ANNUAL R E POR T
2023
Contents
Corporate Particulars ..................................................................................................................................................... 1
Chairmans Letter .............................................................................................................................................................. 2
Operations Report ............................................................................................................................................................ 3
Directors’ Report ............................................................................................................................................................ 13
Auditor’s Independence Declaration ................................................................................................................. 26
Independent Auditor’s Report ................................................................................................................................ 27
Directors’ Declaration ................................................................................................................................................. 31
Statement of Profit or Loss and Other Comprehensive Income ......................................................... 32
Statement of Financial Position ............................................................................................................................ 33
Statement of Changes in Equity ............................................................................................................................ 34
Statement of Cash Flows ........................................................................................................................................... 35
Notes to and Forming Part of the Financial Statements ........................................................................ 36
Shareholder Information ........................................................................................................................................... 58
Corporate Particulars
DIRECTORS
Mr Tim Kennedy
Mr Greg Evans
Ms Katina Law
Managing Director
Non-Executive Chairman
Non-Executive Director
COMPANY SECRETARY
Mr Greg Fitzgerald
PRINCIPAL PLACE OF BUSINESS
5/62 Ord Street
West Perth WA 6005
Telephone +61 8 9389 9021
www.yandalresources.com.au
REGISTERED OFFICE
5/62 Ord Street
West Perth WA 6005
SHARE REGISTRY
AUDITORS
STOCK EXCHANGE LISTING
Automic
Level 5, 191 St Georges Terrace
Perth WA 6000
HLB Mann Judd (WA Partnership)
Level 4, 130 Stirling Street
Perth WA 6000
Australian Securities Exchange
Home Exchange: Perth
Code: YRL
Yandal Resources Limited
Annual Report 2023
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Chairmans Letter
Dear fellow shareholders,
As Chair of Yandal Resources Limited, I extend to you, our valued shareholders, warm greetings, and appreciation for your support of
our gold exploration company. The year 2023 was clearly affected by market headwind which saw much investor interest captured
by “battery” minerals and a lack of interest in the junior gold sector. History shows that sentiment nearly always turns back to gold,
and we believe Yandal is extremely well positioned to benefit when this occurs. Through the efforts of our team the company at the
time of writing has a growing resource inventory that totals circa 424,000oz all located on granted mining leases strategically adjacent
to nearby mining operations. Most importantly the team has focussed on advancing prospects with the potential to make
transformative new discoveries. With a resolute focus on laying the groundwork for growth, we persist in channelling our capital and
resources towards the exploration of our most promising targets within the Yandal and Norseman-Wiluna greenstone belts.
Simultaneously, we remain vigilant to identifying emerging prospects and new opportunities in the region.
Recent times have seen us undertake measures aimed at renewing and retaining our invaluable personnel. We have instituted a
rigorous cost management and budgeting strategy, conducted a comprehensive review of our Company's assets, and prioritised our
drilling programs to ensure that every dollar spent adds value to your company. Our focus remains on our people and culture,
fostering an environment that celebrates inclusivity, diversity, accountability, and safety and wellbeing in every activity we undertake.
Our decision-making processes benefit from a blend of technical expertise, diligent investigation, diverse experiences, lessons learned,
and innovative ideas. In tandem, our commitment to sustainability spurs us to continuously elevate our ESG policies, strategies, and
overall impact.
I would like to take this opportunity to commend and thank my colleagues on the Board for their invaluable contributions, with special
recognition reserved for the stability, commitment, and expertise that Mr. Tim Kennedy our Managing Director and CEO, brings to his
role. The Board is optimistic of the future and anticipates positive strides forward in the year ahead.
In closing, allow me to reiterate our profound gratitude for your continued support and encouragement. It is your trust that propels
us forward, guiding our efforts as we navigate the journey ahead. With a blend of strategic foresight, operational diligence, and
unwavering commitment to shareholder interests, Yandal Resources Limited remains primed to create significant shareholder value
from our quality portfolio through the efforts of our dedicated teams and stakeholders.
Thank you and warm regards,
Mr Greg Evans
Chair
20 September 2023
Perth, WA
Yandal Resources Limited
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Operations Report
INTRODUCTION
The Company's primary focus is exploration, discovery, and development of gold projects within the north-eastern and eastern
Goldfields of Western Australia. Our strategic objective is delineating valuable resources in locations with proven gold endowment,
In the case of our project’s, endowment is confirmed by the proximity of multi-million ounce gold mines such as Jundee, Bronzewing,
and Kanowna Belle. With a long mining history, the areas in which we are exploring have well established infrastructure, thereby
facilitating rapid cost-effective development of future discoveries. All three projects are regarded as having strong potential for
significant new discoveries.
Figure 1- Regional map of the Company’s gold projects, greenstone belts, regional towns
and significant resource projects
Yandal Resources Limited
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Operations Report
INTRODUCTION continued
In 2023, our field exploration efforts were concentrated on the Mt McClure and Ironstone-Well Barwidgee Projects. At Mt McClure
most activity was directed towards establishing initial Mineral Resource Estimates (MRE’s) from drilling data beneath and marginal to
the historic open pits. An initial MRE was also completed for the Gordons Dam prospect (Gordons Project). As of the time of writing,
the Company's total gold MRE inventory across all three projects stood at 424,000 ounces. This figure is expected to rise further upon
completion of the MRE for the HMS Sulphur prospect at Mt McClure, which is scheduled for early next year. Exploration efforts at
Ironstone Well-Barwidgee were focused on refining and prioritising targets that will guide upcoming phases of drilling. This process
has led us to emphasise the highly prospective Oblique, Quarter Moon, and New England Granite areas, all of which have
demonstrated mineralisation and considerable large-scale potential.
Ongoing exploration reviews and targeting enabled the Company to focus on areas of the highest potential to cost-effectively add
value. On the latter point the company engaged highly regarded independent consultants with structural interpretation and targeting
expertise to unlock new exploration opportunities within our tenements. This collaboration has led to the identification of exciting
new exploration targets, which are currently being advanced.
Our commitment to nurturing crucial, long-term relationships with key stakeholders, including Native Title holders, remains a priority.
We express our sincere gratitude for their ongoing support.
CORPORATE
The Company maintained a high level of activity throughout the year spending a total of approximately $3.6m exploring its three
exploration projects. Due to the tighter market conditions the Company was cognisant of the need to restrain expenditure and focus
drilling on the very highest priority prospects. A very high proportion of the exploration spend was on drilling related activities which
included approximately 5,000m of aircore drilling and 15,000m of RC drilling.
To sustain these activities the Company executed a capital raise of $5m (before costs) via a strongly supported entitlement issue and
placement launched in October 2022. Yandal’s cash position at 30 June 2023 was $4.2m.
The Company retained a small but effective board of three Directors during the year. In February 2023, long-standing Company
Secretary Bianca Taveira stepped down due to other commitments. Her role was assumed by Greg Fitzgerald, a highly accomplished
executive with previous experience as Company Secretary for an ASX 200 gold company. In March 2023, the company recruited highly
regarded gold geologist Chris Oorschot as Exploration Manager to provide a strong technical and strategic focus and reinvigorate the
exploration effort. The Company moved premises from a shared office to a dedicated office space close to peer companies and service
providers in West Perth. We commend our small but dedicated exploration team for their enthusiastic contribution to advancing our
projects during the year.
ENVIRONMENT, SUSTAINABILITY AND GOVERNANCE
The Company ESG responsibilities are a key consideration when planning and conducting its activities whether in the corporate office
or in the field. Our core responsibilities are outlined in our Corporate Governance Codes and Policies. The areas of particular focus
are:
People: We aim to foster a working environment that is collaborative, enjoyable, and
stimulating and where our employees can fully use their expertise and develop new skills to
the benefit of the Company and their ongoing careers. Our people drive our ESG efforts, so
we value and place high value on new initiatives in this regard.
Safety: The health safety and wellbeing of our people including employees and contractors
is of the utmost importance. We have well developed safety procedures and recognise that
a safe work environment comes when a culture of safety is fostered amongst our people such
that it becomes an inherent part of all we do. We are pleased to advise that there were no
injuries incurred by our workforce during the period.
Stakeholders: We value and respect all stakeholders in the regions where we work and recognise the
unique long-term relationship Indigenous Stakeholders have with the land. We respect the traditional
owners of the land on which we work and endeavour to build long-term mutually beneficial
relationships with our Indigenous stakeholders.
Operations Report
ENVIRONMENT, SUSTAINABILITY AND GOVERNANCE continued
Environment: We have a dual focus when it comes to our environmental impact. Firstly, we
strive to minimise the impact that our activities have in the areas in which we work. Secondly,
we place high importance on our land rehabilitation obligations and aim to leave no long-
term adverse environmental impact.
Yandal Resources Limited
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5
Figure 2 - Rehabilitation Activities at Gordons. Preparing a native seed mix (left) and
spreading seeds at rehabilitation area (right).
Operations Report
IRONSTONE WELL-BARWIDGEE
Yandal Resources Limited
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The 100% owned Ironstone Well-Barwidgee Project covers
approximately 374km2 of contiguous tenure, covering
53km of strike of highly prospective and under-explored
greenstone between the Jundee and Bronzewing mines in
the northern Yandal Greenstone Belt.
The Yandal Belt has less than 2% outcrop and exploration is
hampered by a thick weathering profile and widespread
transported cover which masks the bedrock geochemistry.
Within the project tenure less than 6% of historic drill holes
are deeper than 100m and less than 30% are deeper than
50m and as a result much of the tenure has been poorly
tested by past exploration efforts. The Company's
identifying regions of
involves
overarching strategy
significant geological and geophysical potential and then
juxtaposing this information with historical exploration
drilling data to pinpoint the most promising targets. These
targets are then tested with effective drill programs for the
presence of significant gold mineralisation. Yandal already
has an established Resource of 268,000oz(1) of gold at
Flushing Meadows and considers there to be strong
potential to make new discoveries and expand this resource
base within the extensive tenure holding. (1) YRL ASX
announcement dated 4 November 2020
During the year, the company completed aircore and RC
drill programs to refine and test several prospects.
Encouraging aircore results were returned from Quarter
Moon where intercepts including 6m @ 1.1g/t Au from
19m incl. 3m @ 1.9g/t Au (YRLAC1064) have extended the
footprint of that prospect to over 1.5km of strike. RC drilling
returned positive results from Sims Find, where an
intercept of 3m @ 3.6g/t Au from 138m (YRLRC1045) was
returned, approximately 2km NW along strike from the
main zone of mineralisation. At Cash, located on the
southern margin of the project immediately along strike
from the Corboys Deposit (ASX: NST), RC drilling returned encouraging intercepts, including 3m @ 3.6g/t Au from 96m (YRLRC1036) and
3m @ 2.3g/t Au from 26m (YRLRC1016) and now indicate a mineralised horizon over 400m long.
Figure 3 -Regional geology plan showing key prospects and tenure at
the Ironstone Well- Barwidgee project
The Company completed a high-resolution aeromagnetic survey over the area from Sim’s Find to New England Granite to better define
these prospects. Data were merged with broader spaced historical data to produce seamless high-resolution coverage, which was
used to refine geological models. At Sims Find where mineralisation is interpreted to be associated with demagnetised zones, 3D
inversion modelling was completed on the merged data to assist in future drill targeting. The New England Granite prospect comprises
a granitic intrusive measuring approximately 4.3km x 2km that is cut by large scale tensional faults subordinate to the nearby
Ockerbury Fault. Historic drilling has demonstrated that the deformed margins of the granite in contact with the surrounding
greenstone sequence has elevated gold associated with quartz veining. The competency contrast related to granite-greenstone
contacts is a common gold mineralisation control in the Yandal belt and elsewhere. Data generated from the aeromagnetic survey
has assisted in accurately delineating the deformed granite margins and prospective cross-cutting faults, which in turn is being used
in drill targeting.
During the second half of the year the Company completed a litho-structural reinterpretation and targeting study using independent
consultant, Mike Outhwaite (Lithify Pty Ltd). This work fed into a project-wide prospect ranking exercise completed by the in-house
exploration team. As a result, the company has determined that the priority prospects to focus on over the coming six to twelve
months will include Oblique, Quarter Moon and New England Granite (Figures 4 and 5). Each of these prospects has large scale
potential with strike extents in-excess of 1.5km at Oblique and Quarter Moon and 4km at New England Granite and demonstrated
gold mineralisation in previous broad spaced drilling.
Operations Report
IRONSTONE WELL-BARWIDGEE continued
Yandal Resources Limited
Annual Report 2023
7
Figure 4 - Oblique and Quarter Moon targets showing proximity to
Flushing Meadows Resource over TMI and 1VD aeromagnetics
Figure 5 - New England Granite Prospect showing +4km long eastern
margin target zone over TMI and 1VD aeromagnetics
Operations Report
MT MCCLURE
Yandal Resources Limited
Annual Report 2023
8
The Mt McClure Project is located 15km SW of the
historic Bronzewing gold mine and 10km from Orelia
gold mine both owned by Northern Star Resources Ltd
(ASX: NST) in the southern Yandal Belt (Figure 6).
The greater Mt McClure gold camp, which covers a
strike length of some 30km and includes Northern Star’s
Orelia mine (+1Moz), has a total gold endowment of
+1.8Moz. Yandal’s Mt McClure Project includes several
historical open cut pits from which a total of
approximately 100,000z of gold was mined to maximum
depths of between 60 to 100m mostly in the 1990’s.
During the year, the Company completed initial Mineral
Resource Estimates (“MRE’s”) on the margins of the
Success, Parmelia and Challenger historic open cuts
incorporating the extensive historic drilling database
and recent Yandal drilling, which highlighted significant
zones of unmined mineralisation extending up to 240m
beneath the base of previous mining.
The MRE’s defined a combined Resource inventory at
Mt McClure of 2.225Mt @ 1.9g/t Au for 136,000oz at a
1.0g/t lower cut-off, as summarised in Table 1.
Additional RC drilling during the year and subsequent to
year’s end outside of the historic open cut footprints
has defined additional zones of shallow, predominantly
oxide mineralisation. Notably, drilling at HMS Sulphur,
located immediately north of the Success historic open
cut and MRE area, has defined a zone of mineralisation
extending over a 700m strike length and down to a
depth of 150m. An initial MRE for HMS Sulphur is
expected to be completed early next year.
