ANNUAL REPORT
2024
Contents
Corporate Particulars ....................................................................................................................................................................................... 1
Chairmans Letter ............................................................................................................................................................................................... 2
Operations Report ............................................................................................................................................................................................. 3
Directors’ Report ............................................................................................................................................................................................ 12
Auditor’s Independence Declaration ....................................................................................................................................................... 25
Independent Auditor’s Report ................................................................................................................................................................... 26
Directors’ Declaration ................................................................................................................................................................................... 30
Statement of Profit or Loss and Other Comprehensive Income .................................................................................................... 31
Statement of Financial Position ................................................................................................................................................................. 32
Statement of Changes in Equity ................................................................................................................................................................ 33
Statement of Cash Flows.............................................................................................................................................................................. 34
Notes to and Forming Part of the Financial Statements................................................................................................................... 35
Consolidated Entity Disclosure Statement as at 30 June 2024 ...................................................................................................... 57
Shareholder Information ............................................................................................................................................................................. 58
Tenement Schedule ....................................................................................................................................................................................... 61
Yandal Resources Limited
Annual Report 2024
1
Corporate Particulars
DIRECTORS
Mr Chris Oorschot
Technical Director (appointed 22
September 2023) and Managing
Director (appointed 1 July 2024)
Mr Tim Kennedy
Managing Director (resigned 1 July
2024), Executive Director (appointed 1
July 2024)
Mr Greg Evans
Non-Executive Chair
Ms Katina Law
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
Automic
Level 5, 191 St Georges Terrace
Perth WA 6000
AUDITORS
HLB Mann Judd
Level 4, 130 Stirling Street
Perth WA 6000
STOCK EXCHANGE LISTING
Australian Securities Exchange
Home Exchange: Perth
Code: YRL
Yandal Resources Limited
Annual Report 2024
2
Chairman’s Letter
Dear fellow shareholders,
As the Chair of Yandal Resources Limited, I hope this annual report finds you all in good health. As we reflect on the past year, I am
filled with a sense of pride in the advancements we have made with our highly prospective projects.
Our commitment to strong technical focus in our exploration approach has yielded impressive results and set a solid foundation for
our future programs. This success is a testament to the collective effort and dedication of every individual associated with our
company.
In fiscal year 2024 we have completed some 9,000 metres of reverse circulation drilling and circa 2,000 metres of diamond drilling,
with more to come. These drilling programs have advanced our understanding of our key prospects and enabled us to prioritise future
work.
Our ground gravity survey and soil sampling at the Ironstone Well-Barwidgee project have highlighted large scale gold anomalies across
the emerging Caladan and Irulan targets, which will be the focus of future exploration.
To our team, your hard work has been instrumental in driving our exploration forward. Your perseverance and commitment to technical
excellence in every facet of your roles have not gone unnoticed. It is your pursuit of innovation, review and informed questioning and
high standards that has enabled us to achieve our goals, remain safe and operate without harm, and maintain the high standards of
our company.
To our recently retired Managing Director, Mr. Tim Kennedy, your stewardship of our Company, during what was certainly a challenging
time for junior explorers in the capital market, contemporaneous with a transition of our strategy, your leadership has been exemplary.
I would most like to acknowledge your mentorship of your successor, Mr. Chris Oorschot, who took over the CEO and Managing Director
role effective 1 July 2024. Together with Chris, your ability to guide the team has been pivotal in the successful execution of our
exploration programs. I particularly thank you for your preparedness to remain in a part time role to ensure Chris’ success. We
welcome your ongoing participation on the Board of Directors.
To our valued shareholders, your support and confidence in our leadership team are appreciated. Your belief in our strategic direction
and the potential of our exploration targets has been a driving force behind our accomplishments. We remain committed to delivering
value, and maintaining the highest standards of transparency and accountability, together with ensuring shareholder funds are
allocated to exploration in the optimal manner.
Finally, I thank my colleagues on the Board, together with our Company Secretary, Mr. Greg Fitzgerald and specialist advisor, Mr. Eduard
Eshuys, for their dedication, commitment, input, and guidance to your people and company. We are fortunate to enjoy such a positive
working relationship.
We have very strategically located and highly prospective tenement packages, which are increasingly valuable as the gold price moves
to new record highs and our mining neighbours seek to maintain depleting reserves. We remain focused on our goal of a major
discovery within the prospective Yandal and Norseman-Wiluna belts and remain optimistic about the opportunities that lie before us.
The exploration successes of this year have only strengthened our resolve to maintain our strategy.
We look forward to building on our achievements and making the upcoming year even more successful.
Kind regards,
Gregory Evans
Chair, Board of Directors
18 September 2024
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 northeastern and eastern
Goldfields of Western Australia. Our strategic objective is delineating valuable resources in locations with a proven gold endowment;
in the case of our projects, the 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 which we are exploring have well-established infrastructure,
thereby facilitating rapid, cost-effective development of future discoveries. All three projects have 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 2024, our field exploration efforts were concentrated on the Ironstone-Well Barwidgee Gold Project. At Ironstone Well-Barwidgee,
exploration focused on the Oblique, Quarter Moon and New England Granite Prospects. All three Prospects demonstrated the
potential to host a large-scale mineralised system and, along with the Flushing Meadows deposit, were included in the generation of
Exploration Target. RC and diamond drilling activities during the year have been focussed on pursuing the Exploration Target over
each Prospect. In addition to this, there was also an emphasis on improving project-wide datasets with the completion of the first
large-scale soil sampling program and ground gravity survey. These regional datasets will enhance the Company’s understanding of
known prospects and facilitate the identification of new exploration targets.
At Mt McClure RC drilling completed across the HMS Sulphur Prospect was used to generate a maiden Inferred Mineral Resource
Estimate (MRE) of 1,010,000t @ 1.2g/t Au for 39,000oz reported using a 0.5g/t Au lower cut-off grade. This estimate, combined with
the Gilmore Inferred MRE of 34,000t @ 1.7g/t Au for 7,200oz reported using a 1.0g/t Au lower cut-off grade, saw the Mt McClure
Mineral Resource Inventory increase by 34% to 182,200oz @ 1.7 g/t Au. The combined MRE Inventory across all Projects now stands
at 470,200oz @ 1.4g/t Au.
During the year, the exploration team placed an emphasis on applying a scientific and systematic approach to exploration, focusing
on developing effective exploration strategies to test significant exploration targets.
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 approximately $4.5M exploring its three exploration
projects. A very high proportion of the exploration spend was on drilling-related activities, which included approximately 9,000m of
RC drilling and 2,000m of diamond drilling.
To sustain these activities, the Company executed a capital raise of $4m (before costs) via a strongly supported placement launched
in November 2023. A second “top-up” capital raise of $2.5m (before costs) was completed in February 2024. Yandal’s cash position
at 30 June 2024 was $5.8m.
The Company executed a succession plan during the year that saw the appointment of the Exploration Manager, Mr. Chris Oorschot,
to the board as an Executive Technical Director in September 2023, adding a fourth member to the small but effective Board. In May
2024, as part of the succession plan, Mr. Tim Kennedy transitioned to a part-time executive director on July 1st, 2024, and Mr. Chris
Oorschot took-up the role of Managing Director and CEO. 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.
Yandal Resources Limited
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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 on 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.
IRONSTONE WELL-BARWIDGEE
The 100% owned Ironstone Well-Barwidgee Project covers approximately 380km2 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 overarching strategy involves identifying regions of 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
(see Table 1) of gold at Flushing Meadows and considers there to be strong potential to make discoveries and expand this resource
base within the extensive tenure holding.
At the start of the year, the Company released an Exploration Target for the Oblique, Quarter Moon, Flushing Meadows and New
England Granite Prospects within the Ironstone Well-Barwidgee Gold Project. During the year, the company completed three RC
drilling programs across the Oblique, Quarter Moon and New England Granite Prospects resulting in a revision to the Exploration
Target as disclosed in an ASX announcement dated 3 September 2024.
In addition to RC drilling, a diamond drilling program commenced in May. Diamond drilling across the Oblique Prospect aimed to test
mineralisation within fresh rock and understand the scale of the mineralised system. At Quarter Moon, the diamond drilling program
looked to confirm the geometry of high-grade mineralisation hosted within a broad dolerite package. Diamond drilling continued into
July 2024 with the completion of an Exploration Incentive Scheme co-sponsored diamond holes at the New England Granite Prospect.
The year also saw a strong focus on building high-quality regional datasets to enhance existing targets and enable the definition of
new targets across the Project. This initiative included collecting soil samples across the northwest of the project and completing a
ground gravity survey across the northeast portion of the project. Both datasets significantly impacted exploration targeting across
the Project; most notable was the definition of new large-scale structures from the ground gravity survey, including the Caladan Fold.
Yandal Resources Limited
Annual Report 2024
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Operations Report
IRONSTONE WELL-BARWIDGEE continued
Figure 2 -Regional geology plan showing key prospects and tenure at
the Ironstone Well- Barwidgee project
Yandal Resources Limited
Annual Report 2024
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Operations Report
MT MCCLURE
The Mt McClure Project is located 15km SW of the historic Bronzewing gold mine and 10km from the 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 contains several historical open-cut pits from which approximately
100,000z of gold was mined to maximum depths of 60 to 100m, mainly in the 1990s.
During the year, the Company completed initial Inferred Mineral Resource Estimates (“MRE’s”) on mineralisation within the HMS
Sulphur Prospect of 1,010,000t @ 1.2g/t Au for 39,000oz reported using a 0.5g/t Au lower cut-off grade. The MRE is located adjacent
to the Success MRE and hosted in a parallel footwall sequence.
An Inferred MRE was also calculated over the Gilmore Prospect of 34,000t @ 1.7g/t Au for 7,200oz reported using a 1.0g/t Au lower
cut-off grade.
