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"value": "\n
\n\n
\n
\n
\n
\n1.\u00a0\u00a0STATEMENT OF SIGNIFICANT\u00a0ACCOUNTING POLICIES
\nThe significant accounting policies adopted in preparing the financial report of GreenX Metals Limited (\u201cGreenX\u201d
\nor \u201cCompany\u201d)\u00a0and its consolidated entities (\u201cConsolidated Entity\u201d or \u201cGroup\u201d) for the year ended 30 June 2023 are
\nstated to assist in a general\u00a0understanding of the financial report.
\nGreenX Metals is a Company limited by shares incorporated and domiciled\u00a0in Australia\u00a0whose shares are publicly
\ntraded on the Australian Securities\u00a0Exchange (\u201cASX\u201d), the London Stock Exchange (\u201cLSE\u201d)\u00a0and the Warsaw Stock
\nExchange (\u201cWSE\u201d). \u00a0
\n\nThe financial report of the Group for the year ended 30 June 2023 was authorised for issue in accordance with a
\nresolution of\u00a0the Directors.\u00a0
\n
\n\n\n(a)\u00a0\u00a0Basis of Preparation
\nThe financial report is a general purpose financial report, which has been prepared in accordance with Australian
\nAccounting Standards (\u201cAASBs\u201d)\u00a0and other authoritative pronouncements\u00a0of the Australian Accounting Standards
\nBoard (\u201cAASB\u201d) and the Corporations Act 2001. The Group is a for-profit entity for the purposes of preparing the
\nconsolidated\u00a0financial statements.
\nThe financial report has been prepared on a historical\u00a0cost basis, except for certain financial liabilities which have
\nbeen measured at fair value. The financial report is\u00a0presented in Australian dollars.
\nThe consolidated\u00a0financial statements have been prepared on a going concern basis which assumes the continuity
\nof normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of
\nbusiness.
\nThe \u00a0Group \u00a0has\u00a0\u00a0updated \u00a0the \u00a0classification \u00a0of \u00a0expenses \u00a0to \u00a0make \u00a0the\u00a0\u00a0Statement \u00a0of \u00a0Profit \u00a0or \u00a0Loss \u00a0and \u00a0other
\nComprehensive Income more relevant to users of the financial report. This\u00a0has resulted in the reclassification of
\nsome items in the prior period,\u00a0however, has not impacted the reported loss\u00a0for the period. The Group has also
\nupdated the classification of the Ordinary Shares relating to the calculation for basic and diluted earnings per
\nshare (EPS) for the prior period,\u00a0this has resulted in an updated EPS. The update was made to ensure EPS is more
\nrelevant to users of the financial report.
\n
\n\n\n
\n(b)\u00a0\u00a0Statement of Compliance\u00a0
\nThe \u00a0financial \u00a0report \u00a0complies \u00a0with \u00a0International \u00a0Financial \u00a0Reporting \u00a0Standards \u00a0(\u201cIFRS\u201d) \u00a0as \u00a0issued \u00a0by \u00a0the
\nInternational\u00a0Accounting Standards Board.\u00a0
\n\nIn the current year,\u00a0the Group\u00a0has adopted all of\u00a0the new\u00a0and revised Standards and Interpretations issued\u00a0by the
\nAASB that are relevant to its operations and effective for the current annual reporting period. The adoption of these
\nnew and revised Standards or Interpretations has had an immaterial impact\u00a0(if any) on the Group. Any new or
\namended Accounting Standards or Interpretations\u00a0that are not yet mandatory\u00a0have not been early adopted.
\nAustralian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
\neffective have not been adopted by the Group for the annual reporting period ended 30 June 2023. Those which
\nmay be relevant\u00a0to the Group are set out in the table below, but these are not expected to have any significant
\nimpact on the Group\u2019s financial statements\u00a0as detailed\u00a0below.
\n\u00a0
\nStandard/Interpretation
\nApplication
\ndate of
\nstandard\u00a0
\nApplication
\ndate for Group\u00a0
\nAASB \u00a02020-3 \u00a0Amendments \u00a0to \u00a0Australian \u00a0Accounting \u00a0Standards \u00a0\u2013\u00a0\u00a0Annual
\nImprovements 2018-2020 and Other Amendments (AASB 1, 3, 9, 116, 137 & 141)\u00a0
\n1 January 2022\u00a0
\n1 July 2022
\nAASB \u00a02020-1 \u00a0Amendments \u00a0to \u00a0Australian \u00a0Accounting \u00a0Standards \u00a0\u2013\u00a0\u00a0Classification \u00a0of
\nLiabilities as Current or Non-Current\u00a0
\n1 January 2023\u00a0
\n1 July 2023
\nAASB 2021-5 Amendments to Australian Accounting Standards \u2013\u00a0Deferred Tax related\u00a0
\nto Assets and Liabilities arising from a Single Transaction\u00a0
\n1 January 2023\u00a0
\n1 July 2023
\nAASB 2023-2\u00a0Amendments to AASs \u2013\u00a0International Tax Reform Pillar Two Model Rules
\n29\u00a0
\n23 May 2023\u00a0
\n1 July 2023
\nAASB \u00a02020-6 \u00a0Amendments \u00a0to \u00a0Australian \u00a0Accounting \u00a0Standards \u00a0\u2013\u00a0\u00a0Classification \u00a0of
\nLiabilities as Current or Non-Current \u2013\u00a0Deferral of Effective Date\u00a0
\n1 January 2023\u00a0
\n1 July 2023
\nAASB \u00a02021-2 \u00a0Amendments \u00a0to \u00a0Australian \u00a0Accounting \u00a0Standards \u00a0\u2013\u00a0\u00a0Disclosure \u00a0of
\nAccounting Policies and Definition of Accounting Estimates\u00a0
\n1 January 2023\u00a0
\n1 July 2023
\nAASB 2021-7(a-c) Amendments to Australian Accounting Standards \u2013\u00a0Effective Date of
\nAmendments to AASB 10 and AASB 128 and Editorial Corrections\u00a0
\n1 January 2025\u00a0
\n1 July 2025
\n
\n\n
\n\n\n
\n\n(c)\u00a0\u00a0Principles of Consolidation
\nThe consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the\u00a0Company as at
\n30 June 2023 and the results of all subsidiaries for the\u00a0year then ended.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n1.\u00a0\u00a0STATEMENT OF SIGNIFICANT\u00a0ACCOUNTING POLICIES (Continued)
\n\n
\n\n(c)\u00a0\u00a0Principles of Consolidation (Continued)
\nSubsidiaries are all entities (including structured entities) over which the Group\u00a0has control. The Group controls an
\nentity when the group is exposed to, or has rights to,\u00a0variable returns\u00a0from its involvement with the entity and has
\nthe ability to affect those returns through\u00a0its power\u00a0to direct the activities of the\u00a0entity.
\nThe financial statements\u00a0of the subsidiaries\u00a0are prepared for the same reporting period as the Company, using
\nconsistent accounting\u00a0policies. Accounting policies of subsidiaries\u00a0have\u00a0been changed\u00a0where necessary to ensure
\nconsistency with\u00a0the policies\u00a0adopted by\u00a0the Company.
\nSubsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-
\nconsolidated from the date that control ceases. Intercompany transactions and balances, income and expenses
\nand profits and losses between Group companies, are\u00a0eliminated.
\n
\n\n
\n\n\n(d)\u00a0\u00a0Cash and Cash Equivalents
\nCash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly
\nliquid investments with original maturities of three months or less.
\n
\n\n\n(e)\u00a0\u00a0Trade and Other Receivables
\nTrade receivables are initially\u00a0recognised at the transaction price and subsequently\u00a0measured\u00a0at amortised costs
\namount less any\u00a0expected credit loss (\u201cECL\u201d).\u00a0
\nReceivables from related parties are \u00a0initially recognised at fair value \u00a0and measured at \u00a0amortised cost \u00a0and are
\ninterest free.
\nThe Group\u2019s trade and\u00a0other receivables includes GST and other taxes receivables,\u00a0interest\u00a0receivable and security
\ndeposits.
\n
\n\n\n
\n\n
\n(f)\u00a0\u00a0Financial Assets
\n(i)\u00a0\u00a0Initial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through\u00a0
\nother comprehensive income (\u201cOCI\u201d), and fair value through profit or loss.\u00a0
\nThe classification of financial assets at initial recognition\u00a0depends on the financial asset\u2019s\u00a0contractual\u00a0cash flow
\ncharacteristics and the\u00a0Group\u2019s business model for managing them. The Group initially measures a financial asset
\nat its fair value plus, in the case of a\u00a0financial asset\u00a0not at fair\u00a0value through\u00a0profit or loss, less transaction\u00a0costs.
\n(ii)\u00a0\u00a0Subsequent\u00a0measurement\u00a0
\nFor purposes of subsequent\u00a0measurement, financial assets are classified in four categories:
\n\u2022\u00a0\u00a0Financial assets at amortised cost;
\n\u2022\u00a0\u00a0Financial assets at\u00a0fair value through OCI\u00a0with recycling of cumulative gains and losses (not relevant to\u00a0the
\nGroup);
\n\u2022\u00a0\u00a0Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
\nderecognition (equity instruments \u2013\u00a0not relevant to the Group); and
\n\u2022\u00a0\u00a0Financial assets at fair value through profit or loss (equity instruments \u2013\u00a0not relevant to the\u00a0Group).\u00a0
\nFinancial assets at amortised cost (debt instruments)\u00a0
\nThe Group measures financial assets at amortised cost\u00a0if both of the\u00a0following conditions are\u00a0met:
\n\u2022\u00a0\u00a0The financial asset is held\u00a0within a business model with the objective to hold financial assets in \u00a0order to
\ncollect contractual cash\u00a0flows; and
\n\u2022\u00a0\u00a0The \u00a0contractual \u00a0terms \u00a0of \u00a0the \u00a0financial \u00a0asset \u00a0give \u00a0rise \u00a0on \u00a0specified \u00a0dates \u00a0to \u00a0cash \u00a0flows \u00a0that\u00a0\u00a0are \u00a0solely
\npayments of principal and\u00a0interest on the principal amount outstanding.
\nFinancial assets at amortised cost are subsequently measured using\u00a0the effective interest rate (\u201cEIR\u201d) method and
\nare \u00a0subject\u00a0\u00a0to \u00a0impairment. \u00a0Gains \u00a0and \u00a0losses \u00a0are \u00a0recognised \u00a0in \u00a0profit\u00a0\u00a0or \u00a0loss \u00a0when \u00a0the \u00a0asset \u00a0is \u00a0derecognised,
\nmodified or impaired.
\n\nImpairment\u00a0
\nThe Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss.
\nECLs are based\u00a0on the difference between the contractual cash flows due in accordance with the contract and all
\nthe cash flows that the Group expects to receive, discounted at an approximation of the original EIR. ECLs are
\nrecognised\u00a0in two stages. For credit exposures for which there\u00a0has not been a significant\u00a0increase in credit risk\u00a0
\nsince initial recognition, ECLs are provided for credit losses that result from default events that are possible within
\nthe next\u00a012-months (a\u00a012-month ECL). For those credit exposures for\u00a0which there has been a\u00a0significant increase in
\ncredit risk since initial recognition, a loss allowance is required\u00a0for credit losses expected over the\u00a0remaining life of
\nthe exposure, irrespective of the timing of the default\u00a0(a lifetime\u00a0ECL).
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n\n
\n\nFor receivables due in less than 12 months, the Group recognises a loss allowance based on the financial asset\u2019s
\nlifetime ECL\u00a0at each reporting\u00a0date.
\nGiven the nature of financial assets held by the Group, it considers a financial asset to be in default when internal
\nor external information indicates that the\u00a0Group is unlikely to receive the outstanding contractual amounts in full\u00a0
\nbefore taking\u00a0into account\u00a0any\u00a0credit enhancements held by the Group.\u00a0A financial asset is written\u00a0off when there
\nis no reasonable expectation\u00a0of recovering the contractual cash flows.
\nAt each reporting date, the Group\u00a0assesses whether financial assets carried at amortised cost are credit impaired.
\nA financial asset is credit-impaired when one or more events that have a\u00a0detrimental impact on the estimated
\nfuture cash flows\u00a0of the financial asset have occurred.\u00a0
\n
\n\n
\n\n
\n\n\n
\n(f)\u00a0\u00a0Property, Plant and Equipment
\n(i)\u00a0\u00a0Recognition and\u00a0measurement
\nProperty, plant and equipment is stated at historical cost less accumulated\u00a0depreciation and any accumulated
\nimpairment\u00a0losses. Such cost includes the\u00a0cost of replacing parts\u00a0that are eligible for capitalisation when\u00a0the cost
\nof replacing the parts is incurred. Similarly, when each major\u00a0inspection is performed,\u00a0its cost is recognised in the
\ncarrying amount of the property, plant and equipment as a replacement only if it is eligible for capitalisation. All
\nother repairs and maintenance are recognised in the Statement of Profit or Loss and other Comprehensive\u00a0Income
\nas incurred. \u00a0
\n\n(ii)\u00a0\u00a0Depreciation
\nDepreciation is provided on\u00a0a straight-line basis on all property, plant and equipment.
\n\u00a0
\n2023
\n2022
\nMajor depreciation periods (per annum) are:
\n\u00a0
\n\u00a0
\nBuildings:
\n-
\n2% - 40%
\nPlant and equipment:
\n22% - 40%\u00a0
\n22% - 40%
\nThe assets\u2019\u00a0residual values, useful lives and amortisation methods are reviewed, and adjusted if\u00a0appropriate, at
\neach financial\u00a0year end.
\n
\n\n(iii)\u00a0\u00a0Derecognition\u00a0
\nAn item of property,\u00a0plant and equipment\u00a0\u00a0is derecognised\u00a0upon disposal or when no further future economic\u00a0
\nbenefits are expected from its use or disposal. Impairment of property, plant and equipment are discussed in note
\n1(q).
\n
\n\n\n(g)\u00a0\u00a0Exploration and Evaluation Expenditure
\nExpenditure on exploration and evaluation is accounted\u00a0for in accordance with the \u2018area of\u00a0interest\u2019\u00a0method.\u00a0
\nExploration and evaluation expenditure\u00a0encompasses expenditures incurred\u00a0by the Group in\u00a0connection with\u00a0the
\nexploration for and \u00a0evaluation of \u00a0mineral resources before \u00a0the technical feasibility and commercial viability of
\nextracting a mineral resource are demonstrable.
\nFor each area of interest, expenditure incurred in the acquisition of rights to explore is capitalised,\u00a0classified as
\ntangible or intangible, and recognised as an exploration and evaluation\u00a0asset. Exploration and evaluation assets
\nare measured\u00a0at cost at recognition and are recorded as\u00a0an asset if:
\n(i) \u00a0the rights to tenure of the area of interest are current; and
\n(ii) \u00a0at least one of\u00a0the following conditions is also met:
\n\u2022\u00a0\u00a0the \u00a0exploration\u00a0\u00a0and \u00a0evaluation \u00a0expenditures \u00a0are \u00a0expected \u00a0to \u00a0be \u00a0recouped \u00a0through \u00a0successful
\ndevelopment\u00a0and exploitation\u00a0of the area\u00a0of interest, or alternatively, by\u00a0its sale; and
\n\u2022\u00a0\u00a0exploration and evaluation activities in\u00a0the\u00a0area of interest have not at the reporting date\u00a0reached a stage
\nwhich \u00a0permits\u00a0\u00a0a \u00a0reasonable \u00a0assessment\u00a0\u00a0of \u00a0the \u00a0existence \u00a0or \u00a0otherwise \u00a0of\u00a0\u00a0economically \u00a0recoverable
\nreserves, and\u00a0active and significant operations in, or in relation to, the area of\u00a0interest are\u00a0continuing.
\nExploration and evaluation expenditure incurred by the Group subsequent to acquisition of the rights to explore
\nis expensed as incurred, up\u00a0to costs associated with\u00a0the preparation of a feasibility study.
\nImpairment\u00a0
\nCapitalised exploration costs are reviewed each reporting date to establish whether an indication of impairment\u00a0
\nexists. If any such indication exists, the recoverable amount\u00a0of the capitalised exploration costs is estimated to
\ndetermine \u00a0the \u00a0extent \u00a0of \u00a0the \u00a0impairment \u00a0loss \u00a0(if \u00a0any). \u00a0Where \u00a0an \u00a0impairment \u00a0loss \u00a0subsequently\u00a0\u00a0reverses, \u00a0the
\ncarrying amount of the asset is increased to the revised estimate\u00a0of its recoverable amount, but only to the extent\u00a0
\nthat the increased carrying\u00a0amount does\u00a0not exceed the carrying amount that\u00a0would have been determined had
\nno impairment loss been recognised for the asset in previous years.\u00a0
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n1.\u00a0\u00a0STATEMENT OF SIGNIFICANT\u00a0ACCOUNTING POLICIES (Continued)
\n\n(g)\u00a0\u00a0Exploration and Evaluation Expenditure (Continued) \u00a0
\nWhere a decision is made to proceed with development, accumulated expenditure is tested for impairment\u00a0and
\ntransferred to development\u00a0properties, and then amortised over the life of the reserves associated with the area
\nof interest once mining operations have commenced. Recoverability of\u00a0the carrying amount of the exploration\u00a0
\nand evaluation assets\u00a0is dependent on successful development and commercial exploitation, or alternatively, sale
\nof the respective areas of interest.
\n
\n\n\n(h)\u00a0\u00a0Payables\u00a0
\nLiabilities are recognised for\u00a0amounts to\u00a0be paid in the\u00a0future for\u00a0goods and services received. Trade accounts
\npayable are normally settled within 30 days.\u00a0Payables are\u00a0carried at amortised cost.
\n
\n\n\n(i)\u00a0\u00a0Provisions
\nProvisions are recognised when the Group has a present obligation\u00a0(legal or constructive) as a result of a past\u00a0
\nevent, it \u00a0is \u00a0probable that an outflow of \u00a0resources embodying economic \u00a0benefits will \u00a0be required to \u00a0settle the
\nobligation and\u00a0a reliable estimate can be made of the\u00a0amount of the obligation. \u00a0\u00a0
\nProvisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle
\nthe present\u00a0obligation at the reporting date.\u00a0\u00a0If the effect of the time\u00a0value of money is material, provisions are
\ndiscounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When
\ndiscounting is\u00a0used, the increase in the provision due\u00a0to the passage of time is recognised as a finance cost.\u00a0
\n
\n\n\n
\n\n
\n
\n(j)\u00a0\u00a0Financial Liabilities
\n(i)\u00a0\u00a0Initial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at\u00a0fair value through profit or loss, loans
\nand borrowings (amortised cost) or payables.
\nAll financial liabilities\u00a0are recognised initially at fair value and, in the case of loans and borrowings and payables,
\nnet of directly\u00a0attributable transaction costs.\u00a0\u00a0
\nThe Group\u2019s financial liabilities include trade\u00a0and other payables\u00a0and financial liabilities at\u00a0fair value\u00a0through\u00a0profit
\nor loss.
\n(ii)\u00a0\u00a0Subsequent measurement
\nThe measurement of financial liabilities depends on\u00a0their classification, as described below:
\nAmortised cost liabilities\u00a0
\nThis is the category most relevant to the Group. After initial recognition, amortised cost liabilities are subsequently\u00a0
\nmeasured at amortised cost using the EIR method. Gains and\u00a0losses are then recognised in\u00a0profit or loss when the
\nliabilities are\u00a0derecognised as well as through\u00a0the EIR amortisation process.
\nAmortised cost is calculated by taking into\u00a0account any\u00a0discount or premium on acquisition and\u00a0fees or costs that
\nare an integral\u00a0part of the EIR.\u00a0The EIR amortisation is included as finance costs in the statement of profit or loss.
\n\nFinancial liabilities at fair value through profit or loss
\nThis \u00a0is \u00a0the category\u00a0\u00a0least \u00a0relevant \u00a0to \u00a0the Group. \u00a0Financial \u00a0liabilities at \u00a0fair \u00a0value \u00a0through profit\u00a0\u00a0or \u00a0loss \u00a0include
\nfinancial \u00a0liabilities\u00a0\u00a0held \u00a0for \u00a0trading \u00a0and \u00a0financial \u00a0liabilities \u00a0designated \u00a0upon \u00a0initial \u00a0recognition \u00a0as \u00a0at \u00a0fair \u00a0value
\nthrough profit or loss.
\nFinancial liabilities are classified\u00a0as held\u00a0for trading if they are\u00a0incurred for the purpose of repurchasing in\u00a0the near
\nterm.
\nGains or losses on liabilities held for trading are recognised in the\u00a0statement of\u00a0profit or loss.
\nFinancial liabilities designated upon initial recognition at fair value\u00a0through profit or loss are designated at the
\ninitial date of recognition, and\u00a0only if the\u00a0criteria in AASB 9 Financial Instruments\u00a0are satisfied.
\n
\n\n\n(iii)\u00a0\u00a0Derecognition\u00a0
\nA financial liability is derecognised\u00a0when the obligation\u00a0under the liability is discharged or cancelled or expires.
\nWhen an \u00a0existing financial \u00a0liability is \u00a0replaced by\u00a0\u00a0another on \u00a0substantially\u00a0\u00a0different terms, \u00a0or \u00a0the \u00a0terms \u00a0of an
\nexisting liability are substantially modified, such an exchange or modification is treated as the\u00a0derecognition of the
\noriginal \u00a0liability \u00a0and \u00a0the \u00a0recognition \u00a0of \u00a0a \u00a0new \u00a0liability.\u00a0\u00a0The \u00a0difference \u00a0in \u00a0the\u00a0\u00a0respective \u00a0carrying \u00a0amounts \u00a0is
\nrecognised in\u00a0the statement\u00a0of profit or loss.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n(k) Revenue Recognition
\nRevenue is recognised when control of goods is transferred to the customer at an amount that reflects the
\nconsideration to which the Group expects to be entitled to in exchange for those goods.
\nInterest revenue is recognised as it accrues, taking into account the effective yield on the financial asset.
\n
\n\n\n
\n(l) Income Tax
\nThe income tax expense for the period is the tax payable on the current period\u2019s taxable income based on the
\nnational income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable
\nto temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial
\nstatements, and to unused tax losses.
\n\nDeferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when
\nthe assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively
\nenacted at balance date for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of
\ndeductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is made
\nfor certain temporary differences arising from the initial recognition of an asset or a liability. No deferred tax asset
\nor liability is recognised in relation to these temporary differences if they arose on goodwill or in a transaction,
\nother than a business combination, that at the time of the transaction did not affect either accounting profit or
\ntaxable profit or loss.
\nDeferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and
\ntax bases of investments in controlled entities where the Company is able to control the timing of the reversal of
\nthe temporary differences and it is probable that the differences will not reverse in the foreseeable future.
\nDeferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable
\nthat future taxable amounts will be available to utilise those temporary differences and losses.
\nThe carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent
\nthat it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income
\ntax asset to be utilised.
\nUnrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent
\nthat it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
\nCurrent and deferred tax balances attributable to amounts recognised directly in equity are also recognised
\ndirectly in equity.
\nDeferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current
\ntax assets against tax liabilities and the deferred tax liabilities relate to the same taxable entity and the same
\ntaxation authority.
\n
\n\nTax consolidation
\nGreenX Metals Limited and its wholly-owned Australian subsidiaries have formed an income tax consolidated
\ngroup under the tax consolidation regime. Each entity in the tax consolidated group recognises its own current
\nand deferred tax liabilities, except for any deferred tax assets resulting from unused tax losses and tax credits,
\nwhich are immediately assumed by the Company (which is the head entity in the tax consolidated group). The
\ncurrent tax liability of each group entity is then subsequently assumed by the Company. The tax consolidated
\ngroup has entered a tax sharing agreement whereby each company in the Group contributes to the income tax
\npayable in proportion to their contribution to the net profit before tax of the tax consolidated group.
\n
\n\n\n(m) Employee Entitlements
\nProvision is made for the Group\u2019s liability for employee benefits arising from services rendered by employees to
\nbalance date. Employee benefits that are expected to be settled within 12 months have been measured at the
\namounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later
\nthan 12 months have been measured using the projected unit credit valuation method.
\n
\n\n\n(n) Earnings per Share
\nBasic earnings per share (\u201cEPS\u201d) is calculated by dividing the net profit attributable to members of the Company
\nfor the reporting period, after excluding any costs of servicing equity, by the weighted average number of Ordinary
\nShares of the Company, adjusted for any bonus issue.
\nDiluted EPS is calculated by dividing the basic EPS earnings, adjusted by the after tax effect of financing costs
\nassociated with dilutive potential Ordinary Shares and the effect on revenues and expenses of conversion to
\nOrdinary Shares associated with dilutive potential Ordinary Shares, by the weighted average number of Ordinary
\nShares and dilutive Ordinary Shares adjusted for any bonus issue.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
\n\n(o) Goods and Services Tax (GST)
\nRevenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred
\nis not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost
\nof acquisition of the asset or as part of the expense. Receivables and payables in the statement of financial position
\nare shown inclusive of GST.
\nCash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing
\nand financing activities, which are disclosed as operating cash flows.
\n
\n\n\n(p) Acquisition of Assets
\nA group of assets may be acquired in a transaction which is not a business combination. In such cases the cost of
\nacquisition is allocated to the individual identifiable assets (including intangible assets that meet the definition of
\nand recognition criteria for intangible assets in AASB 138) acquired and liabilities assumed on the basis of their
\nrelative fair values at the date of purchase.
\n
\n\n\n(q) Impairment of non-current Assets
\nThe Group assesses at each reporting date whether there is an indication that a non-current asset may be
\nimpaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group
\nmakes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value
\nless costs of disposal and its value in use and is determined for an individual asset, unless the asset does not
\ngenerate cash inflows that are largely independent of those from other assets or groups of assets and the asset's
\nvalue in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as
\npart of the cash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating
\nunit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down
\nto its recoverable amount.
\nIn assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax
\ndiscount rate that reflects current market assessments of the time value of money and the risks specific to the
\nasset.
\nAn assessment is also made at each reporting date as to whether there is any indication that previously recognised
\nimpairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is
\nestimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates
\nused to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case
\nthe carrying amount of the asset is increased to its recoverable amount.
\nThat increased amount cannot exceed the carrying amount that would have been determined, net of
\ndepreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in
\nprofit or loss. After such a reversal the depreciation charge is adjusted in future periods to allocate the asset's
\nrevised carrying amount, less any residual value, on a systematic basis over its remaining useful life.
\n
\n\n\n(r) Fair Value Estimation
\nThe fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for
\ndisclosure purposes.
\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the reporting
\ndate. The quoted market price used for financial assets held by the Group is the current bid price; the appropriate
\nquoted market price for financial liabilities is the current ask price.
\nThe net carrying value of trade receivables and payables are short term in nature and approximate their fair values.
\nThe fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash
\nflows at the current market interest rate that is available to the Group for similar financial instruments.
\n
\n\n\n(s) Issued and Unissued Capital
\nOrdinary Shares and unissued milestone shares are classified as equity. Issued and paid up capital is recognised at
\nthe fair value of the consideration received by the Company. Incremental costs directly attributable to the issue of
\nnew shares or options are shown in equity as a deduction, net of tax, from the proceeds.
\n
\n\n\n
\n(t) Foreign Currencies
\n\n(i) Functional and presentation currency
\nThe functional currency of each of the Group's entities is measured using the currency of the primary economic
\nenvironment in which that entity operates. The consolidated financial statements are presented in Australian
\ndollars which is the Company's functional and presentation currency.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n(ii) Transactions and balances
\nForeign currency transactions are translated into functional currency using the exchange rates prevailing at the
\ndate of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-
\nmonetary items measured at historical cost continue to be carried at the exchange rate at the date of the
\ntransaction.
\nExchange differences arising on the translation of monetary items are recognised in the Statement Profit or Loss
\nand other Comprehensive Income.
\nExchange differences arising on the translation of non-monetary items are recognised directly in equity to the
\nextent that the gain or loss is directly recognised in equity, otherwise the exchange difference is recognised in the
\nother Comprehensive Income.
\n(iii) Group companies
\nThe financial results and position of foreign operations whose functional currency is different from the Group's
\npresentation currency are translated as follows:
\n\u2022 assets and liabilities are translated at year-end exchange rates prevailing at that reporting date;
\n\u2022 income and expenses are translated at average exchange rates for the period; and
\n\u2022 items of equity are translated at the historical exchange rates prevailing at the date of the transaction.
\nExchange differences arising on translation of foreign operations are transferred to the group's foreign currency
\ntranslation reserve in the Statement of Financial Position. The accumulated difference is reclassified in the
\nStatement of Profit or Loss and other Comprehensive Income in the period in which the operation is disposed.
\n
\n\n\n(u) Share-Based Payments
\nEquity-settled share-based payments are provided to officers, employees, consultants and other advisors. These
\nshare-based payments are measured at the fair value of the equity instrument at the grant date. Fair value is
\ndetermined using the Binomial option pricing model. Further details on how the fair value of equity-settled share-
\nbased payments has been determined can be found in Note 18.
\nThe fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on
\nthe Company's estimate of equity instruments that will eventually vest. At each reporting date, the Company
\nrevises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original
\nestimates, if any, is recognised in profit or loss over the remaining vesting period, with a corresponding adjustment
\nto the option premium reserve.
\nEquity-settled share-based payments may also be provided as consideration for the acquisition of assets. Where
\nOrdinary Shares are issued, the transaction is recorded at fair value based on the quoted price of the Ordinary
\nShares at the grant date. The acquisition is then recorded as an asset or expensed in accordance with accounting
\nstandards. Unvested incentive securities that lapse when non-market conditions are not met are reversed from
\nthe share-based payment reserve to the Statement of Profit or Loss.
\n
\n\n\n(v) Arbitration facility income
\nArbitration facility income is recognised when there is reasonable assurance that the Company will comply with
\nthe LFA and the benefits will be received. Arbitration facility income is recognised in profit or loss on a systematic
\nbasis over the periods in which the entity recognises as expenses the related arbitration costs for which the income
\nis intended to compensate.
\n
\n\n\n(w) Use and Revision of Accounting Estimates, Judgements and Assumptions
\nThe preparation of the financial report requires management to make judgements, estimates and assumptions
\nthat affect the application of accounting policies and the reported amounts of assets, liabilities, income and
\nexpenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed
\non an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is
\nrevised if the revision affects only that period, or in the period of the revision and future periods if the revision
\naffects both current and future periods.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n
\n
\n1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
\n\n(w) Use and Revision of Accounting Estimates, Judgements and Assumptions (Continued)
\nIn particular, information about significant areas of estimation uncertainty and critical judgements in applying
\naccounting policies that have the most significant effect on the amount recognised in the financial statements
\nare described in the following notes:
\n\u2022 Share-Based Payments (Note 18) - The Group initially measures the cost of equity-settled transactions with
\nemployees by reference to the fair value of the equity instrument at the date at which they are granted.
\nEstimating fair value for share-based payment transactions requires the determination of the most
\nappropriate valuation model. This estimate also requires the determination of the most appropriate inputs
\nto the valuation model including the expected life of the share option, volatility and dividend yield. The
\nassumption and models used for estimating the fair value for share-based payment transactions are
\ndisclosed in Note 18.
\n\u2022 Functional currency of foreign operations (Note 21(h)) - determination of the functional currency of foreign
\nsubsidiaries requires judgement regarding the primary currency of labour, material and exploration spend
\nin that subsidiary.
\n
\n\n\n(x) Leases
\nThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys
\nthe right to control the use of an identified asset for a period of time in exchange for consideration.
\nThe Group applies a single recognition and measurement approach for all leases, except for short-term leases and
\nleases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets
\nrepresenting the right to use the underlying assets.
\n
\n\n
\n\n\n
\n2. REVENUE AND OTHER INCOME
\n
\n
\n2023
\n2022
\n
\n
\n$
\n$
\n
\n
\n
\n
\n\n
\n\n(a) Revenue
\n
\n
\n
\nInterest revenue
\n
\n150,483
\n25,318
\nGas and property lease revenue
\n
\n162,666
\n236,225
\n
\n
\n313,149
\n261,543
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n(b) Other income
\n
\n
\n
\nArbitration finance facility income
\n
\n4,854,562
\n5,136,427
\nGain on sale of land rights at Debiensko
\n
\n-
\n636,989
\n
\n
\n4,854,562
\n5,773,416
\n
\n\n
\n\n
\n3. EXPENSES
\n
\n
\n2023
\n2022
\n
\nNote
\n$
\n$
\n
\n
\n
\n
\n\n(a) Employee benefits expense
\n
\n
\n
\nSalaries and wages
\n
\n(1,219,940)
\n(345,245)
\nSuperannuation expense
\n
\n(5,880)
\n(5,600)
\nEmployment expenses
\n
\n(1,225,820)
\n(350,845)
\nShare-based payment expense
\n18(a)
\n(24,853)
\n(1,203,339)
\nEmployment expenses recorded in exploration and evaluation expenses
\n
\n(323,400)
\n(535,511)
\nTotal employment expenses included in profit or loss
\n
\n(1,574,073)
\n(2,089,695)
\n
\n\n
\n\n
\n\n
\n\n
\n4. INCOME TAX
\n
\n2023
\n2022
\n
\n$
\n$
\n
\n
\n
\n(a) Recognised in the statement of comprehensive income
\n
\n
\nCurrent income tax
\n
\n
\nCurrent income tax benefit in respect of the current year
\n-
\n-
\n\nDeferred income tax
\n
\n
\nRelating to origination and reversal of temporary differences
\n-
\n-
\nIncome tax expense/(benefit) reported in the statement of Profit or Loss and other
\nComprehensive income
\n-
\n-
\n
\n
\n
\n(b) Reconciliation between tax expense and accounting loss before income
\ntax
\n
\n
\nAccounting loss before income tax
\n(3,524,846)
\n(3,657,455)
\n
\n
\n
\nAt the domestic income tax rate of 30% (2022: 30%)
\n(1,057,454)
\n(1,097,237)
\nExpenditure not allowable for income tax purposes
\n1,831,141
\n2,118,242
\nIncome not assessable for income tax purposes
\n(1,473,274)
\n(1,542,009)
\nAdjustments in respect of deferred income tax of previous years
\n1,526
\n(297,758)
\nDeferred tax assets not brought to account
\n698,061
\n818,762
\nIncome tax expense/(benefit) reported in the statement of Profit or Loss and other
\nComprehensive income
\n-
\n-
\n(c) Deferred Tax Assets and Liabilities
\n
\n
\nDeferred income tax at 30 June relates to the following:
\n
\n
\n
\n
\n
\nDeferred Tax Liabilities
\n
\n
\nReceivables
\n6,737
\n1,206
\nDeferred tax assets used to offset deferred tax liabilities
\n(6,737)
\n(1,206)
\n
\n-
\n-
\n
\n
\n
\nDeferred Tax Assets
\n
\n
\nAccrued expenditure
\n139,596
\n16,912
\nRight-of-use assets
\n13,754
\n12,315
\nCapital allowances
\n84,785
\n44,036
\nTax losses available to offset against future taxable income
\n5,505,024
\n4,966,304
\nDeferred tax assets used to offset deferred tax liabilities
\n(6,737)
\n(1,206)
\nDeferred tax assets not brought to account
\n(5,736,422)
\n(5,038,361)
\n
\n-
\n-
\nThe benefit of deferred tax assets not brought to account will only be brought to account if:
\n\u2022 future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be
\nrealised;
\n\u2022 the conditions for deductibility imposed by tax legislation continue to be complied with; and
\n\u2022 no changes in tax legislation adversely affect the Group in realising the benefit.