Figure 6 - Plan view of the Mt McClure project showing the regional
geology, tenements, location of key prospects
Table 1 – Breakdown of Mt McClure initial Mineral Resource Estimate by Deposit
(1.0 g/t Au lower cut-off)
Category
Deposit
Challenger(1)
Success(2)
Parmelia(3)
Total
Inferred
Tonnes
(000’s)
718
1,255
252
2,225
Grade
(g/t)
1.9
1.9
2.1
1.9
Au
(Oz)
44,000
75,000
17,000
136,000
Note: Due to the effects of rounding totals may not represent the sum of the individual components.
The individual MRE’s at each deposit are open at depth and constrained by a lack of drilling, and in
some cases indicate plunging shoots which have higher grade potential. Refer to the YRL ASX
Announcements of (1) 22 August 2022, (2) 6 September 2022 and (3) 20 September 2022 for details
of MREs
Operations Report
MT MCCLURE continued
Yandal Resources Limited
Annual Report 2023
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Figure 7 - Success Long Section showing block model coloured according to grade, historic pit outline (grey) and Yandal
broad spaced drilling (blue traces)
New RC intercepts during the year include:
HMS Sulphur
•
•
14m @ 1.3g/t Au from 113m including 2m @ 6.4g/t Au from 119m (YRLRC1076);
8m @ 1.7g/t Au from 148m including 4m @ 3.1g/t Au (YRLRC1077);
Gilmore
•
•
21m @ 0.8g/t Au from 90m including 3m @ 2.5g/t Au from 90m (YRLRC1086);
17m @ 0.6g/t Au from 43m including 5m @ 1.4g/t Au from 45m (YRLRC1085)
In addition to RC drilling at advanced prospects, a total of eleven early-stage targets were tested by an aircore program focussed on
the under-explored hanging wall sequence east of the main line of mineralisation. Targets were generally in areas interpreted as
favourable for mineralisation based on proximity to cross-cutting (conjugate) faults and/or areas exhibiting demagnetisation,
potentially representing alteration associated with mineralisation. Of the eleven targets tested, three returned significant gold results
(>0.1g/t Au) and have been earmarked for follow-up in the coming year.
Operations Report
GORDONS
Yandal Resources Limited
Annual Report 2023
10
The 100%-owned Gordons Project is located
35km north of Kalgoorlie. The project covers
approximately 112km2 of tenure adjacent to
operating mines at Gordon Sirdar and Mulgarrie
and is close to both third party and publicly owned
haulage infrastructure. Significantly, it is located
on the flank of the Scotia-Kanowna Dome, a key
regional geological feature, that is an important
control on the formation of gold mineralisation,
including the multi-million ounce Kanowna Belle
and Paddington deposits.
During the year the company completed an Initial
MRE
for Gordons Dam and undertook a
comprehensive 3D model of the geology and
structure of the broader project to assist in
prioritising future work and drill targeting.
The Gordons Dam deposit is located on a granted
mining lease toward the northern end of the
project and represents a new discovery by Yandal.
The initial Gordons Dam MRE contains a total of
365,000t @ 1.7g/t Au for 20,000oz (> 1g/t Au
lower cut-off grade) as summarised in Table 2.
The deposit consists of laterite and paleochannel
hosted mineralisation overlying weathered and
fresh bedrock hosted mineralisation. Bedrock
mineralisation remains open down-plunge and
along strike. Recent 3D geological modelling
indicates that a felsic intrusion, likely a key
mineralisation control, plunges to the to the
north-east and represents a potential future drill
target.
Figure 8 - Regional geology map of Gordons Project showing key prospect
locations and nearby mines.
Table 2 – March 2023 Gordons Dam Mineral Resource Estimate (1.0g/t Au Lower Grade Cut-off) above
120m vertical depth.
Category
Material Type
Transported (paleochannel)
Oxide
Transitional
Fresh
Total
Inferred
Tonnes
48,000
99,000
152,000
65,000
365,000
Grade (g/t Au)
1.8
2.0
1.5
1.5
1.7
Total (oz)
3,000
6,000
7,000
3,000
20,000
Note: Due to the effects of rounding, totals may not represent the sum of all individual components. The Resource is
reported as a global estimate, not constrained within optimised pit shells. Full details of the MRE are available in YRL’s
ASX Release of 6 April 2023.
Yandal Resources Limited
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Operations Report
GORDONS continued
The 3D geological modelling and targeting exercise over the entire Gordons Project was designed to determine the structural and
stratigraphic controls on mineralisation. This work highlighted that a key prospective feature in the region is the Gordon-Sirdar Shear
Zone (“GSSZ”) and associated splays which extend through the Gordons Project and are coincident with Star of Gordon prospect and
the nearby Gordon-Sirdar mine (Figure 9). The GSSZ is associated with a steepening of the eastern margin of the main Scotia-Kanowna
Granite Dome. This geometry provides opportunities for enhanced fluid permeability and strain partitioning making it an ideal location
for targeting larger-scale gold mineralisation. In association with the GSSZ the study also interpreted a keel of mixed greenstones
interpreted to be similar to the Kanowna Belle lithologies extending south of the Gordons Project. Prospects proximal to the GSSZ
have the highest potential for large discoveries and will be the focus of exploration moving forward.
In response to the findings of the study the Company acquired the rights to a key tenement (E27/701 – currently in the application
phase) that covers the interpreted extension of the GSSZ structure extending south from the Gordons Project towards Kanowna Belle
(Figure 9). The Company regards this as an excellent opportunity to explore an area in an exceptional geological setting for the
discovery of significant gold deposits near the major mining centre of Kalgoorlie.
Figure 9 - Schematic views of broad scale three-dimensional modelling showing interpreted boundaries of Scotia-Kanowna
Granite from Bouger gravity (left diagram) and rendering of granite morphology (pink) and location of key structures (red) (right
diagram).
Operations Report
MINERAL RESOURCES
Yandal Resources Ltd - Mineral Resource Summary
Deposit
Indicated
Grade
(g/t)
Tonnes
(‘000s)
Au
(oz)
Tonnes
(‘000)
Inferred
Grade
(g/t)
Au
(oz)
Tonnes
(000’s)
Total
Grade
(g/t)
Au
(Oz)
Yandal Resources Limited
Annual Report 2023
12
1.3
5,245
7,386
2,141
91,000
1.1 177,000
Ironstone Well
Flushing Meadows1
Mt McClure
Challenger2
Success3
Parmelia4
Sub-total - MMC
Gordons
Gordons Dam5
Grand-total6
Due to the effects of rounding totals may not represent the sum of the individual components.
1. Reported above 0.5g/t Au lower cut-off grade, refer to Yandal Resources Ltd ASX announcement dated 4 November 2020 for full details. 2. Reported above
1.0g/t Au lower cut-off grade, refer to Yandal Resources Ltd ASX announcement dated 22 August 2022 for full details 3. Reported above 1.0g/t Au lower cut-
off grade, refer to Yandal Resources Ltd ASX announcement dated 6 September 2022 for full details.4. Reported above 1.0g/t Au lower cut-off grade, refer to
Yandal Resources Ltd ASX announcement dated 20 September 2022 for full details 5. Reported above 1.0g/t Au lower cut-off grade, refer to Yandal Resources
Ltd ASX announcement dated 6 April 2023 for full details 6. All Resources are reported as global estimates, not constrained by optimised pit shells.
44,000
1.9
75,000
1.9
2.1
17,000
1.9 136,000
44,000
75,000
17,000
136,000
20,000
1.7
1.3 333,000
718
1,255
252
2,225
718
1,255
252
2,225
20,000
424,000
1.9
1.9
2.1
1.9
365
9,976
365
7,835
268,000
1.7
1.3
91,000
2,141
1.1
1.3
COMPETENT PERSONS STATEMENT
The information in this document that relates to Exploration Results, geology and data compilation is based on information reviewed
or compiled by Mr Chris Oorschot, a Competent Person who is a Member of The Australasian Institute Geoscientists. Mr Oorschot is
the Exploration Manager for the Company, is a full-time employee and holds options in the Company. Mr Oorschot has sufficient
experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves. Mr Oorschot consents to the inclusion in this announcement of the matters based on
this information in the form and context in which it appears.
The information in this announcement that relates to the Flushing Meadows, Mt McClure and Gordons Dam Mineral Resource
Estimates is based on information compiled and generated by Andrew Bewsher, an employee of BM Geological Services Pty Ltd
(“BMGS”). Both Andrew Bewsher and BMGS hold shares in the company. BMGS consents to the inclusion, form and context of the
relevant information herein as derived from the original resource reports. Mr Bewsher has sufficient experience relevant to the style
of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves.
YRL confirms that it is not aware of any new information or data that materially affects the information included in the original market
announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not
been materially modified from the original market announcements.
FORWARD LOOKING STATEMENTS
This document may contain certain forward-looking statements. Forward-looking statements include, but are not limited to,
statements concerning Yandal Resources Limited’s (Yandal’s) current expectations, estimates and projections about the industry in
which Yandal operates, and beliefs and assumptions regarding Yandal’s future performance. When used in this document, words
such as “anticipate”, “could”, “plan”, “estimate”, “expects”, “seeks”, “intends”, “may”, “potential”, “should”, and similar expressions
are forward-looking statements. Although Yandal believes that its expectations reflected in these forward-looking statements are
reasonable, such statements are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the
control of Yandal and no assurance can be given that actual results will be consistent with these forward-looking statements. Drilling
results presented indicate geological potential for mineralisation but there can be no certainty that these results will eventually form
part of a Mineral Resource Estimate.
Directors’ Report
Your Directors present their report on Yandal Resources Limited for the financial year ended 30 June 2023.
DIRECTORS
The following persons held office as Directors of Yandal Resources Limited during the financial period and up to the date of this report
unless otherwise noted:
Yandal Resources Limited
Annual Report 2023
13
Mr Tim Kennedy
Mr Greg Evans
Ms Katina Law
Managing Director
Non-Executive Chairman
Non-Executive Director
INFORMATION ON DIRECTORS AND OFFICERS
TIMOTHY KENNEDY B.App Sc (Geology), MBA, MAusIMM, MGSA
MANAGING DIRECTOR (appointed 17 February 2021, appointed Chair 1 July 2021, resigned as Chair 4 April 2022, appointed
Managing Director 4 April 2022)
Mr Kennedy is a geologist with a successful 30+ year career in the mining industry, including extensive involvement in the exploration,
feasibility and development of gold, nickel, platinum group elements, base metals and uranium projects throughout Australia. His
most recent executive role was as exploration manager with IGO Limited, which during his 11 years IGO grew from being a junior
explorer to a multi-commodity mining company. Mr Kennedy played a key role as part of the team that represented IGO on the
exploration steering committee with AngloGold Ashanti during the multi-million ounce Tropicana, Havana and Boston Shaker
discoveries and the discoveries by IGO of the Rosie magmatic nickel sulphide deposit; the Triumph VMS deposit and the Bibra orogenic
gold deposit.
Prior to that Mr Kennedy held senior positions with global miner Anglo American, including as Exploration Manager – Australia and
Principal Geologist/Team Leader – Australia. He also held senior technical positions with Resolute Limited, Hunter Resources and PNC
Exploration Pty Ltd.
Current and Former Directorships held in the past three years:
Helix Resources Limited
Sipa Resources Limited
Non-Executive Director
Non-Executive Director/Chair
GREG EVANS BCom, DipApp Fin, GAICD
NON-EXECUTIVE CHAIRMAN (appointed 4 April 2022)
Appointed 16 February 2018, Resigned 18 March 2022
Appointed 13 December 2016, Chair 28 August 2018
Resigned 28 February 2022
Mr Evans has over 25 years in advising corporates, boards, directors, executive management teams, and providers of debt and equity
and other financial sponsors on capital raisings, mergers and acquisition transactions, equity and debt structuring, public offers,
takeover defence, and strategic and growth options. He specialises in energy and natural resources with a particular focus on the
mining sector. He has a Bachelor of Commerce, a Diploma in Applied Finance and is a Graduate of the Australian Institute of Company
Directors.
Mr Evans is Principal of his own corporate and investment banking advisory business.
Current and Former Directorships held in the past three years:
Mr Evans has no other public company directorships.
Yandal Resources Limited
Annual Report 2023
14
Directors’ Report
INFORMATION ON DIRECTORS AND OFFICERS continued
MS KATINA LAW BCom, FCPA, MBA, GAICD
NON-EXECUTIVE DIRECTOR (appointed 1 July 2018, resigned Chair on 1 July 2021)
Katina Law has over 30 years’ experience in the mining industry covering corporate and site based roles across several continents.
She has worked with a number of ASX listed resources companies in strategic financial advisory and general management roles. Ms
Law has worked on several development and evaluation projects which were later subject to corporate transactions including the
Deflector gold and copper project and the King Vol polymetallic zinc project. Ms Law has previously held positions as CEO and Chair
of ASX listed entities.
Ms Law has a Bachelor of Commerce degree from UWA, is a Certified Practising Accountant and has an MBA from London Business
School. She is currently a Board Member of Health Support Services.
Current and Former Directorships held in the past three years:
DGO Gold Limited
Non-Executive Director
Ms Law has no other public company directorships.
MR GREG FITZGERALD BCom
COMPANY SECRETARY (appointed 1 February 2023)
Appointed 1 June 2020, Resigned 30 June 2022
Takeover from Gold Road Resources occurred on 30 June 2022
Mr Fitzgerald is a former Chartered Accountant with over 30 years of resources related experience obtained through current and past
roles as a Non-executive Director, Chief Financial Officer and Company Secretary. He has extensive commercial experience across the
exploration, evaluation, development and operational phases of projects based in Australia and Africa. Mr Fitzgerald is currently
Company Secretary of several ASX listed companies.