The MRE’s saw the combined Mt McClure Mineral Resource Inventory increase by 34% to 182,200oz @ 1.7 g/t Au (See Table 1).
Yandal Resources Limited
Annual Report 2024
8
Operations Report
MT MCCLURE continued
Figure 3 - Plan view of the Mt McClure project showing the regional
geology, tenements, location of key prospects
Yandal Resources Limited
Annual Report 2024
9
Operations Report
GORDONS
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 a compilation of historical data within E 27/701 (currently in application) and exploration
targeting focussed along an interpreted splay of the Gordons-Sirdar Shear Zone. A project-wide soil sampling program was also
completed to support targeting and further aid in exploration. At the time of this report assay results were pending.
Figure 4 - Regional geology map of Gordons Project showing key prospect
locations and nearby mines.
Yandal Resources Limited
Annual Report 2024
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Operations Report
MINERAL RESOURCES
Table 1 – Yandal Resources Ltd - Mineral Resource Summary
Deposit
Indicated
Inferred
Total
Tonnes
(‘000s)
Grade
(g/t)
Au
(oz)
Tonnes
(‘000)
Grade
(g/t)
Au
(oz)
Tonnes
(000’s)
Grade
(g/t)
Au
(Oz)
Ironstone Well
Flushing Meadows1
2,141
1.3
91,000
5,245
1.1
177,000
7,386
1.1
268,000
Mt McClure
Challenger2
718
1.9
44,000
718
1.9
44,000
Success3
1,255
1.9
75,000
1,255
1.9
75,000
Parmelia4
252
2.1
17,000
252
2.1
17,000
HMS Sulphur5
1010
1.2
39,000
1010
1.2
39,000
Gilmore6
134
1.7
7,200
134
1.7
7,200
Sub-total - MMC
3,369
1.7
182,200
3,369
1.7
182,200
Gordons
Gordons Dam7
365
1.7
20,000
365
1.7
20,000
Grand-total8
2,141
1.3
91,000
8,979
1.3
379,200
11,120
1.4
470,200
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 0.5g/t Au lower cut-off grade within this announcement
6.
Reported above 1.0g/t Au lower cut-off grade within this announcement
7.
Reported above 1.0g/t Au lower cut-off grade; refer to Yandal Resources Ltd ASX announcement dated 6 April 2023 for full details
8.
All Resources are reported as global estimates, not constrained by optimised pit shells.
COMPETENT PERSONS STATEMENT
The information in this document related to Exploration Targets and Exploration Results, geology and data compilation is based on
information reviewed or compiled by Mr Christopher Oorschot, a Competent Person who is a Member of The Australasian Institute
Geoscientists. Mr Oorschot is the Managing Director of the Company, is a full-time employee and holds shares and 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
announcement. 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 announcement.
Yandal Resources Limited
Annual Report 2024
11
Operations Report
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.
Yandal Resources Limited
Annual Report 2024
12
Directors’ Report
Your Directors present their report on Yandal Resources Limited for the financial year ended 30 June 2024.
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:
Mr Chris Oorschot
Technical Director (appointed 22 September 2023) and Managing Director (appointed 1 July
2024)
Mr Tim Kennedy
Managing Director (resigned 30 June 2024), Executive Director (appointed 1 July 2024)
Mr Greg Evans
Non-Executive Chair
Ms Katina Law
Non-Executive Director
INFORMATION ON DIRECTORS AND OFFICERS
CHRIS OORSCHOT B.Sc (Applied Geology) First Class Honours, MAIG, MSEG
TECHNICAL DIRECTOR (appointed 22 September 2023) and MANAGING DIRECTOR (appointed 1 July 2024)
Mr Oorschot has a very successful track record working in the Western Australian gold sector, from greenfield and brownfield
targeting and exploration through to resource definition and development. He has over 12 years’ experience in exploring, developing
and mining Western Australian projects predominately within Achaean greenstone belts. His development and mining experience
includes open pit and underground deposits across various deposit styles. Mr Oorschot brings a high level of technical expertise to
Yandal with a strong background in exploring and developing projects within complex stratigraphic environments and structurally
controlled mineralised systems. He has previously served as the Exploration Manager for Dacian Gold, during which he oversaw the
re-structuring of the company’s Mineral Resources and Ore Reserves, led the geological due diligence for numerous strategic
opportunities, and implemented revised targeting and exploration strategies.
Current and Former Directorships held in the past three years:
Mr Oorschot has no other public company directorships.
TIMOTHY KENNEDY B.App Sc (Geology), MBA, MAusIMM, MGSA
MANAGING DIRECTOR (resigned 1 July 2024) and EXECUTIVE DIRECTOR (appointed on 1 July 2024)
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
Non-Executive Director
Appointed 16 February 2018, Resigned 18 March 2022
Sipa Resources Limited
Non-Executive Director/Chair
Appointed 13 December 2016, Chair 28 August 2018
Resigned 28 February 2022
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Directors’ Report
INFORMATION ON DIRECTORS AND OFFICERS continued
GREG EVANS BCom, DipApp Fin, GAICD
NON-EXECUTIVE CHAIR
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 advisory business.
Current and Former Directorships held in the past three years:
Mr Evans has no other public company directorships.
MS KATINA LAW BCom, FCPA, MBA, GAICD
NON-EXECUTIVE DIRECTOR
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 was Executive Director and CEO of East Africa
Resources Limited from 2012 to 2015, and also held senior positions at Newmont Mining Corporation’s Batu Hijau copper gold project
in Indonesia and their head office in Denver, USA and at LionOre International based in Perth.
Ms Law has a Bachelor of Commerce degree from UWA, is a Certified Practising Accountant and has an MBA from London Business
School.
Current and Former Directorships held in the past three years:
DGO Gold Limited
Non-Executive Director
Appointed 1 June 2020, Resigned 30 June 2022
Takeover from Gold Road Resources occurred on 30 June 2022
Falcon Metals Limited
Non-Executive Director
Appointed 27 September 2023
MR GREG FITZGERALD BCom
COMPANY SECRETARY (appointed 1 February 2023)
Mr Fitzgerald was a 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.
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.
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Directors’ Report
RESULTS OF OPERATIONS
The results for the year ended 30 June 2024 was a loss after income tax benefit of $5,247,117 (2023: $4,673,307 restated loss).
EARNINGS/(LOSS) PER SHARE
2024
2023
RESTATED
¢
¢
Basic earnings/(loss) per share
(2.44)
(3.25)
Diluted earnings/(loss) per share
(2.44)
(3.25)
REVIEW OF OPERATIONS
Refer to the Operations Report for detailed information on the Company’s exploration activities over the past year.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
Significant changes to the state of affairs during the year, other than outlined in the Operations Report, are as follows:
•
In November and December 2023, the Company raised approximately $4M and issued 76,923,077 New Shares at an issue
price of 5.2 cents per New Share. The New Shares included free attaching New Unlisted Option for every two New Shares
with an exercise price of 11 cents and an expiry date of 17 November 2025.
•
In February 2024, the Company raised approximately $2.4M and issued 31,208,923 ordinary shares at an issue price of 8
cents per share.
The capital raised was to specifically accelerate the Company’s exploration programs.
•
In March 2024, the Company issued 1,872,535 shares to MST Financial Services Pty Ltd in lieu of capital raising fees, to the
value of $149,803.
Other than the matters above, there were no significant changes in the state of affairs of the Company during the period.
Yandal Resources Limited
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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 landowners/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 has implemented a succession plan and remunerates and incentivises at
appropriate market rates to reduce the risk of losing key personnel.
Yandal Resources Limited
Annual Report 2024
16
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,
apart from the following:
-
On 1 July 2024, Mr Tim Kennedy resigned as Managing Director, and has been appointed as a part-time Executive Director
for the remainder of 2024.
-
On 1 July 2024, Mr Chris Oorschot was appointed the Managing Director and CEO.
-
On 1 July 2024, the Company’s Class D Performance Rights expired.
-
On 19 August 2024, Cosmo Metals acquired two tenements from Yandal Resources (prospecting licences P26/4577 and
P27/2461) for $50,000 payable in CMO ordinary shares at a deemed issue price calculated using the 5-day VWAP prior to
the date of agreement.
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 2024.
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 2024, and the number of meetings attended by each Director were:
Director
Full Meetings of Directors
Audit & Risk Committee Meetings
Remuneration Committee
Meetings
Eligible to
Participate
Number
Attended
Eligible to
Participate
Number
Attended
Eligible to
Participate
Number
Attended
T Kennedy
11
11
2
2
2
2
G Evans
11
11
2
2
2
2
K Law
11
11
2
2
2
2
C Oorschot
8
8*
-
-
-
-
In addition to the above meetings several matters were dealt with by circular resolution.
*Mr Chris Oorschot was invited and attended an additional two Board Meetings before his formal appointment into the Board on 22
September 2023.
Yandal Resources Limited
Annual Report 2024
17
Directors’ Report
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:
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
31 October 2024
24 cents
22,854,535
Unlisted options
4 April 2025
50 cents
1,300,000
Unlisted options
1 September 2025
30 cents
150,000
Unlisted options
17 November 2025
11 cents
42,461,536
Unlisted options
1 March 2026
18 cents
2,000,000
Unlisted options
4 April 2026
$1
1,300,000
Unlisted options
30 November 2026
13.4 cents
2,700,000
Unlisted options
27 February 2027
18 cents
1,000,000
Unlisted options
1 March 2027
27 cents
2,000,000
Unlisted options
1 March 2027
16 cents
350,000
Unlisted options
1 March 2027
21 cents
350,000
Option holders do not have any rights to participate in any issues of shares or other interests in the Company or any other entity.
During the year ended 30 June 2024 and 30 June 2023, there were no director options exercised.
