White Cliff Minerals Limited
ABN 22 126 299 125
Annual report
for the year ended 30 June 2024
White Cliff Minerals Limited
ABN 22 126 299 125
2
Contents
Corporate information
3
Chairman’s Letter
4
Review of operations
5
Directors’ report
15
Auditor’s independence declaration
28
Consolidated statement of profit or loss and other comprehensive income
29
Consolidated statement of financial position
30
Consolidated statement of changes in equity
31
Consolidated statement of cash flows
32
Notes to the financial statements
33
Consolidated Entity Disclosure Statement
60
Directors’ declaration
62
Independent auditor’s report
63
ASX additional information
67
White Cliff Minerals Limited
ABN 22 126 299 125
3
Corporate Information
Directors
Roderick McIllree
Troy Whitakker
Eric Sondergaard
Daniel Smith
Company secretary
Nicholas Ong
Registered office and
Level 8, 99 St Georges Terrace
principal place of business
Perth, Western Australia 6000
Telephone:
(08) 9486 4036
Website:
www.wcminerals.com.au
Share registry
Computershare Investor Services Pty Ltd
Level 17, 221 St George’s Terrace
Perth, Western Australia 6000
Telephone:
(08) 9323 2000
Auditors
HLB Mann Judd
Chartered Accountants
Level 4, 130 Stirling Street
Perth, Western Australia 6000
Solicitors
Atkinson Corporate Lawyers
Level 8, 99 St Georges Terrace
Perth, WA 6000
ASX code
White Cliff Minerals Limited is listed on the Australian
Securities Exchange (Shares: WCN, Options: WCNO)
White Cliff Minerals Limited
ABN 22 126 299 125
4
Chairmans Letter
Dear Shareholders,
On behalf of the Board of Directors, it is with great pleasure that I present to you our 2024 in review.
The last 12 months have been transformative for White Cliff Minerals (ASX:WCN). Changes in strategy,
jurisdiction and executive management have set the stage for a transformative growth in shareholder value.
The low-cost organic acquisition, of what are arguably some of the most prospective licences in the western
world, Great Bear and Rae, both in northern Canada means shareholders rather than vendors benefit from
this strategic changes of direction.
We see before us an exciting 2025 in terms of potential shareholder returns with large scale drill programs
planned at both projects. The prospectivity of these projects is obvious as evidenced by results obtained
during field programs at both Rae and Great Bear.
During the past twelve months White Cliff has successfully raised approximately AU$4.33m before costs
though the conversion of options in the Company, including $625,000 from directors and KMP.
Utilising the latest technological advances in remote sensing, the Company engaged Expert Geophysics
(Canada) to undertake a large scale ultra detailed survey across both project areas. The total linear coverage
was approximately the same distance between Sydney and Perth down to a vertical depth of greater than
600m collecting detailed geophysical readings the entire way. Collectively this was one of the largest airborne
activities ever undertaken by a single company in one season in Nunavut and possibly Canada itself. A
remarkable achievement given the Company only received the licences in Q1 of 2024.
Field work was undertaken at both sites alongside these airborne surveys which confirmed both project areas
are host to prolific, high-grade copper and precious metals occurrences. 2025 will be a year of definition,
leveraging of the hard work of 2024 and I am optimistic we stand on the verge of one, if not several major
discoveries
On behalf of the Board, I thank our shareholders for your support provided over the past 12 months and
acknowledge the dedication and enthusiasm of our technical team. With a busy period ahead for the
Company, I look forward to reporting on our progress in the future.
Yours Sincerely,
Rod McIllree
Executive Chair
White Cliff Minerals Limited
ABN 22 126 299 125
5
Review of Operations
Corporate
•
Successful raising of $4.33 million through the underwritten exercising of WCNOE in February 2024.
•
Appointment of Mr Roderick McIllree as Executive Chairman, Mr Troy Whittaker as Managing Director
and Mr Eric Sondergaard as Executive Director.
•
Appointment of Mr John Hancock as strategic adviser of the Board as the Company moves to complete
its stated strategy of a three-project portfolio in Canada as well as significantly expanding exploration
work at both Great Bear Lake and the Rae Copper projects.
•
Sale of the non-core Abraxis Project for $200k cash as part of an on-going review of Australian portfolio.
Exploration Summary
During the reporting period, the Company acquired the Great Bear Lake U-Cu-Au-Ag Project and the Rae
Project in Canada, pivoting its exploration focus to potentially large scale and high grade Cu-Au-Ag in
historically producing areas.
Figure 1: Location of the Great Bear and Rae Projects in Canada
Great Bear Lake U-Cu-Au-Ag Project
The Great Bear Lake Project located 240km SW of the Company’s Rae Cu-Ag-Au Project and the settlement
of Kugluktuk covers an area of 2,900km2 of the Iron Oxide Copper Gold (IOCG) prospective Great Bear
Magmatic Zone (GBMZ). The GBMZ is an extensively hydrothermally altered and mineralised Proterozoic
continental andesitic stratovolcano-plutonic complex. Valued by historic miners, explorers and the
Northwest Territories Geosciences Office as having the highest potential for large scale IOCG and uranium
style mineralisation in Canada. With a rich mining history, pre-1982 production totalled:
•
13,700,000lbs Uranium oxide (U3O8)
•
34,200,000oz refined silver
•
11,377,040lbs of copper with gold credits
White Cliff Minerals Limited
ABN 22 126 299 125
6
•
104,000kg lead, 127,000kg nickel and 227,000kg cobalt
White Cliff identified the Great Bear Lake Project as being primed for future discoveries, with a wealth of
historic data available for integration with modern exploration techniques and recent academic publications
on the deposit styles of the GBMZ. Since being granted the licenses in February 2024 the Company has
undertaken a literature review and data digitisation exercise focused on revealing prospective and
overlooked target regions within the project area.
The completion of MobileMT survey have to date identified a total of 4 large IOCG hydrothermal systems
within the Great Bear Lake Project area, all prospects are visibly mineralised with chalcopyrite +/- bornite
and associated copper secondary minerals (ASX announcement 18 July 2024).
A maiden fieldwork program which commenced in July 2024 confirmed widespread, IOCG-U polymetallic,
mineralisation at the Great Bear Lake Project (ASX announcement 10 July 2024).
Rock chip samples taken during the maiden field program at Great Bear Lake Project confirm widespread
high-grade precious and base metal mineralisation associated with multiple IOCG and epithermal systems.
Initial assays confirm historical results as well as significantly expand areas of known IOCG and epithermal
mineralisation.
Phoenix is a district scale mineralised region, one of six (6) major project areas that were sampled within the
Great Bear Lake Project. Better results from Phoenix include (see announcements dated 13, 19 and 27 August
2024): A 1.1km intensely mineralised E/W structure returned impressive Copper, Gold, Silver and Cobalt
results include:
▪
42.60% Cu, 2.28g/t Au, 159g/t Ag, 0.36% Co (F005437)
▪
39.50% Cu, 3.54g/t Au, 181g/t Ag, 0.23% Co (F005436)
▪
39.50% Cu, 2.28g/t Au, 131g/t Ag, 0.20% Co (F005435)
▪
3.08% Cu, 7.96g/t Au, 310g/t Ag, 0.16% Co (F005434)
▪
5.70% Cu, 1.87g/t Au, 96.7g/t Ag (F005438)
Figure 2 – Photograph of sample F005437 with massive bornite-chalcopyrite which returned 42.60% Cu, 2.28g/t Au, 159g/t Ag,
0.364% Co from the Glacier IOCG trend.
White Cliff Minerals Limited
ABN 22 126 299 125
7
At Coyote, just 5km east of the Phoenix district (Glacier, Cleaver & Rust), an outcropping zone of intense
epithermal alteration and veining (440 x 195m) has been discovered on the northeastern rim of the
Sparkplug collapsed caldera ring feature, results include:
• 17.4g/t Au
1.47% Cu
29.6g/t Ag
(F005673)
• 16.95g/t Au
10.55% Cu
45.3g/t Ag
(F005669)
• 15.1g/t Au
0.18% Cu
4.2g/t Ag
(F005684)
• 14.35g/t Au
1.75% Cu
32.5g/t Ag
(F005683)
• 8.91g/t Au
1.47% Cu
62.5g/t Ag
(F005682)
• 1.35g/t Au
12.10% Cu
20.3g/t Ag
(F005670)
Figure 3 - Photograph of sample F005673, quartz-sulphide veining from Coyote which returned 17.4g/t Au, 1.47% Cu, 29.6g/t Ag.
At Payback, 13km south of Phoenix, assays from four massive sulphide rock chip samples returned:
• 42.20% Cu
716g/t Ag
(F005604)
• 30.20% Cu
153g/t Ag
(F005602)
• 10.3% Cu
116g/t Ag
2.04g/t Au
(F005601)
• 9.55% Cu
80g/t Ag
(F005603)
Figure 4 – Photograph of mineralised outcrop for sample F005604 which returned 716g/t Ag and 42.2% Cu at Payback.
White Cliff Minerals Limited
ABN 22 126 299 125
8
At Cougar, an area of intense outcropping IOCG alteration has been identified 3.4km SE of Viper, along the
regional scale Contact Lake structural zone. Widespread, pervasive, hematite and goethite alteration can be
seen over an area of 1,500m N/S and 1,100m E/W. A single grab sample result returned 13.5% Cu, 1.14g/t
Au, 97.4g/t Ag (F005648). Further sampling of this area was not possible due to weather and time
constraints.
At Viper, initial sampling and mapping has identified an IOCG style phyllic alteration zone that is adjacent to
the historical K2 occurrence. High-grade silver was identified over a 75m N/S strike:
• 102g/t Ag
0.137g/t Au
(F005910)
• 13.5g/t Ag
0.44% Cu
(F005914)
Results from Slider include bonanza silver concentrations shown below as percentage of silver, grammes of
silver and ounces of silver:
• 7.54% Ag
(75,439g/t Ag or 2,425 Oz/t Ag)
(F005907)
• 0.91% Ag
(9,070g/t Ag or 291 Oz/t Ag)
(F005908)
• 5.35% Ag
(53,506g/t Ag or 1,720 Oz/t Ag)
(F005909)
• 0.71% Ag
(7,100g/t Ag or 228 Oz/t Ag)
(F005415)
• 0.18% Ag
(1,840g/t Ag or 59 Oz/t Ag)
(F005416)
• 0.27% Ag
(2,700g/t Ag or 87 Oz/t Ag)
(F005417)
Figure 5 – Photograph of sample F005907 which returned 7.54% Ag from the Spud Silver occurrence. Silver present within the
chlorite altered host rock and within the breccia cement phase alongside calcite. Yellow arrows point to visible native silver.
Charlie, a skarn horizon covering a strike of approximately 900m, previously identified by state geologists
has returned consistently high-grade polymetallic results adding further depth to the metal basket at Great
Bear:
• 9.8% Cu
233g/t Ag
1.7% Pb
2.4% Zn
(F005408)
• 8.3% Cu
135g/t Ag
(F005407)
• 3.4% Cu
24g/t Ag
0.24% Tungsten
(F005405)
White Cliff Minerals Limited
ABN 22 126 299 125
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Figure 6 – Outcrop photograph for sample F005408 illustrating a brick red K-feldspar-skarn breccia with abundant copper secondary
minerals after chalcopyrite-bornite-chalcocite sulphides. Sample returned 233g/t Ag, 9.82% Cu, 1.67% Pb. 2.35% Zn.
Figure 7 - Map of 2024 rock chip samples from the Great Bear Project.
White Cliff Minerals Limited
ABN 22 126 299 125
10
Rae Cu-Ag-Au Project
The Rae Cu-Ag-Au Project Project was first acquired in September 2023, it covers 805km2 of flood basalts,
including multiple, highly prospective mineral showings/outcrops.
The Rae Cu-Ag-Au Project, located in Nunavut, is prospective for a range of copper-silver mineralisation
styles. Historic occurrences of volcanic hosted, chalcocite-bornite quartz veins and massive sulphide lodes
are numerous, with sedimentary hosted copper and replacement style bodies also present. White Cliff, in
the maiden fieldwork has identified several vein systems alongside sedimentary rocks hosting chalcocite and
replacement style mineralisation of native copper within vesicular basalt flow tops.
Figure 8 - Map of areas visited at the Rae Copper Project in the Company’s maiden field campaign.
The HALO target has substantial copper mineralisation which has been traced and sampled over 800m along
a near N/S trending structure. The mineralisation consists of quartz-carbonate-chalcocite-native copper
within veins and breccia cements and chalcocite replacement along bedding planes of sandstones. Between
outcrops, frost heaved rocks offer an insight into the geology below and allow for tracing and sampling of
the vein system.
The Rae Cu-Ag-Au Project is also highly prospective for large tonnage sedimentary hosted copper deposits.
It hosts sources of copper (red bed sandstones and basalt flows), a network of fluid pathways through
regional structures, and favourable host rocks in reduced, pyritic mudstones. Field personnel have verified
the stratigraphy of the Rae Group sediments and are excited to receive the results of the MobileMT survey
to map the subsurface of the largely covered sedimentary sequence.
White Cliff Minerals Limited
ABN 22 126 299 125
11
Figure 9 - Example of native copper mineralisation from the southern extent of the HALO vein system. Field of view 10 cm. (Sample
F005999).
Figure 10 - Aerial photograph of the northern extents of the 440 m HALO vein system. The mineralisation cuts through the northerly
dipping basalt flows and is easily traceable along strike following topographic depressions and trails of copper sulphides and
secondary minerals brought to surface through the thin cover by frost heave action.
White Cliff Minerals Limited
ABN 22 126 299 125
12
Reedy South
White Cliff Minerals’ Reedy South Gold Project sits with short proximity of the existing Triton/South Emu
Mine which is operated by Westgold Resources Limited (ASX: WGX) within the proven Goldfields region of
Western Australia. Reedy South has an existing JORC Code inferred mineral resource estimate sitting at
42,400 ounces of gold (ASX announcement 29 October 2020).