MRS BIANCA TAVEIRA
COMPANY SECRETARY (resigned 1 February 2023)
Mrs Taveira is an experienced company administrator and manager who has acted as Company Secretary to a number of unlisted
public and ASX listed natural resource companies for over two decades. During this time Mrs Taveira has been involved in a number
of initial public offerings, reverse takeover transactions, corporate transactions and capital raisings. Mrs Taveira has a corporate and
compliance background and is experienced with administration of the shareholder registry, the ASX Listing Rules, mining tenement
management and the Department of Mines regulations. Mrs Taveira is currently the Company Secretary of Reward Minerals Ltd (ASX:
RWD) and Empire Resources Limited (ASX: ERL).
CORPORATE INFORMATION
Yandal Resources Limited is a Company limited by shares that was incorporated on 16 April 2004 and is domiciled in Australia. The
Company was converted to a public company and changed its name from Orex Mining Pty Ltd to Yandal Resources Limited on 27
March 2018. The Company listed on the Australian Securities Exchange on 14 December 2018 (ASX: YRL).
PRINCIPAL ACTIVITIES
The principal continuing activity of the Company during the year was gold exploration.
Directors’ Report
RESULTS OF OPERATIONS
The results for the year ended 30 June 2023 was a loss after income tax benefit of $1,040,771 (2022: $978,228 loss).
Yandal Resources Limited
Annual Report 2023
15
EARNINGS/(LOSS) PER SHARE
Basic earnings/(loss) per share
Diluted earnings/(loss) per share
REVIEW OF OPERATIONS
2023
¢
(0.72)
(0.72)
2022
¢
(0.89)
(0.89)
Refer to the Operations Report for detailed information on the Company’s exploration activities over the past year.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
Other significant changes to the state of affairs during the year, other than outlined in the Operations Report, are as follows:
•
•
In July 2022, Gold Road Resources Limited completed its off-market takeover offer for all the ordinary shares in DGO Gold
Limited, the Company’s largest shareholder.
In October 2022, the Company launched a Placement (“Placement”) and Pro-rata Non-renounceable Rights Issue Offer
(“Rights Issue”), which was completed in November 2022. Under the Placement, the Company raised approximately $2.3M
and issued 19,166,667 New Shares at an issue price of 12 cents per New Share. In conjunction with the Placement, the
Company raised approximately $2.7M and issued 22,542,359 Rights Issue Shares also at an issue price of 12 cents per New
Share. The New Shares included and attached a free New Option for every two New Shares with an exercise price of 24 cents
and an expiry date of 31 October 2024.
The new capital raised was to specifically accelerate the Company’s exploration programs.
• During the year, the Company’s option holders had exercised:
o 2,500 options at $0.65 to raise $1,625.
• On 1 February 2023, Company Secretary, Mrs Bianca Taveira stepped down from the role. Mr Greg Fitzgerald was appointed
Company Secretary on 1 February 2023.
•
•
•
In March 2023, the Company moved and changed its registered address to Unit 5, 62 Ord Street, West Perth.
In March 2023, the Company issued 1,000,000 unlisted options to an employee under its Employee Incentive Scheme, the
unlisted options will vest after one year of employment and will have a 3 year life after vesting and are exercisable on or
before 27 February 2027 at an exercise price of 18 cents.
In March 2023, the Company issued 4,000,000 unlisted options to Resource Surveys Pty Ltd (an entity controlled by Mr
Eduard Eshuys) for consulting services. Tranche 1, 2,000,000 unlisted options will vest in four equal amounts at the end of
each 3 month period from the Commencement Date over the course of the first year and are exercisable on or before 1
March 2026 at an exercise price of 18 cents. Tranche 2, 2,000,000 unlisted options will vest in four equal amounts at the end
of each 3 month period commencing from 1 March 2024 and are exercisable on or before 1 March 2027 at an exercise price
of 27 cents.
Other than the matters above, there were no significant changes in the state of affairs of the Company during the period.
Yandal Resources Limited
Annual Report 2023
16
Directors’ Report
RISKS OVERVIEW
The Board is responsible for the oversight of the Company’s risk management and control framework. The material business risks
that the Company faces that could influence the Company’s future prospects and how these are managed, are outlined below.
•
Exploration and Development
Mineral exploration and development is a speculative and high-risk undertaking that may be impeded by circumstances and
factors beyond the control of the Company. There is no assurance that exploration of the tenements will result in the
discovery of an economic deposit. Even if an apparently viable deposit is identified there is no guarantee that it can eventually
be economically exploited. The future exploration and development activities of the Company may be affected by a range
of factors including geological conditions, limitations on activities due to seasonal weather patterns, unanticipated
operational and technical difficulties, industrial and environmental accidents, changing government regulations and other
factors beyond the control of the Company. This is managed where possible by the employment of competent personnel
and reputable consultants with the relevant skills and experience to deal with these issues, extensive technical analysis and
planning, and undertaking field exploration activities during more favourable seasonal weather patterns.
•
Capital and financing risk
Yandal’s continued ability to operate its business and effectively implement its business plan over time will depend in part
on its ability to raise additional funds for future operations. There is risk that Yandal may not be able to access equity or debt
capital markets to support its business objectives. Management and the Board constantly monitor and optimise non-
discretionary expenditure and critically assess discretionary spend to ensure alignment with strategy. Cash flow forecasts
are reviewed approximately monthly in order to assess future funding requirements.
• Native title and Aboriginal heritage and Access to Tenure
There is a substantial level of regulation and restriction on the ability of exploration and mining companies to have access to
land in Australia. Negotiations with both Native Title and land owners/occupiers are generally required before the Company
can access land for exploration or mining activities. Further, activities can be restricted by the Aboriginal heritage sites that
may be present. Inability to access, or delays experienced in accessing the land, may adversely impact on the Company's
activities.
If native title rights do exist (and have not been extinguished), the ability of the Company to gain access to tenements
(through obtaining consent of the native title claimants or holders, or any relevant landowners as applicable), or to progress
from the exploration phase to the development and mining phases of operations may be adversely affected.
The Company has a policy to contact all relevant stakeholders prior to commencing activities. Heritage surveys are
undertaken as required in accordance with regulations and agreements to ensure positive working relationships with key
stakeholders are maintained.
• Gold Price and Exchange Rates
The Company’s projects are primarily prospective for gold. Gold and other commodity prices can fluctuate significantly and
the gold price is exposed to numerous factors beyond the control of the Company. A significant decrease in the gold price is
likely to adversely affect sentiment and market support towards a gold exploration company.
• Dependence on key personnel
The Company’s success depends in part on the core competencies of the Directors and management and the ability of the
Company to retain these key executives. Loss of key personnel (such as the Managing Director) may have an adverse impact
on the Company's performance. The Company remunerates and incentivises at appropriate market rates to reduce the risk
of losing key personnel.
Yandal Resources Limited
Annual Report 2023
17
Directors’ Report
EVENTS AFTER REPORTING DATE
No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly
affect the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial years.
FUTURE DEVELOPMENTS
In the opinion of the Directors it would prejudice the interests of the Company to provide additional information, beyond that reported
in this Annual Report, relating to likely developments in the operations and the expected results of those operations in financial years
ended subsequent to 30 June 2023.
DIVIDENDS
No amount has been paid or declared by way of dividend. The Directors do not recommend that any dividend be paid.
MEETINGS OF DIRECTORS
The number of meetings held during the year ended 30 June 2023, and the number of meetings attended by each Director were:
Full Meetings of Directors
Audit & Risk Committee Meetings
Director
T Kennedy
G Evans
K Law
Eligible to
Participate
Number
Attended
Eligible to
Participate
Number
Attended
8
8
8
8
8
8
2
2
2
2
2
2
Remuneration Committee
Meetings
Eligible to
Participate
Number
Attended
1
1
1
1
1
1
In addition to the above meetings several matters were dealt with by circular resolution.
DIRECTOR SHARE AND OPTION HOLDINGS
As at the date of this report, the interests of the Directors in the shares, options and performance rights of the Company were:
Ordinary Shares
Unlisted Options
Exercise price 24 cents,
expiry 31 October 2024
Unlisted Options
Exercise price 50 cents,
expiry 4 April 2025
Unlisted Options
Exercise price $1,
expiry 4 April 2026
Class D Performance
Rights
Director
T Kennedy
G Evans
K Law
Direct
Interest
-
-
-
Indirect
Interest
260,537
311,651
1,943,520
Direct
Interest
-
-
-
Indirect
Interest
11,327
5,826
158,011
Direct
Interest
-
-
-
Indirect
Interest
1,000,000
300,000
-
Direct
Interest
-
-
-
Indirect
Interest
1,000,000
300,000
Direct
Interest
-
-
-
150,000
Indirect
Interest
150,000
-
-
Yandal Resources Limited
Annual Report 2023
18
Directors’ Report
SHARES UNDER OPTION
Unissued ordinary shares of Yandal Resources Limited under option as at the date of this report are as follows:
Nature
Expiry Date
Exercise Price of Options
Number under Option
Unlisted options
Unlisted options
Unlisted options
Unlisted options
Unlisted options
Unlisted options
Unlisted options
31 October 2024
4 April 2025
1 September 2025
1 March 2026
4 April 2026
27 February 2027
1 March 2027
24 cents
50 cents
30 cents
18 cents
$1
18 cents
27 cents
22,854,535
1,300,000
350,000
2,000,000
1,300,000
1,000,000
2,000,000
Option holders do not have any rights to participate in any issues of shares or other interests in the Company or any other entity.
There have been no unissued shares or interests under option of any controlled entity within the Company during or since the end of
the reporting period.
No person entitled to exercise the option had or has any right by virtue of the option to participate in any share issue of any other
body corporate.
Remuneration Report (Audited)
The information provided in this remuneration report has been audited as required by section 300A of the Corporations Act 2001.
A Principles Used to Determine Amount and Nature of Remuneration
All remuneration paid to Directors and Executives is valued at the cost to the Company and expensed. Shares given to Directors and
Executives are valued as the difference between the market price of those shares and the amount paid by the Director or Executive.
Options and Performance Rights are valued using the Black-Scholes or Binomial methodologies.
The Board policy is to remunerate Non-Executive Directors at market rates for comparable companies for time, commitment and
responsibilities. The Board determines payments to the Non-Executive Directors and reviews their remuneration annually based on
market practice, duties and accountability. Independent external advice is sought when required. The maximum aggregate amount
of fees that can be paid to Non-Executive Directors is subject to approval by shareholders at the annual general meeting (currently
$300,000). Fees for Non-Executive Directors are not linked to the performance of the Company. However, to align Directors’ interests
with shareholder interests, the Directors are encouraged to hold shares in the Company and are able to participate in employee
incentive plans.
The objective of the Company’s executive reward framework is set to attract and retain suitably qualified and experienced Directors
and Senior Executives. The Board ensures that executive reward satisfies the following criteria for good reward governance practices:
•
•
•
•
competitiveness and reasonableness
acceptability to shareholders
transparency
capital management
Yandal Resources Limited
Annual Report 2023
19
Directors’ Report
Directors’ Fees
A Director may be paid fees or other amounts as the Directors determine where a Director performs special duties or otherwise
performs services outside the scope of the ordinary duties of a Director. A Director may also be reimbursed for out-of-pocket expenses
incurred as a result of their directorship or any special duties.
Performance Based Remuneration
The Company uses both short term and long term incentive programs to balance the short and long term aspects of business
performance, to reflect market practice, to attract and retain key talent and to ensure a strong alignment between the incentive
arrangements of Executives and the creation and delivery of shareholder return.
Executives are encouraged by the Board to hold shares in the Company, and it is therefore the Company’s objective to provide
incentives for participants to partake in the future growth of the Company and, upon becoming shareholders in the Company, to
participate in the Company’s profits and dividends that may be realised in future years. The Board considers that this equity
performance linked remuneration structure is effective in aligning the long-term interests of Company executives and shareholders
as there exists a direct correlation between shareholder wealth and executive remuneration.
The Company provides benefits to employees and directors of the Company in the form of share-based payment transactions,
whereby performance rights and options were granted at nil consideration as an employment incentive. The performance rights and
options were issued with vesting conditions, see Note 20 of the financial statements for details.
Company Performance, Shareholder Wealth and Directors’ and Executives’ Remuneration
The remuneration policy has been tailored to increase goal congruence between shareholders, Directors and Executives. This is
facilitated through the issue of options or performance rights to Directors and Executives to encourage the alignment of personal and
shareholder interests. The Company believes this policy will be effective in increasing shareholder wealth.
The factors that are considered to affect total shareholders’ return are summarised below:
EPS (cents)
Dividends (cents per share)
Loss ($’000)
Share Price at 30 June (cents)
2023
(0.72)
-
1,041
5.0
2022
(0.89)
-
978
15.0
2021
(0.67)
-
599
58.5
2020
(0.77)
-
503
27.0
2019
(1.69)
-
670
22.0
Yandal Resources Limited
Annual Report 2023
20
Directors’ Report
B Details of Remuneration of Key Management Personnel of the Company
Details of the nature and amount of each element of remuneration of each Director and key management personnel of the Company
for the financial year are as follows:
Directors
Year
Consulting
Fees
$
Salary
$
Directors’
Fee
$
T Kennedy Managing Director
Post
Employment
Superannuation
$
Share Based
Payments
Expense
(Performance
Rights)
$
Share
Based
Payments
Expense
(Options)
$
Total
$
Performance
Related
%
2023
2022
-
-
282,604
-
75,833
43,333
27,500
11,917
17,161
50,548
377,813
24,915
74,436
230,434
G Evans
Non-Executive Chairman
2023
2022
-
-
K Law
Non-Executive Director
2023
2022
-
-
-
-
-
-
65,000
16,000
55,000
55,000
D Hughes Director (resigned 17 May 2022)
Totals
2023
2022
2023
2022
-
-
-
-
-
327,886
-
-
282,604
120,000
403,719
114,333
6,825
1,600
5,775
5,500
-
24,192
40,100
43,209
-
-
15,165
22,331
86,990
39,931
17,161
24,915
-
-*
-
-
-
-
77,936
85,415
-
352,078
34,322
65,713
542,739
49,830
96,767
707,858
18%
43%
17%
56%
22%
29%
-
-
There were no termination benefits paid during the year to any Director or key management personnel.
*Performance rights had been issued to Mr Hughes however upon resignation these rights were cancelled as the milestone was not
met and any amounts expensed were reversed. Accordingly, there were Nil share based payments expense for Mr Hughes.