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
Direct
Indirect
Direct
Indirect
Direct
Indirect
Direct
Indirect
Director
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
T Kennedy
-
452,845
-
11,327
-
1,000,000
-
1,000,000
G Evans
-
696,266
-
5,826
-
300,000
-
300,000
K Law
-
2,328,135
-
158,011
-
-
-
-
C Oorschot
38,462
-
-
-
-
-
-
-
Unlisted Options
Exercise price 13.4 cents,
Expiry 30 November 2026
Unlisted Options
Exercise price 11 cents,
Expiry 17 November
2025
Unlisted Options
Exercise price 18 cents,
Expiry 27 February 2027
Direct
Indirect
Direct
Indirect
Direct
Indirect
Interest
Interest
Interest
Interest
Interest
Interest
T Kennedy
-
950,000
-
96,154
-
-
G Evans
-
550,000
-
192,308
-
-
K Law
-
450,000
-
192,308
-
-
C Oorschot
750,000
-
19,231
-
1,000,000
-
Yandal Resources Limited
Annual Report 2024
18
Directors’ Report
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
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.
Yandal Resources Limited
Annual Report 2024
19
Directors’ Report
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:
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
$
Post
Employment
Superannuation
$
Share Based
Payments
Expense
(Performance
Rights)
$
Share
Based
Payments
Expense
(Options)
$
Total
$
Performance
Related
%
T Kennedy Managing Director (resigned 1 July 2024) / Executive Director (appointed 1 July 2024)
2024
-
305,039
-
30,311
7,427
19,167
361,944
7%
2023
-
282,604
-
27,500
17,161
50,548
377,813
18%
G Evans
Non-Executive Chairman
2024
-
-
65,000
7,150
-
11,097
83,247
13%
2023
-
-
65,000
6,825
-
15,165
86,990
17%
K Law
Non-Executive Director
2024
-
-
55,000
6,050
7,427
9,079
77,556
21%
2023
-
-
55,000
5,775
17,161
-
77,936
22%
C Oorschot Technical Director (appointed 22 September 2023) and Managing Director (appointed 1 July 2024)
2024
-
228,829
-
25,171
-
15,132
269,132
6%
2023
-
-
-
-
-
-
-
-
Totals
2024
-
533,868
120,000
68,682
14,854
54,475
791,879
2023
-
282,604
120,000
40,100
34,322
65,713
542,739
There were no termination benefits paid during the year to any Director or key management personnel.
2024
2023
RESTATED
2022
RESTATED
EPS (cents)
(2.44)
(3.25)
(0.9)
Dividends (cents per share)
-
-
-
Loss ($’000)
5,247
4,673
978
Share Price at 30 June (cents)
14.0
5.0
15.0
Yandal Resources Limited
Annual Report 2024
20
Directors’ Report
C Share-Based Compensation
Options
2024 Options
The following Unlisted Options were approved by shareholders at the Company’s annual general meeting held on 28 November 2023
and issued to directors:
Greg Evans
550,000 Unlisted Options expiring on 30 November 2026, exercisable at $0.134
Tim Kennedy
950,000 Unlisted Options expiring on 30 November 2026, exercisable at $0.134
Katina Law
450,000 Unlisted Options expiring on 30 November 2026, exercisable at $0.134
Chris Oorschot
750,000 Unlisted Options expiring on 30 November 2026, exercisable at $0.134
An amount of $54,475 was expensed during the year ended 30 June 2024 pertaining to the above.
Details of the options issued are as follows (refer to Note 20(b)):
Details
Unlisted options to be issued for nil consideration. Each
option is exercisable into one ordinary share at anytime
on or before the expiry date
Vesting conditions
One year of service
Methodology
Black-Scholes
Grant date
30 November 2023
Expiry date
30 November 2026
Share price at Grant date ($)
0.089
Exercise price ($)
0.13
Risk free rate (%)
4.2
Volatility (%)
71
Dividend yield (%)
-
Fair value per option ($)
0.0346
Total fair value ($)
93,420
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
58,185
7,637
50,548
1,000,000
G Evans
19 May 2022
300,000
$0.0582
300,000
17,456
2,291
15,165
300,000
75,641
9,928
65,713
Yandal Resources Limited
Annual Report 2024
21
Directors’ Report
Performance Rights
In the year ended 30 June 2024 and 30 June 2023 the Company did not issue any new Performance Rights. During the year $14,854
(2023: $34,322) was recognised as a share-based payment expense.
Full details are contained in Note 20 to the financial statements.
The following table summarises the equity-settled performance rights issued to Directors:
Ms Law
$
Mr Kennedy
$
Class B
Number issued
150,000
150,000
Fair value per right
0.0969
0.0969
Total fair value if all hurdles are met
14,535
14,535
Amount expensed - 2022
14,470
14,470
Amount expensed - 2023
65
65
Amount expensed current year
-
-
Amount to be expensed in future years if all hurdles are met
-
-
Class C
Number issued
150,000
150,000
Fair value per right
0.1043
0.1043
Total fair value if all hurdles are met
15,645
15,645
Amount expensed – 2022
5,924
5,924
Amount expensed - 2023
9,695
9,695
Amount expensed current year
26
26
Amount to be expensed in future years if all hurdles are met
-
-
Class D
Number issued
150,000
150,000
Fair value per right
0.1291
0.1291
Total fair value if all hurdles are met
19,365
19,365
Amount expensed - 2022
4,522
4,522
Amount expensed - 2023
7,401
7,401
Amount expensed current year
7,401
7,401
Amount to be expensed in future years if all hurdles are met
41
41
Total
Amount expensed - 2022
24,916
24,916
Amount expensed - 2023
17,161
17,161
Amount expensed current year
7,427
7,427
Amount to be expensed in future years if all hurdles are met
41
41
Total
49,545
49,545
Yandal Resources Limited
Annual Report 2024
22
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. Mr Kennedy resigned as Managing Director on 1 July 2024 and was appointed as an
Executive Director on 1 July 2024. The terms and conditions of his employment will remain the same, except for his remuneration,
which will be paid on a pro-rata basis commensurate with the number of days worked.
Mr Oorschot entered into an executive service agreement with the Company under which he is engaged as Managing Director. The
engagement of Mr Oorschot under the agreement commenced on 1 July 2024 and continues until terminated by either party. The
Company may terminate the employment without notice upon limited events akin to misconduct or incapacity. Mr Oorschot may
terminate the agreement without cause on 3 months’ written notice.
Non-Executive Directors are employed pursuant to a written Letter of Engagement. 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 of the Company at 30 June 2024 and 30 June 2023 were:
2024
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
T Kennedy
139,321
313,524
-
-
452,845
G Evans
71,651
624,615
-
-
696,266
K Law
1,943,520
384,615
-
-
2,328,135
C Oorschot
-
38,462
-
-
38,462
2,154,492
1,361,216
-
-
3,515,708
2023
T Kennedy
116,667
22,654
-
-
139,321
G Evans
60,000
11,651
-
-
71,651
K Law
1,627,500
316,020
-
-
1,943,520
1,804,167
350,325
-
-
2,154,492
Yandal Resources Limited
Annual Report 2024
23
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:
2024
Balance at
start of the
year
Balance held
at
appointment
Options
acquired*
Options
granted
Options
expired
during the
year
Exercised
during the
year
Balance at
the end of
the year
Vested and
exercisable
at the end
of the year
T Kennedy
2,011,327
-
96,154
950,000
-
-
3,057,481
2,107,481
G Evans
605,826
-
192,308
550,000
-
-
1,348,134
798,134
K Law
158,011
-
192,308
450,000
-
-
800,319
350,319
C Oorschot
-
1,000,000
19,231
750,000
-
-
1,769,231
1,019,231
2,775,164
1,000,000
500,001
2,700,000^
-
-
6,975,165
4,275,165
2023
T Kennedy
2,003,334
11,327
-
-
(3,334)
-
2,011,327
2,011,327
G Evans
600,000
5,826
-
-
-
-
605,826
605,826
K Law
-
158,011
-
-
-
-
158,011
158,011
2,603,334
175,164
-
-
(3,334)
-
2,775,164
2,775,164
^refer to Note 20(b)
*free attaching options
Director Performance Rights
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:
2024
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
T Kennedy
300,000
-
-
(150,000)
-
150,000
K Law
300,000
-
-
(150,000)
-
150,000
600,000
-
-
(300,000)
-
300,000
2023
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
T Kennedy
450,000
-
-
(150,000)
-
300,000
K Law
450,000
-
-
(150,000)
-
300,000
900,000
-
-
(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 2024 and 30 June 2023.
There were no other related party transactions with Key Management Personnel during the year ended 30 June 2024.
[End of remuneration report]
Yandal Resources Limited
Annual Report 2024
24
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 25 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 CHRIS OORSCHOT
Director
18 September 2024
Perth, WA
25
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Yandal Resources Limited for the year ended 30
June 2024, I declare that to the best of my knowledge and belief, there have been no contraventions of:
a)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
b)
any applicable code of professional conduct in relation to the audit.
Perth, Western Australia
18 September 2024
B G McVeigh
Partner
26
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 2024, 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, notes
to the financial statements, including material accounting policy information, the consolidated entity
disclosure statement and the directors’ declaration.
In our opinion, the accompanying financial report of the 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 2024 and of its financial
performance for the year then ended; and
(b) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the 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 (including Independence
Standards) (“the Code”) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial report of the current period. These matters were addressed in the context of our audit
of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
We have not determined any key audit matters to be communicated in our report.
27
Other Information
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 2024, but does not include the financial
report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
(a) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
(b) the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
(a) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view and is free from material misstatement, whether due to fraud or error; and
(b) the consolidated entity disclosure statement that is true and correct and is free from material
misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the 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.
28
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.
−
We communicate with the directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats
or safeguards applied.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the financial report of the current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
REPORT ON THE REMUNERATION REPORT
Opinion on the Remuneration Report
We have audited the Remuneration Report included within the Directors’ Report for the year ended 30 June
2024.
