at 0.77% Pb, 1.5g/t Ag, 0.05% Zn from 255m to 314.2m
•
MYRC0014 – 27m at 1.0% Pb, 3.3g/t Ag, from 56m to 83m
•
MYRC0015 – 31m at 0.8% Pb, 1.9g/t Ag, from 110m to 141m
•
MYRC0016 – 11m at 2.14% Pb, 3.5g/t Ag, 0.04% Zn from 58m to 69m
•
MYRC0017 – 15m at 1.19% Pb, 1.7g/t Ag, 0.07% Zn from 61m to 76m
Figure 4: Rip n Tear RC and diamond drilling results over MLEM Geophysical survey image. True width in MYRCDD002,
MYRCDD0002W and MYCRDD003 is approximately 40% to 50% of the down-hole intersection. True width in MYRCD0009,
MYDD0012, MYDD0013, MYRC0014, MYRC0015, MYRC0016 and MYRC0017 is approximately 80% of the down-hole
intersection.
Rip N Tear – Next Steps
Drilling has been completed in the short to medium term while the exploration team focuses on the recent discovery
of high-grade base metals and gold mineralisation at Durnings and the Yarindury exploration opportunity.
Additional test work and geological investigation will be completed on the high-grade zone intersected in
MYRCD0002W to confirm the characteristics, orientation and nature of this section of the mineralised horizon.
CARPINA NORTH & NOISY NED
RC drilling at both Carpina North and Noisy Ned (Figure 2) was completed in November 2023. No significant assay
results were received from either prospect in the 6-hole/1696m RC program completed at Carpina North or the 5-
hole/1,580m program completed at Noisy Ned. Both projects remain active exploration opportunities and have both
been re-prioritised in light of the exploration results and ongoing work programs at Durnings and Rip N Tear.
Note 4. ASX:TLM - 20 October & 6 November 2023. Note 5. ASX:TLM – 26 February 2024
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Mabel Creek IOCG Project, South Australia
Talisman acquired 100% ownership of the Mabel Creek IOCG Project in June 2023, providing ownership of a
significant land package approximately 30km west of Coober Pedy. The land package covers 1,048km2 of tenure
and spans a major deep-seated east-west trending fault system which is interpreted to host multiple intrusive
lithologies, including the Hiltaba Granite Suite within the Gawler Craton.
The region is prospective for large-scale Iron Oxide Copper-Gold (IOCG) discoveries and hosts numerous world-
class deposits such as Olympic Dam, Carrapateena and Prominent Hill as well as significant recent discoveries
such as Oak Dam and Emmie Bluff (Figure 5).
This region is fast becoming Australia’s premier copper producing area.
Figure 5: Mabel Creek location plan highlighting prospect locations along the Gawler Craton IOCG belt.
Following the completion of land access agreements with the Traditional Owners, Talisman commenced a ground
gravity survey at the Mabel Creek Project during the June 2024 Quarter, representing the first on-ground
exploration work to be undertaken on this project area for 14 years.
The detailed gravity survey is being conducted on 250m to 500m station centres. The survey is being undertaken
by Atlas Geophysics with 631sqkm of the 1,048sqkm holding covered by the end of the reporting period. The
remainder of the survey is planned to be completed in Q1 FY2025. Survey results will be used to generate drill
targets for the planned field program commencing in Q3 FY2025
Previous explorers have undertaken limited gravity surveys over small targets over the preceding 20 years of
exploration.
These gravity programs were located using regional-scale magnetics interpretation. The previous gravity programs
have provided an in-adequate assessment of the prospectivity for IOCG style mineralisation across the structurally
complex area. Historical drill holes within the project area have intersected basement with evidence of alteration.
Detailed seismic surveys conducted by Geoscience Australia and the Geological Survey of South Australia, that
traverse the project area have highlighted significant additional structural information on which the existing
magnetics (shown in Figure 6) are now interpreted. This new interpretation highlights potential new IOCG targets
in the area which have either regional only or nil gravity coverage.
13
Figure 6: Mabel Creek magnetics image with interpreted Fault positions and Hiltaba granite intrusion locations
Yarindury Porphyry Copper-Gold Project, NSW
Subsequent to the end of the reporting period, Talisman was granted a new tenement, EL 9679, named the
“Yarindury Project”, located 30km east of Dubbo in the Macquarie Volcanic Arc of central-western NSW (Figure 7).
The Yarindury Project contains a number of porphyry-style magnetic targets with confirmed prospective geology
and copper-gold anomalism (Figure 8).
Yarindury lies in the same highly prospective geological and mineralised belt as Alkane Resources’ (ASX: ALK)
Boda-Kaiser copper-gold Project (located 20km to the south-east), which currently contains a Mineral Resource of
8.3Moz of contained gold and 1.5Mt of contained copper6,8. In addition, Yarindury displays rock units and
geophysical anomalies similar to Newmont’s (NYSE: NEM) Cadia copper-gold mine (located 100km to the south),
one of Australia’s largest gold and copper mining operations with Ore Reserves of 17Moz of gold and 3.6Mt of
copper7,8.
The Yarindury Project was previously held by Alice Queen Limited, who completed two diamond drill holes
(MEMD0001 and MEMD0002) in JV with Newcrest in 2018. MEMD0001 intersected favourable rock units with
weakly anomalous copper and gold. However, no drilling has been completed over the largest and strongest
amplitude magnetic anomaly on the western boundary of the Molong Volcanic Belt.
Talisman has signed a landholder access agreement and submitted an exploration application to the NSW
Department of Primary Industries and Regional Development.
The proposed maiden exploration program consists of five diamond drill holes targeted at the basement rocks at
the large geophysical feature. Additional diamond drilling may be undertaken if initial geological prospectivity and
presence of mineralisation is confirmed.
Subject to NSW government approval, drilling is scheduled to commence in the September 2024 Quarter.
Note 6. See ALK ASX Announcements dated 14 December 2023 and 29 April 2024.
Note 7. https://Operations.newmont.com/australia/cadia
Note 8. The existence, size and grade of the Mineral Resource estimates at Boda/Kaiser and Ore Reserve estimate at Cadia does not guarantee
that such deposits are discoverable at the Yarindury project and Talisman has not done sufficient work yet in order to be able to classify its own
MRE at the project.
14
Figure 7: Yarindury Project location plan highlighting prospect locations along the Molong Volcanic Belt. Porphyry Cu-Au
deposits in the belt include Cadia-Ridgeway, Copper Hill, Junction Reefs and Boda-Kaiser. Other Talisman tenure in the area
(to the north, south and east of Parkes in the Junee Narromine Volcanic Belt) is also shown.
15
Figure 8: Yarindury Prospect EL 9679 over regional magnetics. The elevated magnetic response in the centre of the image is
known as the Molong High Volcanic Belt, part of the Macquarie Volcanic Arc. Strong magnetic features within and along the
margins of the Molong High Volcanic Belt are excellent exploration targets for porphyry and intrusion related Cu-Au deposits.
16
Competent Persons’ Statement
Information in this report that relates to Exploration Results and Exploration Targets is based on information
completed by Mr Tim Sharp, who is a member of the Australasian Institute of Geoscientists. Mr Sharp is a full-time
employee of Talisman Mining Limited and has sufficient experience which is relevant to the style of mineralisation
and types of deposits under consideration and to the activities undertaken to qualify as a Competent Person as
defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves”. Mr Sharp consents to the inclusion in this report of the matters based on information in the form
and context in which it appears.
No new information that is considered material is included in this document. All information relating to exploration
results has been previously released to the market and is appropriately referenced in this document. JORC tables
are not considered necessary to accompany this document.
Forward-Looking Statements
This report may include forward-looking statements. These forward-looking statements are not historical facts but
rather are based on Talisman Mining Limited’s current expectations, estimates and assumptions about the industry
in which Talisman Mining Limited operates, and beliefs and assumptions regarding Talisman Mining Limited’s
future performance. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”,
“potential” and similar expressions are intended to identify forward-looking statements. Forward-looking statements
are only predictions and are not guaranteed, and they are subject to known and unknown risks, uncertainties and
assumptions, some of which are outside the control of Talisman Mining Limited. Past performance is not
necessarily a guide to future performance and no representation or warranty is made as to the likelihood of
achievement or reasonableness of any forward-looking statements or other forecast. Actual values, results or
events may be materially different to those expressed or implied in this presentation. Given these uncertainties,
recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in
this report speak only at the date of issue of this report. Subject to any continuing obligations under applicable law
and the ASX Listing Rules, Talisman Mining Limited does not undertake any obligation to update or revise any
information or any of the forward looking statements in this report or any changes in events, conditions or
circumstances on which any such forward looking statement is based.
17
TENEMENT SCHEDULE
As at date of report
Project /
Tenement
Location
and Blocks
(Area)
Tenement
Status
Talisman
Equity (%)
Expiry
Date
Joint Venture Partner
CENTRAL LACHLAN
PROJECT
New South Wales
EL8615
(726 km2)
Granted
100%
07-07-29
N/A
EL8659
(373 km2)
Granted
100%
18-10-27
EL8677
(193 km2)
Granted
100%
08-12-29
EL8414
(174 km2)
Granted
89%
02-12-24
Peel Mining Ltd
EL8547
(205 km2)
Granted
100%
03-04-28
N/A
EL8571
(258 km2)
Granted
100%
23-05-25
EL8658
(256 km2)
Granted
100%
13-10-28
EL8680
(20 km2)
Granted
100%
08-12-28
EL8719
(191 km2)
Granted
100%
27-03-30
EL9298
(440 km2)
Granted
100%
30-09-27
EL9299
(199 km2)
Granted
100%
30-09-27
EL9302
(108 km2)
Granted
100%
13-10-27
EL9306
(327 km2)
Granted
100%
30-09-27
EL9315
(103 km2)
Granted
100%
27-10-27
EL9379
(878 km2)
Granted
100%
28-03-28
EL9462
(6 km2)
Granted
100%
14-09-28
EL9630
(361 km2)
Granted
100%
22-02-30
EL9678
(343 km2)
Granted
100%
15-07-30
MACQUARIE
PROJECT
New South Wales
EL8977
(463 km2)
Granted
100%
11-05-27
N/A
EL9395
(75 km2)
Granted
100%
21-04-25
EL9396
(229 km2)
Granted
100%
21-04-25
EL9679
(180 km2)
Granted
100%
15-07-30
HILLSTON PROJECT
New South Wales
EL8907
(1,043 km2)
Granted
100%
31-10-25
N/A
EL9394
(399 km2)
Granted
100%
21-04-28
DANDALOO PROJECT
New South Wales
EL9324
(474 km2)
Granted
100%
12-11-27
N/A
LUCKNOW PROJECT
New South Wales
EL6455
(29 km2)
Granted
51%
10-08-26
Lucknow Gold Ltd
MABEL CREEK
PROJECT
South Australia
EL6619
(519 km2)
Granted
100%
18-07-27
EL6620
(319 km2)
Granted
100%
18-07-27
N/A
EL6627
(210 km2)
Granted
100%
13-08-27
18
OPERATING AND FINANCIAL RISK
The Group’s activities have inherent risk and the Board is unable to provide certainty of the expected results of
activities, or that any or all of the activities will be achieved. Material business risks that could influence the Group’s
future activities and prospects and how the Group manages these risks, are detailed below
Operational risks
The Company may be affected by various operational factors. In the event that any of these potential risks
eventuate, the Company’s operational and financial performance may be adversely affected. No assurances can
be given that the Company will achieve commercial viability through the successful exploration and/or mining of its
tenement interests. Until the Company is able to realise value from its projects, it is likely to incur ongoing operating
losses.
The operations of the Company may be affected by various factors, including failure to locate or identify mineral
deposits, failure to achieve predicted grades in exploration and mining, operational and technical difficulties
encountered in mining, insufficient or unreliable infrastructure such as power, water and transport, difficulties in
commissioning and operating plant and equipment, unanticipated metallurgical problems which may affect
extraction costs, adverse weather conditions, industrial and environmental accidents, industrial disputes and
unexpected shortages or increases in the costs of consumables, spare parts, plant and equipment.
The tenements are at various stages of exploration, and potential investors should understand that mineral
exploration and development are speculative and high-risk undertakings that may be impeded by circumstances
and factors beyond the control of the Company.