\n
\n\n(d) Tax Consolidation
\nThe Company and its wholly-owned Australian resident entities have formed a tax consolidated group and are
\ntherefore taxed as a single entity. The head entity within the tax consolidated group is GreenX Metals Limited.
\n
\n\n
\n\n
\n
\n\n5. TRADE AND OTHER RECEIVABLES
\n
\n
\n2023
\n2022
\n
\n
\n$
\n$
\n
\n
\n
\n
\nTrade receivables
\n
\n46,076
\n30,744
\nArbitration finance facility receivable
\n
\n9,590
\n1,815,313
\nInterest receivable
\n
\n22,458
\n4,019
\nDeposits/prepayments
\n
\n2,932
\n193,705
\nGST and other receivables
\n
\n122,496
\n105,797
\n
\n
\n203,552
\n2,149,578
\nNote:
\n1
\n As at 30 June 2023 (2022: nil), no amounts are past due or impaired.
\n
\n\n
\n
\nNote
\n\n20230
\n$
\n2022
\n$
\n6. EXPLORATION AND EVALUATION ASSETS
\n
\n
\n
\nArctic Rift Copper Project
\n
\n
\n
\nCarrying amount at 1 July
\n
\n5,745,590
\n-
\nAcquisition consideration for ARC (GRX securities)
\n2
\n:
\n
\n
\n
\n\u2022 Issue of ARC consideration shares
\n11(b)
\n-
\n915,000
\n\u2022 Issue of Class A performance rights
\n11(b)
\n-
\n1,525,000
\n\u2022 Issue of Class B performance rights
\n11(b)
\n-
\n1,830,000
\nEarn-in expenditure
\n2
\n
\n
\n2,005,293
\n1,475,590
\nCarrying amount at 30 June
\n1
\n
\n
\n7,750,883
\n5,745,590
\nNote:
\n1
\n The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial
\nexploitation or sale of the respective areas of interest.
\n2
\n GreenX will earn an interest of up 80% in ARC through an EIA between Mineral Investment Pty Ltd (\u201cMIPL\u201d), a wholly owned subsidiary of the
\nCompany.
\nKey terms of the EIA provide:
\n(i) MIPL will earn its interest in ARC by:
\na. spending A$3,500,000 on ARC within three years to earn a 51% interest (First Earn-in Milestone);
\nb. spending a further A$3,500,000 on ARC within four years to earn a further 19% interest (taking the total interest to 70%)
\n(Second Earn-in Milestone); and
\nc. spending a further A$3,000,000 on ARC within five years to earn a further 10% interest (taking the total interest to 80%)
\n(Third Earn-in Milestone).
\n(ii) Post the Third Earn-in Milestone:
\na. Each Party must contribute on a pro rata basis or be diluted.
\nb. If a party dilutes down below 10%, then its interest in ARC automatically converts into a 1.75% Net Smelter Royalty (at this
\nstage GEX can also elect to convert straight to the royalty rather than co-contributing or diluting down).
\n(iii) MIPL may withdraw from the earn-in in once it has spent a minimum of A$1,000,000 prior to 31 December 2022.
\n(iv) Further consideration in the form of GreenX equity securities were issued to GEX as follows:
\na. 3 million GreenX shares issued on 8 October 2021 (subject to 12 months voluntarily escrow from date of issue)(\u201cARC
\nconsideration shares\u201d);
\nb. 5,000,000 Class A performance rights which vest and convert into ordinary shares upon the announcement of an
\nindependently assessed JORC Code inferred resource of at least 250,000 tonnes of copper equivalent at a minimum
\nresource grade of 1% Cu Equivalent (with a cut-off grade of 0.5% Cu equivalent) at ARC and an expiry date 8 October 2026;
\nand
\nc. 6,000,000 Class B performance rights which vest and convert into ordinary shares upon the announcement of an
\nindependently assessed JORC Code inferred resource of at least 500,000 tonnes of copper equivalent at a minimum
\nresource grade of 1% Cu Equivalent (with a cut-off grade of 0.5% Cu equivalent) at ARC and an expiry date 8 October 2026.
\n
\n\n
\n\n
\n
\n
\n\n
\n\n
\n7. PROPERTY, PLANT AND EQUIPMENT
\n
\n\nLand and
\nBuildings
\nPlant and
\nequipment
\nRight-of-use
\nassets
\nTotal
\n
\n$
\n$
\n$
\n$
\nCarrying amount at 1 July 2022
\n9,792
\n875,832
\n798,872
\n1,684,496
\nAdditions
\n-
\n9,080
\n-
\n9,080
\nImpairment expense
\n(8,998)
\n-
\n-
\n(8,998)
\nDepreciation and amortisation
\n(667)
\n(302,189)
\n(262,380)
\n(565,236)
\nForeign exchange differences
\n(127)
\n(3)
\n-
\n(130)
\nCarrying amount at 30 June 2023
\n-
\n582,720
\n536,492
\n1,119,212
\n - at cost
\n2,046
\n1,227,777
\n1,487,519
\n2,717,342
\n - accumulated depreciation and amortisation
\n(2,046)
\n(645,057)
\n(951,027)
\n(1,598,130)
\n
\n
\n
\n
\n
\nCarrying amount at 1 July 2021
\n1,821,394
\n24,435
\n163,954
\n2,009,783
\nModification of right-of-use assets
\n-
\n-
\n886,355
\n886,355
\nDisposal
\n(1,848,742)
\n1
\n
\n-
\n-
\n(1,848,742)
\nAdditions
\n-
\n900,774
\n-
\n900,774
\nImpairment reversal/(expense)
\n127,710
\n1
\n
\n(7,880)
\n-
\n119,830
\nDepreciation and amortisation
\n(21,556)
\n(41,473)
\n(251,437)
\n(314,466)
\nForeign exchange differences
\n(69,014)
\n(24)
\n-
\n(69,038)
\nCarrying amount at 30 June 2022
\n9,792
\n875,832
\n798,872
\n1,684,496
\n - at cost
\n31,349
\n1,207,632
\n1,487,519
\n2,726,500
\n - accumulated depreciation and amortisation
\n(21,557)
\n(331,800)
\n(688,647)
\n(1,042,004)
\n
\n\nNotes:
\n1
\n During the prior period, the Company sold an office building and associated assets (\u201cProperty\u201d) previously held by the Group in Poland and
\nreceived proceeds of $1,848,742. During the prior period, the Property was measured at the fair value of the sales contract with previous
\nimpairment of $127,710 reversed.
\n
\n\n
\n\n\n8. TRADE AND OTHER PAYABLES
\n
\n
\n2023
\n2022
\n
\n
\n$
\n$
\n
\n
\n
\n
\nTrade and other payables
\n
\n963,974
\n782,459
\nArbitration expenses payable
\n
\n9,590
\n1,521,129
\n
\n
\n973,564
\n2,303,588
\nNotes:
\n1
\n Trade payables are non-interest bearing and are normally settled on 30-day terms.
\n2
\n Other payables are non-interest bearing and have an average term of six months.
\n
\n\n\n
\n\n9. OTHER FINANCIAL LIABILITIES
\n
\n
\n2023
\n2022
\n
\n
\n$
\n$
\n
\n
\n
\n
\n(a) Current Liabilities:
\n
\n
\n
\nLease Liability
\n1
\n
\n
\n281,443
\n315,808
\n
\n
\n
\n
\n(b) Non-Current Liabilities:
\n
\n
\n
\nLease Liability
\n1
\n
\n
\n300,897
\n538,266
\nNote:
\n1 The Company has a lease agreement for the rental of a property. Refer to Note 7 for the carrying amount of the right of use asset relating to
\nthe lease. The following are amounts recognised in the Statement of Profit and Loss: (i) amortisation expense of right of use asset $262,380
\n(2022: $251,437); (ii) interest expense on lease liabilities of $47,207 (2022: $50,466); and (iii) rent expense of $297,417 (2022: 299,381).
\n
\n\n
\n\n
\n\n
\n
\n\n10. PROVISIONS
\n
\n
\n
\n2023
\n$
\n2022
\n$
\n
\n
\n
\n
\n(a) Current Provisions:
\n
\n
\n
\nProvisions for the protection against mining damage at Debiensko
\n1
\n
\n
\n390,841
\n206,380
\nProvision for closure of gas project
\n2
\n
\n
\n54,336
\n203,481
\nAnnual leave provision
\n
\n5,680
\n23,621
\n
\n
\n450,857
\n433,482
\n
\n
\n
\n
\n(b) Non-Current Provisions:
\n
\n
\n
\nProvisions for the protection against mining damage at Debiensko
\n1
\n
\n
\n210,399
\n282,951
\n
\n
\n210,399
\n282,951
\nNotes:
\n1
\n As Debiensko was previously an operating mine, the Group has provided for the pay out of mining land damages to surrounding land owners
\nwho have made a legitimate legal claim under Polish law.
\n2
\n During the year, the Company completed the sale of the Kaczyce 1 licence infrastructure to a third party following the expiry of the licence.
\n
\n\n\n
\n\n11. CONTRIBUTED EQUITY
\n
\n
\n2023
\n2022
\n
\nNote
\n$
\n$
\n
\n
\n
\n
\n(a) Issued and Unissued Capital
\n
\n
\n
\n267,674,439 (2022: 253,620,464) fully paid Ordinary Shares
\n11(b)
\n83,317,501
\n75,810,040
\nLoan Note 2 exchangeable into fully paid ordinary shares at $0.46 per share,
\nnet of transaction costs
\n1
\n
\n
\n2,600,012
\n2,600,012
\nTotal Contributed Equity
\n
\n85,917,513
\n78,410,052
\nNote:
\n1
\nOn 2 July 2017, GreenX and CD Capital completed an investment of US$2.0 million (A$2.6 million) in the form of the non-redeemable, non-
\ninterest-bearing convertible Loan Note 2. The Loan Note 2 is convertible into ordinary shares of GreenX at an issue price of A$0.46 per share
\nand is accounted for as equity (in full).
\n
\nOther key terms of the Loan Note 2 include the following:
\n\u2022 Loan Note 2 is non-interest bearing;
\n\u2022 Loan Note 2 is only repayable in an event of breach of the terms of the Loan Note 2 agreements;
\n\u2022 Loan Note 2 cannot be converted until after 1 April 2018 by either party;
\n\u2022 GreenX has the right, whilst no Event of Default exists, to convert all or part of the outstanding principal amount of Loan Note 2 into
\nshares at the conversion price of $0.46 per share:
\no in the event of an unconditional takeover of the Company (acquisition of a relevant interest in at least 50% of GreenX shares
\npursuant to a takeover bid or by an Australian court approving a merger by way of a scheme of arrangement); or
\no at any time after 1 April 2018 provided that the 30 day VWAP of GreenX\u2019s shares exceeds the conversion price of $0.46 per share.
\n\u2022 Loan Note 2 does not provide CD Capital with any right to participate in any new issues of securities.
\n\u2022 CD Capital has the right to convert all or part of the outstanding principal amount of the Notes into shares at the conversion price of
\n$0.46 per share provided that:
\no Loan Note 1 has been converted into GreenX shares (converted in 2018); and
\no The CD Options have been exercised into GreenX shares (the CD Options expired on 30 May 2021).
\n\u2022 If the Company reorganises its capital structure, such as by subdividing or consolidating the number of its shares, conducts a pro-rata
\noffer to existing shareholders or distributes assets or securities to Shareholders, then the conversion price of $0.46 of Loan Note 2 will
\nbe adjusted so that the number of GreenX shares received by CD Capital on conversion of Loan Note 2 is the same as if Loan Note 2
\nwere converted prior to relevant event.
\n\u2022 The occurrence of an Event of Default entitles CD Capital to declare the principal amount of the Loan Note 2 immediately due and
\npayable and exercise any other rights or remedies (including bringing proceedings) against the Company.
\n\u2022 Each of the following events is an \"Event of Default\" in relation to the Loan Note 2:
\no If any representation or warranty made by GreenX is false or misleading which is reasonably likely to be a Material Adverse Effect,
\nand if such breach is capable of remedy, it is not remedied within 45 days;
\no If the Company breaches a covenant or condition of the Notes or associated agreements which is a Material Adverse Effect, and
\nif such breach is capable of remedy, it is not remedied within 45 days;
\no An Insolvency Event occurs (i.e. winding up) in relation to the Group;
\no If the Group ceases to carry on a business; or
\no If the Group does not maintain the listing and trading of its shares on at least one of the ASX, LSE or WSE.
\n\u2022 CD Capital may assign, transfer or encumber in whole or in part (in amounts of at least A$1 million) its rights under Loan Note 2 to any
\nthird party by giving written notice to GreenX provided the third party has provided a deed of assumption. Assignment of Loan Note 2
\nwill not result in the assignment of the rights and obligations under the subscription agreement or the investment agreement.
\n\u2022 A Material Adverse Effect means a material adverse effect on:
\no the Company or PDZ Holding's ability to perform any of their obligations under Loan Note 2, the and all other Transaction
\nDocument;
\no the validity or enforceability of a Transaction Document; or
\no the assets, business, condition (financial or otherwise), prospects or operations of the Group.
\n\u2022 An Insolvency Event in relation to the Group means:
\no An order being made, or the Group passing a resolution, for its winding up.
\n
\n\n
\n\n
\n\n
\n\n
\n\nb) Movements in Ordinary Shares During the Past Two Years Were as Follows:
\n
\nDate
\nDetails
\nNumber of
\nOrdinary Shares
\n$
\n
\n
\n
\n
\n1 Jul 22
\nOpening balance
\n253,620,464
\n75,810,040
\n14 Mar 2023
\nIssue of Placing Shares
\n14,053,975
\n7,729,686
\nJul 22 to Jun 23
\nShare issue costs
\n-
\n(222,225)
\n30 Jun 23
\nClosing balance
\n267,674,439
\n83,317,501
\n
\n
\n
\n
\n1 Jul 21
\nOpening balance
\n228,355,089
\n70,524,603
\n8 Oct 2021
\nIssue of ARC consideration shares (Note 6)
\n3,000,000
\n915,000
\n6 Dec 2021
\nIssue of Entitlement Shares
\n4,496,375
\n899,273
\n4 Feb 2022
\nIssue of Shortfall Shares
\n17,769,000
\n3,593,321
\nJul 21 to Jun 22
\nShare issue costs
\n-
\n(122,157)
\n30 Jun 22
\nClosing balance
\n253,620,464
\n75,810,040
\n(c) Rights Attaching to Ordinary Shares
\nThe rights attaching to fully paid Ordinary Shares arise from a combination of the Company's Constitution, statute
\nand general law.
\nOrdinary Shares issued following the exercise of Incentive Options in accordance with Note 11(d) or the conversion
\nof Performance Rights in accordance with Note 11(c) will rank equally in all respects with the Company's existing
\nOrdinary Shares.
\nCopies of the Company's Constitution are available for inspection during business hours at the Company's
\nregistered office. The clauses of the Constitution contain the internal rules of the Company and define matters
\nsuch as the rights, duties and powers of its shareholders and directors, including provisions to the following effect
\n(when read in conjunction with the Corporations Act 2001 or Listing Rules).
\n(i) Shares
\nThe issue of shares in the capital of the Company and options over unissued shares by the Company is under the
\ncontrol of the Directors, subject to the Corporations Act 2001, ASX Listing Rules and any rights attached to any
\nspecial class of shares.
\n(ii) Meetings of Members
\nDirectors may call a meeting of members whenever they think fit. Members may call a meeting as provided by the
\nCorporations Act 2001. The Constitution contains provisions prescribing the content requirements of notices of
\nmeetings of members and all members are entitled to a notice of meeting. A meeting may be held in two or more
\nplaces linked together by audio-visual communication devices. A quorum for a meeting of members is two
\nshareholders.
\nThe Company holds annual general meetings in accordance with the Corporations Act 2001 and the Listing Rules.
\n(iii) Voting
\nSubject to any rights or restrictions at the time being attached to any shares or class of shares of the Company,
\neach member of the Company is entitled to receive notice of, attend and vote at a general meeting. Resolutions
\nof members will be decided by a poll.
\nOn a poll each eligible member has one vote for each fully paid share held and a fraction of a vote for each partly
\npaid share determined by the amount paid up on that share
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n11. CONTRIBUTED EQUITY (Continued)
\n(c) Rights Attaching to Ordinary Shares (Continued)
\n(iv) Changes to the Constitution
\nThe Company's Constitution can only be amended by a special resolution passed by at least three quarters of the
\nmembers present and voting at a general meeting of the Company. At least 28 days' written notice specifying the
\nintention to propose the resolution as a special resolution must be given.
\n(v) Listing Rules
\nProvided the Company remains admitted to the Official List, then despite anything in its Constitution, no act may
\nbe done that is prohibited by the Listing Rules, and authority is given for acts required to be done by the Listing
\nRules. The Company's Constitution will be deemed to comply with the Listing Rules as amended from time to
\ntime.
\n
\n\n\n11. RESERVES
\n
\n
\n2023
\n2022
\n
\nNote
\n$
\n$
\n
\n
\n
\n
\nShare-based-payments reserve
\n11(b)
\n4,583,192
\n4,558,339
\nForeign currency translation reserve
\n
\n189,517
\n287,891
\nOther equity reserve
\n
\n6,207,493
\n6,207,493
\n
\n
\n10,980,202
\n11,053,723
\n
\n(a) Nature and Purpose of Reserves
\n(i) Share-based payments reserve
\nThe share-based payments reserve is used to record the fair value of Incentive Options and Performance Rights
\nissued by the Group.
\n(ii) Foreign currency translation reserve
\nExchange differences arising on translation of foreign controlled entities are taken to the foreign currency
\ntranslation reserve. The reserve is recognised in the Statement of Profit or Loss and other Comprehensive Income
\nwhen the net investment is disposed of.
\n(iii) Other equity reserve
\nIn 2018 the Company issued 22.3 million CD Options to CD Capital following conversion of a convertible note for
\nthe issue of 44.8 million Ordinary Shares to CD Capital. The CD Options expired in May 2021 and the value they
\nwere accounted for ($6.2 million) has been transferred to the Other Equity Reserve.
\n(b) Movements in share-based payments reserve during the past two years were as follows:
\nNumber of
\nNumber of
\nIncentive
\nPerformance
\nDate
\nDetails
\nOptions
\nRights
\n$
\n
\n
\n
\n
\n
\n1 Jul 2022
\nOpening balance
\n10,750,000
\n11,000,000
\n4,558,339
\n15 Mar 2023
\nIssue of Incentive Options
\n150,000
\n-
\n-
\nJul 22 to Jun 23
\nShare-based payments expense
\n-
\n-
\n24,853
\n30 Jun 2023
\nClosing balance
\n10,900,000
\n11,000,000
\n4,583,192
\n
\n
\n
\n
\n
\n1 Jul 2021
\nOpening balance
\n-
\n-
\n-
\n8 Oct 2021
\nIssue of Class A performance rights (Note 6)
\n-
\n5,000,000
\n1,525,000
\n8 Oct 2021
\nIssue of Class B performance rights (Note 6)
\n-
\n6,000,000
\n1,830,000
\n24 Nov 2021
\nIssue of Incentive Options
\n10,750,000
\n-
\n-
\nJul 21 to Jun 22
\nShare-based payments expense
\n-
\n-
\n1,203,339
\n30 Jun 2022
\nClosing balance
\n10,750,000
\n11,000,000
\n4,558,339
\n
\n\n
\n\n
\n\n
\n\n
\n\n(c)\u00a0\u00a0Terms and Conditions of Performance Rights
\nThe \u00a0unlisted \u00a0performance \u00a0rights \u00a0(\u201cPerformance \u00a0Rights\u201d) \u00a0were \u00a0granted \u00a0based \u00a0upon \u00a0the \u00a0following \u00a0terms \u00a0and
\nconditions:\u00a0
\n\u2022\u00a0\u00a0Each Performance Right\u00a0automatically\u00a0converts into\u00a0one Ordinary Share upon vesting\u00a0of the Performance\u00a0
\nRight;
\n\u2022\u00a0\u00a0Each Performance Right is subject to performance conditions (as determined by the Board from time to
\ntime) which must be satisfied in order for the\u00a0Performance Right to vest;
\n\u2022\u00a0\u00a0The \u00a0Performance \u00a0Rights \u00a0outstanding \u00a0at \u00a0the \u00a0end \u00a0of \u00a0the \u00a0financial \u00a0year\u00a0\u00a0have \u00a0the \u00a0following \u00a0performance
\nconditions and expiry dates:\u00a0
\no\u00a0\u00a05,000,000 Class A performance rights which \u00a0vest and convert into ordinary\u00a0\u00a0shares upon\u00a0\u00a0the
\nannouncement\u00a0of an independently assessed JORC Code inferred resource of at least 250,000
\ntonnes of copper equivalent\u00a0at a minimum resource grade of 1% Cu Equivalent (with a cut-off
\ngrade of 0.5%\u00a0Cu equivalent)\u00a0at ARC and an expiry\u00a0date 8 October 2026; and
\no\u00a0\u00a06,000,000 Class \u00a0B performance rights which \u00a0vest and convert into \u00a0ordinary shares upon\u00a0the
\nannouncement\u00a0of an independently assessed JORC Code inferred resource of at least 500,000
\ntonnes of copper equivalent at a minimum resource grade of 1% Cu Equivalent(with a cut-off
\ngrade of 0.5%\u00a0Cu equivalent)\u00a0at ARC and an expiry\u00a0date 8 October 2026.
\n\u2022\u00a0\u00a0Ordinary \u00a0Shares \u00a0issued \u00a0on \u00a0conversion \u00a0of \u00a0the \u00a0Performance \u00a0Rights \u00a0rank \u00a0equally \u00a0with \u00a0the \u00a0then \u00a0Ordinary
\nShares of the\u00a0Company;
\n\u2022\u00a0\u00a0Application will be made by the Company\u00a0to ASX for official quotation of the Ordinary Shares issued upon
\nconversion of\u00a0the Performance Rights;
\n\u2022\u00a0\u00a0If there is any reconstruction of the issued share capital of the Company, the rights of the Performance
\nRight holders\u00a0may be\u00a0varied\u00a0to comply with\u00a0the ASX\u00a0Listing Rules which\u00a0apply to\u00a0the reconstruction at the
\ntime of the reconstruction;
\n\u2022\u00a0\u00a0No application\u00a0for quotation\u00a0of the Performance\u00a0Rights will be made by the Company; and
\n\u2022\u00a0\u00a0Without approval of\u00a0the Board, Performance Rights may not be transferred, assigned or novated, except,
\nupon death, a\u00a0participant's legal personal representative\u00a0may elect to be registered as the new holder of
\nsuch Performance Rights and\u00a0exercise any rights in respect of them.
\n(d)\u00a0\u00a0Terms and Conditions of Incentive Options
\nThe unlisted incentive options (\u201cIncentive Options\u201d) were granted based\u00a0upon the following terms\u00a0and
\nconditions:\u00a0
\n\u2022\u00a0\u00a0Each Incentive Option entitles the holder to the right to subscribe for one Share upon the exercise of each
\nIncentive Option;\u00a0
\n\u2022\u00a0\u00a0The Incentive Options granted as\u00a0share-based payments during the financial year have the following exercise\u00a0
\nprices and expiry\u00a0dates:
\no\u00a0\u00a05,375,000 Incentive Options exercisable at $0.45 on or before 30 November 2025; and\u00a0
\no\u00a0\u00a05,525,000 Incentive Options exercisable at $0.55\u00a0on or before 30 November 2026.
\n\u2022\u00a0\u00a0The Incentive Options are exercisable at\u00a0any\u00a0time prior to the Expiry Date, subject to vesting conditions being
\nsatisfied (if applicable);
\n\u2022\u00a0\u00a0Shares issued\u00a0on exercise of the Incentive Options rank equally\u00a0with the then Shares of the Company;
\n\u2022\u00a0\u00a0Application will be made by the Company to ASX for official quotation of the Shares issued upon the exercise
\nof the Incentive Options;
\n\u2022\u00a0\u00a0If there is any reconstruction\u00a0of the issued share capital of the Company, the rights of the Incentive Option
\nholders may be varied to comply\u00a0with the ASX Listing Rules which apply to the reconstruction at the time of\u00a0
\nthe reconstruction; and
\n\u2022\u00a0\u00a0No application\u00a0for quotation of the Incentive Options\u00a0will be made\u00a0by the Company.
\nThe \u00a0Company also \u00a0has \u00a0other unlisted securities \u00a0(not accounted for \u00a0as \u00a0share-based \u00a0payments) \u00a0on \u00a0issue which\u00a0
\nincludes the following:
\n\u2022\u00a0\u00a0A convertible loan note with a principal amount of $2,627,430, convertible\u00a0into 5,711,805 ordinary shares at
\na conversion\u00a0price of $0.46 per share with\u00a0no expiry date (Loan Note\u00a02) (Terms disclosed at Note\u00a011(a)).\u00a0
\n
\n\n
\n\n
\n\n
\n
\n\n13.\u00a0\u00a0EARNINGS PER SHARE
\nThe following reflects the income and share data used in the calculations of basic and\u00a0diluted earnings per share:
\n\u00a0
\n2023
\n2022
\n$
\n$
\nNet loss attributable to members of the Parent used in calculating basic and
\ndiluted earnings per share\u00a0
\n(3,524,846)\u00a0
\n(3,657,455)\u00a0
\n\u00a0
\nNumber of
\nNumber of
\nOrdinary Shares\u00a0
\nOrdinary Shares\u00a0
\n2023
\n2022
\nWeighted average\u00a0number of Ordinary Shares used in calculating basic and diluted
\nloss per share\u00a0
\n257,817,404
\n240,247,672
\n\u00a0
\n(a)\u00a0\u00a0Non-Dilutive Securities
\nAs \u00a0at \u00a030 \u00a0June \u00a02023, \u00a0there \u00a0were \u00a010,900,000 \u00a0unlisted \u00a0Options, \u00a011,000,000 \u00a0unlisted \u00a0Performance \u00a0Rights \u00a0and \u00a0a
\nconvertible \u00a0loan \u00a0note, \u00a0convertible \u00a0into \u00a05,711,805 \u00a0ordinary \u00a0shares \u00a0on \u00a0issue \u00a0(which \u00a0represent \u00a027,611,805 \u00a0potential\u00a0
\nOrdinary Shares) which were\u00a0not dilutive as they would decrease the loss\u00a0per share.\u00a0
\n(b)\u00a0\u00a0Conversions, Calls, Subscriptions or Issues after 30 June\u00a02023
\nThere \u00a0have \u00a0been \u00a0no \u00a0other \u00a0conversions \u00a0to, \u00a0calls \u00a0of, \u00a0or \u00a0subscriptions \u00a0for \u00a0Ordinary \u00a0Shares \u00a0or \u00a0issues \u00a0of \u00a0potential
\nOrdinary Shares since the reporting date and before the completion of this financial report.
\n
\n\n\n
\n14.\u00a0\u00a0STATEMENT OF CASH FLOWS
\n(a)\u00a0\u00a0Reconciliation of the Profit\u00a0after Tax to the Net Cash Flows from Operations
\n\u00a0
\n\u00a0
\n2023
\n2022
\n\u00a0
\n\u00a0
\n$
\n$
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nNet loss for the year
\n\u00a0
\n(3,524,846)\u00a0
\n(3,657,455)\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nAdjustments\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nDepreciation and amortisation\u00a0
\n\u00a0
\n566,387
\n297,423
\nShare-based payment expense\u00a0
\n\u00a0
\n24,853
\n1,203,339
\nUnrealised foreign exchange movement\u00a0
\n\u00a0
\n56,338
\n(3,601)
\nNon-cash income\u00a0
\n\u00a0
\n(3,164,691)
\n(4,721,963)
\nNon-cash expenditure
\n\u00a0
\n2,849,309\u00a0
\n3,747,221
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nChange in operating assets and\u00a0liabilities\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n(Increase)/decrease in trade and other receivables\u00a0\u00a0\u00a0
\n\u00a0
\n(49,894)
\n300,586
\nIncrease/(decrease) in trade and other payables\u00a0\u00a0\u00a0
\n\u00a0
\n643,772
\n463,144
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nNet cash outflow from operating activities\u00a0
\n\u00a0
\n(2,598,772)\u00a0
\n(2,371,306)
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\n(b)\u00a0\u00a0Reconciliation of Cash\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nCash at bank and\u00a0on hand\u00a0
\n\u00a0
\n4,174,728
\n6,106,847
\nBank short term\u00a0deposits
\n\u00a0
\n4,500,000\u00a0
\n-
\n\u00a0
\n\u00a0
\n8,674,728\u00a0
\n6,106,847
\n
\n\n(c)\u00a0\u00a0Non-cash Financing and Investment Activities\u00a0
\nAn amount\u00a0of $4,854,562\u00a0(2022: $5,136,427) was\u00a0recognised as arbitration\u00a0related income. These amounts relate to
\nthe reimbursement of legal, tribunal and external expert costs relating to the Claim. $3,602,148 (2022: $3,178,390)
\nof these reimbursed amounts were paid directly\u00a0by the Claim funder to the relevant supplier.
\n\u00a0
\nAn amount of $4,963,816 (2022: $5,048,785) was recognised as arbitration related expense.\u00a0These amounts relate
\nto\u00a0legal, tribunal and external expert costs relating to the Claim. $3,602,148 (2022: $3,178,390) of these costs were
\npaid directly\u00a0by the Claim funder to the relevant\u00a0supplier.
\n
\n\n
\n\n
\n
\n\n
\n15.\u00a0\u00a0RELATED PARTIES
\n\n(a)\u00a0\u00a0Subsidiaries
\n\u00a0
\n\u00a0
\n% Equity Interest\u00a0
\nName\u00a0
\nCountry of
\nIncorporation\u00a0
\n2023
\n%
\n2022
\n%
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nMineral Investments Pty Ltd \u00a0
\nAustralia
\n100
\n100
\nPDZ Holdings Pty Ltd
\nAustralia
\n100
\n100
\nPDZ (UK) Limited
\nUK\u00a0
\n100
\n100
\nPD CO Holdings (UK) Limited\u00a0
\nUK\u00a0
\n100
\n100
\nPD Co Sp. z o.o.\u00a0
\nPoland
\n100
\n100
\nKarbonia S.A.\u00a0
\nPoland
\n100
\n100
\n
\n\n(b)\u00a0\u00a0Ultimate Parent
\nGreenX Metals Limited is the\u00a0ultimate parent of the Group.\u00a0
\n(c)\u00a0\u00a0Transactions with Related Parties\u00a0
\nBalances and transactions between the Company and its subsidiaries, which are related parties of the Company,
\nhave \u00a0been \u00a0eliminated \u00a0on \u00a0consolidation\u00a0\u00a0and \u00a0are \u00a0not \u00a0disclosed \u00a0in \u00a0this \u00a0note. \u00a0Transactions \u00a0with \u00a0KMP, \u00a0including
\nremuneration, are included at Note 16\u00a0below.
\n
\n\n\n16.\u00a0\u00a0KEY MANAGEMENT PERSONNEL
\n(a)\u00a0\u00a0Details of KMP
\nThe KMP of the Group during\u00a0or since the end of the financial year were as\u00a0follows:
\n\u00a0
\nCurrent Directors
\nMr Ian Middlemas \u00a0\u00a0\u00a0Chairman
\nMr Benjamin\u00a0Stoikovich \u00a0Director and\u00a0CEO
\nMr Garry Hemming\u00a0 \u00a0\u00a0\u00a0Non-Executive\u00a0Director
\nMr Mark Pearce \u00a0\u00a0\u00a0Non-Executive\u00a0Director
\nOther KMP
\nMr Simon Kersey \u00a0\u00a0\u00a0Chief Financial\u00a0Officer
\nMr Dylan Browne \u00a0\u00a0\u00a0Company Secretary
\nUnless otherwise disclosed,\u00a0the KMP held their position from 1 July 2022 until\u00a0the date of\u00a0this report.
\n\u00a0
\n\u00a0
\n\u00a0
\n2023
\n2022
\n\u00a0
\n\u00a0
\n$
\n$
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nShort-term employee benefits
\n\u00a0
\n851,987
\n827,201
\nPost-employment benefits
\n\u00a0
\n5,880
\n5,600
\nShare-based payments
\n\u00a0
\n-
\n671,632
\nTotal compensation
\n\u00a0
\n857,867
\n1,504,433
\n(b)\u00a0\u00a0Loans from KMP
\nNo loans were provided to\u00a0or received from KMP during the\u00a0year ended\u00a030 June 2023 (2022: Nil).
\n(c)\u00a0\u00a0Other Transactions\u00a0
\nApollo Group Pty Ltd, a \u00a0Company of which Mr Mark Pearce is a \u00a0Director and beneficial\u00a0shareholder, was paid
\n$288,000 (2022: $240,000) for the provision\u00a0of serviced office facilities and administration\u00a0services. The amount is
\nbased on a monthly retainer due and payable in advance, with no fixed\u00a0term, and\u00a0is able to be terminated\u00a0by either
\nparty with\u00a0one month\u2019s notice.\u00a0This item has been recognised as an expense in the Statement of Profit or Loss and
\nother Comprehensive Income.\u00a0
\n
\n\n
\n\n
\n
\n\n17.\u00a0\u00a0PARENT ENTITY DISCLOSURES\u00a0
\n\u00a0
\n2023
\n2022
\n\u00a0
\n$
\n$
\n(a)\u00a0\u00a0Financial Position\u00a0
\n\u00a0
\n\u00a0
\nAssets\u00a0
\n\u00a0
\n\u00a0
\nCurrent assets\u00a0
\n8,625,030
\n4,229,099
\nNon-current assets\u00a0
\n5,027,833
\n5,093,725
\nTotal assets\u00a0
\n13,652,862
\n9,322,824
\n\u00a0
\n\u00a0
\n\u00a0
\nLiabilities
\n\u00a0
\n\u00a0
\nCurrent liabilities\u00a0
\n920,186
\n521,142
\nNon-Current liabilities
\n300,897
\n538,266
\nTotal liabilities
\n1,221,082
\n1,059,408
\n\u00a0
\n\u00a0
\n\u00a0
\nEquity\u00a0
\n\u00a0
\n\u00a0
\nContributed equity\u00a0
\n83,317,396
\n78,410,052
\nReserves
\n10,790,685
\n8,165,715
\nAccumulated losses
\n(81,676,301)
\n(78,312,351)
\nTotal equity\u00a0
\n12,431,780\u00a0
\n8,263,416
\n\u00a0
\n\u00a0
\n\u00a0
\n(b)\u00a0\u00a0Financial\u00a0Performance\u00a0
\n\u00a0
\n\u00a0
\nLoss for the year
\n(3,363,950)\u00a0
\n(5,598,952)\u00a0
\nOther comprehensive loss
\n-
\n-
\nTotal comprehensive loss\u00a0
\n(3,363,950)\u00a0
\n(5,598,952)\u00a0
\n(c)\u00a0\u00a0Other information\u00a0
\nThe Company has not entered\u00a0into any guarantees in relation to its subsidiaries. Refer to Note 22\u00a0for details of
\ncontingent assets and liabilities.
