Announcement PDF BANNERMAN ENERGY LTD AND CONTROLLED ENTITIES FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2023 Bannerman Energy Ltd Suite 7, 245 Churchill Avenue, Subiaco, Western Australia 600 PO Box 1973, Subiaco, Western Australia 6008 W bannermanenergy.com T +61 8 9381 1436 E info@bannermanenergy.com FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2023 CONTENTS Corporate Directory ................................................................................................................................................ 1 Auditor’s Independence Declaration ...................................................................................................................... 8 Consolidated Statement of Comprehensive Income .............................................................................................. 9 Consolidated Statement of Financial Position ...................................................................................................... 10 Consolidated Cash Flow Statement ...................................................................................................................... 11 Consolidated Statement of Changes in Equity ...................................................................................................... 12 Notes to the Financial Statements ........................................................................................................................ 13 Directors’ Declaration ........................................................................................................................................... 25 Auditor’s Review Report ....................................................................................................................................... 26 ABOUT BANNERMAN ENERGY LTD About Bannerman - Bannerman Energy Ltd is a uranium development company listed on the Australian and Namibian stock exchanges and traded on the OTCQX Market in the US. Its flagship asset is the 95% owned Etango Uranium Project located in the Erongo Region of Namibia. Etango has benefited from extensive exploration and feasibility activity since 2006 and boasts a globally largescale uranium mineral resource1. A 20Mtpa development at Etango was the subject of a Definitive Feasibility Study (DFS) completed in 2012 and a DFS Optimisation Study completed in 2015. Bannerman constructed and operated a Heap Leach Demonstration Plant at Etango, which comprehensively de-risked the acid heap leach process to be utilised on the Etango ore. Namibia is a premier uranium investment jurisdiction, with a 45-year history of uranium production and export, excellent infrastructure and support for uranium mining from both government and community. As the world’s fourth largest producer of uranium, Namibia is an ideal development jurisdiction boasting political stability, security, a strong rule of law and an assertive development agenda. Etango has environmental approvals for the proposed mine and external mine infrastructure, based on a 12-year environmental baseline. Bannerman has long established itself as an Environmental, Social and Governance (ESG) leader in the uranium and nuclear energy sector. In December 2022, Bannerman concluded a Definitive Feasibility Study (DFS) for the Etango Project, establishing its strong technical and economic feasibility for conventional open pit mining and heap leach processing at a throughput of 8Mtpa, with a precision of ±15%. In December 2023, Bannerman was granted the Etango Mining Licence (ML 250), confirming the receipt of all necessary licences and pre-approvals required to initiate mining activities. During the reporting period, Bannerman concentrated on front-end engineering and design (FEED), preconstruction studies, commencing initial early works, and exploring various project funding options, underlining its commitment to advancing the project towards operational readiness. More information is available on Bannerman’s website at www.bannermanenergy.com. 1 Refer to Section 3 of Bannerman’s ASX release dated 2 August 2021, Etango-8 Project Pre-Feasibility Study. Bannerman confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning the estimates in that ASX release continue to apply and have not materially changed. CORPORATE DIRECTORY NON-EXECUTIVE CHAIRMAN Ronnie Beevor* CHIEF EXECUTIVE OFFICER Brandon Munro* CHIEF OPERATING OFFICER Gavin Chamberlain* CHIEF FINANCIAL OFFICER & COMPANY SECRETARY Steve Herlihy NON-EXECUTIVE DIRECTORS Alison Terry* Ian Burvill Clive Jones Mike Leech PRINCIPAL & REGISTERED OFFICE Suite 7, 245 Churchill Avenue Subiaco Western Australia, Australia 