There can be no assurance that exploration of the Tenements, or any other exploration properties that may be
acquired in the future, will result in the discovery of an economic mineral resource. Even if an apparently viable
deposit is identified, there is no guarantee that it can be economically exploited.
There is no assurance that exploration or project studies by the Company will result in the definition of an
economically viable mineral deposit or that the exploration tonnage estimates, and conceptual project
developments discussed in this Prospectus are able to be achieved. In the event the Company successfully
delineates economic deposits on any Tenement, it will need to apply for a mining lease to undertake development
and mining on the relevant Tenement. There is no guarantee that the Company will be granted a mining lease if
one is applied for and if a mining lease is granted, it will also be subject to conditions which must be met.
Further capital requirements
The Company’s projects may require additional funding in order to progress activities. There can be no assurance
that additional capital or other types of financing will be available if needed to further exploration or possible
development activities and operations or that, if available, the terms of such financing will be favourable to the
Company.
Native title and Aboriginal Heritage
There are areas of the Company’s projects over which legitimate common law and/or statutory Native Title rights
of Aboriginal Australians exist. Where Native Title rights do exist, the Company must obtain consent of the relevant
landowner to progress the exploration, development and mining phases of operations. Where there is an Aboriginal
Site for the purposes of the Aboriginal Heritage legislation, the Company must obtain consents in accordance with
the legislation.
The Company’s activities are subject to Government regulations and approvals
The Company is subject to certain Government regulations and approvals. Any material adverse change in
government policies or legislation in Western Australian and Australia that affect mining, processing, development
and mineral exploration activities, export activities, income tax laws, royalty regulations, government subsidiaries
and environmental issues may affect the viability and profitability of any planned exploration or possible
development of the Company’s portfolio of projects.
19
Global conditions
General economic conditions, movements in interest and inflation rates and currency exchange rates may have an
adverse effect on the Company’s exploration, development and production activities, as well as on its ability to fund
those activities. General economic conditions, laws relating to taxation, new legislation, trade barriers, movements
in interest and inflation rates, currency exchange controls and rates, national and international political
circumstances (including outbreaks in international hostilities, wars, terrorist acts, sabotage, subversive activities,
security operations, labour unrest, civil disorder, and states of emergency), natural disasters (including fires,
earthquakes and floods), and quarantine restrictions, epidemics and pandemics, may have an adverse effect on
the Company’s operations and financial performance, including the Company’s exploration, development and
production activities, as well as on its ability to fund those activities.
General economic conditions may also affect the value of the Company and its market valuation regardless of its
actual performance.
CORPORATE GOVERNANCE STATEMENT
The Company’s Corporate Governance Statement can be found on the Company’s website at
www.talismanmining.com.au/about-us/corporate-governance.html
under
the
heading
marked
“Corporate
Governance Statement”.
The following governance-related documents can also be found on the Company’s website:
Company Purpose & Values
Charters
•
Board
•
Audit Committee
•
Nomination Committee
•
Remuneration Committee
•
Risk Committee
Constitution
•
Constitution of Talisman Mining Limited
Board
•
Code of Conduct
•
Policy and Procedure for the Selection and (Re)Appointment of Directors
•
Process for Performance Evaluation
Compliance, Controls and Policies
•
Risk Management Policy
•
Continuous Disclosure Policy
•
Securities Trading Policy
•
Diversity Policy
•
Remuneration Policy
•
Anti-Bribery and Anti-Corruption Policy
•
Whistleblower Policy
Shareholder Communication
•
Shareholder Communication and Investor Relations Policy
20
DIRECTORS’ REPORT
Your Directors present their report together with the financial statements of the Group consisting of Talisman
Mining Limited and the entities it controlled for the financial year ended 30 June 2024. In order to comply with the
provisions of the Corporations Act 2001, the Directors report as follows:
Directors
The names of Directors who held office during or since the end of the year and until the date of this report are as
follows. Directors were in office for this entire period unless otherwise stated.
Name
Particulars
Kerry Harmanis
Non-Executive
Chairman
15 July 2020 -
current
Chairman (Non-Executive/Non-Independent)
Kerry Harmanis joined the Talisman board on 15 July 2020 and is one of Western
Australia’s most successful mining executives and investors. Kerry has been a major
shareholder and strong supporter of Talisman since 2007 and currently holds a 19%
stake in the Company.
With a career spanning more than 40 years in the Australian exploration and mining
industry, Kerry was the founder and Executive Chairman of Jubilee Mines NL, a highly
successful West Australian nickel miner which he established in 1987.
Through a combination of exploration success, focused project development and
operational consistency, Jubilee Mines grew to become one of the most successful mid-
tier miners on the ASX until its acquisition by Xstrata for A$3.1 billion in October 2007.
During this period, Kerry led a highly successful geological and operational team which
helped Jubilee set new benchmarks on the ASX for shareholder returns in the resource
sector.
In the three years immediately before the end of the financial year, Kerry did not serve
as a Director of any other ASX listed entities.
Andrew
Munckton
B.Sc. (Geol)
MAusIMM
AICD
Managing
Director
21 August 2023 –
current
Managing Director (Executive/Non-Independent)
Andrew Munckton joined Talisman as Managing Director in August 2023 and is an
experienced geologist who has held senior management roles in both ASX-listed
companies and gold operations in a career spanning more than 30 years.
Andrew has previously held the roles of Managing Director of Kin Mining NL (ASX: KIN),
Syndicated Metals Limited and Avalon Minerals, General Manager – Operations for
Gindalbie Metals, General Manager Strategic Development of Placer Dome Asia Pacific
and General Manager Operations of the Kanowna Belle, Paddington and Kundana Gold
Mines over a period of ten years.
In the 3 years immediately before the end of the financial year, Andrew served as
Managing Director of Kin Mining Ltd (ASX: KIN) from July 2018 until his resignation on
18 August 2023.
Jeremy
Kirkwood
BCom ANU
Non-Executive
Director
15 July 2020 –
current
Non-Executive
Chairman
April 2016 – 15
July 2020
Non-Executive Director (Independent)
Jeremy Kirkwood joined Talisman in April 2016 and has extensive experience in
corporate strategy, investment banking and global capital markets and provides
invaluable strategic input and guidance to the Company’s board and management team.
Jeremy was previously a Managing Director at Credit Suisse, Morgan Stanley and
Austock. He has primarily worked in public markets, undertaking merger and
acquisitions and capital raisings for companies principally in the metal and mining,
energy and infrastructure sectors.
In the 3 years immediately before the end of the financial year, Jeremy was appointed
as a Non-Executive Director of Hawsons Iron Limited (ASX: HIO) on 10 May 2023 and
subsequently appointed as Non-Executive Chairman on 16 October 2023.
Jeremy is the Chair of the Company’s Audit, Nomination and Remuneration Committees.
With extensive industry experience, Jeremy is considered qualified to hold these
responsibilities.
21
Name
Particulars
Brian Dawes
B. Sc. Mining
Non-Executive
Director
17 June 2009 –
current
Non-Executive Director (Independent)
Brian is a mining engineer with extensive international mining industry experience.
Brian’s diverse expertise covers all key industry aspects from exploration and discovery,
through the feasibility, funding, approvals, project construction, commissioning,
operations, optimisation, logistics, marketing, and closure phases. This includes site
management and corporate responsibilities in a diversity of challenging and highly
successful underground and open pit operations across many commodities and
geographies. Prior to joining Talisman, Brian held senior positions with Jubilee Mines,
Western Areas, LionOre Australia, WMC, Normandy Mining, and Aberfoyle.
In the 3 years immediately before the end of the financial year, Brian served as a non-
executive director of Kin Mining Ltd (ASX: KIN) from 20 February 2018 until his
resignation on 24 November 2022.
Brian serves on the Company’s Audit, Nomination and Remuneration Committees. With
extensive industry experience and being financially literate, Brian is considered qualified
to hold these responsibilities.
Peter Benjamin
B.Sc. (Hons),
Grad Dip
(Exploration),
(Bus Admin),
GAICD,
MAusIMM, FAIM
Non-Executive
Director
24 July 2019 -
current
Non-Executive Director (Independent)
Peter is an experienced geologist who has worked in the mining industry for more than
40 years, predominantly in senior exploration, project, operational and executive
management roles with junior and mid-tier ASX-listed companies.
These positions have included Managing Director of gold and copper explorer
Kalamazoo Resources Ltd, General Manager Exploration and Geology for Iluka
Resources Ltd and Divisional Project Manager for Newcrest Mining Ltd. These roles
have included significant experience in the development and subsequent operations for
open pit and underground precious, base metal and bulk mineral mines throughout
Australia. During his career Peter has overseen large gold and base metal exploration
programmes which have resulted in new discoveries and significant extensions to
Mineral Resources, Ore Reserves and thus mine life. During his time at Iluka Resources
Limited, the exploration team won two “Explorer of the Year” awards and awards for
environmental excellence. His New South Wales experience has also included operating
exploration and project development programmes in the Lachlan Fold Belt of NSW,
which is a key focus area for Talisman.
Peter is Member of the Australian Institute of Mining and Metallurgy, a Graduate of the
Australian Institute of Company Directors and a Fellow Graduate and Mentor at the
Australian Institute of Management (Floreat).
In the 3 years immediately before the end of the financial year, Peter did not serve as a
Director of any other ASX listed entities.
Peter is a member of the Audit, Nomination and Remuneration Committees. With his
extensive geological and senior exploration management experience, Peter is
considered qualified to hold these responsibilities.
Company Secretary
Name
Particulars
Alex Neuling,
BSc, FCA
(ICAEW), FCIS
Company
Secretary
1 May 2016 -
current
Company Secretary
Alex Neuling is a Chartered Accountant and Chartered Secretary with extensive
corporate and financial experience including as Director, Chief Financial Officer and / or
Company Secretary of various ASX-listed companies in the mining, mineral exploration,
oil & gas and other sectors.
Prior to those roles, Alex worked at Deloitte in London and Perth. Alex also holds an
honours degree in chemistry from the University of Leeds in the United Kingdom and is
principal of Erasmus Consulting which provides company secretarial and financial
management consultancy services to a variety of ASX-listed and other companies.
22
Principal activities
The principal activity of Talisman Mining Limited during the course of the financial year was exploration for base
metals and other minerals, including copper, copper-gold, gold and nickel.
Review of operations and future developments
A detailed review of operations during the financial year and commentary on future developments is set out in the
section titled “Review of Operations” in this Annual Report.
Significant changes in state of affairs
In the opinion of the Directors there were no significant changes in the state of affairs of the Group that occurred
during the financial year under review.
Dividends
The Directors resolved that no dividend be paid for the year.
Financial performance and financial position
Financial performance
During the financial year, the Group reported a loss after tax of $2.9 million (2023: profit after tax $0.1 million).
Revenue and other income for the year of $9.5 million (2023: $7.7 million) consisted primarily of royalty income
from an uncapped 1% gross revenue royalty applicable to all metals produced and sold from the Wonmunna Iron
Ore Mine.
Financial position
As at 30 June 2024, the Group had net assets of $8.0 million (2023: $10.7 million) including $4.9 million of cash
and cash equivalents (2023: $9.8 million).
Subsequent events
There has not been any matter or circumstances occurring subsequent to the end of the financial year that has
significantly affected, or may significantly affect the operations of the Group, the results of those operations, or the
state of affairs of the Group in future financial years.
Directors’ meetings
The following table sets out the number of Directors’ meetings (including meetings of committees of Directors) held
during the financial year and the number of meetings attended by each director (while they were a director or
committee member). During the financial year, twelve board meetings, two audit committee meetings, one
renumeration committee meeting and one nomination committee meeting were held.
Board of directors
Audit committee
Remuneration
committee
Nomination
committee
Directors
Eligible
to
attend
Attended
Eligible
to attend
Attended
Eligible
to attend
Attended
Eligible
to attend
Attended
Kerry Harmanis
12
12
2
2
1
1
1
1
Andrew Munckton
10
10
-
-
-
-
-
-
Jeremy Kirkwood
12
12
2
2
1
1
1
1
Brian Dawes
12
12
2
2
1
1
1
1
Peter Benjamin
12
12
2
2
1
1
1
1
Note: Executive Directors attending committee meetings during the year attended all or part of the meeting by
invitation of the relevant Committee.