In our opinion, the Remuneration Report of Yandal Resources Limited for the year ended 30 June 2024
complies with Section 300A of the Corporations Act 2001.
29
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with Section 300A of the Corporations Act 2001. Our responsibility is to express an
opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing
Standards.
HLB Mann Judd
B G McVeigh
Chartered Accountants
Partner
Perth, Western Australia
18 September 2024
Yandal Resources Limited
Annual Report 2024
30
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)
giving a true and correct view of the financial position and performance of the Company; and
(ii)
complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements.
(b)
The financial statements and notes thereto also comply with International Financial Reporting Standards, as disclosed in
Note 1 and other mandatory professional reporting requirements.
(c)
The Directors have been given the declarations required by s.295A of the Corporations Act 2001.
(d)
There are reasonable grounds to believe that Company will be able to pay its debts as and when they become due and
payable.
(e)
The information disclosed in the attached Consolidated Entity Disclosure Statement is true and correct.
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 CHRIS OORSCHOT
Director
18 September 2024
Perth, WA
Yandal Resources Limited
Annual Report 2024
31
Statement of Profit or Loss and Other Comprehensive
Income
for the Year Ended 30 June 2024
Note
2024
$
2023
Restated
$
Revenue from continuing operations
2
174,444
57,406
Total
174,444
57,406
Professional fees
(175,902)
(186,405)
Administration fees
(227,827)
(334,100)
Occupancy expenses
(25,523)
(32,373)
Employee benefits expenses
(267,933)
(199,291)
Exploration expenditure
2
(4,510,803)
(3,632,536)
Share based payments
20
(115,987)
(290,826)
Depreciation expenses
(80,059)
(55,182)
Travel expenses
(17,527)
-
Loss before income tax
(5,247,117)
(4,673,307)
Income tax (expense)/benefit
3
-
-
Loss after income tax for the year
(5,247,117)
(4,673,307)
Other comprehensive loss for the year
-
-
Total comprehensive loss attributable to Members of
Yandal Resources Limited
(5,247,117)
(4,673,307)
Basic loss cents per share
12
(2.44)
(3.25)
Diluted loss cents per share
12
(2.44)
(3.25)
The above Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.
Yandal Resources Limited
Annual Report 2024
32
Statement of Financial Position
as at 30 June 2024
Note
2024
2023
Restated
$
$
CURRENT ASSETS
Cash and cash equivalents
4
5,828,509
4,217,239
Trade and other receivables
5
268,983
50,981
Other
6
4,637
7,007
Total Current Assets
6,102,129
4,275,227
NON-CURRENT ASSETS
Right of use assets
7
18,429
-
Property, plant and equipment
8
175,757
201,147
Total Non-Current Assets
194,186
201,147
Total Assets
6,296,315
4,476,374
CURRENT LIABILITIES
Trade and other payables
9
1,170,637
401,105
Lease liabilities
7
19,724
-
Total Current Liabilities
1,190,361
401,105
Total Liabilities
1,190,361
401,105
Net Assets
5,105,954
4,075,269
EQUITY
Contributed equity
10
35,743,130
29,715,384
Reserves
11(b)
1,470,186
1,220,130
Accumulated losses
11(a) (32,107,362)
(26,860,245)
Total Equity
5,105,954
4,075,269
The above Statement of Financial Position should be read in conjunction with the accompanying notes.
Yandal Resources Limited
Annual Report 2024
33
Statement of Changes in Equity
for the Year Ended 30 June 2024
Contributed
Equity
Share Based
Payments
Reserve
Accumulated
Losses
Total Equity
$
$
$
$
Balance at 1 July 2022
25,154,568
866,797
(2,804,234)
23,217,131
Retrospective adjustment upon change in accounting
policy
-
-
(19,382,704)
(19,382,704)
Restated balance at 1 July 2022
25,154,568
866,797
(22,186,938)
3,834,427
Loss for the year
-
-
(4,673,307)
(4,673,307)
Total comprehensive income/ (loss) for the year
-
-
(4,673,307)
(4,673,307)
Transactions with owners in their capacity as owners:
Shares issued during the year
5,006,708
-
-
5,006,708
Share issue costs
(445,892)
-
-
(445,892)
Share based payments - performance rights
-
39,385
-
39,385
Share based payments - options
-
313,948
-
313,948
Balance at 30 June 2023
29,715,384
1,220,130
(26,860,245)
4,075,269
Balance at 1 July 2023
29,715,384
1,220,130
(26,860,245)
4,075,269
Loss for the year
-
-
(5,247,117)
(5,247,117)
Total comprehensive income/ (loss) for the year
-
-
(5,247,117)
(5,247,117)
Transactions with owners in their capacity as owners:
Shares issued during the year
6,646,517
-
-
6,646,517
Share issue costs
(618,771)
-
-
(618,771)
Share based payments - performance rights
-
22,225
-
22,225
Share based payments - options
-
227,831
-
227,831
Balance at 30 June 2024
35,743,130
1,470,186
(32,107,362)
5,105,954
The above Statement of Changes in Equity should be read in conjunction with the accompanying notes
Yandal Resources Limited
Annual Report 2024
34
Statement of Cash Flows
for the Year Ended 30 June 2024
Note
2024
$
2023
Restated
$
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees
(709,571)
(627,941)
Interest received
153,590
50,929
Payments for acquisition of tenements
(5,000)
(65,901)
Exploration expenditure
(3,932,613)
(3,431,872)
Net cash used in operating activities
18(b)
(4,493,594)
(4,074,785)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for property, plant and equipment
(23,955)
(61,299)
Payments for lease liabilities
7
(32,996)
-
Net cash used in investing activities
(56,951)
(61,299)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from share issues and exercise of options
6,646,517
5,006,708
Share issue costs
(484,702)
(383,385)
Net cash provided by financing activities
6,161,815
4,623,323
Net increase in cash held
1,611,270
487,239
Cash and cash equivalents at the beginning of the financial year
4,217,239
3,730,000
Cash and Cash Equivalents at the End of the Financial Year
4/18(a)
5,828,509
4,217,239
The above Statement of Cash Flows should be read in conjunction with the accompanying notes.
Yandal Resources Limited
Annual Report 2024
35
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.
(a)
Material 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 $5,828,509 and had net cash outflows from operating activities of $4,493,594 for the year ended
30 June 2024. As of that date, the Company had net current assets of $4,911,768.
• The Company raised $6.6M in capital under several capital placement issues 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 Company 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.
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.
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 2024.
The Company has reviewed the new Standards and Interpretations that have been issued but are not yet effective for the year ended
30 June 2024. As a result of this review the Directors have determined that there is no 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.
Yandal Resources Limited
Annual Report 2024
36
Notes to and Forming Part of the Financial Statements
(a)
Material accounting policies continued
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) Material 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 material effect on the amounts recognised in the financial statements:
Share based payments - performance rights
The Company has issued performance rights to their employees and directors. During the year ended 30 June 2024 and an
amount of $22,225 was expensed as share based payment. Refer to Note 1(g) for the Share-Based Payments accounting
policy and Note 20 for details of the performance rights issued.
Share based payments
The Company has issued unlisted options to their directors, employees and consultants. During the year ended 30 June
2024 an amount of $93,762 was expensed as share based payment and $134,069 was expensed as capital raising costs.
Refer to Note 1(g) for the Share-Based Payments accounting policy and Note 20 for details of the options issued.
(b)
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.
(c)
Comparative Figures
Where necessary, comparative figures have been adjusted to conform to the presentation in the current year.
(d)
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.
(e) Exploration, Evaluation and Development Expenditure
Exploration, evaluation and acquisition costs are expensed in the year they are incurred. Development costs are capitalised.
Development expenditure is recognised at cost less accumulated amortisation and any impairment losses. Exploration and evaluation
expenditure is classified as development expenditure once the technical feasibility and commercial viability of extracting the related
mineral resource is demonstrable. Where commercial production in an area of interest has commenced, the associated costs
together with any forecast future capital expenditure necessary to develop proved and probable reserves are amortised over the
estimated economic life of the mine on a units-of-production basis.
Changes in factors such as estimates of proved and probable reserves that affect unit-of-production calculations are dealt with on a
prospective basis.
Yandal Resources Limited
Annual Report 2024
37
Notes to and Forming Part of the Financial Statements
(f)
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.
(g)
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.
(h)
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.
Yandal Resources Limited
Annual Report 2024
38
Notes to and Forming Part of the Financial Statements
(h)
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.
(i)
Change In Accounting Policy – Exploration and Evaluation Expenditure
In accordance with AASB 6 Exploration for and Evaluation of Mineral Resources, the Company has elected to ‘expense as incurred’
expenditure within an area of interest. In previous reporting periods’ exploration and evaluation expenditure was capitalised initially
and assessed for impairment on an annual basis. The Directors formed the view that the change in the Company’s accounting policy
would provide more relevant and reliable information to management and users of the financial statements. The Company has
restated the opening Statement of Financial Position as at 1 July 2022 and 30 June 2023.