\n
\n\n\n18.\u00a0\u00a0SHARE-BASED PAYMENTS
\n(a)\u00a0\u00a0Recognised\u00a0Share-based Payments\u00a0
\nFrom \u00a0time \u00a0to \u00a0time, \u00a0the \u00a0Group \u00a0provides \u00a0Incentive \u00a0Options \u00a0and \u00a0Performance \u00a0Rights \u00a0to \u00a0officers, \u00a0employees,
\nconsultants and other key advisors as part of remuneration\u00a0and incentive\u00a0arrangements. The number of options
\nor \u00a0rights \u00a0granted, \u00a0and \u00a0the \u00a0terms \u00a0of \u00a0the \u00a0options \u00a0or \u00a0rights \u00a0granted \u00a0are \u00a0determined \u00a0by \u00a0the \u00a0Board. \u00a0Shareholder
\napproval is\u00a0sought where required.\u00a0During the past two\u00a0years, the following\u00a0equity-settled\u00a0share-based\u00a0payments\u00a0
\nhave been recognised:
\n\u00a0
\n2023
\n2022
\n\u00a0
\n$
\n$
\nExpense arising from equity-settled share-based payment transactions\u00a0
\n(24,853)
\n(1,203,339)
\nTotal share-based payments recognised during the year\u00a0
\n(24,853)
\n(1,203,339)
\n(b)\u00a0\u00a0Summary of Incentive Options and Performance Rights Granted as Share-based Payments
\n150,000 (2022:\u00a010,750,000) Incentive Options\u00a0were granted\u00a0as share-based payments during the current year. \u00a0
\nThe following table illustrates the number and weighted average exercise prices (\u201cWAEP\u201d) of Incentive Options\u00a0
\ngranted as share-based payments during the past two\u00a0years:
\nIncentive Options\u00a0
\n2023
\nNumber
\n2023
\nWAEP
\n2022
\nNumber
\n2022
\nWAEP
\nOutstanding at beginning of year\u00a0
\n10,750,000
\n0.50
\n-
\n-
\nGranted by the Company during the year\u00a0
\n150,000
\n0.55
\n10,750,000
\n0.50
\nForfeited/cancelled/lapsed
\n-
\n-
\n-
\n-
\nOutstanding at end\u00a0of year\u00a0
\n10,900,000
\n0.50
\n10,750,000
\n0.50
\n
\n\n
\n\n
\n\nNo\u00a0Performance Rights\u00a0were granted as share-based payments during the current year (2022: 11,000,000). \u00a0
\nThe following table illustrates the number and WAEP of\u00a0Performance Rights granted as share-based payments at
\nduring the past two years:
\nPerformance Rights
\n2023
\nNumber
\n2023
\nWAEP
\n2022
\nNumber
\n2022
\nWAEP
\nOutstanding at beginning of year\u00a0
\n11,000,000
\n-
\n-
\n-
\nGranted by the Company during the year\u00a0
\n-
\n-
\n11,000,000\u00a0
\n-
\nForfeited/cancelled/lapsed/expired\u00a0
\n-
\n-
\n-
\n-
\nOutstanding at end\u00a0of year\u00a0
\n11,000,000
\n-
\n11,000,000\u00a0
\n-
\n(c)\u00a0\u00a0Option and Rights Pricing Models
\nThe fair value of the equity-settled share Incentive Options granted\u00a0is estimated as at the date of grant using the
\nbinomial option pricing valuation model taking into account the terms and conditions upon which the Incentive
\nOptions were granted. The fair value of the equity-settled share Performance Rights granted is estimated as at the
\ndate of grant with\u00a0reference to the share price on that date. \u00a0
\n150,000 (2022: 10,750,000)Incentive Options were granted as\u00a0share-based payments in the financial year\u00a0ended 30
\nJune 2023. No Performance Rights (2022: 11,000,000) were issued as share-based payments in the financial years
\nended 30 June 2023. \u00a0
\nThe following table lists the inputs to the valuation models used for Incentive Options and Performance Rights
\ngranted by the Group during\u00a0the last\u00a0two years:
\nIncentive Options
\n2023 Inputs\u00a0
\nSeries 1
\nExercise price (A$)
\n0.550
\nGrant date share price (A$)\u00a0
\n0.650
\nDividend yield
\n1
\n\u00a0
\n-
\nVolatility
\n2
\n\u00a0
\n95%
\nRisk-free interest rate
\n3.08%
\nGrant date
\n15 Mar 23
\nExpiry date\u00a0
\n30 Nov 26
\nExpected life of rights
\n3
\n(years)
\n3.42
\nFair value at grant date (A$)\u00a0
\n0.448
\n\u00a0
\nIncentive Options
\n2022 Inputs\u00a0
\nSeries 1
\nSeries 2
\nExercise price (A$)
\n0.450
\n0.550
\nGrant date share price (A$)\u00a0
\n0.215
\n0.215
\nDividend yield
\n1
\n\u00a0
\n-
\n-
\nVolatility
\n2
\n\u00a0
\n90%
\n90%
\nRisk-free interest rate
\n1.44%
\n1.44%
\nGrant date
\n24 Nov 21
\n24 Nov 21\u00a0
\nExpiry date\u00a0
\n30 Nov 25
\n30 Nov 26
\nExpected life of rights
\n3
\n(years)
\n4.02
\n5.02
\nFair value at grant date (A$)\u00a0
\n0.108
\n0.116
\nNotes:
\n1
\n\u00a0\u00a0The dividend yield reflects the assumption that the current dividend payout will remain unchanged.
\n2
\n\u00a0\u00a0The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual
\noutcome.
\n3
\n\u00a0\u00a0The expected life of the Incentive Options is based on the exercise date.
\n
\n\n
\n\n
\n
\n\n18.\u00a0\u00a0SHARE-BASED PAYMENTS (Continued)
\n(c)\u00a0\u00a0Option and Rights Pricing Models (Continued)
\nPerformance Rights
\n2022 Inputs\u00a0
\nClass A
\nClass B
\nExercise price (A$)
\n-
\n-
\nGrant date share price (A$)\u00a0
\n0.302
\n0.302
\nDividend yield
\n1
\n\u00a0
\n-
\n-
\nVolatility
\n2
\n\u00a0
\n-
\n-
\nRisk-free interest rate
\n-
\n-
\nGrant date
\n8 Oct 21
\n8 Oct 21
\nExpiry date\u00a0
\n8 Oct 26
\n8 Oct 26
\nExpected life of rights
\n3
\n(years)
\n5.0
\n5.0
\nFair value at grant date (A$)\u00a0
\n0.302
\n0.302
\nNotes:
\n1
\n\u00a0\u00a0The dividend yield reflects the assumption that the current dividend payout will remain unchanged.
\n2
\n\u00a0\u00a0The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not\u00a0necessarily be the actual
\noutcome.
\n3
\n\u00a0\u00a0The expected life of the Performance Rights is based on the expiry date.
\n(d)\u00a0\u00a0Weighted Average Remaining Contractual Life
\nAt 30 June 2023, the weighted average remaining contractual life for Incentive Options on\u00a0issue that had been
\ngranted as share-based payments was 2.93 years (2022:\u00a03.93 years).
\n(e)\u00a0\u00a0Range of Exercise Prices
\nAt 30 June 2023 and 2022, the\u00a0range of exercise prices for Incentive Options on issue that had been granted\u00a0as
\nshare-based payments was $0.45 and $0.55. \u00a0
\n(f)\u00a0\u00a0Weighted Average Fair Value\u00a0
\nThere were 150,000 Incentive Options granted as share-based payments during the year ended 30 June 2023 (30
\nJune 2022: 10,750,000). The weighted average fair value\u00a0of Incentive Options granted as share-based payments
\nduring the year ended 30 June\u00a02023 was $0.12. \u00a0
\n
\n\n\u00a0
\n\n19.\u00a0\u00a0AUDITORS\u2019 REMUNERATION\u00a0
\nThe auditor of\u00a0GreenX Metals Limited is UHY Haines Norton.
\n\u00a0
\n2023
\n2022
\n\u00a0
\n$
\n$
\nCurrent Auditor \u2013\u00a0UHY Haines Norton \u00a0
\n\u00a0
\n\u00a0
\nAmounts received or due and receivable by UHY Haines Norton for:
\n\u00a0
\n\u00a0
\n\u2022\u00a0\u00a0UHY Haines Norton \u2013\u00a0Australia: an audit or review of the 2023 financial report of the
\nCompany and any other entity in the consolidated group\u00a0
\n160,724
\n-
\n\u2022\u00a0\u00a0UHY Haines Norton \u2013\u00a0Poland: an audit\u00a0or review of the 2022 financial\u00a0report of the
\nCompany and any other entity in the consolidated group\u00a0for WSE purposes
\n132,966
\n-
\n\u2022\u00a0\u00a0UHY Haines Norton \u2013\u00a0Poland: an audit\u00a0or review of the 2021 financial\u00a0report of the
\nCompany and any other entity in the consolidated group for WSE purposes\u00a0
\n152,634
\n-
\n\u2022\u00a0\u00a0Other entities: an audit or review of the financial report of any other entity in the
\nconsolidated group
\n9,073
\n7,958
\nFormer Auditor \u2013\u00a0Ernst & Young\u00a0\u00a0
\n\u00a0
\n\u00a0
\nAmounts received or due and receivable by Ernst & Young for:\u00a0
\n\u00a0
\n\u00a0
\n\u2022\u00a0\u00a0Ernst and Young \u2013\u00a0Australia: an audit or review of the financial report of the
\nCompany and any other entity in the consolidated group
\n15,600
\n50,625
\n\u2022\u00a0\u00a0Ernst and Young \u2013\u00a0Australia: preparation of income tax return
\n14,000
\n10,000
\n\u00a0
\n484,997
\n68,583
\n
\n\n
\n\n
\n
\n\n20.\u00a0\u00a0SEGMENT INFORMATION
\nThe Consolidated Entity operates in one segment,\u00a0being mineral exploration.\u00a0This is the basis on which internal
\nreports are provided to the Directors for assessing performance and determining the allocation of resources within
\nthe Consolidated Entity.
\n\u00a0
\n2023
\n2022
\n\u00a0
\n$
\n$
\n\u00a0
\n\u00a0
\n\u00a0
\n(a)\u00a0\u00a0Reconciliation of Non-Current Assets by Geographical Location\u00a0
\n\u00a0
\n\u00a0
\nGreenland\u00a0
\n8,324,108
\n6,618,162
\nPoland
\n-
\n10,023
\nUnited Kingdom\u00a0
\n736,282
\n801,901
\n\u00a0
\n9,060,390
\n7,430,086
\n(b)\u00a0\u00a0Revenue by Geographical Location\u00a0
\n\u00a0
\n\u00a0
\nPoland
\n162,666
\n873,214
\nAustralia
\n5,005,046
\n5,161,745
\n\u00a0
\n5,167,712
\n6,034,959
\n
\n\n\n
\n21.\u00a0\u00a0FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
\n(a)\u00a0\u00a0Overview\u00a0
\nThe \u00a0Group's principal financial \u00a0instruments comprise receivables, \u00a0payables, cash and short-term \u00a0deposits. The
\nmain risks arising from\u00a0the Group's financial instruments are credit risk,\u00a0liquidity risk,\u00a0interest\u00a0rate risk\u00a0and foreign
\ncurrency risk.\u00a0
\nThis note presents information about the Group's exposure to each of the above risks, its objectives, policies and
\nprocesses for measuring and managing risk, and the management of capital. Other than as disclosed, there have\u00a0
\nbeen no significant changes since the previous financial year to the\u00a0exposure or management of these risks.
\nThe Group manages its exposure to key financial risks in accordance\u00a0with the Group's financial risk management
\npolicy. Key risks are monitored and reviewed \u00a0as circumstances change \u00a0(e.g. acquisition of \u00a0a \u00a0new project)\u00a0\u00a0and
\npolicies are revised\u00a0as required. The overall objective of the Group's financial risk management policy is to support
\nthe delivery of the Group's financial targets whilst protecting future financial security.\u00a0
\nGiven \u00a0the \u00a0nature \u00a0and \u00a0size \u00a0of the \u00a0business \u00a0and \u00a0uncertainty as \u00a0to \u00a0the \u00a0timing and amount of \u00a0cash \u00a0inflows \u00a0and
\noutflows, the \u00a0Group \u00a0does not enter \u00a0into derivative \u00a0transactions \u00a0to mitigate the \u00a0financial risks.\u00a0\u00a0In \u00a0addition, \u00a0the
\nGroup's \u00a0policy \u00a0is \u00a0that \u00a0no \u00a0trading \u00a0in \u00a0financial \u00a0instruments\u00a0\u00a0shall \u00a0be \u00a0undertaken \u00a0for \u00a0the \u00a0purposes \u00a0of \u00a0making
\nspeculative gains. As the Group's operations\u00a0change, the Directors will review this policy periodically\u00a0going forward.
\nThe Board \u00a0of \u00a0Directors has \u00a0overall responsibility for the \u00a0establishment and \u00a0oversight of the risk management
\nframework. The Board reviews and\u00a0agrees policies for managing the Group's financial\u00a0risks as\u00a0summarised\u00a0below.
\n\n(b)\u00a0\u00a0Credit Risk\u00a0
\nCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
\nmeet \u00a0its \u00a0contractual \u00a0obligations. \u00a0This \u00a0arises \u00a0principally\u00a0\u00a0from \u00a0cash \u00a0and \u00a0cash \u00a0equivalents \u00a0and \u00a0trade \u00a0and \u00a0other
\nreceivables. There are no significant concentrations of credit risk within the Group. The carrying amount of the
\nGroup's financial assets represents the maximum credit risk exposure, as represented below:
\n\u00a0
\n2023
\n2022
\n\u00a0
\n$
\n$
\nCash and cash equivalents
\n8,674,728\u00a0
\n6,106,847
\nTrade and other receivables\u00a0
\n203,552
\n2,149,578
\n\u00a0
\n8,878,280\u00a0
\n8,256,425
\nWith respect to credit risk arising from cash and cash equivalents, the Group's exposure to credit risk arises from
\ndefault of the counter party, with a maximum exposure equal to the carrying amount of\u00a0these instruments. Where\u00a0
\npossible, the Group invests its cash and cash equivalents with banks that are rated the equivalent of investment
\ngrade and above. The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored
\nand the aggregate value of transactions concluded is spread amongst approved counterparties.
\nThe Group does not have any\u00a0significant customers and accordingly does not have significant exposure to bad\u00a0or
\ndoubtful debts.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n21.\u00a0\u00a0FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued) \u00a0
\n\n(b)\u00a0\u00a0Credit Risk (Continued)
\nTrade \u00a0and \u00a0other \u00a0receivables \u00a0comprise \u00a0trade \u00a0and \u00a0other\u00a0\u00a0receivables, \u00a0interest \u00a0accrued \u00a0and \u00a0GST \u00a0refunds \u00a0due.
\nReceivable balances are monitored on an ongoing basis with the result that the Group\u2019s exposure to impairment\u00a0
\nis not significant. At 30 June 2023, none (2022:\u00a0none) of the Group\u2019s receivables are impaired. \u00a0
\n
\n\n\n(c)\u00a0\u00a0Liquidity Risk
\nLiquidity risk is\u00a0the risk\u00a0that the Group will not be able\u00a0to meet its financial obligations\u00a0as\u00a0they fall due. The\u00a0Board's\u00a0
\napproach to managing\u00a0liquidity is to ensure, as far as possible, that the Group will always have sufficient\u00a0liquidity\u00a0
\nto meet its liabilities when due. At 30 June 2023 and 2022, the Group had sufficient liquid assets to meet its financial
\nobligations. \u00a0
\nThe contractual maturities of financial liabilities, including estimated interest payments, are provided below. There\u00a0
\nare no netting\u00a0arrangements in respect of financial liabilities.
\n(c)\u00a0\u00a0Liquidity Risk (Continued)
\n\u00a0
\n\u22646 Months\u00a0
\n\u00a0
\n$
\n6-12 Months
\n$
\n1-5 Years
\n\u00a0
\n$
\n\u22655 Years\u00a0
\n\u00a0
\n$
\nTotal
\n\u00a0
\n$
\n2023
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nFinancial Liabilities
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nTrade and other payables\u00a0
\n963,974
\n-
\n-
\n-
\n963,974
\nArbitration expenses payable\u00a0
\n9,590
\n-
\n-
\n-
\n9,590
\nOther financial liabilities
\n138,370
\n143,073
\n300,897
\n-
\n582,340
\n\u00a0
\n1,111,934
\n143,073
\n300,897
\n-
\n1,555,904
\n2022
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nFinancial Liabilities
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nTrade and other payables\u00a0
\n782,459
\n-
\n-
\n-
\n784,459
\nArbitration expenses payable\u00a0
\n1,521,129
\n-
\n-
\n-
\n1,521,129
\nOther financial liabilities
\n315,808
\n-
\n538,266
\n-
\n854,074
\n\u00a0
\n2,619,396
\n-
\n538,266
\n-
\n3,157,662
\n
\n\n\n(d)\u00a0\u00a0Interest Rate Risk\u00a0
\nThe Group's exposure to the risk of changes in market interest rates relates primarily to the cash and short-term
\ndeposits with\u00a0a variable interest rate.
\nThese financial assets with variable rates expose the Group to cash flow interest rate risk.\u00a0All other financial assets\u00a0
\nand liabilities, in\u00a0the form of receivables and\u00a0payables are non-interest bearing.
\nAt the reporting\u00a0date, the Group's exposure\u00a0to variable interest rates was:
\n\u00a0
\n2023
\n2022
\n\u00a0
\n$
\n$
\nInterest-bearing\u00a0financial instruments\u00a0
\n\u00a0
\n\u00a0
\nCash at bank and\u00a0on hand\u00a0
\n4,174,728
\n6,106,847
\nBank short term\u00a0deposits
\n4,500,000\u00a0
\n-
\n\u00a0
\n8,674,728\u00a0
\n6,106,847
\nThe Group's cash at bank and on hand and short term deposits had a\u00a0weighted average floating interest rate at
\nyear end of 4.45% (2022: 0.38%).\u00a0
\nThe Group currently does not\u00a0engage in any hedging\u00a0or derivative transactions\u00a0to manage interest rate risk.
\nInterest rate sensitivity
\nA sensitivity of 3% (300 basis points) has been selected as this is considered reasonable given the current level of
\nboth short term and long term interest rates. A 3% (300 basis points) movement in interest rates at the reporting
\ndate would have increased/(decreased) Profit or Loss and Other Comprehensive Income by the amounts shown
\nbelow. This analysis assumes that all other variables, in particular foreign\u00a0currency rates, remain constant. The
\nanalysis is performed on a sensitivity of 3% (300 basis points) basis for 2022.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\nProfit or loss\u00a0
\nOther Comprehensive Income\u00a0
\n\u00a0
\n+ 300 basis
\n- 300 basis
\n+ 300 basis
\n- 300 basis
\npoints
\npoints
\npoints
\npoints
\n$
\n$
\n$
\n$
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n2023
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nGroup
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nCash and cash equivalents
\n260,242
\n(260,242)
\n-
\n-
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n2022\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nGroup
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nCash and cash equivalents
\n183,205
\n(183,205)
\n-
\n-
\n(e)\u00a0\u00a0Commodity Price Risk\u00a0
\nThe Group has no exposure to commodity price risk on its financial instruments at 30 June 2023. No hedging or
\nderivative transactions have been used to manage commodity price risk.
\n
\n\n\n(f)\u00a0\u00a0Capital Management
\nThe Group defines its Capital as total equity of the Group, being $15,721,510\u00a0as at 30 June 2023 (2022: $11,812,416).
\nThe Group manages its capital to ensure that entities in the Group will be able to continue as a going concern
\nwhile financing the development of its projects through primarily\u00a0equity based financing. The Board's policy is to
\nmaintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future
\ndevelopment\u00a0of the business. Given the stage of development of the Group, the Board's objective is to minimise\u00a0
\ndebt and to raise funds as required through\u00a0the issue of new shares.
\nThe Group is not\u00a0subject to externally imposed capital\u00a0requirements.
\nThere \u00a0were \u00a0no \u00a0changes \u00a0in \u00a0the \u00a0Group's approach to \u00a0capital \u00a0management \u00a0during the year. \u00a0During \u00a0the \u00a0next \u00a012
\nmonths, the Group will\u00a0continue to\u00a0explore project financing\u00a0opportunities,\u00a0primarily consisting of additional issues\u00a0
\nof equity.
\n
\n\n\n(g)\u00a0\u00a0Fair Value\u00a0
\nThe Group uses various methods in estimating the fair value of a financial instrument. The methods comprise:
\n\u2022\u00a0\u00a0Level 1 \u2013\u00a0the fair value is calculated\u00a0using quoted prices in active markets.
\n\u2022\u00a0\u00a0Level \u00a02 \u00a0\u2013\u00a0\u00a0the \u00a0fair \u00a0value \u00a0is \u00a0estimated \u00a0using \u00a0inputs \u00a0other \u00a0than \u00a0quoted \u00a0prices \u00a0included \u00a0in \u00a0Level \u00a01 \u00a0that \u00a0are
\nobservable for the asset or liability, either directly (as\u00a0prices) or indirectly (derived from prices).
\n\u2022\u00a0\u00a0Level 3 \u2013\u00a0the fair value is estimated using inputs\u00a0for the asset\u00a0or liability that are not based on observable\u00a0
\nmarket data.
\nAt 30 June 2023\u00a0and 30 June 2022, the carrying value\u00a0of the Group\u2019s\u00a0financial assets and liabilities approximate
\ntheir fair value.
\n
\n\n\n(h)\u00a0\u00a0Foreign Currency Risk
\nThe \u00a0Group \u00a0has \u00a0transactional \u00a0currency \u00a0exposures. \u00a0Such \u00a0exposure \u00a0arises \u00a0from \u00a0transactions \u00a0denominated \u00a0in
\ncurrencies other than the functional currency of the entity.
\nThe \u00a0Group\u2019s \u00a0exposure \u00a0to \u00a0foreign \u00a0currency \u00a0risk \u00a0throughout \u00a0the \u00a0current \u00a0and \u00a0prior \u00a0year \u00a0primarily \u00a0arose \u00a0from
\ncontrolled \u00a0entities \u00a0of \u00a0the \u00a0Company \u00a0whose \u00a0functional \u00a0currency \u00a0is \u00a0the \u00a0Polish \u00a0Zloty \u00a0(\u201cPLN\u201d)\u00a0\u00a0and \u00a0contractual\u00a0
\nobligations in\u00a0Great British\u00a0Pound (\u201cGBP\u201d).
\nIt is the Group\u2019s policy not to enter into any hedging or derivative\u00a0transactions to manage foreign currency risk.
\nHowever, the Group does hold some PLN cash\u00a0and cash equivalents to fund its planned Polish operations over the
\nnext 12 months, given the majority of the Group\u2019s expenditure\u00a0over this\u00a0period is expected to be in PLN.
\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n21.\u00a0\u00a0FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued) \u00a0
\n\n
\n(h)\u00a0\u00a0Foreign Currency Risk (Continued)
\nAt the reporting\u00a0date, the Group\u2019s exposure to financial instruments denominated in foreign\u00a0currencies\u00a0was:\u00a0
\n2023
\n\u00a0
\n\u00a0
\nPLN
\nGBP
\n\u00a0
\n\u00a0
\nAUD
\n\u00a0
\nTotal Equivalent
\nAUD
\nFinancial assets\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nCash and cash equivalents
\n266,503
\n-
\n8,576,434
\n8,674,728
\nTrade and other receivables\u00a0
\n152,081
\n-
\n147,461
\n203,552
\nOther
\n-
\n99,819
\n-
\n190,295
\n\u00a0
\n418,584
\n99,819
\n8,723,895\u00a0
\n9,068,575
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nFinancial liabilities\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nTrade and other payables\u00a0
\n(642,396)\u00a0
\n-
\n(736,631)
\n(973,564)
\nOther financial liabilities \u00a0
\n-
\n(305,467)
\n-
\n(582,339)
\n\u00a0
\n(642,396)\u00a0
\n(305,467)
\n(736,631)
\n(1,555,903)\u00a0
\nNet exposure\u00a0
\n(223,812)
\n(205,647)
\n8,987,264\u00a0
\n7,512,672
\n\nForeign exchange rate sensitivity
\nAt the reporting date, had the Australian Dollar appreciated or depreciated against the PLN and GBP, as illustrated
\nin the table below, Profit or Loss and other Comprehensive\u00a0Income would have been affected\u00a0by the amounts
\nshown below. This analysis assumes that all other variables remain constant. \u00a0
\n\u00a0
\nProfit or loss\u00a0
\nOther Comprehensive Income\u00a0
\n\u00a0
\n10% Increase\u00a0
\n10% Decrease
\n10% Increase\u00a0
\n10% Decrease
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n2023
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nGroup
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nAUD to PLN\u00a0
\n(8,255)
\n8,255
\n-
\n-
\nAUD to GBP
\n(39,204)
\n39,204
\n-
\n-
\n
\n\n
\n\n
\n\n\n
\n\n22.\u00a0\u00a0CONTINGENT ASSETS AND\u00a0LIABILITIES\u00a0
\nDuring the financial year, the Company\u2019s hearing for the international arbitration Claim against the Republic of
\nPoland under both the\u00a0ECT and the BIT was concluded. A combined arbitration hearing took place in front of the
\nArbitral Tribunal in London under the UNCITRAL Arbitration Rules with\u00a0damages of up to \u00a3737 million (A$1.4 billion
\n/ PLN4.0 billion) being claimed by the Company including the assessed value of GreenX\u2019s lost profits and damages
\nrelated to both the Jan Karski and Debiensko projects in Poland, and\u00a0accrued interest related to any damage. The
\nCompany has funded the Claim proceedings under its US$12.3 million (US$10.4 million drawn down on) LFA with
\nLCM. The LFA is a limited recourse loan with LCM that is on a \u201cno win \u2013\u00a0no fee\u201d basis. Following the completion\u00a0of
\nthe hearing, the Tribunal\u00a0will render an Award (i.e., the legal term used for a \u2018decision\u2019 by the Tribunal)\u00a0in due course
\nwith no specified date given for the Tribunal to issue a decision. If there is no settlement or award for the Claim,
\nthen LCM is not entitled to any repayment of the LFA. If there is a settlement and award in excess of the LFA
\namount drawn down on, LCM shall be entitled to receive repayment of any funds drawn plus an amount\u00a0equal to\u00a0
\nbetween two and five\u00a0times\u00a0the total of any funds drawn from the LFA during the\u00a0first five years (from 1 July 2020),
\ndepending on the time frame over which funds have remained drawn, and then a 30% interest rate after the fifth\u00a0
\nyear until receipt of damages payments.
\n
\n\n
\n\n\n23.\u00a0\u00a0EVENTS SUBSEQUENT\u00a0TO BALANCE DATE
\n(i)\u00a0\u00a0On 10 July 2023, the Company announced it had entered into an Option Agreement\u00a0with Greenfields to
\nacquire up to\u00a0100% of the ELN gold project in eastern Greenland.; and
\n(ii)\u00a0\u00a0On 13 July 2023, the company completed a placing to raise gross proceeds of approximately A$4.2 million
\n(~\u00a32.1 million) from new and\u00a0existing\u00a0investors.
\nOther than as outlined above, at the date of this report, there are no matters or circumstances, which have arisen
\nsince 30 June\u00a02023 that have significantly affected or may significantly affect:
\n\u2022\u00a0\u00a0the operations,\u00a0in financial\u00a0years subsequent to 30 June 2023 of the Consolidated Entity;
\n\u2022\u00a0\u00a0the results\u00a0of those operations,\u00a0in financial years\u00a0subsequent to 30 June 2023, of the\u00a0Consolidated Entity; or\u00a0
\n\u2022\u00a0\u00a0the state of affairs, in financial years subsequent to\u00a030 June 2023, of the Consolidated Entity.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag228": {
"value": "\n
\n
\n
\n
\n1.\u00a0\u00a0STATEMENT OF SIGNIFICANT\u00a0ACCOUNTING POLICIES
\nThe significant accounting policies adopted in preparing the financial report of GreenX Metals Limited (\u201cGreenX\u201d
\nor \u201cCompany\u201d)\u00a0and its consolidated entities (\u201cConsolidated Entity\u201d or \u201cGroup\u201d) for the year ended 30 June 2023 are
\nstated to assist in a general\u00a0understanding of the financial report.
\nGreenX Metals is a Company limited by shares incorporated and domiciled\u00a0in Australia\u00a0whose shares are publicly
\ntraded on the Australian Securities\u00a0Exchange (\u201cASX\u201d), the London Stock Exchange (\u201cLSE\u201d)\u00a0and the Warsaw Stock
\nExchange (\u201cWSE\u201d). \u00a0
\n\nThe financial report of the Group for the year ended 30 June 2023 was authorised for issue in accordance with a
\nresolution of\u00a0the Directors.\u00a0
\n
\n\n\n(a)\u00a0\u00a0Basis of Preparation
\nThe financial report is a general purpose financial report, which has been prepared in accordance with Australian
\nAccounting Standards (\u201cAASBs\u201d)\u00a0and other authoritative pronouncements\u00a0of the Australian Accounting Standards
\nBoard (\u201cAASB\u201d) and the Corporations Act 2001. The Group is a for-profit entity for the purposes of preparing the
\nconsolidated\u00a0financial statements.
\nThe financial report has been prepared on a historical\u00a0cost basis, except for certain financial liabilities which have
\nbeen measured at fair value. The financial report is\u00a0presented in Australian dollars.
\nThe consolidated\u00a0financial statements have been prepared on a going concern basis which assumes the continuity
\nof normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of
\nbusiness.
\nThe \u00a0Group \u00a0has\u00a0\u00a0updated \u00a0the \u00a0classification \u00a0of \u00a0expenses \u00a0to \u00a0make \u00a0the\u00a0\u00a0Statement \u00a0of \u00a0Profit \u00a0or \u00a0Loss \u00a0and \u00a0other
\nComprehensive Income more relevant to users of the financial report. This\u00a0has resulted in the reclassification of
\nsome items in the prior period,\u00a0however, has not impacted the reported loss\u00a0for the period. The Group has also
\nupdated the classification of the Ordinary Shares relating to the calculation for basic and diluted earnings per
\nshare (EPS) for the prior period,\u00a0this has resulted in an updated EPS. The update was made to ensure EPS is more
\nrelevant to users of the financial report.
\n
\n\n\n
\n(b)\u00a0\u00a0Statement of Compliance\u00a0
\nThe \u00a0financial \u00a0report \u00a0complies \u00a0with \u00a0International \u00a0Financial \u00a0Reporting \u00a0Standards \u00a0(\u201cIFRS\u201d) \u00a0as \u00a0issued \u00a0by \u00a0the
\nInternational\u00a0Accounting Standards Board.\u00a0
\n\nIn the current year,\u00a0the Group\u00a0has adopted all of\u00a0the new\u00a0and revised Standards and Interpretations issued\u00a0by the
\nAASB that are relevant to its operations and effective for the current annual reporting period. The adoption of these
\nnew and revised Standards or Interpretations has had an immaterial impact\u00a0(if any) on the Group. Any new or
\namended Accounting Standards or Interpretations\u00a0that are not yet mandatory\u00a0have not been early adopted.
\nAustralian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
\neffective have not been adopted by the Group for the annual reporting period ended 30 June 2023. Those which
\nmay be relevant\u00a0to the Group are set out in the table below, but these are not expected to have any significant
\nimpact on the Group\u2019s financial statements\u00a0as detailed\u00a0below.
\n\u00a0
\nStandard/Interpretation
\nApplication
\ndate of
\nstandard\u00a0
\nApplication
\ndate for Group\u00a0
\nAASB \u00a02020-3 \u00a0Amendments \u00a0to \u00a0Australian \u00a0Accounting \u00a0Standards \u00a0\u2013\u00a0\u00a0Annual
\nImprovements 2018-2020 and Other Amendments (AASB 1, 3, 9, 116, 137 & 141)\u00a0
\n1 January 2022\u00a0
\n1 July 2022
\nAASB \u00a02020-1 \u00a0Amendments \u00a0to \u00a0Australian \u00a0Accounting \u00a0Standards \u00a0\u2013\u00a0\u00a0Classification \u00a0of
\nLiabilities as Current or Non-Current\u00a0
\n1 January 2023\u00a0
\n1 July 2023
\nAASB 2021-5 Amendments to Australian Accounting Standards \u2013\u00a0Deferred Tax related\u00a0
\nto Assets and Liabilities arising from a Single Transaction\u00a0
\n1 January 2023\u00a0
\n1 July 2023
\nAASB 2023-2\u00a0Amendments to AASs \u2013\u00a0International Tax Reform Pillar Two Model Rules
\n29\u00a0
\n23 May 2023\u00a0
\n1 July 2023
\nAASB \u00a02020-6 \u00a0Amendments \u00a0to \u00a0Australian \u00a0Accounting \u00a0Standards \u00a0\u2013\u00a0\u00a0Classification \u00a0of
\nLiabilities as Current or Non-Current \u2013\u00a0Deferral of Effective Date\u00a0
\n1 January 2023\u00a0
\n1 July 2023
\nAASB \u00a02021-2 \u00a0Amendments \u00a0to \u00a0Australian \u00a0Accounting \u00a0Standards \u00a0\u2013\u00a0\u00a0Disclosure \u00a0of
\nAccounting Policies and Definition of Accounting Estimates\u00a0
\n1 January 2023\u00a0
\n1 July 2023
\nAASB 2021-7(a-c) Amendments to Australian Accounting Standards \u2013\u00a0Effective Date of
\nAmendments to AASB 10 and AASB 128 and Editorial Corrections\u00a0
\n1 January 2025\u00a0
\n1 July 2025
\n
\n\n
\n\n\n
\n\n(c)\u00a0\u00a0Principles of Consolidation
\nThe consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the\u00a0Company as at
\n30 June 2023 and the results of all subsidiaries for the\u00a0year then ended.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n1.\u00a0\u00a0STATEMENT OF SIGNIFICANT\u00a0ACCOUNTING POLICIES (Continued)
\n\n
\n\n(c)\u00a0\u00a0Principles of Consolidation (Continued)
\nSubsidiaries are all entities (including structured entities) over which the Group\u00a0has control. The Group controls an
\nentity when the group is exposed to, or has rights to,\u00a0variable returns\u00a0from its involvement with the entity and has
\nthe ability to affect those returns through\u00a0its power\u00a0to direct the activities of the\u00a0entity.
\nThe financial statements\u00a0of the subsidiaries\u00a0are prepared for the same reporting period as the Company, using
\nconsistent accounting\u00a0policies. Accounting policies of subsidiaries\u00a0have\u00a0been changed\u00a0where necessary to ensure
\nconsistency with\u00a0the policies\u00a0adopted by\u00a0the Company.
\nSubsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-
\nconsolidated from the date that control ceases. Intercompany transactions and balances, income and expenses
\nand profits and losses between Group companies, are\u00a0eliminated.
\n
\n\n
\n\n\n(d)\u00a0\u00a0Cash and Cash Equivalents
\nCash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly
\nliquid investments with original maturities of three months or less.
\n
\n\n\n(e)\u00a0\u00a0Trade and Other Receivables
\nTrade receivables are initially\u00a0recognised at the transaction price and subsequently\u00a0measured\u00a0at amortised costs
\namount less any\u00a0expected credit loss (\u201cECL\u201d).\u00a0
\nReceivables from related parties are \u00a0initially recognised at fair value \u00a0and measured at \u00a0amortised cost \u00a0and are
\ninterest free.
\nThe Group\u2019s trade and\u00a0other receivables includes GST and other taxes receivables,\u00a0interest\u00a0receivable and security
\ndeposits.
\n
\n\n\n
\n\n
\n(f)\u00a0\u00a0Financial Assets
\n(i)\u00a0\u00a0Initial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through\u00a0
\nother comprehensive income (\u201cOCI\u201d), and fair value through profit or loss.\u00a0
\nThe classification of financial assets at initial recognition\u00a0depends on the financial asset\u2019s\u00a0contractual\u00a0cash flow
\ncharacteristics and the\u00a0Group\u2019s business model for managing them. The Group initially measures a financial asset
\nat its fair value plus, in the case of a\u00a0financial asset\u00a0not at fair\u00a0value through\u00a0profit or loss, less transaction\u00a0costs.