Directors’ interests in shares and options
The following table sets out each Director’s relevant interest in shares, and options in shares of the Company or a
related body corporate as at the date of this report:
Directors
Fully paid ordinary shares
Number
Share Options
Number
Kerry Harmanis
36,560,280
1,259,500
Andrew Munckton
-
2,868,500
Jeremy Kirkwood
419,000
822,400
Brian Dawes
569,334
822,400
Peter Benjamin
434,724
822,400
23
Share options
Share options granted to Directors and other key management personnel
At the date of this report, share options granted to the Directors and other key management personnel of the
Company and the entities it controlled as part of their remuneration are:
Directors and senior
management
Number of options
granted
Issuing Entity
Number of ordinary
shares under option
Kerry Harmanis
1,559,600
Talisman Mining Limited
1,559,600
Andrew Munckton
2,868,500
Talisman Mining Limited
2,868,500
Jeremy Kirkwood
822,400
Talisman Mining Limited
822,400
Brian Dawes
822,400
Talisman Mining Limited
822,400
Peter Benjamin
822,400
Talisman Mining Limited
822,400
Tim Sharp
1,194,100
Talisman Mining Limited
1,194,100
Details of all unissued shares or interests under option as at the date of this report are:
Issuing entity
Grant
Date
Expiry
date of
options
Number of
shares under
option
Exercise
price of
options
Fair
Value
Vested
Date
Talisman Mining Limited
21-Apr-22
16-Dec-25
1,267,800
$0.25
$0.08
16-Dec-24
Talisman Mining Limited
17-Dec-21
16-Dec-25
522,900
$0.25
$0.07
16-Dec-24
Talisman Mining Limited
4-Jan-22
3-Jan-26
304,500
$0.25
$0.07
3-Jan-25
Talisman Mining Limited
16-Dec-22
15-Dec-26
1,581,500
$0.20
$0.08
15-Dec-25
Talisman Mining Limited
22-Nov-23
15-Dec-26
1,536,800
$0.20
$0.08
15-Dec-25
Talisman Mining Limited
7-Feb-24
31-Oct-27
1,250,000
$0.25
$0.17
31-Oct-26
Talisman Mining Limited
8-Dec-23
7-Dec 27
4,273,300
$0.26
$0.10
08-Dec-26
Talisman Mining Limited
7-Feb-24
7-Dec 27
2,840,700
$0.26
$0.17
08-Dec-26
The holders of these options do not have the right, by virtue of the option, to participate in any share issue or
interest issue of any other body corporate or registered scheme.
Remuneration Report
The Remuneration Report, which forms part of the Directors’ Report, outlines the remuneration arrangements in
place for the Key Management Personnel of Talisman Mining Limited for the financial year ended 30 June 2024
and is included on page 24.
Environmental regulations
The Group’s environmental obligations are regulated under both State and Federal legislation. Performance with
respect to environmental obligations is monitored by the Board of Directors and subjected from time to time to
government agency audits and site inspections. No significant or material environmental breaches have been
notified by any government agency during the year ended 30 June 2024.
Indemnification and insurance of officers
The Company has agreed to indemnify all the Directors of the Company for any liabilities to another person (other
than the Company or related body corporate) that may arise from their position as Directors of the Company and
its controlled entities, except where the liability arises out of conduct involving a lack of good faith.
During the financial year the Company paid a premium in respect of a contract insuring the Directors and Officers
of the Company and its controlled entities against any liability incurred in the course of their duties to the extent
permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability
and the amount of the premium.
Non-Audit Services
Details of amounts paid or payable to the auditor for non-audit services provided during the year by the auditor are
outlined in Note 24 to the financial statements. The Directors are satisfied that the provision of non-audit services
is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.
24
The Directors are of the opinion that the services do not compromise the auditor’s independence as all non-audit
services have been reviewed to ensure that they do not impact the impartiality and objectivity of the auditor and
none of the services undermine the general principles relating to auditor independence as set out in Code of
Conduct APES 110 Code of Ethics for Professional Accountants (Including Independence Standards) issued by
the Accounting Professional & Ethical Standards Board.
Auditor Independence
Section 307C of the Corporations Act 2001 requires our auditors, HLB Mann Judd, to provide the Directors of the
Company with an Independence Declaration in relation to the audit of the annual report. This Independence
Declaration is set out on page 32 and forms part of this Directors’ report for the year ended 30 June 2024.
Proceedings on behalf of the Company
No person has applied for leave of court to bring proceedings on behalf of the Company or intervene in any
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for
all or any part of those proceedings.
Rounding off of amounts
The Company has applied the relief available to it in ASIC Legislative Instrument 2016/191, and accordingly certain
amounts included in this report and in the financial report have been rounded off to the nearest $1,000 (where
rounding is applicable), under the option available to the Company under ASIC Corporations (Rounding in
Financial/Directors’ Reports) Instrument 2016/191. The Company is an entity to which this instrument applies.
25
REMUNERATION REPORT
This report, which forms part of the Directors’ Report, outlines the remuneration arrangements in place for the Key
Management Personnel of Talisman Mining Limited for the year ended 30 June 2024. The information provided in
this Remuneration Report has been audited as required by Section 308(3C) of the Corporations Act 2001.
The Remuneration Report details the remuneration arrangements for Key Management Personnel who are defined
as those persons having authority and responsibility for planning, directing and controlling the major activities of
the Group, directly or indirectly, including any Director (whether executive or otherwise) of the Group.
Key Management Personnel details
The key management personnel of Talisman Mining Limited during the year were:
Directors
Kerry Harmanis
Non-Executive Chairman
Andrew Munckton1
Managing Director
(Appointed 21 August 2023)
Jeremy Kirkwood
Non-Executive Director
Brian Dawes
Non-Executive Director
Peter Benjamin
Non-Executive Director
Other Key Management
Tim Sharp
Exploration Manager
(Appointed 18 September 2023)
Shaun Vokes
Chief Executive Officer
(Ceased employment 17 August 2023)
Russell Gregory
Exploration Manager
(Ceased employment 31 August 2023)
Except as noted, the named persons held their current positions for the whole of the financial year and since the
financial year end.
Key Management Personnel (excluding Non-Executive Directors)
The Board is responsible for determining the remuneration policies for the Group, including those affecting
Executive Directors and other key management personnel. The Board may seek appropriate external advice to
assist in its decision making.
The Company’s remuneration policy for Executive Directors and key management personnel is designed to
promote superior performance and long-term commitment to the Group. The main principles of the policy when
considering remuneration are as follows:
•
Executive Directors and key management personnel are motivated to pursue long term growth and success
of the Group within an appropriate control framework;
•
interests of key leadership are aligned with the long-term interests of the Company’s shareholders; and
•
there is a clear correlation between performance and remuneration.
The remuneration policy for Executive Directors and other key management personnel comprises a mix of fixed
remuneration and at-risk variable remuneration consisting of short term and long term incentives.
Fixed remuneration
Fixed remuneration is reviewed annually by the Remuneration Committee. The process consists of a review of
relevant comparative remuneration in the market and internally and, where appropriate, external advice on policies
and practices. The Remuneration Committee has access to external, independent advice where necessary.
Executive Directors and other key management personnel are given the opportunity to receive their fixed (primary)
remuneration in a variety of forms including cash and fringe benefits such as motor vehicles and expense payment
plans. It is intended that the manner of payment chosen will be optimal for the recipient without creating undue
cost for the Group. The fixed remuneration component is detailed in the remuneration for key management
personnel tables for the years ended 30 June 2024 and 30 June 2023.
Short term incentives
An annual short term incentive opportunity (STIP) exists for Executive Directors and other key management
personnel. The STIP represents a cash-based incentive that provides for a meaningful proportion of the total
remuneration package for Executive Directors and other key management personnel to be at-risk. Benefits under
the STIP may only be realised on the achievement of targets linked to the Company’s annual business objectives,
prevailing economic conditions and individual commitment and performance. Potential rewards under the STIP
only become payable at the absolute discretion of the Board. For the financial year ended 30 June 2024, a total
amount of $252,308 was awarded in STIP as recommended by the Remuneration Committee and approved by
the Board. The STIP awards were paid in July 2024 and the proportion of cash bonus paid/payable or forfeited is
as follows:
1 Mr Munckton has no share holdings as at the date of this report. His option holdings are disclosed in the Directors’ Report on page 23.
26
Name
Bonus Payable
Bonus Payable /
Paid
2024
Bonus Forfeited
2024
Bonus Payable
/ Paid
2023
Bonus Forfeited
2023
Executive Director
Andrew Muckton
95%
5%
n/a
n/a
Executive
Management
Tim Sharp
88%
12%
n/a
n/a
Shaun Vokes
n/a
n/a
62%
38%
Russell Gregory
n/a
n/a
0%
100%
Long term incentives
To align the interests of key management personnel with the long-term objectives of the Group and its
shareholders, the Group’s policy, having regard to the stage of development of its assets, is to issue share options
under the shareholder approved ‘Incentive Awards Plan’ (IAP) and at the discretion of the Board, subject to
shareholder approval for Directors. The issue of share options as remuneration represents cost effective
consideration to Directors and key management personnel for their commitment and contribution to the Group and
are used as a strategic tool to recruit and retain high calibre personnel.
Options issued under the IAP during the year vest after a fixed period during the life of the options (currently after
3 years) and value is only realised by Directors and key management personnel upon growth at a fixed premium
to the 30-day volume weighted share price of the Company’s share price from the date of the grant of the options.
Vesting conditions relating to the performance of the Group are not considered appropriate having regard to the
stage of development of the Group’s assets. Participants in the IAP are prohibited from entering into transactions
(whether through the use of derivatives or otherwise) which limit the economic risk of participating in the scheme.
In addition, under the IAP, if the Board makes a determination that in its opinion an optionholder has been
dismissed or removed from office for a reason which entitles the Company to dismiss the optionholder without
notice or has committed any act of fraud, defalcation or gross misconduct in relation to the affairs of the Company
(whether or not charged with an offence) or has done any act which brings the Company and its related bodies
corporate or any one of them into disrepute, the options held by that optionholder will lapse.
Non-Executive Directors
The Group’s Non-Executive Directors receive fees (including statutory superannuation) for their services and the
reimbursement of reasonable expenses. The fees paid to the Group’s Non-Executive Directors reflect the
demands on, and responsibilities of, the Directors. They do not receive any retirement benefits (other than
compulsory superannuation). The Board decides annually the level of fees to be paid to Non-Executive Directors
with reference to market standards.
Non-Executive Directors may also receive share options where this is considered appropriate by the Board as a
whole and with regard to the stage of the Group’s development. Such options vest across the life of the option
and are primarily designed to provide an incentive to Non-Executive Directors to remain with the Group. Options
issued to Non-Executive Directors are subject to shareholder approval.
A Non-Executive Directors’ fee pool limit of $500,000 per annum was approved by the shareholders at the General
Meeting on 23 November 2022 General Meeting. For the financial year ended 30 June 2024, this pool was utilised
to a level of $267,803 (inclusive of superannuation). The fee paid for the 2024 financial year to the Chairman was
$93,240 (including statutory superannuation) whilst each Non-Executive Director was paid $58,275 per annum
(including statutory superannuation).
27
Key terms of employment contracts
Remuneration and other terms of employment of Directors and key management personnel are formalised in an
employment contract. The major provisions of the agreements related to the remuneration are set out below.
Key Management
Personnel
Term of
Agreement
Key Agreement Terms
Notice Period
Andrew Munckton
Three years
(appointed 21
August 2023)
Termination benefit payable on
early termination by the Group
(other than for gross misconduct)
is equal to three months’ base
salary.
3 months
Tim Sharp
Ongoing
employment
agreement
(appointed 18
September 2023)
Termination benefit payable on
early termination by the Group
(other than for gross misconduct)
is equal to three months’ base
salary.
3 months
Shaun Vokes
Three years
(appointed 2 July
2021, ceased
employment 17
August 2023)
Termination benefit payable on
early termination by the Group
(other than for gross misconduct)
is equal to six months’ base salary.