During the year, the Company has completed a reverse circulation drilling program at Reedy South’s Pegasus
prospect, completing 11 drill holes for about 1,500 metres, collecting more than 1,000 samples. This drilling
has confirmed continuity of mineralisation not only proximal to the existing JORC Mineral Resource but
laterally along strike and at depth. These results are very encouraging, confirming continuity of the
mineralised system in all directions and importantly underneath the existing higher-grade resource (ASX
announcement 18 June 2024).
Annual Resource and Reserve Statement as at 30 June 2024
Reedy South Gold Project – Inferred Mineral Resource 29 October 2020 reported by domain at a 0.5g/t cut-
off grade.
Indicated
Inferred
Total
Tonnes
Grade Ounces
Tonnes
Grade Ounces
Tonnes
Grade Ounces
Domain 1
54,000
2.1
3,600
90,000
1.2
3,500
144,000
1.5
7,100
Domain 2
50,000
1.3
2,000
78,000
1.5
3,800
129,000
1.4
5,800
Domain 3
19,000
1.6
1,000
358,000
1.3
15,400
377,000
1.3
16,400
Domain 4
0
0.0
0
9,000
1.4
400
9,000
1.4
400
Domain 5
0
0.0
0
62,000
4.4
8,900
62,000
4.4
8,900
Domain 6
0
0.0
0
58,000
2.0
3,800
58,000
2.0
3,800
TOTAL
123,000
1.7
6,600
655,000
1.7
35,800
779,000
1.7
42,400
Governance Arrangements and Internal Controls
The Company has ensured that the mineral resource estimates quoted above are subject to governance
arrangements and internal controls. A summary of these are outlined below.
The mineral resources at Reedy South Gold Project is reported in accordance with JORC 2012. The annual
mineral resource update is a prescribed activity within the annual corporate planning calendar that includes
a schedule of regular executive engagement meetings to approve assumptions and guide the overall process.
The mineral resource estimation processes followed internally are well established and are subject to
systematic internal and external peer review. Independent technical reviews and audits are undertaken on
an as-needs basis as a product of risk assessment.
Competent Persons Statement
The Information in this report that relates to exploration results, mineral resources or ore reserves is based
on information compiled by Mr Roderick McIllree, who is a Member of the Australasian Institute of Mining
and Metallurgy. Mr McIllree is an employee of the company. Mr Younger has sufficient experience which is
relevant to the style of mineralisation and type of deposits under consideration and to the activity that he is
undertaking to qualify as a Competent Person as defined in the 2012 edition of the `Australian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code). Mr McIllree consents
to the inclusion of this information in the form and context in which it appears in this report.
White Cliff Minerals Limited
ABN 22 126 299 125
13
Competent Persons Statement – Mineral Resource
The Information in this report that relates to exploration results, mineral resources or ore reserves is based
on information compiled by Mr Richard Maddocks who is a Fellow of the Australian Institute of Mining and
Metallurgy. Mr Maddocks is employed by Auralia Mining Consulting and is a consultant to the company. Mr
Maddocks has sufficient experience which is relevant to the style of mineralisation and type of deposits under
consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the
2012 edition of the `Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves’
(the JORC Code). Mr Maddocks consents to the inclusion of this information in the form and context in which
it appears in this report.
RISK MANAGEMENT
The Board of Directors review the key risks associated with conducting exploration and evaluation activities
in Australia and steps to manage those risks. The key material risks faced by the Company include:
Exploration and development
The future value of the Company will depend on its ability to find and develop resources that are
economically recoverable. Mineral exploration and development is a speculative undertaking that may be
impeded by circumstances and factors beyond the control of the Company. Success in this process involves,
among other things; discovery and proving-up an economically recoverable resource or reserve, access to
adequate capital throughout the project development phases, securing and maintaining title to mineral
exploration projects, obtaining required development consents and approvals and accessing the necessary
experienced operational staff, the financial management, skilled contractors, consultants and employees.
The Company is entirely dependent upon its projects, which are the sole potential source of future revenue,
and any adverse development affecting these projects would have a material adverse effect on the Company,
its business, prospects, results of operations and financial condition.
Economic Conditions
Factors such as (but not limited to) political movements, stock market fluctuations, interest rates, inflation
levels, commodity prices, industrial disruption, taxation changes and legislative or regulatory changes, may
all have an adverse impact on operating costs, the value of the Company’s projects, the profit margins from
any potential development and the Company’s share price.
Reliance on key personnel
The Company’s success is to a large extent dependent upon the retention of key personnel and the
competencies of its directors, senior management, and personnel. The loss of one or more of the directors
or senior management could have an adverse effect on the Company’s. There is no assurance that
engagement contracts for members of the senior management team personnel will not be terminated or will
be renewed on their expiry. If such contracts were terminated, or if members of the senior management
team were otherwise no longer able to continue in their role, the Company would need to replace them
which may not be possible if suitable candidates are not available.
Future funding risk
Continued exploration and evaluation is dependent on the Company being able to secure future funding from
equity markets. The successful development of a mining project will depend on the capacity to raise funds
from equity and debt markets. The Company will need to undertake equity/debt raisings for continued
exploration and evaluation. There can be no assurance that such funding will be available on satisfactory
terms or at all at the relevant time. Any inability to obtain sufficient financing for the Company’s activities
and future projects may result in the delay or cancellation of certain activities or projects, which would likely
adversely affect the potential growth of the Company.
White Cliff Minerals Limited
ABN 22 126 299 125
14
Unforeseen expenditure risk
Exploration and evaluation expenditures and development expenditures may increase significantly above
existing projected costs. Although the Company is not currently aware of any such additional expenditure
requirements, if such expenditure is subsequently incurred, this may adversely affect the expenditure
proposals of the Company and its proposed business plans.
Environmental, weather & climate change
The highest priority climate related risks include reduced water availability, extreme weather events, changes
to legislation and regulation, reputational risk, and technological and market changes. Mining and
exploration activities have inherent risks and liabilities associated with safety and damage to the
environment, including the disposal of waste products occurring as a result of mineral exploration and
production, giving rise to potentially substantial costs for environmental rehabilitation, damage control and
losses. Delays in obtaining approvals of additional remediation costs could affect profitable development of
resources.
Cyber Security and IT
The Company relies on IT infrastructure and systems and the efficient and uninterrupted operation of core
technologies. Systems and operations could be exposed to damage or interruption from system failures,
computer viruses, cyber-attacks, power or telecommunication provider’s failure or human error.
White Cliff Minerals Limited
ABN 22 126 299 125
15
Directors’ Report
Your directors present their annual financial report of the consolidated entity (referred to hereafter as “the
Group”) consisting of White Cliff Minerals Limited (“the Company” or “parent entity”) and the entities it
controlled during the financial year ended 30 June 2024. In order to comply with the provisions of the
Corporations Act, the directors report as follows:
Directors
The following persons were directors of the Company during the financial year and up to the date of this
report:
Roderick McIllree – Executive Chairman (appointed 8 August 2023)
Troy Whittaker – Managing Director (appointed 1 March 2024)
Eric Sondergaard – Executive Director (appointed 23 April 2024)
Daniel Smith – Non-executive Director (appointed 14 December 2018)
Edward Mead – Executive Director (resigned 23 April 2024)
Ross Cotton - Non-executive Director (resigned 29 February 2024)
Rob Sinclair - Non-executive Director (resigned 1 August 2023)
Principal activities
The principal activity of the Group during the financial year was mineral exploration.
Dividends
No dividend has been paid or declared since the start of the financial year and the directors do not
recommend the payment of a dividend in respect of the financial year.
Review of operations
Information on the operations of the Group is set out in the Review of Operations report on pages 4 to 13
of this Annual Report. The loss after tax of the Group for the year ended 30 June 2024, was $13,341,980
(2023 profit of $3,159,225).
Significant changes in the 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 not otherwise disclosed in this report or in the consolidated
accounts.
Matters subsequent to the end of the financial year
On 27 September 2024, the Company issued 38,000,000 unlisted options at various exercise prices expiring
4 years from the date of issue, to employees and consultant.
There has not been any other matter or circumstance that has arisen after balance date 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 periods.
Likely developments and expected results
Additional comments on expected results of certain operations of the Group are included in the Review of
Operations.
White Cliff Minerals Limited
ABN 22 126 299 125
16
Directors’ Report
Environmental legislation
The Group is subject to significant environmental legal regulations in respect to its exploration and
evaluation activities. There have been no known breaches of these regulations and principles.
Indemnification and insurance of directors and officers
During the financial year the Group has paid premiums in respect of insuring directors and officers of the
Group against liabilities incurred as directors or officers. The Group has no insurance policy in place that
indemnifies the Group’s auditors.
Roderick McIllree: Executive Chairman – Appointed 8 August 2023
Rod is a recognised senior mining executive based in London with 25 years of understanding in M&A, project
generation, project management, international logistics, global finance as well as precious and base metal
production. Rod was most recently Executive Chairman at AIM traded Bluejay Mining plc where he oversaw
the significant growth and development of the company
Other current directorships
More Acquisitions Plc Appointed 11 October 2021
80 Mile Plc Appointed 20 December 2023
Former directorships in the last 3 years
Alien Metals Ltd (2022 to 2023)
Special responsibilities
Executive Chairman
Interests in shares and options at the date of this report
66,921,010 ordinary shares; 4,166,666 options exercisable at $0.012 expiring 30 June 2026 (WCNO);
35,000,000 Class A Performance Rights; 35,000,000 Class B Performance Rights and 35,000,000 Class C
Performance Rights.
Troy Whittaker: Managing Director – Appointed 1 March 2024
Troy brings over 20 years of commercial, feasibility and construction experience, having held senior
positions with major international mining companies such as Fortescue Metals Group & Anglo-American
UK. Management skills include delivering on environmental, regulatory and stakeholder engagement as well
as large scale logistical, operational and human resource management of multi-billion-dollar assets across
diverse commodities and challenging conditions.
Other current directorships
80 Mile Plc Appointed 20 December 2023
Former directorships in the last 3 years
Alien Metals Ltd (2022 to 2023)
Special responsibilities
Managing Director
Interests in shares and options at the date of this report
7,472,985 ordinary shares; 2,083,334 options exercisable at $0.012 expiring 30 June 2026 (WCNO);
10,000,000 Class D Performance Rights; 10,000,000 Class E Performance Rights and 10,000,000 Class F
Performance Rights.
White Cliff Minerals Limited
ABN 22 126 299 125
17
Directors’ Report
Eric Sondergaard: Executive Director – Appointed 23 April 2024
Eric brings over 20 years of operational experience in the mining industry, including significant expertise in
frontier exploration and project management. Notably, he played a pivotal role in the identification of key
projects recently acquired by the Company and is an expert in remote project development, logistics and
has a proven track record of creating value for shareholders.
Other current directorships
80 Mile Plc Appointed 20 December 2023
Former directorships in the last 3 years
None
Special responsibilities
Executice Director
Interests in shares and options at the date of this report
34,407,456 ordinary shares; 2,083,333 options exercisable at $0.012 expiring 30 June 2026 (WCNO);
35,000,000 Class D Performance Rights; 35,000,000 Class E Performance Rights and 35,000,000 Class F
Performance Rights.
Daniel Smith: BA, GradDipACG, FGIA, RG146 Non-executive Director
Experience and expertise
A Director since December 2018, Mr Smith is a fellow member of the Governance Institute of Australia and
has over 16 years’ primary and secondary capital markets expertise. As a director of corporate consulting
firm Minerva Corporate, he has advised on, and been involved in, over a dozen IPOs, RTOs and capital
raisings on both the ASX and NSX.
Other current directorships
DY6 Metals Limited
Appointed 3 November 2022
Nelson Resources Limited
Appointed 15 August 2022
Lachlan Star Limited
Appointed 18 January 2018
Europa Metals Ltd
Appointed 16 January 2018
QX Resources Limited
Appointed 13 June 2018
Former directorships in the last 3 years
Alien Metals Ltd (2019 to 2023)
Artemis Resources Limited (2018 -2023)
Special responsibilities
Non-executive Director
Interests in shares and options at the date of this report
39,000,000 ordinary shares; 8,333,333 options exercisable at $0.012 expiring 30 June 2026 (WCNO);
4,000,000 Class A Performance Rights; 4,000,000 Class B Performance Rights; 4,000,000 Class C Performance
Rights; 6,000,000 Class D Performance Rights; 6,000,000 Class E Performance Rights; and 6,000,000 Class F
Performance Rights .
White Cliff Minerals Limited
ABN 22 126 299 125
18
Directors’ Report
Edward Mead: BSc: MAIMM Non-executive Director – Resigned 23 April 2024
Experience and expertise
A Director since June 2019, Mr Mead is a geologist with over 25 years’ experience in gold and base metals
exploration, mine development and mine production. Ed has also worked in the oil and gas industry on
offshore drilling platforms. Other commodities that he has significant experience with and can be
considered to be a competent person in are iron ore, magnetite, coal, manganese, lithium, potash and
uranium.
Ross Cotton: Non-executive Director – Resigned 29 February 2024
Experience and expertise
Mr Ross Cotton has over 15 years of experience in the securities and mining industries and has been
instrumental in both the financing and management of mining and resource companies globally. Mr
Cottons’ experience in investment banking and equity capital markets has provided him with detailed
experience in corporate transaction management and execution.
Rob Sinclair: Non-executive Director – Resigned 8 August 2023
Mr. Sinclair is Senior Study Manager of Lycopodium Minerals (Pty) Ltd. based in East Perth, Australia. He is
a graduate of the University of Strathclyde holding a BSc (Hons) in Chemical Engineering and a Bachelor of
Commerce degree from the University of South Africa. He has practised continuously as a chemical engineer
since 1984 and has experience with gold plant design and feasibility studies and review of several operating
mines in Africa, Asia and South America.
Meetings of directors
During the financial year there were 6 formal directors’ meetings. All other matters that required formal
Board resolutions were dealt with via written circular resolutions. In addition, the directors met on an
informal basis at regular intervals during the financial year to discuss the Group’s affairs.