6008 Telephone: (+61-8) 9381 1436 AUDITORS Ernst & Young 11 Mounts Bay Road PERTH WA 6000 Telephone: (+61-8) 9429 2222 Facsimile: (+61-8) 9429 2432 SHARE REGISTRARS Computershare (Australia) Level 11 172 St George’s Terrace PERTH WA 6000 Telephone from within Australia: Telephone from outside Australia: Facsimile: 1300 850 505 (+61-3) 9415 4000 (+61-8) 9323 2033 STOCK EXCHANGE LISTINGS Australian Securities Exchange (ASX Code: BMN) Namibian Stock Exchange (NSX Code: BMN)OTCQX Venture Market (OTCQX Code: BNNLF) * On 31 January 2024, the Company announced that Mr Beevor intended to retire from the Company effective March 2024, with Mr Munro to be appointed Executive Chairman, Mr Chamberlain promoted to be Chief Executive Officer and Ms Terry to be appointed Lead Independent Director. These changes are expected to occur shortly after the release of this report. 1 DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2023 The directors submit the consolidated financial report of Bannerman Energy Ltd (“Bannerman” or the “Company”) and its controlled entities (the “Group”) for the half year ended 31 December 2023. Amounts are expressed in Australian dollars unless otherwise noted. DIRECTORS The names of the Company’s directors in office during the half year and until the date of this report are set out below. Directors were in office for this entire period unless otherwise stated. Ronnie Beevor Brandon Munro Ian Burvill Clive Jones Mike Leech Alison Terry Non-Executive Chairman Managing Director/Chief Executive Officer Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director COMPANY SECRETARY Steve Herlihy REVIEW AND RESULTS OF OPERATIONS Operating Result The principal activities of the Group during the reporting period was the Front-End-Engineering-Design of the Group’s 95% owned Etango Uranium Project in Namibia. The Group’s net loss before tax of $6,175,188 for the half year ended 31 December 2023 (31 December 2022: Net loss before tax of $2,994,624) was attributable primarily to corporate and administrative expenses and non-cash share-based compensation expenses, a share of losses in an equity-accounted investment of $897,396 (31 December 2022: $135,468 profit) and an impairment of equity-accounted investments being $3,568,253 (31 December 2022: nil). Interest income for the half year ended 31 December 2023 was $871,132 (31 December 2022: $569,114). Cash Position Cash and cash equivalents were $35,143,700 as at 31 December 2023 compared with $42,588,696 as at 30 June 2023. 2 DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2023 ETANGO URANIUM PROJECT (BANNERMAN 95%) Figure 1 – The Etango Project (ML 250) is close to infrastructure and the towns of Swakopmund and Walvis Bay OVERVIEW The Etango Project is one of the world’s largest undeveloped uranium deposits, located in the Erongo uranium mining region of Namibia, which hosts the Rössing, Husab and Langer-Heinrich mines. Etango is 73km by road from Walvis Bay, one of southern Africa’s busiest deep-water ports through which uranium has been exported for over 45 years. Road, rail, electricity and water networks are all located nearby. REGULATORY APPROVALS On 14 December 2023, Bannerman was granted Mining Licence (ML 250) for the Etango Project. The Company had already obtained all necessary environmental and heritage approvals based on environmental baseline monitoring and studies commenced 12-years ago. This achievement, together with positive uranium market trends, is enabling the Company's progress on crucial project activities. ETANGO PROJECT On 6 December 2022, the Company announced the completion of the Etango Definitive Feasibility Study (“DFS”). Key Outcomes of the Etango DFS include: Definitive-level confirmation of strong technical and economic viability of conventional open pit mining and heap leach processing of the world-class Etango deposit at 8Mtpa throughput. 3 DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2023 Strong projected Etango returns: o DFS base pricing (US$65/lb U3O8) generates US$209M NPV8% (post-tax, real, ungeared) and 17% IRR (same basis). o DFS upside pricing (US$80/lb U3O8) generates US$436M NPV8% and 25% IRR (all same basis). o Long-term scalability of Etango Project confirmed by previous definitive level studies; provides strong optionality and further leverage to upside-case uranium market. Long-life 3.5 Mlbs pa U3O8 development further de-risked with acid supply infrastructure options, a more conservative construction schedule and higher accuracy (+/-15%) cost estimation. Bannerman is not aware of any new information or data that materially affects the information included