C Share-Based Compensation
Options
2023 Options
There were no options issued to Key Management Personnel during the year ended 30 June 2023.
An amount of $65,713 was expensed during the year ended 30 June 2023, pertaining to the Tranche 2 options issued in 2022.
Directors
Grant Date
No of
Options
Granted
Fair value
per option
at Grant
Date
Vested at
30 June
2023
Total value
of Options
$
Amount
expensed
in 2022
$
Amounts
expensed
in 2023
$
Balance of
options at
year end
T Kennedy
19 May 2022
1,000,000
$0.0582
1,000,000
G Evans
19 May 2022
300,000
$0.0582
300,000
58,185
17,456
75,641
7,637
2,291
9,928
50,548
1,000,000
15,165
65,713
300,000
Yandal Resources Limited
Annual Report 2023
21
Directors’ Report
C Share-Based Compensation continued
Options continued
2022 Options
(i)
There were options issued to Mr Evans and Mr Kennedy as remuneration during the year ended 30 June 2022.
The options were issued in two tranches as follows:
Tranche 1:
The fair value of the incentive options issued to the Directors is $86,839 as determined using the Black-Scholes valuation
methodology.
The options were granted on 19 May 2022 with an expiry date of 4 April 2025 and an exercise price of $0.50 per option.
The option values are as follows:
Directors
Grant Date
No of
Options
Granted
Fair value
per option
at Grant
Date
Vested at
30 June
2022
Total value
of Options
$
T Kennedy
19 May 2022
1,000,000
$0.0668
1,000,000
G Evans
19 May 2022
300,000
$0.0668
300,000
66,799
20,040
86,839
Amount
expensed
in 2022
$
66,799
20,040
86,839
Amounts
to be
expensed
in 2023
$
-
-
-
Balance of
options at
year end
1,000,000
300,000
Tranche 2:
The fair value of the incentive options issued to the Directors is $75,641 as determined using the Black-Scholes valuation
methodology.
The options were granted on 19 May 2022 with an expiry date of 4 April 2026 and an exercise price of $1.00 per option. These
options have a vesting condition of continuous service until 4 April 2023 for the directors.
The option values are as follows:
No of
Options
Granted
Fair value
per option
at Grant
Date
Vested at
30 June
2022
Total value
of Options
$
Amount
expensed
in 2022
$
Amounts
to be
expensed
in 2023
$
Balance of
options at
year end
Directors
Grant Date
T Kennedy
19 May 2022
1,000,000
$0.0582
G Evans
19 May 2022
300,000
$0.0582
-
-
58,185
17,456
75,641
7,637
2,291
9,928
50,548
1,000,000
15,165
65,713
300,000
An amount of $9,928 was expensed in 2022 for the Tranche 2 options, being the value of the options apportioned over the vesting
period.
Yandal Resources Limited
Annual Report 2023
22
Directors’ Report
Performance Rights
In the year ended 30 June 2023 the Company did not issue any Performance Rights. During the year $34,322 was recognised as a
share-based payment expense.
In the year ended 30 June 2022 the Company issued Class B, C and D Performance Rights to Directors. Full details are contained in
Note 20 to the financial statements.
The following table summarises the equity-settled performance rights issued to Directors:
Class B
Number issued
Fair value per right
Total fair value if all hurdles are met
Amount expensed - 2022
Amount expensed current year
Amount to be expensed in future years if all hurdles are met
Class C
Number issued
Fair value per right
Total fair value if all hurdles are met
Amount expensed – 2022
Amount expensed current year
Amount to be expensed in future years if all hurdles are met
Class D
Number issued
Fair value per right
Total fair value if all hurdles are met
Amount expensed - 2022
Amount expensed current year
Amount to be expensed in future years if all hurdles are met
Total
Amount expensed - 2022
Amount expensed current year
Amount to be expensed in future years if all hurdles are met
Total
* Mr Hughes’ performance rights were cancelled following his resignation.
Mr Hughes*
$
Ms Law
$
Mr Kennedy
$
400,000
0.0969
38,760
-
-
-
400,000
0.1043
41,720
-
-
-
400,000
0.1291
51,640
-
-
-
-
-
-
-
150,000
150,000
0.0969
14,535
14,470
65
-
150,000
0.1043
15,645
5,924
9,695
26
150,000
0.1291
19,365
4,522
7,401
7,442
24,916
17,161
7,468
49,545
0.0969
14,535
14,470
65
-
150,000
0.1043
15,645
5,924
9,695
26
150,000
0.1291
19,365
4,522
7,401
7,442
24,916
17,161
7,468
49,545
Yandal Resources Limited
Annual Report 2023
23
Directors’ Report
D Service Contracts
Mr Kennedy entered into an executive service agreement with the Company under which he is engaged as Managing Director. The
engagement of Mr Kennedy under the agreement commenced on 4 April 2022 and continues until terminated by either party. The
Company may terminate the employment without notice upon limited events akin to misconduct or incapacity. Additionally, the
Company may terminate the agreement without cause upon one month's written notice. Mr Kennedy may terminate the agreement
without cause on 3 months’ written notice.
Non-Executive Directors are not employed under written contracts. Non-Executive Directors may be paid consulting fees at
commercial rates calculated according to the amount of time spent on the Company’s business. All Directors may receive consulting
fees on an hourly basis which are paid from time to time for specialist services beyond normal duties. No Directors have received
loans from the Company during the annual period.
E Key Management Personnel Disclosures
Key Management Personnel Interests in the Shares and Options of the Company
Director Shares
Interests of the Directors in the shares and options of the Company at 30 June 2023 and 30 June 2022 were:
2023
T Kennedy
G Evans
K Law
2022
T Kennedy
G Evans (appointed 4 April 2022)
K Law
D Hughes (resigned 17 May 2022)
# Balance held at resignation
Balance at
start of the
year
Shares
acquired
during the
year
Options
exercised
during the
year
Shares
disposed of
during the
year
Balance at the
end of the
year
116,667
60,000
1,627,500
1,804,167
-
-
597,500
4,141,381
22,654
11,651
316,020
350,325
116,667
60,000
30,000
129,059
-
-
-
-
-
-
1,000,000
1,088,182
-
-
-
-
-
-
-
(625,000)
139,321
71,651
1,943,520
2,154,492
116,667
60,000
1,627,500
4,733,622#
4,738,881
335,726
2,088,182
(625,000)
6,537,789
Directors’ Report
Director Options
The number of options over ordinary shares in the Company held during the financial year by each Key Management Personnel of
Yandal Resources Limited including their personally related parties are set out below:
Yandal Resources Limited
Annual Report 2023
24
Balance at
start of the
year
Options
acquired
Options
granted^
Options
expired
during the
year
Exercised
during the
year
Value of
options
exercised
($)
Balance at
the end of
the year
Vested and
exercisable
at the end
of the year
2,003,334
600,000
11,327
5,826
-
158,011
2,603,334
175,164
-
-
-
-
(3,334)
-
-
(3,334)
2023
T Kennedy
G Evans*
K Law
2022
T Kennedy
G Evans*
K Law
-
-
1,000,000
3,334
2,000,000
-
-
600,000
-
-
D Hughes**
1,088,182
49,167
2,088,182
52,501
2,600,000
*appointed 4 April 2022
**resigned 17 May 2022
^refer to Note 20(b)
Director Performance Rights
-
-
-
-
-
-
-
-
-
-
-
-
2,011,327
2,011,327
605,826
158,011
605,826
158,011
2,775,164
2,775,164
2,003,334
1,003,334
600,000
300,000
(1,000,000)
(1,088,182)
250,000
272,046
-
-
49,167
49,167
(2,088,182)
522,046
2,652,501
1,352,501
-
-
-
-
-
The number of performance rights over ordinary shares in the Company held during the financial year by each Key Management
Personnel of Yandal Resources Limited including their personally related parties are set out below:
2023
T Kennedy
G Evans
K Law
Balance at start
of the year
Rights
Acquired
Rights
granted
Rights expired
during the year
Rights
converted
during the year
Balance at the
end of the year
450,000
-
450,000
900,000
-
-
-
-
-
-
-
-
(150,000)
-
(150,000)
(300,000)
-
-
-
-
300,000
-
300,000
600,000
Full details are contained in Note 20 to the financial statements.
There were no performance rights issued to Directors during year ended 30 June 2023.
[End of remuneration report]
Yandal Resources Limited
Annual Report 2023
25
Directors’ Report
NON-AUDIT SERVICES
The auditors have not provided any non-audit services to the Company in the current financial year.
INDEMNIFICATION AND INSURANCE OF OFFICERS OR AUDITOR
During the financial year, the Company maintained an insurance policy which indemnifies the Directors and Officers of Yandal
Resources Limited in respect of any liability incurred in connection with the performance of their duties as Directors or Officers of the
Company. The Company's insurers have prohibited disclosure of the amount of the premium payable and the level of indemnification
under the insurance contract.
AUDITOR’S INDEPENDENCE DECLARATION
In accordance with section 307C of the Corporations Act 2001, the Directors have obtained a Declaration of Independence from HLB
Mann Judd, the Company’s auditors, as presented on page 26 of this year’s financial report.
ENVIRONMENTAL REGULATION
The Company’s Projects are subject to State and Federal laws and regulations regarding environmental matters. The Governments
and other authorities that administer and enforce environmental laws and regulations determine these requirements. As with all
exploration projects and mining operations, the Company's activities are expected to have an impact on the environment, particularly,
if the Company's activities result in mine development. The Company intends to conduct its activities in an environmentally
responsible manner and in accordance with applicable laws.
PROCEEDINGS ON BEHALF OF COMPANY
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the
Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings.
The Company was not a party to any such proceedings during the year.
This report is made in accordance with a resolution of the Directors and signed for on behalf of the Directors by:
MR TIM KENNEDY
Director
20 September 2023
Perth, WA
26
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Yandal Resources Limited for the year ended
30 June 2023, 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
20 September 2023
B G McVeigh
Partner
27
INDEPENDENT AUDITOR’S REPORT
To the Members of Yandal Resources Limited
REPORT ON THE AUDIT OF THE FINANCIAL REPORT
Opinion
We have audited the financial report of Yandal Resources Limited (“the Company”) which comprises the
statement of financial position as at 30 June 2023, the statement of profit or loss and other comprehensive
income, the statement of changes in equity and the statement of cash flows for the year then ended, and
notes to the financial statements, including a summary of significant accounting policies, and the directors’
declaration.
In our opinion, the accompanying financial report of the Company is in accordance with the Corporations Act
2001, including:
(a) giving a true and fair view of the Company’s financial position as at 30 June 2023 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 Company in accordance with the auditor independence
requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and
Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (“the Code”) that are
relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities
in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 1(a) in the financial report, which indicates that a material uncertainty exists that
may cast significant doubt on the Company’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.
In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have
determined the matters described below to be the key audit matters to be communicated in our report.
28
Key Audit Matter
How our audit addressed the key audit
matter
Carrying amount of exploration and evaluation expenditure
Refer to Note 7
The Company has capitalised exploration and
evaluation expenditure of $23,015,240 as at 30 June
2023.
Our audit focussed on the Company’s assessment of
the carrying amount of the capitalised exploration and
evaluation asset, because this is one of the significant
assets of the Company. There is a risk that the
capitalised expenditure no
the
recognition criteria of the standard and whether facts
and circumstances existed to suggest that the
carrying amount of an exploration and evaluation
asset may exceed its recoverable amount.
longer meets
Our procedures included but were not limited
to:
processes
• We obtained an understanding of the
associated with
key
management’s
the
of
exploration and evaluation expenditure
carrying values;
review
• We
tested a sample of amounts
capitalised;
• We
considered
the Director’s
assessment of potential indicators of
impairment;
• We obtained evidence
the
Company has current rights to tenure
of its areas of interest;
that
• We have discussed with management
the nature of planned ongoing
activities;
• We enquired with management,
reviewed ASX announcements and
minutes of Directors’ meeting to ensure
that the Company had not decided to
discontinue exploration and evaluation
at its area of interest; and
• We examined the disclosures made in
the financial report.
Information Other than the Financial Report and Auditor’s Report Thereon
The directors are responsible for the other information. The other information comprises the information
included in the Company’s annual report for the year ended 30 June 2023, 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.
29
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such
internal control as the directors determine is necessary to enable the preparation of the financial report that
gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Company 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 Company 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 Company’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 Company’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 Company 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.
30
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
2023.
In our opinion, the Remuneration Report of Yandal Resources Limited for the year ended 30 June 2023
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an
opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing
Standards.
HLB Mann Judd
Chartered Accountants
Perth, Western Australia
20 September 2023
B G McVeigh
Partner
Yandal Resources Limited
Annual Report 2023
31
Directors’ Declaration
The Directors of the Company declare that:
(a)
The attached financial statements and notes thereto are in accordance with the Corporations Act 2001, including:
(i)
(ii)
giving a true and fair view of the financial position and performance of the Company; and
complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements.
The financial statements and notes thereto also comply with International Financial Reporting Standards, as disclosed in
Note 1 and other mandatory professional reporting requirements.
The Directors have been given the declarations required by s.295A of the Corporations Act 2001.
There are reasonable grounds to believe that Company will be able to pay its debts as and when they become due and
payable.
(b)
(c)
(d)
This Declaration is made in accordance with a resolution of the Board of Directors and is signed for on behalf of the Directors by:
MR TIM KENNEDY
Director
20 September 2023
Perth, WA
Statement of Profit or Loss and Other
Comprehensive Income
for the Year Ended 30 June 2023
Revenue from continuing operations
Total
Professional fees
Administration fees
Occupancy expenses
Employee benefits expenses
Share based payments
Depreciation expenses
Travel expenses
Profit/(loss) before income tax
Income tax (expense)/benefit
Profit/(loss) after income tax for the year
Yandal Resources Limited
Annual Report 2023
32
Note
2
2023
$
57,406
57,406
2022
$
6,298
6,298
(186,405)
(154,221)
(334,100)
(178,745)
(32,373)
(24,376)
(199,291)
(296,230)
20
(290,826)
(257,936)
(55,182)
(63,524)
-
(9,494)
(1,040,771)
(978,228)
3
-
-
(1,040,771)
(978,228)
Other comprehensive income/(loss) for the year
-
-
Total comprehensive income/(loss) attributable to Members of
Yandal Resources Limited
Basic profit/(loss) cents per share
Diluted profit/(loss) cents per share
(1,040,771)
(978,228)
12
12
(0.72)
(0.72)
(0.89)
(0.89)
The above Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.