\n(ii)\u00a0\u00a0Subsequent\u00a0measurement\u00a0
\nFor purposes of subsequent\u00a0measurement, financial assets are classified in four categories:
\n\u2022\u00a0\u00a0Financial assets at amortised cost;
\n\u2022\u00a0\u00a0Financial assets at\u00a0fair value through OCI\u00a0with recycling of cumulative gains and losses (not relevant to\u00a0the
\nGroup);
\n\u2022\u00a0\u00a0Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
\nderecognition (equity instruments \u2013\u00a0not relevant to the Group); and
\n\u2022\u00a0\u00a0Financial assets at fair value through profit or loss (equity instruments \u2013\u00a0not relevant to the\u00a0Group).\u00a0
\nFinancial assets at amortised cost (debt instruments)\u00a0
\nThe Group measures financial assets at amortised cost\u00a0if both of the\u00a0following conditions are\u00a0met:
\n\u2022\u00a0\u00a0The financial asset is held\u00a0within a business model with the objective to hold financial assets in \u00a0order to
\ncollect contractual cash\u00a0flows; and
\n\u2022\u00a0\u00a0The \u00a0contractual \u00a0terms \u00a0of \u00a0the \u00a0financial \u00a0asset \u00a0give \u00a0rise \u00a0on \u00a0specified \u00a0dates \u00a0to \u00a0cash \u00a0flows \u00a0that\u00a0\u00a0are \u00a0solely
\npayments of principal and\u00a0interest on the principal amount outstanding.
\nFinancial assets at amortised cost are subsequently measured using\u00a0the effective interest rate (\u201cEIR\u201d) method and
\nare \u00a0subject\u00a0\u00a0to \u00a0impairment. \u00a0Gains \u00a0and \u00a0losses \u00a0are \u00a0recognised \u00a0in \u00a0profit\u00a0\u00a0or \u00a0loss \u00a0when \u00a0the \u00a0asset \u00a0is \u00a0derecognised,
\nmodified or impaired.
\n\nImpairment\u00a0
\nThe Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss.
\nECLs are based\u00a0on the difference between the contractual cash flows due in accordance with the contract and all
\nthe cash flows that the Group expects to receive, discounted at an approximation of the original EIR. ECLs are
\nrecognised\u00a0in two stages. For credit exposures for which there\u00a0has not been a significant\u00a0increase in credit risk\u00a0
\nsince initial recognition, ECLs are provided for credit losses that result from default events that are possible within
\nthe next\u00a012-months (a\u00a012-month ECL). For those credit exposures for\u00a0which there has been a\u00a0significant increase in
\ncredit risk since initial recognition, a loss allowance is required\u00a0for credit losses expected over the\u00a0remaining life of
\nthe exposure, irrespective of the timing of the default\u00a0(a lifetime\u00a0ECL).
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n\n
\n\nFor receivables due in less than 12 months, the Group recognises a loss allowance based on the financial asset\u2019s
\nlifetime ECL\u00a0at each reporting\u00a0date.
\nGiven the nature of financial assets held by the Group, it considers a financial asset to be in default when internal
\nor external information indicates that the\u00a0Group is unlikely to receive the outstanding contractual amounts in full\u00a0
\nbefore taking\u00a0into account\u00a0any\u00a0credit enhancements held by the Group.\u00a0A financial asset is written\u00a0off when there
\nis no reasonable expectation\u00a0of recovering the contractual cash flows.
\nAt each reporting date, the Group\u00a0assesses whether financial assets carried at amortised cost are credit impaired.
\nA financial asset is credit-impaired when one or more events that have a\u00a0detrimental impact on the estimated
\nfuture cash flows\u00a0of the financial asset have occurred.\u00a0
\n
\n\n
\n\n
\n\n\n
\n(f)\u00a0\u00a0Property, Plant and Equipment
\n(i)\u00a0\u00a0Recognition and\u00a0measurement
\nProperty, plant and equipment is stated at historical cost less accumulated\u00a0depreciation and any accumulated
\nimpairment\u00a0losses. Such cost includes the\u00a0cost of replacing parts\u00a0that are eligible for capitalisation when\u00a0the cost
\nof replacing the parts is incurred. Similarly, when each major\u00a0inspection is performed,\u00a0its cost is recognised in the
\ncarrying amount of the property, plant and equipment as a replacement only if it is eligible for capitalisation. All
\nother repairs and maintenance are recognised in the Statement of Profit or Loss and other Comprehensive\u00a0Income
\nas incurred. \u00a0
\n\n(ii)\u00a0\u00a0Depreciation
\nDepreciation is provided on\u00a0a straight-line basis on all property, plant and equipment.
\n\u00a0
\n2023
\n2022
\nMajor depreciation periods (per annum) are:
\n\u00a0
\n\u00a0
\nBuildings:
\n-
\n2% - 40%
\nPlant and equipment:
\n22% - 40%\u00a0
\n22% - 40%
\nThe assets\u2019\u00a0residual values, useful lives and amortisation methods are reviewed, and adjusted if\u00a0appropriate, at
\neach financial\u00a0year end.
\n
\n\n(iii)\u00a0\u00a0Derecognition\u00a0
\nAn item of property,\u00a0plant and equipment\u00a0\u00a0is derecognised\u00a0upon disposal or when no further future economic\u00a0
\nbenefits are expected from its use or disposal. Impairment of property, plant and equipment are discussed in note
\n1(q).
\n
\n\n\n(g)\u00a0\u00a0Exploration and Evaluation Expenditure
\nExpenditure on exploration and evaluation is accounted\u00a0for in accordance with the \u2018area of\u00a0interest\u2019\u00a0method.\u00a0
\nExploration and evaluation expenditure\u00a0encompasses expenditures incurred\u00a0by the Group in\u00a0connection with\u00a0the
\nexploration for and \u00a0evaluation of \u00a0mineral resources before \u00a0the technical feasibility and commercial viability of
\nextracting a mineral resource are demonstrable.
\nFor each area of interest, expenditure incurred in the acquisition of rights to explore is capitalised,\u00a0classified as
\ntangible or intangible, and recognised as an exploration and evaluation\u00a0asset. Exploration and evaluation assets
\nare measured\u00a0at cost at recognition and are recorded as\u00a0an asset if:
\n(i) \u00a0the rights to tenure of the area of interest are current; and
\n(ii) \u00a0at least one of\u00a0the following conditions is also met:
\n\u2022\u00a0\u00a0the \u00a0exploration\u00a0\u00a0and \u00a0evaluation \u00a0expenditures \u00a0are \u00a0expected \u00a0to \u00a0be \u00a0recouped \u00a0through \u00a0successful
\ndevelopment\u00a0and exploitation\u00a0of the area\u00a0of interest, or alternatively, by\u00a0its sale; and
\n\u2022\u00a0\u00a0exploration and evaluation activities in\u00a0the\u00a0area of interest have not at the reporting date\u00a0reached a stage
\nwhich \u00a0permits\u00a0\u00a0a \u00a0reasonable \u00a0assessment\u00a0\u00a0of \u00a0the \u00a0existence \u00a0or \u00a0otherwise \u00a0of\u00a0\u00a0economically \u00a0recoverable
\nreserves, and\u00a0active and significant operations in, or in relation to, the area of\u00a0interest are\u00a0continuing.
\nExploration and evaluation expenditure incurred by the Group subsequent to acquisition of the rights to explore
\nis expensed as incurred, up\u00a0to costs associated with\u00a0the preparation of a feasibility study.
\nImpairment\u00a0
\nCapitalised exploration costs are reviewed each reporting date to establish whether an indication of impairment\u00a0
\nexists. If any such indication exists, the recoverable amount\u00a0of the capitalised exploration costs is estimated to
\ndetermine \u00a0the \u00a0extent \u00a0of \u00a0the \u00a0impairment \u00a0loss \u00a0(if \u00a0any). \u00a0Where \u00a0an \u00a0impairment \u00a0loss \u00a0subsequently\u00a0\u00a0reverses, \u00a0the
\ncarrying amount of the asset is increased to the revised estimate\u00a0of its recoverable amount, but only to the extent\u00a0
\nthat the increased carrying\u00a0amount does\u00a0not exceed the carrying amount that\u00a0would have been determined had
\nno impairment loss been recognised for the asset in previous years.\u00a0
\n
\n\n
\n\n
\n
\n
\n
\n1.\u00a0\u00a0STATEMENT OF SIGNIFICANT\u00a0ACCOUNTING POLICIES (Continued)
\n\n(g)\u00a0\u00a0Exploration and Evaluation Expenditure (Continued) \u00a0
\nWhere a decision is made to proceed with development, accumulated expenditure is tested for impairment\u00a0and
\ntransferred to development\u00a0properties, and then amortised over the life of the reserves associated with the area
\nof interest once mining operations have commenced. Recoverability of\u00a0the carrying amount of the exploration\u00a0
\nand evaluation assets\u00a0is dependent on successful development and commercial exploitation, or alternatively, sale
\nof the respective areas of interest.
\n
\n\n\n(h)\u00a0\u00a0Payables\u00a0
\nLiabilities are recognised for\u00a0amounts to\u00a0be paid in the\u00a0future for\u00a0goods and services received. Trade accounts
\npayable are normally settled within 30 days.\u00a0Payables are\u00a0carried at amortised cost.
\n
\n\n\n(i)\u00a0\u00a0Provisions
\nProvisions are recognised when the Group has a present obligation\u00a0(legal or constructive) as a result of a past\u00a0
\nevent, it \u00a0is \u00a0probable that an outflow of \u00a0resources embodying economic \u00a0benefits will \u00a0be required to \u00a0settle the
\nobligation and\u00a0a reliable estimate can be made of the\u00a0amount of the obligation. \u00a0\u00a0
\nProvisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle
\nthe present\u00a0obligation at the reporting date.\u00a0\u00a0If the effect of the time\u00a0value of money is material, provisions are
\ndiscounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When
\ndiscounting is\u00a0used, the increase in the provision due\u00a0to the passage of time is recognised as a finance cost.\u00a0
\n
\n\n\n
\n\n
\n
\n(j)\u00a0\u00a0Financial Liabilities
\n(i)\u00a0\u00a0Initial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at\u00a0fair value through profit or loss, loans
\nand borrowings (amortised cost) or payables.
\nAll financial liabilities\u00a0are recognised initially at fair value and, in the case of loans and borrowings and payables,
\nnet of directly\u00a0attributable transaction costs.\u00a0\u00a0
\nThe Group\u2019s financial liabilities include trade\u00a0and other payables\u00a0and financial liabilities at\u00a0fair value\u00a0through\u00a0profit
\nor loss.
\n(ii)\u00a0\u00a0Subsequent measurement
\nThe measurement of financial liabilities depends on\u00a0their classification, as described below:
\nAmortised cost liabilities\u00a0
\nThis is the category most relevant to the Group. After initial recognition, amortised cost liabilities are subsequently\u00a0
\nmeasured at amortised cost using the EIR method. Gains and\u00a0losses are then recognised in\u00a0profit or loss when the
\nliabilities are\u00a0derecognised as well as through\u00a0the EIR amortisation process.
\nAmortised cost is calculated by taking into\u00a0account any\u00a0discount or premium on acquisition and\u00a0fees or costs that
\nare an integral\u00a0part of the EIR.\u00a0The EIR amortisation is included as finance costs in the statement of profit or loss.
\n\nFinancial liabilities at fair value through profit or loss
\nThis \u00a0is \u00a0the category\u00a0\u00a0least \u00a0relevant \u00a0to \u00a0the Group. \u00a0Financial \u00a0liabilities at \u00a0fair \u00a0value \u00a0through profit\u00a0\u00a0or \u00a0loss \u00a0include
\nfinancial \u00a0liabilities\u00a0\u00a0held \u00a0for \u00a0trading \u00a0and \u00a0financial \u00a0liabilities \u00a0designated \u00a0upon \u00a0initial \u00a0recognition \u00a0as \u00a0at \u00a0fair \u00a0value
\nthrough profit or loss.
\nFinancial liabilities are classified\u00a0as held\u00a0for trading if they are\u00a0incurred for the purpose of repurchasing in\u00a0the near
\nterm.
\nGains or losses on liabilities held for trading are recognised in the\u00a0statement of\u00a0profit or loss.
\nFinancial liabilities designated upon initial recognition at fair value\u00a0through profit or loss are designated at the
\ninitial date of recognition, and\u00a0only if the\u00a0criteria in AASB 9 Financial Instruments\u00a0are satisfied.
\n
\n\n\n(iii)\u00a0\u00a0Derecognition\u00a0
\nA financial liability is derecognised\u00a0when the obligation\u00a0under the liability is discharged or cancelled or expires.
\nWhen an \u00a0existing financial \u00a0liability is \u00a0replaced by\u00a0\u00a0another on \u00a0substantially\u00a0\u00a0different terms, \u00a0or \u00a0the \u00a0terms \u00a0of an
\nexisting liability are substantially modified, such an exchange or modification is treated as the\u00a0derecognition of the
\noriginal \u00a0liability \u00a0and \u00a0the \u00a0recognition \u00a0of \u00a0a \u00a0new \u00a0liability.\u00a0\u00a0The \u00a0difference \u00a0in \u00a0the\u00a0\u00a0respective \u00a0carrying \u00a0amounts \u00a0is
\nrecognised in\u00a0the statement\u00a0of profit or loss.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n(k) Revenue Recognition
\nRevenue is recognised when control of goods is transferred to the customer at an amount that reflects the
\nconsideration to which the Group expects to be entitled to in exchange for those goods.
\nInterest revenue is recognised as it accrues, taking into account the effective yield on the financial asset.
\n
\n\n\n
\n(l) Income Tax
\nThe income tax expense for the period is the tax payable on the current period\u2019s taxable income based on the
\nnational income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable
\nto temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial
\nstatements, and to unused tax losses.
\n\nDeferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when
\nthe assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively
\nenacted at balance date for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of
\ndeductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is made
\nfor certain temporary differences arising from the initial recognition of an asset or a liability. No deferred tax asset
\nor liability is recognised in relation to these temporary differences if they arose on goodwill or in a transaction,
\nother than a business combination, that at the time of the transaction did not affect either accounting profit or
\ntaxable profit or loss.
\nDeferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and
\ntax bases of investments in controlled entities where the Company is able to control the timing of the reversal of
\nthe temporary differences and it is probable that the differences will not reverse in the foreseeable future.
\nDeferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable
\nthat future taxable amounts will be available to utilise those temporary differences and losses.
\nThe carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent
\nthat it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income
\ntax asset to be utilised.
\nUnrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent
\nthat it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
\nCurrent and deferred tax balances attributable to amounts recognised directly in equity are also recognised
\ndirectly in equity.
\nDeferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current
\ntax assets against tax liabilities and the deferred tax liabilities relate to the same taxable entity and the same
\ntaxation authority.
\n
\n\nTax consolidation
\nGreenX Metals Limited and its wholly-owned Australian subsidiaries have formed an income tax consolidated
\ngroup under the tax consolidation regime. Each entity in the tax consolidated group recognises its own current
\nand deferred tax liabilities, except for any deferred tax assets resulting from unused tax losses and tax credits,
\nwhich are immediately assumed by the Company (which is the head entity in the tax consolidated group). The
\ncurrent tax liability of each group entity is then subsequently assumed by the Company. The tax consolidated
\ngroup has entered a tax sharing agreement whereby each company in the Group contributes to the income tax
\npayable in proportion to their contribution to the net profit before tax of the tax consolidated group.
\n
\n\n\n(m) Employee Entitlements
\nProvision is made for the Group\u2019s liability for employee benefits arising from services rendered by employees to
\nbalance date. Employee benefits that are expected to be settled within 12 months have been measured at the
\namounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later
\nthan 12 months have been measured using the projected unit credit valuation method.
\n
\n\n\n(n) Earnings per Share
\nBasic earnings per share (\u201cEPS\u201d) is calculated by dividing the net profit attributable to members of the Company
\nfor the reporting period, after excluding any costs of servicing equity, by the weighted average number of Ordinary
\nShares of the Company, adjusted for any bonus issue.
\nDiluted EPS is calculated by dividing the basic EPS earnings, adjusted by the after tax effect of financing costs
\nassociated with dilutive potential Ordinary Shares and the effect on revenues and expenses of conversion to
\nOrdinary Shares associated with dilutive potential Ordinary Shares, by the weighted average number of Ordinary
\nShares and dilutive Ordinary Shares adjusted for any bonus issue.
\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
\n\n(o) Goods and Services Tax (GST)
\nRevenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred
\nis not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost
\nof acquisition of the asset or as part of the expense. Receivables and payables in the statement of financial position
\nare shown inclusive of GST.
\nCash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing
\nand financing activities, which are disclosed as operating cash flows.
\n
\n\n\n(p) Acquisition of Assets
\nA group of assets may be acquired in a transaction which is not a business combination. In such cases the cost of
\nacquisition is allocated to the individual identifiable assets (including intangible assets that meet the definition of
\nand recognition criteria for intangible assets in AASB 138) acquired and liabilities assumed on the basis of their
\nrelative fair values at the date of purchase.
\n
\n\n\n(q) Impairment of non-current Assets
\nThe Group assesses at each reporting date whether there is an indication that a non-current asset may be
\nimpaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group
\nmakes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value
\nless costs of disposal and its value in use and is determined for an individual asset, unless the asset does not
\ngenerate cash inflows that are largely independent of those from other assets or groups of assets and the asset's
\nvalue in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as
\npart of the cash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating
\nunit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down
\nto its recoverable amount.
\nIn assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax
\ndiscount rate that reflects current market assessments of the time value of money and the risks specific to the
\nasset.
\nAn assessment is also made at each reporting date as to whether there is any indication that previously recognised
\nimpairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is
\nestimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates
\nused to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case
\nthe carrying amount of the asset is increased to its recoverable amount.
\nThat increased amount cannot exceed the carrying amount that would have been determined, net of
\ndepreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in
\nprofit or loss. After such a reversal the depreciation charge is adjusted in future periods to allocate the asset's
\nrevised carrying amount, less any residual value, on a systematic basis over its remaining useful life.
\n
\n\n\n(r) Fair Value Estimation
\nThe fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for
\ndisclosure purposes.
\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the reporting
\ndate. The quoted market price used for financial assets held by the Group is the current bid price; the appropriate
\nquoted market price for financial liabilities is the current ask price.
\nThe net carrying value of trade receivables and payables are short term in nature and approximate their fair values.
\nThe fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash
\nflows at the current market interest rate that is available to the Group for similar financial instruments.
\n
\n\n\n(s) Issued and Unissued Capital
\nOrdinary Shares and unissued milestone shares are classified as equity. Issued and paid up capital is recognised at
\nthe fair value of the consideration received by the Company. Incremental costs directly attributable to the issue of
\nnew shares or options are shown in equity as a deduction, net of tax, from the proceeds.
\n
\n\n\n
\n(t) Foreign Currencies
\n\n(i) Functional and presentation currency
\nThe functional currency of each of the Group's entities is measured using the currency of the primary economic
\nenvironment in which that entity operates. The consolidated financial statements are presented in Australian
\ndollars which is the Company's functional and presentation currency.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n(ii) Transactions and balances
\nForeign currency transactions are translated into functional currency using the exchange rates prevailing at the
\ndate of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-
\nmonetary items measured at historical cost continue to be carried at the exchange rate at the date of the
\ntransaction.
\nExchange differences arising on the translation of monetary items are recognised in the Statement Profit or Loss
\nand other Comprehensive Income.
\nExchange differences arising on the translation of non-monetary items are recognised directly in equity to the
\nextent that the gain or loss is directly recognised in equity, otherwise the exchange difference is recognised in the
\nother Comprehensive Income.
\n(iii) Group companies
\nThe financial results and position of foreign operations whose functional currency is different from the Group's
\npresentation currency are translated as follows:
\n\u2022 assets and liabilities are translated at year-end exchange rates prevailing at that reporting date;
\n\u2022 income and expenses are translated at average exchange rates for the period; and
\n\u2022 items of equity are translated at the historical exchange rates prevailing at the date of the transaction.
\nExchange differences arising on translation of foreign operations are transferred to the group's foreign currency
\ntranslation reserve in the Statement of Financial Position. The accumulated difference is reclassified in the
\nStatement of Profit or Loss and other Comprehensive Income in the period in which the operation is disposed.
\n
\n\n\n(u) Share-Based Payments
\nEquity-settled share-based payments are provided to officers, employees, consultants and other advisors. These
\nshare-based payments are measured at the fair value of the equity instrument at the grant date. Fair value is
\ndetermined using the Binomial option pricing model. Further details on how the fair value of equity-settled share-
\nbased payments has been determined can be found in Note 18.
\nThe fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on
\nthe Company's estimate of equity instruments that will eventually vest. At each reporting date, the Company
\nrevises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original
\nestimates, if any, is recognised in profit or loss over the remaining vesting period, with a corresponding adjustment
\nto the option premium reserve.
\nEquity-settled share-based payments may also be provided as consideration for the acquisition of assets. Where
\nOrdinary Shares are issued, the transaction is recorded at fair value based on the quoted price of the Ordinary
\nShares at the grant date. The acquisition is then recorded as an asset or expensed in accordance with accounting
\nstandards. Unvested incentive securities that lapse when non-market conditions are not met are reversed from
\nthe share-based payment reserve to the Statement of Profit or Loss.
\n
\n\n\n(v) Arbitration facility income
\nArbitration facility income is recognised when there is reasonable assurance that the Company will comply with
\nthe LFA and the benefits will be received. Arbitration facility income is recognised in profit or loss on a systematic
\nbasis over the periods in which the entity recognises as expenses the related arbitration costs for which the income
\nis intended to compensate.
\n
\n\n\n(w) Use and Revision of Accounting Estimates, Judgements and Assumptions
\nThe preparation of the financial report requires management to make judgements, estimates and assumptions
\nthat affect the application of accounting policies and the reported amounts of assets, liabilities, income and
\nexpenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed
\non an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is
\nrevised if the revision affects only that period, or in the period of the revision and future periods if the revision
\naffects both current and future periods.
\n
\n\n
\n\n
\n
\n1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
\n\n(w) Use and Revision of Accounting Estimates, Judgements and Assumptions (Continued)
\nIn particular, information about significant areas of estimation uncertainty and critical judgements in applying
\naccounting policies that have the most significant effect on the amount recognised in the financial statements
\nare described in the following notes:
\n\u2022 Share-Based Payments (Note 18) - The Group initially measures the cost of equity-settled transactions with
\nemployees by reference to the fair value of the equity instrument at the date at which they are granted.
\nEstimating fair value for share-based payment transactions requires the determination of the most
\nappropriate valuation model. This estimate also requires the determination of the most appropriate inputs
\nto the valuation model including the expected life of the share option, volatility and dividend yield. The
\nassumption and models used for estimating the fair value for share-based payment transactions are
\ndisclosed in Note 18.
\n\u2022 Functional currency of foreign operations (Note 21(h)) - determination of the functional currency of foreign
\nsubsidiaries requires judgement regarding the primary currency of labour, material and exploration spend
\nin that subsidiary.
\n
\n\n\n(x) Leases
\nThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys
\nthe right to control the use of an identified asset for a period of time in exchange for consideration.
\nThe Group applies a single recognition and measurement approach for all leases, except for short-term leases and
\nleases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets
\nrepresenting the right to use the underlying assets.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"value": "GreenX Metals Limited",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"Tag207": {
"value": "limited by shares",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"Tag220": {
"value": "Australia",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag213": {
"value": "\nThe financial report of the Group for the year ended 30 June 2023 was authorised for issue in accordance with a
\nresolution of\u00a0the Directors.\u00a0
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag210": {
"value": "\n(a)\u00a0\u00a0Basis of Preparation
\nThe financial report is a general purpose financial report, which has been prepared in accordance with Australian
\nAccounting Standards (\u201cAASBs\u201d)\u00a0and other authoritative pronouncements\u00a0of the Australian Accounting Standards
\nBoard (\u201cAASB\u201d) and the Corporations Act 2001. The Group is a for-profit entity for the purposes of preparing the
\nconsolidated\u00a0financial statements.
\nThe financial report has been prepared on a historical\u00a0cost basis, except for certain financial liabilities which have
\nbeen measured at fair value. The financial report is\u00a0presented in Australian dollars.
\nThe consolidated\u00a0financial statements have been prepared on a going concern basis which assumes the continuity
\nof normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of
\nbusiness.
\nThe \u00a0Group \u00a0has\u00a0\u00a0updated \u00a0the \u00a0classification \u00a0of \u00a0expenses \u00a0to \u00a0make \u00a0the\u00a0\u00a0Statement \u00a0of \u00a0Profit \u00a0or \u00a0Loss \u00a0and \u00a0other
\nComprehensive Income more relevant to users of the financial report. This\u00a0has resulted in the reclassification of
\nsome items in the prior period,\u00a0however, has not impacted the reported loss\u00a0for the period. The Group has also
\nupdated the classification of the Ordinary Shares relating to the calculation for basic and diluted earnings per
\nshare (EPS) for the prior period,\u00a0this has resulted in an updated EPS. The update was made to ensure EPS is more
\nrelevant to users of the financial report.
\n
\n",
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"language": "en",
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"Tag217": {
"value": "\n
\n(b)\u00a0\u00a0Statement of Compliance\u00a0
\nThe \u00a0financial \u00a0report \u00a0complies \u00a0with \u00a0International \u00a0Financial \u00a0Reporting \u00a0Standards \u00a0(\u201cIFRS\u201d) \u00a0as \u00a0issued \u00a0by \u00a0the
\nInternational\u00a0Accounting Standards Board.\u00a0
\n\nIn the current year,\u00a0the Group\u00a0has adopted all of\u00a0the new\u00a0and revised Standards and Interpretations issued\u00a0by the
\nAASB that are relevant to its operations and effective for the current annual reporting period. The adoption of these
\nnew and revised Standards or Interpretations has had an immaterial impact\u00a0(if any) on the Group. Any new or
\namended Accounting Standards or Interpretations\u00a0that are not yet mandatory\u00a0have not been early adopted.
\nAustralian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
\neffective have not been adopted by the Group for the annual reporting period ended 30 June 2023. Those which
\nmay be relevant\u00a0to the Group are set out in the table below, but these are not expected to have any significant
\nimpact on the Group\u2019s financial statements\u00a0as detailed\u00a0below.
\n\u00a0
\nStandard/Interpretation
\nApplication
\ndate of
\nstandard\u00a0
\nApplication
\ndate for Group\u00a0
\nAASB \u00a02020-3 \u00a0Amendments \u00a0to \u00a0Australian \u00a0Accounting \u00a0Standards \u00a0\u2013\u00a0\u00a0Annual
\nImprovements 2018-2020 and Other Amendments (AASB 1, 3, 9, 116, 137 & 141)\u00a0
\n1 January 2022\u00a0
\n1 July 2022
\nAASB \u00a02020-1 \u00a0Amendments \u00a0to \u00a0Australian \u00a0Accounting \u00a0Standards \u00a0\u2013\u00a0\u00a0Classification \u00a0of
\nLiabilities as Current or Non-Current\u00a0
\n1 January 2023\u00a0
\n1 July 2023
\nAASB 2021-5 Amendments to Australian Accounting Standards \u2013\u00a0Deferred Tax related\u00a0
\nto Assets and Liabilities arising from a Single Transaction\u00a0
\n1 January 2023\u00a0
\n1 July 2023
\nAASB 2023-2\u00a0Amendments to AASs \u2013\u00a0International Tax Reform Pillar Two Model Rules
\n29\u00a0
\n23 May 2023\u00a0
\n1 July 2023
\nAASB \u00a02020-6 \u00a0Amendments \u00a0to \u00a0Australian \u00a0Accounting \u00a0Standards \u00a0\u2013\u00a0\u00a0Classification \u00a0of
\nLiabilities as Current or Non-Current \u2013\u00a0Deferral of Effective Date\u00a0
\n1 January 2023\u00a0
\n1 July 2023
\nAASB \u00a02021-2 \u00a0Amendments \u00a0to \u00a0Australian \u00a0Accounting \u00a0Standards \u00a0\u2013\u00a0\u00a0Disclosure \u00a0of
\nAccounting Policies and Definition of Accounting Estimates\u00a0
\n1 January 2023\u00a0
\n1 July 2023
\nAASB 2021-7(a-c) Amendments to Australian Accounting Standards \u2013\u00a0Effective Date of
\nAmendments to AASB 10 and AASB 128 and Editorial Corrections\u00a0
\n1 January 2025\u00a0
\n1 July 2025
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"Tag212": {
"value": "\nIn the current year,\u00a0the Group\u00a0has adopted all of\u00a0the new\u00a0and revised Standards and Interpretations issued\u00a0by the
\nAASB that are relevant to its operations and effective for the current annual reporting period. The adoption of these
\nnew and revised Standards or Interpretations has had an immaterial impact\u00a0(if any) on the Group. Any new or
\namended Accounting Standards or Interpretations\u00a0that are not yet mandatory\u00a0have not been early adopted.
\nAustralian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
\neffective have not been adopted by the Group for the annual reporting period ended 30 June 2023. Those which
\nmay be relevant\u00a0to the Group are set out in the table below, but these are not expected to have any significant
\nimpact on the Group\u2019s financial statements\u00a0as detailed\u00a0below.
\n\u00a0
\nStandard/Interpretation
\nApplication
\ndate of
\nstandard\u00a0
\nApplication
\ndate for Group\u00a0
\nAASB \u00a02020-3 \u00a0Amendments \u00a0to \u00a0Australian \u00a0Accounting \u00a0Standards \u00a0\u2013\u00a0\u00a0Annual
\nImprovements 2018-2020 and Other Amendments (AASB 1, 3, 9, 116, 137 & 141)\u00a0
\n1 January 2022\u00a0
\n1 July 2022
\nAASB \u00a02020-1 \u00a0Amendments \u00a0to \u00a0Australian \u00a0Accounting \u00a0Standards \u00a0\u2013\u00a0\u00a0Classification \u00a0of
\nLiabilities as Current or Non-Current\u00a0
\n1 January 2023\u00a0
\n1 July 2023
\nAASB 2021-5 Amendments to Australian Accounting Standards \u2013\u00a0Deferred Tax related\u00a0
\nto Assets and Liabilities arising from a Single Transaction\u00a0
\n1 January 2023\u00a0
\n1 July 2023
\nAASB 2023-2\u00a0Amendments to AASs \u2013\u00a0International Tax Reform Pillar Two Model Rules
\n29\u00a0
\n23 May 2023\u00a0
\n1 July 2023
\nAASB \u00a02020-6 \u00a0Amendments \u00a0to \u00a0Australian \u00a0Accounting \u00a0Standards \u00a0\u2013\u00a0\u00a0Classification \u00a0of
\nLiabilities as Current or Non-Current \u2013\u00a0Deferral of Effective Date\u00a0
\n1 January 2023\u00a0
\n1 July 2023
\nAASB \u00a02021-2 \u00a0Amendments \u00a0to \u00a0Australian \u00a0Accounting \u00a0Standards \u00a0\u2013\u00a0\u00a0Disclosure \u00a0of
\nAccounting Policies and Definition of Accounting Estimates\u00a0
\n1 January 2023\u00a0
\n1 July 2023
\nAASB 2021-7(a-c) Amendments to Australian Accounting Standards \u2013\u00a0Effective Date of
\nAmendments to AASB 10 and AASB 128 and Editorial Corrections\u00a0
\n1 January 2025\u00a0
\n1 July 2025
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag226": {
"value": "\n
\n\n(c)\u00a0\u00a0Principles of Consolidation
\nThe consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the\u00a0Company as at
\n30 June 2023 and the results of all subsidiaries for the\u00a0year then ended.
\n
\n\n
\n\n
\n\n(c)\u00a0\u00a0Principles of Consolidation (Continued)
\nSubsidiaries are all entities (including structured entities) over which the Group\u00a0has control. The Group controls an
\nentity when the group is exposed to, or has rights to,\u00a0variable returns\u00a0from its involvement with the entity and has
\nthe ability to affect those returns through\u00a0its power\u00a0to direct the activities of the\u00a0entity.
\nThe financial statements\u00a0of the subsidiaries\u00a0are prepared for the same reporting period as the Company, using
\nconsistent accounting\u00a0policies. Accounting policies of subsidiaries\u00a0have\u00a0been changed\u00a0where necessary to ensure
\nconsistency with\u00a0the policies\u00a0adopted by\u00a0the Company.
\nSubsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-
\nconsolidated from the date that control ceases. Intercompany transactions and balances, income and expenses
\nand profits and losses between Group companies, are\u00a0eliminated.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag222": {
"value": "\n(c)\u00a0\u00a0Principles of Consolidation
\nThe consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the\u00a0Company as at
\n30 June 2023 and the results of all subsidiaries for the\u00a0year then ended.
\n
\n\n(c)\u00a0\u00a0Principles of Consolidation (Continued)
\nSubsidiaries are all entities (including structured entities) over which the Group\u00a0has control. The Group controls an
\nentity when the group is exposed to, or has rights to,\u00a0variable returns\u00a0from its involvement with the entity and has
\nthe ability to affect those returns through\u00a0its power\u00a0to direct the activities of the\u00a0entity.
\nThe financial statements\u00a0of the subsidiaries\u00a0are prepared for the same reporting period as the Company, using
\nconsistent accounting\u00a0policies. Accounting policies of subsidiaries\u00a0have\u00a0been changed\u00a0where necessary to ensure
\nconsistency with\u00a0the policies\u00a0adopted by\u00a0the Company.
\nSubsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-
\nconsolidated from the date that control ceases. Intercompany transactions and balances, income and expenses
\nand profits and losses between Group companies, are\u00a0eliminated.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag214": {
"value": "\n(d)\u00a0\u00a0Cash and Cash Equivalents
\nCash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly
\nliquid investments with original maturities of three months or less.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag229": {
"value": "\n(e)\u00a0\u00a0Trade and Other Receivables
\nTrade receivables are initially\u00a0recognised at the transaction price and subsequently\u00a0measured\u00a0at amortised costs
\namount less any\u00a0expected credit loss (\u201cECL\u201d).\u00a0
\nReceivables from related parties are \u00a0initially recognised at fair value \u00a0and measured at \u00a0amortised cost \u00a0and are
\ninterest free.
\nThe Group\u2019s trade and\u00a0other receivables includes GST and other taxes receivables,\u00a0interest\u00a0receivable and security
\ndeposits.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag216": {
"value": "\n
\n\n
\n(f)\u00a0\u00a0Financial Assets
\n(i)\u00a0\u00a0Initial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through\u00a0
\nother comprehensive income (\u201cOCI\u201d), and fair value through profit or loss.\u00a0
\nThe classification of financial assets at initial recognition\u00a0depends on the financial asset\u2019s\u00a0contractual\u00a0cash flow
\ncharacteristics and the\u00a0Group\u2019s business model for managing them. The Group initially measures a financial asset
\nat its fair value plus, in the case of a\u00a0financial asset\u00a0not at fair\u00a0value through\u00a0profit or loss, less transaction\u00a0costs.