in the ASX release dated 6 December 2022 “Etango-8 Definitive Feasibility Study”, and Bannerman confirms that, to the best of its knowledge, all material assumptions and technical parameters underpinning the estimates in this release continue to apply and have not materially changed. Initial early works contracts for the “temporary construction water pipeline” and “site access road” were placed on 14 December 2023 following the receipt of the mining licence. The temporary construction water pipeline contract will ensure sufficient water is available onsite when the main earthworks and civil contracts commence. The access road will enable controlled access to the mine site with minimal impact on the surrounding area from the start of full construction works. These contracts, with a combined value of approximately A$2.8 million (N$36 million), were awarded to a local Namibian contractor and followed a tender process undertaken earlier in the year. The prompt award of these early works contracts enables Bannerman to maintain the current construction schedule for Etango. Both contracts are funded from Bannerman’s existing cash holding. During the reporting period, the Front-End Engineering Design (FEED) activities advanced according to schedule and within budget. Key activities completed in the reporting period were the placing of the initial seven mechanical supply package orders in the communition circuit to secure vendor data and allow design works to continue in this area. Tender construction packages for the mining, earthworks, concrete, and structural mechanical installation were issued to the market for pricing. This work continues to proceed in a measured systematic fashion with retention of substantial embedded flexibility on project execution and a highly controlled, restrained spend rate prior to the Final Investment Decision (FID) being taken. PROJECT FUNDING The Company commenced a process to evaluate and progress various funding sources, including conventional project debt, as well as potential offtake and joint venture opportunities with strategic counterparties who can add value to the Etango Project. Bannerman appointed Azure Capital and Vermilion Partners (both global affiliates of French financial services institution Natixis) to advise on and assist with executing the optimal funding mix for Etango. 4 DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2023 TECHNICAL DISCLOSURES Certain disclosures in this report, including management's assessment of Bannerman’s plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Bannerman’s operation as a mineral development company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Full descriptions of these risks can be found in Bannerman’s various statutory reports and announcements. Readers are cautioned not to place undue reliance on forward-looking statements. Bannerman expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. The information in this report as it relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr Marthinus Prinsloo. Mr Prinsloo is a full time employee of the Company and is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Prinsloo has sufficient experience which is relevant to the style of mineralisation and the type of deposit under consideration, and to the activities, which he is undertaking. This qualifies Mr Prinsloo as a “Competent Person” as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and a “Qualified Person” as defined by Canadian National Instrument 43-101. Mr Prinsloo consents to the inclusion in this announcement in the form and context in which it appears. Mr Prinsloo holds shares and performance rights in Bannerman Energy Ltd. The Etango Project is based on a resource estimate compiled or reviewed by Mr Ian Glacken, Principal Consultant at Snowden Optiro Pty Ltd and a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Glacken has sufficient experience that 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”, is an independent consultant to Bannerman. The Ore Reserves of the Etango Project is based on information compiled or reviewed by Mr Werner K Moeller, a Director since 2016 of Qubeka Mining Consultants CC based in Klein Windhoek, Namibia. Prior to 2016 Mr. Moeller was a Director of VBKom Consulting Engineers (Pty) Ltd based in Centurion, South Africa from 2008. Mr Moeller is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM nr. 329888), a Member of the South African Institute of Mining and Metallurgy (MSAIMM nr. 704793) and a Member of the Canadian Institute of Mining, Metallurgy and Petroleum (MCIM nr. 708163). He graduated from the University of Pretoria, South