Statement of Financial Position
as at 30 June 2023
Yandal Resources Limited
Annual Report 2023
33
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other
Total Current Assets
NON-CURRENT ASSETS
Capitalised exploration expenditure
Property, plant and equipment
Total Non-Current Assets
Total Assets
CURRENT LIABILITIES
Trade and other payables
Total Current Liabilities
Total Liabilities
Net Assets
EQUITY
Contributed equity
Reserves
Accumulated (losses)/profits
Total Equity
Note
2023
$
2022
$
4
5
6
7
8
9
4,217,239
3,730,000
50,981
7,007
116,161
6,899
4,275,227
3,853,060
23,015,240
19,382,704
201,147
195,030
23,216,387
19,577,734
27,491,614
23,430,794
401,105
401,105
213,663
213,663
401,105
213,663
27,090,509
23,217,131
10
29,715,384
25,154,568
11(b)
1,220,130
866,797
11(a)
(3,845,005)
(2,804,234)
27,090,509
23,217,131
The above Statement of Financial Position should be read in conjunction with the accompanying notes.
Statement of Changes in Equity
for the Year Ended 30 June 2023
Yandal Resources Limited
Annual Report 2023
34
Contributed
Equity
$
Share Based
Payments
Reserve
$
Accumulated
Losses
$
Total Equity
$
Balance at 1 July 2021
19,706,570
608,861
(1,826,006)
18,489,425
Total comprehensive income/ (loss) for the year
-
Transactions with owners in their capacity as owners:
Shares issued during the year
Share issue costs
Share based payments - performance rights
Share based payments - options
Balance at 30 June 2022
5,530,751
(82,753)
-
-
25,154,568
-
-
-
161,169
96,767
866,797
(978,228)
(978,228)
-
-
-
-
5,530,751
(82,753)
161,169
96,767
(2,804,234)
23,217,131
Balance at 1 July 2022
25,154,568
866,797
(2,804,234)
23,217,131
Total comprehensive income/ (loss) for the year
-
Transactions with owners in their capacity as owners:
Shares issued during the year
Share issue costs
Share based payments - performance rights
Share based payments - options
Balance at 30 June 2023
-
-
-
39,385
313,948
(1,040,771)
(1,040,771)
-
-
-
-
5,006,708
(445,892)
39,385
313,948
5,006,708
(445,892)
-
-
29,715,384
1,220,130
(3,845,005)
27,090,509
The above Statement of Changes in Equity should be read in conjunction with the accompanying notes
Statement of Cash Flows
for the Year Ended 30 June 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees
Interest received
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for property, plant and equipment
Payments for acquisition of tenements
Capitalised exploration expenditure
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from share issues and exercise of options
Share issue costs
Proceeds from repayment of secured loan
Net cash provided by financing activities
Yandal Resources Limited
Annual Report 2023
35
Note
2023
$
2022
$
(744,050)
(604,971)
50,929
7,039
18(b)
(693,121)
(597,932)
(61,299)
(65,901)
(50,230)
(116,000)
(3,315,763)
(9,045,433)
(3,442,963)
(9,211,663)
5,006,708
5,504,933
(383,385)
-
(82,753)
70,000
4,623,323
5,492,180
Net increase/(decrease) in cash held
Cash and cash equivalents at the beginning of the financial year
487,239
(4,317,415)
3,730,000
8,047,415
Cash and Cash Equivalents at the End of the Financial Year
18(a)
4,217,239
3,730,000
The above Statement of Cash Flows should be read in conjunction with the accompanying notes.
Notes to and Forming Part of the Financial Statements
1
GENERAL INFORMATION
These financial statements and notes represent those of Yandal Resources Limited (the “Company” or “Entity”). Yandal Resources
Limited is a Company limited by shares incorporated and domiciled in Australia.
Yandal Resources Limited
Annual Report 2023
36
(a)
Significant accounting policies
Statement of compliance
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing
relevant and reliable information about transactions, events and conditions. The financial statements and notes also comply with
International Financial Reporting Standards.
Basis of preparation
The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards,
Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and
the Corporations Act 2001.
The financial report has been prepared on an accrual basis and is based on historical costs, modified, where applicable, by the
measurement at fair value of selected non-current assets, financial assets and financial liabilities. Material accounting policies adopted
in preparation of this financial report are presented below and have been consistently applied unless otherwise stated. The
presentation currency is Australian dollars.
Going concern
The Directors believe that it is reasonably foreseeable that the Company will continue as a going concern and that it is appropriate to
adopt the going concern basis in the preparation of the financial report after consideration of the following factors:
• The Company has cash at bank of $4,217,239 and had net cash outflows from operating activities of $693,121 for the year ended
30 June 2023. As of that date, the Company had net assets of $27,090,509.
• The Company raised $5M in capital under a placement and a non-renounceable pro-rata rights issue during the year and Directors
are of the view that should the Company require additional capital it has the ability to raise further capital to enable the Company
to meet scheduled exploration expenditure requirements and future plans on the development assets;
• The Company has the ability to scale back certain parts of their activities that are non-essential so as to conserve cash; and
• The Company retains the ability, if required, to wholly or in part dispose of interests in mineral exploration and development assets,
and liquid investments.
Accordingly, the directors believe that the consolidated entity will be able to continue as a going concern and that it is appropriate to
adopt the going concern basis in the preparation of the financial report.
Should the Company not achieve appropriate level of funding from some or all of the factors set out above, there is a material
uncertainty which may cast significant doubt about whether the Company will continue as a going concern and therefore whether
they will realise their assets and extinguish their liabilities in the normal course of business and at the amounts stated in the financial
report.
The financial report does not include any adjustments relating to the amounts or classification of recorded assets or liabilities that
might be necessary if the Company does not continue as a going concern.
New accounting standards and interpretations
The Company has adopted all of the new or amended Accounting Standards and Interpretations issued by the AASB that are
mandatory for the current reporting period. These Standards and Interpretations did not have any material impact on these financial
statements.
Yandal Resources Limited
Annual Report 2023
37
Notes to and Forming Part of the Financial Statements
(a)
Significant accounting policies continued
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not
been early adopted by the Company for the annual reporting period ended 30 June 2023.
The Company has reviewed the new Standards and Interpretations that have been issued but are not yet effective for the year ended
30 June 2023. As a result of this review the Directors have determined that there is no impact, material or otherwise, of the new and
revised Standards and Interpretations on its business and, therefore, no change is necessary to Company accounting policies.
Critical accounting judgements and key sources of estimation uncertainty
In the application of IFRS, management is required to make 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 various other factors that are believed to be reasonable under the circumstance, the results of which form the basis
of making the judgements. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the
revision affects both current and future periods.
i) Significant accounting judgements
In the process of applying the Company’s accounting policies, management has made the following judgements, apart from
those involving estimations, which have the most significant effect on the amounts recognised in the financial statements:
Capitalisation of exploration and evaluation expenditure
The Company has capitalised significant exploration and evaluation expenditure on the basis either that this is expected to
be recouped through future successful developments (or alternatively sale) of the Areas of Interest concerned or on the
basis that it is not yet possible to assess whether it will be recouped. As at 30 June 2023, the carrying value of capitalised
exploration expenditure is $23,015,240.
Share based payments - performance rights
The Company has issued performance rights to their employees and directors. During the year ended 30 June 2023 and an
amount of $39,385 was expensed as share based payment. Refer to Note 1(n) for the Share-Based Payments accounting
policy and Note 20 for details of the performance rights issued.
Share based payments - options
The Company has issued unlisted options to their directors, employees and consultants. During the year ended 30 June
2023 an amount of $313,948 was expensed, of which $251,441 was expensed as share based payment and $62,507 was
expensed as capital raising costs. Refer to Note 1(n) for the Share-Based Payments accounting policy and Note 20 for details
of the options issued.
ii) Significant accounting estimates and assumptions
The carrying amounts of certain assets and liabilities are often based on estimates and assumptions of future events. The
key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of
certain assets and liabilities within the next annual reporting period are:
Impairment of capitalised exploration and evaluation expenditure
The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number of factors,
including whether the Company decides to exploit the related lease itself or, if not, whether it successfully recovers the
related exploration and evaluation asset through sale.
Factors that could impact the future recoverability include the level of reserves and resources, future technological changes,
costs of drilling and production, production rates, future legal changes (including changes to environmental restoration
obligations) and changes to commodity prices.
Notes to and Forming Part of the Financial Statements
Yandal Resources Limited
Annual Report 2023
38
(b)
Income Tax
The income tax expense or revenue for the period is the tax payable on the current period’s taxable income based on the notional
income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences
between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are
recovered or liabilities are settled, based on those tax rates which are enacted or substantively enacted for each jurisdiction. The
relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to measure the deferred
tax asset or liability. An exception is made for certain temporary differences arising from the initial recognition of an asset or a liability.
No deferred tax asset or liability is recognised in relation to these temporary differences if they arose in a transaction, other than a
business combination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable
amounts will be available to utilise those temporary differences and losses.
Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity.
The charge for current income tax expense is based on the profit for the year adjusted for any non-assessable or disallowed items. It
is calculated using the tax rates that have been enacted or are substantively enacted by the reporting date.
The amount of benefits brought to account or which may be realised in the future is based on the assumption that no adverse change
will occur in income taxation legislation and the anticipation that the Company will derive sufficient future assessable income to
enable the benefit to be realised and comply with the conditions of deductibility imposed by the law.
(c)
Trade and Other Receivables
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost, less expected credit
loss provision. Trade receivables are due for settlement no more than 30 days from the date of recognition.
Collectability of trade receivables is reviewed on an ongoing basis. Debts that are known to be uncollectible are written off. A provision
for expected credit loss is established when there is an expectation that the Company will not be able to collect all amounts due
according to the original terms of receivables. The amount of the provision is recognised in the Statement of Profit or Loss and Other
Comprehensive Income.
(d)
Trade and Other Payables
These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial year and which
are unpaid, together with assets ordered before the end of the financial year. The amounts are unsecured and are usually paid within
30 days of recognition.
(e)
Cash and Cash Equivalents
For statement of cash flows presentation purposes, cash and cash equivalents includes cash on hand, deposits held at call with
financial institutions and other short-term, highly liquid instruments with original maturities of three months or less that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
(f)
Comparative Figures
Where necessary, comparative figures have been adjusted to conform to the presentation in the current year.
(g)
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised
cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the statement of
comprehensive income over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan
facilities, which are not incremental costs relating to the actual draw-down of the facility, are recognised as prepayments and
amortised on a straight-line basis over the term of the facility.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at
least 12 months after the reporting date.
Yandal Resources Limited
Annual Report 2023
39
Notes to and Forming Part of the Financial Statements
(h)
Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of associated goods and services tax (GST), unless the GST incurred
is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of
the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from,
or payable to, the taxation authority is included with other receivables or payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are
recoverable from, or payable to, the taxation authority, are presented as operating cash flows.
(i)
Contributed Equity
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds.
Incremental costs directly attributable to the issue of new shares or options for the acquisition of a business are not included in the cost
of acquisition as part of the purchase consideration.
If the entity reacquires its own equity instruments, eg as the result of a share buy-back, those instruments are deducted from equity and
the associated shares are cancelled. No gain or loss is recognised in the Statement of Profit or Loss and Other Comprehensive Income
and the consideration paid including any directly attributable incremental costs (net of income taxes) is recognised directly in equity.
(j)
Impairment of Assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if
events or changes in circumstances indicate that they might be impaired. Assets are reviewed for impairment whenever events or
changes in circumstances indicate that they might be impaired. An impairment loss is recognised for the amount by which the asset’s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value
in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash
inflows which are largely independent of the cash flows from other assets or groups of assets (cash-generating units). Non-financial
assets that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
(k)
Earnings per Share
i) Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Company by the
weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary
shares issued during the year.
ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account
the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the
weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential
ordinary shares.
(l) Exploration and Evaluation Expenditure
Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are only
carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities
in the area have not yet reached a stage which permits reasonable assessment of the economically recoverable reserves.
Accumulated costs in relation to an abandoned area are written off in full against operating results in the year in which the decision
to abandon the area is made. When production commences the accumulated costs for the relevant area of interest are classified as
development costs and amortised over the life of the project area according to the rate of depletion of the economically recoverable
reserves.
Where independent valuations of areas of interest have been obtained, these are brought to account. Subsequent expenditure on re-
valued areas of interest is accounted for in accordance with the above principles. A regular review is undertaken of each area of
interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.
At 30 June 2023 the Directors considered that the carrying value of the mineral tenement interests of the Company was as shown in the
Statement of Financial Position and no further impairment arises other than that already recognised.
Yandal Resources Limited
Annual Report 2023
40
Notes to and Forming Part of the Financial Statements
(m) Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns,
trade allowances and amounts collected on behalf of third parties. Revenue is recognised for major business activities as follows:
i)
Interest Income
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial
assets.
ii) Other Services
Other debtors are recognised at the amount receivable and are due for settlement within 30 days from the end of the
month in which services were provided.
(n)
Share-Based Payments
Share-based compensation benefits are provided to employees via the Company’s Employee Incentive Plans. The incentive plans
consist of the short term and long term incentive plans for Executive Directors and other Executives and the employee share scheme
for all other employees.
The fair value of rights granted under the short term and long term incentive plans is recognised as an employee benefits expense
with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the rights
granted, which includes any market performance conditions and the impact of any non-vesting conditions but excludes the impact of
any service and non-market performance vesting conditions.
Non-market vesting conditions and the impact of service conditions are included in assumptions about the number of rights that are
expected to vest. The total expense is recognised over the vesting period, which is the period over which all of the specified vesting
conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of rights that are expected to
vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in
the statement of comprehensive income, with a corresponding adjustment to equity.
The initial estimate of fair value for market based and non-vesting conditions is not subsequently adjusted for differences between
the number of rights granted and number of rights that vest.