3 months
Russell Gregory
Ongoing
employment
agreement
(appointed 2
August 2021,
resigned 31
August 2023)
Termination benefit payable on
early termination by the Group
(other than for gross misconduct)
is equal to three months’ base
salary.
3 months
Remuneration for Executive Directors and key management personnel consists of a base salary, superannuation
and performance incentives. Long term performance incentives may include options granted at the discretion of
the Board subject to obtaining the relevant approvals. The remuneration of the Managing Director is recommended
to the Board by the Remuneration Committee. Remuneration of key management personnel (excluding Non-
Executive Directors) is recommended annually by the Remuneration Committee in consultation with the Managing
Director.
Remuneration Philosophy
The Board recognises that the performance and continued success of the business depends upon the quality of
its people. To ensure the Group continues to innovate and grow it must attract, motivate, and retain highly skilled
directors, executives and employees. To deliver this, the philosophy of the Group in determining remuneration
levels is to set competitive remuneration packages to attract and retain high calibre employees and to link a
significant component of executive rewards to shareholder value creation. The size, nature and financial strength
of the Group is also taken into account when setting remuneration levels so as to ensure that the operations of the
Group remain sustainable.
In considering the Group’s performance and impact on shareholder returns, the Board has regard to the following
indicators of performance in respect of the current financial year and the previous four financial years:
30 June
2024
30 June
2023
30 June
2022
30 June
2021
30 June
2020
Revenue/Other Income ($’000)
9,500
7,658
6,459
1,393
229
Net profit/(loss) after tax ($’000)
(2,916)
66
(1,111)
(2,167)
(4,803)
Earnings/(loss) per share (cents)
(1.55)
0.04
(0.60)
(1.20)
(2.60)
Share price ($)
0.250
0.170
0.140
0.205
0.165
28
Remuneration of key management personnel
Details of the nature and amount of each element of the remuneration for key management personnel during the
year are set out in the following tables:
Short-term employee benefits
Post-
Long
service
leave
accrual
Share-
based
payment
Total
% of
compensation
linked to
performance
employment
benefits
Salary
Bonus
Non-
monetary
Super-
annuation
Options
(vii)
& fees(i)
$
$
$
$
$
$
$
%
2024
Directors
Kerry
Harmanis(ii)
84,000
-
-
9,240
-
48,412
141,652
34.18%
Andrew
Munckton(iii)
302,720
50,611
-
23,642
-
98,196
475,169
31.32%
Jeremy
Kirkwood
52,500
-
-
5,775
-
26,301
84,576
31.10%
Brian Dawes
37,875
-
-
20,400
-
26,301
84,576
31.10%
Peter
Benjamin
58,013
-
-
-
-
26,301
84,314
31.19%
Executives
Tim Sharp(iv)
255,722
39,369
-
21,741
-
23,286
340,118
18.42%
Shaun
Vokes(v)
369,979
-
-
9,569
(46,580)
23,550
356,518
6.61%
Russell
Gregory(vi)
26,955
-
-
4,437
-
11,698
43,090
27.15%
1,187,764
89,980
-
94,804
(46,580)
284,045
1,610,013
Short-term employee benefits
Post-
Long
service
leave
accrual
Share-
based
payment
Total
% of
compensation
linked to
performance
employment
benefits
Salary
Bonus
Non-
monetary
Super-
annuation
Options
(vii)
& fees(i)
$
$
$
$
$
$
$
%
2023
Directors
Kerry
Harmanis
84,000
-
-
8,820
-
23,624
116,444
20.29%
Jeremy
Kirkwood
55,256
-
-
2,756
-
10,796
68,808
15.69%
Brian Dawes
37,613
-
-
20,400
-
10,796
68,809
15.69%
Peter
Benjamin
58,013
-
-
-
-
10,796
68,809
15.69%
Executives
Shaun Vokes
321,731
38,180
-
34,427
46,580
66,180
507,098
20.58%
Russell
Gregory
260,372
5,000
-
25,935
-
51,064
342,371
16.38%
816,985
43,180
-
92,338
46,580
173,256
1,172,339
(i)
Cash salary and fees includes movements in annual leave provision during the year.
(ii)
Appointed as non-executive Chairman on 15 July 2020. Under the terms of his initial appointment, Mr Harmanis elected not to
receive a salary or be issued with any shares in his role. In December 2021 the Board resolved that Mr Harmanis be paid a salary
of $80,000 p.a. and be entitled to participate in the Company’s long-term incentive plan.
(iii)
Appointed as Managing Director on 21 August 2023.
(iv)
Appointed as Exploration Manager on 18 September 2023.
(v)
Ceased employment on 17 August 2023.
(vi)
Resigned as Exploration Manager on 31 August 2023.
(vii)
The value of share-based payments shown in the table are non-cash values based on an accounting valuation calculated under
the Black Scholes option pricing method. The values above represent the accounting expense recorded over the vesting period of
the options. The options were granted in the 2022, 2023 and 2024 financial years.
29
Share-based remuneration granted as compensation
Options granted to directors during the financial year were approved by shareholders at general meetings on 22
November 2023 and 7 Feb 2024. Options issued to other Company employees were issued under the Incentive
Awards Plan. For details of share-based payments granted during the year refer to Note 17.
Name
During the financial year
Number
granted
Number
vested and
exercisable
% of grant
vested
% of grant
forfeited
% of
compensation
for the year
consisting of
options(i)
Kerry Harmanis
959,600
-
0%
31% (ii)
34.18%
Andrew Munckton
2,868,500
-
0%
0%
31.32%
Jeremy Kirkwood
599,800
-
0%
0%
31.10%
Brian Dawes
599,800
-
0%
0%
31.10%
Peter Benjamin
599,800
-
0%
0%
31.19%
Tim Sharp
1,194,100
-
0%
0%
18.42%
(i)
The value of options granted during the period is recognised in compensation over the vesting period of the grant, in accordance
with Australian accounting standards.
(ii)
During the year Mr Harmanis assigned a portion of his December 2023 Options to an associate who is not employed by the Group.
Exercised
No options granted as compensation in the current year and/or prior year were exercised.
Forfeited / lapsed / cancelled options during the year
Name
Number
forfeited/lapsed/
cancelled during
the year
Option value at date
forfeited/lapsed/
cancelled
$
Financial Year Granted
Shaun Vokes
3,526,300
-
FY21/22, FY 22/23
Russell Gregory
2,921,400
-
FY20/21, FY21/22, FY22/23
The value of options forfeited, lapsed or cancelled during the year at the time of forfeiture, lapsing or cancellation
was $Nil.
30
Other Information
Shares held by Key Management Personnel
Opening
balance at
1 July
Balance
on
appoint-
ment
Shares
received on
exercise of
options
Acquired
on-market
/ (sold on
market)
Balance on
resignation
Closing
balance at
30 June
Balance
held
nominally
Number
Number
Number
Number
Number
Number
Number
2024
Directors
Kerry Harmanis
34,914,450
-
-
1,645,830
N/A
36,560,280
-
Andrew Munckton
-
-
-
-
N/A
-
-
Jeremy Kirkwood
419,000
-
-
-
N/A
419,000
-
Brian Dawes
353,333
-
-
216,001
N/A
569,334
-
Peter Benjamin
277,200
-
-
157,524
N/A
434,724
-
Executives
Tim Sharp
-
-
-
-
-
-
-
Shaun Vokes
1,226,545
-
-
-
(1,226,545)
-
-
Russell Gregory
-
-
-
-
-
-
-
37,190,528
-
-
2,019,355
(1,226,545)
37,983,338
-
2023
Directors
Kerry Harmanis
34,914,450
-
-
-
N/A
34,914,450
-
Jeremy Kirkwood
419,000
-
-
-
N/A
419,000
-
Brian Dawes
353,333
-
-
-
N/A
353,333
20,000
Peter Benjamin
277,200
-
-
-
N/A
277,200
-
Executives
Shaun Vokes
1,126,545
-
-
100,000
N/A
1,226,545
-
Russell Gregory
56,961
-
-
(56,961)
N/A
-
-
37,147,489
-
-
43,039
-
37,190,528
20,000
32
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
Talisman Mining Limited (TLM)
TLM is a public body corporate, incorporated in Australia, listed on the Australian Securities Exchange (ASX)
(ASX: TLM). TLM is not a trustee of a trust within the consolidated entity (group), nor a partner in a partnership
within the group, and is not a participant in a joint venture within the group.
TLM is an Australian resident company within the meaning of the Income Tax Assessment Act 1997 (ITAA97).
Haverford Holdings Pty Ltd (HH)
HH is a private body corporate that was incorporated in Australia. HH is not a trustee of a trust within the group
and is not a partner in a partnership within the group. HH is a participant in the Mt Walton Joint Venture (MWJV)
with Peel Mining Limited (ASX: PEX), and is the manager of the MWJV. HH has an 89.5% participating interest
in the MWJV.
TLM has a 100% equity interest in HH.
HH is an Australian resident company within the meaning of the ITAA97.
Talisman B Pty Ltd (TLMB)
TLMB is a private body corporate that was incorporated in Australia. TLMB is not a trustee of a trust within the
group and is not a partner in a partnership within the group. TLMB is a participant in the Lucknow Gold Joint
Venture (LGJV) with privately-owned Lucknow Gold Limited, and is the manager of the LGJV. TLMB has an
51.0% participating interest in the LGJV.
TLM has a 100% equity interest in TLM B.
TLMB is an Australian resident company within the meaning of the ITAA97.
33
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the consolidated financial report of Talisman Mining Limited for the
year ended 30 June 2024, I declare that to the best of my knowledge and belief, there have been
no contraventions of:
a)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit;
and
b)
any applicable code of professional conduct in relation to the audit.
Perth, Western Australia
24 September 2024
M R Ohm
Partner
34
INDEPENDENT AUDITOR’S REPORT
To the Members of Talisman Mining Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Talisman Mining Limited (“the Company”) and its controlled
entities (“the Group”), which comprises the consolidated statement of financial position as at 30 June
2024, the consolidated statement of profit or loss and other comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of cash flows for the year then ended,
notes to the financial statements, including material accounting policy information, the consolidated
entity disclosure statement and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations
Act 2001, including:
(a) giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its financial
performance for the year then ended; and
(b) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Report section of our report.
We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (“the Code”) that are relevant to our audit of the financial report in Australia.
We have also fulfilled our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
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.
35
Key Audit Matter
How our audit addressed the key audit matter
Carrying value of exploration and evaluation
expenditure
Note 11 to the financial statements
The Group has capitalised exploration and
evaluation expenditure of $300,000 as at 30
June 2024.
Our audit procedures determined that the
carrying value of exploration and evaluation
expenditure was a key audit matter as it was
an
area
which
required
the
most
communication with those charged with
governance and was determined to be of key
importance to the users of the financial
statements.
Our procedures included but were not limited to
the following:
-
We obtained an understanding of the key
processes associated with management’s
review of the carrying value of exploration
and evaluation expenditure;
-
We obtained evidence that the Company
has current rights to tenure of its areas of
interest;
-
We substantiated a sample of additions to
exploration expenditure during the year;
-
We considered whether any indicators of
impairment were present in relation to the
Group’s areas of interest;
-
We
enquired
with
management
and
reviewed ASX announcements and minutes
of Directors’ meetings to ensure that the
Company had not decided to discontinue
exploration and evaluation at its areas of
interest; and
-
We examined the disclosures made in the
financial report.
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 30 June 2024, but does not include the
financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report, or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
(a) the financial report (other than the consolidated entity disclosure statement) that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
36
(b) the consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
(a) the financial report (other than the consolidated entity disclosure statement) that gives a true and
fair view and is free from material misstatement, whether due to fraud or error; and
(b) the consolidated entity disclosure statement that is true and correct and is free from material
misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with Australian Auditing Standards will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
−
Identify and assess the risks of material misstatement of the financial report, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
−
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
−
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
−
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial report or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditor’s report. However, future events or conditions may cause the Group to cease to
continue as a going concern.
37
−
Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and events in
a manner that achieves fair presentation.
We communicate with the directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate
threats or safeguards applied.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the financial report of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
REPORT ON THE REMUNERATION REPORT
Opinion on the Remuneration Report
We have audited the Remuneration Report included within the Directors’ Report for the year ended 30
June 2024.