30 June 2022
Increase/
(decrease)
1 July 2022
(Restated)
30 June 2023
Increase/
(decrease)
30 June 2023
(Restated)
$
$
$
$
$
$
Statement of
Financial Position
(Extract)
Exploration and
evaluation
expenditure
19,382,704
(19,382,704)
-
23,015,240
(23,015,240)
-
Net Assets
23,217,131
(19,382,704)
3,834,427
27,090,509
(23,015,240)
4,075,269
Accumulated
losses
(2,804,234)
(19,382,704)
(22,186,938)
(3,845,005)
(23,015,240)
(26,860,245)
Total Equity
23,217,131
(19,382,704)
3,834,427
27,090,509
(23,015,240)
4,075,269
Statement of
Comprehensive
Income (Extract)
30 June 2022
Increase/
(decrease)
30 June 2022
(Restated)
30 June 2023
Increase/
(decrease)
30 June
2023
(Restated)
Exploration costs
expensed
-
-
-
-
(3,632,536)
(3,632,536)
Profit/(loss) for
the period
(978,228)
-
(978,228)
(1,040,771)
(3,632,536)
(4,673,307)
Statement of
Cash Flows
(Extract)
30 June 2022
Increase/
(decrease)
30 June 2022
(Restated)
30 June 2023
Increase/
(decrease)
30 June
2023
(Restated)
Net cash used in
operating
activities
-
-
-
(693,121)
3,381,664
(4,074,785)
Net cash used in
investing
activities
-
-
-
(3,442,963)
(3,381,664)
(61,299)
Yandal Resources Limited
Annual Report 2024
39
Notes to and Forming Part of the Financial Statements
2024
$
2023
Restated
$
2 INCOME AND EXPENSES
Revenue from continuing operations:
Interest received
174,444
57,406
174,444
57,406
Loss before income tax is arrived at after charging the following items:
Superannuation expenses
94,759
98,251
Exploration expenditure1
4,510,803
3,632,536
1 Refer to Note 1(i) regarding the Company’s change in accounting policy to expense
exploration expenditure.
3 INCOME TAX
Income tax expense
Current tax
-
-
Deferred tax
-
-
-
-
Numerical reconciliation of income tax expense to prima facie tax payable
(Loss) before income tax
(5,247,117)
(4,673,307)
Tax at 30% (2023: 30%)
(1,574,135)
(1,401,992)
Tax effect of amounts which are not deductible (taxable) in calculating taxable income:
Permanent differences
34,796
100,546
Other timing differences
21,716
(100,547)
Tax losses not recognised as an asset
1,517,623
1,401,993
Income Tax Expense / (Benefit)
-
-
Tax losses and unrecognised temporary differences
The Directors estimate that the potential future income tax benefit as at 30 June 2024 in
respect of tax losses not brought to account is as follows:
Potential future tax benefit – income tax losses
9,409,185
7,891,562
Potential future tax benefit – capital losses
37,620
37,620
9,446,805
7,929,182
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.
Yandal Resources Limited
Annual Report 2024
40
Notes to and Forming Part of the Financial Statements
2024
$
2023
Restated
$
4 CASH AND CASH EQUIVALENTS
Cash at bank
5,828,509
4,217,239
5,828,509
4,217,239
Cash at bank carries a floating interest rate of 3.7% at 30 June 2024 (2023: 4.0%). 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 TRADE AND OTHER RECEIVABLES
ATO/GST assets
183,600
44,456
Other receivables
85,383
6,525
268,983
50,981
6 OTHER – CURRENT ASSETS
Prepaid insurance
4,637
7,007
4,637
7,007
7 RIGHT OF USE ASSETS AND LEASE LIABILITIES
The Company has an office lease at Suite 5, 62 Ord Street in West Perth, expiring in
March 2025.
Right-of-Use Asset
Opening balance at 1 July
-
-
Lease modifications during the year
49,143
-
Less: Amortisation
(30,714)
-
Closing balance as at 30 June
18,429
-
Lease Liability
Balance as at 1 July
-
-
Lease modifications during the year
49,143
-
Add: Interest charges for the year
3,575
-
Less: Payments during the year
(32,994)
-
Closing balance as at 30 June
19,724
-
Current Lease liability
19,724
-
Non-current Lease liability
-
-
Total Lease liability
19,724
-
Yandal Resources Limited
Annual Report 2024
41
Notes to and Forming Part of the Financial Statements
2024
$
2023
Restated
$
8 PROPERTY, PLANT AND EQUIPMENT
Plant and equipment at cost
374,787
350,832
Less accumulated depreciation
(199,030)
(149,685)
175,757
201,147
Reconciliations:
Plant and Equipment
Carrying amount at the beginning of the year
201,147
195,030
Additions
23,955
61,299
Depreciation
(49,345)
(55,182)
Carrying amount at the end of the year
175,757
201,147
9
TRADE AND OTHER PAYABLES
Trade payables
773,778
382,240
Accrued expenses
315,664
18,832
Other expenses
43,116
33
Provisions
38,079
-
1,170,637
401,105
All amounts are expected to be settled in less than 12 months.
10
CONTRIBUTED EQUITY
(a)
Ordinary Shares
Issued capital 267,807,614 (2023: 157,803,079) ordinary shares fully paid (net of share
issue costs)
35,743,130
29,715,384
35,743,130
29,715,384
Number
2024
Number
2023
$
2024
$
2023
Movement in issued capital
Balance at the beginning of the financial year
157,803,079
116,091,553
29,715,384
25,154,568
Shares issued under a Placement
108,132,000
19,166,667
6,496,714
2,300,000
Shares issued under a non-renounceable pro-rata rights issue
-
22,542,359
-
2,705,083
Shares issued from options exercised (refer Note 10b)
-
2,500
-
1,625
Shares issued for services rendered^
1,872,535
-
149,803
-
Share issue costs
-
-
(618,771)
(445,892)
Balance at the End of the Financial Year
267,807,614
157,803,079
35,743,130
29,715,384
^During the year ended 30 June 2024, 1,872,535 shares were issued to MST Financial Services Pty Ltd for services rendered in relation to
the Company’s capital raising. Refer to ASX announcement on 11 March 2024.
Yandal Resources Limited
Annual Report 2024
42
Notes to and Forming Part of the Financial Statements
10
CONTRIBUTED EQUITY continued
(a)
Ordinary Shares continued
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
During the year ended 30 June 2024, the following unlisted options were issued:
•
In November and December 2023, 38,461,536 free attaching unlisted options with an expiry date of 17 November
2025 and an exercise price of $0.11 each were issued to eligible shareholders who subscribed to the Company’s New
Shares issue.
•
On 30 November 2023, the Company issued 4,000,000 unlisted options to satisfy part payment for capital raising
services provided by MST Financial Services Pty Ltd. The options expire on 17 November 2025, with an exercise price
of $0.11. Refer to Note 20(c)(i).
•
In November 2023, 2,700,000 unlisted options were issued to directors. The options expire on 30 November 2026,
with an exercise price of $0.134. Refer to Note 20(b).
•
In March 2024, two tranches of options were issued to the Company’s employees. 350,000 options were issued,
exercisable at $0.16 and will expire on 1 March 2027. A further 350,000 options were also issued to employees,
exercisable at $0.21 and will expire on 1 March 2027. Refer to Note 20(b).
As at 30 June 2024, no unlisted options were exercised (2023: 2,500 unlisted options – exercisable at 65 cents and with an
expiration date of 31 December 2022 were exercised, raising $1,625).
During the year ended 30 June 2024, the following unlisted options expired:
•
200,000 unlisted options – exercisable at 30 cents and expiring on 1 September 2025 as the conditional rights to these
securities had lapsed.
During the year ended 30 June 2023, the following unlisted options expired:
•
5,347,195 unlisted options – exercisable at 65 cents and expired on 31 December 2022.
•
650,000 unlisted options – exercisable at 30 cents and expiring on 1 September 2025 as the conditional rights to these
securities had lapsed.
As at 30 June 2024, the following unlisted options were on issue:
Nature
Expiry Date
Exercise Price of Options
Number under Option
Unlisted options
31 October 2024
24 cents
22,854,535
Unlisted options
4 April 2025
50 cents
1,300,000
Unlisted options
1 September 2025
30 cents
150,000
Unlisted options
17 November 2025
11 cents
42,461,536
Unlisted options
1 March 2026
18 cents
2,000,000
Unlisted options
4 April 2026
$1
1,300,000
Unlisted options
30 November 2026
13.4 cents
2,700,000
Unlisted options
27 February 2027
18 cents
1,000,000
Unlisted options
1 March 2027
27 cents
2,000,000
Unlisted options
1 March 2027
16 cents
350,000
Unlisted options
1 March 2027
21 cents
350,000
The weighted average exercise price of options on issue is $0.179 as at 30 June 2024 (2023: $0.279).
Yandal Resources Limited
Annual Report 2024
43
Notes to and Forming Part of the Financial Statements
10
CONTRIBUTED EQUITY continued
Number
(c)
Performance Rights
Balance as at 1 July 2022
2,125,000
Additions during the year
-
Cancelled during the year
(1,125,000)
Balance as at 30 June 2023
1,000,000
Balance as at 1 July 2023
1,000,000
Additions during the year
-
Cancelled/lapsed during the year
(625,000)
Balance at 30 June 2024
375,000
Refer to note 20(a) for further details.
2024
$
2023
Restated
$
11
ACCUMULATED LOSSES AND RESERVES
(a)
Accumulated Losses
Opening balance (restated)
(26,860,245)
(22,186,938)
Loss for the year
(5,247,117)
(4,673,307)
Closing Balance
(32,107,362)
(26,860,245)
(b)
Reserves
Share based payment reserve (i)
1,470,186
1,220,130
1,470,186
1,220,130
(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
1,220,130
866,797
Fair value of performance rights granted (refer Note 20(a))
22,225
39,385
Fair value of options granted (refer Note 20(b) & (c))
227,831
313,948
Balance at the end of the year
1,470,186
1,220,130
12
EARNINGS/(LOSS) PER SHARE
(Loss) after tax attributable to members of Yandal Resources Limited
(5,247,117)
(4,673,307)
Basic (loss) per share
(2.44) cents
(3.25) cents
Diluted (loss) per share
(2.44) cents
(3.25) cents
Number
Number
Weighted average number of ordinary shares outstanding during the year used in the
calculation of basic and diluted loss per share.
215,352,678
143,575,840
Yandal Resources Limited
Annual Report 2024
44
Notes to and Forming Part of the Financial Statements
12
EARNINGS/(LOSS) PER SHARE continued
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.
