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Financial performance
 12 Months Ended
Jun. 30, 2024
Financial performance [Abstract]  
Financial performance
Section 2.
Financial performance
 
2.1.
Operating segments
 
An operating segment is a component of the Group 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 Group’s other components. An operating segment’s operating results are reviewed regularly by the Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Managing Director is considered to be the CODM and is empowered by the Board to allocate resources and assess the performance of the Group.

Segment results that are reported to the CODM include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

Description of segments
 
The Company operates predominantly as a mineral exploration and development company.  The operating segments are based on the reports reviewed by the Managing Director for assessing performance and determining the allocation of resources and strategic decision making within the Group.

North America
Represents activity in the US, primarily in relation to Rhyolite Ridge and the Reno office.
Australia
Represents head office expenditure, including ASX listing costs, employee benefits, exchange gains and losses and corporate assets (predominantly cash).

Segment information provided to the CODM:

Segment information   North America     Australia
    Total  
   
2024
     2023
    
2022
     2024
    
2023
    
2022
     2024
    
2023
    
2022
  
   

$’000
    

$’000
    

$’000
    

$’000
    

$’000
    

$’000
    

$’000
    

$’000
    

$’000
  
                                                                         
Exploration expenditure - non core
    
(31
)
    
(45
)
    
(17
)
    
-
      
-
      
-
      
(31
)
    
(45
)
    
(17
)
Other expenses
    
(2,383
)
    
(1,356
)
    
(2,870
)
    
(1,467
)
    
(2,328
)
    
(4,029
)
    
(3,850
)
    
(3,684
)
    
(6,899
)
Reportable segment loss
    
(2,414
)
    
(1,401
)
    
(2,887
)
    
(1,467
)
    
(2,328
)
    
(4,029
)
    
(3,881
)
    
(3,729
)
    
(6,916
)
Employee benefits and other expenses
    
(2,407
)
    
(2,043
)
    
(1,379
)
    
(2,937
)
    
(3,924
)
    
(3,677
)
    
(5,344
)
    
(5,967
)
    
(5,056
)
Net financing  income / (expense)
   
(1,802
)
    
(25
)
    
3
      
3,202
      
3,330
      
3,466
      
1,400
      
3,305
      
3,469
  
Net loss before income tax
    
(6,623
)
    
(3,469
)
    
(4,263
)
    
(1,202
)
    
(2,922
)
    
(4,240
)
    
(7,825
)
    
(6,391
)
    
(8,503
)
                                                                         
Segment assets
                                                                        
Exploration assets
    
187,664
      
152,226
      
118,487
      
-
      
-
      
-
      
187,664
      
152,226
      
118,487
  
Other assets
    
8,576
      
5,258
      
6,158
      
28,235
      
48,835
      
88,600
      
36,811
      
54,093
      
94,758
  
Total assets
    
196,240
      
157,484
      
124,645
      
28,235
      
48,835
      
88,600
      
224,475
      
206,319
      
213,245
  
Segment liabilities
                                                                        
Payables
    
4,442
      
7,547
      
8,146
      
142
      
927
      
816
      
4,584
      
8,474
      
8,962
  
Provisions
    
177
      
167
      
331
      
251
      
201
      
166
      
428
      
368
      
497
  
Borrowings
    1,200       -       -       -       -       -       1,200       -       -  
Total current liabilities
    
5,819
      
7,714
      
8,477
      
393
      
1,128
      
982
      
6,212
      
8,842
      
9,459
  
Payables
    
(8
)
    
78
      
87
      
50
      
-
      
-
      
42
      
78
      
87
  
Total non-current liabilities
    
(8
)
    
78
      
87
      
50
      
-
      
-
      
42
      
78
      
87
  
Total liabilities
    
5,811
      
7,792
      
8,564
      
443
      
1,128
      
982
      
6,254
      
8,920
      
9,546
  
Net assets
    
190,429
      
149,692
      
116,081
      
27,792
      
47,707
      
87,618
      
218,221
      
197,399
      
203,699
  

Major customers
 
The Company has no major customers and nil revenues (2023 and 2022: nil).

2024


2023


2022



$’000


$’000


$’000

2.2.
Impairment write-off
 
Exploration expenditure written off
    
(31
)
    
(45
)
    
(17
)
Total impairment
    
(31
)
    
(45
)
    
(17
)
 
2.3.
Other expenses
 
General and administrative expenses
    
1,668
      
2,751
      
3,319
  
Consulting and professional costs
    
1,922
      
881
      
3,407
  
Depreciation and amortization
    
260
      
52
      
173
  
Total other expenses
    
3,850
      
3,684
      
6,899
  
 
2.4.
Net finance income / (costs)
 
Interest income from external providers
    
1,293
      
1,484
      
61
  
Other revenue
    
-
      
26
      
50
  
Net foreign exchange gain
    
118
      
1,811
      
3,375
  
Finance income
    
1,411
      
3,321
      
3,486
  
                         
Bank charges
    
(9
)
    
(6
)
    
(12
)
Net foreign exchange loss
    
-
      
-
      
-
Lease interest
    
(2
)
    
(10
)
    
(5
)
Finance costs
    
(11
)
    
(16
)
    
(17
)
Net finance income / (costs)
    
1,400
      
3,305
      
3,469

Interest income is recorded at the effective interest rate applicable to the financial instrument. Interest is recognized as it accrues (using the effective interest method, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument) to the net carrying amount of the financial asset.

2.5.
Earnings per share
 
   
2024
    
2023
    
2022
  
   

$’000
    

$’000    

$’000  
                         
Earnings used in calculating earnings per share
                        
Basic and diluted loss
     (7,825 )     (6,391 )     (8,503 )
                         
Weighted average number of ordinary shares used as the denominator
  
Number
    
Number
    
Number
  
                         
Issued ordinary shares - opening balance
    
2,098,818,267
      
2,091,299,420
      
1,896,676,204
  
Effect of shares issued
    
46,244,015
      
6,894,635
      
117,750,170
  
                         
Weighted average number of ordinary shares
    
2,145,062,282
      
2,098,194,055
      
2,014,426,374
  
                         
Weighted average number of ordinary shares (diluted)
                        
Weighted average number of ordinary shares at 30 June for basic EPS
    
2,145,062,282
      
2,098,194,055
      
2,014,426,374
  
Effect of dilution from options and rights on issue
    
-
      
-
      
-
  
Weighted average number of ordinary shares adjusted for effect of dilution
    
2,145,062,282
      
2,098,194,055
      
2,014,426,374
  

   
Cents
    
Cents
    
Cents
  
Basic loss per share attributable to the ordinary equity holders of the company
    
(0.36
)
    
(0.30
)
    
(0.42
)
Diluted loss per share attributable to the ordinary equity holders of the company
    
(0.36
)
    
(0.30
)
    
(0.42
)

Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.

Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. The effect of dilution from options and rights on issue in the financial year would be 36,820,966 (2023: 35,840,492 and 2022: 35,597,029). The impact the potential ordinary shares is treated as dilutive only when their conversion to ordinary shares would decrease EPS.