When the rights are exercised, the appropriate amount of shares are transferred to the employee. The proceeds received net of any
directly attributable transaction costs are credited directly to equity.
The fair value of deferred shares granted to employees for nil consideration under the employee share scheme is recognised as an
expense over the relevant service period, being the year to which the incentive relates and the vesting period of the shares. The fair
value is measured at the grant date of the shares and is recognised in equity in the share-based payment reserve. The number of
shares expected to vest is estimated based on the non-market vesting conditions. The estimates are revised at the end of each
reporting period and adjustments are recognised in profit or loss and the share-based payment reserve.
(o)
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 has been identified as the steering committee that makes strategic decisions.
The standard requires a ‘management approach’, under which segment information is presented on the same basis as that used for
internal reporting purposes. The segments are reported in a manner that is consistent with the internal reporting provided to the chief
operating decision maker.
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to transactions with any of the Company’s other components. All operating
segments’ operating results are regularly reviewed by the Company’s Managing Director to make decisions about resources to be
allocated to the segment and assess its performance, and for which discrete financial information is available.
Segment results that are reported to the Managing Director include items directly attributable to a segment as well as those that can
be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets (primarily the Company’s headquarters), head
office expenses, and income tax assets and liabilities.
Notes to and Forming Part of the Financial Statements
(o)
Segment Reporting continued
Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible
assets other than goodwill.
Yandal Resources Limited
Annual Report 2023
41
(p)
Leases
The Company assesses at the start of a contract whether or not it contains a lease, by deciding if the contract provides the right to
control the use of an identified asset for a period of time in exchange for consideration.
The Company currently uses a single recognition and measurement approach for all leases, except for short-term leases and leases of
low value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to
use underlying assets.
i) Right-of-use assets
The Company recognises right-of-use assets at the start of the lease and are measured at costs, less accumulated
depreciation and impairment losses and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets
includes the amount of lease liabilities recognised, initial direct costs incurred and lease payments made at or before the
commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over
the shorter of the lease term and the estimated useful lives of the assets.
ii) Lease liabilities
At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease
payments to be made over the lease term. The lease payments include fixed payments less any lease incentives received,
variable lease payments that depend on an index or a rate and amounts expected to be paid under residual value
guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by
the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the
option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless
they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease
commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement
date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments
made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to
determine such payments) or a change in the assessment of an option to purchase the underlying asset.
iii) Short-term leases and leases of low-value assets
The Company applies the short-term lease recognition exemption to its short-term leases that have a lease term of 12
months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value
assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases
of low-value assets are recognised as an expense on a straight-line basis over the lease term.
Notes to and Forming Part of the Financial Statements
Yandal Resources Limited
Annual Report 2023
42
2
INCOME AND EXPENSES
Revenue from continuing operations:
Interest received
2023
$
2022
$
57,406
57,406
6,298
6,298
Loss before income tax is arrived at after charging the following items:
Superannuation expenses
98,251
120,841
3
INCOME TAX
Income tax expense
Current tax
Deferred tax
-
-
-
-
-
-
Numerical reconciliation of income tax expense to prima facie tax payable
Profit/(loss) before income tax
(1,040,771)
(978,228)
Tax at 30% (2022: 30%)
(312,231)
(293,469)
Tax effect of amounts which are not deductible (taxable) in calculating taxable income:
Tax effect of exploration expenditure claimed
Permanent differences
Other timing differences
Tax losses not recognised as an asset
Income Tax Expense / (Benefit)
Tax losses and unrecognised temporary differences
The Directors estimate that the potential future income tax benefit as at 30 June 2023 in
respect of tax losses not brought to account is as follows:
Potential future tax benefit – income tax losses
Potential future tax benefit – capital losses
Potential deferred tax liability – exploration expenditure
(1,069,991)
(2,645,065)
100,546
(100,547)
90,393
(82,615)
1,382,223
2,930,756
-
-
7,891,562
6,495,139
37,620
37,620
(6,628,927)
(5,558,937)
1,300,255
973,822
This benefit for tax losses will only be obtained if:
the Company derives income of a nature and amount sufficient to enable the benefit
from the deductions for the loss to be realised;
the Company continues to comply with the conditions for deductibility imposed by the
law; and
no changes in tax legislation adversely affect the Company in realising the benefit from
the deductions for the losses.
Notes to and Forming Part of the Financial Statements
Yandal Resources Limited
Annual Report 2023
43
4 CURRENT ASSETS – CASH AND CASH EQUIVALENTS
Cash at bank
Cash at bank carries a floating interest rate of 4% at 30 June 2023 (2022: 0.2%). The
above figures are reconciled to the cash at the end of the financial year as shown in the
statement of cash flows in Note 18.
5 CURRENT ASSETS – TRADE AND OTHER RECEIVABLES
ATO/GST assets
Other receivables
6 CURRENT ASSETS - OTHER
Prepaid insurance
7 NON-CURRENT ASSETS – CAPITALISED EXPLORATION EXPENDITURE
Capitalised exploration and tenement acquisition costs:
Carrying amount at the beginning of the year
Acquisition of tenements
Exploration expenditure capitalised
The ultimate recoupment of above expenditure relating to exploration is dependent on
successful development and commercial exploitation, or alternatively, sale of the
respective areas of interest.
8 NON-CURRENT ASSETS – PROPERTY, PLANT AND EQUIPMENT
Plant and equipment at cost
Less accumulated depreciation
Reconciliations:
Plant and Equipment
Carrying amount at the beginning of the year
Additions
Depreciation
Carrying amount at the end of the year
2023
$
2022
$
4,217,239
3,730,000
4,217,239
3,730,000
44,456
6,525
50,981
93,113
23,048
116,161
7,007
7,007
6,899
6,899
19,382,704
10,422,822
65,901
143,000
3,566,635
8,816,882
23,015,240
19,382,704
350,832
(149,685)
201,147
289,532
(94,502)
195,030
195,030
61,299
(55,182)
201,147
208,324
50,230
(63,524)
195,030
Notes to and Forming Part of the Financial Statements
Yandal Resources Limited
Annual Report 2023
44
9
CURRENT LIABILITIES – TRADE AND OTHER PAYABLES
Trade payables
Accrued expenses
Other expenses
All amounts are expected to be settled in less than 12 months.
10
CONTRIBUTED EQUITY
(a) Ordinary Shares
Issued capital 157,803,079 (2022: 116,091,553) ordinary shares fully paid (net of
share issue costs)
2023
$
2022
$
382,240
18,832
33
131,175
41,782
40,706
401,105
213,663
29,715,384
25,154,568
29,715,384
25,154,568
Number
2023
Number
2022
$
2023
$
2022
Movement in issued capital
Balance at the beginning of the financial year
116,091,553 100,439,953
25,154,568 19,706,570
Shares issued under a Placement
19,166,667
-
2,300,000
-
Shares issued under a non-renounceable pro-rata rights issue
22,542,359
10,702,063
2,705,083
4,280,825
Shares issued from options exercised (refer Note 10b)
2,500
4,889,537
1,625
1,222,926
Shares issued from tenement acquisition
Share issue costs
-
-
60,000
-
27,000
-
(445,892)
(82,753)
Balance at the End of the Financial Year
157,803,079 116,091,553
29,715,384 25,154,568
Terms and condition of contributed equity
Ordinary Shares
Ordinary shares have no par value.
Ordinary shares have the right to receive dividends as declared and, in the event of winding up the Company, to participate in
the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held.
Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.
(b) Options
As at 30 June 2023, the following unlisted options were exercised:
2,500 unlisted options – exercisable at 65 cents and expire on 31 December 2022, raising $1,625.
As at 30 June 2023, the following unlisted options expired:
5,347,195 unlisted options – exercisable at 65 cents and expire on 31 December 2022.
150,000 unlisted options – exercisable at 30 cents and expire on 1 September 2025 as the conditional rights to these
securities had lapsed.
Notes to and Forming Part of the Financial Statements
Yandal Resources Limited
Annual Report 2023
45
10
CONTRIBUTED EQUITY continued
(b)
Options continued
As at 30 June 2023, the following unlisted options were on issue:
Nature
Expiry Date
Exercise Price of Options
Number under Option
Unlisted options
Unlisted options
Unlisted options
Unlisted options
Unlisted options
Unlisted options
Unlisted options
31 October 2024
4 April 2025
1 September 2025
1 March 2026
4 April 2026
27 February 2027
1 March 2027
24 cents
50 cents
30 cents
18 cents
$1
18 cents
27 cents
The weighted average exercise price of options on issue is $0.279 as at 30 June 2023.
22,854,535
1,300,000
350,000
2,000,000
1,300,000
1,000,000
2,000,000
(c)
Performance Rights
Balance as at 1 July 2021
Additions during the year
Cancelled during the year
Balance as at 30 June 2022
Balance as at 1 July 2022
Additions during the year
Cancelled during the year
Balance at 30 June 2023
Refer to note 20(a) for further details.
Number
600,000
3,400,000
(1,875,000)
2,125,000
2,125,000
-
(1,125,000)
1,000,000
Notes to and Forming Part of the Financial Statements
Yandal Resources Limited
Annual Report 2023
46
2023
$
2022
$
(2,804,234)
(1,826,006)
(1,040,771)
(978,228)
(3,845,005)
(2,804,234)
1,220,130
1,220,130
866,797
866,797
866,797
39,385
313,948
1,220,130
608,861
161,169
96,767
866,797
(1,040,771)
(978,228)
(0.72) cents
(0.89) cents
(0.72) cents
(0.89) cents
Number
Number
143,575,840
108,862,866
11
(a)
ACCUMULATED LOSSES AND RESERVES
Accumulated Losses
Opening balance
Profit/(Loss) for the year
Closing Balance
(b)
Reserves
Share based payment reserve (i)
(i)
Share-Based Payments Reserve
The share-based payments reserve is used to recognise the fair value of shares,
options and performance rights issued.
Balance at beginning of the year
Fair value of performance rights granted (refer Note 20(a))
Fair value of options granted (refer Note 20(b) & (c))
Balance at the end of the year
12
EARNINGS/(LOSS) PER SHARE
Profit/(loss) after tax attributable to members of Yandal Resources Limited
Basic profit/( loss) per share
Diluted profit/(loss) per share
Weighted average number of ordinary shares outstanding during the year used in the
calculation of basic and diluted loss per share.
Basic Earnings/(Loss) Per Share
Basic earnings/(loss) per share is determined by dividing the loss after income tax
attributable to members of Yandal Resources Limited by the weighted average number
of ordinary shares outstanding during the financial year, adjusted for any bonus
elements in ordinary shares issued during the year.
Diluted Earnings/(Loss) Per Share
Diluted earnings/(loss) per share adjusts the figures used in the determination of basic
earnings per share by taking into account amounts unpaid on ordinary shares and any
change in earnings per share that will probably arise from the exercise of options
outstanding during the financial year.
Where options exercise prices are above market values (out of the money), no dilutive
impact arises as it increases the loss per share.
Notes to and Forming Part of the Financial Statements
Yandal Resources Limited
Annual Report 2023
47
13
REMUNERATION OF AUDITORS
Remuneration for audit and review of financial reports by Rothsay Auditing
Remuneration for audit and review of financial reports by HLB Mann Judd
The Company changed its Auditors effective for year ended 30 June 2022.
$2,000 attributed to Rothsay Auditing related to under-accruals in prior years.
14
KEY MANAGEMENT PERSONNEL AND RELATED PARTY DISCLOSURES
The persons holding positions as Directors of the Company during the financial year
were:
Mr Timothy Kennedy
Managing Director
Mr Gregory Evans
Non-Executive Chairman
Ms Katina Law
Non-Executive Director
Other key management personnel
There were no other persons who had authority and responsibility for planning, directing
and controlling the major activities of the Company, directly or indirectly, during the
financial year.
(a) Details of remuneration
Refer to the Remuneration Report contained in the Directors’ Report for details of the
remuneration paid or payable to each member of the Company’s Key Management
Personnel for the year ended 30 June 2023.
The total remuneration paid to Key Management Personnel of the Company and the
Company during the year are as follows:
Short-term benefits
Post-employment benefits
Share based payments
2023
$
2022
$
-
39,979
39,979
2,000
27,820
29,820
402,604
40,100
100,035
542,739
518,052
43,209
146,597
707,858
Other transactions with Director related entities
(b)
Transactions with related parties are on normal commercial terms and conditions no more favourable than those available to other
parties unless otherwise stated.
Exercise of options by Key Management Personnel
(c)
There were no other transactions with Key Management Personnel during the year.
Yandal Resources Limited
Annual Report 2023
48
Notes to and Forming Part of the Financial Statements
SEGMENT REPORTING
15
The entity has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors
(chief operating decision makers) in assessing performance and determining the allocation of resources. The entity operates
predominantly in one business segment which is gold exploration and predominantly in one geographical area which is Western
Australia.
The Company is domiciled in Australia. All revenue from external parties in generated from Australia only. All the assets are located
in Australia.
FINANCE FACILITIES
16
No credit standby facility arrangement or loan facilities existed at 30 June 2023 or 30 June 2022.
17
COMMITMENTS FOR EXPENDITURE
Commitments for minimum expenditure requirements on the mineral exploration assets it
has an interest in are payable as follows:
Within one year
Later than one year but not later than five years
Later than five years
Reconciliation of Cash
18 NOTES TO THE STATEMENT OF CASH FLOWS
(a)
For the purposes of the statement of cash flows, cash includes cash on hand and in banks
and investments in money market instruments, net of outstanding bank overdrafts. Cash at
the end of the financial year as shown in the statement of cash flows is reconciled to the
related items in the statement of financial position as follows:
2023
$
2022
$
1,007,740
870,940
2,009,912
3,218,160
3,986,610
470,700
7,004,262
4,559,800
Cash at bank
4,217,239
3,730,000
(b)
Reconciliation of Net Cash Used In Operating Activities To Loss After Income Tax
Profit/(loss) after income tax
Depreciation
Share based payment
Movements in:
Receivables
Tax assets
Prepayments
Payables
Net Cash used in Operating Activities
(c) Non cash financing and investing activities
There were no non-cash financing and investing activities during the year ended 30 June 2023.