The number of meetings of the Company’s board of directors attended by each director were:
Directors’ meetings held
whilst in office
Directors’ meetings
attended
Rod McIllree
6
6
Troy Whittaker
3
3
Eric Sondergaard
2
2
Dan Smith
6
6
Ed Mead
4
4
Ross Cotton
3
3
Rob Sinclair
0
0
White Cliff Minerals Limited
ABN 22 126 299 125
19
Directors’ Report
Shares under option
Outstanding share options at the date of this report are as follows:
Grant Date
Date of expiry
Exercise price
Number of options
13 July 2023
30 June 2026
$0.012
660,000,000
20 September 2023
30 June 2026
$0.012
5,000,000
22 March 2024
30 June 2026
$0.012
30,000,000
12 September 2022
5 December 2025
$0.025
25,000,000
331,328,070 ordinary shares were issued by the Company during the year ended 30 June 2024 and up to
the date of this report on the exercise of options granted.
No option holder has any right under the options to participate in any other share issue of the Company or
any other controlled entity.
Performance Shares
Outstanding performance shares at the date of this report are as follows:
Amount
98,000,000
Performance Shares
39,000,000
Performance Rights
153,000,000
Performance Rights
For details of the Performance Rights issued during the year ended 30 June 2024 see Note 14.
Remuneration Report (Audited)
This report outlines the remuneration arrangements in place for the key management personnel of White
Cliff Minerals Limited (“the Company”) for the financial 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 (“KMP”)
who are defined as those persons having authority and responsibility for planning, directing and controlling
the major activities of the Company and the Group, directly or indirectly, including any director (whether
executive or otherwise) of the parent company, and includes all executives in the Company and the Group
receiving the highest remuneration.
Key Management Personnel
(i) Directors
Roderick McIllree – Executive Chairman (Appointed 8 August 2023)
Troy Whittaker – Managing Director (Appointed 1 March 2024)
Eric Sondergaard – Executive Director (Appointed 23 April 2024)
Daniel Smith – Non-executive Director
Edward Mead - Non-executive Director (Resigned on 23 April 2024)
Rob Sinclair - Non-executive Director (Resigned 1 August 2023)
Ross Cotton - Non-executive Director (Resigned 29 February 2024)
(ii) Executives
There were no other executives of the Group as at 30 June 2024.
White Cliff Minerals Limited
ABN 22 126 299 125
20
Directors’ Report
Details of directors’ and executives’ remuneration are set out under the following main headings:
A
Principles used to determine the nature and amount of remuneration
B
Details of remuneration
C
Employment contracts/Consultancy agreements
D
Share-based compensation
A
Principles used to determine the nature and amount of remuneration
The objective of the Company’s executive reward framework is to ensure reward for performance is
competitive and appropriate for the results delivered. The framework aims to align executive reward with
the creation of value for shareholders. The key criteria for good remuneration governance practices
adopted by the Board are:
•
competitiveness and reasonableness
•
acceptability to shareholders
•
performance incentives
•
transparency
•
capital management
The framework provides a mix of fixed salary, consultancy agreement based remuneration and share based
incentives.
The broad remuneration policy for determining the nature and amount of emoluments of Board members
and senior executives of the Company is governed by the full board. Although there is no separate
remuneration committee the Board’s aim is to ensure the remuneration packages properly reflect directors’
and executives’ duties and responsibilities. The Board assesses the appropriateness of the nature and
amount of emoluments of such officers on a periodic basis by reference to relevant employment market
conditions with the overall objective of ensuring maximum stakeholder benefit from the retention and
motivation of a high quality Board and executive team.
The current remuneration policy adopted is that no element of any director or executive package is directly
related to the Group’s financial performance. Indeed, there are no elements of any director or executive
remuneration that are dependent upon the satisfaction of any specific condition however the overall
remuneration policy framework is structured to advance and create shareholder wealth. There has not been
any use of remuneration consultants during the year ended 30 June 2024.
The following table shows the other income, profits/(losses), earnings per share (“EPS”) and share price of
the Group for the last five years.
2024
2023
2022
2021
2020
Other Income ($)
258,019
3,060,048
131
264,083
25,988
Net profit/(loss) after tax ($)
(13,506,178)
3,159,225
(2,072,017)
(2,010,492)
1,813,888
EPS (cents per share)
(0.98)
0.41
(0.36)
(0.396)
(0.002)
Share price (cents)
1.5
0.70
1.2
1.2
1.0
Relationship between Remuneration and Company Performance
Given the current phase of the Company’s development, the Board does not consider earnings during the
current financial year when determining, and in relation to, the nature and amount of remuneration of
KMP.
White Cliff Minerals Limited
ABN 22 126 299 125
21
Directors’ Report
The pay and reward framework for key management personnel may consist of the following areas:
a) Fixed Remuneration – base salary
b) Variable Short-Term Incentives
c) Variable Long-Term Incentives
The combination of these would comprise the key management personnel’s total remuneration.
Non-executive directors
Fees and payments to non-executive directors reflect the demands which are made on, and the
responsibilities of, the directors. Non-executive directors’ fees and payments are reviewed annually by the
Board and are intended to be in line with the market.
Directors’ fees
Some of the directors perform at least some executive or consultancy services. As the Board considers it
important to distinguish between the executive and non-executive roles each of the directors receive a separate
fixed fee for their services as a director.
Retirement allowances for directors
Apart from superannuation payments paid on salaries there are no retirement allowances for directors.
Executive pay
The executive pay and reward framework has the following components:
•
base pay and benefits such as superannuation
•
long-term incentives through participation in employee equity issues
Base pay
All executives are either full time employees or consultants who are paid on an agreed basis that has been
formalised in a consultancy agreement.
Benefits
Apart from superannuation paid on executive salaries there are no additional benefits paid to executives.
Short-term incentives
Directors have adopted an Employee Securities Incentive Plan (ESIP) during the year.
Performance based remuneration
To ensure that the Company has appropriate mechanisms in place to continue to attract and retain the
services of suitable directors and employees, the Company has issued options and performance rights to
key personnel.
B
Details of remuneration
Amounts of remuneration
Details of the remuneration of the directors and other key management personnel (as defined in AASB 124
Related Party Disclosures) of the Company and the Group for the year ended 30 June 2024 are set out in the
following tables. There are no elements of remuneration that are directly related to performance.
The key management personnel of the Group comprise the directors of the Company who have the authority
and responsibility for planning, directing and controlling the activities of the Group. Given the size and
nature of the Group, there are no other employees who are required to have their remuneration disclosed
in accordance with the Corporations Act 2001.
White Cliff Minerals Limited
ABN 22 126 299 125
22
Directors’ Report
Remuneration of directors
Year ended
30 June 2024
Name
Salary / fees
Post-
employment
benefits
Superannuation
Share-
based
payments1
Short Term
Incentive
Plan (STIP)
Total
Performance
based
remuneration
%
$
$
$
$
$
Director
Roderick McIllree1
229,163
33,516
193,512
54,687
510,878
49
Troy Whittaker2
50,000
11,514
12,414
54,687
128,615
52
Eric Sondergaard3
37,221
-
43,448
50,000
130,669
76
Daniel Smith
56,000
-
42,693
-
98,693
43
Edward Mead4
138,259
-
136,714
-
274,973
50
Rob Sinclair5
3,000
-
-
-
3,000
-
Ross Cotton6
59,000
-
55,987
-
114,987
49
572,643
45,030
484,768
159,374
1,261,815
1 Roderick McIllree was appointed on 8 August 2023.
2 Troy Whittaker was appointed on 1 March 2024.
3 Eric Sondergaard was appointed on 23 April 2024.
4 Edward Mead resigned on 23 April 2024.
5 Rob Sinclair resigned on 1 August 2023.
6 Ross Cotton resigned on 29 February 2024.
Year ended
30 June 2023
Name
Salary / fees
Post-
employment
benefits
Superannuation
Share-
based
payments1
Short Term
Incentive
Plan (STIP
Total
Performance
based
remuneration
%
$
$
$
$
Director
Michael Soucik1
21,000
-
-
21,000
-
Daniel Smith
38,000
-
22,290
60,290
37
Nicholas Ong2
45,000
-
22,290
67,290
33
Edward Mead
168,535
-
-
168,535
-
Rob Sinclair
36,000
-
-
36,000
-
Ross Cotton3
9,000
-
-
9,000
317,535
-
44,580
362,115
1 Michael Soucik resigned on 14 February 2023.
2 Nicholas Ong resigned on 11 April 2023.
3 Ross Cotton was appointed on 11 April 2023.
White Cliff Minerals Limited
ABN 22 126 299 125
23
Directors’ Report
C
Employment contracts/Consultancy agreements
Mr Roderick McIllree – Executive Chairman employment contract with no fixed term. Salary of $250,000 oer
annum plus superannuation contribution and a three month notice period.
Mr Troy Whittaker – Managing Director employment contract with no fixed term. Salary of $150,000 oer
annum plus superannuation contribution and a three month notice period.
Mr Eric Sondergaard – Executive Director employment contract with no fixed term. Salary of $200,000 per
annum and a three month notice period.
On appointment to the Board, all Non-Executive Directors enter into a service agreement with the Company
in the form of a letter of appointment.
Non-executive directors fees are $50,000 per annum with no fixed term or notice period.
D
Share-based compensation
The terms and conditions of options granted affecting remuneration in the current or a future reporting
period are detailed below, as well as movements in total holdings or options and ordinary shares by KMP:
Key management personnel equity holdings
2024
Director
Balance at
beginning of
year
Balance at
Appointment
Net Movement
during the year
Balance at
Resignation
Balance at the
end of year
Ordinary shares
Roderick McIllree
-
9,978,677
54,933,333
-
64,912,010
Troy Whittaker
-
7,472,985
1,000,000
-
8,472,985
Eric Sondergaard
-
34,407,456
-
-
34,407,456
Daniel Smith
3,500,000
-
33,500,000
-
37,000,000
Edward Mead
500,000
-
-
(500,000)
-
Rob Sinclair
-
-
-
-
-
Ross Cotton
-
-
-
-
-
Options
Roderick McIllree
-
4,166,666
-
-
4,166,666
Troy Whittaker
-
2,083,334
-
-
2,083,334
Eric Sondergaard
-
2,083,333
-
-
2,083,333
Daniel Smith
28,166,667
-
(19,833,334)1
-
8,333,333
Edward Mead
12,500,000
-
-
(12,500,000)
-
Rob Sinclair
-
-
-
-
-
Ross Cotton
-
-
-
-
-
White Cliff Minerals Limited
ABN 22 126 299 125
24
Directors’ Report
Performance Rights2
Roderick McIllree
-
-
105,000,000
-
105,000,000
Troy Whittaker
-
-
30,000,000
-
30,000,000
Eric Sondergaard
-
-
105,000,000
-
105,000,000
Daniel Smith
-
-
30,000,000
-
30,000,000
Edward Mead
-
-
15,000,000
(15,000,000)
-
Ross Cotton
-
-
5,000,00
(5,000,000)
-
1Includes 7,500,000 options that expired on 30 November 2023, 20,000,000 options exercised on 31 January
2024, 8,333,333 options issued on 13 July as participation in a placement. No options lapsed or were
exercised 2023.
Performance Rights
Performance Rights
Class
A
B
C
Condition (Market Cap)
$35m
$70m
$100m
Issue Date
03/11/23
03/11/23
03/11/23
Grant Date
30/10/23
30/10/23
30/10/23
Share Price
$0.01
$0.01
$0.01
Expiry Date
23/08/26
23/08/26
23/08/26
No. of rights
54m
54m
54m
- Roderick McIllree
35m
35m
35m
- Daniel Smith
4m
4m
4m
- Ed Mead
15m
15m1
15m1
Forfeited
-
15m
15m
Value per right
$0.0091
$0.0081
$0.0075
Expensed during period
$216,246
$70,785
$65,312
1 Forfeited on resignation 23 April 2024
White Cliff Minerals Limited
ABN 22 126 299 125
25
Directors’ Report
Performance Rights
Class
A
B
C
Condition (Market Cap)
$35m
$70m
$100m
Issue Date
04/12/23
04/12/23
04/12/23
Grant Date
22/11/23
22/11/23
22/11/23
Share Price
$0.012
$0.012
$0.012
Expiry Date
12/10/26
12/10/26
12/10/26
No. of rights
10m
10m
10m
- Ross Cotton
10m
10m
10m
Forfeited1
5m
10m
10m
Value per right
$0.0111
$0.0100
$0.0094
Expensed during period
$55,987
$nil
$nil
1 Forfeited on resignation 29 February 2024
Performance Rights
Class
D
E
F
Condition (Market Cap)
$50m
$90m
$125m
Issue Date
10/06/24
10/06/24
10/06/24
Grant Date
31/05/24
31/05/24
31/05/24
Share Price
$0.017
$0.017
$0.017
Expiry Date
31/05/27
31/05/27
31/05/27
No. of rights
51m
51m
51m
- Troy Whittaker
10m
10m
10m
- Daniel Smith
6m
6m
6m
- Eric Sondergaard
35m
35m
35m
Value per right
$0.0163
$0.0151
$0.01433
Expensed during period
$22,513
$20,957
$19,847
White Cliff Minerals Limited
ABN 22 126 299 125
26
Directors’ Report
Short Term Incentive Plan (STIP)
On 11 June the Group awarded certain STIP based on performance during the year and paid the following
STIP payments:
Directors
Base Wage
Entitlement
STIP score
Payment
Rod McIllree
$250,000
25%
87.5%
$54,687
Troy Whittaker
$250,000
25%
87.5%
$54,687
Eric Sondergaard
$200,000
25%
100%
$50,000
Other transactions with KMPs
During the year the Group paid $166,250 (2023: $130,000) to Minerva Corporate Pty Ltd an entity associated
with director Daniel Smith for services including directors’, company secretarial and consulting fees included
above of $114,000 and accounting services of $52,250.