Africa and holds a Bachelor degree, majoring in Mine Engineering (2001) and an Honours degree, majoring in Industrial Engineering (2002). Mr Moeller is a practising mining engineer, having practiced his profession continuously since 2002, and has sufficient experience relevant to the style of mineralisation and types of deposits under consideration and to the activity which is being undertaken to qualify him as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. CORPORATE Issued Securities At the date of this report, Bannerman has 152,840,770 ordinary shares on issue. As at 31 December 2023, Bannerman had on issue 2,583,413 performance share rights and 1,756,429 unlisted zero exercise price options issued under the shareholder-approved Employee Incentive Plan (“EIP”) and 294,435 unlisted zero exercise price options issued under the Non-Executive Director Share Incentive Plan (“NEDSIP”). The EIP incentives are subject to various performance targets and continuous employment periods. The NEDSIP incentives are subject to continuous employment periods. 5 DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2023 Cancellation and Issue of Securities The Company advised during the period that the following securities in Bannerman were cancelled or issued: • 647,478 unlisted options were exercised, and a corresponding number of shares were issued. No lapse of options occurred during half year period. • 1,250,000 fully paid ordinary shares were issued to Savanna Marble CC and related parties pursuant to the terms of the Settlement Agreement dated 17 December 2008, as amended on 18 June 2009, 23 November 2009 and 12 July 2023. • 195,705 unlisted employee performance rights and options have, pursuant to the terms of the Employee Incentive Plan (EIP), been forfeited and cancelled following non-satisfaction of the relevant performance criteria. • No fully paid ordinary shares were issued upon vesting of unlisted employee performance rights in accordance with the terms of the EIP and Non-Executive Director Share Incentive Plan (NEDSIP). • 1,150,567 unlisted options were granted in accordance with the EIP and NEDSIP as approved by shareholders on 16 November 2022. Namibia Critical Metals Inc additional investment On 22 December 2023, the Company acquired a further 3,983,333 shares in Namibia Critical Metals Inc (NMI) with a share price of C$0.06 (Canadian dollar) per share due to the Company’s participation in an NMI Private Placement (capital raising). The acquisition takes the Company’s interest in NMI to 42.1%. The shares were issued with 3,983,333 free-attaching warrants which are exercisable at C$0.10 on or before 22 December 2025. Annual General Meeting Bannerman held its Annual General Meeting on 9 November 2023, all resolutions put to the meeting were passed by poll. SUBSEQUENT EVENTS On 12 January 2024, the Company announced that 432,632 shares were issued for NIL consideration pursuant to conversion of performance rights under the Company’s employee incentive plan. On 31 January 2024, the Company announced board changes effective from early March 2024. The following changes will occur: • • • • Ronnie Beevor will retire from the position of Non-Executive Chairman. Brandon Munro, the Company’s Chief Executive Officer will be appointed as Executive Chairman Gavin Chamberlain, the Company’s Chief Operating Officer will be appointed to Chief Executive Officer. Alison Terry, a Non-Executive Director, will be appointed as Lead Independent Director. Other than the events noted above there are no other matters or circumstances that have arisen since the end of the period which significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group. 6 DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2023 AUDITOR’S INDEPENDENCE DECLARATION Section 307C of the Corporations Act 2001 requires the Company’s auditors to provide the directors of Bannerman with an Independence Declaration in relation to the half year ended 31 December 2023. The Independence Declaration is attached to and forms part of this Directors’ Report. This report is made in accordance with a resolution of the Directors. ROUNDING Amounts in this report and the accompanying financial report have been rounded to the nearest thousand dollars (A$’000) unless otherwise stated under the option available to the Company under ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191. The Company is an entity to which the class order applies. Signed in accordance with a resolution of the Board of Directors. _______________________ Brandon Munro Managing Director and Chief Executive Officer Perth 6 March 2024 7 AUDITOR’S INDEPENDENCE