(1,040,771)
(978,228)
55,183
63,525
290,826
257,936
16,523
48,657
(108)
6,976
123,814
(2,982)
(63,431)
(68,973)
(693,121)
(597,932)
Notes to and Forming Part of the Financial Statements
Yandal Resources Limited
Annual Report 2023
49
19
FINANCIAL RISK MANAGEMENT AND POLICIES
The Company’s exploration activities are being funded by equity and are not exposed to
significant financial risks. There are no speculative or financial derivative instruments. Funds
are invested for various short term periods to match forecast cash flow requirements.
The Company holds the following financial instruments:
Financial assets
Cash and cash equivalents
Receivables
Financial liabilities
Payables
2023
$
2022
$
4,217,239
3,730,000
50,981
116,161
4,268,220
3,846,161
401,105
401,105
213,663
213,663
The Company’s principal financial instruments comprise cash and short-term deposits. The Company does not have any borrowings.
The main purpose of these financial instruments is to fund the Company’s operations.
The main risks arising from the Company are credit risk, capital risk and liquidity risk. The Board of Directors reviews and agrees
policies for managing each of these risks and they are summarised below:
Credit risk
(a)
Management does not actively manage credit risk.
The Company has no significant exposure to credit risk from external parties at year end. The maximum exposure to credit risk at the
reporting date is equal to the carrying value of financial assets at 30 June 2023.
Cash at bank is held with internationally regulated banks.
Other receivables are of a low value and all amounts are current.
Capital risk
(b)
The Company’s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can
continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to
reduce the cost of capital. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid
to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Notes to and Forming Part of the Financial Statements
Yandal Resources Limited
Annual Report 2023
50
19
FINANCIAL RISK MANAGEMENT AND POLICIES continued
Liquidity risk
(c)
Maturity profile of financial instruments
Prudent liquidity risk management implies maintaining sufficient cash balances and access to equity funding.
The Company’s exposure to the risk of changes in market interest rates relate primarily to cash assets and floating interest rates. The
Company does not have significant interest-bearing assets and is not materially exposed to changes in market interest rates.
The Directors monitor the cash-burn rate of the Company on an on-going basis against budget and the maturity profiles of financial
assets and liabilities to manage its liquidity risk.
The following table sets out the carrying amount, by maturity, of the financial instruments including exposure to interest rate risk:
< 1 month
1 – 3
months
3 months
– 1 year
1 – 5 years
Over 5
years
Total
4,205,519
50,981
4,256,500
401,105
401,105
3,730,000
116,161
3,846,161
213,663
213,663
-
-
-
-
-
-
-
-
-
-
11,720
-
11,720
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,217,239
50,981
4,268,220
401,105
401,105
3,730,000
116,161
3,846,161
213,663
213,663
Weighted
average
effective
interest rate
%
4%
-
-
-
-
0.02%
-
-
-
-
As at 30 June 2023
Financial Assets:
Cash
Receivables
Financial Liabilities:
Payables
As at 30 June 2022
Financial Assets:
Cash
Receivables
Financial Liabilities:
Payables
Sensitivity analysis – interest rates
The sensitivity effect of possible interest rate movements have not been disclosed as they are immaterial.
Net fair value of financial assets and liabilities
(d)
Unless otherwise stated, the carrying amount of financial instruments reflect their fair value.
Notes to and Forming Part of the Financial Statements
Yandal Resources Limited
Annual Report 2023
51
20
SHARE BASED PAYMENTS
Share based payments expensed to the Statement of Profit or Loss and Other
Comprehensive Income during the period:
Performance rights reversed (Note 20(a))
Performance rights expensed (Note 20(a))
Options reversed
Issue of options (Note 20(b)) – Employees and Directors
Issue of options (Note 20 (c)) - Consultants
30 June 2023
$
30 June 2022
$
(10,108)
49,493
(10,185)
114,114
147,512
290,826
-
161,169
-
96,767
-
257,936
Share based payments expensed as capital raising costs during the year:
Issue of options for services provided (Note 20(c))
62,507
-
(a)
Performance Rights
(i) 30 June 2022
During the year ended 30 June 2022, $161,169 was expensed as a share based payment respect of the Company’s Class A, B,
C and D performance rights, with the fair value being recognised over the vesting period. As at 30 June 2023, a total of 1,000,000
performance rights remain unvested.
In November 2021, directors were granted a total of 2,100,000 Class B, C and D performance rights.
In December 2021, employees were granted a total of 1,300,000 Class C and D performance rights as announced to the ASX on
18 January 2022.
The performance rights were granted at nil consideration, do not have an exercise price and will lapse if the vesting conditions
are not met.
The Performance Rights are issued under the Company’s Employee Incentive Scheme (EIS), dated 19 October 2018 and were
approved by shareholders at the General Meeting held on 19 November 2021. The issue to Directors was on 22 November
2021 and the issue to employees was granted on 6 December 2021.
Each Performance Right will, at the election of the holder, vest, and convert to one fully paid ordinary share, subject to the
satisfaction of certain Performance Conditions.
(ii) 30 June 2023
During the year ended 30 June 2023, $49,493 was expensed as a share based payment for the Company’s performance rights
issued to directors and employees. An amount of $10,108 was reversed on an employee leaving the Company.
In July 2022, Class A and B performance rights granted to directors and employees expired.
As at 30 June 2023, a total of 1,000,000 performance rights remained unvested.
Notes to and Forming Part of the Financial Statements
Yandal Resources Limited
Annual Report 2023
52
20
SHARE BASED PAYMENTS continued
Performance Rights continued
(a)
The terms of the Performance Rights on issue are as follows:
Class of Performance Rights
Service Condition
Performance Condition
Class A Performance Rights1
The holder or the holder’s representative
remains engaged as an employee until 1 June
2022.
Class B Performance Rights1
The holder or the holder’s representative
remains engaged as an employee or Director
until 1 June 2022.
Class C Performance Rights
The holder or the holder’s representative
remains engaged as an employee or Director
until 1 June 2023.
Class D Performance Rights
The holder or the holder’s representative
remains engaged as an employee or Director
until 1 June 2024.
(a) On or before 1 July 2022 the volume
weighted average price of the
Company's Shares over 20 consecutive
Trading Days on which the Shares trade
is $1.00 or more.
(a) On or before 1 July 2022 the volume
weighted average price of the
Company's Shares over 20 consecutive
Trading Days on which the Shares trade
is $1.00 or more;
or
(b) On or before 1 July 2022 a Takeover
Event occurs where the bidder pays a
price of $1.00 or more per Share.
(a) On or before 1 July 2023 the volume
weighted average price of the
Company's Shares over 20 consecutive
Trading Days on which the Shares trade
is $2.00 or more;
or
(b) On or before 1 July 2023 a Takeover
Event occurs where the bidder pays a
price of $2.00 or more per Share.
(a) On or before 1 July 2024 the volume
weighted average price of the
Company's Shares over 20 consecutive
Trading Days on which the Shares trade
is $3.00 or more;
or
(b) On or before 1 July 2024 a Takeover
Event occurs where the bidder pays a
price of $3.00 or more per Share.
1 Class A and B Performance Rights expired on 1 July 2022.
Notes to and Forming Part of the Financial Statements
Yandal Resources Limited
Annual Report 2023
53
20
SHARE BASED PAYMENTS continued
Performance Rights continued
(a)
Set out below is a summary of the performance rights on issue:
Employees
Directors
Class A
Class C
Class D
Class B
Class C
Class D
Total
Number granted
600,000
650,000
650,000
700,000
700,000
700,000
4,000,000
Grant date
11 Jun 2021
6 Dec 2021
6 Dec 2021
22 Nov 2021
22 Nov 2021
22 Nov 2021
Expiry date of milestone achievements
1 Jul 2022
1 July 2023
1 July 2024
1 Jul 2022
1 Jul 2023
1 Jul 2024
Share price hurdle
$1.00
$2.00
$3.00
$1.00
$2.00
$3.00
Fair value per right
$0.3077
$0.0699
$0.0949
$0.0969
$0.1043
$0.1291
Number cancelled at 30 June 2021
-
N/A
N/A
N/A
N/A
N/A
-
Number cancelled at 30 June 2022
(275,000)
(200,000)
(200,000)
(400,000)
(400,000)
(400,000)
(1,875,000)
Number cancelled at 30 June 2023
-
(250,000)
(250,000)
-
Number expired at 30 June 2023
(325,000)
Number vested at 30 June 2021
Number vested at 30 June 2022
Number vested at 30 June 2023
-
-
-
Number remaining at 30 June 2021
600,000
-
N/A
-
-
-
-
(300,000)
-
-
-
-
(500,000)
(625,000)
N/A
N/A
N/A
N/A
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
600,000
Number remaining at 30 June 2022
325,000
450,000
450,000
300,000
300,000
300,000
2,125,000
Number remaining at 30 June 2023
-
200,000
200,000
-
300,000
300,000
1,000,000
Total fair value at grant date
$184,620
$45,435
$61,685
$67,830
$73,010
$90,370
$522,950
Total fair value that would be
recognised over the vesting period if
rights are vested
$100,002
$13,980
$18,980
$29,070
$31,290
$38,730
$232,052
Amount expensed at 30 June 2021
$9,111
-
-
-
-
-
$9,111
Amount expensed at 30 June 2022
$90,631
$11,328
$9,379
$28,940
$11,847
$9,044
$161,169
Amount expensed at 30 June 2023
$260
$8,158
$6,753
$130
$19,390
$14,802
$49,493
Amount reversed at 30 June 2023 upon
cancellation
Total fair value still to be recognised at
30 June 2023 if all remaining rights are
vested
-
-
($5,530)
($4,578)
$24
$7,426
-
-
-
-
($10,108)
$53
$14,884
$22,387
Notes to and Forming Part of the Financial Statements
20
SHARE BASED PAYMENTS continued
Performance Rights continued
(a)
The fair value of the rights was determined using Hoadley’s Barrier 1 model that takes into account the vesting condition of the rights,
and was based on the following inputs:
Yandal Resources Limited
Annual Report 2023
54
Assumptions
Spot price
Vesting hurdle
Exercise price
Class A
$0.555
$1.00
Nil
Employees
Class C
$0.395
$2.00
Nil
Rights
Class D
$0.395
$3.00
Nil
Class B
$0.4519
$1.00
Nil
Directors
Class C
$0.4519
$2.00
Nil
Class D
$0.4519
$3.00
Nil
Expiry date
1 July 2022
1 July 2023
1 July 2024
1 July 2022
1 July 2023
1 July 2024
Expected future
volatility
Risk free rate
Dividend yield
85%
-0.01%
Nil
80%
0.54%
Nil
80%
0.89%
Nil
80%
0.55%
Nil
80%
0.55%
Nil
80%
0.95%
Nil
(b)
Options – Employees and Directors
(i)
30 June 2023
Employees and Exploration Manager
In September 2022, 1,000,000 options were issued to the Company’s employees. 650,000 options were cancelled upon employees
leaving the Company. At 30 June 2023, 350,000 options were on hand. These options are exercisable at $0.30 and expire on 1
September 2025.
In March 2023, 1,000,000 options were issued to the Company’s Exploration Manager. These options are exercisable at $0.18 and
expire 27 February 2027.
An amount of $38,216 was expensed for the year ended 30 June 2023 for options issued to employees.
Directors
During the year ended 30 June 2022, the Company issued options to its directors, Mr Evans and Mr Kennedy. An amount of $65,713
was expensed as a share based payment for the year ended 30 June 2023 (2022: $96,767).
Notes to and Forming Part of the Financial Statements
Yandal Resources Limited
Annual Report 2023
55
20
SHARE BASED PAYMENTS continued
Options continued
(b)
Details of the options issued are as follows:
Tranche 1 Options
Tranche 2 Options
Employees
Exploration
Manager
Total
Details
Unlisted options to be
issued for nil
consideration. Each
option is exercisable into
one ordinary share at any
time on or before the
expiry date.
Vesting conditions
None
Methodology
Grant date
Vesting date
Expiry date
Share price at grant date ($)
Exercise price ($)
Risk-free rate (%)
Volatility (%)
Dividend yield (%)
Fair value per Option ($)
Recipient
Number
Black Scholes
19 May 2022
-
4 April 2025
0.200
0.500
2.901
85
-
0.0668
Unlisted options to be
issued for nil
consideration. Each
option is exercisable
into one ordinary share
at any time between
meeting the vesting
conditions and the
expiry date.
Unlisted options
to be issued for nil
consideration.
Each option is
exercisable into
one ordinary
share at any time
on or before the
expiry date.
Continuous service until
4 April 2023
None
Unlisted options
issued per
Employee Incentive
Plan. Each option is
exercisable into one
ordinary share at
any time between
meeting the vesting
conditions and the
expiry date.
Continuous service
until 27 Feb 2024
Black Scholes
19 May 2022
4 April 2023
4 April 2026
Black Scholes
Black Scholes
1 Sept 2022
10 March 2023
-
1 Sept 2025
27 Feb 2024
27 Feb 2027
0.200
1.000
2.901
85
-
0.0582
0.16
0.30
3.33
86.4
-
0.0679
0.093
0.18
3.33
85
-
0.045
Tim
Kennedy
Gregory
Evans
Tim
Kennedy
Gregory
Evans
Employees
Chris Oorschot
1,000,000
300,000
1,000,000
300,000
1,000,000
1,000,000
4,600,000
Total fair value ($)
66,799
20,040
58,185
17,456
67,900
45,676
276,056
Number cancelled at 30 June
2023
Amount reversed at 30 June
2023 upon cancellation
Number vested at 30 June
2022
Number vested at 30 June
2023
Number remaining at 30 June
2022
Number remaining at 30 June
2023
Amount expensed to 30 June
2022
Amount expensed to 30 June
2023
Amounts to be expensed in
future periods if voting
condition is met
-
-
-
-
1,000,000
300,000
-
-
-
-
-
-
-
-
-
-
(650,000)
(44,135)
-
350,000
1,000,000
300,000
1,000,000
300,000
-
-
-
-
-
-
(650,000)
(44,135)
1,300,000
350,000
2,600,000
1,000,000
300,000
1,000,000
300,000
350,000
1,000,000
3,950,000
66,799
20,040
7,637
2,291
-
-
96,767
-
-
-
-
50,548
15,165
23,765
14,451
103,929
-
-
-
31,225
31,225
Notes to and Forming Part of the Financial Statements
Yandal Resources Limited
Annual Report 2023
56
20
SHARE BASED PAYMENTS continued
(c)
Options - Consultants
Consultants - Capital Raising Services
(i)
On 30 November 2022, the Company issued 2,000,000 unlisted options to satisfy payment for capital raising services provided by MST
Financial Services Pty Ltd. The options are valued at $62,507 and expire on 31 December 2024, with an exercise price of $0.24. This
amount has been expensed to capital raising costs.