In our opinion, the Remuneration Report of Talisman Mining Limited for the year ended 30 June 2024
complies with Section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with Section 300A of the Corporations Act 2001. Our responsibility is to express
an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian
Auditing Standards.
HLB Mann Judd
M R Ohm
Chartered Accountants
Partner
Perth, Western Australia
24 September 2024
38
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
Note
30 Jun 24
30 Jun 23
$ `000
$ `000
Assets
Current Assets
Cash and cash equivalents
6
4,932
9,756
Trade and other receivables
7
3,007
1,240
Inventories
-
25
Total Current Assets
7,939
11,021
Non-Current Assets
Other receivables
7
282
232
Financial assets
8
250
-
Property, plant and equipment
9
516
550
Right-of-use assets
10
139
78
Deferred exploration and evaluation expenditure
11
300
300
Total Non-Current Assets
1,487
1,160
Total Assets
9,426
12,181
Liabilities
Current Liabilities
Trade and other payables
12
947
1,056
Provisions
13
368
318
Lease liabilities
14
66
79
Total Current Liabilities
1,381
1,453
Non-Current Liabilities
Provisions
13
9
7
Lease liabilities
14
73
6
Total Non-Current Liabilities
82
13
Total Liabilities
1,463
1,466
Net Assets
7,963
10,715
Equity
Issued capital
15
32,222
32,222
Reserves
16
466
332
Accumulated losses
16
(24,725)
(21,839)
Total Equity
7,963
10,715
The accompanying notes form part of these financial statements.
39
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
Note
30 Jun 24
30 Jun 23
$ `000
$ `000
Continuing operations
Revenue
2
252
258
Other income
2
9,248
7,400
Exploration expenditure expensed as incurred
11
(9,602)
(5,124)
Employee benefits expense
2
(1,608)
(1,516)
Legal and corporate advisory expenses
2
(251)
(231)
Administrative expenses
(495)
(517)
Occupancy expenses
2
(6)
(7)
Finance costs
(2)
(8)
Net fair value loss on investments
8
(250)
-
Depreciation and amortisation expense
(202)
(189)
(Loss) / Profit before income tax expense
(2,916)
66
Income tax expense
3
-
-
(Loss) / Profit for the year after tax
(2,916)
66
Other comprehensive income for the year, net of tax
-
-
Total comprehensive income / (loss) for the year
(2,916)
66
(Loss) / Earnings per share:
From continuing operations:
Basic loss per share (cents per share)
5
(1.55)
0.04
Diluted loss per share (cents per share)
5
(1.55)
0.04
The accompanying notes form part of these financial statements.
40
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
Note
30 Jun 24
30 Jun 23
$ `000
$ `000
inflows/(outflows)
Cash flows from operating activities
Payments to suppliers and employees
(2,412)
(1,697)
Payments for exploration and evaluation
(9,683)
(4,531)
Finance costs
(2)
(8)
Interest received
252
258
Government grants
55
-
Royalty receipts
7,810
7,610
Net cash (used in)/provided by operating activities
6
(3,980)
1,632
Cash flows from investing activities
Payments for property, plant and equipment
(97)
(271)
Payments for exploration and evaluation assets
-
(200)
Payments for investments
(500)
-
Proceeds from disposal of property, plant and equipment
9
-
Transfers to security deposits
(177)
(244)
Net cash used in investing activities
(765)
(715)
Cash flows from financing activities
Repayment of lease liabilities
14
(79)
(69)
Net cash used in financing activities
(79)
(69)
Net (decrease)/increase in cash held
(4,824)
848
Cash and cash equivalents at the beginning of the year
9,756
8,908
Cash and cash equivalents at the end of the year
6
4,932
9,756
The accompanying notes form part of these financial statements.
41
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
Issued Capital
Accumulated
Losses
Share-based
Payments
Reserve
Total Equity
$ `000
$ `000
$ `000
$ `000
Balance at 1 July 2023
32,222
(21,839)
332
10,715
Loss for the year
-
(2,916)
-
(2,916)
Other comprehensive income
-
-
-
-
Total comprehensive loss for the year
-
(2,916)
-
(2,916)
Recognition of share-based payments
-
-
164
164
Unlisted options lapsed / forfeited
-
30
(30)
-
Balance at 30 June 2024
32,222
(24,725)
466
7,963
Balance at 1 July 2022
32,122
(22,232)
413
10,303
Profit for the year
-
66
-
66
Other comprehensive income
-
-
-
-
Total comprehensive loss for the year
-
66
-
66
Shares issued during the year
100
-
-
100
Recognition of share-based payments
-
-
246
246
Unlisted options lapsed
-
327
(327)
-
Balance at 30 June 2023
32,222
(21,839)
332
10,715
The accompanying notes form part of these financial statements.
42
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Note 1- Statement of Material Accounting Policies
Talisman Mining Limited (the Company) is a public company listed on the Australian Securities Exchange (trading
under the symbol “TLM”) and incorporated and operating in Australia.
The Company’s Registered Office and its principal place of business are as follows:
Suite 1 Ground Floor / 33 Colin Street
West Perth
Western Australia 6005
The nature of the operations and principal activities of the Company are described in the Directors' Report.
MATERIAL ACCOUNTING POLICIES
a.
Basis of preparation
These financial statements are general purpose financial statements, which have been prepared in accordance
with the requirements of the Corporations Act 2001, Accounting Standards and Interpretations and comply with
other requirements of the law.
The financial statements comprise the consolidated financial statements for the Group. For the purposes of
preparing the consolidated financial statements, the Company is a for-profit entity.
The accounting policies detailed below have been consistently applied to all of the years presented unless
otherwise stated. The financial statements are for the Group consisting of Talisman Mining Limited and its
subsidiaries.
The financial statements have been prepared on a historical cost basis. Historical cost is based on the fair values
of the consideration given in exchange for goods and services.
The financial statements are presented in Australian dollars and all values are rounded to the nearest thousand
dollars ($’000) unless otherwise stated as permitted by the option available to the Company under ASIC
Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191. The Company is an entity to which
this instrument applies.
b.
Adoption of new and revised standards
Standards and Interpretations applicable to 30 June 2024
In the year ended 30 June 2024, the Directors have reviewed all of the new and revised Standards and
Interpretations issued by the Australian Accounting Standards Board (AASB) that are relevant to the Group and
effective for the current annual reporting period.
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the AASB
that are mandatory for the current reporting period.
AASB 2021-2 Amendments to Australian Accounting Standards - Disclosure of Accounting Policies and Definition
of Accounting Estimates makes amendments to various Australian Accounting Standards and AASB Proactive
Statement 2 Making Materiality Judgements change the way in which accounting policies are disclosed in financial
reports. The amendments require disclosure of material accounting policy information rather than significant
accounting policies and are effective for annual reporting periods beginning on or after 1 January 2023. Accounting
policy disclosure has been updated in line with this standard. All other new standards had no material effect.
Standards and interpretations in issue not yet mandatory or early adopted
The Directors have also reviewed all of the new and revised Standards and Interpretations in issue but not yet
mandatory for the year ended 30 June 2024. As a result of this review the Directors have determined that there is
no material impact of the Standards and Interpretations in issue but not yet mandatory on the Group and, therefore,
no change is necessary to Group accounting policies.
No other new standards, amendments to standards and interpretations are expected to affect the Group's
consolidated financial statements.
c.
Statement of compliance
The financial report was authorised for issue on 24 September 2024.
The financial report complies with Australian Accounting Standards, which include Australian equivalents to
International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial report,
comprising the financial statements and notes thereto, complies with International Financial Reporting Standards
(IFRS).
43
d.
Significant accounting estimates and judgements
The application of accounting policies requires the use of judgements, estimates and assumptions about carrying
values of assets and liabilities that are not readily apparent from other sources. The estimates and associated
assumptions are based on historical experience and other factors that are considered to be relevant. Actual results
may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions are recognised in the
period in which the estimate is revised if it affects only that period, or in the period of the revision and future periods
if the revision affects both current and future periods.
Exploration and Evaluation
Exploration and evaluation costs have been capitalised on the basis that the consolidated entity will commence
commercial production in the future, from which time the costs will be amortised in proportion to the depletion of
the mineral resources. Key judgements are applied in considering costs to be capitalised which includes
determining expenditures directly related to these activities and allocating overheads between those that are
expensed and capitalised. In addition, costs are only capitalised that are expected to be recovered either through
successful development or sale of the relevant mining interest. Factors that could impact the future commercial
production at the mine include the level of reserves and resources, future technology changes, which could impact
the cost of mining, future legal changes, and changes in commodity prices. To the extent that capitalised costs
are determined not to be recoverable in the future, they will be written off in the period in which this determination
is made.
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees and Directors by reference to the fair
value of the equity instruments at the date at which they are granted. The fair value is determined by utilising a
Black Scholes model, using the assumptions detailed in Note 17.
e.
Going concern
The financial report has been prepared on the going concern basis, which contemplates continuity of normal
business activities and the realisation of assets and settlements of liabilities in the ordinary course of business.
f.
Basis of Consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled
by the Company and its subsidiaries. Control is achieved when the Company:
•
has power over the investee;
•
is exposed, or has rights, to variable returns from its involvement with the investee; and
•
has the ability to use its power over the investee to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements listed above.
When the Company has less than a majority of the voting rights in an investee, it has the power over the investee
when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee
unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the
Company’s voting rights are sufficient to give it power, including:
•
the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other
vote holders;
•
potential voting rights held by the Company, other vote holders or other parties; rights arising from other
contractual arrangements; and
•
any additional facts and circumstances that indicate that the Company has, or does not have, the current
ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at
previous shareholder meetings.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the
Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed
of during the year are included in the consolidated statement of comprehensive income from the date the
Company gains control until the date when the Company ceases to control the subsidiary.
Note 2: Revenue, Other Income and Expenses
Interest revenue
Interest revenue from a financial asset is recognised when it is probable that the economic benefits will flow to the
Group and the amount of revenue can be reliably measured. Interest income is accrued on a time basis, by
reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly
discounts estimated future cash receipts through the expected life of the financial asset to that assets’ net carrying
amount on initial recognition.
44
Royalty income
Royalty income represents the right to receive royalties from metals produced and sold by the operator of the
mines in which the Group owns a royalty interest and are generally structured as a percentage of the gross
revenue received by the producer for metals sold. The Group records income when control of the metals sold
passes from the producer to the purchaser under the producers’ relevant sales contracts.
Revenue
30 Jun 24
30 Jun 23
$ `000
$ `000
Bank interest
252
258
252
258
Other Income
30 Jun 24
30 Jun 23
$ `000
$ `000
Royalty income
9,183
7,393
Other income
65
7
9,248
7,400
Expenses
30 Jun 24
30 Jun 23
$ `000
$ `000
Loss for the year includes the following expenses:
Non-cash share based payment expense
164
246
Other employee benefits
1,444
1,270
Total employee benefits expense
1,608
1,516
Occupancy expenses
6
7
Legal and Corporate Advisory Expenses
30 Jun 24
30 Jun 23
$ `000
$ `000
Corporate advisory fees
210
154
Other legal fees
41
77
251
231
Note 3: Income tax
30 Jun 24
$`000
30 Jun 23
$`000
The prima facie income tax expense on pre-tax accounting loss from
operations reconciles to the income tax benefit in the financial statements as
follows:
Accounting profit / (loss) before income tax
(2,916)
66
Income tax expense / (benefit) calculated at 30% (2023: 30%)
(875)
20
Non-deductible expenses
51
95
Tax losses and deferred tax balances not recognised
824
(115)
Income tax benefit reported in the statement of profit or loss and other
comprehensive income
-
-
45
30 Jun 24
30 Jun 23
$`000
$`000
Unrecognised deferred tax balances
Deferred tax assets compromise of:
Tax losses carried forward
5,786
5,004
Impairment of financial assets
120
45
Provisions
170
158
Other deferred tax balances
34
49
6,110
5,256
Deferred tax liabilities compromise of:
Exploration expenditure capitalised
-
-
Other deferred tax balances
-
-
-
-
Income Tax expense not recognised directly in equity during the year
-
-
Note 4: Segment Reporting
Talisman management has determined the operating segments based on the reports reviewed by the Board for
strategic decision making. The Group operates in one geographical segment, being Australia and has identified
the following continuing operating segment: Regional Exploration.