2024
$
2023
Restated
$
13
REMUNERATION OF AUDITORS
Remuneration for audit and review of financial reports by HLB Mann Judd
33,941
39,979
33,941
39,979
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 (resigned 1 July 2024), Executive Director
(appointed 1 July 2024)
Mr Gregory Evans
Non-Executive Chairman
Ms Katina Law
Non-Executive Director
Mr Chris Oorschot
Technical Director (appointed 22 September 2023) and
Managing Director (appointed 1 July 2024)
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 2024.
The total remuneration paid to Key Management Personnel of the Company and the
Company during the year are as follows:
Short-term benefits
653,868
402,604
Post-employment benefits
68,682
40,100
Share based payments
69,329
100,035
791,879
542,739
Yandal Resources Limited
Annual Report 2024
45
Notes to and Forming Part of the Financial Statements
14
KEY MANAGEMENT PERSONNEL AND RELATED PARTY DISCLOSURES continued
(b)
Other transactions with Director related entities
There were no other transactions with Director related entities during the year.
(c)
Exercise of options by Key Management Personnel
There were no other transactions with Key Management Personnel during the year.
15
SEGMENT REPORTING
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.
16
FINANCE FACILITIES
No credit standby facility arrangement or loan facilities existed at 30 June 2024 or 30 June 2023.
17
COMMITMENTS FOR EXPENDITURE
2024
$
2023
$
Commitments for minimum expenditure requirements on the mineral exploration assets it
has an interest in are payable as follows:
Within one year
1,134,700
1,007,740
Later than one year but not later than five years
1,105,500
2,009,912
Later than five years
1,126,460
3,986,610
3,366,660
7,004,262
18
NOTES TO THE STATEMENT OF CASH FLOWS
(a)
Reconciliation of Cash
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:
Cash at bank
5,828,509
4,217,239
(b)
Reconciliation of Net Cash Used In Operating Activities To Loss After Income Tax
(Loss) after income tax
(5,247,117)
(4,673,307)
Depreciation
80,059
55,183
Share based payment
115,987
290,826
Interest on right-of-use asset
3,575
-
Movements in:
Receivables
(78,860)
16,523
Tax assets
(139,143)
48,657
Prepayments
2,370
(108)
Payables
769,535
187,441
Net Cash used in Operating Activities
(4,493,594)
(4,074,785)
Yandal Resources Limited
Annual Report 2024
46
Notes to and Forming Part of the Financial Statements
18
NOTES TO THE STATEMENT OF CASH FLOWS continued
(c)
Non cash financing and investing activities
During the year ended 30 June 2024, 1,872,535 shares were issued to MST Financial Services Pty Ltd for services rendered in
relation to the Company’s capital raising. Refer to ASX announcement on 11 March 2024.
There were no non-cash financing and investing activities during the year ended 30 June 2023.
2024
$
2023
$
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
5,828,509
4,217,239
Receivables
268,983
50,981
6,097,492
4,268,220
Financial liabilities
Payables
1,132,558
401,105
1,132,558
401,105
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:
(a)
Credit risk
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 2024.
Cash at bank is held with internationally regulated banks.
Other receivables are of a low value and all amounts are current.
(b)
Capital risk
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.
Yandal Resources Limited
Annual Report 2024
47
Notes to and Forming Part of the Financial Statements
19
FINANCIAL RISK MANAGEMENT AND POLICIES continued
(c)
Liquidity risk
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
Weighted
average
effective
interest rate
%
As at 30 June 2024
Financial Assets:
Cash
1,749,932
4,038,070
40,507
-
-
5,828,509
3.7%
Receivables
268,983
-
-
-
-
268,983
-
2,018,915
4,038,070
40,507
-
-
6,097,492
-
Financial Liabilities:
Payables
1,132,558
-
-
-
-
1,132,558
-
1,132,558
-
-
-
-
1,132,558
-
As at 30 June 2023
Financial Assets:
Cash
4,205,519
-
11,720
-
-
4,217,239
4.0%
Receivables
50,981
-
-
-
-
50,981
-
4,256,500
11,720
-
-
4,268,220
-
Financial Liabilities:
Payables
401,105
-
-
-
-
401,105
-
401,105
-
-
-
-
401,105
-
Sensitivity analysis – interest rates
The sensitivity effect of possible interest rate movements have not been disclosed as they are immaterial.
(d)
Net fair value of financial assets and liabilities
Unless otherwise stated, the carrying amount of financial instruments reflect their fair value.
Yandal Resources Limited
Annual Report 2024
48
Notes to and Forming Part of the Financial Statements
20
SHARE BASED PAYMENTS
30 June 2024
$
30 June 2023
$
Share based payments expensed to the Statement of Profit or Loss and Other
Comprehensive Income during the period:
Performance rights reversed (Note 20(a))
-
(10,108)
Performance rights expensed (Note 20(a))
22,225
49,493
Options reversed
-
(10,185)
Issue of options (Note 20(b)) – Employees and Directors
93,762
114,114
Issue of options (Note 20 (c)) - Consultants
-
147,512
115,987
290,826
Share based payments expensed as capital raising costs during the year:
Issue of options for services provided (Note 20(c))
134,069
62,507
(a)
Performance Rights
(i) 30 June 2024
During the year ended 30 June 2024, $22,225 was expensed as a share-based payment for the Company’s performance rights
issued to directors and employees.
In July 2023, Class C performance rights granted to directors and employees expired.
As at 30 June 2024, a total of 375,000 performance rights remained unvested.
(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.
Yandal Resources Limited
Annual Report 2024
49
Notes to and Forming Part of the Financial Statements
20
SHARE BASED PAYMENTS continued
(a)
Performance Rights continued
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.
(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.
Class B Performance Rights1
The holder or the holder’s representative
remains engaged as an employee or Director
until 1 June 2022.
(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.
Class C Performance Rights2
The holder or the holder’s representative
remains engaged as an employee or Director
until 1 June 2023.
(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.
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 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.
2 Class C Performance Rights expired on 1 July 2023.
Yandal Resources Limited
Annual Report 2024
50
Notes to and Forming Part of the Financial Statements
20
SHARE BASED PAYMENTS continued
(a)
Performance Rights continued
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 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)
-
-
-
(500,000)
Number cancelled at 30 June 2024
-
-
-
-
-
-
-
Number expired at 30 June 2023
(325,000)
-
-
(300,000)
-
-
(625,000)
Number expired at 30 June 2024
(200,000)
(125,000)
-
(300,000)
-
(625,000)
Number vested at 30 June 2022
-
-
-
-
-
-
-
Number vested at 30 June 2023
-
-
-
-
-
-
-
Number vested at 30 June 2024
-
-
-
-
-
-
-
Number remaining at 30 June 2021
600,000
-
-
-
-
-
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
Number remaining at 30 June 2024
-
-
75,000
-
-
300,000
375,000
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
-
($5,530)
($4,578)
-
-
-
($10,108)
Amount expensed at 30 June 2024
-
$24
$7,346
$53
$14,802
$22,225
Total fair value still to be recognised at
30 June 2024 if all remaining rights are
vested
-
-
$80
-
-
$82
$162
Yandal Resources Limited
Annual Report 2024
51
Notes to and Forming Part of the Financial Statements
20
SHARE BASED PAYMENTS continued
(a)
Performance Rights continued
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:
Assumptions
Rights
Employees
Directors
Class A
Class C
Class D
Class B
Class C
Class D
Spot price
$0.555
$0.395
$0.395
$0.4519
$0.4519
$0.4519
Vesting hurdle
$1.00
$2.00
$3.00
$1.00
$2.00
$3.00
Exercise price
Nil
Nil
Nil
Nil
Nil
Nil
Expiry date
1 July 2022
1 July 2023
1 July 2024
1 July 2022
1 July 2023
1 July 2024
Expected future
volatility
85%
80%
80%
80%
80%
80%
Risk free rate
-0.01%
0.54%
0.89%
0.55%
0.55%
0.95%
Dividend yield
Nil
Nil
Nil
Nil
Nil
Nil
(b)
Options – Employees and Directors
(i)
30 June 2024
Employees
In March 2024, two tranches of options were issued to the Company’s employees. 350,000 options were issued, exercisable at $0.16
and will expire on 1 March 2027. A further 350,000 options were also issued to employees, exercisable at $0.21 and will expire on 1
March 2027.
Directors
During the year ended 30 June 2024, the following options were issued to the directors, as approved by the shareholders at the AGM
on 28 November 2023:
Chris Oorschot
750,000 Unlisted Options expiring on 30 November 2026, exercisable @ $0.134
Greg Evans
550,000 Unlisted Options expiring on 30 November 2026, exercisable @ $0.134
Tim Kennedy
950,000 Unlisted Options expiring on 30 November 2026, exercisable @ $0.134
Katina Law
450,000 Unlisted Options expiring on 30 November 2026, exercisable @ $0.134
An amount of $54,475 was expensed for the year ended 30 June 2024 for options issued to directors.
(ii)
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 $38,216 was expensed for the year ended 30 June 2023 for options issued to employees.
Yandal Resources Limited
Annual Report 2024
52
Notes to and Forming Part of the Financial Statements
20
SHARE BASED PAYMENTS continued
(b)
Options continued
Details of the options issued are as follows:
Tranche 1 Options
Tranche 2 Options
Technical Director
Directors
Total
Details
Unlisted options to be
issued for nil
consideration. Each
option is exercisable into
one ordinary share at any
time on or before the
expiry date.
Unlisted options to be
issued for nil
consideration. Each
option is exercisable
into one ordinary share
at any time between
meeting the vesting
conditions and the
expiry date.
Unlisted options
issued per
Employee Incentive
Plan. Each option is
exercisable into one
ordinary share at
any time between
meeting the vesting
conditions and the
expiry date.
Unlisted options to
be issued for nil
consideration. Each
option is exercisable
into one ordinary
share at anytime on
or before the expiry
date.