End of remuneration report.
White Cliff Minerals Limited
ABN 22 126 299 125
27
Directors’ Report
Auditor independence and non-audit services
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 financial report. This
Independence Declaration is set out on page 25 and forms part of this directors’ report for the year ended
30 June 2024.
Non-audit services
The Company may decide to employ the auditors on assignments additional to their statutory audit duties
where the auditor’s expertise and experience with the Company and/or the consolidated entity are
important. The Company has considered the position and is satisfied that the provision of the non-audit
services is compatible with the general standard of independence for auditors imposed by the Corporations
Act 2001. Details of non-audit services are outlined in Note 22.
Proceedings on behalf of Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring
proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party,
for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings.
No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under
section 237 of the Corporations Act 2001.
This report is made in accordance with a resolution of the directors.
Daniel Smith
Director
Perth, Western Australia
Date: 30 September 2024
28
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the consolidated financial report of White Cliff Minerals 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
30 September 2024
B G McVeigh
Partner
White Cliff Minerals Limited
ABN 22 126 299 125
29
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2024
Consolidated
2024
2023
Note
$
$
Other income
2(a)
258,019
3,060,048
Fair value (loss)/gain on financial assets
7
(4,572,914)
2,560,266
Exploration expenditure incurred
(2,337,504)
(1,634,852)
Impairment expense
9
(4,056,091)
-
Share based payments expense
14
(1,060,895)
(44,580)
Other expenses
2(b)
(1,736,793)
(781,657)
(13,506,178)
3,159,225
(Loss)/Profit before income tax expense
(13,506,178)
3,159,225
Income tax benefit
3
-
-
(Loss)/Profit from continuing operations
(13,506,178)
3,159,225
Net (loss)/profit for the year
(13,506,178)
3,159,225
Other comprehensive income, net of tax
-
-
Total comprehensive (loss) /income for the year
(13,506,178)
3,159,225
Basic and diluted earnings/(loss) per share
(cents per share)
4
(0.98)
0.40
The above consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes.
White Cliff Minerals Limited
ABN 22 126 299 125
30
Consolidated Statement of Financial Position
As at 30 June 2024
Consolidated
2024
2023
Note
$
$
Current Assets
Cash and cash equivalents
6
2,958,993
2,194,386
Financial assets
7
911,800
5,707,598
Trade and other receivables
8
52,998
-
Prepayments
635,848
25,625
Total Current Assets
4,559,639
7,927,609
Non-Current Assets
Plant and equipment
8,835
7,096
Exploration project acquisition costs
9
998,771
4,346,676
Total Non-Current Assets
1,007,606
4,353,772
Total Assets
5,567,245
12,281,381
Current Liabilities
Trade and other payables
10
310,398
1,017,596
Deferred consideration
11
-
48,565
Total Current Liabilities
310,398
1,066,161
Total Liabilities
310,398
1,066,161
Net Assets
5,256,847
11,215,220
Equity
Issued capital
12
45,604,370
39,147,963
Reserves
13
1,439,876
2,670,022
Accumulated losses
(41,787,399)
(30,602,765)
Total Equity
5,256,847
11,215,220
The above consolidated statement of financial position should be read in conjunction with the accompanying
notes.
White Cliff Minerals Limited
ABN 22 126 299 125
31
Consolidated Statement of Changes in Equity
For the year ended 30 June 2024
Issued capital
Accumulated
losses
Reserves
Total equity
Consolidated
$
$
$
$
Balance at 30 June 2022
35,459,070
(33,761,990)
2,250,708
3,947,788
Profit for the year
-
3,159,225
-
3,159,225
Other comprehensive income
-
-
-
-
Total comprehensive profit for
the year
-
3,159,225
-
3,159,225
Shares issued during the year -
placement
3,073,200
-
-
3,073,200
Shares issued during the year -
acquisitions
1,426,247
1,426,247
Capital raising costs
(810,554)
-
-
(810,554)
Share-based payments –
directors and management
-
-
44,580
44,580
Share-based payments –
acquisitions
-
-
374,734
374,734
Balance at 30 June 2023
39,147,963
(30,602,765)
2,670,022
11,215,220
Loss for the year
-
(13,506,178)
-
(13,506,178)
Other comprehensive income
-
-
-
-
Total comprehensive loss for the
year
-
(13,506,178)
-
(13,506,178)
Shares issued during the year -
placements
718,800
-
-
718,800
Shares issued during the year -
acquisitions
700,000
-
-
700,000
Options issued during the year
-
225,350
225,350
Shares issued to consultant
547,989
-
-
547,989
Capital raising costs
(480,283)
-
-
(480,283)
Conversion of options
4,969,901
-
-
4,969,901
Share-based payments –
directors and management
-
-
497,906
497,906
Share-based payments – broker
options
-
-
353,142
353,142
Share-based payments –
consultants options
-
-
15,000
15,000
Options expired
-
2,321,544
(2,321,544)
-
Balance at 30 June 2024
45,604,370
(41,787,399)
1,439,876
5,256,847
The above consolidated statement of changes in equity should be read in conjunction with the accompanying
notes.
White Cliff Minerals Limited
ABN 22 126 299 125
32
Consolidated Statement of Cash Flows
For the year ended 30 June 2024
Consolidated
Inflows/
(Outflows)
Inflows/
(Outflows)
2024
2023
Note
$
$
Cash flows from operating activities
Payments to suppliers and employees
(1,715,974)
(377,686)
Payments for exploration and evaluation
(3,061,949)
(1,576,631)
Interest received
28,646
8,299
Net cash (outflow) from operating activities
15(a)
(4,749,277)
(1,946,018)
Cash flows from investing activities
Payments for tenement acquisitions
(56,750)
(90,000)
Cash acquired on asset acquisition
-
35,315
Proceeds from sale of tenements (net of disposal
costs)
229,373
105,001
Proceeds from sale of equity investments
7
222,884
248,738
Payments for property, plant and equipment
(10,091)
(4,751)
Net cash inflow from investing activities
385,416
294,303
Cash flows from financing activities
Proceeds from the issue of shares
12
5,429,051
3,073,200
Proceeds from unissued shares
10
-
480,800
Payments for capital raising costs
(300,583)
(262,676)
Net cash inflow from financing activities
5,128,468
3,291,324
Net (decrease) in cash held
764,607
1,639,609
Cash at the beginning of the year
2,194,386
554,777
Effects of exchange rate changes on cash held
-
-
Cash at the end of the year
6
2,958,993
2,194,386
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
33
Note 1: Statement of material accounting policies
(a)
Basis of preparation
The financial report is a general purpose financial report, which has been prepared in accordance with
the requirements of the Corporations Act 2001, Accounting Standards and Interpretations and
complies 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 Group 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 report has also
been prepared on a historical cost basis. The Company is a listed public company registered and
domiciled in Australia. The financial report is presented in Australian dollars.
Going Concern
The financial statements have been prepared on the going concern basis, which contemplates the
continuity of normal business activity and the realisation of assets and the settlement of liabilities in
the normal course of business.
Notwithstanding the fact that the Group incurred a loss from continuing operations of $13,506,178
for the year ended 30 June 2024, it had a working capital surplus of $4,249,241 at balance date and a
net cash outflow from operating activities amounting to $4,749,277, the Directors are of the opinion
that the Group is a going concern.
The Directors are satisfied that the Group will have access to sufficient cash as and when required to
enable it to fund administrative and other committed expenditure.
Given future expenditure commitments and the need to fund these through existing working capital
and future equity issues. These conditions indicate there is a material uncertainty that may cast
significant doubt over the ability of the Group to continue as a going concern.
The Group’s ability to continue as a going concern is dependent upon it maintaining sufficient funds
for its operations and commitments. The Board believes that it has sufficient funding in place to meet
its operating objectives. The Directors consider the basis of going concern to be appropriate for the
following reasons:
•
the cash balance of the Company relative to its fixed and discretionary expenditure
commitments;
•
given the Company’s market capitalisation and the underlying prospects for the Company
to raise further funds from the capital markets; and
•
the fact that future exploration and evaluation expenditure is generally discretionary in
nature (i.e. at the discretion of the Directors having regard to an assessment of the
Company’s eligible expenditure to date and the timing and quantum of its remaining earn-
in expenditure requirements). Subject to meeting certain minimum expenditure
commitments, further exploration activities may be slowed or suspended as part of the
management of the Company’s working capital.
Based on the cashflow forecasts prepared and other factors referred to above the Directors are
satisfied the Company can continue to pay its debts as and when they fall due for at least the next
twelve months. In particular, given the Company's history of raising capital to date, the directors are
satisfied of the Company's ability to raise additional funds as and when they are required.
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
34
Should the Group be unable to continue as a going concern it may be required to realise its assets and
extinguish its liabilities other than in the normal course of business and at amounts different to those
stated in the financial statements. The financial statements do not include any adjustments relating
to the recoverability and classification of asset carrying amounts or to the amount and classification
of liabilities that might result should the Group be unable to continue as a going concern and meet its
debts as and when they fall due.
(b)
Adoption of new and revised standards
In the year ended 30 June 2024, the Directors have reviewed all of the new and revised Standards and
Interpretations issued by the AASB that are relevant to the Group’s operations and effective for the
current annual reporting period. It has been determined by the Directors that there is no impact,
material or otherwise, of the application of these new standards and interpretations on profit or loss
or net assets in the current or comparative periods and no change is necessary to Group accounting
policies.
The Directors have also reviewed all new Standards and Interpretations that have been issued but are
not yet effective 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 new and revised Standards and Interpretations on
the Group and, therefore, no change is necessary to Group accounting policies.
(c)
Statement of compliance
The financial report was authorised by the Board of directors for issue on 30 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).
(d)
Basis of consolidation
The consolidated financial statements comprise the financial statements of White Cliff Minerals
Limited (“Company” or “parent entity”) and its controlled entities as at 30 June 2024 (“the Group”).
The financial statements of the controlled entities are prepared for the same reporting period as the
parent entity, using consistent accounting policies.
In preparing the consolidated financial statements, all intercompany balances and transactions,
income and expenses and profit and losses resulting from intra-group transactions have been
eliminated in full. Controlled entities are fully consolidated from the date on which control is
transferred to the Group and cease to be consolidated from the date on which control is transferred
out of the Group. Control exists where the Group has the power to govern the financial and operating
policies of an entity so as to obtain benefits from its activities.
(e)
Significant accounting judgements estimates and assumptions
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.
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
35
Note 1: Statement of material accounting policies (cont)
Exploration and evaluation costs carried forward
The Group’s main activity is exploration and evaluation for minerals. The nature of exploration
activities are such that it requires interpretation of complex and difficult geological models in order to
make an assessment of the size, shape, depth and quality of resources and their anticipated
recoveries. The economic, geological and technical factors used to estimate mining viability may
change from period to period. In addition, exploration activities by their nature are inherently
uncertain. Changes in all these factors can impact exploration asset carrying values.
Share-based payments transactions
The Group measures the cost of equity-settled transactions with employees by reference to the fair
value of the equity instruments at the date at which they are granted. The options granted during the
year to directors and have been valued using a Black and Scholes option valuation methodology with
inputs as set out in Note 14.
(f)
Revenue recognition
Revenue is recognised to the extent that control has passed and it is probable that the economic
benefits will flow to the Group and the revenue can be reliably measured. The following specific
recognition criteria must also be met before revenue is recognised:
(i) Interest income
Interest revenue is recognised on a time proportionate basis that take into account the effective yield
on the financial asset.
(ii) Government assistance - drilling grants
Government grants are recognised at fair value where there is reasonable assurance that the grant
will be received and all grant conditions will be met. Grants relating to expense items are recognised
as income over the periods necessary to match the grant to the costs they are compensating.
(g)
Cash and cash equivalents
Cash comprises cash at bank and in hand. Cash equivalents are short term, highly liquid investments
that are readily convertible to known amounts of cash and which are subject to an insignificant risk of
changes in value. Temporary bank overdrafts are included in cash at bank and in hand. Permanent
bank overdrafts are shown within borrowings in current liabilities in the statement of financial
position.
For the purposes of the statement of cash flows, cash and cash equivalents consist of cash and cash
equivalents as defined above, net of outstanding bank overdrafts.
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
36
Note 1: Statement of material accounting policies (cont)
(h)
Income tax
The income tax expense or benefit for the year is the tax payable on the current year’s taxable income
based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax
assets and liabilities attributable to temporary difference and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the end of the reporting period in the countries where the Group’s subsidiaries and
associates operate and generate taxable income. Management periodically evaluates positions taken
in tax returns with respect to situations in which applicable tax regulation is subject to interpretation.
It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax
authorities.
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid
to the taxation authorities. The tax rates and tax laws used to compute the amount are those that
are enacted or substantively enacted by the balance date.
Deferred income tax liabilities are recognised for all taxable temporary differences except:
•
when the deferred income tax liability arises from the initial recognition of goodwill or of an
asset or liability in a transaction that is not a business combination and that, at the time of the
transaction, affects neither the accounting profit nor taxable profit or loss; or
•
when the taxable temporary difference is associated with investments in controlled entities,
associates or interests in joint ventures, and the timing of the reversal of the temporary
difference can be controlled and it is probable that the temporary difference will not reverse in
the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of
unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be
available against which the deductible temporary differences and the carry-forward of unused tax
credits and unused tax losses can be utilised, except:
•
when the deferred income tax asset relating to the deductible temporary difference arises from
the initial recognition of an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the accounting profit nor taxable profit or
loss; or
•
when the deductible temporary difference is associated with investments in controlled entities,
associates or interests in joint ventures, in which case a deferred tax asset is only recognised to
the extent that it is probable that the temporary difference will reverse in the foreseeable future
and taxable profit will be available against which the temporary difference can be utilised.
The carrying amount of deferred income tax assets is reviewed at each balance date and reduced to
the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part
of the deferred income tax asset to be utilised.