The Group’s board and Exploration Manager are responsible for budgets and expenditures relating to the Group’s
Regional Exploration activities. Regional Exploration activities do not normally derive any income. Should a project
generated by Regional Exploration activities commence generating income or lead to the development of a mining
operation, that operation would then be disaggregated from Regional Exploration and become reportable in a
different segment.
Segment Results
Continuing
Operations
Regional
Exploration
Unallocated
Items
Consolidated
$ `000
$ `000
$ `000
30 June 2024
Segment revenues / income
-
9,500
9,500
Segment profit / (loss) before income tax expense
(9,645)
6,729
(2,916)
Segment assets
2,282
7,144
9,426
Segment liabilities
(754)
(709)
(1,463)
30 June 2023
Segment revenues / income
-
7,658
7,658
Segment profit / (loss) before income tax expense
(5,225)
5,291
66
Segment assets
2,126
10,055
12,181
Segment liabilities
(853)
(613)
(1,466)
Note 5: Earnings/Loss Per Share
30 Jun 24
30 Jun 23
Cents
cents
Basic earnings / (loss) per share
(1.55)
0.04
Diluted earnings / (loss) per share
(1.55)
0.04
Basic earnings / (loss) per share from continuing operations
(1.55)
0.04
Diluted earnings / (loss) per share from continuing operations
(1.55)
0.04
$ ’000
$ ’000
Net profit / (loss) for the year
(2,916)
66
Net profit / (loss) for the year from continuing operations
(2,916)
66
Number
Number
Weighted average number of ordinary shares for the purpose of basic
and diluted earnings per share
188,320,349
187,768,142
The Group does not report diluted earnings per share on incurring an operating loss for the financial year.
46
Note 6: Cash and Cash Equivalents
30 Jun 24
30 Jun 23
$ `000
$ `000
Cash at bank and on hand
1,292
2,116
Short-term deposits
3,640
7,640
4,932
9,756
Reconciliation to the Statement of Cash Flows:
For the purposes of the statement of cash flows, cash and cash equivalents comprise cash on hand and at bank
and investments in money market instruments, net of outstanding bank overdrafts. Cash and cash equivalents as
shown in the statement of cash flows is reconciled to the related items in the statement of financial position as
follows:
30 Jun 24
30 Jun 23
$ `000
$ `000
Profit / (loss) for the year after tax
(2,916)
66
Adjustments for:
Depreciation and amortisation
202
189
Equity settled share-based payments
164
246
Gain on disposal of exploration assets
(9)
-
Fair value loss of financial assets
250
-
Changes in net assets and liabilities
(Increase)/decrease in assets:
Trade and other receivables
(1,476)
135
Inventory
25
(25)
Increase/(decrease) in liabilities:
Trade and other payables
(313)
738
Provisions
93
283
Net cash provided by / (used in) operating activities
(3,980)
1,632
Note 7: Trade and Other Receivables
30 Jun 24
30 Jun 23
$ `000
$ `000
Current Assets
Goods and services tax recoverable
224
177
Other debtors
2,684
1,017
Prepayments
99
46
3,007
1,240
Non-Current Assets
Other debtors – security bonds
282
232
Note 8: Financial Assets
Financial assets represent an investment in shares in a public listed company that were purchased with cash of
$500,000. At 30 June 2024, these investments were marked to market resulting in a fair value loss recognised in
profit or loss of $250,000. The fair value of the financial assets is a level 1 input, derived from quoted prices
(unadjusted) in active markets for identical assets.
30 Jun 24
30 Jun 23
$ `000
$ `000
Non-Current Assets
Financial assets measured at fair value through profit or loss
250
-
250
-
47
Note 9: Property, plant and equipment
Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses.
Such cost includes the cost of replacing parts that are eligible for capitalisation when the cost of replacing the
parts is incurred. Similarly, when each major inspection is performed, its cost is recognised in the carrying amount
of the plant and equipment as a replacement only if it is eligible for capitalisation.
Land and buildings are measured at fair value less accumulated depreciation on buildings and less any impairment
losses recognised after the date of the revaluation.
Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows:
Mine site plant and equipment
Units of Production
Buildings and Leasehold improvements
10 years
Office furniture and equipment
Motor vehicles
2-6 years
5-10 years
The assets’ residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at
each financial year end.
Consolidated
Land and
buildings
Office
furniture
and
equipment
Leasehold
improve-
ments
Motor
vehicles
Total
$ `000
$ `000
$ `000
$ `000
$ `000
Year ended 30 June 2024
At 1 July 2023, net of
accumulated depreciation
223
112
19
196
550
Additions
6
87
-
2
95
Disposals
-
-
-
-
-
Depreciation charge for the year
(20)
(42)
(18)
(49)
(129)
209
157
1
149
516
Year ended 30 June 2023
At 1 July 2022, net of
accumulated depreciation
214
46
38
100
398
Additions
28
104
-
141
273
Disposals
-
-
-
-
-
Depreciation charge for the year
(19)
(38)
(19)
(45)
(121)
223
112
19
196
550
At 30 June 2024
Cost or fair value
253
541
73
391
1,258
Accumulated depreciation
(44)
(384)
(72)
(242)
(742)
Net carrying amount
209
157
1
149
516
At 30 June 2023
Cost or fair value
248
453
73
389
1,163
Accumulated depreciation
(25)
(341)
(54)
(193)
(613)
Net carrying amount
223
112
19
196
550
The carrying value of plant and equipment held under hire purchase contracts as at 30 June 2024 is nil (2023: nil).
Note 10: Right-of-use Assets
Carrying Value
30 Jun 24
30 Jun 23
$ `000
$ `000
Cost
344
211
Accumulated depreciation
(205)
(133)
Carrying value at end of financial year
139
78
48
Reconciliation
30 Jun 24
30 Jun 23
$ `000
$ `000
Opening balance at start of financial year
78
135
Additions
133
-
Remeasurements
-
11
Depreciation expense
(72)
(68)
Closing balance at end of financial year
139
78
Note 11: Deferred 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 the mineral resource.
Exploration and evaluation expenditure is expensed to profit or loss as incurred except in the following
circumstances in which case the expenditure may be capitalised:
•
the existence of a mineral deposit has been established however additional expenditure is required to
determine the technical feasibility and commercial viability of extraction and it is anticipated that future
economic benefits are more likely than not to be generated as a result of the expenditure; and
•
the exploration and evaluation activity is within an area of interest which was acquired as an asset acquisition
or in a business combination and measured at fair value on acquisition.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry
forward costs in relation to that area of interest. An impairment exists when the carrying value of expenditure
exceeds its estimated recoverable amount. The area of interest is then written down to its recoverable amount and
the impairment losses are recognised in the statement of comprehensive income. Where an impairment loss
subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable
amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would
have been determined had no impairment loss been recognised for the asset in previous years.
Upon approval for the commercial development of an area of interest, exploration and evaluation assets are tested
for impairment and transferred to ‘Mine properties and development’. No amortisation is charged during the
exploration and evaluation phase.
On 12 June 2023 the Company issued 580,852 shares to First Au Limited (ASX: FAU) at a market value of
$0.17216 per share, representing part of the consideration payable for the acquisition of three tenements (the
“Mabel Creek” tenements) in South Australia.
30 Jun 24
30 Jun 23
$ `000
$ `000
Costs carried forward in respect of areas of interest in the following phases:
Exploration and evaluation phase – at cost
Balance at beginning of year
300
-
Acquisition of Mabel Creek tenements
-
300
Expenditure incurred
9,602
5,124
9,902
5,424
Exploration expensed as incurred
(9,602)
(5,124)
Carrying value at end of financial year
300
300
49
The recoupment of costs carried forward in relation to the areas of interest in the exploration and evaluation phases
is dependent on the successful development and commercial exploitation or the sale of the respective areas.
Life to date
project
expenditure
expensed
Project
Expenditure
expensed in
the period
Life to date
project
expenditure
expensed
Project
Expenditure
expensed in the
period
30 Jun 24
30 Jun 23
$ `000
$ `000
$ `000
$ `000
Lachlan Copper
29,283
8,940
20,343
4,687
Lucknow
1,075
8
1,067
18
Mabel Creek IOCG
759
454
305
305
Other Exploration Expenses
639
200
439
114
31,756
9,602
22,154
5,124
Note 12: Trade and Other Payables
30 Jun 24
30 Jun 23
$ `000
$ `000
Current
Trade payables
818
970
Other payables
129
86
947
1,056
Note 13: Provisions
30 Jun 24
30 Jun 23
$ `000
$ `000
Current Liabilities
Employee benefits
368
318
Non-Current Liabilities
Employee benefits
9
7
Note 14: Lease liabilities
30 Jun 24
30 Jun 23
$ `000
$ `000
Current liabilities
66
78
Non-current liabilities
73
6
139
84
Reconciliation
30 Jun 24
30 Jun 23
$ `000
$ `000
Opening balance
84
142
Additions
134
-
Remeasurements
-
10
Principal repayments
(79)
(68)
Closing balance
139
84
The Group leases office premises in West Perth, Western Australia. The original lease was due to expire in July
2024 but the lease term was extended to July 2026 by a deed of extension executed in February 2024.
The total cash outflow relating to leases for the period ended 30 June 2024 was $80,949 (2023: $75,397).
50
Underlying assets serve as security for the related lease liabilities. A maturity analysis of future minimum lease
payments is presented below:
Lease payments due
<1 year
1-2 years
Total
$ `000
$ `000
$ `000
Lease payments
71
76
147
Interest
(5)
(3)
(8)
Net present values
66
73
139
Lease payments not recognised as a liability
Lease payments expensed during the period and thus not included in the measurement of the lease liability are as
follows:
30 Jun 24
30 Jun 23
$ `000
$ `000
Short term leases
28
16
At 30 June 2024 the Group was committed to short-term leases giving rise to total commitments of $36,220 (2023:
$8,400) at that date.
Note 15: Issued Capital
30 Jun 24
30 Jun 23
$
$
Ordinary shares
Issued and fully paid
32,222,454
32,222,454
30 Jun 24
30 Jun 23
Number
$
Number
$
Movements in ordinary shares on
issue
At 1 July
188,320,349
32,222,454
187,739,497
32,122,454
Issue of shares (i)
-
-
580,852
100,000
At 30 June
188,320,349
32,222,454
188,320,349
32,222,454
Fully paid ordinary shares carry one vote per share and carry the right to dividends.
(i) On the 12th of June 2023 the Company issued 580,852 shares to First Au Limited (ASX: FAU) at a market value of
$0.17216 per share, representing part of the consideration payable for the acquisition of three tenements (the “Mabel
Creek” tenements) in South Australia.
Ordinary shares entitled the holder to participate in dividends and the proceeds on winding up of the Company in
proportion to the number of and amounts paid on the shares held.
On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one
vote, and upon a poll each share is entitled to one vote.
Ordinary shares have no par value and the Company does not have a limited amount of authorised capital.
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.
Share Options
The Company has one share-based payment option scheme under which options to subscribe for the Company’s
shares have been granted to certain Directors, other key management personnel and all employees, refer Note
17.
Note 16: Reserves and Accumulated Losses
Share-based payments reserve
This reserve is used to record the value of equity benefits provided to employees and Directors as part of their
remuneration. Refer to Note 17 for further details of these plans.
51
30 Jun 24
30 Jun 23
$ `000
$ `000
Reserves
Share-based payment reserve
466
332
Balance at end of financial year
466
332
Movement in this reserve is set out in the Statement of Changes in Equity.
Accumulated losses
Movements in accumulated losses were as follows:
30 Jun 24
30 Jun 23
$ `000
$ `000
Accumulated Losses
Balance at beginning financial year
(21,839)
(22,232)
Net profit / (loss) for the year
(2,916)
66
Transfer on unlisted options forfeited/exercised
30
327
Balance at end of financial year
(24,725)
(21,839)
Note 17: Share-Based Payment Plans
Incentive Award Plan (“IAP”)
The Group has an Incentive Award Plan (“IAP”) for executives and employees of the Group. In accordance with
the provisions of the IAP, as approved by shareholders at a previous Annual General Meeting, executives and
employees may be granted options at the discretion of the Directors.