\n(ii)\u00a0\u00a0Subsequent\u00a0measurement\u00a0
\nFor purposes of subsequent\u00a0measurement, financial assets are classified in four categories:
\n\u2022\u00a0\u00a0Financial assets at amortised cost;
\n\u2022\u00a0\u00a0Financial assets at\u00a0fair value through OCI\u00a0with recycling of cumulative gains and losses (not relevant to\u00a0the
\nGroup);
\n\u2022\u00a0\u00a0Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
\nderecognition (equity instruments \u2013\u00a0not relevant to the Group); and
\n\u2022\u00a0\u00a0Financial assets at fair value through profit or loss (equity instruments \u2013\u00a0not relevant to the\u00a0Group).\u00a0
\nFinancial assets at amortised cost (debt instruments)\u00a0
\nThe Group measures financial assets at amortised cost\u00a0if both of the\u00a0following conditions are\u00a0met:
\n\u2022\u00a0\u00a0The financial asset is held\u00a0within a business model with the objective to hold financial assets in \u00a0order to
\ncollect contractual cash\u00a0flows; and
\n\u2022\u00a0\u00a0The \u00a0contractual \u00a0terms \u00a0of \u00a0the \u00a0financial \u00a0asset \u00a0give \u00a0rise \u00a0on \u00a0specified \u00a0dates \u00a0to \u00a0cash \u00a0flows \u00a0that\u00a0\u00a0are \u00a0solely
\npayments of principal and\u00a0interest on the principal amount outstanding.
\nFinancial assets at amortised cost are subsequently measured using\u00a0the effective interest rate (\u201cEIR\u201d) method and
\nare \u00a0subject\u00a0\u00a0to \u00a0impairment. \u00a0Gains \u00a0and \u00a0losses \u00a0are \u00a0recognised \u00a0in \u00a0profit\u00a0\u00a0or \u00a0loss \u00a0when \u00a0the \u00a0asset \u00a0is \u00a0derecognised,
\nmodified or impaired.
\n\nImpairment\u00a0
\nThe Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss.
\nECLs are based\u00a0on the difference between the contractual cash flows due in accordance with the contract and all
\nthe cash flows that the Group expects to receive, discounted at an approximation of the original EIR. ECLs are
\nrecognised\u00a0in two stages. For credit exposures for which there\u00a0has not been a significant\u00a0increase in credit risk\u00a0
\nsince initial recognition, ECLs are provided for credit losses that result from default events that are possible within
\nthe next\u00a012-months (a\u00a012-month ECL). For those credit exposures for\u00a0which there has been a\u00a0significant increase in
\ncredit risk since initial recognition, a loss allowance is required\u00a0for credit losses expected over the\u00a0remaining life of
\nthe exposure, irrespective of the timing of the default\u00a0(a lifetime\u00a0ECL).
\n
\n\n
\n\n
\n\n
\n\n
\n\nFor receivables due in less than 12 months, the Group recognises a loss allowance based on the financial asset\u2019s
\nlifetime ECL\u00a0at each reporting\u00a0date.
\nGiven the nature of financial assets held by the Group, it considers a financial asset to be in default when internal
\nor external information indicates that the\u00a0Group is unlikely to receive the outstanding contractual amounts in full\u00a0
\nbefore taking\u00a0into account\u00a0any\u00a0credit enhancements held by the Group.\u00a0A financial asset is written\u00a0off when there
\nis no reasonable expectation\u00a0of recovering the contractual cash flows.
\nAt each reporting date, the Group\u00a0assesses whether financial assets carried at amortised cost are credit impaired.
\nA financial asset is credit-impaired when one or more events that have a\u00a0detrimental impact on the estimated
\nfuture cash flows\u00a0of the financial asset have occurred.\u00a0
\n
\n\n
\n\n
\n\n
\n\n
\n
\n(j)\u00a0\u00a0Financial Liabilities
\n(i)\u00a0\u00a0Initial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at\u00a0fair value through profit or loss, loans
\nand borrowings (amortised cost) or payables.
\nAll financial liabilities\u00a0are recognised initially at fair value and, in the case of loans and borrowings and payables,
\nnet of directly\u00a0attributable transaction costs.\u00a0\u00a0
\nThe Group\u2019s financial liabilities include trade\u00a0and other payables\u00a0and financial liabilities at\u00a0fair value\u00a0through\u00a0profit
\nor loss.
\n(ii)\u00a0\u00a0Subsequent measurement
\nThe measurement of financial liabilities depends on\u00a0their classification, as described below:
\nAmortised cost liabilities\u00a0
\nThis is the category most relevant to the Group. After initial recognition, amortised cost liabilities are subsequently\u00a0
\nmeasured at amortised cost using the EIR method. Gains and\u00a0losses are then recognised in\u00a0profit or loss when the
\nliabilities are\u00a0derecognised as well as through\u00a0the EIR amortisation process.
\nAmortised cost is calculated by taking into\u00a0account any\u00a0discount or premium on acquisition and\u00a0fees or costs that
\nare an integral\u00a0part of the EIR.\u00a0The EIR amortisation is included as finance costs in the statement of profit or loss.
\n\nFinancial liabilities at fair value through profit or loss
\nThis \u00a0is \u00a0the category\u00a0\u00a0least \u00a0relevant \u00a0to \u00a0the Group. \u00a0Financial \u00a0liabilities at \u00a0fair \u00a0value \u00a0through profit\u00a0\u00a0or \u00a0loss \u00a0include
\nfinancial \u00a0liabilities\u00a0\u00a0held \u00a0for \u00a0trading \u00a0and \u00a0financial \u00a0liabilities \u00a0designated \u00a0upon \u00a0initial \u00a0recognition \u00a0as \u00a0at \u00a0fair \u00a0value
\nthrough profit or loss.
\nFinancial liabilities are classified\u00a0as held\u00a0for trading if they are\u00a0incurred for the purpose of repurchasing in\u00a0the near
\nterm.
\nGains or losses on liabilities held for trading are recognised in the\u00a0statement of\u00a0profit or loss.
\nFinancial liabilities designated upon initial recognition at fair value\u00a0through profit or loss are designated at the
\ninitial date of recognition, and\u00a0only if the\u00a0criteria in AASB 9 Financial Instruments\u00a0are satisfied.
\n
\n\n\n(iii)\u00a0\u00a0Derecognition\u00a0
\nA financial liability is derecognised\u00a0when the obligation\u00a0under the liability is discharged or cancelled or expires.
\nWhen an \u00a0existing financial \u00a0liability is \u00a0replaced by\u00a0\u00a0another on \u00a0substantially\u00a0\u00a0different terms, \u00a0or \u00a0the \u00a0terms \u00a0of an
\nexisting liability are substantially modified, such an exchange or modification is treated as the\u00a0derecognition of the
\noriginal \u00a0liability \u00a0and \u00a0the \u00a0recognition \u00a0of \u00a0a \u00a0new \u00a0liability.\u00a0\u00a0The \u00a0difference \u00a0in \u00a0the\u00a0\u00a0respective \u00a0carrying \u00a0amounts \u00a0is
\nrecognised in\u00a0the statement\u00a0of profit or loss.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag218": {
"value": "\n
\n(f)\u00a0\u00a0Financial Assets
\n(i)\u00a0\u00a0Initial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through\u00a0
\nother comprehensive income (\u201cOCI\u201d), and fair value through profit or loss.\u00a0
\nThe classification of financial assets at initial recognition\u00a0depends on the financial asset\u2019s\u00a0contractual\u00a0cash flow
\ncharacteristics and the\u00a0Group\u2019s business model for managing them. The Group initially measures a financial asset
\nat its fair value plus, in the case of a\u00a0financial asset\u00a0not at fair\u00a0value through\u00a0profit or loss, less transaction\u00a0costs.
\n(ii)\u00a0\u00a0Subsequent\u00a0measurement\u00a0
\nFor purposes of subsequent\u00a0measurement, financial assets are classified in four categories:
\n\u2022\u00a0\u00a0Financial assets at amortised cost;
\n\u2022\u00a0\u00a0Financial assets at\u00a0fair value through OCI\u00a0with recycling of cumulative gains and losses (not relevant to\u00a0the
\nGroup);
\n\u2022\u00a0\u00a0Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
\nderecognition (equity instruments \u2013\u00a0not relevant to the Group); and
\n\u2022\u00a0\u00a0Financial assets at fair value through profit or loss (equity instruments \u2013\u00a0not relevant to the\u00a0Group).\u00a0
\nFinancial assets at amortised cost (debt instruments)\u00a0
\nThe Group measures financial assets at amortised cost\u00a0if both of the\u00a0following conditions are\u00a0met:
\n\u2022\u00a0\u00a0The financial asset is held\u00a0within a business model with the objective to hold financial assets in \u00a0order to
\ncollect contractual cash\u00a0flows; and
\n\u2022\u00a0\u00a0The \u00a0contractual \u00a0terms \u00a0of \u00a0the \u00a0financial \u00a0asset \u00a0give \u00a0rise \u00a0on \u00a0specified \u00a0dates \u00a0to \u00a0cash \u00a0flows \u00a0that\u00a0\u00a0are \u00a0solely
\npayments of principal and\u00a0interest on the principal amount outstanding.
\nFinancial assets at amortised cost are subsequently measured using\u00a0the effective interest rate (\u201cEIR\u201d) method and
\nare \u00a0subject\u00a0\u00a0to \u00a0impairment. \u00a0Gains \u00a0and \u00a0losses \u00a0are \u00a0recognised \u00a0in \u00a0profit\u00a0\u00a0or \u00a0loss \u00a0when \u00a0the \u00a0asset \u00a0is \u00a0derecognised,
\nmodified or impaired.
\n\nImpairment\u00a0
\nThe Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss.
\nECLs are based\u00a0on the difference between the contractual cash flows due in accordance with the contract and all
\nthe cash flows that the Group expects to receive, discounted at an approximation of the original EIR. ECLs are
\nrecognised\u00a0in two stages. For credit exposures for which there\u00a0has not been a significant\u00a0increase in credit risk\u00a0
\nsince initial recognition, ECLs are provided for credit losses that result from default events that are possible within
\nthe next\u00a012-months (a\u00a012-month ECL). For those credit exposures for\u00a0which there has been a\u00a0significant increase in
\ncredit risk since initial recognition, a loss allowance is required\u00a0for credit losses expected over the\u00a0remaining life of
\nthe exposure, irrespective of the timing of the default\u00a0(a lifetime\u00a0ECL).
\n
\n\n
\n\n
\n\nFor receivables due in less than 12 months, the Group recognises a loss allowance based on the financial asset\u2019s
\nlifetime ECL\u00a0at each reporting\u00a0date.
\nGiven the nature of financial assets held by the Group, it considers a financial asset to be in default when internal
\nor external information indicates that the\u00a0Group is unlikely to receive the outstanding contractual amounts in full\u00a0
\nbefore taking\u00a0into account\u00a0any\u00a0credit enhancements held by the Group.\u00a0A financial asset is written\u00a0off when there
\nis no reasonable expectation\u00a0of recovering the contractual cash flows.
\nAt each reporting date, the Group\u00a0assesses whether financial assets carried at amortised cost are credit impaired.
\nA financial asset is credit-impaired when one or more events that have a\u00a0detrimental impact on the estimated
\nfuture cash flows\u00a0of the financial asset have occurred.\u00a0
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag209": {
"value": "\nImpairment\u00a0
\nThe Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss.
\nECLs are based\u00a0on the difference between the contractual cash flows due in accordance with the contract and all
\nthe cash flows that the Group expects to receive, discounted at an approximation of the original EIR. ECLs are
\nrecognised\u00a0in two stages. For credit exposures for which there\u00a0has not been a significant\u00a0increase in credit risk\u00a0
\nsince initial recognition, ECLs are provided for credit losses that result from default events that are possible within
\nthe next\u00a012-months (a\u00a012-month ECL). For those credit exposures for\u00a0which there has been a\u00a0significant increase in
\ncredit risk since initial recognition, a loss allowance is required\u00a0for credit losses expected over the\u00a0remaining life of
\nthe exposure, irrespective of the timing of the default\u00a0(a lifetime\u00a0ECL).
\n
\n\nFor receivables due in less than 12 months, the Group recognises a loss allowance based on the financial asset\u2019s
\nlifetime ECL\u00a0at each reporting\u00a0date.
\nGiven the nature of financial assets held by the Group, it considers a financial asset to be in default when internal
\nor external information indicates that the\u00a0Group is unlikely to receive the outstanding contractual amounts in full\u00a0
\nbefore taking\u00a0into account\u00a0any\u00a0credit enhancements held by the Group.\u00a0A financial asset is written\u00a0off when there
\nis no reasonable expectation\u00a0of recovering the contractual cash flows.
\nAt each reporting date, the Group\u00a0assesses whether financial assets carried at amortised cost are credit impaired.
\nA financial asset is credit-impaired when one or more events that have a\u00a0detrimental impact on the estimated
\nfuture cash flows\u00a0of the financial asset have occurred.\u00a0
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag211": {
"value": "\n
\n(f)\u00a0\u00a0Property, Plant and Equipment
\n(i)\u00a0\u00a0Recognition and\u00a0measurement
\nProperty, plant and equipment is stated at historical cost less accumulated\u00a0depreciation and any accumulated
\nimpairment\u00a0losses. Such cost includes the\u00a0cost of replacing parts\u00a0that are eligible for capitalisation when\u00a0the cost
\nof replacing the parts is incurred. Similarly, when each major\u00a0inspection is performed,\u00a0its cost is recognised in the
\ncarrying amount of the property, plant and equipment as a replacement only if it is eligible for capitalisation. All
\nother repairs and maintenance are recognised in the Statement of Profit or Loss and other Comprehensive\u00a0Income
\nas incurred. \u00a0
\n\n(ii)\u00a0\u00a0Depreciation
\nDepreciation is provided on\u00a0a straight-line basis on all property, plant and equipment.
\n\u00a0
\n2023
\n2022
\nMajor depreciation periods (per annum) are:
\n\u00a0
\n\u00a0
\nBuildings:
\n-
\n2% - 40%
\nPlant and equipment:
\n22% - 40%\u00a0
\n22% - 40%
\nThe assets\u2019\u00a0residual values, useful lives and amortisation methods are reviewed, and adjusted if\u00a0appropriate, at
\neach financial\u00a0year end.
\n
\n\n(iii)\u00a0\u00a0Derecognition\u00a0
\nAn item of property,\u00a0plant and equipment\u00a0\u00a0is derecognised\u00a0upon disposal or when no further future economic\u00a0
\nbenefits are expected from its use or disposal. Impairment of property, plant and equipment are discussed in note
\n1(q).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag225": {
"value": "\n(ii)\u00a0\u00a0Depreciation
\nDepreciation is provided on\u00a0a straight-line basis on all property, plant and equipment.
\n\u00a0
\n2023
\n2022
\nMajor depreciation periods (per annum) are:
\n\u00a0
\n\u00a0
\nBuildings:
\n-
\n2% - 40%
\nPlant and equipment:
\n22% - 40%\u00a0
\n22% - 40%
\nThe assets\u2019\u00a0residual values, useful lives and amortisation methods are reviewed, and adjusted if\u00a0appropriate, at
\neach financial\u00a0year end.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag219": {
"value": "\n(g)\u00a0\u00a0Exploration and Evaluation Expenditure
\nExpenditure on exploration and evaluation is accounted\u00a0for in accordance with the \u2018area of\u00a0interest\u2019\u00a0method.\u00a0
\nExploration and evaluation expenditure\u00a0encompasses expenditures incurred\u00a0by the Group in\u00a0connection with\u00a0the
\nexploration for and \u00a0evaluation of \u00a0mineral resources before \u00a0the technical feasibility and commercial viability of
\nextracting a mineral resource are demonstrable.
\nFor each area of interest, expenditure incurred in the acquisition of rights to explore is capitalised,\u00a0classified as
\ntangible or intangible, and recognised as an exploration and evaluation\u00a0asset. Exploration and evaluation assets
\nare measured\u00a0at cost at recognition and are recorded as\u00a0an asset if:
\n(i) \u00a0the rights to tenure of the area of interest are current; and
\n(ii) \u00a0at least one of\u00a0the following conditions is also met:
\n\u2022\u00a0\u00a0the \u00a0exploration\u00a0\u00a0and \u00a0evaluation \u00a0expenditures \u00a0are \u00a0expected \u00a0to \u00a0be \u00a0recouped \u00a0through \u00a0successful
\ndevelopment\u00a0and exploitation\u00a0of the area\u00a0of interest, or alternatively, by\u00a0its sale; and
\n\u2022\u00a0\u00a0exploration and evaluation activities in\u00a0the\u00a0area of interest have not at the reporting date\u00a0reached a stage
\nwhich \u00a0permits\u00a0\u00a0a \u00a0reasonable \u00a0assessment\u00a0\u00a0of \u00a0the \u00a0existence \u00a0or \u00a0otherwise \u00a0of\u00a0\u00a0economically \u00a0recoverable
\nreserves, and\u00a0active and significant operations in, or in relation to, the area of\u00a0interest are\u00a0continuing.
\nExploration and evaluation expenditure incurred by the Group subsequent to acquisition of the rights to explore
\nis expensed as incurred, up\u00a0to costs associated with\u00a0the preparation of a feasibility study.
\nImpairment\u00a0
\nCapitalised exploration costs are reviewed each reporting date to establish whether an indication of impairment\u00a0
\nexists. If any such indication exists, the recoverable amount\u00a0of the capitalised exploration costs is estimated to
\ndetermine \u00a0the \u00a0extent \u00a0of \u00a0the \u00a0impairment \u00a0loss \u00a0(if \u00a0any). \u00a0Where \u00a0an \u00a0impairment \u00a0loss \u00a0subsequently\u00a0\u00a0reverses, \u00a0the
\ncarrying amount of the asset is increased to the revised estimate\u00a0of its recoverable amount, but only to the extent\u00a0
\nthat the increased carrying\u00a0amount does\u00a0not exceed the carrying amount that\u00a0would have been determined had
\nno impairment loss been recognised for the asset in previous years.\u00a0
\n
\n\n(g)\u00a0\u00a0Exploration and Evaluation Expenditure (Continued) \u00a0
\nWhere a decision is made to proceed with development, accumulated expenditure is tested for impairment\u00a0and
\ntransferred to development\u00a0properties, and then amortised over the life of the reserves associated with the area
\nof interest once mining operations have commenced. Recoverability of\u00a0the carrying amount of the exploration\u00a0
\nand evaluation assets\u00a0is dependent on successful development and commercial exploitation, or alternatively, sale
\nof the respective areas of interest.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag224": {
"value": "\n(h)\u00a0\u00a0Payables\u00a0
\nLiabilities are recognised for\u00a0amounts to\u00a0be paid in the\u00a0future for\u00a0goods and services received. Trade accounts
\npayable are normally settled within 30 days.\u00a0Payables are\u00a0carried at amortised cost.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag206": {
"value": "\n(i)\u00a0\u00a0Provisions
\nProvisions are recognised when the Group has a present obligation\u00a0(legal or constructive) as a result of a past\u00a0
\nevent, it \u00a0is \u00a0probable that an outflow of \u00a0resources embodying economic \u00a0benefits will \u00a0be required to \u00a0settle the
\nobligation and\u00a0a reliable estimate can be made of the\u00a0amount of the obligation. \u00a0\u00a0
\nProvisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle
\nthe present\u00a0obligation at the reporting date.\u00a0\u00a0If the effect of the time\u00a0value of money is material, provisions are
\ndiscounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When
\ndiscounting is\u00a0used, the increase in the provision due\u00a0to the passage of time is recognised as a finance cost.\u00a0
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag223": {
"value": "\n
\n
\n(j)\u00a0\u00a0Financial Liabilities
\n(i)\u00a0\u00a0Initial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at\u00a0fair value through profit or loss, loans
\nand borrowings (amortised cost) or payables.
\nAll financial liabilities\u00a0are recognised initially at fair value and, in the case of loans and borrowings and payables,
\nnet of directly\u00a0attributable transaction costs.\u00a0\u00a0
\nThe Group\u2019s financial liabilities include trade\u00a0and other payables\u00a0and financial liabilities at\u00a0fair value\u00a0through\u00a0profit
\nor loss.
\n(ii)\u00a0\u00a0Subsequent measurement
\nThe measurement of financial liabilities depends on\u00a0their classification, as described below:
\nAmortised cost liabilities\u00a0
\nThis is the category most relevant to the Group. After initial recognition, amortised cost liabilities are subsequently\u00a0
\nmeasured at amortised cost using the EIR method. Gains and\u00a0losses are then recognised in\u00a0profit or loss when the
\nliabilities are\u00a0derecognised as well as through\u00a0the EIR amortisation process.
\nAmortised cost is calculated by taking into\u00a0account any\u00a0discount or premium on acquisition and\u00a0fees or costs that
\nare an integral\u00a0part of the EIR.\u00a0The EIR amortisation is included as finance costs in the statement of profit or loss.
\n\nFinancial liabilities at fair value through profit or loss
\nThis \u00a0is \u00a0the category\u00a0\u00a0least \u00a0relevant \u00a0to \u00a0the Group. \u00a0Financial \u00a0liabilities at \u00a0fair \u00a0value \u00a0through profit\u00a0\u00a0or \u00a0loss \u00a0include
\nfinancial \u00a0liabilities\u00a0\u00a0held \u00a0for \u00a0trading \u00a0and \u00a0financial \u00a0liabilities \u00a0designated \u00a0upon \u00a0initial \u00a0recognition \u00a0as \u00a0at \u00a0fair \u00a0value
\nthrough profit or loss.
\nFinancial liabilities are classified\u00a0as held\u00a0for trading if they are\u00a0incurred for the purpose of repurchasing in\u00a0the near
\nterm.
\nGains or losses on liabilities held for trading are recognised in the\u00a0statement of\u00a0profit or loss.
\nFinancial liabilities designated upon initial recognition at fair value\u00a0through profit or loss are designated at the
\ninitial date of recognition, and\u00a0only if the\u00a0criteria in AASB 9 Financial Instruments\u00a0are satisfied.
\n
\n\n\n(iii)\u00a0\u00a0Derecognition\u00a0
\nA financial liability is derecognised\u00a0when the obligation\u00a0under the liability is discharged or cancelled or expires.
\nWhen an \u00a0existing financial \u00a0liability is \u00a0replaced by\u00a0\u00a0another on \u00a0substantially\u00a0\u00a0different terms, \u00a0or \u00a0the \u00a0terms \u00a0of an
\nexisting liability are substantially modified, such an exchange or modification is treated as the\u00a0derecognition of the
\noriginal \u00a0liability \u00a0and \u00a0the \u00a0recognition \u00a0of \u00a0a \u00a0new \u00a0liability.\u00a0\u00a0The \u00a0difference \u00a0in \u00a0the\u00a0\u00a0respective \u00a0carrying \u00a0amounts \u00a0is
\nrecognised in\u00a0the statement\u00a0of profit or loss.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag221": {
"value": "\nFinancial liabilities at fair value through profit or loss
\nThis \u00a0is \u00a0the category\u00a0\u00a0least \u00a0relevant \u00a0to \u00a0the Group. \u00a0Financial \u00a0liabilities at \u00a0fair \u00a0value \u00a0through profit\u00a0\u00a0or \u00a0loss \u00a0include
\nfinancial \u00a0liabilities\u00a0\u00a0held \u00a0for \u00a0trading \u00a0and \u00a0financial \u00a0liabilities \u00a0designated \u00a0upon \u00a0initial \u00a0recognition \u00a0as \u00a0at \u00a0fair \u00a0value
\nthrough profit or loss.
\nFinancial liabilities are classified\u00a0as held\u00a0for trading if they are\u00a0incurred for the purpose of repurchasing in\u00a0the near
\nterm.
\nGains or losses on liabilities held for trading are recognised in the\u00a0statement of\u00a0profit or loss.
\nFinancial liabilities designated upon initial recognition at fair value\u00a0through profit or loss are designated at the
\ninitial date of recognition, and\u00a0only if the\u00a0criteria in AASB 9 Financial Instruments\u00a0are satisfied.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag227": {
"value": "\n(iii)\u00a0\u00a0Derecognition\u00a0
\nA financial liability is derecognised\u00a0when the obligation\u00a0under the liability is discharged or cancelled or expires.
\nWhen an \u00a0existing financial \u00a0liability is \u00a0replaced by\u00a0\u00a0another on \u00a0substantially\u00a0\u00a0different terms, \u00a0or \u00a0the \u00a0terms \u00a0of an
\nexisting liability are substantially modified, such an exchange or modification is treated as the\u00a0derecognition of the
\noriginal \u00a0liability \u00a0and \u00a0the \u00a0recognition \u00a0of \u00a0a \u00a0new \u00a0liability.\u00a0\u00a0The \u00a0difference \u00a0in \u00a0the\u00a0\u00a0respective \u00a0carrying \u00a0amounts \u00a0is
\nrecognised in\u00a0the statement\u00a0of profit or loss.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag179": {
"value": "\n(k) Revenue Recognition
\nRevenue is recognised when control of goods is transferred to the customer at an amount that reflects the
\nconsideration to which the Group expects to be entitled to in exchange for those goods.
\nInterest revenue is recognised as it accrues, taking into account the effective yield on the financial asset.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag197": {
"value": "\n
\n(l) Income Tax
\nThe income tax expense for the period is the tax payable on the current period\u2019s taxable income based on the
\nnational income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable
\nto temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial
\nstatements, and to unused tax losses.
\n\nDeferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when
\nthe assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively
\nenacted at balance date for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of
\ndeductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is made
\nfor certain temporary differences arising from the initial recognition of an asset or a liability. No deferred tax asset
\nor liability is recognised in relation to these temporary differences if they arose on goodwill or in a transaction,
\nother than a business combination, that at the time of the transaction did not affect either accounting profit or
\ntaxable profit or loss.
\nDeferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and
\ntax bases of investments in controlled entities where the Company is able to control the timing of the reversal of
\nthe temporary differences and it is probable that the differences will not reverse in the foreseeable future.
\nDeferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable
\nthat future taxable amounts will be available to utilise those temporary differences and losses.
\nThe carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent
\nthat it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income
\ntax asset to be utilised.
\nUnrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent
\nthat it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
\nCurrent and deferred tax balances attributable to amounts recognised directly in equity are also recognised
\ndirectly in equity.
\nDeferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current
\ntax assets against tax liabilities and the deferred tax liabilities relate to the same taxable entity and the same
\ntaxation authority.
\n
\n\nTax consolidation
\nGreenX Metals Limited and its wholly-owned Australian subsidiaries have formed an income tax consolidated
\ngroup under the tax consolidation regime. Each entity in the tax consolidated group recognises its own current
\nand deferred tax liabilities, except for any deferred tax assets resulting from unused tax losses and tax credits,
\nwhich are immediately assumed by the Company (which is the head entity in the tax consolidated group). The
\ncurrent tax liability of each group entity is then subsequently assumed by the Company. The tax consolidated
\ngroup has entered a tax sharing agreement whereby each company in the Group contributes to the income tax
\npayable in proportion to their contribution to the net profit before tax of the tax consolidated group.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag184": {
"value": "\nDeferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when
\nthe assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively
\nenacted at balance date for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of
\ndeductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is made
\nfor certain temporary differences arising from the initial recognition of an asset or a liability. No deferred tax asset
\nor liability is recognised in relation to these temporary differences if they arose on goodwill or in a transaction,
\nother than a business combination, that at the time of the transaction did not affect either accounting profit or
\ntaxable profit or loss.
\nDeferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and
\ntax bases of investments in controlled entities where the Company is able to control the timing of the reversal of
\nthe temporary differences and it is probable that the differences will not reverse in the foreseeable future.
\nDeferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable
\nthat future taxable amounts will be available to utilise those temporary differences and losses.
\nThe carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent
\nthat it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income
\ntax asset to be utilised.
\nUnrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent
\nthat it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
\nCurrent and deferred tax balances attributable to amounts recognised directly in equity are also recognised
\ndirectly in equity.
\nDeferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current
\ntax assets against tax liabilities and the deferred tax liabilities relate to the same taxable entity and the same
\ntaxation authority.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag198": {
"value": "\n(m) Employee Entitlements
\nProvision is made for the Group\u2019s liability for employee benefits arising from services rendered by employees to
\nbalance date. Employee benefits that are expected to be settled within 12 months have been measured at the
\namounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later
\nthan 12 months have been measured using the projected unit credit valuation method.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag204": {
"value": "\n(n) Earnings per Share
\nBasic earnings per share (\u201cEPS\u201d) is calculated by dividing the net profit attributable to members of the Company
\nfor the reporting period, after excluding any costs of servicing equity, by the weighted average number of Ordinary
\nShares of the Company, adjusted for any bonus issue.
\nDiluted EPS is calculated by dividing the basic EPS earnings, adjusted by the after tax effect of financing costs
\nassociated with dilutive potential Ordinary Shares and the effect on revenues and expenses of conversion to
\nOrdinary Shares associated with dilutive potential Ordinary Shares, by the weighted average number of Ordinary
\nShares and dilutive Ordinary Shares adjusted for any bonus issue.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag174": {
"value": "\n(o) Goods and Services Tax (GST)
\nRevenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred
\nis not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost
\nof acquisition of the asset or as part of the expense. Receivables and payables in the statement of financial position
\nare shown inclusive of GST.
\nCash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing
\nand financing activities, which are disclosed as operating cash flows.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag175": {
"value": "\n(p) Acquisition of Assets
\nA group of assets may be acquired in a transaction which is not a business combination. In such cases the cost of
\nacquisition is allocated to the individual identifiable assets (including intangible assets that meet the definition of
\nand recognition criteria for intangible assets in AASB 138) acquired and liabilities assumed on the basis of their
\nrelative fair values at the date of purchase.
\n
\n\n(v) Arbitration facility income
\nArbitration facility income is recognised when there is reasonable assurance that the Company will comply with
\nthe LFA and the benefits will be received. Arbitration facility income is recognised in profit or loss on a systematic
\nbasis over the periods in which the entity recognises as expenses the related arbitration costs for which the income
\nis intended to compensate.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag201": {
"value": "\n(q) Impairment of non-current Assets
\nThe Group assesses at each reporting date whether there is an indication that a non-current asset may be
\nimpaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group
\nmakes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value
\nless costs of disposal and its value in use and is determined for an individual asset, unless the asset does not
\ngenerate cash inflows that are largely independent of those from other assets or groups of assets and the asset's
\nvalue in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as
\npart of the cash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating
\nunit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down
\nto its recoverable amount.
\nIn assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax
\ndiscount rate that reflects current market assessments of the time value of money and the risks specific to the
\nasset.
\nAn assessment is also made at each reporting date as to whether there is any indication that previously recognised
\nimpairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is
\nestimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates
\nused to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case
\nthe carrying amount of the asset is increased to its recoverable amount.
\nThat increased amount cannot exceed the carrying amount that would have been determined, net of
\ndepreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in
\nprofit or loss. After such a reversal the depreciation charge is adjusted in future periods to allocate the asset's
\nrevised carrying amount, less any residual value, on a systematic basis over its remaining useful life.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag186": {
"value": "\n(r) Fair Value Estimation
\nThe fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for
\ndisclosure purposes.
\nThe fair value of financial instruments traded in active markets is based on quoted market prices at the reporting
\ndate. The quoted market price used for financial assets held by the Group is the current bid price; the appropriate
\nquoted market price for financial liabilities is the current ask price.
\nThe net carrying value of trade receivables and payables are short term in nature and approximate their fair values.
\nThe fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash
\nflows at the current market interest rate that is available to the Group for similar financial instruments.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag190": {
"value": "\n(s) Issued and Unissued Capital
\nOrdinary Shares and unissued milestone shares are classified as equity. Issued and paid up capital is recognised at
\nthe fair value of the consideration received by the Company. Incremental costs directly attributable to the issue of
\nnew shares or options are shown in equity as a deduction, net of tax, from the proceeds.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag185": {
"value": "\n
\n(t) Foreign Currencies
\n\n(i) Functional and presentation currency
\nThe functional currency of each of the Group's entities is measured using the currency of the primary economic
\nenvironment in which that entity operates. The consolidated financial statements are presented in Australian
\ndollars which is the Company's functional and presentation currency.
\n
\n\n
\n\n(ii) Transactions and balances
\nForeign currency transactions are translated into functional currency using the exchange rates prevailing at the
\ndate of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-
\nmonetary items measured at historical cost continue to be carried at the exchange rate at the date of the
\ntransaction.
\nExchange differences arising on the translation of monetary items are recognised in the Statement Profit or Loss
\nand other Comprehensive Income.
\nExchange differences arising on the translation of non-monetary items are recognised directly in equity to the
\nextent that the gain or loss is directly recognised in equity, otherwise the exchange difference is recognised in the
\nother Comprehensive Income.
\n(iii) Group companies
\nThe financial results and position of foreign operations whose functional currency is different from the Group's
\npresentation currency are translated as follows:
\n\u2022 assets and liabilities are translated at year-end exchange rates prevailing at that reporting date;
\n\u2022 income and expenses are translated at average exchange rates for the period; and
\n\u2022 items of equity are translated at the historical exchange rates prevailing at the date of the transaction.
\nExchange differences arising on translation of foreign operations are transferred to the group's foreign currency
\ntranslation reserve in the Statement of Financial Position. The accumulated difference is reclassified in the
\nStatement of Profit or Loss and other Comprehensive Income in the period in which the operation is disposed.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag172": {
"value": "\n(i) Functional and presentation currency
\nThe functional currency of each of the Group's entities is measured using the currency of the primary economic
\nenvironment in which that entity operates. The consolidated financial statements are presented in Australian
\ndollars which is the Company's functional and presentation currency.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag181": {
"value": "\n(u) Share-Based Payments
\nEquity-settled share-based payments are provided to officers, employees, consultants and other advisors. These
\nshare-based payments are measured at the fair value of the equity instrument at the grant date. Fair value is
\ndetermined using the Binomial option pricing model. Further details on how the fair value of equity-settled share-
\nbased payments has been determined can be found in Note 18.
\nThe fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on
\nthe Company's estimate of equity instruments that will eventually vest. At each reporting date, the Company
\nrevises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original
\nestimates, if any, is recognised in profit or loss over the remaining vesting period, with a corresponding adjustment
\nto the option premium reserve.
\nEquity-settled share-based payments may also be provided as consideration for the acquisition of assets. Where
\nOrdinary Shares are issued, the transaction is recorded at fair value based on the quoted price of the Ordinary
\nShares at the grant date. The acquisition is then recorded as an asset or expensed in accordance with accounting
\nstandards. Unvested incentive securities that lapse when non-market conditions are not met are reversed from
\nthe share-based payment reserve to the Statement of Profit or Loss.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag171": {
"value": "\n(w) Use and Revision of Accounting Estimates, Judgements and Assumptions
\nThe preparation of the financial report requires management to make judgements, estimates and assumptions
\nthat affect the application of accounting policies and the reported amounts of assets, liabilities, income and
\nexpenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed
\non an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is
\nrevised if the revision affects only that period, or in the period of the revision and future periods if the revision
\naffects both current and future periods.
\n
\n\n(w) Use and Revision of Accounting Estimates, Judgements and Assumptions (Continued)
\nIn particular, information about significant areas of estimation uncertainty and critical judgements in applying
\naccounting policies that have the most significant effect on the amount recognised in the financial statements
\nare described in the following notes:
\n\u2022 Share-Based Payments (Note 18) - The Group initially measures the cost of equity-settled transactions with
\nemployees by reference to the fair value of the equity instrument at the date at which they are granted.
\nEstimating fair value for share-based payment transactions requires the determination of the most
\nappropriate valuation model. This estimate also requires the determination of the most appropriate inputs
\nto the valuation model including the expected life of the share option, volatility and dividend yield. The
\nassumption and models used for estimating the fair value for share-based payment transactions are
\ndisclosed in Note 18.
\n\u2022 Functional currency of foreign operations (Note 21(h)) - determination of the functional currency of foreign
\nsubsidiaries requires judgement regarding the primary currency of labour, material and exploration spend
\nin that subsidiary.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag176": {
"value": "\n(x) Leases
\nThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys
\nthe right to control the use of an identified asset for a period of time in exchange for consideration.