DECLARATION 8 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 31 DECEMBER 2023 Note 6 Months Ended 31 December 2023 2022 $'000 $'000 Other revenue 2 871 569 Administration and corporate expense Depreciation expense Exploration and evaluation expense (write-down) Finance expense Impairment of equity-accounted investments Share of profit/(losses) from equity-accounted investments Staff expense Realised loss on disposal of plant and equipment Unrealised fair value losses on financial assets 3(a) (961) (21) (5) (3,568) (896) (1,593) (1) (1) (828) (19) (1,546) (1) 135 (1,305) - Loss before income tax Income tax benefit (6,175) - (2,994) - Net loss for the half year (6,175) (2,994) Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation (922) (2,043) Other comprehensive (loss)/income for the half year, net of tax (922) (2,043) Total comprehensive (loss)/income, net of tax (7,097) (5,037) Net loss is attributable to: Equity holders of Bannerman Energy Ltd Non-controlling interest (5,965) (210) (2,902) (92) (6,175) (2,994) (6,853) (244) (4,932) (105) (7,097) (5,037) 150,606 149,550 (4.10) (2.00) Total comprehensive (loss)/income attributable to: Equity holders of Bannerman Energy Ltd Non-controlling interest Weighted average number of shares ('000) Basic and dilutive loss pert attributable share to the ordinary equity holders of the Company (cents per share) 8 11 11 3(b) The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. 9 CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE HALF YEAR ENDED 31 DECEMBER 2023 Note 31 December 2023 $’000 30 June 2023 $’000 4 5 6 7 35,144 39 505 405 42,589 358 419 36,093 43,366 66,655 4,779 80 32 20 60,305 9,199 69 17 - TOTAL NON-CURRENT ASSETS 71,566 69,590 TOTAL ASSETS 107,659 112,956 1,484 31 128 1,309 16 610 1,643 1,935 330 317 330 317 1,973 2,252 105,686 110,704 211,925 21,337 (126,808) 210,629 21,305 (120,843) 106,454 111,091 (768) (387) 105,686 110,704 CURRENT ASSETS Cash and cash equivalents Financial assets Other receivables Other current assets TOTAL CURRENT ASSETS NON-CURRENT ASSETS Exploration and evaluation expenditure Investments accounted for using the equity method Property, plant and equipment Right of use assets Other non-currents assets CURRENT LIABILITIES Trade and other payables Lease liabilities Provisions 8 11 9 10 6 12 9 13 TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Provisions 13 TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITES NET ASSETS EQUITY Contributed equity Reserves Accumulated losses TOTAL PARENT ENTITY INTEREST Non-controlling interest TOTAL EQUITY 14 15 The above statement of financial position should be read in conjunction with the accompanying notes. 10 CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 31 DECEMBER 2023 6 Months Ended 31 December 2023 2022 $’000 $’000 CASHFLOWS FROM OPERATING ACTIVITIES Payments for staff costs Payments for administration and corporate costs Interest received Interest and other costs of finance paid (871) (1,000) 794 (3) (905) (892) 406 (1) Net cash utilised in operating activities (1,080) (1,392) Payments for exploration and evaluation Payments to acquire investments in associates Payments to acquire financial assets Payments to acquire property, plant and equipment (5,716) (227) (40) (295) (2,999) (52) (9) Net cash utilised in investing activities (6,278) (3,060) Proceeds from issue of shares Repayment of lease liabilities/borrowings Payments for bank security deposits Payment for other receivables and deposits 4 (20) (40) 138 (15) - Net cash provided by financing activities (56) 123 Net decrease in cash and cash equivalents (7,414) (4,329) Cash and cash equivalents at beginning of period 42,589 51,930 (31) (32) 35,144 47,569 CASHFLOWS FROM INVESTING ACTIVITIES CASHFLOWS FROM FINANCING ACTIVITIES Effects of exchange rate changes on the balance of cash held in foreign currencies Cash and cash equivalents at end of period The above cash flow statement should be read in conjunction with the accompanying notes. 