Each employee share option converts into one ordinary share of Talisman Mining Limited on exercise. No amounts
are paid or payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting
rights. Options may be exercised at any time from the date of vesting to the date of their expiry.
The number of options granted is at the sole discretion of the Directors subject to the total number of outstanding
options being issued under the IAP not exceeding 5% of the Company’s issued capital at any one time.
Options issued to Directors under the IAP are subject to approval by shareholders and attach vesting conditions
as appropriate.
The contractual life of each option granted is 4 years. There are no cash settlement alternatives.
The following options lapsed during the financial year:
Grant Date
Expiry date of
options
Number of
shares under
option
Exercise
price of
options
Fair
Value
Vested
Date
Number
Lapsed
18-Aug-21
18-Aug-23
325,000
$0.31
$0.09
18-Aug-22
(325,000)
No share options were exercised during the financial year.
The following options were issued to Directors, executives and employees during the financial year.
Issuing entity
Grant Date
Expiry
date of
options
Number of
shares
under
option
Exercise
price of
options
Fair
Value
Vested
Date
Talisman Mining Limited
22-Nov-23(i)
15-Dec-26
1,536,800
$0.20
$0.08
15-Dec-25
Talisman Mining Limited
8-Dec-23
7-Dec-27
4,981,700
$0.26
$0.10
8-Dec-26
Talisman Mining Limited
7-Feb-24
31-Oct-27
1,250,000
$0.25
$0.17
31-Oct-26
Talisman Mining Limited
7-Feb-24
7-Dec-27
2,840,700
$0.26
$0.17
8-Dec-26
(i) The number of options issued during the financial year includes the proposed grant of options to Directors in the prior financial
year that were approved by shareholders during the current financial year. Share based payments expense associated with
these options has been recorded in accordance with the guidance accompanying the applicable accounting standard. Refer
to the Directors report for further details in relation to these options.
52
The following options were forfeited during the financial year:
Grant Date
Expiry date of
options
Number of
shares under
option
Exercise
price of
options
Fair
Value
Vested
Date
Number
Lapsed
17-Dec-21
16-Dec-25
2,348,500
$0.25
$0.07
19-Dec-24
(2,348,500)
16-Dec-22
15-Dec-26
4,894,200
$0.20
$0.08
15-Dec-25
(4,894,200)
8-Dec-23
7-Dec-27
708,400
$0.26
$0.10
8-Dec-26
(708,400)
The following share-based arrangements were in place at the end of the financial year:
Issuing entity
Grant
Date
Expiry
date of
options
Number of
shares under
option
Exercise
price of
options
Fair
Value
Vested
Date
Talisman Mining Limited
21-Apr-22
16-Dec-25
1,267,800
$0.25
$0.08
16-Dec-24
Talisman Mining Limited
17-Dec-21
16-Dec-25
522,900
$0.25
$0.07
16-Dec-24
Talisman Mining Limited
4-Jan-22
3-Jan-26
304,500
$0.25
$0.07
03-Jan-25
Talisman Mining Limited
16-Dec-22
15-Dec-26
2,020,000
$0.20
$0.08
15-Dec-25
Talisman Mining Limited
22-Nov-23
15-Dec-26
1,536,800
$0.20
$0.08
15-Dec-25
Talisman Mining Limited
7-Feb-24
31-Oct-27
1,250,000
$0.25
$0.17
31-Oct-26
Talisman Mining Limited
8-Dec-23
7-Dec-27
4,627,500
$0.26
$0.10
8-Dec-26
Talisman Mining Limited
7-Feb-24
7-Dec 27
2,840,700
$0.26
$0.17
8-Dec-26
The weighted average exercise price of each share option at the end of the financial year was $0.24 (2023: $0.22).
The weighted average remaining contract life of each share option at the end of the financial year was 2.90 years
(2023: 2.97 years).
There has been no alteration of the terms and conditions of the above share-based payment arrangements since
grant date.
30 Jun 24
30 Jun 23
Number
$
Number
$
Movements in options over ordinary shares on issue
At 1 July
11,244,400
332,060
12,549,436
412,837
Directors’ and employees’ remuneration (i)
10,609,200
163,936
7,486,000
246,140
Unlisted options forfeited
(7,951,100)
-
(1,957,700)
(10,579)
Unlisted options exercised
-
-
-
-
Unlisted options lapsed
(325,000)
(29,998)
(6,833,336)
(316,338)
At 30 June
13,577,500
465,998
11,244,400
332,060
(i) The number of options issued during the financial year includes the proposed grant of options to Directors in the prior financial
year that were approved by shareholders during the current financial year. Refer to the Directors report for further details in
relation to these options.
The fair value of options granted during the year was $2,561,717 (2023: $598,880).
The fair value of the equity-settled share options granted under the incentive plan is estimated as at the date of
grant using the Black-Scholes model taking into account the terms and conditions upon which the options were
granted.
53
Options
Inputs into model(i)
Directors(ii)
Director
October
2023(iii)
Staff
December
2023
Directors
December
2023(iii)
2022/23
Options
2023/24
Options
2023/24
Options
2023/24
Options
Exercise price
$0.20
$0.25
$0.26
$0.26
Grant date share price
$0.13
$0.25
$0.18
$0.25
Expected volatility
96.3%
94.8%
89.3%
94.8%
Risk-free interest rate
3.24%
3.71%
3.96%
3.71%
Dividend yield (%)
0%
0%
0%
0%
Expected life of options (years)
4.00
4.00
4.00
4.00
(i) The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur.
The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may also not
necessarily be the actual outcome. No other features of options granted were incorporated into the measurement of fair value.
(ii) The issue of these options to Directors was approved by shareholders at a General Meeting on 22 November 2023.
(iii) The issue of these options to Directors was approved by shareholders at a General Meeting on 7 February 2024.
Note 18: Financial Instruments
(a)
Introduction
The Group has exposure to the following risks arising from financial instruments:
•
Credit risk
•
Liquidity risk
•
Interest rate risk
•
Capital risk
This note presents information about the Group’s exposure to each of the above risks, their objectives, policies
and processes for measuring and managing risk and the management of capital. Further quantitative disclosures
are included throughout this note and the financial report.
The Board of Directors has overall responsibility for the establishment and oversight of the risk management
framework. Risk management policies are established to identify and analyse risks faced by the Group, to set
appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and
systems are reviewed regularly to reflect changes in market conditions and the Group‘s activities. The Group’s
aim is to develop a disciplined and constructive control environment in which all employees understand their roles
and obligations.
(b)
Categories of financial instruments
30 Jun 24
30 Jun 23
$ `000
$ `000
Financial assets
Cash and cash equivalents
4,932
9,756
Receivables
3,289
1,472
8,221
11,228
Financial liabilities
Trade and other payables
947
1,056
Provisions
377
325
Lease liabilities
139
85
1,463
1,466
Fair value of financial assets and liabilities
The carrying amount of financial assets and financial liabilities recorded in the financial statements represents
their respective net fair values, determined in accordance with the accounting policies disclosed in Note 1.
The Directors consider that the carrying amounts of financial assets and financial liabilities recorded in the financial
statements approximate their fair value.
54
(c)
Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to
the Group. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient
collateral where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group only
transacts with entities that are rated the equivalent of investment grade and above. This information is supplied by
independent rating agencies where available and, if not available, the Group uses publicly available financial
information and its own trading record to rate its major customers.
The Group’s exposure and the credit ratings of its counterparties are continuously monitored, and the aggregate
value of transactions concluded is spread amongst approved counterparties. Credit exposure is controlled by
counterparty limits that are reviewed and approved by the Risk Management Committee annually.
Credit risk in other receivables is managed by the Group undertaking a regular risk assessment process including
assessing the credit quality of the counterparty, considering its financial position, past experience and other factors.
As there are a relatively small number of transactions, they are closely monitored to ensure payments are made on
time. Credit risk arising from royalty receivables is managed by a contract that stipulates payment terms and
penalties for default. The Group does not have any significant receivables which are past due or impaired at the
reporting date and it is expected that these amounts will be received when due. The Group does not hold any
collateral in relation to these receivables.
The carrying amount of financial assets recorded in the financial statements, net of any allowance for losses,
represents the Group’s maximum exposure to credit risk.
(d)
Liquidity Risk Management
Ultimate responsibility for liquidity risk management rests with the board of Directors, who have built an appropriate
liquidity risk management framework for the management of the Group’s short, medium and long-term funding and
liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, banking
facilities and reserve borrowing facilities by continuously monitoring forecast and actual cash flows and matching
the maturity profiles of financial assets and liabilities.
The following table details the Company’s and the Group’s expected contractual maturity for its non-derivative
financial liabilities. These have been drawn up based on undiscounted contractual maturities of the financial asset
and liabilities based on the earliest date the Group can be required to repay. The tables include both interest and
principal cash flows.
Less
than 1
month
1 to 3
months
3
months
to 1 year
1 to 5
years
5+ years
No fixed
term
Total
$ `000
$ `000
$ `000
$ `000
$ `000
$ `000
$ `000
2024
Financial Assets
Non-interest bearing
469
1,904
104
-
-
776
3,253
Variable interest rate
1,046
3,560
-
-
-
-
4,606
Fixed interest rate
-
-
80
282
-
-
362
1,515
5,464
184
282
-
776
8,221
Financial Liabilities
Non-interest bearing
1,314
-
-
-
-
-
1,314
Variable interest rate
-
-
-
9
-
-
9
Fixed interest rate
6
16
44
74
-
-
140
1,320
16
44
83
-
-
1,463
2023
Financial Assets
Non-interest bearing
598
531
48
-
-
484
1,661
Variable interest rate
1,695
7,560
-
-
-
-
9,255
Fixed interest rate
-
-
80
232
-
-
312
2,293
8,091
128
232
-
484
11,228
Financial Liabilities
Non-interest bearing
1,328
-
-
-
-
-
1,328
Variable interest rate
46
-
-
7
-
-
53
Fixed interest rate
6
20
53
6
-
-
85
1,380
20
53
13
-
-
1,466
55
(e)
Interest rate risk
The Group is not exposed to material interest rate risk on existing finance facilities as the Group’s borrowings are
at fixed interest rates for the respective terms of the facilities.
Some of the Group’s assets are subject to interest rate risk but the Group is not dependent on this income.
Interest rate sensitivity analysis
The sensitivity analysis of the Group’s exposure to interest rate risk at the reporting date has been determined
based on a change of 50 basis points in interest rates taking place at the beginning of the financial year and held
constant throughout the year.
At reporting date, if interest rates had been 50 basis points higher and all other variables were constant, the
Group’s net loss would have reduced by $24,258 (2023: net profit increased by $48,382).
(f)
Capital risk management
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence
and to sustain future development of the business. The capital structure of the Group consists of equity only,
comprising issued capital and reserves, net of accumulated losses. The Group’s policy is to use capital market
issues and debt funding to meet the funding requirements of the Group.
There were no changes in the Group’s approach to capital management during the year.
The Group is not subject to externally imposed capital requirements.
Note 19: Joint Operations
In November 2017, Haverford Holdings Pty Ltd (Haverford), a 100%-owned subsidiary of Talisman, entered into
a Farm-In Agreement (FIA) with Peel Mining Limited (ASX:PEX, Peel) over Peel’s Mt Walton (EL8414) and
Michelago (EL8451) Projects (collectively the Peel Tenements) in the Cobar Basin region of New South Wales.
During the financial year ended 30 June 2022, and in accordance with the terms of the FIA, Haverford earned a
75% interest in the Peel Tenements and formed an unincorporated joint venture (the Mt Walton JV) with Peel.
Haverford is the Joint Venture Manager. Subsequent to the formation of the Mt Walton JV, Peel elected to dilute
part of its participating interest in the joint venture and both parties are now required to contribute funds to ongoing
exploration activities on the Peel Tenements based on their participating interest (Haverford 89.5% and Peel
10.5%) in order to maintain their respective interests.