\nThe Group applies a single recognition and measurement approach for all leases, except for short-term leases and
\nleases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets
\nrepresenting the right to use the underlying assets.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag177": {
"value": "\n
\n2. REVENUE AND OTHER INCOME
\n
\n
\n2023
\n2022
\n
\n
\n$
\n$
\n
\n
\n
\n
\n\n
\n\n(a) Revenue
\n
\n
\n
\nInterest revenue
\n
\n150,483
\n25,318
\nGas and property lease revenue
\n
\n162,666
\n236,225
\n
\n
\n313,149
\n261,543
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag193": {
"value": "\n
\n\n(a) Revenue
\n
\n
\n
\nInterest revenue
\n
\n150,483
\n25,318
\nGas and property lease revenue
\n
\n162,666
\n236,225
\n
\n
\n313,149
\n261,543
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag200": {
"value": "\n(a) Revenue
\n
\n
\n
\nInterest revenue
\n
\n150,483
\n25,318
\nGas and property lease revenue
\n
\n162,666
\n236,225
\n
\n
\n313,149
\n261,543
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag192": {
"value": "\n(b) Other income
\n
\n
\n
\nArbitration finance facility income
\n
\n4,854,562
\n5,136,427
\nGain on sale of land rights at Debiensko
\n
\n-
\n636,989
\n
\n
\n4,854,562
\n5,773,416
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag199": {
"value": "\n
\n3. EXPENSES
\n
\n
\n2023
\n2022
\n
\nNote
\n$
\n$
\n
\n
\n
\n
\n\n(a) Employee benefits expense
\n
\n
\n
\nSalaries and wages
\n
\n(1,219,940)
\n(345,245)
\nSuperannuation expense
\n
\n(5,880)
\n(5,600)
\nEmployment expenses
\n
\n(1,225,820)
\n(350,845)
\nShare-based payment expense
\n18(a)
\n(24,853)
\n(1,203,339)
\nEmployment expenses recorded in exploration and evaluation expenses
\n
\n(323,400)
\n(535,511)
\nTotal employment expenses included in profit or loss
\n
\n(1,574,073)
\n(2,089,695)
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag180": {
"value": "\n(a) Employee benefits expense
\n
\n
\n
\nSalaries and wages
\n
\n(1,219,940)
\n(345,245)
\nSuperannuation expense
\n
\n(5,880)
\n(5,600)
\nEmployment expenses
\n
\n(1,225,820)
\n(350,845)
\nShare-based payment expense
\n18(a)
\n(24,853)
\n(1,203,339)
\nEmployment expenses recorded in exploration and evaluation expenses
\n
\n(323,400)
\n(535,511)
\nTotal employment expenses included in profit or loss
\n
\n(1,574,073)
\n(2,089,695)
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag191": {
"value": "\n
\n4. INCOME TAX
\n
\n2023
\n2022
\n
\n$
\n$
\n
\n
\n
\n(a) Recognised in the statement of comprehensive income
\n
\n
\nCurrent income tax
\n
\n
\nCurrent income tax benefit in respect of the current year
\n-
\n-
\n\nDeferred income tax
\n
\n
\nRelating to origination and reversal of temporary differences
\n-
\n-
\nIncome tax expense/(benefit) reported in the statement of Profit or Loss and other
\nComprehensive income
\n-
\n-
\n
\n
\n
\n(b) Reconciliation between tax expense and accounting loss before income
\ntax
\n
\n
\nAccounting loss before income tax
\n(3,524,846)
\n(3,657,455)
\n
\n
\n
\nAt the domestic income tax rate of 30% (2022: 30%)
\n(1,057,454)
\n(1,097,237)
\nExpenditure not allowable for income tax purposes
\n1,831,141
\n2,118,242
\nIncome not assessable for income tax purposes
\n(1,473,274)
\n(1,542,009)
\nAdjustments in respect of deferred income tax of previous years
\n1,526
\n(297,758)
\nDeferred tax assets not brought to account
\n698,061
\n818,762
\nIncome tax expense/(benefit) reported in the statement of Profit or Loss and other
\nComprehensive income
\n-
\n-
\n(c) Deferred Tax Assets and Liabilities
\n
\n
\nDeferred income tax at 30 June relates to the following:
\n
\n
\n
\n
\n
\nDeferred Tax Liabilities
\n
\n
\nReceivables
\n6,737
\n1,206
\nDeferred tax assets used to offset deferred tax liabilities
\n(6,737)
\n(1,206)
\n
\n-
\n-
\n
\n
\n
\nDeferred Tax Assets
\n
\n
\nAccrued expenditure
\n139,596
\n16,912
\nRight-of-use assets
\n13,754
\n12,315
\nCapital allowances
\n84,785
\n44,036
\nTax losses available to offset against future taxable income
\n5,505,024
\n4,966,304
\nDeferred tax assets used to offset deferred tax liabilities
\n(6,737)
\n(1,206)
\nDeferred tax assets not brought to account
\n(5,736,422)
\n(5,038,361)
\n
\n-
\n-
\nThe benefit of deferred tax assets not brought to account will only be brought to account if:
\n\u2022 future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be
\nrealised;
\n\u2022 the conditions for deductibility imposed by tax legislation continue to be complied with; and
\n\u2022 no changes in tax legislation adversely affect the Group in realising the benefit.
\n
\n\n(d) Tax Consolidation
\nThe Company and its wholly-owned Australian resident entities have formed a tax consolidated group and are
\ntherefore taxed as a single entity. The head entity within the tax consolidated group is GreenX Metals Limited.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag178": {
"value": "\nDeferred income tax
\n
\n
\nRelating to origination and reversal of temporary differences
\n-
\n-
\nIncome tax expense/(benefit) reported in the statement of Profit or Loss and other
\nComprehensive income
\n-
\n-
\n
\n
\n
\n(b) Reconciliation between tax expense and accounting loss before income
\ntax
\n
\n
\nAccounting loss before income tax
\n(3,524,846)
\n(3,657,455)
\n
\n
\n
\nAt the domestic income tax rate of 30% (2022: 30%)
\n(1,057,454)
\n(1,097,237)
\nExpenditure not allowable for income tax purposes
\n1,831,141
\n2,118,242
\nIncome not assessable for income tax purposes
\n(1,473,274)
\n(1,542,009)
\nAdjustments in respect of deferred income tax of previous years
\n1,526
\n(297,758)
\nDeferred tax assets not brought to account
\n698,061
\n818,762
\nIncome tax expense/(benefit) reported in the statement of Profit or Loss and other
\nComprehensive income
\n-
\n-
\n(c) Deferred Tax Assets and Liabilities
\n
\n
\nDeferred income tax at 30 June relates to the following:
\n
\n
\n
\n
\n
\nDeferred Tax Liabilities
\n
\n
\nReceivables
\n6,737
\n1,206
\nDeferred tax assets used to offset deferred tax liabilities
\n(6,737)
\n(1,206)
\n
\n-
\n-
\n
\n
\n
\nDeferred Tax Assets
\n
\n
\nAccrued expenditure
\n139,596
\n16,912
\nRight-of-use assets
\n13,754
\n12,315
\nCapital allowances
\n84,785
\n44,036
\nTax losses available to offset against future taxable income
\n5,505,024
\n4,966,304
\nDeferred tax assets used to offset deferred tax liabilities
\n(6,737)
\n(1,206)
\nDeferred tax assets not brought to account
\n(5,736,422)
\n(5,038,361)
\n
\n-
\n-
\nThe benefit of deferred tax assets not brought to account will only be brought to account if:
\n\u2022 future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be
\nrealised;
\n\u2022 the conditions for deductibility imposed by tax legislation continue to be complied with; and
\n\u2022 no changes in tax legislation adversely affect the Group in realising the benefit.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag173": {
"value": "\n5. TRADE AND OTHER RECEIVABLES
\n
\n
\n2023
\n2022
\n
\n
\n$
\n$
\n
\n
\n
\n
\nTrade receivables
\n
\n46,076
\n30,744
\nArbitration finance facility receivable
\n
\n9,590
\n1,815,313
\nInterest receivable
\n
\n22,458
\n4,019
\nDeposits/prepayments
\n
\n2,932
\n193,705
\nGST and other receivables
\n
\n122,496
\n105,797
\n
\n
\n203,552
\n2,149,578
\nNote:
\n1
\n As at 30 June 2023 (2022: nil), no amounts are past due or impaired.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag205": {
"value": "\n20230
\n$
\n2022
\n$
\n6. EXPLORATION AND EVALUATION ASSETS
\n
\n
\n
\nArctic Rift Copper Project
\n
\n
\n
\nCarrying amount at 1 July
\n
\n5,745,590
\n-
\nAcquisition consideration for ARC (GRX securities)
\n2
\n:
\n
\n
\n
\n\u2022 Issue of ARC consideration shares
\n11(b)
\n-
\n915,000
\n\u2022 Issue of Class A performance rights
\n11(b)
\n-
\n1,525,000
\n\u2022 Issue of Class B performance rights
\n11(b)
\n-
\n1,830,000
\nEarn-in expenditure
\n2
\n
\n
\n2,005,293
\n1,475,590
\nCarrying amount at 30 June
\n1
\n
\n
\n7,750,883
\n5,745,590
\nNote:
\n1
\n The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial
\nexploitation or sale of the respective areas of interest.
\n2
\n GreenX will earn an interest of up 80% in ARC through an EIA between Mineral Investment Pty Ltd (\u201cMIPL\u201d), a wholly owned subsidiary of the
\nCompany.
\nKey terms of the EIA provide:
\n(i) MIPL will earn its interest in ARC by:
\na. spending A$3,500,000 on ARC within three years to earn a 51% interest (First Earn-in Milestone);
\nb. spending a further A$3,500,000 on ARC within four years to earn a further 19% interest (taking the total interest to 70%)
\n(Second Earn-in Milestone); and
\nc. spending a further A$3,000,000 on ARC within five years to earn a further 10% interest (taking the total interest to 80%)
\n(Third Earn-in Milestone).
\n(ii) Post the Third Earn-in Milestone:
\na. Each Party must contribute on a pro rata basis or be diluted.
\nb. If a party dilutes down below 10%, then its interest in ARC automatically converts into a 1.75% Net Smelter Royalty (at this
\nstage GEX can also elect to convert straight to the royalty rather than co-contributing or diluting down).
\n(iii) MIPL may withdraw from the earn-in in once it has spent a minimum of A$1,000,000 prior to 31 December 2022.
\n(iv) Further consideration in the form of GreenX equity securities were issued to GEX as follows:
\na. 3 million GreenX shares issued on 8 October 2021 (subject to 12 months voluntarily escrow from date of issue)(\u201cARC
\nconsideration shares\u201d);
\nb. 5,000,000 Class A performance rights which vest and convert into ordinary shares upon the announcement of an
\nindependently assessed JORC Code inferred resource of at least 250,000 tonnes of copper equivalent at a minimum
\nresource grade of 1% Cu Equivalent (with a cut-off grade of 0.5% Cu equivalent) at ARC and an expiry date 8 October 2026;
\nand
\nc. 6,000,000 Class B performance rights which vest and convert into ordinary shares upon the announcement of an
\nindependently assessed JORC Code inferred resource of at least 500,000 tonnes of copper equivalent at a minimum
\nresource grade of 1% Cu Equivalent (with a cut-off grade of 0.5% Cu equivalent) at ARC and an expiry date 8 October 2026.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag196": {
"value": "\n
\n\n
\n7. PROPERTY, PLANT AND EQUIPMENT
\n
\n\nLand and
\nBuildings
\nPlant and
\nequipment
\nRight-of-use
\nassets
\nTotal
\n
\n$
\n$
\n$
\n$
\nCarrying amount at 1 July 2022
\n9,792
\n875,832
\n798,872
\n1,684,496
\nAdditions
\n-
\n9,080
\n-
\n9,080
\nImpairment expense
\n(8,998)
\n-
\n-
\n(8,998)
\nDepreciation and amortisation
\n(667)
\n(302,189)
\n(262,380)
\n(565,236)
\nForeign exchange differences
\n(127)
\n(3)
\n-
\n(130)
\nCarrying amount at 30 June 2023
\n-
\n582,720
\n536,492
\n1,119,212
\n - at cost
\n2,046
\n1,227,777
\n1,487,519
\n2,717,342
\n - accumulated depreciation and amortisation
\n(2,046)
\n(645,057)
\n(951,027)
\n(1,598,130)
\n
\n
\n
\n
\n
\nCarrying amount at 1 July 2021
\n1,821,394
\n24,435
\n163,954
\n2,009,783
\nModification of right-of-use assets
\n-
\n-
\n886,355
\n886,355
\nDisposal
\n(1,848,742)
\n1
\n
\n-
\n-
\n(1,848,742)
\nAdditions
\n-
\n900,774
\n-
\n900,774
\nImpairment reversal/(expense)
\n127,710
\n1
\n
\n(7,880)
\n-
\n119,830
\nDepreciation and amortisation
\n(21,556)
\n(41,473)
\n(251,437)
\n(314,466)
\nForeign exchange differences
\n(69,014)
\n(24)
\n-
\n(69,038)
\nCarrying amount at 30 June 2022
\n9,792
\n875,832
\n798,872
\n1,684,496
\n - at cost
\n31,349
\n1,207,632
\n1,487,519
\n2,726,500
\n - accumulated depreciation and amortisation
\n(21,557)
\n(331,800)
\n(688,647)
\n(1,042,004)
\n
\n\nNotes:
\n1
\n During the prior period, the Company sold an office building and associated assets (\u201cProperty\u201d) previously held by the Group in Poland and
\nreceived proceeds of $1,848,742. During the prior period, the Property was measured at the fair value of the sales contract with previous
\nimpairment of $127,710 reversed.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag203": {
"value": "\n
\n7. PROPERTY, PLANT AND EQUIPMENT
\n
\n\nLand and
\nBuildings
\nPlant and
\nequipment
\nRight-of-use
\nassets
\nTotal
\n
\n$
\n$
\n$
\n$
\nCarrying amount at 1 July 2022
\n9,792
\n875,832
\n798,872
\n1,684,496
\nAdditions
\n-
\n9,080
\n-
\n9,080
\nImpairment expense
\n(8,998)
\n-
\n-
\n(8,998)
\nDepreciation and amortisation
\n(667)
\n(302,189)
\n(262,380)
\n(565,236)
\nForeign exchange differences
\n(127)
\n(3)
\n-
\n(130)
\nCarrying amount at 30 June 2023
\n-
\n582,720
\n536,492
\n1,119,212
\n - at cost
\n2,046
\n1,227,777
\n1,487,519
\n2,717,342
\n - accumulated depreciation and amortisation
\n(2,046)
\n(645,057)
\n(951,027)
\n(1,598,130)
\n
\n
\n
\n
\n
\nCarrying amount at 1 July 2021
\n1,821,394
\n24,435
\n163,954
\n2,009,783
\nModification of right-of-use assets
\n-
\n-
\n886,355
\n886,355
\nDisposal
\n(1,848,742)
\n1
\n
\n-
\n-
\n(1,848,742)
\nAdditions
\n-
\n900,774
\n-
\n900,774
\nImpairment reversal/(expense)
\n127,710
\n1
\n
\n(7,880)
\n-
\n119,830
\nDepreciation and amortisation
\n(21,556)
\n(41,473)
\n(251,437)
\n(314,466)
\nForeign exchange differences
\n(69,014)
\n(24)
\n-
\n(69,038)
\nCarrying amount at 30 June 2022
\n9,792
\n875,832
\n798,872
\n1,684,496
\n - at cost
\n31,349
\n1,207,632
\n1,487,519
\n2,726,500
\n - accumulated depreciation and amortisation
\n(21,557)
\n(331,800)
\n(688,647)
\n(1,042,004)
\n
\n\nNotes:
\n1
\n During the prior period, the Company sold an office building and associated assets (\u201cProperty\u201d) previously held by the Group in Poland and
\nreceived proceeds of $1,848,742. During the prior period, the Property was measured at the fair value of the sales contract with previous
\nimpairment of $127,710 reversed.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag183": {
"value": "\nLand and
\nBuildings
\nPlant and
\nequipment
\nRight-of-use
\nassets
\nTotal
\n
\n$
\n$
\n$
\n$
\nCarrying amount at 1 July 2022
\n9,792
\n875,832
\n798,872
\n1,684,496
\nAdditions
\n-
\n9,080
\n-
\n9,080
\nImpairment expense
\n(8,998)
\n-
\n-
\n(8,998)
\nDepreciation and amortisation
\n(667)
\n(302,189)
\n(262,380)
\n(565,236)
\nForeign exchange differences
\n(127)
\n(3)
\n-
\n(130)
\nCarrying amount at 30 June 2023
\n-
\n582,720
\n536,492
\n1,119,212
\n - at cost
\n2,046
\n1,227,777
\n1,487,519
\n2,717,342
\n - accumulated depreciation and amortisation
\n(2,046)
\n(645,057)
\n(951,027)
\n(1,598,130)
\n
\n
\n
\n
\n
\nCarrying amount at 1 July 2021
\n1,821,394
\n24,435
\n163,954
\n2,009,783
\nModification of right-of-use assets
\n-
\n-
\n886,355
\n886,355
\nDisposal
\n(1,848,742)
\n1
\n
\n-
\n-
\n(1,848,742)
\nAdditions
\n-
\n900,774
\n-
\n900,774
\nImpairment reversal/(expense)
\n127,710
\n1
\n
\n(7,880)
\n-
\n119,830
\nDepreciation and amortisation
\n(21,556)
\n(41,473)
\n(251,437)
\n(314,466)
\nForeign exchange differences
\n(69,014)
\n(24)
\n-
\n(69,038)
\nCarrying amount at 30 June 2022
\n9,792
\n875,832
\n798,872
\n1,684,496
\n - at cost
\n31,349
\n1,207,632
\n1,487,519
\n2,726,500
\n - accumulated depreciation and amortisation
\n(21,557)
\n(331,800)
\n(688,647)
\n(1,042,004)
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag195": {
"value": "\n8. TRADE AND OTHER PAYABLES
\n
\n
\n2023
\n2022
\n
\n
\n$
\n$
\n
\n
\n
\n
\nTrade and other payables
\n
\n963,974
\n782,459
\nArbitration expenses payable
\n
\n9,590
\n1,521,129
\n
\n
\n973,564
\n2,303,588
\nNotes:
\n1
\n Trade payables are non-interest bearing and are normally settled on 30-day terms.
\n2
\n Other payables are non-interest bearing and have an average term of six months.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag202": {
"value": "\n
\n\n9. OTHER FINANCIAL LIABILITIES
\n
\n
\n2023
\n2022
\n
\n
\n$
\n$
\n
\n
\n
\n
\n(a) Current Liabilities:
\n
\n
\n
\nLease Liability
\n1
\n
\n
\n281,443
\n315,808
\n
\n
\n
\n
\n(b) Non-Current Liabilities:
\n
\n
\n
\nLease Liability
\n1
\n
\n
\n300,897
\n538,266
\nNote:
\n1 The Company has a lease agreement for the rental of a property. Refer to Note 7 for the carrying amount of the right of use asset relating to
\nthe lease. The following are amounts recognised in the Statement of Profit and Loss: (i) amortisation expense of right of use asset $262,380
\n(2022: $251,437); (ii) interest expense on lease liabilities of $47,207 (2022: $50,466); and (iii) rent expense of $297,417 (2022: 299,381).
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag182": {
"value": "\n9. OTHER FINANCIAL LIABILITIES
\n
\n
\n2023
\n2022
\n
\n
\n$
\n$
\n
\n
\n
\n
\n(a) Current Liabilities:
\n
\n
\n
\nLease Liability
\n1
\n
\n
\n281,443
\n315,808
\n
\n
\n
\n
\n(b) Non-Current Liabilities:
\n
\n
\n
\nLease Liability
\n1
\n
\n
\n300,897
\n538,266
\nNote:
\n1 The Company has a lease agreement for the rental of a property. Refer to Note 7 for the carrying amount of the right of use asset relating to
\nthe lease. The following are amounts recognised in the Statement of Profit and Loss: (i) amortisation expense of right of use asset $262,380
\n(2022: $251,437); (ii) interest expense on lease liabilities of $47,207 (2022: $50,466); and (iii) rent expense of $297,417 (2022: 299,381).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag188": {
"value": "\n10. PROVISIONS
\n
\n
\n
\n2023
\n$
\n2022
\n$
\n
\n
\n
\n
\n(a) Current Provisions:
\n
\n
\n
\nProvisions for the protection against mining damage at Debiensko
\n1
\n
\n
\n390,841
\n206,380
\nProvision for closure of gas project
\n2
\n
\n
\n54,336
\n203,481
\nAnnual leave provision
\n
\n5,680
\n23,621
\n
\n
\n450,857
\n433,482
\n
\n
\n
\n
\n(b) Non-Current Provisions:
\n
\n
\n
\nProvisions for the protection against mining damage at Debiensko
\n1
\n
\n
\n210,399
\n282,951
\n
\n
\n210,399
\n282,951
\nNotes:
\n1
\n As Debiensko was previously an operating mine, the Group has provided for the pay out of mining land damages to surrounding land owners
\nwho have made a legitimate legal claim under Polish law.
\n2
\n During the year, the Company completed the sale of the Kaczyce 1 licence infrastructure to a third party following the expiry of the licence.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag194": {
"value": "\n
\n\n11. CONTRIBUTED EQUITY
\n
\n
\n2023
\n2022
\n
\nNote
\n$
\n$
\n
\n
\n
\n
\n(a) Issued and Unissued Capital
\n
\n
\n
\n267,674,439 (2022: 253,620,464) fully paid Ordinary Shares
\n11(b)
\n83,317,501
\n75,810,040
\nLoan Note 2 exchangeable into fully paid ordinary shares at $0.46 per share,
\nnet of transaction costs
\n1
\n
\n
\n2,600,012
\n2,600,012
\nTotal Contributed Equity
\n
\n85,917,513
\n78,410,052
\nNote:
\n1
\nOn 2 July 2017, GreenX and CD Capital completed an investment of US$2.0 million (A$2.6 million) in the form of the non-redeemable, non-
\ninterest-bearing convertible Loan Note 2. The Loan Note 2 is convertible into ordinary shares of GreenX at an issue price of A$0.46 per share
\nand is accounted for as equity (in full).
\n
\nOther key terms of the Loan Note 2 include the following:
\n\u2022 Loan Note 2 is non-interest bearing;
\n\u2022 Loan Note 2 is only repayable in an event of breach of the terms of the Loan Note 2 agreements;
\n\u2022 Loan Note 2 cannot be converted until after 1 April 2018 by either party;
\n\u2022 GreenX has the right, whilst no Event of Default exists, to convert all or part of the outstanding principal amount of Loan Note 2 into
\nshares at the conversion price of $0.46 per share:
\no in the event of an unconditional takeover of the Company (acquisition of a relevant interest in at least 50% of GreenX shares
\npursuant to a takeover bid or by an Australian court approving a merger by way of a scheme of arrangement); or
\no at any time after 1 April 2018 provided that the 30 day VWAP of GreenX\u2019s shares exceeds the conversion price of $0.46 per share.
\n\u2022 Loan Note 2 does not provide CD Capital with any right to participate in any new issues of securities.
\n\u2022 CD Capital has the right to convert all or part of the outstanding principal amount of the Notes into shares at the conversion price of
\n$0.46 per share provided that:
\no Loan Note 1 has been converted into GreenX shares (converted in 2018); and
\no The CD Options have been exercised into GreenX shares (the CD Options expired on 30 May 2021).
\n\u2022 If the Company reorganises its capital structure, such as by subdividing or consolidating the number of its shares, conducts a pro-rata
\noffer to existing shareholders or distributes assets or securities to Shareholders, then the conversion price of $0.46 of Loan Note 2 will
\nbe adjusted so that the number of GreenX shares received by CD Capital on conversion of Loan Note 2 is the same as if Loan Note 2
\nwere converted prior to relevant event.
\n\u2022 The occurrence of an Event of Default entitles CD Capital to declare the principal amount of the Loan Note 2 immediately due and
\npayable and exercise any other rights or remedies (including bringing proceedings) against the Company.
\n\u2022 Each of the following events is an \"Event of Default\" in relation to the Loan Note 2:
\no If any representation or warranty made by GreenX is false or misleading which is reasonably likely to be a Material Adverse Effect,
\nand if such breach is capable of remedy, it is not remedied within 45 days;
\no If the Company breaches a covenant or condition of the Notes or associated agreements which is a Material Adverse Effect, and
\nif such breach is capable of remedy, it is not remedied within 45 days;
\no An Insolvency Event occurs (i.e. winding up) in relation to the Group;
\no If the Group ceases to carry on a business; or
\no If the Group does not maintain the listing and trading of its shares on at least one of the ASX, LSE or WSE.
\n\u2022 CD Capital may assign, transfer or encumber in whole or in part (in amounts of at least A$1 million) its rights under Loan Note 2 to any
\nthird party by giving written notice to GreenX provided the third party has provided a deed of assumption. Assignment of Loan Note 2
\nwill not result in the assignment of the rights and obligations under the subscription agreement or the investment agreement.
\n\u2022 A Material Adverse Effect means a material adverse effect on:
\no the Company or PDZ Holding's ability to perform any of their obligations under Loan Note 2, the and all other Transaction
\nDocument;
\no the validity or enforceability of a Transaction Document; or
\no the assets, business, condition (financial or otherwise), prospects or operations of the Group.
\n\u2022 An Insolvency Event in relation to the Group means:
\no An order being made, or the Group passing a resolution, for its winding up.
\n
\n\n
\n\n
\n\nb) Movements in Ordinary Shares During the Past Two Years Were as Follows:
\n
\nDate
\nDetails
\nNumber of
\nOrdinary Shares
\n$
\n
\n
\n
\n
\n1 Jul 22
\nOpening balance
\n253,620,464
\n75,810,040
\n14 Mar 2023
\nIssue of Placing Shares
\n14,053,975
\n7,729,686
\nJul 22 to Jun 23
\nShare issue costs
\n-
\n(222,225)
\n30 Jun 23
\nClosing balance
\n267,674,439
\n83,317,501
\n
\n
\n
\n
\n1 Jul 21
\nOpening balance
\n228,355,089
\n70,524,603
\n8 Oct 2021
\nIssue of ARC consideration shares (Note 6)
\n3,000,000
\n915,000
\n6 Dec 2021
\nIssue of Entitlement Shares
\n4,496,375
\n899,273
\n4 Feb 2022
\nIssue of Shortfall Shares
\n17,769,000
\n3,593,321
\nJul 21 to Jun 22
\nShare issue costs
\n-
\n(122,157)
\n30 Jun 22
\nClosing balance
\n253,620,464
\n75,810,040
\n(c) Rights Attaching to Ordinary Shares
\nThe rights attaching to fully paid Ordinary Shares arise from a combination of the Company's Constitution, statute
\nand general law.
\nOrdinary Shares issued following the exercise of Incentive Options in accordance with Note 11(d) or the conversion
\nof Performance Rights in accordance with Note 11(c) will rank equally in all respects with the Company's existing
\nOrdinary Shares.
\nCopies of the Company's Constitution are available for inspection during business hours at the Company's
\nregistered office. The clauses of the Constitution contain the internal rules of the Company and define matters
\nsuch as the rights, duties and powers of its shareholders and directors, including provisions to the following effect
\n(when read in conjunction with the Corporations Act 2001 or Listing Rules).
\n(i) Shares
\nThe issue of shares in the capital of the Company and options over unissued shares by the Company is under the
\ncontrol of the Directors, subject to the Corporations Act 2001, ASX Listing Rules and any rights attached to any
\nspecial class of shares.
\n(ii) Meetings of Members
\nDirectors may call a meeting of members whenever they think fit. Members may call a meeting as provided by the
\nCorporations Act 2001. The Constitution contains provisions prescribing the content requirements of notices of
\nmeetings of members and all members are entitled to a notice of meeting. A meeting may be held in two or more
\nplaces linked together by audio-visual communication devices. A quorum for a meeting of members is two
\nshareholders.
\nThe Company holds annual general meetings in accordance with the Corporations Act 2001 and the Listing Rules.
\n(iii) Voting
\nSubject to any rights or restrictions at the time being attached to any shares or class of shares of the Company,
\neach member of the Company is entitled to receive notice of, attend and vote at a general meeting. Resolutions
\nof members will be decided by a poll.
\nOn a poll each eligible member has one vote for each fully paid share held and a fraction of a vote for each partly
\npaid share determined by the amount paid up on that share
\n
\n\n
\n\n
\n
\n\n11. CONTRIBUTED EQUITY (Continued)
\n(c) Rights Attaching to Ordinary Shares (Continued)
\n(iv) Changes to the Constitution
\nThe Company's Constitution can only be amended by a special resolution passed by at least three quarters of the
\nmembers present and voting at a general meeting of the Company. At least 28 days' written notice specifying the
\nintention to propose the resolution as a special resolution must be given.
\n(v) Listing Rules
\nProvided the Company remains admitted to the Official List, then despite anything in its Constitution, no act may
\nbe done that is prohibited by the Listing Rules, and authority is given for acts required to be done by the Listing
\nRules. The Company's Constitution will be deemed to comply with the Listing Rules as amended from time to
\ntime.
\n
\n\n\n11. RESERVES
\n
\n
\n2023
\n2022
\n
\nNote
\n$
\n$
\n
\n
\n
\n
\nShare-based-payments reserve
\n11(b)
\n4,583,192
\n4,558,339
\nForeign currency translation reserve
\n
\n189,517
\n287,891
\nOther equity reserve
\n
\n6,207,493
\n6,207,493
\n
\n
\n10,980,202
\n11,053,723
\n
\n(a) Nature and Purpose of Reserves
\n(i) Share-based payments reserve
\nThe share-based payments reserve is used to record the fair value of Incentive Options and Performance Rights
\nissued by the Group.
\n(ii) Foreign currency translation reserve
\nExchange differences arising on translation of foreign controlled entities are taken to the foreign currency
\ntranslation reserve. The reserve is recognised in the Statement of Profit or Loss and other Comprehensive Income
\nwhen the net investment is disposed of.
\n(iii) Other equity reserve
\nIn 2018 the Company issued 22.3 million CD Options to CD Capital following conversion of a convertible note for
\nthe issue of 44.8 million Ordinary Shares to CD Capital. The CD Options expired in May 2021 and the value they
\nwere accounted for ($6.2 million) has been transferred to the Other Equity Reserve.
\n(b) Movements in share-based payments reserve during the past two years were as follows:
\nNumber of
\nNumber of
\nIncentive
\nPerformance
\nDate
\nDetails
\nOptions
\nRights
\n$
\n
\n
\n
\n
\n
\n1 Jul 2022
\nOpening balance
\n10,750,000
\n11,000,000
\n4,558,339
\n15 Mar 2023
\nIssue of Incentive Options
\n150,000
\n-
\n-
\nJul 22 to Jun 23
\nShare-based payments expense
\n-
\n-
\n24,853
\n30 Jun 2023
\nClosing balance
\n10,900,000
\n11,000,000
\n4,583,192
\n
\n
\n
\n
\n
\n1 Jul 2021
\nOpening balance
\n-
\n-
\n-
\n8 Oct 2021
\nIssue of Class A performance rights (Note 6)
\n-
\n5,000,000
\n1,525,000
\n8 Oct 2021
\nIssue of Class B performance rights (Note 6)
\n-
\n6,000,000
\n1,830,000
\n24 Nov 2021
\nIssue of Incentive Options
\n10,750,000
\n-
\n-
\nJul 21 to Jun 22
\nShare-based payments expense
\n-
\n-
\n1,203,339
\n30 Jun 2022
\nClosing balance
\n10,750,000
\n11,000,000
\n4,558,339
\n
\n\n
\n\n
\n\n(c)\u00a0\u00a0Terms and Conditions of Performance Rights
\nThe \u00a0unlisted \u00a0performance \u00a0rights \u00a0(\u201cPerformance \u00a0Rights\u201d) \u00a0were \u00a0granted \u00a0based \u00a0upon \u00a0the \u00a0following \u00a0terms \u00a0and
\nconditions:\u00a0
\n\u2022\u00a0\u00a0Each Performance Right\u00a0automatically\u00a0converts into\u00a0one Ordinary Share upon vesting\u00a0of the Performance\u00a0
\nRight;
\n\u2022\u00a0\u00a0Each Performance Right is subject to performance conditions (as determined by the Board from time to
\ntime) which must be satisfied in order for the\u00a0Performance Right to vest;
\n\u2022\u00a0\u00a0The \u00a0Performance \u00a0Rights \u00a0outstanding \u00a0at \u00a0the \u00a0end \u00a0of \u00a0the \u00a0financial \u00a0year\u00a0\u00a0have \u00a0the \u00a0following \u00a0performance
\nconditions and expiry dates:\u00a0
\no\u00a0\u00a05,000,000 Class A performance rights which \u00a0vest and convert into ordinary\u00a0\u00a0shares upon\u00a0\u00a0the
\nannouncement\u00a0of an independently assessed JORC Code inferred resource of at least 250,000
\ntonnes of copper equivalent\u00a0at a minimum resource grade of 1% Cu Equivalent (with a cut-off
\ngrade of 0.5%\u00a0Cu equivalent)\u00a0at ARC and an expiry\u00a0date 8 October 2026; and
\no\u00a0\u00a06,000,000 Class \u00a0B performance rights which \u00a0vest and convert into \u00a0ordinary shares upon\u00a0the
\nannouncement\u00a0of an independently assessed JORC Code inferred resource of at least 500,000
\ntonnes of copper equivalent at a minimum resource grade of 1% Cu Equivalent(with a cut-off
\ngrade of 0.5%\u00a0Cu equivalent)\u00a0at ARC and an expiry\u00a0date 8 October 2026.
\n\u2022\u00a0\u00a0Ordinary \u00a0Shares \u00a0issued \u00a0on \u00a0conversion \u00a0of \u00a0the \u00a0Performance \u00a0Rights \u00a0rank \u00a0equally \u00a0with \u00a0the \u00a0then \u00a0Ordinary
\nShares of the\u00a0Company;
\n\u2022\u00a0\u00a0Application will be made by the Company\u00a0to ASX for official quotation of the Ordinary Shares issued upon
\nconversion of\u00a0the Performance Rights;
\n\u2022\u00a0\u00a0If there is any reconstruction of the issued share capital of the Company, the rights of the Performance
\nRight holders\u00a0may be\u00a0varied\u00a0to comply with\u00a0the ASX\u00a0Listing Rules which\u00a0apply to\u00a0the reconstruction at the
\ntime of the reconstruction;
\n\u2022\u00a0\u00a0No application\u00a0for quotation\u00a0of the Performance\u00a0Rights will be made by the Company; and
\n\u2022\u00a0\u00a0Without approval of\u00a0the Board, Performance Rights may not be transferred, assigned or novated, except,
\nupon death, a\u00a0participant's legal personal representative\u00a0may elect to be registered as the new holder of
\nsuch Performance Rights and\u00a0exercise any rights in respect of them.
\n(d)\u00a0\u00a0Terms and Conditions of Incentive Options
\nThe unlisted incentive options (\u201cIncentive Options\u201d) were granted based\u00a0upon the following terms\u00a0and
\nconditions:\u00a0
\n\u2022\u00a0\u00a0Each Incentive Option entitles the holder to the right to subscribe for one Share upon the exercise of each
\nIncentive Option;\u00a0
\n\u2022\u00a0\u00a0The Incentive Options granted as\u00a0share-based payments during the financial year have the following exercise\u00a0
\nprices and expiry\u00a0dates:
\no\u00a0\u00a05,375,000 Incentive Options exercisable at $0.45 on or before 30 November 2025; and\u00a0
\no\u00a0\u00a05,525,000 Incentive Options exercisable at $0.55\u00a0on or before 30 November 2026.