Vesting conditions
None
Continuous service until
4 April 2023
Continuous service
until 27 Feb 2024
One year of service
Methodology
Black Scholes
Black Scholes
Black Scholes
Black Scholes
Grant date
19 May 2022
19 May 2022
10 March 2023
30 November 2023
Vesting date
-
4 April 2023
27 Feb 2024
30 November 2024
Expiry date
4 April 2025
4 April 2026
27 Feb 2027
30 November 2026
Share price at grant date ($)
0.200
0.200
0.093
0.089
Exercise price ($)
0.500
1.000
0.18
0.13
Risk-free rate (%)
2.901
2.901
3.33
4.2
Volatility (%)
85
85
85
71
Dividend yield (%)
-
-
-
-
Fair value per Option ($)
0.0668
0.0582
0.045
0.0346
Recipient
Tim
Kennedy
Gregory
Evans
Tim
Kennedy
Gregory
Evans
Chris Oorschot
All directors
Number
1,000,000
300,000
1,000,000
300,000
1,000,000
2,700,000
6,300,000
Total fair value ($)
66,799
20,040
58,185
17,456
45,676
93,420
301,576
Number cancelled at 30 June 2023
-
-
-
-
-
-
-
Amount reversed at 30 June 2023
upon cancellation
-
-
-
-
-
-
-
Number vested at 30 June 2022
1,000,000
300,000
-
-
-
-
1,300,000
Number vested at 30 June 2023
-
-
1,000,000
300,000
-
-
1,300,000
Number vested at 30 June 2024
-
-
-
-
1,000,000
-
1,000,000
Number remaining at 30 June 2022
1,000,000
300,000
1,000,000
300,000
-
-
2,600,000
Number remaining at 30 June 2023
1,000,000
300,000
1,000,000
300,000
1,000,000
-
3,600,000
Number remaining at 30 June 2024
1,000,000
300,000
1,000,000
300,000
1,000,000
2,700,000
6,300,000
Amount expensed to 30 June 2022
66,799
20,040
7,637
2,291
-
-
96,767
Amount expensed to 30 June 2023
-
-
50,548
15,165
14,451
-
80,164
Amount expensed to 30 June 2024
-
-
-
-
31,225
54,475
85,700
Amounts to be expensed in future
periods if vesting condition is met
-
-
-
-
-
38,945
38,945
Yandal Resources Limited
Annual Report 2024
53
Notes to and Forming Part of the Financial Statements
20
SHARE BASED PAYMENTS continued
(b)
Options continued
Employees
Total
Details
Unlisted options to be issued for
nil consideration. Each option is
exercisable into one ordinary
share at any time on or before
the expiry date.
Unlisted options issued for nil
consideration. Each option is
exercisable into one ordinary
share
Vesting conditions
None
None
Methodology
Black Scholes
Black Scholes
Grant date
1 Sept 2022
28 February 2024
Vesting date
-
1 March 2025
1 March 2026
Expiry date
1 Sept 2025
1 March 2027
Share price at grant date ($)
0.16
0.11
Exercise price ($)
0.30
0.16
0.21
Risk-free rate (%)
3.33
3.76
3.76
Volatility (%)
86.4
78
78
Dividend yield (%)
-
-
-
Fair value per Option ($)
0.0679
0.05
0.04
Recipient
Employees
Employees
Number
1,000,000
350,000
350,000
1,700,000
Total fair value ($)
67,900
16,828
14,231
98,959
Number cancelled at 30 June 2023
(650,000)
-
-
(650,000)
Amount reversed at 30 June 2023
upon cancellation
(44,135)
-
-
(44,135)
Number vested at 30 June 2023
350,000
-
-
350,000
Number vested at 30 June 2024
-
-
-
-
Number remaining at 30 June 2023
350,000
-
-
350,000
Number remaining at 30 June 2024
350,000
350,000
350,000
1,050,000
Amount expensed to 30 June 2023
23,765
-
-
23,765
Amount expensed to 30 June 2024
-
5,671
2,391
8,062
Amounts to be expensed in future
periods if voting condition is met
-
11,157
11,840
22,997
Yandal Resources Limited
Annual Report 2024
54
Notes to and Forming Part of the Financial Statements
20
SHARE BASED PAYMENTS continued
(c)
Options - Consultants
(i)
Consultants - Capital Raising Services
30 June 2024
On 30 November 2023, the Company issued 4,000,000 unlisted options to satisfy part payment for capital raising services provided
by MST Financial Services Pty Ltd. The options are valued at $134,069 and expire on 17 November 2025, with an exercise price of
$0.11. This amount has been expensed to capital raising costs.
Details of the options issued are as follows:
Details
MST was granted 4,000,000 unlisted options as part
consideration of brokerage fees
Vesting conditions
None
Methodology
Black-Scholes
Grant date
30 November 2023
Expiry date
17 November 2025
Share price at Grant date ($)
0.09
Exercise price ($)
0.11
Risk free rate (%)
4.07%
Volatility (%)
76.7%
Dividend yield (%)
-
Fair value per option ($)
0.03352
Total fair value ($)
134,069
30 June 2023
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.
(ii)
Consultants – Technical Advisor
30 June 2024
There were no options issued to technical advisors during the 2024 financial year.
30 June 2023
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.
Yandal Resources Limited
Annual Report 2024
55
Notes to and Forming Part of the Financial Statements
20
SHARE BASED PAYMENTS continued
(c)
Options – Consultants continued
Details of the options issued are as follows:
Details
Referring to Prospectus dated 13 October 2022,
MST will receive options after raising minimum
$4.5M and shareholder approval
Options issued to Technical Advisor, Mr
Eduard Eshuys
Tranche 1
Tranche 2
Vesting conditions
None
None
None
Methodology
Black-Scholes
Black-Scholes
Black-Scholes
Grant date
29 Nov 2022
10 March 2023
10 March 2023
Expiry date
31 Oct 2024
1 March 2026
1 March 2027
Share price at Grant date ($)
0.12
0.093
0.093
Exercise price ($)
0.24
0.18
0.27
Risk free rate (%)
3.33%
3.33%
3.33%
Volatility (%)
82%
84.5%
82.4%
Dividend yield (%)
-
-
-
Fair value per option ($)
0.0313
0.0374
0.0364
Total fair value ($)
62,507
74,773
72,739
21
LEASES – SHORT TERM
This note provides information for leases where the Company is a lessee on a short term lease.
The Company applied AASB 16 on its leases as follows:
Lease
Impact on the Company’s Financial Position or Performance
June 2024
Office equipment/photocopiers
Lease agreement is on a month-by-month basis, therefore eligible for short
term exemption, no impact.
22
CONTINGENCIES
As at 30 June 2024, the following contingent liabilities exist:
Royalty Obligations
The Flushing Meadows Prospect is located on tenements M53/1093 and M53/1963 and it currently contains an inferred resource of
268,000 ounces of gold (refer to ASX announcement dated 4 November 2020). This is one of the Prospects within the Ironstone Well-
Barwidgee Project. The tenements are 100% owned by the Company. These tenements are subject to a Net Smelter Royalty of 1%,
being payable to Franco-Nevada Australia Pty Ltd. A secondary royalty over these tenements is payable to Maximus Resources Ltd
comprising $40 per ounce for the first 50,000 ounces produced, prepaid for the first 5,000 ounces ($200,000) on a decision to mine.
The royalty reduces to $20 per ounce for gold production between 50,000 and 150,000 ounces and is capped at 150,000 ounces.
The Challenger, Success, Parmelia, HMS Sulphur and Gilmore Prospects are located on mining leases M36/691, M36/692 and M36/693
and they currently contain an inferred resource of 182,200 ounces of gold (refer to ASX announcement dated 3 October 2023). These
Prospects are within the Mt McClure Project. These tenements are wholly owned by Yandal Resources Limited. There is a royalty
payable to Northern Star Resources Ltd equal to 1% of the gross sales proceeds from minerals recovered by Yandal Resources from
these tenements.
There were no contingencies as at 30 June 2023.
Yandal Resources Limited
Annual Report 2024
56
Notes to and Forming Part of the Financial Statements
23
EVENTS AFTER REPORTING DATE
At the date of the Directors’ Declaration no other matter or circumstance has arisen since 30 June 2024 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 2024, apart
from the following:
-
On 1 July 2024, Mr Tim Kennedy resigned as Managing Director, and has been appointed as a part-time Executive Director
for the remainder of 2024.
-
On 1 July 2024, Mr Chris Oorschot was appointed the Managing Director and CEO.
-
On 1 July 2024, the Company’s Class D Performance Rights expired.
-
On 19 August 2024, Cosmo Metals acquired two tenements from Yandal Resources (prospecting licences P26/4577 and
P27/2461) for $50,000 payable in CMO ordinary shares at a deemed issue price calculated using the 5-day VWAP prior to
the date of agreement.
Yandal Resources Limited
Annual Report 2024
57
Consolidated Entity Disclosure Statement as at 30 June 2024
Body corporates
Tax residency
Entity Name
Entity Type
Place formed or
incorporated
% of share capital
held
Australian or
foreign
Foreign
jurisdiction
Yandal Resources Limited
Body corporate
Australia
N/A
Australian (ii)
N/A
Yandal Resources Limited has no controlled entities and, therefore, is not required by the Australian Accounting Standards to
prepare consolidated financial statements. As a result, section 295(3A)(a) of the Corporations Act 2001 does not apply to the entity.
Yandal Resources Limited
Annual Report 2024
58
Shareholder Information
Additional information required by the Australian Securities Exchange Limited Listing Rules, and not disclosed elsewhere in this report.