Unrecognised deferred income tax assets are reassessed at each balance date and are recognised to
the extent that it has become probable that future taxable profit will allow the deferred tax asset to
be recovered.
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
37
Note 1: Statement of material accounting policies (cont)
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to
the financial year when the asset is realised or the liability is settled, based on tax rates (and tax laws)
that have been enacted or substantively enacted at the balance date.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set
off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to
the same taxable entity and the same taxation authority.
Tax consolidation legislation
The Company and its 100% owned Australian resident subsidiaries have implemented the tax
consolidation legislation. Current and deferred tax amounts are accounted for in each individual entity
as if each entity continued to act as a taxpayer on its own.
The Group recognises both its current and deferred tax amounts and those current tax liabilities,
current tax assets and deferred tax assets arising from unused tax credits and unused tax losses which
it has assumed from its controlled entities within the tax consolidated group.
(i)
Other taxes
Revenues, expenses and assets are recognised net of the amount of GST except:
•
when the GST incurred on a purchase of goods and services is not recoverable from the
taxation authority, in which case the GST is recognised as part of the cost of acquisition of the
asset or as part of the expense item as applicable; and
•
receivables and payables, which are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of
receivables or payables in the statement of financial position.
Cash flows are included in the statement of cash flows on a gross basis and the GST component of
cash flows arising from investing and financing activities, which is recoverable from, or payable to,
the taxation authority, are classified as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or
payable to, the taxation authority.
(j)
Impairment of assets
The Group assesses at each balance date whether there is an indication that an asset may be
impaired. If any such indication exists, or when annual impairment testing for an asset is required,
the Group makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is
the higher of its fair value less costs to sell and its value in use and is determined for an individual
asset, unless the asset does not generate cash inflows that are largely independent of those from
other assets or groups of assets and the asset's value in use cannot be estimated to be close to its
fair value. In such cases the asset is tested for impairment as part of the cash-generating unit to
which it belongs. When the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount, the asset or cash-generating unit is considered impaired and is written down
to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using
a pre-tax discount rate that reflects current market assessments of the time value of money and the
risks specific to the asset. Impairment losses relating to continuing operations are recognised in
those expense categories consistent with the function of the impaired asset unless the asset is
carried at re-valued amount (in which case the impairment loss is treated as a revaluation decrease).
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
38
Note 1: Statement of material accounting policies (cont)
An assessment is also made at each balance date as to whether there is any indication that previously
recognised impairment losses may no longer exist or may have decreased. If such indication exists,
the recoverable amount is estimated. A previously recognised impairment loss is reversed only if
there has been a change in the estimates used to determine the asset’s recoverable amount since
the last impairment loss was recognised. If that is the case the carrying amount of the asset is
increased to its recoverable amount. That increased amount cannot exceed the carrying amount that
would have been determined, net of depreciation, had no impairment loss been recognised for the
asset in prior financial periods. Such reversal is recognised in profit or loss unless the asset is carried
at revalued amount, in which case the reversal is treated as a revaluation increase. After such a
reversal the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying
amount, less any residual value, on a systematic basis over its remaining useful life.
(k)
Trade and other payables
Trade payables and other payables are carried at amortised cost and represent liabilities for goods
and services provided to the Group prior to the end of the financial year that are unpaid and arise
when the Group becomes obliged to make future payments in respect of the purchase of these goods
and services. Trade and other payables are presented as current liabilities unless payment is not due
within 12 months.
(l)
Provisions
Where applicable, provisions are recognised when the Group has a present obligation (legal or
constructive) as a result of a past event, it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation and a reliable estimate can be made of
the amount of the obligation. Provisions are not made for future operating losses.
When the Group expects some or all of a provision to be reimbursed, for example under an insurance
contract, the reimbursement is recognised as a separate asset but only when the reimbursement is
virtually certain. The expense relating to any provision is presented in the statement of
comprehensive income net of any reimbursement.
Provisions are measured at the net present value of management’s best estimate of the expenditure
required to settle the present obligation at the end of the reporting year.
If the effect of the time value of money is material, provisions are discounted using a discount rate
that reflects the risks specific to the liability.
When discounting is used, the increase in the provision due to the passage of time is recognised as
a borrowing cost.
(m)
Share-based payment transactions
Equity settled transactions:
The Group provides benefits to employees and consultants of the Group in the form of share-based
payments, whereby employees render services in exchange for shares or rights over shares (equity-
settled transactions).
The cost of these equity-settled transactions with employees and consultants is measured by
reference to the fair value of the equity instruments at the date at which they are granted and/or
vested. The fair value is determined by using an appropriate valuation methodology, further details
of which are given in Note 14.
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
39
Note 1: Statement of material accounting policies (cont)
The cost of equity-settled transactions is recognised, together with a corresponding increase in
equity, over the period in which any performance and/or service conditions are fulfilled, ending on
the date on which the relevant employees become fully entitled to the award (the vesting period).
The cumulative expense recognised for equity-settled transactions at each reporting date until
vesting date reflects the extent to which the vesting period has expired, and the Group’s best
estimate of the number of equity instruments that will ultimately vest.
The statement of comprehensive income charge or credit for a year represents the movement in
cumulative expense recognised as at the beginning and end of that year.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is
only conditional upon a market condition.
If the terms of an equity-settled award are modified, as a minimum an expense is recognised as if
the terms had not been modified. In addition, an expense is recognised for any modification that
increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to
the employee, as measured at the date of modification.
If an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and
any expense not yet recognised for the award is recognised immediately. However, if a new award
is substituted for the cancelled award and designated as a replacement award on the date that it is
granted, the cancelled and new award are treated as if they were a modification of the original
award, as described in the previous paragraph. The dilutive effect, if any, of outstanding options is
reflected as additional share dilution in the computation of earnings per share.
(n)
Issued capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares or options are shown in equity as a deduction, net of tax, from the proceeds. Incremental
costs directly attributable to the issue of new shares or options for the acquisition of a new business
are not included in the costs of acquisition as part of purchase consideration.
(o)
Earnings per share
Basic earnings per share is calculated as net profit or loss attributable to members of the parent,
adjusted to exclude any costs of servicing equity (other than dividends) and preference share
dividends, divided by the weighted average number of ordinary shares.
Diluted earnings per share is calculated as net profit or loss attributable to members of the parent,
adjusted for:
•
costs of servicing equity (other than dividends) and preference share dividends;
•
the after tax effect of dividends and interest associated with dilutive potential ordinary shares
that have been recognised as expenses; and
•
other non-discretionary changes in revenues or expenses during the period that would result
from the dilution of potential ordinary shares, divided by the weighted average number of
ordinary shares and dilutive potential ordinary shares.
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
40
Note 1: Statement of material accounting policies (cont)
(p)
Exploration and evaluation expenditure
Exploration costs are expensed as incurred. Acquisition costs are accumulated in respect of each
separate area of interest. Acquisition costs are carried forward where right of tenure of the area of
interest is current and they are expected to be recouped through the sale or successful development
and exploitation of the area of interest or, where exploration and evaluation activities in the area of
interest have not yet reached a stage that permits reasonable assessment of the existence of
economically recoverable reserves. When an area of interest is abandoned or the Directors decide
that it is not commercial, any accumulated acquisition costs in respect of that area are written off in
the financial year and accumulated acquisition costs written off to the extent that they will not be
recovered in the future. Amortisation is not charged on acquisition costs carried forward in respect
of areas of interest in the development phase until production commences.
Exploration and evaluation assets are assessed for impairment when facts and circumstances
suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable
amount. The recoverable amount of the exploration and evaluation asset (for the cash generating
unit(s) to which it has been allocated being no larger than the relevant area of interest) is estimated
to determine the extent of the impairment loss (if any). 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.
Where a decision has been made to proceed with development in respect of a particular area of
interest, the relevant exploration and evaluation asset is tested for impairment and the balance is
then reclassified to development.
(q)
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision maker. The chief operating decision maker, who is responsible for allocating
resources and assessing performance of the operating segments, has been identified as the Board of
Directors of White Cliff Minerals Limited.
(r)
Parent entity financial statements
The financial information for the parent entity, White Cliff Minerals Limited, disclosed in Note 21, has
been prepared on the same basis as the consolidated financial statements.
(s)
Financial instruments
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the
contractual provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset
expire, or when the financial asset and substantially all the risks and rewards are transferred.
A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
41
Note 1: Statement of material accounting policies (cont)
Classification and initial measurement of financial assets
Except for those trade receivables that do not contain a significant financing component and are
measured at the transaction price in accordance with AASB 15, all financial assets are initially
measured at fair value adjusted for transaction costs (where applicable).
For the purpose of subsequent measurement, financial assets, other than those designated and
effective as hedging instruments, are classified into the following categories:
•
amortised cost
•
fair value through profit or loss (FVTPL)
•
equity instruments at fair value through other comprehensive income (FVOCI)
•
debt instruments at fair value through other comprehensive income (FVOCI).
All income and expenses relating to financial assets that are recognised in profit or loss are presented
within finance costs, finance income or other financial items, except for impairment of trade
receivables which is presented within other expenses.
The classification is determined by both:
•
the entity’s business model for managing the financial asset
•
the contractual cash flow characteristics of the financial asset.
All income and expenses relating to financial assets that are recognised in profit or loss are presented
within finance costs, finance income or other financial items, except for impairment of trade
receivables which is presented within other expenses.
Subsequent measurement of financial assets
Financial assets at fair value through profit or loss (FVTPL)
Financial assets that are held within a different business model other than ‘hold to collect’ or ‘hold to
collect and sell’ are categorised at fair value through profit and loss. Further, irrespective of business
model financial assets whose contractual cash flows are not solely payments of principal and interest
are accounted for at FVTPL. All derivative financial instruments fall into this category, except for those
designated and effective as hedging instruments, for which the hedge accounting requirements apply.
The category also contains equity investments. The Group accounts for its investment in listed equity
instruments at FVTPL and did not make the irrevocable election to account for the investment in
unlisted and listed equity securities at fair value through other comprehensive income (FVOCI). The
fair value was determined in line with the requirements of AASB 9, which does not allow for
measurement at cost.
Assets in this category are measured at fair value with gains or losses recognised in profit or loss.
The fair values of financial assets in this category are determined by reference to active market
transactions or using a valuation technique where no active market exists.
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
42
Note 1: Statement of material accounting policies (cont)
(t)
Assets and liabilities held for sale
Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be
recovered principally through a sale transaction rather than through continuing use. This condition
is regarded as met only when the asset (or disposal group) is available for immediate sale in its
present condition subject only to terms that are usual and customary for sales for such asset (or
disposal groups) and the sale is highly probable. Management must be committed to the sale, which
should be expected to qualify for recognition as a complete sale within one year from the date of
classification.
When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets
and liabilities of that subsidiary are classified as held for sale when the criteria described above are
met, regardless of whether the Group will retain a non-controlling interest in it former subsidiary,
after the sale.
When the Group is committed to a sale plan involving disposal of an investment, or a portion of an
investment, in an associate or joint venture, the investment or the portion of the investment that
will be disposed of is classified as held for sale when the criteria described above are met, and the
Group discontinues the use of the equity method in relation to the portion that is classified as held
for sale. Any retained portion of an investment in an associate or joint venture that has not been
classified as held for sale continues to be accounted for using the equity method. The Group
discontinues the use of the equity method at the time of disposal when the disposal results in the
Group losing significant influence over the associate or joint venture.
After the disposal takes place, the Group accounts for any retained interest in the associate or joint
venture in accordance with AASB 139 unless the retained interest continues to be an associate or a
joint venture, in which case the Group uses the equity method.
A discontinued operation is a component of the entity that has been disposed of or is classified as
held for sale and that represents a separate major line of business or geographical area of
operations, is part of a single co-ordinated plan to dispose of such a line of business or area of
operations, or is a subsidiary aquired exclusively with a view to resale. The results of discontinued
operations are presented separately in the statement of profit or loss.
Note 2: Revenue and expenses
Consolidated
Consolidated
(a) Other income
2024
2023
$
$
Interest received
28,646
8,299
Profit from sale of tenements
229,373
3,051,749
258,019
3,060,048
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
43
Note 2: Revenue and expenses (cont)
Consolidated
Consolidated
(b) Expenses
2024
2023
Loss from ordinary activities before income tax benefit includes the
following specific expenses (included in other expenses):
$
$
Auditor’s remuneration (Note 22)
63,483
35,332
Consultancy fees
223,000
28,500
Depreciation
8,352
2,369
Employee costs
109,974
156,509
Directors’ fees
612,274
318,535
Other expenses
719,710
240,412
1,736,793
781,657
Note 3: Income tax
Consolidated
Consolidated
2024
2023
The prima facie income tax benefit on pre-tax accounting loss
reconciles with the income tax benefit in the financial statements as
follows:
$
$
Accounting profit/(loss) before tax from continuing operations
(13,506,178)
3,159,225
Income tax expense/(benefit) calculated at 25% (2023: 30%)
(3,376,545)
947,768
Non-deductible expenses
399,959
13,374
Non-assessable income
-
-
Other assessable amounts
-
-
Other deferred tax assets and deferred tax liabilities not recognised
2,976,586
(961,141)
Income tax benefit reported in the statement of profit or loss and
other comprehensive income
-
-
(a) Unrecognised deferred tax balances
Consolidated
Consolidated
2024
2023
The following deferred tax assets and liabilities have not been brought to
account:
$
$
Deferred tax assets comprise:
Losses available for offset against future income – revenue
6,794,862
7,079,760
Blackhole expenditure
1,558
2,096
Accrued expenses and liabilities
48,925
5,850
Financial assets
325,766
-
7,171,111
7,087,706
Deferred tax liabilities comprise:
Exploration project acquisition costs
(11,426)
(1,040,818)
Financial assets
-
(920,955)
(11,426)
(1,961,773)
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
44
Note 3: Income tax (cont)
Deferred tax assets have not been recognised in respect of these items because it is not considered probable
that future taxable profit will be available against which the Group can utilise the benefit thereof.