Additionally, in August 2019, Talisman B Pty Ltd (TLMB), a 100%-owned subsidiary of Talisman, entered into a
Farm-In Agreement (Agreement) with privately-owned Lucknow Gold Ltd (LGL) over LGL’s Lucknow Gold Project
(EL6455) (Lucknow Project) in New South Wales. During the financial year ended 30 June 2022, and in
accordance with the terms of the Agreement, TLMB earned a 51% interest in the Lucknow Project and formed an
unincorporated joint venture (the Lucknow Gold JV) with LGL. TLMB acts as manager of the joint venture. Both
parties are now required to contribute funds to future activities on the Lucknow Project based on their participating
interest (TLMB 51% and LGL 49%) in order to maintain their respective interests.
The Group is entitled to a proportionate share of the income received and bears a proportionate share of the
operation’s expenses for each joint venture.
The joint operation accounts, which are proportionately consolidated based on the above equity percentages in
the consolidated financial statements, are disclosed as follows:
Joint Operation
Operator
Jun 2024
Jun 2023
Beneficial Interest
Beneficial Interest
Mt Walton JV
Haverford Holdings Pty Ltd
89.5%
89.5%
Lucknow Gold JV
Talisman B Pty Ltd
51%
51%
56
The Group’s interests in the assets/liabilities employed in the above Joint Operations are detailed below. The
amounts are included in the financial statements under their respective asset categories.
30 Jun 24
30 Jun 23
Mt Walton JV
$'000
$'000
Assets
Cash and cash equivalents
177
329
Trade and other receivables
47
114
Total assets
224
443
Liabilities
Trade and other payables
87
128
Total liabilities
87
128
Net assets
137
315
Carrying amount of interest in joint venture
137
315
30 Jun 24
30 Jun 23
Lucknow Gold JV
$'000
$'000
Assets
Cash and cash equivalents
2
10
Trade and other receivables
-
-
Total assets
2
10
Liabilities
Trade and other payables
-
-
Total liabilities
-
-
Net assets
2
10
Carrying amount of interest in joint venture
2
10
The Joint Ventures have no contingent liabilities and capital commitments with the exception that in order to
maintain current rights of tenure to exploration tenements, the Joint Ventures are required to perform exploration
work to meet the activity obligation requirements specified by various State governments. These obligations are
not provided for in the financial report and are payable as follows:
30 Jun 24
30 Jun 23
Mt Walton JV
$'000
$'000
Exploration expenditure
Within one year
-
76
After one year but not more than five years
-
79
Greater than five years
-
-
-
155
30 Jun 24
30 Jun 23
Lucknow Gold JV
$'000
$'000
Exploration expenditure
Within one year
102
59
After one year but not more than five years
113
162
Greater than five years
-
-
215
221
57
Note 20: Commitments and Contingencies
Commitments
In order to maintain current rights of tenure to exploration tenements, the Group is required to perform exploration
work to meet the minimum expenditure requirements specified by various State governments. These obligations
are not provided for in the financial report and are payable as follows:
30 Jun 24
30 Jun 23
$’000
$’000
Exploration expenditure
Within one year
1,185
672
After one year but not more than five years
3,012
1,562
Greater than five years
151
1
4,348
2,235
If the Group decides to relinquish certain exploration tenements and/or does not meet these obligations, assets
recognised in the statement of financial position may require review to determine the appropriateness of carrying
values. The sale, transfer or farm-out of exploration rights to third parties will reduce or extinguish these
obligations.
Contingencies
There are no material contingent liabilities or assets as at 30 June 2024 and no contingent liabilities or assets were
incurred in the interval between the period end and the date of this financial report.
Note 21: Related Party Disclosures
Other transactions with key management personnel
No member of the key management personnel appointed during the year received a payment as part of his or her
consideration for agreeing to hold the position.
Details of key management personnel
The key management personnel of Talisman Mining Limited during the year were:
Directors
Kerry Harmanis
Non-Executive Chairman
Andrew Munckton
Managing Director
(appointed 21 August 2023)
Brian Dawes
Non-Executive Director
Peter Benjamin
Non-Executive Director
Jeremy Kirkwood
Non-Executive Director
Executives
Tim Sharp
Exploration Manager
(appointed 18 September 2023)
Shaun Vokes
Chief Executive Officer
(ceased 17 August 2023)
Russell Gregory
Exploration Manager
(ceased 31 August 2023)
Key management personnel compensation is disclosed in the Remuneration Report which forms part of the
Directors’ Report and has been audited.
The total remuneration paid to key management personnel of the Company and the Group during the year was
as follows:
30 Jun 24
30 Jun 23
$
$
Short-term employee benefits
1,277,744
860,165
Post-employment benefits
94,804
92,338
Other long-term benefits
(46,580)
46,580
Share-based payments(i)
284,045
173,256
Total key management personnel compensation
1,610,013
1,172,339
(i) The value of share-based payments shown in the table above are non-cash values based on an accounting valuation
calculated under the Black Scholes option pricing method.
58
Note 22: Interest in Subsidiaries
The consolidated financial statements include the financial statements of Talisman Mining Limited and the
subsidiaries listed in the following table:
Name
Country of
Incorporation
Equity Interest
Investment
2024
2023
2024
2023
%
%
$
$
Haverford Holdings Pty Ltd
Australia
100
100
68,000
68,000
Talisman B Pty Ltd
Australia
100
100
1
1
Talisman Mining Limited is the ultimate parent entity and ultimate parent of the Group. Further information about
interests in subsidiaries can be found in the Consolidated Entity Disclosure Statement on page 31.
Balances and transactions between the Company and its subsidiaries, which are related parties of the Company,
have been eliminated on consolidation.
Note 23: Parent Entity Disclosures
The financial information for the parent entity, Talisman Mining Limited, has been prepared on the same basis as
the consolidated financial statements, except as set out below.
Investments in subsidiaries, associates and joint venture entities
Investments in subsidiaries, associates and joint venture entities are accounted for at cost in the parent entity’s
financial statements. Dividends received from associates are recognised in the parent entity’s profit or loss, rather
than being deducted from the carrying amount of these investments.
Share-based payments
The grant by the Company of options over its equity instruments to the employees of subsidiary undertakings in
the Group is treated as a capital contribution to that subsidiary undertaking. The fair value of employee services
received, measured by reference to the grant date fair value, is recognised over the vesting period as an increase
to investment in subsidiary undertakings, with a corresponding credit to equity.
Disclosures as at 30 June 2024 and for the year then ended in relation to Talisman Mining Limited as a single
entity are noted below.
30 Jun 24
30 Jun 23
$ `000
$ `000
Assets
Current assets
6,727
9,940
Non-current assets
719
417
Total assets
7,446
10,357
Liabilities
Current liabilities
628
603
Non-current liabilities
83
13
Total liabilities
711
616
Net assets
6,735
9,741
Equity
Issued capital
32,222
32,222
Share based payment reserve
466
332
Accumulated losses
(25,953)
(22,813)
Total equity
6,735
9,741
Year ended
30 Jun 24
30 Jun 23
$ `000
$ `000
(Loss) for the year
(3,178)
(607)
Other comprehensive income
-
-
Total comprehensive (loss)
(3,178)
(607)
59
In order to maintain current rights of tenure to exploration tenements, the Group is required to perform exploration
work to meet the minimum expenditure requirements specified by various State governments. The parent entity
itself is responsible for the following minimum exploration expenditure commitments:
30 Jun 24
30 Jun 23
$’000
$’000
Exploration expenditure
Within one year
-
130
After one year but not more than five years
114
399
Greater than five years
-
-
114
529
Note 24: Auditor’s Remuneration
The auditor of Talisman Mining Limited is HLB Mann Judd. Remuneration received by the auditors:
30 Jun 24
30 Jun 23
$
$
Audit or review of the financial report
53,614
51,192
Other services – taxation compliance & joint venture financial statement
audits
11,180
12,200
Total Remuneration of Auditors
64,794
63,392
Note 25: Subsequent Events
There has not been any matter or circumstance occurring subsequent to the end of the financial year that has
significantly affected, or may significantly affect the operations of the Group, the results of those operations, or the
state of affairs of the Group in future financial years.
61
ADDITIONAL SECURITIES EXCHANGE INFORMATION
AS AT 16 September 2024
1.
NUMBER OF HOLDERS OF EQUITY SECURITIES
(a)
Distribution of holders of equity securities
Range
No. of holders
Securities
1 to 1,000
162
69,515
1,001 to 5,000
525
1,637,411
5,001 to 10,000
434
3,634,863
10,001 to 100,000
876
32,189,425
100,001 and Over
268
150,789,135
Total
2,265
188,320,349
(b)
Voting rights
Each ordinary share is entitled to one vote when a poll is called, otherwise each member present at a meeting or
by proxy has one vote on a show of hands.
(c)
Less than marketable parcel of shares
The number of shareholders holding less than a marketable parcel is 332 (holding a total of 373,570 shares) given
a share value of $0.200 cents per share.
(d)
Substantial Shareholdings:
Ordinary Shareholders
Fully paid ordinary shares
Number
%
Mr Kerry Kyriakos Harmanis
36,560,280
19.41%
The above information is provided as at the date of the last substantial shareholding notice provided to the
Company, in this case 2 April 2024.
2.
Company Secretary
The name of the company secretary is Alexander Neuling.
3.
Registered office and principal administrative office
Registered and principal administrative office:
Suite 1 Ground Floor, 33 Colin Street
West Perth, Western Australia 6005
Telephone +61 8 9380 4230
Registered securities are held at the following address:
Link Market Services Limited
Level 12, QV1 Building
250 St Georges Terrace
Perth, Western Australia 6000
4.
Securities exchange listing
Quotation has been granted for all the ordinary shares of the Company on all Member Exchanges of the Australian
Securities Exchange Limited (ASX)
5.
Restricted securities
There are no restricted securities or securities in voluntary escrow at the date of this report.
62
6.
Twenty largest holders of ordinary shares
Ordinary Shareholders
Number
%
1
HARMAN NOMINEES PTY LTD
11,111,111
5.90
2
TYCHE HOLDINGS PTY LTD
6,400,001
3.40
3
HARMANIS HOLDINGS PTY LTD
5,492,887
2.92
4
TYCHE HOLDINGS PTY LTD
3,850,000
2.04
5
BNP PARIBAS NOMINEES PTY LTD
3,748,345
1.99
6
TYCHE HOLDINGS PTY LTD
3,510,000
1.86
7
ZENA NOMINEES PTY LTD
3,500,000
1.86
8
HARMANIS HOLDINGS PTY LTD
3,080,451
1.64
9
CITICORP NOMINEES PTY LIMITED
2,673,499
1.42
10
JARHAMCHE PTY LTD
2,500,000
1.33
11
P & M CASTAN PTY LTD
2,350,848
1.25
12
MR JOHN FORD
2,186,768
1.16
13
MR JONATHAN G BENNETT
2,097,235
1.11
14
MRS JASMINE KAILIS
2,000,000
1.06
14
PINDAN INVESTMENTS PTY LTD
2,000,000
1.06
14
MR PETER CHARLES WIGHAM
2,000,000
1.06
15
HARMANIS HOLDINGS PTY LTD
1,988,919
1.06
16
SIREB PTY LTD
1,904,464
1.01
17
REGENT CORPORATION 2001 PTY LTD
1,628,788
0.86
18
MR KIERAN PATRICK AYLWARD
1,600,000
0.85
19
MR BRIAN ERNEST ZUCAL & MR STEPHEN BRIAN ZUCAL
1,550,000
0.82
20
TYCHE HOLDINGS PTY LTD
1,470,000
0.78
7.
Unquoted equity securities
Class
Exercise
Price
Expiry
Date
Number
Number of
holders
ASX
Identifier*
$
Unlisted options
0.252
14/1/2026
827,400
3
TLMAJ
Unlisted options
0.252
22/4/2026
1,267,800
4
TLMAI
Unlisted options
0.201
15/12/2026
1,581,500
3
TLMAA
Unlisted options
0.201
15/12/2026
1,536,800
4
TLMAA
Unlisted options
0.264
15/12/2027
3,919,100
8
TLMAB
Unlisted options
0.250
31/10/2027
1,250,000
1
TLMAC
Unlisted options
0.264
7/12/2027
2,840,700
6
TLMAD
TOTAL
13,223,300
*Options are not quoted on the ASX. The codes assigned by the ASX are for identification purposes.
Options carry no voting entitlements.
8.
On-market buy back
At the date of this report the Company is not involved in an on-market buy-back.