SHAREHOLDINGS
The number of ordinary shares held by the substantial shareholders as at 26 August 2024 were:
Renaissance Resources Pty Limited
46,343,409
Regal Funds Management Pty Limited and Associates
38,124,099
Au Xingao Investment Pty Ltd
37,450,490
Alianda Oaks Pty Ltd
19,978,332
Abadi Investments Pty Ltd
18,290,289
UNQUOTED SECURITIES OPTIONHOLDINGS
Nature
Expiry Date
Exercise Price of Options
Number under Option
Number of Holders
Unlisted options
31 October 2024
24 cents
22,854,535
94
Unlisted options
4 April 2025
50 cents
1,300,000
2
Unlisted options
1 September 2025
30 cents
150,000
1
Unlisted options
17 November 2025
11 cents
42,461,536
24
Unlisted options
1 March 2026
18 cents
2,000,000
1
Unlisted options
4 April 2026
$1
1,300,000
2
Unlisted options
30 November 2026
13.4 cents
2,700,000
4
Unlisted options
27 February 2027
18 cents
1,000,000
1
Unlisted options
1 March 2027
27 cents
2,000,000
1
Unlisted options
1 March 2027
16 cents
350,000
2
Unlisted options
1 March 2027
21 cents
350,000
2
The number of unlisted options with an exercise price $0.24, expiring 31 October 2024 held by the substantial option holders as at 26
August 2024 were:
Regal Funds Management Pty Limited and Associates
7,038,572
Au Xingao Investment Pty Ltd
2,852,377
Renaissance Resources Pty Limited
2,083,334
MST Financial Services Pty Ltd
2,000,000
Mr Andrew Rhys Jackson
1,419,112
CLASS OF SHARES AND VOTING RIGHTS
As at 26 August 2024, there were 621 holders of the ordinary shares, 134 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.
Yandal Resources Limited
Annual Report 2024
59
Shareholder Information
DISTRIBUTION OF SHAREHOLDERS (as at 26 August 2024)
Category
Number of Shareholders
1
–
1,000
41
1,001
–
5,000
111
5,001
–
10,000
102
10,001
–
100,000
253
100,001
–
over
114
TOTAL HOLDERS
621
The number of shareholders holding less than a marketable parcel as at 26 August 2024 was 112.
Yandal Resources Limited
Annual Report 2024
60
Shareholder Information
Twenty largest shareholders as at 26 August 2024
Name
Balance
%
1
RENAISSANCE RESOURCES PTY LIMITED
46,343,409
17.30%
2
REGAL GROUP
38,124,099
14.24%
3
AU XINGAO INVESTMENT PTY LTD
37,450,490
13.98%
4
ALIANDA OAKS PTY LTD
19,978,332
7.46%
5
ABADI INVESTMENTS PTY LTD
18,290,289
6.83%
6
MR KENNETH JOSEPH HALL
10,600,000
3.96%
7
CAROLINE HOUSE SUPERANNUATION FUND PTY LTD
6,264,051
2.34%
8
MR ANDREW RHYS JACKSON
6,203,609
2.32%
9
NATIONAL NOMINEES LIMITED
5,300,019
1.98%
10
MERRILL LYNCH (AUSTRALIA) NOMINEES PTY LIMITED
4,997,404
1.87%
11
PETER J WOODFORD PTY LTD
4,153,295
1.55%
12
SACROSANCT PTY LTD
3,500,000
1.31%
13
AURALANDIA PTY LTD
3,000,000
1.12%
14
PACHEM INVESTMENTS PTY LTD
2,665,000
1.00%
15
THIRTY SIXTH VILMAR PTY LTD
2,595,809
0.97%
16
BNP PARIBAS NOMINEES PTY LTD
2,198,326
0.82%
17
GIDGELL PTY LTD
2,076,647
0.78%
18
MRS KATINA MARIA ETHEL LAW & MR PETER SIGFRED LAW
2,044,518
0.76%
19
BILL BROOKS PTY LTD
1,972,250
0.74%
20
GEEAI INVESTMENTS PTY LIMITED
1,750,000
0.65%
Total Securities of Top 20 Holdings
219,507,547
81.96%
Total of Securities
267,807,614
Yandal Resources Limited
Annual Report 2024
61
Tenement Schedule
Locality
Tenement ID
Status
Holder
Beneficial
Ownership of
Yandal
Resources Ltd
Notes
Ironstone Well-Barwidgee Gold
Project
Oblique/Quarter Moon
E53/1882
Granted
Yandal
100%
Flushing Meadows
E53/1963
Granted
Yandal
100%
Wiluna
ELA53/2191
Application
Legendre
100%
1
Wiluna
ELA53/2192
Application
Legendre
100%
1
Wiluna
ELA53/2193
Application
Legendre
100%
1
Wiluna
ELA53/2194
Application
Legendre
100%
1
Flushing Meadows Haul Rd
LA53/222
Application
Yandal
100%
Ironstone Well
M53/1093
Granted
Yandal
100%
Ironstone Well
ELA53/2334
Application
Yandal
100%
Flushing Meadows
MLA53/1108
Application
Yandal
100%
Newcombe
E53/2304
Granted
Yandal
100%
New England
E53/1843
Granted
Yandal
100%
Mazzucco
P53/1704
Granted
Yandal
100%
Greenstone Hill
P53/1714
Granted
Yandal
100%
Greenstone Hill
P53/1715
Granted
Yandal
100%
Mt McClure Gold Project
Success
M36/691
Granted
Yandal
100%
Parmelia
M36/692
Granted
Yandal
100%
Challenger
M36/693
Granted
Yandal
100%
Mt McClure
P36/1892
Granted
Yandal
100%
Mt McClure
P36/1893
Granted
Yandal
100%
Mt McClure
P36/1894
Granted
Yandal
100%
Mt McClure
P36/1895
Granted
Yandal
100%
Mt McClure
P36/1896
Granted
Yandal
100%
Success
P36/1922
Granted
Yandal
100%
Mt McClure
P36/1934
Granted
Yandal
100%
Mt McClure
P36/1935
Granted
Yandal
100%
Mt McClure
P36/1936
Granted
Yandal
100%
Mt McClure
P36/1937
Granted
Yandal
100%
Mt McClure
P36/1938
Granted
Yandal
100%
Yandal Resources Limited
Annual Report 2024
62
Tenement Schedule
Locality
Tenement ID
Status
Holder
Beneficial
Ownership of
Yandal
Resources Ltd
Notes
Mt McClure Gold Project
continued
Mt McClure
P36/1939
Granted
Yandal
100%
Mt McClure
P36/1940
Granted
Yandal
100%
Mt McClure
P36/1941
Granted
Yandal
100%
Mt McClure
P36/1942
Granted
Yandal
100%
Mt McClure
P36/1943
Granted
Yandal
100%
Mt McClure
P36/1944
Granted
Yandal
100%
Mt McClure
P36/1945
Granted
Yandal
100%
Mt McClure
P36/1946
Granted
Yandal
100%
Gordons Gold Project
Mt Jewell
E24/198
Granted
Yandal
100%
Mt Jewell
E27/536
Granted
Yandal
100%
Mt Jewell
P27/2206
Granted
Yandal
100%
Mt Jewel
MLA27/518
Application
Yandal
100%
Mulgarrie
E27/570
Granted
Yandal
100%
Gordons
E27/601
Granted
Yandal
100%
Wild Dog
E27/602
Granted
Yandal
100%
Gordons
LA27/100
Application
Yandal
100%
Gordons
LA27/101
Application
Yandal
100%
Gordons
M27/11
Granted
Yandal
100%
Mulgarrie
M27/237
Granted
Yandal
100%
Kanowna
M27/502
Granted
Yandal
100%
Gordons
M27/522
Application
Yandal
100%
Gordons
P26/4577
Granted
Yandal
100%
Gordons
P27/2456
Granted
Moho/Yandal
100%
2
Kanowna
P27/2325
Granted
Yandal
100%
Mt Eba
P27/2331
Granted
Yandal
100%
Gordons
P27/2332
Granted
Yandal
100%
Gordons
P27/2338
Granted
Yandal
100%
Gordons
P27/2339
Granted
Yandal
100%
Gordons
P27/2340
Granted
Yandal
100%
Gordons
P27/2341
Granted
Yandal
100%
Yandal Resources Limited
Annual Report 2024
63
Tenement Schedule
Locality
Tenement ID
Status
Holder
Beneficial
Ownership of
Yandal
Resources Ltd
Notes
Gordons Gold Project continued
Gordons
P27/2342
Granted
Yandal
100%
Gordons
P27/2343
Granted
Yandal
100%
Gordons
P27/2344
Granted
Yandal
100%
Gordons
P27/2345
Granted
Yandal
100%
Gordons
P27/2346
Granted
Yandal
100%
Gordons
P27/2354
Granted
Yandal
100%
Gordons
P27/2355
Granted
Yandal
100%
Gordons
P27/2356
Granted
Yandal
100%
Gordons
P27/2357
Granted
Yandal
100%
Gordons
P27/2358
Granted
Yandal
100%
Gordons
P27/2359
Granted
Yandal
100%
Gordons
P27/2360
Granted
Yandal
100%
Gordons
P27/2361
Granted
Yandal
100%
Gordons
P27/2362
Granted
Yandal
100%
Gordons
P27/2363
Granted
Yandal
100%
Gordons
P27/2364
Granted
Yandal
100%
Gordons
P27/2461
Granted
Yandal
100%
Gordons
ELA27/701
Application
Moho
100%
3
Gordons
PLA27/2577
Application
Yandal
100%
White Dam
White Dam
ELA26/229
Application
Yandal
100%
Notes:
1.
In July 2022, a Purchase agreement was executed with Bruce Legendre to acquire these tenements when they are granted.
2.
In November 2021, a Heads of Agreement was executed with Moho Resources Limited that provides for Yandal Resources to
acquire a 100% interest in the gold and related metals rights over granted Tenements.
3.
In June 2023, a purchase agreement was entered into with Moho Resources for Yandal Resources to acquire 100% interest in
the tenement upon grant, with Moho retaining a gold royalty and certain non-gold rights.