Consolidated
2024
2023
$
$
(b) Deferred tax assets not recognised directly in equity during the
year:
Blackhole expenditure
190,255
73,534
190,255
73,534
Note 4: Earnings/(Loss) per share
Total basic earnings/(loss) per share (cents)
(0.98)
0.40
The loss and weighted average number of ordinary shares used
in the calculation of basic loss per share is as follows:
Net profit/(loss) for the year
(13,506,178)
3,159,225
The weighted average number of ordinary shares
1,378,893,126
763,313,361
The diluted earnings/(loss) per share is not reflected as the result is not dilutive.
Note 5: Segment information
For management purposes, the Board of Directors of the Company has been defined as the Chief Operating
Decision Maker. Segment information is presented in respect of the Group’s business segments based on the
Group’s management and internal reporting structure.
During the year the Group operated predominantly in one business segment being mineral exploration and
corporate/administration expenses. Geographically, the Group explores in Australia and Canada.
Note 6: Cash and cash equivalents
Consolidated
2024
2023
$
$
Cash at bank
2,958,993
2,194,386
2,958,993
2,194,386
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
45
Note 6: Cash and cash equivalents (cont)
(a) Reconciliation to Statement of Cash Flows
The above figures agree to cash at the end of the financial year as shown in the Statement of Cash Flows.
(b) Cash at bank and on hand
Cash at bank earns interest at floating rates based on daily bank deposit rate currently 1.55%.
Note 7: Financial assets at fair value through profit or loss
Consolidated
2024
2023
$
$
RTG Mining Inc.
Opening balance
21,060
248,295
Disposal of shares
(13,052)
(185,637)
Fair value (loss)/gain
(8,008)
(41,598)
Fair value at 30 June 2024
-
21,060
Consolidated
Panther Metals PLC
$
$
Opening balance
52,538
93,985
Disposal of shares
(39,500)
-
Fair value (loss)/gain
(13,038)
(41,447)
Fair value at 30 June 2024
-
52,538
Consolidated
Minerals 260 Limited
$
$
Opening balance
5,530,000
-
Received as consideration on sale of the company’s interest in the
Yinnetharra REE/Li Project – at fair value
-
2,905,000
Disposal of shares
(81,322)
Fair value (loss)/gain
(4,536,878)
2,625,000
Fair value at 30 June 2024
911,800
5,530,000
Consolidated
Drednought Resources Limited
$
$
Opening balance
104,000
-
Received on acquisition of Mineral Fields Pty Ltd
-
100,000
Disposal of shares
(89,010)
Fair value (loss)/gain
(14,990)
4,000
Fair value at 30 June 2024
-
104,000
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
46
Note 7: Financial assets at fair value through profit or loss (cont)
Consolidated
Victory Metals Limited
$
$
Opening balance
-
-
Received as consideration on sale of tenement E20/971
-
48,790
Disposals
-
(63,101)
Fair value (loss)/gain
-
14,311
Fair value at 30 June 2024
-
-
Total
911,800
5,707,598
Note 8: Trade and other receivables
Consolidated
2024
2023
$
$
Goods and services tax receivable
52,998
-
52,998
-
Note 9: Exploration project acquisition costs
Consolidated
2024
$
2023
$
Opening balance
4,346,676
3,146,730
Project acquisition costs
708,186
1,331,798
Project costs expensed
-
(131,852)
Impairment
(i)
(4,056,091)
-
Acquisition costs in respect of areas of
interest in the exploration phase
998,771
4,346,676
On 14 September 2023 the Company completed the sale of its Abraxis Lithium Project for $200,000 cash. The
carrying value of the Abraxis was nil at the date of sale as the expenditure to date was expensed in the previous
year.
(i) During the year the Company carried out a review of its tenement holdings and surrendered a number of
tenements. The acquisition costs recognised against these tenements has been impaired during the year
totalling $4,056,091.
The recoverability of deferred project acquisition costs is dependent upon the successful development and
commercial exploitation, or alternately the sale of the areas of interest.
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
47
Note 10: Trade and other payables
Consolidated
2024
$
2023
$
Trade payables and accruals*
310,398
344,125
GST
-
192,671
Tranche 2 capital raising funds received
-
480,800
310,398
1,017,596
* Trade payables are non-interest bearing and are normally paid on 30 day terms.
Note 11: Deferred consideration
Consolidated
$
2024
$
2023
Opening balance
48,565
91,554
Payment
(48,565)
(42,989)
Closing balance
-
48,565
The Group has deferred consideration of $150,000 in relation to the acquisition of the Reedy South Gold Project
that was completed on 8 October 2020. The deferred consideration is payable in $50,000 instalments on the
anniversary of completion for three years and had a net present value of $141,554 on completion of the
acquisition. During the year, the final instalment of deferred consideration was paid.
Note 12: Issued capital
Consolidated
(a) Ordinary shares issued
$
2024
$
2023
1,624,387,414 (2023: 1,108,051,885) ordinary
shares
45,604,370
39,147,963
Holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to
one vote per share at shareholders’ meetings. In the event of winding up of the parent entity, ordinary
shareholders rank after all creditors and are fully entitled to any proceeds on liquidation.
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
48
Note 12: Issued capital (cont)
(b) Movements in ordinary shares
Date
Details
Number of shares
$
30 June 2022
653,603,362
35,459,070
12 September 2022
Placement
94,000,000
1,692,000
25 October 2022
Acquisition of Lake Tay Project1
5,681,818
125,000
30 January 2023
Acquisition of Magnet Resources
and Preston River2
30,769,230
738,462
18 April 2023
Placement
175,000,000
1,050,000
22 June 2023
Acquisition of Mineral Fields Pty
Ltd, Soak Sands Pty Ltd and Border
Exploration Pty Ltd3
93,797,475
562,785
29 June 2023
Placement
55,200,000
331,200
Capital raising costs
(810,554)
30 June 2023
1,108,051,885
39,147,963
1 The shares issued for the acquisition of the Lake Tay Project are valued at the market price of shares at date
of acquisition.
2 The shares issued for the acquisition of Magnet Resources and Preston River are valued at the market price
of shares at date of acquisition.
3 The shares issued for the acquisition of Mineral Fields Pty Ltd, Soak Sands Pty Ltd and Border Exploration Pty
Ltd are valued at the market price of shares at date of acquisition.
(b) Movements in ordinary shares
Date
Details
Number of shares
$
30 June 2023
1,108,051,885
39,147,963
13 July 2023
Placement
119,800,000
718,800
4 August 2023
Acquisition of Magnet Resources
and Preston River2
29,166,667
700,000
20 November 2023
Issue of shares to consultant
19,540,791
234,489
10 January 2024
Exercise of options
300,000
4,500
19 January 2024
Issue of share to consultant
16,500,000
313,500
30 January 2024
Exercise of options
42,500,000
637,500
23 February 2024
Exercise of options
2,082,123
31,232
1 March 2024
Exercise of options
63,134,797
947,001
13 March 2024
Exercise of options
223,311,151
3,349,667
Capital raising costs
(480,282)
30 June 2024
1,624,387,414
45,604,370
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
49
Note 12: Issued capital (cont)
(c) Share options
Number of options
2024
2023
Options exercisable at $0.015 on or before 31 January 2024
-
45,000,000
Listed options exercisable at $0.015 on or before 28 February
2024
-
288,828,071
Unlisted options exercisable at $0.047 each expiring 30
November 2023
-
45,000,000
Unlisted Options (incentive options) to acquire ordinary fully paid
shares at $0.025 on or before 5 December 2025
25,000,000
25,000,000
Listed options exercisable at $0.012 on or before 30 June 2026
695,000,000
-
720,000,000
403,828,071
Weighted average option exercise price
$0.002
$0.019
(d) Movements in share options
Number of options
2024
2023
Listed Options to acquire ordinary fully paid shares at $0.015 on or before
28 February 2024:
Beginning of the financial year
288,828,071
291,272,071
Issued during year
-
-
Less: options exercised
(288,828,071)
(2,444,000)
Balance at end of financial year
-
288,828,071
Options exercisable at $0.015 on or before 31 January 2024
Beginning of the financial year
45,000,000
45,000,000
Issued during year
-
-
Exercised during the year
(42,500,000)
-
Expired during the year
(2,500,000)
-
Balance at end of financial year
-
45,000,000
Unlisted Options (incentive options) to acquire ordinary fully paid shares
at $0.047 on or before 30 November 2023
Beginning of the year
45,000,000
45,000,000
Issued during year
-
-
Expired during the year
(45,000,000)
-
Balance at end of year
-
45,000,000
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
50
Note 12: Issued capital (cont)
(d) Movements in share options (cont)
Number of options
2024
2023
Unlisted Options to acquire ordinary fully paid shares at $0.025 on or before 5
December 2025
Beginning of the year
25,000,000
-
Issued during year
-
25,000,000
Balance at end of year
25,000,000
25,000,000
Listed options exercisable at $0.012 on or before 30 June 2026
Beginning of the period
-
-
Issued during the year
695,000,000
-
Balance at end of period
695,000,000
-
Note 13: Reserves
Consolidated
2024
$
2023
$
Option issue reserve (a)
125,391
125,391
Share compensation reserve (b)
Opening balance
Share based expense for year
2,544,631
738,256
2,125,317
44,580
Share based payment – broker
options
353,142
374,734
Options expired
(2,321,544)
-
Closing balance
1,314,485
2,544,631
1,439,876
2,670,022
(a)
Option issue reserve
The option issue reserve represents amounts paid upon subscribing for options issued by the
Company.
(b)
Share compensation reserve
The share compensation reserve is used to record the value of equity issued as consideration for
services. Refer Note 14.
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
51
Note 14: Share based payments
Share based payments consists of options and performance rights issued to directors and consultants and
suppliers of goods. The expense is recognised in the Statement of Profit or Loss and Other Comprehensive
Income and Statement of Changes in Equity over the vesting periods of the options and rights. The following
share-based payment arrangements were in place during the current year:
Type
Number
Grant date
Expiry Date
Exercise
price
$
Fair value
Broker Options
25,000,000
12/09/2022
05/12/2025
0.025
$374,7361
Consultants options
5,000,000
20/09/2023
30/06/2026
0.012
$15,0002
Broker Options
30,000,000
22/03/2024
30/06/2026
0.012
$179,7003
Placement Options (free attaching)
660,000,000
13/07/2023
30/06/2026
0.012
-
Type
Number
Forfeited
Grant date
Expiry Date
Exercise
price $
Fair value
Performance Rights
162,000,000
(30,000,000)
30/10/2023
23/08/2026
-
1,100,439
Performance Rights
30,000,000
(25,000,000)
22/11/2023
12/10/2026
-
55,987
Performance Rights
153,000,000
-
22/11/2023
12/10/2026
-
2,331,918
1 25,000,000 unlisted options issued to brokers and valued using Black- Scholes model at grant date.
2 5,000,000 unlisted options issued to consultants and valued using the listed option price of $0.003 at grant date.
4 30,000,000 unlisted options issued to brokers and valued using Black- Scholes model at grant date (see below).
5 162,000,000 performance rights issued to directors and valued using the Hoadley’s ESO Hybrid Model (see below).
30,000,000 performance rights forfeited on resignation.
6 30,000,000 performance rights issued to directors and valued using the Hoadley’s ESO Hybrid Model (see below).
25,000,000 performance rights forfeited on resignation.
7 153,000,000 performance rights issued to directors and valued using the Hoadley’s ESO Hybrid Model (see below).
Performance Rights
Class
A
B
C
Condition (Market Cap)
$35m
$70m
$100m
Issue Date
03/11/23
03/11/23
03/11/23
Grant Date
30/10/23
30/10/23
30/10/23
Share Price
$0.01
$0.01
$0.01
Expiry Date
23/08/26
23/08/26
23/08/26
No. of rights
54m
54m
54m
Forfeited
-
15m
15m
Value per right
$0.0091
$0.0081
$0.0075
Expensed during period
$216,246
$70,785
$65,312
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
52
Note 14: Share based payments (contd)
Performance Rights
Class
A
B
C
Condition (Market Cap)
$35m
$70m
$100m
Issue Date
04/12/23
04/12/23
04/12/23
Grant Date
22/11/23
22/11/23
22/11/23
Share Price
$0.012
$0.012
$0.012
Expiry Date
12/10/26
12/10/26
12/10/26
No. of PRs
10m
10m
10m
Forfeited
5m
10m
10m
Value per right
$0.0111
$0.0100
$0.0094
Expensed during period
$55,987
$nil
$nil
Performance Rights
Class
D
E
F
Condition (Market Cap)
$50m
$90m
$125m
Issue Date
10/06/24
10/06/24
10/06/24
Grant Date
31/05/24
31/05/24
31/05/24
Share Price
$0.017
$0.017
$0.017
Expiry Date
31/05/27
31/05/27
31/05/27
No. of PRs
51m
51m
51m
Value per right
$0.0163
$0.0151
$0.01433
Expensed during period
$22,513
$20,957
$19,847
Expensed during the current year:
Consolidated
30 June 2024
$
30 June 2023
$
Director 2019 options
26,259
44,580
Consultant options
15,000
-
Consultant shares
(i)
547,989
-
Director Performance Rights
471,647
-
1,060,895
44,580
(i) 19,540,791 shares were issued to a consultant on 20 November 2023 valued at share price on date of issue
being $0.012.
16,500,000 shares issued to a consultant values at share price on date of issue being $0.019.