\n\u2022\u00a0\u00a0The Incentive Options are exercisable at\u00a0any\u00a0time prior to the Expiry Date, subject to vesting conditions being
\nsatisfied (if applicable);
\n\u2022\u00a0\u00a0Shares issued\u00a0on exercise of the Incentive Options rank equally\u00a0with the then Shares of the Company;
\n\u2022\u00a0\u00a0Application will be made by the Company to ASX for official quotation of the Shares issued upon the exercise
\nof the Incentive Options;
\n\u2022\u00a0\u00a0If there is any reconstruction\u00a0of the issued share capital of the Company, the rights of the Incentive Option
\nholders may be varied to comply\u00a0with the ASX Listing Rules which apply to the reconstruction at the time of\u00a0
\nthe reconstruction; and
\n\u2022\u00a0\u00a0No application\u00a0for quotation of the Incentive Options\u00a0will be made\u00a0by the Company.
\nThe \u00a0Company also \u00a0has \u00a0other unlisted securities \u00a0(not accounted for \u00a0as \u00a0share-based \u00a0payments) \u00a0on \u00a0issue which\u00a0
\nincludes the following:
\n\u2022\u00a0\u00a0A convertible loan note with a principal amount of $2,627,430, convertible\u00a0into 5,711,805 ordinary shares at
\na conversion\u00a0price of $0.46 per share with\u00a0no expiry date (Loan Note\u00a02) (Terms disclosed at Note\u00a011(a)).\u00a0
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag187": {
"value": "\n11. CONTRIBUTED EQUITY
\n
\n
\n2023
\n2022
\n
\nNote
\n$
\n$
\n
\n
\n
\n
\n(a) Issued and Unissued Capital
\n
\n
\n
\n267,674,439 (2022: 253,620,464) fully paid Ordinary Shares
\n11(b)
\n83,317,501
\n75,810,040
\nLoan Note 2 exchangeable into fully paid ordinary shares at $0.46 per share,
\nnet of transaction costs
\n1
\n
\n
\n2,600,012
\n2,600,012
\nTotal Contributed Equity
\n
\n85,917,513
\n78,410,052
\nNote:
\n1
\nOn 2 July 2017, GreenX and CD Capital completed an investment of US$2.0 million (A$2.6 million) in the form of the non-redeemable, non-
\ninterest-bearing convertible Loan Note 2. The Loan Note 2 is convertible into ordinary shares of GreenX at an issue price of A$0.46 per share
\nand is accounted for as equity (in full).
\n
\nOther key terms of the Loan Note 2 include the following:
\n\u2022 Loan Note 2 is non-interest bearing;
\n\u2022 Loan Note 2 is only repayable in an event of breach of the terms of the Loan Note 2 agreements;
\n\u2022 Loan Note 2 cannot be converted until after 1 April 2018 by either party;
\n\u2022 GreenX has the right, whilst no Event of Default exists, to convert all or part of the outstanding principal amount of Loan Note 2 into
\nshares at the conversion price of $0.46 per share:
\no in the event of an unconditional takeover of the Company (acquisition of a relevant interest in at least 50% of GreenX shares
\npursuant to a takeover bid or by an Australian court approving a merger by way of a scheme of arrangement); or
\no at any time after 1 April 2018 provided that the 30 day VWAP of GreenX\u2019s shares exceeds the conversion price of $0.46 per share.
\n\u2022 Loan Note 2 does not provide CD Capital with any right to participate in any new issues of securities.
\n\u2022 CD Capital has the right to convert all or part of the outstanding principal amount of the Notes into shares at the conversion price of
\n$0.46 per share provided that:
\no Loan Note 1 has been converted into GreenX shares (converted in 2018); and
\no The CD Options have been exercised into GreenX shares (the CD Options expired on 30 May 2021).
\n\u2022 If the Company reorganises its capital structure, such as by subdividing or consolidating the number of its shares, conducts a pro-rata
\noffer to existing shareholders or distributes assets or securities to Shareholders, then the conversion price of $0.46 of Loan Note 2 will
\nbe adjusted so that the number of GreenX shares received by CD Capital on conversion of Loan Note 2 is the same as if Loan Note 2
\nwere converted prior to relevant event.
\n\u2022 The occurrence of an Event of Default entitles CD Capital to declare the principal amount of the Loan Note 2 immediately due and
\npayable and exercise any other rights or remedies (including bringing proceedings) against the Company.
\n\u2022 Each of the following events is an \"Event of Default\" in relation to the Loan Note 2:
\no If any representation or warranty made by GreenX is false or misleading which is reasonably likely to be a Material Adverse Effect,
\nand if such breach is capable of remedy, it is not remedied within 45 days;
\no If the Company breaches a covenant or condition of the Notes or associated agreements which is a Material Adverse Effect, and
\nif such breach is capable of remedy, it is not remedied within 45 days;
\no An Insolvency Event occurs (i.e. winding up) in relation to the Group;
\no If the Group ceases to carry on a business; or
\no If the Group does not maintain the listing and trading of its shares on at least one of the ASX, LSE or WSE.
\n\u2022 CD Capital may assign, transfer or encumber in whole or in part (in amounts of at least A$1 million) its rights under Loan Note 2 to any
\nthird party by giving written notice to GreenX provided the third party has provided a deed of assumption. Assignment of Loan Note 2
\nwill not result in the assignment of the rights and obligations under the subscription agreement or the investment agreement.
\n\u2022 A Material Adverse Effect means a material adverse effect on:
\no the Company or PDZ Holding's ability to perform any of their obligations under Loan Note 2, the and all other Transaction
\nDocument;
\no the validity or enforceability of a Transaction Document; or
\no the assets, business, condition (financial or otherwise), prospects or operations of the Group.
\n\u2022 An Insolvency Event in relation to the Group means:
\no An order being made, or the Group passing a resolution, for its winding up.
\n
\n\nb) Movements in Ordinary Shares During the Past Two Years Were as Follows:
\n
\nDate
\nDetails
\nNumber of
\nOrdinary Shares
\n$
\n
\n
\n
\n
\n1 Jul 22
\nOpening balance
\n253,620,464
\n75,810,040
\n14 Mar 2023
\nIssue of Placing Shares
\n14,053,975
\n7,729,686
\nJul 22 to Jun 23
\nShare issue costs
\n-
\n(222,225)
\n30 Jun 23
\nClosing balance
\n267,674,439
\n83,317,501
\n
\n
\n
\n
\n1 Jul 21
\nOpening balance
\n228,355,089
\n70,524,603
\n8 Oct 2021
\nIssue of ARC consideration shares (Note 6)
\n3,000,000
\n915,000
\n6 Dec 2021
\nIssue of Entitlement Shares
\n4,496,375
\n899,273
\n4 Feb 2022
\nIssue of Shortfall Shares
\n17,769,000
\n3,593,321
\nJul 21 to Jun 22
\nShare issue costs
\n-
\n(122,157)
\n30 Jun 22
\nClosing balance
\n253,620,464
\n75,810,040
\n(c) Rights Attaching to Ordinary Shares
\nThe rights attaching to fully paid Ordinary Shares arise from a combination of the Company's Constitution, statute
\nand general law.
\nOrdinary Shares issued following the exercise of Incentive Options in accordance with Note 11(d) or the conversion
\nof Performance Rights in accordance with Note 11(c) will rank equally in all respects with the Company's existing
\nOrdinary Shares.
\nCopies of the Company's Constitution are available for inspection during business hours at the Company's
\nregistered office. The clauses of the Constitution contain the internal rules of the Company and define matters
\nsuch as the rights, duties and powers of its shareholders and directors, including provisions to the following effect
\n(when read in conjunction with the Corporations Act 2001 or Listing Rules).
\n(i) Shares
\nThe issue of shares in the capital of the Company and options over unissued shares by the Company is under the
\ncontrol of the Directors, subject to the Corporations Act 2001, ASX Listing Rules and any rights attached to any
\nspecial class of shares.
\n(ii) Meetings of Members
\nDirectors may call a meeting of members whenever they think fit. Members may call a meeting as provided by the
\nCorporations Act 2001. The Constitution contains provisions prescribing the content requirements of notices of
\nmeetings of members and all members are entitled to a notice of meeting. A meeting may be held in two or more
\nplaces linked together by audio-visual communication devices. A quorum for a meeting of members is two
\nshareholders.
\nThe Company holds annual general meetings in accordance with the Corporations Act 2001 and the Listing Rules.
\n(iii) Voting
\nSubject to any rights or restrictions at the time being attached to any shares or class of shares of the Company,
\neach member of the Company is entitled to receive notice of, attend and vote at a general meeting. Resolutions
\nof members will be decided by a poll.
\nOn a poll each eligible member has one vote for each fully paid share held and a fraction of a vote for each partly
\npaid share determined by the amount paid up on that share
\n
\n\n11. CONTRIBUTED EQUITY (Continued)
\n(c) Rights Attaching to Ordinary Shares (Continued)
\n(iv) Changes to the Constitution
\nThe Company's Constitution can only be amended by a special resolution passed by at least three quarters of the
\nmembers present and voting at a general meeting of the Company. At least 28 days' written notice specifying the
\nintention to propose the resolution as a special resolution must be given.
\n(v) Listing Rules
\nProvided the Company remains admitted to the Official List, then despite anything in its Constitution, no act may
\nbe done that is prohibited by the Listing Rules, and authority is given for acts required to be done by the Listing
\nRules. The Company's Constitution will be deemed to comply with the Listing Rules as amended from time to
\ntime.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag189": {
"value": "\n11. RESERVES
\n
\n
\n2023
\n2022
\n
\nNote
\n$
\n$
\n
\n
\n
\n
\nShare-based-payments reserve
\n11(b)
\n4,583,192
\n4,558,339
\nForeign currency translation reserve
\n
\n189,517
\n287,891
\nOther equity reserve
\n
\n6,207,493
\n6,207,493
\n
\n
\n10,980,202
\n11,053,723
\n
\n(a) Nature and Purpose of Reserves
\n(i) Share-based payments reserve
\nThe share-based payments reserve is used to record the fair value of Incentive Options and Performance Rights
\nissued by the Group.
\n(ii) Foreign currency translation reserve
\nExchange differences arising on translation of foreign controlled entities are taken to the foreign currency
\ntranslation reserve. The reserve is recognised in the Statement of Profit or Loss and other Comprehensive Income
\nwhen the net investment is disposed of.
\n(iii) Other equity reserve
\nIn 2018 the Company issued 22.3 million CD Options to CD Capital following conversion of a convertible note for
\nthe issue of 44.8 million Ordinary Shares to CD Capital. The CD Options expired in May 2021 and the value they
\nwere accounted for ($6.2 million) has been transferred to the Other Equity Reserve.
\n(b) Movements in share-based payments reserve during the past two years were as follows:
\nNumber of
\nNumber of
\nIncentive
\nPerformance
\nDate
\nDetails
\nOptions
\nRights
\n$
\n
\n
\n
\n
\n
\n1 Jul 2022
\nOpening balance
\n10,750,000
\n11,000,000
\n4,558,339
\n15 Mar 2023
\nIssue of Incentive Options
\n150,000
\n-
\n-
\nJul 22 to Jun 23
\nShare-based payments expense
\n-
\n-
\n24,853
\n30 Jun 2023
\nClosing balance
\n10,900,000
\n11,000,000
\n4,583,192
\n
\n
\n
\n
\n
\n1 Jul 2021
\nOpening balance
\n-
\n-
\n-
\n8 Oct 2021
\nIssue of Class A performance rights (Note 6)
\n-
\n5,000,000
\n1,525,000
\n8 Oct 2021
\nIssue of Class B performance rights (Note 6)
\n-
\n6,000,000
\n1,830,000
\n24 Nov 2021
\nIssue of Incentive Options
\n10,750,000
\n-
\n-
\nJul 21 to Jun 22
\nShare-based payments expense
\n-
\n-
\n1,203,339
\n30 Jun 2022
\nClosing balance
\n10,750,000
\n11,000,000
\n4,558,339
\n
\n\n(c)\u00a0\u00a0Terms and Conditions of Performance Rights
\nThe \u00a0unlisted \u00a0performance \u00a0rights \u00a0(\u201cPerformance \u00a0Rights\u201d) \u00a0were \u00a0granted \u00a0based \u00a0upon \u00a0the \u00a0following \u00a0terms \u00a0and
\nconditions:\u00a0
\n\u2022\u00a0\u00a0Each Performance Right\u00a0automatically\u00a0converts into\u00a0one Ordinary Share upon vesting\u00a0of the Performance\u00a0
\nRight;
\n\u2022\u00a0\u00a0Each Performance Right is subject to performance conditions (as determined by the Board from time to
\ntime) which must be satisfied in order for the\u00a0Performance Right to vest;
\n\u2022\u00a0\u00a0The \u00a0Performance \u00a0Rights \u00a0outstanding \u00a0at \u00a0the \u00a0end \u00a0of \u00a0the \u00a0financial \u00a0year\u00a0\u00a0have \u00a0the \u00a0following \u00a0performance
\nconditions and expiry dates:\u00a0
\no\u00a0\u00a05,000,000 Class A performance rights which \u00a0vest and convert into ordinary\u00a0\u00a0shares upon\u00a0\u00a0the
\nannouncement\u00a0of an independently assessed JORC Code inferred resource of at least 250,000
\ntonnes of copper equivalent\u00a0at a minimum resource grade of 1% Cu Equivalent (with a cut-off
\ngrade of 0.5%\u00a0Cu equivalent)\u00a0at ARC and an expiry\u00a0date 8 October 2026; and
\no\u00a0\u00a06,000,000 Class \u00a0B performance rights which \u00a0vest and convert into \u00a0ordinary shares upon\u00a0the
\nannouncement\u00a0of an independently assessed JORC Code inferred resource of at least 500,000
\ntonnes of copper equivalent at a minimum resource grade of 1% Cu Equivalent(with a cut-off
\ngrade of 0.5%\u00a0Cu equivalent)\u00a0at ARC and an expiry\u00a0date 8 October 2026.
\n\u2022\u00a0\u00a0Ordinary \u00a0Shares \u00a0issued \u00a0on \u00a0conversion \u00a0of \u00a0the \u00a0Performance \u00a0Rights \u00a0rank \u00a0equally \u00a0with \u00a0the \u00a0then \u00a0Ordinary
\nShares of the\u00a0Company;
\n\u2022\u00a0\u00a0Application will be made by the Company\u00a0to ASX for official quotation of the Ordinary Shares issued upon
\nconversion of\u00a0the Performance Rights;
\n\u2022\u00a0\u00a0If there is any reconstruction of the issued share capital of the Company, the rights of the Performance
\nRight holders\u00a0may be\u00a0varied\u00a0to comply with\u00a0the ASX\u00a0Listing Rules which\u00a0apply to\u00a0the reconstruction at the
\ntime of the reconstruction;
\n\u2022\u00a0\u00a0No application\u00a0for quotation\u00a0of the Performance\u00a0Rights will be made by the Company; and
\n\u2022\u00a0\u00a0Without approval of\u00a0the Board, Performance Rights may not be transferred, assigned or novated, except,
\nupon death, a\u00a0participant's legal personal representative\u00a0may elect to be registered as the new holder of
\nsuch Performance Rights and\u00a0exercise any rights in respect of them.
\n(d)\u00a0\u00a0Terms and Conditions of Incentive Options
\nThe unlisted incentive options (\u201cIncentive Options\u201d) were granted based\u00a0upon the following terms\u00a0and
\nconditions:\u00a0
\n\u2022\u00a0\u00a0Each Incentive Option entitles the holder to the right to subscribe for one Share upon the exercise of each
\nIncentive Option;\u00a0
\n\u2022\u00a0\u00a0The Incentive Options granted as\u00a0share-based payments during the financial year have the following exercise\u00a0
\nprices and expiry\u00a0dates:
\no\u00a0\u00a05,375,000 Incentive Options exercisable at $0.45 on or before 30 November 2025; and\u00a0
\no\u00a0\u00a05,525,000 Incentive Options exercisable at $0.55\u00a0on or before 30 November 2026.
\n\u2022\u00a0\u00a0The Incentive Options are exercisable at\u00a0any\u00a0time prior to the Expiry Date, subject to vesting conditions being
\nsatisfied (if applicable);
\n\u2022\u00a0\u00a0Shares issued\u00a0on exercise of the Incentive Options rank equally\u00a0with the then Shares of the Company;
\n\u2022\u00a0\u00a0Application will be made by the Company to ASX for official quotation of the Shares issued upon the exercise
\nof the Incentive Options;
\n\u2022\u00a0\u00a0If there is any reconstruction\u00a0of the issued share capital of the Company, the rights of the Incentive Option
\nholders may be varied to comply\u00a0with the ASX Listing Rules which apply to the reconstruction at the time of\u00a0
\nthe reconstruction; and
\n\u2022\u00a0\u00a0No application\u00a0for quotation of the Incentive Options\u00a0will be made\u00a0by the Company.
\nThe \u00a0Company also \u00a0has \u00a0other unlisted securities \u00a0(not accounted for \u00a0as \u00a0share-based \u00a0payments) \u00a0on \u00a0issue which\u00a0
\nincludes the following:
\n\u2022\u00a0\u00a0A convertible loan note with a principal amount of $2,627,430, convertible\u00a0into 5,711,805 ordinary shares at
\na conversion\u00a0price of $0.46 per share with\u00a0no expiry date (Loan Note\u00a02) (Terms disclosed at Note\u00a011(a)).\u00a0
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag242": {
"value": "\n13.\u00a0\u00a0EARNINGS PER SHARE
\nThe following reflects the income and share data used in the calculations of basic and\u00a0diluted earnings per share:
\n\u00a0
\n2023
\n2022
\n$
\n$
\nNet loss attributable to members of the Parent used in calculating basic and
\ndiluted earnings per share\u00a0
\n(3,524,846)\u00a0
\n(3,657,455)\u00a0
\n\u00a0
\nNumber of
\nNumber of
\nOrdinary Shares\u00a0
\nOrdinary Shares\u00a0
\n2023
\n2022
\nWeighted average\u00a0number of Ordinary Shares used in calculating basic and diluted
\nloss per share\u00a0
\n257,817,404
\n240,247,672
\n\u00a0
\n(a)\u00a0\u00a0Non-Dilutive Securities
\nAs \u00a0at \u00a030 \u00a0June \u00a02023, \u00a0there \u00a0were \u00a010,900,000 \u00a0unlisted \u00a0Options, \u00a011,000,000 \u00a0unlisted \u00a0Performance \u00a0Rights \u00a0and \u00a0a
\nconvertible \u00a0loan \u00a0note, \u00a0convertible \u00a0into \u00a05,711,805 \u00a0ordinary \u00a0shares \u00a0on \u00a0issue \u00a0(which \u00a0represent \u00a027,611,805 \u00a0potential\u00a0
\nOrdinary Shares) which were\u00a0not dilutive as they would decrease the loss\u00a0per share.\u00a0
\n(b)\u00a0\u00a0Conversions, Calls, Subscriptions or Issues after 30 June\u00a02023
\nThere \u00a0have \u00a0been \u00a0no \u00a0other \u00a0conversions \u00a0to, \u00a0calls \u00a0of, \u00a0or \u00a0subscriptions \u00a0for \u00a0Ordinary \u00a0Shares \u00a0or \u00a0issues \u00a0of \u00a0potential
\nOrdinary Shares since the reporting date and before the completion of this financial report.
\n
\n",
"dimensions": {
"concept": "ifrs-full:EarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag241": {
"value": "\n
\n14.\u00a0\u00a0STATEMENT OF CASH FLOWS
\n(a)\u00a0\u00a0Reconciliation of the Profit\u00a0after Tax to the Net Cash Flows from Operations
\n\u00a0
\n\u00a0
\n2023
\n2022
\n\u00a0
\n\u00a0
\n$
\n$
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nNet loss for the year
\n\u00a0
\n(3,524,846)\u00a0
\n(3,657,455)\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nAdjustments\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nDepreciation and amortisation\u00a0
\n\u00a0
\n566,387
\n297,423
\nShare-based payment expense\u00a0
\n\u00a0
\n24,853
\n1,203,339
\nUnrealised foreign exchange movement\u00a0
\n\u00a0
\n56,338
\n(3,601)
\nNon-cash income\u00a0
\n\u00a0
\n(3,164,691)
\n(4,721,963)
\nNon-cash expenditure
\n\u00a0
\n2,849,309\u00a0
\n3,747,221
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nChange in operating assets and\u00a0liabilities\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n(Increase)/decrease in trade and other receivables\u00a0\u00a0\u00a0
\n\u00a0
\n(49,894)
\n300,586
\nIncrease/(decrease) in trade and other payables\u00a0\u00a0\u00a0
\n\u00a0
\n643,772
\n463,144
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nNet cash outflow from operating activities\u00a0
\n\u00a0
\n(2,598,772)\u00a0
\n(2,371,306)
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\n(b)\u00a0\u00a0Reconciliation of Cash\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nCash at bank and\u00a0on hand\u00a0
\n\u00a0
\n4,174,728
\n6,106,847
\nBank short term\u00a0deposits
\n\u00a0
\n4,500,000\u00a0
\n-
\n\u00a0
\n\u00a0
\n8,674,728\u00a0
\n6,106,847
\n
\n\n(c)\u00a0\u00a0Non-cash Financing and Investment Activities\u00a0
\nAn amount\u00a0of $4,854,562\u00a0(2022: $5,136,427) was\u00a0recognised as arbitration\u00a0related income. These amounts relate to
\nthe reimbursement of legal, tribunal and external expert costs relating to the Claim. $3,602,148 (2022: $3,178,390)
\nof these reimbursed amounts were paid directly\u00a0by the Claim funder to the relevant supplier.
\n\u00a0
\nAn amount of $4,963,816 (2022: $5,048,785) was recognised as arbitration related expense.\u00a0These amounts relate
\nto\u00a0legal, tribunal and external expert costs relating to the Claim. $3,602,148 (2022: $3,178,390) of these costs were
\npaid directly\u00a0by the Claim funder to the relevant\u00a0supplier.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag240": {
"value": "\n(b)\u00a0\u00a0Reconciliation of Cash\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nCash at bank and\u00a0on hand\u00a0
\n\u00a0
\n4,174,728
\n6,106,847
\nBank short term\u00a0deposits
\n\u00a0
\n4,500,000\u00a0
\n-
\n\u00a0
\n\u00a0
\n8,674,728\u00a0
\n6,106,847
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag248": {
"value": "\n
\n15.\u00a0\u00a0RELATED PARTIES
\n\n(a)\u00a0\u00a0Subsidiaries
\n\u00a0
\n\u00a0
\n% Equity Interest\u00a0
\nName\u00a0
\nCountry of
\nIncorporation\u00a0
\n2023
\n%
\n2022
\n%
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nMineral Investments Pty Ltd \u00a0
\nAustralia
\n100
\n100
\nPDZ Holdings Pty Ltd
\nAustralia
\n100
\n100
\nPDZ (UK) Limited
\nUK\u00a0
\n100
\n100
\nPD CO Holdings (UK) Limited\u00a0
\nUK\u00a0
\n100
\n100
\nPD Co Sp. z o.o.\u00a0
\nPoland
\n100
\n100
\nKarbonia S.A.\u00a0
\nPoland
\n100
\n100
\n
\n\n(b)\u00a0\u00a0Ultimate Parent
\nGreenX Metals Limited is the\u00a0ultimate parent of the Group.\u00a0
\n(c)\u00a0\u00a0Transactions with Related Parties\u00a0
\nBalances and transactions between the Company and its subsidiaries, which are related parties of the Company,
\nhave \u00a0been \u00a0eliminated \u00a0on \u00a0consolidation\u00a0\u00a0and \u00a0are \u00a0not \u00a0disclosed \u00a0in \u00a0this \u00a0note. \u00a0Transactions \u00a0with \u00a0KMP, \u00a0including
\nremuneration, are included at Note 16\u00a0below.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag237": {
"value": "\n(a)\u00a0\u00a0Subsidiaries
\n\u00a0
\n\u00a0
\n% Equity Interest\u00a0
\nName\u00a0
\nCountry of
\nIncorporation\u00a0
\n2023
\n%
\n2022
\n%
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nMineral Investments Pty Ltd \u00a0
\nAustralia
\n100
\n100
\nPDZ Holdings Pty Ltd
\nAustralia
\n100
\n100
\nPDZ (UK) Limited
\nUK\u00a0
\n100
\n100
\nPD CO Holdings (UK) Limited\u00a0
\nUK\u00a0
\n100
\n100
\nPD Co Sp. z o.o.\u00a0
\nPoland
\n100
\n100
\nKarbonia S.A.\u00a0
\nPoland
\n100
\n100
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag251": {
"value": "Australia",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag238": {
"value": "Australia",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag245": {
"value": "GreenX Metals Limited",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag249": {
"value": "\n16.\u00a0\u00a0KEY MANAGEMENT PERSONNEL
\n(a)\u00a0\u00a0Details of KMP
\nThe KMP of the Group during\u00a0or since the end of the financial year were as\u00a0follows:
\n\u00a0
\nCurrent Directors
\nMr Ian Middlemas \u00a0\u00a0\u00a0Chairman
\nMr Benjamin\u00a0Stoikovich \u00a0Director and\u00a0CEO
\nMr Garry Hemming\u00a0 \u00a0\u00a0\u00a0Non-Executive\u00a0Director
\nMr Mark Pearce \u00a0\u00a0\u00a0Non-Executive\u00a0Director
\nOther KMP
\nMr Simon Kersey \u00a0\u00a0\u00a0Chief Financial\u00a0Officer
\nMr Dylan Browne \u00a0\u00a0\u00a0Company Secretary
\nUnless otherwise disclosed,\u00a0the KMP held their position from 1 July 2022 until\u00a0the date of\u00a0this report.
\n\u00a0
\n\u00a0
\n\u00a0
\n2023
\n2022
\n\u00a0
\n\u00a0
\n$
\n$
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nShort-term employee benefits
\n\u00a0
\n851,987
\n827,201
\nPost-employment benefits
\n\u00a0
\n5,880
\n5,600
\nShare-based payments
\n\u00a0
\n-
\n671,632
\nTotal compensation
\n\u00a0
\n857,867
\n1,504,433
\n(b)\u00a0\u00a0Loans from KMP
\nNo loans were provided to\u00a0or received from KMP during the\u00a0year ended\u00a030 June 2023 (2022: Nil).
\n(c)\u00a0\u00a0Other Transactions\u00a0
\nApollo Group Pty Ltd, a \u00a0Company of which Mr Mark Pearce is a \u00a0Director and beneficial\u00a0shareholder, was paid
\n$288,000 (2022: $240,000) for the provision\u00a0of serviced office facilities and administration\u00a0services. The amount is
\nbased on a monthly retainer due and payable in advance, with no fixed\u00a0term, and\u00a0is able to be terminated\u00a0by either
\nparty with\u00a0one month\u2019s notice.\u00a0This item has been recognised as an expense in the Statement of Profit or Loss and
\nother Comprehensive Income.\u00a0
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag235": {
"value": "\n17.\u00a0\u00a0PARENT ENTITY DISCLOSURES\u00a0
\n\u00a0
\n2023
\n2022
\n\u00a0
\n$
\n$
\n(a)\u00a0\u00a0Financial Position\u00a0
\n\u00a0
\n\u00a0
\nAssets\u00a0
\n\u00a0
\n\u00a0
\nCurrent assets\u00a0
\n8,625,030
\n4,229,099
\nNon-current assets\u00a0
\n5,027,833
\n5,093,725
\nTotal assets\u00a0
\n13,652,862
\n9,322,824
\n\u00a0
\n\u00a0
\n\u00a0
\nLiabilities
\n\u00a0
\n\u00a0
\nCurrent liabilities\u00a0
\n920,186
\n521,142
\nNon-Current liabilities
\n300,897
\n538,266
\nTotal liabilities
\n1,221,082
\n1,059,408
\n\u00a0
\n\u00a0
\n\u00a0
\nEquity\u00a0
\n\u00a0
\n\u00a0
\nContributed equity\u00a0
\n83,317,396
\n78,410,052
\nReserves
\n10,790,685
\n8,165,715
\nAccumulated losses
\n(81,676,301)
\n(78,312,351)
\nTotal equity\u00a0
\n12,431,780\u00a0
\n8,263,416
\n\u00a0
\n\u00a0
\n\u00a0
\n(b)\u00a0\u00a0Financial\u00a0Performance\u00a0
\n\u00a0
\n\u00a0
\nLoss for the year
\n(3,363,950)\u00a0
\n(5,598,952)\u00a0
\nOther comprehensive loss
\n-
\n-
\nTotal comprehensive loss\u00a0
\n(3,363,950)\u00a0
\n(5,598,952)\u00a0
\n(c)\u00a0\u00a0Other information\u00a0
\nThe Company has not entered\u00a0into any guarantees in relation to its subsidiaries. Refer to Note 22\u00a0for details of
\ncontingent assets and liabilities.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag234": {
"value": "\n18.\u00a0\u00a0SHARE-BASED PAYMENTS
\n(a)\u00a0\u00a0Recognised\u00a0Share-based Payments\u00a0
\nFrom \u00a0time \u00a0to \u00a0time, \u00a0the \u00a0Group \u00a0provides \u00a0Incentive \u00a0Options \u00a0and \u00a0Performance \u00a0Rights \u00a0to \u00a0officers, \u00a0employees,
\nconsultants and other key advisors as part of remuneration\u00a0and incentive\u00a0arrangements. The number of options
\nor \u00a0rights \u00a0granted, \u00a0and \u00a0the \u00a0terms \u00a0of \u00a0the \u00a0options \u00a0or \u00a0rights \u00a0granted \u00a0are \u00a0determined \u00a0by \u00a0the \u00a0Board. \u00a0Shareholder
\napproval is\u00a0sought where required.\u00a0During the past two\u00a0years, the following\u00a0equity-settled\u00a0share-based\u00a0payments\u00a0
\nhave been recognised:
\n\u00a0
\n2023
\n2022
\n\u00a0
\n$
\n$
\nExpense arising from equity-settled share-based payment transactions\u00a0
\n(24,853)
\n(1,203,339)
\nTotal share-based payments recognised during the year\u00a0
\n(24,853)
\n(1,203,339)
\n(b)\u00a0\u00a0Summary of Incentive Options and Performance Rights Granted as Share-based Payments
\n150,000 (2022:\u00a010,750,000) Incentive Options\u00a0were granted\u00a0as share-based payments during the current year. \u00a0
\nThe following table illustrates the number and weighted average exercise prices (\u201cWAEP\u201d) of Incentive Options\u00a0
\ngranted as share-based payments during the past two\u00a0years:
\nIncentive Options\u00a0
\n2023
\nNumber
\n2023
\nWAEP
\n2022
\nNumber
\n2022
\nWAEP
\nOutstanding at beginning of year\u00a0
\n10,750,000
\n0.50
\n-
\n-
\nGranted by the Company during the year\u00a0
\n150,000
\n0.55
\n10,750,000
\n0.50
\nForfeited/cancelled/lapsed
\n-
\n-
\n-
\n-
\nOutstanding at end\u00a0of year\u00a0
\n10,900,000
\n0.50
\n10,750,000
\n0.50
\n
\n\nNo\u00a0Performance Rights\u00a0were granted as share-based payments during the current year (2022: 11,000,000). \u00a0
\nThe following table illustrates the number and WAEP of\u00a0Performance Rights granted as share-based payments at
\nduring the past two years:
\nPerformance Rights
\n2023
\nNumber
\n2023
\nWAEP
\n2022
\nNumber
\n2022
\nWAEP
\nOutstanding at beginning of year\u00a0
\n11,000,000
\n-
\n-
\n-
\nGranted by the Company during the year\u00a0
\n-
\n-
\n11,000,000\u00a0
\n-
\nForfeited/cancelled/lapsed/expired\u00a0
\n-
\n-
\n-
\n-
\nOutstanding at end\u00a0of year\u00a0
\n11,000,000
\n-
\n11,000,000\u00a0
\n-
\n(c)\u00a0\u00a0Option and Rights Pricing Models
\nThe fair value of the equity-settled share Incentive Options granted\u00a0is estimated as at the date of grant using the
\nbinomial option pricing valuation model taking into account the terms and conditions upon which the Incentive
\nOptions were granted. The fair value of the equity-settled share Performance Rights granted is estimated as at the
\ndate of grant with\u00a0reference to the share price on that date. \u00a0
\n150,000 (2022: 10,750,000)Incentive Options were granted as\u00a0share-based payments in the financial year\u00a0ended 30
\nJune 2023. No Performance Rights (2022: 11,000,000) were issued as share-based payments in the financial years
\nended 30 June 2023. \u00a0
\nThe following table lists the inputs to the valuation models used for Incentive Options and Performance Rights
\ngranted by the Group during\u00a0the last\u00a0two years:
\nIncentive Options
\n2023 Inputs\u00a0
\nSeries 1
\nExercise price (A$)
\n0.550
\nGrant date share price (A$)\u00a0
\n0.650
\nDividend yield
\n1
\n\u00a0
\n-
\nVolatility
\n2
\n\u00a0
\n95%
\nRisk-free interest rate
\n3.08%
\nGrant date
\n15 Mar 23
\nExpiry date\u00a0
\n30 Nov 26
\nExpected life of rights
\n3
\n(years)
\n3.42
\nFair value at grant date (A$)\u00a0
\n0.448
\n\u00a0
\nIncentive Options
\n2022 Inputs\u00a0
\nSeries 1
\nSeries 2
\nExercise price (A$)
\n0.450
\n0.550
\nGrant date share price (A$)\u00a0
\n0.215
\n0.215
\nDividend yield
\n1
\n\u00a0
\n-
\n-
\nVolatility
\n2
\n\u00a0
\n90%
\n90%
\nRisk-free interest rate
\n1.44%
\n1.44%
\nGrant date
\n24 Nov 21
\n24 Nov 21\u00a0
\nExpiry date\u00a0
\n30 Nov 25
\n30 Nov 26
\nExpected life of rights
\n3
\n(years)
\n4.02
\n5.02
\nFair value at grant date (A$)\u00a0
\n0.108
\n0.116
\nNotes:
\n1
\n\u00a0\u00a0The dividend yield reflects the assumption that the current dividend payout will remain unchanged.
\n2
\n\u00a0\u00a0The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual
\noutcome.
\n3
\n\u00a0\u00a0The expected life of the Incentive Options is based on the exercise date.
\n
\n\n18.\u00a0\u00a0SHARE-BASED PAYMENTS (Continued)
\n(c)\u00a0\u00a0Option and Rights Pricing Models (Continued)
\nPerformance Rights
\n2022 Inputs\u00a0
\nClass A
\nClass B
\nExercise price (A$)
\n-
\n-
\nGrant date share price (A$)\u00a0
\n0.302
\n0.302
\nDividend yield
\n1
\n\u00a0
\n-
\n-
\nVolatility
\n2
\n\u00a0
\n-
\n-
\nRisk-free interest rate
\n-
\n-
\nGrant date
\n8 Oct 21
\n8 Oct 21
\nExpiry date\u00a0
\n8 Oct 26
\n8 Oct 26
\nExpected life of rights
\n3
\n(years)
\n5.0
\n5.0
\nFair value at grant date (A$)\u00a0
\n0.302
\n0.302
\nNotes:
\n1
\n\u00a0\u00a0The dividend yield reflects the assumption that the current dividend payout will remain unchanged.
\n2
\n\u00a0\u00a0The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not\u00a0necessarily be the actual
\noutcome.