Consultants – Technical Advisor
(ii)
In March 2023, options were issued to the Company’s technical advisor as part of their remuneration as follows:
Tranche 1
• 2,000,000 options with an exercise price of 200% of the 30-day VWAP at the Commencement Date. Options have a 3-year life
from the Commencement Date.
• Options to vest in 4 equal amounts at the end of each 3-month period from the Commencement Date over the course of the
first year.
Tranche 2
• 2,000,000 options with an exercise price of 300% of the 30-day VWAP at the Commencement Date. Options have a 4-year life
from Commencement Date.
• Options to vest in 4 equal amounts at the end of each 3-month period over the course of the second year.
The total value of options issued for the year ended 30 June 2023 totalled $147,512.
Details of the options issued are as follows:
Details
Vesting conditions
Methodology
Grant date
Expiry date
Share price at Grant date ($)
Exercise price ($)
Risk free rate (%)
Volatility (%)
Dividend yield (%)
Fair value per option ($)
Total fair value ($)
Referring to Prospectus dated 13 October 2022,
MST will receive options after raising minimum
$4.5M and shareholder approval
None
Black-Scholes
29 Nov 2022
31 Oct 2024
0.12
0.24
3.33%
82%
-
0.0313
62,507
Options issued to Technical Advisor, Mr
Eduard Eshuys
Tranche 1
Tranche 2
None
None
Black-Scholes
Black-Scholes
10 March 2023
10 March 2023
1 March 2026
1 March 2027
0.093
0.18
3.33%
84.5%
-
0.0374
74,773
0.093
0.27
3.33%
82.4%
-
0.0364
72,739
Notes to and Forming Part of the Financial Statements
Yandal Resources Limited
Annual Report 2023
57
LEASES
21
This note provides information for leases where the Company is a lessee.
The Company applied AASB 16 on its leases as follows:
Lease
Impact on the Company’s Financial Position or Performance
June 2023
Office equipment/photocopiers
Lease agreement is on a month by month basis, therefore eligible for short
term exemption, no impact.
CONTINGENCIES
22
There are no contingent assets or liabilities at reporting date.
EVENTS AFTER REPORTING DATE
23
At the date of the Directors’ Declaration no other matter or circumstance has arisen since 30 June 2023 that has significantly affected or
may significantly affect the operations, results of those operations, or state of affairs of the Company, subsequent to 30 June 2023.
Shareholder Information
Additional information required by the Australian Stock Exchange Limited Listing Rules, and not disclosed elsewhere in this report.
SHAREHOLDINGS
The number of ordinary shares held by the substantial shareholders as at 25 August 2023 were:
Yandal Resources Limited
Annual Report 2023
58
Gold Road Resources Limited
Regal Funds Management Pty Limited and Associates
Au Xingao Investment Pty Ltd
Mr Kenneth Joseph Hall
Abadi Investments Pty Ltd
27,420,142
23,700,602
23,496,734
10,600,000
7,960,289
UNQUOTED SECURITIES OPTIONHOLDINGS
Nature
Expiry Date
Exercise Price of Options
Number under Option Number of Holders
Unlisted options
31 October 2024
Unlisted options
4 April 2025
Unlisted options
1 September 2025
Unlisted options
1 March 2026
Unlisted options
4 April 2026
Unlisted options
27 February 2027
Unlisted options
1 March 2027
24 cents
50 cents
30 cents
18 cents
$1
18 cents
27 cents
22,854,535
94
1,300,000
350,000
2,000,000
1,300,000
1,000,000
2,000,000
2
2
1
2
1
1
The number of unlisted options with an exercise price $0.24, expiring 31 October 2024 held by the substantial option holders as at 25
August 2023 were:
Regal Funds Management Pty Limited and Associates
Au Xingao Investment Pty Ltd
Gold Road Resources Limited
MST Financial Services Pty Ltd
Mr Andrew Rhys Jackson
6,585,424
2,852,377
2,083,334
2,000,000
1,419,112
CLASS OF SHARES AND VOTING RIGHTS
As at 25 August 2023, there were 647 holders of the ordinary shares, 103 holders of unlisted options of the Company. The voting
rights attached to the shares are:
• at a meeting of members or classes of members each member entitled to vote may vote in person or by proxy or by attorney; and
• on a show of hands every person present who is a member has one vote, and on a poll every person present in person or by proxy
or attorney has one vote for each ordinary share held.
DISTRIBUTION OF SHAREHOLDERS (as at 25 August 2023)
Category
1
1,001
5,001
10,001
100,001
–
–
–
–
–
1,000
5,000
10,000
100,000
over
TOTAL HOLDERS
Number of Shareholders
45
121
101
268
112
647
The number of shareholders holding less than a marketable parcel as at 25 August 2023 was 275.
Shareholder Information
Twenty largest shareholders as at 25 August 2023
Yandal Resources Limited
Annual Report 2023
59
Name
Balance
%
1 DGO GOLD PTY LTD [GOLD ROAD RESOURCES LIMITED]
27,420,142
17.38%
2 UBS NOMINEES PTY LTD [REGAL FUNDS]
3 AU XINGAO INVESTMENT PTY LTD
23,700,602
15.02%
23,496,734
14.89%
4 MR KENNETH JOSEPH HALL
10,600,000
5 ABADI INVESTMENTS PTY LTD
6 AVENIRA GOLD PTY LTD
7 CAROLINE HOUSE SUPER FUND PTY LTD
8 MR ANDREW RHYS JACKSON
9
MS RENAE WAINWRIGHT & MR DAVID LAWRENCE HUGHES
10 BILL BROOKS PTY LTD
11 KESLI CHEMICALS PTY LTD
12 HERA INVESTMENTS PTY LTD
13 EST MR PETER PIOTR MACKOW
7,960,289
4,390,932
3,594,191
2,838,224
2,720,000
2,268,550
2,196,126
1,726,720
1,701,265
14 MRS KATINA MARIA ETHEL LAW & MR PETER S LAW
1,659,903
15 MRS MARISA MACKOW
16 B & M LAWS SUPER FUND PTY LTD
17 GARRETT SMYTHE LTD
18 ALIANDA OAKS PTY LTD
19 KATDAR PTY LTD
20 ZINFANDEL EXPLORATION PTY LTD
1,544,638
1,500,000
1,309,560
1,250,000
1,220,000
1,000,000
6.72%
5.04%
2.78%
2.28%
1.80%
1.72%
1.44%
1.39%
1.09%
1.08%
1.05%
0.98%
0.95%
0.83%
0.79%
0.77%
0.63%
Total Securities of Top 20 Holdings
124,097,876
78.64%
Total of Securities
157,803,079
Shareholder Information
Twenty largest optionholders as at 25 August 2023
Name
Yandal Resources Limited
Annual Report 2023
60
Balance
Unlisted Options
$0.24 Expiring 31
October 2024
%
1 REGAL FUNDS MANAGEMENT PTY LIMITED AND ASSOCIATES
6,585,424
28.81%
2 AU XINGAO INVESTMENT PTY LTD
2,852,377
12.48%
3 DGO GOLD PTY LTD [GOLD ROAD RESOURCES LIMITED]
4 MST FINANCIAL SERVICES PTY LTD
5 MR ANDREW RHYS JACKSON
6 MR KENNETH JOSEPH HALL
7 MERRILL LYNCH (AUSTRALIA) NOMINEES PTY LIMITED
8 CAROLINE HOUSE SUPER FUND PTY LTD
8 CEDARFIELD HOLDINGS PTY LTD
9 KESLI CHEMICALS PTY LTD
9 ALIANDA OAKS PTY LTD
10 CITICORP NOMINEES PTY LIMITED
11 BILL BROOKS PTY LTD
12 MR SANDOR HELBY
13 POCO ASINO INVESTMENTS PTY LTD
14 ALTOR CAPITAL MANAGEMENT PTY LTD
15 BILL BROOKS PTY LTD
16 MRS KATINA MARIA ETHEL LAW & MR PETER S LAW
17 GARRETT SMYTHE LTD
18 GEE NOMINEES PTY LTD
19 SUPERHERO SECURITIES LIMITED
20 PDFX CONSULTING PTY LTD
20 RIYA INVESTMENTS PTY LTD
2,083,334
2,000,000
1,419,112
1,000,000
837,347
833,334
833,334
625,000
625,000
453,148
416,667
279,237
278,977
223,182
184,435
134,952
106,469
104,167
100,023
100,000
100,000
9.12%
8.75%
6.21%
4.38%
3.66%
3.65%
3.65%
2.73%
2.73%
1.98%
1.82%
1.22%
1.22%
0.98%
0.81%
0.59%
0.47%
0.44%
0.44%
0.44%
0.44%
Total Securities of Top 20 Holdings
22,175,519
97.03%
Total of Securities
22,854,535
Tenement Schedule
Locality
Tenement ID
Holder
Yandal Resources Limited
Annual Report 2023
61
Beneficial
Ownership of
Yandal Resources
Ltd
Notes
Ironstone Well Gold Project
Oblique/Quarter Moon
Flushing Meadows
Ironstone Well
Ironstone Well
Ironstone Well
Ironstone Well
Ironstone Well
Ironstone Well
Flushing Meadows
Flushing Meadows
Barwidgee Gold Project
New England
New England
New England
Mazzucco
Greenstone Hill
Tuscana
Mt McClure Gold Project
Success
Parmelia
Challenger
Mt McClure
Mt McClure
Mt McClure
Mt McClure
Mt McClure
Success
Mt McClure
Mt McClure
Mt McClure
E53/1882
E53/1963
Yandal Resources Limited
Yandal Resources Limited
M53/1093
Yandal Resources Limited
ELA53/2191
Yandal Resources Limited
ELA53/2192
Yandal Resources Limited
ELA53/2193
Yandal Resources Limited
ELA53/2194
Yandal Resources Limited
ELA53/2295
Yandal Resources Limited
LA53/222
Yandal Resources Limited
MLA53/1108
Yandal Resources Limited
E53/1843
P53/1638
P53/1639
P53/1704
P53/1714
P53/1715
M36/691
M36/692
M36/693
P36/1892
P36/1893
P36/1894
P36/1895
P36/1896
P36/1922
PLA36/1934
PLA36/1935
PLA36/1936
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Tenement Schedule
Locality
Tenement ID
Holder
Mt McClure Gold Project continued
Yandal Resources Limited
Annual Report 2023
62
Beneficial Ownership of
Yandal Resources Ltd
Notes
Mt McClure
Mt McClure
Mt McClure
Mt McClure
Mt McClure
Mt McClure
Mt McClure
Mt McClure
Mt McClure
Mt McClure
Gordons Gold Project
Mt Jewell
Mt Jewell
Mulgarrie
Gordons
Wild Dog
Mt Vetters
Gordons
Mulgarrie
Gordons
Gordons
Mt Jewell
PLA36/1937
Yandal Resources Limited
PLA36/1938
Yandal Resources Limited
PLA36/1939
Yandal Resources Limited
PLA36/1940
Yandal Resources Limited
PLA36/1941
Yandal Resources Limited
PLA36/1942
Yandal Resources Limited
PLA36/1943
Yandal Resources Limited
PLA36/1944
Yandal Resources Limited
PLA36/1945
Yandal Resources Limited
PLA36/1946
Yandal Resources Limited
E24/198
E27/536
E27/570
E27/601
E27/602
E27/605
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
M27/11
Yandal Resources Limited
M27/237
Yandal Resources Limited
M27/502
Yandal Resources Limited
P26/4577
Yandal Resources Limited
P27/2206
Yandal Resources Limited
Boomerang Dam
P27/2214
Yandal Resources Limited
Gordon North
Gordon North
Gordon North
Gordon North
Mulgarrie
Kanowna
Mt Eba
P27/2216
Yandal Resources Limited/Moho
P27/2217
Yandal Resources Limited/Moho
P27/2218
Yandal Resources Limited/Moho
P27/2226
Yandal Resources Limited/Moho
P27/2234
Yandal Resources Limited
P27/2325
Yandal Resources Limited
P27/2331
Yandal Resources Limited
Called Back Leases
P27/2332
Yandal Resources Limited
Gordons
P27/2338
Yandal Resources Limited
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
1
1
1
1
Tenement Schedule
Locality
Tenement ID
Holder
Gordons Gold Project continued
Yandal Resources Limited
Annual Report 2023
63
Beneficial Ownership of
Yandal Resources Ltd
Notes
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
Gordons
White Dam
White Dam
P27/2339
P27/2340
P27/2341
Yandal Resources Limited
Yandal Resources Limited
Yandal Resources Limited
P27/2342
Yandal Resources Limited
P27/2343
Yandal Resources Limited
P27/2344
Yandal Resources Limited
P27/2345
Yandal Resources Limited
P27/2346
Yandal Resources Limited
P27/2354
Yandal Resources Limited
P27/2355
Yandal Resources Limited
P27/2356
Yandal Resources Limited
P27/2357
Yandal Resources Limited
P27/2358
Yandal Resources Limited
P27/2359
Yandal Resources Limited
P27/2360
Yandal Resources Limited
P27/2361
Yandal Resources Limited
P27/2362
Yandal Resources Limited
P27/2363
Yandal Resources Limited
P27/2364
Yandal Resources Limited
P27/2456
Yandal Resources Limited/Moho
P27/2461
Yandal Resources Limited
LA27/100
Yandal Resources Limited
LA27/101
Yandal Resources Limited
MLA27/518
Yandal Resources Limited
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
E26/229
Yandal Resources Limited
100%
1
Notes:
1.
These tenements are the subject of the Moho Resources Limited Heads of Agreement dated 10 November 2021.