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
53
Note 15: Reconciliation of profit/(loss) after income tax to net cash outflow from operating activities
Consolidated
2024
$
2023
$
a) Reconciliation of (loss) from ordinary activities after
income tax to net cash outflow from operating activities
Net profit/ (loss) for the year after income
tax
(13,506,178)
3,159,225
Depreciation
8,352
2,369
Share based payment expense
1,060,895
44,580
Exploration expenditure expensed
-
131,852
Impairment expense
4,056,091
-
Profit on sale of tenements
(229,373)
(3,051,749)
Loss/(Gain) on financial assets held at FVTPL
4,795,798
(2,560,266)
Foreign exchange movement
(2,515)
-
(Increase) / decrease in trade and other
receivables
(52,998)
21,836
(Increase) / decrease in prepayments
(610,223)
14,055
Increase / (decrease) in trade and other
payables
(269,126)
292,080
Net cash outflow from operating activities
(4,749,277)
(1,946,018)
Note 16: Non-cash investing activities
Consolidated
$
2024
$
2023
Acquisition of exploration projects with shares
-
(1,426,247)
Acquisition of exploration projects with options
-
-
Sale of exploration projects for shares
-
2,953,790
-
1,527,543
Note 17: Commitments and contingencies
Exploration expenditure commitments
In order to maintain rights of tenure to its Australian located mineral tenements, the Group is required to outlay
certain amounts in respect of rent and minimum expenditure requirements set by the Western Australian State
Government Mines Department. The Group’s commitments to meet this minimum level of expenditure are
approximately $1,648,000 (2022: 427,000) annually.
Consolidated
2024
2023
$
$
Current Commitments
95,000
1,648,000
Non-current Commitments
222,896
4,162,841
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
54
Note 17: Commitments and contingencies (cont)
Exploration expenditure commitments (cont)
Exemption from incurring this annual level of expenditure may be granted where access to the tenement area
is restricted for reasons beyond the Group’s control such as where native title issues restrict the Group’s ability
to explore in the project area. The Group is not aware of any such restrictions to exploration in the coming year
and it does not anticipate seeking any exemption to reduce this annual expenditure requirement.
Note 18: Financial Risk Management
Exposure to interest rate, liquidity, and credit risk arises in the normal course of the Group’s business. The
Group does not hold or use derivative financial instruments. The Group’s principal financial instruments
comprise mainly of deposits with banks and equity investments in listed companies. The totals for each
category of financial instruments are as follows:
Consolidated
2024
2023
$
$
Financial Assets
Cash and cash equivalents
2,958,993
2,194,386
Equity investments in listed companies
911,800
5,707,598
The Group uses different methods as discussed below to manage risks that arise from these financial
instruments. The objective is to support the delivery of the financial targets while protecting future financial
security.
(a) Capital risk management
The Group’s capital comprises share capital and reserves less accumulated losses. As at 30 June 2024, the
Group has net assets of $5,256,847 (2023: $11,215,220). The Group manages its capital to ensure its ability to
continue as a going concern and to optimise returns to its shareholders.
(b) Liquidity Risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial
liabilities.
The Group manages liquidity risk by maintaining sufficient cash facilities to meet the operating requirements
of the business and investing excess funds in highly liquid short-term investments. The responsibility for
liquidity risk management rests with the Board of Directors.
Alternatives for sourcing future capital needs include the cash position and future equity raising alternatives.
These alternatives are evaluated to determine the optimal mix of capital resources for our capital needs. The
Board expects that, assuming no material adverse change in a combination of our sources of liquidity, present
levels of liquidity will be adequate to meet expected capital needs.
Maturity analysis for financial liabilities
Financial liabilities of the Group comprise trade and other payables. As at 30 June 2024 any financial liabilities
that are contractually maturing within 60 days have been disclosed as current.
Trade and other payables that have a deferred payment date of greater than 12 months have been disclosed
as non-current.
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
55
Note 18: Financial Risk Management (cont)
(c)
Foreign Currency Risk
The Group undertakes certain transactions denominated in foreign currencies, hence exposures to exchange
rate fluctuations arise.
The carrying amount of the Group’s foreign currency denominated monetary assets and monetary liabilities at
the balance date expressed in Australian dollars are a cash balance of nil (2023: nil).
The sensitivity analyses below detail the Group’s sensitivity to an increase/decrease in the Australian dollar
against the United States dollar. The sensitivity analysis includes only outstanding foreign currency
denominated monetary items:
A basis point is the sensitivity rate used when reporting foreign currency risk internally to management and
represents management’s assessment of the possible change in foreign exchange rates.
At balance date, if foreign exchange rates had been 100 basis point higher or lower and all other variables were
held constant, the Group’s:
•
Profit or loss would increase/decrease by nil (2023: nil); and
•
Equity reserves would increase/decrease by nil (2023: nil).
The Group’s sensitivity to foreign exchange rates has decreased during the year due to the closure of the USD
bank account.
(d)
Interest Rate Risk
Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair
value of financial instruments.
The Group’s exposure to changes to interest rate risk relates primarily to its earnings on cash and term deposits.
The Group manages the risk by investing in short term deposits.
2024
2023
$
$
Cash and cash equivalents
2,958,993
2,194,386
Interest rate sensitivity
The following table demonstrates the sensitivity of the Group’s statement of comprehensive income to a
reasonably possible change in interest rates, with all other variables constant.
Change in Basis Points
Effect on Post Tax Loss ($)
Increase/(Decrease)
Effect on Equity including
retained earnings ($)
Increase/(Decrease)
2024
2023
2024
2023
Increase 100 basis points
29,590
21,944
29,590
21,944
Decrease 100 basis points
(29,590)
(21,944)
(29,590)
(21,944)
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
56
Note 18: Financial Risk Management (cont)
A sensitivity of 100 basis points has been used as this is considered reasonable given the current level of both
short term and long-term Australian Dollar interest rates. This would represent two to four movements by the
Reserve Bank of Australia.
(e)
Credit Risk Exposures
Credit risk represents the risk that the counterparty to the financial instrument will fail to discharge an
obligation and cause the Group to incur a financial loss. The Group’s maximum credit exposure is the carrying
amounts on the statement of financial position. The Group holds financial instruments with credit worthy third
parties.
At 30 June 2024, the Group held cash at bank. These were held with financial institutions with a rating from
Standard & Poors of AA or above (long term). The Group has no past due or impaired debtors as at 30 June
2024.
(f)
Market Risk
Market risk arises from the possibility that changes in the share price of listed investments will affect future
cash flows or the fair value of financial assets.
The following table demonstrates the sensitivity of the Group’s statement of profit or loss and other
comprehensive income to a reasonably possible change in share price, with all other variables constant.
2024
2024
+10%
-10%
+10%
-10%
$
$
$
$
Financial assets
91,180
(91,180)
570,760
(570,760)
(g)
Fair Value Measurement
The Group’s equity investments in listed companies are grouped into level 1 of the fair value hierarchy. These
equity investments are valued using quoted prices in an active market.
There were no other financial assets or liabilities at 30 June 2024 requiring fair value estimation and disclosure
as their carrying values approximate fair value.
Note 19: Key management personnel disclosures
(a) Directors
At the date of this report the directors of the Company are:
Rod McIllree – Executive Chairman (Appointed 8 August 2023)
Troy Whittaker – Managing Director (Appointed 1 March 2024)
Eric Sondergaard – Executive Director (Appointed 23 April 2024)
Dan Smith – Non-executive Director
Rob Sinclair - Non-executive Director (Resigned 1 August 2023)
Ross Cotton - Non-executive Director (Resigned 29 February 2024)
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
57
Note 19: Key management personnel disclosures
(b) Key management personnel
During the reporting periods the Group had no other key management personnel.
(c) Key management personnel compensation
Consolidated
2024
$
2023
$
Short-term
572,643
317,535
Post-employment
45,030
-
Share-based payments
484,768
44,580
Short Term Incentive Plan
159,374
-
1,261,815
362,115
Detailed remuneration disclosures of directors and key management personnel are included in the
Remuneration Report forming part of the Directors’ Report.
During the year the Group paid $166,250 (2023: $130,000) to Minerva Corporate Pty Ltd an entity associated
with director Dan Smith for services including directors’, company secretarial and consulting fees included
above of $114,000 and accounting services of $52,250.
Note 20: Related party disclosure
The ultimate parent entity in the wholly-owned group and the ultimate Australian parent entity is White Cliff
Minerals Limited. The consolidated financial statements include the financial statements of White Cliff Minerals
Limited and the controlled entities listed in the following table.
Name of entity
Country of
incorporation
Class of
shares
Equity holding
2024
%
2023
%
Northern Drilling Pty Ltd
Australia
Ordinary
100
100
Charge Cobalt Pty Ltd
Australia
Ordinary
100
100
Hobbs & Hugh Pty Ltd
Australia
Ordinary
100
100
Abraxis Mining Pty Ltd
Australia
Ordinary
100
100
Magnet Resource Company Pty Ltd
Australia
Ordinary
100
100
Preston River Lithium Pty Ltd
Australia
Ordinary
100
100
Electrification Metals Pty Ltd
Australia
Ordinary
100
100
MineralFields Pty Ltd
Australia
Ordinary
100
100
Soak Sands Pty Ltd
Australia
Ordinary
100
100
Border Exploration Pty
Australia
Ordinary
100
100
There were no transactions between White Cliff Minerals Limited and its controlled entities during the financial
year (2023: nil).
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
58
Note 21: Parent Entity Disclosures
Financial position
2024
$
2023
$
Assets
Current assets
4,559,638
7,788,324
Non-current assets
1,007,607
4,495,234
Total assets
5,567,245
12,283,558
Liabilities
Current liabilities
234,344
1,065,295
Non-current liabilities
-
-
Total liabilities
234,344
1,065,295
Net assets
5,332,901
11,218,263
Equity
Issued capital
45,604,370
39,147,963
Accumulated losses
(41,711,345)
(30,599,722)
Reserves
1,439,876
2,670,022
Total equity
5,332,901
11,218,263
2024
$
2023
$
Financial performance
Profit/(loss) for the year
(11,111,623)
3,162,268
Total comprehensive income/(loss)
(11,111,623)
3,162,268
Note 22: Auditor’s remuneration
The auditors of the Company are HLB Mann Judd.
Consolidated
2024
$
2023
$
Assurance services:
HLB Mann Judd:
Audit and review of financial statements
63,483
35,332
Total remuneration for audit services
63,483
35,332
Other services (tax compliance services)
13,000
4,000
Total auditor’s remuneration
76,483
39,332
White Cliff Minerals Limited
ABN 22 126 299 125
Notes to the financial statements
For the year ended 30 June 2024
59
Note 23: Events after the balance date
On 27 September 2024, the Company issued 38,000,000 unlisted options at various exercise prices expiring 4
years from the date of issue, to employees and consultant.
There has not been any other matter or circumstance that has arisen after balance date 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 periods.
White Cliff Minerals Limited
ABN 22 126 299 125
60
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
Name
Type of
entity
% of
share
Country of
incorporation
Australian
resident or
foreign
resident
Foreign
jurisdiction(s) of
foreign residents
Legal Parent
White
Cliff
Minerals
Limited
Body
Corporate
Legal Subsidiaries
Northern Drilling Pty Ltd
Body
Corporate
100
Australia
Australian
n/a
Charge Cobalt Pty Ltd
Body
Corporate
100
Australia
Australian
n/a
Hobbs & Hugh Pty Ltd
Body
Corporate
100
Australia
Australian
n/a
Abraxis Mining Pty Ltd
Body
Corporate
100
Australia
Australian
n/a
Magnet Resource
Company Pty Ltd
Body
Corporate
100
Australia
Australian
n/a
Preston River Lithium
Pty Ltd
Body
Corporate
100
Australia
Australian
n/a
Electrification Metals
Pty Ltd
Body
Corporate
100
Australia
Australian
n/a
Mineral Fields Pty Ltd
Body
Corporate
100
Australia
Australian
n/a
Soak Sands Pty Ltd
Body
Corporate
100
Australia
Australian
n/a
Border Exploration Pty
Body
Corporate
100
Australia
Australian
n/a
Basis of preparation
This consolidated entity disclosure statement (CEDS) has been prepared in accordance with the Corporations
Act 2001 and includes information for each entity that was part of the consolidated entity as at the end of the
financial year in accordance with AASB 10 Consolidated Financial Statements.
Determination of tax residency
Section 295 (3A)(vi) of the Corporation Act 2001 defines tax residency as having the meaning in the Income
Tax Assessment Act 1997. The determination of tax residency involves judgement as there are different
interpretations that could be adopted, and which could give rise to a different conclusion on residency.
In determining tax residency, the consolidated entity has applied the following interpretations:
• Australian tax residency
The consolidated entity has applied current legislation and judicial precedent, including having regard
to the Tax Commissioner's public guidance in Tax Ruling TR 2018/5
White Cliff Minerals Limited
ABN 22 126 299 125
61
CONSOLIDATED ENTITY DISCLOSURE STATEMENT (CONT)
• Foreign tax residency
Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to
assist in its determination of tax residency to ensure applicable foreign tax legislation has been
complied with (see section 295(3A)(vii) of the Corporations Act 2001).
White Cliff Minerals Limited
ABN 22 126 299 125
62
Directors’ Declaration
1. In the opinion of the directors of White Cliff Minerals Limited (the “Company”):
a.
the accompanying financial statements and notes are in accordance with the Corporations Act 2001
including:
i. giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its performance
for the financial year then ended; and
ii. complying with Accounting Standards, Corporations Regulations 2001, professional reporting
requirements and other mandatory requirements;
b.
there are reasonable grounds to believe that the Company will be able to pay its debts as and when
they become due and payable; and
c.
the financial statements and notes thereto are in accordance with International Financial Reporting
Standards issued by the International Accounting Standards Board.
d. The consolidated entity disclosure statement on page 57 is true and correct as at 30 June 2024
2. This declaration has been made after receiving the declarations required to be made to the directors in
accordance with Section 295A of the Corporations Act 2001 for the year ended 30 June 2024.
This declaration is signed in accordance with a resolution of the Board of Directors.
Daniel Smith
Director
Perth, Western Australia
30 September 2024
63
INDEPENDENT AUDITOR’S REPORT
To the Members of White Cliff Minerals Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of White Cliff Minerals 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.
Material Uncertainty Related to Going Concern
We draw attention to Note 1 in the financial report, which indicates that a material uncertainty exists that
may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified
in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial report of the current period. These matters were addressed in the context of our audit
of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
64
Except for the matter described in the Material Uncertainty Related to Going Concern section, we have
determined that there are no key audit matters to communicate in our report.