11 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2023 Issued Share Based Payment Reserve Foreign Currency Reserve Equity Reserve $’000 $’000 $’000 $’000 $’000 210,629 60,902 (38,375) (1,222) (120,843) (387) 110,704 Loss for the period - - - - (5,965) (210) (6,175) Other comprehensive loss - - (888) - - (34) (922) Total comprehensive loss for the period - - (888) - (5,965) (244) (7,097) Shares issued to settle Savannah litigation 1,309 - - - - - 1,309 Cost of issuing shares (13) - - - - - (13) Share-based payments - 811 - - - - 811 Capital contributions (Bannerman Namibia) - (137) (28) Capital Balance at 1 July 2023 Accumulated NonLosses controlling Total Interest $’000 109 $’000 Total equity at 31 December 2023 211,925 61,713 (39,263) (1,113) (126,808) (768) 105,686 Balance at 1 July 2022 208,798 59,566 (32,796) (1,418) (116,203) (57) 117,890 Loss for the period - - - - (2,902) (92) (2,994) Other comprehensive loss - - (2,030) - - (13) (2,043) Total comprehensive loss for the period - - (2,030) - (2,902) (105) (5,037) Shares issued to acquire interest in Namibia Critical Metals 1,693 - - - - - 1,693 Shares issued on exercise of share options 138 - - - - - 138 Share-based payments - 651 - - - - 651 Capital contributions (Bannerman Namibia) - - - 100 - (106) (6) 210,629 60,217 (34,826) (1,318) (119,105) (268) 115,329 Total equity at 31 December 2022 The above statement of changes in equity should be read in conjunction with the accompanying notes. 12 NOTES TO THE FINANCIAL STATEMENTS 1. BASIS OF PREPARATION AND ACCOUNTING POLICIES Corporate Information Bannerman Energy Limited (the “Company”) is a company incorporated in Australia and limited by shares. Bannerman’s shares are publicly traded on the Australian Securities Exchange (“ASX”) with an additional listing on the Namibian Stock Exchange and the OTCQB Venture Market. Basis of Preparation This general purpose condensed financial report for the half year ended 31 December 2023 has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001. The financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of Bannerman and its controlled entities (the “Group”) as the annual financial report. It is recommended that this interim financial report be read in conjunction with the annual report for the year ended 30 June 2023 and considered together with any public announcements made by Bannerman since that time in accordance with the continuous disclosure obligations of the ASX Listing Rules. The financial report is presented in Australian dollars and, unless otherwise stated, all values are rounded to the nearest thousand dollars (A$1,000) in accordance with the option available to the Company under ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191. The Company is an entity to which the class orders applies. Changes in Accounting Policies New and amended accounting standards and interpretations From 1 July 2023, the Group has adopted all the Standards and Interpretations mandatory for annual periods beginning on 1 July 2023. Adoption of these Standards and Interpretations did not have any material effect on the financial position or performance of the Group. The Group has not elected to early adopt any new Standards or Interpretations. The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 30 June 2023. 2. OTHER REVENUE Interest income 31 December 2023 $’000 871 871 31 December 2022 $’000 569 569 13 NOTES TO THE FINANCIAL STATEMENTS 3. EXPENSES (a) Administration and corporate expenses Administrative expense Compliance and regulatory Insurance expense Occupancy expense Stakeholder relations Travel expenses 31 December 2023 $’000 110 421 69 35 232 94 961 31 December 2022 $’000 97 351 23 31 268 58 828 1,368 688 79 22 63 (522) (81) (24) 1,593 871 511 62 49 152 (298) (42) 1,305 (b) Staff expenses Salaries and fees Share-based payments Superannuation Leave accrued Other staff expenses (Less staff expenses capitalised as exploration and evaluation) (Less staff expenses classified as compliance and regulatory) (Less staff expenses classified as stakeholder relations) 4. CASH & CASH EQUIVALENTS Cash at bank and on call Short term cash deposits 31 December 2023 $’000 2,961 32,183 35,144 30 June 2023 $’000 1,671 40,918 42,589 5. FINANCIAL ASSETS AT FAIR-VALUE THROUGH PROFIT & LOSS Current Reconciliation of the fair values at the beginning and end of the current and previous financial year are set out below: Opening balance Additions (a) Disposals Revaluation increments/(decrements) Closing fair value a) 31 December 2023 $’000 40 (1) 39 30 June 2023 $’000 - On 22 December 2023, the Company acquired 3,983,333 warrants in Namibia Critical Metals Inc. which are unconditional and exercisable at C$0.10 on or before 22 December 2025. The warrants came stapled to the Company’s acquisition of 3,983,333 shares in the same company (details of which are contained in Note 11). On acquisition the warrants had an aggregate fair value of C$35,602 (A$39,653). 14 NOTES TO THE FINANCIAL STATEMENTS 6. OTHER RECEIVABLES 31 December 2023 $’000 Current GST/VAT receivable Interest receivable Other 30 June 2023 $’000 218 250 37 505 138 219 1 358 7. OTHER CURRENT ASSETS 31 December 2023 $’000 Current Prepayments Other current assets Non-current Credit card facility security deposit 30 June 2023