\n3
\n\u00a0\u00a0The expected life of the Performance Rights is based on the expiry date.
\n(d)\u00a0\u00a0Weighted Average Remaining Contractual Life
\nAt 30 June 2023, the weighted average remaining contractual life for Incentive Options on\u00a0issue that had been
\ngranted as share-based payments was 2.93 years (2022:\u00a03.93 years).
\n(e)\u00a0\u00a0Range of Exercise Prices
\nAt 30 June 2023 and 2022, the\u00a0range of exercise prices for Incentive Options on issue that had been granted\u00a0as
\nshare-based payments was $0.45 and $0.55. \u00a0
\n(f)\u00a0\u00a0Weighted Average Fair Value\u00a0
\nThere were 150,000 Incentive Options granted as share-based payments during the year ended 30 June 2023 (30
\nJune 2022: 10,750,000). The weighted average fair value\u00a0of Incentive Options granted as share-based payments
\nduring the year ended 30 June\u00a02023 was $0.12. \u00a0
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag232": {
"value": "\n19.\u00a0\u00a0AUDITORS\u2019 REMUNERATION\u00a0
\nThe auditor of\u00a0GreenX Metals Limited is UHY Haines Norton.
\n\u00a0
\n2023
\n2022
\n\u00a0
\n$
\n$
\nCurrent Auditor \u2013\u00a0UHY Haines Norton \u00a0
\n\u00a0
\n\u00a0
\nAmounts received or due and receivable by UHY Haines Norton for:
\n\u00a0
\n\u00a0
\n\u2022\u00a0\u00a0UHY Haines Norton \u2013\u00a0Australia: an audit or review of the 2023 financial report of the
\nCompany and any other entity in the consolidated group\u00a0
\n160,724
\n-
\n\u2022\u00a0\u00a0UHY Haines Norton \u2013\u00a0Poland: an audit\u00a0or review of the 2022 financial\u00a0report of the
\nCompany and any other entity in the consolidated group\u00a0for WSE purposes
\n132,966
\n-
\n\u2022\u00a0\u00a0UHY Haines Norton \u2013\u00a0Poland: an audit\u00a0or review of the 2021 financial\u00a0report of the
\nCompany and any other entity in the consolidated group for WSE purposes\u00a0
\n152,634
\n-
\n\u2022\u00a0\u00a0Other entities: an audit or review of the financial report of any other entity in the
\nconsolidated group
\n9,073
\n7,958
\nFormer Auditor \u2013\u00a0Ernst & Young\u00a0\u00a0
\n\u00a0
\n\u00a0
\nAmounts received or due and receivable by Ernst & Young for:\u00a0
\n\u00a0
\n\u00a0
\n\u2022\u00a0\u00a0Ernst and Young \u2013\u00a0Australia: an audit or review of the financial report of the
\nCompany and any other entity in the consolidated group
\n15,600
\n50,625
\n\u2022\u00a0\u00a0Ernst and Young \u2013\u00a0Australia: preparation of income tax return
\n14,000
\n10,000
\n\u00a0
\n484,997
\n68,583
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag243": {
"value": "\n20.\u00a0\u00a0SEGMENT INFORMATION
\nThe Consolidated Entity operates in one segment,\u00a0being mineral exploration.\u00a0This is the basis on which internal
\nreports are provided to the Directors for assessing performance and determining the allocation of resources within
\nthe Consolidated Entity.
\n\u00a0
\n2023
\n2022
\n\u00a0
\n$
\n$
\n\u00a0
\n\u00a0
\n\u00a0
\n(a)\u00a0\u00a0Reconciliation of Non-Current Assets by Geographical Location\u00a0
\n\u00a0
\n\u00a0
\nGreenland\u00a0
\n8,324,108
\n6,618,162
\nPoland
\n-
\n10,023
\nUnited Kingdom\u00a0
\n736,282
\n801,901
\n\u00a0
\n9,060,390
\n7,430,086
\n(b)\u00a0\u00a0Revenue by Geographical Location\u00a0
\n\u00a0
\n\u00a0
\nPoland
\n162,666
\n873,214
\nAustralia
\n5,005,046
\n5,161,745
\n\u00a0
\n5,167,712
\n6,034,959
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag231": {
"value": "\n
\n21.\u00a0\u00a0FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
\n(a)\u00a0\u00a0Overview\u00a0
\nThe \u00a0Group's principal financial \u00a0instruments comprise receivables, \u00a0payables, cash and short-term \u00a0deposits. The
\nmain risks arising from\u00a0the Group's financial instruments are credit risk,\u00a0liquidity risk,\u00a0interest\u00a0rate risk\u00a0and foreign
\ncurrency risk.\u00a0
\nThis note presents information about the Group's exposure to each of the above risks, its objectives, policies and
\nprocesses for measuring and managing risk, and the management of capital. Other than as disclosed, there have\u00a0
\nbeen no significant changes since the previous financial year to the\u00a0exposure or management of these risks.
\nThe Group manages its exposure to key financial risks in accordance\u00a0with the Group's financial risk management
\npolicy. Key risks are monitored and reviewed \u00a0as circumstances change \u00a0(e.g. acquisition of \u00a0a \u00a0new project)\u00a0\u00a0and
\npolicies are revised\u00a0as required. The overall objective of the Group's financial risk management policy is to support
\nthe delivery of the Group's financial targets whilst protecting future financial security.\u00a0
\nGiven \u00a0the \u00a0nature \u00a0and \u00a0size \u00a0of the \u00a0business \u00a0and \u00a0uncertainty as \u00a0to \u00a0the \u00a0timing and amount of \u00a0cash \u00a0inflows \u00a0and
\noutflows, the \u00a0Group \u00a0does not enter \u00a0into derivative \u00a0transactions \u00a0to mitigate the \u00a0financial risks.\u00a0\u00a0In \u00a0addition, \u00a0the
\nGroup's \u00a0policy \u00a0is \u00a0that \u00a0no \u00a0trading \u00a0in \u00a0financial \u00a0instruments\u00a0\u00a0shall \u00a0be \u00a0undertaken \u00a0for \u00a0the \u00a0purposes \u00a0of \u00a0making
\nspeculative gains. As the Group's operations\u00a0change, the Directors will review this policy periodically\u00a0going forward.
\nThe Board \u00a0of \u00a0Directors has \u00a0overall responsibility for the \u00a0establishment and \u00a0oversight of the risk management
\nframework. The Board reviews and\u00a0agrees policies for managing the Group's financial\u00a0risks as\u00a0summarised\u00a0below.
\n\n(b)\u00a0\u00a0Credit Risk\u00a0
\nCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
\nmeet \u00a0its \u00a0contractual \u00a0obligations. \u00a0This \u00a0arises \u00a0principally\u00a0\u00a0from \u00a0cash \u00a0and \u00a0cash \u00a0equivalents \u00a0and \u00a0trade \u00a0and \u00a0other
\nreceivables. There are no significant concentrations of credit risk within the Group. The carrying amount of the
\nGroup's financial assets represents the maximum credit risk exposure, as represented below:
\n\u00a0
\n2023
\n2022
\n\u00a0
\n$
\n$
\nCash and cash equivalents
\n8,674,728\u00a0
\n6,106,847
\nTrade and other receivables\u00a0
\n203,552
\n2,149,578
\n\u00a0
\n8,878,280\u00a0
\n8,256,425
\nWith respect to credit risk arising from cash and cash equivalents, the Group's exposure to credit risk arises from
\ndefault of the counter party, with a maximum exposure equal to the carrying amount of\u00a0these instruments. Where\u00a0
\npossible, the Group invests its cash and cash equivalents with banks that are rated the equivalent of investment
\ngrade and above. The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored
\nand the aggregate value of transactions concluded is spread amongst approved counterparties.
\nThe Group does not have any\u00a0significant customers and accordingly does not have significant exposure to bad\u00a0or
\ndoubtful debts.
\n
\n\n
\n\n
\n
\n
\n21.\u00a0\u00a0FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued) \u00a0
\n\n(b)\u00a0\u00a0Credit Risk (Continued)
\nTrade \u00a0and \u00a0other \u00a0receivables \u00a0comprise \u00a0trade \u00a0and \u00a0other\u00a0\u00a0receivables, \u00a0interest \u00a0accrued \u00a0and \u00a0GST \u00a0refunds \u00a0due.
\nReceivable balances are monitored on an ongoing basis with the result that the Group\u2019s exposure to impairment\u00a0
\nis not significant. At 30 June 2023, none (2022:\u00a0none) of the Group\u2019s receivables are impaired. \u00a0
\n
\n\n\n(c)\u00a0\u00a0Liquidity Risk
\nLiquidity risk is\u00a0the risk\u00a0that the Group will not be able\u00a0to meet its financial obligations\u00a0as\u00a0they fall due. The\u00a0Board's\u00a0
\napproach to managing\u00a0liquidity is to ensure, as far as possible, that the Group will always have sufficient\u00a0liquidity\u00a0
\nto meet its liabilities when due. At 30 June 2023 and 2022, the Group had sufficient liquid assets to meet its financial
\nobligations. \u00a0
\nThe contractual maturities of financial liabilities, including estimated interest payments, are provided below. There\u00a0
\nare no netting\u00a0arrangements in respect of financial liabilities.
\n(c)\u00a0\u00a0Liquidity Risk (Continued)
\n\u00a0
\n\u22646 Months\u00a0
\n\u00a0
\n$
\n6-12 Months
\n$
\n1-5 Years
\n\u00a0
\n$
\n\u22655 Years\u00a0
\n\u00a0
\n$
\nTotal
\n\u00a0
\n$
\n2023
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nFinancial Liabilities
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nTrade and other payables\u00a0
\n963,974
\n-
\n-
\n-
\n963,974
\nArbitration expenses payable\u00a0
\n9,590
\n-
\n-
\n-
\n9,590
\nOther financial liabilities
\n138,370
\n143,073
\n300,897
\n-
\n582,340
\n\u00a0
\n1,111,934
\n143,073
\n300,897
\n-
\n1,555,904
\n2022
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nFinancial Liabilities
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nTrade and other payables\u00a0
\n782,459
\n-
\n-
\n-
\n784,459
\nArbitration expenses payable\u00a0
\n1,521,129
\n-
\n-
\n-
\n1,521,129
\nOther financial liabilities
\n315,808
\n-
\n538,266
\n-
\n854,074
\n\u00a0
\n2,619,396
\n-
\n538,266
\n-
\n3,157,662
\n
\n\n\n(d)\u00a0\u00a0Interest Rate Risk\u00a0
\nThe Group's exposure to the risk of changes in market interest rates relates primarily to the cash and short-term
\ndeposits with\u00a0a variable interest rate.
\nThese financial assets with variable rates expose the Group to cash flow interest rate risk.\u00a0All other financial assets\u00a0
\nand liabilities, in\u00a0the form of receivables and\u00a0payables are non-interest bearing.
\nAt the reporting\u00a0date, the Group's exposure\u00a0to variable interest rates was:
\n\u00a0
\n2023
\n2022
\n\u00a0
\n$
\n$
\nInterest-bearing\u00a0financial instruments\u00a0
\n\u00a0
\n\u00a0
\nCash at bank and\u00a0on hand\u00a0
\n4,174,728
\n6,106,847
\nBank short term\u00a0deposits
\n4,500,000\u00a0
\n-
\n\u00a0
\n8,674,728\u00a0
\n6,106,847
\nThe Group's cash at bank and on hand and short term deposits had a\u00a0weighted average floating interest rate at
\nyear end of 4.45% (2022: 0.38%).\u00a0
\nThe Group currently does not\u00a0engage in any hedging\u00a0or derivative transactions\u00a0to manage interest rate risk.
\nInterest rate sensitivity
\nA sensitivity of 3% (300 basis points) has been selected as this is considered reasonable given the current level of
\nboth short term and long term interest rates. A 3% (300 basis points) movement in interest rates at the reporting
\ndate would have increased/(decreased) Profit or Loss and Other Comprehensive Income by the amounts shown
\nbelow. This analysis assumes that all other variables, in particular foreign\u00a0currency rates, remain constant. The
\nanalysis is performed on a sensitivity of 3% (300 basis points) basis for 2022.
\n
\n\n
\n\n
\n
\n
\n
\n\nProfit or loss\u00a0
\nOther Comprehensive Income\u00a0
\n\u00a0
\n+ 300 basis
\n- 300 basis
\n+ 300 basis
\n- 300 basis
\npoints
\npoints
\npoints
\npoints
\n$
\n$
\n$
\n$
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n2023
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nGroup
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nCash and cash equivalents
\n260,242
\n(260,242)
\n-
\n-
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n2022\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nGroup
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nCash and cash equivalents
\n183,205
\n(183,205)
\n-
\n-
\n(e)\u00a0\u00a0Commodity Price Risk\u00a0
\nThe Group has no exposure to commodity price risk on its financial instruments at 30 June 2023. No hedging or
\nderivative transactions have been used to manage commodity price risk.
\n
\n\n\n(f)\u00a0\u00a0Capital Management
\nThe Group defines its Capital as total equity of the Group, being $15,721,510\u00a0as at 30 June 2023 (2022: $11,812,416).
\nThe Group manages its capital to ensure that entities in the Group will be able to continue as a going concern
\nwhile financing the development of its projects through primarily\u00a0equity based financing. The Board's policy is to
\nmaintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future
\ndevelopment\u00a0of the business. Given the stage of development of the Group, the Board's objective is to minimise\u00a0
\ndebt and to raise funds as required through\u00a0the issue of new shares.
\nThe Group is not\u00a0subject to externally imposed capital\u00a0requirements.
\nThere \u00a0were \u00a0no \u00a0changes \u00a0in \u00a0the \u00a0Group's approach to \u00a0capital \u00a0management \u00a0during the year. \u00a0During \u00a0the \u00a0next \u00a012
\nmonths, the Group will\u00a0continue to\u00a0explore project financing\u00a0opportunities,\u00a0primarily consisting of additional issues\u00a0
\nof equity.
\n
\n\n\n(g)\u00a0\u00a0Fair Value\u00a0
\nThe Group uses various methods in estimating the fair value of a financial instrument. The methods comprise:
\n\u2022\u00a0\u00a0Level 1 \u2013\u00a0the fair value is calculated\u00a0using quoted prices in active markets.
\n\u2022\u00a0\u00a0Level \u00a02 \u00a0\u2013\u00a0\u00a0the \u00a0fair \u00a0value \u00a0is \u00a0estimated \u00a0using \u00a0inputs \u00a0other \u00a0than \u00a0quoted \u00a0prices \u00a0included \u00a0in \u00a0Level \u00a01 \u00a0that \u00a0are
\nobservable for the asset or liability, either directly (as\u00a0prices) or indirectly (derived from prices).
\n\u2022\u00a0\u00a0Level 3 \u2013\u00a0the fair value is estimated using inputs\u00a0for the asset\u00a0or liability that are not based on observable\u00a0
\nmarket data.
\nAt 30 June 2023\u00a0and 30 June 2022, the carrying value\u00a0of the Group\u2019s\u00a0financial assets and liabilities approximate
\ntheir fair value.
\n
\n\n\n(h)\u00a0\u00a0Foreign Currency Risk
\nThe \u00a0Group \u00a0has \u00a0transactional \u00a0currency \u00a0exposures. \u00a0Such \u00a0exposure \u00a0arises \u00a0from \u00a0transactions \u00a0denominated \u00a0in
\ncurrencies other than the functional currency of the entity.
\nThe \u00a0Group\u2019s \u00a0exposure \u00a0to \u00a0foreign \u00a0currency \u00a0risk \u00a0throughout \u00a0the \u00a0current \u00a0and \u00a0prior \u00a0year \u00a0primarily \u00a0arose \u00a0from
\ncontrolled \u00a0entities \u00a0of \u00a0the \u00a0Company \u00a0whose \u00a0functional \u00a0currency \u00a0is \u00a0the \u00a0Polish \u00a0Zloty \u00a0(\u201cPLN\u201d)\u00a0\u00a0and \u00a0contractual\u00a0
\nobligations in\u00a0Great British\u00a0Pound (\u201cGBP\u201d).
\nIt is the Group\u2019s policy not to enter into any hedging or derivative\u00a0transactions to manage foreign currency risk.
\nHowever, the Group does hold some PLN cash\u00a0and cash equivalents to fund its planned Polish operations over the
\nnext 12 months, given the majority of the Group\u2019s expenditure\u00a0over this\u00a0period is expected to be in PLN.
\n
\n\n
\n\n
\n21.\u00a0\u00a0FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued) \u00a0
\n\n
\n(h)\u00a0\u00a0Foreign Currency Risk (Continued)
\nAt the reporting\u00a0date, the Group\u2019s exposure to financial instruments denominated in foreign\u00a0currencies\u00a0was:\u00a0
\n2023
\n\u00a0
\n\u00a0
\nPLN
\nGBP
\n\u00a0
\n\u00a0
\nAUD
\n\u00a0
\nTotal Equivalent
\nAUD
\nFinancial assets\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nCash and cash equivalents
\n266,503
\n-
\n8,576,434
\n8,674,728
\nTrade and other receivables\u00a0
\n152,081
\n-
\n147,461
\n203,552
\nOther
\n-
\n99,819
\n-
\n190,295
\n\u00a0
\n418,584
\n99,819
\n8,723,895\u00a0
\n9,068,575
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nFinancial liabilities\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nTrade and other payables\u00a0
\n(642,396)\u00a0
\n-
\n(736,631)
\n(973,564)
\nOther financial liabilities \u00a0
\n-
\n(305,467)
\n-
\n(582,339)
\n\u00a0
\n(642,396)\u00a0
\n(305,467)
\n(736,631)
\n(1,555,903)\u00a0
\nNet exposure\u00a0
\n(223,812)
\n(205,647)
\n8,987,264\u00a0
\n7,512,672
\n\nForeign exchange rate sensitivity
\nAt the reporting date, had the Australian Dollar appreciated or depreciated against the PLN and GBP, as illustrated
\nin the table below, Profit or Loss and other Comprehensive\u00a0Income would have been affected\u00a0by the amounts
\nshown below. This analysis assumes that all other variables remain constant. \u00a0
\n\u00a0
\nProfit or loss\u00a0
\nOther Comprehensive Income\u00a0
\n\u00a0
\n10% Increase\u00a0
\n10% Decrease
\n10% Increase\u00a0
\n10% Decrease
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n2023
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nGroup
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nAUD to PLN\u00a0
\n(8,255)
\n8,255
\n-
\n-
\nAUD to GBP
\n(39,204)
\n39,204
\n-
\n-
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag233": {
"value": "\n(b)\u00a0\u00a0Credit Risk\u00a0
\nCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
\nmeet \u00a0its \u00a0contractual \u00a0obligations. \u00a0This \u00a0arises \u00a0principally\u00a0\u00a0from \u00a0cash \u00a0and \u00a0cash \u00a0equivalents \u00a0and \u00a0trade \u00a0and \u00a0other
\nreceivables. There are no significant concentrations of credit risk within the Group. The carrying amount of the
\nGroup's financial assets represents the maximum credit risk exposure, as represented below:
\n\u00a0
\n2023
\n2022
\n\u00a0
\n$
\n$
\nCash and cash equivalents
\n8,674,728\u00a0
\n6,106,847
\nTrade and other receivables\u00a0
\n203,552
\n2,149,578
\n\u00a0
\n8,878,280\u00a0
\n8,256,425
\nWith respect to credit risk arising from cash and cash equivalents, the Group's exposure to credit risk arises from
\ndefault of the counter party, with a maximum exposure equal to the carrying amount of\u00a0these instruments. Where\u00a0
\npossible, the Group invests its cash and cash equivalents with banks that are rated the equivalent of investment
\ngrade and above. The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored
\nand the aggregate value of transactions concluded is spread amongst approved counterparties.
\nThe Group does not have any\u00a0significant customers and accordingly does not have significant exposure to bad\u00a0or
\ndoubtful debts.
\n
\n\n(b)\u00a0\u00a0Credit Risk (Continued)
\nTrade \u00a0and \u00a0other \u00a0receivables \u00a0comprise \u00a0trade \u00a0and \u00a0other\u00a0\u00a0receivables, \u00a0interest \u00a0accrued \u00a0and \u00a0GST \u00a0refunds \u00a0due.
\nReceivable balances are monitored on an ongoing basis with the result that the Group\u2019s exposure to impairment\u00a0
\nis not significant. At 30 June 2023, none (2022:\u00a0none) of the Group\u2019s receivables are impaired. \u00a0
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag252": {
"value": "\n(c)\u00a0\u00a0Liquidity Risk
\nLiquidity risk is\u00a0the risk\u00a0that the Group will not be able\u00a0to meet its financial obligations\u00a0as\u00a0they fall due. The\u00a0Board's\u00a0
\napproach to managing\u00a0liquidity is to ensure, as far as possible, that the Group will always have sufficient\u00a0liquidity\u00a0
\nto meet its liabilities when due. At 30 June 2023 and 2022, the Group had sufficient liquid assets to meet its financial
\nobligations. \u00a0
\nThe contractual maturities of financial liabilities, including estimated interest payments, are provided below. There\u00a0
\nare no netting\u00a0arrangements in respect of financial liabilities.
\n(c)\u00a0\u00a0Liquidity Risk (Continued)
\n\u00a0
\n\u22646 Months\u00a0
\n\u00a0
\n$
\n6-12 Months
\n$
\n1-5 Years
\n\u00a0
\n$
\n\u22655 Years\u00a0
\n\u00a0
\n$
\nTotal
\n\u00a0
\n$
\n2023
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nFinancial Liabilities
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nTrade and other payables\u00a0
\n963,974
\n-
\n-
\n-
\n963,974
\nArbitration expenses payable\u00a0
\n9,590
\n-
\n-
\n-
\n9,590
\nOther financial liabilities
\n138,370
\n143,073
\n300,897
\n-
\n582,340
\n\u00a0
\n1,111,934
\n143,073
\n300,897
\n-
\n1,555,904
\n2022
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nFinancial Liabilities
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nTrade and other payables\u00a0
\n782,459
\n-
\n-
\n-
\n784,459
\nArbitration expenses payable\u00a0
\n1,521,129
\n-
\n-
\n-
\n1,521,129
\nOther financial liabilities
\n315,808
\n-
\n538,266
\n-
\n854,074
\n\u00a0
\n2,619,396
\n-
\n538,266
\n-
\n3,157,662
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag244": {
"value": "\n(d)\u00a0\u00a0Interest Rate Risk\u00a0
\nThe Group's exposure to the risk of changes in market interest rates relates primarily to the cash and short-term
\ndeposits with\u00a0a variable interest rate.
\nThese financial assets with variable rates expose the Group to cash flow interest rate risk.\u00a0All other financial assets\u00a0
\nand liabilities, in\u00a0the form of receivables and\u00a0payables are non-interest bearing.
\nAt the reporting\u00a0date, the Group's exposure\u00a0to variable interest rates was:
\n\u00a0
\n2023
\n2022
\n\u00a0
\n$
\n$
\nInterest-bearing\u00a0financial instruments\u00a0
\n\u00a0
\n\u00a0
\nCash at bank and\u00a0on hand\u00a0
\n4,174,728
\n6,106,847
\nBank short term\u00a0deposits
\n4,500,000\u00a0
\n-
\n\u00a0
\n8,674,728\u00a0
\n6,106,847
\nThe Group's cash at bank and on hand and short term deposits had a\u00a0weighted average floating interest rate at
\nyear end of 4.45% (2022: 0.38%).\u00a0
\nThe Group currently does not\u00a0engage in any hedging\u00a0or derivative transactions\u00a0to manage interest rate risk.
\nInterest rate sensitivity
\nA sensitivity of 3% (300 basis points) has been selected as this is considered reasonable given the current level of
\nboth short term and long term interest rates. A 3% (300 basis points) movement in interest rates at the reporting
\ndate would have increased/(decreased) Profit or Loss and Other Comprehensive Income by the amounts shown
\nbelow. This analysis assumes that all other variables, in particular foreign\u00a0currency rates, remain constant. The
\nanalysis is performed on a sensitivity of 3% (300 basis points) basis for 2022.
\n
\n\nProfit or loss\u00a0
\nOther Comprehensive Income\u00a0
\n\u00a0
\n+ 300 basis
\n- 300 basis
\n+ 300 basis
\n- 300 basis
\npoints
\npoints
\npoints
\npoints
\n$
\n$
\n$
\n$
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n2023
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nGroup
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nCash and cash equivalents
\n260,242
\n(260,242)
\n-
\n-
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n2022\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nGroup
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nCash and cash equivalents
\n183,205
\n(183,205)
\n-
\n-
\n(e)\u00a0\u00a0Commodity Price Risk\u00a0
\nThe Group has no exposure to commodity price risk on its financial instruments at 30 June 2023. No hedging or
\nderivative transactions have been used to manage commodity price risk.
\n
\n\n(h)\u00a0\u00a0Foreign Currency Risk
\nThe \u00a0Group \u00a0has \u00a0transactional \u00a0currency \u00a0exposures. \u00a0Such \u00a0exposure \u00a0arises \u00a0from \u00a0transactions \u00a0denominated \u00a0in
\ncurrencies other than the functional currency of the entity.
\nThe \u00a0Group\u2019s \u00a0exposure \u00a0to \u00a0foreign \u00a0currency \u00a0risk \u00a0throughout \u00a0the \u00a0current \u00a0and \u00a0prior \u00a0year \u00a0primarily \u00a0arose \u00a0from
\ncontrolled \u00a0entities \u00a0of \u00a0the \u00a0Company \u00a0whose \u00a0functional \u00a0currency \u00a0is \u00a0the \u00a0Polish \u00a0Zloty \u00a0(\u201cPLN\u201d)\u00a0\u00a0and \u00a0contractual\u00a0
\nobligations in\u00a0Great British\u00a0Pound (\u201cGBP\u201d).
\nIt is the Group\u2019s policy not to enter into any hedging or derivative\u00a0transactions to manage foreign currency risk.
\nHowever, the Group does hold some PLN cash\u00a0and cash equivalents to fund its planned Polish operations over the
\nnext 12 months, given the majority of the Group\u2019s expenditure\u00a0over this\u00a0period is expected to be in PLN.
\n
\n\n
\n(h)\u00a0\u00a0Foreign Currency Risk (Continued)
\nAt the reporting\u00a0date, the Group\u2019s exposure to financial instruments denominated in foreign\u00a0currencies\u00a0was:\u00a0
\n2023
\n\u00a0
\n\u00a0
\nPLN
\nGBP
\n\u00a0
\n\u00a0
\nAUD
\n\u00a0
\nTotal Equivalent
\nAUD
\nFinancial assets\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nCash and cash equivalents
\n266,503
\n-
\n8,576,434
\n8,674,728
\nTrade and other receivables\u00a0
\n152,081
\n-
\n147,461
\n203,552
\nOther
\n-
\n99,819
\n-
\n190,295
\n\u00a0
\n418,584
\n99,819
\n8,723,895\u00a0
\n9,068,575
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nFinancial liabilities\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nTrade and other payables\u00a0
\n(642,396)\u00a0
\n-
\n(736,631)
\n(973,564)
\nOther financial liabilities \u00a0
\n-
\n(305,467)
\n-
\n(582,339)
\n\u00a0
\n(642,396)\u00a0
\n(305,467)
\n(736,631)
\n(1,555,903)\u00a0
\nNet exposure\u00a0
\n(223,812)
\n(205,647)
\n8,987,264\u00a0
\n7,512,672
\n\nForeign exchange rate sensitivity
\nAt the reporting date, had the Australian Dollar appreciated or depreciated against the PLN and GBP, as illustrated
\nin the table below, Profit or Loss and other Comprehensive\u00a0Income would have been affected\u00a0by the amounts
\nshown below. This analysis assumes that all other variables remain constant. \u00a0
\n\u00a0
\nProfit or loss\u00a0
\nOther Comprehensive Income\u00a0
\n\u00a0
\n10% Increase\u00a0
\n10% Decrease
\n10% Increase\u00a0
\n10% Decrease
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n2023
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nGroup
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nAUD to PLN\u00a0
\n(8,255)
\n8,255
\n-
\n-
\nAUD to GBP
\n(39,204)
\n39,204
\n-
\n-
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag239": {
"value": "\n(f)\u00a0\u00a0Capital Management
\nThe Group defines its Capital as total equity of the Group, being $15,721,510\u00a0as at 30 June 2023 (2022: $11,812,416).
\nThe Group manages its capital to ensure that entities in the Group will be able to continue as a going concern
\nwhile financing the development of its projects through primarily\u00a0equity based financing. The Board's policy is to
\nmaintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future
\ndevelopment\u00a0of the business. Given the stage of development of the Group, the Board's objective is to minimise\u00a0
\ndebt and to raise funds as required through\u00a0the issue of new shares.
\nThe Group is not\u00a0subject to externally imposed capital\u00a0requirements.
\nThere \u00a0were \u00a0no \u00a0changes \u00a0in \u00a0the \u00a0Group's approach to \u00a0capital \u00a0management \u00a0during the year. \u00a0During \u00a0the \u00a0next \u00a012
\nmonths, the Group will\u00a0continue to\u00a0explore project financing\u00a0opportunities,\u00a0primarily consisting of additional issues\u00a0
\nof equity.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag247": {
"value": "\n(g)\u00a0\u00a0Fair Value\u00a0
\nThe Group uses various methods in estimating the fair value of a financial instrument. The methods comprise:
\n\u2022\u00a0\u00a0Level 1 \u2013\u00a0the fair value is calculated\u00a0using quoted prices in active markets.
\n\u2022\u00a0\u00a0Level \u00a02 \u00a0\u2013\u00a0\u00a0the \u00a0fair \u00a0value \u00a0is \u00a0estimated \u00a0using \u00a0inputs \u00a0other \u00a0than \u00a0quoted \u00a0prices \u00a0included \u00a0in \u00a0Level \u00a01 \u00a0that \u00a0are
\nobservable for the asset or liability, either directly (as\u00a0prices) or indirectly (derived from prices).
\n\u2022\u00a0\u00a0Level 3 \u2013\u00a0the fair value is estimated using inputs\u00a0for the asset\u00a0or liability that are not based on observable\u00a0
\nmarket data.
\nAt 30 June 2023\u00a0and 30 June 2022, the carrying value\u00a0of the Group\u2019s\u00a0financial assets and liabilities approximate
\ntheir fair value.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag246": {
"value": "\nForeign exchange rate sensitivity
\nAt the reporting date, had the Australian Dollar appreciated or depreciated against the PLN and GBP, as illustrated
\nin the table below, Profit or Loss and other Comprehensive\u00a0Income would have been affected\u00a0by the amounts
\nshown below. This analysis assumes that all other variables remain constant. \u00a0
\n\u00a0
\nProfit or loss\u00a0
\nOther Comprehensive Income\u00a0
\n\u00a0
\n10% Increase\u00a0
\n10% Decrease
\n10% Increase\u00a0
\n10% Decrease
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n2023
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nGroup
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\nAUD to PLN\u00a0
\n(8,255)
\n8,255
\n-
\n-
\nAUD to GBP
\n(39,204)
\n39,204
\n-
\n-
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag230": {
"value": "\n
\n\n22.\u00a0\u00a0CONTINGENT ASSETS AND\u00a0LIABILITIES\u00a0
\nDuring the financial year, the Company\u2019s hearing for the international arbitration Claim against the Republic of
\nPoland under both the\u00a0ECT and the BIT was concluded. A combined arbitration hearing took place in front of the
\nArbitral Tribunal in London under the UNCITRAL Arbitration Rules with\u00a0damages of up to \u00a3737 million (A$1.4 billion
\n/ PLN4.0 billion) being claimed by the Company including the assessed value of GreenX\u2019s lost profits and damages
\nrelated to both the Jan Karski and Debiensko projects in Poland, and\u00a0accrued interest related to any damage. The
\nCompany has funded the Claim proceedings under its US$12.3 million (US$10.4 million drawn down on) LFA with
\nLCM. The LFA is a limited recourse loan with LCM that is on a \u201cno win \u2013\u00a0no fee\u201d basis. Following the completion\u00a0of
\nthe hearing, the Tribunal\u00a0will render an Award (i.e., the legal term used for a \u2018decision\u2019 by the Tribunal)\u00a0in due course
\nwith no specified date given for the Tribunal to issue a decision. If there is no settlement or award for the Claim,
\nthen LCM is not entitled to any repayment of the LFA. If there is a settlement and award in excess of the LFA
\namount drawn down on, LCM shall be entitled to receive repayment of any funds drawn plus an amount\u00a0equal to\u00a0
\nbetween two and five\u00a0times\u00a0the total of any funds drawn from the LFA during the\u00a0first five years (from 1 July 2020),
\ndepending on the time frame over which funds have remained drawn, and then a 30% interest rate after the fifth\u00a0
\nyear until receipt of damages payments.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag236": {
"value": "\n22.\u00a0\u00a0CONTINGENT ASSETS AND\u00a0LIABILITIES\u00a0
\nDuring the financial year, the Company\u2019s hearing for the international arbitration Claim against the Republic of
\nPoland under both the\u00a0ECT and the BIT was concluded. A combined arbitration hearing took place in front of the
\nArbitral Tribunal in London under the UNCITRAL Arbitration Rules with\u00a0damages of up to \u00a3737 million (A$1.4 billion
\n/ PLN4.0 billion) being claimed by the Company including the assessed value of GreenX\u2019s lost profits and damages
\nrelated to both the Jan Karski and Debiensko projects in Poland, and\u00a0accrued interest related to any damage. The
\nCompany has funded the Claim proceedings under its US$12.3 million (US$10.4 million drawn down on) LFA with
\nLCM. The LFA is a limited recourse loan with LCM that is on a \u201cno win \u2013\u00a0no fee\u201d basis. Following the completion\u00a0of
\nthe hearing, the Tribunal\u00a0will render an Award (i.e., the legal term used for a \u2018decision\u2019 by the Tribunal)\u00a0in due course
\nwith no specified date given for the Tribunal to issue a decision. If there is no settlement or award for the Claim,
\nthen LCM is not entitled to any repayment of the LFA. If there is a settlement and award in excess of the LFA
\namount drawn down on, LCM shall be entitled to receive repayment of any funds drawn plus an amount\u00a0equal to\u00a0
\nbetween two and five\u00a0times\u00a0the total of any funds drawn from the LFA during the\u00a0first five years (from 1 July 2020),
\ndepending on the time frame over which funds have remained drawn, and then a 30% interest rate after the fifth\u00a0
\nyear until receipt of damages payments.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag250": {
"value": "\n23.\u00a0\u00a0EVENTS SUBSEQUENT\u00a0TO BALANCE DATE
\n(i)\u00a0\u00a0On 10 July 2023, the Company announced it had entered into an Option Agreement\u00a0with Greenfields to
\nacquire up to\u00a0100% of the ELN gold project in eastern Greenland.; and
\n(ii)\u00a0\u00a0On 13 July 2023, the company completed a placing to raise gross proceeds of approximately A$4.2 million
\n(~\u00a32.1 million) from new and\u00a0existing\u00a0investors.
\nOther than as outlined above, at the date of this report, there are no matters or circumstances, which have arisen
\nsince 30 June\u00a02023 that have significantly affected or may significantly affect:
\n\u2022\u00a0\u00a0the operations,\u00a0in financial\u00a0years subsequent to 30 June 2023 of the Consolidated Entity;
\n\u2022\u00a0\u00a0the results\u00a0of those operations,\u00a0in financial years\u00a0subsequent to 30 June 2023, of the\u00a0Consolidated Entity; or\u00a0
\n\u2022\u00a0\u00a0the state of affairs, in financial years subsequent to\u00a030 June 2023, of the Consolidated Entity.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800EHCGNYSCN9T108",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
}
}
}