Key Audit Matter
How our audit addressed the key audit
matter
Carrying value of exploration
(Note 9 in the financial report)
The
Group
has
capitalised
exploration
project
acquisition costs of $998,771 as at 30 June 2024.
Our audit procedures determined that accounting for
capitalised exploration project acquisition costs was a key
audit matter as it was an area of which required a
significant amount of audit effort and communication with
those charged with governance and was determined to
be of key importance to the users of the financial report.
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 the
capitalised
mineral
exploration
and
evaluation expenditure;
−
We considered the Directors’ assessment
of potential indicators of impairment;
−
We obtained evidence that the Group has
current rights to tenure of its areas of
interest;
−
We tested additions and disposals;
−
We examined the exploration budget and
discussed with management the nature of
planned ongoing activities; 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
(b) the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and
65
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.
−
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.
66
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 White Cliff Minerals 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
B G McVeigh
Chartered Accountants
Partner
Perth, Western Australia
30 September 2024
White Cliff Minerals Limited
ABN 22 126 299 125
67
Additional Shareholder Information
Additional information required by the ASX Limited (“ASX”) Listing Rules and not disclosed
elsewhere in this set out below. The shareholder information set out below was applicable as
at 20 September 2024.
A. Distribution of equity securities
Analysis of numbers of equity security holders by size of holding:
Range
Total holders
Units
% Units
1 - 1,000
125
15,244
0.00
1,001 - 5,000
77
199,660
0.01
5,001 - 10,000
50
398,781
0.02
10,001 -
100,000
1,210
60,491,293
3.71
100,001 -
250,000
430
73,051,356
4.48
250,001 -
500,000
272
103,525,342
6.36
500,001 Over
462
1,391,705,738
85.42
Total
2,626
1,629,387,414
100.00
There were 544 holders of less than a marketable parcel of ordinary shares.
B. Equity security holders
Twenty largest quoted equity security holders – ordinary shares
Rank
Name
Units
% Units
1
MR RODERICK MCILLREE
50,933,333
3.13
2
ROJUL NOMINEES PTY LTD
46,500,000
2.85
3
MR JOHN LANGLEY HANCOCK
46,086,787
2.83
4
AUSTRALIAN METALS & ENERGY PTY LTD
40,000,000
2.45
5
PARETO NOMINEES PTY LTD
37,500,000
2.30
5
CITICORP NOMINEES PTY LIMITED
35,372,177
2.17
7
MR ERIC MARTIN SONDERGAARD
29,440,791
1.81
8
MR MATTHEW JAMES BLAKE
25,000,000
1.53
9
MS SIHOL MARITO GULTOM
25,000,000
1.53
10
ORWELLIAN INVESTMENTS PTY LTD
22,000,000
1.35
11
MR JULIAN ANDREW MCKENZIE
21,500,000
1.32
12
QUPIT PTY LTD
20,500,000
1.26
13
BNP PARIBAS NOMS PTY LTD
19,824,118
1.22
14
BNP PARIBAS NOMINEES PTY LTD
19,665,617
1.21
15
MR GREGORY KUENZEL
17,516,200
1.08
16
BRIDGE THE GAP TRADING PTY LTD
16,500,000
1.01
17
DORALEDA PTY LTD
15,000,000
0.92
18
HSBC CUSTODY NOMINEES (AUSTRALIA)
LIMITED
14,680,039
0.90
White Cliff Minerals Limited
ABN 22 126 299 125
68
19
MRS JUDITH HONDRIS
14,500,000
0.89
20
MILLWEST INVESTMENTS PTY LTD
14,000,000
0.86
Totals: Top 20 holders of ORDINARY FULLY PAID
SHARES
531,519,062
32.62
Total Remaining Holders Balance
1,097,868,352
67.38
White Cliff Minerals Limited
ABN 22 126 299 125
69
Additional Shareholder Information
Twenty largest quoted equity security holders – 30 June 2026 options
Rank
Name
Units
% Units
1
CITICORP NOMINEES PTY LIMITED
146,638,889
21.10
2
MR MICHAEL STANLEY CARTER
90,000,000
12.95
3
PARETO NOMINEES PTY LTD
45,000,000
6.47
4
AFRICA COAL PTY LTD
40,000,000
5.76
5
IMPERIAL NOMINEES (WA) PTY LTD
32,000,000
4.60
6
WATERSHORE HOLDINGS PTY LTD
24,159,985
3.48
7
BLOCK CAPITAL GROUP (INT) PTY LTD
15,666,666
2.25
8
MR SHANE HOEHOCK WEE
15,000,000
2.16
9
MS SIHOL MARITO GULTOM
10,700,000
1.54
10
MR CAMERON JOHN LEVETT + MRS SUSANNE
LEVETT
10,494,034
1.51
11
CANGU PTY LTD
10,000,000
1.44
11
MRS WEENA LINDECKER + MR STEEVE XAVIER
JOHNNY LINDECKER
10,000,000
1.44
13
MR PETER ANDREW PROKSA
10,000,000
1.44
14
ROJUL NOMINEES PTY LTD
10,000,000
1.44
15
VASSALLO CORPORATION PTY LTD
10,000,000
1.44
16
BRIDGE THE GAP TRADING PTY LTD
8,333,333
1.20
17
DORALEDA PTY LTD
8,333,333
1.20
18
KEITH BAYLEY ROGERS & CO LTD
7,500,000
1.08
19
MR SHANE MICHAEL GAVEGAN
6,500,000
0.94
20
MISS WEE CHIA CHIEW
6,100,000
0.88
Totals: Top 20 holders of LISTED OPTIONS EXPIRING
30/06/2026 @ $0.012 (Total)
516,426,240
74.31
Total Remaining Holders Balance
178,573,760
25.69
Substantial Holder >20% - 30 June 2026 options
Rank
Name
Units
% Units
1
CITICORP NOMINEES PTY LIMITED
146,638,889
21.10
E. Voting rights
The voting rights attaching to each class of equity securities are set out below:
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote
and upon a poll each share shall have one vote.
Options
No options have any voting rights.
F. On-market buyback
White Cliff Minerals Limited
ABN 22 126 299 125
70
There is no current on-market buyback.
G. Restricted securities
There is no restricted securities on issue.
Tenement schedule
Rae Cu-Ag-Au Project Tenement Information
CLAIM_NUM
BER
CLAIM_STA
TUS
ISSUE_DATE
ANNIV_DAT
E
AREA_HA
103104
ACTIVE
2023-09-26
2025-09-26
1248.7
103105
ACTIVE
2023-09-26
2025-09-26
1248.7
103106
ACTIVE
2023-09-26
2025-09-26
1218.5
103107
ACTIVE
2023-09-26
2025-09-26
1016.3
103108
ACTIVE
2023-09-26
2025-09-26
1407.2
103113
ACTIVE
2023-09-26
2025-09-26
1386.3
103116
ACTIVE
2023-09-26
2025-09-26
1382.6
103109
ACTIVE
2023-09-26
2025-09-26
1407.2
103110
ACTIVE
2023-09-26
2025-09-26
1405.6
103114
ACTIVE
2023-09-26
2025-09-26
1383.8
103117
ACTIVE
2023-09-26
2025-09-26
1382.6
103118
ACTIVE
2023-09-26
2025-09-26
1381.4
103119
ACTIVE
2023-09-26
2025-09-26
1381.4
103120
ACTIVE
2023-09-26
2025-09-26
1381.1
103124
ACTIVE
2023-09-27
2025-09-27
1299.8
103125
ACTIVE
2023-09-27
2025-09-27
1085.2
103127
ACTIVE
2023-09-27
2025-09-27
770.2
103111
ACTIVE
2023-09-26
2025-09-26
1116.3
103112
ACTIVE
2023-09-26
2025-09-26
1395.4
103115
ACTIVE
2023-09-26
2025-09-26
1383.8
103121
ACTIVE
2023-09-27
2025-09-27
1428.0
103126
ACTIVE
2023-09-27
2025-09-27
805.3
103122
ACTIVE
2023-09-27
2025-09-27
1371.2
103123
ACTIVE
2023-09-27
2025-09-27
1173.6
103488
ACTIVE
2023-11-01
2025-11-01
1381.1
103491
ACTIVE
2023-11-01
2025-11-01
1381.1
103507
ACTIVE
2023-11-02
2025-11-02
1482.9
103503
ACTIVE
2023-11-01
2025-11-01
1417.8
103510
ACTIVE
2023-11-02
2025-11-02
845.9
103512
ACTIVE
2023-11-02
2025-11-02
1539.4
103513
ACTIVE
2023-11-02
2025-11-02
1386.6
103516
ACTIVE
2023-11-02
2025-11-02
1545.4
103508
ACTIVE
2023-11-02
2025-11-02
1384.2
103509
ACTIVE
2023-11-02
2025-11-02
769.0
103511
ACTIVE
2023-11-02
2025-11-02
1385.4
103514
ACTIVE
2023-11-02
2025-11-02
1387.9
103515
ACTIVE
2023-11-02
2025-11-02
1466.3
103485
ACTIVE
2023-11-01
2025-11-01
1381.1
White Cliff Minerals Limited
ABN 22 126 299 125
71
103486
ACTIVE
2023-11-01
2025-11-01
1381.1
103492
ACTIVE
2023-11-01
2025-11-01
1381.1
103493
ACTIVE
2023-11-01
2025-11-01
1381.1
103494
ACTIVE
2023-11-01
2025-11-01
1383.0
103495
ACTIVE
2023-11-01
2025-11-01
1383.0
103497
ACTIVE
2023-11-01
2025-11-01
1383.0
103498
ACTIVE
2023-11-01
2025-11-01
1383.0
103499
ACTIVE
2023-11-01
2025-11-01
1490.6
103500
ACTIVE
2023-11-01
2025-11-01
1384.4
103502
ACTIVE
2023-11-01
2025-11-01
1455.9
103517
ACTIVE
2023-11-02
2025-11-02
1377.0
103519
ACTIVE
2023-11-02
2025-11-02
1062.3
103520
ACTIVE
2023-11-02
2025-11-02
842.9
103484
ACTIVE
2023-11-01
2025-11-01
1381.1
103487
ACTIVE
2023-11-01
2025-11-01
1381.1
103489
ACTIVE
2023-11-01
2025-11-01
1381.1
103490
ACTIVE
2023-11-01
2025-11-01
1381.1
103496
ACTIVE
2023-11-01
2025-11-01
1383.0
103501
ACTIVE
2023-11-01
2025-11-01
1455.9
103504
ACTIVE
2023-11-01
2025-11-01
1461.1
103505
ACTIVE
2023-11-01
2025-11-01
1310.1
103506
ACTIVE
2023-11-01
2025-11-01
1325.4
103518
ACTIVE
2023-11-02
2025-11-02
1541.2
Great Bear Lake U-Cu-Au-Ag Project Tenement Information
PERMIT_NU
M
PERMIT_ST
ATUS
ISSUE_DATE
ANNIV_DAT
E
CURRENT_H
A
NP-8487
ACTIVE
02/01/2024
02/01/2027
11852.0
NP-8488
ACTIVE
02/01/2024
02/01/2027
11418.0
NP-8489
ACTIVE
02/01/2024
02/01/2027
15294.0
NP-8490
ACTIVE
02/01/2024
02/01/2027
12853.0
NP-8491
ACTIVE
02/01/2024
02/01/2027
16002.0
NP-8492
ACTIVE
02/01/2024
02/01/2027
13665.0
NP-8493
ACTIVE
02/01/2024
02/01/2027
16079.0
NP-8494
ACTIVE
02/01/2024
02/01/2027
11459.0
NP-8495
ACTIVE
02/01/2024
02/01/2027
14310.0
NP-8496
ACTIVE
02/01/2024
02/01/2027
15058.0
NP-8497
ACTIVE
02/01/2024
02/01/2027
15936.0
NP-8498
ACTIVE
02/01/2024
02/01/2027
15864.0
NP-8499
ACTIVE
02/01/2024
02/01/2027
15706.0
NP-8500
ACTIVE
02/01/2024
02/01/2027
15738.0
NP-8501
ACTIVE
02/01/2024
02/01/2027
13001.0
NP-8502
ACTIVE
02/01/2024
02/01/2027
15484.0
NP-8503
ACTIVE
02/01/2024
02/01/2027
15406.0
NP-8504
ACTIVE
02/01/2024
02/01/2027
15125.0
NP-8505
ACTIVE
02/01/2024
02/01/2027
15629.0
Contact1
ACTIVE
01-26-2024
01-26-2034
800.6
Contact2
ACTIVE
01-26-2024
01-26-2034
1000.7
Contact3
ACTIVE
01-26-2024
01-26-2034
700.5
White Cliff Minerals Limited
ABN 22 126 299 125
72
Anza1
ACTIVE
01-26-2024
01-26-2034
1250.0
Anza2
ACTIVE
01-26-2024
01-26-2034
525.4
Echo1
ACTIVE
01-26-2024
01-26-2034
700.5
Echo2
ACTIVE
01-26-2024
01-26-2034
450.3
Australia Tenement Information
Project
TEN ID
Status
Holders/s
Location
Shares
Reedys
South
M20/446
LIVE
Northern Drilling Pty Ltd
Cue
100/100
E20/969
LIVE
Northern Drilling Pty Ltd
Cue
100/100
E20/972
LIVE
Northern Drilling Pty Ltd
Cue
100/100
P20/2289
LIVE
Northern Drilling Pty Ltd
Cue
100/100
E20/938
LIVE
Northern Drilling Pty Ltd
Cue
100/100
E20/974
LIVE
Northern Drilling Pty Ltd
Cue
100/100
Bentley
E69/3983
PENDIN
G
Border Exploration Pty
Ltd
Musgraves
100/100
E69/4033
PENDIN
G
Border Exploration Pty
Ltd
Musgraves
100/100